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Home > Publications > Survey of Current Business > April 2005 - Volume 85 - Number 4


April 2005 - Volume 85 - Number 4

Business Situation: Final Estimates for the Fourth Quarter of 2004

Economic growth slowed slightly in the fourth quarter. Real GDP increased 3.8 percent after increasing 4.0 percent in the third quarter. The slowdown mainly reflected an acceleration in imports and a deceleration in consumer spending; inventory investment turned up. Inflation picked up: The price index for gross domestic purchases increased 2.9 percent after increasing 1.9 percent, mainly reflecting an acceleration in energy prices.

Corporate profits increased $150.8 billion (13.5 percent at a quarterly rate) after decreasing $55.9 billion, reflecting an increase in the profits of domestic corporations. Net government saving was -$320.6 billion, increasing $49.9 billion from -$370.5 billion. Net Federal Government saving was -$356.2 billion, increasing $18.8 billion from -$375 billion. Net state and local government saving was $35.6 billion, increasing $31.1 billion from $4.5 billion. | PDF

  • Saving, Wealth, Investment, and the Current-Account Deficit | PDF

Real Inventories, Sales, and Inventory-Sales Ratios for Manufacturing and Trade for the Fourth Quarter of 2004

The estimates have been updated, including the estimates of inventories for manufacturing by stage of fabrication. | PDF

U.S. International Transactions: Fourth Quarter of 2004

The U.S. current-account deficit increased $22.0 billion, to $187.9 billion. The increase was mainly accounted for by a $16.5 billion increase in the deficit on goods, reflecting a substantial pickup in imports and a slowdown in exports. Net outflows for unilateral current transfers increased $4.1 billion, and the surplus on income decreased $2.8 billion. The surplus on services increased $1.3 billion.

In the financial account, net recorded financial inflows increased $55.1 billion. Both outflows for U.S.-owned assets abroad and inflows for foreign-owned assets in the United States increased, but inflows increased more than outflows. | PDF

U.S. International Transactions, 2004

The U.S. current-account deficit increased $135.3 billion, to $665.9 billion in 2004. The increase was mainly accounted for by a $117.9 billion increase in the deficit on goods. The surplus on income decreased $9.2 billion, net outflows for unilateral current transfers increased $5.5 billion, and the surplus on services decreased $2.6 billion.

In the financial account, net recorded financial inflows increased $69.7 billion, to $615.5 billion, as financial inflows for foreign-owned assets in the United States increased more than financial outflows for U.S.-owned assets abroad. | PDF

State Personal Income for the Fourth Quarter of 2004 and State Per Capita Personal Income for 2004

Personal income growth for the Nation surged to a 2.6-percent increase from a 1.1-percent increase in the third quarter. The surge mainly reflected a special dividend by Microsoft Corporation, but earnings growth in three other industries also contributed. Personal income growth in all but one state accelerated.

The pace of per capita personal income for the Nation in 2004 picked up to a 4.7-percent increase after increasing 2.2 percent in 2003. Per capita personal income growth in all but three states accelerated. The growth was affected by the Microsoft dividend, by unusually high farm prices and production, and by payments by automakers to reduce their unfunded pension liabilities in 2003.
| PDF

  • Alternative Measures of Household Income | PDF

Looking Ahead

Annual Revision of Local Area Personal Income. The estimates of personal income for counties, metropolitan areas, and BEA economic areas for 2001-2003 are scheduled to be published in the May Survey. Index to the NIPA Tables. An updated index to the estimates that are presented in the NIPA tables will be published in an upcoming issue of the Survey. This index will reflect the changes in classifications and presentation that resulted from the 2003 comprehensive NIPA revision and the 2004 annual NIPA revision.

BEA Current and Historical Data

National Data

  • Selected NIPA tables | PDF 
  • Other NIPA and NIPA-related tables | PDF  
  • Historical measures | PDF 
  • Charts | PDF

International Data

  • Transactions tables | PDF 
  • Investment tables | PDF  
  • Charts | PDF

Regional Data

  • State and regional tables | PDF 
  • Local area table | PDF 
  • Charts | PDF 

Appendixes

  • Additional information about the NIPA estimates | PDF
  • Suggested reading | PDF