Annual revision of the national income and product accounts annual estimates for 2007-2009 quarterly estimates for 2007:1-2010:1.

Seskin, Eugene P. ; Smith, Shelly

THE BUREAU of Economic Analysis (BEA) released revised estimates of the national income and product accounts (NIPAs) for 2007-2009 and for the first quarter of 2010 on July 30, 2010. (1) As is usual in annual NIPA revisions, these estimates incorporated newly available source data that are more complete, more detailed, and otherwise more reliable than those that were previously incorporated.

These estimates also reflect a number of improvements in methodology and presentation that are discussed on pages 21-24; these improvements include the following.

* Changing the deflator in calculating command-basis gross national product to better reflect the effects of changes in the value of the dollar on the purchasing power of income generated by the sales of goods and services. (2)

* Expanding the presentation of saving and investment to show sector detail on saving, investment, capital account transactions (net), and net lending or borrowing.

* Incorporating newly available source data from the Census Bureau quarterly services survey (QSS) for estimating consumer spending for health care, transportation, recreation, and other services, replacing less reliable proxy data, and bringing the share of QSS-based consumer spending on services to 39 percent.

* Using scanner data to estimate consumer spending for software to better capture the variation in the composition of goods sold by radio, television, and electronics stores and by computer and software stores.

* Reclassifying certain foreign transactions in goods and in services to better align them with recently updated international guidelines.

* Incorporating new quality-adjusted price indexes for deflating communication equipment in private fixed investment, in exports, and in imports to better account for quality change.

The revised estimates did not alter the direction of change in real gross domestic product (GDP) for any quarter. They continue to show a peak in real GDP in the fourth quarter of 2007 and a trough in the second quarter of 2009. They also show that for the period of contraction, real GDP decreased at an average annual rate of 2.8 percent; in the previously published estimates, it had decreased 2.5 percent. From the second quarter of 2009 to the second quarter of 2010, real GDP increased at an average annual rate of 3.2 percent.

GDP highlights

By historical standards, the revisions to year-to-year growth rates of real GDP are typical. In the annual NIPA revisions since 1982, the revisions (without regard to sign) to the annual estimates have averaged 0.3 percentage point. The following are highlights of this annual revision.

* From 2006 to 2009, real GDP decreased at an average annual rate of 0.2 percent; in the previously published estimates, the rate of change in real GDP was zero percent. (3) From the fourth quarter of 2006 to the first quarter of 2010, real GDP grew at an average annual rate of 0.2 percent; in the previously published estimates, real GDP had increased at an average annual rate of 0.4 percent (table 1).

* For 2007, 2008, and 2009, the percent change in real GDP from the preceding year was revised down: from 2.1 percent to 1.9 percent for 2007, from 0.4 percent to zero percent for 2008, and from -2.4 percent to -2.6 percent for 2009 (see chart 1 and pages 9 and 10).

* From fourth quarter to fourth quarter, the percent change in real GDP was revised down from 2.5 percent to 2.3 percent for 2007, was revised down from -1.9 percent to -2.8 percent for 2008, and was revised up from 0.1 percent to 0.2 percent for 2009.

* The downward revisions to fourth-quarter-to-fourth-quarter rates of change in real GDP for 2007 and 2009 partly reflect offsetting revisions for the quarters within a year. For 2007, the annual rate of change in real GDP for the third quarter was revised down 1.3 percentage points, while the rate of change for the fourth quarter was revised up 0.8 percentage point (the rate for the first quarter was revised down 0.3 percentage point, and the rate for the second quarter was unrevised). For 2009, the annual rate of change in real GDP for the first quarter was revised up 1.5 percentage points, while the rates of change for the third and fourth quarters were each revised down 0.6 percentage point (the rate for the second quarter was unrevised) (see page 11). For 2008, the downward revision to the fourth-quarter-to-fourth-quarter rate of change in real GDP reflects downward revisions for the second, third, and fourth quarters (the rate for the first quarter was unrevised).

Price highlights

The revised estimates of prices show similar rates of change to the previously published estimates.

* The percent change from the preceding year in the price index for gross domestic purchases was unrevised at 2.9 percent for 2007, was unrevised at 3.2 percent for 2008, and was revised down 0.2 percentage point to -0.2 percent for 2009 (see chart 1 and page 12).

* From the fourth quarter of 2006 to the first quarter of 2010, the average annual rate of increase in the price index for gross domestic purchases was revised down from 2.0 percent to 1.9 percent, and the average annual rate of increase in the GDP price index was unrevised at 1.7 percent. The average annual rate of increase in the price index for personal consumption expenditures (PCE) was revised up from 2.1 percent to 2.2 percent, and the rate of increase in the "core" PCE price index (which excludes food and energy) was revised up from 1.9 percent to 2.0 percent (table 2).

[GRAPHIC 1 OMITTED]

Income highlights

* From 2006 to 2009, real disposable personal income (DPI) grew at an average annual rate of 1.5 percent; in the previously published estimates, real DPI grew at an average annual rate of 1.2 percent.

* For 2006 to 2009, national income was revised down for all 3 years: $51.8 billion, or 0.4 percent, for 2007; $77.4 billion, or 0.6 percent, for 2008; and $55.0 billion, or 0.4 percent, for 2009.

* For 2006 to 2009, corporate profits was also revised down for all 3 years: $31.1 billion, or 2.0 percent, for 2007; $97.6 billion, or 7.2 percent, for 2008; and $50.9 billion, or 3.9 percent, for 2009.

This article discusses the impact of the revisions on key NIPA measures, summarizes the revisions to the major aggregates, lists the major source data, and describes the changes in methodology and presentation. Appendix A presents the revised annual estimates and the revisions for the seven summary accounts of the NIPAs (see pages 26 and 27). In addition, tables presenting revised monthly, quarterly, and annual NIPA estimates and the "advance" estimates for the second quarter of 2010 are available on page 28.

Data Availability

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

Selected revised NIPA estimates and related estimates will be published in upcoming issues of the SURVEY. The September SURVEY will present the following NIPA tables: tables 3.15-3.17 (government spending by function) and table 7.15 (which shows the relationship between net farm income in the NIPAs and net farm income from the USDA). It will also present new estimates of fixed assets and consumer durable goods, beginning with 2000. (1)

The October SURVEY will present the following NIPA tables: tables 3.18 and 3.19 (government-sector reconciliation tables), tables 3.20 and 3.21 (state government and local government current receipts and expenditures), and tables 3.22 and 3.23 (federal government and state and local government current receipts and expenditures seasonally unadjusted estimates). It will also present revised real inventories, sales, and inventory-sales ratios for manufacturing and trade for the first quarter of 2007 through the first quarter of 2010. In addition, revised estimates of state personal income that incorporate the results of this annual revision of the NIPAs will be presented.

The November SURVEY will feature the "Updated Summary of NIPA Methodologies" which lists the principal source data and estimating methods that are used in preparing the current-dollar and real estimates of GDP. In addition, NIPA table 2.9 (personal income by households and by nonprofit institutions serving households) and table 7.20 (nonprofits reconciliation table) will be presented.

(1.) BEA's Web site will present revisions to the Fixed Assets Accounts, beginning with 1901 for investment and 1925 for stocks and depreciation.

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

(2.) The improvements, such as changing the deflator for command-basis GNP and publishing saving and investment by sector, mark the first "flexible" annual revision in which the improvements are carried back beyond the usual 3-year period of revisions to earlier periods. See "Improving BEA's Accounts Through Flexible Annual Revisions," SURVEY OF CURRENT BUSINESS 88 (June 2008): 29-32.

(3.) The annual revisions to real GDP reflect revised current-dollar estimates, revised prices used for deflation, and revised quantities used to estimate components of real GDP by extrapolation or direct valuation. For estimates prepared by extrapolation or direct valuation, the current-dollar and chained-dollar estimates are based on independent source data; consequently, the corresponding revisions are unrelated. For a list of these components, see table 2 in "Updated Summary of NIPA Methodologies," SURVEY OF CURRENT BUSINESS 89 (November 2009): 25-29.

Annual Estimates of Real GDP

The annual percent change in real GDP was revised down for all 3 years: from 2.1 percent to 1.9 percent for 2007, from 0.4 percent to zero percent for 2008, and from -2.4 percent to -2.6 percent for 2009.

For 2007, the largest contributors to the downward revision to real GDP growth were an upward revision to imports and downward revisions to PCE for services, to PCE for goods, and to state and local government spending.

The contributions of these components were partly offset by upward revisions to fixed investment in equipment and software, to private inventory investment (mainly in nonfarm inventories), and to exports.

For 2008, the largest contributors to the downward revision to real GDP growth were downward revisions to nonresidential structures, to private inventory investment (more than accounted for by investment in nonfarm inventories), and to PCE for goods and an upward revision to imports.

The contributions of these components were partly offset by upward revisions to PCE for services and to exports.

For 2009, the largest contributors to the downward revision were downward revisions to PCE for services, to state and local government spending, and to residential fixed investment.

The contributions of these components were partly offset by upward revisions to private inventory investment (more than accounted for by investment in nonfarm inventories) and to fixed investment in equipment and software and a downward revision to imports.

For 2007, the downward revision to PCE for goods was mostly to nondurable goods (mainly gasoline and other energy goods).

The downward revision to PCE for services was fairly widespread.

The upward revision to fixed investment in equipment and software was mainly to transportation equipment (mainly aircraft and trucks, buses, and truck trailers).

The upward revision to exports reflected an upward revision to goods exports that was partly offset by a downward revision to services exports.

The downward revision to state and local government spending reflected downward revisions to both gross investment and consumption expenditures.

For 2008, the downward revision to PCE for goods was to both durable goods (mainly recreational goods and vehicles) and nondurable goods (mainly food and beverages purchased for off-premises consumption).

The upward revision to PCE for services was more than accounted for by financial services and insurance.

The downward revision to nonresidential structures was mainly to mining exploration, shafts, and wells.

The upward revision to exports was to both goods exports and services exports.

The upward revision to imports was to both goods imports and services imports.

For 2009, the downward revision to PCE for services was mainly to financial services and insurance (widespread), "other" services (widespread), and transportation services (specifically motor vehicle maintenance and repair).

The upward revision to fixed investment in equipment and software was more than accounted for by software.

The downward revision to residential fixed investment primarily reflected downward revisions to both single-family and multifamily structures and to improvements.

The downward revision to state and local government spending reflected downward revisions to both consumption expenditures and gross investment.

Quarterly Estimates

Quarterly Estimates

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

Real GDP. For real GDP, the revisions to the 13 quarterly percent changes (at annual rates) averaged 0.7 percentage point (without regard to sign). (In the annual NIPA revisions since 1979, the revisions to the quarterly estimates have also averaged 0.7 percentage point.)

The quarterly revisions did not change the direction of change (increase or decrease) in real GDP for any quarter. The quarterly real GDP growth rate was revised down for 7 of the 13 quarters, was revised up for 3 of the 13 quarters, and was unrevised for 3 quarters. The largest downward revision to the percent change in real GDP was 1.4 percentage points, to -6.8 percent, for the fourth quarter of 2008. The largest contributors to the revision were downward revisions to private inventory investment, to residential fixed investment, to exports (both services and goods), and to fixed investment in equipment and software; these revisions were partly offset by a downward revision to goods imports. The largest upward revision was 1.5 percentage points, to -4.9 percent, for the first quarter of 2009. The largest contributors to the revision were upward revisions to private inventory investment, to investment in equipment and software, to exports (both goods and services), and to nonresidential structures; these revisions were partly offset by a downward revision to PCE for services (mainly financial services and insurance) and an upward revision to goods imports.

Prices. In general, the percent changes for the gross domestic purchases prices were similar to the previously published estimates; the revisions to the 13 quarterly percent changes (at annual rates) averaged 0.4 percentage point (without regard to sign). The percent change in the price index was revised up for eight quarters and was revised down for five quarters. The largest upward revision was 0.6 percentage point to both the first and the second quarters of 2008. For the first quarter, the percent change in the index was revised from 3.4 percent to 4.0 percent; the largest contributors to the revision were prices of state and local government spending (mainly for petroleum and for compensation), prices of nonresidential structures (mainly petroleum and natural gas drilling), and prices of financial services and insurance (mainly "services furnished without payment by financial intermediaries except life insurance carriers"). For the second quarter, the percent change in the index was revised from 3.9 percent to 4.5 percent; the largest contributors to the revision were prices of PCE for nondurable goods (mainly gasoline and other energy goods) and prices of PCE for services (mainly "services furnished without payment by financial intermediaries except life insurance carriers" and "bank service charges, trust services, and safe deposit box rental"). The largest downward revision was 0.8 percentage point, from 4.6 percent to 3.8 percent, for the fourth quarter of 2007; the largest contributors to the revision were prices of PCE for nondurable goods (mainly gasoline and other energy goods), prices of equipment and software (mainly communication equipment), prices of financial services and insurance (mainly "services furnished without payment by financial intermediaries except life insurance carriers"), and prices of state and local government spending (mainly for compensation and for petroleum).

Annual Price Indexes

Annual Price Estimates

Revisions to the chain-type price indexes result from the incorporation of newly available and revised source data and from the regularly scheduled incorporation of annual weights for the most recent year (2009). In this annual revision, the source data for price indexes that are used for deflation and the source data that affect implicit prices were revised. (1) The prices used for deflation also reflect updated seasonal factors. In addition, the price indexes used to deflate business purchases of three types of communication equipment have been changed and, for consistency, the newly incorporated indexes are also being used to deflate exports and imports of communication equipment (see "Changes in Methodology and Presentation").

The percent change from the preceding year in the price index for gross domestic purchases was unrevised at 2.9 percent for 2007, was unrevised at 3.2 percent for 2008, and was revised down 0.2 percentage point to -0.2 percent for 2009 (see chart 1 and table 6). The annual percent change in the price index for GDP was unrevised at 2.9 percent for 2007, was revised up 0.1 percentage point to 2.2 percent for 2008, and was revised down 0.3 percentage point to 0.9 percent for 2009 (see the addendum to table 6).

For 2007, the price index for gross domestic purchases was unrevised. Upward revisions to the price index for state and local government spending and to the price index for PCE for nondurable goods were offset by downward revisions to the price index for nonresidential structures and to the price index for fixed investment in equipment and software. The revision to the price index for state and local government spending reflects an upward revision to the implicit price for compensation--specifically, an upward revision to current-dollar compensation and a downward revision to chained-dollar compensation. The largest contributor to the revision to the price index for PCE for nondurable goods was an upward revision to the prices for gasoline and other energy goods. The revision to the price index for nonresidential structures reflects a downward revision to prices of petroleum and natural gas drilling structures. The revision to the price index for fixed investment in equipment and software primarily reflects a downward revision to communication equipment prices based on the newly incorporated price indexes mentioned above.

For 2008, the price index for gross domestic purchases was also unrevised. The most notable revisions were a downward revision to the price index for fixed investment in equipment and software and a largely offsetting upward revision to the price index for nonresidential structures. The revision to the price index for fixed investment in equipment and software again reflects the newly incorporated price indexes for communication equipment. The revision to the price index for nonresidential structures reflects an upward revision to the prices of petroleum and natural gas drilling structures.

For 2009, the largest contributors to the downward revision to the price index for gross domestic purchases were the price index for private inventory investment and the price index for fixed investment in equipment and software. The revision to the price index for private inventory investment reflects a downward revision to the prices of nondurable-goods manufacturing (mainly petroleum and coal). The revision to the price index for fixed investment in equipment and software again reflects the newly incorporated price indexes for communication equipment.

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

Current-Dollar NIPA Measures

This table shows NIPA components with revisions of $5.0 billion or more (in absolute value) for 2007-2009. The table also lists the major source data that were incorporated as part of this annual revision.

Note that the incorporation of new and revised source data for a year usually results in a revision to the level of an estimate both for that year and for subsequent years.

Income Measures

For 2007-2009, two broad income measures, gross domestic income (GDI) and national income, were revised down.

For 2007, the revision to national income reflects downward revisions to corporate profits with inventory valuation adjustment (IVA) and capital consumption adjustment (CCAdj) and to supplements to wages and salaries.

The downward revisions were partly offset by an upward revision to wage and salary accruals.

The statistical discrepancy, the difference between GDP and GDI, was revised from -0.1 percent of GDP to 0.2 percent of GDP for 2007.

For 2008, the revision to national income reflects a large downward revision to corporate profits with IVA and CCAdj and a downward revision to the current surplus of government enterprises.

The downward revisions were partly offset by upward revisions to wage and salary accruals, to rental income of persons, and to supplements to wages and salaries.

The statistical discrepancy was revised from 0.7 percent of GDP to 1.0 percent of GDP for 2008.

For 2009, the revision to national income reflects downward revisions to corporate profits with IVA and CCAdj and to nonfarm proprietors' income with IVA and CCAdj.

The downward revisions were partly offset by an upward revision to supplements to wages and salaries.

The statistical discrepancy was revised from 1.5 percent of GDP to 1.3 percent of GDP for 2009.

Source Data and Discontinuities in NPA Foreign Transactions

Source Data Incorporated in the 2010 Annual Revision

The annual revision incorporated data from a variety of sources: Census Bureau new and revised economic census data for manufacturing for 2007; Census Bureau annual survey of manufactures for 2008; Census Bureau annual surveys of merchant wholesale trade and of retail trade for 2007 (revised) and for 2008; Census Bureau revised monthly indicators of manufactures, of merchant wholesale trade, and of retail trade for 2007-2009; Census Bureau services annual surveys for 2007 (revised), 2008 (revised), and 2009 (preliminary), and annual surveys of government finances for fiscal years 2006 (revised), 2007 (revised), and 2008 (preliminary); Census Bureau monthly survey of construction spending (value put in place) for 2007-2009 (revised); Census Bureau quarterly services survey for 2007-2009 (revised); Census Bureau current population survey/housing vacancy survey for 2009; federal government budget data for fiscal years 2009 and 2010; Internal Revenue Service tabulations of tax returns for corporations for 2007 (revised) and 2008 (preliminary) and for sole proprietorships and partnerships for 2008; Bureau of Labor Statistics (BLS) quarterly census of employment and wages for 2007-2009 (revised); BLS occupational employment survey data for 2009; Department of Agriculture farm statistics for 2007-2009 (revised); and BEA's international transactions accounts for 2007-2009 (revised).

Discontinuities in NIPA Foreign Transactions

The revisions to net exports of goods and services reflect the annual revision of BEA's international transactions accounts (ITAs), which incorporated new and updated source data. (1)

For most components, the revisions to the ITAs for 2007-2009 were incorporated into the NIPAs at their "best level." As a result, there are small discontinuities between the NIPA estimates for total exports and imports for 2006 and those for 2007 (table A), and somewhat larger discontinuities within these categories for the estimates of goods and services due to reclassifications (see "Reclassification of foreign transactions" on page 23).

For current-dollar net exports of goods and services (and for current-dollar GDP), the change from 2006 to 2007 was overstated by $1.1 billion. (The revisions to the ITAs for years before 2007 will be incorporated in the next comprehensive NIPA revision.)

(1.) See Helen Y. Bai and Mai-Chi Hoang, "Annual Revision of the U.S. International Transactions Accounts" SURVEY 90 (July 2010): 36-50.

Table A. Discontinuities in NIPA Foreign Transactions, 2006-2007
[Billions of dollars]

                                                 2006

                                             Discontinuity
                                 Published        (1)        Adjusted

Net exports of goods and
    services                        -769.3            1.1      -768.2
  Exports                          1,471.0            1.1     1,472.1
   Goods                           1,024.4           20.1     1,044.5
    Services                         446.6          -19.0       427.6
  Imports                          2,240.3            0.0     2,240.3
    Goods                          1,884.9           12.3     1,897.2
    Services                         355.4          -12.3       343.1
Net receipts of income                72.4            0.0        72.4
  Income receipts                    721.1            0.0       721.1
    Wage and salary receipts           2.9            0.0         2.9
    Income receipts on assets        718.2            0.0       718.2
      Interest                       283.7            0.0       283.7
      Dividends                      186.0            0.0       186.0
      Reinvested earnings of
        U.S. direct investment
        abroad                       248.4            0.0       248.4
  Income payments                    648.6            0.0       648.6
    Wage and salary payments           9.5            0.0         9.5
    Income payments on assets        639.1            0.0       639.1
      Interest                       461.5            0.0       461.5
      Dividends                      108.1            0.0       108.1
      Reinvested earnings of
        foreign direct
        investment in the
        United States                 69.5            0.0        69.5
Current taxes and transfer
  payments to the rest of the
  world (net)                        101.5            0.2       101.7

Addenda:
  Gross domestic product          13,398.9            1.1    13,400.0
  Gross national product          13,471.3            1.1    13,472.4

                                                  Change from
                                    2007          2006 to 2007

                                  Revised     Published    Adjusted

Net exports of goods and
    services                        -714.0        55.3          54.2
  Exports                          1,661.7       190.7         189.6
   Goods                           1,162.0       137.6         117.5
    Services                         499.7        53.1          72.1
  Imports                          2,375.7       135.4         135.4
    Goods                          2,001.6       116.7         104.4
    Services                         374.0        18.6          30.9
Net receipts of income               123.3        50.9          50.9
  Income receipts                    871.0       149.9         149.9
    Wage and salary receipts           3.0         0.1           0.1
    Income receipts on assets        868.0       149.8         149.8
      Interest                       357.4        73.7          73.7
      Dividends                      249.0        63.0          63.0
      Reinvested earnings of
        U.S. direct investment
        abroad                       261.6        13.2          13.2
  Income payments                    747.7        99.1          99.1
    Wage and salary payments          10.1         0.6           0.6
    Income payments on assets        737.6        98.5          98.5
      Interest                       577.9       116.4         116.4
      Dividends                      104.2        -3.9          -3.9
      Reinvested earnings of
        foreign direct
        investment in the
        United States                 55.5       -14.0         -14.0
Current taxes and transfer
  payments to the rest of the
  world (net)                        126.2        24.7          24.5

Addenda:
  Gross domestic product          14,061.8       662.9         661.8
  Gross national product          14,185.1       713.8         712.7

(1.) Equals the revisions to the U.S. international transactions
accounts that have not been carried back in the NIPAs at this
time.

Changes in Methodology and Presentation

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

Command-basis real gross national product (GNP). While current-dollar GNP measures the market value of goods and services produced by labor and capital supplied by U.S. residents and while real GNP measures the changes in the quantity of these goods and services, command-basis real GNP measures the purchasing power of the income generated by the sale of these goods and services. In the calculation of command-basis real GNP, the deflators for exports and income receipts from the rest of the world and for imports and income payments to the rest of the world have been changed. Beginning with this annual revision, the price index for gross domestic purchases is used to deflate the current account balance in calculating command-basis GNP and to deflate the trade balance in calculating command-basis GDP. Previously, the price index for imports and income payments to the rest of the world was used to deflate exports and income receipts from the rest of the world in calculating command-basis GNP; command-basis GDP was not published.

Because command-basis GNP is intended to measure the purchasing power of income, its deflator should reflect the uses, not the sources, of income. (2) Using the price index for gross domestic purchases to deflate all of GNP is consistent with this principle; in contrast, the deflator previously used depended on whether the source of income was domestic sales (deflated by the gross domestic purchases index) or foreign sales (deflated by the price index for imports and income payments). Furthermore, in time periods when the U.S. current account is in deficit, the new procedure will more accurately reflect the effect of changes in import prices on the purchasing power of gross national income (as measured by GNP) because the import price changes (which include the volatile petroleum price) will no longer be used to deflate exports.

NIPA tables 1.8.3 and 1.8.6 have been revised and expanded to reflect the improved deflation of the command-basis measures, including the addition of the new series command-basis real GDP. (3) The addenda to table 1.8.3 have also been expanded to include percent changes from the preceding period for all the major aggregates shown in the table. The addenda to table 1.8.6 also include several additional new series: trading gains, terms of trade for goods, and terms of trade for nonpetroleum goods. Most of these changes are carried back to 1929 for annual estimates and to 1947 for quarterly estimates.

Saving and investment by sector. NIPA table 5.1 now shows saving, investment, capital account transactions (net), and net lending or net borrowing by sector, beginning with 1960. This expanded presentation provides useful information on how investment is financed across the economy and further aligns the NIPAs with the accounting guidelines in the System of National Accounts 2008. The additional sector detail is largely derived from existing data, but in some cases, new series were estimated.

Net private saving is now shown separately for domestic business (undistributed corporate profits plus the corporate inventory valuation adjustment plus the corporate capital consumption adjustment) and for households and institutions (personal saving plus wage accruals less disbursements). Gross private domestic investment (GPDI) is now shown for domestic business and for households and institutions (investment in owner-occupied housing plus investment by nonprofit institutions serving households). Gross government investment is now shown separately for the federal government and for state and local government. The annual investment estimates for households and institutions are from BEA's fixed assets accounts (FAAs), and the quarterly estimates are interpolated and extrapolated from the annual estimates using unpublished quarterly detail from the FAAs. GPDI by domestic business is calculated as the difference between total GPDI and GPDI by households and institutions. (4)

Capital account transactions (net) are now shown separately for domestic business, households and institutions, and government. Previously, only the annual and quarterly estimates of aggregate capital account transactions (net) were published and equaled the rest of world (ROW) capital account transactions (net) in NIPA table 4.1. Capital account transactions between domestic business, households and institutions, and government offset one another so that total capital account transactions (net) presented in table 5.1 continues to equal ROW capital account transactions. However, for each sector, capital account transactions (net) consists of capital transfers and net purchases of nonproduced nonfinancial assets. Estimates of capital transfers are from NIPA tables 5.10 and 5.10u. (5) The vast majority of net purchases of nonproduced nonfinancial assets pertain to land sales (purchases less sales), payments for natural resource rights, and more recently, Federal Communication Commission (FCC) proceeds from the auctions of the radio spectrum. Net purchases of nonproduced assets for federal and state and local governments are from NIPA tables 3.2 and 3.3, respectively. For many of these transactions, such as the FCC auction proceeds or payments for drilling rights, the government is assumed to transact solely with the business sector. However, for net land sales, the government transacts with both the business sector and the households and institutions sector, requiring separate estimates, which are derived judgmentally.

Net lending or net borrowing is now shown by sector and derived for each sector as gross saving minus capital account transactions (net) minus gross investment. The domestic business sector includes the statistical discrepancy, which is the standard practice in the NIPAs.

Quarterly estimates of net investment. Net investment is an important indicator that gauges the degree to which businesses replace their fixed assets. With the recent decline in GPDI, there has been increased interest in timelier and higher frequency estimates. In response to this need, as part of the annual revision, quarterly estimates of consumption of fixed capital (CFC) by major type of asset and of corresponding net investment are introduced in the underlying detail tables of gross and net investment, beginning with the estimates for the first quarter of 2000. (6) The newly available quarterly CFC estimates are calculated using the perpetual inventory method that was introduced in the 2008 annual revision. (7) Previously, estimates of CFC by major type of asset and of corresponding net investment were only available annually in NIPA tables 5.2.3, 5.2.5, and 5.2.6.

Newly available quarterly data for services. As part of the 2005 annual revision, BEA began incorporating data from the Census Bureau's quarterly services survey (QSS) into its estimates. Since then, the Census Bureau has expanded the coverage of the survey. Beginning with estimates for the first quarter of 2010, BEA is now incorporating newly available data from the expanded QSS into the quarterly estimates for a number of personal consumption expenditures (PCE) categories in health care, transportation, recreation, "other" services, and gross output of nonprofit institutions. The percentage of quarterly PCE services that is based on the QSS has increased from 16 percent to 39 percent. (8) Previously, many of the monthly and quarterly PCE estimates covered by the newly available data from the QSS were extrapolated using proxy data, such as BLS employment, hours, and earnings, or judgmental trends. As the Census Bureau's QSS expands to cover even more industries, BEA will continue to incorporate the newly available quarterly data in order to improve the estimates of PCE for services.

Scanner data for software. Beginning with this annual revision, within PCE for goods, the annual estimates for software are based on point-of-sale retail scanner data from a trade source that captures the variation in the composition of goods sold by radio, television, and electronic stores and by computer and software stores. (9) Previously, sales of software at these types of stores were based on retail sales by kind of business and on commodity sales data from the most recent quinquennial economic census from the Census Bureau, resulting in a fixed allocation of software sales by these stores between economic census years. The value of total sales of these stores will continue to be based on the Census Bureau's monthly and annual surveys of retail trade, and the current-dollar value of total PCE goods based on retail sales will not be affected by the expanded use of scanner data.

Own-account software. Beginning with this annual revision, the indicator that is used to estimate the quarterly change in own-account software has been changed to an index of employment in four industries for which computer-related occupations account for a relatively high percentage of total employment according to the BLS occupational employment survey. The four industries are computer systems design and related services; software publishers; data processing, hosting, and related services; and computer and peripheral equipment manufacturing. Previously, the indicator was based on a moving average of the percent change in private fixed investment in computers and peripheral equipment.

Residential improvements. Beginning with this annual revision, the indicator that is used to estimate the quarterly change in residential improvements has been changed. The quarterly estimates are now interpolated and extrapolated from the annual estimates using an indicator based on a weighted average of the percent change in retail sales of building material and garden supply dealers from the Census Bureau retail trade report (50 percent) and of the percent change in aggregate weekly payroll of production workers for residential remodelers from the BLS current employment survey after seasonal adjustment by BEA (50 percent). Previously, the quarterly estimates of residential improvements were interpolated from the annual estimates without an indicator, and the current quarterly estimates were extrapolated using an indicator based on a regression model relating four variables: mortgage interest rates, construction spending on single-family homes, prior-period new home sales, and prior-period residential improvements.

Reclassification of foreign transactions. The international transactions accounts (ITAs) are the primary source data for foreign transactions in the NIPAs. In this year's annual revision of the ITAs, several important changes in classifications were made as part of a multiyear effort to modernize and enhance the accounts and to align them with recently updated guidelines for international economic accounts. (10) These changes include several that impact the NIPAs and are incorporated in this year's annual revision:

* Reclassification of certain exports and imports of military-related items from services to goods, beginning with estimates for 2007,

* Reclassification of exports and imports of air and ocean carriers' expenditures on fuel in foreign ports from services to goods, beginning with estimates for 2007, and

* Exclusion of migrants' transfers, a measure of the net worth of individuals who immigrate or emigrate during the period, from NIPA capital account transactions, beginning with estimates for 1982, which is the first year that these transactions were recognized in the ITAs.

For years before 2007, the NIPA estimates will continue to include military-related items and fuel port expenditures transactions in services until the next comprehensive revision.

State and local government wages. Beginning with this annual revision, quarterly estimates of wages for state and local government employees are estimated using seasonally adjusted quarterly data from the BLS Quarterly Census of Employment and Wages (QCEW), and monthly estimates are interpolated from the quarters using an indicator derived from the product of the monthly BLS current employment statistics (CES) and of monthly interpolations of the employment cost index (ECI) for state and local government employees. Previously, the quarterly estimates during an annual revision were based on annual data from the QCEW, which were then interpolated into quarters (and months) using indicators based on the movements of the CES and ECI. The new method is an improvement because it is based on direct wage data rather than indirect employment and cost data. The current quarterly (and monthly) estimates will continue to be extrapolated using indicators based on the movements of the CES and ECI.

Communication equipment prices. Beginning with the estimates for the first quarter of 2007, BEA is using three quality-adjusted price indexes from the Federal Reserve Board's (FRB) industrial production index program to deflate business purchases of three types of communication equipment: telephone switching equipment, carrier line equipment, and wireless networking equipment. (A fourth FRB price index is already being used to deflate data networking equipment.) The FRB matched-model indexes better account for product quality change than the previously used price indexes, which were based on producer price indexes (PPIs) and international price indexes (IPIs) from BLS. For the current quarterly estimates, the PPI for host computers is used as an indicator to extrapolate the price indexes for the four types of equipment because the FRB indexes are not available.

Similarly, for consistency, BEA is changing the deflation of exports and imports of communication equipment--the lowest deflation-level detail and a component of "other" capital goods. Specifically, BEA is now using a Fisher chain-type price index comprised of the four FRB communication equipment price indexes noted above and IPIs for exported and imported telecommunications equipment to deflate exports and imports of communication equipment. Previously, only the IPIs were used for this deflation. For the current quarterly estimates, the PPI for host computers is again used as an indicator to extrapolate the relevant price indexes.

Changes in presentation. In addition to the changes affecting NIPA tables 1.8.3, 1.8.6, and 5.1 described above, a number of other tables have been modified slightly. Table 9 provides details of these changes.

(1.) These changes update the information in the two tables that were published in "Updated Summary of NIPA Methodologies" in the November 2009 SURVEY; these tables will be updated in the November 2010 SURVEY.

(2.) See Marshall B. Reinsdorf, "Terms of Trade Effects: Theory and Measurement," Review of Income and Wealth 56 (June 2010): S177-S205.

(3.) The new presentation reflects the relationships discussed in the most recent edition of the System of National Accounts; see Commission of the European Communities, International Monetary Fund, Organisation for Economic Cooperation and Development, United Nations, and the World Bank, System of National Accounts 2008: 15:185-197 at unstats.un.org/unsd/nation alaccount/SNA2008.pdf.

(4.) Private fixed investment in the NIPAs differs from private fixed investment in the FAAs, primarily for the business sector. The main difference is that the NIPAs include dealers' margins on used equipment, but the FAAs do not. A full reconciliation of NIPA private fixed investment with the corresponding measure in the FAAs is available on BEA's Web site at www.bea.gov/national/FA2004/index.asp.

(5.) There are offsetting revisions beginning with 1989 to capital transfers received by noncorporate business and by persons (table 5.10, lines 32 and 43, respectively) to reflect a reclassification of disaster-related insurance benefits for owner-occupied housing. Previously, these benefits were incorrectly included with noncorporate business.

(6.) Underlying detail tables provide estimates of underlying NIPA series that are used to calculate published series. These detailed estimates are not included in the published tables, because their quality is significantly less than that of higher level aggregates in which they are included, and they are more likely to be either based on trends or on less reliable source data than the published estimates. See tables 5.2.3u, 5.2.5u, and 5.2.6u; see www.bea.gov/ national/nipaweb/nipa_underlying/SelectTable.asp.

(7.) See Eugene P. Seskin and Shelly Smith, "Annual Revision of the National Income and Product Accounts;' SURVEY 88 (August 2008): 18.

(8.) For a detailed list of the PCE components that are estimated using the QSS, see www.bea.gov/faq/national/QSSnewFAQ_rev.xls.

(9.) Point-of-sale scanner data were previously adopted to adjust the composition of other goods sold by radio, television, and electronics stores; computer and software stores; and camera and photographic supplies stores. The allocation of sales at these stores is applied to televisions, "other" video equipment, audio equipment, computers and peripherals, telephones and facsimile equipment, "other" information processing equipment, and cameras and "other" photographic equipment. See Clinton P. McCully and Steven Payson, "Preview of the 2009 Comprehensive Revision of the NIPAs: Statistical Changes" SURVey 89 (May 2009): 9.

(10.) See Bai and Hoang, 36-50. For additional information, see Kristy L. Howell and Robert E. Yuskavage, "Modernizing and Enhancing BEA's International Economic Accounts: Recent Progress and Future Directions," SURVEY 90 (May 2010): 6-20.

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

                                                        2007

                                                 Revised     Revision

                                             Account 1. Domestic Income
                                                 and Product Account

Compensation of employees, paid                   7,863.0        -0.6
  Wage and salary accruals                        6,422.6        12.9
    Disbursements                                 6,428.8        12.8
    Wage accruals less disbursements                 -6.3         0.0
  Supplements to wages and salaries               1,440.4       -13.4
Taxes on production and imports                   1,027.2        -1.5
Less: Subsidies                                      54.6        -0.2
Net operating surplus                             3,437.5       -57.4
  Private enterprises                             3,449.3       -52.2
  Current surplus of government enterprises         -11.8        -5.2
Consumption of fixed capital                      1,767.5         7.5
Gross domestic income                            14,040.7       -51.8
Statistical discrepancy                              21.1        35.9
GROSS DOMESTIC PRODUCT                           14,061.8       -15.8
Personal consumption expenditures                 9,806.3       -20.1
  Goods                                           3,357.7        -7.3
    Durable goods                                 1,159.4        -1.1
    Nondurable goods                              2,198.2        -6.3
  Services                                        6,448.6       -12.8
Gross private domestic investment                 2,295.2         6.7
  Fixed investment                                2,266.1        -3.0
    Nonresidential                                1,637.5        -2.7
      Structures                                    524.9       -10.5
      Equipment and software                      1,112.6         7.8
    Residential                                     628.6        -0.4
  Change in private inventories                      29.1         9.7
Net exports of goods and services                  -714.0        -0.2
  Exports                                         1,661.7         5.8
  Imports                                         2,375.7         6.0
Government consumption expenditures and
    gross investment                              2,674.2        -2.3
  Federal                                           976.3        -0.4
    National defense                                662.3         0.2
    Nondefense                                      314.0        -0.5
  State and local                                 1,697.9        -1.9
GROSS DOMESTIC PRODUCT                           14,061.8       -15.8

                                                  Account 2. Private
                                               Enterprise Income Account

Income payments on assets                         3,996.6        17.5
  Interest and miscellaneous payments             3,836.9        14.6
  Dividend payments to the rest of the world        104.2        -2.9
  Reinvested earnings on foreign direct
    investment in the United States                  55.5         5.8
Business current transfer payments (net)            103.3         1.1
  To persons (net)                                   30.5         0.3
  To government (net)                                66.8         1.4
  To the rest of the world (net)                      6.0        -0.6
Proprietors' income with inventory
  valuation and capital consumption
  adjustments                                     1,090.4         0.0
Rental income of persons with capital
  consumption adjustment                            143.7        -1.2
Corporate profits with inventory valuation
    and capital consumption adjustments           1,510.6       -31.1
  Taxes on corporate income                         445.5        -6.0
    To government                                   420.6        -6.1
    To the rest of the world                         24.8         0.0
  Profits after tax with inventory
      valuation and capital consumption
      adjustments                                 1,065.2       -25.0
    Net dividends                                   794.5        26.7
    Undistributed corporate profits with
      inventory valuation and capital
      consumption adjustments                       270.7       -51.7
USES OF PRIVATE ENTERPRISE INCOME                 6,844.7       -19.5
Net operating surplus, private enterprises        3,449.3       -52.2
Income receipts on assets                         3,395.4        32.7
  Interest                                        2,884.8        26.7
  Dividend receipts from the rest of the
    world                                           249.0        15.7
  Reinvested earnings on U.S. direct
    investment abroad                               261.6        -9.7
SOURCES OF PRIVATE ENTERPRISE INCOME              6,844.7       -19.5

                                                  Account 3. Personal
                                                   Income and Outlay
                                                        Account

Personal current taxes                            1,488.7        -2.2
Personal outlays                                 10,208.9       -15.4
  Personal consumption expenditures               9,806.3       -20.1
  Personal interest payments                        260.9         4.1
  Personal current transfer payments                141.7         0.7
    To government                                    82.4         0.1
    To the rest of the world (net)                   59.3         0.6
Personal saving                                     214.7        35.8
PERSONAL TAXES, OUTLAYS, AND SAVING              11,912.3        18.2
Compensation of employees, received               7,862.2        -0.5
  Wage and salary disbursements                   6,421.7        12.8
    Domestic                                      6,418.8        12.9
    Rest of the world                                 3.0         0.0
  Supplements to wages and salaries               1,440.4       -13.4
    Employer contributions for employee
      pension and insurance funds                   980.5       -12.5
    Employer contributions for government
      social insurance                              459.9        -0.9
Proprietors' income with inventory
  valuation and capital consumption
  adjustments                                     1,090.4        -6.0
Rental income of persons with capital
  consumption adjustment                            143.7        -1.2
Personal income receipts on assets                2,057.0        25.5
  Personal interest income                        1,265.1        -1.3
  Personal dividend income                          791.9        26.8
Personal current transfer receipts                1,718.5         0.5
  Government social benefits                      1,687.9         0.1
  From business (net)                                30.5         0.3
Less: Contributions for government social
  insurance, domestic                               959.5         0.2
PERSONAL INCOME                                  11,912.3        18.2

                                                 Account 4. Government
                                                      Receipts and
                                                 Expenditures Account

Consumption expenditures                          2,217.8         2.9
Current transfer payments                         1,743.4         0.1
  Government social benefits                      1,701.2         0.1
    To persons                                    1,687.9         0.1
    To the rest of the world                         13.3         0.0
  Other current transfer payments to the
    rest of the world (net)                          42.2         0.0
Interest payments                                   414.3         3.3
Subsidies                                            54.6        -0.2
Less: Wage accruals less disbursements                0.0         0.0
Net government saving                              -233.0       -18.2
  Federal                                          -245.2        -8.7
  State and local                                    12.2        -9.5
GOVERNMENT CURRENT EXPENDITURES AND NET
  SAVING                                          4,197.0       -12.2
Current tax receipts                              2,951.2        -9.4
  Personal current taxes                          1,488.7        -2.2
  Taxes on production and imports                 1,027.2        -1.5
  Taxes on corporate income                         420.6        -0.1
  Taxes from the rest of the world                   14.7         0.5
Contributions for government social
  insurance                                         964.2         0.0
Income receipts on assets                           144.2         0.9
  Interest and miscellaneous receipts               141.6         1.0
  Dividends                                           2.6        -0.1
Current transfer receipts                           149.2         1.5
  From business (net)                                66.8         1.4
  From persons                                       82.4         0.1
Current surplus of government enterprises           -11.8        -5.2
GOVERNMENT CURRENT RECEIPTS                       4,197.0       -12.2

                                                   Account 5. Foreign
                                                  Transactions Current
                                                        Account

Exports of goods and services                     1,661.7         5.8
Income receipts from the rest of the world          871.0         9.2
  Wage and salary receipts                            3.0         0.0
  Income receipts on assets                         868.0         9.2
    Interest                                        357.4         3.2
    Dividends                                       249.0        15.7
    Reinvested earnings on U.S. direct
      investment abroad                             261.6        -9.7
CURRENT RECEIPTS FROM THE REST OF THE WORLD       2,532.7        15.0
Imports of goods and services                     2,375.7         6.0
Income payments to the rest of the world            747.7         1.7
  Wage and salary payments                           10.1         0.0
  Income payments on assets                         737.6         1.6
    Interest                                        577.9        -1.3
    Dividends                                       104.2        -2.9
    Reinvested earnings on foreign direct
      investment in the United States                55.5         5.8
Current taxes and transfer payments to the
    rest of the world (net)                         126.2        -0.4
  From persons (net)                                 59.3         0.6
  From government (net)                              36.1        -0.4
  From business (net)                                30.8        -0.6
Balance on current account, national
  income and product accounts                      -716.9         7.8
CURRENT PAYMENTS TO THE REST OF THE WORLD
  AND BALANCE ON CURRENT ACCOUNT                  2,532.7        15.0

                                                  Account 6. Domestic
                                                    Capital Account

Gross domestic investment                         2,751.7         1.7
  Private fixed investment                        2,266.1        -3.0
  Government fixed investment                       456.5        -5.1
  Change in private inventories                      29.1         9.7
Capital account transactions (net)                   -0.1        -2.3
  Transfer payments for catastrophic
    losses (net)                                      0.0         0.0
  Other capital account transactions                 -0.1        -2.3
Net lending or net borrowing (-), national
  income and product accounts                      -716.8        10.0
GROSS DOMESTIC INVESTMENT, CAPITAL ACCOUNT
  TRANSACTIONS (NET), AND NET LENDING             2,034.8         9.4
Net saving                                          246.1       -34.1
  Personal saving                                   214.7        35.8
  Undistributed corporate profits with
    inventory valuation and capital
    consumption adjustments                         270.7       -51.7
  Wage accruals less disbursements (private)         -6.3         0.0
  Net government saving                            -233.0       -18.2
Plus: Consumption of fixed capital                1,767.5         7.5
  Private                                         1,476.2         6.6
  Government                                        291.3         0.9
    General government                              243.2         0.8
    Government enterprises                           48.1         0.0
Equals: Gross saving                              2,013.6       -26.6
Statistical discrepancy                              21.1        35.9
GROSS SAVING AND STATISTICAL DISCREPANCY          2,034.8         9.4

                                                  Account 7. Foreign
                                                     Transactions
                                                    Capital Account

BALANCE ON CURRENT ACCOUNT, NATIONAL
  INCOME AND PRODUCT ACCOUNTS                      -716.9         7.8
Capital account transactions (net)                   -0.1        -2.3
  Transfer payments for catastrophic
    losses (net)                                      0.0         0.0
  Other capital account transactions                 -0.1        -2.3
Net lending or net borrowing (-), national
  income and product accounts                      -716.8        10.0
CAPITAL ACCOUNT TRANSACTIONS (NET) AND NET
  LENDING, NATIONAL INCOME AND
  PRODUCT ACCOUNTS                                 -716.9         7.8

                                                         2008

                                                 Revised      Revision

                                             Account 1. Domestic Income
                                                 and Product Account

Compensation of employees, paid                   8,068.1         23.3
  Wage and salary accruals                        6,561.4         13.2
    Disbursements                                 6,566.4         13.2
    Wage accruals less disbursements                 -5.0          0.0
  Supplements to wages and salaries               1,506.8         10.2
Taxes on production and imports                   1,045.1         -2.2
Less: Subsidies                                      52.8         -0.7
Net operating surplus                             3,322.8       -132.0
  Private enterprises                             3,339.5       -122.2
  Current surplus of government enterprises         -16.7         -9.8
Consumption of fixed capital                      1,849.2          2.1
Gross domestic income                            14,232.5       -107.9
Statistical discrepancy                             136.6         35.6
GROSS DOMESTIC PRODUCT                           14,369.1        -72.3
Personal consumption expenditures                10,104.5        -25.4
  Goods                                           3,379.5        -23.7
    Durable goods                                 1,083.5        -11.7
    Nondurable goods                              2,296.0        -12.0
  Services                                        6,725.0         -1.8
Gross private domestic investment                 2,096.7        -39.4
  Fixed investment                                2,137.8        -33.0
    Nonresidential                                1,665.3        -28.3
      Structures                                    582.4        -27.1
      Equipment and software                      1,082.9         -1.2
    Residential                                     472.5         -4.7
  Change in private inventories                     -41.1         -6.3
Net exports of goods and services                  -710.4         -2.6
  Exports                                             1.8         12.3
  Imports                                         2,553.8         14.9
Government consumption expenditures and
    gross investment                              2,878.3         -4.9
  Federal                                         1,079.9         -2.7
    National defense                                737.3         -0.6
    Nondefense                                      342.5         -2.2
  State and local                                 1,798.5         -2.1
GROSS DOMESTIC PRODUCT                           14,369.1        -72.3

                                                  Account 2. Private
                                               Enterprise Income Account

Income payments on assets                         3,670.2        209.3
  Interest and miscellaneous payments             3,509.7        215.9
  Dividend payments to the rest of the world        113.2          1.1
  Reinvested earnings on foreign direct
    investment in the United States                  47.3         -7.7
Business current transfer payments (net)            121.7          2.9
  To persons (net)                                   36.7          4.1
  To government (net)                                81.7          2.9
  To the rest of the world (net)                      3.3         -4.0
Proprietors' income with inventory
  valuation and capital consumption
  adjustments                                     1,102.0         -4.3
Rental income of persons with capital
  consumption adjustment                            222.0         11.6
Corporate profits with inventory valuation
    and capital consumption adjustments           1,262.8        -97.6
  Taxes on corporate income                         308.4         16.2
    To government                                   280.2         16.9
    To the rest of the world                         28.2         -0.7
  Profits after tax with inventory
      valuation and capital consumption
      adjustments                                   954.4       -113.8
    Net dividends                                   797.7        107.8
    Undistributed corporate profits with
      inventory valuation and capital
      consumption adjustments                       156.7       -221.6
USES OF PRIVATE ENTERPRISE INCOME                 6,378.7        122.0
Net operating surplus, private enterprises        3,339.5       -122.2
Income receipts on assets                             3.0        244.2
  Interest                                        2,467.4        216.6
  Dividend receipts from the rest of the
    world                                           299.3         40.6
  Reinvested earnings on U.S. direct
    investment abroad                               272.4        -13.2
SOURCES OF PRIVATE ENTERPRISE INCOME              6,378.7        122.0

                                                  Account 3. Personal
                                                   Income and Outlay
                                                        Account

Personal current taxes                            1,438.2          5.8
Personal outlays                                 10,505.0        -15.0
  Personal consumption expenditures              10,104.5        -25.4
  Personal interest payments                        246.2          8.5
  Personal current transfer payments                154.3          2.0
    To government                                    89.7          1.8
    To the rest of the world (net)                   64.6          0.1
Personal saving                                     447.9        161.5
PERSONAL TAXES, OUTLAYS, AND SAVING              12,391.1        152.3
Compensation of employees, received               8,065.8         23.4
  Wage and salary disbursements                   6,559.0         13.1
    Domestic                                      6,556.0         13.2
    Rest of the world                                 3.0          0.0
  Supplements to wages and salaries               1,506.8         10.2
    Employer contributions for employee
      pension and insurance funds                 1,036.6         12.7
    Employer contributions for government
      social insurance                              470.1         -2.6
Proprietors' income with inventory
  valuation and capital consumption
  adjustments                                     1,102.0         -4.3
Rental income of persons with capital
  consumption adjustment                            222.0         11.6
Personal income receipts on assets                2,109.3        114.9
  Personal interest income                        1,314.7          6.7
  Personal dividend income                          794.6        108.2
Personal current transfer receipts                1,879.2          3.3
  Government social benefits                      1,842.6         -0.6
  From business (net)                                36.7          4.1
Less: Contributions for government social
  insurance, domestic                               987.2         -3.4
PERSONAL INCOME                                  12,391.1        152.3

                                                 Account 4. Government
                                                      Receipts and
                                                 Expenditures Account

Consumption expenditures                          2,382.8         -4.1
Current transfer payments                         1,902.7         -1.3
  Government social benefits                      1,857.8         -1.4
    To persons                                    1,842.6         -0.6
    To the rest of the world                         15.2         -0.8
  Other current transfer payments to the
    rest of the world (net)                          44.8          0.0
Interest payments                                   399.4          3.5
Subsidies                                            52.8         -0.7
Less: Wage accruals less disbursements                0.0          0.0
Net government saving                              -663.6         19.1
  Federal                                          -616.2         26.4
  State and local                                   -47.4         -7.2
GOVERNMENT CURRENT EXPENDITURES AND NET
  SAVING                                          4,074.0         16.4
Current tax receipts                              2,780.3         22.3
  Personal current taxes                          1,438.2          5.8
  Taxes on production and imports                 1,045.1         -2.2
  Taxes on corporate income                         280.2         16.9
  Taxes from the rest of the world                   16.8          1.8
Contributions for government social
  insurance                                         992.1         -3.5
Income receipts on assets                           146.9          2.7
  Interest and miscellaneous receipts               143.8          3.1
  Dividends                                           3.1         -0.4
Current transfer receipts                           171.4          4.7
  From business (net)                                81.7          2.9
  From persons                                       89.7          1.8
Current surplus of government enterprises           -16.7         -9.8
GOVERNMENT CURRENT RECEIPTS                       4,074.0         16.4

                                                   Account 5. Foreign
                                                  Transactions Current
                                                        Account

Exports of goods and services                     1,843.4         12.3
Income receipts from the rest of the world          839.2         30.0
  Wage and salary receipts                            3.0          0.0
  Income receipts on assets                         836.2         30.0
    Interest                                        264.4          2.5
    Dividends                                       299.3         40.6
    Reinvested earnings on U.S. direct
      investment abroad                             272.4        -13.2
CURRENT RECEIPTS FROM THE REST OF THE WORLD       2,682.6         42.3
Imports of goods and services                     2,553.8         14.9
Income payments to the rest of the world            664.7         -2.6
  Wage and salary payments                           10.4          0.0
  Income payments on assets                         654.3         -2.6
    Interest                                        493.8          3.9
    Dividends                                       113.2          1.1
    Reinvested earnings on foreign direct
      investment in the United States                47.3         -7.7
Current taxes and transfer payments to the
    rest of the world (net)                         134.5         -6.9
  From persons (net)                                 64.6          0.1
  From government (net)                              38.4         -2.4
  From business (net)                                31.5         -4.7
Balance on current account, national
  income and product accounts                      -670.4         36.8
CURRENT PAYMENTS TO THE REST OF THE WORLD
  AND BALANCE ON CURRENT ACCOUNT                  2,682.6         42.3

                                                  Account 6. Domestic
                                                    Capital Account

Gross domestic investment                         2,592.2        -40.2
  Private fixed investment                        2,137.8        -33.0
  Government fixed investment                       495.5         -0.8
  Change in private inventories                     -41.1         -6.3
Capital account transactions (net)                   -5.4         -5.0
  Transfer payments for catastrophic
    losses (net)                                      6.2          2.4
  Other capital account transactions                -11.6         -7.4
Net lending or net borrowing (-), national
  income and product accounts                      -665.0         41.8
GROSS DOMESTIC INVESTMENT, CAPITAL ACCOUNT
  TRANSACTIONS (NET), AND NET LENDING             1,921.8         -0.4
Net saving                                          -64.0        -41.0
  Personal saving                                   447.9        161.5
  Undistributed corporate profits with
    inventory valuation and capital
    consumption adjustments                         156.7       -221.6
  Wage accruals less disbursements (private)         -5.0          0.0
  Net government saving                            -663.6         19.1
Plus: Consumption of fixed capital                1,849.2          2.1
  Private                                         1,536.9          0.7
  Government                                        312.3          1.4
    General government                              260.7          1.2
    Government enterprises                           51.6          0.2
Equals: Gross saving                              1,785.2        -38.9
Statistical discrepancy                             136.6         35.6
GROSS SAVING AND STATISTICAL DISCREPANCY          1,921.8         -0.4

                                                  Account 7. Foreign
                                                     Transactions
                                                    Capital Account

BALANCE ON CURRENT ACCOUNT, NATIONAL
  INCOME AND PRODUCT ACCOUNTS                      -670.4         36.8
Capital account transactions (net)                   -5.4         -5.0
  Transfer payments for catastrophic
    losses (net)                                      6.2          2.4
  Other capital account transactions                -11.6         -7.4
Net lending or net borrowing (-), national
  income and product accounts                      -665.0         41.8
CAPITAL ACCOUNT TRANSACTIONS (NET) AND NET
  LENDING, NATIONAL INCOME AND
  PRODUCT ACCOUNTS                                 -670.4         36.8

                                                         2009

                                                 Revised      Revision

                                             Account 1. Domestic Income
                                                 and Product Account

Compensation of employees, paid                   7,819.5         29.0
  Wage and salary accruals                        6,286.9         -1.7
    Disbursements                                 6,281.9         -1.7
    Wage accruals less disbursements                  5.0          0.0
  Supplements to wages and salaries               1,532.6         30.7
Taxes on production and imports                   1,024.7          0.8
Less: Subsidies                                      60.3          0.7
Net operating surplus                             3,294.9       -125.3
  Private enterprises                             3,308.1       -120.2
  Current surplus of government enterprises         -13.2         -5.1
Consumption of fixed capital                      1,861.1         -2.9
Gross domestic income                            13,939.9        -99.1
Statistical discrepancy                             179.1        -38.2
GROSS DOMESTIC PRODUCT                           14,119.0       -137.3
Personal consumption expenditures                10,001.3        -87.8
  Goods                                           3,230.7        -24.5
    Durable goods                                 1,026.5         -8.5
    Nondurable goods                              2,204.2        -16.0
  Services                                        6,770.6        -63.3
Gross private domestic investment                 1,589.2        -39.6
  Fixed investment                                1,716.4        -33.3
    Nonresidential                                1,364.4        -24.4
      Structures                                    451.6        -28.4
      Equipment and software                        912.8          4.0
    Residential                                     352.1         -8.9
  Change in private inventories                    -127.2         -6.3
Net exports of goods and services                  -386.4          6.0
  Exports                                         1,578.4         14.2
  Imports                                         1,964.7          8.1
Government consumption expenditures and
    gross investment                              2,914.9        -15.8
  Federal                                         1,139.6         -5.2
    National defense                                771.6         -7.4
    Nondefense                                      368.0          2.2
  State and local                                 1,775.3        -10.6
GROSS DOMESTIC PRODUCT                           14,119.0       -137.3

                                                  Account 2. Private
                                               Enterprise Income Account

Income payments on assets                         3,000.4          ...
  Interest and miscellaneous payments             2,872.1          ...
  Dividend payments to the rest of the world         99.5         13.2
  Reinvested earnings on foreign direct
    investment in the United States                  28.8         -3.4
Business current transfer payments (net)            134.0         -0.1
  To persons (net)                                   36.0          3.3
  To government (net)                                98.5          1.7
  To the rest of the world (net)                     -0.6         -5.2
Proprietors' income with inventory
  valuation and capital consumption
  adjustments                                     1,011.9        -29.1
Rental income of persons with capital
  consumption adjustment                            274.0          5.9
Corporate profits with inventory valuation
    and capital consumption adjustments           1,258.0        -50.9
  Taxes on corporate income                         254.9        -59.9
    To government                                   231.4        -58.1
    To the rest of the world                         23.4         -1.9
  Profits after tax with inventory
      valuation and capital consumption
      adjustments                                 1,003.1          9.0
    Net dividends                                   718.9        143.1
    Undistributed corporate profits with
      inventory valuation and capital
      consumption adjustments                       284.2       -134.2
USES OF PRIVATE ENTERPRISE INCOME                 5,678.4           ..
Net operating surplus, private enterprises        3,308.1       -120.2
Income receipts on assets                         2,370.2           ..
  Interest                                        1,889.6           ..
  Dividend receipts from the rest of the
    world                                           206.8          3.6
  Reinvested earnings on U.S. direct
    investment abroad                               273.8         46.7
SOURCES OF PRIVATE ENTERPRISE INCOME              5,678.4           ..

                                                    Account 3. Personal
                                                    Income and Outlay
                                                         Account

Personal current taxes                            1,140.0         38.3
Personal outlays                                 10,379.6        -79.1
  Personal consumption expenditures              10,001.3        -87.8
  Personal interest payments                        216.8          2.9
  Personal current transfer payments                161.4          5.7
    To government                                    95.0          2.8
    To the rest of the world (net)                   66.5          3.0
Personal saving                                     655.3        196.7
PERSONAL TAXES, OUTLAYS, AND SAVING              12,174.9        155.9
Compensation of employees, received               7,806.7         28.2
  Wage and salary disbursements                   6,274.1         -2.4
    Domestic                                      6,271.2         -2.4
    Rest of the world                                 2.9         -0.1
  Supplements to wages and salaries               1,532.6         30.7
    Employer contributions for employee
      pension and insurance funds                 1,072.0         28.1
    Employer contributions for government
      social insurance                              460.6          2.6
Proprietors' income with inventory
  valuation and capital consumption
  adjustments                                     1,011.9        -29.1
Rental income of persons with capital
  consumption adjustment                            274.0          5.9
Personal income receipts on assets                1,919.7        127.1
  Personal interest income                        1,222.3        -16.2
  Personal dividend income                          697.4        143.2
Personal current transfer receipts                2,132.8         28.0
  Government social benefits                      2,096.8         24.8
  From business (net)                                36.0          3.3
Less: Contributions for government social
  insurance, domestic                               970.3          4.4
PERSONAL INCOME                                  12,174.9        155.9

                                                 Account 4. Government
                                                      Receipts and
                                                 Expenditures Account

Consumption expenditures                          2,411.5         -5.4
Current transfer payments                         2,164.9         31.2
  Government social benefits                      2,112.3         24.6
    To persons                                    2,096.8         24.8
    To the rest of the world                         15.5         -0.2
  Other current transfer payments to the
    rest of the world (net)                          52.7          6.7
Interest payments                                   362.0        -17.1
Subsidies                                            60.3          0.7
Less: Wage accruals less disbursements                0.0          0.0
Net government saving                            -1,271.9        -26.3
  Federal                                        -1,251.7        -25.2
  State and local                                   -20.1         -0.9
GOVERNMENT CURRENT EXPENDITURES AND NET
  SAVING                                          3,726.9        -16.8
Current tax receipts                              2,409.3        -18.2
  Personal current taxes                          1,140.0         38.3
  Taxes on production and imports                 1,024.7          0.8
  Taxes on corporate income                         231.4        -58.1
  Taxes from the rest of the world                   13.2          0.9
Contributions for government social
  insurance                                         975.1          4.1
Income receipts on assets                           162.2         -2.1
  Interest and miscellaneous receipts               140.8         -2.0
  Dividends                                          21.5         -0.1
Current transfer receipts                           193.5          4.5
  From business (net)                                98.5          1.7
  From persons                                       95.0          2.8
Current surplus of government enterprises           -13.2         -5.1
GOVERNMENT CURRENT RECEIPTS                       3,726.9        -16.8

                                                   Account 5. Foreign
                                                  Transactions Current
                                                        Account

Exports of goods and services                     1,578.4         14.2
Income receipts from the rest of the world          629.8         40.4
  Wage and salary receipts                            2.9         -0.1
  Income receipts on assets                         626.9         40.5
    Interest                                        146.3         -9.8
    Dividends                                       206.8          3.6
    Reinvested earnings on U.S. direct
      investment abroad                             273.8         46.7
CURRENT RECEIPTS FROM THE REST OF THE WORLD       2,208.2         54.5
Imports of goods and services                     1,964.7          8.1
Income payments to the rest of the world            483.6         -0.9
  Wage and salary payments                           10.8          0.7
  Income payments on assets                         472.8         -1.6
    Interest                                        344.5        -11.4
    Dividends                                        99.5         13.2
    Reinvested earnings on foreign direct
      investment in the United States                28.8         -3.4
Current taxes and transfer payments to the
    rest of the world (net)                         139.5         -3.2
  From persons (net)                                 66.5          3.0
  From government (net)                              50.2          0.9
  From business (net)                                22.9         -7.0
Balance on current account, national
  income and product accounts                      -379.7         50.4
CURRENT PAYMENTS TO THE REST OF THE WORLD
  AND BALANCE ON CURRENT ACCOUNT                  2,208.2         54.5

                                                  Account 6. Domestic
                                                    Capital Account

Gross domestic investment                         2,092.6        -50.0
  Private fixed investment                        1,716.4        -33.3
  Government fixed investment                       503.4        -10.4
  Change in private inventories                    -127.2         -6.3
Capital account transactions (net)                    0.6         -2.4
  Transfer payments for catastrophic
    losses (net)                                      0.0          0.0
  Other capital account transactions                  0.6         -2.4
Net lending or net borrowing (-), national
  income and product accounts                      -380.3         52.8
GROSS DOMESTIC INVESTMENT, CAPITAL ACCOUNT
  TRANSACTIONS (NET), AND NET LENDING             1,712.9          0.4
Net saving                                         -327.4         36.3
  Personal saving                                   655.3        196.7
  Undistributed corporate profits with
    inventory valuation and capital
    consumption adjustments                         284.2       -134.2
  Wage accruals less disbursements (private)          5.0          0.0
  Net government saving                          -1,271.9        -26.3
Plus: Consumption of fixed capital                1,861.1         -2.9
  Private                                         1,535.8         -3.0
  Government                                        325.3          0.1
    General government                              272.3          0.1
    Government enterprises                           53.0          0.0
Equals: Gross saving                              1,533.8         33.5
Statistical discrepancy                             179.1        -38.2
GROSS SAVING AND STATISTICAL DISCREPANCY          1,712.9          0.4

                                                  Account 7. Foreign
                                                     Transactions
                                                    Capital Account

BALANCE ON CURRENT ACCOUNT, NATIONAL
  INCOME AND PRODUCT ACCOUNTS                      -379.7         50.4
Capital account transactions (net)                    0.6         -2.4
  Transfer payments for catastrophic
    losses (net)                                      0.0          0.0
  Other capital account transactions                  0.6         -2.4
Net lending or net borrowing (-), national
  income and product accounts                      -380.3         52.8
CAPITAL ACCOUNT TRANSACTIONS (NET) AND NET
  LENDING, NATIONAL INCOME AND
  PRODUCT ACCOUNTS                                 -379.7         50.4

Acknowledgments

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

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

Estimate coordination and review: David F. Sullivan. Alyssa E. Holdren, Robert J. Kornfeld, Clint P. McCully, Eugene P. Seskin, Shelly Smith.

Personal consumption expenditures: Michael Armah. Goods: Brendan J. Leary, Harvey L. Davis, Jr., Yukun Fung, Everette P. Johnson, Danit E. Kanal, Matthew D. Tschetter. Services: Kyle J. Brown, Robert N. Ganz III, Christina D. Hovland, Teresita D. Teensma.

Investment and foreign transactions: Jennifer A. Ribarsky. Inventories, foreign transactions, and prices: Jennifer A. Ribarsky, Marissa J. Crawford, Harry Johnson, Jr., Kate L. Shoemaker, Enrico Tan. Structures, equipment and software: Jeffrey W. Crawford, Velma P. Henry, Lindsay Orphanides, Marlyn Rodriguez, Linden L. Webber.

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

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

Personal income: Kurt Kunze. Employee compensation: Janet H. Kmitch, Elizabeth C. Bernstein, James E. Rankin, Brian J. Smith. Business income: Howard I. Krakower, Andrew W. Hodge, M. Greg Key, Martin L. Simmons, Jerry L. Stone, Garth K. Trinkl, Dennis R. Weikel. Property income: Michael N. Hayes, Denise A. McBride, Charles S. Robinson, Andrew G. Schmidt, Elizabeth M. Terrain.

Consumption of fixed capital: Private: David B. Wasshausen, Michael T. Cusick, Michael D. Glenn, Lisa A. Lynn, Nadia EP. Sadee. Government: Jennifer A. Bennett, Debasis Chaudhuri, Christopher B. Mbu.

Computer systems and operations: Michael J. Boehm, Wanda Y. Chambers, Benjamin D. Cowan, Scott G. He, Douglas J. Klear, Sung H. Lee, Ethan C. Lincoln, Sandip Mehta, Ross F. Metzger, Lisa C. Ninomiya, Michael J. Ocasio, Andrew J. Pinard, James J. Raley III, Michael D. Randall, Karl V. Rohrer, David Rozenshtein.

Supplemental review materials: Duane G. Hackmann, Virginia H. Mannering, Kristina L. Maze, Bonnie A. Retus, David F. Sullivan. NIPA information: Stephen H. Andrews, Debra M. Blagburn, Mark A. Ledbetter, Lisa S. Mataloni.

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

Other contributors to the definitional and statistical improvements include the following: Michael Berry, Kyle K. Hood, John Laffman, Marshall B. Reinsdorf, Brian K. Sliker.

Table 1. Real GDP and Its Major Components: Change From the Fourth
Quarter of 2006 to the First Quarter of 2010
[Percent change at annual rates]

                                                            Revision
                                    Previously              in change
                                    published    Revised   (percentage
                                                             points)

      Gross domestic product              0.4       0.2          -0.2
Personal consumption expenditures         0.6       0.1          -0.5
  Goods                                   0.1      -0.3          -0.4
    Durable goods                        -0.3      -0.8          -0.5
    Nondurable goods                      0.3       0.0          -0.3
  Services                                0.9       0.4          -0.5
Gross private domestic Investment        -7.5      -7.3           0.2
  Fixed investment                       -7.7      -7.9          -0.2
    Nonresidential                       -4.0      -3.7           0.3
      Structures                         -3.9      -6.3          -2.4
      Equipment and software             -4.0      -2.6           1.4
    Residential                         -17.5     -19.2          -1.7
  Change in private inventories           ...       ...           ...
Net exports of goods and services         ...       ...           ...
  Exports                                 2.6       2.9           0.3
    Goods                                 2.5       3.2           0.7
    Services                              2.6       2.3          -0.3
  Imports                                -2.9      -3.1          -0.2
    Goods                                -3.5      -3.7          -0.2
    Services                              0.0      -0.4          -0.4
Government consumption
    expenditures and gross
    investment                            1.9       1.6          -0.3
  Federal                                 4.9       5.0           0.1
    National defense                      4.7       4.7           0.0
    Nondefense                            5.4       5.6           0.2
  State and local                         0.1      -0.4          -0.5
Addenda:
  Final sales of domestic product         0.4       0.1          -0.3
  Gross domestic purchases               -0.3      -0.6          -0.3
  Gross national product                  0.5       0.4          -0.1
  Gross domestic income                  -0.6      -0.7          -0.1

Table 2. Chain-Type Price Index: Change From the
Fourth Quarter of 2006 to the First Quarter of 2010
[Percent change at annual rates]

                                                             Revision
                                     Previously              in change
                                     published    Revised   (percentage
                                                              points)

Gross domestic product (GDP)               1.7       1.7           0.0
  Less: Exports of goods and
    services                               1.4       1.3          -0.1
  Plus: Imports of goods and
    services                               3.0       3.0           0.0
Equals: Gross domestic purchases           2.0       1.9          -0.1
  Personal consumption
      expenditures (PCE)                   2.1       2.2           0.1
    Goods                                  1.4       1.5           0.1
      Durable goods                       -1.6      -1.5           0.1
      Nondurable goods                     2.9       3.0           0.1
    Services                               2.5       2.6           0.1
Gross private domestic investment         -0.2      -0.8          -0.6
  Fixed investment                        -0.3      -0.6          -0.3
    Nonresidential                         0.3      -0.4          -0.7
      Structures                           0.8       0.6          -0.2
      Equipment and software               0.1      -0.8          -0.9
    Residential                           -1.9      -1.3           0.6
Government consumption
    expenditures and gross
    investment                             2.8       2.9           0.1
  Federal                                  2.5       2.2          -0.3
    National defense                       2.7       2.3          -0.4
    Nondefense                             2.1       2.0          -0.1
  State and local                          3.0       3.3           0.3
Addenda:
  GDP excluding food and energy            1.7       1.7           0.0
  Gross domestic purchases
    excluding food and energy              1.8       1.8           0.0
  PCE excluding food and energy            1.9       2.0           0.1
  Market-based PCE                         2.1       2.2           0.1
  Market-based PCE excluding
    food and energy                        1.9       1.9           0.0
  Final sales of domestic product          1.7       1.7           0.0
  Gross national product                   1.7       1.7           0.0

Table 3. Revisions to Contributions to Percent Change in Real GDP
[Percentage points]

                                                   2007

                               2006    Previously
                                       published   Revised  Revision

Gross domestic product (1)       2.7         2.1      1.9      -0.2
  Personal consumption
      expenditures (PCE)        2.01        1.84     1.65     -0.19
    Goods                       0.78        0.75     0.66     -0.09
      Durable goods             0.35        0.36     0.35     -0.01
      Nondurable goods          0.44        0.39     0.31     -0.08
    Services                    1.22        1.09     0.99     -0.10
  Gross private domestic
      investment                0.46       -0.65    -0.53      0.12
    Fixed investment            0.39       -0.35    -0.30      0.05
      Nonresidential            0.84        0.70     0.75      0.05
        Structures              0.27        0.49     0.46     -0.03
        Equipment and
          software              0.58        0.20     0.29      0.09
      Residential              -0.45       -1.05    -1.05      0.00
    Change in private
      inventories               0.07       -0.30    -0.23      0.07
  Net exports of goods and
      services                 -0.05        0.63     0.57     -0.06
    Exports                     0.93        0.96     1.02      0.06
      Goods                     0.68        0.57     0.75      0.18
      Services                  0.25        0.39     0.28     -0.11
    Imports                    -0.98       -0.33    -0.45     -0.12
      Goods                    -0.80       -0.24    -0.42     -0.18
      Services                 -0.18       -0.09    -0.04      0.05
  Government consumption
      expenditures and
      gross investment          0.26        0.32     0.25     -0.07
    Federal                     0.15        0.09     0.09      0.00
      National defense          0.07        0.10     0.10      0.00
      Nondefense                0.07       -0.01    -0.02     -0.01
    State and local             0.11        0.23     0.17     -0.06

                                                   2008

                               2007    Previously
                                       published   Revised  Revision

Gross domestic product (1)       1.9         0.4      0.0      -0.4
  Personal consumption
      expenditures (PCE)        1.65       -0.17    -0.18     -0.01
    Goods                       0.66       -0.50    -0.60     -0.10
      Durable goods             0.35       -0.36    -0.42     -0.06
      Nondurable goods          0.31       -0.13    -0.18     -0.05
    Services                    0.99        0.32     0.41      0.09
  Gross private domestic
      investment               -0.53       -1.18    -1.53     -0.35
    Fixed investment           -0.30       -0.81    -1.02     -0.21
      Nonresidential            0.75        0.19     0.03     -0.16
        Structures              0.46        0.39     0.22     -0.17
        Equipment and
          software              0.29       -0.20    -0.19      0.01
      Residential              -1.05       -1.00    -1.05     -0.05
    Change in private
      inventories              -0.23       -0.37    -0.51     -0.14
  Net exports of goods and
      services                  0.57        1.20     1.18     -0.02
    Exports                     1.02        0.64     0.72      0.08
      Goods                     0.75        0.48     0.53      0.05
      Services                  0.28        0.16     0.19      0.03
    Imports                    -0.45        0.56     0.46     -0.10
      Goods                    -0.42        0.58     0.52     -0.06
      Services                 -0.04       -0.02    -0.07     -0.05
  Government consumption
      expenditures and
      gross investment          0.25        0.59     0.54     -0.05
    Federal                     0.09        0.53     0.51     -0.02
      National defense          0.10        0.37     0.36     -0.01
      Nondefense               -0.02        0.16     0.15     -0.01
    State and local             0.17        0.06     0.04     -0.02

                                                   2009

                               2008    Previously
                                       published   Revised  Revision

Gross domestic product (1)       0.0        -2.4     -2.6      -0.2
  Personal consumption
      expenditures (PCE)       -0.18       -0.42    -0.84     -0.42
    Goods                      -0.60       -0.46    -0.46      0.00
      Durable goods            -0.42       -0.30    -0.27      0.03
      Nondurable goods         -0.18       -0.16    -0.18     -0.02
    Services                    0.41        0.04    -0.38     -0.42
  Gross private domestic
      investment               -1.53       -3.45    -3.24      0.21
    Fixed investment           -1.02       -2.74    -2.69      0.05
      Nonresidential            0.03       -2.08    -1.96      0.12
        Structures              0.22       -0.83    -0.81      0.02
        Equipment and
          software             -0.19       -1.25    -1.15      0.10
      Residential              -1.05       -0.66    -0.74     -0.08
    Change in private
      inventories              -0.51       -0.71    -0.55      0.16
  Net exports of goods and
      services                  1.18        1.07     1.13      0.06
    Exports                     0.72       -1.18    -1.18      0.00
      Goods                     0.53       -1.02    -1.04     -0.02
      Services                  0.19       -0.16    -0.15      0.01
    Imports                     0.46        2.24     2.32      0.08
      Goods                     0.52        2.15     2.20      0.05
      Services                 -0.07        0.10     0.12      0.02
  Government consumption
      expenditures and
      gross investment          0.54        0.37     0.32     -0.05
    Federal                     0.51        0.39     0.43      0.04
      National defense          0.36        0.28     0.27     -0.01
      Nondefense                0.15        0.11     0.16      0.05
    State and local             0.04       -0.02    -0.11     -0.09

(1.) Percent change from the preceding period.

Table 4. Revisions to Percent Change in Real GDP

                                                    2007

                                  2006   Previously           Revision
                                         published   Revised    (1)

Gross domestic product             2.7         2.1      1.9      -0.2
  Personal consumption
      expenditures (PCE)           2.9         2.6      2.4      -0.2
    Goods                          3.3         3.1      2.8      -0.3
      Durable goods                4.1         4.3      4.2      -0.1
      Nondurable goods             2.8         2.5      2.0      -0.5
    Services                       2.7         2.4      2.2      -0.2
  Gross private domestic
      investment                   2.7        -3.8     -3.1       0.7
    Fixed investment               2.3        -2.1     -1.8       0.3
      Nonresidential               7.9         6.2      6.7       0.5
        Structures                 9.2        14.9     14.1      -0.8
        Equipment and software     7.4         2.6      3.7       1.1
      Residential                 -7.3       -18.5    -18.7      -6.2
    Change in private
      inventories                  ...         ...      ...       ...
  Net exports of goods and
      services                     ...         ...      ...       ...
    Exports                        9.0         8.7      9.3       0.6
      Goods                        9.4         7.4      9.8       2.4
      Services                     7.9        11.8      8.3      -3.5
    Imports                        6.1         2.0      2.7       0.7
      Goods                        5.9         1.7      2.9       1.2
      Services                     7.1         3.5      1.4      -2.1
  Government consumption
      expenditures and gross
      investment                   1.4         1.7      1.3      -0.4
    Federal                        2.1         1.3      1.2      -0.1
      National defense             1.6         2.2      2.2       0.0
      Nondefense                   3.2        -0.6     -0.8      -0.2
    State and local                0.9         2.0      1.4      -0.6

                                                    2008

                                  2007   Previously           Revision
                                         published   Revised    (1)

Gross domestic product             1.9         0.4      0.0      -0.4
  Personal consumption
      expenditures (PCE)           2.4        -0.2     -0.3      -0.1
    Goods                          2.8        -2.1     -2.5      -0.4
      Durable goods                4.2        -4.5     -5.2      -0.7
      Nondurable goods             2.0        -0.8     -1.1      -0.3
    Services                       2.2         0.7      0.9       0.2
  Gross private domestic
      investment
    Fixed investment              -3.1        -7.3     -9.5      -2.2
      Nonresidential              -1.8        -5.1     -6.4      -1.3
        Structures                 6.7         1.6      0.3      -1.3
        Equipment and software    14.1        10.3      5.9      -4.4
      Residential                  3.7        -2.6     -2.4       0.2
    Change in private
      inventories                -18.7       -22.9    -24.0      -1.1
  Net exports of goods and
      services                     ...         ...      ...       ...
    Exports                        ...         ...      ...       ...
      Goods                        9.3         5.4      6.0       0.6
      Services                     9.8         5.9      6.3       0.4
    Imports                        8.3         4.2      5.3       1.1
      Goods                        2.7        -3.2     -2.6       0.6
      Services                     2.9        -3.9     -3.5       0.4
  Government consumption
      expenditures and gross
      investment                   1.4         0.7      2.4       1.7
    Federal                        1.3         3.1      2.8      -0.3
      National defense            12.0         7.7      7.3      -0.4
      Nondefense                   2.2         7.8      7.5      -0.3
    State and local               -0.8         7.3      6.7      -0.6
State and local                    1.4         0.5      0.3      -0.2

                                                    2009

                                  2008   Previously           Revision
                                         published   Revised    (1)

Gross domestic product             0.0        -2.4     -2.6      -0.2
  Personal consumption
      expenditures (PCE)          -0.3        -0.6     -1.2      -0.6
    Goods                         -2.5        -1.9     -2.0      -0.1
      Durable goods               -5.2        -3.9     -3.7       0.2
      Nondurable goods            -1.1        -1.0     -1.2      -0.2
    Services                       0.9         0.1     -0.8      -0.9
  Gross private domestic
      investment                  -9.5       -23.2    -22.6       0.6
    Fixed investment              -6.4       -18.3    -18.3       0.0
      Nonresidential               0.3       -17.8    -17.1       0.7
        Structures                 5.9       -19.8    -20.4      -0.6
        Equipment and software    -2.4       -16.6    -15.3       1.3
      Residential                -24.0       -20.5    -22.9      -2.4
    Change in private
      inventories                  ...         ...      ...       ...
  Net exports of goods and
      services                     ...         ...      ...       ...
    Exports                        6.0        -9.6     -9.5       0.1
      Goods                        6.3       -12.2    -12.0       0.2
      Services                     5.3        -4.1     -3.9       0.2
    Imports                       -2.6       -13.9    -13.8       0.1
      Goods                       -3.5       -16.0    -15.8       0.2
      Services                     2.4        -3.6     -4.2      -0.6
  Government consumption
      expenditures and gross
      investment                   2.8         1.8      1.6      -0.2
    Federal                        7.3         5.2      5.7       0.5
      National defense             7.5         5.4      5.4       0.0
      Nondefense                   6.7         4.8      6.5       1.7
    State and local                0.3        -2.0     -0.9      -0.7

(1.) Percentage points.

Table 5. Gross Domestic Product (GDP), Real GDP, the GDP Price
Index, and the Gross Domestic Purchases Price Index: Revisions to
Percent Change From the Preceding Quarter
[Percent change at annual rates; based on seasonally adjusted
annual rates]

                               GDP

               Previously
               published     Revised    Revision

2006: IV              4.8       ...         ...
2007: I               5.5        5.3        -0.2
      II              6.0        6.5         0.5
      III             5.3        4.4        -0.9
      IV              4.5        3.8        -0.7
2008: I               1.0        1.0         0.0
      II              3.5        4.1         0.6
      III             1.4        0.4        -1.0
      IV             -5.4       -7.9        -2.5
2009: I              -4.6       -3.9         0.7
      II             -0.8       -0.4         0.4
      III             2.6        2.3        -0.3
      IV              6.1        4.7        -1.4
2010: I               3.9        4.8         0.9

                             Real GDP

               Previously
               published     Revised    Revision

2006: IV              3.0       ...         ...
2007: I               1.2        0.9        -0.3
      II              3.2        3.2         0.0
      III             3.6        2.3        -1.3
      IV              2.1        2.9         0.8
2008: I              -0.7       -0.7         0.0
      II              1.5        0.6        -0.9
      III            -2.7       -4.0        -1.3
      IV             -5.4       -6.8        -1.4
2009: I              -6.4       -4.9         1.5
      II             -0.7       -0.7         0.0
      III             2.2        1.6        -0.6
      IV              5.6        5.0        -0.6
2010: I               2.7        3.7         1.0

                          GDP price index

               Previously
               published     Revised    Revision

2006: IV              1.8       ...         ...
2007: I               4.2        4.4         0.2
      II              2.7        3.2         0.5
      III             1.6        2.0         0.4
      IV              2.3        0.9        -1.4
2008: I               1.9        1.9         0.0
      II              1.8        3.2         1.4
      III             4.0        4.5         0.5
      IV              0.1       -1.2        -1.3
2009: I               1.9        1.1        -0.8
      II              0.0        0.3         0.3
      III             0.4        0.7         0.3
      IV              0.5       -0.2        -0.7
2010: I               1.1        1.0        -0.1

               Gross domestic purchases price index

               Previously
               published     Revised    Revision

2006: IV              1.0       ...         ...
2007: I               4.2        4.4         0.2
      II              3.1        3.2         0.1
      III             2.2        2.0        -0.2
      IV              4.6        3.8        -0.8
2008: I               3.4        4.0         0.6
      II              3.9        4.5         0.6
      III             4.3        3.9        -0.4
      IV             -3.8       -4.4        -0.6
2009: I              -1.4       -2.0        -0.6
      II              0.5        0.6         0.1
      III             1.3        1.4         0.1
      IV              2.0        2.1         0.1
2010: I               1.7        2.1         0.4

Table 6. Revisions to Contributions to Percent Change in Gross
Domestic Purchases Prices
[Percentage points]

                                                     2007
                               2006
                                       Previously
                                       published    Revised   Revision

Gross domestic purchases (1)     3.4          2.9       2.9        0.0
  Personal consumption
      expenditures              1.82         1.78      1.81       0.03
    Goods                       0.35         0.29      0.32       0.03
      Durable goods            -0.13        -0.15     -0.14       0.01
      Nondurable goods          0.47         0.44      0.47       0.03
    Services                    1.47         1.49      1.49       0.00
  Gross private domestic
      investment                0.71         0.35      0.28      -0.07
    Fixed investment            0.70         0.35      0.28      -0.07
      Nonresidential            0.37         0.28      0.21      -0.07
        Structures              0.35         0.24      0.20      -0.04
        Equipment and
          software              0.01         0.04      0.01      -0.03
      Residential               0.34         0.07      0.07       0.00
    Change in private
      inventories               0.01         0.01      0.01       0.00
  Government consumption
      expenditures and gross
      investment                0.85         0.80      0.85       0.05
    Federal                     0.27         0.23      0.23       0.00
      National defense          0.19         0.16      0.16       0.00
      Nondefense                0.07         0.07      0.07       0.00
    State and local             0.58         0.57      0.62       0.05
Addendum:
  Gross domestic product
    price index (1)              3.3          2.9       2.9        0.0

                                             2008

                               Previously
                               published    Revised   Revision

Gross domestic purchases (1)          3.2       3.2        0.0
  Personal consumption
      expenditures                   2.23      2.21      -0.02
    Goods                            0.74      0.73      -0.01
      Durable goods                 -0.09     -0.11      -0.02
      Nondurable goods               0.83      0.84       0.01
    Services                         1.49      1.48      -0.01
  Gross private domestic
      investment                     0.10      0.11       0.01
    Fixed investment                 0.12      0.11     -O.01
      Nonresidential                 0.18      0.16      -0.02
        Structures                   0.12      0.17       0.05
        Equipment and
          software                   0.05     -0.02      -0.07
      Residential                   -0.06     -0.04       0.02
    Change in private
      inventories                   -0.02      0.00       0.02
  Government consumption
      expenditures and gross
      investment                     0.83      0.86       0.03
    Federal                          0.20      0.21       0.01
      National defense               0.16      0.17       0.01
      Nondefense                     0.05      0.05       0.00
    State and local                  0.63      0.65       0.02
Addendum:
  Gross domestic product
    price index (1)                   2.1       2.2        0.1

                                             2009

                               Previously
                               published    Revised   Revision

Gross domestic purchases (1)          0.0      -0.2       -0.2
  Personal consumption
      expenditures                   0.13      0.12      -0.01
    Goods                           -0.55     -0.56      -0.01
      Durable goods                 -0.11     -0.12      -0.01
      Nondurable goods              -0.43     -0.44      -0.01
    Services                         0.67      0.68       0.01
  Gross private domestic
      investment                    -0.04     -0.24      -0.20
    Fixed investment                -0.15     -0.22      -0.07
      Nonresidential                -0.01     -0.12      -0.11
        Structures                  -0.06     -0.09      -0.03
        Equipment and
          software                   0.04     -0.03      -0.07
      Residential                   -0.14     -0.10       0.04
    Change in private
      inventories                    0.11     -0.02      -0.13
  Government consumption
      expenditures and gross
      investment                    -0.04     -0.06      -0.02
    Federal                          0.04     -0.02      -0.06
      National defense               0.01     -0.03      -0.04
      Nondefense                     0.03      0.02      -0.01
    State and local                 -0.08     -0.05       0.03
Addendum:
  Gross domestic product
    price index (1)                   1.2       0.9       -0.3

(1.) Percent change from the preceding period.

Table 7. NIPA Revisions: Selected Components Detail and Major
Source Data Incorporated

                                             Billions of dollars

Line           NIPA component                  Revision in level

                                               2007          2008

  1   Gross domestic product                  -15.8         -72.3
  2   Personal consumption
          expenditures                        -20.1         -25.4
  3     Goods                                  -7.3         -23.7
  4       Durable goods                        -1.1         -11.7
  5         Motor vehicles and parts            2.2           0.9
              Of which:
  6             Net purchases of
  7         Furnishings and durable
                household equipment            -2.1          -4.1
              Of which:
  8             Furniture and
                  furnishings                  -1.1          -2.5
  9         Recreational goods and
                vehicles                       -1.3          -8.3
              Of which:
 10             Video, audio,
                  photographic, and            -0.3          -2.7
                  information
                  processing
                  equipment and media
 11             Sports and
                  recreational
                  vehicles                     -0.7          -4.2
 12         Other durable goods                 0.1          -0.2
 13       Nondurable goods                     -6.3         -12.0
 14         Food and beverages
                purchased for
                off-premises
                consumption                    -2.7          -9.1
              Of which:
 15             Food and nonalcoholic
                  beverages purchased
                  for off-premises
                  consumption                  -2.0          -6.8
 16         Clothing and footwear              -2.3          -3.4
 17         Gasoline and other energy
              goods                            -1.4          -1.6
 18         Other nondurable goods              0.1           2.2
              Of which:
 19             Pharmaceutical and
                  other medical
                  products                      3.4          11.8
 20             Recreational items             -0.6          -3.6
 21             Personal care
                  products                     -0.6          -3.0
 22     Services                              -12.8          -1.8
 23       Household consumption
              expenditures (for
              services)                       -13.4          -1.9
 24         Housing and utilities              -7.3         -10.6
              Of which:
 25             Rental of tenant-
                  occupied nonfarm
                  housing                      -0.8          -4.0
 26             Imputed rental of
                  owner-occupied
                  nonfarm housing              -2.2          -2.3
 27             Rental value of farm
                  dwellings                    -4.1          -3.6
 28         Healthcare                         -4.2          -7.0
              Of which:
 29             Hospitals                      -1.7          -6.2
 30         Transportation services            -0.3          -0.9
              Of which:
 31             Motor vehicle
                  maintenance and
                  repair                        0.4           1.2
 32         Recreation services                 1.5           0.3
 33         Food services and
              accommodations                    4.1           2.6
 34         Financial services and
                insurance                      -5.3          12.5
 35           Financial services               -7.2          13.1
                Of which:
 36               Financial services
                    furnished without
                    payment                    -3.6           9.8
 37           Insurance                         1.8          -0.6
                Of which:
 38               Life insurance               -0.2          -0.4
 39         Other services                     -1.8           1.0
              Of which:
 40             Personal care and
                  clothing services            -1.4          -1.9
 41             Household maintenance          -4.2           0.6
 42       Final consumption
              expenditures of
              nonprofit institutions
              serving households
              (NPISHs)                          0.7           0.1
 43         Gross output of NPISHs             -1.9         -11.8
 44         Less: Receipts from sales          -2.6         -11.9
              of goods and services
              by NPISHs
 45   Gross private domestic
          investment                            6.7         -39.4
 46     Fixed investment                       -3.0         -33.0
 47       Nonresidential                       -2.7         -28.3
 48         Structures                        -10.5         -27.1
              Of which:
 49             Commercial and health
                  care                          0.0          -3.3
                Manufacturing                 -16.0          -3.4
 51             Power                           2.8          -4.8
 52               Electric                      0.0         -11.7
 53               Other power                   2.8           6.9
 54             Petroleum and natural
                  gas                         -10.2         -16.6
 55         Equipment and software              7.8          -1.2
 56           Information processing
                  equipment and
                  software                     -0.8         -13.0
                Of which:
 57               Computers and
                    peripheral
                    equipment                  -2.2           1.9
 58               Software                     -0.6          -4.4

 59               Communication
                    equipment                   2.1          -9.2
 60               Office and
                    accounting
                    equipment                  -5.0          -4.9
 61           Industrial equipment             -0.2          -0.1
 62           Transportation equipment          8.5          14.9
                Of which:
 63               Light trucks
                    (including
                    utility vehicles)           0.1           0.3
 64               Aircraft                      4.9           8.6
 65           Other equipment                   0.5          -1.6
                Of which:
 66               Service industry
                    machinery                  -0.2          -1.7
 67     Residential                            -0.4          -4.7
          Of which:
 68         Structures                         -0.2          -4.5
              Of which:
 69             Improvements                    0.0          -4.4

 70     Change in private inventories           9.7          -6.3
 71       Farm                                 -0.1           8.7
 72       Nonfarm                               9.8         -15.0
 73         Change in book value               18.0         -13.0
 74           Mining, utilities, and
                construction                    0.3          -8.0
 75           Manufacturing                    11.5          -4.8

 76           Wholesale trade                   5.0          10.4

 77           Retail trade                      0.0         -12.4

                Of which:
 78               Motor vehicle and             0.2         -11.1
                    parts dealers
 79           Other                             1.0           1.9
 80         IVA                                -8.1          -2.1

 81   Net exports of goods and
          services                             -0.2          -2.6
 82     Exports                                 5.8          12.3
 83       Goods                                22.6          28.2
 84       Services                            -16.8         -15.9
 85     Imports                                 6.0          14.9
 86       Goods                                13.9          22.4
 87       Services                             -8.1          -7.4
 88   Government consumption
          expenditures and gross
          investment                           -2.3          -4.9
 89     Federal                                -0.4          -2.7
 90       National defense                      0.2          -0.6
 91         Consumption expenditures            0.5           1.7

              Of which:
 92             Compensation of
                  general government
                  employees                     0.1           1.6
 93             Services                       -0.6           1.4
 94         Gross investment                   -0.4          -2.2
 95           Structures                       -0.4          -1.6
 96           Equipment and software            0.1          -0.7

 97       Nondefense                           -0.5          -2.2
 98         Consumption expenditures           -0.4          -1.4
 99         Gross investment                   -0.1          -0.7
100     State and local                        -1.9          -2.1
101       Consumption expenditures              2.8          -4.2
            Of which:
102           Compensation of general           1.8           6.2
                government employees
103           Services                         -1.5          -8.3
104           Less: Sales to other
                  sectors                      -0.2          -0.9
105             Tuition and related
                  educational charges           0.1           0.1
106             Health and hospital
                  charges                      -0.2          -1.2
107             Other sales                    -0.1           0.2
108       Gross investment                     -4.7           2.1
109         Structures                         -8.8          -4.2

110         Equipment and software              4.3           6.3

111   Gross domestic product                  -15.8         -72.3
112   Less: Statistical
        discrepancy (2)                        35.9          35.6
113   Equals: Gross domestic income           -51.8        -107.9
114     Compensation of employees,
            paid                               -0.6          23.3
115       Wage and salary accruals             12.9          13.2
116         Disbursements                      12.8          13.2
117           To persons                       12.9          13.2
118           To the rest of the
                world                           0.0           0.0
119         Wage accruals less
              disbursements                     0.0           0.0
120       Supplements to wages and
            salaries                          -13.4          10.2
121     Taxes on production and
          imports                              -1.5          -2.2
122     Less: Subsidies                        -0.2          -0.7
123     Net operating surplus                 -57.4        -132.0
124       Private enterprises                 -52.2        -122.2
125       Current surplus of
            government enterprises             -5.2          -9.8
126     Consumption of fixed capital            7.5           2.1
127       Private                               6.6           0.7
128         Domestic business                   2.2          -7.8

129           Capital consumption
                allowances                     -2.5          17.9

130           Less: CCAdj                      -4.8          25.8
131         Households and
              institutions                      4.4           8.5
132       Government                            0.9           1.4
133   Plus: Income receipts from the
        rest of the world                       9.2          30.0
134   Less: Income payments to the
        rest of the world                       1.7          -2.6
135   Equals: Gross national income           -44.3         -75.3
136   Less: Consumption of fixed
        capital                                 7.5           2.1
137   Equals: National income                 -51.8         -77.4
138   Compensation of employees                -0.6          23.4
139     Wage and salary accruals               12.9          13.2
140       Government                           -0.1           2.7
141       Other                                12.9          10.5

142     Supplements to wages and
            salaries                          -13.4          10.2
143       Employer contributions for
            employee pension and
            insurance funds                   -12.5          12.7
144       Employer contributions for
            government social
            insurance                          -0.9          -2.6
145   Proprietors' income with IVA
          and CCAdj                            -6.0          -4.3
146     Farm                                   -1.6           2.1
147     Nonfarm                                -4.3          -6.3
148       Proprietors' income                   9.5           5.5
149       IVA                                  -0.8           0.1
150       CCAdj                               -13.2         -11.9
151   Rental income of persons with
          CCAdj                                -1.2          11.6
152     Rental income of persons               -1.2          12.1
153     CCAdj                                   0.0          -0.4
154   Corporate profits with IVA and
        CCAdj                                 -31.1         -97.6
155     Profits before tax without
          IVA and CCAdj                       -36.0        -129.5
156       Domestic industries                 -39.1        -163.6
157         Financial                         -22.3        -139.0
158         Nonfinancial                      -16.9         -24.7
159       Rest of the world                     3.1          34.1
160     Less: Taxes on corporate
          income                               -6.0          16.2
161     Equate: Profits after tax             -29.9        -145.8
162       Domestic industries                 -33.1        -179.8
163       Rest of the world                     3.1          34.1
164     Less: Net corporate dividend
            payments, NIPAs                    26.7         107.8
165       Domestic industries                   8.1          68.2
166       Rest of the world                    18.6          39.5
167     Equals: Undistributed
            corporate profits                 -56.7        -253.5
168       Domestic industries                 -41.2        -248.1
169       Rest of the world                   -15.5          -5.5
170     IVA                                    -3.2          -5.9
171     CCAdj                                   8.2          37.8
172   Net interest and miscellaneous
          payments                             -7.6          -2.3
173     Net interest                           -8.6          -4.6
174       Domestic business                   -10.1           3.5
            Of which:
175           Monetary interest paid           16.8         219.9

176           Less: Monetary interest
                received                       24.3         212.0

177           Imputed interest paid
                depositor and
                insurance services             -0.5           0.1
                  0f which:
178             Banks credit agencies
                 and investment
                 companies                     -1.4          12.6
179             Life insurance
                  carriers                      0.0         -13.7
180           Less: Imputed interest
                received, depositor
                and insurance
                services                        2.5           4.7
181       Owner-occupied housing               -2.9          -6.5
            Of which:
182           Monetary interest paid           -2.8          -6.4
183     Nonprofit institutions                  0.0           0.0
184     Rest of the world                       4.4          -1.4
185     Miscellaneous payments                  1.0           2.2
186   Taxes on production and imports          -1.5          -2.2
187     Federal                                -0.2           4.0

188     State and local                        -1.3          -6.2

189   Less: Subsidies                          -0.2          -0.7
190   Business current transfer
          payments                              1.1           2.9
        Of which:
191       To the rest of the world
            (net)                              -0.6          -4.0
192   Current surplus of government
          enterprises                          -5.2          -9.8
193     Federal                                 0.0           0.1
194     State and local                        -5.2          -9.8
      Addenda:
195   Gross national product                   -8.2         -39.7
196   Gross saving                            -26.6         -38.9
197   Personal income                          18.2         152.3
198     Compensation of employees,
          received                             -0.5          23.4
199     Proprietors' income with IVA
          and CCAdj                            -6.0          -4.3
200     Rental income of persons with
          CCAdj                                -1.2          11.6
201     Personal income receipts on
            assets                             25.5         114.9
202       Personal interest income             -1.3           6.7

203       Personal dividend income             26.8         108.2

204     Personal current transfer
            receipts                            0.5           3.3
205       Government social benefits            0.1          -0.6
206         Federal                             0.0          -0.8

207         State and local                     0.0           0.2
208       Other current transfer
            receipts from business
            (net)                               0.3           4.1
209     Less: Contributions for
         government social insurance,
         domestic                               0.2          -3.4
210   Less: Personal current taxes             -2.2           5.8
211     Federal                                -2.5           0.3

212     State and local                         0.3           5.4

213   Equals: Disposable personal
        income                                 20.5         146.5
214   Less: Personal outlays                  -15.4         -15.0
215     Personal consumption
          expenditures                        -20.1         -25.4
216     Personal interest payments              4.1           8.5
217     Personal current transfer
            payments                            0.7           2.0
218       To government                         0.1           1.8
219       To the rest of the world
            (net)                               0.6           0.1
220   Equals: Personal saving                  35.8         161.5

                                           Billions
                                          of dollars

                                           Revision      Revised
Line           NIPA component              in level        2009
                                                          level
                                             2009

  1   Gross domestic product                 -137.3      14,119.0
  2   Personal consumption
          expenditures                        -87.8      10,001.3
  3     Goods                                 -24.5       3,230.7
  4       Durable goods                        -8.5       1,026.5
  5         Motor vehicles and parts            6.9         319.7
              Of which:
  6             Net purchases of
                  used motor vehicles           4.7         104.1

  7         Furnishings and durable
                household equipment            -5.4         248.1
              Of which:
  8             Furniture and
                  furnishings                  -2.8         139.1
  9         Recreational goods and
                vehicles                      -10.4         317.5
              Of which:
 10             Video, audio,
                  photographic, and            -5.1         175.7
                  information
                  processing
                  equipment and media
 11             Sports and
                  recreational
                  vehicles                     -4.1          41.7
 12         Other durable goods                 0.2         141.1
 13       Nondurable goods                    -16.0       2,204.2
 14         Food and beverages
                purchased for
                off-premises
                consumption                   -12.3         777.9
              Of which:
 15             Food and nonalcoholic
                  beverages purchased
                  for off-premises
                  consumption                 -10.8         664.0
 16         Clothing and footwear              -3.6         322.2
 17         Gasoline and other energy
              goods                            -1.0         303.7
 18         Other nondurable goods              1.0         800.4
              Of which:
 19             Pharmaceutical and
                  other medical
                  products                     12.7         305.9
 20             Recreational items             -4.6         129.4
 21             Personal care
                  products                     -3.5          87.4
 22     Services                              -63.3       6,770.6
 23       Household consumption
              expenditures (for
              services)                       -56.7       6,511.8
 24         Housing and utilities              -0.9       1,876.3
              Of which:
 25             Rental of tenant-
                  occupied nonfarm
                  housing                       4.1         346.1
 26             Imputed rental of
                  owner-occupied
                  nonfarm housing              -3.4       1,211.9
 27             Rental value of farm
                  dwellings                    -2.9          22.5
 28         Healthcare                         -3.8       1,623.2
              Of which:
 29             Hospitals                      -0.3         718.6
 30         Transportation services           -14.5         290.1
              Of which:
 31             Motor vehicle
                  maintenance and
                  repair                       -9.5         154.4
 32         Recreation services                -3.7         378.8
 33         Food services and
              accommodations                   -2.0         603.6
 34         Financial services and
                insurance                     -14.2         813.8
 35           Financial services                0.3         505.3
                Of which:
 36               Financial services
                    furnished without
                    payment                    -2.6         271.2
 37           Insurance                       -14.4         308.6
                Of which:
 38               Life insurance               -7.2          77.1
 39         Other services                    -17.6         925.9
              Of which:
 40             Personal care and
                  clothing services            -6.3         123.1
 41             Household maintenance          -5.2          60.8
 42       Final consumption
              expenditures of
              nonprofit institutions
              serving households
              (NPISHs)                         -6.5         258.9
 43         Gross output of NPISHs            -11.5       1,058.1
 44         Less: Receipts from sales          -5.0         799.2
              of goods and services
              by NPISHs
 45   Gross private domestic
          investment                          -39.6       1,589.2
 46     Fixed investment                      -33.3       1,716.4
 47       Nonresidential                      -24.4       1,364.4
 48         Structures                        -28.4         451.6
              Of which:
 49             Commercial and health
                  care                        -10.3         128.1
                Manufacturing                 -12.8          63.1
 51             Power                          -3.3          71.9
 52               Electric                    -10.4          42.3
 53               Other power                   7.1          29.6
 54             Petroleum and natural
                  gas                          -1.1          81.4

 55         Equipment and software              4.0         912.8
 56           Information processing
                  equipment and
                  software                      8.0         530.7
                Of which:
 57               Computers and
                    peripheral
                    equipment                   5.0          80.0
 58               Software                     16.0         260.2

 59               Communication
                    equipment                  -8.9          81.6
 60               Office and
                    accounting
                    equipment                  -4.9           4.1
 61           Industrial equipment              0.3         150.4
 62           Transportation equipment          3.9          76.4
                Of which:
 63               Light trucks
                    (including
                    utility vehicles)          -7.5           7.3
 64               Aircraft                      8.3          23.8
 65           Other equipment                  -7.4         159.8
                Of which:
 66               Service industry
                    machinery                  -2.9          18.9
 67     Residential                            -8.9         352.1
          Of which:
 68         Structures                         -8.6         343.1
              Of which:
 69             Improvements                   -5.7         149.3

 70     Change in private inventories          -6.3        -127.2
 71       Farm                                  6.2           3.8
 72       Nonfarm                             -12.6        -131.1
 73         Change in book value              -23.2        -152.7
 74           Mining, utilities, and
                construction                   -6.5          -6.8
 75           Manufacturing                    -1.7         -48.3

 76           Wholesale trade                  -6.5         -59.5

 77           Retail trade                     -5.9         -31.1

                Of which:
 78               Motor vehicle and            -3.0         -13.1
                    parts dealers
 79           Other                            -2.7          -7.0
 80         IVA                                10.7          21.6

 81   Net exports of goods and
          services                              6.0        -386.4
 82     Exports                                14.2       1,578.4
 83       Goods                                24.7       1,063.1
 84       Services                            -10.6         515.3
 85     Imports                                 8.1       1,964.7
 86       Goods                                12.4       1,587.8
 87       Services                             -4.3         376.9
 88   Government consumption
          expenditures and gross
          investment                          -15.8       2,914.9
 89     Federal                                -5.2       1,139.6
 90       National defense                     -7.4         771.6
 91         Consumption expenditures           -2.5         664.1

              Of which:
 92             Compensation of
                  general government
                  employees                    -5.3         273.3
 93             Services                        5.0         241.1
 94         Gross investment                   -4.9         107.5
 95           Structures                       -0.8          15.9
 96           Equipment and software           -4.2          91.5

 97       Nondefense                            2.2         368.0
 98         Consumption expenditures            3.3         323.0
 99         Gross investment                   -1.1          45.0
100     State and local                       -10.6       1,775.3
101       Consumption expenditures             -6.1       1,424.4
            Of which:
102           Compensation of general           6.0       1,053.9
                government employees
103           Services                         -0.7         383.6
104           Less: Sales to other
                  sectors                       9.9         369.0
105             Tuition and related
                  educational charges           1.9          81.8
106             Health and hospital
                  charges                       3.6         165.4
107             Other sales                     4.4         121.8
108       Gross investment                     -4.4         351.0
109         Structures                        -11.1         288.5

110         Equipment and software              6.7          62.4

111   Gross domestic product                 -137.3      14,119.0
112   Less: Statistical
        discrepancy (2)                       -38.2         179.1
113   Equals: Gross domestic income           -99.1      13,939.9
114     Compensation of employees,
            paid                               29.0       7,819.5
115       Wage and salary accruals             -1.7       6,286.9
116         Disbursements                      -1.7       6,281.9
117           To persons                       -2.4       6,271.2
118           To the rest of the
                world                           0.7          10.8
119         Wage accruals less
              disbursements                     0.0           5.0
120       Supplements to wages and
            salaries                           30.7       1,532.6
121     Taxes on production and
          imports                               0.8       1,024.7
122     Less: Subsidies                         0.7          60.3
123     Net operating surplus                -125.3       3,294.9
124       Private enterprises                -120.2       3,308.1
125       Current surplus of
            government enterprises             -5.1         -13.2
126     Consumption of fixed capital           -2.9       1,861.1
127       Private                              -3.0       1,535.8
128         Domestic business                 -12.5       1,245.2

129           Capital consumption
                allowances                     27.6       1,297.2

130           Less: CCAdj                      40.1          52.0
131         Households and
              institutions                      9.6         290.6
132       Government                            0.1         325.3
133   Plus: Income receipts from the
        rest of the world                      40.4         629.8
134   Less: Income payments to the
        rest of the world                      -0.9         483.6
135   Equals: Gross national income           -57.7      14,086.2
136   Less: Consumption of fixed
        capital                                -2.9       1,861.1
137   Equals: National income                 -55.0      12,225.0
138   Compensation of employees                28.2       7,811.7
139     Wage and salary accruals               -2.4       6,279.1
140       Government                           -8.8       1,173.6
141       Other                                 6.4       5,105.5

142     Supplements to wages and
            salaries                           30.7       1,532.6
143       Employer contributions for
            employee pension and
            insurance funds                    28.1       1,072.0
144       Employer contributions for
            government social
            insurance                           2.6         460.6
145   Proprietors' income with IVA
          and CCAdj                           -29.1       1,011.9
146     Farm                                    1.2          30.5
147     Nonfarm                               -30.2         981.5
148       Proprietors' income                 -12.9         837.2

149       IVA                                  -0.5           0.2
150       CCAdj                               -16.8         144.0
151   Rental income of persons with
          CCAdj                                 5.9         274.0
152     Rental income of persons                6.4         289.0

153     CCAdj                                  -0.6         -15.1
154   Corporate profits with IVA and
        CCAdj                                 -50.9       1,258.0
155     Profits before tax without
          IVA and CCAdj                      -110.9       1,316.7
156       Domestic industries                -151.4         964.4
157         Financial                         -73.2         258.0
158         Nonfinancial                      -78.2         706.4
159       Rest of the world                    40.5         352.3
160     Less: Taxes on corporate
          income                              -59.9         254.9
161     Equate: Profits after tax             -51.0       1,061.8
162       Domestic industries                 -91.5         709.5
163       Rest of the world                    40.5         352.3
164     Less: Net corporate dividend
            payments, NIPAs                   143.1         718.9
165       Domestic industries                 152.7         611.6
166       Rest of the world                    -9.6         107.3
167     Equals: Undistributed
            corporate profits                -194.2         342.9
168       Domestic industries                -244.2          97.9
169       Rest of the world                    50.1         245.0
170     IVA                                     2.8          11.9
171     CCAdj                                  57.2         -70.6
172   Net interest and miscellaneous
          payments                             -3.9         784.3
173     Net interest                           -6.2         765.0
174       Domestic business                     ...         435.6
            Of which:
175           Monetary interest paid            ...       1,896.3

176           Less: Monetary interest
                received                        ...       2,038.8

177           Imputed interest paid
                depositor and
                insurance services              ...         534.3
                  0f which:
178             Banks credit agencies
                 and investment
                 companies                      ...         253.8
179             Life insurance
                  carriers                      ...         253.7
180           Less: Imputed interest
                received, depositor
                and insurance
                services                        ...          55.4
181       Owner-occupied housing                ...         517.8
            Of which:
182           Monetary interest paid            ...         572.2
183     Nonprofit institutions                  ...           9.8
184     Rest of the world                       ...        -198.2
185     Miscellaneous payments                  2.3          19.3
186   Taxes on production and imports           0.8       1,024.7
187     Federal                                 2.1          94.4

188     State and local                        -1.3         930.3

189   Less: Subsidies                           0.7          60.3
190   Business current transfer
          payments                             -0.1         134.0
        Of which:
191       To the rest of the world
            (net)                              -5.2          -0.6
192   Current surplus of government
          enterprises                          -5.1         -13.2
193     Federal                                 0.7          -4.2
194     State and local                        -5.8          -9.0
      Addenda:
195   Gross national product                  -95.9      14,265.3
196   Gross saving                             33.5       1,533.8
197   Personal income                         155.9      12,174.9
198     Compensation of employees,
          received                             28.2       7,806.7
199     Proprietors' income with IVA
          and CCAdj                           -29.1       1,011.9
200     Rental income of persons with
          CCAdj                                 5.9         274.0
201     Personal income receipts on
            assets                            127.1       1,919.7
202       Personal interest income            -16.2       1,222.3

203       Personal dividend income            143.2         697.4

204     Personal current transfer
            receipts                           28.0       2,132.8
205       Government social benefits           24.8       2,096.8
206         Federal                             8.6       1,604.7

207         State and local                    16.2         492.1
208       Other current transfer
            receipts from business
            (net)                               3.3          36.0
209     Less: Contributions for
         government social insurance,
         domestic                               4.4         970.3
210   Less: Personal current taxes             38.3       1,140.0
211     Federal                                24.0         852.7

212     State and local                        14.3         287.3

213   Equals: Disposable personal
        income                                117.6      11,034.9
214   Less: Personal outlays                  -79.1      10,379.6
215     Personal consumption
          expenditures                        -87.8      10,001.3
216     Personal interest payments              2.9         216.8
217     Personal current transfer
            payments                            5.7         161.4
218       To government                         2.8          95.0
219       To the rest of the world
            (net)                               3.0          66.5
220   Equals: Personal saving                 196.7         655.3

                                              Major source data
                                              incorporated (1)
Line           NIPA component

  1   Gross domestic product
  2   Personal consumption
          expenditures
  3     Goods
  4       Durable goods
  5         Motor vehicles and parts
              Of which:
  6             Net purchases of        Revised Census Bureau Annual
                  used motor vehicles   Retail Trade Survey (ARTS)
                                        data for 2007; new ARTS data
                                        for 2008; new trade source
                                        data on vehicle
                                        registrations, estimated
                                        retention periods, and
                                        average expenditure for 2009
  7         Furnishings and durable
                household equipment
              Of which:
  8             Furniture and           Revised ARTS data for 2007;
                  furnishings           new ARTS data for 2008;
                                        revised MRTS data for 2009.
  9         Recreational goods and
                vehicles
              Of which:
 10             Video, audio,           Revised ARTS data for 2007;
                  photographic, and     new ARTS data for 2008;
                  information           revised Census Bureau Monthly
                  processing            Retail Trade Survey (MRTS)
                  equipment and media   data for 2009; new trade
                                        source retail scanner data
                                        for 2009.
 11             Sports and              Revised ARTS data for 2007;
                  recreational          new ARTS data for 2008;
                  vehicles              revised MRTS data for 2009.
 12         Other durable goods
 13       Nondurable goods
 14         Food and beverages
                purchased for
                off-premises
                consumption
              Of which:
 15             Food and nonalcoholic   Revised ARTS data for 2007;
                  beverages purchased   new ARTS data for 2008;
                  for off-premises      revised MRTS data for 2009;
                  consumption           new trade source retail
                                        scanner data for 2009.
 16         Clothing and footwear
 17         Gasoline and other energy
              goods
 18         Other nondurable goods
              Of which:
 19             Pharmaceutical and      New trade source data on
                  other medical         retail pharmaceuticals for
                  products              2007-2009.
 20             Recreational items      Revised ARTS data for 2007;
                                        new ARTS data for 2008;
                                        revised MRTS data for 2009.
 21             Personal care           Revised ARTS data for 2007;
                  products              new ARTS data for 2008;
                                        revised MRTS data for 2009.
 22     Services
 23       Household consumption
              expenditures (for
              services)
 24         Housing and utilities
              Of which:
 25             Rental of tenant-       Revised Census Bureau
                  occupied nonfarm      American Housing Survey data
                  housing               for 2007; revised Census
                                        Bureau Current Population
                                        Survey/Housing Vacancy Survey
                                        (CPS/HVS) data for 2007 and
                                        2008; new CPS/HVS data for
                                        2009.
 26             Imputed rental of       Revised BEA constant-dollar
                  owner-occupied        stock data for 2008; new
                  nonfarm housing       constant-dollar stock data
                                        for 2009; revised CPS/HVS
                                        data for 2007 and 2008; new
                                        CPS/ HSV data for 2009.
 27             Rental value of farm    Revised USDA data for 2007
                  dwellings             and 2008; new USDA data for
                                        2009.
 28         Healthcare
              Of which:
 29             Hospitals               Revised Census Bureau Service
                                        Annual Survey (SAS) revenue
                                        data for 2007 and 2008; new
                                        SAS data for 2009.
 30         Transportation services
              Of which:
 31             Motor vehicle           Revised ARTS data for 2007;
                  maintenance and       new ARTS data for 2008;
                  repair                revised SAS taxable revenue
                                        data for 2007 and 2008; new
                                        SAS data for 2009; revised
                                        MRTS data for 2009.
 32         Recreation services
 33         Food services and
              accommodations
 34         Financial services and
                insurance
 35           Financial services
                Of which:
 36               Financial services    Revised FRB Call Report data
                    furnished without   for 2007-2009; revised IRS
                    payment             regulated investment company
                                        data for 2007; new IRS data
                                        for 2008; new trade source
                                        data on investment company
                                        securities for 2009.
 37           Insurance
                Of which:
 38               Life insurance        Revised FRB flow of funds
                                        accounts data for 2007 and
                                        2008: new trade source data
                                        on insurance expenses for
                                        2009.
 39         Other services
              Of which:
 40             Personal care and       Revised SAS taxable revenue
                  clothing services     data for 2007 and 2008; new
                                        SAS data for 2009
 41             Household maintenance   Revised SAS taxable revenue
                                        data for 2007 and 2008; new
                                        SAS data for 2009
 42       Final consumption
              expenditures of
              nonprofit institutions
              serving households
              (NPISHs)
 43         Gross output of NPISHs      Revised SAS tax-exempt
                                        expense data for 2007 and
                                        2008; new SAS data for 2009.
 44         Less: Receipts from sales   Revised SAS tax-exempt
              of goods and services     revenue data for 2007 and
              by NPISHs                 2008; new SAS data for 2009.
 45   Gross private domestic
          investment
 46     Fixed investment
 47       Nonresidential
 48         Structures
              Of which:
 49             Commercial and health   Revised Census Bureau
                  care                  construction spending (value
                                        put in place) data for 2008
                                        and 2009.
                Manufacturing           Revised Census Bureau
                                        construction spending (value
                                        put in place) data for
                                        2007-2009.
 51             Power                   Revised Census Bureau
                                        construction spending (value
                                        put in place) data for
                                        2007-2009.
 52               Electric
 53               Other power
 54             Petroleum and natural   Revised trade source data on
                  gas                   footage drilled for 2007-
                                        2009; revised Census Bureau
                                        Annual Capital Expenditures
                                        Survey (ACES) data for 2007:
                                        new ACES data for 2008:
                                        revised BLS producer price
                                        indexes for 2009
 55         Equipment and software
 56           Information processing
                  equipment and
                  software
                Of which:
 57               Computers and         Revised Economic Census data
                    peripheral          for 2007; new Census Bureau
                    equipment           Annual Survey of Manufactures
                                        (ASM) data for 2008; revised
                                        Census Bureau monthly
                                        industry shipments data for
                                        2009.
 58               Software              Revised Census Bureau Service
                                        Annual Survey (SAS) revenue
                                        data for 2007 and 2008; new
                                        SAS data for 2009; new BLS
                                        Occupational Employment
                                        Survey data for 2009.
 59               Communication         New Census Bureau Current
                    equipment           Industrial Report (CIR) data
                                        for 2008; revised Census
                                        Bureau monthly industry
                                        shipments data for 2009.
 60               Office and            Revised Economic Census data
                    accounting          for 2007: new Census Bureau
                    equipment           ASM data for 2008; revised
                                        Census Bureau monthly
                                        industry shipments data for
                                        2009
 61           Industrial equipment
 62           Transportation equipment
                Of which:
 63               Light trucks          Revised Census Bureau Annual
                    (including          Retail Trade Survey (ARTS)
                    utility vehicles)   data for 2007; new ARTS data
                                        for 2008; new trade source
                                        data on vehicle
                                        registrations, estimated
                                        retention periods, and
                                        average expenditure for 2009
 64               Aircraft              New Census Bureau ASM data
                                        for 2008; revised CIR data
                                        for 2009.
 65           Other equipment           New Census Bureau ASM data
                Of which:               for 2008; revised Census
 66               Service industry      Bureau monthly industry
                    machinery           shipments data for 2009.
 67     Residential
          Of which:
 68         Structures
              Of which:
 69             Improvements            Revised Census Bureau
                                        construction spending (value
                                        put in place) data for 2008
                                        and 2009.
 70     Change in private inventories
 71       Farm                          Revised USDA data for 2007
                                        and 2008; new USDA data for
                                        2009.
 72       Nonfarm
 73         Change in book value
 74           Mining, utilities, and    New Economic Census data on
                construction            construction and mining for
                                        2007; new IRS tabulations of
                                        corporate and of sole
                                        proprietorship and
                                        partnership tax return data
                                        on inventory book values for
                                        2008.
 75           Manufacturing             New and revised Economic
                                        Census data on manufacturing
                                        for 2007; new Annual Survey
                                        of Manufactures (ASM) data
                                        for 2008; revised Census
                                        Bureau monthly inventory data
                                        for 2009.
 76           Wholesale trade           Revised Census Bureau Annual
                                        Wholesale Trade Survey (AWTS)
                                        data on inventory book values
                                        for 2007; new AWTS data for
                                        2008; revised Census Bureau
                                        monthly inventory data for
                                        2009.
 77           Retail trade              Revised Census Bureau Annual
                                        Retail Trade Survey (ARTS)
                                        data on inventory book values
                                        for 2007; new ARTS data for
                                        2008; revised BEA estimates
                                        based on motor vehicle
                                        inventory data from trade
                                        sources and revised Census
                                        Bureau monthly inventory data
                                        for 2009.
                Of which:
 78               Motor vehicle and     Revised ARTS data on
                    parts dealers       inventory book values for
                                        2007; new ARTS data for 2008;
                                        revised BEA estimates based
                                        on motor vehicle inventory
                                        data from trade sources for
                                        2009.
 79           Other
 80         IVA                         New manufacturing Economic
                                        Census data for 2007; revised
                                        Census Bureau AWTS and ARTS
                                        information on accounting
                                        methods used for inventory
                                        reporting for 2007; new AWTS,
                                        ARTS, and ASM data for 2008.
                                        Revised BEA unit labor cost
                                        indexes for 2007-2009.
 81   Net exports of goods and          Revised BEA international
          services                      transactions accounts
                                        estimates for 2007-2009.
 82     Exports
 83       Goods
 84       Services
 85     Imports
 86       Goods
 87       Services
 88   Government consumption
          expenditures and gross
          investment
 89     Federal
 90       National defense
 91         Consumption expenditures    Revised allocations of FY
                                        2008 federal budget data for
                                        2007 and 2008; revised FY
                                        2009 federal budget data for
                                        2008 and 2009; preliminary FY
                                        2010 federal budget data for
                                        2009; new BLS Quarterly
                                        Census of Employment and
                                        Wages data for 2009.
              Of which:
 92             Compensation of
                  general government
                  employees
 93             Services
 94         Gross investment
 95           Structures
 96           Equipment and software    Revised FY 2009 federal
                                        budget data for 2008 and
                                        2009; preliminary FY 2010
                                        federal budget data for 2009;
                                        preliminary FY 2009
                                        Department of Defense
                                        contract awards data for 2008
                                        and 2009.
 97       Nondefense
 98         Consumption expenditures
 99         Gross investment
100     State and local
101       Consumption expenditures
            Of which:
102           Compensation of general   Revised BLS Quarterly Census
                government employees    of Employment and Wages
                                        (QCEW) data for 2007 and
                                        2008; new QCEW data for 2009;
                                        new DHHS Medical Expenditure
                                        Panel Survey data for 2008.
103           Services                  Revised Census Bureau
                                        government finances FY 2007
                                        tabulations for 2007; new
                                        government finances FY 2008
                                        tabulations for 2007 and
                                        2008.
104           Less: Sales to other
                  sectors
105             Tuition and related
                  educational charges
106             Health and hospital
                  charges
107             Other sales
108       Gross investment
109         Structures                  Revised Census Bureau
                                        government finances FY 2007
                                        tabulations for 2007; new
                                        government finances FY 2008
                                        tabulations for 2007 and
                                        2008; revised Census Bureau
                                        construction spending (value
                                        put in place) data for 2008
                                        and 2009.
110         Equipment and software      Revised Census Bureau
                                        government finances FY 2007
                                        tabulations for 2007; new
                                        government finances FY 2008
                                        tabulations for 2007 and
                                        2008.
111   Gross domestic product
112   Less: Statistical
        discrepancy (2)
113   Equals: Gross domestic income
114     Compensation of employees,      See entries under
            paid                        "Compensation of employees,"
                                        line 138.
115       Wage and salary accruals
116         Disbursements
117           To persons
118           To the rest of the
                world
119         Wage accruals less
              disbursements
120       Supplements to wages and
            salaries
121     Taxes on production and
          imports
122     Less: Subsidies
123     Net operating surplus
124       Private enterprises
125       Current surplus of
            government enterprises
126     Consumption of fixed capital
127       Private
128         Domestic business           Revised BEA fixed investment
                                        and price estimates for
                                        2007-2009; revised BEA fixed
                                        assets accounts (FAAs) legal
                                        form of organization ratios
                                        for 2007-2009.
129           Capital consumption       Revised IRS tabulations of
                allowances              corporate tax return data for
                                        2007; new IRS tabulations of
                                        corporate and of sole
                                        proprietorship and
                                        partnership tax return data
                                        for 2008; revised BEA fixed
                                        investment estimates for
                                        2007-2009.
130           Less: CCAdj               CCAdj is calculated as
                                        capital consumption
                                        allowances less consumption
                                        of fixed capital.
131         Households and              Revised BEA fixed investment
              institutions              and price estimates for 2007-
                                        2009; revised BEA FAAs legal
                                        form of organization ratios
                                        for 2007-2009.
132       Government
133   Plus: Income receipts from the    Revised BEA international
        rest of the world               transactions accounts
                                        estimates for 2007-2009.
134   Less: Income payments to the      Revised BEA international
        rest of the world               transactions accounts
                                        estimates for 2007-2009.
135   Equals: Gross national income
136   Less: Consumption of fixed
        capital
137   Equals: National income
138   Compensation of employees
139     Wage and salary accruals
140       Government                    New BLS Quarterly Census of
                                        Employment and Wages (QCEW)
                                        data for 2009
141       Other                         Revised Census Bureau Service
                                        Annual Survey (SAS) revenue
                                        and expense data for 2007 and
                                        2008; new SAS data for 2009;
                                        revised Census Bureau Annual
                                        Retail Trade Survey (ARTS)
                                        data for 2007; new ARTS data
                                        for 2008; revised Census
                                        Bureau Monthly Retail Trade
                                        Survey data for 2009; new
                                        DHHS Medical Expenditure
                                        Panel Survey data on employee
                                        enrollment in and average
                                        contribution to "cafeteria
                                        plans" for 2008; revised QCEW
                                        data for 2007-2009.
142     Supplements to wages and
            salaries
143       Employer contributions for    New Department of Labor
            employee pension and        pension data for 2007; new
            insurance funds             Pension Benefit Guaranty
                                        Corporation data for 2008;
                                        new corporate financial data
                                        for 2008 and 2009; new DHHS
                                        Medical Expenditure Panel
                                        Survey data for 2008 and
                                        2009.
144       Employer contributions for
            government social
            insurance
145   Proprietors' income with IVA
          and CCAdj
146     Farm
147     Nonfarm
148       Proprietors' income           Revised trade source data on
                                        petroleum footage drilled for
                                        2007-2009; revised Census
                                        Bureau Annual Capital
                                        Expenditures Survey (ACES)
                                        data for 2007; new ACES data
                                        for 2008; new Census Bureau
                                        nonfiler income data for
                                        2008; new IRS tabulations of
                                        sole proprietorship and
                                        partnership tax return data
                                        for 2008.
149       IVA
150       CCAdj                         See entries under
                                        "Consumption of fixed
                                        capital," line 126.
151   Rental income of persons with
          CCAdj
152     Rental income of persons        Revised Census Bureau
                                        American Housing Survey
                                        housing units data for 2007;
                                        revised FRB flow of funds
                                        accounts data on residential
                                        mortgage loans liabilities
                                        for 2007/2009; revised Census
                                        Bureau Current Population
                                        Survey/Housing Vacancy Survey
                                        data (CPS/AVS) for 2007 and
                                        2008; new CPS/AVS data for
                                        2009; new Federal National
                                        Mortgage Corporation data on
                                        mortgage originations for
                                        2008; revised IRS tabulations
                                        of corporate and individual
                                        tax return data for 2007; new
                                        IRS data for 2008; revised
                                        USDA data for 2007 and 2008;
                                        new USDA data for 2009;
                                        revised trade source data on
                                        insurance for 2007; new
                                        insurance data for 2008.
153     CCAdj
154   Corporate profits with IVA and
        CCAdj
155     Profits before tax without      Revised IRS tabulations of
          IVA and CCAdj                 corporate tax return data for
                                        2007; new IRS tabulations for
                                        2008; regulatory agency and
                                        public financial reports for
                                        2009
156       Domestic industries
157         Financial
158         Nonfinancial
159       Rest of the world             Revised BEA international
                                        transactions accounts
                                        estimates for 2007-2009.
160     Less: Taxes on corporate
          income
161     Equate: Profits after tax
162       Domestic industries
163       Rest of the world
164     Less: Net corporate dividend
            payments, NIPAs
165       Domestic industries
166       Rest of the world
167     Equals: Undistributed
            corporate profits
168       Domestic industries
169       Rest of the world
170     IVA
171     CCAdj                           See entries under
                                        "Consumption of fixed
                                        capital," line 126.
172   Net interest and miscellaneous
          payments
173     Net interest
174       Domestic business
            Of which:
175           Monetary interest paid    Revised IRS tabulations of
                                        corporate tax return data for
                                        2007; new IRS tabulations for
                                        2008; new IRS tabulations of
                                        sole proprietorship and
                                        partnership tax return data
                                        for 2008; revised FRB flow of
                                        funds accounts data on
                                        nonfinancial corporate
                                        liabilities data for 2007 and
                                        2008; new FRB data for 2009;
                                        revised USDA data on interest
                                        paid by farmers for 2007 and
                                        2008; new USDA data for 2009;
                                        new Federal Deposit Insurance
                                        Corporation data, Credit
                                        Union National Association
                                        data, Office of Thrift
                                        Supervision data, and trade
                                        source data on investment
                                        companies for 2009
176           Less: Monetary interest   Revised IRS tabulations of
                received                corporate tax return data for
                                        2007; new IRS tabulations for
                                        2008; new IRS tabulations for
                                        sole proprietorship and
                                        partnership tax return data
                                        for 2008; revised FRB flow of
                                        funds nonfinancial corporate
                                        assets data for 2007 and
                                        2008; new FRB data for 2009;
                                        new Federal Deposit Insurance
                                        Corporation data, Credit
                                        Union National Association
                                        data, Office of Thrift
                                        Supervision data, and trade
                                        source data on investment
                                        companies for 2009.
177           Imputed interest paid
                depositor and
                insurance services
                  0f which:
178             Banks credit agencies   Revised IRS tabulations of
                 and investment         corporate tax return data for
                 companies              2007; new IRS tabulations for
                                        2008.
179             Life insurance          New trade source data on
                  carriers              investment income of life
                                        insurance carriers for 2008;
                                        revised FRB flow of funds
                                        asset data on life insurance
                                        companies for 2007 and 2008;
                                        new FRB data for 2009.
180           Less: Imputed interest
                received, depositor
                and insurance
                services
181       Owner-occupied housing
            Of which:
182           Monetary interest paid    Revised FRB flow of funds
                                        accounts data on residential
                                        mortgage liabilities for
                                        2007-2009.
183     Nonprofit institutions
184     Rest of the world
185     Miscellaneous payments
186   Taxes on production and imports
187     Federal

188     State and local                 Revised Census Bureau
                                        government finances FY 2007
                                        and FY 2008 tabulations for
                                        2007 and 2008; new state
                                        government finances FY 2009
                                        tabulations for 2008 and
                                        2009.
189   Less: Subsidies
190   Business current transfer
          payments
        Of which:
191       To the rest of the world      Revised BEA international
            (net)                       transactions accounts
                                        estimates for 2007-2009.
192   Current surplus of government
          enterprises
193     Federal
194     State and local                 Revised Census Bureau
                                        government finances FY 2007
                                        tabulations for 2007; new
                                        government finances FY 2008
                                        tabulations for 2007 and
                                        2008.
      Addenda:
195   Gross national product
196   Gross saving
197   Personal income
198     Compensation of employees,      See entries under
          received                      "Compensation of employees,"
                                        line 138.
199     Proprietors' income with IVA
          and CCAdj
200     Rental income of persons with
          CCAdj
201     Personal income receipts on
            assets
202       Personal interest income      Revised IRS tabulations of
                                        corporate tax return data for
                                        2007; new IRS tabulations for
                                        2008; new trade source data
                                        on investment income of life
                                        insurance carriers for 2008;
                                        revised FRB flow of funds
                                        accounts asset data on life
                                        insurance companies for 2007
                                        and 2008; new FRB data for
                                        2009.
203       Personal dividend income      Revised IRS tabulations of
                                        corporate tax return data for
                                        2007; new IRS tabulations for
                                        2008; regulatory agency and
                                        public financial statements
                                        data on dividends for 2009;
                                        revised BEA international
                                        transactions accounts
                                        estimates for 2007-2009.
204     Personal current transfer
            receipts
205       Government social benefits
206         Federal                     Revised Centers for Medicare
                                        and Medicaid Services data on
                                        incurred benefits for
                                        2007-2009; revised Department
                                        of Labor data on unemployment
                                        benefits for 2009; revised
                                        Department of Treasury data
                                        on Consolidated Omnibus
                                        Budget Reconciliation Act
                                        (COBRA) health insurance
                                        premiums for 2009.
207         State and local             New Centers for Medicare and
                                        Medicaid Services tabulations
                                        of Medicaid payments for
                                        2009.
208       Other current transfer
            receipts from business
            (net)
209     Less: Contributions for
         government social insurance,
         domestic
210   Less: Personal current taxes
211     Federal                         Revised Social Security
                                        Administration (SSA) data on
                                        taxable wages for 2007 and
                                        2008; new SSA data for 2009;
                                        revised Department of
                                        Treasury data on COBRA health
                                        insurance premiums for 2009.
212     State and local                 Revised Census Bureau
                                        government finances FY 2007
                                        and FY 2008 tabulations for
                                        2007 and 2008; new state
                                        government finances FY 2009
                                        tabulations for 2008 and
                                        2009.
213   Equals: Disposable personal
        income
214   Less: Personal outlays
215     Personal consumption            See entries under "Personal
          expenditures                  consumption expenditures,"
                                        line 2.
216     Personal interest payments      Revised FRB interest rate
                                        data for 2007-2009; revised
                                        FRB consumer credit
                                        outstanding data for 2009;
                                        new regulatory data for 2009.
217     Personal current transfer
            payments
218       To government
219       To the rest of the world
            (net)
220   Equals: Personal saving

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

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

BEA    Bureau of Economic Analysis
BLS    Bureau of Labor Statistics
CCAdj  Capital consumption adjustment
DHHS   Department of Health and Human Services
EIA    Energy Information Administration
FRB    Federal Reserve Board
FY     Fiscal year
IRS    Internal Revenue Service
IVA    Inventory valuation adjustment
NIPAs  National income and product accounts
USDA   US Department of Agriculture

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

                                                               2007

                                                  2006      Previously
                                                            published

National income                                 12,031.2     12,448.2
  Compensation of employees                      7,477.0      7,856.5
    Wage and salary accruals                     6,070.1      6,402.6
    Supplements to wages and salaries            1,406.9      1,453.8
  Proprietors' income with IVA and CCAdj         1,133.0      1,096.4
    Farm                                            29.3         39.4
    Nonfarm                                      1,103.6      1,056.9
  Rental income of persons with CCAdj              146.5        144.9
  Corporate profits with IVA and CCAdj           1,608.3      1,541.7
  Net interest and miscellaneous payments          652.2        739.2
  Taxes on production and imports                  986.8      1,028.7
  Less: Subsidies                                   51.4         54.8
  Business current transfer payments (net)
  Current surplus of government enterprises         83.0        102.2
Plus: Consumption of fixed capital                  -4.2         -6.6
Plus: Statistical discrepancy (1)                1,660.7      1,760.0
Equals: Gross national product                    -220.6        -14.8
Less: Income receipts from the rest of the
  world                                         13,471.3     14,193.3
Plus: Income payments to the rest of the
  world                                            721.1        861.8
Equate: Gross domestic product                     648.6        746.0
Addendum:                                       13,398.9     14,077.6
  Gross domestic income
Gross domestic income                           13,619.5     14,092.5

                                                        2007

                                                Revised      Revision

National income                                 12,396.4        -51.8
  Compensation of employees                      7,855.9         -0.6
    Wage and salary accruals                     6,415.5         12.9
    Supplements to wages and salaries            1,440.4        -13.4
  Proprietors' income with IVA and CCAdj         1,090.4         -6.0
    Farm                                            37.8         -1.6
    Nonfarm                                      1,052.6         -4.3
  Rental income of persons with CCAdj              143.7         -1.2
  Corporate profits with IVA and CCAdj           1,510.6        -31.1
  Net interest and miscellaneous payments          731.6         -7.6
  Taxes on production and imports                1,027.2         -1.5
  Less: Subsidies                                   54.6         -0.2
  Business current transfer payments (net)
  Current surplus of government enterprises        103.3          1.1
Plus: Consumption of fixed capital                 -11.8         -5.2
Plus: Statistical discrepancy (1)                1,767.5          7.5
Equals: Gross national product                      21.1         35.9
Less: Income receipts from the rest of the
  world                                         14,185.1         -8.2
Plus: Income payments to the rest of the
  world                                            871.0          9.2
Equate: Gross domestic product                     747.7          1.7
Addendum:                                       14,061.8        -15.8
  Gross domestic income
Gross domestic income                           14,040.7        -51.8

                                                               2008

                                                  2007      Previously
                                                            published

National income                                 12,396.4     12,635.2
  Compensation of employees                      7,855.9      8,037.4
    Wage and salary accruals                     6,415.5      6,540.8
    Supplements to wages and salaries            1,440.4      1,496.6
  Proprietors' income with IVA and CCAdj         1,090.4      1,106.3
    Farm                                            37.8         48.7
    Nonfarm                                      1,052.6      1,057.5
  Rental income of persons with CCAdj              143.7        210.4
  Corporate profits with IVA and CCAdj           1,510.6      1,360.4
  Net interest and miscellaneous payments          731.6        815.1
  Taxes on production and imports                1,027.2      1,047.3
  Less: Subsidies                                   54.6         53.5
  Business current transfer payments (net)         103.3        118.8
  Current surplus of government enterprises        -11.8         -6.9
Plus: Consumption of fixed capital               1,767.5      1,847.1
Plus: Statistical discrepancy'                      21.1        101.0
Equals: Gross national product                  14,185.1     14,583.3
Less: Income receipts from the rest of the
  world                                            871.0        809.2
Plus: Income payments to the rest of the
  world                                            747.7        667.3
Equate: Gross domestic product                  14,061.8     14,441.4
Addendum:
  Gross domestic income                         14,040.7     14,340.4

                                                         2008

                                                Revised      Revision

National income                                 12,557.8        -77.4
  Compensation of employees                      8,060.8         23.4
    Wage and salary accruals                     6,554.0         13.2
    Supplements to wages and salaries            1,506.8         10.2
  Proprietors' income with IVA and CCAdj         1,102.0         -4.3
    Farm                                            50.8          2.1
    Nonfarm                                      1,051.2         -6.3
  Rental income of persons with CCAdj              222.0         11.6
  Corporate profits with IVA and CCAdj           1,262.8        -97.6
  Net interest and miscellaneous payments          812.8         -2.3
  Taxes on production and imports                1,045.1         -2.2
  Less: Subsidies                                   52.8         -0.7
  Business current transfer payments (net)         121.7          2.9
  Current surplus of government enterprises        -16.7         -9.8
Plus: Consumption of fixed capital               1,849.2          2.1
Plus: Statistical discrepancy (1)                  136.6         35.6
Equals: Gross national product                  14,543.6        -39.7
Less: Income receipts from the rest of the
  world                                            839.2         30.0
Plus: Income payments to the rest of the
  world                                            664.7         -2.6
Equate: Gross domestic product                  14,369.1        -72.3
Addendum:
  Gross domestic income                         14,232.5       -107.9

                                                         2009

                                                  2008      Previously
                                                            published

National income                                 12,557.8     12,280.0
  Compensation of employees                      8,060.8      7,783.5
    Wage and salary accruals                     6,554.0      6,281.5
    Supplements to wages and salaries            1,506.8      1,501.9
  Proprietors' income with IVA and CCAdj         1,102.0      1,041.0
    Farm                                            50.8         29.3
    Nonfarm                                      1,051.2      1,011.7
  Rental income of persons with CCAdj              222.0        268.1
  Corporate profits with IVA and CCAdj           1,262.8      1,308.9
  Net interest and miscellaneous payments          812.8        788.2
  Taxes on production and imports                1,045.1      1,023.9
  Less: Subsidies                                   52.8         59.6
  Business current transfer payments (net)         121.7        134.1
  Current surplus of government enterprises        -16.7         -8.1
Plus: Consumption of fixed capital               1,849.2      1,864.0
Plus: Statistical discrepancy'                     136.6        217.3
Equals: Gross national product                  14,543.6     14,361.2
Less: Income receipts from the rest of the
  world                                            839.2        589.4
Plus: Income payments to the rest of the
  world                                            664.7        484.5
Equate: Gross domestic product                  14,369.1     14,256.3
Addendum:
  Gross domestic income                         14,232.5     14,039.0

                                                     2009

                                                Revised      Revision

National income                                 12,225.0        -55.0
  Compensation of employees                      7,811.7         28.2
    Wage and salary accruals                     6,279.1         -2.4
    Supplements to wages and salaries            1,532.6         30.7
  Proprietors' income with IVA and CCAdj         1,011.9        -29.1
    Farm                                            30.5          1.2
    Nonfarm                                        981.5        -30.2
  Rental income of persons with CCAdj              274.0          5.9
  Corporate profits with IVA and CCAdj           1,258.0        -50.9
  Net interest and miscellaneous payments          784.3         -3.9
  Taxes on production and imports                1,024.7          0.8
  Less: Subsidies                                   60.3          0.7
  Business current transfer payments (net)         134.0         -0.1
  Current surplus of government enterprises        -13.2         -5.1
Plus: Consumption of fixed capital               1,861.1         -2.9
Plus: Statistical discrepancy (1)                  179.1        -38.2
Equals: Gross national product                  14,265.3        -95.9
Less: Income receipts from the rest of the
  world                                            629.8         40.4
Plus: Income payments to the rest of the
  world                                            483.6         -0.9
Equate: Gross domestic product                  14,119.0       -137.3
Addendum:
  Gross domestic income                         13,939.9        -99.1

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

CCAdj Capital consumption adjustment

IVA Inventory valuation adjustment

Table 9. Changes to the NIPA Tables

             Table title                            Changes

Section 1. Domestic Product and Income

1.1.1    Percent Change From Preceding    Added current-dollar gross
         Period in Real Gross Domestic    domestic product (GDP) to a
         Product                          new addendum.

1.1.7    Percent Change From Preceding    Added implicit price
         Period in Prices for Gross       deflators (IPDs) for GDP and
         Domestic Product                 for gross national product
                                          (GNP) to the addenda.

1.1.11   Real Gross Domestic Product:     Presents GDP and related
         Percent Change From Quarter      components and selected price
         One Year Ago                     indexes in a new table.

1.2.1    Percent Change From Preceding    Added current-dollar final
         Period in Real Gross Domestic    sales of domestic product to
         Product by Major Type of         the addenda.
         Product

1.2.4    Price Indexes for Gross          Added the IPD for final sales
         Domestic Product by Major        of domestic product to the
         Type of Product                  addenda.

1.4.1    Percent Change From Preceding    Added current-dollar gross
         Period in Real Gross Domestic    domestic purchases and
         Product, Real Gross Domestic     current-dollar final sales to
         Purchases, and Real Final        domestic purchasers to the
         Sales to Domestic Purchasers     addenda.

1.4.4    Price Indexes for Gross          Added the IPD for final sales
         Domestic Product, Gross          to domestic purchasers to the
         Domestic Purchases, and Final    addenda.
         Sales to Domestic Purchasers

1.6.4    Price Indexes for Gross          Added the IPD for gross
         Domestic Purchases               domestic purchases to the
                                          addenda.

1.6.7    Percent Change From Preceding    Added the IPD for gross
         Period in Gross Domestic         domestic purchases to the
         Purchases                        addenda.

1.7.1    Percent Change From Preceding    Added real net domestic
         Period in Real Gross Domestic    purchases and current-dollar
         Product, Real Gross National     GNP to the addenda.
         Product, and Real Net
         National Product

1.7.3    Real Gross Domestic Product,     Added net domestic purchases
         Real Gross National Product,     to the addenda.
         and Real Net National
         Product, Quantity Indexes

1.7.4    Price Indexes for Gross          Added net domestic purchases
         Domestic Product, Gross          to the addenda.
         National Product, and Net
         National Product

1.7.5    Relation of Gross Domestic       Added net domestic purchases
         Product, Gross National          to the addenda.
         Product, Net National
         Product, National Income, and
         Personal Income

1.7.6    Relation of Real Gross           Added net domestic purchases
         Domestic Product, Real Gross     to the addenda.
         National Product, and Real
         Net National Product, Chained
         Dollars

1.8.3    Command-Basis Real Gross         Added GDP and command-basis
         Domestic Product and Gross       GDP to the table. Added net
         National Product, Quantity       domestic product and net
         Indexes                          national product,
                                          command-basis net domestic
                                          product and net national
                                          product, and percent change
                                          from preceding period in real
                                          GDP, command-basis GDP, and
                                          real GNP to the addenda. See
                                          the discussion of
                                          command-basis real GNP on
                                          page 21.

1.8.6    Command-Basis Real Gross         Added GDP and command-basis
         Domestic Product and Gross       GDP to the table. Added net
         National Product, Chained        domestic product and net
         Dollars                          national product,
                                          command-basis net domestic
                                          product and net national
                                          product, trading gains index,
                                          and terms of trade indexes
                                          for goods and services, for
                                          goods, and for nonpetroleum
                                          goods to the addenda.

Section 2. Personal Income and Outlays

2.3.1    Percent Change From Preceding    Added market-based personal
         Period in Real Personal          consumption expenditures
         Consumption Expenditures by      (PCE) and market-based PCE
         Major Type of Product            excluding food and energy to
                                          the addenda.

2.3.2    Contributions to Percent         Added market-based PCE and
         Change in Real Personal          market-based PCE excluding
         Consumption Expenditures by      food and energy to the
         Major Type of Product            addenda.

2.3.3    Real Personal Consumption        Added market-based PCE and
         Expenditures by Major Type of    market-based PCE excluding
         Product, Quantity Indexes        food and energy to the
                                          addenda.

2.3.5    Personal Consumption             Added market-based PCE and
         Expenditures by Major Type of    market-based PCE excluding
         Product                          food and energy to the
                                          addenda.

2.3.6    Real Personal Consumption        Added market-based PCE and
         Expenditures by Major Type of    market-based PCE excluding
         Product, Chained Dollars         food and energy to the
                                          addenda.

2.8.1    Percent Change From Preceding    Added PCE excluding food and
         Period in Real Personal          energy, PCE for food, PCE for
         Consumption Expenditures by      energy goods and services,
         Major Type of Product,           market-based PCE, and
         Monthly                          market-based PCE excluding
                                          food and energy to a new
                                          addenda.

2.8.3    Real Personal Consumption        Added PCE excluding food and
         Expenditures by Major Type of    energy, PCE for food, PCE for
         Product, Monthly, Quantity       energy goods and services,
         Indexes                          market-based PCE, and
                                          market-based PCE excluding
                                          food and energy to a new
                                          addenda.

2.8.4    Price Indexes for Personal       Added PCE for food to the
         Consumption Expenditures by      addenda.
         Major Type of Product,
         Monthly

2.8.5    Personal Consumption             Added PCE excluding food and
         Expenditures by Major Type of    energy, PCE for food, PCE for
         Product, Monthly                 energy goods and services,
                                          market-based PCE, and
                                          market-based PCE excluding
                                          food and energy to a new
                                          addenda.

2.8.6    Real Personal Consumption        Added PCE excluding food and
         Expenditures by Major Type of    energy, PCE for food, PCE for
         Product, Monthly, Chained        energy goods and services,
         Dollars                          market-based PCE, and
                                          market-based PCE excluding
                                          food and energy to a new
                                          addenda.

2.8.7    Percent Change From Preceding    Added PCE for food to the
         Period in Prices for Personal    addenda.
         Consumption Expenditures by
         Major Type of Product,
         Monthly

Section 5. Saving and Investment

5.1      Saving and Investment            Added saving, investment,
                                          capital account transactions
                                          (net), and net lending or
                                          borrowing by sector. See the
                                          discussion of saving and
                                          investment by sector on page
                                          21.