US Economic Briefing: National Income Shares June, 1 Dr. Edward Yardeni 1-97-73 eyardeni@ Mali Quintana --1333 aquintana@ Please visit our sites at www. blog. thinking outside the box
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.
.7 1. 13.7 Figure 1. GDP, GDI, & NATIONAL INCOME (trillions of dollars, saar, ratio scale) GDP & National Income.7 1. 13.7 9. 9..7.7 Gross Domestic Product (.) Gross Domestic Income* (.) National Income (.1). 7 7 7 7 7 9 9 9 9 9 1 1 1 1 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) 1-1 - -3-1 - -3-3 1 (divided by GDP) - 3 1-1 -1 - -3 7 7 7 7 7 9 9 9 9 9 1 1 1 1 1-3 - * 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.
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 (.) 7 7 7 7 7 7 7 9 9 9 9 9 1 1 1 1 1 Source: Bureau of Economic Analysis. 13. 13. 1. 1. 11. 11. 1. 1. 9. 9... 7. 7.... Figure. SUPPLEMENTS IN COMPENSATION* (percent of National Income). 9 1 3 7 9 71 73 7 77 79 1 3 7 9 91 93 9 97 99 1 3 7 9 11 13 19 1. 13. 13. 1. 1. 11. 11. 1. 1. 9. 9... 7. 7.. * Supplements to wages & salaries. Source: Bureau of Economic Analysis. Page / June, 1 / US Economic Briefing: National Income Shares www.
1.. Figure. National Income Shares: Profits CORPORATE PROFITS FROM CURRENT PRODUCTION* (as a percent of National Income) 1.. 1. 1. 13. 1. Pre-Tax (13.) After-Tax (11.) 13. 1. 11. 11. 1. 1. 9. 9... 7. 7...... 3. 7 7 7 7 7 9 9 9 9 9 1 1 1 1 1 3.. * 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) 1 9 9 7 7 7 7 7 7 9 9 9 9 9 1 1 1 1 1 7 Page 3 / June, 1 / US Economic Briefing: National Income Shares www.
3 Figure 7. National Income Shares: Personal Income UNEARNED PERSONAL INCOME (PRE-TAX) (as percent of National Income) 3 1 19 Proprietors Income Plus Rental Income Plus Net Interest 1 19 1 1 1 1 1 7 7 7 7 7 9 9 9 9 9 1 1 1 1 1 1 Figure. UNEARNED PERSONAL INCOME (PRE-TAX) (as a percent of National Income) Proprietor s Income (.3) Net Interest (3.3) Rental Income (.) 1 1 7 7 7 7 7 9 9 9 9 9 1 1 1 1 1 Page / June, 1 / US Economic Briefing: National Income Shares www.
11 1 Figure 9. National Income Shares: Personal Income PERSONAL INCOME (as percent of National Income) Personal Income (Pre-Tax) 11 1 9 Disposable Personal Income 9 7 Wages, Salaries, & Supplements (Pre-Tax) 7 Wages & Salaries (Pre-Tax) 7 7 7 7 7 9 9 9 9 9 1 1 1 1 1 19 Figure 1. PERSONAL INCOME (as percent of National Income) 19 13 13 11 11 9 9 7 Entitlements: Government Social Benefits to Persons 7 3 7 7 7 7 7 9 9 9 9 9 1 1 1 1 1 3 Page / June, 1 / US Economic Briefing: National Income Shares www.
7 71 7 9 7 3 1 9 7 3 Figure 11. PERSONAL CONSUMPTION EXPENDITURES PCE/GDP (percent) Using total PCE Using PCE ex-health Care GDP Shares: Consumers 7 7 7 7 7 9 9 9 9 9 1 1 1 1 1 7 71 7 9 7 3 1 9 7 3 Source: Bureau of Economic Analysis. Figure 1. PERSONAL CONSUMPTION EXPENDITURES ON HEALTHCARE 13 11 Entitlements: Government Social Benefits to Persons 13 11 9 9 7 Healthcare Goods & Services 7 3 7 7 7 7 7 9 9 9 9 9 1 1 1 1 1 3 Page / June, 1 / US Economic Briefing: National Income Shares www.
Figure 13. GDP Shares: Autos & Housing PERSONAL CONSUMPTION EXPENDITURES Motor Vehicles & Parts 3 3 7 7 7 7 7 9 9 9 9 9 1 1 1 1 1 1 Figure 1. REAL RESIDENTIAL FIXED INVESTMENT (as a percent of real GDP) 1 7 7 7 7 7 9 9 9 9 9 1 1 1 1 1 Page 7 / June, 1 / US Economic Briefing: National Income Shares www.
Figure. GDP Shares: Business NONRESIDENTIAL FIXED INVESTMENT Total (1.9) Equipment (.) Business Software (1.9) Research & Development (1.) 1 1 7 7 7 7 7 9 9 9 9 9 1 1 1 1 1 Figure 1. CHANGE IN PRIVATE INVENTORIES - 7 7 7 7 7 9 9 9 9 9 1 1 1 1 1 - Page / June, 1 / US Economic Briefing: National Income Shares www.
1 Figure. EXPORTS vs. IMPORTS OF GOODS & SERVICES GDP Shares: Trade 1 1 1 Exports Imports 1 1 1 1 1 1 7 7 7 7 7 9 9 9 9 9 1 1 1 1 1 Figure 1. NET EXPORTS OF GOODS & SERVICES - - - - - - - 7 7 7 7 7 9 9 9 9 9 1 1 1 1 1 - Page 9 / June, 1 / US Economic Briefing: National Income Shares www.
Figure 19. GOVERNMENT PURCHASES GDP Shares: Government 1 1 1 1 1 7 7 7 7 7 9 9 9 9 9 1 1 1 1 1 1 19 1 1 1 13 1 Figure. GOVERNMENT PURCHASES Federal Government Purchases State & Local Government Purchases 19 1 1 1 13 1 11 1 9 11 1 9 7 7 7 7 7 7 7 9 9 9 9 9 1 1 1 1 1 Page 1 / June, 1 / US Economic Briefing: National Income Shares www.
3 Figure 1. GDP Shares: Government ENTITLEMENTS vs. GOVERNMENT DEFENSE SPENDING (billion dollars, saar) 3 Entitlements: Government Social Benefits to Persons Government National Defense 1 1 7 7 7 7 7 9 9 9 9 9 1 1 1 1 1 Figure. ENTITLEMENTS vs. GOVERNMENT DEFENSE SPENDING Entitlements: Government Social Benefits to Persons Government National Defense 1 1 7 7 7 7 7 9 9 9 9 9 1 1 1 1 1 Page 11 / June, 1 / US Economic Briefing: National Income Shares www.
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 1 1 7 7 7 7 7 9 9 9 9 9 1 1 1 1 1 1 Figure. SOCIAL WELFARE DEFICIT (billion dollars, saar) Apr 1 Government Social Benefits to Persons Minus Personal and Employer Contributions for Government Social Insurance - 7 7 7 7 7 9 9 9 9 9 1 1 1 1 1 - Page 1 / June, 1 / US Economic Briefing: National Income Shares www.
3 33 33 3 Figure. GDP: GROSS SAVING vs. INVESTMENT (billion dollars, saar, ratio scale) Saving & Investment 3 33 33 3 13 13 Gross Saving Gross Domestic Investment* 13 13 3 3 3 7 7 7 7 7 9 9 9 9 9 1 1 1 1 1 3 * Including Capital Account Transactions and Net Lending. 9 Figure. GDP: GROSS SAVING 9 7 7 3 3 1 1 19 19 as a Percent of Gross National Income as a Percent of National Income 13 7 7 7 7 7 9 9 9 9 9 1 1 1 1 1 13 Page 13 / June, 1 / US Economic Briefing: National Income Shares www.
Figure 7. GDP: GROSS SAVING (billion dollars, saar) Saving 1 Personal Saving 1 Undistributed Corporate Profits With IVA & CCadj 7 7 7 7 7 9 9 9 9 9 1 1 1 1 1 Figure. GDP: GROSS SAVING (billion dollars, saar) - - -1 Net Government Saving -1 - - - 7 7 7 7 7 9 9 9 9 9 1 1 1 1 1 - Page 1 / June, 1 / US Economic Briefing: National Income Shares www.
1 Figure 9. CONSUMPTION OF FIXED CAPITAL (as a percent of Gross Domestic Investment*) Capital Consumption 1 1 1 7 7 7 7 7 9 9 9 9 9 1 1 1 1 1 * Including Capital Account transactions and net lending. 1 1 Figure 3. NET DOMESTIC INVESTMENT* 1 1 1 1 1 1-7 7 7 7 7 9 9 9 9 9 1 1 1 1 1 - * 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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