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consumer spending by type, 2002 (in billions)

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C ategory Spending in 2001 (billions) Percent ofTotal D urables $872.4 12 N ondurables 2,113.9 29 Services 4,314.5 59 Source: Bureau of Economic Analysis Consumer Spending by Type, 2002 (in billions) Total consumption by U.S. households in 2002 was a $7.3 trillion

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Consumer Spending by Type, 2002 (in billions). Total consumption by U.S. households in 2002 was a $7.3 trillion. Source: Bureau of Economic Analysis. Two Approaches to Measuring GDP, 2002 (all data in billions of dollars). Note: These figure are subject to revision. - PowerPoint PPT Presentation

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Page 1: Consumer Spending by Type, 2002 (in billions)

Category

Spending in 2001

(billions)

Percent of Total

Durables $872.4 12

Nondurables 2,113.9 29

Services 4,314.5 59

Source:Bureau of Economic Analysis

Consumer Spending by Type, 2002 (in billions)

Total consumptionby

U.S. householdsin 2002 was a

$7.3trillion

http://www.bea.gov/
Page 2: Consumer Spending by Type, 2002 (in billions)

Components of Business Fixed Investment, 2002

(billions/percent of total)

Source: www.bea.gov

470.90 / 29.7%

847.60 / 53.4%

269.30 / 17.0%Equip. & Software

Business Structures

Housing

Page 3: Consumer Spending by Type, 2002 (in billions)

Two Approaches to Measuring GDP, 2002(all data in billions of dollars)

Expenditure Approach Factor Payments ApproachConsumption $7,301 Employee compensation $5,999Investment 1,586 Profits, rent, and interest 2,273Government expenditure 1,973 minus: net income earned abroad 23Exports 1,018 Capital consumption adjustment 1,393Minus: Imports 1,436 Indirect business taxes 800

Total = GDP $10,442 Total = GDP $10,442

Note: These figure are subject to revision

Source: Bureau of Economic Analysis

http://www.bea.gov/
Page 4: Consumer Spending by Type, 2002 (in billions)

National Income $8,272Less: Corporate Profits 659Less: Contributions for Social Insurance 386Plus: Dividends 434Plus: Transfer Payments 1,287Equals: Personal Income 8,948Minus: Personal Taxes 1,118Equal: Personal Disposable Income $7,830

From National Income to Disposable Income, 2002(all data in billions)

Note: These figure are subject to revision

Source: Bureau of Economic Analysis

http://www.bea.gov/
Page 5: Consumer Spending by Type, 2002 (in billions)

Personal disposable income is a good measure of the

spending powerof the household sector

Page 6: Consumer Spending by Type, 2002 (in billions)

Measuring GDP: A Summary

Expenditure Approach: GDP = C + I + G + NX

Value-Added Approach: GDP = Sum of value added created by all firms

Factor payments approach: GDP = Sum of factor payments made by all firms = wages and

salaries + interest + rent + profit = National Income


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