Full text of Economic Indicators : January 2008
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110th Congress, 2nd Session Economic Indicators JANUARY 2008 (Includes data available as of February 7, 2008) Prepared for the Joint Economic Committee by the Council of Economic Advisers UNITED STATES GOVERNMENT PRINTING OFFICE hsrobinson on PROD1PC76 with HEARING WASHINGTON : 2008 VerDate Aug 31 2005 20:33 Feb 14, 2008 Jkt 040678 PO 00000 Frm 00039 Fmt 3439 Sfmt 3439 E:\HR\OC\ECOIND.039 ECOIND JOINT ECONOMIC COMMITTEE (Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.) CHARLES E. SCHUMER, New York, Chairman CAROLYN B. MALONEY, New York, Vice Chair HOUSE OF REPRESENTATIVES MAURICE D. HINCHEY, New York BARON P. HILL, Indiana LORETTA SANCHEZ, California ELIJAH E. CUMMINGS, Maryland LLOYD DOGGETT, Texas JIM SAXTON, New Jersey KEVIN BRADY, Texas PHIL ENGLISH, Pennsylvania RON PAUL, Texas SENATE EDWARD M. KENNEDY, Massachusetts JEFF BINGAMAN, New Mexico AMY KLOBUCHAR, Minnesota ROBERT P. CASEY, Jr., Pennsylvania JIM WEBB, Virginia SAM BROWNBACK, Kansas JOHN E. SUNUNU, New Hampshire JIM DeMINT, South Carolina ROBERT F. BENNETT, Utah COUNCIL OF ECONOMIC ADVISERS EDWARD P. LAZEAR, Chairman [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. hsrobinson on PROD1PC76 with HEARING 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 ii VerDate Aug 31 2005 20:33 Feb 14, 2008 Jkt 040678 PO 00000 Frm 00040 Fmt 3440 Sfmt 3440 E:\HR\OC\ECOIND.040 ECOIND TOTAL OUTPUT, INCOME, AND SPENDING GROSS DOMESTIC PRODUCT In the fourth quarter of 2007, according to advance estimates, current-dollar gross domestic product (GDP) rose 3.2 percent (annual rate), real GDP (GDP in chained 2000 dollars) rose 0.6 percent, and the implicit price deflator rose 2.5 percent. [Billions of current dollars; quarterly data at seasonally adjusted annual rates] 1998 ...................... 1999 ...................... 2000 ...................... 2001 ...................... 2002 ...................... 2003 ...................... 2004 ...................... 2005 ...................... 2006 ...................... 2007 p .................... 2004: I ................ II ............... III ............. IV .............. 2005: I ................ II ............... III ............. IV .............. 2006: I ................ II ............... III ............. IV .............. 2007: I ................ II ............... III ............. IV p ............ 1 GDP Net exports Exports 8,747.0 9,268.4 9,817.0 10,128.0 10,469.6 10,960.8 11,685.9 12,433.9 13,194.7 13,843.0 11,405.5 11,610.3 11,779.4 11,948.5 12,154.0 12,317.4 12,558.8 12,705.5 12,964.6 13,155.0 13,266.9 13,392.3 13,551.9 13,768.8 13,970.5 14,080.8 ¥159.9 ¥260.5 ¥379.5 ¥367.0 ¥424.4 ¥499.4 ¥615.4 ¥714.6 ¥762.0 ¥712.7 ¥543.2 ¥603.1 ¥632.6 ¥682.6 ¥671.1 ¥679.8 ¥725.0 ¥782.4 ¥763.3 ¥780.4 ¥799.1 ¥705.3 ¥714.2 ¥714.2 ¥694.7 ¥727.6 955.9 991.2 1,096.3 1,032.8 1,005.9 1,040.8 1,182.4 1,309.4 1,467.6 1,640.3 1,140.9 1,172.8 1,187.3 1,228.6 1,260.8 1,301.2 1,316.0 1,359.6 1,406.6 1,447.4 1,484.5 1,531.9 1,549.9 1,598.7 1,685.7 1,727.1 5,879.5 6,282.5 6,739.4 7,055.0 7,350.7 7,703.6 8,195.9 8,707.8 9,224.5 9,732.0 8,010.1 8,135.0 8,245.1 8,393.3 8,488.8 8,632.6 8,810.5 8,899.3 9,034.7 9,183.9 9,305.7 9,373.7 9,540.5 9,674.0 9,785.7 9,928.0 1,509.1 1,625.7 1,735.5 1,614.3 1,582.1 1,664.1 1,888.6 2,077.2 2,209.2 2,132.3 1,769.6 1,875.6 1,929.7 1,979.5 2,029.6 2,024.7 2,078.5 2,176.0 2,221.1 2,239.0 2,224.1 2,152.4 2,117.3 2,139.1 2,162.9 2,109.8 Government consumption expenditures and gross investment Federal Imports Total Total 1,115.9 1,251.7 1,475.8 1,399.8 1,430.3 1,540.2 1,797.8 2,023.9 2,229.6 2,353.0 1,684.1 1,775.8 1,820.0 1,911.2 1,931.9 1,981.0 2,041.0 2,141.9 2,169.9 2,227.8 2,283.6 2,237.2 2,264.0 2,312.9 2,380.4 2,454.6 less exports of goods and services plus imports of goods and services. 1,518.3 1,620.8 1,721.6 1,825.6 1,961.1 2,092.5 2,216.8 2,363.4 2,523.0 2,691.4 2,169.1 2,202.8 2,237.3 2,258.2 2,306.7 2,339.8 2,394.8 2,412.5 2,472.1 2,512.5 2,536.1 2,571.4 2,608.3 2,670.0 2,716.5 2,770.6 530.4 555.8 578.8 612.9 679.7 756.4 825.6 878.4 932.5 975.9 806.2 821.9 839.4 835.0 864.0 870.4 896.0 883.4 921.5 926.9 932.0 949.7 946.6 969.5 990.3 997.1 National defense 345.7 360.6 370.3 392.6 437.1 497.2 550.7 588.7 624.3 660.1 536.5 546.5 564.9 555.0 577.7 585.0 604.3 587.7 610.8 620.6 620.7 645.2 634.8 654.5 673.5 677.6 Nondefense 184.7 195.2 208.5 220.3 242.5 259.2 274.9 289.8 308.2 315.8 269.7 275.3 274.5 280.0 286.2 285.4 291.7 295.7 310.7 306.3 311.3 304.5 311.7 315.0 316.8 319.5 State and local 987.9 1,065.0 1,142.8 1,212.8 1,281.5 1,336.0 1,391.2 1,485.0 1,590.5 1,715.5 1,362.9 1,381.0 1,397.9 1,423.2 1,442.7 1,469.5 1,498.7 1,529.0 1,550.6 1,585.7 1,604.1 1,621.7 1,661.7 1,700.5 1,726.2 1,773.6 Final sales of domestic product Gross domestic purchases 1 Addendum: Gross national product 8,676.2 9,201.5 9,760.5 10,159.7 10,457.7 10,946.5 11,627.3 12,397.0 13,148.0 13,835.4 11,368.6 11,541.3 11,714.4 11,885.0 12,084.7 12,305.2 12,553.1 12,645.0 12,920.3 13,095.5 13,204.1 13,372.3 13,553.5 13,763.6 13,935.0 14,089.3 8,906.9 9,528.9 10,196.4 10,495.0 10,894.0 11,460.2 12,301.3 13,148.5 13,956.7 14,555.7 11,948.7 12,213.3 12,412.0 12,631.1 12,825.1 12,997.2 13,283.8 13,487.8 13,727.9 13,935.4 14,065.9 14,097.6 14,266.1 14,483.0 14,665.1 14,808.4 8,768.3 9,302.2 9,855.9 10,171.6 10,500.2 11,017.6 11,762.1 12,502.4 13,252.7 .............. 11,501.7 11,683.1 11,862.3 12,001.1 12,224.0 12,385.1 12,645.7 12,755.0 13,027.5 13,218.9 13,311.9 13,452.4 13,615.1 13,839.4 14,071.6 .............. Source: Department of Commerce, Bureau of Economic Analysis. 1 VerDate Aug 31 2005 20:33 Feb 14, 2008 Jkt 040678 PO 00000 Frm 00001 Fmt 3401 Sfmt 3401 E:\HR\OC\ECOIND.001 ECOIND G:\GRAPHICS\eecoind.001 hsrobinson on PROD1PC76 with HEARING Period Exports and imports of goods and services Personal Gross Gross conprivate domestic sumption domestic product expendi- investtures ment REAL GROSS DOMESTIC PRODUCT [Billions of chained (2000) dollars; quarterly data at seasonally adjusted annual rates] Gross private domestic investment Gross domestic product Period 1998 ......... 1999 ......... 2000 ......... 2001 ......... 2002 ......... 2003 ......... 2004 ......... 2005 ......... 2006 ......... 2007 p ........ 2004: I .... II ... III IV .. 2005: I .... II ... III IV .. 2006: I .... II ... III IV .. 2007: I .... II ... III IV p 9,066.9 9,470.3 9,817.0 9,890.7 10,048.8 10,301.0 10,675.8 11,003.4 11,319.4 11,567.3 10,543.6 10,634.2 10,728.7 10,796.4 10,878.4 10,954.1 11,074.3 11,107.2 11,238.7 11,306.7 11,336.7 11,395.5 11,412.6 11,520.1 11,658.9 11,677.4 Personal conNonresi- Resi- Change sumption dential dential in priexpendifixed fixed vate tures invest- invest- invenment ment tories 6,125.8 6,438.6 6,739.4 6,910.4 7,099.3 7,295.3 7,561.4 7,803.6 8,044.1 8,276.2 7,475.1 7,520.5 7,585.5 7,664.3 7,709.4 7,775.2 7,852.8 7,876.9 7,961.9 8,009.3 8,063.8 8,141.2 8,215.7 8,244.3 8,302.2 8,342.7 1,037.8 1,133.3 1,232.1 1,180.5 1,071.5 1,081.8 1,144.3 1,225.8 1,306.8 1,369.6 1,099.1 1,127.5 1,160.7 1,189.7 1,199.5 1,214.1 1,239.5 1,250.0 1,289.7 1,303.2 1,319.4 1,314.8 1,321.7 1,356.6 1,387.3 1,412.7 418.3 72.6 443.6 68.9 446.9 56.5 448.5 ¥31.7 469.9 12.5 509.4 14.3 560.2 54.3 597.1 33.2 569.5 40.3 473.3 8.3 540.5 35.0 561.7 64.9 567.5 60.1 570.9 57.2 578.3 63.4 596.4 10.1 606.4 5.9 607.2 53.6 606.1 38.4 587.5 51.4 555.0 53.9 529.4 17.4 506.3 .1 490.7 5.8 463.3 30.6 432.7 ¥3.4 Exports and imports of goods and services Government consumption expenditures and gross investment Federal Net exports Exports Imports Total ¥203.7 ¥296.2 ¥379.5 ¥399.1 ¥471.3 ¥518.9 ¥593.8 ¥618.0 ¥624.5 ¥560.0 ¥549.1 ¥591.1 ¥602.7 ¥632.3 ¥624.4 ¥601.0 ¥604.1 ¥642.6 ¥640.1 ¥626.6 ¥633.8 ¥597.3 ¥612.1 ¥573.9 ¥533.1 ¥521.0 966.5 1,008.2 1,096.3 1,036.7 1,013.3 1,026.1 1,126.1 1,203.4 1,304.1 1,407.6 1,101.8 1,119.4 1,128.0 1,155.3 1,172.4 1,199.3 1,205.6 1,236.4 1,270.6 1,288.4 1,306.6 1,350.9 1,354.7 1,379.5 1,441.2 1,455.0 1,170.3 1,304.4 1,475.8 1,435.8 1,484.6 1,545.0 1,719.9 1,821.5 1,928.6 1,967.6 1,650.9 1,710.5 1,730.8 1,787.7 1,796.8 1,800.3 1,809.7 1,879.0 1,910.7 1,915.0 1,940.4 1,948.2 1,966.8 1,953.4 1,974.3 1,975.9 1,624.4 1,686.9 1,721.6 1,780.3 1,858.8 1,904.8 1,931.8 1,946.3 1,981.4 2,022.4 1,925.4 1,931.8 1,939.4 1,930.6 1,936.8 1,942.5 1,957.6 1,948.2 1,971.8 1,976.5 1,980.2 1,997.2 1,994.7 2,014.8 2,033.6 2,046.7 1 GDP less exports of goods and services plus imports of goods and services. NOTE.—Because of the formula used for calculating real GDP, the chained (2000) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates. Total National defense Nondefense 561.2 573.7 578.8 601.4 643.4 687.1 715.9 726.5 742.3 754.9 709.5 713.7 724.5 716.0 721.0 722.2 737.3 725.5 740.4 737.4 739.2 752.3 740.2 751.0 764.0 764.5 365.3 372.2 370.3 384.9 413.2 449.0 475.0 482.4 491.5 505.1 470.2 472.5 484.8 472.7 478.1 481.1 492.7 477.7 485.5 488.2 486.4 505.8 491.6 501.7 513.9 513.1 195.9 201.5 208.5 216.5 230.2 238.0 240.7 243.9 250.7 249.5 239.1 241.0 239.4 243.2 242.7 240.9 244.3 247.8 254.8 249.0 252.7 246.1 248.4 248.9 249.6 251.0 State and local 1,063.0 1,113.2 1,142.8 1,179.0 1,215.4 1,217.8 1,215.8 1,219.6 1,239.0 1,267.4 1,215.9 1,218.1 1,214.7 1,214.4 1,215.7 1,220.1 1,220.3 1,222.5 1,231.3 1,238.9 1,240.9 1,244.9 1,254.2 1,263.5 1,269.6 1,282.0 Final sales of domestic product Gross domestic purchases 1 Addendum: Gross national product 8,997.6 9,404.0 9,760.5 9,920.9 10,036.5 10,285.1 10,619.8 10,966.9 11,275.9 11,558.0 10,507.1 10,568.5 10,666.6 10,737.0 10,813.0 10,940.4 11,064.8 11,049.5 11,196.1 11,252.1 11,279.7 11,375.8 11,411.6 11,512.8 11,626.4 11,681.3 9,272.5 9,767.7 10,196.4 10,290.1 10,517.7 10,815.5 11,261.4 11,613.1 11,937.1 12,122.7 11,086.3 11,216.9 11,322.8 11,419.2 11,493.8 11,546.9 11,670.0 11,742.0 11,871.3 11,926.1 11,963.6 11,987.1 12,018.7 12,088.9 12,188.3 12,194.8 9,088.7 9,504.7 9,855.9 9,933.6 10,079.0 10,355.3 10,746.0 11,064.7 11,370.1 .............. 10,633.0 10,701.4 10,804.9 10,844.4 10,941.9 11,014.7 11,151.2 11,151.1 11,294.0 11,362.5 11,375.9 11,447.8 11,466.7 11,580.0 11,744.6 .............. Source: Department of Commerce, Bureau of Economic Analysis. IMPLICIT PRICE DEFLATORS FOR GROSS DOMESTIC PRODUCT [Index numbers, 2000=100; quarterly data are seasonally adjusted] Personal consumption expenditures Gross domestic product hsrobinson on PROD1PC76 with HEARING Period 1998 ................. 1999 ................. 2000 ................. 2001 ................. 2002 ................. 2003 ................. 2004 ................. 2005 ................. 2006 ................. 2007 p ................ 2004: I ............ II ........... III ......... IV .......... 2005: I ............ II ........... III ......... IV .......... 2006: I ............ II ........... III ......... IV .......... 2007: I ............ II ........... III ......... IV p ........ 96.472 97.868 100.000 102.399 104.187 106.404 109.462 113.000 116.567 119.674 108.175 109.178 109.793 110.671 111.726 112.446 113.405 114.389 115.357 116.347 117.026 117.522 118.745 119.519 119.826 120.582 Total 95.979 97.575 100.000 102.094 103.542 105.597 108.391 111.587 114.675 117.590 107.157 108.171 108.695 109.512 110.110 111.027 112.196 112.981 113.474 114.665 115.401 115.139 116.125 117.341 117.868 119.002 Durable goods Nondurable goods 104.152 101.625 100.000 98.113 95.767 92.366 90.695 90.018 88.856 87.271 90.938 90.991 90.416 90.452 90.472 90.376 89.737 89.493 89.279 89.114 88.832 88.218 87.803 87.493 87.095 86.709 Gross private domestic investment Services 93.821 96.174 100.000 101.531 102.090 104.145 107.626 111.561 114.989 118.349 105.912 107.521 107.892 109.141 109.218 110.553 113.098 113.315 113.399 115.761 116.577 114.211 115.621 118.414 118.753 120.587 Nonresidential fixed 95.318 97.393 100.000 103.256 106.019 109.379 112.929 116.725 120.725 124.579 111.574 112.524 113.397 114.189 115.194 116.155 117.089 118.424 119.307 120.244 121.202 122.115 123.244 124.047 124.914 126.086 101.421 100.057 100.000 99.683 99.513 99.591 100.896 103.778 106.962 108.294 100.112 100.713 101.029 101.666 102.799 103.425 103.836 105.002 106.018 106.759 107.262 107.785 108.297 108.289 108.136 108.452 Exports and imports of Government consumption expenditures goods and services and gross investment Federal Residential fixed 92.239 95.780 100.000 104.633 107.240 112.372 120.587 128.653 134.287 135.544 116.979 119.460 121.932 123.773 125.755 126.884 129.560 132.247 133.555 134.163 134.427 135.118 135.779 135.502 135.409 135.460 Exports Imports Total 98.905 98.313 100.000 99.625 99.272 101.429 104.997 108.803 112.537 116.538 103.549 104.768 105.257 106.346 107.537 108.491 109.154 109.963 110.705 112.337 113.620 113.403 114.412 115.891 116.971 118.701 95.354 95.960 100.000 97.497 96.342 99.686 104.526 111.117 115.610 119.589 102.010 103.822 105.154 106.913 107.518 110.033 112.778 113.996 113.564 116.334 117.688 114.834 115.114 118.408 120.572 124.227 94.512 96.883 100.000 101.908 105.632 110.095 115.322 120.914 125.622 129.268 113.636 115.158 115.857 116.616 119.834 120.507 121.530 121.767 124.460 125.684 126.095 126.242 127.884 129.096 129.619 130.425 Source: Department of Commerce, Bureau of Economic Analysis. 2 VerDate Aug 31 2005 20:33 Feb 14, 2008 Jkt 040678 PO 00000 Frm 00002 Fmt 3401 Sfmt 3401 E:\HR\OC\ECOIND.002 ECOIND National defense Nondefense State and local 94.643 96.886 100.000 102.002 105.792 110.751 115.932 122.034 127.026 130.697 114.104 115.672 116.515 117.412 120.843 121.586 122.651 123.042 125.797 127.100 127.611 127.575 129.146 130.446 131.063 132.061 94.269 96.880 100.000 101.738 105.345 108.898 114.218 118.807 122.959 126.563 112.812 114.247 114.656 115.141 117.950 118.481 119.423 119.355 121.931 122.997 123.213 123.724 125.512 126.549 126.885 127.295 92.935 95.667 100.000 102.868 105.434 109.712 114.431 121.758 128.370 135.361 112.089 113.371 115.079 117.192 118.675 120.439 122.820 125.080 125.932 127.991 129.265 130.266 132.492 134.580 135.963 138.340 GROSS DOMESTIC PRODUCT AND RELATED PRICE MEASURES: INDEXES AND PERCENT CHANGES [Quarterly data are seasonally adjusted] Percent change from preceding period 1 Index numbers, 2000=100 Personal consumption expenditures (PCE) Gross domestic product (GDP) Personal consumption expenditures (PCE) Gross domestic product (GDP) Period 1998 .................................... 1999 .................................... 2000 .................................... 2001 .................................... 2002 .................................... 2003 .................................... 2004 .................................... 2005 .................................... 2006 .................................... 2007 p .................................. 2003: I ............................... II ............................. III ............................ IV ............................ 2004: I ............................... II ............................. III ............................ IV ............................ 2005: I ............................... II ............................. III ............................ IV ............................ 2006: I ............................... II ............................. III ............................ IV ............................ 2007: I ............................... II ............................. III ............................ IV p ........................... 1 Quarterly Real GDP (chain-type quantity index) GDP chain-type price index 92.359 96.469 100.000 100.751 102.362 104.931 108.748 112.086 115.304 117.829 103.148 104.031 105.926 106.621 107.402 108.325 109.287 109.977 110.812 111.583 112.808 113.143 114.482 115.175 115.481 116.080 116.254 117.349 118.763 118.951 96.475 97.868 100.000 102.402 104.193 106.409 109.462 113.005 116.568 119.678 105.742 106.076 106.616 107.204 108.180 109.185 109.807 110.677 111.745 112.455 113.422 114.398 115.363 116.350 117.030 117.527 118.750 119.527 119.837 120.597 GDP implicit price deflator PCE (chain-type price index) PCE less food and energy price index 95.978 97.575 100.000 102.094 103.542 105.597 108.392 111.588 114.675 117.588 105.059 105.235 105.851 106.242 107.163 108.179 108.703 109.521 110.119 111.037 112.205 112.989 113.480 114.670 115.406 115.143 116.129 117.345 117.873 119.006 96.895 98.343 100.000 101.904 103.705 105.175 107.338 109.670 112.130 114.496 104.589 104.922 105.384 105.806 106.442 107.142 107.601 108.169 108.858 109.422 109.878 110.520 111.078 111.871 112.519 113.052 113.730 114.116 114.682 115.456 96.472 97.868 100.000 102.399 104.187 106.404 109.462 113.000 116.567 119.674 105.724 106.062 106.611 107.190 108.175 109.178 109.793 110.671 111.726 112.446 113.405 114.389 115.357 116.347 117.026 117.522 118.745 119.519 119.826 120.582 percent changes are at annual rates. Real GDP (chain-type quantity index) GDP (current dollars) 5.3 6.0 5.9 3.2 3.4 4.7 6.6 6.4 6.1 4.9 4.4 4.8 9.7 4.9 6.8 7.4 6.0 5.9 7.1 5.5 8.1 4.8 8.4 6.0 3.4 3.8 4.9 6.6 6.0 3.2 GDP chain-type price index 4.2 4.5 3.7 .8 1.6 2.5 3.6 3.1 2.9 2.2 1.2 3.5 7.5 2.7 3.0 3.5 3.6 2.5 3.1 2.8 4.5 1.2 4.8 2.4 1.1 2.1 .6 3.8 4.9 .6 1.1 1.4 2.2 2.4 1.7 2.1 2.9 3.2 3.2 2.7 3.1 1.3 2.1 2.2 3.7 3.8 2.3 3.2 3.9 2.6 3.5 3.5 3.4 3.5 2.4 1.7 4.2 2.6 1.0 2.6 GDP implicit price deflator 1.1 1.4 2.2 2.4 1.7 2.1 2.9 3.2 3.2 2.7 3.2 1.3 2.1 2.2 3.7 3.8 2.3 3.2 3.9 2.6 3.5 3.5 3.4 3.5 2.4 1.7 4.2 2.6 1.0 2.5 PCE (chain-type price index) PCE less food and energy price index 0.9 1.7 2.5 2.1 1.4 2.0 2.6 2.9 2.8 2.5 3.1 .7 2.4 1.5 3.5 3.8 2.0 3.0 2.2 3.4 4.3 2.8 1.7 4.3 2.6 ¥.9 3.5 4.3 1.8 3.9 1.3 1.5 1.7 1.9 1.8 1.4 2.1 2.2 2.2 2.1 1.1 1.3 1.8 1.6 2.4 2.7 1.7 2.1 2.6 2.1 1.7 2.4 2.0 2.9 2.3 1.9 2.4 1.4 2.0 2.7 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 Current dollars Chained (2000) dollars 4,401.8 4,655.0 4,950.8 5,272.2 5,293.5 5,371.7 5,558.4 5,956.4 6,319.4 6,689.4 5,778.1 5,907.6 6,038.5 6,101.4 6,170.9 6,291.1 6,349.9 6,465.6 6,594.1 6,639.8 6,739.1 6,784.5 6,865.0 6,938.0 6,988.4 4,469.3 4,725.4 5,011.0 5,272.2 5,224.5 5,269.7 5,387.5 5,652.3 5,806.6 6,012.1 5,546.9 5,618.5 5,721.3 5,722.6 5,727.5 5,802.8 5,808.3 5,887.8 5,966.9 5,965.7 6,039.7 6,076.2 6,089.6 6,133.4 6,202.3 hsrobinson on PROD1PC76 with HEARING 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2004: ........................................................ ........................................................ ........................................................ ........................................................ ........................................................ ........................................................ ........................................................ ........................................................ ........................................................ ........................................................ I ................................................... II ................................................. III ................................................ IV ................................................ 2005: I ................................................... II ................................................. III ................................................ IV ................................................ 2006: I ................................................... II ................................................. III ................................................ IV ................................................ 2007: I ................................................... II ................................................. III ................................................ Total Compensation of employees (unit labor cost) 0.985 .985 .988 1.000 1.013 1.019 1.032 1.054 1.088 1.113 1.042 1.051 1.055 1.066 1.077 1.084 1.093 1.098 1.105 1.113 1.116 1.117 1.127 1.131 1.127 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. Total 0.629 .645 .652 .672 .688 .685 .687 .684 .702 .718 .680 .681 .681 .693 .697 .695 .709 .709 .712 .716 .713 .731 .738 .738 .739 0.228 .226 .229 .237 .257 .253 .253 .250 .257 .260 .249 .249 .248 .251 .254 .255 .262 .257 .256 .261 .259 .261 .261 .261 .260 Consumption of fixed capital Taxes on production and imports 3 Net interest and miscellaneous payments 0.105 .104 .105 .108 .124 .122 .122 .122 .128 .129 .120 .120 .125 .121 .122 .123 .139 .127 .126 .129 .129 .130 .131 .130 .129 0.095 .092 .092 .093 .094 .099 .103 .103 .106 .109 .104 .104 .099 .106 .108 .109 .100 .108 .108 .109 .108 .109 .108 .109 .109 0.028 .030 .032 .036 .039 .032 .028 .025 .023 .022 .025 .025 .024 .024 .024 .023 .023 .022 .022 .023 .022 .022 .022 .022 .022 Corporate profits with inventory valuation and capital consumption adjustments 4 Total 0.128 .114 .107 .090 .068 .081 .091 .121 .129 .135 .112 .121 .125 .123 .126 .134 .123 .133 .137 .137 .143 .125 .128 .131 .128 Taxes on corporate income 0.036 .034 .034 .032 .021 .018 .025 .034 .045 .048 .031 .034 .035 .035 .044 .045 .045 .048 .047 .048 .050 .047 .049 .052 .050 Profits after tax 5 0.092 .080 .073 .058 .047 .063 .066 .087 .084 .087 .081 .087 .090 .088 .083 .090 .078 .085 .090 .089 .094 .078 .079 .079 .078 3 Less subsidies plus business current transfer payments. profits from current production. inventory valuation and capital consumption adjustments. Source: Department of Commerce, Bureau of Economic Analysis. 4 Unit 5 With 3 VerDate Aug 31 2005 20:33 Feb 14, 2008 Jkt 040678 PO 00000 Frm 00003 Fmt 3401 Sfmt 3401 E:\HR\OC\ECOIND.003 ECOIND NATIONAL INCOME [Billions of dollars; quarterly data at seasonally adjusted annual rates] Proprietors’ income 1 National income Period 1998 ........... 1999 ........... 2000 ........... 2001 ........... 2002 ........... 2003 ........... 2004 ........... 2005 ........... 2006 ........... 2007 p ......... 2004: I ...... II .... III ... IV ... 2005: I ...... II .... III ... IV ... 2006: I ...... II .... III ... IV ... 2007: I ...... II ..... III ... IV p .. 1 With 7,752.8 8,236.7 8,795.2 8,979.8 9,229.3 9,632.3 10,306.8 10,887.6 11,655.6 ................ 10,090.0 10,248.0 10,317.8 10,571.3 10,768.5 10,903.0 10,714.6 11,164.5 11,473.6 11,618.7 11,685.6 11,844.6 12,010.5 12,196.8 12,306.0 ................ Compensation of employees 5,019.4 5,357.1 5,782.7 5,942.1 6,091.2 6,325.4 6,656.4 7,029.6 7,448.3 7,878.0 6,505.6 6,596.7 6,709.7 6,813.6 6,890.5 6,961.3 7,088.5 7,178.3 7,328.7 7,371.9 7,442.5 7,649.9 7,764.9 7,826.9 7,917.7 8,002.5 Farm 29.4 28.6 22.7 19.7 10.6 29.2 37.3 30.8 19.4 36.5 40.3 39.6 33.0 36.5 30.1 34.0 30.9 28.2 20.8 14.6 18.1 23.9 29.1 33.1 38.6 45.2 Nonfarm 598.4 649.7 705.7 752.2 757.8 782.1 874.3 939.1 987.4 1,006.4 839.1 869.1 881.1 908.0 918.6 937.1 936.2 964.4 979.3 998.9 985.5 985.8 998.3 1,005.3 1,010.0 1,012.1 Corporate profits with inventory valuation and capital consumption adjustments Rental income of persons with capital consumption adjustment Capital consumption adjustment Net interest and miscellaneous payments Taxes on production and imports 63.1 74.5 58.6 48.1 120.1 98.7 69.7 ¥170.6 ¥215.8 ¥235.1 89.4 79.7 59.0 50.5 ¥136.3 ¥155.2 ¥197.5 ¥193.5 ¥193.3 ¥209.1 ¥223.7 ¥237.0 ¥227.9 ¥234.4 ¥237.4 ¥240.8 487.1 495.4 559.0 566.3 520.9 524.7 491.2 558.0 598.5 603.2 497.3 491.8 483.9 491.8 534.0 546.7 568.5 583.0 592.9 611.0 594.2 596.0 599.6 592.4 599.3 621.6 639.8 674.0 708.9 728.6 762.8 807.2 863.8 921.6 967.3 1,009.1 844.8 857.1 867.8 885.5 899.5 917.7 930.0 939.2 953.3 965.9 971.2 978.9 990.8 1,004.1 1,014.4 1,027.1 Profits with inventory valuation adjustment and without capital consumption adjustment Total 137.5 147.3 150.3 167.4 152.9 133.0 118.4 42.9 54.5 64.9 140.4 126.0 105.5 101.7 87.6 74.5 ¥49.8 59.3 59.0 55.4 52.9 50.9 53.2 62.1 68.4 76.0 801.6 851.3 817.9 767.3 886.3 993.1 1,231.2 1,372.8 1,553.7 ............ 1,184.0 1,227.4 1,218.7 1,294.8 1,376.7 1,404.0 1,297.9 1,412.5 1,515.5 1,575.5 1,592.5 1,531.2 1,547.7 1,642.4 1,621.9 ............ Total Profits before tax Inventory valuation adjustment 738.5 776.8 759.3 719.2 766.2 894.5 1,161.6 1,543.4 1,769.5 ............ 1,094.6 1,147.7 1,159.7 1,244.3 1,513.0 1,559.3 1,495.4 1,605.9 1,708.8 1,784.6 1,816.2 1,768.2 1,775.6 1,876.8 1,859.4 ............ 718.3 775.9 773.4 707.9 768.4 908.1 1,204.7 1,579.6 1,805.8 ............ 1,128.3 1,199.6 1,199.3 1,291.5 1,558.3 1,578.7 1,528.3 1,653.0 1,740.2 1,842.3 1,851.4 1,789.2 1,815.8 1,931.5 1,879.7 ............ 20.2 1.0 ¥14.1 11.3 ¥2.2 ¥13.6 ¥43.1 ¥36.2 ¥36.3 .............. ¥33.7 ¥51.9 ¥39.6 ¥47.2 ¥45.3 ¥19.4 ¥32.9 ¥47.0 ¥31.4 ¥57.7 ¥35.2 ¥21.0 ¥40.2 ¥54.7 ¥20.3 .............. inventory valuation and capital consumption adjustments. Less: Subsidies Business current transfer payments Current surplus of government enterprises 35.4 44.2 44.3 55.3 38.4 47.9 44.6 58.5 49.7 47.0 43.7 42.9 44.2 47.6 54.3 58.1 59.6 62.2 53.2 49.7 48.3 47.8 47.0 47.3 46.6 47.1 64.7 67.4 87.1 92.8 84.3 83.8 83.0 66.5 90.2 94.2 84.8 86.6 67.0 93.6 94.3 96.1 ¥.3 75.8 89.1 88.6 91.4 91.8 91.8 92.8 94.4 97.6 10.3 10.1 5.3 ¥1.4 .9 1.7 ¥4.2 ¥15.1 ¥13.9 ¥14.5 ¥2.5 ¥3.3 ¥4.7 ¥6.5 ¥8.5 ¥10.4 ¥27.7 ¥13.9 ¥11.7 ¥13.4 ¥14.5 ¥16.0 ¥17.8 ¥15.0 ¥12.2 ¥12.9 Source: Department of Commerce, Bureau of Economic Analysis. REAL PERSONAL CONSUMPTION EXPENDITURES [Billions of chained (2000) dollars, except as noted; quarterly data at seasonally adjusted annual rates] Durable goods Total personal consumption expenditures hsrobinson on PROD1PC76 with HEARING Period 1998 ............... 1999 ............... 2000 ............... 2001 ............... 2002 ............... 2003 ............... 2004 ............... 2005 ............... 2006 ............... 2007 p .............. 2004: I .......... II ......... III ....... IV ........ 2005: I .......... II ......... III ....... IV ........ 2006: I .......... II ......... III ....... IV ........ 2007: I .......... II ......... III ....... IV p ...... 6,125.8 6,438.6 6,739.4 6,910.4 7,099.3 7,295.3 7,561.4 7,803.6 8,044.1 8,276.2 7,475.1 7,520.5 7,585.5 7,664.3 7,709.4 7,775.2 7,852.8 7,876.9 7,961.9 8,009.3 8,063.3 8,141.2 8,215.7 8,244.3 8,302.2 8,342.7 Total durable goods 720.3 804.6 863.3 900.7 964.8 1,020.6 1,084.8 1,137.4 1,180.5 1,237.0 1,066.2 1,071.3 1,091.5 1,110.1 1,116.0 1,146.3 1,163.5 1,123.8 1,167.8 1,170.2 1,186.3 1,197.6 1,223.2 1,228.4 1,241.9 1,254.7 Motor vehicles and parts 339.0 372.4 386.5 405.8 429.0 442.1 450.8 451.3 437.3 447.0 448.9 445.7 450.9 457.8 449.6 464.4 470.7 420.4 435.7 434.3 439.5 439.6 451.5 448.2 442.3 445.9 Furniture and household equipment 244.7 280.7 312.9 331.8 364.3 397.8 445.1 492.2 550.9 594.9 429.1 438.8 451.7 460.8 472.6 483.4 499.0 513.8 536.8 544.4 555.4 566.9 579.9 585.9 601.0 612.7 Nondurable goods Other 137.6 151.7 163.9 163.2 172.4 183.2 195.1 205.5 213.9 222.7 193.0 192.9 195.9 198.7 202.9 207.3 204.6 207.4 214.5 212.4 213.6 215.2 216.6 220.2 227.2 226.7 Total nondurable goods 1,794.4 1,876.6 1,947.2 1,986.7 2,037.1 2,103.0 2,177.6 2,255.4 2,337.7 2,393.8 2,156.7 2,164.9 2,181.4 2,207.5 2,226.8 2,247.2 2,260.9 2,286.8 2,312.3 2,325.6 2,343.9 2,368.8 2,386.6 2,383.8 2,396.8 2,408.0 865.6 893.6 925.2 940.2 954.6 977.7 1,009.4 1,050.0 1,091.8 1,117.2 1,000.8 1,003.4 1,008.9 1,024.7 1,032.9 1,043.1 1,056.3 1,067.6 1,080.7 1,084.4 1,091.4 1,110.7 1,115.3 1,111.4 1,115.0 1,127.3 1 Includes other items, not shown separately. NOTE.—Because of the formula used for calculating real GDP, the chained (2000) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates. Gasoline and oil Clothing and shoes Food 263.1 282.7 297.7 303.7 318.3 334.2 350.7 372.6 391.1 409.4 349.5 345.6 350.2 357.5 363.4 372.3 372.3 382.3 386.2 388.0 393.3 397.0 405.1 407.5 413.7 411.5 170.3 176.3 175.7 178.3 181.9 183.2 186.7 186.1 186.8 183.2 186.0 187.2 186.5 187.0 187.8 186.1 184.3 186.1 187.2 187.1 188.3 184.8 184.1 182.8 183.2 182.6 Services Fuel oil and coal 16.0 16.4 15.8 15.2 15.5 15.4 14.6 13.2 12.0 13.1 14.9 14.7 14.6 14.0 14.2 13.5 13.0 12.3 11.6 12.1 11.8 12.4 14.1 13.1 12.4 12.8 Total services 1 Other 481.1 508.6 532.9 549.2 567.1 593.2 618.0 639.1 662.2 686.9 607.1 615.0 623.0 626.9 631.7 637.4 641.1 646.2 655.3 663.4 669.5 676.5 681.7 684.7 690.2 690.9 3,615.0 3,758.0 3,928.8 4,023.2 4,100.4 4,178.8 4,311.0 4,427.3 4,545.5 4,671.3 4,262.9 4,294.6 4,325.2 4,361.1 4,381.3 4,401.3 4,449.1 4,477.5 4,501.0 4,531.6 4,554.0 4,595.5 4,630.7 4,656.7 4,689.5 4,708.2 20:33 Feb 14, 2008 Jkt 040678 PO 00000 Frm 00004 Fmt 3401 948.8 978.6 1,006.5 1,033.7 1,042.1 1,051.9 1,083.8 1,118.3 1,148.3 1,175.8 1,073.3 1,079.7 1,087.1 1,095.1 1,104.4 1,113.9 1,123.3 1,131.6 1,139.7 1,146.0 1,151.0 1,156.6 1,163.7 1,171.6 1,178.9 1,189.0 Source: Department of Commerce, Bureau of Economic Analysis. 4 VerDate Aug 31 2005 Housing Sfmt 3401 E:\HR\OC\ECOIND.004 ECOIND Medical care 970.7 989.0 1,026.8 1,075.2 1,136.6 1,180.8 1,216.5 1,258.2 1,300.3 1,334.9 1,199.0 1,210.3 1,223.2 1,233.5 1,240.4 1,250.3 1,264.0 1,278.1 1,291.2 1,298.2 1,301.4 1,310.5 1,323.2 1,330.8 1,338.0 1,347.5 Retail sales of new passenger cars and light trucks (millions of units) 15.5 16.9 17.3 17.1 16.8 16.6 16.9 16.9 16.5 16.1 16.6 16.7 17.0 17.2 16.5 17.3 17.9 16.0 16.8 16.4 16.5 16.3 16.4 16.0 15.9 16.1 SOURCES OF PERSONAL INCOME Personal income rose $55.1 billion (annual rate) in December following an increase of $47.6 billion in November. Wages and salaries rose $25.1 billion in December following an increase of $38.5 billion in November. [Billions of dollars; monthly data at seasonally adjusted annual rates] Compensation of employees, received Period 1998 ................. 1999 ................. 2000 ................. 2001 ................. 2002 ................. 2003 ................. 2004 ................. 2005 ................. 2006 ................. 2007 p ................ 2006: Dec ........ 2007: Jan ........ Feb ........ Mar ........ Apr ........ May ....... June ...... July ....... Aug ....... Sept ....... Oct r ....... Nov r ...... Dec p ...... 1 With Total 7,423.0 7,802.4 8,429.7 8,724.1 8,881.9 9,163.6 9,727.2 10,301.1 10,983.4 11,667.3 11,272.9 11,375.5 11,467.5 11,564.7 11,529.8 11,575.7 11,626.5 11,693.1 11,746.7 11,800.4 11,825.7 11,873.3 11,928.4 5,020.1 5,352.0 5,782.7 5,942.1 6,091.2 6,310.4 6,671.4 7,024.6 7,440.8 7,859.2 7,646.4 7,712.1 7,761.5 7,821.1 7,776.5 7,796.8 7,832.3 7,861.0 7,885.3 7,931.7 7,937.9 7,982.3 8,012.3 Wage and salary disbursements 4,183.4 4,466.3 4,829.2 4,942.8 4,980.9 5,112.7 5,394.5 5,667.9 6,018.2 6,367.4 6,193.0 6,248.4 6,291.2 6,343.6 6,298.3 6,314.1 6,344.2 6,366.9 6,386.6 6,427.1 6,428.9 6,467.4 6,492.5 836.7 885.7 953.4 999.3 1,110.3 1,197.7 1,276.9 1,356.8 1,422.6 1,491.8 1,453.5 1,463.7 1,470.3 1,477.5 1,478.3 1,482.6 1,488.1 1,494.1 1,498.7 1,504.7 1,509.0 1,514.9 1,519.7 Farm 29.4 28.6 22.7 19.7 10.6 29.2 37.3 30.8 19.4 36.5 25.0 27.2 29.5 30.5 31.9 33.1 34.4 36.2 38.7 41.0 42.7 45.0 47.9 Nonfarm Personal income receipts on assets Rental income of persons 2 598.4 649.7 705.7 752.2 757.8 782.1 874.3 939.1 987.4 1,006.4 994.5 992.6 1,000.1 1,002.3 1,003.1 1,006.1 1,006.7 1,015.1 1,012.0 1,002.9 1,007.3 1,015.9 1,013.1 inventory valuation and capital consumption adjustments. capital consumption adjustment. mainly of social insurance benefits to persons. 137.5 147.3 150.3 167.4 152.9 133.0 118.4 42.9 54.5 64.9 50.0 51.2 53.0 55.4 58.3 61.6 66.5 66.9 68.3 70.1 73.1 76.0 78.9 Total 1,283.2 1,264.2 1,387.0 1,380.0 1,333.2 1,336.6 1,432.1 1,617.8 1,796.5 1,947.2 1,837.2 1,859.5 1,882.5 1,906.6 1,918.4 1,930.1 1,941.5 1,959.0 1,976.3 1,993.2 1,996.4 1,999.7 2,002.8 Personal interest income Personal dividend income 933.2 928.6 1,011.0 1,011.0 936.1 914.1 895.1 1,018.9 1,100.2 1,154.7 1,095.3 1,110.7 1,126.1 1,141.5 1,145.0 1,148.4 1,151.8 1,161.5 1,171.1 1,180.8 1,176.9 1,173.0 1,169.1 349.9 335.6 376.1 369.0 397.2 422.6 537.0 598.9 696.3 792.5 741.9 748.8 756.4 765.0 773.4 781.7 789.7 797.5 805.1 812.4 819.5 826.6 833.7 Personal current transfer receipts 3 978.6 1,022.1 1,084.0 1,193.9 1,286.2 1,351.0 1,422.5 1,520.7 1,612.5 1,731.4 1,669.5 1,696.4 1,710.4 1,725.3 1,711.4 1,719.7 1,720.4 1,733.2 1,746.6 1,747.1 1,754.1 1,745.2 1,767.2 Less: Contributions for government social insurance 624.2 661.4 702.7 731.1 750.0 778.6 828.8 874.8 927.6 978.4 949.7 963.5 969.5 976.6 969.9 971.6 975.2 978.4 980.4 985.7 985.7 990.7 993.9 Source: Department of Commerce, Bureau of Economic Analysis. 3 Consists 5 VerDate Aug 31 2005 20:33 Feb 14, 2008 Jkt 040678 PO 00000 Frm 00005 Fmt 3401 Sfmt 3401 E:\HR\OC\ECOIND.005 ECOIND g:\graphics\eecoind.005 hsrobinson on PROD1PC76 with HEARING 2 With Total personal income Supplements to wages and salaries Proprietors’ income 1 DISPOSITION OF PERSONAL INCOME According to advance estimates, per capita disposable personal income in chained (2000) dollars fell at an annual rate of 0.7 percent in the fourth quarter of 2007. Personal income Period Less: Personal current taxes Equals: Disposable personal income Less: Personal outlays 1 Disposable personal income in billions of chained (2000) dollars Equals: Personal saving Per capita disposable personal income Current dollars Billions of dollars 1998 ............ 7,423.0 1999 ............ 7,802.4 2000 r .......... 8,429.7 2001 r .......... 8,724.1 2002 r .......... 8,881.9 2003 r .......... 9,163.6 2004 r .......... 9,727.2 2005 r .......... 10,301.1 2006 r .......... 10,983.4 2007 p .......... 11,667.3 Chained (2000) dollars Per capita personal consumption expenditures Current dollars Chained (2000) dollars Dollars 1,027.0 6,395.9 6,119.1 1,107.5 6,695.0 6,536.4 1,235.7 7,194.0 7,025.6 1,237.3 7,486.8 7,354.5 1,051.8 7,830.1 7,645.3 1,001.1 8,162.5 7,987.7 1,046.3 8,680.9 8,499.2 1,209.1 9,092.0 9,047.4 1,354.3 9,629.1 9,590.3 1,483.3 10,184.0 10,131.7 276.8 158.6 168.5 132.3 184.7 174.9 181.7 44.6 38.8 52.3 6,663.9 6,861.3 7,194.0 7,333.3 7,562.2 7,729.9 8,008.9 8,147.9 8,396.9 8,660.6 23,161 23,968 25,472 26,235 27,167 28,053 29,563 30,677 32,183 33,712 Percent change in real per capita disposable personal income Saving as percent of disposable personal income Population, including Armed Forces overseas (thousands) 2 Percent 24,131 24,564 25,472 25,697 26,238 26,566 27,274 27,492 28,064 28,669 21,291 22,491 23,862 24,722 25,504 26,476 27,911 29,381 30,831 32,216 22,183 23,050 23,862 24,215 24,632 25,073 25,750 26,330 26,885 27,397 4.6 1.8 3.7 .9 2.1 1.3 2.7 .8 2.1 2.2 4.3 2.4 2.3 1.8 2.4 2.1 2.1 .5 .4 .5 276,154 279,328 282,433 285,372 288,215 290,964 293,644 296,373 299,199 302,087 27,028 27,127 27,253 27,683 27,391 27,506 27,350 27,721 27,991 27,943 27,989 28,336 28,650 28,532 28,773 28,722 27,375 27,740 28,045 28,479 28,742 29,167 29,693 29,918 30,307 30,739 31,064 31,209 31,695 32,068 32,355 32,741 25,547 25,645 25,802 26,005 26,103 26,270 26,465 26,480 26,709 26,807 26,918 27,106 27,294 27,329 27,450 27,513 2.9 1.5 1.9 6.5 ¥4.2 1.7 ¥2.2 5.5 4.0 ¥.7 .7 5.1 4.5 ¥1.6 3.4 ¥.7 2.1 2.0 1.8 2.5 1.0 .8 ¥.5 .8 .9 .3 .0 .4 1.0 .3 .6 .2 292,605 293,256 293,991 294,722 295,342 295,969 296,719 297,462 298,101 298,774 299,568 300,351 301,004 301,667 302,452 303,226 2004: I r ..... II r .... III r .. IV r ... 2005: I r ..... II r .... III r .. IV r ... 2006: I r ..... II r .... III r .. IV r ... 2007: I r ..... II r .... III r .. IV p ... 9,482.8 9,629.6 9,770.9 10,025.5 10,074.1 10,234.1 10,328.6 10,567.4 10,787.1 10,915.5 11,030.9 11,200.2 11,469.2 11,577.3 11,746.7 11,875.8 1,008.1 1,024.5 1,062.1 1,090.7 1,166.4 1,195.5 1,223.5 1,251.0 1,318.6 1,342.6 1,355.2 1,401.0 1,454.7 1,477.6 1,489.2 1,511.5 8,474.7 8,299.5 8,605.1 8,432.9 8,708.9 8,553.7 8,934.8 8,710.6 8,907.7 8,819.0 9,038.6 8,970.8 9,105.1 9,153.9 9,316.4 9,245.7 9,468.5 9,384.0 9,572.9 9,542.9 9,675.8 9,677.1 9,799.2 9,757.2 10,014.5 9,917.5 10,099.7 10,069.2 10,257.5 10,200.9 10,364.3 10,339.2 175.1 172.2 155.2 224.2 88.7 67.8 ¥48.8 70.8 84.5 30.0 ¥1.4 42.0 97.0 30.5 56.7 25.1 7,908.7 7,955.1 8,012.2 8,158.8 8,089.8 8,140.9 8,115.4 8,246.0 8,344.2 8,348.6 8,384.5 8,510.7 8,623.9 8,607.1 8,702.6 8,709.3 1 Includes personal consumption expenditures, personal interest payments (nonmortgage), and personal current transfer payments. 2 Annual data are averages of quarterly data, which are averages for the period. 28,963 29,343 29,623 30,316 30,161 30,539 30,686 31,320 31,763 32,041 32,299 32,626 33,270 33,480 33,915 34,180 Note.—Per capita series reflect revised population data beginning 2000. Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census). 6 VerDate Aug 31 2005 20:33 Feb 14, 2008 Jkt 040678 PO 00000 Frm 00006 Fmt 3401 Sfmt 3401 E:\HR\OC\ECOIND.006 ECOIND g:\graphics\eecoind.006 hsrobinson on PROD1PC76 with HEARING Seasonally adjusted annual rates FARM INCOME According to the current forecast for 2007, gross farm income is forecast at $341.7 billion, and net farm income at $87.5 billion. [Billions of dollars; quarterly data at seasonally adjusted annual rates] Income of farm operators from farming Gross farm income Cash marketing receipts Total 1 Total hsrobinson on PROD1PC76 with HEARING 1998 ................................ 1999 ................................ 2000 ................................ 2001 ................................ 2002 ................................ 2003 ................................ 2004 ................................ 2005 ................................ 2006 ................................ 2007 ................................ 2005: I .......................... II ......................... III ........................ IV ........................ 2006: I .......................... II ......................... III ........................ IV ........................ 2007: I .......................... II ......................... III ........................ IV ........................ 232.6 234.9 243.7 251.9 232.8 260.0 296.0 299.6 291.5 341.7 335.3 287.3 280.0 295.7 298.3 284.4 288.3 294.9 336.3 339.3 344.6 346.7 Livestock and products 196.5 187.8 192.1 200.1 195.0 215.6 237.3 240.7 239.3 282.2 251.3 243.5 235.8 232.4 231.9 241.8 244.4 239.0 267.5 286.7 290.6 284.0 94.2 95.7 99.6 106.7 94.0 105.6 123.6 124.9 119.3 139.6 125.2 125.9 124.5 123.9 118.6 119.7 119.2 119.6 129.2 145.7 146.2 137.2 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. 3 Physical changes in beginning and ending year inventories of crop and livestock commodities valued at weighted average market prices during the period. Value of inventory changes 3 Crops 2 102.2 92.1 92.4 93.4 101.1 109.9 113.7 115.9 120.0 142.6 126.1 117.5 111.3 108.5 113.2 122.0 125.2 119.4 138.2 140.9 144.4 146.8 Direct Government payments 4 ¥0.6 ¥.2 1.6 1.1 ¥3.4 ¥2.4 11.2 ¥1.1 ¥1.6 5.8 ¥1.1 ¥1.1 ¥1.0 ¥1.0 ¥1.5 ¥1.6 ¥1.6 ¥1.6 5.5 5.9 6.0 5.8 Production expenses 12.4 21.5 23.2 22.4 12.4 16.5 13.0 24.4 15.8 12.1 48.1 9.0 10.4 30.1 31.1 5.8 6.7 19.5 23.8 4.5 5.2 14.9 185.5 187.2 193.0 196.8 192.7 200.3 210.0 222.5 232.5 254.2 232.2 225.0 218.0 214.7 225.3 234.9 237.5 232.3 241.0 258.2 261.8 255.9 Net farm income 47.1 47.7 50.7 55.0 40.1 59.7 85.9 77.1 59.0 87.5 103.1 62.3 62.1 81.0 73.0 49.5 50.9 62.7 95.3 81.1 82.8 90.9 4 Includes only Government payments made directly to farmers. NOTE.—Data for 2007 are forecasts. Source: Department of Agriculture. 7 VerDate Aug 31 2005 20:33 Feb 14, 2008 Jkt 040678 PO 00000 Frm 00007 Fmt 3401 Sfmt 3401 E:\HR\OC\ECOIND.007 ECOIND g:\graphics\eecoind.007 Period CORPORATE PROFITS In the third quarter of 2007, according to current estimates, corporate profits before tax fell $51.8 billion (annual rate) and profits after tax fell $31.2 billion. [Billions of dollars; quarterly data at seasonally adjusted annual rates] Profits (before tax) with inventory valuation adjustment 1 Profits after tax Domestic industries Nonfinancial Total 2 hsrobinson on PROD1PC76 with HEARING Total Financial Total 3 Manufacturing Utilities Wholesale Retail Total Net dividends Undistributed profits Inventory valuation adjustment 1998 .......... 738.5 635.5 165.9 469.6 173.5 ................ 52.3 73.4 718.3 248.3 470.0 351.6 118.3 20.2 1998 4 ....... 1999 .......... 2000 .......... 2001 .......... 2002 .......... 2003 .......... 2004 .......... 2005 .......... 2006 .......... 2007 p ........ 2004: I ..... II ... III .. IV .. 2005: I ..... II ... III .. IV .. 2006: I ..... II ... III .. IV .. 2007: I ..... II ... III .. IV p 738.5 776.8 759.3 719.2 766.2 894.5 1,161.6 1,543.4 1,769.5 .............. 1,094.6 1,147.7 1,159.7 1,244.3 1,513.0 1,559.3 1,495.4 1,605.9 1,708.8 1,784.6 1,816.2 1,768.2 1,775.6 1,876.8 1,859.4 .............. 635.5 655.3 613.6 549.5 610.4 729.0 968.2 1,325.2 1,512.2 .............. 892.7 959.9 954.7 1,065.4 1,309.0 1,347.6 1,255.0 1,389.3 1,466.7 1,525.2 1,566.4 1,490.4 1,477.7 1,562.1 1,518.3 .............. 165.4 194.3 200.2 227.6 276.4 317.3 348.9 423.6 505.3 ............ 347.3 350.2 292.4 405.7 464.8 429.3 364.8 435.6 478.7 521.0 500.3 521.0 493.0 546.4 514.2 ............ 470.1 461.1 413.4 322.0 334.0 411.8 619.3 901.6 1,006.9 ............ 545.4 609.7 662.4 659.6 844.2 918.4 890.2 953.8 987.9 1,004.2 1,066.1 969.5 984.7 1,015.7 1,004.1 ............ 157.0 150.6 144.3 52.6 48.2 76.0 152.7 251.2 293.4 ................ 134.2 148.3 158.4 170.0 244.2 244.9 252.5 263.1 276.1 298.0 319.5 280.2 298.9 347.0 296.8 ................ 32.7 33.1 24.4 24.7 10.6 11.6 18.6 28.4 35.7 ................ 15.2 17.8 18.6 22.8 30.2 30.4 19.9 32.9 31.7 35.3 37.8 37.8 36.4 41.2 46.4 ................ 53.2 55.5 59.7 52.1 49.3 55.2 79.2 95.2 97.0 .............. 69.0 79.6 91.4 76.8 89.0 107.4 87.2 97.4 93.3 85.4 118.1 91.1 97.8 104.9 109.8 .............. 66.4 65.2 59.6 71.0 79.4 86.8 91.1 114.4 124.5 .............. 96.2 91.1 87.7 89.2 99.6 122.6 108.5 126.9 119.4 119.6 126.9 132.1 134.3 134.4 140.2 .............. 718.3 775.9 773.4 707.9 768.4 908.1 1,204.7 1,579.6 1,805.8 ............ 1,128.3 1,199.6 1,199.3 1,291.5 1,558.3 1,578.7 1,528.3 1,653.0 1,740.2 1,842.3 1,851.4 1,789.2 1,815.8 1,931.5 1,879.7 ............ 248.3 258.6 265.2 204.1 192.6 243.3 307.4 392.9 453.9 ............ 282.5 307.1 302.5 337.3 389.0 393.8 373.1 415.6 432.8 460.0 470.4 452.4 452.5 490.1 469.4 ............ 470.0 517.2 508.2 503.8 575.8 664.8 897.3 1,186.7 1,351.9 .............. 845.8 892.5 896.7 954.2 1,169.4 1,184.9 1,155.2 1,237.3 1,307.3 1,382.4 1,381.0 1,336.8 1,363.3 1,441.4 1,410.2 .............. 351.6 337.4 377.9 370.9 399.2 424.7 539.5 601.4 698.9 795.2 473.9 500.7 528.5 654.8 566.0 588.1 612.6 638.7 662.5 685.6 711.1 736.4 759.4 784.2 807.7 829.4 118.3 179.9 130.3 132.9 176.6 240.1 357.8 585.3 653.0 .............. 371.9 391.8 368.3 299.3 603.4 596.8 542.6 598.6 644.9 696.8 670.0 600.3 603.9 657.2 602.5 .............. 20.2 1.0 ¥14.1 11.3 ¥2.2 ¥13.6 ¥43.1 ¥36.2 ¥36.3 ............ ¥33.7 ¥51.9 ¥39.6 ¥47.2 ¥45.3 ¥19.4 ¥32.9 ¥47.0 ¥31.4 ¥57.7 ¥35.2 ¥21.0 ¥40.2 ¥54.7 ¥20.3 ............ 1 See p. 4 for profits with inventory valuation and capital consumption adjustments. rest of the world, not shown separately. industries not shown separately. 2 Includes 3 Includes 4 Data by industry beginning 1998 are based on the 1997 North American Industry Classification System (NAICS) and are not directly comparable with data for prior years shown, which are based on the 1987 Standard Industrial Classification (SIC). Source: Department of Commerce, Bureau of Economic Analysis. 8 VerDate Aug 31 2005 20:33 Feb 14, 2008 Jkt 040678 PO 00000 Frm 00008 Fmt 3401 Sfmt 3401 E:\HR\OC\ECOIND.008 ECOIND g:\graphics\eecoind.008 Period Profits before tax Taxes on corporate income REAL GROSS PRIVATE DOMESTIC INVESTMENT In the fourth quarter of 2007, according to advance estimates, nonresidential fixed investment in chained (2000) dollars rose $25.4 billion (annual rate) and residential investment fell $30.6 billion. There was a decrease of $3.4 billion in inventories following an increase of $30.6 billion in the third quarter. [Billions of chained (2000) dollars; quarterly data at seasonally adjusted annual rates] Fixed investment hsrobinson on PROD1PC76 with HEARING Period Change in private inventories Nonresidential Total Total Equipment and software Residential Structures Total Nonfarm 1998 ................................................................................. 1999 ................................................................................. 2000 ................................................................................. 2001 ................................................................................. 2002 ................................................................................. 2003 ................................................................................. 2004 ................................................................................. 2005 ................................................................................. 2006 ................................................................................. 2007 p .............................................................................. 1,524.1 1,642.6 1,735.5 1,598.4 1,557.1 1,613.1 1,770.2 1,869.3 1,919.5 1,831.2 1,455.0 1,576.3 1,679.0 1,629.4 1,544.6 1,596.9 1,712.8 1,831.4 1,874.7 1,821.2 1,037.8 1,133.3 1,232.1 1,180.5 1,071.5 1,081.8 1,144.3 1,225.8 1,306.8 1,369.6 294.5 293.2 313.2 306.1 253.8 243.5 246.7 247.8 268.6 304.0 745.6 840.2 918.9 874.2 820.2 843.1 905.1 991.8 1,050.6 1,064.9 418.3 443.6 446.9 448.5 469.9 509.4 560.2 597.1 569.5 473.3 72.6 68.9 56.5 ¥31.7 12.5 14.3 54.3 33.2 40.3 8.3 71.2 71.5 57.8 ¥31.8 15.2 14.0 48.2 34.0 41.7 3.6 2004: I ............................................................................ II ........................................................................... III ......................................................................... IV .......................................................................... 1,685.3 1,766.3 1,800.5 1,828.8 1,647.9 1,698.7 1,736.7 1,767.7 1,099.1 1,127.5 1,160.7 1,189.7 242.9 246.5 248.7 248.6 861.9 887.4 920.0 951.2 540.5 561.7 567.5 570.9 35.0 64.9 60.1 57.2 30.4 50.5 55.4 56.4 2005: I ............................................................................ II ........................................................................... III ......................................................................... IV .......................................................................... 1,852.6 1,834.3 1,865.3 1,924.9 1,785.3 1,819.8 1,854.9 1,865.6 1,199.5 1,214.1 1,239.5 1,250.0 249.8 248.9 244.8 247.7 960.0 977.4 1,011.1 1,018.7 578.3 596.4 606.4 607.2 63.4 10.1 5.9 53.6 69.0 11.5 3.9 51.6 2006: I ............................................................................ II ........................................................................... III ......................................................................... IV .......................................................................... 1,945.4 1,948.5 1,928.2 1,856.2 1,901.4 1,892.3 1,869.6 1,835.5 1,289.7 1,303.2 1,319.4 1,314.8 256.5 266.4 273.3 278.3 1,050.2 1,050.1 1,057.6 1,044.4 606.1 587.5 555.0 529.4 38.4 51.4 53.9 17.4 38.0 57.6 57.6 13.6 2007: I ............................................................................ II ........................................................................... III ......................................................................... IV p ........................................................................ 1,816.9 1,837.4 1,859.9 1,810.5 1,815.2 1,829.3 1,826.0 1,814.1 1,321.7 1,356.6 1,387.3 1,412.7 282.6 299.5 311.1 322.7 1,045.3 1,057.4 1,073.5 1,083.4 506.3 490.7 463.3 432.7 .1 5.8 30.6 ¥3.4 ¥5.8 1.3 26.0 ¥6.9 NOTE.—See p. 10 for further detail on fixed investment by type. Because of the formula used for calculating real GDP, the chained (2000) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates. Source: Department of Commerce, Bureau of Economic Analysis. 9 VerDate Aug 31 2005 20:33 Feb 14, 2008 Jkt 040678 PO 00000 Frm 00009 Fmt 3401 Sfmt 3401 E:\HR\OC\ECOIND.009 ECOIND g:\graphics\eecoind.009 Gross private domestic investment REAL PRIVATE FIXED INVESTMENT BY TYPE [Billions of chained (2000) dollars; quarterly data at seasonally adjusted annual rates] Nonresidential Residential Equipment and software Period Structures Information processing equipment and software Total fixed investment Total nonresidential Structures Total Computers and peripheral equipment 1 Software Total Transportation equipment Other equipment Total residential Total 2 Single family Other Industrial equipment Equipment 1998 ........................... 1999 ........................... 2000 ........................... 2001 ........................... 2002 ........................... 2003 ........................... 2004 ........................... 2005 ........................... 2006 ........................... 2007 p .......................... 1,455.0 1,576.3 1,679.0 1,629.4 1,544.6 1,596.9 1,712.8 1,831.4 1,874.7 1,821.2 1,037.8 1,133.3 1,232.1 1,180.5 1,071.5 1,081.8 1,144.3 1,225.8 1,306.8 1,369.6 294.5 293.2 313.2 306.1 253.8 243.5 246.7 247.8 268.6 304.0 745.6 840.2 918.9 874.2 820.2 843.1 905.1 991.8 1,050.6 1,064.9 328.9 398.5 467.6 459.0 437.4 462.7 505.7 554.3 595.9 644.8 ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. 129.4 157.2 176.2 173.8 169.7 177.3 193.6 205.7 213.0 226.6 143.2 158.0 190.0 181.7 161.1 167.1 181.1 191.5 204.8 215.7 148.1 147.9 159.2 145.7 134.5 138.4 134.0 144.3 149.6 151.7 145.4 167.7 160.8 142.8 126.0 113.8 130.6 145.1 155.2 137.1 125.7 126.7 131.2 126.9 122.9 130.4 138.3 151.9 156.2 149.3 418.3 443.6 446.9 448.5 469.9 509.4 560.2 597.1 569.5 473.3 411.9 436.6 439.5 441.1 462.2 501.2 551.2 587.7 560.0 464.2 218.1 234.2 236.8 237.1 246.3 272.6 305.3 328.3 302.7 218.9 6.4 7.0 7.4 7.4 7.7 8.1 9.0 9.3 9.7 9.6 2004: I ...................... II ..................... III ................... IV .................... 1,647.9 1,698.7 1,736.7 1,767.7 1,099.1 1,127.5 1,160.7 1,189.7 242.9 246.5 248.7 248.6 861.9 887.4 920.0 951.2 494.2 499.3 507.5 521.7 ............. ............. ............. ............. 190.5 190.5 193.9 199.3 179.2 183.0 181.2 181.0 129.1 131.5 136.9 138.7 112.0 125.5 137.0 147.9 132.7 135.3 140.8 144.5 540.5 561.7 567.5 570.9 531.8 552.8 558.5 561.7 295.4 305.6 310.1 310.1 8.7 8.8 9.1 9.2 2005: I ...................... II ..................... III ................... IV .................... 1,785.3 1,819.8 1,854.9 1,865.6 1,199.5 1,214.1 1,239.5 1,250.0 249.8 248.9 244.8 247.7 960.0 977.4 1,011.1 1,018.7 537.4 548.8 560.5 570.6 ............. ............. ............. ............. 201.6 206.0 206.7 208.3 188.9 188.3 194.6 194.2 142.8 139.4 145.9 149.2 138.2 142.0 153.2 147.0 145.7 151.6 154.2 156.1 578.3 596.4 606.4 607.2 569.1 587.1 597.0 597.6 317.5 325.7 332.3 337.9 9.2 9.3 9.3 9.5 2006: I ...................... II ..................... III ................... IV .................... 1,901.4 1,892.3 1,869.6 1,835.5 1,289.7 1,303.2 1,319.4 1,314.8 256.5 266.4 273.3 278.3 1,050.2 1,050.1 1,057.6 1,044.4 589.8 592.1 602.0 599.6 ............. ............. ............. ............. 211.0 212.1 213.8 215.1 206.3 203.3 207.1 202.6 147.0 152.0 150.9 148.4 160.3 153.3 156.3 150.9 157.8 157.9 155.2 153.7 606.1 587.5 555.0 529.4 596.3 577.9 545.5 520.1 338.5 318.8 291.1 262.4 9.7 9.7 9.7 9.6 2007: I ...................... II ..................... III ................... IV p .................. 1,815.2 1,829.3 1,826.0 1,814.1 1,321.7 1,356.6 1,387.3 1,412.7 282.6 299.5 311.1 322.7 1,045.3 1,057.4 1,073.5 1,083.4 623.3 638.5 648.7 668.8 ............. ............. ............. ............. 219.9 225.6 228.0 233.0 209.2 213.4 216.8 223.6 147.3 152.9 156.0 150.5 144.8 135.3 136.3 132.2 144.8 148.0 150.2 154.2 506.3 490.7 463.3 432.7 497.1 481.6 454.3 423.8 240.2 231.2 215.5 188.7 9.6 9.5 9.6 9.6 1 For details on this component, see Survey of Current Business, Tables 5.3.6, 5.3.1 for growth rates, 5.3.2 for contributions, and 5.3.3 for quantity indexes. 2 Includes other items, not shown separately. NOTE.—Because of the formula used for calculating real GDP, the chained (2000) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates. Source: Department of Commerce, Bureau of Economic Analysis. BUSINESS INVESTMENT [Billions of dollars] Capital expenditures By industry Period Total capital expenditures Total by industry Forestry, fishing Con- Manuand Min- Utili- strucfacagriing ties turtion culing tural services ProFor Real fesscomTransesional, Health panies portaFiscien- care withWhole- Retail tion Infor- nance tate and tific, and Other 1 out sale and maand and social emtrade trade waretion insur- rental and tech- assisployhousance leasnical tance ees ing ing services hsrobinson on PROD1PC76 with HEARING For companies with employees 1996 ............................ 1997 ............................ 1998 ............................ 1999 ............................ 2000 ............................ 2001 ............................ 2002 ............................ 2003 ............................ 2004 ............................ 2005 r ........................... 2006 ............................ 807.1 .............. ........... ........ ......... .......... ........... ............ .......... ............ .......... .......... .......... .......... ........... ........... .......... 871.8 .............. ........... ........ ......... .......... ........... ............ .......... ............ .......... .......... .......... .......... ........... ........... .......... 970.9 896.5 0.9 40.4 36.0 26.9 203.6 29.2 57.3 51.3 96.5 118.2 85.2 22.3 47.1 81.7 74.4 1,047.0 974.6 1.7 30.6 42.8 23.1 196.4 32.4 64.1 57.3 122.8 130.1 100.6 29.5 51.3 91.8 72.3 1,161.0 1,089.9 1.5 42.5 61.3 25.0 214.8 33.6 69.8 59.9 160.2 133.7 92.5 34.1 52.2 108.9 71.2 1,109.0 1,052.3 1.5 51.3 82.8 24.8 192.8 30.0 66.9 57.8 144.8 131.1 82.7 30.5 52.9 102.5 56.7 997.9 917.5 1.9 42.5 65.5 24.8 157.2 26.8 59.3 47.1 88.2 128.4 94.5 25.9 59.3 96.1 80.4 975.0 886.8 1.9 50.5 54.6 23.2 149.1 26.0 65.9 44.5 80.5 120.8 88.0 24.7 61.2 96.2 88.2 1,042.1 953.2 2.1 51.3 50.4 28.6 156.7 32.3 72.2 46.1 83.5 153.6 91.6 26.7 64.6 93.6 88.9 1,144.8 1,062.5 2.7 66.7 58.0 30.1 165.6 40.6 73.5 56.9 91.4 161.4 103.0 33.1 73.8 105.6 82.2 1,309.4 1,216.6 2.7 98.3 70.0 30.3 191.0 42.9 86.9 67.4 104.6 169.4 122.4 30.3 75.4 124.9 92.8 1 Includes the following industries: Management of companies and enterprises; administrative and support and waste management; educational services; arts, entertainment, and recreation; accommodation and food services; and other services (except public administration). Also includes an item for structure and equipment expenditures serving multiple industry categories. 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. 10 VerDate Aug 31 2005 20:33 Feb 14, 2008 Jkt 040678 PO 00000 Frm 00010 Fmt 3401 Sfmt 3401 E:\HR\OC\ECOIND.010 ECOIND EMPLOYMENT, UNEMPLOYMENT, AND WAGES STATUS OF THE LABOR FORCE In January, employment was 146.2 million and unemployment was 7.6 million. [Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA] Civilian employment 1998 2 .................... 1999 2 .................... 2000 2 .................... 2001 ..................... 2002 ...................... 2003 2 .................... 2004 2 .................... 2005 2 .................... 2006 2 .................... 2007 2 .................... 2007: Jan 2 .......... Feb ............ Mar ........... Apr ............ May ........... June .......... July ........... Aug ........... Sept ........... Oct ............ Nov ............ Dec ............ 2008: Jan 2 .......... Civilian noninstitutional population (NSA) Civilian labor force 205,220 207,753 212,577 215,092 217,570 221,168 223,357 226,082 228,815 231,867 230,650 230,834 231,034 231,253 231,480 231,713 231,958 232,211 232,461 232,715 232,939 233,156 232,616 137,673 139,368 142,583 143,734 144,863 146,510 147,401 149,320 151,428 153,124 152,958 152,725 152,884 152,542 152,776 153,085 153,182 152,886 153,506 153,306 153,828 153,866 153,824 Total Men 20 years and over Women 20 years and over Both sexes 16–19 years 131,463 133,488 136,891 136,933 136,485 137,736 139,252 141,730 144,427 146,047 145,915 145,888 146,145 145,713 145,913 146,087 146,045 145,753 146,260 146,016 146,647 146,211 146,248 67,135 67,761 69,634 69,776 69,734 70,415 71,572 73,050 74,431 75,337 75,154 75,148 75,286 75,279 75,343 75,292 75,324 75,274 75,332 75,274 75,834 75,499 75,427 57,278 58,555 60,067 60,417 60,420 61,402 61,773 62,702 63,834 64,799 64,647 64,686 64,859 64,479 64,710 64,828 64,792 64,826 65,033 64,827 65,980 64,912 65,098 7,051 7,172 7,189 6,740 6,332 5,919 5,907 5,978 6,162 5,911 6,114 6,055 6,000 5,954 5,860 5,968 5,930 5,653 5,895 5,914 5,832 5,801 5,724 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 2008 data reflect revised population controls and are not strictly comparable with earlier data. Total 6,210 5,880 5,692 6,801 8,378 8,774 8,149 7,591 7,001 7,078 7,043 6,837 6,738 6,829 6,863 6,997 7,137 7,133 7,246 7,291 7,181 7,655 7,576 Men 20 years and over 2,580 2,433 2,376 3,040 3,896 4,209 3,791 3,392 3,131 3,259 3,252 3,210 3,124 3,149 3,154 3,212 3,295 3,252 3,357 3,389 3,240 3,505 3,437 Women 20 years and over Both sexes 16–19 years 2,424 2,285 2,235 2,599 3,228 3,314 3,150 3,013 2,751 2,718 2,712 2,561 2,588 2,597 2,608 2,653 2,774 2,790 2,762 2,796 2,796 2,954 2,885 1,205 1,162 1,081 1,162 1,253 1,251 1,208 1,186 1,119 1,101 1,079 1,066 1,027 1,082 1,101 1,133 1,067 1,092 1,126 1,105 1,145 1,196 1,254 Not in labor force Labor force participation rate Employment/ population ratio Unemployment rate 67.1 67.1 67.1 66.8 66.6 66.2 66.0 66.0 66.2 66.0 66.3 66.2 66.2 66.0 66.0 66.1 66.0 65.8 66.0 65.9 66.0 66.0 66.1 64.1 64.3 64.4 63.7 62.7 62.3 62.3 62.7 63.1 63.0 63.3 63.2 63.3 63.0 63.0 63.0 63.0 62.8 62.9 62.7 63.0 62.7 62.9 4.5 4.2 4.0 4.7 5.8 6.0 5.5 5.1 4.6 4.6 4.6 4.5 4.4 4.5 4.5 4.6 4.7 4.7 4.7 4.8 4.7 5.0 4.9 67,547 68,385 69,994 71,359 72,707 74,658 75,956 76,762 77,387 78,743 77,692 78,110 78,150 78,711 78,704 78,628 78,776 79,325 78,955 79,409 79,111 79,290 78,792 See Employment and Earnings for details on breaks in series. Source: Department of Labor, Bureau of Labor Statistics. 11 VerDate Aug 31 2005 20:33 Feb 14, 2008 Jkt 040678 PO 00000 Frm 00011 Fmt 3401 Sfmt 3401 E:\HR\OC\ECOIND.011 ECOIND g:\graphics\eecoind.011 hsrobinson on PROD1PC76 with HEARING Period Percent 1 Unemployment SELECTED UNEMPLOYMENT RATES In January, the unemployment rate fell to 4.9 percent from 5.0 percent in December. [Monthly data seasonally adjusted] Unemployment rate (percent of civilian labor force in group) By race or ethnicity 1 hsrobinson on PROD1PC76 with HEARING Period All civilian workers 1998 ......................... 1999 ......................... 2000 ........................ 2001 ........................ 2002 ........................ 2003 ........................ 2004 ......................... 2005 ......................... 2006 ......................... 2007 ......................... 2007: Jan ............... Feb ............... Mar .............. Apr ............... May .............. June ............. July .............. Aug .............. Sept .............. Oct ............... Nov .............. Dec ............... 2008: Jan ............... Men 20 years and over Women 20 years and over 3.7 3.5 3.3 4.2 5.3 5.6 5.0 4.4 4.0 4.1 4.1 4.1 4.0 4.0 4.0 4.1 4.2 4.1 4.3 4.3 4.1 4.4 4.4 4.1 3.8 3.6 4.1 5.1 5.1 4.9 4.6 4.1 4.0 4.0 3.8 3.8 3.9 3.9 3.9 4.1 4.1 4.1 4.1 4.1 4.4 4.2 4.5 4.2 4.0 4.7 5.8 6.0 5.5 5.1 4.6 4.6 4.6 4.5 4.4 4.5 4.5 4.6 4.7 4.7 4.7 4.8 4.7 5.0 4.9 Both sexes 16–19 years 14.6 13.9 13.1 14.7 16.5 17.5 17.0 16.6 15.4 15.7 15.0 15.0 14.6 15.4 15.8 16.0 15.3 16.2 16.0 15.7 16.4 17.1 18.0 White 3.9 3.7 3.5 4.2 5.1 5.2 4.8 4.4 4.0 4.1 4.1 4.0 3.8 4.0 4.0 4.1 4.2 4.2 4.2 4.2 4.2 4.4 4.4 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. By selected groups Black or African American Asian (NSA) Hispanic or Latino ethnicity 8.9 8.0 7.6 8.6 10.2 10.8 10.4 10.0 8.9 8.3 8.0 8.0 8.3 8.2 8.4 8.4 8.1 7.7 8.2 8.5 8.4 9.0 9.2 .......... .......... 3.6 4.5 5.9 6.0 4.4 4.0 3.0 3.2 3.2 2.7 3.0 3.3 2.9 3.1 3.0 3.4 3.2 3.7 3.6 3.7 3.2 7.2 6.4 5.7 6.6 7.5 7.7 7.0 6.0 5.2 5.6 5.7 5.2 5.2 5.5 5.8 5.7 5.9 5.5 5.7 5.6 5.7 6.3 6.3 Married men, spouse present 20:33 Feb 14, 2008 Jkt 040678 PO 00000 Frm 00012 Fmt 3401 Full-time workers Part-time workers 7.2 6.4 5.9 6.6 8.0 8.5 8.0 7.8 7.1 6.5 6.6 6.5 6.7 6.2 6.3 6.8 6.8 6.2 6.4 6.3 6.6 6.9 7.0 4.3 4.1 3.8 4.7 5.9 6.1 5.6 5.0 4.5 4.6 4.5 4.4 4.4 4.4 4.4 4.5 4.6 4.6 4.7 4.7 4.6 4.9 4.8 5.3 5.0 4.8 5.1 5.2 5.5 5.3 5.4 5.1 4.9 4.9 4.9 4.5 5.0 4.9 4.7 5.1 4.9 4.7 5.0 5.0 5.6 5.4 2.4 2.2 2.0 2.7 3.6 3.8 3.1 2.8 2.4 2.5 2.5 2.6 2.5 2.5 2.6 2.4 2.7 2.5 2.5 2.6 2.6 2.7 2.7 NOTE.—Data relate to persons age 16 years and over. Source: Department of Labor, Bureau of Labor Statistics. 12 VerDate Aug 31 2005 Women who maintain families (NSA) Sfmt 3401 E:\HR\OC\ECOIND.012 ECOIND g:\graphics\eecoind.012 By sex and age SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE PROGRAMS In January, the percentages of the unemployed who had been out of work for less than 5 weeks and for 15– 26 weeks fell; the percentages for 5–14 weeks and for 27 weeks and over rose. The mean duration of unemployment rose to 17.5 weeks and the median duration rose to 8.8 weeks. [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 1998 ........................................ 1999 ........................................ 2000 ........................................ 2001 ........................................ 2002 ........................................ 2003 ........................................ 2004 ........................................ 2005 ........................................ 2006 ........................................ 2007 ........................................ 2007: Jan .............................. Feb .............................. Mar ............................. Apr .............................. May ............................. June ............................ July ............................. Aug .............................. Sept ............................. Oct .............................. Nov .............................. Dec .............................. 2008: Jan .............................. 6,210 5,880 5,692 6,801 8,378 8,774 8,149 7,591 7,001 7,078 7,043 6,837 6,738 6,829 6,863 6,997 7,137 7,133 7,246 7,291 7,181 7,655 7,576 42.2 43.7 44.9 42.0 34.5 31.7 33.1 35.1 37.3 35.9 36.9 37.2 35.0 35.7 35.8 36.1 35.1 36.3 34.9 34.2 36.6 36.5 35.0 31.4 31.2 31.9 32.3 30.8 29.8 29.2 30.4 30.3 31.5 32.7 31.6 32.3 31.4 31.7 30.8 31.2 30.6 32.1 33.5 30.0 30.5 31.8 12.3 12.8 11.8 14.0 16.3 16.4 15.9 14.9 14.7 15.0 14.2 13.5 14.6 15.6 16.0 16.4 15.3 15.6 15.3 14.4 14.1 15.5 14.9 14.1 12.3 11.4 11.8 18.3 22.1 21.8 19.6 17.6 17.6 16.2 17.6 18.1 17.4 16.5 16.7 18.4 17.4 17.6 17.9 19.3 17.5 18.3 1 Beginning January 1994, job losers and persons who completed temporary jobs. 2 Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (UCX), and Federal (UCFE). Also includes Federal and State extended benefit programs. Does not include Railroad (RR) program, Federal supplemental compensation or Emergency Unemployment Compensation programs. 14.5 13.4 12.6 13.1 16.6 19.2 19.6 18.4 16.8 16.8 16.5 16.6 17.2 17.0 16.6 16.8 17.3 16.9 16.6 17.0 17.2 16.6 17.5 6.7 6.4 5.9 6.8 9.1 10.1 9.8 8.9 8.3 8.5 8.2 8.2 8.6 8.6 8.3 8.3 8.9 8.6 8.9 8.7 8.7 8.4 8.8 45.5 44.6 44.2 51.1 55.0 55.1 51.5 48.3 47.4 49.7 48.6 50.2 48.1 48.5 49.3 49.0 50.8 51.1 49.6 50.9 50.0 50.1 50.7 11.8 13.3 13.7 12.3 10.3 9.3 10.5 11.5 11.8 11.2 11.3 11.8 11.2 11.0 11.2 11.6 11.5 11.2 11.5 10.8 10.8 10.4 11.1 34.3 34.1 34.5 29.9 28.3 28.2 29.5 31.4 32.0 30.3 31.4 29.5 31.8 31.7 31.4 30.4 29.2 29.2 29.5 28.7 29.9 30.4 29.4 8.4 8.0 7.6 6.8 6.4 7.3 8.4 8.8 8.8 8.9 8.8 8.4 8.9 8.8 8.1 9.0 8.4 8.5 9.4 9.7 9.3 9.1 8.9 2,222 2,188 2,110 2,974 3,585 3,531 2,950 2,661 2,476 2,571 2,488 2,553 2,513 2,536 2,496 2,527 2,547 2,578 2,534 2,553 2,606 2,700 .............. 321 298 301 404 407 404 345 328 313 324 311 337 317 327 306 319 307 324 313 326 339 r 342 p 332 2,257 2,219 2,141 3,007 3,619 3,569 2,995 2,706 2,518 2,609 3,159 3,101 2,738 2,830 2,238 2,279 2,703 2,269 2,344 2,256 r 2,271 3,066 ................. 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 VerDate Aug 31 2005 20:33 Feb 14, 2008 Jkt 040678 PO 00000 Frm 00013 Fmt 3401 Sfmt 3401 E:\HR\OC\ECOIND.013 ECOIND g:\graphics\eecoind.013 hsrobinson on PROD1PC76 with HEARING Weekly average, thousands NONAGRICULTURAL EMPLOYMENT Total nonagricultural employment as measured by the payroll survey fell by 17,000 in January. (Series revised.) [Thousands of wage and salary workers; 1 monthly data seasonally adjusted] Goods-producing industries Period hsrobinson on PROD1PC76 with HEARING 1998 .................. 1999 .................. 2000 .................. 2001 .................. 2002 .................. 2003 .................. 2004 .................. 2005 .................. 2006 r ................. 2007 r ................. 2007: Jan r ....... Feb r ....... Mar r ....... Apr r ....... May r ....... June r ...... July r ....... Aug r ....... Sept r ...... Oct r ........ Nov r ....... Dec r ....... 2008: Jan p ....... 125,930 128,993 131,785 131,826 130,341 129,999 131,435 133,703 136,086 137,626 137,108 137,133 137,310 137,356 137,518 137,625 138,682 137,756 137,837 137,977 138,037 138,119 138,102 Total 2 Construction 24,354 24,465 24,649 23,873 22,557 21,816 21,882 22,190 22,531 22,221 22,447 22,322 22,362 22,300 22,272 22,267 22,242 22,176 22,138 22,101 22,049 21,988 21,937 6,149 6,545 6,787 6,826 6,716 6,735 6,976 7,336 7,691 7,615 7,726 7,623 7,694 7,660 7,643 7,656 7,632 7,605 7,589 7,577 7,520 7,475 7,448 Manufacturing 17,560 17,322 17,263 16,441 15,259 14,510 14,315 14,226 14,155 13,883 14,015 13,988 13,953 13,922 13,910 13,890 13,884 13,844 13,822 13,797 13,794 13,774 13,746 Service-providing industries Trade, transportation, and utilities Total 101,576 104,528 107,136 107,952 107,784 r 108,183 109,553 111,513 113,556 115,405 114,661 114,811 114,948 115,056 115,246 115,358 115,440 115,580 115,699 115,876 115,988 116,131 116,165 Total 3 Retail trade 25,186 25,771 26,225 25,983 25,497 25,287 25,533 25,959 26,276 26,608 26,493 26,516 26,584 26,571 26,593 26,600 26,617 26,640 26,649 26,644 26,693 26,668 26,669 14,609 14,970 15,280 15,239 15,025 14,917 15,058 15,280 15,353 15,491 15,447 15,460 15,520 15,487 15,500 15,484 15,489 15,502 15,487 15,469 15,513 15,501 15,512 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. Information Financial activities Profes- Educasional tion Leisure and and and busihealth hospiness tality services services 3,218 3,419 r 3,630 3,629 3,395 3,188 3,118 3,061 3,038 3,029 3,028 3,036 3,030 3,034 3,037 3,033 3,027 3,024 3,031 3,027 3,022 3,014 3,013 7,462 7,648 7,687 r 7,808 7,847 7,977 8,031 8,153 8,328 8,309 8,349 8,347 8,333 8,315 8,322 8,317 8,331 8,312 8,294 8,283 8,260 8,259 8,257 15,147 15,957 16,666 16,476 15,976 15,987 r 16,394 16,954 17,566 17,963 17,848 17,873 17,875 17,903 17,938 17,935 17,958 17,979 18,000 18,070 18,079 18,149 18,138 14,446 14,798 15,109 15,645 16,199 16,588 16,953 17,372 17,826 18,327 18,072 18,111 18,153 18,211 18,247 18,314 18,360 18,422 18,451 18,490 18,522 18,578 18,625 20:33 Feb 14, 2008 Jkt 040678 PO 00000 Frm 00014 Fmt 3401 Government Total 4,976 5,087 5,168 5,258 5,372 5,401 5,409 5,395 5,438 5,491 5,462 5,470 5,479 5,486 5,495 5,496 5,501 5,497 5,495 5,496 5,506 5,507 5,506 19,909 20,307 20,790 21,118 21,513 21,583 21,621 21,804 21,974 22,204 22,103 22,127 22,143 22,161 22,186 22,202 22,170 22,212 22,227 22,262 22,278 22,306 22,288 Federal 2,772 2,769 2,865 2,764 2,766 2,761 2,730 2,732 2,732 2,727 2,728 2,729 2,729 2,729 2,727 2,720 2,726 2,724 2,721 2,722 2,728 2,732 2,734 2 Includes natural resources and mining, not shown separately. 3 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. Data revised to reflect annual revisions as well as the updating to NAICS 2007; for details, see Employment Situation release dated February 1, 2008. Source: Department of Labor, Bureau of Labor Statistics. 14 VerDate Aug 31 2005 11,232 11,543 11,862 12,036 11,986 12,173 12,493 12,816 13,110 13,475 13,306 13,331 13,351 13,375 13,428 13,461 13,476 13,494 13,552 13,604 13,628 13,650 13,669 Other services Sfmt 3401 E:\HR\OC\ECOIND.014 ECOIND g:\graphics\eecoind.014 Total nonagricultural employment 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 Total private nonagricultural 1 Period 1998 r 1999 r 2000 r 2001 r 2002 r 2003 r 2004 r 2005 r 2006 r 2007 r 2006: 2007: .................... .................... ................... .................... .................... .................... .................... .................... .................... .................... Dec r .......... Jan r .......... Feb r .......... Mar r .......... Apr r .......... May r ......... June r ........ July r ......... Aug r .......... Sept r ......... Oct r ........... Nov r .......... Dec r .......... 2008: Jan p .......... 34.5 34.3 34.3 34.0 33.9 33.7 33.7 33.8 33.9 33.8 33.9 33.8 33.7 33.9 33.8 33.8 33.9 33.8 33.8 33.8 33.8 33.8 33.8 33.7 Total 41.4 41.4 41.3 40.3 40.5 40.4 40.8 40.7 41.1 41.2 41.1 40.9 40.9 41.2 41.1 41.1 41.4 41.4 41.3 41.4 41.2 41.3 41.1 41.1 Average gross weekly earnings Total private nonagricultural 1 Current dollars Overtime 4.9 4.9 4.7 4.0 4.2 4.2 4.6 4.6 4.4 4.2 4.2 4.1 4.1 4.3 4.2 4.1 4.3 4.2 4.2 4.2 4.1 4.1 4.0 4.0 $13.01 13.49 14.02 14.54 14.97 15.37 15.69 16.13 16.76 17.43 17.07 17.12 17.17 17.24 17.29 17.34 17.41 17.47 17.51 17.57 17.59 17.64 17.71 17.75 1982 dollars 2 $7.89 8.01 8.04 8.12 8.25 8.28 8.24 8.18 8.24 8.33 8.36 8.37 8.36 8.33 8.32 8.27 8.30 8.32 8.35 8.36 8.34 8.29 8.30 .............. Total private nonagricultural 1 Manufacturing $13.45 13.85 14.32 14.76 15.29 15.74 16.14 16.56 16.81 17.26 16.99 17.02 17.06 17.11 17.20 17.23 17.28 17.30 17.33 17.34 17.34 17.40 17.43 17.51 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). Percent change from a year earlier, total private nonagricultural Current dollars Current dollars 1982 dollars 2 Manufacturing Construction Retail trade $448.56 463.15 481.01 493.79 506.75 518.06 529.09 544.33 567.87 589.78 578.67 578.66 578.63 584.44 584.40 586.09 590.20 590.49 591.84 593.87 594.54 596.23 598.60 598.18 $272.18 275.03 275.97 275.71 279.20 279.13 277.88 276.17 279.19 281.85 283.25 282.87 281.78 282.42 281.11 279.67 281.33 281.11 282.30 282.55 281.94 280.27 280.56 .............. $557.09 573.25 590.77 595.19 618.75 635.99 658.49 673.33 691.02 711.61 698.29 696.12 697.75 704.93 706.92 708.15 715.39 716.22 715.73 717.88 714.41 718.62 716.37 719.66 $629.75 655.11 685.78 695.89 711.82 726.83 735.55 750.22 781.21 815.94 814.31 796.06 790.66 809.37 807.56 813.40 818.75 814.57 815.19 821.57 821.73 828.92 830.88 826.83 $310.34 321.63 333.38 346.16 360.81 367.15 371.13 377.58 383.02 385.20 384.26 383.60 382.94 383.54 383.84 383.17 385.05 384.98 385.28 387.47 387.09 386.86 385.58 385.88 Current dollars 3.9 3.3 3.9 2.7 2.6 2.2 2.1 2.9 4.3 3.9 4.6 3.9 3.8 4.5 3.5 4.1 4.1 3.7 3.7 4.1 3.5 3.8 3.4 3.4 1982 dollars 2.5 1.0 .3 ¥.1 1.3 ¥.0 ¥.4 ¥.6 1.1 1.0 2.1 2.0 1.6 1.7 .9 1.3 1.5 1.4 1.9 1.3 ¥.3 ¥.8 ¥.9 .............. Note.—See Note, p. 14. Source: Department of Labor, Bureau of Labor Statistics. EMPLOYMENT COST INDEX—PRIVATE INDUSTRY Index (December 2005 = 100) Percent change from 3 months earlier Period Total compensation Wages and salaries Benefits 1 Total compensation Wages and salaries 12 months earlier Benefits 1 Total compensation Wages and salaries Benefits 1 Not seasonally adjusted 1998: 1999: 2000: 2001: 2002: 2003: 2004: 2005: 2006: 2007: Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec ................................................................. ................................................................. ................................................................. ................................................................. ................................................................. ................................................................. ................................................................. ................................................................. ................................................................. ................................................................. 77.5 80.2 83.6 87.3 90.0 93.6 97.2 100.0 103.2 106.3 80.6 83.5 86.7 89.9 92.2 95.1 97.6 100.0 103.2 106.6 70.2 72.6 76.7 81.3 84.7 90.2 96.2 100.0 103.1 105.6 ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ .................. .................. .................. .................. .................. .................. .................. .................. .................. .................. hsrobinson on PROD1PC76 with HEARING Seasonally adjusted 2004: Mar ................................................................. June ............................................................... Sept ................................................................ Dec ................................................................. 2005: Mar ................................................................. June ............................................................... Sept ................................................................ Dec ................................................................. 2006: Mar ................................................................. June ............................................................... Sept ................................................................ Dec ................................................................. 2007: Mar ................................................................. June ............................................................... Sept ................................................................ Dec ................................................................. 94.9 95.8 96.7 97.3 98.2 98.8 99.5 100.1 100.8 101.6 102.5 103.3 103.9 104.8 105.6 106.4 95.7 96.4 97.2 97.6 98.3 98.8 99.4 100.1 100.8 101.6 102.4 103.2 104.3 105.1 105.9 106.7 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. 92.9 94.4 95.4 96.5 98.0 98.8 99.6 100.3 100.8 101.5 102.5 103.4 103.1 104.2 105.0 105.9 1.2 .9 .9 .6 .9 .6 .7 .6 .7 .8 .9 .8 .6 .9 .8 .8 3.5 3.5 4.2 4.1 3.1 4.0 3.8 2.9 3.2 3.0 3.9 3.6 3.8 3.8 2.6 3.1 2.6 2.5 3.2 3.3 2.5 3.4 5.6 5.2 4.2 6.5 6.7 4.0 3.1 2.4 Not seasonally adjusted 0.6 .7 .8 .4 .7 .5 .6 .7 .7 .8 .8 .8 1.1 .8 .8 .8 2.7 1.6 1.1 1.2 1.6 .8 .8 .7 .5 .7 1.0 .9 ¥.3 1.1 .8 .9 3.8 3.9 3.8 3.8 3.5 3.1 2.9 2.9 2.6 2.8 3.0 3.2 3.2 3.1 3.1 3.0 2.6 2.7 2.6 2.6 2.7 2.5 2.3 2.5 2.4 2.8 3.0 3.2 3.6 3.3 3.4 3.3 6.8 7.3 6.7 6.7 5.5 4.7 4.5 4.0 3.0 2.7 2.8 3.1 2.2 2.6 2.4 2.4 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 VerDate Aug 31 2005 20:33 Feb 14, 2008 Jkt 040678 PO 00000 Frm 00015 Fmt 3401 Sfmt 3401 E:\HR\OC\ECOIND.015 ECOIND PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR Output per hour of all persons Period Business sector Nonfarm business sector Output 1 Business sector Hours of all persons 2 Nonfarm business sector Business sector Compensation per hour 3 Nonfarm business sector Business sector Nonfarm business sector Real compensation per hour 4 Business sector Nonfarm business sector Unit labor costs Business sector Nonfarm business sector Implicit price deflator 5 Business sector Nonfarm business sector Indexes, 1992=100; quarterly data seasonally adjusted 1998 ........................ 1999 ........................ 2000 ........................ 2001 ........................ 2002 ........................ 2003 ........................ 2004 ........................ 2005 ........................ 2006 ........................ 2007 p ..................... 2004: I ................... II ................. III ................ IV ................ 2005: I ................... II ................. III ................ IV ................ 2006: I ................... II ................. III ................ IV ................ 2007: I ................... II ................. III r ............... IV p * ............. 109.5 112.8 116.1 119.1 123.9 128.7 132.4 135.0 136.4 138.6 131.1 132.3 132.7 133.4 134.4 134.3 135.9 135.5 136.4 136.6 136.1 136.5 136.6 137.8 140.0 140.2 109.4 112.5 115.7 118.6 123.5 128.0 131.5 134.1 135.4 137.6 130.2 131.7 132.0 132.2 133.4 133.5 135.0 134.5 135.3 135.6 135.0 135.6 135.9 136.6 138.6 139.2 128.6 135.2 140.5 141.0 143.1 147.5 153.7 159.3 164.3 168.1 151.4 153.1 154.6 155.7 157.2 158.5 160.6 161.0 163.2 164.2 164.4 165.5 165.6 167.3 169.7 169.7 128.9 135.6 140.8 141.3 143.4 147.8 153.9 159.5 164.5 168.4 151.5 153.4 154.9 155.9 157.4 158.6 160.8 161.2 163.4 164.4 164.7 165.7 165.9 167.6 169.9 170.1 117.5 119.8 121.0 118.4 115.4 114.6 116.1 118.0 120.5 121.3 115.5 115.7 116.5 116.8 117.0 118.0 118.2 118.8 119.6 120.2 120.8 121.2 121.2 121.5 121.2 121.1 117.9 120.5 121.7 119.2 116.1 115.4 117.0 118.9 121.5 122.4 116.4 116.5 117.3 117.9 118.0 118.8 119.1 119.8 120.8 121.2 122.0 122.2 122.1 122.7 122.6 122.2 119.9 125.8 134.7 140.4 145.3 151.2 156.9 163.2 169.6 177.7 153.8 155.8 157.8 160.2 161.4 161.7 164.2 165.4 168.2 168.1 168.7 173.4 175.7 176.8 178.6 179.9 119.6 125.2 134.2 139.5 144.6 150.4 155.9 162.1 168.5 176.5 152.9 154.9 156.8 158.9 160.3 160.9 163.2 164.2 167.1 167.0 167.5 172.4 174.9 175.4 177.1 178.8 105.2 108.0 112.0 113.5 115.7 117.7 118.9 119.7 120.4 122.7 118.1 118.4 119.2 120.0 120.3 119.4 119.6 119.4 120.9 119.3 118.9 122.8 123.3 122.2 122.9 122.5 104.9 107.5 111.6 112.8 115.1 117.1 118.2 118.9 119.7 121.9 117.4 117.7 118.5 119.0 119.5 118.8 118.8 118.6 120.1 118.6 118.0 122.1 122.7 121.2 121.9 121.8 109.5 111.5 116.0 117.9 117.3 117.5 118.5 120.9 124.3 128.2 117.3 117.7 118.9 120.1 120.1 120.4 120.8 122.0 123.4 123.0 124.0 127.0 128.6 128.3 127.6 128.3 109.3 111.3 116.0 117.7 117.1 117.5 118.5 120.9 124.5 128.3 117.4 117.6 118.8 120.2 120.2 120.5 120.9 122.1 123.5 123.2 124.0 127.1 128.7 128.4 127.8 128.4 109.7 110.7 112.7 114.9 116.1 117.8 120.8 124.5 128.2 131.0 119.5 120.5 121.1 122.1 123.1 123.9 125.0 126.1 127.0 128.0 128.7 128.9 130.2 130.9 131.0 131.8 109.9 111.1 113.3 115.4 116.7 118.3 121.1 125.1 128.9 131.3 119.7 120.6 121.4 122.5 123.6 124.5 125.6 126.8 127.7 128.9 129.4 129.5 130.6 131.3 131.3 131.9 3.1 1.8 4.2 1.5 ¥.5 .3 .9 2.0 2.9 3.1 2.0 1.0 ¥4.5 3.8 ¥1.0 .6 4.3 4.7 ¥.1 1.2 1.3 4.1 4.6 ¥1.0 2.9 10.3 5.2 ¥1.1 ¥1.9 2.1 0.6 .9 1.8 2.0 1.0 1.5 2.6 3.1 2.9 2.2 1.9 .6 1.8 1.8 3.4 3.6 1.8 3.5 3.4 2.6 3.5 3.7 2.8 3.3 2.1 .8 4.1 2.2 .3 2.2 0.7 1.1 1.9 1.9 1.1 1.3 2.4 3.4 3.0 1.9 2.0 .4 1.3 1.1 3.4 3.0 2.4 3.8 3.8 2.7 3.8 3.7 3.0 3.7 1.6 .3 3.6 2.1 .1 1.6 Percent change; quarterly data at seasonally adjusted annual rates hsrobinson on PROD1PC76 with HEARING 1998 ........................ 1999 ........................ 2000 ........................ 2001 ........................ 2002 ........................ 2003 ........................ 2004 ........................ 2005 ........................ 2006 ........................ 2007 p ...................... 2003: I ................... II ................. III ............... IV ................ 2004: I ................... II ................. III ................ IV ................ 2005: I ................... II ................. III ................ IV ................ 2006: I ................... II ................. III ................ IV ................ 2007: I ................... II ................. III r ............... IV p * ............. 2.8 3.1 2.9 2.6 4.1 3.8 2.9 2.0 1.0 1.6 3.3 6.9 9.1 ¥1.4 2.4 3.9 1.2 2.0 3.0 ¥.3 4.9 ¥1.1 2.5 .8 ¥1.5 1.2 .2 3.6 6.5 .6 2.8 2.9 2.8 2.5 4.1 3.7 2.7 1.9 1.0 1.6 3.4 5.7 10.4 ¥.5 .9 4.7 .9 .7 3.7 .3 4.4 ¥1.4 2.5 .8 ¥1.6 1.8 .7 2.2 6.0 1.8 4.8 5.1 3.9 .3 1.5 3.1 4.2 3.6 3.1 2.3 1.1 4.6 10.4 1.1 3.7 4.4 4.0 3.0 3.7 3.3 5.5 1.0 5.5 2.5 .6 2.6 .2 4.4 5.7 .2 5.0 5.2 3.8 .4 1.5 3.1 4.1 3.6 3.2 2.3 1.2 4.3 11.0 1.6 2.6 5.0 3.8 2.6 3.9 3.2 5.6 .9 5.7 2.4 .8 2.6 .3 4.2 5.6 .4 2.0 2.0 1.0 ¥2.2 ¥2.5 ¥.7 1.3 1.6 2.1 .7 ¥2.2 ¥2.2 1.2 2.5 1.2 .5 2.8 1.0 .7 3.6 .6 2.1 2.9 1.7 2.2 1.4 .0 .8 ¥.7 ¥.5 2.1 2.2 1.0 ¥2.0 ¥2.6 ¥.6 1.4 1.6 2.2 .7 ¥2.1 ¥1.3 .5 2.2 1.7 .3 3.0 2.0 .2 2.9 1.1 2.4 3.1 1.6 2.4 .8 ¥.3 2.0 ¥.3 ¥1.5 1 Output refers to real gross domestic product originating in the sector. 2 Hours of all persons engaged in the sector, including hours of proprietors and unpaid family workers. Estimates based primarily on establishment data. 3 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 (CPI– U) for recent quarters. The trend from 1978–2006 is based on the consumer price index research series (CPI–U–RS). 5 Current dollar gross domestic output divided by the output index. 6.1 4.9 7.1 4.2 3.5 4.1 3.7 4.0 3.9 4.8 5.5 7.5 4.6 2.9 .6 5.2 5.3 6.3 3.0 .7 6.2 2.9 7.2 ¥.4 1.6 11.4 5.5 2.4 4.4 2.8 6.0 4.7 7.2 4.0 3.6 4.0 3.6 4.0 3.9 4.8 5.5 6.7 5.4 3.3 ¥.2 5.3 5.2 5.4 3.6 1.5 5.7 2.6 7.2 ¥.2 1.3 12.2 5.9 1.0 4.0 3.9 4.6 2.7 3.7 1.4 1.9 1.7 1.1 .6 .6 1.9 1.7 7.2 2.1 1.8 ¥2.9 1.0 3.0 2.6 1.1 ¥3.1 .7 ¥.5 5.1 ¥5.1 ¥1.6 13.8 1.6 ¥3.3 2.4 ¥1.4 4.5 2.5 3.7 1.2 2.0 1.7 .9 .7 .6 1.8 1.7 6.4 2.9 2.2 ¥3.6 1.1 2.9 1.7 1.6 ¥2.4 .2 ¥.8 5.1 ¥5.0 ¥1.8 14.6 2.0 ¥4.7 2.0 ¥.3 3.2 1.8 4.1 1.6 ¥.5 .2 .9 2.0 2.9 3.1 2.1 .6 ¥4.1 4.3 ¥1.8 1.3 4.1 4.2 .0 1.0 1.3 4.0 4.6 ¥1.2 3.1 10.1 5.3 ¥1.1 ¥2.0 2.2 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 January 30, 2008. Source: Department of Labor, Bureau of Labor Statistics. 16 VerDate Aug 31 2005 20:33 Feb 14, 2008 Jkt 040678 PO 00000 Frm 00016 Fmt 3401 Sfmt 3401 E:\HR\OC\ECOIND.016 ECOIND PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION Industrial production was unchanged in December; capacity utilization fell. [Monthly data seasonally adjusted] Percent hsrobinson on PROD1PC76 with HEARING Period Index, 2002=100 1998 ....................... 1999 ....................... 2000 ....................... 2001 ....................... 2002 ....................... 2003 ....................... 2004 ....................... 2005 ....................... 2006 ....................... 2007 p ..................... 94.6 99.1 103.6 100.0 100.0 101.1 103.6 106.9 111.1 113.4 2006: Dec ............. 2007: Jan ............. Feb ............. Mar ............. Apr .............. May ............. June ............ July ............. Aug ............. Sept r ........... Oct r ............. Nov r ............ Dec p ............ From preceding month Industry production indexes, 2002=100 change 2 From year earlier Capacity utilization rate (output as percent of capacity) 1 Manufacturing Total 1 Durable Nondurable .............. .............. .............. .............. .............. .............. .............. .............. .............. .............. 6.1 4.7 4.5 ¥3.5 .0 1.1 2.5 3.2 3.9 2.1 94.4 99.5 104.3 100.0 100.0 101.1 104.0 108.0 113.0 115.2 89.2 97.3 105.4 100.4 100.0 102.3 106.3 112.1 120.4 124.0 101.0 101.7 102.3 99.0 100.0 100.1 102.0 104.5 106.7 107.7 112.2 0.6 2.8 114.4 122.7 107.4 111.7 112.5 112.4 113.1 113.0 113.5 114.2 114.1 114.2 113.7 114.0 114.0 ¥.5 .8 ¥.1 .6 ¥.1 .5 .6 ¥.1 .1 ¥.5 .3 .0 2.4 2.9 2.2 1.9 1.9 1.5 1.7 1.4 1.8 1.5 2.2 1.5 113.7 113.6 114.4 114.8 114.9 115.7 116.6 115.9 116.1 115.4 115.7 115.7 121.2 121.3 122.3 123.2 123.4 124.7 126.2 125.5 125.3 124.8 125.3 125.4 107.5 107.2 107.8 107.7 107.8 107.9 108.5 107.7 108.2 107.5 107.6 107.4 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. Other (nonNAICS) 1 Mining 104.2 107.6 109.6 103.2 100.0 97.0 97.8 99.6 98.0 98.7 Utilities Total industry 106.5 101.2 103.5 104.5 100.0 99.9 99.2 97.6 100.2 100.9 92.0 94.7 97.4 97.0 100.0 101.9 103.3 105.5 105.2 109.1 98.7 102.5 98.4 98.6 99.1 99.5 99.0 99.4 99.1 98.1 99.4 98.5 98.3 98.4 100.2 100.0 100.2 100.2 99.9 100.4 101.3 100.5 101.7 101.6 102.6 102.7 Total manufacturing 82.8 81.9 81.7 76.1 74.8 76.1 78.1 80.2 81.7 81.6 81.7 80.8 80.1 73.9 73.0 74.2 76.6 78.8 80.4 80.1 102.5 81.6 80.5 105.1 114.1 106.6 109.7 108.0 107.3 106.2 111.5 109.7 109.8 109.8 109.6 81.1 81.6 81.4 81.7 81.5 81.8 82.2 82.0 81.9 81.4 81.6 81.4 79.8 79.6 80.0 80.2 80.1 80.5 81.0 80.4 80.4 79.8 79.8 79.7 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 VerDate Aug 31 2005 20:33 Feb 14, 2008 Jkt 040678 PO 00000 Frm 00017 Fmt 3401 Sfmt 3401 E:\HR\OC\ECOIND.017 ECOIND G:\graphics\eecoind.017 Total industrial production 1 INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND SELECTED MANUFACTURES [2002=100; monthly data seasonally adjusted] Products and nonindustrial supplies Materials Final products Nonindustrial supplies Consumer goods Equipment Durable goods Business equipment Period Total Total Nondurable goods Total 1 Defense and space equipment Total Construction supplies Business supplies Total 1 Energy 1998 ............................................................ 1999 ............................................................ 2000 ............................................................ 2001 ............................................................ 2002 ............................................................ 2003 ............................................................ 2004 ............................................................ 2005 ............................................................ 2006 ............................................................ 2007 p .......................................................... 97.0 99.7 102.9 100.8 100.0 101.2 103.3 107.6 111.5 114.5 95.5 97.3 99.3 98.1 100.0 101.3 102.8 105.7 106.9 109.1 89.9 96.1 99.2 94.9 100.0 103.4 104.8 105.9 105.6 106.1 97.8 97.8 99.3 99.4 100.0 100.5 102.0 105.5 107.2 109.9 101.4 106.0 111.6 107.3 100.0 100.9 104.7 112.7 124.1 129.2 100.3 106.5 114.6 107.6 100.0 100.2 104.5 112.8 125.9 132.3 105.1 102.7 92.1 100.6 100.0 103.8 104.0 109.7 112.0 112.1 96.4 100.3 104.5 100.1 100.0 101.0 103.2 107.0 110.3 110.9 100.2 102.8 105.1 100.5 100.0 99.8 101.8 106.7 110.4 108.6 95.0 99.4 104.2 100.0 100.0 101.5 103.7 107.1 110.3 111.8 91.7 98.0 104.0 99.1 100.0 100.9 104.0 106.2 111.0 113.2 99.8 99.6 101.0 100.0 100.0 99.9 99.7 98.4 99.8 102.0 2006: Dec .................................................. 113.6 107.8 106.2 108.2 129.2 132.1 112.5 110.1 109.7 110.3 111.7 100.2 2007: Jan .................................................. Feb .................................................. Mar .................................................. Apr .................................................. May ................................................. June ................................................ July ................................................. Aug .................................................. Sept r ................................................ Oct r ................................................. Nov r ................................................ Dec p ................................................ 112.7 114.2 113.7 114.3 114.0 114.7 115.4 115.0 115.2 114.3 114.6 114.9 107.4 109.4 108.6 109.2 108.8 109.2 109.7 109.6 109.5 108.6 108.7 108.8 103.1 104.6 105.2 107.1 106.7 108.7 109.3 107.9 106.3 105.0 105.8 105.6 108.7 110.9 109.6 109.8 109.4 109.3 109.8 110.0 110.4 109.7 109.5 109.7 126.9 127.1 127.7 128.0 128.1 129.4 130.7 129.9 130.7 129.6 130.6 131.7 128.8 129.2 130.6 130.9 131.1 132.2 133.9 133.1 134.2 133.3 134.1 135.3 113.9 113.0 109.8 111.1 111.0 112.9 113.0 112.2 112.3 112.0 112.4 112.5 110.0 110.2 110.3 110.9 110.8 111.2 111.2 111.3 111.5 111.0 110.8 110.5 108.4 106.8 107.9 108.3 109.1 110.2 109.9 109.5 109.3 108.6 108.3 107.3 110.6 111.5 111.2 111.9 111.5 111.7 111.8 111.9 112.3 112.0 111.8 111.8 111.3 111.8 112.0 112.7 112.7 113.2 114.2 114.3 114.3 114.1 114.6 114.3 100.5 101.9 100.5 101.1 100.9 101.2 101.4 103.3 102.8 103.6 103.6 103.6 1 Includes other items, not shown separately. [2002=100; monthly data seasonally adjusted] Durable manufactures Primary metal Period Total Iron and steel products Fabricated metal products Machinery Total Selected hightechnology 1 Transportation equipment Total Motor vehicles and parts Apparel Printing and support Chemical Food 1998 ............................................................ 1999 ............................................................ 2000 ............................................................ 2001 ............................................................ 2002 ............................................................ 2003 ............................................................ 2004 ............................................................ 2005 ............................................................ 2006 ............................................................ 2007 p .......................................................... 114.3 114.0 110.3 99.8 100.0 98.9 109.3 107.1 112.1 110.5 111.2 112.0 110.9 100.3 100.0 100.8 116.4 109.9 117.0 114.4 106.3 107.0 111.2 103.1 100.0 98.9 99.1 103.3 108.9 111.5 114.5 112.0 117.7 104.1 100.0 99.6 103.7 110.0 117.1 118.3 56.2 75.5 101.8 103.5 100.0 111.5 126.2 141.0 169.1 188.8 45.6 67.7 98.8 101.5 100.0 116.7 132.6 156.6 198.1 236.4 99.0 104.4 99.5 95.7 100.0 101.1 100.8 104.1 109.4 111.9 90.2 100.1 99.5 90.6 100.0 103.5 103.8 103.7 101.9 99.5 162.9 156.1 148.5 127.2 100.0 92.3 79.5 76.8 77.8 76.4 111.5 112.4 113.1 106.3 100.0 96.3 97.0 98.9 103.3 103.7 91.7 93.6 95.0 93.3 100.0 101.4 105.7 108.0 110.3 110.9 95.0 96.0 97.7 97.7 100.0 101.0 101.1 104.5 107.7 112.7 2006: Dec .................................................. 102.7 99.5 109.8 122.6 181.7 218.6 111.9 102.4 77.4 106.3 110.5 109.8 2007: Jan .................................................. Feb .................................................. Mar ................................................. Apr .................................................. May ................................................. June ................................................ July ................................................. Aug .................................................. Sept r ................................................ Oct r ................................................. Nov r ................................................ Dec p ................................................ 107.1 107.6 108.8 111.3 112.1 110.6 114.0 112.8 109.2 110.5 112.1 110.9 107.6 109.2 111.1 113.8 116.9 115.8 117.8 118.0 112.8 116.1 118.1 116.0 109.3 109.8 110.6 111.1 110.8 112.1 112.5 112.3 112.8 112.9 112.6 111.8 116.4 115.3 118.0 117.2 117.6 117.5 119.9 117.7 120.5 118.7 118.0 118.2 181.3 181.5 182.3 184.2 184.4 187.7 191.6 191.8 192.8 194.5 197.3 198.8 219.9 220.4 223.2 226.4 228.5 234.4 242.4 243.4 245.3 248.7 252.6 254.6 108.9 110.5 110.6 111.8 111.5 114.0 114.8 114.3 112.4 111.4 112.6 112.9 96.4 98.7 99.4 100.8 100.3 102.8 103.6 102.2 99.1 97.5 98.6 98.2 78.8 77.8 76.7 77.9 77.7 76.9 77.6 75.6 74.4 74.1 74.0 75.4 105.6 106.0 105.6 104.7 103.1 102.1 101.7 102.5 103.2 102.4 102.7 102.3 109.9 110.1 110.4 110.5 110.6 110.8 111.8 110.9 111.5 111.0 111.5 111.1 110.0 110.8 111.7 112.5 111.8 112.6 114.0 112.9 114.3 113.8 113.1 113.9 1 Computers and peripheral equipment, communications equipment, and semiconductors and related electronic components. hsrobinson on PROD1PC76 with HEARING Nondurable manufactures Computer and electronic products Source: Board of Governors of the Federal Reserve System. 18 VerDate Aug 31 2005 20:33 Feb 14, 2008 Jkt 040678 PO 00000 Frm 00018 Fmt 3401 Sfmt 3401 E:\HR\OC\ECOIND.018 ECOIND NEW CONSTRUCTION [Billions of dollars; monthly data at seasonally adjusted annual rates] Private Period 1998 .................................... 1999 .................................... 2000 .................................... 2001 .................................... 2002 .................................... 2003 .................................... 2004 .................................... 2005 .................................... 2006 .................................... 2007 p .................................. 2006: Dec .......................... 2007: Jan .......................... Feb .......................... Mar .......................... Apr .......................... May ......................... June ........................ July ......................... Aug .......................... Sept ......................... Oct r ......................... Nov r ......................... Dec p ......................... Total new construction expenditures Residential Total New housing Total 1 706.8 768.8 831.1 864.2 873.1 921.4 1,023.5 1,132.1 1,192.2 1,161.3 1,167.3 1,160.2 1,162.2 1,163.6 1,166.2 1,172.1 1,170.5 1,161.1 1,165.3 1,168.3 1,157.5 1,153.0 1,140.2 552.0 599.7 649.8 662.2 659.7 705.3 803.3 898.0 937.0 874.0 896.6 884.4 889.7 886.8 888.0 888.1 885.0 874.4 875.9 874.1 859.1 850.8 842.4 314.6 350.6 374.5 388.3 421.9 475.9 564.8 641.3 641.3 524.2 580.7 567.5 562.9 555.6 551.7 544.8 538.7 528.0 520.1 509.0 490.0 475.1 462.0 Federal and State and local Nonresidential Total 224.0 251.3 265.0 279.4 298.8 345.7 417.5 480.8 469.0 352.8 411.1 398.1 386.1 383.5 378.0 370.6 364.7 357.3 346.6 334.3 321.3 307.6 292.7 237.4 249.2 275.3 273.9 237.7 229.3 238.5 256.6 295.7 349.8 315.9 316.9 326.7 331.2 336.3 343.3 346.3 346.4 355.8 365.1 369.1 375.6 380.4 1 Includes residential improvements, not shown separately. 2 Includes health care, educational, communication, and power, among other categories not shown separately. Lodging 14.8 16.0 16.3 14.5 10.5 9.9 12.0 12.7 17.7 28.8 20.5 20.6 22.0 25.0 26.2 28.1 28.5 29.9 30.8 32.0 33.3 34.7 34.6 Commercial (including farm) Office 40.4 45.1 52.4 49.7 35.3 30.6 32.9 37.3 46.2 55.4 51.5 54.5 53.5 52.8 52.8 52.7 54.3 53.4 55.9 58.1 58.7 59.0 59.7 Manufacturing 55.7 59.4 64.1 63.6 59.0 57.5 63.2 66.6 72.1 81.8 76.8 78.6 79.9 80.2 82.3 82.3 82.4 82.1 82.2 83.2 84.3 83.1 82.1 Other 2 40.5 35.1 37.6 37.8 22.7 21.4 23.7 29.9 34.3 37.3 35.2 34.3 35.7 35.0 36.5 37.4 36.4 36.2 36.4 37.3 39.3 40.2 42.9 86.0 93.7 104.9 108.2 110.2 109.9 106.8 110.2 125.4 146.5 132.0 128.8 135.6 138.1 138.5 142.8 144.7 144.8 150.6 154.3 153.5 158.6 161.1 154.8 169.1 181.3 201.9 213.4 216.1 220.2 234.2 255.2 287.4 270.6 275.9 272.5 276.8 278.1 284.1 285.5 286.7 289.4 294.2 298.5 302.3 297.8 Source: Department of Commerce, Bureau of the Census. NEW PRIVATE HOUSING AND VACANCY RATES [Thousands of units or houses, except as noted] New private housing units Units started, by type of structure Period Total 1998 ...................................... 1999 ...................................... 2000 ...................................... 2001 ...................................... 2002 ...................................... 2003 ...................................... 2004 ...................................... 2005 ...................................... 2006 ...................................... 2007 p .................................... New private houses 1,616.9 1,640.9 1,568.7 1,602.7 1,704.9 1,847.7 1,955.8 2,068.3 1,800.9 1,353.7 2–4 units 1 1 unit 1,271.4 1,302.4 1,230.9 1,273.3 1,358.6 1,499.0 1,610.5 1,715.8 1,465.4 1,045.9 5 units or more 42.6 31.9 38.7 36.6 38.5 33.5 42.3 41.1 42.7 32.2 302.9 306.6 299.1 292.8 307.9 315.2 303.0 311.4 292.8 275.7 Units authorized 1,612.3 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 1,380.5 Units completed Houses sold Houses for sale at end of period 2 1,474.2 1,604.9 1,573.7 1,570.8 1,648.4 1,678.7 1,841.9 1,931.4 1,979.4 1,500.2 886 880 877 908 973 1,086 1,203 1,283 1,051 774 294 308 298 308 339 370 422 511 535 495 Vacancy rate for rental housing units (percent) 3 7.9 8.1 8.0 8.4 8.9 9.8 10.2 9.8 9.7 9.8 Seasonally adjusted annual rates 2006: Dec ............................ 1,629 1,241 49 339 1,628 1,887 1,019 535 9.8 2007: Jan ............................ Feb ............................ Mar ............................ Apr ............................ May ........................... June .......................... July ........................... Aug ............................ Sept ........................... Oct r ........................... Nov r ........................... Dec p ........................... 1,403 1,487 1,491 1,485 1,440 1,468 1,371 1,347 1,182 1,274 1,173 1,006 1,123 1,188 1,205 1,195 1,155 1,147 1,058 974 938 879 818 794 23 30 36 36 33 38 39 37 28 40 22 16 257 269 250 254 252 283 274 336 216 355 333 196 1,566 1,541 1,569 1,457 1,520 1,413 1,389 1,322 1,261 1,170 1,162 1,080 1,830 1,628 1,610 1,523 1,554 1,496 1,520 1,501 1,386 1,405 1,411 1,302 890 840 830 907 861 797 796 701 r 693 725 634 604 536 544 548 547 543 541 538 533 527 512 502 495 ...................... ...................... 10.1 ...................... ...................... 9.5 ...................... ...................... 9.8 ...................... ...................... 9.6 1 Derived; seasonally adjusted monthly data for 2–4 units are no longer published. adjusted. 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 Seasonally hsrobinson on PROD1PC76 with HEARING 3 Revised 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 VerDate Aug 31 2005 20:33 Feb 14, 2008 Jkt 040678 PO 00000 Frm 00019 Fmt 3401 Sfmt 3401 E:\HR\OC\ECOIND.019 ECOIND BUSINESS SALES AND INVENTORIES—Manufacturing and Trade In November, according to preliminary estimates, manufacturing and trade sales rose 1.6 percent and inventories rose $5.3 billion. According to advance estimates, retail sales fell 0.4 percent in December. Retail and food services sales also fell 0.4 percent. [Millions of dollars, except ratios; seasonally adjusted, except as noted] Manufacturing and trade 1 hsrobinson on PROD1PC76 with HEARING Sales 2 Inventories 3 Inventorysales ratio 4 Sales 2 Inventories 3 Retail Inventory sales ratio 4 1997 .............................................................. 723,879 1,046,786 1.42 198,154 258,570 1.26 1998 .............................................................. 742,837 1,078,644 1.43 202,260 272,315 1.31 1999 .............................................................. 786,634 1,138,209 1.40 216,597 289,564 1.29 2000 .............................................................. 834,325 1,196,628 1.41 234,546 307,962 1.28 2001 .............................................................. 818,615 1,118,784 1.42 232,096 295,658 1.31 2002 .............................................................. 823,714 1,138,707 1.36 236,294 298,808 1.25 2003 .............................................................. 853,596 1,144,702 1.34 246,857 303,343 1.22 2004 .............................................................. 923,319 1,235,243 1.30 274,710 332,815 1.16 2005 .............................................................. 1,001,154 1,312,163 1.27 298,753 357,537 1.16 2006 .............................................................. 1,066,358 1,388,979 1.28 329,336 388,168 1.14 2007 p ............................................................ .................. .................. ................ ................ ................ ................ 2006: Nov r ................................................... 1,063,639 1,388,630 1.31 333,719 389,351 1.17 Dec r ................................................... 1,081,143 1,388,979 1.28 339,937 388,168 1.14 2007: Jan .................................................... 1,070,438 1,391,893 1.30 336,713 390,424 1.16 Feb .................................................... 1,073,927 1,394,706 1.30 340,134 392,073 1.15 Mar .................................................... 1,092,727 1,394,265 1.28 347,383 393,461 1.13 Apr .................................................... 1,100,915 1,399,463 1.27 352,678 394,796 1.12 May .................................................... 1,114,765 1,406,612 1.26 357,352 396,604 1.11 June ................................................... 1,111,071 1,412,022 1.27 358,788 397,866 1.11 July ................................................... 1,123,373 1,418,684 1.26 359,529 398,721 1.11 Aug .................................................... 1,119,374 1,423,109 1.27 362,232 401,359 1.11 Sept ................................................... 1,127,625 1,429,036 1.27 367,251 403,907 1.10 Oct r .................................................... 1,137,631 1,431,133 1.26 372,212 403,777 1.08 Nov p ................................................... 1,155,412 1,436,428 1.24 380,351 406,153 1.07 Dec p ................................................... .................. .................. ................ ................ ................ ................ 1 See page 21 for manufacturing. data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month. 3 Seasonally adjusted, end of period. 2 Annual Sales 2 20:33 Feb 14, 2008 Jkt 040678 PO 00000 Frm 00020 Fmt 3401 Inventory sales ratio 4 206,167 344,594 1.64 215,592 357,246 1.62 234,046 385,082 1.59 249,063 407,033 1.59 255,644 395,018 1.58 261,194 416,817 1.56 272,123 433,133 1.56 289,528 462,607 1.56 307,786 475,520 1.51 325,359 490,909 1.49 338,618 ................ ................ 326,885 489,606 1.50 330,700 490,909 1.48 330,598 491,590 1.49 332,929 492,452 1.48 336,007 489,706 1.46 334,693 491,365 1.47 340,409 494,646 1.45 337,273 497,649 1.48 339,152 502,860 1.48 339,509 505,123 1.49 342,381 505,470 1.48 342,295 506,864 1.48 r 346,352 506,130 1.46 344,880 ................ ................ Retail and food services sales 2 227,670 238,278 257,797 274,518 282,131 288,845 301,264 320,526 340,669 360,871 375,989 363,067 367,929 367,230 369,287 372,851 371,651 377,689 374,740 376,906 377,173 380,231 380,349 r 384,342 382,928 4 Annual data are averages of seasonally adjusted monthly ratios. Source: Department of Commerce, Bureau of the Census. 20 VerDate Aug 31 2005 Inventories 3 Sfmt 3401 E:\HR\OC\ECOIND.020 ECOIND G:\graphics\eecoind.020 Period Wholesale MANUFACTURERS’ SHIPMENTS, INVENTORIES, AND ORDERS In December, manufacturers’ shipments fell while inventories, new and unfilled orders rose. 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 324,984 335,991 350,715 330,875 326,227 334,616 359,081 394,615 411,663 416,341 410,506 403,127 400,864 409,337 413,544 417,004 415,010 424,692 417,633 417,993 423,124 428,709 427,505 185,966 193,895 197,807 181,201 176,968 178,549 188,722 201,695 211,492 212,301 212,817 209,687 206,521 209,287 213,525 213,967 211,616 220,095 215,919 212,135 213,235 212,462 212,044 139,019 142,096 152,908 149,674 149,259 156,067 170,359 192,920 200,170 204,040 197,689 193,440 194,343 200,050 200,019 203,037 203,394 204,597 201,714 205,858 209,889 216,247 215,461 449,083 463,563 481,633 428,108 423,082 408,226 439,821 479,106 509,902 528,097 509,902 509,879 510,181 511,098 513,302 515,362 516,507 517,103 516,627 519,659 520,492 524,145 528,097 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. 3 Annual data are averages of seasonally adjusted monthly ratios. NOTE.—Manufacturers’ nondurable new orders (not shown) are the same as nondurable shipments. Also, there are no unfilled nondurable orders; data shown for total unfilled orders are durable unfilled orders. 290,715 296,508 306,743 267,902 260,661 247,061 266,264 286,775 309,481 320,232 309,481 310,784 311,110 311,315 312,426 312,653 312,622 312,895 312,577 313,607 314,834 316,961 320,232 158,368 167,055 174,890 160,206 162,421 161,165 173,557 192,331 200,421 207,865 200,421 199,095 199,071 199,783 200,876 202,709 203,885 204,208 204,050 206,052 205,658 207,184 207,865 317,345 329,770 346,789 322,708 316,811 330,369 354,599 394,580 414,562 420,457 416,103 398,496 400,493 416,759 418,997 416,866 420,992 435,099 420,076 421,206 424,145 431,489 441,566 178,327 187,674 193,881 173,033 167,553 174,302 184,240 201,660 214,391 216,417 218,414 205,056 206,150 216,709 218,978 213,829 217,598 230,502 218,362 215,348 214,256 215,242 226,105 62,133 64,392 69,278 58,204 51,817 52,891 56,079 65,625 72,429 74,986 77,700 64,912 68,845 78,375 78,128 72,788 77,389 81,119 71,417 74,935 73,022 76,959 81,218 496,092 505,589 549,513 513,802 461,585 477,029 495,630 570,020 684,047 808,656 684,047 687,768 693,326 706,081 719,366 725,644 737,085 754,340 763,051 771,803 779,374 788,661 808,656 1.38 1.35 1.35 1.38 1.29 1.24 1.18 1.17 1.21 1.24 1.24 1.26 1.27 1.25 1.24 1.24 1.24 1.22 1.24 1.24 1.23 1.22 1.24 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 VerDate Aug 31 2005 20:33 Feb 14, 2008 Jkt 040678 PO 00000 Frm 00021 Fmt 3401 Sfmt 3401 E:\HR\OC\ECOIND.021 ECOIND g:\graphics\eecoind.021 hsrobinson on PROD1PC76 with HEARING 1998 .................................................... 1999 .................................................... 2000 .................................................... 2001 .................................................... 2002 .................................................... 2003 .................................................... 2004 .................................................... 2005 .................................................... 2006 .................................................... 2007p ................................................... 2006: Dec ........................................... 2007: Jan ........................................... Feb ........................................... Mar .......................................... Apr ........................................... May .......................................... June ......................................... July .......................................... Aug .......................................... Sept .......................................... Oct ........................................... Nov r ......................................... Dec p ......................................... PRICES PRODUCER PRICES The producer price index for all finished goods fell 0.1 percent in December. Prices of finished consumer foods rose 1.3 percent, while prices of other finished consumer goods fell 0.6 percent. Capital equipment prices rose 0.1 percent. [1982=100; monthly data seasonally adjusted] Finished goods Total finished goods Finished goods excluding consumer foods Consumer foods Consumer goods Total hsrobinson on PROD1PC76 with HEARING Total 1998 ........................... 1999 .......................... 2000 ........................... 2001 ........................... 2002 .......................... 2003 .......................... 2004 .......................... 2005 .......................... 2006 .......................... 2007 p ........................ 2006: Dec ................ 2007: Jan ................ Feb ................ Mar ................ Apr ................ May ............... June .............. July ................ Aug r ............... Sept ............... Oct ................. Nov ................ Dec ................ 1 Intermediate 130.7 133.0 138.0 140.7 138.9 143.3 148.5 155.7 160.4 166.6 161.5 160.6 162.6 164.2 165.6 166.7 166.8 167.9 165.5 167.2 167.3 172.6 172.5 134.3 135.1 137.2 141.3 140.1 145.9 152.7 155.7 156.7 166.9 159.8 161.4 164.2 166.8 167.7 166.7 166.1 166.2 165.9 167.8 169.4 169.4 171.6 129.5 132.3 138.1 140.4 138.3 142.4 147.2 155.5 161.0 166.2 161.7 160.1 161.8 163.3 164.7 166.5 166.6 168.1 165.2 166.8 166.4 173.2 172.4 126.4 130.5 138.4 141.4 138.8 144.7 150.9 161.9 169.2 175.6 169.5 167.0 169.3 171.5 173.6 176.2 176.4 178.4 174.1 176.4 175.9 185.6 184.4 Durable Nondurable 132.9 133.0 133.9 134.0 133.0 133.1 135.0 136.6 136.9 138.2 137.8 137.6 137.9 137.8 137.6 137.7 138.3 139.0 138.7 138.4 138.1 139.0 138.8 materials for food manufacturing and feeds. Capital equipment 122.2 127.9 138.7 142.8 139.8 148.4 156.6 172.0 182.6 191.8 182.6 179.0 182.3 185.8 189.0 192.9 192.8 195.5 189.4 192.9 192.4 206.1 204.5 137.6 137.6 138.8 139.7 139.1 139.5 141.4 144.6 146.9 149.5 148.3 148.5 149.0 148.9 149.1 149.2 149.4 149.8 149.7 149.8 149.7 150.2 150.3 128.9 132.0 138.2 141.5 139.4 145.3 151.7 160.4 166.0 173.5 167.1 165.7 168.2 170.5 172.3 173.8 173.7 175.2 172.0 174.2 174.4 181.3 181.1 Intermediate materials Crude materials Total Foods and feeds 1 Other Total Foodstuffs and feedstuffs Other 123.0 123.2 129.2 129.7 127.8 133.7 142.6 154.0 164.0 170.6 165.0 163.9 165.2 167.2 168.8 170.8 171.4 172.7 170.5 171.2 171.4 177.7 177.3 116.2 111.1 111.7 115.9 115.5 125.9 137.1 133.8 135.2 154.4 140.6 143.1 147.4 150.0 151.4 151.4 154.2 155.3 155.8 158.1 159.7 161.6 165.2 123.4 123.9 130.1 130.5 128.5 134.2 143.0 155.1 165.4 171.5 166.2 165.0 166.1 168.1 169.7 171.8 172.3 173.6 171.3 171.9 172.0 178.6 178.0 96.8 98.2 120.6 121.0 108.1 135.3 159.0 182.2 184.8 207.3 191.3 180.8 197.1 202.3 204.5 207.1 209.4 210.5 203.0 204.8 209.7 227.9 230.2 103.9 98.7 100.2 106.1 99.5 113.5 127.0 122.7 119.3 146.7 127.1 130.2 139.8 143.1 145.2 146.7 147.4 150.2 147.8 151.4 148.7 151.7 158.2 88.4 94.3 130.4 126.8 111.4 148.2 179.2 223.4 230.6 246.7 235.7 212.9 234.3 240.9 243.0 246.4 250.0 249.5 238.0 238.2 249.2 279.4 278.0 Source: Department of Labor, Bureau of Labor Statistics. 22 VerDate Aug 31 2005 20:33 Feb 14, 2008 Jkt 040678 PO 00000 Frm 00022 Fmt 3401 Sfmt 3401 E:\HR\OC\ECOIND.022 ECOIND g:\graphics\eecoind.022 Period Total finished consumer goods CONSUMER PRICES—ALL URBAN CONSUMERS In December, the consumer price index for all urban consumers rose 0.3 percent seasonally adjusted; it fell 0.1 percent not seasonally adjusted. The index was 4.1 percent above its year-earlier level. [1982–84=100, except as noted; monthly data seasonally adjusted, except as noted] Housing Transportation Shelter Seasonally adjusted Rel. imp.3 ............... 1998 ....................... 1999 ....................... 2000 ....................... 2001 ....................... 2002 ....................... 2003 ....................... 2004 ....................... 2005 ....................... 2006 ....................... 2007 ....................... 100.0 163.0 166.6 172.2 177.1 179.9 184.0 188.9 195.3 201.6 207.342 .............. 13.9 42.7 32.8 5.9 .............. 160.7 160.4 182.1 172.1 .............. 164.1 163.9 187.3 177.5 .............. 167.8 169.6 193.4 183.9 .............. 173.1 176.4 200.6 192.1 .............. 176.2 180.3 208.1 199.7 .............. 180.0 184.8 213.1 205.5 .............. 186.2 189.5 218.8 211.0 .............. 190.7 195.7 224.4 217.3 .............. 195.2 203.2 232.1 225.1 .............. 202.916 209.586 240.611 234.679 2006: Dec ............ 201.8 202.8 196.8 206.3 236.6 229.8 242.8 195.3 119.8 177.0 206.5 341.3 190.1 208.1 2007: Jan ............ Feb ............ Mar ............ Apr ............ May ............ June ........... July ............ Aug ............. Sept ............ Oct ............. Nov ............. Dec ............. 202.416 203.499 205.352 206.686 207.949 208.352 208.299 207.917 208.490 208.936 210.177 210.036 203.153 203.906 205.146 205.999 207.387 207.784 208.028 207.738 208.292 208.903 210.565 211.160 198.173 199.728 200.281 201.111 201.794 202.773 203.311 204.143 205.193 205.753 206.322 206.433 206.799 207.616 208.072 208.547 208.912 209.617 209.959 209.933 210.470 210.926 211.817 212.459 237.350 238.043 238.176 238.981 239.550 240.547 241.112 241.475 242.293 242.559 243.291 243.994 230.670 231.642 232.437 233.001 233.654 234.254 234.903 235.349 236.058 237.127 238.081 238.944 243.279 243.988 244.646 245.079 245.277 245.778 246.191 246.761 247.445 248.001 248.838 249.534 195.818 198.215 200.689 200.647 200.602 200.780 200.791 199.053 199.338 201.661 204.624 205.856 120.180 120.805 119.541 119.165 118.772 118.065 118.585 117.936 118.232 118.247 119.134 119.412 175.661 175.749 180.584 182.835 187.879 187.592 187.002 184.702 184.899 185.713 191.035 192.031 200.234 200.921 222.136 232.663 256.776 254.122 249.813 237.534 238.498 241.971 264.462 267.405 344.046 345.686 345.994 347.316 348.467 349.272 351.450 353.209 354.396 356.360 357.740 358.841 187.340 188.952 200.164 204.969 216.073 214.911 212.732 205.920 206.496 209.422 221.450 223.462 208.632 209.135 209.263 209.634 209.948 210.436 210.933 211.250 211.714 212.050 212.633 213.148 Period hsrobinson on PROD1PC76 with HEARING All items less food and energy Not seasonally adjusted (NSA) Food Total 1 Total 1 Rent of primary residence 1 Includes items not shown separately. fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc. excluded beginning 1983. 2 Household Owners’ equivalent rent (12/82= 100) Fuels and utilities Apparel Total 1 Motor fuel Medical care 23.8 5.3 3.7 17.2 4.3 6.3 187.8 128.5 133.0 141.6 92.2 242.1 192.9 128.8 131.3 144.4 100.7 250.6 198.7 137.9 129.6 153.3 129.3 260.8 206.3 150.2 127.3 154.3 124.7 272.8 214.7 143.6 124.0 152.9 116.6 285.6 219.9 154.5 120.9 157.6 135.8 297.1 224.9 161.9 120.4 163.1 160.4 310.1 230.2 179.0 119.5 173.9 195.7 323.2 238.2 194.7 119.5 180.9 221.0 336.2 246.235 200.632 118.998 184.682 239.070 351.054 Energy 2 8.7 77.4 102.9 173.4 106.6 177.0 124.6 181.3 129.3 186.1 121.7 190.5 136.5 193.2 151.4 196.6 177.1 200.9 196.9 205.9 207.723 210.729 3 Relative importance, December 2006. Source: Department of Labor, Bureau of Labor Statistics. 23 VerDate Aug 31 2005 20:33 Feb 14, 2008 Jkt 040678 PO 00000 Frm 00023 Fmt 3401 Sfmt 3401 E:\HR\OC\ECOIND.023 ECOIND g:\graphics\eecoind.023 All items 1 CHANGES IN PRODUCER PRICES FOR FINISHED GOODS [Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA] Period Change from preceding period Change from 3 months earlier, annual rate Consumer goods Consumer goods Total finished goods Foods Capital equipment Excluding foods Change from 6 months earlier, annual rate Change from year earlier, total finished goods NSA Consumer goods Total finished goods Foods Excluding foods Capital equipment Total finished goods Foods Excluding foods Capital equipment ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ .................. .................. .................. .................. .................. .................. .................. .................. .................. .................. Change, Dec. to Dec., NSA 1998 ............... 1999 ............... 2000 ............... 2001 ............... 2002 ............... 2003 ............... 2004 ............... 2005 ............... 2006 ............... 2007 p ............. 0 2.9 3.6 ¥1.6 1.2 4.0 4.2 5.4 1.1 6.3 ¥0.1 5.1 5.5 ¥3.9 2.9 4.1 5.5 8.8 .4 8.0 0.1 .8 1.7 1.8 ¥.6 7.7 3.1 1.7 1.7 7.4 0 .3 1.2 0 ¥.6 .8 2.4 1.2 2.3 1.3 ¥0.8 1.8 3.8 2.0 ¥1.3 3.2 3.6 4.8 3.0 3.9 Change, month to month 2006: Dec ..... 0.7 1.1 1.0 2007: Jan ...... Feb ..... Mar ..... Apr ..... May ..... June ... July ..... Aug r ... Sept ..... Oct ...... Nov ..... Dec ...... ¥.6 1.2 1.0 .9 .7 .1 .7 ¥1.4 r 1.0 .1 3.2 ¥.1 1.0 1.7 1.6 .5 ¥.6 ¥.4 .1 ¥.2 r 1.1 1.0 .0 1.3 ¥1.5 1.4 1.3 1.2 1.5 .1 1.1 ¥2.4 r 1.3 ¥.3 5.5 ¥.6 3.3 3.1 3.9 2.5 0 4.9 ¥2.4 1.8 1.1 7.3 5.9 6.9 13.0 10.5 6.5 5.7 ¥2.8 1.0 ¥1.4 r 18.3 13.3 9.2 16.6 18.7 16.6 6.2 ¥1.7 ¥3.5 ¥1.9 4.2 7.9 r 8.7 9.4 7.8 3.4 4.8 16.8 17.3 11.9 11.5 ¥4.7 .0 ¥5.5 r 29.2 19.4 4.4 1.9 1.6 1.6 .5 1.3 1.9 1.3 1.1 ¥.3 r 1.3 1.3 ¥.9 .9 5.1 10.1 8.1 6.7 9.3 3.6 3.7 2.1 7.2 7.0 6.9 8.1 10.6 12.8 11.3 8.0 6.0 2.1 1.2 2.0 3.3 6.7 ¥5.3 ¥2.5 4.3 12.2 10.1 8.3 14.1 5.8 5.8 2.7 11.0 9.3 2.9 2.7 2.0 3.0 1.2 1.5 1.8 .9 1.2 .8 1.3 1.2 .1 2.4 3.1 3.2 3.9 3.3 4.2 2.3 4.4 6.1 7.2 6.3 0 .1 .3 ¥.1 .1 .1 .1 .3 ¥.1 r .1 ¥.1 .3 .1 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 Transportation Shelter Period All items 1 Food Total 1 Total 1 Rent of Ownpriers’ mary equivaresilent dence rent Fuels and utilities Apparel Total 1 New cars Motor fuel Medical care Energy 2 All items less food and energy Addendum: All items, percent change (annual rate) From previous quarter 3 From From 3 6 months months earlier earlier From year earlier NSA Change, December to December, NSA 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 .......................... .......................... .......................... .......................... .......................... .......................... .......................... .......................... .......................... .......................... 1.6 2.7 3.4 1.6 2.4 1.9 3.3 3.4 2.5 4.1 2.3 1.9 2.8 2.8 1.5 3.6 2.7 2.3 2.1 4.9 2.3 2.2 4.3 2.9 2.4 2.2 3.0 4.0 3.3 3.0 3.3 2.5 3.4 4.2 3.1 2.2 2.7 2.6 4.2 3.1 3.4 3.1 4.0 4.7 3.1 2.7 2.9 3.1 4.3 4.0 3.2 2.4 3.4 4.5 3.3 2.0 2.3 2.5 4.3 2.8 ¥2.6 2.4 12.1 ¥2.1 1.4 6.5 7.9 15.6 .5 5.4 ¥0.7 ¥.5 ¥1.8 ¥3.2 ¥1.8 ¥2.1 ¥.2 ¥1.1 .9 ¥.3 ¥1.7 5.4 4.1 ¥3.8 3.8 .3 6.5 4.8 1.6 8.3 ¥0.1 ¥.8 .3 0 ¥2.0 ¥2.1 .5 .8 .2 ¥.4 ¥15.4 30.2 13.9 ¥24.8 24.6 6.8 26.1 16.2 6.4 29.5 3.4 3.7 4.2 4.7 5.0 3.7 4.2 4.3 3.6 5.2 ¥8.8 13.4 14.2 ¥13.0 10.7 6.9 16.6 17.1 2.9 17.4 2.4 1.9 2.6 2.7 1.9 1.1 2.2 2.2 2.6 2.4 .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... 1.6 2.2 3.4 2.8 1.6 2.3 2.7 3.4 3.2 2.8 hsrobinson on PROD1PC76 with HEARING Change, month to month 2006: Dec ............... 0.4 2007: Jan ............... Feb ............... Mar ............... Apr ............... May ............... June .............. July .............. Aug ............... Sept .............. Oct ................ Nov ............... Dec ............... .2 .4 .6 .4 .7 .2 .1 ¥.1 .3 .3 .8 .3 0 .7 .8 .3 .4 .3 .5 .3 .4 .5 .3 .3 .1 0.4 0.3 0.4 0.3 1.2 0.2 1.7 ¥0.1 7.0 0.2 4.2 0.1 ¥2.0 0.2 0.4 2.5 .2 .4 .2 .2 .2 .3 .2 .0 .3 .2 .4 .3 .3 .3 .1 .3 .2 .4 .2 .2 .3 .1 .3 .3 .4 .4 .3 .2 .3 .3 .3 .2 .3 .5 .4 .4 .2 .3 .3 .2 .1 .2 .2 .2 .3 .2 .3 .3 .3 1.2 1.2 .0 .0 .1 .0 ¥.9 .1 1.2 1.5 .6 .3 .5 ¥1.0 ¥.3 ¥.3 ¥.6 .4 ¥.5 .3 .0 .8 .2 ¥.8 .1 2.8 1.2 2.8 ¥.2 ¥.3 ¥1.2 .1 .4 2.9 .5 ¥.1 ¥.2 .2 .1 ¥.3 .1 .0 .2 ¥.3 ¥.1 .1 .0 ¥3.0 .3 10.6 4.7 10.4 ¥1.0 ¥1.7 ¥4.9 .4 1.5 9.3 1.1 .8 .5 .1 .4 .3 .2 .6 .5 .3 .6 .4 .3 ¥1.5 .9 5.9 2.4 5.4 ¥.5 ¥1.0 ¥3.2 .3 1.4 5.7 .9 .3 .2 .1 .2 .1 .2 .2 .2 .2 .2 .3 .2 .......... .......... 3.8 .......... .......... 6.0 .......... .......... 1.7 .......... .......... 4.3 2.7 4.0 4.7 5.7 7.0 5.2 4.0 .7 1.0 1.7 5.6 5.6 .0 .1 2.4 4.2 5.5 5.0 4.9 3.8 3.1 2.8 3.1 3.3 2.1 2.4 2.8 2.6 2.7 2.7 2.4 2.0 2.8 3.5 4.3 4.1 1 Includes items not shown separately. fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc., excluded beginning 1983. 2 Household 3 Quarterly changes are shown in the last month of the quarter. Source: Department of Labor, Bureau of Labor Statistics. 24 VerDate Aug 31 2005 20:33 Feb 14, 2008 Jkt 040678 PO 00000 Frm 00024 Fmt 3401 Sfmt 3401 E:\HR\OC\ECOIND.024 ECOIND PRICES RECEIVED AND PAID BY FARMERS In January, prices received by farmers rose 4.2 percent; prices paid by farmers rose 1.8 percent. (Data are not seasonally adjusted.) [1990–92=100; not seasonally adjusted] Prices received by farmers All farm products Livestock and products Crops All commodities, services, interest, taxes, and wage rates 1 Production items, interest, taxes, and wage rates Production items Ratio 2 1998 .............................. 1999 ............................... 2000 .............................. 2001 .............................. 2002 .............................. 2003 .............................. 2004 r ............................. 2005 r ............................. 2006 r ............................. 2007 r ............................. 102 96 96 102 98 107 119 115 116 137 107 97 96 99 105 111 115 111 120 142 97 95 97 106 90 103 122 120 112 132 115 115 119 123 124 128 134 142 150 161 114 113 118 121 121 125 133 142 151 162 113 111 115 120 119 124 132 140 148 160 89 83 81 83 79 84 89 81 77 85 2007: Jan r ................... Feb r ................... Mar r ................... Apr r ................... May r .................. June r ................. July r .................. Aug r ................... Sept r .................. Oct r .................... Nov r ................... Dec r ................... 123 128 133 135 137 139 140 141 141 141 142 144 131 138 142 142 140 142 141 142 142 148 148 151 116 120 126 129 134 137 140 139 139 132 136 136 155 156 159 160 161 161 161 161 162 163 165 165 156 157 160 162 162 162 163 163 163 165 167 167 152 154 157 160 160 160 161 161 162 163 165 166 79 82 84 84 85 86 87 88 87 87 86 87 2008: Jan .................... 150 167 132 168 171 169 89 1 Includes items not shown separately. 2 Percentage ratio of index of prices received by farmers to index of prices paid, interest, taxes, and wage rates. NOTE.—The official indexes are published on a 1910–14 base as required by law. The indexes have been converted to a 1990–92=100 base to facilitate comparison with other indexes. Source: Department of Agriculture. 25 VerDate Aug 31 2005 20:33 Feb 14, 2008 Jkt 040678 PO 00000 Frm 00025 Fmt 3401 Sfmt 3401 E:\HR\OC\ECOIND.025 ECOIND G:\GRAPHICS\eecoind.025 hsrobinson on PROD1PC76 with HEARING Period Prices paid by farmers MONEY, CREDIT, AND SECURITY MARKETS MONEY STOCK AND DEBT MEASURES In December, M2 rose. [Averages of daily figures, except debt end-of-period basis; billions of dollars, seasonally adjusted] M1 M2 Sum of currency, demand deposits, travelers checks, and other checkable deposits (OCDs) M1 plus retail MMMF balances, savings deposits (including MMDAs), and small time deposits ....................................................................................... ....................................................................................... ....................................................................................... ....................................................................................... ....................................................................................... ....................................................................................... ....................................................................................... ....................................................................................... ....................................................................................... ....................................................................................... 1,095.9 1,122.5 1,087.4 1,181.9 1,219.7 1,306.1 1,376.3 1,374.5 1,367.1 1,364.2 4,381.8 4,639.2 4,921.7 5,433.5 5,779.2 6,071.2 6,421.6 6,691.7 7,035.5 7,447.0 16,153.0 17,219.9 18,074.8 19,213.4 20,615.8 22,325.5 24,317.4 26,528.0 28,854.7 ............................ 2.1 2.5 ¥3.1 8.7 3.2 7.1 5.4 ¥.1 ¥.5 ¥.2 8.6 5.9 6.1 10.4 6.4 5.1 5.8 4.2 5.1 5.8 6.8 6.4 4.9 6.4 7.3 8.1 8.9 9.1 8.8 ...................... 2006: Dec r ....................................................................................... 2007: Jan r ....................................................................................... Feb r ....................................................................................... Mar r ....................................................................................... Apr r ....................................................................................... May r ....................................................................................... June r ..................................................................................... July r ...................................................................................... Aug r ....................................................................................... Sept r ...................................................................................... Oct r ........................................................................................ Nov r ....................................................................................... Dec ........................................................................................ 1,367.1 1,372.8 1,367.7 1,370.5 1,378.1 1,375.3 1,366.3 1,368.7 1,367.9 1,365.8 1,368.8 1,364.5 1,364.2 7,035.5 7,085.5 7,113.0 7,163.5 7,210.3 7,230.0 7,247.1 7,271.2 7,320.8 7,350.8 7,377.6 7,410.5 7,447.0 28,854.7 ............................ ............................ 29,439.6 ............................ ............................ 29,973.2 ............................ ............................ 30,640.9 ............................ ............................ ............................ ¥1.2 .2 ¥.4 1.3 1.4 .5 ¥.1 ¥.6 .0 ¥.7 ¥1.3 ¥1.6 ¥.3 5.9 6.5 6.7 7.5 7.2 6.8 6.0 5.2 5.8 5.2 4.6 5.0 5.5 8.6 ...................... ...................... 8.0 ...................... ...................... 7.2 ...................... ...................... 8.9 ...................... ...................... ...................... hsrobinson on PROD1PC76 with HEARING 1998: 1999: 2000: 2001: 2002: 2003: 2004: 2005: 2006: 2007: Dec r Dec r Dec r Dec r Dec r Dec r Dec r Dec r Dec r Dec r 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. 3 Annual changes are from fourth quarter to fourth quarter. Quarterly changes are from previous quarter at an annual rate. Debt of domestic nonfinancial sectors 1 20:33 Feb 14, 2008 Jkt 040678 PO 00000 Frm 00026 Fmt 3401 M1 M2 From previous period 3 Debt 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. 26 VerDate Aug 31 2005 Percent change From year or 6 months earlier 2 Sfmt 3401 E:\HR\OC\ECOIND.026 ECOIND g:\graphics\eecoind.026 Period Debt COMPONENTS OF MONEY STOCK [Averages of daily figures; billions of dollars, seasonally adjusted] Period 1998: 1999: 2000: 2001: 2002: 2003: 2004: 2005: 2006: 2007: Currency Dec r .... Dec r .... Dec r .... Dec r .... Dec r .... Dec r .... Dec r .... Dec r .... Dec r .... Dec ...... Nonbank travelers checks Demand deposits 8.5 8.6 8.3 8.0 7.8 7.7 7.5 7.2 6.7 6.3 376.6 352.8 309.6 335.2 306.2 325.8 343.2 324.9 306.4 293.0 460.5 517.8 531.2 581.2 626.3 662.5 697.6 723.9 748.9 758.9 Other checkable deposits (OCDs) Savings deposits 1 At commercial banks Total At commercial banks 106.0 103.7 105.2 115.5 125.1 134.8 141.2 138.0 128.2 133.1 1,605.0 1,740.3 1,878.8 2,312.8 2,778.2 3,169.1 3,518.3 3,621.4 3,698.6 3,889.9 1,188.5 1,289.0 1,424.6 1,739.5 2,060.4 2,337.7 2,631.0 2,771.5 2,905.7 3,034.8 Total 249.9 243.4 238.4 257.4 279.4 310.1 328.0 318.5 305.0 306.0 At thrift institutions 143.9 139.6 133.1 142.0 154.3 175.2 186.8 180.5 176.8 172.9 Small-denomination time deposits 2 At thrift institutions At commercial banks Total 416.5 451.2 454.2 573.4 717.8 831.4 887.3 849.9 792.9 855.0 952.4 956.8 1,047.6 976.5 896.0 818.7 829.9 995.8 1,170.4 1,216.8 At thrift institutions 626.4 636.9 700.2 635.4 590.8 541.3 551.0 644.6 758.0 815.1 326.1 319.9 347.5 341.1 305.2 277.4 278.8 351.3 412.4 401.7 Retail money funds 728.9 819.7 908.0 962.3 885.3 777.4 697.1 699.9 799.4 976.1 Institutional money funds 3 549.6 654.1 808.2 1,214.3 1,265.7 1,132.2 1,082.8 1,147.5 1,344.3 1,860.9 2006: Dec r .... 748.9 6.7 306.4 305.0 176.8 128.2 3,698.6 2,905.7 792.9 1,170.4 758.0 412.4 799.4 1,344.3 2007: Jan r ..... Feb r .... Mar r .... Apr r ..... May ..... June r ... July r .... Aug r .... Sept r ... Oct r ..... Nov r .... Dec ...... 750.5 751.0 752.5 754.4 755.4 756.0 758.0 758.1 759.2 761.6 761.2 758.9 6.7 6.6 6.6 6.6 6.6 6.5 6.5 6.4 6.4 6.4 6.3 6.3 308.0 305.2 303.9 306.9 304.7 302.5 301.9 300.6 296.1 296.1 295.5 293.0 307.6 304.9 307.5 310.3 308.6 301.3 302.3 302.7 304.1 304.7 301.4 306.0 177.6 176.1 176.2 176.8 175.8 171.2 171.4 171.0 170.9 172.1 171.4 172.9 130.0 128.7 131.3 133.5 132.7 130.1 130.9 131.7 133.2 132.5 130.1 133.1 3,725.1 3,744.8 3,772.8 3,802.9 3,818.5 3,831.5 3,838.2 3,864.0 3,867.7 3,871.8 3,885.1 3,889.9 2,921.6 2,932.0 2,925.4 2,936.8 2,940.4 2,949.3 2,966.7 2,995.6 3,010.5 3,012.6 3,027.5 3,034.8 803.5 812.8 847.5 866.1 878.1 882.2 871.5 868.4 857.1 859.2 857.7 855.0 1,175.5 1,180.1 1,183.4 1,187.4 1,188.7 1,188.8 1,189.8 1,191.9 1,201.5 1,208.4 1,213.2 1,216.8 760.6 765.2 755.2 756.7 757.3 758.4 763.6 765.4 772.5 799.0 814.5 815.1 414.8 414.9 428.3 430.6 431.3 430.4 426.2 426.4 429.0 409.3 398.7 401.7 812.2 820.4 836.8 841.9 847.6 860.4 874.4 897.0 915.8 928.7 947.7 976.1 1,345.5 1,364.7 1,393.6 1,426.7 1,466.0 1,495.7 1,526.3 1,600.3 1,680.2 1,763.4 1,824.7 1,860.9 1 Savings deposits including money market deposit accounts (MMDAs). deposits are those issued in amounts of less than $100,000. money funds are not part of non-M1 M2. NOTE.—See Note, p. 26. Source: Board of Governors of the Federal Reserve System. 2 Small-denomination 3 Institutional AGGREGATE RESERVES AND MONETARY BASE [Averages of daily figures 1; millions of dollars; seasonally adjusted, except as noted by NSA] Adjusted for changes in reserve requirements Reserves of depository institutions Period Nonborrowed 3 Total 2 1998: 1999: 2000: 2001: 2002: 2003: 2004: 2005: 2006: 2007: Dec r Dec r Dec r Dec r Dec r Dec r Dec r Dec r Dec r Dec r Required Excess (NSA) Monetary base Other borrowings of depository institutions from the Federal Reserve (NSA) Total Primary Secondary Seasonal Adjustment 4 ............ ............ ............ ............ ............ ............ ............ ............ ............ ............ 45,168 42,115 38,680 41,420 40,357 42,672 46,600 45,144 43,315 42,585 45,052 41,795 38,471 41,354 40,278 42,626 46,538 44,976 43,124 27,154 43,656 40,821 37,356 39,777 38,349 41,625 44,692 43,244 41,507 40,839 1,512 1,294 1,325 1,643 2,008 1,047 1,909 1,900 1,808 1,746 513,920 593,826 584,944 635,610 681,623 720,362 759,258 787,313 811,822 823,386 ................ ................ ................ ................ ................ ................ ................ ................ ................ 11,613 117 320 210 67 80 46 63 169 191 3,818 ................ ................ ................ ................ ................ 17 11 97 111 3,787 ................ ................ ................ ................ ................ 0 0 0 0 1 15 67 111 33 45 29 52 72 80 30 101 179 99 34 35 ................ ................ ................ ................ 2006: Dec r ............ 43,315 43,124 41,507 1,808 811,822 ................ 191 111 0 80 ................ 2007: Jan r ............ Feb r ............ Mar r ............ Apr r ............ May r ........... June r .......... July r ........... Aug r ............ Sept r ........... Oct r ............. Nov r ............ Dec r ............ 42,171 42,454 42,321 42,715 43,197 43,606 41,915 44,922 42,540 42,507 42,646 42,585 41,960 42,424 42,267 42,635 43,093 43,419 41,653 43,948 40,973 42,252 42,281 27,154 40,665 40,956 40,686 41,189 41,760 41,904 40,251 40,100 40,798 41,056 40,970 40,839 1,506 1,498 1,635 1,525 1,436 1,702 1,664 4,822 1,742 1,450 1,676 1,746 813,455 813,448 814,991 817,205 818,799 820,085 821,476 824,512 821,732 824,713 825,653 824,386 ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ 11,613 211 30 54 79 103 187 262 975 1,567 254 366 3,818 187 8 21 32 14 43 45 701 1,345 126 315 3,787 0 0 5 0 0 0 0 19 0 13 0 1 24 22 28 48 90 145 217 255 221 115 50 30 ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ 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. hsrobinson on PROD1PC76 with HEARING Term auction credit (NSA) 3 Seasonally adjusted break-adjusted total reserves less unadjusted total borrowings of depository institutions from the Federal Reserve. 4 Discontinued after January 8, 2003. Source: Board of Governors of the Federal Reserve System. 27 VerDate Aug 31 2005 20:33 Feb 14, 2008 Jkt 040678 PO 00000 Frm 00027 Fmt 3401 Sfmt 3401 E:\HR\OC\ECOIND.027 ECOIND BANK CREDIT AT ALL COMMERCIAL BANKS Total commercial bank loans and leases rose 1.0 percent in December; commercial and industrial loans rose 1.8 percent. [Billions of dollars, seasonally adjusted 1] Securities in bank credit hsrobinson on PROD1PC76 with HEARING 1997: 1998: 1999: 2000: 2001: 2002: 2003: 2004: 2005: 2006: 2007: Dec ........... Dec ........... Dec ........... Dec ........... Dec ........... Dec ........... Dec ........... Dec ........... Dec ........... Dec ........... Jan ........... Feb ........... Mar r ......... Apr r .......... May r ......... June r ........ July r ......... Aug r ......... Sept r ......... Oct r .......... Nov r ......... Dec r .......... Total bank credit 4,099.1 4,534.1 4,762.7 5,221.4 5,423.3 5,886.5 6,259.2 6,805.8 7,514.0 8,349.0 8,407.5 8,479.7 8,458.7 8,521.3 8,578.6 8,628.8 8,694.4 8,821.3 8,947.3 9,063.4 9,181.8 9,225.9 Total securities 1,099.0 1,237.4 1,280.8 1,347.4 1,487.2 1,715.0 1,849.1 1,936.2 2,050.4 2,227.4 2,233.4 2,248.2 2,272.4 2,284.0 2,289.5 2,308.9 2,318.3 2,342.6 2,371.8 2,403.1 2,466.5 2,440.9 755.6 797.0 812.6 790.1 848.3 1,022.6 1,104.8 1,153.3 1,141.4 1,196.0 1,198.5 1,202.9 1,210.5 1,186.3 1,173.9 1,177.8 1,180.6 1,186.1 1,171.0 1,135.4 1,118.5 1,110.9 Loans and leases in bank credit Real estate CommerOther Total loans cial and securities and leases 2 industrial 343.4 440.4 468.2 557.3 638.9 692.3 744.3 782.8 909.0 1,031.4 1,034.9 1,045.3 1,061.9 1,097.7 1,115.6 1,131.1 1,137.7 1,156.5 1,200.7 1,267.7 1,348.0 1,330.0 3,000.1 3,296.7 3,481.9 3,874.0 3,936.1 4,171.5 4,410.0 4,869.6 5,463.6 6,121.7 6,174.0 6,231.5 6,186.3 6,237.3 6,289.2 6,319.9 6,376.2 6,478.7 6,575.5 6,660.3 6,715.3 6,784.9 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. 848.0 940.9 992.3 1,080.3 1,019.6 956.8 897.7 920.5 1,039.1 1,193.8 1,201.4 1,211.5 1,219.9 1,226.8 1,243.8 1,261.8 1,281.0 1,313.4 1,360.6 1,394.5 1,409.9 1,435.2 Total 1,246.2 1,337.0 1,475.4 1,658.1 1,785.7 2,030.8 2,225.9 2,568.2 2,928.9 3,369.5 3,400.4 3,430.9 3,373.4 3,396.4 3,414.0 3,441.6 3,458.6 3,471.2 3,496.0 3,549.6 3,569.4 3,583.7 Revolving home equity 105.0 103.9 101.5 130.2 155.8 213.7 281.0 399.9 446.7 471.3 473.3 471.0 462.6 458.1 458.3 459.6 462.4 465.9 470.1 476.3 481.3 486.6 Consumer 1,141.2 1,233.1 1,373.9 1,528.0 1,629.9 1,817.1 1,944.9 2,168.2 2,482.2 2,898.1 2,927.1 2,959.9 2,910.8 2,938.2 2,955.7 2,982.0 2,996.3 3,005.4 3,025.9 3,073.3 3,088.1 3,097.1 20:33 Feb 14, 2008 Jkt 040678 PO 00000 Frm 00028 Fmt 3401 Other 502.5 496.9 490.8 540.2 557.4 588.0 645.1 697.0 708.0 741.8 749.8 749.8 747.2 753.2 756.7 767.0 774.7 777.2 784.4 781.8 792.3 805.4 88.2 135.2 139.9 160.6 134.0 171.8 195.4 194.2 241.8 266.0 267.8 278.6 284.7 282.0 295.5 269.2 270.6 285.7 280.7 264.4 277.9 287.4 315.2 386.7 383.5 434.8 439.3 424.2 445.9 489.7 545.8 550.7 554.6 560.8 561.1 578.9 579.2 580.3 591.2 631.3 653.7 670.0 665.7 673.3 2 Excludes Federal funds sold to, reverse repurchase agreements (RPs) with, and loans to commercial banks in the United States. Source: Board of Governors of the Federal Reserve System. 28 VerDate Aug 31 2005 Security Other Sfmt 3401 E:\HR\OC\ECOIND.028 ECOIND g:\graphics\eecoind.028 Period U.S. Treasury and agency securities SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL CORPORATE BUSINESS [Billions of dollars; quarterly data at seasonally adjusted annual rates] Sources Uses External (Net increase in liabilities) Funds raised in markets Period Total 1997 .................. 1998 .................. 1999 ................... 2000 .................. 2001 .................. 2002 .................. 2003 .................. 2004 .................. 2005 .................. 2006 .................. 2005: I ............. II ........... III .......... IV .......... 2006: I ............. II ........... III .......... IV .......... 2007: I ............. II ........... III p ........ 995.4 1,298.1 1,718.6 1,955.4 850.2 896.2 844.7 1,537.4 1,990.3 1,233.4 1,963.3 2,041.9 1,986.7 1,969.5 1,461.0 1,089.0 1,187.8 1,195.6 1,219.3 1,519.2 1,376.8 Internal 1 711.9 682.1 731.0 718.0 755.0 811.3 831.3 928.4 995.0 993.8 927.3 986.1 1,046.5 1,020.1 1,006.2 1,009.3 1,023.9 935.8 944.7 944.6 942.2 Credit market instruments Total 283.5 616.0 987.6 1,237.4 95.2 84.9 13.4 609.0 995.3 239.6 1,036.0 1,055.8 940.2 949.4 454.8 79.7 163.9 259.8 274.6 574.6 434.6 Capital expenditures 3 Total Total net funds raised Net new equity issues 214.1 181.4 259.8 223.5 167.0 ¥29.5 48.1 45.2 ¥107.1 ¥167.1 66.8 ¥105.3 ¥195.9 ¥193.9 ¥81.2 ¥200.1 ¥271.1 ¥115.9 ¥35.6 ¥166.9 ¥184.5 ¥77.4 ¥215.5 ¥110.4 ¥118.2 ¥48.1 ¥41.6 ¥42.0 ¥126.6 ¥363.4 ¥614.1 ¥264.3 ¥300.1 ¥469.9 ¥419.2 ¥569.6 ¥601.6 ¥534.0 ¥751.2 ¥572.8 ¥770.0 ¥846.0 Total Securities and mortgages 291.5 396.9 370.2 341.7 215.2 12.1 90.1 171.8 256.3 447.0 331.1 194.8 274.0 225.3 488.4 401.5 262.9 635.3 537.2 603.1 661.5 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). 186.9 242.2 269.4 185.9 403.9 166.3 223.0 136.0 158.8 335.4 108.0 102.4 235.2 189.1 324.9 304.3 287.5 425.2 435.3 490.6 318.6 Loans and shortterm paper Other 2 104.6 154.9 100.8 155.8 ¥188.8 ¥154.1 ¥132.8 35.8 97.5 111.6 223.0 92.4 38.9 36.1 163.4 97.3 ¥24.5 210.0 101.9 112.5 342.9 69.3 434.5 727.9 1,014.0 ¥71.7 114.4 ¥34.7 563.9 1,102.4 406.7 969.2 1,161.1 1,135.9 1,143.3 536.0 279.8 435.0 375.7 310.1 741.3 619.1 1,016.2 1,348.4 1,833.8 2,137.7 980.2 867.2 832.5 1,608.8 1,894.0 1,399.7 1,817.0 1,887.4 1,951.8 1,919.9 1,648.0 1,274.1 1,356.1 1,320.5 1,379.1 1,630.2 1,574.6 743.8 778.5 863.9 928.5 802.6 737.1 749.9 825.7 915.0 1,032.9 913.4 880.0 898.8 967.9 992.1 1,034.0 1,049.2 1,056.3 993.0 1,027.6 1,077.4 Increase in financial assets 272.4 569.9 969.9 1,209.2 177.6 130.1 82.6 783.1 979.0 366.8 903.6 1,007.4 1,053.0 952.0 655.9 240.1 306.9 264.2 386.1 602.6 497.2 Discrepancy (sources less uses) ¥20.8 ¥50.4 ¥115.2 ¥182.4 ¥130.0 28.9 12.1 ¥71.3 96.3 ¥166.3 146.3 154.6 34.8 49.5 ¥187.0 ¥185.0 ¥168.4 ¥125.0 ¥159.9 ¥111.1 ¥197.8 3 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 hsrobinson on PROD1PC76 with HEARING 1998: 1999: 2000: 2001: 2002: 2003: 2004: 2005: 2006: 2007: 2007: Dec ............................................................................... Dec ............................................................................... Dec ............................................................................... Dec ............................................................................... Dec ............................................................................... Dec ............................................................................... Dec ............................................................................... Dec ............................................................................... Dec ............................................................................... Dec p ............................................................................. Jan ............................................................................... Feb ............................................................................... Mar .............................................................................. Apr ............................................................................... May .............................................................................. June r ............................................................................ July r ............................................................................. Aug r ............................................................................. Sept r ............................................................................. Oct r .............................................................................. Nov r ............................................................................. Dec p ............................................................................. Revolving 1,420.5 1,532.1 1,717.5 1,867.2 1,974.1 2,078.0 2,191.3 2,284.9 2,387.5 2,519.5 2,395.2 2,401.4 2,415.7 2,419.0 2,437.9 2,449.6 2,466.2 2,487.0 2,492.4 2,497.9 2,515.0 2,519.5 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. 581.1 610.5 683.7 716.7 748.9 770.5 800.0 825.0 875.4 943.5 876.9 879.9 887.2 887.6 897.1 902.2 909.5 917.6 922.1 930.7 941.4 943.5 Nonrevolving 2 839.4 921.5 1,033.8 1,150.5 1,225.2 1,307.5 1,391.3 1,459.9 1,512.1 1,576.0 1,518.4 1,521.5 1,528.5 1,531.4 1,540.8 1,547.4 1,556.8 1,569.5 1,570.2 1,567.2 1,573.6 1,576.0 Net change in consumer credit outstanding 1 Total 95.7 111.6 185.4 149.7 106.9 103.9 113.3 93.6 102.6 132.0 7.7 6.2 14.3 3.3 18.9 11.7 16.6 20.8 5.4 5.5 17.1 4.5 Revolving 41.1 29.4 73.2 33.0 32.2 21.6 29.5 25.0 50.4 68.1 1.5 3.0 7.3 .4 9.5 5.1 7.3 8.1 4.5 8.6 10.7 2.1 Nonrevolving 2 54.6 82.1 112.3 116.7 74.7 82.3 83.8 68.6 52.2 63.9 6.3 3.1 7.0 2.9 9.4 6.6 9.4 12.7 .7 ¥3.0 6.4 2.4 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 VerDate Aug 31 2005 20:33 Feb 14, 2008 Jkt 040678 PO 00000 Frm 00029 Fmt 3401 Sfmt 3401 E:\HR\OC\ECOIND.029 ECOIND INTEREST RATES AND BOND YIELDS Interest rates fell in January. [Percent per annum] Constant Period hsrobinson on PROD1PC76 with HEARING 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 3-month bills (new issues) 1 3-year maturities 2 10-year 30-year Highgrade municipal bonds (Standard & Poor’s) 3 Corporate Aaa bonds (Moody’s) Discount window (N.Y. F.R. Bank) 4 5 Primary credit ....................... ....................... ....................... ....................... ....................... ....................... ....................... ....................... ....................... ....................... 4.81 4.66 5.85 3.45 1.62 1.02 1.38 3.16 4.73 4.41 5.14 5.49 6.22 4.09 3.10 2.10 2.78 3.93 4.77 4.35 5.26 5.65 6.03 5.02 4.61 4.01 4.27 4.29 4.80 4.63 5.58 5.87 5.94 5.49 * * * * 4.91 4.84 5.12 5.43 5.77 5.19 5.05 4.73 4.63 4.29 4.42 4.42 6.53 7.04 7.62 7.08 6.49 5.67 5.63 5.24 5.59 5.56 .............. .............. .............. .............. .............. 2.12 2.34 4.19 5.96 5.86 2007: Jan .............. Feb .............. Mar ............. Apr .............. May ............. June ............ July ............. Aug ............. Sept ............. Oct .............. Nov ............. Dec .............. 2008: Jan .............. Week ended: 2008: Jan 12 ........ 19 ........ 26 ........ Feb 2 ........ 4.96 5.02 4.97 4.88 4.77 4.63 4.84 4.34 4.01 3.97 3.49 3.08 2.86 4.79 4.75 4.51 4.60 4.69 5.00 4.82 4.34 4.06 4.01 3.35 3.13 2.51 4.76 4.72 4.56 4.69 4.75 5.10 5.00 4.67 4.52 4.53 4.15 4.10 3.74 4.85 4.82 4.72 4.87 4.90 5.20 5.11 4.93 4.79 4.77 4.52 4.53 4.33 4.29 4.21 4.18 4.32 4.37 4.64 4.64 4.73 4.57 4.41 4.45 4.22 4.00 5.40 5.39 5.30 5.47 5.47 5.79 5.73 5.79 5.74 5.66 5.44 5.49 5.33 3.18 3.08 2.37 2.34 2.71 2.51 2.21 2.31 3.85 3.72 3.58 3.67 4.37 4.30 4.28 4.35 3.95 3.90 3.87 4.19 5.36 5.29 5.30 5.38 1 Bank-discount basis. on actively traded issues adjusted to constant maturities. 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. 6 Daily effective rate; weighted average of rates on brokered trades. 2 Yields 3 Weekly Discount rate Prime rate charged by banks 5 4.92 4.62 5.73 3.40 1.17 20:33 Feb 14, 2008 Jkt 040678 PO 00000 Frm 00030 Fmt 3401 Newhome mortgage yields (FHFB) 7 * * * * * 8.35 8.00 9.23 6.91 4.67 4.12 4.34 6.19 7.96 8.05 5.35 4.97 6.24 3.88 1.67 1.13 1.35 3.22 4.97 5.02 7.07 7.04 7.52 7.00 6.43 5.80 5.77 5.94 6.63 6.41 6.25 6.25 6.25 6.25 6.25 6.25 6.25 5.75 5.25 5.00 5.00 4.75 3.50 * * * * * * * * * * * * * 8.25 8.25 8.25 8.25 8.25 8.25 8.25 8.25 7.75 7.50 7.50 7.25 6.00 5.25 5.26 5.26 5.25 5.25 5.25 5.26 5.02 4.94 4.76 4.49 4.24 3.94 6.35 6.31 6.22 6.21 6.22 6.54 6.70 6.73 6.58 6.55 6.42 6.21 .............. 4.75 4.75 4.00 3.50 * * * * 7.25 7.25 6.50 6.00 4.23 4.24 4.00 3.50 .............. .............. .............. .............. 7 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. 30 VerDate Aug 31 2005 Federal funds rate 6 Sfmt 3401 E:\HR\OC\ECOIND.030 ECOIND g:\graphics\eecoind.030 U.S. Treasury security yields COMMON STOCK PRICES AND YIELDS Stock prices fell in January. Common stock prices 1 New York Stock Exchange indexes 2 3 (December 31, 2002=5,000) Nasdaq composite index (Feb. 5, 1971=100) 6 Dividendprice ratio Earningsprice ratio Composite Financial Energy Health Care ......................................................... ......................................................... ......................................................... ......................................................... ......................................................... ......................................................... ......................................................... ......................................................... ......................................................... ......................................................... 5,818.26 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 ................ ................ ................ ................ ................ 5,583.00 6,822.18 7,383.70 8,654.40 9,321.39 .................. .................. .................. .................. .................. 5,273.90 6,952.36 9,377.84 11,206.94 13,339.99 ................ ................ ................ ................ ................ 5,288.67 5,924.80 6,283.96 6,685.06 7,191.79 8,625.52 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 1,085.50 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 1,794.91 2,728.15 3,783.67 2,035.00 1,539.73 1,647.17 1,986.53 2,099.32 2,263.41 2,578.47 1.49 1.25 1.15 1.32 1.61 1.77 1.72 1.83 1.87 1.86 3.46 3.17 3.63 2.95 2.92 3.84 4.89 5.36 5.78 .................. 2007: Jan .............................................. Feb ............................................... Mar .............................................. Apr ............................................... May .............................................. June ............................................. July .............................................. Aug ............................................... Sept .............................................. Oct ............................................... Nov ............................................... Dec ............................................... 9,132.04 9,345.98 9,120.57 9,555.98 9,822.99 9,896.98 9,985.42 9,440.44 9,777.59 10,159.33 9,741.15 9,807.36 9,575.21 9,732.63 9,342.66 9,658.88 9,864.01 9,754.29 9,543.66 8,963.67 9,060.63 9,390.30 8,522.71 8,447.99 11,381.56 11,658.11 11,503.16 12,441.16 13,031.00 13,639.81 14,318.49 13,250.28 14,300.99 14,976.30 14,622.23 14,956.77 7,083.45 7,174.03 6,997.30 7,332.01 7,474.48 7,268.42 7,210.07 6,957.87 7,138.20 7,231.60 7,127.40 7,306.60 12,512.89 12,631.48 12,268.53 12,754.80 13,407.76 13,480.21 13,677.89 13,239.71 13,557.69 13,901.28 13,200.58 13,406.99 1,424.16 1,444.79 1,406.95 1,463.65 1,511.14 1,514.49 1,520.70 1,454.62 1,497.12 1,539.66 1,463.39 1,479.23 2,453.19 2,479.86 2,401.49 2,499.57 2,562.14 2,595.40 2,655.08 2,539.50 2,634.47 2,780.42 2,662.80 2,661.55 1.81 1.82 1.89 1.84 1.81 1.81 1.80 1.92 1.88 1.84 1.95 1.93 .................. .................. 5.85 .................. .................. 5.65 .................. .................. 5.15 .................. .................. .................. 2008: Jan .............................................. 9,165.10 7,776.77 14,222.14 7,068.98 12,538.12 1,378.76 2,418.09 2.06 .................. Week ended: 2008: Jan 12 ........................................... 19 ........................................... 26 ........................................... Feb 2 ............................................ 9,410.25 9,059.75 8,809.15 9,084.53 7,839.82 7.584.14 7,619.22 7,928.13 15,029.34 14,074.64 13,224.79 13,545.45 7,385.21 7,228.79 6,761.25 6,753.41 12,722.25 12,400.79 12,206.79 12,540.11 1,407.37 1,365.77 1,332.95 1,369.21 2,468.60 2,395.48 2,323.95 2,372.04 2.04 2.06 2.11 2.08 .................. .................. .................. .................. 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 hsrobinson on PROD1PC76 with HEARING Dow Jones industrial average 4 1 Average of daily closing prices. all the stocks (nearly 3,000) listed on the NYSE. 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 Includes 3 Effective 5 Includes 500 stocks. over 5,000 stocks. & Poor’s series. Dividend-price ratios based on Wednesday closing prices. Earnings-price ratios based on prices at end of quarter. 6 Includes 7 Standard Sources: New York Stock Exchange, Dow Jones & Company, Inc., Standard & Poor’s, and Nasdaq Stock Market. 31 VerDate Aug 31 2005 20:33 Feb 14, 2008 Jkt 040678 PO 00000 Frm 00031 Fmt 3401 Sfmt 3401 E:\HR\OC\ECOIND.031 ECOIND g:\graphics\eecoind.031 Period Common stock yields (percent) 7 Standard & Poor’s composite index (1941– 43=10) 5 FEDERAL FINANCE FEDERAL RECEIPTS, OUTLAYS, AND DEBT In the first three months of fiscal 2008, there was a deficit of $105.5 billion, compared with a deficit of $80.4 billion a year earlier. [Billions of dollars] Total Outlays Surplus or deficit (¥) Receipts 1,091.3 1,154.5 1,258.7 1,351.9 1,453.2 1,579.4 1,722.0 1,827.6 2,025.5 1,991.4 1,853.4 1,782.5 1,880.3 2,153.9 2,407.3 2,568.2 2,521.2 2,699.9 1,381.6 1,409.5 1,461.9 1,515.9 1,560.6 1,601.3 1,652.7 1,702.0 1,789.2 1,863.2 2,011.2 2,160.1 2,293.0 2,472.2 2,655.4 2,730.2 2,931.2 3,107.4 ¥290.3 ¥255.1 ¥203.2 ¥164.0 ¥107.4 ¥21.9 69.3 125.6 236.2 128.2 ¥157.8 ¥377.6 ¥412.7 ¥318.3 ¥248.2 ¥162.0 ¥410.0 ¥407.4 788.9 842.5 923.7 1,000.9 1,085.7 1,187.4 1,306.2 1,383.2 1,544.9 1,483.9 1,338.1 1,258.7 1,345.5 1,576.4 1,798.9 1,933.2 1,859.0 2,004.4 1,129.3 1,142.9 1,182.5 1,227.2 1,259.7 1,290.7 1,336.1 1,381.3 1,458.5 1,516.4 1,655.5 1,797.1 1,913.5 2,070.0 2,233.4 2,276.6 2,461.2 2,615.5 ¥340.4 ¥300.4 ¥258.8 ¥226.4 ¥174.0 ¥103.2 ¥29.9 1.9 86.4 ¥32.4 ¥317.4 ¥538.4 ¥568.0 ¥493.6 ¥434.5 ¥343.5 ¥602.2 ¥611.1 302.4 311.9 335.0 351.1 367.5 392.0 415.8 444.5 480.6 507.5 515.3 523.8 534.7 577.5 608.4 635.1 662.2 695.6 252.3 266.6 279.4 288.7 300.9 310.6 316.6 320.8 330.8 346.8 355.7 363.0 379.5 402.2 422.1 453.6 470.1 491.9 573.5 606.2 653.9 711.7 ¥80.4 ¥105.5 438.7 463.0 574.1 627.5 ¥135.4 ¥164.5 134.8 143.2 79.8 84.3 from current issue Monthly Treasury Statement. Outlays Surplus or deficit (¥) Receipts Outlays 20:33 Feb 14, 2008 Jkt 040678 PO 00000 Surplus or deficit (¥) Gross Federal 50.1 4,001.8 45.3 4,351.0 55.7 4,643.3 62.4 4,920.6 66.6 5,181.5 81.4 5,369.2 99.2 5,478.2 123.7 5,605.5 149.8 5,628.7 160.7 5,769.9 159.7 6,198.4 160.8 6,760.0 155.2 7,354.7 175.3 7,905.3 186.3 8,451.4 181.5 8,950.7 192.2 9,654.4 203.7 10,413.4 55.0 59.0 8,621.5 9,172.8 Held by the public 2,999.7 3,248.4 3,433.1 3,604.4 3,734.1 3,772.3 3,721.1 3,632.4 3,409.8 3,319.6 3,540.4 3,913.4 4,295.5 4,592.2 4,829.0 5,035.1 5,428.6 5,856.2 4,885.3 5,122.3 NOTE.—Data (except as noted) are from Budget of the United States Government, Fiscal Year 2009, issued February 4, 2008. Sources: Department of the Treasury and Office of Management and Budget. 32 VerDate Aug 31 2005 Federal debt (end of period) Frm 00032 Fmt 3401 Sfmt 3401 E:\HR\OC\ECOIND.032 ECOIND g:\graphics\eecoind.032 hsrobinson on PROD1PC76 with HEARING 1 Data Off-budget Receipts Fiscal year or period 1992 ...................................... 1993 ...................................... 1994 ...................................... 1995 ...................................... 1996 ...................................... 1997 ...................................... 1998 ...................................... 1999 ...................................... 2000 ...................................... 2001 ...................................... 2002 ...................................... 2003 ...................................... 2004 ...................................... 2005 ....................................... 2006 ...................................... 2007 r ..................................... 2008 (estimates) r .................. 2009 (estimates) ................... Cumulative total, first 3 months: 1 Fiscal year 2007 ................ Fiscal year 2008 ................ On-budget FEDERAL RECEIPTS BY SOURCE AND OUTLAYS BY FUNCTION In the first three months of fiscal 2008, receipts were $32.7 billion higher than a year earlier and outlays were $57.8 billion higher. [Billions of dollars] On-budget and off-budget receipts Total hsrobinson on PROD1PC76 with HEARING 1992 1993 1994 1995 1996 1997 1998 1999 Individual income taxes Corporation income taxes On-budget and off-budget outlays National defense Other Department of Defense, military Total Total International affairs Health Medicare Income Social security security Net interest Other ............................................ ............................................ ............................................ ............................................ ............................................ ............................................ ............................................ ............................................ 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 99.0 113.8 120.2 115.5 120.3 132.9 151.7 1,381.6 1,409.5 1,461.9 1,515.9 1,560.6 1,601.3 1,652.7 1,702.0 298.4 291.1 281.6 272.1 265.8 270.5 268.2 274.8 286.8 278.5 268.6 259.4 253.1 258.3 255.8 261.2 16.1 17.2 17.1 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 r ........................................... 2008 (estimates) r ........................ 2009 (estimates) .......................... 2,025.5 1,991.4 1,853.4 1,782.5 1,880.3 2,153.9 2,407.3 2,568.2 2,521.2 2,699.9 1,004.5 994.3 858.3 793.7 809.0 927.2 1,043.9 1,163.5 1,219.7 1,259.0 207.3 151.1 148.0 131.8 189.4 278.3 353.9 370.2 345.3 339.2 652.9 694.0 700.8 713.0 733.4 794.1 837.8 869.6 910.1 949.4 160.9 152.0 146.2 144.1 148.5 154.2 171.6 164.9 46.1 152.3 1,789.2 1,863.2 2,011.2 2,160.1 2,293.0 2,472.2 2,655.4 2,730.2 2,931.2 3,107.4 294.4 304.8 348.5 404.8 455.8 495.3 521.8 552.6 607.3 675.1 281.1 290.2 331.9 387.2 436.5 474.1 499.3 529.8 583.1 651.2 17.2 16.5 22.4 21.2 26.9 34.6 29.5 28.5 34.8 38.0 154.5 172.3 196.5 219.6 240.1 250.6 252.8 266.4 284.5 299.4 197.1 217.4 230.9 249.4 269.4 298.6 329.9 375.4 396.3 413.3 253.7 269.8 312.7 334.6 333.1 345.8 352.5 366.0 388.4 401.7 409.4 433.0 456.0 474.7 495.5 523.3 548.5 586.2 615.3 649.3 222.9 206.2 170.9 153.1 160.2 184.0 226.6 237.1 243.9 260.2 239.9 243.4 273.3 302.7 311.9 339.9 393.8 318.1 360.7 370.3 Cumulative total, first 3 months: 1 Fiscal year 2007 ...................... Fiscal year 2008 ...................... 573.5 606.2 250.8 273.7 98.8 92.5 186.2 198.1 37.7 41.9 653.9 711.7 148.8 162.8 141.2 155.1 5.7 5.2 64.4 69.0 95.4 90.8 78.4 86.7 140.6 148.9 52.1 62.1 68.5 86.2 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 (except as noted) are from Budget of the United States Government, Fiscal Year 2009, issued February 4, 2008. Sources: Department of the Treasury and Office of Management and Budget. 33 VerDate Aug 31 2005 20:33 Feb 14, 2008 Jkt 040678 PO 00000 Frm 00033 Fmt 3401 Sfmt 3401 E:\HR\OC\ECOIND.033 ECOIND g:\graphics\eecoind.033 Fiscal year or period Social insurance and retirement receipts FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS In the fourth quarter of 2007, according to advance estimates, Federal current expenditures rose $10.0 billion (annual rate); receipts data are incomplete. [Billions of dollars; quarterly data at seasonally adjusted annual rates] Federal Government current receipts Total 1 Personal current taxes 1,116.8 1,195.7 1,313.6 1,252.2 1,075.5 1,070.8 1,152.3 1,362.7 1,537.5 .............. 1,100.7 1,139.0 1,159.4 1,209.9 1,321.4 1,351.7 1,362.3 1,415.2 1,488.0 1,521.1 1,555.3 1,585.4 1,619.0 1,663.2 1,666.6 .............. 825.8 893.0 999.1 994.5 830.5 774.5 797.4 932.4 1,053.2 1,161.9 767.5 785.8 809.6 826.6 897.1 920.4 946.1 966.1 1,022.7 1,032.9 1,057.4 1,099.8 1,138.8 1,151.7 1,170.1 1,186.8 Total Calendar year: 1998 ................. 1999 ................. 2000 ................. 2001 ................. 2002 ................. 2003 ................ 2004 ................ 2005 ................ 2006 ................ 2007 p ............... 2004: I ............... II ............. III ............ IV ............ 2005: I ............... II ............. III ............ IV ............ 2006: I ............... II ............. III ............ IV ............ 2007: I ............... II ............. III ............ IV p ........... hsrobinson on PROD1PC76 with HEARING 1 Includes 2 Includes 1,773.8 1,891.2 2,053.8 2,016.2 1,853.2 1,879.9 2,008.9 2,243.4 2,495.8 .............. 1,939.5 1,989.7 2,023.5 2,082.8 2,209.2 2,247.5 2,188.5 2,328.3 2,436.5 2,471.5 2,513.1 2,561.9 2,619.7 2,670.1 2,687.0 .............. Taxes on production and imports 81.1 83.9 87.8 85.8 87.3 89.7 94.6 99.0 98.6 100.0 93.8 94.3 95.1 95.3 96.5 100.7 99.8 98.8 98.7 99.0 99.3 97.2 97.9 98.3 101.4 102.6 Taxes on corporate income 204.2 213.0 219.4 164.7 150.5 197.8 250.3 319.8 373.1 .............. 229.7 249.8 246.4 275.3 316.4 320.9 303.5 338.3 356.4 378.6 387.1 370.1 370.3 401.3 382.5 .............. 613.8 651.6 691.7 717.5 734.3 758.9 805.2 849.3 901.6 952.5 788.3 799.6 812.1 820.9 836.0 842.6 856.1 862.6 892.8 894.1 900.9 918.8 944.0 946.3 955.6 964.1 Federal Government current expenditures Income receipts on assets Current transfer receipts Current surplus of government enterprises 21.5 21.5 25.2 24.9 20.2 22.9 23.8 24.5 24.7 25.1 23.6 23.4 23.9 24.2 24.6 25.5 24.3 23.8 24.2 24.6 24.8 25.4 24.6 25.1 25.3 25.4 21.5 22.7 25.7 27.1 24.8 25.0 28.8 11.6 35.2 39.3 27.6 28.5 29.4 29.9 30.5 32.0 ¥48.2 32.2 33.8 34.6 35.5 36.7 38.1 38.5 39.4 41.3 0.1 ¥.3 ¥2.3 ¥5.5 ¥1.6 2.3 ¥1.2 ¥4.8 ¥3.2 ¥2.3 ¥.6 ¥.8 ¥1.4 ¥2.1 ¥3.3 ¥4.2 ¥6.0 ¥5.6 ¥2.3 ¥2.9 ¥3.3 ¥4.3 ¥6.1 ¥3.0 .2 ¥.2 taxes from the rest of the world, not shown separately. a subtraction for wage accruals less disbursements, not shown separately. Total 2 1,734.9 1,787.6 1,864.4 1,969.5 2,101.1 2,252.1 2,379.5 2,561.6 2,715.8 2,891.1 2,350.6 2,363.8 2,385.4 2,418.2 2,507.2 2,535.0 2,582.9 2,621.4 2,656.2 2,711.4 2,752.3 2,743.4 2,838.2 2,876.9 2,919.7 2,929.7 Consumption expenditures 454.6 475.1 499.3 531.9 591.5 662.7 723.7 768.5 812.8 855.9 709.6 721.2 734.6 729.6 759.1 761.7 784.1 769.0 804.8 806.6 813.3 826.4 829.8 849.8 867.7 876.4 Current transfer payments 946.5 986.1 1,038.1 1,131.4 1,243.0 1,328.7 1,390.6 1,479.1 1,576.1 1,686.2 1,382.9 1,383.2 1,382.5 1,413.7 1,460.6 1,462.0 1,483.7 1,510.1 1,539.5 1,571.1 1,594.3 1,599.6 1,665.6 1,670.9 1,696.4 1,711.9 20:33 Feb 14, 2008 Jkt 040678 PO 00000 Frm 00034 Fmt 3401 298.8 282.7 283.3 258.6 229.1 212.9 221.0 255.9 277.5 302.4 216.3 215.3 224.4 227.8 233.5 253.6 255.8 280.5 259.0 284.4 296.7 270.0 296.3 309.4 309.3 294.7 Subsidies 35.0 43.8 43.8 47.6 37.5 47.8 44.2 58.2 49.4 46.6 43.3 42.6 43.9 47.2 54.0 57.7 59.2 61.8 52.8 49.3 47.9 47.4 46.6 46.9 46.2 46.6 Net Federal Government saving 38.8 103.6 189.5 46.7 ¥247.9 ¥372.1 ¥370.6 ¥318.3 ¥220.0 .................... ¥411.1 ¥374.1 ¥361.9 ¥335.4 ¥298.0 ¥287.5 ¥394.3 ¥293.2 ¥219.6 ¥239.9 ¥239.2 ¥181.5 ¥218.5 ¥206.8 ¥232.6 .................... Source: Department of Commerce, Bureau of Economic Analysis. 34 VerDate Aug 31 2005 Interest payments Sfmt 3401 E:\HR\OC\ECOIND.034 ECOIND g:\graphics\eecoind.034 Current tax receipts Period Contributions for government social insurance INTERNATIONAL STATISTICS INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR INDUSTRIAL COUNTRIES Industrial production (2002=100; seasonally adjusted) Period United States Canada Japan Germany France Consumer prices (1982–84=100; NSA) United Kingdom Italy United States 1 Canada Japan Germany France United Kingdom Italy 1997 .............................. 1998 .............................. 1999 .............................. 2000 .............................. 2001 .............................. 2002 .............................. 2003 .............................. 2004 .............................. 2005 .............................. 2006 .............................. 2007 p ............................. 2006: Nov r .................. Dec r ................... 89.2 86.2 94.6 89.2 99.1 94.4 103.6 102.6 100.0 98.4 100.0 100.0 101.1 100.1 103.6 102.2 106.9 103.9 111.1 103.5 113.4 .............. 111.5 101.8 112.2 102.3 109.3 90.4 91.0 97.4 102.1 93.9 94.4 98.5 102.4 96.1 95.5 98.4 108.0 100.0 100.9 102.6 101.2 101.3 101.1 101.4 100.0 100.0 100.0 100.0 103.0 99.6 100.4 99.4 108.5 102.1 103.5 99.2 109.8 102.3 106.9 98.4 114.8 102.8 113.2 100.9 117.8 .............. .............. .............. 117.4 101.9 116.2 102.4 118.8 103.6 116.6 103.6 99.2 100.2 101.6 103.5 102.0 100.0 99.7 100.5 98.5 98.6 99.0 98.9 98.4 160.5 163.0 166.6 172.2 177.1 179.9 184.0 188.9 195.3 201.6 207.342 201.5 201.8 156.2 157.8 160.5 164.9 169.0 172.8 177.6 180.9 184.9 188.5 192.7 188.7 189.1 121.5 122.2 121.8 121.0 120.1 119.0 118.7 118.7 118.3 118.7 118.7 118.4 118.5 153.2 154.2 155.0 157.6 160.2 163.3 166.7 170.3 173.2 176.2 178.7 176.5 176.9 137.8 139.1 140.0 142.0 144.8 146.7 148.3 150.8 153.7 156.3 159.6 156.4 157.7 218.2 222.5 226.2 231.9 238.3 244.3 r 250.9 r 256.4 261.3 266.9 271.8 268.1 268.3 185.1 191.4 194.3 200.1 203.6 207.0 213.0 219.4 225.6 232.8 242.7 236.3 238.2 2007: Jan r ................... Feb r ................... Mar r ................... Apr r ................... May r .................. June r ................. July r .................. Aug r ................... Sept r .................. Oct r .................... Nov p ................... Dec p ................... 111.7 102.9 112.5 103.8 112.4 104.1 113.1 104.2 113.0 103.7 113.5 103.7 114.2 103.5 114.1 103.4 114.2 103.1 113.7 103.1 114.0 102.8 114.0 .............. 115.6 102.9 116.8 102.4 116.3 104.0 118.1 101.5 116.2 104.1 118.6 101.7 116.5 103.4 117.3 101.1 115.8 104.3 119.6 101.7 117.2 103.5 119.6 101.5 116.3 105.3 119.8 101.7 120.7 105.4 122.1 102.7 119.2 104.1 122.1 101.4 121.0 106.3 122.3 101.1 119.3 101.9 121.1 101.1 121.3 .............. .............. .............. 98.7 98.2 98.5 98.7 99.4 99.3 99.2 99.3 98.8 99.3 99.2 99.1 202.416 203.499 205.352 206.686 207.949 208.352 208.299 207.917 208.490 208.936 210.177 210.036 189.1 190.4 192.0 192.9 193.7 193.4 193.5 193.0 193.4 192.9 193.4 193.5 118.3 117.7 118.1 118.4 118.8 118.5 118.4 119.0 119.0 119.4 119.1 119.4 176.3 176.6 177.4 178.3 178.7 178.9 178.5 179.2 179.4 179.8 180.8 180.4 157.4 158.0 158.4 159.0 159.3 159.4 160.1 160.0 160.1 160.4 161.3 162.1 268.5 269.4 269.8 270.2 271.0 271.6 272.2 272.7 272.7 273.5 274.5 275.3 236.9 238.6 240.2 241.3 242.3 243.6 242.2 243.6 244.4 245.4 246.4 247.8 2008: Jan p ................... .............. .............. ............ .............. .............. .............. .............. .................. .............. ............ ............ 161.7 275.3 .............. 1 Data 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. relate to all urban consumers. NOTE.—See Note, p. 17, for information on U.S. industrial production series. U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES [Billions of dollars; monthly data seasonally adjusted] Goods: Exports (f.a.s. value) Goods: Imports (customs value) Census basis (by end-use category) Services (BOP basis) Balance of trade (exports minus imports) Census basis (by end-use category) BOP basis Period 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 BOP basis ............. 678.4 ............. 670.4 ............. 684.0 ............. 772.0 ............. 718.7 ............. 682.4 ............. 713.4 ............. 807.5 ............. 894.6 ............. 1,023.1 hsrobinson on PROD1PC76 with HEARING 2006: Nov ... Dec .... 2007: Jan .... Feb .... Mar ... Apr ... May .. June July .. Aug ... Sept .. Oct r .. Nov p.. 88.8 89.5 90.5 88.6 91.1 90.9 93.4 95.0 98.6 99.0 100.4 100.9 101.0 Total, Census basis 1 Auto- ConIndusmo- sumer Foods, trial Capital tive goods feeds, supgoods vehi- (nonand plies except cles, food) bevand auto- parts except erages mate- motive and autorials enmogines tive 689.2 682.1 695.8 781.9 729.1 693.1 724.8 818.8 906.0 1,036.6 51.5 46.4 46.0 47.9 49.4 49.6 55.0 56.6 59.0 66.0 158.2 148.3 147.5 172.6 160.1 156.8 173.0 203.9 233.0 276.0 90.4 91.0 91.7 89.6 92.4 92.2 94.7 96.1 99.8 100.1 101.3 101.9 102.4 5.6 5.9 6.0 6.3 6.0 6.6 6.6 6.6 6.9 7.5 8.3 7.7 8.1 24.0 23.8 23.8 23.7 24.8 25.1 25.8 27.0 26.5 27.3 28.0 27.8 28.0 BOP basis 294.5 74.0 77.4 876.8 299.4 72.4 80.3 918.6 310.8 75.3 80.9 1,031.8 356.9 80.4 89.4 1,226.7 321.7 75.4 88.3 1,148.2 290.4 78.9 84.4 1,167.4 293.7 80.6 89.9 1,264.3 331.4 89.2 103.2 1,477.1 362.3 98.6 116.1 1,681.8 413.9 107.2 130.0 1,861.4 36.1 36.4 36.9 34.8 35.3 34.6 36.5 36.6 38.5 38.3 37.9 39.2 38.3 9.1 9.5 8.9 9.1 9.9 9.8 9.8 9.9 11.3 10.4 10.5 10.5 10.9 11.3 11.4 11.9 11.5 11.8 12.0 12.0 11.9 12.4 12.5 12.9 12.5 12.3 155.0 158.1 155.1 154.1 161.8 158.3 161.9 163.3 166.4 165.1 166.2 167.8 173.7 IndusAutoFoods, trial Capital motive Total, feeds, supgoods vehiCensus and plies except cles, basis 1 bevand auto- parts erages mate- motive and enrials gines Consumer goods (nonfood) except automotive Exports Imports Goods, Census basis Goods Services Goods and services 869.7 911.9 1,024.6 1,218.0 1,141.0 1,161.4 1,257.1 1,469.7 1,673.5 1,853.9 39.7 41.2 43.6 46.0 46.6 49.7 55.8 62.1 68.1 74.9 213.8 200.1 221.4 299.0 273.9 267.7 313.8 412.8 523.8 602.0 253.3 269.5 295.7 347.0 298.0 283.3 295.9 343.6 379.3 418.3 139.8 148.7 179.0 195.9 189.8 203.7 210.1 228.2 239.5 256.7 193.8 217.0 241.9 281.8 284.3 307.8 333.9 372.9 407.2 442.6 256.1 262.8 281.9 298.6 286.2 292.3 304.3 349.7 388.4 422.6 165.9 180.7 199.2 223.7 221.8 231.1 250.4 292.2 315.7 342.8 ¥180.5 ¥229.8 ¥328.8 ¥436.1 ¥411.9 ¥468.3 ¥532.4 ¥650.9 ¥767.5 ¥817.3 ¥198.4 ¥248.2 ¥347.8 ¥454.7 ¥429.5 ¥485.0 ¥550.9 ¥669.6 ¥787.1 ¥838.3 90.2 82.1 82.7 74.9 64.4 61.2 54.0 57.5 72.8 79.7 ¥108.3 ¥166.1 ¥265.1 ¥379.8 ¥365.1 ¥423.7 ¥496.9 ¥612.1 ¥714.4 ¥758.5 154.4 157.5 154.5 153.5 160.3 157.1 160.7 162.7 165.3 164.0 165.1 166.8 173.0 6.4 6.5 6.6 6.6 6.8 6.6 6.8 6.7 6.9 7.0 7.0 6.9 7.0 46.9 48.3 48.0 44.5 49.7 50.2 52.5 52.8 53.9 52.9 52.7 54.5 59.2 35.7 35.7 36.5 36.7 36.2 35.7 36.6 37.2 37.2 37.4 38.2 37.7 37.8 21.4 22.6 20.4 20.8 22.1 21.1 20.5 21.5 22.6 22.1 22.3 22.5 22.6 38.8 39.3 38.2 39.7 40.4 38.7 39.2 39.2 39.5 39.2 39.5 40.0 40.8 37.1 37.6 37.1 37.1 37.9 38.5 39.2 39.4 39.4 40.3 40.1 40.8 41.4 29.3 29.3 29.5 29.5 29.8 30.1 30.7 30.7 30.8 31.2 31.3 31.7 31.8 ¥64.0 ¥66.6 ¥62.8 ¥64.0 ¥67.9 ¥64.8 ¥66.0 ¥66.6 ¥65.5 ¥64.0 ¥63.8 ¥64.9 ¥70.6 ¥66.3 ¥68.6 ¥64.6 ¥65.5 ¥70.7 ¥67.3 ¥68.5 ¥68.4 ¥67.8 ¥66.1 ¥65.8 ¥66.9 ¥72.7 7.8 8.3 7.6 7.6 8.1 8.5 8.6 8.8 8.7 9.1 8.7 9.2 9.6 ¥58.5 ¥60.3 ¥57.0 ¥57.9 ¥62.7 ¥58.9 ¥59.9 ¥59.6 ¥59.1 ¥57.0 ¥57.1 ¥57.8 ¥63.1 1 Total includes ‘‘other’’ exports or imports, not shown separately. NOTE.—BOP refers to balance of payments on international transactions basis. BOP data shown here are consistent with figures shown on pp. 36 and 37. Source: Department of Commerce (Bureau of the Census and Bureau of Economic Analysis). 35 VerDate Aug 31 2005 20:33 Feb 14, 2008 Jkt 040678 PO 00000 Frm 00035 Fmt 3401 Sfmt 3401 E:\HR\OC\ECOIND.035 ECOIND U.S. INTERNATIONAL TRANSACTIONS In the third quarter of 2007, the goods deficit fell to $199.7 billion, from $204.2 billion in the second quarter. The current account deficit fell to $178.5 billion in the third quarter, from $188.9 billion in the second quarter. [Millions of dollars; quarterly data seasonally adjusted. Credits (+), debits (¥)] Period Exports Balance on goods Net military transactions 2 Net travel and transportation Income receipts and payments Other services, net Balance on goods and services Receipts Payments Balance on income Unilateral current transfers, net 3 Balance on current account .............. .............. .............. .............. .............. .............. .............. .............. .............. .............. 678,366 670,416 683,965 771,994 718,712 682,422 713,415 807,516 894,631 1,023,109 ¥876,794 ¥918,637 ¥1,031,784 ¥1,226,684 ¥1,148,231 ¥1,167,377 ¥1,264,307 ¥1,477,094 ¥1,681,780 ¥1,861,380 ¥198,428 ¥248,221 ¥347,819 ¥454,690 ¥429,519 ¥484,955 ¥550,892 ¥669,578 ¥787,149 ¥838,271 4,968 5,220 2,593 317 ¥2,296 ¥7,158 ¥11,981 ¥13,518 ¥10,536 ¥13,942 22,152 10,210 7,085 2,486 ¥3,254 ¥4,245 ¥11,475 ¥14,275 ¥12,945 ¥10,636 63,035 66,651 73,051 72,052 69,943 72,633 77,433 85,279 96,259 104,327 ¥108,273 ¥166,140 ¥265,090 ¥379,835 ¥365,126 ¥423,725 ¥496,915 ¥612,092 ¥714,371 ¥758,522 256,804 261,819 293,925 350,918 290,797 281,215 320,568 401,942 505,488 650,462 ¥244,195 ¥257,554 ¥280,037 ¥329,864 ¥259,075 ¥253,544 ¥275,147 ¥345,585 ¥457,430 ¥613,823 12,609 4,265 13,888 21,054 31,722 27,671 45,421 56,357 48,058 36,640 ¥45,062 ¥53,187 ¥50,428 ¥58,645 ¥51,295 ¥63,587 ¥70,607 ¥84,414 ¥88,535 ¥89,595 ¥140,726 ¥215,062 ¥301,630 ¥417,426 ¥384,699 ¥459,641 ¥522,101 ¥640,148 ¥754,848 ¥811,477 2005: I ......... II ....... III ...... IV ...... 214,391 223,068 224,320 232,852 ¥398,781 ¥411,592 ¥423,638 ¥447,769 ¥184,390 ¥188,524 ¥199,318 ¥214,917 ¥2,724 ¥2,699 ¥2,211 ¥2,902 ¥4,140 ¥2,769 ¥2,858 ¥3,179 24,612 23,321 23,436 24,889 ¥166,641 ¥170,670 ¥180,952 ¥196,109 115,351 121,333 129,873 138,931 ¥102,877 ¥109,529 ¥113,308 ¥131,716 12,474 11,804 16,565 7,215 ¥28,225 ¥24,372 ¥9,019 ¥26,915 ¥182,392 ¥183,238 ¥173,406 ¥215,809 2006: I ......... II ....... III ...... IV ...... 243,880 252,458 260,285 266,486 ¥451,637 ¥463,734 ¥479,184 ¥466,825 ¥207,757 ¥211,276 ¥218,899 ¥200,339 ¥3,195 ¥3,549 ¥3,888 ¥3,310 ¥3,075 ¥3,111 ¥2,456 ¥1,995 24,315 25,359 25,936 28,718 ¥189,712 ¥192,577 ¥199,307 ¥176,926 148,391 162,020 167,026 173,025 ¥137,929 ¥151,352 ¥161,177 ¥163,365 10,462 10,668 5,850 9,661 ¥21,360 ¥23,686 ¥23,877 ¥20,673 ¥200,611 ¥205,595 ¥217,334 ¥187,938 2007: I ........ II ....... III p .... 270,116 279,339 279,946 ¥470,983 ¥483,552 ¥497,646 ¥200,867 ¥204,213 ¥199,700 ¥3,665 ¥4,141 ¥4,278 ¥1,711 ¥59 1,042 28,662 ¥177,581 29,983 ¥178,431 29,783 ¥173,152 176,213 ¥168,735 195,460 ¥182,791 205,624 ¥185,168 7,478 12,669 20,456 ¥26,994 ¥23,157 ¥25,760 ¥197,097 ¥188,919 ¥178,456 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 hsrobinson on PROD1PC76 with HEARING Imports Services 1 Adjusted from Census data for differences in timing and coverage; excludes military. under U.S. military agency sales contracts (exports) minus direct defense expenditures (imports). 2 Transfers 3 Includes transfers of goods and services under U.S. military grant programs. See p. 37 for continuation of table. 36 VerDate Aug 31 2005 20:33 Feb 14, 2008 Jkt 040678 PO 00000 Frm 00036 Fmt 3401 Sfmt 3401 E:\HR\OC\ECOIND.036 ECOIND g:\graphics\eecoind.036 Goods 1 U.S. INTERNATIONAL TRANSACTIONS—Continued In the financial account, U.S. claims on foreigners reported by U.S. banks increased $111.3 billion in the third quarter of 2007, following an increase of $211.0 billion in the second quarter. U.S. liabilities to private foreigners reported by U.S. banks, excluding Treasury securities, increased $69.8 billion in the third quarter, following an increase of $144.0 billion in the second quarter. [Millions of dollars; quarterly data seasonally adjusted. Credits (+), debits (¥)] Financial account Period hsrobinson on PROD1PC76 with HEARING Total 1997 .......... 1998 .......... 1999 .......... 2000 .......... 2001 .......... 2002 .......... 2003 .......... 2004 .......... 2005 .......... 2006 .......... 2005: I ..... II .... III .. IV ... 2006: I ..... II .... III .. IV ... 2007: I .... II ... III p ¥1,027 ¥485,475 ¥766 ¥353,829 ¥4,939 ¥504,062 ¥1,010 ¥560,523 ¥1,270 ¥382,616 ¥1,470 ¥294,646 ¥3,480 ¥325,424 ¥2,369 ¥905,024 ¥4,054 ¥426,875 ¥3,913 ¥1,055,176 ¥2,598 ¥86,619 ¥512 ¥213,305 ¥473 ¥141,628 ¥472 14,678 ¥1,724 ¥344,032 ¥1,008 ¥212,218 ¥545 ¥209,898 ¥637 ¥289,028 ¥559 ¥449,454 ¥598 ¥465,466 ¥554 ¥155,739 U.S. official reserve assets 4 ¥1,010 ¥6,783 8,747 ¥290 ¥4,911 ¥3,681 1,523 2,805 14,096 2,374 5,331 ¥797 4,766 4,796 513 ¥560 1,006 1,415 ¥72 26 ¥54 Other U.S. Government assets Statistical discrepancy Foreign-owned assets in the U.S., excluding financial derivatives [increase/financial inflow (+)] U.S. private assets 68 ¥484,533 ¥422 ¥346,624 2,750 ¥515,559 ¥941 ¥559,292 ¥486 ¥377,219 345 ¥291,310 537 ¥327,484 1,710 ¥909,539 5,539 ¥446,510 5,346 ¥1,062,896 2,591 ¥94,541 989 ¥213,497 1,501 ¥147,894 459 9,423 1,049 ¥345,594 1,765 ¥213,423 1,570 ¥212,474 962 ¥291,405 445 ¥449,827 ¥369 ¥465,123 422 ¥156,107 Total 706,809 423,569 740,210 1,046,896 782,859 797,813 864,352 1,461,766 1,204,231 1,859,597 232,614 310,822 383,808 276,987 538,140 355,442 449,987 516,029 616,602 619,272 249,126 4 Consists of gold, special drawing rights (SDRs), foreign currencies, and the U.S. reserve position in the International Monetary Fund (IMF). Foreign official assets 19,036 ¥19,903 43,543 42,758 28,059 115,945 278,069 397,755 259,268 440,264 25,052 81,292 54,736 98,188 125,257 120,861 108,799 85,347 152,193 70,464 39,016 Other foreign assets 687,773 443,472 696,667 1,004,138 754,800 681,868 586,283 1,064,011 944,963 1,419,333 207,562 229,530 329,072 178,799 412,883 234,581 341,188 430,682 464,409 548,808 210,110 Financial derivatives, net Total (sum of the items with sign reversed) .................. .................. .................. .................. .................. .................. .................. .................. .................. 28,762 .................. .................. .................. .................. 1,633 14,001 14,911 ¥1,783 14,800 ¥1,007 .................. ¥79,581 146,088 70,421 ¥67,937 ¥14,274 ¥42,056 ¥13,348 85,775 ¥18,454 ¥17,794 38,995 86,234 ¥68,302 ¥75,384 6,593 49,378 ¥37,121 ¥36,643 15,708 36,718 85,622 Of which: Seasonal adjustment discrepancy .................. .................. .................. .................. .................. .................. .................. .................. .................. .................. 12,335 ¥3,620 ¥18,362 9,644 9,958 ¥252 ¥15,973 6,267 11,335 2,782 ¥18,584 U.S. official reserve assets, net 4 (unadjusted, end of period) 69,954 81,761 71,516 67,647 68,654 79,006 85,938 86,824 65,127 65,895 78,942 76,594 71,273 65,127 65,354 67,935 66,217 65,895 66,551 66,127 69,070 Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the Treasury. 37 VerDate Aug 31 2005 20:33 Feb 14, 2008 Jkt 040678 PO 00000 Frm 00037 Fmt 3401 Sfmt 3401 E:\HR\OC\ECOIND.037 ECOIND g:\graphics\eecoind.037 U.S.-owned assets abroad, excluding financial derivatives [increase/financial outflow (¥)] Capital account transactions, net Contents Page TOTAL OUTPUT, INCOME, AND SPENDING Gross Domestic Product .......................................................................................................................................................................................... Real Gross Domestic Product .................................................................................................................................................................................. Implicit Price Deflators for Gross Domestic Product .............................................................................................................................................. Gross Domestic Product and Related Price Measures: Indexes and Percent Changes .............................................................................................. Nonfinancial Corporate Business—Gross Value Added and Price, Costs, and Profits ............................................................................................. National Income ...................................................................................................................................................................................................... Real Personal Consumption Expenditures ............................................................................................................................................................... Sources of Personal Income ...................................................................................................................................................................................... Disposition of Personal Income ............................................................................................................................................................................... Farm Income ............................................................................................................................................................................................................ Corporate Profits ...................................................................................................................................................................................................... Real Gross Private Domestic Investment ................................................................................................................................................................ Real Private Fixed Investment by Type .................................................................................................................................................................. Business Investment ................................................................................................................................................................................................ 1 2 2 3 3 4 4 5 6 7 8 9 10 10 EMPLOYMENT, UNEMPLOYMENT, AND WAGES Status of the Labor Force ......................................................................................................................................................................................... Selected Unemployment Rates ................................................................................................................................................................................ Selected Measures of Unemployment and Unemployment Insurance Programs ...................................................................................................... Nonagricultural Employment .................................................................................................................................................................................. Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries ................................................................. Employment Cost Index—Private Industry ............................................................................................................................................................. Productivity and Related Data, Business Sector ...................................................................................................................................................... 11 12 13 14 15 15 16 PRODUCTION AND BUSINESS ACTIVITY Industrial Production and Capacity Utilization ....................................................................................................................................................... Industrial Production—Major Market Groups and Selected Manufactures .............................................................................................................. New Construction .................................................................................................................................................................................................... New Private Housing and Vacancy Rates ............................................................................................................................................................... Business Sales and Inventories—Manufacturing and Trade ..................................................................................................................................... Manufacturers’ Shipments, Inventories, and Orders ................................................................................................................................................. 17 18 19 19 20 21 PRICES Producer Prices ........................................................................................................................................................................................................ Consumer Prices—All Urban Consumers ................................................................................................................................................................ Changes in Producer Prices for Finished Goods ...................................................................................................................................................... Changes in Consumer Prices—All Urban Consumers ............................................................................................................................................. Prices Received and Paid by Farmers ...................................................................................................................................................................... 22 23 24 24 25 MONEY, CREDIT, AND SECURITY MARKETS Money Stock and Debt Measures ............................................................................................................................................................................. Components of Money Stock ................................................................................................................................................................................... Aggregate Reserves and Monetary Base ................................................................................................................................................................... Bank Credit at All Commercial Banks .................................................................................................................................................................... Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business .................................................................................................................. Consumer Credit ...................................................................................................................................................................................................... Interest Rates and Bond Yields ............................................................................................................................................................................... Common Stock Prices and Yields ............................................................................................................................................................................ 26 27 27 28 29 29 30 31 FEDERAL FINANCE Federal Receipts, Outlays, and Debt ....................................................................................................................................................................... Federal Receipts by Source and Outlays by Function .............................................................................................................................................. Federal Sector, National Income Accounts Basis ..................................................................................................................................................... 32 33 34 INTERNATIONAL STATISTICS Industrial Production and Consumer Prices—Major Industrial Countries ............................................................................................................... U.S. International Trade in Goods and Services ...................................................................................................................................................... U.S. International Transactions ................................................................................................................................................................................ 35 35 36 hsrobinson on PROD1PC76 with HEARING General Notes Detail in these tables may not add to totals because of rounding. Unless otherwise noted, all dollar figures are in current dollars. Symbols used: p Preliminary. r Revised. c Corrected. … Not available (also, not applicable). NSA not seasonally adjusted. For sale by the Superintendent of Documents, U.S. Government Printing Office, Washington, D.C. 20402. Price $5.00 (single copy) ($7.00 foreign). Subscription price: $58.00 per year; $81.20 for foreign mailing. 38 VerDate Aug 31 2005 U.S. GOVERNMENT PRINTING OFFICE : 2008 40–678 20:33 Feb 14, 2008 Jkt 040678 PO 00000 Frm 00038 Fmt 3438 Sfmt 3438 E:\HR\OC\ECOIND.038 ECOIND
@FedFRASER