Annual revision of the national income and product accounts: annual estimates for 2009-2011 quarterly estimates for 2009:I-2012:I.

Seskin, Eugene R. ; Holdren, Alyssa E.

THE BUREAU of Economic Analysis (BEA) released revised estimates of the national income and product accounts (NIPAs) for 2009-2011 and for the first quarter of 2012 on July 27, 2012. (1) As is usual in annual NIPA revisions, these estimates incorporated newly available source data that are more complete, more detailed, and otherwise more reliable than those that were previously incorporated.

This annual revision has not greatly changed the general picture of the economy for the past several years. (2) However, the revised estimates indicate that the decline during the recession was somewhat less steep and that the subsequent period of expansion was slightly less robust. The revised estimates of the change in real gross domestic product (GDP) show that for the period of contraction from the fourth quarter of 2007 to the second quarter of 2009, real GDP decreased at an average annual rate of 3.2 percent; in the previously published estimates, it had decreased 3.5 percent. The cumulative decrease in real GDP was 4.7 percent (not at an annual rate); in the previously published estimates, the cumulative decrease had been 5.1 percent. For the period of expansion from the second quarter of 2009 to the first quarter of 2012, real GDP increased at an average annual rate of 2.3 percent; in the previously published estimates, it had increased 2.4 percent.

The revised annual estimates of real GDP and of the featured price indexes show similar rates of change to the previously published estimates. The overall pattern of the contributions of the major components to real GDP growth was also little changed except for the contribution of state and local government spending.

Highlights

* From 2008 to 2011, the average annual growth in real GDP was revised down 0.1 percentage point from 0.4 percent to 0.3 percent. (3) From the fourth quarter of 2008 to the first quarter of 2012, the average annual growth in real GDP was revised up 0.1 percentage point from 1.4 percent to 1.5 percent (table 1).

* In the annual NIPA revisions since 1982, the revisions (without regard to sign) to the annual estimates of the percent change in real GDP have averaged 0.3 percentage point. For 2009, the percent change was revised up 0.4 percentage point from a decrease of 3.5 percent to a decrease of 3.1 percent (chart 1). For 2010, the increase in real GDP was revised down 0.6 percentage point from 3.0 percent to 2.4 percent. For 2011, the increase in real GDP was revised up 0.1 percentage point from 1.7 percent to 1.8 percent.

* From 2008 to 2011, the average annual growth in real gross domestic income (GDI) was revised down from 0.5 percent to 0.3 percent. (4) From the fourth quarter of 2008 to the first quarter of 2012, the average annual growth in real GDI was revised down from 1.6 percent to 1.5 percent.

* From 2008 to 2011, the average annual increase in the gross domestic purchases price index was unrevised at 1.3 percent, and the average annual increase in the GDP price index was revised up 0.1 percentage point from 1.4 percent to 1.5 percent. From the fourth quarter of 2008 to the first quarter of 2012, the average annual increases in the price indexes for gross domestic purchases and for GDP were unrevised at 1.6 percent and 1.5 percent, respectively (table 2). (5)

* From 2008 to 2011, inflation, as measured by the personal consumption expenditures (PCE) price index, increased at an average annual rate of 1.5 percent, the same rate as in the previously published estimates. The average annual increase in the "core" PCE price index (which excludes food and energy) was also unrevised at 1.5 percent. From the first quarter of 2008 to the first quarter of 2012, the average annual increase in the PCE price index was revised down from 1.9 percent to 1.8 percent, and the average annual increase in the "core" PCE price index was revised down from 1.6 percent to 1.5 percent.

* From 2008 to 2011, real disposable personal income (DPI) grew at an average annual rate of 0.1 percent; in the previously published estimates, real DPI had grown at an average annual rate of 0.2 percent.

* Personal saving was revised down for 2009-2011:$44.4 billion for 2009, $26.1 billion for 2010, and $49.1 billion for 2011. Personal saving as a percentage of disposable personal income was also revised down for all 3 years: from 5.1 percent to 4.7 percent for 2009, from 5.3 percent to 5.1 percent for 2010, and from 4.6 percent to 4.2 percent for 2011.

* National income was revised down for all 3 years: $15.0 billion (or 0.1 percent) for 2009, $28.7 billion (or 0.2 percent) for 2010, and $62.3 billion (or 0.5 percent) for 2011.

* Corporate profits was revised down for all 3 years: $19.7 billion (or 1.4 percent) for 2009, $97.7 billion (or 5.4 percent) for 2010, and $115.8 billion (or 6.0 percent) for 2011.

[GRAPHIC 1 OMITTED]

Why BEA revises its estimates

As noted above, BEA undertakes revisions to improve the accuracy of its estimates and to provide a more detailed picture of the economy by incorporating the most complete and reliable source data available. These data may take the form of indicators that have been benchmarked to more comprehensive and detailed annual surveys, or in some cases they may represent comprehensive source data that take the place of trends or indirect indicators when direct indicators were not available for the previously published estimates.

In this annual revision, BEA incorporated preliminary data on business shipments and inventories from the Census Bureau annual survey of manufactures (ASM) for 2010 that replaced data from the Census Bureau monthly survey of manufacturers' shipments, inventories, and orders (M3) and incorporated revised M3 data for 2011. The M3 is a voluntary survey with a sample size of about 4,300 companies, representing only large manufacturing companies. It covers 89 industry categories, but it does not include product detail. In contrast, the ASM is a mandatory survey with a sample of about 50,000 establishments representing a total of about 340,000 large, medium, and small establishments. It covers 471 industries and almost 1,400 product classes. Chart 2 illustrates the revisions made by the Census Bureau to the M3 from benchmarking it to the ASM. These revisions, in turn, are reflected in BEA's revisions to private investment in equipment.

[GRAPHIC 2 OMITTED]

Similarly, BEA incorporated preliminary data from the Census Bureau annual retail trade survey (ARTS) for 2010 that replaced data from the Census Bureau monthly retail trade survey (MRTS) for 2010 and incorporated revised MRTS data for 2011. The MRTS is a voluntary survey with a sample size of about 12,000 large and small retail and food services companies in 79 industries. In contrast, the ARTS is a mandatory survey with a sample size of about 22,000 large and small retail and accommodation and food services companies in 84 industries. Chart 3 illustrates the revisions made by the Census Bureau to the MRTS from benchmarking it to the ARTS. These revisions, in turn, are reflected in BEA's revisions to PCE for goods.

For state and local government spending, the current quarterly estimation presents an even greater challenge because the major source data--the Census Bureau annual survey of government finances--are only available with a 2-year lag. For current quarterly estimates, the available source data are limited and cover the categories of compensation, investment in structures, and a few other spending categories; the estimates of the remaining categories are largely based on BEA trend estimates. Thus, in this annual revision, the revised estimates largely reflect the incorporation of revised government finances data for fiscal year 2009, newly available preliminary government finances data for fiscal year 2010, and BEA revised trend estimates for fiscal years 2011 and 2012. These data replaced preliminary government finances data for fiscal year 2009 and BEA trend estimates for fiscal years 2010-2012.

[GRAPHIC 3 OMITTED]

Other improvements

The revised estimates also reflect improvements in the methodologies used for estimation and in the presentation of the estimates, including the following:

* The improved estimation of several categories of PCE for services using newly available data from the Census Bureau quarterly services survey and the service annual survey, which have been expanded to cover additional transportation, education, and utilities services industries.

* The introduction of several new tables that present measures of GDP and GDI side-by-side to facilitate comparisons. These measures include percent changes, current-dollar estimates, and chained-dollar estimates of GDP, GDI, and related aggregates (including gross national product and various command-basis measures).

The remainder of the article discusses the impact of the revisions on key NIPA measures, summarizes the revisions to the major aggregates, and describes the changes in methodology and presentation (see pages 24-26). Appendix A presents the revised annual estimates and the revisions for the seven summary accounts of the NIPAs (see pages 28 and 29). In addition, tables presenting revised monthly, quarterly, and annual NIPA estimates and the "advance" estimates for the second quarter of 2012 are presented in "National Income and Product Accounts Tables" in this issue.

This article also includes information about the upcoming comprehensive NIPA revision. See "Note on the Upcoming 2013 Comprehensive NIPA Revision" on pages 30 and 31.

Source Data Incorporated in the 2012 Annual Revision

The annual revision incorporated data from the following major statistical sources: Census Bureau annual survey of manufactures for 2009 (revised) and 2010 (preliminary); Census Bureau annual surveys of merchant wholesale trade and of retail trade for 2009 (revised) and for 2010 (preliminary); Census Bureau revised monthly indicators of manufactures, of merchant wholesale trade, and of retail trade for 2009-2011; Census Bureau service annual survey for 2009 (revised), 2010 (revised), and 2011 (preliminary); Census Bureau annual survey of state and local government finances for fiscal years 2008 (revised), 2009 (revised), and 2010 (preliminary); Census Bureau monthly survey of construction spending (value put in place) for 2009-2011 (revised); Census Bureau quarterly services survey for 2009-2011 (revised); Census Bureau current population survey/housing vacancy survey for 2011; federal government budget data for fiscal years 2011 and 2012; Internal Revenue Service tabulations of tax returns for corporations for 2009 (revised) and 2010 (preliminary) and for sole proprietorships and partnerships for 2010; Bureau of Labor Statistics (BLS) quarterly census of employment and wages for 2009-2011 (revised); BLS occupational employment survey data for 2011; Department of Agriculture farm statistics for 2009-2011 (revised); and BEA's international transactions accounts for 2009-2011 (revised).

Annual Estimates of Real GDP

The annual percent change in real GDP was revised up from a decrease of 3.5 percent to a decrease of 3.1 percent for 2009, was revised down from an increase of 3.0 percent to an increase of 2.4 percent for 2010, and was revised up from an increase of 1.7 percent to an increase of 1.8 percent for 2011 (table 3).

For 2009, an upward revision to state and local government spending accounted for most of the revision; upward revisions to private inventory investment and to exports also contributed. PCE was revised down slightly (see table 4A).

The revision to state and local government spending primarily reflected the incorporation of the revised Census Bureau government finances data for fiscal year 2009 and newly available government finances data for fiscal year 2010 (see pages 8 and 9.)

For 2010, the largest contributors to the downward revision to the percent change in real GDP were downward revisions to nonresidential fixed investment, to PCE, and to private inventory investment (see table 4A).

The revision to PCE was primarily to goods (excluding motor vehicles and parts), reflecting the incorporation of the newly available Census Bureau annual retail trade survey data for 2010 (see page 8).

The revision to nonresidential fixed investment was primarily to equipment and software, reflecting the incorporation of the newly available Census Bureau annual survey of manufactures data for 2010 (see page 8).

For 2011, the largest contributors to the upward revision to the percent change in real GDP were upward revisions to PCE and to private inventory investment (see table 4B on page 12). The contributions of these components were partly offset by downward revisions to state and local government spending, to federal government spending, and to nonresidential fixed investment.

The revision to PCE was primarily to services, reflecting the incorporation of newly available preliminary Census Bureau service annual survey data for 2011.

For 2009, a downward revision to PCE for services was widespread; however, financial services and insurance (mainly "financial services furnished without payment") was revised up.

The upward revision to private inventory investment was mostly accounted for by an upward revision to manufacturing inventories.

The upward revision to exports was mainly to exports of services.

The upward revision to state and local government spending primarily reflected an upward revision to consumption expenditures.

For 2010, a downward revision to PCE for goods was to both durable goods (mainly recreational goods and vehicles, furnishings and durable household equipment, and "other" durable goods) and to nondurable goods (mainly "other" nondurable goods; most other categories of nondurable goods also contributed).

About half of the downward revision to investment in equipment and software was due to a downward revision to information processing equipment and software (mainly computers and peripheral equipment); the rest of the revision primarily reflected downward revisions to industrial equipment and to "other" equipment.

The downward revision to private inventory investment reflected downward revisions to both nonfarm inventories (mainly manufacturing) and farm inventories (mainly crops).

For 2011, a small upward revision to PCE for goods reflected an upward revision to nondurable goods (mainly food and beverages purchased for off-premises consumption and gasoline and other energy goods) that was largely offset by a downward revision to durable goods (mainly motor vehicles and parts).

The upward revision to PCE for services reflected upward revisions to health care services (mainly outpatient services) and to housing and utilities (mainly housing) that were partly offset by a downward revision to financial services and insurance (mainly "financial services furnished without payment").

The downward revision to investment in nonresidential structures was more than accounted for by a downward revision to power structures.

The upward revision to private inventory investment primarily reflected an upward revision to farm inventories; within nonfarm inventories, an upward revision to retail trade inventories offset downward revisions to mining, utilities, and construction inventories and to wholesale trade inventories.

The downward revision to federal government spending reflected a downward revision to nondefense spending (mainly consumption expenditures).

The downward revision to state and local government spending primarily reflected a downward revision to consumption expenditures.

Annual Price Indexes

Revisions to the chain-type price indexes result from the incorporation of newly available and revised source data and from the regularly scheduled incorporation of annual weights for the most recent year (2011). In this annual revision, the source data for price indexes that are used for deflation and the source data that affect implicit prices were revised. (1) The prices used for deflation also reflect updated seasonal factors. In addition, BEA, in collaboration with the Census Bureau, has improved the seasonal adjustment of foreign trade prices. (See "Changes in Methodology and Presentation" on page 24.)

The percent change from the preceding year in the price index for gross domestic purchases was revised down 0.1 percentage point for 2009, was revised up 0.1 percentage point for 2010, and was unrevised at 2.5 percent for 2011 (see chart 1 and table 5). The annual percent change in the price index for GDP was revised down 0.2 percentage point for 2009, was revised up 0.1 percentage point for 2010, and was unrevised at 2.1 percent for 2011 (see the addendum to table 5).

For 2009, the largest contributors to the downward revision to the price index for gross domestic purchases were the prices of PCE for services and the prices of state and local government spending. The revision to the prices of PCE for services reflected a downward revision to the prices of financial services and insurance, mainly "financial services furnished without payment." The revision to the prices of state and local government spending primarily reflected a downward revision to the implicit price of compensation.

For 2010, the largest contributors to the upward revision to the price index for gross domestic purchases were again the prices of PCE for services and the prices of state and local government spending. The revision to the prices of PCE for services reflected an upward revision to the prices of financial services and insurance, mainly "financial services furnished without payment." The revision to the prices of state and local government spending mainly reflected upward revisions to the prices of intermediate services purchased and to the implicit price of compensation.

For 2011, the price index for gross domestic purchases was unrevised, reflecting offsetting revisions. The most notable upward revision was to the prices of state and local government spending; the largest contributors to the revision were again upward revisions to the prices of intermediate services purchased (especially "financial services furnished without payment") and to the implicit price of compensation. The most notable downward revision was to the prices associated with private nonfarm inventory investment, reflecting a downward revision to the prices of nondurable-goods manufacturing inventories (mainly petroleum and coal products).

(1.) The implicit prices are computed by dividing the current-dollar estimates by the chained-dollar estimates that are derived from the quantity data used in quantity extrapolation and direct valuation. Thus, differences between the current-dollar revisions and the chained-dollar revisions to these components are reflected as revisions to their implicit prices.

Quarterly Estimates

Revisions to the quarterly (and monthly) NIPA estimates reflect (1) revisions to the annual estimates that reflect the incorporation of newly available annual source data, (2) the incorporation of newly available and revised monthly and quarterly source data (including updated seasonal factors that are used to indicate quarterly patterns), and (3) methodology improvements (see "Changes in Methodology and Presentation" on pages 24-26).

Real GDP. The revisions to the 13 quarterly percent changes (at annual rates) from the first quarter of 2009 through the first quarter of 2012 averaged 0.7 percentage point (without regard to sign). (In the annual NIPA revisions since 1982, the revisions to the quarterly estimates have averaged 0.7 percentage point.)

The quarterly revisions did not alter the direction of change (increase or decrease) in real GDP for any quarter. The quarterly percent change in real GDP was revised up for 8 of the 13 quarters, and it was revised down for 5 of the 13 quarters.

The largest upward revision to the quarterly percent change in real GDP was 1.4 percentage points, from a decrease of 6.7 percent to a decrease of 5.3 percent, for the first quarter of 2009. The largest contributors to the revision were upward revisions to state and local government spending (mainly consumption expenditures), to private inventory investment (mainly manufacturing inventories), and to investment in equipment and software (especially information processing equipment and software).

The largest downward revision to the quarterly percent change in real GDP was 1.6 percentage points for two quarters: from 3.9 percent to 2.3 percent for the first quarter of 2010 and from 3.8 percent to 2.2 percent for the second quarter of 2010.

The largest contributors to the revision for the first quarter of 2010 were downward revisions to private inventory investment (widespread), to investment in equipment and software (especially to computers and peripheral equipment), to PCE for goods (widespread within durable goods), to federal defense spending (both gross investment and consumption expenditures), and to state and local government spending (more than accounted for by consumption expenditures); these downward revisions were partly offset by a downward revision to imports (both goods and services).

The largest contributors to the revision for the second quarter of 2010 were downward revisions to private inventory investment (mainly wholesale trade and manufacturing inventories), to investment in equipment and software (again, especially computers and peripheral equipment), to PCE, and to state and local government spending (more than accounted for by consumption expenditures); these downward revisions were partly offset by a downward revision to imports (both goods and services). Within PCE, downward revisions to nondurable goods (especially gasoline and other energy goods) and to services (especially recreation services) were partly offset by an upward revision to durable goods (mainly motor vehicles and parts).

Prices. In general, the quarterly percent changes in the gross domestic purchases price index were similar to the previously published estimates; the revisions to the 13 quarterly percent changes (at annual rates) from the first quarter of 2009 through the first quarter of 2012 averaged 0.3 percentage point (without regard to sign). The percent change was revised up for seven quarters, was revised down for five quarters, and was unrevised for one quarter.

The largest upward revision to the price index for gross domestic purchases was 0.4 percentage point for both the third and fourth quarters of 2010. For the third quarter of 2010, the percent change in the price index was revised from 1.0 percent to 1.4 percent; the largest contributors to the revision were prices of PCE for services (mainly "financial services furnished without payment") and prices of state and local government spending (mainly the implicit price of compensation and the prices of petroleum). For the fourth quarter of 2010, the percent change in the index was revised from 2.1 percent to 2.5 percent; the largest contributors to the revision were the prices of PCE for goods (especially gasoline and other energy goods), the prices of state and local government spending (mainly the implicit price of compensation and the prices of petroleum), and the prices of equipment and software (especially communication equipment).

The largest downward revision to the price index for gross domestic purchases was 0.6 percentage point, from 4.0 percent to 3.4 percent, for the first quarter of 2011. The largest contributors to the revision were prices of PCE for nondurable goods (mainly gasoline and other energy goods) and prices of PCE for services (mainly "financial services furnished without payment").

The quarterly percent changes in the GDP price index were revised about the same as those for gross domestic purchases prices. For the GDP price index, the revisions to the 13 quarterly percent changes (at annual rates) from the first quarter of 2009 to first quarter of 2012 also averaged 0.3 percentage point (without regard to sign). The percent change was revised up for seven quarters, was revised down for four quarters, and was unrevised for two quarters.

The largest upward revision to the price index for GDP was 0.6 percentage point, from 1.4 percent to 2.0 percent, for the third quarter of 2010; the largest contributors to the revision were the prices of PCE for services (more than accounted for by "financial services furnished without payment"), the prices of state and local government spending (mainly the implicit price of compensation and the prices of petroleum), and the prices of imports of goods (specifically petroleum).

The largest downward revision to the price index for GDP was 0.7 percentage point, from 1.7 percent to 1.0 percent, for the first quarter of 2009; the largest contributors to the revision were the prices of PCE for services (more than accounted for by "financial services furnished without payment"), the prices of PCE for nondurable goods (mainly gasoline and other energy goods), and the prices of state and local government spending (mainly the implicit price of compensation).

Current-Dollar NIPA Measures

This table shows NIPA components with revisions of $5.0 billion or more (in absolute value) for 2009-2011. The table also lists the major source data that were incorporated as part of this annual revision. Note that the incorporation of newly available and revised source data for a year usually results in a revision to the level of an estimate both for that year and for subsequent years.

Income Measures

For 2009-2011, national income was revised down: $15.0 billion for 2009; $28.7 billion for 2010, and $62.3 billion for 2011. Gross domestic income (GDI) was also revised down for all 3 years: $6.1 billion for 2009, $50.1 billion for 2010, and $82.0 billion for 2011.

For 2009, the revision to national income reflected downward revisions to corporate profits with inventory valuation adjustment (IVA) and capital consumption adjustment (CCAdj), to net interest and miscellaneous payments, and to rental income of persons with CCAdj.

The downward revisions were partly offset by an upward revision to nonfarm proprietors' income with IVA and CCAdj.

The statistical discrepancy, the difference between GDI and GDP, was revised from 0.6 percent of GDP to 0.8 percent of GDP for 2009.

For 2010, the revision to national income primarily reflected a large downward revision to corporate profits with IVA and CCAdj, based on the incorporation of newly available IRS tabulations of corporate tax return data for 2010.

The downward revision was partly offset by an upward revision to nonfarm proprietors' income with IVA and CCAdj, based on the incorporation of newly available IRS tabulations of sole proprietorship and partnership tax return data for 2010.

The statistical discrepancy was revised from less than 0.1 percent of GDP to 0.2 percent of GDP for 2010.

For 2011, the revision to national income again primarily reflected a large downward revision to corporate profits with IVA and CCAdj.

The downward revision was partly offset by upward revisions to nonfarm proprietors' income with IVA and CCAdj and to supplements to wages and salaries.

The statistical discrepancy was revised from a negative 0.2 percent of GDP to a positive 0.2 percent of GDP for 2011.

Changes in Methodology and Presentation

As part of the annual revision of the NIPAs, a number of changes in methodology and presentation have been incorporated. (1)

Crude petroleum prices. The refiner crude acquisition cost is used in estimating a number of important series of private inventory investment and their corresponding inventory valuation adjustments. Beginning with the estimates for the second quarter of 2012, BEA is using the "preliminary" composite refiner acquisition cost (RAC) of crude oil from the Energy Information Administration in place of the producer price index (PPI) for crude petroleum as the indicator for the estimates of the refiner crude acquisition cost. Specifically, for the advance GDP estimate, the "final" RAC is used for the first month of the quarter, the "preliminary" RAC is used for the second month, and the PPI is used for the third month. For the second GDP estimate, the "final" RACs are used for the first and second months, and the "preliminary" RAC is used for the third month. For the third GDP estimate, the "final" RACs are used for each month of the quarter. Previously, the PPI was used for each month as the indicator until the "final" RAC was available. Recent research has shown that using the "preliminary" RACs in place of the PPIs for the advance and second GDP estimates reduces the revisions to the estimates of the refiner crude acquisition cost.

Seasonal adjustment of foreign trade prices. BEA has been working closely with the Census Bureau's Foreign Trade Division to develop more consistent measures of chained-dollar exports and imports. These efforts have resulted in an improved methodology for seasonally adjusting petroleum imports that was introduced in last year's annual revision of the NIPAs and in improved coordination of the seasonal adjustment of foreign trade prices that are used to deflate current-dollar exports and imports. (2) In this annual revision, the revised foreign trade prices are incorporated into BEA's chained-dollar estimates of exports and imports beginning with the first quarter of 2009.

Newly available data for services. As part of the 2005 annual revision, BEA began incorporating data from the Census Bureau's quarterly services survey (QSS) into its estimates. Since then, the Census Bureau has continued to expand the coverage of the QSS, and BEA has incorporated the additional data into its estimates of PCE for services. (3) This year, the Census Bureau expanded the coverage of both the QSS and the service annual survey (SAS) to include additional transportation, education, and utilities services industries.

Consequently, beginning with the estimates for 2010, BEA is incorporating newly available annual SAS data into the PCE estimates of ground transportation for intercity buses, taxicabs, private urban transit systems, school bus transportation, and "other" road transportation and into the PCE estimates of water transportation (both ground transportation and water transportation are included in the PCE category public transportation). In addition, BEA is incorporating newly available SAS data into the PCE estimates of commercial and vocational schools and of water supply and sanitation services.

Similarly, beginning with the estimates for the first quarter of 2011, BEA is incorporating newly available QSS data into the PCE estimates of ground transportation for intercity buses, taxicabs, private urban transit systems, and "other" road transportation and into the PCE estimates of water transportation and of commercial and vocational schools.

Previously, the PCE estimates for these services categories were based on assorted industry data; trade association information; BLS employment, wage, and CPI data; or they were trended using population and price data.

As the Census Bureau expands coverage of more service industries, BEA will continue to incorporate the newly available data in order to improve the estimates of PCE for services.

Change in "seasonal adjustment" of QSS series. Many of the expanded QSS series have not been available long enough for seasonal adjustment using the X-12 ARIMA seasonal adjustment program. Beginning with the estimates for the first quarter of 2010, the PCE estimates based on these QSS series reflect a four-quarter moving average. Previously, BEA had applied a five-quarter moving average to these series to account for seasonal effects in estimating the corresponding PCE categories. This change should reduce the seasonal "noise" that may have been introduced inadvertently into the estimates by the inclusion of a fifth quarter, which could "overweight" the seasonal impact of a particular quarter, and is in response to comments received from several data users. The PCE components affected by this change include outpatient services, transportation services, recreation services, portfolio management and investment advice services, personal care and clothing services, social services, and household maintenance services as well as gross output of nonprofit outpatient, recreation, and social services.

Retail motor vehicle inventories. Beginning with the 2010 quarterly and annual estimates for inventory investment of retail motor vehicle dealers, BEA is using a weighted average of BEA unit-based automotive inventories (50 percent) and of Census Bureau total motor vehicle inventories (50 percent). BEA unit-based quarterly estimates include detailed data on automobiles and light trucks in PCE and in private fixed investment as well as data on heavy trucks in private fixed investment.

This change is designed to improve the inventory estimates by balancing the coverage and timing differences inherent in the data from the two agencies. The BEA unit-based data may reflect differences in company-by-company reporting, and they also exclude information on high-end and exotic vehicles such as Ferraris. The Census Bureau data are industry based and more comprehensive and include information on automotive parts, other motor vehicles (such as motorcycles, RVs, and ATVs), and the high-end exotic vehicles sold at retailers; combined, these categories of motor vehicles and parts represent about 5 percent of total retail automobile dealer sales. In addition, the Census Bureau data more closely align with BEA industry-based reporting of inventory investment. However, the monthly data on retail motor vehicle inventories available from the Census Bureau only provide information for a single category that includes automobiles, trucks, and "other" motor vehicles. The annual retail trade survey (ARTS) provides detailed data for these categories; however, the detailed data are only available with a 1-year lag.

Previously, the current quarterly estimates of inventory investment of retail motor vehicle dealers from BEA unit-based inventories were reconciled with the limited quarterly inventory data available from the Census Bureau. Similarly, during annual revisions, the estimates for the latest year--for example, 2011 in this annual revision--were also reconciled in this way because the more comprehensive ARTS data were not yet available. Estimates for earlier years were based on the ARTS data.

State and local corporate profits taxes. Under NIPA accounting principles, business income and the taxes on that income should be measured on an accrual basis. The main difference between tax liabilities and tax payments is timing; tax collections should approximately equal tax accruals in the long run. In practice, for recent years, BEA estimates of state and local corporate profits tax accruals have differed greatly from the corresponding tax collections.

In an effort to lessen this difference, beginning with this annual revision, the revised historical estimates of state and local corporate profits taxes for a quarter are based on tax collections data for the following quarter. For estimating the current quarterly estimates of profits taxes--for which the following quarter's collections do not yet exist--a model is used in which taxes are a function of the current quarter's tax collections and a timing factor. The timing factor, in turn, is a function of the quarter-to-quarter change in NIPA profits before tax and the average tax rate.

Previously, for annual revisions, a BEA-developed procedure had been used to adjust the timing of collections to an accrual basis. However, a recent analysis of the procedure concluded that a simple shifting of collections back one quarter adequately characterized the timing relationship of the corresponding tax accruals.

Previously, for the current quarter's estimate, state and local corporate profits tax accruals were extrapolated from the previous quarter's estimate using the quarterto-quarter growth rate of a sample of state data on corporate tax collections from the Rockefeller Institute of Government.

Changes in presentation. There has been increasing interest in tracking changes in GDP with changes in GDI, which measures the output of the economy as the costs incurred and the incomes earned in the production of GDR To facilitate comparisons in the movements in these two important aggregate measures, three new tables have been introduced that show percent changes, current-dollar measures, and chained-dollar measures of these and related aggregates (including gross national product and various command-basis measures) side-by-side: "Table 1.17.1. Percent Change from Preceding Period in Real Gross Domestic Product, Real Gross Domestic Income, and Other Major NIPA Aggregates," "Table 1.17.5. Gross Domestic Product, Gross Domestic Income and Other Major NIPA Aggregates" and "Table 1.17.6. Real Gross Domestic Product, Real Gross Domestic Income, and Other Major NIPA Aggregates, Chained Dollars" Previously, current-dollar GDI measures had only been shown in NIPA tables 1.10, 1.11, and the addenda of table 1.7.5, and chained-dollar GDI measures had only been shown in the addenda of tables 1.7.1 and 1.7.6.

A new line has been added to "Table 3.14. Government Social Insurance FundsCurrent Receipts and Expenditures" that shows government transfers to the Social Security Trust Fund. This annual-only table shows the sources of receipts for the social insurance funds--for example, employee and employer contributions for social insurance (such as social security and Medicare) and interest income of the funds--as well as the expenditures of the funds categorized as administrative expenses or government social benefits (such as social security payments and Medicare payments). Under the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010, which established a "payroll tax holiday" a transfer from the "general" fund was authorized in order to offset the forgone receipts from the tax holiday that began in January 2011. Beginning with the first quarter of 2011, BEA quarterly estimates of federal government net saving for social insurance funds have reflected this large transfer, and this change to table 3.14 allows users to more easily identify this type of transfer on an annual basis.

Data Availability

An extensive set of estimates is presented in "National Income and Product Accounts" in this issue. These estimates and annual estimates for 1929 forward and quarterly estimates for 1947 forward are available on BEA's Web site at www.bea.gov.

Selected revised NIPA estimates and related estimates will be published in upcoming issues of the SURVEY OF CURRENT BUSINESS. The September SURVEY will present the following NIPA tables: tables 3.15-3.17 (government spending by function) and table 7.15 (reconciliation of net farm income in the NIPAs with net farm income from the U.S. Department of Agriculture). It will also present new estimates of fixed assets and of consumer durable goods beginning with 2009.

The October SURVEY will present the following NIPA tables: table 3.18 (reconciliation of NIPA federal government estimates with federal budget data), table 3.19 (reconciliation of NIPA state and local government estimates with Census Bureau data), tables 3.20 and 3.21 (state government and local government current receipts and expenditures), and tables 3.22 and 3.23 (not seasonally adjusted estimates of federal government and state and local government current receipts and expenditures). It will also present real inventories, sales, and inventory-sales ratios for manufacturing and trade for the fourth quarter of 2008 through the second quarter of 2012. In addition, revised estimates of state personal income that incorporate the results of this annual revision of the NIPAs will be presented.

The November SURVEY will feature the "Updated Summary of NIPA Methodologies," which lists the principal source data and estimating methods that are used in preparing the current-dollar and real estimates of GDP. It will also present NIPA table 2.9 (personal income by households and by nonprofit institutions serving households) and table 7.20 (reconciliation of NIPA income and outlays of nonprofit institutions with IRS revenue and expenses).

(1.) These changes update the information in the two tables that were published in "Updated Summary NIPA Methodologies" in the November 2011 SURVEY; these tables will be updated in the November 2012 SURVEY.

(2.) For details on the seasonal adjustment of petroleum imports, see Eugene P. Seskin and Shelly Smith, "Annual Revision of the National Income and Product Accounts," SURVEY 91 (August 2011): 27.

(3.) About 42 percent of the quarterly estimates of PCE for services is now based on the QSS data. For a detailed list of the PCE components that are estimated using the QSS, see FAQ 315 on BEA's Web site.

Appendix A

Revisions to the National Income and Product Accounts
[Billions of dollars]

                                                          2009

                                                 Revised      Revision

                                                  Account 1. Domestic
                                                  Income and Product
                                                       Account

Compensation of employees, paid                   7,807.2         -8.2
  Wage and salary accruals                        6,283.2         -1.2
    Disbursements                                 6,278.2         -1.2
    Wage accruals less disbursements                  5.0          0.0
 Supplements to wages and salaries                1,524.0         -7.1
Taxes on production and imports                   1,023.2          5.3
Less: Subsidies                                      59.7          0.0
Net operating surplus                             3,218.4         -3.3
  Private enterprises                             3,233.9         -2.7
  Current surplus of government enterprises         -15.6         -0.7
Consumption of fixed capital                      1,866.3          0.1
Gross domestic income                            13,855.4         -0.1
Statistical discrepancy                             118.3         40.9
GROSS DOMESTIC PRODUCT                           13,973.7         34.7
Personal consumption expenditures                 9,845.9        -20.2
  Goods                                           3,194.4         -3.1
    Durable gcods                                 1,029.6          0.0
    Nondursble goods                              2,164.8         -3.0
  Services                                        6,651.5        -17.2
Gross private domestic investment                 1,549.3          2.5
  Fixed investment                                1,703.5         -4.1
    Nonresidential                                1,349.3         -3.7
      Structures                                    451.1          1.2
      Equipment and software                        898.2         -4.8
    Residential                                     354.1         -0.6
  Change in private inventories                    -154.2          6.6
Net exports of goods and services                  -388.7          2.8
  Exports                                         1,587.4          4.4
  Imports                                         1,976.2          1.6
Government consumption expenditures and
    gross investment                              2,967.2         49.7
  Federal                                         1,143.6          0.9
    National defense                                776.0          1.1
    Nondefense                                      367.6         -0.2
  State and local                                 1,823.6         48.8
GROSS DOMESTIC PRODUCT                           13,973.7         34.7

                                                  Account 2. Private
                                                  Enterprise Income
                                                       Account

Income payments on assets                         2,628.0        -83.3
  Interest and miscellaneous payments             2,487.1        -94.2
  Dividend payments to the rest of the world        119.0          2.7
  Reinvested earnings on foreign direct
    investment in the United States                  21.9          8.2
Business current transfer payments (net)            133.4          1.4
  To persons (net)                                   39.6          1.4
  To government (net)                                96.0         -0.1
  To the rest of the world (net)                     -2.3          0.0
Proprietors' income with inventory valuation
  and capital consumption adjustments               979.4         38.2
Rental income of persons with capital
  consumption adjustment                            289.7        -16.2
Corporate profits with inventory valuation
    and capital consumption adjustments           1,342.3        -19.7
  Taxes on corporate income                         269.4         -3.0
    To government                                   245.9         -3.2
    To the rest of the world                         23.5          0.2
  Profits after tax with inventory valuation
      and capital consumption adjustments         1,073.0        -16.6
    Net dividends                                   554.1         -5.9
    Undistributed corporate profits with
      inventory valuation and capital
      consumption adjustments                       518.8         49.2
USES OF PRIVATE ENTERPRISE INCOME                 5,372.8        -79.7
Net operating surplus, private enterprises        3,233.9         -2.7
Income receipts on assets                         2,138.9        -77.0
  Interest                                        1,645.2        -80.3
  Dividend receipts from the rest of the
    world                                           230.9         11.0
  Reinvested earnings on U.S. direct
    investment abroad                               262.8         -7.7
SOURCES OF PRIVATE ENTERPRISE INCOME              5,372.8        -79.7

                                                  Account 3. Personal
                                                   Income and Outlay
                                                       Account

Personal current taxes                            1,144.6          3.2
Personal outlays                                 10,214.3        -22.0
  Personal consumption expenditures               9,845.9        -20.2
  Personal interest payments                        217.1          3.4
  Personal current transfer payments                151.3         -5.2
    To government                                    85.2         -3.9
    To the rest of the world (net)                   66.1         -1.3
Personal saving                                     508.2        -44.4
PERSONAL TAXES, OUTLAYS, AND SAVING              11,867.0        -63.2
Compensation of employees, received               7,794.4         -7.0
  Wage and salary disbursements                   6,270.3          0.0
    Domestic                                      6,264.9         -0.2
    Rest of the world                                 5.5          0.3
  Supplements to wages and salaries               1,524.0         -7.1
    Employer contributions for employee
      pension and insurance funds                 1,067.2         -5.9
    Employer contributions for government
      social insurance                              456.9         -1.1
Proprietors' income with inventory valuation
  and capital consumption adjustments               979.4         38.2
Rental income of persons with capital
  consumption adjustment                            289.7        -16.2
Personal income receipts on assets                1,626.5        -81.2
  Personal interest income                        1,093.3        -15.6
  Personal dividend income                          533.2         -5.6
Personal current transfer receipts                2,140.1          2.0
  Government social benefits                      2,100.5          0.6
  From business (net)                                39.6          1.4
Less: Contributions for government social
  insurance, domestic                               963.1         -1.0
PERSONAL INCOME                                  11,867.0        -63.2

                                                 Account 4. Government
                                                     Receipts and
                                                  Expenditures Account

Consumption expenditures                          2,460.3         48.1
Current transfer payments                         2,170.0          0.7
  Government social benefits                      2,116.5          0.5
    To persons                                    2,100.5          0.6
    To the rest of the world                         16.0         -0.1
  Other current transfer payments to the
    rest of the world (net)                          53.5          0.2
Interest payments                                   357.9         -0.7
Subsidies                                            59.7          0.0
Less: Wage accruals less disbursements                0.0          0.0
Net government saving                            -1,342.6        -46.6
  Federal                                        -1,229.3        -11.4
  State and local                                  -113.2        -35.2
GOVERNMENT CURRENT EXPENDITURES AND NET
  SAVING                                          3,705.3          1.6
Current tax receipts                              2,428.5          5.5
  Personal current taxes                          1,144.6          3.2
  Taxes on production and imports                 1,023.2          5.3
  Taxes on corporate income                         245.9         -3.2
  Taxes from the rest of the world                   14.8          0.1
Contributions for government social
  insurance                                         968.1         -0.9
Income receipts on assets                           143.1          1.7
  Interest and miscellaneous receipts               122.2          2.1
  Dividends                                          20.9         -0.4
Current transfer receipts                           181.2          4.0
  From business (net)                                96.0         -0.1
  From persons                                       85.2         -3.9
Current surplus of government enterprises           -15.6         -0.7
GOVERNMENT CURRENT RECEIPTS                       3,705.3          1.6

                                                   Account 5. Foreign
                                                  Transactions Current
                                                       Account

Exports of goods and services                     1,587.4          4.4
Income receipts from the rest of the world          642.4          2.6
  Wage and salary receipts                            5.5          0.3
  Income receipts on assets                         636.9          2.3
    Interest                                        143.2         -1.0
    Dividends                                       230.9         11.0
    Reinvested earnings on U.S. direct
      investment abroad                             262.8         -7.7
CURRENT RECEIPTS FROM THE REST OF THE WORLD       2,229.9          7.1
Imports of goods and services                     1,976.2          1.6
Income payments to the rest of the world            498.9         11.4
  Wage and salary payments                           13.3         -0.9
  Income payments on assets                         485.6         12.3
    Interest                                        344.7          1.4
    Dividends                                       119.0          2.7
    Reinvested earnings on foreign direct
      investment in the United States                21.9          8.2
Current taxes and transfer payments to the
    rest of the world (net)                         137.0         -1.2
  From persons (net)                                 66.1         -1.3
  From government (net)                              49.7         -0.1
  From business (net)                                21.2          0.2
Balance on current account, national income
  and product accounts                             -382.2         -4.8
CURRENT PAYMENTS TO THE REST OF THE WORLD
  AND BALANCE ON CURRENT ACCOUNT                  2,229.9          7.1

                                                  Account 6. Domestic
                                                    Capital Account

Gross domestic investment                         2,056.2          4.0
  Private fixed investment                        1,703.5         -4.1
  Government fixed investment                       506.9          1.5
  Change in private inventories                    -154.2          6.6
Capital account transactions (net)                    0.6          0.0
  Transfer payments for catastrophic losses
    (net)                                             0.0          0.0
  Other capital account transactions                  0.6          0.0
Net lending or net borrowing (-), national
  income and product accounts                      -382.7         -4.7
GROSS DOMESTIC INVESTMENT, CAPITAL ACCOUNT
  TRANSACTIONS (NET), AND NET LENDING             1,674.1         -0.7
Net saving                                         -310.5        -41.7
  Personal saving                                   508.2        -44.4
  Undistributed corporate profits with
    inventory valuation and capital
    consumption adjustments                         518.8         49.2
  Wage accruals less disbursements (private)          5.0          0.0
  Net government saving                          -1,342.6        -46.6
Plus: Consumption of fixed capital                1,866.3          0.1
  Private                                         1,542.8          0.4
  Government                                        323.5         -0.2
    General government                              270.4         -0.1
    Government enterprises                           53.1         -0.1
Equals. Gross saving                              1,555.8        -41.5
Statistical discrepancy                             118.3         40.9
GROSS SAVING AND STATISTICAL DISCREPANCY          1,674.1         -0.7

                                                  Account 7. Foreign
                                                  Transactions Capital
                                                       Account

BALANCE ON CURRENT ACCOUNT, NATIONAL
  INCOME AND PRODUCT ACCOUNTS                      -382.2         -4.8
Capital account transactions (net)                    0.6          0.0
  Transfer payments for catastrophic
    losses (net)                                      0.0          0.0
  Other capital account transactions                  0.6          0.0
Net lending or net borrowing (-), national
  income and product accounts                      -382.7         -4.7
CAPITAL ACCOUNT TRANSACTIONS (NET) AND NET
  LENDING, NATIONAL INCOME AND PRODUCT
  ACCOUNTS                                         -382.2         -4.8

                                                          2010

                                                 Revised      Revision

                                                  Account 1. Domestic
                                                  Income and Product
                                                       Account

Compensation of employees, paid                   7,977.2         -3.4
  Wage and salary accruals                        6,411.7         -5.8
    Disbursements                                 6,411.7         -5.8
    Wage accruals less disbursements                  0.0          0.0
 Supplements to wages and salaries                1,565.4          2.3
Taxes on production and imports                   1,055.0          1.0
Less: Subsidies                                      57.0         -0.3
Net operating surplus                             3,627.0        -46.5
  Private enterprises                             3,646.5        -42.7
  Current surplus of government enterprises         -19.5         -0.8
Consumption of fixed capital                      1,873.4         -1.5
Gross domestic income                            14,475.6        -50.1
Statistical discrepancy                              23.3         22.5
GROSS DOMESTIC PRODUCT                           14,498.9        -27.6
Personal consumption expenditures                10,215.7        -29.8
  Goods                                           3,364.9        -22.1
    Durable gcods                                 1,079.4         -0.1
    Nondursble goods                              2,285.5        -16.0
  Services                                        6,850.9         -7.6
Gross private domestic investment                 1,737.3        -57.8
  Fixed investment                                1,679.0        -49.2
    Nonresidential                                1,338.4        -51.7
      Structures                                    376.3          1.9
      Equipment and software                        962.1        -53.6
    Residential                                     340.6          2.5
  Change in private inventories                      58.4         -8.5
Net exports of goods and services                  -511.6          5.3
  Exports                                         1,844.4          4.6
  Imports                                         2,356.1         -0.6
Government consumption expenditures and
    gross investment                              3,057.5         54.7
  Federal                                         1,223.1          0.3
    National defense                                817.7         -1.5
    Nondefense                                      405.3          1.7
  State and local                                 1,834.4         54.4
GROSS DOMESTIC PRODUCT                           14,498.9        -27.6

                                                  Account 2. Private
                                                  Enterprise Income
                                                       Account

Income payments on assets                         2,413.9         47.4
  Interest and miscellaneous payments             2,231.0         52.2
  Dividend payments to the rest of the world        115.1         21.3
  Reinvested earnings on foreign direct
    investment in the United States                  67.7        -26.2
Business current transfer payments (net)            140.0          3.3
  To persons (net)                                   47.4          9.1
  To government (net)                                94.5         -4.5
  To the rest of the world (net)                     -1.9         -1.3
Proprietors' income with inventory valuation
  and capital consumption adjustments             1,103.4         67.0
Rental income of persons with capital
  consumption adjustment                            349.2         -1.0
Corporate profits with inventory valuation
    and capital consumption adjustments           1,702.4        -97.7
  Taxes on corporate income                         373.3        -37.8
    To government                                   349.5        -37.9
    To the rest of the world                         23.8          0.2
  Profits after tax with inventory valuation
      and capital consumption adjustments         1,329.1          0.0
    Net dividends                                   600.9       -136.4
    Undistributed corporate profits with
      inventory valuation and capital
      consumption adjustments                       728.2         76.5
USES OF PRIVATE ENTERPRISE INCOME                 5,708.9         18.9
Net operating surplus, private enterprises        3,646.5        -42.7
Income receipts on assets                         2,062.4         61.6
  Interest                                        1,478.0         46.8
  Dividend receipts from the rest of the
    world                                           235.0         19.1
  Reinvested earnings on U.S. direct
    investment abroad                               349.4         -4.4
SOURCES OF PRIVATE ENTERPRISE INCOME              5,708.9         18.9

                                                  Account 3. Personal
                                                   Income and Outlay
                                                       Account


Personal current taxes                            1,194.8          0.9
Personal outlays                                 10,560.4        -26.5
  Personal consumption expenditures              10,215.7        -29.8
  Personal interest payments                        183.8         10.4
  Personal current transfer payments                160.9         -7.1
    To government                                    87.4         -7.7
    To the rest of the world (net)                   73.5          0.6
Personal saving                                     566.7        -26.1
PERSONAL TAXES, OUTLAYS, AND SAVING              12,321.9        -51.6
Compensation of employees, received               7,970.0         -1.4
  Wage and salary disbursements                   6,404.6         -0.6
    Domestic                                      6,398.9         -4.1
    Rest of the world                                 5.6          0.3
  Supplements to wages and salaries               1,565.4          2.3
    Employer contributions for employee
      pension and insurance funds                 1,097.3          7.4
    Employer contributions for government
      social insurance                              468.1         -5.1
Proprietors' income with inventory valuation
  and capital consumption adjustments             1,103.4         67.0
Rental income of persons with capital
  consumption adjustment                            349.2         -1.0
Personal income receipts on assets                1,598.3       -122.9
  Personal interest income                        1,016.6         13.2
  Personal dividend income                          581.7       -136.0
Personal current transfer receipts                2,284.3          3.1
  Government social benefits                      2,236.9          0.0
  From business (net)                                47.4          9.1
Less: Contributions for government social
  insurance, domestic                               983.3         -0.5
PERSONAL INCOME                                  12,321.9        -51.6

                                                 Account 4. Government
                                                     Receipts and
                                                  Expenditures Account

Consumption expenditures                          2,552.0         54.5
Current transfer payments                         2,308.0         -0.8
  Government social benefits                      2,253.4         -6.1
    To persons                                    2,236.9          0.0
    To the rest of the world                         16.5         -0.1
  Other current transfer payments to the
    rest of the world (net)                          54.7         -2.6
Interest payments                                   387.4         -2.8
Subsidies                                            57.0         -0.3
Less: Wage accruals less disbursements                0.0          0.0
Net government saving                            -1,397.7        -98.7
  Federal                                        -1,308.0        -34.3
  State and local                                   -89.7        -64.4
GOVERNMENT CURRENT EXPENDITURES AND NET
  SAVING                                          3,906.8        -56.0
Current tax receipts                              2,614.4        -34.3
  Personal current taxes                          1,194.8          0.9
  Taxes on production and imports                 1,055.0          1.0
  Taxes on corporate income                         349.5        -37.9
  Taxes from the rest of the world                   15.1          1.8
Contributions for government social
  insurance                                         988.2         -3.5
Income receipts on assets                           141.8         -2.2
  Interest and miscellaneous receipts               122.5         -1.9
  Dividends                                          19.2         -0.4
Current transfer receipts                           181.9        -12.2
  From business (net)                                94.5          4.5
  From persons                                       87.4         -7.7
Current surplus of government enterprises           -19.5         -0.8
GOVERNMENT CURRENT RECEIPTS                       3,906.8        -56.0

                                                   Account 5. Foreign
                                                  Transactions Current
                                                       Account

Exports of goods and services                     1,844.4          4.6
Income receipts from the rest of the world          716.5         13.6
  Wage and salary receipts                            5.6          0.3
  Income receipts on assets                         710.9         13.3
    Interest                                        126.5         -1.4
    Dividends                                       235.0         19.1
    Reinvested earnings on U.S. direct
      investment abroad                             349.4         -4.4
CURRENT RECEIPTS FROM THE REST OF THE WORLD       2,560.9         18.2
Imports of goods and services                     2,356.1         -0.6
Income payments to the rest of the world            507.2         -0.3
  Wage and salary payments                           12.8         -1.7
  Income payments on assets                         494.4          4.6
    Interest                                        311.6          0.3
    Dividends                                       115.1         21.3
    Reinvested earnings on foreign direct
      investment in the United States                67.7        -26.2
Current taxes and transfer payments to the
    rest of the world (net)                         146.5         -5.1
  From persons (net)                                 73.5          0.6
  From government (net)                              51.2         -4.5
  From business (net)                                21.9         -1.2
Balance on current account, national income
  and product accounts                             -448.8         30.4
CURRENT PAYMENTS TO THE REST OF THE WORLD
  AND BALANCE ON CURRENT ACCOUNT                  2,560.9         18.2

                                                  Account 6. Domestic
                                                    Capital Account

Gross domestic investment                         2,242.9        -57.5
  Private fixed investment                        1,679.0        -49.2
  Government fixed investment                       505.5          0.2
  Change in private inventories                      58.4         -0.5
Capital account transactions (net)                    0.7          0.0
  Transfer payments for catastrophic losses
    (net)                                             0.0          0.0
  Other capital account transactions                  0.7          0.0
Net lending or net borrowing (-), national
  income and product accounts                      -449.5         30.4
GROSS DOMESTIC INVESTMENT, CAPITAL ACCOUNT
  TRANSACTIONS (NET), AND NET LENDING             1,794.0        -27.3
Net saving                                         -102.8        -48.3
  Personal saving                                   566.7        -26.1
  Undistributed corporate profits with
    inventory valuation and capital
    consumption adjustments                         728.2         76.5
  Wage accruals less disbursements (private)          0.0          0.0
  Net government saving                          -1,397.7        -98.7
Plus: Consumption of fixed capital                1,873.4         -1.5
  Private                                         1,539.9         -1.0
  Government                                        333.5         -0.5
    General government                              278.2         -0.4
    Government enterprises                           55.3         -0.1
Equals. Gross saving                              1,770.7        -49.8
Statistical discrepancy                              23.3         22.5
GROSS SAVING AND STATISTICAL DISCREPANCY          1,794.0        -27.3

                                                  Account 7. Foreign
                                                  Transactions Capital
                                                       Account

BALANCE ON CURRENT ACCOUNT, NATIONAL
  INCOME AND PRODUCT ACCOUNTS                      -448.8         30.4
Capital account transactions (net)                    0.7          0.0
  Transfer payments for catastrophic
    losses (net)                                      0.0          0.0
  Other capital account transactions                  0.7          0.0
Net lending or net borrowing (-), national
  income and product accounts                      -449.5         30.4
CAPITAL ACCOUNT TRANSACTIONS (NET) AND NET
  LENDING, NATIONAL INCOME AND PRODUCT
  ACCOUNTS                                          448.8         30.4

                                                          2011

                                                 Revised      Revision

                                                  Account 1. Domestic
                                                  Income and Product
                                                       Account

Compensation of employees, paid                   8,303.2         17.6
  Wage and salary accruals                        6,669.3         -7.9
    Disbursements                                 6,669.3         -7.9
    Wage accruals less disbursements                  0.0          0.0
 Supplements to wages and salaries                1,633.9         25.5
Taxes on production and imports                   1,097.9          0.0
Less: Subsidies                                      61.6         -1.2
Net operating surplus                             3,767.6        -87.3
  Private enterprises                             3,794.1        -76.2
  Current surplus of government enterprises         -26.5        -11.2
Consumption of fixed capital                      1,936.8        -13.3
Gross domestic income                            15,043.8        -82.0
Statistical discrepancy                              31.9         63.7
GROSS DOMESTIC PRODUCT                           15,075.7        -18.3
Personal consumption expenditures                10,729.0          3.0
  Goods                                           3,624.8        -21.8
    Durable gcods                                 1,146.4        -16.5
    Nondursble goods                              2,478.4         -5.3
  Services                                        7,104.2         24.8
Gross private domestic investment                 1,854.9         -1.3
  Fixed investment                                1,818.3        -51.7
    Nonresidential                                1,479.6        -52.9
      Structures                                    404.8         -4.7
      Equipment and software                      1,074.7        -48.3
    Residential                                     338.7          1.2
  Change in private inventories                      36.6         -9.7
Net exports of goods and services                  -568.1         10.6
  Exports                                         2,094.2          8.7
  Imports                                         2,662.3         -1.9
Government consumption expenditures and
    gross investment                              3,059.8         29.2
  Federal                                         1,222.1        -10.8
    National defense                                820.8         -4.1
    Nondefense                                      401.3         -6.6
  State and local                                 1,837.7         40.0
GROSS DOMESTIC PRODUCT                           15,075.7        -18.3

                                                  Account 2. Private
                                                  Enterprise Income
                                                       Account

Income payments on assets                         2,352.4          ...
  Interest and miscellaneous payments             2,146.1          ...
  Dividend payments to the rest of the world        118.8         15.0
  Reinvested earnings on foreign direct
    investment in the United States                  87.5        -16.8
Business current transfer payments (net)            132.6         -1.5
  To persons (net)                                   44.9          5.4
  To government (net)                                94.8         -4.6
  To the rest of the world (net)                     -7.1         -2.4
Proprietors' income with inventory valuation
  and capital consumption adjustments             1,157.3         48.4
Rental income of persons with capital
  consumption adjustment                            409.7          5.8
Corporate profits with inventory valuation
    and capital consumption adjustments           1,827.0       -115.8
  Taxes on corporate income                         379.0        -37.2
    To government                                   351.8        -37.9
    To the rest of the world                         27.2          0.6
  Profits after tax with inventory valuation
      and capital consumption adjustments         1,447.9        -78.6
    Net dividends                                   697.2       -116.4
    Undistributed corporate profits with
      inventory valuation and capital
      consumption adjustments                       750.7         37.8
USES OF PRIVATE ENTERPRISE INCOME                 5,879.0          ...
Net operating surplus, private enterprises        3,794.1        -76.2
Income receipts on assets                         2,084.9          ...
  Interest                                        1,439.7          ...
  Dividend receipts from the rest of the
    world                                           262.0        -15.8
  Reinvested earnings on U.S. direct
    investment abroad                               383.2         23.9
SOURCES OF PRIVATE ENTERPRISE INCOME              5,879.0          ...

                                                  Account 3. Personal
                                                   Income and Outlay
                                                       Account

Personal current taxes                            1,398.0          0.3
Personal outlays                                 11,059.9          4.8
  Personal consumption expenditures              10,729.0          3.0
  Personal interest payments                        168.0         10.2
  Personal current transfer payments                162.8         -8.5
    To government                                    88.9         -8.8
    To the rest of the world (net)                   73.9          0.3
Personal saving                                     489.4        -49.1
PERSONAL TAXES, OUTLAYS, AND SAVING              12,947.3        -43.9
Compensation of employees, received               8,295.2         18.6
  Wage and salary disbursements                   6,661.3         -6.9
    Domestic                                      6,655.5         -7.3
    Rest of the world                                 5.8          0.4
  Supplements to wages and salaries               1,633.9         25.5
    Employer contributions for employee
      pension and insurance funds                 1,139.0         28.0
    Employer contributions for government
      social insurance                              494.9         -2.5
Proprietors' income with inventory valuation
  and capital consumption adjustments             1,157.3         48.4
Rental income of persons with capital
  consumption adjustment                            409.7          5.8
Personal income receipts on assets                1,685.1       -104.9
  Personal interest income                        1,008.8         10.7
  Personal dividend income                          676.3       -115.6
Personal current transfer receipts                2,319.2        -17.0
  Government social benefits                      2,274.3        -22.5
  From business (net)                                44.9          5.4
Less: Contributions for government social
  insurance, domestic                               919.3         -5.1
PERSONAL INCOME                                  12,947.3        -43.9

                                                 Account 4. Government
                                                     Receipts and
                                                  Expenditures Account

Consumption expenditures                          2,579.5         32.2
Current transfer payments                         2,350.1        -21.2
  Government social benefits                      2,291.4        -22.1
    To persons                                    2,274.3        -22.5
    To the rest of the world                         17.1          0.3
  Other current transfer payments to the
    rest of the world (net)                          58.7          0.9
Interest payments                                   434.2          5.8
Subsidies                                            61.6         -1.2
Less: Wage accruals less disbursements                0.0          0.0
Net government saving                            -1,339.4        -86.1
  Federal                                        -1,237.4        -49.6
  State and local                                  -102.0        -36.5
GOVERNMENT CURRENT EXPENDITURES AND NET
  SAVING                                          4,086.1        -70.4
Current tax receipts                              2,863.5         -7.5
  Personal current taxes                          1,398.0          0.3
  Taxes on production and imports                 1,097.9          0.0
  Taxes on corporate income                         351.8        -37.9
  Taxes from the rest of the world                   15.9          0.2
Contributions for government social
  insurance                                         923.8         -5.1
Income receipts on assets                           141.7         -3.3
  Interest and miscellaneous receipts               120.8         -2.5
  Dividends                                          20.9         -0.8
Current transfer receipts                           183.7        -13.3
  From business (net)                                94.8         -4.6
  From persons                                       88.9         -8.8
Current surplus of government enterprises           -26.5        -11.2
GOVERNMENT CURRENT RECEIPTS                       4,086.1        -70.4

                                                   Account 5. Foreign
                                                  Transactions Current
                                                       Account

Exports of goods and services                     2,094.2          8.7
Income receipts from the rest of the world          783.7          4.4
  Wage and salary receipts                            5.8          0.4
  Income receipts on assets                         777.9          4.0
    Interest                                        132.7         -4.1
    Dividends                                       262.0        -15.8
    Reinvested earnings on U.S. direct
      investment abroad                             383.2         23.9
CURRENT RECEIPTS FROM THE REST OF THE WORLD       2,877.9         13.1
Imports of goods and services                     2,662.3         -1.9
Income payments to the rest of the world            531.8         -2.0
  Wage and salary payments                           13.8         -0.6
  Income payments on assets                         518.0         -1.4
    Interest                                        311.7          0.3
    Dividends                                       118.8         15.0
    Reinvested earnings on foreign direct
      investment in the United States                87.5        -16.8
Current taxes and transfer payments to the
    rest of the world (net)                         149.6         -0.3
  From persons (net)                                 73.9          0.3
  From government (net)                              55.5          1.1
  From business (net)                                20.2         -1.7
Balance on current account, national income
  and product accounts                             -465.8         17.3
CURRENT PAYMENTS TO THE REST OF THE WORLD
  AND BALANCE ON CURRENT ACCOUNT                  2,877.9         13.1

                                                  Account 6. Domestic
                                                    Capital Account

Gross domestic investment                         2,335.1        -64.4
  Private fixed investment                        1,818.3        -51.7
  Government fixed investment                       480.2         -3.1
  Change in private inventories                      36.6         -9.7
Capital account transactions (net)                    1.7          0.4
  Transfer payments for catastrophic losses
    (net)                                             0.0          0.0
  Other capital account transactions                  1.7          0.4
Net lending or net borrowing (-), national
  income and product accounts                      -467.4         17.0
GROSS DOMESTIC INVESTMENT, CAPITAL ACCOUNT
  TRANSACTIONS (NET), AND NET LENDING             1,869.4        -47.0
Net saving                                          -99.3        -97.4
  Personal saving                                   489.4        -49.1
  Undistributed corporate profits with
    inventory valuation and capital
    consumption adjustments                         750.7         37.8
  Wage accruals less disbursements (private)          0.0          0.0
  Net government saving                          -1,339.4        -86.1
Plus: Consumption of fixed capital                1,936.8        -13.3
  Private                                         1,587.4        -10.5
  Government                                        349.4         -2.8
    General government                              291.0         -2.2
    Government enterprises                           58.4         -0.7
Equals. Gross saving                              1,837.5       -110.7
Statistical discrepancy                              31.9         63.7
GROSS SAVING AND STATISTICAL DISCREPANCY          1,869.4        -47.0

                                                  Account 7. Foreign
                                                  Transactions Capital
                                                       Account

BALANCE ON CURRENT ACCOUNT, NATIONAL
  INCOME AND PRODUCT ACCOUNTS                      -465.8         17.3
Capital account transactions (net)                    1.7          0.4
  Transfer payments for catastrophic
    losses (net)                                      0.0          0.0
  Other capital account transactions                  1.7          0.4
Net lending or net borrowing (-), national
  income and product accounts                      -467.4         17.0
CAPITAL ACCOUNT TRANSACTIONS (NET) AND NET
  LENDING, NATIONAL INCOME AND PRODUCT
  ACCOUNTS                                         -465.8         17.3

Note on the Upcoming 2013 Comprehensive NIPA Revision

Next year, BEA will release the results of a comprehensive, or benchmark, revision of the national income and product accounts (NIPAs). Comprehensive revisions, and to a lesser extent annual revisions, provide the opportunity to introduce the major changes that are outlined in BEA's strategic plan for maintaining and improving the NIPAs. (1) Comprehensive revisions cover a longer time span than most annual revisions and encompass a wider range of improvements, including major changes in definitions, classifications, and presentations.

The most important source of information for comprehensive NIPA revisions is the benchmark input-output accounts. These accounts are used to establish the level of GDP for the benchmark year and to provide critical information for estimating GDP for periods after the benchmark year. For the comprehensive revision to be released in 2013, the revised NIPA estimates will reflect the benchmark input-output accounts for 2007, which will be released shortly after the NIPA comprehensive revision. (2)

The 2013 comprehensive NIPA revision will also include five major improvements recommended by the System of National Accounts, 2008 that are described below. BEA will provide additional information about these changes and about other changes related to the comprehensive revision in articles in the SURVEY OF CURRENT BUSINESS, on the BEA Web site, at meetings of the BEA Advisory Committee, and at other meetings of experts and data users.

Major improvements

The treatment of spending on research and development (R&D) as investment in the NIPAs. The primary effect of this improvement will be to increase both GDP and gross domestic income (GDI) in periods when businesses invest in R&D. The depreciation (consumption of fixed capital) of the stock of R&D capital will reduce business income in subsequent periods. For governments and nonprofit institutions, R&D expenditures will be reclassified within GDP from current consumption to investment; the depreciation of the stock of R&D capital will increase both GDP and GDI in subsequent periods. (3)

The treatment of spending on entertainment, literary, and artistic originals as investment in the NIPAs. This category includes motion pictures, television programs, music compositions and recordings, and books. The primary effect of this improvement will be to increase both GDP and GDI in periods when firms invest in entertainment, literary, and artistic originals. The depreciation of the capital stock of entertainment, literary, and artistic originals will reduce business income in subsequent periods. (4)

The adoption of accrual accounting for defined benefit pension plans in place of cash-based accounting. Defined benefit plans determine the level of benefits during retirement by a formula that typically depends on length of service and average or final pay rather than on the amount of money that has been accumulated in a pension account. Under the accrual approach, the measure of compensation income for the participants in the plans will be the present value of the benefits to which employees become entitled as a result of their service to employers rather than the employers' actual contributions to the plans. In addition, underfunded defined benefit pension plans have a claim on employers to cover the unfunded actuarial liability, and these plans will receive imputed interest from the employers on this claim. This imputed interest will be included in the property income of the plan participants along with the interest and dividends earned on the plan assets. (5)

An improved treatment of borrowers' and depositors' services. For financial services furnished without payment by commercial banks, borrowers' services will exclude expected credit losses (default costs), which are an important and predictable cost of doing business for commercial banks. In addition, BEA will introduce an improved reference rate to allocate the unpriced financial services between depositors and borrowers; the new reference rate will result in reduced volatility in the estimates of depositors' and borrowers' services.

The classification of ownership transfer costs as fixed investment. Currently in the NIPAs, real estate brokers' commissions are classified as fixed investment and are depreciated over the life of the associated assets. For residential dwellings, the additional costs of ownership transfer other than those connected with obtaining a mortgage will be classified as fixed investment. Transaction costs for acquiring or selling residential assets will be depreciated at a rate based on the expected holding period of the asset, not on the lifetime of the asset.

Presentational changes

The NIPA tables will be updated to reflect the changes described above. In addition, some new presentations will be introduced, including the following.

A new category of fixed investment. A new category will be introduced: intellectual property products. Fixed investment will consist of structures, equipment, and intellectual property products. Intellectual property products will include software (currently included in equipment and software); research and development; and entertainment, literary, and artistic originals. Tables will be modified to show the new categories for private and government fixed investment, and new tables will be introduced to show private fixed investment in intellectual property products.

The adoption of accrual accounting for defined benefit pensions. This accounting will introduce new transactions, and tables will be modified to show them. In addition, new tables will present transactions of pension plans for the private sector, for the federal government, and for state and local governments.

National Income and Product Accounts Tables

This set of national income and product accounts (NIPAs) tables presents the most recent estimates of gross domestic product (GDP) and its components, released on July 27, 2012. These estimates include the advance estimates for the second quarter of 2012 and preliminary estimates for June 2012 for the monthly series. Tables in this section also incorporate estimates from the 2012 annual revision of the NIPAs; these include revisions for 2009, 2010, 2011 and for the first quarter of 2012.

For additional information on this year's annual revision, see the article "Annual Revision of the National Income and Product Accounts" in this issue. The complete set of NIPA estimates is posted on BEA's Web site at www.bea.gov.

Some tables from the annual revision will be published in future issues of the SURVEY OF CURRENT BUSINESS. Tables 3.15-3.17 and 7.15 are scheduled for publication in the September 2012 issue. Tables 3.18B and 3.19-3.23 are scheduled for the October 2012 issue, and tables 2.9 and 7.20 are scheduled for the November 2012 issue.

Complete historical estimates for many important NIPA series are presented in "GDP and Other Major NIPA Series, 1929-2012:II" in this issue.

(1.) BEA's strategic plan can be found on the Web site at www.bea.gov.

(2.) For more information, see Brian C. Moyer, "Future Directions for the Industry Accounts," SURVEY 89 (March 2009): 29-32.

(3.) For more information, see Jennifer Lee and Andrew G. Schmidt, "Research and Development Satellite Account Update: Estimates for 1959-2007," SURVEY 90 (December 2010): 16-27 and Ana M. Aizcorbe, Carol E. Moylan, and Carol A. Robbins, "Toward Better Measurement of Innovation and Intangibles," SURVEY 89 (January 2009): 10-23.

(4.) For more information, see Rachel H. Soloveichik, "Artistic Originals as Capital Assets," SURVEY 91 (June 2011): 43-51.

(5.) For more information, see Marshall B. Reinsdorf and David G. Lenze, "Defined Benefit Pensions and Household Income and Wealth," SURVEY 89 (August 2009): 50-62.

Acknowledgements

Nicole M. Mayerhauser, Chief of the National Income and Wealth Division, supervised the preparation of this year's annual revision of the national income and product accounts. Pamela A. Kelly, Chief of the Government Division, directed major parts of the revision. Brent R. Moulton, Associate Director for National Economic Accounts, provided overall supervision.

BEA staff members who made significant contributions to the revision are listed below.

Estimate coordination and review: David F. Sullivan, Myssa E. Holdren, Robert J. Kornfeld, Eugene R Seskin, Erich H. Strassner.

Personal consumption expenditures: Goods: Harvey L. Davis, Jr., Yukun Fung, Megan E. Groll, Everette R Johnson, Danit E. Kanal. Services: Kyle J. Brown, Robert N. Ganz III, Sarah I. Pack, Teresita D. Teensma, James K. Willson.

Investment and Foreign transactions: Michael Armah. Inventories, foreign transactions, and prices: Harry Johnson, Jr., Michael M. Cortez, Jeff Hall, Corttney C. Penberthy, Enrico Tan. Private fixed investment in structures and in equipment and software: Christina D. Hovland, Velma R Henry, Lindsay Orphanides, Marlyn Rodriguez, Linden L. Webber.

Federal government: Benjamin A. Mandel, Peter G. Beall, Stan J. Bellotti, Andrew P. Cairns, Andrea L. Cook, Raymen G. LaBella, Mark S. Ludwick, Ann Miller, Kyle D. Mulgrew, Farah Naz, Michelle D. Robinson, Mary L. Roy, Benyam Tsehaye, Andrew E. Vargo, Bryan Williams, Keith Zipay.

State and local government: Bruce E. Baker, Steven J. Andrews, Melissa J. Braybrooks, Michelle S. Grier, Natalie M. Hayes, Brian E. Parks.

Personal income: Kurt Kunze. Employee compensation: Janet H. Kmitch, Elizabeth C. Bernstein, Jillian E. Fasser, James E. Rankin, Brian J. Smith. Business income: Howard I. Krakower, Andrew W. Hodge, M. Greg Key, Kate L. Shoemaker, Martin L. Simmons, Garth K. Trinkl, Dennis R. Weikel. Property income: Michael N. Hayes, Louise V. Lusby, Denise A. McBride, Charles S. Robinson, Elizabeth M. Terroni.

Consumption of fixed capital: Private: Robert J. Kornfeld, Michael T. Cusick, Michael D. Glenn, Lisa A. Lynn, Nadia F.P. Sadee. Government: Jennifer A. Bennett, Mark A. Bailey, Mark A. Ledbetter, Christopher B. Mbu.

Computer systems and operations: Brendan J. Leary, Michael J. Boehm, Wanda Y. Chambers, Benjamin D. Cowan, Natalie M. Hayes, Douglas J. Klear, Sung H. Lee, Ethan C. Lincoln, Sandip Mehta, Ross F. Metzger, Andrew J. Pinard, James J. Raley III, Michael D. Randall, Karl V. Rohrer, David Rozenshtein.

Supplemental review materials: Duane G. Hackmann, Darian A. Harnish, Virginia H. Mannering, Kristina L. Maze, Bonnie A. Retus, Danielle N. Rosenberg, David F. Sullivan.

NIPA information: Debra M. Blagburn, Lisa S. Mataloni.

Secretarial and program assistance: Esther M. Carter, Katherine Dent, Beverly B. Goodwin, Angela P. Pointer.

(1.) Information about the structure, definitions, presentation, and methodologies that underlie the NIPAs is available on BEA's Web site; go to www.bea.gov, and click on "Methodology Papers."

(2.) BEA judges the accuracy of the estimates by whether they present the same general picture of economic activity as the previous estimates in terms of long-term growth rates, trends in key components of GDP, broad features of the business cycle, including the timing and depth of recessions, the strength of recoveries, the major components contributing to expansions and to contractions, and the pattern of quarterly growth. For more about the accuracy of annual revisions, see Dennis J. Fixler, Ryan Greenaway-McGrevy, and Bruce T. Grimm, "Revisions to GDP, GDI, and Their Major Components," SURVEY OF CURRENT BUSINESS 91 (July 2011): 9-31.

(3.) The annual revisions to real GDP reflect revised current-dollar estimates, revised prices used for deflation, and revised quantities used to estimate components of real GDP by extrapolation or direct valuation. For estimates prepared by extrapolation or direct valuation, the current-dollar and chained-dollar estimates are based on independent source data; consequently, the corresponding revisions are unrelated. For a list of these components, see table 2 in "Updated Summary NIPA Methodologies" SURVEY 91 (November 2011): 9-27.

(4.) For a given quarter, the estimates of GDP and GDI may differ for a variety of reasons, including the incorporation of largely independent source data. However, over longer time spans, the estimates of GDP and GDI tend to follow similar patterns.

(5.) For a discussion of the difference between the gross domestic purchases price index and the GDP price index, see the box "Note on Prices" on page 3 in this issue.

Table 1. Real GDP and Its Major Components Change From
the Fourth Quarter of 2008 to the First Quarter of 2012
[Percent change at annual rates]

                                    Previously   Revised    Revision
                                    published               in change
                                                           (percentage
                                                             points)

Gross domestic product                    1.4       1.5           0.1

Personal consumption
    expenditures                          1.5       1.6           0.1
  Goods                                   3.4       3.1          -0.3
    Durable goods                         7.3       6.5          -0.8
    Nondurable goods                      1.6       1.6           0.0
  Services                                0.6       0.8           0.2

Gross private domestic
    investment                            2.7       2.6          -0.1
  Fixed investment                        0.2      -0.2          -0.4
    Nonresidential                        1.1       0.6          -0.5
      Structures                         -9.3      -7.9           1.4
      Equipment and software              6.2       4.8          -1.4
    Residential                          -3.7      -3.5           0.2
  Change in private inventories           ...       ...           ...

Net exports of goods and
    services                              ...       ...           ...
  Exports                                 4.4       4.4           0.0
    Goods                                 5.0       5.1           0.1
    Services                              3.0       2.9          -0.1
  Imports                                 2.4       2.6           0.2
    Goods                                 2.8       2.8           0.0
    Services                              0.7       1.2           0.5

Government consumption
    expenditures and gross
    investment                           -0.8      -0.5           0.3
  Federal                                 0.8       0.6          -0.2
    National defense                     -0.3      -0.3           0.0
    Nondefense                            3.0       2.4          -0.6
  State and local                        -1.8      -1.1           0.7

Addenda:
  Final sales of domestic
    product                               1.1       1.1           0.0
  Gross domestic purchases                1.2       1.3           0.1
  Gross national product                  1.5       1.6           0.1
  Gross domestic income                   1.6       1.5          -0.1

Table 2. Chain-Type Price Indexes Change From the
Fourth Quarter of 2008 to the First Quarter of 2012
[Percent change at annual rates]

                                    Previously   Revised    Revision
                                    published               in change
                                                           (percentage
                                                             points)

Gross domestic product (GDP)               1.5       1.5           0.0
  Less: Exports of goods and
    services                               2.8       2.8           0.0
  Plus: Imports of goods and
    services                               3.2       3.2           0.0


Equals: Gross domestic purchases           1.6       1.6           0.0

  Personal consumption
      expenditures (PCE)                   1.9       1.8          -0.1
    Goods                                  2.0       2.0           0.0
      Durable goods                       -1.3      -1.2           0.1
      Nondurable goods                     3.6       3.6           0.0
    Services                               1.8       1.7          -0.1

  Gross private domestic
      investment                          -0.6      -0.6           0.0
    Fixed investment                      -0.5      -0.3           0.2
      Nonresidential                      -0.5      -0.3           0.2
        Structures                         0.2       0.3           0.1
        Equipment and software            -0.6      -0.4           0.2
      Residential                         -0.5      -0.4           0.1

  Government consumption
      expenditures and gross
      investment                           2.0       2.1           0.1
    Federal                                2.1       2.0          -0.1
      National defense                     2.1       2.0          -0.1
      Nondefense                           2.1       2.0          -0.1
    State and local                        2.0       2.1           0.1

  Addenda:
    GDP excluding food and
      energy                               1.5       1.5           0.0
    Gross domestic purchases
      excluding food and energy            1.4       1.4           0.0
    PCE excluding food and
      energy                               1.6       1.5          -0.1
    Market-based PCE                       1.8       1.8           0.0
    Market-based PCE excluding
      food and energy                      1.5       1.5           0.0
    Final sales of domestic
      product                              1.5       1.5           0.0
    Gross national product                 1.5       1.5           0.0

Table 3. Revisions to Percent Change in Real GDP

                                                   2009

                              2008    Previously   Revised   Revision
                                      published                (1)

Gross domestic product        -0.3         -0.5      -3.1        0.4

  Personal consumption
      expenditures            -0.6         -1.9      -1.9        0.0
    Goods                     -2.5         -3.0      -3.0        0.0
      Durable goods           -4.9         -5.4      -5.4        0.0
      Nondurable goods        -1.2         -1.8      -1.8        0.0
    Services                   0.4         -1.4      -1.4        0.0

  Gross private domestic
      investment             -10.2        -25.0     -24.8        0.2
    Fixed investment          -7.1        -18.8     -19.0       -0.2
      Nonresidential          -0.8        -17.8     -18.1       -0.3
        Structures             6.4        -21.2     -21.1        0.1
        Equipment and
          software            -4.3        -16.0     -16.4       -0.4
      Residential            -23.9        -22.2     -22.4       -0.2
    Change in private
      inventories              ...          ...       ...        ...

  Net exports of goods
      and services             ...          ...       ...        ...
    Exports                    6.1         -9.4      -9.1        0.3
      Goods                    6.3        -12.0     -12.0        0.0
      Services                 5.6         -3.5      -2.6        0.9
    Imports                   -2.7        -13.6     -13.5        0.1
      Goods                   -3.8        -15.6     -15.6        0.0
      Services                 3.6         -3.5      -3.3        0.2

  Government consumption
      expenditures and
      gross investment         2.6          1.7       3.7        2.0
    Federal                    7.2          6.0       6.1        0.1
      National defense         7.5          5.8       6.0        0.2
      Nondefense               6.5          6.5       6.5        0.0
    State and local            0.0         -0.9       2.2        3.1

                                                   2010

                              2009    Previously   Revised   Revision
                                      published                (1)

Gross domestic product        -3.1          3.0       2.4       -0.6

  Personal consumption
      expenditures            -1.9          2.0       1.6       -0.2
    Goods                     -3.0          4.3       3.6       -0.7
      Durable goods           -5.4          7.2       6.2       -1.0
      Nondurable goods        -1.8          2.9       2.3       -0.6
    Services                  -1.4          0.9       1.0        0.1

  Gross private domestic
      investment             -24.8         17.9      13.7       -4.2
    Fixed investment         -19.0          2.6      -0.2       -2.8
      Nonresidential         -18.1          4.4       0.7       -3.7
        Structures           -21.1        -15.8     -15.6        0.2
        Equipment and
          software           -16.4         14.6       8.9       -5.7
      Residential            -22.4         -4.3      -0.7        0.6
    Change in private
      inventories              ...          ...       ...        ...

  Net exports of goods
      and services             ...          ...       ...        ...
    Exports                   -9.1         11.3      11.1       -0.2
      Goods                  -12.0         14.4      14.3       -0.1
      Services                -2.6          5.0       4.7       -0.3
    Imports                  -13.5         12.5      12.5        0.0
      Goods                  -15.6         14.8      14.9        0.1
      Services                -0.3          2.9       2.5       -0.4

  Government consumption
      expenditures and
      gross investment         3.7          0.7       0.6       -0.1
    Federal                    6.1          4.5       4.5        0.0
      National defense         6.0          3.3       3.0       -0.3
      Nondefense               6.5          7.1       7.7        0.6
    State and local            2.2         -1.8      -1.8        0.0

                                                   2011

                              2010    Previously   Revised   Revision
                                      published                (1)

Gross domestic product         2.4          1.7       1.8        0.1

  Personal consumption
      expenditures             1.8          2.2       2.5        0.3
    Goods                      3.6          3.7       3.8        0.1
      Durable goods            6.2          8.2       7.2       -1.0
      Nondurable goods         2.3          1.7       2.3        0.6
    Services                   1.0          1.4       1.9        0.5

  Gross private domestic
      investment              13.7          4.8       5.2        0.4
    Fixed investment          -0.2          6.8       6.6       -0.2
      Nonresidential           0.7          8.8       8.6       -0.2
        Structures           -15.6          4.6       2.7       -1.9
        Equipment and
          software             8.9         10.4      11.0        0.6
      Residential             -3.7         -1.3      -1.4       -0.1
    Change in private
      inventories              ...          ...       ...        ...

  Net exports of goods
      and services             ...          ...       ...        ...
    Exports                   11.1          6.7       6.7        0.0
      Goods                   14.3          7.4       7.2       -0.2
      Services                 4.7          4.9       5.6        0.7
    Imports                   12.5          4.9       4.8       -0.1
      Goods                   14.9          5.7       5.2       -0.5
      Services                 2.5          1.1       2.8        1.7

  Government consumption
      expenditures and
      gross investment         0.6         -2.1      -3.1       -1.0
    Federal                    4.5         -1.9      -2.8       -0.9
      National defense         3.0         -2.3      -2.6       -0.3
      Nondefense               7.7         -1.2      -3.1       -1.9
    State and local           -1.8         -2.2      -3.4       -1.2

(1.) Percentage points.

Table 4A. Revisions to Contributions to Percent Change in Real
GDP, 2009 and 2010
[Percentage points]

                                                   2009

                              2008    Previously   Revised   Revision
                                      published

Gross domestic
    product (1)               -0.3         -3.5      -3.1        0.4

  Personal consumption
      expenditures           -0.39        -1.32     -1.36      -0.04
    Goods                    -0.59        -0.69     -0.69       0.00
      Durable goods          -0.41        -0.41     -0.41       0.00
      Nondurable goods       -0.18        -0.28     -0.28       0.00
    Services                  0.21        -0.63     -0.67      -0.04

  Gross private domestic
      investment             -1.66        -3.61     -3.59       0.02
    Fixed investment         -1.15        -2.77     -2.80      -0.03
      Nonresidential         -0.09        -2.05     -2.08      -0.03
        Structures            0.24        -0.85     -0.85       0.00
        Equipment and
          software           -0.34        -1.20     -1.23      -0.03
      Residential            -1.05        -0.72     -0.73      -0.01
    Change in private
      inventories            -0.51        -0.84     -0.78       0.06

  Net exports of goods
      and services            1.21         1.11      1.14       0.03
    Exports                   0.73        -1.18     -1.14       0.04
      Goods                   0.53        -1.04     -1.05      -0.01
      Services                0.20        -0.13     -0.10       0.03
    Imports                   0.47         2.29      2.28      -0.01
      Goods                   0.57         2.19      2.19       0.00
      Services               -0.10         0.10      0.09      -0.01
  Government consumption
      expenditures and
      gross investment        0.50         0.34      0.74       0.40
    Federal                   0.50         0.45      0.46       0.01
      National defense        0.36         0.30      0.31       0.01
      Nondefense              0.15         0.16      0.16       0.00
    State and local           0.00        -0.11      0.28       0.39

                                                   2010

                              2009    Previously   Revised   Revision
                                      published

Gross domestic
    product (1)               -0.1          3.0       2.4       -0.6

  Personal consumption
      expenditures           -1.36         1.44      1.28      -0.16
    Goods                    -0.69         0.99      0.82      -0.17
      Durable goods          -0.41         0.53      0.45      -0.08
      Nondurable goods       -0.28         0.46      0.37      -0.09
    Services                 -0.67         0.46      0.46       0.00

  Gross private domestic
      investment             -0.59         1.96      1.50      -0.46
    Fixed investment         -2.80         0.32     -0.03      -0.35
      Nonresidential         -2.08         0.42      0.07      -0.35
        Structures           -0.85        -0.51     -0.50       0.01
        Equipment and
          software           -1.23         0.93      0.56      -0.37
      Residential            -0.73        -0.11     -0.09       0.02
    Change in private
      inventories            -0.78         1.64      1.52      -0.12

  Net exports of goods
      and services            1.14        -0.51     -0.52      -0.01
    Exports                  -1.14         1.31      1.29      -0.02
      Goods                  -1.05         1.12      1.11      -0.01
      Services               -0.10         0.19      0.18      -0.01
    Imports                   2.28        -1.82     -1.81       0.01
      Goods                   2.19        -1.74     -1.74       0.00
      Services                0.09        -0.08     -0.07       0.01

  Government consumption
      expenditures and
      gross investment        0.74         0.14      0.14       0.00
    Federal                   0.46         0.37      0.37       0.00
      National defense        0.31         0.18      0.17      -0.01
      Nondefense              0.16         0.19      0.20       0.01
    State and local           0.28        -0.23     -0.23       0.00

(1.) Percent change from the preceding period.

Table 4B. Revisions to Contributions to Percent Change in Real GDP,
2011
[Percentage points]

                                                    2011

                               2010    Previously   Raised   Revision
                                       published

Gross domestic product (1)       2.4          1.7      1.8        0.1

  Personal consumption
      expenditures              1.28         1.53     1.79       0.26
    Goods                       0.82         0.87     0.89       0.02
      Durable goods             0.45         0.60     0.53      -0.07
      Nondurable goods          0.37         0.27     0.36       0.09
    Services                    0.46         0.66     0.90       0.24

  Gross private domestic
      investment                1.50         0.60     0.62       0.02
    Fixed investment           -0.03         0.81     0.76      -0.05
      Nonresidential            0.07         0.84     0.80      -0.04
        Structures             -0.50         0.12     0.07      -0.05
        Equipment and
          software              0.56         0.72     0.72       0.00
      Residential              -0.09        -0.03    -0.03       0.00
    Change in private
      inventories               1.52        -0.21    -0.14       0.07

  Net exports of goods and
      services                 -0.52         0.05     0.07       0.02
    Exports                     1.29         0.86     0.87       0.01
      Goods                     1.11         0.67     0.65      -0.02
      Services                  0.18         0.19     0.22       0.03
    Imports                    -1.81        -0.81    -0.80       0.01
      Goods                    -1.74        -0.78    -0.72       0.06
      Services                 -0.07        -0.03    -0.08      -0.05

  Government consumption
      expenditures and
      gross investment          0.14        -0.44    -0.67      -0.23
    Federal                     0.37        -0.17    -0.23      -0.06
      National defense          0.17        -0.13    -0.15      -0.02
      Nondefense                0.20        -0.03    -0.09      -0.06
    State and local            -0.23        -0.28    -0.43      -0.15

(1.) Percent change from the preceding period.

Table 5. Revisions to Contributions to Percent Change in Gross
Domestic Purchases Prices
[Percentage points]

                                                   2009

                              2008    Previously   Revised   Revision
                                      published

Gross domestic
    purchases (1)               3.2         -0.1      -0.2       -0.1

  Personal consumption
      expenditures             2.17         0.14      0.04      -0.10
    Goods                      0.70        -0.58     -0.60      -0.02
      Durable goods           -0.15        -0.13     -0.14      -0.01
      Nondurable goods         0.84        -0.45     -0.46      -0.01
    Services                   1.48         0.72      0.64      -0.08

  Gross private domestic
      investment               0.17        -0.13     -0.14      -0.01
    Fixed investment           0.17        -0.16     -0.15       0.01
      Nonresidential           0.22        -0.06     -0.06       0.00
        Structures             0.18        -0.09     -0.09       0.00
        Equipment and
          software             0.04         0.03      0.03       0.00
      Residential             -0.05        -0.10     -0.10       0.00
    Change in private
      inventories             -0.01         0.03      0.01      -0.02

  Government consumption
      expenditures and
      gross investment         0.91        -0.06     -0.11      -0.05
    Federal                    0.22        -0.02     -0.02       0.00
      National defense         0.17        -0.04     -0.04       0.00
      Nondefense               0.05         0.02      0.02       0.00
    State and local            0.68        -0.05     -0.10      -0.05

Addendum:
  Gross domestic product
    price index (1)             2.2          1.1       0.9       -0.2

                                           2010

                              Previously   Revised   Revision
                              published

Gross domestic
    purchases (1)                    1.5       1.6        0.1

  Personal consumption
      expenditures                  1.22      1.30       0.08
    Goods                           0.35      0.38       0.03
      Durable goods                -0.12     -0.10       0.02
      Nondurable goods              0.48      0.47      -0.01
    Services                        0.86      0.93       0.07

  Gross private domestic
      investment                   -0.18     -0.15       0.03
    Fixed investment               -0.16     -0.14       0.02
      Nonresidential               -0.15     -0.14       0.01
        Structures                 -0.03     -0.03       0.00
        Equipment and
          software                 -0.12     -0.11       0.01
      Residential                  -0.01      0.00       0.01
    Change in private
      inventories                  -0.01     -0.01       0.00

  Government consumption
      expenditures and
      gross investment              0.45      0.49       0.04
    Federal                         0.19      0.19       0.00
      National defense              0.13      0.13       0.00
      Nondefense                    0.06      0.06       0.00
    State and local                 0.26      0.30       0.04

Addendum:
  Gross domestic product
    price index (1)                  1.2       1.3        0.1

                                           2011

                              Previously   Revised   Revision
                              published

Gross domestic
    purchases (1)                    2.5       2.5        0.0

  Personal consumption
      expenditures                  1.69      1.66      -0.03
    Goods                           0.87      0.86      -0.01
      Durable goods                -0.07     -0.07       0.00
      Nondurable goods              0.94      0.92      -0.02
    Services                        0.82      0.81      -0.01

  Gross private domestic
      investment                    0.19      0.18      -0.01
    Fixed investment                0.15      0.18       0.03
      Nonresidential                0.12      0.16       0.04
        Structures                  0.12      0.12       0.00
        Equipment and
          software                  0.01      0.04       0.03
      Residential                   0.02      0.02       0.00
    Change in private
      inventories                   0.04      0.00      -0.04

  Government consumption
      expenditures and
      gross investment              0.61      0.66       0.05
    Federal                         0.23      0.22      -0.01
      National defense              0.17      0.16      -0.01
      Nondefense                    0.06      0.06       0.00
    State and local                 0.38      0.44       0.06

Addendum:
  Gross domestic product
    price index (1)                  2.1       2.1        0.0

(1.) Percent change from the preceding period.

Table 6. GDP, Real GDP, the GDP Price Index, and the Gross Domestic
Purchases Price Index Revisions to Percent Change From the Preceding
Quarter
[Percent change at annual rates; based on seasonally adjusted annual
rates]

                            GDP

               Previously   Revised   Revision
               published                (1)

2008: IV            -8.4       ...        ...

2000: I             -5.2      -4.4        0.8
      II            -1.1      -1.1        0.0
      III            1.9       1.9        0.0
      IV             4.9       5.3        0.4

2010: I              5.5       3.9       -1.6
      II             5.4       4.1       -1.3
      III            3.9       4.6        0.7
      IV             4.2       4.5        0.3

2011: I              3.1       2.2       -0.9
      II             4.0       5.2        1.2
      III            4.4       4.3       -0.1
      IV             3.8       4.2        0.4

2012: I              3.9       4.2        0.3

                         Real GDP

               Previously   Revised   Revision
               published                (1)

2008: IV             ...      -8.9        ...

2000: I             -0.7      -5.3        1.4
      II            -0.7      -0.3        0.4
      III            1.7       1.4       -0.3
      IV             3.8       4.0        0.2

2010: I              3.9       2.3       -1.6
      II             3.8       2.2       -1.6
      III            2.5       2.6        0.1
      IV             2.3       2.4        0.1

2011: I              0.4       0.1       -0.3
      II             1.3       2.5        1.2
      III            1.8       1.3       -0.5
      IV             3.0       4.1        1.1

2012: I              1.9       2.0        0.1

                      GDP price index

               Previously   Revised   Revision
               published                (1)

2008: IV             ...       0.5        ...

2000: I              1.7       1.0       -0.7
      II            -0.4      -0.8       -0.4
      III            0.3       0.5        0.2
      IV             1.1       1.3        0.2

2010: I              1.5       1.5        0.0
      II             1.5       1.7        0.2
      III            1.4       2.0        0.6
      IV             1.9       2.1        0.2

2011: I              2.5       2.0       -0.5
      II             2.5       2.6        0.1
      III            2.6       3.0        0.4
      IV             0.9       0.4       -0.5

2012: I              2.0       2.0        0.0

                    Gross domestic purchases
                         price index

               Previously   Revised   Revision
               published                (1)

2008: IV            -4.0       ...        ...

2000: I             -1.9      -2.4       -0.5
      II             0.5       0.2       -0.3
      III            1.6       1.7        0.1
      IV             2.1       2.4        0.3

2010: I              2.1       2.1        0.0
      II             0.5       0.7        0.2
      III            1.0       1.4        0.4
      IV             2.1       2.5        0.4

2011: I              4.0       3.4       -0.6
      II             3.3       3.5        0.2
      III            2.0       2.3        0.3
      IV             1.1       0.9       -0.2

2012: I              2.6       2.5       -0.1

(1.) Percentage points.

Table 7. Selected Components Detail and Major Source Data
Incorporated

                                          Billions of dollars

                NIPA component             Revision in level

Line                                       2009        2010

    1   Gross domestic product                34.7       -27.6

    2     Personal consumption               -20.2       -29.8
              expenditures
    3       Goods                             -3.1       -22.1
    4         Durable goods                    0.0        -6.1
    5           Motor vehicles and
                    parts                     -0.5         2.6
                  Of which:
    6               Net purchases of
                      used motor
                      vehicles                 0.0         3.0

    7           Furnishings and
                  durable household
                  equipment                    0.1        -2.5
    8           Recreational goods
                  and vehicles                 0.7        -3.1

    9           Other durable goods           -0.4        -3.1
                  Of which:
   10               Therapeutic
                      appliances and
                      equipment               -0.4        -2.3

   11         Nondurable goods                -3.0       -16.0
   12           Food and beverages
                    purchased for
                    off-premises
                    consumption               -3.7        -5.8
                  Of which:
   13               Food and non-
                      alcoholic
                      beverages
                      purchased for
                      off-premises
                      consumption             -2.9        -4.9

   14          Clothing and footwear          -1.2        -2.7
   15          Gasoline and other
                 energy goods                 -0.1        -1.7
   16          Other nondurable goods          2.0        -5.9

   17       Services                         -17.2        -7.6
   18         Household consumption
                  expenditures (for
                  services)                  -16.4        -7.1
   19           Housing and utilities          0.0        -1.3
   20             Housing                      1.3         2.8
                    Of which:

   21                 Rental of
                        tenant-
                        occupied
                        nonfarm
                        housing               -0.1         0.8

   22                 Imputed rental
                        of owner-
                        occupied
                        nonfarm
                        housing                1.3         2.0

   23             Household utilities         -1.3        -4.1
   24           Health care                   -2.6        -4.4
                  Of which:
   25               Physician
                      services                -0.9         5.0

   26               Dental services            0.2         1.0

   27               Hospitals                  0.7        -9.1

   28           Transportation
                    services                  -2.6        -7.9
                  Of which:
   29               Motor vehicle
                      maintenance and
                      repair                  -1.2        -0.6

   30               Air
                      transportation           0.7        -3.5

   31           Recreation services           -0.5        -4.1
   32           Food services and
                    accommodations            -3.1        -7.0
                  Of which:
   33               Purchased meals
                      and beverages           -2.9        -0.6

   34           Financial services
                    and insurance             -6.0        16.1
   35             Financial services          -4.2        -2.0
   36               Financial
                      services
                      furnished
                      without payment         -3.5        -4.5

   37               Financial service
                      charges, fees,
                      and commissions         -0.6         2.5

   38             Insurance                   -1.9        18.0
                    Of which:
   39                 Life insurance          -2.0         4.4

   40                 Net health
                        insurance              0.0        15.4

   41           Other services                -1.5         1.4
   42         Final consumption
                  expenditures of
                  NPISHs                      -0.8        -0.5
   43           Gross output of
                  nonprofit
                  institutions                 0.5        -5.5

   44           Less: Receipts from
                  sales of goods and
                  services by non-
                  profit institutions          1.3        -4.9

   45     Gross private domestic
              investment                       2.5       -57.8
   46       Fixed investment                  -4.1       -49.2
   47         Nonresidential                  -3.7       -51.7
   48           Structures                     1.2         1.9
                  Of which:
   49               Manufacturing              0.0         2.5

   50               Power                      0.0        -0.5

   51           Equipment and
                    software                  -4.8       -53.6
   52             Information
                      processing
                      equipment and
                      software                -1.9       -26.1
                    Of which:
   53                 Computers and
                        peripheral
                        equipment             -2.1       -21.0

   54                 Software                 3.7         3.0

   55             Industrial
                      equipment               -1.0       -13.3
                    Of which:
   56                 Special
                        industry
                        machinery,
                        n.e.c.                -0.7        -3.9

   57                 Electrical
                        transmission,
                        distribution,
                        and industrial
                        apparatus             -0.2        -3.3

   58             Transportation
                      equipment               -1.9         0.5
                    Of which:
   59                 Light trucks
                        (including
                        utility
                        vehicles)             -0.5         0.0

   60             Other equipment             -0.4       -12.9
                    Of which:
   61                 Furniture and
                        fixtures              -1.0        -5.2

   62                 Construction
                        machinery             -0.7        -5.5

   63                 Mining and
                        oilfield
                        machinery              1.0         4.4

   64                 Other                   -1.5        -5.6

   65             Less: Sale of
                    equipment scrap,
                    excluding autos           -0.3         1.6
   66         Residential                     -0.6         2.5
   67       Change in private
                inventories                    6.6        -8.5
   68         Farm                             0.1        -5.7

   69         Nonfarm                          6.5        -2.9
   70           Change in book value           2.1         3.3
   71             Mining, utilities,
                    and construction          -1.1         6.8

   72             Manufacturing                3.5         0.5
   73             Wholesale trade             -0.7        -2.0

   74                 Merchant
                        wholesale             -0.2        -4.3
   75                 Nonmerchant
                        wholesale             -0.4         2.3
   76             Retail trade                -0.6         0.9

                      Of which:
   77                   Retail motor
                          vehicle
                          dealers             -0.3         0.2
   78             Other industries             1.1        -2.8
   79           IVA                            4.4        -0.2

   80     Net exports of goods and
            services                           2.8         5.3

   81       Exports of goods and
                services                       4.4         4.6
   82         Goods                            0.0         0.7
   83         Services                         4.3         3.9
                Of which:
   84             Other private
                    services                   2.4         5.0

   85       Imports of goods and
                services                       1.6        -0.6
   86         Goods                            0.2        -0.3
   87         Services                         1.4        -0.3

   88     Government consumption
              expenditures and gross
              investment                      49.7        54.7
   89       Federal government                 0.9         0.3

   90         Consumption
                  expenditures                 0.4         1.8
                Of which:
   91             Services                     0.3         2.7
   92         Gross investment                 0.5        -1.5
   93         National defense                 1.1        -1.5
   94           Consumption
                  expenditures                 0.3         0.4
   95           Gross investment               0.7        -1.8
   96         Nondefense                      -0.2         1.7
   97           Consumption
                  expenditures                 0.0         1.4
   98           Gross investment              -0.2         0.4

   99       State and local                   48.8        54.4
  100         Consumption
                  expenditures                47.8        52.7
                Of which:
  101             Compensation of
                    general
                    government
                    employees                 -2.1         3.5

  102             Nondurable goods            16.9        14.9

  103             Services                    27.9        22.8

  104             Less: Sales to
                    other sectors             -4.1       -11.7

  105         Gross investment                 1.0         1.7
  106           Structures                     3.2         5.2

  107           Equipment and
                  software                    -2.2        -3.5

  108   Gross domestic product                34.7       -27.6
  109   Less: Statistical
          discrepancy (3)                     40.9        22.5

  110   Equals: Gross domestic income         -6.1       -50.1
  111     Compensation of employees,
              paid                            -8.2        -3.4

  112       Wage and salary accruals          -1.2        -5.8
  113         Disbursements                   -1.2        -5.8
  114           To persons                    -0.2        -4.1
  115           To the rest of the
                  world                       -0.9        -1.7
  116         Wage accruals less
                disbursements                  0.0         0.0
  117       Supplements to wages and
              salaries                        -7.1         2.3
  118     Taxes on production and
            imports                            5.3         1.0
  119     Less: Subsidies                      0.0        -0.3
  120     Net operating surplus               -3.3       -46.5
  121       Private enterprises               -2.7       -42.7
  122       Current surplus of
              government enterprises          -0.7        -3.8
  123     Consumption of fixed
              capital                          0.1        -1.5
  124       Private                            0.4        -1.0

  125         Domestic business                0.1        -0.7
  126           Capital consumption
                  allowances                  -6.6      -126.1

  127           Less: CCAdj                   -6.6      -125.5

  128         Households and
                institutions                   0.2        -0.3
  129       Government                        -0.2        -0.5
  130   Plus: Income receipts from
          the rest of the world                2.6        13.6

  131   Less: Income payments to the
          rest of the world                   11.4        -0.3

  132   Equals: Gross national income        -14.9       -30.2
  133   Less: Consumption of fixed
          capital                              0.1        -1.5

  134   Equals: National income              -15.0       -28.7

  135     Compensation of employees           -7.0        -1.4
  136       Wage and salary accruals           0.0        -3.6
  137         Government                      -0.1         0.5

  138         Other                            0.1         4.1

  139       Supplements to wages and
               salaries                       -7.1         2.3

  140         Employer contributions
                for employee pension
                and insurance funds           -5.9         7.4

  141         Employer contributions
                for government social         -1.1        -5.1
                insurance

  142     Proprietors' income with
              IVA and CCAdj                   38.2        67.0
  143       Farm                               0.7        -7.9
  144         Proprietors' income
                with IVA                       0.7        -7.9

  145         CCAdj                            0.0         0.0
  146       Nonfarm                           37.5        74.9
  147         Proprietors' income             36.3       105.1

  148         IVA                              0.8         0.2
  149         CCAdj                            0.4       -30.4

  150     Rental income of persons
              with CCAdj                     -16.2        -1.0
  151       Rental income of persons         -16.2        -1.0

  152         CCAdj                            0.0         0.0

  153     Corporate profits with IVA
              and CCAdj                      -19.7       -97.7
  154       Domestic industries              -12.1      -117.3
  155         Financial                      -30.6       -83.0
  156         Nonfinancial                    18.5       -34.4
  157       Rest of the world                 -7.6        19.7

  158     Less: CCAdj                         -7.0       -94.9

  159     Equals: Corporate profits
              with IVA                       -12.7        -2.7

  160       Domestic industries               -5.1       -22.4
  161         Financial                      -27.0       -70.4
  162           Federal Reserve banks          0.0         0.0
  163           Other financial.             -27.0       -70.5
  164         Nonfinancial                    21.9        48.1
  165           Utilities                      0.9         2.9
  166           Manufacturing                  5.8        16.4
  167             Durable goods                0.6         8.1
  168             Nondurable goods             5.2         8.3
  169           Wholesale trade                3.3        12.4
  170           Retail trade                   2.0         0.0
  171           Transportation and
                  warehousing                  1.3        13.7
  172           Information                   -8.4        -1.7
  173           Other nonfinancial            16.9         4.2
  174       Rest of the world:                -7.6        19.7
  175     Less: IVA                            2.6         0.4
  176     Equals: Corporate profits
            before tax without IVA
            and CCAdj                        -15.2        -3.2

  177     Less: Taxes on corporate
            income                            -3.0       -37.8
  178     Equals: Profits after tax          -12.2        34.6
  179     Less: Net corporate
            dividend payments                -65.9      -136.4
  180     Equals: Undistributed
            corporate profits                 53.7       171.0

  181     Net interest and
              miscellaneous payments         -16.2         3.6
  182       Net interest                     -15.4         6.2
  183         Domestic business              -12.7         8.9
                Of which:
  184             Monetary interest
                    paid                     -91.4        62.8

  185             Less: Monetary
                    interest received        -80.2        43.7

  186             Imputed interest
                      paid, depositor
                      and insurance
                      services                -1.4        -6.8
                    Of which:
  187                 Life insurance
                      carriers                 0.0        -6.2

  188         Owner-occupied housing          -0.3        -1.1
  189         Nonprofit institutions           0.0         0.1
  190         Rest of the world               -2.3        -1.8
  191       Miscellaneous payments            -1.0        -2.5

  192     Taxes on production and
              imports                          5.3         1.0
  193       Federal                           -5.9        -6.0

  194       State and local                   11.2         6.9

  195     Less: Subsidies                      0.0        -0.3
  196       Federal                            0.0        -0.4
  197       State and local                    0.0         0.0

  198     Business current transfer
              payments (net)                   1.4         3.3
  199       To persons (net)                   1.4         9.1

  200       To government (net)               -0.1        -4.5
  201       To the rest of the world
              (net)                            0.0        -1.3

  202     Current surplus of
              government enterprises          -0.7        -3.8
  203       Federal                           -0.1        -2.2

  204       State and local                   -0.6        -1.7

        Addenda:

  205   Gross national product                26.0        -7.7

  206   Gross saving                         -41.5       -49.8

  207   Personal income                      -63.2       -51.6

  208     Compensation of employees,
            received                          -7.0        -1.4
  209     Proprietors' income with
            IVA and CCAdj                     38.2        67.0

  210     Rental income of persons
            with CCAdj                       -16.2        -1.0
  211     Personal income receipts
              on assets                      -81.2      -122.9
  212       Personal interest income         -15.6        13.2

  213       Personal dividend income         -65.6      -136.0

  214     Personal current transfer
              receipts                         2.0         3.1
  215       Government social
                benefits to persons            0.6        -6.0
  216         Federal                          3.6         0.3
  217         State and local                 -3.0        -6.3

  218       Other current transfer
              receipts, from business
              (net)                            1.4         9.1

  219     Less: Contributions for
              government social
              insurance domestic              -1.0        -3.5
  220       Federal                            0.2        -1.1
  221       State and local                   -1.2        -2.4
  222   Less: Personal current taxes           3.2         0.9
  223     Federal                              0.4        -2.2
  224     State and local                      2.8         3.1
  225   Equals: Disposable personal
          income                             -66.4       -52.6
  226   Less: Personal outlays               -22.0       -26.5
  227     Personal consumption
            expenditures                     -20.2       -29.8
  228     Personal interest payments           3.4        10.4

  229     Personal current transfer
              payments                        -5.2        -7.1
  230       To government                     -3.9        -7.7

  231       To the rest of the world
              (net)                           -1.3         0.6
  232   Equals: Personal saving              -44.4       -26.1

                                         Billions
                                            of
                                          dollars     Revised
                                                       2011
                NIPA component           Revision      level
                                         in level

Line                                       2011

    1   Gross domestic product               -18.3    15,075.7

    2     Personal consumption                 3.0    10,729.0
              expenditures
    3       Goods                            -21.8     3,624.8
    4         Durable goods                  -16.5     1,146.4
    5           Motor vehicles and
                    parts                     -5.0       373.6
                  Of which:
    6               Net purchases of
                      used motor
                      vehicles                -4.0       117.3

    7           Furnishings and
                  durable household
                  equipment                   -1.7       251.7
    8           Recreational goods
                  and vehicles                -4.5       340.1

    9           Other durable goods           -5.3       181.0
                  Of which:
   10               Therapeutic
                      appliances and
                      equipment               -4.7        55.2

   11         Nondurable goods                -5.3     2,478.4
   12           Food and beverages
                    purchased for
                    off-premises
                    consumption                1.6       810.2
                  Of which:
   13               Food and non-
                      alcoholic
                      beverages
                      purchased for
                      off-premises
                      consumption              2.1       698.2

   14          Clothing and footwear          -1.1       349.2
   15          Gasoline and other
                 energy goods                  0.1       428.3
   16          Other nondurable goods         -5.9       890.7

   17       Services                          24.8     7,104.2
   18         Household consumption
                  expenditures (for
                  services)                   17.4     6,812.3
   19           Housing and utilities          8.6     1,929.9
   20             Housing                     15.1     1,623.3
                    Of which:

   21                 Rental of
                        tenant-
                        occupied
                        nonfarm
                        housing                6.2       377.6

   22                 Imputed rental
                        of owner-
                        occupied
                        nonfarm
                        housing                7.9     1,222.8

   23             Household utilities         -6.5       306.7
   24           Health care                   21.2     1,751.6
                  Of which:
   25               Physician
                      services                13.7       412.6

   26               Dental services            5.6       113.9

   27               Hospitals                 -1.9       793.5

   28           Transportation
                    services                  -3.1       302.0
                  Of which:
   29               Motor vehicle
                      maintenance and
                      repair                   5.2       160.8

   30               Air
                      transportation          -6.0        49.8

   31           Recreation services           -6.0       394.5
   32           Food services and
                    accommodations            -9.2       670.9
                  Of which:
   33               Purchased meals
                      and beverages           -9.3       557.6

   34           Financial services
                    and insurance              2.3       807.1
   35             Financial services         -14.8       518.1
   36               Financial
                      services
                      furnished
                      without payment        -20.9       283.7

   37               Financial service
                      charges, fees,
                      and commissions          6.1       234.4

   38             Insurance                   17.0       289.0
                    Of which:
   39                 Life insurance           7.1        85.6

   40                 Net health
                        insurance             14.0       136.4

   41           Other services                 3.5       956.2
   42         Final consumption
                  expenditures of
                  NPISHs                       7.4       291.9
   43           Gross output of
                  nonprofit
                  institutions                 6.9     1,164.5

   44           Less: Receipts from
                  sales of goods and
                  services by non-
                  profit institutions         -0.7       872.5

   45     Gross private domestic
              investment                      -1.3     1,854.9
   46       Fixed investment                 -51.7     1,818.3
   47         Nonresidential                 -52.9     1,479.6
   48           Structures                    -4.7       404.8
                  Of which:
   49               Manufacturing              5.8        44.2

   50               Power                    -13.5        59.2

   51           Equipment and
                    software                 -48.3     1,074.7
   52             Information
                      processing
                      equipment and
                      software               -28.3       539.6
                    Of which:
   53                 Computers and
                        peripheral
                        equipment            -24.8        78.3

   54                 Software                 5.5       278.7

   55             Industrial
                      equipment              -14.5       181.2
                    Of which:
   56                 Special
                        industry
                        machinery,
                        n.e.c.                -6.0        34.6

   57                 Electrical
                        transmission,
                        distribution,
                        and industrial
                        apparatus             -4.2        28.3

   58             Transportation
                      equipment                6.9       164.7
                    Of which:
   59                 Light trucks
                        (including
                        utility
                        vehicles)              5.8        51.0

   60             Other equipment            -16.7       200.2
                    Of which:
   61                 Furniture and
                        fixtures              -0.3        32.5

   62                 Construction
                        machinery             -7.6        41.6

   63                 Mining and
                        oilfield
                        machinery              6.2        23.6

   64                 Other                   -6.7        44.6

   65             Less: Sale of
                    equipment scrap,
                    excluding autos           -4.3        11.0
   66         Residential                      1.2       338.7
   67       Change in private
                inventories                   -9.7        36.6
   68         Farm                             1.6        -6.1

   69         Nonfarm                        -11.3        42.7
   70           Change in book value           3.0       125.1
   71             Mining, utilities,
                    and construction          -0.6         6.8

   72             Manufacturing                0.0        53.9
   73             Wholesale trade             -4.7        52.6

   74                 Merchant
                        wholesale             -4.3        39.6
   75                 Nonmerchant
                        wholesale             -0.5        13.0
   76             Retail trade                 9.1         6.9

                      Of which:
   77                   Retail motor
                          vehicle
                          dealers              8.9        -4.8
   78             Other industries            -0.9         4.9
   79           IVA                          -14.1       -82.3

   80     Net exports of goods and
            services                          10.6      -568.1

   81       Exports of goods and
                services                       8.7     2,094.2
   82         Goods                            1.1     1,474.5
   83         Services                         7.6       619.7
                Of which:
   84             Other private
                    services                  -2.9       270.2

   85       Imports of goods and
                services                      -1.9     2,662.3
   86         Goods                           -8.7     2,229.2
   87         Services                         6.7       433.0

   88     Government consumption
              expenditures and gross
              investment                      29.2     3,059.8
   89       Federal government               -10.8     1,222.1

   90         Consumption
                  expenditures               -10.6     1,061.5
                Of which:
   91             Services                    -8.0       364.2
   92         Gross investment                -0.3       160.5
   93         National defense                -4.1       820.8
   94           Consumption
                  expenditures                -4.8       712.1
   95           Gross investment               0.6       108.7
   96         Nondefense                      -6.6       401.3
   97           Consumption
                  expenditures                -5.8       349.4
   98           Gross investment              -0.9        51.8

   99       State and local                   40.0     1,837.7
  100         Consumption
                  expenditures                42.8     1,518.0
                Of which:
  101             Compensation of
                    general
                    government
                    employees                  6.6     1,074.4

  102             Nondurable goods             8.9       256.8

  103             Services                    13.7       403.4

  104             Less: Sales to
                    other sectors            -14.9       381.7

  105         Gross investment                -2.8       319.7
  106           Structures                     2.1       256.3

  107           Equipment and
                  software                    -5.0        63.3

  108   Gross domestic product               -18.3    15,075.7
  109   Less: Statistical
          discrepancy (3)                     63.7        31.9

  110   Equals: Gross domestic income        -82.0    15,043.8
  111     Compensation of employees,
              paid                            17.6     8,303.2

  112       Wage and salary accruals          -7.9     6,669.3
  113         Disbursements                   -7.9     6,669.3
  114           To persons                    -7.3     6,655.5
  115           To the rest of the
                  world                       -0.6        13.8
  116         Wage accruals less
                disbursements                  0.0         0.0
  117       Supplements to wages and
              salaries                        25.5     1,633.9
  118     Taxes on production and
            imports                            0.0     1,097.9
  119     Less: Subsidies                     -1.2        61.6
  120     Net operating surplus              -87.3     3,767.6
  121       Private enterprises              -76.2     3,794.1
  122       Current surplus of
              government enterprises         -11.2       -26.5
  123     Consumption of fixed
              capital                        -13.3     1,936.8
  124       Private                          -10.5     1,587.4

  125         Domestic business               -8.7     1,285.7
  126           Capital consumption
                  allowances                -112.7     1,509.5

  127           Less: CCAdj                 -103.9       223.8

  128         Households and
                institutions                  -1.7       301.7
  129       Government                        -2.8       349.4
  130   Plus: Income receipts from
          the rest of the world                4.4       783.7

  131   Less: Income payments to the
          rest of the world                   -2.0       531.8

  132   Equals: Gross national income        -75.6    15,295.7
  133   Less: Consumption of fixed
          capital                            -13.3     1,936.8

  134   Equals: National income              -62.3    13,358.9

  135     Compensation of employees           18.6     8,295.2
  136       Wage and salary accruals          -0.9     6,661.3
  137         Government                       5.0     1,195.3

  138         Other                          -11.9     5,466.0

  139       Supplements to wages and
               salaries                       25.5     1,633.9

  140         Employer contributions
                for employee pension
                and insurance funds           28.0     1,139.0

  141         Employer contributions
                for government social         -2.5       494.9
                insurance

  142     Proprietors' income with
              IVA and CCAdj                   48.4     1,157.3
  143       Farm                             -11.3        54.6
  144         Proprietors' income
                with IVA                     -11.4        60.5

  145         CCAdj                            0.1        -5.9
  146       Nonfarm                           59.8     1,102.8
  147         Proprietors' income             92.6       902.6

  148         IVA                              0.0        -8.9
  149         CCAdj                          -32.9       209.0

  150     Rental income of persons
              with CCAdj                       5.8       409.7
  151       Rental income of persons           5.7       424.4

  152         CCAdj                            0.1       -14.7

  153     Corporate profits with IVA
              and CCAdj                     -115.8     1,827.0
  154       Domestic industries             -125.6     1,388.1
  155         Financial                      -63.7       381.0
  156         Nonfinancial                   -61.9     1,007.1
  157       Rest of the world                  9.8       438.9

  158     Less: CCAdj                        -71.2        35.4

  159     Equals: Corporate profits
              with IVA                       -44.6     1,791.6

  160       Domestic industries              -54.4     1,352.7
  161         Financial                      -56.2       408.3
  162           Federal Reserve banks         -0.9        75.9
  163           Other financial.             -55.4       332.3
  164         Nonfinancial                     1.8       944.4
  165           Utilities                      2.5        17.7
  166           Manufacturing                 -8.9       244.9
  167             Durable goods               -9.6       100.3
  168             Nondurable goods             0.7       144.6
  169           Wholesale trade               11.9        96.3
  170           Retail trade                  -7.7       108.9
  171           Transportation and
                  warehousing                 14.3        45.5
  172           Information                  -15.8        85.5
  173           Other nonfinancial             5.6       345.7
  174       Rest of the world:                 9.8       438.9
  175     Less: IVA                           -2.5       -62.6
  176     Equals: Corporate profits
            before tax without IVA
            and CCAdj                        -42.2     1,854.1

  177     Less: Taxes on corporate
            income                           -37.2       379.0
  178     Equals: Profits after tax           -5.0     1,475.1
  179     Less: Net corporate
            dividend payments               -116.4       697.2
  180     Equals: Undistributed
            corporate profits                111.4       777.9

  181     Net interest and
              miscellaneous payments          -7.7       527.4
  182       Net interest                      -4.7       509.8
  183         Domestic business                          280.2
                Of which:
  184             Monetary interest
                    paid                               1,337.4

  185             Less: Monetary
                    interest received                  1,664.2

  186             Imputed interest
                      paid, depositor
                      and insurance
                      services                           507.7
                    Of which:
  187                 Life insurance
                      carriers                           253.4

  188         Owner-occupied housing                     401.1
  189         Nonprofit institutions                       7.5
  190         Rest of the world                         -179.0
  191       Miscellaneous payments            -3.0        17.5

  192     Taxes on production and
              imports                          0.0     1,097.9
  193       Federal                           -3.4       107.4

  194       State and local                    3.3       990.4

  195     Less: Subsidies                     -1.2        61.6
  196       Federal                           -1.2        61.1
  197       State and local                    0.0         0.5

  198     Business current transfer
              payments (net)                  -1.5       132.6
  199       To persons (net)                   5.4        44.9

  200       To government (net)               -4.6        94.8
  201       To the rest of the world
              (net)                           -2.4        -7.1

  202     Current surplus of
              government enterprises         -11.2       -26.5
  203       Federal                          -10.9       -12.7

  204       State and local                   -0.3       -13.8

        Addenda:

  205   Gross national product               -12.0    15,327.5

  206   Gross saving                        -110.7     1,837.5

  207   Personal income                      -43.9    12,947.3

  208     Compensation of employees,
            received                          18.6     8,295.2
  209     Proprietors' income with
            IVA and CCAdj                     48.4     1,157.3

  210     Rental income of persons
            with CCAdj                         5.8       409.7
  211     Personal income receipts
              on assets                     -104.9     1,685.1
  212       Personal interest income          10.7     1,008.8

  213       Personal dividend income        -115.6       676.3

  214     Personal current transfer
              receipts                       -17.0     2,319.2
  215       Government social
                benefits to persons          -22.5     2,274.3
  216         Federal                         -3.0     1,735.8
  217         State and local                -19.5       538.5

  218       Other current transfer
              receipts, from business
              (net)                            5.4        44.9

  219     Less: Contributions for
              government social
              insurance domestic              -5.1       919.3
  220       Federal                           -1.8       901.0
  221       State and local                   -3.3        18.3
  222   Less: Personal current taxes           0.3     1,398.0
  223     Federal                              3.2     1,075.2
  224     State and local                     -2.9       322.8
  225   Equals: Disposable personal
          income                             -44.2    11,549.3
  226   Less: Personal outlays                 4.8    11,059.9
  227     Personal consumption
            expenditures                       3.0    10,729.0
  228     Personal interest payments          10.2       168.0

  229     Personal current transfer
              payments                        -8.5       162.8
  230       To government                     -8.8        88.9

  231       To the rest of the world
              (net)                            0.3        73.9
  232   Equals: Personal saving              -49.1       489.4

                NIPA component                 Major source data
                                               incorporated (1)

Line

    1   Gross domestic product

    2     Personal consumption
              expenditures
    3       Goods
    4         Durable goods
    5           Motor vehicles and
                    parts
                  Of which:
    6               Net purchases of
                      used motor
                      vehicles           Revised Census Bureau annual
                                         retail trade survey (ARTS)
                                         data for gross margins and
                                         for retail sales of used
                                         motor vehicle dealers for
                                         2009; new ARTS data for 2010;
                                         revised Census Bureau monthly
                                         retail trade survey (MRTS)
                                         data for 2011; new trade
                                         source data on cars and
                                         trucks in operation for 2011.
    7           Furnishings and
                  durable household
                  equipment
    8           Recreational goods
                  and vehicles           Revised ARTS data for 2009;
                                         new ARTS data for 2010;
                                         revised Census Bureau MRTS
                                         data for 2011; revised trade
                                         source retail scanner data
                                         for 2010; new retail scanner
                                         data for 2011.
    9           Other durable goods
                  Of which:
   10               Therapeutic
                      appliances and
                      equipment          Revised ARTS data for 2009;
                                         new ARTS data for 2010;
                                         revised MRTS data for 2011.
   11         Nondurable goods
   12           Food and beverages
                    purchased for
                    off-premises
                    consumption
                  Of which:
   13               Food and non-
                      alcoholic
                      beverages
                      purchased for
                      off-premises
                      consumption        Revised ARTS data for 2009;
                                         new ARTS data for 2010;
                                         revised MRTS data for 2011;
                                         new trade source retail
                                         scanner data for 2011.
   14          Clothing and footwear
   15          Gasoline and other
                 energy goods
   16          Other nondurable goods    Revised ARTS data for 2009;
                                         new ARTS data for 2010;
                                         revised MRTS data for 2011.
   17       Services
   18         Household consumption
                  expenditures (for
                  services)
   19           Housing and utilities
   20             Housing
                    Of which:

   21                 Rental of
                        tenant-
                        occupied
                        nonfarm
                        housing          New BLS consumer expenditure
                                         survey data for 2009/2011;
                                         new Census Bureau Current
                                         Population Survey/Housing
                                         Vacancy Survey (CPS/HVS) data
                                         for 2011.
   22                 Imputed rental
                        of owner-
                        occupied
                        nonfarm
                        housing          Revised CPS-HVS data for 2009
                                         and 2010; new CPS-HVS data
                                         for 2011; revised BEA
                                         constant-dollar housing stock
                                         data for 2009 and 2010; new
                                         BEA constant-dollar housing
                                         stock data for 2011.
   23             Household utilities
   24           Health care
                  Of which:
   25               Physician
                      services           Revised Census Bureau service
                                         annual survey (SAS) taxable
                                         revenue data for 2009 and
                                         2010; new SAS data for 2011.
   26               Dental services      Revised SAS taxable revenue
                                         data for 2009 and 2010; new
                                         SAS data for 2011.
   27               Hospitals            Revised SAS taxable and
                                         tax-exempt revenue data for
                                         2009 and 2010; new SAS data
                                         for 2011.
   28           Transportation
                    services
                  Of which:
   29               Motor vehicle
                      maintenance and
                      repair             Revised SAS taxable revenue
                                         data for 2009 and 2010; new
                                         SAS data for 2011; new Census
                                         Bureau ARTS data for 2010;
                                         new Census Bureau MRTS data
                                         for 2011.
   30               Air
                      transportation     New Department of
                                         Transportation airline
                                         revenue data for 2010 and
                                         2011.
   31           Recreation services
   32           Food services and
                    accommodations
                  Of which:
   33               Purchased meals
                      and beverages      Revised ARTS data for 2009;
                                         new ARTS data for 2010;
                                         revised MRTS data for 2011.
   34           Financial services
                    and insurance
   35             Financial services
   36               Financial
                      services
                      furnished
                      without payment    Revised FRB flow of funds
                                         data for 2009 and 2010; new
                                         flow of funds data for 2011;
                                         revised IRS tabulations of
                                         corporate tax return data for
                                         2009; new IRS tabulations of
                                         corporate and of sole
                                         proprietorship and
                                         partnership tax return data
                                         for 2010; new trade source
                                         data on credit unions and new
                                         FDIC Call Report data for
                                         2011.
   37               Financial service
                      charges, fees,
                      and commissions    Revised SAS product revenue
                                         data on portfolio management
                                         and investment advice
                                         services for 2009 and 2010;
                                         new SAS data for 2011;
                                         revised FDIC Call Report data
                                         for 2011.
   38             Insurance
                    Of which:
   39                 Life insurance     Revised trade source data on
                                         life insurance company
                                         expenses for 2009; new trade
                                         source data for 2010; new BLS
                                         quarterly census of
                                         employment and wages (QCEW)
                                         data for 2011.
   40                 Net health
                        insurance        Revised benefits-to-premiums
                                         ratio based on new trade
                                         source data on medical
                                         insurance for 2010; new trade
                                         source data for 2011.
   41           Other services
   42         Final consumption
                  expenditures of
                  NPISHs
   43           Gross output of
                  nonprofit
                  institutions           Revised SAS tax-exempt
                                         expenses data for 2009 and
                                         2010; new SAS data for 2011.
   44           Less: Receipts from
                  sales of goods and
                  services by non-
                  profit institutions

   45     Gross private domestic
              investment
   46       Fixed investment
   47         Nonresidential
   48           Structures
                  Of which:
   49               Manufacturing        Revised Census Bureau
                                         construction spending (value
                                         put in place) data for 2010
                                         and 2011.
   50               Power                Revised Census Bureau
                                         construction spending (value
                                         put in place) data for 2010
                                         and 2011.
   51           Equipment and
                    software
   52             Information
                      processing
                      equipment and
                      software
                    Of which:
   53                 Computers and
                        peripheral
                        equipment        Revised Census Bureau annual
                                         survey of manufactures (ASM)
                                         data for 2009; new ASM data
                                         for 2010; revised Census
                                         Bureau monthly industry
                                         shipments data for 2011.
   54                 Software           Revised Census Bureau SAS
                                         data for 2009 and 2010;
                                         revised Census Bureau
                                         quarterly services survey
                                         (QSS) data for 2011; new BLS
                                         occupational employment
                                         survey data for 2011.
   55             Industrial
                      equipment
                    Of which:
   56                 Special
                        industry
                        machinery,
                        n.e.c.           Revised ASM data for 2009;
                                         new ASM data for 2010;
                                         revised Census Bureau monthly
                                         industry shipments data for
                                         2011.
   57                 Electrical
                        transmission,
                        distribution,
                        and industrial
                        apparatus        Revised ASM data for 2009;
                                         new ASM data for 2010;
                                         revised Census Bureau monthly
                                         industry shipments data for
                                         2011.
   58             Transportation
                      equipment
                    Of which:
   59                 Light trucks
                        (including
                        utility
                        vehicles)        Revised trade source data on
                                         average expenditure for 2009
                                         and 2010; revised trade
                                         source data on business
                                         registrations for 2011.
   60             Other equipment
                    Of which:
   61                 Furniture and
                        fixtures         Revised ASM data for 2009;
                                         new ASM data for 2010;
                                         revised Census Bureau monthly
                                         industry shipments data for
                                         2011.
   62                 Construction
                        machinery        Revised ASM data for 2009;
                                         new ASM data for 2010;
                                         revised Census Bureau monthly
                                         industry shipments data for
                                         2011.
   63                 Mining and
                        oilfield
                        machinery        Revised ASM data for 2009;
                                         new ASM data for 2010;
                                         revised Census Bureau monthly
                                         industry shipments data for
                                         2011.

   64                 Other              Revised ASM data for 2009;
                                         new ASM data for 2010;
                                         revised Census Bureau monthly
                                         industry shipments data for
                                         2011.
   65             Less: Sale of
                    equipment scrap,
                    excluding autos
   66         Residential
   67       Change in private
                inventories
   68         Farm                       Revised USDA data for 2009-
                                         2011.
   69         Nonfarm
   70           Change in book value
   71             Mining, utilities,
                    and construction     Revised IRS tabulations of
                                         corporate tax return data on
                                         inventory book values for
                                         2009; new IRS tabulations of
                                         corporate and of sole
                                         proprietorship and
                                         partnership tax return data
                                         for 2010.
   72             Manufacturing
   73             Wholesale trade        Revised Census Bureau annual
                                         wholesale trade survey (AWTS)
                                         data on inventory book values
                                         for 2009; new AWTS data for
                                         2010; revised Census Bureau
                                         monthly inventory data for
                                         2011.
   74                 Merchant
                        wholesale
   75                 Nonmerchant
                        wholesale
   76             Retail trade           Revised Census Bureau ARTS
                                         data on inventory book values
                                         for 2009; new ARTS data for
                                         2010; revised Census Bureau
                                         monthly inventory data for
                                         2011; revised trade source
                                         data on motor vehicle
                                         inventories for 2011.
                      Of which:
   77                   Retail motor
                          vehicle
                          dealers
   78             Other industries
   79           IVA                      Revised Census Bureau AWTS,
                                         ARTS, and ASM information on
                                         accounting methods used for
                                         inventory reporting for 2009;
                                         new AWTS, ARTS, and ASM
                                         information for 2010; revised
                                         BEA unit labor cost indexes
                                         for2009-2011.

   80     Net exports of goods and
            services                     Revised BEA international
                                         transactions accounts
                                         estimates for 2009-2011. (2)
   81       Exports of goods and
                services
   82         Goods
   83         Services
                Of which:
   84             Other private
                    services             Improved methodology for
                                         measuring the compensation of
                                         foreign residents who work in
                                         the United States using data
                                         from the Department of State
                                         and the Department of Labor.
   85       Imports of goods and
                services
   86         Goods
   87         Services

   88     Government consumption
              expenditures and gross
              investment
   89       Federal government           Revised allocations of FY
                                         2010 federal budget data for
                                         2009 and 2010; revised FY
                                         2011 federal budget data for
                                         2010 and 2011; preliminary FY
                                         2012 federal budget data for
                                         2011.
   90         Consumption
                  expenditures
                Of which:
   91             Services
   92         Gross investment
   93         National defense
   94           Consumption
                  expenditures
   95           Gross investment
   96         Nondefense
   97           Consumption
                  expenditures
   98           Gross investment

   99       State and local
  100         Consumption
                  expenditures
                Of which:
  101             Compensation of
                    general
                    government
                    employees            Revised BLS QCEW data for
                                         2009 and 2010; new QCEW data
                                         for 2011.
  102             Nondurable goods       Revised Census Bureau
                                         government finances FY 2009
                                         tabulations for 2009; new FY
                                         2010 tabulations for 2009 and
                                         2010.
  103             Services               Revised Census Bureau
                                         government finances FY 2009
                                         tabulations for 2009; new 1=Y
                                         2010 tabulations for 2009 and
                                         2010.
  104             Less: Sales to
                    other sectors        Revised Census Bureau
                                         government finances FY 2009
                                         tabulations for 2009; new FY
                                         2010 tabulations for 2009 and
                                         2010.
  105         Gross investment
  106           Structures               Revised Census Bureau
                                         government finances FY 2009
                                         tabulations for 2009; new
                                         government finances FY 2010
                                         tabulations for 2009 and
                                         2010. Revised Census Bureau
                                         construction spending (value
                                         put in place) data for 2010
                                         and 2011.
  107           Equipment and
                  software               See entries under Software,
                                         line 54.

  108   Gross domestic product
  109   Less: Statistical
          discrepancy (3)

  110   Equals: Gross domestic income
  111     Compensation of employees,
              paid                       See entries under
                                         Compensation of employees,
                                         line 135.
  112       Wage and salary accruals
  113         Disbursements
  114           To persons
  115           To the rest of the
                  world
  116         Wage accruals less
                disbursements
  117       Supplements to wages and
              salaries
  118     Taxes on production and
            imports
  119     Less: Subsidies
  120     Net operating surplus
  121       Private enterprises
  122       Current surplus of
              government enterprises
  123     Consumption of fixed
              capital
  124       Private                      Revised BEA fixed investment
                                         and price estimates for 2009-
                                         2011.
  125         Domestic business
  126           Capital consumption
                  allowances             Revised IRS tabulations of
                                         corporate tax return data for
                                         2009; new IRS tabulations of
                                         corporate and of sole
                                         proprietorship and
                                         partnership tax return data
                                         for 2010; new OTA bonus
                                         depreciation estimates for
                                         2011; revised BEA fixed
                                         investment estimates for
                                         2009-2011.
  127           Less: CCAdj              CCAdj is calculated as
                                         capital consumption
                                         allowances less consumption
                                         of fixed capital.
  128         Households and
                institutions
  129       Government
  130   Plus: Income receipts from
          the rest of the world          Revised BEA international
                                         transactions accounts
                                         estimates for 2009-2011.

  131   Less: Income payments to the
          rest of the world              Revised BEA international
                                         transactions accounts
                                         estimates for 2009-2011.

  132   Equals: Gross national income
  133   Less: Consumption of fixed
          capital                        See entries under Consumption
                                         of fixed capital, line 123.

  134   Equals: National income

  135     Compensation of employees
  136       Wage and salary accruals
  137         Government                 Revised BLS QCEW data for
                                         2009 and 2010; new QCEW data
                                         for 2011.
  138         Other                      Revised BLS QCEW data for
                                         2009 and 2010; new QCEW data
                                         for 2011.
  139       Supplements to wages and
               salaries

  140         Employer contributions
                for employee pension
                and insurance funds      New Department of Labor
                                         pension data for 2009; new
                                         Pension Benefit Guaranty
                                         Corporation data for 2010;
                                         new corporate financial data
                                         for 2010 and 2011; new DHHS
                                         Medical Expenditure Panel
                                         Survey data for 2010 and
                                         2011.
  141         Employer contributions
                for government social
                insurance

  142     Proprietors' income with
              IVA and CCAdj
  143       Farm
  144         Proprietors' income
                with IVA                 Revised USDA data for 2009-
                                         2011.

  145         CCAdj
  146       Nonfarm
  147         Proprietors' income        Revised IRS tabulations of
                                         corporate tax return data for
                                         the posttabulation and mining
                                         depreciation adjustments for
                                         2009; new IRS tabulations of
                                         sole proprietorship and
                                         partnership tax return data
                                         for 2010; new Census Bureau
                                         nonfiler income data for
                                         2010.
  148         IVA
  149         CCAdj                      See entries under Consumption
                                         of fixed capital, line 123.

  150     Rental income of persons
              with CCAdj
  151       Rental income of persons     Revised FRB flow of funds
                                         accounts data on residential
                                         mortgage loan liabilities for
                                         2009-2011; revised Census
                                         Bureau CPS/HVS data for 2009
                                         and 2010; new CPS/HVS data
                                         for 2011; new Federal
                                         National Mortgage Corporation
                                         mortgage originations data
                                         for 2010; revised IRS
                                         tabulations of corporate and
                                         individual tax return data
                                         for 2009; new IRS tabulations
                                         for 2010; revised trade
                                         source data on insurance for
                                         2009; new trade source data
                                         on insurance for 2010;
                                         revised Census Bureau
                                         government finances FY 2009
                                         tabulations for 2009; new FY
                                         2010 tabulations for 2009 and
                                         2010; new Census Bureau FY
                                         2011 State Government Tax
                                         Collections data for 2010 and
                                         2011; new Office of
                                         Management and Budget FY 2013
                                         Budget data on subsidies for
                                         2011.
  152         CCAdj

  153     Corporate profits with IVA
              and CCAdj
  154       Domestic industries
  155         Financial
  156         Nonfinancial
  157       Rest of the world            Revised BEA international
                                         transactions accounts
                                         estimates for 2009-2011.
  158     Less: CCAdj                    See entries under Consumption
                                         of fixed capital, line 123.
  159     Equals: Corporate profits
              with IVA                   See entries under Corporate
                                         profits before tax without
                                         IVA and CCAdj, line 176.
  160       Domestic industries
  161         Financial
  162           Federal Reserve banks
  163           Other financial.
  164         Nonfinancial
  165           Utilities
  166           Manufacturing
  167             Durable goods
  168             Nondurable goods
  169           Wholesale trade
  170           Retail trade
  171           Transportation and
                  warehousing
  172           Information
  173           Other nonfinancial
  174       Rest of the world:
  175     Less: IVA
  176     Equals: Corporate profits
            before tax without IVA
            and CCAdj                    Revised IRS tabulations of
                                         corporate tax return data for
                                         2009; new IRS tabulations for
                                         2010; revised Census Bureau
                                         Quarterly Financial Report
                                         data for 2011; regulatory
                                         agency and public financial
                                         reports profits data for
                                         2011.
  177     Less: Taxes on corporate
            income
  178     Equals: Profits after tax
  179     Less: Net corporate
            dividend payments
  180     Equals: Undistributed
            corporate profits

  181     Net interest and
              miscellaneous payments
  182       Net interest
  183         Domestic business
                Of which:
  184             Monetary interest
                    paid                 Revised IRS tabulations of
                                         corporate tax return data for
                                         2009; new IRS tabulations of
                                         corporate and of sole
                                         proprietorship and
                                         partnership tax return data
                                         for 2010; revised FRB flow of
                                         funds accounts data on
                                         nonfinancial corporate
                                         liabilities for 2009 and
                                         2010; new FRB data for 2011;
                                         revised USDA data on interest
                                         paid by farmers for 2009 and
                                         2010; new USDA data for 2011;
                                         new FDIC data, Credit Union
                                         National Association data,
                                         Office of Thrift Supervision
                                         data, and trade source data
                                         on investment companies for
                                         2011.
  185             Less: Monetary
                    interest received    Revised IRS tabulations of
                                         corporate tax return data for
                                         2009; new IRS tabulations of
                                         corporate and of sole
                                         proprietorship and
                                         partnership tax return data
                                         for 2010; revised FRB flow of
                                         funds data on nonfinancial
                                         corporate assets for 2009 and
                                         2010; new FRB data for 2011;
                                         new FDIC data, Credit Union
                                         National Association data,
                                         Office of Thrift Supervision
                                         data, and trade source data
                                         on investment companies for
                                         2011.
  186             Imputed interest
                      paid, depositor
                      and insurance
                      services
                    Of which:
  187                 Life insurance
                      carriers           New trade source data on
                                         investment income of life
                                         insurance carriers for 2010;
                                         revised FRB flow of funds
                                         data on life insurance
                                         companies assets for 2009 and
                                         2010; new FRB data for 2011.
  188         Owner-occupied housing
  189         Nonprofit institutions
  190         Rest of the world
  191       Miscellaneous payments

  192     Taxes on production and
              imports
  193       Federal                      Revised IRS data on federal
                                         excise taxes for 2008-2010;
                                         revised FY 2011 federal
                                         budget data for 2010 and
                                         2011; preliminary FY 2012
                                         federal budget data for 2011;
                                         new Alcohol and Tobacco Tax
                                         and Trade Bureau data for
                                         2011.
  194       State and local              Revised Census Bureau
                                         government finances FY 2009
                                         and FY 2010 tabulations for
                                         2009 and 2010; new Census
                                         Bureau FY 2011 State
                                         Government Tax Collections
                                         data for 2010 and 2011.

  195     Less: Subsidies
  196       Federal
  197       State and local

  198     Business current transfer
              payments (net)
  199       To persons (net)             Revised trade source data on
                                         insurance benefits for 2009-
                                         2011; new IRS tabulations of
                                         corporate gifts for 2010.
  200       To government (net)
  201       To the rest of the world
              (net)

  202     Current surplus of
              government enterprises
  203       Federal                      Revised FY 2011 federal
                                         budget data for 2010 and
                                         2011; preliminary FY 2012
                                         federal budget data for 2011;
                                         new United States Postal
                                         Service annual report data
                                         for 2011.
  204       State and local

        Addenda:

  205   Gross national product

  206   Gross saving

  207   Personal income                  See entries under National
                                         income and additional sources
                                         below.
  208     Compensation of employees,
            received
  209     Proprietors' income with
            IVA and CCAdj

  210     Rental income of persons
            with CCAdj
  211     Personal income receipts
              on assets
  212       Personal interest income     Revised tabulations of
                                         corporate tax return data for
                                         2009, new IRS tabulations of
                                         corporate and of sole
                                         proprietorship and
                                         partnership tax return data
                                         for 2010; new trade source
                                         data on investment income of
                                         life insurance carriers for
                                         2010; revised FRB flow of
                                         funds accounts data on assets
                                         of life insurance carriers
                                         for 2009 and 2010; new FRB
                                         data for 2011.
  213       Personal dividend income     Revised IRS tabulations of
                                         corporate tax return data for
                                         2009; new IRS tabulations for
                                         2010; regulatory agency and
                                         public financial statements
                                         data on dividends for 2011;
                                         revised BEA international
                                         transactions accounts
                                         estimates for 2009-2011.
  214     Personal current transfer
              receipts
  215       Government social
                benefits to persons
  216         Federal
  217         State and local            New Centers For Medicare and
                                         Medicaid Services data on
                                         Medicaid benefits for 2011.
  218       Other current transfer
              receipts, from business
              (net)                      See entries under Business
                                         current transfer payments
                                         (net), line 198.
  219     Less: Contributions for
              government social
              insurance domestic
  220       Federal
  221       State and local
  222   Less: Personal current taxes
  223     Federal
  224     State and local
  225   Equals: Disposable personal
          income
  226   Less: Personal outlays
  227     Personal consumption
            expenditures
  228     Personal interest payments     Revised FRB flow of funds
                                         accounts data on liabilities
                                         for 2009 and 2010; new FRB
                                         data for 2011; revised FRB
                                         interest rate data for 2009-
                                         2011; revised FRB consumer
                                         credit data for 2011; new
                                         regulatory data for 2011.
  229     Personal current transfer
              payments
  230       To government                Revised Census Bureau state
                                         and local government finances
                                         FY 2009 tabulations for 2009;
                                         new FY 2010 tabulations for
                                         2009 and 2010.
  231       To the rest of the world
              (net)
  232   Equals: Personal saving

(1.) In these descriptions, new indicates this is the first time
that data from the specific source are being incorporated into the
component estimate for the given year, and revised indicates that
data from the specific source were incorporated previously and now
revised data from that source are being incorporated.

(2.) For more information on the revisions to the international
transactions accounts, see Jeffrey R. Bogen and Jessica M. Hanson,
"Annual Revision of the U.S. International Transactions Accounts,"
SURVEY OF CURRENT BUSINESS 92 (July 2012): 35-46.

(3.) The statistical discrepancy is gross domestic product (GDP)
less gross domestic income (GDI); it is also the difference between
gross national product (GNP) and gross national income (GNI), which
is GDI plus net income receipts from the rest of the world. The
statistical discrepancy arises because the product-side measures of
GDP and GNP are estimated independently from the income-side
measures of GDI and GNI.

BEA Bureau of Economic Analysis

BLS Bureau of Labor Statistics

CCAdj Capital consumption adjustment

DHHS Department of Health and Human Services

FDIC Federal Deposit Insurance Corporation

FRB Federal Reserve Board

FY Fiscal year

IRS Internal Revenue Service

IVA Inventory valuation adjustment

WAS National income and product account

NPISHs Nonprofit institutions serving households

OTA Office of Tax Analysis

USDA U.S. Department of Agriculture

Table 8. Revisions to National Income and Gross National Product
[Billions of dollars]

                                                             2009

                                               2008       Previously
                                                           published

National income                                12,609.1      12,147.6
  Compensation of employees                     8,068.3       7,806.4
    Wage and salary accruals                    6,545.9       6,275.3
    Supplements to wages and salaries           1,522.5       1,531.1
  Proprietors' income with IVA and CCAdj        1,097.9         941.2
    Farm                                           51.8          39.2
    Nonfarm                                     1,046.1         902.0
  Rental income of persons with CCAdj             231.6         305.9
  Corporate profits with IVA and CCAdj          1,248.4       1,362.0
  Net interest and miscellaneous
    payments                                      870.1         656.7
  Taxes on production and imports               1,038.6       1,017.9
  Less: Subsidies                                  52.9          59.7
  Business current transfer payments
    (net)                                         123.0         132.0
  Current surplus of government
    enterprises                                   -16.0         -14.9
Plus: Consumption of fixed capital              1,854.1       1,866.2
Plus: Statistical discrepancy (1)                  -2.4          77.4

Equals: Gross national product.                14,460.7      14,091.2
Less: Income receipts from the rest of
  the world                                       856.1         639.8
Plus: Income payments from the rest of
  the world                                       686.9         487.5

Equals: Gross domestic product                 14,291.5      13,939.0

Addendum:
  Gross domestic income                        14,294.0      13,861.5

                                                             2010

                                               2009       Previously
                                                           published

National income                                12,132.6      12,840.1
  Compensation of employees                     7,799.4       7,971.4
    Wage and salary accruals                    6,275.3       6,408.2
    Supplements to wages and salaries           1,524.0       1,563.1
  Proprietors' income with IVA and CCAdj          979.4       1,036.4
    Farm                                           39.9          52.2
    Nonfarm                                       939.5         984.2
  Rental income of persons with CCAdj             289.7         350.2
  Corporate profits with IVA and CCAdj          1,342.3       1,800.1
  Net interest and miscellaneous
    payments                                      640.5         564.3
  Taxes on production and imports               1,023.2       1,054.0
  Less: Subsidies                                  59.7          57.3
  Business current transfer payments
    (net)                                         133.4         136.7
  Current surplus of government
    enterprises                                   -15.6         -15.7
Plus: Consumption of fixed capital              1,866.3       1,874.9
Plus: Statistical discrepancy (1)                 116.3           0.8

Equals: Gross national product                 14,117.2      14,715.9
Less: Income receipts from the rest of
  the world                                       642.4         702.9
Plus: Income payments from the rest of
  the world                                       498.9         513.5

Equals: Gross domestic product                 13,973.7      14,526.5

Addendum:
  Gross domestic income                        13,855.4      14,525.7

                                                             2011

                                               2010       Previously
                                                           published

National income                                12,811.4      13,421.2
  Compensation of employees                     7,970.0       8,276.6
    Wage and salary accruals                    6,404.6       6,668.2
    Supplements to wages and salaries           1,565.4       1,608.4
  Proprietors' income with IVA and CCAdj        1,103.4       1,108.9
    Farm                                           44.3          65.9
    Nonfarm                                     1,059.1       1,043.0
  Rental income of persons with CCAdj             349.2         403.9
  Corporate profits with IVA and CCAdj          1,702.4       1,942.8
  Net interest and miscellaneous
    payments                                      567.9         535.1
  Taxes on production and imports               1,055.0       1,097.9
  Less: Subsidies                                  57.0          62.8
  Business current transfer payments
    (net)                                         140.0         134.1
  Current surplus of government
    enterprises                                   -19.5         -15.3
Plus: Consumption of fixed capital              1,873.4       1,950.1
Plus: Statistical discrepancy (1)                  23.3         -31.8

Equals: Gross national product                 14,708.2      15,339.5
Less: Income receipts from the rest of
  the world                                       716.5         779.3
Plus: Income payments from the rest of
  the world                                       507.2         533.8

Equals: Gross domestic product                 14,498.9      15,094.0

Addendum:
  Gross domestic income                        14,475.6      15,125.8

                                                       2009

                                              Revised      Revision

National income                                12,132.6         -15.0
  Compensation of employees                     7,799.4          -7.0
    Wage and salary accruals                    6,275.3           0.0
    Supplements to wages and salaries           1,524.0          -7.1
  Proprietors' income with IVA and CCAdj          979.4          38.2
    Farm                                           39.9           0.7
    Nonfarm                                       939.5          37.5
  Rental income of persons with CCAdj             289.7         -16.2
  Corporate profits with IVA and CCAdj          1,342.3         -19.7
  Net interest and miscellaneous
    payments                                      640.5         -16.2
  Taxes on production and imports               1,023.2           5.3
  Less: Subsidies                                  59.7           0.0
  Business current transfer payments
    (net)                                         133.4           1.4
  Current surplus of government
    enterprises                                   -15.6          -0.7
Plus: Consumption of fixed capital              1,866.3           0.1
Plus: Statistical discrepancy (1)                 118.3          40.9

Equals: Gross national product.                14,117.2          26.0
Less: Income receipts from the rest of
  the world                                       642.4           2.6
Plus: Income payments from the rest of
  the world                                       498.9          11.4

Equals: Gross domestic product                 13,973.7          34.7

Addendum:
  Gross domestic income                        13,855.4          -6.1

                                                       2010

                                              Revised      Revision

National income                                12,811.4         -28.7
  Compensation of employees                     7,970.0          -1.4
    Wage and salary accruals                    6,404.6          -3.6
    Supplements to wages and salaries           1,565.4           2.3
  Proprietors' income with IVA and CCAdj        1,103.4          67.0
    Farm                                           44.3          -7.9
    Nonfarm                                     1,059.1          74.9
  Rental income of persons with CCAdj             349.2          -1.0
  Corporate profits with IVA and CCAdj          1,702.4         -97.7
  Net interest and miscellaneous
    payments                                      567.9           3.6
  Taxes on production and imports               1,055.0           1.0
  Less: Subsidies                                  57.0          -0.3
  Business current transfer payments
    (net)                                         140.0           3.3
  Current surplus of government
    enterprises                                   -19.5          -3.8
Plus: Consumption of fixed capital              1,873.4          -1.5
Plus: Statistical discrepancy (1)                  23.3          22.5

Equals: Gross national product                 14,708.2          -7.7
Less: Income receipts from the rest of
  the world                                       716.5          13.6
Plus: Income payments from the rest of
  the world                                       507.2          -6.3

Equals: Gross domestic product                 14,496.9         -27.6

Addendum:
  Gross domestic income                        14,475.6         -50.1

                                                       2011

                                              Raised       Revision

National income                                13,358.9         -62.3
  Compensation of employees                     8,295.2          18.6
    Wage and salary accruals                    6,661.3          -6.9
    Supplements to wages and salaries           1,633.9          25.5
  Proprietors' income with IVA and CCAdj        1,157.3          48.4
    Farm                                           54.6         -11.3
    Nonfarm                                     1,102.8          59.8
  Rental income of persons with CCAdj             409.7           5.8
  Corporate profits with IVA and CCAdj          1,827.0        -115.8
  Net interest and miscellaneous
    payments                                      527.4          -7.7
  Taxes on production and imports               1,097.9           0.0
  Less: Subsidies                                  61.6          -1.2
  Business current transfer payments
    (net)                                         132.6          -1.5
  Current surplus of government
    enterprises                                   -26.5         -11.2
Plus: Consumption of fixed capital              1,936.8         -13.3
Plus: Statistical discrepancy (1)                  31.9          63.7

Equals: Gross national product                 15,327.5         -12.0
Less: Income receipts from the rest of
  the world                                       783.7           4.4
Plus: Income payments from the rest of
  the world                                       531.8          -2.0

Equals: Gross domestic product                 15,075.7         -18.3

Addendum:
  Gross domestic income                        15,043.8         -82.0

(1.) See the box "The Statistical Discrepancy" in Robert P Parker
and Eugene P Seskin, "Annual Revision of the National  Income and
Product Accounts," SuRv 77 (August 1997): 19.

CCAdj Capital consumption adjustment

IVA Inventory valuation adjustment