Corporate Profits

Name: Corporate Profits
Creator: FRASER
Keywords: Economic Data, Economic indicators, Economic conditions, United States

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The following is plain-text output generated by Optical Character Recognition. 110th Congress 1st Session Economic Indicators MARCH 2007 Includes data available as of April Prepared for the Joint Economic Committee by the Council of Economic Advisers UNITED STATES GOVERNMENT PRINTING OFFICE mstockstill on PROD1PC66 with ECOIND WASHINGTON 2007 VerDate Aug Apr Jkt 034510 PO 00000 Frm 00039 Fmt 3439 Sfmt 3439 E HR OC ECOIND 039 ECOIND JOINT ECONOMIC COMMITTEE Created pursuant to Sec 5 a of Public Law 304 79th Cong CHARLES E SCHUMER New York Chairman CAROLYN B MALONEY New York Vice Chair HOUSE OF REPRESENTATIVES MAURICE D HINCHEY New York BARON P HILL Indiana LORETTA SANCHEZ California ELIJAH E CUMMINGS Maryland LLOYD DOGGETT Texas JIM SAXTON New Jersey KEVIN BRADY Texas PHIL ENGLISH Pennsylvania RON PAUL Texas SENATE EDWARD M KENNEDY Massachusetts JEFF BINGAMAN New Mexico AMY KLOBUCHAR Minnesota ROBERT P CASEY Jr Pennsylvania JAMES WEBB Virginia SAM BROWNBACK Kansas JOHN E SUNUNU New Hampshire JIM DeMINT South Carolina ROBERT F BENNETT Utah COUNCIL OF ECONOMIC ADVISERS EDWARD P LAZEAR Chairman KATHERINE BAICKER 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 Charts prepared under the direction of the Printing and Procurement Branch Office of the Secretary Department of Commerce mstockstill on PROD1PC66 with ECOIND 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 Also available on the internet at the following address http www gpoaccess gov indicators ii VerDate Aug Apr Jkt 034510 PO 00000 Frm 00040 Fmt 3440 Sfmt 3440 E HR OC ECOIND 040 ECOIND TOTAL OUTPUT INCOME AND SPENDING GROSS DOMESTIC PRODUCT In the fourth quarter of 2006 according to revised estimates current dollar gross domestic product GDP rose 4 1 percent annual rate real GDP GDP in chained 2000 dollars rose 2 5 percent and the implicit price deflator rose 1 6 percent Billions of current dollars quarterly data at seasonally adjusted annual rates r I II III IV I II III IV I II III IV I II III IV r GDP 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 VerDate Aug Apr Jkt 034510 PO 00000 Frm 00001 Fmt 3401 Sfmt 3401 E HR OC ECOIND 001 ECOIND G GRAPHICS eecoind 001 mstockstill on PROD1PC66 with ECOIND Period Exports and imports of goods and services Personal Gross Gross conprivate domestic sumption domestic product expendi investtures ment REAL GROSS DOMESTIC PRODUCT Billions of chained 2000 dollars quarterly data at seasonally adjusted annual rates Gross private domestic investment Gross domestic product Period r I II III IV I II III IV I II III IV I II III IV r 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 Gross domestic product mstockstill on PROD1PC66 with ECOIND Period r I II III IV I II III IV I II III IV I II III IV r Total Durable goods Nondurable goods 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 Source Department of Commerce Bureau of Economic Analysis 2 VerDate Aug Apr Jkt 034510 PO 00000 Frm 00002 Fmt 3401 Sfmt 3401 E HR OC ECOIND 002 ECOIND 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 r I II III IV I II III IV I II III IV I II III IV I II III IV r Quarterly GDP implicit price deflator GDP chain type price index percent changes are at annual rates 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 mstockstill on PROD1PC66 with ECOIND Current dollars p I II III IV I II III IV I II III IV I II III IV 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 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 Less subsidies plus business current transfer payments profits from current production inventory valuation and capital consumption adjustments Source Department of Commerce Bureau of Economic Analysis 4 Unit 5 With 3 VerDate Aug Apr Jkt 034510 PO 00000 Frm 00003 Fmt 3401 Sfmt 3401 E HR OC ECOIND 003 ECOIND NATIONAL INCOME Billions of dollars quarterly data at seasonally adjusted annual rates Proprietors income 1 National income Period r I II III IV I II III IV I II III IV I II III IV r 1 With Compensation of employees Farm Nonfarm Corporate profits with inventory valuation and capital consumption adjustments Rental income of persons with capital consumption adjustment Capital consumption adjustment Total Total Inventory valuation adjustment Profits before tax inventory valuation and capital consumption adjustments Net interest and miscellaneous payments Taxes on production and imports Profits with inventory valuation adjustment and without capital consumption adjustment 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 Total personal consumption expenditures Period mstockstill on PROD1PC66 with ECOIND r I II III IV I II III IV I II III IV I II III IV r 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 Gasoline and oil Clothing and shoes Services Fuel oil and coal Total services 1 Other Apr Jkt 034510 PO 00000 Frm 00004 Fmt Source Department of Commerce Bureau of Economic Analysis 4 VerDate Aug Housing Sfmt 3401 E HR OC ECOIND 004 ECOIND Medical care Retail sales of new passenger cars and light trucks millions of units SOURCES OF PERSONAL INCOME Personal income rose 65 4 billion annual rate in February following an increase of 110 5 billion in January Wages and salaries rose 23 8 billion in February following an increase of 72 4 billion in January Billions of dollars monthly data at seasonally adjusted annual rates Compensation of employees received Total personal income Period r Feb Mar Apr May June July Aug Sept Oct r Nov r Dec r Jan r Feb p With Farm Nonfarm inventory valuation and capital consumption adjustments capital consumption adjustment mainly of social insurance benefits to persons Personal income receipts on assets Rental income of persons Total Personal interest income Personal dividend income Personal current transfer receipts Less Contributions for government social insurance Source Department of Commerce Bureau of Economic Analysis 3 Consists 5 VerDate Aug Apr Jkt 034510 PO 00000 Frm 00005 Fmt 3401 Sfmt 3401 E HR OC ECOIND 005 ECOIND g graphics eecoind 005 mstockstill on PROD1PC66 with ECOIND 2 With Total Wage and salary disbursements Supplements to wages and salaries Proprietors income 1 DISPOSITION OF PERSONAL INCOME According to revised estimates per capita disposable personal income in chained 2000 dollars rose at an annual rate of 4 3 percent in the fourth quarter of 2006 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 2000 dollars Per capita disposable personal income Current dollars Billions of dollars r r r r r r r 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 I r II r III r IV 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 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 Per capita series reflect revised population data beginning 2000 Source Department of Commerce Bureau of Economic Analysis and Bureau of the Census 6 VerDate Aug Apr Jkt 034510 PO 00000 Frm 00006 Fmt 3401 Sfmt 3401 E HR OC ECOIND 006 ECOIND g graphics eecoind 006 mstockstill on PROD1PC66 with ECOIND Seasonally adjusted annual rates FARM INCOME According to the preliminary forecast for 2007 gross farm income is forecast at 318 0 billion and net farm income at 66 6 billion Billions of dollars quarterly data at seasonally adjusted annual rates Income of farm operators from farming Gross farm income Cash marketing receipts Total 1 Total mstockstill on PROD1PC66 with ECOIND r p I II III IV I r II r III r IV r I p II p III p IV p 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 Value of inventory changes 3 Crops Direct Government payments 4 Production expenses Net farm income Includes only Government payments made directly to farmers NOTE Data for 2006 and 2007 are forecasts Source Department of Agriculture 7 VerDate Aug Apr Jkt 034510 PO 00000 Frm 00007 Fmt 3401 Sfmt 3401 E HR OC ECOIND 007 ECOIND g graphics eecoind 007 Period CORPORATE PROFITS In the fourth quarter of 2006 according to current estimates corporate profits before tax fell 16 4 billion annual rate and profits after tax fell 1 9 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 Financial Total 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 III IV 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 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 8 VerDate Aug Apr Jkt 034510 PO 00000 Frm 00008 Fmt 3401 Sfmt 3401 E HR OC ECOIND 008 ECOIND g graphics eecoind 008 mstockstill on PROD1PC66 with ECOIND REAL GROSS PRIVATE DOMESTIC INVESTMENT In the fourth quarter of 2006 according to revised estimates nonresidential fixed investment in chained 2000 dollars fell 10 5 billion annual rate and residential investment fell 30 6 billion There was an increase of 22 4 billion in inventories following an increase of 55 4 billion in the third quarter Billions of chained 2000 dollars quarterly data at seasonally adjusted annual rates Fixed investment Gross private domestic investment Period Change in private inventories Nonresidential Total Equipment and software Residential Structures Total Total Nonfarm I II III IV I II III IV I II III IV I II III IV 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 VerDate Aug Apr Jkt 034510 PO 00000 Frm 00009 Fmt 3401 Sfmt 3401 E HR OC ECOIND 009 ECOIND g graphics eecoind 009 mstockstill on PROD1PC66 with ECOIND r 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 r I II III IV I II III IV I II III IV I II III IV 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 portaFiwithWhole Retail tion Infor nance tate scien care and and out sale and maand rental tific social Other 1 emand trade trade waretion insur and tech assisployhousance leas nical tance ees ing ing services mstockstill on PROD1PC66 with ECOIND For companies with employees r Includes the following industries Management of companies and enterprises administrative and support and waste management educational services arts entertainment and recreation accommodation and food services and other services except public administration Also includes an item for structure and equipment expenditures serving multiple industry categories NOTE Data from Annual Capital Expenditures Industry data are based on the North American Industry Classification System NAICS Data shown in this table are capital expenditures for both new and used structures and equipment Source Department of Commerce Bureau of the Census 10 VerDate Aug Apr Jkt 034510 PO 00000 Frm 00010 Fmt 3401 Sfmt 3401 E HR OC ECOIND 010 ECOIND EMPLOYMENT UNEMPLOYMENT AND WAGES STATUS OF THE LABOR FORCE In March employment rose by 335 000 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 Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar Civilian noninstitutional population NSA Civilian labor force 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 2007 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 VerDate Aug Apr Jkt 034510 PO 00000 Frm 00011 Fmt 3401 Sfmt 3401 E HR OC ECOIND 011 ECOIND g graphics eecoind 011 mstockstill on PROD1PC66 with ECOIND Period Percent 1 Unemployment SELECTED UNEMPLOYMENT RATES In March the unemployment rate fell to 4 4 percent from 4 5 percent in February Monthly data seasonally adjusted Unemployment rate percent of civilian labor force in group By race or ethnicity 1 mstockstill on PROD1PC66 with ECOIND Period All civilian workers Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar 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 By selected groups Black or African American Asian NSA Hispanic or Latino ethnicity Married men spouse present Apr Jkt 034510 PO 00000 Frm 00012 Fmt 3401 Full time workers Part time workers NOTE Data relate to persons age 16 years and over Source Department of Labor Bureau of Labor Statistics 12 VerDate Aug Women who maintain families NSA Sfmt 3401 E HR OC ECOIND 012 ECOIND g graphics eecoind 012 By sex and age SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE PROGRAMS In March the percentage of the unemployed who had been out of work for less than 5 weeks fell the percentages for 5 14 weeks for 15 26 weeks and for 27 weeks and over rose The mean duration of unemployment rose to 17 3 weeks and the median duration rose to 8 5 weeks Monthly data seasonally adjusted except as noted Duration of unemployment Period Unemployment thousands Percent distribution Less than 5 weeks 5 14 weeks 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 Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar 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 r 2 455 r 2 437 r 2 425 r 2 435 r 2 466 r r 2 433 r 2 458 r 2 457 r r 307 r 312 r 328 r r 315 r 314 r 325 r 320 r 311 r 337 p NOTE Data relate to persons age 16 years and over except for insured unemployment and initial cliims Seasonally adjusted insured and initial unemployment claims data reflect annual revisions Source Department of Labor Bureau of Labor Statistics and Employment and Training Administration 13 VerDate Aug Apr Jkt 034510 PO 00000 Frm 00013 Fmt 3401 Sfmt 3401 E HR OC ECOIND 013 ECOIND g graphics eecoind 013 mstockstill on PROD1PC66 with ECOIND Weekly average thousands NONAGRICULTURAL EMPLOYMENT Total nonagricultural employment as measured by the payroll survey rose by 180 000 in March Thousands of wage and salary workers 1 monthly data seasonally adjusted Goods producing industries Total 2 Construction Manufacturing Service providing industries Total Trade transportation and utilities Total Mar Apr May June July Aug Sept Oct Nov Dec Jan r Feb r Mar p mstockstill on PROD1PC66 with ECOIND 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 2 Includes 3 Includes Information Financial activities Profes Educasional tion Leisure and and and busihealth hospiness services tality services Apr Jkt 034510 PO 00000 Frm 00014 Fmt 3401 Government Total Federal natural resources and mining not shown separately wholesale trade transportation and warehousing and utilities not shown sepa rately 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 14 VerDate Aug Other services Sfmt 3401 E HR OC ECOIND 014 ECOIND g graphics eecoind 014 Period Total nonagricultural employment AVERAGE WEEKLY HOURS HOURLY EARNINGS AND WEEKLY EARNINGS PRIVATE NONAGRICULTURAL INDUSTRIES For production or nonsupervisory workers monthly data seasonally adjusted Average weekly hours Average gross hourly earnings Manufacturing Total private nonagricultural 1 Period Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan r Feb r Mar p Total Average gross weekly earnings Total private nonagricultural 1 Current dollars Overtime dollars Total private nonagricultural 1 Manufacturing Current dollars 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 Current dollars dollars Source Department of Labor Bureau of Labor Statistics EMPLOYMENT COST INDEX PRIVATE INDUSTRY Index December Percent change from 3 months earlier Period Total compensation Wages and salaries Benefits 1 Total compensation 12 months earlier Wages and salaries Benefits 1 Total compensation Wages and salaries Benefits 1 Not seasonally adjusted Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec mstockstill on PROD1PC66 with ECOIND Seasonally adjusted 2003 Mar June Sept Dec Mar June Sept Dec Mar June Sept Dec Mar June Sept Dec 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 Not seasonally adjusted 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 Source Department of Labor Bureau of Labor Statistics 15 VerDate Aug Apr Jkt 034510 PO 00000 Frm 00015 Fmt 3401 Sfmt 3401 E HR OC ECOIND 015 ECOIND PRODUCTIVITY AND RELATED DATA BUSINESS SECTOR Output per hour of all persons Period Business sector Nonfarm business sector Output 1 Business sector Hours of all persons 2 Nonfarm business sector Business sector Compensation per hour 3 Nonfarm business sector Business sector Nonfarm business sector Real compensation per hour 4 Business sector Nonfarm business sector Unit labor costs Business sector Nonfarm business sector Implicit price deflator 5 Business sector Nonfarm business sector Indexes quarterly data seasonally adjusted I II III IV I II III IV I II III IV I II III IV 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 II III IV mstockstill on PROD1PC66 with ECOIND 1 Output refers to real gross domestic product originating in the sector 2 Hours of all persons engaged in the sector including hours of proprietors and unpaid family workers Estimates based primarily on establishment data 3 Wages and salaries of employees plus employers contributions for social insurance and private benefit plans Also includes an estimate of wages salaries and supplemental payments for the self employed 4 Hourly compensation divided by the consumer price index for all urban consumers CPI U for recent quarters The trend from is based on the consumer price index research series CPI U RS 5 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 February Source Department of Labor Bureau of Labor Statistics 16 VerDate Aug Apr Jkt 034510 PO 00000 Frm 00016 Fmt 3401 Sfmt 3401 E HR OC ECOIND 016 ECOIND PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION Industrial production and capacity utilization rose in February Monthly data seasonally adjusted Total industrial production 1 Percent Period Index 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 Feb Mar Apr May June July Aug Sept Oct Nov r Dec r Jan r Feb 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 VerDate Aug Apr Jkt 034510 PO 00000 Frm 00017 Fmt 3401 Sfmt 3401 E HR OC ECOIND 017 ECOIND G graphics eecoind 017 mstockstill on PROD1PC66 with ECOIND r INDUSTRIAL PRODUCTION MAJOR MARKET GROUPS AND SELECTED MANUFACTURES monthly data seasonally adjusted Products and nonindustrial supplies Materials Final products Nonindustrial supplies Consumer goods Equipment Durable goods Business equipment Period Total Total Nondurable goods Total 1 Defense and space equipment Total Construction supplies Business supplies Total 1 Energy r Feb Mar Apr May June July Aug Sept Oct Nov r Dec r Jan r Feb p 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 r Feb Mar Apr May June July Aug Sept Oct Nov r Dec r Jan r Feb p mstockstill on PROD1PC66 with ECOIND 1 Computers and office equipment communications equipment and semiconductors and related electronic components Source Board of Governors of the Federal Reserve System 18 VerDate Aug Apr Jkt 034510 PO 00000 Frm 00018 Fmt 3401 Sfmt 3401 E HR OC ECOIND 018 ECOIND NEW CONSTRUCTION Billions of dollars monthly data at seasonally adjusted annual rates Private Period r Feb Mar Apr May June July Aug Sept Oct Nov Dec r Jan r Feb p Total new construction expenditures Residential Total New housing Total Federal and State and local Nonresidential Total Includes residential improvements not shown separately 2 Includes health care educational communication and power among other categories not shown separately Lodging Commercial including farm Office Manufacturing Other Source Department of Commerce Bureau of the Census NEW PRIVATE HOUSING AND VACANCY RATES Thousands of units or houses except as noted New private housing units Units started by type of structure Period Total r New private houses units 1 1 unit units or more Units authorized Units completed Houses sold Houses for sale at end of period 2 Vacancy rate for rental housing units percent Seasonally adjusted annual rates 2006 Feb Mar Apr May June July Aug Sept Oct Nov Dec r r Jan r Feb 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 mstockstill on PROD1PC66 with ECOIND 3 Revised NOTE Beginning 2004 units authorized are for 20 000 permit issuing places For other data shown units authorized are for 19 000 places Beginning 1999 housing starts completions and sales are not directly comparable with earlier data due to new estimation methods Source Department of Commerce Bureau of the Census 19 VerDate Aug Apr Jkt 034510 PO 00000 Frm 00019 Fmt 3401 Sfmt 3401 E HR OC ECOIND 019 ECOIND BUSINESS SALES AND INVENTORIES Manufacturing and Trade In February according to preliminary estimates manufacturing and trade sales rose 0 3 percent and inventories rose 3 1 billion in January According to advance estimates retail sales rose 0 2 percent in February Retail and food services sales were about unchanged Series revised for retail and wholesale trade Millions of dollars except ratios seasonally adjusted except as noted Manufacturing and trade 1 Sales 2 1997 r 1998 r 1999 r 2000 r 2001 r 2002 r 2003 r 2004 r 2005 r 2006 r 2006 mstockstill on PROD1PC66 with ECOIND Feb r Mar r Apr r May r June r July r Aug r Sept r Oct r Nov r Dec r Jan p Feb p Inventories 3 Inventorysales ratio r 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 Sales 2 Inventories r r Retail Inventory sales ratio r Sales Apr Jkt 034510 PO 00000 Frm 00020 Fmt 3401 Inventory sales ratio r Retail and food services sales r Annual data are averages of seasonally adjusted monthly ratios Note Data revised for wholesale and retail series and therefore total manufacturing and trade to reflect annual revisions released on March Source Department of Commerce Bureau of the Census 20 VerDate Aug Inventories 3 Sfmt 3401 E HR OC ECOIND 020 ECOIND G graphics eecoind 020 Period Wholesale MANUFACTURERS SHIPMENTS INVENTORIES AND ORDERS In February manufacturers shipments fell while inventories new and unfilled orders rose Manufacturers shipments 1 Manufacturers inventories 2 Manufacturers new orders 1 Durable goods Period Total Durable goods Nondurable goods Durable goods Total Nondurable goods Total Total Capital goods industries nondefense Manufacturers unfilled orders 2 Manufacturers inventory shipments ratio 3 Millions of dollars seasonally adjusted except as noted Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan r Feb 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 Source Department of Commerce Bureau of the Census 21 VerDate Aug Apr Jkt 034510 PO 00000 Frm 00021 Fmt 3401 Sfmt 3401 E HR OC ECOIND 021 ECOIND g graphics eecoind 021 mstockstill on PROD1PC66 with ECOIND PRICES PRODUCER PRICES The producer price index for all finished goods rose 1 3 percent in February Prices of finished consumer foods rose 1 9 percent while prices of other finished consumer goods rose 1 5 percent Capital equipment prices rose 0 3 percent monthly data seasonally adjusted Finished goods Total finished goods Finished goods excluding consumer foods Consumer foods Consumer goods Total mstockstill on PROD1PC66 with ECOIND Total p Feb Mar Apr May June July Aug Sept Oct r Nov Dec Jan Feb Intermediate Durable Nondurable materials for food manufacturing and feeds Capital equipment Crude materials Total Foods and feeds 1 Other Total Foodstuffs and feedstuffs Other Source Department of Labor Bureau of Labor Statistics 22 VerDate Aug Apr Jkt 034510 PO 00000 Frm 00022 Fmt 3401 Sfmt 3401 E HR OC ECOIND 022 ECOIND G graphics eecoind 022 Period Intermediate materials Total finished consumer goods CONSUMER PRICES ALL URBAN CONSUMERS In February the consumer price index for all urban consumers rose 0 4 percent seasonally adjusted it rose 0 5 percent not seasonally adjusted The index was 2 4 percent above its year earlier level except as noted monthly data seasonally adjusted except as noted All items 1 Housing Transportation Shelter Period Not seasonally adjusted NSA Seasonally adjusted Food Rent of primary residence Total 1 Total 1 Owners equivalent rent Fuels and utilities Apparel Total 1 Motor fuel Medical care Energy 2 All items less food and energy Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb Includes items not shown separately fuels gas piped electricity fuel oil etc and motor fuel Motor oil coolant etc excluded beginning 1983 2 Household Relative importance December 2006 Source Department of Labor Bureau of Labor Statistics 23 VerDate Aug Apr Jkt 034510 PO 00000 Frm 00023 Fmt 3401 Sfmt 3401 E HR OC ECOIND 023 ECOIND g graphics eecoind 023 mstockstill on PROD1PC66 with ECOIND Rel imp 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 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 Excluding foods Change Dec to Dec NSA p Change month to month 2006 Feb Mar Apr May June July Aug Sept Oct r Nov Dec r r r r Jan Feb r7 3 r10 0 r7 3 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 Change month to month Jan Feb mstockstill on PROD1PC66 with ECOIND 2006 Feb Mar Apr May June July Aug Sept Oct Nov Dec 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 Quarterly changes are shown in the last month of the quarter Source Department of Labor Bureau of Labor Statistics 24 VerDate Aug Apr Jkt 034510 PO 00000 Frm 00024 Fmt 3401 Sfmt 3401 E HR OC ECOIND 024 ECOIND PRICES RECEIVED AND PAID BY FARMERS In March prices received by farmers rose 3 9 percent prices paid by farmers rose 1 3 percent Data are not seasonally adjusted not seasonally adjusted Prices received by farmers Period Livestock and products Crops All commodities services interest taxes and wage rates 1 Production items interest taxes and wage rates Production items Ratio Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb r Mar Includes items not shown separately ratio of index of prices received by farmers to index of prices paid interest taxes and wage rates 2 Percentage NOTE The official indexes are published on a base as required by law The indexes have been converted to a base to facilitate comparison with other indexes Source Department of Agriculture 25 VerDate Aug Apr Jkt 034510 PO 00000 Frm 00025 Fmt 3401 Sfmt 3401 E HR OC ECOIND 025 ECOIND G GRAPHICS eecoind 025 mstockstill on PROD1PC66 with ECOIND All farm products Prices paid by farmers MONEY CREDIT AND SECURITY MARKETS MONEY STOCK AND DEBT MEASURES In February M2 rose Averages of daily figures except debt end of period basis billions of dollars seasonally adjusted M1 M2 Sum of currency demand deposits travelers checks and other checkable deposits OCDs M1 plus retail MMMF balances savings deposits including MMDAs and small time deposits Feb Mar Apr May June July Aug Sept Oct Nov r Dec Jan Feb mstockstill on PROD1PC66 with ECOIND Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec 1 Quarterly data shown in last month of quarter End of year data are for fourth quarter Consists of outstanding credit market debt of the U S Government State and local governments and private nonfinancial sectors data from flow of funds accounts 2 Annual changes are from December to December and monthly changes are from 6 months earlier at a simple annual rate 3 Annual changes are from fourth quarter to fourth quarter Quarterly changes are from previous quarter at an annual rate Debt of domestic nonfinancial sectors Apr Jkt 034510 PO 00000 Frm 00026 Fmt 3401 M1 M2 From previous period 3 Debt Note The Federal Reserve previously announced that the M3 monetary aggregate and most of its components would no longer be published Institutional money market mutual funds will continue to be published as a memorandum item in the H 6 release and the component on large denomination time deposits will be published in other Federal Reserve Board releases For details see H 6 release of March See p 27 for components Source Board of Governors of the Federal Reserve System 26 VerDate Aug Percent change From year or 6 months earlier 2 Sfmt 3401 E HR OC ECOIND 026 ECOIND g graphics eecoind 026 Period Debt COMPONENTS OF MONEY STOCK Averages of daily figures billions of dollars seasonally adjusted Period Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Currency Other checkable deposits OCDs Nonbank travelers checks Demand deposits At commercial banks Total At commercial banks Small denomination time deposits 2 Savings deposits 1 Total At thrift institutions At thrift institutions Total At commercial banks At thrift institutions Retail money funds Institutional money funds Feb Mar Apr May June July Aug r Sept Oct Nov r Dec r Jan r Feb Savings deposits including money market deposit accounts MMDAs deposits are those issued in amounts of less than money funds are not part of non M1 M2 NOTE See Note p 26 Source Board of Governors of the Federal Reserve System 2 Small denomination 3 Institutional AGGREGATE RESERVES AND MONETARY BASE Averages of daily figures 1 millions of dollars seasonally adjusted except as noted by NSA Adjusted for changes in reserve requirements Period Nonborrowed 3 Total Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Borrowings of depository institutions from the Federal Reserve NSA Reserves of depository institutions Required Excess NSA Monetary base Primary Total Secondary Seasonal Adjustment Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan r Feb r mstockstill on PROD1PC66 with ECOIND 1 Data are prorated averages of biweekly maintenance period averages of daily figures Reserves and monetary base incorporate adjustments for discontinuities or breaks associated with changes in reserve requirements 2 Seasonally adjusted break adjusted required reserves plus unadjusted excess reserves 3 Seasonally adjusted break adjusted total reserves less unadjusted total borrowings of depository institutions from the Federal Reserve 4 Discontinued after January Source Board of Governors of the Federal Reserve System 27 VerDate Aug Apr Jkt 034510 PO 00000 Frm 00027 Fmt 3401 Sfmt 3401 E HR OC ECOIND 027 ECOIND BANK CREDIT AT ALL COMMERCIAL BANKS Total commercial bank loans and leases rose 0 8 percent in February commercial and industrial loans rose 0 7 percent Billions of dollars seasonally adjusted 1 Securities in bank credit mstockstill on PROD1PC66 with ECOIND Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec r Feb r Mar r Apr r May r June r July r Aug r Sept r Oct r Nov r Dec r Jan r Feb r Total bank credit Total securities Loans and leases in bank credit Real estate CommerOther Total loans cial and securities and leases 2 industrial r r 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 Total r Revolving home equity Consumer r Apr Jkt 034510 PO 00000 Frm 00028 Fmt 3401 Other 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 28 VerDate Aug Security Other Sfmt 3401 E HR OC ECOIND 028 ECOIND g graphics eecoind 028 Period U S Treasury and agency securities 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 p I II III IV I II III IV I II III IV p Internal Credit market instruments Total Capital expenditures 3 Total Total net funds raised Net new equity issues Securities and mortgages Total 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 mstockstill on PROD1PC66 with ECOIND Dec Dec Dec Dec Dec Dec Dec Dec r Dec r Dec r Feb r Mar r Apr r May r June r July r Aug r Sept r Oct r Nov r Dec r Jan r Feb 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 VerDate Aug Apr Jkt 034510 PO 00000 Frm 00029 Fmt 3401 Sfmt 3401 E HR OC ECOIND 029 ECOIND INTEREST RATES AND BOND YIELDS Interest rates fell in March Percent per annum Constant mstockstill on PROD1PC66 with ECOIND Period 3 month bills new issues Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar Week ended 2007 Mar Apr year maturities 2 10 year 30 year Highgrade municipal bonds Standard Poor s 3 Corporate Aaa bonds Moody s Discount window N Y F R Bank 4 5 Primary credit Bank discount basis on actively traded issues adjusted to constant maturities data are Wednesday figures 4 Discount window borrowing for primary credit and discount rate adjustment credit The rate for primary credit replaced the rate for adjustment credit 5 Average effective rate for year rate in effect at end of month or week 6 Daily effective rate weighted average of rates on brokered trades 2 Yields 3 Weekly Discount rate Prime rate charged by banks Apr Jkt 034510 PO 00000 Frm 00030 Fmt 3401 Newhome mortgage yields FHFB 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 Series for 30 year constant maturity was discontinued on February and reintroduced on February Sources Department of the Treasury Board of Governors of the Federal Reserve System Federal Housing Finance Board Moody s Investors Service and Standard amp Poor s 30 VerDate Aug Federal funds rate 6 Sfmt 3401 E HR OC ECOIND 030 ECOIND g graphics eecoind 030 U S Treasury security yields COMMON STOCK PRICES AND YIELDS Stock prices fell in March Common stock prices 1 New York Stock Exchange indexes 2 3 December Dow Jones industrial average 4 Nasdaq composite index Feb Dividendprice ratio Earningsprice ratio Composite mstockstill on PROD1PC66 with ECOIND Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar Week ended 2007 Mar Apr Financial Energy Health Care 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 VerDate Aug Apr Jkt 034510 PO 00000 Frm 00031 Fmt 3401 Sfmt 3401 E HR OC ECOIND 031 ECOIND g graphics eecoind 031 Period Common stock yields percent 7 Standard amp Poor s composite index FEDERAL FINANCE FEDERAL RECEIPTS OUTLAYS AND DEBT In the first 5 months of fiscal 2007 receipts were 81 3 billion higher than a year earlier and outlays were 25 9 billion higher Billions of dollars Total On budget Off budget Receipts Outlays Surplus or deficit Receipts estimates estimates Cumulative total first 5 months 1 Fiscal year Fiscal year Data from current issue Monthly Treasury Statement Outlays Receipts Outlays 00 27 Apr Jkt 034510 PO 00000 Gross Federal Held by the public NOTE Data except as noted are from Budget of the United States Government Fiscal Year 2008 issued February Sources Department of the Treasury and Office of Management and Budget 32 VerDate Aug Surplus or deficit Frm 00032 Fmt 3401 Sfmt 3401 E HR OC ECOIND 032 ECOIND g graphics eecoind 032 mstockstill on PROD1PC66 with ECOIND Fiscal year or period Surplus or deficit Federal debt end of period FEDERAL RECEIPTS BY SOURCE AND OUTLAYS BY FUNCTION In the first 5 months of fiscal 2007 there was a deficit of 162 2 billion compared with a deficit of 217 7 billion a year earlier Billions of dollars On budget and off budget receipts Fiscal year or period Total Individual income taxes Corporation income taxes Social insurance and retirement receipts On budget and off budget outlays National defense Other Department of Defense military Total Total International affairs Health Medicare Income Social security security Net interest Other estimates estimates Cumulative total first 5 months 1 Fiscal year Fiscal year Data from current issue Monthly Treasury Statement Data for Department of Defense military include a small amount classified as international affairs and not included in national defense NOTE Data except as noted are from Budget of the United States Government Fiscal Year 2008 issued February Sources Department of the Treasury and Office of Management and Budget 33 VerDate Aug Apr Jkt 034510 PO 00000 Frm 00033 Fmt 3401 Sfmt 3401 E HR OC ECOIND 033 ECOIND g graphics eecoind 033 mstockstill on PROD1PC66 with ECOIND FEDERAL SECTOR NATIONAL INCOME ACCOUNTS BASIS In the fourth quarter of 2006 according to current estimates Federal current receipts rose 24 3 billion annual rate Federal current expenditures fell 17 5 billion Billions of dollars quarterly data at seasonally adjusted annual rates Federal Government current receipts Total Total 1 Calendar year r I II III IV I II III IV I II III IV I II III IV r Includes mstockstill on PROD1PC66 with ECOIND 2 Includes Personal current taxes Taxes on production and imports Taxes on corporate income Federal Government current expenditures Income receipts on assets Current transfer receipts Current surplus of government enterprises taxes from the rest of the world not shown separately a subtraction for wage accruals less disbursements not shown separately Total Consumption expenditures Current transfer payments Apr Jkt 034510 PO 00000 Frm 00034 Fmt Subsidies Net Federal Government saving Source Department of Commerce Bureau of Economic Analysis 34 VerDate Aug Interest payments Sfmt 3401 E HR OC ECOIND 034 ECOIND g graphics eecoind 034 Current tax receipts Period Contributions for government social insurance INTERNATIONAL STATISTICS INDUSTRIAL PRODUCTION AND CONSUMER PRICES MAJOR INDUSTRIAL COUNTRIES Industrial production seasonally adjusted Period United States Consumer prices NSA Germany Italy Jan p Feb p Mar p r Jan r Feb r Mar r Apr r May r June r July r Aug r Sept r Oct r Nov r Dec r Canada Japan Germany France United Kingdom Italy Data relate to all urban consumers NOTE See Note p 17 for information on U S industrial production series United States Canada Japan France United Kingdom 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 p 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 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 Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan p mstockstill on PROD1PC66 with ECOIND 2005 Dec 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 VerDate Aug Apr Jkt 034510 PO 00000 Frm 00035 Fmt 3401 Sfmt 3401 E HR OC ECOIND 035 ECOIND U S INTERNATIONAL TRANSACTIONS In the fourth quarter of 2006 the goods deficit fell to 197 9 billion from 218 9 billion in the third quarter The current account deficit fell to 195 8 billion in the fourth quarter from 229 4 billion in the third quarter Millions of dollars quarterly data seasonally adjusted Credits debits Goods 1 Period Exports Imports Services Balance on goods Net military transactions 2 Net travel and transportation Income receipts and payments Other services net Balance on goods and services Receipts Payments Balance on income Unilateral current transfers net 3 Balance on current account I II III IV I II III IV I r II r III r IV p Adjusted from Census data for differences in timing and coverage excludes military 2 Transfers under U S military agency sales contracts exports minus direct defense expenditures imports 3 Includes transfers of goods and services under U S military grant programs See p 37 for continuation of table 36 VerDate Aug Apr Jkt 034510 PO 00000 Frm 00036 Fmt 3401 Sfmt 3401 E HR OC ECOIND 036 ECOIND g graphics eecoind 036 mstockstill on PROD1PC66 with ECOIND p U S INTERNATIONAL TRANSACTIONS Continued In the financial account U S claims on foreigners reported by U S banks increased 120 7 billion in the fourth quarter of 2006 following an increase of 84 6 billion in the third quarter U S liabilities to private foreigners reported by U S banks excluding Treasury securities increased 126 7 billion in the fourth quarter following an increase of 86 0 billion in the third quarter Millions of dollars quarterly data seasonally adjusted Credits debits Financial account p I II III IV I II III IV Ir II r III r IV p U S owned assets abroad net increase financial outflow Total U S official reserve assets Other U S Government assets Statistical discrepancy Foreign owned assets in the U S net increase financial inflow U S private assets Consists of gold special drawing rights SDRs foreign currencies and the U S reserve position in the International Monetary Fund IMF 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 Sources Department of Commerce Bureau of Economic Analysis and Department of the Treasury 37 VerDate Aug Apr Jkt 034510 PO 00000 Frm 00037 Fmt 3401 Sfmt 3401 E HR OC ECOIND 037 ECOIND g graphics eecoind 037 mstockstill on PROD1PC66 with ECOIND Period Capital account transactions net 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 mstockstill on PROD1PC66 with ECOIND General Notes Detail in these tables may not add to totals because of rounding Unless otherwise noted all dollar figures are in current dollars Symbols used p Preliminary r Revised c Corrected Not available also not applicable NSA not seasonally adjusted For sale by the Superintendent of Documents U S Government Printing Office Washington D C 20402 Price 5 00 single copy 7 00 foreign Subscription price 58 00 per year 81 20 for foreign mailing 38 VerDate Aug U S GOVERNMENT PRINTING OFFICE Apr Jkt 034510 PO 00000 Frm 00038 Fmt 3438 Sfmt 3438 E HR OC ECOIND 038 ECOIND

Corporate Profits

DATE: March 2007

PART OF:

Economic Indicators : March 2007

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-. "Corporate Profits," 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-. "March 2007," Economic Indicators (March 2007) : 10-10. https://fraser.stlouisfed.org/title/1/item/141/toc/288729 , accessed on December 9, 2019.

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Economic Data