Full text of Economic Indicators : October 2009
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
111th Congress, 1st Session Economic Indicators OCTOBER 2009 (Includes data available as of November 6, 2009) Prepared for the Joint Economic Committee by the Council of Economic Advisers UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON : 2009 JOINT ECONOMIC COMMITTEE (Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.) CAROLYN B. MALONEY, New York, Chair CHARLES E. SCHUMER, New York, Vice Chairman HOUSE OF REPRESENTATIVES MAURICE D. HINCHEY, New York BARON P. HILL, Indiana LORETTA SANCHEZ, California ELIJAH E. CUMMINGS, Maryland VIC SNYDER, Arkansas KEVIN BRADY, Texas RON PAUL, Texas MICHAEL C. BURGESS, M.D., Texas J O H N CAMPBELL, California SENATE JEFF BINGAMAN, New Mexico AMY KLOBUCHAR, Minnesota ROBERT P. CASEY, J R . , Pennsylvania JIM WEBB, Virginia MARK R. WARNER, Virginia SAM BROWNBACK, Kansas JIM D E M I N T , South Carolina JAMES E. RISCH, Idaho ROBERT F. BENNETT, Utah GAIL COHEN, Acting Executive Director COUNCIL OF ECONOMIC ADVISERS CHRISTINA D. ROMER, Chair AUSTAN D. GOOLSBEE, Member CECILIA E. ROUSE, Member [PUBLIC LAW 120—81ST CONGRESS; CHAPTER 237—1ST SESSION] JOINT RESOLUTION [S.J. Res. 55] To print the monthly publication entitled ‘‘Economic Indicators’’ Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint Economic Committee be authorized to issue a monthly publication entitled ‘‘Economic Indicators,’’ and that a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic Committee; and the required numbers of copies to the Superintendent of Documents for distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public. Approved June 23, 1949. Charts prepared under the direction of the Printing and Procurement Branch, Office of the Secretary, Department of Commerce. Economic Indicators, published monthly, is available at $5.00 a single copy ($7.00 foreign), or by subscription at $58.00 per year ($81.20 for foreign mailing) from: SUPERINTENDENT OF DOCUMENTS GOVERNMENT PRINTING OFFICE WASHINGTON, D.C. 20402 For sale by the U.S. Government Printing Office Superintendent of Documents, Mail Stop: SSOP, Washington, DC 20402-9328 Also available on the internet at the following address: http://www.gpoaccess.gov/indicators 11 TOTAL OUTPUT, INCOME, AND SPENDING GROSS DOMESTIC PRODUCT In the third quarter of 2009, according to advance estimates, current-dollar gross domestic product (GDP) rose 4.3 percent (annual rate), real GDP (GDP in chained 2005 dollars) rose 3.5 percent, and the chained price index rose 0.8 percent. BILLIONS OF DOLLARS (RATIO SCALE) BILLIONS OF DOLLARS (RATIO SCALE) 15,200 SEASONALLY ADJUSTED ANNUAL RATES 14,800 14,800 14,400 14,400 • 14,000 _i G DP IN CURREh-IT DOLLARS 13,600 \ 14,000 13,600 ^ 13,200 13,200 ^yix—^ 12,800 *~y 12,800 GDP 12,400 7 ^ IN CHAINED (2005) DOLLARS -"1 12,000 11,600 12,000 11,600 y 11,200 11,200 y 10,800 10,800 10,400 10,400 0,000 10,000 9,600 9,600 / 9,200 y 9,200 8,800 1 1999 2000 2001 2002 2003 2005 2004 2006 1 8,800 1 2008 2007 2009 COUNCIL OF ECONOMIC ADVISER3 SOURCE: DEPARTMENT OF COMMERCE [Billions of current dollars; quarterly data at seasonally adjusted annual rates] Period 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2006: I. II ... III . IV ... 2007: I. II ... III . IV ... 2008: I. II ... III . rv ... 2009: I. II ... IIIp 1 Gross Personal private conGross domestic sumption domestic product expendi- investment tures 9,353.5 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 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 14,301.5 6,342.8 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 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 10,151.6 1,641.5 1,772.2 1,661.9 1,647.0 1,729.7 1,968.6 2,172.2 2,32 2,288.5 2,136.1 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 1,579.4 Exports and imports of goods and services Government consumption expenditures and gross investment Federal Net exports ¥262.1 ¥382.1 ¥371.0 ¥427.2 ¥504.1 ¥618.7 ¥722.7 ¥769.3 ¥713.8 ¥707.8 ¥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 ¥387.5 Exports Imports Total Total 989.3 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 1,414.0 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 1,563.2 GDP less exports of goods and services plus imports of goods and services. 1,251.4 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 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 1,950.7 1,631.3 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 2,474.5 2,510.5 2,533.3 2,555.2 2,294.3 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 2,958.0 554.9 576.1 611.7 680.6 756.5 824.6 876.3 9.31,47 976.7 1,082.6 928.5 930.3 932.2 935.9 942.8 968.1 991.4 1,004.3 12,808.41,03 1,069.5 1,108.3 1,114.3 1,106.7 1,138.3 1,164.3 National defense 361.1 371.0 393.0 437.7 497.9 550.8 589.0 624.9 662.1 737.9 615.5 624.1 623.3 636.6 636.7 6311.6 674.4 680.8 703.6 725.6 763.6 758.9 750.7 776.2 ,958 Nondefense 193.8 205.0 398.7 242.9 258.5 273.9 287.3 306.8 314.5 344.7 313.0 306.2 308.9 299.3 306.1 311.6 317.0 323.6 334.8 343.9 344.7 355.3 356.0 362.1 368.4 State and local 1,076.3 1,154.9 1,234.7 1,302.7 1,646.311 1,408.2 1,493.6 1,586.7 1,699.8 1,800.6 13,117.51 14,129.2 2,281.72 1,619.4 1,65 1,689.3 1,709.5 1,743.9 15,118.31 Final sales of domestic product 9,896.9 10,324.5 10,63 11,125.8 71,180.21,798 12,588.4 13,339.0 14,058.3 14,476.2 13,117.5 13,275.4 13,38 13,579.2 13,782.5 13,97 14,148.8 14,328.0 14,382.1 1,069.5725.6 1,807.61 1,833.1 14,583.7 1,114.37 14,391.8 1,772.3 14,305.3 1,791.2 14,327.4 3795.8 14,448.6 Source: Department of Commerce, Bureau of Economic Analysis. Gross domestic purchases 1 Addendum: Gross national product 9,615.6 10,333.5 10,657.2 11,069.5 11,646.3 12,486.4 1,493.61 14,168.2 14,791.4 15,149.2 13,959.3 14,129.2 14,258.6 14,325.8 14,525.0 14,722.0 14,878.3 15,040.3 1,038.3 15,236.4 15,304.2 14,391.8 14,556.5 14,490.3 14,689.0 9,381.3 9,989.2 .0218.71 10,691.4 11,210.8 11,959.0 12,5 13,471.3 14,193 14,583.3 13,264.0 10.5930.3 13,514.8 13,683.2 13,859.5 14,073.3 14,878.3 14,522.2 14,544.9 1,807.6 14,707.5 14,454.3 14,277.9 14,243.8 REAL GROSS DOMESTIC PRODUCT [Billions of chained (2005) dollars; quarterly data at seasonally adjusted annual rates] Gross private domestic investment Period 1999. 2000. 2001. 2002. 2003. 2004. 2005. 2006. 2007. 2008. 2006: I .... II ... III . IV .. 2007: I .... II ... III . rv .. 2008: I .... II ... III . rv .. 2009: I .... II ... Personal Gross conNonresidomestic sumption dential product expendi- fixed tures investment 10,779.8 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 12,915.9 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 13,014.0 7,240.9 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 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 9,265.1 1,200.9 1,318.5 1,28 1,180.2 1,191.0 1,263.0 1,347.3 1,453.9 1,544.3 1,569.7 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 1,280.2 Resi- Change dential in prifixed vate invest- invenment tories 574.2 68.5 580.0 60.2 583.3 ¥41.8 613.8 12.8 664.3 17.3 729.5 66.3 775.0 50.0 718.2 59.4 585.0 19.5 451.1 ¥25.9 775.2 65.8 740.1 72.5 697.4 67.5 660.2 31.8 631.7 14.5 610.4 23.3 572.9 29.8 525.0 10.3 483.2 .6 462.9 ¥37.1 443.3 ¥29.7 415.0 ¥37.4 367.9 ¥113.9 344.4 ¥160.2 362.9 ¥130.8 Exports and imports of goods and services Government consumption expenditures and gross investment AddenFinal Gross sales of domestic dum: Gross domestic purproduct chases 1 national product Federal Net exports ¥356.6 ¥451.6 ¥472.1 ¥548.8 ¥603.9 ¥688.0 ¥722.7 ¥729.2 ¥647.7 ¥494.3 ¥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 ¥348.3 Exports Imports 1,094.3 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 1,388.8 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 1,469.1 1,450.9 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 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 1,817.3 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 Total National defense Nondefense 2,056.1 694.6 455.8 2,097.8 698.1 453.5 2,178.3 726.5 470.7 2,279.6 779.5 505.3 2,330.5 831.1 549.2 2,362.0 865.0 580.4 2,369.9 876.3 589.0 2.02,1 894.9 598.4 2,443.1 906.4 611.5 2,518.1 975.9 659.4 2,397.1 900.5 595.6 2,399.1 892.8 597.2 2,402.7 892.0 594.3 2,409.4 894.4 606.5 2,409.5 882.8 594.7 2,435.4 898.7 607.1 2,458.9 919.0 621.7 2,468.7 925.1 622.4 2,484.7 943.4 634.8 2,506.9 961.3 645.6 2,536.6 991.6 675.4 2,544.0 1,007.3 681.7 2,527.2 996.3 672.8 2,568.6 1,023.5 695.2 2,583.4 1,043.1 709.3 238.7 244.4 255.5 273.9 281.7 284.6 287.3 296.6 294.9 316.4 305.0 295.7 297.7 287.8 ,805.01 291.6 297.2 302.7 308.6 315.8 315.9 325.4 323.4 328.2 333.6 State and local 1,361.8 1,681.41 1,452.3 1,500.6 1,499.7 12,198.21 1,493.6 1,507.2 1,536.7 1,543.7 1,496.6 1,506.3 1,510.8 1,515.0 1,526.5 1,536.5 1,540 10,715.7 11,167.5 11,391.7 11,543.5 11,824.8 1,910.82,362 12,588.4 1,507.21 13,234.3 13,341.2 12,851.3 12,891.0 12,898.3 06.5287.8 13,086.4 13,179.6 1,540.013 2.4302.7 13,381.1 1,541.9 13,363.5 1,546 13,453.5 1,547.0 1,547.013 1,007.3 13,193.5 1,53 13,055.8 2,568.61,0 13,077.8 1,043.17 13,160.4 11,141.1 10,812.1 11,681.4 11,167.511,68 11,825.7 11,404.6 12,107.7 11,606.9 1,499.711,82 1 1 , 8 2 12,95 12,198.212,95 1,493.61 1 2 , 5 13,705.7 13,046.1 13,901.6 13,362.8 13,801.2 13,442.6 13,648.7 1,496.612 13,695.5 13,035.4 13,722.8 13,025.1 13,027 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 13,355.9 13,129.5 13,160.5 13,275.9 13,451.5 13,563.3 13,525.4 13,533.7 13,7 13,240.5 13,303.1 12,986.8 Source: Department of Commerce, Bureau of Economic Analysis. CHAINED PRICE INDEXES FOR GROSS DOMESTIC PRODUCT [Index numbers, 2005 = 100; quarterly data are seasonally adjusted] Gross private domestic investment Personal consumption expenditures Period 1999 ..................86. 2000 ..................88. 2001 ..................90. 2002 ..................92. 2003 ..................94. 2004 ..................96. 2005 ..................100. 2006 ..................103. 2007 ..................106. 2008 ..................108. 2006: I ............102. II Ill rv 2007: I ............105. II Ill rv 2008: I ............107. II Ill rv 2009: I ............109. II Gross domestic product 86.766 88.648 90.654 92.113 94.099 96.769 100.000 103.263 106.221 108.481 102.071 102.980 103.763 104.237 105.327 106.026 106.460 107.072 107.577 108.061 109.130 109.155 109.661 109.656 109.870 Total 87.596 89.777 91.488 92.736 94.622 97.098 100.000 102.746 105.502 109.031 101.803 102.567 103.316 103.298 104.250 105.074 105.681 107.005 107.974 109.021 110.273 108.855 108.449 108.814 109.564 Goods 95.603 97.520 97.429 96.430 96.380 97.867 100.000 101.508 102.789 106.150 101.116 101.765 102.329 100.822 101.612 102.548 102.627 104.370 105.689 106.678 108.451 103.784 102.186 102.864 104.227 m> Source: Department of Commerce, Bureau of Economic Analysis. Services 83.515 85.824 8897.4298 90.807 93.692 97.09897 100.000 102.746101 106.964 110.582 102.171 102.998 103.844 104.630 105.668 106.433 107.327 108.427 109.213 110.296 111.275 111.542 111.749 111.954 112.387 Nonresidential fixed 96.173 91.999 9 8 8 95.363 95.355 96.834 100.000 103.4 102.789 107.897 102.279 103.112 103.878 104.8 105.668105.6 105.074 106.354 106.693 106.617 107.161 108.314 109.498 109.154 107.993 106.639 Exports and imports of goods and services Government consumption expenditures and gross investment Federal Residential fixed 74.151 77.415 80.994 83.002 86.953 93.296 100.000 101.5081 107.513 105.779 104.890 105.940 106.295 107.199 107.604 104107 107.455 107.686 106.6171 106.838 105.807 109.498 109.15 100.554 99.537 Exports Imports Total 90.408 91.99 91.627 91.253 93.216 96.517 100.000 103.447 107.513 112.389 104.8 103.112105 104.5 104.8 105.355 102.548106 107.396 109.144 111.156 113.890 115.638 103.7841 115.5 102.864 106.464 86.250 89.963 85.612 86.784 89.796 94.14 100.000 103.534 106.209107 119.559 103.243 104.322 104.8831 107.19 105.3551 106.332 107.937 113.08 117.234 123.069 125.203 112.730 103.746 105.2841 104.227 79.036 82.524 85.019 86.8 91.024 95.335 100.000 103.447 107.754 112.38 102.1 104.187 104.502 104.868107 105.68 107.307 107.896 108.577 110.077 111.265 110.273108.4 110.628 111.74 105.284104 111.622 National defense 79.225 81.821 83.484 86.624 91.7749 94.895 100.000 103.4681 1 0 . 6 112.3 103.336 104.499 104.3 104.965 107.089 106.332 107.93 109.389 110.857 112.402 113.059 111.334 111.084 111.664 111.62211 Nondefense 81.188 83.907 85.612 88.689 91.774 96.234 100.000 101.508 108.2 106.15 102.171102 104.4991 103.8 103.972 106.243 106.858 107.8 106.908 108.469 10.2 109.149 109.498 9109.15 110.320 112.38710 State and local 79.036 82.482 85.019 86.810 90.425 94.062 100.000 105.276 9107.5 116.642 103.307 104.916 105.990 103.972 108.527 109.949 111.009 112.975 114.803 116.877 118.493 116.396 115.587 115.713 106.6399 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 Gross domestic product (GDP) Real GDP (chain-type quantity index) 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2005: I .. II III IV 2006: I .. II III IV 2007: I .. II III 85.295 88.825 89.783 91.412 93.688 97.036 100.000 102.673 104.872 105.331 99.175 99.598 100.354 100.873 102.196 102.564 102.592 103.341 103.652 104.475 105.402 105.957 105.764 106.147 105.430 103.984 102.271 102.082 102.972 rv 2008: I .. II III IV 2009: I .. II 1 GDP chain-type price index 86.766 88.648 90.654 92.113 94.099 96.769 100.000 103.263 106.221 108.481 98.774 99.445 100.470 101.312 102.071 102.980 103.763 104.237 105.327 106.026 106.460 107.072 107.577 108.061 109.130 109.155 109.661 109.656 109.870 GDP implicit price deflator 86.7668 88.647 90.650 92.118 94.100 96.770 100.000 103.257 106.214 108.483 98.766 99.438 100.461 101.309 102.071 102.973 103.756 104.218 105.32710 106.008 106.447 107.069 107.534 108.069 109.172 109.172 109.691 109.686 109.893 Personal consumption expenditures (PCE) PCE (chain-type price index) PCE less food and energy price index 87.596 89.777 91.488 92.736 94.622 97.098 100.000 102.746 105.502 109.031 98.754 99.374 100.495 101.377 101.803 89.555 91.111 92.739 94.345 95.784 97.788 100.000 102.292 104.699 107.207 103.76310 103.154 103.862 104.318 104.904 105.714 106.33 106.976 107.652 107.866 108.173 108.712 109.564 107.974 109.021 110.273 108.855 108.449 108.814 109.0844 Quarterly percent changes are at annual rates. GDP chain-type price index GDP implicit price deflator PCE (chain-type price index) PCE less food and energy price index 6.4 6.4 3.4 3.5 4.7 6.5 6.5 6.0 5.1 2.6 8.0 4.5 7.4 5.6 8.6 5.1 3.2 4.8 5.5 6.0 5.3 4.5 4.8 4.1 1.1 1.8 2.5 3.6 3.1 27 2.1 .4 4.1 1.7 3.1 2.1 5.4 1.4 .1 3.0 1.2 3.2 3.6 2.1 1.5 2.2 2.3 1.6 2.2 2.8 3.3 3.3 2.9 2.1 3.8 2.7 4.2 3.4 3.0 3.6 3.1 1.8 4.2 2.7 1.6 2.3 1.5 2.2 2.3 1.6 2.2 2.8 3.3 3.3 2.9 2.1 3.7 2.7 4.2 3.4 3.0 3.6 3.1 1.8 4.3 2.7 1.7 2.4 1.6 2.5 1.9 1.4 2.0 2.6 3.0 2.7 2.7 3.3 2.4 2.5 4.6 3.6 1.7 3.0 3.0 2.1 3.7 3.2 2.3 5.1 1.5 1.7 1.8 1.7 1.5 2.1 2.3 2.3 2.4 2.4 2.9 2.2 1.6 2.7 2.0 2.9 2.3 2.1 2.8 1.8 2.3 3.1 1.0 3.5 1.4 ¥5.4 ¥4.6 ¥.8 4.3 1.7 1.5 ¥2.7 ¥5.4 ¥6.4 ¥.7 3.5 1.9 1.8 4.0 .1 1.9 .0 .8 1.7 2.0 4.1 .0 1.9 .0 .8 3.7 3.9 4.7 2.4 2.4 2.6 .8 1.1 2.0 1.4 101.325 102.567 104.250 105.074 1.61 107.005 Real GDP (chain-type quantity index) GDP (current dollars) 99.229 99.768 100.172 100.8731 102.97 103.756 103.298 Personal consumption expenditures (PCE) Gross domestic product (GDP) ¥5.0 ¥1.5 1.4 2.8 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 Period 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2006: ........................................................5, ........................................................5, ........................................................6, ........................................................6, ........................................................6, I ...................................................6, II III ................................................6, IV 2007- I II .................................................6, III IV ................................................7, 2008: I ...................................................6, II III ................................................7, IV 2009- I II .................................................6, Total Compensation of employees (unit labor cost) Consumption of fixed capital Taxes on production and imports 3 Net interest and miscellaneous payments Current dollars Chained (2005) dollars 4,955.5 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 5,422.5 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 0.914 .925 .937 .943 .954 .973 1.000 1.031 1.048 1.044 0.601 .621 .635 . 0 .633 .627 . 1 . 0 .656 .663 0.214 .222 . 6 .237 .237 .234 .243 .250 .264 .275 0.099 .103 .113 .116 .116 .115 .118 .123 .128 .135 0.085 .085 .088 .092 .095 .097 .101 .102 .102 .104 0.0320 .034 .035 .029 .026 .022 .024 .025 .034 .036 6,629.5 6,668.1 6,811.8 6,851.8 6,909.3 6,988.8 6,949.7 7,032.6 6,934.9 6,974.4 7,042.4 6,934.1 6,505.1 6,480.0 6,567.2 6,593.8 6,597.4 6,649.8 6,624.9 6,725.5 6,664.3 6,735.8 6,722.6 6,579.3 1.019 1.029 1.037 1.039 1.047 1.051 1.049 1.046 1.041 1.035 1.048 1.054 .635 .01 .637 .647 .654 .653 .659 .659 .665 .658 .61 .10 .245 . 0 .050 .253 .258 .263 .268 .268 .271 .272 .274 .282 .102.0 .123 .123 .124 .126 .127 .129 .129 .132 .132 .135 .139 .102 .103 .102 .102 .102 .102 .103 .102 .103 .103 .104 .105 6,703.8 6,644.4 6,278.8 6,244.0 1.068 1.064 .675 .667 .293 .292 .146 .145 .109 .10 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. s Total Corporate profits with inventory valuation and capital consumption adjustments 4 Total 5 Profits after tax 5 0.032 .030 .020 .017 .023 .031 .043 .047 .045 .036 0.067 .052 .046 .059 .061 .081 .083 .094 .082 .071 .023 .024 .025 .027 .030 .034 .036 .037 .036 .037 .035 .038 0.098 .082 .066 .076 .084 .112 .127 .141 .127 .107 .139 .138 .050 .138 .135 .135 .122 .118 .105 .106 .114 .102 .045 .048 .050 .045 .047 .046 .043 .044 .038 .039 .038 .027 .093 .090 .100 .093 .087 .089 .079 .074 .066 .067 .076 .075 .038 .037 .100 .106 .032 .035 .069 .071 Less subsidies plus business current transfer payments. Unit profits from current production. With inventory valuation and capital consumption adjustments. Source: Department of Commerce, Bureau of Economic Analysis. 4 Taxes on corporate income NATIONAL INCOME [Billions of dollars; quarterly data at seasonally adjusted annual rates] Proprietors' income 1 National income Period 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2006: ...........8, ...........8, ...........9, ...........9, I II .... Ill ... rv ... 2007: I II Ill IV 2008: I II Ill IV 2009: I II .... ... ... .... ... ... .... 8,358.0 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 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 12,129.9 IIIP 1 Compensation of employees 5,353.9 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 7,353.7 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 7,727.8 7,726.9 Farm Nonfarm 718.3 787.8 840.2 871.8 894.1 984.1 1,025.9 1,103.6 1,056.9 1,057.5 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 1,009.8 28.5 29.6 30.5 18.5 36.5 49.7 43.9 29.3 39.4 48.7 28.4 28.4 28.4 32.2 36.7 35.7 37.5 47.9 57.2 49.4 49.3 3.98,0 27.3 28.9 28.5 Corporate profits with inventory valuation and capital consumption adjustments Rental income of persons with capital consumption adjustment 208.2 215.3 232.4 218.7 204.2 198.4 178.2 146.5 144.9 210.4 161.3 153.2 140.3 131.2 121.1 140.3 150.2 168.0 179.9 202.8 222.2 236.7 245.9 262.0 279.2 Profits with inventory valuation adjustment and without capital consumption adjustment Total Profits before tax Total 856.3 819.2 5840.2 872.2 977.8 1,246.9 1,456.1 1,608.3 1,541.7 1,360.4 1,590.9 1,597 1,655.1 1,589.6 1,535.4 1,594.9 1,537.1 7,979.34 1,459.7 1,403.7 1,454.6 1,123.6 1,182.7 1,226.5 776.6 755.7 720.8 762.8 892.2 1,195.1 1,025 1,784.7 1,056.914 1,424.5 1,781.9 1,771.4 1,102.8 1,762.7 1,535.4 1,594.91 1,732.9 1,054.21 780.5 772.5 712.7 765.3 903.5 1,229.4 1,640.2 1,822.7 1,774 1,462.7 1,057.9 1,463.8 1222.2 1,199.3 1,327.6 1,355.1 1,620.8 1,593.5 1,576.6 1,060.1 With inventory valuation and capital consumption adjustments. 161.3 1,819.8 1,655.1 1,589.61,7 1,747.6 1,808.6 1,758.2 1,783.1 1,246.5 1,337.1 Capital consumption adjustment Inventory valuation adjustment ¥4.0 ¥16.8 8.0 ¥2.6 ¥11.3 ¥34.3 ¥30.7 ¥38.0 ¥44.0 ¥38.2 ¥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 Net interest and miscellaneous payments Taxes on production and imports 481.4 539.3 544.4 506.4 504.1 461.6 543.0 652.2 739.2 815.1 608.9 654.4 661.6 684.0 690.6 711.3 756.0 798.9 790.7 809.0 806.1 854.7 826.2 784.4 764.6 673.6 708.6 727.7 762.8 806.8 863.4 930.2 986.8 1,028.7 1,047.3 971.5 983.3 991.6 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 1,028.2 79.7 63.6 63.4 109.4 85.6 51.8 ¥153.4 ¥176.4 ¥188.7 ¥64.1 ¥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 ¥120.3 Less: Subsidies Business current transfer payments 45.2 45.8 58.7 41.4 49.1 46.4 60.9 51.4 54.8 53.5 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 67.9 69.0 87.0 101.3 82.4 76.1 81.7 95.9 83.0 102.2 118.8 82.8 79.3 83.6 86.1 97.8 99.0 105.0 107.0 114.8 112.6 116.0 131.8 137.9 145.4 124.5 Current surplus of government enterprises 14.1 9.1 4.0 6.3 7.0 1.2 ¥3.5 ¥4.2 ¥6.6 ¥6.9 ¥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 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] Services Goods Period 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2006: I II Ill rv 2007: I II Ill rv 2008: I II Ill IV 2009: I II IIIp ... 1 Total personal consumption expenditures 7,240.9 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 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 9,265.1 Nondurable Durable Total goods 2,395.3 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 3,145.7 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 3,166.3 Total durable goods1 753.8 819.9 864.4 930 0 986.1 1,051.0 1,105.5 1,150.4 1,199.9 1,146.3 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 1,127.2 Motor vehicles and parts 345.1 356.1 374.3 394.0 405.3 411.3 409.6 396.6 402.4 347.5 393.3 393.2 400.3 399.7 402.4 404.1 400.5 402.6 384.4 361.4 337.8 306.2 311.2 306.2 342.4 Total nondurable goods 1 1,660.9 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 2,003.7 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 2,035.9 Food and beverages purchased for offpremises consumption 587.4 600 6 607.6 .0394.0 622.4 639.2 665.0 686.2 700 7 700.7 292.5 287.1 289.2 3726.07 684.2 686.6 59.45 296.4 297.2 300.0 299.9 700.8 696.2 699.2 706.6 301.5 30.11,3 ,055.55 298.5 708.0 9289.9 139.6 686.4 292.6 289.9 687.4 693.5 702.0 Includes other items, not shown separately. 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 2 Gasoline and other energy goods 2.0 302.2 306.5 304.8 298.4 ,074.87 287.4 20.1 287.2 293.2 294.0 295.4 Total services 1 4,852.8 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 5,841.0 6684.2 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 6,096 Household consumption expenditures 4,690.4 4 917.8 5,218 5 109.3 5,199.0 5,359.3 5,531.0 5,664 5,796.1 5,817.6 5,618.2 5,652.1 5,671.4 5,716.0 3700.8 5,799.2 56,055.55,8 5,804.8 5,827.3 5.7361.42 5,805.2 5,806.6 5,817.2 5,826.7 5,846.3 Housing and utilities 1,660.958 1,413.7 5,218.75 1,462.0 1,480.2 1,512.8 1,582.8 1,616.7 1,631.8 3347.52 1,598.9 1,617.8 1,627.6 3,222.5 1,629.3 1,630.1 1,634.6 116.1 1,643.8 1,647.3 1,641.6 1,656.3 1,656.9 1,651.8 1,652.9 Health care 8345.11,6 1,081.5 1,135.4 1,202.3 5,199.01,4 12.81,26 1,316.0 1,340.0 1,631.81,375 1,64 1,598.91,3 9.4393.2 1,335.8 1,347.7 1,365.1 1,630.11,37 1,377.6 1,387.6 1,409.0 1.4708.92 8,120.11 1,422.4 1,434.3 1,448.2 1,456.6 Financial services and insurance 605.6 665.4 660.7 658.3 657.8 691.8 712.6 735.4 772.3 759.8 726.0 731.3 735.6 748.8 762.8 776.7 779.1 770.5 766.1 763.8 758.5 750.6 751.4 756.1 762.9 Addendum: Personal consumption expenditures excluding food and energy2 6,202.5 1,081.56 1,745.6607 6,941.9 7,142.0 7,402.6 5,531.01,58 5,899.7 8,126.3 8,123.6 7,837.8 7,868.0 5,914.3 8,002.8 8,074.9 6,036.25,7 81,634 8,177.1 81,409.07 81.4708 80.1 8,038.7 6,076.05,817 6,078.85,82 8 095.7 Retail sales of passenger cars and light trucks (millions of units) 16.9 17.3 17.1 16.8 16.6 16.9 16.9 16.5 16.1 13.2 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 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 SOURCES OF PERSONAL INCOME Personal income fell $0.1 billion (annual rate) in September following an increase of $17.4 billion in August. Wages and salaries fell $11.1 billion in September following an increase of $12.5 billion in August. BILLIONS OF DOLLARS* (RATIO SCALE) 13,000 12,000 11,000 10,000 BILLIONS OF DOLLARS* (RATIO SCALE) 13,000 ~ —5=--^—===== 12,000 11,000 10,000 9,000 8,000 • — 1 -^ • » • " 9,000 8,000 5— \ TOTAL PERSON 7,000 7,000 6,000 6,000 5,000 O SALARY DISBl 4,000 4,000 OTHER INC OME 3,000 3,000 2,000 2,000 F ERSONALCURRE NT 1 RANSFER RECEI T S 1 X- J.1J-- ^ 1,400 1,400 _ . . - ' • • " 800 800 1 1 M 1 ! 1 1 M i1 i i i i 1 i i i i i t 1 1 1 1 1 1 1 1 M 2001 2002 2003 M l l l l l l l l l 2005 2004 2006 1 1 1 1 1 I 1 1 1 i 11 1! ! 1 ! 1 I 1 I 1 2007 2008 "SEASONALLY ADJUSTED ANNUAL RATES SOURCE: DEPARTMENT OF COMMERCE 2009 COUNCIL OF ECONOMIC ADVISERS Billions of dollars; monthly data at seasonally adjusted annual rates] Compensation of employee s, received Period 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2008: .................8, .................9, .................9, Sept Oet Nov Dee 2009: Jan Feb Mar Apr May June July r Aug r Septp 1 2 s Total personal income 7,910.8 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 12,306.6 12,268.2 12,235.6 12,196.6 12,038.3 11,937.1 11,882.7 11,911.6 12,069.6 11,934.3 11,944.7 11,962.1 11,962.0 Total 5 348.8 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 8,067.8 8,071.6 8,058.2 8,021.2 7,863.0 7,798.4 7,756.0 7,737.5 7,731.6 7,714.3 7,720.9 7,735.4 7,724.5 Wage and salary disbursements 4,460.0 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 6,565.1 6,566.3 6,550.2 6,514.0 6,362.2 6,301.0 6,260.3 6,241.3 6,234.4 6,216.8 6,221.7 6,234.2 6,223.1 With inventory valuation and capital consumption adjustments. With capital consumption adjustment. Consists mainly of social insurance benefits to persons. Supplements to wages and salaries 888.8 961.2 1,027.1 1,113.5 1,228.0 1,282.7 1,359.1 6,068.9 1,453.8 1,496.6 1,502.7 1,505.3 1,507.9 1,507.2 1,500.9 1,497.4 1,495.7 1,496.2 1,497.2 1,497.5 1,499.2 1,501.2 1,501.3 Proprietors' income 1 Farm Personal income receipts on assets Nonfarm Rental income of persons 2 Total Personal interest income 28 5 29.6 30 5 18.5 .6 5 49.7 43.9 29.3 39.4 48.7 47.3 42.0 68,05 36.7 66.0 26.1 25.0 27.1 29.1 30.6 29.8 28.6 27.0 718.3 787.8 840 2 8218 894 1 984.1 1,025.9 1 103 6 1,056.9 1,05 1,062.1 1,056.6 1,043.8 1,033.2 1,019.2 1,010.1 1,002.1 998.9 997.7 1,000.6 1,006.0 1,010.6 1,012.9 208.2 215.3 232 4 218.7 204 2 198.4 178.2 146.5 ,408.9 210.4 228.1 234.2 237.0 13.89 242.2 245.9 249.7 255.4 261.9 268.7 273.9 279.1 284.5 1,246.8 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 2,006.5 1,975.0 1,956.5 1,033.2238 1,894.0 1,845 1,797.1 1,785.2 7,731.66,234 1,497.5 1,753.7 1,739 6,223.1 910.9 984.2 976 5 911.9 889.8 860.2 987.0 1,127.5 1,056.914 1,308.0 1,337.0 1,308.3 1,956 2238.9 1,261.0 1,243.4 1,225.8 1,233.5 1,241.1 6268.7 1,006.0273 1,010.6279 6,223.11,5 Personal dividend income 335.9 376.5 369.5 397.7 423.1 548.3 555.0 702.2 765.1 686.4 669.6 666.7 664.8 913.89 633.0 602.1 571.2 551.8 532.3 512.8 512.3 506.0 499.6 Source: Department of Commerce, Bureau of Economic Analysis. Personal current transfer receipts 3 1,246 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 1,890.2 1,056.6234 1,043.8 1,033.2238 1.0633.0 1,979.7 2,016.2 2,068.3 7261.91 2,116.6 229.81 2,128.7 2,146.0 Less: Contributions for government social insurance, domestic 661 3 705.8 733.2 751.5 778.9 827.3 872.7 921.8 959.3 990.6 995.4 995.6 994.3 990.0 977.1 968.6 963.3 960.9 960.2 958.0 958.6 960.3 958.9 DISPOSITION OF PERSONAL INCOME According to advance estimates, per capita disposable personal income in chained (2005) dollars fell at an annual rate of 4.4 percent in the third quarter of 2009. BILLIONS OF DOLLARS* (RATIO SCALE) 11,500 11,000 10,500 10,000 BILLIONS OF DOLLARS* (RATIO SCALE) 11,500 11,000 10,500 10,000 DISPOSA BLE PERSONSkL INCOME 9,500 9,500 9,000 9,000 8,500 8,500 PERSONAL OUTLAYS 8,000 8,000 7,500 7,500 SAVING 7,000 7,000 6,500 6,000 6,500 1 1 I I I I S j 1 1 1 1 1 1 1 1 1 ! 1 1 ! ! 1 1 1 1 1 1 DOLLARS* (RATIO SCALE) 38,000 36,000 1 ! ! ! ! 6,000 DOLLARS* (RATIO SCALE) 38,000 PER CAPITA DISPOSABLE PERSONAL INCOME — 34,000 — 36,000 • CHAINED (2005) DOLLARS 34,000 32,000 30,000 _—' 28,000 30,000 CURRENT DOLLARS ^—" 28,000 - 26,000 26,000 ' 24,000 22,000 24,000 1 1 1 1 1999 1 1 2000 I i 1 2001 1 1 1 2002 1 1 ! 1 2003 1 ! 1 1 1 2005 2004 1 1 1 1 1 1 20O7 2006 1 1 ! 2008 i 1 1 22,000 2009 COUNCILOR ECONOMIC ADVISERS 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 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 7,910.8 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 1,107.5 6,803.3 6,595.5 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 Chained (2005) dollars Per capita personal consumption expenditures Current dollars Chained (2005) dollars Dollars 207.8 213.1 204.9 282.2 289.8 303.7 127.7 235.0 178.9 ,806.4 7,766.7 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 24,356 25,945 26,809 27,806 28,36 .7303 31,338 30,3643 34,478 35,486 Percent change in real per capita disposable personal income Saving as percent of disposable personal income Population, including Armed Forces overseas (thousands) 2 Percent 27,805 28,899 29^303 29,984 30,454 31,209 31,338 30,36 32,679 32,546 22,707 24,186 25,058 25,826 26,843 293,3 296,0 31,198 32,566 33,264 25,923 26,940 27,389 27,849 28,369 29,087 296,0 30,364 30,868 30,509 1.9 3.9 1.4 2.3 1.6 2.5 ,4 3,1 1.2 ¥.4 3.1 2.9 2.7 3.5 3.5 3.4 1.4 2.4 1.7 2.7 279,328 282,413 285,294 288,055 290,729 30,72530 31,05430 3299,175 31,6173 32,697 32,664 32,716 32,642 32,379 33,075 32,270 305,620 32,6133 32,652 32,290 30,725 31,054 39,982 31,617 300,6 32,398 32,656 33,081 33,262 33,521 33,522 32,752 32,613 32,585 33,001 30,182 30,278 30,386 30,609 30,818 30,835 30,901 30,917 30,806 30,747 30,399 30,087 30,071 29,944 30,119 6.8 2.6 .8 4.2 ,8 ¥.4 ,6 ¥.9 ¥3.2 8.9 ¥9.4 2,4 ¥.6 3.0 ¥4.4 22 297,743 298,399 299,175 299,965 300,644 301,332 302,108 302,865 303,498 30,7478 304,872 305,620 306,245 306,872 307,616 29,08 296,036 298,820 301,737 304,529 Seasonally adjusted annual rate 3 2006: I II Ill IV 2007: I II Ill IV 2008: I II Ill IV 2009: I II .... .... .... .... .... .... IIIP .. 1 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 11,971.8 11,956.3 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 1,068.2 1,073.0 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 10,903.6 10,883.2 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 10,518.7 26.7 245.6 227.7 254.8 209.1 183.5 169.4 153.5 126.3 374.4 235.7 409.2 403.1 533.1 364.6 9,533.8 9,617.3 9,662.5 9,788.8 9,830.2 9,842.7 9,883.9 9,886.2 8,826.9 10,059.0 9,838.3 9,920.4 0,765.4 10,020.0 9,933.0 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. 32,596 33,056 33,367 33,708 34,085 34,320 34,574 34,928 34,960 10,59 35,586 3.8305 32,6133 35,531 35,379 2.5 2.3 2.5 2.0 1.8 1.6 1.5 1.2 3.4 22 3^8 3.7 4.9 3.3 Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census). FARM INCOME According to the current forecast for 2009, gross farm income is forecast at $334.8 billion, and net farm income at $54.0 billion. BILLIONS OF DOLLARS* (RATIO SCALE) BILLIONS OF DOLLARS* (RATIO SCALE) 440 440 400 360 320 280 400 360 320 280 GROSS FARM INCOME 240 240 200 200 160 - NET FARM INCOME 120 A v .,—\ 80 60 60 »—/ 40 20 2000 2001 2002 2003 2004 2005 2008 2006 "SEASONALLY ADJUSTED ANNUAL RATES SOURCE: DEPARTMENT OF AGRICULTURE 2009 COUNCIL OF ECONOMIC ADVISERS [Billions of dollars; quarterly data at seasonally adjusted annual rates] Income of farm operators from farming Gross farm income Period Cash marketing receipts Total 1 Total Livestock and products Crops 2 Direct Government payments 4 Value of inventory changes 3 Production expenses Net farm income 241.7 249.9 230.6 258.6 294.7 298.4 291.2 338.4 377.1 334.8 192.1 200.0 194.6 216.1 238.0 241.0 240.9 288.5 324.2 284.0 99.6 106.7 93.9 105.7 123.5 124.9 118.6 138.6 141.1 119.0 92.5 93.4 100.7 110.5 114.5 116.1 122.3 149.9 183.1 165.0 1.6 1.1 ¥3.5 ¥2.7 11.2 4.4 ¥3.1 .6 ¥2.4 ¥1.8 23.2 22.4 12.4 16.5 13.0 24.4 15.8 11.9 12.2 12.6 191.0 195.0 191.4 197.7 207.3 219.7 232.7 267.5 290.0 280.8 50.7 54.9 39.1 60.9 87.3 78.7 58.5 70.9 87.1 54.0 Ir IIr IIIr IVr 331.3 325.3 347.1 350.0 272.0 283.5 302.2 296.2 139.4 139.8 138.7 136.2 132.6 143.7 163.5 160.0 .6 .6 .7 .6 23.5 4.4 5.1 14.7 252.2 262.9 280.3 274.7 79.1 62.4 66.9 75.3 2008: Ir II r IIIr IVr 407.7 367.0 380.6 353.2 340.8 322.1 333.5 300.4 142.2 141.7 140.8 139.7 198.6 180.4 192.6 160.7 ¥2.5 ¥2.4 ¥2.4 ¥2.2 24.1 4.5 5.2 15.1 304.9 288.2 298.4 268.8 102.8 78.9 82.2 84.5 2009: Ir II r IIIr IVr 370.0 322.3 311.1 335.7 304.2 280.0 269.5 282.2 120.7 115.5 113.2 126.6 183.5 164.5 156.2 155.6 ¥1.9 ¥1.8 ¥1.7 ¥1.8 24.9 4.7 5.4 15.6 300.8 276.9 266.5 279.1 69.2 45.4 44.6 56.7 2000 2001 ................................249. 2002 r 2003 r 2004r 2005 r 2006 r 2007r 2008 r 2009 2007: 1 Cash marketing receipts, Government payments, value of changes in inventories, other farm related cash income, and nonmoney income produced by farms including imputed rent of operator residences. 2 Crop receipts include proceeds received from commodities placed under Commodity Credit Corporation loans. s Physical changes in beginning and ending year inventories of crop and livestock commodities valued at weighted average market prices during the period. 4 Includes only Government payments made directly to farmers. NOTE.—Data for 2009 are forecasts. Source: Department of Agriculture. CORPORATE PROFITS In the second quarter of 2009, according to current estimates, corporate profits before tax rose $90.6 billion (annual rate) and profits after tax rose $55.0 billion. BILLIONS OF DOLLARS 2,000 BILLIONS OF DOLLARS 2,000 SEASONALLY ADJUSTED ANNUAL RATES — 1,900 1,900 1,800 1,800 / 1,700 r 1,500 PROFITS BEFORE TAX / 1,200 / 1,100 800 700 600 n f -—' - .--. - 400 300 900 V ^DISTRIBUTEE) PROFITS 800 - 600 \ - i i "-—^ ' _ i 1999 i i 2000 TAXES O N CORPORATE INCOME * — , . 500 i 1 • 400 i 1 300 200 - . ^ ^ , 700 - •v I 1 1 *" 1 1 1 1,000 S X 200 100 0 1,200 / / . 500 -- 1,300 s 1 / !r—\ 1,400 1,100 \v j • 900 1,500 1 / PROFITS AFTER TAX A 1,000 1,600 \ *-1 \ / ' 1,400 1,300 1,700 V y 1,600 - 100 1 1 1 2001 1 1 1 2002 1 1 1 1 1 1 2003 1 1 1 2005 2004 I i I 2006 1 1 1 2007 SOURCE: DEPARTMENT OP COMMtRCE i i i 2008 I l l " 2009 0 COUNCILOF ECONOMIC ADVISERS [Billions of dollars; quarterly data at seasonally adjusted annual rates] Profits (before tax) with inventory valuation adjustment 1 Profits after tax Domestic industries Period Nonfinancial Total 2 Total 1999 ............................776. 2000 ............................755. 2001 ............................720. 2002 ............................762. 2003 ............................892. 2004 ............................1, 2005 ............................1, 2006 ............................1, 2007 ............................1, 2008 ............................1, 2006: I .......................1, II .....................1, III. ...................1, IV ....................1, 2007: I ......................1, II .....................1, III. ...................1, IV ....................1, 2008: I ......................1, II Ill rv 2009: I ......................1, II 776.6 755.7 720.8 762.8 892.2 1,195.1 1,609.5 1,784.7 1,730.4 1,424.5 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 1,355.1 655.0 610.0 551.1 604.9 726.4 990.1 1,370.0 1,527.8 1,382.6 1,047.3 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 cial Total 3 189.3 189.6 .58.0 265.2 311.8 362.3 443.6 448.0 367.8 278.9 466.5 467.8 434.8 422.8 384.2 406.2 378.2 302.5 357.0 330.8 465.7 420.4 323.1 339.7 414.6 627.8 926.4 1,079.9 1,014.9 768.4 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 .9676.65 130.3 253.9 280.7 Manufacturing 1 s Wholesale Utilities 5258 507 28.03 49.1 54.8 75.6 .2412 Retail 258.8 143.9 49.7 47.7 659.74 154.1 2412 304.5 33.7 25.6 25.2 12.3 12.4 19.4 29.8 04.864 44 5 1 78.21 354.664 302.3 336.4 285.0 45.2 53.1 60.8 58.4 51.3 406 47.3 51.2 354.664 100.7 107.4 102.2 107.9 117.0 107.9 76.0 127.9 137.2 318.277 102.4 323.21 463.81 75.6 56.6 85.8 111.5 75.6 80.2 77.1 79.7 94.0 32.35 8 1 75.1 21.6 175.5 288.9 316.0 2440.0 265.7 187.6 160.1 205.7 148.6 121.6 132.3 in> 2 Profits before tax See p. 4 for profits with inventory valuation and capital consumption adjustments. Includes rest of the world, not shown separately. Includes industries not shown separately. 43.5 40.8 76.16 53.4 1,349.57 102.2 40.1 65.7 60.7 72.6 81.6 88.9 93.4 122.6 133.2 121.6 72 15.3 123.3 164 330.07 780.5 9129.5 712.7 265.23 903.5 119.4 1,640.2 1,822.7 1,774.4 1,462.7 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 1,576.6 148.640.81 1,246.5 1,337.1 Taxes on corporate income 258.8 265.1 509.43 192.3 243.8 306.1 412.4 473.3 451.5 292.2 460.7 4.7691 496.6 330.07 469.5 466.5 440.0 430.1 323.2 317.5 304.8 223.3 270.3 305.9 Total 521.7 507.4 509.4 573.0 659.7 923.3 7.229.8 1,349.5 1,322.8 1,170.6 1,354.6 1,344.7 1,865 1,330.0 1,278.1 1,342.1 4378.2 1,353.0 1,297.6 1,276.0 1,271.9 836.8 976.1 1,031.1 Net dividends 337.4 377.9 370.9 399.3 424.9 550.3 557.3 704.8 767.8 689.9 646.4 691.1 727.1 754.5 772.6 778.1 770.6 749.9 719.4 693.7 676.6 66.9 618.1 556.0 527.4 Inventory Undisvalutributed ation adprofits justment 184.3 129.5 138.5 173.8 234.8 373.0 670.5 644.7 555.1 480.7 708.2 653.6 641.4 575.5 505.5 564.0 547.6 603.2 578.2 582.3 595.3 166.9 358.0 475.1 ¥4.0 ¥16.8 8.0 ¥2.6 ¥11.3 ¥34.3 ¥30.7 ¥38.0 ¥44.0 ¥38.2 ¥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 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. REAL GROSS PRIVATE DOMESTIC INVESTMENT In the third quarter of 2009, according to advance estimates, nonresidential fixed investment in chained (2005) dollars fell $8.2 billion (annual rate) and residential investment rose $18.5 billion. There was a decrease of $130.8 billion in inventories following a decrease of $160.2 billion in the second quarter. BILLIONS OF CHAINED (2005) DOLLARS 2,400 - BILLIONS OF CHAINED (2005) DOLLARS 2,400 SEASONALLY ADJUSTED ANNUAL RATES r—-v 2,200 2,200 — GROSS PRIVATE DOMESTIC 2,000 . \ / INVESTMENT 2,000 y 1,800 1,800 \ - V 1,600 NONRESIDEr- 4TIAI =IXED INVEST v\ENT 1,400 \ — • — • — " 1,600 V- 1,400 1,200 - 1,000 RESIDENTIAL FIXED INVESTMENT 800 ' " ' ^ • ^ 600 - 400 600 400 - C H A N G E IN PRIVATE INVEN TORIES 200 v' 0 -200 1,000 800 I..— - 1,200 1 1 1 1999 ! 200 ~""\ 1 1 2000 0 1 1 1 2001 1 I 1 2002 1 1 1 2003 1 1 I 2004 1 1 1 2005 i i i 2006 ! 1 1 2007 SOURCE: DEPARTMENT OF COMMERCE 1 ! -200 1 2008 2009 COUNCIL OF ECONOMIC ADVISERS [Billions of chained (2005) dollars; quarterly data at seasonally adjusted annual rates] Fixed investment Period Gross private domestic investment Change in private inventories Nonresidential Total Total Equipment and software Residential Structures Total Nonfarm ..................................................................................2, .................................................................................1, 1,844.3 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 1,782.1 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 1,200.9 1,318.5 1,281.8 1,180.2 1,191.0 1,263.0 1,347.3 1,453.9 1,544.3 1,569.7 408.2 440.0 433.3 356.6 343.0 346.7 351.8 384.0 441.4 486.8 810.9 895.8 866.9 830.3 851.4 917.3 995.6 1,069.6 1,097.0 1,068.6 574.2 580.0 583.3 613.8 664.3 729.5 775.0 718.2 585.0 451.1 68.5 60.2 ¥41.8 12.8 17.3 66.3 50.0 59.4 19.5 ¥25.9 70.8 61.2 ¥41.5 15.6 17.2 58.3 49.8 63.2 20.4 ¥20.4 2006- I II III .........................................................................2, 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 ...........................................................................2, III IV ..........................................................................2, 2008: I ............................................................................2, II III .........................................................................1, 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 1,591.3 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 .5 ¥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 ...........................................................................1, IIIp 1,558.5 1,456.7 1,496.8 1,687.5 1,631.9 1,641.1 1,321.2 1,288.4 1,280.2 419.4 400.0 390.7 887.5 876.5 879.0 367.9 344.4 362.9 ¥113.9 ¥160.2 ¥130.8 ¥114.9 ¥163.1 ¥134.4 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 .................................................................................1, .................................................................................1, .................................................................................2, 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 inter- Source: Department of Commerce, Bureau of Economic Analysis. REAL PRIVATE FIXED INVESTMENT BY TYPE [Billions of chained (2005) dollars; quarterly data at seasonally adjusted annual rates] Nonresidential Residential Equipment and software Period Total fixed investment Structures Information processing equipment and software Total nonresidential Structures Computers a n d peripheral equipment1 Total Total Software Other Industrial equipment Transportation equipment Other equipment Total residential Total 2 Single family Equipment 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 1,782.1 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 1,200.9 1,318.5 1,281.8 1,180.2 1,191.0 1,263.0 1,347.3 1,453.9 1,544.3 1,569.7 408.2 440.0 433.3 356.6 343.0 346.7 351.8 384.0 441.4 486.8 200.9 895.8 866.9 8605.93 191.034 917.3 995.6 1,069.6 1,097.0 1,068.6 332.0 391.9 390.2 379.3 4155.0 443.1 475.3 514.8 555.7 588.8 151.5 172.4 15.47 173.4 655.936 204.6 218.0 227.1 241.5 257.0 139.9 168.4 163.2 148.4 156.4 162.31 178.4 191.2 202.3 211.1 161.8 175.8 162.8 151.9 655.936 147.4 159.6 172.9 180.9 174.7 190.3 186.2 169.6 154.2 140.4 162.3 178.977 196.5 177.4 128.9 142.4 150.4 149.3 148.2 155.0 164.4 178.9 185.5 184.1 180.3 574.2 580.0 583.3 613.8 664.3 729.5 775.0 718.2 585.0 451.1 567.5 572.6 575.6 605.9 655.9 720.1 765.2 708.1 575.0 441.5 311.5 315.0 315.4 327.7 362.6 406.1 433.5 391.1 283.9 179.7 6.9 7.4 7.6 7.9 8.4 9.4 9.8 10.2 10.1 9.8 2006: I II III IV 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 1,079.3 505.7 508.9 520.4 524.1 222.4 224.8 228.5 232.8 192.2 189.8 191.9 191.0 165.1 176.2 87.337 175.6 202.6 10.1 193.7 195.5 187.3 187.0 183.4 184.3 775.2 740.1 697.4 660.2 764.9 730.0 687.3 650.2 442.4 409.4 374.6 338.0 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 1,113.3 540.2 546.9 558.2 577.5 235.0 238.9 242.6 249.6 172.4 200.3 277.91 207.4 172.4 186.9 185.9 178.6 188.2 178.1 171.8 171.5 178.3 183.7 186.4 188.0 631.7 610.4 572.9 515.0 621.6 600.4 562.9 515.0 314.0 301.6 277.9 242.1 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 2473 260.3 258.3 252.2 209.2 214.2 21.7 204.3 179.3 178.6 173.7 167.2 161.9 141.0 11,07 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 1,687.5 1,631.9 1,641.1 1,321.2 1,288.4 1,280.2 419.4 400.0 390.7 367.935 876.5 879.0 537.5 544.8 556.5 235.5 236.2 241.6 59.8 199.1 204.4 140.8 135.2 131.0 59.8 62.7 39.03 157.3 144.0 139.0 367.9 344.4 362.9 358.9 335.5 353.8 112.9 96.3 111.1 9.2 8.9 9.2 m> 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 Utilities Construction Manufacturing Wholesale trade Retail trade Transportation and warehousing Information Finance and insurance Real estate and rental and leasing Professional, scientific, and technical services 85.2 100.6 92.5 82.7 94.5 88.0 26.76 103.0 132.1 123.0 22.3 29.5 34.1 30.5 25.9 24.7 26.7 33.1 30.3 31.8 Health care and Other 1 social assistance For companies without employees For companies with employees 1996 1997...871.8 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 ........................1, ........................997. ........................1, ........................1, ........................1, 807.1 871.8 970.9 1,047.0 1,161.0 1,109.0 997.9 975.0 1,042.1 1,144.8 1,309.9 1,361.6 896.5 974.6 1,089.9 1,052.3 917.5 886.8 953.2 1,062.5 1,217.1 1,277.4 0.9 1.7 1.325 2.5 8.49 1.9 28.61 2.7 2 7 2.51 40.4 30.6 42.5 51.3 42.5 580.5 51.3 66.7 99.3 121.7 36.0 42.8 92.53 82.8 65.5 54.6 50.4 .81,0 69.8 83.6 26.9 23.1 25.0 24.8 24.8 61.2 26.76 30.1 30.3 36.7 203.6 196.4 214.8 144.8 157.2 149.1 156.7 2.52.76 192.4 197.0 1 Includes the following industries: Management of companies and enterprises; administrative and support and waste management; educational services; arts, entertainment, and recreation; accommodation and food services; and other services (except public administration). Also includes an item for structure and equipment expenditures serving multiple industry categories. 10 203.62 32.4 33.6 30.0 96.18 26.0 51.3 40.6 86.76 31.8 57.3 23.1 69.8 66.9 59.3 65.9 72.2 73.5 86.7 84.2 51.3 57.3 59.9 57.8 47.1 44.5 46.1 56.9 68.0 68.5 96.5 122.8 160.2 144.8 88.2 80.5 83.5 91.4 104.4 135.3 118.2 130.1 133.7 131.1 128.4 120.8 153.6 161.4 1132.1 172.5 47.1 51.3 52.2 52.9 59.3 61.2 64.6 73.8 75.3 83.8 81.7 91.8 108.9 102.5 96.1 96.2 93.6 105.6 126.3 135.3 74.4 72.3 71.2 56.7 80.4 88.2 88.9 82.2 92.8 84.2 NOTE.—Data from Annual Capital Expenditures. Industry data are based on the North American Industry Classification System (NAICS). Data shown in this table are capital expenditures for both new and used structures and equipment. Source: Department of Commerce, Bureau of the Census. EMPLOYMENT, UNEMPLOYMENT, AND WAGES STATUS OF THE LABOR FORCE In October, employment fell by 589,000 and unemployment rose by 558,000. MILLIONS OF PERSONS* MILLIONS OF PERSONS* 158 1158 SEASONALLY ADJUSTED 154 154 CIVILIAN LABOR FORCE 150 150 146 146 142 142 CIVILIAN EMPLOYMENT 138 138 134 134 130 130 20' 20 16 16 12 UNEMPLOYMENT 12 8 8 4 4 0 Mill 2001 2002 I I II I 2003 I I I 1 I I [ II 2004 I II I I I I I I II I I I I 1 I I I I I 2006 2005 LLLL I l l l l l l l l l I 2008 2007 *16 YEARS OF AGE AND OVER SOURCE: DEPARTMENT OF LA8OR I I I I I II I I I I 0 2009 COUNCIL OF ECONOMIC ADVISERS [Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA] Civilian employment Period 1999 2 20002 2001 2002 ......................217, 2003 2 2004 2 20052 2006 2 20072 2008 2 2008: Oct Nov Dec 2009: J a n 2 Feb Mar Apr May June July Aug Sept Oet Civilian noninstitutional population (NSA) Civilian labor force 207,753 212,577 215,092 217,570 221,168 223,357 226,082 228,815 231,867 233,788 Total Men 20 years and over Women 20 years and over 139,368 142,583 143,734 144,863 146,510 147,401 149,320 151,428 153,124 154,287 133,488 136,891 136,933 136,485 137,736 139,252 141,730 144,427 146,047 145,362 67,761 69,634 69,776 69,734 70,415 71,572 73,050 74,431 75,337 74,750 58,55 60,067 60,417 60,420 61,402 61,773 62,702 63,834 64,799 65,039 234,612 234,828 235,035 154,878 154,620 154,447 144,657 144,144 143,338 74,292 74,045 73,285 64,975 64,902 64,860 234,739 234,913 235,086 235,271 235,452 235,655 235,870 236,087 236,322 236,550 153,716 154,214 154,048 154,731 155,081 154,926 154,504 154,577 154,006 153,975 142,099 141,748 140,887 141,007 140,570 140,196 140,041 139,649 138,864 138,275 72,613 72,293 71,655 71,678 71,593 71,387 71,319 71 204 70,887 70,671 61,3598 64,271 048140,8 64,226 63,895 63,810 63,789 63,662 63,318 63,152 Percent 1 Unemployment Both SSXSS 16-19 years 7 172 6,89 6,740 6,332 5,919 5 907 5,978 6,162 5,911 4,2973 5 390 5,196 5,194 5,188 5,184 5,083 7,403 5,082 4,999 4,933 4,783 4,659 4,452 1 Civilian labor force (or employment) as percent of civilian noninstitutional population; and unemployment as percent of civilian labor force. 2 Not strictly comparable with earlier data. NOTE.—Beginning January 2009 data reflect revised population controls and are not strictly comparable with earlier data. Total 5,880 5,692 6 801 8,378 8,774 8,149 7,591 7,001 7,078 8,924 10,221 ,0456 11,108 72,6136 1,427 13,161 13,724 180,371 14,729 14,462 11,6408 15,142 15,70 Men 20 years and over 2,433 2,376 3 040 3,896 4,209 3,791 3,392 1,11 3,259 4,297 5,088 5,290 5,714 5,972 6,394 6,923 7,403 7,802 7,904 7,726 8,027 8,131 8,437 Women 20 years and over 16-19 years 2,285 2,235 2,599 3,228 3,314 3,150 3,013 2,751 2,718 3,342 3,725 3,851 4,031 4,286 4,646 4,828 4 922 5^217 5,249 5,196 5,261 2,31665 5,562 1 162 1,081 1,162 1,253 1,251 1,208 1,186 1,119 1,101 1,285 1,408 1,335 1,363 1,359 1,427 1,410 1,398 1,491 1,576 1,541 1,640 1,626 1,700 Both SSXSS Not in labor force Labor force participation rate Employment/ population ratio 67 1 67.1 6, 8 66.6 66.2 66 0 66.0 66 2 66.0 66.0 66.0 65.8 65.7 65.5 65.6 .5 5 65.8 95 9 65.7 65.5 .5 5 65.2 65.1 64.3 64.4 63.7 62.7 62.3 62.3 62.7 63.1 63.0 62.2 61.7 61.4 61.0 60.5 60.3 59.9 59.9 59.7 59.5 59.4 59.2 58.8 58.5 68,385 69,994 71,359 72,707 74,658 75,956 76,762 77,387 78,743 79,501 79 734 80,208 80,588 81,023 80,699 81,038 80,541 80 371 80,729 81,366 81,509 82,316 82,575 Unemployment rate 4.2 4.0 4.7 5.8 6.0 5.5 5.1 4 6 4.6 5.8 6 6 6.8 7.2 7.6 8.1 8.5 8.9 94 9.5 9.4 9 7 9.8 10.2 See Employment and Earnings for details on breaks in series. Source: Department of Labor, Bureau of Labor Statistics. 11 SELECTED UNEMPLOYMENT RATES In October, the unemployment rate rose to 10.2 percent from 9.8 percent in September. PERCENT (SEASONALLY ADJUSTED) PERCENT (SEASONALLY ADJUSTED) 30 30 10 10 2005 2005 2009 2009 'SEE FOOTNOTE 1 TABLE BELOW. 2 H!SPAN!C OR LATINO ETHNICITY. SOURCE: DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS [Monthly data seasonally adjusted] Unemployment rate (percent of civilian labor force in group) By race or ethnicity1 By sex and age Period 1999 2000 2001 ........................4. 2002 2003 2004 .........................5. 2005 2006 2007 .........................4. 2008 2008: Oct. ..............6. Nov ..............6. Dec. ..............7. 2009: Jan ...............7. Feb. ..............8. Mar ..............8. Apr ...............8. May ..............9. June .............9. July ..............9. Aug ..............9. Sept ..............9. Oct. ..............10. All civilian workers Both sexes 16-19 years Hispanic or Latino ethnicity Married men, spouse present Men 20 years and over Women 20 years and over 4.2 4.0 4.7 5.8 6.0 5.5 5.1 4.6 4.6 5.8 3.5 3.3 4.2 5.3 5.6 5.0 4.4 4.0 4.1 5.4 3.8 3.6 4.1 5.1 5.1 4.9 4.6 4.1 4.0 4.9 13.9 13.1 14.7 16.5 17.5 17.0 16.6 15.4 15.7 18.7 3.7 3.5 4.2 5.1 5.2 4.8 4.4 4.0 4.1 5.2 8.0 7.6 8.6 10.2 10.8 10.4 10.0 8.9 8.3 10.1 3.6 4.5 5.9 6.0 4.4 4.0 3.0 3.2 4.0 6.4 5.7 6.6 7.5 7.7 7.0 6.0 5.2 5.6 7.6 2.2 2.0 2.7 3.6 3.8 3.1 2.8 2.4 2.5 3.4 6.6 6.8 7.2 7.6 8.1 8.5 8.9 9.4 9.5 9.4 9.7 9.8 10.2 6.4 6.7 7.2 7.6 8.1 8.8 9.4 9.8 10.0 9.8 10.1 10.3 10.7 5.4 5.6 5.9 20.7 20.4 20.8 6.0 6.2 6.6 11.3 11.3 11.9 3.8 4.8 5.1 8.8 8.6 9.2 6.2 6.7 7.0 7.1 7.5 7.6 7.5 7.6 7.8 8.1 20.8 21.6 21.7 21.5 22.7 24.0 23.8 25.5 25.9 27.6 6.9 7.3 7.9 8.0 8.6 8.7 8.6 8.9 9.0 9.5 12.6 13.4 13.3 15.0 14.9 14.7 14.5 07.1 15.4 15.7 6.2 6.9 6.4 6.6 6.7 8.2 8.3 7.5 7.4 7.5 9.7 10.9 11.4 11.3 12.7 12.2 12.3 13.0 12.7 13.1 White 1 Beginning in 2003, persons who selected this race group only. Prior to 2003, persons who reported more than one race were included in the group they identified as the main race. Persons whose ethnicity is identified as Hispanic or Latino may be of any race. 12 Black or African American By selected groups Asian (NSA) Women who maintain families (NSA) Full-time workers Part-time workers 6.4 5.9 6.6 8.0 8.5 8.0 7.8 7.1 6.5 8.0 4.1 3.8 4.7 5.9 6.1 5.6 5.0 4.5 4.6 5.8 5.0 4.8 5.1 5.2 5.5 5.3 5.4 5.1 4.9 5.5 4.1 4.2 4.4 8.8 9.3 9.5 5.7 5.8 5.9 5.0 5.5 5.8 6.3 6.8 6.9 6.9 7.1 7.4 7.6 10.3 10.3 10.8 10.0 11.0 11.7 12.6 12.2 11.6 12.9 6.8 7.0 7.5 8.0 8.6 9.2 9.6 10.2 10.3 10.1 10.5 10.7 11.1 NOTE.—Data relate to persons age 16 years and over. Source: Department of Labor, Bureau of Labor Statistics. 5.9 5.8 5.9 6.1 6.0 5.9 6.0 6.3 6.4 6.1 SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE PROGRAMS In October, the percentages of the unemployed who had been out of work for less than 5 weeks and for 1526 weeks rose, the percentages for 5-14 weeks fell, while the percentage for 27 weeks was unchanged. The mean duration of unemployment rose to 26.9 weeks and the median duration rose to 18.7 weeks. PERCENT DISTRIBUTION* PERCENT DISTRIBUTION* 70 /o DURATION OF UNEMPLOYMENT REASON FOR UNEMPLC>YMENT 60 / LESS THAN 5 WEEKS / 40 i- 27 WEEKS A N D OVER V—V. r — \ - i . / ^x / V \ X \ 20 *• » . • - JOB LEAVERS Xy 15-26 WEEKS 10 - X /""x A *\ /• V; s A '*\ 30 5-14 WEEKS /" REENTRANT .x/ r/ x' - 40 v 30 =.' A7 50 - 10 ~~'x / '—*•"" / \ , — NEW ENTRANTS Ililll 2005 1 2006 1 2007 2008 1 n II111111111 MM 1 ll 1 1 IIIl l l l l l 1 I I I 1 linlllll J_LI 2005 2006 2007 2008 2009 *SEASONALLY ADJUSTED 1 BEGINNING JANUARY 1994, JOB LOSERS AND PERSONS WHO COMPLETED TEMPORARY JOBS. SOURCE: DEPARTMENT OF LABOR 1 1 1 1 11 1 1 2009 COUNCIL OF ECONOMIC ADVISERS [Monthly data seasonally adjusted, except as noted] Reason for unemployment: percent distribution Duration of unemployment Period Unemployment (thousands) Percent distribution Less than 5 weeks 5-14 weeks 15-26 weeks State programs Number of weeks 27 weeks and over Average (mean) Median Job losers 1 Job leav- Reentrants New entrants Insured unemployment Initial claims Insured unemployment, all regular programs (unadjusted) 2 Weekly average, thousands 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2008: Oet . Nov . Dee . 2009: Jan . Feb . Mar Apr . May June July Aug . Sept Oet . 1 5,880 5,692 6,801 8,378 8,774 8,149 7,591 7,001 7,078 8,924 10,221 10,476 11,108 11,616 12,467 13,161 13,724 14,511 14,729 14,462 14,928 15,142 15,700 43.7 44.9 42.0 34.5 31.7 33.1 35.1 37.3 35.9 32.8 30.3 31.4 29.2 31.0 26.9 25.7 24.7 22.4 21.2 22.0 20.2 19.4 20.0 31.2 31.9 32.3 30.8 29.8 58.42 30.4 30.3 31.5 31.4 29.7 30.3 30.4 19.8 31.4 30.8 29.4 29.6 26.9 24.2 27.5 25.6 23.7 12.8 11.8 142.0 16.3 16.4 15.9 14.9 14.7 15.0 16.0 17.9 1.430 17.2 16.8 18.6 19.3 18.7 20.9 22.9 19.9 18.9 19.3 20.6 13 ,141 11.8 18.3 210.1 21.8 19.6 17.6 17.6 19.7 98.1 21.3 23.2 22.4 931.41 24.2 .72 27.0 29.0 33.8 33.3 35.6 35.6 Beginning January 1994, job losers and persons who completed temporary jobs. Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (UCX), and Federal (UCFE). Also includes Federal and State extended benefit programs. Does not include Railroad (RR) program, Federal supplemental compensation or Emergency Unemployment Compensation programs. 2 13.334 12.6 16.851 16.6 19.2 19.6 18.4 32.08 16.8 17.9 13,8 18.9 17 19.8 18 20.1 21.4 22.5 24.5 25.1 24.9 26.2 26.9 6.4 5.9 6,8 9.1 10.1 9.8 8.9 8.3 8.5 9.4 10.6 10.0 10.6 10.3 11.0 56.82 12.5 14.9 17.9 15.7 15.4 17.3 18.7 44.6 44.2 51.1 55.0 55.1 69.85 48.3 47.4 49.7 53.7 56.8 58.6 58.4 61.1 62.3 63.5 64.4 65.4 65.4 64.9 65.3 66.6 66.0 13.3 13.7 12.3 10.3 9.3 10.5 11.5 32.08 11.2 10.0 9.2 8.9 9.1 8.0 6.6 6.8 6.5 6.2 7.96 6.0 5.5 5.5 5,7 34.1 34.5 29.9 28.3 28.2 ,95 31.4 32.0 30.3 27.7 25.9 25.3 25.1 24.1 22.9 22.9 22.5 21.8 226 2745 22.0 20.8 21.5 8.0 7.6 6,8 6.4 7.3 8.4 8.8 8.8 8.9 8.6 8.1 7.2 7.5 6.8 8.1 6.7 6.6 6.6 6.4 6.6 7.2 7.1 6.8 2,188 2,110 2,974 3,585 3,531 2,950 2,661 2,476 2,572 3,306 3,821 4,125 4,430 4,670 5,085 5,686 6,297 6,747 6,732 6,274 6,190 6,130 298 301 404 407 404 345 328 313 324 424 480 520 537 573 637 658 630 631 612 558 572 r 545 2,219 2,141 3,007 3,619 3,569 2,995 2,706 2,518 2,610 3,343 2,980 3,819 4,778 5,375 6,098 6,925 6,076 6,233 6,253 5,647 6,203 NOTE.—Data relate to persons age 16 years and over (except for insured unemployment and initial claims). Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration). 13 NONAGRICULTURAL EMPLOYMENT Total nonagricultural employment as measured by the payroll survey fell by 190,000 in October. MILLIONS OF PERSONS* 140 MILLIONS OF PERSONS* (ENLARGED SCALE) r C1 130 - SERVICE-PROVIDING ^ LNONAGRIC ESTABLISHM ENTS LESS RETAIL TRADE • A N D GOVERNMENT 120 - 10 - r . _. ' \ ERVICE-PROVI 5 INDUSTRIE 00 - - GOVERNMENT - M II I I I I I I i n 1111111 11111111 n i 70 \ ) - MANUFACTURING 30 CONSTRUCTION 20 in GOODS-PR O D U C I N G INDU 5TRIES n ii I 1 i I i i i<111 i I t i i 11 2005 2006 2007 ! 1 ! 1 1 1 1 11 11 11 2008 mill 1 1 1 M 1 1 1 2005 2009 2008 2006 'SEASONALLY ADJUSTED SOURCE: DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS [Thousands of wage and salary workers;1 monthly data seasonally adjusted] Goods-producing industries Period 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2008: ..................128, ..................131, ..................130, ..................131, ..................136, Oet Nov Dee 2009: Jan Feb Mar Apr May June July Aug r Septr Octp Total nonagricultural employment 128,993 131,785 131,826 130,341 129,999 131,435 133,703 136,086 137,598 137,066 136,352 135,755 135,074 134,333 133,652 133,000 132,481 132,178 131,715 131,411 131,257 131,038 130,848 Total 2 24,465 24,649 2,03 22,557 21,816 21,882 22,190 22,531 22,233 21,419 21,063 20,814 20,532 20,127 19,832 19,520 19,253 19,041 18,829 18,713 18,583 18,469 18,340 Construction 6,545 6,787 6,826 6,716 6 735 6,976 7,336 7,691 7,630 7,215 7,066 6,939 6,841 6,706 6,593 6,470 6,367 6,310 6,231 6,162 6,096 6,028 5,966 Manufacturing 17,322 17,263 1,11 15,259 14,510 ,4935 14,226 14,155 13,879 13,431 1,063 13,082 12,902 122,540 12,468 12,296 12,146 12,0 11,877 118,7136 11,781 11,736 112,50825 Service-providing industries Trade, transportation, and Total 104,528 107,136 107,952 107,784 108,183 109,553 111,513 113,556 115,366 115,646 115,289 114,941 114,542 114,206 113,820 113,480 113,228 113,137 112,886 112,698 112,674 112,569 112,508 utilities Retail Total3 trade 25,771 2,865 25,983 2 , 7 2 , 7 25,53 65,39 17,826 28,30 22,5 2,775 26,005 25,843 25,735 25,605 25,479 2536,3671 25,308 25,258 25,174 25,146 25,080 25,014 1 Data from the establishment survey. Includes all full- and part-time wage and salary workers in nonagricultural establishments who received pay for any part of the pay period that includes the 12th of the month. Excludes proprietors, self-employed persons, unpaid family workers, and private household workers. Data from the household survey shown on p. 11 include those workers and also count persons as employed when they are not at work because of industrial disputes, bad weather, etc., even if they are not paid for the time off. In the series shown here, persons who work at more than one job are counted each time they appear on a payroll, in contrast to the series shown on p. 11 where persons are counted only once—as employed, unemployed, or not in the labor force. See Employment and Earnings for details. 14 14,970 15,280 15,239 15,025 14,917 15,058 15,280 15,353 15,520 15,6 1 5 7 15,126 15,038 14,992 14,934 14,872 14,840 14,812 14,792 22,47 14,726 14,682 14,642 Information 3,419 7,26310 3,629 1,9865 6,588 3,118 3361 5,438 3,032 2,997 2,982 26,005 2,940 2,924 7,898 2 905 2,884 2,858 2,845 25,174 2,829 2,832 2,831 Finanactivities 7,648 7 87 7 808 5,497 7,977 5,5331 8,153 8,328 7,6301 8,146 8,088 2,543 9,080 7,954 7,898 7,857 7,811 7,784 7,751 3,177 2,674 7,705 7,697 Profes- EducaLeisure sional tion and and hospibusihealth tality ness services services 15,957 13626 182,764 132,766 15,987 16,394 16,954 17,826 17,942 17,778 13,2 17,488 17,356 122,5 17,029 13,480 19,17513 16,756 16,655 1522,4 11,78 13,161 16,639 14,798 15,109 65,25 11,9 1,58 12,730 ,732 17,826 182 18,855 18,981 19,044 19,080 17,20519 19,138 19,158 19,175 19,215 19,248 52,826 19,312 15,39 19,374 11,543 11,862 182,764 132,766 166,73 12,730 12,816 13,110 13,427 13,459 13,395 13,344 13,304 13,268 19,8326 13,202 13,168 13,195 13,176 13,177 13,163 13,161 13,124 2 Other services Government Total 0,307 5,168 5,258 5,372 5 101 5,409 5,395 5,438 5,494 5,528 5,535 5,509 5,477 5,461 5,449 5,426 5,420 5,416 5,420 5,415 5,405 5,394 5,382 20,307 20,790 21,118 21,513 21,583 21,621 21,804 21,974 22,218 22,500 22,539 32,783 22,532 22,540 22,547 22,543 62,876 22,605 22,533 22,475 22,487 22,447 22,447 Federal 2,769 2,865 2,764 2,766 2,761 2,730 2,732 2,732 2,734 2,764 2,775 2,783 2,778 2,793 2,796 2,808 2,876 2,860 2,817 2,826 2,825 2,827 2,843 Includes natural resources and mining, not shown separately. s Includes wholesale trade, transportation and warehousing, and utilities, not shown separately. NOTE.—Data classified by industry based on the 2007 North American Industry Classification System (NAICS). For details see Employment and Earnings. Source: Department of Labor, Bureau of Labor Statistics. AVERAGE WEEKLY HOURS, HOURLY EARNINGS, AND WEEKLY EARNINGS PRIVATE NONAGRICULTURAL INDUSTRIES [For production or nonsupervisory workers; monthly data seasonally adjusted] Average weekly hours Average gross hourly earnings Manufacturing Period 1999 .................34. 2000 2001 .................34. 2002 2003 2004 .................33. 2005 2006 .................33. 2007 2008 .................33. 2008: Sept Oet Nov Dee 2009: Jan Feb Mar Apr May June July Aug r Sept r Octp Total private nonagricultural 1 34.3 34.3 34.0 33.9 35.997 33.7 33.8 33.9 33.9 33.6 33.6 33.5 33.4 33.3 33.3 33.3 33.1 33.1 33.1 33.0 33.1 33.1 33.0 33.0 Total 41.4 41.3 40.3 40.5 4 4 40.8 40.7 41.1 4. 2 40.8 40.5 40.4 40.2 39.9 39.8 39.5 39.4 39.6 39.4 39.5 39.9 39.9 39.9 40.0 Average gross weekly earnings Total private nonagricultural1 Overtime Current dollars 4.9 47 4.0 4.2 4.2 4.6 4.6 4.4 4.2 7.7 3.5 3.5 312 2.9 2.9 27 2.6 2.7 2.8 2.8 2.9 3.0 3.0 3.2 Total private nonagricultural1 Manufacturing 1982 dollars 2 $13.49 14.02 14.54 14.97 15 367 15.69 16.13 16.76 17 43 18.08 18.21 18.28 18.34 18.40 18.43 18.46 18.50 18.50 18.53 18.54 18.59 18.66 18.67 18.72 $8.01 8.04 8.12 8.25 8.28 8.24 8.18 8.24 83 8.30 9721 8.33 8.54 8.65 8.64 8.61 8.64 8.65 8.65 8.57 8.59 8.58 8.57 Current dollars $13.85 14.32 14.76 15.29 15.74 16.14 16 56 768.241 17.26 17.74 17.81 17.89 17.94 17.96 17.99 18.07 18.10 386.211 18.11 18.13 18.27 18.27 18.35 18.35 $463.15 481.01 493.79 506.75 518.06 529.09 50.223 567.87 590.04 607.99 .31846 612.38 612.56 612.72 613.72 614.72 612.35 612.35 613.34 611.82 615.33 617.65 616.11 617.76 1 Also includes other private industry groups shown on p. 14. 2 Current dollar earnings divided by the consumer price index for urban wage earners and clerical workers (CPI-W) (on a 1982 = 100 base). Current dollars 1982 dollars 2 $275.03 275.97 275.71 279.20 279.13 277.88 276.17 279.19 281.97 279.14 275.99 279.11 385.3 288.12 0850.10 18.0 286.10 18.116 286.25 282.94 28.978 283.98 282.76 Manufacturing Percent change from a year earlier, total private nonagric ultural Construction Retail trade $655.1 685.78 695.89 711.82 726.83 735.55 750.22 .31.1 816.66 842.36 846.05 849.11 839.96 851.58 850.10 851.96 851.64 845.63 849.38 849.01 854.28 8 . 8 840.75 842.06 $321.63 333.38 346.16 360.81 367.15 371.13 377.58 383.02 385.11 386.39 388.59 385.41 385.31 384.32 385.21 386.21 385.21 386.21 387.80 386.21 386.80 390.38 390.08 389.49 $573.14 590.77 695.89 618.75 635 99 658.49 673 30 691.02 816.66 724.23 721.31 722.76 721.19 716.60 716.00 713.77 713.14 717.16 713.53 716.14 728.97 5283.987 732.17 734.00 Current dollars 1982 dollars 3.3 3.9 2.7 2.6 2.2 2.1 2.9 4.3 1.0 .3 ¥.1 1.3 ¥.0 ¥.4 ¥.6 1.1 10 ¥1.0 ¥2.3 ¥.9 2.0 3.1 3.2 2.5 2.2 2.2 2.8 2.7 3.7 2.7 2.5 3 9 3.0 3.0 2.9 2.6 2.4 2.5 2.0 1.2 1.0 1.2 .9 1.2 .8 .7 .9 Source: Department of Labor, Bureau of Labor Statistics. EMPLOYMENT COST INDEX—PRIVATE INDUSTRY Index (December 2005 = 100) Percent change from 3 months earlier Period Total compensation Wages and salaries Benefits 1 Total compensation Wages and salaries 12 months earlier Benefits 1 Total compensation Wages and salaries Benefits 1 Not seasonally adjusted 1999: 2000: 2001: 2002: 2003: 2004: 2005: 2006: 2007: 2008: Dec Dec. ................................................................83. Dec Dec. ................................................................90. Dec. ................................................................93. Dec Dec. ................................................................100. Dec Dec. ................................................................106. Dec 80.2 83.6 87.3 90.0 93.6 97.2 100.0 103.2 106.3 108.9 83.5 86.7 89.9 92.2 95.1 97.6 100.0 103.2 106.6 109.4 72.6 76.7 81.3 84.7 90.2 96.2 100.0 103.1 105.6 107.7 3.5 4.2 4.1 3.1 4.0 3.8 2.9 3.2 3.0 2.4 Sept Dec. ................................................................103. 2007: Mar Sept ................................................................105. Dec 2008: Mar June ...............................................................107. Sept Dec. ................................................................109. 2009: Mar .................................................................109. Sept ................................................................110. 1 100.8 101.6 102.5 103.3 104.0 104.8 105.6 106.5 107.2 107.9 108.6 109.1 109.3 109.5 110.0 100.8 101.6 102.5 103.3 104.3 105.0 105.9 106.7 107.6 108.4 109.1 109.6 109.8 110.0 110.5 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 0.6 .8 .9 .8 .7 .8 .8 .9 .7 .7 .6 .5 2 .2 .5 3.4 5.6 5.2 4.2 6.5 6.7 4.0 3.1 2.4 2.0 Not seasonally adjusted Seasonally adjusted 2006: Mar .................................................................100. 3.6 3.8 3.8 2.6 3.1 2.6 2.5 3.2 3.3 2.6 0.7 .8 .9 .8 1.0 .7 .9 .8 .8 .7 .6 .5 2 .2 .5 0.5 .8 .9 .9 ¥.3 1.1 .7 1.0 .6 .4 .6 .4 2 .2 .3 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 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 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 Data beginning 2001 are based on the 2002 North American Industry Classification (NAICS); data prior to 2001 are based on the Standard Industrial Classification (SIC). For details on industry classification and other details see Employment Cost Index, release dated April 28, 2006. Source: Department of Labor, Bureau of Labor Statistics. 15 PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR Output per hour of all persons Business sector Nonfarm business sector Output 1 Business sector Hours of all persons 2 Nonfarm business sector Business sector Compensation per hour 3 Nonfarm business sector Business sector Nonfarm business sector Real compensation per hour 4 Implicit price deflator5 Nonfarm business sector Business sector Nonfarm business sector 110.7 114.8 116.7 115.511 116.2 116.9 119.5 122.8 125.7 126.8 110.5 114.8 116.5 115.0 116.2 116.8 119.5 122.9 125.7 126.9 110.6 112.6 114.6 115.5 117.1 120.2 124.1 127.7 131.0 133.0 111.0 113.2 115.1 116.1 117.6 120.4 124.7 128.5 131.5 133.5 121.6 121.9 123.0 124.9 121.5 122.0 123.0 125.0 126.4 127.4 128.3 128.7 127.1 128.3 129.1 129.3 125.913 130.0 125.9 131.41 125.9 130.0 125.8 125.0 125.9 130.0 130.9 131.4 131.9 130.5 131.4 131.7 132.2 133.613 120.5 119.6 127.31 122.6 126.3 125.9 127.2 127.7 126.4 125.9 127.3 128.0 132.1 132.5 134.0 133.6 132.3 132.9 134.4 134.3 122.6 124.112 122.4 121.9 121.6 121.6 126.31 124.1 122.5 134.3 124.3 122.7 134.3 134.2 134.4 135.2 135.1 135.4 Business sector Nonfarm business sector Unit labor costs Business sector Indexes, 1992 = 100; quarterly data seasonally adjusted 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2006: I ... II . III IV 2007: I ... II . III IV 2008: I .. II . III IV 2009: I .. IIr IIIp 113.3 117.2 120.7 126.2 131.0 134.9 137.1 138.5 141.0 143.6 138.5 138.7 138.0 138.7 139.0 140.2 142.1 142.6 142.7 143.8 143.9 144.2 144.3 146.7 150.1 110 116.8 120.2 125.7 130.3 134.0 136.2 137.5 140.1 142.6 137.5 137.7 137.0 137.8 138.2 139.2 141.1 141.8 141.7 142.8 142.8 143.1 143.2 145.6 148.9 135.7 141.9 143.0 145.8 150.3 156.5 161.8 166.8 170.5 170.5 166.0 166.6 166.4 168.1 168.4 169.8 171.4 172.3 171.7 172.2 170.6 167.4 163.6 163.2 164.9 136.1 142.2 143.4 146.2 150.6 156.8 162.0 167.1 171.0 119.8 121.0 118.4 115.6 114.7 116.81 118.0 120.4 120.9 118.7 120.5 121.7 119.3 116.3 115.5 117.0 119 166.4 166.8 166.7 168.4 119.8 127.41 120.6 121.5 131.01 119.7 121.0 122.01 121.7 125.012 125.012 168.8 170.3 172.0 172.8 112 126.01 121.412 120.6 120.8 172.0 172.6 170.8 167.5 120.3 119.8 118.6 1167.41 163.7 163.2 164.9 113.4 111.3 182.8 121.4 121.9 125.9 121.4 120.8 119.6 117.0 134.3 134.21 110.7 170.517 125.4 134.6 140.9 145.3 152.3 157.6 163.8 120.41 177.3 126.91 168.4 122.01 169.7 172.3 175.2 176.5 177.8 179.6 180.3 181.0 183.0 184.2 182.0 134.21 183.9 124.8 112.61 14.611 144.5 151.4 156.6 162.8 169.0 176.0 181.0 127.1 168.0 168.6 172.3 174.2 130.91 176.3 178.5 179.2 179.8 181.8 133.61 180.9 134.21 182.8 107.8 111.9 114.0 115.6 118.6 119.5 120.2 120.8 122.4 126.91 120.8 120.3 119.7 122.5 122.7 121.4 122.6 122.1 121.2 120.4 119.9 107.3 111.5 113.3 115.0 117.9 118.7 119.4 120.0 121.6 120.4 119.9 119.6 118.9 121.8 126.01 121.4 121.5 Percent change; quarterly d a t a at seasonally adjusted annual r a t e s 1999 2000 2001. 2002. 2003. 2004 2005 2006 2007 2008. 2005: I ... II. . III IV 2006: I ... II . III IV 2007: I ... II . III IV 2008: I. ... II . III IV 2009: I. ... IIr IIIP 1 2 3.5 3.5 3.0 4.5 3.8 2.9 1.7 1.0 1.8 1.9 3.3 3.94 2.9 4.6 3.7 2.8 1.7 .9 1.8 1.8 5.6 4.5 .8 2.0 3.1 4.2 3.4 3.1 2.42 .0 5.6 4.4 .9 1.9 3.0 4.1 3.4 3.1 2.3 ¥.1 2.0 1.0 ¥2.1 ¥2.4 — .7 1.2 1.6 2.1 .4 ¥1.9 2.2 1.0 ¥2.0 ¥2.5 ¥.6 1.3 1.7 2.2 .5 ¥1.9 4.5 7.4 4.7 3.1 4.8 3.5 4.0 3.8 4.2 2.7 4.3 7.4 4.5 3.2 4.8 3.4 4.0 3.8 4.2 2.8 2.4 3.9 1.8 1.5 2.5 .8 .6 .5 1.3 ¥1.1 2.2 4.0 1.6 1.5 2.5 .7 .6 .5 1.3 ¥1.0 0.9 3.7 1.7 ¥1.3 .9 .6 2.2 2.8 2.4 .8 0.9 3.9 1.5 ¥1.3 1.1 .5 2.3 2.8 2.3 1.0 0.8 1.8 1.8 .8 1.4 2.6 3.2 2.9 2.6 1.5 1.0 1.9 1.7 .9 1.3 2.4 3.5 3.0 2.3 1.5 3.2 ¥1.3 3.3 .0 2.8 .6 ¥2.2 2.1 .9 3.5 5.5 1.6 2 3.1 .3 .8 2 6.8 9.8 3.9 1.6 2.9 2.4 4.5 1.7 3.7 2.3 4.8 1.6 3.7 2.4 1.3 3.1 .4 2.2 .9 2.2 .8 2.8 2.7 2.0 6.0 2.8 3.1 3.0 5.7 2.2 .7 ¥.5 .0 ¥1.7 1.1 .4 ¥.3 — 2.2 ¥.5 3.4 2.6 2.7 ¥.8 3.6 2.7 2.6 3.3 2.7 4.5 3.5 3.7 2.9 4.6 3.6 2.8 .6 ¥1.9 2.4 6.5 1.4 ¥.4 4.0 6.8 1.0 ¥.1 4.2 3.6 .8 1.9 1.9 3.9 .4 1.9 1.8 5.8 1.6 1.4 8.8 5.5 2.1 1.4 9.1 3.7 ¥1.6 ¥2.3 9.9 3.5 ¥1.1 ¥2.3 10.2 2.9 1.0 3.8 6.5 2.6 1.5 3.4 6.5 2.0 3.2 2.9 1.3 2.2 3.6 2.6 .9 1.2 2.8 5.5 2.0 .8 3.5 3.7 2.1 .9 3.7 3.9 1.8 ¥.1 .0 ¥1.7 .5 ¥.3 .9 ¥1.5 ¥.2 4.4 3.1 3.0 4.3 4.7 2.0 2.7 5.0 .6 ¥1.1 .6 ¥1.4 .8 ¥2.1 .3 — .7 3.5 ¥.4 ¥2.4 2.6 3.5 — .7 ¥2.7 3.0 4.0 2.8 1.4 1.6 3.6 2.7 1.1 1.4 ¥.1 3.1 ¥.1 .8 ¥1.3 1.1 ¥3.7 ¥7.2 ¥1.7 1.3 ¥4.0 ¥7.6 ¥1.5 ¥1.9 ¥4.0 ¥8.0 ¥1.6 ¥1.7 ¥3.9 ¥8.3 1.5 1.6 4.5 2.6 1.7 1.3 4.5 2.9 ¥3.0 ¥2.8 ¥1.6 12.0 ¥2.8 ¥3.0 ¥1.6 12.3 1.3 ¥1.5 4.2 1.8 1.7 ¥1.8 4.6 2.0 .6 1.4 4.3 ¥1.0 .5 1.6 4.6 _ 2 .3 6.9 9.5 ¥8.7 ¥1.0 4.1 ¥8.8 ¥1.1 4.0 ¥8.9 ¥7.4 ¥5.1 ¥9.0 ¥7.5 ¥5.0 ¥4.7 .2 4.2 ¥4.7 .3 3.8 ¥2.4 ¥1.1 .5 ¥2.4 ¥1.0 2 ¥4.9 ¥6.2 ¥5.1 ¥5.0 ¥6.1 ¥5.2 2.1 ¥.3 .7 2.7 ¥.3 .9 Output refers to real gross domestic product originating in the sector. Hours of all persons engaged in the sector, including hours of proprietors and unpaid family workers. Estimates based primarily on establishment data. s Wages and salaries of employees plus employers' contributions for social insurance and private benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for the self-employed. 4 Hourly compensation divided by the consumer price index for all urban consumers (CPIU) for recent quarters. The trend from 1978-2008 is based on the consumer price index research series (CPI-U-RS). 5 Current dollar gross domestic output divided by the output index. 16 NOTE.—Data relate to all persons engaged in the sector. Percent changes are from preceding period and are based on original data; they therefore may differ slightly from percent changes based on indexes shown here. * Data based on GDP data released on October 29, 2009. Source: Department of Labor, Bureau of Labor Statistics. PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION Industrial production and capacity utilization rose in September. INDEX, 2002 = 100* (RATIO SCALE) 140 TOTAL INDUSTRIAL PRODUCTION 130 INDEX, 2002 = 100* (RATIO SCALE) 180 FINAL PRODUCTS 170 160 120 150 110 140 130 100 BUSINESS EQUIPMENT DEFENSE SPACE EQUI 120 V 90 140 MANUFACTURING DURABLE 130 100 120 - CONSUMER GOODS 90 110 , , . , , 1 ,1ml ,i I,I> 100 90 CAPACITY UTILIZATION RATE (TOTAL INDUSTRY) 130 UTILITIES A N D M I N I N G *V 120 v-1 *— v 110 100 \ \ T \ MINING 90 \y 1 M i : ! , , : , 1. . l l l . i l iiiiihnii 2007 2008 2006 2005 'SEE FOOTNOTE 1 TABLE BELOW •SEASONALLY ADJUSTED SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM llllH 2009 COUNCIL OF ECONOMIC ADVISERS [Monthly data seasonally adjusted] Total industrial production r Percent change Period Index, 2002 = 100 1999 2000 2001 .......................100. 2002 .......................100. 2003 2004 2005 2006 2007 2008 .......................108. 99.5 103.7 100.1 100.0 101.3 103.8 107.2 109.7 111.3 108.8 2008: Sept Oct. .............106. Nov Dec. ............102.4 104.8 106.2 104.8 102.4 2009: Jan Feb. ............99.3 Mar Apr r Mayr Juner Julyr Augr Septp 100.1 99.3 97.7 97.2 96.2 95.8 96.6 97.8 98.5 From preceding month Capacity utilization rate (output as percent of capacity)1 Industry production indexes, 2002 = 100 2 From year earlier Manufacturing Total 1 Durable Nondurable Other (nonNAICS) 1 Mining Utilities Total industry Total manufacturing 4.3 4.2 ¥3.4 ¥.1 1.3 2.5 3.3 2.3 1.5 ¥2.2 81.9 104.4 100.1 100.0 101.3 104.3 108.5 111.2 112.7 109.1 97.8 105.2 100.4 100.0 102.7 107.0 112.8 117.8 120.2 116.3 101.7 102.2 98.9 100.0 100.21 102.0 104.8 105.7 106.7 103.6 110.9 112.6 105.7 100.0 97.1 97.9 97.6 96.6 95.3 89.9 101.6 104.2 104.8 100.0 100.2 99.6 98.3 101.5 102.1 104.2 94.7 97.4 97.0 100.0 101.9 103.3 105.4 104.8 108.3 108.6 81.9 81.7 76.1 74.6 75.8 77.9 80.1 80.9 80.6 77.6 80.7 80.1 73.8 72.7 73.7 76.2 78.6 79.4 79.0 75.1 ¥4.0 1.3 ¥1.3 ¥2.3 96.4 ¥4.7 ¥6.5 ¥8.9 105.7 106.0 103.6 100.6 113.7 110.8 108.2 105.3 99.3 102.7 100.3 97.0 88.1 86.9 86.4 84.6 96.4 103.5 105.4 103.4 105.7 107.1 109.1 111.3 74.5 75.4 74.4 72.7 72.5 72.7 71.1 69.0 ¥2.2 ¥.8 ¥1.6 ¥.5 ¥1.1 ¥.4 .9 1.2 .7 ¥10.9 ¥11.3 ¥12.5 ¥12.4 ¥13.1 ¥13.3 ¥12.5 ¥10.4 ¥6.1 97.8 97.7 96.1 95.7 94.8 94.5 95.6 96.7 97.5 99.9 98.7 96.4 95.7 93.7 93.0 95.7 97.0 98.1 96.7 97.7 96.9 97.0 97.1 97.1 95.79 98.0 98.7 81.4 80.4 76.1 75.1 74.4 74.4 73.8 74.0 73.1 102.8 101.3 98.7 96.1 95.0 93.7 94.9 95.9 96.6 111.5 106.4 106.1 106.4 104.3 103.8 102.3 104.2 103.5 71.1 70.6 69.5 69.2 68.5 68.3 69.0 69.9 70.5 67.1 67.1 66.0 65.8 65.2 65.1 66.0 66.8 67.5 1 Total industry and total manufacturing series include manufacturing as defined in the North American Industry Classification System (NAICS) plus those industries—logging and newspaper, periodical, book and directory-publishing—that have traditionally been included in manufacturing. 2 Percent changes based on unrounded indexes. NOTE.—Data based on the North American Industry Classification System (NAICS) except eries as defined in footnote 1. Source: Board of Governors of the Federal Reserve System. 17 INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS SELECTED MANUFACTURES AND [2002 = 100; monthly data seasonally adjusted] Products and nonindustrial supplies Final products Consumer goods Equipment Durable goods Business equipment Period Total Total 1999. 2000. 2001. 2002. 2003. 2004. 2005. 2006. 2007. 2008. 99.6 102.8 100.8 100.0 101.3 103.4 107.6 110.3 111.9 109.7 97.1 99.1 98.1 100.0 101.4 102.7 105.4 105.8 106.8 104.0 2008: Sept. Oct. Nov. Dec. 106.3 107.0 106.7 106.1 101.4 103.0 102.810 100.6 2009: Jan. Feb. Mar. Apr r May r June r July r Aug r Septp 103.4 102.7 101.6 100.7 99.5 99.0 99.8 101.2 102.2 98.6 98.7 98.3 97.9 96.9 96.4 97.0 98.5 99.6 1 96.0 99.0 94.7 Nondurable goods Materials Nonindustrial supplies Total 1 Defense and space equipment Total 102.710 111.9 107.7 100.0 101.310 105.5 113.5 122.5 125.8 125.4 106.4 114.7 100.110 100.0 101.410 105.3 112.6 123.2 126.4 125.0 102.2 91.3 100.110 100.0 106.7 104.7 115.8 113.4 117.6 120.6 101.2 105.2 100.7 100.0 101.31 103.3 107.61 108.7 94.4 97.196 99.2 99.4 100.0 100.6 101.8 105.3 106.2 107.4 106.9 91.5 89.5 86.4 82.6 104.3 107.0 106.7 106.110 119.9 117.6 119.5 121.6 117.7 114.8 117.6 120.8 118.9 120.4 120.0 119.9 74.6 76.1 76.1 76.2 74.0 73.0 78.2 80.0 82 8 105.9 105.5 105.0 104.4 103.8 103.5 102.6 104.0 104.6 116.7 113.6 110.3 108.2 106.2 105.8 107.0 108.2 108.7 115.7 113.6 110.6 108.5 106.2 105.9 106.9 80.01 108.3 120.5 118.4 119.2 119.0 119.7 .094.69 122.2 123.7 125.1 100.0 103.4 104.9 105.4 104.3 104.7 Construction supplies Business supplies Total 1 Energy 99.9 104.6 102.7 105.210 1.099.1 100.0 99.7 102.0 106.6 109.0 106.9 100.1 100.6 105.2 101.0 100.0 101.7 103.8 107.3 108.5 109.9 106.7 98.7 104.0 99.1 100.0 101.3 104.5 107.0 109.5 111.7 109.6 102.6 102.2 99.8 96.5 99.1 97.8 93.6 00.11 104.3 104.3 102.8 1101 104.3 106.9 104.7 101.0 96.2 102.3 104.3 104.2 94.7 93.2 91.4 91.1 90.5 90.5 90.6 91.1 90.8 85.8 84.6 82.7 82.0 82.0 82.0 82.4 82.8 82.5 98.9 97.3 95.6 95.5 94.5 94.6 94.5 95.1 94.7 99.0 98.5 96.5 96.2 95.2 94.7 95.9 97.1 97.9 103.6 102.2 101.3 100.1 109 101.5 100.3 100.0 100.0 99.6 98.4 100.0 101.8 103.6 99.0 98.0 98.0 99.3 99.5 Includes other items, not shown separately. [2002 = 100; monthly data seasonally adjusted] Nondurable manufactures Durable manufactures Computer and electronic products Primary metals Period Total Iron and steel products Fabricated metal products Machinery Total Selected hightechnology 1 Transportation equipment Total 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 155.61 111.4 99.5 100.0 99.1 110.0 108.0 112.6 110.0 102.4 111.9 110.8 96.8 100.0 101.2 118.2 110.1 119.3 115.8 105.2 106.4 110.7 102.6 100.0 98.7 98.9 103.4 109.0 112.1 4105.21 112.0 117.7 104.2 100.0 99.7 103.7 110.2 115.5 116.4 109.4 77.2 101.4 103.3 100.0 114.3 .298.9 144.5 163.8 176.7 192.9 70.0 98.3 103 100.0 120.5 129.9 158.8 189.1 213.7 238.0 104.6 2008: Sept Oet . Nov . Dee . 102.0 93.2 81.4 71.9 104.9 88.5 68.3 53.3 109.2 107.3 106.0 102.4 107.3 106.711 104.0 67.7 194.2 188.4 180.7 176.2 240.0 228.4 214.3 204.9 2009: Jan .. 67.3 64.5 60.7 60.3 59.2 61.1 66.9 70.9 73.4 48.4 49.0 44.8 43.5 45.9 53.0 63.1 92 92 94.0 174.9 171.6 171.4 172.5 170.5 170.2 173.9 174.6 175.5 204.2 199.5 200.4 203.6 199.4 200.9 206.5 206.4 206.5 Feb .. Mar . Apr r . May r June r July Aug r Septp 1 70.970 75.5 95.6 91.3 89.4 87.6 87.2 87.0 87.5 87.7 88.7 86.6 83.7 82.0 82.1 83.8 83.0 Computers and peripheral equipment, communications equipment, and semiconductors and related electronic components. 18 99.7 96.2 100.0 101.310 103.7 104.5 104.2 114.1 96.1 Motor vehicles and parts 100.5 99.9 91.4 100.0 103.5 103.7 103.9 100.2 Apparel 155.6 148.0 106.39 100.0 92.8 79.8 Printing and support 112.4 113.1 106.3 100.0 96.2 96.9 99.2 99.8 100.6 Chemical 93.6 Food 93.4 96.0 97.7 97.7 100.0 101.0 101.1 104.2 105.4 109.5 111.1 95.0 83.3 75.3 76.5 72.6 93.9 100.0 101.3 105.6 109.3 112.7 114.1 108.8 88.2 07.31 86.5 88.3 79.9 76.9 74.2 69.2 72.8 71.4 69.6 67.7 92.3 91.9 90.6 87.4 101.0 106.7 103.2 98.7 110.4 111.8 111.7 108.6 75.3 77.7 78.0 77.3 74.0 72.7 79.1 81.5 85.3 51.2 55.8 56.7 56.6 52.3 50.3 59.3 62.9 67.9 65.5 64.5 64.7 80.1 63.6 59.7 60.9 61.4 62.3 85.3 82.7 81.6 80.1 79.6 80.2 79.9 80.4 80.3 99.8 101.6 101.3 102.7 102.3 102.9 103.1 104.1 104.9 108.3 109.5 109.0 109.8 110.9 110.4 109.3 111.3 111.4 97.4 76.9 Source: Board of Governors of the Federal Reserve System. NEW CONSTRUCTION Billions of dollars; monthly data at seasonally adjusted annual rates] Total new construction expenditures Federal and State and local Nonresidential New housing Commercial (including farm) Lodging Manufacturing 744.6 802.8 840.2 847.9 891.5 991.6 102.7 ,167.6 150.7 ,072.1 575.5 621.4 638.3 634.4 675.4 771.4 868.5 912.2 861.6 766.2 326.3 346.1 364.4 396.7 446.0 532.9 611.9 613.7 493.2 350.1 251.3 265.0 279.4 298.8 345.7 417.5 480.8 468.8 354.1 229.9 249.2 275.3 273.9 237.7 229.3 238.5 256.6 298.4 368.4 416.1 16.0 16.3 14.5 10.5 9.9 12.0 12.7 17.6 27.5 35.4 435.1 52.4 49.7 35.3 30.6 32.9 37.3 45.7 53.8 57.1 59.4 04.91 63.6 59.0 57.5 6.82 66.6 73.4 85.9 81.5 35.1 37.6 37.8 22.7 21.4 23.7 29.9 35.1 45.3 60.8 93.7 104.9 108.2 110.2 109.9 106.8 110.2 126.7 155.9 181.4 169.1 181.3 201.9 213.4 216.1 220.2 234.2 255.4 289.1 306.0 2008: Sept Oet .. Nov . Dee . 1,081.2 1,064.1 1,037.3 1,002.1 773.6 754.1 726.8 696.6 350.4 327.7 310.5 292.3 212.9 204.7 192.1 176.2 423.2 426.3 416.4 404.3 36.8 36.6 35.7 31.8 58.4 56.5 55.8 51.6 77.9 76.5 73.5 71.0 65.8 71.0 70.6 70.2 184.3 185.8 180.7 179.7 307.6 310.0 310.5 305.6 2009: Jan . Feb . Mar . Apr . May June July r Aug r Septp 974.3 970.4 966.7 971.4 958.3 945.1 934.2 933.0 940.3 673.8 660.9 650.4 654.1 639.8 619.5 608.4 610.9 613.9 278.8 260.8 248.9 252.7 241.4 237.0 237.3 246.4 256.0 162.6 147.9 139.2 130.7 123.4 125.4 131.0 134.1 135.7 395.1 260.81 401.5 401.5 398.4 382.6 371.2 364.5 357.9 29.2 29.1 31.2 30.2 28.4 27.4 24.3 23.4 23.0 49.0 48.4 48.1 43.7 44.1 42.1 40.0 39.4 39.0 66.7 66.5 65.0 84.11 181.8 53.5 51.8 50.5 49.9 77.3 81.3 82.0 84.1 85.4 78.6 77.6 75.1 73.0 172.9 174.7 175.3 181.3 181.8 180.9 177.4 176.1 173.1 300.4 309.5 316.3 317.2 318.5 325.6 325.8 322.1 326.4 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 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 houses New private housing units Units started, by type of structure Period 1 unit Total 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 ......................................1, ......................................1, ......................................1, ......................................1, ......................................1, 1,640.9 1,568.7 1,602.7 1,704.9 1,847.7 1,955.8 2,068.3 1,800.9 1,355.0 905.5 1,302.4 1,230.9 1,273.3 1,358.6 1,499.0 1,610.5 1,715.8 1,465.4 1,046.0 622.0 2-4 units 1 5 units or more 31.9 38.7 36.6 38.5 33.5 42.3 41.1 42.7 02.87 17.5 306.6 299.1 292.8 307.9 315.2 303.0 311.4 292.8 277.3 266.0 Units authorized 1,663.5 1,592.3 1,636.7 1,747.7 1,889.2 4 2,070.1 2,155.3 1,838.9 1,398.4 905.4 Units completed Houses sold Houses for sale at end of period 2 Vacancy rate for rental housing units (percent) 3 1,570.8 1,648.4 1,678.7 1,841.9 1,931.4 1,979.4 1,502.8 1,119.7 880 877 908 973 1,086 1,203 1,283 1,051 776 485 308 298 308 339 370 422 511 536 497 350 8.1 8.0 8.4 8.9 9.8 10.2 9.8 9.7 9.8 10.0 9.9 1,302.431.9 1,230.938.7 Seasonally adjusted annual rates 2008: Sept ...........................822549192548061, Oct Nov ............................655457181806301, Dec. ...........................55639391545641, 822 763 655 556 549 534 457 393 19 10 18 9 254 219 180 154 806 729 630 564 1,148 1,055 1,084 1,028 436 409 390 374 395 380 370 350 2009: Jan Feb Mar 488 574 521 479 551 590 593 587 590 357 357 361 388 409 478 506 482 501 13 13 31 11 9 11 15 3 11 118 204 129 80 133 101 72 102 78 531 550 511 498 518 570 564 580 575 778 828 833 846 812 794 785 772 693 329 354 332 345 371 r 399 413 417 402 340 328 313 300 293 280 270 261 251 May ..............5514099133518812371293. June July r Aug r Septp 1 Derived; seasonally adjusted monthly data for 2-4 units are no longer published. 2 Seasonally adjusted. s Revised series. Quarterly data entered in last month of quarter. 4 Based on 20,000 permit-issuing places. Based on 19,000 places, the total for 2004 is 2,052.1 thousand units. lo.'i 10.1 10.6 11.1 NOTE.—Beginning 2004, units authorized are for 20,000 permit-issuing places. For other data shown, units authorized are for 19,000 places. Beginning 1999, housing starts, completions, and sales are not directly comparable with earlier data due to new estimation methods. Source: Department of Commerce, Bureau of the Census. 19 BUSINESS SALES AND INVENTORIES—Manufacturing and Trade In September, according to preliminary estimates, manufacturing and trade sales were virtually unchanged; in August, sales rose 1.0 percent, while inventories fell $20.2 billion. According to advance estimates, retail sales fell 1.7 percent in September. Retail and food services sales fell 1.5 percent. BILLIONS OF DOLLARS' (RATIO SCALE) 550 RETAIL INVENTORIES 500 BILLIONS OF DOLLARS* (RATIO SCALE) 1,700 1,600 1,500 450 \ •~~ 1,400 \ MANUFACTURING AND 1,300 \ RETAIL AND FOOD SERVICES SALES 400 X--- s—" 1,200 350 " ' ' ' \ 1,100 / y 1,000 RETAIL SALES \ MANUFACTURING » AND TRADE SALES \ 300 250 1 I I I I I I I M I I I I I I I I i I I I i I I I M I I I I I I M I i I I M I I 900 RATIO* 1.80 800 700 linn 600 2005 Illlll 2006 Illlll 2007 Illlll 2008 Illlll 2009 2009 *SEASONAUY ADJUSTED SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMICADVISERS [Millions of dollars, except ratios; seasonally adjusted, except as noted] Manufacturing and sale R Period Sales 2 Inventories 3 Wholesale Inventorysales ratio 4 Sales 2 Inventories 3 Retail Inventory sales ratio 4 Sales 2 Inventories 3 Inventory sales ratio 4 Retail a n d food services sales 2 786,634 834,325 818,615 823,714 853,596 923,319 1,000,368 1,064,187 1,102,196 1,136,984 1,138,982 1,198,022 1,120,815 1,141,313 1,148,318 1,240,052 1,307,060 1,391,292 1,447,020 1,455,972 234,0 1.41 1.43 1.36 1.34 1.30 1.27 1.28 1.28 1.31 216,597 234,546 232,096 236,294 246,857 274,710 297,915 323,396 345,871 375,059 290,318 309,462 297,927 301,891 307,642 337,983 362,451 392,291 416,632 429,572 1.30 1.29 1.32 1.26 123 1.18 1.18 1.17 1.16 1.17 234,046 234,5463 255,644 261,194 272,123 289,528 307^280 322,461 332,902 329,996 385,039 406,887 394,775 01,89 432,372 461,372 471,749 487,514 499 724 484,414 16,59 1.59 1.58 1.55 1.56 1.56 1.51 1.50 1.49 1.52 257,797 274,518 282,131 288,845 301,264 320,526 340,057 357,284 369,385 367,741 ...................................................1, 1,164,908 1,136,129 1,095,637 1,036,285 1,000,601 1,512,798 1,502,952 1,492,123 1,477,561 1,455,972 1.30 1.32 1.36 1.43 1.46 386,097 377,364 362,539 337,615 325,672 446,873 444,618 438,249 434,986 429,572 1,16 1.18 1.21 1.29 1.32 333,356 327,273 317,198 309,742 298,949 503,144 500,038 498,884 490,322 484,414 1 3 71 1.53 1.57 1.58 1.62 371,311 365,399 355,037 347,707 336,438 2009: Jan ....................................................998, Feb ....................................................987, Mar Apr ....................................................967, May ....................................................967, June Julyr Augp Sept p 998,018 987,859 969,853 967,289 967,070 977,597 980,110 989,825 989,578 1,438,263 1,418,398 1,400,255 1,382,179 1,365,341 1,345,888 1,330,746 1,310,580 1.46 1.5434 317,731 318,491 310,723 310,742 312,050 312,941 314,709 318,069 320,189 425,915 418,539 411,092 405,599 400,795 392,493 386,330 381,146 377,722 1.5734 1.31 1.32 1.31 1.28 1.25 1.23 1.20 1.18 303,921 304,889 301,057 300,117 301,595 304,728 304,450 r 311,611 306,336 476,498 470,939 466,501 460,035 452,031 446,625 442,242 431,961 1.57 1.54 1.55 1.53 1.50 1.47 1.45 1.39 303,92147 31304,8 339,228 338,344 339,873 312,941392 342,489 r 349,885 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 ..............................................................834, ..............................................................818, ..............................................................853, ..............................................................923, ..............................................................1, ..............................................................1, 2008: Aug r Sept r Oct. Nov Dec. 1 ....................................................1, 1.44 1.43 341 1.38 1.36 1.32 See page 21 for manufacturing. 2 Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month. s Seasonally adjusted, end of period. 20 4 Annual data are averages of seasonally adjusted monthly ratios. Source: Department of Commerce, Bureau of the Census. 349,885 MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS In September, manufacturers' shipments and new orders rose; while inventories and unfilled orders fell. BILLIONS O F DOLLARS* (RATIO SCALE) 500 460 - SHIPMEN1 BILLIONS OF DOLLARS* (RATIO SCALE) 580 540 - INVENTO .—i— 7 500 / \ \ TOTAL s 340 460 420 380 -—-— 300 DURABLE GOODS 340 260 DURABLE G O O D S : t~ 300 220 .... ^' " 260 \ NONDURABLE GOODS 220 140 | | m ( 11 11111111M1 11111111111 BILLIONS O F DOLLARS* (RATIO SCALE) 500 460 - NEW ORE 420 380 340 ... 180 ! MIII | | m | 140 RATIO* 1.60 \ TOTAL " I M I I iiiiiiiiin \ INVENTORY-SHIPMENTS RATIO 1.50 300 260 ABLE GOODS \ 220 1.40 / • 1.30 180 r\ 1.20 l l m l 11111 h i m 140 2005 2007 2006 2008 II I I I ! 1 MM 2009 him 1.10 2005 iimhmi iimhiiii 2006 2007 "SEASONALLY ADJUSTED SOURCE: DEPARTMENT OF COMMERCE /v7 , "A \ Minium 2008 2009 COUNCIL OF ECONOMIC ADVISERS Manufacturers' shipments 1 Manufacturers' inventories2 Manufacturers' new orders 1 Durable goods Durable goods Nondurable goods Durable goods Nondurable goods Capital goods industries, nondefense Manufacturers' unfilled orders 2 Manufacturers' inventory— shipments ratio 3 Millions of dollars, seasonally adjusted, except as noted 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2008: Sept . Oct .. Nov . Dec .. 2009: Jan .. Feb .. Mar . Apr .. May . June July . Aug r Septp 335,991 350,715 330,875 326,227 334,616 359,081 395,173 418,330 423,423 431,929 431,492 415,900 388,928 375,980 366,366 364,479 358,073 356,430 353,425 359,928 360,951 360,145 363,053 193,895 197,807 181,201 176,968 178,549 188,722 202,070 213,408 213,572 207,801 208,240 201,119 192,772 189,910 179,433 177,831 174,417 173,180 168,483 169,836 173,744 171,341 173,174 142,096 152,908 149,674 149,259 156,067 170,359 193,103 204,923 209,851 224,128 923828,2 214,781 196,156 186,070 186,933 186,648 183,656 183,250 184,942 190,092 187,207 188,804 189 879 463,625 481,673 428,113 423,133 408,304 440,697 472,860 511,487 530,664 541,986 558,296 554,990 552,253 541,986 535,850 528,920 522,662 516,545 512,515 506,770 502,174 89,3403 492,648 1 Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month. Shipments are the same as sales. 2 Seasonally adjusted, end of period. 3 Annual data are averages of seasonally adjusted monthly ratios. NOTE.—Manufacturers' nondurable new orders (not shown) are the same as nondurable shipments. Also, there are no unfilled nondurable orders; data shown for total unfilled orders are durable unfilled orders. 296,553 306,727 267,829 260,582 246,963 265,070 283,598 309,914 7217,7467 343,468 339,728 341,168 342,259 343,468 339,735 335,164 329,460 325,404 321,576 316,667 312,884 308,133 304,920 167,072 174,946 160,284 162,551 161,341 175,627 189,262 511,4873 209,907 198,518 218,568 213,82 209,994 198,518 196,115 193,756 193,202 191,141 190,939 190,103 189,290 189,340 187,728 329,770 346,789 322,746 316,809 ,304246,9 354,619 395,401 01,573 7209,907 41,986343 429,286 403,315 377,203 358,811 346,120 348,460 341,935 343,760 347,616 190,103 312,884189 352,770 356,088 187,674 193,881 173,072 167,550 67408,3042 184,261 283,598 214,871 217,746 205,216 206,034 188,534 181,047 172,741 159,187 161,812 158,279 160,510 162,674 160,821 168,512 163,966 166,209 64,392 69,278 58,246 51,817 52,894 56,094 65,770 71,725 74,288 601.28 67,923 63,487 60,140 53,964 48,637 70,9391. 57,6921.4 49,08 53,099 53,014 56,725 52,286 53,498 505,498 549,445 514,349 462,122 477,608 496,343 572,835 660,406 773,297 800,360 223,25 820,672 812,879 800,360 783,955 770,939 757,692 749,081 746,744 740,685 739,922 736,634 733,325 1.35 1.35 1.38 1.28 1.24 1.19 1.17 1.19 1.23 1.28 1.29 1.33 1.42 1.44 1.46 1.45 1.46 1.45 1.45 1.41 1.39 1.38 1.36 Total and durable shipments and inventories include data on semiconductors; new and unfilled orders do not. Source: Department of Commerce, Bureau of the Census. 21 PRICES PRODUCER PRICES The producer price index for all finished goods fell 0.6 percent in September. Prices of finished consumer foods fell 0.1 percent, while prices of other finished consumer goods fell 0.9 percent. Capital equipment prices fell 0.1 percent. INDEX, 1982 = 100 (RATIO SCALE) 210 INDEX, 1982 = 100 (RATIO SCALE) 210 200 200 190 190 180 180 170 170 160 160 150 150 140 130 130 2009 COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF LABOR [1982 = 100; monthly data seasonally adjusted] Intermediate materials Finished goods Period Total finished goods Finished goods excluding consumer foods Consumer foods Consumer goods Total Total 133.0 138.0 140.7 138.9 143.3 148.5 155.7 160.4 166.6 177.1 2008: Sept ...............182. 182.3 Oct. ................177. 177.6 Nov ................172. 172.8 Dec. ...............169. 169.7 2009: Jan ................171. 171.2 Feb. ................171. 171.1 Mar ................169. 169.5 Apr .................170. 170.2 170.5 Mayr June ..............173. 173.2 July ...............171. 171.7 Aug ................174. 174.7 Sept ...............173. 173.7 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 1 135.1 137.2 141.3 140.1 145.9 152.7 155.7 156.7 167.0 178.3 181.2 181.3 180.2184 178.2 178.4 175.6 174.2 176.9 174.2 176.1 173.4 174.71 173.9 1123 138.01 134.014 138.3 142.4 147.2 155.715 164.0 166.2 176.6 182.3 176.2 180.4 178.21 168.9 169.4 167 168.0 168.9 137.7 170.5 174.0 172.9 Intermediate materials for food manufacturing and feeds. 22 130.5 138.4 141.4 138 144.7 150.9 161.9 169.2 175.6 189.1 196.8 176.2 180.4 173.0 175.7 164 174.0 144 168.9 179.8 178.2 183.4 181.7 Durable 133.0 133.9 134.0 133.0 145.91 135.0 136.6 136.9 138.3 141.2 142.3 143.3 143.0 143.6 143.5 143.9 143.9 144.4 144.5 145.7 144.9 145.4 175.01 Nondurable 127.9 138.7 142.8 138 148.4 156.6 172.0 182.6 171.5207 210.5 221.1 205.9 192.8 184.3 188.4 189.3 185.6 185.9 188.2 193.4 191.4 198.9 165 Capital equipment 137.6 138.8 139.7 140.1 135 151.714 Total finished consumer goods 144.6 146.9 149.5 153.8 132.0 137.2 141.5 139.4 135.3 152.7 160.4 164.0 170.715 163.43 155.4 156.3 156.3 156.9 192.7 188.9 179.4 174.9 143.51 176.41 174.0 137.61 156.8 157.5 178.2 157.6 157.5 177.0 176.9 174.7 157 138.1 179.5 177.6 181.7 180.4 Total 123.2 129.2 129.7 127.8 133.7 142.6 154.0 164.0 146.7 163.43 197.1 188.9 179.9 172.6 172 170.9 168.4 168.5 169.5 171.2 170.8 173.9 125.82 Foods and feeds 1 111.1 111.7 115.9 115.5 125.9 159.01 133.8 135.2 1146.724 181.6 189.6 180.0 175.3 168.7 166.2 164.8 163.5 164.5 166.7 168.9 165.5 166.0 175.01 Crude materials Other Total Foodstuffs and feedstuffs Other 123.9 137.21 130.5 128.5 134.2 159.0 155.71 165.4 171.5 188.7 197.6 189.4 146.2 172.9 172.7 171.3 168.8 168.8 169.7 171.4 171.2 174.5 175.0 98.2 120.6 121.0 108.1 135.3 159.0 182.2 184.8 207.1 251.8 253.1 212.3 184.5 174.2 171.5 161.0 160.3 164.0 169.8 178.7 170.7 177.2 173.4 98.7 100.2 106.1 99.5 113.5 127.0 122.7 119.3 146.7 163.4 165.6 148.2 146.2 138.0 139.2 134.6 132.3 137.6 138.1 137.7 129.3 128.3 125.8 94.3 130.4 126.8 111.4 148.2 179.2 223.4 230.6 246.3 313.9 314.8 254.7 203.9 192.5 186.3 171.2 172.0 173.9 184.2 201.3 194.4 207.6 202.9 Source: Department of Labor, Bureau of Labor Statistics. CONSUMER PRICES—ALL URBAN CONSUMERS In September, the consumer price index for all urban consumers rose 0.2 percent; it rose 0.1 percent not seasonally adjusted. The index was 1.3 percent below its year-earlier level. INDEX, 1982-84 = 100 (RATIO SCALE) INDEX, 1982-84 = 100 (RATIO SCALE) 230 230 SEASONALLY ADJUSTED CONSUMER PRICES—ALL ITEMS 200 r\ 160 ^ 1 2001 1 2002 i 2003 1 ,, , , , 2004 ! 2006 i 2005 ,,, ,,1 , ,, , , 2007 1 2008 SEE NOTE O N TABLE BELOW SOURCE: DEPARTMENT OF LABOR 2009 COUNCIL OF ECONOMIC ADVISERS [1982-84 = 100, except as noted; monthly data seasonally adjusted, except as noted] All items 1 Transportation Housing Shelter Period Not seasonally adjusted (NSA) Seasonally adjusted Total1 Total 1 mary dence 100 0 166 6 172.2 177 1 179 9 184.0 188 9 195.7 3 201.6 207 342 215 303 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 Rent Food Owners' equivalent rent (12/82 = 100) Fuels and utilities Apparel Total1 Motor fuel Medical care Energy 2 All items less food and energy 14 6 164.1 1 167.8 9.3 1 16.6 2 180.0 1.0 2 195. 7 195.2 202 916 214 106 43 4 163 9 169.6 176 4 180 3 184.8 189 5 195 7 .0336.2 209 586 216 264 187 3 193.4 20 6 208 1 1136.51 218 8 224 4 221 240 611 246 666 6.0 177 5 183.9 192 1 199 7 205.5 .116 0 5.7 3 221 234 679 243 271 24 4 192 9 198.7 206 3 21. 7 219.9 224 9 23. 2 238.2 246 235 252 426 54 128 8 137.9 150 2 143 6 154.5 161 9 179 0 194.7 200 632 220 018 3.7 131 3 129.326 127 3 124 0 120.9 120 4 919 5 119.5 118 998 118 907 15.3 3 100 7 144 4 129.3 153.3 124 7 154 3 116 6 152 9 157.6 135.8 160 4 163 1 195 7 173 9 180.9 221.0 184 682 235 2 0 195 549 279 652 64 250 6 260.8 272 8 285 6 297.1 310 1 323 2 336.2 351 054 364 065 106 6 124.6 1206. 3 121 7 136.5 151 4 177 1 196.9 207 723 236 666 7.6 7 177 0 181.3 186 1 190 5 193.2 196 6 200 9 205.9 210 729 215 572 Sept Oet Nov Dec 218 783 216.573 212.425 210 228 218 675 216.889 213.263 211577 217 748 218.586 218.988 211 8.2 217 818 217.788 217.622 217 592 247 899 248.063 248.455 248 519 245 089 245.836 246.480 246 928 653 65.8 253.911 246.4802 254 683 224 296 223.185 219.934 219 092 119 631 248.0632 118.905 118 221 2 0 4 916 195.027 19.93411 167 3 5 3 318 765 248.063245 197.861 160 675 365 835 366.402 367.299 368 302 2 2 4.296 237.300 197.086 167. 35 216 784 218.58 216.868 211 8.2 2009: J a n Feb Mar 211 143 212.193 212.709 213 240 213.856 215.693 215 351 215.834 215.969 212 174 213.007 212.714 212 671 212.876 214.459 214 469 215.428 215.791 219 193 218.970 218.651 218 254 217.738 217.838 217 291 217.478 217.257 217 646 217.621 217.335 217 180 217.056 216.984 216 612 216.726 216.770 248 938 248.881 248.899 249 334 249.680 249.861 249 410 249.658 249.655 247 744 248.087 248.490 248 916 249.233 249.374 249 293 249.266 249.132 255 349 255.687 256.257 256 627 257.003 257.138 257 073 257.278 215.79121 217 . 5 217.260 217.33524 210 702 207.903 206.342 206 046 206.783 200.95922 118 523 120.039 119.744 119 537 119.345 120.183 120 865 120.756 1207.1 169 4 8 9 120.039 170.903 . 7 0 2119 171.635 178.843 179 180 78312 184.750 169 176 182.0 173.947 169 . 3 173.872 203.703 202 924 220.836 2120.93 3169 . 4 371.175 371.902 373 257 57.0032 38206.3 375 851 376.9 378.55 181 938 182.030371 182.254 177 924 374.40 16.984 190 905 249.266257 200.9 217 265 217.260 214.2 218 594 218.910 216.98424 2 . 9 243 249.2 223.2733 2008: May June July Aug Sept 1 Includes items not shown separately. Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc. excluded beginning 1983. 2 s Relative importance, December 2008. Source: Department of Labor, Bureau of Labor Statistics. 23 CHANGES IN PRODUCER PRICES FOR FINISHED GOODS [Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA] Change from preceding period Change from 3 months earlier, annual rate Change from 6 months earlier, annual rate Consumer goods Consumer goods Consumer goods Total finished goods Capital equipment Excluding foods Total finished goods Excluding foods Capital equipment Total finished goods Change from year earlier, total finished goods NSA Capital equipment Excluding foods Change, Dec. to Dec., NSA 1999. 2000. 2001. 2002. 2003. 2004. 2005. 2006. 2007. 2008. 2.9 3.6 1.6 1.2 4.0 4.2 5.4 1.1 6.2 ¥.9 0.8 1.7 1.8 ¥.6 7.7 3.1 1.7 1.7 7.6 3.2 5.1 5.5 ¥3.9 2.9 4.1 5.5 8.8 .4 7.7 ¥4.8 1.8 3.8 2.0 ¥1.3 3.2 3.6 4.8 3.0 3.9 6.3 0.3 1.2 0 ¥.6 .8 2.4 1.2 2.3 1.4 4.3 Change, month to month 2008: Sept Oct. ... Nov. .. Dec. . ¥0.1 ¥2.6 ¥2.7 ¥1.8 0.0 .1 — .5 ¥1.2 ¥0.3 ¥4.9 ¥4.7 ¥3.0 0.4 .6 .0 .4 2.9 ¥12.1 ¥19.6 ¥24.9 3.2 1.1 ¥1.8 ¥6.5 1.9 ¥22.8 ¥33.2 ¥40.3 5.3 5.6 3.9 3.9 7.8 1.8 ¥6.4 ¥12.1 6.0 5.8 3.2 ¥1.8 9.7 ¥1.0 ¥14.0 ¥22.0 4.8 4.9 4.4 4.6 2009: Jan. .. Feb. .. Mar. .. Apr. . May r June July Aug. .. Sept .9 ¥.1 ¥.9 .4 .2 1.6 ¥.9 1.7 ¥.6 .1 ¥1.6 ¥.8 1.5 ¥1.5 1.1 ¥1.5 .4 ¥.1 1.6 .4 ¥1.4 .1 .0 ¥.1 .1 ¥.2 'A ¥13.7 ¥3.9 ¥.5 ¥2.3 ¥1.4 .0 3.6 10.2 1.2 ¥6.2 ¥10.2 ¥8.7 ¥3.3 ¥3.2 4.4 ¥22.4 ¥4.4 2.3 ¥2.9 ¥1.1 14.0 9.0 18.2 4.3 2.1 2.1 .3 .0 ¥.8 1.3 .3 r 2.1 .0 ¥12.9 ¥12.1 ¥13.5 ¥8.2 ¥2.6 4.2 .6 4.3 5.0 ¥2.6 ¥6.1 ¥7.6 ¥4.8 ¥6.8 ¥2.3 ¥5.5 ¥1.7 ¥.3 ¥22.6 ¥20.1 ¥21.8 ¥13.2 ¥2.8 8.0 2.9 8.1 9.0 3.8 3.0 2.1 1.0 .6 .8 .1 r 2.2 ¥.9 2.9 ¥.9 .3 ¥.1 ¥4.9 8.8 5.2 .4 ¥1.4 ¥3.4 ¥3.5 ¥4.8 ¥4.6 ¥6.8 ¥4.3 ¥4.8 Source: Department of Labor, Bureau of Labor Statistics. CHANGES IN CONSUMER PRICES—ALL URBAN CONSUMERS [Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA] Housing All items 1 Addendum: All items, percent change (annual rate) Transportation Shelter Rent of Ownpriers' mary equivaresilent dence rent Fuels and utilities Apparel New cars Motor fuel Medical care Energy 2 All items less food and energy From previous quarter 3 From 3 months months earlier earlier From year earlier NSA Change, December to December, NSA 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 3.4 1.6 2.4 1.9 3.3 3.4 2.5 4.1 .1 1.9 2.8 2.8 1.5 3.6 2.7 2.3 2.1 4.9 5.9 2.2 4.3 2.9 2.4 2.2 3.0 4.0 3.3 3.0 2.4 2.5 3.4 4.2 3.1 2.2 2.7 2.6 4.2 3.1 1.9 3.1 4.0 4.7 3.1 2 .7 2.9 3.1 4.3 4.0 3.4 2.4 3.4 4.5 3.3 2.0 2.3 2.5 4.3 2.8 2.1 2.4 12.1 ¥2.1 1.4 6.5 7.9 15.6 .5 5.4 6.0 ¥.5 ¥1.8 ¥3.2 ¥1.8 ¥2.1 _ .2 5.4 4.1 ¥3.8 3.8 .3 6.5 4.8 1.6 8.3 ¥13.3 ¥1.1 .9 ¥.3 ¥1.0 ¥.8 .3 0 ¥2.0 ¥2.1 .5 ¥.4 ¥1.1 30.2 13.9 24.8 24.6 6.8 26.1 16.2 6.4 29.5 42.2 3.7 4.2 4.7 5.0 3.7 4.2 4.3 3.6 5.2 2.6 13.4 14.2 ¥13.0 10.7 6.9 16.6 17.1 2.9 17.4 ¥21.3 1.9 2.6 2.7 1.9 1.1 2.2 2.2 2.6 2.4 1.8 2.2 3.4 2.8 1.6 2.3 2.7 3.4 3.2 2.8 3.8 Change, month to month 2008: Sept Oct. .. Nov. . Dec. . 0.0 ¥.8 1.7 ¥.8 0.5 .4 .2 .0 ¥0.1 .0 ¥.1 .0 0.2 .1 2 2009: J a n Feb. Mar. Apr. May. June July Aug Sept .3 .4 ¥.1 0 .1 .7 .0 .4 .2 .1 0.1 ¥.1 - 2 _ 2 .0 .0 ¥.1 - 1 1.1 .0 ¥.2 .1 .0 .2 .0 .0 2 .1 .1 _ .2 .1 .0 1 . . . . . . '.o ¥.3 .1 ¥.1 !o 0.3 .3 .3 .2 0.2 .1 .2 .1 ¥2.4 ¥.5 ¥1.5 ¥.4 ¥0.3 ¥.7 .1 ¥.6 ¥0.1 ¥4.8 ¥9.7 ¥5.0 ¥0.5 ¥.6 ¥.4 ¥.4 0.3 ¥12.7 ¥28.9 ¥18.8 0.3 2 .2 .3 ¥1.0 ¥7.8 ¥16.9 ¥9.3 0.1 .0 .1 .0 .3 .1 .2 2 .1 .1 .0 .0 ¥.1 .3 .1 2 1 .1 .1 .0 .1 2.1 — .7 ¥.1 ¥1.4 -17 ¥1.3 ¥.8 ¥.1 .4 .2 .3 1.3 ¥.2 _ 2 ¥.2 .7 .6 ¥.1 .1 1.3 1.9 ¥1.1 - 4 .8 4.2 .2 2.3 .8 2 .5 .3 3 .3 .5 .6 ¥1.2 .1 5.3 7.6 ¥4.4 -2 6 2.7 17.2 ¥.4 8.8 1.1 .4 .3 2 4 .3 2 .2 .3 .4 1.7 3.3 ¥3.0 -24 .2 7.4 ¥.4 4.6 .6 2 .2 2 .3 Includes items not shown separately. 2 Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc., excluded beginning 1983. 24 s 6.2 ¥8.3 ¥2.4 1.3 3.6 Quarterly changes are shown in the last month of the quarter. Source: Department of Labor, Bureau of Labor Statistics. 3.1 ¥3.1 ¥9.4 ¥12.4 4.7 2.7 ¥1.6 ¥5.0 3.7 3.7 1.1 .1 ¥8.4 ¥.5 2.2 .9 _ 2 3.3 3.4 4.9 2.5 ¥5.8 ¥5.0 ¥5.4 ¥3.9 ¥.4 2.7 2.2 2.3 2.9 .0 .2 ¥.4 ¥.7 ¥1.3 ¥1.4 ¥2.1 ¥1.5 ¥1.3 PRICES RECEIVED AND PAID BY FARMERS In October, prices received by farmers rose 7.1 percent and prices paid by farmers were unchanged. (Data are not seasonally adjusted.) INDEX, 1990-92=100 (RATIO SCALE) INDEX, 1990-92= 100 (RATIOSCALE) 200 200 190 190 180 180 170 170 r^J 160 PRICES PAID 150 t\ \w '"" 140 <•»— 130 ''' * PRICES RECEIVED / 120 A 110 ^ / V v 160 \s V / / Jv 90 1 1 1 1 1 1 1 1 11111 1 1 1 140 130 120 110 A 100 150 100 90 1 1 1 1 111111M111 1 111111 Mill I l l l 111M11 11111 1 1 II I 1 M111111111 iiniii 111 1 1 1 11 11 1 I I 1 RATIO1 140 2009 1 RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID. SOURCE: DEPARTMENT OF AGRICULTURE COUNCILOFECONOM!CADV!SERS [1990-92 = 100; not seasonally adjusted] Prices paid by farmers Prices received by farmers Period All farm products Livestock and products Crops All commodities, services, interest, taxes, and wage rates 1 Production items, interest, taxes, and wage rates Production items Ratio 2 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 96 96 102 98 106 118 114 115 136 149 97 96 99 105 110 115 110 120 142 169 95 97 106 90 103 122 119 111 130 130 115 119 123 124 128 134 142 150 160 182 113 117 121 121 125 133 142 150 161 187 111 115 120 119 124 132 140 148 160 188 83 81 83 79 84 88 81 77 85 82 2008: Oef Novr Decr 150 142 135 168 158 150 127 123 119 187 182 178 192 187 182 195 189 183 80 78 76 2009: Jan Feb Mar Apr Mayr June July Aug Septr Octp 139 126 126 129 130 135 132 127 126 135 111 146 147 111 150 161 152 147 143 154 114 109 109 112 113 112 112 109 108 109 178 177 178 178 178 178 177 176 175 175 182 181 182 182 182 182 180 179 178 178 181 179 180 181 181 180 179 178 177 176 78 71 71 72 73 76 75 72 72 77 1 Includes items not shown separately. Percentage ratio of index of prices received by farmers to index of prices paid, interest, taxes, and wage rates. 2 NOTE.—The official indexes are published on a 1910-14 base as required by law. The indexes have been converted to a 1990-92 = 100 base to facilitate comparison with other indexes. Source: Department of Agriculture. 25 MONEY, CREDIT, AND SECURITY MARKETS MONEY STOCK AND DEBT MEASURES In September, M2 rose. BILLIONS OF DOLLARS* (RATIO SCALE) BILLIONS OF DOLLARS* (RATIO SCALE) 9,200 9,200 8,400 8,400 7,600 7,600 6,800 6,800 6,000 6,000 5,200 I M2 r . 5,200 4,400 4,400 3,600 3,600 3,200 3,200 2,800 2,800 2,400 2,400 2,000 2,000 1,600 1,600 Ml \ _ 1,200 _ - • 1,200 11 II 1 1! 1 1 II 1 11I I 1M 1 M 1 1 1 1 1 1 1 1 1 1 111M 1 1 1 i1111 i i 1 1 I II 1 1 1 IIM 1 1 1 1 1 1 111 11 ItM 1 1 1 11 11 11 1 1 i 1 M 1 111 1 II 1 ! 1 2008 2001 2002 2006 2007 2009 2003 2004 2005 COUNCIL OF ECONOMIC ADVISERS [Averages of daily figures, except debt end-of-period basis; billions of dollars, seasonally adjusted] M2 M1 plus retail MMMF balances, savings deposits (including MMDAs), and small time deposits 1,122.6 1,087.7 1,182.3 1,220.4 1,306.8 1,376.4 1,374.2 1,365.6 1,373.0 1,595.2 4,635.0 4,917.2 5,431.2 5,784.7 6,071.6 6,412.2 6,674.1 7,035.3 7,438.8 8,155.9 2008: Sept r Oct r Novr Dec r 1,451.6 1,474.7 1,523.2 1,595.2 7,810.0 7,929.2 7,982.1 8,155.9 2009: J a n r Feb r 1,576.5 1,559.7 1,563.3 1,592.8 1,595.5 1,647.8 1,653.6 1,649.9 1,659.9 8,235.9 8,258.7 8,325.4 8,272.2 8,342.6 8,374.4 8,356.7 8,305.5 8,333.2 Period 1999: 2000: 2001: 2002: 2003: 2004: 2005: 2006: 2007: 2008: Dec. Dec. Dec. Dec. Dec r Dec. Dec. Dec r Dec r Dec r .......................................................................................1, .......................................................................................1, .......................................................................................1, .......................................................................................1, .......................................................................................1, .......................................................................................1, Apr r May r Julyr Sept 1 .......................................................................................1, Quarterly data; shown in last month of quarter. End-of-year data are for fourth quarter. Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfinancial sectors; data from flow of funds accounts. 2 Annual changes are from December to December and monthly changes are from 6 months earlier at a simple annual rate. s Annual changes are from fourth quarter to fourth quarter. Quarterly changes are from previous quarter at an annual rate. 26 Percent change Debt M1 Sum of currency, demand deposits, travelers checks, and other checkable deposits (OCDs) Debt of domestic nonfinancial sectors 1 17,291.6 18,167.3 19,302.3 20,715.6 22,418.9 24,430.7 26,759.5 29,156.0 31,701.6 33,589.8 33,060.5 33,589.8 33,942.2 34,353.8 From year or 6 months earlier 2 M1 M2 From previous period 3 Debt 2.4 ¥3.1 8.7 3.2 7.1 5.3 ¥.2 ¥.6 .5 16.2 5.9 6.1 10.5 6.5 5.0 5.6 4.1 5.4 5.7 9.6 6.4 5.0 6.3 7.3 8.1 8.9 9.5 9.0 8.7 6.0 9.9 13.1 20.1 28.9 4.7 7.3 8.1 12.3 8.2 23.7 24.1 15.4 16.0 9.5 6.6 9.8 11.6 12.4 13.2 14.5 13.2 8.7 9.0 5.4 2.9 1.1 12 6.4 4.1 4.9 NOTE.—The Federal Reserve previously announced that the M3 monetary aggregate and most of its components would no longer be published. Institutional money market mutual funds will continue to be published as a memorandum item in the H.6 release, and the component on large-denomination time deposits will be published in other Federal Reserve Board releases. For details, see H.6 release of March 23, 2006. See p. 27 for components. Source: Board of Governors of the Federal Reserve System. COMPONENTS OF MONEY STOCK [Averages of daily figures; billions of dollars, seasonally adjusted] Nonbank trave- Currency Period lers checks 1999: 2000: 2001: 2002: 2003: 2004: 2005: 2006: 2007: 2008: Dee Dec r Dec r Dee Dec r Dee Dee Dec r Dec r Dec r De mand 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 At thrift institutions Retail money funds Institutional money funds 3 .... .... .... 517.8 531.2 581.1 626.3 662.5 697.5 723.6 748.3 757.6 812.1 8.6 8.3 8.0 7.8 7.7 7.5 7.2 6.7 6.3 5.5 353.0 309.9 335.7 306.8 326.4 343.2 324.6 304.8 301.4 464.6 243.3 238.4 257.5 279.6 310.3 328.2 318.9 305.8 307.8 313.0 139.7 .3309.92 142.0 154.3 175.3 187.0 180.7 177.2 174.3 178.9 103.7 105.2 115.4 125.3 135.0 141.1 138.1 128.6 133.5 134.1 1,739.5 1,878.3 2,309.0 2,774.0 3,162.6 3,506.4 3,602.3 3,692.7 3,868.7 4,102.2 1,288.4 1,424.3 1,738.3 2,060.2 2,337.9 2,631.1 2,773.9 2,909.7 3,041.3 3,330.5 451.0 454.0 570.7 713.7 824.7 875.3 828.4 730 827.3 771.7 955.2 1,046.0 974.5 894.7 817.8 827.8 992.5 3,692.72,90 1,214.7 1,378.0 636.9 700.8 636.1 591.2 541.7 551.4 645.3 761.0 823.1 1,026.9 318.3 345.2 338.5 303.4 1784.31 276.4 347.2 808.0 391.7 351.1 817.7 905.1 965.3 895.6 784.3 701.5 705.1 808.0 982.4 3,330.5 660.5 815.6 1,219.2 1.2303.4 1,129.2 1,080.0 1,149.3 1,350.9 1,900.1 1,026.935 2008: Sept r ... Oct r Novr .... Dec r .... 781.6 796.5 804.3 812.1 5.8 5.7 5.6 5.5 350.1 360.5 406.5 464.6 314.1 312.0 306.8 313.0 176.9 176.3 173.5 178.9 137.3 135.7 133.2 134.1 4,032.6 4,034.8 4,016.7 4,102.2 3,170.8 3,250.3 3,247.6 3,330.5 861.8 784.4 360.11 771.7 1,269.2 0.3784.4 1,360.1 1,378.0 892.1 982.2 1,082.12,323 1,026.9 377.1 345.2 350.8 351.1 1,056.6 7.4982.23 1,082.1 3,330.5 2,246.3 2,228.5 2,323.4 1,026.935 2009: J a n r Feb r .... Mar r .... Apr r May r .... June r ... Julyr .... Aug r .... Sept 826.3 837.7 845.1 849.8 849.9 853.1 853.6 858.4 862.2 5.5 5.5 5.4 5.3 5.2 52.2 5.1 5.1 5.1 434.5 396.0 390.1 405.6 406.0 437.4 436.8 424.5 427.3 310.2 320.4 322.7 332.1 334.3 352 358.2 361.9 365.3 075.22 180.9 182.1 191.0 194.5 210.2 216.2 222.3 423.5 134.9 139.5 1322.7 141.1 139.8 142.0 142.0 139.7 141.9 4,215.0 4,291.3 4,374.8 4,341.9 4,444.4 4,470.9 4,500.6 4,528.3 4,613.3 3,434.2 3,500.3 3,567.3 3,533.6 3,626.1 3,644.2 3,666.7 3,700.0 3,772.5 780.7 791.0 807.5 808.3 818.3 326.7976 834.0 828.2 840.8 1,369.2 1,354.6 1,341.7 3,533.6 2,539.9 1,278.9 1,249.7 1,213.8 1,175 1,017.6 1,003.3 990.8 975.3 968.5 952.2 928.1 904.6 876.1 351.6 053.2 350.9 344.3 330.4 326.7 321.7 309.2 299.4 1,075.2 1,053.2 1,045.6 1,017.9 1,003.9 976.8 952.8 913.6 884.7 3,434.27 2,490.4 1,045.6 1,319.69 2,539.9 2,523.6 2,508.9 2,460.3 223.5 1 2 s .... .... .... Savings deposits including money market deposit accounts (MMDAs). Small-denomination deposits are those issued in amounts of less than $100,000. Institutional money funds are not part of non-M1 M2. NOTE.—See Note, p. 26. Source: Board of Governors of the Federal Reserve System. AGGREGATE RESERVES AND MONETARY BASE [Averages of daily figures1; millions of dollars; seasonally adjusted, except as noted by NSA] Adjusted for changes in reserve requirements Borrowings from the Federal Reserve (NSA) Reserves of depository institutions Period Total 2 1999: 2000: 2001: 2002: 2003: 2004: 2005: 2006: 2007: 2008: Nonborrowed 3 Required Excess (NSA) Other borrowings from the Federal Reserve Monetary base Total 4 Decr Dec r Dec r Dec r Dec r Dec r Dec r Dec r Dec r Dec r 42,173 38,724 41,428 40,339 42,630 46,540 45,089 43,220 43,294 820,732 41,852 38,515 41,361 40,259 42,585 46,478 44,920 43,029 27,864 167,166 40,879 37,399 39,785 38,331 41,583 44,631 43,188 41,357 41,525 53,334 1,294 1,325 1,643 2,008 1,047 1,909 1,901 1,863 1,769 767,397 593,648 584,945 635,595 681,646 720,344 759,186 787,018 811,106 822,320 1,650,883 320 210 67 80 46 63 169 191 15,431 650,88365 2008: Oct r Novr Dec r 315,531 609,675 820,732 ¥332,789 ¥89,110 167,166 47,629 50,639 53,334 267,902 559,036 767,397 1,130,376 1,433,199 1,650,883 857,422 700,386 779,588 881,019 900,866 809,188 794,987 828,456 922,466 1,056,393 293,925 117,889 167,476 322,825 375,418 370,465 428,026 497,006 615,640 791,335 59,189 56,904 54,964 56,652 56,790 57,824 61,991 62,599 62,393 41,9 798,233 643,482 724,623 824,367 844,076 751,364 732,996 765,857 860,073 994,734 1,701,886 1,556,513 1,642,732 1,749,274 1,769,674 1,680,624 1,665,695 1,704,364 1,801,234 1,936,456 2009: J a n r Feb r Mar r Apr r May r June r Julyr Aug r Sept Octp 1 Data are prorated averages of biweekly (maintenance period) averages of daily figures. Reserves and monetary base incorporate adjustments for discontinuities, or "breaks," associated with changes in reserve requirements. 2 Seasonally adjusted break-adjusted required reserves plus unadjusted excess reserves. s Seasonally adjusted break-adjusted total reserves less unadjusted total borrowings of depository institutions from the Federal Reserve. Term auction credit Primary Primary dealer and other brokerdealer credit 5 Assetbacked commerical paper money market mutual fund liquidity facility Credit extended to American International Group, Inc. Adjustment 6 179 99 34 35 11,613 438,327 17 11 97 111 3,787 88,245 47,631 32,102 47,206 648,319 698,786 650,88365 244,778 393,088 438,327 94,017 95,839 88,245 114,953 60,655 47,631 114,953117 71,009 32,102 77,047 78,070 47,206 563,496 582,497 612,11 558,194 525,448 438,722 366,961 331,450 306,827 265,058 403,523 438,82 477,049 444,933 403,970 316,868 255,119 224,490 3860,0731 1,936 70,436 6 4 3 62,513 47,324 40,124 37,302 34,366 32,147 29,243 25,163 33,061 26,250 20,292 10,918 701 0 0 0 0 0 17,745 13,533 7,857 4,267 23,347 18,891 6,230 184 79 28 38,690 38,414 43,328 45,057 44,915 43,057 43,108 40,021 39,074 41,222 4 Includes secondary and seasonal, and other credit extensions, not shown separately. 5 Includes credit extended through the Primary Dealer Credit Facility and credit extended to other broker-dealers. 6 Discontinued after January 8, 2003. Source: Board of Governors of the Federal Reserve System. 27 BANK CREDIT AT ALL COMMERCIAL BANKS Total commercial bank loans and leases fell 1.5 percent in September; commercial and industrial loans fell 2.6 percent. BILLIONS OF DOLLARS* (RATIO SCALE) 12,000 - ALL COMMERCIAL BANKS 10,000 BILLIONS OF DOLLARS* (RATIO SCALE) 12,000 9,000 TOTAL 8,000 r 7,000 6,000 ^-—] 5,000 - — 10,000 9,000 8,000 *~ - ~ ' 7,000 " 1 6,000 5,000 " " " .•.•a"*""" ""*""' LOANS AND L EASES 4,000 4,000 3,000 3,000 2,000 2,000 1,600 1,600 U.S. TREASURY AND AGENCY SECURITIES \ 1,200 1,200 800 800 OTHERS ECURITIES 400 TT I 2001 III 1 1 1 1 1 II 2002 1 II II 2003 II II II II 1 2004 1 1 1 1 1 II 1 1 M 1MM 2006 2005 MM 2007 Ill II 2008 •SEASONALLY ADJUSTED SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM 1 II M 400 2009 COUNCIL OF ECONOMIC ADVISERS [Billions of dollars, seasonally adjusted 1 Securities in bank credit 2 Period Dec r Dec Dec Dec Dec Dec Dec Dec Dec Dec Septr Oef Nov Dec 2009: J a n r Febr. Mar r Apr r Mayr June1 July Aug r Sept 1999: 2000: 2001: 2002: 2003: 2004: 2005: 2006: 2007: 2008: 2008: Total bank credit 4,611.1 5,045.4 5,211.3 5,645.4 6,010.3 6,564.9 7,257.9 8,039.1 8,842.5 9,368.0 9,193.0 9,535.3 9,407.7 9,368.0 9,335.4 9,342.2 9,315.0 9,265.2 9,332.9 9,309.8 9,238.5 9,205.0 9,117.4 Total 1,149.2 1,192.3 1,319.7 1,514.1 1,636.4 1,728.8 1,825.9 1,962.7 2,082.2 2,107.7 2,116.6 2,236.0 2,169.2 2,107.7 2,144.8 2,158.4 2,185.3 2,181.1 2,206.2 2,248.0 2,263.7 2,307.2 2,320.4 U.S. Treasury and agency securities 805.1 782.0 841.2 1,012.2 1,092.6 1,152.4 1,141.6 1,186.7 1,110.3 1,242.6 1,149.4 1,222.3 1,258.2 1,242.6 1,273.9 1,260.2 1,270.8 1,258.5 1,255.8 1,289.1 1,321.7 1,366.9 1,384.4 Other 344.1 410.3 478.6 501.9 543.7 576.4 684.3 776.0 971.9 865.1 967.2 1,013.7 911.0 865.1 871.0 898.2 914.5 922.7 950.4 958.9 942.0 940.3 936.0 1 Data are prorated averages of Wednesday values for domestically chartered commercial banks, branches and agencies of foreign banks, New York State investment companies (through September 1996), and Edge Act and agreement corporations. Data are adjusted for breaks caused by reclassifications of assets and liabilities. 2 Includes 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 28 Loans and leases in bank credit Total loans and leases 3 3,462.0 3,853.1 3,891.6 4,131.3 4,374.0 4,836.0 5,432.1 6,076.4 6,760.4 7,260.3 7,076.4 7,299.3 7,238.4 7,260.3 7,190.5 7,183.8 7,129.6 7,084.0 7,126.7 7,061.8 6,974.8 6,897.7 6,797.0 Commercial and industrial loans 999.6 1,084.1 1,021.7 959.7 898.4 919.0 1,041.3 1,182.6 1,424.4 1,617.4 1,580.8 1,643.4 1,635.6 1,617.4 1,600.6 1,586.5 1,563.6 1,544.1 1,524.1 1,497.7 1,480.6 1,449.0 1,411.8 Real estate loans Total 4 1,456.2 1,636.0 1,754.0 2,004.7 2,209.6 2,548.0 1,825.9 3,355.9 3,588.3 3,821.0 3,662 3,817.4 3,820.5 3,821.0 3,804.0 3,817 3,824.0 3,831.9 1,524.13 3,859.6 3,844.4 3,824.0 3,776.7 Revolving home equity loans 99.5 129.5 152.3 211.7 278.5 395.2 442.7 466.4 589.079 587.5 539.5 578.1 582.1 587.5 592.5 595.6 600.7 606.0 613.8 611.2 608.0 606.3 603.5 Commercial loans 1,077.8 1.6684.35,4 1,454.1 1,589.0 1,724.7 1,674 1,717.2 1,721.4 1,724.7 7,190.5 1,719.7 1,718.1 1,713.0 1,709.8 1,702.7 1,695.8 1,688.5 1,677.9 Consumer loans 5 485.5 532.4 550.5 579.4 634.9 685.4 695.9 731.0 792.5 860.0 835.1 852.4 857.2 860.0 869.0 879.5 870.8 859.4 858.1 856.3 852.8 850.9 848.7 Other loans and leases 5 520.7 600.5 565.4 587.5 631.1 683.6 779.0 806.9 955.1 961.9 998.2 986.1 925.2 961.9 916.9 900.1 871.3 848.6 870.2 848.3 797.0 773.8 759.7 held in trading accounts. s Excludes unearned income. Includes the allowance for loan and lease losses. Excludes Federal funds sold to, reverse repurchase agreements (RPs) with, and loans to commercial banks in the United States. Includes all loans held in trading accounts under a fair value option. 4 Includes closed-end residential loans, not shown separately. 5 Includes other items, not shown separately. Source: Board of Governors of the Federal Reserve System. SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL CORPORATE BUSINESS [Billions of dollars; quarterly data at seasonally adjusted annual rates] Sources Uses External (N et increase in liabilities F u n d s raised in markets Total TIQI 1 nal Total Total net raised 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 ................1, Discrep- Credit market instruments Period Capital expenditures 3 Total Net new equity issues Total Loans and shortterm paper Securities and mortgages Other 2 Increase in financial assets (sources less uses) 1,733.0 1,973.9 864.5 909.3 854.4 1,554.5 2,052.8 1,929.5 2,320.6 1,604.4 745.4 736.5 769.3 824.4 841.0 945.5 1,091.6 1,093.0 1,108.8 1,149.0 987.6 1,237.4 95 2 84.9 13.4 4 609.0 961.2 836.5 1,211.8 455.4 271.5 244.5 163 8 6.8 47.2 80.2 ¥12.9 ¥102.0 52.7 33.8 ¥110.4 ¥118.2 ¥48.1 ¥16.2 ¥39.6 ¥122.7 ¥343.1 ¥567.7 ¥790.1 ¥334.9 381.9 362.7 211.9 23.0 86.8 202.8 330.2 465.8 842.8 368.7 271.1 187.1 398.6 166.3 216.5 132.7 263.6 310.2 439.9 250.9 81.9 175.6 ¥186.7 ¥143.1 ¥129. 7 70.1 66.7 155.6 403.0 117.9 716.1 992.9 ¥68. 5 78.1 ¥33.7 529.0 974.1 938.4 1,159.1 421.6 1,852.9 2,173.0 1 021 0 915.9 885.8 1,665.6 1,947.6 1,856.6 2,226.7 1,531.4 883.0 963.8 843.4 785.8 803.2 882.5 989.8 1,143.5 1,182.5 1,187.4 969.9 1,209.2 177.6 130.1 82.6 783.1 957.8 713.1 1,044.2 344.0 ¥119.9 ¥199.1 ¥156.6 ¥6.7 ¥31.4 ¥111.1 105.2 72.9 93.8 73.1 2007: I ...........2, II .........2, III. .......2, IV ........2, 2,364.4 2,369.8 2,336.0 2,212.1 1,058.2 1,107.7 1,110.6 1,158.5 1,306.2 1,262.1 1,225.4 1,053.6 174.0 165.2 79.4 ¥207.7 ¥537.8 ¥752.6 ¥831.8 ¥1,038.0 711.8 917.8 911.2 830.3 416.1 525.6 368.8 448.9 295.7 392.2 542.5 381.5 1,132.2 1,096.9 1,146.0 1,261.2 2,221.9 2,234.0 2,245.5 2,205.7 1,115.8 1,096.92,234 2,245 1,203.4 1,106.1 1,064.6 1,004.0 1,203 142.6 135.8 90.5 6.4 2008: I ...........1, II III ........1, IV ........1, 1,775.6 1,700.9 1,611.3 1,330.0 1,103.8 1,107.8 1,234.2 1,150.3 671.8 593.1 377.1 179.7 31.6 245.8 55.7 ¥198.0 ¥431.8 ¥218.7 ¥341.9 ¥347.1 463.4 464.6 397.6 149.1 261.4 412.9 135.8 193.2 202.0 51.7 261.8 ¥44.1 640.2 347.3 321.5 377.6 1,707.5 1,577.9 1,489.1 1,350.9 1.4202.06 1,190.9 1,185.7 1,160.2 494.9 387.0 303.4 190.7 68.2 122.9 122.2 ¥20.8 2009- I UP 1,376.4 1,416.4 1,143.5 1,138.8 232 9 277.6 30.7 160.3 ¥122. 9 88.0 153.6 72.3 583.8 358.4 ¥430.2 2 ¥286.1 202.3 117.2 1,217.5 1,234.6 926 0 820.0 291.5 414.6 158 9 181.9 ................909. ................1, ................1, ................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). s Nonresidential fixed investment plus residential fixed investment, inventory change with inventory valuation adjustment, and nonproduced nonfinancial assets. Source: Board of Governors of the Federal Reserve System. CONSUMER CREDIT [Billions of dollars; seasonally adjusted] Consumer credit outstanding (end of period) Period Revolving Total Nonrevolving2 Net change in consumer credit outstanding 1 Total Revolving Nonrevolving Dec. Dec. Dec. Decr Decr Dec. Dec. Dec. Dec. Dec. 1,531.1 1,716.5 1,866.2 1,970.8 2,076.1 2,191.5 2,291.0 2,384.8 2,519.5 2,559.1 610.7 683.5 715.2 750.9 767.7 799.2 829.8 871.3 939.6 957.3 920.4 1,033.0 1,151.0 1,219.9 1,308.4 1,392.3 1,461.2 1,513.5 1,579.9 1,601.8 110.1 185.4 149.7 104.6 105.3 115.4 99.5 93.8 134.7 39.6 29.3 72.8 31.7 35.7 16.8 31.5 30.6 41.5 68.3 17.7 80.8 112.6 118.0 68.9 88.5 83.9 68.9 52.3 66.4 21.9 2008: Sept. Oct. Nov. Dec. 2,578.3 2,575.0 2,564.5 2,559.1 975.2 970.8 964.0 957.3 1,603.2 1,604.1 1,600.6 1,601.8 2.2 ¥3.3 ¥10.5 ¥5.4 .1 ¥4.4 ¥6.8 ¥6.7 2.1 .9 ¥3.5 1.2 2009: Jan. Feb. Mar. Apr. May. June r Julyr Aug. Septp 2,564.4 2,551.4 2,535.3 2,518.0 2,509.2 2,493.7 2,480.5 2,470.6 2,455.8 955.4 942.7 934.3 925.9 916.6 911.7 909.0 898.9 889.0 1,609.0 1,608.7 1,601.0 1,592.0 1,592.6 1,582.0 1,571.5 1,571.7 1,566.8 5.3 ¥13.0 ¥16.1 ¥17.3 ¥8.8 ¥15.5 ¥13.2 ¥9.9 ¥14.8 ¥1.9 ¥12.7 ¥8.4 ¥8.4 ¥9.3 ¥4.9 ¥2.7 ¥10.1 ¥9.9 7.2 ¥.3 — 7.7 ¥9.0 .6 ¥10.6 ¥10.5 .2 ¥4.9 1999: 2000: 2001: 2002: 2003: 2004: 2005: 2006: 2007: 2008: 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. NOTE.—Effective October 7, 2003 data beginning 1977 include student loans extended by the Federal Government and by SLM Holding Corporation. Source: Board of Governors of the Federal Reserve System. 29 INTEREST RATES AND BOND YIELDS Interest rates were mixed in October. PERCENT PERANNUM PERCENT PER ANNUM 10 10 COUNCIL OF ECONOMIC ADVISERS SOURCE: SEETABIE BELOW [Percent per annum] Cons tant maturities 2 Por-inrl _T SrlOCl 3-month bills (at auction) 1 3-year10-year 30-year Discount window High- U.S. Treasury security yields 10-year grade municipal bonds (Standard & Corporate bonds (Moody's) Primary credit Discount rate Prime rate Federal home charged by banks 5 funds rate 6 mortgage yields (FHFB) 7 Poor's) 3 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2008: .......................1. .......................1. .......................3. .......................4. .......................1. Oct Nov. Dec. 2009: Jan Feb Mar. Apr May June. July Aug Sept. Oct Week ended: 2009: Oet 10 17 24 31 Nov 7 1 4.66 5.85 3.44 1.62 1.01 1.38 3.16 4.73 4.41 1.48 .84 .30 .04 .12 .31 .25 .17 .15 .17 .19 .18 .13 .08 5.49 6.22 4.09 3.10 2.10 2.78 3.93 4.77 4.35 2.24 1.86 1.51 1.07 1.13 1.37 1.31 1.32 1.39 1.76 1.55 1.65 1.48 1.46 5.65 6.03 5.02 4.61 4.01 4.27 4.29 4.80 4.63 3.66 3.81 3.53 2.42 2.52 2.87 2.82 2.93 3.29 3.72 3.56 3.59 3.40 3.39 .08 .07 .08 .08 .06 1.41 1.47 1.50 1.51 1.44 3.28 3.43 3.43 3.49 3.53 2.12 2.34 4.19 5.96 5.86 2.39 1.25 1.25 .50 .50 .50 .50 .50 .50 .50 .50 .50 .50 .50 * * * 4.91 4.84 4.28 4.17 4.00 2.87 3.13 3.59 3.64 3.76 4.23 4.52 4.41 4.37 4.19 4.19 7.04 7.62 7.08 6.49 5.67 5.63 5.24 5.59 5.56 5.64 6.28 6.15 5.08 5.05 5.27 5.50 5.39 5.54 5.61 5.41 5.26 5.13 5.15 4.08 4.25 4.22 4.30 4.36 3.94 4.26 4.27 4.32 4.37 5.06 5.21 5.16 5.22 5.27 .50 .50 .50 .50 .50 * * * * High bill rate at auction, issue date within period, bank-discount basis. Data are stop yields from uniform-price auctions. 2 Yields on actively traded issues adjusted to constant maturities. s Weekly data are Wednesday figures. 4 Discount window borrowing for primary credit and discount rate (adjustment credit). The rate for primary credit replaced the rate for adjustment credit. 5 Average effective rate for year; rate in effect at end of month or week. 30 4.62 5.73 3.40 1.17 5.43 5.77 5.19 5.05 4.73 4.63 4.29 4.42 4.42 4.80 5.68 5.28 5.53 5.13 5.00 5.185 4.88 4.60 4.84 4.69 4.58 4.13 4.20 5.87 5.94 5.49 * * * 6 * * * * * * * * * * * * * * * * * * 8.00 9.23 6.91 4.67 4.12 4.34 6.19 7.96 8.05 5.09 4.00 4.00 3.25 3.25 3.25 3.25 3.25 3.25 3.25 3.25 3.25 3.25 3.25 4.97 6.24 3.88 1.67 1.13 1.35 3.22 4.97 5.02 1.92 .97 .39 .16 .15 .22 .18 .15 .18 .21 .16 .16 .15 .12 3.25 3.25 3.25 3.25 3.25 .13 .12 .12 .11 .12 7.04 7.52 7.00 6.43 5.80 5.77 5.94 6.63 6.41 6.05 6.10 6.16 5.67 5.11 5.09 5.10 4.96 4.92 5.17 5.40 5.32 5.26 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 Board, Moody's Investors Service, and Standard & Poor's. COMMON STOCK PRICES AND YIELDS Stock prices rose in October. NDEX, DEC 31,2002 =5,000 (RATIO SCALE) INDEX, DEC. 31,2002=5,000 (RATIO 11,000 11,000 A 10,000 COMPOS!!t SIOCKPRICt INDtX - (NYSE) _ 10,000 ^ A \ / y 8,000 9,000 8,000 \ -V A A s*^ 6,000 7,000 6,000 V \ 5,000 V 4,000 1 ! ih 2001 i II 11 II 2002 \J 5,000 V 1 1 1 1 1 LI 1 1 II 11 11 2004 2003 II II 11 111 M ! 1 1 I I 1 1 M 1 Ml 2005 2006 2007 i l l I I I 4,000 2009 2008 PERCENT 20 PERCENT 20 EARNINGS-PRICE RATIO O N C O M M O N STOCKS (SS.P1 / ! 1 2001 1 i i i 2002 ! 1 1 2003 1 1 1 l 2004 l l 2005 i l l 2006 i l l 2007 SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD AND POOR? i i i^~p 2008 1 New York Stock Exchange indexes 2 3 (December 31, 2002 = 5,000) Composite Financial i i 2009 COUNCIL OF ECONOMIC ADVISERS Common stock prices 1 Period i Energy Health Care Dow Jones industrial average 4 Common stock yields (percent) 7 Standard & Poor's composite index (194143 = 10) 5 Nasdaq composite index (Feb. 5, 1971 = 100) 6 1,327.33 1,427.22 1,194.18 993.94 965.23 1,130.65 1,207.23 1,310.46 1,477.19 1,220.04 2,728.15 3,783.67 2,035.00 1,539.73 1,647.17 1,986.53 207.232 2,263.41 2,578.47 2,161.65 1.25 1.15 1.32 1.61 1.77 1.72 1.83 1.87 1.86 2.37 3.17 3.63 2.95 2.92 3.84 4.89 5.36 5.78 5.29 3.54 1.65 Dividendprice ratio 1999 2000 2001 2002 2003. 2004. 2005. 2006. 2007. 2008. 6,546.81 6,805.89 6,397.85 5,578.89 5,447.46 6,612.62 7,349.00 8,357.99 9,648.82 8,036.88 5,583.00 6,822.18 7,383.70 8,654.40 9,321.39 6,278.38 5,273.90 6,952.36 9,377.84 11,206.94 13,339.99 13,258.42 5,288.67 5,924.80 6,283.96 6,685.06 7,19 6,171.19 10,464.88 10,734.90 10,189.13 9,226.43 8,993.59 10,317.39 10,547.67 11,408.67 13,169.98 11,252.62 2008: Oet Nov Dee 6,130.39 5,527.63 5,525.70 4,733.74 3,779.86 3,673.95 9,515.71 9,262.07 9,136.33 5,434.03 5,088.99 5,090.83 9,176.71 8,614.55 8,595.56 968.80 883.04 877.56 1,730.32 1,542.70 1,525.89 2.83 3.11 3.00 2009: Jan Feb Mar Apr May June .... July Aug Sept Oet 5,477.14 5,051.42 4,739.72 5,338.39 5,823.10 5,985.64 6,026.55 6,577.18 6,839.88 6,986.35 3,337.14 2,823.74 2,633.65 3,313.47 3,819.95 3,924.19 4,000.66 4,646.60 4,844.93 4,918.07 9,295.97 8,785.04 8,266.81 8,839.95 9,848.66 10,189.64 9,765.09 10,295.91 10,791.73 11,342.57 5,256.13 5,106.78 4,596.81 4,771.71 5,051.78 5,224.16 5,410.22 5,706.96 5,838.22 5,931.28 8,396.20 7,690.50 7,235.47 7,992.12 8,398.37 8,593.00 8,679.75 9,375.06 9,634.97 9,857.34 865.58 805.23 757.13 848.15 902.41 935.82 1,009.72 1,044.55 1,067.66 1,537.20 1,485.98 1,432.23 1,641.15 1,726.08 1,826.99 1,873.84 1,997.16 2,084.75 2,122.85 3.01 3.07 2.92 2.60 2.41 2.35 2.31 2.12 2.06 2.02 Week ended: 2009: Oet 10 17 24 31 Nov 7 6,922.73 7,120.68 7,147.48 6,870.52 6,867.30 4,934.63 5,057.08 5,005.97 4,753.23 4,719.98 10,971.93 11,553.17 11,812.61 11,369.38 11,284.93 5,870.35 5,983.02 6,020.03 5,911.35 5,938.95 9,741.68 9,966.31 10,027.30 9,837.63 9,878.57 1,05 1,553 1,088.58 1,055.06 1,054.14 5,870.35 2,156.27 2,16 2,092.04 2,075.96 2.03 1.97 1.99 2.07 2,07 1 Average of daily closing prices. Includes all the stocks (nearly 1,850) listed on the NYSE. Effective January 9, 2003, the NYSE relaunched the composite index with changes in methodology, definitions, and based on Dec. 31, 2002 = 5,000. Effective January 8, 2004 new indexes for Financial, Energy, and Health Care were introduced by the NYSE. Previous indexes shown for Industrial, Transportation, Utility, and Finance were discontinued. 4 Includes 30 stocks. 2 s 92.35.82 Earningsprice ratio .86 ,82 5 Includes 500 stocks. Includes about 3,000 stocks. Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earnings-price ratios based on prices at end of quarter. 6 7 Sources: New York Stock Exchange, Dow Jones & Company, Inc., Standard & Poor's, and Nasdaq Stock Market. 31 FEDERAL FINANCE FEDERAL RECEIPTS, OUTLAYS, AND DEBT In fiscal 2009, there was a deficit of $1,417.1 billion, compared with a deficit of $458.6 billion a year earlier. BILLIONS OF DOLLARS 4,200 4,000 3,800 BILLIONS OF DOLLARS 4,200 - RECEIPTS A N D OUTLAYS 1 4,000 - 3,800 3,600 3,400 3,200 3,000 2,800 2,600 2,400 2,200 - 3,600 - 3,400 s - — - _„ \ 2,800 2,600 2,400 2,200 > ^x^_____ \ 1,800 1,600 - 3,000 -'" 2,000 400 3,200 - OUTLAYS1 — * • " - ^^--^ - \ 2,000 1,800 1 1,600 SURPLUS OR DEFICIT ( - I 1 400 0 0 ^too -800 -800 -1,200 -1,200 -1,600 — -1,600 J -2,000 2000 2001 2002 2004 2003 2005 2006 2007 2008 2009 I I -2,000 2010 FISCAL YEARS 'INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS. SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OP MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS [Billions of dollars] Fiscal year or period Receipts 1992 ..................................1, 1993 ..................................1, 1994 ..................................1, 1995 ..................................1, 1996 1997 ..................................1, 1998 ..................................1, 1999 2000 ..................................2, 2001 ..................................1, 2002 ..................................1, 2003 2004 ..................................1, 2005 ...................................2, 2006 2007 ..................................2, 2008 ..................................2, 2009 1 r 2010 (estimates) ...............2, 1 32 1,091.3 1,154.5 1,258.7 1,351.9 1,453.2 1,579.4 1,722.0 1,827.6 2,025.5 1,991.4 1,853.4 1,782.5 1,880.3 2,153.9 2,407.3 2,568.2 2,524.3 2,104.6 2,264.4 Outlays Surplus or deficit (¥) ¥290.3 1,381.6 ¥255.1 1,409.5 ¥203.2 1,461.9 ¥164.0 1,515.9 1,560.6 ¥107.4 ¥21.9 1,601.3 69.3 1,652.7 125.6 1,702.0 1,789.2 236.2 128.2 1,863.2 ¥157.8 2,011.2 ¥377.6 2,160.1 ¥412.7 2,293.0 ¥318.3 2,472.2 ¥248.2 2,655.4 ¥160.7 2,728.9 2,982.9 ¥458.6 3,521.7 ¥1,417.1 3,766.0 ¥1,501.7 Data from Final Monthly Treasury Statement for fiscal 2009 relea Receipts 788.9 842.5 923.7 1,000.9 1,085.7 1,187.4 1,306.2 1,383.2 1,544.9 1,483.9 1,338.1 1,258.7 1,345.5 1,576.4 1,798.9 1,933.2 1,866.3 1,450.6 1,603.0 1 on October 16, 2009. Outlays 1,129.3 1,142.9 1,182.5 1,227.2 1,259.7 1,290.7 1,306.21 1,383.21,3 1,458.5 1,516.4 1,655.5 1,797.1 1,913.5 2,070.0 2,233.4 2,275.3 2,508.1 3,004.7 3,214.6 Federal debt (end of period) Off-budget On-budget Total Surplus or deficit (¥) ¥340.4 ¥300.4 ¥258.8 ¥226.4 ¥174.0 ¥103.2 ¥29.9 1.9 86.4 ¥32.4 ¥317.4 ¥538.4 ¥568.0 ¥493.6 ¥434.5 ¥342.2 ¥641.9 ¥1,554.1 ¥1,611.6 Receipts 302.4 311.9 335.0 351.1 367.5 392.0 415.8 444.5 480.6 507.5 515.3 523.8 534.7 577.5 608.4 635.1 658.0 654.0 661.3 Outlays 252.3 266.6 279.4 288.7 300.9 310.6 316.6 320.8 330.8 346.8 355.7 363.0 379.5 402.2 422.1 453.6 474.8 517.0 551.4 Surplus or deficit (¥) 50.1 45.3 55.7 62.4 66.6 81.4 99.2 123.7 149.8 160.7 159.7 160.8 155.2 175.3 186.3 181.5 183.3 137.0 109.9 Gross Federal 4,001.8 4,351.0 4,643.3 4,920.6 5,181.5 5,369.2 5,478.2 5,605 5,628.7 5,769.9 6,198.4 6,760.0 7,354.7 7,905.3 8,451.4 8,950.7 9,985.8 11,873.8 14,087.3 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 8 1 49.8 3,319.6 3,540.4 3,913.4 4,295.5 4,592.2 4,829.0 5,035.1 5,802.7 7,544.0 9,574.7 NOTE.—Data for fiscal 2010 are from Mid-Session Review, Budget of the U.S. Government, Fiscal Year 2010, issued August 25, 2009. Other data (except as noted) are from Budget of the United States Government, Fiscal Year 2010, issued May 11, 2009. Sources: Department of the Treasury and Office of Management and Budget. FEDERAL RECEIPTS BY SOURCE AND OUTLAYS BY FUNCTION In fiscal 2009, receipts were $419.7 billion lower than a year earlier and outlays were $538.8 billion higher. BILLIONS OF DOLLARS 1,400 - RECEIPTS1 BILLIONS OF DOLLARS 1,400 1,200 1,000 1,000 CORPORATION INCOME TAXES 600 SOCIAL INSURANCE AND RbllRbMbNT RECEIPIS 400 200 - 3,400 3,200 3,000 2,800 2,600 2,400 - 600 ' | ' | OTHER RECEIPTS^ ^ | | 3,200 - 3,000 - 2,800 - 2,600 2,000 - ^^-**"~ 1,800 - ~." ^-/"— " NATIONAL DEFENSE . — . - 1 2000 1 ' 2001 2002 \ 2003 - - 1 1 2004 1 1 2005 2006 2,000 1,800 1,600 1,400 '800 - ^ | 2,200 - 1,400 800' 600 2,400 - 1,600 200 3,400 - - 400 200 0 - OUTLAYS 1 NONDEFENSE 2,200 - 400 • 1 0 800 2007 i 2008 i 600 400 200 2010 2009 FISCAL YEARS 'INCLUDES ON-BUDGETAND OFF-BUDGET ITEMS SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS [Billions of dollars] On-budge t and off-budget outlays On-budget and off-budget receipts National defense Social Fiscal year or period Total 1992 1993 1994 1995 1996 1997 1998 1999 ............................................1, ............................................1, ............................................1, 2000 ............................................2, 2001 2002 ............................................1, 2003 ............................................1, 2004 2005 ............................................2, 2006 ............................................2, 2007 2008 ............................................2, 20091r 2010 (estimates) .........................2, 1 Individual income taxes poration income taxes ance and retirement receipts Total Other Total Department of Defense, military International affairs Health Medicare Income security Social security Net inter- Other 1 091 3 476 0 1,154.5 509.7 1 258 7 543.1 1 1 351 9 59.9 2 1,453.2 656.4 1 539. 4 737 5 1 722 0 828 6 1,827.6 879.5 100 3 117.5 140.4 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 1.3 4 99.0 113 8 1 2 265.825 120 3 132 9 151.7 1 381 6 1,409.5 1 461 9 1 515 9 1,56 1 601 3 1 652 7 1,702.0 298 4 291.1 281 6 272 1 265.8 270 5 268 2 274.8 286 8 278.5 268 6 259 4 253.1 258 3 255 8 261.2 16 1 17.2 1 1 15. 4 13.5 1 2 1 1 15.2 89 5 99.4 107 1 115 4 119.4 123 8 131 4 141.1 119 0 130.6 144 7 1.95 9 174.2 190 0 192 8 190.4 199 6 210.0 4.7 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 1 241.1 244 0 241.1 1 229.8 172 2 158.0 171 7 160 3 167.3 157 4 189 0 218.2 2,025.5 1 69 4 1,853.4 1,782.5 1 880 3 2,153.9 2,407.3 2 568 2 2,524.3 2,104.6 2,264.4 207.3 151 1 148.0 131.8 189 4 278.3 353.9 370 2 304.3 138.2 163.8 652.9 694 0 700.8 713.0 733 4 794.1 837.8 869 6 900.2 890.9 910.3 160.9 152 0 196.52 144.1 148 5 154.2 171.6 164 9 174.1 160.2 162.5 1,789.2 1 863 2 2,011.2 2,160.1 2 293 0 2,472.2 2,655.4 2 728 9 2,982.9 3,521.7 3,766.0 294.4 304 8 348.5 404.8 455 8 495.3 521.8 281.1 2.3 2 331.9 387.2 436 5 474.1 499.3 528 6 594.7 636.8 692.4 17.2 1 5 22.4 21.2 26 9 34.6 154.5 172 3 196.5 219.6 240 1 250.6 252.8 .616 4 280.6 334.3 386.6 197.1 217 4 230.9 34.64 26.92 4 298.6 329.9 375 4 390.8 430.1 457.8 253.7 269 8 312.7 334.6 33.4 1 345.8 352.5 366 0 431.3 138.289 613.9 409.4 433. 0 456.0 474.7 495. 5 523.3 548.5 586.2 2 617.0 683.0 707.9 222.9 206.2 2 170.9 153.1 160 2 184.0 226.6 237 1 252.8 190.9 196.5 239.9 243 4 273.3 302.7 311 9 339.9 393.8 318 1 365.4 649.9 631.3 1,004.5 994 3 858.3 793.7 809 0 927.2 2 1,043.9 1 1.3 5 1,145.7 915.3 1,027.8 Data from Final Monthly Treasury Statement for fiscal 2009 relea I on October 16, 2009. 616.1 662.8 720.2 29.935 28 5 28.9 36.9 51.8 NOTE.—Data for fiscal 2010 are from Mid-Session Review, Budget of the U.S. Government, Fiscal Year 2010, issued August 25, 2009. Other data (except as noted) are from Budget of the United States Government, Fiscal Year 2010, issued May 11, 2009. Sources: Department of the Treasury and Office of Management and Budget. 33 FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS In the third quarter of 2009, according to advance estimates, Federal current expenditures rose $31.9 billion (annual rate); receipts data are incomplete. BILLIONS OF DOLLARS 4,000 BILLIONS OF DOLLARS 4,000 SEASONALLY ADJUSTED ANNUAL RATES 3,600 3,600 3,200 3,200 CURRENT EXPENDITURES 2,800 2,800 X-r'Z 2,400 2,000 2,400 2,000 CURRENT RECEIPTS 1,600 1,600 1,200 1,200 800 800 400 400 0 0 -400 -400 NET FEDERAL GOVERNMENT SAVING -800 -800 -1,200 -1,200 -1,600 -1,600 2002 1999 2003 2004 2005 CALENDAR YEARS COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF COMMERCE [Billions of dollars; quarterly data asetasonal seasonally adjusted annual rates] Federal Gov rnment current receipts Current tax receipts Period Total Total 1 Personal current taxes Taxes on production and imports Taxes on corporate income Contributions for government social insurance Federal Government current expenditures Income receipts on assets Current transfer receipts Current surplus of government enterprises Calendar year: 1999 2000 2001 ................2, 2002 2003 2004 2005 ................2, 2006 ................2, 2007 ................2, 2008 ................2, 2006: I ...............2, II .............2, III. ...........2, IV ............2, 1,895.0 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 2,473.8 2,501.8 2,547.4 2,575.1 1,195.4 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 1,517.6 1,541.6 1,581.3 1,592.8 893.0 995.6 991.8 828.6 774.2 799.2 931.9 1,049.9 1,168.1 1,102.5 1,023.1 1,034.7 1,053.9 1,088.0 95.4 87.3 85.3 86.8 89.3 94.3 98.8 99.4 94.7 92.0 99.6 99.6 99.9 98.6 213.0 219.4 164.7 150.5 197.8 250.3 341.0 395.0 370.2 212.3 383.8 396.1 415.5 384.6 654.8 698.6 723.3 739.3 762.8 807.6 852.6 904.6 944.4 974.5 896.9 899.8 904.0 917.8 20.6 24.5 24.5 20.3 22.8 93.472 23.7 26.1 29.1 30.3 24.3 25.5 26.5 28.2 23.4 25.7 27.0 90.51 26 05.0 33.6 38.3 42.7 52.3 37.1 37.7 38.6 39.9 5.48 -1.2 ¥4.0 2 3.7 2007: I ...............2, II .............2, III. ...........2, IV ............2, 2008: I ...............2, II .............2, III. ...........2, IV ............2, 2,640.1 2,660.1 2,659.9 2,682.9 2,590.7 2,372.1 2,489.5 2,447.8 1,638.3 1,654.0 1,644.8 1,651.7 1,546.0 1,322.8 1,435.2 1,382.9 1,136.8 1,157.6 1,177.6 1,200.6 1,195.3 984.2 1,110.1 1,120.2 94.9 94.8 95.4 93.6 92.7 93.1 91.8 90.2 393.6 387.3 358.5 341.3 243.1 231.2 218.5 156.5 937.3 938.8 943.8 957.6 970.0 973.0 978.5 976.4 28.3 28.7 29.6 29.8 29.3 31.2 30.6 30.0 2009: I ...............2, II .............2, IIIp 2,251.3 2,211.4 1,191.5 1,143.0 900.3 815.5 798.4 85.7 91.6 93.5 192.0 223.8 953.0 943.1 942.4 40.7 50.8 49.4 1 2 Includes taxes from the rest of the world, not shown separately. Includes a subtraction for wage accruals less disbursements, not shown separately. 34 Total 2 Consumption expenditures Current transfer payments Interest payments Subsidies Net Federal Government saving ¥3.5 ¥2.9 — 2 47 63.8 ¥2.1 ¥2.7 ¥3.0 ¥3.6 1,796.2 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 2,681.1 2,731.2 2,762.9 2,738.1 473.3 496.0 530.2 590.5 660.3 721.4 765.8 811.0 848.8 934.4 810.4 808.5 813.1 812.1 995.4 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 1,552.4 1,588.9 1,603.7 1,603.5 282.7 283.3 258.6 229.1 212.9 221.0 255.4 279.2 312.2 292.0 263.1 282.8 296.7 274.2 44.8 45.3 51.1 40.5 49.0 46.0 60.5 51.0 47.6 50.6 55.2 51.1 49.4 48.3 98.8 185.2 40.5 ¥252.8 ¥376.4 ¥379.5 ¥283.0 ¥203.8 ¥236.5 ¥642.6 ¥207.3 ¥229.4 ¥215.5 ¥163.0 41.0 41.5 42.6 45.8 47.9 48.4 49.0 64.0 ¥4.8 ¥2.9 0.8 ¥2.1 ¥2.5 ¥3.4 ¥3.9 ¥5.4 2,841.0 2,881.3 2,918.7 2,947.9 3,024.2 3,169.0 3,155.2 3,121.9 821.1 839.9 860.8 873.4 903.2 923.2 956.0 955.4 1,666.2 1,672.4 1,694.1 1,721.6 1,759.5 1,904.5 1,829.0 1,869.5 306.4 321.3 316.6 304.7 312.3 291.4 319.5 244.6 47.4 47.7 47.3 48.2 49.2 49.9 50.7 52.4 ¥200.9 ¥221.3 ¥258.8 ¥265.0 ¥433.5 ¥796.9 ¥665.7 ¥674.1 72.7 79.8 58.7 ¥6.7 ¥5.3 ¥3.4 3,220.3 3,505.9 3,537.8 954.2 979.1 1,002.7 1,981.2 2,195.6 2,173.3 231.3 277.4 295.1 53.6 53.7 66.7 ¥969.1 ¥1,294.5 Source: Department of Commerce, Bureau of Economic Analysis. INTERNATIONAL STATISTICS INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR INDUSTRIAL COUNTRIES Industrial production (2002 = 100; seasonally adjusted) United States 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 99.5 103.7 120.11 100.0 101.3 103.8 107.2 109.7 111.3 108.8 2008: Sept r Oct r .. Nov r . Dec r . Janr . Feb r . Mar r . Apr r . May r June r Julyp 2009: Septp Octp . Germany Japan 94.4 102.6 98.4 100.0 100.1 101.7 103.7 102.9 102.6 Consumer prices (1982-84=100; NSA) United Kingdom Italy 97.2 103.0 108.4 101.3 100.0 100.110 101.710 109.6 114.2 117.6 113.6 97.4 101.0 101.8 100.0 98.9 100.2 r 100.3 101.6 102.8 100.2 94.4 100.8 120.11 100.0 100.5 103.6 107.1 r 113.3 102.81 120.31 104.8 106.2 104.8 102.4 96.9 95.9 94.0 91.9 113.4 109.6 101.9 93.4 99.9 96.4 93.7 92.1 120.3 117.8 112.7 107.7 97.7 96.4 120.31 88.0 100.1 99.3 97.7 97.2 96.2 95.8 96.6 97.8 98.5 88.5 87.9 86.7 85.5 83.6 83.3 83.2 83.2 84.0 76.1 77.3 81.9 86.6 88.3 87.9 77.38 85.7 87.8 883.3 88.6 90.2 100.6 97.0 97.0 96.811 86.9 83.3 79.5 80.7 80.8 80.6 82.6 8184 84.416 90.4 118.8 93.2 r 98.3 102.5 101.3 100.0 99.4 99.0 98.3 101.8 104.0 100.5 283.68 99.9 98.9 100.4 1 Data relate to all urban consumers. NOTE.—See Note, p. 17, for information on U.S. industrial production series. United States 1 101.4 103.2 101.7 100.0 Germany Japan United Kingdom 96.4 166.6 172.2 120.11 179.9 184.0 180.9 195.3 201.6 207.342 215.303 160.5 164.9 169.0 172.8 177.6 180.9 184.9 188.6 192.6 897.2 121.8 121.0 120.1 119.0 118.7 118.7 118.3 118.7 118.7 120.3 155.0 157.6 160.2 163.3 166.7 170.3 173.2 176.2 178.8 183.8 140.5 142.5 145.3 147.4 148.9 151.4 153.7 156.2 159.7 163.9 226.2 231.9 238.3 244.3 250.8 256.3 261.4 266.9 271.8 280.9 194.3 200.1 203.6 207.0 213.0 219.4 225.6 232.8 242.7 252.4 96.91 93.7 91.6 89.9 218.783 216.573 212.425 210.228 199.9 197.9 163.72 195.8 121.5 121.4 120.3 119.8 184.7 184.6 163.728 183.3 164.8 164.5 163.7 164.2 282.9 282.9 281.9 281.5 256.6 255.8 253.8 250.1 87.6 87.0 77.38 86.9 86.4 .69 87.2 84.9 86.2 211.143 212.193 212.709 213.240 213.856 215.693 215.351 215.834 215.969 195.3 196.7 197.0 119.1 118.8 1183.61 119.2 119.0 118.8 118.4 118.8 118.8 182.6 183.3 183.6 183.9 184.2 184.4 183.6 184.5 184.1 163.4 164.3 164.2 164.2 164.0 164.7 164.7 165.0 164.3 164.5 281.1 281.7 281.9 282.5 283.1 283.3 283.3 284.2 283.6 283.8 246.9 284.4 248.3 248.5 250.0 250.7 250.7 251.9 253.0 99.3 100.4 99.1 99.2 99.5 164.228 198.2 198.9 198.2 198.2 198.2 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] Census basis (by e nd-use category) Census basis (by e nd-use category) Balance of trade (exports minus imports) Services ( B O P basis) Goods: Imports (customs value) Goods: Exports (f.a s . value)Good B O P basis Con Con IndusPeriod BOP asis Total, Census basis 1 Foods, feeds, and beverages trial supplies and materials mo- Capital tive goods vehiexcept cles, auto- parts motive and sumer goods (nonfood) except auto- en- mo- gines tive 310.8 75.3 356.9 80.4 321.7 75.4 290.4 78.9 293.7 80.6 331.4 53.12 33.03 98.4 404.0 107.3 433.0 16.443 457.7 121.5 BOP asis 695.8 781.9 729.1 693.1 724.8 818.8 906.0 1,026.0 1,148.2 1,287.4 46.0 47.9 49.4 49.6 55.0 56.6 59.0 49.0 84.3 108.3 147.5 172.6 160.1 156.8 173.0 203.9 233.0 276.0 316.4 388.0 2008: Aug Sept Oct .. Nov Dec .. 114.7 106.0 103.8 97.5 89.2 115.9 106 104.8 98.5 90.1 9.9 9.0 8.3 7.9 7.1 37.0 32.4 217.94 27.6 23.2 40.4 37.6 37.5 36.4 35.1 .03 10.2 10.0 9.2 0.1 13.9 13.5 88.3 13.2 12.6 2009: Jan .. Feb .. Mar Apr .. May June July r Augp 82.4 84.4 82.6 80.0 82.1 84.1 86.8 86.8 83.2 85.2 83.6 80.08 833.1 85.0 87.8 87.5 7.1 7.1 7.3 7.6 7.9 84.1 7.8 7.9 22.2 22.2 22.4 21.1 40.2 24.4 24.8 25.7 33.2 33.3 31.9 30.9 31.0 31.4 32.2 30.9 5.6 6.0 6.0 5.8 5.4 5.5 6.8 7.3 11.4 12.8 12.4 119.9 128.91 028.91 12.4 12.3 Total, Census basis 1 Foods, feeds, and beverages trial supplies and materials mo- Capital tive goods vehiexcept cles, auto- parts motive a n d sumer goods (nonfood) except auto- Exports Imports Goods, Census Services Goods services en- mo- gines tive 179.0 195.9 281.9 298.6 286.2 292.3 304.3 353.1 389.1 435.9 504.8 549.6 199.2 223.7 221.8 231.1 250.4 291.2 313.5 349.0 375.2 405.3 ¥328.8 ¥436.1 ¥411.9 ¥468.3 ¥532.4 ¥650.9 ¥767.5 ¥828.0 ¥808.8 ¥816.2 ¥347.8 ¥454.7 ¥429.9 ¥482.8 ¥549.0 ¥671.8 ¥790.9 ¥847.3 ¥831.0 ¥840.3 82.7 74.9 64.4 61.2 54.0 61.8 75.6 86.9 129.6 144.3 ¥265.1 ¥379.8 ¥365.5 ¥421.6 ¥495.0 ¥610.0 ¥715.3 ¥760.4 ¥701.4 ¥695.9 1,024.6 1,218.0 1,141.0 1,161.4 1,257.1 1,469.7 1,673.5 1,853.9 1,957.0 2,103.6 43.6 46.0 46.6 67.7 55.8 62.1 68.1 74.9 34.7 89.0 221.4 299.0 273.9 203.7 313.8 412.8 523.8 602.0 634.7 779.5 295.7 347.0 298.0 292.3 295.9 343.6 379.3 418.3 444.5 453.7 203.7 210.1 228.2 239.4 256.6 259.2 233.8 281.919 281.8 284.3 307.8 333.9 372.9 407.2 442.6 474.6 481.6 186.8 177.7 175.2 151.8 142.4 186.1 176.2 174.4 151.0 141.9 7.8 7.6 7.6 7.4 7.2 73.4 65.9 66.1 48.8 43.6 38.0 38.4 37.2 37.4 34.1 19.3 18.6 17.9 16.7 15.2 42.0 40.1 40.1 37.4 36.7 47.0 46.0 45.9 44.0 43.7 35.7 34.4 33.9 33.0 32.4 ¥70.2 ¥69.5 ¥69.6 ¥52.5 ¥51.9 ¥72.2 ¥71.7 ¥71.4 ¥54.3 ¥53.2 11.3 11.5 12.0 11.0 11.3 ¥60.9 ¥60.1 ¥59.4 ¥43.2 ¥41.9 130.0 121.6 121.8 119 119.3 122.4 129.5 128.7 129.6 121.2 121.4 610.535 31.0 122.1 129.3 128.3 6.9 6.7 6.8 6.7 6.8 6.9 6.8 6.7 38.5 34.3 34.5 33.7 33.1 37.0 3.43 37.3 31.9 30.1 29.6 28.6 28.9 28.9 30.1 30.0 11.5 10.2 10.6 10.5 10.2 11.1 13.4 14.6 36.1 34.6 35.2 35.5 35.5 33.7 35.4 34.7 41.6 40.9 40.3 40.6 40.2 40.8 41.2 41.4 30.9 30.3 30.0 29.8 29.4 30.0 30.3 30.2 ¥46.5 ¥36.0 ¥37.7 ¥38.7 ¥35.9 ¥37.1 ¥41.5 ¥40.8 ¥47.6 ¥37.2 ¥39.2 ¥39.9 ¥37.2 ¥38.3 ¥42.8 ¥41.9 10.6 10.6 10.3 10.8 10.8 10.8 10.9 11.2 ¥37.0 ¥26.6 ¥28.9 ¥29.1 ¥26.4 ¥27.5 ¥31.9 ¥30.7 80.9 1 0 . 8 89.4 1,226.7 88.3 1,148.6 84.4 1,168.0 8295.9 1,264.9 103.2 1,478.0 115.3 1,683.2 129.1 1,863.1 146.0 1,969.4 161.3 2,117.2 684.0 772.0 718.7 685.2 715.8 806.2 892.3 1,015.8 1,138.4 1,277.0 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 Indus- 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. 284.328 Source: Department of Commerce (Bureau of the Census and Bureau of Economic Analysis). 35 U.S. INTERNATIONAL TRANSACTIONS In the second quarter of 2009, the goods deficit fell to $115.5 billion, from $124.0 billion in the first quarter. The current account deficit fell to $98.8 billion in the second quarter, from $104.5 billion in the first quarter. BILLIONS OF DOLLARS* BILLIONS OF DOLLARS* -200 -220 -240 2009 1999 'SEASONALLY ADJUSTED SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS [Millions of dollars; quarterly data seasonally adjusted. Credits (+), debits ( ¥ ) ] Goods1 Period Exports Imports Income receipts and payments Services Balance on goods Net military transactions 2 Net travel and transportation Other services, net Balance on goods and services Receipts Payments Balance on income Unilateral current transfers, net 3 Balance on current account 683,965 771,994 718,711 685,170 715,848 806,161 892,337 1,015,812 1,138,384 1,276,994 ¥1,031,784 ¥1,226,684 ¥1,148,609 ¥1,168,002 ¥1,264,860 ¥1,477,996 ¥1,683,188 ¥1,863,072 ¥1,969,375 ¥2,117,245 ¥347,819 ¥454,690 ¥429,898 ¥482,831 ¥549,012 ¥671,835 ¥790,851 ¥847,260 ¥830,992 ¥840,252 2,593 317 ¥2,296 ¥7,158 ¥11,981 ¥13,518 ¥10,536 ¥7,119 ¥7,384 ¥13,881 7,085 2,486 ¥3,254 ¥4,245 ¥11,475 ¥14,275 ¥13,006 ¥10,873 2,345 16,175 73,051 72,052 69,943 72,633 77,433 89,640 99,124 104,893 134,609 142,021 ¥265,090 ¥379,835 ¥365,505 ¥421,601 ¥495,034 ¥609,987 ¥715,268 ¥760,359 ¥701,422 ¥695,936 293,925 350,918 290,797 280,942 320,456 413,739 535,263 682,221 818,931 764,637 ¥280,037 ¥329,864 ¥259,075 ¥253,544 ¥275,147 ¥346,519 ¥462,905 ¥634,136 ¥728,085 ¥646,406 13,888 21,054 31,722 27,398 45,309 67,219 72,358 48,085 90,845 118,231 ¥50,428 ¥58,645 ¥64,487 ¥64,948 ¥71,794 ¥88,362 ¥105,772 ¥91,273 ¥115,996 ¥128,363 ¥301,630 ¥417,426 ¥398,270 ¥459,151 ¥521,519 ¥631,130 ¥748,683 ¥803,547 ¥726,573 ¥706,068 243,445 252,086 255,925 264,355 ¥454,618 ¥463,797 ¥476,361 ¥468,296 ¥211,173 ¥211,710 ¥220,435 ¥203,941 ¥2,148 ¥1,660 ¥2,021 ¥1,290 ¥2,999 72,902 ¥2,563 ¥2,410 24,697 25,100 25,728 29,367 ¥191,622 ¥191,172 ¥199,290 ¥178,276 155,212 169,459 175,572 181,978 ¥141,245 ¥156,657 ¥166,195 ¥170,039 13,967 12,802 9,377 11,938 ¥20,995 ¥23,708 ¥24,876 ¥21,693 ¥198,651 ¥202,078 ¥214,789 ¥188,031 269,538 277,655 289,160 302,031 ¥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 IV ...290, 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 ........249, UP 249,374 246,134 ¥373,411 ¥361,621 ¥124,036 ¥115,487 ¥3,017 ¥2,783 1,985 2,993 32,661 32,272 ¥92,408 ¥83,004 135,352 ¥117,051 133,019 ¥116,581 18,301 16,438 ¥30,343 ¥32,226 ¥104,450 ¥98,792 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 ..............683, .............718, .............685, .............806, .............892, .............1, .............1, 2006: I ........243, II ....252, III. ....255, IV ...264, 2007: I ........269, II ....277, III. ....289, IV ...302, 2008: I ........315, II ....332, III. ....337, 1 Adjusted from Census data for differences in timing and coverage; excludes military. Transfers under U.S. military agency sales contracts (exports) minus direct defense expenditures (imports). 2 36 s Includes transfers of goods and services under U.S. military grant programs. See p. 37 for continuation of table. U.S. INTERNATIONAL TRANSACTIONS—Continued In the financial account, U.S. claims on foreigners reported by U.S. banks increased $34.4 billion in the second quarter of 2009, following an increase of $89.4 billion in the first quarter. U.S. liabilities to private foreigners reported by U.S. banks, excluding Treasury securities, decreased $144.4 billion in the second quarter, following a decrease of $163.8 billion in the first quarter. BILLIONS OF DOLLARS* 1800 BILLIONS OF DOLLARS* 8001 700 CHANGE IN FOREIGN-OWNED ASSETS IN THE U.S., NET 600 500 A 400 600 A- 500 \ 300 300 200 200 100 100 0 0 -100 -100 -200 -200 -300 -300 -400 -400 -500 -500 _L_l_l_J-600 -600 2009 1999 •SEASONALLY ADJUSTED SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS [Millions of dollars; quarterly data seasonally adjusted. Credits (+), debits (¥ ) ] Statistical discrepancy Financial account Period 1999 2000 2001 .........11, 2002 2003 2004 .........1, 2005 2006 2007 2008 2006: I .... II ... III IV .. 2007: I .... II ... III IV .. 2008: I .... II ... III IV .. 2009: I .... UP 4 Capital account transactions, net Foreign-owned assets in the U.S., excluding financial derivatives [increase/financial inflow ( + )] U.S.-owned assets abroad, excluding financial derivatives [increase/financ ial outflow ( ¥ ) ] Total ¥504,062 ¥4,939 91,010 ¥560,523 11,922 ¥382,616 - 1,470 ¥294,646 ¥3,480 6325,424 1,323 ¥1,000,870 ¥546,631 11,344 ¥3,906 -1,285 ,729 ¥1,895 ¥1,472,126 ¥106 953 ¥387,689 ¥1,721 ¥223,953 ¥1,017 ¥539 ¥295,389 ¥629 ¥378,698 ¥549 ¥485,867 ¥124 ¥545,158 ¥625 ¥192,530 ¥248,571 ¥597 ¥637 ¥251,501 107,343 ¥682 29,322 2,967 ¥695 114,730 94,734 ¥710 ¥693 41,865 U.S. official reserve assets 4 Other U.S. Government assets U.S. private assets ¥515,559 2,750 8,747 ¥941 — 559 292 ¥290 ¥377,219 ¥486 ¥4,911 ¥291,310 345 ¥3,681 537 ¥327,484 1^523 2,805 1,710 ¥1,005,385 ¥566,266 5,539 14,096 5,346 ¥1,293,449 2^374 ¥122 ¥22,273 ¥1,449,731 534,357 ¥4,848 ¥529,615 ¥389,251 513 1,049 ¥225,158 1,765 ¥560 ¥297,965 1,570 1,006 ¥381,075 962 1,415 ¥486,240 445 ¥72 ¥544,588 ¥596 26 623 ¥193,099 ¥54 ¥225,805 — 22 ¥22,744 ¥254,493 3,268 ¥276 150,202 ¥1,267 ¥41,592 255,498 ¥ 1 7 9 ¥225,997 383,150 ¥3,126 ¥265,293 ¥148,387 244,102 ¥982 ¥148,365 193,862 ¥3,632 Total 742,210 1,038,224 782,870 795,161 858,303 1,533,201 1,247,347 2,065,169 2,129,460 534,071 545,648 407,652 525,441 586,428 700,961 737,457 278,424 412,618 426,058 2,003 117,897 ¥11,888 ¥67,757 16,393 Consists of gold, special drawing rights (SDRs), foreig currencies, and the U.S. reserve position in the International Monetary Fund (IMF). Foreign official assets 43,543 42,758 28,059 115,945 278,069 397,755 259,268 487,939 480^949 487,021 130,427 127,303 121,843 108,366 165,837 88,331 47,674 179,107 208,646 178,826 115,573 ¥16,024 70,892 124,989 Other foreign assets 698,667 995,466 754,811 679,216 580,234 1,135,446 988,079 1,577,230 1,648,511 47,050 415,221 280,349 403,598 478,062 535,124 649,126 230,750 233,511 217,412 ¥176,823 2,324 4,136 ¥138,649 ¥108,596 Financial derivatives, net 29,710 6,222 ¥28,905 1,633 14,090 15,134 ¥1,147 14,795 ¥1,007 5,942 ¥13,508 ¥7,966 ¥2,355 ¥4,075 ¥14,509 8,407 Total (sum of the items with sign reversed) 68,421 ¥59,265 ¥13,906 ¥39,894 ¥7,880 97,476 36,623 ¥1,698 64,912 200,055 40,780 5,305 ¥29,858 ¥17,924 ¥30,242 ¥637 80,403 15,388 13,344 81,410 38,067 67,236 69,77 41,227 Of which: Seasonal adjustment discrepancy 9,315 ¥2,443 ¥19,305 12,434 10,399 ¥528 ¥23,938 14,066 14,659 ¥3,037 ¥25,884 77,648 10,571 ¥1,677 U.S. official reserve assets, net 4 (unadjusted, end of period) 71,516 67,647 68,654 79,006 85,938 86^824 65,127 65,895 70,565 77,648 65,354 67,935 66,217 65,895 66,551 66,127 69,070 70,565 75,764 75,740 71,834 77,648 74,958 81,686 Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the Treasury. 37 Contents Pa e TOTAL OUTPUT, INCOME, AND SPENDING g Gross Domestic Product Real Gross Domestic Product 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 General Notes Detail in these tables m ay not add to totals because of rounding. Unless otherwise noted, all dollar figures are in current dollars. Symbols used: P Preliminary. r Revised. c Corrected. ... Not available (also, not applicable). NSA not seasonally7 adjusted. 38 For sale by the Superintendent of Documents, U.S. Government Printing Office, Washington, D.C. 20402. Price $5.00 (single copy) ($7.00 foreign). Subscription price: $58.00 per year; $81.20 for foreign mailing. U.S. GOVERNMENT PRINTING OFFICE : 2009 53-269