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111th Congress, 2nd Session

Economic Indicators
MARCH 2010
(Includes data available as of April 2, 2010)

Prepared for the Joint Economic Committee by the
Council of Economic Advisers

UNITED STATES
GOVERNMENT PRINTING OFFICE

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JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
CAROLYN B. MALONEY, New York, Chair
CHARLES E. SCHUMER, New York, Vice Chairman

HOUSE OF REPRESENTATIVES
MAURICE D. HINCHEY, New York
BARON P. HILL, Indiana
LORETTA SANCHEZ, California
ELIJAH E. CUMMINGS, Maryland
VIC SNYDER, Arkansas
KEVIN BRADY, Texas
RON PAUL, Texas
MICHAEL C. BURGESS, M.D., Texas
JOHN CAMPBELL, California

SENATE
JEFF BINGAMAN, New Mexico
AMY KLOBUCHAR, Minnesota
ROBERT P. CASEY, JR., Pennsylvania
JIM WEBB, Virginia
MARK R. WARNER, Virginia
SAM BROWNBACK, Kansas
JIM DEMINT, South Carolina
JAMES E. RISCH, Idaho
ROBERT F. BENNETT, Utah

ANDREA CAMP, Executive Director

COUNCIL OF ECONOMIC ADVISERS
CHRISTINA D. ROMER, Chair
AUSTAN D. GOOLSBEE, Member
CECILIA E. ROUSE, Member
[PUBLIC LAW 120—81ST CONGRESS; CHAPTER 237—1ST SESSION]
JOINT RESOLUTION [S.J. Res. 55]
To print the monthly publication entitled ‘‘Economic Indicators’’
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the
Joint Economic Committee be authorized to issue a monthly publication entitled ‘‘Economic Indicators,’’ and that
a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant
at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies
to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic
Committee; and the required numbers of copies to the Superintendent of Documents for distribution to depository
libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public.
Approved June 23, 1949.

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Charts prepared under the direction of the Printing and Procurement Branch,
Office of the Secretary, Department of Commerce.

Economic Indicators, published monthly, is available at $5.00 a single copy
($7.00 foreign), or by subscription at $58.00 per year ($81.20 for foreign mailing)
from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON, D.C. 20402
For sale by the U.S. Government Printing Office
Superintendent of Documents, Mail Stop: SSOP, Washington, DC 20402–9328
Also available on the internet at the following address: http://www.gpoaccess.gov/indicators

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TOTAL OUTPUT, INCOME, AND SPENDING
GROSS DOMESTIC PRODUCT
In the fourth quarter of 2009, according to revised estimates, current-dollar gross domestic product (GDP) rose
6.1 percent (annual rate), real GDP (GDP in chained 2005 dollars) rose 5.6 percent, and the chained price index
rose 0.5 percent.

[Billions of current dollars; quarterly data at seasonally adjusted annual rates]

2000 ......................
2001 ......................
2002 ......................
2003 ......................
2004 ......................
2005 ......................
2006 ......................
2007 ......................
2008 ......................
2009 r ....................
2006: I ................
II ...............
III .............
IV ..............
2007: I ................
II ...............
III .............
IV ..............
2008: I ................
II ...............
III .............
IV ..............
2009: I ................
II ...............
III .............
IV r .............
1 GDP

Net
exports

Exports

9,951.5
10,286.2
10,642.3
11,142.1
11,867.8
12,638.4
13,398.9
14,077.6
14,441.4
14,256.3
13,183.5
13,347.8
13,452.9
13,611.5
13,795.6
13,997.2
14,179.9
14,337.9
14,373.9
14,497.8
14,546.7
14,347.3
14,178.0
14,151.2
14,242.1
14,453.8

¥382.1
¥371.0
¥427.2
¥504.1
¥618.7
¥722.7
¥769.3
¥713.8
¥707.8
¥392.4
¥775.8
¥781.4
¥805.7
¥714.3
¥729.4
¥724.8
¥698.4
¥702.5
¥744.4
¥738.7
¥757.5
¥590.5
¥378.5
¥339.1
¥402.2
¥449.5

1,093.2
1,027.7
1,003.0
1,041.0
1,180.2
1,305.1
1,471.0
1,655.9
1,831.1
1,564.2
1,414.0
1,456.0
1,476.0
1,538.2
1,564.9
1,602.1
1,685.2
1,771.6
1,803.6
1,901.5
1,913.1
1,706.2
1,509.3
1,493.7
1,573.8
1,680.1

6,830.4
7,148.8
7,439.2
7,804.0
8,285.1
8,819.0
9,322.7
9,826.4
10,129.9
10,089.1
9,148.2
9,266.6
9,391.8
9,484.1
9,658.5
9,762.5
9,865.6
10,019.2
10,095.1
10,194.7
10,220.1
10,009.8
9,987.7
9,999.3
10,132.9
10,236.4

1,772.2
1,661.9
1,647.0
1,729.7
1,968.6
2,172.2
2,327.2
2,288.5
2,136.1
1,628.8
2,336.5
2,352.1
2,333.5
2,286.5
2,267.2
2,302.0
2,311.9
2,272.9
2,214.8
2,164.6
2,142.7
2,022.1
1,689.9
1,561.5
1,556.1
1,707.8

Government consumption expenditures
and gross investment
Federal

Imports

Total
Total

1,475.3
1,398.7
1,430.2
1,545.1
1,798.9
2,027.8
2,240.3
2,369.7
2,538.9
1,956.6
2,189.8
2,237.4
2,281.7
2,252.5
2,294.3
2,326.9
2,383.6
2,474.0
2,548.1
2,640.2
2,670.5
2,296.7
1,887.9
1,832.8
1,976.0
2,129.7

less exports of goods and services plus imports of goods and services.

1,731.0
1,846.4
1,983.3
2,112.6
2,232.8
2,369.9
2,518.4
2,676.5
2,883.2
2,930.7
2,474.5
2,510.5
2,533.3
2,555.2
2,599.3
2,657.4
2,700.9
2,748.3
2,808.4
2,877.1
2,941.4
2,905.9
2,879.0
2,929.4
2,955.4
2,959.2

576.1
611.7
680.6
756.5
824.6
876.3
931.7
976.7
1,082.6
1,144.8
928.5
930.3
932.2
935.9
942.8
968.1
991.4
1,004.3
1,038.3
1,069.5
1,108.3
1,114.3
1,106.7
1,138.3
1,164.3
1,170.1

National
defense
371.0
393.0
437.7
497.9
550.8
589.0
624.9
662.1
737.9
779.0
615.5
624.1
623.3
636.6
636.7
656.6
674.4
680.8
703.6
725.6
763.6
758.9
750.7
776.2
795.8
793.5

Nondefense
205.0
218.7
242.9
258.5
273.9
287.3
306.8
314.5
344.7
365.8
313.0
306.2
308.9
299.3
306.1
311.6
317.0
323.6
334.8
343.9
344.7
355.3
356.0
362.1
368.5
376.7

State
and
local
1,154.9
1,234.7
1,302.7
1,356.1
1,408.2
1,493.6
1,586.7
1,699.8
1,800.6
1,785.9
1,546.1
1,580.2
1,601.2
1,619.4
1,656.5
1,689.3
1,709.5
1,743.9
1,770.1
1,807.6
1,833.1
1,791.7
1,772.3
1,791.2
1,791.1
1,789.0

Final
sales of
domestic
product

Gross
domestic
purchases 1

Addendum:
Gross
national
product

9,896.9
10,324.5
10,630.3
11,125.8
11,802.8
12,588.4
13,339.0
14,058.3
14,476.2
14,377.2
13,117.5
13,275.4
13,383.8
13,579.2
13,782.5
13,973.7
14,148.8
14,328.0
14,382.1
14,547.1
14,583.7
14,391.8
14,305.3
14,327.4
14,398.7
14,477.4

10,333.5
10,657.2
11,069.5
11,646.3
12,486.4
13,361.1
14,168.2
14,791.4
15,149.2
14,648.6
13,959.3
14,129.2
14,258.6
14,325.8
14,525.0
14,722.0
14,878.3
15,040.3
15,118.3
15,236.4
15,304.2
14,937.8
14,556.5
14,490.3
14,644.3
14,903.3

9,989.2
10,338.1
10,691.4
11,210.8
11,959.0
12,735.5
13,471.3
14,193.3
14,583.3
14,361.2
13,264.0
13,423.3
13,514.8
13,683.2
13,859.5
14,073.3
14,318.3
14,522.2
14,544.9
14,626.6
14,707.5
14,454.3
14,277.9
14,243.8
14,363.7
14,559.5

Source: Department of Commerce, Bureau of Economic Analysis.

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Period

Exports and imports
of goods and services

Personal Gross
Gross
conprivate
domestic sumption domestic
product expendi- investtures
ment

REAL GROSS DOMESTIC PRODUCT
[Billions of chained (2005) dollars; quarterly data at seasonally adjusted annual rates]

Gross private
domestic investment
Period

2000 ......................
2001 ......................
2002 ......................
2003 ......................
2004 ......................
2005 ......................
2006 ......................
2007 ......................
2008 ......................
2009 r .....................
2006: I .................
II ................
III ..............
IV ...............
2007: I .................
II ................
III ..............
IV ...............
2008: I .................
II ................
III ..............
IV ...............
2009: I .................
II ................
III ..............
IV r ..............

Personal
Gross
conNonresidomestic sumption dential
product expendi- fixed
tures
investment
11,226.0
11,347.2
11,553.0
11,840.7
12,263.8
12,638.4
12,976.2
13,254.1
13,312.2
12,987.4
12,915.9
12,962.5
12,965.9
13,060.7
13,099.9
13,204.0
13,321.1
13,391.2
13,366.9
13,415.3
13,324.6
13,141.9
12,925.4
12,901.5
12,973.0
13,149.5

7,608.1
7,813.9
8,021.9
8,247.6
8,532.7
8,819.0
9,073.5
9,313.9
9,290.9
9,235.1
8,986.6
9,035.0
9,090.7
9,181.6
9,265.1
9,291.5
9,335.6
9,363.6
9,349.6
9,351.0
9,267.7
9,195.3
9,209.2
9,189.0
9,252.6
9,289.5

1,318.5
1,281.8
1,180.2
1,191.0
1,263.0
1,347.3
1,453.9
1,544.3
1,569.7
1,291.0
1,424.9
1,450.3
1,466.0
1,474.5
1,489.6
1,530.3
1,565.8
1,591.3
1,598.9
1,604.4
1,579.2
1,496.1
1,321.2
1,288.4
1,269.0
1,285.5

Resi- Change
dential in prifixed
vate
invest- invenment tories
580.0
583.3
613.8
664.3
729.5
775.0
718.2
585.0
451.1
358.7
775.2
740.1
697.4
660.2
631.7
610.4
572.9
525.0
483.2
462.9
443.3
415.0
367.9
344.4
359.6
362.9

60.2
¥41.8
12.8
17.3
66.3
50.0
59.4
19.5
¥25.9
¥108.2
65.8
72.5
67.5
31.8
14.5
23.3
29.8
10.3
.6
¥37.1
¥29.7
¥37.4
¥113.9
¥160.2
¥139.2
¥19.7

Exports and imports of
goods and services

Government consumption expenditures
and gross investment
AddenFinal
Gross
dum:
sales of domestic Gross
domestic
purnational
product chases 1 product

Federal
Net
exports

Exports

Imports

Total

¥451.6
¥472.1
¥548.8
¥603.9
¥688.0
¥722.7
¥729.2
¥647.7
¥494.3
¥355.6
¥732.6
¥732.8
¥756.5
¥694.9
¥705.0
¥683.4
¥638.4
¥564.0
¥550.9
¥476.0
¥479.2
¥470.9
¥386.5
¥330.4
¥357.4
¥348.0

1,188.3
1,121.6
1,099.2
1,116.8
1,222.8
1,305.1
1,422.0
1,546.1
1,629.3
1,472.4
1,388.8
1,412.1
1,414.1
1,473.2
1,485.9
1,504.8
1,569.9
1,624.0
1,623.4
1,670.4
1,655.2
1,568.0
1,434.5
1,419.5
1,478.8
1,556.8

1,639.9
1,593.8
1,648.0
1,720.7
1,910.8
2,027.8
2,151.2
2,193.8
2,123.5
1,828.0
2,121.3
2,144.9
2,170.5
2,168.1
2,190.8
2,188.1
2,208.3
2,188.0
2,174.3
2,146.5
2,134.4
2,038.9
1,821.0
1,749.8
1,836.2
1,904.8

2,097.8
2,178.3
2,279.6
2,330.5
2,362.0
2,369.9
2,402.1
2,443.1
2,518.1
2,564.6
2,397.1
2,399.1
2,402.7
2,409.4
2,409.5
2,435.4
2,458.9
2,468.7
2,484.7
2,506.9
2,536.6
2,544.0
2,527.2
2,568.6
2,585.5
2,576.9

1 GDP less exports of goods and services plus imports of goods and services.
NOTE.—Because of the formula used for calculating real GDP, the chained (2005) dollar
estimates for the detailed components do not add to the chained-dollar value of GDP or to any
intermediate aggregates.

Total

National
defense

Nondefense

698.1
726.5
779.5
831.1
865.0
876.3
894.9
906.4
975.9
1,026.6
900.5
892.8
892.0
894.4
882.8
898.7
919.0
925.1
943.4
961.3
991.6
1,007.3
996.3
1,023.5
1,043.3
1,043.4

453.5
470.7
505.3
549.2
580.4
589.0
598.4
611.5
659.4
695.0
595.6
597.2
594.3
606.5
594.7
607.1
621.7
622.4
634.8
645.6
675.4
681.7
672.8
695.2
709.3
702.8

244.4
255.5
273.9
281.7
284.6
287.3
296.6
294.9
316.4
331.5
305.0
295.7
297.7
287.8
288.1
291.6
297.2
302.7
308.6
315.8
315.9
325.4
323.4
328.2
333.8
340.5

State
and
local

1,400.1
1,452.3
1,500.6
1,499.7
1,497.1
1,493.6
1,507.2
1,536.7
1,543.7
1,541.0
1,496.6
1,506.3
1,510.8
1,515.0
1,526.5
1,536.5
1,540.0
1,543.7
1,541.9
1,546.6
1,547.0
1,539.3
1,533.3
1,548.0
1,545.5
1,537.0

11,167.5
11,391.7
11,543.5
11,824.8
12,198.2
12,588.4
12,917.1
13,234.3
13,341.2
13,110.7
12,851.3
12,891.0
12,898.3
13,027.8
13,086.4
13,179.6
13,290.3
13,381.1
13,363.5
13,453.5
13,354.3
13,193.5
13,055.8
13,077.8
13,127.2
13,181.9

11,681.4
11,825.7
12,107.7
12,449.2
12,952.5
13,361.1
13,705.7
13,901.6
13,801.2
13,336.2
13,648.7
13,695.5
13,722.8
13,755.7
13,805.0
13,887.6
13,959.7
13,954.2
13,916.4
13,885.5
13,798.8
13,604.0
13,303.1
13,225.9
13,323.8
13,492.1

11,268.8
11,404.6
11,606.9
11,914.2
12,358.5
12,735.5
13,046.1
13,362.8
13,442.6
13,083.7
12,994.2
13,035.4
13,025.1
13,129.5
13,160.5
13,275.9
13,451.5
13,563.3
13,525.4
13,533.7
13,470.7
13,240.5
13,018.1
12,986.8
13,084.0
13,246.0

Source: Department of Commerce, Bureau of Economic Analysis.

CHAINED PRICE INDEXES FOR GROSS DOMESTIC PRODUCT
[Index numbers, 2005=100; quarterly data are seasonally adjusted]

Personal consumption
expenditures
Gross
domestic
product

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Period

2000 ..................
2001 ..................
2002 ..................
2003 ..................
2004 ..................
2005 ..................
2006 ..................
2007 ..................
2008 ..................
2009 r ................
2006: I ............
II ...........
III .........
IV ..........
2007: I ............
II ...........
III .........
IV ..........
2008: I ............
II ...........
III .........
IV ..........
2009: I ............
II ...........
III .........
IV r .........

88.648
90.654
92.113
94.099
96.769
100.000
103.263
106.221
108.481
109.745
102.071
102.980
103.763
104.237
105.327
106.026
106.460
107.072
107.577
108.061
109.130
109.155
109.661
109.656
109.763
109.902

Total

89.777
91.488
92.736
94.622
97.098
100.000
102.746
105.502
109.031
109.241
101.803
102.567
103.316
103.298
104.250
105.074
105.681
107.005
107.974
109.021
110.273
108.855
108.449
108.814
109.510
110.190

Goods

97.520
97.429
96.430
96.380
97.867
100.000
101.508
102.789
106.150
103.540
101.116
101.765
102.329
100.822
101.612
102.548
102.627
104.370
105.689
106.678
108.451
103.784
102.186
102.864
104.216
104.895

Gross private
domestic investment

Services

85.824
88.428
90.807
93.692
96.687
100.000
103.411
106.964
110.582
112.252
102.171
102.998
103.844
104.630
105.668
106.433
107.327
108.427
109.213
110.296
111.275
111.542
111.749
111.954
112.312
112.992

Nonresidential
fixed
96.219
95.788
95.363
95.355
96.834
100.000
103.534
106.209
107.897
107.524
102.279
103.112
103.878
104.868
105.686
106.104
106.354
106.693
106.617
107.161
108.314
109.498
109.154
107.993
106.656
106.294

Exports and imports of
goods and services

Government consumption expenditures
and gross investment
Federal

Residential fixed
77.415
80.994
83.002
86.953
93.296
100.000
106.081
107.513
105.779
100.716
104.890
105.940
106.295
107.199
107.604
107.307
107.455
107.686
107.271
106.838
105.807
103.198
101.915
100.554
99.863
100.532

Exports

Imports
Total

91.999
91.627
91.253
93.216
96.517
100.000
103.447
107.103
112.389
106.250
101.828
103.125
104.395
104.438
105.355
106.516
107.396
109.144
111.156
113.890
115.638
108.871
105.265
105.284
106.473
107.978

89.963
87.762
86.784
89.796
94.144
100.000
104.144
108.017
119.559
107.037
103.243
104.322
105.121
103.889
104.711
106.332
107.937
113.088
117.234
123.069
125.203
112.730
103.746
104.821
107.688
111.891

82.524
84.201
87.318
91.024
95.335
100.000
104.107
107.754
110.938
111.513
103.101
104.187
104.502
104.637
106.808
107.737
107.896
108.577
110.077
111.265
111.784
110.628
111.084
111.214
111.601
112.151

Source: Department of Commerce, Bureau of Economic Analysis.

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ECOIND

National
defense
81.821
83.484
86.624
90.659
94.895
100.000
104.421
108.286
111.913
112.086
103.336
104.499
104.883
104.965
107.089
108.172
108.493
109.389
110.857
112.402
113.059
111.334
111.584
111.664
112.195
112.901

Nondefense
83.907
85.612
88.689
91.774
96.234
100.000
103.468
106.672
108.935
110.358
102.622
103.551
103.728
103.972
106.243
106.858
106.678
106.908
108.469
108.922
109.149
109.198
110.085
110.320
110.401
110.625

State
and local
82.482
85.019
86.810
90.425
94.062
100.000
105.276
110.615
116.642
115.896
103.307
104.916
105.990
106.892
108.527
109.949
111.009
112.975
114.803
116.877
118.493
116.396
115.587
115.713
115.889
116.397

GROSS DOMESTIC PRODUCT AND RELATED PRICE MEASURES:
INDEXES AND PERCENT CHANGES
[Quarterly data are seasonally adjusted]
Percent change from preceding period 1

Index numbers, 2005=100
Personal consumption
expenditures (PCE)

Gross domestic product (GDP)

Personal consumption
expenditures (PCE)

Gross domestic product (GDP)

Period
Real GDP
(chain-type
quantity
index)

2000 ....................................
2001 ....................................
2002 ....................................
2003 ....................................
2004 ....................................
2005 ....................................
2006 ....................................
2007 ....................................
2008 ....................................
2009 r ...................................
2005: I ...............................
II .............................
III ............................
IV ............................
2006: I ...............................
II .............................
III ............................
IV ............................
2007: I ...............................
II .............................
III ............................
IV ............................
2008: I ...............................
II .............................
III ............................
IV ............................
2009: I ...............................
II .............................
III ............................
IV r ...........................
1 Quarterly

88.825
89.783
91.412
93.688
97.036
100.000
102.673
104.872
105.331
102.761
99.175
99.598
100.354
100.873
102.196
102.564
102.592
103.341
103.652
104.475
105.402
105.957
105.764
106.147
105.430
103.984
102.271
102.082
102.648
104.045

GDP
chain-type
price
index

GDP
implicit
price
deflator

88.648
90.654
92.113
94.099
96.769
100.000
103.263
106.221
108.481
109.745
98.774
99.445
100.470
101.312
102.071
102.980
103.763
104.237
105.327
106.026
106.460
107.072
107.577
108.061
109.130
109.155
109.661
109.656
109.763
109.902

PCE
(chain-type
price index)

PCE
less food
and energy
price index

89.777
91.488
92.736
94.622
97.098
100.000
102.746
105.502
109.031
109.241
98.754
99.374
100.495
101.377
101.803
102.567
103.316
103.298
104.250
105.074
105.681
107.005
107.974
109.021
110.273
108.855
108.449
108.814
109.510
110.190

91.111
92.739
94.345
95.784
97.788
100.000
102.292
104.699
107.207
108.854
99.229
99.768
100.172
100.831
101.325
102.057
102.630
103.154
103.862
104.318
104.904
105.714
106.333
106.976
107.652
107.866
108.173
108.712
109.027
109.503

88.647
90.650
92.118
94.100
96.770
100.000
103.257
106.214
108.483
109.770
98.766
99.438
100.461
101.309
102.071
102.973
103.756
104.218
105.310
106.008
106.447
107.069
107.534
108.069
109.172
109.172
109.691
109.686
109.783
109.919

percent changes are at annual rates.

Real GDP
(chain-type
quantity
index)

GDP
(current
dollars)

6.4
3.4
3.5
4.7
6.5
6.5
6.0
5.1
2.6
¥1.3
8.0
4.5
7.4
5.6
8.6
5.1
3.2
4.8
5.5
6.0
5.3
4.5
1.0
3.5
1.4
¥5.4
¥4.6
¥.8
2.6
6.1

GDP
chain-type
price
index

4.1
1.1
1.8
2.5
3.6
3.1
2.7
2.1
.4
¥2.4
4.1
1.7
3.1
2.1
5.4
1.4
.1
3.0
1.2
3.2
3.6
2.1
¥.7
1.5
¥2.7
¥5.4
¥6.4
¥.7
2.2
5.6

2.2
2.3
1.6
2.2
2.8
3.3
3.3
2.9
2.1
1.2
3.8
2.7
4.2
3.4
3.0
3.6
3.1
1.8
4.2
2.7
1.6
2.3
1.9
1.8
4.0
.1
1.9
.0
.4
.5

GDP
implicit
price
deflator

2.2
2.3
1.6
2.2
2.8
3.3
3.3
2.9
2.1
1.2
3.7
2.7
4.2
3.4
3.0
3.6
3.1
1.8
4.3
2.7
1.7
2.4
1.7
2.0
4.1
.0
1.9
.0
.4
.5

PCE
(chain-type
price index)

PCE
less food
and energy
price index

2.5
1.9
1.4
2.0
2.6
3.0
2.7
2.7
3.3
.2
2.4
2.5
4.6
3.6
1.7
3.0
3.0
¥.1
3.7
3.2
2.3
5.1
3.7
3.9
4.7
¥5.0
¥1.5
1.4
2.6
2.5

1.7
1.8
1.7
1.5
2.1
2.3
2.3
2.4
2.4
1.5
2.9
2.2
1.6
2.7
2.0
2.9
2.3
2.1
2.8
1.8
2.3
3.1
2.4
2.4
2.6
.8
1.1
2.0
1.2
1.8

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

tjames on DSKG8SOYB1PROD with ECOIND

Period

2000 ........................................................
2001 ........................................................
2002 ........................................................
2003 ........................................................
2004 ........................................................
2005 ........................................................
2006 ........................................................
2007 ........................................................
2008 ........................................................
2009 p ......................................................
2007: I ...................................................
II .................................................
III ................................................
IV ................................................
2008: I ...................................................
II .................................................
III ................................................
IV ................................................
2009: I ...................................................
II .................................................
III ................................................
IV p ...............................................

Current
dollars

Chained
(2005)
dollars

5,279.4
5,252.5
5,307.7
5,503.7
5,877.5
6,302.8
6,740.3
6,970.1
6,971.5
6,672.2
6,909.3
6,988.8
6,949.7
7,032.6
6,934.9
6,974.4
7,042.4
6,934.1
6,703.8
6,671.9
6,613.6
6,699.6

5,707.9
5,604.6
5,629.3
5,767.4
6,040.4
6,302.8
6,536.5
6,649.4
6,675.5
6,290.6
6,597.4
6,649.8
6,624.9
6,725.5
6,664.3
6,735.8
6,722.6
6,579.3
6,278.8
6,269.8
6,242.7
6,371.2

Total

Compensation of employees
(unit labor
cost)

0.925
.937
.943
.954
.973
1.000
1.031
1.048
1.044
1.061
1.047
1.051
1.049
1.046
1.041
1.035
1.048
1.054
1.068
1.064
1.059
1.052

1 Estimates for nonfinancial corporate business for 2000 and earlier periods are based on the
Standard Industrial Classification (SIC); later estimates are based on the North American Industry Classification System (NAICS).
2 The implicit price deflator for gross value added of nonfinancial corporate business divided
by 100.

Total

0.621
.635
.630
.633
.627
.631
.640
.656
.663
.665
.654
.653
.659
.659
.665
.658
.661
.670
.675
.669
.664
.652

0.222
.236
.237
.237
.234
.243
.250
.264
.275
.287
.258
.263
.268
.268
.271
.272
.274
.282
.293
.290
.285
.282

Consumption of
fixed
capital

Taxes
on production
and imports 3

Net interest and
miscellaneous
payments

0.103
.113
.116
.116
.115
.118
.123
.128
.135
.143
.126
.127
.129
.129
.132
.132
.135
.139
.146
.144
.143
.140

0.085
.088
.092
.095
.097
.101
.102
.102
.104
.108
.102
.102
.103
.102
.103
.103
.104
.105
.109
.109
.107
.107

0.034
.035
.029
.026
.022
.024
.025
.034
.036
.036
.030
.034
.036
.037
.036
.037
.035
.038
.038
.037
.035
.035

Corporate profits with inventory
valuation and capital consumption
adjustments 4
Total

0.082
.066
.076
.084
.112
.127
.141
.127
.107
.108
.135
.135
.122
.118
.105
.106
.114
.1020
.100
.105
.110
.117

Taxes on
corporate
income

0.030
.020
.017
.023
.031
.043
.047
.045
.036
.035
.047
.046
.043
.044
.038
.039
.038
.027
.032
.035
.036
.039

Profits
after
tax 5

0.052
.046
.059
.061
.081
.083
.094
.082
.071
.073
.087
.089
.079
.074
.066
.067
.076
.075
.069
.071
.074
.078

3 Less

subsidies plus business current transfer payments.
profits from current production.
inventory valuation and capital consumption adjustments.
Source: Department of Commerce, Bureau of Economic Analysis.
4 Unit

5 With

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ECOIND

NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Proprietors’
income 1

National
income

Period

2000 ...........
2001 ...........
2002 ...........
2003 ...........
2004 ...........
2005 ...........
2006 ...........
2007 ...........
2008 ...........
2009 r ..........
2006: I ......
II ....
III ...
IV ...
2007: I ......
II ....
III ...
IV ...
2008: I ......
II ....
III ...
IV ...
2009: I ......
II ....
III ...
IV r ..
1 With

8,938.9
9,185.2
9,408.5
9,840.2
10,534.0
11,273.8
12,031.2
12,448.2
12,635.2
12,288.1
11,838.2
11,965.9
12,093.0
12,227.9
12,253.9
12,421.1
12,482.2
12,635.4
12,661.5
12,664.4
12,781.0
12,433.9
12,208.9
12,218.1
12,259.7
12,465.6

Compensation
of
employees

5,788.8
5,979.3
6,110.8
6,382.6
6,693.4
7,065.0
7,477.0
7,856.5
8,037.4
7,791.6
7,353.7
7,419.9
7,484.1
7,650.3
7,757.2
7,819.7
7,869.6
7,979.3
8,017.5
8,032.8
8,069.1
8,030.3
7,825.8
7,815.9
7,751.5
7,773.1

Farm

Nonfarm

29.6
30.5
18.5
36.5
49.7
43.9
29.3
39.4
48.7
29.3
28.4
28.4
28.4
32.2
36.7
35.7
37.5
47.9
57.2
49.4
49.3
39.0
27.3
28.9
25.8
35.2

Corporate profits with inventory valuation and
capital consumption adjustments

Rental
income
of
persons
with
capital
consumption
adjustment

787.8
840.2
871.8
894.1
984.1
1,025.9
1,103.6
1,056.9
1,057.5
1,011.7
1,098.5
1,104.8
1,102.8
1,108.4
1,057.5
1,060.3
1,055.7
1,054.2
1,057.9
1,062.5
1,065.1
1,044.5
1,010.5
999.1
1,012.0
1,025.1

215.3
232.4
218.7
204.2
198.4
178.2
146.5
144.9
210.4
268.1
161.3
153.2
140.3
131.2
121.1
140.3
150.2
168.0
179.9
202.8
222.2
236.7
245.9
262.0
277.9
286.7

Capital
consumption
adjustment

Net
interest
and
miscellaneous
payments

Taxes
on
production
and
imports

63.6
63.4
109.4
85.6
51.8
¥153.4
¥176.4
¥188.7
¥64.1
¥127.8
¥191.0
¥173.7
¥167.7
¥173.2
¥170.0
¥184.2
¥195.8
¥204.7
¥53.2
¥60.1
¥67.6
¥75.6
¥144.9
¥128.6
¥118.9
¥118.8

539.3
544.4
506.4
504.1
461.6
543.0
652.2
739.2
815.1
788.2
608.9
654.4
661.6
684.0
690.6
711.3
756.0
798.9
790.7
809.0
806.1
854.7
826.2
784.4
759.7
782.6

708.6
727.7
762.8
806.8
863.4
930.2
986.8
1,028.7
1,047.3
1,023.9
971.5
983.3
991.6
1,000.7
1,015.3
1,025.2
1,032.2
1,042.3
1,042.5
1,050.8
1,058.5
1,037.3
1,018.8
1,019.6
1,023.1
1,034.1

Profits with inventory valuation
adjustment and without capital
consumption adjustment
Total

819.2
784.2
872.2
977.8
1,246.9
1,456.1
1,608.3
1,541.7
1,360.4
1,308.9
1,590.9
1,597.7
1,655.1
1,589.6
1,535.4
1,594.9
1,537.1
1,499.4
1,459.7
1,403.7
1,454.6
1,123.6
1,182.7
1,226.5
1,358.9
1,467.6

Total

Profits
before
tax

Inventory
valuation
adjustment

755.7
720.8
762.8
892.2
1,195.1
1,609.5
1,784.7
1,730.4
1,424.5
1,436.7
1,781.9
1,771.4
1,822.8
1,762.7
1,705.4
1,779.1
1,732.9
1,704.1
1,512.9
1,463.8
1,522.2
1,199.3
1,327.6
1,355.1
1,477.8
1,586.3

772.5
712.7
765.3
903.5
1,229.4
1,640.2
1,822.7
1,774.4
1,462.7
1,427.6
1,815.3
1,819.8
1,865.1
1,790.7
1,747.6
1,808.6
1,758.2
1,783.1
1,620.8
1,593.5
1,576.6
1,060.1
1,246.5
1,337.1
1,495.0
1,632.0

¥16.8
8.0
¥2.6
¥11.3
¥34.3
¥30.7
¥38.0
¥44.0
¥38.2
9.1
¥33.4
¥48.4
¥42.3
¥28.0
¥42.2
¥29.5
¥25.3
¥79.0
¥107.9
¥129.6
¥54.5
139.2
81.1
18.1
¥17.1
¥45.6

inventory valuation and capital consumption adjustments.

Less:
Subsidies

Business
current
transfer
payments

Current
surplus
of government
enterprises

45.8
58.7
41.4
49.1
46.4
60.9
51.4
54.8
53.5
59.6
55.6
51.4
49.8
48.7
49.2
58.3
56.0
55.4
53.1
52.9
52.9
55.2
55.5
54.9
67.7
60.3

87.0
101.3
82.4
76.1
81.7
95.9
83.0
102.2
118.8
134.1
82.8
79.3
83.6
86.1
97.8
99.0
105.0
107.0
114.8
112.6
116.0
131.8
137.9
145.4
124.8
128.2

9.1
4.0
6.3
7.0
1.2
¥3.5
¥4.2
¥6.6
¥6.9
¥8.1
¥2.4
¥3.8
¥4.7
¥6.0
¥8.4
¥6.9
¥4.9
¥6.0
¥5.6
¥6.3
¥6.9
¥8.9
¥10.7
¥8.8
¥6.3
¥6.5

Source: Department of Commerce, Bureau of Economic Analysis.

REAL PERSONAL CONSUMPTION EXPENDITURES
[Billions of chained (2005) dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Goods
Total
personal
consumption
expenditures

tjames on DSKG8SOYB1PROD with ECOIND

Period

2000 .............
2001 .............
2002 .............
2003 .............
2004 .............
2005 .............
2006 .............
2007 .............
2008 .............
2009 r ............
2006: I ........
II ......
III .....
IV .....
2007: I ........
II ......
III .....
IV .....
2008: I ........
II ......
III .....
IV .....
2009: I ........
II ......
III .....
IV r ....

7,608.1
7,813.9
8,021.9
8,247.6
8,532.7
8,819.0
9,073.5
9,313.9
9,290.9
9,235.1
8,986.6
9,035.0
9,090.7
9,181.6
9,265.1
9,291.5
9,335.6
9,363.6
9,349.6
9,351.0
9,267.7
9,195.3
9,209.2
9,189.0
9,252.6
9,289.5

Services

Durable

Total
goods

2,521.7
2,600.9
2,706.6
2,829.9
2,955.3
3,073.9
3,173.9
3,273.7
3,206.0
3,144.2
3,145.7
3,150.8
3,176.4
3,222.5
3,253.9
3,255.4
3,280.6
3,304.8
3,262.1
3,257.8
3,193.6
3,110.4
3,129.8
3,105.4
3,159.6
3,181.9

Total
durable
goods 1

819.9
864.4
930.0
986.1
1,051.0
1,105.5
1,150.4
1,199.9
1,146.3
1,101.4
1,142.3
1,139.4
1,152.1
1,167.9
1,183.7
1,189.9
1,205.0
1,221.2
1,193.2
1,175.7
1,139.6
1,076.8
1,087.2
1,071.7
1,122.7
1,123.7

Nondurable

Motor
vehicles
and
parts

356.1
374.3
394.0
405.3
411.3
409.6
396.6
402.4
347.5
317.2
393.3
393.2
400.3
399.7
402.4
404.1
400.5
402.6
384.4
361.4
337.8
306.2
311.2
306.2
335.2
316.3

Total
nondurable
goods 1

1,714.7
1,745.6
1,780.2
1,845.6
1,904.6
1,968.4
2,023.6
2,074.8
2,057.3
2,037.0
2,003.7
2,011.6
2,024.5
2,054.7
2,070.3
2,066.1
2,076.8
2,086.0
2,070.1
2,081.4
2,051.5
2,026.1
2,035.5
2,025.7
2,033.3
2,053.4

Food and
beverages
purchased
for offpremises
consumption

600.6
607.6
609.0
622.4
639.2
665.0
686.2
700.7
700.7
697.4
676.7
684.2
686.6
697.5
700.8
696.2
699.2
706.6
708.0
708.9
699.6
686.4
687.4
693.5
700.1
708.5

1 Includes other items, not shown separately.
2 Food consists of food and beverages purchased for off-premises consumption; food services,
which include purchased meals and beverages, are not classified as food.
NOTE.—Because of the formula used for calculating real GDP, the chained (2005) dollar

Gasoline
and
other
energy
goods

287.1
289.2
294.0
302.2
306.5
304.8
298.4
300.7
287.4
292.7
296.4
297.2
300.0
299.9
301.5
301.3
301.5
298.5
292.6
289.9
280.1
287.2
293.2
294.0
292.7
291.0

Total
services 1

5,093.3
5,218.7
5,318.1
5,418.4
5,577.6
5,745.1
5,899.7
6,040.8
6,083.1
6,087.8
5,841.0
5,884.2
5,914.3
5,959.4
6,011.7
6,036.2
6,055.5
6,059.7
6,087.1
6,092.5
6,072.4
6,080.4
6,076.0
6,078.8
6,090.6
6,105.9

Household
consumption
expenditures

4,917.8
5,028.8
5,109.3
5,199.0
5,359.3
5,531.0
5,664.4
5,796.1
5,817.6
5,831.1
5,618.2
5,652.1
5,671.4
5,716.0
5,770.8
5,799.2
5,809.8
5,804.8
5,827.3
5,831.2
5,805.2
5,806.6
5,817.2
5,826.7
5,834.3
5,846.1

Housing
and
utilities

Health
care

1,413.7
1,451.5
1,462.0
1,480.2
1,512.8
1,582.8
1,616.7
1,631.8
1,647.2
1,656.7
1,598.9
1,617.8
1,627.6
1,622.5
1,629.3
1,630.1
1,634.6
1,633.1
1,643.8
1,647.3
1,641.6
1,656.3
1,656.9
1,651.8
1,654.0
1,664.4

1,081.5
1,135.4
1,202.3
1,229.4
1,268.6
1,316.0
1,340.0
1,375.5
1,416.4
1,446.9
1,337.3
1,339.2
1,335.8
1,347.7
1,365.1
1,371.7
1,377.6
1,387.6
1,409.0
1,418.2
1,416.1
1,422.4
1,434.3
1,448.2
1,448.6
1,456.5

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665.4
660.7
658.3
657.8
691.8
712.6
735.4
772.3
759.8
756.5
726.0
731.3
735.6
748.8
762.8
776.7
779.1
770.5
766.1
763.8
758.5
750.6
751.4
756.1
761.8
756.8

Retail
sales of
new
passenger
cars and
light
trucks
(millions
of units)

6,548.6
6,745.7
6,941.9
7,142.0
7,402.6
7,658.8
7,905.7
8,126.3
8,123.6
8,067.5
7,837.8
7,868.0
7,914.3
8,002.8
8,074.9
8,106.7
8,146.4
8,177.1
8,164.7
8,170.8
8,120.1
8,038.7
8,047.7
8,028.2
8,086.3
8,107.9

17.3
17.1
16.8
16.6
16.9
16.9
16.5
16.1
13.2
10.4
16.8
16.4
16.5
16.3
16.3
16.1
15.9
16.1
15.3
14.1
12.9
10.5
9.5
9.6
11.5
10.8

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.

4
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Financial
services
and
insurance

Addendum:
Personal
consumption
expenditures
excluding
food and
energy 2

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ECOIND

SOURCES OF PERSONAL INCOME
Personal income rose $1.2 billion (annual rate) in February following an increase of $30.4 billion in January. Wages
and salaries rose $2.7 billion in February following an increase of $23.4 billion in January.

[Billions of dollars; monthly data at seasonally adjusted annual rates]
Compensation of employees, received

Period

2000 .................
2001 .................
2002 .................
2003 .................
2004 .................
2005 .................
2006 .................
2007 .................
2008 .................
2009 r ................
2009: Feb ........
Mar .......
Apr ........
May .......
June ......
July .......
Aug .......
Sept .......
Oct r .......
Nov r ......
Dec r .......
2010: Jan r .......
Feb p ......
2 With

Total

8,559.4
8,883.3
9,060.1
9,378.1
9,937.2
10,485.9
11,268.1
11,894.1
12,238.8
12,026.1
11,937.1
11,882.7
11,969.8
12,146.9
12,029.7
11,975.2
12,011.9
12,028.7
12,049.5
12,095.6
12,148.1
12,178.5
12,179.7

5,788.8
5,979.3
6,110.8
6,367.6
6,708.4
7,060.0
7,475.7
7,862.7
8,042.4
7,786.6
7,798.4
7,756.0
7,804.2
7,820.1
7,823.6
7,742.7
7,762.6
7,749.1
7,762.6
7,776.7
7,780.0
7,818.2
7,823.7

Wage and
salary
disbursements

4,827.7
4,952.2
4,997.3
5,139.6
5,425.7
5,701.0
6,068.9
6,408.9
6,545.9
6,284.1
6,301.0
6,260.3
6,303.6
6,317.0
6,318.9
6,242.0
6,259.5
6,245.9
6,257.5
6,269.6
6,271.8
6,295.2
6,297.9

961.2
1,027.1
1,113.5
1,228.0
1,282.7
1,359.1
1,406.9
1,453.8
1,496.6
1,502.5
1,497.4
1,495.7
1,500.6
1,503.1
1,504.7
1,500.7
1,503.1
1,503.2
1,505.1
1,507.0
1,508.2
1,522.9
1,525.9

Farm

Nonfarm

29.6
30.5
18.5
36.5
49.7
43.9
29.3
39.4
48.7
29.3
26.1
25.0
27.1
29.1
30.6
28.2
25.8
23.5
29.3
35.2
41.1
34.0
26.9

inventory valuation and capital consumption adjustments.
capital consumption adjustment.
mainly of social insurance benefits to persons.

Personal income receipts on assets
Rental
income
of
persons 2

787.8
840.2
871.8
894.1
984.1
1,025.9
1,103.6
1,056.9
1,057.5
1,011.7
1,010.1
1,002.1
998.9
997.7
1,000.6
1,006.8
1,012.6
1,016.7
1,021.2
1,027.0
1,027.0
1,028.0
1,029.0

215.3
232.4
218.7
204.2
198.4
178.2
146.5
144.9
210.4
268.1
245.9
249.7
255.4
261.9
268.7
273.3
277.9
282.6
285.0
286.7
288.3
290.2
292.4

Total

1,360.7
1,346.0
1,309.6
1,312.9
1,408.5
1,542.0
1,829.7
2,031.5
1,994.4
1,792.6
1,845.5
1,797.1
1,785.2
1,773.4
1,761.5
1,762.3
1,763.1
1,763.9
1,776.2
1,788.5
1,800.8
1,784.3
1,767.8

Personal
interest
income

Personal
dividend
income

984.2
976.5
911.9
889.8
860.2
987.0
1,127.5
1,266.4
1,308.0
1,238.5
1,243.4
1,225.8
1,233.5
1,241.1
1,248.7
1,241.8
1,234.9
1,228.0
1,231.2
1,234.4
1,237.6
1,236.6
1,235.5

376.5
369.5
397.7
423.1
548.3
555.0
702.2
765.1
686.4
554.2
602.1
571.2
551.8
532.3
512.8
520.5
528.2
535.9
545.0
554.1
563.2
547.7
532.2

Personal
current
transfer
receipts 3

1,083.0
1,188.1
1,282.1
1,341.7
1,415.5
1,508.6
1,605.0
1,718.0
1,875.9
2,104.8
1,979.7
2,016.2
2,068.3
2,236.1
2,116.6
2,123.4
2,133.7
2,155.3
2,138.7
2,146.8
2,176.2
2,206.0
2,222.6

Less: Contributions
for government social
insurance,
domestic

705.8
733.2
751.5
778.9
827.3
872.7
921.8
959.3
990.6
966.9
968.6
963.3
969.3
971.4
971.9
961.5
963.8
962.3
963.5
965.2
965.3
982.0
982.7

Source: Department of Commerce, Bureau of Economic Analysis.

3 Consists

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1 With

Total
personal
income

Supplements to
wages
and
salaries

Proprietors’ income 1

DISPOSITION OF PERSONAL INCOME
According to revised estimates, per capita disposable personal income in chained (2005) dollars was virtually
unchanged in the fourth quarter of 2009.

Personal
income

Period

Less:
Personal
current
taxes

Equals:
Disposable
personal
income

Less:
Personal
outlays 1

Equals:
Personal
saving

Disposable
personal
income in
billions of
chained
(2005)
dollars

Per capita
disposable personal
income
Current
dollars

Billions of dollars
2000 ..............
2001 ..............
2002 ..............
2003 ..............
2004 ..............
2005 ..............
2006 ..............
2007 ..............
2008 ..............
2009 r ............

8,559.4
8,883.3
9,060.1
9,378.1
9,937.2
10,485.9
11,268.1
11,894.1
12,238.8
12,026.1

Chained
(2005)
dollars

Per capita personal
consumption
expenditures
Current
dollars

Chained
(2005)
dollars

Dollars

1,232.3 7,327.2 7,114.1
1,234.8 7,648.5 7,443.5
1,050.4 8,009.7 7,727.5
1,000.3 8,377.8 8,088.0
1,047.8 8,889.4 8,585.7
1,208.6 9,277.3 9,149.6
1,352.4 9,915.7 9,680.7
1,490.9 10,403.1 10,224.3
1,432.4 10,806.4 10,520.0
1,102.5 10,923.6 10,458.7

213.1
204.9
282.2
289.8
303.7
127.7
235.0
178.9
286.4
464.9

8,161.5
8,360.1
8,637.1
8,853.9
9,155.1
9,277.3
9,650.7
9,860.6
9,911.3
9,999.0

25,944
26,805
27,799
28,805
30,287
31,318
33,157
34,445
35,450
35,526

Percent
change
in real
per capita
disposable
personal
income

Saving as
percent of
disposable
personal
income

Population,
including
Armed
Forces
overseas
(thousands) 2

Percent

28,899
29,299
29,976
30,442
31,193
31,318
32,271
32,648
32,514
32,519

24,185
25,054
25,819
26,832
28,228
29,771
31,174
32,535
33,231
32,812

26,939
27,385
27,841
28,357
29,072
29,771
30,341
30,838
30,479
30,034

3.9
1.4
2.3
1.6
2.5
.4
3.0
1.2
¥.4
.0

2.9
2.7
3.5
3.5
3.4
1.4
2.4
1.7
2.7
4.3

282,418
285,335
288,133
290,845
293,502
296,229
299,052
302,025
304,831
307,483

31,997
32,205
32,272
32,606
32,668
32,633
32,684
32,610
32,345
33,041
32,238
32,431
32,387
32,815
32,436
32,440

30,703
31,031
31,367
31,591
32,097
32,367
32,624
33,049
33,228
33,486
33,489
32,724
32,587
32,560
32,919
33,179

30,161
30,255
30,362
30,584
30,790
30,806
30,871
30,886
30,744
30,715
30,368
30,061
30,047
29,922
30,059
30,110

6.8
2.6
.8
4.2
.8
¥.4
.6
¥.9
¥3.2
8.9
¥9.4
2.4
¥.5
5.4
¥4.5
.0

2.2
2.5
2.3
2.5
2.0
1.8
1.6
1.5
1.2
3.4
2.2
3.8
3.7
5.4
3.9
3.9

297,959
298,625
299,411
300,213
300,913
301,617
302,406
303,166
303,810
304,445
305,177
305,890
306,496
307,101
307,815
308,521

2006: I .........
II .......
III ......
IV ......
2007: I .........
II .......
III ......
IV ......
2008: I .........
II .......
III ......
IV ......
2009: I .........
II .......
III ......
IV r .....

11,026.7
11,204.0
11,336.9
11,504.8
11,706.9
11,823.4
11,945.6
12,100.3
12,142.2
12,292.9
12,286.6
12,233.5
11,952.7
12,048.8
12,005.2
12,097.7

1,321.5
1,340.2
1,354.3
1,393.5
1,459.5
1,481.8
1,500.7
1,521.9
1,531.8
1,326.2
1,437.3
1,434.3
1,187.3
1,082.6
1,071.0
1,069.1

9,705.2
9,863.8
9,982.5
10,111.2
10,247.4
10,341.7
10,445.0
10,578.4
10,610.4
10,966.7
10,849.3
10,799.1
10,765.4
10,966.2
10,934.3
11,028.7

9,493.5
9,618.2
9,754.9
9,856.4
10,038.3
10,158.2
10,275.6
10,425.0
10,484.1
10,592.2
10,613.6
10,389.9
10,362.3
10,370.5
10,502.8
10,599.3

211.7
245.6
227.7
254.8
209.1
183.5
169.4
153.5
126.3
374.4
235.7
409.2
403.1
595.7
431.5
429.3

9,533.8
9,617.3
9,662.5
9,788.8
9,830.2
9,842.7
9,883.9
9,886.2
9,826.8
10,059.0
9,838.3
9,920.4
9,926.4
10,077.5
9,984.4
10,008.5

1 Includes personal consumption expenditures, personal interest payments (nonmortgage), and
personal current transfer payments.
2 Annual data are averages of quarterly data, which are averages for the period.

32,572
33,031
33,341
33,680
34,055
34,287
34,540
34,893
34,925
36,022
35,551
35,304
35,124
35,709
35,522
35,747

Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).

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Seasonally adjusted annual rates

FARM INCOME
According to the preliminary forecast for 2010, gross farm income is forecast at $344.4 billion, and net farm income
at $63.0 billion.

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income of farm operators from farming
Gross farm income
Cash marketing receipts
Total 1

tjames on DSKG8SOYB1PROD with ECOIND

Total

2001 ................................
2002 ................................
2003 ................................
2004 ................................
2005 ................................
2006 ................................
2007 ................................
2008 ................................
2009 ................................
2010 p ..............................
2008: I ..........................
II .........................
III ........................
IV ........................
2009: I ..........................
II .........................
III ........................
IV ........................
2010: I p .........................
II p ........................
III p ......................
IV p .......................

249.9
230.6
258.6
294.7
298.4
291.2
338.4
377.1
337.1
344.4
407.7
367.0
380.6
353.2
369.1
348.6
298.6
332.0
366.0
332.7
325.9
353.2

Livestock and
products

200.0
194.6
216.1
238.0
241.0
240.9
288.5
324.2
285.0
290.5
340.8
322.1
333.5
300.4
302.2
302.3
257.7
278.0
298.9
287.1
280.5
295.7

106.7
93.9
105.7
123.5
124.9
118.6
138.6
141.1
118.8
130.3
142.2
141.7
140.8
139.7
120.5
115.4
111.9
127.2
126.8
127.8
130.0
136.6

1 Cash marketing receipts, Government payments, value of changes in inventories, other farm
related cash income, and nonmoney income produced by farms including imputed rent of operator residences.
2 Crop receipts include proceeds received from commodities placed under Commodity Credit
Corporation loans.
3 Physical changes in beginning and ending year inventories of crop and livestock commodities
valued at weighted average market prices during the period.

Value of
inventory
changes 3

Crops 2

93.4
100.7
110.5
114.5
116.1
122.3
149.9
183.1
166.3
160.3
198.6
180.4
192.6
160.7
181.7
186.9
145.8
150.7
172.1
159.2
150.6
159.1

1.1
¥3.5
¥2.7
11.2
¥.4
¥3.1
.6
¥2.4
¥1.8
.2
¥2.5
¥2.4
¥2.4
¥2.2
¥1.9
¥1.9
¥1.7
¥1.8
.3
.2
.2
.3

Direct
Government
payments 4

22.4
12.4
16.5
13.0
24.4
15.8
11.9
12.2
12.9
12.4
24.1
4.5
5.2
15.1
25.4
4.8
5.5
15.9
24.4
4.6
5.3
15.3

Production
expenses

195.0
191.4
197.7
207.3
219.7
232.7
267.5
290.0
280.7
281.4
304.9
288.2
298.4
268.8
297.6
297.7
253.8
273.7
289.5
278.0
271.7
286.4

Net farm
income

54.9
39.1
60.9
87.3
78.7
58.5
70.9
87.1
56.4
63.0
102.8
78.9
82.2
84.5
71.5
50.9
44.8
58.3
76.5
54.6
54.2
66.8

4 Includes only Government payments made directly to farmers.
NOTE.—Data for 2009 are preliminary and data for 2010 are forecasts.
Source: Department of Agriculture.

7
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Period

CORPORATE PROFITS
In the fourth quarter of 2009, according to current estimates, corporate profits before tax rose $137.0 billion (annual
rate) and profits after tax rose $96.2 billion.

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profits (before tax) with inventory valuation adjustment 1

Profits after tax

Domestic industries
Nonfinancial

Total 2
Total

tjames on DSKG8SOYB1PROD with ECOIND

2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2006:

............................
............................
............................
............................
............................
............................
............................
............................
............................
............................
I .......................
II .....................
III ....................
IV ....................
2007: I ......................
II .....................
III ....................
IV ....................
2008: I ......................
II .....................
III ....................
IV ....................
2009: I ......................
II .....................
III ....................
IV ....................
1 See

755.7
720.8
762.8
892.2
1,195.1
1,609.5
1,784.7
1,730.4
1,424.5
1,436.7
1,781.9
1,771.4
1,822.8
1,762.7
1,705.4
1,779.1
1,732.9
1,704.1
1,512.9
1,463.8
1,522.2
1,199.3
1,327.6
1,355.1
1,477.8
1,586.3

610.0
551.1
604.9
726.4
990.1
1,370.0
1,527.8
1,382.6
1,047.3
1,124.9
1,535.0
1,516.1
1,571.8
1,488.6
1,423.2
1,467.9
1,362.4
1,277.0
1,100.6
1,096.8
1,125.0
866.9
1,011.9
1,053.9
1,154.6
1,279.2

Financial

Total 3

Manufacturing

189.6
228.0
265.2
311.8
362.3
443.6
448.0
367.8
278.9
331.2
466.5
467.8
434.8
422.8
384.2
406.2
378.2
302.5
357.0
330.8
297.5
130.3
253.9
280.7
362.4
427.9

420.4
323.1
339.7
414.6
627.8
926.4
1,079.9
1,014.9
768.4
793.7
1,068.5
1,048.3
1,137.0
1,065.8
1,039.0
1,061.7
984.2
974.5
743.6
766.0
827.5
736.6
758.0
773.3
792.2
851.4

143.9
49.7
47.7
69.4
154.1
247.2
304.5
278.6
175.5
136.0
294.4
302.3
336.4
285.0
288.9
316.0
244.0
265.7
187.6
160.1
205.7
148.6
121.6
132.3
129.7
160.5

Utilities

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

Wholesale

25.6
25.2
12.3
12.4
19.4
29.8
54.4
49.1
40.1
54.1
45.2
53.1
60.8
58.4
51.3
46.6
47.3
51.2
33.1
43.1
43.5
40.8
53.6
53.4
61.5
47.8

Retail

58.7
51.3
49.1
54.8
75.6
92.2
103.7
102.2
75.1
87.9
104.4
100.7
107.4
102.2
107.9
117.0
107.9
76.0
46.6
56.6
85.8
111.5
94.0
87.5
80.6
89.5

60.7
72.6
81.6
88.9
93.4
122.6
133.2
121.6
78.2
91.2
132.3
123.3
136.4
140.7
127.9
137.2
118.7
102.4
75.6
80.2
77.1
79.7
83.1
95.1
98.8
87.8

772.5
712.7
765.3
903.5
1,229.4
1,640.2
1,822.7
1,774.4
1,462.7
1,427.6
1,815.3
1,819.8
1,865.1
1,790.7
1,747.6
1,808.6
1,758.2
1,783.1
1,620.8
1,593.5
1,576.6
1,060.1
1,246.5
1,337.1
1,495.0
1,632.0

265.1
203.3
192.3
243.8
306.1
412.4
473.3
451.5
292.2
314.8
460.7
475.1
496.6
460.7
469.5
466.5
440.0
430.1
323.2
317.5
304.8
223.3
270.3
305.9
321.0
361.9

Total

507.4
509.4
573.0
659.7
923.3
1,227.8
1,349.5
1,322.8
1,170.6
1,112.8
1,354.6
1,344.7
1,368.5
1,330.0
1,278.1
1,342.1
1,318.2
1,353.0
1,297.6
1,276.0
1,271.9
836.8
976.1
1,031.1
1,173.9
1,270.1

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377.9
370.9
399.3
424.9
550.3
557.3
704.8
767.8
689.9
575.8
646.4
691.1
727.1
754.5
772.6
778.1
770.6
749.9
719.4
693.7
676.6
669.9
618.1
556.0
549.9
579.0

129.5
138.5
173.8
234.8
373.0
670.5
644.7
555.1
480.7
537.1
708.2
653.6
641.4
575.5
505.5
564.0
547.6
603.2
578.2
582.3
595.3
166.9
358.0
475.1
624.1
691.1

¥16.8
8.0
¥2.6
¥11.3
¥34.3
¥30.7
¥38.0
¥44.0
¥38.2
9.1
¥33.4
¥48.4
¥42.3
¥28.0
¥42.2
¥29.5
¥25.3
¥79.0
¥107.9
¥129.6
¥54.5
139.2
81.1
18.1
¥17.1
¥45.6

NOTE.—Data by industry beginning 1998 are based on the 1997 North American Industry
Classification System (NAICS).
Source: Department of Commerce, Bureau of Economic Analysis.

8
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Net
dividends

Inventory
Undisvalutributed ation adprofits justment

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Period

Profits
before
tax

Taxes
on
corporate
income

REAL GROSS PRIVATE DOMESTIC INVESTMENT
In the fourth quarter of 2009, according to revised estimates, nonresidential fixed investment in chained (2005)
dollars rose $16.5 billion (annual rate) and residential investment rose $3.3 billion. There was a decrease of $19.7
billion in inventories following a decrease of $139.2 billion in the third quarter.

[Billions of chained (2005) dollars; quarterly data at seasonally adjusted annual rates]
Fixed investment

tjames on DSKG8SOYB1PROD with ECOIND

Period

Change in private
inventories

Nonresidential
Total
Total

Equipment
and software

Residential

Structures

Total

Nonfarm

2000 .................................................................................
2001 .................................................................................
2002 .................................................................................
2003 .................................................................................
2004 .................................................................................
2005 .................................................................................
2006 .................................................................................
2007 ..................................................................................
2008 .................................................................................
2009 r ................................................................................

1,970.3
1,831.9
1,807.0
1,871.6
2,058.2
2,172.2
2,230.4
2,146.2
1,989.4
1,527.6

1,913.8
1,877.6
1,798.1
1,856.2
1,992.5
2,122.3
2,171.3
2,126.3
2,018.4
1,648.2

1,318.5
1,281.8
1,180.2
1,191.0
1,263.0
1,347.3
1,453.9
1,544.3
1,569.7
1,291.0

440.0
433.3
356.6
343.0
346.7
351.8
384.0
441.4
486.8
390.3

895.8
866.9
830.3
851.4
917.3
995.6
1,069.6
1,097.0
1,068.6
890.7

580.0
583.3
613.8
664.3
729.5
775.0
718.2
585.0
451.1
358.7

60.2
¥41.8
12.8
17.3
66.3
50.0
59.4
19.5
¥25.9
¥108.2

61.2
¥41.5
15.6
17.2
58.3
49.8
63.2
20.4
¥20.4
¥108.3

2006: I .............................................................................
II ...........................................................................
III .........................................................................
IV ..........................................................................

2,264.7
2,261.2
2,229.6
2,166.0

2,200.2
2,189.9
2,162.2
2,132.9

1,424.9
1,450.3
1,466.0
1,474.5

364.8
383.7
393.2
394.6

1,060.7
1,066.3
1,072.0
1,079.3

775.2
740.1
697.4
660.2

65.8
72.5
67.5
31.8

62.3
80.4
73.9
36.2

2007: I ...........................................................................
II ...........................................................................
III .........................................................................
IV ..........................................................................
2008: I ............................................................................
II ...........................................................................
III .........................................................................
IV ..........................................................................

2,132.6
2,162.2
2,166.5
2,123.4
2,082.9
2,026.5
1,990.7
1,857.7

2,118.8
2,137.7
2,135.6
2,113.0
2,079.2
2,064.8
2,020.4
1,909.3

1,489.6
1,530.3
1,565.8
1,591.3
1,598.9
1,604.4
1,579.2
1,496.1

409.2
430.7
456.8
469.1
476.8
493.2
493.1
484.0

1,078.1
1,095.2
1,101.3
1,113.3
1,111.9
1,097.7
1,071.0
993.7

631.7
610.4
572.9
525.0
483.2
462.9
443.3
415.0

14.5
23.3
29.8
10.3
.6
¥37.1
¥29.7
¥37.4

8.3
27.9
32.7
12.5
14.5
¥35.8
¥24.5
¥35.7

2009: I ............................................................................
II ...........................................................................
III .........................................................................
IV r ........................................................................

1,558.5
1,456.7
1,474.4
1,621.0

1,687.5
1,631.9
1,626.7
1,646.6

1,321.2
1,288.4
1,269.0
1,285.5

419.4
400.0
380.2
361.7

887.5
876.5
879.8
918.9

367.9
344.4
359.6
362.9

¥113.9
¥160.2
¥139.2
¥19.7

¥114.9
¥163.1
¥141.4
¥13.7

NOTE.—See p. 10 for further detail on fixed investment by type.
Because of the formula used for calculating real GDP, the chained (2005) dollar estimates
for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates.

Source: Department of Commerce, Bureau of Economic Analysis.

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ECOIND

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Gross
private
domestic
investment

REAL PRIVATE FIXED INVESTMENT BY TYPE
[Billions of chained (2005) dollars; quarterly data at seasonally adjusted annual rates]
Nonresidential

Residential

Equipment and software

Period

Structures

Information processing equipment
and software

Total
fixed
investment

Total
nonresidential

Structures

Total

Computers and
peripheral
equipment 1

Software

Total

Transportation
equipment

Other
equipment

Total
residential

Total 2

Single
family

Other

Industrial
equipment

Equipment

2000 .........................
2001 .........................
2002 .........................
2003 .........................
2004 .........................
2005 .........................
2006 .........................
2007 .........................
2008 .........................
2009 r ........................
2006: I ....................
II ...................
III .................
IV ..................

1,913.8
1,877.6
1,798.1
1,856.2
1,992.5
2,122.3
2,171.3
2,126.3
2,018.4
1,648.2
2,200.2
2,189.9
2,162.2
2,132.9

1,318.5
1,281.8
1,180.2
1,191.0
1,263.0
1,347.3
1,453.9
1,544.3
1,569.7
1,291.0
1,424.9
1,450.3
1,466.0
1,474.5

440.0
433.3
356.6
343.0
346.7
351.8
384.0
441.4
486.8
390.3
364.8
383.7
393.2
394.6

895.8
866.9
830.3
851.4
917.3
995.6
1,069.6
1,097.0
1,068.6
890.7
1,060.7
1,066.3
1,072.0
1,079.3

391.9
390.2
379.3
405.0
443.1
475.3
514.8
555.7
588.8
556.7
505.7
508.9
520.4
524.1

.............
.............
.............
.............
.............
.............
.............
.............
.............
.............
.............
.............
.............
.............

172.4
173.7
173.4
185.6
204.6
218.0
227.1
241.5
257.0
240.6
222.4
224.8
228.5
232.8

168.4
163.2
148.4
156.4
168.1
178.4
191.2
202.3
211.1
202.4
192.2
189.8
191.9
191.0

175.8
162.8
151.9
151.6
147.4
159.6
172.9
180.9
174.7
133.6
165.1
176.2
174.7
175.6

186.2
169.6
154.2
140.4
162.3
181.7
196.5
177.4
128.9
66.1
202.6
194.1
193.7
195.5

150.4
149.3
148.2
155.0
164.4
178.9
185.5
184.1
180.3
145.1
187.3
187.0
183.4
184.3

580.0
583.3
613.8
664.3
729.5
775.0
718.2
585.0
451.1
358.7
775.2
740.1
697.4
660.2

572.6
575.6
605.9
655.9
720.1
765.2
708.1
575.0
441.5
349.6
764.9
730.0
687.3
650.2

315.0
315.4
327.7
362.6
406.1
433.5
391.1
283.9
179.7
108.9
442.4
409.4
374.6
338.0

7.4
7.6
7.9
8.4
9.4
9.8
10.2
10.1
9.8
9.2
10.3
10.1
10.1
10.1

2007: I ....................
II ...................
III .................
IV ..................

2,118.8
2,137.7
2,135.6
2,113.0

1,489.6
1,530.3
1,565.8
1,591.3

409.2
430.7
456.8
469.1

1,078.1
1,095.2
1,101.3
1,113.3

540.2
546.9
558.2
577.5

.............
.............
.............
.............

235.0
238.9
242.6
249.6

198.4
200.3
203.1
207.4

172.4
186.9
185.9
178.6

188.2
178.1
171.8
171.5

178.3
183.7
186.4
188.0

631.7
610.4
572.9
525.0

621.6
600.4
562.9
515.0

314.0
301.6
277.9
242.1

10.2
10.0
10.1
10.2

2008: I ....................
II ...................
III .................
IV ..................

2,079.2
2,064.8
2,020.4
1,909.3

1,598.9
1,604.4
1,579.2
1,496.1

476.8
493.2
493.1
484.0

1,111.9
1,097.7
1,071.0
993.7

591.7
601.3
594.5
567.6

.............
.............
.............
.............

257.3
260.3
258.3
252.2

209.2
214.2
216.7
204.3

179.3
178.6
173.7
167.2

161.9
141.0
121.7
90.9

182.3
180.9
185.4
172.6

483.2
462.9
443.3
415.0

473.3
453.0
433.7
405.8

208.6
189.1
171.8
149.4

10.1
10.1
9.8
9.4

2009: I ....................
II ...................
III .................
IV r .................

1,687.5
1,631.9
1,626.7
1,646.6

1,321.2
1,288.4
1,269.0
1,285.5

419.4
400.0
380.2
361.7

887.5
876.5
879.8
918.9

537.5
544.8
554.9
589.7

.............
.............
.............
.............

235.5
236.2
239.2
251.5

195.8
199.1
203.9
210.7

140.8
135.2
130.4
128.0

59.8
62.7
66.0
76.1

157.3
144.0
140.1
139.1

367.9
344.4
359.6
362.9

358.9
335.5
350.5
353.5

112.9
96.3
110.4
116.2

9.2
8.9
9.3
9.6

1 For details on this component, see Survey of Current Business, Tables 5.3.6, 5.3.1 for
growth rates, 5.3.2 for contributions, and 5.3.3 for quantity indexes.
2 Includes other items, not shown separately.

NOTE.—Because of the formula used for calculating real GDP, the chained (2005) dollar
estimates for the detailed components do not add to the chained-dollar value of GDP or to any
intermediate aggregates.
Source: Department of Commerce, Bureau of Economic Analysis.

BUSINESS INVESTMENT
[Billions of dollars]
Capital expenditures
By industry

Period

Total
capital
expenditures

Total
by
industry

Forestry,
fishing
and
agricultural
services

Mining

Con- ManuUtili- strucfacties
turtion
ing

ProFor
Real fesscomTransesional,
Health
panies
portaFiscien- care
withWhole- Retail
tion
Infor- nance tate
and
tific,
and Other 1 out
sale
and
maand
and
social
emtrade trade waretion insur- rental
and
tech- assisployhousance leasnical
tance
ees
ing
ing
services

tjames on DSKG8SOYB1PROD with ECOIND

For companies with employees
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008

........................
........................
........................
........................
........................
........................
........................
........................
........................
........................
........................
........................
........................

807.1 .............. ........... ............ ......... .......... ........... ............ .......... ............ .......... .......... .......... .......... ........... ........... ..........
871.8 .............. ........... ............ ......... .......... ........... ............ .......... ............ .......... .......... .......... .......... ........... ........... ..........
970.9
896.5
0.9
40.4 36.0 26.9 203.6
29.2 57.3
51.3 96.5 118.2 85.2
22.3
47.1
81.7 74.4
1,047.0
974.6
1.7
30.6 42.8 23.1 196.4
32.4 64.1
57.3 122.8 130.1 100.6
29.5
51.3
91.8 72.3
1,161.0 1,089.9
1.5
42.5 61.3 25.0 214.8
33.6 69.8
59.9 160.2 133.7 92.5
34.1
52.2 108.9 71.2
1,109.0 1,052.3
1.5
51.3 82.8 24.8 192.8
30.0 66.9
57.8 144.8 131.1 82.7
30.5
52.9 102.5 56.7
997.9
917.5
1.9
42.5 65.5 24.8 157.2
26.8 59.3
47.1 88.2 128.4 94.5
25.9
59.3
96.1 80.4
975.0
886.8
1.9
50.5 54.6 23.2 149.1
26.0 65.9
44.5 80.5 120.8 88.0
24.7
61.2
96.2 88.2
1,042.1
953.2
2.1
51.3 50.4 28.6 156.7
32.3 72.2
46.1 83.5 153.6 91.6
26.7
64.6
93.6 88.9
1,144.8 1,062.5
2.7
66.7 58.0 30.1 165.6
40.6 73.5
56.9 91.4 161.4 103.0
33.1
73.8 105.6 82.2
1,309.9 1,217.1
2.7
99.3 69.8 30.3 192.4
36.6 86.7
68.0 104.4 163.1 132.1
30.3
75.3 126.3 92.8
1,354.7 1,270.5
2.1 120.7 85.4 36.7 197.3
30.8 82.5
67.4 106.1 172.9 118.0
31.8
84.2 134.8 84.2
1,371.6 1,295.8
2.4 150.0 98.3 41.7 211.6
33.1 73.3
79.6 103.4 145.4 96.0
32.7
90.0 138.5 75.7

1 Includes the following industries: Management of companies and enterprises; administrative
and support and waste management; educational services; arts, entertainment, and recreation;
accommodation and food services; and other services (except public administration). Also includes an item for structure and equipment expenditures serving multiple industry categories.

NOTE.—Data from Annual Capital Expenditures. Industry data are based on the North
American Industry Classification System (NAICS).
Data shown in this table are capital expenditures for both new and used structures and
equipment.
Source: Department of Commerce, Bureau of the Census.

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EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
In March, employment rose by 264,000 and unemployment rose by 134,000.

[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA]
Civilian employment

2000 2 ................
2001 .................
2002 ..................
2003 2 ................
2004 2 ................
2005 2 ................
2006 2 ................
2007 2 ................
2008 2 ................
2009 2 ................
2009: Mar .......
Apr ........
May .......
June ......
July .......
Aug .......
Sept .......
Oct ........
Nov ........
Dec ........
2010: Jan 2 ......
Feb ........
Mar .......

Civilian
noninstitutional
population
(NSA)

Civilian
labor
force

Total

Men
20
years
and
over

212,577
215,092
217,570
221,168
223,357
226,082
228,815
231,867
233,788
235,801
235,086
235,271
235,452
235,655
235,870
236,087
236,322
236,550
236,743
236,924
236,832
236,998
237,159

142,583
143,734
144,863
146,510
147,401
149,320
151,428
153,124
154,287
154,142
154,164
154,718
154,956
154,759
154,351
154,426
153,927
153,854
153,720
153,059
153,170
153,512
153,910

136,891
136,933
136,485
137,736
139,252
141,730
144,427
146,047
145,362
139,877
140,854
140,902
140,438
140,038
139,817
139,433
138,768
138,242
138,381
137,792
138,333
138,641
138,905

69,634
69,776
69,734
70,415
71,572
73,050
74,431
75,337
74,750
71,341
71,667
71,665
71,552
71,354
71,255
71,142
70,861
70,662
70,662
70,391
70,390
70,623
70,913

Women
20 years
and
over

60,067
60,417
60,420
61,402
61,773
62,702
63,834
64,799
65,039
63,699
64,110
64,147
63,847
63,741
63,685
63,552
63,280
63,133
63,269
62,998
63,527
63,538
63,495

Both
sexes
16–19
years

Total

7,189
6,740
6,332
5,919
5,907
5,978
6,162
5,911
5,573
4,837
5,077
5,089
5,039
4,943
4,877
4,740
4,627
4,448
4,450
4,403
4,416
4,480
4,496

5,692
6,801
8,378
8,774
8,149
7,591
7,001
7,078
8,924
14,265
13,310
13,816
14,518
14,721
14,534
14,993
15,159
15,612
15,340
15,267
14,837
14,871
15,005

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 2010, data reflect revised population controls and are not strictly
comparable with earlier data.

Men
20
years
and
over
2,376
3,040
3,896
4,209
3,791
3,392
3,131
3,259
4,297
7,555
7,013
7,441
7,787
7,892
7,728
8,055
8,116
8,362
8,239
8,011
7,835
7,848
7,882

Women
20
years
and
over

Both
sexes
16–19
years

2,235
2,599
3,228
3,314
3,150
3,013
2,751
2,718
3,342
5,157
4,863
4,957
5,213
5,243
5,225
5,295
5,406
5,554
5,473
5,622
5,422
5,531
5,532

1,081
1,162
1,253
1,251
1,208
1,186
1,119
1,101
1,285
1,552
1,435
1,418
1,518
1,586
1,581
1,643
1,637
1,696
1,627
1,634
1,580
1,491
1,591

Not in
labor
force

Labor
force
participation
rate

Employment/
population
ratio

Unemployment
rate

67.1
66.8
66.6
66.2
66.0
66.0
66.2
66.0
66.0
65.4
65.6
65.8
65.8
65.7
65.4
65.4
65.1
65.0
64.9
64.6
64.7
64.8
64.9

64.4
63.7
62.7
62.3
62.3
62.7
63.1
63.0
62.2
59.3
59.9
59.9
59.6
59.4
59.3
59.1
58.7
58.4
58.5
58.2
58.4
58.5
58.6

4.0
4.7
5.8
6.0
5.5
5.1
4.6
4.6
5.8
9.3
8.6
8.9
9.4
9.5
9.4
9.7
9.8
10.1
10.0
10.0
9.7
9.7
9.7

69,994
71,359
72,707
74,658
75,956
76,762
77,387
78,743
79,501
81,659
80,922
80,554
80,496
80,895
81,519
81,661
82,396
82,696
83,022
83,865
83,663
83,487
83,249

See Employment and Earnings for details on breaks in series.
Source: Department of Labor, Bureau of Labor Statistics.

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Period

Percent 1

Unemployment

SELECTED UNEMPLOYMENT RATES
In March, the unemployment rate was unchanged at 9.7 percent.

[Monthly data seasonally adjusted]
Unemployment rate (percent of civilian labor force in group)
By race or ethnicity 1

tjames on DSKG8SOYB1PROD with ECOIND

Period

All
civilian
workers

2000 ........................
2001 ........................
2002 ........................
2003 ........................
2004 .........................
2005 .........................
2006 .........................
2007 .........................
2008 .........................
2009 .........................
2009: Mar ..............
Apr ...............
May ..............
June .............
July ..............
Aug ..............
Sept ..............
Oct ...............
Nov ..............
Dec ...............
2010: Jan ...............
Feb ...............
Mar ..............

4.0
4.7
5.8
6.0
5.5
5.1
4.6
4.6
5.8
9.3
8.6
8.9
9.4
9.5
9.4
9.7
9.8
10.1
10.0
10.0
9.7
9.7
9.7

Men
20 years
and over

Women
20 years
and over

3.3
4.2
5.3
5.6
5.0
4.4
4.0
4.1
5.4
9.6
8.9
9.4
9.8
10.0
9.8
10.2
10.3
10.6
10.4
10.2
10.0
10.0
10.0

3.6
4.1
5.1
5.1
4.9
4.6
4.1
4.0
4.9
7.5
7.1
7.2
7.5
7.6
7.6
7.7
7.9
8.1
8.0
8.2
7.9
8.0
8.0

Both
sexes
16–19
years

White

13.1
14.7
16.5
17.5
17.0
16.6
15.4
15.7
18.7
24.3
22.0
21.8
23.2
24.3
24.5
25.7
26.1
27.6
26.8
27.1
26.4
25.0
26.1

3.5
4.2
5.1
5.2
4.8
4.4
4.0
4.1
5.2
8.5
8.0
8.1
8.6
8.7
8.7
8.9
9.1
9.4
9.3
9.0
8.7
8.8
8.8

1 Beginning in 2003, persons who selected this race group only. Prior to 2003, persons who
reported more than one race were included in the group they identified as the main race. Persons whose ethnicity is identified as Hispanic or Latino may be of any race.

By selected groups

Black or
African
American

Asian
(NSA)

Hispanic or
Latino
ethnicity

7.6
8.6
10.2
10.8
10.4
10.0
8.9
8.3
10.1
14.8
13.5
15.0
15.0
14.8
14.7
15.2
15.5
15.7
15.6
16.2
16.5
15.8
16.5

3.6
4.5
5.9
6.0
4.4
4.0
3.0
3.2
4.0
7.3
6.4
6.6
6.7
8.2
8.3
7.5
7.4
7.5
7.3
8.4
8.4
8.4
7.5

5.7
6.6
7.5
7.7
7.0
6.0
5.2
5.6
7.6
12.1
11.6
11.4
12.7
12.3
12.4
13.0
12.7
13.1
12.7
12.9
12.6
12.4
12.6

Married
men,
spouse
present

2.0
2.7
3.6
3.8
3.1
2.8
2.4
2.5
3.4
6.6
6.0
6.3
6.7
6.9
6.9
7.1
7.3
7.5
7.5
7.3
6.6
6.8
6.7

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Full-time
workers

Part-time
workers

5.9
6.6
8.0
8.5
8.0
7.8
7.1
6.5
8.0
11.5
10.8
10.0
11.0
11.7
12.6
12.2
11.6
12.9
11.4
13.0
12.3
11.6
11.3

3.8
4.7
5.9
6.1
5.6
5.0
4.5
4.6
5.8
10.0
9.3
9.6
10.2
10.3
10.2
10.5
10.7
11.1
11.0
10.9
10.4
10.5
10.5

4.8
5.1
5.2
5.5
5.3
5.4
5.1
4.9
5.5
6.0
5.9
6.0
6.1
6.0
6.0
6.3
6.4
6.1
5.6
6.0
6.4
6.2
6.7

NOTE.—Data relate to persons age 16 years and over.
Source: Department of Labor, Bureau of Labor Statistics.

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Women
who
maintain
families
(NSA)

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By sex and age

SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE
PROGRAMS
In March, the percentages of the unemployed who had been out of work for less than 5 weeks, for 5–14 weeks,
and for 15–26 weeks fell, while the percentage for 27 weeks and over rose. The mean duration of unemployment
rose to 31.2 weeks and the median duration rose to 20.0 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
(NSA)

Initial
claims
(NSA)

Insured
unemployment,
all
programs
(NSA) 2

2000 .........................................
2001 .........................................
2002 .........................................
2003 .........................................
2004 ..........................................
2005 ..........................................
2006 ..........................................
2007 ..........................................
2008 ..........................................
2009 ..........................................
2009: Mar ...............................
Apr ................................
May ...............................
June ..............................
July ...............................
Aug ...............................
Sept ...............................
Oct ................................
Nov ...............................
Dec ................................
2010: Jan ................................
Feb ................................
Mar ...............................

5,692
6,801
8,378
8,774
8,149
7,591
7,001
7,078
8,924
14,265
13,310
13,816
14,518
14,721
14,534
14,993
15,159
15,612
15,340
15,267
14,837
14,871
15,005

44.9
42.0
34.5
31.7
33.1
35.1
37.3
35.9
32.8
22.2
25.2
24.3
22.2
21.0
21.9
20.0
19.4
20.1
18.2
19.0
19.6
18.3
17.8

31.9
32.3
30.8
29.8
29.2
30.4
30.3
31.5
31.4
26.8
30.6
29.3
29.6
26.6
24.3
27.4
25.3
23.5
23.0
22.7
22.0
22.8
21.7

11.8
14.0
16.3
16.4
15.9
14.9
14.7
15.0
16.0
19.5
19.6
19.0
20.5
22.7
19.6
18.9
19.5
20.4
20.1
18.5
17.2
18.0
16.4

11.4
11.8
18.3
22.1
21.8
19.6
17.6
17.6
19.7
31.5
24.6
27.5
27.7
29.6
34.2
33.6
35.9
36.0
38.7
39.8
41.2
40.9
44.1

1 Beginning January 1994, job losers and persons who completed temporary jobs.
2 Includes State (50 States, District of Columbia, Puerto Rico, and the Virgin Islands), Federal (UCFE), ex-service members (UCX), and Federal and State extended benefit programs.
Also includes Temporary Extended Unemployment Compensation (2002–2004), Emergency Unemployment Compensation (2008–2010), and Federal Additional Compensation (2009–2010).

12.6
13.1
16.6
19.2
19.6
18.4
16.8
16.8
17.9
24.4
20.8
21.8
22.9
24.4
25.3
25.2
26.5
27.2
28.6
29.1
30.2
29.7
31.2

5.9
6.8
9.1
10.1
9.8
8.9
8.3
8.5
9.4
15.1
11.9
13.1
14.9
18.2
15.9
15.5
17.8
19.0
20.2
20.5
19.9
19.4
20.0

44.2
51.1
55.0
55.1
51.5
48.3
47.4
49.7
53.7
64.2
63.8
64.3
65.0
65.2
64.8
65.3
66.1
65.2
64.8
63.7
61.9
63.2
62.4

13.7
12.3
10.3
9.3
10.5
11.5
11.8
11.2
10.0
6.2
6.7
6.4
6.3
5.6
6.0
5.6
5.6
5.8
6.0
6.1
6.1
5.7
6.0

34.5
29.9
28.3
28.2
29.5
31.4
32.0
30.3
27.7
22.3
22.8
22.7
22.0
22.6
22.4
21.9
21.0
22.0
20.9
21.9
23.8
22.8
23.6

7.6
6.8
6.4
7.3
8.4
8.8
8.8
8.9
8.6
7.3
6.7
6.7
6.7
6.6
6.8
7.3
7.3
7.1
8.3
8.3
8.2
8.2
8.0

2,110
2,974
3,585
3,531
2,950
2,661
2,476
2,572
3,306
r 5,723
7,557
6,634
6,497
6,833
6,443
6,449
5,556
r 5,074
5,632
r 5,809
6,107
5,531
..............

301
404
407
404
345
328
313
324
424
565
680
641
567
636
627
500
479
531
r 546
r 693
632
478
..........

2,143
3,012
4,453
4,400
3,103
2,709
2,521
2,612
3,898
r 9,033
r 10,234
r 9,188
r 9,374
r 10,305
r 10,086
r 10,841
r 9,912
r 9,250
r 10,735
r 11,569
11,799
10,921
...............

NOTE.—Data relate to persons age 16 years and over (except for insured unemployment and
initial claims).
Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration).

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Weekly average, thousands

NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey rose by 162,000 in March.

[Thousands of wage and salary workers; 1 monthly data seasonally adjusted]

Private industries

Period

Goods-producing industries
Total
private

Total 2

Construction

Manufacturing

Private service-providing industries

Total

Trade, transportation, and
utilities
Total 3

..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
Mar ........
Apr .........
May ........
June .......
July ........
Aug ........
Sept .......
Oct .........
Nov ........
Dec .........
2010: Jan r .......
Feb r .......
Mar p .......
tjames on DSKG8SOYB1PROD with ECOIND

2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2009:

131,785
131,826
130,341
129,999
131,435
133,703
136,086
137,598
136,790
130,920
132,070
131,542
131,155
130,640
130,294
130,082
129,857
129,633
129,697
129,588
129,602
129,588
129,750

110,995
110,708
108,828
108,416
109,814
111,899
114,113
115,380
114,281
108,371
109,510
108,861
108,527
108,075
107,778
107,563
107,377
107,115
107,190
107,107
107,123
107,131
107,254

24,649
23,873
22,557
21,816
21,882
22,190
22,531
22,233
21,334
18,620
19,233
18,956
18,731
18,503
18,375
18,245
18,124
17,993
17,960
17,906
17,876
17,829
17,870

6,787
6,826
6,716
6,735
6,976
7,336
7,691
7,630
7,162
6,037
6,293
6,179
6,120
6,029
5,949
5,885
5,814
5,747
5,732
5,696
5,636
5,577
5,592

17,263
16,441
15,259
14,510
14,315
14,226
14,155
13,879
13,406
11,883
12,212
12,063
11,911
11,782
11,739
11,682
11,634
11,577
11,552
11,534
11,556
11,562
11,579

86,346
86,834
86,271
86,600
87,932
89,709
91,582
93,147
92,947
89,751
90,277
89,905
89,796
89,572
89,403
89,318
89,253
89,122
89,230
89,201
89,247
89,302
89,384

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.

26,225
25,983
25,497
25,287
25,533
25,959
26,276
26,630
26,293
24,949
25,174
25,052
24,997
24,943
24,845
24,819
24,754
24,670
24,678
24,653
24,666
24,669
24,700

Retail
trade
15,280
15,239
15,025
14,917
15,058
15,280
15,353
15,520
15,283
14,528
14,635
14,592
14,570
14,546
14,492
14,477
14,429
14,366
14,375
14,360
14,409
14,417
14,432

Information
3,630
3,629
3,395
3,188
3,118
3,061
3,038
3,032
2,984
2,807
2,861
2,837
2,812
2,797
2,785
2,776
2,777
2,774
2,762
2,748
2,745
2,738
2,726

Financial
activities
7,687
7,808
7,847
7,977
8,031
8,153
8,328
8,301
8,145
7,758
7,852
7,805
7,773
7,742
7,719
7,695
7,683
7,664
7,666
7,657
7,635
7,620
7,599

Profes- Educasional
tion Leisure
and
and
and
busihealth hospiness services
tality
services
16,666
16,476
15,976
15,987
16,394
16,954
17,566
17,942
17,735
16,580
16,774
16,636
16,585
16,453
16,405
16,371
16,349
16,360
16,466
16,488
16,511
16,551
16,562

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11,862
12,036
11,986
12,173
12,493
12,816
13,110
13,427
13,436
13,102
13,137
13,103
13,126
13,105
13,101
13,083
13,099
13,045
13,024
12,991
13,003
13,019
13,041

5,168
5,258
5,372
5,401
5,409
5,395
5,438
5,494
5,515
5,364
5,384
5,373
5,366
5,367
5,362
5,353
5,344
5,327
5,321
5,314
5,317
5,308
5,314

20,790
21,118
21,513
21,583
21,621
21,804
21,974
22,218
22,509
22,549
22,560
22,681
22,628
22,565
22,516
22,519
22,480
22,518
22,507
22,481
22,479
22,457
22,496

2 Includes

mining and logging, not shown separately.
3 Includes wholesale trade, transportation and warehousing, and utilities, not shown separately.
NOTE.—Data classified by industry based on the 2007 North American Industry Classification System (NAICS). For details see Employment and Earnings.
Source: Department of Labor, Bureau of Labor Statistics.

14
VerDate Nov 24 2008

15,109
15,645
16,199
16,588
16,953
17,372
17,826
18,322
18,838
19,191
19,095
19,099
19,137
19,165
19,186
19,221
19,247
19,282
19,313
19,350
19,370
19,397
19,442

Other
services

Government

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ECOIND

g:\graphics\eecoind.014

Total
nonagricultural
employment

AVERAGE WEEKLY HOURS, HOURLY EARNINGS, AND WEEKLY EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted]
Average weekly hours

Average gross hourly earnings

Manufacturing
Total private nonagricultural 1

Period

2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2009:

................
.................
.................
.................
.................
.................
.................
.................
.................
.................
Feb .......
Mar .......
Apr .......
May .......
June ......
July .......
Aug .......
Sept ......
Oct ........
Nov .......
Dec .......
2010: Jan r ......
Feb r ......
Mar p .....

34.3
34.0
33.9
33.7
33.7
33.8
33.9
33.9
33.6
33.1
33.2
33.1
33.1
33.1
33.0
33.1
33.1
33.1
33.0
33.2
33.2
33.3
33.1
33.3

Total

Overtime

41.3
40.3
40.5
40.4
40.8
40.7
41.1
41.2
40.8
39.8
39.5
39.4
39.6
39.5
39.5
39.9
40.0
39.9
40.0
40.5
40.5
40.9
40.5
41.0

Average gross weekly earnings

Total private nonagricultural 1

4.7
4.0
4.2
4.2
4.6
4.6
4.4
4.2
3.7
2.9
2.7
2.6
2.8
2.8
2.8
3.0
3.0
3.0
3.2
3.4
3.4
3.6
3.5
3.7

Current
dollars

$14.02
14.54
14.97
15.37
15.69
16.13
16.76
17.43
18.08
18.62
18.47
18.52
18.53
18.55
18.57
18.62
18.69
18.71
18.78
18.80
18.85
18.90
18.92
18.90

Total private nonagricultural 1
Manufacturing

1982–84
dollars 2

$8.30
8.38
8.51
8.55
8.50
8.45
8.50
8.60
8.57
8.88
8.90
8.93
8.93
8.93
8.86
8.87
8.86
8.85
8.86
8.85
8.85
8.85
8.86
..............

$14.32
14.76
15.29
15.74
16.14
16.56
16.81
17.26
17.75
18.23
18.09
18.14
18.15
18.15
18.17
18.26
18.31
18.39
18.41
18.38
18.38
18.42
18.46
18.45

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 1982–84=100 base).

Current dollars

Current
dollars

1982–84
dollars 2

$481.01
493.79
506.75
518.06
529.09
544.33
567.87
590.04
607.95
617.11
613.20
613.01
613.34
614.01
612.81
616.32
618.64
619.30
619.74
624.16
625.82
629.37
626.25
629.37

$284.79
284.61
288.09
288.13
286.77
284.99
288.11
290.99
288.06
294.38
295.41
295.66
295.56
295.53
292.37
293.67
293.28
293.02
292.47
293.84
293.92
294.60
293.13
..............

Manufacturing

$590.77
595.19
618.75
635.99
658.49
673.30
691.02
711.56
724.46
725.87
714.56
714.72
718.74
716.93
717.72
728.57
732.40
733.76
736.40
744.39
744.39
753.38
747.63
756.45

Percent change from a
year earlier, total private
nonagricultural

Construction

Retail
trade

$685.78
695.89
711.82
726.83
735.55
750.22
781.21
816.66
842.61
852.45
853.48
850.14
846.75
850.89
848.25
857.68
862.60
843.00
845.38
865.24
860.63
874.73
857.29
876.20

$333.38
346.16
360.81
367.15
371.13
377.58
383.02
385.11
386.21
388.72
385.61
384.62
385.91
387.50
386.21
387.50
388.59
389.49
390.20
393.60
394.80
396.72
396.30
398.94

Current
dollars

3.9
2.7
2.6
2.2
2.1
2.9
4.3
3.9
3.0
1.5
2.1
1.4
1.2
1.2
.7
1.2
.9
1.5
1.2
2.0
2.2
2.6
2.1
2.7

1982–84
dollars

0.4
¥.1
1.2
.0
¥.5
¥.6
1.1
1.0
¥1.0
2.2
2.6
2.4
2.4
2.9
2.5
3.9
2.9
3.3
1.5
¥.3
¥1.2
¥.8
¥.8
................

Source: Department of Labor, Bureau of Labor Statistics.

EMPLOYMENT COST INDEX—PRIVATE INDUSTRY
Index (December 2005 = 100)

Percent change from
3 months earlier

Period

Total
compensation

Wages and
salaries

Benefits 1

Total
compensation

12 months earlier

Wages and
salaries

Benefits 1

Total
compensation

Wages and
salaries

Benefits 1

Not seasonally adjusted
2000:
2001:
2002:
2003:
2004:
2005:
2006:
2007:
2008:
2009:

Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec

..................................................................
..................................................................
..................................................................
..................................................................
..................................................................
..................................................................
..................................................................
..................................................................
..................................................................
..................................................................

83.6
87.3
90.0
93.6
97.2
100.0
103.2
106.3
108.9
110.2

86.7
89.9
92.2
95.1
97.6
100.0
103.2
106.6
109.4
110.9

76.7
81.3
84.7
90.2
96.2
100.0
103.1
105.6
107.7
108.8

................
................
................
................
................
................
................
................
................
................

................
................
................
................
................
................
................
................
................
................

..................
..................
..................
..................
..................
..................
..................
..................
..................
..................

tjames on DSKG8SOYB1PROD with ECOIND

Seasonally adjusted
2006: Mar .................................................................
June ................................................................
Sept .................................................................
Dec ..................................................................
2007: Mar .................................................................
June ................................................................
Sept .................................................................
Dec ..................................................................
2008: Mar .................................................................
June ................................................................
Sept .................................................................
Dec ..................................................................
2009: Mar .................................................................
June ................................................................
Sept .................................................................
Dec ..................................................................

100.8
101.6
102.5
103.3
104.0
104.8
105.6
106.5
107.2
107.9
108.6
109.1
109.3
109.5
110.0
110.4

100.8
101.6
102.5
103.3
104.3
105.0
105.9
106.7
107.6
108.4
109.1
109.6
109.8
110.0
110.5
111.0

1 Employer costs for employee benefits.
NOTE.—The employment cost index is a measure of the change in the cost of labor, free
from the influence of employment shifts among occupations and industries.
Data exclude farm and household workers.

100.8
101.6
102.5
103.4
103.1
104.2
104.9
105.9
106.5
106.9
107.5
107.9
108.1
108.3
108.6
109.0

0.6
.8
.9
.8
.7
.8
.8
.9
.7
.7
.6
.5
.2
.2
.5
.4

4.2
4.1
3.1
4.0
3.8
2.9
3.2
3.0
2.4
1.2

3.8
3.8
2.6
3.1
2.6
2.5
3.2
3.3
2.6
1.4

5.6
5.2
4.2
6.5
6.7
4.0
3.1
2.4
2.0
1.0

Not seasonally adjusted
0.7
.8
.9
.8
1.0
.7
.9
.8
.8
.7
.6
.5
.2
.2
.5
.5

0.5
.8
.9
.9
¥.3
1.1
.7
1.0
.6
.4
.6
.4
.2
.2
.3
.4

2.6
2.8
3.0
3.2
3.2
3.1
3.1
3.0
3.2
3.0
2.8
2.4
1.9
1.5
1.2
1.2

2.4
2.8
3.0
3.2
3.6
3.3
3.4
3.3
3.2
3.1
2.9
2.6
2.0
1.6
1.4
1.4

3.0
2.7
2.8
3.1
2.2
2.6
2.4
2.4
3.2
2.6
2.4
2.0
1.6
1.3
1.1
1.0

Data beginning 2001 are based on the 2002 North American Industry Classification
(NAICS); data prior to 2001 are based on the Standard Industrial Classification (SIC). For
details on industry classification and other details see Employment Cost Index, release dated
April 28, 2006.
Source: Department of Labor, Bureau of Labor Statistics.

15
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E:\HR\OC\ECOIND.015

ECOIND

PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output per hour of
all persons
Period
Business
sector

Nonfarm
business
sector

Output 1
Business
sector

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
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2006:

........................
........................
........................
........................
........................
........................
........................
........................
........................
........................
I ...................
II .................
III ................
IV ................
2007: I ...................
II .................
III ................
IV ................
2008: I ...................
II .................
III ................
IV ................
2009: I ...................
II .................
III ................
IV * ..............

117.2
120.7
126.2
131.0
134.9
137.2
138.5
141.0
144.0
149.4
138.6
138.7
137.9
138.8
139.0
140.0
142.0
142.8
142.8
143.8
144.3
145.0
145.3
148.0
150.9
153.6

116.8
120.2
125.7
130.3
134.0
136.2
137.5
140.1
142.9
148.3
137.5
137.7
137.0
138.0
138.3
139.0
141.0
142.0
141.8
142.8
143.2
144.0
144.3
147.0
149.8
152.3

141.9
143.0
145.8
150.3
156.5
161.8
166.8
170.5
170.5
164.5
166.0
166.6
166.4
168.1
168.4
169.8
171.4
172.3
171.7
172.2
170.6
167.4
163.6
163.2
164.1
167.1

142.2
143.4
146.2
150.6
156.8
162.0
167.1
171.0
170.7
164.6
166.4
166.8
166.7
168.4
168.8
170.3
172.0
172.8
172.0
172.6
170.8
167.5
163.7
163.2
164.1
167.2

121.0
118.4
115.6
114.7
116.1
118.0
120.4
120.9
118.4
110.1
119.8
120.1
120.6
121.1
121.1
121.3
120.7
120.6
120.3
119.8
118.2
115.4
112.6
110.3
108.7
108.8

121.7
119.3
116.3
115.5
117.0
118.9
121.5
122.1
119.4
110.9
120.9
121.1
121.7
122.1
122.1
122.5
122.0
121.7
121.3
120.8
119.3
116.3
113.4
111.1
109.6
109.7

134.6
140.9
145.3
152.3
157.6
163.8
170.1
177.3
182.5
186.0
168.4
169.0
169.7
173.5
175.2
176.3
177.7
179.9
180.3
181.0
183.6
185.4
183.5
186.8
186.8
187.1

134.1
140.1
144.5
151.4
156.6
162.8
169.0
176.1
181.4
185.0
167.1
167.9
168.6
172.5
174.3
174.9
176.2
178.8
179.3
179.7
182.4
184.4
182.5
185.9
185.7
186.0

111.9
114.0
115.6
118.6
119.5
120.2
120.8
122.4
121.4
124.2
120.8
120.3
119.6
122.7
122.7
122.2
122.5
122.3
121.2
120.3
120.3
124.1
123.6
125.4
124.3
123.4

111.5
113.3
115.0
117.9
118.7
119.4
120.0
121.6
120.7
123.5
119.9
119.5
118.9
122.0
122.1
121.3
121.5
121.5
120.5
119.5
119.5
123.5
122.9
124.8
123.6
122.7

114.8
116.7
115.1
116.2
116.9
119.5
122.8
125.7
126.8
124.5
121.5
121.8
123.0
125.0
126.0
125.9
125.1
126.0
126.3
125.8
127.2
127.8
126.2
126.2
123.8
121.8

114.8
116.5
115.0
116.2
116.8
119.5
122.9
125.7
126.9
124.7
121.5
122.0
123.0
125.0
126.0
125.8
125.0
125.9
126.4
125.9
127.4
128.1
126.4
126.4
124.0
122.1

112.6
114.6
115.5
117.1
120.2
124.1
127.7
131.0
133.0
134.3
126.4
127.4
128.3
128.7
130.0
130.9
131.4
131.9
132.1
132.5
134.0
133.6
134.3
134.2
134.3
134.3

113.2
115.1
116.1
117.6
120.4
124.7
128.5
131.5
133.5
135.2
127.1
128.3
129.1
129.3
130.5
131.4
131.7
132.2
132.3
132.9
134.4
134.3
135.2
135.1
135.2
135.1

3.9
1.5
¥1.3
1.1
.5
2.3
2.8
2.3
1.0
¥1.7
¥.8
3.6
2.8
2.6
2.6
1.5
3.5
6.6
3.4
¥.8
¥2.5
3.1
1.6
¥1.9
4.9
2.2
¥5.0
.1
¥7.6
¥5.9

1.8
1.8
.8
1.4
2.6
3.2
2.9
2.6
1.5
.9
3.3
2.7
4.5
3.5
2.0
3.2
2.9
1.3
4.0
2.8
1.4
1.6
.6
1.4
4.3
¥1.0
2.1
¥.3
.1
.1

1.9
1.7
.9
1.3
2.4
3.5
3.0
2.3
1.5
1.3
3.7
2.9
4.6
3.6
2.2
3.6
2.6
.9
3.6
2.7
1.1
1.4
.5
1.6
4.6
¥.2
2.7
¥.3
.4
¥.4

Percent change; quarterly data at seasonally adjusted annual rates
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2005:

2006:

2007:

2008:

tjames on DSKG8SOYB1PROD with ECOIND

2009:

........................
........................
........................
........................
........................
........................
........................
........................
........................
........................
I ...................
II .................
III ................
IV ................
I ...................
II .................
III ................
IV ................
I ...................
II .................
III ................
IV ................
I ...................
II .................
III ................
IV ................
I ...................
II .................
III ................
IV * ..............

3.5
3.0
4.5
3.8
2.9
1.7
1.0
1.8
2.1
3.8
3.3
¥1.6
3.4
.3
2.7
.4
¥2.2
2.6
.7
2.9
5.7
2.4
¥.2
2.9
1.4
2.1
.9
7.6
8.0
7.2

3.4
2.9
4.6
3.7
2.8
1.7
1.0
1.8
2.0
3.8
4.0
¥.9
3.0
¥.1
2.7
.3
¥1.9
2.9
.9
2.2
5.7
2.9
¥.5
3.0
1.1
2.2
.9
7.6
7.8
6.9

4.5
.8
2.0
3.1
4.2
3.4
3.1
2.2
.0
¥3.5
4.5
1.7
3.7
2.3
6.5
1.4
¥.4
4.0
.8
3.5
3.7
2.1
¥1.3
1.1
¥3.7
¥7.2
¥8.7
¥1.0
2.2
7.5

4.4
.9
1.9
3.0
4.1
3.4
3.1
2.3
¥.1
¥3.6
4.8
1.6
3.7
2.4
6.8
1.0
¥.1
4.2
.9
3.7
3.9
1.8
¥1.7
1.3
¥4.0
¥7.6
¥8.8
¥1.1
2.2
7.6

1.0
¥2.1
¥2.4
¥.7
1.2
1.6
2.1
.4
¥2.1
¥7.0
1.2
3.3
.3
2.0
3.7
1.1
1.8
1.5
.1
.5
¥1.9
¥.3
¥1.1
¥1.8
¥5.0
¥9.1
¥9.5
¥8.0
¥5.3
.3

1.0
¥2.0
¥2.5
¥.6
1.3
1.7
2.1
.5
¥2.1
¥7.1
.8
2.5
.7
2.5
4.1
.7
1.8
1.2
.0
1.5
¥1.6
¥1.0
¥1.2
¥1.6
¥5.0
¥9.6
¥9.6
¥8.1
¥5.3
.6

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 1978–2008 is based on the consumer price index research series (CPI–U–RS).
5 Current dollar gross domestic output divided by the output index.

7.4
4.7
3.1
4.8
3.5
4.0
3.8
4.2
3.0
1.0
2.8
1.7
6.2
3.0
5.6
1.3
1.6
9.3
4.1
2.4
3.2
5.1
.9
1.4
5.9
4.1
¥4.1
7.5
.0
.6

7.4
4.5
3.2
4.8
3.4
4.0
3.8
4.2
3.0
2.0
3.2
2.7
5.9
2.5
5.3
1.8
1.6
9.7
4.3
1.4
3.0
6.0
1.1
1.1
6.0
4.5
¥4.2
7.7
¥.4
.6

3.9
1.8
1.5
2.5
.8
.6
.5
1.3
¥.8
2.3
.8
¥.8
.2
¥1.4
3.5
¥1.8
¥2.1
10.5
.3
¥1.7
.9
¥.6
¥3.5
¥3.0
¥.2
13.5
¥1.8
6.1
¥3.5
¥2.7

4.0
1.6
1.5
2.5
.7
.6
.5
1.3
¥.8
2.3
1.2
.1
.0
¥1.9
3.3
¥1.4
¥2.1
10.9
.4
¥2.7
.6
.2
¥3.3
¥3.3
¥.1
14.0
¥1.9
6.3
¥3.8
¥2.8

3.7
1.7
¥1.3
.9
.6
2.2
2.8
2.4
.8
¥1.8
¥.5
3.3
2.7
2.7
2.8
1.0
3.9
6.6
3.4
¥.5
¥2.3
2.7
1.1
¥1.5
4.5
1.9
¥5.0
¥.1
¥7.4
¥6.2

NOTE.—Data relate to all persons engaged in the sector.
Percent changes are from preceding period and are based on original data; they therefore
may differ slightly from percent changes based on indexes shown here.
* Data based on GDP data released on February 26, 2010.
Source: Department of Labor, Bureau of Labor Statistics.

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PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production and capacity utilization rose in February.

[Monthly data seasonally adjusted]

Percent

tjames on DSKG8SOYB1PROD with ECOIND

Period

2000 .......................
2001 .......................
2002 .......................
2003 .......................
2004 .......................
2005 .......................
2006 .......................
2007 .......................
2008 .......................
2009 r ......................
2009: Feb .............
Mar .............
Apr .............
May ............
June ...........
July ............
Aug .............
Sept r ...........
Oct r ............
Nov r ............
Dec r ............
2010: Jan r ............
Feb p ............

Index,
2002=100

103.7
100.1
100.0
101.3
103.8
107.2
109.7
111.3
108.8
98.2
99.3
97.7
97.2
96.2
95.8
96.9
98.1
98.7
98.9
99.5
100.0
100.9
101.0

From
preceding
month

..............
..............
..............
..............
..............
..............
..............
..............
..............
..............
¥0.8
¥1.6
¥.5
¥1.1
¥.5
1.2
1.2
.6
.2
.7
.5
.9
.1

Industry production indexes, 2002=100

change 2
From
year
earlier

Capacity utilization
rate
(output as percent
of capacity) 1

Manufacturing

Total 1

4.2
¥3.4
¥.1
1.3
2.5
3.3
2.3
1.5
¥2.2
¥9.8
¥11.3
¥12.5
¥12.4
¥13.1
¥13.3
¥12.2
¥10.1
¥5.9
¥6.9
¥5.0
¥2.3
.8
1.7

Durable

104.4
100.1
100.0
101.3
104.3
108.5
111.2
112.7
109.1
96.7
97.7
96.1
95.7
94.8
94.4
95.9
97.1
97.7
97.6
98.6
98.4
99.3
99.1

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.

Nondurable

105.2
100.4
100.0
102.7
107.0
112.8
117.8
120.2
116.3
96.9
98.7
96.4
95.7
93.7
92.9
96.3
97.4
98.4
98.2
99.2
99.3
101.0
100.7

102.2
98.9
100.0
100.1
102.0
104.8
105.7
106.7
103.6
97.8
97.7
96.9
97.0
97.1
97.2
97.1
98.3
98.6
98.6
99.5
99.2
99.6
99.5

Other
(nonNAICS) 1

Mining

112.6
105.7
100.0
97.1
97.9
97.6
96.6
95.3
89.9
75.6
80.4
76.1
75.1
74.4
74.4
73.6
74.0
74.4
74.0
75.3
75.1
73.5
73.4

Utilities
Total
industry

104.2
104.8
100.0
100.2
99.6
98.3
101.5
102.1
104.2
97.9
101.3
98.7
96.1
95.1
93.7
95.1
97.0
96.8
96.8
98.9
98.5
99.5
101.5

97.4
97.0
100.0
101.9
103.3
105.4
104.8
108.3
108.6
106.4
106.4
106.1
106.4
104.3
103.8
102.8
103.4
103.9
106.7
104.1
109.8
110.5
111.1

81.7
76.1
74.6
75.8
77.9
80.1
80.9
80.6
77.6
70.1
70.6
69.5
69.2
68.5
68.3
69.2
70.1
70.6
70.8
71.4
71.8
72.5
72.7

Total
manufacturing

80.1
73.8
72.7
73.7
76.2
78.6
79.4
79.0
75.1
66.8
67.1
66.0
65.8
65.3
65.1
66.2
67.1
67.6
67.6
68.4
68.4
69.1
69.0

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.

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G:\graphics\eecoind.017

Total industrial production 1

INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[2002=100; monthly data seasonally adjusted]
Products and nonindustrial supplies

Materials

Final products

Nonindustrial supplies

Consumer goods

Equipment

Durable
goods

Business
equipment

Period
Total
Total

Nondurable
goods

Total 1

Defense
and
space
equipment

Total

Construction
supplies

Business
supplies

Total 1

Energy

2000 ............................................................
2001 ............................................................
2002 ............................................................
2003 ............................................................
2004 ............................................................
2005 ............................................................
2006 ............................................................
2007 ............................................................
2008 ............................................................
2009 r ..........................................................

102.8
100.8
100.0
101.3
103.4
107.6
110.3
111.9
109.7
101.6

99.1
98.1
100.0
101.4
102.7
105.4
105.8
106.8
104.0
98.7

99.0
94.7
100.0
103.4
104.9
105.4
104.3
104.7
94.4
78.3

99.2
99.4
100.0
100.6
101.8
105.3
106.2
107.4
106.9
104.8

111.9
107.7
100.0
101.0
105.5
113.5
122.5
125.8
125.4
109.4

114.7
108.0
100.0
100.0
105.3
112.6
123.2
126.4
125.0
109.3

91.3
100.0
100.0
106.7
104.7
115.8
113.4
117.6
120.6
120.8

105.2
100.7
100.0
101.1
103.3
107.1
108.7
108.9
104.6
91.4

105.0
100.1
100.0
99.7
102.0
106.6
109.0
106.9
100.1
82.1

105.2
101.0
100.0
101.7
103.8
107.3
108.5
109.9
106.7
95.8

104.0
99.1
100.0
101.3
104.5
107.0
109.5
111.7
109.6
97.5

101.5
100.3
100.0
100.0
99.6
98.4
100.0
101.8
103.6
100.8

2009: Feb ..................................................
Mar .................................................
Apr ..................................................
May .................................................
June ................................................
July .................................................
Aug ..................................................
Sept r ................................................
Oct r .................................................
Nov r ................................................
Dec r .................................................

102.7
101.6
100.7
99.5
98.9
100.1
101.3
102.1
102.9
102.8
103.3

98.7
98.3
97.9
96.9
96.3
97.3
98.5
99.4
100.3
100.2
100.4

76.1
76.1
76.2
74.1
72.7
78.8
80.4
83.0
82.1
83.7
82.9

105.5
105.0
104.4
103.8
103.5
102.8
103.8
104.3
105.7
105.1
105.6

113.6
110.3
108.2
106.2
105.7
107.3
108.7
109.1
109.7
109.7
110.8

113.6
110.6
108.5
106.2
105.8
107.3
108.8
108.8
109.6
109.4
110.6

118.4
119.2
119.0
119.7
119.8
122.0
123.1
124.8
123.5
122.6
121.4

93.2
91.4
91.1
90.5
90.5
90.7
91.0
90.7
90.4
90.9
91.3

84.6
82.7
82.0
82.1
82.1
82.5
82.9
81.7
80.2
81.4
79.6

97.3
95.6
95.5
94.5
94.6
94.7
94.9
95.1
95.3
95.5
97.0

98.5
96.5
96.2
95.2
94.7
96.4
97.9
98.5
98.3
99.8
100.3

102.2
101.3
100.1
99.0
98.0
98.2
99.8
100.5
100.6
101.2
103.0

2010: Jan r .................................................
Feb p ................................................

104.5
104.4

101.3
100.9

85.1
83.1

106.0
106.1

112.9
113.8

112.3
112.8

123.6
125.2

91.7
91.8

80.5
80.8

97.2
97.1

101.1
101.4

103.1
104.3

1 Includes

other items, not shown separately.

[2002=100; monthly data seasonally adjusted]
Durable manufactures
Primary metals
Period

tjames on DSKG8SOYB1PROD with ECOIND

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

2000 ............................................................
2001 ............................................................
2002 ............................................................
2003 ............................................................
2004 ............................................................
2005 ............................................................
2006 ............................................................
2007 ............................................................
2008 ............................................................
2009 r ..........................................................

111.4
99.5
100.0
99.1
110.0
108.0
112.6
110.0
102.4
67.7

110.8
96.8
100.0
101.2
118.2
110.1
119.3
115.8
105.2
60.3

110.7
102.6
100.0
98.7
98.9
103.4
109.0
112.1
110.1
89.7

117.7
104.2
100.0
99.7
103.7
110.2
115.5
116.4
109.4
85.9

101.4
103.3
100.0
114.3
129.9
144.5
163.8
176.7
192.9
174.0

98.3
101.3
100.0
120.5
137.9
158.8
189.1
213.7
238.0
205.6

99.7
96.2
100.0
101.0
100.7
104.5
104.2
106.1
96.1
79.3

99.9
91.4
100.0
103.5
103.7
103.9
100.2
97.4
83.3
59.8

148.0
126.9
100.0
92.8
79.8
76.9
75.3
76.5
72.6
62.4

113.1
106.3
100.0
96.2
96.9
99.2
99.8
100.6
93.9
80.3

95.0
93.4
100.0
101.3
105.6
109.3
112.7
114.1
108.8
103.6

97.7
97.7
100.0
101.0
101.1
104.2
105.4
109.5
111.1
110.7

2009: Feb ..................................................
Mar .................................................
Apr ..................................................
May .................................................
June ................................................
July .................................................
Aug ..................................................
Sept r ................................................
Oct r .................................................
Nov r ................................................
Dec r .................................................

64.5
60.7
60.3
59.2
61.1
68.0
71.7
73.3
74.1
78.3
81.6

49.0
44.8
43.5
45.9
53.0
64.3
69.9
73.6
78.6
80.0
86.5

95.6
91.3
89.4
87.5
87.2
87.2
87.6
88.2
88.3
89.4
89.8

94.0
88.7
86.6
83.9
82.0
82.6
83.8
82.8
84.9
84.0
86.8

171.6
171.4
172.5
170.3
169.6
173.3
174.5
175.1
175.9
177.4
179.6

199.5
200.4
203.6
199.0
199.7
205.5
206.4
207.2
209.6
210.4
214.0

77.7
78.0
77.3
74.0
72.3
80.4
82.2
85.7
84.0
84.5
83.7

55.8
56.7
56.6
52.4
49.5
61.1
63.7
68.7
67.1
68.7
68.5

64.5
64.7
63.1
63.6
59.5
60.9
61.5
61.4
60.8
61.4
63.1

82.7
81.6
80.1
79.6
80.2
79.9
80.1
79.2
79.4
78.9
79.0

101.6
101.3
102.7
102.4
103.1
103.8
104.6
105.7
105.1
106.8
107.0

109.5
109.0
109.8
110.9
110.3
109.2
111.4
111.6
112.4
112.9
112.0

2010: Jan r .................................................
Feb p ................................................

82.5
82.4

89.4
87.6

90.4
90.7

88.5
88.8

183.2
185.0

218.8
221.6

85.9
84.0

71.8
68.6

66.0
65.6

78.8
78.2

108.4
107.7

113.2
113.0

1 Computers and peripheral equipment, communications equipment, and semiconductors and
related electronic components.

Source: Board of Governors of the Federal Reserve System.

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ECOIND

NEW CONSTRUCTION
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Private
Period

Total new
construction expenditures

Residential
Total

New
housing

Total 1

Federal
and
State
and
local

Nonresidential
Total

Lodging

Office

Commercial
(including
farm)

Manufacturing

Other 2

2000 ....................................
2001 ....................................
2002 ....................................
2003 ....................................
2004 ....................................
2005 ....................................
2006 ....................................
2007 ....................................
2008 ....................................
2009 r ...................................

802.8
840.2
847.9
891.5
991.6
1,102.7
1,167.6
1,150.7
1,072.1
935.6

621.4
638.3
634.4
675.4
771.4
868.5
912.2
861.6
766.2
619.3

346.1
364.4
396.7
446.0
532.9
611.9
613.7
493.2
350.1
251.4

265.0
279.4
298.8
345.7
417.5
480.8
468.8
354.1
229.9
135.6

275.3
273.9
237.7
229.3
238.5
256.6
298.4
368.4
416.1
367.9

16.3
14.5
10.5
9.9
12.0
12.7
17.6
27.5
35.4
25.0

52.4
49.7
35.3
30.6
32.9
37.3
45.7
53.8
57.1
40.3

64.1
63.6
59.0
57.5
63.2
66.6
73.4
85.9
81.5
53.7

37.6
37.8
22.7
21.4
23.7
29.9
35.1
45.3
60.8
74.1

104.9
108.2
110.2
109.9
106.8
110.2
126.7
155.9
181.4
174.8

181.3
201.9
213.4
216.1
220.2
234.2
255.4
289.1
306.0
316.3

2009: Feb ..........................
Mar ..........................
Apr ..........................
May .........................
June ........................
July .........................
Aug ..........................
Sept .........................
Oct ...........................
Nov ..........................
Dec r .........................

970.4
966.7
971.4
958.3
945.1
934.2
925.5
910.5
923.9
900.8
869.9

660.9
650.4
654.1
639.8
619.5
608.4
605.2
590.5
606.6
590.6
569.6

260.8
248.9
252.7
241.4
237.0
237.3
244.7
243.2
271.8
265.0
253.8

147.9
139.2
130.7
123.4
125.4
131.0
133.4
134.0
134.5
134.4
134.2

400.1
401.5
401.5
398.4
382.6
371.2
360.5
347.2
334.8
325.6
315.9

29.1
31.2
30.2
28.4
27.4
24.3
23.2
21.6
20.0
18.5
17.1

48.4
48.1
43.7
44.1
42.1
40.0
39.3
35.3
34.6
32.1
31.5

66.5
65.0
62.1
58.8
53.5
51.8
48.8
48.0
44.0
44.0
44.5

81.3
82.0
84.1
85.4
78.6
77.6
72.6
67.9
67.8
63.9
56.8

174.7
175.3
181.3
181.8
180.9
177.4
176.6
174.3
168.4
167.2
165.9

309.5
316.3
317.2
318.5
325.6
325.8
320.4
320.0
317.3
310.1
300.2

2010: Jan r .........................
Feb p .........................

857.8
846.2

560.1
553.5

256.2
250.8

133.2
133.0

303.8
302.7

14.6
13.6

30.6
30.0

42.9
41.4

51.0
52.8

164.8
165.0

297.7
292.7

1 Includes

residential improvements, not shown separately.
2 Includes health care, educational, communication, and power, among other categories not
shown separately.

Source: Department of Commerce, Bureau of the Census.

NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or houses, except as noted]
New private housing units
Units started, by type of structure

Period
Total
2000 ......................................
2001 ......................................
2002 ......................................
2003 ......................................
2004 ......................................
2005 ......................................
2006 ......................................
2007 ......................................
2008 ......................................
2009 r .....................................

New private houses

1,568.7
1,602.7
1,704.9
1,847.7
1,955.8
2,068.3
1,800.9
1,355.0
905.5
554.0

2–4 units 1

1 unit
1,230.9
1,273.3
1,358.6
1,499.0
1,610.5
1,715.8
1,465.4
1,046.0
622.0
445.1

5 units or
more

38.7
36.6
38.5
33.5
42.3
41.1
42.7
31.7
17.5
11.6

299.1
292.8
307.9
315.2
303.0
311.4
292.8
277.3
266.0
97.3

Units
authorized
1,592.3
1,636.7
1,747.7
1,889.2
4 2,070.1
2,155.3
1,838.9
1,398.4
905.4
572.2

Units
completed

Houses
sold

Houses for
sale at end
of period 2

Vacancy rate
for rental
housing units
(percent) 3

1,573.7
1,570.8
1,648.4
1,678.7
1,841.9
1,931.4
1,979.4
1,502.8
1,119.7
794.4

877
908
973
1,086
1,203
1,283
1,051
776
485
374

298
308
339
370
422
511
536
497
350
232

8.0
8.4
8.9
9.8
10.2
9.8
9.7
9.8
10.0
10.6

Seasonally adjusted annual rates
2009: Feb ............................
Mar ............................
Apr ............................
May ...........................
June ..........................
July ...........................
Aug ............................
Sept ...........................
Oct .............................
Nov ............................
Dec r ...........................

574
521
479
551
590
593
581
586
524
579
573

357
361
388
409
478
506
481
508
471
492
481

13
31
11
9
11
15
6
9
4
9
13

204
129
80
133
101
72
94
69
49
78
79

550
511
498
518
570
564
580
575
551
589
653

828
833
846
812
794
785
785
723
750
850
753

354
332
345
371
399
419
408
391
400
362
345

328
313
300
293
280
270
262
252
242
236
232

......................
10.1
......................
......................
10.6
......................
......................
11.1
......................
......................
10.7

2010: Jan r ...........................
Feb p ..........................

611
575

502
499

7
18

102
58

622
637

664
700

315
308

233
236

......................
......................

1 Derived;

seasonally adjusted monthly data for 2–4 units are no longer published.
adjusted.
series. Quarterly data entered in last month of quarter.
4 Based on 20,000 permit-issuing places. Based on 19,000 places, the total for 2004 is
2,052.1 thousand units.
2 Seasonally

tjames on DSKG8SOYB1PROD with ECOIND

3 Revised

NOTE.—Beginning 2004, units authorized are for 20,000 permit-issuing places. For other
data shown, units authorized are for 19,000 places.
Beginning 1999, housing starts, completions, and sales are not directly comparable with earlier data due to new estimation methods.
Source: Department of Commerce, Bureau of the Census.

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ECOIND

BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In January, according to current estimates, manufacturing and trade sales rose 0.7 percent and inventories rose
$0.7 billion. According to advance estimates, retail sales rose 0.3 percent in February. Retail and food services
sales also rose 0.3 percent.

[Millions of dollars, except ratios; seasonally adjusted, except as noted]

Manufacturing and trade 1

Sales 2

Inventories 3

.........................................................
.........................................................
.........................................................
.........................................................
.........................................................
.........................................................
.........................................................
.........................................................
.........................................................
.........................................................

834,325
818,615
823,714
854,363
924,822
1,002,084
1,064,933
1,102,444
1,129,489
984,721

1,197,466
1,119,630
1,139,826
1,147,889
1,240,244
1,309,184
1,394,013
1,450,460
1,461,499
1,317,927

2009: Jan r ...............................................
Feb r ...............................................
Mar r ...............................................
Apr r ...............................................
May r ..............................................
June r .............................................
July r ..............................................
Aug r ...............................................
Sept r ..............................................
Oct r ................................................
Nov r ...............................................
Dec r ...............................................

971,649
975,328
959,911
961,141
961,231
972,968
977,552
988,710
988,722
999,145
1,023,341
1,031,551

1,442,297
1,424,217
1,405,502
1,387,387
1,370,878
1,352,169
1,338,443
1,317,546
1,312,769
1,316,661
1,320,930
1,317,927

Inventory
sales
ratio 4

Retail and
food services
sales 2

Inventories 3

1.41
1.43
1.36
1.34
1.30
1.27
1.28
1.29
1.33
1.38

234,546
232,096
236,294
247,624
276,213
299,630
324,142
346,119
367,564
313,174

308,906
297,135
300,813
307,550
338,542
365,037
395,634
420,779
436,423
390,453

1.29
1.32
1.25
1.22
1.17
1.18
1.18
1.18
1.21
1.29

249,063
255,644
261,194
272,123
289,528
307,280
322,461
332,902
329,996
306,931

406,887
394,775
416,289
432,372
461,372
471,749
487,514
499,724
483,309
433,039

1.59
1.58
1.55
1.56
1.56
1.51
1.50
1.49
1.52
1.46

274,518
282,131
288,845
301,264
320,526
340,057
357,284
369,385
367,741
344,916

1.48
1.46
1.46
1.44
1.43
1.39
1.37
1.33
1.33
1.32
1.29
1.28

305,636
308,625
301,614
303,700
305,446
308,123
310,491
313,562
315,975
319,030
330,869
332,897

432,529
425,406
417,500
411,710
407,542
400,535
395,608
390,396
387,349
389,434
393,627
390,453

1.42
1.38
1.38
1.36
1.33
1.30
1.27
1.25
1.23
1.22
1.19
1.17

302,263
304,018
301,057
300,117
301,595
304,728
304,450
312,879
305,865
309,821
316,424
315,927

474,282
470,939
466,501
460,035
452,031
446,625
442,242
430,601
432,861
432,830
432,035
433,039

1.57
1.55
1.55
1.53
1.50
1.47
1.45
1.38
1.42
1.40
1.37
1.37

340,439
342,356
339,228
338,344
339,873
342,912
342,489
350,800
343,687
347,641
354,467
353,817

2010: Jan p ............................................... 1,038,600 1,318,652
1.27 336,829 390,057
1.16
Feb p ............................................... .................. .................. ................ ................ ................ ................

r 316,446

432,817
1.37
317,306 ................ ................

r 354,339

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.

Sales 2

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355,546

4 Annual

data are averages of seasonally adjusted monthly ratios.
NOTE.—Data revised for wholesale series to reflect annual revisions released on March 31,
2010.
Source: Department of Commerce, Bureau of the Census.

20
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Inventories 3

Inventory
sales
ratio 4

Sales 2

2000 r
2001 r
2002 r
2003 r
2004 r
2005 r
2006 r
2007 r
2008 r
2009 r

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Inventorysales
ratio 4

Retail

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Period

Wholesale

MANUFACTURERS’ SHIPMENTS, INVENTORIES, AND ORDERS
In February, manufacturers’ shipments fell; while inventories, new and unfilled orders rose.

Manufacturers’ shipments 1

Manufacturers’ inventories 2

Manufacturers’ new orders 1
Durable goods

Period
Total

Durable
goods

Nondurable
goods

Durable
goods

Total

Nondurable
goods

Total
Total

Capital
goods
industries,
nondefense

Manufacturers’
unfilled
orders 2

Manufacturers’
inventory—
shipments
ratio 3

Millions of dollars, seasonally adjusted, except as noted
350,715
330,875
326,227
334,616
359,081
395,173
418,330
423,423
431,929
364,616
362,685
357,240
357,324
354,190
360,117
362,611
362,269
366,882
370,294
376,048
382,727
385,325
384,857

197,807
181,201
176,968
178,549
188,722
202,070
213,408
213,572
207,801
174,602
176,094
173,884
173,480
169,440
169,672
174,982
172,366
174,914
175,345
176,772
180,942
180,817
179,796

152,908
149,674
149,259
156,067
170,359
193,103
204,923
209,851
224,128
190,015
186,591
183,356
183,844
184,750
190,445
187,629
189,903
191,968
194,949
199,276
201,785
204,508
205,061

481,673
427,720
422,724
407,967
440,330
472,398
510,865
529,957
541,767
494,435
527,872
521,501
515,642
511,305
505,009
500,593
496,549
492,559
494,397
495,268
494,435
495,778
498,293

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.

306,727
267,533
260,265
246,712
264,794
283,220
309,320
319,923
342,699
302,714
334,112
328,422
324,569
320,714
315,984
312,367
308,133
305,056
304,023
303,298
302,714
302,871
303,986

174,946
160,187
162,459
161,255
175,536
189,178
201,545
210,034
199,068
191,721
193,760
193,079
191,073
190,591
189,025
188,226
188,416
187,503
190,374
191,970
191,721
192,907
194,307

346,789
322,746
316,809
330,369
354,619
395,401
419,793
427,597
429,343
353,921
347,187
341,319
343,818
348,109
350,431
356,836
353,923
360,153
363,047
366,688
372,285
381,425
383,529

193,881
173,072
167,550
174,302
184,261
202,298
214,871
217,746
205,216
163,907
160,596
157,963
159,974
163,359
159,986
169,207
164,020
168,185
168,098
167,412
170,500
176,917
178,468

69,278
58,246
51,817
52,894
56,094
65,770
71,725
74,288
69,132
52,534
49,733
49,773
48,324
52,945
52,369
57,030
52,185
54,383
55,458
53,808
55,000
57,149
60,553

549,445
514,262
462,056
477,557
496,395
572,827
660,243
772,982
798,967
717,672
772,059
759,101
749,752
747,473
740,349
739,445
735,313
732,138
729,336
724,054
717,672
718,960
722,229

1.35
1.38
1.28
1.24
1.19
1.16
1.19
1.23
1.28
1.39
1.46
1.46
1.44
1.44
1.40
1.38
1.37
1.34
1.34
1.32
1.29
1.29
1.29

Total and durable shipments and inventories include data on semiconductors; new and unfilled orders do not.
Source: Department of Commerce, Bureau of the Census.

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....................................................
....................................................
....................................................
....................................................
....................................................
....................................................
....................................................
....................................................
....................................................
....................................................
Feb ...........................................
Mar ..........................................
Apr ...........................................
May ..........................................
June .........................................
July ..........................................
Aug ..........................................
Sept ..........................................
Oct ...........................................
Nov ..........................................
Dec ...........................................
2010: Jan r .........................................
Feb p .........................................
tjames on DSKG8SOYB1PROD with ECOIND

2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2009:

PRICES
PRODUCER PRICES
The producer price index for all finished goods fell 0.6 percent in February. Prices of finished consumer foods
rose 0.4 percent, while prices of other finished consumer goods fell 1.0 percent. Capital equipment prices fell
0.1 percent.

[1982=100; monthly data seasonally adjusted]
Finished goods
Finished goods excluding consumer foods

Total
finished
goods

Consumer
foods

Total

138.0
140.7
138.9
143.3
148.5
155.7
160.4
166.6
177.1
172.6
170.9
169.6
170.6
170.6
173.7
171.6
174.1
173.3
173.6
176.6
177.3
179.8
178.8

137.2
141.3
140.1
145.9
152.7
155.7
156.7
167.0
178.3
175.5
175.4
174.0
176.7
174.2
176.0
173.7
174.3
174.3
176.5
177.7
180.0
180.7
181.4

138.1
140.4
138.3
142.4
147.2
155.5
161.0
166.2
176.6
171.2
169.1
167.8
168.4
169.0
172.4
170.3
173.2
172.3
172.2
175.6
175.9
178.7
177.4

Consumer goods

tjames on DSKG8SOYB1PROD with ECOIND

Total

2000 ...........................
2001 ...........................
2002 ..........................
2003 ..........................
2004 ..........................
2005 ..........................
2006 ..........................
2007 ..........................
2008 ..........................
2009 p ........................
2009: Feb .................
Mar ................
Apr .................
May ...............
June ..............
July ...............
Aug ................
Sept ...............
Oct r ................
Nov ................
Dec ................
2010: Jan ................
Feb ................
1 Intermediate

Durable

138.4
141.4
138.8
144.7
150.9
161.9
169.2
175.6
189.1
179.6
176.1
174.2
175.1
176.1
181.0
177.9
182.2
180.9
181.2
186.1
186.7
190.9
188.9

Nondurable

133.9
134.0
133.0
133.1
135.0
136.6
136.9
138.3
141.2
144.3
143.9
143.9
144.4
144.5
145.4
144.7
145.4
144.7
143.3
144.3
144.1
144.6
144.8

materials for food manufacturing and feeds.

Capital
equipment

138.7
142.8
139.8
148.4
156.6
172.0
182.6
191.7
210.5
194.3
188.9
186.0
187.2
188.6
195.5
191.2
197.3
195.6
196.9
203.6
204.6
210.6
207.5

138.8
139.7
139.1
139.5
141.4
144.6
146.9
149.5
153.8
156.8
157.0
157.0
157.0
156.8
157.2
157.0
157.5
157.2
156.3
157.0
156.9
157.3
157.2

Total
finished
consumer
goods

Total

Foods
and
feeds 1

Other

Total

Foodstuffs
and
feedstuffs

Other

138.2
141.5
139.4
145.3
151.7
160.4
166.0
173.5
186.3
179.2
176.5
174.8
176.1
176.3
180.4
177.5
180.9
179.9
180.7
184.7
185.7
189.0
187.7

129.2
129.7
127.8
133.7
142.6
154.0
164.0
170.7
188.3
172.6
170.7
168.4
168.6
169.4
171.3
170.4
173.3
173.3
174.0
176.4
177.4
180.5
180.6

111.7
115.9
115.5
125.9
137.1
133.8
135.2
154.4
181.6
165.9
165.1
163.7
164.6
166.3
168.2
164.6
165.1
165.7
165.5
167.1
170.1
169.6
168.9

130.1
130.5
128.5
134.2
143.0
155.1
165.4
171.5
188.7
173.1
171.2
168.8
169.0
169.7
171.6
171.0
174.1
174.1
174.8
177.2
178.1
181.5
181.7

120.6
121.0
108.1
135.3
159.0
182.2
184.8
207.1
251.8
175.0
160.7
159.7
163.5
168.7
175.9
170.1
177.8
173.9
186.1
193.9
195.4
214.2
206.6

100.2
106.1
99.5
113.5
127.0
122.7
119.3
146.7
163.4
134.4
134.3
131.7
137.1
136.7
134.9
128.5
129.3
127.9
135.4
136.7
141.1
145.6
143.5

130.4
126.8
111.4
148.2
179.2
223.4
230.6
246.3
313.9
197.1
170.9
171.6
173.5
183.6
198.8
194.1
207.9
201.8
217.4
230.8
229.4
260.0
248.1

Source: Department of Labor, Bureau of Labor Statistics.

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Period

Intermediate materials

CONSUMER PRICES—ALL URBAN CONSUMERS
In February, the consumer price index for all urban consumers was about unchanged; it was about unchanged
not seasonally adjusted. The index was 2.1 percent above its year-earlier level.

[1982–84=100, except as noted; monthly data seasonally adjusted, except as noted]
Housing

Transportation

Shelter
Seasonally
adjusted

Rel. imp.3 ...............
2000 .......................
2001 .......................
2002 .......................
2003 .......................
2004 .......................
2005 .......................
2006 .......................
2007 .......................
2008 .......................
2009 .......................

100.0
172.2
177.1
179.9
184.0
188.9
195.3
201.6
207.342
215.303
214.537

..............
13.7
42.0
32.3
6.0
..............
167.8
169.6
193.4
183.9
..............
173.1
176.4
200.6
192.1
..............
176.2
180.3
208.1
199.7
..............
180.0
184.8
213.1
205.5
..............
186.2
189.5
218.8
211.0
..............
190.7
195.7
224.4
217.3
..............
195.2
203.2
232.1
225.1
.............. 202.916 209.586 240.611 234.679
.............. 214.106 216.264 246.666 243.271
.............. 217.955 217.057 249.354 248.812

25.2
5.1
3.7
16.7
4.5
6.5
198.7
137.9
129.6
153.3
129.3
260.8
206.3
150.2
127.3
154.3
124.7
272.8
214.7
143.6
124.0
152.9
116.6
285.6
219.9
154.5
120.9
157.6
135.8
297.1
224.9
161.9
120.4
163.1
160.4
310.1
230.2
179.0
119.5
173.9
195.7
323.2
238.2
194.7
119.5
180.9
221.0
336.2
246.235 200.632 118.998 184.682 239.070 351.054
252.426 220.018 118.907 195.549 279.652 364.065
256.610 210.696 120.078 179.252 201.978 375.613

8.6
77.7
124.6
181.3
129.3
186.1
121.7
190.5
136.5
193.2
151.4
196.6
177.1
200.9
196.9
205.9
207.723 210.729
236.666 215.572
193.126 219.235

2009: Feb ............
Mar ............
Apr ............
May ............
June ...........
July ...........
Aug ............
Sept ...........
Oct .............
Nov ............
Dec ............

212.193
212.709
213.240
213.856
215.693
215.351
215.834
215.969
216.177
216.330
215.949

212.877
212.643
212.810
213.050
214.558
214.774
215.566
215.911
216.357
216.859
217.224

255.745
256.219
256.542
256.878
257.000
256.999
257.226
256.942
256.952
256.721
256.708

186.544
181.221
179.107
179.862
193.214
194.149
201.267
202.380
203.606
208.041
209.699

2010: Jan ............
Feb ............

216.687 217.587 218.339 216.185 248.029 248.885
216.741 217.591 218.494 216.181 247.976 248.813

Period

tjames on DSKG8SOYB1PROD with ECOIND

All
items
less
food
and
energy

Not
seasonally
adjusted
(NSA)

Food

Rent
of primary
residence

Total 1
Total 1

218.926
218.593
218.330
217.906
217.886
217.358
217.419
217.262
217.335
217.482
217.801

217.606
217.400
217.257
217.078
216.929
216.727
216.805
216.721
216.926
216.881
216.880

248.954
248.994
249.375
249.637
249.715
249.463
249.643
249.558
249.644
249.173
249.216

248.101
248.508
248.869
249.159
249.295
249.247
249.218
249.133
248.946
248.786
248.788

1 Includes

items not shown separately.
fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant,
etc. excluded beginning 1983.
2 Household

Owners’
equivalent
rent
(12/82=
100)

Fuels
and
utilities

216.604
214.468
211.190
208.458
206.983
206.814
207.457
207.380
209.288
211.881
211.685

Apparel

119.759
119.829
119.527
119.468
120.172
120.665
120.608
120.894
120.555
120.247
120.684

Total 1

172.184
170.321
170.677
172.263
179.469
180.592
184.037
185.514
187.266
189.647
191.018

Motor
fuel

180.006
171.600
171.353
176.448
206.455
208.886
223.329
225.955
226.620
232.878
236.762

Medical
care

371.255
372.104
373.408
374.426
375.146
375.774
376.896
378.409
379.184
380.212
380.732

256.509 212.757 120.613 193.593 248.088 382.737
256.449 213.770 119.814 193.332 244.826 384.703

Energy 2

217.674
218.086
218.617
218.920
219.265
219.533
219.687
220.035
220.459
220.546
220.764

215.536 220.463
214.379 220.579

3 Relative importance, December 2009.
Source: Department of Labor, Bureau of Labor Statistics.

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ECOIND

g:\graphics\eecoind.023

All items 1

CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]

Period

Change from preceding period

Change from 3 months earlier, annual rate

Change from 6 months earlier, annual rate

Consumer goods

Consumer goods

Consumer goods

Total
finished
goods

Foods

Excluding
foods

Capital
equipment

Total
finished
goods

Foods

Excluding
foods

Capital
equipment

Total
finished
goods

Foods

Excluding
foods

Capital
equipment

................
................
................
................
................
................
................
................
................
................

................
................
................
................
................
................
................
................
................
................

................
................
................
................
................
................
................
................
................
................

................
................
................
................
................
................
................
................
................
................

................
................
................
................
................
................
................
................
................
................

................
................
................
................
................
................
................
................
................
................

................
................
................
................
................
................
................
................
................
................

................
................
................
................
................
................
................
................
................
................

Change
from year
earlier,
total
finished
goods
NSA

Change, Dec. to Dec., NSA
2000 .................
2001 .................
2002 .................
2003 .................
2004 .................
2005 .................
2006 .................
2007 .................
2008 .................
2009 p ...............

3.6
¥1.6
1.2
4.0
4.2
5.4
1.1
6.2
¥.9
4.4

1.7
1.8
¥.6
7.7
3.1
1.7
1.7
7.6
3.2
1.1

5.5
¥3.9
2.9
4.1
5.5
8.8
.4
7.7
¥4.8
7.6

1.2
0
¥.6
.8
2.4
1.2
2.3
1.4
4.3
.0

3.8
2.0
¥1.3
3.2
3.6
4.8
3.0
3.9
6.3
¥2.5

Change, month to month
2009: Feb .......
Mar .......
Apr .......
May ......
June .....
July ......
Aug .......
Sept ......
Oct r ......
Nov .......
Dec .......

¥0.2
¥.8
.6
.0
1.8
¥1.2
1.5
¥.5
.2
r1.7
.4

¥1.5
¥.8
1.6
¥1.4
1.0
¥1.3
.3
.0
1.3
r.7
1.3

0.2
¥1.1
.5
.6
2.8
¥1.7
2.4
¥.7
.2
r2.7
.3

¥0.1
.0
.0
¥.1
.3
¥.1
.3
¥.2
¥.6
.4
¥.1

¥3.2
.5
¥1.4
¥.7
10.0
2.4
8.5
¥.9
4.7
5.9
9.6

¥10.8
¥8.7
¥3.1
¥2.7
4.7
¥6.6
.2
¥3.8
6.6
8.0
13.7

¥3.1
3.8
¥1.4
.0
16.6
6.6
14.6
¥.2
7.6
8.8
13.5

1.5
.3
¥.3
¥.5
.5
.0
1.8
.0
¥1.8
¥1.3
¥.8

¥11.7
¥13.2
¥7.4
¥2.0
5.1
.5
3.8
4.4
3.5
7.2
4.2

¥6.5
¥8.2
¥5.1
¥6.9
¥2.2
¥4.9
¥1.3
.3
¥.2
4.1
4.6

¥19.5
¥21.1
¥11.9
¥1.6
10.0
2.5
7.0
7.8
7.1
11.7
6.4

2.9
2.2
.8
.5
.4
¥.1
.6
.3
¥.9
.3
¥.4

¥1.4
¥3.4
¥3.5
¥4.8
¥4.4
¥6.9
¥4.4
¥4.9
¥2.0
2.4
4.4

2010: Jan .......
Feb .......

1.4
¥.6

.4
.4

2.2
¥1.0

.3
¥.1

r15.1

r9.9

r23.2

r2.6

5.1

8.6

6.2

.5

9.8
5.5

8.2
8.3

15.1
7.5

.4
¥.4

4.6
4.4

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
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009

..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................

3.4
1.6
2.4
1.9
3.3
3.4
2.5
4.1
.1
2.7

2.8
2.8
1.5
3.6
2.7
2.3
2.1
4.9
5.9
¥.5

4.3
2.9
2.4
2.2
3.0
4.0
3.3
3.0
2.4
¥.3

3.4
4.2
3.1
2.2
2.7
2.6
4.2
3.1
1.9
.3

4.0
4.7
3.1
2.7
2.9
3.1
4.3
4.0
3.4
.7

3.4
4.5
3.3
2.0
2.3
2.5
4.3
2.8
2.1
.7

12.1
¥2.1
1.4
6.5
7.9
15.6
.5
5.4
6.0
¥3.0

¥1.8
4.1
¥3.2 ¥3.8
¥1.8
3.8
¥2.1
.3
¥.2
6.5
¥1.1
4.8
.9
1.6
¥.3
8.3
¥1.0 ¥13.3
1.9 14.4

0.3
0
¥2.0
¥2.1
.5
.8
.2
¥.4
¥1.1
3.6

13.9
¥24.8
24.6
6.8
26.1
16.2
6.4
29.5
¥42.2
50.7

4.2
4.7
5.0
3.7
4.2
4.3
3.6
5.2
2.6
3.4

14.2
¥13.0
10.7
6.9
16.6
17.1
2.9
17.4
¥21.3
18.2

2.6
2.7
1.9
1.1
2.2
2.2
2.6
2.4
1.8
1.8

..........
..........
..........
..........
..........
..........
..........
..........
..........
..........

..........
..........
..........
..........
..........
..........
..........
..........
..........
..........

..........
..........
..........
..........
..........
..........
..........
..........
..........
..........

3.4
2.8
1.6
2.3
2.7
3.4
3.2
2.8
3.8
¥.4

0.4
.3
.3
.4
.4
.5
¥1.4
.5
1.4
1.0
¥.2
¥.8
.1

8.5
¥4.7
¥.1
3.0
17.0
1.2
6.9
1.2
.3
2.8
1.7
4.8
¥1.3

0.4
.2
.4
.3
.2
.2
.3
.4
.2
.3
.1
.5
.5

3.7
¥2.9
¥1.2
.4
7.4
.5
3.7
.6
.6
2.2
.8
2.8
¥.5

0.2
.2
.2
.1
.2
.1
.1
.2
.2
.0
.1
¥.1
.1

..........
¥2.2
..........
..........
1.9
..........
..........
3.7
..........
..........
2.6
..........
..........

¥0.1
2.5
1.6
.3
3.7
3.7
4.8
2.5
3.0
2.4
2.5
2.3
1.4

¥5.3
¥5.6
¥3.7
.1
3.1
2.7
2.5
3.1
3.4
3.6
2.5
2.6
1.9

0.2
¥.4
¥.7
¥1.3
¥1.4
¥2.1
¥1.5
¥1.3
¥.2
1.8
2.7
2.6
2.1

tjames on DSKG8SOYB1PROD with ECOIND

Change, month to month
2009: Feb ...............
Mar ...............
Apr ...............
May ...............
June ..............
July ..............
Aug ...............
Sept ..............
Oct ................
Nov ...............
Dec ...............
2010: Jan ...............
Feb ...............

0.4
¥.1
.1
.1
.7
.1
.4
.2
.2
.2
.2
.2
.0

¥0.1
¥.2
¥.1
¥.2
.0
¥.2
.0
¥.1
.0
.1
.1
.2
.1

0.0
¥.1
¥.1
¥.1
¥.1
¥.1
.0
.0
.1
.0
.0
¥.3
.0

0.0
.0
.2
.1
.0
¥.1
.1
.0
.0
¥.2
.0
¥.5
.0

0.2
.2
.1
.1
.1
.0
.0
.0
¥.1
¥.1
.0
.0
.0

0.1
.2
.1
.1
.0
.0
.1
¥.1
.0
¥.1
.0
¥.1
.0

0.0
¥1.0
¥1.5
¥1.3
¥.7
¥.1
.3
.0
.9
1.2
¥.1
.5
.5

1.0
.1
¥.3
.0
.6
.4
.0
.2
¥.3
¥.3
.4
¥.1
¥.7

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

2.1
¥1.1
.2
.9
4.2
.6
1.9
.8
.9
1.3
.7
1.3
¥.1

3 Quarterly changes are shown in the last month of the quarter.
Source: Department of Labor, Bureau of Labor Statistics.

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ECOIND

PRICES RECEIVED AND PAID BY FARMERS
In March, prices paid by farmers were unchanged and prices received by farmers rose 4.4 percent. (Data are
not seasonally adjusted.)

[1990–92=100; not seasonally adjusted]
Prices received by farmers

tjames on DSKG8SOYB1PROD with ECOIND

2000
2001
2002
2003
2004
2005
2006
2007
2008
2009

All farm
products

Livestock and
products

Crops

All commodities,
services, interest,
taxes, and wage
rates 1

Production
items, interest,
taxes, and wage
rates

Production
items

Ratio 2

..............................
..............................
..............................
..............................
..............................
..............................
..............................
..............................
..............................
..............................

96
102
98
106
118
114
115
136
149
131

96
99
105
110
115
110
120
142
169
150

97
106
90
103
122
119
111
130
130
112

119
123
124
128
134
142
150
161
183
179

117
121
121
125
133
141
150
162
188
183

115
120
119
124
132
140
148
160
190
183

81
83
79
84
88
81
77
85
82
73

2009: Mar ....................
Apr ....................
May ....................
June ...................
July ....................
Aug ....................
Sept ...................
Oct .....................
Nov ....................
Dec ....................

126
129
129
133
130
126
125
133
135
135

147
150
149
157
149
145
141
151
152
148

109
112
113
111
112
108
108
110
115
119

180
180
180
180
179
178
177
178
179
179

184
185
185
184
183
181
r180
181
183
183

184
185
185
184
182
181
180
180
182
182

70
72
72
74
73
71
71
75
75
75

2010: Jan ....................
Feb r ...................
Mar p ..................

139
135
141

152
147
155

122
123
128

184
184
184

189
188
188

188
187
187

76
73
77

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.

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ECOIND

G:\GRAPHICS\eecoind.025

Period

Prices paid by farmers

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

Sum of currency,
demand deposits,
travelers checks,
and other
checkable deposits (OCDs)

M1 plus retail
MMMF balances,
savings deposits
(including
MMDAs), and
small time deposits

.......................................................................................
.......................................................................................
.......................................................................................
.......................................................................................
.......................................................................................
.......................................................................................
.......................................................................................
.......................................................................................
.......................................................................................
.......................................................................................

1,087.7
1,182.2
1,220.4
1,306.9
1,377.1
1,375.3
1,367.9
1,375.8
1,594.7
1,693.4

4,917.9
5,434.1
5,785.9
6,073.7
6,415.2
6,679.2
7,079.5
7,509.4
8,241.6
8,524.5

18,166.1
19,298.3
20,716.9
22,432.7
24,434.0
26,763.8
29,166.4
31,714.1
33,576.8
34,702.2

¥3.1
8.7
3.2
7.1
5.4
¥.1
¥.5
.6
15.9
6.2

6.1
10.5
6.5
5.0
5.6
4.1
6.0
6.1
9.8
3.4

5.0
6.3
7.4
8.1
8.9
9.5
9.0
8.7
5.9
3.3

2009: Feb ........................................................................................
Mar r .......................................................................................
Apr ........................................................................................
May ........................................................................................
June r .....................................................................................
July ........................................................................................
Aug r .......................................................................................
Sept r ......................................................................................
Oct r ........................................................................................
Nov r .......................................................................................
Dec r .......................................................................................
2010: Jan r .......................................................................................
Feb ........................................................................................

1,562.1
1,564.3
1,592.7
1,593.0
1,641.0
1,649.9
1,648.3
1,660.9
1,673.8
1,685.6
1,693.4
1,676.4
1,710.3

8,340.7
8,392.7
8,343.7
8,416.1
8,442.2
8,436.7
8,413.5
8,452.6
8,481.6
8,509.2
8,524.5
8,463.5
8,518.6

............................
33,940.2
............................
............................
34,319.1
............................
............................
34,565.9
............................
............................
34,702.2
............................
............................

23.2
14.4
16.3
9.9
5.8
9.7
11.0
12.4
10.2
11.6
6.4
3.2
7.5

14.1
12.5
8.2
8.7
4.9
3.2
1.7
1.4
3.3
2.2
1.9
.6
2.5

......................
4.2
......................
......................
4.5
......................
......................
2.9
......................
......................
1.6
......................
......................

tjames on DSKG8SOYB1PROD with ECOIND

2000:
2001:
2002:
2003:
2004:
2005:
2006:
2007:
2008:
2009:

Dec r
Dec r
Dec r
Dec r
Dec r
Dec r
Dec r
Dec r
Dec r
Dec r

1 Quarterly data; shown in last month of quarter. End-of-year data are for fourth quarter.
Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfinancial sectors; data from flow of funds accounts.
2 Annual changes are from December to December and monthly changes are from 6 months
earlier at a simple annual rate.
3 Annual changes are from fourth quarter to fourth quarter. Quarterly changes are from previous quarter at an annual rate.

Debt of
domestic
nonfinancial
sectors 1

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M1

M2

From
previous
period 3
Debt

NOTE.—The Federal Reserve previously announced that the M3 monetary aggregate and
most of its components would no longer be published. Institutional money market mutual funds
will continue to be published as a memorandum item in the H.6 release, and the component
on large-denomination time deposits will be published in other Federal Reserve Board releases.
For details, see H.6 release of March 23, 2006.
See p. 27 for components.
Source: Board of Governors of the Federal Reserve System.

26
VerDate Nov 24 2008

Percent change
From year or 6
months
earlier 2

Sfmt 3401

E:\HR\OC\ECOIND.026

ECOIND

g:\graphics\eecoind.026

Period

Debt

COMPONENTS OF MONEY STOCK
[Averages of daily figures; billions of dollars, seasonally adjusted]

Period

2000:
2001:
2002:
2003:
2004:
2005:
2006:
2007:
2008:
2009:

Currency

Nonbank
travelers
checks

Demand
deposits

Other checkable
deposits (OCDs)

Savings
deposits 1

At
commercial
banks

Total

At
commercial
banks

Total

At
thrift
institutions

Small-denomination
time deposits 2
At
thrift
institutions

Total

At
commercial
banks

Retail
money
funds

At
thrift
institutions

Institutional
money
funds 3

Dec ......
Dec ......
Dec ......
Dec ......
Dec ......
Dec ......
Dec ......
Dec ......
Dec ......
Dec r ....

531.2
581.1
626.3
662.5
697.7
724.1
749.6
759.8
815.3
862.1

8.3
8.0
7.8
7.7
7.5
7.2
6.7
6.3
5.5
5.1

309.9
335.7
306.8
326.4
343.5
325.0
305.3
301.9
459.7
441.7

238.4
257.4
279.6
310.3
328.3
319.1
306.3
307.8
314.3
384.5

133.2
142.0
154.3
175.2
187.0
180.9
177.7
174.4
180.2
233.9

105.2
115.4
125.3
135.0
141.3
138.2
128.6
133.5
134.1
150.6

1,878.4
2,309.2
2,773.6
3,162.9
3,507.2
3,604.9
3,697.8
3,876.2
4,112.0
4,849.0

1,424.4
1,738.5
2,060.0
2,338.1
2,631.7
2,775.9
2,913.7
3,047.4
3,339.2
4,006.8

454.0
570.7
713.6
824.8
875.5
829.0
784.0
828.8
772.7
842.2

1,046.0
974.6
894.7
817.9
827.7
992.0
1,203.7
1,272.7
1,452.7
1,168.6

700.8
636.1
591.3
541.8
551.4
645.2
778.8
856.2
1,074.2
851.6

345.3
338.5
303.5
276.1
276.3
346.8
425.0
416.5
378.5
316.9

905.8
968.1
897.1
786.0
703.2
706.9
810.2
984.7
1,082.2
813.5

814.8
1,216.4
1,266.7
1,127.5
1,079.8
1,151.3
1,357.7
1,913.9
2,409.7
2,219.7

2009: Feb ......
Mar .....
Apr ......
May .....
June ....
July .....
Aug r ....
Sept r ...
Oct r .....
Nov r ....
Dec r ....

836.8
842.9
847.8
849.2
852.3
854.2
857.7
861.4
862.6
861.7
862.1

5.5
5.4
5.3
5.3
5.2
5.1
5.1
5.1
5.1
5.1
5.1

397.3
390.5
406.2
401.9
434.0
435.6
426.9
430.4
432.2
434.5
441.7

322.4
325.5
333.3
336.7
349.5
354.9
358.6
363.9
373.9
384.3
384.5

182.2
184.5
191.6
195.1
210.4
215.2
219.1
222.3
226.2
236.3
233.9

140.3
141.0
141.6
141.5
139.1
139.8
139.5
141.7
147.6
148.0
150.6

4,284.8
4,356.1
4,326.4
4,438.4
4,466.8
4,506.5
4,546.0
4,632.3
4,716.5
4,787.9
4,849.0

3,495.1
3,552.1
3,520.9
3,621.3
3,640.9
3,671.9
3,715.6
3,789.7
3,861.2
3,952.1
4,006.8

789.8
804.0
805.4
817.2
825.9
834.6
830.5
842.7
855.3
835.8
842.2

1,437.6
1,424.9
1,404.9
1,384.3
1,361.6
1,334.0
1,304.1
1,268.3
1,229.5
1,197.8
1,168.6

1,056.0
1,042.6
1,027.9
1,021.4
1,003.2
980.6
962.1
935.8
902.1
877.0
851.6

381.6
382.4
377.0
362.9
358.4
353.4
342.0
332.4
327.4
320.8
316.9

1,056.2
1,047.4
1,019.8
1,000.4
972.8
946.3
915.0
891.1
861.8
837.9
813.5

2,494.7
2,501.6
2,514.2
2,528.5
2,511.3
2,492.2
2,447.0
2,407.3
2,339.2
2,281.0
2,219.7

2010: Jan r .....
Feb ......

861.1
867.2

5.1
5.1

435.0
454.4

375.3
383.6

221.2
227.3

154.1
156.3

4,856.5
4,911.0

4,009.4
4,049.2

847.2
861.8

1,139.9
1,122.4

827.1
813.0

312.7
309.3

790.7
774.9

2,176.9
2,105.4

1 Savings

deposits including money market deposit accounts (MMDAs).
deposits are those issued in amounts of less than $100,000.
money funds are not part of non-M1 M2.

NOTE.—See Note, p. 26.
Source: Board of Governors of the Federal Reserve System.

2 Small-denomination
3 Institutional

AGGREGATE RESERVES AND MONETARY BASE
[Averages of daily figures 1; millions of dollars; seasonally adjusted, except as noted by NSA]
Adjusted for changes in reserve requirements

Borrowings from the Federal Reserve (NSA)
Other borrowings from the Federal Reserve

Reserves of depository institutions

Period
Total 2

tjames on DSKG8SOYB1PROD with ECOIND

2000:
2001:
2002:
2003:
2004:
2005:
2006:
2007:
2008:
2009:

Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec

Nonborrowed 3

Required

Excess
(NSA)

Monetary
base

Total 4

Term
auction
credit

Primary

Primary
dealer
and
other
brokerdealer
credit 5

Assetbacked
commercial
paper
money
market
mutual
fund
liquidity
facility

Credit
extended
to
American
International
Group,
Inc.

Term
assetbacked
securities
loan
facility,
net 6

.............
.............
.............
.............
.............
.............
.............
.............
.............
.............

38,724
41,428
40,339
42,630
46,540
45,089
43,220
43,214
820,306
1,138,597

38,515
41,361
40,259
42,585
46,478
44,920
43,029
27,783
166,740
968,670

37,399
39,785
38,331
41,583
44,631
43,188
41,357
41,429
52,972
63,188

1,325
1,643
2,008
1,047
1,909
1,901
1,863
1,784
767,333
1,075,410

584,984
635,567
681,648
720,391
759,378
787,579
812,411
824,373
1,654,068
2,017,685

210
67
80
46
63
169
191
15,431
653,565
169,927

..............
..............
..............
..............
..............
..............
..............
11,613
438,327
82,014

..............
..............
..............
17
11
97
111
3,787
88,245
19,025

..............
..............
..............
..............
..............
..............
..............
..............
47,631
0

..............
..............
..............
..............
..............
..............
..............
..............
32,102
0

..............
..............
..............
..............
..............
..............
..............
..............
47,206
22,023

..............
..............
..............
..............
..............
..............
..............
..............
..............
46,310

2009: Feb .............
Mar ............
Apr .............
May ............
June ...........
July ............
Aug ............
Sept ............
Oct .............
Nov .............
Dec .............

699,935
779,497
881,019
900,866
809,196
794,995
828,466
922,473
1,056,405
1,140,488
1,138,597

117,438
167,385
322,825
375,418
370,473
428,033
497,017
615,646
791,347
923,181
968,670

56,486
54,891
56,658
56,797
57,840
62,015
62,639
62,408
61,673
63,200
63,188

643,449
724,605
824,362
844,068
751,355
732,980
765,827
860,065
994,732
1,077,288
1,075,410

1,555,039
1,640,732
1,747,298
1,768,832
1,679,687
1,666,475
1,703,377
1,800,961
1,936,564
2,018,813
2,017,685

582,497
612,111
558,194
525,448
438,722
366,961
331,450
306,827
265,058
217,307
169,927

438,822
477,049
444,933
403,970
316,868
255,119
224,490
196,731
155,396
110,049
82,014

65,463
62,513
47,324
40,124
37,302
34,366
32,147
29,243
25,163
20,434
19,025

26,250
20,292
10,918
701
0
0
0
0
0
0
0

13,533
7,857
4,267
23,347
18,891
6,230
184
79
28
0
0

38,414
43,328
45,057
44,915
43,057
43,108
40,021
39,074
41,222
43,222
22,023

..............
1,061
5,649
12,367
22,552
27,993
33,898
41,036
42,765
43,497
46,310

2010: Jan r ............
Feb .............

1,108,870
1,224,493

966,727
1,113,266

62,857
62,415

1,046,013
1,162,078

1,986,798
2,109,329

142,142
111,227

54,209
23,677

16,407
14,258

0
0

0
0

23,213
25,544

47,342
46,874

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 Includes

secondary and seasonal, and other credit extensions, not shown separately.
credit extended through the Primary Dealer Credit Facility and credit extended
to other broker-dealers.
6 Includes credit extended by the Federal Reserve Bank of New York to eligible borrowers
through the Term Asset-Backed Securities Loan Facility, net of unamortized deferred administrative fees.
Source: Board of Governors of the Federal Reserve System.
5 Includes

27
VerDate Nov 24 2008

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ECOIND

BANK CREDIT AT ALL COMMERCIAL BANKS
Total commercial bank loans and leases fell 0.9 percent in February.

[Billions of dollars, seasonally adjusted 1]
Securities in bank credit 2

Period

Dec r ..........................
Dec r ..........................
Dec r ..........................
Dec r ..........................
Dec r ..........................
Dec r ..........................
Dec r ..........................
Dec r ..........................
Dec r ..........................
Dec r ..........................
Feb r ..........................
Mar r ..........................
Apr r ..........................
May r .........................
June r ........................
July r .........................
Aug r ..........................
Sept r .........................
Oct r ...........................
Nov r ..........................
Dec r ..........................
2010: Jan r ..........................
Feb ...........................

tjames on DSKG8SOYB1PROD with ECOIND

2000:
2001:
2002:
2003:
2004:
2005:
2006:
2007:
2008:
2009:
2009:

Total
securities

5,029.4
5,216.3
5,643.5
6,005.5
6,576.1
7,291.3
8,075.3
8,877.8
9,352.7
9,013.1
9,352.1
9,311.8
9,258.2
9,315.2
9,279.3
9,195.6
9,153.6
9,062.8
8,977.3
9,045.6
9,013.1
8,948.4
8,892.1

1,195.9
1,329.4
1,517.6
1,647.0
1,744.7
1,856.1
1,992.3
2,105.0
2,100.4
2,331.1
2,170.1
2,188.6
2,180.4
2,199.2
2,236.3
2,267.1
2,297.9
2,305.1
2,294.9
2,304.5
2,331.1
2,335.5
2,339.3

U.S.
Treasury
and
agency
securities

781.1
838.1
1,002.9
1,086.4
1,143.9
1,133.8
1,185.9
1,107.7
1,238.5
1,438.0
1,261.2
1,271.5
1,260.3
1,259.5
1,294.7
1,341.2
1,379.1
1,395.9
1,389.8
1,402.8
1,438.0
1,438.1
1,446.4

Other
securities

414.9
491.3
514.7
560.5
600.7
722.4
806.4
997.3
861.9
893.1
908.8
917.1
920.1
939.7
941.6
925.9
918.7
909.2
905.1
901.6
893.1
897.4
892.9

1 Data are prorated averages of Wednesday values for domestically chartered commercial
banks, branches and agencies of foreign banks, and Edge Act and agreement corporations.
2 Includes securities held in trading accounts, held-to-maturity, and available-for-sale. Excludes all non-security trading assets, such as derivatives with a positive fair value or loans
held in trading accounts.

Commercial
and
industrial
loans

Total
loans
and
leases 3

3,833.5
3,886.9
4,125.9
4,358.6
4,831.4
5,435.2
6,083.0
6,772.8
7,252.3
6,682.0
7,182.0
7,123.1
7,077.9
7,115.9
7,043.0
6,928.4
6,855.7
6,757.7
6,682.4
6,741.1
6,682.0
6,612.9
6,552.9

1,087.1
1,023.9
962.0
899.6
927.5
1,055.6
1,201.3
1,444.2
1,618.3
1,317.5
1,584.7
1,561.8
1,541.6
1,521.3
1,489.8
1,451.3
1,421.0
1,387.4
1,355.0
1,339.8
1,317.5
1,287.3
1,269.6

Real estate loans

Total 4

1,637.9
1,758.4
2,009.6
2,208.1
2,548.5
2,920.2
3,360.7
3,591.8
3,816.3
3,783.9
3,826.7
3,829.3
3,841.1
3,879.6
3,859.3
3,830.6
3,810.1
3,761.5
3,734.9
3,804.2
3,783.9
3,756.1
3,721.6

Revolving
home
equity
loans

129.7
153.4
212.8
278.7
395.3
443.1
467.4
484.4
588.7
602.5
597.2
601.6
605.3
612.5
610.0
606.8
605.8
603.0
600.7
604.3
602.5
600.2
599.6

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..............
..............
..............
..............
1,076.4
1,268.0
1,454.8
1,583.6
1,725.4
1,646.2
1,721.0
1,720.6
1,715.6
1,712.5
1,704.4
1,695.3
1,688.0
1,677.7
1,663.7
1,657.9
1,646.2
1,627.7
1,618.4

Consumer
loans 5

532.0
549.4
578.9
635.5
685.6
697.0
731.2
792.2
859.7
829.1
881.7
872.8
861.3
859.4
856.8
852.4
849.7
846.4
843.5
838.7
829.1
819.8
816.7

Other
loans
and
leases 6

576.5
555.1
575.4
615.4
669.8
762.3
789.8
944.6
958.0
751.4
889.0
859.3
833.9
855.6
837.1
794.3
775.0
762.4
749.0
758.4
751.4
749.7
744.9

3 Excludes unearned income. Includes the allowance for loan and lease losses. Excludes Federal funds sold to, reverse repurchase agreements (RPs) with, and loans to commercial banks
in the United States. Includes all loans held in trading accounts under a fair value option.
4 Includes closed-end residential loans, not shown separately.
5 Includes credit cards and other consumer loans.
6 Includes other items, not shown separately.
Source: Board of Governors of the Federal Reserve System.

28
VerDate Nov 24 2008

Commercial
loans

Sfmt 3401

E:\HR\OC\ECOIND.028

ECOIND

g:\graphics\eecoind.028

Total
bank
credit

Loans and leases in bank credit

SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL CORPORATE
BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Sources

Uses

External (Net increase in liabilities)
Funds raised in markets
Period
Total

2000 r ...............
2001 r ...............
2002 r ...............
2003 r ...............
2004 r ...............
2005 r ...............
2006 r ...............
2007 r ...............
2008 r ...............
2009 p ..............
2007: I r ..........
II r ........
III r .......
IV r .......
2008: I r ..........
II r ........
III r .......
IV r .......
2009: I r ..........
II r ........
III r .......
IV p .......

1,972.3
862.9
907.8
853.3
1,553.0
2,052.3
1,928.3
2,386.6
1,608.1
1,404.6
2,321.5
2,533.7
2,406.4
2,284.5
1,782.0
1,703.5
1,477.3
1,469.3
1,377.7
1,344.8
1,484.2
1,411.7

Internal 1

734.9
767.7
822.9
839.9
944.0
1,091.1
1,091.8
1,109.3
1,148.0
1,148.9
1,056.3
1,107.8
1,113.8
1,159.2
1,102.8
1,107.2
1,233.4
1,148.5
1,141.3
1,140.4
1,159.0
1,155.0

Credit market instruments
Total

1,237.4
95.2
84.9
13.4
609.0
961.2
836.5
1,277.3
460.1
255.7
1,265.2
1,425.9
1,292.6
1,125.3
679.2
596.3
243.9
320.8
236.4
204.4
325.2
256.7

Total

Total
net
funds
raised

Net new
equity
issues

244.5
161.0
17.3
47.5
80.6
¥7.5
¥94.3
¥1.2
12.4
35.6
3.5
89.3
170.5
¥268.2
31.7
242.7
51.0
¥275.7
97.2
190.3
182.3
¥327.5

¥118.2
¥48.1
¥16.2
¥39.6
¥122.7
¥341.8
¥565.7
¥786.8
¥336.0
¥65.1
¥533.8
¥750.3
¥828.6
¥1,034.6
¥430.0
¥218.2
¥342.8
¥352.9
¥133.1
126.5
65.5
¥319.3

Securities
and mortgages

Total

362.7
209.2
33.6
87.1
203.3
334.4
471.4
785.6
348.4
100.7
537.3
839.5
999.1
766.5
461.7
460.9
393.8
77.2
230.3
63.8
116.8
¥8.2

1 Profits before tax (book) less taxes on corporate income, less net dividends, plus capital consumption allowance (consumption of fixed capital plus capital consumption adjustment), foreign
earnings retained abroad, inventory valuation adjustment, and net capital transfers.
2 Includes trade payables, taxes payable, and miscellaneous liabilities (foreign direct investment in the U.S., pension fund contributions payable, and other).

187.1
398.6
166.6
216.7
138.9
267.5
321.9
389.2
250.0
353.1
314.8
504.1
370.6
367.1
263.5
411.0
133.4
192.2
585.1
380.1
246.0
201.4

Loans
and
shortterm
paper

Other 2

175.6
¥189.4
¥133.0
¥129.5
64.4
66.9
149.4
396.5
98.4
¥252.5
222.6
335.3
628.5
399.5
198.3
49.9
260.3
¥114.9
¥354.9
¥316.3
¥129.3
¥209.6

992.9
¥65.7
67.5
¥34.0
528.5
968.6
930.7
1,278.5
447.6
220.2
1,261.6
1,336.7
1,122.1
1,393.4
647.5
353.7
193.0
596.6
139.2
14.0
142.9
584.3

2,166.5
1,015.5
917.0
881.0
1,654.0
1,929.4
1,839.3
2,252.0
1,457.0
1,321.5
2,141.6
2,356.7
2,274.1
2,235.9
1,686.1
1,557.2
1,270.7
1,314.2
1,169.6
1,171.7
1,529.4
1,415.1

Capital
expenditures 3

967.9
845.3
782.5
798.2
878.4
986.8
1,142.0
1,182.8
1,189.8
881.0
1,115.1
1,169.3
1,242.1
1,204.9
1,214.1
1,193.1
1,188.5
1,163.7
930.0
822.7
810.6
960.7

Increase
in financial assets

1,198.6
170.2
134.5
82.8
775.6
942.6
697.3
1,069.2
267.2
440.5
1,026.5
1,187.4
1,032.0
1,031.0
472.0
364.1
82.2
150.5
239.6
349.0
718.8
454.4

Discrepancy
(sources
less
uses)

¥194.3
¥152.6
¥9.3
¥27.7
¥101.0
122.8
88.9
134.5
151.0
83.2
180.0
177.0
132.4
48.6
95.9
146.3
206.7
155.1
208.1
173.2
¥45.2
¥3.4

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

tjames on DSKG8SOYB1PROD with ECOIND

2000:
2001:
2002:
2003:
2004:
2005:
2006:
2007:
2008:
2009:
2009:

Dec ...............................................................................
Dec ...............................................................................
Dec ...............................................................................
Dec ...............................................................................
Dec ...............................................................................
Dec ...............................................................................
Dec ...............................................................................
Dec ...............................................................................
Dec ...............................................................................
Dec ...............................................................................
Jan ...............................................................................
Feb ...............................................................................
Mar ..............................................................................
Apr ...............................................................................
May ..............................................................................
June .............................................................................
July ..............................................................................
Aug ..............................................................................
Sept ..............................................................................
Oct ...............................................................................
Nov ...............................................................................
Dec ...............................................................................
2010: Jan p .............................................................................

Revolving

1,716.5
1,866.2
1,970.8
2,076.6
2,192.1
2,291.7
2,385.7
2,522.8
2,561.1
2,451.3
2,563.7
2,550.7
2,536.0
2,521.6
2,514.6
2,506.1
2,497.8
2,495.3
2,486.9
2,479.8
2,455.9
2,451.3
2,456.3

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.

683.5
715.2
750.9
768.2
799.8
830.5
872.2
942.9
958.1
866.1
956.3
943.6
935.1
926.8
917.4
912.6
911.9
903.8
895.9
889.2
875.5
866.1
864.4

Nonrevolving 2

1,033.0
1,151.0
1,219.9
1,308.4
1,392.3
1,461.2
1,513.5
1,579.9
1,602.9
1,585.3
1,607.4
1,607.1
1,601.1
1,594.8
1,597.1
1,593.5
1,585.9
1,591.5
1,591.0
1,590.6
1,580.4
1,585.3
1,591.9

Net change in consumer credit outstanding 1
Total

185.4
149.7
104.6
105.8
115.5
99.6
94.0
137.1
38.3
¥109.8
2.6
¥13.0
¥14.4
¥14.7
¥7.0
¥8.5
¥8.3
¥2.5
¥8.4
¥7.1
¥23.9
¥4.6
5.0

Revolving

72.8
31.7
35.7
17.3
31.6
30.7
41.7
70.7
15.2
¥92.0
¥1.8
¥12.7
¥8.5
¥8.3
¥9.4
¥4.8
¥.7
¥8.1
¥7.9
¥6.7
¥13.7
¥9.4
¥1.7

Nonrevolving 2

112.6
118.0
68.9
88.5
83.9
68.9
52.3
66.4
23.0
¥17.6
4.5
¥.3
¥6.0
¥6.3
2.3
¥3.6
¥7.6
5.6
¥.5
¥.4
¥10.2
4.9
6.6

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
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ECOIND

INTEREST RATES AND BOND YIELDS
Interest rates were mixed in March.

[Percent per annum]

Constant

tjames on DSKG8SOYB1PROD with ECOIND

Period

3-month
bills (at
auction) 1

2000 .......................
2001 .......................
2002 .......................
2003 .......................
2004 .......................
2005 .......................
2006 .......................
2007 .......................
2008 .......................
2009 .......................
2009: Mar .............
Apr .............
May ............
June ...........
July ............
Aug .............
Sept ............
Oct ..............
Nov .............
Dec .............
2010: Jan ..............
Feb ..............
Mar .............
Week ended:
2010: Mar 6 ......
13 .......
20 .......
27 .......
Apr 3 .......

3-year

maturities 2

10-year

30-year

Highgrade
municipal
bonds
(Standard
&
Poor’s) 3

Corporate
Aaa
bonds
(Moody’s)

6.22
4.09
3.10
2.10
2.78
3.93
4.77
4.35
2.24
1.43
1.31
1.32
1.39
1.76
1.55
1.65
1.48
1.46
1.32
1.38
1.49
1.40
1.51

6.03
5.02
4.61
4.01
4.27
4.29
4.80
4.63
3.66
3.26
2.82
2.93
3.29
3.72
3.56
3.59
3.40
3.39
3.40
3.59
3.73
3.69
3.73

5.94
5.49
*
*
*
*
4.91
4.84
4.28
4.08
3.64
3.76
4.23
4.52
4.41
4.37
4.19
4.19
4.31
4.49
4.60
4.62
4.64

5.77
5.19
5.05
4.73
4.63
4.29
4.42
4.42
4.80
4.64
5.15
4.88
4.60
4.84
4.69
4.58
4.13
4.20
4.35
4.16
4.22
4.23
4.22

7.62
7.08
6.49
5.67
5.63
5.24
5.59
5.56
5.63
5.31
5.50
5.39
5.54
5.61
5.41
5.26
5.13
5.15
5.19
5.26
5.26
5.35
5.27

..............
..............
..............
2.12
2.34
4.19
5.96
5.86
2.39
.50
.50
.50
.50
.50
.50
.50
.50
.50
.50
.50
.50
.50
.50

.13
.15
.17
.16
.15

1.36
1.46
1.50
1.62
1.65

3.63
3.72
3.68
3.79
3.89

4.58
4.67
4.59
4.68
4.76

4.22
4.20
4.19
4.22
4.26

5.24
5.28
5.21
5.30
5.36

.50
.50
.50
.50
.50

30
01:05 Apr 07, 2010

Primary
credit

5.85
3.44
1.62
1.01
1.38
3.16
4.73
4.41
1.48
.16
.25
.17
.15
.17
.19
.18
.13
.08
.05
.07
.06
.10
.15

1 High bill rate at auction, issue date within period, bank-discount basis. Data are stop yields
from uniform-price auctions.
2 Yields on actively traded issues adjusted to constant maturities.
3 Weekly data are Wednesday figures.
4 Discount window borrowing for primary credit and discount rate (adjustment credit). The
rate for primary credit replaced the rate for adjustment credit.
5 Average effective rate for year; rate in effect at end of month or week.

VerDate Nov 24 2008

Discount window
(N.Y. F.R. Bank) 4 5

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Discount
rate

Prime rate
charged by
banks 5

5.73
3.40
1.17

Federal
funds
rate 6

Newhome
mortgage
yields
(FHFA) 7

*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*

9.23
6.91
4.67
4.12
4.34
6.19
7.96
8.05
5.09
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25

6.24
3.88
1.67
1.13
1.35
3.22
4.97
5.02
1.92
.16
.18
.15
.18
.21
.16
.16
.15
.12
.12
.12
.11
.13
.16

7.52
7.00
6.43
5.80
5.77
5.94
6.63
6.41
6.05
5.14
5.10
4.96
4.92
5.17
5.40
5.32
5.26
5.14
5.08
5.01
5.04
5.08
..............

*
*
*
*
*

3.25
3.25
3.25
3.25
3.25

.13
.16
.18
.18
.16

..............
..............
..............
..............
..............

6 Daily

effective rate; weighted average of rates on brokered trades.
7 Effective rate (in the primary market) on conventional mortgages, reflecting fees and
charges as well as contract rate and assumed, on the average, repayment at end of 10 years.
* Discount rate (adjustment credit) series was discontinued after January 8, 2003. Series for
30-year constant maturity was discontinued on February 18, 2002, and reintroduced on February 9, 2006.
Sources: Department of the Treasury, Board of Governors of the Federal Reserve System,
Federal Housing Finance Agency, Moody’s Investors Service, and Standard & Poor’s.

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ECOIND

g:\graphics\eecoind.030

U.S. Treasury security yields

COMMON STOCK PRICES AND YIELDS
Stock prices rose in March.

Common stock prices 1
New York Stock Exchange indexes 2 3
(December 31, 2002=5,000)

Nasdaq composite index
(Feb. 5,
1971=100) 6

Dividendprice ratio

Earningsprice ratio

Composite

Financial

Energy

Health
Care

.........................................................
.........................................................
.........................................................
.........................................................
.........................................................
.........................................................
.........................................................
.........................................................
.........................................................
.........................................................

6,805.89
6,397.85
5,578.89
5,447.46
6,612.62
7,349.00
8,357.99
9,648.82
8,036.88
6,091.02

................
................
................
5,583.00
6,822.18
7,383.70
8,654.40
9,321.39
6,278.38
3,987.04

..................
..................
..................
5,273.90
6,952.36
9,377.84
11,206.94
13,339.99
13,258.42
10,020.30

................
................
................
5,288.67
5,924.80
6,283.96
6,685.06
7,191.79
6,171.19
5,546.63

10,734.90
10,189.13
9,226.43
8,993.59
10,317.39
10,547.67
11,408.67
13,169.98
11,252.62
8,876.15

1,427.22
1,194.18
993.94
965.23
1,130.65
1,207.23
1,310.46
1,477.19
1,220.04
948.05

3,783.67
2,035.00
1,539.73
1,647.17
1,986.53
2,099.32
2,263.41
2,578.47
2,161.65
1,845.38

1.15
1.32
1.61
1.77
1.72
1.83
1.87
1.86
2.37
2.40

3.63
2.95
2.92
3.84
4.89
5.36
5.78
5.29
3.54
1.87

2009: Mar ..............................................
Apr ..............................................
May .............................................
June ............................................
July .............................................
Aug ..............................................
Sept .............................................
Oct ...............................................
Nov ..............................................
Dec ..............................................

4,739.72
5,338.39
5,823.10
5,985.64
6,026.55
6,577.18
6,839.88
6,986.35
7,079.38
7,167.51

2,633.65
3,313.47
3,819.95
3,924.19
4,000.66
4,646.60
4,844.93
4,918.07
4,848.04
4,734.07

8,266.81
8,839.95
9,848.66
10,189.64
9,765.09
10,295.91
10,791.73
11,342.57
11,486.95
11,335.23

4,596.81
4,771.71
5,051.78
5,224.16
5,410.22
5,706.96
5,838.22
5,931.28
6,155.21
6,430.25

7,235.47
7,992.12
8,398.37
8,593.00
8,679.75
9,375.06
9,634.97
9,857.34
10,227.55
10,433.44

757.13
848.15
902.41
926.12
935.82
1,009.72
1,044.55
1,067.66
1,088.07
1,110.38

1,432.23
1,641.15
1,726.08
1,826.99
1,873.84
1,997.16
2,084.75
2,122.85
2,143.53
2,220.60

2.92
2.60
2.41
2.35
2.31
2.12
2.06
2.02
1.99
1.95

.86
..................
..................
.82
..................
..................
1.19
..................
..................
r 4.59

2010: Jan ...............................................
Feb ..............................................
Mar ..............................................

7,257.37
6,958.36
7,349.86

4,795.75
4,567.29
4,942.17

11,548.08
10,840.96
11,194.52

6,523.83
6,320.43
6,453.81

10,471.24
10,214.51
10,677.52

1,123.58
1,089.16
1,152.05

2,267.77
2,194.44
2,362.24

1.92
2.00
1.90

..................
..................
..................

Week ended:
2010: Mar 6 ......................................
13 .......................................
20 .......................................
27 .......................................
Apr 3 ........................................

7,173.15
7,326.06
7,416.44
7,419.02
7,478.11

4,755.28
4,917.93
5,006.46
5,023.25
5,065.06

11,057.66
11,304.20
11,322.77
11,088.60
11,271.45

6,388.38
6,421.11
6,484.18
6,506.46
6,485.30

10,443.37
10,584.15
10,716.59
10,840.49
10,896.75

1,122.90
1,144.96
1,160.38
1,168.00
1,173.51

2,290.74
2,353.59
2,379.00
2,400.39
2,403.90

1.95
1.91
1.87
1.87
1.88

..................
..................
..................
..................
..................

2000
2001
2002
2003
2004
2005
2006
2007
2008
2009

tjames on DSKG8SOYB1PROD with ECOIND

Dow Jones
industrial
average 4

1 Average

of daily closing prices.
all the stocks (nearly 1,850) listed on the NYSE.
January 9, 2003, the NYSE relaunched the composite index with changes in
methodology, definitions, and based on Dec. 31, 2002=5,000. Effective January 8, 2004 new
indexes for Financial, Energy, and Health Care were introduced by the NYSE. Previous indexes
shown for Industrial, Transportation, Utility, and Finance were discontinued.
4 Includes 30 stocks.
2 Includes

3 Effective

5 Includes

500 stocks.
about 3,000 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
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ECOIND

g:\graphics\eecoind.031

Period

Common stock yields
(percent) 7
Standard &
Poor’s composite index
(1941–
43=10) 5

FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
In the fifth month of fiscal 2010, there was a deficit of $651.6 billion, compared with a deficit of $589.8 billion
a year earlier.

[Billions of dollars]
Total

Outlays

..................................
..................................
..................................
..................................
..................................
..................................
..................................
..................................
..................................
..................................
..................................
..................................
..................................
...................................
..................................
..................................
..................................
..................................

1,091.2
1,154.3
1,258.6
1,351.8
1,453.1
1,579.2
1,721.7
1,827.5
2,025.2
1,991.1
1,853.1
1,782.3
1,880.1
2,153.6
2,406.9
2,568.0
2,524.0
2,105.0

1,381.5 ¥290.3
1,409.4 ¥255.1
1,461.8 ¥203.2
1,515.8 ¥164.0
1,560.5 ¥107.4
1,601.1
¥21.9
1,652.5
69.3
1,701.8
125.6
1,789.0
236.2
1,862.9
128.2
2,010.9 ¥157.8
2,159.9 ¥377.6
2,292.9 ¥412.7
2,472.0 ¥318.3
2,655.1 ¥248.2
2,728.7 ¥160.7
2,982.6 ¥458.6
3,517.7 ¥1,412.7

788.8
842.4
923.6
1,000.7
1,085.6
1,187.3
1,305.9
1,383.0
1,544.6
1,483.6
1,337.8
1,258.5
1,345.4
1,576.1
1,798.5
1,932.9
1,866.0
1,451.0

1,129.2 ¥340.4
1,142.8 ¥300.4
1,182.4 ¥258.8
1,227.1 ¥226.4
1,259.6 ¥174.0
1,290.5 ¥103.2
1,335.9
¥29.9
1,381.1
1.9
1,458.2
86.4
1,516.1
¥32.4
1,655.2 ¥317.4
1,796.9 ¥538.4
1,913.3 ¥568.0
2,069.8 ¥493.6
2,233.0 ¥434.5
2,275.1 ¥342.2
2,507.8 ¥641.9
3,000.7 ¥1,549.7

302.4
311.9
335.0
351.1
367.5
392.0
415.8
444.5
480.6
507.5
515.3
523.8
534.7
577.5
608.4
635.1
658.0
654.0

252.3
266.6
279.4
288.7
300.9
310.6
316.6
320.8
330.8
346.8
355.7
363.0
379.5
402.2
422.1
453.6
474.8
517.0

50.1
45.3
55.7
62.4
66.6
81.4
99.2
123.7
149.8
160.7
159.7
160.8
155.2
175.3
186.3
181.5
183.3
137.0

2010 (estimates) ...............
2011 (estimates) ...............
Cumulative total, first 5
months: 1
Fiscal year 2009 ............
Fiscal year 2010 ............

2,165.1
2,567.2

3,720.7 ¥1,555.6
3,833.9 ¥1,266.7

1,529.9
1,893.1

3,163.7 ¥1,633.8
3,255.7 ¥1,362.6

635.2
674.1

557.0
578.2

78.2
95.9

13,786.6 9,297.7
15,144.0 10,498.3

¥589.8
¥651.6

598.9
545.6

¥657.8
¥693.5

261.9
255.0

193.9
213.1

68.0
41.9

10,840.8
12,404.5

tjames on DSKG8SOYB1PROD with ECOIND

1 Data

860.8
800.5

1,450.6
1,452.1

from current issue Monthly Treasury Statement.

Outlays

1,256.7
1,239.1

Receipts

Outlays

Federal debt (end of
period)
Surplus
or
deficit
(¥)

Receipts

1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009

Receipts

Off-budget
Surplus
or
deficit
(¥)

01:05 Apr 07, 2010

Jkt 055740

PO 00000

4,001.8
4,351.0
4,643.3
4,920.6
5,181.5
5,369.2
5,478.2
5,605.5
5,628.7
5,769.9
6,198.4
6,760.0
7,354.7
7,905.3
8,451.4
8,950.7
9,986.1
11,875.9

Held by
the public

2,999.7
3,248.4
3,433.1
3,604.4
3,734.1
3,772.3
3,721.1
3,632.4
3,409.8
3,319.6
3,540.4
3,913.4
4,295.5
4,592.2
4,829.0
5,035.1
5,803.1
7,544.7

6,573.4
7,930.2

NOTE.—Data (except as noted) are from Budget of the United States Government, Fiscal Year
2011, issued February 1, 2010.
Sources: Department of the Treasury and Office of Management and Budget.

32
VerDate Nov 24 2008

Gross Federal

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ECOIND

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Fiscal year or period

On-budget
Surplus
or
deficit
(¥)

FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the fifth month of fiscal 2010, receipts were $60.3 billion lower than a year earlier and outlays were $1.5 billion
higher.

[Billions of dollars]
On-budget and off-budget receipts

tjames on DSKG8SOYB1PROD with ECOIND

Total

Individual
income
taxes

Corporation
income
taxes

On-budget and off-budget outlays
National defense
Other

Department of
Defense,
military

Total
Total

International
affairs

Health

Medicare

Income Social
security security

Net
interest

Other

1992
1993
1994
1995
1996
1997
1998
1999

............................................
............................................
............................................
............................................
............................................
............................................
............................................
............................................

1,091.2
1,154.3
1,258.6
1,351.8
1,453.1
1,579.2
1,721.7
1,827.5

476.0
509.7
543.1
590.2
656.4
737.5
828.6
879.5

100.3
117.5
140.4
157.0
171.8
182.3
188.7
184.7

413.7
428.3
461.5
484.5
509.4
539.4
571.8
611.8

101.3
98.8
113.7
120.1
115.4
120.1
132.6
151.5

1,381.5
1,409.4
1,461.8
1,515.8
1,560.5
1,601.1
1,652.5
1,701.8

298.3
291.1
281.6
272.1
265.7
270.5
268.2
274.8

286.8
278.5
268.6
259.4
253.1
258.3
255.8
261.2

16.1
17.2
17.1
16.4
13.5
15.2
13.1
15.2

89.5
99.4
107.1
115.4
119.4
123.8
131.4
141.0

119.0
130.6
144.7
159.9
174.2
190.0
192.8
190.4

199.6
210.0
217.2
223.8
229.7
235.0
237.8
242.5

287.6
304.6
319.6
335.8
349.7
365.3
379.2
390.0

199.3
198.7
202.9
232.1
241.1
244.0
241.1
229.8

172.1
157.9
171.5
160.2
167.2
157.3
188.9
218.1

2000
2001
2002
2003
2004
2005
2006
2007
2008
2009

............................................
............................................
............................................
............................................
............................................
............................................
............................................
............................................
............................................
............................................

2,025.2
1,991.1
1,853.1
1,782.3
1,880.1
2,153.6
2,406.9
2,568.0
2,524.0
2,105.0

1,004.5
994.3
858.3
793.7
809.0
927.2
1,043.9
1,163.5
1,145.7
915.3

207.3
151.1
148.0
131.8
189.4
278.3
353.9
370.2
304.3
138.2

652.9
694.0
700.8
713.0
733.4
794.1
837.8
869.6
900.2
890.9

160.6
151.8
146.0
143.9
148.4
154.0
171.2
164.7
173.8
160.5

1,789.0
1,862.9
2,010.9
2,159.9
2,292.9
2,472.0
2,655.1
2,728.7
2,982.6
3,517.7

294.4
304.7
348.5
404.7
455.8
495.3
521.8
551.3
616.1
661.0

281.0
290.2
331.8
387.1
436.4
474.1
499.3
528.5
594.6
636.7

17.2
16.5
22.3
21.2
26.9
34.6
29.5
28.5
28.9
37.5

154.5
172.2
196.5
219.5
240.1
250.5
252.7
266.4
280.6
334.3

197.1
217.4
230.9
249.4
269.4
298.6
329.9
375.4
390.8
430.1

253.7
269.8
312.7
334.6
333.1
345.8
352.5
366.0
431.3
533.2

409.4
433.0
456.0
474.7
495.5
523.3
548.5
586.2
617.0
683.0

222.9
206.2
170.9
153.1
160.2
184.0
226.6
237.1
252.8
186.9

239.7
243.2
273.1
302.6
311.8
339.8
393.5
317.9
365.2
651.6

2,165.1 935.8
2,567.2 1,121.3

156.7
296.9

875.8
935.1

196.9 3,720.7
213.9 3,833.9

719.2
749.7

692.0
721.3

51.1
54.2

372.3
400.7

457.2
497.3

685.9
595.0

721.5
736.3

187.8
250.7

525.8
549.9

52.8
45.4

356.2
344.4

63.2 1,450.6
76.8 1,452.1

278.1
286.1

267.4
273.9

15.2
19.4

122.7
148.8

182.8
179.3

219.1
279.5

268.1
289.1

75.0
86.5

289.7
163.4

2010 (estimates) .........................
2011 (estimates) ..........................
Cumulative total, first 5
months: 1
Fiscal year 2009 ......................
Fiscal year 2010 ......................

860.8
800.5

388.5
334.0

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
2011, issued February 1, 2010.
Sources: Department of the Treasury and Office of Management and Budget.

33
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Fiscal year or period

Social
insurance
and
retirement
receipts

FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the fourth quarter of 2009, according to current estimates, Federal current receipts rose $41.3 billion (annual
rate), while Federal current expenditures fell $5.1 billion.

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal Government current receipts

Total
Total 1

tjames on DSKG8SOYB1PROD with ECOIND

Calendar year:
2000 .................
2001 ................
2002 ................
2003 ................
2004 ................
2005 ................
2006 ................
2007 ................
2008 ................
2009 r ...............
2006: I ...............
II .............
III ............
IV ............
2007: I ...............
II .............
III ............
IV ............
2008: I ...............
II .............
III ............
IV ............
2009: I ...............
II .............
III ............
IV r ...........
1 Includes
2 Includes

2,057.1
2,020.3
1,859.3
1,885.1
2,013.9
2,290.1
2,524.5
2,660.8
2,475.0
2,226.6
2,473.8
2,501.8
2,547.4
2,575.1
2,640.1
2,660.1
2,659.9
2,682.9
2,590.7
2,372.1
2,489.5
2,447.8
2,251.3
2,237.0
2,188.5
2,229.8

1,309.6
1,249.4
1,073.5
1,070.2
1,153.8
1,383.7
1,558.3
1,647.2
1,421.7
1,165.1
1,517.6
1,541.6
1,581.3
1,592.8
1,638.3
1,654.0
1,644.8
1,651.7
1,546.0
1,322.8
1,435.2
1,382.9
1,191.5
1,157.4
1,138.1
1,173.6

Personal
current
taxes
995.6
991.8
828.6
774.2
799.2
931.9
1,049.9
1,168.1
1,102.5
829.5
1,023.1
1,034.7
1,053.9
1,088.0
1,136.8
1,157.6
1,177.6
1,200.6
1,195.3
984.2
1,110.1
1,120.2
900.3
829.9
795.8
791.8

Taxes
on
production and
imports
87.3
85.3
86.8
89.3
94.3
98.8
99.4
94.7
92.0
92.3
99.6
99.6
99.9
98.6
94.9
94.8
95.4
93.6
92.7
93.1
91.8
90.2
85.7
91.6
93.5
98.5

Taxes
on
corporate
income
219.4
164.7
150.5
197.8
250.3
341.0
395.0
370.2
212.3
231.0
383.8
396.1
415.5
384.6
393.6
387.3
358.5
341.3
243.1
231.2
218.5
156.5
192.0
223.8
238.1
270.2

698.6
723.3
739.3
762.8
807.6
852.6
904.6
944.4
974.5
950.1
896.9
899.8
904.0
917.8
937.3
938.8
943.8
957.6
970.0
973.0
978.5
976.4
953.0
954.3
945.7
947.6

Federal Government current expenditures

Income
receipts
on
assets

Current
transfer
receipts

Current
surplus
of government
enterprises

24.5
24.5
20.3
22.8
23.2
23.7
26.1
29.1
30.3
48.2
24.3
25.5
26.5
28.2
28.3
28.7
29.6
29.8
29.3
31.2
30.6
30.0
40.7
50.8
49.5
51.7

25.7
27.0
26.1
25.6
29.0
33.6
38.3
42.7
52.3
68.1
37.1
37.7
38.6
39.9
41.0
41.5
42.6
45.8
47.9
48.4
49.0
64.0
72.7
79.8
58.7
61.1

¥1.2
¥4.0
.2
3.7
.3
¥3.5
¥2.9
¥2.7
¥3.8
¥4.9
¥2.1
¥2.7
¥3.0
¥3.6
¥4.8
¥2.9
¥.8
¥2.1
¥2.5
¥3.4
¥3.9
¥5.4
¥6.7
¥5.3
¥3.5
¥4.2

taxes from the rest of the world, not shown separately.
a subtraction for wage accruals less disbursements, not shown separately.

Total 2

1,871.9
1,979.8
2,112.1
2,261.5
2,393.4
2,573.1
2,728.3
2,897.2
3,117.6
3,451.3
2,681.1
2,731.2
2,762.9
2,738.1
2,841.0
2,881.3
2,918.7
2,947.9
3,024.2
3,169.0
3,155.2
3,121.9
3,220.3
3,505.9
3,542.1
3,537.0

Consumption
expenditures

Current
transfer
payments

496.0
530.2
590.5
660.3
721.4
765.8
811.0
848.8
934.4
986.4
810.4
808.5
813.1
812.1
821.1
839.9
860.8
873.4
903.2
923.2
956.0
955.4
954.2
979.1
1,001.2
1,011.0

1,047.4
1,140.0
1,252.1
1,339.4
1,405.0
1,491.3
1,587.1
1,688.6
1,840.6
2,134.4
1,552.4
1,588.9
1,603.7
1,603.5
1,666.2
1,672.4
1,694.1
1,721.6
1,759.5
1,904.5
1,829.0
1,869.5
1,981.2
2,195.6
2,178.1
2,182.7

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Fmt 3401

283.3
258.6
229.1
212.9
221.0
255.4
279.2
312.2
292.0
272.3
263.1
282.8
296.7
274.2
306.4
321.3
316.6
304.7
312.3
291.4
319.5
244.6
231.3
277.4
296.3
284.1

Subsidies

45.3
51.1
40.5
49.0
46.0
60.5
51.0
47.6
50.6
58.2
55.2
51.1
49.4
48.3
47.4
47.7
47.3
48.2
49.2
49.9
50.7
52.4
53.6
53.7
66.5
59.1

Net
Federal
Government
saving

185.2
40.5
¥252.8
¥376.4
¥379.5
¥283.0
¥203.8
¥236.5
¥642.6
¥1,224.7
¥207.3
¥229.4
¥215.5
¥163.0
¥200.9
¥221.3
¥258.8
¥265.0
¥433.5
¥796.9
¥665.7
¥674.1
¥969.1
¥1,268.9
¥1,353.6
¥1,307.2

Source: Department of Commerce, Bureau of Economic Analysis.

34
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Current tax receipts
Period

Contributions
for
government
social
insurance

INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Industrial production (2002=100; seasonally adjusted)
Period

United
States

Canada

Japan

Germany

France

Consumer prices (1982–84=100; NSA)
United
Kingdom

Italy

United
States 1

Canada

Japan

France

Germany

Italy

United
Kingdom

2000 ..............................
2001 ..............................
2002 ..............................
2003 ..............................
2004 ..............................
2005 ..............................
2006 ..............................
2007 ..............................
2008 ..............................
2009 r .............................

103.7
100.1
100.0
101.3
103.8
107.2
109.7
111.3
108.8
98.2

102.6
98.4
100.0
100.1
101.7
103.7
102.9
102.6
97.2
86.2

108.4
101.3
100.0
103.0
108.0
109.6
114.2
117.6
113.6
88.3

101.0
101.9
100.0
98.9
100.2
100.4
101.7
102.8
100.3
88.5

100.8
101.1
100.0
100.5
103.6
107.1
113.3
120.1
120.1
99.8

102.4
101.3
100.0
99.4
r 99.0
98.3
101.8
104.0
100.5
82.9

103.2
101.7
100.0
99.3
100.4
99.1
99.2
99.5
96.4
86.6

172.2
177.1
179.9
184.0
188.9
195.3
201.6
207.342
215.303
214.537

164.9
169.1
172.9
177.7
181.0
185.0
188.7
192.7
197.3
197.9

121.0
120.0
119.0
118.7
118.7
118.3
118.6
118.7
120.3
118.7

157.8
160.3
163.4
166.9
170.4
173.4
176.3
178.9
184.0
184.1

142.5
145.3
147.4
148.9
151.4
153.7
156.2
159.7
163.9
164.5

231.3
237.8
243.6
250.1
255.7
260.7
266.2
271.1
280.1
282.3

200.0
203.7
207.0
213.0
219.3
225.6
232.8
242.7
252.4
251.1

2009: Jan r ...................
Feb r ...................
Mar r ...................
Apr r ...................
May r ..................
June r .................
July r ..................
Aug r ...................
Sept r ..................
Oct r ....................
Nov r ...................
Dec r ...................

100.1
99.3
97.7
97.2
96.2
95.8
96.9
98.1
98.7
98.9
99.5
100.0

88.4
88.3
87.3
86.4
84.5
84.4
84.4
84.3
85.6
86.1
86.7
87.7

84.0
76.1
77.3
81.9
86.6
88.6
90.4
91.8
93.8
94.3
96.3
98.2

88.2
88.0
86.8
85.7
87.2
87.7
88.7
90.7
89.5
89.4
90.1
89.9

100.6
97.0
97.0
94.1
98.7
100.0
98.9
100.6
104.0
102.1
102.9
101.9

86.3
83.0
79.4
80.4
80.5
80.6
82.5
87.4
83.2
83.6
84.1
83.9

87.7
87.2
87.0
87.2
86.4
86.9
87.1
84.8
85.9
85.9
86.3
86.7

211.143
212.193
212.709
213.240
213.856
215.693
215.351
215.834
215.969
216.177
216.330
215.949

195.4
196.8
197.1
196.9
198.3
199.0
198.3
198.3
198.3
198.1
199.2
198.5

119.1
118.8
119.1
119.3
119.0
118.8
118.4
118.8
118.8
118.3
118.1
117.8

182.7
183.4
183.7
184.0
184.3
184.5
183.7
184.7
184.2
184.4
184.6
185.1

163.4
164.3
164.2
164.2
164.0
164.7
164.7
165.0
164.3
164.5
164.3
165.7

280.3
281.0
281.2
281.8
282.4
282.6
282.6
283.4
282.8
283.0
283.0
283.6

246.8
248.4
248.3
248.5
250.0
250.7
250.7
251.9
253.0
253.8
254.5
256.1

2010: Jan p ...................
100.9
89.1 100.8
91.3
103.5
86.1
86.3
216.687
199.0 117.6 184.7
Feb p ...................
101.0 ..............
99.9 .............. .............. .............. ..............
216.741
199.9 117.5 185.7
Mar p .................. .............. .............. ............ .............. .............. .............. .............. .................. .............. ............ ............

164.7
165.3
166.0

284.0
256.0
284.2
257.5
285.1 ..............

1 Data relate to all urban consumers.
NOTE.—See Note, p. 17, for information on U.S. industrial production series.

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

tjames on DSKG8SOYB1PROD with ECOIND

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

2000 ..............
2001 .............
2002 .............
2003 .............
2004 .............
2005 .............
2006 .............
2007 .............
2008 .............
2009 r ............
2009: Jan r ...
Feb r ..
Mar r ..
Apr r ...
May r ..
June r
July r ..
Aug r ..
Sep r ...
Oct r ...
Nov r ..
Dec p ..

772.0
718.7
685.2
715.8
806.2
892.3
1,015.8
1,138.4
1,277.0
1,045.5
82.4
84.3
82.5
79.9
82.0
84.0
86.7
86.8
90.2
93.4
94.5
99.1

781.9
729.1
693.1
724.8
814.9
901.1
1,026.0
1,148.2
1,287.4
1,056.9
83.1
85.1
83.5
80.7
83.0
84.9
87.7
87.5
91.0
94.7
95.4
100.2

47.9
49.4
49.6
55.0
56.6
59.0
66.0
84.3
108.3
94.0
7.2
7.2
7.3
7.6
7.9
8.1
7.8
7.9
7.5
7.7
9.0
8.9

172.6
160.1
156.8
173.0
203.9
233.0
276.0
316.4
388.0
296.3
22.2
22.2
22.4
21.1
23.2
24.3
24.8
25.7
27.1
27.5
27.0
28.7

2010: Jan p ..

98.4

99.2

8.8

29.2

356.9 80.4
321.7 75.4
290.4 78.9
293.7 80.6
327.5 89.2
358.4 98.4
404.0 107.3
433.0 121.3
457.7 121.5
390.4 81.6
33.1
5.6
33.3
5.9
31.9
6.0
30.8
5.8
30.9
5.4
31.4
5.4
32.1
6.8
30.8
7.3
32.5
7.5
33.7
7.9
34.0
8.6
35.8
9.5
34.8

9.0

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

Exports

Imports

Goods,
Census
basis

Goods

Services

Goods
and
services

89.4
88.3
84.4
89.9
103.2
115.3
129.1
146.0
161.3
150.0
11.4
12.8
12.3
11.9
12.1
12.1
12.4
12.3
12.8
13.7
13.0
13.3

1,226.7
1,148.6
1,168.0
1,264.9
1,478.0
1,683.2
1,863.1
1,969.4
2,117.2
1,562.6
129.9
121.5
121.7
119.8
119.2
122.3
129.4
128.7
137.6
138.5
142.9
151.0

1,218.0
1,141.0
1,161.4
1,257.1
1,469.7
1,673.5
1,853.9
1,957.0
2,103.6
1,558.1
129.5
121.1
121.3
119.4
118.9
122.0
129.2
128.3
137.2
138.1
142.5
150.6

46.0
46.6
49.7
55.8
62.1
68.1
74.9
81.7
89.0
81.6
6.9
6.7
6.8
6.7
6.8
6.8
6.8
6.7
6.7
6.9
6.7
7.1

299.0
273.9
267.7
313.8
412.8
523.8
602.0
634.7
779.5
461.2
38.4
34.3
34.5
33.7
33.0
36.9
38.3
37.5
42.8
41.0
43.2
47.6

347.0
298.0
283.3
295.9
343.6
379.3
418.3
444.5
453.7
369.3
31.9
30.1
29.6
28.7
28.9
28.9
30.1
30.1
30.9
32.0
33.3
34.9

195.9
189.8
203.7
210.1
228.2
239.4
256.6
259.2
233.8
160.0
11.4
10.2
10.6
10.4
10.1
11.0
13.4
14.7
16.3
16.9
16.7
18.3

281.8
284.3
307.8
333.9
372.9
407.2
442.6
474.6
481.6
428.3
36.1
34.6
35.1
35.5
35.5
33.7
35.4
34.8
35.4
36.6
37.9
37.8

298.6
286.2
292.3
304.3
353.1
389.1
435.9
504.8
549.6
509.2
41.6
41.0
40.4
41.7
41.5
42.2
42.8
43.1
43.3
43.8
43.9
44.1

223.7
221.8
231.1
250.4
291.2
313.5
349.0
375.2
405.3
370.8
30.9
30.3
30.0
30.3
30.0
30.7
31.2
31.1
31.2
31.5
31.6
32.1

¥436.1
¥411.9
¥468.3
¥532.4
¥654.8
¥772.4
¥828.0
¥808.8
¥816.2
¥501.3
¥46.5
¥36.0
¥37.7
¥38.7
¥35.9
¥37.1
¥41.4
¥40.8
¥46.2
¥43.3
¥47.1
¥50.4

¥454.7
¥429.9
¥482.8
¥549.0
¥671.8
¥790.9
¥847.3
¥831.0
¥840.3
¥517.0
¥47.6
¥37.2
¥39.2
¥39.9
¥37.2
¥38.3
¥42.7
¥42.0
¥47.4
¥45.2
¥48.4
¥51.9

74.9
64.4
61.2
54.0
61.8
75.6
86.9
129.6
144.3
138.4
10.7
10.7
10.4
11.5
11.5
11.4
11.6
12.1
12.1
12.2
12.3
12.0

¥379.8
¥365.5
¥421.6
¥495.0
¥610.0
¥715.3
¥760.4
¥701.4
¥695.9
¥378.6
¥36.9
¥26.5
¥28.8
¥28.4
¥25.8
¥26.9
¥31.2
¥29.9
¥35.3
¥32.9
¥36.1
¥39.9

13.5

147.8

147.4

7.2

47.6

33.9

16.8

36.9

44.3

32.2

¥48.1

¥49.4

12.1

¥37.3

1 Total

includes ‘‘other’’ exports or imports, not shown separately.
NOTE.—BOP refers to balance of payments on international transactions basis. BOP data
shown here are consistent with figures shown on pp. 36 and 37.

Source: Department of Commerce (Bureau of the Census and Bureau of Economic Analysis).

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ECOIND

U.S. INTERNATIONAL TRANSACTIONS
In the fourth quarter of 2009, the goods deficit rose to $145.5 billion, from $132.1 billion in the third quarter. The
current account deficit rose to $115.6 billion in the fourth quarter, from $102.3 billion in the third quarter.

[Millions of dollars; quarterly data seasonally adjusted. Credits (+), debits (¥)]

Period

tjames on DSKG8SOYB1PROD with ECOIND

Exports

Imports

Services

Balance
on
goods

Net
military
transactions 2

Net
travel
and
transportation

Income receipts and payments

Other
services,
net

Balance
on
goods
and
services

Receipts

Payments

Balance
on
income

Unilateral
current
transfers,
net 3

Balance
on
current
account

2000 ..............
2001 .............
2002 .............
2003 .............
2004 .............
2005 .............
2006 .............
2007 .............
2008 .............
2009 p ............

771,994
718,711
685,170
715,848
806,161
892,337
1,015,812
1,138,384
1,276,994
1,045,543

¥1,226,684
¥1,148,609
¥1,168,002
¥1,264,860
¥1,477,996
¥1,683,188
¥1,863,072
¥1,969,375
¥2,117,245
¥1,562,588

¥454,690
¥429,898
¥482,831
¥549,012
¥671,835
¥790,851
¥847,260
¥830,992
¥840,252
¥517,045

317
¥2,296
¥7,158
¥11,981
¥13,518
¥10,536
¥7,119
¥7,384
¥13,881
¥9,626

2,486
¥3,254
¥4,245
¥11,475
¥14,275
¥13,006
¥10,873
2,345
16,175
12,246

72,052
69,943
72,633
77,433
89,640
99,124
104,893
134,609
142,021
135,797

¥379,835
¥365,505
¥421,601
¥495,034
¥609,987
¥715,268
¥760,359
¥701,422
¥695,936
¥378,628

350,918
290,797
280,942
320,456
413,739
535,263
682,221
818,931
764,637
561,211

¥329,864
¥259,075
¥253,544
¥275,147
¥346,519
¥462,905
¥634,136
¥728,085
¥646,406
¥472,208

21,054
31,722
27,398
45,309
67,219
72,358
48,085
90,845
118,231
89,003

¥58,645
¥64,487
¥64,948
¥71,794
¥88,362
¥105,772
¥91,273
¥115,996
¥128,363
¥130,243

¥417,426
¥398,270
¥459,151
¥521,519
¥631,130
¥748,683
¥803,547
¥726,573
¥706,068
¥419,868

2007: I ........
II .......
III .....
IV .....

269,538
277,655
289,160
302,031

¥475,571
¥483,294
¥494,075
¥516,435

¥206,033
¥205,639
¥204,915
¥214,404

¥933
¥2,912
¥2,593
¥946

¥1,642
¥899
1,241
3,644

30,570
31,891
34,802
37,346

¥178,038
¥177,560
¥171,465
¥174,360

186,981
202,312
213,505
216,132

¥177,234
¥189,531
¥185,098
¥176,220

9,747
12,781
28,407
39,912

¥30,807
¥25,752
¥28,557
¥30,883

¥199,098
¥190,531
¥171,614
¥165,330

2008: I ........
II .......
III .....
IV .....

315,637
332,876
337,912
290,569

¥534,482
¥554,372
¥559,002
¥469,389

¥218,846
¥221,496
¥221,090
¥178,820

¥2,543
¥3,055
¥4,664
¥3,618

3,076
4,922
5,595
2,581

35,659
36,784
34,217
35,363

¥182,653
¥182,847
¥185,942
¥144,495

202,927
198,796
195,319
167,596

¥166,241
¥172,521
¥161,194
¥146,450

36,686
26,274
34,125
21,146

¥33,330
¥31,147
¥32,361
¥31,527

¥179,298
¥187,719
¥184,178
¥154,875

2009: I r .......
II r .....
III r ....
IV p ....

249,108
245,868
263,645
286,923

¥373,107
¥361,318
¥395,746
¥432,418

¥123,999
¥115,450
¥132,101
¥145,495

¥3,017
¥1,855
¥2,139
¥2,615

1,983
3,500
3,164
3,598

32,814 ¥92,219
32,730 ¥81,076
34,693 ¥96,383
35,562 ¥108,948

135,267
134,987
142,315
148,642

¥117,044
¥118,399
¥113,255
¥123,511

18,223
16,589
29,060
25,132

¥30,185
¥33,256
¥35,025
¥31,777

¥104,182
¥97,743
¥102,348
¥115,593

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).

3 Includes transfers of goods and services under U.S. military grant programs.
See p. 37 for continuation of table.

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Goods 1

U.S. INTERNATIONAL TRANSACTIONS—Continued
In the financial account, U.S. claims on foreigners reported by U.S. banks increased $59.6 billion in the fourth
of 2009, following an increase of $244.1 billion in the third quarter. U.S. liabilities to private foreigners reported
by U.S. banks, excluding Treasury securities, decreased $26.6 billion in the fourth quarter, following an increase
of $134.2 billion in the third quarter.

[Millions of dollars; quarterly data seasonally adjusted. Credits (+), debits (¥)]
Financial account

Period

tjames on DSKG8SOYB1PROD with ECOIND

Total

2000 .........
2001 .........
2002 .........
2003 .........
2004 .........
2005 .........
2006 .........
2007 .........
2008 .........
2009 p ........
2007: I ....
II ...
III
IV ..
2008: I ....
II ...
III
IV ..
2009: I r ...
II r ..
III r
IV p

¥1,010
¥560,523
11,922
¥382,616
¥1,470
¥294,646
¥3,480
¥325,424
1,323 ¥1,000,870
11,344
¥546,631
¥3,906 ¥1,285,729
¥1,895 ¥1,472,126
953
¥106
¥2,859
¥237,454
¥549
¥485,867
¥124
¥545,158
¥625
¥192,530
¥597
¥248,571
¥637
¥251,501
¥682
107,343
2,967
29,322
¥695
114,730
¥710
94,092
¥719
36,762
¥718
¥269,192
¥713
¥99,116

U.S.
official
reserve
assets 4

¥290
¥4,911
¥3,681
1,523
2,805
14,096
2,374
¥122
¥4,848
¥52,256
¥72
26
¥54
¥22
¥276
¥1,267
¥179
¥3,126
¥982
¥3,632
¥49,021
1,379

Other U.S.
Government
assets

Statistical discrepancy

Foreign-owned assets in the U.S.,
excluding financial derivatives
[increase/financial inflow (+)]
U.S.
private
assets

¥941
¥559,292
¥486
¥377,219
345
¥291,310
537
¥327,484
1,710 ¥1,005,385
5,539
¥566,266
5,346 ¥1,293,449
¥22,273 ¥1,449,731
¥529,615
534,357
541,776
¥726,974
445
¥486,240
¥596
¥544,588
623
¥193,099
¥22,744
¥225,805
3,268
¥254,493
¥41,592
150,202
¥225,997
255,498
¥265,293
383,150
244,102
¥149,028
193,750
¥153,356
57,736
¥277,907
46,187
¥146,682

Total

1,038,224
782,870
795,161
858,303
1,533,201
1,247,347
2,065,169
2,129,460
534,071
435,236
700,961
737,457
278,424
412,618
426,058
2,003
117,897
¥11,888
¥67,583
14,648
343,388
144,782

4 Consists of gold, special drawing rights (SDRs), foreign currencies, and the U.S. reserve
position in the International Monetary Fund (IMF).

Foreign
official
assets

42,758
28,059
115,945
278,069
397,755
259,268
487,939
480,949
487,021
447,575
165,837
88,331
47,674
179,107
208,646
178,826
115,573
¥16,024
70,892
124,299
123,786
128,598

Other
foreign
assets

995,466
754,811
679,216
580,234
1,135,446
988,079
1,577,230
1,648,511
47,050
¥12,339
535,124
649,126
230,750
233,511
217,412
¥176,823
2,324
4,136
¥138,475
¥109,651
219,602
16,184

Financial
derivatives,
net

Total (sum
of the items
with sign
reversed)

..................
..................
..................
..................
..................
..................
29,710
6,222
¥28,905
..................
14,795
¥1,007
5,942
¥13,508
¥7,966
¥2,355
¥4,075
¥14,509
8,407
11,265
11,496
..................

¥59,265
¥13,906
¥39,894
¥7,880
97,476
36,623
¥1,698
64,912
200,055
224,946
¥30,242
¥637
80,403
15,388
13,344
81,410
38,067
67,236
69,976
35,787
17,373
70,640

Of which:
Seasonal
adjustment
discrepancy

..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
10,399
¥528
¥23,938
14,066
14,659
¥3,037
¥25,884
14,264
10,770
¥1,441
¥21,440
12,108

U.S. official
reserve
assets, net 4
(unadjusted,
end of
period)

67,647
68,654
79,006
85,938
86,824
65,127
65,895
70,565
77,648
130,760
66,551
66,127
69,070
70,565
75,764
75,740
71,834
77,648
74,958
81,489
134,296
130,760

Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the
Treasury.

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U.S.-owned assets abroad,
excluding financial derivatives
[increase/financial outflow (¥)]

Capital
account
transactions,
net

Contents
Page

TOTAL OUTPUT, INCOME, AND SPENDING
Gross Domestic Product ..........................................................................................................................................................................................
Real Gross Domestic Product ..................................................................................................................................................................................
Chained Price Indexes for Gross Domestic Product ................................................................................................................................................
Gross Domestic Product and Related Price Measures: Indexes and Percent Changes ..............................................................................................
Nonfinancial Corporate Business—Gross Value Added and Price, Costs, and Profits .............................................................................................
National Income ......................................................................................................................................................................................................
Real Personal Consumption Expenditures ...............................................................................................................................................................
Sources of Personal Income ......................................................................................................................................................................................
Disposition of Personal Income ...............................................................................................................................................................................
Farm Income ............................................................................................................................................................................................................
Corporate Profits ......................................................................................................................................................................................................
Real Gross Private Domestic Investment ................................................................................................................................................................
Real Private Fixed Investment by Type ..................................................................................................................................................................
Business Investment ................................................................................................................................................................................................

1
2
2
3
3
4
4
5
6
7
8
9
10
10

EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force .........................................................................................................................................................................................
Selected Unemployment Rates ................................................................................................................................................................................
Selected Measures of Unemployment and Unemployment Insurance Programs ......................................................................................................
Nonagricultural Employment ..................................................................................................................................................................................
Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries .................................................................
Employment Cost Index—Private Industry .............................................................................................................................................................
Productivity and Related Data, Business Sector ......................................................................................................................................................

11
12
13
14
15
15
16

PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization .......................................................................................................................................................
Industrial Production—Major Market Groups and Selected Manufactures ..............................................................................................................
New Construction ....................................................................................................................................................................................................
New Private Housing and Vacancy Rates ...............................................................................................................................................................
Business Sales and Inventories—Manufacturing and Trade .....................................................................................................................................
Manufacturers’ Shipments, Inventories, and Orders .................................................................................................................................................

17
18
19
19
20
21

PRICES
Producer Prices ........................................................................................................................................................................................................
Consumer Prices—All Urban Consumers ................................................................................................................................................................
Changes in Producer Prices for Finished Goods ......................................................................................................................................................
Changes in Consumer Prices—All Urban Consumers .............................................................................................................................................
Prices Received and Paid by Farmers ......................................................................................................................................................................

22
23
24
24
25

MONEY, CREDIT, AND SECURITY MARKETS
Money Stock and Debt Measures .............................................................................................................................................................................
Components of Money Stock ...................................................................................................................................................................................
Aggregate Reserves and Monetary Base ...................................................................................................................................................................
Bank Credit at All Commercial Banks ....................................................................................................................................................................
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business ..................................................................................................................
Consumer Credit ......................................................................................................................................................................................................
Interest Rates and Bond Yields ...............................................................................................................................................................................
Common Stock Prices and Yields ............................................................................................................................................................................

26
27
27
28
29
29
30
31

FEDERAL FINANCE
Federal Receipts, Outlays, and Debt .......................................................................................................................................................................
Federal Receipts by Source and Outlays by Function ..............................................................................................................................................
Federal Sector, National Income Accounts Basis .....................................................................................................................................................

32
33
34

INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries ...............................................................................................................
U.S. International Trade in Goods and Services ......................................................................................................................................................
U.S. International Transactions ................................................................................................................................................................................

35
35
36

tjames on DSKG8SOYB1PROD with ECOIND

General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
p Preliminary.
r Revised.
c Corrected.
… Not available (also, not applicable).
NSA not seasonally adjusted.
For sale by the Superintendent of Documents, U.S. Government Printing Office,
Washington, D.C. 20402. Price $5.00 (single copy) ($7.00 foreign).
Subscription price: $58.00 per year; $81.20 for foreign mailing.

38
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U.S. GOVERNMENT PRINTING OFFICE : 2010 55–740

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