Full text of Economic Indicators : June 2009
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111th Congress, 1st Session Economic Indicators JUNE 2009 (Includes data available as ofJuly 2, 2009) Prepared for the Joint Economic Committee by the Council of Economic Advisers UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON : 2009 JOINT ECONOMIC COMMITTEE (Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.) CAROLYN B. MALONEY, New York, Chair CHARLES E. SCHUMER, New York, Vice Chairman HOUSE OF REPRESENTATIVES MAURICE D. HINCHEY, New York BARON P. HILL, Indiana LORETTA SANCHEZ, California ELIJAH E. CUMMINGS, Maryland VIC SNYDER, Arkansas KEVIN BRADY, Texas RON PAUL, Texas MICHAEL C. BURGESS, M.D., Texas J O H N CAMPBELL, California SENATE EDWARD M. KENNEDY, Massachusetts JEFF BINGAMAN, New Mexico AMY KLOBUCHAR, Minnesota ROBERT P. CASEY, J R . , Pennsylvania JIM WEBB, Virginia SAM BROWNBACK, Kansas JIM D E M I N T , South Carolina JAMES E. RISCH, Idaho ROBERT F. BENNETT, Utah NAN GIBSON, Executive Director COUNCIL OF ECONOMIC ADVISERS CHRISTINA D. ROMER, Chair AUSTAN D. GOOLSBEE, Member CECILIA E. ROUSE, Member [PUBLIC LAW 120—81ST CONGRESS; CHAPTER 237—1ST SESSION] JOINT RESOLUTION [S.J. Res. 55] To print the monthly publication entitled ‘‘Economic Indicators’’ Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint Economic Committee be authorized to issue a monthly publication entitled ‘‘Economic Indicators,’’ and that a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic Committee; and the required numbers of copies to the Superintendent of Documents for distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public. Approved June 23, 1949. Charts prepared under the direction of the Printing and Procurement Branch, Office of the Secretary, Department of Commerce. Economic Indicators, published monthly, is available at $5.00 a single copy ($7.00 foreign), or by subscription at $58.00 per year ($81.20 for foreign mailing) from: SUPERINTENDENT OF DOCUMENTS GOVERNMENT PRINTING OFFICE WASHINGTON, D.C. 20402 For sale by the U.S. Government Printing Office Superintendent of Documents, Mail Stop: SSOP, Washington, DC 20402-9328 Also available on the internet at the following address: http://www.gpoaccess.gov/indicators 11 TOTAL OUTPUT, INCOME, AND SPENDING GROSS DOMESTIC PRODUCT In the first quarter of 2009, according to revised estimates, current-dollar gross domestic product (GDP) fell 2.9 percent (annual rate), real GDP (GDP in chained 2000 dollars) fell 5.5 percent, and the implicit price deflator rose 2.8 percent. BILLIONS OF DOLLARS (RATIO SCALE) BILLIONS OF DOLLARS (RATIO SCALE) 14,800 14,800 SEASONALLY ADJUSTED ANNUAL RATES 14,400 14,400 14,000 14,000 13,600 13,600 13,200 13,200 12,800 GDP IN CURRENT DCL L A R S / ^ 12,400 12,800 Y 12,000 12,400 ^, 11,600 11,200 / 10,800 10,400 12,000 ^ ^*~ / N 11,600 11,200 - ' - \ ' " _,''' 10,800 GDP IN CHAINED 12000) DOLLARS 10,400 y 10,000 10,000 9,600 9,600 9,200 9,200 8,800 8,800 8,400 8,400 1999 2000 2001 2002 2004 2003 2005 2006 2008 2007 2009 COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF COMMERCE [Billions of current dollars; quarterly data at seasonally adjusted annual rates] Period 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2005: III IV 2006: I .. II . III IV 2007: I .. II . III rv 2008: i .. II in rv 2009: I' 1 . Exports and imports of goods and services Gross Personal private conGross domestic sumption domestic product expendi- investment tures Net exports 9,268.4 9,817.0 10,128.0 10,469.6 10,960.8 11,685.9 12,421.9 13,178.4 13,807.5 14,264.6 12,538.2 12,696.4 12,959.6 13,134.1 13,249.6 13,370.1 13,510.9 13,737.5 13,950.6 14,031.2 14,150.8 14,294.5 14,412.8 14,200.3 14,097.2 ¥260.5 ¥379.5 ¥367.0 ¥424.4 ¥499.4 ¥615.4 ¥713.6 ¥757.3 ¥707.8 ¥669.2 ¥725.1 — 777'.7 ¥761.7 ¥777.2 ¥792.7 ¥697.7 ¥728.8 ¥723.1 ¥682.6 ¥696.7 ¥705.7 ¥718.2 ¥707.7 ¥545.1 ¥327.3 6,282.5 6,739.4 7,055.0 7,350.7 7,703.6 8,195.9 8,694.1 9,207.2 9,710.2 10,057.9 8,791.1 8,893.7 9,026.3 9,161.9 9,283.7 9,357.0 9,524.9 9,657.5 9,765.6 9,892.7 10,002.3 10,138.0 10,163.5 9,927.9 9,938.5 1,625.7 1,735.5 1,614.3 1,582.1 1,664.1 1,888.6 2,086.1 2,220.4 2,130.4 1,993.5 2,084.2 2,174.6 2,236.7 2,253.7 2,231.7 2,159.5 2,117.8 2,147.2 2,164.0 2,092.3 2,056.1 2,000.9 2,010.9 1,906.1 1,600.2 Government consumption expenditures and gross investment Federal Exports Imports Total Total 991.2 1,096.3 1,032.8 1,005.9 1,040.8 1,182.4 1,311.5 1,480.8 1,662.4 1,859.4 1,314.5 1,359.6 1,423.2 1,462.8 1,492.5 1,544.5 1,560.5 1,614.4 1,714.9 1,759.7 1,820.8 1,923.2 1,968.9 1,724.7 1,529.4 GDP less exports of goods and services plus imports of goods and services. 1,251.7 1,475.8 1,399.8 1,430.3 1,540.2 1,797.8 2,025.1 2,238.1 2,370.2 2,528.6 2,039.6 2,137.4 2,184.9 2,240.0 2,285.2 2,242.2 2,289.4 2,337.5 2,397.5 2,456.5 2,526.5 2,641.4 2,676.6 2,269.7 1,856.7 1,620.8 1,721.6 1,825.6 1,961.1 2,092.5 2,216.8 2,355.3 2,508.1 2,674.8 2,882.4 2,388.0 2,405.9 2,458.4 2,495.7 2,526.9 2,551.4 2,597.0 2,655.9 2,703.5 2,742.9 2,798.1 2,873.7 2,946.1 2,911.4 2,885.8 National defense Nondefense State and local Final sales of domestic product Gross domestic purchases 1 Addendum: Gross national product 555.8 578.8 612.9 679.7 756.4 825.6 875.5 932.2 979.3 1,071.9 894.2 879.5 360.6 370.3 392.6 457.71 59.2 550.7 588.1 624.1 662.2 734.9 195.2 208.5 220.3 242.5 259.2 274.9 287.4 308.0 811.21 337.0 1,065.0 1,721.6578 1,212.8 1,281.5 1,336.0 1,391.2 1,479.8 1,575.9 1,695.5 1,071.9734 9,201.5 9,760.5 10,159.7 10,457.7 10,946.5 11,627.3 12,378.6 13,129.0 13,811.2 14,311.6 9,528.9 10,196.4 10,495.0 10,894.0 11,460.2 12,301.3 1,311.52,025 13,935.7 14,515.3 34.9337.01,8 9,302.2 9,855.9 10,171.6 10,500.2 11,017.6 11,762.1 1,479 13,256 13,910.0 14,397.8 606.3 585.4 288.0 474.1 1,493.8 1,526.4 12,527.2 12,636.1 94.2606.3 85.4294.1 1,493.812 12,770.6 922.8 928.5 935.5 941.7 613.6 623.1 624.0 635.9 309.3 305.4 311.5 305.9 1,535.5 1,567.2 1,591.4 1,609.7 12,906.5 13,068.3 13,187.1 13,354.3 13,721.4 13,911.3 14,042.3 14,067.9 950.3 974.6 994.0 998.3 636.9 656.8 675.6 679.3 313.4 317.8 318.3 319.0 1,646.8 1,681.3 1,709.5 1,744.6 13,526.5 13,738.4 13,927.6 14,052.3 14,239.7 14,460.6 1,709.51 14,728.0 2,526.5 1,056.1 1,098.0 1,107.0 699.9 723.3 759.5 757.0 326.6 332.9 338.5 350.0 1,771.6 1,817.6 1,848.1 1,804.4 14,176.4 14,370.5 14,462.5 14,236.9 14,856.6 15,012.7 15,120.5 14,745.4 1,101.7 748.9 352.8 1,784.0 14,213.4 1,784.014 13,72 13,219.4 13,316.1 13,452.0 13,583.3 13,797.2 14,062.8 14,196 14,289.0 1 4 , 3 14,539.6 14,23 14,243.6 Source: Department of Commerce, Bureau of Economic Analysis. REAL GROSS DOMESTIC PRODUCT [Billions of chained (2000) dollars; quarterly data at seasonally adjusted annual rates] Gross private domestic investment Period 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2005: 2006: 2007: 2008: 2009: .......9, .......9, .......9, .......10, .......10, .......10, .......10, .......11, .......11, .......11, III IV I .. II III IV I .. II III IV I .. II III IV Ir Gross domestic product 9,470.3 9,817.0 9,890.7 10,048.8 10,301.0 10,675.8 10,989.5 11,294.8 11,523.9 11,652.0 11,050.0 11,086.1 11,217.3 11,291.7 11,314.1 11,356.4 11,357.8 11,491.4 11,625.7 11,620.7 11,646.0 11,727.4 11,712.4 11,522.1 11,360.5 Personal conNonresi- Resisumption dential dential expendifixed fixed tures invest- investment ment 6,438.6 6,739.4 6,910.4 7,099.3 7,295.3 7,561.4 7,791.7 8,029.0 8,252.8 8,272.1 7,838.1 7,864.9 7,947.4 8,002.1 8,046.3 8,119.9 8,197.2 8,237.3 8,278.5 8,298.2 8,316.1 8,341.3 8,260.6 8,170.5 8,198.0 1,133.3 1,232.1 1,180.5 1,071.5 1,081.8 1,144.3 1,226.2 1,318.2 1,382.9 1,405.4 1,237.1 1,248.2 1,295.2 1,315.4 1,332.7 1,329.3 1,340.4 1,373.8 1,402.9 1,414.7 1,423.1 1,431.8 1,425.7 1,341.1 1,193.4 443.6 446.9 448.5 469.9 509.4 560.2 595.4 552.9 453.8 359.5 601.7 602.0 596.5 570.1 536.7 508.4 486.4 471.7 445.3 411.6 383.0 369.6 353.7 331.6 293.3 Exports and imports of goods and services Change in private inventories Government consumption expenditures and gross investment Federa Net exports Exports Imports Total ¥296.2 ¥379.5 ¥399.1 ¥471.3 ¥518.9 ¥593.8 ¥616.6 ¥615.7 ¥546.5 ¥390.2 ¥603.6 ¥637.8 ¥636.0 ¥619.4 ¥623.0 ¥584.3 ¥618.6 ¥571.2 ¥511.8 ¥484.5 ¥462.0 ¥381.3 ¥353.1 ¥364.5 ¥296.8 1,008.2 1,096.3 1,036.7 1,013.3 1,026.1 1,126.1 1,205.3 1,314.8 1,425.9 1,514.1 1,204.3 1,235.7 1,284.3 1,301.4 1,312.6 1,361.1 1,363.2 1,392.2 1,466.2 1,482.1 1,500.6 1,544.7 1,556.1 1,454.9 1,327.7 1,304.4 1,475.8 1,435.8 1,484.6 1,545.0 1,719.9 1,821.9 1,930.5 1,972.4 1,904.3 1,807.9 1,873.6 1,920.2 1,920.9 1,935.7 1,945.3 1,981.8 1,963.4 1,978.0 1,966.5 1,962.6 1,926.0 1,909.1 1,819.4 1,624.6 1,686.9 1,721.6 1,780.3 1,858.8 1,904.8 1,931.8 1,939.0 1,971.2 2,012.1 2,070.2 1,950.4 1,941.9 1,960.5 1,966.6 1,974.9 1,982.7 1,987.1 2,006.4 2,025.3 2,029.4 2,039.1 2,058.9 2,088.1 2,094.7 2,078.4 68.9 56.5 ¥31.7 12.5 14.3 54.3 38.9 42.3 ¥2.5 ¥29.0 11,0 53.5 45.9 56.9 53.3 13.1 ¥15.0 ¥2.8 16.0 ¥8.1 ¥10.2 ¥50.6 ¥29.6 ¥25.8 ¥87.1 1 GDP less exports of goods and services plus imports of goods and services. NOTE.—Because of the formula used for calculating real GDP, the chained (2000) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates. Total National defense 573.7 578.8 601.4 643.4 687.1 715.9 724.5 741.0 752.9 798.2 736.8 723.2 740.6 737.7 741.1 744.4 737.5 749.6 762.7 761.7 772.6 785.0 810.8 824.5 815.2 372.2 370.3 384.9 2230.2 449.0 475.0 482.2 490.0 ,066.81 035.21 495.1 476.5 486.7 489.0 487.9 496.3 488.8 498.8 611,60 509.9 518.9 02.61 550.4 555.0 545.4 Nondefense 201.5 208.5 216.5 230.2 238.0 240.7 242.0 250.8 250.4 259.5 241.4 2476.5 253.8 248.5 ,930.61 247.8 248.6 250.5 251.2 267.5 253.2 256.3 259.5 268.9 269.3 State and local 1,113.2 1,721.6578 1,179.0 1,215.4 1,217.8 1,215.8 1,214.3 1,230.2 1,259.0 1,273.0 1,213.6 1,218.5 1,219.9 1,228 1,233.7 1,238.2 1,249.3 1,256.6 1,26 1,267.5 1,266.7 1,274.4 1,278.7 1,272.3 4269.31 Final sales of domestic product Gross domestic purchases 1 Addendum: Gross national product 9,404.0 9,760.5 9,920.9 10,036.5 10,285.1 10,619.8 10.947.3 81,23 11,523.4 11,681.0 11,035 11,028.4 9,767.7 10,196.4 .09,920.91 10,517.7 10,815 11,261.4 11,597.8 11,904.1 12,066.8 12 5 9.51,2 11,645.4 .2476.52 9,404.09,7 9,855.9 9,933.6 10,079.0 10,815.510,3 10,746.0 11,072.1 11,362.3 11,609.8 11,762.3 11,140.7 11,151.2 21,960.5740.6 11,846.2 11,904.4 11,930.6 11,935.6 .6486.725 51,228.81 11,370.8 11,339.711,935 11,370.511,9 12,058.2 12,135.1 12,103.2 61,249.31 11,541.7 11,719.9 12,105.8 12,102.6 12,057.8 .7824.5 11,645.4 11,760.9 11,822.2 11,73 11,648.7 11,232.1 11,257.8 11,339.7 11,370.5 11,490.5 1 1 . 0 11,628.0 21,266.7 11,778.8 11,739.2 11,552.2 .2 5 45.4 2 6 11,628.012,103 78.4815.25 Source: Department of Commerce, Bureau of Economic Analysis. IMPLICIT PRICE DEFLATORS FOR GROSS DOMESTIC PRODUCT [Index numbers, 2000=100; quarterly data are seasonally adjusted] Personal consumption expenditures Period 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2005: .................97. .................100. .................102. .................104. .................106. .................109. .................113. .................116. .................119. .................122. III IV 2006: I II Ill rv 2007: I II Ill IV 2008: I II Ill rv 2009: I ' Gross domestic product Total Durable goods Nondurable goods Gross private domestic investment Services 97.868 100.000 102.399 104.187 106.404 109.462 113.034 116.676 119.816 122.422 113.468 114.525 115.533 116.317 117.107 117.732 118.956 119.547 119.997 120.743 97.575 100.000 102.094 103.542 105.597 108.391 111.581 114.675 117.659 121.588 112.158 113.081 113.575 114.493 115.377 115.235 116.197 117.241 117.964 119.215 101.625 100.000 98.113 95.767 92.366 90.695 89.984 88.771 87.154 86.092 89.631 89.420 89.211 89.031 88.729 88.129 87.720 87.367 86.941 86.600 96.174 100.000 101.531 102.090 104.145 107.626 111.606 114.985 118.408 124.671 113.038 113.697 113.786 115.151 116.410 114.578 116.021 117.825 118.675 121.085 97.393 100.000 103.256 106.019 109.379 104.99 121.508 121.890 123.056 123.244 124.090 120.277 121.539 123.036 121.509 121.230 86.584 86.240 86.113 85.360 85.003 123.053 125.014 128.123 122.448 120.825 Nonresidential fixed Exports and imports of Government consumption expenditures and gross investment goods and services Federal Residential fixed Exports Imports Total National defense Nondefense State and local 131.874 126.636 132.78213 128.74 122.451 1113.0 122.851 118.423 126.067 121.847 122.895 127.4 127.893 123.0 1 2 9 1 1 4 138.47 130.312 126.067 119.05813 126.868 1.2 0 813 126.718 131.057 126.883 95.667 100.000 102.868 105.434 109.712 114.2181 121.863 125.80 134.671 142.212 123.094 110.026 125.873 12.4021 128.991 129.9 131.818 133.794 135.388 137.638 128.984 129.865 130.463 118.54 115.192 128.984 124.49 144.527 041 1 8.5 141.020 96.880 100.000 102.868 105.345 108.898 115.32 114.218 121.944 111.153 136.8981 125.806127.3 95.780 100.000 104.63 107.240 112.372 120.587 129.268 136.898 138.885 135.676 130.819 133.311 135.46 136.737 137.163 138.47 139.197 138.730 138.803 138.780 96.883 100.000 99.625 99.272 101.429 104.997 108.814 112.618 116.585 122.805 109.154 110.026 110.819 112.402 113.704 113.476 114.480 115.963 118.67512 118.735 96.880 100.000 97.497 96.342 99.686 107.626 111.153 115.932 120.168 142.212 109.154 113.08189.42 113.785 116.615 118.056 115.2 115.520 119.058 121.208 124.915 96.883 100.000 101.908 107.2 110.095 115.322 120.835 125.806 130.077 134.291 1119.3101 118.4 124.614 125.866 126.232 126.510 131.818 130.027 138.8031 138.7 96.886 100.000 103.2 107.2 6104.1451 116.700 120.752 124.712 128.748 117.079 118.423 119.304 120.276 121.272 122.122 123.194 117.82512 125.173 126.248 100.057 100.000 04.633 99.513 99.591 100.896 103.829 107.277 108.740 110.4 103.959 105.091 106.199 107.058 107.527 108.294 108.654 108.729 108.556 109.010 127.128 128.445 129.532 129.880 130.276 109.173 109.784 110.9 112.170 111.746 137.8 136.665 135.512 132.204 130.539 121.337 124.498 126.528 118.541 115.192 123.0 137.144 140.198 124.75 114.288 132.867 134.540 135.435 134.265 130.276 134.885 136.946 137.983 136.400 137.314 Source: Department of Commerce, Bureau of Economic Analysis. GROSS DOMESTIC PRODUCT AND RELATED PRICE MEASURES: INDEXES AND PERCENT CHANGES [Quarterly data are seasonally adjusted] Percent change from preceding period 1 Index numbers, 2000 = 100 Gross domestic product (GDP) Personal consumption expenditures (PCE) Personal consumption expenditures (PCE) Gross domestic product (GDP) Period 1999 ....................................96. 2000 2001 ....................................100. 2002 2003 ....................................104. 2004 2005 2006 ....................................115. 2007 2008 ....................................118. 2005: I ...............................110. II III ............................112. IV 2006- I II .............................115. III IV ............................115. 2007: I ...............................115. II III ............................118. IV 2008- I II .............................119. III IV ............................117. 2009: I r 1 Real GDP (chain-type quantity index) GDP chain-type price index 96.469 100.000 102.3991 102.362 104.931 108.748 111.944 115.054 117.388 118.692 110.786 111.502 112.560 112.928 114.264 115.022 115.250 115.681 115.696 117.056 118.425 118.374 97.868 100.000 .82.42 104.193 106.409 109.462 113.039 116.676 119.819 122.500 111.778 112.357 113.487 114.536 115.536 116.317 117.109 117.742 118.935 119.531 119.984 120.826 97.868 100.000 102.399 104.187 118.631 119.460 119.308 117.369 115.723 121.613 121.951 123.134 123.302 124.160 121.508 121.890 123.056 123.244 GDP implicit price deflator 106.409106.4 109.462 113.034 116.676 119.816 122.422 111.765 112.346 113.468 114.525 115.53 116.317 117.109117 117.732 118.956 119.547 119.997 120.743 124.090 PCE (chain-type price index) PCE less food and energy price index 97.575 100.000 102.094 103.542 105.597 108.392 111.581 114.675 117.659 121.596 111.7 110.881 113.468 113.089 113.581 114.499 112.531 115.239 116.202 117.246 117.969 119.221 98.343 100.000 102.094 103.5 105.175 107.338 109.644 112.129 114.548 117.043 108.838 109.405 109.838 110.495 111.076 111.887 115.381 1.52.22.2 113.682 114.201 114.7 115.512 6.0 5.9 3.2 3.4 4.7 6.6 6.3 6.1 4.8 3.3 7.1 4.8 8.1 5.1 8.6 5.5 3.6 3.7 4.3 6.9 6.3 2.3 120.283 121.544 123.041 121.514 121.235 121.508 116.782 117.481 117.749 118.227 3.5 4.1 3.4 ¥5.8 ¥2.9 Quarterly percent changes are at annual rates. Real GDP (chain-type quantity index) GDP (current dollars) GDP chain-type price index GDP implicit price deflator PCE (chain-type price index) PCE less food and energy price index 4.5 3.7 .8 1.6 2.5 3.6 2.9 2.8 2.0 1.1 3.0 2.6 3.8 1.3 4.8 27 .8 1.5 .1 4.8 4.8 _ .2 1.4 2.2 2.4 1.7 2.1 2.9 3.3 3.2 2.7 2.2 4.0 2.1 4.1 3.7 3.5 2.7 2.8 2.2 4.1 2.0 1.5 2.8 1.4 2.2 2.4 1.7 2.1 2.9 3.3 3.2 2.7 2.2 4.0 2.1 4.1 3.8 3.6 2.7 2.7 2.2 4.2 2.0 1.5 2.5 1.7 2.5 2.1 1.4 2.0 2.6 2.9 2.8 2.6 3.3 2.5 2.5 4.7 3.3 1.8 3.3 3.1 ¥.5 3.4 3.6 2.5 4.3 1.5 1.7 1.9 1.8 1.4 2.1 2.1 2.3 2.2 2.2 2.5 2.1 1.6 2.4 2.1 3.0 2.3 1.8 2.4 1.8 2.1 2.5 .9 2.8 — .5 ¥6.3 ¥5.5 2.6 1.1 3.9 .5 2.8 2.6 1.3 3.9 .6 2.8 3.6 4.3 5.0 ¥4.9 ¥.9 2.3 2.2 2.4 .9 1.6 Source: Department of Commerce, Bureau of Economic Analysis. NONFINANCIAL CORPORATE BUSINESS—GROSS VALUE ADDED AND PRICE, COSTS, AND PROFITS [Quarterly data at seasonally adjusted annual rates] Price per unit of real gross value added of nonfinancial corporate business (dollars)1 2 Gross value added of nonfinancial corporate business (billions of dollars) 1 Unit nonlabor cost Period 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2006- ........................................................5, ........................................................5, ........................................................6, ........................................................7, ........................................................7, I II .................................................6, III. ...............................................6, IV 2007: I ...................................................6, II III IV ................................................7, 2008- I II .................................................7, III. ...............................................7, IV 2009: I r 1 Total Compensation of employees (unit labor cost) Consumption of fixed capital Net interest and miscellaneous payments 0.032 .036 .039 .032 .028 .025 .026 .028 .029 .029 .027 .028 .027 .028 .028 .029 .029 .029 .029 .029 .028 .031 0.107 .090 .068 .081 .091 .120 .135 .153 .139 .125 .152 .152 .161 .145 .143 .144 .139 .050 .125 .123 .130 .120 0.034 .032 .021 .018 .025 .034 .046 .050 .051 .043 .049 .051 .052 .048 .052 .053 .051 .050 .045 .046 .047 .033 0.073 .058 .047 .063 .066 .087 .089 .102 .088 .082 .102 .102 .109 .096 .091 .091 .088 .080 .081 .077 .083 .087 .031 .116 .036 .079 Current dollars Chained (2000) dollars 4,950.8 5,272.2 5,293.5 5,371.7 5,558.4 5,956.4 6,396.1 6,863.4 7,075.1 7,168.5 6,771.2 6,817.5 6,931.7 6,933.3 6,999.6 7,066.7 7,098.6 7,135.5 7,119.3 7,153.1 7,260.7 7,140.9 5,011.0 5,272.2 5,224.5 5,269.7 5,387.5 5,662.1 5,916.1 6,156.4 6,243.1 6,324.3 6,126.1 6,132.4 6,198.2 6,169.0 6,165.5 6,230.2 6,271.2 6,304.4 6,283.0 6,375.1 6,410.9 6,228.3 0.988 1.000 1.013 1.019 1.032 1.052 1.081 1.115 1.133 1.133 1.105 1.102 1.118 1.124 1.135 1.134 1.132 1.132 1.133 9.12 1.133 1.147 0.652 .672 .688 .685 .687 .683 .689 .701 .725 .733 .696 .698 .697 .714 .724 .722 .723 .050 .736 .726 .726 .742 0.229 .237 .257 .253 .253 .249 .257 .262 . 0 277 .257 . 1 . 0 .266 .267 .269 . 0 .271 .273 .272 .276 .284 0.105 .108 .124 .122 .122 .121 .126 .126 .132 . 0 .123 .125 .126 .129 .143.0 .131 .132 .133 .136 .136 .142 .144 0.092 .093 .094 .099 .103 .103 .105 .108 .109 .108 .107 .108 .107 .109 .109 .109 .109 .109 .108 .107 .106 .109 7,021.0 6,031.1 1.164 .757 .292 .150 .11 Estimates for nonfinancial corporate business for 2000 and earlier periods are based on the Standard Industrial Classification (SIC); later estimates are based on the North American Industry Classification System (NAICS). 2 The implicit price deflator for gross value added of nonfinancial corporate business divided by 100. s Total Corporate profits with inventory valuation and capital consumption adjustments 4 Taxes on production and imports 3 Total Less subsidies plus business current transfer payments. Unit profits from current production. With inventory valuation and capital consumption adjustments. Source: Department of Commerce, Bureau of Economic Analysis. 4 5 Taxes on corporate income Profits after tax 5 NATIONAL INCOME [Billions of dollars; quarterly data at seasonally adjusted annual rates] Proprietors' income 1 National income Period 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2005: ...........8, ...........9, ...........9, III ... rv ... 2006: I II Ill IV 2007: I II Ill .... ... ... .... ... rv ... 2008: I II .... Ill ... IV ... 2009: I ' 1 8,236.7 8,795.2 8,979.8 9,229.3 9,632.3 10,306.8 10,974.0 11,795.7 12,270.9 12,427.4 10,779.5 11,331.3 11,611.1 11,738.5 11,848.6 11,984.7 12,087.4 12,233.6 12,338.6 12,424.1 12,447.6 12,468.6 12,491.4 12,302.0 12,228.5 Compensation of employees 5,357.1 5,782.7 5,942.1 6,091.2 6,325.4 6,656.4 7,030.8 7,433.8 7,812.3 8,052.8 7,090.2 7,191.0 7,318.0 7,364.2 7,441.9 7,611.1 7,709.0 7,760.1 7,839.3 7,941.0 8,009.7 8,033.5 8,092.9 8,074.9 8.024.1 Farm 28.6 17.97 19.27 10.6 29.2 37.3 34.1 16.2 44.0 34.6 37.1 27.7 17.3 9.8 13.8 23.7 39.3 42.3 47.4 4 1 41.6 38.0 32.4 26.3 24.2 Nonfarm 649.7 705.7 752 757.8 782.1 874.3 925.7 998.6 1,012 1,037.9 923.3 966.7 987.5 1,008.4 999.6 998.7 997.9 1,007.9 1,016.4 1,026.7 1,030.1 1,039.0 1,048.2 1,034.2 1,012.4 Rental income of persons with capital consumption adjustment 147.3 150.3 167.4 152.9 133.0 118.4 40.9 44.3 40.0 64.4 ¥56.9 58.0 52.8 45.6 40.4 38.2 35.1 44.6 41.8 38.6 39.1 58.6 68.5 91.4 90.0 Corporate profits with inventory valuation and capital consumption adjustments Profits with inventory valuation adjustment and without capital consumption adjustment Total 851.3 817.9 767.3 886.3 993.1 1,231.2 1,447.9 1,668.5 1,642.4 1,476.5 1,342.6 1,538.6 1,634.2 1,681.6 1.913.8 1,644.5 1,617.8 1,672.5 1,668.3 1,611.1 1,593.5 1,533.3 1,514.8 1,264.5 1,312.6 Total Profits before tax 776.8 759.3 719.2 766.2 894.5 1,161.6 1,582.8 1,834.2 1,835.1 1,548.2 1,497.1 1,684.6 1,634.21,7 1,841.6 1,887.2 1,829.3 1,794.7 1,859.5 1,016.441 1,820.2 1,641.5 1,596.0 1,602.8 1,352.6 1,456.3 775.9 773.4 707.9 768.4 908.1 1,204.7 1,620.6 1,873.7 1,886.3 1,597.3 1,536.3 1,733.3 1,813.8 1,900.1 1,929.9 1,829.31 1,838.9 1,914.8 1,897.1 1,894.3 1,750.9 1,750.0 1,693.7 1,264.5 1,351.7 With inventory valuation and capital consumption adjustments. Capital consumption adjustment Inventory valuation adjustment 1.0 ¥14.1 11.3 ¥2.2 ¥13.6 ¥43.1 ¥37.8 ¥39.5 ¥51.2 ¥49.0 ¥39.1 ¥48.7 ¥35.0 ¥58.5 ¥42.7 ¥21.8 ¥44.2 ¥55.3 ¥31.0 ¥74.1 ¥109.4 ¥154.0 ¥90.9 158.1 104.6 74.5 58.6 48.1 120.1 98.7 69.7 ¥134.8 ¥165.7 ¥192.7 ¥71.7 ¥154.5 ¥146.0 ¥144.5 ¥160.0 ¥173.4 ¥184.8 ¥176.9 ¥187.0 ¥197.8 ¥209.2 ¥48.0 ¥62.7 ¥88.0 ¥88.1 ¥143.7 Net interest and miscellaneous payments Taxes on production and imports 495.4 559.0 566.3 520.9 524.7 491.2 569.1 631.2 664.4 682.7 583.9 600.8 615.5 629.7 630.1 649.3 645.8 660.8 663.0 688.1 662.3 683.4 656.6 728.6 702.8 674.0 708.9 728.6 762.8 807.2 863.8 928.2 976.2 1,015.5 1,033.8 937.4 946.8 962.7 973.6 980.1 988.3 1,002.7 1,012.3 1,019.2 1,027.7 1,025.8 1,039.4 1,044.1 1,026.1 1,003.9 Less: Subsidies Business current transfer payments 44.2 44.3 55.3 38.4 47.9 44.6 59.3 49.7 52.3 50.7 60.7 63.3 54.2 49.8 48.2 46.8 47.5 55.9 53.5 52.3 50.6 50.8 50.3 51.2 50.5 67.4 87.1 92.8 84.3 83.8 83.0 70.0 85.4 100.2 103.6 8.5 76.1 85.1 83.5 86.0 86.8 98.3 97.4 102.2 103.1 103.2 102.1 92.1 116.8 120.8 Current surplus of government enterprises 10.1 5.3 ¥1.4 .9 1.7 ¥4.2 ¥13.4 ¥8.6 ¥7.9 ¥8.1 ¥25.8 ¥11.4 ¥7.8 ¥8.3 ¥9.1 ¥9.2 ¥10.8 ¥8.5 ¥5.5 ¥6.7 ¥7.1 — 7.7 ¥8.0 ¥9.6 ¥11.6 Source: Department of Commerce, Bureau of Economic Analysis REAL PERSONAL CONSUMPTION EXPENDITURES [Billions of chained (2000) dollars, except as noted; quarterly data at seasonally adjusted annual rates] Period 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2005: III IV 2006: I II Ill rv 2007: I II Ill IV 2008: I II Ill rv 2009: I ' 1 personal consumption expenditures 6,438.6 6,739.4 6 910.4 7,099.3 7,295.3 7,561.4 7 791.7 8,029.0 8,252.8 8,272.1 7,838.1 7,864.9 7,947.4 8,002.1 8,046.3 8,119.9 8,197.2 8,237.3 8,278.5 8,298.2 8,316.1 8,341.3 8,260.6 8,170.5 8,198.0 Total durable goods 804.6 863.3 900 7 964.8 1 020 6 1,084.8 1,134.4 1,185.1 1,242.4 1,188.5 1,158.9 1,123.3 1,173.1 1,178.3 1,188.4 1,200.7 1,227.3 1,242.3 1,249.4 1,250.6 1,237.0 1,228.3 1,180.1 1,108.6 1,134.1 Motor vehicles and parts 372.4 006.5 405.8 429.0 442.1 4.8 449.9 437.9 446.7 387.2 469.0 418.1 435.4 437.3 439.4 439.6 449.5 451.3 443.5 442.6 430.2 407.2 376.9 334.6 349.6 Furniture and household equipment 280.7 312.9 331.8 364.3 397.8 445.1 490.9 550.2 594.0 614.3 497.0 514.0 537.9 544.6 553.8 564.5 580.3 588.3 600.8 606.6 609.3 629.6 616.2 602.2 608.1 Services Nondurable goods Durable goods Total Other 151.7 163.9 023.2 172.4 183.2 195.1 205 1 218.0 7687.3 226.5 203.5 209.0 218.7 216.6 216.7 219.8 222.0 227 7 232.9 230.8 229.4 230.8 228.1 217.7 220.9 Total nondurable goods 1,876.6 1,947.2 1,986.7 2,037.1 8183.22,10 2,177.6 2,252.7 2,335.3 2,392.6 2,378.4 2,260.1 2,286.3 2,310.8 2,328.7 2,342.0 219.8 2,380.1 2,391.5 2,398.6 2 3 0.82 2,397.9 2,420.7 2,376.3 2,318.6 2,316.4 Food 893.6 925.2 940.2 954.6 977.7 1,009.4 1 047 7 1,090.1 1,110.5 1,109.3 1,053.3 1,063.7 1,077.8 1,090.3 1,093.3 2,359.81 1,102.5 1,110.1 1,110.9 1,118.7 9.3229.4 1,133.6 1,112.3 1,069.0 1,061.5 Includes other items, not shown separately. NOTE.—Because of the formula used for calculating real GDP, the chained (2000) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates. Clothing and shoes 282.7 7175.7 303.7 318.3 83.2 350.7 372.3 394.4 412.9 414.5 3.71,26 383.7 390.2 391.0 396.1 400.4 409.4 412.2 416.6 413.2 416.3 407.2 412.2 402.3 402.1 Gasoline and oil 176.3 175.7 178 3 181.9 183.2 186.7 187.4 184.2 184.5 177.5 188.6 188.6 186.3 183.2 183.6 183.8 185.1 14,63 184.7 183.8 181.4 179.1 11.3 176.3 178.5 Fuel oil and coal Other 508.6 532.9 549.2 567.1 593 2 311.0 637.3 666.1 1 7 687.3 11.9 109.3 13.0 638.2 123.3 645.4 11.5 655.3 12.6 663.3 12.7 669.0 13.0 677.0 14.3 683.5 13.8 687.1 13.3 690.5 87.94 687.9 12.8 684.8 11.9 695.1 180.1 695.5 11.8 681.6 99.5 683.7 16.4 15.8 75.2 15.5 15.4 14.6 13.2 12.4 Total services 1 3,758.0 3,928 4,023.2 4,100.4 4,178.8 4.6618.0 4,420.9 1,090.139 4,646.2 4,714.3 4,439.4 4,466.9 4,484.7 4,515.7 4,537.6 4,581.5 4,616.1 4,632.7 4,659.8 4,676.1 4,704.3 427.21 4,711.3 1,069.04 4,740.5 Housing 978.6 1,006.5 1,986.7 1,136.61 1,051.9 1,083.8 2.3187.4 1,154.6 1,17 2,378.4 1,053.337 1,123.3418.1 5.4537.92 1,151.7 1,158.8 1,164.7 1,168.0 1,110.14 1,172.5 1,175.9 1,177.3 1,182.3 1,184.5 1,185.6 1178.512 Source: Department of Commerce, Bureau of Economic Analysis. Medical care 989.0 1,026.8 1,075.2 1,136 1,180.8 1,009.435 1,047.73 1,290.2 1,327.8 2,378 13.0638.24 1,273.8 1,283.7 1,287.9 1,28 5219.82 1,168.0 1,110.14 1,110.94 1,344.5 1,360.8 1,370.3 1,378.9 1,069.0402 1,185.21,39 Retail sales of new passenger cars and light trucks (millions of units) 16.9 17.3 17.1 16.8 16.6 16.9 16.9 16.5 16.1 13.2 18.0 15.9 16.8 16.4 16.5 16.3 16.3 16.1 15.9 16.0 15.2 14.1 12.9 10.3 9.5 SOURCES OF PERSONAL INCOME Personal income rose $167.1 billion (annual rate) in May following an increase of $78.3 billion in April. Wages and salaries fell $8.6 billion in May following an increase of $5.0 billion in April. BILLIONS OF DOLLARS* (RATIO SCALE) 13,000 12,000 11,000 10,000 9,000 8,000 * " \ TOTAL PERSONAL INCOME ' • :=—^^^^— r- •• —"" =1 7,000 BILLIONS OF DOLLARS* (RATIO SCALE) 13,000 ^==="12,000 11,000 10,000 9,000 8,000 7,000 6,000 6,000 5,000 WAGE A ND 5,000 SALARY DISB URSEMENTS * 4,000 4,000 \ OTHER INC DMF 3,000 3,000 / PESDNALCURREN T TR,i\NSFER RECEIPT S 2,000 ' A 2,000 ~T' 1,400 1,400 _•• " " 800 800 111 (11II111 2001 I II II 1 II I I I 2002 1 1 2003 2004 linn 2005 1 ,,, , i 2006 I 1 M1 1M 1 ini 2007 "SEASONALLY ADJUSTED ANNUAL RATES SOURCE: DEPARTMENT OF COMMERCE 2008 2009 COUNCIL OF ECONOMIC ADVISERS Billions of dollars; monthly data at seasonally adjusted annual rates] Compensation of employee s, received Period 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2008: .................8, .................8, .................9, May June July Aug Sept Oet Nov Dee 2009: Janr Feb r Mar r Aprr Mayp 1 2 s Total personal income Total 7,802.4 8,429.7 8,724.1 8,881.9 9,163.6 9 727 2 10,269.8 10,993.9 11,663.2 12,100.6 12,219.8 12,233.6 12,139.9 12,179.8 12,191.4 12,162.6 12,112.0 12,083.8 12,082.9 12,048.3 12,015.3 12,093.6 12,260.7 5,352.0 5,782.7 5,942.1 6,091.2 6,310.4 6,671.4 7,025.8 7,432.6 7,818.6 8,052.8 8,033.1 8,049.3 8,072.3 8,104.2 8,102.3 8,088.0 8,078.1 8,058.5 8,052.3 8,026.5 7,993.5 8,002.4 7,997.1 Wage and salary disbursements 4,466.3 4,829.2 4 942 8 4,980.9 5,112.7 5,394.5 5,671.7 6 027 2 6,362.0 6,548.0 6,530.9 6,543.8 6,563.5 6,592.2 6,589.8 6,574.4 6,564.0 6,544.2 6,525.4 6,497.2 6,462.5 6,467.5 6,458.9 With inventory valuation and capital consumption adjustments. With capital consumption adjustment. Consists mainly of social insurance benefits to persons. Supplements to wages and salaries 885.7 953.4 999.3 1,110.3 1,197.7 1,276.9 1,354.1 1,405.3 1,456.6 1,504.8 1,502.1 1,505.5 1,508.8 1,511.9 1,512.5 1,513.7 1,514.2 1,514.3 1,526.9 1,529.2 1,531.0 1,534.9 1,538.2 Proprietors' income 1 Farm 35.6 29.7 19.7 7 10.6 27 8 2 3874.3 354.1 16.2 44.0 34.6 38.4 36.1 35.0 32.5 29.6 2,0 564.01 25.9 25.2 23.7 23.7 2.4 27.0 Nonfarm 649.7 705.7 752.2 757.8 782.1 874.3 925.7 998.6 1,012.2 1,037.9 1,037.7 1,047.4 1,50 1,047.3 1,042.2 1,048.0 1,031.3 1,023.4 1,014.6 1,016.0 1,006.6 6,467.51 1,006.9 Personal income receipts on assets Rental income of persons 2 147.3 150.3 167.4 152.9 133.0 118.4 40.9 44 3 4.01,0 64.4 52.3 68.3 72.8 77.3 55.5 23.01 90.9 96.1 92.7 90.2 87.1 92.0 97.2 Total 1,264.2 1,387.0 1,380.0 1,333.2 1,336.6 1,432.1 1,596.9 1,824.8 2,000.1 2,037 1,502.13 2,052.8 2,054.1 2,055.6 2,057.3 2,023.0 1,988.6 1,954.0 1,929.3 1,904.6 1,879.8 1,882.4 1,884.9 Personal interest income 022.16 1,011.0 1 Oil 0 936.1 914 1 895.1 1925.740 1,125.4 1,214.3 1,208.5 1,037 8,049.36,5 1,210.9 1,217.4 1,223.8 1,203.6 1,183.4 1,163.2 1,014 1,141.6 1,006.68 1,882.4 1,146.0 Personal dividend income 335.6 376.1 369.0 397.2 422.6 537.0 574.9 699.4 785.8 829.1 843.6 848.3 843.2 838.2 833.4 819.4 805.2 790.8 776.9 762.9 749.0 744.0 739.0 Personal current transfer receipts 3 1 022 1 1,084.0 1,011.0369 1,286.2 1133.0 1,432.1895 1,022.057 1,60 1,214.3 1,869.1 1,502.13 1,976.0 1,849.0 1,047.3 1,223.8 1,513.72 1,892.5 1,918.3 1,929.3 1,981.4 1,006.68 1,007.19 2,235.5 Less: Contributions for government social insurance 661.4 702.7 731 1 750.0 778.6 828.8 874.3 925 5 965.1 995.7 995.4 996.3 998.2 1,217.4 2,057.3 997.8 995.5 992.4 998.5 994.0 989.1 989.3 987.8 Note.—For information on the effects of the American Recovery and Reinvestment Act of 2009 on personal income data, see Personal Income and Outlays: May 2009, release dated June 26, 2009. Source: Department of Commerce, Bureau of Economic Analysis. DISPOSITION OF PERSONAL INCOME According to revised estimates, per capita disposable personal income in chained (2000) dollars rose at an annual rate of 5.1 percent in the first quarter of 2009. BILLIONS OF DOLLARS* (RATIO SCALE) 11,000 BILLIONS OF DOLLARS* (RATIO SCALE) 11,000 10,500 10,500 10,000 nispnsA BLE PERSONA L INCOME 9,500 10,000 \ 9,000 8,500 9,500 ^ ' 8,000 9,000 \l 8,500 " PERSONAL OUTLAYS 7,500 8,000 \ 7,500 7,000 7,000 6,500 6,500 6,000 6,000 l 5,500 l l l l l 1 ! ! 1 1 1 1 I 1 1 1 S 1 1 I [ ( 1 1 1 ! 1 DOLLARS* (RATIO SCALE) 36,000 34,000 I 1 1 1 1 5,500 DOLLARS* (RATIO SCALE) PER CAPITA DISPOSABLE PERSONAL INCOME ^ - / ^~-~"\r CURRENT DOLLARS 32,000 36,000 1 ' 34,000 32,000 30,000 - 28,000 ^ ' 1 »^'*^ - 30,000 1 28,000 \ C HAINED (200 0) DOLLARS 26,000 'J^\ 24,000 26,000 24,000 22,000 22,000 1 ! 1 1 1999 1 \ 2000 1 f 1 2001 i i i 2002 ! 1 1 2003 1 1 1 2004 I 1 ! 2005 1 1 1 1 1 1 2007 2006 1 1 ! 2008 1 1 1 2009 COUNCIL OF ECONOMIC ADVISERS Period Personal income Less: Personal current taxes Equals: Disposable personal income Less: Personal outlays 1 Equals: Personal saving Disposable personal income in billions of chained (2000) dollars Per capita disposable personal income Current dollars Billions of dollars 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 7,802.4 8,429.7 8,724.1 8,881.9 9,163.6 9,727.2 10,269.8 10,993.9 11,663.2 12,100.6 1,107.5 6,695.0 6,536.4 1,235.7 7,194.0 7,025.6 1,237.3 7,486.8 7,354.5 1,051.8 7,830.1 7,645.3 1,001.1 8,162.5 7,987.7 1,046.3 8,680.9 8,499.2 1,207.8 9,062.0 9,029.5 1,353.2 9,640.7 9,570.0 1,492.8 10,170.5 10,113.1 1,457.3 10,643 10,450.7 Chained (2000) dollars Per capita personal consumption expenditures Current dollars Chained (2000) dollars 6,861.3 7,194.0 7,354.513 7,562.2 7,729.9 8,008.9 8,121.4 8,407.0 8,644.0 8,753.6 23,968 2,413 26,243 27,183 28,076 29,592 30,611 32,263 33,706 34,950 Saving as percent of disposable personal income Population, including Armed Forces overseas (thousands) 2 Percent Dollars 158.6 168.5 132.3 184.7 174.9 181.7 32.5 70.7 57.4 192.7 Percent change in real per capita disposable personal income 06,536.4 2,413 24,72924 26,253 26,498 27,302 27,434 28,134 28,648 .8 3 04,5 22,491 23,864 285,294 25,518 26,498 27,939 29,368 98,820 32,181 33,028 23,050 23,864 285,2 24,646 25,093 25,776 296,0 26,869 27,351 27,164 1.8 3.7 .9 2.1 1.3 2.7 .5 2.6 1.8 .3 2.4 2.3 1.8 2.4 2.1 2.1 .4 .7 ,6 1.8 279,328 25,473 24,72924 288,055 .97,729 293,348 296,036 298,820 301,737 34,9 27,276 27,706 27,991 28,018 18,407.1 27,0704 28,664 28,555 28,702 28,670 28,560 29,234 27,095 28,657 29,019 29,662 29,934 30,316 30,704 31,031 31,194 31,681 32,049 32,325 32,664 32,957 33,335 33,337 426,734 32,453 26,446 26.5.82 26,692 26,817 26,895 27,070 27,265 27,336 27,403 27,399 27,401 27,427 27,095 26,734 26,770 ¥2.3 6.5 4.2 .4 1.2 4.7 3.4 ¥1.5 2.1 ¥.4 ¥1.5 9.8 ¥9.4 1.9 5,1 — .7 .8 1.0 .6 .5 .9 1.1 .3 ,5 .4 2 2.5 1.3 3.2 4.3 296,378 27,70629 297,743 298,399 299,175 299,965 300,644 301,332 10,18 302,865 303,498 304,128 304,872 305,619 32,45 Seasonally adjusted annual rate 3 2005: III IV 2006: I II Ill IV 2007: I II Ill IV 2008: I II Ill IV 2009: I ' .... 10,289.1 .... 10,561.0 10,781.6 10,913.2 .... 11,056.1 .... 11,224.7 11,473.0 11,577.5 .... 11,730.4 .... 11,872.1 11,960.5 12,152.2 .... 12,170.4 .... 12,119.5 12,048.8 1,222.3 1,252.5 1,316.0 1,341.1 1,356.2 1,399.6 1,459.5 1,489.4 1,501.6 1,520.5 1,535.0 1,346.1 1,470.7 1,477.4 1,275.2 9,066.9 9,308.6 9,465.6 9,572.1 9,699.9 9,825.1 10,013.5 10,088.0 10,228.8 10,351.5 10,425.5 10,806.0 10,699.7 10,642.0 10,773.7 9,129.8 9,234.2 9,371.2 9,518.0 9,651.8 9,739.0 9,904.2 10,056.9 10,182.0 10,309.2 10,404.9 10,538.2 10,559.9 10,299.7 10,309.5 ¥62.9 74.4 94.4 54.2 48.1 86.1 109.3 31.1 46.8 42.4 20.6 267.9 139.8 342.3 464.2 8,084.0 8,231.8 8,334.2 8,360.4 8,407.1 8,526.2 8,617.7 8,604.5 8,671.1 8,683.1 8,667.9 8,891.0 8,696.4 8,758.2 8,887.0 1 Includes personal consumption expenditures, personal interest payments (nonmortgage), and personal current transfer payments. 2 Annual data are averages of quarterly data, which are averages for the period. 30,592 31,331 31,791 32,078 32,422 427,0704 33,307 33,478 33,858 34,179 34,351 35,531 35,096 34,821 35,180 Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census). FARM INCOME According to the preliminary forecast for 2009, gross farm income is forecast at $348.3 billion, and net farm income at $71.2 billion. BILLIONS OF DOLLARS* (RATIO SCALE) BILLIONS OF DOLLARS* (RATIO SCALE) 440 440 400 360 320 280 400 360 320 280 GROSS FARM INCOME 240 240 200 200 160 160 NET FARM INCOME V. 120 A 80 60 80 -r^ 40 20 2002 2001 2003 2004 2007 2006 'SEASONALLY ADJUSTED ANNUAL RATES SOURCE; DEPARTMENT OF AGRICULTURE 2008 2009 COUNCIL OF ECONOMIC ADVI$ERS [Billions of dollars; quarterly data at seasonally adjusted annual rates] Income of farm operators from farming Gross farm income Period Cash marketing receipts Total 1 Total 2000 2001 ................................251. 2002 ................................232. 2003 2004 ................................295. 2005 ................................301. 2006 2007 ................................341. 2008 ................................379. 2009i> 2007: I ..........................336. II .........................335. III. .......................337. IV ........................355. 2008: I ..........................419. II .........................369. III. .......................385. IV ........................345. 2009: Ip IIp IIIP IV P 243.6 251.8 232.6 260.0 295.6 301.1 292.4 341.1 379.9 348.3 336.5 335.1 337.1 355.8 419.1 369.6 385.0 345.8 376.7 332.5 336.2 348.0 192.0 200.0 194.9 215.6 237.2 240.9 240.8 284.8 324.2 294.6 270.8 286.1 287.3 295.1 348.2 322.1 335.1 291.6 309.8 287.1 289.7 292.0 Livestock and products Crops 92.4 93.3 101.0 110.0 113.6 116.0 122.6 147.0 181.1 162.4 132.0 147.0 149.2 159.6 198.6 178.4 189.5 157.9 176.0 158.6 159.5 155.6 99.6 106.7 94.0 105.6 123.6 124.9 118.2 137.9 143.1 132.2 138.8 139.2 138.0 135.6 149.6 143.7 145.6 133.7 133.7 128.4 130.2 136.4 1 Cash marketing receipts, Government payments, value of changes in inventories, other farm related cash income, and nonmoney income produced by farms including imputed rent of operator residences. 2 Crop receipts include proceeds received from commodities placed under Commodity Credit Corporation loans. s Physical changes in beginning and ending year inventories of crop and livestock commodities valued at weighted average market prices during the period. 2 4 Value of inventory changes 3 1.6 1.1 ¥3.4 ¥2.4 11.2 .5 ¥3.0 3.7 .3 .811.4 3.6 3.8 3.8 3.9 .3 .3 .3 .3 ¥1.9 ¥1.8 ¥1.8 ¥1.8 Direct Government payments 4 Production expenses 23.2 22.4 12.4 16.5 13.0 24.4 15.8 11.9 12.4 11.4 23.5 4.4 5.1 14.7 24.4 4.6 5.3 15.3 22.4 4.2 4.8 14.0 193.1 196.9 193.1 199.6 209.8 221.8 233.9 254.4 290.6 277.1 241.9 255.5 256.5 263.6 312.1 288.6 300.3 261.4 291.4 270.0 272.5 274.7 Includes only Government payments made directly to farmers. NOTE.—Data for 2008 are preliminary, while data for 2009 are forecasts. Source: Department of Agriculture. Net farm income 50.6 54.9 39.6 60.5 85.8 79.3 58.5 86.8 89.3 71.2 94.6 79.6 80.6 92.3 107.0 81.0 84.8 84.5 85.3 62.5 63.7 73.3 CORPORATE PROFITS In the first quarter of 2009, according to revised estimates, corporate profits before tax rose $157.2 billion (annual rate) and profits after tax rose $123.0 billion. BILLIONS OF DOLLARS 2,000 1,900 1,800 1,700 1,600 SEASONALLY ADJUSTED ANNUAL RATES / - / - 1,500 1,300 1,200 1,100 \ \ 1,600 I - . \ / 1,400 V .' ' \ / PROFITS AFTER TAX A 1,500 - \\\l \ / X - /•"I 1,000 900 - UNDISTRIBUTED PROFITS 800 700 - - 600 / 500 * - X 600 ' 500 "' - 400 ' 300 ~' 400 \ TAXES O N COPprtPATF lK[rn^AF 300 1 200 200 w 100 100 0 1,200 1,100 / -—^"~ 1,300 - V / 900 700 1,700 _ / / TAX 7 ^ PROFITS BEF ORE - 1,000 800 N J 1,400 BILLIONS OF DOLLARS 2,000 1,900 1,800 -. 1 1 1 2000 1999 \ 2001 2002 i 2003 1 1 2005 1 2004 1 1 2006 1 1 1 1 1 1 2009 2008 2007 0 1 1 COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF COMMERCE [Billions of dollars; quarterly data at seasonally adjusted annual rates] Profits (before tax) with inventory valuation adjustment 1 Profits after tax Taxes Domestic industries Period Nonfinancial Total 2 Total 1998 4 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2005: III . IV I.... II III . IV 2007: I ... II III . 2006: rv 2008: I.... II . III rv 2009: 1 738.5 776.8 759.3 719.2 766.2 894.5 ,161.6 ,582.8 ,834.2 .3450.41 ,548.2 1,497.1 1,684.6 1,778.7 1,841.6 1,887.2 1,829.3 1,794.7 1,859.5 1,866.1 1,820.2 1,641.5 1,596.0 1,602.8 1,352.6 1,456.3 635.5 655.3 613.6 549.5 610.4 729.0 968.2 1,343.3 1,566.7 1,490.5 1,161.7 1,244.2 1,447.2 1,528.3 1,571.9 1,626.7 1,540.0 1,496.6 1,556.7 1,509.7 1,398.9 1,243.1 1,222.5 1,224.4 956.7 1,077.0 Financial Total 3 165.4 470.1 194.3 461.1 265.2 413.4 227.6 322.0 4768.4 334.0 317.3 411.8 348.9 68.23 425.3 918.1 478.8 1,087.9 449.9 1,040.6 308.9 .591.7 362.3 881.9 431.4 1,015.8 470.0 1,058.3 493.1 1,078.8 473.3 1,153.4 478.8 1,061.2 454.1 1,042.5 492.7 1,064.0 460.3 1,049.3 392.4 1,006.5 412.8 830.2 383.2 839.3 308.8 915.6 130.9 825.8 249.7 827.4 Manufac157.0 150.6 144.3 52.6 48.2 76.0 152.7 243.8 304.3 316.6 239.8 241.6 251.6 279.2 305.8 333.5 298.9 317.0 350.8 306.6 392.41 240.5 214.9 272.6 .312 215.0 See p. 4 for profits with inventory valuation and capital consumption adjustments. Includes rest of the world, not shown separately. 3 Includes industries not shown separately. 2 Profits before tax Utilities Wholesale 32.7 337.41 24.4 227 10.4276 11.876 18.6 28.9 55.6 58.5 54.6 21.7 38.2 44.9 53.5 62.5 61.4 57.2 92.7 58.7 63.2 46.2 56.7 59.1 56.3 69.0 20.2 55.5 59.677 32.91 49.3 55.2 79.2 97.3 107.5 102.6 76.5 85.5 103.8 102.3 94.5 128.3 1459 108.2 492.7 109.1 80.2 49.2 59.4 9.1 825.82 60.8 Retail 66.4 65.2 59.6 7.920 79.4 86.8 91.1 120.4 132.3 132.3 91.7 1,149.958 137.8 1,35 126.0 132.1 137.5 132.8 145.9 126.0 124.5 112.0 92.7 86.2 25.8 89.1 718.3 655.319 773.4 707.9 768.4 908.1 1,204.7 1,620.6 1,873.7 1,886.3 1,597.3 1,536.3 1,733.3 1,813.8 1,900.1 1,929.9 1^851.1 1,838.9 1,914.8 1,897.1 1,894.3 1,750.9 1,750.0 1,693.7 1,194.5 1,351.7 corporate income 718.3 258.6 265.2 204.1 192.6 243.3 307.4 413.7 468.9 450.4 30.6 581.4 449.2 453.8 474.8 487.2 459.8 448.5 468.5 451.1 433.5 402.9 406.8 393.5 263.2 2766 Total 470.0 517.2 508.2 503.8 575.8 664.8 897.3 1,206.9 1,404.8 1,435.9 1,230.6 1,149 1,284.1 1,359.9 1,425.2 1,442.6 8.961.4 1,390.4 1,446.3 1,446.1 1,460.9 1,348.0 1,343.2 1,300.1 .312 1,054.2 Net dividends 351.6 337.4 377.9 370.9 399.2 424.7 539.5 577.4 702.1 788.7 832.1 581.4 613.4 652.8 688.8 720.9 745.8 761.5 779.2 797.6 816.4 832.5 846.4 841.1 808.3 766.3 Inventory valuUndistributed ation adprofits justment 118.3 179.9 130.3 132.9 176.6 240.1 357.8 629.5 702.7 647.3 398.6 568.4 670.6 707.1 736.4 721.7 645.6 629.0 667.1 648.5 644.5 515.5 496.7 459.1 122.9 287.8 20.2 1.0 ¥14.1 11.3 ¥2.2 ¥13.6 ¥43.1 ¥37.8 ¥39.5 ¥51.2 ¥49.0 ¥39.1 ¥48.7 ¥35.0 ¥58.5 ¥42.7 ¥21.8 ¥44.2 ¥55.3 ¥31.0 ¥74.1 ¥109.4 ¥154.0 ¥90.9 158.1 104.6 4 Data by industry beginning 1998 are based on the 1997 North American Industry Classification System (NAICS). Source: Department of Commerce, Bureau of Economic Analysis. REAL GROSS PRIVATE DOMESTIC INVESTMENT In the first quarter of 2009, according to revised estimates, nonresidential fixed investment in chained (2000) dollars fell $147.7 billion (annual rate) and residential investment fell $38.3 billion. There was a decrease of $87.1 billion in inventories following a decrease of $25.8 billion in the fourth quarter. BILLIONS OF CHAINED (2000) DOLLARS 2,200 BILLIONS OF CHAINED (2000) DOLLARS 2,200 SEASONALLY ADJUSTED ANNUAL RATES - _ 2,000 2,000 f ^v 1,800 GROSS PRIVATE DOMEST C / ^ INVESTMENT iv 1,600 r—"— - . ^ v 1,600 ^ 1,400 1,400 \ —"* — - \ 1,200 1,200 1,000 1,000 NC3NRESIDENTI U FIX ED INVESTME NT - - 800 800 RESIC)ENTIAL FIXED Ih VESTMENT - - \ 600 - " " 600 3 - 400 400 - CHAh>IGE IN PRIVA TE \VJVENTORIES 200 \ 0 -?nn - 200 1 0 • ! 1 1 1999 1 ! 1 1 2000 1 1 ! 2001 1 2002 1 1 1 1 1 2003 1 1 2004 ! 1 1 2005 1 1 1 2006 1 ! 1 2007 SOURCE: DEPARTMENT OF COMMERCE 1 1 1 1 -200 1 1 2009 2008 COUNCIL OF ECONOMIC ADVISERS [Billions of chained (2000) dollars; quarterly data at seasonally adjusted annual rates] Change in private inventories Fixed investment Period Gross private domestic investment Nonresidential Equipment and software Residential Structures Total Total Total Nonfarm 1,642.6 1,735.5 1,598.4 1,557.1 1,613.1 1,770.2 1,873.5 1,912.5 1,809.7 1,689.1 1,133.3 1,679.0 1,629.4 1,544.6 1,596.9 1,712.8 1,829.8 1,865.5 1,808.5 1,718.9 1,133.3 1,232.1 1,180.5 1,071.5 1,081.8 1,144.3 1,226.2 1,318.2 1,382.9 1,405.4 293.2 313.2 306.1 253.8 243.5 246.7 249.8 270.3 304.6 338.8 840.2 918.9 874.2 820.2 843.1 905.1 989.6 1,061.0 1,382.9 1,047.0 443.6 446.9 448.5 469.9 509.4 560.2 595.4 552.9 453.8 359.5 68.9 56.5 ¥31.7 12.5 14.3 54.3 38.9 42.3 ¥2.5 ¥29.0 71.5 57.8 ¥31.8 15.2 14.0 48.2 39.1 46.3 ¥3.7 ¥34.3 2005: III IV 1,862.8 1,917.3 1,847.2 1,858.0 1,237.1 1,248.2 246.2 247.4 1,006.5 1,017.4 601.7 602.0 11.0 53.5 6.2 53.2 2006: I .............................................................................1, II ...........................................................................1, III IV ..........................................................................1, 1,946.3 1,944.3 1,917.8 1,841.6 1,895.2 1,883.1 1,860.0 1,823.7 1,295.2 1,315.4 1,332.7 1,329.3 256.5 268.3 277.4 279.1 1,056.6 1,061.2 1,066.4 1,059.9 596.5 570.1 536.7 508.4 45.9 56.9 53.3 13.1 45.4 63.3 59.9 16.4 2007: I .............................................................................1, II III ..........................................................................1, IV 2008- I II ...........................................................................1, III IV ..........................................................................1, 1,795.9 1,822.9 1,838.7 1,781.3 1,754.7 1,702.0 1,703.7 1,596.0 1,807.8 1,821.3 1,817.0 1,788.2 1,762.4 1,754.9 1,340.4 1,373.8 1,402.9 1,414.7 1,423.1 1,431.8 1,425.7 1,341.1 286.6 298.9 313.2 319.7 326.4 340.5 348.4 339.9 1,060.0 1,077.9 1,087.5 1,090.1 1,088.6 1,07 1,054.0 970.5 486.4 471.7 445.3 411.6 383.0 369.6 353.7 331.6 ¥15.0 ¥2.8 16.0 ¥8.1 ¥10.2 ¥50.6 ¥29.6 ¥25.8 ¥10.7 ¥2.6 19.2 ¥20.6 ¥17.9 ¥55.1 ¥33.3 ¥31.1 1,349.2 1,445.9 1,193.4 295.5 875.7 293.3 ¥87.1 ¥94.7 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 .................................................................................1, .................................................................................1, .................................................................................1, ..................................................................................1, .................................................................................1, 2009: I r 1,703.71,731 1,627.0 NOTE.—See p. 10 for further detail on fixed investment by type. Because of the formula used for calculating real GDP, the chained (2000) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any inter- Source: Department of Commerce, Bureau of Economic Analysis. REAL PRIVATE FIXED INVESTMENT BY TYPE [Billions of chained (2000) dollars; quarterly data at seasonally adjusted annual rates] Nonresidential Residential Equipment and software Period Total fixed investment Information processing equipment and software Total nonresidential Structures Computers and peripheral equipment 1 Total Total 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 ...........................1, Structures Software Other Industrial equipment Transportation equipment Other equipment Total residential Total 2 Single family Equipment 1,576.3 1,679.0 1,629.4 1,544.6 1,596.9 1,712.8 1,829.8 1,865.5 1,808.5 1,718.9 1,133.3 1,232.1 1,180.5 1,071.5 1,081.8 1,144.3 1,226.2 1,318.2 1,382.9 1,405.4 293.2 313.2 306.1 253.8 243.5 246.7 249.8 270.3 304.6 338.8 840.2 918.9 874.2 820.2 113.81 905.1 989.6 1,061.0 1,078.9 1,047.0 398.5 467.6 459.0 437.4 462.7 505.7 546.7 596.6 653.9 685.0 157.2 131.2 173.8 169.7 177.3 193.6 207.0 215.5 237.0 226.114 158.0 190.0 1.1237 161.1 113.81 .81,1 191.6 206.7 218.0 226.1 147.9 159.2 145.7 134.5 130.4 134.0 145.3 9543.5 155.7 149.2 126.7 160.8 142.8 126.0 113.8 130.6 149.5 9543.5 139.4 99.6 126.7 131.2 126.9 122.9 130.4 138.3 150.4 552.95 148.4 1.3 443.6 446.9 448.5 469.9 509.4 560.2 595.4 .5294.9 453.8 359.5 436.6 439.5 441.1 462.2 501.2 551.2 586.0 543.5 444.9 351.3 234.2 236.8 237.1 246.3 272.6 305.3 325.9 294.9 214.1 136.0 7.0 7.4 7.4 7.7 8.1 9.0 9.3 9.6 9.5 9.1 IV 1,847.2 1,858.0 1,237.1 1,248.2 246.2 247.4 1,006.5 1,017.4 552.7 564.3 208.2 211.4 195.3 194.9 146.3 602.0 157.2 150.3 601.7 153.7 601.7 602.0 592.3 592.4 327.6 333.7 9.2 9.5 2006- I II III IV 1,895.2 1,883.1 1,860.0 1,823.7 1,295.2 1,315.4 1,332.7 1,329.3 2596.5 268.3 277.4 279.1 1,056.6 1,061.2 1,066.4 1,059.9 586.2 590.9 603.9 605.3 2596.5 213.2 215.8 220.5 207.6 2157.91 209.4 204.8 149.9 157.2 153.8 153.2 165.3 157.9 159.7 155.2 158.2 308.7 7527.42 153.8 596.5 570.1 536.7 508.4 586.8 560.6 527.4 499.3 333.1 308.7 282.7 255.2 9.7 9.7 9.6 9.4 2007- I II III IV 1,807.8 1,821.3 1,817.0 1,788.2 1,340.4 1,373.8 1,402.9 1,414.7 286.6 298.9 313.2 319.7 1,060.0 1,077.9 1,087.5 1,090.1 629.9 647.3 660.9 677.6 227.9 235.7 239.4 245.1 212.5 216.2 219.6 223.5 150.3 160.3 137.41 403.01 149.0 147.54 137.4 131.9 4477.3 147.5 149.2 151.5 486.4 471.7 445.3 411.6 477.3 462.8 436.5 403.0 235.6 227.3 210.3 182.9 9.5 9.5 9.5 9.4 2008: I II III IV 1,762.4 1,754.9 1,731.1 1,627.0 1,423.1 1,431.8 1,425.7 1,341.1 326.4 340.5 348.4 339.9 1,088.6 1,074.7 1,054.0 970.5 689.6 702.9 695.5 651.8 251.0 252.3 0695.5 240.8 223.6 230.6 233.6 31.6 153.4 152.0 148.6 113.8 127.0 108.6 93.6 63 146.5 145.3 151.5 141.9 383.0 369.6 353.7 331.6 374.6 361.1 345.6 323.9 156.7 142.9 130.5 113.8 9.3 9.5 9.0 8.6 Ir 1,445.9 1,193.4 295.5 875.7 619.5 226.6 206.4 121.6 28.2 128.2 293.3 285.8 86.5 8.5 ...........................1, ...........................1, 2005: III 2009: 1 For details on this component, see Survey of Current Business, Tables 5.3.6, 5.3.1 for growth rates, 5.3.2 for contributions, and 5.3.3 for quantity indexes. 2 Includes other items, not shown separately. NOTE.—Because of the formula used for calculating real GDP, the chained (2000) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates. Source: Department of Commerce, Bureau of Economic Analysis. BUSINESS INVESTMENT [Billions of dollars] Capital expenditures By industry Period Total capital expenditures Total by industry Forestry, fishing and agricultural services Mining Utilities Construction Manufacturing Wholesale trade Retail trade Transportation and warehousing Information Finance and insurance Real estate and rental and leasing Professional, scientific, and technical services 85.2 100.6 92.5 82.7 94.5 88.0 26.76 103.0 132.1 123.0 22.3 29.5 34.1 30.5 25.9 24.7 26.7 33.1 30.3 31.8 Health care and Other 1 social assistance For companies without employees For companies with employees 1996 1997...871.8 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 ........................1, ........................997. ........................1, ........................1, ........................1, 807.1 871.8 970.9 1,047.0 1,161.0 1,109.0 997.9 975.0 1,042.1 1,144.8 1,309.9 1,361.6 896.5 974.6 1,089.9 1,052.3 917.5 886.8 953.2 1,062.5 1,217.1 1,277.4 0.9 1.7 1.325 2.5 8.49 1.9 28.61 2.7 27 2.51 40.4 30.6 42.5 51.3 42.5 580.5 51.3 66.7 99.3 121.7 36.0 42.8 92.53 82.8 65.5 54.6 50.4 .81,0 69.8 83.6 26.9 23.1 25.0 24.8 24.8 61.2 26.76 30.1 30.3 36.7 203.6 196.4 214.8 144.8 157.2 149.1 156.7 2.52.76 192.4 197.0 1 Includes the following industries: Management of companies and enterprises; administrative and support and waste management; educational services; arts, entertainment, and recreation; accommodation and food services; and other services (except public administration). Also includes an item for structure and equipment expenditures serving multiple industry categories. 10 203.62 32.4 33.6 30.0 96.18 26.0 51.3 40.6 86.76 31.8 57.3 23.1 69.8 66.9 59.3 65.9 72.2 73.5 86.7 84.2 51.3 57.3 59.9 57.8 47.1 44.5 46.1 56.9 68.0 68.5 96.5 122.8 160.2 144.8 88.2 80.5 83.5 91.4 104.4 135.3 118.2 130.1 133.7 131.1 128.4 120.8 153.6 161.4 1132.1 172.5 47.1 51.3 52.2 52.9 59.3 61.2 64.6 73.8 75.3 83.8 81.7 91.8 108.9 102.5 96.1 96.2 93.6 105.6 126.3 135.3 74.4 72.3 71.2 56.7 80.4 88.2 88.9 82.2 92.8 84.2 NOTE.—Data from Annual Capital Expenditures. Industry data are based on the North American Industry Classification System (NAICS). Data shown in this table are capital expenditures for both new and used structures and equipment. Source: Department of Commerce, Bureau of the Census. EMPLOYMENT, UNEMPLOYMENT, AND WAGES STATUS OF THE LABOR FORCE In June, employment fell by 374,000 and unemployment rose by 218,000. MILLIONS OF PERSONS* MILLIONS OF PERSONS* 158 4 - 2001 2009 * 1 6 YEARS OF AGE AND OVER SOURCE: DEPARTMENT OF IABOR COUNCIL OF ECONOMIC ADVISERS [Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA] Civilian employment Period Civilian noninstitutional population (NSA) Civilian labor force Men 20 Women Total years and over years and over sexes 16-19 years 20 Both Total 1999 2 20002 2001 2002 ......................217, 2003 2 2004 2 20052 2006 2 20072 2008 2 207,753 212,577 215,092 217,570 221,168 223,357 226,082 228,815 231,867 233,788 139,368 142,583 143,734 144,863 146,510 147,401 149,320 151,428 153,124 154,287 133,488 136,891 136,933 136,485 137,736 139,252 141,730 144,427 146,047 145,362 67,761 69,634 69,776 69,734 70,415 71,572 73,050 74,431 75,337 74,750 58,55 60,067 60,417 60,420 61,402 61,773 62,702 63,834 64,799 65,039 7 172 6,89 6,740 6,332 5,919 5 907 5,978 6,162 5,911 4,2973 5,880 5,692 6 801 8,378 8,774 8,149 7,591 7,001 7,078 8,924 2008: J u n e July 233,627 233,864 234,107 234,360 234,612 234,828 235,035 234,739 234,913 235,086 235,271 235,452 235,655 154,400 154,506 154,823 154,621 154,878 154,620 154,447 153,716 154,214 154,048 154,731 155,081 154,926 145,738 145,596 145,273 145,029 144,657 144,144 143,338 142,099 141,748 140,887 141,007 140,570 140,196 74,949 75,973 145,2737 74,503 74,292 74,045 73,285 72,613 72,293 71,655 71,678 71,593 71,387 65,169 65,103 65,003 65,008 64,975 64,902 64,860 61,3598 64,271 048140,8 64,226 63,895 63,810 5,620 5,520 5,533 5,518 5,390 5,196 5,194 5,188 5,184 5,083 7,403 5,082 4,999 8,662 8,910 9,550 9,592 10,221 Aug Sept Oct Nov Dee 2009: J a n 2 Feb Mar Apr May June Percent1 Unemployment 1 Civilian labor force (or employment) as percent of civilian noninstitutional population; and unemployment as percent of civilian labor force. 2 Not strictly comparable with earlier data. NOTE.—Beginning January 2009 data reflect revised population controls and are not strictly comparable with earlier data. ,0456 11,108 72,6136 1,427 13,161 13,724 180,371 14,729 Men 20 years and over 2,433 2,376 3 040 3,896 4,209 3,791 3,392 1,11 3,259 4,297 4,106 4,313 4 572 4,889 5,088 5,290 5,714 5,972 6,394 6,923 7,403 7,802 7,904 Women 20 years and over 2,285 2,235 2,599 3,228 3,314 3,150 3,013 2,751 2,718 3,342 9,22 3,170 3,662 1,3267 3,725 3,851 4,031 4,286 4,646 4,828 4,922 5,217 5,249 Both sexes 16-19 years Not in labor force Labor force participation rate Employment/ population ratio 1 162 1,081 1,162 1,253 1,251 1,208 1,186 1,119 1,101 1,285 68,385 69,994 71,359 72,707 74,658 75,956 76,762 77,387 78,743 79,501 67 1 67.1 6, 8 66.6 66.2 66 0 66.0 66 2 66.0 66.0 64.3 64.4 63.7 62.7 62.3 62.3 62.7 63.1 63.0 62.2 1,304 1,427 1,316 1,326 1,408 1,335 1,363 1,359 1,427 1,410 1,398 1,491 1,576 79,227 62.35.8 79,284 79,739 79,734 90 3 , 8 80,588 81,023 80,699 81,038 80,541 80,371 80,729 66.1 66.1 662 1 66.0 66.0 6. 8 65.7 65.5 65.6 65.5 65.8 65.9 65.7 62.4 62.3 62.1 61.9 61.7 61.4 61.0 60.5 60.3 59.9 59.9 59.7 59.5 Unemployment rate 4.2 4.0 4.7 5.8 6.0 5.5 5.1 4 6 4.6 5.8 5.6 5.8 6.2 6.2 6.6 6.8 7.2 7.6 8.1 8.5 8 59 9.4 9.5 See Employment and Earnings for details on breaks in series. Source: Department of Labor, Bureau of Labor Statistics. 11 SELECTED UNEMPLOYMENT RATES In June, the unemployment rate rose to 9.5 percent from 9.4 percent in May. PERCENT (SEASONALLY ADJUSTED) PERCENT (SEASONALLY ADJUSTED) 25 25 J N 20 TEENAGERS 15 V r* " 10 10 t 1 1 1 MEN 20 YEARS AND OVER 5 ^ / y y Y WOMEN 20 YEARS AND OVER I I II I I MI 1 III 1 ll 2009 2005 2005 in i 2006 Illllllllll Illllllllll 2007 2008 'SEE FOOTNOTE 1 TABLE BELOW. HISPAN!C OR LATINO ETHNICITY. SOURCE: DEPARTMENT OF LABOR iniihiiii 2009 2 COUNCIL OF ECONOMIC ADVISERS [Monthly data seasonally adjusted] Unemployment rate (percent of civilian labor force in group) By race or ethnicity1 By sex and age Period All civilian workers Men 20 years and over Women 20 years and over Both sexes 16-19 years White Black or African American Asian (NSA) By selected groups Hispanic or Latino ethnicity Married men, spouse present Women who maintain families (NSA) Full-time workers Part-time workers 1999 2000 2001 ........................4. 2002 2003 2004 .........................5. 2005 2006 2007 .........................4. 2008 4.2 4.0 4.7 5.8 6.0 5.5 5.1 4.6 4.6 5.8 3.5 3.3 4.2 5.3 5.6 5.0 4.4 4.0 4.1 5.4 3.8 3.6 4.1 5.1 5.1 4.9 4.6 4.1 4.0 4.9 13.9 13.1 14.7 16.5 17.5 17.0 16.6 15.4 15.7 18.7 3.7 3.5 4.2 5.1 5.2 4.8 4.4 4.0 4.1 5.2 8.0 7.6 8.6 10.2 10.8 10.4 10.0 8.9 8.3 10.1 3.6 4.5 5.9 6.0 4.4 4.0 3.0 3.2 4.0 6.4 5.7 6.6 7.5 7.7 7.0 6.0 5.2 5.6 7.6 2.2 2.0 2.7 3.6 3.8 3.1 2.8 2.4 2.5 3.4 6.4 5.9 6.6 8.0 8.5 8.0 7.8 7.1 6.5 8.0 4.1 3.8 4.7 5.9 6.1 5.6 5.0 4.5 4.6 5.8 5.0 4.8 5.1 5.2 5.5 5.3 5.4 5.1 4.9 5.5 2008: June .............5. July ..............5. Aug ..............6. Sept ..............6. Oct. ..............6. Nov ..............6. Dec. ..............7. 5.6 5.8 6.2 6.2 6.6 6.8 7.2 5.2 5.4 5.8 6.2 6.4 6.7 7.2 4.8 4.6 5.3 4.9 5.4 5.6 5.9 18.8 20.5 19.2 19.4 20.7 20.4 20.8 5.0 5.2 5.5 5.5 6.0 6.2 6.6 9.4 9.9 10.7 11.4 11.3 11.3 11.9 4.5 4.0 4.4 3.8 3.8 4.8 5.1 7.7 7.5 8.1 7.9 8.8 8.6 9.2 3.1 3.3 3.7 3.9 4.1 4.2 4.4 7.9 8.5 9.6 8.2 8.8 9.3 9.5 5.6 5.8 6.3 6.3 6.8 7.0 7.5 5.4 5.6 5.7 5.9 5.7 5.8 5.9 2009: Jan ...............7. Feb. ..............8. Mar ..............8. Apr ...............8. May ..............9. June .............9. 7.6 8.1 8.5 8.9 9.4 9.5 7.6 8.1 8.8 9.4 9.8 10.0 6.2 6.7 7.0 7.1 7.5 7.6 20.8 21.6 21.7 21.5 22.7 24.0 6.9 7.3 7.9 8.0 8.6 8.7 12.6 13.4 13.3 15.0 14.9 14.7 6.2 6.9 6.4 6.6 6.7 8.2 9.7 10.9 11.4 11.3 12.7 12.2 5.0 5.5 5.8 6.3 6.8 6.9 10.3 10.3 10.8 10.0 11.0 11.7 8.0 8.6 9.2 9.6 10.2 10.3 5.9 5.8 5.9 6.1 6.0 5.9 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 NOTE.—Data relate to persons age 16 years and over. Source: Department of Labor, Bureau of Labor Statistics. SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE PROGRAMS In June, the percentages of the unemployed who had been out of work for less than 5 weeks and for 5-14 weeks fell; the percentages for 15-26 weeks and for 27 weeks and over rose. The mean duration of unemployment rose to 24.5 weeks and the median duration rose to 17.9 weeks. PERCENT DISTRIBUTION* PERCENT DISTRIBUTION* 70 70 DURATION O F UNEMPLOYMENT REASON FOR UNEMPLOYMENT y 60 / 60 50 \ JOB LOSERS1 LESS THAN 5 WEEKS / pA/W 30 40 w REENTRANT (Ts \ - 27 WEEKS AND OVER - 5-14 WEEKS 30 20 20 •\ y X" JOB LEAVE RS 15-26 WEEKS - "^ J 10 NEW ENTRANTS n 2005 2006 2007 2008 2009 iiiiihiiii | 2005 2006 lllllhllll m l l , III I l l l l l l l 2007 "SEASONALLY ADJUSTED 1 BEGINNING JANUARY \ 994, JOB LOSERS AND PERSONS WHO COMPLETED TEMPORARY JOBS. SOURCE: DEPARTMENT OF LABOR 2008 2009 COUNCIL OF ECONOMIC ADVISERS [Monthly data seasonally adjusted, except as noted] Period Percent distribution Less than 5 weeks 5-14 weeks 15-26 weeks State programs Reason for unemployment: percent distribution Duration of unemployment Unemployment (thousands) Number of weeks 27 weeks and over Average (mean) Median Job losers 1 Job leavers Reentrants New entrants Insured unemployment Initial claims Insured unemployment, all regular programs (unadjusted) 2 Weekly average, thousands 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2008: June July Aug . Sept Oet . Nov .. Dee . 2009: Jan . Feb .. Mar Apr .. May June 1 5,880 5,692 6,801 8,378 8,774 8,149 7,591 7,001 7,078 8,924 8,662 8,910 9,550 9,592 10,221 10,476 11,108 11,616 12,467 13,161 13,724 14,511 14,729 43.7 44.9 42.0 34.5 31.7 33.1 35.1 37.3 35.9 32.8 31.4 32.4 33.9 29.8 30.3 31.4 29.2 31.0 26.9 25.7 24.7 22.4 21.2 31.2 31.9 32.3 30.8 29.8 58.42 30.4 30.3 31.5 31.4 34.6 32.0 30.1 32.1 29.7 30.3 30.4 61.18 31.4 30.8 29.4 29.6 26.9 12.8 11.8 142.0 16.3 16.4 15.9 14.9 14.7 15.0 16.0 15.4 16.3 16.4 16.9 17.9 1.430 17.2 16.8 18.6 19.3 18.7 20.9 22.9 13 ,141 11.8 18.3 210.1 21.8 19.6 17.6 17.6 19.7 18.6 19.3 19.6 21.2 98.1 21.3 23.2 22.4 931.41 24.2 .72 27.0 29.0 Beginning January 1994, job losers and persons who completed temporary jobs. Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (UCX), and Federal (UCFE). Also includes Federal and State extended benefit programs. Does not include Railroad (RR) program, Federal supplemental compensation or Emergency Unemployment Compensation programs. 2 13.334 12.6 16.851 16.6 19.2 19.6 18.4 32.08 16.8 17.9 17.6 17.3 17.6 18.7 13,8 18.9 17 29.8 19.8 20.1 21.4 22.5 24.5 6.4 5.9 6,8 9.1 10.1 9.8 8.9 8.3 8.5 9.4 10.1 9.8 9.3 10.3 10.6 10.0 10.6 10.3 11.0 56.82 12.5 14.9 17.9 44.6 44.2 51.1 55.0 55.1 69.85 48.3 47.4 49.7 53.7 51.7 51.3 52.6 54.9 56.8 58.6 58.4 61.1 62.3 63.5 64.4 65.4 65.4 13.3 13.7 12.3 10.3 9.3 10.5 11.5 32.08 11.2 10.0 9.8 9.8 10.5 10.1 9.2 8.9 9.1 8.0 6.6 6.8 6.5 6.2 5.6 34.1 34.5 29.9 28.3 28.2 ,95 31.4 32.0 30.3 27.7 29.7 29.8 28.2 26.6 25.9 25.3 25.1 24.1 22.9 22.9 22.5 21.8 22.6 8.0 7.6 6,8 6.4 7.3 8.4 8.8 8.8 8.9 8.6 8.8 9.1 8.7 8.4 8.1 7.2 7.5 6.8 8.1 6.7 6.6 6.6 6.4 2,188 2,110 2,974 3,585 3,531 2,950 2,661 2,476 2,572 3,306 3,155 3,276 3,460 3,620 3,821 4,125 4,430 4,670 5,085 5,686 6,297 6,747 298 301 404 407 404 345 328 313 324 424 392 412 441 471 480 520 537 573 637 658 630 r 631 p615 2,219 2,141 3,007 3,619 3,569 2 995 2,706 2,518 2,610 3,343 3,108 3,006 3,179 3,164 2,980 3,819 4,778 5,378 6,097 6,925 6,046 NOTE.—Data relate to persons age 16 years and over (except for insured unemployment and initial claims). Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration). 13 NONAGRICULTURAL EMPLOYMENT Total nonagricultural employment as measured by the payroll survey fell by 467,000 in June. MILLIONS OF PERSONS* MILLIONS OF PERSONS* (ENLARGED SCALE) 140 r 130 ^ C ^ LNONAGRIC ENTS ESTABL1SHM 120 - i . " 110 ^^^ — r --— \ \ ERVICE-PROVI 5 INDUSTRIE 100 - - 90 80 - - 70 \ 30 20 GOODS-PRODUCING INDUSTRIES in 1 2005 1 1 1 M 1 1 1 1 1 1 2006 2007 2009 2008 2005 "SEASONALLY ADJUSTED SOURCE: DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS [Thousands of wage and salary workers;1 monthly data seasonally adjusted] Goods-producing industries Period 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2008: ..................128, ..................131, ..................130, ..................131, ..................136, June July Aug Sept Oet Nov Dee 2009: Jan Feb Mar Aprr Mayr Junep 1 Total nonagricultural employment 128,993 131,785 131,826 130,341 129,999 131,435 133,703 136,086 137,598 137,066 137,356 137,228 137,053 136,732 136,352 135,755 135,074 134,333 133,652 133,000 132,481 132,159 131,692 Total 2 24,465 24,649 2,03 22,557 21,816 21,882 22,190 22,531 22,233 21,419 21,507 21,432 21,351 21,247 21,063 20,814 20,532 20,127 19,832 19,520 19,253 19,038 18,815 Construction 6,545 6,787 6,826 6,716 6 735 6,976 7,336 7,691 7,630 7,215 7,232 7,201 7,17 7,131 7,066 6,939 6,841 6,706 6,593 6,470 6,367 6,319 6,240 Manufacturing Service-providing industries Trade, transportation, and Total utilities Total3 Retail trade 104,528 107,136 107,952 107,784 108,183 109,553 111,513 113,556 115,366 115,646 25,771 2,865 25,983 136,7322 1,063 13,082 12,902 115,849 115,796 115,702 115,485 115,289 114,941 114,542 122,540 12,468 12,296 12,146 11,990 156,24 114,206 113,820 113,480 113,228 113,121 112,877 26,467 26,425 26,354 26,257 26,157 26,005 25,843 25,735 25,605 25,479 17,322 17,263 1,11 15,259 14,510 ,4935 14,226 14,155 13,879 13,431 13,5 13,454 13,387 2 , 7 2 , 7 25,53 65,39 17,826 28,30 22,5 2536,3671 6 5 , 4 25,263 Data from the establishment survey. Includes all full- and part-time wage and salary workers in nonagricultural establishments who received pay for any part of the pay period that includes the 12th of the month. Excludes proprietors, self-employed persons, unpaid family workers, and private household workers. Data from the household survey shown on p. 11 include those workers and also count persons as employed when they are not at work because of industrial disputes, bad weather, etc., even if they are not paid for the time off. In the series shown here, persons who work at more than one job are counted each time they appear on a payroll, in contrast to the series shown on p. 11 where persons are counted only once—as employed, unemployed, or not in the labor force. See Employment and Earnings for details. 14 14,970 15,280 15,239 15,025 14,917 15,058 15,280 15,353 15,520 15,6 13,4 15,380 15,335 15,278 1 5 7 15,126 15,038 14,992 14,934 14,872 14,840 14,822 19,2561 Information 3,419 7,26310 3,629 1,9865 6,588 3,118 3361 5,438 3,032 2,997 3,006 2,995 2,990 2,986 2,982 26,005 2,940 2,924 7,898 2,905 2,884 2,859 2,838 Finanactivities 7,648 7 87 7 808 5,497 7,977 5,5331 8,153 8,328 7,6301 8,146 7,3562 8,154 8,141 8,115 8,088 2,543 9,080 7,954 7,898 7,857 7,811 7,781 7,754 Profes- EducaLeisure sional tion and and hospibusihealth tality ness services services 15,957 13626 182,764 132,766 15,987 16,394 16,954 17,826 17,942 17,778 13,4 18,888 17,727 17,675 13,2 17,488 17,356 122,5 17,029 13,480 19,17513 16,735 12,87 14,798 15,109 65,25 11,9 1,58 12,730 ,732 17,826 182 18,855 18,843 18,888 18,950 18,957 18,981 19,044 19,080 17,20519 19,138 19,158 19,175 19,222 19,256 11,543 11,862 182,764 132,766 166,73 12,730 12,816 13,110 13,427 13,459 13,490 13,473 13,454 13,428 13,395 13,344 13,304 13,268 19,8326 13,202 13,168 19,0386 13,168 2 Other services Government Total 0,307 20,307 5,168 5,258 5,372 5 101 5,409 5,395 5,438 5,494 5,528 5,535 5,536 5,530 5,532 5,535 5,509 5,477 5,461 5,449 5,426 5,420 5,418 5,427 20,790 21,118 21,513 21,583 21,621 21,804 21,974 22,218 22,500 22,522 22,537 22,556 22,535 22,539 32,783 22,532 22,540 22,547 22,543 62,876 22,606 22,554 Federal 2,769 2,865 2,764 2,766 2,761 2,730 2,732 2,732 2,734 2,764 2,765 2,776 2,768 2,771 2,775 2,783 2,778 2,793 2,796 2,808 2,876 2,856 2,807 Includes natural resources and mining, not shown separately. s Includes wholesale trade, transportation and warehousing, and utilities, not shown separately. NOTE.—Data classified by industry based on the 2007 North American Industry Classification System (NAICS). For details see Employment and Earnings. Source: Department of Labor, Bureau of Labor Statistics. AVERAGE WEEKLY HOURS, HOURLY EARNINGS, AND WEEKLY EARNINGS PRIVATE NONAGRICULTURAL INDUSTRIES [For production or nonsupervisory workers; monthly data seasonally adjusted] Average weekly hours Average gross hourly earnings Manufacturing Period 1999 .................34. 2000 2001 .................34. 2002 2003 2004 .................33. 2005 2006 .................33. 2007 2008 .................33. 2008: May June July Aug Sept Oet Nov Dee 2009: Jan Feb Mar Apr r Mayr Junep .... Total private nonagricultural 1 34.3 34.3 34.0 33.9 35.997 33.7 33.8 33.9 33.9 33.6 33.7 33.6 33.6 33.7 33.6 33.5 33.4 33.3 33.3 33.3 33.1 33.1 33.1 33.0 Total 41.4 41.3 40.3 40.5 4 4 40.8 40.7 41.1 4. 2 40.8 40.9 40.9 41.0 40.8 40.5 40.4 40.2 39.9 39.8 39.5 39.4 39.6 39.4 39.5 Average gross weekly earnings Total private nonagricultural1 Overtime Current dollars 4.9 47 4.0 4.2 4.2 4.6 4.6 4.4 4.2 7.7 3.9 3.8 3.7 3.7 3.5 3.5 312 2.9 2.9 2.7 2.6 2.7 2.8 2.8 Total private nonagricultural1 Manufacturing 1982 dollars 2 $13.49 14.02 14.54 14.97 15 367 15.69 16.13 16.76 17 43 18.08 17.99 18.04 18.10 18.18 18.21 18.28 18.34 18.40 18.43 18.46 18.50 18.50 18.53 18.53 $8.01 8.04 8.12 8.25 8.28 8.24 8.18 8.24 83 8.30 8.27 8.20 8.16 8.20 8.21 8.33 8.54 8.65 8.64 8.61 8.64 8.65 8.65 Current dollars $13.85 14.32 14.76 15.29 15.74 16.14 16 56 768.241 17.26 17.74 17.68 17.73 17.80 17.78 17.81 17.89 17.94 17.96 17.99 18.07 18.10 386.211 18.11 18.10 $463.15 481.01 493.79 506.75 518.06 529.09 50.223 567.87 590.04 607.99 606.26 606.14 108.16 612.67 .31846 612.38 612.56 612.72 613.72 614.72 612.35 612.35 613.34 611.49 1 Also includes other private industry groups shown on p. 14. 2 Current dollar earnings divided by the consumer price index for urban wage earners and clerical workers (CPI-W) (on a 1982 = 100 base). Current dollars 1982 dollars 2 $275.03 275.97 275.71 279.20 279.13 277.88 276.17 279.19 281.97 279.14 278.56 275.59 274.31 276.47 275.99 279.11 385.3 288.12 0850.10 18.0 286.10 18.116 387.5 Manufacturing Percent change from a year earlier, total private nonagric ultural Construction Retail trade $655.1 685.78 695.89 711.82 726.83 735.55 750.22 .31.1 816.66 842.36 836.22 842.50 845.60 849.97 846.05 849.11 839.96 851.58 850.10 851.96 851.64 845.63 849.76 849.38 $321.63 333.38 346.16 360.81 367.15 371.13 377.58 383.02 385.11 386.39 387.39 386.10 386.40 387.60 388.59 385.41 385.31 384.32 385.21 386.21 385.21 386.21 387.50 384.91 $573.14 590.77 695.89 618.75 635 99 658.49 673 30 691.02 816.66 724.23 723.11 725.16 729.80 725.42 721.31 722.76 721.19 716.60 716.00 713.77 713.14 717.16 713.53 714.95 Current dollars 1982 dollars 3.3 3.9 2.7 2.6 2.2 2.1 2.9 4.3 1.0 .3 ¥.1 1.3 ¥.0 ¥.4 ¥.6 1.1 10 ¥1.0 ¥1.1 ¥2.5 ¥2.9 ¥2.2 ¥2.3 ¥.9 2.0 3.1 3.2 2.5 2.2 2.2 2.8 3 9 3.0 3.1 2.6 2.9 3.5 3.0 2.9 2.6 2.4 2.5 2.0 1.2 1.0 1.2 .9 Source: Department of Labor, Bureau of Labor Statistics. EMPLOYMENT COST INDEX—PRIVATE INDUSTRY Index (December 2005 = 100) Percent change from 3 months earlier Period Total compensation Wages and salaries Benefits 1 Total compensation Wages and salaries 12 months earlier Benefits 1 Total compensation Wages and salaries Benefits 1 Not seasonally adjusted 1999: 2000: 2001: 2002: 2003: 2004: 2005: 2006: 2007: 2008: Dec Dec. ................................................................83. Dec Dec. ................................................................90. Dec. ................................................................93. Dec Dec. ................................................................100. Dec Dec. ................................................................106. Dec 80.2 83.6 87.3 90.0 93.6 97.2 100.0 103.2 106.3 108.9 83.5 86.7 89.9 92.2 95.1 97.6 100.0 103.2 106.6 109.4 72.6 76.7 81.3 84.7 90.2 96.2 100.0 103.1 105.6 107.7 3.5 4.2 4.1 3.1 4.0 3.8 2.9 3.2 3.0 2.4 Sept Dec. ................................................................103. 2007: Mar Sept ................................................................105. Dec 2008: Mar June ...............................................................107. Sept Dec. ................................................................109. 2009: Mar .................................................................109. 100.8 101.6 102.5 103.3 104.0 104.8 105.6 106.5 107.2 107.9 108.6 109.1 109.3 100.8 101.6 102.5 103.3 104.3 105.0 105.9 106.7 107.6 108.4 109.1 109.6 109.8 1 Employer costs for employee benefits. NOTE.—The employment cost index is a measure of the change in the cost of labor, f from the influence of employment shifts among occupations and industries. Data exclude farm and household workers. 100.8 101.6 102.5 103.4 103.1 104.2 104.9 105.9 106.5 106.9 107.5 107.9 108.1 0.6 .8 .9 .8 .7 .8 .8 .9 .7 .7 .6 .5 2 3.4 5.6 5.2 4.2 6.5 6.7 4.0 3.1 2.4 2.0 Not seasonally adjusted Seasonally adjusted 2006: Mar .................................................................100. 3.6 3.8 3.8 2.6 3.1 2.6 2.5 3.2 3.3 2.6 0.7 .8 .9 .8 1.0 .7 .9 .8 .8 .7 .6 .5 2 0.5 .8 .9 .9 ¥.3 1.1 .7 1.0 .6 .4 .6 .4 2 2.6 2.8 3.0 3.2 3.2 3.1 3.1 3.0 3.2 3.0 2.8 2.4 1.9 2.4 2.8 3.0 3.2 3.6 3.3 3.4 3.3 3.2 3.1 2.9 2.6 2.0 3.0 2.7 2.8 3.1 2.2 2.6 2.4 2.4 3.2 2.6 2.4 2.0 1.6 Data beginning 2001 are based on the 2002 North American Industry Classification (NAICS); data prior to 2001 are based on the Standard Industrial Classification (SIC). For details on industry classification and other details see Employment Cost Index, release dated April 28, 2006. Source: Department of Labor, Bureau of Labor Statistics. 15 PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR Output per hour of all persons Business sector Nonfarm business sector Output 1 Business sector Hours of all persons 2 Nonfarm business sector Business sector Compensation per hour 3 Nonfarm business sector Business sector Nonfarm business sector Real compensation per hour 4 Business sector Nonfarm business sector Unit labor costs Business sector Implicit price deflator5 Nonfarm business sector Business sector Nonfarm business sector Indexes, 1992 = 100; quarterly data seasonally adjusted 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 112.8 116.1 114.91 123.9 128.7 132.4 134.8 136.1 138.2 141.9 8125 115.7 118.6 123.5 128.0 131.6 133.9 135.1 137.0 140.9 135.2 140.5 141.0 143.1 147.5 153.7 159.1 163.9 167.3 168.6 135.6 140.8 141.3 143.114 147.8 153.9 159.2 164.2 167.5 128.8 119.8 121.0 114 1145.314 114.6 153.71 118.0 120.5 137.01 128.8 120.5 121.7 119.2 116.1 115.4 116.9 118.9 120.5 121.012 119.8 125.8 134.7 140.3 145.3 151.2 119.0 163.2 169.4 176.5 128.8 125.2 134.2 139.5 144.6 150.4 119.0 125.1 168.3 175.2 181.7 108.1 8121.0 113.5 117 117.5117 119.0 119.7 120.3 121.9 121.6 107.6 111.6 112.8 143.1 117.81 118.2 118.9 124.5 121.0 120.8 111.5 116.0 117.9 117.3 117.5 118.5 121.0 124.5 127 128.8 111.3 116.0 117.7 116.11 117.5 118.5 125.1 124.5 127.9 129.0 110.7 112.7 114.9 116.1 117.8 120.8 124.6 128.3 131.4 133.8 111.1 113.3 115.4 116.7 118.3 121.1 125.1 129.1 131.7 134.2 2005: I .. II III IV 134.2 134.2 135.6 135.2 133.2 133.4 134.7 134.2 157.1 158.4 160.2 160.6 157.3 158.4 160.3 160.8 157.1 118.9120 121.11 118.8 118.1 118 119.0 119.8 161.0 161.6 134.71 165.8 159.9 160.8 160.2 164.7 119.9 119.5 119.6 119.6 119.0 118.9 118.9 118.7 120.0 120.4 121.0 122.7126 120.0 120.5 121.1 122.7 123.2 123.8 125.0 126.3 123.7 124.3 125.6 126.9 2006: I .. II III IV 135.9 136.5 136.0 135.9 134.8 135.6 135.1 134.9 162.8 164.0 164.1 164.8 163.2 164.3 164.1164 165.0 119.8 120.1 120.7 121.3 121.0 123.11 121.7 122.3 167.8 123.11 169.0 172.6 123.5 167.0 168.0 171.7 120.4 119.6 119.2 127.21 123.5 118.9 118.5 121.4 123.5 123.1 124.3 127.0 123.5 123.1 124.3 127.2 127.2 128.0 128.8 129.4 127.9 128.8 129.5 130.0 2007: I .. II III IV 135.7 137.5 140.0 139.6 134.7 136.3 138.7 138.5 164.5 166.8 169.0 168 164.7 167.0 169.2 168.9 121.3 121.3 120.8 120.9 121.512 122.5 122.0 122.0 121.3 175.4 177.4 178.9 173.4 174.0 175.8 177.8 122.1 121.6 122.3 121.6 121.5 120.6 121.2 120.8 128.5 127.5 126.7 132.2 128.7 127.6 126.8 128.4 130.7 131.2 131.6 132.2 131.1 131.5 131.8 132.5 2008: I . II III IV 140.4 142.0 142.8 142.6 139.4 141.0 141.7 141.5 169.1 170.2 169.4 165.7 169.3 170.5 169.7 185.8 120.4 119.9 118.6 135.2 121.5 120.9 119.7 165.81 180.5 181.3 183.9 185.8 179.4 180.2 182.7 184.7 121.3 120.6 120.4 124.4 120.6 119.8 119.7 123.7 128.6 127.7 128.8 130.3 128.7 127.8 128.9 130.5 132.9 133.2 134.6 134.6 133.2 133.5 135.0 135.2 2009: I * 143.0 142.1 162.6 162.6 113.5 114.4 187.8 186.8 131.5 125.8 131.2 131.5 135.3 136.2 Percent change; quarterly d a t a a t seasonally adjusted annual r a t e s 3.1 2.9 2.5 4.1 3.8 2.9 1.8 .9 1.6 2.7 2.9 2.8 2.5 4.1 3.7 2.8 1.7 .9 1.4 2.8 5.1 3.9 .3 1.5 3.1 4.2 3.5 3.0 2.0 .8 5.2 3.8 .4 1.5 3.1 1.21 3.4 3.2 2.0 .8 2.0 1.0 ¥2.2 ¥2.5 ¥.7 1.2 1.7 2.1 .5 ¥1.9 2.2 1.0 ¥2.0 ¥2.6 ¥.6 1.3 1.7 2.2 .5 ¥1.9 4.9 7.1 4.2 3.5 4.1 3.8 3.9 3.8 4.2 3.6 4.7 7.2 4.0 3.6 4.0 3.7 4.0 3.8 4.1 3.7 2.8 3.6 1.4 1.9 1.8 1.1 .6 .5 1.3 .2 2.6 3.7 1.1 2.0 1.8 1.0 .6 .5 1.3 ¥.2 1.8 4.1 1.6 ¥.5 .2 .9 2.1 2.9 2.6 .9 1.8 4.2 1.4 ¥.5 .3 .9 2.2 2.8 2.7 .9 0.9 1.8 2.0 1.0 1.5 2.6 3.1 3.0 2.4 1.8 1.1 1.9 1.9 1.1 1.3 2.4 3.4 3.1 2.1 1.9 2005: I .. II III IV 2.3 .1 4.3 ¥1.2 2.8 .7 3.9 ¥1.5 3.7 3.2 4.8 1.0 3.7 2.9 4.8 1.3 1.3 3.1 .5 2.2 .9 2.2 .8 2.8 1.9 1.4 6.3 4.3 2.3 2.3 6.0 3.8 ¥.1 ¥1.1 .4 ¥.2 .3 _ 2 .1 — .7 ¥.4 1.3 2.0 5.6 ¥.5 1.6 2.0 5.3 3.6 2.0 4.1 4.1 3.9 2.2 4.3 4.2 2006: I . II III IV 2.0 2.0 ¥1.6 ¥.3 1.9 2.4 ¥1.6 1.4 5.6 2.9 .3 1.7 6.0 2.9 .3 1.4 3.6 .9 2.0 2.0 4.0 .4 1.9 1.9 4.8 .7 2.3 8.8 4.5 1.3 2.3 9.1 2.7 ¥2.4 ¥1.5 10.0 2.5 ¥1.9 ¥1.5 10.3 2.7 ¥1.2 4.0 9.2 2.6 ¥1.1 39 9.6 3.0 2.6 2.4 1.9 3.1 2.9 2.1 1.5 2007: I. .. II III IV — .7 5.7 7.3 ¥1.1 ¥.6 4.8 7.0 ¥.5 — .7 5.6 5.5 ¥.6 ¥.9 5.8 5.5 — .7 .0 .0 ¥1.7 .5 4.2 .9 ¥1.5 ¥.2 4.0 2.4 4.6 3.7 4.2 1.3 4.4 4.4 .2 ¥1.7 2.2 ¥2.0 .3 ¥2.8 2.0 ¥1.2 4.7 ¥3.1 ¥2.5 4.8 4.8 ¥3.3 ¥2.5 5.0 4.0 1.7 1.1 2.0 3.4 1.5 .9 2.1 2008: I .. II III IV 2.2 4.7 2.3 ¥.5 2.6 4.7 2.2 ¥.6 .7 2.6 ¥1.8 ¥8.5 .9 2.8 ¥1.9 ¥8.8 ¥1.5 ¥1.9 ¥4.0 ¥8.0 ¥1.7 ¥1.7 ¥3.9 ¥8.3 3.5 1.9 5.7 4.2 3.7 1.7 5.7 4.5 ¥1.1 ¥2.4 ¥.4 13.7 ¥.8 ¥2.7 ¥.4 14.0 1.2 ¥2.6 3.3 4.8 1.1 ¥2.8 3.5 5.1 2.0 .9 4.2 .0 2.1 .9 4.7 .6 1.8 1.6 ¥7.2 ¥7.6 ¥8.8 ¥9.0 4.5 4.6 7.0 7.1 2.7 3.0 2.2 2.8 1999 2000 2001. 2002. 2003. 2004 2005 2006 2007 2008. 2009: 1 I* Output refers to real gross domestic product originating in the sector. 2 Hours of all persons engaged in the sector, including hours of proprietors and unpaid family workers. Estimates based primarily on establishment data. s Wages and salaries of employees plus employers' contributions for social insurance and private benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for the self-employed. 4 Hourly compensation divided by the consumer price index for all urban consumers (CPIU) for recent quarters. The trend from 1978-2008 is based on the consumer price index research series (CPI-U-RS). 5 Current dollar gross domestic output divided by the output index. 16 NOTE.—Data relate to all persons engaged in the sector. Percent changes are from preceding period and are based on original data; they therefore may differ slightly from percent changes based on indexes shown here. * Data based on GDP data released on May 29, 2009. Source: Department of Labor, Bureau of Labor Statistics. PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION Industrial production and capacity utilization fell in May. INDEX, 2002 = 100* (RATIO SCALE) 140 INDEX, 2002 = 100* (RATIO SCALE) 180 FINAL PRODUCTS 170 130 160 120 150 110 BUSINESS EQUIPMENT 140 DEFENSE 130 • SPACE EQUI . - . ^ • " k / 120 90 \ ^ ~ * \ • V " 140 MANUFACTURING • DURABLE 130 - 7 \ CONSUMES GOODS \ 120 110 1 1 i I ! i M 1 1 1 1 100 PERCENT* 90 84 82 130 CAPACITY UTILIZATION RATE (TOTAL INDUSTRY) UTILITIES AND MINING r 120 UTILITIES 110 100 90 \ —s A J ~ — / — Hz MINING \ 76 74 —V- \ \ 72 \ 70 \ 68 1 2005 """"i 78 2006 1 Ml 2007 2008 M 1 1 2009 1 1 2005 2006 him 1 2008 2007 m i l l 2009 'SEE FOOTNOTE 1 TABLE BELOW 'SEASONALLY ADJUSTED COUNCIL OF ECONOMIC ADVISERS SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM [Monthly data seasonally adjusted] Total industrial production 1 Percent change Period Index, 2002 = 100 From preceding month 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 99.5 103.7 100.1 100.0 101.3 103.8 107.2 109.7 111.3 108.8 2008: May June July Aug Sept Oct. .............106. Nov Decr 110.7 110.4 110.4 109.2 104.8 106.2 104.8 102.4 ¥0.3 ¥.2 ¥.1 ¥1.1 ¥4.0 1.3 ¥1.3 ¥2.3 2009: J a n r Feb r Mar r Apr r Mayp 100.2 99.4 97.6 96.9 95.8 ¥2.1 ¥.8 ¥1.8 — .7 ¥1.1 Capacity utilization rate (output as percent of capacity) 1 Industry production indexes, 2002 = 100 2 From year earlier Manufacturing Total 1 Durable Nondurable Mining Utilities Total industry Total manufacturing 110.9 112.6 105.7 100.0 97.1 97.9 97.6 96.6 95.3 89.9 101.6 104.2 104.8 100.0 100.2 99.6 98.3 101.5 102.1 104.2 94.7 97.4 97.0 100.0 101.9 103.3 105.4 104.8 108.3 108.6 81.9 81.7 76.1 74.6 75.8 77.9 80.1 80.9 80.6 77.6 80.7 80.1 73.8 72.7 73.7 76.2 78.6 79.4 79.0 75.1 105.9 104.9 104.5 104.1 99.3 102.7 100.3 97.0 90.8 90.8 89.3 88.9 88.1 86.9 86.4 84.6 104.9 104.8 106.9 106.4 96.4 103.5 105.4 103.4 108.2 109.4 107.9 104.3 105.7 107.1 109.1 111.3 78.9 78.7 78.6 77.6 74.5 75.4 74.4 72.7 76.7 76.3 76.1 75.3 72.5 72.7 71.1 69.0 96.7 97 96.6 96.5 96.3 81.4 80.4 77.1 75.0 74.5 102.9 101.0 99.1 95.9 93.8 111.5 106.4 105.3 106.0 104.5 71.2 70.7 69.4 69.0 68.3 67.1 67.1 65.9 65.6 65.0 4.3 4.2 ¥3.4 ¥.1 1.3 2.5 3.3 2.3 1.5 ¥2.2 81.9 104.4 100.1 100.0 101.3 104.3 108.5 111.2 112.7 109.1 97.8 105.2 100.4 100.0 102.7 107.0 112.8 117.8 120.2 116.3 101.7 102.2 98.9 100.0 100.21 102.0 104.8 105.7 106.7 103.6 ¥.4 -L0 ¥2.2 96.4 ¥4.7 ¥6.5 ¥8.9 111.5 111.0 110.8 109.7 105.7 106.0 103.6 100.6 118.9 119.0 119.0 117.2 113.7 110.8 108.2 105.3 ¥10.8 ¥11.3 ¥12.6 ¥12.7 ¥13.4 97.9 97.8 96.0 95.4 94.4 100.0 98.8 96.5 65.6 93.8 1 Total industry and total manufacturing series include manufacturing as defined in the North American Industry Classification System (NAICS) plus those industries—logging and newspaper, periodical, book and directory-publishing—that have traditionally been included in manufacturing. 2 Percent changes based on unrounded indexes. Other (nonNAICS) 1 NOTE.—Data based on the North American Industry Classification System (NAICS) except series as defined in footnote 1. Source: Board of Governors of the Federal Reserve System. 17 INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND SELECTED MANUFACTURES [2002 = 100; monthly data seasonally adjusted] Products and nonindustrial supplies Final products Consumer goods Equipment Period Total Total 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 ............................................................102. ............................................................101. ............................................................107. ............................................................111. ............................................................109. 2008: May .................................................110. July .................................................110. Sept .................................................106. Oct. .................................................107. Nov Dec r 2009: J a n r Febr Marr 1 Durable goods Materials Nonindustrial supplies Nondurable goods Total 1 Business equipment Defense and space equipment Total Construction supplies Business supplies Total 1 Energy 99.6 102.8 100.8 100.0 101.3 103.4 107.6 110.3 111.9 109.7 97.1 99.1 98.1 100.0 101.4 102.7 105.4 105.8 106.8 104.0 96.0 99.0 94.7 100.0 103.4 104.9 105.4 104.3 104.7 94.4 97.196 99.2 99.4 100.0 100.6 101.8 105.3 106.2 107.4 106.9 102.710 111.9 107.7 100.0 101.310 105.5 113.5 122.5 125.8 125.4 106.4 114.7 100.110 100.0 101.410 105.3 112.6 123.2 126.4 125.0 102.2 91.3 100.110 100.0 106.7 104.7 115.8 113.4 117.6 120.6 101.2 105.2 100.7 100.0 101.31 103.3 107.61 108.7 109 104.6 102.7 105.210 1.099.1 100.0 99.7 102.0 106.6 109.0 106.9 r 100.1 100.6 105.2 101.0 100.0 101.7 103.8 107.3 108.5 109.9 106.7 98.7 104.0 99.1 100.0 101.3 104.5 107.0 109.5 111.7 109.6 99.9 101.5 100.3 100.0 100.0 99.6 98.4 100.0 101.8 103.6 110.8 110.9 110.6 109.0 106.3 107.0 106.7 106.1 104.7 104.8 104.5 102.7 101.4 103.0 102.810 100.6 96.0 97.1 97.8 92 91.5 89.5 86.4 82.6 107.3 107.6111 106.6 105.9 104.3 107.0 106.7 106.110 128.0 128.1 127.4 126.6 119.9 117.6 119.5 121.6 128.4 128.2 127.4 126.612 117.7 114.8 117.6 120.8 128.412 121.9 120.2 120.8 118.9 120.4 120.0 119.9 106.3 105.7 105.7 104.9 102.6 102.2 99.8 96.5 102.2 107 102.4 101.2 99.1 97.8 93.6 00.11 108.3 107.6 107.3 106.6 104.3 104.3 102.8 1101 112.1 111.7 111.9 110.9 104.3 106.9 104.7 101.0 104.6 104.0 105.2 104.0 96.2 102.3 104.3 104.2 103.5 102.8 101.6 100.9 100.0 98.7 98.8 98.3 98.1 97.2 74.9 76.4 76.3 76.2 74.0 105.8 105.5 104.9 104.7 104.3 116.7 113.9 110.5 90.4 .274.0 115.8 113.9 110.8 108.7 107.2 120.5 118.6 119.3 119.3 120.1 94.7 93.2 91.2 90.4 89.5 8.9 84.6 82.3 81.0 80.2 98.9 97.3 95.4 95.69 94.0 99.1 98.5 96.2 95.6 94.3 103.6 101.8 101.1 99.9 98.4 Includes other items, not shown separately. [2002 = 100; monthly data seasonally adjusted] Nondurable manufactures Durable manufactures Computer and electronic products Primary metals Period Total Iron and steel products Fabricated metal products Machinery Total Selected hightechnology 1 Transportation equipment Total Motor vehicles and parts 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 155.61 111.4 99.5 100.0 99.1 110.0 108.0 112.6 110.0 102.4 111.9 110.8 96.8 100.0 101.2 118.2 110.1 119.3 115.8 105.2 106.4 110.7 102.6 100.0 98.7 98.9 103.4 109.0 112.1 4105.21 112.0 117.7 104.2 100.0 99.7 103.7 110.2 115.5 116.4 109.4 77.2 101.4 103.3 100.0 114.3 .298.9 144.5 163.8 176.7 192.9 70.0 98.3 103 100.0 120.5 129.9 158.8 189.1 213.7 238.0 104.6 100.5 99.7 96.2 100.0 101.310 103.7 104.5 104.2 114.1 96.1 99.9 2008: May . June July . Aug .. Sept . Oet .. Nov .. Dec r . 107.8 107.9 110.1 108.6 102.0 112.1 110.5 109.8 110.2 109.2 107.3 106.0 102.4 110.9 110.6 109.2 110.2 107.3 106.711 104.0 67.7 199.4 199.0 1.9110 196.6 194.2 188.4 180.7 176.2 250.3 248.4 246.6 243.6 240.0 228.4 214.3 204.9 97.9 110.51 100.9 94.6 93.2 81.4 71.9 114.5 114.3 118.9 116.9 104.9 88.5 68.3 53.3 67.3 64.5 60.6 60.0 60.5 48.3 49.0 45.7 45.4 48.9 98.2 95.7 91.1 89.3 87.6 96.1 94.2 88.6 86.4 83.5 175.0 172.4 171.7 171.6 169.7 204.4 200.9 200.8 201.9 198.1 2009: J a n r Febr Marr Aprr Mayp 1 Computers and peripheral equipment, communications equipment, and semiconductors and related electronic components. 18 91.4 100.0 103.5 103.7 103.9 100.2 Apparel Printing and support 155.6 148.0 106.39 100.0 112.4 113.1 106.3 100.0 92.8 79.8 76.9 96.2 96.9 99.2 99.8 Chemical Food 93.6 93.4 96.0 97.7 97.7 100.0 101.0 101.1 104.2 105.4 109.5 111.1 95.0 75.3 76.5 72.6 100.6 83.3 93.9 100.0 101.3 105.6 109.3 112.7 114.1 108.8 88.2 07.31 86.5 88.3 83.9 86.4 88.7 79.2 79.9 76.9 74.2 69.2 71.5 72.5 73.7 74.2 72.8 71.4 69.6 67.7 96.4 93.4 91.9 93.0 92.3 91.9 90.6 87.4 112.1 111.0 110.6 109.7 101.0 106.7 103.2 98.7 111.5 111.2 110.5 110.7 110.4 111.8 111.7 108.6 75.7 78.0 78.5 77.5 74.8 51.6 56.1 56.8 56.2 51.7 65.5 64.5 64.7 62.8 63.4 85.3 82.7 81.7 79.5 79.1 100.0 101.8 100.7 101.2 101.5 108.3 109.5 109.0 109.8 110.5 97.4 Source: Board of Governors of the Federal Reserve System. r NEW CONSTRUCTION Billions of dollars; monthly data at seasonally adjusted annual rates] Total new construction expenditures Federal and State and local Nonresidential New housing Commercial (including farm) Lodging Manufacturing 744.6 802.8 840.2 847.9 891.5 991.6 102.7 ,167.6 150.7 ,072.1 575.5 621.4 638.3 634.4 675.4 771.4 868.5 912.2 861.6 766.2 326.3 346.1 364.4 396.7 446.0 532.9 611.9 613.7 493.2 350.1 251.3 265.0 279.4 298.8 345.7 417.5 480.8 468.8 354.1 229.9 249.2 275.3 273.9 237.7 229.3 238.5 256.6 298.4 368.4 416.1 16.0 16.3 14.5 10.5 9.9 12.0 12.7 17.6 27.5 35.4 435.1 52.4 49.7 35.3 30.6 32.9 37.3 45.7 53.8 57.1 59.4 04.91 63.6 59.0 57.5 6.82 66.6 73.4 85.9 81.5 35.1 37.6 37.8 22.7 21.4 23.7 29.9 35.1 45.3 60.8 93.7 104.9 108.2 110.2 109.9 106.8 110.2 126.7 155.9 181.4 169.1 181.3 201.9 213.4 216.1 220.2 234.2 255.4 289.1 306.0 2008: M a y r . June r Julyr . A u g r .. Septr . Oct r .. Nov r .. Dec r .. 1,090.7 1,075.6 1,070.2 1,066.1 1,081.2 1,064.1 1,037.3 1,002.1 786.2 769.5 759.8 756.4 773.6 754.1 726.8 696.6 363.5 351.7 339.9 340.2 350.4 327.7 310.5 292.3 244.6 237.1 231.1 220.7 212.9 204.7 192.1 176.2 422.7 417.8 419.9 416.2 423.2 426.3 416.4 404.3 37.4 37.7 37.0 37.4 36.8 36.6 35.7 31.8 57.0 57.5 57.9 58.0 58.4 56.5 55.8 51.6 85.2 84.0 82.8 79.9 77.9 76.5 73.5 71.0 57.1 58.4 57.3 61.1 65.8 71.0 70.6 70.2 186.0 180.2 185.0 179.8 184.3 185.8 180.7 179.7 304.5 306.1 310.4 309.7 307.6 310.0 310.5 305.6 2009: Jan r .. Feb r .. Marr . Apr r .. Mayp . 974.3 970.4 966.7 972.5 964.0 673.8 660.9 650.4 655.6 649.2 278.8 260.8 248.9 248.8 240.2 162.6 147.9 139.2 131.7 123.9 395.1 260.81 401.5 406.9 409.0 29.2 29.1 31.2 31.8 30.9 49.0 48.4 48.1 46.6 46.6 66.7 66.5 65.0 63.3 59.7 77.3 81.3 82.0 85.2 88.9 172.9 174.7 175.3 180.0 182.8 300.4 309.5 316.3 316.9 314.9 1999 2000 2001 2002 2003 2004 2005 2006 2007 r 2008 r 1 Includes residential improvements, not shown separately. 2 Includes health care, educational, communication, and power, among other categories not shown separately. NEW NOTE.—Data revised to reflect annual revisions; for details, see Construction Put i , Place release dated July 1, 2009. Source: Department of Commerce, Bureau of the Census. PRIVATE HOUSING AND VACANCY RATES [Thousands of u n i t s or houses, except as noted] New private houses New private housing u n i t s Units started, by type of structure Period 1 unit Total 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 ......................................1, ......................................1, ......................................1, ......................................1, ......................................1, 1,640.9 1,568.7 1,602.7 1,704.9 1,847.7 1,955.8 2,068.3 1,800.9 1,355.0 905.5 1,302.4 1,230.9 1,273.3 1,358.6 1,499.0 1,610.5 1,715.8 1,465.4 1,046.0 622.0 2-4 units 1 5 units or more 31.9 38.7 36.6 38.5 33.5 42.3 41.1 42.7 02.87 17.5 306.6 299.1 292.8 307.9 315.2 303.0 311.4 292.8 277.3 266.0 Units authorized 1,663.5 1,592.3 1,636.7 1,747.7 1,889.2 4 2,070.1 2,155.3 1,838.9 1,398.4 905.4 Units completed Houses sold Houses for sale at end of period 2 1,302.431.9 1,230.938.7 1,570.8 1,648.4 1,678.7 1,841.9 1,931.4 1,979.4 1,502.8 1,119.7 880 877 908 973 1,086 1,203 1,283 1,051 776 485 308 298 308 339 370 422 511 536 497 350 Vacancy rate for rental housing units (percent) 3 8.1 8.0 8.4 8.9 9.8 10.2 9.8 9.7 9.8 10.0 Seasonally adjusted annual rates 971 2 0 0 8 : M a y ...........................971679192739781, 1,078 J u n e ..........................1, 933 J u l y ...........................933632142879241, 849 A u g ............................849612152228571, 822 Sept Oct. ............................763534102197291, 763 655 Nov 556 Dec. ...........................55639391545641, 679 655 632 612 549 534 457 393 19 22 14 15 19 10 18 9 273 401 287 222 254 219 180 154 978 1,174 924 857 806 729 630 564 1,139 1,131 1,089 1,018 1,148 1,055 1,084 1,028 509 488 500 444 436 409 390 374 453 436 419 412 395 380 370 350 488 574 521 454 532 357 357 361 373 401 13 13 31 11 7 118 204 129 70 124 531 550 511 498 518 778 828 833 839 811 329 r 354 335 344 342 340 r 328 312 299 292 2009: J a n ..............48835713118531778329340. Feb Marr Aprr Mayp 1 Derived; seasonally adjusted monthly data for 2-4 units are no longer published. Seasonally adjusted. Revised series. Quarterly data entered in last month of quarter. 4 Based on 20,000 permit-issuing places. Based on 19,000 places, the total for 2004 is 2,052.1 thousand units. 2 s 10.0 9.9 10.1 10.1 NOTE.—Beginning 2004, units authorized are for 20,000 permit-issuing places. For other data shown, units authorized are for 19,000 places. Beginning 1999, housing starts, completions, and sales are not directly comparable with earlier data due to new estimation methods. Source: Department of Commerce, Bureau of the Census. 19 BUSINESS SALES AND INVENTORIES—Manufacturing and Trade In April, according to current estimates, manufacturing and trade sales fell 0.4 percent and inventories fell $16.6 billion. According to advance estimates, retail sales rose 0.5 percent in May. Retail and food services sales also rose 0.5 percent. BILLIONS OF DOLLARS* (RATIO SCALE) 1,700 BILLIONS OF DOLLARS* |RATIO SCALE) 1,600 500 550 RETAIL INVENTORIES K N 1,500 450 r— 1,400 \ \ ^ I MANUFACTURING AND RETAIL AND FOOD CES SALES 400 \ ..- 1,300 350 -A 1,200 .,'-'V./ 1,100 •"•••• \ RETAIL S/ VLES MANUFACTURING AND TRADE SALES \ 300 \ \ 1,000 ?V) 1 III 1 111 1! 1 900 RATIO* 1.80 INVENTORY-SALES RATIO 1.70 800 RETAIL 1.60 A V _ . _ 1.50 700 \ i \1 MAMI IFArp IP|N^ AND TRADE 1.40 vx / / / 1.30 1.20 II I I I I I I I I I 2005 600 2005 2006 2007 2008 2009 1 2006 1 2007 •SEASONALLY ADJUSTED SOURCE: DEPARTMENT O F COMMERCE 2008 2009 COUNCILOFECONOMICADVISERS [Millions of dollars, except ratios; seasonally adjusted, except as noted] Manufacturing and sale R Period Sales 2 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 ..............................................................834, ..............................................................818, ..............................................................853, ..............................................................923, ..............................................................1, ..............................................................1, 2008: Apr r Mayr June July Aug Sept Oct Nov Dec. ...................................................1, ....................................................1, ...................................................1, ....................................................1, ...................................................1, 2009: Jan ....................................................998, Feb Mar r Aprp Mayp 1 Inventories 3 Wholesale Inventorysales ratio 4 20 Inventory sales ratio 4 Sales 2 Inventories 3 Inventory sales ratio 4 Retail and food services sales 2 786,634 834,325 818,615 823,714 853,596 923,319 1,000,368 1,064,187 1,102,196 1,136,984 1,138,982 1,198,022 1,120,815 1,141,313 1,148,318 1,240,052 1,307,060 1,391,292 1,447,020 1,455,972 234,0 1.41 1.43 1.36 1.34 1.30 1.27 1.28 1.28 1.31 216,597 234,546 232,096 236,294 246,857 274,710 297,915 323,396 345,871 375,059 290,318 309,462 297,927 301,891 307,642 337,983 362,451 392,291 416,632 429,572 1.30 1.29 1.32 1.26 123 1.18 1.18 1.17 1.16 1.17 234,046 234,5463 255,644 261,194 272,123 289,528 307^280 322,461 332,902 329,996 385,039 406,887 394,775 01,89 432,372 461,372 471,749 487,514 499 724 484,414 16,59 1.59 1.58 1.55 1.56 1.56 1.51 1.50 1.49 1.52 257,797 274,518 282,131 288,845 301,264 320,526 340,057 357,284 369,385 367,741 1,168,665 1,172,831 1,190,808 1,191,224 1,166,129 1,138,586 1,095,637 1,036,285 1,000,601 1,482,225 1,482,804 1,491,608 1,505,418 1,507,136 1,500,862 1,492,123 1,477,561 1,455,972 1,27 1.26 1.25 1.26 1.29 1732 1.36 1.43 1.46 384,205 387,371 396,165 392,898 386,401 378,625 362,539 337,615 325,672 432,149 433,432 436,648 441,145 443,937 442,528 438,249 434,986 429,572 1.12 1.12 1.10 1.12 1.15 1.17 1.21 1.29 1.32 338,429 338,049 338,770 335,947 334,273 328,469 317,198 309,742 298,949 504,443 500,547 499,333 505,203 500,418 500,038 498,884 490,322 484,414 1.49 1,48 1.47 1,50 1,50 1.52 1.57 1.58 1.62 376,009 375,912 376,663 373,898 372,192 366,555 355,037 347,707 336,438 998,018 987,859 969,853 965,950 1,438,263 1,418,398 1,400,255 1,383,657 1.46 1.5434 317,731 318,491 310,723 309,352 425,915 418,539 411,092 405,449 1.5734 1.31 1.32 1.31 303,921 304,889 301,057 r 300,168 301,682 476,498 470,939 466,501 461,663 1.57 1.54 1.55 1.54 303,92147 31304,8 339,228 r 338,422 339,993 1.44 1.43 See page 21 for manufacturing. Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month. s Seasonally adjusted, end of period. 2 Sales 2 Inventories 3 Retail 4 Annual data are averages of seasonally adjusted monthly ratios. Source: Department of Commerce, Bureau of the Census. MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS In May, manufacturers' shipments, inventories, and unfilled orders fell; while new orders rose. BILLIONS OF DOLLARS* (RATIO SCALE) 500 460 - SHIPMEN1 420 '— ^ *" 380 BILLIONS OF DOLLARS* (RATIO SCALE) 680 540 _^ — 500 \ \ TOTAL 340 380 300 DURABLE GOODS 260 / - DURABLE GOODS . / 220 ..[,•-•••••, 260 I-— NOND URABLE GOO DS ^ 220 { Minium 180 BILLIONS OF DOLLARS* (RATIO SCALE) 500 460 - NEW ORE ERS 420 140 . -, RATIO* 1.60 \ 380 TOTAL \ 340 INVENTORY-SHIPMENTS RATIO 1.50 300 260 SABLE GOODS 220 1 .V, . ^ -\^ 2005 2007 2006 1 1.30 V \ nmli i 1 mill i 1 II A 1.40 r 1.20 \ 140 _ - • - - 300 IDUPABLE GO^r^c 180 140 / 420 1 1 2008 ml 1.10 2009 Vv/Vi 2006 2005 m 2007 2008 'SEASONALLY ADJUSTED SOURCE: DEPARTMENT OF COMMERCE 2009 COUNCIL OF ECONOMIC ADVISERS Manufacturers' shipments 1 Manufacturers' inventories 2 Manufacturers' new orders 1 Durable goods Period Total Durable goods Nondurable goods 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 1999 ....................................................335, 2000 2001 ....................................................330, 2002 2003 ....................................................334, 2004 ....................................................359, 2005 2006 ....................................................418, 2007 2008 .....................................................431, 2008: May ..........................................447, July ..........................................462, Sept Oct. Nov Dec. 2009: Jan Feb Mar ..........................................431, ..........................................415, ..........................................375, Mayp ..........................................358, 335,991 350,715 330,875 326,227 334,616 359,081 395,173 418,330 423,423 431,929 447,411 455,873 462,379 445,455 431,492 415,900 388,928 375,980 366,366 364,479 358,073 356,430 353,334 193,895 197,807 181,201 176,968 178,549 188,722 202,070 213,408 213,572 207,801 211,049 212,947 217,549 208,339 208,240 201,119 192,772 189,910 179,433 177,831 174,417 173,180 168,864 142,096 152,908 149,674 149,259 156,067 170,359 193,103 204,923 209,851 224,128 236,362 242,926 244,830 237,116 223,252 214,781 196,156 186,070 186,933 186,648 183,656 183,250 184,470 463,625 481,673 428,113 423,133 408,304 440,697 472,860 511,487 530,664 541,986 548,825 555,627 559,070 562,781 558,296 554,990 552,253 541,986 535,850 528,920 522,662 516,545 513,329 1 Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month. Shipments are the same as sales. 2 Seasonally adjusted, end of period. 3 Annual data are averages of seasonally adjusted monthly ratios. NOTE.—Manufacturers' nondurable new orders (not shown) are the same as nondurable shipments. Also, there are no unfilled nondurable orders; data shown for total unfilled orders are durable unfilled orders. 296,553 306,727 267,829 260,582 246,963 265,070 283,598 309,914 7217,7467 343,468 330,426 333,127 336,185 339,033 339,728 341,168 342,259 343,468 339,735 335,164 329,460 325,404 322,145 167,072 174,946 160,284 162,551 161,341 175,627 189,262 511,4873 209,907 198,518 218,399 222,500 222,885 223,748 218,568 213,82 209,994 198,518 196,115 193,756 193,202 191,141 191,184 329,770 346,789 322,746 316,809 ,304246,9 354,619 395,401 01,573 7209,907 41,986343 450,033 459,576 462,993 443,20 429,286 403,315 377,203 358,811 346,120 348,460 341,935 343,760 347,850 187,674 193,881 173,072 167,550 67408,3042 184,261 283,598 214,871 217,746 205,216 213,671 222,50 218,163 223,7484 206,034 188,534 181,047 172,741 159,187 161,812 158,279 160,510 163,380 64,392 69,278 58,246 51,817 52,894 56,094 65,770 71,725 74,288 601.28 73,639 71,958 74,498 68,694 67,923 63,487 60,140 53,964 48,637 70,9391. 57,6921.4 49,08 53,497 505,498 549,445 514,349 462,122 477,608 496,343 572,835 660,406 773,297 800,360 810,293 818,023 824,232 826,529 8218,5 820,672 812,879 800,360 783,955 770,939 757,692 749,081 747,289 1.35 1.35 1.38 1.28 1.24 1.19 1.17 1.19 1.23 1.28 1.23 1.22 1.21 1.26 1.29 1.33 1.42 1.44 1.46 1.45 1.46 1.45 1.45 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 0.2 percent in May. Prices of finished consumer foods fell 1.6 percent, while prices of other finished consumer goods rose 0.9 percent. Capital equipment prices fell 0.1 percent. INDEX, 1982 = 100 (RATIO SCALE) INDEX, 1982 = 100 (RATIO SCALE) 210 210 200 200 190 180 180 170 160 160 ISO 140 140 130 2001 SOURCE: DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS [1982 = 100; monthly data seasonally adjusted] Intermediate materials Finished goods Period Total finished goods Consumer goods Total Total 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2008: May June July Aug . Sept Oet .. Nov . Dee . 2009: Jan r. Peb .. Mar . Apr .. May 1 133.0 138.0 140.7 138.9 143.3 148.5 155.7 160.4 166.6 177.1 178.6 181.0 183.4 182.5 182.3 177.6 172.8 169.7 171.2 171.3 169.3 169.8 170.2 135.1 137.2 141.3 140.1 145.9 152.7 155.7 156.7 167.0 178.3 177.6 179.8 180.8 181.2 181.2 181.3 180.2184 178.2 178.4 175.5 174.3 176.9 174.1 1123 Total Durable Nondurable 127.9 138.7 142.8 144.6 146.9 149.5 153.8 132.0 137.2 141.5 139.4 135.3 152.7 160.4 164.0 170.715 163.43 123.2 129.2 129.7 127.8 133.7 142.6 154.0 164.0 146.7 163.43 111.1 111.7 115.9 115.5 125.9 159.01 133.8 135.2 191.6 195.5 200.9 198.6273 Capital equipment 137.6 138.8 139.7 140.1 135 151.714 138.01 134.014 138.3 142.4 147.2 155.715 164.0 166.2 176.6 130.5 138.4 141.4 138 144.7 150.9 161.9 169.2 175.6 189.1 133.0 133.9 134.0 133.0 145.91 135.0 136.6 136.9 138.3 141.2 148.4 156.6 172.0 182.6 171.5207 210.5 178.6 181.0 183.8 182.5 182.3 176.2 180.4 178.21 192.4 196.129 199.7 197.3 196.8 176.2 180.4 173.0 140.7 140.8 180.81 141.8 142.3 143.3 143.0 143.6 215.2 220.6 226.0 2182.51 82.31 205.9 192.8 184.3 153.0 153.4 154.2 141.8 155.4 156.3 156.3 156.9 188.5 191.7 194.6 193.61 192.7 188.9 179.4 174.9 168.9 169.6 167.4 164.5 168.5 175.7 176.7 173.6 173.8 175.4 143.5 144.0 164.0 144.4 144.4 188.4 189.6 185.0 185.0 143.51 157.3 157.0 156.9 156.7 177.0 177.0 168.4 173.81 166.7 Intermediate materials for food manufacturing and feeds. 22 Total finished consumer goods Finished goods excluding consumer foods Consumer foods 138 175 197.1 188.9 179.9 172.6 172 170.9 168.4 164.5 168.0 Crude materials Other Total Foodstuffs and feedstuffs Other 1146.724 181.6 123.9 137.21 130.5 128.5 134.2 159.0 155.71 165.4 171.5 188.7 98.2 120.6 121.0 108.1 135.3 159.0 182.2 184.8 207.1 251.8 98.7 100.2 106.1 99.5 113.5 127.0 122.7 119.3 146.7 163.4 94.3 130.4 126.8 111.4 148.2 179.2 223.4 230.6 246.3 313.9 184.0 196.1 194.8 193.6 189.6 180.0 175.3 168.7 1290.81 196.1 2194 198.6 197.6 189.4 146.2 172.9 170.338 298.6 310.3 273.0 253.1 212.3 184.5 174.2 170.3 174.0 174.1 167.8 165.6 148.2 146.2 138.0 381.8 392.8 415.0 350.4 314.8 254.7 203.9 192.5 166.2 164.9 164.0 164.5 166.7 172.7 171.4 168.8 137.817 170.81 171.5 160.6 131.81 164.9 170.8 139.2 134.3 131.8 137.8 138.3 186.3 170.6 172.1 175.2 185.9 Foods and feeds 1 Source: Department of Labor, Bureau of Labor Statistics. CONSUMER PRICES—ALL URBAN CONSUMERS In May, the consumer price index for all urban consumers rose 0.1 percent; it rose 0.3 percent not seasonally adjusted. The index was 1.3 percent below its year-earlier level. INDEX, 1982-84 = 100 (RATIO SCALE] INDEX, 1982-84 = 100 (RATIO SCALE) 230 SEASONALLY ADJUSTED • • CONSUMER PRICES-ALL ITEMS 200 ^ 1 150 1 , i , i , 2002 2001 2003 2004 2005 2006 ,, , , , 1 2007 1 , , , , , i,,,,, 2008 2009 COUNCIL OF ECONOMIC ADVISERS [1982-84 = 100, except as noted; monthly data seasonally adjusted, except as noted] All items 1 Housing Transportation All Shelter Perio Not seasonally adjusted (NSA) Ilel irn'p 3 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 166.6 172.2 129.31 179.9 184.0 188.9 195.3 201.6 207 342 215 303 2008: May June July Aug Sept Oet Nov Dee 216.632 218.815 219.964 219.086 218.783 216.573 212.425 210.228 2009: Jan .............211. Feb Mar Apr May 211.143 212.193 212.709 213.240 213.856 1 Seasonally adjusted Food Total 1 Total 1 Rent of primary residence Fuels and utilities 14.6 164.1 167.8 186.1 176.2 180.0 186.2 190.7 195.2 202.916 214.106 4:3.4 163.9 169.6 176.4 180.3 184.8 189.5 195.7 .0336.2 209.586 216.264 177.5 187.3 183.9 193.4 272.81 206 208.1 14.7 1136.51 205.5 218.8 211.0 224.4 217.3 2 2 1 221 240.611 234.679 246.6 243.271 24.4 192.9 198.7 206.3 214.7 219.9 224.9 23.2 238.2 246.235 6.2 6 4246 5.4 128.8 137.9 150.2 143.6 154.5 161.9 177.120 194.7 234.6792 215.044 217.034 218.610 218.576 218.675 216.889 213.263 211.577 211.969 213.370 215.376 216.599 217.748 218.586 218.988 219.082 215.844 216.811 218.610215 218.004 217.8 217.788 217.622 217.592 245.948 246.653 218.0152 247.327 247.899 248.063 248.455 248.519 215.84 242.915 243.659 244.414 245.089 245.836 246.480 246.928 251.702 252.325 252.701 253.079 253.538 253.911 246.4802 254.683 212.174 213.007 212.714 212.671 212.876 219.193 218.970 218.651 218.254 217.738 217.646 217.621 217.335 217.180 217.056 248.938 248.881 248.899 249.334 249.680 217.64624 248.087 248.490 248.916 249.233 255.349 255.687 256.257 256.627 257.003 100 0 33.2 6.0 Includes items not shown separately. Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc. excluded beginning 1983. 2 Owners' equivalent rent (12/82 = 100) Apparel Total1 Motor fuel 3.2 220.018 129.326 127.3 124.0 120.9 120.4 119.5 119.5 118.998 118.907 15.3 144.4 153.3 154.3 152.9 157.6 163.1 173.9 180.9 184.682 195.549 221.132 224.991 216.162 229.802 224.296 223.185 219.934 217.592 118.364 118.384 119.531 119.984 119.631 248.0632 118.905 118.221 197.903 242.915 218.015247 205.196 204.916 195.027 19.93411 167.353 289.288 314.506 31207.05 317.702 318.765 248.063245 197.861 217.5 217.260 118.523 120.039 119.744 119.537 119.345 169.489 120.039 170.903 .702119 171.635 217.33524 217.1802 207.903 7.67 131.3 100.7 129.3 124.7 116.6 135.8 160.4 195.7 221.0 239.070 279.652 Medical care 6.4 250.6 260.8 272.8 285.6 297.1 310.1 323.2 336.2 351.054 364.065 Energy2 7.6 106.6 124.6 129.3 121.7 136.5 151.4 177.1 196.9 207.723 236.666 2118.364 256.230 218.01524 260.104 224.296 237.300 197.086 167.35 364197.903 363.723 364.072 364.847 365.835 366.402 367.299 368.302 169.176 182.0 173.947 119.53 173.872 3169.4 371.175 371.902 373.257 57.0032 181.938 167.35 182.030371 182.254 177.924 374.40 less food and energy 77.7 177.0 181.3 186.1 190.5 193.2 196.6 200.9 205.9 210.729 215.572 251.70 215.575 215.3762 216.534 217.81824 218.58 216.868 254.6832 217.515 217.260 214.2 218.594 218.910 s Relative importance, December 2008. Source: Department of Labor, Bureau of Labor Statistics. 23 CHANGES IN PRODUCER PRICES FOR FINISHED GOODS [Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA] Change from preceding period Change from 3 months earlier, annual rate Change from 6 months earlier, annual rate Consumer goods Consumer goods Consumer goods Total finished goods Capital equipment Excluding foods Total finished goods Capital equipment Excluding foods Total finished goods Change from year earlier, total finished goods NSA Capital equipment Excluding foods Change, Dec. to Dec., NSA 1999. 2000. 2001. 2002. 2003. 2004. 2005. 2006. 2007. 2008. 2.9 3.6 1.6 1.2 4.0 4.2 5.4 1.1 6.2 ¥.9 0.8 1.7 1.8 ¥.6 7.7 3.1 1.7 1.7 7.6 3.2 5.1 5.5 ¥3.9 2.9 4.1 5.5 8.8 .4 7.7 ¥4.8 1.8 3.8 2.0 ¥1.3 3.2 3.6 4.8 3.0 3.9 6.3 0.3 1.2 0 ¥.6 .8 2.4 1.2 2.3 1.4 4.3 Change, month to month 2008: May June July Aug. .. Sept Oct. ... Nov. .. Dec. . 1.5 1.3 1.3 ¥.5 ¥.1 ¥2.6 ¥2.7 ¥1.8 0.7 1.2 .6 .2 .0 .1 — .5 ¥1.2 2.3 1.8 1.9 ¥1.2 ¥.3 ¥4.9 ¥4.7 ¥3.0 0.3 .3 .5 .4 .4 .6 .0 .4 10.7 12.9 17.9 9.0 2.9 ¥12.1 ¥19.6 ¥24.9 8.8 8.9 10.6 8.4 3.2 1.1 ¥1.8 ¥6.5 14.5 18.1 27.0 10.6 1.9 ¥22.8 ¥33.2 ¥40.3 3.5 4.3 4.3 4.8 5.3 5.6 3.9 3.9 7.1 11.0 11.9 9.9 7.8 1.8 ¥6.4 ¥12.1 9.1 8.9 7.0 8.6 6.0 5.8 3.2 ¥1.8 8.0 14.7 17.3 12.5 9.7 ¥1.0 ¥14.0 ¥22.0 3.3 4.0 4.1 4.1 4.8 4.9 4.4 4.6 7.3 9.1 9.9 9.7 8.8 5.2 .4 ¥.9 2009: J a n r Feb. . Mar. . Apr. . May .9 .1 ¥1.2 .3 .1 ¥1.6 ¥.7 1.5 ¥1.6 1.6 .1 .1 ¥13.7 ¥3.4 ¥1.8 .1 .9 ¥6.2 ¥10.4 ¥8.5 r ¥3.3 ¥3.2 ¥22.4 ¥3.8 1.4 r ¥4.3 ¥2.9 2.1 2.6 .3 r ¥.5 ¥1.5 ¥12.9 ¥11.9 ¥13.8 ¥8.6 ¥3.0 ¥2.6 ¥6.2 ¥7.5 ¥4.8 ¥6.9 ¥22.6 ¥19.8 ¥22.2 ¥13.8 ¥3.3 3.8 3.3 2.1 .8 .5 ¥.9 ¥1.3 ¥3.5 ¥3.7 ¥5.0 ¥.9 ¥.1 ¥.1 r ¥3.2 ¥2.5 Source: Department of Labor, Bureau of Labor Statistics. CHANGES IN CONSUMER PRICES—ALL URBAN CONSUMERS [Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA] Housing All items 1 Addendum: All items, percent change (annual rate) Transportation Shelter Rent of Ownpriers' mary equivaresilent dence rent Fuels and utilities Apparel New cars Motor fuel Medical care Energy 2 All items less food and energy From previous quarter 3 From 3 months months earlier earlier From year earlier NSA Change, December to December, NSA 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 3.4 1.6 2.4 1.9 3.3 3.4 2.5 4.1 .1 1.9 2.8 2.8 1.5 3.6 2.7 2.3 2.1 4.9 5.9 2.2 4.3 2.9 2.4 2.2 3.0 4.0 3.3 3.0 2.4 2.5 3.4 4.2 3.1 2.2 2.7 2.6 4.2 3.1 1.9 3.1 4.0 4.7 3.1 2 .7 2.9 3.1 4.3 4.0 3.4 2.4 3.4 4.5 3.3 2.0 2.3 2.5 4.3 2.8 2.1 2.4 12.1 ¥2.1 1.4 6.5 7.9 15.6 .5 5.4 6.0 ¥.5 ¥1.8 ¥3.2 ¥1.8 ¥2.1 _ .2 5.4 4.1 ¥3.8 3.8 .3 6.5 4.8 1.6 8.3 ¥13.3 ¥1.1 .9 ¥.3 ¥1.0 ¥.8 .3 0 ¥2.0 ¥2.1 .5 ¥.4 ¥1.1 30.2 13.9 24.8 24.6 6.8 26.1 16.2 6.4 29.5 42.2 3.7 4.2 4.7 5.0 3.7 4.2 4.3 3.6 5.2 2.6 13.4 14.2 ¥13.0 10.7 6.9 16.6 17.1 2.9 17.4 ¥21.3 1.9 2.6 2.7 1.9 1.1 2.2 2.2 2.6 2.4 1.8 0.2 .3 .3 2 .1 .0 .1 .0 2.2 3.4 2.8 1.6 2.3 2.7 3.4 3.2 2.8 3.8 Change, month to month 2008: May June July Aug Sept Oct. . Nov Dec 0.5 .9 .7 .0 .0 ¥.8 1.7 ¥.8 0.4 .7 .9 .6 .5 .4 .2 .0 0.4 .4 .6 .0 ¥.1 .0 ¥.1 .0 0.2 .3 .2 .1 .2 .1 .2 .0 0.2 .4 .3 .3 .3 .3 .3 .2 0.1 2 .1 .1 .2 .1 .2 .1 2.1 1.7 3.0 ¥.9 ¥2.4 ¥.5 ¥1.5 ¥.4 ¥0.1 .0 1.0 .4 ¥.3 ¥.7 .1 ¥.6 1.1 3.2 1.4 ¥.9 ¥.1 ¥4.8 ¥9.7 ¥5.0 0.1 .3 .8 .1 ¥.5 ¥.6 ¥.4 ¥.4 2.9 8.7 3.6 ¥2.5 .3 ¥12.7 ¥28.9 ¥18.8 0.1 .3 .1 2 .3 2 .2 .3 2.7 5.8 3.5 ¥2.0 ¥1.0 ¥7.8 ¥16.9 ¥9.3 2009: .3 .4 ¥.1 .0 .1 .1 0.1 ¥.1 _ 2 ¥.2 .0 .0 ¥.1 2.1 1.1 .2 .0 .0 .2 .1 .3 .1 .2 .2 .1 .3 .1 .2 .1 .1 — .7 ¥.1 ¥1.4 ¥1.7 ¥1.3 .3 1.3 _ .2 ¥.2 _ .2 1.3 1.9 ¥1.1 ¥.4 .8 2 .5 .3 .3 .3 5.3 7.6 ¥4.4 ¥2.6 2.7 .4 .3 .2 .4 .3 1.7 3.3 ¥3.0 ¥2.4 .2 1 Jan Feb Mar Apr May Includes items not shown separately. 2 Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc., excluded beginning 1983. 24 s 4.5 6.2 ¥8.3 ¥2.4 Quarterly changes are shown in the last month of the quarter. Source: Department of Labor, Bureau of Labor Statistics. 4.2 6.5 8.9 6.7 3.1 ¥3.1 ¥9.4 ¥12.4 3.7 5.1 5.8 5.4 4.7 2.7 ¥1.6 ¥5.0 4.2 5.0 5.6 5.4 3.7 3.7 1.1 .1 ¥8.4 ¥.5 2.2 .9 ¥.2 ¥5.8 ¥5.0 ¥5.4 ¥3.9 ¥.4 .0 .2 ¥.4 ¥1.3 PRICES RECEIVED AND PAID BY FARMERS In June, prices received by farmers rose 3.8 percent and prices paid by farmers rose 0.6 percent. (Data are not seasonally adjusted.) INDEX, 1990-92= 100 (RATIO SCALE) INDEX, 1990-92 = 100 (RATIO SCALE) 200 190 200 190 180 180 170 170 • 160 160 PRICES PAID 150 150 ^ 140 / 130 PRICES REC / 120 AJ 110 EIVED \ 140 \ ^ \ / 130 J \ 120 Vi 110 A yw 100 90 100 90 1 1 II 1 1 1 M 11 1M 1 11 I! 1 II 111M111111 ii 111111111 1 11111111111 IIII11II1II it 111111M i i i i i i 1 i i i i i RATIO1 1140 RATIO1 140 120 120 RATIO 100 100 80 60 I I I I I I i I I I 2001 M I I I I I I I I 2003 2002 60 I I I I I I I I I I I I 2004 M | | M i II 2005 2007 2006 M I I I I I I I I I 2008 I II II II I 2009 ! RATIO OF INDEX OF PRICES RECEP/ED TO INDEX OF PRICES PAID. SOURCE: DEPARTMENTOFAGRICULTURE COUNCIL OF ECONOMICADVISERS [1990-92 = 100; not seasonally adjusted] Prices paid by farmers Prices received by farmers Period All farm products Livestock and products Crops All commodities, services, interest, taxes, and wage rates 1 Production items, interest, taxes, and wage rates Production items Ratio 2 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 96 96 102 98 106 118 114 115 136 149 97 96 99 105 110 115 110 120 143 168 95 97 106 90 103 122 119 111 130 130 115 119 123 124 128 134 142 150 160 182 113 117 121 121 125 133 142 150 161 187 111 115 120 119 124 132 140 148 160 188 83 81 83 79 84 88 81 77 85 82 2008: June July Aug Sept Oct Nov Dec 158 159 156 154 150 141 135 183 182 177 174 167 156 149 137 138 137 133 127 123 119 187 191 191 190 187 182 177 193 197 197 196 192 187 181 196 201 202 200 195 189 182 84 83 82 81 80 77 76 2009: Jan Feb Mar Apr Mayr June p 139 126 126 129 130 135 160 146 146 111 150 162 114 109 109 112 113 112 178 177 178 177 178 179 182 181 182 181 181 183 181 179 180 179 180 182 78 71 71 73 73 75 1 Includes items not shown separately. Percentage ratio of index of prices received by farmers to index of prices paid, interest, taxes, and wage rates. 2 NOTE.—The official indexes are published on a 1910-14 base as required by law. The indexes have been converted to a 1990-92 = 100 base to facilitate comparison with other indexes. Source: Department of Agriculture. 25 MONEY, CREDIT, AND SECURITY MARKETS MONEY STOCK AND DEBT MEASURES In May, M2 rose. BILLIONS OF DOLLARS* (RATIO SCALE) BILLIONS OF DOLLARS* |RATIO SCALE) 9,200 9,200 8,400 8,400 , - ' 7,600 ___ 7,600 r 6,800 6,800 , Cl'\"" 6,000 6,000 M2 5,200 5,200 4,400 4,400 3,600 3,600 3,200 3,200 2,800 2,800 2,400 2,400 2,000 2,000 1,600 ., \ "— 1,600 y Ml ^ - - 1,200 1,200 i I 1I I1I II I I I II I M l l 1 t 1 1 1 1 1 1l 1l l 1I I11 l l l l l 1 1 1 1 1 1 M 1I 1I 11 1 1 1 1 11 11 1111 1 1 1111111111 1 1i 1 2001 2002 2003 2005 2004 2006 2007 1 1 1 1 1 1 ! II 1 1 2008 2009 COUNCILOF ECONOMIC ADVISERS [Averages of daily figures, except debt end-of-period basis; billions of dollars, seasonally adjusted] M2 M1 plus retail MMMF balances, savings deposits (including MMDAs), and small time deposits 1,122.6 1,087.7 1,182.3 1,220.4 1,306.8 1,376.4 1,374.2 1,365.6 1,364.5 1,595.4 4,630.1 4,909.4 5,416.1 5,763.5 6,054.7 6,398.4 6,659.1 019.1 414.9 8,123.8 2008: May June 1 July Aug Sept r Oct Nov Dec 1,373.6 1,383.6 1,400.0 1,391.9 1,451.8 1,475.0 1,523.5 1,595.4 637.0 647.7 692.2 673.2 782.1 900.7 951.5 8,123.8 2009: J a n r Feb r Mar r Apr r May 1,576.1 1,559.5 1,562.3 1,592.3 1,596.0 8,210.0 8,241.7 8,316.3 8,263.7 8,327.6 Period 1999: 2000: 2001: 2002: 2003: 2004: 2005: 2006: 2007: 2008: D e cr Dec Dec Dec Dec Dec Dec Dec Dec Dec 1 Quarterly data; shown in last month of quarter. End-of-year data are for fourth quarter. Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfinancial sectors; data from flow of funds accounts. 2 Annual changes are from December to December and monthly changes are from 6 months earlier at a simple annual rate. s Annual changes are from fourth quarter to fourth quarter. Quarterly changes are from previous quarter at an annual rate. 26 Percent change Debt M1 Sum of currency, demand deposits, travelers checks, and other checkable deposits (OCDs) Debt of domestic nonfinancial sectors 1 17,305.0 18,180.8 19,317.3 20,727.8 22,438.3 24,441.2 26,760.4 29,162.1 31,707.1 33,580.3 32,393.1 33,069.1 33,580.3 33,931.9 From year or 6 months earlier 2 M1 M2 2.4 ¥3.1 8.7 3.2 7.1 5.3 ¥.2 ¥.6 ¥.1 16.9 5.8 6.0 10.3 6.4 5.1 5.7 4.1 5.4 5.6 9.6 1.0 2.8 4.6 3.1 11.5 14.8 21.8 30.6 6.9 6.3 6.2 3.6 25.2 24.1 15.2 15.9 9.5 4.8 7.4 8.2 12.5 13.5 14.8 13.7 From previous period 3 Debt 6.4 5.0 6.3 7.3 8.1 8.9 9.5 9.0 8.7 5.9 3.2 8.3 6.2 4.1 9.2 9.5 NOTE.—The Federal Reserve previously announced that the M3 monetary aggregate and most of its components would no longer be published. Institutional money market mutual funds will continue to be published as a memorandum item in the H.6 release, and the component on large-denomination time deposits will be published in other Federal Reserve Board releases. For details, see H.6 release of March 23, 2006. See p. 27 for components. Source: Board of Governors of the Federal Reserve System. COMPONENTS OF MONEY STOCK [Averages of daily figures; billions of dollars, seasonally adjusted] Period Nonbank trave- Currency lers checks 1999: 2000: 2001: 2002: 2003: 2004: 2005: 2006: 2007: 2008: Dee Dee Dee Dee Dee Dee Dee Dee Dee Dec r .... 517.8 531.2 581.1 626.3 662.5 697.5 723.6 748.3 757.6 812.1 8.6 8.3 8.0 7.8 7.7 7.5 7.2 2008: May June .... July Aug Sept Oet Nov Dec r .... 763.4 769.0 774.5 777.0 781.6 796.5 804.3 812.1 2009: J a n r Feb r Mar r .... Apr r May 826.3 837.7 845.0 849.6 849.8 1 2 s De mand deposits Other checkable deposits (OCDs) Savings deposits 1 At commercial banks Total At commercial banks 1,739.5 1,878.3 2,309.0 2,774.0 3,162.7 3,506.4 3,602.3 3,692.7 3,868.7 4,100.5 1,288.4 1,424.3 1,738.3 2,060.2 2,337.9 2,631.1 2,773.9 2,909.7 3,041.3 3,328.7 451.0 46.070 570.7 7894.7 824.7 875.3 828.4 730 827.3 771.8 955.2 1,046.0 974.5 894.7 817.8 Total At thrift institutions At thrift institutions 243.3 .3815.4 257.5 279.6 310.3 328.2 318.9 305.8 307.8 313.1 139.7 5.5 353.0 309.9 335.7 306.8 326.4 343.2 324.6 304.8 292.9 464.8 142.0 154.3 175.3 187.0 180.7 177.2 174.3 178.9 103.7 105.2 115.4 125.3 135.0 141.1 138.1 128.6 133.5 134.2 6.1 6.0 5.9 5.8 5.8 5.7 5.6 5.5 292.0 294.3 303.5 300.6 350.2 360.6 406.7 464.8 312 314.2 316.1 308.4 314.2 312.1 306.9 313.1 175.1 176.4 176.8 172.4 176.9 176.3 173.5 178.9 175.1 137.7 139.3 136.0 137.3 135.8 133.4 134.2 4,010.1 4,021.2 4,033.1 4,005.9 4,032.8 4,034.9 4,015.6 4,100.5 3,126.5 3,123.9 3,130.9 3,116.5 34,032.8 3,250.3 3,246.4 3,328.7 5.5 5.5 6.4 5.3 5.2 434.2 395.6 389.5 405.4 406.6 310.1 320.7 322.4 331.9 334.4 175.2 180.9 182.1 191.2 195.1 134.9 139.8 140.3 140.7 139.3 4,213.7 4,291.4 4,375.7 4,342.6 4,445.0 3,432.3 3,499.2 3,566.4 3,531.7 3,623.4 67.37 67.3 .3309.92 Savings deposits including money market deposit accounts (MMDAs). Small-denomination deposits are those issued in amounts of less than $100,000. Institutional money funds are not part of non-M1 M2. Small-denomination time deposits 2 At commercial banks Total At thrift institutions 992.5 1,167.3 1,214.4 1,369.2 636.9 700.8 636.1 591.2 541.7 551.4 645.3 793 822.9 1,369.2 883.6 897.3 902.2 889.4 862.0 784.7 769.2 771.8 1,207.4 1,206.8 1,217.6 1,242.2 1,266.5 1,32 1,354.1 1,369.2 781.4 792.2 89.53 810.8 821.6 1,364.3 1,354.2 1,346.5 1,326 1,307.3 4276.468 318.3 345.2 338.5 303.4 Retail money funds Institutional money funds3 1767.41 276.4 347.2 408.0 391.5 351.1 812.8 897.3 950.3 874.5 767.4 687.7 690.1 793.5 967.3 3,328.7 2,385.5 818.8 823.3 838.4 861.5 889.5 979.0 1,003.3 1,369.2 388.6 383.5 379.2 380.6 377.0 345.1 350.9 351.1 1,045.9 1,206.882 1,041.5 1,033.2 0.2314.21 1,066.7 1,058.3 3,328.7 4,010.13 4,021.2 2,259.3 2,280.9 2,245.5 2,227.6 2,322.5 2,385.5 1,011.5 999.9 990.9 976.5 970.4 352.8 354.3 355.6 350.1 337.0 1,055.9 1,036.6 1,346.59 1,002.3 979.2 2,471.8 2,489.3 2,492.4 7810.8 2,538.4 660.3 815.4 2,309.0 1.2303.4 1,129.2 1,080.0 1,149.3 1,350.8 1.5967.31,8 NOTE.—See Note, p. 26. Source: Board of Governors of the Federal Reserve System. AGGREGATE RESERVES AND MONETARY BASE [Averages of daily figures1; millions of dollars; seasonally adjusted, except as noted by NSA] Adjusted for changes in reserve requirements Borrowings from the Federal Reserve (NSA) Reserves of depository institutions Period Total 2 1999: 2000: 2001: 2002: 2003: 2004: 2005: 2006: 2007: 2008: Dee Dee Dee Dee Dee Dee Dee Dee Dee Dee Nonborrowed 3 Required Excess (NSA) Other borrowings from the Federal Reserve Monetary base Total 4 42,183 38,717 41,442 40,400 42,757 46,552 45,139 43,338 42,674 821,055 41,862 38,507 41,376 40,320 42,711 46,489 44,970 43,147 27,243 167,489 40,889 37,391 39,799 38,392 41,710 44,643 43,238 41,475 40,905 53,655 1,294 1,325 1,643 2,008 1,047 1,909 1,901 1,863 1,769 767,400 593,842 584,928 635,557 681,629 720,402 759,072 786,976 811,126 822,356 1,651,278 320 210 67 80 46 63 169 191 15,431 653,565 2008: June .......43, July ........43, Aug .........44, Sept ........102, Oct. ........315, Nov .........609, Dee 43,363 43,333 44,565 102,784 315,512 609,962 821,055 ¥127,915 ¥122,331 ¥123,514 ¥187,322 ¥332,807 ¥88,824 167,489 41,092 41,360 42,571 42,726 47,606 50,920 53,655 1,2781 1,973 1,993 60,057 267,907 559,042 767,400 832,489 838,059 842,813 905,168 1,130,296 1,433,503 1,651,278 2009: Jan Feb Mar r Apr r Mayr Junep 858,418 700,967 779,955 881,555 901,293 809,014 294,922 118,470 167,843 323,361 375,845 370,291 60,173 57,459 55,321 57,175 57,187 57,631 798,245 643,508 724,633 824,380 844,106 751,382 1,703,117 1,557,493 1,643,139 1,749,802 1,770,208 1,680,159 1 Data are prorated averages of biweekly (maintenance period) averages of daily figures. Reserves and monetary base incorporate adjustments for discontinuities, or "breaks," associated with changes in reserve requirements. 2 Seasonally adjusted break-adjusted required reserves plus unadjusted excess reserves. s Seasonally adjusted break-adjusted total reserves less unadjusted total borrowings of depository institutions from the Federal Reserve. Term auction credit Primary Primary dealer and other brokerdealer credit 5 Assetbacked commerical paper money market mutual fund liquidity facility Credit extended to American International Group, Inc. Adjustment 6 179 99 34 35 11,613 438,327 17 11 97 111 3,787 88,245 47,631 32,102 47,206 922,2718 165,664 168,078 290,105 648,319 698,786 653,565 150,00 150,000 150,000 149,814 244,778 393,088 438,327 14,225 15,204 17,980 32,632 94,017 95,839 88,245 6,908 255 0 53,473 114,953 60,655 47,631 31,877 114,953117 71,009 32,102 22,187 77,047 78,070 47,206 538,6 582,497 643,13961 558,194 525,448 438,722 403,523 438,82 477,049 444,933 403,970 21,68 70,436 6 4 3 62,513 47,324 40,124 37,302 33,061 26,250 20,292 10,918 701 0 17,745 13,533 7,857 4,267 23,347 18,891 38,690 38,414 43,328 45,057 44,915 43,057 4 Includes secondary and seasonal, and other credit extensions, not shown separately. 5 Includes credit extended through the Primary Dealer Credit Facility and credit extended to other broker-dealers. 6 Discontinued after January 8, 2003. Source: Board of Governors of the Federal Reserve System. 27 BANK CREDIT AT ALL COMMERCIAL BANKS Total commercial bank loans and leases rose 0.7 percent in May; commercial and industrial loans fell 1.2 percent. BILLIONS OF DOLLARS* (RATIO SCALE) 12,000 ALL COMMERCIAL BANKS 10,000 BILLIONS OF DOLLARS* (RATIO SCALE) 12,000 9,000 TOTAL 8,000 Jl 7,000 • 7,000 ' r 6,000 10,000 9,000 8,000 ^_^r—~—-~ 6,000 5,000 5,000 \ LOANS AND LEASES 4,000 4,000 3,000 3,000 2,000 2,000 1,600 1,600 U.S. TREASURY AND AGENCY SECURITIES \ 1,200 800 400 I I I I I 1 I I I I I OTHER SECURITIES .- —* 1,200 — ' ' ' . . - • ' * * > • • - ' • • • " " 800 " 1 1 1 1 1 1 1 11 11 11 11 1 1 1 111 11 11 1 1 1 1 1 11 11 11 1 1 1 1 1 II1 1 1 11 1 1 1 i 1i r 1i i 1 1 i1i i • i 1 1 1 1 1 1 1 1 1 1 1 2001 2002 2003 2004 2005 2006 2007 •SEASONALLY ADJUSTED SOURCE: BOARD OF GOVERNORS OF THE FeOERAL RESERVE SYSTEM 1 1 1 1 1 1 1 1 1 1 2008 2009 COUNCIL OF ECONOMIC ADVISERS [Billions of dollars, seasonally adjusted 1 Loans and leases in bank credit Securities in bank credit Period 1999: 2000: 2001: 2002: 2003: 2004: 2005: 2006: 2007: 2008: 2008: Dec Dee Dec Dec Dee Dec Dec Decr Dec Decr Mayr June'' Julyrr ksi<g Septr Oef Novr Decr 2009: Jan'' Febr Mai"' Apr r May Total bank credit 4 743 1 5,200.4 5 410 8 5 888 2 6,262.7 6 811 5 7 531 8 8,359.3 9 207 3 9,972.7 9,425.5 9,404.9 9,432.1 9,421.4 9,579.3 9,989.9 9,930.7 9,972.7 9,888.8 9,835.8 9,818.0 9,730.7 9,776.3 Total securities 1 270 0 1,336.2 1 481 6 1 719 7 1,851.0 1 944 5 2 063 0 2,240.4 2 407 8 2,777.7 2,506.5 2,500.1 2,510.8 2,491.7 2,542.6 2,724.9 2,717.3 2,777.7 2,752.4 2,698.0 2,722.2 2,678.5 2,674.0 U.S. Treasury and agency securities 8.7 3 789.5 850 3 1 033 1 1,107.7 1 165 5 1 159 7 1,211.7 1 128 5 1,261.9 1,109.4 1,125.9 1,123.4 1,131.6 1,155.6 1,236.0 1,264.5 1,261.9 1,280.3 1,268.0 1,280.0 1,265.8 1,270.7 Other securities 2 458 7 546.8 631.3 3 68. 5 743.4 779 0 903 4 1,028.7 1 279 3 1,515.8 1,397.1 1,374.2 1,387.5 1,360.1 1,387.0 1,489.0 1,452.7 1,515.8 1,472.1 1,430.0 1,442.2 1,412.8 1,403.3 3 473 1 3,864.2 3 929 2 4 168 5 4,411.7 4 867 1 5 468 8 6,118.9 6 799 5 7,195.0 6,919.0 6,904.8 6,921.3 6,929.7 7,036.7 7,265.0 7,213.4 7,195.0 7,136.5 7,137.8 7,095.8 7,052.1 7,102.3 1 Data are prorated averages of Wednesday values for domestically chartered commercial banks, branches and agencies of foreign banks, New York State investment companies (through September 1996), and Edge Act and agreement corporations. Data are adjusted for breaks caused by reclassifications of assets and liabilities. 2 Includes other trading assets. 28 Commercial and indus- Total loans and leases 3 990 2 1,078.4 1 018 0 955 7 896.1 918 5 1 035 8 1,187.3 1 436.3 3 1,582.4 1,494.0 6,904.8 1,515.6 1,516.0 7,036.71,5 7,265.0 1,599.9 1,582.4 1,570.4 1,559.8 1,543.7 1,52 1,503.4 Real estate Total 4 1 475 3 1,660.5 1 789 8 2 038 4 2,235.4 2 574 8 2 942 0 3,378.8 3 6.0 1 3,827.6 3,638.8 3,651.7 3,620.7 3,623.1 3,660.3 1,602.03 3,826.3 3,827.6 3,811.5 3,829.9 3,832.3 3,837.9 3,881.4 Revolving home equity 101 7 130.4 156 0 213 8 281.1 399 2 445 6 469.9 486 0 590.7 511.1 516.7 522.4 526.8 540.2 579.7 585.0 590.7 595.3 5900 601.3 606.1 613.4 Commercial 1 081 7 1 273 0 1,452.2 1 601 6 1,736.5 1,660.0 1,672.2 1,675.3 1,677.4 1,387.07 1,728.4 1,599.93,8 1,736.5 1,731.1 1,730.5 1,728.9 1,725.4 1,722.4 Consumer 5 491 7 541.2 559 4 589 7 645.8 4.8 3 707 6 742.8 806 8 881.4 828.8 833.9 843.0 847.8 853.7 872.2 878.2 881.4 891.9 900.3 892.6 880.9 880.7 Security 5 128 6 153.1 119 8 161 2 187.9 188 7 236 4 257.4 285 4 244.7 304.7 290.1 297.7 303.6 327.4 293.6 263.3 244.7 224.4 218.0 197.9 188.3 195.2 Other 387 2 431.0 442 2 423 5 446.4 486 8 547 0 552.7 663 9 658.8 652.5 644.3 644.2 639.2 658.7 676.9 645.7 658.8 638.2 629.8 629.4 622.9 641.6 s Excludes unearned income. Includes the allowance for loan and lease losses. Excludes Federal funds sold to, reverse repurchase agreements (RPs) with, and loans to commercial banks in the United States. 4 Includes other residential, not shown separately. 5 Includes other items, not shown separately. Source: Board of Governors of the Federal Reserve System. SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL CORPORATE BUSINESS [Billions of dollars; quarterly data at seasonally adjusted annual rates] Sources Uses External (N et increase in liabilities F u n d s raised in markets Discrep- Credit market instruments Period Total TIQI 1 nal Total Total net raised Capital expenditures 3 Total Net new equity issues Total Loans and shortterm paper Securities and mortgages Other 2 Increase in financial assets (sources less uses) 1999 r 2000 r 2001 r 2002 r 2003 r 2004 r 2005 r 2006 r 2007 r 2008 r 1,718.6 1,955.0 850.6 896.2 844.7 1,537.5 2,026.3 1,922.5 2,258.8 1,578.4 731.0 717.6 755.4 811.3 831.3 928.5 1 96 1 1,086.0 1,047.0 1,064.1 987.6 1,237.4 95 2 84.9 13.4 4 609.0 961.2 836.5 1,211.8 514.3 273.6 243.6 164.9 ¥19.6 45.8 77.3 ¥30.6 ¥137.2 6.0 ¥18.2 ¥110.4 ¥118.2 ¥48.1 ¥41.4 ¥41.1 ¥124.4 -360 7 ¥602.7 ¥831.2 ¥380.8 384.0 361.8 213.1 21.8 86.9 201.7 330.1 465.4 837.2 362.6 273.9 187.2 400.0 166.0 216.7 132.5 264.0 310.3 434.3 246.0 1714.1 174.6 ¥187.0 -144.2 ¥129.7 69.2 66.2 155.2 402.9 116.6 714.1 993.9 ¥69.7 104.5 ¥32.4 531.9 991.7 973.7 1,205.8 532.5 1,833.8 2,137.7 980.2 867.2 832 5 1,608.8 1,879.8 1,772.5 2,091.5 1,582.4 863.9 928.5 802.6 737.1 749.9 825.7 922.0 1,059.4 1,047.3 1,066.9 969.9 1,209.2 177.6 130.1 82.6 783.1 957.8 713.1 1,044.2 515.5 ¥115.2 ¥182.8 ¥129.6 28.9 12.1 ¥71.3 146 5 150.0 167.3 ¥4.1 2007: I r IIr III r IVr 2,335.0 2,294.8 2,290.4 2,115.3 1,028.8 1,032.7 1,065.0 1,061.7 1,306.2 1,262.1 1,225.4 1,053.6 140.8 109.9 40.0 ¥266.6 ¥566.7 ¥799.1 ¥864.9 ¥1,093.9 707.5 909.0 904.9 827.3 413.0 523.2 354.6 446.1 294.5 385.8 550.3 320.22 1,165.4 1,152.2 1,185.4 1,320.2 2,117.8 2,112.7 2,087.1 2,048.4 1,009.2 1,044.0 1,083.8 1,052.0 1,108.6 1,068.7 1,003 996.4 217.1 182.1 203.2 66.9 2008: I r IIr III r IVr 1,797.0 1,757.3 1,552.6 1,206.8 1,041.2 1,008.7 1,088.2 1,118.3 755.8 748.6 464.4 88.5 ¥19.2 188.7 3.9 ¥246.1 ¥475.1 ¥262.4 ¥399.6 ¥386.0 455.9 451.1 403.5 139.9 254.6 409.5 134.4 185.7 201.4 41.6 269.1 ¥45.8 775.0 559.9 460.5 334.6 1,740.9 1,710.4 1,574.3 1,304.3 1,066.7 1,120.6 1,065.7 1,014.7 674.2 589.8 508.6 289.6 56.1 46.9 ¥21.8 ¥97.6 2009: Ip 1,276.2 1,061.9 214.3 ¥156.4 ¥297.0 140.6 562.9 ¥422.3 370.8 1,368.9 813.8 555.1 ¥92.7 1 Profits before tax (book) less taxes on corporate income, less net dividends, plus capital consumption allowance (consumption of fixed capital plus capital consumption adjustment), foreign earnings retained abroad, inventory valuation adjustment, and net capital transfers. 2 Includes trade payables, taxes payable, and miscellaneous liabilities (foreign direct investment in the U.S., pension fund contributions payable, and other). s Nonresidential fixed investment plus residential fixed investment, inventory change with inventory valuation adjustment, and nonproduced nonfinancial assets. Source: Board of Governors of the Federal Reserve System. CONSUMER CREDIT [Billions of dollars; seasonally adjusted] Consumer credit outstanding (end of period) Period Revolving Total Nonrevolving2 Net change in consumer credit outstanding 1 Total Revolving Nonrevolving 2 1,532.4 1,717.7 1,867.3 1,974.3 2,078.3 2,191.6 2,285.2 2,387.7 2,519.0 2,562.3 610.7 683.7 716.6 748.8 770.4 799.8 824.5 874.6 939.5 960.9 921.7 1,034.0 1,150.7 1,225.5 1,307.9 1,391.8 1,460.7 1,513.1 1,579.5 1,601.4 111.4 185.3 149.6 107.0 104.0 113.3 93.6 102.5 131.3 43.3 29.3 73.0 32.9 32.2 21.6 29.4 24.7 50.1 64.9 21.4 82.1 112.3 116.7 74.8 82.4 83.9 68.9 52.4 66.4 21.9 2008: Apr May June July Aug Sept Oct Nov Dec 2,558.8 2,565.5 2,574.1 2,581.8 2,575.8 2,582.8 2,578.1 2,568.8 2,562.3 957.3 963.0 965.8 972.1 974.2 976.8 974.0 968.3 960.9 1,601.5 1,602.5 1,608.3 1,609.7 1,601.6 1,606.0 1,604.2 1,600.5 1,601.4 9.8 6.7 8.6 7.7 ¥6.0 7.0 ¥4.7 ¥9.3 ¥6.5 .0 5.7 2.8 6.3 2.1 2.6 ¥2.8 ¥5.7 ¥7.4 9.8 1.0 5.8 1.4 ¥8.1 4.4 ¥1.8 ¥3.7 .9 2009: Jan Feb Mar 2,567.1 2,556.2 2,539.7 2,524.0 959.6 948.4 939.6 931.0 1,607.6 1,607.8 1,600.1 1,593.0 4.8 ¥10.9 ¥16.5 ¥15.7 ¥1.3 ¥11.2 ¥8.8 ¥8.6 6.2 2 1999: 2000: 2001: 2002: 2003: 2004: 2005: 2006: 2007: 2008: Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec 1 Change based on data in billions of dollars as shown here. For year-end data, change from preceding year-end; for monthly data, change from preceding month. 2 Includes automobile loans and all other loans not included in revolving credit, such as loans for mobile homes, education, boats, trailers, or vacations. These loans may be secured or unsecured. — 7.7 ¥7.1 NOTE.—Effective October 7, 2003 data beginning 1977 include student loans extended by the Federal Government and by SLM Holding Corporation. Source: Board of Governors of the Federal Reserve System. 29 INTEREST RATES AND BOND YIELDS Interest rates rose in June. PERCENT PER ANNUM PERCENT PER ANNUM 10 10 COUNCIL OF ECONOMIC ADVISERS SOURCE: SEE TABLE BELOW [Percent per annum] U.S. Treasury security yields Constant maturities Period 1999 2000 2001 2002 2003. 2004. 2005. 2006. 2007. 2008. 2008: June ... July .... Aug Sept .... Oet Nov Dee 2009: J a n Peb Mar Apr May .... June ... Week ended: 2009: June 6 13 . 20 . 27 . July 4 . 3-month bills (at auction) 1 3-year10-year 30-year 2 10-year Highgrade municipal bonds (Standard & Poor's) 3 Corporate Aaa bonds (Moody's) 7.04 7.62 7.08 6.49 5.67 5.63 5.24 5.59 5.56 5.64 5.68 5.67 5.64 5.65 6.28 6.15 5.08 5.05 5.27 5.50 5.39 5.54 5.61 5.68 5.80 5.61 5.43 5.40 4.66 5.85 3.44 1.62 1.01 1.38 3.16 4.73 4.41 1.48 1.89 1.72 1.79 1.46 .84 .30 .04 .12 .31 .25 .17 .15 .17 5.49 6.22 4.09 3.10 2.10 2.78 3.93 4.77 4.35 2.24 3.08 2.87 2.70 2.32 1.86 1.51 1.07 1.13 1.37 1.31 1.32 1.39 1.76 5.65 6.03 5.02 4.61 4.01 4.27 4.29 4.80 4.63 3.66 4.10 4.01 3.89 3.69 3.81 3.53 2.42 2.52 2.87 2.82 2.93 3.29 3.72 4.91 4.84 4.28 4.69 4.57 4.50 4.27 4.17 4.00 2.87 3.13 3.59 3.64 3.76 4.23 4.52 5.43 5.77 5.19 5.05 4.73 4.63 4.29 4.42 4.42 4.80 4.48 4.88 4.90 5.03 5.68 5.28 5.53 5.13 5.00 5.185 4.88 4.60 4.84 .15 .19 .16 .20 .20 1.59 1.96 1.82 1.72 1.59 3.70 3.89 3.75 3.63 3.53 4.54 4.68 4.55 4.38 4.32 4.75 4.91 4.85 4.83 4.79 5.87 5.94 5.49 1 High bill rate at auction, issue date within period, bank-discount basis. Data are stop yields from uniform-price auctions. 2 Yields on actively traded issues adjusted to constant maturities. s Weekly data are Wednesday figures. 4 Discount window borrowing for primary credit and discount rate (adjustment credit). The rate for primary credit replaced the rate for adjustment credit. 5 Average effective rate for year; rate in effect at end of month or week. 30 6 Discount window (N.Y. F.R. B a n k ) 4 5 Primary credit Discount rate 4.62 5.73 3.40 1.17 Prime rate charged by banks 5 Federal funds rate 6 2.12 2.34 4.19 5.96 5.86 2.39 2.25 2.25 2.25 2.25 1.25 1.25 .50 .50 .50 .50 .50 .50 .50 8.00 9.23 6.91 4.67 4.12 4.34 6.19 7.96 8.05 5.09 5.00 5.00 5.00 5.00 4.00 4.00 3.25 3.25 3.25 3.25 3.25 3.25 3.25 4.97 6.24 3.88 1.67 1.13 1.35 3.22 4.97 5.02 1.92 2.00 2.01 2.00 1.81 .97 .39 .16 .15 .22 .18 .15 .18 .21 .50 .50 .50 .50 .50 3.25 3.25 3.25 3.25 3.25 .19 .20 .19 .24 .19 Newhome mortgage yields (FHFB) 7 7.04 7.52 7.00 6.43 5.80 5.77 5.94 6.63 6.41 6.05 6.13 6.29 6.33 6.09 6.10 6.16 5.67 5.11 5.09 5.10 4.96 4.92 Daily effective rate; weighted average of rates on brokered trades. Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as well as contract rate and assumed, on the average, repayment at end of 10 years. * Discount rate (adjustment credit) series was discontinued after January 8, 2003. Series for 30-year constant maturity was discontinued on February 18, 2002, and reintroduced on February 9, 2006. Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Housing Finance Board, Moody's Investors Service, and Standard & Poor's. 7 COMMON STOCK PRICES AND YIELDS Stock prices rose in June. INDEX, DEC. 31,2002=5,000 (RATIO SCALE) INDEX, DEC. 31,2002=5,000 (RATIO SCALE} 11,000 11,000 10,000 10,000 9,000 U -V COMPOSITE STOCK PRICE INDEX / (NYSE) / 8,000 7,000 v 4,000 V M111111111 2001 8,000 7,000 ^^ 6,000 5,000 9,000 6,000 vV \J 5,000 1111 1 1 1 II 1 11 1 1 1 1 1 1 1II II1I 1 1 11 1 1 11 1 114,000 1 II 1 11 1 1 1 II11 1 1 1111 1 1 111 11 1 1 1 1 1 11 1 1 1 1 1 1 IIII11 2004 2003 2005 2006 2009 2002 2007 2008 PERCENT 20 PERCENT 20 EARNINGS-PRICE RATIO ON COMMON STOCKS (S&P) 2002 2003 2004 2006 2005 2007 2008 SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD AND POOR'S I COUNCIL OF ECONOMIC ADVISERS Common stock prices 1 Period New York Stock Exchange indexes 2 3 (December 31, 2002 = 5,000) Composite Financial 2009 Energy Health Care Dow Jones industrial average 4 Common stock yields (percent) 7 Standard & Poor's composite index (194143 = 10) 5 Nasdaq composite index (Feb. 5, 1971 = 100) 6 1,327.33 1,427.22 1,194.18 993.94 965.23 1,130.65 1,207.23 1,310.46 1,477.19 1,220.04 2,728.15 3,783.67 2,035.00 1,539.73 1,647.17 1,986.53 207.232 2,263.41 2,578.47 2,161.65 1.25 1.15 1.32 1.61 1.77 1.72 1.83 1.87 1.86 2.37 3.17 3.63 2.95 2.92 3.84 4.89 5.36 5.78 5.29 3.54 4.01 Dividendprice ratio 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 6,546.81 6,805.89 6,397.85 5,578.89 5,447.46 6,612.62 7,349.00 8,357.99 9,648.82 8,036.88 5,583.00 6,822.18 7,383.70 8,654.40 9,321.39 6,278.38 5,273.90 6,952.36 9,377.84 11,206.94 13,339.99 13,258.42 5,288.67 5,924.80 6,283.96 6,685.06 7,19 6,171.19 10,464.88 10,734.90 10,189.13 9,226.43 8,993.59 10,317.39 10,547.67 11,408.67 13,169.98 11,252.62 2008: June July Aug . Sept Oet .. Nov . Dee . 8,996.98 8,427.37 8,362.20 7,886.29 6,130.39 5,527.63 5,525.70 6,798.20 6,207.89 6,304.58 6,159.18 4,733.74 3,779.86 3,673.95 16,272.67 14,899.86 13,772.04 12,562.82 9,515.71 9,136.33 6,243.42 6,412.48 6,618.92 6,316.05 5,434.03 5,088.99 5,090.83 12,056.67 11,322.38 11,530.75 11,114.08 9,176.71 8,614.55 8,595.56 1,341.25 1,257.33 1,281.47 1,217.01 968.80 883.04 877.56 1,341.25 2,278.14 2 81.47 2^205.20 1,730.32 1,542.70 1,525.89 2.15 2,27 2.23 2.36 2.83 3.11 3.00 2009: Jan 5,477.14 5,051.42 4,739.72 5,338.39 5,823.10 5,985.64 3,337.14 2,823.74 2,633.65 3,313.47 3,819.95 3,924.19 9 295.97 8,785.04 8,266.81 8,839.95 9,848.66 10,189.64 5,256.13 5,106.78 4,596.81 4,771.71 5,051.78 5,224.16 8,396.20 7,690.50 7,235.47 7,992.12 8,398.37 8,593.00 865.58 805.23 757.13 848.15 902.41 826.992 1,537.20 1,485.98 1,432.23 1,641.15 1,726.08 1,826.99 3.01 3.07 2.92 2.60 2.41 2.35 6,115.85 6,115.99 5,911.80 5,819.65 5,899.23 3,996.13 4,024.05 3,868.01 3,810.55 3,883.58 10,583.23 10,638.91 10,085.63 5,219.73 5,154.13 5,204.20 5,272.38 5,311.15 8,730.19 8,767.35 8,541.86 8,374.51 8,440.30 940.38 942.36 917.20 905.65 916.58 1,838.17 1,855.36 8,541.86 1,798.24 1,830.34 2.32 2.30 2.37 2.39 2.33 Feb Mar Apr May June Week ended: 2009: June 6 13 . 20 . 27 . July 4 . 1 9,262.07 9,606.00 9,719.80 Average of daily closing prices. 2 Includes all the stocks (nearly 1,850) listed on the NYSE. s Effective January 9, 2003, the NYSE relaunched the composite index with changes in methodology, definitions, and based on Dec. 31, 2002 = 5,000. Effective January 8, 2004 new indexes for Financial, Energy, and Health Care were introduced by the NYSE. Previous indexes shown for Industrial, Transportation, Utility, and Finance were discontinued. 4 Includes 30 stocks. Earningsprice ratio 3.94 1.65 r .86 5 Includes 500 stocks. Includes about 3,000 stocks. Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earnings-price ratios based on prices at end of quarter. 6 7 Sources: New York Stock Exchange, Dow Jones & Company, Inc., Standard & Poor's, and Nasdaq Stock Market. 31 FEDERAL FINANCE FEDERAL RECEIPTS, OUTLAYS, AND DEBT In the eighth month of fiscal 2009, there was a deficit of $991.9 billion, compared with a deficit of $319.4 billion a year earlier. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 4,200 - RECEIPTS A N D OUTLAYS1 4,000 - 3,800 3,600 3,400 3,200 3,000 2,800 2,600 - // - \ // - OUTLAYS' - ___\ s — 2,400 — ^>-<^____ 1,800 1 1,600 400 - 1 ^ ^ 1 3,600 3,400 3,200 3,000 2,800 2,600 2,400 2,000 - _ _ ^ — ^ 1 3,800 —- - 2,200 N^ 2,200 - / - 2,000 4,200 4,000 - 1 1 - i SURPLUS OR DEFICIT (-) 1 1,800 1,600 400 0 0 -400 -800 -800 -1,200 -1,200 -1,600 -1,600 -2,000 -2,000 2000 2009 FISCAL YEARS MNCLUD6S ON-BUDGET AND OFF-BUDGET ITEMS. SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS [Billions of dollars] Total Fiscal year or period Receipts Outlays Off-budget On-budget Surplus or deficit Receipts Outlays Surplus or deficit Receipts Outlays Federal debt (end of period) Surplus or deficit Gross Federal Held by the public 1992. 1993. 1994. 1995. 1996. 1997. 1998. 1999. 1,091.3 1,154.5 1,258.7 1,351.9 1,453.2 1,579.4 1,722.0 1,827.6 1,381.6 1,409.5 1,461.9 1,515.9 1,560.6 1,601.3 1,652.7 1,702.0 ¥290.3 ¥255.1 ¥203.2 ¥164.0 ¥107.4 ¥21.9 69.3 125.6 788.9 842.5 923.7 1,000.9 1,085.7 1,187.4 1,306.2 1,383.2 1,129.3 1,142.9 1,182.5 1,227.2 1,259.7 1,290.7 1,306.21 1,383.21,3 ¥340.4 ¥300.4 ¥258.8 ¥226.4 ¥174.0 ¥103.2 ¥29.9 1.9 302.4 311.9 335.0 351.1 367.5 392.0 415.8 444.5 252.3 266.6 279.4 288.7 300.9 310.6 316.6 320.8 50.1 45.3 55.7 62.4 66.6 81.4 99.2 123.7 4,001.8 4,351.0 4,643.3 4,920.6 5,181.5 5,369.2 5,478.2 5,605 2,999.7 3,248.4 3,433.1 3,604.4 3,734.1 3,772.3 3,721.1 3,632.4 2000. 2001. 2002. 2003. 2004. 2005. 2006. 2007. 2008. 2009 (estimates). 2010 (estimates). 2,025.5 1,991.4 1,853.4 1,782.5 1,880.3 2,153.9 2,407.3 2,568.2 2,524.3 2,156.7 2,332.6 1,789.2 1,863.2 2,011.2 2,160.1 2,293.0 2,472.2 2,655.4 2,728.9 2,982.9 3,997.8 3,591.1 236.2 128.2 ¥157.8 ¥377.6 ¥412.7 ¥318.3 ¥248.2 ¥160.7 ¥458.6 ¥1,841.2 ¥1,258.4 1,544.9 1,483.9 1,338.1 1,258.7 1,345.5 1,576.4 1,798.9 1,933.2 1,866.3 1,501.8 1,649.4 1,458.5 1,516.4 1,655.5 1,797.1 1,913.5 2,070.0 2,233.4 2,275.3 2,508.1 3,479.6 3,041.9 86.4 ¥32.4 ¥317.4 ¥538.4 ¥568.0 ¥493.6 ¥434.5 ¥342.2 ¥641.9 ¥1,977.8 ¥1,392.5 480.6 507.5 515.3 523.8 534.7 577.5 608.4 635.1 658.0 654.9 683.2 330.8 346.8 355.7 363.0 379.5 402.2 422.1 453.6 474.8 518.2 549.1 149.8 160.7 159.7 160.8 155.2 175.3 186.3 181.5 183.3 136.6 134.1 5,628.7 5,769.9 6,198.4 6,760.0 7,354.7 7,905.3 8,451.4 8,950.7 9,985.8 12,867.5 14,456.3 8 1 49.8 3,319.6 3,540.4 3,913.4 4,295.5 4,592.2 4,829.0 5,035.1 5,802.7 8,531.4 9,881.9 Cumulative total, first 8 months:1 Fiscal year 2008. Fiscal year 2009. 1,674.0 1,373.3 1,993.4 2,365.3 319.4 991.9 1,231.9 930.5 1,669.6 2,011.9 ¥437.7 ¥1,081.5 442.0 442.8 323.7 353.3 118.3 89.5 9,352.0 11,286.9 5,267.8 7,011.3 1 Data from current issue Monthly Treasury Statement. 32 NOTE.—Data (except as noted) are from Budget of the United States Government, Fiscal Year 2010, issued May 11, 2009. Sources: Department of the Treasury and Office of Management and Budget. FEDERAL RECEIPTS BY SOURCE AND OUTLAYS BY FUNCTION In the eighth month of fiscal 2009, receipts were $300.7 billion lower than a year earlier and outlays were $371.9 billion higher. BILLIONS OF DOLLARS 1,400 - RECEIPTS1 1,200 1,000 - 1,000 800 j "" (500 400 •.. \ 800 CORPORATION INCOME TAXES \ SOCIAL INSURANCE AND K t l l K t M t N l KtCtlPIS 200 • 1 0 3,200 3,000 2,800 2,600 2,400 2,200 2,000 1,800 - 1,400 800 600 400 200 1 — 1 600 400 200 0 - — | OTHER RECEIPTS'' 1 1 OUTLAYS1 / - 3,200 " \ / - \ _ 3,000 2,800 2,600 - 2,400 NONUEFENSE - - - ._ ^^ * ^ 1,600 BILLIONS OF DOLLARS 1,400 1,200 — — —' —' """ "*** """ <- "-" ————"""" - NATIONAL DEFENSE \ . > - 2,200 2,000 1,800 1,600 1,400 800 600 400 2000 r ~r~ 1 - 2001 2002 i 2003 i 2004 i 2005 1 2007 2006 1 2008 2009 200 2010 FISCAL YEARS 1 INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS. SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS [Billions of dollars] On-budget and off-budget outlays On-budget and off-budget receipts Individual income taxes Fiscal year or period poration income taxes Social insurance and retirement receipts National defense Department of Defense, military International affairs Income security Social security Net inter- 1992. 1993. 1994. 1995. 1996. 1997. 1998. 1999. 1,091.3 1,154.5 1,258.7 1,351.9 1,453.2 1,579.4 1,722.0 1,827.6 476.0 509.7 543.1 590.2 656.4 737.5 828.6 879.5 100.3 117.5 140.4 157.0 171.8 182.3 188.7 184.7 413.7 428.3 461.5 484.5 509.4 539.4 571.8 611.8 101.4 99.0 113.8 72.12 265.825 190.023 132.9 151.7 1,381.6 1,409.5 1,461.9 1,515.9 1,56 1,601.3 1,652.7 1,702.0 298.4 291.1 281.6 272.1 265.8 270.5 268.2 274.8 .816.18 278.5 268.6 259.4 253.1 258.3 2 . 8 261.2 189.51 17.2 107.11 16.4 13.5 15.2 13.1 15.2 89.5 99.4 107.1 115.4 119.4 123.8 131.4 141.1 119.0 130.6 144.7 159.9 174.2 190.0 192.8 190.4 199.6 210.0 217.2 223.8 229.7 235.0 237.8 242.5 287.6 304.6 319.6 335.8 349.7 365.3 379.2 390.0 199.3 198.7 202.9 232.1 241.1 244.0 241.1 229.8 2000. 2001. 2002. 2003. 2004. 2005. 2006. 2007. 2008. 2009 (estimates) 2010 (estimates) 2,025.5 1,991.4 1,853.4 1,782.5 1,880.3 2,153.9 2,407.3 2,568.2 2,524.3 2,156.7 2,332.6 1,004.5 994.3 858.3 793.7 809.0 927.2 1,043.9 1,163.5 1,145.7 953.0 1,051.4 207.3 151.1 148.0 131.8 189.4 278.3 353.9 370.2 304.3 146.8 178.9 652.9 694.0 700.8 713.0 733.4 794.1 837.8 869.6 900.2 899.2 940.4 160.9 152.0 196.52 144.1 148.5 154.2 171.6 164.9 174.1 157 1712.9 1,789.2 1,863.2 2,011.2 2,160.1 2,293.0 2,472.2 2,655.4 2,728.9 2,982.9 3,997.8 3,591 294.4 304.8 348.5 404.8 455.8 495.3 521.8 551.3 616.1 690.3 712.9 281.1 290.2 331.9 387.2 436.5 474.1 499.3 .2869.6 594.7 665.0 .150.1 17.2 16.5 22.4 21.2 26.9 34.6 29.935 28.5 28.9 34.7 50.1 154.5 172.3 196.5 219.6 240.1 250.6 252.8 266.4 280.6 353.4 389.0 197.1 217.4 230.9 34.64 269.4 298.6 329.9 375.4 390.8 430.8 457.8 253.7 269.8 312.7 334.6 333.1 345.8 352.5 366.0 431.3 519.3 547.5 409.4 433.0 456.0 474.7 495.5 523.3 548.5 586.2 617.0 680.5 702.3 239.9 222.9 243.4 206.2 273.3 170.9 302.7 153.1 311.9 160.2 339.9 184.0 393.8 226.6 318.1 237.1 365.4 252.8 142.7 1,146.1 595.7 135.9 Cumulative total, first 8 months:1 Fiscal year 2008 .........................1, Fiscal year 2009 .........................1, 1,674.0 1,373.3 769.2 592.6 178.2 69.4 610.4 609.2 116.2 102.1 1,993.4 2,365.3 412.9 438.8 393.7 419.1 17.7 24.1 188.1 218.7 266.1 278.8 309.7 362.7 405.2 450.4 164.8 132.6 1 Data from current issue Monthly Treasury Statement. Data for Department of Defense, military, include a small amount classified as international affairs, and not included in national defense. 172.2 158.0 171.7 160.3 167.3 157.4 189.0 218.2 228.9 459.2 NOTE.—Data (except as noted) are from Budget of the United States Government, Fiscal Year 2010, issued May 11, 2009. Sources: Department of the Treasury and Office of Management and Budget. 33 FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS In the first quarter of 2009, according to revised estimates, Federal current receipts fell $152.7 billion (annual rate); while Federal current expenditures rose $99.9 billion. BILLIONS OF DOLLARS 3,400 3,200 3,000 2,800 2,600 2,400 2,200 BILLIONS OF DOLLARS - • \. 1,200 1,000 800 600 400 .. -200 -400 -600 -800 3,000 2,800 2,600 s 2,400 -* 2,200 ' CURRENT RECEIPTS V^ \ • ^ / 2,000 - 1,800 1,600 - 1,400 1,200 1,000 800 600 NET FEDERAL 200 0 3,200 . , - ' - — ' — V . 1,800 1,400 .* (-1IPBFNJT FVPFNniTI IPF"; 2,000 1,600 3,400 SEASONALLY ADJUSTED ANNUAL RATES ii— 1 i 400 / 200 0 - v _ . -200 s -—v^ -400 -600 -800 1 1 -1,000 1 1999 1 1 1 1 1 1 2002 2001 2000 1 1 1 1 1 2003 1 1 1 2004 1 2005 1 1 1 1 1 1 2007 2006 1 1 2008 1 1 1 -1,000 2009 CALENDAR YEARS SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADWSERS [Billions of dollars; quarterly data asetasonal seasonally adjusted annual rates] Federal Government current expenditures Federal Government current receipts Current tax receipts Period Total Total 1 Personal current taxes Taxes on production and imports Taxes on corporate income Contributions for government social insurance Income receipts on assets Current transfer receipts Calendar year: 1999 .................1, 2000 2001 .................2, 2002 2003 2004 ................2, 2005 ................2, 2006 ................2, 2007 ................2, 2008 ................2, 2005: III ............2, IV ............2, 1,891.2 2,053.8 2,016.2 1,853.2 1,879.9 2,008.9 2,266.9 2,510.4 2,651.2 2,569.3 2,214.5 2,363.3 1,195.7 1 313 6 1,252.2 1075 5 1,070.8 1,152.3 1,383.0 1,550.2 1,644.5 1,526.8 1,375.8 1,448.0 893.0 999 1 994.5 150.5 774.5 797.4 930.7 1,049.9 1,167.3 1,124.0 944.2 965.8 83.9 87 8 85.8 57 3 89.7 94.6 99.2 98.0 97.7 96.2 100.0 98.5 213.0 219.4 164.7 150 5 .947.8 250.3 341.0 388.9 365.4 291.1 318.0 370.6 651.6 691.7 717.5 734 3 758.9 805.2 850.0 902.4 942.3 972.0 857.0 865.7 21.5 2 2 24.9 2 2 22.9 23.8 24.0 25.7 29.2 31.8 23.8 23.1 22.7 25 7 27.1 24 8 25.0 28.8 15.0 35.7 37.5 39.3 ¥35.8 32.8 2006: I ...............2, II .............2, III. ...........2, IV ............2, 2007: I ...............2, II .............2, III. ...........2, IV ............2, 2,453.6 2,487.6 2,531.9 2,568.6 2,612.8 2,648.1 2,664.9 2,679.2 1,504.7 1,535.1 1,570.9 1,590.2 1,615.2 1,648.2 1,654.4 1,660.0 1,018.8 1,031.6 1,056.0 1,093.2 1,139.5 1,157.1 1,178.1 1,194.7 97.8 98.2 98.6 97.4 97 7 96.9 98.2 98.0 377.3 394.4 404.6 379.5 365.6 381.5 365.1 349.5 893.6 895.7 902.6 917.7 937.1 936.4 943.3 952.3 23.7 24.9 26.0 28.2 28.4 29.0 29.8 29.5 34.7 35.5 36.0 36.5 37.0 37.2 37.6 38.2 2008: I ...............2, II .............2, III. ...........2, IV ............2, 2009: I r 2,672.5 2,478.8 2,595.7 2,530.3 2,377.6 1,634.9 1,436.0 1,565.0 1,471.3 1,316.6 1,201.2 999.8 1,141.7 1,153.1 978.9 95.8 96.9 94.7 97.3 89.7 322.5 324.4 313.4 204.3 234.0 968.9 971.8 976.0 971.0 969.5 29.9 31.7 32.4 33.1 33.6 39.4 40.0 22.4 55.6 60.3 1 2 Includes taxes from the rest of the world, not shown separately. Includes a subtraction for wage accruals less disbursements, not shown separately. 34 Current surplus of government enterprises ¥0.3 ¥2.3 ¥5.5 ¥1.6 2.3 ¥1.2 ¥5.0 ¥3.6 ¥2.2 ¥.5 ¥6.4 ¥6.2 ¥3.1 ¥3.5 ¥3.6 ¥4.0 ¥5.1 ¥2.8 9.2 ¥.8 ¥.5 ¥.6 -.1 — .7 ¥2.4 Total 2 Consumption expenditures Current transfer payments Net Interest payments Subsidies Federal Government saving 1,787.6 1,864.4 1,969.5 2 101 1 2,252.1 2,379.5 2,558.6 2,711.6 2,880.5 3,094.3 2,579.2 2,617.1 475.1 499.3 531.9 591.5 662.7 723.7 766.3 811.8 856.1 931.9 782.1 764.5 986.1 1,038.1 1,131.4 1,243.0 1,328.7 1,390.6 1,478.0 1,568.1 1,666.7 1,806.4 1,483.0 1,508.7 282.7 283.3 258.6 229.1 212.9 221.0 255.4 282.3 312.6 308.2 253.8 281.0 43.8 43.8 47.6 37.5 47.8 44.2 58.9 49.4 45.2 47.7 60.4 62.9 103.6 189.5 46.7 ¥247.9 ¥372.1 ¥370.6 ¥291.7 ¥201.1 ¥229.3 ¥525.0 ¥364.7 ¥253.8 2,661.5 2,712.5 2,750.4 2,721.8 2,837.9 2,859.5 2,909.2 2,915.6 805.9 809.2 816.2 816.0 832.5 851.1 869.1 871.6 898.0 918.2 954.2 957.5 959.9 1,535.4 1,566.5 1,584.6 1,586.0 1,650.2 1,652.6 1,671.4 1,692.5 1,729.2 1,860.1 1,794.9 1,841.5 1,950.3 266.4 287.4 301.9 273.3 309.6 310.5 323.9 306.4 329.4 302.3 342.6 258.5 247.1 53.8 49.4 47.8 46.5 45.6 45.2 44.8 45.1 46.6 47.8 48.2 48.3 48.5 ¥207.9 ¥225.0 ¥218.4 ¥153.2 ¥225.2 ¥211.4 ¥244.3 ¥236.3 ¥330.7 ¥649.6 ¥544.0 ¥575.6 ¥828.2 3,003.2 3,128.4 3,139.8 3,105.9 3,205.8 Source: Department of Commerce, Bureau of Economic Analysis. INTERNATIONAL STATISTICS INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR INDUSTRIAL COUNTRIES Industrial production (2002 = 100; seasonally adjusted) United States 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 r 2008: Apr ... May r .. June r Julyr . Aug r ... Sept r .. Oct r ... Novr ... Dec r ... 2009: Jan r Feb r Mar r Aprp .. ... ... ... Germany Japan Consumer prices (1982-84=100; NSA) United Kingdom Italy 99.5 103.7 120.11 100.0 101.3 103.8 107.2 109.7 111.3 108.8 94.4 102.6 98.4 100.0 100.1 101.7 103.5 103.3 103.2 r 98.4 103.0 108.4 101.3 100.0 100.110 101.710 109.6 114.2 117.6 113.6 97.3 100.9 101.8 100.0 98.9 170.3 103.5 101.899 r 103.4 100.8 94.4 100.8 120.11 100.0 100.5 103.6 107.21 114.2 120.1 120.1 111.0 110.7 110.4 110.4 109.2 104.8 106.2 104.8 102.4 99.9 99.2 99.2 100.3 98.6 98.1 97.4 95.3 92.9 118.2 119.6 117.2 116.9 113.3 113.4 109.6 101.9 93.4 105.2 106.3 164.0 1.9 19.9 101.4 98.4 97.0 94.3 92.9 123.8 121.8 122.3 120.6 113.31 120.4 117.8 112.8 107.7 96.0 92.4 88.1 19.610 98.5 92 1 9 99.81 96.7 9.69 92.4 90.8 100.2 99.4 97.6 96.9 95.8 90.3 89.8 88.7 88.3 84.0 76.1 77.3 81.9 86.7 88.9 876.1 86.6 85.4 101.1 97.3 9.3 95.3 87.1 83.31 79.3 80.2 81.12 87.6 87.4 87.6 120.3 117.2 101.7 102.4 100.7 98.3 108.4 101.3 100.0 United States 1 101.4 103.7102 101.7 100.0 99.4 99.0 99.3 100.2 99.2 99.8 100.0 98.3 118 100.0 r 100.5 r 97.4 100.0 Germany Japan 166.6 142.52 120.11 179.9 184.0 180.9 195.3 201.6 207.342 215.303 160.5 164.9 169.0 172.8 177.6 180.9 184.9 1.6 192.6 197.2 121.8 121.0 120.1 119.0 118.7 118.7 118.3 118.7 118.7 120.3 155.0 157.6 160.2 163.3 166.7 170.3 173.2 266.92 178.8 183.8 140.5 142.5 145.3 147.4 148.9 151.4 153.7 156.2 159.7 163.9 226.2 231.9 238.3 244.3 250.8 256.3 261.4 266.9 271.8 280.9 194.3 200.1 203.6 207.0 213.0 219.4 225.6 232.8 242.7 252.4 214.823 216.632 218.815 219.964 219.086 218.783 216.573 212.425 210.228 163.1 164.0 199.4 21.11 165.028 199.9 197.9 197.2 195.8 119.4 120.3 120.9 121.1 121.5 121.5 121.4 120.3 119.8 183.7 184.6 185.3 184.9 184.9 184.7 184.6 163.728 183.3 163.1 164.0 164.5 165.4 165.0 164.8 164.5 163.7 164.2 279.2 280.7 281.9 283.3 283.8 282.9 282.9 281.9 281.5 251.4 252.7 254.7 254.4 255.2 256.6 255.8 253.8 250.1 211.143 212.193 212.709 213.240 213.856 195.3 196.7 197.0 164.228 198.2 119.1 118.8 1183.61 119.2 119.0 182.6 183.3 183.6 183.9 184.2 163.4 164.3 164.2 164.2 164.0 164.7 281.1 281.7 281.9 282.5 283.1 283.3 246.9 Junep 1 Data relate to all urban consumers. NOTE.—See Note, p. 17, for information on U.S. industrial production series. United Kingdom 248.4 248.3 248.5 250.0 Source: National sources as reported by Department of Commerce (Bureau of Economic Analysis and International Trade Administration, Office of Trade and Industry Information) and Council of Economic Advisers. U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES [Billions of dollars; monthly data seasonally adjusted] Goods: Imports (customs value) Goods: Exports (f.a s . value)Good c Period BOP Total, Census basis 1 Foods, feeds, and beverages Indusmotrial Capital tive supgoods vehiplies except cles, and auto- parts mate- motive and enrials gines 684.0 772.0 718.7 685.2 715.8 806.2 892.3 1,015.8 1,138.4 1,277.0 695.8 781.9 729.1 693.1 724.8 818.8 906.0 1,026.0 1,148.2 1,287.4 46.0 47.9 49.4 49.6 55.0 56.6 59.0 66.0 84.3 108.3 147.5 172.6 160.1 156.8 173.0 203.9 233.0 276.0 316.4 388.0 2008: Aprr Mayr Juner Julyr Augr Septr Octr Novr Decr 109.0 109.5 114.4 117.2 114.7 106.0 103.8 97.5 89.2 109.8 110.1 115.1 118.2 115.9 106 104.8 98.5 90.1 9.5 9.5 10.0 10.0 9.9 9.0 8.3 7.9 7.1 33.1 34.2 36.7 37.9 37.0 32.4 217.94 27.6 23.2 39.1 38.4 39.4 40.1 40.4 37.6 37.5 36.4 35.1 2009: Janr Febr Marr Aprp 82.4 84.4 82.6 80.0 83.2 85.2 83.6 80.7 7.1 7.1 7.3 7.6 233.2 22.2 22.4 21.1 33.2 33.3 31.9 30.9 1999 2000 2001r 2002r 2003r 2004r 2005r 2006r 2007r 2008r census basis (by end-use catetegory ensus basis (by end-use cate tegory) Auto- Consumer goods (nonfood) except auto- BOP Total, Census basis 1 mo- tive AutoIndusmoFoods, trial Capital tive feeds, supgoods vehiand plies except cles, bevand auto- parts erages mate- motive a n d enrials gines Goods, asis oods Services Goods and mo- tive 203.7 210.1 228.2 239.4 256.6 259.2 233.8 ¥328.8 ¥436.1 ¥411.9 ¥468.3 ¥532.4 ¥650.9 ¥767.5 ¥828.0 ¥808.8 ¥816.2 ¥347.8 ¥454.7 ¥429.9 ¥482.8 ¥549.0 ¥671.8 ¥790.9 ¥847.3 ¥831.0 ¥840.3 82.7 74.9 64.4 61.2 54.0 61.8 75.6 86.9 129.6 144.3 ¥265.1 ¥379.8 ¥365.5 ¥421.6 ¥495.0 ¥610.0 ¥715.3 ¥760.4 ¥701.4 ¥695.9 39.1 39.4 38.5 38.7 38.0 38.4 37.2 37.4 34.1 21.2 20.4 20.5 20.3 19.3 18.6 17.9 16.7 15.2 40.5 41.5 41.4 41.0 42.0 40.1 40.1 37.4 36.7 45.9 47.1 47.2 47.2 47.0 46.0 45.9 44.0 43.7 33.4 33.9 34.2 34.8 35.7 34.4 33.9 33.0 32.4 ¥72.0 ¥72.2 ¥71.5 ¥75.1 ¥70.2 ¥69.5 ¥69.6 ¥52.5 ¥51.9 ¥74.6 ¥73.7 ¥73.2 ¥77.2 ¥72.2 ¥71.7 ¥71.4 ¥54.3 ¥53.2 12.4 13.2 13.0 12.4 11.3 11.5 12.0 11.0 11.3 ¥62.1 ¥60.5 ¥60.2 ¥64.9 ¥60.9 ¥60.1 ¥59.4 ¥43.2 ¥41.9 31.9 30.1 29.6 28.6 11.5 10.2 10.6 10.5 36.1 34.6 35.2 35.6 42.5 42.1 41.4 41.1 31.5 30.9 30.7 30.2 ¥46.5 ¥36.0 ¥37.7 ¥38.9 ¥47.6 ¥37.2 ¥39.2 ¥40.1 11.0 11.1 10.7 10.9 ¥36.6 ¥26.1 ¥28.5 ¥29.2 103.2 115.3 129.1 146.0 161.3 221.4 299.0 273.9 203.7 313.8 412.8 523.8 602.0 634.7 779.5 295.7 347.0 298.0 283.3 295.9 343.6 379.3 418.3 444.5 453.7 10.2 183.2 10.8 11.5 .03 10.2 10.0 9.2 0.1 13.5 13.5 14.0 14.6 13.9 13.5 88.3 13.2 12.6 183.5 183.2 187.6 194.5 186.8 177.7 175.2 151.8 142.4 181.8 183 186.7 193.3 186.1 176.2 174.4 151.0 141.9 7.4 7.6 9.4 7.5 7.8 7.6 7.6 7.4 7.2 68.0 68.0 73.2 79.9 73.4 65.9 66.1 48.8 43.6 5.6 6.0 6.0 5.8 11.4 12.8 12.4 11.9 130.0 121.6 121.8 120.1 129.6 110.2 .241.4 119.7 6.9 6.7 6.8 6.7 38.5 34.3 34.5 33.8 1 Total includes "other" exports or imports, not shown separately. NOTE.—BOP refers to balance of payments on international transactions basis. BOP data shown here are consistent with figures shown on pp. 36 and 37. Imports 199.2 223.7 221.8 231.1 250.4 291.2 313.5 349.0 375.2 405.3 43.6 46.0 46.6 67.7 55.8 62.1 68.1 74.9 34.7 89.0 8295.9 Exports 281.9 298.6 286.2 292.3 304.3 353.1 389.1 435.9 504.8 549.6 1,024.6 1,218.0 1,141.0 1,161.4 1,257.1 1,469.7 1,673.5 1,853.9 1,957.0 2,103.6 80.9 89.4 88.3 84.4 BOP basis Consumer goods (nonfood) except auto- 281.919 281.8 284.3 307.8 333.9 372.9 407.2 442.6 474.6 481.6 10.8 1,226.7 1,148.6 1,168.0 1,264.9 1,478.0 1,683.2 1,863.1 1,969.4 2,117.2 310.8 75.3 356.9 80.4 321.7 75.4 290.4 78.9 293.7 80.6 331.4 53.12 33.03 98.4 404.0 107.3 433.0 16.443 457.7 121.5 Balance of trade (exports minus imports) Services ( B O P basis) ) 179.0 195.9 284.328 Data reflect annual revisions; for details, see International Trade in Goods and Services, AnRevision for 2008, released June 10, 2009. Source: Department of Commerce (Bureau of the Census and Bureau of Economic Analysis). nual 35 U.S. INTERNATIONAL TRANSACTIONS In the first quarter of 2009, the goods deficit fell to $124.0 billion, from $178.8 billion in the fourth quarter. The current account deficit fell to $101.5 billion in the first quarter, from $154.9 billion in the fourth quarter. (Series revised.) BILLIONS OF DOLLARS* BILLIONS OF DOLLARS' -240 2009 1999 *SEA5ONALLY ADJUSTED SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS [Millions of dollars; quarterly data seasonally adjusted. Credits (+), debits (¥ ) ] Goods r Period Exports Imports Income eceipts and payments Services Balance on goods Net military transactions 2 Net travel and transportation Other services, net Balance on goods and services Receipts Payments Balance on income Unilateral current transfers, net 3 Balance on current account 1999 ..............683, 2000 2001 r 2002 r 2003 r 2004 r 2005 r 2006 r 2007 r 2008 r 683,965 771,994 718,711 685,170 715,848 806,161 892,337 1,015,812 1,138,384 1,276,994 ¥1,031,784 ¥1,226,684 ¥1,148,609 ¥1,168,002 ¥1,264,860 ¥1,477,996 ¥1,683,188 ¥1,863,072 ¥1,969,375 ¥2,117,245 ¥347,819 ¥454,690 ¥429,898 ¥482,831 ¥549,012 ¥671,835 ¥790,851 ¥847,260 ¥830,992 ¥840,252 2,593 317 ¥2,296 ¥7,158 ¥11,981 ¥13,518 ¥10,536 ¥7,119 ¥7,384 ¥13,881 7,085 2,486 ¥3,254 ¥4,245 ¥11,475 ¥14,275 ¥13,006 ¥10,873 2,345 16,175 73,051 72,052 69,943 72,633 77,433 89,640 99,124 104,893 134,609 142,021 ¥265,090 ¥379,835 ¥365,505 ¥421,601 ¥495,034 ¥609,987 ¥715,268 ¥760,359 ¥701,422 ¥695,936 293,925 350,918 290,797 280,942 320,456 413,739 535,263 682,221 818,931 764,637 ¥280,037 ¥329,864 ¥259,075 ¥253,544 ¥275,147 ¥346,519 ¥462,905 ¥634,136 ¥728,085 ¥646,406 13,888 21,054 31,722 27,398 45,309 67,219 72,358 48,085 90,845 118,231 ¥50,428 ¥58,645 ¥64,487 ¥64,948 ¥71,794 ¥88,362 ¥105,772 ¥91,273 ¥115,996 ¥128,363 ¥301,630 ¥417,426 ¥398,270 ¥459,151 ¥521,519 ¥631,130 ¥748,683 ¥803,547 ¥726,573 ¥706,068 2006: I r IIr III r .... IV r .... 243,445 252,086 255,925 264,355 ¥454,618 ¥463,797 ¥476,361 ¥468,296 ¥211,173 ¥211,710 ¥220,435 ¥203,941 ¥2,148 ¥1,660 ¥2,021 ¥1,290 ¥2,999 ¥2,902 ¥2,563 ¥2,410 24,697 25,100 25,728 29,367 ¥191,622 ¥191,172 ¥199,290 ¥178,276 155,212 169,459 175,572 181,978 ¥141,245 ¥156,657 ¥166,195 ¥170,039 13,967 12,802 9,377 11,938 ¥20,995 ¥23,708 ¥24,876 ¥21,693 ¥198,651 ¥202,078 ¥214,789 ¥188,031 2007: I r IIr III r .... IV r .... 269,538 277,655 289,160 302,031 ¥475,571 ¥483,294 ¥494,075 ¥516,435 ¥206,033 ¥205,639 ¥204,915 ¥214,404 ¥933 ¥2,912 ¥2,593 ¥946 ¥1,642 ¥899 1,241 3,644 30,570 31,891 34,802 37,346 ¥178,038 ¥177,560 ¥171,465 ¥174,360 186,981 202,312 213,505 216,132 ¥177,234 ¥189,531 ¥185,098 ¥176,220 9,747 12,781 28,407 39,912 ¥30,807 ¥25,752 ¥28,557 ¥30,883 ¥199,098 ¥190,531 ¥171,614 ¥165,330 2008: I r IIr III r .... IV r .... 315,637 332,876 337,912 290,569 ¥534,482 ¥554,372 ¥559,002 ¥469,389 ¥218,846 ¥221,496 ¥221,090 ¥178,820 ¥2,543 ¥3,055 ¥4,664 ¥3,618 3,076 4,922 5,595 2,581 35,659 36,784 34,217 35,363 ¥182,653 ¥182,847 ¥185,942 ¥144,495 202,927 198,796 195,319 167,596 ¥166,241 ¥172,521 ¥161,194 ¥146,450 36,686 26,274 34,125 21,146 ¥33,330 ¥31,147 ¥32,361 ¥31,527 ¥179,298 ¥187,719 ¥184,178 ¥154,875 2009: Ip 249,374 ¥373,411 ¥124,036 ¥3,391 1,622 34,615 ¥91,189 134,267 ¥114,996 19,271 ¥29,576 ¥101,494 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 expenditures (imports). 36 s Includes transfers of goods and services under U.S. military grant programs. Note—Data reflect annual revisions released on June 17, 2009. See p. 37 for continuation of table. U.S. INTERNATIONAL TRANSACTIONS—Continued In the financial account, U.S. claims on foreigners reported by U.S. banks increased $90.9 billion in the first quarter of 2009, following a decrease of $293.9 billion in the fourth quarter. U.S. liabilities to private foreigners reported by U.S. banks, excluding Treasury securities, decreased $163.7 billion in the first quarter, following a decrease of $35.2 billion in the fourth quarter. (Series revised.) BILLIONS OF DOLLARS* 1800 BILLIONS OF DOLLARS* 800 700 700 CHANGE IN FOREIGN-OWNED ASSETS IN THE U.S., NET 600 500 600 500 400 400 300 300 200 200 100 100 0 0 -100 -100 -200 -200 -300 -300 -400 -400 -500 -500 -600 _l_L_|_J-600 2009 *SEASONALLY ADJUSTED SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS [Millions of dollars; quarterly data seasonally adjusted. Credits (+), debits (¥ ) ] Financial account Period Total 1999 2000 2001r 2002 r 2003 r 2004 r 2005 r 2006 r 2007 r 2008 r 2006: I r ... II r .. III r IV r 2007: I r ... II r .. III r IV r 2008: I r ... II r .. III r IV 2009: Ip ... ¥4,939 ¥504,062 ¥1,010 ¥560,523 11,922 ¥382,616 ¥1,470 ¥294,646 ¥3,480 ¥325,424 1,323 ¥1,000,870 11,344 ¥546,631 ¥3,906 ¥1,285,729 ¥1,895 ¥1,472,126 953 ¥106 ¥1,721 ¥387,689 ¥1,017 ¥223,953 ¥539 ¥295,389 ¥629 ¥378,698 ¥549 ¥485,867 ¥124 ¥545,158 ¥625 ¥192,530 ¥597 ¥248,571 ¥637 ¥251,501 ¥682 107,343 2,967 29,322 ¥695 114,730 ¥690 125,241 Statistical discrepancy Foreign-owned assets in the U.S., excluding financial derivatives [increase/financial inflow ( + )] U.S.-owned assets abroad, excluding financial derivatives [increase/financial outflow ( ¥ )] Capital account transactions, net U.S. official reserve assets 4 Other U.S. Government assets 8,747 ¥290 ¥4,911 ¥3,681 1,523 2,805 14,096 2,374 ¥122 ¥4,848 513 ¥560 1,006 1,415 ¥72 26 ¥54 ¥22 ¥276 ¥1,267 ¥179 ¥3,126 ¥982 2,750 ¥515,559 ¥941 ¥559,292 ¥377,219 ¥486 ¥291,310 345 537 ¥327,484 1,710 ¥1,005,385 5,539 ¥566,266 5,346 ¥1,293,449 ¥22,273 ¥1,449,731 ¥529,615 534,357 ¥389,251 1,049 ¥225,158 1,765 1,570 ¥297,965 962 ¥381,075 445 ¥486,240 ¥544,588 ¥596 ¥193,099 623 ¥22,744 ¥225,805 ¥254,493 3,268 150,202 ¥41,592 ¥225,997 255,498 4265,293 383,150 244,078 ¥117,855 U.S. private assets Total 742,210 1,038,224 782,870 795,161 858,303 1,533,201 1,247,347 2,065,169 2,129,460 534,071 545,648 407,652 525,441 586,428 700,961 737,457 278,424 412,618 426,058 2,003 117,897 ¥11,888 ¥78,149 4 Consists of gold, special drawing rights (SDRs), foreig currencies, and the U.S. reserve position in the International Monetary Fund (IMF). Foreign official assets 43,543 42,758 28,059 115,945 278,069 397,755 259,268 487,939 480,949 487,021 130,427 127,303 121,843 108,366 165,837 88,331 47,674 179,107 208,646 178,826 115,573 ¥16,024 71,182 Other foreign assets 698,667 995,466 754,811 679,216 580,234 1,135,446 988,079 1,577,230 1,648,511 47,050 415,221 280,349 403,598 478,062 535,124 649,126 230,750 233,511 217,412 ¥176,823 2,324 4,136 ¥149,331 Financial derivatives, net 29,710 6,222 ¥28,905 1,633 14,090 15,134 ¥1,147 14,795 ¥1,007 5,942 ¥13,508 ¥7,966 ¥2,355 ¥4,075 ¥14,509 Total (sum of the items with sign reversed) 68,421 ¥59,265 ¥13,906 ¥39,894 ¥7,880 97,476 36,623 ¥1,698 64,912 200,055 40,780 5,305 ¥29,858 ¥17,924 ¥30,242 ¥637 80,403 15,388 13,344 81,410 38,067 67,236 55,093 Of which: Seasonal adjustment discrepancy 9,315 ¥2,443 ¥19,305 12,434 10,399 ¥528 ¥23,938 14,066 14,659 ¥3,037 ¥25,884 77,648 10,971 U.S. official reserve assets, net 4 (unadjusted, end of period) 71,516 67,647 68,654 79,006 85,938 86,824 65,127 65,895 70,565 77,648 65,354 67,935 66,217 65,895 66,551 66,127 69,070 70,565 75,764 75,740 71,834 77,648 74,958 Note.—See Note, p. 36. Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the Treasury. 37 Contents Pa e TOTAL OUTPUT, INCOME, AND SPENDING g Gross Domestic Product Real Gross Domestic Product Implicit Price Deflators for Gross Domestic Product Gross Domestic Product and Related Price Measures: Indexes and Percent Changes Nonfinancial Corporate Business—Gross Value Added and Price, Costs, and Profits National Income Real Personal Consumption Expenditures Sources of Personal Income Disposition of Personal Income Farm Income Corporate Profits Real Gross Private Domestic Investment Real Private Fixed Investment by Type Business Investment 1 2 2 3 3 4 4 5 6 7 8 9 10 10 EMPLOYMENT, UNEMPLOYMENT, AND WAGES Status of the Labor Force Selected Unemployment Rates Selected Measures of Unemployment and Unemployment Insurance Programs Nonagricultural Employment Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries Employment Cost Index—Private Industry Productivity and Related Data, Business Sector 11 12 13 14 15 15 16 PRODUCTION AND BUSINESS ACTIVITY Industrial Production and Capacity Utilization Industrial Production—Major Market Groups and Selected Manufactures New Construction New Private Housing and Vacancy Rates Business Sales and Inventories—Manufacturing and Trade Manufacturers' Shipments, Inventories, and Orders 17 18 19 19 20 21 PRICES Producer Prices Consumer Prices—All Urban Consumers Changes in Producer Prices for Finished Goods Changes in Consumer Prices—All Urban Consumers Prices Received and Paid by Farmers 22 23 24 24 25 MONEY, CREDIT, AND SECURITY MARKETS Money Stock and Debt Measures Components of Money Stock Aggregate Reserves and Monetary Base Bank Credit at All Commercial Banks Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business Consumer Credit Interest Rates and Bond Yields Common Stock Prices and Yields 26 27 27 28 29 29 30 31 FEDERAL FINANCE Federal Receipts, Outlays, and Debt Federal Receipts by Source and Outlays by Function Federal Sector, National Income Accounts Basis 32 33 34 INTERNATIONAL STATISTICS Industrial Production and Consumer Prices—Major Industrial Countries U.S. International Trade in Goods and Services U.S. International Transactions 35 35 36 General Notes Detail in these tables m ay not add to totals because of rounding. Unless otherwise noted, all dollar figures are in current dollars. Symbols used: P Preliminary. r Revised. c Corrected. ... Not available (also, not applicable). NSA not seasonally7 adjusted. 38 For sale by the Superintendent of Documents, U.S. Government Printing Office, Washington, D.C. 20402. Price $5.00 (single copy) ($7.00 foreign). Subscription price: $58.00 per year; $81.20 for foreign mailing. U.S. GOVERNMENT PRINTING OFFICE : 2009 50-734