November 2022 Articles

GDP and the Economy

Advance Estimates for the Third Quarter of 2022

Volume 102, Number 11 | November 17, 2022

Real gross domestic product (GDP) increased at an annual rate of 2.6 percent in the third quarter of 2022, according to the “advance” estimates of the National Income and Product Accounts (NIPAs) (chart 1 and table 1).¹ In the second quarter, real GDP decreased 0.6 percent.

Chart 1. Real GDP: Percent Change from Preceding Quarter

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Chart 2. Real GDP: Contributions to the Percent Change in 2022:Q3

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The increase in real GDP in the third quarter of 2022 occurred amid continued inflation, a strengthening dollar, low unemployment, supply-chain disruptions, and rising interest rates. The economic effects of these factors cannot be quantified in the GDP estimate for the third quarter of 2022, because the impacts are generally embedded in source data and cannot be separately identified. For more information, refer to the “Technical Note.”

Real GDP increased 2.6 percent in the third quarter of 2022, following a decrease of 0.6 percent in the second quarter. The increase in real GDP reflected increases in exports, consumer spending, nonresidential fixed investment, federal government spending, and state and local government spending that were partly offset by decreases in residential fixed investment and inventory investment. Imports, which are a subtraction in the calculation of GDP, decreased (chart 2 and table 1).²

The increase in exports reflected increases in both goods and services. Within exports of goods, the leading contributors to the increase were industrial supplies and materials (notably, petroleum and products as well as other nondurable goods) and nonautomotive capital goods. Within exports of services, the increase was led by travel and “other” business services (mainly financial services).
Within consumer spending, an increase in services (led by health care and “other” services) was partly offset by a decrease in goods (led by motor vehicles and parts as well as food and beverages).
Within nonresidential fixed investment, increases in equipment and intellectual property products were partly offset by a decrease in structures.
The increase in federal government spending was led by defense spending.
The increase in state and local government spending primarily reflected an increase in compensation of state and local government employees.
Within residential fixed investment, the leading contributors to the decrease were new single-family construction and brokers' commissions.
The decrease in private inventory investment primarily reflected a decrease in retail trade (led by “other” retailers).
Within imports, a decrease in imports of goods (notably, consumer goods) was partly offset by an increase in imports of services (mainly travel).

Table 1. Real Gross Domestic Product (GDP) and Related Measures
[Seasonally adjusted at annual rates]
Line	Series	Share of current-dollar GDP (percent)	Change from preceding period (percent)				Contribution to percent change in real GDP (percentage points)
		2022	2021	2022			2021	2022
		Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3
1	Gross domestic product (GDP)¹	100.0	7.0	−1.6	−0.6	2.6	7.0	−1.6	−0.6	2.6
2	Personal consumption expenditures	68.2	3.1	1.3	2.0	1.4	2.14	0.91	1.38	0.97
3	Goods	23.3	2.3	−0.1	−2.6	−1.2	0.55	−0.02	−0.61	−0.28
4	Durable goods	8.6	5.1	7.6	−2.8	−0.8	0.44	0.64	−0.24	−0.07
5	Nondurable goods	14.7	0.7	−4.4	−2.5	−1.4	0.12	−0.66	−0.37	−0.20
6	Services	44.9	3.5	2.1	4.6	2.8	1.58	0.93	1.99	1.24
7	Gross private domestic investment	17.9	32.0	5.4	−14.1	−8.5	5.14	0.98	−2.83	−1.59
8	Fixed investment	17.5	0.6	4.8	−5.0	−4.9	0.12	0.83	−0.92	−0.89
9	Nonresidential	13.2	1.1	7.9	0.1	3.7	0.17	0.98	0.01	0.49
10	Structures	2.5	−12.7	−4.3	−12.7	−15.3	−0.35	−0.11	−0.34	−0.41
11	Equipment	5.3	1.6	11.4	−2.0	10.8	0.10	0.55	−0.11	0.54
12	Intellectual property products	5.4	8.1	10.8	8.9	6.9	0.42	0.54	0.46	0.36
13	Residential	4.3	−1.1	−3.1	−17.8	−26.4	−0.05	−0.15	−0.93	−1.37
14	Change in private inventories	0.4	---	---	---	---	5.01	0.15	−1.91	−0.70
15	Net exports of goods and services	−3.5	---	---	---	---	−0.16	−3.13	1.16	2.77
16	Exports	11.9	23.5	−4.6	13.8	14.4	2.37	−0.53	1.51	1.63
17	Goods	8.3	23.4	−7.2	15.5	17.2	1.62	−0.58	1.18	1.34
18	Services	3.6	23.6	1.6	9.9	8.3	0.74	0.06	0.33	0.29
19	Imports	15.4	18.6	18.4	2.2	−6.9	−2.53	−2.60	−0.35	1.14
20	Goods	12.7	19.6	20.4	−0.4	−8.7	−2.20	−2.38	0.05	1.20
21	Services	2.7	14.0	9.1	16.6	2.3	−0.33	−0.22	−0.41	−0.06
22	Government consumption expenditures and gross investment	17.4	−1.0	−2.3	−1.6	2.4	−0.16	−0.40	−0.29	0.42
23	Federal	6.5	0.0	−5.3	−3.4	3.7	0.01	−0.36	−0.22	0.23
24	National defense	3.6	−5.3	−8.5	1.4	4.7	−0.20	−0.33	0.05	0.17
25	Nondefense	2.8	7.4	−1.1	−9.2	2.3	0.21	−0.03	−0.28	0.06
26	State and local	11.0	−1.6	−0.4	−0.6	1.7	−0.17	−0.04	−0.06	0.19
	Addenda:
27	Gross domestic income (GDI)²	---	6.7	0.8	0.1	---	---	---	---	---
28	Average of GDP and GDI	---	6.8	−0.4	−0.3	---	---	---	---	---
29	Final sales of domestic product	---	1.9	−1.8	1.3	3.3	---	---	---	---
30	Goods	31.8	18.6	−5.4	−3.0	8.3	5.52	−1.76	−0.96	2.55
31	Services	59.9	3.2	1.0	3.1	3.1	1.91	0.57	1.83	1.82
32	Structures	8.3	−5.2	−4.9	−15.3	−19.2	−0.47	−0.44	−1.44	−1.80

The GDP estimates under the contribution columns are also percent changes.
GDI is deflated by the implicit price deflator for GDP.

Note. Percent changes are from National Income and Product Account (NIPA) tables 1.1.1 and 1.2.1, contributions are from NIPA tables 1.1.2 and 1.2.2, and shares are from NIPA table 1.1.10 or are calculated from NIPA table 1.2.5.

The upturn in real GDP, from a decrease of 0.6 percent to an increase of 2.6 percent, primarily reflected a smaller decrease in private inventory investment, an acceleration in nonresidential fixed investment, and an upturn in federal government spending that was partly offset by a larger decrease in residential fixed investment and a deceleration in consumer spending. Imports, which are a subtraction in the calculation of GDP, turned down.

Impact of Hurricane Ian on Third-Quarter 2022 Estimates

Hurricane Ian struck central and southwest Florida on September 28 and South Carolina on September 30, causing extensive wind, flood, and storm surge damage across the southeastern United States. This disaster disrupted usual consumer and business activities and prompted emergency services and remediation activities. These responses to this disaster are included, but not separately identified, in the source data that BEA uses to prepare the estimates of GDP; consequently, it is not possible to estimate the overall impact of Hurricane Ian on third-quarter GDP. The destruction of fixed assets, such as residential and nonresidential structures, does not directly affect GDP or personal income. BEA estimates of disaster losses are presented in NIPA table 5.1, “Saving and Investment by Sector.” BEA's preliminary estimates show that Hurricane Ian resulted in losses of $57.0 billion in privately owned fixed assets ($228.0 billion at an annual rate) and $3.0 billion in state and local government-owned fixed assets ($12.0 billion at an annual rate).

BEA also estimates the insurance benefits paid and received because of major disasters. These benefits are recorded on an accrual basis in the quarter in which the disaster occurred and are classified as capital transfers; they do not directly affect the measures of GDP, personal income, or saving. BEA's preliminary estimates, presented in NIPA table 5.11U, “Capital Transfers Paid and Received, by Sector and by Type,” show domestic insurance companies expect to pay benefits for disaster losses related to Hurricane Ian of $24.7 billion ($98.9 billion at an annual rate). The federal government's National Flood Insurance Program expects to pay an additional $10.0 billion ($40.0 billion at an annual rate); Florida's Citizens Property Insurance Corporation expects to pay $2.5 billion ($10.0 billion at an annual rate); and foreign insurance companies expect to pay $9.1 billion ($36.3 billion at an annual rate).

For additional information, refer to “How are the measures of production and income in the national accounts affected by a disaster?” and “How are the fixed assets accounts (FAAs) and consumption of fixed capital (CFC) impacted by disasters?”.

BEA's featured measure of inflation in the U.S. economy, the price index for gross domestic purchases (goods and services purchased by U.S. residents), increased 4.6 percent in the third quarter after increasing 8.5 percent in the second quarter (table 2 and chart 3). Price increases were widespread across all major expenditure categories and were led by increases in consumer goods and services.

Within goods, the leading contributors to the price increase were food and beverages for off-premises consumption (groceries), other nondurable goods (led by recreational items, pharmaceutical and other medical products, personal care products, and household supplies), and motor vehicles and parts (mainly new light trucks). These increases were partly offset by a decrease in the prices paid for gasoline and other energy goods (mainly motor vehicle fuels).
Within services, price increases were widespread across most categories. The leading contributor was housing and utilities (mainly the imputed rental of owner-occupied nonfarm housing). Prices for financial services and insurance decreased, primarily reflecting a decrease in prices paid for portfolio management and investment advice services.

Food prices increased 13.3 percent in the third quarter after increasing 14.7 percent in the second quarter. Prices for energy goods and services decreased 13.1 percent after increasing 53.6 percent. Gross domestic purchases prices excluding food and energy increased 4.8 percent after increasing 6.9 percent.

Consumer prices excluding food and energy, a measure of the “core” rate of inflation, increased 4.5 percent in the third quarter after increasing 4.7 percent in the second quarter.

Chart 3. Prices for Gross Domestic Purchases

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Table 2. Prices for Gross Domestic Purchases
[Percent change at annual rates; based on seasonally adjusted index numbers (2012=100)]
Line	Series	Change from preceding period (percent)				Contribution to percent change in gross domestic purchases prices (percentage points)
		2021	2022			2021	2022
		Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3
1	Gross domestic purchases¹	6.8	8.1	8.5	4.6	6.8	8.1	8.5	4.6
2	Personal consumption expenditures	6.2	7.5	7.3	4.2	4.10	4.90	4.81	2.76
3	Goods	9.3	12.6	10.6	2.8	2.06	2.76	2.37	0.64
4	Durable goods	8.2	8.3	2.4	3.5	0.68	0.70	0.22	0.29
5	Nondurable goods	9.9	15.2	15.7	2.3	1.38	2.07	2.15	0.35
6	Services	4.6	4.9	5.6	4.9	2.04	2.13	2.44	2.12
7	Gross private domestic investment	8.8	9.9	9.9	7.4	1.49	1.77	1.76	1.27
8	Fixed investment	8.8	10.0	10.3	7.6	1.48	1.68	1.72	1.26
9	Nonresidential	7.7	6.9	8.5	7.4	0.94	0.87	1.06	0.91
10	Structures	22.8	16.7	17.5	19.9	0.52	0.39	0.40	0.44
11	Equipment	6.5	7.6	9.2	5.7	0.31	0.38	0.45	0.29
12	Intellectual property products	2.1	1.9	3.9	3.6	0.11	0.10	0.20	0.19
13	Residential	12.0	18.9	15.2	8.3	0.54	0.82	0.66	0.35
14	Change in private inventories	---	---	---	---	0.01	0.09	0.03	0.00
15	Government consumption expenditures and gross investment	7.2	8.7	11.6	3.2	1.22	1.45	1.90	0.54
16	Federal	4.3	5.7	6.0	4.8	0.28	0.36	0.38	0.30
17	National defense	4.5	6.6	7.5	2.6	0.16	0.23	0.26	0.09
18	Nondefense	4.2	4.5	4.1	7.8	0.12	0.13	0.12	0.21
19	State and local	9.0	10.6	15.0	2.2	0.94	1.09	1.52	0.24
	Addenda:
	Gross domestic purchases:
20	Food	8.8	11.2	14.7	13.3	0.42	0.54	0.68	0.60
21	Energy goods and services	33.8	43.6	53.6	−13.1	0.80	1.07	1.37	−0.43
22	Excluding food and energy	6.0	7.0	6.9	4.8	5.59	6.51	6.41	4.40
	Personal consumption expenditures:
23	Food and beverages purchased for off-premises consumption	8.7	11.4	15.3	13.0	---	---	---	---
24	Energy goods and services	33.9	43.4	52.7	−13.1	---	---	---	---
25	Excluding food and energy	4.8	5.6	4.7	4.5	---	---	---	---
26	Gross domestic product	6.8	8.3	9.0	4.1	---	---	---	---
27	Exports of goods and services	6.2	17.3	20.0	−10.2	---	---	---	---
28	Imports of goods and services	6.3	13.5	13.2	−4.0	---	---	---	---

The estimated prices for gross domestic purchases under the contribution columns are also percent changes.

Note. Most percent changes are from NIPA table 1.6.7; percent changes for personal consumption expenditures (PCE) for food and energy goods and services and for PCE excluding food and energy are from NIPA table 2.3.7. Contributions are from NIPA table 1.6.8. GDP, export, and import prices are from NIPA table 1.1.7.

Note on Prices

BEA's gross domestic purchases price index is the most comprehensive index of prices paid by U.S. residents for all goods and services, regardless of whether those goods and services were produced domestically or imported. It is derived from the prices of personal consumption expenditures (PCE), private investment, and government consumption expenditures and gross investment.

The GDP price index measures the prices of goods and services produced in the United States, including the prices of goods and services produced for export. The difference between the gross domestic purchases price index and the GDP price index reflects the differences between imports prices (included in the gross domestic purchases index) and exports prices (included in the GDP price index). For other measures that are affected by import and export prices, see the FAQ “How do the effects of dollar depreciation show up in the GDP accounts?” on BEA's website.

BEA also produces price indexes for all the components of GDP. The PCE price index is a measure of the total cost of consumer goods and services, including durable goods, nondurable goods, and services. PCE prices for food, for energy goods and services, and for all items except food and energy are also estimated and reported.

Because prices for food and for energy can be volatile, the price measure that excludes food and energy is often used as a measure of underlying, or “core,” inflation. The core PCE price index includes purchased meals and beverages, such as restaurant meals and pet food. (See “What is the core PCE price index?” on BEA's website.)

BEA also prepares a supplemental PCE price index, the “market-based” PCE price index, that is based on market transactions for which there are corresponding price measures. This index excludes many imputed expenditures, such as financial services furnished without payment, that are included in PCE and in the PCE price index. BEA also prepares a market-based measure that excludes food and energy.

Measured in current dollars, personal income increased $291.2 billion in the third quarter, compared to an increase of $305.7 billion in the second quarter (table 3). The increase in personal income primarily reflected increases in compensation (led by increases in both private and government wages and salaries) and personal income receipts on assets.

Personal current taxes increased $22.9 billion in the third quarter after increasing $52.4 billion in the second quarter.

Disposable personal income (DPI) increased $268.3 billion, or 6.0 percent, in the third quarter after increasing $253.3 billion, or 5.7 percent, in the second quarter. Personal outlays increased $271.3 billion after increasing $409.2 billion in the second quarter.

The personal saving rate (chart 4)—personal saving as a percentage of DPI—was 3.3 percent in the third quarter, compared with 3.4 percent in the second quarter.

Real DPI (chart 5) increased 1.7 percent in the third quarter after decreasing 1.5 percent in the second quarter.

[Click chart to expand]

Chart 5. Real Disposable Personal Income

[Click chart to expand]

Table 3. Personal Income and Its Disposition
[Billions of dollars; quarterly estimates are seasonally adjusted at annual rates]
Line	Series	Level		Change from preceding period
		2022		2021	2022
		Q2	Q3	Q4	Q1	Q2	Q3
1	Personal income	21,625.5	21,916.8	156.9	157.7	305.7	291.2
2	Compensation of employees	13,469.0	13,696.5	363.1	215.4	209.2	227.6
3	Wages and salaries	11,108.4	11,307.0	326.1	177.1	182.9	198.5
4	Private industries	9,508.1	9,687.9	317.5	162.1	170.3	179.8
5	Goods-producing industries	1,733.4	1,760.3	56.7	39.9	28.0	26.9
6	Manufacturing	1,023.3	1,035.4	34.4	19.9	10.0	12.1
7	Services-producing industries	7,774.7	7,927.6	260.8	122.2	142.3	152.9
8	Trade, transportation, and utilities	1,720.1	1,739.6	54.8	29.0	23.1	19.4
9	Other services-producing industries	6,054.5	6,188.0	206.1	93.2	119.2	133.4
10	Government	1,600.4	1,619.1	8.6	15.0	12.6	18.7
11	Supplements to wages and salaries	2,360.5	2,389.6	37.0	38.3	26.3	29.1
12	Proprietors' income with IVA and CCAdj	1,835.4	1,859.5	−2.9	21.7	23.9	24.1
13	Farm	95.7	95.7	−19.9	30.5	21.3	0.0
14	Nonfarm	1,739.7	1,763.8	17.0	−8.9	2.7	24.1
15	Rental income of persons with CCAdj	775.9	794.5	16.9	5.3	31.0	18.6
16	Personal income receipts on assets	3,323.0	3,373.0	35.5	11.4	53.2	50.0
17	Personal interest income	1,708.6	1,743.0	1.8	13.3	37.8	34.4
18	Personal dividend income	1,614.4	1,630.1	33.7	−1.9	15.4	15.6
19	Personal current transfer receipts	3,883.2	3,882.0	−213.9	−57.0	14.5	−1.2
20	Government social benefits to persons	3,809.1	3,812.2	−211.8	−54.9	11.5	3.0
21	Social security	1,206.9	1,213.9	9.7	72.2	8.2	7.0
22	Medicare	911.8	920.3	10.4	8.0	3.8	8.5
23	Medicaid	789.5	799.4	−3.2	18.1	26.4	10.0
24	Unemployment insurance	18.6	18.6	−211.4	−10.2	−5.0	0.0
25	Veterans' benefits	159.7	161.7	1.3	1.3	2.1	2.0
26	Other	722.7	698.3	−18.8	−144.3	−23.9	−24.4
27	Other current transfer receipts, from business (net)	74.1	69.8	−2.0	−2.1	3.0	−4.2
28	Less: Contributions for government social insurance	1,660.9	1,688.8	41.8	38.9	26.1	27.9
29	Less: Personal current taxes	3,197.9	3,220.8	112.8	339.4	52.4	22.9
30	Equals: Disposable personal income (DPI)	18,427.6	18,696.0	44.0	−181.7	253.3	268.3
31	Less: Personal outlays	17,798.7	18,069.9	376.0	370.5	409.2	271.3
32	Personal consumption expenditures	17,261.3	17,500.3	370.7	356.8	386.6	239.0
33	Personal interest payments¹	313.1	344.8	1.6	10.7	19.6	31.8
34	Personal current transfer payments	224.2	224.7	3.7	3.0	3.0	0.5
35	Equals: Personal saving	629.0	626.1	−332.0	−552.2	−155.9	−2.9
36	Personal saving as a percentage of DPI	3.4	3.3	---	---	---	---
	Addenda:
	Percent change at annual rate
37	Current-dollar DPI	---	---	1.0	−3.9	5.7	6.0
38	Real DPI, chained (2012) dollars	---	---	−4.9	−10.6	−1.5	1.7
	The effects of selected federal pandemic response programs on personal income (billions of dollars)
	In farm proprietors' income with IVA and CCAdj:
39	Coronovirus Food Assistance Program²	0.0	0.0	−7.4	−0.6	−0.6	0.0
40	Paycheck Protecton Program loans to businesses³	0.0	0.0	−6.5	−0.7	0.0	0.0
	In nonfarm proprietors' income with IVA and CCAdj:
41	Paycheck Protecton Program loans to businesses³	0.0	0.0	−134.1	−22.8	0.0	0.0
	In government social benefits to persons, Medicare:
42	Increase in Medicare rembursement rates⁴	7.9	0.0	0.2	0.1	−7.9	−7.9
	In government social benefits to persons, Unemployment insurance⁵:
43	Extended Unemployment Benefits	0.1	0.0	−1.2	−0.4	−0.1	0.0
44	Pandemic Emergency Unemployment Compensation	0.5	0.3	−48.9	−2.0	−0.3	−0.2
45	Pandemic Unemployment Assistance	0.4	0.2	−41.4	−1.3	−0.4	−0.2
46	Pandemic Unemployment Compensation Payments	0.0	0.0	−110.5	0.0	0.0	0.0
	In government social benefits to persons, other:
47	Child tax credit⁶	94.3	94.3	4.2	−129.7	0.0	0.0
48	Economic impact payments⁷	0.0	0.0	−24.7	−14.2	0.0	0.0
49	Lost wages supplemental payments⁸	0.0	0.0	−0.1	0.0	0.0	0.0
50	Paycheck Protecton Program loans to NPISH³	0.0	0.0	−17.2	−1.6	0.0	0.0
51	Provider Relief Fund to NPISH⁹	20.0	8.1	13.5	−5.4	−6.9	−11.9
	In personal outlays, personal interest payments:
52	Student loan forbearance¹⁰	−37.8	−37.8	0.0	0.0	0.0	0.0

CCAdj: Capital consumption adjustment
IVA: Inventory valuation adjustment

Consists of nonmortgage interest paid by households. Note that mortgage interest paid by households is an expense item in the calculation of rental income of persons.
The Coronavirus Food Assistance Program, initially established by the Coronavirus Aid, Relief and Economic Security Act (CARES), provides direct support to farmers and ranchers where prices and market supply chains have been impacted by the COVID-19 pandemic.
The Paycheck Protection Program, initially established by the CARES Act, provides forgivable loans to help small businesses and nonprofit institutions make payroll and cover other expenses. It also provides funding to reimburse private lending institutions for the costs of administering these loans. For more information, see “How does the Paycheck Protection Program impact the national income and product accounts (NIPAs)?”.
A 2 percent reduction in reimbursements paid to Medicare service providers that went into effect in 2013 was initially suspended by the CARES Act. The resulting increased reimbursement rates went into effect beginning on May 1, 2020.
Unemployment insurance benefits were expanded through several programs that were initially established through the CARES Act. For more information, see “How will the expansion of unemployment benefits in response to the COVID-19 pandemic be recorded in the NIPAs?”.
The American Rescue Plan increased the Child Tax Credit to $3,000 per child over the age of six and $3,600 for children under the age of six, and raised the age limit from 16 to 17. It also authorized that up to half of these credits could be distributed through advance payments during the tax year, while the rest would be claimed when parents file tax returns the following year.
Economic impact payments, initially established by the CARES Act, provide direct payments to individuals. For more information, see “How are the economic impact payments to support individuals during the COVID-19 pandemic recorded in the NIPAs?”
The Federal Emergency Mangement Agency (FEMA) was authorized to make payments from the Disaster Relief Fund to supplement wages lost as a result of the COVID-19 pandemic.
The Department of Health and Human Services distributes money from the Provider Relief Fund to hospitals and health care providers on the front lines of the coronavirus response. This funding supports health care-related expenses or lost revenue attributable to COVID-19 and ensures uninsured Americans can get treatment for COVID-19. In the NIPAs, funds provided to nonprofit hospitals are recorded as social benefits.
Interest payments due on certain categories of federally-held student loans were initially suspended by the CARES Act. For more information, see “How does the federal response to the COVID-19 affect BEA's estimate of personal interest payments?”.

Note. Dollar levels and percent changes are from NIPA tables 2.1 and 2.2B.

Information on Key Source Data, Assumptions, and Methodologies

A comprehensive table that presents the “Key Source Data and Assumptions” that are used to prepare each vintage of the estimate of GDP for the current quarter is available on BEA's website. For the advance estimates that are released near the end of the month after the close of the quarter, the table shows the months of source data for the quarter that are available; for most components of GDP, 3 months of data are available. For the components for which only 2 months of source data are available, BEA's assumptions for the third month are shown. Second estimates are released near the end of the second month after the close of the quarter, and third estimates are released near the end of the third month after the close of the quarter. With each vintage, the table is updated to add newly available and revised source data that have been incorporated into the estimates.

For additional details about the source data and the methodologies that are used to prepare the estimates, see “Concepts and Methods of the U.S. National Income and Product Accounts” on BEA's website.

“Real” estimates are in chained (2012) dollars, and price indexes are chain-type measures. Each GDP estimate for a quarter (advance, second, and third) incorporates increasingly comprehensive and improved source data; for more information, see “The Revisions to GDP, GDI, and Their Major Components” in the January 2021 Survey of Current Business. Quarterly estimates are expressed at seasonally adjusted annual rates, which reflect a rate of activity for a quarter as if it were maintained for a year.
In this article, “consumer spending” refers to “personal consumption expenditures,” “inventory investment” refers to “change in private inventories,” and “government spending” refers to “government consumption expenditures and gross investment.”

GDP and the Economy

Advance Estimates for the Third Quarter of 2022

GDP by Expenditure

Prices

Personal Income