Full text of Economic Indicators : January 2011
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112th Congress, 1st Session Economic Indicators JANUARY 2011 (Includes data available as of February 4, 2011) Prepared for the Joint Economic Committee by the Council of Economic Advisers UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON : 2011 JOINT ECONOMIC COMMITTEE (Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.) Senate House of Representatives COUNCIL OF ECONOMIC ADVISERS AUSTAN D. GOOLSBEE, Chairman CECILIA E. ROUSE, Member [Public Law 120—81st Congress; Chapter 237—1st Session] JOINT RESOLUTION [S.J. R es. 55] To print the monthly publication entitled “Economic Indicators” Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint Economic Committee be authorized to issue a monthly publication entitled “Economic Indicators,” and that a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic Committee; and the required numbers of copies to the Superintendent of Documents for distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public. Approved June 23, 1949. Charts prepared under the direction of the Printing and Procurement Branch, Office of the Secretary, Department of Commerce. Economic Indicators, published monthly, is available online at: http://www.gpo.gov/economicindicators To subscribe to the print edition, $58.00 per year ($81.20 outside the United States), contact the U.S. Government Printing Office at 202-512-1800, http://www.gpo.gov/economicindicators, or: SUPERINTENDENT OF DOCUMENTS U.S. GOVERNMENT PRINTING OFFICE MAIL STOP: IDCC WASHINGTON, DC 20402-9328 ii TOTAL OUTPUT, INCOME, AND SPENDING Gross Domestic Product In the fourth quarter of 2010, according to advance estimates, current dollar gross domestic product (GDP) rose 3.4 percent (annual rate), real GDP in chained (2005) dollars rose 3.2 percent, and the chained price index rose 0.3 percent. [Billions of current dollars; quarterly data at seasonally adjusted annual rates] Period 2001 �������������������� 2002 �������������������� 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 p ������������������ 2007: I ���������������� ��������������� II �������������� III �������������� IV 2008: I ���������������� ��������������� II �������������� III �������������� IV 2009: I ���������������� ��������������� II �������������� III �������������� IV 2010: I ���������������� ��������������� II �������������� III p ����������� IV Gross domestic product 10,286.2 10,642.3 11,142.1 11,867.8 12,638.4 13,398.9 14,061.8 14,369.1 14,119.0 14,660.2 13,789.5 14,008.2 14,158.2 14,291.3 14,328.4 14,471.8 14,484.9 14,191.2 14,049.7 14,034.5 14,114.7 14,277.3 14,446.4 14,578.7 14,745.1 14,870.4 Personal consumption expenditures Gross private domestic investment 7,148.8 7,439.2 7,804.0 8,285.1 8,819.0 9,322.7 9,806.3 10,104.5 10,001.3 10,351.9 9,632.8 9,753.2 9,850.8 9,988.4 10,065.7 10,183.0 10,202.0 9,967.2 9,913.0 9,920.1 10,040.7 10,131.5 10,230.8 10,285.4 10,366.3 10,525.2 1,661.9 1,647.0 1,729.7 1,968.6 2,172.2 2,327.2 2,295.2 2,096.7 1,589.2 1,821.4 2,277.4 2,329.6 2,313.4 2,260.4 2,198.8 2,170.9 2,111.3 1,905.8 1,640.4 1,530.2 1,548.5 1,637.7 1,739.7 1,841.8 1,907.2 1,796.7 Exports and imports of goods and services Net exports –371.0 –427.2 –504.1 –618.7 –722.7 –769.3 –714.0 –710.4 –386.4 –515.5 –725.1 –730.7 –704.4 –695.7 –738.5 –751.9 –763.1 –588.4 –375.7 –335.2 –408.3 –426.4 –479.9 –539.3 –550.5 –492.2 Government consumption expenditures and gross investment Federal Exports 1,027.7 1,003.0 1,041.0 1,180.2 1,305.1 1,471.0 1,661.7 1,843.4 1,578.4 1,837.1 1,575.5 1,619.1 1,690.3 1,761.8 1,819.9 1,925.3 1,927.3 1,700.9 1,521.2 1,520.2 1,582.1 1,689.9 1,757.8 1,817.9 1,848.9 1,923.9 1 GDP less exports of goods and services plus imports of goods and services. Imports 1,398.7 1,430.2 1,545.1 1,798.9 2,027.8 2,240.3 2,375.7 2,553.8 1,964.7 2,352.6 2,300.6 2,349.8 2,394.7 2,457.5 2,558.4 2,677.2 2,690.4 2,289.3 1,896.9 1,855.3 1,990.5 2,116.3 2,237.6 2,357.1 2,399.4 2,416.0 Total 1,846.4 1,983.3 2,112.6 2,232.8 2,369.9 2,518.4 2,674.2 2,878.3 2,914.9 3,002.3 2,604.4 2,656.0 2,698.4 2,738.2 2,802.3 2,869.8 2,934.7 2,906.5 2,872.0 2,919.3 2,933.8 2,934.5 2,955.7 2,990.8 3,022.2 3,040.7 Total 611.7 680.6 756.5 824.6 876.3 931.7 976.3 1,079.9 1,139.6 1,214.4 944.0 968.7 992.1 1,000.6 1,033.4 1,065.2 1,105.5 1,115.4 1,103.2 1,139.8 1,155.4 1,159.9 1,178.1 1,206.7 1,233.9 1,238.7 National defense Nondefense 393.0 437.7 497.9 550.8 589.0 624.9 662.3 737.3 771.6 817.8 637.6 657.0 674.7 679.9 702.1 724.9 762.1 760.2 743.9 769.9 787.3 785.4 796.3 813.0 830.8 831.0 218.7 242.9 258.5 273.9 287.3 306.8 314.0 342.5 368.0 396.6 306.4 311.7 317.4 320.7 331.3 340.3 343.4 355.1 359.4 369.8 368.1 374.5 381.8 393.7 403.1 407.7 State and local 1,234.7 1,302.7 1,356.1 1,408.2 1,493.6 1,586.7 1,697.9 1,798.5 1,775.3 1,788.0 1,660.3 1,687.3 1,706.4 1,737.6 1,768.9 1,804.6 1,829.2 1,791.2 1,768.8 1,779.5 1,778.4 1,774.7 1,777.6 1,784.1 1,788.2 1,802.0 Final Addendum: Gross sales of Gross domestic domestic purchases 1 national product product 10,324.5 10,630.3 11,125.8 11,802.8 12,588.4 13,339.0 14,032.7 14,410.2 14,246.3 14,591.6 13,772.5 13,960.6 14,118.8 14,278.8 14,342.1 14,495.1 14,514.3 14,289.2 14,191.6 14,214.0 14,258.0 14,321.5 14,396.4 14,498.3 14,606.5 14,865.2 10,657.2 10,338.1 11,069.5 10,691.4 11,646.3 11,210.8 12,486.4 11,959.0 13,361.1 12,735.5 14,168.2 13,471.3 14,775.8 14,185.1 15,079.5 14,543.6 14,505.4 14,265.3 15,175.6 ����������������� 14,514.6 13,859.8 14,738.8 14,087.6 14,862.6 14,302.9 14,987.0 14,489.9 15,066.8 14,520.7 15,223.7 14,647.3 15,248.0 14,689.2 14,779.5 14,317.2 14,425.4 14,172.2 14,369.6 14,164.2 14,523.0 14,281.9 14,703.7 14,442.8 14,926.3 14,637.6 15,118.0 14,774.0 15,295.6 14,933.6 15,362.6 ����������������� Source: Department of Commerce (Bureau of Economic Analysis). 1 Real Gross Domestic Product [Billions of chained (2005) dollars; quarterly data at seasonally adjusted annual rates] Period 2001 �������������������� 2002 �������������������� 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 p ������������������ 2007: I ���������������� ��������������� II �������������� III �������������� IV 2008: I ���������������� ��������������� II �������������� III �������������� IV 2009: I ���������������� ��������������� II �������������� III �������������� IV 2010: I ���������������� ��������������� II �������������� III p ����������� IV Gross private domestic investment Personal Gross conChange domestic sumption Nonresi- Resiin product expendi- dential dential fixed fixed private tures investinvestinvenment ment tories 11,347.2 11,553.0 11,840.7 12,263.8 12,638.4 12,976.2 13,228.9 13,228.8 12,880.6 13,248.7 13,089.3 13,194.1 13,268.5 13,363.5 13,339.2 13,359.0 13,223.5 12,993.7 12,832.6 12,810.0 12,860.8 13,019.0 13,138.8 13,194.9 13,278.5 13,382.6 7,813.9 8,021.9 8,247.6 8,532.7 8,819.0 9,073.5 9,289.5 9,265.0 9,153.9 9,315.7 9,235.2 9,270.5 9,310.0 9,342.3 9,324.1 9,326.2 9,243.5 9,166.3 9,154.1 9,117.0 9,161.6 9,182.9 9,225.4 9,275.7 9,330.6 9,431.2 1,281.8 1,180.2 1,191.0 1,263.0 1,347.3 1,453.9 1,552.0 1,556.6 1,290.8 1,362.2 1,499.0 1,539.1 1,574.1 1,595.9 1,603.7 1,597.0 1,561.5 1,464.2 1,313.7 1,288.3 1,282.9 1,278.3 1,302.6 1,355.3 1,388.0 1,403.1 583.3 613.8 664.3 729.5 775.0 718.2 584.2 444.2 342.7 332.5 631.3 611.4 570.6 523.3 482.2 464.4 435.6 394.7 352.7 333.9 342.4 341.7 330.7 350.1 323.3 326.0 –41.8 12.8 17.3 66.3 50.0 59.4 27.7 –37.6 –113.1 60.4 17.3 44.9 36.1 12.6 –8.2 –20.6 –27.4 –94.3 –125.8 –161.8 –128.2 –36.7 44.1 68.8 121.4 7.2 Exports and imports of goods and services Government consumption expenditures and gross investment Federal Net exports Exports Imports Total –472.1 –548.8 –603.9 –688.0 –722.7 –729.2 –654.9 –504.1 –363.0 –421.1 –696.4 –696.2 –666.6 –560.4 –529.9 –493.8 –514.8 –477.7 –389.2 –342.0 –390.8 –330.1 –338.4 –449.0 –505.0 –392.2 1,121.6 1,099.2 1,116.8 1,222.8 1,305.1 1,422.0 1,554.4 1,647.7 1,490.7 1,665.4 1,496.4 1,521.3 1,578.0 1,622.0 1,644.7 1,696.6 1,675.0 1,574.5 1,451.6 1,447.8 1,490.0 1,573.5 1,616.4 1,652.1 1,679.3 1,713.9 1,593.8 1,648.0 1,720.7 1,910.8 2,027.8 2,151.2 2,209.3 2,151.7 1,853.8 2,086.6 2,192.7 2,217.5 2,244.6 2,182.4 2,174.6 2,190.4 2,189.8 2,052.2 1,840.8 1,789.9 1,880.8 1,903.6 1,954.8 2,101.1 2,184.3 2,106.1 2,178.3 2,279.6 2,330.5 2,362.0 2,369.9 2,402.1 2,434.2 2,502.7 2,542.6 2,570.1 2,406.7 2,426.8 2,447.9 2,455.3 2,469.2 2,489.4 2,521.5 2,530.7 2,511.5 2,549.3 2,559.3 2,550.3 2,540.2 2,564.9 2,589.6 2,585.8 1 GDP less exports of goods and services plus imports of goods and services. National Nondefense defense Total 726.5 779.5 831.1 865.0 876.3 894.9 906.1 971.8 1,027.6 1,077.0 883.6 898.9 919.7 922.2 937.6 955.3 987.5 1,006.9 994.1 1,029.2 1,043.5 1,043.6 1,048.4 1,071.5 1,094.3 1,093.9 470.7 505.3 549.2 580.4 589.0 598.4 611.8 657.7 693.0 720.3 595.3 607.3 622.3 622.4 632.7 643.4 673.0 681.6 666.8 693.2 708.3 703.8 704.4 717.1 731.8 728.1 255.5 273.9 281.7 284.6 287.3 296.6 294.2 314.0 334.6 356.8 288.2 291.5 297.3 299.8 304.8 311.9 314.2 325.2 327.3 335.9 335.2 339.8 344.0 354.5 362.6 365.9 AddenFinal Gross dum: sales of domestic Gross domestic purchases 1 national product product State and local 1,452.3 1,500.6 1,499.7 1,497.1 1,493.6 1,507.2 1,528.1 1,532.6 1,518.8 1,499.0 1,522.9 1,527.8 1,528.4 1,533.3 1,532.2 1,535.1 1,536.2 1,526.8 1,520.1 1,523.8 1,520.0 1,511.2 1,496.8 1,499.1 1,501.7 1,498.4 11,391.7 11,543.5 11,824.8 12,198.2 12,588.4 12,917.1 13,200.0 13,268.1 12,992.8 13,179.5 13,071.1 13,146.4 13,230.4 13,352.2 13,346.2 13,382.4 13,249.6 13,094.1 12,964.2 12,971.4 12,984.5 13,051.1 13,085.5 13,114.7 13,145.3 13,372.6 11,825.7 11,404.6 12,107.7 11,606.9 12,449.2 11,914.2 12,952.5 12,358.5 13,361.1 12,735.5 13,705.7 13,046.1 13,883.9 13,344.4 13,729.4 13,388.7 13,233.6 13,014.7 13,662.7 �������������� 13,786.2 13,155.8 13,891.2 13,269.0 13,935.8 13,404.4 13,922.4 13,548.5 13,866.9 13,516.8 13,850.1 13,519.7 13,737.2 13,408.7 13,463.3 13,109.5 13,212.6 12,945.5 13,143.7 12,929.4 13,239.8 13,013.8 13,338.2 13,170.1 13,467.6 13,313.0 13,637.7 13,372.7 13,777.6 13,449.3 13,767.8 �������������� Source: Department of Commerce (Bureau of Economic Analysis). Note: Because of the formula used for calculating real GDP, the chained (2005) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates. Chained Price Indexes For Gross Domestic Product [Index numbers, 2005=100; quarterly data are seasonally adjusted] Period 2001 �������������������� 2002 �������������������� 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 p ������������������ 2007: I ���������������� ��������������� II �������������� III �������������� IV 2008: I ���������������� ��������������� II �������������� III �������������� IV 2009: I ���������������� ��������������� II �������������� III �������������� IV 2010: I ���������������� ��������������� II �������������� III p ����������� IV Gross domestic product 90.654 92.113 94.099 96.769 100.000 103.263 106.301 108.598 109.618 110.664 105.366 106.188 106.709 106.940 107.454 108.295 109.488 109.154 109.465 109.555 109.759 109.693 109.959 110.485 111.060 111.153 Personal consumption expenditures Total 91.488 92.736 94.622 97.098 100.000 102.746 105.564 109.061 109.258 111.123 104.311 105.212 105.813 106.919 107.954 109.185 110.367 108.736 108.290 108.810 109.598 110.333 110.901 110.888 111.102 111.602 Goods Services 97.429 96.430 96.380 97.867 100.000 101.508 102.946 106.262 103.634 105.409 101.626 102.798 102.997 104.362 105.670 106.929 108.807 103.643 102.039 102.974 104.403 105.120 105.784 104.812 105.058 105.982 Source: Department of Commerce (Bureau of Economic Analysis). 2 Gross private domestic investment 88.428 90.807 93.692 96.687 100.000 103.411 106.973 110.566 112.233 114.159 105.754 106.510 107.330 108.298 109.191 110.412 111.234 111.428 111.579 111.894 112.355 113.102 113.620 114.116 114.314 114.584 Nonresidential fixed 95.788 95.363 95.355 96.834 100.000 103.534 105.505 106.984 105.700 103.711 105.393 105.586 105.499 105.541 105.686 106.248 107.431 108.571 107.726 106.162 104.768 104.144 103.639 103.636 103.689 103.883 Residential fixed 80.994 83.002 86.953 93.296 100.000 106.081 107.613 106.361 102.736 102.356 107.793 107.480 107.500 107.681 107.296 107.012 106.268 104.867 104.094 102.503 101.637 102.712 102.869 102.030 101.994 102.531 Exports and imports of goods and services Government consumption expenditures and gross investment Federal Exports 91.627 91.253 93.216 96.517 100.000 103.447 106.902 111.874 105.877 110.309 105.319 106.465 107.154 108.672 110.719 113.553 115.137 108.089 104.841 105.031 106.212 107.424 108.771 110.060 110.122 112.282 Imports 87.762 86.784 89.796 94.144 100.000 104.144 107.531 118.685 105.987 112.851 104.892 105.936 106.671 112.623 117.728 122.345 122.999 111.669 103.127 103.719 105.879 111.222 114.514 112.234 109.892 114.764 Total 84.201 87.318 91.024 95.335 100.000 104.107 107.753 111.119 110.895 112.745 106.849 107.773 107.882 108.509 110.230 111.515 111.958 110.772 110.979 110.743 110.716 111.141 112.375 112.615 112.756 113.234 National defense 83.484 86.624 90.659 94.895 100.000 104.421 108.249 112.109 111.342 113.519 107.113 108.191 108.434 109.259 110.975 112.673 113.245 111.544 111.562 111.063 111.153 111.590 113.046 113.377 113.529 114.124 Nondefense 85.612 88.689 91.774 96.234 100.000 103.468 106.743 109.077 109.984 111.159 106.321 106.926 106.755 106.969 108.695 109.122 109.294 109.198 109.794 110.096 109.822 110.222 110.997 111.053 111.170 111.415 State and local 85.019 86.810 90.425 94.062 100.000 105.276 111.112 117.349 116.892 119.279 109.033 110.445 111.644 113.326 115.451 117.555 119.075 117.313 116.356 116.779 116.998 117.434 118.760 119.014 119.083 120.258 Gross Domestic Product and Related Price Measures: Indexes and Percent Changes [Quarterly data are seasonally adjusted] Percent change from preceding period 1 Index numbers, 2005=100 Personal consumption expenditures (PCE) Gross domestic product (GDP) Period Real GDP (chain-type quantity index) GDP chain-type price index GDP implicit price deflator PCE (chain-type price index) PCE less food and energy price index Personal consumption expenditures (PCE) Gross domestic product (GDP) GDP (current dollars) Real GDP (chain-type quantity index) GDP chain-type price index GDP implicit price deflator PCE (chain-type price index) PCE less food and energy price index 2001 ���������������������� 2002 ���������������������� 2003 ���������������������� 2004 ���������������������� 2005 ���������������������� 2006 ���������������������� 2007 ���������������������� 2008 ���������������������� 2009 ���������������������� 2010 p �������������������� 2007: I ������������������ ����������������� II ���������������� III ���������������� IV 2008: I ������������������ ����������������� II ���������������� III ���������������� IV 2009: I ������������������ ����������������� II ���������������� III ���������������� IV 89.783 91.412 93.688 97.036 100.000 102.673 104.672 104.672 101.917 104.829 103.568 104.398 104.985 105.737 105.545 105.702 104.630 102.811 101.537 101.358 101.760 103.012 90.654 92.113 94.099 96.769 100.000 103.263 106.301 108.598 109.618 110.664 105.366 106.188 106.709 106.940 107.454 108.295 109.488 109.154 109.465 109.555 109.759 109.693 90.650 92.118 94.100 96.770 100.000 103.257 106.296 108.619 109.615 110.654 105.349 106.169 106.706 106.943 107.416 108.330 109.539 109.216 109.484 109.558 109.750 109.665 91.488 92.736 94.622 97.098 100.000 102.746 105.564 109.061 109.258 111.123 104.311 105.212 105.813 106.919 107.954 109.185 110.367 108.736 108.290 108.810 109.598 110.333 92.739 94.345 95.784 97.788 100.000 102.292 104.696 107.151 108.774 110.203 103.905 104.344 104.901 105.633 106.301 106.998 107.569 107.735 107.973 108.583 108.990 109.551 3.4 3.5 4.7 6.5 6.5 6.0 4.9 2.2 –1.7 3.8 5.3 6.5 4.4 3.8 1.0 4.1 .4 –7.9 –3.9 –.4 2.3 4.7 1.1 1.8 2.5 3.6 3.1 2.7 1.9 .0 –2.6 2.9 .9 3.2 2.3 2.9 –.7 .6 –4.0 –6.8 –4.9 –.7 1.6 5.0 2.3 1.6 2.2 2.8 3.3 3.3 2.9 2.2 .9 1.0 4.4 3.2 2.0 .9 1.9 3.2 4.5 –1.2 1.1 .3 .7 –.2 2.3 1.6 2.2 2.8 3.3 3.3 2.9 2.2 .9 .9 4.4 3.2 2.0 .9 1.8 3.4 4.5 –1.2 1.0 .3 .7 –.3 1.9 1.4 2.0 2.6 3.0 2.7 2.7 3.3 .2 1.7 4.0 3.5 2.3 4.2 3.9 4.6 4.4 –5.8 –1.6 1.9 2.9 2.7 1.8 1.7 1.5 2.1 2.3 2.3 2.4 2.3 1.5 1.3 2.9 1.7 2.2 2.8 2.6 2.6 2.2 .6 .9 2.3 1.5 2.1 2010: I ������������������ ����������������� II ���������������� III p ������������� IV 103.960 104.403 105.065 105.888 109.959 110.485 111.060 111.153 109.952 110.488 111.045 111.118 110.901 110.888 111.102 111.602 109.887 110.171 110.318 110.436 4.8 3.7 4.6 3.4 3.7 1.7 2.6 3.2 1.0 1.9 2.1 .3 1.1 2.0 2.0 .3 2.1 .0 .8 1.8 1.2 1.0 .5 .4 1 Quarterly percent changes are at annual rates. Source: Department of Commerce (Bureau of Economic Analysis). Nonfinancial Corporate Business— Gross Value Added and Price, Costs, and Profits [Quarterly data at seasonally adjusted annual rates] Period Current dollars 2000 �������������������� 2001 �������������������� 2002 �������������������� 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2007: I ���������������� ��������������� II �������������� III �������������� IV 2008: I ���������������� ��������������� II �������������� III �������������� IV 2009: I ���������������� ��������������� II �������������� III �������������� IV 2010: I ���������������� ��������������� II �������������� III 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 5,279.4 5,252.5 5,307.7 5,503.7 5,877.5 6,302.8 6,740.3 6,946.0 6,990.5 6,625.2 6,896.9 6,965.5 6,908.6 7,013.2 6,971.4 6,971.5 7,087.3 6,932.0 6,694.3 6,580.4 6,558.4 6,667.8 6,804.4 6,923.0 6,978.3 Chained (2005) dollars 5,749.6 5,641.5 5,679.3 5,819.6 6,085.2 6,302.8 6,542.2 6,616.1 6,520.3 6,141.7 6,622.4 6,633.0 6,543.2 6,665.8 6,607.8 6,547.4 6,525.7 6,400.6 6,151.5 6,073.3 6,075.5 6,266.5 6,431.3 6,501.5 6,478.7 Total 0.918 .931 .935 .946 .966 1.000 1.030 1.050 1.072 1.079 1.041 1.050 1.056 1.052 1.055 1.065 1.086 1.083 1.088 1.084 1.079 1.064 1.058 1.065 1.077 Compensation of employees (unit labor cost) 0.616 .631 .624 .627 .622 .631 .639 .659 .680 .683 .651 .654 .667 .665 .675 .681 .681 .684 .686 .690 .687 .669 .654 .657 .667 Corporate profits with inventory valuation and capital consumption adjustments 4 Unit nonlabor cost Total 0.222 .234 .235 .234 .232 .243 .249 .264 .282 .288 .257 .261 .270 .269 .274 .279 .282 .289 .294 .292 .286 .280 .273 .271 .273 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. 3 Less subsidies plus business current transfer payments. Consumption of fixed capital 0.103 .112 .115 .115 .114 .118 .122 .127 .135 .143 .125 .126 .129 .128 .130 .133 .136 .140 .145 .145 .143 .139 .135 .134 .135 Net interest Taxes on and production miscellaneous and imports 3 payments 0.085 .087 .091 .094 .096 .101 .102 .102 .105 .109 .101 .102 .104 .102 .103 .104 .105 .106 .108 .111 .109 .108 .106 .106 .107 0.034 .035 .029 .025 .022 .024 .025 .035 .042 .036 .031 .033 .037 .039 .041 .042 .041 .043 .041 .036 .034 .033 .032 .031 .031 Total Taxes on corporate income 0.081 .066 .075 .084 .111 .127 .141 .126 .111 .108 .133 .135 .120 .118 .106 .105 .123 .110 .108 .102 .107 .115 .131 .137 .137 0.030 .020 .017 .023 .031 .043 .047 .044 .035 .028 .047 .046 .043 .042 .038 .038 .038 .024 .026 .026 .027 .032 .041 .044 .045 Profits after tax 5 0.052 .046 .058 .061 .081 .083 .094 .082 .076 .080 .086 .089 .077 .075 .069 .066 .085 .085 .082 .076 .080 .083 .089 .092 .092 4 Unit profits from current production. 5 With inventory valuation and capital consumption adjustments. Source: Department of Commerce (Bureau of Economic Analysis). 3 National Income [Billions of dollars; quarterly data at seasonally adjusted annual rates] Proprietors’ income 1 Period ComNational pensation of income employees 2001 �������������������� 9,185.2 2002 �������������������� 9,408.5 2003 �������������������� 9,840.2 2004 �������������������� 10,534.0 2005 �������������������� 11,273.8 2006 �������������������� 12,031.2 2007 �������������������� 12,396.4 2008 �������������������� 12,557.8 2009 �������������������� 12,225.0 2010 p ������������������ �������������� 2007: I ���������������� 12,261.4 ��������������� 12,360.9 II �������������� 12,407.1 III �������������� 12,556.3 IV 2008: I ���������������� 12,628.0 ��������������� 12,619.9 II �������������� 12,686.4 III �������������� 12,296.9 IV 2009: I ���������������� 12,150.3 ��������������� 12,129.7 II �������������� 12,204.8 III �������������� 12,415.5 IV 2010: I ���������������� 12,621.0 ��������������� 12,782.6 II �������������� 12,877.5 III p ����������� �������������� IV 5,979.3 6,110.8 6,382.6 6,693.4 7,065.0 7,477.0 7,855.9 8,060.8 7,811.7 7,990.8 7,756.4 7,814.4 7,868.5 7,984.3 8,082.2 8,077.3 8,082.9 8,000.7 7,797.7 7,819.0 7,798.7 7,831.4 7,858.1 7,969.9 8,033.0 8,102.1 Rental income of persons with capital conNonfarm sumption adjustment Farm 30.5 18.5 36.5 49.7 43.9 29.3 37.8 50.8 30.5 45.6 36.2 34.1 35.0 45.9 60.7 52.7 50.5 39.5 29.6 28.0 28.0 36.2 36.8 38.9 48.5 58.1 840.2 871.8 894.1 984.1 1,025.9 1,103.6 1,052.6 1,051.2 981.5 1,010.2 1,066.8 1,056.0 1,044.3 1,043.3 1,046.6 1,063.4 1,061.1 1,033.5 989.0 972.5 978.4 985.9 994.0 1,010.8 1,011.0 1,025.1 Corporate profits with inventory valuation and capital consumption adjustments Net interest and Capital miscelconsumption laneous Inventory adjust- payments valuation ment adjustment Taxes on production and imports Profits with inventory valuation adjustment and without capital consumption adjustment Total Total Profits before tax 232.4 784.2 720.8 712.7 8.0 218.7 872.2 762.8 765.3 –2.6 204.2 977.8 892.2 903.5 –11.3 198.4 1,246.9 1,195.1 1,229.4 –34.3 178.2 1,456.1 1,609.5 1,640.2 –30.7 146.5 1,608.3 1,784.7 1,822.7 –38.0 143.7 1,510.6 1,691.1 1,738.4 –47.2 222.0 1,262.8 1,289.1 1,333.2 –44.1 274.0 1,258.0 1,328.6 1,316.7 11.9 301.3 �������������� �������������� �������������� �������������� 122.4 1,515.5 1,688.3 1,738.6 –50.3 139.8 1,565.3 1,748.7 1,783.5 –34.8 146.8 1,501.0 1,686.0 1,715.1 –29.1 165.9 1,460.8 1,641.5 1,716.3 –74.8 182.4 1,376.3 1,406.1 1,534.8 –128.7 206.0 1,329.0 1,353.3 1,493.3 –140.0 237.1 1,350.8 1,376.0 1,442.7 –66.7 262.6 995.0 1,021.0 861.9 159.1 264.7 1,138.2 1,223.0 1,130.0 93.0 269.4 1,178.0 1,249.8 1,219.2 30.6 279.1 1,297.5 1,360.5 1,369.2 –8.7 282.8 1,418.2 1,481.2 1,548.4 –67.2 292.7 1,566.6 1,736.5 1,772.9 –36.4 298.8 1,614.1 1,784.7 1,788.2 –3.5 303.8 1,640.1 1,809.3 1,845.7 –36.4 309.9 �������������� �������������� �������������� �������������� 1 With inventory valuation and capital consumption adjustments. 63.4 109.4 85.6 51.8 –153.4 –176.4 –180.5 –26.3 –70.6 –131.4 –172.8 –183.3 –185.1 –180.7 –29.8 –24.3 –25.2 –26.1 –84.8 –71.8 –63.0 –63.0 –169.9 –170.7 –169.3 –15.8 544.4 506.4 504.1 461.6 543.0 652.2 731.6 812.8 784.3 737.6 703.9 693.7 743.3 785.6 787.4 794.3 804.7 864.9 847.4 773.4 750.7 765.6 765.9 736.2 719.6 728.8 Business Less: current Subsidies transfer payments 727.7 762.8 806.8 863.4 930.2 986.8 1,027.2 1,045.1 1,024.7 1,058.8 1,014.7 1,023.9 1,030.7 1,039.4 1,041.7 1,051.9 1,052.6 1,034.3 1,016.7 1,018.7 1,028.2 1,035.2 1,045.9 1,054.6 1,060.8 1,074.0 58.7 41.4 49.1 46.4 60.9 51.4 54.6 52.8 60.3 59.0 50.0 58.1 55.7 54.5 51.7 51.8 52.4 55.2 56.8 57.2 69.1 58.4 57.4 58.5 58.6 61.4 101.3 82.4 76.1 81.7 95.9 83.0 103.3 121.7 134.0 131.8 105.6 102.9 104.4 100.4 118.4 114.0 115.7 138.8 139.7 141.8 124.9 129.8 130.5 130.8 133.4 132.5 Current surplus of government enterprises 4.0 6.3 7.0 1.2 –3.5 –4.2 –11.8 –16.7 –13.2 –13.6 –10.1 –11.0 –11.2 –14.8 –16.0 –17.0 –16.5 –17.3 –15.8 –14.2 –11.7 –11.3 –12.1 –13.1 –14.2 –14.9 Source: Department of Commerce (Bureau of Economic Analysis). Real Personal Consumption Expenditures [Billions of chained (2005) dollars, except as noted; quarterly data at seasonally adjusted annual rates] Goods Period 2001 �������������������� 2002 �������������������� 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 p ������������������ 2007: I ���������������� ��������������� II �������������� III �������������� IV 2008: I ���������������� ��������������� II �������������� III �������������� IV 2009: I ���������������� ��������������� II �������������� III �������������� IV 2010: I ���������������� ��������������� II �������������� III p ����������� IV Total personal consumption expenditures 7,813.9 8,021.9 8,247.6 8,532.7 8,819.0 9,073.5 9,289.5 9,265.0 9,153.9 9,315.7 9,235.2 9,270.5 9,310.0 9,342.3 9,324.1 9,326.2 9,243.5 9,166.3 9,154.1 9,117.0 9,161.6 9,182.9 9,225.4 9,275.7 9,330.6 9,431.2 Services Durable Total goods 2,600.9 2,706.6 2,829.9 2,955.3 3,073.9 3,173.9 3,261.6 3,180.3 3,117.4 3,251.8 3,241.1 3,252.4 3,271.9 3,281.0 3,232.6 3,235.2 3,171.4 3,082.3 3,095.7 3,084.0 3,138.2 3,151.8 3,195.4 3,222.6 3,255.2 3,334.1 Total durable goods 1 864.4 930.0 986.1 1,051.0 1,105.5 1,150.4 1,198.6 1,136.4 1,094.6 1,178.6 1,181.2 1,194.5 1,205.7 1,212.9 1,178.6 1,170.0 1,133.2 1,063.9 1,076.6 1,068.2 1,118.3 1,115.1 1,138.9 1,157.8 1,179.3 1,238.5 Nondurable Motor vehicles and parts 374.3 394.0 405.3 411.3 409.6 396.6 403.9 348.2 324.0 334.8 401.6 407.4 404.4 402.0 383.0 362.1 339.8 307.9 317.1 313.5 342.7 322.7 320.6 326.0 330.1 362.3 Total nondurable goods 1 1,745.6 1,780.2 1,845.6 1,904.6 1,968.4 2,023.6 2,064.3 2,041.2 2,017.4 2,073.7 2,060.2 2,059.0 2,067.7 2,070.3 2,054.5 2,064.6 2,035.6 2,010.1 2,012.0 2,008.3 2,016.9 2,032.3 2,053.5 2,063.4 2,076.2 2,101.7 Food and beverages purchased for offpremises consumption Gasoline and other energy goods Total services 1 Household consumption expenditures 607.6 609.0 622.4 639.2 665.0 686.2 697.5 691.6 685.1 703.7 697.3 693.5 696.4 702.7 700.3 699.8 691.2 675.1 675.2 681.2 687.8 696.3 702.7 697.6 703.0 711.4 289.2 294.0 302.2 306.5 304.8 298.4 295.9 282.0 285.5 285.0 298.4 296.4 296.1 292.8 287.2 284.0 274.7 282.2 287.0 286.5 285.1 283.5 284.0 286.1 286.1 283.9 5,218.7 5,318.1 5,418.4 5,577.6 5,745.1 5,899.7 6,028.3 6,082.3 6,032.7 6,065.4 5,994.4 6,018.3 6,038.7 6,061.7 6,090.6 6,090.2 6,070.0 6,078.5 6,053.6 6,027.7 6,020.7 6,028.7 6,029.6 6,053.4 6,076.9 6,101.9 5,028.8 5,109.3 5,199.0 5,359.3 5,531.0 5,664.4 5,783.2 5,816.1 5,777.0 5,803.7 5,753.7 5,780.8 5,792.4 5,805.9 5,830.2 5,828.5 5,802.1 5,803.6 5,793.5 5,778.4 5,766.5 5,769.7 5,769.9 5,791.7 5,814.4 5,838.6 1 Includes other items, not shown separately. 2 Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 4 Housing and utilities 1,451.5 1,462.0 1,480.2 1,512.8 1,582.8 1,616.7 1,626.4 1,638.6 1,656.9 1,675.4 1,625.8 1,624.8 1,628.6 1,626.2 1,636.3 1,637.6 1,630.9 1,649.7 1,650.1 1,652.0 1,659.4 1,666.3 1,664.3 1,668.9 1,683.0 1,685.6 Health care 1,135.4 1,202.3 1,229.4 1,268.6 1,316.0 1,340.0 1,371.6 1,410.0 1,440.4 1,459.6 1,362.9 1,368.2 1,372.9 1,382.3 1,401.5 1,411.0 1,410.1 1,417.4 1,430.0 1,442.1 1,441.6 1,447.9 1,446.7 1,457.6 1,461.9 1,472.4 Financial services and insurance 660.7 658.3 657.8 691.8 712.6 735.4 766.4 770.9 743.0 725.9 755.9 765.7 769.8 774.2 774.9 772.1 772.8 763.9 753.9 746.2 739.4 732.5 727.4 729.5 720.7 725.8 Addendum: Personal consumption expenditures excluding food and energy 2 Retail sales of new passenger cars and light trucks (millions of units) 6,745.7 6,941.9 7,142.0 7,402.6 7,658.8 7,905.7 8,111.1 8,114.2 8,002.9 8,136.5 8,053.7 8,095.1 8,129.8 8,165.7 8,152.0 8,162.9 8,113.7 8,028.2 8,015.2 7,973.7 8,007.1 8,015.4 8,055.2 8,106.8 8,144.6 8,239.4 17.1 16.8 16.6 16.9 16.9 16.5 16.1 13.2 10.4 11.6 16.4 16.1 15.9 16.0 15.3 14.2 12.9 10.4 9.6 9.7 11.6 10.8 11.0 11.3 11.6 12.3 Note: Because of the formula used for calculating real GDP, the chained (2005) dollar estimate for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates. Source: Department of Commerce (Bureau of Economic Analysis). Sources of Personal Income Personal income rose $54.5 billion (annual rate) in December, following an increase of $44.9 billion in November. Wages and salaries rose $17.1 billion in December, following an increase of $7.3 billion in November. [Billions of dollars; monthly data at seasonally adjusted annual rates] Compensation of employees, received Period 2001 �������������������� 2002 �������������������� 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 p ������������������ 2009: Dec ����������� 2010: Jan ����������� ����������� Feb ���������� Mar ����������� Apr May ���������� June ��������� ���������� July ���������� Aug Sept ��������� r ���������� Oct r ��������� Nov p �������� Dec Total personal income 8,883.3 9,060.1 9,378.1 9,937.2 10,485.9 11,268.1 11,912.3 12,391.1 12,174.9 12,545.3 12,300.7 12,324.3 12,337.2 12,389.4 12,478.5 12,532.8 12,540.0 12,556.0 12,613.4 12,608.9 12,673.0 12,717.9 12,772.4 Total 5,979.3 6,110.8 6,367.6 6,708.4 7,060.0 7,475.7 7,862.2 8,065.8 7,806.7 7,990.8 7,842.4 7,855.0 7,851.0 7,868.3 7,939.1 7,985.8 7,984.8 8,013.5 8,038.7 8,046.9 8,088.2 8,098.6 8,119.5 Wage and salary disbursements 4,952.2 4,997.3 5,139.6 5,425.7 5,701.0 6,068.9 6,421.7 6,559.0 6,274.1 6,404.7 6,291.5 6,291.3 6,284.8 6,298.1 6,362.4 6,403.7 6,400.4 6,425.2 6,446.0 6,451.3 6,487.3 6,494.6 6,511.7 1 With inventory valuation and capital consumption adjustments. 2 With capital consumption adjustment. 3 Consists mainly of social insurance benefits to persons. Supplements to wages and salaries 1,027.1 1,113.5 1,228.0 1,282.7 1,359.1 1,406.9 1,440.4 1,506.8 1,532.6 1,586.1 1,550.9 1,563.7 1,566.1 1,570.2 1,576.7 1,582.1 1,584.4 1,588.3 1,592.7 1,595.7 1,600.9 1,604.0 1,607.8 Proprietors’ income 1 Farm 30.5 18.5 36.5 49.7 43.9 29.3 37.8 50.8 30.5 45.6 38.0 37.4 36.8 36.2 37.6 38.9 40.3 44.4 48.5 52.6 55.4 58.1 60.9 Nonfarm 840.2 871.8 894.1 984.1 1,025.9 1,103.6 1,052.6 1,051.2 981.5 1,010.2 987.3 989.7 991.2 1,001.0 1,011.6 1,012.7 1,008.0 1,006.1 1,012.8 1,014.1 1,019.9 1,025.1 1,030.3 Personal income receipts on assets Rental income of persons 2 232.4 218.7 204.2 198.4 178.2 146.5 143.7 222.0 274.0 301.3 282.3 287.4 292.5 298.0 298.1 298.8 299.6 301.2 303.6 306.7 308.2 309.9 311.8 Total 1,346.0 1,309.6 1,312.9 1,408.5 1,542.0 1,829.7 2,057.0 2,109.3 1,919.7 1,906.4 1,915.9 1,913.3 1,916.1 1,903.8 1,911.1 1,915.0 1,917.3 1,902.8 1,888.0 1,878.5 1,891.7 1,909.0 1,930.9 Personal interest income 976.5 911.9 889.8 860.2 987.0 1,127.5 1,265.1 1,314.7 1,222.3 1,193.8 1,216.6 1,212.6 1,208.7 1,204.7 1,205.0 1,205.3 1,205.6 1,190.1 1,174.7 1,159.3 1,172.9 1,186.5 1,200.1 Personal dividend income 369.5 397.7 423.1 548.3 555.0 702.2 791.9 794.6 697.4 712.7 699.3 700.7 707.4 699.0 706.0 709.7 711.8 712.7 713.3 719.2 718.9 722.5 730.8 Personal current transfer receipts 3 1,188.1 1,282.1 1,341.7 1,415.5 1,508.6 1,605.0 1,718.5 1,879.2 2,132.8 2,295.2 2,210.5 2,228.7 2,236.3 2,271.4 2,279.0 2,285.4 2,293.8 2,295.2 2,332.5 2,321.5 2,325.9 2,334.6 2,338.4 Less: Contributions for government social insurance, domestic 733.2 751.5 778.9 827.3 872.7 921.8 959.5 987.2 970.3 1,004.3 975.8 987.3 986.7 989.3 998.0 1,003.9 1,003.9 1,007.2 1,010.7 1,011.5 1,016.3 1,017.4 1,019.5 Source: Department of Commerce (Bureau of Economic Analysis). 5 Disposition of Personal Income According to advance estimates, per capita disposable personal income in chained (2005) dollars rose 0.8 percent in the fourth quarter of 2010. Period Personal income Less: Personal current taxes Equals: Disposable personal income Less: Personal outlays 1 Equals: Personal saving Disposable personal income in billions of chained (2005) dollars Current dollars Billions of dollars 2001 �������������������� 2002 �������������������� 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 p ������������������ 8,883.3 9,060.1 9,378.1 9,937.2 10,485.9 11,268.1 11,912.3 12,391.1 12,174.9 12,545.3 1,234.8 1,050.4 1,000.3 1,047.8 1,208.6 1,352.4 1,488.7 1,438.2 1,140.0 1,167.0 7,648.5 8,009.7 8,377.8 8,889.4 9,277.3 9,915.7 10,423.6 10,952.9 11,034.9 11,378.3 Per capita personal consumption expenditures Per capita disposable personal income Chained (2005) dollars Current dollars Chained (2005) dollars Dollars 7,443.5 7,727.5 8,088.0 8,585.7 9,149.6 9,680.7 10,208.9 10,505.0 10,379.6 10,723.2 204.9 282.2 289.8 303.7 127.7 235.0 214.7 447.9 655.3 655.1 8,360.1 8,637.1 8,853.9 9,155.1 9,277.3 9,650.7 9,874.2 10,042.9 10,099.8 10,239.4 26,805 27,799 28,805 30,287 31,318 33,157 34,512 35,931 35,888 36,691 Percent Saving change as in real percent per capita of disposable disposable personal personal income income Population, including Armed Forces overseas (thousands) 2 Percent 29,299 29,976 30,442 31,193 31,318 32,271 32,693 32,946 32,847 33,019 25,054 25,819 26,832 28,228 29,771 31,174 32,469 33,148 32,526 33,382 27,385 27,841 28,357 29,072 29,771 30,341 30,757 30,394 29,770 30,040 1.4 2.3 1.6 2.5 .4 3.0 1.3 .8 –.3 .5 2.7 3.5 3.5 3.4 1.4 2.4 2.1 4.1 5.9 5.8 285,335 288,133 290,845 293,502 296,229 299,052 302,025 304,831 307,483 310,109 32,674 32,644 32,681 32,775 32,821 33,480 32,672 32,810 32,780 33,191 32,746 32,673 32,717 33,100 33,097 33,160 32,012 32,336 32,575 32,947 33,132 33,448 33,430 32,584 32,343 32,302 32,619 32,839 33,097 33,208 33,392 33,826 30,691 30,736 30,786 30,816 30,690 30,634 30,289 29,966 29,867 29,687 29,763 29,764 29,844 29,948 30,056 30,310 0.8 –.4 .5 1.2 .6 8.3 –9.3 1.7 –.4 5.1 –5.3 –.9 .5 4.8 .0 .8 2.3 2.0 1.8 2.1 2.7 4.8 3.6 5.2 5.4 7.2 5.6 5.5 5.5 6.2 5.9 5.4 300,913 301,617 302,406 303,166 303,810 304,445 305,177 305,890 306,496 307,101 307,815 308,521 309,120 309,724 310,438 311,155 Seasonally adjusted annual rates 2007: I ���������������� ��������������� II �������������� III �������������� IV 2008: I ���������������� ��������������� II �������������� III �������������� IV 2009: I ���������������� ��������������� II �������������� III �������������� IV 2010: I ���������������� ��������������� II �������������� III p ����������� IV 11,714.3 11,839.0 11,954.4 12,141.4 12,300.4 12,460.9 12,447.0 12,356.3 12,093.2 12,203.4 12,164.0 12,239.0 12,350.3 12,517.1 12,592.8 12,721.1 1,458.7 1,480.4 1,497.5 1,518.0 1,535.8 1,331.6 1,442.4 1,443.0 1,213.4 1,112.5 1,117.0 1,117.2 1,134.7 1,149.1 1,177.7 1,206.4 10,255.5 10,358.6 10,456.9 10,623.4 10,764.6 11,129.2 11,004.7 10,913.3 10,879.8 11,090.9 11,047.0 11,121.7 11,215.6 11,368.0 11,415.1 11,514.7 10,014.9 10,153.8 10,267.2 10,399.7 10,475.2 10,591.6 10,608.0 10,345.3 10,291.6 10,297.4 10,423.6 10,505.7 10,603.9 10,663.7 10,736.3 10,888.9 240.6 204.8 189.7 223.7 289.3 537.7 396.7 568.0 588.2 793.5 623.4 616.0 611.8 704.3 678.7 625.8 9,832.1 9,845.9 9,882.8 9,936.1 9,971.4 10,192.8 9,970.8 10,036.3 10,046.9 10,193.0 10,079.7 10,080.4 10,113.3 10,251.9 10,274.6 10,317.8 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. 6 34,081 34,344 34,579 35,042 35,432 36,556 36,060 35,677 35,497 36,115 35,888 36,049 36,282 36,704 36,771 37,006 Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census). Farm Income According to the forecast for 2010, gross farm income is forecast at $368.2 billion, and net farm income at $81.6 billion. [Billions of dollars; quarterly data at seasonally adjusted annual rates] Income of farm operators from farming Gross farm income Period Cash marketing receipts Total 1 2001 ��������������������������������������������������� 2002 ��������������������������������������������������� 2003 ��������������������������������������������������� 2004 ��������������������������������������������������� 2005 ��������������������������������������������������� 2006 ��������������������������������������������������� 2007 ��������������������������������������������������� 2008 ��������������������������������������������������� 2009 ��������������������������������������������������� 2010 ��������������������������������������������������� 2008: I ����������������������������������������������� ���������������������������������������������� II ��������������������������������������������� III ��������������������������������������������� IV 2009: I ����������������������������������������������� ���������������������������������������������� II ��������������������������������������������� III ��������������������������������������������� IV 2010: I ����������������������������������������������� ���������������������������������������������� II ��������������������������������������������� III ��������������������������������������������� IV 249.9 230.6 258.6 294.7 298.4 290.2 339.5 379.6 343.2 368.2 419.4 377.2 367.5 354.1 371.7 354.8 315.5 330.8 367.4 339.3 368.3 397.7 Livestock and products Total 200.0 194.6 216.1 238.0 241.0 240.6 288.5 318.3 283.4 312.9 342.6 323.0 314.0 293.8 297.6 299.9 265.7 270.4 301.6 294.4 319.3 336.3 106.7 93.9 105.7 123.5 124.9 118.5 138.5 141.5 119.8 139.8 143.4 142.5 141.1 139.2 120.2 120.0 120.7 118.2 132.8 136.0 146.3 144.3 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 the Commodity Credit Corporation loans. Crops 2 93.4 100.7 110.5 114.5 116.1 122.1 150.1 176.8 163.7 173.1 199.2 180.5 172.9 154.6 177.4 180.0 145.0 152.2 168.8 158.4 173.0 192.0 Value of inventory changes 3 1.1 –3.5 –2.7 11.2 –.4 –3.1 .6 6.6 4.5 –.1 7.1 6.7 6.5 6.1 4.7 4.7 4.2 4.2 –.1 –.1 –.1 –.1 Direct Government payments 4 22.4 12.4 16.5 13.0 24.4 15.8 11.9 12.2 12.3 12.4 24.1 4.5 5.2 15.1 24.2 4.5 5.2 15.1 24.5 4.6 5.3 15.4 Production expenses 195.0 191.4 197.7 207.3 219.7 232.7 269.2 293.0 281.0 286.6 315.3 297.3 289.0 270.3 295.1 297.4 263.5 268.1 276.2 269.6 292.4 308.0 Net farm income 54.9 39.1 60.9 87.3 78.7 57.4 70.3 86.6 62.2 81.6 104.1 80.0 78.6 83.7 76.6 57.4 52.0 62.8 91.1 69.6 75.8 89.7 3 Physical changes in beginning and ending year inventories of crop and livestock commodities valued at weighted average market prices during the period. 4 Includes only Government payments made directly to farmers. Note: Data for 2010 are forecasts. Source: Department of Agriculture. 7 Corporate Profits In the third quarter of 2010, according to current estimates, corporate profits before tax rose $57.5 billion (annual rate) and profits after tax rose $33.7 billion. [Billions of dollars; quarterly data at seasonally adjusted annual rates] Profits (before tax) with inventory valuation adjustment 1 Profits after tax Domestic industries Period Total 2 Profits before tax Nonfinancial Total Financial Total 3 Manufacturing Utilities Wholesale Taxes on corporate income Total Retail 2000 �������������������� 755.7 610.0 189.6 420.4 143.9 25.6 58.7 60.7 772.5 265.1 507.4 2001 �������������������� 720.8 551.1 228.0 323.1 49.7 25.2 51.3 72.6 712.7 203.3 509.4 2002 �������������������� 762.8 604.9 265.2 339.7 47.7 12.3 49.1 81.6 765.3 192.3 573.0 2003 �������������������� 892.2 726.4 311.8 414.6 69.4 12.4 54.8 88.9 903.5 243.8 659.7 2004 �������������������� 1,195.1 990.1 362.3 627.8 154.1 19.4 75.6 93.4 1,229.4 306.1 923.3 2005 �������������������� 1,609.5 1,370.0 443.6 926.4 247.2 29.8 92.2 122.6 1,640.2 412.4 1,227.8 2006 �������������������� 1,784.7 1,527.8 448.0 1,079.9 304.5 54.4 103.7 133.2 1,822.7 473.3 1,349.5 2007 �������������������� 1,691.1 1,340.2 345.5 994.7 271.3 50.3 99.9 117.8 1,738.4 445.5 1,292.9 2008 �������������������� 1,289.1 877.8 139.9 737.9 183.7 28.3 84.0 75.0 1,333.2 308.4 1,024.8 2009 �������������������� 1,328.6 976.3 258.0 718.4 150.9 30.0 80.4 99.0 1,316.7 254.9 1,061.8 2010 p ������������������ ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� 2007: I ���������������� 1,688.3 1,400.3 364.0 1,036.3 289.5 54.7 105.1 121.0 1,738.6 474.1 1,264.4 ��������������� II 1,748.7 1,436.2 379.9 1,056.3 303.2 50.6 108.9 131.1 1,783.5 467.9 1,315.6 �������������� III 1,686.0 1,312.2 366.3 945.8 229.8 57.3 104.7 114.1 1,715.1 431.0 1,284.1 �������������� IV 1,641.5 1,212.4 271.8 940.6 262.7 38.6 80.9 105.0 1,716.3 408.8 1,307.5 2008: I ���������������� 1,406.1 976.0 253.5 722.5 196.7 15.6 58.1 71.2 1,534.8 356.7 1,178.1 ��������������� II 1,353.3 941.1 242.5 698.6 161.6 –18.0 65.4 74.0 1,493.3 343.0 1,150.4 �������������� III 1,376.0 931.8 116.5 815.3 211.2 66.0 88.2 74.2 1,442.7 313.3 1,129.4 �������������� IV 1,021.0 662.5 –52.7 715.2 165.2 49.6 124.5 80.4 861.9 220.4 641.5 2009: I ���������������� 1,223.0 873.8 141.6 732.3 141.0 37.7 103.9 97.7 1,130.0 222.0 908.0 ��������������� II 1,249.8 916.6 243.4 673.2 139.7 33.4 73.8 99.7 1,219.2 222.8 996.5 �������������� III 1,360.5 996.2 300.2 696.0 151.8 22.4 70.8 101.3 1,369.2 255.7 1,113.5 �������������� IV 1,481.2 1,118.6 346.7 771.9 170.9 26.4 73.0 97.1 1,548.4 319.1 1,229.3 2010: I ���������������� 1,736.5 1,348.0 362.7 985.3 250.4 41.5 91.5 129.1 1,772.9 403.2 1,369.7 ��������������� II 1,784.7 1,393.4 359.4 1,034.0 277.1 32.8 107.7 126.7 1,788.2 405.6 1,382.6 �������������� III 1,809.3 1,427.0 393.7 1,033.3 269.2 35.2 90.2 123.2 1,845.7 429.4 1,416.3 p ����������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� IV 1 See p. 4 for profits with inventory valuation and capital consumption adjustments. 2 Includes rest of the world, not shown separately. 3 Includes industries not shown separately. 8 Net dividends Inventory Undistrib- valuation adjustment uted profits 377.9 129.5 –16.8 370.9 138.5 8.0 399.3 173.8 –2.6 424.9 234.8 –11.3 550.3 373.0 –34.3 557.3 670.5 –30.7 704.8 644.7 –38.0 794.5 498.4 –47.2 797.7 227.2 –44.1 718.9 342.9 11.9 732.6 ��������������� ����������������� 756.5 508.0 –50.3 804.4 511.2 –34.8 809.7 474.3 –29.1 807.4 500.1 –74.8 812.7 365.4 –128.7 802.1 348.3 –140.0 798.4 331.0 –66.7 777.5 –135.9 159.1 747.8 160.2 93.0 719.7 276.7 30.6 699.6 413.9 –8.7 708.5 520.8 –67.2 720.3 649.4 –36.4 728.4 654.2 –3.5 736.5 679.9 –36.4 745.3 ��������������� ����������������� Note: Data by industry are based on the North American Industry Classification System (NAICS). Source: Department of Commerce (Bureau of Economic Analysis). Real Gross Private Domestic Investment In the fourth quarter of 2010, according to advance estimates, nonresidential fixed investment in chained (2005) dollars rose $15.1 billion (annual rate) and residential investment rose $2.7 billion. Inventories increased $7.2 billion, following an increase of $121.4 billion in the third quarter. [Billions of chained (2005) dollars; quarterly data at seasonally adjusted annual rates] Fixed investment Period 2001 ��������������������������������������������������� 2002 ��������������������������������������������������� 2003 ��������������������������������������������������� 2004 ��������������������������������������������������� 2005 ��������������������������������������������������� 2006 ��������������������������������������������������� 2007 ��������������������������������������������������� 2008 ��������������������������������������������������� 2009 ��������������������������������������������������� 2010 p ������������������������������������������������� 2007: I ����������������������������������������������� ���������������������������������������������� II ��������������������������������������������� III ��������������������������������������������� IV 2008: I ����������������������������������������������� ���������������������������������������������� II ��������������������������������������������� III ��������������������������������������������� IV 2009: I ����������������������������������������������� ���������������������������������������������� II ��������������������������������������������� III ��������������������������������������������� IV 2010: I ����������������������������������������������� ���������������������������������������������� II ��������������������������������������������� III p ������������������������������������������ IV Gross private domestic investment 1,831.9 1,807.0 1,871.6 2,058.2 2,172.2 2,230.4 2,161.6 1,957.3 1,515.7 1,769.3 2,146.1 2,195.1 2,178.9 2,126.1 2,074.3 2,033.8 1,967.2 1,753.8 1,529.5 1,453.2 1,494.5 1,585.7 1,690.2 1,791.5 1,855.1 1,740.3 Change in private inventories Nonresidential Total 1,877.6 1,798.1 1,856.2 1,992.5 2,122.3 2,171.3 2,132.7 1,997.0 1,630.7 1,692.1 2,127.7 2,147.2 2,140.8 2,114.9 2,081.6 2,057.3 1,993.3 1,855.6 1,663.4 1,619.6 1,622.4 1,617.1 1,630.5 1,702.5 1,708.8 1,726.6 Total 1,281.8 1,180.2 1,191.0 1,263.0 1,347.3 1,453.9 1,552.0 1,556.6 1,290.8 1,362.2 1,499.0 1,539.1 1,574.1 1,595.9 1,603.7 1,597.0 1,561.5 1,464.2 1,313.7 1,288.3 1,282.9 1,278.3 1,302.6 1,355.3 1,388.0 1,403.1 Note: See p. 10 for further detail on fixed investment by type. Because of the formula used for calculating real GDP, the chained (2005) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates. Structures 433.3 356.6 343.0 346.7 351.8 384.0 438.2 464.2 369.6 317.7 404.8 430.6 454.6 462.9 462.7 471.2 466.9 456.1 399.7 377.8 365.5 335.3 319.3 318.9 316.0 316.7 Equipment and software 866.9 830.3 851.4 917.3 995.6 1,069.6 1,109.0 1,082.0 916.3 1,054.8 1,093.0 1,104.6 1,112.6 1,125.7 1,134.0 1,116.5 1,084.1 993.3 903.4 903.8 913.1 944.7 989.7 1,046.0 1,084.2 1,099.5 Residential 583.3 613.8 664.3 729.5 775.0 718.2 584.2 444.2 342.7 332.5 631.3 611.4 570.6 523.3 482.2 464.4 435.6 394.7 352.7 333.9 342.4 341.7 330.7 350.1 323.3 326.0 Total –41.8 12.8 17.3 66.3 50.0 59.4 27.7 –37.6 –113.1 60.4 17.3 44.9 36.1 12.6 –8.2 –20.6 –27.4 –94.3 –125.8 –161.8 –128.2 –36.7 44.1 68.8 121.4 7.2 Nonfarm –41.5 15.6 17.2 58.3 49.8 63.2 28.7 –39.0 –116.9 54.2 12.0 50.3 38.9 13.7 .2 –25.6 –29.4 –101.1 –128.6 –168.5 –127.7 –43.0 36.5 61.0 116.6 2.8 Source: Department of Commerce (Bureau of Economic Analysis). 9 Real Private Fixed Investment by Type [Billions of chained (2005) dollars; quarterly data at seasonally adjusted annual rates] Nonresidential Equipment and software Total fixed investment Period 2001 ������������ 2002 ������������ 2003 ������������ 2004 ������������ 2005 ������������ 2006 ������������ 2007 ������������ 2008 ������������ 2009 ������������ 2010 p ���������� 2007: I �������� ������� II ������ III ������ IV 2008: I �������� ������� II ������ III ������ IV 2009: I �������� ������� II ������ III ������ IV 2010: I �������� ������� II ������ III p ��� IV Residential Total nonresidential 1,877.6 1,798.1 1,856.2 1,992.5 2,122.3 2,171.3 2,132.7 1,997.0 1,630.7 1,692.1 2,127.7 2,147.2 2,140.8 2,114.9 2,081.6 2,057.3 1,993.3 1,855.6 1,663.4 1,619.6 1,622.4 1,617.1 1,630.5 1,702.5 1,708.8 1,726.6 1,281.8 1,180.2 1,191.0 1,263.0 1,347.3 1,453.9 1,552.0 1,556.6 1,290.8 1,362.2 1,499.0 1,539.1 1,574.1 1,595.9 1,603.7 1,597.0 1,561.5 1,464.2 1,313.7 1,288.3 1,282.9 1,278.3 1,302.6 1,355.3 1,388.0 1,403.1 Information processing equipment and software Structures 433.3 356.6 343.0 346.7 351.8 384.0 438.2 464.2 369.6 317.7 404.8 430.6 454.6 462.9 462.7 471.2 466.9 456.1 399.7 377.8 365.5 335.3 319.3 318.9 316.0 316.7 Total 866.9 830.3 851.4 917.3 995.6 1,069.6 1,109.0 1,082.0 916.3 1,054.8 1,093.0 1,104.6 1,112.6 1,125.7 1,134.0 1,116.5 1,084.1 993.3 903.4 903.8 913.1 944.7 989.7 1,046.0 1,084.2 1,099.5 Computers and peripheral Software equipment 1 Total 390.2 379.3 405.0 443.1 475.3 514.8 560.5 594.7 595.8 675.5 546.5 550.2 561.5 583.8 597.4 606.2 598.1 577.2 567.3 581.4 601.8 632.9 645.7 669.1 683.3 704.0 ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ 173.7 173.4 185.6 204.6 218.0 227.1 240.9 254.9 259.3 284.3 238.9 239.2 241.1 244.2 253.4 254.8 256.3 255.0 250.7 256.2 260.7 269.5 275.4 280.9 287.5 293.5 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. Other 163.2 148.4 156.4 168.1 178.4 191.2 210.6 217.9 215.5 242.5 201.4 205.8 210.9 224.5 221.0 224.1 219.3 207.4 204.8 209.5 220.3 227.4 232.3 239.5 245.9 252.4 Structures Industrial Transportation equipequipment ment 162.8 151.9 151.6 147.4 159.6 172.9 179.9 172.2 132.2 139.8 172.6 185.0 185.4 176.5 177.6 176.2 172.4 162.8 138.2 132.8 129.3 128.3 128.4 140.7 143.0 147.2 Other equipment 169.6 154.2 140.4 162.3 181.7 196.5 185.8 143.0 69.4 111.6 195.1 184.1 181.3 182.6 182.1 158.1 136.5 95.3 64.2 70.5 68.5 74.5 95.8 110.2 124.8 115.5 149.3 148.2 155.0 164.4 178.9 185.5 184.2 177.5 137.8 150.2 179.9 185.8 185.6 185.6 180.8 181.1 182.3 165.7 148.1 136.4 134.1 132.7 142.4 147.8 154.5 155.8 Total residential Total 2 583.3 613.8 664.3 729.5 775.0 718.2 584.2 444.2 342.7 332.5 631.3 611.4 570.6 523.3 482.2 464.4 435.6 394.7 352.7 333.9 342.4 341.7 330.7 350.1 323.3 326.0 575.6 605.9 655.9 720.1 765.2 708.1 574.2 434.7 333.9 323.1 621.3 601.5 560.7 513.5 472.6 454.6 426.1 385.7 344.0 325.4 333.6 332.7 321.4 340.7 313.8 316.3 Single family Equipment 315.4 327.7 362.6 406.1 433.5 391.1 284.0 178.2 105.4 114.6 314.0 301.8 278.0 242.1 209.5 193.0 168.2 142.3 110.0 94.7 106.2 110.9 115.9 121.9 112.9 107.8 7.6 7.9 8.4 9.4 9.8 10.2 10.0 9.7 9.0 9.7 10.1 10.0 10.0 10.0 9.8 10.0 9.7 9.2 8.9 8.7 9.0 9.2 9.5 9.7 9.7 10.0 Note: Because of the formula used for calculating real GDP, the chained (2005) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates. Source: Department of Commerce (Bureau of Economic Analysis). Business Investment [Billions of dollars] Capital expenditures By industry Period Total capital expenditures Forestry, Total fishing, by and agri- Mining industry cultural services ConUtilities struction Manufacturing Wholesale trade Retail trade Transportation Informa- Finance and and tion insurwareance housing ProfesReal sional, estate scienand tific, rental and and leasing technical services Health care and social assistance Other 1 For companies without employees For companies with employees 1996 �������� 1997 �������� 1998 �������� 1999 �������� 2000 �������� 2001 �������� 2002 �������� 2003 �������� 2004 �������� 2005 �������� 2006 �������� 2007 �������� 2008 ��������� 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 1,309.9 1,217.1 2.7 99.3 69.8 30.3 192.4 36.6 86.7 68.0 104.4 163.1 132.1 30.3 75.3 126.3 92.8 1,354.7 1,270.5 2.1 120.7 85.4 36.7 197.3 30.8 82.5 67.4 106.1 173.4 117.5 31.8 84.2 134.8 84.2 1,375.1 1,295.5 2.4 149.9 98.3 41.7 211.4 32.9 73.4 79.6 103.4 145.4 96.0 32.7 90.0 138.3 79.7 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 EMPLOYMENT, UNEMPLOYMENT, AND WAGES Status of the Labor Force In January, employment was 139.3 million and unemployment was 13.9 million. [Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA] Period 2001 �������������������� 2002 �������������������� 2003 2 ������������������ 2004 2 ������������������ 2005 2 ������������������ 2006 2 ������������������ 2007 2 ������������������ 2008 2 ������������������ 2009 2 ������������������ 2010 2 ������������������ 2010: Jan 2 ��������� ����������� Feb ���������� Mar ����������� Apr May ���������� June ��������� ���������� July ���������� Aug Sept ��������� ����������� Oct ���������� Nov ����������� Dec 2011: Jan 2 ��������� Civilian noninstitutional population (NSA) 215,092 217,570 221,168 223,357 226,082 228,815 231,867 233,788 235,801 237,830 236,832 236,998 237,159 237,329 237,499 237,690 237,890 238,099 238,322 238,530 238,715 238,889 238,704 Civilian employment Civilian labor force Total 143,734 144,863 146,510 147,401 149,320 151,428 153,124 154,287 154,142 153,889 153,353 153,558 153,895 154,520 154,237 153,684 153,628 154,117 154,124 153,960 153,950 153,690 153,186 136,933 136,485 137,736 139,252 141,730 144,427 146,047 145,362 139,877 139,064 138,511 138,698 138,952 139,382 139,353 139,092 138,991 139,267 139,378 139,084 138,909 139,206 139,323 Men 20 years and over 69,776 69,734 70,415 71,572 73,050 74,431 75,337 74,750 71,341 71,230 70,525 70,707 70,977 71,348 71,451 71,329 71,340 71,505 71,559 71,365 71,130 71,480 71,589 Women 20 years and over 60,417 60,420 61,402 61,773 62,702 63,834 64,799 65,039 63,699 63,456 63,549 63,516 63,479 63,501 63,487 63,483 63,340 63,379 63,562 63,400 63,385 63,428 63,392 Percent 1 Unemployment Both sexes 16–19 years 6,740 6,332 5,919 5,907 5,978 6,162 5,911 5,573 4,837 4,378 4,438 4,475 4,497 4,533 4,416 4,279 4,312 4,383 4,256 4,319 4,393 4,298 4,341 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. Total 6,801 8,378 8,774 8,149 7,591 7,001 7,078 8,924 14,265 14,825 14,842 14,860 14,943 15,138 14,884 14,593 14,637 14,849 14,746 14,876 15,041 14,485 13,863 Men 20 years and over 3,040 3,896 4,209 3,791 3,392 3,131 3,259 4,297 7,555 7,763 7,861 7,861 7,864 7,931 7,728 7,765 7,653 7,789 7,729 7,651 7,849 7,426 6,917 Women 20 years and over 2,599 3,228 3,314 3,150 3,013 2,751 2,718 3,342 5,157 5,534 5,409 5,509 5,497 5,665 5,570 5,343 5,458 5,504 5,520 5,618 5,766 5,599 5,447 Both sexes 16–19 years 1,162 1,253 1,251 1,208 1,186 1,119 1,101 1,285 1,552 1,528 1,572 1,490 1,581 1,542 1,586 1,485 1,526 1,556 1,497 1,607 1,426 1,460 1,500 Not in labor force 71,359 72,707 74,658 75,956 76,762 77,387 78,743 79,501 81,659 83,941 83,479 83,440 83,264 82,809 83,262 84,006 84,262 83,983 84,198 84,570 84,765 85,199 85,518 Labor force participation rate 66.8 66.6 66.2 66.0 66.0 66.2 66.0 66.0 65.4 64.7 64.8 64.8 64.9 65.1 64.9 64.7 64.6 64.7 64.7 64.5 64.5 64.3 64.2 Employment/ population ratio Unemployment rate 63.7 62.7 62.3 62.3 62.7 63.1 63.0 62.2 59.3 58.5 58.5 58.5 58.6 58.7 58.7 58.5 58.4 58.5 58.5 58.3 58.2 58.3 58.4 4.7 5.8 6.0 5.5 5.1 4.6 4.6 5.8 9.3 9.6 9.7 9.7 9.7 9.8 9.6 9.5 9.5 9.6 9.6 9.7 9.8 9.4 9.0 Note: Beginning January 2011, data reflect revised population controls and are not strictly comparable with earlier data. See Employment and Earnings for details on breaks in series. Source: Department of Labor (Bureau of Labor Statistics). 11 Selected Unemployment Rates In January, the unemployment rate fell to 9.0 percent. [Monthly data seasonally adjusted] Unemployment rate (percent of civilian labor force in group) By race or ethnicity 1 By sex and age Period 2001 �������������������� 2002 �������������������� 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2010: Jan ����������� ����������� Feb ���������� Mar ����������� Apr May ���������� June ��������� ���������� July ���������� Aug Sept ��������� ����������� Oct ���������� Nov ����������� Dec 2011: Jan ����������� All civilian workers 4.7 5.8 6.0 5.5 5.1 4.6 4.6 5.8 9.3 9.6 9.7 9.7 9.7 9.8 9.6 9.5 9.5 9.6 9.6 9.7 9.8 9.4 9.0 Men 20 years and over 4.2 5.3 5.6 5.0 4.4 4.0 4.1 5.4 9.6 9.8 10.0 10.0 10.0 10.0 9.8 9.8 9.7 9.8 9.7 9.7 9.9 9.4 8.8 Women 20 years and over 4.1 5.1 5.1 4.9 4.6 4.1 4.0 4.9 7.5 8.0 7.8 8.0 8.0 8.2 8.1 7.8 7.9 8.0 8.0 8.1 8.3 8.1 7.9 Both sexes 16–19 years 14.7 16.5 17.5 17.0 16.6 15.4 15.7 18.7 24.3 25.9 26.2 25.0 26.0 25.4 26.4 25.8 26.1 26.2 26.0 27.1 24.5 25.4 25.7 White 4.2 5.1 5.2 4.8 4.4 4.0 4.1 5.2 8.5 8.7 8.7 8.8 8.7 9.0 8.8 8.6 8.6 8.7 8.7 8.8 8.9 8.5 8.0 1 Beginning in 2003, persons who selected this race group only. Prior to 2003, persons who reported more than one race were included in the group they identified as the main race. Persons whose ethnicity is identified as Hispanic or Latino may be of any race. 12 Black or African American 8.6 10.2 10.8 10.4 10.0 8.9 8.3 10.1 14.8 16.0 16.4 15.8 16.5 16.5 15.5 15.4 15.7 16.2 16.1 15.7 16.0 15.8 15.7 By selected groups Hispanic or Latino ethnicity Asian (NSA) 4.5 5.9 6.0 4.4 4.0 3.0 3.2 4.0 7.3 7.5 8.4 8.4 7.5 6.8 7.5 7.7 8.2 7.2 6.4 7.1 7.6 7.2 6.9 6.6 7.5 7.7 7.0 6.0 5.2 5.6 7.6 12.1 12.5 12.5 12.3 12.5 12.4 12.4 12.4 12.1 12.1 12.5 12.6 13.2 13.0 11.9 Married men, spouse present Women who maintain families (NSA) 2.7 3.6 3.8 3.1 2.8 2.4 2.5 3.4 6.6 6.8 6.6 6.8 6.8 6.7 6.7 6.8 6.6 6.8 6.8 6.9 6.9 6.6 5.8 Note: Data relate to persons age 16 years and over. Source: Department of Labor (Bureau of Labor Statistics). 6.6 8.0 8.5 8.0 7.8 7.1 6.5 8.0 11.5 12.3 12.3 11.6 11.3 11.0 11.6 12.1 13.4 13.4 12.9 12.4 13.0 12.0 12.7 Full-time workers 4.7 5.9 6.1 5.6 5.0 4.5 4.6 5.8 10.0 10.4 10.5 10.5 10.5 10.6 10.4 10.2 10.2 10.3 10.4 10.5 10.7 10.2 9.7 Part-time workers 5.1 5.2 5.5 5.3 5.4 5.1 4.9 5.5 6.0 6.3 6.5 6.3 6.7 6.5 6.6 6.4 6.4 6.7 6.1 6.3 5.8 6.0 6.2 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 rose, while the percentages for 5-14 weeks and for 27 weeks and over fell. The mean duration of unemployment rose to 36.9 weeks, but the median duration fell to 21.8 weeks. [Monthly data seasonally adjusted, except as noted by NSA] Duration of unemployment Period Unemployment (thousands) Percent distribution Less than 5 weeks 5–14 weeks 15–26 weeks Reason for unemployment: percent distribution Number of weeks 27 weeks and over Average (mean) Median Job losers Job leavers Reentrants New entrants State programs Insured unemployment (NSA) Initial claims (NSA) Insured unemployment, all programs (NSA) 1 Weekly average, thousands 2001 �������������������� 2002 �������������������� 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2010: Jan ����������� ����������� Feb ���������� Mar ����������� Apr May ���������� June ��������� ���������� July ���������� Aug Sept ��������� ����������� Oct ���������� Nov ����������� Dec 2011: Jan ����������� 6,801 8,378 8,774 8,149 7,591 7,001 7,078 8,924 14,265 14,825 14,842 14,860 14,943 15,138 14,884 14,593 14,637 14,849 14,746 14,876 15,041 14,485 13,863 42.0 34.5 31.7 33.1 35.1 37.3 35.9 32.8 22.2 18.7 19.2 18.3 17.9 18.4 18.8 18.8 19.4 18.6 19.5 17.9 18.8 18.7 18.9 32.3 30.8 29.8 29.2 30.4 30.3 31.5 31.4 26.8 22.0 22.0 22.6 21.6 20.5 20.8 21.2 21.2 24.3 22.6 23.1 22.2 21.9 21.3 14.0 16.3 16.4 15.9 14.9 14.7 15.0 16.0 19.5 16.0 17.2 18.1 16.5 15.5 14.8 14.9 14.8 14.9 16.1 16.9 16.8 15.2 16.1 11.8 18.3 22.1 21.8 19.6 17.6 17.6 19.7 31.5 43.3 41.5 41.0 43.9 45.5 45.6 45.2 44.7 42.2 41.8 42.1 42.2 44.3 43.8 13.1 16.6 19.2 19.6 18.4 16.8 16.8 17.9 24.4 33.0 30.5 29.8 31.7 33.1 34.3 34.8 33.9 33.5 33.4 33.9 33.9 34.2 36.9 1 Includes State (50 States, District of Columbia, Puerto Rico, and the Virgin Islands), Federal (UCFE), ex-service members (UCX), and Federal and State extended benefit programs. Also includes Temporary Extended Unemployment Compensation (2002-2004), Emergency Unemployment Compensation (2008-2010), and Federal Additional Compensation (2009-2010). 6.8 9.1 10.1 9.8 8.9 8.3 8.5 9.4 15.1 21.4 20.0 19.6 20.3 21.6 22.8 25.5 21.7 20.6 20.5 21.3 21.7 22.4 21.8 51.1 55.0 55.1 51.5 48.3 47.4 49.7 53.7 64.2 62.4 61.9 63.1 62.6 61.0 62.2 63.1 62.3 62.6 63.0 61.7 63.0 61.3 60.3 12.3 10.3 9.3 10.5 11.5 11.8 11.2 10.0 6.2 6.0 6.1 5.8 6.0 6.2 6.5 6.2 6.1 5.9 5.5 5.8 5.8 6.3 6.4 29.9 28.3 28.2 29.5 31.4 32.0 30.3 27.7 22.3 23.4 24.0 22.9 23.5 24.8 23.2 22.7 23.4 23.0 23.4 23.8 22.8 23.4 23.7 6.8 2,974 404 3,012 6.4 3,585 407 4,453 7.3 3,531 404 4,400 8.4 2,950 345 3,103 8.8 2,661 328 2,709 8.8 2,476 313 2,521 8.9 2,572 324 2,612 8.6 3,306 424 3,898 r 9,121 7.3 5,724 568 p 4,486 p 454 p 9,718 8.2 r 12,375 8.1 6,114 640 r 11,389 8.1 5,530 484 r 12,804 7.9 6,050 496 r 10,593 8.0 4,949 482 r 10,739 8.1 4,782 421 r 10,308 8.0 4,758 497 r 9,194 8.2 4,551 502 r 11,325 8.5 4,936 440 r 9,360 8.1 4,046 402 8.7 3,944 442 9,215 8.4 4,254 498 9,632 9.0 4,411 596 9,402 9.6 ��������������� ��������������� ����������������� Note: Data relate to persons age 16 years and over (except for insured unemployment and initial claims). Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration). 13 Nonagricultural Employment Total nonagricultural employment as measured by the payroll survey rose by 36,000 in January. (Series revised.) [Thousands of wage and salary workers; 1 monthly data seasonally adjusted] Private industries Period 2001 �������������������� 2002 �������������������� 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 r ������������������ 2007 r ������������������ 2008 r ������������������ 2009 r ������������������ 2010 r ������������������ 2010: Jan r ��������� r ��������� Feb r �������� Mar r ��������� Apr May r �������� June r ������� r �������� July r ��������� Aug Sept r �������� r ���������� Oct r ��������� Nov r ��������� Dec 2011: Jan p ��������� Total nonagricultural employment 131,826 130,341 129,999 131,435 133,703 136,086 137,598 136,790 130,807 129,819 129,281 129,246 129,438 129,715 130,173 129,981 129,932 129,873 129,844 130,015 130,108 130,229 130,265 Goods-producing industries Total private 110,708 108,828 108,416 109,814 111,899 114,113 115,380 114,281 108,252 107,338 106,793 106,772 106,916 107,145 107,193 107,258 107,351 107,461 107,570 107,713 107,841 107,980 108,030 Total 2 23,873 22,557 21,816 21,882 22,190 22,531 22,233 21,334 18,557 17,756 17,717 17,667 17,701 17,762 17,763 17,763 17,791 17,790 17,784 17,785 17,793 17,786 17,804 Construc- Manufaction turing 6,826 6,716 6,735 6,976 7,336 7,691 7,630 7,162 6,016 5,526 5,585 5,533 5,550 5,566 5,529 5,511 5,500 5,520 5,514 5,512 5,504 5,487 5,455 16,441 15,259 14,510 14,315 14,226 14,155 13,879 13,406 11,847 11,524 11,465 11,462 11,471 11,509 11,536 11,548 11,580 11,551 11,545 11,539 11,554 11,568 11,617 Private service-providing industries Trade, transportation, and utilities Total Total 3 86,834 86,271 86,600 87,932 89,709 91,582 93,147 92,947 89,695 89,582 89,076 89,105 89,215 89,383 89,430 89,495 89,560 89,671 89,786 89,928 90,048 90,194 90,226 25,983 25,497 25,287 25,533 25,959 26,276 26,630 26,293 24,906 24,605 24,536 24,525 24,559 24,581 24,584 24,587 24,609 24,601 24,627 24,670 24,684 24,742 24,739 1 Data from the establishment survey. Includes all full- and part-time wage and salary workers in nonagricultural establishments who received pay for any part of the pay period that includes the 12th of the month. Excludes proprietors, self-employed persons, unpaid family workers, and private household workers. Data from the household survey shown on p. 11 include those workers and also count persons as employed when they are not at work because of industrial disputes, bad weather, etc., even if they are not paid for the time off. In the series shown here, persons who work at more than one job are counted each time they appear on a payroll, in contrast to the series shown on p. 11 where persons are counted only once—as employed, unemployed, or not in the labor force. See Employment and Earnings for details. 14 Retail trade 15,239 15,025 14,917 15,058 15,280 15,353 15,520 15,283 14,522 14,413 14,383 14,384 14,408 14,424 14,421 14,409 14,419 14,413 14,430 14,457 14,441 14,444 14,471 Information Financial activities 3,629 3,395 3,188 3,118 3,061 3,038 3,032 2,984 2,804 2,711 2,737 2,731 2,718 2,716 2,715 2,701 2,706 2,711 2,701 2,697 2,699 2,699 2,698 7,808 7,847 7,977 8,031 8,153 8,328 8,301 8,145 7,769 7,630 7,666 7,657 7,643 7,648 7,640 7,628 7,618 7,616 7,616 7,617 7,616 7,616 7,606 Profes- Education Leisure sional and and and health business services hospitality services 16,476 15,976 15,987 16,394 16,954 17,566 17,942 17,735 16,579 16,688 16,513 16,544 16,546 16,615 16,640 16,683 16,681 16,711 16,719 16,759 16,844 16,898 16,929 15,645 16,199 16,588 16,953 17,372 17,826 18,322 18,838 19,193 19,564 19,371 19,399 19,455 19,482 19,508 19,535 19,571 19,612 19,631 19,695 19,732 19,755 19,768 12,036 11,986 12,173 12,493 12,816 13,110 13,427 13,436 13,077 13,020 12,931 12,932 12,963 12,998 12,995 13,018 13,013 13,051 13,103 13,072 13,057 13,065 13,062 Other services 5,258 5,372 5,401 5,409 5,395 5,438 5,494 5,515 5,367 5,364 5,322 5,317 5,331 5,343 5,348 5,343 5,362 5,369 5,389 5,418 5,416 5,419 5,424 Government 21,118 21,513 21,583 21,621 21,804 21,974 22,218 22,509 22,555 22,482 22,488 22,474 22,522 22,570 22,980 22,723 22,581 22,412 22,274 22,302 22,267 22,249 22,235 2 Includes mining and logging, 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 reflect annual revisions released February 4, 2011; seasonally adjusted data revised beginning 2006. Source: Department of Labor (Bureau of Labor Statistics). Average Weekly Hours, Hourly Earnings, and Weekly Earnings— Private Nonagricultural Industries [For production or nonsupervisory workers; monthly data seasonally adjusted] Average weekly hours Total private nonagricultural 1 Period 2001 �������������������� 2002 �������������������� 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 r ������������������ 2007 r ������������������ 2008 r ������������������ 2009 r ������������������ 2010 r ������������������ 2009: Dec r ��������� 2010: Jan r ��������� r ��������� Feb r �������� Mar r ��������� Apr May r �������� June r ������� r �������� July r ��������� Aug Sept r �������� r ���������� Oct r ��������� Nov r ��������� Dec 2011: Jan p ��������� 34.0 33.9 33.7 33.7 33.8 33.9 33.9 33.6 33.1 33.4 33.2 33.3 33.2 33.3 33.4 33.4 33.4 33.5 33.5 33.5 33.5 33.5 33.5 33.4 Average gross hourly earnings Total private nonagricultural 1 Manufacturing Total Overtime 40.3 40.5 40.4 40.8 40.7 41.1 41.2 40.8 39.8 41.1 40.6 40.8 40.4 41.0 41.2 41.5 41.0 41.1 41.1 41.3 41.2 41.2 41.2 41.0 4.0 4.2 4.2 4.6 4.6 4.4 4.2 3.7 2.9 3.8 3.5 3.6 3.5 3.7 3.8 4.0 3.8 3.8 3.8 3.9 3.9 4.0 3.9 4.0 Current dollars Average gross weekly earnings Total private nonagricultural 1 Manufacturing 1982-84 dollars 2 $14.54 $8.38 14.97 8.51 15.37 8.55 15.69 8.50 16.13 8.45 16.76 8.50 17.43 8.60 18.08 8.57 18.63 8.89 19.07 8.91 18.85 8.85 18.91 8.85 18.93 8.86 18.93 8.86 18.98 8.89 19.03 8.94 19.05 8.97 19.08 8.95 19.13 8.94 19.14 8.93 19.23 8.94 19.24 8.94 19.24 8.89 19.34 ����������������� Current dollars $14.76 15.29 15.74 16.14 16.56 16.81 17.26 17.75 18.24 18.61 18.39 18.44 18.48 18.49 18.51 18.59 18.59 18.60 18.63 18.65 18.71 18.75 18.80 18.89 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 cleri- cal workers (CPI W) (on a 1982-84=100 base). Percent change from a year earlier, total private nonagricultural Current dollars 1982-84 dollars 2 Manufacturing $493.79 $284.61 506.75 288.09 518.06 288.13 529.09 286.77 544.33 284.99 567.87 288.11 590.04 290.99 607.95 288.06 617.18 294.41 636.91 297.67 625.82 293.92 629.70 294.75 628.48 294.17 630.37 294.88 633.93 296.96 635.60 298.57 636.27 299.44 639.18 299.70 640.86 299.44 641.19 299.14 644.21 299.63 644.54 299.65 644.54 297.77 645.96 ����������������� Construction $595.19 618.75 635.99 658.49 673.30 691.02 711.56 724.46 726.12 765.08 746.63 752.35 746.59 758.09 762.61 771.49 762.19 764.46 765.69 770.25 770.85 772.50 774.56 774.49 Retail trade $695.89 711.82 726.83 735.55 750.22 781.21 816.66 842.61 851.76 891.95 856.83 871.29 857.75 871.62 895.12 880.11 887.03 887.00 899.38 905.19 909.48 906.35 905.94 884.35 Current dollars $346.16 360.81 367.15 371.13 377.58 383.02 385.11 386.21 388.57 399.72 394.20 394.50 395.40 396.42 397.32 398.64 397.92 402.19 401.48 400.03 404.08 405.11 407.48 406.45 1982-84 dollars 2 2.7 –0.1 2.6 1.2 2.2 .0 2.1 –.5 2.9 –.6 4.3 1.1 3.9 1.0 3.0 –1.0 1.5 2.2 3.2 1.1 2.2 –1.2 2.7 –.7 2.2 –.7 2.8 –.3 3.4 .5 3.5 1.0 3.8 2.4 3.7 2.0 3.6 2.1 3.8 2.3 4.0 2.5 3.3 2.0 3.0 1.3 2.6 ������������������� Note: See Note, p. 14. Source: Department of Labor (Bureau of Labor Statistics). Employment Cost Index—Private Industry Index (December 2005 = 100) Period Total compensation Wages and salaries Percent change from 3 months earlier Benefits 1 Total compensation 12 months earlier Wages and salaries Benefits 1 Total compensation Wages and salaries Benefits 1 Not seasonally adjusted 2001: Dec ������������������������������������������ 2002: Dec ������������������������������������������ 2003: Dec ������������������������������������������ 2004: Dec ������������������������������������������ 2005: Dec ������������������������������������������ 2006: Dec ������������������������������������������ 2007: Dec ������������������������������������������ 2008: Dec ������������������������������������������ 2009: Dec ������������������������������������������ 2010: Dec ������������������������������������������ 87.3 90.0 93.6 97.2 100.0 103.2 106.3 108.9 110.2 112.5 89.9 92.2 95.1 97.6 100.0 103.2 106.6 109.4 110.8 112.8 81.3 84.7 90.2 96.2 100.0 103.1 105.6 107.7 108.7 111.9 ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� 4.1 3.1 4.0 3.8 2.9 3.2 3.0 2.4 1.2 2.1 Seasonally adjusted 2007: Mar ����������������������������������������� June ���������������������������������������� Sept ���������������������������������������� ������������������������������������������ Dec 2008: Mar ����������������������������������������� June ���������������������������������������� Sept ���������������������������������������� ������������������������������������������ Dec 2009: Mar ����������������������������������������� June ���������������������������������������� Sept ���������������������������������������� ������������������������������������������ Dec 2010: Mar ����������������������������������������� June ���������������������������������������� Sept ���������������������������������������� ������������������������������������������ Dec 103.9 104.8 105.6 106.5 107.2 108.0 108.6 109.1 109.3 109.6 110.0 110.4 111.1 111.6 112.1 112.6 104.3 105.1 105.9 106.7 107.6 108.4 109.1 109.6 109.8 110.1 110.5 111.0 111.3 111.9 112.4 112.9 103.1 104.2 105.0 105.8 106.5 107.0 107.5 107.9 108.1 108.3 108.6 108.9 110.4 111.0 111.6 112.1 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. 3.8 2.6 3.1 2.6 2.5 3.2 3.3 2.6 1.3 1.8 5.2 4.2 6.5 6.7 4.0 3.1 2.4 2.0 .9 2.9 Not seasonally adjusted 0.6 .9 .8 .9 .7 .7 .6 .5 .2 .3 .4 .4 .6 .5 .4 .4 1.0 .8 .8 .8 .8 .7 .6 .5 .2 .3 .4 .5 .3 .5 .4 .4 –0.2 1.1 .8 .8 .7 .5 .5 .4 .2 .2 .3 .3 1.4 .5 .5 .4 3.2 3.1 3.1 3.0 3.2 3.0 2.8 2.4 1.9 1.5 1.2 1.2 1.6 1.9 2.0 2.1 3.6 3.3 3.4 3.3 3.2 3.1 2.9 2.6 2.0 1.6 1.4 1.3 1.5 1.6 1.6 1.8 2.2 2.6 2.4 2.4 3.2 2.6 2.4 2.0 1.6 1.3 1.1 .9 2.0 2.4 2.8 2.9 Data beginning 2001 are based on the 2002 North American Industry Classification (NAICS); data prior to 2001 are based on the Standard Industrial Classification (SIC). For details on industry classification and other details see Employment Cost Index, release dated April 28, 2006. Source: Department of Labor (Bureau of Labor Statistics). 15 Productivity and Related Data, Business and Nonfarm Business Sectors Output per hour of all persons Period Business sector Nonfarm business sector Hours of all persons 2 Output 1 Business sector 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 Implicit price deflator 5 Business sector Nonfarm business sector Business sector Nonfarm business sector 97.7 96.4 97.3 97.8 100.0 102.8 105.4 107.6 105.9 104.2 101.7 102.0 103.0 104.6 105.6 105.3 105.1 105.7 107.1 106.8 108.1 108.4 106.5 106.6 105.8 104.6 103.4 104.6 104.6 104.4 97.5 96.2 97.2 97.8 100.0 102.8 105.3 107.6 105.9 104.3 101.7 102.1 103.0 104.6 105.5 105.1 104.9 105.6 107.2 106.8 108.1 108.4 106.5 106.7 105.8 104.7 103.4 104.7 104.6 104.5 92.4 93.1 94.4 96.9 100.0 102.9 105.7 107.6 108.1 109.2 101.9 102.7 103.4 103.7 104.8 105.7 106.1 106.1 106.3 107.3 108.7 108.0 108.2 108.0 108.2 108.1 108.4 109.1 109.7 109.6 92.3 93.1 94.3 96.6 100.0 103.0 105.5 107.4 108.3 109.2 102.0 102.9 103.5 103.7 104.7 105.5 105.8 105.8 106.0 107.1 108.5 108.0 108.4 108.2 108.5 108.2 108.5 109.2 109.7 109.4 1.7 –1.3 .9 .5 2.2 2.8 2.5 2.1 –1.6 –1.5 2.8 1.0 3.8 6.6 3.8 –.9 –.8 2.3 5.4 –1.1 4.8 1.1 –6.9 .6 –3.2 –4.4 –4.5 4.6 –.1 –.6 1.5 –1.3 1.1 .5 2.3 2.8 2.4 2.2 –1.6 –1.5 2.6 1.5 3.5 6.6 3.5 –1.4 –1.0 2.7 6.2 –1.4 5.0 1.2 –6.9 .6 –3.3 –4.2 –4.6 4.9 –.1 –.6 1.8 .8 1.4 2.6 3.3 2.9 2.6 1.8 .5 1.0 2.0 3.2 2.9 1.3 4.2 3.3 1.6 –.1 .9 4.0 5.1 –2.6 .8 –.8 .9 –.5 1.2 2.5 2.3 –.3 1.7 .9 1.3 2.4 3.5 3.0 2.4 1.8 .8 .8 2.2 3.6 2.6 .9 3.8 3.1 1.3 –.3 .8 4.2 5.4 –1.9 1.4 –.8 1.1 –1.1 1.2 2.6 1.9 –.9 Indexes, 2005=100; quarterly data seasonally adjusted 2001 �������������������� 2002 �������������������� 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 p ������������������ 2006: I ���������������� ��������������� II �������������� III �������������� IV 2007: I ���������������� ��������������� II �������������� III �������������� IV 2008: I ���������������� ��������������� II �������������� III �������������� IV 2009: I ���������������� ��������������� II �������������� III �������������� IV 2010: I ���������������� ��������������� II r ������������ III p * �������� IV 88.1 92.1 95.6 98.4 100.0 100.9 102.5 103.6 107.3 111.1 101.0 101.1 100.5 101.1 101.1 102.0 103.0 103.8 103.6 103.9 103.6 103.5 104.4 106.5 108.4 110.0 111.0 110.4 111.2 111.8 88.4 92.4 95.7 98.4 100.0 100.9 102.5 103.6 107.2 111.0 100.9 101.0 100.5 101.2 101.3 101.9 103.0 103.9 103.5 103.8 103.5 103.5 104.3 106.5 108.3 109.9 110.9 110.4 111.0 111.8 88.4 90.1 92.9 96.7 100.0 103.1 105.2 104.2 100.4 104.1 102.6 102.9 102.8 103.9 103.9 104.9 105.5 106.3 105.7 105.6 103.9 101.4 99.8 99.8 100.1 101.7 103.0 103.4 104.4 105.5 88.5 90.2 92.9 96.8 100.0 103.1 105.3 104.2 100.3 104.0 102.7 102.9 102.9 104.0 104.0 105.1 105.8 106.4 105.7 105.6 104.0 101.4 99.7 99.7 100.0 101.7 102.9 103.3 104.3 105.4 100.3 97.8 97.2 98.3 100.0 102.1 102.6 100.5 93.6 93.7 101.5 101.8 102.3 102.7 102.7 102.9 102.4 102.4 102.1 101.6 100.3 98.0 95.6 93.7 92.4 92.5 92.8 93.7 93.9 94.3 100.2 97.7 97.1 98.3 100.0 102.2 102.7 100.6 93.5 93.7 101.7 101.9 102.4 102.7 102.7 103.1 102.7 102.4 102.1 101.7 100.5 98.0 95.6 93.6 92.4 92.5 92.8 93.6 93.9 94.3 86.1 88.8 93.0 96.2 100.0 103.8 108.1 111.5 113.6 115.8 102.8 103.1 103.5 105.8 106.8 107.4 108.3 109.8 111.0 111.0 112.0 112.2 111.2 113.6 114.6 115.1 114.7 115.5 116.2 116.8 86.2 88.9 93.1 96.2 100.0 103.8 107.9 111.5 113.5 115.8 102.6 103.1 103.5 105.9 106.9 107.2 108.0 109.7 111.0 110.9 111.9 112.2 111.1 113.6 114.5 115.0 114.7 115.5 116.2 116.8 95.0 96.3 98.7 99.5 100.0 100.5 101.8 101.1 103.4 103.7 100.6 100.0 99.5 102.1 102.1 101.5 101.7 101.9 101.8 100.6 99.9 102.5 102.1 103.9 103.9 103.6 102.9 103.8 104.1 103.9 95.0 96.5 98.8 99.4 100.0 100.5 101.6 101.1 103.3 103.7 100.5 100.0 99.4 102.2 102.1 101.2 101.4 101.8 101.8 100.5 99.8 102.5 102.1 103.9 103.8 103.5 102.9 103.8 104.0 103.9 Percent change; quarterly data at seasonally adjusted annual rates 2001 �������������������� 2002 �������������������� 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 p ������������������ 2006: I ���������������� ��������������� II �������������� III �������������� IV 2007: I ���������������� ��������������� II �������������� III �������������� IV 2008: I ���������������� ��������������� II �������������� III �������������� IV 2009: I ���������������� ��������������� II �������������� III �������������� IV 2010: I ���������������� ��������������� II r ������������ III p * �������� IV 3.0 4.5 3.8 2.9 1.7 .9 1.5 1.1 3.5 3.6 2.6 .3 –2.2 2.5 .0 3.4 4.1 3.1 –.9 1.2 –1.1 –.3 3.5 8.3 7.2 6.1 3.5 –1.8 2.6 2.4 2.9 4.6 3.6 2.8 1.6 .9 1.6 1.0 3.5 3.6 2.6 .3 –1.9 2.9 .2 2.6 4.1 3.6 –1.4 1.2 –1.3 –.1 3.4 8.4 7.0 6.0 3.9 –1.8 2.4 2.6 0.8 2.0 3.1 4.2 3.4 3.1 2.0 –.9 –3.7 3.7 6.5 1.4 –.4 4.0 .2 4.0 2.2 2.9 –2.0 –.6 –6.1 –9.3 –6.2 –.3 1.6 6.5 5.0 1.8 3.8 4.3 0.9 1.9 3.0 4.1 3.4 3.1 2.1 –1.1 –3.8 3.7 6.8 1.0 –.1 4.2 .3 4.2 2.5 2.5 –2.5 –.3 –6.2 –9.5 –6.4 –.2 1.4 6.7 5.0 1.6 3.8 4.5 –2.1 –2.4 –.7 1.2 1.7 2.1 .5 –2.0 –6.9 .1 3.7 1.1 1.9 1.5 .2 .6 –1.8 –.2 –1.1 –1.8 –5.0 –9.0 –9.4 –7.9 –5.3 .3 1.4 3.7 1.1 1.8 –2.0 –2.5 –.6 1.3 1.7 2.2 .5 –2.1 –7.0 .1 4.1 .7 1.8 1.3 .0 1.5 –1.6 –1.0 –1.2 –1.5 –4.9 –9.5 –9.5 –7.9 –5.2 .7 1.1 3.5 1.4 1.8 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 1978–2009 is based on the consumer price index research series (CPI–U–RS). 5 Current dollar gross domestic output divided by the output index. 16 4.7 3.1 4.8 3.5 3.9 3.8 4.1 3.2 1.8 2.0 5.5 1.3 1.6 9.2 3.8 2.4 3.4 5.5 4.5 .1 3.6 .8 –3.6 9.0 3.8 1.5 –1.1 2.7 2.6 1.8 4.5 3.2 4.7 3.3 3.9 3.8 4.0 3.3 1.9 2.0 5.3 1.8 1.5 9.6 3.8 1.2 3.1 6.4 4.7 –.2 3.7 1.1 –3.7 9.1 3.4 1.5 –.9 2.9 2.3 1.9 1.8 1.5 2.5 .7 .5 .5 1.2 –.6 2.2 .3 3.4 –2.3 –2.2 11.1 –.2 –2.2 .9 .6 –.3 –4.8 –2.6 11.0 –1.5 7.1 .0 –1.2 –2.6 3.5 1.1 –.8 1.6 1.5 2.4 .6 .6 .5 1.1 –.5 2.2 .3 3.1 –1.9 –2.2 11.5 –.2 –3.4 .6 1.5 .0 –5.1 –2.6 11.3 –1.6 7.2 –.3 –1.1 –2.4 3.7 .8 –.6 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 28, 2011. Source: Department of Labor (Bureau of Labor Statistics). PRODUCTION AND BUSINESS ACTIVITY Industrial Production and Capacity Utilization Industrial production and capacity utilization rose in December. [Monthly data seasonally adjusted] Total industrial production 1 Period 2001 �������������������� 2002 �������������������� 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 p ������������������ 2009: Dec ����������� 2010: Jan ����������� ����������� Feb ���������� Mar ����������� Apr May ���������� June ��������� r �������� July r ��������� Aug Sept r �������� r ���������� Oct r ��������� Nov p �������� Dec Industry production indexes, 2007=100 Percent change 2 Index, 2007=100 88.9 89.1 90.2 92.3 95.3 97.4 100.0 96.7 87.7 92.8 89.6 90.5 90.5 91.0 91.5 92.6 92.6 93.5 93.7 94.0 93.8 94.1 94.9 From preceding month ��������������������� ��������������������� ��������������������� ��������������������� ��������������������� ��������������������� ��������������������� ��������������������� ��������������������� ��������������������� 0.5 1.0 .0 .6 .5 1.2 .1 .9 .2 .3 –.1 .3 .8 Capacity utilization rate (output as percent of capacity) 1 Manufacturing From year earlier –3.3 .2 1.3 2.3 3.2 2.2 2.7 –3.3 –9.3 5.8 –1.6 1.5 2.3 4.4 5.8 8.0 8.3 7.8 6.8 6.3 5.9 5.6 5.9 Total 1 87.3 87.6 88.7 91.2 94.8 97.1 100.0 95.5 85.0 90.2 86.9 87.8 87.5 88.5 89.3 90.3 90.1 90.8 90.9 91.0 91.4 91.6 92.0 Durable 80.8 80.7 82.9 86.2 91.1 95.3 100.0 96.4 82.1 89.4 84.5 85.7 85.5 86.7 88.2 89.5 89.6 90.8 90.4 90.6 91.2 91.5 91.8 1 Total industry and total manufacturing series include manufacturing as defined in the North American Industry Classification System (NAICS) plus those industries—logging and newspaper, periodical, book and directory-publishing—that have traditionally been included in manufacturing. Nondurable 93.0 94.3 94.5 95.9 98.3 98.9 100.0 94.7 89.0 92.8 90.8 91.3 91.2 91.9 92.1 92.7 92.3 92.6 93.3 93.4 93.5 93.7 94.2 Other (non-NAICS) 1 108.8 105.2 102.1 102.9 102.6 101.4 100.0 93.5 79.9 76.3 79.7 78.1 76.4 76.8 76.3 78.1 76.9 76.7 76.4 74.9 74.9 75.5 75.5 Mining 103.4 98.7 98.9 98.1 96.6 99.5 100.0 100.8 95.8 101.2 94.9 96.5 97.5 98.9 100.8 100.0 99.8 101.1 103.2 104.5 104.8 104.1 104.5 Utilities 89.5 92.3 94.1 95.3 97.3 96.7 100.0 99.9 97.3 100.4 101.2 102.1 102.6 99.0 95.3 99.2 101.6 102.6 101.4 101.9 97.5 99.0 103.2 Total industry 76.0 74.7 75.9 77.9 80.1 80.7 81.3 77.9 70.0 74.2 71.6 72.3 72.4 72.8 73.2 74.2 74.2 74.9 75.1 75.3 75.2 75.4 76.0 Total manufacturing 73.7 72.8 73.8 76.2 78.5 79.1 79.6 75.0 67.2 71.7 69.1 69.8 69.7 70.4 71.1 72.0 71.8 72.3 72.4 72.5 72.8 72.9 73.2 2 Percent changes based on unrounded indexes. Note: Data based on NAICS except series as defined in footnote 1. Source: Board of Governors of the Federal Reserve System. 17 Industrial Production— Major Market Groups and Selected Manufactures [2007=100; monthly data seasonally adjusted] Products and nonindustrial supplies Materials Final products Consumer goods Period Total 2001 �������������������� 2002 �������������������� 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 p ������������������ 2009: Dec ����������� 2010: Jan ����������� ����������� Feb ���������� Mar ����������� Apr May ���������� June ��������� r �������� July r ��������� Aug Sept r �������� r ���������� Oct r ��������� Nov p �������� Dec Nonindustrial supplies Total 89.2 88.7 89.8 91.5 95.2 97.7 100.0 96.9 89.4 94.5 91.2 92.4 92.0 92.7 92.5 94.4 94.4 95.5 95.5 95.5 95.7 95.4 96.3 91.8 93.7 95.1 96.1 98.7 99.2 100.0 95.8 90.2 94.4 92.6 93.7 93.0 93.4 92.3 94.4 94.4 95.7 95.4 95.1 95.0 94.5 95.5 Durable goods 87.3 92.6 95.7 97.1 97.8 98.2 100.0 89.7 74.5 83.3 79.5 80.9 80.2 81.3 81.6 83.8 83.3 87.6 84.5 84.2 84.9 83.0 82.6 Equipment Nondurable goods 93.6 94.2 94.9 95.7 99.0 99.6 100.0 97.9 95.6 98.2 97.0 98.0 97.3 97.5 95.9 98.0 98.1 98.4 99.1 98.8 98.4 98.4 99.8 Total 1 82.7 77.1 77.7 81.0 87.3 94.2 100.0 99.3 87.4 94.6 88.2 89.6 89.8 91.2 93.0 94.4 94.5 95.3 95.8 96.3 97.4 97.5 98.1 Business 83.7 77.8 77.6 81.7 87.6 95.7 100.0 98.5 86.5 93.6 87.4 88.6 88.4 89.3 91.2 93.0 93.7 94.4 94.8 95.4 96.7 97.1 97.7 Defense and space Total 74.3 75.0 79.7 77.7 85.8 84.5 100.0 102.5 103.6 107.6 103.3 104.7 105.1 107.8 108.3 107.9 106.4 108.4 108.6 108.4 108.2 107.3 107.3 91.4 91.5 92.5 94.4 97.8 99.3 100.0 94.3 82.8 84.9 83.1 83.4 82.8 83.4 84.7 85.2 85.4 85.4 85.5 85.2 84.7 85.8 85.9 Construction Business 92.4 92.4 92.2 94.4 98.9 101.2 100.0 90.5 75.4 78.6 73.6 74.8 74.4 76.1 79.4 79.3 79.6 78.9 79.3 79.0 79.3 80.6 80.0 91.0 91.1 92.7 94.4 97.3 98.4 100.0 96.2 86.5 87.9 87.8 87.6 86.9 87.0 87.3 88.1 88.2 88.5 88.5 88.2 87.3 88.3 88.8 Total 1 87.7 88.6 89.8 92.3 94.4 96.5 100.0 97.3 87.9 94.0 90.3 91.2 91.7 92.1 92.9 93.5 93.6 94.4 94.9 95.6 95.3 95.8 96.7 Energy 98.3 98.0 98.1 97.7 96.5 98.1 100.0 100.7 98.6 102.9 100.2 100.2 101.6 101.1 101.4 102.0 102.0 103.1 104.1 105.4 104.3 104.2 105.6 1 Includes other items, not shown separately. [2007=100; monthly data seasonally adjusted] Durable manufactures Computer and electronic products Primary metals Period Total 2001 �������������������� 2002 �������������������� 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 p ������������������ 2009: Dec ����������� 2010: Jan ����������� ����������� Feb ���������� Mar ����������� Apr May ���������� June ��������� r �������� July r ��������� Aug Sept r �������� r ���������� Oct r ��������� Nov p �������� Dec 91.0 91.0 89.4 97.3 94.9 97.6 100.0 98.3 67.3 84.8 80.7 81.8 82.5 84.5 86.3 86.5 87.0 82.1 81.7 83.3 82.4 86.4 89.6 Iron and steel products 87.6 88.7 89.3 101.1 93.8 97.8 100.0 103.5 61.8 91.2 85.8 89.9 89.5 93.5 95.8 96.1 94.6 85.3 84.6 87.8 83.8 91.1 97.7 Fabricated metal products 89.9 87.6 86.6 86.9 91.0 95.9 100.0 96.4 82.4 88.6 82.6 83.3 83.3 84.3 85.9 87.3 88.4 89.7 90.8 91.2 90.8 92.2 92.2 Machinery Total 87.1 83.7 83.3 86.8 92.1 96.5 100.0 97.7 76.4 83.8 76.5 78.2 78.4 78.7 81.9 83.9 84.9 84.8 84.7 84.9 87.0 88.1 88.3 54.0 52.7 60.2 68.4 76.9 87.1 100.0 109.4 100.4 113.9 105.6 107.0 108.5 110.3 112.4 114.3 114.3 115.9 116.5 116.6 117.0 117.2 119.2 1 Computers and peripheral equipment, communications equipment, and semiconductors and related electronic components. 18 Nondurable manufactures Selected high-technology 1 44.2 44.0 53.1 60.6 70.9 84.3 100.0 113.5 100.0 115.9 107.8 109.1 111.2 112.4 115.1 116.5 116.7 117.7 118.6 118.8 118.7 119.5 120.8 Transportation equipment Total 84.9 88.6 89.5 89.3 93.1 94.2 100.0 87.8 76.0 83.0 80.3 81.6 80.4 81.7 80.9 82.7 82.2 86.6 84.2 84.4 84.9 82.5 82.1 Motor vehicles and parts 88.8 97.6 101.1 101.6 102.3 100.7 100.0 80.7 60.6 75.8 71.2 73.5 71.7 73.2 72.0 76.0 75.3 82.6 77.4 77.7 78.9 74.7 74.6 Apparel Printing and support 215.0 170.1 156.7 134.6 129.1 125.8 100.0 79.7 65.3 65.7 64.2 67.1 66.4 65.9 66.8 66.3 65.6 63.9 65.5 63.7 65.2 65.1 66.0 Source: Board of Governors of the Federal Reserve System. 104.8 102.1 98.1 98.5 98.6 97.8 100.0 94.3 79.7 76.8 77.4 77.1 76.0 75.6 76.6 78.1 77.4 76.6 77.8 76.4 76.0 76.7 75.2 Chemical 79.9 85.3 86.7 90.1 93.1 95.4 100.0 94.1 90.9 94.4 94.3 95.4 94.2 94.2 94.1 93.4 93.0 93.1 93.6 94.8 94.4 95.2 96.2 Food 93.0 95.0 95.6 95.6 98.6 99.4 100.0 98.6 97.6 103.3 99.2 100.0 101.0 101.7 101.6 102.5 102.5 102.8 104.9 105.9 105.5 105.7 105.9 New Construction [Billions of dollars; monthly data at seasonally adjusted annual rates] Private Period Total new construction expenditures 2001 �������������������� 2002 �������������������� 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 p ������������������ 2009: Dec ����������� 2010: Jan ����������� ����������� Feb ���������� Mar ����������� Apr May ���������� June ��������� ���������� July ���������� Aug Sept ��������� r ���������� Oct r ��������� Nov p �������� Dec Residential Total 840.2 847.9 891.5 991.4 1,104.1 1,167.2 1,152.4 1,067.6 907.8 814.2 841.8 841.0 815.8 824.0 843.1 819.7 820.2 798.8 791.5 801.0 809.5 807.8 787.9 New housing Total 1 638.3 634.4 675.4 771.2 870.0 911.8 863.3 758.8 592.3 507.3 540.0 547.6 524.6 524.4 538.4 519.1 510.7 489.9 476.1 483.7 494.4 498.0 486.9 Federal and State and local Nonresidential 364.4 396.7 446.0 532.9 611.9 613.7 493.2 350.3 245.6 241.4 243.0 266.2 248.7 249.3 264.2 251.8 247.7 237.6 222.8 225.4 234.4 236.1 226.4 Total 279.4 298.8 345.7 417.5 480.8 468.8 354.1 230.1 133.6 126.8 130.6 129.9 130.5 131.2 134.0 132.8 130.9 128.9 123.3 121.1 120.0 120.9 120.7 Lodging 273.9 237.7 229.3 238.3 258.1 298.1 370.0 408.6 346.7 265.9 297.0 281.5 275.9 275.1 274.1 267.3 263.0 252.3 253.3 258.3 260.0 261.9 260.5 1 Includes residential improvements, not shown separately. 2 Includes health care, educational, communication, and power, among other categories not Commercial (including farm) Office 14.5 10.5 9.9 12.0 12.7 17.6 27.5 35.4 25.4 11.0 17.2 14.1 13.0 12.0 11.3 11.2 10.9 10.8 10.8 10.1 9.4 9.3 8.9 49.7 35.3 30.6 32.9 37.3 45.7 53.8 55.5 37.9 24.1 29.4 28.0 27.7 26.0 25.2 24.3 23.6 22.5 23.3 24.3 22.6 21.4 21.4 Manufacturing 63.6 59.0 57.5 63.2 66.6 73.4 85.9 82.7 51.3 37.9 42.7 41.6 40.1 39.0 39.5 39.5 38.6 38.0 37.4 37.2 35.9 35.1 34.8 Other 2 37.8 22.7 21.4 23.2 28.4 32.3 40.2 52.8 58.0 38.4 44.0 42.6 42.7 45.0 44.1 40.2 38.7 36.8 36.0 36.9 34.2 33.4 33.0 108.2 110.2 109.9 107.0 113.1 129.2 162.7 182.3 174.2 154.5 163.8 155.3 152.4 153.1 154.1 152.0 151.2 144.2 145.7 149.8 157.9 162.6 162.4 201.9 213.4 216.1 220.2 234.2 255.4 289.1 308.7 315.5 306.8 301.8 293.4 291.2 299.6 304.8 300.6 309.5 308.8 315.4 317.3 315.1 309.8 301.0 Source: Department of Commerce (Bureau of the Census). shown separately. 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 2001 �������������������� 2002 �������������������� 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 p ������������������ New private houses 1,602.7 1,704.9 1,847.7 1,955.8 2,068.3 1,800.9 1,355.0 905.5 554.0 587.6 1,273.3 1,358.6 1,499.0 1,610.5 1,715.8 1,465.4 1,046.0 622.0 445.1 470.9 Units authorized 5 units or more 2–4 units 1 1 unit 36.6 38.5 33.5 42.3 41.1 42.7 31.7 17.5 11.6 11.5 292.8 307.9 315.2 303.0 311.4 292.8 277.3 266.0 97.3 105.2 Units completed Houses for sale at end of period 2 Houses sold Vacancy rate for rental housing units (percent) 3 1,636.7 1,747.7 1,889.2 4 2,070.1 2,155.3 1,838.9 1,398.4 905.4 583.0 598.0 1,570.8 1,648.4 1,678.7 1,841.9 1,931.4 1,979.4 1,502.8 1,119.7 794.4 653.5 908 973 1,086 1,203 1,283 1,051 776 485 375 321 308 339 370 422 511 536 497 353 231 190 8.4 9.0 9.8 10.2 9.9 9.7 9.8 10.0 10.6 10.2 681 629 650 685 610 574 583 559 571 547 552 544 627 752 662 668 643 747 705 879 576 606 631 602 562 585 356 349 347 384 414 282 310 283 274 r 317 280 280 329 231 232 232 228 216 216 211 210 207 r 202 200 195 190 10.7 ���������������������������� ���������������������������� 10.6 ���������������������������� ���������������������������� 10.6 ���������������������������� ���������������������������� 10.3 ���������������������������� ���������������������������� 9.4 Seasonally adjusted annual rates 2009: Dec ����������� 2010: Jan ����������� ����������� Feb ���������� Mar ����������� Apr May ���������� June ��������� ���������� July ���������� Aug Sept ��������� r ���������� Oct r ��������� Nov p �������� Dec 576 612 605 634 679 588 539 550 614 601 533 553 529 486 511 527 535 563 459 450 427 432 447 433 458 417 12 7 16 8 12 12 5 20 14 6 12 14 10 1 Derived; seasonally adjusted monthly data for 2–4 units are no longer published. 2 Seasonally adjusted. 3 Revised series. Quarterly data entered in last month of quarter. 4 Based on 20,000 permit-issuing places. Based on 19,000 places, the total for 2004 is 78 94 62 91 104 117 84 103 168 148 88 81 102 Note: Beginning 2004, units authorized are for 20,000 permit-issuing places. For other data shown, units authorized are for 19,000 places. Source: Department of Commerce (Bureau of the Census). 2,052.1 thousand units. 19 Business Sales and Inventories—Manufacturing and Trade In November, according to current estimates, manufacturing and trade sales rose 1.5 percent, while inventories rose $3.8 billion. According to advance estimates, retail sales rose 0.7 percent in December. Retail and food services sales rose 0.6 percent. [Millions of dollars, except ratios; seasonally adjusted, except as noted] Manufacturing and trade 1 Period Sales 2 Inventories 3 Inventory/sales ratio 4 Wholesale Sales 2 Inventories 3 Retail Inventory/sales ratio 4 2001 �������������������� 818,615 1,119,541 1.42 232,096 297,135 1.32 2002 �������������������� 823,714 1,139,673 1.36 236,294 300,813 1.25 2003 �������������������� 854,559 1,147,796 1.34 247,624 307,550 1.22 2004 �������������������� 925,277 1,240,354 1.30 276,213 338,542 1.17 2005 �������������������� 1,002,939 1,310,916 1.27 299,630 365,037 1.18 2006 �������������������� 1,065,569 1,405,709 1.28 324,142 395,634 1.18 2007 �������������������� 1,124,749 1,482,537 1.29 346,119 420,779 1.18 2008 �������������������� 1,154,682 1,474,215 1.32 367,564 436,423 1.21 2009 �������������������� 1,003,274 1,329,337 1.36 313,174 390,453 1.29 p ������������������ ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� 2010 2009: Nov r ��������� 1,044,587 1,330,575 1.27 330,005 392,549 1.19 r ��������� Dec 1,056,059 1,329,337 1.26 332,897 390,453 1.17 2010: Jan ����������� 1,063,822 1,331,665 1.25 335,870 391,038 1.16 ����������� Feb 1,066,760 1,340,176 1.26 339,739 393,220 1.16 ���������� Mar 1,093,913 1,349,012 1.23 348,691 396,057 1.14 ����������� Apr 1,100,530 1,354,192 1.23 351,783 396,876 1.13 May ���������� 1,087,459 1,356,256 1.25 349,899 398,732 1.14 June ��������� 1,082,515 1,362,503 1.26 347,997 399,907 1.15 ���������� July 1,091,658 1,377,960 1.26 350,681 406,035 1.16 ���������� Aug 1,095,236 1,389,687 1.27 352,417 410,732 1.17 Sept ��������� 1,103,464 1,407,883 1.28 354,136 419,298 1.18 r ���������� Oct 1,119,910 1,418,527 1.27 363,247 426,407 1.17 p �������� Nov 1,136,226 1,422,369 1.25 370,124 425,538 1.15 p �������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� Dec 1 See page 21 for manufacturing. 2 Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month. 20 Sales 2 Inventories 3 Inventory/sales ratio 4 255,644 394,554 1.58 261,194 415,977 1.55 272,319 432,084 1.56 289,983 461,253 1.56 308,136 472,038 1.51 323,464 486,502 1.49 333,771 498,302 1.48 329,930 478,823 1.51 305,932 428,946 1.45 327,607 ����������������������� ����������������������� 313,851 427,834 1.36 314,733 428,946 1.36 316,980 429,197 1.35 318,054 430,249 1.35 325,435 433,910 1.33 326,614 434,929 1.33 322,912 437,060 1.35 321,858 441,699 1.37 323,473 446,203 1.38 326,339 451,259 1.38 329,760 455,036 1.38 335,571 452,439 1.35 r 338,472 452,248 1.34 340,675 ����������������������� ����������������������� 3 Seasonally adjusted, end of period. 4 Annual data are averages of seasonally adjusted monthly ratios. Source: Department of Commerce (Bureau of the Census). Retail and food services sales 2 282,131 288,845 301,572 321,217 341,289 358,818 370,960 368,110 344,223 367,098 352,231 352,888 355,197 357,272 364,836 365,997 362,219 361,170 362,829 365,992 369,440 375,460 r 378,578 380,869 Manufacturers’ Shipments, Inventories, and Orders In December, manufacturers’ shipments, inventories, and new orders rose, while unfilled orders fell. Manufacturers’ shipments 1 Manufacturers’ inventories 2 Manufacturers’ new orders 1 Durable goods Period Total Durable goods Nondurable goods Total Durable goods 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 2001 �������������������� 2002 �������������������� 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 p ������������������ 2009: Dec ����������� 2010: Jan ����������� ����������� Feb ���������� Mar ����������� Apr May ���������� June ��������� ���������� July ���������� Aug Sept ��������� ����������� Oct r ��������� Nov p �������� Dec 330,875 326,227 334,616 359,081 395,173 417,963 444,859 457,189 384,168 418,638 408,429 410,972 408,967 419,787 422,133 414,648 412,660 417,504 416,480 419,568 421,092 427,630 436,031 181,201 176,968 178,549 188,722 202,070 213,516 224,653 218,725 183,154 196,494 192,426 192,141 189,328 193,305 197,099 195,799 196,120 201,103 198,420 198,431 196,626 197,633 200,839 149,674 149,259 156,067 170,359 193,103 204,447 220,206 238,464 201,014 222,144 216,003 218,831 219,639 226,482 225,034 218,849 216,540 216,401 218,060 221,137 224,466 229,997 235,192 427,852 422,883 408,162 440,559 473,841 523,573 563,456 558,969 509,938 550,396 509,938 511,430 516,707 519,045 522,387 520,464 520,897 525,722 527,696 533,549 539,681 544,583 550,396 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. 267,628 260,366 246,823 264,895 283,756 317,786 335,615 338,808 295,335 322,149 295,335 295,440 297,545 299,463 301,985 305,591 309,396 311,100 313,187 315,405 317,215 319,982 322,149 160,224 162,517 161,339 175,664 190,085 205,787 227,841 220,161 214,603 228,247 214,603 215,990 219,162 219,582 220,402 214,873 211,501 214,622 214,509 218,144 222,466 224,601 228,247 322,736 316,835 330,432 354,655 395,383 419,417 456,124 453,583 371,038 415,365 394,645 406,306 407,985 415,012 419,055 411,469 408,867 411,101 411,259 423,713 420,691 426,050 426,780 173,062 167,577 174,366 184,296 202,280 214,970 235,918 215,118 170,024 193,221 178,642 187,475 188,346 188,530 194,021 192,620 192,327 194,700 193,199 202,576 196,225 196,053 191,588 58,240 51,858 53,086 56,179 65,849 71,713 84,340 73,685 53,799 65,709 55,795 59,563 64,937 60,600 65,483 65,218 65,965 65,505 66,371 74,093 71,307 65,647 61,851 514,132 462,279 478,545 497,801 574,104 661,749 868,116 892,699 793,288 822,844 793,288 794,513 798,552 797,869 800,948 803,078 803,897 804,173 805,524 816,371 822,064 826,383 822,844 1.38 1.28 1.24 1.19 1.17 1.20 1.22 1.28 1.36 1.26 1.25 1.24 1.26 1.24 1.24 1.26 1.26 1.26 1.27 1.27 1.28 1.27 1.26 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. Total and durable shipments and inventories include data on semiconductors; new and unfilled orders do not. Source: Department of Commerce (Bureau of the Census). 21 PRICES Producer Prices The producer price index for all finished goods rose 1.1 percent in December. Prices of finished consumer foods rose 0.8 percent and prices of other finished consumer goods rose 1.6 percent. Capital equipment prices rose 0.1 percent. [1982=100; monthly data seasonally adjusted] Finished goods Intermediate materials Finished goods excluding consumer foods Period 2001 �������������������� 2002 �������������������� 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 p ������������������ 2009: Dec ����������� 2010: Jan ����������� ����������� Feb ���������� Mar ����������� Apr May ���������� June ��������� ���������� July r ��������� Aug Sept ��������� ����������� Oct ���������� Nov ����������� Dec Total finished goods 140.7 138.9 143.3 148.5 155.7 160.4 166.6 177.1 172.5 179.9 177.1 179.4 178.5 179.9 179.7 179.1 178.3 178.5 179.7 180.2 181.0 182.4 184.4 Consumer foods 141.3 140.1 145.9 152.7 155.7 156.7 167.0 178.3 175.5 182.5 180.1 180.5 181.3 185.7 185.1 184.2 179.4 180.7 180.5 183.1 183.0 184.9 186.4 Consumer goods Total 140.4 138.3 142.4 147.2 155.5 161.0 166.2 176.6 171.1 178.4 175.7 178.4 177.0 177.8 177.7 177.1 177.2 177.1 178.7 178.7 179.7 181.0 183.1 1 Intermediate materials for food manufacturing and feeds. 22 Total 141.4 138.8 144.7 150.9 161.9 169.2 175.6 189.1 179.4 190.5 186.3 190.4 188.3 189.5 189.2 188.1 188.3 188.0 190.3 190.3 192.5 194.4 197.6 Durable 134.0 133.0 133.1 135.0 136.6 136.9 138.3 141.2 144.3 144.9 144.1 144.7 144.7 144.8 144.8 145.3 145.0 145.6 145.9 146.0 143.9 144.5 144.6 Nondurable 142.8 139.8 148.4 156.6 172.0 182.6 191.7 210.5 194.1 210.3 204.1 209.8 206.7 208.4 208.1 206.1 206.6 205.8 209.0 209.0 213.4 215.9 220.6 Capital equipment 139.7 139.1 139.5 141.4 144.6 146.9 149.5 153.8 156.7 157.3 156.9 157.2 157.2 157.2 157.3 157.7 157.6 158.0 158.3 158.3 157.1 157.4 157.6 Total finished consumer goods 141.5 139.4 145.3 151.7 160.4 166.0 173.5 186.3 179.1 189.2 185.5 188.6 187.2 189.2 188.9 187.8 186.8 186.9 188.5 189.2 190.8 192.7 195.5 Total 129.7 127.8 133.7 142.6 154.0 164.0 170.7 188.3 172.5 183.6 177.3 180.6 180.6 181.8 183.2 183.4 181.8 181.0 182.2 182.8 185.0 187.1 189.0 Foods and feeds 1 115.9 115.5 125.9 137.1 133.8 135.2 154.4 181.6 166.0 171.8 170.3 169.8 168.9 168.0 168.7 169.9 168.7 168.2 170.2 174.3 176.5 179.9 180.9 Crude materials Other 130.5 128.5 134.2 143.0 155.1 165.4 171.5 188.7 173.0 184.5 177.9 181.6 181.7 183.0 184.5 184.6 183.0 182.2 183.3 183.6 185.7 187.8 189.8 Source: Department of Labor (Bureau of Labor Statistics). Total 121.0 108.1 135.3 159.0 182.2 184.8 207.1 251.8 175.2 212.0 197.1 213.8 208.5 212.4 210.7 205.4 200.0 205.6 210.9 209.1 218.0 219.2 227.9 Foodstuffs and feedstuffs 106.1 99.5 113.5 127.0 122.7 119.3 146.7 163.4 134.5 152.3 141.3 144.8 143.5 148.0 149.8 149.1 140.6 145.6 150.7 158.2 164.9 166.1 167.9 Other 126.8 111.4 148.2 179.2 223.4 230.6 246.3 313.9 197.5 249.0 232.3 260.2 251.5 254.4 249.6 240.4 238.4 244.0 248.9 238.4 248.5 249.6 264.2 Consumer Prices—All Urban Consumers In December, the consumer price index for all urban consumers rose 0.5 percent; it rose 0.2 percent before seasonal adjustment. The index was 1.5 percent above its year earlier level. [1982–84=100, except as noted; monthly data seasonally adjusted, except as noted by NSA] All items 1 Housing Transportation Shelter Period Rel. imp. 3 ����������� 2001 �������������������� 2002 �������������������� 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2009: Dec ����������� 2010: Jan ����������� ����������� Feb ���������� Mar ����������� Apr May ���������� June ��������� ���������� July ���������� Aug Sept ��������� ����������� Oct ���������� Nov ����������� Dec Not seasonally Seasonally adjusted adjusted (NSA) 100.0 177.1 179.9 184.0 188.9 195.3 201.6 207.342 215.303 214.537 218.056 215.949 216.687 216.741 217.631 218.009 218.178 217.965 218.011 218.312 218.439 218.711 218.803 219.179 ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� 217.224 217.587 217.591 217.729 217.579 217.224 216.929 217.597 218.150 218.372 218.879 219.146 220.252 Food 13.7 173.1 176.2 180.0 186.2 190.7 195.2 202.916 214.106 217.955 219.625 217.801 218.339 218.494 219.032 219.396 219.459 219.369 219.222 219.563 220.262 220.408 220.841 221.112 Total 1 42.0 176.4 180.3 184.8 189.5 195.7 203.2 209.586 216.264 217.057 216.256 216.880 216.185 216.181 216.280 216.129 216.172 215.933 216.192 216.277 216.157 216.351 216.425 216.828 Total 1 32.3 200.6 208.1 213.1 218.8 224.4 232.1 240.611 246.666 249.354 248.396 249.216 248.029 247.976 247.812 247.855 248.080 248.360 248.533 248.475 248.590 248.725 248.990 249.325 1 Includes items not shown separately. 2 Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Owners’ Rent equivalent of rent primary residence (Dec. 1982 =100) 6.0 192.1 199.7 205.5 211.0 217.3 225.1 234.679 243.271 248.812 249.385 248.788 248.885 248.813 248.957 248.982 249.015 249.201 249.381 249.213 249.535 249.675 250.217 250.772 25.2 206.3 214.7 219.9 224.9 230.2 238.2 246.235 252.426 256.610 256.584 256.708 256.509 256.449 256.170 256.091 256.166 256.370 256.521 256.580 256.667 256.884 257.192 257.432 Fuels and utilities 5.1 150.2 143.6 154.5 161.9 179.0 194.7 200.632 220.018 210.696 214.187 211.685 212.757 213.770 216.172 215.725 214.885 212.218 213.471 214.372 213.483 214.378 213.899 215.440 Apparel 3.7 127.3 124.0 120.9 120.4 119.5 119.5 118.998 118.907 120.078 119.503 120.684 120.613 119.814 119.316 118.459 118.740 119.705 120.373 120.205 119.444 119.028 119.248 119.344 Total 1 Motor fuel 16.7 154.3 152.9 157.6 163.1 173.9 180.9 184.682 195.549 179.252 193.396 191.018 193.593 193.332 193.195 192.243 189.994 188.135 190.544 192.909 193.961 196.318 196.833 201.406 4.5 124.7 116.6 135.8 160.4 195.7 221.0 239.070 279.652 201.978 239.178 236.762 248.088 244.826 242.182 236.628 224.806 215.489 224.977 233.847 238.064 248.648 250.355 269.733 Medical care 6.5 272.8 285.6 297.1 310.1 323.2 336.2 351.054 364.065 375.613 388.436 380.732 382.737 384.703 386.007 386.905 387.136 388.254 387.933 388.842 391.328 391.902 392.323 393.216 Energy 2 8.6 129.3 121.7 136.5 151.4 177.1 196.9 207.723 236.666 193.126 211.449 209.699 215.536 214.379 214.376 211.324 205.093 199.059 204.195 208.874 210.256 215.720 216.190 226.181 All items less food and energy 77.7 186.1 190.5 193.2 196.6 200.9 205.9 210.729 215.572 219.235 221.337 220.764 220.463 220.579 220.664 220.768 221.037 221.388 221.676 221.779 221.781 221.765 221.982 222.187 3 Relative importance, December 2009. Source: Department of Labor (Bureau of Labor Statistics). 23 Changes in Producer Prices for Finished Goods [Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA] Change from preceding period Change from 6 months earlier, annual rate Consumer goods Period Change from 3 months earlier, annual rate Consumer goods Consumer goods Total finished goods Foods Total finished goods Foods Excluding foods 0.0 –.6 .8 2.4 1.2 2.3 1.4 4.3 –.1 .4 ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� 0.0 .2 .0 .0 .1 .3 –.1 .3 .2 r .0 –.8 .2 .1 9.1 14.0 5.3 6.5 .7 1.4 –3.5 –2.6 1.3 4.3 5.7 r 6.1 9.7 14.0 9.4 8.4 13.0 10.6 6.6 –12.9 –9.2 –7.8 8.5 5.2 r 10.1 7.4 Capital equipment Excluding foods Change from year earlier, total finished goods (NSA) Capital equipment Total finished goods Foods Excluding foods ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� 2.0 –1.3 3.2 3.6 4.8 3.0 3.9 6.3 –2.6 4.3 12.5 21.9 6.4 7.0 –2.5 –.4 –2.5 –2.5 4.8 4.3 9.9 r 8.9 16.2 –0.8 2.3 .8 .8 .3 1.3 1.0 1.8 1.5 1.8 –2.3 r –2.3 –1.8 4.0 9.3 5.1 7.8 7.2 3.3 1.4 –1.0 1.3 .3 1.5 3.7 7.0 4.7 8.0 8.2 13.5 10.0 7.4 –.8 .2 –.9 –2.8 –2.3 .8 8.0 5.9 14.5 6.8 9.7 9.0 2.9 2.2 –2.5 2.1 .8 3.5 6.8 10.1 –0.4 .3 –.4 .0 1.3 1.0 .9 1.0 1.4 1.4 –.3 –.4 .0 4.3 4.5 4.2 5.9 5.4 5.1 2.7 4.1 3.3 4.0 4.3 3.5 4.0 Capital equipment Change, Dec. to Dec., NSA 2001 �������������������� 2002 �������������������� 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 p ������������������ –1.6 1.2 4.0 4.2 5.4 1.1 6.2 –.9 4.3 4.0 1.8 –.6 7.7 3.1 1.7 1.7 7.6 3.2 1.2 3.5 –3.9 2.9 4.1 5.5 8.8 .4 7.7 –4.8 7.4 5.8 Change, month to month 2009: Dec ����������� 2010: Jan ����������� ����������� Feb ���������� Mar ����������� Apr May ���������� June ��������� ���������� July r ��������� Aug Sept ��������� ����������� Oct ���������� Nov ����������� Dec 0.5 1.3 –.5 .8 –.1 –.3 –.4 .1 .7 r .3 .4 .8 1.1 1.4 .2 .4 2.4 –.3 –.5 –2.6 .7 –.1 r 1.4 –.1 1.0 .8 0.5 2.2 –1.1 .6 –.2 –.6 .1 –.2 1.2 r .0 1.2 1.0 1.6 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 Period All items 1 Shelter Food Total 1 Total 1 Addendum: All items, percent change (annual rate) Transportation Fuels Rent Ownand of ers’ primary equiva- utilities resilent dence rent Apparel Total 1 New cars Motor fuel Medical care Energy 2 All items less food and energy From previous quarter 3 From From 3 6 months months earlier earlier From year earlier (NSA) Change, December to December, NSA 2001 �������������������� 2002 �������������������� 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 1.6 2.4 1.9 3.3 3.4 2.5 4.1 .1 2.7 1.5 2.8 1.5 3.6 2.7 2.3 2.1 4.9 5.9 –.5 1.5 2.9 2.4 2.2 3.0 4.0 3.3 3.0 2.4 –.3 .3 4.2 3.1 2.2 2.7 2.6 4.2 3.1 1.9 .3 .4 4.7 3.1 2.7 2.9 3.1 4.3 4.0 3.4 .7 .8 4.5 3.3 2.0 2.3 2.5 4.3 2.8 2.1 .7 .3 2009: Dec ����������� 2010: Jan ����������� ����������� Feb ���������� Mar ����������� Apr May ���������� June ��������� ���������� July ���������� Aug Sept ��������� ����������� Oct ���������� Nov ����������� Dec 0.2 .2 .0 .1 –.1 –.2 –.1 .3 .3 .1 .2 .1 .5 0.1 .2 .1 .2 .2 .0 .0 –.1 .2 .3 .1 .2 .1 0.0 –.3 .0 .0 –.1 .0 –.1 .1 .0 –.1 .1 .0 .2 0.0 –.5 .0 –.1 .0 .1 .1 .1 .0 .0 .1 .1 .1 0.0 .0 .0 .1 .0 .0 .1 .1 –.1 .1 .1 .2 .2 0.0 –.1 .0 –.1 .0 .0 .1 .1 .0 .0 .1 .1 .1 –2.1 1.4 6.5 7.9 15.6 .5 5.4 6.0 –3.0 1.8 –3.2 –1.8 –2.1 –.2 –1.1 .9 –.3 –1.0 1.9 –1.1 –3.8 3.8 .3 6.5 4.8 1.6 8.3 –13.3 14.4 5.3 0.0 –2.0 –2.1 .5 .8 .2 –.4 –1.1 3.6 –1.1 –24.8 24.6 6.8 26.1 16.2 6.4 29.5 –42.2 50.7 13.9 4.7 5.0 3.7 4.2 4.3 3.6 5.2 2.6 3.4 3.3 –13.0 10.7 6.9 16.6 17.1 2.9 17.4 –21.3 18.2 7.7 2.7 1.9 1.1 2.2 2.2 2.6 2.4 1.8 1.8 .8 ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� 2.8 1.6 2.3 2.7 3.4 3.2 2.8 3.8 –.4 1.6 0.7 1.3 –.1 –.1 –.5 –1.2 –1.0 1.3 1.2 .5 1.2 .3 2.3 –0.2 –.8 .1 .0 –.2 .1 .0 .0 –.1 .4 –.3 –.3 .0 1.7 4.8 –1.3 –1.1 –2.3 –5.0 –4.1 4.4 3.9 1.8 4.4 .7 7.7 0.1 .5 .5 .3 .2 .1 .3 –.1 .2 .6 .1 .1 .2 0.8 2.8 –.5 .0 –1.4 –2.9 –2.9 2.6 2.3 .7 2.6 .2 4.6 0.1 –.1 .1 .0 .0 .1 .2 .1 .0 .0 .0 .1 .1 2.6 ����������� ����������� 1.5 ����������� ����������� –.7 ����������� ����������� 1.5 ����������� ����������� 2.6 2.5 2.3 1.4 .9 .0 –.7 –1.5 .0 1.7 2.7 2.4 1.8 3.5 2.5 2.6 1.9 1.7 1.1 .3 –.3 .0 .5 .6 1.2 1.8 3.1 2.7 2.6 2.1 2.3 2.2 2.0 1.1 1.2 1.1 1.1 1.2 1.1 1.5 Change, month to month 1 Includes items not shown separately. 2 Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. 24 –0.1 .5 .5 1.1 –.2 –.4 –1.2 .6 .4 –.4 .4 –.2 .7 0.4 –.1 –.7 –.4 –.7 .2 .8 .6 –.1 –.6 –.3 .2 .1 3 Quarterly changes are shown in the last month of the quarter. Source: Department of Labor (Bureau of Labor Statistics). Prices Received and Paid by Farmers In January, prices paid by farmers rose 2.7 percent and prices received by farmers rose 7.0 percent. (Data are not seasonally adjusted.) [1990–92=100; not seasonally adjusted] Prices received by farmers Period 2001 ��������������������������������������������������� 2002 ��������������������������������������������������� 2003 ��������������������������������������������������� 2004 ��������������������������������������������������� 2005 ��������������������������������������������������� 2006 ��������������������������������������������������� 2007 ��������������������������������������������������� 2008 ��������������������������������������������������� 2009 r ������������������������������������������������� 2010 r ������������������������������������������������� 2010: Jan r ���������������������������������������� r ���������������������������������������� Feb r ��������������������������������������� Mar r ���������������������������������������� Apr May r ��������������������������������������� June r �������������������������������������� r ��������������������������������������� July r ���������������������������������������� Aug Sept r ��������������������������������������� r ����������������������������������������� Oct r ���������������������������������������� Nov r ���������������������������������������� Dec 2011: Jan p ���������������������������������������� All farm products 99 105 110 115 110 120 142 169 150 156 153 147 154 151 152 145 147 152 156 166 175 175 195 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. All commodities, services, interest, taxes, and wage rates 1 Livestock and products Crops 102 98 106 118 114 115 136 149 131 144 140 135 141 139 141 137 140 143 147 154 158 158 169 Prices paid by farmers 106 90 103 122 119 111 130 130 112 131 122 123 128 128 131 129 132 134 135 134 136 135 135 Production items, interest, taxes, and wage rates 123 124 128 134 142 150 161 183 178 182 181 180 180 181 181 180 180 181 181 184 186 188 193 121 121 125 133 141 150 162 188 182 186 185 184 183 184 184 183 184 184 185 188 191 193 199 Ratio 2 Production items 120 119 124 132 140 148 160 190 182 187 185 184 184 185 186 184 185 185 186 189 193 195 201 83 79 83 88 80 77 84 81 74 79 77 75 78 77 78 76 78 79 81 84 85 84 88 Note: The official indexes are published on a 1910–14 base as required by law. The indexes have been converted to a 1990–92=100 base to facilitate comparison with other indexes. Source: Department of Agriculture. 25 MONEY, CREDIT, AND SECURITY MARKETS Money Stock and Debt Measures In December, M2 rose. BILLIONS OF DOLLARS* (RATIO SCALE) 9,200 BILLIONS OF DOLLARS* (RATIO SCALE) 9,200 8,400 8,400 7,600 7,600 6,800 6,800 M2 6,000 6,000 5,200 5,200 4,400 4,400 3,600 3,600 3,200 3,200 2,800 2,800 2,400 2,400 2,000 2,000 1,600 1,600 M1 1,200 1,200 2002 2003 2004 2005 2006 2007 2008 2009 *AVERAGES OF DAILY FIGURES; SEASONALLY ADJUSTED SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM 2010 COUNCIL OF ECONOMIC ADVISERS [Averages of daily figures, except debt end-of-period basis; billions of dollars, seasonally adjusted] M1 Period 2001: Dec r ���������������������������������������� 2002: Dec r ���������������������������������������� 2003: Dec r ���������������������������������������� 2004: Dec r ���������������������������������������� 2005: Dec r ���������������������������������������� 2006: Dec r ���������������������������������������� 2007: Dec r ���������������������������������������� 2008: Dec r ���������������������������������������� 2009: Dec r ���������������������������������������� 2010: Dec ������������������������������������������ 2009: Dec r ���������������������������������������� 2010: Jan r ���������������������������������������� r ���������������������������������������� Feb r ��������������������������������������� Mar r ���������������������������������������� Apr May r ��������������������������������������� June r �������������������������������������� r ��������������������������������������� July r ���������������������������������������� Aug Sept r ��������������������������������������� r ����������������������������������������� Oct r ���������������������������������������� Nov ������������������������������������������ Dec M2 Debt 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 Debt of domestic nonfinancial sectors 1 1,182.1 1,219.7 1,306.5 1,376.4 1,374.9 1,366.3 1,373.6 1,602.7 1,693.6 1,832.2 1,693.6 1,681.0 1,703.2 1,712.0 1,700.2 1,707.1 1,727.4 1,731.0 1,751.5 1,774.5 1,784.1 1,821.5 1,832.2 5,428.6 5,775.2 6,064.1 6,407.8 6,673.4 7,065.2 7,493.8 8,245.1 8,528.7 8,816.4 8,528.7 8,469.5 8,537.1 8,515.2 8,527.2 8,568.3 8,599.1 8,615.3 8,660.8 8,708.6 8,748.4 8,785.8 8,816.4 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. 26 19,297.4 20,716.1 22,443.6 24,441.8 26,766.6 29,178.1 31,707.7 33,613.9 34,646.6 ��������������������������������������������� 34,646.6 ��������������������������������������������� ��������������������������������������������� 35,075.2 ��������������������������������������������� ��������������������������������������������� 35,491.0 ��������������������������������������������� ��������������������������������������������� 35,859.3 ��������������������������������������������� ��������������������������������������������� ��������������������������������������������� Percent change From year or 6 months earlier 2 M1 From previous period 3 M2 8.7 3.2 7.1 5.4 –.1 –.6 .5 16.7 5.7 8.2 5.1 2.3 5.8 5.5 2.4 3.2 4.0 5.9 5.7 7.3 9.9 13.4 12.1 Chart 26 - Jan 2011 Debt 10.5 6.4 5.0 5.7 4.1 5.9 6.1 10.0 3.4 3.4 1.8 .4 2.6 1.5 1.1 1.3 1.7 3.4 2.9 4.5 5.2 5.1 5.1 6.3 7.4 8.1 8.8 9.5 9.0 8.6 6.0 3.0 ������������������������������� .9 ������������������������������� ������������������������������� 4.3 ������������������������������� ������������������������������� 4.7 ������������������������������� ������������������������������� 4.2 ������������������������������� ������������������������������� ������������������������������� Note: The Federal Reserve no longer publishes the M3 monetary aggregate and most of its components. Institutional money market mutual funds continue to be published as a memorandum item in the H.6 release, and the component on large-denomination time deposits is published in other Federal Reserve Board releases. For details, see H.6 release of March 23, 2006. See p. 27 for components. Source: Board of Governors of the Federal Reserve System. Components of Money Stock [Averages of daily figures; billions of dollars, seasonally adjusted] Period 2001: Dec r ��������� 2002: Dec r ��������� 2003: Dec r ��������� 2004: Dec r ��������� 2005: Dec r ��������� 2006: Dec r ��������� 2007: Dec r ��������� 2008: Dec r ��������� 2009: Dec r ��������� 2010: Dec ����������� 2009: Dec r ��������� 2010: Jan r ��������� r ��������� Feb r �������� Mar r ��������� Apr May r �������� June r ������� r �������� July r ��������� Aug Sept r �������� r ���������� Oct r ��������� Nov ����������� Dec Nonbank travelers checks Currency 581.1 626.2 662.5 697.7 724.1 749.6 759.7 815.0 861.5 915.7 861.5 861.8 867.4 871.7 876.9 881.1 884.0 888.0 893.5 899.6 906.3 912.8 915.7 Other checkable deposits (OCDs) Demand deposits 8.0 7.8 7.7 7.6 7.2 6.7 6.3 5.5 5.1 4.7 5.1 5.1 5.0 5.0 4.9 4.9 4.8 4.8 4.7 4.7 4.7 4.7 4.7 At commercial banks Total 335.8 306.7 326.3 343.2 324.3 304.1 300.4 468.6 441.0 509.7 441.0 439.6 447.9 448.4 452.1 451.7 462.8 462.9 473.5 484.7 484.1 502.0 509.7 257.1 279.0 309.9 327.9 319.2 305.9 307.2 313.5 386.0 402.0 386.0 374.4 382.9 386.9 366.3 369.3 375.8 375.4 379.8 385.5 389.0 401.9 402.0 Savings deposits 1 At thrift institutions 142.0 154.3 175.2 186.9 180.6 176.4 172.2 177.4 231.6 235.3 231.6 227.0 232.1 236.9 214.3 216.6 221.6 221.3 224.3 227.7 228.1 234.2 235.3 115.1 124.7 134.7 141.0 138.6 129.4 135.0 136.0 154.4 166.8 154.4 147.5 150.8 150.1 152.1 152.7 154.2 154.1 155.5 157.8 160.9 167.7 166.8 1 Savings deposits including money market deposit accounts (MMDAs). 2 Small-denomination deposits are those issued in amounts of less than $100,000. 3 Institutional money funds are not part of non-M1 M2. Total 2,309.5 2,773.4 3,162.8 3,508.8 3,606.0 3,694.6 3,872.6 4,106.1 4,836.9 5,357.6 4,836.9 4,837.7 4,913.5 4,931.2 4,991.7 5,046.1 5,073.6 5,111.0 5,164.0 5,217.0 5,278.3 5,310.3 5,357.6 At commercial banks 1,738.7 2,059.8 2,338.0 2,632.7 2,776.7 2,911.3 3,044.6 3,334.6 3,997.4 4,436.8 3,997.4 3,994.9 4,052.6 4,061.0 4,120.9 4,166.4 4,186.8 4,219.1 4,264.8 4,314.7 4,369.2 4,395.2 4,436.8 Small-denomination time deposits 2 At thrift institutions 570.8 713.6 824.8 876.1 829.4 783.3 828.0 771.5 839.5 920.8 839.5 842.9 860.9 870.2 870.8 879.7 886.9 891.9 899.2 902.2 909.1 915.1 920.8 Total At commercial banks 974.5 894.5 817.8 827.9 993.1 1,205.3 1,275.0 1,455.7 1,177.4 926.6 1,177.4 1,149.4 1,131.0 1,109.6 1,089.6 1,069.5 1,050.4 1,032.8 1,014.3 991.3 968.3 945.9 926.6 636.0 591.1 541.7 551.7 646.4 780.3 858.1 1,076.9 858.0 656.7 858.0 834.0 819.6 802.2 787.0 771.4 756.7 742.9 727.8 708.8 689.8 672.0 656.7 At thrift institutions 338.5 303.4 276.0 276.2 346.7 425.0 416.9 378.8 319.4 269.9 319.4 315.4 311.3 307.3 302.6 298.2 293.7 289.9 286.5 282.6 278.5 273.9 269.9 Retail money funds 962.5 887.5 777.0 694.7 699.4 799.0 972.7 1,080.5 820.8 700.0 820.8 801.4 789.5 762.5 745.7 745.7 747.6 740.5 731.0 725.7 717.7 708.1 700.0 Institutional money funds 3 1,223.9 1,277.9 1,137.8 1,088.7 1,157.8 1,365.1 1,919.0 2,401.8 2,212.0 1,856.2 2,212.0 2,164.2 2,102.8 2,032.2 1,964.5 1,920.9 1,894.3 1,890.6 1,892.2 1,893.8 1,884.7 1,878.1 1,856.2 Note: See Note, p. 26. Source: Board of Governors of the Federal Reserve System. 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 Borrowings from the Federal Reserve (NSA) Reserves of depository institutions Other borrowings from the Federal Reserve Period Total 2 2001: Dec r ��������� 2002: Dec r ��������� 2003: Dec r ��������� 2004: Dec r ��������� 2005: Dec r ��������� 2006: Dec r ��������� 2007: Dec r ��������� 2008: Dec r ��������� 2009: Dec r ��������� 2010: Dec ����������� 2009: Dec r ��������� 2010: Jan r ��������� r ��������� Feb r �������� Mar r ��������� Apr May r �������� June r ������� r �������� July r ��������� Aug Sept r �������� r ���������� Oct r ��������� Nov ����������� Dec 41,402 40,319 42,618 46,547 45,101 43,234 43,274 820,379 1,138,986 1,077,808 1,138,986 1,108,984 1,224,796 1,185,967 1,116,371 1,109,378 1,099,260 1,087,205 1,085,632 1,048,373 1,040,230 1,038,712 1,077,808 Nonborrowed 3 41,336 40,240 42,572 46,484 44,932 43,042 27,843 166,813 969,059 1,032,320 969,059 966,842 1,113,569 1,094,323 1,036,147 1,033,753 1,029,363 1,021,358 1,025,548 995,853 991,658 992,023 1,032,320 Required 39,759 38,311 41,572 44,639 43,201 41,371 41,489 53,049 63,785 70,636 63,785 63,183 62,943 65,596 66,145 64,592 64,331 65,555 66,065 67,529 66,689 66,693 70,636 Excess (NSA) 1,643 2,008 1,046 1,908 1,900 1,862 1,784 767,330 1,075,201 1,007,172 1,075,201 1,045,801 1,161,852 1,120,371 1,050,227 1,044,787 1,034,929 1,021,649 1,019,567 980,844 973,541 972,019 1,007,172 Monetary base 635,441 681,484 720,218 759,260 787,447 812,410 824,369 1,653,876 2,017,207 2,008,527 2,017,207 1,987,415 2,109,363 2,074,803 2,009,880 2,007,137 1,999,809 1,991,566 1,994,969 1,963,262 1,962,121 1,967,310 2,008,527 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. 3 Seasonally adjusted break-adjusted total reserves less unadjusted total borrowings of depository institutions from the Federal Reserve. Total 4 67 80 46 63 169 191 15,430 653,565 169,927 45,488 169,927 142,142 111,227 91,644 80,225 75,626 69,897 65,847 60,083 52,521 48,573 46,689 45,488 Term auction credit Primary ������������������ ������������������ ������������������ ������������������ ������������������ 17 ������������������ 11 ������������������ 97 ������������������ 111 11,613 3,787 438,327 88,245 82,014 19,025 0 41 82,014 19,025 54,209 16,407 23,677 14,258 7,286 11,136 796 6,468 0 4,198 0 288 0 39 0 22 0 32 0 37 0 89 0 41 Primary dealer and other brokerdealer credit 5 ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ 47,631 0 ������������������ 0 0 0 ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ Assetbacked Credit commercial extended paper to money American market International mutual Group, fund Inc. liquidity facility ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ 32,102 0 ������������������ 0 0 0 ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ 47,206 22,023 20,394 22,023 23,213 25,544 25,252 25,739 26,397 25,937 24,185 22,064 19,791 19,478 19,912 20,394 Term assetbacked securities loan facility, net 6 �������������������� �������������������� �������������������� �������������������� �������������������� �������������������� �������������������� �������������������� 46,310 25,025 46,310 47,342 46,874 47,306 46,617 44,565 43,401 41,548 37,913 32,620 29,012 26,665 25,025 4 Includes secondary and seasonal, and other credit extensions, not shown separately. 5 Includes credit extended through the Primary Dealer Credit Facility and credit extended to other broker-dealers. 6 Includes credit extended by the Federal Reserve Bank of New York to eligible borrowers through the Term Asset-Backed Securities Loan Facility, net of unamortized deferred administrative fees. Source: Board of Governors of the Federal Reserve System. 27 Bank Credit at All Commercial Banks Total commercial bank loans and leases fell 0.2 percent in December. [Billions of dollars, seasonally adjusted 1] Securities in bank credit 2 Period 2001: Dec ����������� 2002: Dec ����������� 2003: Dec ����������� 2004: Dec ����������� 2005: Dec ����������� 2006: Dec ����������� 2007: Dec ����������� 2008: Dec ����������� 2009: Dec ����������� 2010: Dec ����������� 2009: Dec ����������� 2010: Jan ����������� ����������� Feb ���������� Mar ����������� Apr May ���������� June ��������� ���������� July ���������� Aug Sept r �������� r ���������� Oct r ��������� Nov ����������� Dec Total bank credit 5,215.8 5,646.9 6,008.1 6,580.2 7,298.6 8,083.9 8,887.2 9,358.3 9,003.0 9,190.8 9,003.0 8,934.7 8,874.3 8,939.0 9,258.7 9,204.4 9,163.9 9,216.0 9,233.4 9,223.9 9,239.5 9,235.1 9,190.8 Total securities 1,330.7 1,519.8 1,649.3 1,742.7 1,853.0 1,981.9 2,099.1 2,099.9 2,330.4 2,426.3 2,330.4 2,330.7 2,330.7 2,321.5 2,329.1 2,310.8 2,296.1 2,364.1 2,397.3 2,424.5 2,447.1 2,456.1 2,426.3 U.S. Treasury and agency securities 839.7 1,005.6 1,089.5 1,146.9 1,136.0 1,187.4 1,108.1 1,238.4 1,440.1 1,621.8 1,440.1 1,439.2 1,448.6 1,461.9 1,507.1 1,504.9 1,497.5 1,551.4 1,579.3 1,604.4 1,631.5 1,639.2 1,621.8 Loans and leases in bank credit Real estate loans Other securities 491.0 514.2 559.8 595.7 717.0 794.6 991.0 861.4 890.3 804.5 890.3 891.5 882.0 859.6 822.0 805.9 798.6 812.7 818.0 820.2 815.6 816.9 804.5 Total loans and leases 3 3,885.1 4,127.0 4,358.8 4,837.6 5,445.6 6,102.0 6,788.1 7,258.4 6,672.7 6,764.4 6,672.7 6,604.0 6,543.6 6,617.5 6,929.6 6,893.6 6,867.8 6,851.9 6,836.1 6,799.4 6,792.4 6,778.9 6,764.4 1 Data are prorated averages of Wednesday values for domestically chartered commercial banks, branches and agencies of foreign banks, and Edge Act and agreement corporations. 2 Includes securities held in trading accounts, held-to-maturity, and available-for-sale. Excludes all non-security trading assets, such as derivatives with a positive fair value or loans held in trading accounts. 3 Excludes unearned income. Includes the allowance for loan and lease losses. Excludes Federal funds sold to, reverse repurchase agreements (RPs) with, and loans to commercial banks in the United States. Includes all loans held in trading accounts under a fair value option. 28 Commercial and industrial loans 1,023.7 961.6 888.7 912.7 1,043.3 1,191.7 1,429.9 1,584.4 1,290.6 1,219.5 1,290.6 1,262.3 1,244.7 1,231.9 1,229.8 1,220.6 1,216.4 1,216.5 1,216.7 1,212.7 1,211.6 1,211.8 1,219.5 Total 4 1,759.0 2,010.7 2,208.9 2,555.2 2,926.0 3,369.0 3,596.2 3,821.3 3,781.7 3,613.3 3,781.7 3,759.2 3,721.8 3,706.4 3,709.5 3,696.8 3,679.8 3,658.4 3,652.2 3,640.5 3,624.6 3,621.6 3,613.3 Revolving home equity loans Commercial loans 153.7 ��������������������� 212.3 ��������������������� 278.4 ��������������������� 395.1 1,081.9 443.1 1,272.1 467.8 1,459.6 484.4 1,583.4 588.4 1,726.5 601.8 1,641.7 580.7 1,497.1 601.8 1,641.7 599.0 1,627.8 598.2 1,620.0 599.2 1,610.2 602.2 1,601.1 599.4 1,588.3 597.4 1,575.7 596.3 1,561.5 594.9 1,550.5 592.2 1,537.8 588.3 1,521.9 585.2 1,509.5 580.7 1,497.1 4 Includes closed-end residential loans, not shown separately. 5 Includes credit cards and other consumer loans. 6 Includes other items, not shown separately. Source: Board of Governors of the Federal Reserve System. Consumer loans 5 550.0 578.9 635.4 685.6 697.0 730.8 792.1 859.5 830.7 1,113.8 830.7 814.6 813.9 893.2 1,165.4 1,156.0 1,152.2 1,151.4 1,145.3 1,131.2 1,126.4 1,119.9 1,113.8 Other loans and leases 6 552.5 575.9 625.7 684.0 779.3 810.5 969.8 993.2 769.7 817.8 769.7 767.9 763.1 786.0 824.8 820.2 819.5 825.6 821.9 815.0 829.8 825.6 817.8 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 2000 �������������������� 2001 �������������������� 2002 �������������������� 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2008: I ���������������� ��������������� II �������������� III �������������� IV 2009: I ���������������� ��������������� II �������������� III �������������� IV 2010: I ���������������� ��������������� II p ������������ III Internal 1 1,972.0 862.3 906.7 851.9 1,551.0 2,049.8 1,925.3 2,335.7 1,399.9 1,237.4 1,593.1 1,580.0 1,377.2 1,049.2 877.9 1,106.4 1,445.4 1,519.9 1,595.7 1,923.1 1,850.6 734.6 767.1 821.8 838.5 942.0 1,088.6 1,088.8 1,058.4 1,069.2 1,048.5 1,015.5 995.9 1,172.0 1,093.3 1,043.3 997.6 1,065.0 1,088.2 1,152.5 1,175.6 1,154.9 Total net funds raised Total 1,237.4 95.2 84.9 13.4 609.0 961.2 836.5 1,277.3 330.7 188.9 577.6 584.1 205.2 –44.1 –165.4 108.8 380.4 431.7 443.2 747.5 695.7 244.2 161.0 17.3 47.4 74.0 –18.1 –98.6 –34.5 28.2 –63.9 157.0 310.9 –19.4 –335.5 49.9 130.4 –52.2 –383.7 173.8 52.0 –39.8 Net new equity issues –118.2 –48.1 –16.2 –39.6 –122.7 –341.8 –565.7 –786.8 –336.0 –64.6 –430.0 –218.2 –342.8 –352.9 –133.1 126.4 65.7 –317.3 –200.6 –214.8 –368.4 Credit market instruments Securities and mortgages Total Loans and short-term paper 186.8 398.6 166.6 216.6 132.3 256.9 303.0 367.5 233.7 350.5 297.2 410.1 62.5 164.9 602.8 387.0 210.7 201.5 370.3 128.8 410.8 175.6 –189.4 –133.0 –129.5 64.4 66.9 164.0 384.9 130.6 –349.9 289.8 119.0 260.7 –147.6 –419.9 –383.0 –328.6 –268.0 4.0 138.0 –82.2 362.4 209.1 33.6 87.0 196.6 323.7 467.1 752.3 364.2 .7 587.0 529.1 323.4 17.4 183.0 4.0 –117.9 –66.4 374.4 266.8 328.5 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). Total Other 2 993.3 –65.7 67.5 –34.0 535.2 979.3 935.0 1,311.8 302.5 252.7 420.6 273.2 224.7 291.4 –215.4 –21.7 432.6 815.4 269.4 695.5 735.6 Capital expenditures 3 2,153.8 1,000.1 902.8 866.2 1,638.2 1,909.5 1,811.1 2,227.1 500.1 1,201.7 688.9 775.0 476.4 60.0 983.7 1,030.6 1,427.8 1,364.7 1,659.4 1,788.5 1,978.5 953.0 828.0 767.0 782.5 861.6 965.8 1,112.8 1,156.5 1,112.7 803.9 1,155.3 1,154.1 1,120.1 1,021.4 850.3 751.6 769.3 844.5 936.8 1,004.7 1,065.7 Increase in financial assets 1,200.8 172.1 135.8 83.7 776.6 943.7 698.3 1,070.6 –612.6 397.8 –466.4 –379.1 –643.7 –961.4 133.4 279.0 658.5 520.2 722.6 783.8 912.8 Discrepancy (sources less uses) –181.8 –137.8 3.9 –14.4 –87.1 140.2 114.2 108.6 899.8 35.7 904.1 804.9 900.8 989.2 –105.7 75.8 17.6 155.1 –63.6 134.6 –127.9 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] Net change in consumer credit outstanding 1 Consumer credit outstanding (end of period) Period Total 2000: Dec ������������������������������������������ 2001: Dec ������������������������������������������ 2002: Dec ������������������������������������������ 2003: Dec ������������������������������������������ 2004: Dec ������������������������������������������ 2005: Dec ������������������������������������������ 2006: Dec ������������������������������������������ 2007: Dec ������������������������������������������ 2008: Dec ������������������������������������������ 2009: Dec ������������������������������������������ 2009: Nov ����������������������������������������� ������������������������������������������ Dec 2010: Jan ������������������������������������������ ������������������������������������������ Feb ����������������������������������������� Mar ������������������������������������������ Apr May ����������������������������������������� June ���������������������������������������� ����������������������������������������� July ����������������������������������������� Aug Sept ���������������������������������������� ������������������������������������������ Oct p ��������������������������������������� Nov Nonrevolving 2 Revolving 1,717.0 1,866.5 1,971.2 2,076.9 2,192.1 2,291.0 2,384.8 2,522.2 2,561.1 2,449.4 2,457.4 2,449.4 2,447.3 2,435.4 2,425.3 2,413.9 2,407.2 2,405.1 2,399.6 2,394.6 2,394.6 2,401.6 2,403.0 682.6 714.6 750.8 768.2 799.5 829.6 871.0 941.8 957.5 865.8 874.6 865.8 856.8 846.7 840.7 830.3 828.4 825.4 820.2 814.9 806.1 800.7 796.5 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. 1,034.3 1,151.9 1,220.5 1,308.7 1,392.6 1,461.5 1,513.8 1,580.4 1,603.6 1,583.5 1,582.9 1,583.5 1,590.6 1,588.7 1,584.6 1,583.7 1,578.8 1,579.7 1,579.4 1,579.7 1,588.5 1,601.0 1,606.5 Total Nonrevolving 2 Revolving 185.9 149.5 104.7 105.7 115.2 98.9 93.8 137.4 38.9 –111.7 –18.6 –8.0 –2.1 –11.9 –10.1 –11.4 –6.7 –2.1 –5.5 –5.0 .0 7.0 1.4 71.9 32.0 36.2 17.4 31.3 30.1 41.4 70.8 15.7 –91.7 –11.1 –8.8 –9.0 –10.1 –6.0 –10.4 –1.9 –3.0 –5.2 –5.3 –8.8 –5.4 –4.2 113.9 117.6 68.6 88.2 83.9 68.9 52.3 66.6 23.2 –20.1 –7.4 .6 7.1 –1.9 –4.1 –.9 –4.9 .9 –.3 .3 8.8 12.5 5.5 Note: Data include student loans extended by the Federal Government and by SLM Holding Corporation. Source: Board of Governors of the Federal Reserve System. 29 Interest Rates and Bond Yields Overall, interest rates rose in January. [Percent per annum] U.S. Treasury security yields Period 2001 �������������������� 2002 �������������������� 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2010: Jan ����������� ����������� Feb ���������� Mar ����������� Apr May ���������� June ��������� ���������� July ���������� Aug Sept ��������� ����������� Oct ���������� Nov ����������� Dec 2011: Jan ����������� Week ended: 2011: Jan 8 ������� ������� 15 ������� 22 ������� 29 Feb ������� 5 3-month bills (at auction) 1 Constant maturities 2 3-year 10-year 30-year High-grade municipal bonds (Standard & Poor’s) 3 Discount window (N.Y. F.R. Bank) 4, 5 Primary credit 3.44 1.62 1.01 1.38 3.16 4.73 4.41 1.48 .16 .14 .06 .10 .15 .15 .16 .12 .16 .15 .15 .13 .13 .15 .15 4.09 3.10 2.10 2.78 3.93 4.77 4.35 2.24 1.43 1.11 1.49 1.40 1.51 1.64 1.32 1.17 .98 .78 .74 .57 .67 .99 1.03 5.02 4.61 4.01 4.27 4.29 4.80 4.63 3.66 3.26 3.22 3.73 3.69 3.73 3.85 3.42 3.20 3.01 2.70 2.65 2.54 2.76 3.29 3.39 5.49 5.43 * * * 4.91 4.84 4.28 4.08 4.25 4.60 4.62 4.64 4.69 4.29 4.13 3.99 3.80 3.77 3.87 4.19 4.42 4.52 5.19 5.05 4.73 4.63 4.29 4.42 4.42 4.80 4.64 4.16 4.22 4.23 4.22 4.24 4.15 4.18 4.11 3.91 3.76 3.83 4.30 4.72 5.02 7.08 ��������������������� 6.49 ��������������������� 5.67 2.12 5.63 2.34 5.24 4.19 5.59 5.96 5.56 5.86 5.63 2.39 5.31 .50 4.94 .72 5.26 .50 5.35 .75 5.27 .75 5.29 .75 4.96 .75 4.88 .75 4.72 .75 4.49 .75 4.53 .75 4.68 .75 4.87 .75 5.02 .75 5.04 .75 .15 .15 .16 .16 .15 1.07 1.01 1.03 1.01 1.12 3.40 3.36 3.42 3.40 3.54 4.48 4.50 4.57 4.54 4.65 4.84 5.04 5.17 5.01 4.99 5.01 5.01 5.07 5.06 5.19 1 High bill rate at auction, issue date within period, bank-discount basis. Data are stop yields from uniform-price auctions. 2 Yields on actively traded issues adjusted to constant maturities. 3 Weekly data are Wednesday figures. 4 Discount window borrowing for primary credit and discount rate (adjustment credit). The rate for primary credit replaced the rate for adjustment credit. 5 Average effective rate for year; rate in effect at end of month or week. 30 Corporate Aaa bonds (Moody’s) .75 .75 .75 .75 .75 Prime rate charged by banks 5 Discount rate New-home mortgage yields (FHFA) 7 Federal funds rate 6 3.40 1.17 * * * * * * * * * * * * * * * * * * * * * 6.91 4.67 4.12 4.34 6.19 7.96 8.05 5.09 3.25 3.25 3.25 3.25 3.25 3.25 3.25 3.25 3.25 3.25 3.25 3.25 3.25 3.25 3.25 3.88 7.00 1.67 6.43 1.13 5.80 1.35 5.77 3.22 5.94 4.97 6.63 5.02 6.41 1.92 6.05 .16 5.14 .18 4.80 .11 5.04 .13 5.08 .16 5.09 .20 5.21 .20 5.12 .18 5.00 .18 4.87 .19 4.67 .19 4.52 .19 4.40 .19 4.26 r .18 4.44 .17 ����������������������� * * * * * 3.25 3.25 3.25 3.25 3.25 r .16 .17 .17 .17 .17 ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� 6 Daily effective rate; weighted average of rates on brokered trades. 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 Agency, Moody’s Investors Service, and Standard & Poor’s. Common Stock Prices and Yields Stock prices rose in January. Common stock yields (percent) 7 Common stock prices 1 New York Stock Exchange indexes (December 31, 2002=5,000) 2, 3 Period Composite 2001 ��������������������� 2002 ��������������������� 2003 ��������������������� 2004 ��������������������� 2005 ��������������������� 2006 ��������������������� 2007 ��������������������� 2008 ��������������������� 2009 ��������������������� 2010 ��������������������� 2010: Jan ������������ ������������ Feb ����������� Mar ������������ Apr May ����������� June ���������� ����������� July ����������� Aug Sept ���������� ������������ Oct ����������� Nov ������������ Dec 2011: Jan ������������ Week ended: 2011: Jan 8 �������� �������� 15 �������� 22 �������� 29 Feb �������� 5 Financial Energy Health Care Dow Jones industrial average 4 Standard & Poor’s composite index (1941–43=10) 5 Nasdaq composite index (Feb. 5, 1971=100) 6 Dividend/price ratio Earnings/price ratio 6,397.85 �������������������������� �������������������������� �������������������������� 5,578.89 �������������������������� �������������������������� �������������������������� 5,547.46 5,583.00 5,273.90 5,288.67 6,612.62 6,822.18 6,952.36 5,924.80 7,349.00 7,383.70 9,377.84 6,283.96 8,357.99 8,654.40 11,206.94 6,685.06 9,648.82 9,321.39 13,339.99 7,191.79 8,036.88 6,278.38 13,258.42 6,171.19 6,091.02 3,987.04 10,020.30 5,456.63 7,230.43 4,744.05 10,943.85 6,230.62 7,257.37 4,795.75 11,548.08 6,523.83 6,958.36 4,567.29 10,840.96 6,320.43 7,349.86 4,942.17 11,194.52 6,453.81 7,607.49 5,187.03 11,690.25 6,391.99 7,010.08 4,689.81 10,491.24 5,929.68 6,767.75 4,484.05 9,960.54 5,838.56 6,814.61 4,553.76 10,007.16 5,867.77 6,922.30 4,588.87 10,186.03 5,939.69 7,149.32 4,694.66 10,423.43 6,208.29 7,482.15 4,778.71 11,164.11 6,456.56 7,608.40 4,770.65 11,639.37 6,389.44 7,608.40 4,770.65 11,639.37 6,389.44 8,093.40 5,097.71 12,861.65 6,570.59 10,189.13 9,226.43 8,993.59 10,317.39 10,547.67 11,408.67 13,169.98 11,252.62 8,876.15 10,662.80 10,471.24 10,214.51 10,677.52 11,052.15 10,500.19 10,159.27 10,222.24 10,350.40 10,598.07 11,044.49 11,198.31 11,198.31 11,802.37 1,194.18 993.94 965.23 1,130.65 1,207.23 1,310.46 1,477.19 1,220.04 948.05 1,139.97 1,123.58 1,089.16 1,152.05 1,197.32 1,125.06 1,083.36 1,079.80 1,087.28 1,122.08 1,171.58 1,198.89 1,198.89 1,282.62 2,035.00 1,539.73 1,647.17 1,986.53 2,099.32 2,263.41 2,578.47 2,161.65 1,845.38 2,349.89 2,267.77 2,194.44 2,362.24 2,475.72 2,319.24 2,235.23 2,210.27 2,205.28 2,298.35 2,441.30 2,530.99 2,530.99 2,717.21 1.32 1.61 1.77 1.72 1.83 1.87 1.86 2.37 2.40 1.98 1.92 2.00 1.90 1.84 1.98 2.09 2.10 2.10 2.06 1.97 1.94 1.94 1.84 2.95 2.92 3.84 4.89 5.36 5.78 5.29 3.54 1.86 ���������������������������� ���������������������������� ���������������������������� 5.21 ���������������������������� ���������������������������� 6.51 ���������������������������� ���������������������������� 6.30 ���������������������������� ���������������������������� ���������������������������� ���������������������������� 8,017.48 8,080.26 8,119.58 8,152.38 8,255.87 11,691.38 11,716.81 11,839.47 11,951.34 12,025.69 1,272.80 1,281.44 1,285.14 1,290.91 1,303.14 2,697.61 2,730.51 2,721.26 2,723.69 2,744.80 1.85 1.84 1.85 1.83 1.83 ���������������������������� ���������������������������� ���������������������������� ���������������������������� ���������������������������� 5,030.76 5,087.71 5,138.65 5,137.99 5,201.48 12,569.24 12,783.91 12,969.63 13,048.84 13,523.67 6,569.33 6,587.72 6,577.37 6,564.79 6,580.85 1 Average of daily closing prices. 2 Includes all the stocks (in 2010, over 2,300) listed on the NYSE. 3 Effective January 9, 2003, the NYSE relaunched the composite index with changes in meth- odology, 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. 5 Includes 500 stocks. 6 Includes about 2,700 stocks in 2010. 7 Standard & Poor’s series. Dividend/price ratios based on Wednesday closing prices. Earnings/ price ratios based on prices at end of quarter. Sources: New York Stock Exchange, Dow Jones & Company, Inc., Standard & Poor’s, and Nasdaq Stock Market. 31 FEDERAL FINANCE Federal Receipts, Outlays, and Debt In the third month of fiscal 2011, the deficit was $370.8 billion, compared with $388.1 billion a year earlier. [Billions of dollars] Total Fiscal year or period Receipts 1992 ���������������������������������������������������� 1993 ���������������������������������������������������� 1994 ���������������������������������������������������� 1995 ���������������������������������������������������� 1996 ���������������������������������������������������� 1997 ���������������������������������������������������� 1998 ���������������������������������������������������� 1999 ���������������������������������������������������� 2000 ���������������������������������������������������� 2001 ���������������������������������������������������� 2002 ���������������������������������������������������� 2003 ���������������������������������������������������� 2004 ���������������������������������������������������� 2005 ���������������������������������������������������� 2006 ���������������������������������������������������� 2007 ���������������������������������������������������� 2008 ���������������������������������������������������� 2009 ���������������������������������������������������� 2010 1 �������������������������������������������������� 2011 (estimates) ��������������������������������� Cumulative total, first 3 months: 2 Fiscal year 2010 ���������������������������������� Fiscal year 2011 ���������������������������������� Outlays On-budget Surplus or deficit (–) Receipts Outlays Federal debt (end of period) Off-budget Surplus or deficit (–) Receipts Outlays Surplus or deficit (–) Gross Federal 1,091.2 1,154.3 1,258.6 1,351.8 1,453.1 1,579.2 1,721.7 1,827.5 2,025.2 1,991.1 1,853.1 1,782.3 1,880.1 2,153.6 2,406.9 2,568.0 2,524.0 2,105.0 2,161.7 2,425.7 1,381.5 1,409.4 1,461.8 1,515.8 1,560.5 1,601.1 1,652.5 1,701.8 1,789.0 1,862.9 2,010.9 2,159.9 2,292.9 2,472.0 2,655.1 2,728.7 2,982.6 3,517.7 3,455.8 3,841.9 –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 –160.7 –458.6 –1,412.7 –1,294.1 –1,416.2 788.8 842.4 923.6 1,000.7 1,085.6 1,187.3 1,305.9 1,383.0 1,544.6 1,483.6 1,337.8 1,258.5 1,345.4 1,576.1 1,798.5 1,932.9 1,866.0 1,451.0 1,530.1 1,763.8 1,129.2 1,142.8 1,182.4 1,227.1 1,259.6 1,290.5 1,335.9 1,381.1 1,458.2 1,516.1 1,655.2 1,796.9 1,913.3 2,069.8 2,233.0 2,275.1 2,507.8 3,000.7 2,901.2 3,259.2 –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 –342.2 –641.9 –1,549.7 –1,371.1 –1,495.4 302.4 311.9 335.0 351.1 367.5 392.0 415.8 444.5 480.6 507.5 515.3 523.8 534.7 577.5 608.4 635.1 658.0 654.0 631.7 661.9 252.3 266.6 279.4 288.7 300.9 310.6 316.6 320.8 330.8 346.8 355.7 363.0 379.5 402.2 422.1 453.6 474.8 517.0 554.7 582.7 50.1 45.3 55.7 62.4 66.6 81.4 99.2 123.7 149.8 160.7 159.7 160.8 155.2 175.3 186.3 181.5 183.3 137.0 77.0 79.2 4,001.8 4,351.0 4,643.3 4,920.6 5,181.5 5,369.2 5,478.2 5,605.5 5,628.7 5,769.9 6,198.4 6,760.0 7,354.7 7,905.3 8,451.4 8,950.7 9,986.1 11,875.9 13,526.6 15,265.2 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 5,803.1 7,544.7 9,017.8 10,549.5 487.8 531.8 875.8 902.6 –388.1 –370.8 345.0 396.0 739.3 788.0 –394.3 –391.9 142.7 135.8 136.5 114.7 6.2 21.1 12,277.6 13,990.9 7,805.4 9,385.7 1 Data for fiscal year 2010 are from Final Monthly Treasury Statement issued October 15, 2010. 2 Data from current issue Monthly Treasury Statement. Note: Data for fiscal year 2011 are from Mid-Session Review, Budget of the U.S. Government, Fiscal Year 2011, issued July 23, 2010. Other data (except as noted) are from Budget of the United States Government, Fiscal Year 2011, issued February 1, 2010. Sources: Department of the Treasury and Office of Management and Budget. 32 Held by the public Federal Receipts by Source and Outlays by Function In the third month of fiscal 2011, receipts were $44.0 billion higher than a year earlier and outlays were $26.8 billion higher. [Billions of dollars] On-budget and off-budget receipts Fiscal year or period 1992 ���������������������������������������������������� 1993 ���������������������������������������������������� 1994 ���������������������������������������������������� 1995 ���������������������������������������������������� 1996 ���������������������������������������������������� 1997 ���������������������������������������������������� 1998 ���������������������������������������������������� 1999 ���������������������������������������������������� 2000 ���������������������������������������������������� 2001 ���������������������������������������������������� 2002 ���������������������������������������������������� 2003 ���������������������������������������������������� 2004 ���������������������������������������������������� 2005 ���������������������������������������������������� 2006 ���������������������������������������������������� 2007 ���������������������������������������������������� 2008 ���������������������������������������������������� 2009 ���������������������������������������������������� 2010 1 �������������������������������������������������� 2011 (estimates) ��������������������������������� Cumulative total, first 3 months: 2 Fiscal year 2010 ���������������������������������� Fiscal year 2011 ���������������������������������� Total Indi- Corporavidual tion income income taxes taxes Social insurance and retirement receipts On-budget and off-budget outlays National defense Other Total Total Depart- Internament tional of affairs Defense, military Health Medicare Income Social Net security security interest Other 1,091.2 1,154.3 1,258.6 1,351.8 1,453.1 1,579.2 1,721.7 1,827.5 2,025.2 1,991.1 1,853.1 1,782.3 1,880.1 2,153.6 2,406.9 2,568.0 2,524.0 2,105.0 2,161.7 2,425.7 476.0 509.7 543.1 590.2 656.4 737.5 828.6 879.5 1,004.5 994.3 858.3 793.7 809.0 927.2 1,043.9 1,163.5 1,145.7 915.3 898.5 1,031.9 100.3 117.5 140.4 157.0 171.8 182.3 188.7 184.7 207.3 151.1 148.0 131.8 189.4 278.3 353.9 370.2 304.3 138.2 191.4 280.4 413.7 428.3 461.5 484.5 509.4 539.4 571.8 611.8 652.9 694.0 700.8 713.0 733.4 794.1 837.8 869.6 900.2 890.9 864.8 916.4 101.3 98.8 113.7 120.1 115.4 120.1 132.6 151.5 160.6 151.8 146.0 143.9 148.4 154.0 171.2 164.7 173.8 160.5 207.0 197.0 1,381.5 1,409.4 1,461.8 1,515.8 1,560.5 1,601.1 1,652.5 1,701.8 1,789.0 1,862.9 2,010.9 2,159.9 2,292.9 2,472.0 2,655.1 2,728.7 2,982.6 3,517.7 3,455.8 3,841.9 298.3 291.1 281.6 272.1 265.7 270.5 268.2 274.8 294.4 304.7 348.5 404.7 455.8 495.3 521.8 551.3 616.1 661.0 696.1 752.2 286.8 278.5 268.6 259.4 253.1 258.3 255.8 261.2 281.0 290.2 331.8 387.1 436.4 474.1 499.3 528.5 594.6 636.7 666.7 723.7 16.1 17.2 17.1 16.4 13.5 15.2 13.1 15.2 17.2 16.5 22.3 21.2 26.9 34.6 29.5 28.5 28.9 37.5 45.2 55.3 89.5 99.4 107.1 115.4 119.4 123.8 131.4 141.0 154.5 172.2 196.5 219.5 240.1 250.5 252.7 266.4 280.6 334.3 369.0 394.8 119.0 130.6 144.7 159.9 174.2 190.0 192.8 190.4 197.1 217.4 230.9 249.4 269.4 298.6 329.9 375.4 390.8 430.1 451.6 494.7 199.6 210.0 217.2 223.8 229.7 235.0 237.8 242.5 253.7 269.8 312.7 334.6 333.1 345.8 352.5 366.0 431.3 533.2 623.9 581.5 287.6 304.6 319.6 335.8 349.7 365.3 379.2 390.0 409.4 433.0 456.0 474.7 495.5 523.3 548.5 586.2 617.0 683.0 706.7 735.8 199.3 198.7 202.9 232.1 241.1 244.0 241.1 229.8 222.9 206.2 170.9 153.1 160.2 184.0 226.6 237.1 252.8 186.9 197.0 220.9 172.1 157.9 171.5 160.2 167.2 157.3 188.9 218.1 239.7 243.2 273.1 302.6 311.8 339.8 393.5 317.9 365.2 651.6 366.3 606.8 487.8 531.8 207.7 256.0 33.9 35.9 195.6 190.8 50.5 49.1 875.8 902.6 183.8 195.5 176.4 187.8 11.2 11.1 91.1 100.6 108.7 113.8 136.8 135.6 202.7 179.5 52.3 56.8 89.2 109.7 1 Data for fiscal year 2010 are from Final Monthly Treasury Statement issued October 15, 2010. 2 Data from current issue Monthly Treasury Statement. Data for Department of Defense, military, include a small amount that is classified and listed under international affairs, and not included in national defense. Note: Data for fiscal year 2011 are from Mid-Session Review, Budget of the U.S. Government, Fiscal Year 2011, issued July 23, 2010. Other data (except as noted) are from Budget of the United States Government, Fiscal Year 2011, issued February 1, 2010. Sources: Department of the Treasury and Office of Management and Budget. 33 Federal Sector, National Income Accounts Basis In the fourth quarter of 2010, according to advance estimates, Federal current expenditures rose $18.1 billion (annual rate); receipts data are incomplete. [Billions of dollars; quarterly data at seasonally adjusted annual rates] Federal Government current receipts Current tax receipts Period Total Total 1 Calendar year: 2000 ������������� 2,057.1 1,309.6 2001 ������������� 2,020.3 1,249.4 2002 ������������� 1,859.3 1,073.5 2003 ������������� 1,885.1 1,070.2 2004 ������������� 2,013.9 1,153.8 2005 ������������� 2,290.1 1,383.7 2006 ������������� 2,524.5 1,558.3 2007 ������������� 2,654.7 1,637.6 2008 ������������� 2,503.1 1,447.8 2009 ������������� 2,205.8 1,142.4 2010 p ����������� ������������ �������������� 2007: I ��������������� 2,642.8 1,637.2 �������������� 2,658.5 II 1,648.6 ������������� 2,651.5 III 1,632.6 ������������� 2,666.1 IV 1,632.0 2008: I ��������������� 2,640.7 1,588.1 �������������� 2,412.6 II 1,359.8 ������������� 2,506.1 III 1,452.7 ������������� 2,452.9 IV 1,390.5 2009: I ��������������� 2,223.9 1,169.1 �������������� 2,191.2 II 1,113.0 ������������� 2,176.3 III 1,121.3 ������������� 2,231.7 IV 1,166.2 2010: I ��������������� 2,322.8 1,253.6 �������������� 2,364.7 II 1,281.1 ������������� 2,416.4 III 1,320.7 p ���������� ������������ �������������� IV Personal current taxes 995.6 991.8 828.6 774.2 799.2 931.9 1,049.9 1,165.6 1,102.8 852.7 875.1 1,136.5 1,155.1 1,174.2 1,196.4 1,198.7 984.3 1,109.0 1,119.1 912.8 847.7 827.0 823.4 843.2 868.5 885.9 902.6 Taxes on production and imports Contributions Income for Taxes govern- receipts on on ment assets corporate social income insurance 87.3 219.4 85.3 164.7 86.8 150.5 89.3 197.8 94.3 250.3 98.8 341.0 99.4 395.0 94.5 362.8 96.0 232.2 94.4 182.1 106.8 �������������� 94.1 392.8 94.5 384.0 95.2 349.1 94.2 325.4 96.2 278.0 97.9 262.0 96.2 231.2 93.6 157.4 87.2 154.9 96.4 155.7 97.0 184.4 97.1 233.2 100.6 297.1 106.6 293.2 108.9 313.7 110.9 �������������� 698.6 723.3 739.3 762.8 807.6 852.6 904.6 945.3 972.4 953.5 987.1 938.4 940.1 944.9 957.8 974.2 973.1 974.4 967.8 948.0 954.9 953.5 957.4 970.6 984.7 992.5 1,000.4 1 Includes taxes from the rest of the world, not shown separately. 2 Includes an item for the difference between wage accruals and disbursements, not shown separately. 34 Federal Government current expenditures 24.5 24.5 20.3 22.8 23.2 23.7 26.1 29.8 31.7 46.2 45.5 28.2 29.0 30.3 31.5 31.4 33.1 32.1 30.1 40.4 48.6 46.0 50.0 41.8 44.0 47.6 48.5 Current transfer receipts 25.7 27.0 26.1 25.6 29.0 33.6 38.3 44.8 55.0 67.9 59.7 43.5 43.6 44.5 47.6 50.2 50.4 50.3 68.9 71.3 79.4 58.9 61.8 60.2 59.1 60.5 58.9 Current surplus of government enterprises –1.2 –4.0 .2 3.7 .3 –3.5 –2.9 –2.7 –3.7 –4.2 –4.5 –4.5 –2.8 –.8 –2.8 –3.1 –3.8 –3.4 –4.5 –4.9 –4.8 –3.5 –3.6 –3.4 –4.2 –4.9 –5.6 Total 2 1,871.9 1,979.8 2,112.1 2,261.5 2,393.4 2,573.1 2,728.3 2,900.0 3,119.3 3,457.5 3,719.4 2,844.4 2,896.0 2,916.6 2,942.8 3,017.4 3,174.1 3,152.8 3,132.9 3,227.1 3,527.9 3,532.9 3,542.0 3,637.1 3,701.2 3,760.7 3,778.8 ConCurrent sumption transfer Interest Subsidies expendipaypayments tures ments 3 496.0 530.2 590.5 660.3 721.4 765.8 811.0 848.9 934.6 987.1 1,043.3 822.8 840.4 862.0 870.4 901.9 920.1 954.2 962.3 958.1 989.0 999.7 1,001.8 1,017.3 1,038.5 1,061.6 1,055.8 1,047.4 1,140.0 1,252.1 1,339.4 1,405.0 1,491.3 1,587.1 1,690.4 1,843.7 2,157.4 2,329.2 1,676.8 1,673.1 1,691.5 1,720.4 1,763.3 1,899.7 1,831.7 1,880.2 2,009.8 2,211.8 2,191.5 2,216.7 2,292.3 2,311.4 2,352.3 2,360.7 283.3 258.6 229.1 212.9 221.0 255.4 279.2 313.2 291.2 254.0 289.6 296.8 335.0 316.2 304.7 304.5 305.6 316.6 238.0 204.4 271.3 273.8 266.4 271.6 294.9 289.8 301.9 45.3 185.2 51.1 40.5 40.5 –252.8 49.0 –376.4 46.0 –379.5 60.5 –283.0 51.0 –203.8 47.4 –245.2 49.8 –616.2 58.9 –1,251.7 57.4 ���������������� 48.1 –201.6 47.5 –237.4 46.9 –265.2 47.2 –276.7 47.7 –376.7 48.8 –761.6 50.3 –646.7 52.4 –680.0 54.8 –1,003.2 56.0 –1,336.8 67.9 –1,356.7 57.2 –1,310.3 55.8 –1,314.2 56.4 –1,336.5 57.0 –1,344.3 60.4 ���������������� 3 Includes Federal grants-in-aid to State and local governments, not shown separately. Source: Department of Commerce (Bureau of Economic Analysis). Net Federal Government saving INTERNATIONAL STATISTICS Industrial Production and Consumer Prices—Major Industrial Countries Industrial production (2007=100; seasonally adjusted) Period United States Canada Japan France Germany Consumer prices (1982–84=100; NSA) United Kingdom Italy United States 1 Canada Japan France Germany 2000 r ������������� 92.0 100.3 92.2 98.1 83.9 98.6 104.0 172.2 164.9 121.0 157.8 2001 r ������������� 88.9 96.3 86.2 99.0 84.2 97.5 102.4 177.1 169.1 120.0 160.3 2002 r ������������� 89.1 97.8 85.1 97.2 83.3 96.0 100.7 179.9 172.9 119.0 163.4 r ������������� 2003 90.2 97.9 87.6 96.1 83.7 95.4 100.1 184.0 177.7 118.7 166.9 r ������������� 2004 92.3 99.5 91.8 97.3 86.3 95.2 101.2 188.9 181.0 118.7 170.4 2005 r ������������� 95.3 101.4 93.2 97.6 89.2 94.7 99.9 195.3 185.0 118.3 173.4 2006 r ������������� 97.4 100.8 97.1 98.8 94.3 98.1 99.9 201.6 188.7 118.6 176.3 2007 ��������������� 100.0 100.0 100.0 100.0 100.0 100.0 100.0 207.342 192.7 118.7 178.9 r ������������� 2008 96.7 94.4 96.6 97.3 100.0 96.2 96.9 215.303 197.3 120.3 184.0 2009 r ������������� 87.7 84.3 75.5 85.3 83.6 78.7 87.1 214.537 197.9 118.7 184.1 2010 p ������������� 92.8 ��������������� 87.6 ��������������� ��������������� ��������������� ��������������� 218.056 201.4 117.9 186.9 2009: Nov r ���� 89.1 85.6 82.0 86.9 86.1 80.6 87.0 216.330 199.2 118.1 184.6 r ���� Dec 89.6 85.8 84.2 86.7 85.7 79.6 87.1 215.949 198.5 117.8 185.1 r ���� 2010: Jan 90.5 87.2 87.8 88.6 87.1 81.2 86.9 216.687 199.0 117.6 184.7 r ���� Feb 90.5 88.0 87.2 88.9 86.8 81.4 87.5 216.741 199.9 117.5 185.7 r ��� Mar 91.0 88.8 88.3 89.8 89.4 81.5 89.2 217.631 199.9 117.8 186.6 r ���� Apr 91.5 89.0 89.4 89.4 90.3 82.3 88.6 218.009 200.6 117.8 187.1 r ��� May 92.6 89.8 89.5 91.3 93.4 83.0 89.1 218.178 201.1 118.0 187.3 r �� June 92.6 90.4 88.5 89.9 92.8 83.3 88.7 217.965 200.9 118.0 187.3 r ��� July 93.5 90.3 88.3 90.6 93.3 83.6 88.9 218.011 202.0 117.4 186.8 r ���� Aug 93.7 90.5 87.8 90.7 94.7 84.9 89.3 218.312 201.8 117.7 187.2 r ��� Sept 94.0 89.3 86.4 90.7 93.8 83.1 89.6 218.439 202.1 118.1 187.1 r ����� Oct 93.8 89.6 84.6 90.0 96.7 83.0 89.5 218.711 203.0 118.6 187.3 p ��� Nov 94.1 89.2 85.5 92.0 96.0 84.0 89.9 218.803 203.2 118.2 187.6 p ��� Dec 94.9 ��������������� 88.1 ��������������� ��������������� ��������������� ��������������� 219.179 203.2 117.8 188.4 2011: Jan p ���� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� 1 Data relate to all urban consumers. 142.5 145.3 147.4 148.9 151.4 153.7 156.2 159.7 163.9 164.5 166.3 164.3 165.7 164.7 165.3 166.0 165.9 166.0 166.2 166.7 166.7 166.5 166.7 166.8 168.5 167.7 Italy United Kingdom 231.3 200.0 237.8 203.7 243.6 207.0 250.1 213.0 255.7 219.3 260.8 225.6 266.2 232.8 271.0 242.7 280.2 252.4 282.3 251.1 286.6 262.7 282.9 254.5 283.7 256.1 284.0 256.0 284.3 257.5 285.2 259.3 286.0 261.8 286.3 262.7 286.3 263.3 287.2 262.7 288.0 263.8 287.2 264.7 288.0 265.3 288.0 266.5 288.9 268.3 290.0 ����������������� Sources: As reported by each country, Board of Governors of the Federal Reserve System, and Department of Labor (Bureau of Labor Statistics). 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) Census basis (by end-use category) Period 2000 ��������������� 2001 ��������������� 2002 ��������������� 2003 ��������������� 2004 ��������������� 2005 ��������������� 2006 ��������������� 2007 ��������������� 2008 ��������������� 2009 ��������������� 2009: Nov ����� ������ Dec 2010: Jan ������ ������ Feb ����� Mar ������ Apr May ����� June ���� ����� July ����� Aug Sept ���� r ����� Oct p ��� Nov BOP basis 784.2 730.3 696.3 728.3 819.9 909.0 1,035.9 1,160.4 1,304.9 1,068.5 95.7 99.6 100.4 100.2 105.1 104.1 107.1 104.9 107.7 107.6 107.8 112.2 113.5 IndusFoods, trial Total, feeds, supCensus and plies basis 1 bever- and ages materials 781.9 729.1 693.1 724.8 814.9 901.1 1,026.0 1,148.2 1,287.4 1,056.0 94.3 98.3 99.4 99.2 104.4 103.2 106.1 104.0 106.9 106.6 107.1 111.4 112.3 47.9 49.4 49.6 55.0 56.6 59.0 66.0 84.3 108.3 93.9 8.9 9.0 8.9 8.5 8.5 7.9 7.9 7.6 7.5 8.7 9.2 9.9 10.5 172.6 160.1 156.8 173.0 203.9 233.0 276.0 316.4 388.0 296.7 27.0 28.3 29.1 29.6 31.7 32.3 32.9 31.8 32.4 32.9 32.1 34.7 35.0 80.4 75.4 78.9 80.6 89.2 98.4 107.3 121.3 121.5 81.7 8.3 8.8 9.0 9.0 9.1 9.3 9.4 9.7 9.3 9.4 9.3 9.7 9.1 Balance of trade (exports minus imports) Census basis (by end-use category) Auto- ConCapital motive sumer vegoods goods except hicles, (nonauto- parts food) motive and except enautogines motive 356.9 321.7 290.4 293.7 327.5 358.4 404.0 433.0 457.7 390.5 33.5 35.1 34.9 35.0 36.0 36.0 38.0 36.6 38.8 37.4 37.6 38.0 38.2 Services (BOP basis) Goods: Imports (customs value) 89.4 88.3 84.4 89.9 103.2 115.3 129.1 146.0 161.3 150.0 12.9 13.2 13.6 13.2 13.9 13.2 13.5 13.6 13.6 13.7 13.8 13.9 14.9 BOP basis 1,230.4 1,152.3 1,171.6 1,269.8 1,485.5 1,692.8 1,875.3 1,983.6 2,139.5 1,575.4 142.8 148.7 147.6 151.8 157.5 156.9 161.7 167.1 162.7 166.6 164.9 163.2 164.7 IndusFoods, trial Total, feeds, supCensus and plies basis 1 bever- and ages materials 1,218.0 1,141.0 1,161.4 1,257.1 1,469.7 1,673.5 1,853.9 1,957.0 2,103.6 1,559.6 141.2 147.2 145.8 150.0 155.6 155.0 159.8 165.0 160.8 164.6 162.9 161.1 162.7 1 Total includes ‘‘other’’ exports or imports, not shown separately. 46.0 46.6 49.7 55.8 62.1 68.1 74.9 81.7 89.0 81.6 6.7 6.9 7.3 7.2 7.5 7.5 7.7 7.7 7.6 7.8 7.8 7.7 7.9 299.0 273.9 267.7 313.8 412.8 523.8 602.0 634.7 779.5 462.5 43.4 47.4 46.7 49.3 52.1 52.2 50.1 49.9 49.4 49.6 49.7 47.9 49.8 BOP basis Auto- ConCapital motive sumer vegoods goods except hicles, (nonauto- parts food) motive and except enautogines motive 347.0 298.0 283.3 295.9 343.6 379.3 418.3 444.5 453.7 369.3 32.6 33.7 33.5 33.9 34.4 36.0 37.9 38.3 37.7 38.6 39.9 39.0 40.0 195.9 189.8 203.7 210.1 228.2 239.4 256.6 256.7 231.2 157.6 16.1 17.0 16.8 16.0 17.6 17.3 19.5 20.8 20.0 20.7 19.3 19.4 18.9 281.8 284.3 307.8 333.9 372.9 407.2 442.6 474.6 481.6 428.4 37.5 37.0 36.5 38.3 38.9 37.4 40.0 43.1 41.1 42.6 41.0 41.9 41.0 Exports Imports Goods, Census basis Goods 286.4 274.6 281.2 291.6 338.7 372.2 416.9 488.3 534.1 502.3 43.3 43.7 44.1 44.2 44.9 43.6 44.9 45.2 45.4 45.4 46.0 46.2 46.2 219.0 217.0 226.4 244.3 282.4 302.5 336.7 367.2 398.3 370.3 31.5 31.8 31.7 32.5 32.2 31.7 32.5 33.1 33.3 33.2 33.5 33.6 33.3 –436.1 –411.9 –468.3 –532.4 –654.8 –772.4 –828.0 –808.8 –816.2 –503.6 –46.9 –48.9 –46.4 –50.8 –51.2 –51.9 –53.7 –61.0 –53.9 –57.9 –55.8 –49.8 –50.4 –446.2 67.5 –378.8 –422.0 57.6 –364.4 –475.3 54.8 –420.5 –541.5 47.4 –494.2 –665.6 56.3 –609.3 –783.8 69.6 –714.2 –839.5 80.2 –759.2 –823.2 121.1 –702.1 –834.7 135.9 –698.8 –506.9 132.0 –374.9 –47.1 11.8 –35.3 –49.1 12.0 –37.1 –47.3 12.4 –34.8 –51.7 11.8 –39.9 –52.4 12.7 –39.7 –52.7 12.0 –40.8 –54.6 12.4 –42.2 –62.2 12.1 –50.1 –55.0 12.1 –42.9 –59.0 12.1 –46.9 –57.1 12.5 –44.6 –51.1 12.6 –38.4 –51.2 12.9 –38.3 Ser- Goods and vices services Source: Department of Commerce (Bureau of the Census and Bureau of Economic Analysis). 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. 35 U.S. International Transactions In the third quarter of 2010, the goods deficit rose to $171.2 billion, from $169.6 billion in the second quarter. The current account deficit rose to $127.2 billion in the third quarter, from $123.2 billion in the second quarter. [Millions of dollars; quarterly data seasonally adjusted. Credits (+), debits (–)] Goods 1 Period 2000 �������������������� 2001 �������������������� 2002 �������������������� 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2008: I ���������������� ��������������� II �������������� III �������������� IV 2009: I ���������������� ��������������� II �������������� III �������������� IV 2010: I ���������������� ��������������� II p ������������ III Exports 784,181 730,277 696,268 728,258 819,870 909,016 1,035,868 1,160,366 1,304,896 1,068,499 323,507 342,637 345,091 293,661 255,044 254,021 268,858 290,576 305,640 316,163 323,061 Services Imports Net travel and transportation –1,230,413 –1,152,257 –1,171,613 –1,269,802 –1,485,501 –1,692,817 –1,875,324 –1,983,558 –2,139,548 –1,575,443 –539,107 –565,303 –567,388 –467,750 –376,241 –367,528 –400,977 –430,698 –456,961 –485,734 –494,218 Balance on goods –446,233 –421,980 –475,345 –541,544 –665,631 –783,801 –839,456 –823,192 –834,652 –506,944 –215,600 –222,666 –222,297 –174,089 –121,197 –113,507 –132,119 –140,121 –151,321 –169,571 –171,157 Net military transactions 2 –6,610 –8,398 –12,761 –17,062 –17,232 –15,512 –11,652 –10,701 –13,375 –13,378 –3,413 –2,656 –3,564 –3,741 –4,014 –3,101 –2,283 –3,980 –3,479 –3,126 –2,765 2,714 –3,217 –4,334 –12,249 –15,328 –13,121 –9,743 4,576 19,103 14,951 4,531 5,603 6,257 2,710 2,537 4,064 3,849 4,501 5,288 5,475 4,978 1 Adjusted from Census data for differences in timing and coverage; excludes military. 2 Transfers under U.S. military agency sales contracts (exports) minus direct defense expendi- tures (imports). 36 Other services, net 71,349 69,201 71,916 76,671 88,846 98,258 101,611 127,217 130,122 130,463 33,006 34,277 31,983 30,857 32,235 32,104 31,231 34,893 35,062 34,143 34,549 Balance on goods and services –378,780 –364,393 –420,524 –494,183 –609,345 –714,176 –759,240 –702,099 –698,802 –374,908 –181,476 –185,444 –187,621 –144,262 –90,439 –80,441 –99,322 –104,707 –114,451 –133,078 –134,396 Income receipts and payments Receipts 350,918 290,797 280,942 320,456 413,739 535,263 682,221 829,602 796,528 588,203 211,856 209,443 203,373 171,855 143,356 142,281 146,584 155,982 161,268 163,871 165,528 Payments –329,864 –259,075 –253,544 –275,147 –346,519 –462,905 –634,136 –730,049 –644,554 –466,783 –169,451 –171,083 –157,959 –146,061 –118,747 –115,995 –111,127 –120,914 –121,108 –120,857 –124,473 Balance on income 21,054 31,722 27,398 45,309 67,219 72,358 48,085 99,553 151,974 121,419 42,405 38,360 45,414 25,794 24,609 26,286 35,457 35,068 40,160 43,014 41,055 Unilateral current transfers, net 3 –58,645 –64,487 –64,948 –71,794 –88,362 –105,772 –91,481 –115,548 –122,026 –124,943 –32,928 –29,747 –30,177 –29,176 –29,747 –30,292 –33,638 –31,268 –34,867 –33,151 –33,886 3 Includes transfers of goods and services under U.S. military grant programs. See p. 37 for continuation of table. Balance on current account –416,371 –397,158 –458,074 –520,668 –630,488 –747,590 –802,636 –718,094 –668,854 –378,432 –171,999 –176,830 –172,383 –147,644 –95,577 –84,447 –97,503 –100,907 –109,158 –123,214 –127,227 U.S. International Transactions—Continued In the financial account, U.S. claims on foreigners reported by U.S. banks increased $195.7 billion in the third quarter of 2010, following an increase of $57.0 billion in the second quarter. U.S. liabilities to private foreigners reported by U.S. banks, excluding Treasury securities, increased $107.1 billion in the third quarter, following a decrease of $6.7 billion in the second quarter. [Millions of dollars; quarterly data seasonally adjusted. Credits (+), debits (–)] Financial account Period U.S.-owned assets abroad, excluding financial derivatives [increase/financial outflow (–)] Capital account transactions, net Total 2000 �������������������� 2001 �������������������� 2002 �������������������� 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2008: I ���������������� ��������������� II �������������� III �������������� IV 2009: I ���������������� ��������������� II �������������� III �������������� IV 2010: I ���������������� ��������������� II p ������������ III –1 13,198 –141 –1,821 3,049 13,116 –1,788 384 6,010 –140 –8 –18 6,043 –7 –20 –29 –36 –56 –3 –2 –8 –560,523 –382,616 –294,646 –325,424 –1,000,870 –546,631 –1,285,729 –1,475,719 156,077 –140,465 –222,848 153,977 74,829 150,119 112,726 31,734 –276,241 –8,685 –301,389 –141,177 –324,506 U.S. official reserve assets 4 –290 –4,911 –3,681 1,523 2,805 14,096 2,374 –122 –4,848 –52,256 –276 –1,267 –179 –3,126 –982 –3,632 –49,021 1,379 –773 –165 –1,096 Other U.S. Government assets –941 –486 345 537 1,710 5,539 5,346 –22,273 –529,615 541,342 3,268 –41,592 –225,997 –265,293 244,102 193,750 57,736 45,754 9,433 –2,441 571 Statistical discrepancy Foreign-owned assets in the U.S., excluding financial derivatives [increase/financial inflow (+)] U.S. Private assets –559,292 –377,219 –291,310 –327,484 –1,005,385 –566,266 –1,293,449 –1,453,324 690,540 –629,552 –225,840 196,836 301,005 418,538 –130,394 –158,384 –284,956 –55,817 –310,048 –138,572 –323,981 4 Consists of gold, special drawing rights (SDRs), foreign currencies, and the U.S. reserve position in the International Monetary Fund (IMF). Total 1,038,224 782,870 795,161 858,303 1,533,201 1,247,347 2,065,169 2,107,655 454,722 305,736 400,171 3,740 76,357 –25,546 –111,916 –28,348 342,385 103,615 320,217 162,096 506,126 Foreign official assets 42,758 28,059 115,945 278,069 397,755 259,268 487,939 481,043 550,770 450,030 208,768 178,899 147,836 15,267 107,912 128,667 96,616 116,835 72,507 43,568 141,614 Other foreign assets 995,466 754,811 679,216 580,234 1,135,446 988,079 1,577,230 1,626,612 –96,048 –144,294 191,403 –175,159 –71,479 –40,813 –219,828 –157,015 245,769 –13,220 247,710 118,528 364,512 Financial derivatives, net ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ 29,710 6,222 –32,947 50,804 –7,966 –2,355 –4,886 –17,740 7,221 11,275 11,496 20,812 15,838 10,048 ������������������ Total (sum of the items with sign reversed) –61,329 –16,294 –42,300 –10,391 95,107 33,758 –4,727 79,552 84,991 162,497 2,649 21,486 20,040 40,818 87,565 69,815 19,899 –14,779 74,494 92,249 –54,385 Of which: Seasonal adjustment discrepancy U.S. official reserve assets, net (unadjusted, end of period) 4 ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ 6,113 –2,019 –28,020 23,929 7,761 –1,796 –19,298 13,336 11,715 –4,273 –19,773 67,647 68,654 79,006 85,938 86,824 65,127 65,895 70,565 77,648 130,760 75,764 75,740 71,834 77,648 74,958 81,489 134,296 130,760 127,521 124,514 133,099 Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the Treasury. 37 CONTENTS TOTAL OUTPUT, INCOME, AND SPENDING Page Gross Domestic Product ........................................................................................................................................................ 1 Real Gross Domestic Product ................................................................................................................................................ 2 Chained Price Indexes For Gross Domestic Product ............................................................................................................ 2 Gross Domestic Product and Related Price Measures: Indexes and Percent Changes ........................................................... 3 Nonfinancial Corporate Business—Gross Value Added and Price, Costs, and Profits .......................................................... 3 National Income .................................................................................................................................................................... 4 Real Personal Consumption Expenditures ............................................................................................................................ 4 Sources of Personal Income ................................................................................................................................................... 5 Disposition of Personal Income ............................................................................................................................................. 6 Farm Income ......................................................................................................................................................................... 7 Corporate Profits ................................................................................................................................................................... 8 Real Gross Private Domestic Investment ............................................................................................................................... 9 Real Private Fixed Investment by Type .................................................................................................................................. 10 Business Investment ............................................................................................................................................................... 10 EMPLOYMENT, UNEMPLOYMENT, AND WAGES Status of the Labor Force ....................................................................................................................................................... 11 Selected Unemployment Rates .............................................................................................................................................. 12 Selected Measures of Unemployment and Unemployment Insurance Programs ................................................................... 13 Nonagricultural Employment ................................................................................................................................................ 14 Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries ................................ 15 Employment Cost Index—Private Industry .......................................................................................................................... 15 Productivity and Related Data, Business and Nonfarm Business Sectors .............................................................................. 16 PRODUCTION AND BUSINESS ACTIVITY Industrial Production and Capacity Utilization .................................................................................................................... 17 Industrial Production—Major Market Groups and Selected Manufactures .......................................................................... 18 New Construction ................................................................................................................................................................. 19 New Private Housing and Vacancy Rates .............................................................................................................................. 19 Business Sales and Inventories—Manufacturing and Trade .................................................................................................. 20 Manufacturers’ Shipments, Inventories, and Orders .............................................................................................................. 21 PRICES Producer Prices ...................................................................................................................................................................... 22 Consumer Prices—All Urban Consumers ............................................................................................................................. 23 Changes in Producer Prices for Finished Goods .................................................................................................................... 24 Changes in Consumer Prices—All Urban Consumers .......................................................................................................... 24 Prices Received and Paid by Farmers ..................................................................................................................................... 25 MONEY, CREDIT, AND SECURITY MARKETS Money Stock and Debt Measures .......................................................................................................................................... 26 Components of Money Stock ................................................................................................................................................ 27 Aggregate Reserves and Monetary Base ................................................................................................................................. 27 Bank Credit at All Commercial Banks .................................................................................................................................. 28 Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business .............................................................................. 29 Consumer Credit ................................................................................................................................................................... 29 Interest Rates and Bond Yields .............................................................................................................................................. 30 Common Stock Prices and Yields .......................................................................................................................................... 31 FEDERAL FINANCE Federal Receipts, Outlays, and Debt ..................................................................................................................................... 32 Federal Receipts by Source and Outlays by Function ............................................................................................................ 33 Federal Sector, National Income Accounts Basis ................................................................................................................... 34 INTERNATIONAL STATISTICS Industrial Production and Consumer Prices—Major Industrial Countries ........................................................................... 35 U.S. International Trade in Goods and Services .................................................................................................................... 35 U.S. International Transactions ............................................................................................................................................. 36 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. 38 U.S. GOVERNMENT PRINTING OFFICE : 2011 64-288