EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, WEDNESDAY, SEPTEMBER 30, 2020 BEA 20-48

Technical: Lisa Mataloni (GDP) (301) 278-9083 gdpniwd@bea.gov Kate Pinard (Corporate Profits) (301) 278-9417 cpniwd@bea.gov Media: Jeannine Aversa (301) 278-9003 Jeannine.Aversa@bea.gov

Gross Domestic Product (Third Estimate), Corporate Profits (Revised), and GDP by Industry, Second Quarter 2020

Real gross domestic product (GDP) decreased at an annual rate of 31.4 percent in the second quarter of 2020 (table 1), according to the "third" estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP decreased 5.0 percent. The “third” estimate of GDP released today is based on more complete source data than were available for the "second" estimate issued last month. In the second estimate, the decrease in real GDP was 31.7

percent. The upward revision with the third estimate primarily reflected an upward revision to personal consumption expenditures (PCE) that was partly offset by downward revisions to exports and to nonresidential fixed investment (see "Updates to GDP" on page 3).

Coronavirus (COVID-19) Impact on the Second-Quarter 2020 GDP Estimate

The decline in second quarter GDP reflected the response to COVID-19, as “stay-at-home” orders issued in March and April were partially lifted in some areas of the country in May and June, and government pandemic assistance payments were distributed to households and businesses. This led to rapid shifts in activity, as businesses and schools continued remote work and consumers and businesses canceled, restricted, or redirected their spending. The full economic effects of the COVID-19 pandemic cannot be quantified in the GDP estimate for the second quarter of 2020 because the impacts are generally embedded in source data and cannot be separately identified. For more information, see the Technical Note.

-35

-30

-25

-20

-15

-10

-5

0

5

Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

U.S. Bureau of Economic Analysis Seasonally adjusted at annual rates

2016 2017 2018 2019 2020

Real GDP: Percent change from preceding quarter

The decrease in real GDP reflected decreases in PCE, exports, nonresidential fixed investment, private inventory investment, residential fixed investment, and state and local government spending that were partly offset by an increase in federal government spending. Imports, which are a subtraction in the calculation of GDP, decreased (table 2).

The decrease in PCE reflected decreases in services (led by health care) and goods (led by clothing and footwear). The decrease in exports primarily reflected a decrease in goods (led by capital goods). The decrease in nonresidential fixed investment primarily reflected a decrease in equipment (led by transportation equipment). The decrease in private inventory investment primarily reflected a decrease in retail (led by motor vehicle dealers). The decrease in residential investment primarily reflected decreases in new single-family housing.

Current-dollar GDP decreased 32.8 percent, or $2.04 trillion, in the second quarter to a level of $19.52 trillion. In the first quarter, GDP decreased 3.4 percent, or $186.3 billion (tables 1 and 3). More information on the source data that underlie the estimates is available in the "Key Source Data and Assumptions" file on BEA’s website.

The price index for gross domestic purchases decreased 1.4 percent in the second quarter, in contrast to an increase of 1.4 percent in the first quarter (table 4). The PCE price index decreased 1.6 percent, in contrast to an increase of 1.3 percent. Excluding food and energy prices, the PCE price index decreased 0.8 percent, in contrast to an increase of 1.6 percent.

Gross Domestic Income and Corporate Profits

Real gross domestic income (GDI) decreased 33.5 percent in the second quarter, compared with a decrease of 2.5 percent in the first quarter. The average of real GDP and real GDI, a supplemental measure of U.S. economic activity that equally weights GDP and GDI, decreased 32.5 percent in the second quarter, compared with a decrease of 3.7 percent in the first quarter (table 1).

Profits from current production (corporate profits with inventory valuation and capital consumption adjustments) decreased $208.9 billion in the second quarter, compared with a decrease of $276.2 billion in the first quarter (table 10).

Profits of domestic financial corporations increased $26.5 billion in the second quarter, in contrast to a decrease of $42.2 billion in the first quarter. Profits of domestic nonfinancial corporations decreased $145.9 billion, compared with a decrease of $190.5 billion. Rest-of-the-world profits decreased $89.5 billion, compared with a decrease of $43.5 billion. In the second quarter, receipts decreased $134.5 billion, and payments decreased $45.0 billion.

-2-

Updates to GDP In the third estimate, the second-quarter change in real GDP was revised up 0.3 percentage point from the second estimate. PCE, residential investment, and state and local government spending were revised up. These upward revisions were partly offset by downward revisions to exports and to private nonresidential fixed investment (mainly intellectual property products). For more information, see the Technical Note and the "Additional Information" section that follows.

Advance Estimate Second Estimate Third Estimate

(Percent change from preceding quarter)

Real GDP -32.9 -31.7 -31.4

Current-dollar GDP -34.3 -33.3 -32.8

Real GDI … -33.1 -33.5

Average of Real GDP and Real GDI … -32.4 -32.5

Gross domestic purchases price index -1.5 -1.5 -1.4

PCE price index -1.9 -1.8 -1.6

PCE price index excluding food and energy -1.1 -1.0 -0.8

Bringing Together National, Industry, and State GDP Statistics

BEA has accelerated the release of its industry and state GDP statistics to align with the quarterly estimates of national GDP. Starting with today’s GDP release, GDP by industry statistics are issued on the same day – and in the same news release – as the third estimate of national GDP. GDP by state statistics will follow in a separate news release within two days. These three major dimensions of GDP are now synchronized to cover the same quarter, giving users a fuller and more timely view of the U.S. economy.

Real GDP by Industry Today’s release includes estimates of GDP by industry, or value added—a measure of an industry’s contribution to GDP. Private goods-producing industries decreased 34.4 percent, private services-producing industries decreased 33.1 percent, and government decreased 16.6 percent (table 12). Overall, 20 of 22 industry groups contributed to the second-quarter decline in real GDP. Within private goods-producing industries, the leading contributor to the decrease was durable goods manufacturing (led by motor vehicles, bodies and trailers, and parts) (table 13).

-3-

Within private services-producing industries, the leading contributors to the decrease were accommodation and food services (led by food services and drinking places); health care and social assistance (led by ambulatory health care); transportation and warehousing (led by air transportation); arts, entertainment, and recreation; wholesale trade; and professional, scientific, and technical services. Offsetting these decreases was an increase in finance and insurance (led by the securities and banking industries). The decrease in government was more than accounted for by a decrease in state and local government which was partly offset by an increase in federal government.

Gross Output by Industry

Real gross output—principally a measure of an industry’s sales or receipts, which includes sales to final users in the economy (GDP) and sales to other industries (intermediate inputs)—decreased 29.5 percent in the second quarter. This reflected a decrease of 32.6 percent for private services-producing industries, a decrease of 29.7 percent for private goods-producing industries, and a decrease of 7.6 percent for government (table 16). Overall, 20 of 22 industry groups contributed to the decrease in real gross output. Finance and insurance as well as federal government gross output increased.

Annual Update of the Industry Economic Accounts The industry estimates released today reflect the results of the 2020 Annual Update of the Industry Economic Accounts. The update covers the first quarter of 2015 through the first quarter of 2020. Major improvements introduced with this update include:

• Incorporation of the results from the 2020 Annual Update of the National Income and Product

Accounts. For details on methodology improvements, major source data incorporated, and

results, see “The 2020 Annual Update of the National Income and Product Accounts” in the

August Survey of Current Business.

-35

-30

-25

-20

-15

-10

-5

0

5

2019:Q2 2019:Q3 2019:Q4 2020:Q1 2020:Q2

Real GDP by Industry: Percent change from preceding period

GDP Private Goods Private Services Government

U.S. Bureau of Economic Analysis Seasonally adjusted at annual rates

-4-

• Incorporation of newly available and revised source data, including the Census Bureau’s Service

Annual Survey (SAS), the Bureau of Labor Statistics’ (BLS) Quarterly Census of Employment and

Wages, and the Department of Treasury’s Statistics of Income.

• Introduction of a new implicit price deflator for import duties recorded in wholesale trade that

conceptually captures changes in both the price of the underlying duties as well as changes in

duty rates to improve the deflation of customs duties.

• Adoption of several retail trade producer price indexes (PPIs) due to the discontinuation of

various detailed retail trade industries in the BLS PPI program.

• Incorporation of new educational services output indicators based on SAS revenue and taxable

and tax-exempt expense data.

• Adoption of new commercial fishing indicators for quarterly estimates from 2017 onward using

BLS PPIs and Census Manufacturers’ Shipments, Inventories, and Orders (M3) survey data due to

the discontinuation of National Oceanic and Atmospheric Administration data on monthly

commercial fishing landings and prices.

The full results of the annual update of the industry economic accounts, including updated annual supply-use tables, can be found on the BEA Web site. Additional information will be available in an article in the October 2020 issue of the Survey of Current Business.

* * *

Next release, October 29, 2020 at 8:30 A.M. EDT Gross Domestic Product, Third Quarter 2020 (Advance Estimate)

-5-

Additional Information Resources Additional resources available at www.bea.gov:

• Information on COVID-19 and recovery impacts is available on our web site.

• Stay informed about BEA developments by reading the BEA blog, signing up for BEA’s email subscription service, or following BEA on Twitter @BEA_News.

• Historical time series for these estimates can be accessed in BEA’s interactive data application.

• Access BEA data by registering for BEA’s data application programming interface (API).

• For more on BEA’s statistics, see our monthly online journal, the Survey of Current Business.

• BEA's news release schedule

• NIPA Handbook: Concepts and Methods of the U.S. National Income and Product Accounts

• For detail on the three ways to measure GDP, see the Primer.

Definitions Gross domestic product (GDP), or value added, is the value of the goods and services produced by the nation’s economy less the value of the goods and services used up in production. GDP is also equal to the sum of personal consumption expenditures, gross private domestic investment, net exports of goods and services, and government consumption expenditures and gross investment. Gross domestic income (GDI) is the sum of incomes earned and costs incurred in the production of GDP. In national economic accounting, GDP and GDI are conceptually equal. In practice, GDP and GDI differ because they are constructed using largely independent source data. Gross output is the value of the goods and services produced by the nation’s economy. It is principally measured using industry sales or receipts, including sales to final users (GDP) and sales to other industries (intermediate inputs). Current-dollar estimates are valued in the prices of the period when the transactions occurred—that is, at "market value." Also referred to as "nominal estimates" or as "current-price estimates." Real values are inflation-adjusted estimates—that is, estimates that exclude the effects of price changes.

The gross domestic purchases price index measures the prices of final goods and services purchased by U.S. residents. The personal consumption expenditure price index measures the prices paid for the goods and services purchased by, or on the behalf of, "persons." Personal income is the income received by, or on behalf of, all persons from all sources: from participation as laborers in production, from owning a home or business, from the ownership of financial assets, and from government and business in the form of transfers. It includes income from domestic sources as well as the rest of world. It does not include realized or unrealized capital gains or losses. Disposable personal income is the income available to persons for spending or saving. It is equal to personal income less personal current taxes. Personal outlays is the sum of personal consumption expenditures, personal interest payments, and personal current transfer payments. Personal saving is personal income less personal outlays and personal current taxes. The personal saving rate is personal saving as a percentage of disposable personal income. Profits from current production, referred to as corporate profits with inventory valuation adjustment (IVA) and capital consumption (CCAdj) adjustment in the National Income and Product Accounts (NIPAs), is a measure of the net income of corporations before deducting income taxes that is consistent with the value of goods and services measured in GDP. The IVA and CCAdj are adjustments that convert inventory withdrawals and depreciation of fixed assets reported on a tax-return, historical-cost basis to the current-cost economic measures used in the national income and product accounts. Profits for domestic industries reflect profits for all corporations located within the geographic borders of the United States. The rest-of-the-world (ROW) component of profits is measured as the difference between profits received from ROW and profits paid to ROW. For more definitions, see the Glossary: National Income and Product Accounts.

Statistical conventions Annual-vs-quarterly rates. Quarterly seasonally adjusted values are expressed at annual rates, unless otherwise specified. This convention is used for BEA’s featured,

-6-

seasonally adjusted measures to facilitate comparisons with related and historical data. For details, see the FAQ “Why does BEA publish estimates at annual rates?” Quarterly not seasonally adjusted values are expressed only at quarterly rates. Percent changes. Percent changes in quarterly seasonally adjusted series are displayed at annual rates, unless otherwise specified. For details, see the FAQ “How is average annual growth calculated?” Percent changes in quarterly not seasonally adjusted values are calculated from the same quarter one year ago. All published percent changes are calculated from unrounded data. Calendar years and quarters. Unless noted otherwise, annual and quarterly data are presented on a calendar basis. Quantities and prices. Quantities, or "real" volume measures, and prices are expressed as index numbers with a specified reference year equal to 100 (currently 2012). Quantity and price indexes are calculated using a Fisher-chained weighted formula that incorporates weights from two adjacent periods (quarters for quarterly data and annuals for annual data). For details on the calculation of quantity and price indexes, see Chapter 4: Estimating Methods in the NIPA Handbook. Chained-dollar values are calculated by multiplying the quantity index by the current dollar value in the reference year (2012) and then dividing by 100. Percent changes calculated from real quantity indexes and chained-dollar levels are conceptually the same; any differences are due to rounding. Chained-dollar values are not additive because the relative weights for a given period differ from those of the reference year. In tables that display chained-dollar values, a "residual" line shows the difference between the sum of detailed chained-dollar series and its corresponding aggregate.

Updates to GDP BEA releases three vintages of the current quarterly estimate for GDP: "Advance" estimates are released near the end of the first month following the end of the quarter and are based on source data that are incomplete or subject to further revision by the source agency; "second" and "third" estimates are released near the end of the second and third months, respectively, and are based on more detailed and more comprehensive data as they become available. The table below shows the average revisions to the quarterly percent changes in real GDP between different estimate vintages, without regard to sign.

Vintage

Average Revision Without Regard to Sign

(percentage points, annual rates)

Advance to second 0.5

Advance to third 0.6

Second to third 0.3

Note - Based on estimates from 1993 through 2019. For more information on GDP updates, see Revision Information on the BEA Web site.

Annual and comprehensive updates are typically released in late July. Annual updates generally cover at least the 5 most recent calendar years (and their associated quarters) and incorporate newly available major annual source data as well as some changes in methods and definitions to improve the accounts. Comprehensive (or benchmark) updates are carried out at about 5-year intervals and incorporate major periodic source data, as well as major conceptual improvements. Unlike GDP, advance current quarterly estimates of GDI and corporate profits are not released because data on domestic profits and on net interest of domestic industries are not available. For fourth quarter estimates, these data are not available until the third estimate. GDP by industry and gross output estimates are released with the third estimate of GDP.

-7-

List of Release Tables Table 1. Real Gross Domestic Product and Related Measures: Percent Change from Preceding Period Table 2. Contributions to Percent Change in Real Gross Domestic Product Table 3. Gross Domestic Product: Level and Change from Preceding Period Table 4. Price Indexes for Gross Domestic Product and Related Measures: Percent Change from Preceding Period Table 5. Real Gross Domestic Product: Annual Percent Change Table 6. Real Gross Domestic Product: Percent Change from Quarter One Year Ago Table 7. Relation of Gross Domestic Product, Gross National Product, and National Income Table 8. Personal Income and Its Disposition Table 9. Corporate Profits: Level and Percent Change Table 10. Corporate Profits by Industry: Level and Change from Preceding Period Table 11. Gross Value Added of Nonfinancial Domestic Corporate Business Table 12. Real Gross Domestic Product by Industry Group: Percent Change from Preceding Period Table 13. Contributions to Percent Change in Real Gross Domestic Product by Industry Group Table 14. Gross Domestic Product by Industry Group: Level and Change from Preceding Period Table 15. Price Indexes for Gross Domestic Product by Industry Group: Percent Change from Preceding Period Table 16. Real Gross Output by Industry Group: Percent Change from Preceding Period Table 17. Gross Output by Industry Group: Level and Change from Preceding Period Table 18. Price Indexes for Gross Output by Industry Group: Percent Change from Preceding Period Appendix Table A. Real Gross Domestic Product and Related Aggregates: Percent Change from Preceding Period and

Contributions to Percent Change Appendix Table B. Not Seasonally Adjusted Real Gross Domestic Product: Level and Percent Change from Quarter One Year Ago

-8-

Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 r

1 Gross domestic product (GDP) 2.3 3.0 2.2 2.2 2.5 2.3 1.7 2.9 3.9 3.8 2.7 2.1 1.3 2.9 1.5 2.6 2.4 -5.0 -31.4 12 Personal consumption expenditures 2.6 2.7 2.4 2.6 2.5 3.2 1.8 2.3 4.2 2.0 3.2 2.7 1.6 1.8 3.7 2.7 1.6 -6.9 -33.2 23 Goods 4.0 4.1 3.7 4.0 2.1 3.9 4.9 4.1 7.7 2.1 4.2 2.8 2.6 2.5 7.7 4.2 0.6 0.1 -10.8 34 Durable goods 6.9 6.8 4.8 10.9 6.0 3.9 6.5 8.8 13.4 4.0 7.1 3.2 2.5 1.0 12.7 6.3 3.1 -12.5 -1.7 45 Nondurable goods 2.6 2.7 3.1 0.7 0.1 4.0 4.1 1.8 5.0 1.1 2.8 2.7 2.6 3.3 5.3 3.1 -0.7 7.1 -15.0 56 Services 2.0 2.1 1.8 2.0 2.7 2.8 0.4 1.5 2.6 2.0 2.7 2.6 1.1 1.5 1.9 2.0 2.0 -9.8 -41.8 67 Gross private domestic investment 3.5 6.3 1.7 0.1 11.2 -1.2 3.7 7.6 6.3 11.0 -1.1 10.2 3.9 3.9 -5.8 1.8 -3.7 -9.0 -46.6 78 Fixed investment 3.8 5.2 1.9 3.2 2.7 7.1 1.6 1.2 9.5 8.5 4.4 0.8 2.6 2.9 -0.4 2.4 1.0 -1.4 -29.2 89 Nonresidential 3.7 6.9 2.9 4.7 1.5 5.9 2.4 2.1 9.2 12.2 6.2 2.6 5.0 4.2 0.0 1.9 -0.3 -6.7 -27.2 910 Structures 4.2 3.7 -0.6 16.6 6.2 7.9 -0.7 -10.9 4.7 21.6 5.0 -5.9 -12.6 8.2 1.6 3.6 -5.3 -3.7 -33.6 1011 Equipment 3.2 8.0 2.1 -1.4 -0.7 4.7 5.1 6.2 14.1 10.1 2.4 6.1 9.6 2.0 -3.8 -1.7 -1.7 -15.2 -35.9 1112 Intellectual property products 4.2 7.8 6.4 5.4 1.0 5.9 1.1 6.7 6.0 8.8 12.3 4.4 12.1 4.5 4.1 5.3 4.6 2.4 -11.4 1213 Residential 4.0 -0.6 -1.7 -2.1 7.2 11.7 -1.1 -1.7 10.5 -3.3 -1.7 -5.4 -5.2 -1.7 -2.1 4.6 5.8 19.0 -35.6 1314 Change in private inventories ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... 1415 Net exports of goods and services ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... 1516 Exports 3.9 3.0 -0.1 6.9 -1.4 8.3 1.0 2.6 11.5 2.7 1.9 -5.2 2.8 1.8 -4.5 0.8 3.4 -9.5 -64.4 1617 Goods 4.1 4.2 -0.1 7.1 2.0 7.5 -1.6 2.8 16.6 1.3 8.5 -8.4 4.3 3.9 -9.1 3.1 2.5 -2.7 -66.8 1718 Services 3.7 0.8 -0.1 6.7 -7.5 9.7 6.0 2.5 2.7 5.4 -9.6 1.3 0.1 -2.0 4.9 -3.2 5.1 -20.8 -59.6 1819 Imports 4.7 4.1 1.1 5.1 6.8 4.3 3.6 1.7 13.1 0.3 -0.1 8.0 4.1 -2.1 1.7 0.5 -7.5 -15.0 -54.1 1920 Goods 4.7 5.0 0.5 4.5 8.0 4.0 2.7 1.2 16.7 1.5 -0.1 9.1 3.2 -2.7 0.1 0.7 -9.4 -11.4 -49.6 2021 Services 4.5 0.4 3.7 8.0 1.9 5.9 7.3 4.0 -1.2 -4.6 -0.1 3.3 8.4 0.6 9.0 -0.7 0.9 -28.5 -69.9 2122 Government consumption

expenditures and gross investment 0.9 1.8 2.3 1.9 1.0 0.0 1.5 0.2 2.8 1.5 2.9 2.5 -0.9 2.5 5.0 2.1 2.4 1.3 2.5 2223 Federal 0.3 2.8 4.0 1.8 0.1 -1.6 2.2 -0.5 5.0 1.9 3.5 4.5 1.9 1.3 9.2 4.8 4.0 1.6 16.4 2324 National defense 0.8 3.3 5.6 3.6 -0.9 -1.8 6.4 -1.5 6.0 -0.5 5.7 5.4 6.4 5.6 4.4 5.6 6.6 -0.3 3.8 2425 Nondefense -0.5 2.1 1.8 -0.7 1.6 -1.4 -3.7 1.0 3.6 5.5 0.6 3.3 -4.4 -4.7 16.9 3.5 0.1 4.4 37.6 2526 State and local 1.2 1.2 1.3 1.9 1.6 1.0 1.2 0.6 1.6 1.2 2.5 1.4 -2.5 3.2 2.6 0.6 1.5 1.1 -5.4 26

Addenda:

27 Gross domestic income (GDI) 1 2.5 2.6 1.8 2.3 2.1 3.8 3.3 1.7 2.8 3.6 0.8 4.6 0.6 2.2 1.2 0.8 3.3 -2.5 -33.5 2728 Average of GDP and GDI 2.4 2.8 2.0 2.2 2.3 3.0 2.5 2.3 3.4 3.7 1.7 3.3 1.0 2.6 1.3 1.7 2.8 -3.7 -32.5 2829 Final sales of domestic product 2.4 2.8 2.2 2.7 1.2 3.7 1.4 1.9 4.4 3.4 3.7 0.5 1.1 2.7 2.5 2.7 3.2 -3.6 -28.1 2930 Gross domestic purchases 2.5 3.2 2.3 2.1 3.6 1.9 2.1 2.8 4.3 3.4 2.4 3.9 1.5 2.3 2.2 2.5 0.8 -5.9 -30.3 3031 Final sales to domestic purchasers 2.5 3.0 2.3 2.6 2.3 3.3 1.7 1.8 4.8 3.0 3.3 2.3 1.3 2.1 3.2 2.6 1.6 -4.6 -27.1 3132 Final sales to private domestic

purchasers 2.9 3.2 2.3 2.7 2.5 4.0 1.8 2.1 5.2 3.3 3.4 2.3 1.8 2.0 2.8 2.7 1.5 -5.8 -32.4 3233 Gross national product (GNP) 2.6 2.9 2.0 2.2 3.6 2.3 1.5 3.6 4.2 3.5 2.2 1.4 1.5 2.4 1.9 2.7 2.3 -5.6 -32.3 3334 Disposable personal income 3.1 3.6 2.2 1.9 2.5 4.3 4.4 2.7 2.3 5.2 3.6 3.3 2.8 3.3 -1.0 2.1 1.9 2.6 46.6 34

Current-dollar measures:35 GDP 4.3 5.5 4.0 3.6 4.6 4.4 3.0 5.0 6.7 6.2 6.3 3.8 3.3 4.0 4.1 4.0 3.9 -3.4 -32.8 3536 GDI 4.4 5.1 3.6 3.7 4.1 5.9 4.6 3.7 5.6 6.1 4.3 6.3 2.6 3.3 3.8 2.2 4.9 -0.9 -34.9 3637 Average of GDP and GDI 4.4 5.3 3.8 3.6 4.3 5.1 3.8 4.3 6.2 6.2 5.3 5.0 2.9 3.6 4.0 3.1 4.4 -2.2 -33.9 3738 Final sales of domestic product 4.3 5.3 4.0 4.1 3.3 5.8 2.6 4.1 7.1 5.9 7.0 2.4 2.9 4.0 5.0 4.2 4.6 -2.4 -29.3 3839 Gross domestic purchases 4.4 5.6 3.9 3.6 5.5 4.2 3.2 4.5 7.2 6.4 5.3 5.6 3.3 3.1 4.6 3.6 2.3 -4.3 -31.5 3940 Final sales to domestic purchasers 4.4 5.4 3.9 4.1 4.3 5.6 2.9 3.7 7.5 6.0 6.0 4.3 2.9 3.1 5.5 3.9 3.0 -3.3 -28.0 4041 Final sales to private domestic

purchasers 4.7 5.4 3.9 4.2 4.5 6.1 2.9 3.8 7.6 6.1 5.8 3.9 3.2 3.0 5.3 4.0 2.7 -4.6 -33.1 4142 GNP 4.5 5.4 3.9 3.6 5.6 4.4 2.7 5.6 7.1 6.0 5.7 3.1 3.5 3.4 4.6 4.1 3.9 -4.0 -33.7 4243 Disposable personal income 4.9 5.8 3.7 3.6 4.4 6.6 5.3 4.4 5.0 8.0 5.9 4.9 4.2 3.9 1.5 3.5 3.4 3.9 44.3 43

Source: U.S. Bureau of Economic Analysis

2017 2018 2019

Seasonally adjusted at annual rates

2016 2017 2018 2019 2020 Line

September 30, 2020

Table 1. Real Gross Domestic Product and Related Measures: Percent Change from Preceding Period

Line

r Revised

1. Gross domestic income deflated by the implicit price deflator for gross domestic product.

-9-

Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 r

Percent change at annual rate:1 Gross domestic product 2.3 3.0 2.2 2.2 2.5 2.3 1.7 2.9 3.9 3.8 2.7 2.1 1.3 2.9 1.5 2.6 2.4 -5.0 -31.4 1

Percentage points at annual rates:2 Personal consumption expenditures 1.79 1.85 1.64 1.75 1.68 2.15 1.23 1.57 2.82 1.40 2.13 1.79 1.05 1.25 2.47 1.83 1.07 -4.75 -24.01 23 Goods 0.86 0.86 0.78 0.84 0.44 0.83 1.04 0.86 1.61 0.45 0.88 0.60 0.53 0.52 1.57 0.87 0.12 0.03 -2.06 34 Durable goods 0.49 0.48 0.34 0.75 0.42 0.28 0.46 0.61 0.92 0.29 0.50 0.23 0.17 0.07 0.85 0.44 0.22 -0.93 0.00 45 Motor vehicles and parts 0.13 0.11 -0.01 0.36 0.18 -0.09 0.04 0.26 0.37 -0.06 0.10 -0.01 0.03 -0.31 0.26 0.01 0.08 -0.78 0.05 56 Furnishings and durable

household equipment 0.13 0.11 0.06 0.15 0.06 0.13 0.12 0.17 0.22 0.07 0.08 0.10 -0.06 0.02 0.16 0.09 0.05 -0.07 -0.13 67 Recreational goods and vehicles 0.20 0.20 0.25 0.19 0.16 0.22 0.25 0.07 0.29 0.23 0.19 0.14 0.13 0.30 0.40 0.27 0.10 0.10 0.75 78 Other durable goods 0.04 0.06 0.05 0.05 0.02 0.01 0.05 0.11 0.03 0.05 0.12 0.00 0.07 0.06 0.04 0.08 0.00 -0.19 -0.67 89 Nondurable goods 0.37 0.38 0.44 0.09 0.02 0.55 0.58 0.25 0.69 0.16 0.39 0.37 0.36 0.45 0.71 0.43 -0.10 0.97 -2.05 910 Food and beverages purchased

for off-premises consumption 0.17 0.12 0.08 0.11 0.17 0.19 0.09 0.14 0.27 0.09 0.05 0.06 0.07 -0.02 0.20 0.23 -0.09 1.33 -0.27 1011 Clothing and footwear 0.03 0.07 0.07 0.06 -0.08 0.05 0.09 0.00 0.13 -0.01 0.11 0.15 0.04 -0.01 0.20 -0.04 0.11 -0.75 -0.96 1112 Gasoline and other energy goods -0.01 -0.01 -0.01 -0.03 -0.07 -0.02 0.11 -0.03 -0.03 -0.01 0.01 -0.05 0.02 0.00 0.00 -0.03 -0.04 -0.28 -0.89 1213 Other nondurable goods 0.18 0.20 0.29 -0.05 0.00 0.33 0.28 0.14 0.33 0.09 0.21 0.22 0.23 0.48 0.31 0.26 -0.08 0.66 0.07 1314 Services 0.93 0.98 0.86 0.91 1.24 1.32 0.20 0.71 1.20 0.95 1.25 1.19 0.52 0.73 0.90 0.96 0.96 -4.78 -21.95 1415 Household consumption

expenditures (for services) 0.93 0.92 0.92 0.61 1.23 1.24 0.35 0.86 1.22 0.79 1.09 1.19 0.14 1.21 1.00 0.94 1.07 -6.26 -23.30 1516 Housing and utilities 0.11 0.17 0.15 0.26 -0.08 -0.11 0.39 -0.01 0.33 0.07 0.24 0.05 0.21 0.12 0.17 0.21 -0.01 -0.04 0.57 1617 Health care 0.27 0.27 0.31 -0.20 0.64 0.26 -0.14 0.57 0.31 0.18 0.23 0.59 -0.20 0.50 0.44 0.09 0.54 -2.00 -7.59 1718 Transportation services 0.08 0.08 0.04 0.12 0.13 -0.02 0.07 0.16 0.21 0.19 -0.08 -0.08 -0.01 0.05 0.10 0.15 0.01 -0.66 -2.81 1819 Recreation services 0.03 0.06 0.04 0.14 0.13 0.05 -0.01 -0.08 -0.06 0.27 0.00 0.11 0.00 0.01 0.10 -0.03 0.09 -1.05 -4.41 1920 Food services and

accommodations 0.12 0.13 0.05 0.05 0.09 0.33 -0.07 0.07 0.13 0.19 0.15 0.28 -0.14 -0.07 0.21 0.11 0.00 -1.67 -5.43 2021 Financial services and insurance 0.11 0.01 0.11 0.10 0.08 0.28 0.05 0.13 0.00 -0.05 -0.03 0.09 0.09 0.24 0.00 0.12 0.19 -0.11 0.05 2122 Other services 0.22 0.19 0.23 0.13 0.24 0.45 0.06 0.02 0.30 -0.06 0.58 0.15 0.20 0.34 -0.02 0.29 0.25 -0.73 -3.67 2223 Final consumption expenditures of

nonprofit institutions serving households 0.00 0.06 -0.06 0.30 0.01 0.08 -0.15 -0.15 -0.01 0.17 0.16 0.01 0.38 -0.48 -0.10 0.01 -0.11 1.48 1.35 23

24 Gross output of nonprofit institutions 0.11 0.19 0.10 0.22 0.34 0.08 -0.35 0.23 0.14 0.05 0.50 0.34 0.01 0.13 -0.05 -0.03 0.15 -0.14 -1.61 2425 Less: Receipts from sales of

goods and services by nonprofit institutions 0.10 0.12 0.17 -0.08 0.33 0.00 -0.20 0.38 0.16 -0.11 0.34 0.34 -0.37 0.61 0.05 -0.04 0.26 -1.62 -2.95 25

26 Gross private domestic investment 0.60 1.08 0.30 0.03 1.80 -0.23 0.61 1.26 1.07 1.83 -0.19 1.72 0.69 0.71 -1.04 0.34 -0.64 -1.56 -8.77 2627 Fixed investment 0.64 0.88 0.32 0.53 0.45 1.17 0.27 0.21 1.57 1.42 0.76 0.14 0.46 0.50 -0.07 0.42 0.17 -0.23 -5.27 2728 Nonresidential 0.49 0.91 0.39 0.61 0.19 0.75 0.31 0.28 1.18 1.55 0.82 0.36 0.66 0.56 0.01 0.25 -0.04 -0.91 -3.67 2829 Structures 0.12 0.11 -0.02 0.46 0.18 0.24 -0.02 -0.35 0.14 0.60 0.15 -0.19 -0.40 0.24 0.05 0.11 -0.16 -0.11 -1.11 2930 Equipment 0.18 0.45 0.12 -0.08 -0.04 0.26 0.28 0.35 0.78 0.57 0.15 0.35 0.54 0.12 -0.23 -0.10 -0.10 -0.91 -2.03 3031 Information processing equipment 0.14 0.16 0.06 0.12 0.10 0.13 0.23 0.08 0.28 0.26 0.00 0.17 -0.01 0.15 0.02 -0.01 -0.02 -0.25 0.51 3132 Industrial equipment 0.06 0.10 0.03 -0.05 0.05 0.07 0.11 0.07 0.15 0.12 0.01 0.08 0.15 -0.04 0.01 0.02 -0.12 -0.07 -0.28 3233 Transportation equipment -0.02 0.09 -0.01 -0.08 -0.11 0.03 -0.10 0.16 0.18 0.10 -0.05 0.05 0.29 0.02 -0.32 -0.13 0.12 -0.50 -1.78 3334 Other equipment 0.01 0.11 0.04 -0.08 -0.08 0.04 0.05 0.04 0.17 0.10 0.18 0.04 0.12 -0.01 0.05 0.02 -0.08 -0.09 -0.47 3435 Intellectual property products 0.18 0.34 0.29 0.23 0.04 0.25 0.05 0.28 0.26 0.38 0.52 0.19 0.52 0.20 0.19 0.24 0.21 0.11 -0.53 3536 Software 0.14 0.20 0.14 0.15 0.12 0.14 0.13 0.18 0.14 0.23 0.26 0.14 0.21 0.11 0.08 0.16 0.15 0.18 -0.10 3637 Research and development 0.03 0.13 0.13 0.05 -0.10 0.11 -0.08 0.10 0.10 0.13 0.25 0.04 0.29 0.10 0.11 0.07 0.06 -0.04 -0.31 3738 Entertainment, literary, and

artistic originals 0.01 0.01 0.01 0.04 0.02 0.00 0.00 0.00 0.02 0.01 0.02 0.01 0.03 0.00 0.00 0.01 0.01 -0.03 -0.12 3839 Residential 0.15 -0.02 -0.07 -0.08 0.26 0.43 -0.04 -0.07 0.39 -0.13 -0.07 -0.22 -0.21 -0.06 -0.08 0.17 0.22 0.68 -1.60 3940 Change in private inventories -0.04 0.20 -0.02 -0.50 1.35 -1.41 0.34 1.05 -0.50 0.41 -0.94 1.58 0.23 0.21 -0.97 -0.09 -0.82 -1.34 -3.50 4041 Farm 0.00 -0.01 -0.04 0.08 -0.12 0.01 0.01 -0.04 0.01 0.03 -0.02 -0.05 -0.04 -0.16 0.04 0.02 0.08 0.13 0.08 4142 Nonfarm -0.04 0.21 0.02 -0.58 1.47 -1.42 0.33 1.09 -0.51 0.38 -0.92 1.63 0.27 0.37 -1.01 -0.11 -0.89 -1.47 -3.58 4243 Net exports of goods and services -0.22 -0.25 -0.18 0.08 -1.13 0.36 -0.39 0.08 -0.49 0.29 0.25 -1.83 -0.27 0.55 -0.79 0.04 1.52 1.13 0.62 4344 Exports 0.47 0.36 -0.01 0.80 -0.17 0.98 0.13 0.33 1.36 0.34 0.24 -0.66 0.34 0.22 -0.54 0.10 0.39 -1.12 -9.51 4445 Goods 0.31 0.33 -0.01 0.53 0.16 0.59 -0.12 0.23 1.24 0.11 0.67 -0.71 0.34 0.31 -0.74 0.23 0.19 -0.20 -6.56 4546 Services 0.15 0.03 -0.01 0.27 -0.33 0.39 0.25 0.10 0.12 0.23 -0.43 0.05 0.00 -0.08 0.20 -0.13 0.20 -0.92 -2.95 4647 Imports -0.68 -0.62 -0.16 -0.72 -0.96 -0.62 -0.52 -0.25 -1.85 -0.05 0.01 -1.17 -0.61 0.33 -0.25 -0.06 1.13 2.25 10.13 4748 Goods -0.56 -0.60 -0.06 -0.51 -0.91 -0.46 -0.32 -0.14 -1.89 -0.19 0.01 -1.08 -0.39 0.34 -0.01 -0.08 1.15 1.36 7.32 4849 Services -0.12 -0.01 -0.10 -0.21 -0.05 -0.16 -0.20 -0.11 0.04 0.13 0.00 -0.09 -0.23 -0.01 -0.24 0.02 -0.03 0.90 2.80 4950 Government consumption

expenditures and gross investment 0.16 0.32 0.40 0.33 0.19 0.01 0.27 0.04 0.49 0.26 0.50 0.44 -0.16 0.43 0.86 0.37 0.42 0.22 0.77 5051 Federal 0.02 0.18 0.26 0.12 0.01 -0.10 0.14 -0.03 0.32 0.12 0.23 0.29 0.12 0.09 0.58 0.31 0.26 0.10 1.17 5152 National defense 0.03 0.13 0.21 0.14 -0.03 -0.07 0.24 -0.06 0.23 -0.02 0.21 0.20 0.24 0.22 0.17 0.22 0.26 -0.01 0.18 5253 Consumption expenditures 0.00 0.07 0.14 0.18 -0.01 -0.13 0.14 -0.06 0.11 -0.02 0.18 0.12 0.08 0.18 0.17 0.10 0.13 0.03 0.08 5354 Gross investment 0.03 0.05 0.08 -0.04 -0.02 0.06 0.10 0.00 0.11 0.00 0.03 0.08 0.16 0.04 0.00 0.12 0.13 -0.04 0.10 5455 Nondefense -0.01 0.06 0.05 -0.02 0.04 -0.04 -0.10 0.03 0.09 0.14 0.01 0.08 -0.12 -0.13 0.41 0.09 0.00 0.11 0.98 5556 Consumption expenditures -0.03 0.05 0.02 -0.03 0.02 -0.06 -0.10 0.03 0.07 0.17 -0.01 0.06 -0.13 -0.13 0.35 0.05 -0.03 0.08 1.05 5657 Gross investment 0.01 0.01 0.03 0.01 0.02 0.02 0.00 -0.01 0.02 -0.02 0.02 0.03 0.01 0.00 0.06 0.04 0.04 0.03 -0.07 5758 State and local 0.14 0.13 0.14 0.21 0.17 0.11 0.13 0.07 0.17 0.13 0.27 0.15 -0.28 0.34 0.28 0.06 0.16 0.12 -0.40 5859 Consumption expenditures 0.10 0.09 0.09 0.22 0.07 0.07 0.08 0.09 0.08 0.08 0.11 0.13 0.07 0.09 0.07 0.12 0.07 -0.13 -0.36 5960 Gross investment 0.04 0.04 0.05 0.00 0.10 0.04 0.05 -0.02 0.09 0.05 0.16 0.02 -0.35 0.25 0.21 -0.06 0.09 0.25 -0.04 60

September 30, 2020Table 2. Contributions to Percent Change in Real Gross Domestic Product

Line

r RevisedSource: U.S. Bureau of Economic Analysis

2017 2018 2019Seasonally adjusted at annual rates

2016 2017 2018 2019 2020 Line

-10-

Q2 Q3 Q4 Q1 Q2 r Q2 Q3 Q4 Q1 Q2 r Q1 Q2 r

1 Gross domestic product (GDP) 21,433.2 21,329.9 21,540.3 21,747.4 21,561.1 19,520.1 19,091.7 19,020.6 19,141.7 19,254.0 19,010.8 17,302.5 403.9 -243.1 -1,708.3 12 Personal consumption expenditures 14,544.6 14,497.3 14,645.3 14,759.2 14,545.5 13,097.3 13,240.2 13,212.8 13,301.3 13,353.7 13,118.4 11,860.3 312.1 -235.3 -1,258.2 23 Goods 4,512.2 4,517.7 4,553.6 4,562.4 4,552.9 4,361.5 4,760.5 4,756.3 4,805.2 4,811.8 4,812.9 4,677.4 170.3 1.1 -135.5 34 Durable goods 1,534.4 1,536.0 1,552.8 1,554.1 1,496.4 1,478.3 1,774.6 1,770.5 1,797.8 1,811.7 1,752.0 1,744.6 81.9 -59.7 -7.4 45 Motor vehicles and parts 521.8 524.9 525.7 528.2 484.6 484.6 532.4 534.6 535.1 539.2 495.9 497.3 -2.7 -43.3 1.4 56 Furnishings and durable

household equipment 357.4 357.4 361.8 360.9 359.2 352.0 410.1 409.1 414.4 417.3 413.2 404.7 13.4 -4.1 -8.5 6

7Recreational goods and vehicles 433.4 432.2 441.0 441.6 441.8 471.6 590.6 585.9 605.9 613.0 620.6 674.0 68.7 7.6 53.5 7

8 Other durable goods 221.7 221.5 224.3 223.4 210.9 170.0 260.6 258.8 263.5 263.7 251.2 205.5 12.6 -12.5 -45.7 89 Nondurable goods 2,977.9 2,981.7 3,000.8 3,008.2 3,056.5 2,883.2 3,001.5 3,001.0 3,023.9 3,018.2 3,070.6 2,947.9 91.2 52.4 -122.7 9

10 Food and beverages purchased for off-premises consumption 1,025.7 1,023.4 1,035.2 1,032.4 1,112.9 1,137.1 982.0 979.9 991.6 987.1 1,055.9 1,040.9 16.2 68.8 -15.0 10

11 Clothing and footwear 403.5 404.4 405.6 404.9 366.5 287.8 412.0 414.3 412.2 418.0 375.9 318.1 14.9 -42.1 -57.8 1112 Gasoline and other energy goods 335.4 344.9 334.5 340.4 310.4 188.3 444.9 446.7 444.8 441.6 421.3 342.0 -2.0 -20.3 -79.3 1213 Other nondurable goods 1,213.3 1,209.0 1,225.5 1,230.5 1,266.7 1,270.0 1,145.0 1,143.1 1,156.5 1,152.5 1,186.3 1,186.8 57.3 33.8 0.5 1314 Services 10,032.4 9,979.6 10,091.7 10,196.8 9,992.5 8,735.8 8,520.5 8,498.3 8,541.5 8,584.9 8,365.3 7,306.9 153.4 -219.5 -1,058.4 1415 Household consumption

expenditures (for services) 9,593.2 9,542.2 9,647.4 9,758.5 9,471.1 8,153.3 8,167.8 8,145.6 8,188.4 8,237.0 7,949.2 6,832.2 165.3 -287.8 -1,117.0 1516 Housing and utilities 2,681.2 2,668.9 2,698.8 2,717.8 2,737.3 2,781.2 2,193.0 2,190.4 2,199.5 2,199.1 2,197.4 2,220.6 25.7 -1.7 23.2 1617 Health care 2,450.8 2,440.2 2,457.0 2,500.3 2,403.5 2,000.8 2,232.9 2,229.4 2,234.0 2,260.2 2,161.7 1,782.7 58.8 -98.5 -379.0 1718 Transportation services 483.4 480.1 489.1 493.5 453.4 286.8 442.5 439.8 447.4 447.8 414.8 267.3 6.8 -33.0 -147.5 1819 Recreation services 580.4 579.8 579.7 590.7 536.6 290.1 503.2 504.2 502.6 506.7 457.7 246.0 6.5 -49.0 -211.6 1920 Food services and

accommodations 999.5 997.9 1,009.5 1,011.5 926.4 616.0 842.2 842.0 847.1 847.0 771.0 514.1 9.6 -76.0 -256.8 20

21Financial services and insurance 1,176.1 1,168.7 1,184.4 1,199.5 1,200.9 1,182.0 857.9 853.7 858.2 865.8 861.4 859.0 17.6 -4.4 -2.4 21

22 Other services 1,221.8 1,206.6 1,228.8 1,245.2 1,213.0 996.4 1,114.4 1,104.1 1,118.2 1,130.5 1,094.3 897.7 43.3 -36.2 -196.7 2223 Final consumption expenditures of

nonprofit institutions serving households 439.2 437.4 444.3 438.3 521.4 582.5 354.0 353.8 354.3 349.5 413.5 467.0 -11.0 64.0 53.5 23

24 Gross output of nonprofit institutions 1,658.1 1,651.2 1,661.8 1,678.0 1,681.1 1,595.6 1,418.3 1,416.7 1,415.3 1,422.1 1,415.5 1,338.4 18.5 -6.6 -77.1 24

25 Less: Receipts from sales of goods and services by nonprofit institutions 1,218.9 1,213.8 1,217.5 1,239.7 1,159.6 1,013.1 1,066.2 1,064.8 1,062.8 1,074.9 998.6 862.6 30.8 -76.3 -136.0 25

26 Gross private domestic investment 3,751.2 3,739.7 3,759.8 3,732.6 3,675.9 3,128.6 3,442.6 3,429.9 3,445.7 3,413.3 3,334.0 2,849.8 57.7 -79.4 -484.2 2627 Fixed investment 3,702.1 3,686.6 3,718.5 3,729.2 3,728.0 3,427.0 3,371.7 3,358.6 3,378.9 3,387.2 3,375.4 3,096.3 61.4 -11.8 -279.1 2728 Nonresidential 2,895.0 2,891.3 2,908.0 2,902.3 2,859.3 2,646.8 2,776.8 2,771.0 2,783.9 2,781.5 2,733.8 2,525.5 77.9 -47.7 -208.3 2829 Structures 650.2 649.7 658.8 652.3 648.7 584.0 547.7 547.8 552.6 545.1 540.0 487.5 -3.4 -5.1 -52.5 2930 Equipment 1,241.0 1,243.1 1,234.9 1,229.3 1,181.6 1,057.2 1,267.7 1,268.6 1,263.3 1,258.0 1,207.1 1,080.1 25.5 -50.9 -127.0 3031 Information processing

equipment 397.2 399.2 396.1 392.1 377.7 401.8 493.9 494.8 494.3 492.9 475.8 507.4 14.6 -17.1 31.5 3132 Industrial equipment 260.9 261.7 263.7 257.8 255.1 238.8 249.1 250.2 251.4 245.3 241.8 226.5 5.2 -3.5 -15.3 3233 Transportation equipment 310.3 309.0 300.0 307.8 282.1 175.8 285.7 283.7 277.1 283.0 257.8 160.6 -1.3 -25.2 -97.2 3334 Other equipment 272.5 273.3 275.1 271.7 266.7 240.9 250.1 251.2 252.2 248.5 243.9 219.5 8.4 -4.6 -24.4 3435 Intellectual property products 1,003.8 998.5 1,014.2 1,020.7 1,029.1 1,005.6 968.2 961.5 974.0 985.2 991.1 961.5 57.9 5.9 -29.5 3536 Software 411.2 407.6 416.3 419.6 427.0 420.9 449.3 443.6 452.9 461.8 472.5 465.4 32.8 10.7 -7.1 3637 Research and development 501.9 500.5 506.8 509.4 511.5 499.6 440.5 439.4 442.7 445.3 443.6 428.3 24.5 -1.7 -15.3 3738 Entertainment, literary,

and artistic originals 90.7 90.5 91.1 91.7 90.6 85.2 83.7 83.3 83.9 84.3 82.8 76.8 1.9 -1.5 -6.0 3839 Residential 807.1 795.3 810.5 827.0 868.7 780.2 601.5 595.2 601.9 610.5 637.6 571.3 -10.5 27.1 -66.4 3940 Change in private inventories 49.1 53.1 41.3 3.4 -52.1 -298.4 48.5 49.4 44.0 -1.1 -80.9 -287.0 -4.9 -79.9 -206.1 4041 Farm -14.5 -15.6 -14.5 -10.4 -3.5 -0.6 -16.9 -16.3 -20.4 -15.6 -10.7 -2.2 -9.1 5.0 8.4 4142 Nonfarm 63.6 68.6 55.8 13.8 -48.6 -297.8 62.2 63.2 59.8 11.5 -70.9 -280.8 2.9 -82.5 -209.8 42

Note. Users are cautioned that particularly for components that exhibit rapid change in prices relative to other prices in the economy, the chained-dollar estimates should not be used to measure the component's relative importance or its contribution to the growth rate of more aggregate series. For accurate estimates of the contributions to percent changes in real gross domestic product, use table 2.

Source: U.S. Bureau of Economic Analysis

Billions of dollars

2019Seasonally adjusted at annual rates

2019 2020

Billions of chained (2012) dollars

2019Seasonally adjusted at annual rates

2019 2020

Change from preceding period

20192020

September 30, 2020Table 3. Gross Domestic Product: Level and Change from Preceding Period--Continues

Line

r Revised

1. Real gross domestic income is gross domestic income deflated by the implicit price deflator for gross domestic product.

Line

-11-

Q2 Q3 Q4 Q1 Q2 r Q2 Q3 Q4 Q1 Q2 r Q1 Q2 r

43 Net exports of goods and services -610.5 -644.7 -631.8 -549.8 -494.3 -545.2 -917.6 -951.4 -950.2 -861.5 -788.0 -775.1 -40.0 73.5 13.0 4344 Exports 2,514.8 2,514.6 2,505.2 2,515.7 2,438.7 1,788.2 2,546.6 2,531.4 2,536.6 2,557.8 2,495.1 1,927.4 -3.0 -62.7 -567.7 4445 Goods 1,636.7 1,631.1 1,626.0 1,629.1 1,599.0 1,135.1 1,782.5 1,762.5 1,775.8 1,786.8 1,774.5 1,347.2 -1.8 -12.3 -427.3 4546 Services 878.0 883.5 879.2 886.5 839.7 653.1 767.6 770.7 764.4 774.0 730.1 582.1 -1.1 -43.9 -148.0 4647 Imports 3,125.2 3,159.4 3,137.1 3,065.4 2,933.0 2,333.3 3,464.2 3,482.9 3,486.8 3,419.3 3,283.1 2,702.5 37.0 -136.2 -580.6 4748 Goods 2,525.6 2,556.4 2,534.6 2,460.7 2,377.9 1,927.8 2,923.4 2,939.0 2,944.4 2,872.2 2,786.5 2,348.0 14.1 -85.8 -438.5 4849 Services 599.6 603.0 602.4 604.8 555.1 405.5 543.1 546.2 545.2 546.5 502.5 372.1 19.4 -43.9 -130.5 4950 Government consumption

expenditures and gross investment 3,747.9 3,737.6 3,767.1 3,805.3 3,834.1 3,839.3 3,303.9 3,300.3 3,317.7 3,337.5 3,347.9 3,368.7 74.1 10.4 20.9 50

51 Federal 1,419.2 1,410.6 1,429.3 1,447.9 1,452.6 1,504.8 1,277.2 1,273.6 1,288.5 1,301.1 1,306.1 1,356.8 49.4 5.0 50.7 5152 National defense 852.4 844.3 857.7 874.7 873.8 876.5 780.2 773.7 784.4 797.1 796.5 804.0 41.1 -0.5 7.5 5253 Consumption expenditures 676.5 673.7 680.5 689.9 690.9 688.5 613.8 611.9 616.8 623.0 624.3 627.4 26.4 1.4 3.0 5354 Gross investment 175.9 170.6 177.2 184.8 182.8 188.0 166.9 162.2 168.1 174.8 172.8 177.4 15.0 -2.0 4.6 54

55 Nondefense 566.7 566.4 571.6 573.3 578.8 628.3 497.1 499.7 504.0 504.1 509.6 551.9 8.7 5.4 42.3 5556 Consumption expenditures 420.8 421.2 424.1 423.8 427.1 479.7 362.8 366.0 368.4 366.8 370.5 415.8 3.8 3.7 45.2 5657 Gross investment 146.0 145.1 147.5 149.5 151.7 148.7 134.6 133.9 135.9 137.7 139.4 135.7 5.1 1.7 -3.7 5758 State and local 2,328.7 2,327.0 2,337.8 2,357.4 2,381.6 2,334.5 2,025.5 2,025.5 2,028.3 2,035.6 2,041.0 2,013.1 25.3 5.4 -27.9 5859 Consumption expenditures 1,897.8 1,892.8 1,904.6 1,918.8 1,928.0 1,885.0 1,653.3 1,650.4 1,656.1 1,659.2 1,653.1 1,627.6 16.7 -6.1 -25.5 5960 Gross investment 431.0 434.2 433.2 438.5 453.6 449.6 372.2 375.0 372.2 376.4 387.8 385.4 8.6 11.4 -2.4 6061 Residual ............... ............... ............... ............... ............... ............... -58.8 -51.3 -59.0 -74.9 -62.5 -66.3 .......... .............. .............. 61

Addenda:62 Gross domestic income (GDI) 1 21,420.4 21,347.2 21,465.3 21,721.2 21,671.3 19464.4 19,080.2 19,036.1 19,075.1 19,230.7 19,108.0 17253.1 339.9 -122.7 -1,854.9 6263 Average of GDP and GDI 21,426.8 21,338.6 21,502.8 21,734.3 21,616.2 19492.2 19,085.9 19,028.3 19,108.4 19,242.4 19,059.4 17277.8 371.9 -182.9 -1,781.6 6364 Final sales of domestic product 21,384.1 21,276.8 21,499.0 21,744.0 21,613.3 19,818.5 19,021.1 18,949.6 19,075.2 19,226.6 19,049.0 17,540.5 407.3 -177.6 -1,508.4 6465 Gross domestic purchases 22,043.7 21,974.6 22,172.2 22,297.2 22,055.4 20,065.3 19,981.0 19,937.4 20,059.1 20,099.6 19,797.8 18,087.5 443.9 -301.9 -1,710.3 6566 Final sales to domestic purchasers 21,994.6 21,921.6 22,130.8 22,293.7 22,107.6 20,363.6 19,910.9 19,866.8 19,993.1 20,073.6 19,838.5 18,331.4 447.4 -235.1 -1,507.1 6667 Final sales to private domestic 18,246.7 18,183.9 18,363.8 18,488.4 18,273.4 16,524.3 16,611.7 16,571.1 16,680.0 16,740.6 16,493.4 14,956.2 373.5 -247.2 -1,537.2 6768 Gross domestic product 21,433.2 21,329.9 21,540.3 21,747.4 21,561.1 19,520.1 19,091.7 19,020.6 19,141.7 19,254.0 19,010.8 17,302.5 403.9 -243.1 -1,708.3 6869 Plus: Income receipts from the rest of

the world 1,169.8 1,184.3 1,181.2 1,165.9 1,054.6 866 1,059.2 1,073.7 1,067.0 1,049.6 946.2 779.4 8.4 -103.4 -166.8 6970 Less: Income payments to the rest of

the world 900.2 913.2 901.4 884.8 811.4 714.2 812.0 824.7 811.2 793.6 725.3 640.3 26.1 -68.3 -85.0 7071 Equals: Gross national product 21,702.9 21,601.0 21,820.1 22,028.5 21,804.3 19672 19,338.4 19,269.0 19,397.0 19,509.6 19,232.1 17442.9 386.5 -277.5 -1,789.1 7172 Net domestic product 18,012.3 17,925.5 18,097.0 18,272.9 18,052.2 15,985.7 15,971.8 15,912.6 16,009.6 16,098.4 15,835.0 14,118.9 310.4 -263.4 -1,716.2 72

Note. Users are cautioned that particularly for components that exhibit rapid change in prices relative to other prices in the economy, the chained-dollar estimates should not be used to measure the component's relative importance or its contribution to the growth rate of more aggregate series. For accurate estimates of the contributions to percent changes in real gross domestic product, use table 2.

Source: U.S. Bureau of Economic Analysis

Billions of dollars

2019Seasonally adjusted at annual rates

2019 2020

Billions of chained (2012) dollars

2019Seasonally adjusted at annual rates

2019 2020

Change from preceding period

20192020

September 30, 2020Table 3. Gross Domestic Product: Level and Change from Preceding Period--Table Ends

Line

r Revised

1. Real gross domestic income is gross domestic income deflated by the implicit price deflator for gross domestic product.

Line

-12-

Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 r

1 Gross domestic product (GDP) 1.9 2.4 1.8 1.3 2.2 2.0 1.3 2.3 2.5 2.4 3.2 1.8 1.8 1.2 2.5 1.5 1.4 1.4 -1.8 12 Personal consumption expenditures 1.8 2.1 1.5 1.6 1.9 2.2 0.9 1.6 2.6 2.7 2.2 1.6 1.4 0.6 2.5 1.4 1.5 1.3 -1.6 23 Goods 0.3 0.7 -0.5 -1.2 0.8 2.2 -2.6 0.5 1.6 1.9 0.8 -0.4 -1.3 -1.8 1.8 -0.9 0.2 -0.9 -5.6 34 Durable goods -2.3 -1.7 -1.2 -4.1 -3.3 0.3 -3.1 -3.0 -1.5 -1.4 -1.2 -1.4 -1.2 -0.6 -1.0 -1.8 -2.7 -1.7 -3.1 45 Nondurable goods 1.6 1.9 -0.1 0.3 3.0 3.2 -2.4 2.4 3.3 3.6 1.8 0.1 -1.3 -2.4 3.2 -0.5 1.8 -0.5 -6.8 56 Services 2.5 2.8 2.4 2.9 2.3 2.2 2.5 2.2 3.1 3.1 2.9 2.5 2.7 1.7 2.9 2.5 2.1 2.3 0.3 67 Gross private domestic investment 1.7 1.9 1.7 0.7 2.3 1.3 2.2 2.0 0.6 2.4 2.7 1.7 1.0 2.5 1.7 1.0 0.2 1.8 -0.1 78 Fixed investment 1.7 1.9 1.7 0.8 2.2 1.5 2.2 1.8 0.9 2.6 2.5 1.8 1.1 2.4 1.8 1.0 0.2 1.3 0.8 89 Nonresidential 0.9 0.9 1.3 -0.7 1.3 1.0 1.4 1.0 0.3 0.8 1.2 1.2 0.7 2.5 1.8 0.4 -0.4 1.0 0.8 9

10 Structures 2.6 1.7 3.6 -0.2 2.5 3.7 3.6 3.4 0.0 0.0 2.4 2.0 5.5 4.0 4.5 2.1 1.5 1.5 -1.1 1011 Equipment -0.1 0.1 0.2 -0.6 -0.5 0.7 -0.2 0.1 0.0 -0.3 0.1 1.6 -0.1 0.9 -0.4 -1.0 -0.1 0.7 0.0 1112 Intellectual property products 0.8 1.3 1.3 -1.0 3.0 -0.3 1.8 0.3 0.7 2.8 2.0 0.3 -1.4 3.5 2.7 1.1 -2.0 0.9 2.9 1213 Residential 4.5 5.6 2.8 6.1 5.2 3.0 5.1 4.6 3.0 9.1 7.0 3.8 2.4 2.3 1.9 3.2 2.4 2.3 1.0 1314 Change in private inventories ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... 1415 Net exports of goods and services ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... 1516 Exports 2.6 3.4 -0.4 2.3 2.8 2.7 0.2 3.8 5.5 3.6 5.0 1.2 -1.3 -3.3 3.2 -2.3 -1.7 -2.5 -18.8 1617 Goods 2.6 3.6 -1.5 2.1 2.0 3.2 -0.6 4.9 5.5 3.8 6.0 0.9 -2.8 -5.1 2.4 -4.2 -1.7 -4.6 -23.6 1718 Services 2.6 3.1 1.7 2.9 4.2 1.9 1.8 1.7 5.5 3.2 3.2 1.8 1.6 0.0 4.8 1.3 -1.6 1.7 -9.4 1819 Imports 2.2 2.9 -1.5 3.2 1.4 4.1 -0.4 1.2 5.4 6.7 0.3 1.5 -1.9 -3.9 0.9 -3.2 -1.4 -1.4 -12.8 1920 Goods 2.2 2.8 -2.0 3.9 1.5 4.8 -1.4 0.4 6.0 7.4 -0.2 1.4 -2.5 -4.8 0.7 -4.1 -1.9 -1.6 -14.3 2021 Services 2.1 3.1 1.0 0.3 1.0 1.1 4.1 4.6 2.9 3.8 2.5 1.9 0.6 0.5 1.4 0.4 0.6 -0.7 -5.2 2122 Government consumption

expenditures and gross investment 2.4 3.6 1.9 1.5 2.1 3.0 1.2 3.0 4.3 4.4 3.8 3.2 2.8 1.2 1.2 1.0 1.7 1.8 -1.9 2223 Federal 2.1 3.1 1.9 1.7 2.0 2.3 1.5 2.0 3.2 4.3 3.0 2.4 3.0 4.7 -2.6 0.6 1.3 -0.3 -1.1 2324 National defense 1.7 2.9 1.7 1.6 1.6 2.1 0.8 1.6 3.0 4.3 3.1 2.5 1.9 1.6 1.1 0.8 1.5 -0.1 -2.5 2425 Nondefense 2.6 3.3 2.1 1.9 2.7 2.6 2.5 2.7 3.4 4.2 2.9 2.4 4.5 9.4 -7.8 0.2 1.1 -0.5 1.0 25

26 State and local 2.5 4.0 1.9 1.4 2.1 3.4 0.9 3.6 4.9 4.5 4.3 3.7 2.7 -0.8 3.5 1.3 1.9 3.1 -2.4 26Addenda:

27 Final sales of domestic product 1.9 2.4 1.8 1.3 2.1 2.0 1.3 2.2 2.6 2.5 3.2 1.9 1.8 1.2 2.5 1.5 1.4 1.3 -1.7 2728 Gross domestic purchases 1.9 2.3 1.6 1.5 2.0 2.2 1.2 1.9 2.6 2.9 2.6 1.9 1.6 1.0 2.2 1.3 1.3 1.4 -1.4 2829 Final sales to domestic purchasers 1.9 2.4 1.6 1.5 2.0 2.2 1.1 1.9 2.6 3.0 2.5 1.9 1.6 1.0 2.2 1.3 1.3 1.4 -1.3 2930 Final sales to private domestic

purchasers 1.8 2.1 1.5 1.5 1.9 2.1 1.1 1.7 2.3 2.7 2.3 1.6 1.4 0.9 2.4 1.3 1.3 1.3 -1.1 3031 Gross national product (GNP) 1.9 2.4 1.8 1.3 2.1 2.0 1.3 2.3 2.5 2.4 3.2 1.9 1.8 1.2 2.5 1.5 1.4 1.4 -1.8 31

32 GDP excluding food and energy 1 1.9 2.4 2.0 1.9 2.0 2.0 1.4 1.9 2.5 2.8 3.0 2.0 2.1 1.6 2.4 1.7 1.3 1.7 -1.2 3233 Gross domestic purchases excluding

food and energy 1 1.8 2.3 1.7 1.6 1.7 1.9 1.5 1.8 2.2 2.8 2.7 1.8 1.9 1.5 1.9 1.6 1.2 1.6 -0.8 33

34 PCE excluding food and energy 1 1.7 2.0 1.7 1.9 1.5 1.8 1.4 1.4 2.1 2.4 2.3 1.5 1.9 1.2 2.1 1.9 1.3 1.6 -0.8 34

35 Market-based PCE 2 1.5 1.8 1.3 1.3 1.6 2.1 0.1 1.3 2.4 2.3 2.1 1.3 1.1 0.8 2.1 1.1 1.5 1.3 -1.0 3536 Market-based PCE excluding food and

energy 1,2 1.3 1.6 1.5 1.6 1.1 1.6 0.6 1.0 1.7 2.0 2.2 1.1 1.5 1.6 1.6 1.6 1.3 1.7 0.1 36

Implicit price deflators:37 GDP 1.9 2.4 1.8 1.4 2.0 2.0 1.2 2.0 2.7 2.4 3.5 1.6 1.9 1.0 2.6 1.4 1.5 1.7 -2.1 3738 Gross domestic purchases 1.8 2.4 1.6 1.5 1.8 2.3 1.1 1.7 2.8 2.9 2.8 1.6 1.7 0.8 2.3 1.2 1.5 1.7 -1.7 3839 GNP 1.9 2.4 1.8 1.4 2.0 2.0 1.2 2.0 2.7 2.4 3.5 1.6 1.9 1.0 2.6 1.4 1.5 1.7 -2.1 39

2. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households.Source: U.S. Bureau of Economic Analysis

2017 2018 2019

Seasonally adjusted at annual rates

2016 2017 2018 2019 2020 Line

September 30, 2020

Table 4. Price Indexes for Gross Domestic Product and Related Measures: Percent Change from Preceding Period

Line

r Revised

1. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services.

-13-

2012 2013 2014 2015 2016 2017 2018 2019 2012 2013 2014 2015 2016 2017 2018 20191 Gross domestic product (GDP) 2.2 1.8 2.5 3.1 1.7 2.3 3.0 2.2 1.5 2.6 2.9 2.2 2.1 2.7 2.5 2.3 12 Personal consumption expenditures (PCE) 1.5 1.5 3.0 3.8 2.8 2.6 2.7 2.4 1.6 1.9 3.8 3.1 2.7 2.9 2.4 2.5 23 Goods 2.1 3.1 4.1 4.8 3.6 4.0 4.1 3.7 2.4 3.5 5.0 3.8 3.6 5.2 2.9 3.7 34 Durable goods 6.0 6.1 7.2 7.6 5.8 6.9 6.8 4.8 6.3 5.0 9.2 6.0 7.0 8.1 4.2 5.7 45 Nondurable goods 0.4 1.8 2.6 3.4 2.5 2.6 2.7 3.1 0.7 2.8 3.2 2.8 2.0 3.7 2.3 2.7 56 Services 1.2 0.6 2.4 3.3 2.4 2.0 2.1 1.8 1.2 1.1 3.2 2.7 2.3 1.8 2.1 1.9 67 Gross private domestic investment 11.0 6.9 5.6 5.5 -1.5 3.5 6.3 1.7 4.0 9.3 5.3 2.3 1.2 4.0 5.9 -1.0 78 Fixed investment 10.0 5.6 6.6 3.8 1.8 3.8 5.2 1.9 7.2 5.7 7.0 1.7 2.4 4.8 4.0 1.5 89 Nonresidential 9.5 4.1 7.2 2.3 0.5 3.7 6.9 2.9 5.6 5.4 6.9 -0.1 1.8 4.8 6.5 1.4 910 Structures 13.0 1.3 11.0 -0.9 -4.4 4.2 3.7 -0.6 4.0 6.7 9.3 -7.3 3.5 0.0 1.2 1.9 1011 Equipment 11.0 4.7 7.0 3.0 -1.7 3.2 8.0 2.1 7.8 5.4 5.6 1.5 -2.2 7.5 7.0 -1.3 1112 Intellectual property products 5.0 5.4 4.8 3.8 7.6 4.2 7.8 6.4 3.7 4.5 6.9 3.3 6.4 4.9 9.4 4.6 1213 Residential 13.0 12.4 3.8 10.2 6.6 4.0 -0.6 -1.7 15.4 7.1 7.7 9.2 4.2 4.7 -3.9 1.6 1314 Change in private inventories .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... 1415 Net exports of goods and services .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... 1516 Exports 3.4 3.6 4.2 0.4 0.3 3.9 3.0 -0.1 2.1 6.0 2.9 -1.5 1.5 5.8 0.5 0.4 1617 Goods 3.8 3.2 4.6 -0.4 0.5 4.1 4.2 -0.1 1.4 7.1 2.8 -2.9 2.5 6.1 1.2 -0.1 1718 Services 2.4 4.5 3.3 2.0 -0.2 3.7 0.8 -0.1 3.8 3.7 3.2 1.2 -0.5 5.2 -0.9 1.1 1819 Imports 2.7 1.5 5.0 5.2 1.7 4.7 4.1 1.1 0.6 3.0 6.5 3.3 2.8 5.6 3.0 -1.9 1920 Goods 2.6 1.8 5.6 5.7 1.4 4.7 5.0 0.5 0.5 3.4 7.1 3.2 3.1 6.0 3.4 -2.9 2021 Services 3.1 0.5 2.3 3.0 2.9 4.5 0.4 3.7 1.4 1.1 3.5 3.8 1.4 4.0 1.7 2.4 2122 Government consumption expenditures

and gross investment -2.1 -2.4 -0.9 1.8 1.8 0.9 1.8 2.3 -2.1 -2.4 0.3 2.2 1.5 1.1 1.5 3.0 2223 Federal -1.9 -5.5 -2.6 0.0 0.6 0.3 2.8 4.0 -2.6 -6.1 -1.1 1.3 0.1 1.2 3.0 4.8 2324 National defense -3.4 -6.7 -4.1 -2.1 -0.5 0.8 3.3 5.6 -4.7 -6.5 -3.4 -0.4 -0.7 2.2 4.2 5.6 2425 Nondefense 0.9 -3.5 -0.1 3.3 2.2 -0.5 2.1 1.8 1.2 -5.5 2.7 3.8 1.2 -0.1 1.1 3.7 2526 State and local -2.2 -0.3 0.2 2.9 2.6 1.2 1.2 1.3 -1.7 0.2 1.2 2.8 2.4 1.1 0.6 1.9 26

Addenda:27 Gross domestic income (GDI) 1 3.4 1.3 3.2 2.7 0.9 2.5 2.6 1.8 2.9 1.5 4.2 1.4 1.2 2.9 2.4 1.9 2728 Average of GDP and GDI 2.8 1.6 2.9 2.9 1.3 2.4 2.8 2.0 2.2 2.0 3.5 1.8 1.6 2.8 2.4 2.1 2829 Final sales of domestic product 2.1 1.6 2.7 2.8 2.3 2.4 2.8 2.2 1.9 2.0 3.2 2.1 2.3 2.8 2.2 2.8 2930 Gross domestic purchases 2.2 1.6 2.7 3.7 1.9 2.5 3.2 2.3 1.2 2.2 3.4 2.8 2.2 2.8 2.8 1.9 3031 Final sales to domestic purchasers 2.0 1.3 2.8 3.5 2.4 2.5 3.0 2.3 1.7 1.7 3.7 2.7 2.4 2.9 2.5 2.4 3132 Final sales to private domestic purchasers 3.0 2.2 3.7 3.8 2.6 2.9 3.2 2.3 2.6 2.6 4.5 2.8 2.6 3.2 2.7 2.3 3233 Gross national product 2.2 1.8 2.5 2.9 1.7 2.6 2.9 2.0 1.2 2.6 2.8 2.2 2.2 2.9 2.2 2.3 3334 Real disposable personal income 3.3 -1.3 4.1 4.2 2.0 3.1 3.6 2.2 4.9 -2.5 5.3 3.1 1.8 3.4 3.7 1.6 34

Price indexes:35 Gross domestic purchases 1.8 1.5 1.6 0.3 0.7 1.9 2.3 1.6 1.8 1.5 1.3 0.1 1.3 2.0 2.2 1.4 3536 Gross domestic purchases excluding

food and energy 2 1.8 1.6 1.7 1.0 1.1 1.8 2.3 1.7 1.8 1.7 1.5 0.7 1.5 1.9 2.3 1.5 3637 GDP 1.9 1.8 1.8 1.0 1.0 1.9 2.4 1.8 2.1 1.8 1.5 0.8 1.5 2.0 2.3 1.6 3738 GDP excluding food and energy 2 1.9 1.9 1.9 1.2 1.3 1.9 2.4 2.0 2.0 2.1 1.6 1.0 1.7 1.9 2.5 1.7 3839 PCE 1.9 1.3 1.5 0.2 1.0 1.8 2.1 1.5 1.8 1.2 1.1 0.2 1.6 1.8 2.0 1.5 3940 PCE excluding food and energy 2 1.9 1.5 1.6 1.2 1.6 1.7 2.0 1.7 1.8 1.6 1.5 1.2 1.8 1.7 2.0 1.6 4041 Market-based PCE 3 1.8 1.0 1.1 -0.1 0.7 1.5 1.8 1.3 1.5 0.8 0.7 0.0 1.2 1.5 1.7 1.4 4142 Market-based PCE excluding food and

energy 2,3 1.8 1.2 1.1 1.0 1.3 1.3 1.6 1.5 1.5 1.1 1.1 1.1 1.4 1.2 1.7 1.5 42

2. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services.3. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households.Note. Estimates under the Percent change from the preceding year columns are calculated from annual data. Estimates under the Percent change from fourth quarter to fourth quarter columns are calculated from fourth quarter values relative to the same quarter one year prior.Source: U.S. Bureau of Economic Analysis

Percent change from preceding yearPercent change from fourth quarter to

fourth quarter one year ago Line

September 30, 2020

Table 5. Real Gross Domestic Product: Annual Percent Change

Line

1. Gross domestic income deflated by the implicit price deflator for gross domestic product.

-14-

Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 r

1 Gross domestic product (GDP) 1.6 2.1 2.1 2.2 2.4 2.7 3.1 3.3 3.1 2.5 2.3 2.0 2.1 2.3 0.3 -9.0 12 Personal consumption expenditures (PCE) 2.6 2.7 2.7 2.5 2.4 2.9 2.6 2.9 3.0 2.4 2.3 2.4 2.5 2.5 0.2 -10.2 23 Goods 3.5 3.6 3.5 3.7 3.8 5.2 4.7 4.5 4.2 2.9 3.0 3.9 4.2 3.7 3.1 -1.7 34 Durable goods 6.0 7.0 6.5 6.8 6.3 8.1 8.1 8.3 6.8 4.2 3.4 4.7 5.5 5.7 2.0 -1.5 45 Nondurable goods 2.2 2.0 2.0 2.2 2.5 3.7 3.0 2.6 2.9 2.3 2.8 3.5 3.6 2.7 3.6 -1.8 56 Services 2.2 2.3 2.3 2.0 1.8 1.8 1.6 2.2 2.5 2.1 2.0 1.8 1.7 1.9 -1.1 -14.0 67 Gross private domestic investment -2.6 1.2 1.5 3.4 5.2 4.0 7.1 5.8 6.5 5.9 4.2 2.9 0.9 -1.0 -4.2 -16.9 78 Fixed investment 1.4 2.4 3.6 3.6 3.1 4.8 5.1 5.8 5.7 4.0 2.7 1.5 1.9 1.5 0.4 -7.8 89 Nonresidential 0.7 1.8 3.6 3.6 2.9 4.8 6.4 7.4 7.5 6.5 4.5 2.9 2.7 1.4 -1.3 -8.9 910 Structures -2.1 3.5 9.5 7.3 0.3 0.0 3.0 4.5 5.9 1.2 -1.7 -2.5 -0.1 1.9 -1.0 -11.0 1011 Equipment -3.3 -2.2 -0.4 1.9 3.8 7.5 8.8 8.1 8.1 7.0 5.0 3.3 1.4 -1.3 -5.8 -14.9 1112 Intellectual property products 8.6 6.4 5.2 3.3 3.6 4.9 5.6 8.4 7.8 9.4 8.3 6.2 6.5 4.6 4.1 0.0 1213 Residential 4.2 4.2 3.6 3.8 3.9 4.7 1.0 0.8 -0.2 -3.9 -3.5 -3.6 -1.2 1.6 6.6 -4.0 1314 Change in private inventories ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... 1415 Net exports of goods and services ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... 1516 Exports 1.7 1.5 3.7 3.6 2.5 5.8 4.4 4.6 2.6 0.5 0.3 -1.3 0.2 0.4 -2.6 -23.9 1617 Goods 1.4 2.5 3.9 3.7 2.6 6.1 4.5 7.1 4.1 1.2 1.9 -2.5 0.4 -0.1 -1.7 -23.6 1718 Services 2.1 -0.5 3.5 3.5 2.5 5.2 4.1 0.1 -0.2 -0.9 -2.6 1.1 -0.1 1.1 -4.1 -24.5 1819 Imports 1.3 2.8 4.0 5.0 4.1 5.6 4.6 3.6 5.2 3.0 2.4 2.9 1.0 -1.9 -5.3 -22.4 1920 Goods 0.8 3.1 4.1 4.8 3.9 6.0 5.3 4.6 6.6 3.4 2.3 2.3 0.3 -2.9 -5.2 -20.1 2021 Services 3.4 1.4 3.4 5.7 4.8 4.0 1.3 -0.5 -0.7 1.7 3.0 5.3 4.2 2.4 -6.0 -31.9 2122 Government consumption expenditures

and gross investment 1.6 1.5 0.6 1.1 0.7 1.1 1.5 1.8 2.4 1.5 1.7 2.3 2.2 3.0 2.7 2.1 2223 Federal 0.8 0.1 -0.7 0.6 0.0 1.2 2.1 2.5 3.7 3.0 2.8 4.2 4.3 4.8 4.8 6.5 2324 National defense 0.3 -0.7 -1.2 1.8 0.5 2.2 2.6 2.4 4.1 4.2 5.8 5.4 5.5 5.6 4.1 3.9 2425 Nondefense 1.5 1.2 0.0 -1.1 -0.6 -0.1 1.5 2.6 3.2 1.1 -1.4 2.4 2.5 3.7 6.0 10.4 2526 State and local 2.1 2.4 1.3 1.4 1.1 1.1 1.1 1.5 1.7 0.6 1.1 1.1 0.9 1.9 1.4 -0.6 26

Addenda:27 Gross domestic income (GDI) 1 0.8 1.2 1.6 2.9 2.7 2.9 2.9 2.2 2.9 2.4 2.0 2.1 1.2 1.9 0.7 -9.4 2728 Average of GDP and GDI 1.2 1.6 1.8 2.5 2.5 2.8 3.0 2.8 3.0 2.4 2.1 2.1 1.6 2.1 0.5 -9.2 2829 Final sales of domestic product 2.3 2.3 2.4 2.2 2.0 2.8 2.7 3.3 3.0 2.2 2.0 1.7 2.3 2.8 1.1 -7.4 2930 Gross domestic purchases 1.5 2.2 2.1 2.4 2.6 2.8 3.1 3.2 3.5 2.8 2.5 2.5 2.1 1.9 -0.2 -9.3 3031 Final sales to domestic purchasers 2.2 2.4 2.5 2.5 2.3 2.9 2.8 3.2 3.4 2.5 2.3 2.2 2.3 2.4 0.7 -7.7 3132 Final sales to private domestic purchasers 2.4 2.6 2.9 2.7 2.6 3.2 3.1 3.5 3.5 2.7 2.4 2.2 2.3 2.3 0.2 -9.7 3233 Gross national product 1.6 2.2 2.3 2.4 2.7 2.9 3.2 3.4 2.8 2.2 1.9 1.8 2.1 2.3 0.3 -9.5 3334 Real disposable personal income 1.8 1.8 2.1 3.3 3.5 3.4 3.6 3.4 3.6 3.7 3.2 2.1 1.8 1.6 1.4 11.8 34

Price indexes:35 Gross domestic purchases 0.7 1.3 2.0 1.7 1.8 2.0 2.1 2.5 2.5 2.2 1.8 1.7 1.5 1.4 1.6 0.7 3536 Gross domestic purchases excluding

food and energy 2 1.1 1.5 1.8 1.7 1.7 1.9 2.1 2.4 2.4 2.3 2.0 1.8 1.7 1.5 1.6 0.9 3637 GDP 1.0 1.5 2.0 1.7 1.9 2.0 2.1 2.6 2.5 2.3 2.0 1.8 1.7 1.6 1.7 0.6 3738 GDP excluding food and energy 2 1.3 1.7 2.1 1.8 1.8 1.9 2.1 2.5 2.6 2.5 2.2 2.0 2.0 1.7 1.8 0.9 3839 PCE 1.0 1.6 2.0 1.6 1.6 1.8 2.0 2.3 2.3 2.0 1.4 1.5 1.5 1.5 1.7 0.6 3940 PCE excluding food and energy 2 1.7 1.8 1.8 1.6 1.5 1.7 1.8 2.1 2.1 2.0 1.7 1.7 1.8 1.6 1.8 1.0 4041 Market-based PCE 3 0.6 1.2 1.8 1.3 1.3 1.5 1.5 2.0 2.0 1.7 1.3 1.3 1.3 1.4 1.5 0.7 4142 Market-based PCE excluding food and

energy 2,3 1.4 1.4 1.5 1.2 1.1 1.2 1.3 1.7 1.8 1.7 1.6 1.4 1.6 1.5 1.5 1.2 42

2. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services.3. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households.Source: U.S. Bureau of Economic Analysis

2016 2017 2018 2019 2020Line

September 30, 2020

Table 6. Real Gross Domestic Product: Percent Change from Quarter One Year Ago

Line

r Revised

1. Gross domestic income deflated by the implicit price deflator for gross domestic product.

-15-

Q2 Q3 Q4 Q1 Q2 r

1 Gross domestic product (GDP) 19,543.0 20,611.9 21,433.2 21,329.9 21,540.3 21,747.4 21,561.1 19,520.1 12 Plus: Income receipts from the rest of the world 1,032.7 1,142.9 1,169.8 1,184.3 1,181.2 1,165.9 1,054.6 866.0 23 Less: Income payments to the rest of the world 740.4 858.2 900.2 913.2 901.4 884.8 811.4 714.2 34 Equals: Gross national product 19,835.3 20,896.6 21,702.9 21,601.0 21,820.1 22,028.5 21,804.3 19,672.0 45 Less: Consumption of fixed capital 3,112.9 3,265.0 3,420.9 3,404.4 3,443.3 3,474.4 3,509.0 3,534.4 56 Less: Statistical discrepancy -131.4 -58.0 12.8 -17.4 75.0 26.2 -110.2 55.8 67 Equals: National income 16,853.9 17,689.6 18,269.1 18,214.0 18,301.8 18,527.8 18,405.5 16,081.9 78 Compensation of employees 10,422.5 10,950.1 11,432.4 11,391.7 11,438.0 11,564.8 11,674.4 10,880.3 89 Wages and salaries 8,471.5 8,894.2 9,309.3 9,274.9 9,311.3 9,422.5 9,526.1 8,844.0 910 Supplements to wages and salaries 1,951.1 2,055.9 2,123.1 2,116.8 2,126.6 2,142.4 2,148.3 2,036.3 1011 Proprietors' income with inventory valuation and capital

consumption adjustments 1,509.0 1,585.9 1,657.7 1,628.5 1,677.0 1,697.7 1,706.0 1,511.9 1112 Rental income of persons with capital consumption

adjustment 721.9 759.3 787.1 786.7 789.7 795.5 802.3 796.1 1213 Corporate profits with inventory valuation and capital

consumption adjustments 2,114.5 2,243.0 2,250.5 2,263.2 2,246.5 2,311.3 2,035.0 1,826.1 1314 Net interest and miscellaneous payments 636.4 619.1 573.4 572.3 571.0 586.0 588.9 619.3 1415 Taxes on production and imports less subsidies 1,304.1 1,381.5 1,417.5 1,419.7 1,419.6 1,428.5 1,454.9 309.2 1516 Business current transfer payments (net) 150.7 156.6 158.0 159.7 168.1 152.0 156.8 160.4 1617 Current surplus of government enterprises -5.3 -5.8 -7.6 -7.7 -8.0 -7.9 -12.8 -21.4 17

Addenda:18 Gross domestic income (GDI) 19,674.4 20,669.9 21,420.4 21,347.2 21,465.3 21,721.2 21,671.3 19,464.4 1819 Average of GDP and GDI 19,608.7 20,640.9 21,426.8 21,338.6 21,502.8 21,734.3 21,616.2 19,492.2 1920 Statistical discrepancy as a percentage of GDP -0.7 -0.3 0.1 -0.1 0.3 0.1 -0.5 0.3 20

September 30, 2020

Table 7. Relation of Gross Domestic Product, Gross National Product, and National Income

r Revised

Source: U.S. Bureau of Economic Analysis

[Billions of dollars]

Line 2017 2018 2019Seasonally adjusted at annual rates

2019 2020 Line

-16-

Q2 Q3 Q4 Q1 Q2 r

1 Personal income 1 16,948.6 17,851.8 18,551.5 18,480.9 18,597.6 18,760.8 18,951.0 20,396.6 12 Compensation of employees 10,422.5 10,950.1 11,432.4 11,391.7 11,438.0 11,564.8 11,674.4 10,880.3 23 Wages and salaries 8,471.5 8,894.2 9,309.3 9,274.9 9,311.3 9,422.5 9,526.1 8,844.0 34 Supplements to wages and salaries 1,951.1 2,055.9 2,123.1 2,116.8 2,126.6 2,142.4 2,148.3 2,036.3 45 Proprietors' income with inventory valuation and

capital consumption adjustments 1,509.0 1,585.9 1,657.7 1,628.5 1,677.0 1,697.7 1,706.0 1,511.9 56 Farm 41.5 43.0 49.7 36.9 58.9 58.7 56.4 38.9 67 Nonfarm 1,467.4 1,542.9 1,608.0 1,591.6 1,618.1 1,639.0 1,649.6 1,473.0 78 Rental income of persons with capital consumption

adjustment 721.9 759.3 787.1 786.7 789.7 795.5 802.3 796.1 89 Personal income receipts on assets 2,738.5 2,946.7 2,967.9 2,970.2 2,970.1 2,980.4 2,984.3 2,910.2 910 Personal interest income 1,577.6 1,641.6 1,677.4 1,682.6 1,681.7 1,693.4 1,679.7 1,637.0 1011 Personal dividend income 1,160.8 1,305.1 1,290.4 1,287.6 1,288.3 1,287.0 1,304.6 1,273.2 1112 Personal current transfer receipts 2,855.1 2,970.3 3,125.2 3,118.6 3,141.9 3,155.2 3,235.5 5,678.0 1213 Less: Contributions for government social insurance,

domestic 1,298.4 1,360.4 1,418.8 1,414.7 1,419.0 1,432.9 1,451.5 1,379.9 1314 Less: Personal current taxes 2,046.7 2,085.3 2,202.9 2,222.5 2,197.1 2,221.2 2,252.4 2,095.7 1415 Equals: Disposable personal income 14,901.9 15,766.5 16,348.6 16,258.4 16,400.5 16,539.6 16,698.6 18,300.9 1516 Less: Personal outlays 13,830.9 14,529.2 15,117.4 15,072.3 15,219.9 15,335.8 15,103.3 13,590.0 1617 Equals: Personal saving 1,071.0 1,237.3 1,231.2 1,186.1 1,180.6 1,203.8 1,595.3 4,711.0 1718 Personal saving as a percentage of disposable

personal income 7.2 7.8 7.5 7.3 7.2 7.3 9.6 25.7 18Addenda:

19 Personal income excluding current transfer receipts,

billions of chained (2012) dollars 2 13,297.8 13,748.8 14,042.9 14,001.1 14,037.4 14,119.5 14,173.6 13,328.3 1920 Disposable personal income, billions of chained (2012)

dollars 2 14,060.5 14,566.4 14,882.5 14,817.8 14,895.4 14,964.5 15,060.3 16,572.3 20

2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures.

Source: U.S. Bureau of Economic Analysis

Line 2017 2018 2019Seasonally adjusted at annual rates

2019 2020 Line

September 30, 2020

Table 8. Personal Income and Its Disposition

r Revised

1. Personal income is also equal to national income less corporate profits with inventory valuation and capital consumption adjustments, taxes on production and imports less subsidies, contributions for government social insurance, net interest and miscellaneous payments, business current transfer payments (net), and current surplus of government enterprises, plus personal income receipts on assets, and personal current transfer receipts.

[Billions of dollars]

-17-

Quarter one year

ago2020

Q2 Q3 Q4 Q1 Q2 rQ3 Q4 Q1 Q2 r Q2 r

1 Corporate profits with inventory valuation and capital consumption adjustments 2,114.5 2,243.0 2,250.5 2,263.2 2,246.5 2,311.3 2,035.0 1,826.1 6.1 0.3 -0.7 2.9 -12.0 -10.3 -19.3 1

2 Less: Taxes on corporate income 311.3 282.9 298.7 304.9 283.0 312.3 255.6 236.8 -9.1 5.6 -7.2 10.3 -18.2 -7.3 -22.3 2

3 Equals: Profits after tax with inventory valuation and capital consumption adjustments 1,803.2 1,960.1 1,951.8 1,958.2 1,963.4 1,998.9 1,779.5 1,589.4 8.7 -0.4 0.3 1.8 -11.0 -10.7 -18.8 3

4 Net dividends 1,270.4 1,390.1 1,360.8 1,369.3 1,348.5 1,356.3 1,379.5 1,364.5 9.4 -2.1 -1.5 0.6 1.7 -1.1 -0.4 4

5 Undistributed profits with inventory valuation and capital consumption adjustments 532.8 570.0 591.0 588.9 615.0 642.7 400.0 224.9 7.0 3.7 4.4 4.5 -37.8 -43.8 -61.8 5

Addenda for corporate cash flow:

6 Net cash flow with inventory valuation adjustment 1,934.4 2,332.9 2,460.0 2,449.8 2,497.4 2,542.9 2,321.3 2,101.9 20.6 5.4 1.9 1.8 -8.7 -9.5 -14.2 6

7 Undistributed profits with inventory valuation and capital consumption adjustments 532.8 570.0 591.0 588.9 615.0 642.7 400.0 224.9 7.0 3.7 4.4 4.5 -37.8 -43.8 -61.8 7

8 Consumption of fixed capital 1,695.8 1,773.6 1,867.9 1,859.7 1,881.2 1,899.3 1,920.4 1,934.1 4.6 5.3 1.2 1.0 1.1 0.7 4.0 89 Less: Capital transfers paid (net) 294.2 10.7 -1.1 -1.2 -1.3 -0.9 -0.9 57.0 .......... .......... .......... .......... .......... .......... ............... 9

Addenda:

10 Profits before tax (without inventory valuation and capital consumption adjustments) 2,183.2 2,186.7 2,237.3 2,243.8 2,203.4 2,313.1 1,994.7 1,793.8 0.2 2.3 -1.8 5.0 -13.8 -10.1 -20.1 10

11 Profits after tax (without inventory valuation and capital consumption adjustments) 1,871.9 1,903.8 1,938.6 1,938.9 1,920.3 2,000.7 1,739.1 1,557.1 1.7 1.8 -1.0 4.2 -13.1 -10.5 -19.7 11

12 Inventory valuation adjustment -52.7 -54.7 -5.3 2.6 28.4 -18.1 58.9 50.4 .......... .......... .......... .......... .......... .......... ............... 1213 Capital consumption adjustment -16.0 111.0 18.5 16.8 14.7 16.3 -18.5 -18.1 .......... .......... .......... .......... .......... .......... ............... 13

Quarterly rates

2019 2020

Line

September 30, 2020

Table 9. Corporate Profits: Level and Percent Change

r Revised

Source: U.S. Bureau of Economic Analysis

Line

Billions of dollars

2017 2018 2019

Seasonally adjusted at annual rates

2019 2020

Percent change from preceding period

2018 2019

-18-

Q2 Q3 Q4 Q1 Q2 rQ3 Q4 Q1 Q2 r

1 Corporate profits with inventory valuation and capital consumption adjustments 2,114.5 2,243.0 2,250.5 2,263.2 2,246.5 2,311.3 2,035.0 1,826.1 128.5 7.6 -16.7 64.8 -276.2 -208.9 1

2 Domestic industries 1,617.3 1,730.4 1,745.1 1,756.9 1,731.9 1,794.6 1,561.9 1,442.5 113.1 14.6 -25.0 62.7 -232.7 -119.4 23 Financial 417.9 424.1 462.0 463.8 456.8 473.4 431.2 457.7 6.1 38.0 -7.0 16.7 -42.2 26.5 34 Nonfinancial 1,199.3 1,306.4 1,283.0 1,293.2 1,275.2 1,321.2 1,130.7 984.8 107.0 -23.3 -18.0 46.0 -190.5 -145.9 45 Rest of the world 497.2 512.5 505.4 506.2 514.5 516.6 473.1 383.6 15.3 -7.1 8.3 2.1 -43.5 -89.5 56 Receipts from the rest of the world 803.4 866.3 871.2 879.4 877.3 880.8 790.5 656.0 62.9 4.9 -2.2 3.5 -90.3 -134.5 6

7 Less: Payments to the rest of the world 306.2 353.7 365.7 373.2 362.7 364.2 317.4 272.4 47.5 12.0 -10.5 1.4 -46.8 -45.0 7

8 Corporate profits with inventory valuation adjustment 2,130.5 2,132.0 2,232.0 2,246.4 2,231.7 2,294.9 2,053.5 1,844.3 1.5 100.0 -14.7 63.2 -241.4 -209.2 8

9 Domestic industries 1,633.3 1,619.5 1,726.5 1,740.2 1,717.2 1,778.3 1,580.4 1,460.7 -13.8 107.1 -23.0 61.1 -197.9 -119.7 910 Financial 435.6 418.2 470.5 472.3 466.7 482.9 444.7 471.1 -17.4 52.3 -5.7 16.2 -38.2 26.3 1011 Federal Reserve banks 78.2 68.0 52.4 56.6 50.7 49.4 68.5 77.3 -10.2 -15.6 -5.9 -1.3 19.1 8.8 1112 Other financial 357.3 350.2 418.1 415.8 416.0 433.5 376.2 393.8 -7.2 67.9 0.3 17.5 -57.3 17.6 1213 Nonfinancial 1,197.7 1,201.3 1,256.0 1,267.8 1,250.5 1,295.4 1,135.7 989.6 3.6 54.7 -17.3 44.9 -159.7 -146.1 1314 Utilities 14.0 21.7 27.2 28.2 27.1 27.3 22.5 29.0 7.7 5.5 -1.1 0.2 -4.8 6.5 1415 Manufacturing 304.7 337.6 336.5 344.9 341.0 335.7 302.2 197.6 32.9 -1.1 -3.8 -5.3 -33.5 -104.7 1516 Durable goods 173.6 171.0 181.3 193.1 174.2 170.1 157.8 103.9 -2.7 10.4 -18.8 -4.1 -12.3 -53.9 1617 Fabricated metal products 22.0 19.8 24.8 25.3 23.9 24.2 23.0 12.5 -2.2 4.9 -1.5 0.3 -1.2 -10.5 1718 Machinery 21.6 19.0 26.4 29.6 27.1 26.1 20.9 6.9 -2.6 7.4 -2.5 -1.0 -5.2 -14.0 18

19 Computer and electronic products 49.4 54.5 50.8 50.4 45.4 51.3 54.7 53.8 5.1 -3.7 -5.0 5.9 3.4 -0.8 19

20 Electrical equipment, appliances, and components 5.8 10.9 11.4 12.0 12.5 10.9 7.9 11.0 5.1 0.5 0.5 -1.6 -2.9 3.0 20

21 Motor vehicles, bodies and trailers, and parts 13.0 1.0 0.6 2.1 0.2 -2.1 -1.1 2.5 -12.0 -0.4 -1.8 -2.3 1.0 3.6 21

22 Other durable goods 61.8 65.8 67.3 73.7 65.2 59.7 52.4 17.2 3.9 1.6 -8.5 -5.4 -7.4 -35.2 2223 Nondurable goods 131.1 166.7 155.2 151.8 166.8 165.6 144.4 93.7 35.6 -11.5 15.0 -1.2 -21.2 -50.8 23

24 Food and beverage and tobacco products 60.0 47.6 48.3 47.8 51.6 48.0 50.4 62.7 -12.4 0.7 3.8 -3.7 2.5 12.3 24

25 Petroleum and coal products -7.9 31.0 17.5 16.2 21.7 25.8 15.9 -39.3 38.9 -13.5 5.4 4.2 -9.9 -55.2 2526 Chemical products 53.4 60.9 58.3 57.2 61.3 58.8 57.0 58.9 7.5 -2.6 4.1 -2.5 -1.8 1.9 2627 Other nondurable goods 25.6 27.3 31.2 30.6 32.2 33.1 21.2 11.4 1.6 3.9 1.6 0.9 -11.9 -9.8 2728 Wholesale trade 122.0 105.7 111.3 110.5 113.4 117.4 108.3 101.4 -16.3 5.6 2.9 4.0 -9.1 -6.9 2829 Retail trade 149.1 146.5 168.0 165.6 166.8 184.2 167.1 205.1 -2.7 21.6 1.3 17.3 -17.1 38.0 2930 Transportation and warehousing 58.7 52.8 56.4 54.4 59.5 57.0 37.8 19.2 -5.9 3.6 5.1 -2.5 -19.2 -18.6 3031 Information 138.0 139.2 130.8 140.0 108.4 138.7 126.7 109.5 1.2 -8.4 -31.6 30.3 -12.0 -17.2 3132 Other nonfinancial 411.1 397.7 425.8 424.3 434.3 435.1 371.0 327.8 -13.4 28.1 10.0 0.8 -64.1 -43.2 32

33 Rest of the world 497.2 512.5 505.4 506.2 514.5 516.6 473.1 383.6 15.3 -7.1 8.3 2.1 -43.5 -89.5 33

Note. Estimates in this table are based on the 2012 North American Industry Classification System (NAICS).

Source: U.S. Bureau of Economic Analysis

Level

2017 2018 2019

Seasonally adjusted at annual rates2019 2020

Change from preceding period

2018 20192019 2020

Line

September 30, 2020

Table 10. Corporate Profits by Industry: Level and Change from Preceding Period[Billions of dollars]

Line

r Revised

-19-

Q2 Q3 Q4 Q1 Q2 r

1 Gross value added of nonfinancial corporate business 9,635.8 10,100.8 10,458.2 10,434.8 10,473.3 10,579.3 10,487.3 9,150.8 12 Consumption of fixed capital 1,489.3 1,557.1 1,639.2 1,632.1 1,650.4 1,666.6 1,684.8 1,696.6 23 Net value added 8,146.5 8,543.6 8,819.0 8,802.7 8,822.9 8,912.7 8,802.6 7,454.2 34 Compensation of employees 5,703.9 6,018.3 6,300.9 6,285.8 6,297.3 6,355.7 6,412.3 5,963.6 45 Wages and salaries 4,784.9 5,046.1 5,294.9 5,282.4 5,291.9 5,340.5 5,396.3 5,016.4 56 Supplements to wages and salaries 919.0 972.2 1,006.0 1,003.4 1,005.4 1,015.3 1,016.0 947.2 67 Taxes on production and imports less subsidies 825.3 873.6 914.7 911.4 918.7 924.1 941.7 183.2 78 Net operating surplus 1,617.3 1,651.8 1,603.5 1,605.6 1,606.9 1,632.9 1,448.6 1,307.5 89 Net interest and miscellaneous payments 331.8 262.0 243.3 243.5 243.1 242.8 242.8 251.0 910 Business current transfer payments (net) 86.1 83.4 77.1 68.9 88.6 68.9 75.2 71.7 1011 Corporate profits with inventory valuation and capital

consumption adjustments 1,199.3 1,306.4 1,283.0 1,293.2 1,275.2 1,321.2 1,130.7 984.8 1112 Taxes on corporate income 224.2 196.4 212.4 219.7 195.6 221.7 184.8 160.6 1213 Profits after tax with inventory valuation and capital

consumption adjustments 975.2 1,109.9 1,070.7 1,073.5 1,079.5 1,099.5 945.8 824.3 1314 Net dividends 720.7 259.8 636.6 605.6 672.8 661.8 607.2 736.1 1415 Undistributed profits with inventory valuation and capital

consumption adjustments 254.4 850.1 434.1 467.9 406.8 437.8 338.7 88.2 15Addenda:

16 Profits before tax (without inventory valuation and capital consumption adjustments) 1,250.4 1,255.9 1,261.3 1,265.2 1,222.2 1,313.5 1,076.8 939.2 16

17 Profits after tax (without inventory valuation and capital consumption adjustments) 1,026.2 1,059.5 1,049.0 1,045.6 1,026.5 1,091.9 892.0 778.6 17

18 Inventory valuation adjustment -52.7 -54.7 -5.3 2.6 28.4 -18.1 58.9 50.4 1819 Capital consumption adjustment 1.6 105.1 27.0 25.3 24.7 25.8 -5.0 -4.8 19

20 Gross value added of nonfinancial corporate business 19,026.1 9,260.6 9,405.1 9,397.8 9,394.4 9,454.3 9,358.0 8,255.4 20

21 Consumption of fixed capital 2 1,458.2 1,510.7 1,571.5 1,562.8 1,579.7 1,597.1 1,615.1 1,629.0 21

22 Net value added 3 7,568.0 7,749.9 7,833.6 7,835.0 7,814.8 7,857.3 7,742.9 6,626.4 22

Price, costs, and profits per unit of real gross value added of nonfinancial corporate business:

23 Price per unit of real gross value added of nonfinancial

corporate business 41.068 1.091 1.112 1.110 1.115 1.119 1.121 1.108 23

24 Compensation of employees (unit labor cost) 0.632 0.650 0.670 0.669 0.670 0.672 0.685 0.722 2425 Unit nonlabor cost 0.303 0.300 0.306 0.304 0.309 0.307 0.315 0.267 2526 Consumption of fixed capital 0.165 0.168 0.174 0.174 0.176 0.176 0.180 0.206 2627 Taxes on production and imports less subsidies

plus business current transfer payments (net) 0.101 0.103 0.105 0.104 0.107 0.105 0.109 0.031 2728 Net interest and miscellaneous payments 0.037 0.028 0.026 0.026 0.026 0.026 0.026 0.030 2829 Corporate profits with inventory valuation and capital

consumption adjustments (unit profits from current production) 0.133 0.141 0.136 0.138 0.136 0.140 0.121 0.119 2930 Taxes on corporate income 0.025 0.021 0.023 0.023 0.021 0.023 0.020 0.019 3031 Profits after tax with inventory valuation and capital

consumption adjustments 0.108 0.120 0.114 0.114 0.115 0.116 0.101 0.100 31

2. Chained-dollar consumption of fixed capital of nonfinancial corporate business is calculated as the product of the chain-type quantity index and the 2012 current-dollar value of the corresponding series, divided by 100.

3. Chained-dollar net value added of nonfinancial corporate business is the difference between the gross value added and the consumption of fixed capital.

4. The deflator for gross value added of nonfinancial corporate business divided by 100.

Note. Estimates in this table are based on the 2012 North American Industry Classification System (NAICS).

Source: U.S. Bureau of Economic Analysis

September 30, 2020

Table 11. Gross Value Added of Nonfinancial Domestic Corporate Business

Line

r Revised

1. The current-dollar gross value added is deflated using the gross value added chain-type price index for nonfinancial industries from the GDP-by-industry accounts. For periods when this price index is not available, the chain-type price index for GDP goods and structures is used.

Billions of chained (2012) dollars

Dollars; quarters seasonally adjusted

Billions of dollars

2017 2018 2019

Seasonally adjusted at annual rates2019 2020 Line

-20-

Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q21 Gross domestic product 2.3 3.0 2.2 2.2 2.5 2.3 1.7 2.9 3.9 3.8 2.7 2.1 1.3 2.9 1.5 2.6 2.4 -5.0 -31.4 12 Private industries 2.5 3.2 2.4 2.2 2.8 2.5 1.9 3.1 4.2 4.1 2.8 2.2 1.4 3.5 1.3 2.9 2.4 -5.4 -33.3 23 Agriculture, forestry, fishing,

and hunting -2.2 4.2 0.1 4.5 -2.4 7.2 -10.2 -14.0 -0.9 23.4 9.7 -3.9 5.7 -13.6 10.2 4.7 3.6 28.4 -36.4 34 Mining 0.9 4.9 11.5 -11.0 -3.1 4.2 22.8 15.0 -0.1 -6.7 15.3 0.4 14.7 27.5 5.1 7.7 -8.2 -2.2 -40.7 45 Utilities 0.4 0.5 1.3 9.2 -1.8 -6.1 3.4 -0.3 10.2 -6.9 9.5 -12.0 3.7 -5.1 15.0 -7.7 22.9 8.2 -8.6 56 Construction 3.1 2.8 0.0 2.5 5.5 6.8 -2.6 1.2 9.4 6.8 -2.3 0.0 -2.0 3.8 -2.6 0.4 0.3 0.6 -26.5 67 Manufacturing 2.6 4.2 2.0 0.7 -1.7 3.5 5.9 2.1 8.6 3.7 2.4 2.1 6.4 -3.2 2.4 5.8 0.5 -6.4 -36.6 78 Durable goods 3.4 4.8 1.6 2.1 0.8 4.4 3.3 6.3 9.7 5.7 1.3 0.1 5.3 1.6 -0.5 0.1 2.6 -5.9 -43.3 89 Nondurable goods 1.5 3.5 2.5 -1.2 -4.8 2.4 9.4 -3.0 7.3 1.1 3.6 4.7 7.7 -8.9 6.2 13.5 -2.0 -7.0 -27.0 910 Wholesale trade 1.6 0.6 -2.1 5.0 0.0 2.3 -0.3 1.9 2.1 3.0 -4.2 1.5 -2.0 2.0 -10.4 -0.5 -0.5 -0.2 -35.0 1011 Retail trade 3.6 2.6 2.5 4.8 4.2 2.3 3.6 7.0 0.7 6.8 -3.4 5.3 -3.9 8.6 0.3 4.3 2.7 -7.0 -31.2 1112 Transportation and warehousing 3.9 4.3 3.2 -0.4 9.9 3.0 2.7 1.0 4.5 10.1 0.0 2.9 4.8 0.4 4.4 6.9 2.1 -9.6 -64.8 1213 Information 6.5 7.0 7.1 6.8 3.0 9.4 5.2 8.8 7.0 4.7 12.7 4.2 3.4 8.0 9.8 7.1 7.3 -2.9 -6.8 1314 Finance, insurance, real estate,

rental, and leasing 1.3 2.0 1.4 3.4 2.8 0.3 -2.5 2.5 1.7 3.7 2.8 2.3 -3.1 5.2 0.5 -0.3 3.5 -5.2 -2.5 1415 Finance and insurance -0.1 0.2 0.4 9.3 6.3 -5.4 -11.1 6.4 0.2 0.3 2.3 4.3 -12.7 11.7 -2.0 -4.6 7.6 -12.9 11.9 1516 Real estate and rental and leasing 2.1 3.1 2.0 0.2 0.8 3.9 2.9 0.3 2.5 5.8 3.1 1.2 3.1 1.7 1.9 2.2 1.1 -0.6 -10.0 1617 Professional and business services 4.5 5.1 4.5 0.6 5.9 4.2 5.8 4.9 7.7 3.7 4.8 4.8 4.5 5.7 2.7 5.1 3.1 -1.9 -29.9 1718 Professional, scientific,

and technical services 3.2 5.2 4.7 -0.7 5.1 2.0 5.1 4.2 5.4 6.9 5.8 2.7 3.8 6.7 2.9 6.8 3.1 -1.0 -26.8 1819 Management of companies

and enterprises 6.9 6.9 7.2 2.4 5.9 5.4 9.0 7.7 21.3 -5.1 5.4 14.3 3.7 12.3 5.6 1.4 4.3 -3.8 -8.5 1920 Administrative and waste

management services 6.0 3.7 2.5 2.9 8.0 9.0 5.4 4.8 5.1 1.9 2.0 4.2 6.7 -0.2 0.5 3.2 2.4 -2.8 -47.1 2021 Educational services, health care,

and social assistance 1.5 2.8 2.8 -1.2 3.8 0.9 1.3 1.0 2.2 6.0 1.1 2.2 3.1 4.3 1.9 2.3 2.3 -6.7 -46.9 2122 Educational services -1.9 1.6 2.1 -2.6 1.6 -5.3 -3.7 0.7 -0.9 5.4 0.6 2.2 2.6 0.8 3.0 3.2 2.9 -3.1 -39.5 2223 Health care and social assistance 2.0 3.0 2.9 -0.9 4.2 2.0 2.2 1.1 2.7 6.0 1.1 2.2 3.2 4.9 1.8 2.1 2.2 -7.3 -48.1 2324 Arts, entertainment, recreation,

accommodation, and food services 2.2 2.1 1.5 2.9 5.0 0.5 2.2 2.9 0.0 0.6 7.7 -1.1 3.0 -1.1 1.1 6.6 -1.7 -26.2 -91.5 2425 Arts, entertainment, and recreation 3.1 3.6 2.0 4.9 11.3 -8.0 5.4 13.0 -2.7 -0.2 14.2 -2.2 0.4 2.4 -0.3 7.9 -1.5 -26.2 -96.9 2526 Accommodation and food services 1.9 1.6 1.3 2.2 2.8 3.8 1.1 -0.6 1.0 0.9 5.4 -0.7 3.9 -2.4 1.6 6.1 -1.8 -26.3 -88.4 2627 Other services, except government 0.8 3.3 1.4 0.7 -0.5 0.1 0.8 4.3 3.2 4.0 4.0 1.2 3.6 0.8 -0.7 2.6 -1.7 -13.4 -58.8 2728 Government 1.1 1.0 1.0 2.3 0.7 1.3 0.2 1.2 1.2 0.7 1.4 1.2 0.6 -1.0 3.1 0.9 2.6 -2.5 -16.6 2829 Federal 0.6 0.6 0.8 1.2 0.2 0.9 -0.4 1.0 0.8 0.4 1.0 0.9 -1.4 -3.9 7.9 2.8 1.9 1.9 3.7 2930 State and local 1.3 1.2 1.0 2.8 0.9 1.6 0.5 1.3 1.5 0.8 1.5 1.4 1.5 0.4 1.1 0.0 3.0 -4.4 -24.6 30

Addenda:

31 Private goods-producing industries 1 2.3 4.0 2.2 0.4 -0.3 4.4 4.0 1.9 7.6 4.4 2.7 1.2 5.0 0.3 1.7 4.5 -0.1 -2.9 -34.4 31

32 Private services-producing industries 2 2.6 3.0 2.4 2.7 3.6 2.0 1.4 3.4 3.4 4.1 2.9 2.5 0.6 4.4 1.2 2.5 3.0 -6.0 -33.1 32

2. Consists of utilities; wholesale trade; retail trade; transportation and warehousing; information; finance, insurance, real estate, rental, and leasing; professional and business services; educational services, health care, and social assistance; arts, entertainment, recreation, accommodation, and food services; and other services, except government.Source: U.S. Bureau of Economic Analysis

2017 2018 2019

Seasonally adjusted at annual rates

2016 2017 2018 2019 2020 Line

September 30, 2020

Table 12. Real Gross Domestic Product by Industry Group: Percent Change from Preceding Period

Line

1. Consists of agriculture, forestry, fishing, and hunting; mining; construction; and manufacturing.

-21-

Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2Percent change at annual rate:

1 Gross domestic product 2.3 3.0 2.2 2.2 2.5 2.3 1.7 2.9 3.9 3.8 2.7 2.1 1.3 2.9 1.5 2.6 2.4 -5.0 -31.4 1Percentage points at annual rates:

2 Private industries 2.20 2.82 2.07 1.91 2.46 2.15 1.67 2.72 3.68 3.63 2.48 1.93 1.25 3.05 1.11 2.50 2.07 -4.71 -29.45 23 Agriculture, forestry, fishing,

and hunting -0.02 0.04 0.00 0.04 0.01 0.09 -0.08 -0.11 0.01 0.20 0.10 -0.03 0.05 -0.11 0.08 0.03 0.03 0.22 -0.31 34 Mining 0.01 0.07 0.17 -0.11 -0.01 0.07 0.30 0.21 0.01 -0.10 0.25 0.04 0.30 0.49 0.12 0.16 -0.10 -0.03 -0.41 45 Utilities 0.01 0.01 0.02 0.16 -0.03 -0.11 0.04 -0.01 0.15 -0.11 0.15 -0.18 0.06 -0.08 0.25 -0.12 0.34 0.12 -0.12 56 Construction 0.13 0.11 0.00 0.09 0.22 0.28 -0.12 0.04 0.37 0.26 -0.11 -0.03 -0.10 0.13 -0.12 0.00 0.00 0.02 -1.12 67 Manufacturing 0.29 0.47 0.22 0.03 -0.21 0.39 0.67 0.24 0.93 0.40 0.19 0.10 0.49 -0.61 0.04 0.53 0.00 -0.70 -4.10 78 Durable goods 0.21 0.30 0.10 0.15 0.05 0.26 0.18 0.37 0.56 0.32 0.05 -0.04 0.29 0.01 -0.08 0.00 0.15 -0.36 -2.84 89 Nondurable goods 0.07 0.17 0.12 -0.12 -0.25 0.13 0.49 -0.13 0.37 0.08 0.14 0.14 0.21 -0.62 0.12 0.53 -0.15 -0.34 -1.25 9

10 Wholesale trade 0.10 0.04 -0.13 0.26 -0.09 -0.01 -0.11 0.06 0.12 0.21 -0.18 0.21 0.02 0.33 -0.45 0.06 0.01 -0.01 -2.09 1011 Retail trade 0.20 0.14 0.14 0.28 0.24 0.12 0.19 0.38 0.04 0.36 -0.20 0.27 -0.22 0.48 -0.04 0.21 0.14 -0.39 -1.75 1112 Transportation and warehousing 0.12 0.13 0.10 -0.01 0.30 0.08 0.07 0.03 0.13 0.30 0.00 0.10 0.14 0.01 0.14 0.22 0.07 -0.32 -2.56 1213 Information 0.33 0.35 0.36 0.35 0.15 0.48 0.27 0.45 0.36 0.24 0.64 0.23 0.16 0.40 0.53 0.37 0.38 -0.15 -0.29 1314 Finance, insurance, real estate,

rental, and leasing 0.27 0.43 0.30 0.73 0.60 0.13 -0.50 0.52 0.35 0.78 0.58 0.49 -0.60 1.06 0.14 -0.09 0.74 -1.12 -0.24 1415 Finance and insurance -0.01 0.02 0.03 0.72 0.50 -0.39 -0.88 0.49 0.01 0.02 0.17 0.31 -1.00 0.90 -0.10 -0.37 0.59 -1.04 1.01 1516 Real estate and rental and leasing 0.27 0.41 0.27 0.01 0.10 0.52 0.38 0.03 0.34 0.76 0.41 0.17 0.40 0.16 0.24 0.29 0.15 -0.08 -1.26 1617 Professional and business services 0.54 0.63 0.56 0.07 0.75 0.55 0.72 0.61 0.93 0.44 0.57 0.58 0.54 0.71 0.31 0.63 0.39 -0.24 -3.84 1718 Professional, scientific,

and technical services 0.24 0.39 0.35 -0.05 0.39 0.16 0.39 0.33 0.41 0.51 0.44 0.20 0.29 0.51 0.22 0.53 0.24 -0.08 -2.06 1819 Management of companies

and enterprises 0.13 0.13 0.14 0.04 0.11 0.11 0.17 0.14 0.36 -0.13 0.08 0.26 0.05 0.24 0.11 0.02 0.08 -0.07 -0.15 1920 Administrative and waste

management services 0.18 0.11 0.08 0.09 0.24 0.28 0.17 0.15 0.16 0.06 0.06 0.12 0.20 -0.04 -0.01 0.09 0.07 -0.09 -1.63 2021 Educational services, health care,

and social assistance 0.13 0.24 0.24 -0.12 0.33 0.07 0.10 0.09 0.19 0.51 0.08 0.17 0.25 0.32 0.12 0.17 0.19 -0.59 -4.54 2122 Educational services -0.02 0.02 0.03 -0.03 0.02 -0.07 -0.05 0.01 -0.01 0.07 0.01 0.03 0.03 0.00 0.04 0.04 0.04 -0.04 -0.54 2223 Health care and social assistance 0.15 0.22 0.21 -0.08 0.31 0.13 0.15 0.08 0.20 0.45 0.08 0.14 0.22 0.32 0.08 0.13 0.15 -0.55 -4.00 2324 Arts, entertainment, recreation,

accommodation, and food services 0.09 0.09 0.06 0.12 0.21 0.02 0.09 0.12 0.00 0.03 0.32 -0.05 0.10 -0.08 0.02 0.27 -0.08 -1.23 -6.58 2425 Arts, entertainment, and recreation 0.03 0.04 0.02 0.06 0.13 -0.09 0.06 0.14 -0.03 0.00 0.15 -0.03 0.00 0.02 0.00 0.09 -0.02 -0.32 -2.20 2526 Accommodation and food services 0.06 0.05 0.04 0.06 0.08 0.11 0.03 -0.02 0.03 0.03 0.17 -0.02 0.10 -0.10 0.02 0.18 -0.06 -0.91 -4.38 2627 Other services, except government 0.02 0.07 0.03 0.01 -0.02 -0.01 0.01 0.09 0.07 0.09 0.08 0.02 0.07 0.00 -0.03 0.05 -0.04 -0.30 -1.51 2728 Government 0.13 0.13 0.12 0.32 0.09 0.18 0.03 0.15 0.16 0.08 0.17 0.17 0.09 -0.07 0.44 0.14 0.34 -0.30 -1.93 2829 Federal 0.02 0.02 0.03 0.05 0.01 0.04 -0.01 0.04 0.03 0.02 0.04 0.04 -0.04 -0.12 0.34 0.12 0.07 0.07 0.16 2930 State and local 0.11 0.11 0.09 0.26 0.08 0.14 0.05 0.11 0.12 0.07 0.13 0.13 0.13 0.05 0.09 0.03 0.26 -0.37 -2.09 30

Addenda:

31 Private goods-producing industries 1 0.40 0.70 0.39 0.05 0.01 0.83 0.78 0.38 1.32 0.77 0.43 0.08 0.73 -0.11 0.12 0.71 -0.07 -0.49 -5.93 31

32 Private services-producing industries 2 1.80 2.13 1.69 1.86 2.45 1.32 0.90 2.34 2.35 2.86 2.04 1.84 0.52 3.16 0.99 1.79 2.15 -4.23 -23.52 32

2. Consists of utilities; wholesale trade; retail trade; transportation and warehousing; information; finance, insurance, real estate, rental, and leasing; professional and business services; educational services, health care, and social assistance; arts, entertainment, recreation, accommodation, and food services; and other services, except government.Note. Percentage-point contributions do not sum to the percent change in real gross domestic product because the industry details are calculated using source data and methodologies that differ from those used to calculate growth in the top-line, expenditure-based measure of real GDP.Source: U.S. Bureau of Economic Analysis

2017 2018 2019

Seasonally adjusted at annual rates

2016 2017 2018 2019 2020 Line

September 30, 2020

Table 13. Contributions to Percent Change in Real Gross Domestic Product by Industry Group

Line

1. Consists of agriculture, forestry, fishing, and hunting; mining; construction; and manufacturing.

-22-

Q2 Q3 Q4 Q1 Q2 Q2 Q3 Q4 Q1 Q2 Q1 Q21 Gross domestic product 21,433.2 21,329.9 21,540.3 21,747.4 21,561.1 19,520.1 19,091.7 19,020.6 19,141.7 19,254.0 19,010.8 17,302.5 403.9 -243.1 -1,708.3 12 Private industries 18,793.8 18,703.8 18,887.2 19,075.1 18,879.0 16,925.5 16,804.2 16,733.1 16,853.2 16,952.4 16,720.2 15,109.1 388.7 -232.2 -1,611.1 23 Agriculture, forestry, fishing,

and hunting 175.4 172.8 178.0 180.4 190.2 142.4 243.6 243.1 245.9 248.1 264.1 235.9 0.2 16.0 -28.2 34 Mining 309.5 319.2 301.2 300.6 248.3 136.3 504.3 503.8 513.3 502.5 499.7 438.5 52.1 -2.8 -61.2 45 Utilities 335.3 332.7 338.6 340.6 333.8 333.2 285.7 287.3 281.6 296.5 302.4 295.7 3.6 5.9 -6.7 56 Construction 892.7 887.4 897.7 905.5 914.6 853.7 664.6 663.1 663.8 664.2 665.1 615.8 -0.2 0.9 -49.3 67 Manufacturing 2,345.8 2,340.7 2,348.7 2,370.1 2,346.3 2,053.7 2,215.3 2,202.4 2,233.4 2,236.4 2,199.9 1,962.9 42.7 -36.5 -237.0 78 Durable goods 1,320.8 1,319.2 1,317.7 1,328.0 1,309.7 1,145.5 1,235.7 1,233.2 1,233.5 1,241.4 1,222.8 1,061.1 19.0 -18.6 -161.7 89 Nondurable goods 1,025.1 1,021.5 1,031.0 1,042.1 1,036.6 908.2 978.9 968.3 999.4 994.3 976.4 902.5 23.6 -17.9 -73.9 910 Wholesale trade 1,262.3 1,253.8 1,268.0 1,270.4 1,258.6 1,111.9 1,092.5 1,085.9 1,084.6 1,083.2 1,082.6 972.0 -23.3 -0.6 -110.6 1011 Retail trade 1,162.2 1,156.0 1,173.2 1,180.3 1,180.7 1,102.1 1,118.3 1,110.6 1,122.4 1,130.0 1,109.6 1,010.7 27.5 -20.4 -98.9 1112 Transportation and

warehousing 696.7 690.7 703.6 710.0 686.0 520.2 575.9 571.8 581.4 584.5 569.9 438.9 17.6 -14.6 -130.9 1213 Information 1,127.5 1,122.3 1,137.0 1,156.1 1,156.8 1,115.7 1,244.0 1,234.9 1,256.2 1,278.4 1,269.0 1,247.0 82.6 -9.4 -22.0 1314 Finance, insurance, real

estate, rental, and leasing 4,541.8 4,523.3 4,557.9 4,615.5 4,607.5 4,564.7 3,634.9 3,629.7 3,626.8 3,657.7 3,608.7 3,585.6 50.8 -49.0 -23.2 1415 Finance and insurance 1,665.8 1,663.7 1,656.5 1,693.2 1,663.9 1,699.8 1,211.8 1,211.9 1,197.7 1,219.9 1,178.7 1,212.2 4.3 -41.2 33.5 1516 Real estate and rental and

leasing 2,876.0 2,859.6 2,901.4 2,922.3 2,943.6 2,864.8 2,429.4 2,424.0 2,437.3 2,444.1 2,440.4 2,376.8 48.7 -3.7 -63.6 1617 Professional and business

services 2,710.7 2,693.1 2,727.6 2,753.9 2,751.7 2,524.9 2,518.9 2,502.7 2,533.8 2,553.3 2,541.2 2,325.4 108.6 -12.1 -215.7 1718 Professional, scientific,

and technical services 1,638.4 1,624.9 1,651.9 1,668.0 1,670.5 1,547.4 1,519.4 1,506.7 1,531.7 1,543.5 1,539.5 1,423.8 67.6 -4.0 -115.7 1819 Management of companies

and enterprises 411.4 412.2 410.8 413.6 412.2 397.6 430.4 430.0 431.5 436.0 431.8 422.3 29.1 -4.2 -9.5 1920 Administrative and waste

management services 660.9 656.1 664.9 672.3 668.9 579.9 572.5 569.6 574.1 577.5 573.4 489.0 13.8 -4.1 -84.3 2021 Educational services, health

care, and social assistance 1,865.4 1,853.5 1,875.4 1,898.4 1,881.0 1,619.5 1,659.7 1,654.6 1,664.0 1,673.6 1,645.0 1,404.2 45.1 -28.6 -240.8 2122 Educational services 269.9 267.9 271.6 275.3 275.2 244.6 224.8 223.9 225.6 227.3 225.5 198.8 4.7 -1.8 -26.7 2223 Health care and social

assistance 1,595.6 1,585.6 1,603.8 1,623.1 1,605.8 1,374.9 1,436.1 1,432.0 1,439.5 1,447.5 1,420.4 1,205.6 40.5 -27.0 -214.8 2324 Arts, entertainment, recreation,

accommodation, and food services 907.2 900.3 916.0 923.4 863.4 476.3 728.4 723.9 735.5 732.4 678.7 366.6 10.7 -53.7 -312.1 24

25 Arts, entertainment, and recreation 238.6 236.3 240.4 243.5 227.3 98.2 202.2 200.4 204.2 203.5 188.6 79.4 4.1 -14.9 -109.2 25

26 Accommodation and food services 668.6 664.0 675.6 680.0 636.0 378.1 526.5 523.6 531.5 529.1 490.3 286.0 6.7 -38.8 -204.4 26

27 Other services, except government 461.3 458.1 464.4 469.7 460.2 371.0 374.0 373.1 375.5 373.9 360.7 289.1 5.0 -13.2 -71.6 27

28 Government 2,639.5 2,626.0 2,653.1 2,672.3 2,682.2 2,594.6 2,229.5 2,227.7 2,232.6 2,247.1 2,233.0 2,133.7 21.3 -14.1 -99.3 2829 Federal 813.5 809.8 816.6 822.2 828.2 837.7 713.6 713.7 718.6 721.9 725.3 731.9 5.8 3.4 6.6 2930 State and local 1,826.0 1,816.3 1,836.6 1,850.1 1,854.0 1,756.9 1,515.2 1,513.4 1,513.5 1,524.6 1,507.7 1,404.7 15.5 -16.9 -103.0 30

Addenda:31 Private goods-producing

industries 1 3,723.4 3,720.1 3,725.5 3,756.6 3,699.3 3,186.0 3,622.3 3,606.4 3,646.7 3,645.5 3,618.8 3,256.9 77.9 -26.7 -361.9 3132 Private services-producing

industries 2 15,070.4 14,983.7 15,161.7 15,318.4 15,179.6 13,739.4 13,176.7 13,121.7 13,202.7 13,300.6 13,097.9 11,847.2 310.2 -202.7 -1,250.7 32

2. Consists of utilities; wholesale trade; retail trade; transportation and warehousing; information; finance, insurance, real estate, rental, and leasing; professional and business services; educational services, health care, and social assistance; arts, entertainment, recreation, accommodation, and food services; and other services, except government.Source: U.S. Bureau of Economic Analysis

Billions of dollars

2019Seasonally adjusted at annual rates

2019 2020

Billions of chained (2012) dollars

2019Seasonally adjusted at annual rates

2019 2020

Change from preceding period

20192020

September 30, 2020Table 14. Gross Domestic Product by Industry Group: Level and Change from Preceding Period

Line

1. Consists of agriculture, forestry, fishing, and hunting; mining; construction; and manufacturing.

Line

-23-

Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q21 Gross domestic product 1.9 2.4 1.8 1.3 2.2 2.0 1.3 2.3 2.5 2.4 3.2 1.8 1.8 1.2 2.5 1.5 1.4 1.4 -1.8 12 Private industries 1.9 2.4 1.6 1.5 2.1 2.1 1.1 2.0 2.8 2.2 3.6 1.4 1.8 0.6 2.9 1.0 1.6 1.4 -3.1 23 Agriculture, forestry, fishing,

and hunting 8.4 -2.9 -1.9 -12.1 -13.6 60.7 3.9 -6.7 5.7 -1.8 -2.0 -20.0 3.2 0.7 -3.9 7.7 1.8 -3.8 -50.6 34 Mining 24.6 15.1 -16.1 35.8 40.4 34.2 -9.1 -5.3 49.9 27.2 8.3 13.0 -18.5 -38.3 -2.1 -26.4 8.0 -52.4 -84.7 45 Utilities 2.4 3.2 2.9 2.9 1.3 3.8 6.4 -3.4 -2.0 14.3 -5.4 6.5 8.5 8.1 -9.4 16.3 -16.7 -14.7 8.5 56 Construction 3.6 3.4 5.3 3.1 5.5 1.7 4.2 5.4 -1.1 2.3 7.2 3.2 6.4 5.5 6.1 4.2 3.3 3.5 3.3 67 Manufacturing 1.3 1.7 -0.6 -1.1 2.1 3.3 -2.3 4.7 2.1 1.7 2.7 0.3 -0.7 -1.6 0.5 -4.2 3.1 2.6 -7.4 78 Durable goods 0.1 0.1 1.0 -1.0 1.2 -0.1 0.1 -0.3 -1.3 -1.4 2.1 3.4 -1.3 2.3 0.7 -0.6 0.6 0.5 3.2 89 Nondurable goods 3.0 3.8 -2.6 -1.3 3.2 7.8 -5.4 11.5 6.6 5.7 3.4 -3.5 -0.1 -6.3 0.1 -8.7 6.5 5.3 -19.3 910 Wholesale trade 1.0 3.5 6.5 -4.1 1.6 0.9 4.0 1.8 4.3 -1.2 9.1 1.6 10.5 4.5 10.5 5.1 1.3 -3.5 -6.3 1011 Retail trade -0.6 0.3 1.6 -2.1 -0.7 1.4 -2.1 -3.1 2.5 -2.6 7.2 -4.3 5.2 -1.9 5.6 1.7 -0.3 7.7 10.3 1112 Transportation and warehousing 0.4 2.8 3.8 -0.6 -2.4 0.9 2.6 2.7 1.4 0.6 6.4 2.6 6.5 6.3 0.6 0.8 1.5 -3.6 -6.1 1213 Information -2.5 -1.5 -0.7 -1.1 -0.4 -5.5 -1.9 -2.8 -1.0 -3.2 0.7 -0.4 -2.0 -0.7 0.6 -1.6 -0.3 3.3 -7.2 1314 Finance, insurance, real estate,

rental, and leasing 3.0 4.1 2.4 4.1 3.7 0.4 3.4 4.0 4.8 4.5 4.2 3.8 1.8 0.2 4.3 3.4 1.6 4.8 -1.2 1415 Finance and insurance 3.9 7.7 1.6 7.6 3.8 -2.6 5.9 5.1 8.5 11.6 8.4 4.2 2.3 -5.1 5.5 3.0 1.4 7.0 -2.6 1516 Real estate and rental and leasing 2.5 2.1 2.9 2.0 3.6 2.1 2.0 3.4 2.7 0.6 1.8 3.5 1.4 3.5 3.6 3.7 1.8 3.6 -0.3 1617 Professional and business services 1.0 0.7 0.8 1.3 0.6 1.9 0.3 1.3 -0.3 1.7 1.4 -0.3 -0.6 2.5 1.0 0.2 0.8 1.6 1.1 1718 Professional, scientific,

and technical services 1.2 1.0 1.1 1.9 0.6 2.5 0.2 1.4 0.3 1.5 2.2 0.4 -0.4 2.9 1.1 0.0 0.8 1.7 0.6 1819 Management of companies

and enterprises -0.7 -1.5 -2.2 -0.3 -1.2 1.6 -2.2 -0.4 -4.7 3.5 -3.9 -2.4 -3.2 -0.9 -2.2 -2.7 -1.4 2.6 -5.4 1920 Administrative and waste

management services 1.5 1.2 2.1 1.0 1.9 0.5 2.1 2.1 0.8 1.0 2.7 -0.5 0.4 4.0 3.0 2.3 2.1 0.8 6.8 2021 Educational services, health care,

and social assistance 1.9 1.6 1.8 3.0 2.3 1.5 0.9 2.0 1.6 0.7 3.0 0.7 2.4 0.9 2.3 2.5 2.6 3.3 3.5 2122 Educational services 2.9 2.4 2.2 3.1 3.5 3.7 1.7 1.6 3.4 1.8 3.6 1.2 3.0 1.8 2.1 2.4 2.5 3.0 3.1 2223 Health care and social assistance 1.7 1.4 1.8 3.0 2.1 1.1 0.7 2.0 1.3 0.5 2.9 0.6 2.3 0.7 2.3 2.5 2.6 3.3 3.6 2324 Arts, entertainment, recreation,

accommodation, and food services 2.4 3.0 3.1 3.5 -0.8 3.5 2.0 3.5 2.0 5.6 0.8 3.2 1.4 5.2 4.0 0.6 5.1 3.6 8.8 2425 Arts, entertainment, and recreation 1.4 2.0 2.2 7.1 -5.9 7.2 -1.8 1.2 -0.6 3.8 3.8 3.2 0.8 1.7 3.7 -0.7 6.8 3.1 11.1 2526 Accommodation and food services 2.7 3.3 3.4 2.3 1.1 2.2 3.4 4.4 2.9 6.3 -0.3 3.2 1.6 6.5 4.0 1.0 4.4 3.8 7.9 2627 Other services, except government 2.8 2.3 3.9 2.0 2.8 3.6 2.8 2.4 1.7 1.8 2.8 3.0 2.7 4.3 5.4 2.9 6.4 6.4 2.4 2728 Government 1.6 3.1 2.5 0.3 1.3 1.4 2.2 2.4 2.8 3.8 3.0 3.5 2.6 4.1 -0.1 3.3 0.3 4.1 5.1 2829 Federal 1.9 3.0 2.2 1.4 2.2 1.9 2.3 2.1 2.9 3.9 2.7 2.7 3.8 7.7 -5.4 0.6 0.9 1.1 0.9 2930 State and local 1.4 3.1 2.7 -0.2 0.9 1.1 2.2 2.5 2.7 3.7 3.2 3.9 2.1 2.5 2.4 4.5 0.0 5.4 7.0 30

Addenda:

31 Private goods-producing industries 1 3.8 3.0 -0.8 1.4 4.3 7.4 -1.1 3.4 4.8 3.6 4.0 0.9 -0.8 -3.9 1.4 -3.8 3.5 -3.2 -16.1 31

32 Private services-producing industries 2 1.5 2.2 2.3 1.5 1.5 0.8 1.7 1.7 2.3 1.9 3.5 1.5 2.5 1.7 3.3 2.3 1.2 2.5 0.3 32

2. Consists of utilities; wholesale trade; retail trade; transportation and warehousing; information; finance, insurance, real estate, rental, and leasing; professional and business services; educational services, health care, and social assistance; arts, entertainment, recreation, accommodation, and food services; and other services, except government.Source: U.S. Bureau of Economic Analysis

2017 2018 2019

Seasonally adjusted at annual rates

2016 2017 2018 2019 2020 Line

September 30, 2020

Table 15. Price Indexes for Gross Domestic Product by Industry Group: Percent Change from Preceding Period

Line

1. Consists of agriculture, forestry, fishing, and hunting; mining; construction; and manufacturing.

-24-

Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q21 All Industries 2.3 2.9 1.8 2.5 2.3 3.1 0.6 2.2 5.0 2.3 3.8 2.6 0.9 1.8 1.6 2.2 1.4 -4.0 -29.5 12 Private industries 2.5 3.1 1.9 2.5 2.5 3.5 0.5 2.4 5.5 2.5 4.0 2.7 0.9 1.9 1.3 2.4 1.3 -4.4 -31.9 23 Agriculture, forestry, fishing,

and hunting 1.3 -0.1 -0.1 0.3 8.7 1.7 -1.3 -1.7 -1.7 0.7 3.4 -3.1 2.1 -5.3 2.6 1.8 5.2 9.2 -14.3 34 Mining 10.8 12.1 4.8 5.1 5.1 34.0 4.4 1.5 21.4 10.6 18.2 13.5 1.7 1.3 9.1 1.4 -4.8 -2.1 -55.2 45 Utilities -2.4 2.1 -3.7 3.4 -11.3 -12.4 19.8 -8.0 7.0 4.2 9.3 -12.7 -4.4 -3.9 -1.0 -9.0 10.0 1.2 -2.0 56 Construction 1.7 0.3 -0.7 4.1 8.6 1.6 -2.5 -5.2 3.8 4.0 3.1 -3.2 -10.1 5.5 -1.3 1.6 3.6 11.4 -13.7 67 Manufacturing 0.3 2.8 1.5 0.2 -0.1 0.2 -1.7 1.7 6.0 1.4 2.6 4.8 2.4 1.8 -0.9 1.9 -3.4 -4.0 -32.8 78 Durable goods 0.9 5.1 1.5 0.3 0.7 0.6 -1.7 4.5 8.9 4.8 2.5 8.2 5.2 1.5 -2.9 -1.9 -3.0 -8.1 -44.6 89 Nondurable goods -0.4 0.5 1.5 0.1 -0.9 -0.1 -1.7 -1.1 3.1 -1.9 2.7 1.4 -0.4 2.1 1.3 6.1 -3.8 0.5 -17.9 910 Wholesale trade 3.6 2.7 -2.2 4.6 3.3 5.1 -1.7 4.1 10.6 -1.0 3.3 1.8 -2.5 -3.2 -5.1 -2.1 -1.1 -1.9 -39.0 1011 Retail trade 3.4 4.6 2.3 3.7 2.2 3.0 1.4 6.3 7.9 5.8 2.4 3.9 -1.8 3.5 3.8 2.5 2.1 -8.1 -18.2 1112 Transportation and warehousing 3.8 3.7 2.2 5.2 4.9 5.6 3.5 1.2 0.4 5.3 6.2 4.3 3.2 0.3 0.6 2.4 3.0 -12.6 -64.9 1213 Information 4.2 6.4 6.0 4.9 0.9 7.8 1.4 6.8 5.1 8.4 7.1 6.5 4.4 5.9 8.1 6.1 2.7 -3.3 -8.5 1314 Finance, insurance, real estate,

rental, and leasing 2.2 2.0 2.2 2.0 0.6 3.5 1.2 2.6 3.3 2.0 1.1 1.1 2.1 3.4 1.3 2.4 2.9 0.7 -6.5 1415 Finance and insurance 3.7 0.7 2.2 4.6 -0.6 8.2 2.8 3.2 3.2 -1.4 -2.4 1.0 3.4 3.3 0.8 4.1 1.5 -1.3 3.8 1516 Real estate and rental and leasing 1.0 3.0 2.2 0.0 1.6 0.1 -0.1 2.2 3.3 4.7 3.8 1.2 1.1 3.5 1.8 1.1 3.9 2.3 -13.8 1617 Professional and business services 5.0 4.7 3.8 4.4 5.6 6.7 2.4 3.6 9.2 1.9 6.4 4.0 4.2 1.7 4.0 6.4 2.5 -2.6 -31.1 1718 Professional, scientific,

and technical services 4.4 4.1 3.3 3.7 7.2 5.7 0.9 3.0 8.3 3.0 7.1 -1.4 4.2 0.5 5.8 8.2 0.9 -1.5 -33.4 1819 Management of companies

and enterprises 6.3 5.6 6.3 1.0 4.3 6.0 7.2 8.5 21.5 -6.8 2.0 14.5 1.2 13.9 4.4 -2.0 4.0 -2.9 -7.2 1920 Administrative and waste

management services 5.6 5.7 3.5 8.0 3.1 9.3 2.9 2.3 4.4 5.3 7.7 10.2 5.9 -2.0 -0.1 7.7 5.1 -4.5 -37.8 2021 Educational services, health care,

and social assistance 2.5 2.3 2.0 0.8 3.7 4.1 -0.8 3.4 3.0 1.6 2.2 3.9 0.7 1.1 3.1 1.3 3.3 -5.4 -41.4 2122 Educational services 0.8 0.1 1.0 -3.3 0.6 1.1 2.2 2.0 -1.6 -1.2 0.2 3.4 -1.5 2.5 -1.4 3.3 2.5 -4.9 -36.1 2223 Health care and social assistance 2.8 2.6 2.1 1.4 4.2 4.5 -1.2 3.6 3.7 2.0 2.5 3.9 1.0 0.9 3.8 1.0 3.5 -5.5 -42.1 2324 Arts, entertainment, recreation,

accommodation, and food services 2.8 2.6 1.4 1.4 7.5 3.1 0.9 1.9 1.1 0.5 10.9 1.5 -2.4 2.1 1.9 1.8 -1.0 -35.2 -88.0 2425 Arts, entertainment, and recreation 5.5 3.0 1.9 2.8 25.3 -6.4 9.3 13.6 -9.6 1.7 12.5 3.1 -4.2 12.9 -7.8 1.9 -2.8 -34.6 -95.6 2526 Accommodation and food services 2.0 2.5 1.2 0.9 2.5 6.3 -1.6 -1.6 4.7 0.1 10.4 1.0 -1.9 -1.2 5.1 1.7 -0.4 -35.4 -84.3 2627 Other services, except government 0.6 4.0 -0.6 4.5 2.3 -3.4 -1.6 2.3 7.6 2.6 8.7 1.7 -0.5 -2.6 -6.8 3.2 5.0 -17.7 -63.1 2728 Government 0.7 1.2 1.6 2.0 0.4 -0.5 1.1 0.7 1.7 0.7 1.9 1.2 0.5 0.6 4.2 1.1 2.0 -0.8 -7.6 2829 Federal -0.6 2.0 2.8 1.8 -0.8 -3.6 1.0 -0.8 3.6 1.7 3.2 2.2 0.3 -0.6 10.2 2.8 2.9 1.4 18.5 2930 State and local 1.2 0.8 1.0 2.1 1.0 1.0 1.1 1.3 0.9 0.3 1.4 0.7 0.6 1.1 1.7 0.4 1.6 -1.8 -17.7 30

Addenda:

31 Private goods-producing industries 1 1.1 2.8 1.2 1.1 2.2 2.2 -1.5 0.1 6.0 2.4 3.7 3.4 0.0 2.0 -0.2 1.8 -1.8 -0.4 -29.7 31

32 Private services-producing industries 2 3.1 3.3 2.1 3.0 2.6 4.0 1.3 3.2 5.3 2.6 4.2 2.5 1.3 1.9 1.8 2.6 2.4 -5.8 -32.6 32

2. Consists of utilities; wholesale trade; retail trade; transportation and warehousing; information; finance, insurance, real estate, rental, and leasing; professional and business services; educational services, health care, and social assistance; arts, entertainment, recreation, accommodation, and food services; and other services, except government.Source: U.S. Bureau of Economic Analysis

2017 2018 2019

Seasonally adjusted at annual rates

2016 2017 2018 2019 2020 Line

September 30, 2020

Table 16. Real Gross Output by Industry Group: Percent Change from Preceding Period

Line

1. Consists of agriculture, forestry, fishing, and hunting; mining; construction; and manufacturing.

-25-

Q2 Q3 Q4 Q1 Q2 Q2 Q3 Q4 Q1 Q2 Q1 Q21 All Industries 37,817.0 37,709.1 37,991.1 38,189.9 37,826.8 34,260.0 34,394.9 34,304.5 34,494.2 34,611.8 34,261.3 31,398.9 615.8 -350.5 -2,862.4 12 Private industries 33,730.4 33,632.4 33,887.0 34,052.5 33,685.4 30,215.1 30,819.5 30,728.7 30,909.0 31,008.4 30,663.7 27,860.1 561.6 -344.6 -2,803.6 23 Agriculture, forestry, fishing,

and hunting 452.4 448.4 453.0 461.3 467.7 416.6 533.9 531.9 534.3 541.0 553.0 532.0 -0.7 12.0 -21.0 34 Mining 579.9 593.7 569.1 569.8 510.0 329.2 735.2 740.2 742.8 733.6 729.8 596.9 33.8 -3.8 -132.9 45 Utilities 503.2 501.1 500.1 497.4 481.2 478.4 448.9 451.2 440.7 451.3 452.6 450.3 -17.2 1.3 -2.3 56 Construction 1,690.0 1,678.0 1,695.8 1,718.7 1,775.9 1,709.9 1,372.9 1,366.0 1,371.5 1,383.8 1,421.7 1,370.4 -9.8 37.9 -51.3 67 Manufacturing 6,259.2 6,290.2 6,249.0 6,210.2 6,116.3 5,333.4 6,297.9 6,293.4 6,322.9 6,268.1 6,203.8 5,616.2 93.1 -64.3 -587.6 78 Durable goods 3,231.5 3,243.6 3,222.5 3,190.6 3,126.1 2,693.9 3,052.0 3,059.7 3,044.9 3,021.5 2,958.0 2,551.4 44.2 -63.5 -406.6 89 Nondurable goods 3,027.7 3,046.6 3,026.4 3,019.6 2,990.2 2,639.5 3,241.2 3,227.7 3,275.8 3,243.8 3,247.7 3,091.4 48.9 3.9 -156.3 910 Wholesale trade 2,091.7 2,088.5 2,098.1 2,096.7 2,074.6 1,810.9 1,837.8 1,837.8 1,828.2 1,823.1 1,814.3 1,603.4 -40.5 -8.9 -210.8 1011 Retail trade 1,954.5 1,949.5 1,972.6 1,980.5 1,960.1 1,886.8 1,824.7 1,821.0 1,832.1 1,841.6 1,803.3 1,714.8 41.0 -38.3 -88.5 1112 Transportation and

warehousing 1,353.1 1,346.8 1,358.2 1,370.1 1,315.4 987.2 1,215.5 1,210.1 1,217.3 1,226.3 1,185.7 912.4 26.0 -40.6 -273.3 1213 Information 1,941.2 1,933.6 1,960.7 1,976.1 1,971.7 1,894.7 1,983.7 1,975.1 2,004.6 2,018.2 2,001.2 1,957.1 112.3 -17.1 -44.1 1314 Finance, insurance, real

estate, rental, and leasing 7,293.1 7,251.6 7,353.7 7,401.8 7,471.8 7,316.3 5,953.5 5,930.2 5,965.5 6,007.9 6,018.9 5,918.2 127.3 11.0 -100.7 1415 Finance and insurance 3,157.2 3,141.7 3,196.3 3,190.8 3,213.3 3,214.8 2,481.7 2,468.1 2,493.1 2,502.2 2,494.0 2,517.5 53.0 -8.2 23.5 1516 Real estate and rental and

leasing 4,136.0 4,110.0 4,157.5 4,211.0 4,258.5 4,101.5 3,474.1 3,464.6 3,474.4 3,508.2 3,528.2 3,399.8 74.4 20.0 -128.4 1617 Professional and business

services 4,276.8 4,243.9 4,319.3 4,352.0 4,333.3 3,948.0 3,933.6 3,906.5 3,967.4 3,992.1 3,966.3 3,614.1 144.4 -25.8 -352.2 1718 Professional, scientific,

and technical services 2,441.3 2,422.6 2,475.6 2,484.7 2,481.6 2,241.8 2,237.1 2,221.6 2,265.8 2,270.8 2,262.0 2,043.3 71.3 -8.8 -218.7 1819 Management of companies

and enterprises 670.7 673.3 668.6 673.2 670.7 651.2 668.1 669.9 666.5 673.2 668.2 655.9 39.4 -5.0 -12.3 1920 Administrative and waste

management services 1,164.8 1,148.0 1,175.0 1,194.1 1,181.0 1,055.0 1,029.4 1,016.6 1,035.6 1,048.6 1,036.7 920.7 34.8 -11.9 -116.0 2021 Educational services, health

care, and social assistance 3,008.9 2,995.0 3,022.3 3,061.4 3,035.2 2,673.0 2,681.4 2,676.8 2,685.2 2,707.3 2,669.9 2,336.1 51.9 -37.4 -333.8 2122 Educational services 383.5 379.9 385.2 389.2 386.7 347.7 329.3 327.2 329.8 331.9 327.7 293.0 3.4 -4.2 -34.7 2223 Health care and social

assistance 2,625.4 2,615.1 2,637.1 2,672.2 2,648.5 2,325.3 2,353.2 2,350.8 2,356.5 2,376.6 2,343.3 2,043.9 48.6 -33.3 -299.5 2324 Arts, entertainment, recreation,

accommodation, and food services 1,568.6 1,565.0 1,577.0 1,583.8 1,428.9 849.9 1,322.5 1,321.9 1,327.7 1,324.3 1,188.1 698.8 18.0 -136.3 -489.3 24

25 Arts, entertainment, and recreation 375.4 372.9 374.5 376.5 340.4 158.8 323.0 321.2 322.7 320.4 288.0 132.0 6.0 -32.3 -156.0 25

26 Accommodation and food services 1,193.2 1,192.2 1,202.4 1,207.3 1,088.5 691.1 999.6 1,000.8 1,005.1 1,004.0 900.1 566.2 12.0 -103.9 -333.9 26

27 Other services, except government 757.7 747.1 758.1 772.5 743.4 580.9 642.1 634.8 639.9 647.8 616.9 480.7 -4.2 -30.9 -136.2 27

28 Government 4,086.6 4,076.7 4,104.1 4,137.4 4,141.4 4,044.9 3,582.7 3,582.2 3,592.3 3,610.3 3,603.0 3,532.3 54.7 -7.4 -70.7 2829 Federal 1,244.6 1,241.8 1,251.5 1,264.4 1,268.6 1,318.0 1,110.7 1,111.5 1,119.2 1,127.2 1,131.1 1,180.1 29.8 3.9 49.0 2930 State and local 2,842.0 2,834.8 2,852.6 2,873.0 2,872.7 2,727.0 2,470.3 2,469.0 2,471.6 2,481.7 2,470.6 2,353.5 25.2 -11.1 -117.1 30

Addenda:31 Private goods-producing

industries 1 8,981.6 9,010.3 8,966.9 8,960.0 8,869.9 7,789.0 8,967.4 8,956.7 8,996.3 8,955.9 8,946.9 8,192.2 108.2 -9.0 -754.7 3132 Private services-producing

industries 2 24,748.8 24,622.1 24,920.1 25,092.4 24,815.5 22,426.1 21,803.2 21,725.4 21,864.3 21,995.3 21,671.9 19,636.7 446.6 -323.4 -2,035.2 32

2. Consists of utilities; wholesale trade; retail trade; transportation and warehousing; information; finance, insurance, real estate, rental, and leasing; professional and business services; educational services, health care, and social assistance; arts, entertainment, recreation, accommodation, and food services; and other services, except government.Source: U.S. Bureau of Economic Analysis

Billions of dollars

2019Seasonally adjusted at annual rates

2019 2020

Billions of chained (2012) dollars

2019Seasonally adjusted at annual rates

2019 2020

Change from preceding period

20192020

September 30, 2020Table 17. Gross Output by Industry Group: Level and Change from Preceding Period

Line

1. Consists of agriculture, forestry, fishing, and hunting; mining; construction; and manufacturing.

Line

-26-

Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q21 All Industries 2.5 3.2 1.5 2.1 2.4 3.3 1.6 1.6 3.9 4.3 3.1 2.5 2.3 0.1 2.0 0.8 0.7 0.3 -4.6 12 Private industries 2.5 3.1 1.4 2.2 2.5 3.3 1.6 1.5 3.9 4.3 3.1 2.4 2.2 0.0 2.1 0.7 0.7 0.1 -5.0 23 Agriculture, forestry, fishing,

and hunting 2.8 0.4 -0.6 -8.4 -9.3 24.0 1.6 -2.0 5.4 1.1 -0.1 -6.3 2.2 -1.4 -1.3 2.4 2.3 -3.3 -26.5 34 Mining 15.9 10.4 -9.4 26.0 23.8 22.5 -5.9 -3.8 29.6 18.9 4.2 10.0 -5.3 -26.0 -4.2 -16.8 5.5 -34.5 -61.2 45 Utilities 4.3 4.1 1.2 8.9 3.9 7.9 2.8 -2.7 2.0 13.4 -4.6 7.1 11.7 -0.2 -9.0 9.1 -11.0 -13.5 -0.3 56 Construction 3.4 4.2 3.6 2.5 3.8 3.3 3.3 3.9 2.1 5.1 6.3 3.6 4.3 3.1 4.0 2.7 1.8 2.3 -0.5 67 Manufacturing 3.8 4.5 -0.7 1.9 3.7 7.1 0.7 2.4 6.8 7.5 3.9 2.6 -0.5 -3.3 1.1 -4.4 1.0 -1.9 -13.9 78 Durable goods 1.8 2.6 1.0 1.3 1.1 2.5 2.4 1.2 1.4 3.1 4.7 2.6 1.2 1.3 -0.3 -0.7 -0.9 0.3 -0.4 89 Nondurable goods 6.0 6.5 -2.4 2.4 6.4 12.2 -0.9 3.7 12.7 12.3 3.1 2.6 -2.3 -8.0 2.5 -8.2 3.1 -4.3 -26.1 910 Wholesale trade 1.3 3.1 4.6 -1.9 1.7 1.6 3.3 1.2 3.6 1.0 5.7 2.3 7.6 3.3 6.4 4.0 0.8 -2.3 -4.8 1011 Retail trade 0.4 1.2 1.8 -0.4 0.5 1.8 -0.4 -1.6 2.7 0.0 4.5 -1.1 4.7 -0.4 3.5 2.3 -0.5 4.4 5.0 1112 Transportation and warehousing 2.3 4.3 2.6 1.6 1.0 3.9 1.2 2.7 5.3 5.1 4.8 3.4 4.5 2.0 2.3 1.0 0.6 -2.8 -9.5 1213 Information -1.0 0.0 0.2 0.8 0.9 -4.0 -0.3 -1.8 -0.1 -0.2 0.9 0.9 0.8 -0.6 0.4 -0.4 0.4 2.5 -6.8 1314 Finance, insurance, real estate,

rental, and leasing 3.0 4.0 2.4 3.9 3.4 1.3 3.2 3.0 4.6 5.1 3.5 3.8 2.6 0.6 3.5 3.3 -0.2 3.1 -1.6 1415 Finance and insurance 3.1 5.6 1.8 5.7 3.3 -0.6 4.2 3.2 6.4 8.6 5.3 4.0 2.7 -2.5 4.7 2.9 -2.1 4.2 -3.5 1516 Real estate and rental and leasing 2.8 2.8 2.9 2.6 3.5 2.7 2.4 2.8 3.3 2.5 2.2 3.7 2.6 3.0 2.6 3.5 1.3 2.2 -0.2 1617 Professional and business services 1.3 1.3 1.2 1.4 1.1 1.9 1.0 0.9 0.6 2.5 1.2 0.9 0.5 2.5 1.0 0.9 0.5 0.9 -0.1 1718 Professional, scientific,

and technical services 1.4 1.5 1.4 1.7 1.0 2.4 1.0 1.0 1.0 2.2 1.8 1.2 0.6 2.7 1.0 0.8 0.6 1.1 0.0 1819 Management of companies

and enterprises 0.1 -0.1 -0.7 0.7 0.0 1.1 -0.6 -0.6 -1.9 3.6 -1.9 -0.2 -1.4 0.3 -1.1 -0.7 -1.2 1.5 -4.3 1920 Administrative and waste

management services 1.6 1.7 2.0 1.1 1.9 1.3 2.0 1.5 1.4 2.4 1.9 0.9 1.5 3.1 2.2 1.9 1.5 0.2 2.4 2021 Educational services, health care,

and social assistance 1.9 1.9 2.0 2.3 2.1 2.0 1.6 1.2 1.9 2.0 2.4 1.5 2.6 1.4 2.1 2.4 1.9 2.1 2.6 2122 Educational services 2.5 2.3 2.1 2.6 2.9 3.3 1.9 1.1 2.9 2.6 2.6 1.6 3.2 1.9 1.6 2.4 1.7 2.5 2.4 2223 Health care and social assistance 1.8 1.8 2.0 2.2 2.0 1.8 1.5 1.2 1.7 1.9 2.3 1.5 2.5 1.4 2.1 2.4 1.9 2.1 2.7 2324 Arts, entertainment, recreation,

accommodation, and food services 2.2 2.7 2.6 3.3 0.2 3.3 2.3 2.0 1.8 5.1 0.5 3.3 2.4 3.7 2.4 1.3 2.8 2.3 4.6 2425 Arts, entertainment, and recreation 1.7 2.2 2.2 6.0 -3.8 6.6 -0.7 0.9 0.4 4.3 2.8 3.3 1.6 1.7 3.1 -0.1 5.0 2.2 7.4 2526 Accommodation and food services 2.4 2.8 2.8 2.5 1.4 2.3 3.3 2.3 2.3 5.3 -0.2 3.3 2.7 4.4 2.2 1.7 2.1 2.3 3.8 2627 Other services, except government 2.3 2.5 3.1 1.9 2.4 2.8 2.3 1.8 2.1 2.8 2.3 2.9 2.9 3.2 4.0 2.7 2.7 4.3 1.2 2728 Government 2.4 3.6 1.9 1.9 2.1 3.1 1.3 2.5 4.5 4.6 3.2 3.5 2.9 1.3 0.7 1.6 1.2 1.2 -1.5 2829 Federal 2.2 3.2 1.9 1.8 2.0 2.7 1.8 2.1 3.5 4.5 3.1 2.5 3.1 5.0 -2.9 0.4 1.2 0.0 -1.7 2930 State and local 2.5 3.8 1.9 2.0 2.1 3.2 1.2 2.7 4.9 4.7 3.2 3.9 2.8 -0.3 2.3 2.1 1.2 1.8 -1.4 30

Addenda:

31 Private goods-producing industries 1 4.3 4.6 -0.5 2.5 3.9 8.1 0.9 2.1 7.1 7.4 4.2 2.8 0.1 -3.8 1.1 -3.6 1.5 -3.6 -15.4 31

32 Private services-producing industries 2 1.8 2.6 2.1 2.0 1.9 1.6 1.9 1.3 2.7 3.2 2.7 2.3 3.0 1.4 2.5 2.3 0.4 1.5 -1.0 32

2. Consists of utilities; wholesale trade; retail trade; transportation and warehousing; information; finance, insurance, real estate, rental, and leasing; professional and business services; educational services, health care, and social assistance; arts, entertainment, recreation, accommodation, and food services; and other services, except government.Source: U.S. Bureau of Economic Analysis

2017 2018 2019

Seasonally adjusted at annual rates

2016 2017 2018 2019 2020 Line

September 30, 2020

Table 18. Price Indexes for Gross Output by Industry Group: Percent Change from Preceding Period

Line

1. Consists of agriculture, forestry, fishing, and hunting; mining; construction; and manufacturing.

-27-

Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 r

Gross domestic product (GDP) and related aggregates:

1 GDP 2.3 3.0 2.2 2.2 2.5 2.3 1.7 2.9 3.9 3.8 2.7 2.1 1.3 2.9 1.5 2.6 2.4 -5.0 -31.4 12 Goods 3.5 5.7 4.1 1.7 3.7 0.7 4.9 9.5 5.5 6.0 4.6 3.5 6.9 5.9 -0.5 4.2 3.2 -3.5 -29.0 23 Services 1.7 2.0 1.6 2.1 1.5 2.3 0.6 1.2 2.6 2.5 1.8 2.4 0.5 1.2 2.4 1.8 2.1 -7.6 -32.9 34 Structures 3.2 1.4 -0.4 4.2 6.5 7.5 -0.5 -5.6 7.6 5.8 2.9 -4.1 -10.8 5.3 2.1 2.6 1.5 10.3 -28.4 45 Motor vehicle output -0.8 7.5 0.3 -0.8 -0.5 -8.5 4.5 -10.6 34.6 6.2 2.7 1.7 10.3 -12.1 -1.0 21.5 -14.6 -24.7 -86.9 56 GDP excluding motor

vehicle output 2.4 2.9 2.2 2.3 2.6 2.6 1.6 3.4 3.1 3.7 2.7 2.1 1.1 3.4 1.6 2.1 2.9 -4.4 -29.0 67 Nonfarm business gross

value added 1 2.8 3.5 2.5 2.4 3.4 2.4 2.1 3.8 4.7 4.3 3.0 2.3 1.4 3.8 1.2 2.9 2.8 -6.4 -36.8 7

Percent change at annual rate:

8 Gross domestic product 2.3 3.0 2.2 2.2 2.5 2.3 1.7 2.9 3.9 3.8 2.7 2.1 1.3 2.9 1.5 2.6 2.4 -5.0 -31.4 8

Percentage points at annual rates:

9 Goods 1.02 1.66 1.19 0.52 1.07 0.23 1.39 2.67 1.62 1.74 1.34 1.02 1.96 1.72 -0.13 1.23 0.94 -0.98 -7.40 910 Services 1.04 1.22 1.00 1.33 0.94 1.43 0.37 0.76 1.63 1.55 1.11 1.46 0.31 0.77 1.45 1.12 1.29 -4.82 -21.32 1011 Structures 0.27 0.12 -0.03 0.34 0.53 0.62 -0.04 -0.49 0.62 0.49 0.25 -0.36 -0.96 0.44 0.18 0.22 0.13 0.85 -2.66 1112 Motor vehicle output -0.02 0.21 0.01 -0.02 -0.02 -0.25 0.12 -0.31 0.82 0.17 0.08 0.05 0.28 -0.36 -0.03 0.54 -0.43 -0.73 -3.99 12

2020 Line

September 30, 2020Appendix Table A. Real Gross Domestic Product and Related Aggregates:

Percent Change from Preceding Period and Contributions to Percent Change

r Revised

1. Consists of GDP less gross value added of farm, of households and institutions, and of general government.

Source: U.S. Bureau of Economic Analysis

Line

Contributions to percent change in real gross domestic product

Percent change from preceding period

2017 2018 2019Seasonally adjusted at annual rates

2016 2017 2018 2019

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 r Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 r

1 Gross domestic product (GDP) 4,508.9 4,666.8 4,720.4 4,791.7 4,603.3 4,764.4 4,813.8 4,910.2 4,628.7 4,333.8 3.1 3.0 2.4 2.1 2.1 2.0 2.5 0.6 -9.0 1

2 Personal consumption expenditures 3,117.4 3,221.3 3,237.3 3,352.1 3,176.5 3,302.2 3,320.6 3,440.9 3,186.5 2,964.4 2.9 2.9 2.3 1.9 2.5 2.6 2.6 0.3 -10.2 2

3 Gross private domestic investment 793.3 838.9 900.5 852.1 832.0 864.8 904.8 841.0 805.8 713.3 4.7 5.9 6.4 4.9 3.1 0.5 -1.3 -3.1 -17.5 3

4 Net exports of goods and services -192.4 -208.6 -242.7 -234.0 -207.0 -241.8 -256.5 -212.3 -181.8 -194.6 ........ ........ ........ ........ ........ ........ ........ ......... ......... 4

5 Exports 618.8 649.3 634.0 647.3 619.4 640.5 635.5 651.3 607.4 483.3 4.6 2.4 0.4 0.1 -1.4 0.2 0.6 -1.9 -24.5 56 Imports 811.2 857.9 876.7 881.3 826.4 882.3 892.0 863.5 789.3 677.9 3.5 5.1 3.4 1.9 2.8 1.7 -2.0 -4.5 -23.2 67 Government consumption

expenditures and gross investment 787.4 810.1 817.4 814.9 798.3 830.8 835.5 839.2 820.2 850.2 1.7 2.5 1.6 1.4 2.6 2.2 3.0 2.7 2.3 7

Addenda:Current dollar measures: (Billions of dollars)

8 GDP 4,932.2 5,154.6 5,219.5 5,305.6 5,132.2 5,357.3 5,415.4 5,528.3 5,245.5 4,901.8 5.8 5.5 4.9 4.1 3.9 3.8 4.2 2.2 -8.5 89 Gross domestic income 5,131.8 5,078.6 5,138.0 5,321.5 5,314.7 5,284.9 5,300.5 5,520.4 5,472.1 4,787.8 4.6 5.5 5.3 3.6 4.1 3.2 3.7 3.0 -9.4 9r Revised

Source: U.S. Bureau of Economic Analysis

Appendix Table B. Not Seasonally Adjusted Real Gross Domestic Product: Level and Percent Change from Quarter One Year Ago

LineBillions of chained (2012) dollars at quarterly rates

2018 2019 2020Percent change from quarter one year ago2018 2019 2020 Line

-28-