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| Survey of Current Business: Updated summary NIPA methodologies |
The Bureau of Economic Analysis has recently improved its estimates of current-dollar gross domestic product (GDP), current-dollar gross domestic income (GDI), and real GDP. These improvements were introduced in the 2003 comprehensive revision of the national income and product accounts (NIPAs) and in the 2004 annual revision of the NIPAs. (1)
This report and the accompanying tables provide a quick guide to the sources of data and the methodologies that are now used to prepare BEA's NIPA estimates.
Current-dollar estimates of GDP and GDI
The components of current-dollar GDP and current-dollar GDI and their values for 2003 are presented in table 1.
Various components and subcomponents of GDP and GDI are listed in the left column (column 1) and are grouped according to the estimation method used by BEA.
The middle column (column 2) provides information about the source of the data and the estimation methods that are used for the comprehensive benchmark revisions and for the annual revisions in nonbenchmark years, noting the major differences. For example, for "most durable and nondurable goods" in personal consumption expenditures (PCE) (the first item in table 1), the table indicates one methodology (commodity flow) for benchmark years and another methodology (retail control) for all other years.
The right column (column 3) includes information only about the advance quarterly estimate, which is prepared about a month after the end of the quarter. Information about the advance estimate rather than about the preliminary or final quarterly estimate is provided because more attention tends to focus on this "first look" at the estimate for a quarter. In addition, only the source data and methods are listed; the number of months of available source data or whether the data will be revised by the source agency are not listed. (2)
Source data
The source data include a variety of economic measures, such as sales or receipts, wages and salaries, unit sales, housing stock, insurance premiums, expenses, interest rates, mortgage debt, and tax collections. For most components, the source data are "value data"; that is, they encompass both the quantity and price data required for current-dollar estimates. In these cases, table 1 only provides an explanation of how the value data are adjusted to derive estimates that are consistent with NIPA definitions and coverage.
For the estimates that are not derived from value data, the table indicates the sources of the quantity and price data that are used to prepare value estimates. The table also notes the major adjustments that are needed to derive estimates that are consistent with NIPA definitions and coverage.
For the current-dollar estimates of GDP, a "physical quantity times price" method is used for several components. For example, the estimate of expenditures on new autos in nonbenchmark years is calculated as unit sales times expenditure per auto (the average list price with options adjusted for transportation charges, sales tax, dealer discounts, and rebates).
For the current-dollar estimates of GDI, two methods are used for several components--an "employment times earnings times hours" method and variations of a "stock of assets/liabilities times an effective interest rate" method.
Some of the source data are used as indicators to interpolate or extrapolate annual estimates. In some cases, the extrapolation and interpolation may be based on trends; in that case, table 1 lists "judgmental trend." (3)
Estimation methods
In some cases, BEA also uses four methods to estimate values--the commodity-flow method, the retail control method, the perpetual inventory method, and the fiscal year analysis method.
The commodity-flow method involves estimating values that are based on various measures of output. For example, personal expenditures on new autos in benchmark years are estimated by using data from the Census Bureau on manufacturers' shipments, and BEA adjusts the data for imports and exports. In general, this method is used to derive estimates of various components of PCE, of equipment and software, and of the commodity detail for state and local government consumption expenditures and gross investment. (4) This method is also used for equipment and software in nonbenchmark years, but it is implemented in an abbreviated form. An even more abbreviated commodity-flow method is used for current quarterly estimates of equipment and software.
The retail control method uses retail sales data, usually compiled by the Census Bureau, to estimate expenditures. (5) It is used for many subcomponents of durable and nondurable goods in nonbenchmark years.
The perpetual inventory method is used to derive estimates of fixed capital stock, which is used to estimate consumption of fixed capital. The method is based on investment flows and a geometric depreciation formula. (6)
The fiscal year analysis method is used to estimate annual and quarterly estimates of consumption expenditures and gross investment by the Federal Government. The estimates of expenditures are calculated by program, that is, by activity by a single line item or by a group of line items in the Budget of the U.S. Government. For most programs, BEA adjusts budget outlays to make them compatible with the NIPAs and classifies the expenditures in the appropriate NIPA category--such as current transfer payments and interest payments--with nondefense consumption expenditures and gross investment determined residually. When a fiscal year analysis is completed, the detailed array of NIPA expenditures by program and by type of expenditure provides a set of control totals for the quarterly estimates. (7)
International transactions accounts
The source data for the foreign transactions that are reflected in most NIPA components--such as net exports of goods and services and income receipts and corporate profits from the rest of the world--are from the international transactions accounts (ITAs); these accounts are also prepared by BEA. (8) As noted in table 1, for some NIPA components, the ITA estimates are adjusted to conform to NIPA concepts and definitions. For the annual estimates of these adjustments and their definitions, see NIPA table 4.3B in the August 2004 SURVEY (page 115); for summary quarterly estimates, see reconciliation table 2 in appendix A of the SURVEY.
Reconciliation tables. In preparing the annual estimates of several components of gross domestic income, BEA adjusts the source data for consistency with NIPA concepts and coverage. For each subcomponent, an annual NIPA table reconciles the value published by the source agency with the NIPA value published by BEA, and the adjustments are listed. Reconciliation tables for the following subcomponents were published in "National Income and Product Accounts Tables" in the August 2004 SURVEY: Consumption of fixed capital, table 7.13; nonfarm proprietors' income, table 7.14; farm proprietors' income, table 7.15; corporate profits, table 7.16; interest paid and received, table 7.17; and wages and salaries, table 7.18.
Real estimates of GDP
The three methods that BEA uses to estimate real GDP and the source data that are used are presented in table 2.
The deflation method is used for most components of GDP. The quantity index is derived by dividing the current-dollar index by an appropriate price index that has the base year--currently 2000--equal to 100. The result is then multiplied by 100.
The quantity extrapolation method uses quantity indexes that are obtained by using a quantity indicator to extrapolate from the base-year value of 100.
The direct valuation method uses quantity indexes that are obtained by multiplying the base-year price by actual quantity data for the index period. The result is then expressed as an index with the base year equal to 100.
The subcomponents in table 2 are the same as those in table 1, but the detail differs in order to highlight the alternative methodologies that are used to calculate the real estimates. (9)
Continued from page 1.
Table 1. Source Data and Methods for Current-Dollar GDP and
Current-Dollar GDI
Component Annual estimates:
Source data and methods used to
determine level for benchmark and
other years or used to prepare an
extrapolator or interpolator
Gross domestic product of $11,004.0 billion for 2003
Personal consumption expenditures ($7,760.9 billion)
Durable and nondurable goods ($3,150.8 billion) (1)
Most durable and Benchmark years. Commodity-flow
nondurable goods method, starting with
except those listed manufacturers' shipments from
below ($2,569.8 billion) (2) Census Bureau quinquennial
census and including an
adjustment for exports and
imports from Census Bureau
foreign trade data.
Other years. Retail-control
method, using retail sales from
Census Bureau annual survey of
retail trade or, for the most
recent year, monthly survey of
retail trade.
New autos ($97.5 billion) Benchmark years. Commodity-flow
method, starting with
manufacturers' shipments from
Census Bureau quinquennial
census and including an
adjustment for exports and
imports from Census Bureau
foreign trade data.
Other years. Physical quantity
purchased times average retail
price: Unit sales, information
to allocate sales among
consumers and other purchasers,
and average list price with
options, all from trade sources.
Transportation charges, dealer
discounts, and rebates from
Bureau of Labor Statistics (BLS)
monthly survey of auto sales
prices. Sales tax rate from
Census Bureau annual survey of
retail trade.
Net purchases of used Benchmark years. For net transac-
autos and used light tions, residual based on net
trucks ($107.4 billion) sales by other sectors. For
dealers' margin, retail sales
from Census Bureau quinquennial
census and margin rate from
Census Bureau annual survey of
retail trade.
Other years except the most recent
year. For net transactions,
change in consumer stock of
autos from trade sources. For
dealers' margin, for franchised
dealers, unit sales and sales
price from trade sources times
margin rate for independent
dealers from Census Bureau
annual survey of retail trade;
for independent dealers, margin
from Census Bureau annual survey
of retail trade.
Most recent year. For net transac-
tions, same as other years
except the most recent. For
dealers' margin, for franchised
dealers, unit sales and sales
price from trade sources; for
independent dealers, sales from
Census Bureau monthly survey of
retail trade.
New light trucks (including Benchmark years. Commodity-flow
utility vehicles) ($168.5 method, starting with manufac-
billion) turers' shipments from Census
Bureau quinquennial census and
including an adjustment for
exports and imports from Census
Bureau foreign trade data.
Other years except the most recent
year. Abbreviated commodity-flow
method, starting with manufac-
turers' shipments from Census
Bureau annual survey and inclu-
ding an adjustment for exports
and imports from Census Bureau
foreign trade data.
Most recent year. Physical quanti-
ty purchased times average
retail price: Unit sales,
information to allocate sales
among consumers and other pur-
chasers, and average list price,
all from trade sources.
Gasoline and oil ($191.3 Benchmark years. Physical quantity
billion) (2) purchased times average retail
price: Gallons consumed from the
Department of Transportation;
information to allocate that
total among consumers and other
purchasers from Federal agencies
and trade sources; average
retail price from the Energy
Information Administration
(EIA).
Other years except the most recent
year. Same as benchmark years.
Most recent year. Physical
quantity purchased times average
retail price: Gallons consumed
and average price from EIA.
Food furnished to Benchmark years. For commercial
employees (including employees, number of employees
military) ($10.4 billion) of relevant industries from BLS
tabulations times BEA estimate
of per capita expenditures for
food; for military personnel,
outlays from the Budget of the
United States prepared by the
Office of Management and Budget
(OMB).
Other years. Same as benchmark
years except per capita
expenditures for food based on
BLS consumer price index (CPI)
for food.
Expenditures abroad by Estimated as part of the interna-
U.S. residents ($6.6 tional transactions accounts;
billion) less personal see the entry for exports and
remittances in kind to imports of services under net
nonresidents ($1.8 exports of goods and services.
billion)
Services ($4,610.1 billion)
Nonfarm dwellings: Space Benchmark years. Based on data on
rent for owner-occupied housing stock and average annual
dwellings and rent for rent from Census Bureau decen-
tenant-occupied nial census of housing and
dwellings ($1,121.8 survey of residential finance,
billion) adjusted for utilities included
in rent.
Other years. Based on data on
housing stock and average annual
rent from Census Bureau biennial
housing surveyor on the number
of housing units from Census
Bureau monthly current popula-
tion survey and BLS CPI for
rent.
Rental value of farm U.S. Department of Agriculture
dwellings ($11.9 billion) (USDA) data on gross rental
value of farm dwellings.
Motor vehicle repair, Benchmark years. Receipts and
rental, and other expenses from Census Bureau
services; other repair quinquennial census adjusted for
services; other receipts from business and
purchased intercity governments.
transportation; legal and Other years. For educational ser-
funeral services; barber- vices not elsewhere classified
shops, beauty parlors, and foundations, BLS annual
and health clubs; tabulations of wages and sala-
nursing homes; ries of employees covered by
laundries; employment state unemployment insurance
agency fees; accounting (UI); for others in this group,
and tax return prepar- receipts and expenses from
ation services; recrea- Census Bureau service annual
tion (except cable TV, survey.
parimutuel net receipts,
lotteries, and computer
online services); hotels
and motels; commercial
business, trade, and
correspondence
schools; educational
services not elsewhere
classified; research
organizations and
foundations ($785.0
billion)
Physicians, home health Benchmark years. For nonprofit
care, medical professional services, expenses,
laboratories, eye and for others in this group,
examinations, all other receipts, adjusted for govern-
professional medical ment consumption, all from
services ($578.3 billion) Census Bureau quinquennial
census.
Other years. Receipts and expen-
ses, adjusted for government
consumption, from Census Bureau
service annual survey.
Private nursery schools, Benchmark years. For elementary
elementary and and secondary schools, expenses
secondary schools, day from the Department of Educa-
care, welfare activities, tion; for nursery schools and
political organizations, day care, expenditures from BLS
foundations, and trade consumer expenditure survey; for
unions and professional others in this group, receipts
associations ($214.3 and expenses from Census Bureau
billion) quinquennial census.
Other years. For nursery schools
and day care, same as benchmark
years; for welfare activities,
receipts and expenses from
Census
Bureau service annual survey; for
others in this group, BLS annual
tabulations of wages and sala-
ries of employees covered by
state UI.
Financial services See the entry for banks, credit
furnished without agencies, and investment
payment by banks, other companies under net interest and
depository institutions, miscellaneous payments.
and investment
companies ($195.2
billion) (3)
Brokerage charges and All years except the most recent
investment counseling, year. For private higher
bank service charges, education, expenses, and for
intercity transportation others in this group, receipts
except "other," and from annual reports of govern-
private higher education ment administrative agencies.
($246.8 billion) Most recent year. For brokerage
charges, bank service charges,
and intercity transportation,
receipts from annual reports of
government administrative
agencies; for investment
counseling, receipts from Census
Bureau service annual survey;
for private higher education,
enrollment from the Department
of Education times price index
for higher education from trade
source.
Domestic service ($18.5 Benchmark years. For cleaning
billion) services, receipts from Census
Bureau quinquennial census; for
other domestic services, number
of workers times weekly hours
times earnings from BLS.
Other years. Number of workers
times weekly hours times
earnings from BLS.
Public education and All years except the most recent
hospitals, water and year. For lotteries, net
other sanitary services, receipts from Census Bureau
and lotteries ($250.4 quinquennial census and annual
billion) surveys of state and local
governments, adjusted to a
calendar year basis from a
fiscal year basis; for others in
this group, receipts from the
same sources.
Most recent year. Judgmental
trend.
Insurance, private Benchmark years. For life insu-
hospitals, religious rance, expenses from trade
activities, cable TV, sources; for medical and hospi-
electricity, natural gas, talization insurance, premiums
telephone, and local from the Agency for Healthcare
transport ($1,066.1 Research and Quality and bene-
billion) fits based on ratio of benefits
to premiums from Census Bureau
quinquennial census; for other
insurance, premiums and divi-
dends to policyholders from
trade source, normal losses and
expected investment income
derived using incurred losses
and investment gains, respec-
tively, from trade source; for
private hospitals, receipts and
expenses from Census Bureau
quinquennial census; for cable
TV and telephone, receipts from
Census Bureau quinquennial
census; for religious activi-
ties, expenses based on contri-
butions and membership from
trade sources; for electricity
and gas, receipts from EIA; for
local transport, receipts from
trade source.
Other years except the most recent
year. For private and nonprofit
hospitals, expenses from trade
source; for private proprietary
hospitals and cable TV, receipts
from Census Bureau service
annual survey; for telephone,
receipts from the Federal
Communications Commission; for
others in this group, same as
benchmark years.
Most recent year. For life insu-
rance, wages and salaries from
BLS annual tabulations of
employees covered by state UI;
for medical and hospitalization
insurance, BLS employer costs
for employee health insurance
and wages and salaries from BLS
annual tabulations of employees
covered by state UI; for other
insurance, judgmental trend; for
private hospitals, receipts and
expenses from Census Bureau
service annual survey; for
religious activities, expenses
based on population from the
Census Bureau and per capita
disposable personal income from
BEA; for local transport,
passenger trips from trade
sources times BLS CPI for intra-
city mass transit; for electri-
city and natural gas, same as
benchmark years; for cable TV,
receipts from Census Bureau
service annual survey; for
telephone, receipts from company
reports and trade sources.
Foreign travel by U.S. Estimated as part of the interna-
residents ($79.2 billion) tional transactions accounts;
less expenditures in the see the entry for exports and
United States by non imports of services under net
residents ($86.7 billion) exports of goods and services.
Other services: Motor Various source data.
vehicle leasing;
parimutuel net receipts;
other housing except
hotels and motels;
bridge, etc. tolls; other
household operation
except repairs and
insurance; travel and
entertainment card fees;
stenographic and
reproduction services;
money orders and
classified advertising;
and computer online
services ($129.4 billion)
Fixed investment ($1,667.0 billion)
Nonresidential structures ($261.6 billion)
Commercial and health Benchmark years. BEA's benchmark
care ($111.6 billion) input-output table.
Other years. Value put in place
from Census Bureau monthly
construction survey.
Manufacturing ($14.2 Value put in place from Census
billion) Bureau monthly construction
survey.
Power and communi- Value put in place from Census
cation ($40.3 billion) Bureau monthly construction
survey.
Mining exploration, shafts, Benchmark years. Expenditures from
and wells ($35.6 billion) Census Bureau quinquennial
census.
All years except the most recent
year. For petroleum and natural
gas, physical quantity times
average price: Footage drilled
and cost per foot from trade
sources; for other mining,
expenditures from Census Bureau
annual capital expenditure
survey.
Most recent year. For petroleum
and natural gas, physical
quantity times average price:
Footage drilled and cost per
foot from trade sources extra-
polated by BLS producer price
index for oil and gas well
drilling.
Other structures ($59.9 Benchmark years. BEA's benchmark
billion) input-output table.
Other years. Value put in place
from Census Bureau monthly cons-
truction survey.
Nonresidential equipment and software ($833.1 billion)
Equipment except new Benchmark years. Commodity-flow
autos, new light trucks, method, starting with manufac-
and net purchases of turers' shipments from Census
used autos and used Bureau quinquennial census and
light trucks ($591.4 including an adjustment for
billion) exports and imports from Census
Bureau foreign trade data.
Other years. Abbreviated commo-
dity-flow method, starting with
manufacturers' shipments from
Census Bureau annual survey or,
for the most recent year (except
aircraft and heavy trucks),
monthly survey of manufactures
and including an adjustment for
exports and imports from Census
Bureau foreign trade data. For
aircraft, manufactures' ship-
ments from Census Bureau current
industrial report, adjusted for
exports and imports. For heavy
trucks, physical quantity pur-
chased times average price: Unit
sales and information to allo-
cate sales among business and
other purchasers, from trade
sources; for truck trailers,
shipments from trade source.
New autos, new light See the entries under personal
trucks, and net consumption expenditures.
purchases of used autos
and used light trucks
($75.9 billion)
Software ($165.8 billion) Benchmark years. For purchased
software, commodity-flow method,
starting with industry receipts
data from Census Bureau quin-
quennial census and including an
adjustment for exports and
imports from Census Bureau
foreign trade data; for own-
account software, production
costs based on BLS employment
data and on Census Bureau
quinquennial census.
Other years. For purchased soft-
ware, commodity-flow method,
starting with industry receipts
data from Census Bureau service
annual survey and including an
adjustment for exports and
imports from Census Bureau
foreign trade data; for own-
account software, production
costs based on BLS employment
data.
Residential investment ($572.3 billion) (4)
Permanent-site new Value put in place based on phased
single-family housing housing starts and average cons-
units ($310.6 billion) truction cost from Census Bureau
monthly construction survey.
Permanent-site new multi- Value put in place from Census
family housing units Bureau monthly construction
($35.3 billion) survey.
Manufactured homes Benchmark years. See the entry for
($7.1 billion) "Equipment, except new autos,
new light trucks, and net
purchases of used autos and used
light trucks" under nonresiden-
tial equipment and software.
Other years. Physical quantity
shipped times price: Shipments
from trade source and average
retail price from Census Bureau
monthly survey.
Improvements ($132.0 Benchmark years. For 1997, value
billion) put in place from Census Bureau
construction survey based on
expenditures by owner-occupants
from BLS quarterly consumer
expenditure survey and by
landlords from Census Bureau
quarterly survey of landlords.
Others years. A weighted 3-year
moving average of the improve-
ments estimates from Census
Bureau value put in place
construction survey.
Brokers' commissions Physical quantity times price
($80.4 billion) times BEA estimate of average
commission rate: Number of
single-family houses sold and
mean sales price from Census
Bureau monthly construction
survey and trade source.
Equipment ($8.0 billion) See the entry for "Most durable
and nondurable goods" under per-
sonal consumption expenditures.
Change in private inventories (-$1.2 billion)
Manufacturing and trade Benchmark years. Inventories from
(-$2.6 billion) Census Bureau quinquennial Cen-
suses revalued to current
replacement cost, with informa-
tion on the proportions of
inventories reported using dif-
ferent accounting methods, on
the commodity composition of
goods held in inventory, and on
the turnover period, all from
Census Bureau quinquennial cen-
suses and annual surveys, com-
bined with prices, largely based
on BLS producer price indexes.
(The difference between Census
Bureau change in inventories and
BEA change in private invento-
ries is the inventory valuation
adjustment.)
Other years except the most recent
year. Inventories from Census
Bureau annual surveys, revalued
as described above.
Most recent year. For retail auto
dealers, quantities times
average prices from trade
sources; for all other, inven-
tories from Census Bureau
monthly surveys, revalued as
described above.
Construction, mining, Benchmark years. Mining and cons-
utilities, and other nonfarm truction inventories from Census
industries ($1.2 billion) Bureau quinquennial censuses
revalued to current replacement
cost as described above for
manufacturing and trade.
Other years except the most
recent. Internal Revenue Service
(IRS) tabulations of business
tax returns, revalued as des-
cribed above.
Most recent year. Census Bureau
quarterly survey of mining cor-
porations, monthly physical
quantities from EIA combined
with BLS producer price indexes
for electric utilities, and for
all others, judgmental trend,
revalued as described above
(except when noted as physical
quantity times price).
Farm ($0.3 billion) USDA change in inventories adjus-
ted to exclude Commodity Credit
Corporation (CCC) forfeitures
and to include net CCC loans at
market value.
Net exports of goods and services (-$498.1 billion)
Exports and imports of Estimated as part of the interna-
goods, net (-$555.6 tional transactions accounts:
billion) Export and import documents
compiled monthly by the Census
Bureau with adjustments by BEA
for coverage and valuation to
convert the data to a balance-
of-payments basis. Adjusted for
the balance-of-payments coverage
of U.S. territories and Puerto
Rico with data from the Common-
wealth of Puerto Rico, the U.S.
Virgin Islands, and the Census
Bureau, and coverage of gold
transactions adjusted with data
from the U.S. Geological Survey
and trade sources.
Exports and imports of Estimated as part of the interna-
services, net ($57.6 tional transactions accounts:
billion) For government transactions,
reports by Federal agencies on
their purchases and sales
abroad; for most others in this
group (including travel, pas-
senger fares, other transporta-
tion, and royalties and license
fees), BEA quarterly or annual
surveys (supplemented with data
from other sources). Adjusted
for the balance-of-payments
coverage of U.S. territories and
Puerto Rico (see the above
entry); adjusted to include
financial services furnished
without payment (see the entry
for banks, credit agencies, and
investment companies under net
interest miscellaneous
payments).
Government consumption expenditures and gross investment
($2,075.5 billion)
Federal Government ($752.2 billion)
National defense except Within a control total established
consumption of general by fiscal year analysis: For
government fixed capital compensation, military wages
($434.9 billion) from OMB's Budget of the United
States, civilian wages and bene-
fits from the Office of Person-
nel Management (OPM), and
employer contributions for
Federal employee retirement
plans from outlays from the
Monthly Treasury Statement, for
other than compensation, by
type, based mainly on data from
Department of Defense (DOD)
reports; for software, see the
entry for software under nonre-
sidential equipment and
software.
National defense Perpetual-inventory calculations
consumption of general at current cost, based on gross
government fixed capital investment and on investment
($61.5 billion) prices.
Nondefense except Within a control total established
consumption of general by fiscal year analysis: For CCC
government fixed capital inventory change, book values of
($232.3 billion) acquisitions and physical
quantities of dispositions from
agency reports times average
market prices from USDA; for
compensation, civilian wages and
benefits from OPM and employer
contributions for Federal
employee retirement plans from
outlays from the Monthly
Treasury Statement, for
petroleum sales (Naval Petroleum
Reserve), distribution and price
data from the Department of
Energy; for research and deve-
lopment, obligations from the
National Science Foundation and
disbursements from the National
Aeronautics and Space Adminis-
tration; for construction, value
put in place from Census Bureau
monthly construction survey;
for software, see the entry for
software under nonresidential
equipment and software; for all
others, outlays from the Monthly
Treasury Statement. For finan-
cial services furnished without
payment, see the entry for
banks, credit agencies, and
investment companies under net
interest and miscellaneous
payments.
Nondefense consumption Perpetual-inventory calculations
of general government at current cost, based on gross
fixed capital ($23.4 investment and on investment
billion) prices.
State and local government ($1,323.3 billion)
Consumption All years except the 3 most recent
expenditures and gross years. Total expenditures from
investment except those Census Bureau quinquennial
items listed below census and annual surveys of
($300.7 billion) state and local governments,
selectively replaced with source
data that are more appropriate
for the NIPAs and adjusted as
follows: For coverage; for net-
ting and grossing differences;
to a calendar year basis from a
fiscal year basis; for other
timing differences; to exclude
interest, subsidies, net
expenditures of government
enterprises, and transfer pay-
ments; and to exclude compensa-
tion, software, and structures.
The 3 most recent years. Judg-
mental trend.
Compensation of general For wages and salaries, BLS annual
government employees tabulations of wages and sala-
($692.9 billion) ries of employees covered by
state UI; for employer contribu-
tions for government social
insurance, tabulations from the
Social Security Administration
and other agencies administering
social insurance programs; for
employer contributions for
employee pension and insurance
funds, data from trade sources,
Centers for Medicare and
Medicaid Services, Census Bureau
annual surveys of state and
local government retirement
funds, adjusted to a calendar
year basis from a fiscal year
basis, and Census Bureau annual
surveys of state and local
governments, adjusted to a ca-
lendar year basis from a fiscal
year basis.
Consumption of general Perpetual-inventory calculations
government fixed capital at current cost, based on gross
($95.6 billion) investment and on investment
prices.
Structures ($213.4 billion) Value of construction put in place
from Census Bureau monthly cons-
truction survey.
Software ($9.4 billion) See the entry for software under
nonresidential equipment and
software.
Brokerage charges and See the entries for brokerage
financial services charges and financial services
furnished without furnished without payment under
payment ($11.3 billion) personal consumption
expenditures.
Gross domestic income of $10,978.5 billion for 2003
Compensation of employees, paid (6,294.5 billion) (5)
Wage and salary accruals ($5,109.1 billion)
Private industries For most industries, BLS annual
($4,211.1 billion) tabulations of wages and sala-
ries of employees covered by
state UI; for others, wages from
a variety of sources (such as
USDA for farms and the Railroad
Retirement Board for railroad
transportation), adjusted for
understatement of income on tax
returns and for coverage dif-
ferences.
Federal Government For civilians, wages from OPM; for
($230.4 billion) military personnel, wages from
OMB's Budget of the United
States.
State and local BLS annual tabulations of wages
governments ($667.6 and salaries of employees
billion) covered by state UI.
Employer contributions for employee pension and insurance funds
($808.9 billion)
Group health insurance All years except the 3 most recent
($429.0 billion) years. Total contributions from
the Centers for Medicare and
Medicaid Services less employee
contributions from BLS consumer
expenditure survey.
The 3rd most recent year. Employer
costs for health insurance from
the Agency for Healthcare
Research and Quality.
The 2 most recent years. BLS
employer costs for employee
health insurance and wages and
salaries from annual tabulations
of employees covered by state
UI.
Private pension and profit- All years except the 3 most
sharing funds ($190.6 recent. Tabulations from the
billion) Department of Labor.
The 3 most recent years. Employer
costs for employee compensation
from BLS or IRS tabulations of
business tax returns.
Government employee All years except the most recent
retirement plans ($122.2 year. For Federal plans, outlays
billion) from the Monthly Treasury
Statement, for state and local
government plans, Census Bureau
annual surveys of state and
local government retirement
funds, adjusted to a calendar
year basis from a fiscal year
basis.
Most recent year. For Federal
plans, same as all years except
the most recent; for state and
local government plans, Census
Bureau annual surveys of state
retirement funds, adjusted to a
calendar year basis from a
fiscal year basis.
Workers' compensation All years except the most recent
($52.9 billion) year. Employer contributions
from trade sources.
Most recent year. Judgmental
trend.
Group life insurance All years except the most recent
($12.6 billion) year. Group premiums and
estimates of employer share from
trade sources.
Most recent year. Judgmental
trend.
Employer contributions for Tabulations from the Social Secu-
government social rity Administration and other
insurance ($376.6 billion) agencies administering social
insurance programs.
Taxes on production and imports ($798.1 billion)
Federal Government ($89.4 For excise taxes, collections from
billion) the Bureau of Alcohol, Tobacco,
Firearms and Explosives and IRS;
for customs duties, receipts
from the Monthly Treasury
Statement.
State and local Receipts from Census Bureau
governments ($708.7 quinquennial census and annual
billion) surveys, adjusted to a calendar
year basis from a fiscal year
basis.
Less: Subsidies ($46.7 billion)
Federal Government ($46.4 Payments by the CCC from agency
billion) reports and, for most other
agencies, outlays from the
Monthly Treasury Statement.
State and local For railroad and electric power,
governments ($0.3 billion) Census Bureau annual surveys of
expenditures adjusted to a
calendar year basis from a
fiscal year basis and California
administrative records.
Net operating surplus ($2,578.7 billion)
Private enterprises ($2,569.2 billion)
Net interest and miscellaneous payments ($659.3 billion) (6)
Domestic monetary All years except the most recent
interest, net ($246.6 year. For farm interest paid,
billion) USDA surveys; for residential
mortgage interest paid, Census
Bureau decennial survey of
residential finance and mortgage
debt from FRB times a BEA
interest rate; for most other
interest paid and received by
business, IRS tabulations of
business tax returns, adjusted
for misreporting on tax returns
and for conceptual differences.
Most recent year. For farm and
mortgage interest paid, same as
all years except the most
recent; for other interest,
interest receipts and payments
from regulatory agencies (such
as the Federal Deposit Insurance
Corporation), from trade
sources, or derived by applying
BEA interest rates to interest-
bearing assets/liabilities from
FRB flow-of-funds accounts.
Domestic imputed interest, net ($398.9 billion)
Banks, credit agencies,
and investment
companies ($212.8
billion)
Depositor services For commercial banks, data from
($193.9 billion) FRB tabulations of Federal
Financial Examination Council
Call Reports used to calculate
the interest rate spread between
a risk-free reference rate and
the average interest rate paid
to depositors times the average
balance of deposits. Depositor
services allocated to persons,
government, and to the rest of
the world on the basis of
deposit liabilities from FRB.
For credit agencies and investment
companies, property income
earned on investment of deposits
less monetary interest paid to
depositors (and for mutual
depositories, profits from IRS
tabulations of business tax
returns) from annual reports of
regulatory agencies and FRB.
Depositor services alloc |
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