Full text of Economic Indicators : April 2009
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111th Congress, 1st Session Economic Indicators APRIL 2009 (Includes data available as of May 8, 2009) Prepared for the Joint Economic Committee by the Council of Economic Advisers UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON : 2009 JOINT ECONOMIC COMMITTEE (Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.) CAROLYN B. MALONEY, New York, Chair CHARLES E. SCHUMER, New York, Vice Chairman HOUSE OF REPRESENTATIVES MAURICE D. HINCHEY, New York BARON P. HILL, Indiana LORETTA SANCHEZ, California ELIJAH E. CUMMINGS, Maryland VIC SNYDER, Arkansas KEVIN BRADY, Texas RON PAUL, Texas MICHAEL C. BURGESS, M.D., Texas J O H N CAMPBELL, California SENATE EDWARD M. KENNEDY, Massachusetts JEFF BINGAMAN, New Mexico AMY KLOBUCHAR, Minnesota ROBERT P. CASEY, J R . , Pennsylvania JIM WEBB, Virginia SAM BROWNBACK, Kansas JIM D E M I N T , South Carolina JAMES E. RISCH, Idaho ROBERT F. BENNETT, Utah NAN GIBSON, Executive Director COUNCIL OF ECONOMIC ADVISERS CHRISTINA D. ROMER, Chair AUSTAN D. GOOLSBEE, Member CECILIA E. ROUSE, Member [PUBLIC LAW 120—81ST CONGRESS; CHAPTER 237—1ST SESSION] JOINT RESOLUTION [S.J. Res. 55] To print the monthly publication entitled ‘‘Economic Indicators’’ Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That t h e Joint Economic Committee be authorized to issue a monthly publication entitled ‘‘Economic Indicators,’’ and that a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic Committee; and the required numbers of copies to the Superintendent of Documents for distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public. Approved June 23, 1949. Charts prepared under the direction of the Printing and Procurement Branch, Office of the Secretary, Department of Commerce. Economic Indicators, published monthly, is available at $5.00 a single copy ($7.00 foreign), or by subscription at $58.00 per year ($81.20 for foreign mailing) from: SUPERINTENDENT OF DOCUMENTS GOVERNMENT PRINTING OFFICE WASHINGTON, D.C. 20402 For sale by the U.S. Government Printing Office Superintendent of Documents, Mail Stop: SSOP, Washington, DC 20402-9328 Also available on the internet at the following address: http://www.gpoaccess.gov/indicators 11 TOTAL OUTPUT, INCOME, AND SPENDING GROSS DOMESTIC PRODUCT In the first quarter of 2009, according to advance estimates, current-dollar gross domestic product (GDP) fell 3.5 percent (annual rate), real GDP (GDP in chained 2000 dollars) fell 6.1 percent, and the implicit price deflator rose 2.9 percent. BILLIONS OF DOLLARS (RATIO SCALE! 14,800 BILLIONS OF DOLLARS (RATIO SCALE) 14,800 SEASONALLY ADJUSTED ANNUAL RATES 14,400 14,400 14,000 14,000 13,600 13,600 13,200 13,200 / ^ GDP IN CURRENT DC 12,800 12,800 Y 12,400 12,000 11,600 12,400 12,000 \ / 11,600 S 11,200 11,200 10,800 „-''' 10,400 10,000 . 10,800 ' GDP' IN CHAINED (2000) DOLLARS 10,400 10,000 .. 9,600 9,600 9,200 9,200 8,800 8,800 8,400 8,400 1999 2000 2001 2002 2004 2003 2005 2006 2007 2008 2009 COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF COMMERCE [Billions of current dollars; quarterly data at seasonally adjusted annual rates] Period 9,268.4 9,817.0 10,128.0 10,469.6 10,960.8 11,685.9 12,421.9 13,178.4 13,807.5 14,264.6 12,538.2 12,696.4 rv I ................12, 12,959.6 II ...............13, 13,134.1 III. ............13, 13,249.6 13,370.1 rv 13,510.9 I ................13, 13,737.5 II ...............13, 13,950.6 III. ............13, 14,031.2 rv 14,150.8 I ................14, 14,294.5 II ...............14, 14,412.8 III. ............14, 14 200 3 rv Ip 14,075.5 1999 ......................9, 2000 2001 2002 ......................10, 2003 2004 ......................11, 2005 2006 ......................13, 2007 ......................13, 2008 ......................14, 2005: III .............12, 2006: 2007: 2008: 2009: 1 Gross Personal Gross private condomestic sumption domestic product expendi- investment tures 6,282.5 6,739.4 7,055.0 7,350.7 7,703.6 8,195.9 8,694.1 9,207.2 9,710.2 10,057.9 8,791.1 8,893.7 9,026.3 9,161.9 9,283.7 9,357.0 9,524.9 9,657.5 9,765.6 9,892.7 10,002.3 10,138.0 10,163.5 9 927 9 9,955.7 1,625.7 1,735.5 1,614.3 1,582.1 1,664.1 1,888.6 2,086.1 2,220.4 2,130.4 1,993.5 2,084.2 2,174.6 2,236.7 2,253.7 2,231.7 2,159.5 2,117.8 2,147.2 2,164.0 2,092.3 2,056.1 2,000.9 2,010.9 1 906 1 1,579.8 Exports and imports of goods and services Government consumption expenditures and gross investment Federal Net exports ¥260.5 ¥379.5 ¥367.0 ¥424.4 ¥499.4 ¥615.4 ¥713.6 ¥757.3 ¥707.8 ¥669.2 ¥725.1 ¥777.7 ¥761.7 ¥777.2 ¥792.7 ¥697.7 ¥728.8 ¥723.1 ¥682.6 ¥696.7 ¥705.7 ¥718.2 ¥707.7 ¥545.1 ¥337.7 Exports Imports Total Total 991.2 1,096.3 1,032.8 1,005.9 1,040.8 1,182.4 1,311.5 1,480.8 1,662.4 1,859.4 1,314.5 1,359.6 1,423.2 1,462.8 1,492.5 1,544.5 1,560.5 1,614.4 1,714.9 1,759.7 1,820.8 1,923.2 1,968.9 1,724.7 1,536.7 GDP less exports of goods and services plus imports of goods and services. 1,251.7 1,475.8 1,399.8 1,430.3 1,540.2 1,797.8 2,025.1 2,238.1 2,370.2 2,528.6 2,039.6 2,137.4 2,184.9 2,240.0 2,285.2 2,242.2 2,289.4 2,337.5 2,397.5 2,456.5 2,526.5 2,641.4 2,676.6 2,269.7 1,874.4 1,620.8 1,721.6 1,825.6 1,961.1 2,092.5 2,216.8 2,355.3 2,508.1 2,674.8 2,882.4 2,388.0 2,405.9 2,458.4 2,495.7 2,526.9 2,551.4 2,597.0 2,655.9 2,703.5 2,742.9 2,798.1 2,873.7 2,946.1 2,911.4 2,877.7 555.8 578.8 612.9 679.7 756.4 825.6 875.5 932.2 979.3 1,071.9 894.2 879.5 922.8 928.5 935.5 941.7 950.3 974.6 994.0 998.3 2,526.5 1,056.1 1,098.0 1,107.0 1,102.5 National defense 360.6 370.3 392.6 457.71 59.2 550.7 588.1 624.1 662.2 734.9 606.3 585.4 613.6 623.1 624.0 635.9 636.9 656.8 675.6 679.3 699.9 723.3 759.5 757.0 749.0 Nondefense 195.2 208.5 220.3 242.5 259.2 274.9 287.4 308.0 811.21 337.0 288.0 474.1 309.3 305.4 311.5 305.9 313.4 317.8 318.3 319.0 326.6 332.9 338.5 350.0 353.5 Final sales of domestic product Gross domestic purchases 1 9,201.5 9,760.5 10,159.7 10,457.7 10,946.5 11,627.3 12,378.6 13,129.0 13,811.2 14,311.6 1,493.8 12,527.2 1,526.4 12,636.1 1,535.5 12,906.5 1,567.2 13,068.3 1,591.4 13,187.1 1,609.7 13,354.3 1,646.8 13,526.5 1,681.3 13,738.4 1,709.5 13,927.6 1,744.6 14,052.3 1,771.6 14,176.4 1,817.6 14,370.5 1,848.1 14,462.5 1,804.4 14,236.9 1,775.2 14,212.3 9,528.9 10,196.4 10,495.0 10,894.0 11,460.2 12,301.3 State and local 1,065.0 1,721.6578 1,212.8 1,281.5 1,336.0 1,391.2 1,479.8 1,575.9 1,695.5 1,071.9734 Source: Department of Commerce, Bureau of Economic Analysis. Addendum: Gross national product 9,302.2 9,855.9 10,171.6 10,500.2 11,017.6 11,762.1 1,311.52,025 1 , 4 7 9 13,935.7 13,256 14,515.3 13,910.0 34.9337.01,8 14,397.8 94.2606.3 1,493.812 85.4294.1 12,770.6 13,721.4 13,72 13,911.3 13,219.4 14,042.3 13,316.1 14,067.9 13,452.0 14,239.7 13,583.3 14,460.6 13,797.2 1,709.51 14,062.8 14,728.0 14,196 14,856.6 14,289.0 15,012.7 1 4 , 3 15,120.5 14,539.6 14,745.4 14,23 14,212 REAL GROSS DOMESTIC PRODUCT [Billions of chained (2000) dollars; quarterly data at seasonally adjusted annual rates] Gross private domestic investment Period 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2005: 2006: 2007: 2008: 2009: .......9, .......9, .......9, .......10, .......10, .......10, .......10, .......11, .......11, .......11, III IV I .. II III IV I .. II III IV I .. II III IV Ip Gross domestic product 9,470.3 9,817.0 9,890.7 10,048.8 10,301.0 10,675.8 10,989.5 11,294.8 11,523.9 11,652.0 11,050.0 11,086.1 11,217.3 11,291.7 11,314.1 11,356.4 11,357.8 11,491.4 11,625.7 11,620.7 11,646.0 11,727.4 11,712.4 11,522.1 11,340.9 Personal conNonresi- Resisumption dential dential expendifixed fixed tures invest- investment ment 6,438.6 6,739.4 6,910.4 7,099.3 7,295.3 7,561.4 7,791.7 8,029.0 8,252.8 8,272.1 7,838.1 7,864.9 7,947.4 8,002.1 8,046.3 8,119.9 8,197.2 8,237.3 8,278.5 8,298.2 8,316.1 8,341.3 8,260.6 8,170.5 8,214.2 1,133.3 1,232.1 1,180.5 1,071.5 1,081.8 1,144.3 1,226.2 1,318.2 1,382.9 1,405.4 1,237.1 1,248.2 1,295.2 1,315.4 1,332.7 1,329.3 1,340.4 1,373.8 1,402.9 1,414.7 1,423.1 1,431.8 1,425.7 1,341.1 1,190.6 443.6 446.9 448.5 469.9 509.4 560.2 595.4 552.9 453.8 359.5 601.7 602.0 596.5 570.1 536.7 508.4 486.4 471.7 445.3 411.6 383.0 369.6 353.7 331.6 294.2 Exports and imports of goods and services Government consumption expenditures and gross investment Federa Change in private inventories Net exports Exports Imports Total 68.9 56.5 ¥31.7 12.5 14.3 54.3 38.9 42.3 ¥2.5 ¥29.0 11,0 53.5 45.9 56.9 53.3 13.1 ¥15.0 ¥2.8 16.0 ¥8.1 ¥10.2 ¥50.6 ¥29.6 ¥25.8 ¥103.7 ¥296.2 ¥379.5 ¥399.1 ¥471.3 ¥518.9 ¥593.8 ¥616.6 ¥615.7 ¥546.5 ¥390.2 ¥603.6 ¥637.8 ¥636.0 ¥619.4 ¥623.0 ¥584.3 ¥618.6 ¥571.2 ¥511.8 ¥484.5 ¥462.0 ¥381.3 ¥353.1 ¥364.5 ¥308.4 1,008.2 1,096.3 1,036.7 1,013.3 1,026.1 1,126.1 1,205.3 1,314.8 1,425.9 1,514.1 1,204.3 1,235.7 1,284.3 1,301.4 1,312.6 1,361.1 1,363.2 1,392.2 1,466.2 1,482.1 1,500.6 1,544.7 1,556.1 1,454.9 1,331.0 1,304.4 1,475.8 1,435.8 1,484.6 1,545.0 1,719.9 1,821.9 1,930.5 1,972.4 1,904.3 1,807.9 1,873.6 1,920.2 1,920.9 1,935.7 1,945.3 1,981.8 1,963.4 1,978.0 1,966.5 1,962.6 1,926.0 1,909.1 1,819.4 1,639.5 1,686.9 1,721.6 1,780.3 1,858.8 1,904.8 1,931.8 1,939.0 1,971.2 2,012.1 2,070.2 1,950.4 1,941.9 1,960.5 1,966.6 1,974.9 1,982.7 1,987.1 2,006.4 2,025.3 2,029.4 2,039.1 2,058.9 2,088.1 2,094.7 2,073.8 1 GDP less exports of goods and services plus imports of goods and services. NOTE.—Because of the formula used for calculating real GDP, the chained (2000) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates. Total National defense 573.7 578.8 601.4 643.4 687.1 715.9 724.5 741.0 752.9 798.2 736.8 723.2 740.6 737.7 741.1 744.4 737.5 749.6 762.7 761.7 772.6 785.0 810.8 824.5 816.1 372.2 370.3 384.9 2230.2 449.0 475.0 482.2 490.0 ,066.81 035.21 495.1 476.5 486.7 489.0 487.9 496.3 488.8 498.8 611,60 509.9 518.9 02.61 550.4 555.0 545.9 Nondefense 201.5 208.5 216.5 230.2 238.0 240.7 242.0 250.8 250.4 259.5 241.4 2476.5 253.8 248.5 ,930.61 247.8 248.6 250.5 251.2 267.5 253.2 256.3 259.5 268.9 269.8 State and local 1,113.2 1,721.6578 1,179.0 1,215.4 1,217.8 1,215.8 1,214.3 1,230.2 1,259.0 1,273.0 1,213.6 1,218.5 1,219.9 1,228 1,233.7 1,238.2 1,249.3 1,256.6 1,26 1,267.5 1,266.7 1,274.4 1,278.7 1,272.3 1,259.7 Final sales of domestic product Gross domestic purchases 1 Addendum: Gross national product 9,404.0 9,760.5 9,920.9 10,036.5 10,285.1 10,619.8 10.947.3 9,767.7 10,196.4 .09,920.91 10,517.7 10,815 11,261.4 11,597.8 11,904.1 12,066.8 12 5 9.51,2 11,645.4 .2476.52 9,404.09,7 9,855.9 9,933.6 10,079.0 10,815.510,3 10,746.0 11,072.1 11,362.3 11,609.8 11,762.3 11,140.7 11,151.2 11,846.2 11,904.4 11,930.6 11,935.6 .6486.725 51,228.81 11,370.8 11,339.711,935 11,370.511,9 12,058.2 12,135.1 12,103.2 61,249.31 12,105.8 12,102.6 12,057.8 .7824.5 11,637.2 11,760.9 11,822.2 11,73 11,648.7 81,23 11,523.4 11,681.0 11,035 11,028.4 21,960.5740.6 11,232.1 11,257.8 11,339.7 11,370.5 11,490.5 11.0 11,628.0 21,266.7 11,778.8 11,739.2 11,552.2 11,452.3 11,541.7 11,719.9 11,628.012,103 Source: Department of Commerce, Bureau of Economic Analysis. IMPLICIT PRICE DEFLATORS FOR GROSS DOMESTIC PRODUCT [Index numbers, 2000=100; quarterly data are seasonally adjusted] Gross private domestic investment Personal consumption expenditures Period 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2005: .................97. .................100. .................102. .................104. .................106. .................109. .................113. .................116. .................119. .................122. III IV 2006: I II Ill rv 2007: I II Ill IV 2008: I II Ill rv 2009: Ip Gross domestic product Total Durable goods Nondurable goods Services Nonresidential fixed Exports and imports of Government consumption expenditures and gross investment goods and services Federal Residential fixed Exports Imports Total 95.667 100.000 102.868 105.434 109.712 114.2181 121.863 136.8981 125.806127.3 131.874 126.636 132.78213 128.74 122.451 1113.0 122.851 118.423 113.785 116.615 118.056 115.2 115.520 119.058 121.208 124.915 125.80 134.671 142.212 123.094 110.026 125.873 12.4021 128.991 129.9 131.818 133.794 135.388 137.638 123.0 137.144 140.198 124.75 111.9 132.867 134.540 135.435 134.265 135.09 134.885 136.946 137.983 136.400 116.700 120.752 124.712 128.748 117.079 118.423 119.304 120.276 121.272 122.122 123.194 117.82512 125.173 126.248 96.883 100.000 99.625 99.272 101.429 104.997 108.814 112.618 116.585 122.805 109.154 110.026 110.819 112.402 113.704 113.476 114.480 115.963 118.67512 118.735 96.880 100.000 97.497 96.342 99.686 107.626 111.153 115.932 120.168 142.212 109.154 127.128 128.445 129.532 129.880 130.226 109.173 109.784 110.9 112.170 111.905 137.8 136.665 135.512 132.204 130.590 121.337 124.498 126.528 118.541 114.32913 101.625 100.000 98.113 95.767 92.366 90.695 89.984 88.771 87.154 86.092 89.631 89.420 89.211 89.031 88.729 88.129 87.720 87.367 86.941 86.600 96.174 100.000 101.531 102.090 104.145 107.626 111.606 114.985 118.408 124.671 113.038 113.697 113.786 115.151 116.410 114.578 116.021 117.825 118.675 121.085 97.393 100.000 103.256 106.019 109.379 121.508 121.890 123.056 123.244 124.113 120.277 121.539 123.036 121.509 121.202 86.584 86.240 86.113 85.360 84.997 123.053 125.014 128.123 122.448 120.831 104.99 State and local 96.886 100.000 103.2 107.2 6104.1451 95.780 100.000 104.63 107.240 112.372 120.587 129.268 136.898 138.885 135.676 130.819 133.311 135.46 136.737 137.163 138.47 139.197 138.730 138.803 138.780 97.575 100.000 102.094 103.542 105.597 108.391 111.581 114.675 117.659 121.588 112.158 113.081 113.575 114.493 115.377 115.235 116.197 117.241 117.964 119.215 Nondefense 96.883 100.000 101.908 107.2 110.095 115.322 120.835 125.806 130.077 134.291 1119.3101 118.4 124.614 125.866 126.232 126.510 131.818 130.027 138.8031 138.7 100.057 100.000 04.633 99.513 99.591 100.896 103.829 107.277 108.740 110.4 103.959 105.091 106.199 107.058 107.527 108.294 108.654 108.729 108.556 109.010 97.868 100.000 102.399 104.187 106.404 109.462 113.034 116.676 119.816 122.422 113.468 114.525 115.533 116.317 117.107 117.732 118.956 119.547 119.997 120.743 National defense 113.08189.42 96.880 100.000 102.868 105.345 108.898 115.32 114.218 121.944 111.153 126.067 127.4 127.893 129114 130.312 119.05813 1.2 0 813 131.057 121.847 122.895 123.0 138.47 126.067 126.868 126.718 126.883 128.984 129.865 130.463 118.54 130.226111.9 121.20284 Source: Department of Commerce, Bureau of Economic Analysis. 128.984 124.49 144.527 041 1 8.5 120.831 GROSS DOMESTIC PRODUCT AND RELATED PRICE MEASURES: INDEXES AND PERCENT CHANGES [Quarterly data are seasonally adjusted] Percent change from preceding period 1 Index numbers, 2000 = 100 Gross domestic product (GDP) Personal consumption expenditures (PCE) Personal consumption expenditures (PCE) Gross domestic product (GDP) Period 1999 ....................................96. 2000 2001 ....................................100. 2002 2003 ....................................104. 2004 2005 2006 ....................................115. 2007 2008 ....................................118. 2005: I ...............................110. II III ............................112. IV 2006- I II .............................115. III IV ............................115. 2007: I ...............................115. II III ............................118. IV 2008- I II .............................119. III IV ............................117. 2009: Ip 1 Real GDP (chain-type quantity index) GDP chain-type price index 96.469 100.000 102.3991 102.362 104.931 108.748 111.944 115.054 117.388 118.692 110.786 111.502 112.560 112.928 114.264 115.022 115.250 115.681 115.696 117.056 118.425 118.374 97.868 100.000 .82.42 104.193 106.409 109.462 113.039 116.676 119.819 122.500 111.778 112.357 113.487 114.536 115.536 116.317 117.109 117.742 118.935 119.531 119.984 120.826 97.868 100.000 102.399 104.187 118.631 119.460 119.308 117.369 115.523 121.613 121.951 123.134 123.302 124.186 121.508 121.890 123.056 123.244 GDP implicit price deflator 106.409106.4 109.462 113.034 116.676 119.816 122.422 111.765 112.346 113.468 114.525 115.53 116.317 117.109117 117.732 118.956 119.547 119.997 120.743 124.113 PCE (chain-type price index) PCE less food and energy price index 97.575 100.000 102.094 103.542 105.597 108.392 111.581 114.675 117.659 121.596 111.7 110.881 113.468 113.089 113.581 114.499 112.531 115.239 116.202 117.246 117.969 119.221 98.343 100.000 102.094 103.5 105.175 107.338 109.644 112.129 114.548 117.043 108.838 109.405 109.838 110.495 111.076 111.887 115.381 1.52.22.2 113.682 114.201 114.7 115.512 6.0 5.9 3.2 3.4 4.7 6.6 6.3 6.1 4.8 3.3 7.1 4.8 8.1 5.1 8.6 5.5 3.6 3.7 4.3 6.9 6.3 2.3 120.283 121.544 123.041 121.514 121.207 121.508 116.782 117.481 117.749 118.195 3.5 4.1 3.4 ¥5.8 ¥3.5 Quarterly percent changes are at annual rates. Real GDP (chain-type quantity index) GDP (current dollars) GDP chain-type price index GDP implicit price deflator PCE (chain-type price index) PCE less food and energy price index 4.5 3.7 .8 1.6 2.5 3.6 2.9 2.8 2.0 1.1 3.0 2.6 3.8 1.3 4.8 27 .8 1.5 .1 4.8 4.8 1.4 2.2 2.4 1.7 2.1 2.9 3.3 3.2 2.7 2.2 4.0 2.1 4.1 3.7 3.5 2.7 2.8 2.2 4.1 2.0 1.5 2.8 1.4 2.2 2.4 1.7 2.1 2.9 3.3 3.2 2.7 2.2 4.0 2.1 4.1 3.8 3.6 2.7 2.7 2.2 4.2 2.0 1.5 2.5 1.7 2.5 2.1 1.4 2.0 2.6 2.9 2.8 2.6 3.3 2.5 2.5 4.7 3.3 1.8 3.3 3.1 ¥.5 3.4 3.6 2.5 4.3 1.5 1.7 1.9 1.8 1.4 2.1 2.1 2.3 2.2 2.2 2.5 2.1 1.6 2.4 2.1 3.0 2.3 1.8 2.4 1.8 2.1 2.5 .9 2.8 — .5 ¥6.3 ¥6.1 2.6 1.1 3.9 .5 2.9 2.6 1.3 3.9 .6 2.9 3.6 4.3 5.0 ¥4.9 ¥1.0 2.3 2.2 2.4 .9 1.5 Source: Department of Commerce, Bureau of Economic Analysis. NONFINANCIAL CORPORATE BUSINESS—GROSS VALUE ADDED AND PRICE, COSTS, AND PROFITS [Quarterly data at seasonally adjusted annual rates] Price per unit of real gross value added of nonfinancial corporate business (dollars)1 2 Gross value added of nonfinancial corporate business (billions of dollars) 1 Unit nonlabor cost Period 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2005- ........................................................5, ........................................................5, ........................................................6, ........................................................7, ........................................................7, I II .................................................6, III. ...............................................6, IV 2006: I ...................................................6, II III IV ................................................6, 2007- I II .................................................7, III. ...............................................7, IV 2008: I ...................................................7, II III IV ................................................7, Current dollars Chained (2000) dollars 4,950.8 5,272.2 5,293.5 5,371.7 5,558.4 5,956.4 6,396.1 6,863.4 7,075.1 7,170.4 6,210.3 6,358.1 6,418.9 6,597.3 6,771.2 6,817.5 6,931.7 6,933.3 6,999.6 7,066.7 7,098.6 7,135.5 7,119.3 7,153.1 7,260.7 7,148.6 5,011.0 5,272.2 5,224.5 5,269.7 5,387.5 5,662.1 5,916.1 6,156.4 6,243.1 6,326.0 5,796.5 5,921.4 5,913.0 6,033.6 6,126.1 6,132.4 6,198.2 6,169.0 6,165.5 6,230.2 6,271.2 6,304.4 6,283.0 6,375.1 6,410.9 6,235.0 Total Compensation of employees (unit labor cost) 0.988 1.000 1.013 1.019 1.032 1.052 1.081 1.115 1.133 1.133 1.071 1.074 1.086 1.093 1.105 1.102 1.118 1.124 1.135 1.134 1.132 1.132 1.133 9.12 1.133 1.147 1 Estimates for nonfinancial corporate business for 2000 and earlier periods are based on the Standard Industrial Classification (SIC); later estimates are based on the North American Industry Classification System (NAICS). 2 The implicit price deflator for gross value added of nonfinancial corporate business divided by 100. 0.652 .672 .688 .685 .687 .683 .689 .701 .725 .733 .689 .682 .696 .689 .696 .698 .697 .714 .724 .722 .723 .050 .736 .726 .726 .743 s Total 0.229 .237 .257 .253 .253 .249 .257 .262 . 0 .276 .253 .253 .264 .257 .257 . 1 . 0 .266 .267 .269 . 0 .271 .273 .272 .276 .284 Consumption of fixed capital 0.105 .108 .124 .122 .122 .121 .126 .126 .132 .139 .121 .121 .137 .124 .123 .125 .126 .129 .143.0 .131 .132 .133 .136 .136 .142 .144 Taxes on production and imports 3 Net interest and miscellaneous payments 0.092 .093 .094 .099 .103 .103 .105 .108 .109 .108 .107 .107 .100 .106 .107 .108 .107 .109 .109 .109 .109 .109 .108 .107 .106 .109 0.032 .036 .039 .032 .028 .025 .026 .028 .029 .029 .025 .025 .027 .027 .027 .028 .027 .028 .028 .029 .029 .029 .029 .029 .028 .031 Corporate profits with inventory valuation and capital consumption adjustments 4 Total 0.107 .090 .068 .081 .091 .120 .135 .153 .139 .125 .129 .138 .126 .147 .152 .152 .161 .145 .143 .144 .139 .050 .125 .123 .130 .120 Less subsidies plus business current transfer payments. Unit profits from current production. With inventory valuation and capital consumption adjustments. Source: Department of Commerce, Bureau of Economic Analysis. 4 5 Taxes on corporate income 0.034 .032 .021 .018 .025 .034 .046 .050 .051 .043 .044 .045 .045 .051 .049 .051 .052 .048 .052 .053 .051 .050 .045 .046 .047 .033 Profits after tax 5 0.073 .058 .047 .063 .066 .087 .089 .102 .088 .082 .085 .093 .081 .097 .102 .102 .109 .096 .091 .091 .088 .080 .081 .077 .083 .087 NATIONAL INCOME [Billions of dollars; quarterly data at seasonally adjusted annual rates] Proprietors' income 1 National income Period 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2005: ...........8, ...........9, ...........9, III ... rv ... 2006: I II Ill IV 2007: I II Ill .... ... ... .... ... rv ... 2008: I II Ill IV 2009: Ip 1 .... ... ... .... 8,236.7 8,795.2 8,979.8 9,229.3 9,632.3 10,306.8 10,974.0 11,795.7 12,270.9 12,429.7 10,779.5 11,331.3 11,611.1 11,738.5 11,848.6 11,984.7 12,087.4 12,233.6 12,338.6 12,424.1 12,447.6 12,468.6 12,491.4 12,311.2 Compensation of employees 5,357.1 5,782.7 5,942.1 6,091.2 6,325.4 6,656.4 7,030.8 7,433.8 7,812.3 8,055.1 7,090.2 7,191.0 7,318.0 7,364.2 7,441.9 7,611.1 7,709.0 7,760.1 7,839.3 7,941.0 8,009.7 8,033.5 8,092.9 8,084.1 8,025.1 Farm 28.6 17.97 19.27 10.6 29.2 37.3 34.1 16.2 44.0 34.6 37.1 27.7 17.3 9.8 13.8 23.7 39.3 42.3 47.4 4 1 41.6 38.0 32.4 26.3 25.1 Nonfarm 649.7 705.7 752 757.8 782.1 874.3 925.7 998.6 1,012 1,037.9 923.3 966.7 987.5 1,008.4 999.6 998.7 997.9 1,007.9 1,016.4 1,026.7 1,030.1 1,039.0 1,048.2 1,034.2 1,015.6 Rental income of persons with capital consumption adjustment 147.3 150.3 167.4 152.9 133.0 118.4 40.9 44.3 40.0 64.4 ¥56.9 58.0 52.8 45.6 40.4 38.2 35.1 44.6 41.8 38.6 39.1 58.6 68.5 91.4 89.8 Corporate profits with inventory valuation and capital consumption adjustments Profits with inventory valuation adjustment and without capital consumption adjustment Total 851.3 817.9 767.3 886.3 993.1 1,231.2 1,447.9 1,668.5 1,642.4 1,476.5 1,342.6 1,538.6 1,634.2 1,681.6 1.913.8 1,644.5 1,617.8 1,672.5 1,668.3 1,611.1 1,593.5 1,533.3 1,514.8 1,264.5 Total Profits before tax 776.8 759.3 719.2 766.2 894.5 1,161.6 1,582.8 1,834.2 1,835.1 1,548.2 1,497.1 1,684.6 1,634.21,7 1,841.6 1,887.2 1,829.3 1,794.7 1,859.5 1,016.441 1,820.2 1,641.5 1,596.0 1,602.8 1,352.6 775.9 773.4 707.9 768.4 908.1 1,204.7 1,620.6 1,873.7 1,886.3 1,597.3 1,536.3 1,733.3 1,813.8 1,900.1 1,929.9 1,829.31 1,838.9 1,914.8 1,897.1 1,894.3 1,750.9 1,750.0 1,693.7 1,264.5 With inventory valuation and capital consumption adjustments. Capital consumption adjustment Inventory valuation adjustment 1.0 ¥14.1 11.3 ¥2.2 ¥13.6 ¥43.1 ¥37.8 ¥39.5 ¥51.2 ¥49.0 ¥39.1 ¥48.7 ¥35.0 ¥58.5 ¥42.7 ¥21.8 ¥44.2 ¥55.3 ¥31.0 ¥74.1 ¥109.4 ¥154.0 ¥90.9 158.1 74.5 58.6 48.1 120.1 98.7 69.7 ¥134.8 ¥165.7 ¥192.7 ¥71.7 ¥154.5 ¥146.0 ¥144.5 ¥160.0 ¥173.4 ¥184.8 ¥176.9 ¥187.0 ¥197.8 ¥209.2 ¥48.0 ¥62.7 ¥88.0 ¥88.1 ¥145.6 Net interest and miscellaneous payments Taxes on production and imports 495.4 559.0 566.3 520.9 524.7 491.2 569.1 631.2 664.4 682.7 583.9 600.8 615.5 629.7 630.1 649.3 645.8 660.8 663.0 688.1 662.3 683.4 656.6 728.6 718.4 674.0 708.9 728.6 762.8 807.2 863.8 928.2 976.2 1,015.5 1,033.8 937.4 946.8 962.7 973.6 980.1 988.3 1,002.7 1,012.3 1,019.2 1,027.7 1,025.8 1,039.4 1,044.1 1,026.1 1,017.6 Less: Subsidies Business current transfer payments 44.2 44.3 55.3 38.4 47.9 44.6 59.3 49.7 52.3 50.7 60.7 63.3 54.2 49.8 48.2 46.8 47.5 55.9 53.5 52.3 50.6 50.8 50.3 51.2 50.0 67.4 87.1 92.8 84.3 83.8 83.0 70.0 85.4 100.2 103.6 8.5 76.1 85.1 83.5 86.0 86.8 98.3 97.4 102.2 103.1 103.2 102.1 92.1 116.8 122.8 Current surplus of government enterprises 10.1 5.3 ¥1.4 .9 1.7 ¥4.2 ¥13.4 ¥8.6 ¥7.9 ¥8.1 ¥25.8 ¥11.4 ¥7.8 ¥8.3 ¥9.1 ¥9.2 ¥10.8 ¥8.5 ¥5.5 ¥6.7 ¥7.1 — 7.7 ¥8.0 ¥9.6 ¥11.5 Source: Department of Commerce, Bureau of Economic Analysis REAL PERSONAL CONSUMPTION EXPENDITURES [Billions of chained (2000) dollars, except as noted; quarterly data at seasonally adjusted annual rates] Period 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2005: III IV 2006: I II Ill rv 2007: I II Ill IV 2008: I II Ill rv 2009: Ip 1 personal consumption expenditures 6,438.6 6,739.4 6 910.4 7,099.3 7,295.3 7,561.4 7 791.7 8,029.0 8,252.8 8,272.1 7,838.1 7,864.9 7,947.4 8,002.1 8,046.3 8,119.9 8,197.2 8,237.3 8,278.5 8,298.2 8,316.1 8,341.3 8,260.6 8,170.5 8,214.2 Total durable goods 804.6 863.3 900 7 964.8 1 020 6 1,084.8 1,134.4 1,185.1 1,242.4 1,188.5 1,158.9 1,123.3 1,173.1 1,178.3 1,188.4 1,200.7 1,227.3 1,242.3 1,249.4 1,250.6 1,237.0 1,228.3 1,180.1 1,108.6 1,133.9 Motor vehicles and parts 372.4 006.5 405.8 429.0 442.1 4.8 449.9 437.9 446.7 387.2 469.0 418.1 435.4 437.3 439.4 439.6 449.5 451.3 443.5 442.6 430.2 407.2 376.9 334.6 350.6 Furniture and household equipment 280.7 312.9 331.8 364.3 397.8 445.1 490.9 550.2 594.0 614.3 497.0 514.0 537.9 544.6 553.8 564.5 580.3 588.3 600.8 606.6 609.3 629.6 616.2 602.2 608.5 Services Nondurable goods Durable goods Total Other 151.7 163.9 023.2 172.4 183.2 195.1 205 1 218.0 7687.3 226.5 203.5 209.0 218.7 216.6 216.7 219.8 222.0 227 7 232.9 230.8 229.4 230.8 228.1 217.7 219.6 Total nondurable goods 1,876.6 1,947.2 1,986.7 2,037.1 8183.22,10 2,177.6 2,252.7 2,335.3 2,392.6 2,378.4 2,260.1 2,286.3 2,310.8 2,328.7 2,342.0 219.8 2,380.1 2,391.5 2,398.6 2 3 0.82 2,397.9 2,420.7 2,376.3 2,318.6 2,32 Food 893.6 925.2 940.2 954.6 977.7 1,009.4 1 047 7 1,090.1 1,110.5 1,109.3 1,053.3 1,063.7 1,077.8 1,090.3 1,093.3 2,359.81 1,102.5 1,110.1 1,110.9 1,118.7 9.3229.4 1,133.6 1,112.3 1,069.0 1,066.9 Includes other items, not shown separately. NOTE.—Because of the formula used for calculating real GDP, the chained (2000) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates. Clothing and shoes 282.7 7175.7 303.7 318.3 83.2 350.7 372.3 394.4 412.9 414.5 3.71,26 383.7 390.2 391.0 396.1 400.4 409.4 412.2 416.6 413.2 416.3 407.2 412.2 402.3 608.521 Gasoline and oil 176.3 175.7 178 3 181.9 183.2 186.7 187.4 184.2 184.5 177.5 188.6 188.6 186.3 183.2 183.6 183.8 185.1 14,63 184.7 183.8 181.4 179.1 11.3 176.3 178.4 Fuel oil and coal Other 508.6 532.9 549.2 567.1 593.2 311.0 637.3 666.1 1 7 687.3 11.9 109.3 13.0 638.2 123.3 645.4 11.5 655.3 12.6 663.3 12.7 669.0 13.0 677.0 14.3 683.5 13.8 687.1 13.3 690.5 87.94 687.9 12.8 684.8 11.9 695.1 180.1 695.5 11.8 681.6 12.4 185.21 16.4 15.8 75.2 15.5 15.4 14.6 13.2 12.4 Total services 1 3,758.0 3,928 4,023.2 4,100.4 4,178.8 4.6618.0 4,420.9 1,090.139 4,646.2 4,714.3 4,439.4 4,466.9 4,484.7 4,515.7 4,537.6 4,581.5 4,616.1 4,632.7 4,659.8 4,676.1 4,704.3 427.21 4,711.3 1,069.04 4,746.5 Housing 978.6 1,006.5 1,986.7 1,136.61 1,051.9 1,083.8 2.3187.4 1,154.6 1,17 2,378.4 1,053.337 1,123.3418.1 5.4537.92 1,151.7 1,158.8 1,164.7 1,168.0 1,110.14 1,172.5 1,175.9 1,177.3 1,182.3 1,184.5 1,185.6 1,185.2 Source: Department of Commerce, Bureau of Economic Analysis. Medical care 989.0 1,026.8 1,075.2 1,136 1,180.8 1,009.435 1,047.73 1,290.2 1,327.8 2,378 13.0638.24 1,273.8 1,283.7 1,287.9 1,28 5219.82 1,168.0 1,110.14 1,110.94 1,344.5 1,360.8 1,370.3 1,378.9 1,069.0402 2,326.21,0 Retail sales of new passenger cars and light trucks (millions of units) 16.9 17.3 17.1 16.8 16.6 16.9 16.9 16.5 16.1 13.2 18.0 15.9 16.8 16.4 16.5 16.3 16.3 16.1 15.9 16.0 15.2 14.1 12.9 10.3 9.5 SOURCES OF PERSONAL INCOME Personal income fell $34.4 billion (annual rate) in March following a decrease of $24.3 billion in February. Wages and salaries fell $29.9 billion in March following a decrease of $26.9 billion in February. BILLIONS OF DOLLARS* (RATIO SCALE) 13,000 12,000 11,000 10,000 9,000 8,000 7,000 —'<C~ \ — • TOTAL PERSONAL INCOME •— » — i r—"" BILLIONS OF DOLLARS* (RATIO SCALE) 13,000 12,000 11,000 10,000 9,000 8,000 7,000 6,000 — — • * 6,000 ^" 5,000 5,000 WAGE AND SALARY DISBURSEMENTS 4,000 4,000 • v \ 3,000 3,000 OTHFR INrOMF PE5SONALCURREN T TR,WSFER RECEIPT S 2,000 2,000 _ . / * • \ A 1,400 1,400 _ • • ' 800 1 i i i i i i i , i i ! i i i i i 2001 2002 I Mini 1 1 1 1 l|| 2004 2003 1 i i 1 i i II i 1 i n 2006 2005 i i 1 1 1 i 1 1 IIMl I | II1 I I I 2007 •SEASONALLY ADJUSTED ANNUAL RATES SOURCE: DEPARTMENT OF COMMERCE II 1 I 2008 2009 COUNCIL OF ECONOMIC ADVISERS [Billions of dollars monthly data at seasonally adjusted annual rates] Compensation of employees, received Period 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2008: .................7, .................8, .................9, Mar Apr May June July Aug Sept Oet Nov Dee 2009: J a n r Feb r Marp 1 2 s Total personal income Total 7,802.4 8,429.7 8,724.1 8,881.9 9,163.6 9,727.2 10,269.8 10,993.9 11,663.2 12,102.6 11,999.0 12,003.1 12,219.8 12,233.6 12,139.9 12,179.8 12,191.4 12,178.9 12,122.1 12,081.6 12,095.3 12,071.0 12,036.6 5,352.0 5,782.7 5,942.1 6,091.2 6,310.4 6,671.4 7,025.8 7,432.6 7,818.6 8,055.1 8,039.4 8,018.1 8,033.1 8,049.3 8,072.3 8,104.2 8,102.3 8,106.6 8,089.7 8,056.0 8,050.7 8,026.2 7 998.3 Wage and salary disbursements 4,466.3 4,829.2 4,942.8 4,980.9 5,112.7 5,394.5 5,671.7 6,027.2 6,362.0 6,550.1 6,545.7 6,519.1 6,530.9 6,543.8 6,563.5 6,592.2 6,589.8 6,591.7 6,574.8 6,541.8 6,523.7 6,496.8 6,466.9 With inventory valuation and capital consumption adjustments. With capital consumption adjustment. Consists mainly of social insurance benefits to persons. Supplements to wages and salaries 885.7 953.4 999.3 1,110.3 1,197.7 1,276.9 1,354.1 1,405.3 1,456.6 1,504.9 1,493.7 1,498.9 1,502.1 1,505.5 1,508.8 1,511.9 1,512.5 1,514.9 1,514.9 1,514.2 1,526.9 1,529.4 1,531.5 Proprietors' income 1 Farm 35.6 29.7 19.7 10.6 2782 3874.3 354.1 16.2 44.0 34.6 41.0 39.4 38.4 36.1 35.0 32.5 29.6 27.0 74.81 25.9 25.8 24.6 24.8 Nonfarm 649.7 705.7 752.2 757.8 782.1 874.3 925.7 998.6 1,012.2 1,037.9 1,030.4 16,519 1,037.7 1,047.4 1,50 1,047.3 1,042.2 1,048.0 1,031.3 1,023.4 1,015.6 1,018.6 1,012.7 Personal income receipts on assets Rental income of persons 2 147.3 150.3 167.4 152.9 133.0 118.4 40.9 44.3 4.01,0 64.4 40.5 39.41 52.3 68.3 72.8 77.3 55.5 87.21 31.39 96.1 92.6 90.0 86.7 Total 1,264.2 1,387.0 1,380.0 1,333.2 1,336.6 1,432.1 1,596.9 1,824.8 2,000.1 2,037 2,051.7 6,519.11,498 1,502.13 2,052.8 2,054.1 2,055.6 2,057.3 2,023.0 1,988.6 1,954.0 1,933.4 1,018 1.524.81 Personal interest income 022.16 1 011.0 1,011.0 936.1 .1422.61 895.1 1925.740 1,125.4 1,214.3 1,208.5 1,217.2 1,213.0 1,037 8,049.36,5 1,210.9 1,217.4 1,223.8 1,203.6 1,183.4 1,163.2 1,526.925 6,496.8 1,143.1 Personal dividend income 335.6 376.1 369.0 397.2 422.6 537.0 574.9 699.4 785 8 829.1 834.5 838.8 843.6 848.3 843.2 838.2 833.4 819.4 805.2 790.8 975.69 992.89 749.0 Source: Department of Commerce, Bureau of Economic Analysis. Personal current transfer receipts 3 1,022.1 1,084.0 11.0369 1,286.2 1133.0 1,432.1895 1,022.057 1^603.0 1 ,214.3 1^869.1 1,791.3 1,807.5 1,502.13 1,976.0 1,849.0 1,047.3 1,223.8 1,514.92 1,183.4805 1,918.3 1,526 1,992.8 1,012.786 Less: Contributions for government social insurance 661.4 702.7 731.1 750.0 778.6 828.8 874.3 925.5 965.1 996.0 995.3 994.5 995.4 996.3 998.2 1,217.4 2,057.3 1,000.1 997.0 992.1 998.3 994.0 989.6 DISPOSITION OF PERSONAL INCOME According to preliminary estimates, per capita disposable personal income in chained (2000) dollars rose at an annual rate of 5.3 percent in the first quarter of 2009. BILLIONS OF DOLLARS* (RATIO SCALE) 11,000 10,500 • — 10,000 BILLIONS OF DOLLARS' (RATIO SCALE) 11,000 10,500 ^ 10,000 9,000 8,500 *^*^ 8,000 ' PERSONAL OUTLAVS 7,500 — —•^-rf* DISPOSABLE PERSONAI INCOMF \ ^ 9,500 9,500 9,000 8,500 8,000 \! 7,500 \ 7,000 7,000 6,500 6,500 6,000 6,000 5,500 i i i ! 1 1 1 1 1 1 1 I 1 1 1 1 \ 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 5,500 DOLLARS* (RATIO SCALE) DOLLARS* (RATIO SCALE) 36,000 34,000 1 PER CAPITA DISPOSABLE PERSONAL INCOME ___^ CURRENT DOLLARS 32,000 36,000 1 - ^ ^_--- 34,000 32,000 ^^ 30,000 .. 28,000 26,000 1 -.— if —* 28,000 1 \ CHAINED (2003) DOLLARS ^ i 24,000 30,000 .-— 26,000 24,000 1 1 1 1999 1 2000 1 1 1 1 1 1 1 2002 2001 1 1 1 1 1 I 2004 2003 1 1 1 2O05 1 1 1 2006 1 1 1 2007 ! 1 1 2008 1 1 1 20,000 2009 COUNCIL OF ECONOMIC ADVISERS Period Personal income Less: Personal current taxes Equals: Disposable personal income Less: Personal outlays 1 Equals: Personal saving Disposable personal income in billions of chained (2000) dollars Per capita disposable personal income Current dollars Billions of dollars 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 7,802.4 8,429.7 8,724.1 8,881.9 9,163.6 9,727.2 10,269.8 10,993.9 11,663.2 12,102.6 1,107.5 6,695.0 6,536.4 1,235.7 7,194.0 7,025.6 1,237.3 7,486.8 7,354.5 1,051.8 7,830.1 7,645.3 1,001.1 8,162.5 7,987.7 1,046.3 8,680.9 8,499.2 1,207.8 9,062.0 9,029.5 1,353.2 9,640.7 9,570.0 1,492.8 10,170.5 10,113.1 1,460.6 10,642.1 10,450.7 Chained (2000) dollars Per capita personal consumption expenditures Current dollars Chained (2000) dollars 6,861.3 7,194.0 7,354.513 7,562.2 7,729.9 8,008.9 8,121.4 8,407.0 8,644.0 8,752.6 23,968 2,413 26,243 27,183 28,076 29,592 30,611 32,263 33,706 34,946 Saving as percent of disposable personal income Population, including Armed Forces overseas (thousands) 2 Percent Dollars 158.6 168.5 132.3 184.7 174.9 181.7 32.5 70.7 57.4 191.4 Percent change in real per capita disposable personal income 06,536.4 2,413 24,72924 26,253 26,498 27,302 27,434 28,134 28,648 27,164.31 22,491 23,864 285,294 25,518 26,498 27,939 29,368 98,820 32,181 33,028 23,050 23,864 285,2 24,646 25,093 25,776 296,0 26,869 27,351 27,164 1.8 3.7 .9 2.1 1.3 2.7 .5 2.6 1.8 .3 27,276 27,706 27,991 28,018 18,407.1 27,0704 28,664 28,555 28,702 28,670 28,560 29,234 27,095 28,644 26,8 29,662 29,934 30,316 30,704 31,031 31,194 31,681 32,049 32,325 32,664 32,957 33,335 33,337 426,734 32,509 26,446 26.5.82 26,692 26,817 26,895 27,070 27,265 27,336 27,403 27,399 27,401 27,427 27,095 26,734 06,2 ¥2.3 6.5 4.2 .4 1.2 4.7 3.4 ¥1.5 2.1 ¥.4 ¥1.5 9.8 ¥9.4 1.7 5.3 2.4 2.3 1.8 2.4 2.1 2.1 .4 .7 ,6 1.8 279,328 25,473 24,72924 288,055 .97,729 293,348 296,036 298,820 301,737 304,529 — .7 .8 1.0 .6 .5 .9 1.1 .3 ,5 .4 2 2.5 1.3 3.2 4.2 296,378 27,70629 297,743 298,399 299,175 299,965 300,644 301,332 10,18 302,865 303,498 304,128 304,872 305,619 306,245 Seasonally adjusted annual rate 3 2005: III IV 2006: I II Ill IV 2007: I II Ill IV 2008: I II Ill IV 2009: \P .... 10,289.1 .... 10,561.0 10,781.6 10,913.2 .... 11,056.1 .... 11,224.7 11,473.0 11,577.5 .... 11,730.4 .... 11,872.1 11,960.5 12,152.2 .... 12,170.4 .... 12,127.5 12,067.6 1,222.3 1,252.5 1,316.0 1,341.1 1,356.2 1,399.6 1,459.5 1,489.4 1,501.6 1,520.5 1,535.0 1,346.1 1,470.7 1,490.4 1,296.9 9,066.9 9,308.6 9,465.6 9,572.1 9,699.9 9,825.1 10,013.5 10,088.0 10,228.8 10,351.5 10,425.5 10,806.0 10,699.7 10,637.1 10,770.7 9,129.8 9,234.2 9,371.2 9,518.0 9,651.8 9,739.0 9,904.2 10,056.9 10,182.0 10,309.2 10,404.9 10,538.2 10,559.9 10,299.7 10,317.8 ¥62.9 74.4 94.4 54.2 48.1 86.1 109.3 31.1 46.8 42.4 20.6 267.9 139.8 337.4 453.0 8,084.0 8,231.8 8,334.2 8,360.4 8,407.1 8,526.2 8,617.7 8,604.5 8,671.1 8,683.1 8,667.9 8,891.0 8,696.4 8,754.2 8,886.6 1 Includes personal consumption expenditures, personal interest payments (nonmortgage), and personal current transfer payments. 2 Annual data are averages of quarterly data, which are averages for the period. 30,592 31,331 31,791 32,078 32,422 427,0704 33,307 33,478 33,858 34,179 34,351 35,531 35,096 34,805 35,170 Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census). FARM INCOME According to the preliminary forecast for 2009, gross farm income is forecast at $348.3 billion, and net farm income at $71.2 billion. BILLIONS OF DOLLARS* (RATIO SCALE) BILLIONS OF DOLLARS* (RATIO SCALE) 440 440 400 360 320 280 400 360 320 280 GROSS FARM INCOME 240 240 200 200 160 160 NET FARM INCOME V. 120 A 80 60 80 -r^ 40 20 2002 2001 2003 2004 2007 2006 'SEASONALLY ADJUSTED ANNUAL RATES SOURCE; DEPARTMENT OF AGRICULTURE 2008 2009 COUNCIL OF ECONOMIC ADVI$ERS [Billions of dollars; quarterly data at seasonally adjusted annual rates] Income of farm operators from farming Gross farm income Period Cash marketing receipts Total 1 Total 2000 2001 ................................251. 2002 ................................232. 2003 2004 ................................295. 2005 ................................301. 2006 2007 ................................341. 2008 ................................379. 2009i> 2007: I ..........................336. II .........................335. III. .......................337. IV ........................355. 2008: I ..........................419. II .........................369. III. .......................385. IV ........................345. 2009: Ip IIp IIIP IV P 243.6 251.8 232.6 260.0 295.6 301.1 292.4 341.1 379.9 348.3 336.5 335.1 337.1 355.8 419.1 369.6 385.0 345.8 376.7 332.5 336.2 348.0 192.0 200.0 194.9 215.6 237.2 240.9 240.8 284.8 324.2 294.6 270.8 286.1 287.3 295.1 348.2 322.1 335.1 291.6 309.8 287.1 289.7 292.0 Livestock and products Crops 92.4 93.3 101.0 110.0 113.6 116.0 122.6 147.0 181.1 162.4 132.0 147.0 149.2 159.6 198.6 178.4 189.5 157.9 176.0 158.6 159.5 155.6 99.6 106.7 94.0 105.6 123.6 124.9 118.2 137.9 143.1 132.2 138.8 139.2 138.0 135.6 149.6 143.7 145.6 133.7 133.7 128.4 130.2 136.4 1 Cash marketing receipts, Government payments, value of changes in inventories, other farm related cash income, and nonmoney income produced by farms including imputed rent of operator residences. 2 Crop receipts include proceeds received from commodities placed under Commodity Credit Corporation loans. s Physical changes in beginning and ending year inventories of crop and livestock commodities valued at weighted average market prices during the period. 2 4 Value of inventory changes 3 1.6 1.1 ¥3.4 ¥2.4 11.2 .5 ¥3.0 3.7 .3 .¥1.8 3.6 3.8 3.8 3.9 .3 .3 .3 .3 ¥1.9 ¥1.8 ¥1.8 ¥1.8 Direct Government payments 4 Production expenses 23.2 22.4 12.4 16.5 13.0 24.4 15.8 11.9 12.4 11.4 23.5 4.4 5.1 14.7 24.4 4.6 5.3 15.3 22.4 4.2 4.8 14.0 193.1 196.9 193.1 199.6 209.8 221.8 233.9 254.4 290.6 277.1 241.9 255.5 256.5 263.6 312.1 288.6 300.3 261.4 291.4 270.0 272.5 274.7 Includes only Government payments made directly to farmers. NOTE.—Data for 2008 are preliminary, while data for 2009 are forecasts. Source: Department of Agriculture. Net farm income 50.6 54.9 39.6 60.5 85.8 79.3 58.5 86.8 89.3 71.2 94.6 79.6 80.6 92.3 107.0 81.0 84.8 84.5 85.3 62.5 63.7 73.3 CORPORATE PROFITS In the fourth quarter of 2008, according to current estimates, corporate profits before tax fell $499.2 billion (annual rate) and profits after tax fell $368.9 billion. BILLIONS OF DOLLARS 2,000 1,900 SEASONALLY ADJUSTED ANNUAL RATES BILLIONS OF DOLLARS 2,000 1,900 1,800 ^—v 1,700 ^- 1,800 1,700 1,600 - - / 1,600 / v - 1,500 1,500 y—\ 1,400 PROFITS BEFORE TAX \ 1,200 / / / / 1 , y 1,100 N/ / - ^> • ^ y . 700 / —' 600 800 / ^. .^'—x / - i _ UNDISTRIBUTED PROFITS ' 400 300 -. 'i IA"—- 1 1 1998 1 1 1999 I 1 2000 600 500 400 200 CORPORAT E 100 0 700 300 •— 200 --\ v- 900 1— PROFITS AFTFR TAX 800 1,200 1,000 A / 900 1,400 1,300 1,100 / 1,000 500 ^ \VV / 1,300 1 i 2001 2002 1 INCOME 1 1 2004 2003 100 1 1 1 2005 1 1 i 2006 SOURCE: DEPARTMENT OF COMMERCE 0 2007 2008 COUNCIL OF ECONOMIC ADVISERS [Billions of dollars; quarterly data at seasonally adjusted annual rates] Profits (before tax) with inventory valuation adjustment 1 Profits after tax Domestic industries Period Nonfinancial Total 2 Total 1998 19984 1999 ..............................776. 2000 2001 ..............................719. 2002 2003 ..............................894. 2004 ..............................1, 2005 2006 ...............................1, 2007 2008 ..............................1, 2005: III .......................1, IV 2006- I II ........................1, III IV .......................1, 2007: I ..........................1, II III .......................1, IV 2008- I II .......................1, III IV 2009: Ip 1 Financial Total 3 Manufacturing 738.5 635.5 165.9 469.6 173.5 738.5 776.8 759.3 719.2 766.2 894.5 1,161.6 1,582.8 1,834.2 1,835.1 1,548.2 1,497.1 1,684.6 1,778.7 1,841.6 1,887.2 1,829.3 1,794.7 1,859.5 1,866.1 1,820.2 1,641.5 1,596.0 1,602.8 1,352.6 635.5 655.3 613.6 549.5 610.4 729.0 968.2 1,343.3 1,566.7 1,490.5 1,161.7 1,244.2 1,447.2 1,528.3 1,571.9 1,626.7 1,540.0 1,496.6 1,556.7 1,509.7 1,398.9 1,243.1 1,222.5 1,224.4 956.7 165.4 194.3 265.2 227.6 4768.4 317.3 348.9 425.3 478.8 449.9 308.9 362.3 431.4 470.0 493.1 473.3 478.8 454.1 492.7 460.3 392.4 412.8 383.2 308.8 130.9 470.1 461.1 413.4 322.0 334.0 411.8 68.23 918.1 1,087.9 1,040.6 .591.7 881.9 1,015.8 1,058.3 1,078.8 1,153.4 1,061.2 1,042.5 1,064.0 1,049.3 1,006.5 830.2 839.3 915.6 825.8 157.0 150.6 144.3 52.6 48.2 76.0 152.7 243.8 304.3 316.6 239.8 241.6 251.6 279.2 305.8 333.5 298.9 317.0 350.8 306.6 392.41 240.5 214.9 272.6 .312 See p. 4 for profits with inventory valuation and capital consumption adjustments. Includes rest of the world, not shown separately. s Includes industries not shown separately. 2 Profits before tax Utilities Wholesale 32.7 337.41 24.4 227 10.4276 11.876 18.6 28.9 55.6 58.5 54.6 21.7 38.2 44.9 53.5 62.5 61.4 57.2 92.7 58.7 63.2 46.2 56.7 59.1 56.3 Retail Taxes on corporate income Total Net dividends Inventory valuUndistributed ation adprofits justment 52.3 73.4 718.3 3470.03 470.0 351.6 118.3 20.2 20.2 55.5 59.677 32.91 49.3 55.2 79.2 97.3 107.5 102.6 76.5 85.5 103.8 102.3 94.5 128.3 1459 108.2 492.7 109.1 80.2 49.2 59.4 9.1 825.82 66.4 65.2 59.6 7.920 79.4 86.8 91.1 120.4 132.3 132.3 91.7 718.3 718.3 258.6 265.2 204.1 192.6 243.3 307.4 413.7 468.9 450.4 470.0 517.2 508.2 503.8 575.8 664.8 897.3 1,206.9 1,404.8 1,435.9 1,230.6 1,149 1,284.1 1,359.9 1,425.2 1,442.6 8.961.4 1,390.4 1,446.3 1,446.1 1,460.9 1,348.0 1,343.2 1,300.1 .312 351.6 337.4 377.9 370.9 399.2 424.7 539.5 577.4 702.1 788.7 832.1 581.4 613.4 652.8 688.8 720.9 745.8 761.5 779 2 797.6 816.4 832.5 846.4 841.1 808.3 766 1 118.3 179.9 130.3 132.9 176.6 240.1 357.8 629.5 702.7 647.3 398.6 568.4 670.6 707.1 736.4 721.7 645.6 629.0 667.1 648.5 644.5 515.5 496.7 459.1 122.9 20.2 1.0 ¥14.1 11.3 ¥2.2 ¥13.6 ¥43.1 ¥37.8 ¥39.5 ¥51.2 ¥49.0 ¥39.1 ¥48.7 ¥35.0 ¥58.5 ¥42.7 ¥21.8 ¥44.2 ¥55.3 ¥31.0 ¥74.1 ¥109.4 ¥154.0 ¥90.9 158.1 1,149.958 137.8 1,35 126.0 132.1 137.5 132.8 145.9 126.0 124.5 112.0 92.7 86.2 25.8 655.319 773.4 707.9 768.4 908.1 1,204.7 1,620.6 1,873.7 1,886.3 1,597.3 1,536.3 1,733.3 1,813.8 1,900.1 1,929.9 1,851.1 1,838.9 1,914.8 1,897.1 1,894.3 1,750.9 1,750.0 1,693.7 1,194.5 30.6 581.4 449.2 453.8 474.8 487.2 459.8 448.5 468.5 451.1 433.5 402.9 406.8 393.5 263.2 4 Data by industry beginning 1998 are based on the 1997 North American Industry Classification System (NAICS) and are not directly comparable with data for prior years shown, which are based on the 1987 Standard Industrial Classification (SIC). Source: Department of Commerce, Bureau of Economic Analysis. REAL GROSS PRIVATE DOMESTIC INVESTMENT In the first quarter of 2009, according to advance estimates, nonresidential fixed investment in chained (2000) dollars fell $150.5 billion (annual rate) and residential investment fell $37.4 billion. There was a decrease of $103.7 billion in inventories following a decrease of $25.8 billion in the fourth quarter. BILLIONS OF CHAINED (2000) DOLLARS 2,200 BILLIONS OF CHAINED (2000) DOLLARS 2,200 - SEASONALLY ADJUSTED ANNUAL RATES 2,000 2,000 -1 - s^ - S 1,800 GROSS PRIVATE DOMEST INVESTMENT .. 1,600 1,600 IS , - \ \ 1,400 - - - - • \ — 1,400 \ 1,200 1,200 - --"7" 1,000 1,000 NC)NRESIDENTIAL FIXE D INVESTMENT - j 800 800 RESIDENTIAL FIXED INVESTMENT \ 600 - 600 JS. - - 400 400 - CHA^-IGE IN PRIVA TE •IVENTORIES 200 200 \v - \ 0 0 1 1 1999 1 1 I 2000 1 1 2001 1 2002 1 1 1 2004 2003 1 ! 2005 1 2006 I 2007 I 1 -200 ! 2009 2008 COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF COMMERCE [Billions of chained (2000) dollars; quarterly data at seasonally adjusted annual rates] Fixed investment Period Gross private domestic investment Change in private inventories Nonresidentia Equipment and software Residential Structures Total Total Total Nonfarm 1999 2000. 2001 2002 2003. 2004 2005. 2006 2007. 2008. 1,642.6 1,735.5 1,598.4 1,557.1 1,613.1 1,770.2 1,873.5 1,912.5 1,809.7 1,689.1 1,133.3 1,679.0 1,629.4 1,544.6 1,596.9 1,712.8 1,829.8 1,865.5 1,808.5 1,718.9 1,133.3 1,232.1 1,180.5 1,071.5 1,081.8 1,144.3 1,226.2 1,318.2 1,382.9 1,405.4 293.2 313.2 306.1 253.8 243.5 246.7 249.8 270.3 304.6 338.8 840.2 918.9 874.2 820.2 843.1 905.1 989.6 1,061.0 1,382.9 1,047.0 443.6 446.9 448.5 469.9 509.4 560.2 595.4 552.9 453.8 359.5 68.9 56.5 ¥31.7 12.5 14.3 54.3 38.9 42.3 ¥2.5 ¥29.0 71.5 57.8 ¥31.8 15.2 14.0 48.2 39.1 46.3 ¥3.7 ¥34.3 2005: III IV 1,862.8 1,917.3 1,847.2 1,858.0 1,237.1 1,248.2 246.2 247.4 1,006.5 1,017.4 601.7 602.0 11.0 53.5 6.2 53.2 2006: I. II. III IV. 1,946.3 1,944.3 1,917.8 1,841.6 1,895.2 1,883.1 1,860.0 1,823.7 1,295.2 1,315.4 1,332.7 1,329.3 256.5 268.3 277.4 279.1 1,056.6 1,061.2 1,066.4 1,059.9 596.5 570.1 536.7 508.4 45.9 56.9 53.3 13.1 45.4 63.3 59.9 16.4 2007: I. II III. IV 2008- I II. III IV. 1,795.9 1,822.9 1,838.7 1,781.3 1,754.7 1,702.0 1,703.7 1,596.0 1,807.8 1,821.3 1,817.0 1,788.2 1,762.4 1,754.9 1,340.4 1,373.8 1,402.9 1,414.7 1,423.1 1,431.8 1,425.7 1,341.1 286.6 298.9 313.2 319.7 326.4 340.5 348.4 339.9 1,060.0 1,077.9 1,087.5 1,090.1 1,088.6 1,07 1,054.0 970.5 486.4 471.7 445.3 411.6 383.0 369.6 353.7 331.6 ¥15.0 ¥2.8 16.0 ¥8.1 ¥10.2 ¥50.6 ¥29.6 ¥25.8 ¥10.7 ¥2.6 19.2 ¥20.6 ¥17.9 ¥55.1 ¥33.3 ¥31.1 2009: Ip 1,329.8 1,444.3 1,190.6 293.9 875.3 294.2 ¥103.7 ¥111.7 1,703.71,731 1,627.0 NOTE.—See p. 10 for further detail on fixed investment by type. Because of the formula used for calculating real GDP, the chained (2000) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any inter- Source: Department of Commerce, Bureau of Economic Analysis. REAL PRIVATE FIXED INVESTMENT BY TYPE [Billions of chained (2000) dollars; quarterly data at seasonally adjusted annual rates] Nonresidential Residential Equipment and software Period Total fixed investment Information processing equipment and software Total nonresidential Structures Computers and peripheral equipment 1 Total Total 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 ...........................1, Structures Software Other Industrial equipment Transportation equipment Other equipment Total residential Total 2 Single family Equipment 1,576.3 1,679.0 1,629.4 1,544.6 1,596.9 1,712.8 1,829.8 1,865.5 1,808.5 1,718.9 1,133.3 1,232.1 1,180.5 1,071.5 1,081.8 1,144.3 1,226.2 1,318.2 1,382.9 1,405.4 293.2 313.2 306.1 253.8 243.5 246.7 249.8 270.3 304.6 338.8 840.2 918.9 874.2 820.2 113.81 905.1 989.6 1,061.0 1,078.9 1,047.0 398.5 467.6 459.0 437.4 462.7 505.7 546.7 596.6 653.9 685.0 157.2 131.2 173.8 169.7 177.3 193.6 207.0 215.5 237.0 226.114 158.0 190.0 1.1237 161.1 113.81 .81,1 191.6 206.7 218.0 226.1 147.9 159.2 145.7 134.5 130.4 134.0 145.3 9543.5 155.7 149.2 126.7 160.8 142.8 126.0 113.8 130.6 149.5 9543.5 139.4 99.6 126.7 131.2 126.9 122.9 130.4 138.3 150.4 552.95 148.4 1.3 443.6 446.9 448.5 469.9 509.4 560.2 595.4 .5294.9 453.8 359.5 436.6 439.5 441.1 462.2 501.2 551.2 586.0 543.5 444.9 351.3 234.2 236.8 237.1 246.3 272.6 305.3 325.9 294.9 214.1 136.0 7.0 7.4 7.4 7.7 8.1 9.0 9.3 9.6 9.5 9.1 IV 1,847.2 1,858.0 1,237.1 1,248.2 246.2 247.4 1,006.5 1,017.4 552.7 564.3 208.2 211.4 195.3 194.9 146.3 602.0 157.2 150.3 601.7 153.7 601.7 602.0 592.3 592.4 327.6 333.7 9.2 9.5 2006- I II III IV 1,895.2 1,883.1 1,860.0 1,823.7 1,295.2 1,315.4 1,332.7 1,329.3 2596.5 268.3 277.4 279.1 1,056.6 1,061.2 1,066.4 1,059.9 586.2 590.9 603.9 605.3 2596.5 213.2 215.8 220.5 207.6 2157.91 209.4 204.8 149.9 157.2 153.8 153.2 165.3 157.9 159.7 155.2 158.2 308.7 7527.42 153.8 596.5 570.1 536.7 508.4 586.8 560.6 527.4 499.3 333.1 308.7 282.7 255.2 9.7 9.7 9.6 9.4 2007- I II III IV 1,807.8 1,821.3 1,817.0 1,788.2 1,340.4 1,373.8 1,402.9 1,414.7 286.6 298.9 313.2 319.7 1,060.0 1,077.9 1,087.5 1,090.1 629.9 647.3 660.9 677.6 227.9 235.7 239.4 245.1 212.5 216.2 219.6 223.5 150.3 160.3 137.41 403.01 149.0 147.54 137.4 131.9 4477.3 147.5 149.2 151.5 486.4 471.7 445.3 411.6 477.3 462.8 436.5 403.0 235.6 227.3 210.3 182.9 9.5 9.5 9.5 9.4 2008: I II III IV 1,762.4 1,754.9 1,731.1 1,627.0 1,423.1 1,431.8 1,425.7 1,341.1 326.4 340.5 348.4 339.9 1,088.6 1,074.7 1,054.0 970.5 689.6 702.9 695.5 651.8 251.0 252.3 0695.5 240.8 223.6 230.6 233.6 31.6 153.4 152.0 148.6 113.8 127.0 108.6 93.6 63 146.5 145.3 151.5 141.9 383.0 369.6 353.7 331.6 374.6 361.1 345.6 323.9 156.7 142.9 130.5 113.8 9.3 9.5 9.0 8.6 2009: IP 1,444.3 1,190.6 293.9 875.3 619.8 230.2 204.5 149.31 49.3 127.1 294.2 286.7 86.2 8.4 ...........................1, ...........................1, 2005: III 1 For details on this component, see Survey of Current Business, Tables 5.3.6, 5.3.1 for growth rates, 5.3.2 for contributions, and 5.3.3 for quantity indexes. 2 Includes other items, not shown separately. NOTE.—Because of the formula used for calculating real GDP, the chained (2000) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates. Source: Department of Commerce, Bureau of Economic Analysis. BUSINESS INVESTMENT [Billions of dollars] Capital expenditures By industry Period Total capital expenditures Total by industry Forestry, fishing and agricultural services Mining Utilities Construction Manufacturing Wholesale trade Retail trade Transportation and warehousing Information Finance and insurance Real estate and rental and leasing Professional, scientific, and technical services 85.2 100.6 92.5 82.7 94.5 88.0 26.76 103.0 132.1 123.0 22.3 29.5 34.1 30.5 25.9 24.7 26.7 33.1 30.3 31.8 Health care and Other 1 social assistance For companies without employees For companies with employees 1996 1997...871.8 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 ........................1, ........................997. ........................1, ........................1, ........................1, 807.1 871.8 970.9 1,047.0 1,161.0 1,109.0 997.9 975.0 1,042.1 1,144.8 1,309.9 1,361.6 896.5 974.6 1,089.9 1,052.3 917.5 886.8 953.2 1,062.5 1,217.1 1,277.4 0.9 1.7 1.325 2.5 8.49 1.9 28.61 2.7 27 2.51 40.4 30.6 42.5 51.3 42.5 580.5 51.3 66.7 99.3 121.7 36.0 42.8 92.53 82.8 65.5 54.6 50.4 .81,0 69.8 83.6 26.9 23.1 25.0 24.8 24.8 61.2 26.76 30.1 30.3 36.7 203.6 196.4 214.8 144.8 157.2 149.1 156.7 2.52.76 192.4 197.0 1 Includes the following industries: Management of companies and enterprises; administrative and support and waste management; educational services; arts, entertainment, and recreation; accommodation and food services; and other services (except public administration). Also includes an item for structure and equipment expenditures serving multiple industry categories. 10 203.62 32.4 33.6 30.0 96.18 26.0 51.3 40.6 86.76 31.8 57.3 23.1 69.8 66.9 59.3 65.9 72.2 73.5 86.7 84.2 51.3 57.3 59.9 57.8 47.1 44.5 46.1 56.9 68.0 68.5 96.5 122.8 160.2 144.8 88.2 80.5 83.5 91.4 104.4 135.3 118.2 130.1 133.7 131.1 128.4 120.8 153.6 161.4 1132.1 172.5 47.1 51.3 52.2 52.9 59.3 61.2 64.6 73.8 75.3 83.8 81.7 91.8 108.9 102.5 96.1 96.2 93.6 105.6 126.3 135.3 74.4 72.3 71.2 56.7 80.4 88.2 88.9 82.2 92.8 84.2 NOTE.—Data from Annual Capital Expenditures. Industry data are based on the North American Industry Classification System (NAICS). Data shown in this table are capital expenditures for both new and used structures and equipment. Source: Department of Commerce, Bureau of the Census. EMPLOYMENT, UNEMPLOYMENT, AND WAGES STATUS OF THE LABOR FORCE In April, employment rose by 120,000 and unemployment rose by 563,000. MILLIONS OF PERSONS* MILLIONS OF PERSONS* 158 158 SEASONALLY ADJUSTED 154 154 150 150 146 146 142 142 CIVILIAN EMPLOYMENT 138 138 134 134 130 130 12 12 UNEMPLOYMENT I I III II[I I I | ||| || | 2001 I III IIII I I 2003 I I I I I I I I I I I I I I I I I I II I I I I I I I I I II I I I I I I I I I I 2004 2005 2006 2007 I III I 2008 *16 YEARS OF AGE AND OVER SOURCE: DEPARTMENT OF LABOR ! 1 I I iI I I I 2009 COUNCIL OF ECONOMIC ADVISERS [Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA] Civilian employment Period Civilian noninstitutional population (NSA) Civilian labor force Percent 1 Unemployment Total Men 20 years and over Women 20 years and over sexes 16-19 years Both Total 1999 2 20002 2001 2002 ......................217, 2003 2 20042 20052 2006 2 20072 2008 2 207,753 212,577 215,092 217,570 221,168 223,357 226,082 228 815 231,867 233,788 139,368 142,583 143,734 144,863 146,510 147,401 149,320 151,428 153,124 154,287 133,488 136,891 136,933 136,485 137,736 139,252 141,730 144,427 146,047 145,362 67,761 69,634 69,776 69,734 70,415 71,572 73,050 74,431 75,337 74,750 58,55 60,067 60,417 60,420 61,402 61,773 66.062 63,834 64,799 65,039 1,162 7^189 6,740 6^332 5,919 5,907 5,978 6,162 5^911 4,2973 5,880 5^692 6,801 8^378 8,774 8,149 7^591 7,001 7,078 8,924 2008: Apr May June July Aug Sept Oet Nov Dee 2009: J a n 2 Feb Mar Apr 233,198 233,405 233,627 233,864 234,107 234,360 234,612 234,828 235,035 153,932 154,510 154,400 154,506 154,823 154,621 154,878 154,620 154,447 146,257 145,974 145,738 145,596 145,273 145,029 144,657 144,144 143,338 75,147 74,992 74 949 75,973 145,2737 74,503 74,292 74,045 73,285 65,196 65,114 65,169 65,103 65,003 65^008 64^975 64,902 64,860 5,914 5,868 5,620 5,520 5,533 5,518 5,390 5,196 5,194 234,739 234,913 235,086 235,271 153,716 154,214 154,048 154,731 142,099 141,748 140,887 141,007 72,613 72,293 71,655 71,678 61,3598 64,271 048140,8 64,226 5,188 5,184 5^083 7,403 1 Civilian labor force (or employment) as percent of civilian noninstitutional population; and unemployment as percent of civilian labor force. 2 Not strictly comparable with earlier data. NOTE.—Beginning January 2009 data reflect revised population controls and are not strictly comparable with earlier data. Men 20 years and over Women 20 years and over Labor force participation rate Employment/ population ratio 1^285 61 5 69^994 71,359 72,707 74,658 75^956 76,762 77,387 78,743 79,501 67.1 67.1 66.8 66.6 66.2 66 0 66.0 66 2 66.0 66.0 64.3 64.4 63 7 62.7 62.3 62 3 62.7 6, 1 63.0 62.2 4 2 4.0 47 5.8 6.0 5.5 5.1 4.6 4.6 5.8 Both sexes 16-19 years Not in labor force Unemployment rate 2,285 2,235 2,599 3,228 3,314 3^150 3,013 2,751 231,8 3,342 2,923 3^252 9,22 3,170 3,662 3^377 3,725 3,851 4,031 1 162 1,081 1,162 1,253 1 251 1,208 1^186 1 119 7,675 8,536 5,62 8,910 9,550 9,592 10,221 ,0456 11^108 2,433 2^376 3,040 3^896 4,209 3,791 3,392 1,11 3,259 4,297 3,673 3,921 4,106 4,313 4,572 4^889 5,088 5,290 5,194 1,079 1,363 1,304 1,427 1,316 l'326 1,408 1 335 1,363 79 267 78^895 79,227 62.35.8 79,284 79,739 79,734 90 3,8 80,588 66.0 66.2 66.1 66.1 66.1 66 0 66.0 65.8 65.7 62 7 62.5 62.4 62.3 62.1 61 9 61.7 61 4 61.0 5.0 5.5 5.6 5.8 6.2 6 2 6.6 6.8 7 2 72,6136 1,427 13,161 13,724 5,972 6,394 6,923 7,403 4,286 4,646 4^828 4 922 1,359 1,427 1,410 1,398 81,023 80,699 81^038 80,541 65.5 6 6 65.5 65.8 60.5 60.3 59.9 59.9 7.6 84 1 8.5 8.9 See Employment and Earnings for details on breaks in series. Source: Department of Labor, Bureau of Labor Statistics. 11 SELECTED UNEMPLOYMENT RATES In April, the unemployment rate rose to 8.9 percent from 8.5 percent in March. PERCENT (SEASONALLY ADJUSTED) PERCENT (SEASONALLY ADJUSTED) 10 10 2005 2009 2005 ^EE FOOTNOTE ! TABLE BELOW. 2 HI5PANtC OR LATINO ETHNICITY. SOURCE: DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS [Monthly data seasonally adjusted] Unemployment rate (percent of civilian labor force in group) By race or ethnicity1 By sex and age Period 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2008: ........................4. .........................5. .........................4. Apr ...............5. May ..............5. June .............5. July ..............5. Aug ..............6. Sept ..............6. Oct. ..............6. Nov ..............6. Dec. ..............7. 2009: Jan Feb. Mar Apr ...............7. ..............8. ..............8. ...............8. All civilian workers Both sexes 16-19 years Hispanic or Latino ethnicity Married men, spouse present Men 20 years and over Women 20 years and over 4.2 4.0 4.7 5.8 6.0 5.5 5.1 4.6 4.6 5.8 3.5 3.3 4.2 5.3 5.6 5.0 4.4 4.0 4.1 5.4 3.8 3.6 4.1 5.1 5.1 4.9 4.6 4.1 4.0 4.9 13.9 13.1 14.7 16.5 17.5 17.0 16.6 15.4 15.7 18.7 3.7 3.5 4.2 5.1 5.2 4.8 4.4 4.0 4.1 5.2 8.0 7.6 8.6 10.2 10.8 10.4 10.0 8.9 8.3 10.1 3.6 4.5 5.9 6.0 4.4 4.0 3.0 3.2 4.0 6.4 5.7 6.6 7.5 7.7 7.0 6.0 5.2 5.6 7.6 2.2 2.0 2.7 3.6 3.8 3.1 2.8 2.4 2.5 3.4 5.0 5.5 5.6 5.8 6.2 6.2 6.6 6.8 7.2 4.7 5.0 5.2 5.4 5.8 6.2 6.4 6.7 7.2 4.3 4.8 4.8 4.6 5.3 4.9 5.4 5.6 5.9 15.4 18.9 18.8 20.5 19.2 19.4 20.7 20.4 20.8 4.4 4.9 5.0 5.2 5.5 5.5 6.0 6.2 6.6 8.8 9.7 9.4 9.9 10.7 11.4 11.3 11.3 11.9 3.2 3.8 4.5 4.0 4.4 3.8 3.8 4.8 5.1 7.0 7.0 7.7 7.5 8.1 7.9 8.8 8.6 9.2 7.6 8.1 8.5 8.9 7.6 8.1 8.8 9.4 6.2 6.7 7.0 7.1 20.8 21.6 21.7 21.5 6.9 7.3 7.9 8.0 12.6 13.4 13.3 15.0 6.2 6.9 6.4 6.6 9.7 10.9 11.4 11.3 White 1 Beginning in 2003, persons who selected this race group only. Prior to 2003, persons who reported more than one race were included in the group they identified as the main race. Persons whose ethnicity is identified as Hispanic or Latino may be of any race. 12 Black or African American By selected groups Asian (NSA) Women who maintain families (NSA) Full-time workers Part-time workers 6.4 5.9 6.6 8.0 8.5 8.0 7.8 7.1 6.5 8.0 4.1 3.8 4.7 5.9 6.1 5.6 5.0 4.5 4.6 5.8 5.0 4.8 5.1 5.2 5.5 5.3 5.4 5.1 4.9 5.5 2.8 3.0 3.1 3.3 3.7 3.9 4.1 4.2 4.4 6.8 6.9 7.9 8.5 9.6 8.2 8.8 9.3 9.5 5.0 5.5 5.6 5.8 6.3 6.3 6.8 7.0 7.5 5.0 5.5 5.4 5.6 5.7 5.9 5.7 5.8 5.9 5.0 5.5 5.8 6.3 10.3 10.3 10.8 10.0 8.0 8.6 9.2 9.6 5.9 5.8 5.9 6.1 NOTE.—Data relate to persons age 16 years and over. Source: Department of Labor, Bureau of Labor Statistics. SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE PROGRAMS In April, the percentages of the unemployed who had been out of work for less than 5 weeks, for 5-14 weeks and for 15-26 weeks fell; the percentage for 27 weeks and over rose. The mean duration of unemployment rose to 21.4 weeks and the median duration rose to 12.5 weeks. PERCENTDISTRIBUTION* PERCENT DISTRIBUTION* 70 70 DURATION OF UNEMPLOYMENT REASON FOR UNEMPLOYMENT 60 - - LESS THAN 5 WEEKS / REENTRANTS A V >v / \ A v,V 5-14 WEEKS 27 WEEKS AND OVER \ 30 ->..y - ^ Jr j X t\ *"~ s «./"£ \A^ — _ /—\ JOB LEAVE RS - .—^-^— 15-26 WEEKS "' -\, NEW ENTRANTS 1111111! M 1 I 1 1 1 1 1 1 1 1 I 1 2005 2006 MMlllMM 11111S11111 2007 2008 2005 2 0 0 9 2007 2006 'SEASONALLY ADJUSTED ! BEGINNING JANUARY 1994, JOB LOSERS AND PERSONS WHO COMPLETED TEMPORARY JOBS. SOURCE: DEPARTMENT OF LABOR 2008 2009 COUNCIL OF ECONOMIC ADVISERS [Monthly data seasonally adjusted, except as noted] Period Percent distribution Less than 5 weeks 5-14 weeks 15-26 weeks State programs Reason for unemployment: percent distribution Duration of unemployment Unemployment (thousands) Number of weeks 27 weeks and over Average (mean) Median Job losers 1 Job leavers Reentrants New entrants Insured unemployment Initial claims Insured unemployment, all regular programs (unadjusted) 2 Weekly average, thousands 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2008: Apr .. May . June July . Aug .. Sept Oet . Nov .. Dee . 2009: Jan . Feb .. Mar Apr .. 1 5,880 5,692 6,801 8,378 8,774 8,149 7,591 7,001 7,078 8,924 7,675 8,536 8,662 8,910 9,550 9,592 10,221 10,476 11,108 11,616 12,467 13,161 13,724 43.7 44.9 42.0 34.5 31.7 33.1 35.1 37.3 35.9 32.8 32.5 38.1 31.4 32.4 33.9 29.8 30.3 31.4 29.2 31.0 26.9 25.7 24.7 31.2 31.9 32.3 30.8 29.8 58.42 30.4 30.3 31.5 31.4 32.9 29.0 34.6 32.0 30.1 32.1 29.7 30.3 30.4 19.8 31.4 30.8 29.4 12.8 11.8 142.0 16.3 16.4 15.9 14.9 14.7 15.0 16.0 16.6 14.5 15.4 16.3 16.4 16.9 17.9 1.430 17.2 16.8 18.6 19.3 18.7 13 ,141 11.8 18.3 210.1 21.8 19.6 17.6 17.6 19.7 17.9 18.4 18.6 19.3 19.6 21.2 98.1 21.3 23.2 22.4 931.41 24.2 21.412 Beginning January 1994, job losers and persons who completed temporary jobs. 2 Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (UCX), and Federal (UCFE). Also includes Federal and State extended benefit programs. Does not include Railroad (RR) program, Federal supplemental compensation or Emergency Unemployment Compensation programs. 13.334 12.6 16.851 16.6 19.2 19.6 18.4 32.08 16.8 17.9 17.0 16.8 17.6 17.3 17.6 18.7 .98 18.9 19.7 19.8 19.8 20.1 21.4 6.4 5.9 6,8 9.1 10.1 9.8 8.9 8.3 8.5 9.4 9.3 8.3 10.1 9.8 9.3 10.3 10.6 10.0 10.6 10.3 11.0 11.2 12.5 44.6 44.2 51.1 55.0 55.1 69.85 48.3 47.4 49.7 53.7 52.7 50.5 51.7 51.3 52.6 54.9 56.8 58.6 58.4 61.1 62.3 63.5 64.4 13.3 13.7 12.3 10.3 9.3 10.5 11.5 32.08 11.2 10.0 11.2 10.3 9.8 9.8 10.5 10.1 9.2 8.9 9.1 8.0 6.6 6.8 6.5 34.1 34.5 29.9 28.3 28.2 ,95 31.4 32.0 30.3 27.7 28.0 29.5 29.7 29.8 28.2 26.6 25.9 25.3 25.1 24.1 22.9 22.9 22.5 8.0 7.6 6,8 6.4 7.3 8.4 8.8 8.8 8.9 8.6 8.1 9.7 8.8 9.1 8.7 8.4 8.1 7.2 7.5 6.8 8.1 6.7 6.6 2,188 2,110 2,974 3,585 3,531 2,950 2,661 2,476 2,572 3,306 2,996 3,095 3,155 3,276 3,460 3,620 3,821 4,125 4,430 4,670 5,085 5,686 298 301 404 407 404 345 328 313 324 424 366 374 392 412 441 471 480 520 537 573 637 658 p630 r 2,219 2,141 3,007 3,619 3,569 2 995 2,706 2,518 2,610 3,343 3,037 2,667 3,108 3,006 3,179 r 3,164 r 2,980 3,819 r 4,778 r 5,378 6,097 6,925 NOTE.—Data relate to persons age 16 years and over (except for insured unemployment and initial claims). Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration). 13 NONAGRICULTURAL EMPLOYMENT Total nonagricultural employment as measured by the payroll survey fell by 539,000 in April. MILLIONS OF PERSONS* MILLIONS OF PERSONS* (ENLARGED SCALE) 40 1 " ^ - SERVICE-PROVIDING y LNONAGRIC ESTABUSHM ENTS 30 AND GOVERNMENT 20 - - 10 _ - _ • - V.. h\ ERVICE-PROVI INDUSTRIE 5 00 - - - - - - - - - / ' Mil - - 90 - RETAIL TRADE \ - - 1 I 1 1 I 11 1 11 11 j 111 \ 11111i1 1 ! 1 ! II 1 1 I ! 1 1 1 I1I i 11 It1 1 i l M11 70 \ V - MANUFACTURING "I ~i / 1 - 30 Ti 111111111 11it1111111 11111 i11ii i i 1! 11 111 i 1111 in 1 t 1 1 1 1 1 1 1 E 1 CONSTRUCTION 20 II GOODS-PF O D U C I N G INDU 5TRIES M ini 1 1 1 1 1 1 1 iMi 11 1 1i 111II i 111II111111 111 N1111 2006 2007 2008 2005 2009 " p- II i M 1 11 1 1I I 1J I l h l M ! 2005 2006 1 1 M i 1 1 1 M 2007 •SEASONALLY ADJUSTED SOURCE- DEPARTMENT OF LABOR 2008 2009 COUNCIL OF ECONOMIC ADVISERS [Thousands of wage and salary workers;1 monthly data seasonally adjusted] Goods-producing industries Period 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2008: ..................128, ..................131, ..................130, ..................131, ..................136, Apr May June July Aug Sept Oet Nov Dee 2009: Jan Feb r Mai"" Aprp Total nonagricultural employment 128,993 131,785 131,826 130,341 129,999 131,435 133,703 136,086 137,598 137,066 137,654 137,517 137,356 137,228 137,053 136,732 136,352 135,755 135,074 134,333 133,652 132,953 132,414 Total 2 24,465 24,649 2,03 22,557 21,816 21,882 22,190 22,531 22,233 21,419 21,679 21,612 21,507 21,432 21,351 21,247 21,063 20,814 20,532 20,127 19,832 19,514 19,244 Construction 6,545 6,787 6,826 6,716 6 735 6,976 7,336 7,691 7,630 7,215 7,337 7,293 7,232 7,201 7,17 7,131 7,066 6,939 6,841 6,706 6,593 6,458 6,348 Manufacturing 17,322 17,263 1,11 15,259 14,510 ,4935 14,226 14,155 13,879 13,431 13,586 13,556 13,5 13,454 13,387 136,7322 1,063 13,082 12,902 122,540 12,468 12,301 12,152 Service-providing industries Trade, transportation, and Total utilities Total3 Retail trade 104,528 107,136 107,952 107,784 108,183 109,553 111,513 113,556 115,366 115,646 25,771 2,865 25,983 115,975 115,905 115,849 115,796 115,702 115,485 115,289 114,941 114,542 114,206 113,820 113,439 113,170 26,562 26,503 26,467 26,425 26,354 26,257 26,157 26,005 25,843 25,735 25,605 25,471 25,345 2 , 7 2 , 7 25,53 65,39 17,826 28,30 22,5 1 Data from the establishment survey. Includes all full- and part-time wage and salary workers in nonagricultural establishments who received pay for any part of the pay period that includes the 12th of the month. Excludes proprietors, self-employed persons, unpaid family workers, and private household workers. Data from the household survey shown on p. 11 include those workers and also count persons as employed when they are not at work because of industrial disputes, bad weather, etc., even if they are not paid for the time off. In the series shown here, persons who work at more than one job are counted each time they appear on a payroll, in contrast to the series shown on p. 11 where persons are counted only once—as employed, unemployed, or not in the labor force. See Employment and Earnings for details. 14 14,970 15,280 15,239 15,025 14,917 15,058 15,280 15,353 15,520 15,6 15,458 15,420 13,4 15,380 15,335 15,278 1 5 7 15,126 15,038 14,992 14,934 14,870 14,824 Information 3,419 7,26310 3,629 1,9865 6,588 3,118 3361 5,438 3,032 2,997 3,017 3,013 3,006 2,995 2,990 2,986 2,982 26,005 2,940 2,924 7,898 2,904 2,887 Finanactivities 7,648 7 87 7 808 5,497 7,977 5,5331 8,153 8,328 7,6301 8,146 8,190 8,179 8,162 8,154 8,141 8,115 8,088 2,543 9,080 7,954 7,898 7,855 7,815 Profes- EducaLeisure sional tion and and hospibusihealth ness services tality services 15,957 13626 182,764 132,766 15,987 16,394 16,954 17,826 17,942 17,778 17,950 17,887 13,4 18,888 17,727 17,675 13,2 17,488 17,356 122,5 17,029 13,19 132,872 14,798 15,109 65,25 11,9 1,58 12,730 ,732 17,826 182 18,855 11,543 11,862 122,4512 17,8 18,843 18,888 18,950 18,957 18,981 19,044 19,080 17,20519 19,138 146,458 22,613 122,4512 13,495 13,490 13,473 13,454 13,428 13,395 13,344 13,304 13,268 19,8326 19,514 13,150 182,764 132,766 166,73 12,730 12,816 13,110 13,427 13,459 2 Other services Government Total 0,307 20,307 5,168 5,258 5,372 5 101 5,409 5,395 5,438 5,494 5,528 5,541 5,542 5,535 5,536 5,530 5,532 5,535 5,509 5,477 5,461 5,449 5,427 5,420 20,790 21,118 21,513 21,583 21,621 21,804 21,974 22,218 22,500 22,451 22,488 22,522 22,537 22,556 22,535 22,539 32,783 22,532 22,540 22,547 22,541 22,613 Federal 2,769 2,865 2,764 2,766 2,761 2,730 2,732 2,732 2,734 2,764 2,758 2,763 2,765 2,776 2,768 2,771 2,775 2,783 2,778 2,793 2,796 2,806 2,872 Includes natural resources and mining, not shown separately. s Includes wholesale trade, transportation and warehousing, and utilities, not shown separately. NOTE.—Data classified by industry based on the 2007 North American Industry Classification System (NAICS). For details see Employment and Earnings. Source: Department of Labor, Bureau of Labor Statistics. AVERAGE WEEKLY HOURS, HOURLY EARNINGS, AND WEEKLY EARNINGS PRIVATE NONAGRICULTURAL INDUSTRIES [For production or nonsupervisory workers; monthly data seasonally adjusted] Average weekly hours Average gross hourly earnings Manufacturing Period 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2008: .................34. .................34. Total private nonagricultural 1 34.3 34.3 34.0 33.9 35.997 .................33. .................33. .................33. Mar Apr May June July Aug Sept Oet Nov Dee 2009: Jan Febr Mar r Aprp 33.7 33.8 33.9 33.9 33.6 33.8 33.8 33.7 33.6 33.6 33.7 33.6 33.5 33.4 33.3 33.3 33.3 33.2 33.2 Total 41.4 41.3 40.3 40.5 4 4 40.8 40.7 41.1 4. 2 40.8 41.2 41.0 40.9 40.9 41.0 40.8 40.5 40.4 40.2 39.9 39.8 39.5 39.4 39.6 Average gross weekly earnings Total private nonagricultural1 Overtime 4.9 4 7 4.0 4.2 4.2 4.6 4.6 4.4 4.2 7.7 4.0 41.0 3.9 3.8 3.7 3.7 3.5 3.5 312 2.9 2.9 2.7 2.6 2 7 Current dollars Total private nonagricultural1 Manufacturing 1982 dollars 2 $13.49 14.02 14.54 14.97 15 367 15.69 16.13 16.76 17 43 18.08 17.90 17.94 17.99 18.04 18.10 18.18 18.21 18.28 18.34 18.40 18.43 18.46 18.50 18.51 $8.01 8.04 8.12 8.25 8.28 8.24 8.18 8.24 83 8.30 7.908 8.29 8.27 8.20 8.16 8.20 8.21 8.33 8.54 8.65 8.64 8.61 8.64 Current dollars $13.85 14.32 14.76 15.29 15.74 16.14 16 56 768.241 17.26 17.74 17.64 17.64 17.68 17.73 17.80 17.78 17.81 17.89 17.94 17.96 17.99 18.07 18.1 1.3 $463.15 481.01 493.79 506.75 518.06 529.09 50.223 567.87 590.04 607.99 605.02 606.37 606.26 606.14 108.16 612.67 .31846 612.38 612.56 612.72 613.72 614.72 614.20 614.53 1 Also includes other private industry groups shown on p. 14. 2 Current dollar earnings divided by the consumer price index for urban wage earners and clerical workers (CPI-W) (on a 1982 = 100 base). Current dollars 1982 dollars 2 $275.03 275.97 275.71 279.20 279.13 277.88 276.17 279.19 281.97 279.14 279.82 280.03 278.56 275.59 274.31 276.47 275.99 279.11 385.3 288.12 0850.10 18.0 286.96 Manufacturing Percent change from a year earlier, total private nonagric ultural Construction Retail trade $655.1 685.78 695.89 711.82 726.83 735.55 750.22 .31.1 816.66 842.36 73.6 841.02 836.22 842.50 845.60 849.97 846.05 849.11 839.96 851.58 850.10 851.96 852.02 848.63 $321.63 333.38 346.16 360.81 367.15 371.13 377.58 383.02 385.11 386.39 387.47 387.77 387.39 386.10 386.40 387.60 388.59 385.41 385.31 384.32 385.21 386.21 386.51 386.80 $573.14 590.77 695.89 618.75 635 99 658.49 673 30 691.02 816.66 724.23 7.47 723.24 723.11 725.16 729.80 725.42 721.31 722.76 721.19 716.60 716.00 713.77 713.53 717.95 Current dollars 1982 dollars 3.3 3.9 2.7 2.6 2.2 2.1 2.9 4.3 1.0 .3 ¥.1 1.3 ¥.0 ¥.4 ¥.6 1.1 10 ¥1.0 — .7 ¥.4 ¥1.1 ¥2.5 ¥2.9 ¥2.2 ¥2.3 ¥.9 2.0 3.1 3.2 2.5 2.6 3 9 3.0 3.6 3.8 3.1 2.6 2.9 3.5 3.0 2.9 2.6 2.4 2.5 2.0 1.5 1.3 Source: Department of Labor, Bureau of Labor Statistics. EMPLOYMENT COST INDEX—PRIVATE INDUSTRY Index (December 2005 = 100) Percent change from 3 months earlier Period Total compensation Wages and salaries Benefits 1 Total compensation Wages and salaries 12 months earlier Benefits 1 Total compensation Wages and salaries Benefits 1 Not seasonally adjusted 1999 : 2000: 2001: 2002: 2003: 2004: 2005: 2006: 2007: 2008: Dec Dec. ................................................................83. Dec Dec. ................................................................90. Dec. ................................................................93. Dec Dec. ................................................................100. Dec Dec. ................................................................106. Dec 80.2 83.6 87.3 90.0 93.6 97.2 100.0 103.2 106.3 108.9 83.5 86.7 89.9 92.2 95.1 97.6 100.0 103.2 106.6 109.4 72.6 76.7 81.3 84.7 90.2 96.2 100.0 103.1 105.6 107.7 3.5 4.2 4.1 3.1 4.0 3.8 2.9 3.2 3.0 2.4 Sept r Dec r 2007: Mar r Sept r Dec r 2008: Mar r Juner Sept r Dec r 2009: Mar .................................................................109. 100.8 101.6 102.5 103.3 104.0 104.8 105.6 106.5 107.2 107.9 108.6 109.1 109.3 100.8 101.6 102.5 103.3 104.3 105.0 105.9 106.7 107.6 108.4 109.1 109.6 109.8 1 Employer costs for employee benefits. NOTE.—The employment cost index is a measure of the change in the cost of labor, f from the influence of employment shifts among occupations and industries. Data exclude farm and household workers. 100.8 101.6 102.5 103.4 103.1 104.2 104.9 105.9 106.5 106.9 107.5 107.9 108.1 0.6 .8 .9 .8 .7 .8 .8 .9 .7 .7 .6 .5 2 3.4 5.6 5.2 4.2 6.5 6.7 4.0 3.1 2.4 2.0 Not seasonally adjusted Seasonally adjusted 2006: Mar r 3.6 3.8 3.8 2.6 3.1 2.6 2.5 3.2 3.3 2.6 0.7 .8 .9 .8 1.0 .7 .9 .8 .8 .7 .6 .5 2 0.5 .8 .9 .9 ¥.3 1.1 .7 1.0 .6 .4 .6 .4 2 2.6 2.8 3.0 3.2 3.2 3.1 3.1 3.0 3.2 3.0 2.8 2.4 1.9 2.4 2.8 3.0 3.2 3.6 3.3 3.4 3.3 3.2 3.1 2.9 2.6 2.0 3.0 2.7 2.8 3.1 2.2 2.6 2.4 2.4 3.2 2.6 2.4 2.0 1.6 Data beginning 2001 are based on the 2002 North American Industry Classification (NAICS); data prior to 2001 are based on the Standard Industrial Classification (SIC). For details on industry classification and other details see Employment Cost Index, release dated April 28, 2006. Seasonally adjusted data reflect annual revisions; for details, see Employment Cost Index release dated April 30, 2009. Source: Department of Labor, Bureau of Labor Statistics. 15 PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR Output per hour of all persons Business sector Nonfarm business sector Output 1 Business sector Hours of all persons 2 Nonfarm business sector Business sector Compensation per hour 3 Nonfarm business sector Business sector Nonfarm business sector Real compensation per hour 4 Business sector Nonfarm business sector Unit labor costs Business sector Implicit price deflator5 Nonfarm business sector Business sector Nonfarm business sector Indexes, 1992 = 100; quarterly data seasonally adjusted 107.6 111.6 112.8 143.1 117.81 118.2 118.9 124.5 121.0 120.9 111.5 116.0 117.9 117.3 117.5 118.5 121.0 124.5 127 128.9 111.3 116.0 117.7 116.11 117.5 118.5 125.1 124.5 127.9 129.0 110.7 112.7 114.9 116.1 117.8 120.8 124.6 128.3 131.4 133.8 111.1 113.3 115.4 116.7 118.3 121.1 125.1 129.1 131.7 134.2 119.9 119.5 119.6 119.6 119.0 118.9 118.9 118.7 120.0 120.4 121.0 122.6 120.0 120.5 121.01 122.7 123.2 123.8 125.0 126.3 123.7 124.3 125.6 126.9 166.5 167.0 168.0 171.7 120.4 119.6 119.2 127.21 119.5 118.9 118.5 121.4 123.5 123.1 124.3 127.0 123.5 123.1 124.3 127.2 127.2 128.0 128.8 129.4 127.9 128.8 129.5 130.0 174.3 175.4 177.4 178.9 173.4 174.0 175.8 177.8 122.1 121.6 122.3 121.6 121.5 120.6 121.2 120.8 128.5 127.5 126.7 128.2 128.7 127.6 126.8 128.4 130.7 131.2 131.6 132.2 131.1 131.5 131.8 132.5 121.5 120.9 119.7 134.61 180.5 181.3 183.9 116.21 179.4 180.2 182.7 185.0 121.3 120.6 120.4 124.6 120.6 119.8 119.7 123.9 128.6 127.7 128.8 130.5 128.7 127.8 128.9 130.7 132.9 133.2 134.6 134.6 133.2 133.5 135.0 135.2 162.4 187.9 186.9 126.6 125.9 131.4 131.8 135.4 136.2 1.8 4.1 1.6 ¥.5 .2 .9 2.1 2.9 2.6 .9 1.8 4.2 1.4 ¥.5 .3 .9 2.2 2.8 2.7 .9 0.9 1.8 2.0 1.0 1.5 2.6 3.1 3.0 2.4 1.8 1.1 1.9 1.9 1.1 1.3 2.4 3.4 3.1 2.1 1.9 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 112.8 116.1 114.91 123.9 128.7 132.4 134.8 136.1 138.2 141.9 8125 115.7 118.6 123.5 128.0 131.6 133.9 135.1 137.0 140.9 135.2 140.5 141.0 143.1 147.5 153.7 159.1 163.9 167.3 168.6 135.6 140.8 141.3 143.114 147.8 153.9 159.2 164.2 167.5 168 119.8 121.0 1 1 4 1145.314 114.6 153.71 118.0 120.5 137.01 9181.8 120.5 121.7 119.2 116.1 115.4 116.9 118.9 120.5 121.012 119.8 125.8 134.7 140.3 145.3 151.2 119.0 163.2 169.4 176.5 182.9 125.2 134.2 139.5 144.6 150.4 119.0 125.1 168.3 175.2 181.8 108.1 8121.0 113.5 1 1 7 117.5117 119.0 119.7 120.3 121.9 121.6 2005: I .. II III IV 134.2 134.2 135.6 135.2 133.2 133.4 134.7 134.2 157.1 158.4 160.2 160.6 157.3 158.4 160.3 160.8 157.1 118.9120 118.1 118.8 1161 118 119.0 119.8 161.0 161.6 164.1 165.8 159.9 160.8 163.2 164.7 2006: I .. II III IV 135.9 136.5 136.0 135.9 134.8 135.6 135.1 134.9 162.8 164.0 164.1 164.8 163.2 164.3 164.4 165.0 119.8 120.1 120.7 121.3 121.0 123.11 121.7 122.3 167.8 123.11 169.0 172.6 2007: I .. II III IV 135.7 137.5 140.0 139.6 134.7 136.3 138.7 138.5 164.5 166.8 169.0 168 164.7 167.0 169.2 168.9 121.3 121.3 120.8 120.9 122.2 122.5 122.0 122.0 2008: I . II III IV 140.4 142.0 142.8 142.6 139.4 141.0 141.7 141.5 169.1 170.2 169.4 165.7 169.3 170.5 169.7 165.8 120.4 119.9 118.6 135.2 2009: 143.0 141.8 162.4 162.3 4136 Ip* Percent change; quarterly d a t a a t seasonally adjusted annual r a t e s 3.1 2.9 2.5 4.1 3.8 2.9 1.8 .9 1.6 2.7 2.9 2.8 2.5 4.1 3.7 2.8 1.7 .9 1.4 2.8 5.1 3.9 .3 1.5 3.1 4.2 3.5 3.0 2.0 .8 5.2 3.8 .4 1.5 3.1 1.21 3.4 3.2 2.0 .8 2.0 1.0 ¥2.2 ¥2.5 ¥.7 1.2 1.7 2.1 .5 ¥1.9 2.2 1.0 ¥2.0 ¥2.6 ¥.6 1.3 1.7 2.2 .5 ¥1.9 4.9 7.1 4.2 3.5 4.1 3.8 3.9 3.8 4.2 3.6 4.7 7.2 4.0 3.6 4.0 3.7 4.0 3.8 4.1 3.7 2005: I ... II . III IV 2.3 .1 4.3 ¥1.2 2.8 .7 3.9 ¥1.5 3.7 3.2 4.8 1.0 3.7 2.9 4.8 1.3 1.3 3.1 .5 2.2 .9 2.2 .8 2.8 1.9 1.4 6.3 4.3 2.3 2.3 6.0 3.8 2006: I ... II . III IV 2.0 2.0 ¥1.6 ¥.3 1.9 2.4 ¥1.6 ¥.4 5.6 2.9 .3 1.7 6.0 2.9 .3 1.4 3.6 .9 2.0 2.0 4.0 .4 1.9 1.9 4.8 .7 2.3 8.8 4.5 1.3 2.3 9.1 2007: I. ... II . III IV — .7 5.7 7.3 ¥1.1 ¥.6 4.8 7.0 ¥.5 — .7 5.6 5.5 ¥.6 ¥.9 5.8 5.5 — .7 .0 .0 ¥1.7 .5 ¥.2 .9 ¥1.5 ¥.2 4.0 2.4 4.6 3.7 4.2 1.3 4.4 4.4 2008: I ... II . III IV 2.2 4.7 2.3 ¥.5 2.6 4.7 2.2 ¥.6 .7 2.6 ¥1.8 ¥8.5 .9 2.8 ¥1.9 ¥8.8 ¥1.5 ¥1.9 ¥4.0 ¥8.0 ¥1.7 ¥1.7 ¥3.9 ¥8.3 3.5 1.9 5.7 4.9 3.7 1.7 5.7 5.2 2009: Ip* 1.1 .8 ¥7.8 ¥8.2 ¥8.8 ¥9.0 4.1 4.1 1999 2000 2001. 2002. 2003. 2004 2005 2006 2007 2008. 1 Output refers to real gross domestic product originating in the sector. 2 Hours of all persons engaged in the sector, including hours of proprietors and unpaid family workers. Estimates based primarily on establishment data. s Wages and salaries of employees plus employers' contributions for social insurance and private benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for the self-employed. 4 Hourly compensation divided by the consumer price index for all urban consumers (CPIU) for recent quarters. The trend from 1978-2008 is based on the consumer price index research series (CPI-U-RS). Data for real hourly compensation reflect revisions beginning 2004. 5 Current dollar gross domestic output divided by the output index. 16 2.8 3.6 1.4 1.9 1.8 1.1 .6 .5 1.3 ¥.2 2.6 3.7 1.1 2.0 1.8 1.0 .6 .5 1.3 ¥.1 ' ¥.1 ¥1.1 r .4 ' ¥.2 r .3 ' — .2 4 .1 ' ¥ .7 ¥.4 1.3 2.0 5.6 ¥.5 1.6 2.0 5.3 3.6 2.0 4.1 4.1 3.9 2.2 4.3 4.2 r 2.7 ¥2.4 r ¥1.5 10.0 r 2.5 ' ¥1.9 ' ¥1.5 10.3 2.7 ¥1.2 4.0 9.2 2.6 ¥1.1 39 9.6 3.0 2.6 2.4 1.9 3.1 2.9 2.1 1.5 r .2 ¥1.7 r 2.2 r ¥2.0 r .3 ' ¥2.8 r 2.0 ' ¥1.2 4.7 ¥3.1 ¥2.5 4.8 4.8 ¥3.3 ¥2.5 5.0 4.0 1.7 1.1 2.0 3.4 1.5 .9 2.1 ' ¥ .8 ¥ 2 7 ¥.4 14.8 1.2 ¥2.6 3.3 5.4 1.1 ¥2.8 3.5 5.7 2.0 .9 4.2 .0 2.1 .9 4.7 .6 6.6 2.9 3.3 2.4 2.9 r r r r r ¥1.1 ¥2.4 ' ¥.4 14.4 6.6 r r NOTE.—Data relate to all persons engaged in the sector. Percent changes are from preceding period and are based on original data; they therefore may differ slightly from percent changes based on indexes shown here. * Data based on GDP data released on April 29, 2009. Source: Department of Labor, Bureau of Labor Statistics. PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION Industrial production and capacity utilization fell in March. INDEX, 2002 = 100* (RATIO SCALE) INDEX, 2002 = 100* (RATIO SCALE) 180 FINAL PRODUCTS 170 160 150 BUSINESS EQUIPMENT \ 140 130 DEFENSE W O • SPACE EQUI r.'"1 120 V* *\ • 7-1 - CONSUMER GOODS - 1 1 PERCENT* 84 CAPACITY UTILIZATION RATE (TOTAL INDUSTRY} • v-i 110 100 90 V \ \ M l l l l M H I I M M , 2005 2006 ! , 2007 2008 ""SEE FOOTNOTE 1 TABLE BELOW "SEASONALLY ADJUSTED 5OURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM \ 2009 COUNCIL OF ECONOMIC ADVISERS [Monthly data seasonally adjusted] Total industrial production 1 Percent change Period Index, 2002 = 100 From preceding month 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 r. 99.5 103.7 100.1 100.0 101.3 103.8 107.2 109.7 111.3 108.8 2008: Mar Apr May June July Aug Sept Oef Novr Decr 111.6 111.0 110.7 110.4 110.4 109.2 104.8 106.2 104.8 102.5 ¥0.4 ¥.6 ¥.3 _ 2 ¥.1 ¥1.1 ¥4.0 1.3 ¥1.2 —2 2 2009: Janr Feb r Marp 100.3 98.8 97.4 ¥2.1 ¥1.5 ¥1.5 Industry production indexes, 2002 = 100 2 From year earlier Capacity utilization rate (output as percent of capacity)1 Manufacturing Total 1 Durable Nondurable Other (nonNAICS) 1 Mining Utilities Total industry Total manufacturing 4.3 4.2 ¥3.4 ¥.1 1.3 2.5 3.3 2.3 1.5 ¥2.2 81.9 104.4 100.1 100.0 101.3 104.3 108.5 111.2 112.7 109.2 97.8 105.2 100.4 100.0 102.7 107.0 112.8 117.8 120.2 116.3 101.7 102.2 98.9 100.0 100.21 102.0 104.8 105.7 106.7 103.6 110.9 112.6 105.7 100.0 97.1 97.9 97.6 96.6 95.3 89.9 101.6 104.2 104.8 100.0 100.2 99.6 98.3 101.5 102.1 104.2 94.7 97.4 97.0 100.0 101.9 103.3 105.4 104.8 108.3 108.6 81.9 81.7 76.1 74.6 75.8 77.9 80.1 80.9 80.6 77.6 80.7 80.1 73.8 72.7 73.7 76.2 78.6 79.4 79.0 75.1 .9 .0 ¥.4 — .7 ¥1.0 ¥2.2 ¥6.4 ¥4.7 ¥6.4 ¥8.8 112.7 111.7 111.5 111.0 110.8 109.7 105.7 106.0 103.7 100.9 121.0 119.3 118.9 119.0 119.0 117.2 113.7 110.8 108.2 105.6 106.1 105.8 105.9 104.9 104.5 104.1 99.3 102.7 109.074 97.3 93.6 91.8 90.8 90.8 89.3 88.9 88.1 86.9 86.4 84.6 104.7 104.9 104.9 104.8 106.9 106.4 96.4 103.5 105.4 103.0 108.8 779.27 108.2 109.4 107.9 104.3 105.7 107.1 109.0 111.2 79.8 79.2 78.9 78.7 78.6 77.6 74.5 75.4 74.5 72.8 77.8 77.0 76.7 76.3 76.1 75.3 72.5 72.7 71.1 69.2 98.1 97.5 95.8 100.2 99.0 96.6 96.9 99.0 96.1 01.6 80.2 77.9 112.6 100.6 97.4 112.6 103.8 105.8 71.3 70.3 69.3 67.3 66.9 65.8 ¥10.7 ¥11.8 ¥12.8 1 Total industry and total manufacturing series include manufacturing as defined in the North American Industry Classification System (NAICS) plus those industries—logging and newspaper, periodical, book and directory-publishing—that have traditionally been included in manufacturing. 2 Percent changes based on unrounded indexes. NOTE.—Data based on the North American Industry Classification System (NAICS) except series as defined in footnote 1. Source: Board of Governors of the Federal Reserve System. 17 INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND SELECTED MANUFACTURES [2002 = 100; monthly data seasonally adjusted] Products and nonindustrial supplies Final products Consumer goods Equipment Durable goods Business equipment Period Total Total Nondurable goods 1999. 2000. 2001. 2002. 2003. 2004. 2005. 2006. 2007. 2008 r 99.6 102.8 100.8 100.0 101.3 103.4 107.6 110.3 111.9 109.7 97.1 99.1 98.1 100.0 101.4 102.7 105.4 105.8 106.8 104.0 2008: Mar Apr . May June July Aug . Sept Oct r Nov Dec r 111.9 111.1 110.8 110.9 110.6 109.0 106.3 107.0 106.8 106.4 105.6 105.0 104.7 104.8 104.5 102.7 101.4 103.0 102.81 100.7 98.7 96.0 96.0 97.1 97.8 92 91.5 89.5 86.6 82.7 107.6 107.7 107.3 2009: J a n r Feb r 103.5 102.3 101.3 98.5 97.8 97.4 75.0 76.6 76.2 1 96.0 99.0 94.7 97.196 99.2 99.4 100.0 103.4 104.9 105.4 104.3 104.7 100.0 100.6 101.8 105.3 106.2 107.4 106.9 94.4 Materials Nonindustrial supplies Total 1 Defense and space equipment Total Construction supplies Business supplies Total 1 Energy 102.7 105.210 1.099.1 100.0 99.7 102.0 106.6 109.0 106.9 100.2 100.6 105.2 101.0 100.0 101.7 103.8 107.3 108.5 109.9 106.7 98.7 104.0 99.1 100.0 101.3 104.5 107.0 109.5 111.7 109.6 107.5 106.9 106.3 105.7 105.7 104.9 102.6 102.2 99.9 96.6 103.3 112.41 102.2 89.2 109.4 109.1 108.3 107.6 107.3 106.6 104.3 104.3 102.8 100.2 112.9 112.4 112.1 111.7 111.9 110.9 104.3 106.9 104.8 101.1 104.6 104.6 104.6 104.0 105.2 104.0 96.2 102.3 104.3 103.9 94.8 92.3 90.9 85.6 83.9 81.6 99.3 96.4 95.3 99.4 98.0 96.1 103.5 101.3 100.6 102.710 111.9 107.7 100.0 101.310 105.5 113.5 122.5 125.8 125.4 106.4 114.7 100.110 100.0 101.410 105.3 112.6 123.2 126.4 125.41 102.2 91.3 100.110 100.0 106.7 104.7 115.8 113.4 117.6 120.6 101.2 105.2 100.7 100.0 101.31 103.3 107.61 108.7 107.6111 106.6 105.9 104.3 107.0 106.7 106.41 129.7 128.0 128.0 128.1 127.4 126.6 119.9 117.6 119.7 101.1 130.8 128.4 128.4 128.2 127.4 126.612 117.7 114.8 117.8 121.4 120.7 120.8 128.412 121.9 120.2 120.8 118.9 120.4 104.81 120.0 885.6 104.1 103.8 117.3 114.5 1100.6 116.5 114.7 112.0 120.6 118.6 119.6 109 106 107 102.4 101.2 99.1 97.8 93.7 99.9 101.5 100.3 100.0 100.0 99.6 98.4 100.0 101.8 103.6 Includes other items, not shown separately. [2002 = 100; monthly data seasonally adjusted] Nondurable manufactures Durable manufactures Computer and electronic products Primary metals Period Total Iron and steel products Fabricated metal products Machinery Total Selected hightechnology 1 Transportation equipment Total 104.6 100.5 99.7 96.2 100.0 101.310 103.7 104.5 104.2 114.1 96.2 99.9 1999. 2000. 2001. 2002. 2003. 2004. 2005. 2006. 2007. 2008 r 155.61 111.4 99.5 100.0 99.1 110.0 108.0 112.6 110.0 102.4 111.9 110.8 96.8 100.0 101.2 118.2 110.1 119.3 115.8 105.3 106.4 110.7 102.6 100.0 98.7 98.9 103.4 109.0 112.1 4105.31 112.0 117.7 104.2 100.0 99.7 103.7 110.2 115.5 116.4 109.4 77.2 101.4 103.3 100.0 114.3 .298.9 144.5 163.8 176.7 192.9 103 100.0 120.5 129.9 158.8 189.1 213.7 238.0 2008: Mar . Apr .. May . June July . Aug .. Sept . Oef . Nov Dec r . 110.6 109.7 107.8 107.9 110.1 108.6 102.0 113.6 112.6 112.1 110.5 109.8 110.2 109.2 107.3 106.0 102.4 114.8 112.2 110.9 110.6 109.2 110.2 107.3 106.711 104.0 99.8 197.5 199.2 199.4 199.0 1.9110 196.6 194.2 188.4 180.9 176.4 248.1 251.2 250.3 248.4 246.6 243.6 240.0 228.4 214.6 205.4 101.6 98.2 93.2 81.6 72.1 119.6 118.0 114.5 114.3 118.9 116.9 104.9 88.5 68.6 53.6 65.4 62.9 48.4 49.0 47.3 98.3 95.6 91.9 96.1 93.2 89.4 175.1 171.0 166.8 204.3 198.0 191.9 2009: J a n r . Feb r . Marp 1 Computers and peripheral equipment, communications equipment, and semiconductors and related electronic components. 18 70.0 98.3 Motor vehicles and parts 91.4 100.0 103.5 103.7 103.9 100.2 Apparel 155.6 148.0 106.39 100.0 92.8 79.8 Printing and support 112.4 113.1 106.3 100.0 Chemical 93.6 Food 93.4 96.0 97.7 97.7 100.0 101.0 101.1 104.2 105.4 109.5 111.2 95.0 75.3 76.5 72.6 100.6 83.4 93.9 100.0 101.3 105.6 109.3 112.7 114.1 108.8 88.2 07.31 86.7 89.0 88.7 83.9 83.9 86.4 88.7 79.2 79.9 76.9 74.5 69.7 74.0 73.1 71.5 72.5 73.7 74.2 72.8 71.4 69.6 67.8 98.0 96.9 96.4 93.4 91.9 93.0 92.3 91.9 90.6 87.5 112.6 112.2 112.1 111.0 110.6 109.7 101.0 106.7 103.4 99.5 112.4 112.2 111.5 111.2 110.5 110.7 110.4 111.8 111.7 108.7 76.5 79.5 79.8 52.3 57.3 58.1 65.6 64.4 82.21 85.4 82.9 82.2 100.2 101.0 100.1 108.4 109.0 108.5 97.9 110.51 100.9 94.6 97.4 76.9 Source: Board of Governors of the Federal Reserve System. 96.2 96.9 99.2 99.8 NEW CONSTRUCTION Billions of dollars; monthly data at seasonally adjusted annual rates] Total new construction expenditures Federal and State and local Nonresidential New housing Commercial (including farm) Lodging Manufacturing 744.6 802.8 840.2 847.9 891.5 991.6 102.7 ,167.6 137.2 ,074.1 575.5 621.4 638.3 634.4 675.4 771.4 868.5 912.2 850.0 766.6 326.3 346.1 364.4 396.7 446.0 532.9 611.9 613.7 492.5 355.9 251.3 265.0 279.4 298.8 345.7 417.5 480.8 468.8 353.4 230.2 249.2 275.3 273.9 237.7 229.3 238.5 256.6 298.4 357.5 410.7 16.0 16.3 14.5 10.5 9.9 12.0 12.7 17.6 27.5 36.2 435.1 52.4 49.7 35.3 30.6 32.9 37.3 45.7 53.4 57.5 59.4 04.91 63.6 59.0 57.5 6.82 66.6 73.4 85.0 81.9 35.1 37.6 37.8 22.7 21.4 23.7 29.9 35.1 42.2 63.2 93.7 104.9 108.2 110.2 109.9 106.8 110.2 126.7 149.4 171.9 169.1 181.3 201.9 213.4 216.1 220.2 234.2 255.4 287.1 307.5 2008: Mar .. Apr ... May . June July . Aug .. Sept . Oet ... Nov .. Dee .. 1,090.5 1,085.2 1,088.3 1,086.6 1,060.0 1,085.7 1,089.4 1,082.3 1,044.6 1,012.0 789.6 783.7 784.1 780.4 751.5 769.1 777.0 766.9 728.0 705.3 391.6 383.5 371.4 356.4 334.5 352.9 350.2 343.8 314.1 298.4 256.4 247.9 243.9 237.0 232.2 221.6 214.1 205.7 193.7 178.8 398.0 400.2 412.8 424.0 417.0 416.1 426.9 423.1 413.9 406.9 33.7 35.9 57.8 38.9 38.2 39.5 38.6 37.8 36.9 33.5 57.3 57.7 57.8 57.4 58.1 58.2 59.7 58.2 56.3 52.0 86.9 87.5 85.6 84.8 82.9 81.6 78.4 77.8 74.5 71.6 51.1 52.0 63.3 72.4 66.1 65.3 71.6 74.0 70.4 72.6 169.0 167.2 168.2 170.5 171.7 171.5 178.6 175.3 175.7 177.3 300.8 301.5 304.1 306.2 308.5 316.7 312.4 315.4 316.6 306.7 r . Febr . Marp 977.2 967.1 969.7 675.7 661.6 661.0 286.4 269.6 258.4 165.1 150.8 140.8 389.3 392.0 402.6 30.5 31.0 32.6 49.1 50.4 50.6 68.2 67.0 68.0 76.2 81.6 83.9 165.4 162.1 167.4 301.5 305.4 308.7 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009: J a n 1 Includes residential improvements, not shown separately. 2 Includes health care, educational, communication, and power, among other categories not shown separately. Source: Department of Commerce, Bureau of the Census. NEW PRIVATE HOUSING AND VACANCY RATES [Thousands of units or houses, except as noted] New private houses New private housing units Units started, by type of structure Period 1 unit Total 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 ......................................1, ......................................1, ......................................1, ......................................1, ......................................1, 1,640.9 1,568.7 1,602.7 1,704.9 1,847.7 1,955.8 2,068.3 1,800.9 1,355.0 905.5 1,302.4 1,230.9 1,273.3 1,358.6 1,499.0 1,610.5 1,715.8 1,465.4 1,046.0 622.0 2-4 units 1 5 units or more 31.9 38.7 36.6 38.5 33.5 42.3 41.1 42.7 31.7 17.5 306.6 299.1 292.8 307.9 315.2 303.0 311.4 292.8 277.3 266.0 Units authorized 1,663.5 1,592.3 1,636.7 1,747.7 1,889.2 4 2,070.1 2,155.3 1,838.9 1,398.4 892.8 Units completed Houses sold Houses for sale at end of period 2 Vacancy rate for rental housing units (percent) 3 1,570.8 1,648.4 1,678.7 1,841.9 1,931.4 1,979.4 1,502.8 1,119.7 880 877 908 973 1,086 1,203 1,283 1,051 776 485 308 298 308 339 370 422 511 536 494 r 350 8.1 8.0 8.4 8.9 9.8 10.2 9.8 9.7 9.8 10.0 10.1 1,302.431.9 1,230.938.7 Seasonally adjusted annual rates 988 1,004 982 1,089 June ..........................1, 949 July 854 A u g ............................854615152248571, 824 Sept Oct. ............................767536102217301, 767 655 Nov 558 Dec 2008: M a r ............................988711162619321, May 2009: J a n r Feb r Marp 1 ...........................982682202809781, 488 572 510 711 681 682 663 644 615 551 536 456 394 16 15 20 22 14 15 19 10 18 9 21,1 308 280 404 291 224 254 221 181 155 932 982 978 1,138 937 857 805 730 615 547 1,192 1,033 1,144 1,131 1,086 1,012 1,155 1,054 1,086 1,029 513 542 515 499 505 448 434 404 387 r 372 469 458 452 435 419 412 395 379 369 r 350 356 358 358 13 12 36 119 202 116 531 564 516 773 796 824 331 358 356 339 328 311 Derived; seasonally adjusted monthly data for 2-4 units are no longer published. 2 Seasonally adjusted. s Revised series. Quarterly data entered in last month of quarter. 4 Based on 20,000 permit-issuing places. Based on 19,000 places, the total for 2004 is 2,052.1 thousand units. io!o 9.9 10.1 10.1 NOTE.—Beginning 2004, units authorized are for 20,000 permit-issuing places. For other data shown, units authorized are for 19,000 places. Beginning 1999, housing starts, completions, and sales are not directly comparable with earlier data due to new estimation methods. Source: Department of Commerce, Bureau of the Census. 19 BUSINESS SALES AND INVENTORIES—Manufacturing and Trade In March, according to preliminary estimates, manufacturing and trade sales fell 1.6 percent; in February, sales were unchanged, while inventories fell $19.7 billion. According to advance estimates, retail sales fell 1.2 percent in March. Retail and food services sales fell 1.2 percent. BILLIONS OF DOLLARS* (RATIO SCALE) 550 RETAIL INVENTORIES 500 BILLIONS OF DOLLARS* (RATIO SCALE) lyoo 450 \ \ ' MANUFACTURING AND RETAIL AND FOOD SERVICES SALES 400 1,300 350 \ 1,100 y' f ,'' 1,000 RETAIL SALES \ MANUFAC TURING » \ AND TRAC E SALES 300 9sn11111111111111111111ii 11111111111111 900 RATIO* 1.80 INVENTORY-SALES RATIO 1.70 RETAIL 1.60 A X - 1.50 -. \ V " 700 1.40 M A M I IFA<~TI miMr AND TRADE 1.30 600 11111111111 11111 11111 II1111111II 2006 2007 2005 | m | 1.20 'IMTTTTTTT ^ 2009 2008 ^1—"~v I Illllllllll Illllllllll Illllllllll 2008 2006 1 2007 2005 "SEASONALLY ADJUSTED SOURCE: DEPARTMENT OF COMMERCE Illllllllll 2009 COUNCIL OF ECONOMIC ADVISERS [Millions of dollars, except ratios; seasonally adjusted, except as noted] Manufacturing and trade 1 Period Sales 2 1999r 2000r 2001r 2002r 2003r 2004r 2005r 2006r 2007r 2008r 2008: 1 1 1 1 Febr Marr 1 634 325 615 714 596 319 368 187 196 984 1 1 1 1 1 1 1 1 1 1 138 198 120 141 148 240 307 396 447 455 982 022 815 313 318 ,52 060 392 020 972 Inventorysales ratio 4 1 1 1 1 1 1 1 1 1 1 4,0 41 43 36 34 30 47 28 28 31 20 Inventories 3 216 234 232 236 246 274 297 323 345 375 290 309 297 301 307 337 362 392 .16 429 597 546 096 294 857 710 915 396 871 059 318 462 927 891 642 983 451 291 332 572 Inventory sales ratio 4 1 1 1 1 1 1 1 1 1 1 Sales 2 Inventories 3 Inventory sales ratio 4 234 046 249 063 255 644 261194 642 1.23 289 528 307 280 322 461 332 902 329 996 385 039 406 887 394 775 416 289 432 372 461 372 471749 487 514 499 724 484 414 1 59 1 59 1 58 1 55 1 56 1 56 1 51 1 50 1.49 1 52 257 797 274 518 282 131 288,845 301 264 320 526 340,057 357 284 369 385 367 741 336,0 375 036 375 028 375,860 376 663 373 898 372,192 366 555 355 037 347,707 336 438 Julyr Augr Sept r Octr Novr Decr 1.29 1 28 1 27 1.26 1 25 1 26 1.29 17 32 1 36 1.43 1 46 372,986 379 712 382 513 387,371 396 165 3 , 898 386,401 378 625 362 539 337,615 325 672 426,580 426 601 431 059 433,432 436 648 441 145 443,937 442 528 198 49 434,986 429 572 1.14 1 1.2 1 13 1.12 1 ,60 1 .2 1.15 1 37 1 2,1 1.29 1 32 336,071 337 739 337 448 338,033 338 770 335 947 334,273 328 469 317 198 309,742 298 949 504,627 501 739 503 141 500,547 499 333 505 203 500,418 500 038 498 884 490,322 484 414 1.50 1.49 1.49 1.48 1 47 1 50 1,50 1 52 1 57 1.58 1 62 Janr Febp Marp 998 018 987 681 972,007 1 438 263 1 418 538 1 476 1 44 317 731 318 491 310,943 498 1.5 418 539 411,703 1 34 1 391 1.32 303 921 ' 3 0 4 711 301,106 476 498 471079 1 57 1 55 4 Retail and food services sales 2 30 249 32 26 2,3 18 18 17 416 17 1,471,882 1 474 131 1 479 833 1,482,804 1 491 608 1 505 418 1,507,136 1 500 862 1 492 123 1,477,561 1 455 972 See page 21 for manufacturing. Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month. s Seasonally adjusted, end of period. 2 Sales 2 1,138,588 1 151 829 1 165 992 1,172,815 1 .10 338 1 191 224 1,166,129 1 138 586 1 095 637 1,036,285 1 000 601 Mayr 2009: 786 834 818 823 853 923 000 064 102 136 Inventories 3 Retail Wholesale r 3,92 147 343, 316 339,152 Annual data are averages of seasonally adjusted monthly ratios. Note.—Data revised for retail sales series to reflect annual revisions released on April 30, 2009. Source: Department of Commerce, Bureau of the Census. MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS In March, manufacturers' shipments, inventories, new and unfilled orders fell. BILLIONS O F DOLLARS* (RATIO SCALE) BILLIONS OF DOLLARS* (RATIO SCALE) 500 580 540 500 460 - SHIPMENTS \ 420 340 380 300 340 DURABLE GOODS 260 INVENTO ^ * — • 460 420 TOTAL 380 - - TOTAL DURABLE G O O D S *• LA 300 220 - . — • — ' " 260 NONDURABLE G O O D S •JDURABLE GOnn<; 180 220 . III n i i m i 1 Ml i i i i i h i n i Mil . . . . ^ — — • 180 BILLIONS O F DOLLARS* (RATIO SCALE) 500 460 420 i NEW ORE ERS *r 380 | n ^ A / RATIO* \ TOTAL ~ V. 340 300 ABLE GOODS 260 , 220 A y-\.~./ . \ •/•• v \ 180 2005 2007 2006 1.20 2008 2009 2005 2009 •SEASONALLY ADJUSTED SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Manufacturers' shipments 1 Manufacturers' inventories 2 Manufacturers' new orders 1 Durable goods goods Durable goods goods Nondurable goods Capital goods Manufacturers' unfilled orders 2 industries, nondefense Manufacturers' inventory— shipments ratio 3 Millions of dollars, seasonally adjusted, except as noted 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2008: Mar .. Apr ... May .. June . July .. Aug .. Sept .. Oet ... Nov .. Dee ... 2009: Jan ... Marp . 1 335,991 350,715 330,875 326,227 334,616 359,081 395,173 418,330 423,423 431,929 434,378 446,031 447,411 455,873 462,379 445,455 431,492 415,900 388,928 375,980 366,366 364,479 359,958 193,895 197,807 181,201 176,968 178,549 188,722 202,070 213,408 213,572 207,801 209,778 213,591 211,049 212,947 217,549 208,339 208,240 201,119 192,772 189,910 179,433 177,831 175,132 142,096 152,908 149,674 149,259 156,067 170,359 193,103 204,923 209,851 224,128 224,600 232,440 236,362 242,926 244,830 237,116 223,252 214,781 196,156 186,070 186,933 186,648 184,826 463,625 481,673 428,113 423,133 408,304 440,697 472,860 511,487 530,664 541,986 545,791 545,633 548,825 555,627 559,070 562,781 558,296 554,990 552,253 541,986 535,850 528,920 184,82652 Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month. Shipments are the same as sales. 2 Seasonally adjusted, end of period. 3 Annual data are averages of seasonally adjusted monthly ratios. NOTE.—Manufacturers' nondurable new orders (not shown) are the same as nondurable shipments. Also, there are no unfilled nondurable orders; data shown for total unfilled orders are durable unfilled orders. 296,553 306,727 267,829 260,582 246,963 265,070 283,598 309,914 7217,7467 343,468 327,066 328,911 330,426 333,127 336,185 339,033 339,728 341,168 342,259 343,468 339,735 335,164 330,655 167,072 174,946 160,284 162,551 161,341 175,627 189,262 511,4873 209,907 198,518 218,725 216,722 218,399 222,500 222,885 223,748 218,568 213,82 209,994 198,518 196,115 193,756 194,167 329,770 346,789 322,746 316,809 ,304246,9 354,619 395,401 01,573 7209,907 41,986343 440,216 445,915 450,033 459,576 462,993 443,20 429,286 403,315 377,203 358,811 346,120 348,460 345,304 187,674 193,881 173,072 167,550 67408,3042 184,261 283,598 214,871 217,746 205,216 215,6 213,475 213,671 222,50 218,163 223,7484 206,034 188,534 181,047 172,741 159,187 161,812 160,478 64,392 69,278 58,246 51,817 52,894 56,094 65,770 71,725 74,288 601.28 75,431 73,609 73,639 71,958 74,498 68,694 67,923 63,487 60,140 53,964 48,637 70,9391 59,0321 505,498 549,445 514,349 462,122 477,608 496,343 572,835 660,406 773,297 800,360 797,114 802,972 810,293 818,023 824,232 826,529 8218,5 820,672 812,879 800,360 783,955 770,939 759,032 1.35 1.35 1.38 1.28 1.24 1.19 1.17 1.19 1.23 1.28 1.26 1.22 1.23 1.22 1.21 1.26 1.29 1.33 1.42 1.44 1.46 1.45 1.46 Total and durable shipments and inventories include data on semiconductors; new and unfilled orders do not. Source: Department of Commerce, Bureau of the Census. 21 PRICES PRODUCER PRICES The producer price index for all finished goods fell 1.2 percent in March. Prices of finished consumer foods fell 0.7 percent, while prices of other finished consumer goods fell 1.8 percent. Capital equipment prices fell 0.2 percent. INDEX, 1982 = 100 (RATIO SCALE) INDEX, 1982 = 100 (RATIO SCALE) 210 JilU SEASONALLY ADJUSTED FINISHED GOODS PRICES 200 A 190 K 3NSUMERGOOE EXCLUDING FOOC S 180 170 rS'S (A X 170 / V TOTAL V 160 —• j :ONSUMERFOO 150 ^ 2002 2001 140 2004 2003 150 CAPITAL EQUIPMENT - 1 1i M i i 1 II 1 1 1 | | I |M| I 1 1 1 1 1 11 1M1 1 ! t 1 1 ! 1 M 1 111 1 1 I! 1 1 I1i I1i i 1 1W 2005 1 1 I I I j I 1 1 1 1 1 1 1 1 IS 1 1 11 ! ! 1 1! 1M1 M 1 1 i 1 I ! 130 1 2007 2006 SOURCE: DEPARTMENT OF LABOR Consumer foods Consumer goods Total Total 1999 ..........................133. 2000 ...........................138. 2001 2002 ..........................138. 2003 ..........................143. 2004 ..........................148. 2005 ..........................155. 2006 ..........................160. 2007 2008p 2008: Mar ................175. Apr May June ..............181. July Aug ................182. Sept ...............182. Oct Nov Dec. ................169. 2009: Jan ................171. Feb. ................171. Mar ................169. 133.0 138.0 140.7 138.9 143.3 148.5 155.7 160.4 166.6 177.1 175.6 176.0 178.6 181.0 183.4 182.5 182.3 177.6 172.8 169.7 171.1 171.3 169.3 135.1 137.2 141.3 140.1 145.9 152.7 155.7 156.7 167.0 178.4 176.0 176.3 177.6 179.8 180.8 181.2 181.2 181.3 180.2184 179.0 178.3 175.5 174.3 1123 138.01 134.014 138.3 142.4 147.2 155.715 164.0 166.2 163.5 130.5 138.4 141.4 138 144.7 150.9 161.9 169.2 175.6 189.0 175.2 175.6 178.6 181.0 183.8 182.5 182.3 176.2 180.4 166.9 187.9 188.1 192.4 196.129 199.7 197.3 196.8 176.2 180.4 173.0 168.8 169.6 167.4 175.5 176.7 173.6 Intermediate materials for food manufacturing and feeds. Durable 133.0 133.9 134.0 133.0 145.91 135.0 136.6 136.9 138.3 176.51 139.8 140.6 140.7 140.8 180.81 141.8 142.3 143.3 143.0 143.1 143.7 144.0 164.0 Nondurable 127.9 138.7 142.8 138 148.4 156.6 172.0 182.6 171.5207 210.5 209.0 208.8 215.2 220.6 226.0 2182.51 82.31 205.9 192.8 184.5 168.81 189.6 185.0 Intermediate materials Crude materials Foods and feeds 1 Other 94.3 130.4 126.8 111.4 148.2 179.2 223.4 230.6 246.3 313.5 327.1 351.6 381.8 392.8 415.0 350.4 314.8 254.7 203.9 190.4 179.6 170.6 172.1 Total Finished goods excluding consumer foods Total finished goods 2009 monthly data seasonally adjusted] Finished goods Period 2008 COUNCIL OF ECONOMIC ADVISERS [1982 = 100; 22 190 '1 160 1 200 Capital equipment 137.6 138.8 139.7 140.1 135 151.714 144.6 146.9 149.5 153.7 151.8 152.6 153.0 153.4 154.2 141.8 155.4 156.3 156.3 156.4 157.2 157.3 157.0 finconsumer goods 132.0 137.2 141.5 139.4 135.3 152.7 160.4 164.0 170.715 163.53 184.8 185.1 188.5 191.7 194.6 193.61 192.7 188.9 179.4 173.31 168.8 177.0 168.4 Total 123.2 129.2 129.7 127.8 133.7 142.6 154.0 164.0 146.7 188.6 185.0 186.9 191.6 195.5 200.9 198.6273 197.1 188.9 179.9 173.917 172.5 170.9 168.4 111.1 111.7 115.9 115.5 125.9 159.01 133.8 135.2 1146.724 182.2 180.3 180.5 184.0 196.1 194.8 193.6 189.6 180.0 175.3 171.0 167.3 164.9 164.0 Other Total Foodstuffs and feedstuffs 123.9 137.21 130.5 128.5 134.2 159.0 155.71 165.4 171.5 189.0 185.3 187.3 1290.81 196.1 21 9 4 198.6 197.6 189.4 146.2 173.9 173.0 171.4 168.8 98.2 120.6 121.0 108.1 135.3 159.0 182.2 184.8 207.1 251.7 262.1 274.4 290.8 298.6 310.3 273.0 253.1 212.3 184.5 173.3 168.2 160.6 131.81 98.7 100.2 106.1 99.5 113.5 127.0 122.7 119.3 146.7 163.5 170.5 169.4 170.3 174.0 174.1 167.8 165.6 148.2 146.2 138.4 139.8 134.3 131.8 Source: Department of Labor, Bureau of Labor Statistics. CONSUMER PRICES—ALL URBAN CONSUMERS In March, the consumer price index for all urban consumers fell 0.1 percent seasonally adjusted; it rose 0.2 percent not seasonally adjusted. The index was 0.4 percent below its year-earlier level. INDEX, 1982-84 = 100 (RATIO SCALE) INDEX, 1982-84 = 100 (RATIO SCALE) 230 ^30 5EA5ONALLY ADJUST ED 220 210 \ \ CONSUMER PRICES—ALL ITEMS 200 - 180 c— 170 2003 2002 2O01 2004 2005 2006 2007 2008 SEE NOTE O N TABLE BELOW SOURCE: DEPARTMENT OF LABOR 2009 COUNCIL OF ECONOMIC ADVISERS [1982-84 = 100, except as noted; monthly data seasonally adjus ed, except as noted] All items 1 Housing Transportation All Shelter Period Not seasonally adjusted (NSA) Seasonally adjusted Rel. imp.3 1999 2000 .... 2001 2002 2003 .... 2004 2005 2006 .... 2007 2008 166.6 172.2 129.31 179.9 184.0 188.9 195.3 201.6 207.342 215.303 2008: Mar Apr May June July Aug Sept Oct Nov Dee 213.528 214.823 216.632 218.815 219.964 219.086 218.783 216.573 212.425 210.228 2009: Jan .............211. Feb Mar 211.143 212.174 212.193 213.007 212.709 212.714 1 Food Total 1 Total 14.6 164.1 167.8 186.1 176.2 180.0 186.2 190.7 195.2 202.916 2 0 214.106 2 1 100.0 213.667 213.997 215.044 217.034 218.610 218.576 218.675 216.889 213.263 211.577 209.423 211.199 211.969 213.370 215.376 216.599 217.748 218.586 218.988 219.082 43.4 163.9 169.6 176.4 180.3 184.8 189.5 195.7 .0336.2 9.586 6.264 214.280 214.883 2 1 5 . 8 4 4 216.811 218.610215 218.004 217.8 217.788 217.622 217.592 219.193 2 1 7 . 6 4 6 218.970 2 1 7 . 6 2 1 218.651 2 1 7 . 3 3 5 1 Rent of primary residence Owners' equivalent rent (12/82 = 100) Fuels and utilities Apparel IS.3 3.2 144.4 100.7 153.3 129.3 154.3 124.7 152.9 116.6 157.6 135.8 163.1 160.4 173.9 195.7 180.9 221.0 184.682 239.070 195.549 279.652 6.4 250.6 260.8 272.8 285.6 297.1 310.1 323.2 336.2 351.054 364.065 7.6 106.6 124.6 129.3 121.7 136.5 151.4 177.1 196.9 207.723 236.666 361.752 362.300 236.891 235.774 2118.364 256.230 218.01524 260.104 224.296 237.300 197.086 24.4 192.9 198.7 206.3 214.7 219.9 224.9 23.2 238.2 246.235 6.2 6 4246 5.4 128.8 137.9 150.2 143.6 154.5 161.9 177.120 194.7 234.6792 220.018 127.3 124.0 120.9 120.4 119.5 119.5 118.998 118.907 240.729 241.491 215.84 242.915 243.659 244.414 245.089 245.836 246.480 246.928 250.902 251.42 251.702 252.325 252.701 253.079 253.538 253.911 246.4802 254.683 209.423 216.551 221.132 224.991 216.162 229.802 224.296 223.185 219.934 217.592 118.101 118.46 118.364 118.384 119.531 119.984 119.631 248.0632 118.905 118.221 197.2 195.691 197.903 242.915 248.938 217.64624 248.881 248.087 248.899 248.490 255.349 255.687 256.257 217.5 217.260 118.523 120.039 119.744 169.489 120.039 170.903 245.238 245.443 245.948 246.653 218.0152 247.327 247.899 248.063 248.455 248.519 6.0 I n c l u d e s i t e m sn o t s h o w n s e p a r a t e l y . 2 H o u s e h o l d f u e l s — g a s ( p i p e d ) , e l e c t r i c i t y , f u e l o i l , e t c . — a n d m o t o r f u e l . M o t o r o i l ,c o o l a n t , etc. excluded beginning 1983. 217.33524 7.67 ergy2 Total1 177.5 187.3 183.9 193.4 206 272.81 14.7 208.1 205.5 1136.51 211.0 218.8 217.3 224.4 2 2 1 221 240.611 234.679 243.271 246.6 33.2 131.3 129.326 En- Medical care 218.015247 205.196 204.916 195.027 19.93411 167.353 M o t o r fuel 287.915 281.176 289.288 314.506 31207.05 317.702 318.765 248.063245 197.861 167.35 364197.903 363.723 364.072 364.847 365.835 366.402 367.299 368.302 169.176 182.0 173.947 3169.4 371.175 371.902 167.35 181.938 182.030371 182.254 items less food a n d energy 77.7 177.0 181.3 186.1 190.5 193.2 196.6 200.9 205.9 210.729 215.572 214.280245.2 214.496 251.70 215.575 215.3762 216.534 217.81824 218.58 216.868 254.6832 217.515 217.260 214.2 s Relativeimportance, December2008. Source: Department of Labor, Bureau of Labor Statistics. 23 CHANGES IN PRODUCER PRICES FOR FINISHED GOODS [Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA] Change from preceding period Change from 3 months earlier, annual rate Change from 6 months earlier, annual rate Consumer goods Consumer goods Consumer goods Total finished goods Capital equipment Excluding foods Total finished goods Capital equipment Excluding foods Total finished goods Change from year earlier, total finished goods NSA Capital equipment Excluding foods Change, Dec. to Dec., NSA 1999. 2000. 2001. 2002. 2003. 2004. 2005. 2006. 2007. 2.9 3.6 1.6 1.2 4.0 4.2 5.4 1.1 6.2 ¥.9 2008P 0.8 1.7 1.8 ¥.6 7.7 3.1 1.7 1.7 7.6 3.7 5.1 5.5 ¥3.9 2.9 4.1 5.5 8.8 .4 7.7 ¥4.8 1.8 3.8 2.0 ¥1.3 3.2 3.6 4.8 3.0 3.9 6.3 0.3 1.2 0 ¥.6 .8 2.4 1.2 2.3 1.4 4.0 Change, month to month 2008: Mar. .. Apr . May June July Aug. .. Sept Oct. ... Novr Dec. . 2009: Jan. . Feb Mar 1.5 1.3 1.3 ¥.5 ¥.1 ¥2.6 1.2 .2 .7 1.2 .6 .2 .0 .1 ¥.5 r ¥.8 1.0 .1 2.3 1.8 1.9 ¥1.2 ¥.3 .8 .1 ¥1.2 ¥.4 ¥1.6 ¥.7 1.4 0.9 .2 ¥4.9 ¥4.7 ¥3.0 9.1 6.1 10.7 12.9 17.9 0.1 .5 .3 .3 .5 .4 .4 .6 .0 .1 ¥12.1 ¥19.6 ¥24.9 .5 .1 ¥13.9 ¥3.4 9.0 2.9 ¥1.8 ¥.9 8.9 3.5 8.8 8.9 10.6 8.4 3.2 1.1 ¥1.8 ¥4.8 11.4 8.3 14.5 18.1 27.0 10.6 1.9 ¥22.8 ¥33.2 ¥40.3 3.8 4.0 3.5 4.3 4.3 4.8 5.3 5.6 3.9 2.6 ¥6.5 ¥10.4 ¥10.1 ¥22.8 ¥3.8 1.4 2.3 7.8 1.8 ¥6.4 ¥12.1 9.8 7.4 9.1 8.9 7.0 8.6 6.0 5.8 3.2 ¥.9 ¥13.0 ¥11.9 ¥13.8 ¥2.7 ¥6.2 ¥7.5 10.0 9.0 7.1 11.0 11.9 9.9 ¥1.0 ¥14.0 ¥22.0 2.6 3.6 3.3 4.0 4.1 4.1 4.8 4.9 4.4 3.9 6.7 6.4 7.3 9.1 9.9 9.7 8.8 5.2 .4 ¥.9 ¥22.8 ¥19.8 ¥22.2 3.9 3.3 2.1 ¥1.0 ¥1.3 ¥3.5 13.2 11.8 8.0 14.7 17.3 12.5 9.7 Source: Department of Labor, Bureau of Labor Statistics. CHANGES IN CONSUMER PRICES—ALL URBAN CONSUMERS [Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA] Housing All items 1 Addendum: All items, percent change (annual rate) Transportation Shelter Rent of Ownpriers' mary equivaresilent dence rent Fuels and utilities Apparel New cars Motor fuel Medical care Energy 2 All items less food and energy From previous quarter 3 From 3 months months earlier earlier From year earlier NSA Change, December to December, NSA 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 3.4 1.6 2.4 1.9 3.3 3.4 2.5 4.1 .1 1.9 2.8 2.8 1.5 3.6 2.7 2.3 2.1 4.9 5.9 2.2 4.3 2.9 2.4 2.2 3.0 4.0 3.3 3.0 2.4 2.5 3.4 4.2 3.1 2.2 2.7 2.6 4.2 3.1 1.9 3.1 4.0 4.7 3.1 2 .7 2.9 3.1 4.3 4.0 3.4 2.4 3.4 4.5 3.3 2.0 2.3 2.5 4.3 2.8 2.1 2.4 12.1 ¥2.1 1.4 6.5 7.9 15.6 .5 5.4 6.0 ¥.5 ¥1.8 ¥3.2 ¥1.8 ¥2.1 _ .2 ¥1.1 .9 ¥.3 ¥1.0 5.4 4.1 ¥3.8 3.8 .3 6.5 4.8 1.6 8.3 ¥13.3 ¥.8 .3 0 ¥2.0 ¥2.1 .5 ¥.4 ¥1.1 30.2 13.9 24.8 24.6 6.8 26.1 16.2 6.4 29.5 42.2 3.7 4.2 4.7 5.0 3.7 4.2 4.3 3.6 5.2 2.6 13.4 14.2 ¥13.0 10.7 6.9 16.6 17.1 2.9 17.4 ¥21.3 1.9 2.6 2.7 1.9 1.1 2.2 2.2 2.6 2.4 1.8 0.2 .1 .2 .3 .3 2 .1 .0 .1 .0 2.2 3.4 2.8 1.6 2.3 2.7 3.4 3.2 2.8 3.8 Change, month to month 2008: Mar. . Apr . May . June July Aug . Sept Oct. .. Nov. . Dec. . 2009: 1 Jan Feb Mar 0.4 .2 5 .9 .7 .0 .0 ¥.8 1.7 ¥.8 .3 .4 ¥.1 0.2 .8 4 .7 .9 .6 .5 .4 2 .0 .1 0.1 ¥.1 0.4 .3 4 .4 .6 .0 ¥.1 .0 ¥.1 .0 .0 .0 ¥.1 0.2 .1 2 .3 .2 .1 .2 .1 .2 .0 2 !o .0 0.3 .3 2 .4 .3 .3 .3 .3 .3 .2 0.2 2 1 2 .1 .1 .2 .1 2 .1 1.6 1.8 2 .1 1.7 3.0 ¥.9 ¥2.4 ¥.5 ¥1.5 ¥.4 ¥0.8 .3 - 1 .0 1.0 .4 ¥.3 ¥.7 .1 ¥.6 0.9 ¥.8 11 3.2 1.4 ¥.9 ¥.1 ¥4.8 ¥9.7 ¥5.0 0.0 .0 1 .3 .8 .1 ¥.5 ¥.6 ¥.4 ¥.4 2.1 ¥2.3 2 .9 8.7 3.6 ¥2.5 .3 ¥12.7 ¥28.9 ¥18.8 0.2 2 1 .3 .1 2 .3 .2 2 .3 2.0 ¥.5 2 .7 5.8 3.5 ¥2.0 ¥1.0 ¥7.8 ¥16.9 ¥9.3 .3 .1 .2 .3 .1 .2 — .7 ¥.1 ¥1.4 .3 1.3 _ .2 1.3 1.9 ¥1.1 .2 .5 .3 5.3 7.6 ¥4.4 .4 .3 .2 1.7 3.3 ¥3.0 Includes items not shown separately. 2 Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc., excluded beginning 1983. 24 s ¥8.3 ¥12.4 5.1 4.7 3.7 5.1 5.8 5.4 4.7 2.7 ¥1.6 ¥5.0 ¥2.4 ¥8.4 ¥.5 2.2 ¥5.8 ¥5.0 ¥5.4 4.5 3.7 2.9 4.2 4.5 6.5 8.9 6.7 3.1 ¥3.1 6.2 ¥9.4 Quarterly changes are shown in the last month of the quarter. Source: Department of Labor, Bureau of Labor Statistics. 4.0 3.9 4.2 5.0 5.6 5.4 3.7 3.7 1.1 .1 .0 .2 ¥.4 PRICES RECEIVED AND PAID BY FARMERS In April, prices received by farmers rose 4.0 percent and prices paid by farmers were unchanged. (Data are not seasonally adjusted.) INDEX, 1990-92 = 100 (RATIO SCALE) INDEX, 1990-92=100 (RATIO SCALE) 200 200 190 / / 180 " 190 \ v 180 170 170 160 160 PRICES PAID 150 ___ / \ 150 ' " \ 140 140 \ / 130 • ' — ' 120 / PRICES RECEIVED . / \ A/ " \ 130 / 120 V 110 / ^ \ 100 / \ 90 90 11 1 1 111ii 1111111 in 11 1 1 RATIO1 140 120 100 80 ">—>^ 60 111111 ii 11 i I I i l l ! 11 H 11 i 11 in II M i in RATIO1 140 120 100 - RATIO ^ ^ - ^ • . ^ >_ .— ~^~ 60 1 i If t 1 1 I !i 1 I ; i i 1 ! i i : i 1 1 M l l M M 1 M 1 1 1 1 1 11 1111i 1 1 1 M\ 11 11 IE 1 [I 1 1II1 11 1 1 1 1 1M1 11 1 1 ! M 1 11 1[ 1 it 1 i l 1 1 1 2001 2003 2004 2005 2006 2007 2002 2008 2009 1 RATIO OF INDEX OF PRICES RECEDED TO INDEX OF PRICES PAID. SOURCE: DEPARTMENTOFAGRICULTURE COUNCILOFECONOMICADVISERS [1990-92 = 100; not seasonally adjusted] Prices received by farmers Period All farm products Prices paid by farmers Livestock and products Crops All commodities, services, interest, taxes, and wage rates 1 Production items, interest, taxes, and wage rates Production items Ratio 2 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008r 96 96 102 98 106 118 115 115 136 149 97 96 99 105 110 115 110 120 143 168 95 97 106 90 103 122 120 111 130 131 115 119 123 124 128 134 142 150 160 182 113 117 121 121 125 133 142 150 161 187 111 115 120 119 124 132 140 148 160 188 83 81 83 79 84 88 81 77 85 82 2008: Apr r Mayr June r Julyr Aug r Septr Oef Novr Decr 146 152 158 160 156 154 150 141 135 169 173 183 182 177 174 167 156 149 127 135 137 139 138 133 127 123 119 179 184 187 191 191 190 187 182 177 183 188 193 197 197 196 192 187 181 185 191 196 201 202 200 195 189 182 82 83 84 84 82 81 80 77 76 2009: J a n r Feb r Mar r Aprp 139 126 126 131 160 146 146 155 114 109 109 112 178 177 178 178 182 181 182 182 181 179 180 180 78 71 71 74 1 Includes items not shown separately. 2 Percentage ratio of index of prices received by farmers to index of prices paid, interest, taxes, and wage rates. NOTE.—The official indexes are published on a 1910-14 base as required by law. The indexes have been converted to a 1990-92 = 100 base to facilitate comparison with other indexes. Source: Department of Agriculture. 25 MONEY, CREDIT, AND SECURITY MARKETS MONEY STOCK AND DEBT MEASURES In March, M2 rose. BILLIONS OF DOLLARS* (RATIO SCALE) BILLIONS OF DOLLARS* (RATIO SCALE] 9,200 8,400 8,400 7,600 7,600 6,800 6,800 —- — -""""" \ 6,000 — • 6,000 M2 — 5,200 5,200 4,400 4,400 3,600 3,600 3,200 3,200 2,800 2,800 2,400 2,400 2,000 2,000 1,600 Ml * _ "~ ^ 1,200 1 1 I 1 1 1 j1 1 1 1 1 I I IlI 11 II I 1 2002 2001 • 1,600 y \ 2003 2004 2005 2006 Hlllhllll 2007 1 : i I M I I i1 : 1 1 2008 2009 COUNCIL OF ECONOMICADVI5ERS [Averages of daily figures, except debt end-of-period basis; billions of dollars, seasonally adjusted] Percent change Debt M1 M2 Sum of currency, demand deposits, travelers checks, and other checkable deposits (OCDs) M1 plus retail MMMF balances, savings deposits (including MMDAs), and small time deposits Dec r Dec Dec Dec Dec Dec Dec Dec Dec Dec 1,122.6 1,087.7 1,182.3 1,220.4 1,306.8 1,376.4 1,374.2 1,365.6 1,364.5 1,595.4 4,630.1 4,909.4 5,416.1 5,763.5 6,054.7 6,398.4 6,659.1 019.1 414.9 8,123.8 17,308.2 18,184.0 19,319.8 20,732.1 22,441.9 24,450.2 26,776.8 29,166.3 31,672.8 33,517.9 2.4 ¥3.1 8.7 3.2 7.1 5.3 ¥.2 ¥.6 ¥.1 16.9 5.8 6.0 10.3 6.4 5.1 5.7 4.1 5.4 5.6 9.6 6.4 5.0 6.3 7.3 8.1 8.9 9.5 8.9 8.6 5.8 2008: Mar r Apr r Mayr June r July Aug r Sept r Oct r Nov Dec r ,372.8 ,373.6 ,373.6 ,383.6 ,400.0 ,391.9 ,451.8 ,475.0 ,523.5 ,595.4 598.6 618.4 637.0 647.7 692.2 673.2 782.1 900.7 951.5 8,123.8 32,088.1 1.0 .3 1.0 2.8 4.6 3.1 11.5 14.8 21.8 30.6 7.6 7.3 6.9 6.3 6.2 3.6 4.8 7.4 8.2 12.5 5.2 2009: J a n r Feb r Mar 1,576.1 1,559.5 1,562.3 8,210.0 8,241.9 8,316.7 25.2 24.1 15.2 13.5 14.8 13.7 Period 1999: 2000: 2001: 2002: 2003: 2004: 2005: 2006: 2007: 2008: 1 Quarterly data; shown in last month of quarter. End-of-year data are for fourth quarter. Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfinancial sectors; data from flow of funds accounts. 2 Annual changes are from December to December and monthly changes are from 6 months earlier at a simple annual rate. s Annual changes are from fourth quarter to fourth quarter. Quarterly changes are from previous quarter at an annual rate. 26 Debt of domestic nonfinancial sectors 1 32,339.1 32,995.8 33,517.9 From year or 6 months earlier 2 M1 M2 From previous period 3 Debt 3.1 6.3 NOTE.—The Federal Reserve previously announced that the M3 monetary aggregate and most of its components would no longer be published. Institutional money market mutual funds will continue to be published as a memorandum item in the H.6 release, and the component on large-denomination time deposits will be published in other Federal Reserve Board releases. For details, see H.6 release of March 23, 2006. See p. 27 for components. Source: Board of Governors of the Federal Reserve System. COMPONENTS OF MONEY STOCK [Averages of daily figures; billions of dollars, seasonally adjusted] Nonbank trave- Currency Period lers checks 1999: 2000: 2001: 2002: 2003: 2004: 2005: 2006: 2007: 2008: Decr Decr Decr Decr Decr Decr Decr Decr Decr Decr .... .... .... .... .... .... .... .... .... .... 517.8 531.2 581.1 626.3 662.5 697.5 723.6 748.3 757.6 812.1 8.6 8.3 8.0 7.8 7.7 7.5 7.2 6.7 2008: Mar r .... Apr r Mayr .... June r ... Julyr .... Aug r .... Septr ... Oct r Novr .... Decr .... 760.7 760.1 763.4 769.0 774.5 777.0 781.6 796.5 804.3 812.1 6.2 2009: Jan r Feb r .... Mar 826.3 837.7 844.9 Savings deposits 1 O t h e r checkable deposits (OCDs) De mand depos- its Total At commercial banks At thrift institutions Small-denomination time deposits 2 Total At commercial banks 1,739.5 1,878.3 2,309.0 2,774.0 3,162.7 3,506.4 3,602.3 3,692.7 3,868.7 4,100.5 1,288.4 1,424.3 1,738.3 2,060.2 2,337.9 2,631.1 2,773.9 2,909.7 3,041.3 3,328.7 451.0 46.070 570.7 7894.7 824.7 875.3 828.4 730 827.3 771.8 955.2 1,046.0 974.5 894.7 817.8 4276.468 992.5 1,167.3 1,214.4 1,369.2 At thrift institutions 353.0 309.9 335.7 306.8 326.4 343.2 324.6 304.8 292.9 464.8 243.3 .3815.4 257.5 279.6 310.3 328.2 318.9 305.8 307.8 313.0 139.7 .3309.92 142.0 154.3 175.3 187.0 180.7 177.2 174.3 178.9 103.7 105.2 115.4 125.3 135.0 141.1 138.1 128.6 133.5 134.2 311.4 312.3 6.1 6.0 5.9 5.8 5.8 5.7 5.6 5.5 294.6 295.1 292.0 294.3 303.5 300.6 350.2 360.7 406.7 464.8 314.2 316.1 308.4 314.2 312.1 306.9 313.0 176.6 177.1 175.1 176.4 176.8 172.4 176.9 176.3 173.5 178.9 134.8 135.3 175.1 137.7 139.3 136.0 137.3 135.8 133.4 134.2 3,975.9 3,981.2 4,010.1 4,021.2 4,033.1 4,005.9 4,032.8 4,034.9 4,015.6 4,100.5 3,120.7 3,122.0 3,126.5 3,123.9 3,130.9 3,116.5 34,032.8 3,250.3 3,246.4 3,328.7 855.2 859.2 883.6 897.3 902.2 889.4 862.0 784.7 769.2 771.8 5.5 5.5 5.4 434.2 395.6 389.5 310.1 320.7 322.4 175.2 180.9 182.1 134.9 139.8 140.3 4,213.6 4,291.3 4,375.7 3,432.3 3,499.2 3,566.4 781.4 792.2 809.3 67.3 5.5 60.1 312 1 Savings deposits including money market deposit accounts (MMDAs). 2 Small-denomination deposits are those issued in amounts of less than $100,000. s Institutional money funds are not part of non-M1 M2. At thrift institutions At commercial banks Total 318.3 345.2 338.5 303.4 636.9 700.8 636.1 591.2 541.7 551.4 645.3 Retail money funds Institutional money funds3 822.9 13.0178.91 1767.41 276.4 347.2 408.0 391.5 351.0 812.8 897.3 950.3 874.5 767.4 687.7 690.1 793.5 967.3 3,328.7 2,385.5 1,212.1 1,208.6 1,207.4 1,206.8 1,217.6 1,242.2 1,266.5 0.3784.71 1,354.1 1,369.2 820.5 817.5 818.8 823.3 838.4 861.5 889.5 979.0 1,003.2 13.0178.91 391.6 391.2 388.6 383.5 379.2 380.6 377.0 345.1 350.9 351.0 1,037.7 1,055.0 1,045.9 1,206.882 1,041.5 1,033.2 0.2314.21 1,066.7 1,058.3 3,328.7 2,129.0 2,174.7 4,010.13 4,021.2 2,259.3 2,280.9 2,245.5 2,227.6 2,322.5 2,385.5 3,432.3 1,354.4 1,011.6 1,000.2 991.3 352.8 354.3 355.6 1,055.9 1,036.6 1,346.89 2,471.8 2,489.3 2,492.4 3,566.48 793 660.3 815.4 2,309.0 1.2303.4 1,129.2 1,080.0 1,149.3 1,350.8 1.5967.31,8 NOTE.—See Note, p. 26. Source: Board of Governors of the Federal Reserve System. AGGREGATE RESERVES AND MONETARY BASE [Averages of daily figures1; millions of dollars; seasonally adjusted, except as noted by NSA] Adjusted for changes in reserve requirements Borrowings from the Federal Reserve (NSA) Reserves of depository institutions Period Total2 1999: 2000: 2001: 2002: 2003: 2004: 2005: 2006: 2007: 2008: Dee Decr Decr Decr Dee Dee Dee Dee Decr Decr Nonborrowed 3 Required Excess (NSA) Other borrowings from the Federal Reserve Monetary base Total4 42,183 38,717 41,442 40,400 42,757 46,552 45,139 43,338 42,674 821,055 41,862 38,507 41,376 40,320 42,711 46,489 44,970 43,147 27,243 167,489 40,889 37,391 39,799 38,392 41,710 44,643 43,238 41,475 40,905 53,655 1,294 1,325 1,643 2,008 1,047 1,909 1,901 1,863 1,769 767,400 593,842 584,928 635,557 681,629 720,402 759,072 786,976 811,126 822,356 1,651,278 320 210 67 80 46 63 169 191 15,431 653,565 2008: Apr r Mayr June r Julyr Aug r Septr Oct r Novr Decr 43,562 44,130 43,363 43,333 44,565 102,784 315,512 609,962 821,055 ¥91,847 ¥111,650 ¥127,915 ¥122,331 ¥123,514 ¥187,322 ¥332,807 ¥88,824 167,489 41,718 42,119 41,092 41,360 42,571 42,726 47,606 50,920 53,655 1,845 2,011 1,2781 1,973 1,993 60,057 267,907 559,042 767,400 824,631 827,171 832,489 838,059 842,813 905,168 1,130,296 1,433,503 1,651,278 135,410 155,780 2009: Jan r Feb r Mar Aprp 858,418 700,967 779,955 881,555 294,922 118,470 167,844 323,361 60,173 57,459 55,321 57,173 798,245 643,508 724,634 824,381 1,703,117 1,557,492 1,643,111 1,749,522 1 Data are prorated averages of biweekly (maintenance period) averages of daily figures. Reserves and monetary base incorporate adjustments for discontinuities, or "breaks," associated with changes in reserve requirements. 2 Seasonally adjusted break-adjusted required reserves plus unadjusted excess reserves. s Seasonally adjusted break-adjusted total reserves less unadjusted total borrowings of depository institutions from the Federal Reserve. Term auction credit Primary Primary dealer and other brokerdealer credit5 Assetbacked commerical paper money market mutual fund liquidity facility Credit extended to American International Group, Inc. Adjustment 6 179 99 34 35 11,613 438,327 17 11 97 111 3,787 88,245 47,631 32,102 47,206 922,2718 165,664 168,078 290,105 648,319 698,786 653,565 100,000 127,419 150,00 150,000 150,000 149,814 244,778 393,088 438,327 9,624 14,076 14,225 15,204 17,980 32,632 94,017 95,839 88,245 25,764 14,238 6,908 255 0 53,473 114,953 60,655 47,631 31,877 114,953117 71,009 32,102 22,187 77,047 78,070 47,206 538,6 582,497 643,11 558,194 403,523 438,82 477,049 444,933 70,436 6 4 3 62,513 47,324 33,061 26,250 20,292 10,918 17,745 13,533 7,857 4,267 38,690 38,414 43,328 45,057 4 Includes secondary and seasonal, and other credit extensions, not shown separately. 5 Includes credit extended through the Primary Dealer Credit Facility and credit extended to other broker-dealers. 6 Discontinued after January 8, 2003. Source: Board of Governors of the Federal Reserve System. 27 BANK CREDIT AT ALL COMMERCIAL BANKS Total commercial bank loans and leases fell 0.6 percent in March; commercial and industrial loans fell 1.1 percent. BILLIONS OF DOLLARS* (RATIO SCALE) 12,000 BILLIONS OF DOLLARS* (RATIO SCALE) 12,000 ALL COMMERCIAL BANKS 10,000 _ - 9,000 TOTAL 8,000 _ — • — _Jl 7,000 ^ .- 6,000 1 6,000 — • • — ~ ~ 1 5,000 7,000 .--*1' ' 1 10,000 9,000 8,000 ' — ^___ , . — • " ' . - 5,000 \ LOANS AND LEASES 4,000 4,000 3,000 3,000 2,000 2,000 1,600 1,600 U.S. TREASURY AND AGENCY SECURITIES \ —:-3»--~. 1,200 1,200 800 ,_^ '-•—' OTHER SECURITIES y-—~—" 800 «•-* 400 1 1! I I I 2001 1 1 II 1 1 1 MM 1 II ' I 1 1 1 1 1 1 1 1 111 1 2002 2003 2004 IMI 1 I I 1 1 II I 1 II 2006 2005 1 II 1 1 1 II II i (I 2007 2008 •SEASONALLY ADJUSTED SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM II 1 II 111111 400 2009 COUNCIL OF ECONOMIC ADVISERS [Billions of dollars, seasonally adjusted 1 Securities in bank credit Period 1999: 2000: 2001: 2002: 2003: 2004: 2005: 2006: 2007: 2008: 2008: Decr Decr Decr Decr Decr Decr Decr Decr Decr Decr Marr. Aprr Mayr June'' Julyr Augr Septr Oef Novr Dec 2009: Jan r Febr. Mar Total bank credit 4,743.4 5,200.4 5,409.6 5,888.2 6,260.8 6,811.5 7,531.8 8,359.3 9,206.0 9,966.7 9,495.5 9,417.8 9,422.4 9,401.2 9,426.0 9,415.0 9,572.6 9,982.9 9,924.7 9,966.7 9,884.1 9,829.7 9,808.2 Total securities 1,270.0 1,336.2 1,480.5 1,719.7 1,851.0 1,944.5 2,063.0 2,240.4 2,412.0 2,772.6 2,554.1 2,524.9 2,503.6 2,496.8 2,507.2 2,487.7 2,538.3 2,720.2 2,712.3 2,772.6 2,750.0 2,693.5 2,715.1 U.S. Treasury and agency securities 811.3 789.5 849.2 1,033.1 1,107.7 1,165.5 1,159.7 1,211.7 1,128.5 1,262.2 1,106.3 1,099.6 1,109.4 1,125.9 1,123.4 1,131.6 1,155.6 1,235.9 1,264.5 1,262.2 1,279.8 1,264.4 1,274.0 Other securities 2 458.7 546.8 631.3 686.5 743.4 779.0 903.4 1,028.7 1,283.5 1,510.3 1,447.9 1,425.3 1,394.2 1,370.9 1,383.8 1,356.1 1,382.7 1,484.3 1,447.7 1,510.3 1,470.2 1,429.1 1,441.2 Loans and leases in bank cre dit 3,473.4 3,864.2 3,929.1 4,168.5 4,409.8 4,867.1 5,468.8 6,118.9 6,794.0 7,194.2 6,941.4 6,893.0 6,918.8 6,904.4 6,918.9 6,927.3 7,034.3 7,262.7 7,212.4 7,194.2 7,134.1 7,136.2 7,093.1 1 Data are prorated averages of Wednesday values for domestically chartered commercial banks, branches and agencies of foreign banks, New York State investment companies (through September 1996), and Edge Act and agreement corporations. Data are adjusted for breaks caused by reclassifications of assets and liabilities. 2 Includes other trading assets. 28 Commercial and industrial Total loans and leases 3 990.2 1,078.4 1,018.0 955.7 896.1 918.5 1,035.8 1,187.5 1,430.8 1,582.9 1,480.0 1,487.9 1,394.26,91 1,505.5 1,516.1 1,516.5 1,382.77,0 1,602.3 1,600.2 1,582.9 1,570.6 1,560.3 1,543.3 Real estate Total 4 1,476.0 1,660.5 1,790.4 2,038.4 2,235.4 2,574.8 2,942.0 3,378.8 3,607.9 3,828.0 3,658.9 3,643.6 3,639.8 3,631.7 3,620.8 3,623.1 3,660.5 3,820.8 3,826.8 3,828.0 3,810.3 3,829.1 3,831.0 Revolving home equity 101.7 130.4 156.0 213.8 281.1 399.2 445.6 469.9 486.0 590.7 500.1 506.2 511.1 516.7 123.4 526.8 540.2 579.7 585.0 590.7 594.5 597.0 601.4 Commercial 1,081.7 1,273.0 1,452.2 1,602.3 1,736.8 1,639.8 1,651.0 1,660.8 1,672.2 1,675.3 1,677.5 1,68 1,728.9 1,732 1,736.8 1,729.9 1,729.3 1,726.8 Consumer 5 491.7 541.2 558.7 589.7 645.8 698.3 707.6 742.8 806.8 881.4 818.1 824.8 828.8 834.0 843.0 847.8 853.8 872.2 878.3 881.4 891.6 900.1 892.6 Security 5 128.6 153.1 119.8 161.2 187.9 188.7 236.4 257.4 285.4 244.7 300.7 287.5 304.7 290.1 297.7 303.6 327.4 293.6 263.3 244.7 224.5 218.1 198.1 Other 386.8 431.0 442.2 423.5 444.5 486.8 547.0 552.5 663.0 657.1 683.7 649.1 651.4 643.1 641.2 636.2 655.7 673.8 643.9 657.1 637.1 628.6 628.1 s Excludes unearned income. Includes the allowance for loan and lease losses. Excludes Federal funds sold to, reverse repurchase agreements (RPs) with, and loans to commercial banks in the United States. 4 Includes other residential, not shown separately. 5 Includes other items, not shown separately. Source: Board of Governors of the Federal Reserve System. SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL CORPORATE BUSINESS [Billions of dollars; quarterly data at seasonally adjusted annual rates] Sources Uses External (N et increase in liabilities F u n d s raised in markets Discrep- Credit market instruments Period Total TIQI 1 nal Total Total net raised Capital expenditures 3 Total Net new equity issues Total Loans and shortterm paper Securities and mortgages Other 2 Increase in financial assets (sources less uses) 1999 ................1, 2000 2001 2002 ................896. 2003 2004 ................1, 2005 2006 ................1, 2007 ................2, 2008P 1,718.6 1,955.4 850.2 896.2 844.7 1,537.5 2,026.3 1,922.5 2,002.7 1,582.0 731.0 718.0 755.0 811.3 831.3 928.5 1 96 1 1,086.0 1,047.0 1,044.9 987.6 1,237.4 95 2 84.9 13.4 4 609.0 961.2 836.5 955.7 537.1 273.4 243.7 164.6 ¥18.5 46.2 79.5 ¥28.2 ¥133.2 ¥29.8 ¥71.4 ¥110.4 ¥118.2 ¥48.1 ¥41.4 ¥41.1 ¥124.4 -360 7 ¥602.7 ¥831.2 ¥395.1 383.7 361.9 212.8 22.9 87.3 204.0 332.5 469.5 801.3 323.7 273.7 187.3 399.7 167.1 217.0 134.8 266.4 314.3 438.0 254.9 110.1 174.6 ¥187.0 -144.2 ¥129.7 69.2 66.2 155.2 363.4 68.8 714.3 993.7 ¥69.4 103.4 ¥32.8 529.6 989.4 969.6 985.5 608.4 1,833.8 2,137.7 980.2 867.2 832 5 1,608.8 1,879.8 1,772.5 2,121.1 1,555.5 863.9 928.5 802.6 737.1 749.9 825.7 922.0 1,059.4 1,047.3 1,068.9 969.9 1,209.2 177.6 130.1 82.6 783.1 957.8 713.1 1,073.8 486.6 ¥115.2 ¥182.4 ¥130.0 28.9 12.1 ¥71.3 146 5 150.0 ¥118.4 26.4 2006: I ...........1, II .........2, III. .......1, IV ........1, 1,831.5 2,126.8 1,833.3 1,898.2 1,094.3 1,091.2 1,117.2 1,041.2 737.2 1,035.6 716.1 857.0 ¥121.1 ¥111.2 ¥251.0 ¥49.6 ¥566.1 ¥578.0 ¥524.1 ¥742.5 445.0 466.8 273.1 692.9 329.9 290.7 246.8 389.9 115.1 176.0 26.3 303.1 858.3 1,146.7 967.1 906.6 1,722.9 1,979.3 1,723.5 1,664.1 1,013 1,06 1,076.3 1,084.3 709.6 915.7 647.2 579.8 108.6 147.6 109.8 234.1 2007: I ...........1, II III ........2, IV ........1, 1,882.9 1,928.6 2,327.7 1,871.8 1,028.8 1,032.7 1,065.0 1,061.7 854.1 895.9 1,262.7 810.1 101.6 64.5 12.8 ¥298.1 ¥566.7 ¥799.1 ¥864.9 ¥1,093.9 668.4 863.6 877.7 795.8 421.4 528.3 358.5 443.7 246.9 335.2 519.1 352.1 752.4 831.4 1,249.9 1,108.2 1,955.1 2,109.8 2,521.7 1,898.5 1,009.2 1,044.0 1,083.8 7352.11,10 945.9 1,065.8 1,437.2 846.5 ¥72.2 ¥181.2 ¥193.3 ¥26.8 2008- I II .........1, III. .......1, IVp 1,821.7 1,566.2 1,295.0 1,645.0 1 041 2 1,008.7 1,088.4 1,041.3 780.5 557.5 206.6 603.7 ¥57.9 154.1 ¥88.4 ¥293.2 ¥475.1 ¥262.0 ¥393.2 ¥450.0 417.2 416.1 304.8 156.8 267 3 416.9 135.5 199.8 149.9 ¥.8 169.3 ¥42.9 838.4 403.4 295.0 897.0 1,884.9 1,421.7 1,265.7 1,650.0 1,066.7 1,120.6 1,265.7 1,022.7 818.2 301.1 200.0 627.3 ¥63.2 144.5 29.4 ¥5.0 1 Profits before tax (book) less taxes on corporate income, less net dividends, plus capital consumption allowance (consumption of fixed capital plus capital consumption adjustment), foreign earnings retained abroad, inventory valuation adjustment, and net capital transfers. 2 Includes trade payables, taxes payable, and miscellaneous liabilities (foreign direct investment in the U.S., pension fund contributions payable, and other). s Nonresidential fixed investment plus residential fixed investment, inventory change with inventory valuation adjustment, and nonproduced nonfinancial assets. Source: Board of Governors of the Federal Reserve System. CONSUMER CREDIT [Billions of dollars; seasonally adjusted] Consumer credit outstanding (end of period) Period Revolving Total Nonrevolving2 Net change in consumer credit outstanding 1 Total Revolving Nonrevolving 2 Dee . Dee . Dee . Dee . Dee . Dee . Dee . Dee . Dee . Dec 532.4 717.7 867.3 974.3 078.3 191.6 285.2 387.7 519.0 2,563.3 610.7 683.7 716.6 748.8 770.4 799.8 824.5 874.6 939.5 961.6 921.7 1,034.0 1,150.7 1,225.5 1,307.9 1,391.8 1,460.7 1,513.1 1,579.5 1,601.7 111.4 185.3 149.6 107.0 104.0 113.3 93.6 102.5 131.3 44.3 29.3 73.0 32.9 32.2 21.6 29.4 24.7 50.1 64.9 22.1 82.1 112.3 116.7 74.8 82.4 83.9 68.9 52.4 66.4 22.1 2 2008: Mar Apr . May June July Aug r Sept Oef Nov Dec 2,549.0 2,558.8 2,565.5 2,574.1 2,581.8 2,575.8 2,582.8 2,578.3 2,568.9 2,563.3 957.3 957.3 963.0 965.8 972.1 974.2 976.8 973.9 968.2 961.6 1,591.7 1,601.5 1,602.5 1,608.3 1,609.7 1,601.6 1,606.0 1,604.4 1,600.7 1,601.7 12.1 9.8 6.7 8.6 7.7 ¥6.0 7.0 ¥4.5 ¥9.4 ¥5.6 5.9 .0 5.7 2.8 6.3 2.1 2.6 ¥2.9 ¥5.7 ¥6.6 6.2 9.8 1.0 5.8 1.4 ¥8.1 4.4 ¥1.6 ¥3.7 1.0 Jan r . Peb . Mari1 2,570.3 2,562.2 2,551.1 961.0 951.3 945.9 1,609.3 1,610.9 1,605.2 7.0 ¥8.1 ¥11.1 ¥.6 ¥9.7 ¥5.4 7.6 1.6 ¥5.7 1999: 2000: 2001: 2002: 2003: 2004: 2005: 2006: 2007: 2008: 2009: 1 Change based on data in billions of dollars as shown here. For year-end data, change from preceding year-end; for monthly data, change from preceding month. 2 Includes automobile loans and all other loans not included in revolving credit, such as loans for mobile homes, education, boats, trailers, or vacations. These loans may be secured or unsecured. NOTE.—Effective October 7, 2003 data beginning 1977 include student loans extended by the Federal Government and by SLM Holding Corporation. Source: Board of Governors of the Federal Reserve System. 29 INTEREST RATES AND BOND YIELDS Interest rates were mixed in April. PERCENT PER ANNUM PERCENT PERANNUM 10 I 10 CORPORATE Ana BONDS ~ (MOODY'S) V- ii4^TV- U / FEDERAL FUNDS RATE A TREASURY "•. BILLS COUNCIL OF ECONOMIC ADVISERS [Percent per annum] U.S. Treasury security yields Highgrade municipal Cons tant maturities 2 Por-inrl _T SrlOCl 3-month bills (at auction) 1 3-year10-year 30-year 10-year 5.87 5.94 5.49 * * * Corporate Discount window (N.Y. F.R. Bank)45 bonds (Standard & Poor's) 3 bonds (Moody's) 7.04 7.62 7.08 6.49 5.67 5.63 5.24 5.59 5.56 5.64 2.12 2.34 4.19 5.96 5.86 2.39 Primary credit Discount rate 1999 2000 2001 2002 .......................1. 2003 2004 .......................1. 2005 .......................3. 2006 2007 .......................4. 2008 .......................1. 4.66 5.85 3.44 1.62 1.01 1.38 3.16 4.73 4.41 1.48 5.49 6.22 4.09 3.10 2.10 2.78 3.93 4.77 4.35 2.24 5.65 6.03 5.02 4.61 4.01 4.27 4.29 4.80 4.63 3.66 * 4.91 4.84 4.28 5.43 5.77 5.19 5.05 4.73 4.63 4.29 4.42 4.42 4.80 2008: Apr May June ...........1. July Aug Sept ............1. Oct Nov Dec. 1.32 1.71 1.89 1.72 1.79 1.46 .84 .30 .04 2.23 2.69 3.08 2.87 2.70 2.32 1.86 1.51 1.07 3.68 3.88 4.10 4.01 3.89 3.69 3.81 3.53 2.42 4.44 4.60 4.69 4.57 4.50 4.27 4.17 4.00 2.87 4.43 4.34 4.48 4.88 4.90 5.03 5.68 5.28 5.53 5.55 5.57 5.68 5.67 5.64 5.65 6.28 6.15 5.08 2.25 2.25 2.25 2.25 2.25 2.25 1.25 1.25 .50 2009: Jan. Feb Mar. Apr .12 .31 .25 .17 1.13 1.37 1.31 1.32 2.52 2.87 2.82 2.93 3.13 3.59 3.64 3.76 5.13 5.00 5.185 4.88 5.05 5.27 5.50 5.39 .50 .50 .50 .50 * * * Week ended: 2009: Apr 11 18 25 May 2 9 .20 .18 .14 .14 .20 1.35 1.27 1.33 1.37 1.44 2.93 2.87 2.96 3.10 3.23 3.72 3.70 3.79 3.99 4.15 5.02 4.96 4.64 4.76 4.75 5.47 5.32 5.33 5.46 5.47 .50 .50 .50 .50 .50 * * 1 High bill rate at auction, issue date within period, bank-discount basis. Data are stop yields from uniform-price auctions. 2 Yields on actively traded issues adjusted to constant maturities. s Weekly data are Wednesday figures. 4 Discount window borrowing for primary credit and discount rate (adjustment credit). The rate for primary credit replaced the rate for adjustment credit. 5 Average effective rate for year; rate in effect at end of month or week. 30 6 4.62 5.73 3.40 1.17 * * * * * * * * * * * * * * * * * * * Prime rate Federal charged by banks 5 funds rate 6 Newhome mortgage yields (FHFB) 7 8.00 9.23 6.91 4.67 4.12 4.34 6.19 7.96 8.05 5.09 4.97 6.24 3.88 1.67 1.13 1.35 3.22 4.97 5.02 1.92 7.04 7.52 7.00 6.43 5.80 5.77 5.94 6.63 6.41 6.05 5.00 5.00 5.00 5.00 5.00 5.00 4.00 4.00 3.25 2.28 1.98 2.00 2.01 2.00 1.81 .97 .39 .16 5.98 6.01 6.13 6.29 6.33 6.09 6.10 6.16 5.67 3.25 3.25 3.25 3.25 .15 .22 .18 .15 5.11 5.09 5.10 3.25 3.25 3.25 3.25 3.25 .14 .15 .14 .17 .21 Daily effective rate; weighted average of rates on brokered trades. Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as well as contract rate and assumed, on the average, repayment at end of 10 years. * Discount rate (adjustment credit) series was discontinued after January 8, 2003. Series for 30-year constant maturity was discontinued on February 18, 2002, and reintroduced on February 9, 2006. Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Housing Finance Board, Moody's Investors Service, and Standard & Poor's. 7 COMMON STOCK PRICES AND YIELDS Stock prices rose in April. INDEX, DEC. 31,2002=5,000 (RATIO SCALE) 11,000 - INDEX, DEC. 3 1 , 2002=5,000 (RATIO SCALE) 11,000 - 10,000 9,000 COMPOSITE STOCK 3RICE INDEX 3*" (NYSE) \ 8,000 V \ - 1 7,000 10,000 - X 7 /A 6,000 -4 5,000 11 11 1 11 II 1 iJ'l 1\ i 111 1 1 1 1 11 1II1111 2003 2001 2002 11111111 111 2004 1 1 1 ii 111111111 1 1 1 1 1 1 1 111111111 2005 2006 2007 I | 11111111 2008 - 9,000 8,000 7,000 - 6,000 V- 1 I 1111111 5,000 1 1 1 2009 PERCENT PERCENT 20 20 15 15 EARNINGS-PRICE RATIO ON COMMON STOCKS (S&P) / 10 5 10 5 ~ 0 l i 2001 l l l 2002 l i l l 2003 l l i l 2004 l l 2005 i i i 2006 l l l 2007 SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD AND POOR'S I l l 2008 New York Stock Exchange indexes 2 3 (December 31, 2002 = 5,000) Composite Financial l l 2009 0 COUNCIL OF ECONOMIC ADVISERS Common stock prices 1 Period i Energy Health Care Dow Jones industrial average 4 Common stock yields (percent) 7 Standard & Poor's composite index (194143 = 10) 5 Nasdaq composite index (Feb. 5, 1971 = 100) 6 1,327.33 1,427.22 1,194.18 993.94 965.23 1,130.65 1,207.23 1,310.46 1,477.19 1,220.04 2,728.15 3,783.67 2,035.00 1,539.73 1,647.17 1,986.53 207.232 2,263.41 2,578.47 2,161.65 1.25 1.15 1.32 1.61 1.77 1.72 1.83 1.87 1.86 2.37 Dividendprice ratio 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 6,546.81 6,805.89 6,397.85 5,578.89 5,447.46 6,612.62 7,349.00 8,357.99 9,648.82 8,036.88 5,583.00 6,822.18 7,383.70 8,654.40 9,321.39 6,278.38 5,273.90 6,952.36 9,377.84 11,206.94 13,339.99 13,258.42 5,288.67 5,924.80 6,283.96 6,685.06 7,19 6,171.19 10,464.88 10,734.90 10,189.13 9,226.43 8,993.59 10,317.39 10,547.67 11,408.67 13,169.98 11,252.62 2008: Apr . May June July Aug . Sept Oet .. Nov . Dee . 9,174.10 9,429.04 8,996.98 8,427.37 8,362.20 7,886.29 6,130.39 5,527.63 5,525.70 7,579.73 7,593.63 6,798.20 6,207.89 6,304.58 6,159.18 4,733.74 3,779.86 3,673.95 15,159.35 16,365.23 16,272.67 14,899.86 13,772.04 12,562.82 9,515.71 12,656.63 12,812.48 12,056.67 11,322.38 11,530.75 11,114.08 9,176.71 8,614.55 8,595.56 1,370.47 1,403.22 1,341.25 1,257.33 1,281.47 1,217.01 968.80 883.04 877.56 2,656.631,370 1,403.222,4 9,136.33 6,381.98 6,405.40 6,243.42 6,412.48 6,618.92 6,316.05 5,434.03 5,088.99 5,090.83 1,341.25 2,278.14 1,281.47 1,217.0 1,730.32 1,542.70 1,525.89 2.09 2.07 2.15 2,27 2.23 2.36 2.83 3.11 3.00 2009: Jan 5,477.14 5,051.42 4,739.72 5,338.39 3,337.14 2,823.74 2,633.65 3,313.47 9 295.97 8,785.04 8,266.81 8,839.95 5,256.13 5,106.78 4,596.81 4,771.71 8,396.20 7,690.50 7,235.47 7,992.12 865.58 805.23 757.13 848.15 1,537.20 1,485.98 1,432.23 1,641.15 3.01 3.07 2.92 2.60 5,230.75 5,406.32 5,338.17 5,471.59 5,852.40 3,142.64 3,450.41 3,349.01 3,453.02 3,867.35 8,787.24 8,844.64 8,729.03 9,067.78 9,800.33 4,749.42 4,820.11 4,714.14 4,778.45 4,958.41 7,921.48 8,052.87 7,946.24 8,121.64 8,466.83 833.19 857.44 848.83 867.33 913.44 1,602.88 1,649.87 1,648.94 1,700.33 1,746.40 2.65 2.57 2.59 2.49 2.36 Feb Mar Apr Week ended: 2009: Apr 11 18 25 May 2 9 1 ........................................5, ........................................5, ........................................5, ........................................5, 9,262.07 Average of daily closing prices. Includes all the stocks (nearly 1,850) listed on the NYSE. Effective January 9, 2003, the NYSE relaunched the composite index with changes in methodology, definitions, and based on Dec. 31, 2002 = 5,000. Effective January 8, 2004 new indexes for Financial, Energy, and Health Care were introduced by the NYSE. Previous indexes shown for Industrial, Transportation, Utility, and Finance were discontinued. 4 Includes 30 stocks. 2 s Earningsprice ratio 3.17 3.63 2.95 2.92 3.84 4.89 5.36 5.78 5.29 r 3.54 4.01 3.94 r 1.65 5 Includes 500 stocks. Includes about 3,000 stocks. Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earnings-price ratios based on prices at end of quarter. 6 7 Sources: New York Stock Exchange, Dow Jones & Company, Inc., Standard & Poor's, and Nasdaq Stock Market. 31 FEDERAL FINANCE FEDERAL RECEIPTS, OUTLAYS, AND DEBT In the sixth month of fiscal 2009, there was a deficit of $956.8 billion, compared with a deficit of $312.8 billion a year earlier. BILLIONS OF DOLLARS 4,000 - RECEIPTS AND OUTLAYS1 3,800 BILLIONS OF DOLLARS 4,000 3,800 - 3,600 3,400 3,200 3,000 2,800 2,600 2,400 2,200 / \ / - * - / - - OUTLAYS - _ i 3,000 1 '" 2,800 - 2,600 \ — __„ 000 "" <^ 2,400 2,200 1 '^ RECEIPTS - - 2,000 -^ = > < ; ^^-_ - 1,800 1 1,600 1 1 1 i i 1 i 2,000 1,800 1 1,600 400 400 0 - ^ -800 -1,200 -1,600 3,400 3,200 / - 3,600 - X 1 -2,000 2000 1 2001 1 2002 1 2003 1 2004 1 2005 1 2006 1 2007 - \ 1 ^ \ 2008 ^ - 1 0 400 -800 -1,200 -1,600 -2,000 2010 2009 FISCAL YEARS 'INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS. SOURCES; DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS [Billions of dollars] Total Fiscal year or period Receipts Outlays Off-budget On-budget Surplus or deficit Receipts Outlays Surplus or deficit Receipts Outlays Federal debt (end of period) Surplus or deficit Gross Federal Held by the public 1992. 1993. 1994. 1995. 1996. 1997. 1998. 1999. 1,091.3 1,154.5 1,258.7 1,351.9 1,453.2 1,579.4 1,722.0 1,827.6 1,381.6 1,409.5 1,461.9 1,515.9 1,560.6 1,601.3 1,652.7 1,702.0 ¥290.3 ¥255.1 ¥203.2 ¥164.0 ¥107.4 ¥21.9 69.3 125.6 788.9 842.5 923.7 1,000.9 1,085.7 1,187.4 1,306.2 1,383.2 1,129.3 1,142.9 1,182.5 1,227.2 1,259.7 1,290.7 1,306.21 1,383.21,3 ¥340.4 ¥300.4 ¥258.8 ¥226.4 ¥174.0 ¥103.2 ¥29.9 1.9 302.4 311.9 335.0 351.1 367.5 392.0 415.8 444.5 252.3 266.6 279.4 288.7 300.9 310.6 316.6 320.8 50.1 45.3 55.7 62.4 66.6 81.4 99.2 123.7 4,001.8 4,351.0 4,643.3 4,920.6 5,181.5 5,369.2 5,478.2 5,605 2,999.7 3,248.4 3,433.1 3,604.4 3,734.1 3,772.3 3,721.1 3,632.4 2000. 2001. 2002. 2003. 2004. 2005. 2006. 2007. 20081 2009 (estimates) 1 2010 (estimates) 1 2,025.5 1,991.4 1,853.4 1,782.5 1,880.3 2,153.9 2,407.3 2,568.2 2,524.3 2,186.4 2,380.7 1,789.2 1,863.2 2,011.2 2,160.1 2,293.0 2,472.2 2,655.4 2,730.2 2,982.9 3,938.5 3,552.2 236.2 128.2 ¥157.8 ¥377.6 ¥412.7 ¥318.3 ¥248.2 ¥162.0 ¥458.6 ¥1,752.1 ¥1,171.4 1,544.9 1,483.9 1,338.1 1,258.7 1,345.5 1,576.4 1,798.9 1,933.2 1,866.3 1,531.9 1,699.0 1,458.5 1,516.4 1,655.5 1,797.1 1,913.5 2,070.0 2,233.4 2,276.6 2,508.1 3,421.6 3,010.6 86.4 ¥32.4 ¥317.4 ¥538.4 ¥568.0 ¥493.6 ¥434.5 ¥343.5 ¥641.8 ¥1,889.6 ¥1,311.7 480.6 507.5 515.3 523.8 534.7 577.5 608.4 635.1 658.0 654.5 681.8 330.8 346.8 355.7 363.0 379.5 402.2 422.1 453.6 474.8 516.9 541.5 149.8 160.7 159.7 160.8 155.2 175.3 186.3 181.5 183.3 137.6 140.3 5,628.7 5,769.9 6,198.4 6,760.0 7,354.7 7,905.3 8,451.4 8,950.7 9,985.8 12,704.4 14,077.9 8 1 49.8 3,319.6 3,540.4 3,913.4 4,295.5 4,592.2 4,829.0 5,035.1 5,802.7 8,364.5 9,508.8 Cumulative total, first 6 months:2 Fiscal year 2008. Fiscal year 2009. 1,146.0 989.8 1,458.7 1,946.6 ¥312.8 ¥956.8 828.5 670.5 1,231.6 1,698.7 ¥403.1 ¥1,028.2 317.5 319.3 227.1 247.9 90.4 71.4 9,386.3 11,089.8 5,322.6 6,826.9 1 Data from the Fiscal Year 2010 budget preview document: A New Era of Responsibility: Renewing America's Promise, issued February 26, 2009. 2 Data from current issue Monthly Treasury Statement. 32 NOTE.—Data (except as noted) are from Budget of the United States Government, Fiscal Year 2009, issued February 4, 2008. Sources: Department of the Treasury and Office of Management and Budget. FEDERAL RECEIPTS BY SOURCE AND OUTLAYS BY FUNCTION In the sixth month of fiscal 2009, receipts were $156.2 billion lower than a year earlier and outlays were $487.9 billion higher. BILLIONS OF DOLLARS 1,400 BILLIONS OF DOLLARS 1,400 - RECEIPTS1 1,200 1,200 INDIVIDUAL INCOME TAXES • 1,000 1,000 800 800 600 CORPORATION INCOME TAXES SOCIAL INSURANCE ANUKtllkhMbNI KhCblPIS 400 - 400 200 200 1 0 2,600 2,400 2,200 2,000 1,800 - 1,200 1,000 800 600 1 1 i OTHER RECEIPTS/ 1 | 1 0 - OUTLAYS' 2,600 2,400 - NONDEFENSE 2,200 .W - - - 1,600 1,400 600 -~ NATIONAL DEFENSE \ \ - . —" i 200 1 1 2000 2002 2001 1,600 1,400 1,200 1,000 800 400 1 1 1,800 600 • 400 2,000 2003 1 2004 1 2005 2006 2007 1 2008 200 2009 FISCAL YEARS 1 1NCLUDES ON-BUDGET AND OFF-BUDGET ITEMS. SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS [Billions of dollars] On-budget and off-budget outlays On-budget and off-budget receipts Individual income taxes Fiscal year or period poration income taxes Social insurance and retirement receipts National defense Department of Defense, military International affairs Income security Social security Net inter- 1992. 1993. 1994. 1995. 1996. 1997. 1998. 1999. 1,091.3 1,154.5 1,258.7 1,351.9 1,453.2 1,579.4 1,722.0 1,827.6 476.0 509.7 543.1 590.2 656.4 737.5 828.6 879.5 100.3 117.5 140.4 157.0 171.8 182.3 188.7 184.7 413.7 428.3 461.5 484.5 509.4 539.4 571.8 611.8 101.4 99.0 113.8 72.12 265.825 190.023 132.9 151.7 1,381.6 1,409.5 1,461.9 1,515.9 1,56 1,601.3 1,652.7 1,702.0 298.4 291.1 281.6 272.1 265.8 270.5 268.2 274.8 .816.18 278.5 268.6 259.4 253.1 258.3 2 . 8 261.2 189.51 17.2 107.11 16.4 13.5 15.2 13.1 15.2 89.5 99.4 107.1 115.4 119.4 123.8 131.4 141.1 119.0 130.6 144.7 159.9 174.2 190.0 192.8 190.4 199.6 210.0 217.2 223.8 229.7 235.0 237.8 242.5 287.6 304.6 319.6 335.8 349.7 365.3 379.2 390.0 199.3 198.7 202.9 232.1 241.1 244.0 241.1 229.8 172.2 158.0 171.7 160.3 167.3 157.4 189.0 218.2 2000. 2001. 2002. 2003. 2004. 2005. 2006. 2007. 20081 2009 (estimates) 2,025.5 1,991.4 1,853.4 1,782.5 1,880.3 2,153.9 2,407.3 2,568.2 2,523.9 2,651.4 1,004.5 994.3 858.3 793.7 809.0 927.2 1,043.9 1,163.5 1,145.7 1,250.4 207.3 151.1 148.0 131.8 189.4 278.3 353.9 370.2 304.3 304.1 652.9 694.0 700.8 713.0 733.4 794.1 837.8 869.6 900.4 9431.365 160.9 152.0 196.52 144.1 148.5 154.2 171.6 164.9 173.4 165.5 1,789.2 1,863.2 2,011.2 2,160.1 2,293.0 2,472.2 2,655.4 2,730.2 2,978.7 3,133.2 294.4 304.8 348.5 404.8 455.8 495.3 521.8 552.6 624.1 682.1 281.1 290.2 331.9 387.2 436.5 474.1 499.3 529.8 5 . 7 656.7 17.2 16.5 22.4 21.2 26.9 34.6 29.935 28.5 28.8 39.9 154.5 172.3 196.5 219.6 240.1 250.6 252.8 266.4 280.6 301.4 197.1 217.4 230.9 34.64 269.4 298.6 329.9 375.4 390.8 411.9 253.7 269.8 312.7 334.6 333.1 345.8 352.5 366.0 432.7 431.3 409.4 433.0 456.0 474.7 495.5 523.3 548.5 586.2 617.0 656.1 222.9 206.2 170.9 153.1 160.2 184.0 226.6 237.1 248.9 228.0 239.9 243.4 273.3 302.7 311.9 339.9 393.8 318.1 355.7 382.5 Cumulative total, first 6 months: 2 Fiscal year 2008 Fiscal year 2009 1,146.0 989.8 503.5 429.7 129.5 56.2 428.7 430.0 85.62 73.9 5428.7 1,946.6 308.0 331.7 293.4 316.9 13.9 17.4 137.6 156.2 185.6 206.3 217.9 271.7 302.1 324.2 126.3 94.8 167.4 544.5 1 Data from Final Monthly Treasury Statement for fiscal 2008 released on October 14, 2008. Data from current issue Monthly Treasury Statement. Data for Department of Defense, military, include a small amount classified as international affairs, and not included in national defense. 2 NOTE.—Data for fiscal 2009 are from Mid-Session Review, Budget of the U.S. Government, Fiscal Year 2009, issued July 28, 2008. Other data (except as noted) are from Budget of the United States Government, Fiscal Year 2009, issued February 4, 2008. Data do not reflect the Fiscal Year 2010 budget preview document: A New Era of Responsibility: Renewing America's Promise, issued February 26, 2009. Sources: Department of the Treasury and Office of Management and Budget. 33 FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS In the first quarter of 2009, according to preliminary estimates, Federal current expenditures rose $103.9 billion (annual rate); receipts data are incomplete. BILLIONS OF DOLLARS 3,400 3,200 3,000 2,800 2,600 2,400 2,200 2,000 BILLIONS OF DOLLARS 3,400 - SEASONALLY ADJUSTED ANNUAL RATES 3,200 - 3,000 - *• — " " • " " " " ' T EXPENDITU PES 2,800 - — 2,600 - 2,400 2,200 - ..—• - ^ __„ 2,000 1,800 - / 1 —\y^ \ —KT CURRENT RECEIPTS ' —-v/" - 1,600 1,400 1,200 1,000 800 600 - - - - - - - - - NET FEDERA L 'ERNMENT S/ / | - 400 200 - 1,000 800 600 200 - - ^ - — - ^ - -800 1,200 - -200 -600 1,400 400 0 J)00 1,800 1,600 *-""*- - v - \ - \ " I I I 1 1 1 1 1 2001 2000 1999 1 1 1 1 2002 1 1 1 2003 1 i 1 2004 i i 2005 1 1 1 I 2006 1 2007 - ^ V" 1 1 2008 -600 1 1 ~ -800 2009 CALENDAR YEARS COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF COMMERCE [Billions of dollars; quarterly data asetasonal seasonally adjusted annual rates] Federal Government current expenditures Federal Gov rnment current receipts Current tax receipts Period Total Total 1 Personal current taxes Taxes on production and imports Taxes on corporate income Contributions for government social insurance Income receipts on assets Current transfer receipts Current surplus of government enterprises Total 2 Consumption expenditures Current transfer payments Interest payments Subsidies Net Federal Government saving Calendar year: 1999 .................1, 2000 2001 .................2, 2002 2003 2004 ................2, 2005 ................2, 2006 ................2, 2007 ................2, 2008 ................2, 2005: III ............2, IV ............2, 1,891.2 2,053.8 2,016.2 1,853.2 1,879.9 2,008.9 2,266.9 2,510.4 2,651.2 2,572.9 2,214.5 2,363.3 1,195.7 1,313.6 1,252.2 1,075.5 1,070.8 1,152.3 1,383.0 1,550.2 1,644.5 1,530.0 1,375.8 1,448.0 893.0 999.1 994.5 150.5 774.5 797.4 930.7 1,049.9 1,167.3 1,127.2 944.2 965.8 83.9 87.8 85.8 87.3 89.7 94.6 99.2 98.0 97 7 96.2 100.0 98.5 213.0 219.4 164.7 150.5 .947.8 250.3 341.0 388.9 365.4 291.1 318.0 370.6 651.6 691.7 717.5 734.3 758.9 805.2 850.0 902.4 942.3 972.2 857.0 865.7 21.5 25.2 24.9 20.2 22.9 23.8 24.0 25.7 29.2 31.8 23.8 23.1 22.7 25.7 27.1 24.8 25.0 28.8 15.0 35.7 37.5 39.3 ¥35.8 32.8 ¥0.3 ¥2.3 ¥5.5 -1.6 2.3 ¥1.2 ¥5.0 ¥3.6 ¥2.2 ¥.5 ¥6.4 — 6.2 1,787.6 1,864.4 1,969.5 2,101.1 2,252.1 2,379.5 2,558.6 2,711.6 2,880.5 3,094.3 2,579.2 2,617.1 475.1 499.3 531.9 591.5 662.7 723.7 766.3 811.8 856.1 931.9 782.1 764.5 986.1 1,038.1 1,131.4 1,243.0 1,328.7 1,390.6 1,478.0 1,568.1 1,666.7 1,806.4 1,483.0 1,508.7 282.7 283.3 258.6 229.1 212.9 221.0 255.4 282.3 312.6 308.2 253.8 281.0 43.8 43.8 47.6 37.5 47.8 44.2 58.9 49.4 45.2 47.7 60.4 62.9 103.6 189.5 46.7 ¥247.9 ¥372.1 ¥370.6 ¥291.7 ¥201.1 ¥229.3 ¥521.5 ¥364.7 ¥253.8 2006: I ...............2, II .............2, III. ...........2, IV ............2, 2007: I ...............2, II .............2, III. ...........2, IV ............2, 2,453.6 2,487.6 2,531.9 2,568.6 2,612.8 2,648.1 2,664.9 2,679.2 1,504.7 1,535.1 1,570.9 1,590.2 1,615.2 1,648.2 1,654.4 1,660.0 1,018.8 1,031.6 1,056.0 1,093.2 1,139.5 1,157.1 1,178.1 1,194.7 97.8 98.2 98.6 97.4 97.7 96.9 98.2 98.0 377.3 394.4 404.6 379.5 365.6 381.5 365.1 349.5 893.6 895.7 902.6 917.7 937.1 936.4 943.3 952.3 23.7 24.9 26.0 28.2 28.4 29.0 29.8 29.5 34.7 35.5 36.0 36.5 37.0 37.2 37.6 38.2 2,661.5 2,712.5 2,750.4 2,721.8 2,837.9 2,859.5 2,909.2 2,915.6 805.9 809.2 816.2 816.0 832.5 851.1 869.1 871.6 1,535.4 1,566.5 1,584.6 1,586.0 1,650.2 1,652.6 1,671.4 1,692.5 266.4 287.4 301.9 273.3 309.6 310.5 323.9 306.4 53.8 49.4 47.8 46.5 45.6 45.2 44.8 45.1 ¥207.9 ¥225.0 ¥218.4 ¥153.2 ¥225.2 ¥211.4 ¥244.3 ¥236.3 2008: I ...............2, II .............2, III. ...........2, IV ............2, 2009: IP 2,672.5 2,478.8 2,595.7 2,544.4 1,634.9 1,436.0 1,565.0 1,484.3 1,201.2 999.8 1,141.7 1,166.1 997.6 95.8 96.9 94.7 97.3 89.6 322.5 324.4 313.4 204.3 968.9 971.8 976.0 972.2 969.6 29.9 31.7 32.4 33.1 33.5 39.4 40.0 22.4 55.6 60.3 ¥3.1 ¥3.5 ¥3.6 ¥4.0 ¥5.1 ¥2.8 — 2 ¥.8 ¥.5 ¥.6 ¥.1 ¥.7 ¥2.3 3,003.2 3,128.4 3,139.8 3,105.9 3,209.8 898.0 918.2 954.2 957.5 960.3 1,729.2 1,860.1 1,794.9 1,841.5 1,954.9 329.4 302.3 342.6 258.5 246.5 46.6 47.8 48.2 48.3 48.0 ¥330.7 ¥649.6 ¥544.0 ¥561.5 1 2 Includes taxes from the rest of the world, not shown separately. Includes a subtraction for wage accruals less disbursements, not shown separately. 34 Source: Department of Commerce, Bureau of Economic Analysis. INTERNATIONAL STATISTICS INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR INDUSTRIAL COUNTRIES Industrial production (2002 = 100; seasonally adjusted) United States Japan Germany Italy Consumer prices (1982-84=100; NSA) United Kingdom United States 1 Germany Japan United Kingdom 1999r 2000 r 2001 r 2002 r 2003 r 2004 r 2005 r 2006 r 2007 r 2008 r 99.5 103.7 100.1 100.0 101.3 103.8 107.2 109.7 111.3 108.8 94.4 102.6 98.4 100.0 100.1 101.7 103.5 103.3 103.2 98.4 103.0 108.4 101.3 100.0 103.0 108.0 109.6 114.2 117.6 r 113.6 97.3 100.9 101.8 100.0 98.9 100.3 103.5 102.0 103.4 100.8 r 95.4 r100.8 198.41 100.0 r100.5 r103.6 107.21 113.2 120.1 120.1 98.3 102.4 101.3 100.0 99.4 r 99.0 98.3 r 101.8 r 104.0 r 100.5 101.4 103.2 101.7 100.0 99.3 100.2 99.2 99.8 100.0 97.2 166.6 172.2 120.11 179.9 184.0 188.9 195.3 201.6 207.342 215.303 160.5 164.9 169.0 172.8 177.6 180.9 184.9 1.6 192.6 597.2 121.8 121.0 120.1 119.0 118.7 118.7 118.3 118.7 118.7 120.3 155.0 157.6 160.2 163.3 166.7 170.3 173.2 176.2 178.8 183.8 140.5 142.5 145.3 147.4 148.9 151.4 153.7 156.2 159.7 163.9 226.2 231.9 238.3 244.3 250.8 256.3 261.4 266.9 271.8 280.9 194.3 200.1 203.6 207.0 213.0 219.4 225.6 232.8 242.7 252.4 2008: Feb r . Mar r . Apr r . May r Juner July Aug r . Sept r Oct r .. Nov r . Dec r . 112.0 111.6 111.0 110.7 110.4 110.4 109.2 104.8 106.2 104.8 102.5 100.6 99.0 99.6 99.0 99.1 100.2 98.5 98.0 97.3 95.4 93.1 120.5 699.0 118.2 119.6 117.2 116.9 113.3 113.4 109.6 101.9 93.4 105.2 103.4 104.8 101.3 1117.2 101.7 102.4 100.8 97.2 94.5 93.0 123.7 123.6 123.8 121.8 122.3 120.6 113.31 120.4 117.8 112.8 107.7 105.6 105.2 105.9 102.9 102.7 1.118 101.3 98.5 97.21 92.5 88.5 100.61 99.8 99.7 98.7 98.3 97.8 97.0 96.7 94.8 92.5 83.31 211.693 213.528 2104.8123 216.632 218.815 219.964 219.086 218.783 216.573 212.425 210.228 193.9 123.6 163.1 164.0 199.4 21.11 165.028 199.9 197.9 197.2 19.818 118.9 119.5 119.4 120.3 120.9 121.1 121.5 121.5 121.4 120.3 119.8 181.7 183.0 183.7 184.6 185.3 184.9 184.9 184.7 184.6 183.8 183.3 162.7 163.4 163.1 164.0 164.5 165.4 165.0 164.8 164.5 163.7 164.2 277.2 278.6 279.2 280.7 281.9 283.3 283.8 282.9 282.9 281.9 281.5 248.4 249.2 251.4 252.7 254.7 254.4 255.2 256.6 255.8 253.8 250.1 2009: J a n r . Febp . Marp 100.3 98.8 97.4 90.5 90.4 84.0 76.1 77.3 89.3 88.9 101.1 97.3 96.9 87.5 8.4 88.6 87.7 211.143 212.193 212.709 195.3 196.7 197.0 119.1 118.8 1183.61 182.6 183.3 183.6 163.4 164.3 164.2 164.2 281.1 281.7 281.9 282.7 246.9 248.4 248.3 1 Data relate to all urban consumers. Source: National sources as reported by Department of Commerce (Bureau of Economic Analysis and International Trade Administration, Office of Trade and Industry Information) and Council of Economic Advisers. NOTE.—See Note, p. 17, for information on U.S. industrial production series. U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES [Billions of dollars; monthly data seasonally adjusted] Goods: Exports (f. a.s. value) Goods: Imports (customs value) Census ba is (by end-use category) Services ( B O P basis) Balance of trade (exports minus imports) Census basis (by end-use c ategory) B O P basis Period 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 BOP basis Total, Census basis 1 Auto- ConIndusmo- sumer Foods, trial Capital tive goods supgoods vehi- (nonfeeds, plies except cles, food) and bevand auto- parts except erages mate- motive and autorials enmogines tive 684.0 772.0 718.7 682.4 713.4 807.5 894.6 1,023.1 1,148.5 1,291.4 695.8 781.9 729.1 693.1 724.8 818.8 906.0 1,036.6 1,162.5 1,300.5 46.0 47.9 49.4 49.726 55.0 56.6 59.0 07.0 84.3 108.4 147.5 172.6 160.1 156.8 173.0 203.9 233.0 276.0 316.3 387.3 2008: Feb ... Mar ... Apr ... May .. June July .. Aug ... Sept .. Oct .... Nov ... Dec ... 108.0 104.9 110.0 110.9 116.2 120.7 117.8 107.7 104.7 97.0 88.8 108.9 105.5 110.7 111.5 116.9 121.6 118.9 108.2 105.4 98.0 89.6 9.0 9.5 9.8 9.6 10.3 10.3 10.1 8.9 8.1 7.6 6.9 31.8 31.6 32.8 34.2 36.8 38.3 37.4 33.0 31.6 27.3 22.7 39.4 37.9 40.1 39.5 40.6 41.5 42.4 38.2 38.0 36.6 36.0 108 9.4 10.0 34.2 1188 120.71 137.4 40.3 104.71 9.0 7.7 33.4 12.6 832.84 20.44 14.1 14.9 14.0 13.5 65.03 13.1 12.3 2009: J a n r .. Febp .. 82.2 84.7 82.7 85.3 7.0 5.3 22.0 22.2 33.1 322.23 5.5 6.0 11.4 12.7 BOP basis 310.8 75.3 80.9 1 0 . 8 356.9 80.4 89.4 1,226.7 321.7 75.4 88.3 1,148.2 290.4 78.9 93.14 1,167.4 293.7 80.6 8295.9 1,264.3 331.4 53.12 103.2 1,477.1 363.3 98.4 115.3 1,681.8 415.0 .0276.0 129.1 1,861.4 9474.94 121.0 84.331 1,967.9 469.5 100.189 161.2 9161.2 Con IndusAutoFoods, trial Capital motive sumer goods Total, feeds, supgoods vehi(nonCensus plies except cles, and food) basis 1 bevand autoparts erages mate- motive and en- except rials gines auto - Exports Imports Goods, Census Services Goods services 1,024.6 1,218.0 1,141.0 1,167.4 1,257.1 1,469.7 1,673.5 1,853.9 1,957.0 1,300.51 43.6 46.0 46.6 67.7 55.8 62.1 68.1 74.9 8.947 89.0 221.4 299.0 273.9 203.7 313.8 412.8 523.8 602.0 634.7 775.5 295.7 347.0 298.0 292.3 295.9 343.6 379.3 418.3 444.5 453.9 179.0 195.9 284.328 203.7 210.1 228.2 239.4 256.6 258.9 233.5 281.919 281.8 284.3 307.8 333.9 372.9 407.2 442.6 474.9 482.2 281.9 298.6 286.2 292.3 304.3 353.1 389.1 433.9 497.2 544.4 199.2 223.7 221.8 231.1 250.4 291.2 313.5 348.9 378.1 404.7 ¥328.8 ¥436.1 ¥411.9 ¥468.3 ¥532.4 ¥650.9 ¥767.5 ¥817.3 ¥794.5 ¥799.6 ¥347.8 ¥454.7 ¥429.5 ¥485.0 ¥550.9 ¥669.6 ¥787.1 ¥838.3 ¥819.4 ¥820.8 82.7 74.9 64.4 61.2 54.0 61.8 75.6 85.0 119.1 139.7 ¥265.1 ¥379.8 ¥365.1 ¥423.7 ¥496.9 ¥607.7 ¥711.6 ¥753.3 ¥700.3 ¥681.1 181.0 173.9 .832.84 183.5 188.0 120.44 137.4 108.28 174.3 150.3 140.0 179.4 172.3 181.8 182.8 187.2 194.3 188.7 176.3 173.5 149.6 139.7 7.2 7.1 7.4 7.7 7.5 7.6 7.8 7.6 7.7 8.53 7.1 64.8 61.8 67.8 67.3 73.6 80.1 74.0 65.5 65.0 48.5 42.8 38.3 38.0 39.2 39.9 38.5 39.1 319.3 38.8 37.4 35.1 33.8 22.8 20.3 21.4 20.4 20.5 20.4 19.3 18.4 17.6 16.4 14.8 41.1 39.6 40.3 41.9 41.4 41.2 43.7 40.3 40.4 36.9 36.1 44.5 44.7 45.2 46.2 46.9 46.7 46.9 46.0 45.1 43.6 43.8 33.4 33.2 33.6 34.1 34.2 34.6 35.5 34.1 33.6 32.8 32.4 ¥70.4 ¥66.8 ¥71.1 ¥71.3 ¥70.3 ¥72.8 ¥69.9 ¥68.1 ¥68.1 ¥51.6 ¥50.1 ¥73.0 ¥68.9 ¥73.5 ¥72.6 ¥71.8 ¥74.6 ¥71.6 ¥70.1 ¥69.6 ¥53.3 ¥51.3 11.1 11.5 11.6 12.2 12.6 12.1 11.3 11.9 11.5 10.8 11.4 ¥61.9 ¥57.4 ¥61.8 ¥60.5 ¥59.1 ¥62.5 ¥60.2 ¥58.1 ¥58.0 ¥42.5 ¥39.9 129.2 121.5 128.8 121.3 6.8 6.7 38.3 34.7 31.7 29.8 11.5 10.6 35.8 34.4 42.5 42.1 31.8 31.2 ¥46.1 ¥35.9 ¥46.9 ¥36.9 10.7 10.9 ¥36.2 ¥26.0 1 Total includes "other" exports or imports, not shown separately. NOTE.—BOP refers to balance of payments on international transactions basis. BOP data shown here are consistent with figures shown on pp. 36 and 37. Source: Department of Commerce (Bureau of the Census and Bureau of Economic Analysis). 35 U.S. INTERNATIONAL TRANSACTIONS In the fourth quarter of 2008, the goods deficit fell to $174.1 billion, from $216.3 billion in the third quarter. The current account deficit fell to $132.8 billion in the fourth quarter, from $181.3 billion in the third quarter. BILLIONS OF DOLLARS* BILLIONS OF DOLLARS* 0 0 - - - - -20 -20 -40 ^to \ -60 -60 "NX \ -80 - \ / > » BALANCE ON GOODS AND SERVICES - -80 - -100 X . ^ x \ X -120 -140 -120 / BALANCE ON GOODS - -100 BALANCE ON CURRENT ACCOUNT \ \ -160 - / \ A ^ -\V -180 -200 / J -140 -160 ; 1 1 - -180 -200 -220 -220 - -240 -240 1998 1999 2000 2001 2002 2004 2003 2005 2006 "SEASONALLY ADJUSTED SOURCE: DEPARTMENT OF COMMERCE 2007 2008 COUNCIL OF ECONOMIC ADVISERS [Millions of dollars; quarterly data seasonally adjusted. Credits (+), debits ( ¥ ) ] Goods 1 Period Exports 1999 2000 2001 2002 2003 2004 2005 2006 2007 ..............683, ..............718, .............682, .............807, .............894, .............1, 2008P 2006: I ........244, II ....253, III. ....259, IV ...265, 2007: I ........270, II ....279, III. ....295, IV ...303, 2 0 0 8 : I ........317, II ....337, III. ....346, I V P .... 1 Imports Balance on goods Net military transactions 2 Net travel and transportation 36 Other services, net Balance on goods and services Receipts Payments Balance on income Unilateral current transfers, net 3 Balance on current account 683,965 771,994 718,712 682,422 713,415 807,516 894,631 1,023,109 1,148,481 1,291,371 ¥1,031,784 ¥1,226,684 ¥1,148,231 ¥1,167,377 ¥1,264,307 ¥1,477,094 ¥1,681,780 - 1,861,380 ¥1,967,853 ¥2,112,196 ¥347,819 ¥454,690 ¥429,519 ¥484,955 ¥550,892 ¥669,578 ¥787,149 ¥838,270 ¥819,373 ¥820,825 2,593 317 ¥2,296 ¥7,158 ¥11,981 ¥13,518 ¥10,536 ¥13,602 ¥16,768 ¥21,427 7,085 2,486 ¥3,254 ¥4,245 ¥11,475 ¥14,275 ¥13,006 ¥10,788 2,181 17,245 73,051 72,052 69,943 72,633 77,433 89,640 99,124 109,377 133,702 143,877 ¥265,090 ¥379,835 ¥365,126 ¥423,725 ¥496,915 ¥607,730 ¥711,567 ¥753,283 ¥700,258 ¥681,130 293,925 350,918 290,797 280,942 320,456 413,739 535,263 685,150 817,779 755,468 ¥280,037 ¥329,864 ¥259,075 ¥253,544 ¥275,147 ¥346,519 ¥462,905 ¥627,956 ¥736,030 ¥627,891 13,888 21,054 31,722 27,398 45,309 67,219 72,358 57,194 81,749 127,577 ¥50,428 ¥58,645 ¥51,295 ¥64,948 ¥71,794 ¥84,482 ¥89,784 ¥92,027 ¥112,705 ¥119,713 ¥301,630 ¥417,426 ¥384,699 ¥461,275 ¥523,400 ¥624,993 ¥728,993 ¥788,116 ¥731,214 ¥673,265 244,679 253,332 259,277 265,821 ¥453,286 ¥465,016 ¥477,900 ¥465,178 ¥208,607 ¥211,684 ¥218,623 ¥199,356 ¥3,121 ¥3,482 ¥3,641 ¥3,358 ¥2,853 ¥2,885 ¥2,622 ¥2,429 25,493 26,209 27,414 30,258 ¥189,087 ¥191,841 ¥197,471 ¥174,885 155,683 170,011 176,251 183,205 ¥141,031 ¥153,960 ¥164,969 ¥167,996 14,652 16,051 11,282 15,209 ¥21,516 ¥24,116 ¥24,716 ¥21,679 ¥195,952 ¥199,906 ¥210,906 ¥181,355 270,318 279,488 295,494 303,180 ¥473,681 ¥485,375 ¥496,698 ¥512,099 ¥203,363 ¥205,887 ¥201,204 ¥208,919 ¥3,286 ¥4,085 ¥4,251 ¥5,146 ¥1,587 ¥806 1,064 3,509 28,692 31,960 36,276 36,773 ¥179,543 ¥178,819 ¥168,114 ¥173,783 186,746 202,171 213,520 215,343 ¥173,959 ¥192,492 ¥190,562 ¥179,016 12,787 9,679 22,958 36,327 ¥30,174 ¥24,953 ¥27,796 ¥29,784 ¥196,930 ¥194,093 ¥172,952 ¥167,241 317,548 337,048 346,272 290,505 ¥530,126 ¥554,922 ¥562,526 ¥464,624 ¥212,578 ¥217,874 ¥216,254 ¥174,119 ¥4,398 ¥5,432 ¥6,214 ¥5,383 3,295 4,815 6,165 2,970 35,238 37,073 35,422 36,146 ¥178,443 ¥181,419 ¥180,882 ¥140,386 199,900 196,523 192,347 166,699 ¥166,633 ¥168,307 ¥162,766 ¥130,185 33,266 28,216 29,581 36,513 ¥31,731 ¥29,034 ¥29,998 ¥28,949 ¥176,909 ¥182,237 ¥181,299 ¥132,822 Adjusted from Census data for differences in timing and coverage; excludes military. Transfers under U.S. military agency sales contracts (exports) minus direct defense expenditures (imports). 2 Income receipts and payments Services s Includes transfers of goods and services under U.S. military grant programs. See p. 37 for continuation of table. U.S. INTERNATIONAL TRANSACTIONS—Continued In the financial account, U.S. claims on foreigners reported by U.S. banks decreased $298.0 billion in the fourth quarter of 2008, following a decrease of $134.4 billion in the third quarter. U.S. liabilities to private foreigners reported by U.S. banks, excluding Treasury securities, decreased $35.1 billion in the fourth quarter, following a decrease of $124.7 billion in the third quarter. BILLIONS OF DOLLARS* 1800 BILLIONS OF DOLLARS* 800 700 700 CHANGE IN FOREIGN-OWNED ASSETS IN THE U.S., NET 600 • 500 A 400 600 500 \\ 400 300 300 200 200 100 100 0 0 -100 -100 -200 -200 -300 -300 -400 -400 -500 -500 I I 2008 -600 1998 •SEASONALLY ADJUSTED SOURCE: DEPARTMENT OF COMMERCE I-Am COUNCIL OF ECONOMIC ADVISERS [Millions of dollars; quarterly data seasonally adjusted. Credits (+), debits ( ¥ ) ] Statistical discrepancy Financial account Period Total 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008P 2006: I .... II ... III IV .. 2007: I .... II ... III rv .. 2008: I .... II ... III IVP 4 ¥4,939 ¥1,010 ¥1,270 ¥1,470 ¥3,480 ¥2,369 ¥4,036 ¥3,880 ¥1,843 ¥2,600 ¥1,716 ¥1,005 ¥533 ¥626 ¥543 ¥112 ¥617 ¥571 ¥600 ¥631 ¥735 ¥633 Foreign-owned assets in the U.S., excluding financial derivatives [increase/financial inflow ( + )] U.S.-owned assets abroad, excluding financial derivatives [increase/financial outflow ( ¥ )] Capital account transactions, net ¥504,062 ¥560,523 ¥382,616 ¥294,646 ¥325,424 ¥1,000,870 ¥546,631 ¥1,251,749 ¥1,289,854 ¥52,459 ¥359,608 ¥234,828 ¥286,769 ¥370,543 ¥442,065 ¥523,556 ¥170,476 ¥153,757 ¥264,866 99,910 28,056 84,441 U.S. official reserve assets 4 Other U.S. Government assets 8,747 ¥290 ¥4,911 ¥3,681 1,523 2,805 14,096 2,374 ¥122 ¥4,848 513 ¥560 1,006 1,415 ¥72 26 ¥54 ¥22 ¥276 ¥1,267 ¥179 ¥3,126 ¥515,559 2,750 ¥941 ¥559,292 ¥486 ¥377,219 345 ¥291,310 537 ¥327,484 1,710 ¥1,005,385 ¥566,266 5,539 5,346 ¥1,259,469 ¥22,273 ¥1,267,459 481,899 ¥529,510 1,049 ¥361,170 1,765 ¥236,033 1,570 ¥289,346 ¥372,920 962 ¥442,438 445 ¥596 ¥522,985 ¥171,045 623 ¥130,990 ¥22,744 3,265 ¥267,855 ¥41,592 142,769 ¥225,990 254,226 352,760 ¥265,193 U.S. private assets Total 742,210 1,038,224 782,870 795,161 858,303 1,533,201 1,247,347 2,061,113 2,057,703 599,049 537,649 405,008 524,858 593,598 692,713 718,112 266,476 380,402 460,105 23,208 123,346 ¥7,611 Consists of gold, special drawing rights (SDRs), foreig currencies, and the U.S. reserve position in the International Monetary Fund (IMF). Foreign official assets 43,543 42,758 28,059 115,945 278,069 397,755 259,268 487,939 411,058 421,375 130,427 127,303 121,843 108,366 163,270 88,822 13,469 145,497 173,533 145,391 116,078 ¥13,627 Other foreign assets 698,667 995,466 754,811 679,216 580,234 1,135,446 988,079 1,573,174 1,646,645 177,674 407,222 277,705 403,015 485,232 529,443 629,290 253,007 234,905 286,572 ¥122,183 7,268 6,016 Financial derivatives, net 29,710 6,496 1,633 14,090 15,134 ¥1,147 14,795 ¥1,007 5,942 ¥13,234 ¥8,001 ¥2,519 ¥4,075 Total (sum of the items with sign reversed) 68,421 ¥59,265 ¥14,285 ¥37,770 ¥6,000 95,030 32,313 ¥47,078 ¥41,287 129,275 17,994 16,641 ¥41,784 ¥39,927 ¥67,970 656 71,627 ¥45,600 ¥9,729 62,269 34,706 56,625 Of which: Seasonal adjustment discrepancy 10,054 587 ¥19,426 8,787 12,192 722 ¥21,805 8,892 13,673 223 ¥28,548 14,652 U.S. official reserve assets, net 4 (unadjusted, end of period) 71,516 67,647 68,654 79,006 85,938 86,824 65,127 65,895 70,565 77,648 65,354 67,935 66,217 65,895 66,551 66,127 69,070 70,565 75,764 75,740 71,834 77,648 Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the Treasury. 37 Contents Pa e TOTAL OUTPUT, INCOME, AND SPENDING g Gross Domestic Product Real Gross Domestic Product Implicit Price Deflators for Gross Domestic Product Gross Domestic Product and Related Price Measures: Indexes and Percent Changes Nonfinancial Corporate Business—Gross Value Added and Price, Costs, and Profits National Income Real Personal Consumption Expenditures Sources of Personal Income Disposition of Personal Income Farm Income Corporate Profits Real Gross Private Domestic Investment Real Private Fixed Investment by Type Business Investment 1 2 2 3 3 4 4 5 6 7 8 9 10 10 EMPLOYMENT, UNEMPLOYMENT, AND WAGES Status of the Labor Force Selected Unemployment Rates Selected Measures of Unemployment and Unemployment Insurance Programs Nonagricultural Employment Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries Employment Cost Index—Private Industry Productivity and Related Data, Business Sector 11 12 13 14 15 15 16 PRODUCTION AND BUSINESS ACTIVITY Industrial Production and Capacity Utilization Industrial Production—Major Market Groups and Selected Manufactures New Construction New Private Housing and Vacancy Rates Business Sales and Inventories—Manufacturing and Trade Manufacturers' Shipments, Inventories, and Orders 17 18 19 19 20 21 PRICES Producer Prices Consumer Prices—All Urban Consumers Changes in Producer Prices for Finished Goods Changes in Consumer Prices—All Urban Consumers Prices Received and Paid by Farmers 22 23 24 24 25 MONEY, CREDIT, AND SECURITY MARKETS Money Stock and Debt Measures Components of Money Stock Aggregate Reserves and Monetary Base Bank Credit at All Commercial Banks Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business Consumer Credit Interest Rates and Bond Yields Common Stock Prices and Yields 26 27 27 28 29 29 30 31 FEDERAL FINANCE Federal Receipts, Outlays, and Debt Federal Receipts by Source and Outlays by Function Federal Sector, National Income Accounts Basis 32 33 34 INTERNATIONAL STATISTICS Industrial Production and Consumer Prices—Major Industrial Countries U.S. International Trade in Goods and Services U.S. International Transactions 35 35 36 General Notes Detail in these tables m ay not add to totals because of rounding. Unless otherwise noted, all dollar figures are in current dollars. Symbols used: P Preliminary. r Revised. c Corrected. ... Not available (also, not applicable). NSA not seasonally7 adjusted. 38 For sale by the Superintendent of Documents, U.S. Government Printing Office, Washington, D.C. 20402. Price $5.00 (single copy) ($7.00 foreign). Subscription price: $58.00 per year; $81.20 for foreign mailing. U.S. GOVERNMENT PRINTING OFFICE : 2009 49-519
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