US Economic Briefing: National Income Shares

Transcription

1 US Economic Briefing: National Income Shares June, 1 Dr. Edward Yardeni eyardeni@ Mali Quintana aquintana@ Please visit our sites at www. blog. thinking outside the box

2 Table Of Contents Table Of Contents GDP & National Income 1 National Income Shares: Compensation National Income Shares: Profits 3 National Income Shares: Personal Income - GDP Shares: Consumers GDP Shares: Autos & Housing 7 GDP Shares: Business GDP Shares: Trade 9 GDP Shares: Government 1-11 Entitlements 1 Saving & Investment 13 Saving 1 Capital Consumption June, 1 / US Economic Briefing: National Income Shares www.

3 Figure 1. GDP, GDI, & NATIONAL INCOME (trillions of dollars, saar, ratio scale) GDP & National Income Gross Domestic Product (.) Gross Domestic Income* (.) National Income (.1) * GDI is Gross Domestic Income, which equals National Income plus Consumption of Fixed Capital Source: Bureau of Economic Analysis. 1 Figure. GDP LESS GDI: STATISTICAL DISCREPANCY* (billions of dollars, saar) (divided by GDP) * GDI is Gross Domestic Income, which equals National Income plus Consumption of Fixed Capital. Source: Bureau of Economic Analysis. Page 1 / June, 1 / US Economic Briefing: National Income Shares www.

4 7 7 Figure 3. National Income Shares: Compensation COMPENSATION OF ALL EMPLOYEES (PRE-TAX) (as percent of National Income) Compensation of All Employees Wages, Salaries, & Supplements (.1) Wages & Salaries (.) Source: Bureau of Economic Analysis Figure. SUPPLEMENTS IN COMPENSATION* (percent of National Income) * Supplements to wages & salaries. Source: Bureau of Economic Analysis. Page / June, 1 / US Economic Briefing: National Income Shares www.

5 1.. Figure. National Income Shares: Profits CORPORATE PROFITS FROM CURRENT PRODUCTION* (as a percent of National Income) Pre-Tax (13.) After-Tax (11.) * Includes Inventory Valuation Adjustment and Capital Consumption Adjustment. Source: Bureau of Economic Analysis. 1 Figure. TAXES ON PRODUCTION & IMPORTS LESS SUBSIDIES (as a percent of National Income) Page 3 / June, 1 / US Economic Briefing: National Income Shares www.

6 3 Figure 7. National Income Shares: Personal Income UNEARNED PERSONAL INCOME (PRE-TAX) (as percent of National Income) Proprietors Income Plus Rental Income Plus Net Interest Figure. UNEARNED PERSONAL INCOME (PRE-TAX) (as a percent of National Income) Proprietor s Income (.3) Net Interest (3.3) Rental Income (.) Page / June, 1 / US Economic Briefing: National Income Shares www.

7 11 1 Figure 9. National Income Shares: Personal Income PERSONAL INCOME (as percent of National Income) Personal Income (Pre-Tax) Disposable Personal Income 9 7 Wages, Salaries, & Supplements (Pre-Tax) 7 Wages & Salaries (Pre-Tax) Figure 1. PERSONAL INCOME (as percent of National Income) Entitlements: Government Social Benefits to Persons Page / June, 1 / US Economic Briefing: National Income Shares www.

8 Figure 11. PERSONAL CONSUMPTION EXPENDITURES PCE/GDP (percent) Using total PCE Using PCE ex-health Care GDP Shares: Consumers Source: Bureau of Economic Analysis. Figure 1. PERSONAL CONSUMPTION EXPENDITURES ON HEALTHCARE Entitlements: Government Social Benefits to Persons Healthcare Goods & Services Page / June, 1 / US Economic Briefing: National Income Shares www.

9 Figure 13. GDP Shares: Autos & Housing PERSONAL CONSUMPTION EXPENDITURES Motor Vehicles & Parts Figure 1. REAL RESIDENTIAL FIXED INVESTMENT (as a percent of real GDP) Page 7 / June, 1 / US Economic Briefing: National Income Shares www.

10 Figure. GDP Shares: Business NONRESIDENTIAL FIXED INVESTMENT Total (1.9) Equipment (.) Business Software (1.9) Research & Development (1.) Figure 1. CHANGE IN PRIVATE INVENTORIES Page / June, 1 / US Economic Briefing: National Income Shares www.

11 1 Figure. EXPORTS vs. IMPORTS OF GOODS & SERVICES GDP Shares: Trade Exports Imports Figure 1. NET EXPORTS OF GOODS & SERVICES Page 9 / June, 1 / US Economic Briefing: National Income Shares www.

12 Figure 19. GOVERNMENT PURCHASES GDP Shares: Government Figure. GOVERNMENT PURCHASES Federal Government Purchases State & Local Government Purchases Page 1 / June, 1 / US Economic Briefing: National Income Shares www.

13 3 Figure 1. GDP Shares: Government ENTITLEMENTS vs. GOVERNMENT DEFENSE SPENDING (billion dollars, saar) 3 Entitlements: Government Social Benefits to Persons Government National Defense Figure. ENTITLEMENTS vs. GOVERNMENT DEFENSE SPENDING Entitlements: Government Social Benefits to Persons Government National Defense Page 11 / June, 1 / US Economic Briefing: National Income Shares www.

14 3 Figure 3. PERSONAL INCOME (billion dollars, saar) Entitlements Apr 3 Entitlements: Government Social Benefits to Persons Apr Personal and Employer Contributions for Government Social Insurance Figure. SOCIAL WELFARE DEFICIT (billion dollars, saar) Apr 1 Government Social Benefits to Persons Minus Personal and Employer Contributions for Government Social Insurance Page 1 / June, 1 / US Economic Briefing: National Income Shares www.

15 Figure. GDP: GROSS SAVING vs. INVESTMENT (billion dollars, saar, ratio scale) Saving & Investment Gross Saving Gross Domestic Investment* * Including Capital Account Transactions and Net Lending. 9 Figure. GDP: GROSS SAVING as a Percent of Gross National Income as a Percent of National Income Page 13 / June, 1 / US Economic Briefing: National Income Shares www.

16 Figure 7. GDP: GROSS SAVING (billion dollars, saar) Saving 1 Personal Saving 1 Undistributed Corporate Profits With IVA & CCadj Figure. GDP: GROSS SAVING (billion dollars, saar) Net Government Saving Page 1 / June, 1 / US Economic Briefing: National Income Shares www.

17 1 Figure 9. CONSUMPTION OF FIXED CAPITAL (as a percent of Gross Domestic Investment*) Capital Consumption * Including Capital Account transactions and net lending. 1 1 Figure 3. NET DOMESTIC INVESTMENT* * Gross Domestic Investment minus Consumption of Fixed Capital, including Capital Account transactions and net lending. Page / June, 1 / US Economic Briefing: National Income Shares www.

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