Full text of Economic Indicators : March 2006
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109th Congress, 2nd Session Economic Indicators MARCH 2006 (Includes data available as of April 7, 2006) Prepared for the Joint Economic Committee by the Council of Economic Advisers UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON : 2006 JOINT ECONOMIC COMMITTEE (Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.) JIM SAXTON, New Jersey, Chairman ROBERT F. BENNETT, Utah, Vice Chairman HOUSE OF REPRESENTATIVES PAUL RYAN (Wisconsin) PHIL ENGLISH (Pennsylvania) RON PAUL (Texas) KEVIN BRADY (Texas) THADDEUS G. McCOTTER (Michigan) CAROLYN B. MALONEY (New York) MAURICE D. HINCHEY (New York) LORETTA SANCHEZ (California) ELIJAH E. CUMMINGS (Maryland) SENATE SAM BROWNBACK (Kansas) JOHN E. SUNUNU (New Hampshire) JIM DeMINT (South Carolina) JEFF SESSIONS (Alabama) JOHN CORNYN (Texas) JACK REED (Rhode Island) EDWARD M. KENNEDY (Massachusetts) PAUL S. SARBANES (Maryland) JEFF BINGAMAN (New Mexico) CHRISTOPHER FRENZE, Executive Director COUNCIL OF ECONOMIC ADVISERS EDWARD P. LAZEAR, Chairman KATHERINE BAICKER, Member MATTHEW J. SLAUGHTER, 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 $3.00 a single copy ($3.75 foreign), or by subscription at $33.00 per year ($41.25 for foreign mailing) from: SUPERINTENDENT OF DOCUMENTS GOVERNMENT PRINTING OFFICE WASHINGTON, D.C. 20402 For sale by the U.S. Government Printing Office Superintendent of Documents, Mail Stop: SSOP, Washington, DC 20402–9328 Also available on the internet at the following address:http://www.gpoaccess.gov/indicators ii TOTAL OUTPUT, INCOME, AND SPENDING GROSS DOMESTIC PRODUCT In the fourth quarter of 2005, according to revised estimates, current-dollar gross domestic product (GDP) rose 5.2 percent (annual rate), real GDP (GDP in chained 2000 dollars) rose 1.7 percent, and the implicit price deflator rose 3.5 percent. [Billions of current dollars; quarterly data at seasonally adjusted annual rates] Period 1996 ...................... 1997 ...................... 1998 ...................... 1999 ...................... 2000 ...................... 2001 ...................... 2002 ...................... 2003 ...................... 2004 ...................... 2005 r .................... 2002: I ................ II ............... III ............. IV .............. 2003: I ................ II ............... III ............. IV .............. 2004: I ................ II ............... III ............. IV .............. 2005: I ................ II ............... III ............. IV r ............. 1 GDP Exports and imports of goods and services Personal Gross Gross conprivate domestic sumption domestic product expendi- investtures ment Net exports Exports 7,816.9 8,304.3 8,747.0 9,268.4 9,817.0 10,128.0 10,469.6 10,971.2 11,734.3 12,487.1 10,333.3 10,426.6 10,527.4 10,591.1 10,717.0 10,844.6 11,087.4 11,236.0 11,457.1 11,666.1 11,818.8 11,995.2 12,198.8 12,378.0 12,605.7 12,766.1 ¥96.2 ¥101.6 ¥159.9 ¥260.5 ¥379.5 ¥367.0 ¥424.4 ¥500.9 ¥624.0 ¥726.5 ¥373.1 ¥416.1 ¥433.8 ¥474.6 ¥502.6 ¥500.6 ¥495.3 ¥505.0 ¥559.6 ¥613.1 ¥638.0 ¥685.4 ¥697.5 ¥691.0 ¥730.4 ¥787.1 868.6 955.3 955.9 991.2 1,096.3 1,032.8 1,005.9 1,045.6 1,173.8 1,301.2 976.4 1,008.2 1,022.9 1,016.2 1,018.8 1,016.1 1,046.6 1,101.1 1,130.8 1,163.3 1,183.8 1,217.1 1,253.2 1,297.1 1,314.6 1,339.8 5,256.8 5,547.4 5,879.5 6,282.5 6,739.4 7,055.0 7,350.7 7,709.9 8,214.3 8,745.7 7,230.3 7,323.0 7,396.6 7,453.1 7,555.2 7,635.3 7,782.4 7,866.6 8,032.3 8,145.6 8,263.2 8,416.1 8,535.8 8,677.0 8,844.0 8,926.2 1,240.3 1,389.8 1,509.1 1,625.7 1,735.5 1,614.3 1,582.1 1,670.4 1,928.1 2,105.0 1,564.1 1,571.4 1,592.9 1,600.1 1,610.0 1,619.3 1,694.2 1,757.9 1,818.2 1,928.5 1,961.2 2,004.5 2,058.5 2,054.4 2,099.5 2,207.5 Government consumption expenditures and gross investment Federal Imports Total Total less exports of goods and services plus imports of goods and services. 964.8 1,056.9 1,115.9 1,251.7 1,475.8 1,399.8 1,430.3 1,546.5 1,797.8 2,027.7 1,349.5 1,424.3 1,456.7 1,490.8 1,521.4 1,516.6 1,541.9 1,606.1 1,690.3 1,776.4 1,821.8 1,902.5 1,950.6 1,988.1 2,045.1 2,126.9 1,416.0 1,468.7 1,518.3 1,620.8 1,721.6 1,825.6 1,961.1 2,091.9 2,215.9 2,362.9 1,912.0 1,948.3 1,971.8 2,012.5 2,054.4 2,090.5 2,106.2 2,116.5 2,166.2 2,205.0 2,232.5 2,260.0 2,302.0 2,337.6 2,392.7 2,419.6 527.4 530.9 530.4 555.8 578.8 612.9 679.7 754.8 827.6 877.7 654.9 675.2 682.0 706.6 724.0 763.4 761.8 770.0 808.3 824.6 836.5 840.8 860.2 869.8 892.2 888.5 National defense 354.6 349.6 345.7 360.6 370.3 392.6 437.1 496.7 552.7 587.1 418.2 431.1 438.0 461.1 467.2 507.2 500.3 512.0 538.7 547.2 562.9 562.0 575.3 582.5 601.7 589.1 Nondefense 172.8 181.3 184.7 195.2 208.5 220.3 242.5 258.2 274.9 290.6 236.6 244.1 243.9 245.5 256.8 256.3 261.5 258.0 269.6 277.4 273.6 278.8 285.0 287.3 290.5 299.4 State and local 888.6 937.8 987.9 1,065.0 1,142.8 1,212.8 1,281.5 1,337.1 1,388.3 1,485.2 1,257.2 1,273.1 1,289.8 1,305.9 1,330.4 1,327.1 1,344.4 1,346.5 1,357.9 1,380.4 1,395.9 1,419.1 1,441.7 1,467.7 1,500.4 1,531.1 Final sales of domestic product Gross domestic purchases 1 Addendum: Gross national product 7,786.1 8,232.3 8,676.2 9,201.5 9,760.5 10,159.7 10,457.7 10,955.8 11,678.9 12,468.3 10,341.6 10,424.0 10,501.4 10,563.9 10,695.2 10,845.0 11,076.9 11,206.2 11,411.6 11,594.2 11,766.3 11,943.3 12,138.9 12,382.1 12,625.4 12,726.7 7,913.1 8,405.9 8,906.9 9,528.9 10,196.4 10,495.0 10,894.0 11,472.1 12,358.3 13,213.7 10,706.4 10,842.7 10,961.2 11,065.7 11,219.6 11,345.2 11,582.8 11,741.1 12,016.7 12,279.1 12,456.8 12,680.6 12,896.3 13,069.0 13,336.1 13,553.3 7,851.9 8,337.3 8,768.3 9,302.2 9,855.9 10,171.6 10,500.2 11,039.3 11,788.0 12,520.8 10,359.5 10,443.3 10,557.0 10,641.1 10,761.9 10,911.4 11,154.8 11,329.2 11,540.1 11,712.8 11,867.3 12,032.0 12,238.2 12,413.5 12,650.0 12,781.6 Source: Department of Commerce, Bureau of Economic Analysis. 1 REAL GROSS DOMESTIC PRODUCT [Billions of chained (2000) dollars; quarterly data at seasonally adjusted annual rates] Gross private domestic investment Period 1996 ......... 1997 ......... 1998 ......... 1999 ......... 2000 ......... 2001 ......... 2002 ......... 2003 ......... 2004 ......... 2005 r ........ 2002: I .... II ... III IV .. 2003: I .... II ... III IV .. 2004: I .... II ... III IV .. 2005: I .... II ... III IV r Gross domestic product 8,328.9 8,703.5 9,066.9 9,470.3 9,817.0 9,890.7 10,048.8 10,320.6 10,755.7 11,134.8 9,977.3 10,031.6 10,090.7 10,095.8 10,138.6 10,230.4 10,410.9 10,502.6 10,612.5 10,704.1 10,808.9 10,897.1 10,999.3 11,089.2 11,202.3 11,248.3 Personal conNonresi- Resi- Change sumption dential dential in priexpendifixed fixed vate tures invest- invest- invenment ment tories 5,619.4 5,831.8 6,125.8 6,438.6 6,739.4 6,910.4 7,099.3 7,306.6 7,588.6 7,856.9 7,042.2 7,083.5 7,123.2 7,148.2 7,192.2 7,256.8 7,360.7 7,416.4 7,501.4 7,536.6 7,617.5 7,698.8 7,764.9 7,829.5 7,907.9 7,925.4 833.6 934.2 1,037.8 1,133.3 1,232.1 1,180.5 1,071.5 1,085.0 1,186.7 1,289.0 1,090.3 1,073.3 1,068.0 1,054.5 1,051.6 1,072.9 1,101.8 1,113.7 1,135.1 1,171.6 1,204.8 1,235.1 1,252.2 1,279.0 1,305.2 1,319.7 381.3 28.7 388.6 71.2 418.3 72.6 443.6 68.9 446.9 56.5 448.5 ¥31.7 469.9 12.5 509.4 15.5 561.8 52.0 601.9 20.3 459.0 ¥10.2 469.5 2.6 471.8 28.0 479.3 29.5 484.8 24.0 496.0 ¥.4 521.2 9.3 535.7 29.0 542.4 41.9 565.1 65.6 568.8 50.4 571.0 50.1 584.1 58.2 599.3 ¥1.7 610.0 ¥13.3 614.2 37.9 Exports and imports of goods and services Government consumption expenditures and gross investment Federal Net exports Exports Imports Total ¥79.6 ¥104.6 ¥203.7 ¥296.2 ¥379.5 ¥399.1 ¥471.3 ¥521.4 ¥601.3 ¥633.1 ¥441.3 ¥458.9 ¥472.2 ¥513.0 ¥510.7 ¥528.4 ¥516.2 ¥530.2 ¥563.0 ¥601.7 ¥606.5 ¥634.1 ¥645.4 ¥614.2 ¥617.5 ¥655.2 843.4 943.7 966.5 1,008.2 1,096.3 1,036.7 1,013.3 1,031.2 1,117.9 1,195.3 992.8 1,018.0 1,025.2 1,017.2 1,009.7 1,004.5 1,032.2 1,078.4 1,091.8 1,110.2 1,125.0 1,144.5 1,165.3 1,195.4 1,202.7 1,217.6 923.0 1,048.3 1,170.3 1,304.4 1,475.8 1,435.8 1,484.6 1,552.6 1,719.2 1,828.3 1,434.0 1,476.9 1,497.4 1,530.2 1,520.4 1,532.9 1,548.4 1,608.6 1,654.8 1,711.9 1,731.5 1,778.6 1,810.7 1,809.6 1,820.2 1,872.9 1,564.9 1,594.0 1,624.4 1,686.9 1,721.6 1,780.3 1,858.8 1,911.1 1,952.3 1,987.1 1,832.0 1,853.4 1,863.9 1,885.8 1,884.4 1,917.5 1,920.1 1,922.6 1,938.4 1,949.5 1,958.4 1,962.8 1,971.9 1,984.1 1,998.1 1,994.1 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 Nondefense 573.5 567.6 561.2 573.7 578.8 601.4 643.4 687.8 723.7 740.5 623.2 641.7 646.5 662.3 662.8 696.8 693.2 698.5 716.5 722.2 728.6 727.6 731.8 736.1 749.5 744.6 383.8 373.0 365.3 372.2 370.3 384.9 413.2 449.7 481.3 493.6 399.2 410.2 414.4 428.9 425.0 460.1 452.5 461.2 476.4 477.4 487.7 483.7 487.3 491.7 503.6 492.0 189.6 194.5 195.9 201.5 208.5 216.5 230.2 238.0 242.2 246.6 224.0 231.5 232.2 233.4 237.9 236.4 240.6 237.0 239.9 244.6 240.6 243.6 244.3 244.2 245.6 252.5 State and local 990.5 1,025.9 1,063.0 1,113.2 1,142.8 1,179.0 1,215.4 1,223.3 1,228.4 1,246.3 1,208.9 1,211.8 1,217.5 1,223.6 1,221.6 1,220.7 1,226.8 1,224.1 1,221.8 1,227.1 1,229.6 1,235.0 1,239.8 1,247.8 1,248.5 1,249.3 Final sales of domestic product Gross domestic purchases 1 Addendum: Gross national product 8,306.5 8,636.6 8,997.6 9,404.0 9,760.5 9,920.9 10,036.5 10,303.6 10,702.4 11,112.8 9,986.8 10,028.4 10,063.5 10,067.3 10,114.7 10,228.2 10,399.5 10,471.8 10,568.9 10,637.4 10,757.1 10,846.0 10,940.3 11,089.2 11,214.4 11,207.5 8,405.7 8,807.6 9,272.5 9,767.7 10,196.4 10,290.1 10,517.7 10,837.3 11,348.7 11,759.1 10,418.0 10,488.5 10,560.4 10,604.1 10,644.7 10,753.8 10,923.1 11,027.6 11,168.8 11,297.4 11,407.0 11,522.0 11,635.4 11,694.8 11,811.2 11,895.0 8,365.3 8,737.5 9,088.7 9,504.7 9,855.9 9,933.6 10,079.0 10,385.2 10,805.7 11,166.4 10,004.1 10,048.6 10,119.7 10,143.8 10,182.0 10,294.1 10,474.7 10,590.0 10,689.5 10,747.7 10,854.1 10,931.8 11,036.3 11,122.5 11,243.2 11,263.5 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 1996 ................. 1997 ................. 1998 ................. 1999 ................. 2000 ................. 2001 ................. 2002 ................. 2003 ................. 2004 ................. 2005 r ................ 2002: I ............ II ........... III ......... IV .......... 2003: I ............ II ........... III ......... IV .......... 2004: I ............ II ........... III ......... IV .......... 2005: I ............ II ........... III ......... IV r ......... Gross domestic product 93.852 95.414 96.472 97.868 100.000 102.399 104.187 106.305 109.099 112.145 103.568 103.938 104.328 104.907 105.705 106.004 106.498 106.983 107.958 108.987 109.343 110.077 110.905 111.622 112.527 113.494 Total 93.547 95.124 95.979 97.575 100.000 102.094 103.542 105.520 108.245 111.313 102.670 103.381 103.838 104.265 105.047 105.216 105.729 106.071 107.077 108.081 108.476 109.318 109.927 110.824 111.838 112.628 Durable goods Nondurable goods 109.507 107.068 104.152 101.625 100.000 98.113 95.767 92.372 90.630 90.165 96.499 96.030 95.599 94.959 93.940 92.918 91.871 90.900 90.911 90.872 90.310 90.446 90.646 90.524 89.837 89.657 Source: Department of Commerce, Bureau of Economic Analysis. 2 92.566 93.835 93.821 96.174 100.000 101.531 102.090 104.151 107.635 111.600 100.894 102.236 102.461 102.757 104.177 103.558 104.352 104.504 106.022 107.734 107.769 108.970 109.315 110.842 112.972 113.205 Gross private domestic investment Services 90.844 93.304 95.318 97.393 100.000 103.256 106.019 109.246 112.695 116.195 104.932 105.604 106.386 107.133 108.031 108.881 109.641 110.407 111.395 112.296 113.112 113.947 114.795 115.625 116.500 117.825 Nonresidential fixed 105.011 103.696 101.421 100.057 100.000 99.683 99.513 99.764 101.025 103.163 99.541 99.485 99.381 99.646 99.674 99.432 99.727 100.204 100.493 100.947 101.173 101.443 102.231 102.702 103.345 104.314 Exports and imports of Government consumption expenditures goods and services and gross investment Federal Residential fixed 87.609 89.843 92.239 95.780 100.000 104.633 107.240 112.379 119.935 125.656 106.142 106.708 107.114 108.937 111.386 111.467 112.216 114.283 116.517 119.252 121.269 122.530 123.019 124.315 126.290 128.844 Exports Imports Total 102.987 101.233 98.905 98.313 100.000 99.625 99.272 101.398 104.999 108.863 98.348 99.041 99.768 99.907 100.899 101.154 101.387 102.100 103.568 104.787 105.224 106.348 107.540 108.515 109.304 110.033 104.529 100.816 95.354 95.960 100.000 97.497 96.342 99.611 104.571 110.904 94.105 96.440 97.278 97.425 100.068 98.940 99.580 99.846 102.146 103.769 105.218 106.969 107.727 109.868 112.355 113.566 91.957 93.533 94.512 96.883 100.000 101.908 105.632 109.740 114.354 118.524 105.086 105.219 105.489 106.683 109.229 109.572 109.897 110.238 112.819 114.186 114.818 115.568 117.542 118.161 119.048 119.320 National defense Nondefense State and local 92.379 93.716 94.643 96.886 100.000 102.002 105.792 110.434 114.840 118.941 104.762 105.086 105.716 107.500 109.920 110.217 110.567 110.994 113.084 114.633 115.419 116.188 118.050 118.459 119.482 119.753 91.146 93.192 94.269 96.880 100.000 101.738 105.345 108.473 113.498 117.802 105.665 105.452 105.077 105.197 107.968 108.396 108.675 108.851 112.400 113.406 113.729 114.442 116.643 117.676 118.293 118.566 89.717 91.414 92.935 95.667 100.000 102.868 105.434 109.303 113.022 119.169 103.992 105.059 105.938 106.730 108.908 108.714 109.582 110.004 111.137 112.492 113.530 114.907 116.285 117.628 120.180 122.561 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 Real GDP (chain-type quantity index) Period 1996 ...................................................................................... 1997 ...................................................................................... 1998 ...................................................................................... 1999 ...................................................................................... 2000 ...................................................................................... 2001 ...................................................................................... 2002 ...................................................................................... 2003 ...................................................................................... 2004 ...................................................................................... 2005 r .................................................................................... 2001: I ................................................................................ II ............................................................................... III ............................................................................. IV .............................................................................. 2002: I ................................................................................ II ............................................................................... III ............................................................................. IV .............................................................................. 2003: I ................................................................................ II ............................................................................... III ............................................................................. IV .............................................................................. 2004: I ................................................................................ II ............................................................................... III ............................................................................. IV .............................................................................. 2005: I ................................................................................ II ............................................................................... III ............................................................................. IV r ............................................................................. 1 Quarterly 84.842 88.658 92.359 96.469 100.000 100.751 102.362 105.130 109.562 113.424 100.597 100.906 100.551 100.948 101.633 102.186 102.788 102.840 103.276 104.211 106.050 106.984 108.104 109.037 110.104 111.003 112.044 112.959 114.112 114.580 GDP chain-type price index 93.859 95.415 96.475 97.868 100.000 102.402 104.193 106.310 109.102 112.176 101.507 102.290 102.690 103.122 103.553 103.944 104.347 104.926 105.724 106.019 106.500 106.996 107.951 108.976 109.371 110.111 110.950 111.655 112.567 113.532 percent changes are at annual rates. GDP implicit price deflator GDP (current dollars) 93.852 95.414 96.472 97.868 100.000 102.399 104.187 106.305 109.099 112.145 101.478 102.252 102.675 103.191 103.568 103.938 104.328 104.907 105.705 106.004 106.498 106.983 107.958 108.987 109.343 110.077 110.905 111.622 112.527 113.494 5.7 6.2 5.3 6.0 5.9 3.2 3.4 4.8 7.0 6.4 2.8 4.4 .2 3.6 4.3 3.7 3.9 2.4 4.8 4.8 9.3 5.5 8.1 7.5 5.3 6.1 7.0 6.0 7.6 5.2 Real GDP (chain-type quantity index) GDP chain-type price index 3.7 4.5 4.2 4.5 3.7 .8 1.6 2.7 4.2 3.5 ¥.5 1.2 ¥1.4 1.6 2.7 2.2 2.4 .2 1.7 3.7 7.2 3.6 4.3 3.5 4.0 3.3 3.8 3.3 4.1 1.7 GDP implicit price deflator 1.9 1.7 1.1 1.4 2.2 2.4 1.7 2.0 2.6 2.8 3.3 3.1 1.6 1.7 1.7 1.5 1.6 2.2 3.1 1.1 1.8 1.9 3.6 3.9 1.5 2.7 3.1 2.6 3.3 3.5 1.9 1.7 1.1 1.4 2.2 2.4 1.7 2.0 2.6 2.8 3.3 3.1 1.7 2.0 1.5 1.4 1.5 2.2 3.1 1.1 1.9 1.8 3.7 3.9 1.3 2.7 3.0 2.6 3.3 3.5 Source: Department of Commerce, Bureau of Economic Analysis. NONFINANCIAL CORPORATE BUSINESS–GROSS VALUE ADDED AND PRICE, COSTS, AND PROFITS [Quarterly data at seasonally adjusted annual rates] Price per unit of real gross value added of nonfinancial corporate business (dollars) 1 2 Gross value added of nonfinancial corporate business (billions of dollars)1 Unit nonlabor cost Period 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2002: ........................................................ ........................................................ ........................................................ ........................................................ ........................................................ ........................................................ ........................................................ ........................................................ ........................................................ ........................................................ I ................................................... II ................................................. III ................................................ IV ................................................ 2003: I ................................................... II ................................................. III ................................................ IV ................................................ 2004: I ................................................... II ................................................. III ................................................ IV ................................................ 2005: I ................................................... II ................................................. III ................................................ IV ................................................ Current dollars Chained (2000) dollars 4,109.5 4,401.8 4,655.0 4,950.8 5,272.2 5,293.5 5,371.7 5,595.7 5,995.4 6,474.0 5,284.6 5,358.3 5,395.6 5,448.4 5,456.5 5,541.8 5,650.0 5,734.4 5,822.0 5,922.8 6,038.0 6,198.9 6,282.8 6,414.0 6,528.0 6,671.4 4,196.4 4,469.3 4,725.4 5,011.0 5,272.2 5,224.5 5,269.7 5,418.2 5,714.1 6,085.3 5,194.6 5,265.4 5,296.0 5,322.8 5,301.9 5,374.5 5,466.9 5,529.7 5,578.3 5,625.9 5,756.2 5,895.9 5,943.3 6,046.0 6,121.9 6,230.2 Total Compensation of employees (unit labor cost) 0.979 .985 .985 .988 1.000 1.013 1.019 1.033 1.049 1.064 1.017 1.018 1.019 1.024 1.029 1.031 1.033 1.037 1.044 1.053 1.049 1.051 1.057 1.061 1.066 1.071 1 Estimates for nonfinancial corporate business for 2000 and earlier periods are based on the Standard Industrial Classification (SIC); later estimates are based on the North American Industry Classification System (NAICS). 2 The implicit price deflator for gross value added of nonfinancial corporate business divided by 100. 0.627 .629 .645 .652 .672 .688 .685 .683 .684 .687 .689 .687 .685 .681 .686 .685 .682 .681 .682 .684 .682 .686 .691 .685 .688 .685 Total 0.228 .228 .226 .229 .237 .257 .253 .252 .251 .245 .258 .252 .250 .250 .253 .252 .253 .252 .253 .254 .250 .247 .245 .244 .249 .243 Consumption of fixed capital Taxes on production and imports 3 Net interest and miscellaneous payments 0.104 .105 .104 .105 .108 .124 .122 .120 .121 .120 .124 .122 .121 .121 .122 .121 .120 .119 .120 .120 .125 .118 .117 .116 .130 .116 0.097 .095 .092 .092 .093 .094 .099 .101 .101 .097 .098 .098 .099 .100 .101 .100 .102 .102 .103 .104 .097 .102 .100 .100 .091 .098 0.027 .028 .030 .032 .036 .039 .032 .031 .029 .028 .036 .032 .030 .029 .030 .031 .031 .031 .030 .030 .028 .027 .028 .028 .028 .029 Corporate profits with inventory valuation and capital consumption adjustments 4 Total 0.125 .128 .114 .107 .090 .068 .081 .097 .114 .131 .071 .079 .083 .092 .090 .094 .100 .104 .108 .115 .116 .119 .121 .132 .129 .142 Taxes on corporate income 0.036 .036 .034 .034 .032 .021 .018 .023 .029 .042 .015 .017 .019 .022 .023 .022 .023 .026 .026 .029 .030 .031 .039 .041 .042 .045 Profits after tax 5 0.088 .092 .080 .073 .058 .047 .063 .074 .085 .089 .056 .061 .064 .071 .067 .073 .076 .078 .082 .086 .086 .088 .082 .091 .087 .097 3 Less subsidies plus business current transfer payments. profits from current production. inventory valuation and capital consumption adjustments. Source: Department of Commerce, Bureau of Economic Analysis. 4 Unit 5 With 3 NATIONAL INCOME [Billions of dollars; quarterly data at seasonally adjusted annual rates] Proprietors’ income 1 Period 1996 .......... 1997 .......... 1998 .......... 1999 .......... 2000 .......... 2001 .......... 2002 .......... 2003 .......... 2004 .......... 2005 r ......... 2002: I ..... II .... III .. IV ... 2003: I ..... II .... III .. IV ... 2004: I ..... II .... III .. IV ... 2005: I ..... II .... III .. IV r .. 1 With National income 6,840.1 7,292.2 7,752.8 8,236.7 8,795.2 8,979.8 9,229.3 9,660.9 10,275.9 10,903.9 9,131.1 9,211.7 9,247.5 9,326.7 9,433.6 9,573.2 9,732.3 9,904.8 10,091.2 10,210.9 10,242.4 10,559.3 10,750.4 10,878.0 10,741.9 11,245.5 Compensation of employees 4,390.5 4,661.7 5,019.4 5,357.1 5,782.7 5,942.1 6,091.2 6,321.1 6,687.6 7,125.3 6,025.3 6,091.5 6,114.5 6,133.4 6,210.4 6,286.6 6,360.1 6,427.4 6,528.2 6,602.1 6,724.2 6,895.8 7,001.7 7,060.2 7,177.6 7,261.7 Farm Nonfarm 37.3 34.2 29.4 28.6 22.7 19.7 10.6 27.7 35.8 20.8 8.9 4.0 11.0 18.4 20.5 27.2 28.2 35.1 44.8 44.1 29.7 24.6 24.7 19.6 18.0 21.0 505.9 541.8 598.4 649.7 705.7 752.2 757.8 782.4 853.8 917.8 754.1 759.4 758.1 759.7 757.8 774.1 793.0 804.8 825.4 854.2 859.4 876.3 893.2 917.1 914.3 946.7 Rental income of persons with capital consumption adjustment 131.5 128.8 137.5 147.3 150.3 167.4 152.9 131.7 134.2 72.9 172.1 167.7 142.9 129.2 137.7 125.4 120.4 143.2 144.2 141.8 122.1 128.7 118.0 104.4 ¥11.1 80.3 Corporate profits with inventory valuation and capital consumption adjustments Profits with inventory valuation adjustment and without capital consumption adjustment Total 786.2 868.5 801.6 851.3 817.9 767.3 886.3 1,031.8 1,161.5 1,351.9 829.4 864.3 895.4 956.1 951.5 1,005.0 1,057.5 1,113.1 1,147.3 1,162.0 1,117.2 1,219.5 1,288.2 1,347.5 1,293.1 1,478.9 Inventory valuation adjustment Total Profits before tax 736.1 812.3 738.5 776.8 759.3 719.2 766.2 923.9 1,019.7 1,406.8 707.0 740.5 774.5 842.7 858.0 891.0 944.0 1,002.6 1,001.2 1,016.5 981.3 1,079.7 1,339.2 1,393.3 1,365.1 1,529.7 733.0 798.2 718.3 775.9 773.4 707.9 768.4 937.2 1,059.3 1,438.3 693.8 742.1 786.4 851.5 883.0 893.1 949.0 1,023.4 1,030.2 1,064.9 1,018.2 1,124.1 1,378.3 1,412.2 1,392.6 1,570.1 inventory valuation and capital consumption adjustments. 3.1 14.1 20.2 1.0 ¥14.1 11.3 ¥2.2 ¥13.3 ¥39.6 ¥31.5 13.3 ¥1.6 ¥11.8 ¥8.8 ¥25.0 ¥2.1 ¥5.1 ¥20.8 ¥28.9 ¥48.3 ¥36.9 ¥44.4 ¥39.1 ¥18.9 ¥27.5 ¥40.4 Capital consumption adjustment Net interest and miscellaneous payments Taxes on production and imports 50.1 56.2 63.1 74.5 58.6 48.1 120.1 107.9 141.8 ¥54.9 122.4 123.8 120.8 113.4 93.4 114.0 113.5 110.5 146.1 145.4 135.8 139.8 ¥51.0 ¥45.8 ¥72.1 ¥50.7 376.2 415.6 487.1 495.4 559.0 566.3 520.9 528.5 505.5 498.3 545.8 519.3 507.0 511.5 530.9 532.4 528.1 522.7 519.9 512.2 497.5 492.7 498.3 488.7 497.6 508.5 581.1 612.0 639.8 674.0 708.9 728.6 762.8 801.4 852.8 903.1 746.0 757.9 771.6 775.5 783.8 794.7 806.6 820.6 837.1 847.8 855.5 870.9 883.8 900.1 909.5 919.1 Less: Subsidies Business current transfer payments Current surplus of government enterprises 34.3 32.9 35.4 44.2 44.3 55.3 38.4 46.7 43.5 55.2 39.9 37.0 38.3 38.3 42.1 54.6 44.5 45.4 42.3 41.8 43.2 46.5 50.6 52.1 56.1 61.9 53.1 49.9 64.7 67.4 87.1 92.8 84.3 81.6 91.1 80.2 91.1 85.8 81.4 78.8 79.0 80.5 82.5 84.3 88.2 90.7 83.0 102.6 99.0 99.6 21.8 100.3 12.7 12.6 10.3 10.1 5.3 ¥1.4 .9 1.3 ¥3.0 ¥11.3 ¥1.6 ¥1.2 4.0 2.3 4.1 1.8 .4 ¥1.1 ¥1.6 ¥2.2 ¥3.0 ¥5.2 ¥6.1 ¥7.0 ¥22.8 ¥9.1 Source: Department of Commerce, Bureau of Economic Analysis. REAL PERSONAL CONSUMPTION EXPENDITURES [Billions of chained (2000) dollars, except as noted; quarterly data at seasonally adjusted annual rates] Durable goods Period 1996 ............... 1997 ............... 1998 ............... 1999 ............... 2000 ............... 2001 ............... 2002 ............... 2003 ............... 2004 ............... 2005 r .............. 2002: I .......... II ......... III ....... IV ........ 2003: I .......... II ......... III ....... IV ........ 2004: I .......... II ......... III ....... IV ........ 2005: I .......... II ......... III ....... IV r ...... Total personal consumption expenditures 5,619.4 5,831.8 6,125.8 6,438.6 6,739.4 6,910.4 7,099.3 7,306.6 7,588.6 7,856.9 7,042.2 7,083.5 7,123.2 7,148.2 7,192.2 7,256.8 7,360.7 7,416.4 7,501.4 7,536.6 7,617.5 7,698.8 7,764.9 7,829.5 7,907.9 7,925.4 Total durable goods 595.9 646.9 720.3 804.6 863.3 900.7 964.8 1,028.5 1,089.9 1,138.4 948.4 956.9 983.4 970.4 979.1 1,014.0 1,061.0 1,060.0 1,071.6 1,072.5 1,100.4 1,115.1 1,122.3 1,143.9 1,169.7 1,117.7 Motor vehicles and parts 285.4 304.7 339.0 372.4 386.5 405.8 429.0 449.7 457.0 452.8 422.1 422.5 445.6 425.9 431.6 445.9 466.8 454.4 453.9 448.1 461.4 464.6 455.0 463.3 477.3 415.5 Furniture and household equipment 193.4 216.3 244.7 280.7 312.9 331.8 364.3 396.3 442.9 485.0 356.9 363.5 365.2 371.6 372.5 387.4 407.5 417.7 428.4 437.1 449.2 456.8 469.2 475.9 490.5 504.4 Nondurable goods Other 119.6 127.3 137.6 151.7 163.9 163.2 172.4 184.5 195.8 211.3 170.3 172.1 172.7 174.4 176.1 182.2 188.5 191.3 193.7 193.1 196.0 200.2 206.5 212.9 211.0 214.7 Total nondurable goods 1,680.4 1,725.3 1,794.4 1,876.6 1,947.2 1,986.7 2,037.1 2,101.8 2,200.4 2,297.9 2,026.8 2,033.4 2,035.0 2,053.1 2,069.5 2,079.1 2,121.2 2,137.3 2,171.9 2,186.1 2,206.9 2,236.5 2,265.6 2,285.9 2,305.8 2,334.2 Food 834.7 845.2 865.6 893.6 925.2 940.2 954.6 980.1 1,029.1 1,081.1 950.2 954.5 954.4 959.5 969.2 970.5 987.7 992.8 1,015.5 1,022.5 1,030.9 1,047.4 1,060.9 1,072.2 1,088.7 1,102.8 1 Includes other items, not shown separately. NOTE.—Because of the formula used for calculating real GDP, the chained (2000) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates. 4 Clothing and shoes 238.7 246.0 263.1 282.7 297.7 303.7 318.3 334.1 355.0 376.5 315.9 317.0 315.7 324.4 323.4 331.1 340.4 341.5 352.6 349.7 354.9 363.0 367.9 374.4 377.2 386.7 Gasoline and oil 157.9 162.8 170.3 176.3 175.7 178.3 181.9 183.2 185.9 190.4 181.3 182.0 183.2 181.2 181.7 181.7 184.0 185.3 184.7 185.5 185.4 188.1 192.1 190.5 188.7 190.4 Services Fuel oil and coal 18.4 16.9 16.0 16.4 15.8 15.2 15.5 15.5 15.5 14.5 14.7 15.6 15.5 16.3 15.7 14.7 15.6 16.1 15.6 15.4 16.0 15.0 15.6 14.8 14.4 13.4 Other 432.9 456.6 481.1 508.6 532.9 549.2 567.1 589.6 616.7 639.7 565.0 564.6 566.5 572.2 579.5 581.8 594.5 602.5 605.3 614.1 621.7 625.5 631.2 637.7 641.9 648.0 Total services 1 3,356.0 3,468.0 3,615.0 3,758.0 3,928.8 4,023.2 4,100.4 4,183.9 4,310.9 4,436.4 4,069.4 4,095.7 4,109.0 4,127.4 4,146.5 4,169.7 4,190.2 4,229.4 4,269.0 4,288.6 4,324.0 4,362.1 4,392.0 4,417.6 4,453.5 4,482.6 Housing 901.1 922.5 948.8 978.6 1,006.5 1,033.7 1,042.1 1,048.4 1,078.4 1,103.7 1,044.4 1,043.7 1,041.0 1,039.3 1,041.3 1,044.5 1,050.1 1,057.7 1,067.6 1,074.6 1,081.9 1,089.5 1,095.6 1,101.4 1,106.6 1,111.0 Source: Department of Commerce, Bureau of Economic Analysis. Medical care 922.5 942.8 970.7 989.0 1,026.8 1,075.2 1,136.6 1,184.9 1,233.5 1,291.6 1,113.5 1,129.9 1,144.4 1,158.8 1,169.8 1,180.1 1,187.6 1,202.2 1,211.4 1,225.5 1,241.6 1,255.4 1,269.1 1,282.3 1,299.6 1,315.2 Retail sales of new passenger cars and light trucks (millions of units) 15.1 15.1 15.5 16.9 17.3 17.1 16.8 16.6 16.9 16.9 16.7 16.6 17.4 16.6 16.2 16.4 17.2 16.7 16.6 16.6 17.1 17.1 16.5 17.2 17.9 15.8 SOURCES OF PERSONAL INCOME Personal income rose $31.5 billion (annual rate) in February following an increase of $77.1 billion in January. Wages and salaries rose $21.3 billion in February following an increase of $42.7 billion in January. [Billions of dollars; monthly data at seasonally adjusted annual rates] Compensation of employees, received Period 1996 ................. 1997 ................. 1998 ................. 1999 ................. 2000 ................. 2001 ................. 2002 ................. 2003 ................. 2004 ................. 2005 r ................ 2005: Feb ........ Mar ....... Apr ........ May ....... June ...... July ....... Aug ....... Sept ....... Oct r ....... Nov r ...... Dec r ....... 2006: Jan r ....... Feb p ...... 1 With 2 With Total personal income Total 6,520.6 6,915.1 7,423.0 7,802.4 8,429.7 8,724.1 8,881.9 9,169.1 9,713.3 10,248.3 10,072.9 10,122.0 10,145.1 10,180.6 10,231.5 10,283.9 10,078.3 10,389.1 10,444.5 10,475.7 10,530.9 10,608.0 10,639.5 4,386.9 4,664.6 5,020.1 5,352.0 5,782.7 5,942.1 6,091.2 6,321.1 6,687.6 7,125.3 7,001.6 7,040.3 7,035.6 7,058.8 7,086.1 7,150.4 7,170.1 7,212.4 7,246.3 7,253.1 7,285.7 7,347.1 7,376.4 Wage and salary disbursements 3,619.6 3,877.6 4,183.4 4,466.3 4,829.2 4,942.8 4,980.9 5,111.1 5,389.4 5,723.7 5,629.8 5,655.3 5,650.1 5,671.1 5,695.7 5,744.2 5,755.1 5,787.7 5,817.4 5,822.1 5,850.8 5,893.5 5,914.8 inventory valuation and capital consumption adjustments. capital consumption adjustment. mainly of social insurance benefits to persons. Supplements to wages and salaries 767.3 787.0 836.7 885.7 953.4 999.3 1,110.3 1,210.0 1,298.1 1,401.6 1,371.7 1,385.0 1,385.5 1,387.7 1,390.4 1,406.2 1,415.0 1,424.7 1,428.9 1,431.0 1,434.9 1,453.6 1,461.6 Proprietors’ income 1 Farm 37.3 34.2 29.4 28.6 22.7 19.7 10.6 27.7 35.8 20.8 24.6 25.9 23.2 19.7 15.8 19.0 17.4 17.7 19.1 21.0 22.9 19.4 17.2 Nonfarm 505.9 541.8 598.4 649.7 705.7 752.2 757.8 782.4 853.8 917.8 892.2 898.2 907.5 913.8 929.9 928.2 874.1 940.7 942.2 946.9 951.1 958.6 960.4 Personal income receipts on assets Rental income of persons 2 131.5 128.8 137.5 147.3 150.3 167.4 152.9 131.7 134.2 72.9 118.5 114.4 109.4 104.1 99.7 96.5 ¥213.4 83.6 79.3 82.7 78.9 77.3 75.0 Total 1,089.2 1,181.7 1,283.2 1,264.2 1,387.0 1,380.0 1,333.2 1,338.7 1,396.5 1,457.4 1,407.4 1,413.1 1,426.8 1,439.7 1,452.8 1,460.9 1,468.8 1,476.9 1,494.9 1,512.9 1,531.0 1,534.2 1,536.8 Personal interest income 793.0 848.7 933.2 928.6 1,011.0 1,011.0 936.1 917.6 905.9 945.7 915.4 918.1 927.0 936.0 944.9 948.1 951.2 954.4 967.2 980.1 992.9 991.8 990.7 Personal dividend income 296.2 333.0 349.9 335.6 376.1 369.0 397.2 421.1 490.6 511.7 492.0 495.0 499.8 503.8 507.9 512.8 517.6 522.5 527.7 532.9 538.0 542.3 546.1 Personal current transfer receipts 3 925.0 951.2 978.6 1,022.1 1,084.0 1,193.9 1,286.2 1,344.0 1,427.5 1,525.3 1,489.6 1,494.0 1,504.9 1,509.1 1,514.8 1,502.4 1,635.9 1,536.0 1,545.0 1,541.6 1,547.4 1,575.9 1,581.3 Less: Contributions for government social insurance 555.2 587.2 624.2 661.4 702.7 731.1 750.0 776.6 822.2 871.2 860.9 863.8 862.4 864.7 867.6 873.5 874.5 878.1 882.2 882.6 886.0 904.4 907.7 Source: Department of Commerce, Bureau of Economic Analysis. 3 Consists 5 DISPOSITION OF PERSONAL INCOME According to revised estimates, per capita disposable personal income in chained (2000) dollars rose at an annual rate of 5.7 percent in the fourth quarter of 2005. 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 1996 ............ 6,520.6 1997 ............ 6,915.1 1998 ............ 7,423.0 1999 ............ 7,802.4 2000 ............ 8,429.7 2001 ............ 8,724.1 2002 ............ 8,881.9 2003 ............ 9,169.1 2004 ............ 9,713.3 2005 r .......... 10,248.3 832.1 926.3 1,027.0 1,107.5 1,235.7 1,237.3 1,051.8 999.9 1,049.1 1,209.7 5,688.5 5,988.8 6,395.9 6,695.0 7,194.0 7,486.8 7,830.1 8,169.2 8,664.2 9,038.6 5,460.0 5,770.5 6,119.1 6,536.4 7,025.6 7,354.5 7,645.3 7,996.3 8,512.5 9,072.1 Chained (2000) dollars Per capita personal consumption expenditures Current dollars Chained (2000) dollars Dollars 228.4 218.3 276.8 158.6 168.5 132.3 184.7 172.8 151.8 ¥33.5 6,080.9 6,295.8 6,663.9 6,861.3 7,194.0 7,333.3 7,562.2 7,741.8 8,004.3 8,120.0 21,091 21,940 23,161 23,968 25,472 26,235 27,164 28,062 29,477 30,466 Percent change in real per capita disposable personal income Saving as percent of disposable personal income Population, including Armed Forces overseas (thousands) 2 Percent 22,546 23,065 24,131 24,564 25,472 25,697 26,235 26,594 27,232 27,370 19,490 20,323 21,291 22,491 23,862 24,722 25,501 26,484 27,946 29,479 20,835 21,365 22,183 23,050 23,862 24,215 24,629 25,099 25,817 26,483 1.8 2.3 4.6 1.8 3.7 .9 2.1 1.4 2.4 .5 4.0 3.6 4.3 2.4 2.3 1.8 2.4 2.1 1.8 ¥.4 269,714 272,958 276,154 279,328 282,429 285,371 288,253 291,114 293,933 296,677 26,291 26,352 26,178 26,123 26,224 26,454 26,849 26,845 27,028 27,045 27,160 27,689 27,391 27,347 27,183 27,562 25,178 25,441 25,627 25,756 26,050 26,264 26,699 26,920 27,428 27,750 28,077 28,526 28,872 29,286 29,775 29,979 24,523 24,609 24,680 24,702 24,799 24,962 25,252 25,379 25,615 25,675 25,883 26,094 26,264 26,425 26,623 26,618 10.5 .9 ¥2.6 ¥.8 1.6 3.6 6.1 ¥.1 2.8 .3 1.7 8.0 ¥4.2 ¥.6 ¥2.4 5.7 2.9 2.8 2.0 1.8 1.9 2.1 2.5 2.0 1.8 1.6 1.2 2.3 .5 ¥.2 ¥1.6 ¥.2 287,171 287,846 288,619 289,375 290,025 290,717 291,485 292,226 292,853 293,539 294,301 295,037 295,643 296,289 297,027 297,748 Seasonally adjusted annual rates 2002: I ....... II ..... III .... IV .... 2003: I ....... II ..... III .... IV .... 2004: I ....... II ..... III .... IV .... 2005: I ....... II ..... III .... IV r ... 8,814.7 8,892.0 8,895.4 8,925.5 9,013.7 9,118.6 9,215.4 9,328.7 9,484.8 9,614.3 9,729.2 10,024.8 10,073.4 10,185.7 10,250.4 10,483.7 1,063.2 1,050.3 1,050.0 1,043.8 1,024.3 1,026.9 940.8 1,007.6 1,009.6 1,034.0 1,058.4 1,094.3 1,171.4 1,206.0 1,220.4 1,241.0 7,751.5 7,841.7 7,845.4 7,881.7 7,989.4 8,091.7 8,274.6 8,321.0 8,475.3 8,580.3 8,670.9 8,930.4 8,902.0 8,979.7 9,030.0 9,242.7 7,526.1 225.4 7,620.5 221.2 7,692.4 153.0 7,742.4 139.3 7,835.4 154.0 7,922.1 169.6 8,069.5 205.1 8,158.4 162.6 8,319.4 155.8 8,439.1 141.2 8,566.3 104.6 8,725.0 205.4 8,854.6 47.4 9,001.2 ¥21.5 9,173.9 ¥143.9 9,258.5 ¥15.8 7,549.9 7,585.2 7,555.5 7,559.3 7,605.5 7,690.5 7,826.2 7,844.8 7,915.1 7,938.8 7,993.3 8,169.2 8,098.1 8,102.6 8,074.2 8,206.4 1 Includes personal consumption expenditures, personal interest payments (nonmortgage), and personal current transfer payments. 6 26,993 27,243 27,183 27,237 27,547 27,834 28,388 28,475 28,940 29,231 29,463 30,269 30,111 30,307 30,401 31,042 2 Annual data are averages of quarterly data, which are averages for the period. Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census). FARM INCOME According to the preliminary forecast for 2006, gross farm income is forecast at $285.4 billion, and net farm income at $56.2 billion. [Billions of dollars; quarterly data at seasonally adjusted annual rates] Income of farm operators from farming Gross farm income Period Cash marketing receipts Total 1 Total 1997 ................................ 1998 ................................ 1999 ................................ 2000 ................................ 2001 ................................ 2002 ................................ 2003 ................................ 2004 ................................ 2005 ................................ 2006 p .............................. 2004: I .......................... II ......................... III ........................ IV ........................ 2005: I .......................... II ......................... III ........................ IV ........................ 2006: I p ........................ II p ........................ III p ...................... IV p ....................... 238.0 232.6 235.0 242.0 248.7 229.9 259.8 292.3 293.6 285.4 322.2 273.2 273.1 300.8 333.7 284.2 270.4 286.3 318.1 271.6 270.4 281.5 207.8 196.5 187.8 192.1 200.1 195.0 216.6 241.2 239.0 231.7 255.9 231.9 231.2 245.9 254.6 243.5 230.1 227.7 244.5 229.9 227.9 224.6 Livestock and products 96.5 94.2 95.7 99.6 106.7 94.0 105.6 123.5 124.9 122.3 125.3 123.5 121.5 123.6 134.2 117.3 120.7 127.3 127.1 117.2 120.8 124.2 1 Cash marketing receipts, Government payments, value of changes in inventories, other farm related cash income, and nonmoney income produced by farms including imputed rent of operator residences. 2 Crop receipts include proceeds received from commodities placed under Commodity Credit Corporation loans. 3 Physical changes in beginning and ending year inventories of crop and livestock commodities valued at weighted average market prices during the period. Crops 2 111.3 102.2 92.1 92.5 93.3 101.0 111.0 117.8 114.1 109.4 130.6 108.4 109.7 122.4 120.4 126.2 109.4 100.4 117.4 112.7 107.1 100.4 Value of inventory changes 3 0.6 ¥.6 ¥.2 1.6 1.1 ¥3.4 ¥2.5 7.0 ¥.3 1.7 7.4 6.7 6.7 7.2 ¥.3 ¥.3 ¥.3 ¥.3 1.8 1.7 1.7 1.7 Direct Government payments 4 Production expenses 7.5 12.4 21.5 22.9 20.7 11.2 17.2 13.3 23.0 18.5 26.2 4.9 5.7 16.4 45.4 8.5 9.8 28.4 36.4 6.8 7.9 22.8 186.7 185.5 187.2 193.1 197.1 193.4 200.3 209.8 221.1 229.2 222.5 201.7 201.1 213.8 235.5 225.3 212.9 210.7 241.9 227.4 225.4 222.2 Net farm income 51.3 47.1 47.7 48.9 51.5 36.6 59.5 82.5 72.6 56.2 99.7 71.5 72.0 87.0 98.1 59.0 57.5 75.6 76.2 44.2 45.0 59.4 4 Includes only Government payments made directly to farmers. NOTE.—Data for 2005 and 2006 are forecasts. Source: Department of Agriculture. 7 CORPORATE PROFITS In the fourth quarter of 2005, according to current estimates, corporate profits before tax rose $177.5 billion (annual rate) and profits after tax rose $120.7 billion. [Billions of dollars; quarterly data at seasonally adjusted annual rates] Profits (before tax) with inventory valuation adjustment 1 Profits after tax Domestic industries Period Nonfinancial Total 2 Total 1996 .............. 1997 .............. 1998 .............. Profits before tax Financial Total 3 Manufacturing Utilities Wholesale Retail Taxes on corporate income Total Net dividends Undistributed profits Inventory valuation adjustment 736.1 812.3 738.5 634.2 701.4 635.5 172.6 193.0 165.9 461.6 508.4 469.6 188.8 209.0 173.5 ................ ................ ................ 39.8 47.6 52.3 51.9 64.2 73.4 733.0 798.2 718.3 231.7 246.1 248.3 501.4 552.1 470.0 297.6 334.5 351.6 203.8 217.6 118.3 3.1 14.1 20.2 ........... .............. .............. .............. .............. .............. .............. .............. 738.5 776.8 759.3 719.2 766.2 923.9 1,019.7 1,406.8 635.5 655.3 613.6 549.5 610.4 747.9 834.8 1,201.2 165.4 194.3 200.2 227.6 276.4 313.0 300.6 347.0 470.1 461.1 413.4 322.0 334.0 434.9 534.2 854.2 157.0 150.6 144.3 52.6 48.2 80.7 118.9 207.9 32.7 33.1 24.4 24.7 10.6 11.4 12.1 27.4 53.2 55.5 59.7 52.1 49.3 56.3 63.5 93.9 66.4 65.2 59.6 71.0 79.4 87.7 90.0 115.2 718.3 775.9 773.4 707.9 768.4 937.2 1,059.3 1,438.3 248.3 258.6 265.2 204.1 192.6 232.1 271.1 378.1 470.0 517.2 508.2 503.8 575.8 705.1 788.2 1,060.2 351.6 337.4 377.9 370.9 399.2 423.2 493.0 514.2 118.3 179.9 130.3 132.9 176.6 281.9 295.2 546.0 20.2 1.0 ¥14.1 11.3 ¥2.2 ¥13.3 ¥39.6 ¥31.5 2002: I ......... II ....... III ...... IV ...... 2003: I ......... II ....... III ...... IV ...... 2004: I ......... II ....... III ...... IV ...... 2005: I ......... II ....... III ...... IV ...... 707.0 740.5 774.5 842.7 858.0 891.0 944.0 1,002.6 1,001.2 1,016.5 981.3 1,079.7 1,339.2 1,393.3 1,365.1 1,529.7 552.0 593.3 620.0 676.2 703.5 721.2 769.2 797.6 803.0 839.7 795.5 901.1 1,145.7 1,196.1 1,142.0 1,321.1 277.9 277.7 274.6 275.3 304.8 309.0 320.4 317.9 324.1 316.1 242.8 319.4 377.2 349.5 278.7 382.7 274.2 315.6 345.4 400.9 398.7 412.2 448.9 479.7 479.0 523.6 552.7 581.7 768.5 846.6 863.3 938.3 27.8 40.0 55.0 70.0 70.9 68.0 79.2 104.8 97.3 107.3 116.2 154.7 170.2 204.7 218.6 238.3 7.1 10.1 12.6 12.8 12.3 10.4 10.7 12.3 11.0 11.7 11.4 14.1 23.7 26.4 19.7 39.6 48.5 52.6 45.3 50.7 48.6 50.3 62.1 64.1 56.8 61.3 69.1 66.9 81.4 98.1 95.4 100.6 75.7 79.7 80.2 82.1 81.4 90.4 90.3 88.8 97.5 92.9 81.9 87.7 104.6 109.1 116.9 130.4 693.8 742.1 786.4 851.5 883.0 893.1 949.0 1,023.4 1,030.2 1,064.9 1,018.2 1,124.1 1,378.3 1,412.2 1,392.6 1,570.1 174.9 188.5 196.9 210.2 223.9 221.7 235.3 247.5 257.9 274.7 259.0 293.0 362.6 372.5 360.3 417.1 518.9 553.6 589.5 641.3 659.1 671.4 713.8 775.9 772.3 790.2 759.2 831.1 1,015.7 1,039.7 1,032.3 1,153.0 382.5 396.1 406.1 412.0 416.3 419.9 424.6 432.0 445.9 460.9 475.9 589.3 494.9 506.3 520.1 535.4 136.4 157.5 183.4 229.3 242.8 251.5 289.2 343.9 326.4 329.2 283.4 241.8 520.8 533.4 512.2 617.6 13.3 ¥1.6 ¥11.8 ¥8.8 ¥25.0 ¥2.1 ¥5.1 ¥20.8 ¥28.9 ¥48.3 ¥36.9 ¥44.4 ¥39.1 ¥18.9 ¥27.5 ¥40.4 1998 1999 2000 2001 2002 2003 2004 2005 4 1 See p. 4 for profits with inventory valuation and capital consumption adjustments. rest of the world, not shown separately. industries not shown separately. 2 Includes 3 Includes 8 4 Data by industry beginning 1998 are based on the 1997 North American Industry Classification System (NAICS) and are not directly comparable with data for prior years shown, which are based on the 1987 Standard Industrial Classification (SIC). Source: Department of Commerce, Bureau of Economic Analysis. REAL GROSS PRIVATE DOMESTIC INVESTMENT In the fourth quarter of 2005, according to revised estimates, nonresidential fixed investment in chained (2000) dollars rose $14.5 billion (annual rate) and residential investment rose $4.2 billion. There was an increase of $37.9 billion in inventories following a decrease of $13.3 billion in the third quarter. [Billions of chained (2000) dollars; quarterly data at seasonally adjusted annual rates] Fixed investment Period Gross private domestic investment Change in private inventories Nonresidential Total Total Equipment and software Residential Structures Total Nonfarm 1996 ................................................................................. 1997 ................................................................................. 1998 ................................................................................. 1999 ................................................................................. 2000 ................................................................................. 2001 ................................................................................. 2002 ................................................................................. 2003 ................................................................................. 2004 ................................................................................. 2005 r ................................................................................ 1,234.3 1,387.7 1,524.1 1,642.6 1,735.5 1,598.4 1,557.1 1,617.4 1,809.8 1,919.8 1,209.2 1,320.6 1,455.0 1,576.3 1,679.0 1,629.4 1,544.6 1,600.0 1,755.1 1,897.1 833.6 934.2 1,037.8 1,133.3 1,232.1 1,180.5 1,071.5 1,085.0 1,186.7 1,289.0 261.1 280.1 294.5 293.2 313.2 306.1 253.8 243.1 248.4 253.4 578.7 658.3 745.6 840.2 918.9 874.2 820.2 846.8 947.6 1,050.8 381.3 388.6 418.3 443.6 446.9 448.5 469.9 509.4 561.8 601.9 28.7 71.2 72.6 68.9 56.5 ¥31.7 12.5 15.5 52.0 20.3 21.7 68.5 71.2 71.5 57.8 ¥31.8 15.2 15.5 49.9 25.0 2002: I ............................................................................ II ........................................................................... III ......................................................................... IV .......................................................................... 2003: I ............................................................................ II ........................................................................... III ......................................................................... IV .......................................................................... 1,541.7 1,549.0 1,570.9 1,567.0 1,565.3 1,575.8 1,640.6 1,687.9 1,551.5 1,545.9 1,543.2 1,537.8 1,540.9 1,573.7 1,629.0 1,656.3 1,090.3 1,073.3 1,068.0 1,054.5 1,051.6 1,072.9 1,101.8 1,113.7 270.3 256.4 245.8 242.5 237.3 244.8 244.7 245.5 820.9 819.0 825.7 815.4 818.7 832.0 862.4 874.0 459.0 469.5 471.8 479.3 484.8 496.0 521.2 535.7 ¥10.2 2.6 28.0 29.5 24.0 ¥.4 9.3 29.0 ¥11.1 12.4 29.3 29.9 19.7 1.0 13.0 28.1 2004: I ............................................................................ II ........................................................................... III ......................................................................... IV .......................................................................... 1,729.1 1,813.0 1,833.4 1,863.9 1,684.4 1,744.5 1,780.2 1,811.3 1,135.1 1,171.6 1,204.8 1,235.1 243.4 248.5 249.4 252.3 899.1 931.4 965.6 994.2 542.4 565.1 568.8 571.0 41.9 65.6 50.4 50.1 46.8 58.5 43.7 50.8 2005: I ............................................................................ II ........................................................................... III ......................................................................... IV r ........................................................................ 1,902.9 1,885.0 1,909.4 1,981.9 1,842.2 1,884.7 1,921.5 1,940.0 1,252.2 1,279.0 1,305.2 1,319.7 251.0 252.7 254.1 256.0 1,014.2 1,040.9 1,067.5 1,080.6 584.1 599.3 610.0 614.2 58.2 ¥1.7 ¥13.3 37.9 61.8 3.4 ¥8.1 43.0 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 intermediate aggregates. Source: Department of Commerce, Bureau of Economic Analysis. 9 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 Structures Information processing equipment and software Total nonresidential Structures Total Computers and peripheral equipment 1 Software Total Transportation equipment Other equipment Total residential Total 2 Single family Other Industrial equipment Equipment 1996 ........................... 1997 ........................... 1998 ........................... 1999 ........................... 2000 ........................... 2001 ........................... 2002 ........................... 2003 ........................... 2004 ........................... 2005 r .......................... 2002: I ...................... II ..................... III ................... IV .................... 2003: I ...................... II ..................... III ................... IV .................... 1,209.2 1,320.6 1,455.0 1,576.3 1,679.0 1,629.4 1,544.6 1,600.0 1,755.1 1,897.1 1,551.5 1,545.9 1,543.2 1,537.8 1,540.9 1,573.7 1,629.0 1,656.3 833.6 934.2 1,037.8 1,133.3 1,232.1 1,180.5 1,071.5 1,085.0 1,186.7 1,289.0 1,090.3 1,073.3 1,068.0 1,054.5 1,051.6 1,072.9 1,101.8 1,113.7 261.1 280.1 294.5 293.2 313.2 306.1 253.8 243.1 248.4 253.4 270.3 256.4 245.8 242.5 237.3 244.8 244.7 245.5 578.7 658.3 745.6 840.2 918.9 874.2 820.2 846.8 947.6 1,050.8 820.9 819.0 825.7 815.4 818.7 832.0 862.4 874.0 218.9 269.9 328.9 398.5 467.6 459.0 437.4 459.7 522.4 590.6 435.0 437.1 444.2 433.3 439.4 445.3 469.0 485.3 ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. 84.1 108.8 129.4 157.2 176.2 173.8 169.7 175.7 188.8 209.9 166.3 170.2 173.4 168.7 169.8 171.0 178.9 183.2 117.2 127.3 143.2 158.0 190.0 181.7 161.1 166.2 188.9 198.7 162.9 162.6 161.7 157.1 159.7 161.1 169.1 174.9 139.9 143.0 148.1 147.9 159.2 145.7 134.5 134.9 139.4 149.1 135.8 132.7 134.7 134.9 138.8 135.6 134.5 130.7 125.4 135.9 145.4 167.7 160.8 142.8 126.0 123.1 138.7 157.0 130.4 126.1 124.1 123.5 116.7 126.3 126.6 122.6 105.6 115.8 125.7 126.7 131.2 126.9 122.9 130.7 150.0 159.9 120.3 123.8 123.6 124.1 124.5 125.5 134.0 138.8 381.3 388.6 418.3 443.6 446.9 448.5 469.9 509.4 561.8 601.9 459.0 469.5 471.8 479.3 484.8 496.0 521.2 535.7 375.1 382.4 411.9 436.6 439.5 441.1 462.2 501.3 552.9 592.5 451.4 461.8 464.2 471.6 477.1 488.0 512.9 527.1 197.3 196.6 218.1 234.2 236.8 237.1 246.3 272.6 307.5 326.9 238.0 245.9 248.9 252.4 257.8 262.4 276.4 293.8 6.2 6.1 6.4 7.0 7.4 7.4 7.7 8.1 8.9 9.3 7.6 7.7 7.6 7.7 7.7 7.9 8.3 8.5 2004: I ...................... II ..................... III ................... IV .................... 1,684.4 1,744.5 1,780.2 1,811.3 1,135.1 1,171.6 1,204.8 1,235.1 243.4 248.5 249.4 252.3 899.1 931.4 965.6 994.2 504.8 517.4 527.9 539.7 ............. ............. ............. ............. 185.5 186.9 190.0 192.8 184.7 189.5 191.1 190.3 135.9 134.4 142.8 144.5 121.9 136.7 142.8 153.3 141.3 146.4 154.3 158.0 542.4 565.1 568.8 571.0 533.7 556.2 559.7 561.8 298.0 308.2 312.0 312.0 8.7 8.8 9.0 9.2 2005: I ...................... II ..................... III ................... IV r ................... 1,842.2 1,884.7 1,921.5 1,940.0 1,252.2 1,279.0 1,305.2 1,319.7 251.0 252.7 254.1 256.0 1,014.2 1,040.9 1,067.5 1,080.6 565.1 584.6 600.2 612.4 ............. ............. ............. ............. 199.8 209.1 213.7 216.9 196.3 196.5 202.1 200.1 150.9 143.2 148.8 153.6 148.8 158.1 163.3 157.9 153.9 160.6 161.1 163.9 584.1 599.3 610.0 614.2 574.8 590.0 600.6 604.6 320.5 323.3 329.0 334.8 9.2 9.2 9.3 9.5 1 For details on this component, see Survey of Current Business, Tables 5.3.6, 5.3.1 for growth rates, 5.3.2 for contributions, and 5.3.3 for quantity indexes. 2 Includes other items, not shown separately. NOTE.—Because of the formula used for calculating real GDP, the chained (2000) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates. Source: Department of Commerce, Bureau of Economic Analysis. BUSINESS INVESTMENT [Billions of dollars] Capital expenditures By industry Period Total capital expenditures Total by industry Forestry, fishing Con- Manuand Min- Utili- strucfacagriing ties turtion culing tural services ProFor Real fesscomTransesional, Health panies portaFiscien- care withWhole- Retail tion Infor- nance tate and tific, and Other 1 out sale and maand rental trade and social emtrade waretion insur- and assisployhousance leas- technical tance ees ing ing services For companies with employees 1996 ............................ 1997 ............................ 1998 ............................ 1999 ............................ 2000 ............................ 2001 ............................ 2002 ............................ 2003 r ........................... 2004 ............................ 807.1 .............. ........... ........ ......... .......... ........... ............ .......... ............ .......... .......... .......... .......... ........... ........... .......... 871.8 .............. ........... ........ ......... .......... ........... ............ .......... ............ .......... .......... .......... .......... ........... ........... .......... 970.9 896.5 0.9 40.4 36.0 26.9 203.6 29.2 57.3 51.3 96.5 118.2 85.2 22.3 47.1 81.7 74.4 1,047.0 974.6 1.7 30.6 42.8 23.1 196.4 32.4 64.1 57.3 122.8 130.1 100.6 29.5 51.3 91.8 72.3 1,161.0 1,089.9 1.5 42.5 61.3 25.0 214.8 33.6 69.8 59.9 160.2 133.7 92.5 34.1 52.2 108.9 71.2 1,109.0 1,052.3 1.5 51.3 82.8 24.8 192.8 30.0 66.9 57.8 144.8 131.1 82.7 30.5 52.9 102.5 56.7 997.9 917.5 1.9 42.5 65.5 24.8 157.2 26.8 59.3 47.1 88.2 128.4 94.5 25.9 59.3 96.1 80.4 975.0 886.8 1.9 50.5 54.6 23.2 149.1 26.0 65.9 44.5 80.5 120.8 88.0 24.7 61.2 96.2 88.2 1,047.5 958.6 2.1 53.7 50.1 28.7 156.9 31.9 71.7 47.7 83.5 153.2 92.2 26.9 65.3 94.7 88.9 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 NOTE.—Data from Annual Capital Expenditures. Industry data are based on the North American Industry Classification System (NAICS): 1997. 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 March, employment rose by 384,000 and unemployment fell by 182,000. [Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA] Civilian employment Period 1996 ...................... 1997 2 .................... 1998 2 .................... 1999 2 .................... 2000 2 .................... 2001 ..................... 2002 ...................... 2003 2 .................... 2004 2 .................... 2005 2 .................... 2005: Mar ........... Apr ............ May ........... June .......... July ........... Aug ........... Sept ........... Oct ............ Nov ............ Dec ............ 2006: Jan 2 .......... Feb ............ Mar ........... Civilian noninstitutional population (NSA) Civilian labor force 200,591 203,133 205,220 207,753 212,577 215,092 217,570 221,168 223,357 226,082 225,236 225,441 225,670 225,911 226,153 226,421 226,693 226,959 227,204 227,425 227,553 227,763 227,975 133,943 136,297 137,673 139,368 142,583 143,734 144,863 146,510 147,401 149,320 148,217 148,839 149,201 149,243 149,605 149,792 150,083 150,043 150,183 150,153 150,114 150,449 150,652 Percent 1 Unemployment Total Men 20 years and over Women 20 years and over Both sexes 16–19 years 126,708 129,558 131,463 133,488 136,891 136,933 136,485 137,736 139,252 141,730 140,601 141,196 141,571 141,750 142,111 142,425 142,435 142,625 142,611 142,779 143,074 143,257 143,641 64,897 66,284 67,135 67,761 69,634 69,776 69,734 70,415 71,572 73,050 72,513 72,855 73,108 73,178 73,345 73,479 73,331 73,500 73,441 73,468 73,844 73,857 74,197 55,311 56,613 57,278 58,555 60,067 60,417 60,420 61,402 61,773 62,702 62,129 62,426 62,515 62,552 62,744 62,901 63,074 63,162 63,170 63,249 63,163 63,262 63,305 6,500 6,661 7,051 7,172 7,189 6,740 6,332 5,919 5,907 5,978 5,960 5,915 5,948 6,020 6,022 6,045 6,030 5,964 6,000 6,061 6,067 6,138 6,139 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 2006 data reflect revised population controls and are not strictly comparable with earlier data. Total 7,236 6,739 6,210 5,880 5,692 6,801 8,378 8,774 8,149 7,591 7,616 7,644 7,629 7,493 7,494 7,367 7,648 7,418 7,572 7,375 7,040 7,193 7,011 Men 20 years and over 3,146 2,882 2,580 2,433 2,376 3,040 3,896 4,209 3,791 3,392 3,453 3,347 3,337 3,294 3,274 3,307 3,461 3,281 3,282 3,318 3,084 3,258 3,137 Women 20 years and over Both sexes 16–19 years 2,783 2,585 2,424 2,285 2,235 2,599 3,228 3,314 3,150 3,013 2,952 3,036 3,013 3,030 3,070 2,877 3,055 3,013 3,053 2,966 2,859 2,819 2,733 1,306 1,271 1,205 1,162 1,081 1,162 1,253 1,251 1,208 1,186 1,212 1,261 1,280 1,169 1,150 1,183 1,133 1,124 1,238 1,091 1,097 1,115 1,140 Not in labor force Labor force participation rate Employment/ population ratio Unemployment rate 66.8 67.1 67.1 67.1 67.1 66.8 66.6 66.2 66.0 66.0 65.8 66.0 66.1 66.1 66.2 66.2 66.2 66.1 66.1 66.0 66.0 66.1 66.1 63.2 63.8 64.1 64.3 64.4 63.7 62.7 62.3 62.3 62.7 62.4 62.6 62.7 62.7 62.8 62.9 62.8 62.8 62.8 62.8 62.9 62.9 63.0 5.4 4.9 4.5 4.2 4.0 4.7 5.8 6.0 5.5 5.1 5.1 5.1 5.1 5.0 5.0 4.9 5.1 4.9 5.0 4.9 4.7 4.8 4.7 66,647 66,837 67,547 68,385 69,994 71,359 72,707 74,658 75,956 76,762 77,019 76,601 76,469 76,668 76,548 76,629 76,610 76,916 77,021 77,271 77,439 77,314 77,323 See Employment and Earnings for details on breaks in series. Source: Department of Labor, Bureau of Labor Statistics. 11 SELECTED UNEMPLOYMENT RATES In March, the unemployment rate fell to 4.7 percent from 4.8 percent in February. [Monthly data seasonally adjusted] Unemployment rate (percent of civilian labor force in group) By race or ethnicity 1 By sex and age Period 1996 ......................... 1997 ......................... 1998 ......................... 1999 ......................... 2000 ........................ 2001 ........................ 2002 ........................ 2003 ........................ 2004 ......................... 2005 ......................... 2005: Mar .............. Apr ............... May .............. June ............. July .............. Aug .............. Sept .............. Oct ............... Nov .............. Dec ............... 2006: Jan ............... Feb ............... Mar .............. All civilian workers 5.4 4.9 4.5 4.2 4.0 4.7 5.8 6.0 5.5 5.1 5.1 5.1 5.1 5.0 5.0 4.9 5.1 4.9 5.0 4.9 4.7 4.8 4.7 Men 20 years and over Women 20 years and over 4.6 4.2 3.7 3.5 3.3 4.2 5.3 5.6 5.0 4.4 4.5 4.4 4.4 4.3 4.3 4.3 4.5 4.3 4.3 4.3 4.0 4.2 4.1 4.8 4.4 4.1 3.8 3.6 4.1 5.1 5.1 4.9 4.6 4.5 4.6 4.6 4.6 4.7 4.4 4.6 4.6 4.6 4.5 4.3 4.3 4.1 Both sexes 16–19 years 16.7 16.0 14.6 13.9 13.1 14.7 16.5 17.5 17.0 16.6 16.9 17.6 17.7 16.3 16.0 16.4 15.8 15.9 17.1 15.2 15.3 15.4 15.7 White 4.7 4.2 3.9 3.7 3.5 4.2 5.1 5.2 4.8 4.4 4.4 4.4 4.4 4.3 4.3 4.2 4.5 4.4 4.2 4.3 4.1 4.1 4.0 1 Beginning in 2003, persons who selected this race group only. Prior to 2003, persons who reported more than one race were included in the group they identified as the main race. Persons whose ethnicity is identified as Hispanic or Latino may be of any race. 12 By selected groups Black or African American Asian (NSA) Hispanic or Latino ethnicity 10.5 10.0 8.9 8.0 7.6 8.6 10.2 10.8 10.4 10.0 10.3 10.3 10.0 10.3 9.4 9.7 9.5 9.1 10.6 9.3 8.9 9.3 9.3 .......... .......... .......... .......... 3.6 4.5 5.9 6.0 4.4 4.0 3.9 3.9 3.9 4.0 5.2 3.6 4.1 3.1 3.6 3.8 3.2 3.2 3.4 8.9 7.7 7.2 6.4 5.7 6.6 7.5 7.7 7.0 6.0 5.7 6.4 5.9 5.8 5.5 5.8 6.5 5.9 6.1 6.0 5.8 5.5 5.4 Married men, spouse present Women who maintain families (NSA) Full-time workers Part-time workers 8.2 8.1 7.2 6.4 5.9 6.6 8.0 8.5 8.0 7.8 8.0 7.7 7.9 8.2 8.8 7.2 7.6 7.3 7.2 6.9 8.2 7.5 7.5 5.3 4.8 4.3 4.1 3.8 4.7 5.9 6.1 5.6 5.0 5.1 5.1 5.0 4.9 4.9 4.9 5.0 4.9 4.9 4.8 4.7 4.7 4.6 5.8 5.5 5.3 5.0 4.8 5.1 5.2 5.5 5.3 5.4 5.4 5.3 5.6 5.3 5.5 5.1 5.3 5.4 5.7 5.5 4.8 5.2 5.1 3.0 2.7 2.4 2.2 2.0 2.7 3.6 3.8 3.1 2.8 2.9 2.6 2.7 2.6 2.7 2.9 2.7 2.6 2.6 2.6 2.4 2.4 2.4 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 March, the percentage of the unemployed who had been out of work for less than 5 weeks rose; the percentages for 5–14 weeks, for 15–26 weeks, and for 27 weeks and over fell. The mean duration of unemployment fell to 16.9 weeks and the median duration fell to 8.5 weeks. [Monthly data seasonally adjusted, except as noted] Duration of unemployment Period Unemployment (thousands) Percent distribution Less than 5 weeks 5–14 weeks 15–26 weeks Reason for unemployment: percent distribution State programs Number of weeks 27 weeks and over Average (mean) Median Job losers 1 Job leavers Reentrants New entrants Insured unemployment Initial claims Insured unemployment, all regular programs (unadjusted) 2 Weekly average, thousands 1996 ........................................ 1997 ........................................ 1998 ........................................ 1999 ........................................ 2000 ........................................ 2001 ........................................ 2002 ........................................ 2003 ........................................ 2004 ........................................ 2005 ........................................ 2005: Mar .............................. Apr ............................... May .............................. June ............................. July .............................. Aug .............................. Sept ............................. Oct ............................... Nov .............................. Dec ............................... 2006: Jan ............................... Feb .............................. Mar .............................. 7,236 6,739 6,210 5,880 5,692 6,801 8,378 8,774 8,149 7,591 7,616 7,644 7,629 7,493 7,494 7,367 7,648 7,418 7,572 7,375 7,040 7,193 7,011 36.4 37.7 42.2 43.7 44.9 42.0 34.5 31.7 33.1 35.1 32.8 35.0 35.4 36.0 34.6 34.0 36.3 36.4 36.9 37.2 36.2 36.3 38.1 31.6 31.7 31.4 31.2 31.9 32.3 30.8 29.8 29.2 30.4 30.5 29.8 29.8 31.7 32.5 30.3 29.7 30.4 30.1 30.2 32.1 29.0 28.6 14.6 14.8 12.3 12.8 11.8 14.0 16.3 16.4 15.9 14.9 15.2 14.3 14.7 14.3 14.2 16.4 14.8 14.0 14.7 14.4 15.4 15.7 14.9 17.4 15.8 14.1 12.3 11.4 11.8 18.3 22.1 21.8 19.6 21.5 20.9 20.1 18.1 18.7 19.3 19.3 19.2 18.3 18.2 16.3 19.0 18.4 1 Beginning January 1994, job losers and persons who completed temporary jobs. 2 Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (UCX), and Federal (UCFE). Also includes Federal and State extended benefit programs. Does not include Railroad (RR) program, Federal supplemental compensation or Emergency Unemployment Compensation programs. 16.7 15.8 14.5 13.4 12.6 13.1 16.6 19.2 19.6 18.4 19.3 19.6 18.6 17.2 17.7 18.9 18.2 18.0 17.6 17.3 16.8 17.6 16.9 8.3 8.0 6.7 6.4 5.9 6.8 9.1 10.1 9.8 8.9 9.2 8.9 9.1 9.1 8.9 9.4 8.5 8.6 8.5 8.5 8.4 8.9 8.5 46.6 45.1 45.5 44.6 44.2 51.1 55.0 55.1 51.5 48.3 48.9 48.0 47.7 49.6 48.4 46.9 48.5 47.4 45.6 47.1 46.9 46.7 48.6 10.7 11.8 11.8 13.3 13.7 12.3 10.3 9.3 10.5 11.5 11.1 11.7 12.4 11.3 11.0 11.3 11.5 12.0 11.9 11.4 11.8 11.8 11.6 34.7 34.7 34.3 34.1 34.5 29.9 28.3 28.2 29.5 31.4 30.8 30.7 30.8 30.3 32.2 33.2 31.8 31.7 33.5 32.8 32.5 32.1 30.7 8.0 8.4 8.4 8.0 7.6 6.8 6.4 7.3 8.4 8.8 9.2 9.6 9.1 8.8 8.4 8.6 8.2 8.8 9.0 8.7 8.7 9.4 9.0 2,595 2,323 2,222 2,188 2,110 2,974 3,585 3,531 2,950 r 2,662 r 2,665 r 2,615 r 2,609 r 2,614 r 2,597 r 2,592 r 2,756 r 2,771 r 2,673 r 2,643 r 2,544 2,494 .............. 356 323 321 298 301 404 407 404 345 328 r 342 r 330 r 335 r 325 r 320 318 r 387 r 338 r 316 r 311 r 287 303 p 309 2,650 2,366 2,257 2,219 2,141 3,007 3,619 3,569 2,995 r 2,707 2,954 2,659 2,589 2,408 2,621 2,487 2,223 2,632 2,472 2,607 3,393 3,044 ................. NOTE.—Data relate to persons age 16 years and over (except for insured unemployment and initial claims). Seasonally adjusted insured and initial unemployment claims data revised beginning 2000 to reflect annual revisions. Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration). 13 NONAGRICULTURAL EMPLOYMENT Total nonagricultural employment as measured by the payroll survey rose by 211,000 in March. [Thousands of wage and salary workers; 1 monthly data seasonally adjusted] Goods-producing industries Period 1996 ...................... 1997 ...................... 1998 ...................... 1999 ...................... 2000 ...................... 2001 ...................... 2002 ...................... 2003 ...................... 2004 ...................... 2005 r ..................... 2005: Mar ............ Apr ............. May ............ June ........... July ............ Aug ............ Sept ........... Oct ............. Nov ............ Dec r ........... 2006: Jan r ........... Feb p ........... Mar p ........... Total nonagricultural employment 119,708 122,776 125,930 128,993 131,785 131,826 130,341 129,999 131,435 133,463 132,876 133,104 133,210 133,376 133,617 133,792 133,840 133,877 134,231 134,376 134,530 134,755 134,966 Total 2 23,410 23,886 24,354 24,465 24,649 23,873 22,557 21,816 21,882 22,133 22,077 22,119 22,126 22,133 22,131 22,146 22,143 22,179 22,264 22,282 22,335 22,366 22,375 Construction 5,536 5,813 6,149 6,545 6,787 6,826 6,716 6,735 6,976 7,277 7,193 7,243 7,255 7,277 7,283 7,306 7,325 7,347 7,409 7,416 7,460 7,497 7,504 Manufacturing 17,237 17,419 17,560 17,322 17,263 16,441 15,259 14,510 14,315 14,232 14,268 14,256 14,251 14,233 14,224 14,213 14,187 14,196 14,214 14,222 14,227 14,217 14,212 Service-providing industries Total 96,299 98,890 101,576 104,528 107,136 107,952 107,784 108,182 109,553 111,330 110,799 110,985 111,084 111,243 111,486 111,646 111,697 111,698 111,967 112,094 112,195 112,389 112,591 Trade, transportation, and utilities Total 3 Retail trade 24,239 24,700 25,186 25,771 26,225 25,983 25,497 25,287 25,533 25,909 25,822 25,861 25,897 25,908 25,976 25,985 25,944 25,945 26,006 26,015 26,042 26,068 26,100 14,143 14,389 14,609 14,970 15,280 15,239 15,025 14,917 15,058 15,255 15,211 15,234 15,249 15,256 15,310 15,313 15,267 15,260 15,293 15,300 15,300 15,313 15,342 1 Data from the establishment survey. Includes all full- and part-time wage and salary workers in nonagricultural establishments who received pay for any part of the pay period that includes the 12th of the month. Excludes proprietors, self-employed persons, unpaid family workers, and private household workers. Data from the household survey shown on p. 11 include those workers and also count persons as employed when they are not at work because of industrial disputes, bad weather, etc., even if they are not paid for the time off. In the series shown here, persons who work at more than one job are counted each time they appear on a payroll, in contrast to the series shown on p. 11 where persons are counted only once—as employed, unemployed, or not in the labor force. See Employment and Earnings for details. 14 Information 2,940 3,084 3,218 3,419 3,631 3,629 3,395 3,188 3,118 3,066 3,067 3,072 3,065 3,062 3,061 3,065 3,071 3,058 3,064 3,066 3,065 3,074 3,076 Financial activities 6,969 7,178 7,462 7,648 7,687 7,807 7,847 7,977 8,031 8,141 8,096 8,100 8,101 8,114 8,136 8,155 8,172 8,201 8,217 8,223 8,244 8,265 8,281 Profes- Educasional tion Leisure and and and busihealth hospiness services tality services 13,462 14,335 15,147 15,957 16,666 16,476 15,976 15,987 16,395 16,882 16,745 16,780 16,794 16,844 16,898 16,932 16,997 16,991 17,061 17,121 17,127 17,162 17,214 13,683 14,087 14,446 14,798 15,109 15,645 16,199 16,588 16,953 17,342 17,211 17,241 17,291 17,333 17,368 17,413 17,451 17,440 17,481 17,507 17,544 17,583 17,616 10,777 11,018 11,232 11,543 11,862 12,036 11,986 12,173 12,493 12,802 12,722 12,770 12,778 12,802 12,833 12,860 12,826 12,840 12,881 12,898 12,932 12,962 13,004 Other services Government Total 4,690 4,825 4,976 5,087 5,168 5,258 5,372 5,401 5,409 5,386 5,389 5,393 5,385 5,394 5,392 5,385 5,381 5,371 5,377 5,386 5,397 5,396 5,397 19,539 19,664 19,909 20,307 20,790 21,118 21,513 21,583 21,621 21,803 21,747 21,768 21,773 21,786 21,822 21,851 21,855 21,852 21,880 21,878 21,844 21,879 21,903 Federal 2,877 2,806 2,772 2,769 2,865 2,764 2,766 2,761 2,730 2,724 2,730 2,729 2,725 2,727 2,726 2,725 2,725 2,724 2,728 2,713 2,705 2,707 2,707 2 Includes natural resources and mining, not shown separately. 3 Includes wholesale trade, transportation and warehousing, and utilities, not shown separately. NOTE.—Data classified by industry based on the 2002 North American Industry Classification System (NAICS). For details see Employment and Earnings,June 2003. 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 1996 .................... 1997 .................... 1998 ..................... 1999 ..................... 2000 .................... 2001 ..................... 2002 ..................... 2003 ..................... 2004 ..................... 2005 r .................... 2005: Mar ........... Apr ........... May ........... June .......... July ........... Aug ........... Sept .......... Oct ............ Nov ........... Dec r .......... 2006: Jan r .......... Feb p .......... Mar p ......... Total private nonagricultural 1 34.3 34.5 34.5 34.3 34.3 34.0 33.9 33.7 33.7 33.8 33.7 33.8 33.7 33.7 33.8 33.7 33.8 33.8 33.8 33.8 33.8 33.8 33.8 Total 41.3 41.7 41.4 41.4 41.3 40.3 40.5 40.4 40.8 40.7 40.4 40.5 40.4 40.4 40.5 40.6 40.7 41.0 40.8 40.8 40.9 41.0 41.0 Average gross weekly earnings Total private nonagricultural 1 Overtime 4.8 5.1 4.8 4.8 4.7 4.0 4.2 4.2 4.6 4.6 4.5 4.4 4.4 4.4 4.5 4.6 4.5 4.6 4.6 4.5 4.5 4.5 4.5 Current dollars $12.03 12.49 13.00 13.47 14.00 14.53 14.95 15.35 15.67 16.11 15.95 16.00 16.03 16.07 16.14 16.16 16.19 16.28 16.28 16.35 16.40 16.46 16.49 1982 dollars 2 $7.57 7.68 7.89 8.00 8.03 8.11 8.24 8.27 8.23 8.17 8.19 8.17 8.20 8.22 8.20 8.15 8.05 8.09 8.15 8.20 8.17 8.20 .............. Total private nonagricultural 1 Manufacturing $12.75 13.14 13.45 13.85 14.32 14.76 15.29 15.74 16.15 16.56 16.43 16.48 16.54 16.56 16.58 16.65 16.60 16.71 16.68 16.70 16.71 16.72 16.74 1 Also includes other private industry groups shown on p. 14. 2 Current dollar earnings divided by the consumer price index for urban wage earners and clerical workers (CPI–W) (on a 1982=100 base). Percent change from a year earlier, total private nonagricultural Current dollars Current dollars 1982 dollars 2 Manufacturing Construction Retail trade $412.74 431.25 448.04 462.49 480.41 493.20 506.07 517.30 528.36 543.65 537.52 540.80 540.21 541.56 545.53 544.59 547.22 550.26 550.26 552.63 554.32 556.35 557.36 $259.58 265.22 271.87 274.64 275.62 275.38 278.83 278.72 277.50 275.82 276.08 276.20 276.18 276.87 277.06 274.77 272.25 273.35 275.54 277.01 276.06 277.07 .............. $526.55 548.22 557.12 573.17 590.65 595.19 618.75 635.99 658.59 673.61 663.77 667.44 668.22 669.02 671.49 675.99 675.62 685.11 680.54 681.36 683.44 685.52 686.34 $588.48 609.48 629.75 655.11 685.78 695.89 711.82 726.83 735.55 750.63 742.66 757.76 743.81 750.00 745.66 747.23 746.43 753.83 767.93 760.46 767.53 762.81 762.03 $282.76 295.97 310.34 321.63 333.38 346.16 360.81 367.15 371.13 377.68 376.69 379.15 378.22 376.68 379.73 377.26 376.68 377.87 377.91 377.90 379.42 378.78 379.09 Current dollars 3.3 4.5 3.9 3.2 3.9 2.7 2.6 2.2 2.1 2.9 2.6 3.0 2.3 3.0 3.2 2.7 2.7 3.4 3.3 3.2 3.6 3.8 3.7 1982 dollars 0.4 2.2 2.5 1.0 .4 ¥.1 1.3 ¥.0 ¥.4 ¥.6 ¥.5 ¥.6 ¥.6 .4 ¥.0 ¥1.2 ¥2.3 ¥1.2 ¥.3 ¥.2 ¥.5 .1 .............. Source: Department of Labor, Bureau of Labor Statistics. EMPLOYMENT COST INDEX—PRIVATE INDUSTRY Index (June 1989 = 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 1996: 1997: 1998: 1999: 2000: 2001: 2002: 2003: 2004: 2005: Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec .................................................................. .................................................................. .................................................................. .................................................................. .................................................................. .................................................................. .................................................................. .................................................................. .................................................................. .................................................................. 130.6 135.1 139.8 144.6 150.9 157.2 162.3 168.8 175.2 180.4 127.3 132.3 137.4 142.2 147.7 153.3 157.5 162.3 166.2 170.4 138.6 141.8 145.2 150.2 158.6 166.7 174.6 185.8 198.7 206.9 ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ .................. .................. .................. .................. .................. .................. .................. .................. .................. .................. Seasonally adjusted 2002: Mar ................................................................. June ............................................................... Sept ................................................................ Dec ................................................................. 2003: Mar ................................................................. June ............................................................... Sept ................................................................ Dec ................................................................. 2004: Mar ................................................................. June ............................................................... Sept ................................................................ Dec ................................................................. 2005: Mar ................................................................. June ............................................................... Sept ................................................................ Dec .................................................................. 158.8 160.5 161.5 162.8 165.0 166.4 168.2 169.6 171.5 173.1 174.8 176.2 177.3 178.4 179.8 181.2 154.8 156.2 156.9 157.7 159.3 160.3 161.6 162.5 163.5 164.5 165.7 166.4 167.4 168.4 169.4 170.5 1 Employer costs for employee benefits. NOTE.—The employment cost index is a measure of the change in the cost of labor, free from the influence of employment shifts among occupations and industries. 168.3 170.6 172.7 175.2 178.5 180.9 183.9 186.7 190.9 194.1 196.7 199.9 202.0 203.6 206.2 208.1 0.8 1.1 .6 .8 1.4 .8 1.1 .8 1.1 .9 1.0 .8 .6 .6 .8 .8 3.1 3.4 3.5 3.4 4.4 4.2 3.2 4.0 3.8 3.0 3.4 3.9 3.9 3.5 3.9 3.8 2.7 3.0 2.4 2.5 2.0 2.3 2.4 3.4 5.6 5.1 4.7 6.4 6.9 4.1 Not seasonally adjusted 0.9 .9 .4 .5 1.0 .6 .8 .6 .6 .6 .7 .4 .6 .6 .6 .6 0.7 1.4 1.2 1.4 1.9 1.3 1.7 1.5 2.2 1.7 1.3 1.6 1.1 .8 1.3 .9 3.9 4.0 3.7 3.2 3.8 3.5 4.0 4.0 3.9 4.0 3.7 3.8 3.4 3.2 3.0 3.0 3.5 3.6 3.2 2.7 3.0 2.6 3.0 3.0 2.6 2.6 2.6 2.4 2.4 2.4 2.2 2.5 4.8 5.1 4.8 4.7 6.1 6.1 6.5 6.4 7.0 7.3 6.8 6.9 5.8 4.9 4.8 4.1 Data exclude farm and household workers. Source: Department of Labor, Bureau of Labor Statistics. 15 PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR Output per hour of all persons Period Business sector Nonfarm business sector Output 1 Business sector Nonfarm business sector Hours of all persons 2 Business sector Compensation per hour 3 Nonfarm business sector Business sector Nonfarm business sector Real compensation per hour 4 Business sector Nonfarm business sector Unit labor costs Business sector Nonfarm business sector Implicit price deflator 5 Business sector Nonfarm business sector Indexes, 1992=100; quarterly data seasonally adjusted 1996 ........................ 1997 ........................ 1998 ........................ 1999 ........................ 2000 ........................ 2001 ........................ 2002 ........................ 2003 ........................ 2004 ........................ 2005 * ...................... 2002: I ................... II ................. III ................ IV ................ 2003: I ................... II ................. III ............... IV ................ 2004: I ................... II ................. III ................ IV ................ 2005: I ................... II ................. III ................ IV * ............... 104.5 106.5 109.4 112.7 115.9 118.8 123.6 128.6 133.1 136.7 122.5 123.1 124.4 124.5 125.6 127.9 130.5 130.5 131.7 132.9 133.4 134.3 135.4 135.8 137.5 137.5 104.7 106.4 109.3 112.4 115.5 118.3 123.1 128.0 132.4 136.1 122.3 122.6 123.8 123.8 125.0 126.9 129.9 130.1 130.8 132.3 132.8 133.5 134.7 135.5 136.9 136.7 116.5 122.7 128.6 135.2 140.5 141.0 143.1 147.9 154.9 161.2 141.9 142.6 143.8 144.0 144.6 146.4 149.8 150.8 152.6 154.1 155.8 157.2 158.9 160.4 162.3 163.0 116.8 122.8 128.9 135.6 140.8 141.3 143.4 148.2 155.3 161.8 142.5 143.0 144.1 144.1 144.8 146.5 150.2 151.2 152.8 154.5 156.3 157.7 159.4 161.2 163.0 163.6 111.5 115.2 117.5 119.9 121.2 118.6 115.7 115.0 116.4 117.9 115.8 115.9 115.6 115.7 115.2 114.4 114.8 115.5 115.9 116.0 116.8 117.1 117.3 118.1 118.1 118.6 111.5 115.4 117.9 120.6 121.9 119.5 116.5 115.8 117.3 118.9 116.5 116.6 116.4 116.4 115.9 115.4 115.6 116.3 116.8 116.8 117.6 118.2 118.3 118.9 119.1 119.6 109.5 113.0 119.8 125.6 134.4 140.0 144.9 150.7 157.8 166.4 143.3 145.0 145.6 145.7 147.8 150.3 151.9 152.8 154.4 155.8 158.3 162.5 164.5 164.7 167.1 168.4 109.4 112.8 119.5 125.1 133.9 139.2 144.2 149.9 156.7 165.3 142.7 144.2 144.8 144.9 147.0 149.2 151.1 152.1 153.4 154.9 157.3 161.1 163.3 163.8 166.0 167.2 99.4 100.5 105.1 107.9 111.8 113.3 115.4 117.3 119.6 122.0 115.3 115.7 115.6 115.0 115.5 117.4 118.0 118.4 118.5 118.3 119.7 121.8 122.5 121.4 121.7 121.7 99.4 100.3 104.8 107.4 111.3 112.6 114.8 116.6 118.8 121.2 114.7 115.0 114.9 114.4 114.9 116.5 117.3 117.9 117.7 117.6 118.9 120.7 121.7 120.9 121.0 120.8 104.8 106.1 109.5 111.5 116.0 117.8 117.2 117.1 118.5 121.7 117.0 117.8 117.0 117.1 117.7 117.5 116.4 117.1 117.2 117.3 118.6 121.0 121.4 121.2 121.6 122.5 104.5 106.0 109.3 111.3 115.9 117.6 117.1 117.1 118.4 121.4 116.6 117.6 117.0 117.1 117.6 117.6 116.3 117.0 117.3 117.1 118.4 120.7 121.2 120.9 121.3 122.3 107.4 109.0 109.7 110.7 112.7 114.9 116.1 117.7 120.6 123.6 115.6 115.9 116.2 116.7 117.2 117.4 117.9 118.3 119.4 120.5 120.7 121.5 122.3 123.1 124.1 125.1 107.3 109.1 109.9 111.1 113.3 115.4 116.7 118.2 120.7 124.1 116.0 116.6 116.9 117.3 117.9 118.0 118.3 118.6 119.6 120.6 121.0 121.8 122.7 123.5 124.5 125.6 0.7 1.4 3.1 1.8 4.2 1.4 ¥.5 .0 1.1 2.6 7.3 ¥3.1 .4 ¥2.9 ¥.7 3.5 ¥2.2 .3 2.0 ¥.1 ¥4.3 2.2 1.0 ¥.5 4.5 7.9 1.8 ¥1.0 1.2 3.3 1.6 1.5 .6 .9 1.8 2.0 1.0 1.4 2.4 2.6 2.7 3.0 1.0 1.3 .2 1.0 1.0 1.7 1.8 .6 1.6 1.6 3.7 3.8 .7 2.4 2.7 2.6 3.2 3.4 1.4 1.7 .7 1.1 1.9 1.9 1.1 1.3 2.1 2.8 2.5 2.7 .7 1.5 ¥.0 2.0 .9 1.6 1.9 .4 1.0 .8 3.6 3.2 1.5 2.6 3.0 2.7 3.5 3.4 Percent change; quarterly data at seasonally adjusted annual rates 1996 ........................ 1997 ........................ 1998 ........................ 1999 ........................ 2000 ........................ 2001 ........................ 2002 ........................ 2003 ........................ 2004 ........................ 2005 * ...................... 2001: I ................... II ................. III ................ IV ................ 2002: I ................... II ................. III ................ IV ................ 2003: I ................... II ................. III ............... IV ................ 2004: I ................... II ................. III ................ IV ................ 2005: I ................... II ................. III ................ IV * ............... 3.0 1.9 2.8 3.0 2.8 2.5 4.0 4.1 3.5 2.7 ¥.7 5.4 1.6 6.3 5.6 1.9 4.5 .0 3.7 7.5 8.4 .0 3.7 3.7 1.6 2.7 3.4 1.1 4.9 .0 2.7 1.6 2.7 2.8 2.8 2.4 4.1 3.9 3.4 2.9 ¥.6 5.6 1.7 6.2 6.8 .9 4.0 .1 3.8 6.3 9.8 .5 2.4 4.5 1.7 2.0 3.8 2.4 4.2 ¥.5 4.6 5.3 4.8 5.1 3.9 .3 1.5 3.4 4.8 4.0 ¥1.1 .8 ¥3.1 1.8 2.6 2.1 3.6 .5 1.7 4.9 9.9 2.6 4.9 4.0 4.4 3.6 4.4 4.0 4.8 1.8 4.5 5.2 5.0 5.2 3.8 .4 1.5 3.3 4.8 4.2 ¥1.1 1.2 ¥2.9 1.2 3.5 1.4 3.1 .1 2.0 4.7 10.4 2.8 4.2 4.6 4.6 3.9 4.3 4.4 4.7 1.5 1.6 3.4 2.0 2.1 1.1 ¥2.1 ¥2.4 ¥.7 1.3 1.3 ¥.5 ¥4.4 ¥4.6 ¥4.3 ¥2.8 .2 ¥.9 .4 ¥1.9 ¥2.5 1.3 2.5 1.2 .3 2.8 .9 .9 2.8 ¥.1 1.7 1.8 3.5 2.2 2.3 1.1 ¥2.0 ¥2.5 ¥.6 1.3 1.3 ¥.6 ¥4.1 ¥4.5 ¥4.7 ¥3.1 .5 ¥.8 .1 ¥1.7 ¥1.5 .6 2.2 1.7 .1 2.9 1.9 .5 2.0 .4 2.0 1 Output refers to real gross domestic product originating in the sector. 2 Hours of all persons engaged in the sector, including hours of proprietors and unpaid family workers. Estimates based primarily on establishment data. 3 Wages and salaries of employees plus employers’ contributions for social insurance and private benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for the self-employed. 4 Hourly compensation divided by the consumer price index for all urban consumers (CPI– U) for recent quarters. The trend from 1978–2004 is based on the consumer price index research series (CPI–U–RS). 5 Current dollar gross domestic output divided by the output index. 16 3.5 3.2 6.1 4.8 7.0 4.2 3.5 4.0 4.7 5.4 6.8 2.8 2.1 2.8 5.7 4.7 1.8 .2 5.8 7.1 4.3 2.4 4.2 3.9 6.4 11.2 4.8 .5 6.0 3.1 3.4 3.1 5.9 4.6 7.1 3.9 3.6 4.0 4.6 5.5 6.7 2.3 2.1 3.1 6.1 4.4 1.7 .3 5.9 6.2 5.0 2.8 3.4 4.0 6.2 10.0 5.6 1.3 5.5 2.8 0.8 1.1 4.6 2.7 3.5 1.3 1.9 1.7 2.0 2.0 2.9 ¥.3 1.3 3.4 4.1 1.4 ¥.3 ¥1.9 1.5 6.7 2.1 1.5 .2 ¥.5 4.7 7.4 2.4 ¥3.5 .9 ¥.1 0.7 .9 4.5 2.5 3.6 1.1 2.0 1.6 1.8 2.1 2.8 ¥.8 1.3 3.7 4.6 1.1 ¥.4 ¥1.7 1.6 5.8 2.8 1.9 ¥.5 ¥.4 4.5 6.2 3.2 ¥2.7 .3 ¥.4 0.5 1.3 3.2 1.8 4.0 1.6 ¥.5 ¥.1 1.2 2.7 7.5 ¥2.5 .5 ¥3.3 .1 2.7 ¥2.6 .1 2.0 ¥.4 ¥3.8 2.4 .5 .2 4.8 8.3 1.3 ¥.6 1.1 3.1 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 February 28, 2006. Source: Department of Labor, Bureau of Labor Statistics. PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION Industrial production and capacity utilization rose in February. [Monthly data seasonally adjusted] Total industrial production 1 Percent Period Index, 2002=100 From preceding month Industry production indexes, 2002=100 change 2 From year earlier Capacity utilization rate (output as percent of capacity) 1 Manufacturing Total 1 Durable Nondurable Other (nonNAICS) 1 Mining Utilities Total industry Total manufacturing 1996 ....................... 1997 ....................... 1998 ....................... 1999 ....................... 2000 ....................... 2001 ....................... 2002 ....................... 2003 ....................... 2004 ....................... 2005 r ...................... 83.6 89.7 94.9 99.3 103.5 99.9 100.0 100.6 104.7 108.2 .............. .............. .............. .............. .............. .............. .............. .............. .............. .............. 4.2 7.3 5.9 4.5 4.3 ¥3.5 .1 .6 4.1 3.3 81.8 88.8 94.7 99.7 104.3 99.9 100.0 100.5 105.4 109.6 72.4 81.2 89.8 97.6 105.3 100.2 100.0 102.3 109.8 117.0 96.1 99.6 101.1 101.8 102.4 99.0 100.0 98.9 101.0 101.8 90.2 97.7 104.1 107.4 109.5 103.1 100.0 97.0 98.8 101.9 106.2 108.0 106.4 101.2 103.5 104.5 100.0 99.8 99.5 97.4 89.7 89.7 92.0 94.7 97.4 97.0 100.0 102.0 103.1 105.7 83.0 83.9 82.7 81.9 81.8 76.3 75.1 75.7 78.6 80.0 81.8 83.0 81.7 80.8 80.3 74.1 73.3 73.7 77.1 78.9 2005: Feb ............. Mar ............ Apr ............. May ............ June ........... July ............ Aug ............ Sept ............ Oct ............. Nov r ........... Dec r ............ 107.4 107.3 107.2 107.4 108.3 108.3 108.6 107.2 108.4 109.4 110.4 0.4 ¥.0 ¥.1 .2 .8 ¥.0 .3 ¥1.3 1.1 .9 1.0 3.7 4.0 3.1 2.4 3.7 3.1 3.1 2.0 2.4 3.2 3.5 108.6 108.2 108.3 108.7 109.0 109.1 109.5 108.9 110.9 111.7 112.2 114.8 114.2 114.3 115.0 115.5 115.9 117.3 117.5 120.7 121.2 121.4 102.2 101.9 101.9 101.9 102.1 102.1 101.5 100.1 100.7 102.0 102.8 101.5 102.4 102.5 103.2 102.0 101.0 100.9 100.4 101.4 101.1 102.2 100.9 100.4 100.5 99.8 100.8 99.8 99.2 90.3 89.1 93.1 95.7 101.7 104.8 103.1 102.9 108.3 108.1 108.4 108.1 105.9 104.8 108.9 80.0 79.9 79.7 79.8 80.3 80.2 80.3 79.1 79.9 80.5 81.2 78.9 78.5 78.4 78.6 78.7 78.6 78.8 78.2 79.4 79.9 80.1 2006: Jan r ............ Feb p ........... 110.2 110.9 ¥.3 .7 3.0 3.3 113.1 113.1 122.3 122.5 103.9 103.7 101.1 100.9 97.8 97.3 96.4 104.0 80.8 81.2 80.5 80.4 1 Total industry and total manufacturing series include manufacturing as defined in the North American Industry Classification System (NAICS) plus those industries—logging and newspaper, periodical, book and directory-publishing—that have traditionally been included in manufacturing. 2 Percent changes based on unrounded indexes. NOTE.—Data based on the North American Industry Classification System (NAICS) except series as defined in footnote 1. Source: Board of Governors of the Federal Reserve System. 17 INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND SELECTED MANUFACTURES [2002=100; monthly data seasonally adjusted] Products and nonindustrial supplies Final products Consumer goods Equipment Durable goods Business equipment Period Total Total 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 Nondurable goods Materials Nonindustrial supplies Total 1 Defense and space equipment Total Construction supplies Business supplies Total 1 Energy ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ 86.7 92.2 97.4 100.1 103.1 100.7 100.0 101.0 105.1 109.7 88.7 91.9 95.1 97.1 99.0 97.8 100.0 101.0 103.1 105.5 78.0 83.3 88.9 95.5 98.3 94.1 100.0 104.0 106.9 r 109.3 93.4 95.6 97.7 97.7 99.2 99.3 100.0 99.8 101.6 104.0 84.1 94.3 103.7 107.8 113.3 107.9 100.0 100.9 110.0 120.7 80.5 92.3 102.8 108.6 116.6 108.4 100.0 100.0 109.4 119.5 104.5 102.2 105.9 103.1 92.2 100.1 100.0 105.0 113.1 125.7 85.6 91.2 96.4 100.2 104.3 99.9 100.0 100.3 104.1 108.0 90.9 95.3 100.2 102.7 105.0 100.2 100.0 99.1 104.6 108.7 83.6 89.7 95.0 99.3 104.0 99.8 100.0 100.7 103.9 107.7 80.0 86.7 92.0 98.0 103.7 99.0 100.0 100.4 104.6 r 106.7 99.6 99.5 99.9 99.7 101.1 100.0 100.0 99.6 99.6 97.9 2005: Feb .................................................. Mar ................................................. Apr .................................................. May ................................................. June ................................................ July ................................................. Aug .................................................. Sept ................................................. Oct .................................................. Nov r ................................................ Dec r ................................................. 108.2 108.2 108.0 108.5 109.6 109.7 110.0 109.4 111.5 111.6 112.3 104.7 104.6 104.1 104.6 105.8 105.2 105.6 106.4 106.5 105.7 106.6 109.7 107.7 106.0 107.1 108.5 107.1 110.1 112.7 113.1 110.1 109.0 102.8 103.4 103.3 103.5 104.7 104.4 103.9 103.9 103.9 103.9 105.6 117.0 117.4 118.1 118.8 119.5 121.2 121.4 117.0 124.5 126.9 127.3 115.9 116.3 116.8 117.9 118.4 120.0 120.1 115.1 123.1 125.8 126.4 121.6 122.5 124.5 124.1 124.9 126.8 127.4 124.6 127.8 128.6 129.8 106.2 106.4 106.9 106.9 107.4 107.4 108.0 108.4 109.6 110.4 111.1 106.4 106.2 107.3 107.5 106.9 107.5 108.2 109.8 112.4 113.4 113.2 106.1 106.5 106.7 106.7 107.6 107.4 107.9 107.8 108.4 109.1 110.2 107.0 106.8 106.5 106.5 107.3 107.2 107.4 104.5 104.9 106.9 108.3 99.7 99.8 99.2 99.2 101.3 100.3 100.0 92.8 90.9 94.3 96.9 2006: Jan r ................................................. Feb p ................................................ 112.1 112.7 105.8 106.6 110.1 110.2 104.1 105.1 128.4 128.6 127.9 128.0 129.9 130.5 109.4 110.3 113.3 113.0 107.8 109.1 108.5 109.3 95.8 97.3 1 Includes other items, not shown separately. [2002=100; monthly data seasonally adjusted] Durable manufactures Primary metal Period Total Iron and steel products Nondurable manufactures Computer and electronic products Fabricated metal products Machinery Total Selected hightechnology 1 Transportation equipment Total Motor vehicles and parts Apparel Printing and support Chemical Food 1996 ............................................................ 1997 ............................................................ 1998 ............................................................ 1999 ............................................................ 2000 ............................................................ 2001 ............................................................ 2002 ............................................................ 2003 ............................................................ 2004 ............................................................ 2005 r .......................................................... 107.0 111.6 113.5 113.2 109.5 99.1 100.0 97.6 103.4 100.7 107.7 111.0 110.8 111.6 110.5 99.9 100.0 99.0 108.4 101.8 98.6 103.0 106.3 107.1 111.3 103.2 100.0 98.6 103.2 106.7 106.2 112.2 115.0 112.7 118.4 104.8 100.0 99.0 110.7 115.7 33.6 45.2 58.3 77.2 102.5 103.6 100.0 112.6 130.7 156.7 23.3 34.6 48.4 70.5 100.7 102.6 100.0 117.6 141.2 171.8 83.4 91.0 99.0 104.4 99.5 95.7 100.0 101.8 105.6 111.4 79.6 85.8 90.2 100.1 99.5 90.6 100.0 104.0 108.0 112.1 163.4 161.3 152.6 146.2 139.1 119.1 100.0 91.7 87.6 84.2 107.9 110.0 111.2 112.3 113.0 106.0 100.0 95.8 96.0 97.7 86.1 91.2 92.7 94.6 96.0 94.3 100.0 99.7 102.8 102.6 88.4 90.8 94.8 95.8 97.5 97.5 100.0 99.6 100.8 103.2 2005: Feb .................................................. Mar ................................................. Apr .................................................. May ................................................. June ................................................ July ................................................. Aug .................................................. Sept ................................................. Oct .................................................. Nov r ................................................ Dec r ................................................. 101.9 102.3 99.5 98.9 95.5 95.3 98.2 101.8 102.7 103.5 104.4 105.5 104.5 99.0 96.4 92.4 90.5 98.9 103.7 104.4 108.1 111.0 105.3 105.0 105.5 105.7 105.6 106.1 106.6 106.8 109.0 109.1 108.5 114.0 114.3 114.3 114.5 115.0 116.3 114.1 116.1 119.0 120.2 121.8 146.8 147.4 149.5 152.2 153.6 156.5 160.1 162.1 165.0 170.7 172.5 160.4 160.4 163.1 166.2 167.9 171.6 176.7 179.6 181.3 188.0 191.0 111.1 109.1 108.6 109.4 111.0 109.8 112.7 108.8 115.0 112.9 112.6 113.4 109.8 107.9 108.8 111.4 109.2 113.1 116.3 116.3 110.9 109.4 85.1 84.3 84.6 82.3 81.9 83.7 84.0 84.5 84.2 85.0 85.2 97.0 96.4 96.5 97.0 96.5 97.9 97.2 97.9 98.2 98.3 98.4 104.6 103.8 104.1 103.9 103.9 103.7 102.7 97.5 98.8 101.3 102.2 102.7 102.5 102.0 103.2 103.0 103.4 102.7 103.5 103.9 104.2 104.8 2006: Jan r ................................................. Feb p ................................................ 106.3 106.2 111.1 111.9 109.7 110.4 119.8 119.2 172.6 174.7 191.0 195.4 114.8 114.8 112.0 111.1 86.1 86.1 99.9 101.1 103.4 103.2 105.7 105.9 1 Computers and office equipment, communications equipment, and semiconductors and related electronic components. 18 Source: Board of Governors of the Federal Reserve System. NEW CONSTRUCTION [Billions of dollars; monthly data at seasonally adjusted annual rates] Private Period 1996 .................................... 1997 .................................... 1998 .................................... 1999 .................................... 2000 .................................... 2001 .................................... 2002 .................................... 2003 .................................... 2004 .................................... 2005 r ................................... 2005: Feb .......................... Mar .......................... Apr .......................... May .......................... June ........................ July ......................... Aug .......................... Sept ......................... Oct ........................... Nov .......................... Dec r ......................... 2006: Jan r ......................... Feb p ......................... Total new construction expenditures Residential Total Total 1 615.9 653.4 706.3 769.5 835.3 868.3 876.8 925.1 1,027.7 1,120.6 1,103.6 1,106.4 1,102.1 1,106.4 1,101.4 1,107.7 1,121.5 1,135.6 1,143.6 1,149.6 1,171.0 1,176.0 1,185.4 476.6 502.7 552.0 599.7 649.8 662.2 659.7 701.6 798.5 874.1 863.5 864.1 859.4 859.7 854.1 860.3 871.3 886.7 892.0 897.1 916.8 920.3 931.0 281.1 289.0 314.6 350.6 374.5 388.3 421.9 475.9 563.4 626.8 621.4 619.7 613.3 615.8 613.3 617.3 622.4 636.2 642.5 644.0 656.7 657.0 665.7 Federal and State and local Nonresidential New housing Total 191.1 198.1 224.0 251.3 265.0 279.4 298.8 345.7 416.1 470.0 446.6 448.0 449.3 455.6 462.4 468.0 472.8 483.1 488.9 495.0 500.6 503.1 508.8 195.5 213.7 237.4 249.2 275.3 273.9 237.7 225.7 235.1 247.3 242.1 244.3 246.1 243.9 240.7 242.9 248.9 250.5 249.5 253.1 260.1 263.3 265.3 1 Includes residential improvements, not shown separately. 2 Includes health care, educational, communication, and power, among other categories not shown separately. Lodging 10.9 12.9 14.8 16.0 16.3 14.5 10.5 9.9 11.5 11.8 11.6 12.0 12.8 11.7 10.9 11.3 11.5 11.9 11.7 12.1 12.5 12.1 12.8 Commercial (including farm) Office 26.5 32.8 40.4 45.1 52.4 49.7 35.3 30.6 33.1 35.3 34.1 34.7 35.0 34.8 34.9 35.0 34.6 36.1 35.7 36.5 38.2 39.0 39.6 Manufacturing 49.4 53.1 55.7 59.4 64.1 63.6 59.0 57.2 61.6 67.0 63.0 64.5 66.7 66.8 64.7 66.3 68.1 67.9 68.7 70.6 71.1 71.5 70.0 Other 2 38.1 37.6 40.5 35.1 37.6 37.8 22.7 21.4 23.5 28.6 27.4 29.0 28.4 28.0 27.9 26.7 29.2 29.0 29.4 29.9 31.1 32.7 31.6 70.6 77.3 86.0 93.7 104.9 108.2 110.2 106.5 105.4 104.5 106.1 104.1 103.2 102.6 102.4 103.7 105.4 105.7 104.2 104.1 107.1 108.0 111.2 139.3 150.7 154.3 169.7 185.5 206.1 217.2 223.5 229.3 246.6 240.1 242.3 242.7 246.7 247.3 247.5 250.3 248.9 251.6 252.5 254.3 255.7 254.4 Source: Department of Commerce, Bureau of the Census. NEW PRIVATE HOUSING AND VACANCY RATES [Thousands of units or houses, except as noted] New private housing units Units started, by type of structure Period Total 1996 ...................................... 1997 ...................................... 1998 ...................................... 1999 ...................................... 2000 ...................................... 2001 ...................................... 2002 ...................................... 2003 ...................................... 2004 ...................................... 2005 r ..................................... New private houses 1,476.8 1,474.0 1,616.9 1,640.9 1,568.7 1,602.7 1,704.9 1,847.7 1,955.8 2,068.3 1 unit 1,160.9 1,133.7 1,271.4 1,302.4 1,230.9 1,273.3 1,358.6 1,499.0 1,610.5 1,715.8 2–4 units 1 5 units or more 45.3 44.5 42.6 31.9 38.7 36.6 38.5 33.5 42.3 41.1 270.8 295.8 302.9 306.6 299.1 292.8 307.9 315.2 303.0 311.4 Units authorized 1,425.6 1,441.1 1,612.3 1,663.5 1,592.3 1,636.7 1,747.7 1,889.2 4 2,070.1 2,147.6 Units completed Houses sold Houses for sale at end of period 2 Vacancy rate for rental housing units (percent) 3 1,412.9 1,400.5 1,474.2 1,604.9 1,573.7 1,570.8 1,648.4 1,678.7 1,841.9 1,931.4 757 804 886 880 877 908 973 1,086 1,203 1,283 322 281 294 308 298 308 339 370 422 513 7.8 7.7 7.9 8.1 8.0 8.4 8.9 9.8 10.2 9.8 1,922 1,797 1,944 2,097 1,963 1,889 1,933 1,953 1,948 1,890 1,966 2,058 2,022 1,247 1,307 1,269 1,293 1,298 1,371 1,274 1,249 1,345 r1,237 1,275 1,207 1,080 446 446 446 452 456 466 478 489 491 r502 513 525 548 ...................... 10.1 ...................... ...................... 9.8 ...................... ...................... 9.9 ...................... ...................... 9.6 ...................... ...................... Seasonally adjusted annual rates 2005: Feb ............................ Mar ............................ Apr ............................ May ............................ June .......................... July ........................... Aug ............................ Sept ........................... Oct ............................. Nov ............................ Dec r ........................... 2006: Jan r ........................... Feb p .......................... 1 Derived; 2,228 1,833 2,027 2,041 2,065 2,062 2,081 2,160 2,051 2,136 1,989 2,303 2,120 1,808 1,550 1,640 1,724 1,716 1,732 1,719 1,791 1,732 1,803 1,613 1,843 1,800 52 34 47 37 37 36 43 59 33 38 32 27 45 seasonally adjusted monthly data for 2–4 units are no longer published. adjusted. series. Quarterly data entered in last month of quarter. 4 Based on 20,000 permit-issuing places. Based on 19,000 places, the total for 2004 is 2,052.1 thousand units. 2 Seasonally 3 Revised 368 249 340 280 312 294 319 310 286 295 344 433 275 2,093 2,021 2,148 2,062 2,132 2,171 2,138 2,219 2,103 2,163 2,075 2,216 2,179 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 February, according to preliminary estimates, manufacturing and trade sales fell 0.8 percent. In January, according to current estimates, manufacturing and trade sales rose 1.2 percent and inventories rose $8.1 billion. According to current estimates, retail sales fell 1.4 percent in February. Retail and food services sales also fell 1.4 percent. (Series revised for retail and wholesale trade.) [Millions of dollars, except ratios; seasonally adjusted, except as noted] Manufacturing and trade 1 Period Sales 2 1996 r 1997 r 1998 r 1999 r 2000 r 2001 r 2002 r 2003 r 2004 r 2005 r 2005: ............................................................. ............................................................. ............................................................. ............................................................. ............................................................. ............................................................. ............................................................. ............................................................. ............................................................. ............................................................. Jan r ................................................... Feb r ................................................... Mar r ................................................... Apr r ................................................... May r .................................................. June r ................................................. July r .................................................. Aug r ................................................... Sept r .................................................. Oct r .................................................... Nov r ................................................... Dec r ................................................... 2006: Jan p ................................................... Feb p ................................................... Inventories 3 Inventorysales ratio 4 687,350 1,005,586 1.46 723,879 1,046,812 1.42 742,837 1,078,741 1.43 786,634 1,139,214 1.40 834,325 1,198,495 1.41 822,982 1,140,929 1.43 824,201 1,142,242 1.37 850,634 1,158,821 1.35 928,951 1,250,071 1.31 995,827 1,306,407 1.28 966,981 1,260,868 1.30 966,009 1,266,330 1.31 974,011 1,271,059 1.30 982,084 1,275,081 1.30 983,022 1,277,357 1.30 988,990 1,276,882 1.29 1,000,011 1,272,347 1.27 1,005,710 1,277,245 1.27 1,011,595 1,284,152 1.27 1,017,882 1,289,407 1.27 1,021,260 1,296,537 1.27 1,035,661 1,306,407 1.26 1,047,598 1,314,543 1.25 1,038,806 .................. ................ 1 See page 21 for manufacturing. 2 Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month. 3 Seasonally adjusted, end of period. 20 Wholesale Sales 2 Inventories 3 190,362 198,154 202,260 216,597 234,546 232,096 236,294 246,857 274,710 295,843 286,021 285,899 286,447 290,863 290,853 292,456 294,673 298,721 304,949 308,013 306,416 309,975 311,990 312,114 241,078 258,496 272,292 290,418 309,809 298,380 302,478 308,017 338,232 362,084 342,184 344,060 345,152 348,400 349,180 351,151 351,621 353,223 355,881 357,061 358,711 362,084 362,729 365,492 Retail Inventory sales ratio 4 1.27 1.26 1.32 1.30 1.29 1.32 1.26 1.23 1.18 1.19 1.20 1.20 1.20 1.20 1.20 1.20 1.19 1.18 1.17 1.16 1.17 1.17 1.16 1.17 Sales 2 Inventories 3 Inventory sales ratio 4 197,222 333,915 1.67 206,167 344,593 1.64 215,592 357,267 1.62 234,046 385,087 1.59 249,063 407,035 1.59 255,644 394,966 1.58 261,194 416,499 1.55 272,123 432,268 1.56 289,776 461,202 1.56 309,932 473,865 1.50 298,703 461,831 1.55 301,743 462,988 1.53 302,942 464,616 1.53 307,638 464,994 1.51 305,825 466,958 1.53 310,098 464,220 1.50 318,480 456,505 1.43 311,980 460,907 1.48 313,080 464,680 1.48 313,688 465,932 1.49 315,571 470,209 1.49 316,810 473,865 1.50 r 326,191 476,364 1.46 321,646 ................ ................ Retail and food services sales 2 217,463 227,670 238,278 257,797 274,518 282,131 288,845 301,264 320,812 342,985 330,643 334,154 335,037 340,533 338,577 342,982 351,454 345,111 346,551 347,443 349,630 351,070 r 361,521 356,287 4 Annual data are averages of seasonally adjusted monthly ratios. Note.—Data revised for wholesale and retail series (and therefore total manufacturing and trade) to reflect annual revisions released on March 30, 2006. Source: Department of Commerce, Bureau of the Census. MANUFACTURERS’ SHIPMENTS, INVENTORIES, AND ORDERS In February, manufacturers’ shipments and inventories fell, while new and unfilled orders rose. 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 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 .................................................... .................................................... .................................................... .................................................... .................................................... .................................................... .................................................... .................................................... .................................................... .................................................... 299,766 319,558 324,984 335,991 350,715 335,242 326,713 331,654 364,465 390,052 164,883 178,949 185,966 193,895 197,807 183,592 177,341 178,164 196,508 208,791 134,883 140,610 139,019 142,096 152,908 151,650 149,372 153,490 167,957 181,262 430,593 443,723 449,182 463,709 481,651 447,583 423,265 418,536 450,637 470,458 272,533 281,119 290,735 296,591 306,743 279,602 260,427 253,559 274,800 285,928 158,060 162,604 158,447 167,118 174,908 167,981 162,838 164,977 175,837 184,530 297,282 314,986 317,345 329,770 346,789 326,435 318,008 329,219 361,177 390,430 162,399 174,377 178,327 187,674 193,881 174,786 168,636 175,729 193,220 209,168 54,066 60,697 62,133 64,392 69,278 58,232 52,442 54,847 61,073 73,268 488,915 513,202 496,385 505,750 549,646 511,596 468,123 505,626 547,944 638,261 1.43 1.37 1.38 1.35 1.36 1.40 1.31 1.27 1.20 1.19 2005: Feb ........................................... Mar .......................................... Apr ........................................... May .......................................... June ......................................... July .......................................... Aug .......................................... Sept .......................................... Oct ........................................... Nov .......................................... Dec ........................................... 378,367 384,622 383,583 386,344 386,436 386,858 395,009 393,566 396,181 399,273 408,876 203,141 204,445 204,389 205,944 206,451 205,013 209,844 209,831 212,334 213,805 222,438 175,226 180,177 179,194 180,400 179,985 181,845 185,165 183,735 183,847 185,468 186,438 459,282 461,291 461,687 461,219 461,511 464,221 463,115 463,591 466,414 467,617 470,458 280,129 281,005 281,087 281,584 280,518 282,815 282,007 282,301 283,704 285,540 285,928 179,153 180,286 180,600 179,635 180,993 181,406 181,108 181,290 182,710 182,077 184,530 374,908 376,107 376,033 391,656 395,324 385,553 396,767 391,151 397,614 410,626 417,144 199,682 195,930 196,839 211,256 215,339 203,708 211,602 207,416 213,767 225,158 230,706 66,527 63,297 66,012 78,376 76,688 70,886 73,722 67,293 71,771 87,655 89,318 549,247 547,243 546,771 559,106 574,800 580,753 589,978 594,816 603,370 622,204 638,261 1.21 1.20 1.20 1.19 1.19 1.20 1.17 1.18 1.18 1.17 1.15 2006: Jan r ......................................... Feb p ......................................... 409,417 405,046 218,461 218,954 190,956 186,092 475,450 473,769 288,690 287,301 186,760 186,468 401,075 401,857 210,119 215,765 71,392 72,948 636,962 642,440 1.16 1.17 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. Total and durable shipments and inventories include data on semiconductors; new and unfilled orders do not. Source: Department of Commerce, Bureau of the Census. 21 PRICES PRODUCER PRICES The producer price index for all finished goods fell 1.4 percent in February. Prices of finished consumer foods fell 2.7 percent, while prices of other finished consumer goods fell 1.6 percent. Capital equipment prices rose 0.1 percent. [1982=100; monthly data seasonally adjusted] Finished goods Period Total finished goods Finished goods excluding consumer foods Consumer foods Consumer goods Total Total 1996 ........................... 1997 ........................... 1998 ........................... 1999 .......................... 2000 ........................... 2001 ........................... 2002 .......................... 2003 .......................... 2004 .......................... 2005 p ........................ 2005: Feb ................ Mar ................ Apr ................ May ............... June .............. July ............... Aug ................ Sept ............... Oct r ................ Nov ................ Dec ................ 2006: Jan ................ Feb ................ 1 Intermediate 22 131.3 131.8 130.7 133.0 138.0 140.7 138.9 143.3 148.5 155.7 152.4 153.6 154.4 154.1 154.2 155.4 156.2 158.4 159.6 159.0 160.0 160.4 158.2 133.6 134.5 134.3 135.1 137.2 141.3 140.1 145.9 152.7 155.6 155.7 156.7 156.5 156.2 155.1 154.0 153.7 155.6 155.7 156.3 157.5 157.8 153.6 130.5 130.9 129.5 132.3 138.1 140.4 138.3 142.4 147.2 155.5 151.3 152.5 153.5 153.3 153.7 155.5 156.6 158.9 160.3 159.4 160.4 160.8 159.1 materials for food manufacturing and feeds. 127.6 128.2 126.4 130.5 138.4 141.4 138.8 144.7 150.9 162.0 156.1 157.7 159.1 158.5 159.3 161.7 163.5 166.8 169.1 167.6 169.1 169.4 166.7 Durable 134.2 133.7 132.9 133.0 133.9 134.0 133.0 133.1 135.0 136.7 136.6 136.6 136.9 136.9 136.4 137.0 136.8 137.3 136.2 136.1 136.3 137.0 137.1 Nondurable 123.3 124.3 122.2 127.9 138.7 142.8 139.8 148.4 156.6 172.1 163.5 165.8 167.7 166.8 168.2 171.5 174.2 178.9 182.7 180.7 182.7 182.9 178.8 Capital equipment 138.3 138.2 137.6 137.6 138.8 139.7 139.1 139.5 141.4 144.7 143.7 144.1 144.4 144.8 144.6 145.0 145.0 145.3 145.0 145.0 145.2 145.7 145.9 Total finished consumer goods 129.5 130.2 128.9 132.0 138.2 141.5 139.4 145.3 151.7 160.5 156.2 157.7 158.6 158.1 158.4 159.8 161.0 164.0 165.6 164.7 166.1 166.4 163.3 Intermediate materials Crude materials Total Foods and feeds 1 Other Total Foodstuffs and feedstuffs Other 125.7 125.6 123.0 123.2 129.2 129.7 127.8 133.7 142.6 153.9 149.2 150.6 151.6 151.1 151.4 152.9 153.7 157.3 162.0 159.8 160.0 161.9 161.4 128.1 125.4 116.2 111.1 111.7 115.9 115.5 125.9 137.1 133.8 132.3 133.6 133.5 134.4 134.3 134.0 133.9 133.8 134.3 134.5 134.4 135.6 134.0 125.6 125.7 123.4 123.9 130.1 130.5 128.5 134.2 143.0 155.0 150.0 151.5 152.5 151.9 152.3 153.9 154.8 158.5 163.3 161.1 161.3 163.3 162.7 113.8 111.1 96.8 98.2 120.6 121.0 108.1 135.3 159.0 182.1 162.7 170.3 174.9 169.5 166.6 175.1 181.3 200.3 211.7 208.0 203.2 202.2 183.6 121.5 112.2 103.9 98.7 100.2 106.1 99.5 113.5 127.0 122.6 122.3 128.1 125.3 123.8 120.8 120.1 118.7 120.7 120.6 121.6 124.7 121.0 117.4 104.5 106.4 88.4 94.3 130.4 126.8 111.4 148.2 179.2 223.2 189.4 198.2 208.5 200.1 197.4 213.0 225.0 256.7 276.9 269.6 258.7 259.9 230.0 Source: Department of Labor, Bureau of Labor Statistics. CONSUMER PRICES—ALL URBAN CONSUMERS In February, the consumer price index for all urban consumers rose 0.1 percent seasonally adjusted; it rose 0.2 percent not seasonally adjusted. The index was 3.6 percent above its year-earlier level. [1982–84=100, except as noted; monthly data seasonally adjusted, except as noted] All items 1 Housing Transportation Shelter Period Not season- Seasonally ally adjust- adjusted ed (NSA) Food Total 1 Rent of primary residence Total 1 Owners’ equivalent rent (12/82= 100) Fuels and utilities Apparel Total 1 New cars Motor fuel Medical care Energy 2 All items less food and energy Rel. imp.3 ......................... 1996 ................................. 1997 ................................. 1998 ................................. 1999 ................................. 2000 ................................. 2001 ................................. 2002 ................................. 2003 ................................. 2004 ................................. 2005 ................................. 100.0 156.9 160.5 163.0 166.6 172.2 177.1 179.9 184.0 188.9 195.3 ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. 13.9 153.3 157.3 160.7 164.1 167.8 173.1 176.2 180.0 186.2 190.7 42.4 152.8 156.8 160.4 163.9 169.6 176.4 180.3 184.8 189.5 195.7 32.3 171.0 176.3 182.1 187.3 193.4 200.6 208.1 213.1 218.8 224.4 5.8 162.0 166.7 172.1 177.5 183.9 192.1 199.7 205.5 211.0 217.3 23.4 176.8 181.9 187.8 192.9 198.7 206.3 214.7 219.9 224.9 230.2 5.4 127.5 130.8 128.5 128.8 137.9 150.2 143.6 154.5 161.9 179.0 3.8 131.7 132.9 133.0 131.3 129.6 127.3 124.0 120.9 120.4 119.5 17.4 ............ 143.0 141.4 144.3 141.7 141.6 140.7 144.4 139.6 153.3 139.6 154.3 138.9 152.9 137.3 157.6 134.7 163.1 133.9 173.9 135.2 4.2 106.3 106.2 92.2 100.7 129.3 124.7 116.6 135.8 160.4 195.7 6.2 228.2 234.6 242.1 250.6 260.8 272.8 285.6 297.1 310.1 323.2 8.7 110.1 111.5 102.9 106.6 124.6 129.3 121.7 136.5 151.4 177.1 77.4 165.6 169.5 173.4 177.0 181.3 186.1 190.5 193.2 196.6 200.9 2005: Feb ...................... Mar ...................... Apr ...................... May ..................... June .................... July ..................... Aug ...................... Sept ..................... Oct ....................... Nov ...................... Dec ...................... 191.8 193.3 194.6 194.4 194.5 195.4 196.4 198.8 199.2 197.6 196.8 192.1 193.2 194.1 194.0 193.9 195.1 196.2 198.6 199.1 197.8 197.7 188.6 189.0 190.4 190.6 190.6 190.9 191.1 191.5 192.0 192.5 192.7 193.0 193.9 194.3 194.5 194.7 195.5 195.8 196.8 198.6 199.4 199.7 222.5 223.5 223.6 223.7 224.1 224.7 224.9 224.7 225.8 226.5 227.2 214.8 215.4 216.0 216.5 217.0 217.6 218.1 218.6 219.4 219.9 220.4 228.2 228.6 229.1 229.5 229.9 230.4 230.8 231.2 231.6 232.1 232.7 169.0 169.9 172.5 173.4 173.2 175.7 177.5 185.3 193.7 196.0 193.5 120.0 120.6 120.1 120.0 119.3 118.6 119.4 119.3 118.9 119.0 118.7 167.0 169.8 172.1 170.4 170.1 173.7 177.7 186.6 184.4 175.4 174.1 135.5 135.1 135.3 135.4 135.5 134.7 134.0 134.8 135.6 135.6 135.6 169.5 181.0 189.7 181.4 178.7 194.3 211.0 247.4 237.5 199.4 194.1 318.4 319.8 320.7 321.9 322.6 323.8 324.2 325.2 327.0 328.7 329.4 159.2 165.1 170.7 167.2 165.7 174.4 183.3 205.0 205.0 188.3 184.3 199.4 200.0 200.2 200.5 200.6 201.0 201.2 201.5 202.0 202.5 202.8 2006: Jan .................. Feb ...................... 198.3 198.7 199.0 199.1 193.6 193.8 200.6 200.8 227.4 228.2 220.7 221.4 233.2 233.9 200.0 197.9 119.1 117.9 177.2 176.9 136.8 136.5 206.2 204.4 329.8 331.4 193.5 191.2 203.2 203.5 1 Includes items not shown separately. fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc. excluded beginning 1983. 2 Household 3 Relative importance, December 2005. 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] Period Change from preceding period Change from 3 months earlier, annual rate Consumer goods Consumer goods Total finished goods Foods Capital equipment Excluding foods Change from 6 months earlier, annual rate Change from year earlier, total finished goods NSA Consumer goods Total finished goods Foods Excluding foods Capital equipment Total finished goods Foods Excluding foods Capital equipment ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ .................. .................. .................. .................. .................. .................. .................. .................. .................. .................. Change, Dec. to Dec., NSA 1996 ............... 1997 ............... 1998 ............... 1999 ............... 2000 ............... 2001 ............... 2002 ............... 2003 ............... 2004 ............... 2005 p ............. 2.8 ¥1.2 0 2.9 3.6 ¥1.6 1.2 4.0 4.2 5.4 3.4 ¥.8 .1 .8 1.7 1.8 ¥.6 7.7 3.1 1.4 3.7 ¥1.5 ¥.1 5.1 5.5 ¥3.9 2.9 4.1 5.5 9.0 0.4 ¥.6 0 .3 1.2 0 ¥.6 .8 2.4 1.3 2.7 .4 ¥.8 1.8 3.8 2.0 ¥1.3 3.2 3.6 4.8 Change, month to month 2005: Feb ..... Mar ..... Apr ..... May .... June ... July .... Aug ..... Sept .... Oct r .... Nov ..... Dec ..... 0.5 .8 .5 ¥.2 .1 .8 .5 1.4 .8 ¥.4 .6 0.6 .6 ¥.1 ¥.2 ¥.7 ¥.7 ¥.2 1.2 .1 r .4 .8 0.6 1.0 .9 ¥.4 .5 1.5 1.1 2.0 1.4 ¥.9 .9 .3 .2 .3 ¥.1 .3 0 .2 ¥.2 r0 .1 0.5 5.7 7.3 4.5 1.6 2.6 5.6 11.3 11.3 7.4 4.1 1.6 3.7 4.5 1.3 ¥4.0 ¥6.2 ¥6.2 1.3 4.5 6.9 5.0 ¥0.5 8.0 10.7 6.3 4.1 6.7 13.2 20.2 19.6 10.4 5.6 2.3 2.3 2.0 3.1 1.4 1.7 .6 2.0 0 0 ¥.3 5.3 6.8 4.8 2.5 3.6 4.9 5.0 6.3 6.8 6.5 7.7 5.2 5.7 2.3 1.4 ¥.3 ¥1.0 ¥2.6 ¥1.4 ¥1.0 .1 3.1 6.7 9.2 6.7 2.8 6.0 8.7 9.7 11.9 13.0 11.8 12.7 2.7 2.8 2.7 2.7 1.8 1.8 1.8 1.7 .8 .3 .8 4.7 5.0 4.8 3.6 3.7 4.7 5.3 6.9 5.9 4.4 5.4 2006: Jan ..... Feb ..... .3 ¥1.4 .2 ¥2.7 .2 ¥1.6 .3 .1 2.0 ¥2.0 r 5.5 ¥6.7 r .7 ¥2.1 r 1.9 6.5 2.6 5.0 ¥.1 9.8 4.0 1.0 1.2 5.7 3.7 0 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 Transportation Shelter Period All items 1 Food Total 1 Total 1 Rent of Ownpriers’ mary equivaresilent dence rent Fuels and utilities Apparel Total 1 New cars Motor fuel Medical care Energy 2 All items less food and energy Addendum: All items, percent change (annual rate) From previous quarter 3 From From 3 6 months months earlier earlier From year earlier NSA Change, December to December, NSA 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 .......................... .......................... .......................... .......................... .......................... .......................... .......................... .......................... .......................... .......................... 3.3 1.7 1.6 2.7 3.4 1.6 2.4 1.9 3.3 3.4 4.3 1.5 2.3 1.9 2.8 2.8 1.5 3.6 2.7 2.3 2.9 2.4 2.3 2.2 4.3 2.9 2.4 2.2 3.0 4.0 2.9 3.4 3.3 2.5 3.4 4.2 3.1 2.2 2.7 2.6 2.8 3.1 3.4 3.1 4.0 4.7 3.1 2.7 2.9 3.1 2.8 3.1 3.2 2.4 3.4 4.5 3.3 2.0 2.3 2.5 4.6 .5 ¥2.6 2.4 12.1 ¥2.1 1.4 6.5 7.9 15.6 ¥0.2 1.0 ¥.7 ¥.5 ¥1.8 ¥3.2 ¥1.8 ¥2.1 ¥.2 ¥1.1 4.4 ¥1.4 ¥1.7 5.4 4.1 ¥3.8 3.8 .3 6.5 4.8 1.6 ¥1.0 ¥.1 ¥.8 .3 0 ¥2.0 ¥2.1 .5 .8 12.7 ¥6.2 ¥15.4 30.2 13.9 ¥24.8 24.6 6.8 26.1 16.2 3.0 2.8 3.4 3.7 4.2 4.7 5.0 3.7 4.2 4.3 8.6 ¥3.4 ¥8.8 13.4 14.2 ¥13.0 10.7 6.9 16.6 17.1 2.6 2.2 2.4 1.9 2.6 2.7 1.9 1.1 2.2 2.2 .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... 3.0 2.3 1.6 2.2 3.4 2.8 1.6 2.3 2.7 3.4 0.2 .3 .1 .1 .0 .2 .1 .1 .2 .2 .1 .......... 2.3 .......... .......... 3.8 .......... .......... 5.5 .......... .......... 3.3 1.9 4.3 5.8 4.0 1.5 2.1 4.6 10.1 8.5 3.3 ¥1.8 2.9 3.7 3.5 3.0 2.8 3.9 4.3 5.7 5.2 4.0 4.0 3.0 3.1 3.5 2.8 2.5 3.2 3.6 4.7 4.3 3.5 3.4 .2 .......... .1 .......... ¥.2 2.7 4.0 3.0 4.0 3.6 Change, month to month 2005: Feb ............... Mar ............... Apr ............... May ............... June .............. July .............. Aug ............... Sept .............. Oct ................ Nov ............... Dec ............... 0.4 .6 .5 ¥.1 ¥.1 .6 .6 1.2 .3 ¥.7 ¥.1 2006: Jan ............... Feb ............... .7 .1 1 Includes .2 .7 .1 0 .2 .1 .2 .3 .3 .1 0.3 .5 .2 .1 .1 .4 .2 .5 .9 .4 .2 0.3 .4 .0 .0 .2 .3 .1 ¥.1 .5 .3 .3 0.2 .3 .3 .2 .2 .3 .2 .2 .4 .2 .2 0.3 .2 .2 .2 .2 .2 .2 .2 .2 .2 .3 0.6 .5 1.5 .5 ¥.1 1.4 1.0 4.4 4.5 1.2 ¥1.3 ¥0.2 .5 ¥.4 ¥.1 ¥.6 ¥.6 .7 ¥.1 ¥.3 .1 ¥.3 1.1 1.7 1.4 ¥1.0 ¥.2 2.1 2.3 5.0 ¥1.2 ¥4.9 ¥.7 0.1 ¥.3 .1 .1 .1 ¥.6 ¥.5 .6 .6 0 0 4.6 6.8 4.8 ¥4.4 ¥1.5 8.7 8.6 17.3 ¥4.0 ¥16.0 ¥2.7 0.4 .4 .3 .4 .2 .4 .1 .3 .6 .5 .2 2.6 3.7 3.4 ¥2.1 ¥.9 5.3 5.1 11.8 0 ¥8.1 ¥2.1 .5 .1 .5 .1 .1 .4 .1 .3 .2 .3 3.4 ¥1.1 .3 ¥1.0 1.8 ¥.2 .9 ¥.2 6.2 ¥.9 .1 .5 5.0 ¥1.2 0 items not shown separately. fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc., excluded beginning 1983. 2 Household 24 3 Quarterly changes are shown in the last month of the quarter. Source: Department of Labor, Bureau of Labor Statistics. PRICES RECEIVED AND PAID BY FARMERS In March, prices received by farmers fell 0.9 percent from February; prices paid by farmers fell 0.7 percent. (Data are not seasonally adjusted.) [1990–92=100; not seasonally adjusted] Prices received by farmers Period 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 All farm products Prices paid by farmers Livestock and products Crops All commodities, services, interest, taxes, and wage rates 1 Production items, interest, taxes, and wage rates Production items Ratio 2 ............................... .............................. .............................. ............................... .............................. .............................. .............................. .............................. ............................... ............................... 112 107 102 96 96 102 98 107 119 116 127 115 107 97 96 99 105 111 117 112 99 98 97 95 97 106 90 103 122 120 115 118 115 115 120 123 124 128 134 141 115 118 114 113 118 122 121 126 132 140 115 119 113 111 116 120 119 124 131 139 98 90 89 83 80 83 79 84 89 82 2005: Mar ..................... Apr .................... May .................... June ................... July .................... Aug .................... Sept ................... Oct ..................... Nov .................... Dec .................... 119 121 119 119 117 116 116 111 113 115 116 120 116 120 116 115 111 103 105 110 121 122 122 118 118 117 122 121 121 120 139 140 140 140 141 141 142 144 143 143 138 139 138 140 140 140 141 144 142 142 136 138 138 140 140 140 141 144 142 143 86 86 85 85 83 82 82 77 79 80 2006: Jan ..................... Feb r ................... Mar .................... 113 114 113 108 114 117 118 114 111 146 145 144 145 144 144 144 143 142 77 79 78 1 Includes items not shown separately. ratio of index of prices received by farmers to index of prices paid, interest, taxes, and wage rates. 2 Percentage 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 February, M2 rose. [Averages of daily figures, except debt end-of-period basis; billions of dollars, seasonally adjusted] M1 M2 M3 Debt Sum of currency, demand deposits, travelers’ checks, and other checkable deposits (OCDs) M1 plus retail MMMF balances, savings deposits (including MMDAs), and small time deposits M2 plus large time deposits, RPs, Eurodollars, and institutional MMMF balances Debt of domestic nonfinancial sectors 1 Dec ........................................................ Dec ........................................................ Dec ........................................................ Dec ........................................................ Dec ........................................................ Dec r ...................................................... Dec r ...................................................... Dec r ...................................................... Dec r ...................................................... Dec r ...................................................... 1,080.0 1,072.2 1,094.9 1,123.1 1,087.6 1,182.1 1,219.0 1,304.2 1,372.1 1,368.8 3,815.3 4,031.7 4,383.7 4,648.7 4,931.3 5,451.4 5,800.6 6,079.6 6,421.9 6,675.5 4,985.5 5,460.9 6,051.9 6,551.5 7,117.6 8,035.4 8,568.0 8,872.3 9,433.0 10,154.0 2005: Feb r ...................................................... Mar r ...................................................... Apr r ...................................................... May r ...................................................... June r ..................................................... July r ...................................................... Aug r ...................................................... Sept r ..................................................... Oct r ....................................................... Nov r ...................................................... Dec r ...................................................... 1,369.5 1,373.0 1,365.8 1,370.8 1,369.6 1,362.5 1,370.4 1,367.6 1,369.4 1,370.2 1,368.8 6,455.4 6,474.9 6,481.0 6,489.5 6,516.0 6,536.1 6,566.3 6,596.5 6,625.7 6,647.5 6,675.5 2006: Jan r ...................................................... Feb p ...................................................... 1,382.6 1,375.0 6,736.8 6,758.4 Period 1996: 1997: 1998: 1999: 2000: 2001: 2002: 2003: 2004: 2005: 1 Quarterly data; shown in last month of quarter. End-of-year data are for fourth quarter. Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfinancial sectors; data from flow of funds accounts. 2 Annual changes are from December to December and monthly changes are from 6 months earlier at a simple annual rate. 3 Annual changes are from fourth quarter to fourth quarter. Quarterly changes are from previous quarter at an annual rate. See p. 27 for components. 26 Percent change From year or 6 months earlier 2 M1 M2 M3 From previous period 3 Debt 19,148.4 20,467.4 22,149.2 24,096.7 26,391.3 ¥4.2 ¥.7 2.1 2.6 ¥3.2 8.7 3.1 7.0 5.2 ¥.2 4.8 5.7 8.7 6.0 6.1 10.5 6.4 4.8 5.6 3.9 7.5 9.5 10.8 8.3 8.6 12.9 6.6 3.6 6.3 7.6 9,531.6 9,565.3 9,620.9 9,665.0 9,725.3 9,762.4 9,864.6 9,950.8 10,032.0 10,078.5 10,154.0 ...................... 24,680.5 ...................... ...................... 25,178.6 ...................... ...................... 25,780.7 ...................... ...................... 26,391.3 2.3 1.8 .7 ¥.5 ¥.4 ¥.7 .1 ¥.8 .5 ¥.1 ¥.1 4.4 4.0 3.5 2.7 2.9 3.1 3.4 3.8 4.5 4.9 4.9 4.7 4.6 5.6 5.7 6.2 5.8 7.0 8.1 8.5 8.6 8.8 ............ 9.7 ............ ............ 8.1 ............ ............ 9.6 ............ ............ 9.5 10,242.8 10,298.7 ...................... ...................... 3.0 .7 6.1 5.9 9.8 8.8 ............ ............ 14,368.4 15,129.1 r 16,151.4 r 17,216.3 r 18,052.5 5.2 5.3 r 6.8 6.4 4.8 6.1 6.9 8.1 8.7 9.5 Note.—Data for money stock and components are as available on March 23, 2006. The Federal Reserve previously announced that the M3 monetary aggregate and most of its components would no longer be published in the weekly H.6 release, Money Stock Measures, as of March 23, 2006. The component of M3 on 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. Source: Board of Governors of the Federal Reserve System. COMPONENTS OF MONEY STOCK [Averages of daily figures; billions of dollars, seasonally adjusted] Period 1996: 1997: 1998: 1999: 2000: 2001: 2002: 2003: 2004: 2005: Currency Nonbank travelers checks Demand deposits Savings deposits, including money market deposit accounts (MMDAs) Other checkable deposits (OCDs) Small denomination time deposits 1 Money market mutual fund balances Large denomination time deposits 1 Institutional Retail Overnight and term Overnight repurand term chase Euroagreedollars ments (net) (RPs) (net) Dec ............................................ Dec ............................................ Dec ............................................ Dec ............................................ Dec ............................................ Dec ............................................ Dec ............................................ Dec ............................................ Dec r .......................................... Dec r .......................................... 394.1 424.5 459.8 517.8 531.2 581.1 626.2 662.3 697.3 723.5 8.8 8.4 8.5 8.6 8.3 8.0 7.8 7.7 7.6 7.3 401.6 393.8 377.0 353.4 309.9 335.7 r 306.0 r 324.6 340.3 320.6 275.5 245.4 249.6 243.3 238.2 257.4 279.1 309.5 327.0 317.4 1,272.9 1,399.9 1,605.1 1,740.3 1,877.9 2,312.8 2,778.8 3,169.4 3,519.6 3,622.0 946.9 968.3 952.0 954.5 1,044.8 r 974.8 r 892.5 r 809.8 816.8 973.8 515.5 591.4 731.7 830.9 921.1 981.7 910.2 r 796.2 713.3 710.9 324.2 396.9 541.2 638.2 791.9 1,196.7 1,247.7 r 1,117.5 1,068.7 1,136.8 521.1 631.1 683.7 758.9 836.9 r 802.2 r 815.7 r 885.2 1,070.7 1,353.6 210.3 253.9 293.2 334.9 362.3 373.7 473.4 494.8 492.6 564.3 114.6 147.5 150.2 170.8 195.2 211.4 230.7 295.3 379.1 423.9 2005: Feb r .......................................... Mar r .......................................... Apr r .......................................... May r .......................................... June r ......................................... July r ......................................... Aug r .......................................... Sept r ......................................... Oct r ........................................... Nov r .......................................... Dec r .......................................... 700.8 702.9 703.9 705.7 708.4 710.0 712.8 716.1 717.4 720.2 723.5 7.5 7.5 7.5 7.5 7.4 7.3 7.4 7.3 7.3 7.3 7.3 338.6 339.2 330.9 332.8 334.2 327.4 330.2 324.4 326.1 323.4 320.6 322.6 323.4 323.5 324.8 319.7 317.8 320.1 319.7 318.6 319.4 317.4 3,538.0 3,543.1 3,541.1 3,533.3 3,547.8 3,560.3 3,569.4 3,585.0 3,597.6 3,604.6 3,622.0 841.1 854.2 868.1 883.7 898.4 912.7 927.7 940.9 951.4 963.4 973.8 706.9 704.6 706.0 701.7 700.3 700.6 698.7 703.0 707.2 709.3 710.9 1,054.5 1,049.7 1,057.9 1,058.3 1,069.6 1,079.1 1,091.8 1,107.9 1,119.8 1,121.1 1,136.8 1,139.2 1,151.0 1,195.5 1,208.5 1,235.8 1,223.6 1,265.9 1,292.6 1,322.0 1,331.9 1,353.6 489.3 487.8 483.8 504.7 504.3 517.6 525.1 534.2 545.4 555.3 564.3 393.2 402.0 402.7 404.0 399.7 406.0 415.6 419.5 419.0 422.6 423.9 2006: Jan r .......................................... Feb p .......................................... 729.5 733.1 7.2 7.1 326.4 318.3 319.5 316.6 3,647.2 3,657.3 986.6 1,002.8 720.5 723.3 1,150.8 1,148.0 1,388.0 1,403.2 548.3 565.2 418.8 423.8 1 Small denomination and large denomination deposits are those issued in amounts of less than $100,000 and more than $100,000, respectively. Note.—See Note, p.26. Source: Board of Governors of the Federal Reserve System. AGGREGATE RESERVES AND MONETARY BASE [Averages of daily figures 1;millions of dollars; seasonally adjusted, except as noted by NSA] Adjusted for changes in reserve requirements Reserves of depository institutions Period Total 2 1996: 1997: 1998: 1999: 2000: 2001: 2002: 2003: 2004: 2005: Borrowings of depository institutions from the Federal Reserve (NSA) Nonborrowed 3 Required Excess (NSA) Monetary base Total Primary Secondary Seasonal Adjustment 4 Dec .................................. Dec .................................. Dec .................................. Dec .................................. Dec .................................. Dec .................................. Dec .................................. Dec .................................. Dec .................................. Dec r ................................ 50,183 46,873 45,515 42,099 38,792 41,496 40,441 42,772 46,795 44,800 50,028 46,549 45,398 41,778 38,582 41,429 40,361 42,726 r 46,732 44,631 48,766 45,189 44,001 40,802 37,364 39,846 38,432 41,729 44,886 42,851 1,416 1,685 1,514 1,297 1,428 1,650 2,009 1,043 1,909 1,949 452,081 479,946 514,077 593,635 584,831 635,401 681,386 720,101 758,973 786,331 155 324 117 320 210 67 80 46 63 169 ................ ................ ................ ................ ................ ................ ................ 17 11 97 ................ ................ ................ ................ ................ ................ ................ 0 0 0 68 79 15 67 111 33 45 29 52 72 87 245 101 179 99 34 35 ................ ................ ................ 2005: Feb r ................................ Mar r ................................ Apr r ................................. May r ................................ June r ............................... July r ................................ Aug ................................. Sept r ............................... Oct r ................................. Nov r ................................ Dec r ................................ 45,972 46,807 46,564 45,883 46,678 46,095 44,541 45,716 44,783 44,712 44,800 45,930 46,758 46,433 45,744 46,429 45,670 44,179 45,384 44,500 44,586 44,631 44,477 45,025 44,891 44,350 44,902 44,360 42,918 43,672 42,886 42,917 42,851 1,495 1,782 1,673 1,534 1,776 1,736 1,623 2,044 1,897 1,796 1,949 763,482 765,714 766,935 768,125 771,110 772,853 774,704 777,792 780,063 783,665 786,331 42 49 132 139 249 425 362 332 284 126 169 26 13 52 6 85 176 63 12 35 20 97 0 0 0 0 0 12 3 5 29 0 0 16 37 80 133 164 237 297 315 220 106 72 ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ 2006: Jan r ................................. Feb r ................................ 44,231 43,780 44,121 43,728 42,791 42,226 1,440 1,555 791,903 795,940 110 53 78 21 0 2 32 30 ................ ................ 1 Data are prorated averages of biweekly (maintenance period) averages of daily figures. Reserves and monetary base incorporate adjustments for discontinuities, or ‘‘breaks,’’ associated with changes in reserve requirements. 2 Seasonally adjusted break-adjusted required reserves plus unadjusted excess reserves. 3 Seasonally adjusted break-adjusted total reserves less unadjusted total borrowings of depository institutions from the Federal Reserve. 4 Discontinued after January 8, 2003. Source: Board of Governors of the Federal Reserve System. 27 BANK CREDIT AT ALL COMMERCIAL BANKS Total commercial bank loans and leases rose 0.9 percent in February; commercial and industrial loans also rose 0.9 percent. [Billions of dollars, seasonally adjusted 1] Securities in bank credit Period 1996: 1997: 1998: 1999: 2000: 2001: 2002: 2003: 2004: 2005: 2005: Dec ........... Dec ........... Dec ........... Dec ........... Dec ........... Dec ........... Dec ........... Dec ........... Dec ........... Dec r .......... Feb ........... Mar r ......... Apr r .......... May r ......... June r ........ July r ......... Aug r ......... Sept r ......... Oct r .......... Nov r ......... Dec r .......... 2006: Jan r .......... Feb ........... Total bank credit 3,756.9 4,099.3 4,532.8 4,763.3 5,216.4 5,417.7 5,884.6 6,251.3 6,793.5 7,479.3 6,999.4 7,084.8 7,112.4 7,166.5 7,220.9 7,281.2 7,360.5 7,408.9 7,420.3 7,437.4 7,479.3 7,536.9 7,627.6 Total securities U.S. Treasury and agency securities 984.4 1,098.7 1,237.0 1,282.8 1,348.2 1,487.4 1,721.6 1,850.3 1,937.2 2,040.7 2,039.6 2,058.3 2,044.9 2,072.2 2,055.2 2,063.2 2,066.6 2,078.0 2,068.7 2,056.9 2,040.7 2,051.9 2,094.7 702.6 755.6 797.6 815.6 792.4 849.0 1,029.1 1,104.8 1,150.4 1,131.7 1,217.8 1,218.3 1,194.3 1,200.3 1,172.6 1,178.1 1,175.0 1,167.0 1,158.7 1,141.1 1,131.7 1,141.6 1,175.6 Loans and leases in bank credit Real estate Other Total loans Commersecurities and leases 2 cial and industrial 281.8 343.1 439.5 467.2 555.8 638.4 692.5 745.5 786.8 909.1 821.8 840.0 850.6 871.9 882.6 885.2 891.6 910.9 910.0 915.8 909.1 910.4 919.1 2,772.5 3,000.6 3,295.8 3,480.5 3,868.2 3,930.3 4,163.0 4,401.0 4,856.3 5,438.6 4,959.9 5,026.5 5,067.5 5,094.3 5,165.7 5,217.9 5,293.9 5,331.0 5,351.6 5,380.5 5,438.6 5,485.0 5,532.9 1 Data are prorated averages of Wednesday values for domestically chartered commercial banks, branches and agencies of foreign banks, New York State investment companies (through September 1996), and Edge Act and agreement corporations. Data are adjusted for breaks caused by reclassifications of assets and liabilities. 28 784.0 853.4 946.7 998.0 1,085.9 1,024.3 960.8 900.4 926.1 1,044.9 954.5 962.1 975.6 986.5 991.5 1,005.2 1,014.1 1,017.6 1,025.2 1,033.4 1,044.9 1,066.7 1,076.1 Total 1,141.2 1,243.3 1,333.6 1,471.8 1,651.2 1,778.6 2,022.0 2,216.5 2,547.6 2,902.6 2,600.8 2,655.1 2,682.5 2,691.4 2,734.9 2,787.9 2,825.3 2,841.1 2,865.0 2,877.5 2,902.6 2,927.5 2,950.1 Revolving home equity 90.9 105.0 103.9 101.5 130.0 155.7 213.5 280.8 399.9 436.1 409.8 418.3 423.0 426.9 431.5 437.8 439.4 438.6 436.8 436.7 436.1 434.7 432.7 Consumer Security Other Other 1,050.3 1,138.3 1,229.6 1,370.3 1,521.2 1,623.0 1,808.5 1,935.7 2,147.8 2,466.4 2,191.0 2,236.8 2,259.5 2,264.5 2,303.4 2,350.1 2,385.9 2,402.5 2,428.2 2,440.8 2,466.4 2,492.8 2,517.4 512.4 502.6 496.9 490.6 539.3 556.0 586.2 643.4 695.2 704.5 700.6 708.5 711.1 704.3 707.1 710.5 717.2 719.9 708.9 709.3 704.5 708.2 709.6 75.3 94.4 145.3 149.8 177.3 146.0 190.2 215.2 215.9 261.5 220.5 226.2 223.9 237.1 248.4 232.5 245.3 246.7 241.8 246.6 261.5 252.5 260.7 259.6 306.9 373.3 370.2 414.4 425.4 403.7 425.6 471.5 525.1 483.4 474.7 474.3 475.1 483.9 481.8 492.0 505.6 510.7 513.7 525.1 530.1 536.4 2 Excludes Federal funds sold to, reverse repurchase agreements (RPs) with, and loans to commercial banks in the United States. Source: Board of Governors of the Federal Reserve System. SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL CORPORATE BUSINESS [Billions of dollars; quarterly data at seasonally adjusted annual rates] Sources Uses External (Net increase in liabilities) Funds raised in markets Period Total 1996 r 1997 r 1998 r 1999 r 2000 r 2001 r 2002 r 2003 r 2004 r 2005 r 2003: ................. ................. ................. ................. ................. ................. ................. ................. ................. ................. I r ............ II r .......... III r ......... IV r ......... 2004: I r ............ II r .......... III r ......... IV r ......... 2005: I r ............ II r .......... III r ......... IV p ......... 1,058.0 995.4 1,298.1 1,718.6 1,955.4 850.2 896.2 889.1 1,318.1 1,174.9 850.2 931.6 816.2 958.1 1,357.2 1,176.3 1,308.4 1,430.5 1,270.6 1,180.4 1,044.9 1,203.7 Internal 1 659.5 711.9 682.1 731.0 718.0 755.0 811.3 875.7 939.3 1,018.9 810.2 865.9 892.7 933.9 939.9 941.9 996.1 879.4 937.5 999.8 1,080.7 1,057.7 Credit market instruments Total 398.5 283.5 616.0 987.6 1,237.4 95.2 84.9 13.4 378.8 156.0 40.0 65.7 ¥76.5 24.2 417.3 234.4 312.3 551.1 333.1 180.6 ¥35.8 146.0 Capital expenditures 3 Total Total net funds raised Net new equity issues 135.4 214.4 182.5 262.4 227.8 173.3 ¥16.6 26.9 33.4 ¥76.7 73.1 128.5 ¥26.2 ¥67.8 110.0 ¥62.9 ¥15.0 101.4 55.1 ¥50.9 ¥238.6 ¥72.3 ¥47.3 ¥77.4 ¥215.5 ¥110.4 ¥118.2 ¥48.1 ¥41.6 ¥57.8 ¥141.1 ¥366.0 ¥67.0 ¥50.2 ¥44.9 ¥69.0 ¥65.8 ¥121.9 ¥203.6 ¥173.1 ¥248.6 ¥339.6 ¥481.1 ¥394.6 Total Securities and mortgages 182.8 291.8 398.0 372.8 346.0 221.4 25.0 84.7 174.5 289.3 140.1 178.7 18.7 1.2 175.8 59.0 188.6 274.5 303.7 288.7 242.5 322.3 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). 129.2 187.2 243.3 272.0 188.3 411.4 181.5 205.0 134.7 151.5 238.6 336.3 151.6 93.7 186.8 37.3 137.5 177.2 120.2 97.5 214.2 174.5 Loans and shortterm paper Other 2 53.7 104.6 154.9 100.8 157.8 ¥190.1 ¥156.4 ¥120.4 39.7 137.7 ¥98.4 ¥157.5 ¥132.9 ¥92.6 ¥11.1 21.7 51.1 97.3 183.5 191.2 28.3 147.8 263.1 69.0 433.4 725.3 1,009.6 ¥78.0 101.4 ¥13.5 345.4 232.6 ¥33.1 ¥62.8 ¥50.3 91.9 307.3 297.3 327.2 449.7 277.9 231.5 202.8 218.2 1,092.9 1,016.2 1,348.5 1,833.8 2,137.8 978.0 867.2 834.1 1,362.3 1,232.7 814.0 866.1 740.6 915.6 1,383.2 1,241.6 1,340.0 1,484.3 1,320.8 1,243.1 1,109.1 1,258.0 638.9 743.8 778.6 863.9 928.6 800.4 737.1 751.5 861.0 925.3 730.6 728.3 758.1 788.8 815.9 858.5 867.1 902.7 930.3 894.2 905.3 971.5 Increase in financial assets 454.0 272.4 569.9 969.9 1,209.2 177.6 130.1 82.6 501.3 307.4 83.4 137.8 ¥17.5 126.8 567.3 383.1 472.9 581.6 390.5 348.9 203.8 286.5 Discrepancy (sources less uses) ¥35.0 ¥20.9 ¥50.4 ¥115.2 ¥182.4 ¥127.8 29.0 55.0 ¥44.2 ¥57.9 36.2 65.5 75.7 42.5 ¥26.0 ¥65.4 ¥31.7 ¥53.9 ¥50.3 ¥62.7 ¥64.3 ¥54.3 3 Nonresidential fixed investment plus residential fixed investment, inventory change with inventory valuation adjustment, and nonproduced nonfinancial assets. Source: Board of Governors of the Federal Reserve System. CONSUMER CREDIT [Billions of dollars; seasonally adjusted] Consumer credit outstanding (end of period) Period Total 1996: 1997: 1998: 1999: 2000: 2001: 2002: 2003: 2004: 2005: 2005: Dec ............................................................................... Dec ............................................................................... Dec ............................................................................... Dec ............................................................................... Dec ............................................................................... Dec ............................................................................... Dec ............................................................................... Dec ............................................................................... Dec ............................................................................... Dec r .............................................................................. Feb r .............................................................................. Mar r ............................................................................. Apr r .............................................................................. May r ............................................................................. June r ............................................................................ July r ............................................................................. Aug r ............................................................................. Sept r ............................................................................. Oct r .............................................................................. Nov r ............................................................................. Dec r .............................................................................. 2006: Jan r .............................................................................. Feb p ............................................................................. Revolving 1,242.9 1,320.1 1,415.8 1,528.0 1,704.5 1,835.6 1,921.9 2,009.9 2,096.8 2,154.5 2,110.0 2,114.8 2,126.1 2,122.3 2,134.0 2,144.5 2,155.5 2,160.9 2,153.0 2,152.5 2,154.5 2,160.6 2,163.9 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. 499.6 536.7 576.5 604.5 675.7 713.3 732.7 752.8 781.1 800.9 783.4 780.4 785.9 784.7 789.3 789.7 794.8 801.3 800.6 801.4 800.9 803.1 803.9 Nonrevolving 2 743.2 783.4 839.3 923.6 1,028.9 1,122.2 1,189.2 1,257.1 1,315.8 1,353.6 1,326.5 1,334.4 1,340.2 1,337.6 1,344.7 1,354.8 1,360.7 1,359.6 1,352.4 1,351.1 1,353.6 1,357.6 1,360.0 Net change in consumer credit outstanding 1 Total 101.9 77.2 95.7 112.2 176.5 131.1 86.3 88.0 86.9 57.7 7.8 4.8 11.3 ¥3.8 11.7 10.5 11.0 5.4 ¥7.9 ¥.5 2.0 6.1 3.3 Revolving 56.1 37.1 39.8 28.0 71.2 37.6 19.4 20.1 28.3 19.8 ¥3.0 ¥3.0 5.5 ¥1.2 4.6 .4 5.1 6.5 ¥.7 .8 ¥.5 2.2 .8 Nonrevolving 2 45.7 40.2 55.9 84.3 105.3 93.3 67.0 67.9 58.7 37.8 10.7 7.9 5.8 ¥2.6 7.1 10.1 5.9 ¥1.1 ¥7.2 ¥1.3 2.5 4.0 2.4 NOTE.—Effective October 7, 2003 data beginning 1977 include student loans extended by the Federal Government and by SLM Holding Corporation. Source: Board of Governors of the Federal Reserve System. 29 INTEREST RATES AND BOND YIELDS Interest rates rose in March. [Percent per annum] U.S. Treasury security yields Constant Period 1996 ....................... 1997 ....................... 1998 ....................... 1999 ....................... 2000 ....................... 2001 ....................... 2002 ....................... 2003 ....................... 2004 ....................... 2005 ....................... 2005: Mar ............... Apr .............. May ............. June ............ July ............. Aug ............. Sept ............. Oct .............. Nov ............. Dec .............. 2006: Jan .............. Feb .............. Mar ............. Week ended: 2006: Mar 11 ......... 18 ........ 25 ........ Apr 1 ........ 8 ........ 1 Bank-discount 3-month bills (new issues) 1 3-year maturities 2 10-year 30-year Highgrade municipal bonds (Standard & Poor’s) 3 Corporate Aaa bonds (Moody’s) 30 Primary credit 5.02 5.07 4.81 4.66 5.85 3.45 1.62 1.02 1.38 3.16 2.75 2.79 2.86 2.99 3.22 3.45 3.47 3.70 3.90 3.89 4.20 4.41 4.51 5.99 6.10 5.14 5.49 6.22 4.09 3.10 2.10 2.78 3.93 3.91 3.79 3.72 3.69 3.91 4.08 3.96 4.29 4.43 4.39 4.35 4.64 4.74 6.44 6.35 5.26 5.65 6.03 5.02 4.61 4.01 4.27 4.29 4.50 4.34 4.14 4.00 4.18 4.26 4.20 4.46 4.54 4.47 4.42 4.57 4.72 6.71 6.61 5.58 5.87 5.94 5.49 * * * * * * * * * * * * * * * 4.54 4.73 5.75 5.55 5.12 5.43 5.77 5.19 5.05 4.73 4.63 4.29 4.42 4.31 4.16 4.08 4.15 4.21 4.28 4.49 4.53 4.43 4.31 4.41 4.44 7.37 7.26 6.53 7.04 7.62 7.08 6.49 5.67 5.63 5.24 5.40 5.33 5.15 4.96 5.06 5.09 5.13 5.35 5.42 5.37 5.29 5.35 5.53 .............. .............. .............. .............. .............. .............. .............. 2.12 2.34 4.19 3.75 3.75 4.00 4.25 4.25 4.50 4.75 4.75 5.00 5.25 5.50 5.50 5.75 4.50 4.51 4.55 4.50 4.54 4.78 4.70 4.69 4.79 4.84 4.74 4.71 4.69 4.80 4.89 4.72 4.73 4.72 4.83 4.94 4.46 4.45 4.43 4.49 4.53 5.53 5.53 5.51 5.61 5.72 5.50 5.50 5.50 5.75 5.75 basis. on actively traded issues adjusted to constant maturities. 3 Weekly data are Wednesday figures. 4 Discount window borrowing for primary credit and discount rate (adjustment credit). The rate for primary credit replaced the rate for adjustment credit. 5 Average effective rate for year; rate in effect at end of month or week. 6 Daily effective rate; weighted average of rates on brokered trades. 2 Yields Discount window (N.Y. F.R. Bank) 4 5 Discount rate 5.02 5.00 4.92 4.62 5.73 3.40 1.17 Prime rate charged by banks 5 Federal funds rate 6 Newhome mortgage yields (FHFB) 7 * * * * * * * * * * * * * * * * 8.27 8.44 8.35 8.00 9.23 6.91 4.67 4.12 4.34 6.19 5.75 5.75 6.00 6.25 6.25 6.50 6.75 6.75 7.00 7.25 7.50 7.50 7.75 5.30 5.46 5.35 4.97 6.24 3.88 1.67 1.13 1.35 3.22 2.63 2.79 3.00 3.04 3.26 3.50 3.62 3.78 4.00 4.16 4.29 4.49 4.59 7.80 7.71 7.07 7.04 7.52 7.00 6.43 5.80 5.77 5.94 5.82 5.84 5.82 5.76 5.76 5.83 5.99 6.03 6.20 6.39 6.12 6.40 .............. * * * * * 7.50 7.50 7.50 7.75 7.75 4.51 4.51 4.57 4.70 4.88 .............. .............. .............. .............. .............. 7 Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as well as contract rate and assumed, on the average, repayment at end of 10 years. *Discount rate (adjustment credit) series was discontinued after January 8, 2003. Series for 30-year constant maturity was discontinued on February 18, 2002, and reintroduced on February 9, 2006. Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Housing Finance Board, Moody’s Investors Service, and Standard & Poor’s. COMMON STOCK PRICES AND YIELDS Overall, stock prices rose in March. Common stock prices 1 Period 1996 ......................................................... 1997 ......................................................... 1998 ......................................................... 1999 ......................................................... 2000 ......................................................... 2001 ......................................................... 2002 ......................................................... 2003 ......................................................... 2004 ......................................................... 2005 ......................................................... 2005: Mar .............................................. Apr ............................................... May .............................................. June ............................................. July .............................................. Aug ............................................... Sept .............................................. Oct ............................................... Nov ............................................... Dec ............................................... 2006: Jan ............................................... Feb ............................................... Mar .............................................. Week ended: 2006: Mar 11 ........................................ 18 ........................................ 25 ........................................ Apr 1 ........................................ 8 ........................................ 1 Average New York Stock Exchange indexes 2 3 (December 31, 2002=5,000) 3 Effective Nasdaq composite index (Feb. 5, 1971=100) 6 Dividendprice ratio Earningsprice ratio Composite Financial Energy Health Care 3,787.20 4,827.35 5,818.26 6,546.81 6,805.89 6,397.85 5,578.89 5,447.46 6,612.62 7,349.00 7,275.51 7,077.97 7,094.02 7,238.96 7,389.23 7,482.93 7,584.49 7,373.23 7,585.75 7,787.22 8,007.35 8,044.86 8,174.34 ................ ................ ................ ................ ................ ................ ................ 5,583.00 6,822.18 7,383.70 7,274.12 7,014.98 7,092.20 7,199.86 7,373.25 7,374.01 7,435.85 7,368.60 7,800.01 8,011.76 8,187.86 8,280.82 8,459.04 .................. .................. .................. .................. .................. .................. .................. 5,273.90 6,952.36 9,377.84 9,077.38 8,793.74 8,513.39 9,122.87 9,607.53 10,034.26 10,672.51 9,915.63 9,998.62 10,310.18 10,965.30 10,741.43 10,702.23 ................ ................ ................ ................ ................ ................ ................ 5,288.67 5,924.80 6,283.96 6,148.03 6,253.05 6,432.30 6,408.88 6,342.76 6,383.81 6,412.24 6,270.83 6,297.57 6,434.97 6,604.09 6,566.87 6,653.63 5,742.89 7,441.15 8,625.52 10,464.88 10,734.90 10,189.13 9,226.43 8,993.59 10,317.39 10,547.67 10,682.09 10,283.19 10,377.18 10,486.68 10,545.38 10,554.27 10,532.54 10,324.31 10,695.25 10,827.79 10,872.48 10,971.19 11,144.45 670.50 873.43 1,085.50 1,327.33 1,427.22 1,194.18 993.94 965.23 1,130.65 1,207.23 1,194.90 1,164.42 1,178.28 1,202.26 1,222.24 1,224.27 1,225.91 1,191.96 1,237.37 1,262.07 1,278.72 1,276.65 1,293.74 1,164.96 1,469.49 1,794.91 2,728.15 3,783.67 2,035.00 1,539.73 1,647.17 1,986.53 2,099.32 2,030.43 1,957.49 2,005.22 2,074.02 2,145.14 2,157.85 2,144.61 2,087.09 2,202.84 2,246.09 2,289.99 2,273.67 2,300.26 2.19 1.77 1.49 1.25 1.15 1.32 1.61 1.77 1.72 1.83 1.79 1.86 1.86 1.83 1.82 1.82 1.84 1.90 1.85 1.84 1.83 1.86 1.85 5.24 4.57 3.46 3.17 3.63 2.95 2.92 3.84 4.89 r 5.37 5.11 .................. .................. 5.32 .................. .................. 5.42 .................. .................. r 5.62 .................. .................. .................. 8,039.59 8,216.39 8,238.16 8,232.42 8,318.81 8,340.00 8,505.73 8,533.54 8,484.40 8,569.17 10,401.49 10,757.13 10,690.07 10,935.09 11,157.88 6,575.88 6,705.85 6,743.19 6,642.55 6,583.93 10,998.73 11,194.00 11,275.54 11,176.07 11,184.98 1,277.28 1,299.44 1,302.39 1,298.56 1,303.97 2,266.73 2,296.16 2,304.93 2,327.69 2,348.41 1.87 1.84 1.84 1.84 1.83 .................. .................. .................. .................. .................. of daily closing prices. all the stocks (nearly 3,000) listed on the NYSE. January 9, 2003, the NYSE relaunched the composite index with changes in methodology, definitions, and based on Dec. 31, 2002=5,000. Effective January 8, 2004 new indexes for Financial, Energy, and Health Care were introduced by the NYSE. Previous indexes shown for Industrial, Transportation, Utility, and Finance were discontinued. 4 Includes 30 stocks. 2 Includes Dow Jones industrial average 4 Common stock yields (percent) 7 Standard & Poor’s composite index (1941– 43=10) 5 5 Includes 500 stocks. over 5,000 stocks. & Poor’s series. Dividend-price ratios based on Wednesday closing prices. Earnings-price ratios based on prices at end of quarter. 6 Includes 7 Standard Sources: New York Stock Exchange, Dow Jones & Company, Inc., Standard & Poor’s, and Nasdaq Stock Market. 31 FEDERAL FINANCE FEDERAL RECEIPTS, OUTLAYS, AND DEBT In the first 5 months of fiscal 2006, there was a deficit of $217.5 billion, compared with a deficit of $223.4 billion a year earlier. [Billions of dollars] Total 1 Data 32 Off-budget Outlays Surplus or deficit (¥) Receipts 991.2 1,032.1 1,055.1 1,091.3 1,154.5 1,258.7 1,351.9 1,453.2 1,579.4 1,722.0 1,827.6 2,025.5 1,991.4 1,853.4 1,782.5 1,880.3 2,153.9 2,285.5 1,143.8 1,253.1 1,324.3 1,381.6 1,409.5 1,461.9 1,515.9 1,560.6 1,601.3 1,652.7 1,702.0 1,789.2 1,863.2 2,011.2 2,160.1 2,293.0 2,472.2 2,708.7 ¥152.6 ¥221.0 ¥269.2 ¥290.3 ¥255.1 ¥203.2 ¥164.0 ¥107.4 ¥21.9 69.3 125.6 236.2 128.2 ¥157.8 ¥377.6 ¥412.7 ¥318.3 ¥423.2 727.5 750.4 761.2 788.9 842.5 923.7 1,000.9 1,085.7 1,187.4 1,306.2 1,383.2 1,544.9 1,483.9 1,338.1 1,258.7 1,345.5 1,576.4 1,675.5 932.9 1,028.1 1,082.6 1,129.3 1,142.9 1,182.5 1,227.2 1,259.7 1,290.7 1,336.1 1,381.3 1,458.5 1,516.4 1,655.5 1,797.1 1,913.5 2,070.0 2,277.7 ¥205.4 ¥277.6 ¥321.4 ¥340.4 ¥300.4 ¥258.8 ¥226.4 ¥174.0 ¥103.2 ¥29.9 1.9 86.4 ¥32.4 ¥317.4 ¥538.4 ¥568.0 ¥493.6 ¥602.1 263.7 281.7 293.9 302.4 311.9 335.0 351.1 367.5 392.0 415.8 444.5 480.6 507.5 515.3 523.8 534.7 577.5 610.0 210.9 225.1 241.7 252.3 266.6 279.4 288.7 300.9 310.6 316.6 320.8 330.8 346.8 355.7 363.0 379.5 402.2 431.0 52.8 56.6 52.2 50.1 45.3 55.7 62.4 66.6 81.4 99.2 123.7 149.8 160.7 159.7 160.8 155.2 175.3 179.0 2,867.8 3,206.3 3,598.2 4,001.8 4,351.0 4,643.3 4,920.6 5,181.5 5,369.2 5,478.2 5,605.5 5,628.7 5,769.9 6,198.4 6,760.0 7,354.7 7,905.3 8,611.5 2,190.7 2,411.6 2,689.0 2,999.7 3,248.4 3,433.1 3,604.4 3,734.1 3,772.3 3,721.1 3,632.4 3,409.8 3,319.6 3,540.4 3,913.4 4,295.5 4,592.2 5,018.9 790.3 873.1 1,013.7 1,090.6 ¥223.4 ¥217.5 567.7 638.4 861.5 926.6 ¥293.8 ¥288.3 222.6 234.7 152.2 164.0 70.4 70.7 7,685.4 8,214.8 4,494.6 4,756.8 from current issue Monthly Treasury Statement. Outlays Surplus or deficit (¥) Federal debt (end of period) Receipts Fiscal year or period 1989 ...................................... 1990 ...................................... 1991 ...................................... 1992 ...................................... 1993 ...................................... 1994 ...................................... 1995 ...................................... 1996 ...................................... 1997 ...................................... 1998 ...................................... 1999 ...................................... 2000 ...................................... 2001 ...................................... 2002 ...................................... 2003 ...................................... 2004 ...................................... 2005 ....................................... 2006 (estimates) .................... Cumulative total, first 5 months: 1 Fiscal year 2005 ................ Fiscal year 2006 ................ On-budget Receipts Outlays Surplus or deficit (¥) Gross Federal Held by the public NOTE.—Data (except as noted) are from Budget of the United States Government, Fiscal Year 2007, issued February 6, 2006. Sources: Department of the Treasury and Office of Management and Budget. FEDERAL RECEIPTS BY SOURCE AND OUTLAYS BY FUNCTION In the first 5 months of fiscal 2006, receipts were $82.8 billion higher than a year earlier and outlays were $76.9 billion higher. [Billions of dollars] On-budget and off-budget receipts Fiscal year or period Total 1989 ............................................... 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 .............................................. .............................................. .............................................. .............................................. .............................................. .............................................. .............................................. .............................................. .............................................. .............................................. 2000 2001 2002 2003 2004 2005 2006 .............................................. .............................................. .............................................. .............................................. .............................................. .............................................. (estimates) ........................... Cumulative total, first 5 months: 1 Fiscal year 2005 ........................ Fiscal year 2006 ........................ Individual income taxes Corporation income taxes Social insurance and retirement receipts On-budget and off-budget outlays National defense Other Total Total International affairs Health Medicare Income Social security security Net interest Other 991.2 445.7 103.3 359.4 303.6 294.8 9.6 48.4 85.0 137.4 232.5 169.0 158.4 1,032.1 1,055.1 1,091.3 1,154.5 1,258.7 1,351.9 1,453.2 1,579.4 1,722.0 1,827.6 466.9 467.8 476.0 509.7 543.1 590.2 656.4 737.5 828.6 879.5 93.5 98.1 100.3 117.5 140.4 157.0 171.8 182.3 188.7 184.7 380.0 396.0 413.7 428.3 461.5 484.5 509.4 539.4 571.8 611.8 91.7 93.2 101.4 99.0 113.8 120.2 115.5 120.3 132.9 151.7 1,253.1 1,324.3 1,381.6 1,409.5 1,461.9 1,515.9 1,560.6 1,601.3 1,652.7 1,702.0 299.3 273.3 298.4 291.1 281.6 272.1 265.8 270.5 268.5 274.9 289.7 262.3 286.8 278.5 268.6 259.4 253.1 258.3 256.1 261.3 13.8 15.9 16.1 17.2 17.1 16.4 13.5 15.2 13.1 15.2 57.7 71.2 89.5 99.4 107.1 115.4 119.4 123.8 131.4 141.1 98.1 104.5 119.0 130.6 144.7 159.9 174.2 190.0 192.8 190.4 148.7 172.5 199.6 210.0 217.2 223.8 229.7 235.0 237.8 242.5 248.6 269.0 287.6 304.6 319.6 335.8 349.7 365.3 379.2 390.0 184.3 194.4 199.3 198.7 202.9 232.1 241.1 244.0 241.1 229.8 202.6 223.6 172.2 158.0 171.7 160.3 167.3 157.4 188.8 218.1 2,025.5 1,004.5 1,991.4 994.3 1,853.4 858.3 1,782.5 793.7 1,880.3 809.0 2,153.9 927.2 2,285.5 997.6 207.3 151.1 148.0 131.8 189.4 278.3 277.1 652.9 694.0 700.8 713.0 733.4 794.1 841.1 160.9 152.0 146.2 144.1 148.5 154.2 169.7 1,789.2 1,863.2 2,011.2 2,160.1 2,293.0 2,472.2 2,708.7 294.5 304.9 348.6 404.9 455.9 495.3 535.9 281.2 290.3 332.0 387.3 436.5 474.2 512.1 17.2 16.5 22.4 21.2 26.9 34.6 34.8 154.5 172.3 196.5 219.6 240.1 250.6 268.8 197.1 217.4 230.9 249.4 269.4 298.6 343.0 253.7 269.8 312.7 334.6 333.1 345.8 360.6 409.4 433.0 456.0 474.7 495.5 523.3 554.7 222.9 206.2 170.9 153.1 160.2 184.0 220.1 239.8 243.3 273.2 302.6 311.9 339.9 390.8 72.8 94.3 303.8 321.9 58.9 1,013.7 63.5 1,090.6 195.8 210.6 187.6 202.1 15.1 14.6 101.2 103.3 115.6 125.4 156.3 156.7 212.5 224.5 72.4 90.0 144.9 165.5 790.3 873.1 354.9 393.3 82.8 1,143.8 Department of Defense, military 1 Data from current issue Monthly Treasury Statement. Data for Department of Defense, military, include a small amount classified as international affairs, and not included in national defense. NOTE.—Data (except as noted) are from Budget of the United States Government, Fiscal Year 2007, issued February 6, 2006. Sources: Department of the Treasury and Office of Management and Budget. 33 FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS In the fourth quarter of 2005, according to current estimates, Federal current receipts rose $165.6 billion (annual rate); Federal current expenditures rose $46.3 billion. [Billions of dollars; quarterly data at seasonally adjusted annual rates] Federal Government current receipts Current tax receipts Period Total Total 1 Calendar year: 1996 ................. 1997 ................. 1998 ................. 1999 ................. 2000 ................. 2001 ................. 2002 ................. 2003 ................. 2004 ................. 2005 r ............... 2002: I ................ II .............. III ............. IV ............. 2003: I ................ II .............. III ............. IV ............. 2004: I ................ II .............. III ............. IV ............. 2005: I ................ II ............. III ............ IV r ........... 1 Includes 2 Includes 34 1,524.0 1,653.1 1,773.8 1,891.2 2,053.8 2,016.2 1,853.2 1,868.6 1,974.8 2,225.4 1,845.9 1,854.1 1,856.1 1,856.6 1,881.4 1,896.3 1,808.9 1,887.9 1,917.8 1,951.4 1,975.4 2,054.6 2,196.6 2,227.9 2,155.8 2,321.4 932.4 1,030.6 1,116.8 1,195.7 1,313.6 1,252.2 1,075.5 1,059.2 1,122.4 1,347.1 1,071.3 1,077.5 1,075.4 1,078.0 1,084.4 1,089.6 994.5 1,068.2 1,080.7 1,108.1 1,119.4 1,181.3 1,305.1 1,331.8 1,343.2 1,408.1 Personal current taxes 663.4 744.3 825.8 893.0 999.1 994.5 830.5 774.3 801.8 935.0 843.1 835.2 825.8 818.0 806.7 811.2 708.8 770.6 771.3 786.3 810.0 839.7 908.3 924.3 945.0 962.3 Taxes on production and imports 73.2 78.2 81.1 83.9 87.8 85.8 87.3 89.7 94.0 97.2 84.9 87.7 88.5 88.0 90.1 89.7 88.8 90.2 93.4 93.4 94.0 95.1 95.4 98.3 97.5 97.6 Taxes on corporate income 190.6 203.0 204.2 213.0 219.4 164.7 150.5 186.7 217.4 305.3 136.3 147.4 153.9 164.2 180.7 178.8 189.1 198.1 206.9 219.9 207.5 235.3 291.7 300.8 290.7 338.0 Contributions for government social insurance 542.8 576.4 613.8 651.6 691.7 717.5 734.3 759.1 802.5 851.3 732.1 735.5 735.0 734.4 749.0 756.4 762.9 768.0 787.2 793.5 806.0 823.4 841.1 845.1 855.4 863.5 taxes from the rest of the world, not shown separately. a subtraction for wage accruals less disbursements, not shown separately. Federal Government current expenditures Income receipts on assets Current transfer receipts Current surplus of government enterprises 26.9 25.9 21.5 21.5 25.2 24.9 20.2 22.7 21.9 23.2 21.1 20.1 19.8 19.9 19.5 22.8 24.0 24.6 22.0 21.5 21.8 22.2 23.0 24.3 22.8 22.7 23.1 19.9 21.5 22.7 25.7 27.1 24.8 25.7 28.6 7.6 25.7 24.9 24.5 24.0 24.8 25.5 26.2 26.5 27.6 28.1 28.7 30.0 30.4 30.2 ¥61.4 31.3 ¥1.2 .3 .1 ¥.3 ¥2.3 ¥5.5 ¥1.6 1.9 ¥.5 ¥3.7 ¥4.3 ¥3.9 1.4 .3 3.7 2.1 1.4 .6 .3 .3 ¥.4 ¥2.3 ¥2.9 ¥3.6 ¥4.3 ¥4.1 Total 2 1,665.8 1,708.9 1,734.9 1,787.6 1,864.4 1,969.5 2,101.1 2,251.4 2,381.3 2,548.4 2,054.4 2,095.5 2,103.4 2,151.1 2,177.4 2,270.1 2,265.1 2,292.9 2,347.2 2,364.9 2,387.0 2,426.2 2,494.9 2,525.2 2,563.7 2,610.0 Consumption expenditures 446.3 457.7 454.6 475.1 499.3 531.9 591.5 661.9 725.7 769.6 571.3 585.0 591.4 618.5 634.7 667.6 668.4 676.8 710.7 721.1 735.7 735.1 759.6 762.8 782.9 773.1 Current transfer payments 888.3 918.8 946.5 986.1 1,038.1 1,131.4 1,243.0 1,327.7 1,391.2 1,475.0 1,215.1 1,240.7 1,247.6 1,268.5 1,285.0 1,332.1 1,339.0 1,354.8 1,379.3 1,382.6 1,384.0 1,419.0 1,458.7 1,459.9 1,474.4 1,507.0 Interest payments 297.3 300.0 298.8 282.7 283.3 258.6 229.1 215.2 221.5 249.1 229.9 233.3 227.7 225.4 217.0 214.9 212.2 216.8 216.9 218.4 224.5 226.1 226.6 250.8 250.8 268.3 Source: Department of Commerce, Bureau of Economic Analysis. Subsidies 34.0 32.4 35.0 43.8 43.8 47.6 37.5 46.5 43.0 54.7 38.1 36.5 36.7 38.7 42.0 54.2 45.5 44.4 41.8 41.3 42.8 46.1 50.1 51.6 55.6 61.4 Net Federal Government saving ¥141.8 ¥55.8 38.8 103.6 189.5 46.7 ¥247.9 ¥382.7 ¥406.5 ¥323.0 ¥208.5 ¥241.4 ¥247.3 ¥294.6 ¥296.0 ¥373.8 ¥456.2 ¥405.0 ¥429.3 ¥413.4 ¥411.6 ¥371.6 ¥298.3 ¥297.3 ¥407.9 ¥288.6 INTERNATIONAL STATISTICS INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR INDUSTRIAL COUNTRIES Industrial production (2002=100; seasonally adjusted) Period United States Canada Japan France Germany Italy Consumer prices (1982–84=100; NSA) United Kingdom United States 1 Canada Japan France 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2005: .................................... 83.6 81.4 105.5 87.4 88.3 93.8 98.7 156.9 153.8 119.3 151.4 .................................... 89.7 86.0 109.3 90.9 91.0 97.5 100.0 160.5 156.3 121.5 153.2 .................................... 94.9 89.0 102.1 94.2 94.4 98.6 101.1 163.0 157.8 122.2 154.2 .................................... 99.3 94.3 102.4 96.5 95.5 98.5 102.3 166.6 160.5 121.8 155.0 .................................... 103.5 102.4 108.0 100.2 100.8 102.7 104.2 172.2 164.9 121.0 157.6 .................................... 99.9 98.3 101.2 101.5 101.1 101.6 102.6 177.1 169.1 120.1 160.2 .................................... 100.0 100.0 100.0 100.0 100.0 100.0 100.0 179.9 172.9 119.0 163.3 .................................... 100.6 101.0 103.0 99.5 100.4 99.5 99.5 184.0 177.7 118.7 166.7 r 100.1 .................................... 104.7 105.0 108.5 101.8 103.5 98.8 188.9 181.0 118.7 170.3 r r .................................... 108.2 107.7 110.0 101.8 107.0 97.9 98.2 195.3 184.9 118.3 173.2 r 107.6 r 105.5 r 99.4 Jan .......................... 106.9 111.7 r 102.3 97.0 190.7 182.0 118.1 170.7 r 107.0 r 104.5 r 99.2 Feb .......................... 107.4 109.5 101.7 97.4 191.8 182.8 117.8 171.6 r r Mar .......................... 107.3 106.1 109.1 101.0 105.0 97.2 98.0 193.3 183.8 118.2 172.7 r 106.5 r 105.9 r 98.6 Apr .......................... 107.2 110.9 101.1 99.1 194.6 184.4 118.4 173.0 r 105.8 r 98.8 May .......................... 107.4 107.3 108.1 101.0 98.0 194.4 184.5 118.8 173.2 r r r June ......................... 108.3 107.0 109.7 101.5 106.8 98.2 98.7 194.5 184.8 118.2 173.5 r 108.0 r 98.6 July .......................... 108.3 107.5 108.2 100.7 99.0 195.4 185.2 118.1 173.2 r 107.0 r 97.6 Aug .......................... 108.6 108.8 109.6 102.0 99.9 196.4 186.0 118.2 173.8 r 98.4 r 98.0 Sept ......................... 107.2 108.3 109.9 r 102.3 108.2 198.8 187.6 118.5 174.6 r 108.6 r 109.2 r 96.6 Oct ........................... 108.4 110.6 99.3 97.6 199.2 186.7 118.7 174.4 r Nov ......................... 109.4 108.4 112.1 102.3 108.9 98.2 97.3 197.6 186.2 118.3 174.1 Dec r ......................... 110.4 109.3 113.9 102.1 109.4 99.3 97.7 196.8 186.1 118.5 174.2 2006: Jan r ......................... 110.2 108.5 114.1 102.4 109.8 99.0 98.0 198.3 187.1 118.7 174.1 Feb p ......................... 110.9 .............. 112.2 ............ .............. .............. 97.8 198.7 186.8 118.3 174.8 Mar p ........................ .............. .............. ............ ............ .............. .............. .............. .............. .............. ............ ............ 1 Data relate to all urban consumers. NOTE.—See Note, p. 17, for information on U.S. industrial production series. Germany Italy United Kingdom 135.3 137.8 139.1 140.0 142.0 144.8 146.7 148.3 150.8 153.7 151.7 152.3 152.7 152.9 153.3 153.5 154.2 154.3 154.9 154.9 154.2 155.6 154.9 155.4 155.6 213.8 179.4 218.2 185.1 222.5 191.4 226.2 194.3 231.9 200.1 238.3 203.6 244.3 207.0 250.8 213.0 256.3 219.4 261.3 225.6 258.3 221.9 259.1 222.8 259.9 223.8 260.3 225.1 261.1 225.6 261.1 225.8 262.2 225.8 262.6 226.3 262.6 226.9 263.2 227.1 263.4 227.5 263.4 228.1 264.0 227.2 264.6 228.2 265.3 .............. 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: Exports (f.a.s. value) Goods: Imports (customs value) Census basis (by end-use category) Services (BOP basis) Balance of trade (exports minus imports) Census basis (by end-use category) BOP basis Period BOP basis Total, Census basis 1 Auto- ConIndusmo- sumer Foods, trial Capital tive goods feeds, supgoods vehi- (nonand plies except cles, food) bevand auto- parts except erages mate- motive and autorials enmogines tive 1996 ............. 1997 ............. 1998 ............. 1999 ............. 2000 ............. 2001 ............. 2002 ............. 2003 ............. 2004 ............. 2005 r ............ 612.1 678.4 670.4 684.0 772.0 718.7 682.4 713.4 807.5 892.6 625.1 689.2 682.1 695.8 781.9 729.1 693.1 724.8 818.8 904.4 55.5 51.5 46.4 46.0 47.9 49.4 49.6 55.0 56.6 58.9 147.7 158.2 148.3 147.5 172.6 160.1 156.8 173.0 204.0 231.8 253.0 294.5 299.4 310.8 356.9 321.7 290.4 293.6 331.5 361.8 2005: Jan r .. Feb r .. Mar r Apr r .. May r June r July r Aug r .. Sept r Oct r .. Nov r .. Dec r .. 71.4 70.6 71.4 74.4 74.3 74.4 74.9 76.6 73.3 75.1 77.1 79.1 72.2 71.4 72.3 75.4 75.4 75.4 75.7 77.8 74.4 76.0 78.2 80.3 4.7 4.6 4.8 5.0 5.4 5.1 4.9 5.0 4.8 5.0 4.8 4.9 18.5 18.6 18.6 19.5 19.8 19.6 19.9 20.1 18.9 19.0 19.4 20.0 28.6 28.0 28.9 30.5 29.6 30.1 30.3 31.4 29.1 30.9 32.1 32.3 8.2 7.8 7.7 7.9 7.7 7.8 8.0 8.3 8.3 8.5 8.6 9.0 9.4 9.5 9.4 9.3 9.7 9.5 9.5 9.5 9.9 9.4 9.9 10.6 2006: Jan p .. 81.7 82.6 5.4 21.1 33.2 9.1 10.4 1 Total BOP basis IndusAutoFoods, trial Capital motive Total, feeds, supgoods vehiCensus and plies except cles, basis 1 bevand auto- parts erages mate- motive and enrials gines Consumer goods (nonfood) except automotive Exports Imports Goods, Census basis Goods Services Goods and services 795.3 869.7 911.9 1,024.6 1,218.0 1,141.0 1,161.4 1,257.1 1,469.7 1,670.8 35.7 39.7 41.2 43.6 46.0 46.6 49.7 55.8 62.1 68.1 204.5 213.8 200.1 221.4 299.0 273.9 267.7 313.8 412.8 520.7 228.1 253.3 269.5 295.7 347.0 298.0 283.3 295.8 343.5 379.5 128.9 139.8 148.7 179.0 195.9 189.8 203.7 210.2 228.2 240.0 172.0 193.8 217.0 241.9 281.8 284.3 307.8 333.9 372.9 407.0 239.5 256.3 263.1 282.5 299.5 288.4 294.9 309.1 343.9 379.6 152.6 166.5 181.4 199.9 225.3 224.0 233.7 256.7 296.1 321.6 ¥170.2 ¥180.5 ¥229.8 ¥328.8 ¥436.1 ¥411.9 ¥468.3 ¥532.4 ¥650.9 ¥766.4 ¥191.0 ¥198.1 ¥246.7 ¥346.0 ¥452.4 ¥427.2 ¥482.3 ¥547.3 ¥665.4 ¥781.6 86.9 89.8 81.7 82.6 74.1 64.5 61.1 52.5 47.8 58.0 ¥104.1 ¥108.3 ¥165.0 ¥263.4 ¥378.3 ¥362.7 ¥421.2 ¥494.8 ¥617.6 ¥723.6 133.9 135.1 130.1 136.5 134.9 138.0 137.2 140.4 144.4 148.0 146.5 149.3 133.6 134.8 129.7 136.2 134.6 137.7 137.0 140.1 144.1 147.7 146.2 149.0 5.6 5.5 5.5 5.5 5.6 5.6 5.6 5.7 5.9 5.7 5.9 6.0 38.3 39.8 39.8 41.6 39.3 41.4 41.9 44.0 46.9 49.9 48.9 48.9 31.1 29.9 29.6 31.9 31.3 32.6 31.8 31.9 32.3 32.1 32.2 32.9 19.9 19.8 18.4 18.8 19.7 19.6 19.7 20.8 20.1 20.8 21.0 21.5 34.2 35.4 32.0 33.6 34.0 34.1 33.4 33.2 34.1 34.4 33.5 35.1 30.7 30.7 31.3 31.2 31.3 31.4 31.8 31.8 32.6 32.3 32.0 32.5 26.5 26.3 26.4 26.7 26.7 26.9 26.8 26.5 27.1 27.2 27.2 27.4 ¥61.4 ¥63.4 ¥57.4 ¥60.8 ¥59.2 ¥62.3 ¥61.3 ¥62.3 ¥69.7 ¥71.7 ¥68.0 ¥68.7 ¥62.5 ¥64.5 ¥58.7 ¥62.1 ¥60.6 ¥63.6 ¥62.3 ¥63.8 ¥71.1 ¥72.9 ¥69.4 ¥70.1 4.2 4.4 4.9 4.5 4.6 4.5 5.0 5.4 5.5 5.1 4.9 5.1 ¥58.3 ¥60.1 ¥53.7 ¥57.6 ¥56.0 ¥59.1 ¥57.4 ¥58.5 ¥65.6 ¥67.8 ¥64.5 ¥65.1 155.1 154.8 6.4 50.3 34.1 22.7 36.2 32.7 27.8 ¥72.1 ¥73.4 4.9 ¥68.5 65.0 70.1 803.1 74.0 77.4 876.5 72.4 80.3 917.1 75.3 80.9 1,030.0 80.4 89.4 1,224.4 75.4 88.3 1,145.9 78.9 84.4 1,164.7 80.7 89.9 1,260.7 89.3 103.1 1,472.9 97.8 115.5 1,674.3 includes ‘‘other’’ exports or imports, not shown separately. NOTE.—BOP refers to balance of payments on international transactions basis. BOP data shown here are consistent with figures shown on pp. 36 and 37. Source: Department of Commerce (Bureau of the Census and Bureau of Economic Analysis). 35 U.S. INTERNATIONAL TRANSACTIONS In the fourth quarter of 2005, the goods deficit rose to $212.4 billion, from $197.3 billion in the third quarter. The current account deficit rose to $224.9 billion in the fourth quarter, from $185.4 billion in the third quarter. [Millions of dollars; quarterly data seasonally adjusted. Credits (+), debits (¥)] Goods 1 Period Exports Imports Services Balance on goods Net military transactions 2 1996 ............. 1997 ............. 1998 ............. 1999 ............. 2000 ............. 2001 ............. 2002 ............. 2003 ............. 2004 ............. 2005 p ............ 612,113 678,366 670,416 683,965 771,994 718,712 682,422 713,421 807,536 892,619 ¥803,113 ¥876,470 ¥917,103 ¥1,029,980 ¥1,224,408 ¥1,145,900 ¥1,164,720 ¥1,260,717 ¥1,472,926 ¥1,674,261 ¥191,000 ¥198,104 ¥246,687 ¥346,015 ¥452,414 ¥427,188 ¥482,298 ¥547,296 ¥665,390 ¥781,642 2003: I ........ II ....... III ..... IV ..... 173,167 174,696 178,186 187,372 ¥311,028 ¥309,763 ¥313,476 ¥326,450 ¥137,861 ¥135,067 ¥135,290 ¥139,078 ¥2,976 ¥3,247 ¥2,860 ¥3,444 2004: I ........ II ....... III ..... IV ..... 193,789 200,072 204,801 208,874 ¥345,241 ¥364,059 ¥372,576 ¥391,050 ¥151,452 ¥163,987 ¥167,775 ¥182,176 2005: I r ....... II r ..... III r .... IV p .... 213,407 223,106 224,793 231,313 ¥399,079 ¥409,378 ¥422,061 ¥443,743 ¥185,672 ¥186,272 ¥197,268 ¥212,430 Net travel and transportation Other services, net Receipts Payments Balance on income Unilateral current transfers, net 3 Balance on current account 56,535 62,674 66,248 72,943 71,339 70,009 72,520 76,745 75,596 81,715 ¥104,065 ¥108,310 ¥165,009 ¥263,394 ¥378,272 ¥362,729 ¥421,181 ¥494,814 ¥617,583 ¥723,616 226,129 256,804 261,819 293,925 350,918 288,303 270,792 309,830 379,527 468,674 ¥203,811 ¥244,195 ¥257,554 ¥280,037 ¥329,864 ¥263,120 ¥260,776 ¥263,526 ¥349,088 ¥467,107 22,318 12,609 4,265 13,888 21,054 25,183 10,016 46,304 30,439 1,567 ¥43,147 ¥45,205 ¥53,320 ¥50,554 ¥58,781 ¥51,910 ¥64,046 ¥71,169 ¥80,930 ¥82,896 ¥124,894 ¥140,906 ¥214,064 ¥300,060 ¥415,999 ¥389,456 ¥475,211 ¥519,679 ¥668,074 ¥804,945 ¥3,098 ¥3,441 ¥3,411 ¥1,786 19,102 18,905 18,862 19,881 ¥124,833 ¥122,850 ¥122,699 ¥124,427 70,706 73,872 77,594 87,653 ¥64,790 ¥62,565 ¥66,242 ¥69,926 5,916 11,307 11,352 17,727 ¥17,743 ¥17,251 ¥17,634 ¥18,543 ¥136,660 ¥128,794 ¥128,981 ¥125,243 ¥3,200 ¥3,643 ¥3,829 ¥3,813 ¥3,212 ¥3,014 ¥3,394 ¥3,684 19,012 18,602 17,533 20,452 ¥138,852 ¥152,042 ¥157,465 ¥169,221 86,401 ¥71,379 91,465 ¥85,543 95,504 ¥89,250 106,154 ¥102,918 15,022 5,922 6,254 3,236 ¥22,271 ¥20,515 ¥15,771 ¥22,374 ¥146,101 ¥166,635 ¥166,982 ¥188,359 ¥3,020 ¥3,066 ¥2,376 ¥3,104 ¥4,399 ¥2,679 ¥2,229 ¥2,816 20,966 19,299 20,473 20,977 ¥172,125 ¥172,718 ¥181,400 ¥197,373 106,924 111,120 120,808 129,820 ¥106,290 ¥112,670 ¥115,897 ¥132,254 634 ¥1,550 4,911 ¥2,434 ¥26,252 ¥22,633 ¥8,940 ¥25,069 ¥197,743 ¥196,901 ¥185,429 ¥224,876 5,385 25,015 4,968 22,152 5,220 10,210 2,593 7,085 317 2,486 ¥2,296 ¥3,254 ¥7,158 ¥4,245 ¥12,527 ¥11,736 ¥14,485 ¥13,304 ¥11,566 ¥12,123 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 Income receipts and payments Balance on goods and services 3 Includes transfers of goods and services under U.S. military grant programs. See p. 37 for continuation of table. U.S. INTERNATIONAL TRANSACTIONS—Continued In the financial account, U.S. claims on foreigners reported by U.S. banks decreased $11.5 billion in the fourth quarter of 2005, in contrast to an increase of $108.0 billion in the third quarter. U.S. liabilities to private foreigners reported by U.S. banks, excluding Treasury securities, increased $15.7 billion in the fourth quarter, following an increase of $78.7 billion in the third quarter. [Millions of dollars; quarterly data seasonally adjusted. Credits (+), debits (¥)] Financial account Period Capital account transactions, net U.S.-owned assets abroad, net [increase/financial outflow (¥)] Total U.S. official reserve assets 4 Other U.S. Government assets Statistical discrepancy Foreign-owned assets in the U.S., net [increase/financial inflow (+)] U.S. private assets Total Foreign official assets Other foreign assets Total (sum of the items with sign reversed) Of which: Seasonal adjustment discrepancy U.S. official reserve assets, net 4 (unadjusted, end of period) 1996 .................................. 1997 .................................. 1998 .................................. 1999 .................................. 2000 .................................. 2001 .................................. 2002 .................................. 2003 .................................. 2004 .................................. 2005 p ................................. ¥631 ¥1,014 ¥702 ¥4,888 ¥929 ¥1,223 ¥1,363 ¥3,214 ¥1,648 ¥5,647 ¥413,409 ¥485,475 ¥353,829 ¥504,062 ¥560,523 ¥382,616 ¥294,027 ¥328,397 ¥855,509 ¥491,729 6,668 ¥1,010 ¥6,783 8,747 ¥290 ¥4,911 ¥3,681 1,523 2,805 14,096 ¥989 68 ¥422 2,750 ¥941 ¥486 345 537 1,215 7,580 ¥419,088 ¥484,533 ¥346,624 ¥515,559 ¥559,292 ¥377,219 ¥290,691 ¥330,457 ¥859,529 ¥513,405 551,096 706,809 423,569 740,210 1,046,896 782,859 794,343 889,043 1,440,105 1,292,695 126,724 19,036 ¥19,903 43,543 42,758 28,059 115,945 278,275 394,710 220,676 424,372 687,773 443,472 696,667 1,004,138 754,800 678,398 610,768 1,045,395 1,072,019 ¥12,162 ¥79,414 145,026 68,800 ¥69,445 ¥9,564 ¥23,742 ¥37,753 85,126 9,626 .................. .................. .................. .................. .................. .................. .................. .................. .................. .................. 75,089 69,954 81,761 71,516 67,647 68,654 79,006 85,938 86,824 65,127 2003: I ............................. II ............................ III .......................... IV ........................... 2004: I ............................. II ............................ III .......................... IV ........................... 2005: Ir ............................. II r ........................... III r ......................... IV p ......................... ¥423 ¥1,596 ¥837 ¥358 ¥428 ¥372 ¥393 ¥455 ¥4,466 ¥315 ¥435 ¥431 ¥91,631 ¥142,267 ¥25,442 ¥69,057 ¥295,140 ¥133,886 ¥137,525 ¥288,957 ¥81,803 ¥225,422 ¥141,429 ¥43,077 83 ¥170 ¥611 2,221 557 1,122 429 697 5,331 ¥797 4,766 4,796 53 310 483 ¥309 727 ¥2 ¥11 501 4,487 971 1,516 606 ¥91,767 ¥142,407 ¥25,314 ¥70,969 ¥296,424 ¥135,006 ¥137,943 ¥290,155 ¥91,621 ¥225,596 ¥147,711 ¥48,479 240,593 240,143 140,909 267,397 423,023 304,937 254,228 457,915 243,311 376,085 395,264 278,037 50,622 66,889 64,595 96,169 147,401 77,039 75,792 94,478 25,277 82,646 38,176 74,577 189,971 173,254 76,314 171,228 275,622 227,898 178,436 363,437 218,034 293,439 357,088 203,460 ¥11,879 32,514 14,351 ¥72,739 18,646 ¥4,044 50,672 19,856 40,701 46,553 ¥67,971 ¥9,653 9,623 ¥4,407 ¥13,009 7,793 11,010 ¥3,747 ¥12,977 5,718 14,746 ¥8,639 ¥16,767 10,664 80,049 81,660 84,431 85,938 85,192 82,652 82,578 86,824 78,942 76,594 71,273 65,127 4 Consists of gold, special drawing rights (SDRs), foreign currencies, and the U.S. reserve position in the International Monetary Fund (IMF). Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the Treasury. 37 Contents Page TOTAL OUTPUT, INCOME, AND SPENDING Gross Domestic Product .......................................................................................................................................................................................... Real Gross Domestic Product .................................................................................................................................................................................. Implicit Price Deflators for Gross Domestic Product .............................................................................................................................................. Gross Domestic Product and Related Price Measures: Indexes and Percent Changes .............................................................................................. Nonfinancial Corporate Business—Gross Value Added and Price, Costs, and Profits ............................................................................................. National Income ...................................................................................................................................................................................................... Real Personal Consumption Expenditures ............................................................................................................................................................... Sources of Personal Income ...................................................................................................................................................................................... Disposition of Personal Income ............................................................................................................................................................................... Farm Income ............................................................................................................................................................................................................ Corporate Profits ...................................................................................................................................................................................................... Real Gross Private Domestic Investment ................................................................................................................................................................ Real Private Fixed Investment by Type .................................................................................................................................................................. Business Investment ................................................................................................................................................................................................ 1 2 2 3 3 4 4 5 6 7 8 9 10 10 EMPLOYMENT, UNEMPLOYMENT, AND WAGES Status of the Labor Force ......................................................................................................................................................................................... Selected Unemployment Rates ................................................................................................................................................................................ Selected Measures of Unemployment and Unemployment Insurance Programs ...................................................................................................... Nonagricultural Employment .................................................................................................................................................................................. Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries ................................................................. Employment Cost Index—Private Industry ............................................................................................................................................................. Productivity and Related Data, Business Sector ...................................................................................................................................................... 11 12 13 14 15 15 16 PRODUCTION AND BUSINESS ACTIVITY Industrial Production and Capacity Utilization ....................................................................................................................................................... Industrial Production—Major Market Groups and Selected Manufactures .............................................................................................................. New Construction .................................................................................................................................................................................................... New Private Housing and Vacancy Rates ............................................................................................................................................................... Business Sales and Inventories—Manufacturing and Trade ..................................................................................................................................... Manufacturers’ Shipments, Inventories, and Orders ................................................................................................................................................. 17 18 19 19 20 21 PRICES Producer Prices ........................................................................................................................................................................................................ Consumer Prices—All Urban Consumers ................................................................................................................................................................ Changes in Producer Prices for Finished Goods ...................................................................................................................................................... Changes in Consumer Prices—All Urban Consumers ............................................................................................................................................. Prices Received and Paid by Farmers ...................................................................................................................................................................... 22 23 24 24 25 MONEY, CREDIT, AND SECURITY MARKETS Money Stock and Debt Measures ............................................................................................................................................................................. Components of Money Stock ................................................................................................................................................................................... Aggregate Reserves and Monetary Base ................................................................................................................................................................... Bank Credit at All Commercial Banks .................................................................................................................................................................... Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business .................................................................................................................. Consumer Credit ...................................................................................................................................................................................................... Interest Rates and Bond Yields ............................................................................................................................................................................... Common Stock Prices and Yields ............................................................................................................................................................................ 26 27 27 28 29 29 30 31 FEDERAL FINANCE Federal Receipts, Outlays, and Debt ....................................................................................................................................................................... Federal Receipts by Source and Outlays by Function .............................................................................................................................................. Federal Sector, National Income Accounts Basis ..................................................................................................................................................... 32 33 34 INTERNATIONAL STATISTICS Industrial Production and Consumer Prices—Major Industrial Countries ............................................................................................................... U.S. International Trade in Goods and Services ...................................................................................................................................................... U.S. International Transactions ................................................................................................................................................................................ 35 35 36 General Notes Detail in these tables may not add to totals because of rounding. Unless otherwise noted, all dollar figures are in current dollars. Symbols used: p Preliminary. r Revised. c Corrected. … Not available (also, not applicable). NSA not seasonally adjusted. 38 For sale by the Superintendent of Documents, U.S. Government Printing Office, Washington, D.C. 20402. Price $3.00 (single copy) ($3.75 foreign). Subscription price: $33.00 per year; $41.25 for foreign mailing. U.S. GOVERNMENT PRINTING OFFICE : 2006 26932