Figure G
Slack in demand muffles investment: 4-quarter change in business fixed investment and all other components of GDP, 1955–2015
| Date | Growth of all other components of GDP | Fixed-investment growth rate |
|---|---|---|
| 1955Q1 | 3.88% | 11.88% |
| 1955Q2 | 4.63% | 14.71% |
| 1955Q3 | 5.00% | 13.02% |
| 1955Q4 | 3.07% | 11.04% |
| 1956Q1 | 1.13% | 5.17% |
| 1956Q2 | 1.49% | 2.01% |
| 1956Q3 | 0.39% | -0.20% |
| 1956Q4 | 2.60% | -1.07% |
| 1957Q1 | 3.72% | 0.54% |
| 1957Q2 | 2.29% | -1.34% |
| 1957Q3 | 3.16% | -0.38% |
| 1957Q4 | 1.74% | -1.58% |
| 1958Q1 | -1.00% | -7.07% |
| 1958Q2 | 0.57% | -8.58% |
| 1958Q3 | 1.63% | -8.14% |
| 1958Q4 | 3.16% | -1.05% |
| 1959Q1 | 6.63% | 11.04% |
| 1959Q2 | 6.94% | 17.36% |
| 1959Q3 | 6.01% | 16.85% |
| 1959Q4 | 3.56% | 9.03% |
| 1960Q1 | 2.43% | 6.40% |
| 1960Q2 | 1.59% | 1.34% |
| 1960Q3 | 1.13% | -1.87% |
| 1960Q4 | 2.08% | -0.91% |
| 1961Q1 | 2.11% | -4.93% |
| 1961Q2 | 2.34% | -1.58% |
| 1961Q3 | 3.07% | 2.99% |
| 1961Q4 | 4.74% | 6.46% |
| 1962Q1 | 5.56% | 9.43% |
| 1962Q2 | 6.01% | 10.71% |
| 1962Q3 | 5.92% | 8.99% |
| 1962Q4 | 4.65% | 5.33% |
| 1963Q1 | 3.71% | 4.70% |
| 1963Q2 | 3.78% | 6.35% |
| 1963Q3 | 4.92% | 8.10% |
| 1963Q4 | 4.54% | 11.67% |
| 1964Q1 | 6.21% | 14.05% |
| 1964Q2 | 5.70% | 8.98% |
| 1964Q3 | 4.44% | 8.09% |
| 1964Q4 | 3.86% | 5.87% |
| 1965Q1 | 2.99% | 6.95% |
| 1965Q2 | 3.36% | 10.18% |
| 1965Q3 | 4.39% | 11.35% |
| 1965Q4 | 6.71% | 12.94% |
| 1966Q1 | 7.11% | 12.09% |
| 1966Q2 | 6.06% | 7.94% |
| 1966Q3 | 5.11% | 5.21% |
| 1966Q4 | 3.06% | 0.10% |
| 1967Q1 | 3.18% | -5.33% |
| 1967Q2 | 4.23% | -2.03% |
| 1967Q3 | 4.08% | -0.96% |
| 1967Q4 | 4.67% | 4.80% |
| 1968Q1 | 4.95% | 9.20% |
| 1968Q2 | 4.91% | 6.31% |
| 1968Q3 | 5.38% | 6.67% |
| 1968Q4 | 4.92% | 6.01% |
| 1969Q1 | 4.05% | 6.58% |
| 1969Q2 | 2.78% | 7.40% |
| 1969Q3 | 1.78% | 7.28% |
| 1969Q4 | 1.21% | 2.47% |
| 1970Q1 | 0.45% | -0.80% |
| 1970Q2 | 0.06% | -3.35% |
| 1970Q3 | 0.77% | -3.10% |
| 1970Q4 | 1.32% | -0.92% |
| 1971Q1 | 2.20% | 1.63% |
| 1971Q2 | 3.32% | 7.65% |
| 1971Q3 | 3.17% | 7.69% |
| 1971Q4 | 4.01% | 10.54% |
| 1972Q1 | 3.94% | 12.93% |
| 1972Q2 | 4.90% | 10.71% |
| 1972Q3 | 4.59% | 10.07% |
| 1972Q4 | 5.37% | 11.95% |
| 1973Q1 | 6.02% | 11.59% |
| 1973Q2 | 4.09% | 10.54% |
| 1973Q3 | 3.22% | 8.98% |
| 1973Q4 | 1.09% | 3.51% |
| 1974Q1 | -0.88% | -2.38% |
| 1974Q2 | -0.61% | -4.34% |
| 1974Q3 | -0.43% | -5.63% |
| 1974Q4 | -1.73% | -9.92% |
| 1975Q1 | -0.29% | -13.31% |
| 1975Q2 | 0.96% | -13.21% |
| 1975Q3 | 2.31% | -9.60% |
| 1975Q4 | 5.08% | -2.56% |
| 1976Q1 | 5.43% | 7.52% |
| 1976Q2 | 4.34% | 10.55% |
| 1976Q3 | 3.44% | 9.13% |
| 1976Q4 | 3.72% | 12.07% |
| 1977Q1 | 2.99% | 11.39% |
| 1977Q2 | 4.22% | 15.29% |
| 1977Q3 | 4.66% | 15.46% |
| 1977Q4 | 3.76% | 12.13% |
| 1978Q1 | 3.09% | 9.36% |
| 1978Q2 | 4.65% | 11.05% |
| 1978Q3 | 4.39% | 12.62% |
| 1978Q4 | 4.68% | 13.14% |
| 1979Q1 | 4.44% | 13.12% |
| 1979Q2 | 1.47% | 5.27% |
| 1979Q3 | 1.84% | 4.28% |
| 1979Q4 | 1.23% | 1.10% |
| 1980Q1 | 1.24% | -1.10% |
| 1980Q2 | -0.84% | -8.68% |
| 1980Q3 | -0.84% | -9.15% |
| 1980Q4 | -0.10% | -4.83% |
| 1981Q1 | 0.37% | -2.64% |
| 1981Q2 | 2.30% | 6.89% |
| 1981Q3 | 1.06% | 5.62% |
| 1981Q4 | -0.85% | 1.38% |
| 1982Q1 | -1.19% | -2.77% |
| 1982Q2 | -0.69% | -6.61% |
| 1982Q3 | -0.23% | -8.86% |
| 1982Q4 | 2.67% | -8.47% |
| 1983Q1 | 4.26% | -3.32% |
| 1983Q2 | 5.63% | 3.64% |
| 1983Q3 | 7.33% | 12.16% |
| 1983Q4 | 5.89% | 18.35% |
| 1984Q1 | 4.85% | 19.36% |
| 1984Q2 | 4.60% | 19.50% |
| 1984Q3 | 3.41% | 15.39% |
| 1984Q4 | 4.10% | 11.24% |
| 1985Q1 | 5.24% | 8.83% |
| 1985Q2 | 4.64% | 6.09% |
| 1985Q3 | 6.18% | 3.60% |
| 1985Q4 | 5.06% | 3.72% |
| 1986Q1 | 4.57% | 3.08% |
| 1986Q2 | 5.06% | 1.80% |
| 1986Q3 | 4.83% | 1.76% |
| 1986Q4 | 5.03% | 0.64% |
| 1987Q1 | 3.98% | -1.38% |
| 1987Q2 | 3.82% | 0.11% |
| 1987Q3 | 2.85% | 2.29% |
| 1987Q4 | 2.93% | 1.46% |
| 1988Q1 | 4.05% | 3.30% |
| 1988Q2 | 3.75% | 3.74% |
| 1988Q3 | 3.38% | 2.45% |
| 1988Q4 | 4.16% | 3.71% |
| 1989Q1 | 3.12% | 4.56% |
| 1989Q2 | 3.01% | 2.69% |
| 1989Q3 | 3.44% | 4.01% |
| 1989Q4 | 2.42% | 1.47% |
| 1990Q1 | 3.25% | 1.76% |
| 1990Q2 | 2.56% | -0.38% |
| 1990Q3 | 1.65% | -2.92% |
| 1990Q4 | 1.10% | -4.17% |
| 1991Q1 | -0.21% | -7.90% |
| 1991Q2 | 0.56% | -5.76% |
| 1991Q3 | 0.83% | -4.84% |
| 1991Q4 | 1.05% | -1.92% |
| 1992Q1 | 3.14% | 1.98% |
| 1992Q2 | 2.65% | 5.03% |
| 1992Q3 | 3.24% | 6.11% |
| 1992Q4 | 4.09% | 8.76% |
| 1993Q1 | 1.97% | 8.36% |
| 1993Q2 | 2.15% | 6.77% |
| 1993Q3 | 2.09% | 7.22% |
| 1993Q4 | 2.16% | 8.33% |
| 1994Q1 | 2.81% | 8.86% |
| 1994Q2 | 2.98% | 9.09% |
| 1994Q3 | 3.04% | 8.27% |
| 1994Q4 | 2.54% | 6.60% |
| 1995Q1 | 2.17% | 7.55% |
| 1995Q2 | 1.99% | 5.38% |
| 1995Q3 | 2.23% | 6.01% |
| 1995Q4 | 2.25% | 5.56% |
| 1996Q1 | 2.83% | 5.96% |
| 1996Q2 | 3.53% | 9.34% |
| 1996Q3 | 2.49% | 10.27% |
| 1996Q4 | 3.21% | 9.84% |
| 1997Q1 | 3.06% | 9.10% |
| 1997Q2 | 2.41% | 7.83% |
| 1997Q3 | 3.39% | 9.21% |
| 1997Q4 | 2.95% | 8.33% |
| 1998Q1 | 2.76% | 9.47% |
| 1998Q2 | 3.62% | 10.99% |
| 1998Q3 | 3.62% | 9.15% |
| 1998Q4 | 4.38% | 11.29% |
| 1999Q1 | 4.43% | 10.03% |
| 1999Q2 | 3.91% | 8.98% |
| 1999Q3 | 3.74% | 9.43% |
| 1999Q4 | 3.74% | 7.00% |
| 2000Q1 | 3.95% | 8.11% |
| 2000Q2 | 3.75% | 7.98% |
| 2000Q3 | 3.12% | 6.00% |
| 2000Q4 | 2.36% | 5.75% |
| 2001Q1 | 2.61% | 2.35% |
| 2001Q2 | 2.62% | -1.22% |
| 2001Q3 | 2.35% | -2.41% |
| 2001Q4 | 3.04% | -4.86% |
| 2002Q1 | 2.81% | -4.93% |
| 2002Q2 | 2.54% | -3.90% |
| 2002Q3 | 3.05% | -3.44% |
| 2002Q4 | 1.91% | -1.48% |
| 2003Q1 | 1.89% | -0.18% |
| 2003Q2 | 2.39% | 2.23% |
| 2003Q3 | 3.37% | 5.83% |
| 2003Q4 | 3.96% | 8.22% |
| 2004Q1 | 4.15% | 7.06% |
| 2004Q2 | 3.37% | 7.47% |
| 2004Q3 | 2.58% | 6.28% |
| 2004Q4 | 2.42% | 6.21% |
| 2005Q1 | 2.47% | 8.31% |
| 2005Q2 | 3.19% | 7.28% |
| 2005Q3 | 3.25% | 6.81% |
| 2005Q4 | 2.58% | 5.06% |
| 2006Q1 | 2.84% | 5.55% |
| 2006Q2 | 1.97% | 2.99% |
| 2006Q3 | 1.12% | 0.35% |
| 2006Q4 | 2.28% | -0.86% |
| 2007Q1 | 1.25% | -3.05% |
| 2007Q2 | 1.47% | -1.94% |
| 2007Q3 | 2.07% | -1.53% |
| 2007Q4 | 1.34% | -1.39% |
| 2008Q1 | 0.90% | -3.02% |
| 2008Q2 | 1.23% | -4.63% |
| 2008Q3 | 0.40% | -7.08% |
| 2008Q4 | -1.17% | -12.47% |
| 2009Q1 | -0.68% | -17.72% |
| 2009Q2 | -0.81% | -19.67% |
| 2009Q3 | 0.04% | -17.15% |
| 2009Q4 | 1.19% | -11.91% |
| 2010Q1 | 1.05% | -4.37% |
| 2010Q2 | 0.97% | 2.58% |
| 2010Q3 | 0.35% | 2.61% |
| 2010Q4 | 1.29% | 5.47% |
| 2011Q1 | 1.24% | 5.03% |
| 2011Q2 | 1.01% | 3.75% |
| 2011Q3 | 1.29% | 8.09% |
| 2011Q4 | 0.58% | 8.44% |
| 2012Q1 | 1.26% | 12.48% |
| 2012Q2 | 1.13% | 12.13% |
| 2012Q3 | 1.14% | 7.77% |
| 2012Q4 | 1.27% | 7.04% |
| 2013Q1 | 1.04% | 4.67% |
| 2013Q2 | 1.09% | 3.60% |
| 2013Q3 | 1.12% | 4.54% |
| 2013Q4 | 1.60% | 4.10% |
| 2014Q1 | 1.12% | 4.36% |
| 2014Q2 | 1.78% | 5.12% |
| 2014Q3 | 2.39% | 6.14% |
| 2014Q4 | 2.17% | 5.46% |
| 2015Q1 | 2.20% | 4.77% |
| 2015Q2 | 2.34% | 4.67% |
| 2015Q3 | 2.12% | 3.65% |
| 2015Q4 | 1.92% | 3.05% |
Note: Shaded areas denote recessions.
Source: Author’s analysis of data from BEA NIPA Tables 1.1.3 and 1.1.6
This chart appears in:
Previous chart: « Productivity growth is spurred by a tightening labor market: Average unemployment gap and subsequent productivity growth, 1951–2015