Money Stock and Debt Measures

Name: Money Stock and Debt Measures
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Keywords: Economic Data, Economic indicators, Economic conditions, United States

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The following is plain-text output generated by Optical Character Recognition. 109th Congress 1st Session Economic Indicators AUGUST 2005 Includes data available as of September Prepared for the Joint Economic Committee by the Council of Economic Advisers UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON JOINT ECONOMIC COMMITTEE Created pursuant to Sec 5 a of Public Law 304 79th Cong JIM SAXTON New Jersey Chairman ROBERT F BENNETT Utah Vice Chairman HOUSE OF REPRESENTATIVES PAUL RYAN Wisconsin PHIL ENGLISH Pennsylvania RON PAUL Texas KEVIN BRADY Texas THADDEUS G McCOTTER Michigan CAROLYN B MALONEY New York MAURICE D HINCHEY New York LORETTA SANCHEZ California ELIJAH E CUMMINGS Maryland SENATE SAM BROWNBACK Kansas JOHN E SUNUNU New Hampshire JIM DeMINT South Carolina JEFF SESSIONS Alabama JOHN CORNYN Texas JACK REED Rhode Island EDWARD M KENNEDY Massachusetts PAUL S SARBANES Maryland JEFF BINGAMAN New Mexico CHRISTOPHER FRENZE Executive Director COUNCIL OF ECONOMIC ADVISERS BEN S BERNANKE Chairman 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 Charts prepared under the direction of the Printing and Procurement Branch Office of the Secretary Department of Commerce Economic Indicators published monthly is available at 3 00 a single copy 3 75 foreign or by subscription at 33 00 per year 41 25 for foreign mailing from SUPERINTENDENT OF DOCUMENTS GOVERNMENT PRINTING OFFICE WASHINGTON D C 20402 For sale by the U S Government Printing Office Superintendent of Documents Mail Stop SSOP Washington DC Also available on the internet at the following address http www gpoaccess gov indicators ii TOTAL OUTPUT INCOME AND SPENDING GROSS DOMESTIC PRODUCT In the second quarter of 2005 according to revised estimates current dollar gross domestic product GDP rose 5 8 percent annual rate real GDP GDP in chained 2000 dollars rose 3 3 percent and the implicit price deflator rose 2 5 percent Billions of current dollars quarterly data at seasonally adjusted annual rates Period I II III IV I II III IV I II III IV I II r GDP Exports and imports of goods and services Personal Gross Gross conprivate domestic sumption domestic product expendi investtures ment Net exports Exports Government consumption expenditures and gross investment Federal Imports Total Total less exports of goods and services plus imports of goods and services National defense Nondefense State and local Final sales of domestic product Gross domestic purchases 1 Addendum Gross national product Source Department of Commerce Bureau of Economic Analysis 1 REAL GROSS DOMESTIC PRODUCT Billions of chained 2000 dollars quarterly data at seasonally adjusted annual rates Gross private domestic investment Period I II III IV I II III IV I II III IV I II r Gross domestic product Personal conNonresi Resi Change sumption dential dential in priexpendifixed fixed vate tures invest invest invenment ment tories Exports and imports of goods and services Government consumption expenditures and gross investment Federal Net exports Exports Imports Total GDP less exports of goods and services plus imports of goods and services NOTE Because of the formula used for calculating real GDP the chained 2000 dollar estimates for the detailed components do not add to the chained dollar value of GDP or to any intermediate aggregates Total National defense Nondefense State and local Final sales of domestic product Gross domestic purchases 1 Addendum Gross national product Source Department of Commerce Bureau of Economic Analysis IMPLICIT PRICE DEFLATORS FOR GROSS DOMESTIC PRODUCT Index numbers quarterly data are seasonally adjusted Personal consumption expenditures Period I II III IV I II III IV I II III IV I II r Gross domestic product Total Durable goods Nondurable goods Source Department of Commerce Bureau of Economic Analysis Gross private domestic investment Services Nonresidential fixed Exports and imports of Government consumption expenditures goods and services and gross investment Federal Residential fixed Exports Imports Total National defense Nondefense State and local GROSS DOMESTIC PRODUCT AND RELATED PRICE MEASURES INDEXES AND PERCENT CHANGES Quarterly data are seasonally adjusted Percent change from preceding period 1 Index numbers Real GDP chain type quantity index Period I II III IV I II III IV I II III IV I II III IV I II r Quarterly GDP chain type price index percent changes are at annual rates GDP implicit price deflator GDP current dollars Real GDP chain type quantity index GDP chain type price index GDP implicit price deflator 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 Current dollars I II III IV I II III IV I II III IV I r II p Chained 2000 dollars Total Compensation of employees unit labor cost Estimates for nonfinancial corporate business for 2000 and earlier periods are based on the Standard Industrial Classification SIC later estimates are based on the North American Industry Classification System NAICS 2 The implicit price deflator for gross value added of nonfinancial corporate business divided by 100 3 Less subsidies plus business current transfer payments Total Consumption of fixed capital Taxes on production and imports 3 Net interest and miscellaneous payments Corporate profits with inventory valuation and capital consumption adjustments 4 Total Taxes on corporate income Profits after tax Unit profits from current production 5 With inventory valuation and capital consumption adjustments Note Revisions include changes to series affected by revised wage and salary estimates for 2005 I Source Department of Commerce Bureau of Economic Analysis 3 NATIONAL INCOME Billions of dollars quarterly data at seasonally adjusted annual rates Proprietors income 1 Period I II III IV I II III IV I II III IV I II r National income r Compensation of employees Farm r Nonfarm Corporate profits with inventory valuation and capital consumption adjustments Rental income of persons with capital consumption adjustment Profits with inventory valuation adjustment and without capital consumption adjustment Total Total Profits before tax Inventory valuation adjustment With inventory valuation and capital consumption adjustments NOTE Revisions include changes to series affected by revised wage and salary estimates for Capital consumption adjustment Net interest and miscellaneous payments Taxes on production and imports Less Subsidies Business current transfer payments Current surplus of government enterprises Source Department of Commerce Bureau of Economic Analysis REAL PERSONAL CONSUMPTION EXPENDITURES Billions of chained 2000 dollars except as noted quarterly data at seasonally adjusted annual rates Durable goods Period I II III IV I II III IV I II III IV I II r Total personal consumption expenditures Total durable goods Motor vehicles and parts Furniture and household equipment Nondurable goods Other Total nondurable goods Food Includes other items not shown separately NOTE Because of the formula used for calculating real GDP the chained 2000 dollar estimates for the detailed components do not add to the chained dollar value of GDP or to any intermediate aggregates 4 Clothing and shoes Gasoline and oil Services Fuel oil and coal Other Total services Housing Source Department of Commerce Bureau of Economic Analysis Medical care Retail sales of new passenger cars and light trucks millions of units SOURCES OF PERSONAL INCOME Personal income rose 29 3 billion annual rate in July following an increase of 54 7 billion in June Wages and salaries rose 31 3 billion in July following an increase of 18 6 billion in June Billions of dollars monthly data at seasonally adjusted annual rates Compensation of employees received Supplements to wages and salaries Proprietors income 1 Personal income receipts on assets Rental income of persons 2 Personal current transfer receipts 3 Less Contributions for government social insurance Total personal income Total July Aug Sept Oct Nov Dec Jan r Feb r Mar r Apr r May r June r July p Period With 2 With Wage and salary disbursements inventory valuation and capital consumption adjustments capital consumption adjustment mainly of social insurance benefits to persons 3 Consists Farm Nonfarm Total Personal interest income Personal dividend income Personal income data for December 2004 reflect the payment of a special dividend by the Microsoft Corporation Note Revisions include changes to series affected by revised wage and salary estimates for 2005 I Source Department of Commerce Bureau of Economic Analysis 5 DISPOSITION OF PERSONAL INCOME According to revised estimates per capita disposable personal income in chained 2000 dollars rose at an annual rate of 1 1 percent in the second quarter of 2005 Period Personal income Less Personal current taxes Equals Disposable personal income Less Personal outlays 1 Equals Personal saving Disposable personal income in billions of chained 2000 dollars Per capita disposable personal income Current dollars Billions of dollars Chained 2000 dollars Per capita personal consumption expenditures Current dollars Chained 2000 dollars Dollars Percent change in real per capita disposable personal income Saving as percent of disposable personal income Population including Armed Forces overseas thousands 2 Percent Seasonally adjusted annual rates 2002 I II III IV I II III IV I II III IV I r II r 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 Note Revisions include changes to series affected by revised wage and salary estimates for 2005 I Source Department of Commerce Bureau of Economic Analysis and Bureau of the Census FARM INCOME According to the revised forecast for 2005 gross farm income is forecast at 290 5 billion and net farm income at 71 8 billion Billions of dollars quarterly data at seasonally adjusted annual rates Income of farm operators from farming Gross farm income Period Cash marketing receipts Total 1 Total 1996 r 1997 r 1998 r 1999 r 2000 r 2001 r 2002 r 2003 r 2004 r 2005 r I r II r III r IV r I r II r III r IV r I r II r III r IV r Livestock and products Cash marketing receipts Government payments value of changes in inventories other farm related cash income and nonmoney income produced by farms including imputed rent of operator residences 2 Crop receipts include proceeds received from commodities placed under Commodity Credit Corporation loans 3 Physical changes in beginning and ending year inventories of crop and livestock commodities valued at weighted average market prices during the period Crops Value of inventory changes Direct Government payments 4 Production expenses Net farm income Includes only Government payments made directly to farmers NOTE Data for 2004 and 2005 are forecasts Source Department of Agriculture 7 CORPORATE PROFITS In the second quarter of 2005 according to preliminary estimates corporate profits before tax rose 52 3 billion annual rate and profits after tax rose 36 8 billion Billions of dollars quarterly data at seasonally adjusted annual rates Profits before tax with inventory valuation adjustment 1 Profits after tax Domestic industries Period Profits before tax Nonfinancial Total 2 Total Financial Total 3 Manufacturing Utilities Wholesale Retail Taxes on corporate income Total Net dividends Undistributed profits Inventory valuation adjustment I II III IV I II III IV I II III IV I II p See p 4 for profits with inventory valuation and capital consumption adjustments rest of the world not shown separately 3 Includes industries not shown separately 2 Includes 8 4 Data by industry beginning 1998 are based on the 1997 North American Industry Classification System NAICS and are not directly comparable with data for prior years shown which are based on the 1987 Standard Industrial Classification SIC Source Department of Commerce Bureau of Economic Analysis REAL GROSS PRIVATE DOMESTIC INVESTMENT In the second quarter of 2005 according to revised estimates nonresidential fixed investment in chained 2000 dollars rose 25 6 billion annual rate and residential investment rose 13 8 billion There was an increase of 2 6 billion in inventories following an increase of 58 2 billion in the first quarter Billions of chained 2000 dollars quarterly data at seasonally adjusted annual rates Fixed investment Period Gross private domestic investment Change in private inventories Nonresidential Total Total Equipment and software Residential Structures Total Nonfarm I II III IV I II III IV I II III IV I II r NOTE See p 10 for further detail on fixed investment by type Because of the formula used for calculating real GDP the chained 2000 dollar estimates for the detailed components do not add to the chained dollar value of GDP or to any intermediate aggregates Source Department of Commerce Bureau of Economic Analysis 9 REAL PRIVATE FIXED INVESTMENT BY TYPE Billions of chained 2000 dollars quarterly data at seasonally adjusted annual rates Nonresidential Residential Equipment and software Period Total fixed investment Structures Information processing equipment and software Total nonresidential Structures Total Computers and peripheral equipment 1 Software Total Transportation equipment Other equipment Total residential Total 2 Single family Other Industrial equipment Equipment I II III IV I II III IV I II III IV I II r For details on this component see Survey of Current Business Tables for growth rates 5 3 2 for contributions and 5 3 3 for quantity indexes 2 Includes other items not shown separately NOTE Because of the formula used for calculating real GDP the chained 2000 dollar estimates for the detailed components do not add to the chained dollar value of GDP or to any intermediate aggregates Source Department of Commerce Bureau of Economic Analysis BUSINESS INVESTMENT Billions of dollars Capital expenditures By industry Period Total capital expenditures Total by industry Forestry fishing Con Manuand Min Utili strucfacagriing ties turtion culing tural services ProFor Real fesscomTransesional Health panies portaFiWhole Retail tion Infor nance tate scien care Other withand tific and out sale and maand 1 and emtrade trade waretion insur rental tech social and ployhousance leas nical assistance ees ing ing services For companies with employees Includes the following industries Management of companies and enterprises administrative and support and waste management educational services arts entertainment and recreation accommodation and food services and other services except public administration Also includes an item for structure and equipment expenditures serving multiple industry categories 10 NOTE Data from Annual Capital Expenditures Industry data are based on the North American Industry Classification System NAICS 1997 Data shown in this table are capital expenditures for both new and used structures and equipment Source Department of Commerce Bureau of the Census EMPLOYMENT UNEMPLOYMENT AND WAGES STATUS OF THE LABOR FORCE In August employment rose by 373 000 and unemployment fell by Thousands of persons 16 years of age and over except as noted monthly data seasonally adjusted except as noted by NSA Civilian employment Period Aug Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug Civilian noninstitutional population NSA Civilian labor force Percent 1 Unemployment Total Men 20 years and over Women 20 years and over Both sexes 16 19 years 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 2005 data reflect revised population controls and are not strictly comparable with earlier data Total Men 20 years and over Women 20 years and over Both sexes 16 19 years Not in labor force Labor force participation rate Employment population ratio Unemployment rate See Employment and Earnings for details on breaks in series Source Department of Labor Bureau of Labor Statistics 11 SELECTED UNEMPLOYMENT RATES In August the unemployment rate fell to 4 9 percent from 5 0 percent in July Monthly data seasonally adjusted Unemployment rate percent of civilian labor force in group By race or ethnicity 1 By sex and age Period Aug Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug All civilian workers Men 20 years and over Women 20 years and over Both sexes 16 19 years White Beginning in 2003 persons who selected this race group only Prior to 2003 persons who reported more than one race were included in the group they identified as the main race Persons whose ethnicity is identified as Hispanic or Latino may be of any race 12 By selected groups Black or African American Asian NSA Hispanic or Latino ethnicity Married men spouse present Women who maintain families NSA Full time workers Part time workers NOTE Data relate to persons age 16 years and over Source Department of Labor Bureau of Labor Statistics SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE PROGRAMS In August the percentages of the unemployed who had been out of work for less than 5 weeks and for 5 14 weeks fell the percentages for 15 26 weeks and for 27 weeks and over rose The mean duration of unemployment rose to 18 9 weeks and the median duration rose to 9 4 weeks Monthly data seasonally adjusted except as noted Duration of unemployment Period Unemployment thousands Percent distribution Less than 5 weeks 5 14 weeks weeks Reason for unemployment percent distribution State programs Number of weeks 27 weeks and over Average mean Median Job losers 1 Job leavers Reentrants New entrants Insured unemployment Initial claims Insured unemployment all regular programs unadjusted 2 Weekly average thousands Aug Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug Beginning January 1994 job losers and persons who completed temporary jobs 2 Includes State 50 States District of Columbia Puerto Rico and Virgin Islands ex servicemen UCX and Federal UCFE Also includes Federal and State extended benefit programs Does not include Railroad RR program Federal supplemental compensation or Emergency Unemployment Compensation programs p NOTE Data relate to persons age 16 years and over except for insured unemployment and initial claims Source Department of Labor Bureau of Labor Statistics and Employment and Training Administration 13 NONAGRICULTURAL EMPLOYMENT Total nonagricultural employment as measured by the payroll survey rose by 169 000 in August Thousands of wage and salary workers 1 monthly data seasonally adjusted Goods producing industries Period Total nonagricultural employment Total 2 Construction Manufacturing Service providing industries Total Trade transportation and utilities Total Aug Sept Oct Nov Dec Jan Feb Mar Apr May June r July r Aug p Retail trade Data from the establishment survey Includes all full and part time wage and salary workers in nonagricultural establishments who received pay for any part of the pay period that includes the 12th of the month Excludes proprietors self employed persons unpaid family workers and private household workers Data from the household survey shown on p 11 include those workers and also count persons as employed when they are not at work because of industrial disputes bad weather etc even if they are not paid for the time off In the series shown here persons who work at more than one job are counted each time they appear on a payroll in contrast to the series shown on p 11 where persons are counted only once as employed unemployed or not in the labor force See Employment and Earnings for details 14 Information Financial activities Profes Educasional tion Leisure and and and busihealth hospiness services tality services Other services Government Total Federal Includes natural resources and mining not shown separately 3 Includes wholesale trade transportation and warehousing and utilities not shown separately NOTE Data classified by industry based on the 2002 North American Industry Classification System NAICS For details see Employment and Earnings June 2003 Source Department of Labor Bureau of Labor Statistics AVERAGE WEEKLY HOURS HOURLY EARNINGS AND WEEKLY EARNINGS PRIVATE NONAGRICULTURAL INDUSTRIES For production or nonsupervisory workers monthly data seasonally adjusted Average weekly hours Average gross hourly earnings Manufacturing Period Aug Sept Oct Nov Dec Jan Feb Mar Apr May June July r Aug p Total private nonagricultural Total Average gross weekly earnings Total private nonagricultural 1 Overtime Current dollars dollars Total private nonagricultural 1 Manufacturing Current dollars r 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 base Percent change from a year earlier total private nonagricultural Current dollars 1982 dollars 2 Manufacturing Construction Retail trade r Current dollars dollars Source Department of Labor Bureau of Labor Statistics EMPLOYMENT COST INDEX PRIVATE INDUSTRY Index June 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 Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec June Sept Dec Mar June Sept Dec Mar June Sept Dec Mar June Sept Dec Mar June Seasonally adjusted 1 Employer costs for employee benefits NOTE The employment cost index is a measure of the change in the cost of labor free from the influence of employment shifts among occupations and industries Not seasonally adjusted Data exclude farm and household workers Source Department of Labor Bureau of Labor Statistics 15 PRODUCTIVITY AND RELATED DATA BUSINESS SECTOR Output per hour of all persons Period Business sector Nonfarm business sector Output 1 Business sector Nonfarm business sector Hours of all persons 2 Business sector Compensation per hour 3 Nonfarm business sector Business sector Nonfarm business sector Real compensation per hour 4 Business sector Nonfarm business sector Unit labor costs Implicit price deflator 5 Business sector Nonfarm business sector Business sector Nonfarm business sector Indexes quarterly data seasonally adjusted I II III IV I II III IV I II III IV I r II r Percent change quarterly data at seasonally adjusted annual rates I II III IV I II III IV I II III IV I II III IV I r II r Output refers to real gross domestic product originating in the sector 2 Hours of all persons engaged in the sector including hours of proprietors and unpaid family workers Estimates based primarily on establishment data 3 Wages and salaries of employees plus employers contributions for social insurance and private benefit plans Also includes an estimate of wages salaries and supplemental payments for the self employed 4 Hourly compensation divided by the consumer price index for all urban consumers CPI U for recent quarters The trend from is based on the consumer price index research series CPI U RS Current dollar gross domestic output divided by the output index 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 August Source Department of Labor Bureau of Labor Statistics PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION Industrial production rose in July capacity utilization fell Monthly data seasonally adjusted Total industrial production 1 Percent Period Index From preceding month Industry production indexes change 2 From year earlier Capacity utilization rate output as percent of capacity 1 Manufacturing Total 1 Durable Nondurable Other nonNAICS 1 Mining Utilities Total industry Total manufacturing July Aug Sept Oct Nov Dec Jan Feb Mar Apr r May r June r July p Total industry and total manufacturing series include manufacturing as defined in the North American Industry Classification System NAICS plus those industries logging and newspaper periodical book and directory publishing that have traditionally been included in manufacturing 2 Percent changes based on unrounded indexes NOTE Data based on the North American Industry Classification System NAICS except series as defined in footnote 1 Source Board of Governors of the Federal Reserve System 17 INDUSTRIAL PRODUCTION MAJOR MARKET GROUPS AND SELECTED MANUFACTURES monthly data seasonally adjusted Products and nonindustrial supplies Final products Consumer goods Equipment Durable goods Business equipment Period Total Total Materials Nonindustrial supplies Nondurable goods Total 1 Defense and space equipment Total Construction supplies Business supplies Total 1 Energy Jan Feb Mar Apr r May r June r July p July Aug Sept Oct Nov Dec 1 Includes other items not shown separately monthly data seasonally adjusted Durable manufactures Primary metal Period Total Iron and steel products Nondurable manufactures Computer and electronic products Fabricated metal products Machinery Total Selected hightechnology 1 Transportation equipment Total Motor vehicles and parts Apparel Printing and support Chemical Food Jan Feb Mar Apr r May r June r July p July Aug Sept Oct Nov Dec 1 Computers and office equipment communications equipment and semiconductors and related electronic components 18 Source Board of Governors of the Federal Reserve System NEW CONSTRUCTION Billions of dollars monthly data at seasonally adjusted annual rates Private Period Total new construction expenditures Residential Total Total 1 Federal and State and local Nonresidential New housing Total Lodging Commercial including farm Office Manufacturing Other July Aug Sept Oct Nov Dec r 1 037 5 r 1 044 4 r 1 048 7 r 1 048 5 r 1 063 4 r r 803 5 r 815 3 r 820 7 r 821 1 r 827 8 r r 567 7 r 580 2 r 576 8 r 581 7 r 585 1 r Jan Feb Mar Apr May r June r July p r r 853 3 r 610 0 r r 863 5 r 621 4 r r 864 1 r 619 7 r r 859 4 r Includes residential improvements not shown separately 2 Includes health care educational communication and power among other categories not shown separately NOTE Total new construction total private and private residential expenditures data have been revised beginning January 2004 Source Department of Commerce Bureau of the Census NEW PRIVATE HOUSING AND VACANCY RATES Thousands of units or houses except as noted New private housing units Period Total New private houses Units started by type of structure unit units 1 5 units or more Units authorized Units completed Houses sold Houses for sale at end of period 2 Vacancy rate for rental housing units percent r r Seasonally adjusted annual rates 2004 July Aug Sept Oct Nov Dec Jan Feb Mar Apr May r June r July p Derived seasonally adjusted monthly data for 2 4 units are no longer published adjusted series Quarterly data entered in last month of quarter 4 Based on 20 000 permit issuing places Based on 19 000 places the total for 2004 is 2 052 1 thousand units 2 Seasonally 3 Revised NOTE Beginning 2004 units authorized are for 20 000 permit issuing places For other data shown units authorized are for 19 000 places Beginning 1999 housing starts completions and sales are not directly comparable with earlier data due to new estimation methods Source Department of Commerce Bureau of the Census 19 BUSINESS SALES AND INVENTORIES Manufacturing and Trade In June according to current estimates manufacturing and trade sales rose 0 8 percent and inventories rose 0 9 billion Series revised to reflect benchmark revisions for manufacturing series According to advance estimates retail sales rose 1 9 percent in July Retail and food services sales rose 1 8 percent Millions of dollars except ratios seasonally adjusted except as noted Manufacturing and trade 1 Period Sales June r July r Aug Sept Oct Nov Dec r 822 999 r 823 870 r 850 144 r r 945 046 r 948 421 r 959 536 r 964 369 r Inventories 3 r 985 395 r r r r r r r r r r r r r r Inventorysales ratio r 1 43 r 1 37 r 1 35 r r 1 30 r 1 30 r 1 29 r 1 29 r 1 28 r Wholesale Sales 2 Inventories Retail Inventory sales ratio r r Jan r 1 30 Feb r 975 100 r r 983 324 r r 1 29 Mar r 1 29 Apr r 991 433 r r May June r p July 1 See page 21 for manufacturing data are averages of monthly not seasonally adjusted figures monthly data are seasonally adjusted totals for month 3 Seasonally adjusted end of period 2 Annual 20 Sales 2 Inventories Inventory sales ratio 4 Retail and food services sales Annual data are averages of seasonally adjusted monthly ratios Note Total manufacturing and trade data reflect benchmark revisions for manufacturing series see page 21 Source Department of Commerce Bureau of the Census MANUFACTURERS SHIPMENTS INVENTORIES AND ORDERS In July manufacturers shipments inventories and unfilled orders rose new orders fell Series revised Manufacturers shipments 1 Manufacturers inventories 2 Manufacturers new orders 1 Durable goods Period Total Durable goods Nondurable goods Total Durable goods Nondurable goods Total Total Capital goods industries nondefense Manufacturers unfilled orders 2 Manufacturers inventory shipments ratio 3 Millions of dollars seasonally adjusted except as noted 1995 r 1996 r 1997 r 1998 r 1999 r 2000 r 2001 r 2002 r 2003 r 2004 r July r Aug r Sept r Oct r Nov r Dec r Jan r Feb r Mar r Apr r May r June r July p Annual data are averages of monthly not seasonally adjusted figures monthly data are seasonally adjusted totals for month Shipments are the same as sales 2 Seasonally adjusted end of period 3 Annual data are averages of seasonally adjusted monthly ratios NOTE Manufacturers nondurable new orders not shown are the same as nondurable shipments Also there are no unfilled nondurable orders data shown for total unfilled orders are durable unfilled orders Total and durable shipments and inventories include data on semiconductors new and unfilled orders do not Data reflect benchmark revisions released on August Seasonally adjusted data revised beginning 1992 Source Department of Commerce Bureau of the Census 21 PRICES PRODUCER PRICES The producer price index for all finished goods rose 1 0 percent in July Prices of finished consumer foods fell 0 3 percent while prices of other finished consumer goods rose 1 8 percent Capital equipment prices rose 0 5 percent monthly data seasonally adjusted Finished goods Period Total finished goods Finished goods excluding consumer foods Consumer foods Consumer goods Total Total July Aug Sept Oct Nov Dec Jan Feb Mar r Apr May June July Intermediate Intermediate materials materials for food manufacturing and feeds Durable Nondurable Capital equipment Total finished consumer goods Crude materials Total Foods and feeds 1 Other Total Foodstuffs and feedstuffs Other Source Department of Labor Bureau of Labor Statistics CONSUMER PRICES ALL URBAN CONSUMERS In July the consumer price index for all urban consumers rose 0 5 percent both seasonally adjusted and not seasonally adjusted The index was 3 2 percent above its year earlier level except as noted monthly data seasonally adjusted except as noted All items 1 Housing Transportation Shelter Period Not season Seasonally ally adjust adjusted ed NSA Food Total 1 Rent of primary residence Total 1 Owners equivalent rent Fuels and utilities Apparel Total 1 New cars Motor fuel Medical care Energy 2 All items less food and energy Rel imp July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June July Includes items not shown separately fuels gas piped electricity fuel oil etc and motor fuel Motor oil coolant etc excluded beginning 1983 2 Household 3 Relative importance December 2004 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 Period Change from 3 months earlier annual rate Consumer goods Consumer goods Total finished goods Foods Capital equipment Excluding foods Change from 6 months earlier annual rate Change from year earlier total finished goods NSA Consumer goods Total finished goods Foods Excluding foods Capital equipment Total finished goods Foods Excluding foods Capital equipment r r r r r Change Dec to Dec NSA Change month to month 2004 July Aug Sept Oct Nov Dec Jan Feb Mar r Apr May June July r r r Source Department of Labor Bureau of Labor Statistics CHANGES IN CONSUMER PRICES ALL URBAN CONSUMERS Percent change from preceding period monthly data seasonally adjusted except as noted by NSA Housing Transportation Shelter Period All items 1 Food Total 1 Total 1 Rent of Ownpriers mary equivaresilent dence rent Fuels and utilities Apparel Total 1 New cars Motor fuel Medical care Energy 2 All items less food and energy Addendum All items percent change annual rate From previous quarter 3 From From 3 6 months months earlier earlier From year earlier NSA Change December to December NSA July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June July Change month to month Includes items not shown separately 2 Household fuels gas piped electricity fuel oil etc and motor fuel Motor oil coolant etc excluded beginning Quarterly changes are shown in the last month of the quarter Source Department of Labor Bureau of Labor Statistics PRICES RECEIVED AND PAID BY FARMERS In August prices received by farmers fell 0 8 percent prices paid by farmers were unchanged Data are not seasonally adjusted not seasonally adjusted Prices received by farmers Period Aug Sept Oct Nov Dec Jan Feb Mar Apr May June July r Aug Includes All farm products Prices paid by farmers Livestock and products Crops All commodities services interest taxes and wage rates 1 Production items interest taxes and wage rates Production items r 119 r items not shown separately 2 Percentage ratio of index of prices received by farmers to index of prices paid interest taxes and wage rates Ratio r NOTE The official indexes are published on a base as required by law The indexes have been converted to a base to facilitate comparison with other indexes Source Department of Agriculture 25 MONEY CREDIT AND SECURITY MARKETS MONEY STOCK AND DEBT MEASURES In July M2 and M3 rose Averages of daily figures except debt end of period basis billions of dollars seasonally adjusted M1 M2 M3 Debt Sum of currency demand deposits travelers checks and other checkable deposits OCDs M1 plus retail MMMF balances savings deposits including MMDAs and small time deposits M2 plus large time deposits RPs Eurodollars and institutional MMMF balances Debt of domestic nonfinancial sectors1 Dec Dec Dec r Dec r Dec r Dec r Dec r Dec r Dec r Dec r July r Aug r Sept r Oct r Nov r Dec r Jan r Feb r Mar r Apr r May r June r July Period 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 26 Percent change From year or 6 months earlier2 M1 M2 M3 From previous period3 Debt 3 Annual changes are from fourth quarter to fourth quarter Quarterly changes are from previous quarter at an annual rate See p 27 for components Source Board of Governors of the Federal Reserve System COMPONENTS OF MONEY STOCK Averages of daily figures billions of dollars seasonally adjusted Period Currency Nonbank travelers checks Demand deposits Savings deposits including money market deposit accounts MMDAs Other checkable deposits OCDs Small denomination time deposits 1 Dec Dec Dec Dec Dec r Dec r Dec r Dec r Dec r Dec r July r Aug r Sept r Oct r Nov r Dec r Jan r Feb r Mar r Apr r May r June r July Small denomination and large denomination deposits are those issued in amounts of less than and more than respectively Money market mutual fund balances Large denomination time deposits 1 Institutional Retail r 590 9 r 369 9 r 731 5 r Overnight and term Overnight repurand term chase Euroagreedollars ments net RPs net Source Board of Governors of the Federal Reserve System AGGREGATE RESERVES AND MONETARY BASE Averages of daily figures 1 millions of dollars seasonally adjusted except as noted by NSA Adjusted for changes in reserve requirements Period Total Borrowings of depository institutions from the Federal Reserve NSA Reserves of depository institutions Nonborrowed 3 Required Excess NSA Monetary base Total Primary Secondary Seasonal Adjustment 4 Dec Dec Dec Dec Dec Dec Dec Dec Dec r Dec r r Aug r Sept r Oct r Nov r Dec r Jan r Feb r Mar r Apr r May r June r July r Aug p Data are prorated averages of biweekly maintenance period averages of daily figures Reserves and monetary base incorporate adjustments for discontinuities or breaks associated with changes in reserve requirements 2 Seasonally adjusted break adjusted required reserves plus unadjusted excess reserves 3 Seasonally adjusted break adjusted total reserves less unadjusted total borrowings of depository institutions from the Federal Reserve 4 Discontinued after January Source Board of Governors of the Federal Reserve System 27 BANK CREDIT AT ALL COMMERCIAL BANKS Total commercial bank loans and leases rose 0 9 percent in July commercial and industrial loans rose 1 4 percent Billions of dollars seasonally adjusted 1 Securities in bank credit Period Dec Dec Dec Dec Dec Dec r Dec r Dec r Dec r Dec r July r Aug r Sept r Oct r Nov r Dec r Jan r Feb r Mar r Apr r May r June r July Total bank credit Total securities U S Treasury and agency securities Loans and leases in bank credit Real estate CommerOther Total loans cial and securities and leases 2 industrial 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 r 946 7 r Total Revolving home equity Consumer Security Other Other r 306 9 r 373 3 r Excludes Federal funds sold to reverse repurchase agreements RPs with and loans to commercial banks in the United States Source Board of Governors of the Federal Reserve System SOURCES AND USES OF FUNDS NONFARM NONFINANCIAL CORPORATE BUSINESS Billions of dollars quarterly data at seasonally adjusted annual rates Sources Uses External Net increase in liabilities Funds raised in markets Period Total I II III IV I II III IV I p Internal Credit market instruments Total Capital expenditures 3 Total Total net funds raised Net new equity issues Total Securities and mortgages 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 Loans and shortterm paper Other Increase in financial assets Discrepancy sources less uses Nonresidential fixed investment plus residential fixed investment inventory change with inventory valuation adjustment and nonproduced nonfinancial assets Source Board of Governors of the Federal Reserve System CONSUMER CREDIT Billions of dollars seasonally adjusted Consumer credit outstanding end of period Period Total Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec June July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June p Revolving 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 Nonrevolving Net change in consumer credit outstanding 1 Total Revolving Nonrevolving NOTE Effective October 7 2003 data beginning 1977 include student loans extended by the Federal Government and by SLM Holding Corporation Source Board of Governors of the Federal Reserve System 29 INTEREST RATES AND BOND YIELDS Interest rates rose in August Percent per annum U S Treasury security yields Constant Period Aug Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug Week ended 2005 Aug Sept Bank discount 3 month bills new issues 1 3 year maturities 2 10 year 30 year Highgrade municipal bonds Standard Poor s 3 Corporate Aaa bonds Moody s 30 Primary credit basis on actively traded issues adjusted to constant maturities 3 Weekly data are Wednesday figures 4 Discount window borrowing for primary credit and discount rate adjustment credit The rate for primary credit replaced the rate for adjustment credit under an amendment to the Federal Reserve Board s Regulation A effective January Average effective rate for year rate in effect at end of month or week 2 Yields Discount window N Y F R Bank 4 5 6 Daily Discount rate Prime rate charged by banks 5 Federal funds rate 6 Newhome mortgage yields FHFB 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 Series no longer published or discontinued 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 August Common stock prices 1 Period New York Stock Exchange indexes 2 3 December Dow Jones industrial average 4 Common stock yields percent 7 Standard Poor s composite index Nasdaq composite index Feb Dividendprice ratio Earningsprice ratio Composite Financial Energy Health Care Aug Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug Week ended 2005 Aug Sept Average of daily closing prices all the stocks nearly 3 000 listed on the NYSE January the NYSE relaunched the composite index with changes in methodology definitions and based on Dec Effective January 8 2004 new indexes for Financial Energy and Health Care were introduced by the NYSE Previous indexes shown for Industrial Transportation Utility and Finance were discontinued 4 Includes 30 stocks 2 Includes 3 Effective 5 Includes 500 stocks over 5 000 stocks Poor s series Dividend price ratios based on Wednesday closing prices Earnings price ratios based on prices at end of quarter 6 Includes 7 Standard Sources New York Stock Exchange Dow Jones Company Inc Standard Poor s and Nasdaq Stock Market 31 FEDERAL FINANCE FEDERAL RECEIPTS OUTLAYS AND DEBT In the first 10 months of fiscal 2005 there was a deficit of 302 6 billion compared with a deficit of 396 3 billion a year earlier Billions of dollars Total On budget Off budget Receipts Outlays Surplus or deficit Receipts Fiscal year or period estimates Cumulative total first 10 months 1 Fiscal year Fiscal year Data 32 from current issue Monthly Treasury Statement Outlays Surplus or deficit Federal debt end of period Receipts Outlays Surplus or deficit Gross Federal Held by the public NOTE Data for fiscal 2005 are from Mid Session Review Budget of the U S Government Fiscal Year 2006 issued July Other data except as noted are from Budget of the United States Government Fiscal Year 2006 issued February Sources Department of the Treasury and Office of Management and Budget FEDERAL RECEIPTS BY SOURCE AND OUTLAYS BY FUNCTION In the first 10 months of fiscal 2005 receipts were 211 6 billion higher than a year earlier and outlays were 117 9 billion higher Billions of dollars On budget and off budget receipts Fiscal year or period Total estimates Cumulative total first 10 months 2 Fiscal year Fiscal year Individual income taxes Corporation income taxes Social insurance and retirement receipts On budget and off budget outlays National defense Other Total Total Department of Defense military 1 International affairs Health Medicare Income Social security security Net interest Other Cumulative data for fiscal 2004 and 2005 for Department of Defense military include a small amount classified as international affairs and not included in national defense 2 Data from current issue Monthly Treasury Statement NOTE Data for fiscal 2005 are from Mid Session Review Budget of the U S Government Fiscal Year 2006 issued July Other data except as noted are from Budget of the United States Government Fiscal Year 2006 issued February Sources Department of the Treasury and Office of Management and Budget 33 FEDERAL SECTOR NATIONAL INCOME ACCOUNTS BASIS In the second quarter of 2005 according to preliminary estimates Federal current receipts rose 47 5 billion annual rate and Federal current expenditures rose 30 1 billion Billions of dollars quarterly data at seasonally adjusted annual rates Federal Government current receipts Current tax receipts Period Total Total1 Calendar year I II III IV I II III IV I II III IV I r II r Includes 2 Includes Personal current taxes Taxes on production and imports Taxes on corporate income Contributions for government social insurance taxes from the rest of the world not shown separately a subtraction for wage accruals less disbursements not shown separately Federal Government current expenditures Income receipts on assets Current transfer receipts Current surplus of government enterprises Total Consumption expenditures Current transfer payments Interest payments Subsidies Net Federal Government saving Note Revisions include changes to series affected by revised wage and salary estimates for 2005 I Source Department of Commerce Bureau of Economic Analysis INTERNATIONAL STATISTICS INDUSTRIAL PRODUCTION AND CONSUMER PRICES MAJOR INDUSTRIAL COUNTRIES Industrial production seasonally adjusted Period United States Canada p Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar r 118 1 Apr r 118 4 May r 119 4 June July p Aug p Japan France Germany Consumer prices NSA United Kingdom Italy Data relate to all urban consumers NOTE See Note p 17 for information on U S industrial production series United States 1 Canada Japan Germany France United Kingdom Italy r Source National sources as reported by Department of Commerce Bureau of Economic Analysis and International Trade Administration Office of Trade and Industry Information and Council of Economic Advisers U S INTERNATIONAL TRADE IN GOODS AND SERVICES Billions of dollars monthly data seasonally adjusted Goods Exports f a s value Goods Imports customs value Census basis by end use category Services BOP basis Balance of trade exports minus imports Census basis by end use category BOP basis Period BOP basis Total Census basis 1 Auto ConIndusmo sumer Foods trial Capital tive goods feeds supgoods vehi nonand plies except cles food bevand auto parts except erages mate motive and autorials enmogines tive June July Aug Sept Oct Nov Dec Jan Feb Mar Apr May r June p BOP basis IndusAutoFoods trial Capital motive Total feeds supgoods vehiCensus and plies except cles basis 1 bevand auto parts erages mate motive and enrials gines Consumer goods nonfood except automotive Exports Imports Goods Census basis Goods Services Goods and services Total includes other exports or imports not shown separately NOTE BOP refers to balance of payments on international transactions basis BOP data shown here are consistent with figures shown on pp 36 and 37 Source Department of Commerce Bureau of the Census and Bureau of Economic Analysis 35 U S INTERNATIONAL TRANSACTIONS In the first quarter of 2005 the goods deficit rose to 186 3 billion from 182 2 billion in the fourth quarter of 2004 The current account deficit rose to 195 1 billion in the first quarter from 188 4 billion in the fourth quarter Millions of dollars quarterly data seasonally adjusted Credits debits Goods 1 Period Exports Imports Services Balance on goods Net military transactions I II III IV I II III IV I II III IV I p Adjusted Net travel and transportation Other services net Receipts Payments Balance on income Unilateral current transfers net 3 Balance on current account from Census data for differences in timing and coverage excludes military 2 Transfers under U S military agency sales contracts exports minus direct defense expenditures imports 36 Income receipts and payments Balance on goods and services Includes transfers of goods and services under U S military grant programs See p 37 for continuation of table U S INTERNATIONAL TRANSACTIONS Continued In the financial account U S claims on foreigners reported by U S banks decreased 62 3 billion in the first quarter of 2005 in contrast to an increase of 97 3 billion in the fourth quarter of 2004 U S liabilities to private foreigners reported by U S banks excluding Treasury securities decreased 78 3 billion in the first quarter in contrast to an increase of 91 5 billion in the fourth quarter Millions of dollars quarterly data seasonally adjusted Credits debits Financial account Period Capital account transactions net U S owned assets abroad net increase financial outflow Total U S official reserve assets 4 Other U S Government assets Statistical discrepancy Foreign owned assets in the U S net increase financial inflow U S private assets Total Foreign official assets Other foreign assets Total sum of the items with sign reversed Of which Seasonal adjustment discrepancy U S official reserve assets net 4 unadjusted end of period r I II III IV I II III IV I II III IV I p Consists of gold special drawing rights SDRs foreign currencies and the U S reserve position in the International Monetary Fund IMF Sources Department of Commerce Bureau of Economic Analysis and Department of the Treasury 37 Contents Page TOTAL OUTPUT INCOME AND SPENDING Gross Domestic Product Real Gross Domestic Product Implicit Price Deflators for Gross Domestic Product Gross Domestic Product and Related Price Measures Indexes and Percent Changes Nonfinancial Corporate Business Gross Value Added and Price Costs and Profits National Income Real Personal Consumption Expenditures Sources of Personal Income Disposition of Personal Income Farm Income Corporate Profits Real Gross Private Domestic Investment Real Private Fixed Investment by Type Business Investment 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 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 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 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 FEDERAL FINANCE Federal Receipts Outlays and Debt Federal Receipts by Source and Outlays by Function Federal Sector National Income Accounts Basis INTERNATIONAL STATISTICS Industrial Production and Consumer Prices Major Industrial Countries U S International Trade in Goods and Services U S International Transactions General Notes Detail in these tables may not add to totals because of rounding Unless otherwise noted all dollar figures are in current dollars Symbols used p Preliminary r Revised c Corrected Not available also not applicable NSA not seasonally adjusted 38 For sale by the Superintendent of Documents U S Government Printing Office Washington D C 20402 Price 3 00 single copy 3 75 foreign Subscription price 33 00 per year 41 25 for foreign mailing U S GOVERNMENT PRINTING OFFICE

Money Stock and Debt Measures

DATE: August 2005

PART OF:

Economic Indicators : August 2005

AUTHOR:

Council of Economic Advisers (U.S.)

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Council of Economic Advisers (U.S.) , United States. Congress. Joint Committee on the Economic Report, 1946-1956 and United States. Congress. Joint Economic Committee, 1956-. "Money Stock and Debt Measures," in Council of Economic Advisers (U.S.) , United States. Congress. Joint Committee on the Economic Report, 1946-1956 and United States. Congress. Joint Economic Committee, 1956-. "August 2005," Economic Indicators (August 2005) : 28-28. https://fraser.stlouisfed.org/title/1/item/113/toc/75647 , accessed on December 8, 2019.

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Economic Data