Full text of Economic Indicators : August 2009
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111th Congress, 1st Session Economic Indicators AUGUST 2009 (Includes data available as of September 4, 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 the 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 second quarter of 2009, according to revised estimates, current-dollar gross domestic product (GDP) fell 1.0 percent (annual rate), real GDP (GDP in chained 2005 dollars) fell 1.0 percent, and the chained price index was unchanged. BILLIONS OF DOLLARS (RATIO SCALE) BILLIONS OF DOLLARS (RATIO SCALE) 15,200 SEASONALLY ADJUSTED A N -JUAL RATES 15,200 14,800 14,800 14,400 14,400 GDP IN CURRENT DOLLARS 14,000 y* y* \ 13,600 14,000 y 13,200 12,800 13,600 13,200 \ 12,400 12,800 P^INCHA NED (2005) DOLLARS 12,000 12,400 11,600 12,000 y 11,200 11,600 y -' 10,800 11,200 10,800 10,400 10,400 10,000 10,000 / 9,600 9,200 y 9,600 9,200 8,800 i 1999 2000 i 2001 i i i 11 i i 2003 2002 1 1 i 1 j i I 2005 2004 I 1 i 2006 i i 1 2007 1 8,800 I 2008 2009 COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF COMMERCE [Billion of current dollars; quarterly d ata at seasonally adjusted annual rates] Period 1999 ......................9, 2000 ......................9, 2001 ......................10, 2002 ......................10, 2003 ......................11, 2004 ......................11, 2005 ......................12, 2006 ......................13, 2007 ......................14, 2008 ......................14, 2006: I ................13, II ...............13, III. ............13, Gross Personal private Gross condomestic sumption domestic product expendi- investment tures 9 353.5 9,951.5 10,286.2 10,642.3 11,142.1 11,867.8 12,638.4 13,398.9 14,077.6 14,441.4 13,183.5 13,347.8 13,452.9 13,611.5 rv 2007: I ................13, 13,795.6 II ...............13, 13,997.2 III. ............14, 14,179.9 IV ..............14, 14,337.9 2008: I ................14, 14,373.9 II ...............14, 14,497.8 III. ............14, 14,546.7 14,347.3 rv 2009: I ................14, 14,178.0 14,143.3 IIr 1 6,342.8 6,830.4 7,148.8 7,439.2 7,804.0 8,285.1 8,819.0 9,322.7 9,826.4 10,129.9 9,148.2 9,266.6 9,391.8 9,484.1 9,658.5 9,762.5 9,865.6 10,019.2 10,095.1 10,194.7 10,220.1 10,009.8 9,987.7 9,996.6 1,641.5 1,772.2 1,661.9 1,647.0 1,729.7 1,968.6 2,172.2 2,32 2,288.5 2,136.1 2,336.5 2,352.1 2,333.5 2,286.5 2,267.2 2,302.0 2,311.9 2 272.9 2,214.8 2,164.6 2,142.7 2,022.1 1,689.9 1,558.6 Exports and imports of goods and services Government consumption expenditures and gross investment Federal Net exports ¥262.1 ¥382.1 ¥371.0 ¥427.2 ¥504.1 ¥618.7 ¥722.7 ¥769.3 ¥713.8 ¥707.8 ¥775.8 ¥781.4 ¥805.7 ¥714.3 ¥729.4 ¥724.8 ¥698.4 ¥702.5 ¥744.4 ¥738.7 ¥757.5 ¥590.5 ¥378.5 ¥338.7 Exports Imports Total Total 989.3 1,093.2 1,027.7 1,003.0 1,041.0 1,180.2 1,305.1 1,471.0 1,655.9 1,831.1 1,414.0 1,456.0 1,476.0 1,538.2 1,564.9 1,602.1 1,685.2 1,771.6 1,803.6 1,901.5 1,913.1 1,706.2 1,509.3 1,492.2 GDP less exports of goods and services plus imports of goods and services. 1,251.4 1,475.3 1,398.7 1,430.2 1,545.1 1,798.9 2,027.8 2,240.3 2,369.7 2,538.9 2,189.8 2,237.4 2,281.7 2,252.5 2,294.3 2,326.9 2,383.6 2,474.0 2,548.1 2,640.2 2,670.5 2,296.7 1,887.9 1,830.8 1,631.3 1,731.0 1,846.4 1,983.3 2,112.6 2,232.8 2,369.9 2,518.4 2,676.5 2,883.2 2,474.5 2,510.5 2,533.3 2,555.2 2,294.3 2,657.4 2,700.9 2,748.3 2,808.4 2,877.1 2,941.4 2,905.9 2,879.0 2,926.8 554.9 576.1 611.7 680.6 756.5 824.6 876.3 9.31,47 976.7 1,082.6 928.5 930.3 932.2 935.9 942.8 968.1 991.4 1,004.3 12,808.41,03 1,069.5 1,108.3 1,114.3 1,106.7 1,137.0 National defense 361.1 371.0 393.0 437.7 497.9 550.8 589.0 624.9 662.1 737.9 615.5 624.1 623.3 636.6 636.7 6311.6 674.4 680.8 703.6 725.6 763.6 758.9 750.7 775.0 Nondefense 193.8 205.0 398.7 242.9 258.5 273.9 287.3 306.8 314.5 344.7 313.0 306.2 308.9 299.3 306.1 311.6 317.0 323.6 334.8 343.9 344.7 355.3 356.0 362.0 Gross domestic purchases 1 Addendum: Gross national product 9,615.6 10,333.5 10,657.2 11,069.5 11,646.3 71,180.21,798 12,486.4 12,588.4 1,493.61 13,339.0 14,168.2 14,058.3 14,791.4 14,476.2 15,149.2 13,117.5 13,959.3 13,275.4 14,129.2 13,38 14,258.6 13,579.2 14,325.8 13,782.5 14,525.0 13,97 14,722.0 14,148.8 14,878.3 14,328.0 15,040.3 14,382.1 1,038.3 1,069.5725.6 1,807.61 15,236.4 1,833.1 14,583.7 15,304.2 1,114.37 14,391.8 14,391.8 1,772.3 14,305.3 14,556.5 14,481.9 1,789.8 14,3 9,381.3 9,989.2 .0218.71 10,691.4 11,210.8 11,959.0 12,5 13,471.3 14,193 14,583.3 13,264.0 10.5930.3 13,514.8 13,683.2 13,859.5 14,073.3 14,878.3 14,522.2 14,544.9 1,807.6 14,707.5 14,454.3 14,277.9 1,789.81 State and local 1,076.3 1,154.9 1,234.7 1,302.7 1,646.311 1,408.2 1,493.6 1,586.7 1,699.8 1,800.6 13,117.51 14,129.2 2,281.72 1,619.4 1,65 1,689.3 1,709.5 1,743.9 15,118.31 Final sales of domestic product 9,292.7 9,896.9 10,324.5 10,63 11,125.8 Source: Department of Commerce, Bureau of Economic Analysis. REAL GROSS DOMESTIC PRODUCT [Billions of chained (2005) dollars; quarterly data at seasonally adjusted annual rates] Gross private domestic investment Period 1999 2000 2001. 2002 2003 2004 2005 2006 2007 2008. 2006: I . II III rv 2007: I . II III rv 2008: I . II III rv 2009: I . II Personal Gross conNonresidomestic sumption dential product expendi- fixed tures investment 10,779.8 11,226.0 11,347.2 11,553.0 11,840.7 12,263.8 12,638.4 12,976.2 13,254.1 13,312.2 12,915.9 12,962.5 12,965.9 13,060.7 13,099.9 13,204.0 13,321.1 13,391.2 13,366.9 13,415.3 13,324.6 13,141.9 12,925.4 12,892.5 7,240.9 7,608.1 7,813.9 8,021.9 8,247.6 8,532.7 8,819.0 9,073.5 9,313.9 9,290.9 8,986.6 9,035.0 9,090.7 9,181.6 9,265.1 9,291.5 9,335.6 9,363.6 9,349.6 9,351.0 9,267.7 9,195.3 9,209.2 9,186.7 1,200.9 1,318.5 1,28 1,180.2 1,191.0 1,263.0 1,347.3 1,453.9 1,544.3 1,569.7 1,424.9 1,450.3 1,466.0 1,474.5 1,489.6 1,530.3 1,565.8 1,591.3 1,598.9 1,604.4 1,579.2 1,496.1 1,321.2 1,283.6 Resi- Change dential in prifixed vate invest- invenment tories 574.2 68.5 580.0 60.2 583.3 ¥41.8 613.8 12.8 664.3 17.3 729.5 66.3 775.0 50.0 718.2 59.4 585.0 19.5 451.1 ¥25.9 775.2 65.8 740.1 72.5 697.4 67.5 660.2 31.8 631.7 14.5 610.4 23.3 572.9 29.8 525.0 10.3 483.2 .6 462.9 ¥37.1 443.3 ¥29.7 415.0 ¥37.4 367.9 ¥113.9 344.8 ¥159.2 Exports and imports of goods and services Government consumption expenditures and gross investment AddenFinal Gross dum: sales of domestic Gross domestic purproduct chases 1 national product Federal Net exports ¥356.6 ¥451.6 ¥472.1 ¥548.8 ¥603.9 ¥688.0 ¥722.7 ¥729.2 ¥647.7 ¥494.3 ¥732.6 ¥732.8 ¥756.5 ¥694.9 ¥705.0 ¥683.4 ¥638.4 ¥564.0 ¥550.9 ¥476.0 ¥479.2 ¥470.9 ¥386.5 ¥331.8 Exports Imports 1,094.3 1,188.3 1,121.6 1,099.2 1,116.8 1,222.8 1,305.1 1,422.0 1,546.1 1,629.3 1,388.8 1,412.1 1,414.1 1,473.2 1,485.9 1,504.8 1,569.9 1,624.0 1,623.4 1,670.4 1,655.2 1,568.0 1,434.5 1,416.4 1,450.9 1,639.9 1,593.8 1,648.0 1,720.7 1,910.8 2,027.8 2,151.2 2,193.8 2,123.5 2,121.3 2,144.9 2,170.5 2,168.1 2,190.8 2,188.1 2,208.3 2,188.0 2,174.3 2,146.5 2,134.4 2,038.9 1,821.0 1,748.3 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 (2005) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates. Total Total National defense 2,056.1 694.6 455.8 2,097.8 698.1 453.5 2,178.3 726.5 470.7 2,279.6 779.5 505.3 2,330.5 831.1 549.2 2,362.0 865.0 580.4 2,369.9 876.3 589.0 2.02,1 894.9 598.4 2,443.1 906.4 611.5 2,518.1 975.9 659.4 2,397.1 900.5 595.6 2,399.1 892.8 597.2 2,402.7 892.0 594.3 2,409.4 894.4 606.5 2,409.5 882.8 594.7 2,435.4 898.7 607.1 2,458.9 919.0 621.7 2,468.7 925.1 622.4 2,484.7 943.4 634.8 2,506.9 961.3 645.6 2,536.6 991.6 675.4 2,544.0 1,007.3 681.7 2,527.2 672.8 996.3 2,566.6 694.1 1,022.5 Nondefense 238.7 244.4 255.5 273.9 281.7 284.6 287.3 296.6 294.9 316.4 305.0 295.7 297.7 287.8 ,805.01 291.6 297.2 302.7 308.6 315.8 315.9 325.4 323.4 328.3 State and local 1,361.8 1,681.41 1,452.3 1,500.6 1,499.7 12,198.21 1,493.6 1,507.2 1,536.7 1,543.7 1,496.6 1,506.3 1,510.8 1,515.0 1,526.5 1,536.5 1,540 2.4302.7 1,541.9 1,546 1,547.0 1,007.3 1,53 1,546.9 10,715.7 11,167.5 11,391.7 11,543.5 11,824.8 11,141.1 10,812.1 11,681.4 11,167.511,68 11,825.7 11,404.6 12,107.7 11,606.9 1,499.711,82 1 1 , 8 2 1,910.82,362 12,95 12,198.212,95 12,588.4 1,493.61 1 2 , 5 1,507.21 13,705.7 13,046.1 13,234.3 13,901.6 13,362.8 13,341.2 13,801.2 13,442.6 12,851.3 13,648.7 1,496.612 12,891.0 13,695.5 13,035.4 12,898.3 13,722.8 13,025.1 06.5287.8 1 3 , 0 2 7 13,129.5 13,086.4 13,805.0 13,160.5 13,179.6 13,887.6 13,275.9 1,540.013 13,959.7 13,451.5 13,381.1 13,954.2 13,563.3 13,363.5 13,916.4 13,525.4 13,453.5 13,885.5 13,533.7 1,547.013 13,798.8 1 3 , 7 13,193.5 13,604.0 13,240.5 13,055.8 13,303.1 13,303.1 13,067.7 1 3 2 8 . 3 12,991.6 Source: Department of Commerce, Bureau of Economic Analysis. CHAINED PRICE INDEXES FOR GROSS DOMESTIC PRODUCT [Index numbers, 2005 = 100; quarterly data are seasonally adjusted] Gross private domestic investment Personal consumption expenditures Gross Period 1999 ..................86. 2000 ..................88. 2001 ..................90. 2002 ..................92. 2003 ..................94. 2004 ..................96. 2005 ..................100. 2006 ..................103. 2007 ..................106. 2008 ..................108. 2006: I ............102. II Ill rv 2007: I ............105. II Ill rv 2008: I ............107. II Ill rv 2009: I ............109. IP domestic product 86.766 88.648 90.654 92.113 94.099 96.769 100.000 103.263 106.221 108.481 102.071 102.980 103.763 104.237 105.327 106.026 106.460 107.072 107.577 108.061 109.130 109.155 109.661 109.671 Total 87.596 89.777 91.488 92.736 94.622 97.098 100.000 102.746 105.502 109.031 101.803 102.567 103.316 103.298 104.250 105.074 105.681 107.005 107.974 109.021 110.273 108.855 108.449 108.812 Goods 95.603 97.520 97.429 96.430 96.380 97.867 100.000 101.508 102.789 106.150 101.116 101.765 102.329 100.822 101.612 102.548 102.627 104.370 105.689 106.678 108.451 103.784 102.186 102.860 Source: Department of Commerce, Bureau of Economic Analysis. Services 83.515 85.824 8897.4298 90.807 93.692 97.09897 100.000 102.746101 106.964 110.582 102.171 102.998 103.844 104.630 105.668 106.433 107.327 108.427 109.213 110.296 111.275 111.542 111.749 111.952 Nonresidential fixed 96.173 91.999 9 8 8 95.363 95.355 96.834 100.000 103.4 102.789 107.897 102.279 103.112 103.878 104.8 105.668105.6 105.074 106.354 106.693 106.617 107.161 108.314 109.498 109.154 108.044 Exports and imports of goods and services Government consumption expenditures and gross investment Federal Residential fixed 74.151 77.415 80.994 83.002 86.953 93.296 100.000 101.5081 107.513 105.779 104.890 105.940 106.295 107.199 107.604 104107 107.455 107.686 106.6171 106.838 105.807 109.498 109.15 100.509 Exports Imports Total 90.408 91.99 91.627 91.253 93.216 96.517 100.000 103.447 107.513 112.389 104.8 103.112105 104.5 104.8 105.355 102.548106 107.396 109.144 111.156 113.890 115.638 103.7841 115.5 105.399 86.250 89.963 85.612 86.784 89.796 94.14 100.000 103.534 106.209107 119.559 103.243 104.322 104.8831 107.19 105.3551 106.332 107.937 113.08 117.234 123.069 125.203 112.730 103.746 104.800 79.036 82.524 85.019 86.8 91.024 95.335 100.000 103.447 107.754 112.38 102.1 104.187 104.502 104.868107 105.68 107.307 107.896 108.577 110.077 111.265 110.273108.4 110.628 111.74 111.197 National defense 79.225 81.821 83.484 86.624 91.7749 94.895 100.000 103.4681 10.6 112.3 103.336 104.499 104.3 104.965 107.089 106.332 107.93 109.389 110.857 112.402 113.059 111.334 111.084 111.6 Nondefense 81.188 83.907 85.612 88.689 91.774 96.234 100.000 101.508 108.2 106.15 102.171102 104.4991 103.8 103.972 106.243 106.858 107.8 106.908 108.469 10.2 109.149 109.498 9109.15 9105.3 State and local 79.036 82.482 85.019 86.810 90.425 94.062 100.000 105.276 9107.5 116.642 103.307 104.916 105.990 103.972 108.527 109.949 111.009 112.975 114.803 116.877 118.493 116.396 115.587 115.704 GROSS DOMESTIC PRODUCT AND RELATED PRICE MEASURES: INDEXES AND PERCENT CHANGES [Quarterly data are seasonally adjusted] Percent change from preceding period 1 Index numbers, 2005 = 100 Gross domestic product (GDP) Personal consumption expenditures (PCE) Personal consumption expenditures (PCE) Gross domestic product (GDP) Period Real GDP (chain-type quantity index) 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2005: 2006- 2007: 2008- 2009: 1 ....................................85. ....................................89. ....................................93. ....................................102. ....................................105. I ...............................99. II III ............................100. IV I II .............................102. III IV ............................103. I ...............................103. II III ............................105. IV I II .............................106. III IV ............................103. I ...............................102. II GDP chain-type price index GDP implicit price deflator PCE (chain-type price index) PCE less food and energy price index 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 85.295 88.825 89.783 91.412 93.688 97.036 100.000 102.673 104.872 105.331 99.175 99.598 100.354 100.873 102.196 102.564 102.592 103.341 103.652 104.475 105.402 105.957 86.766 88.648 90.654 92.113 94.099 96.769 100.000 103.263 106.221 108.481 98.774 99.445 100.470 101.312 102.071 102.980 103.763 104.237 105.327 106.026 106.460 107.072 86.7668 88.647 90.650 92.118 94.100 96.770 100.000 103.257 106.214 108.483 98.766 99.438 100.461 101.309 102.071 102.973 103.756 104.218 105.32710 106.008 106.447 107.069 87.596 89.777 91.488 92.736 94.622 97.098 100.000 102.746 105.502 109.031 98.754 99.374 100.495 101.377 101.803 102.97 103.756 103.298 104.250 105.074 1.61 107.005 89.555 91.111 92.739 94.345 95.784 97.788 100.000 102.292 104.699 107.207 99.229 99.768 100.172 100.8731 101.325 102.567 103.76310 103.154 103.862 104.318 104.904 105.714 6.4 6.4 3.4 3.5 4.7 6.5 6.5 6.0 5.1 2.6 8.0 4.5 7.4 5.6 8.6 5.1 3.2 4.8 5.5 6.0 5.3 4.5 4.8 4.1 1.1 1.8 2.5 3.6 3.1 27 2.1 .4 4.1 1.7 3.1 2.1 5.4 1.4 .1 3.0 1.2 3.2 3.6 2.1 1.5 2.2 2.3 1.6 2.2 2.8 3.3 3.3 2.9 2.1 3.8 2.7 4.2 3.4 3.0 3.6 3.1 1.8 4.2 2.7 1.6 2.3 1.5 2.2 2.3 1.6 2.2 2.8 3.3 3.3 2.9 2.1 3.7 2.7 4.2 3.4 3.0 3.6 3.1 1.8 4.3 2.7 1.7 2.4 1.6 2.5 1.9 1.4 2.0 2.6 3.0 2.7 2.7 3.3 2.4 2.5 4.6 3.6 1.7 3.0 3.0 2.1 3.7 3.2 2.3 5.1 1.5 1.7 1.8 1.7 1.5 2.1 2.3 2.3 2.4 2.4 2.9 2.2 1.6 2.7 2.0 2.9 2.3 2.1 2.8 1.8 2.3 3.1 105.764 106.147 105.430 103.984 102.271 102.010 107.577 108.061 109.130 109.155 109.661 109.671 107.534 108.069 109.172 109.172 107.974 109.021 110.273 108.855 108.449 108.812 106.33 106.976 107.652 107.866 1.0 3.5 1.4 ¥5.4 ¥4.6 ¥1.0 1.7 1.5 ¥2.7 ¥5.4 ¥6.4 ¥1.0 1.9 1.8 4.0 .1 1.9 .0 1.7 2.0 4.1 .0 1.9 .0 3.7 3.9 4.7 ¥5.0 ¥1.5 1.3 2.4 2.4 2.6 .8 1.1 2.0 109.691 109.702 108.173 108.710 Quarterly percent changes are at annual rates. 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 2006: ........................................................4, ........................................................5, ........................................................5, ........................................................6, ........................................................6, I ...................................................6, II .................................................6, III IV ................................................6, 2007- I II III ................................................6, IV 2008: I ...................................................6, II .................................................6, III IV ................................................6, 2009: Ir UP Total Compensation of employees (unit labor cost) Consumption of fixed capital Net interest and miscellaneous payments 0.0320 .034 .035 .029 .026 .022 .024 .025 .034 .036 .023 .024 .025 .027 .030 .034 .036 .037 .036 .037 .035 .038 0.098 .082 .066 .076 .084 .112 .127 .141 .127 .107 .139 .138 .050 .138 .135 .135 .122 .118 .105 .106 .114 .102 0.032 .030 .020 .017 .023 .031 .043 .047 .045 .036 .045 .048 .050 .045 .047 .046 .043 .044 .038 .039 .038 .027 0.067 .052 .046 .059 .061 .081 .083 .094 .082 .071 .093 .090 .100 .093 .087 .089 .079 .074 .066 .067 .076 .075 .038 .037 .100 .105 .032 .035 .069 .071 Current dollars Chained (2005) dollars 4,955.5 5,279.4 5,252.5 5,307.7 5,503.7 5,877.5 6,302.8 6,740.3 6,970.1 6,971.5 6,629.5 6,668.1 6,811.8 6,851.8 6,909.3 6,988.8 6,949.7 7,032.6 6,934.9 6,974.4 7,042.4 6,934.1 5,422.5 5,707.9 5,604.6 5,629.3 5,767.4 6,040.4 6,302.8 6,536.5 6,649.4 6,675.5 6,505.1 6,480.0 6,567.2 6,593.8 6,597.4 6,649.8 6,624.9 6,725.5 6,664.3 6,735.8 6,722.6 6,579.3 0.914 .925 .937 .943 .954 .973 1.000 1.031 1.048 1.044 1.019 1.029 1.037 1.039 1.047 1.051 1.049 1.046 1.041 1.035 1.048 1.054 0.601 .621 .635 . 0 .633 .627 . 1 . 0 .656 .663 .635 .01 .637 .647 .654 .653 .659 .659 .665 .658 .61 .10 0.214 .222 . 6 .237 .237 .234 .243 .250 .264 .275 .245 . 0 .050 .253 .258 .263 .268 .268 .271 .272 .274 .282 0.099 .103 .113 .116 .116 .115 .118 .123 .128 .135 .102.0 .123 .123 .124 .126 .127 .129 .129 .132 .132 .135 .139 0.085 .085 .088 .092 .095 .097 .101 .102 .102 .104 .102 .103 .102 .102 .102 .102 .103 .102 .103 .103 .104 .105 6,703.8 6,641.2 6,278.8 6,237.1 1.068 1.065 .675 .668 .293 .292 .146 .145 .109 .10 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. s Total Corporate profits with inventory valuation and capital consumption adjustments 4 Taxes on production and imports 3 Total 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 Profits after tax 5 NATIONAL INCOME [Billions of dollars; quarterly data at seasonally adjusted annual rates] Proprietors' income 1 Period 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2006: ...........8, ...........8, ...........9, ...........9, I II .... Ill ... rv ... 2007: I II .... Ill ... IV ... 2008: I II .... Ill ... IV ... 2009: I ' IP ... 1 National income 8,358.0 8,938.9 9,185.2 9,408.5 9,840.2 10,534.0 11,273.8 12,031.2 12,448.2 12,635.2 11,838.2 11,965.9 12,093.0 12,227.9 12,253.9 12,421.1 12,482.2 12,635.4 12,661.5 12,664.4 12,781.0 12,433.9 12,208.9 12,161.9 Compensation of employees 5,353.9 5,788.8 5,979.3 6,110.8 6,382.6 6,693.4 7,065.0 7,477.0 7,856.5 8,037.4 7,353.7 7,419.9 7,484.1 7,650.3 7,757.2 7,819.7 7,869.6 7,979.3 8,017.5 8,032.8 8,069.1 8,030.3 7,825.8 7,726.4 Farm Nonfarm 28.5 29.6 30.5 18.5 36.5 49.7 43.9 29.3 39.4 48.7 28.4 28.4 28.4 32.2 36.7 35.7 37.5 47.9 57.2 49.4 49.3 3.98,0 27.3 30.2 Corporate profits with inventory valuation and capital consumption adjustments Rental income of persons with capital consumption adjustment 718.3 787.8 840.2 871.8 894.1 984.1 1,025.9 1,103.6 1,056.9 1,057.5 1,098.5 1,104.8 1,102.8 1,108.4 1,057.5 1,060.3 1,055.7 1,054.2 1,057.9 1,062.5 1,065.1 1,044.5 1,010.5 999.2 208.2 215.3 232.4 218.7 204.2 198.4 178.2 146.5 144.9 210.4 161.3 153.2 140.3 131.2 121.1 140.3 150.2 168.0 179.9 202.8 222.2 236.7 245.9 259.4 Profits with inventory valuation adjustment and without capital consumption adjustment Total Profits before tax Total 856.3 819.2 5840.2 872.2 977.8 1,246.9 1,456.1 1,608.3 1,541.7 1,360.4 1,590.9 1,597 1,655.1 1,589.6 1,535.4 1,594.9 1,537.1 7,979.34 1,459.7 1,403.7 1,454.6 1,123.6 1,182.7 1,250.3 776.6 755.7 720.8 762.8 892.2 1,195.1 1,025 1,784.7 1,056.914 1,424.5 1,781.9 1,771.4 1,102.8 1,762.7 1,535.4 1,594.91 1,732.9 1,054.21 1,057.9 1,463.8 1222.2 1,199.3 1,327.6 1,379.1 With inventory valuation and capital consumption adjustments. 780.5 772.5 712.7 765.3 903.5 1,229.4 1,640.2 1,822.7 1,774 1,462.7 161.3 1,819.8 1,655.1 1,589.61,7 1,747.6 1,808.6 1,758.2 1,783.1 1,620.8 1,593.5 1,576.6 1,060.1 1,246.5 1,360.9 Capital consumption adjustment Inventory valuation adjustment ¥4.0 ¥16.8 8.0 ¥2.6 ¥11.3 ¥34.3 ¥30.7 ¥38.0 ¥44.0 ¥38.2 ¥33.4 ¥48.4 ¥42.3 ¥28.0 ¥42.2 ¥29.5 ¥25.3 ¥79.0 ¥107.9 ¥129.6 ¥54.5 139.2 81.1 18.2 Net interest and miscellaneous payments Taxes on production and imports 481.4 539.3 544.4 506.4 504.1 461.6 543.0 652.2 739.2 815.1 608.9 654.4 661.6 684.0 690.6 711.3 756.0 798.9 790.7 809.0 806.1 854.7 826.2 797.5 673.6 708.6 727.7 762.8 806.8 863.4 930.2 986.8 1,028.7 1,047.3 971.5 983.3 991.6 1,000.7 1,015.3 1,025.2 1,032.2 1,042.3 1,042.5 1,050.8 1,058.5 1,037.3 1,018.8 1,017.8 79.7 63.6 63.4 109.4 85.6 51.8 ¥153.4 ¥176.4 ¥188.7 ¥64.1 ¥191.0 ¥173.7 ¥167.7 ¥173.2 ¥170.0 - 184.2 ¥195.8 ¥204.7 ¥53.2 ¥60.1 ¥67.6 ¥75.6 - 144.9 ¥128.8 Less: Subsidies Business current transfer payments 45.2 45.8 58.7 41.4 49.1 46.4 60.9 51.4 54.8 53.5 55.6 51.4 49.8 48.7 49.2 58.3 56.0 55.4 53.1 52.9 52.9 55.2 55.5 55.1 69.0 87.0 101.3 82.4 76.1 81.7 95.9 83.0 102.2 118.8 82.8 79.3 83.6 86.1 97.8 99.0 105.0 107.0 114.8 112.6 116.0 131.8 137.9 145.2 Current surplus of government enterprises 14.1 9.1 4.0 6.3 7.0 1.2 ¥3.5 ¥4.2 ¥6.6 ¥6.9 ¥2.4 ¥3.8 ¥4.7 ¥6.0 ¥8.4 ¥6.9 ¥4.9 ¥6.0 ¥5.6 ¥6.3 ¥6.9 ¥8.9 ¥10.7 ¥9.0 Source: Department of Commerce, Bureau of Economic Analysis. REAL PERSONAL CONSUMPTION EXPENDITURES [Billions of chained (2005) dollars, except as noted; quarterly data at seasonally adjusted annual rates] Services Goods Period 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2006: I II Ill IV 2007: I II Ill rv 2008: I II Ill rv 2009: I IIr 1 Total personal consumption expenditures 7,240.9 7,608.1 7,813.9 8,021.9 8,247.6 8,532.7 8,819.0 9,073.5 9,313.9 9,290.9 8,986.6 9,035.0 9,090.7 9,181.6 9,265.1 9,291.5 9,335.6 9,363.6 9,349.6 9,351.0 9,267.7 9,195.3 9,209.2 9,186.7 Durable Total goods 2,395.3 2,521.7 2,600.9 2,706.6 2,829.9 2,955.3 3,073.9 3,173.9 3,273.7 3,206.0 3,145.7 3,150.8 3,176.4 3,222.5 3,253.9 3,255.4 3,280.6 3,304.8 3,262.1 3,257.8 3,193.6 3,110.4 3,129.8 3,103.0 Total durable goods1 753.8 819.9 864.4 930.0 986.1 1,051.0 1,105.5 1,150.4 1,199.9 1,146.3 1,142.3 1,139.4 1,152.1 1,167.9 1,183.7 1,189.9 1,205.0 1,221.2 1,193.2 1,175.7 1,139.6 1,076.8 1,087.2 1,071.2 Nondurable Motor vehicles and parts 345.1 356.1 374.3 394.0 405.3 411.3 409.6 396.6 402.4 347.5 393.3 393.2 400.3 399.7 402.4 404.1 400.5 402.6 384.4 361.4 337.8 306.2 311.2 306.3 Total nondurable goods 1 1,660.9 1,714.7 1,745.6 1,780.2 1,845.6 1,904.6 1,968.4 2,023.6 2,074.8 2,057.3 2,003.7 2,011.6 2,024.5 2,054.7 2,070.3 2,066.1 2,076.8 2,086.0 2,070.1 2,081.4 2,051.5 2,026.1 2,035.5 2,024.0 Food and beverages purchased for offpremises consumption 587.4 600.6 607.6 .0394.0 622.4 639.2 665.0 686.2 75.57 700.7 3726.07 684.2 686.6 59.45 700.8 696.2 699.2 706.6 708.0 9289.9 139.6 686.4 687.4 693.6 Includes other items, not shown separately. 2 Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. NOTE.—Because of the formula used for calculating real GDP, the chained (2005) dollar Gasoline and other energy goods 292.5 287.1 289.2 2.0 302.2 306.5 304.8 298.4 ,074.87 287.4 296.4 297.2 300.0 299.9 301.5 30.11,3 ,055.55 298.5 292.6 289.9 20.1 287.2 293.2 293.0 Total services 1 4,852.8 5,093.3 5,218.7 5,318.1 5,418.4 5,577.6 5,745.1 5,899.7 6,040.8 6,083.1 5,841.0 6684.2 5,914.3 5,959.4 6,011.7 6,036.2 6,055.5 6,059.7 6,087.1 6,092.5 6,072.4 6,080.4 6,076.0 6,078.7 Household consumption expenditures 4,690.4 4,917.8 5,218 5,109.3 5,199.0 5,359.3 5,531.0 5,664 5,796.1 5,817.6 5,618.2 5,652.1 5,671.4 5,716.0 3700.8 5,799.2 56,055.55,8 5,804.8 5,827.3 5.7361.42 5,805.2 5,806.6 5,817.2 5,823.5 Housing and utilities 1,660.958 1,413.7 5,218.75 1,462.0 1,480.2 1,512.8 1,582.8 1,616.7 1,631.8 3347.52 1,598.9 1,617.8 1,627.6 3,222.5 1,629.3 1,630.1 1,634.6 116.1 1,643.8 1,647.3 1,641.6 1,656.3 1,656.9 1,652 Health care 8345.11,6 1,081.5 1,135.4 1,202.3 5,199.01,4 12.81,26 1,316.0 1,340.0 1,631.81,375 1,64 1,598.91,3 9.4393.2 1,335.8 1,347.7 1,365.1 1,630.11,37 1,377.6 1,387.6 1,409.0 1.4708.92 8,120.11 1,422.4 1,434.3 1,442.2 Financial services and insurance 605.6 665.4 660.7 658.3 657.8 691.8 712.6 735.4 772.3 759.8 726.0 731.3 735.6 748.8 762.8 776.7 779.1 770.5 766.1 763.8 758.5 750.6 751.4 757.7 Addendum: Personal consumption expenditures excluding food and energy2 Retail sales of new passenger cars and light trucks (millions of units) 6,202.5 1,081.56 1,745.6607 6,941.9 7,142.0 7,402.6 5,531.01,58 16.9 17.3 17.1 16.8 16.6 16.9 16.9 16.5 16.1 13.2 16.8 16.4 16.5 16.3 16.3 16.1 15.9 16.1 15.3 14.1 12.9 10.5 9.5 9.6 5,899.7 8,126.3 8,123.6 7,837.8 7,868.0 5,914.3 8,002.8 8,074.9 6,036.25,7 81,634 8,177.1 81,409.07 81.4708 80.1 8,038.7 6,076.05,817 2 3 06.3 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 SOURCES OF PERSONAL INCOME Personal income rose $3.8 billion (annual rate) in July following a decrease of $133.4 billion in June. Wages and salaries rose $8.9 billion in July following a decrease of $21.1 billion in June. BILLIONS OF DOLLARS* (RATIO SCALE) 13,000 12,000 11,000 10,000 BILLIONS O F DOLLARS* (RATIO SCALE) >"|i- ______ 1 ' 9,000 13,000 ' —• "1 12,000 11,000 10,000 9,000 ——v T \ TOTAL PERSON 8,000 8,000 7,000 7,000 _, — ' • 6,000 6,000 5,000 5,000 4D SALARY DISBU 4,000 4,000 OTHER INC OME 3,000 3,000 2,000 FERSONALCURRE NT 1 RANSFER RECEI TS / \ _ .• ^ 2,000 — . 1,400 1,400 _ . • " • " " . 800 I 1 f 1 1 1 1 t 1 1 1 2001 i i i i i 1 i i i i i i i i i i 2002 i i i i i i i i i i I i i t i i I I I I ! II 2004 2003 I M II 2006 2005 I I I ! I I I ! I I I 2007 I I I I < I I I I I I Mill 2008 •SEASONALLY ADJUSTED ANNUAL RATES SOURCE: DEPARTMENT OF COMMERCE M i l ! 2009 COUNCIL OF ECONOMIC ADVISERS Billions of dollars; monthly data at seasonally adjusted annual rates] Compensation of employee s, received Period 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2008: .................8, .................9, .................9, July Aug Sept Oet Nov Dee 2009: J a n r Feb r Mar r Apr r May r June r Julyp 1 2 s Total personal income 7,910.8 8,559.4 8,883.3 9,060.1 9,378.1 9,937.2 10,485.9 11,268.1 11,894.1 12,238.8 12,254.8 12,298.4 12,306.6 12,268.2 12,235.6 12,196.6 12,038.3 11,937.1 11,882.7 11,919.8 12,087.0 11,953.6 11,957.4 Total 5 348.8 5,788.8 5,979.3 6,110.8 6,367.6 6,708.4 7,060.0 7,475.7 7,862.7 8,042.4 8,057.0 8,082.4 8,067.8 8,071.6 8,058.2 8,021.2 7,863.0 7,798.4 7,756.0 7,737.2 7,731.5 7,710.7 7,721.2 Wage and salary disbursements 4,460.0 4,827.7 4,952.2 4,997.3 5,139.6 5,425.7 5,701.0 6 068 9 6,408.9 6,545.9 6,557.8 6,580.0 6,565.1 6,566.3 6,550.2 6,514.0 6,362.2 6,301.0 6,260.3 6,241.4 6,234.5 6,213.4 6,222.3 With inventory valuation and capital consumption adjustments. With capital consumption adjustment. Consists mainly of social insurance benefits to persons. Supplements to wages and salaries 888.8 961.2 1,027.1 1,113.5 1,228.0 1,282.7 1,359.1 6,068.9 1,453.8 1,496.6 1,499.2 1,502.3 1,502.7 1,505.3 1,507.9 1,507.2 1,500.9 1,497.4 1,495.7 1,495.8 1,496.9 1,497.2 1,499.0 Proprietors' income 1 Farm Personal income receipts on assets Nonfarm Rental income of persons 2 Total Personal interest income 28 5 29.6 30 5 18.5 .6 5 49.7 43.9 29.3 39.4 48.7 50.4 580.01 47.3 42.0 68,05 36.7 66.0 26.1 25.0 27.9 30.5 32.4 30.4 718.3 787.8 840 2 8218 894 1 984.1 1,025.9 1 103 6 1,056.9 1,05 1,068.3 1,065.1 1,062.1 1,056.6 1,043.8 1,033.2 1,019.2 1,010.1 1,002.1 998.8 998.1 1,000.7 1,008.5 208.2 215.3 232 4 218.7 204 2 198.4 178.2 146.5 ,408.9 210.4 216.4 222.2 228.1 234.2 237.0 13.89 242.2 245.9 249.7 254.1 259.4 264.8 273.5 1,246.8 1,360.7 1 346 0 1,309.6 1,312.9 1,408.5 1,542.0 1,829.7 2,031.5 1,994.4 1,068.3 580.01,5 2,006.5 1,975.0 1,956.5 1,033.2238 1,894.0 1,845 1,797.1 1,794.3 1,791.5 1,788.8 1,008.5 910.9 984.2 976 5 911.9 889.8 860.2 987.0 1,127.5 1,056.914 1,308.0 1,318.2 1,328.1 1,337.0 1,308.3 1,956 2238.9 1,261.0 1,243.4 1,225.8 1,234.8 1,243.7 1,252.7 1,249.5 Personal dividend income 335.9 376.5 369.5 397.7 423.1 548.3 555.0 702.2 765.1 686.4 678.1 673.3 669.6 666.7 664.8 913.89 633.0 602.1 571.2 559.5 547.8 53.67,71 522.1 Personal current transfer receipts 3 1,246 1,083.0 1,188.1 1,282.1 1,341.7 1,415.5 1,508.6 1,605.0 1,718.0 1,875.9 1,859.1 1673.31,87 1,890.2 1,056.6234 1,043.8 1,033.2238 1.0633.0 1,979.7 2,016.2 2,068.4 2,236.2 2,113.9 2,110.6 Less: Contributions for government social insurance, domestic 661 3 705.8 733.2 751.5 778.9 827.3 872.7 921.8 959.3 990.6 992.7 996.6 995.4 995.6 994.3 990.0 977.1 968.6 963.3 960.9 960.2 957.5 958.3 Note.—For information on the effects of the American Recovery and Reinvestment Act of 2009 on personal income data, see Personal Income and Outlays: July 2009, release dated August 28, 2009. Note.—Revisions include changes to series affected by revised wage and salary estimates for 2009:I. Source: Department of Commerce, Bureau of Economic Analysis. DISPOSITION OF PERSONAL INCOME According to revised estimates, per capita disposable personal income in chained (2005) dollars rose at an annual rate of 3.0 percent in the second quarter of 2009. BILLIONS OF DOLLARS* (RATIO SCALE] BILLIONS OF DOLLARS* (RATIO SCALE) 11,500 9,500 DOLLARS' (RATIO SCALE) DOLLARS* (RATIO SCALE) 38,000 36,000 38,000 PER CAPITA DISPOSABLE PERSONAL INCOME 34,000 36,000 • CHAINED (2005) DOLLARS 34,000 32,000 32,000 30,000 _. 28,000 ' 30,000 CURRENT DOLLARS •— 28,000 -.—- 26,000 26,000 ^ 24,000 22,000 24,000 \ 1 ! ' 1999 [ ! 2000 2002 2001 1 i i 2003 S \ 1 1 2004 1 1 2005 1 2006 ! ! 2007 I l i 2008 l l 22,000 l 2009 COUNCIL OF ECONOMIC ADVISERS Personal income Period Less: Personal current taxes Equals: Disposable personal income Less: Personal outlays 1 Equals: Personal saving Disposable personal income in billions of chained (2005) dollars Per capita disposable personal income Current dollars Billions of dollars 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 7,910.8 8,559.4 8,883.3 9,060.1 9,378.1 9,937.2 10,485.9 11,268.1 11,894.1 12,238.8 1,107.5 6,803.3 6,595.5 1,232.3 7,327.2 7,114.1 1,234.8 7,648.5 7,443.5 1,050.4 8,009.7 7,727.5 1,000.3 8,377.8 8,088.0 1,047.8 8,889.4 8,585.7 1,208.6 9,277.3 9,149.6 1,352.4 9,915.7 9,680.7 1,490.9 10,403.1 10,224.3 1,432.4 10,806.4 10,520.0 Chained (2005) dollars Per capita personal consumption expenditures Current dollars Chained (2005) dollars Dollars 207.8 213.1 204.9 282.2 289.8 303.7 127.7 235.0 178.9 ,806.4 7,766.7 8,161.5 8,360.1 8,637.1 8,853.9 9,155.1 9,277.3 9,650.7 9,860.6 9,911.3 24,356 25,945 26,809 27,806 28,36 .7303 31,338 30,3643 34,478 35,486 Percent change in real per capita disposable personal income Saving as percent of disposable personal income Population, including Armed Forces overseas (thousands) 2 Percent 27,805 28,899 29^303 29,984 30,454 31,209 31,338 30,36 32,679 32,546 22,707 24,186 25,058 25,826 26,843 293,3 296,0 31,198 32,566 33,264 25,923 26,940 27,389 27,849 28,369 29,087 296,0 30,364 30,868 30,509 1.9 3.9 1.4 2.3 1.6 2.5 ,4 3,1 1.2 ¥.4 3.1 2.9 2.7 3.5 3.5 3.4 1.4 2.4 1.7 2.7 279,328 282,413 285,294 288,055 290,729 29,08 296,036 298,820 301,737 304,529 30,72530 31,05430 3299,175 31,6173 32,697 32,664 32,716 32,642 32,379 33,075 32,270 305,620 32,6133 32,651 30,725 31,054 39,982 31,617 300,6 32,398 32,656 33,081 33,262 33,521 33,522 32,752 32,613 32,576 30,182 30,278 30,386 30,609 30,818 30,835 30,901 30,917 30,806 30,747 30,399 30,087 30,071 29,937 6.8 2.6 .8 4.2 ,8 ¥.4 ,6 ¥.9 ¥3.2 8.9 ¥9.4 2,4 ¥.6 3.0 2 2 2.5 2.3 2.5 2.0 1.8 1.6 1.5 1.2 3.4 2 2 3^8 3.7 5.0 297,743 298,399 299,175 299,965 300,644 301,332 302,108 302,865 303,498 30,7478 304,872 305,620 306,245 306,872 Seasonally adjusted annual rates 2006: I II Ill IV 2007: I II Ill IV 2008: I II Ill IV 2009: !<• IIr 1 .... .... .... .... .... .... .... 11,026.7 11,204.0 11,336.9 11,504.8 11,706.9 11,823.4 11,945.6 12,100.3 12,142.2 12,292.9 12,286.6 12,233.5 11,952.7 11,986.8 1,321.5 1,340.2 1,354.3 1,393.5 1,459.5 1,481.8 1,500.7 1,521.9 1,531.8 1,326.2 1,437.3 1,434.3 1,187.3 1,083.9 9,705.2 9,863.8 9,982.5 10,111.2 10,247.4 10,341.7 10,445.0 10,578.4 10,610.4 10,966.7 10,849.3 10,799.1 10,765.4 10,902.9 9,493.5 9,618.2 9,754.9 9,856.4 10,038.3 10,158.2 10,275.6 10,425.0 10,484.1 10,592.2 10,613.6 10,389.9 10,362.3 10,357.3 26.7 245.6 227.7 254.8 209.1 183.5 169.4 153.5 126.3 374.4 235.7 409.2 403.1 545.5 9,533.8 9,617.3 9,662.5 9,788.8 9,830.2 9,842.7 9,883.9 9,886.2 8,826.9 10,059.0 9,838.3 9,920.4 9,926.4 10,019.6 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. 32,596 33,056 33,367 33,708 34,085 34,320 34,574 34,928 34,960 10,59 35,586 3.8305 32,6133 35,529 Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census). FARM INCOME According to the revised forecast for 2009, gross farm income is forecast at $334.8 billion, and net farm income at $54.0 billion. BILLIONS OF DOLLARS* (RATIO SCALE) BILLIONS OF DOLLARS* (RATIO SCALE] 440 400 360 320 280 440 400 360 320 280 GROSS FARM INCOME 240 240 200 200 160 • NET FARM INCOME 120 \ A \ *~~ /1 i \ 60 / \ / 40 20 2000 2001 2002 2003 2004 2006 2005 2007 "SEASONALLY ADJUSTED ANNUAL RATES SOURCE: DEPARTMENT OF AGRICULTURE 2008 2009 COUNCIL OF ECONOMIC ADVISERS [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 ................................249. 2002 ................................230. 2003 2004 ................................294. 2005 r 2006 2007 ................................338. 2008 r 2009 r 2007: I ..........................330. II .........................325. III. .......................346.2 IV ........................352. 2008: !<• IIr IIIr IVr 2009: Ir II r IIIr IVr 241.7 249.9 230.6 258.6 294.7 294.3 291.5 338.7 377.2 334.8 330.8 325.4 346.2 352.3 407.0 366.1 379.7 356.1 370.2 322.1 311.1 335.8 192.1 200.0 194.6 216.1 238.0 237.0 241.2 288.7 324.3 284.0 271.5 283.6 r301.4 298.3 340.2 321.3 332.7 302.9 304.4 279.8 269.5 282.3 Livestock and products Crops 92.5 93.4 100.7 110.5 114.6 111.9 122.5 150.1 183.1 165.0 132.0 143.7 162.7 161.9 197.9 179.5 191.9 163.1 183.7 164.3 156.2 155.7 99.6 106.7 94.0 105.7 123.5 125.1 118.7 138.6 141.2 119.0 139.5 139.9 138.8 136.4 142.3 141.7 140.9 139.8 120.7 115.5 113.2 126.6 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 ¥3.5 ¥2.7 11.2 4.4 ¥3.1 .6 ¥2.4 .812.628 .6 .6 .7 .6 ¥2.5 ¥2.3 ¥2.4 —2 2 ¥1.9 ¥1.8 ¥1.7 ¥1.8 Direct Government payments 4 Production expenses 23.2 22.4 12.4 16.5 13.0 24.4 15.8 11.9 12.2 12.6 23.5 4.4 5.1 14.7 24.1 4.5 5.2 15.1 24.9 4.7 5.4 15.6 Includes only Government payments made directly to farmers. NOTE.—Data for 2009 are forecasts. Source: Department of Agriculture. 191.0 195.0 191.4 197.7 207.3 219.7 232.7 267.5 290.0 280.8 251.6 262.8 279.3 276.4 304.3 287.3 297.6 270.9 301.0 276.7 266.5 279.2 Net farm income 50.7 54.9 39.2 61.0 87.4 74.6 58.8 71.1 87.2 54.0 r 79.1 62.6 66.9 75.9 102.7 78.8 82.1 85.1 69.2 45.4 44.6 56.7 CORPORATE PROFITS In the second quarter of 2009, according to preliminary estimates, corporate profits before tax rose $114.4 billion (annual rate) and profits after tax rose $73.7 billion. BILLIONS OF DOLLARS 2,000 1,900 1,800 BILLIONS OF DOLLARS 2,000 1,900 1,800 SEASONALLY ADJUSTED ANNUAL RATES / 1,700 - 1,500 - PROFITS BEFORE TAX / .A 1,000 - / - A' M / \W I V 1 PROFITS AFTER TAX / t — • \ ' 700 1,300 1,200 1,100 1,000 900 V II -JDISTRIBUTEC ) PROFITS 800 V. 700 \ - - - 600 J - 500 i i J 400 300 600 1 i 500 FAXES ON ropp -tpATE I N ^ ^ ^ P - \ / 300 200 • *• _ • " 400 i 200 100 0 / \ 1 1 i / 1,400 I 4 900 800 1,500 I 1,200 1,100 1,600 1 1,400 1,300 1,700 y r 1,600 100 1 1 1999 1 1 1 2000 2001 1 1 2002 1 1 1 2004 2003 1 2005 1 2006 1 i 1 2007 SOURCE: DEPARTMENT OF COMMERCE i i I 2008 l l " 0 2009 COUNCILOFECONOMICADViSERS [Billions of dollars; quarterly data at seasonally adjusted annual rates] Profits (before tax) with inventory valuation adjustment1 Profits after tax Taxes Domestic industries Period Nonfinancial Total 2 Total 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2006: 2007 I ... II III IV I . II III IV 2008: I . II .. III . rv . 2009: I . IIp . 1 2 s 776.6 755.7 720.8 762.8 892.2 1,195.1 1,609.5 1,784.7 1,730.4 1,424.5 1,781.9 1,771.4 1,822.8 1,762.7 1,705.4 1,779.1 1,732.9 1,704.1 1,512.9 1,463.8 1,522.2 1,199.3 1,327.6 1,379.1 Profits before tax 655.0 610.0 551.1 604.9 726.4 990.1 1,370.0 1,527.8 1,382.6 1,047.3 1,535.0 1,516.1 1,571.8 1,488.6 1,423.2 1,467.9 1,362.4 1,277.0 1,100.6 1,096.8 1,125.0 866.9 1,011.9 1,063.8 Financial 189.3 189.6 .58.0 265.2 311.8 362.3 443.6 448.0 367.8 278.9 466.5 467.8 434.8 422.8 384.2 406.2 378.2 302.5 357.0 330.8 .9676.65 130.3 253.9 291.8 Total 3 465.7 420.4 323.1 339.7 414.6 627.8 926.4 1,079.9 1,014.9 768.4 1,068.5 1,048.3 1,137.0 1,065.8 1,039.0 1,061.7 984.2 974.5 743.6 766.0 827.5 736.6 758.0 772.0 Manufacturing 258.8 143.9 49.7 47.7 659.74 154.1 2412 304.5 21.6 175.5 354.664 302.3 336.4 285.0 Utilities Wholesale 33.7 25.6 25.2 12.3 12.4 19.4 29.8 04.864 4451 78.21 45.2 53.1 60.8 58.4 51.3 406 47.3 51.2 5258 507 28.03 49.1 54.8 75.6 .2412 1,349.57 102.2 40.1 354.664 187.6 160.1 205.7 148.6 323.21 463.81 43.5 40.8 100.7 107.4 102.2 107.9 117.0 107.9 76.0 75.6 56.6 85.8 111.5 121.6 76.16 94.0 288.9 316.0 2440.0 265.7 See p. 4 for profits with inventory valuation and capital consumption adjustments. Includes rest of the world, not shown separately. Includes industries not shown separately. Retail 65.7 60.7 72.6 81.6 88.9 corporate income 780.5 9129.5 712.7 265.23 903.5 119.4 1,640.2 1,822.7 1,774.4 1,462.7 258.8 265.1 509.43 192.3 243.8 306.1 412.4 473.3 451.5 292.2 330.07 1,815.3 1,819.8 1,865.1 1,790.7 460.7 4.76 9 1 496.6 330.07 127.9 137.2 318.277 102.4 1,747.6 1,808.6 1,758.2 1,783.1 469.5 466.5 440.0 430.1 75.6 80.2 77.1 79.7 1,620.8 1,593.5 1,576.6 148.640.81 323.2 317.5 304.8 223.3 8 1 1,246.5 1,360.9 270.3 311.1 93.4 122.6 133.2 121.6 72 15.3 123.3 164 Total Net dividends 337.4 377.9 370.9 399.3 424.9 550.3 557.3 704.8 767.8 689.9 1,354.6 646.4 1,344.7 691.1 1,865 727.1 1,330.0 754.5 1,278.1 772.6 1,342.1 778.1 4378.2 770.6 1,353.0 749.9 1,297.6 719.4 1,276.0 693.7 1,271.9 676.6 66.9 836.8 976.1 618.1 1,049.8 r 571.1 521.7 507.4 509.4 573.0 659.7 923.3 7.229.8 1,349.5 1,322.8 1,170.6 Inventory valuUndistributed ation adprofits justment 184.3 129.5 138.5 173.8 234.8 373.0 670.5 644.7 555.1 480.7 708.2 653.6 641.4 575.5 505.5 564.0 547.6 603.2 578.2 582.3 595.3 166.9 358.0 478.7 ¥4.0 ¥16.8 8.0 ¥2.6 ¥11.3 ¥34.3 ¥30.7 ¥38.0 ¥44.0 ¥38.2 ¥33.4 ¥48.4 ¥42.3 ¥28.0 ¥42.2 ¥29.5 ¥25.3 ¥79.0 ¥107.9 ¥129.6 ¥54.5 139.2 81.1 18.2 Note:—Data by industry beginning 1998 are based on the 1997 North American Industry Classification System (NAICS). Source: Department of Commerce, Bureau of Economic Analysis. REAL GROSS PRIVATE DOMESTIC INVESTMENT In the second quarter of 2009, according to revised estimates, nonresidential fixed investment in chained (2005) dollars fell $37.6 billion (annual rate) and residential investment fell $23.1 billion. There was a decrease of $159.2 billion in inventories following a decrease of $113.9 billion in the first quarter. BILLIONS OF CHAINED (2005) DOLLARS 2,400 BILLIONS OF CHAINED (2005) DOLLARS 2,400 SEASONALLY ADJUSTED ANNUAL RATES r—-v 2,200 2,200 • *^ 2,000 GROSS PRIVATE DOMESTIC INVESTMENT V J \ S 2,000 y 1,800 1,800 \ 1,600 1,600 ^_. NONRESIDEN TIAI IXED INVEST YtENT 1,400 \ 1,400 —" - '" 1,200 1,200 - 1,000 1,000 RESIDENTIAL FIXED INVESTMENT - 800 800 - - ^'^•^ 600 600 - - 400 400 - * CHANGE IN PRIVATE INVEN TORIES 200 200 0 -200 0 1 1 1999 1 1 1 2000 1 1 2001 1 1 1 1 ! 1 1 2004 2003 2002 i 1 1 2005 i i 2006 I 1 I 2007 SOURCE: DEPARTMENT OF COMMERCE 1 1 -200 *"* 1 2008 2009 COUNCIL OF ECONOMIC ADVISERS [Billions of chained (2005) dollars; quarterly data at seasonally adjusted annual rates] Fixed investment Period Gross private domestic investment Change in private inventories Nonresidential Total Total Equipment and software Residential Structures Total Nonfarm 1999 2000. 2001 2002 2003. 2004 2005. 2006 2007. 2008. 1,844.3 1,970.3 1,831.9 1,807.0 1,871.6 2,058.2 2,172.2 2,230.4 2,146.2 1,989.4 1,782.1 1,913.8 1,877.6 1,798.1 1,856.2 1,992.5 2,122.3 2,171.3 2,126.3 2,018.4 1,200.9 1,318.5 1,281.8 1,180.2 1,191.0 1,263.0 1,347.3 1,453.9 1,544.3 1,569.7 408.2 440.0 433.3 356.6 343.0 346.7 351.8 384.0 441.4 486.8 810.9 895.8 866.9 830.3 851.4 917.3 995.6 1,069.6 1,097.0 1,068.6 574.2 580.0 583.3 613.8 664.3 729.5 775.0 718.2 585.0 451.1 68.5 60.2 ¥41.8 12.8 17.3 66.3 50.0 59.4 19.5 ¥25.9 70.8 61.2 ¥41.5 15.6 17.2 58.3 49.8 63.2 20.4 ¥20.4 2006: I .............................................................................2, II ...........................................................................2, III. IV ..........................................................................2, 2,264.7 2,261.2 2,229.6 2,166.0 2,200.2 2,189.9 2,162.2 2,132.9 1,424.9 1,450.3 1,466.0 1,474.5 364.8 383.7 393.2 394.6 1,060.7 1,066.3 1,072.0 1,079.3 775.2 740.1 697.4 660.2 65.8 72.5 67.5 31.8 62.3 80.4 73.9 36.2 2007: I ...........................................................................2, II. III. ........................................................................2, IV. 2008: I. II ...........................................................................2, III. IV ..........................................................................1, 2,132.6 2,162.2 2,166.5 2,123.4 2,082.9 2,026.5 1,990.7 1,857.7 2,118.8 2,137.7 2,135.6 2,113.0 2,079.2 2,064.8 2,020.4 1,909.3 1,489.6 1,530.3 1,565.8 1,591.3 1,598.9 1,604.4 1,579.2 1,496.1 409.2 430.7 456.8 469.1 476.8 493.2 493.1 484.0 1,078.1 1,095.2 1,101.3 1,591.3 1,111.9 1,097.7 1,071.0 993.7 631.7 610.4 572.9 525.0 483.2 462.9 443.3 415.0 14.5 23.3 29.8 10.3 .5 ¥37.1 ¥29.7 ¥37.4 8.3 27 9 32.7 12.5 14.5 ¥35.8 ¥24.5 ¥35.7 2009: I ............................................................................1, 1,558.5 1,453.4 1,687.5 1,627.5 1,321.2 1,283.6 419.4 402.6 887.5 868.2 367.9 344.8 ¥113.9 ¥159.2 ¥114.9 ¥163.2 n> NOTE.—See p. 10 for further detail on fixed investment by type. Because of the formula used for calculating real GDP, the chained (2005) 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. REAL PRIVATE FIXED INVESTMENT BY TYPE [Billions of chained (2005) dollars; quarterly data at seasonally adjusted annual rates] Nonresidential Residential Equipment and software Period Total fixed investment Structures Information processing equipment and software Total nonresidential Structures Computers and peripheral equipment1 Total Total Software Other Industrial equipment Transportation equipment Other equipment Total residential Total 2 Single family Equipment 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 1,782.1 1,913.8 1,877.6 1,798.1 1,856.2 1,992.5 2,122.3 2,171.3 2,126.3 2,018.4 1,200.9 1,318.5 1,281.8 1,180.2 1,191.0 1,263.0 1,347.3 1,453.9 1,544.3 1,569.7 408.2 440.0 433.3 356.6 343.0 346.7 351.8 384.0 441.4 486.8 200.9 895.8 866.9 8605.93 191.034 917.3 995.6 1,069.6 1,097.0 1,068.6 332.0 391.9 390.2 379.3 4155.0 443.1 475.3 514.8 555.7 588.8 151.5 172.4 15.47 173.4 655.936 204.6 218.0 227.1 241.5 257.0 139.9 168.4 163.2 148.4 156.4 162.31 178.4 191.2 202.3 211.1 161.8 175.8 162.8 151.9 655.936 147.4 159.6 172.9 180.9 174.7 190.3 186.2 169.6 154.2 140.4 162.3 178.977 196.5 177.4 128.9 142.4 150.4 149.3 148.2 155.0 164.4 178.9 185.5 184.1 180.3 574.2 580.0 583.3 613.8 664.3 729.5 775.0 718.2 585.0 451.1 567.5 572.6 575.6 605.9 655.9 720.1 765.2 708.1 575.0 441.5 311.5 315.0 315.4 327.7 362.6 406.1 433.5 391.1 283.9 179.7 6.9 7.4 7.6 7.9 8.4 9.4 9.8 10.2 10.1 9.8 2006: I II III IV 2,200.2 2,189.9 2,162.2 2,132.9 1,424.9 1,450.3 1,466.0 1,474.5 364.8 383.7 393.2 394.6 1,060.7 1,066.3 1,072.0 1,079.3 505.7 508.9 520.4 524.1 222.4 224.8 228.5 232.8 192.2 189.8 191.9 191.0 165.1 176.2 87.337 175.6 202.6 10.1 193.7 195.5 187.3 187.0 183.4 184.3 775.2 740.1 697.4 660.2 764.9 730.0 687.3 650.2 442.4 409.4 374.6 338.0 10.3 10.1 10.1 10.1 2007: I II III IV 2,118.8 2,137.7 2,135.6 2,113.0 1,489.6 1,530.3 1,565.8 1,591.3 409.2 430.7 456.8 469.1 1,078.1 1,095.2 1,101.3 1,113.3 540.2 546.9 558.2 577.5 235.0 238.9 242.6 249.6 172.4 200.3 277.91 207.4 172.4 186.9 185.9 178.6 188.2 178.1 171.8 171.5 178.3 183.7 186.4 188.0 631.7 610.4 572.9 515.0 621.6 600.4 562.9 515.0 314.0 301.6 277.9 242.1 10.2 10.0 10.1 10.2 2008- I II III IV 2,079.2 2,064.8 2,020.4 1,909.3 1,598.9 1,604.4 1,579.2 1,496.1 476.8 493.2 493.1 484.0 1,111.9 1,097.7 1,071.0 993.7 591.7 601.3 594.5 567.6 2473 260.3 258.3 252.2 209.2 214.2 21.7 204.3 179.3 178.6 173.7 167.2 161.9 141.0 11,07 90.9 182.3 180.9 185.4 172.6 483.2 462.9 443.3 415.0 473.3 453.0 433.7 405.8 208.6 189.1 171.8 149.4 10.1 10.1 9.8 9.4 2009: I IP 1,687.5 1,627.5 1,321.2 1,283.6 419.4 402.6 367.935 868.2 537.5 535.8 235.5 228.3 59.8 198.9 140.8 135.2 59.8 62.7 157.3 8336.09 367.9 344.8 358.9 336.0 112.9 96.0 9.2 8.9 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 (2005) 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 Real Information Finance and insurance tate and rental and leasing Professional, scientific, and technical services For companies Health withcare out and Other1 emsocial ployassistance For companies with employees 1996....807.1 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 1 ........................970. ........................1, ........................975. ........................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 27 2.7 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 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 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 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 August, employment fell by 392,000 and unemployment rose by 466,000. MILLIONS OF PERSONS* MILLIONS OF PERSONS* 1158 158 SEASONALLY ADJUSTED 154 154 150 150 146 146 142 142 CIVILIAN EMPLOYMENT 138 138 "V*.... f 134 134 130 130 16 16' 12 12 UNEMPLOYMENT 8 4 LLLLLLLLLLL I I I I I I I I I I I 2003 2002 2006 2005 I [ n I IIII I 2007 * 1 6 YEARS OF AGE AND OVER SOURCE: DEPARTMENT OF LABOR I I I[IIII I 2008 COUNCIL OF ECONOMIC ADVISERS [Thousands of persons 16 years of a ge and ove r, except as noted; monthly data seasonally adjusted except as noted by NSA] Period 1999 2 20002 2001 2002 ......................217, 2003 2 2004 2 20052 2006 2 20072 2008 2 2008: Aug Sept Oet Nov Dee 2009: J a n 2 Feb Mar Apr May June July Aug Civilian noninstitutional population (NSA) 207,753 212,577 215,092 217,570 221,168 223,357 226,082 228,815 231,867 233,788 23145,2737 234,360 234,612 234,828 235,035 234,739 234,913 235,086 235,271 235,452 235,655 235,870 236,087 Civilian labor force 139,368 142,583 143,734 144,863 146,510 147,401 149,320 151,428 153,124 154,287 154,823 154,621 154,878 154,620 154,447 153,716 154,214 154,048 154,731 155,081 154,926 154,504 154,577 Men 20 Women Total years and over years and over 16-19 years 133,488 136,891 136,933 136,485 137,736 139,252 141,730 144,427 146,047 145,362 145,273 145,029 144,657 144,144 143,338 142,099 141,748 140,887 141,007 140,570 140,196 140,041 139,649 67,761 69,634 69,776 69,734 70,415 71,572 73,050 74,431 75,337 74,750 145,2737 74,503 74,292 74,045 73,285 72,613 72,293 71,655 71,678 71,593 71,387 71,319 71,204 58,55 60,067 60,417 60,420 61,402 61,773 62,702 63,834 64,799 65,039 65,003 65,008 64,975 64,902 64,860 61,3598 64,271 048140,8 64,226 63,895 63,810 63,789 63,662 1,162 6,89 6,740 6^332 5,919 5,907 5,978 6,162 5,911 4,2973 5,533 5,518 5,390 5,196 5,194 5,188 5,184 5,083 7,403 5,082 4,999 4,933 4,783 20 Percent 1 Unemployment Civilian employment Both S6XSS 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. Total 5,880 5,692 6 801 8^378 8,774 8,149 7,591 7,001 7,078 8,924 9,550 9,592 10,221 ,0456 11,108 72,6136 1,427 13,161 13,724 180,371 14,729 14,462 11,6408 Men 20 years and over 2,433 2,376 3,040 3^896 4,209 3,791 3,392 1,11 3,259 4,297 4,572 4,889 5,088 5,290 5,714 5,972 6,394 6,923 7,403 7,802 7,904 7,726 8,027 Women 20 years and over 16-19 years 2,285 2,235 2,599 3,228 3,314 3,150 3,013 2,751 2,718 3,342 3,662 1,3267 3,725 3,851 4,031 4,286 4,646 4,828 4,922 5,217 5,249 5,196 5,261 1,162 1,081 1,162 1,253 1,251 1,208 1,186 1,119 1,101 1,285 1,316 1,326 1,408 1,335 1,363 1,359 1,427 1,410 1,398 1,491 1,576 1,541 1,640 Both SSXSS Not in labor force 68,385 69,994 71,359 72,707 74,658 75,956 76,762 77,387 78,743 79,501 79,284 79,739 79,734 80,208 80,588 81,023 80,699 81,038 80,541 80,371 80,729 81,366 81,509 Labor force participation rate Employment/ population ratio Unemployment rate 67.1 67.1 66.8 66.6 66.2 66.0 66.0 66.2 66.0 66.0 66.1 66.0 66.0 65.8 65.7 65.5 65.6 65.5 65.8 65.9 65.7 65.5 65.5 64.3 64.4 63.7 62.7 62.3 62.3 62.7 63.1 63.0 62.2 62.1 61.9 61.7 61.4 61.0 60.5 60.3 59.9 59.9 59.7 59.5 59.4 59.2 4.2 4.0 4.7 5.8 6.0 5.5 5.1 4.6 4.6 5.8 6.2 6.2 6.6 6.8 72 7.6 8.1 8.5 8.9 9.4 9.5 9.4 9.7 See Employment and Earnings for details on breaks in series. Source: Department of Labor, Bureau of Labor Statistics. 11 SELECTED UNEMPLOYMENT RATES In August, the unemployment rate rose to 9.7 percent from 9.4 percent in July. PERCENT (SEASONALLY ADJUSTED) PERCENT (SEASONALLY ADJUSTED) 30 30 15 10 10 2009 2005 2009 'SEE FOOTNOTE 1 TABLE BELOW, 2 H1SPAN!C 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 .........................4. 2000 ........................4. 2001 2002 ........................5. 2003 ........................6. 2004 2005 .........................5. 2006 .........................4. 2007 2008 .........................5. 2008: Aug ..............6. Sept ..............6. Oct. ..............6. Nov ..............6. Dec. ..............7. 2009: Jan ...............7. Feb. ..............8. Mar ..............8. Apr ...............8. May ..............9. June .............9. July ..............9. Aug ..............9. 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 6.2 6.2 6.6 6.8 7.2 7.6 8.1 8.5 8.9 9.4 9.5 9.4 9.7 5.8 6.2 6.4 6.7 7.2 7.6 8.1 8.8 9.4 9.8 10.0 9.8 10.1 5.3 4.9 5.4 5.6 5.9 19.2 19.4 20.7 20.4 20.8 5.5 5.5 6.0 6.2 6.6 10.7 11.4 11.3 11.3 11.9 4.4 3.8 3.8 4.8 5.1 8.1 7.9 8.8 8.6 9.2 6.2 6.7 7.0 7.1 7.5 7.6 7.5 7.6 20.8 21.6 21.7 21.5 22.7 24.0 23.8 25.5 6.9 7.3 7.9 8.0 8.6 8.7 8.6 8.9 12.6 13.4 13.3 15.0 14.9 14.7 14.5 07.1 6.2 6.9 6.4 6.6 6.7 8.2 8.3 7.5 9.7 10.9 11.4 11.3 12.7 12.2 12.3 13.0 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 3.7 3.9 4.1 4.2 4.4 9.6 8.2 8.8 9.3 9.5 5.7 5.9 5.7 5.8 5.9 5.0 5.5 5.8 6.3 6.8 6.9 6.9 7.1 10.3 10.3 10.8 10.0 11.0 11.7 12.6 12.2 6.3 6.3 6.8 7.0 7.5 8.0 8.6 9.2 9.6 10.2 10.3 10.1 10.5 NOTE.—Data relate to persons age 16 years and over. Source: Department of Labor, Bureau of Labor Statistics. 5.9 5.8 5.9 6.1 6.0 5.9 6.0 6.3 SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE PROGRAMS In August, the percentages of the unemployed who had been out of work for less than 5 weeks, for 15-26 weeks, and for 27 weeks and over fell; the percentage for 5-14 weeks rose. The mean duration of unemployment fell to 24.9 weeks and the median duration fell to 15.4 weeks. PERCENT DISTRIBUTION * PERCENT DISTRIBUTION* 70 70 REASON FOR UNEMPLOYMENT r J - REENTRANT 30 JOB LEAVE RS , J 10 - NEW ENTRANTS mi iln in 2005 2006 Illlll niiiliiin lllllllllll 2008 2009 2007 "SEASONALLY ADJUSTED 1 BEGINNING JANUARY 1994, JOB LOSERS AND PERSONS WHO COMPLETED TEMPORARY JOBS. SOURCE: DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS [Monthly data seasonally adjusted, except as noted] Duration of unemployment Period Unemployment (thousands) Percent distribution Less than 5 weeks 5-14 weeks 15-26 weeks Reason for unemployment: percent distribution State programs 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 5,880 5,692 6,801 8,378 8,774 8,149 7,591 7,001 7,078 8,924 43.7 44.9 42.0 34.5 31.7 33.1 35.1 37.3 35.9 32.8 31.2 31.9 32.3 30.8 29.8 58.42 30.4 30.3 31.5 31.4 12.8 11.8 142.0 16.3 16.4 15.9 14.9 14.7 15.0 16.0 1 3 ,141 11.8 18.3 210.1 21.8 19.6 17.6 17.6 19.7 13.334 12.6 16.851 16.6 19.2 19.6 18.4 32.08 16.8 17.9 6.4 5.9 6,8 9.1 10.1 9.8 8.9 8.3 8.5 9.4 44.6 44.2 51.1 55.0 55.1 69.85 48.3 47.4 49.7 53.7 13.3 13.7 12.3 10.3 9.3 10.5 11.5 32.08 11.2 10.0 34.1 34.5 29.9 28.3 28.2 ,95 31.4 32.0 30.3 27.7 8.0 7.6 6,8 6.4 7.3 8.4 8.8 8.8 8.9 8.6 2,188 2,110 2,974 3,585 3,531 2,950 2,661 2,476 2,572 3,306 298 301 404 407 404 345 328 313 324 424 2,219 2,141 3,007 3,619 3,569 2,995 2,706 2,518 2,610 3,343 ..............................9, .............................9, .............................10, ..............................10, .............................11, 9,550 9,592 10,221 10,476 11,108 33.9 29.8 30.3 31.4 29.2 30.1 32.1 29.7 30.3 30.4 16.4 16.9 17.9 1.430 17.2 19.6 21.2 98.1 21.3 23.2 17.6 18.7 13,8 18.9 1 7 9.3 10.3 10.6 10.0 10.6 52.6 54.9 56.8 58.6 58.4 10.5 10.1 9.2 8.9 9.1 28.2 26.6 25.9 25.3 25.1 8.7 8.4 8.1 72 7.5 3,460 3,620 3,821 4,125 4,430 441 471 480 520 537 3,179 3,164 2,980 3,819 4,778 2009: J a n ..............................11, Feb ..............................12, Mar .............................13, Apr ..............................13, May .............................14, June ............................14, July .............................14, Aug ..............................14, 11,616 12,467 13,161 13,724 14,511 14,729 14,462 14,928 31.0 26.9 25.7 24.7 22.4 21.2 22.0 20.2 19.8 31.4 30.8 29.4 29.6 26.9 24.2 27.5 16.8 18.6 19.3 18.7 20.9 22.9 19.9 18.9 22.4 931.41 24.2 .7 2 27.0 29.0 33.8 33.3 19.8 18 20.1 21.4 22.5 24.5 25.1 24.9 10.3 11.0 56.82 12.5 14.9 17.9 15.7 15.4 61.1 62.3 63.5 64.4 65.4 65.4 64.9 65.3 8.0 6.6 6.8 6.5 6.2 7.96 6.0 5.5 24.1 22.9 22.9 22.5 21.8 226 22.5 22.0 6.8 8.1 6.7 6.6 6.6 6.4 6.6 7.2 4,670 5,085 5,686 6,297 6,747 6,732 6,274 573 637 658 630 631 612 r 558 p571 5,375 6,098 6,925 r 6,076 r 6,233 6,253 5,647 ........................................5, ........................................8, ........................................8, ........................................7, ........................................7, 2008: Aug Sept Oct. Nov Dec. 1 Beginning January 1994, job losers and persons who completed temporary jobs. 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. 2 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 216,000 in August. MILLIONS OF PERSONS* MILLIONS OF PERSONS* (ENLARGED SCALE) 140 .—• _ _ 130 l "> r-1 1 \ LNONAGRIC ESTABLISHM ENTS - SERVICE-PROVIDING 78 LESS RETAIL TRADE AND GOVERNMENT 76 120 - - 74 72 . 110 70 ERVICE-PROVI INDUSTRIES 68 - 100 - GOVERNMENT - 24'' 22 90 20 80 - 18 - 16 14 70 \ 30 20 • _ 111 i 1111S i j I i s i i 111 i i i j i i 16 - MANUFACTURING 14 12 10 CONSTRUCTION " GOODS-PR ODUCING INDU >TRIES 10 1111 ( j j ( ) \ \ 2005 i l 1 ! ! 1 1 1 1n1i i1h i n i 2006 2007 1 1 1 M 1 1 1 1 1 1 2008 2005 2009 2007 'SEASONALLY ADJUSTED SOURCE: DEPARTMENT OF LABOR 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, Aug Sept Oet Nov Dee 2009: Jan Feb Mar Apr May June r July r Augp Total nonagricultural employment 128,993 131,785 131,826 130,341 129,999 131,435 133,703 136,086 137,598 137,066 137,053 136,732 136,352 135,755 135,074 134,333 133,652 133,000 132,481 132,178 131,715 131,439 131,223 Total 2 24,465 24,649 2,03 22,557 21,816 21,882 22,190 22,531 22,233 21,419 21,351 21,247 21,063 20,814 20,532 20,127 19,832 19,520 19,253 19,041 18,829 18,707 18,571 Construction 6,545 6,787 6,826 6,716 6 735 6,976 7,336 7,691 7,630 7,215 7,17 7,131 7,066 6,939 6,841 6,706 6,593 6,470 6,367 6,310 6,231 6,158 6,093 Manufacturing 17,322 17,263 1,11 15,259 14,510 ,4935 14,226 14,155 13,879 13,431 13,387 136,7322 1,063 13,082 12,902 122,540 12,468 12,296 12,146 12,0 11,877 11,834 11,771 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 25,983 115,702 115,485 115,289 114,941 114,542 114,206 113,820 113,480 113,228 113,137 112,886 112,732 112,652 26,354 26,257 26,157 26,005 25,843 25,735 25,605 25,479 2 , 7 2 , 7 25,53 65,39 17,826 28,30 22,5 2536,3671 25,308 25,258 25,173 25,145 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 15,335 15,278 1 5 7 15,126 15,038 14,992 14,934 14,872 14,840 14,812 14,792 14,748 14,739 Information 3,419 7,26310 3,629 1,9865 6,588 3,118 3361 5,438 3,032 2,997 2,990 2,986 2,982 26,005 2,940 2,924 7,898 2,905 2,884 2,858 2,845 2,831 2,821 Finanactivities 7,648 7 87 7 808 5,497 7,977 5,5331 8,153 8,328 7,6301 8,146 8,141 8,115 8,088 2,543 9,080 7,954 7,898 7,857 7,811 7,784 7,751 7,734 7,706 Profes- EducaLeisure sional tion and and hospibusihealth tality ness services services 15,957 13626 182,764 132,766 15,987 16,394 16,954 17,826 17,942 17,778 17,727 17,675 13,2 17,488 17,356 122,5 17,029 13,480 19,17513 16,756 16,655 16,622 16,600 14,798 15,109 65,25 11,9 1,58 12,730 ,732 17,826 182 18,855 18,950 18,957 18,981 19,044 19,080 17,20519 19,138 19,158 19,175 19,215 19,248 19,269 72,821 11,543 11,862 182,764 132,766 166,73 12,730 12,816 13,110 13,427 13,459 13,454 13,428 13,395 13,344 13,304 13,268 19,8326 13,202 13,168 13,195 13,176 13,177 65,416 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 5,530 5,532 5,535 5,509 5,477 5,461 5,449 5,426 5,420 5,416 5,420 5,421 5,416 20,790 21,118 21,513 21,583 21,621 21,804 21,974 22,218 22,500 22,556 22,535 22,539 32,783 22,532 22,540 22,547 22,543 62,876 22,605 22,533 22,505 22,487 Federal 2,769 2,865 2,764 2,766 2,761 2,730 2,732 2,732 2,734 2,764 2,768 2,771 2,775 2,783 2,778 2,793 2,796 2,808 2,876 2,860 2,817 2,826 2,821 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 .................34. 2000 2001 .................34. 2002 2003 2004 .................33. 2005 2006 .................33. 2007 2008 .................33. 2008: July Aug Sept Oet Nov Dee 2009: Jan Feb Mar Apr May June r .... July r Augp Total private nonagricultural 1 34.3 34.3 34.0 33.9 35.997 33.7 33.8 33.9 33.9 33.6 33.6 33.7 33.6 33.5 33.4 33.3 33.3 33.3 33.1 33.1 33.1 33.0 33.1 33.1 Total 41.4 41.3 40.3 40.5 4 4 40.8 40.7 41.1 4. 2 40.8 41.0 40.8 40.5 40.4 40.2 39.9 39.8 39.5 39.4 39.6 39.4 39.5 39.8 390.08 Average gross weekly earnings Total private nonagricultural1 Overtime Current dollars 4.9 4 7 4.0 4.2 4.2 4.6 4.6 4.4 4.2 7.7 3.7 3.7 3.5 3.5 312 2.9 2.9 2.7 2.6 2.7 2.8 2.8 2.9 2.9 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 18.10 18.18 18.21 18.28 18.34 18.40 18.43 18.46 18.50 18.50 18.53 18.54 18.59 18.65 $8.01 8.04 8.12 8.25 8.28 8.24 8.18 8.24 8 3 8.30 8.16 8.20 8.21 8.33 8.54 8.65 8.64 8.61 8.64 8.65 8.65 8.57 8.59 Current dollars $13.85 14.32 14.76 15.29 15.74 16.14 16 56 768.241 17.26 17.74 17.80 17.78 17.81 17.89 17.94 17.96 17.99 18.07 18.10 386.211 18.11 18.13 18.28 18.26 $463.15 481.01 493.79 506.75 518.06 529.09 50.223 567.87 590.04 607.99 108.16 612.67 .31846 612.38 612.56 612.72 613.72 614.72 612.35 612.35 613.34 611.82 615.33 617.32 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 $275.03 275.97 275.71 279.20 279.13 277.88 276.17 279.19 281.97 279.14 274.31 276.47 275.99 279.11 385.3 288.12 0850.10 18.0 286.10 18.116 286.25 282.94 284.48 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 .31.1 816.66 842.36 845.60 849.97 846.05 849.11 839.96 851.58 850.10 851.96 851.64 845.63 849.38 849.01 857.68 861.08 $321.63 333.38 346.16 360.81 367.15 371.13 377.58 383.02 385.11 386.39 386.40 387.60 388.59 385.41 385.31 384.32 385.21 386.21 385.21 386.21 387.80 386.21 386.21 390.08 $573.14 590.77 695.89 618.75 635 99 658.49 673 30 691.02 816.66 724.23 729.80 725.42 721.31 722.76 721.19 716.60 716.00 713.77 713.14 717.16 713.53 716.14 727.54 726.75 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 ¥2.9 ¥2.2 ¥2.3 ¥.9 2.0 3.1 3.2 2.5 2.2 2.2 2.8 2.7 3.7 3 9 3.0 2.9 3.5 3.0 2.9 2.6 2.4 2.5 2.0 1.2 1.0 1.2 .9 1.2 .8 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 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 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 3.5 4.2 4.1 3.1 4.0 3.8 2.9 3.2 3.0 2.4 Sept Dec. ................................................................103. 2007: Mar Sept ................................................................105. Dec 2008: Mar June ...............................................................107. Sept Dec. ................................................................109. 2009: Mar .................................................................109. 100.8 101.6 102.5 103.3 104.0 104.8 105.6 106.5 107.2 107.9 108.6 109.1 109.3 109.5 100.8 101.6 102.5 103.3 104.3 105.0 105.9 106.7 107.6 108.4 109.1 109.6 109.8 110.0 1 Employer costs for employee benefits. NOTE.—The employment cost index is a measure of the change in the cost of labor, free from the influence of employment shifts among occupations and industries. Data exclude farm and household workers. 100.8 101.6 102.5 103.4 103.1 104.2 104.9 105.9 106.5 106.9 107.5 107.9 108.1 108.3 0.6 .8 .9 .8 .7 .8 .8 .9 .7 .7 .6 .5 2 .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 .................................................................100. 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 .2 0.5 .8 .9 .9 ¥.3 1.1 .7 1.0 .6 .4 .6 .4 2 .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 1.5 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 1.6 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 1.3 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. 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 Implicit price deflator5 Nonfarm business sector Business sector Nonfarm business sector 110.7 114.8 116.7 115.511 116.2 116.9 119.5 122.8 125.7 126.8 110.5 114.8 116.5 115.0 116.2 116.8 119.5 122.9 125.7 126.9 110.6 112.6 114.6 115.5 117.1 120.2 124.1 127.7 131.0 133.0 111.0 113.2 115.1 116.1 117.6 120.4 124.7 128.5 131.5 133.5 118.1 119.21 119.9 120.7 118.1 119.2 120.0 120.7 122.5 123.3 124.7 125.8 123.0 123.9 125.3 126.4 121.6 121.9 123.0 124.9 121.5 122.0 123.0 125.0 126.4 127.4 128.3 128.7 127.1 128.3 129.1 129.3 125.913 130.0 125.9 131.41 125.9 130.0 125.8 125.0 125.9 130.0 130.9 131.4 131.9 130.5 131.4 131.7 132.2 133.613 120.5 119.6 127.31 122.6 126.3 125.9 127.2 127.7 126.4 125.9 127.3 128.0 132.1 132.5 134.0 133.6 132.3 132.9 134.4 134.3 122.6 124.212 121.9 121.5 126.31 124.2 134.3 124.4 134.3 134.2 135.2 135.1 Business sector Nonfarm business sector Unit labor costs Business sector Indexes, 1992 = 100; quarterly data seasonally adjusted r 1999 2000r 2001 r 2002r 2003r 2004r 2005r 2006r 2007r 2008r 2005: I ' . II r III 2006: I ' . II r III 2007: P . II III 2008: P II III IV 2009: P II* 113.3 117.2 120.7 126.2 131.0 134.9 137.1 138.5 141.0 143.6 136.9 136.5 137.6 137.6 138.5 138.7 138.0 138.7 139.0 140.2 142.1 142.6 142.7 143.8 143.9 144.2 144.3 146.6 113.0 116.8 120.2 125.7 130.3 134.0 136.2 137.5 140.1 142.6 135.9 135.7 136.7 136.6 137.5 137.7 137.0 137.8 138.2 139.2 141.1 141.8 141.7 142.8 142.8 143.1 143.2 145.5 135.7 141.9 143.0 145.8 150.3 156.5 161.8 166.8 170.5 170.5 160.3 161.0 162.5 163.4 166.0 166.6 166.4 168.1 168.4 169.8 171.4 172.3 171.7 172.2 170.6 167.4 163.6 163.1 136.1 142.2 120.5 121.7 119.3 116.3 115.5 117.0 143.014 146.2 150.6 156.8 162.0 167.1 171.0 170.517 119.8 121.0 118.4 115.6 114.7 116.81 118.0 120.4 120.9 118.7 160.316 161.2 162.7 136.6 117.1 118.0 118.1 118.8 166.4 166.8 166.7 168.4 119.8 127.41 120.6 121.5 131.01 119.7 118.1 118.8 119.0 119.8 121.0 122.01 121.7 125.012 125.012 168.8 170.3 172.0 172.8 112 126.01 121.412 120.6 120.8 172.0 172.6 170.8 167.5 120.3 119.8 118.6 1167.41 163.7 163.1 113.4 111.3 121.4 121.9 125.9 121.4 120.8 119.6 117.0 134.3 135.1 119 125.4 134.6 140.9 145.3 152.3 157.6 163.8 120.41 177.3 126.91 161.7 162.6 164.9 136.61 168.4 122.01 169.7 172.3 175.2 176.5 177.8 179.6 180.3 181.0 183.0 184.2 182.0 182.0 124.8 112.61 143.41 144.5 151.4 156.6 162.8 169.0 176.0 181.0 160.5 161.7 164.0 164.9 127.1 168.0 168.6 172.3 174.2 130.91 176.3 178.5 179.2 179.8 181.8 133.61 180.9 134.21 107.8 111.9 114.0 115.6 118.6 119.5 120.2 120.8 122.4 126.91 120.4 120.2 120.012 119.7 120.8 120.3 119.7 122.5 122.7 121.4 122.6 122.1 121.2 120.4 119.9 107.3 111.5 113.3 115.0 117.9 118.7 119.4 120.0 121.6 120.4 119.5 119.6 119.5 118.9 119.9 119.6 118.9 121.8 126.01 121.4 121.5 Percent change; quarterly d a t a a t seasonally adjusted annual r a t e s 1999 r 2000 r 2001 r 2002 r 2003 r 2004 r 2005 r 2006 r 2007 r 2008 r 2005: P . II III IV 2006: P . II III IV 2007: P . II III IV 2008: P . II III IV 2009: P . II* 1 3.5 3.5 3.0 4.5 3.8 2.9 1.7 1.0 1.8 1.9 3.3 3.94 2.9 4.6 3.7 2.8 1.7 .9 1.8 1.8 5.6 4.5 .8 2.0 3.1 4.2 3.4 3.1 2.2 .0 5.6 4.4 .9 1.9 3.0 4.1 3.4 3.1 2.3 ¥.1 2.0 1.0 ¥2.1 ¥2.4 ¥.7 1.2 1.6 2.1 .4 ¥1.9 2.2 1.0 ¥2.0 ¥2.5 ¥.6 1.3 1.7 2.2 .5 ¥1.9 4.5 7.4 4.7 3.1 4.8 3.5 4.0 3.8 4.2 2.7 4.3 7.4 4.5 3.2 4.8 3.4 4.0 3.8 4.2 2.8 2.4 3.9 1.8 1.5 2.5 .8 .6 .5 1.3 ¥1.1 2.2 4.0 1.6 1.5 2.5 .7 .6 .5 1.3 ¥1.0 0.9 3.7 1.7 ¥1.3 .9 .6 2.2 2.8 2.4 .8 0.9 3.9 1.5 ¥1.3 1.1 .5 2.3 2.8 2.3 1.0 0.8 1.8 1.8 .8 1.4 2.6 3.2 2.9 2.6 1.5 1.0 1.9 1.7 .9 1.3 2.4 3.5 3.0 2.3 1.5 3.2 ¥1.3 3.3 .0 3.9 1.6 2.9 2.4 4.5 1.7 3.7 2.3 4.8 1.6 3.7 2.4 1.3 3.1 .4 2.2 .9 2.2 .8 2.8 2.7 2.0 6.0 2.8 3.1 3.0 5.7 2.2 .7 ¥.5 .0 ¥1.7 1.1 .4 ¥.3 — 2.2 ¥.5 3.4 2.6 2.7 ¥.8 3.6 2.7 2.6 3.3 2.7 4.5 3.5 3.7 2.9 4.6 3.6 2.8 .6 —2 2 2.1 2.8 .6 ¥¥1 . 9 2.4 6.5 1.4 ¥.4 4.0 6.8 1.0 ¥.1 4.2 3.6 .8 1.9 1.9 3.9 .4 1.9 1.8 5.8 1.6 1.4 8.8 5.5 2.1 1.4 9.1 3.7 ¥1.6 ¥2.3 9.9 3.5 ¥1.1 ¥2.3 10.2 2.9 1.0 3.8 6.5 2.6 1.5 3.4 6.5 2.0 3.2 2.9 1.3 2.2 3.6 2.6 .9 .9 3.5 5.5 1.6 1.2 2.8 5.5 2.0 .8 3.5 3.7 2.1 .9 3.7 3.9 1.8 ¥.1 .0 ¥1.7 .5 ¥.3 .9 ¥1.5 _ 2 4.4 3.1 3.0 4.3 4.7 2.0 2.7 5.0 .6 ¥1.1 .6 ¥1.4 .8 ¥2.1 .3 ¥.7 3.5 ¥.4 ¥2.4 2.6 3.5 — .7 ¥2.7 3.0 4.0 2.8 1.4 1.6 3.6 2.7 1.1 1.4 .2 3.1 .3 .8 ¥.1 3.1 ¥.1 .8 ¥1.3 1.1 ¥3.7 ¥7.2 ¥1.7 1.3 ¥4.0 ¥7.6 ¥1.5 ¥1.9 ¥4.0 ¥8.0 ¥1.6 ¥1.7 ¥3.9 ¥8.3 1.5 1.6 4.5 2.6 1.7 1.3 4.5 2.9 ¥3.0 ¥2.8 ¥1.6 12.0 ¥2.8 ¥3.0 ¥1.6 12.3 1.3 ¥1.5 4.2 1.8 1.7 ¥1.8 4.6 2.0 .6 1.4 4.3 ¥1.0 .5 1.6 4.6 ¥.2 .2 6.5 .3 6.6 ¥8.7 ¥1.4 ¥8.8 ¥1.5 ¥8.9 ¥7.5 ¥9.0 ¥7.6 ¥4.7 2 ¥4.7 .3 ¥2.4 ¥1.2 ¥2.4 ¥1.0 ¥4.9 ¥6.0 ¥5.0 ¥5.9 2.1 ¥.2 2.7 ¥.3 Output refers to real gross domestic product originating in the sector. 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). 5 Current dollar gross domestic output divided by the output index. 2 16 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 July 31, 2009. Data reflect the benchmark revision of the national income and product accounts released on July 31, 2009. Source: Department of Labor, Bureau of Labor Statistics. PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION Industrial production and capacity utilization rose in July. INDEX, 2002 = 100* (RATIO SCALE) 140 180 130 170 INDEX, 2002 = 100* (RATIO SCALE) TOTAL INDUSTRIAL PRODUCTION FINAL PRODUCTS 160 120 110 150 —T . BUSINESS EQUIPMENT 140 </" DEFENSE ^ND 130 • SPACE EQUI ^7 •Mill: 140 ry—* / 120 ^ MANUFACTURING . ^ >•"' \ •v , - •» •», "" . - V \ DURABLE 130 \ 120 110 • CONSUME! GOODS ^_ ^TOTAL1 " ' 1 —•—\y I 3NDURABLE in HI ^ 1 1 1 1 1! i 1 1 i II PERCENT* CAPACITY UTILIZATION RATE (TOTAL INDUSTRY) !30 UTILITIES AND MINING 120 J UTILITIES A 110 100 1 • — - ^hS *^— V / « ~—A'A, K\ V / MINING 90 \ nmlniH 2005 2006 2007 2008 2009 2005 i , M l l l 2006 i 1 2008 2009 l 2007 'SEE F O O T N O T E 1 TABLE BELOW *SEA5ONALLY ADJUSTED COUNCIL OF ECONOMIC ADVISERS SOURCE: BOARD O F GOVERNORS O F THE FEDERAL RESERVE SYSTEM [Monthly data seasonally adjusted] Total industrial production r Percent change Period Index, 2002 = 100 From preceding month 1999 2000 2001 .......................100. 2002 .......................100. 2003 2004 2005 2006 2007 2008 .......................108. 99.5 103.7 100.1 100.0 101.3 103.8 107.2 109.7 111.3 108.8 2008: July Aug Sept Oct. .............106. Nov Dec. ............102.4 110.4 109.2 104.8 106.2 104.8 102.4 ¥0.1 ¥1.1 ¥4.0 1.3 ¥1.3 ¥2.3 2009: J a n Febr Marr Aprr 100.1 99.3 97.7 97.0 95.9 95.5 96.0 ¥2.2 ¥.8 ¥1.6 — .7 ¥1.1 ¥.4 .5 Mayrr June Julyp Capacity utilization rate (output as percent of capacity) 1 Industry production indexes, 2002 = 100 2 From year earlier 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 81.9 104.4 100.1 100.0 101.3 104.3 108.5 111.2 112.7 109.1 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 ¥1.0 — 2.2 96.4 ¥4.7 ¥6.5 ¥8.9 110.8 109.7 105.7 106.0 103.6 100.6 119.0 117.2 113.7 110.8 108.2 105.3 104.5 104.1 99.3 102.7 100.3 97.0 89.3 88.9 88.1 86.9 86.4 84.6 106.9 106.4 96.4 103.5 105.4 103.4 107.9 104.3 105.7 107.1 109.1 111.3 78.6 77.6 74.5 75.4 74.4 72.7 76.1 75.3 72.5 72.7 71.1 69.0 ¥10.9 ¥11.3 ¥12.5 ¥12.6 ¥13.4 ¥13.6 ¥13.1 97.8 97.7 96.0 95.4 94.4 93.9 94.8 99.9 98.7 96.3 95.495 93.5 92.8 94.89 96.7 97.7 96.8 96.5 96.4 96.0 95.9 81.4 80.4 77.1 75.3 74.9 74.7 74.3 102.8 101.3 98.8 96.1 94.9 94.0 94.7 111.5 106.4 106.1 106.4 104.3 105.2 102.6 71.1 70.6 69.5 69.0 68.3 68.1 68.5 67.1 67.1 65.9 65.6 65.0 64.7 65.4 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 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 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: July Aug Sept Oet Nov Dee 110.6 109.0 106.3 107.0 106.7 106.1 104.5 102.7 101.4 103.0 102.810 100.6 103.4 102.7 101.6 100.6 98.6 98.7 98.4 97.9 96.9 96.3 97.0 . . . . 2009: Jan .. Febr . Mar r Apr r . May r June r Julyp 1 99.4 98.8 99.4 96.0 99.0 94.7 Nondurable goods Total 1 Defense and space equipment 102.2 91.3 94.4 97.196 99.2 99.4 100.0 100.6 101.8 105.3 106.2 107.4 106.9 102.710 111.9 107.7 100.0 101.310 105.5 113.5 122.5 125.8 125.4 106.4 114.7 100.110 100.0 101.410 105.3 112.6 123.2 126.4 125.0 100.110 100.0 106.7 104.7 115.8 113.4 117.6 120.6 97.8 92 91.5 89.5 86.4 82.6 106.6 105.9 104.3 107.0 106.7 106.110 127.4 126.6 119.9 117.6 119.5 121.6 127.4 126.612 117.7 114.8 117.6 120.8 120.2 120.8 118.9 120.4 120.0 119.9 74.6 76.1 76.1 76.1 74.1 73.2 78.6 105.9 105.5 105.2 104.5 103.8 103.4 102.5 116.7 113.6 109.8 107.6 105.7 105.2 105.7 115.7 113.6 109.9 120.5 118.4 119.1 119.1 119.8 121.0 121.8 100.0 103.4 104.9 105.4 104.3 104.7 Materials Nonindustrial supplies 190.88 105.6 104.9 105.4 Total 101.2 105.2 100.7 100.0 101.31 103.3 107.61 108.7 Construction supplies Business supplies Total 1 Energy 99.9 104.6 102.7 105.210 1.099.1 100.0 99.7 102.0 106.6 109.0 106.9 100.1 100.6 105.2 101.0 100.0 101.7 103.8 107.3 108.5 109.9 106.7 98.7 104.0 99.1 100.0 101.3 104.5 107.0 109.5 111.7 109.6 105.7 104.9 102.6 102.2 99.8 96.5 102.4 101.2 99.1 97.8 93.6 00.11 107.3 106.6 104.3 104.3 102.8 1101 111.9 110.9 104.3 106.9 104.7 101.0 105.2 104.0 96.2 102.3 104.3 104.2 94.7 93.2 91.4 90.8 90.1 90.0 89.8 85.8 84.6 82.5 81.4 81.4 81.1 81.0 98.9 97.3 95.6 95.3 94.2 94.2 94.0 99.0 98.5 96.4 95.8 94.7 94.3 95.0 103.6 102.2 101.3 100.1 109 101.5 100.3 100.0 100.0 99.6 98.4 100.0 101.8 103.6 99.2 98.5 98.2 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 155.61 111.4 99.5 100.0 99.1 110.0 108.0 112.6 110.0 102.4 111.9 110.8 96.8 100.0 101.2 118.2 110.1 119.3 115.8 105.2 106.4 110.7 102.6 100.0 98.7 98.9 103.4 109.0 112.1 4105.21 112.0 117.7 104.2 100.0 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 70.0 98.3 103 100.0 120.5 129.9 158.8 189.1 213.7 238.0 104.6 . .. . .. .. .. 110.1 108.6 102.0 81.4 71.9 118.9 116.9 104.9 88.5 68.3 53.3 109.8 110.2 109.2 107.3 106.0 102.4 109.2 110.2 107.3 106.711 104.0 67.7 1.9110 196.6 194.2 188.4 180.7 176.2 246.6 243.6 240.0 228.4 214.3 204.9 2009: Jan .. Febr . Mar r Apr r . May r June r Julyp 67.3 64.5 61.3 61.2 60.2 61.3 63.2 48.4 49.0 46.0 45.5 47.5 53.8 56.2 92 92 94.0 174.9 171.6 170.7 171.4 169.0 168.1 169.0 204.2 199.5 109.0 201.1 196.0 196.0 196.7 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2008: July Aug Sept Oet Nov Dee 93.2 95.6 91.0 89.3 87.7 87.0 86.7 88.3 86.3 84.0 82.7 82.3 1 Computers and peripheral equipment, communications equipment, and semiconductors and related electronic components. 18 99.7 96.2 100.0 101.310 103.7 104.5 104.2 114.1 96.1 Motor vehicles and parts 100.5 99.9 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 96.2 96.9 99.2 99.8 100.6 Chemical Food 93.4 96.0 97.7 97.7 100.0 101.0 101.1 104.2 105.4 109.5 111.1 93.6 95.0 83.3 75.3 76.5 72.6 93.9 100.0 101.3 105.6 109.3 112.7 114.1 108.8 100.9 94.6 88.2 07.31 86.5 88.3 88.7 79.2 79.9 76.9 74.2 69.2 73.7 74.2 72.8 71.4 69.6 67.7 91.9 93.0 92.3 91.9 90.6 87.4 110.6 109.7 101.0 106.7 103.2 98.7 110.5 110.7 110.4 111.8 111.7 108.6 75.3 77.7 78.0 77.0 73.7 72.9 79.8 51.2 55.8 56.7 86.31 51.7 50.5 60.6 65.5 64.5 64.7 63.2 63.6 59.5 59.7 85.3 82.7 81.6 80.1 79.7 80.3 79.3 99.8 101.6 100.9 101.2 100.0 99.4 99.8 108.3 109.5 109.0 109.8 110.9 110.2 109.3 97.4 76.9 Source: Board of Governors of the Federal Reserve System. NEW CONSTRUCTION Billions of dollars; monthly data at seasonally adjusted annual rates] Total new construction expenditures 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2008: July Aug . Sept Oet .. Nov . Dee . 2009: Jan ..........................974. Feb ..........................970. Mar ..........................966. Apr ..........................971. May r June r JULYP 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 ,167.6 150.7 ,072.1 575.5 621.4 638.3 634.4 675.4 771.4 868.5 912.2 861.6 766.2 326.3 346.1 364.4 396.7 446.0 532.9 611.9 613.7 493.2 350.1 251.3 265.0 279.4 298.8 345.7 417.5 480.8 468.8 354.1 229.9 249.2 275.3 273.9 237.7 229.3 238.5 256.6 298.4 368.4 416.1 16.0 16.3 14.5 10.5 9.9 12.0 12.7 17.6 27.5 35.4 435.1 52.4 49.7 35.3 30.6 32.9 37.3 45.7 53.8 57.1 59.4 04.91 63.6 59.0 57.5 6.82 66.6 73.4 85.9 81.5 35.1 37.6 37.8 22.7 21.4 23.7 29.9 35.1 45.3 60.8 93.7 104.9 108.2 110.2 109.9 106.8 110.2 126.7 155.9 181.4 169.1 181.3 201.9 213.4 216.1 220.2 234.2 255.4 289.1 306.0 1,070.2 1,066.1 1,081.2 1,064.1 1,037.3 1,002.1 759.8 756.4 773.6 754.1 726.8 696.6 339.9 340.2 350.4 327.7 310.5 292.3 231.1 220.7 212.9 204.7 192.1 176.2 419.9 416.2 423.2 426.3 416.4 404.3 37.0 37.4 36.8 36.6 35.7 31.8 57.9 58.0 58.4 56.5 55.8 51.6 82.8 79.9 77.9 76.5 73.5 71.0 57.3 61.1 65.8 71.0 70.6 70.2 185.0 179.8 184.3 185.8 180.7 179.7 310.4 309.7 307.6 310.0 310.5 305.6 974.3 970.4 966.7 971.4 958.3 959.5 958.0 673.8 660.9 650.4 654.1 639.8 629.6 630.4 278.8 260.8 248.9 252.7 241.4 240.1 245.6 162.6 147.9 139.2 130.7 123.4 124.5 130.1 395.1 260.81 401.5 401.5 398.4 389.5 384.9 29.2 29.1 31.2 30.2 28.4 26.2 24.0 49.0 48.4 48.1 43.7 44.1 43.6 42.8 66.7 66.5 65.0 84.11 181.8 55.0 54.1 77.3 81.3 82.0 84.1 85.4 83.2 84.0 172.9 174.7 175.3 181.3 181.8 181.5 180.0 300.4 309.5 316.3 317.2 318.5 329.9 327.6 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 u n i t s 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 02.87 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 1,398.4 905.4 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 1,051 776 485 308 298 308 339 370 422 511 536 497 350 8.1 8.0 8.4 8.9 9.8 10.2 9.8 9.7 9.8 10.0 9.9 1,302.431.9 1,230.938.7 Seasonally adjusted annual rates 2008: J u l y ...........................933632142879241, Sept ...........................822549192548061, Oct. ............................763534102197291, Nov Dec. ...........................55639391545641, 2009: J a n ..............48835713118531778329340. Feb Mar Mayr Juner Julyp 1 933 849 822 763 655 556 632 612 549 534 457 393 14 15 19 10 18 9 287 222 254 219 180 154 924 857 806 729 630 564 1,089 1,018 1,148 1,055 1,084 1,028 500 444 436 409 390 374 419 412 395 380 370 350 488 574 521 479 551 587 581 357 357 361 388 409 482 490 13 13 31 11 9 9 11 118 204 129 80 133 96 80 531 550 511 498 518 570 564 778 828 833 846 812 809 802 329 354 332 r 345 362 395 433 340 328 313 r 300 293 280 271 Derived; seasonally adjusted monthly data for 2-4 units are no longer published. Seasonally adjusted. 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. 2 s 10.1 10.1 10^6 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 June, according to current estimates, manufacturing and trade sales rose 1.1 percent and inventories fell $16.9 billion. According to advance estimates, retail sales fell 0.1 percent in July. Retail and food services sales also fell 0.1 percent. BILLIONS OF DOLLARS* (RATIO SCALE) BILLIONS OF DOLLARS* (RATIO SCALE) 1,700 550 1,600 500 RETAIL INVENTORIES \ N 1,500 450 r— 1,400 \ 1 \ RETAIL AND FOOD 400 V\ANUFACTURING AND 1,300 1,200 350 N 1,100 • v_/ 1,000 ' \ < \ RETAIL S/UES MANUFACTURING AND TRADE SALES \ 300 • > \ Mill III! 250 him 900 RATIO* 1.80 INVENTORY-SALES RATIO 1.70 800 PFTill 1.60 1.50 V y 700 MAS i IFAI-TI \s\^r, AND TRADE 1.40 1.30 1.20 600 2005 2006 2007 2008 2009 A I / rJ Illllllllll i i i n h m i 2006 2005 ^—v|^—~y iiniliiiii iniiiiiiM 2007 1 2008 *SEASONALLY ADJUSTED SOURCE: DEPARTMENT OF COMMERCE Illllllllll 2009 COUNCIL OF ECONOMIC ADVISERS [Millions of dollars, except ratios; seasonally adjusted, except as noted] Manufacturing and sale R Period Sales 2 Inventories 3 Wholesale Inventorysales ratio 4 Sales 2 Inventories 3 Retail Inventory sales ratio 4 Sales 2 Inventories 3 Inventory sales ratio 4 Retail and food services sales 2 786,634 834,325 818,615 823,714 853,596 923,319 1,000,368 1,064,187 1,102,196 1,136,984 1,138,982 1,198,022 1,120,815 1,141,313 1,148,318 1,240,052 1,307,060 1,391,292 1,447,020 1,455,972 234,0 1.41 1.43 1.36 1.34 1.30 1.27 1.28 1.28 1.31 216,597 234,546 232,096 236,294 246,857 274,710 297,915 323,396 345,871 375,059 290,318 309,462 297,927 301,891 307,642 337,983 362,451 392,291 416,632 429,572 1.30 1.29 1.32 1.26 123 1.18 1.18 1.17 1.16 1.17 234,046 234,5463 255,644 261,194 272,123 289,528 307^280 322,461 332,902 329,996 385,039 406,887 394,775 01,89 432,372 461,372 471,749 487,514 499 724 484,414 16,59 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 2008: June r July r Aug ....................................................1, Sept Oct. ....................................................1, Nov ....................................................1, Dec 1,190,257 1,190,617 1,166,129 1,138,586 1,095,637 1,036,285 1,000,601 1,496,702 1,505,418 1,507,136 1,500,862 1,492,123 1,477,561 1,455,972 1.26 1.26 1.29 1732 1.36 1.43 1.46 396,296 392,898 386,401 378,625 362,539 337,615 325,672 439,195 441,145 443,937 442,528 438,249 434,986 429,572 1.11 1.12 1.15 1.17 1.21 1.29 1.32 338,088 335,340 334,273 328,469 317,198 309,742 298,949 ,08850 505,203 500,418 500,038 498,884 490,322 484,414 1.48 1.51 1,50 1.52 1.57 1.58 1.62 376,055 373,327 372,192 366,555 355,037 347,707 336,438 2009: Jan Feb ....................................................987, Mar ....................................................969, Apr Mayr Junep Julyp 998,018 987,859 969,853 967,289 967,070 977,381 1,438,263 1,418,398 1,400,255 1,382,179 1,365,341 1,348,415 1.46 1.5434 317,731 318,491 310,723 310,742 312,050 393,9 425,915 418,539 411,092 405,599 400,795 393,934 1.5734 1.31 1.32 1.31 1.28 1.26 303,921 304,889 301,057 300,117 301,595 r 304,304 303,950 476,498 470,939 466,501 460,035 452,031 447,711 1.57 1.54 1.55 1.53 1.50 1.47 303,92147 31304,8 339,228 338,344 339,873 r 342,497 342,309 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 1 ..............................................................834, ..............................................................818, ..............................................................853, ..............................................................923, ..............................................................1, ..............................................................1, 1.44 1.43 341 1.38 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 20 4 Annual data are averages of seasonally adjusted monthly ratios. Source: Department of Commerce, Bureau of the Census. MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS In July, manufacturers' new and unfilled orders rose, inventories fell, while shipments were vitually unchanged. BILLIONS OF DOLLARS* (RATIO SCALE) 500 460 - SHIPMEN1 420 380 TOTAL 340 BILLIONS OF DOLLARS* (RATIO SCALE) 580 540 - INVENTO 500 / 460 TOTAL *^ \ -*—<- 420 380 300 DURABLE GOODS 340 260 DURABLE GOODS , „ i~ —•-" 300 220 260 -;?•—• NONDURABLE GOODS Nnh 180 220 m | m 1II1 ill 1II1 140 180 BILLIONS OF DOLLARS* (RATIO SCALE) 500 460 420 380 340 NEW ORDtKb m |M 140 . "" \... m | MllllMMI f ||N M||| ||M|| >> t~*—"^V \ / TOTAL RATIO* 1.60 INVENTORY-SHIPMENTS RATIO 1.50 300 260 ABLE GOODS X • \ 220 / — . / • 1.20 \ I l l l l l l l IN 2006 r\ 1 1.30 - 180 2005 ( 1.40 hmi 1.10 2007 2008 2005 2009 2006 2007 2008 *SEASONALLY ADJUSTED SOURCE: DEPARTMENT OF COMMERCE 2009 COUNCIL OF ECONOMIC ADVISERS Manufacturers' shipments 1 Manufacturers' inventories 2 Manufacturers' new orders 1 Durable goods Period Total Durable goods Nondurable goods Durable goods Total Nondurable goods Total Total Capital goods industries, nondefense Manufacturers' unfilled orders 2 Manufacturers' inventory— shipments ratio 3 Millions of dollars, seasonally adjusted, except as noted 1999. 2000 2001 ....................................................330, 2002 2003 ....................................................334, 2004 ....................................................359, 2005 2006 ....................................................418, 2007 2008 .....................................................431, 2008: July ..........................................462, Aug ..........................................445, Sept ..........................................431, Oct. ..........................................415, Nov ..........................................388, Dec. ..........................................375, 2009: Jan ...........................................366, Feb ...........................................364, Mar ..........................................358, Apr ...........................................356, May ..........................................353, June r Julyp 335,991 350,715 330,875 326,227 334,616 359,081 395,173 418,330 423,423 431,929 462,379 445,455 431,492 415,900 388,928 375,980 366,366 364,479 358,073 356,430 353,425 359,928 359,749 193,895 197,807 181,201 176,968 178,549 188,722 202,070 213,408 213,572 207,801 217,549 208,339 208,240 201,119 192,772 189,910 179,433 177,831 174,417 173,180 168,483 169,836 173,256 142,096 152,908 149,674 149,259 156,067 170,359 193,103 204,923 209,851 224,128 244,830 237,116 223,252 214,781 196,156 186,070 186,933 186,648 183,656 183,250 184,942 190,092 186,493 463,625 481,673 428,113 423,133 408,304 440,697 472,860 511,487 530,664 541,986 559,070 562,781 558,296 554,990 552,253 541,986 535,850 528,920 522,662 516,545 512,515 506,770 503,123 1 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. s 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 343,468 336,185 339,033 339,728 341,168 342,259 343,468 339,735 335,164 329,460 325,404 321,576 316,667 313,748 167,072 174,946 160,284 162,551 161,341 175,627 189,262 511,4873 209,907 198,518 222,885 223,748 218,568 213,82 209,994 198,518 196,115 193,756 193,202 191,141 190,939 190,103 189,375 329,770 346,789 322,746 316,809 ,304246,9 354,619 395,401 01,573 7209,907 41,986343 462,993 443,20 429,286 403,315 377,203 358,811 346,120 348,460 341,935 343,760 347,616 190,103 355,466 187,674 193,881 173,072 167,550 67408,3042 184,261 283,598 214,871 217,746 205,216 218,163 223,7484 206,034 188,534 181,047 172,741 159,187 161,812 158,279 160,510 162,674 740,6851 189,3 64,392 69,278 58,246 51,817 52,894 56,094 65,770 71,725 74,288 601.28 74,498 68,694 67,923 63,487 60,140 53,964 48,637 70,9391. 57,6921.4 49,08 53,099 53,014 57,587 505,498 549,445 514,349 462,122 477,608 496,343 572,835 660,406 773,297 800,360 62,9932 826,529 8218,5 820^672 812,879 800,360 783,955 770,939 757,692 749,081 746,744 740,685 740,628 1.35 1.35 1.38 1.28 1.24 1.19 1.17 1.19 1.23 1.28 1.21 1.26 1.29 1.33 1.42 1.44 1.46 1.45 1.46 1.45 1.45 1.41 1.40 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 0.9 percent in July. Prices of finished consumer foods fell 1.5 percent, while prices of other finished consumer goods fell 0.9 percent. Capital equipment prices fell 0.2 percent. INDEX, 1982 = 100 (RATIO SCALE) 210 INDEX, 1982 = 100 (RATIO SCALE) 210 200 200 190 190 180 180 170 170 160 150 140 130 SOURCE: DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS [1982 = 100; monthly data seasonally adjusted] Finished goods Finished goods excluding consumer foods Total finished consumer goods Interm ediate materials Crude materials Total Foods and feeds 1 Other Total Foodstuffs and feedstuffs Other Total fin finished goods Consumer foods 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 133.0 138.0 140.7 138.9 143.3 148.5 155.7 160.4 166.6 177.1 135.1 137.2 141.3 140.1 145.9 152.7 155.7 156.7 167.0 178.3 1123 138.01 134.014 138.3 142.4 147.2 155.715 164.0 166.2 176.6 130.5 138.4 141.4 138 144.7 150.9 161.9 169.2 175.6 189.1 133.0 133.9 134.0 133.0 145.91 135.0 136.6 136.9 138.3 141.2 127.9 138.7 142.8 138 148.4 156.6 172.0 182.6 171.5207 210.5 137.6 138.8 139.7 140.1 135 151.714 144.6 146.9 149.5 153.8 132.0 137.2 141.5 139.4 135.3 152.7 160.4 164.0 170.715 163.43 123.2 129.2 129.7 127.8 133.7 142.6 154.0 164.0 146.7 163.43 111.1 111.7 115.9 115.5 125.9 159.01 133.8 135.2 1146.724 181.6 123.9 137.21 130.5 128.5 134.2 159.0 155.71 165.4 171.5 188.7 98.2 120.6 121.0 108.1 135.3 159.0 182.2 184.8 207.1 251.8 98.7 100.2 106.1 99.5 113.5 127.0 122.7 119.3 146.7 163.4 94.3 130.4 126.8 111.4 148.2 179.2 223.4 230.6 246.3 313.9 2008: July Aug . Sept Oet .. Nov . Dee . 183.4 182.5 182.3 177.6 172.8 169.7 180.8 181.2 181.2 181.3 180.2184 178.2 183.8 182.5 182.3 176.2 180.4 178.21 199.7 197.3 196.8 176.2 180.4 173.0 180.81 141.8 142.3 143.3 143.0 143.6 226.0 2182.51 82.31 205.9 192.8 184.3 154.2 141.8 155.4 156.3 156.3 156.9 194.6 193.61 192.7 188.9 179.4 174.9 200.9 198.6273 197.1 188.9 179.9 172.6 194.8 193.6 189.6 180.0 175.3 168.7 201.4 198.6 197.6 189.4 146.2 172.9 310.3 273.0 253.1 212.3 184.5 174.2 174.1 167.8 165.6 148.2 146.2 138.0 415.0 350.4 314.8 254.7 203.9 192.5 2009: Jan . Peb .. Mar r Apr .. May June July 171.2 171.1 169.5 169.8 170.2 173.2 171.7 178.4 175.6 174.2 176.9 174.1 176.1 173.4 168.9 169.4 167 164.5 168.5 137.7 170.5 175.7 164 174.0 173.8 175.4 179.8 178.2 143.5 143.9 143.9 144.4 144.4 145.7 144.9 188.4 189.3 185.6 185.0 175 193.4 191.4 143.51 176.41 174.0 156.9 156.7 157.5 178.2 177.0 176.9 174.7 173.81 166.7 179.5 177.6 172 170.9 168.4 164.5 168.0 171.2 170.8 166.2 164.8 163.5 164.5 166.7 168.9 165.5 172.7 171.3 168.8 137.817 170.81 171.4 171.2 171.5 161.0 160.3 164.9 170.8 178.7 170.7 139.2 134.6 132.3 137.8 138.3 137.7 129.3 186.3 171.2 172.0 175.2 185.9 201.3 194.4 Period 1 Intermediate materials for food manufacturing and feeds. 22 Capital Consumer goods Total Total Durable Nondurable equip ment Source: Department of Labor, Bureau of Labor Statistics. CONSUMER PRICES—ALL URBAN CONSUMERS In July, the consumer price index for all urban consumers was virtually unchanged; it fell 0.2 percent not seasonally adjusted. The index was 2.1 percent below its year-earlier level. INDEX, 1982-84 = 100 (RATIO SCALE) INDEX, 1982-84 = 1 0 0 (RATIO SCALE) 230 230 SEASONALLY ADJUSTED 220 r\ 210 CONSUMER PRICES-^\LL ITEMS 200 jS „ \ S~ i /I 190 180 170 160 I 1, ,, , , , , , , , 1 2002 2001 2003 1 2004 ,,, , , 1 , , , , , 2005 2006 2007 i,,,,, 2008 1 2009 COUNCIL OF ECONOMIC ADVISE [1982-84 = 100, except as noted; monthly data seasonally adjusted, except as noted] All items 1 Transportation Housing Shelter Period Not seasonally adjusted (NSA) 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 100 0 166.6 172.2 129.31 179.9 184.0 188.9 195.3 201.6 207 342 215 303 2008: July Aug Sept Oet Nov Dee 219.964 219.086 218.783 216.573 212.425 210.228 2009: Jan .............211. Feb Mar Apr May June July 211.143 212.193 212.709 213.240 213.856 215.693 215.351 1 Seasonally adjusted Food Total1 Total 1 Rent of primary residence Owners' equivalent rent (12/82 = 100) Fuels and utilities Apparel Total1 Motor fuel Medical care Energy 2 All items less food and energy 14.6 164.1 167.8 186.1 176.2 180.0 186.2 190.7 195.2 202.916 214.106 43.4 163.9 169.6 176.4 180.3 184.8 189.5 195.7 .0336.2 209.586 216.264 6.0 33.2 177.5 187.3 183.9 193.4 272.81 206 14.7 208.1 205.5 1136.51 211.0 218.8 217.3 224.4 221 221 240.611 234.679 243.271 246.6 24.4 192.9 198.7 206.3 214.7 219.9 224.9 23.2 238.2 246.235 6.264246 5.4 128.8 137.9 150.2 143.6 154.5 161.9 177.120 194.7 234.6792 220.018 15.3 7.67 144.4 131.3 153.3 129.326 127.3 154.3 152.9 124.0 157.6 120.9 120.4 163.1 173.9 119.5 180.9 119.5 118.998 184.682 118.907 195.549 3.2 100.7 129.3 124.7 116.6 135.8 160.4 195.7 221.0 239.070 279.652 6.4 250.6 260.8 272.8 285.6 297.1 310.1 323.2 336.2 351.054 364.065 47.67 7.6 177.0 106.6 181.3 124.6 186.1 129.3 190.5 121.7 193.2 136.5 196.6 151.4 200.9 177.1 205.9 196.9 207.723 210.729 236.666 215.572 218.610 218.576 218.675 216.889 213.263 211.577 215.376 216.599 217.748 218.586 218.988 219.082 218.610215 218.004 217.8 217.788 217.622 217.592 218.0152 247.327 247.899 248.063 248.455 248.519 243.659 244.414 245.089 245.836 246.480 246.928 252.701 253.079 253.538 253.911 246.4802 254.683 231.806 229.802 224.296 223.185 219.934 217.592 119.531 119.984 119.631 248.0632 118.905 118.221 218.015247 205.196 204.916 195.027 19.93411 167.353 31207.05 317.702 318.765 248.063245 197.861 167.35 364.072 364.847 365.835 366.402 367.299 368.302 218.01524 260.104 224.296 237.300 197.086 167.35 215.3762 216.534 217.81824 218.58 216.868 254.6832 212.174 213.007 212.714 212.671 212.876 214.459 214.469 219.193 218.970 218.651 218.254 217.738 217.838 217.291 217.646 217.621 217.335 217.180 217.056 216.984 216.612 248.938 248.881 248.899 249.334 249.680 249.861 249.410 217.64624 248.087 248.490 248.916 249.233 249.374 249.293 255.349 255.687 256.257 256.627 257.003 257.138 257.073 217.5 217.260 217.33524 217.1802 207.903 206.342 206.046 118.523 120.039 119.744 119.537 119.345 120.183 190.905 169.489 120.039 170.903 .702119 171.635 178.843 179.180 169.176 182.0 173.947 119.53 173.872 203.703 206.04 3169.4 371.175 371.902 373.257 57.0032 38206.3 120.8651 181.938 182.030371 182.254 177.924 374.40 16.984 120.865 217.515 217.260 214.2 218.594 218.910 216.98424 Includes items not shown separately. 2 Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc. excluded beginning 1983. 2.9 2 43 s Relative importance, December 2008. 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 Excluding foods Capital equipment 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. 2008. 2.9 3.6 1.6 1.2 4.0 4.2 5.4 1.1 6.2 ¥.9 0.8 1.7 1.8 ¥.6 7.7 3.1 1.7 1.7 7.6 3.2 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 4.3 Change, month to month 2008: July Aug. . Sept Oct. .. Nov. . Dec. . 1.3 ¥.5 ¥.1 ¥2.6 ¥2.7 ¥1.8 2009: Jan . .9 Feb. .. Mar r Apr. . May. . June July. . ¥.1 ¥.9 r .2 1.8 ¥.9 0.6 .2 .0 .1 — .5 ¥1.2 1.9 ¥1.2 ¥.3 ¥4.9 ¥4.7 ¥3.0 0.5 .4 .4 .6 .0 .4 17.9 9.0 2.9 ¥12.1 ¥19.6 ¥24.9 10.6 8.4 3.2 1.1 ¥1.8 ¥6.5 27.0 10.6 1.9 ¥22.8 ¥33.2 ¥40.3 4.3 4.8 5.3 5.6 3.9 3.9 11.9 9.9 7.8 1.8 ¥6.4 ¥12.1 7.0 8.6 6.0 5.8 3.2 ¥1.8 .1 ¥1.6 ¥.8 1.5 ¥1.6 1.1 ¥1.5 1.6 .4 ¥1.4 r ¥.1 .1 .0 ¥.1 ¥.1 ¥.1 .5 ¥13.7 ¥6.2 ¥10.2 ¥8.7 ¥3.3 ¥3.4 r 4.4 ¥22.4 ¥4.4 2.3 ¥4.3 ¥2.2 r 14.0 10.5 2.1 2.1 .3 ¥.5 ¥1.0 1.3 ¥12.9 ¥12.1 ¥13.5 ¥8.6 ¥3.0 4.2 .6 ¥2.6 ¥6.1 ¥7.6 ¥4.8 ¥6.9 ¥2.3 ¥5.5 .9 2.5 ¥3.9 ¥.5 ¥3.2 ¥2.1 r ¥.9 9.0 4.6 4.1 4.1 4.8 4.9 4.4 4.6 17.3 12.5 9.7 ¥1.0 ¥14.0 ¥22.0 3.8 3.0 2.1 .8 .5 .8 .1 ¥22.6 ¥20.1 ¥21.8 ¥13.8 ¥3.3 8.0 2.9 9.9 9.7 8.8 5.2 .4 ¥1.4 ¥3.4 ¥3.7 ¥5.0 ¥4.6 ¥6.8 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 3.6 ¥2.5 .3 ¥12.7 ¥28.9 ¥18.8 0.1 2 .3 2 .2 .3 3.5 ¥2.0 ¥1.0 ¥7.8 ¥16.9 ¥9.3 0.3 2 .1 .0 .1 .0 5.3 7.6 ¥4.4 ¥2.6 2.7 17.2 ¥.4 .4 .3 2 .4 .3 2 .2 1.7 3.3 ¥3.0 ¥2.4 .2 7.4 ¥.4 2.2 3.4 2.8 1.6 2.3 2.7 3.4 3.2 2.8 3.8 Change, month to month !o 0.3 .3 .3 .3 .3 .2 0.1 .1 .2 .1 .2 .1 3.0 ¥.9 ¥2.4 ¥.5 ¥1.5 ¥.4 1.0 .4 ¥.3 ¥.7 .1 ¥.6 1.4 ¥.9 ¥.1 ¥4.8 ¥9.7 ¥5.0 .2 .0 .0 .2 .1 .1 _ .2 .3 .1 .2 .2 .1 .1 .0 .3 .1 2 .1 .1 .1 .0 — .7 ¥.1 ¥1.4 ¥1.7 ¥1.3 ¥.8 ¥.1 .3 1.3 ¥.2 ¥.2 _ .2 .7 .6 1.3 1.9 ¥1.1 ¥.4 .8 4.2 .2 2008: July Aug Sept Oct. . Nov Dec 0.7 .0 .0 ¥.8 1.7 ¥.8 0.9 .6 .5 .4 .2 .0 0.6 .0 ¥.1 .0 ¥.1 .0 0.2 .1 .2 .1 2 2009: Jan Feb Mar Apr May June July .3 .4 ¥.1 .0 .1 .7 .0 .1 0.1 ¥.1 _ 2 ¥.2 .0 ¥.3 .0 .0 ¥.1 2.1 1.1 .0 ¥.2 1 Includes items not shown separately. Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc., excluded beginning 1983. 2 24 s 0.8 .1 ¥.5 ¥.6 ¥.4 ¥.4 2 .5 .3 .3 .3 .5 .6 8.9 6.7 3.1 ¥3.1 5.6 5.4 3.7 3.7 1.1 .1 ¥8.3 ¥12.4 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 .9 ¥.2 3.3 3.4 ¥3.9 ¥.4 2.7 2.2 ¥1.3 ¥1.4 ¥2.1 6.2 ¥9.4 1.3 Quarterly changes are shown in the last month of the quarter. Source: Department of Labor, Bureau of Labor Statistics. PRICES RECEIVED AND PAID BY FARMERS In August, prices received by farmers fell 3.8 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) 200 200 190 190 180 PRICES PAID 150 ^ , 130 ^ ~ •I „ •—> 160 150 130 r\ r^ 120 110 / 170 r\ ^ \\ 160 100 180 * 170 A 120 110 100 1/ 90 90 I f 1 1 1 t | j | ( i) i i n i i i i i i I I I I I 1 I 1 1 1 11 I ! 1 1 E ! i 1 11 1! 1 1 1 1 1 11 I I11 ! 1 1 1 1 M 11 11 1 1 11 1 1 ji i1i 1111111 [ i I 1 1 1 1 1 1 1 1 1 1 RATIO1 1140 RATIO1 140 120 120 RATIO 100 100 80 60 I I I I I I I I I I I 2001 I I I ' I I I I I I I I I I I 2003 2002 I I I I 1 2004 I I I I I I I I I I II I I I I I I I I I I I I I I I I l i i l 2007 2005 2006 I 2008 'RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID. SOURCE: DEPARTMENT OF AGRICULTURE I I I I I I 60 2009 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 rates1 Production items, interest, taxes, and wage rates Production items Ratio 2 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 96 96 102 98 106 118 114 115 136 149 97 96 99 105 110 115 110 120 142 168 95 97 106 90 103 122 119 111 130 130 115 119 123 124 128 134 142 150 160 182 113 117 121 121 125 133 142 150 161 187 111 115 120 119 124 132 140 148 160 188 83 81 83 79 84 88 81 77 85 82 2008: Aug Sept Oct Nov Dec 156 154 150 141 135 177 173 167 157 149 137 133 127 123 119 191 190 187 182 177 197 196 192 187 181 202 200 195 189 182 82 81 80 77 76 2009: J a n Feb Mar Aprr Mayr Juner Julyr Augp 139 126 126 129 130 135 132 127 160 145 146 151 150 111 153 147 114 109 109 112 113 112 112 109 178 177 178 178 179 178 177 177 182 181 182 181 181 181 180 180 181 179 180 181 182 180 179 179 78 71 71 73 73 76 75 72 1 Includes items not shown separately. Percentage ratio of index of prices received by farmers to index of prices paid, interest, taxes, and wage rates. 2 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 July, M2 fell. BILLIONS OF DOLLARS* (RATIO SCALE) BILLIONS OF DOLLARS* (RATIO SCALE) 9,200 9,200 8,400 7,600 7,600 _ 6,800 —x— 6,800 6,000 6,000 M2 — " " 5,200 8,400 ,-.'* 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 1,600 Ml \ _ - 1,200 1,200 | | 1 1 M 1 1 II 1 It 2002 2001 2003 1 II 1 1 1 1 1I 1 1 11 1 1 1 1 1 1 1 1 1 2004 2005 2006 1 1 1 1 ll 1 1 1 ll 20O7 | | m 1 1 1 1 1 1 1 1 1 1 1 2008 2009 COUNCIL OF ECONOMIC ADVISERS [Averages of daily figures, except debt end-of-period basis; billions of dollars, seasonally adjusted] M2 M1 plus retail MMMF balances, savings deposits (including MMDAs), and small time deposits Dec 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 1,373.0 1,595.3 4,635.0 4,917.2 5,431.2 5,784.7 6,071.7 6,412.2 6,674.1 7,033.6 7,438.4 8,153.7 2008: July Aug Sept Oet . Nov Dec 1,409.3 1,391.6 1,451.5 1,474.7 1,523.2 1,595.3 7,725.7 7,698.2 7,808.3 7,927.3 7,980.0 8,153.7 2009: Jan Feb r Mar r Apr r May r June July 1,576.3 1,559.6 1,563.3 1,593.3 1,597.0 1,650.0 1,654.7 8,235.9 8,263.6 8,334.9 8,281.8 8,344.9 8,370.0 8,349.2 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 Percent change Debt M1 Sum of currency, demand deposits, travelers checks, and other checkable deposits (OCDs) Debt of domestic nonfinancial sectors 1 17,305.0 18,180.8 19,317.3 20,727.8 22,438.3 .46,412.2 26,760.4 29,162.1 31,707.1 33,580.3 From year or 6 months earlier 2 M1 Debt 2.4 ¥3.1 8.7 3.2 7.1 5.3 ¥.2 ¥.6 .5 16.2 5.9 6.1 10.5 6.5 5.0 5.6 4.1 5.4 5.8 9.6 6.4 5.0 6.3 7.3 8.1 8.9 9.5 9.0 8.7 5.9 4.6 1.6 6.4 3.5 4.7 7.3 8.1 12.3 8.3 33,069.1 9.9 33,580.3 13.1 20.2 28.9 33,931.9 M2 From previous period 3 23.7 24.1 15.4 16.1 9.7 6.9 9.9 13.2 14.7 13.5 8.9 9.1 5.3 2.8 6.2 4.1 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: Dee Dee Dee Dee Dee Dee Dee Dee Dee Dec r .... 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 2008: July Aug Sept Oet Nov Dec r .... 2009: Jan Feb r Mar r Apr r May r June r July 1 2 s .... .... .... ... De mand deposits Other checkable deposits (OCDs) Savings deposits 1 At commercial banks 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 4,102.1 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 3,330.4 Total At thrift institutions Small-denomination time deposits 2 At thrift institutions 451.0 454.0 570.7 713.7 824.7 875.3 828.4 730 827.3 .71,37 955.2 1,046.0 974.5 894.7 817.8 827.8 992.5 1,167.3 1,214.6 1,378.0 636.9 700.8 636.1 591.2 541.7 551.4 645.3 759.3 823.1 1,026.9 318.3 345.2 338.5 303.4 1784.41 276.4 347.2 808.0 391.5 351.1 817.7 905.2 965.4 895.6 784.4 701.5 705.1 808.0 982.1 1,078.4 9.3408.08 1,899.8 2,385 840.7 863.9 892.1 982.1 1,026.9 379.2 380.7 377.0 345.3 350.8 351.1 1,063.5 1,056.2 1,055.2 1,090.5 1,080.2 1,078.4 2,259.3 2,280.9 2,245.5 2,227.6 2,322.5 2,385 1,017.9 1,003.9 991.5 975.9 968.4 952.1 929.4 351.7 .51,05 054.22 344.9 331.6 328.7 324.4 1,075.2 1,057.5 1,342 1,025.8 1,003 967.5 938.5 2,471.8 4,291.13 2,492.4 1,320.8 2,538.4 2,522.1 2,507.3 139.7 6.3 5.5 243.3 238.4 257.5 279.6 310.3 328.2 318.9 305.8 307.8 313.0 142.0 154.3 175.3 187.0 180.7 177.2 174.3 179.0 103.7 105.2 115.4 125.3 135.0 141.1 138.1 128.6 133.5 134.0 774.4 777.0 781.6 796.5 804.3 812.1 5.9 5.8 5.8 5.7 5.6 5.5 312.9 300.4 350.0 360.5 406.5 464.7 316.1 308.3 314.2 312.0 306.8 313.0 176.8 172.4 176.9 176.3 173.5 179.0 259.3 136.0 032.53 135.7 133.2 134.0 4,033.0 4,005.7 4,032.5 4,034.7 4,016.6 4,102.1 3,130.9 3,116.5 3,170.8 3,250.3 3,247.5 3,330.4 902.2 889.2 861.7 784.4 769.1 .71,37 1,219.9 1,244.6 1,269.1 0.3784.4 1,360.0 1,378.0 826.3 837.7 845.1 849.8 849.9 853.1 853.5 5.5 5.5 5.4 5.3 5.2 52 5.1 434.3 395.9 390.1 406.0 407.4 439.5 438.2 310.2 320.4 322.7 332.2 334.5 39.53 357.9 175.3 181.0 182.1 191.0 194.6 210.2 215.9 134.9 139.4 140.6 141.2 139.8 142.1 142.0 5.3134.9 4,291.1 4,37 4,341.8 4,444.7 4,471.7 4,502.2 5434.331 3,500.2 3,567.2 3,533.1 3,625.4 3,643.5 3,666.3 780.7 ,003.9 82.114 808.7 819.2 828.2 835.9 1,369.6 1,355.4 1,342.7 1,320.8 1,300.0 1,280.8 1,253.8 67.37 Savings deposits including money market deposit accounts (MMDAs). Small-denomination deposits are those issued in amounts of less than $100,000. Institutional money funds are not part of non-M1 M2. Institutional money funds 3 Total 353.0 309.9 335.7 306.8 326.4 343.2 324.6 304.8 301.3 464.7 .3309.92 Retail money funds At commercial banks At thrift institutions 1,080.22,322 660.5 815.6 1,219.2 1.2303.4 1,129.2 1,080.0 1,149.3 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 Total 2 1999: 2000: 2001: 2002: 2003: 2004: 2005: 2006: 2007: 2008: Dee Dee Dee Dee Dee Dee Dee Dee Dee Dee Nonborrowed 3 Required Excess (NSA) Other borrowings from the Federal Reserve Monetary base Total 4 42,183 38,717 41,442 40,400 42,757 46,552 45,139 43,338 43,519 821,034 41,862 38,507 41,376 40,320 42,711 46,489 44,970 43,147 28,088 167,468 40,889 37,391 39,799 38,392 41,710 44,643 43,238 41,475 41,749 53,635 1,294 1,325 1,643 2,008 1,047 1,909 1,901 1,863 1,769 767,398 593,842 584,928 635,557 681,629 720,402 759,072 786,976 811,126 822,422 1,651,270 320 210 67 80 46 63 169 191 15,431 653,565 2008: July ........44, 44,293 Aug .........45, 45,458 Sept ........102, 102,767 Oct. ........315, 315,498 Nov .........609, 609,939 Dee 821,034 ¥121,370 ¥122,620 ¥187,338 ¥332,821 ¥88,846 167,468 42,376 43,486 42,713 47,594 50,901 53,635 1,917 1,972 60,054 267,904 559,039 767,398 838,367 842,981 905,164 1,130,295 1,433,496 1,651,270 294,909 118,475 167,840 323,359 375,844 370,297 428,608 60,172 57,485 55,319 57,176 57,191 57,641 62,561 798,233 643,486 724,632 824,378 844,100 751,378 733,008 1,703,114 1,557,491 1,643,140 1,749,791 1,770,177 1,680,630 1,666,238 2009: Jan Feb Mar Apr May June r July 858,406 700,972 779,951 881,553 901,292 809,019 795,569 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 credit 5 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 47,206 165,664 168,078 290,105 648,319 698,786 653,565 150,000 150,000 149,814 244,778 393,088 438,327 15,204 17,980 32,632 77,047 95,839 88,245 255 0 53,473 114,953 60,655 47,631 31,877 117,457 71,009 32,102 22,187 77,047 78,070 47,206 538,6 582,497 643,14061 558,194 525,448 438,722 366,961 403,523 438,82 477,049 444,933 403,970 316,8 255,119 63,496 65,463 62,513 47,324 40,124 37,302 34,366 33,061 26,250 20,292 10,918 701 0 0 17,745 13,533 7,857 4,267 23,347 18,891 6,230 38,690 38,414 43,328 45,057 44,915 43,057 43,108 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 1.5 percent in July; commercial and industrial loans fell 1.0 percent. BILLIONS OF DOLLARS* (RATIO SCALE) 12,000 BILLIO S OF DOLIARS* (RATIO SCALE) 12000 ALL COMMfcKCIAL BANKS 10,000 9,000 8,000 5,000 , - ^ I -2u 7,000 - - " ^-—-1 6,000 10,000 9,000 8,000 -^— TOTAL 6,000 _—-~ " "H . H 5,000 LOANS AND L EASES 4,000 4,000 3,000 3,000 2,000 2,000 1,600 U.S. TREASURY AND AGENCY SECURITIES y1— 1,200 1,200 \ 800 800 OTHER S ECURITIES 400 f ™~l i l l III I 2001 I i I I I I 1 2002 I 2003 1 1111 1 1 II II 11 1 1 1 1 11 11 1 2004 2005 ll 2006 in Ill 2007 11 i i i i i II 2008 •SEASONALLY ADJUSTED SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM II 2009 400 COUNCIL OF ECONOMIC ADVISERS [Billions of dollars, seasonally adjusted1 Securities in bank credit 2 Period 1999: 2000: 2001: 2002: 2003: 2004: 2005: 2006: 2007: 2008: 2008: Dec. ..........................4, Dee Dee Dee Dee Dec. ..........................6, Dec. ..........................7, Dec. ..........................8, Dec. ..........................8, Dec. ..........................9, July ..........................9, Aug ...........................9, Sept ..........................9, Oct. Nov ...........................9, Dec. ..........................9, 2009: Jan ...........................9, Feb. ..........................9, Mar r Apr r Mayr June r July ..........................9, Total bank credit 4,610.2 5,046.1 5,212.4 5,648.5 6,016.5 6,568.5 7,261.5 8,039.4 8,830.8 9,318.6 9,016.3 9,014.4 9,158.1 9,491.9 9,360.6 9,318.6 9,297.7 9,316.5 9,295.6 9,263.8 9,350.7 9,343.9 9,268.9 Total securities 1,148.1 1,191.6 1,318.8 1,513.1 1,637.8 1,729.1 1,827.3 1,962.0 2,069.1 2,063.7 2,055.9 2,040.6 2,081.3 2,196.5 2,126.2 2,063.7 2,112.9 2,134.1 2,165.3 2,177.5 2,203.3 2,251.7 2,281.6 U.S. Treasury and agency securities 798.3 778.4 853.7 1,025.0 1,107.0 1,166.9 1,158.4 1,203.2 1,114.6 1,240.0 1,135.3 1,136.7 1,154.6 1,221.0 1,253.0 1,240.0 1,269.0 1,259.0 1,273.7 1,263.4 1,264.5 1,300.2 1,325.3 Other securities 349.8 413.1 465.2 488.1 530.8 562.2 668.9 758.8 954.5 823.7 920.5 903.9 926.8 975.5 873.2 823.7 843.9 875.1 891.6 914.1 938.8 951.5 956.3 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 securities held in trading accounts, held-to-maturity, and available-for-sale. Excludes all non-security trading assets, such as derivatives with a positive fair value or loans held in trading accounts. 28 Loans and leases in bank credit Total loans and leases 3 3,462.1 3,854.6 3,893.6 1,025.04 4,378.7 4,839.4 5,434.1 6,077.3 6,761.7 7,254.9 6,960.4 6,973.8 7,076.8 7,295.4 7,234.4 7,254.9 7,18 7,182.5 7,130.3 7,086.3 7,14 7,092.2 6,987.3 Commercial and industrial loans 996.5 1,082.0 1,020.7 959.1 898.6 919.3 1,041.0 1,18 1,426.1 1,618.6 1,567.8 1,572.9 1,588.6 1,644.8 1,638.0 1,618.6 1,601.5 1,586.6 1,562.8 1,543.6 1,526.1 1,502.4 1,487.3 Real estate loans Total 4 1,458.7 1,636.7 1,755.4 2,005.8 2,210.9 2,548.2 2,916.0 3,355.0 3,587.8 3,820.2 3,623.0 3,623.0 3,660.3 3,817.1 3,819.7 3,820.2 3,803.4 3,818.4 3,827.8 3.4914.17 3,882.6 3,869.4 3,845.6 Revolving home equity loans 100.4 129.7 152.6 212.0 278.8 396.3 442.7 466.3 483.4 588.3 521.1 525.7 539.0 577.3 582.1 588.3 593.5 596.9 601.4 605.5 613.1 611.0 607.9 Commercial loans 1,078.6 1,267.8 1,455.1 1,588.6 1,723.5 1,664.6 1,666.4 1,673.6 1,716.2 1,720 1,723.5 1,601.53 1,717.8 1,562.83,827 1,713.1 1,712.0 1,706.8 1,699.9 Consumer loans 5 484.7 533.2 550.6 579.7 635.2 686.8 695.8 7807 791.9 861.8 824.2 830.4 834.9 851.5 857.3 861.8 871.1 882.0 873.0 860.5 860.8 859.1 853.1 Other loans and leases 5 522.3 602.7 566.9 590.7 634.0 685.1 781.3 807.7 956.0 954.3 945.4 947.6 993.0 982.1 919.5 954.3 908.8 895.3 866.8 847.5 878.0 861.4 801.3 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. Includes all loans held in trading accounts under a fair value option. 4 Includes closed-end residential loans, 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 Total TIQI 1 nal Total Total net raised 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 ................1, Discrep- Credit market instruments Period 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) 1,718.6 1,955.0 850.6 896.2 844.7 1,537.5 2,026.3 1,922.5 2,258.8 1,578.4 731.0 717.6 755.4 811.3 831.3 928.5 1 96 1 1,086.0 1,047.0 1,064.1 987.6 1,237.4 95 2 84.9 13.4 4 609.0 961.2 836.5 1,211.8 514.3 273.6 243.6 164.9 ¥19.6 45.8 77.3 ¥30.6 ¥137.2 6.0 ¥18.2 ¥110.4 ¥118.2 ¥48.1 ¥41.4 ¥41.1 ¥124.4 -360 7 ¥602.7 ¥831.2 ¥380.8 384.0 361.8 213.1 21.8 86.9 201.7 330.1 465.4 837.2 362.6 273.9 187.2 400.0 166.0 216.7 132.5 264.0 310.3 434.3 246.0 1714.1 174.6 ¥187.0 -144.2 ¥129.7 69.2 66.2 155.2 402.9 116.6 714.1 993.9 ¥69.7 104.5 ¥32.4 531.9 991.7 973.7 1,205.8 532.5 1,833.8 2,137.7 980.2 867.2 832 5 1,608.8 1,879.8 1,772.5 2,091.5 1,582.4 863.9 928.5 802.6 737.1 749.9 825.7 922.0 1,059.4 1,047.3 1,066.9 969.9 1,209.2 177.6 130.1 82.6 783.1 957.8 713.1 1,044.2 515.5 ¥115.2 ¥182.8 ¥129.6 28.9 12.1 ¥71.3 146 5 150.0 167.3 ¥4.1 2007: I ...........2, II .........2, III. .......2, IV ........2, 2,335.0 2,294.8 2,290.4 2,115.3 1,028.8 1,032.7 1,065.0 1,061.7 1,306.2 1,262.1 1,225.4 1,053.6 140.8 109.9 40.0 ¥266.6 ¥566.7 ¥799.1 ¥864.9 ¥1,093.9 707.5 909.0 904.9 827.3 413.0 523.2 354.6 446.1 294.5 385.8 550.3 320.22 1,165.4 1,152.2 1,185.4 1,320.2 2,117.8 2,112.7 2,087.1 2,048.4 1,009.2 1,044.0 1,083.8 1,052.0 1,108.6 1,068.7 1,003 996.4 217.1 182.1 203.2 66.9 2008: I ...........1, II III ........1, IV ........1, 1,797.0 1,757.3 1,552.6 1,206.8 1,041.2 1,008.7 1,088.2 1,118.3 755.8 748.6 464.4 88.5 ¥19.2 188.7 3.9 ¥246.1 ¥475.1 ¥262.4 ¥399.6 ¥386.0 455.9 451.1 403.5 139.9 254.6 409.5 134.4 185.7 201.4 41.6 269.1 ¥45.8 775.0 559.9 460.5 334.6 1,740.9 1,710.4 1,574.3 1,304.3 1,066.7 1,120.6 1,065.7 1,014.7 674.2 589.8 508.6 289.6 56.1 46.9 ¥21.8 ¥97.6 2009: Ip 1,276.2 1,061.9 214.3 ¥156.4 ¥297.0 140.6 562.9 ¥422.3 370.8 1,368.9 813.8 555.1 ¥92.7 ................896. ................1, ................1, ................2, 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 Total Revolving Nonrevolving2 Net change in consumer credit outstanding 1 Total Revolving Nonrevolving 2 1,532.4 1,717.7 1,867.1 1,970.7 2,076.4 2,191.7 2,290.9 2,384.6 2,519.1 2,558.6 610.7 683.7 715.7 751.6 768.4 799.8 830.2 871.6 939.8 957.6 921.7 1,034.0 1,151.4 1,219.0 1,308.0 1,391.8 1,460.7 1,512.9 1,579.3 1,601.1 111.4 185.3 149.4 103.6 105.7 115.3 99.2 93.7 134.5 39.5 29.3 73.0 32.0 35.9 16.8 31.4 30.4 41.4 68.2 17.8 82.1 112.3 117.4 67.6 89.0 83.8 68.9 52.2 66.4 21.8 2008: June July Aug Sept Oct Nov Dec 2,573.8 2,581.4 2,574.9 2,579.2 2,574.8 2,565.5 2,558.6 965.8 971.9 973.6 973.5 970.6 964.9 957.6 1,608.1 1,609.5 1,601.4 1,605.7 1,604.2 1,600.5 1,601.1 8.6 7.6 ¥6.5 4.3 ¥4.4 ¥9.3 ¥6.9 2.8 6.1 1.7 ¥.1 ¥2.9 ¥5.7 ¥7.3 5.8 1.4 ¥8.1 4.3 ¥1.5 ¥3.7 .6 2009: Jan Feb Mar Apr May 2,562.8 2,551.5 2,535.8 2,518.4 2,513.0 2,502.7 955.8 944.3 936.2 927.1 922.3 917.0 1,607.0 1,607.2 1,599.6 1,591.3 1,590.8 1,585.7 4.2 ¥11.3 ¥15.7 ¥17.4 ¥5.4 ¥10.3 ¥1.8 ¥11.5 ¥8.1 ¥9.1 ¥4.8 ¥5.3 5.9 2 ¥7.6 ¥8.3 ¥.5 ¥5.1 1999: 2000: 2001: 2002: 2003: 2004: 2005: 2006: 2007: 2008: Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec 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 August. PERCENT PER A N N U M PERCENT PER A N N U M CORPORATE Aaa BONDS -t (MnnnKi / ^ /•—v fv^ /"' FEDERALFUNDS A'" / 1 "••••••v-\ / \ \ A TREASURY \ BILLS \ [ 1111111111 1 i 1 1 1 1 1 1 ii i1Mf 2001 2002 i 1 i i n i1 M \ i 1 1 I 1 11 11 1 ! 1 1 1 11 11 N 1 If 1 I I 1I II I IIll II II 2003 2004 2005 2006 •ff^rrtri 111 2007 2008 SOURCE. SEE TABLE BELOW 2009 COUNCIL OF ECONOMIC ADVISERS [Percent per annum] U.S . Treasury security yields Constant maturities Period 1999 3-month bills (at auction) 1 3-year10-year 30-year 2 30-year 2000 2001 2002 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 5.87 5.94 5.49 * * * 2008: Aug Sept Oct. Nov Dec 1.79 1.46 .84 .30 .04 2.70 2.32 1.86 1.51 1.07 2009: Jan. Feb. Mar Apr. May. June July. Aug .12 .31 .25 .17 .15 .17 .19 .18 Week ended: 2009- Aup- 8 15 22 29 2009: Sept 5 .18 .19 .18 .16 .15 Highgrade municipal bonds (Standard & Poor's) 3 bonds (Moody s) Discount window (N.Y. F.R. B a n k ) 4 5 Primary credit Discount rate 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 * * * 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 3.89 3.69 3.81 3.53 2.42 4.50 4.27 4.17 4.00 2.87 4.90 5.03 5.68 5.28 5.53 5.64 5.65 6.28 6.15 5.08 2.25 2.25 1.25 1.25 .50 * * * 1.13 1.37 1.31 1.32 1.39 1.76 1.55 1.65 2.52 2.87 2.82 2.93 3.29 3.72 3.56 3.59 3.13 3.59 3.64 3.76 4.23 4.52 4.41 4.37 5.13 5.00 5.185 4.88 4.60 4.84 4.69 4.58 5.05 5.27 5.50 5.39 5.54 5.61 5.41 5.26 .50 .50 .50 .50 .50 .50 .50 .50 1.78 1.72 1.56 1.57 1.44 3.77 3.67 3.48 3.46 3.37 4.52 4.47 4.31 4.23 4.18 4.65 4.63 4.54 4.51 4.32 5.34 5.34 5.24 5.14 5.10 .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 Corporate Aaa 6 4.62 5.73 3.40 1.17 * * * * * * * * * * * * * * * * * * * Prime rate charged by banks 5 Federal 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 4.00 4.00 3.25 2.00 1.81 .97 .39 .16 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 4.96 3.25 3.25 3.25 3.25 .18 .21 .16 .16 4.92 5.17 5.40 3.25 3.25 3.25 3.25 3.25 .18 .17 .16 .16 .15 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 stock prices rose in August. INDEX, DEC. 31,2002=5,000 (RATIO SCALE) 11,000 10,000 INDEX, DEC. 31,2002=5,000 (RATIO SCALE) 11,000 10,000 - 9,000 - 8,000 - /VS CJOAAPOSITE STOCK 'RICE INDEX 7 * (NYSE) \ k A 9,000 8,000 7,000 7,000 -A 6,000 r— V r A 6,000 \ L j T V 5,000 / 5,000 V 1 1 11 11 1 11 11 11 1 1 1111 11 1 1 1 1111 1 111 11 2003 2002 2001 1 1 1 1 1 1 1 1 111 111 1 1 1 1 1 1 1 2004 2005 2006 11111111111 iii11111111 1 1 1 1 1 11 1 1 1 1 2007 2008 2009 PERCENT PERCENT 2001 I 2002 I 2003 I 2004 2009 SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD AND POOR'S COUNCILOF ECONOMIC ADVISERS Common stock prices 1 Period New York Stock Exchange indexes 2 3 (December 31, 2002 = 5,000) Composite Financial 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: Aug . Sept Oet .. Nov . Dee . 8,362.20 7,886.29 6,130.39 5,527.63 5,525.70 6,304.58 6,159.18 4,733.74 3,779.86 3,673.95 13,772.04 12,562.82 9,515.71 9,136.33 6,618.92 6,316.05 5,434.03 5,088.99 5,090.83 11,530.75 11,114.08 9,176.71 8,614.55 8,595.56 1,281.47 1,217.01 968.80 883.04 877.56 1,281.47 1,217.0 1,730.32 1,542.70 1,525.89 2.23 2.36 2.83 3.11 3.00 2009: Jan .. 5,477.14 5,051.42 4,739.72 5,338.39 5,823.10 5,985.64 6,026.55 6 577.18 3,337.14 2,823.74 2,633.65 3,313.47 3,819.95 3,924.19 4,000.66 4,646.60 9,295.97 8,785.04 8,266.81 8,839.95 9,848.66 10,189.64 9,765.09 10,295.91 5,256.13 5,106.78 4,596.81 4,771.71 5,051.78 5,224.16 5,410.22 5,706.96 8,396.20 7,690.50 7,235.47 7,992.12 8,398.37 8,593.00 8,679.75 9,375.06 865.58 805.23 757.13 848.15 902.41 826.992 935.82 1,009.72 1,537.20 1,485.98 1,432.23 1,641.15 1,726.08 1,826.99 1,873.84 1,997.16 3.01 3.07 2.92 2.60 2.41 2.35 2.31 2.12 6,559.47 6,538.89 6,499.62 6,697.53 6,557.91 4,595.21 4,610.51 4,575.69 4,777.04 4,647.52 10,355.10 10,190.53 10,136.76 10,503.14 10,205.09 5,637.88 5,649.47 5,704.55 5,819.84 5,733.11 9,302.81 9,332.12 9,297.69 9,543.38 9,374.69 1,003.71 1,004.82 999.87 1,028.32 1,006.61 1,997.28 1,004.821,991 1,973.22 2,024.63 1,989.40 2.13 2.13 2.15 2.08 2.16 Feb . Mar . Apr . May June July Aug . Week ended: 2009: Aug 8 ... 15 22 29 Sept 5 .. 1 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 3.54 3.94 1.65 .86 .83 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 tenth month of fiscal 2009, there was a deficit of $1,267.0 billion, compared with a deficit of $388.6 billion a year earlier. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 4,200 - RECEIPTS AND OUTLAYS 4,200 4,000 3,800 3,800 3,600 3,600 3,400 3,200 3,000 3,000 OUTLAYS' 2,800 2,800 2,600 2,600 2,400 2,400 2,200 2,200 2,000 2,000 1,800 1,800 1,600 1,600 400 - SURPLUS OR DEFICIT (-) 1 400 0 0 -800 -800 -1,200 -1,200 -1,600 -1,600 -2,000 -2,000 2002 2003 2004 2006 2007 2009 2008 2010 FISCAL YEARS 'INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS. 5OURCE5; DEPARTMENT OF THE TREASURY AND OFFFCE 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. 2008. 2009 (estimates) 2010 (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 2,524.3 2,073.7 2,264.4 1,789.2 1,863.2 2,011.2 2,160.1 2,293.0 2,472.2 2,655.4 2,728.9 2,982.9 3,653.3 3,766.0 236.2 128.2 ¥157.8 ¥377.6 ¥412.7 ¥318.3 ¥248.2 ¥160.7 ¥458.6 ¥1,579.6 ¥1,501.7 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 1,421.0 1,603.0 1,458.5 1,516.4 1,655.5 1,797.1 1,913.5 2,070.0 2,233.4 2,275.3 2,508.1 3,133.4 3,214.6 86.4 ¥32.4 ¥317.4 ¥538.4 ¥568.0 ¥493.6 ¥434.5 ¥342.2 ¥641.9 ¥1,712.4 ¥1,611.6 480.6 507.5 515.3 523.8 534.7 577.5 608.4 635.1 658.0 652.7 661.3 330.8 346.8 355.7 363.0 379.5 402.2 422.1 453.6 474.8 519.9 551.4 149.8 160.7 159.7 160.8 155.2 175.3 186.3 181.5 183.3 132.9 109.9 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 12,212.0 14,087.3 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 7,855.6 9,574.7 2,094.4 1,740.2 2,483.0 3,007.1 ¥388.6 ¥1,267.0 1,541.0 1,187.8 2,115.5 2,602.6 ¥574.5 ¥1,414.9 553.4 552.4 367.6 404.5 185.8 147.9 9,547.4 11,632.2 5,390.7 7,326.2 r r Cumulative total, first 10 months:1 Fiscal year 2008. Fiscal year 2009. 1 Data from current issue Monthly Treasury Statement. 32 NOTE.—Data for fiscal 2009 and fiscal 2010 are from Mid-Session Review, Budget of the U.S. Government, Fiscal Year 2010, issued August 25, 2009. Other data (except as noted) are from Budget of the United States Government, Fiscal Year 2010, issued May 11, 2009. Sources: Department of the Treasury and Office of Management and Budget. FEDERAL RECEIPTS BY SOURCE AND OUTLAYS BY FUNCTION In the tenth month of fiscal 2009, receipts were $354.2 billion lower than a year earlier and outlays were $524.1 billion higher. BILLIONS OF DOLLARS 1,400 1,200 BILLIONS OF DOLLARS 1,400 - RECEIPTS1 1,000 1,000 " 800 800 600 INCOME TAXES — SOCIAL INSURANCE AND RtTIRL-MtNl RbCblPlb 400 - • . ——rzr T 200 n 1 m | 1 OTHER RECEIPTS'*' - - ^ _ 200 | 1 3,400 f l - OUTLAYS1 3,200 3,000 2,800 2,600 2,400 2,200 1 0 - / NONDEFENSE _ _ - - 2,000 1,800 - — 1,600 — - • " 1,400 800 NATIONAL DEFENSE - 600 _ - 400 200 - „ - — * 3,200 3,000 2,800 2,600 2,400 2,200 2,000 1,800 1,600 1,400 800 600 400 1 2000 600 400 T~ 1 2002 2001 I 2003 I 2004 l 2005 2006 l 2007 2008 I 2009 200 2010 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. 2008. 2009 (estimates) r 2010 (estimates) r 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 2,073.7 2,264.4 1,004.5 994.3 858.3 793.7 809.0 927.2 1,043.9 1,163.5 1,145.7 903.5 1,027.8 207.3 151.1 148.0 131.8 189.4 278.3 353.9 370.2 304.3 121.2 163.8 652.9 694.0 700.8 713.0 733.4 794.1 837.8 869.6 900.2 891.2 910.3 160.9 152.0 196.52 144.1 148.5 154.2 171.6 164.9 174.1 157.8 162.5 1,789.2 1,863.2 2,011.2 2,160.1 2,293.0 2,472.2 2,655.4 2,728.9 2,982.9 3,653.3 3,766.0 294.4 304.8 348.5 404.8 455.8 495.3 521.8 551.3 616.1 666.3 720.2 281.1 290.2 331.9 387.2 436.5 474.1 499.3 .2869.6 594.7 641.1 692.4 17.2 16.5 22.4 21.2 26.9 34.6 29.935 28.5 28.9 35.8 51.8 154.5 172.3 196.5 219.6 240.1 250.6 252.8 266.4 280.6 350.1 386.6 197.1 217.4 230.9 34.64 269.4 298.6 329.9 375.4 390.8 430.8 457.8 253.7 269.8 312.7 334.6 333.1 345.8 352.5 366.0 431.3 543.3 613.9 409.4 433.0 456.0 474.7 495.5 523.3 548.5 586.2 617.0 682.6 707.9 222.9 206.2 170.9 153.1 160.2 184.0 226.6 237.1 252.8 173.1 196.5 239.9 243.4 273.3 302.7 311.9 339.9 393.8 318.1 365.4 771.2 631.3 Cumulative total, first 10 months:1 Fiscal year 2008 Fiscal year 2009 2,094.4 1,740.2 943.9 750.4 246.8 104.5 758.3 754.1 145.4 131.2 2,483.0 3,007.1 511.6 552.2 491.0 530.8 22.7 30.9 13.1 278.0 322.4 371.5 373.4 449.4 513.1 568.5 209.1 167.7 295.6 588.9 1 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. NOTE.—Data for fiscal 2009 and fiscal 2010 are from Mid-Session Review, Budget of the U.S. Government, Fiscal Year 2010, issued August 25, 2009. Other data (except as noted) are from Budget of the United States Government, Fiscal Year 2010, issued May 11, 2009. Sources: Department of the Treasury and Office of Management and Budget. 33 FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS In the second quarter of 2009, according to revised estimates, Federal current receipts fell $36.6 billion (annual rate), while Federal current expenditures rose $289.3 billion. BILLIONS OF DOLLARS 4,000 BILLIONS OF DOLLARS 4,000 - SEASONALLY ADJUSTED ANNUAL RATES 3,600 3,600 - / 3,200 2,800 3,200 EXPENDITURES CURRENT 2,800 - - "X 2,400 2,400 2,000 1,600 1,200 800 _^«* ^ —-—1 < - -rrrrrr: \ 2,000 CURRENT 1,600 - - - - - - 1,200 800 400 400 - 0 -400 -800 - - \ 0 S , - —s ' - NET FEDERAL GOVERNMENT SAVING \ v"' -1,200 -1,600 -800 -1,200 \ 1 1 1 1 E 1 1 2001 2000 1999 1 1 1 1 1 2002 i i i 2003 1 1 1 1 2004 1 1 2005 1 2006 1 1 2007 i i i 2008 1 1 ! -1,600 2009 CALENDAR YEARS SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS [Billions of dollars; quarterly data at seasonally adjusted annual rates] Federal Government 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 Federal Government current expenditures 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 2000 2001 ................2, 2002 2003 2004 2005 ................2, 2006 ................2, 2007 ................2, 2008 ................2, 2006: I ...............2, II .............2, III. ...........2, IV ............2, 1,895.0 2,057.1 2,020.3 1,859.3 1,885.1 2,013.9 2,290.1 2,524.5 2,660.8 2,475.0 2,473.8 2,501.8 2,547.4 2,575.1 1,195.4 1 309 6 1,249.4 1 073 5 1,070.2 1 153 8 1,383.7 1,558.3 1,647.2 1,421.7 1,517.6 1,541.6 1,581.3 1,592.8 893.0 9.4 6 991.8 828 6 774.2 799 2 931.9 1,049.9 1,168.1 1,102.5 1,023.1 1,034.7 1,053.9 1,088.0 95.4 87 3 85.3 8.6 8 89.3 94 3 98.8 99.4 94.7 92.0 99.6 99.6 99.9 98.6 213.0 219.4 164.7 150 5 197.8 250 3 341.0 395.0 370.2 212.3 383.8 396.1 415.5 384.6 654.8 698 6 723.3 739 3 762.8 807.6 852.6 904.6 944.4 974.5 896.9 899.8 904.0 917.8 20.6 24.5 24.5 20 3 22.8 23 2 23.7 26.1 29.1 30.3 24.3 25.5 26.5 28.2 23.4 25 7 27.0 90.51 26 29 0 33.6 38.3 42.7 52.3 37.1 37.7 38.6 39.9 5.48 -1 2 ¥4.0 2 3.7 .3 ¥3.5 ¥2.9 — 2.7 ¥3.8 ¥2.1 ¥2.7 ¥3.0 ¥3.6 1,796.2 1 871 9 01,979.8 2,112.1 2,261.5 2,393.4 2,573.1 2,728.3 2,897.2 3,117.6 2,681.1 2,731.2 2,762.9 2,738.1 473.3 496 0 530.2 590.5 660.3 721.4 765.8 811.0 848.8 934.4 810.4 808.5 813.1 812.1 995.4 1,047.4 1,140.0 1 252 1 1,339.4 1 405 0 1,491.3 1,587.1 1,688.6 1,840.6 1,552.4 1,588.9 1,603.7 1,603.5 282.7 283.3 258.6 229.1 212.9 221.0 255.4 279.2 312.2 292.0 263.1 282.8 296.7 274.2 44.8 45.3 51.1 40.5 49.0 46.0 60.5 51.0 47.6 50.6 55.2 51.1 49.4 48.3 98.8 185.2 40.5 ¥252.8 ¥376.4 ¥379.5 ¥283.0 ¥203.8 ¥236.5 ¥642.6 ¥207.3 ¥229.4 ¥215.5 ¥163.0 2007: I ...............2, II .............2, III. ...........2, IV ............2, 2008: I ...............2, II .............2, III. ...........2, IV ............2, 2009: Ir IF 2,640.1 2,660.1 2,659.9 2,682.9 2,590.7 2,372.1 2,489.5 2,447.8 2,251.3 2,214.7 1,638.3 1,654.0 1,644.8 1,651.7 1,546.0 1,322.8 1,435.2 1,382.9 1,136.8 1,157.6 1,177.6 1,200.6 1,195.3 984.2 1,110.1 1,120.2 94.9 94.8 95.4 93.6 92.7 93.1 91.8 90.2 393.6 387.3 358.5 341.3 243.1 231.2 218.5 156.5 937.3 938.8 943.8 957.6 970.0 973.0 978.5 976.4 28.3 28.7 29.6 29.8 29.3 31.2 30.6 30.0 41.0 41.5 42.6 45.8 47.9 48.4 49.0 64.0 ¥4.8 ¥2.9 0.8 ¥2.1 ¥2.5 ¥3.4 ¥3.9 ¥5.4 2,841.0 2,881.3 2,918.7 2,947.9 3,024.2 3,169.0 3,155.2 3,121.9 821.1 839.9 860.8 873.4 903.2 923.2 956.0 955.4 1,666.2 1,672.4 1,694.1 1,721.6 1,759.5 1,904.5 1,829.0 1,869.5 306.4 321.3 316.6 304.7 312.3 291.4 319.5 244.6 47.4 47.7 47.3 48.2 49.2 49.9 50.7 52.4 ¥200.9 ¥221.3 ¥258.8 ¥265.0 ¥433.5 ¥796.9 ¥665.7 ¥674.1 1,191.5 1,146.5 900.3 816.2 85.7 91.4 192.0 227.7 953.0 950.9 40.7 50.9 72.7 79.8 ¥6.7 ¥5.4 3,220.3 3,509.6 954.2 979.6 1,981.2 2,198.8 231.3 277.4 53.6 53.7 ¥969.1 ¥1,294.9 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 Germany Japan r 1999. 2000. 2001 2002 2003 2004. 2005. 2006. 2007. 2008. 99.5 103.7 120.11 100.0 101.3 103.8 107.2 109.7 111.3 108.8 94.4 102.6 98.4 100.0 100.1 101.7 103.5 103.3 103.2 98.4 103.0 108.4 101.3 100.0 100.110 108.0 109.6 114.2 117.6 113.6 2008: J u n e r July Aug r . Sept r Oct r .. Novr . Dec r . 110.4 110.4 109.2 104.8 106.2 104.8 102.4 99.3 100.3 98.5 98.1 97.3 95.2 92.8 117.2 116.9 113.3 113.4 109.6 101.9 93.4 100.5 100.31 101.7 100.0 2009: J a n r . Feb r . Mar r . Apr r . May r Junep Julyp 100.1 99.3 97.7 97.0 95.9 95.5 96.0 90.1 89.5 88.0 87.2 85.5 84.8 84.0 76.1 77.3 81.9 86.6 88.6 90.2 r Consumer prices (1982-84=100; NSA) United Kingdom Italy 95.4 100.8 120.11 100.0 100.5 103.6 107.1 113.2 120.1 120.31 98.3 102.4 101.3 100.0 96.4 93.7 92.3 122.3 120.6 113.31 120.4 117.8 112.8 107.7 1.9 101.8 101.4 98.4 95.9 88.1 87 86.1 84.9 87.3 87.6 190.1 97.3 97.3 94.5 64.0 99.0 97.4 101.0 101.8 100.0 98.9 r 100.1 r 100.3 r 101.6 r 102.8 r 100.2 101.4 103.2 101.7 100.0 Germany Japan United Kingdom 96.4 166.6 172.2 120.11 179.9 184.0 188.9 195.3 201.6 207.342 215.303 160.5 164.9 169.0 172.8 177.6 180.9 184.9 188.6 192.6 197.2 121.8 121.0 120.1 119.0 118.7 118.7 118.3 118.7 118.7 120.3 155.0 157.6 160.2 163.3 166.7 170.3 173.2 176.2 178.8 183.8 140.5 142.5 145.3 147.4 148.9 151.4 153.7 156.2 159.7 163.9 226.2 231.9 238.3 244.3 250.8 256.3 261.4 266.9 271.8 280.9 194.3 200.1 203.6 207.0 213.0 219.4 225.6 232.8 242.7 252.4 92.4 64.2 97.4 96.6 96.0 99.91 93.7 91.6 89.9 218.815 219.964 219.086 218.783 216.573 212.425 210.228 199.4 21.11 165.028 199.9 197.9 163.72 195.8 120.9 121.1 121.5 121.5 121.4 120.3 119.8 185.3 184.9 184.9 184.7 184.6 163.728 183.3 164.5 165.4 165.0 164.8 164.5 163.7 164.2 281.9 283.3 283.8 282.9 282.9 281.9 281.5 254.7 254.4 255.2 256.6 255.8 253.8 250.1 87.1 83.2 79.4 80.3 80.3 79.3 87.6 87.0 86.7 86.8 86.3 86.7 211.143 212.193 212.709 213.240 213.856 215.693 215.351 195.3 196.7 197.0 164.228 198.2 198.9 198.2 .190.1 118.8 1183.61 119.2 119.0 118.8 118.4 182.6 183.3 183.6 183.9 184.2 184.4 183.6 163.4 164.3 164.2 164.2 164.0 164.7 164.7 165.0 281.1 281.7 281.9 282.5 283.1 283.3 283.3 284.4 246.9 248.4 248.3 248.5 250.0 250.7 250.7 99.4 99.0 98.3 101.8 104.0 100.5 1 Data relate to all urban consumers. NOTE.—See Note, p. 17, for information on U.S. industrial production series. United States 1 99.3 100.4 99.1 99.2 99.5 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. U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES [Billions of dollars; monthly data seasonally adjusted] c BOP Total, Census basis 1 Foods, feeds, and beverages Indusmotrial Capital tive supgoods vehiplies except cles, and auto- parts mate- motive and enrials gines 684.0 772.0 718.7 685.2 715.8 806.2 892.3 1,015.8 1,138.4 1,277.0 695.8 781.9 729.1 693.1 724.8 818.8 906.0 1,026.0 1,148.2 1,287.4 46.0 47.9 49.4 49.6 55.0 56.6 59.0 49.0 84.3 108.3 147.5 172.6 160.1 156.8 173.0 203.9 233.0 276.0 316.4 388.0 2008: June July Aug Sept Oet .. Nov Dec .. 114.4 117.2 114.7 106.0 103.8 97.5 89.2 115.1 118.2 115.9 106 104.8 98.5 90.1 10.0 10.0 9.9 9.0 8.3 7.9 7.1 36.7 37.9 37.0 32.4 217.94 27.6 23.2 39.4 40.1 40.4 37.6 37.5 36.4 35.1 2009: Jan .. Feb .. Mar Apr .. 82.4 84.4 82.6 80.0 82.1 84.0 83.2 85.2 83.6 80.8 833.1 84.9 7.1 7.1 7.3 7.6 7.9 8.81 233.2 22.2 22.4 21.1 23.2 24.3 33.2 33.3 31.9 30.9 910 31.4 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 May Junep 1 ) Consumer goods (nonfood) except auto- BOP Total, Census basis 1 mo- tive AutoIndusmoFoods, trial Capital tive feeds, supgoods vehiand plies except cles, bevand auto- parts erages mate- motive a n d enrials gines Goods, asis oods Services Goods and mo- tive 203.7 210.1 228.2 239.4 256.6 259.2 233.8 ¥328.8 ¥436.1 ¥411.9 ¥468.3 ¥532.4 ¥650.9 ¥767.5 ¥828.0 ¥808.8 ¥816.2 ¥347.8 ¥454.7 ¥429.9 ¥482.8 ¥549.0 ¥671.8 ¥790.9 ¥847.3 ¥831.0 ¥840.3 82.7 74.9 64.4 61.2 54.0 61.8 75.6 86.9 129.6 144.3 ¥265.1 ¥379.8 ¥365.5 ¥421.6 ¥495.0 ¥610.0 ¥715.3 ¥760.4 ¥701.4 ¥695.9 38.5 38.7 38.0 38.4 37.2 37.4 34.1 20.5 20.3 19.3 18.6 17.9 16.7 15.2 41.4 41.0 42.0 40.1 40.1 37.4 36.7 47.2 47.2 47.0 46.0 45.9 44.0 43.7 34.2 34.8 35.7 34.4 33.9 33.0 32.4 ¥71.5 ¥75.1 ¥70.2 ¥69.5 ¥69.6 ¥52.5 ¥51.9 ¥73.2 ¥77.2 ¥72.2 ¥71.7 ¥71.4 ¥54.3 ¥53.2 13.0 12.4 11.3 11.5 12.0 11.0 11.3 ¥60.2 ¥64.9 ¥60.9 ¥60.1 ¥59.4 ¥43.2 ¥41.9 31.9 30.1 29.6 28.6 28.9 28.8 11.5 10.2 10.6 10.5 10.2 11.0 36.1 34.6 35.2 35.5 35.5 33.8 42.5 42.1 41.4 41.4 41.3 41.8 31.5 30.9 30.7 30.3 30.0 30.4 ¥46.5 ¥36.0 ¥37.7 ¥38.7 ¥35.9 ¥37.2 ¥47.6 ¥37.2 ¥39.2 ¥39.9 ¥37.2 ¥38.4 11.0 11.1 10.7 11.1 11.3 11.4 ¥36.6 ¥26.1 ¥28.5 ¥28.8 ¥26.0 ¥27.0 103.2 115.3 129.1 146.0 161.3 221.4 299.0 273.9 203.7 313.8 412.8 523.8 602.0 634.7 779.5 295.7 347.0 298.0 292.3 295.9 343.6 379.3 418.3 444.5 453.7 10.8 11.5 .03 10.2 10.0 9.2 0.1 14.0 14.6 13.9 13.5 88.3 13.2 12.6 187.6 194.5 186.8 177.7 175.2 151.8 142.4 186.7 193.3 186.1 176.2 174.4 151.0 141.9 9.4 7.5 7.8 7.6 7.6 7.4 7.2 73.2 79.9 73.4 65.9 66.1 48.8 43.6 5.6 6.0 6.0 5.8 5.4 5.5 11.4 12.8 12.4 119.9 128.91 12.1 130.0 121.6 121.8 119.9 119.3 122.4 129.6 110.2 .241.4 610.535 31.0 12.1 6.9 6.7 6.8 6.7 6.8 6.9 38.5 34.3 34.5 33.7 33.1 36.9 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. Imports 199.2 223.7 221.8 231.1 250.4 291.2 313.5 349.0 375.2 405.3 43.6 46.0 46.6 67.7 55.8 62.1 68.1 74.9 34.7 89.0 8295.9 Exports 281.9 298.6 286.2 292.3 304.3 353.1 389.1 435.9 504.8 549.6 1,024.6 1,218.0 1,141.0 1,161.4 1,257.1 1,469.7 1,673.5 1,853.9 1,957.0 2,103.6 80.9 89.4 88.3 84.4 BOP basis Consumer goods (nonfood) except auto- 281.919 281.8 284.3 307.8 333.9 372.9 407.2 442.6 474.6 481.6 10.8 1,226.7 1,148.6 1,168.0 1,264.9 1,478.0 1,683.2 1,863.1 1,969.4 2,117.2 310.8 75.3 356.9 80.4 321.7 75.4 290.4 78.9 293.7 80.6 331.4 53.12 33.03 98.4 404.0 107.3 433.0 16.443 457.7 121.5 Balance of trade (exports minus imports) census basis (by end-use catetegory ensus basis (by end-use cate tegory) Auto- Period Services ( B O P basis) Goods: Imports (customs value) Goods: Exports (f.a s . value)Good 179.0 195.9 284.328 Source: Department of Commerce (Bureau of the Census and Bureau of Economic Analysis). 35 U.S. INTERNATIONAL TRANSACTIONS In the first quarter of 2009, the goods deficit fell to $124.0 billion, from $178.8 billion in the fourth quarter. The current account deficit fell to $101.5 billion in the first quarter, from $154.9 billion in the fourth quarter. BILLIONS OF DOLLARS* BILLIONS OF DOLLARS* 0 - - - - -20 -20 -40 -40 \ -60 -60 - -80 -80 CX -100 1 k\ -100 " BALANCE ON GOODS ^ AND SERVICES -120 -140 1 / - S BALANCE ON GOODS -160 r\ BALANCE <DN IPPPWT hrr OU MT t -180 J -200 \ -220 -120 1 / KSJJ1 -140 -160 -180 -200 i i i i -220 - -240 1 1999 1 1 2000 ! 1 1 2001 \ I i 2002 i i i 2003 2004 2005 2006 2007 "SEASONALLY ADJUSTED SOURCE: DEPARTMENT OF COMMERCE -240 t 2008 2009 COUNCIL OF ECONOMIC ADVISERS [Millions of dollars; quarterly data seasonally adjusted. Credits (+), debits ( ¥ ) ] Goodsr Period Exports 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 ..............683, .............718, .............685, .............806, .............892, .............1, .............1, 2006: I ........243, II ....252, III. ....255, IV ...264, 2007: I ........269, II ....277, III. ....289, IV ...302, 2008: I ........315, II ....332, III. ....337, IV ...290, 2009: Ip 1 Imports Balance on goods Net military transactions 2 Net travel and transportation Other services, net Balance on goods and services Receipts Payments Balance on income Unilateral current transfers, net 3 Balance on current account 683,965 771,994 718,711 685,170 715,848 806,161 892,337 1,015,812 1,138,384 1,276,994 ¥1,031,784 ¥1,226,684 ¥1,148,609 ¥1,168,002 ¥1,264,860 ¥1,477,996 ¥1,683,188 ¥1,863,072 ¥1,969,375 ¥2,117,245 ¥347,819 ¥454,690 ¥429,898 ¥482,831 ¥549,012 ¥671,835 ¥790,851 ¥847,260 ¥830,992 ¥840,252 2,593 317 ¥2,296 ¥7,158 ¥11,981 ¥13,518 ¥10,536 ¥7,119 ¥7,384 ¥13,881 7,085 2,486 ¥3,254 ¥4,245 ¥11,475 ¥14,275 ¥13,006 ¥10,873 2,345 16,175 73,051 72,052 69,943 72,633 77,433 89,640 99,124 104,893 134,609 142,021 ¥265,090 ¥379,835 ¥365,505 ¥421,601 ¥495,034 ¥609,987 ¥715,268 ¥760,359 ¥701,422 ¥695,936 293,925 350,918 290,797 280,942 320,456 413,739 535,263 682,221 818,931 764,637 ¥280,037 ¥329,864 ¥259,075 ¥253,544 ¥275,147 ¥346,519 ¥462,905 ¥634,136 ¥728,085 ¥646,406 13,888 21,054 31,722 27,398 45,309 67,219 72,358 48,085 90,845 118,231 ¥50,428 ¥58,645 ¥64,487 ¥64,948 ¥71,794 ¥88,362 ¥105,772 ¥91,273 ¥115,996 ¥128,363 ¥301,630 ¥417,426 ¥398,270 ¥459,151 ¥521,519 ¥631,130 ¥748,683 ¥803,547 ¥726,573 ¥706,068 243,445 252,086 255,925 264,355 ¥454,618 ¥463,797 ¥476,361 ¥468,296 ¥211,173 ¥211,710 ¥220,435 ¥203,941 ¥2,148 ¥1,660 ¥2,021 ¥1,290 ¥2,999 ¥2,902 ¥2,563 ¥2,410 24,697 25,100 25,728 29,367 ¥191,622 ¥191,172 ¥199,290 ¥178,276 155,212 169,459 175,572 181,978 ¥141,245 ¥156,657 ¥166,195 ¥170,039 13,967 12,802 9,377 11,938 ¥20,995 ¥23,708 ¥24,876 ¥21,693 ¥198,651 ¥202,078 ¥214,789 ¥188,031 269,538 277,655 289,160 302,031 ¥475,571 ¥483,294 ¥494,075 ¥516,435 ¥206,033 ¥205,639 ¥204,915 ¥214,404 ¥933 ¥2,912 ¥2,593 ¥946 ¥1,642 ¥899 1,241 3,644 30,570 31,891 34,802 37,346 ¥178,038 ¥177,560 ¥171,465 ¥174,360 186,981 202,312 213,505 216,132 ¥177,234 ¥189,531 ¥185,098 ¥176,220 9,747 12,781 28,407 39,912 ¥30,807 ¥25,752 ¥28,557 ¥30,883 ¥199,098 ¥190,531 ¥171,614 ¥165,330 315,637 332,876 337,912 290,569 ¥534,482 ¥554,372 ¥559,002 ¥469,389 ¥218,846 ¥221,496 ¥221,090 ¥178,820 ¥2,543 ¥3,055 ¥4,664 ¥3,618 3,076 4,922 5,595 2,581 35,659 36,784 34,217 35,363 ¥182,653 ¥182,847 ¥185,942 ¥144,495 202,927 198,796 195,319 167,596 ¥166,241 ¥172,521 ¥161,194 ¥146,450 36,686 26,274 34,125 21,146 ¥33,330 ¥31,147 ¥32,361 ¥31,527 ¥179,298 ¥187,719 ¥184,178 ¥154,875 249,374 ¥373,411 ¥124,036 ¥3,391 1,622 34,615 ¥91,189 134,267 ¥114,996 19,271 ¥29,576 ¥101,494 Adjusted from Census data for differences in timing and coverage; excludes military. 2 Transfers under U.S. military agency sales contracts (exports) minus direct defense expenditures (imports). 36 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 increased $90.9 billion in the first quarter of 2009, following a decrease of $293.9 billion in the fourth quarter. U.S. liabilities to private foreigners reported by U.S. banks, excluding Treasury securities, decreased $163.7 billion in the first quarter, following a decrease of $35.2 billion in the fourth quarter. BILLIONS OF DOLLARS* 1800 BILLIONS OF DOLLARS* 800 700 700 CHANGE IN FOREIGN-OWNED ASSETS IN THE U.S., NET 600 500 600 500 400 400 300 300 200 200 100 100 0 0 -100 -100 -200 -200 -300 -300 -400 -400 -500 -500 -600 -600 2009 1999 •SEASONALLY ADJUSTED SOURCE: DEPARTMENT OF COMMERCE COUNCFL OF ECONOMIC ADVISERS [Millions of dollars; quarterly data seasonally adjusted. Credits (+), debits (¥ ) ] Financial account Period Total 1999 2000 2001 .........11, 2002 2003 2004 .........1, 2005 .........11, 2006 2007 2008 2006: I .... II ... III IV .. 2007: I .... II ... III rv .. 2008: I .... II ... III rv .. ¥4,939 ¥504,062 ¥1,010 ¥560,523 11,922 ¥382,616 ¥1,470 ¥294,646 ¥3,480 ¥325,424 1,323 ¥1,000,870 11,344 ¥546,631 ¥3,906 ¥1,285,729 ¥1,895 ¥1,472,126 953 ¥106 ¥1,721 ¥387,689 ¥1,017 ¥223,953 ¥539 ¥295,389 ¥629 ¥378,698 ¥549 ¥485,867 ¥124 ¥545,158 ¥625 ¥192,530 ¥597 ¥248,571 ¥637 ¥251,501 ¥682 107,343 2,967 29,322 ¥695 114,730 ¥690 125,241 Statistical discrepancy 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 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 ¥982 2,750 ¥515,559 ¥941 ¥559,292 ¥377,219 ¥486 ¥291,310 345 537 ¥327,484 1,710 ¥1,005,385 5,539 ¥566,266 5,346 ¥1,293,449 ¥22,273 ¥1,449,731 ¥529,615 534,357 ¥389,251 1,049 ¥225,158 1,765 1,570 ¥297,965 962 ¥381,075 445 ¥486,240 ¥544,588 ¥596 ¥193,099 623 ¥22,744 ¥225,805 ¥254,493 3,268 150,202 ¥41,592 ¥225,997 255,498 4265,293 383,150 244,078 ¥117,855 U.S. private assets Total 742,210 1,038,224 782,870 795,161 858,303 1,533,201 1,247,347 2,065,169 2,129,460 534,071 545,648 407,652 525,441 586,428 700,961 737,457 278,424 412,618 426,058 2,003 117,897 ¥11,888 ¥78,149 2009: Ip ... 4 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 28,059 115,945 278,069 397,755 259,268 487,939 480,949 487,021 130,427 127,303 121,843 108,366 165,837 88,331 47,674 179,107 208,646 178,826 115,573 ¥16,024 71,182 Other foreign assets 698,667 995,466 754,811 679,216 580,234 1,135,446 988,079 1,577^230 1,648,511 47,050 415,221 280,349 403,598 478,062 535,124 649,126 230,750 233,511 217,412 ¥176,823 2,324 4,136 ¥149,331 Financial derivatives, net 29,710 6,222 ¥28,905 1,633 14,090 15,134 ¥1,147 14,795 ¥1,007 5,942 ¥13,508 ¥7,966 ¥2,355 ¥4,075 ¥14,509 Total (sum of the items with sign reversed) 68,421 ¥59,265 ¥13,906 ¥39,894 ¥7,880 97,476 36,623 ¥1,698 64,912 200,055 40,780 5,305 ¥29,858 ¥17,924 ¥30,242 ¥637 80,403 15,388 13,344 81,410 38,067 67,236 55,093 Of which: Seasonal adjustment discrepancy 9,315 ¥2,443 ¥19,305 12,434 10,399 ¥528 ¥23,938 14,066 14,659 ¥3,037 ¥25,884 77,648 10,971 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 74,958 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 Chained Price Indexes 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. 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