Aggregate Reserves and Monetary Base

Name: Aggregate Reserves and Monetary Base
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 2nd Session Economic Indicators JULY 2008 Includes data available as of August Prepared for the Joint Economic Committee by the Council of Economic Advisers UNITED STATES GOVERNMENT PRINTING OFFICE CCOLEMAN on PROD1PC77 with ECOIND WASHINGTON 2008 VerDate Aug Aug Jkt 043870 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 JIM 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 DONALD B MARRON 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 CCOLEMAN on PROD1PC77 with ECOIND Charts prepared under the direction of the Printing and Procurement Branch Office of the Secretary Department of Commerce Economic Indicators published monthly is available at 5 00 a single copy 7 00 foreign or by subscription at 58 00 per year 81 20 for foreign mailing from SUPERINTENDENT OF DOCUMENTS GOVERNMENT PRINTING OFFICE WASHINGTON D C 20402 For sale by the U S Government Printing Office Superintendent of Documents Mail Stop SSOP Washington DC Also available on the internet at the following address http www gpoaccess gov indicators ii VerDate Aug Aug Jkt 043870 PO 00000 Frm 00040 Fmt 3440 Sfmt 3440 E HR OC ECOIND 040 ECOIND TOTAL OUTPUT INCOME AND SPENDING GROSS DOMESTIC PRODUCT In the second quarter of 2008 according to advance estimates current dollar gross domestic product GDP rose 3 0 percent annual rate real GDP GDP in chained 2000 dollars rose 1 9 percent and the implicit price deflator rose 1 1 percent Series revised Billions of current dollars quarterly data at seasonally adjusted annual rates r r 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 I r II p Net exports Exports Government consumption expenditures and gross investment Federal Imports Total Total GDP less exports of goods and services plus imports of goods and services Note GDP and related data reflect annual revisions released on July data revised beginning 2005 See Survey of Current Business August 2008 for details 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 Aug Jkt 043870 PO 00000 Frm 00001 Fmt 3401 Sfmt 3401 E HR OC ECOIND 001 ECOIND G GRAPHICS eecoind 001 CCOLEMAN on PROD1PC77 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 r r I r II r III r IV r 2006 I r II r III r IV r 2007 I r II r III r IV r 2008 I r II p 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 See Note p 1 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 Period r r 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 I r II p Total Durable goods Nondurable goods Gross private domestic investment Services Nonresidential fixed CCOLEMAN on PROD1PC77 with ECOIND See Note p 1 Exports and imports of Government consumption expenditures goods and services and gross investment Federal Residential fixed Exports Imports Total Aug Nondefense State and local Source Department of Commerce Bureau of Economic Analysis 2 VerDate Aug National defense Jkt 043870 PO 00000 Frm 00002 Fmt 3401 Sfmt 3401 E HR OC ECOIND 002 ECOIND GROSS DOMESTIC PRODUCT AND RELATED PRICE MEASURES INDEXES AND PERCENT CHANGES Quarterly data are seasonally adjusted Percent change from preceding period 1 Index numbers Personal consumption expenditures PCE Gross domestic product GDP Personal consumption expenditures PCE Gross domestic product GDP Period Real GDP chain type quantity index r r r I II III IV 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 p GDP chain type price index GDP implicit price deflator PCE chain type price index PCE less food and energy price index Quarterly percent changes are at annual rates See Note p 1 Real GDP chain type quantity index GDP current dollars GDP chain type price index GDP implicit price deflator PCE chain type price index PCE less food and energy price index 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 CCOLEMAN on PROD1PC77 with ECOIND Current dollars Chained 2000 dollars Total r r r I r II r III r IV r I r II III IV I r II r III r IV r I r 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 See Note p 1 Source Department of Commerce Bureau of Economic Analysis 4 Unit 5 With 3 VerDate Aug Aug Jkt 043870 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 r 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 I r II p 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 Net interest and miscellaneous payments Taxes on production and imports 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 See Note p 1 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 CCOLEMAN on PROD1PC77 with ECOIND r r 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 I r II p Total durable goods Motor vehicles and parts Furniture and household equipment Nondurable goods Other Total nondurable goods Clothing and shoes 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 Services Fuel oil and coal Other Total services Aug Jkt 043870 PO 00000 Frm 00004 Fmt See Note p 1 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 6 8 billion annual rate in June following an increase of 219 3 billion in May Wages and salaries rose 16 3 billion in June following an increase of 22 4 billion in May Series revised Billions of dollars monthly data at seasonally adjusted annual rates Compensation of employees received r r r June r July r Aug r Sept r Oct r Nov r Dec r Jan r Feb r Mar r Apr r May r June p CCOLEMAN on PROD1PC77 with ECOIND 1 With 2 With Total Wage and salary disbursements Farm Nonfarm 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 NOTE For information on the effects of the Economic Stimulus Act of 2008 on personal income data see Personal Income and Outlays June 2008 release dated August Data reflect annual revisions released August For details see Survey of Current Business August 2008 Source Department of Commerce Bureau of Economic Analysis inventory valuation and capital consumption adjustments capital consumption adjustment mainly of social insurance benefits to persons 3 Consists 5 VerDate Aug Aug Jkt 043870 PO 00000 Frm 00005 Fmt 3401 Sfmt 3401 E HR OC ECOIND 005 ECOIND g graphics eecoind 005 Total personal income Period Supplements to wages and salaries Proprietors income 1 DISPOSITION OF PERSONAL INCOME According to advance estimates per capita disposable personal income in chained 2000 dollars rose at an annual rate of 10 3 percent in the second quarter of 2008 Series revised Personal income Period Less Personal current taxes Equals Disposable personal income Less Personal outlays 1 Disposable personal income in billions of chained 2000 dollars Equals Personal saving Per capita disposable personal income Current dollars Billions of dollars 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 p 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 See Note p 1 Source Department of Commerce Bureau of Economic Analysis and Bureau of the Census 6 VerDate Aug Aug Jkt 043870 PO 00000 Frm 00006 Fmt 3401 Sfmt 3401 E HR OC ECOIND 006 ECOIND g graphics eecoind 006 CCOLEMAN on PROD1PC77 with ECOIND Seasonally adjusted annual rates FARM INCOME According to the preliminary forecast for 2008 gross farm income is forecast at 371 5 billion and net farm income at 92 3 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 CCOLEMAN on PROD1PC77 with ECOIND p I II III IV I II III IV 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 Production expenses Net farm income Includes only Government payments made directly to farmers NOTE Data for 2008 are forecasts Source Department of Agriculture 7 VerDate Aug Aug Jkt 043870 PO 00000 Frm 00007 Fmt 3401 Sfmt 3401 E HR OC ECOIND 007 ECOIND g graphics eecoind 007 Period CORPORATE PROFITS In the first quarter of 2008 according to revised estimates corporate profits before tax fell 143 4 billion annual rate and profits after tax fell 112 9 billion Series revised 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 r r r I r II r III r IV r 2006 I r II r III r IV r 2007 I r II r III r IV r 2008 I r 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 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 Note See Note p 1 Source Department of Commerce Bureau of Economic Analysis 8 VerDate Aug Aug Jkt 043870 PO 00000 Frm 00008 Fmt 3401 Sfmt 3401 E HR OC ECOIND 008 ECOIND g graphics eecoind 008 CCOLEMAN on PROD1PC77 with ECOIND REAL GROSS PRIVATE DOMESTIC INVESTMENT In the second quarter of 2008 according to advance estimates nonresidential fixed investment in chained 2000 dollars rose 8 2 billion annual rate and residential investment fell 15 9 billion There was a decrease of 62 2 billion in inventories following a decrease of 10 2 billion in the first quarter Series revised 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 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 p 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 See Note p 1 Source Department of Commerce Bureau of Economic Analysis 9 VerDate Aug Aug Jkt 043870 PO 00000 Frm 00009 Fmt 3401 Sfmt 3401 E HR OC ECOIND 009 ECOIND g graphics eecoind 009 CCOLEMAN on PROD1PC77 with ECOIND r r 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 Structures Information processing equipment and software Total fixed investment Total nonresidential Structures Total Computers and peripheral equipment 1 Software Total Transportation equipment Other equipment Total residential Total 2 Single family Other Industrial equipment Equipment r r 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 I r II p 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 See Note p 1 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 tific and Other 1 out sale and maand rental and trade waresocial emtrade tion insur and ployhousance leas tech assisnical tance ees ing ing services CCOLEMAN on PROD1PC77 with ECOIND 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 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 Aug Jkt 043870 PO 00000 Frm 00010 Fmt 3401 Sfmt 3401 E HR OC ECOIND 010 ECOIND EMPLOYMENT UNEMPLOYMENT AND WAGES STATUS OF THE LABOR FORCE In July employment fell by 72 000 and unemployment rose by Thousands of persons 16 years of age and over except as noted monthly data seasonally adjusted except as noted by NSA Civilian employment July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June July 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 2008 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 Aug Jkt 043870 PO 00000 Frm 00011 Fmt 3401 Sfmt 3401 E HR OC ECOIND 011 ECOIND g graphics eecoind 011 CCOLEMAN on PROD1PC77 with ECOIND Period Percent 1 Unemployment SELECTED UNEMPLOYMENT RATES In July the unemployment rate rose to 5 7 percent from 5 5 percent in June Monthly data seasonally adjusted Unemployment rate percent of civilian labor force in group By race or ethnicity 1 CCOLEMAN on PROD1PC77 with ECOIND Period All civilian workers July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June July 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 Aug Jkt 043870 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 July the percentage of the unemployed who had been out of work for less than 5 weeks for 15 26 weeks and for 27 weeks and over rose the percentages for over 5 14 weeks fell The mean duration of unemployment fell to 17 1 weeks and the median duration fell to 9 7 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 July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June July 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 389 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 VerDate Aug Aug Jkt 043870 PO 00000 Frm 00013 Fmt 3401 Sfmt 3401 E HR OC ECOIND 013 ECOIND g graphics eecoind 013 CCOLEMAN on PROD1PC77 with ECOIND Weekly average thousands NONAGRICULTURAL EMPLOYMENT Total nonagricultural employment as measured by the payroll survey fell by 51 000 in July Thousands of wage and salary workers 1 monthly data seasonally adjusted Goods producing industries Period Total 2 Construction Manufacturing Service providing industries Trade transportation and utilities Total Total July Aug Sept Oct Nov Dec Jan Feb Mar Apr May r June r July p CCOLEMAN on PROD1PC77 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 Information Financial activities Profes Educasional tion Leisure and and and busihealth hospiness tality services services Aug Jkt 043870 PO 00000 Frm 00014 Fmt 3401 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 2007 North American Industry Classification System NAICS For details see Employment and Earnings 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 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 June July Aug Sept Oct Nov Dec Jan Feb Mar Apr May r June r July 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 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 Seasonally adjusted CCOLEMAN on PROD1PC77 with ECOIND 2005 June Sept Dec Mar June Sept Dec Mar June Sept Dec Mar June 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 Aug Jkt 043870 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 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 CCOLEMAN on PROD1PC77 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 May Source Department of Labor Bureau of Labor Statistics 16 VerDate Aug Aug Jkt 043870 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 July Monthly data seasonally adjusted Total industrial production 1 Percent Period From preceding month 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 June July Aug Sept Oct Nov Dec Jan r Feb r Mar r Apr r May r June 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 Aug Jkt 043870 PO 00000 Frm 00017 Fmt 3401 Sfmt 3401 E HR OC ECOIND 017 ECOIND G graphics eecoind 017 CCOLEMAN on PROD1PC77 with ECOIND Index Industry production indexes change 2 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 June July Aug Sept Oct Nov Dec Jan r Feb r Mar r Apr r May r June p Includes other items not shown separately monthly data seasonally adjusted Durable manufactures Primary metals Period Total Fabricated metal products Machinery Total Selected hightechnology 1 Transportation equipment Total Motor vehicles and parts Apparel Printing and support Chemical Food June July Aug Sept Oct Nov Dec Jan r Feb r Mar r Apr r May r June p CCOLEMAN on PROD1PC77 with ECOIND Iron and steel products Nondurable manufactures Computer and electronic products Computers and peripheral equipment communications equipment and semiconductors and related electronic components Source Board of Governors of the Federal Reserve System 18 VerDate Aug Aug Jkt 043870 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 Total new construction expenditures Residential Total New housing Total 1 Federal and State and local Nonresidential Total Lodging Commercial including farm Office Manufacturing Other June July Aug Sept Oct Nov Dec Jan Feb Mar Apr r May r June p Includes residential improvements not shown separately 2 Includes health care educational communication and power among other categories not shown separately Source Department of Commerce Bureau of the Census NEW PRIVATE HOUSING AND VACANCY RATES Thousands of units or houses except as noted New private housing units Units started by type of structure Period Total 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 2007 June July Aug Sept Oct Nov Dec Jan Feb Mar Apr r May r June 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 CCOLEMAN on PROD1PC77 with ECOIND 3 Revised r 513 r 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 Aug Jkt 043870 PO 00000 Frm 00019 Fmt 3401 Sfmt 3401 E HR OC ECOIND 019 ECOIND BUSINESS SALES AND INVENTORIES Manufacturing and Trade In May according to current estimates manufacturing and trade sales rose 0 9 percent and inventories rose 5 5 billion According to advance estimates retail sales rose 0 1 percent in June Retail and food services sales also rose 0 1 percent Millions of dollars except ratios seasonally adjusted except as noted Manufacturing and trade 1 Sales 2 Inventories May r June r July Aug Sept Oct Nov Dec CCOLEMAN on PROD1PC77 with ECOIND Inventorysales ratio 4 Sales 2 Inventories Retail Inventory sales ratio 4 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 r r Annual data are averages of seasonally adjusted monthly ratios Source Department of Commerce Bureau of the Census 20 VerDate Aug Aug Jkt 043870 PO 00000 Frm 00020 Fmt 3401 Retail and food services sales 2 Inventories Jan Feb Mar Apr r May p June p See Inventory sales ratio 4 Sales 2 Sfmt 3401 E HR OC ECOIND 020 ECOIND G graphics eecoind 020 Period Wholesale MANUFACTURERS SHIPMENTS INVENTORIES AND ORDERS In June manufacturers shipments 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 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 Aug Jkt 043870 PO 00000 Frm 00021 Fmt 3401 Sfmt 3401 E HR OC ECOIND 021 ECOIND g graphics eecoind 021 CCOLEMAN on PROD1PC77 with ECOIND June July Aug Sept Oct Nov Dec Jan Feb Mar Apr May r June p PRICES PRODUCER PRICES The producer price index for all finished goods rose 1 8 percent in June Prices of finished consumer foods rose 1 5 percent while prices of other finished consumer goods rose 2 6 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 CCOLEMAN on PROD1PC77 with ECOIND Total June July Aug Sept Oct Nov Dec Jan Feb r Mar Apr May June 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 Aug Jkt 043870 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 June the consumer price index for all urban consumers rose 1 1 percent seasonally adjusted it rose 1 0 percent not seasonally adjusted The index was 5 0 percent above its year earlier level except as noted monthly data seasonally adjusted except as noted All items 1 Housing Transportation Shelter All items less food and energy Not seasonally adjusted NSA Seasonally adjusted Rel imp June July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June Food Total 1 Total 1 Rent of primary residence 1 Includes items not shown separately fuels gas piped electricity fuel oil etc and motor fuel Motor oil coolant etc excluded beginning 1983 2 Household Fuels and utilities Apparel Total 1 Motor fuel Medical care Energy 2 3 Relative importance December 2007 Source Department of Labor Bureau of Labor Statistics 23 VerDate Aug Aug Jkt 043870 PO 00000 Frm 00023 Fmt 3401 Sfmt 3401 E HR OC ECOIND 023 ECOIND g graphics eecoind 023 CCOLEMAN on PROD1PC77 with ECOIND Period Owners equivalent rent 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 Change from 6 months earlier annual rate Consumer goods Consumer goods Consumer goods Total finished goods Foods Capital equipment Excluding foods Change from year earlier total finished goods NSA Total finished goods Foods Excluding foods Capital equipment Total finished goods Foods Excluding foods Capital equipment Change Dec to Dec NSA Change month to month Jan Feb r Mar Apr May June June July Aug Sept Oct Nov Dec r r r r r r r1 1 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 Mar Apr May June CCOLEMAN on PROD1PC77 with ECOIND 2007 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 Aug Jkt 043870 PO 00000 Frm 00024 Fmt 3401 Sfmt 3401 E HR OC ECOIND 024 ECOIND PRICES RECEIVED AND PAID BY FARMERS In July prices received by farmers rose 1 9 percent prices paid by farmers rose 1 1 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 r Jan r Feb r Mar r Apr r May r June r July 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 Data reflect annual revisions released on July Source Department of Agriculture 25 VerDate Aug Aug Jkt 043870 PO 00000 Frm 00025 Fmt 3401 Sfmt 3401 E HR OC ECOIND 025 ECOIND G GRAPHICS eecoind July Aug Sept r Oct r Nov r Dec r CCOLEMAN on PROD1PC77 with ECOIND All farm products Prices paid by farmers MONEY CREDIT AND SECURITY MARKETS MONEY STOCK AND DEBT MEASURES In June M2 fell 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 June r July r Aug r Sept r Oct r Nov r Dec r Jan r Feb r Mar r Apr r May r June CCOLEMAN on PROD1PC77 with ECOIND Dec r Dec r Dec r Dec r Dec r Dec r Dec r Dec r Dec r Dec r 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 Aug Jkt 043870 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 Currency Dec r Dec r Dec r Dec r Dec r Dec r Dec r Dec r Dec r Dec r 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 June r July r Aug r Sept r Oct r Nov r Dec r Jan r Feb r Mar r Apr r May r June 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 Reserves of depository institutions Total Other borrowings from the Federal Reserve NSA Term auction credit NSA Nonborrowed 3 Required Excess NSA Monetary base Total Primary Secondary Seasonal Primary dealer credit facility Adjustment 4 Dec Dec Dec Dec Dec Dec Dec Dec Dec r Dec r June 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 CCOLEMAN on PROD1PC77 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 Seasonally adjusted break adjusted total reserves less unadjusted total borrowings of depository institutions from the Federal Reserve 4 Discontinued after January Total for March 2008 includes other credit extensions not shown separately For details see H 3 release of March Source Board of Governors of the Federal Reserve System 27 VerDate Aug Aug Jkt 043870 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 fell 0 3 percent in June commercial and industrial loans rose 0 5 percent Billions of dollars seasonally adjusted 1 Securities in bank credit Dec r Dec r Dec r Dec r Dec r Dec r Dec r Dec r Dec r Dec r June r July r Aug r Sept r Oct r Nov r Dec r Jan r Feb r Mar r Apr r May r June CCOLEMAN on PROD1PC77 with ECOIND Total bank credit Total securities U S Treasury and agency securities Data are prorated averages of Wednesday values for domestically chartered commercial banks branches and agencies of foreign banks New York State investment companies through September 1996 and Edge Act and agreement corporations Data are adjusted for breaks caused by reclassifications of assets and liabilities 2 Includes other trading assets 28 VerDate Aug Aug Jkt 043870 PO 00000 Frm 00028 Fmt 3401 Real estate Commercial and industrial Total loans and leases 3 Other securities 2 Total Revolving home equity Commercial Consumer Security Other Excludes unearned income Includes the allowance for loan and lease losses Excludes Federal funds sold to reverse repurchase agreements RPs with and loans to commercial banks in the United States 4 Includes other residential not shown separately 5 Includes other items not shown separately Note For information on recent changes see H 8 Assets and Liabilities of Commercial Banks in the United States release dated July Source Board of Governors of the Federal Reserve System Sfmt 3401 E HR OC ECOIND 028 ECOIND g graphics eecoind 028 Period Loans and leases in bank credit SOURCES AND USES OF FUNDS NONFARM NONFINANCIAL CORPORATE BUSINESS Billions of dollars quarterly data at seasonally adjusted annual rates Sources Uses External Net increase in liabilities Funds raised in markets Period Total 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 May June July Aug Sept Oct Nov Dec Jan r Feb r Mar r Apr r May p CCOLEMAN on PROD1PC77 with ECOIND 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 Aug Jkt 043870 PO 00000 Frm 00029 Fmt 3401 Sfmt 3401 E HR OC ECOIND 029 ECOIND INTEREST RATES AND BOND YIELDS Interest rates fell in July Percent per annum Constant CCOLEMAN on PROD1PC77 with ECOIND Period July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June July Week ended 2008 July Aug month bills new issues 1 3 year maturities 2 10 year 30 year Highgrade municipal bonds Standard Poor s 3 Primary credit Bank discount basis on actively traded issues adjusted to constant maturities 3 Weekly data are Wednesday figures 4 Discount window borrowing for primary credit and discount rate adjustment credit The rate for primary credit replaced the rate for adjustment credit 5 Average effective rate for year rate in effect at end of month or week 2 Yields 30 VerDate Aug Discount window N Y F R Bank 4 5 Corporate Aaa bonds Moody s 00 03 Aug Jkt 043870 PO 00000 Frm 00030 Fmt 3401 Discount rate Prime rate charged by banks Federal funds rate 6 Newhome mortgage yields FHFB Daily effective rate weighted average of rates on brokered trades 7 Effective rate in the primary market on conventional mortgages reflecting fees and charges as well as contract rate and assumed on the average repayment at end of 10 years Discount rate adjustment credit series was discontinued after January 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 Poor s Sfmt 3401 E HR OC ECOIND 030 ECOIND g graphics eecoind 030 U S Treasury security yields COMMON STOCK PRICES AND YIELDS Overall stock prices fell in July Common stock prices 1 New York Stock Exchange indexes 2 3 December Period 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 July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June July Week ended 2008 July Aug 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 Aug Jkt 043870 PO 00000 Frm 00031 Fmt 3401 Sfmt 3401 E HR OC ECOIND 031 ECOIND g graphics eecoind 031 CCOLEMAN on PROD1PC77 with ECOIND FEDERAL FINANCE FEDERAL RECEIPTS OUTLAYS AND DEBT In the first nine months of fiscal 2008 there was a deficit of 268 7 billion compared with a deficit of 121 0 billion a year earlier Billions of dollars Total On budget Off budget Receipts Outlays Surplus or deficit Receipts estimates r estimates r Cumulative total first 9 months 1 Fiscal year Fiscal year Data from current issue Monthly Treasury Statement Outlays Receipts Outlays 00 03 Aug Jkt 043870 PO 00000 Gross Federal Held by the public NOTE Data for fiscal 2008 and fiscal 2009 are from Mid Session Review Budget of the U S Government Fiscal Year 2009 issued July Other data except as noted are from Budget of the United States Government Fiscal Year 2009 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 CCOLEMAN on PROD1PC77 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 nine months of fiscal 2008 receipts were 11 4 billion lower than a year earlier and outlays were 136 3 billion higher 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 r estimates r Cumulative total first 9 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 for fiscal 2008 and fiscal 2009 are from Mid Session Review Budget of the U S Government Fiscal Year 2009 issued July Other data except as noted are from Budget of the United States Government Fiscal Year 2009 issued February Sources Department of the Treasury and Office of Management and Budget 33 VerDate Aug Aug Jkt 043870 PO 00000 Frm 00033 Fmt 3401 Sfmt 3401 E HR OC ECOIND 033 ECOIND g graphics eecoind 033 CCOLEMAN on PROD1PC77 with ECOIND FEDERAL SECTOR NATIONAL INCOME ACCOUNTS BASIS In the second quarter of 2008 according to advance estimates Federal current expenditures rose 121 3 billion receipts data are incomplete Series revised Billions of dollars quarterly data at seasonally adjusted annual rates Federal Government current receipts Total 1 Personal current taxes Total Calendar year r r 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 I r II p Includes CCOLEMAN on PROD1PC77 with ECOIND 2 Includes 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 Aug Jkt 043870 PO 00000 Frm 00034 Fmt Subsidies Net Federal Government saving Note See Note p 1 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 Canada Japan Germany France Consumer prices NSA United Kingdom Italy United States 1 Canada Japan Germany France Italy United Kingdom p r 102 9 r May r June r July r Aug r Sept r Oct r Nov r Dec r Jan r Feb r Mar r Apr r May r June p July p Data relate to all urban consumers NOTE See Note p 17 for information on U S industrial production series Source National sources as reported by Department of Commerce Bureau of Economic Analysis and International Trade Administration Office of Trade and Industry Information and Council of Economic Advisers U S INTERNATIONAL TRADE IN GOODS AND SERVICES Billions of dollars monthly data seasonally adjusted Goods Exports f a s value Goods Imports customs value Census basis by end use category Services BOP basis Balance of trade exports minus imports Census basis by end use category BOP basis 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 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 r May p CCOLEMAN on PROD1PC77 with ECOIND 2007 May June July Aug Sept Oct Nov 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 Aug Jkt 043870 PO 00000 Frm 00035 Fmt 3401 Sfmt 3401 E HR OC ECOIND 035 ECOIND U S INTERNATIONAL TRANSACTIONS In the first quarter of 2008 the goods deficit rose to 211 0 billion from 208 9 billion in the fourth quarter The current account deficit rose to 176 4 billion in the first quarter from 167 2 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 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 II III IV I 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 Includes transfers of goods and services under U S military grant programs See p 37 for continuation of table 36 VerDate Aug Aug Jkt 043870 PO 00000 Frm 00036 Fmt 3401 Sfmt 3401 E HR OC ECOIND 036 ECOIND g graphics eecoind 036 CCOLEMAN on PROD1PC77 with ECOIND U S INTERNATIONAL TRANSACTIONS Continued In the financial account U S claims on foreigners reported by U S banks increased 218 9 billion in the first quarter of 2008 following an increase of 115 9 billion in the fourth quarter U S liabilities to private foreigners reported by U S banks excluding Treasury securities increased 85 7 billion in the first quarter following an increase of 124 0 billion in the fourth quarter Millions of dollars quarterly data seasonally adjusted Credits debits Financial account Period Total CCOLEMAN on PROD1PC77 with ECOIND I II III IV I II III IV I II III IV I p U S official reserve assets Other U S Government assets Statistical discrepancy Foreign owned assets in the U S excluding financial derivatives increase financial inflow U S private assets Total Consists of gold special drawing rights SDRs foreign currencies and the U S reserve position in the International Monetary Fund IMF Foreign official assets Other foreign assets Financial derivatives net 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 Aug Jkt 043870 PO 00000 Frm 00037 Fmt 3401 Sfmt 3401 E HR OC ECOIND 037 ECOIND g graphics eecoind 037 U S owned assets abroad excluding financial derivatives increase financial outflow Capital account transactions net Contents Page TOTAL OUTPUT INCOME AND SPENDING Gross Domestic Product Real Gross Domestic Product 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 CCOLEMAN on PROD1PC77 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 Aug Jkt 043870 PO 00000 Frm 00038 Fmt 3438 Sfmt 3438 E HR OC ECOIND 038 ECOIND

Aggregate Reserves and Monetary Base

DATE: July 2008

PART OF:

Economic Indicators : July 2008

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-. "Aggregate Reserves and Monetary Base," 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-. "July 2008," Economic Indicators (July 2008) : 29-29. https://fraser.stlouisfed.org/title/1/item/603/toc/127859 , accessed on December 15, 2019.

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Economic Data