Full text of Economic Indicators : April 2005
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109th Congress, 1st Session Economic Indicators APRIL 2005 (Includes data available as of May 9, 2005) Prepared for the Joint Economic Committee by the Council of Economic Advisers UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON : 2005 JOINT ECONOMIC COMMITTEE (Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.) JIM SAXTON, New Jersey, Chairman ROBERT F. BENNETT, Utah, Vice Chairman HOUSE OF REPRESENTATIVES PAUL RYAN (Wisconsin) PHIL ENGLISH (Pennsylvania) RON PAUL (Texas) KEVIN BRADY (Texas) THADDEUS G. McCOTTER (Michigan) CAROLYN B. MALONEY (New York) MAURICE D. HINCHEY (New York) LORETTA SANCHEZ (California) ELIJAH E. CUMMINGS (Maryland) SENATE SAM BROWNBACK (Kansas) JOHN E. SUNUNU (New Hampshire) JIM DeMINT (South Carolina) JEFF SESSIONS (Alabama) JOHN CORNYN (Texas) JACK REED (Rhode Island) EDWARD M. KENNEDY (Massachusetts) PAUL S. SARBANES (Maryland) JEFF BINGAMAN (New Mexico) CHRISTOPHER FRENZE, Executive Director COUNCIL OF ECONOMIC ADVISERS HARVEY S. ROSEN, Chairman KRISTIN J. FORBES, Member [PUBLIC LAW 120—81ST CONGRESS; CHAPTER 237—1ST SESSION] JOINT RESOLUTION [S.J. Res. 55] To print the monthly publication entitled ‘‘Economic Indicators’’ Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint Economic Committee be authorized to issue a monthly publication entitled ‘‘Economic Indicators,’’ and that a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic Committee; and the required numbers of copies to the Superintendent of Documents for distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public. Approved June 23, 1949. Charts prepared under the direction of the Printing and Procurement Branch, Office of the Secretary, Department of Commerce. Economic Indicators, published monthly, is available at $3.00 a single copy ($3.75 foreign), or by subscription at $33.00 per year ($41.25 for foreign mailing) from: SUPERINTENDENT OF DOCUMENTS GOVERNMENT PRINTING OFFICE WASHINGTON, D.C. 20402 For sale by the U.S. Government Printing Office Superintendent of Documents, Mail Stop: SSOP, Washington, DC 20402–9328 ii TOTAL OUTPUT, INCOME, AND SPENDING GROSS DOMESTIC PRODUCT In the first quarter of 2005, according to advance estimates, current-dollar gross domestic product (GDP) rose 6.4 percent (annual rate), real GDP (GDP in chained 2000 dollars) rose 3.1 percent, and the implicit price deflator rose 3.2 percent. [Billions of current dollars; quarterly data at seasonally adjusted annual rates] Period 1995 ...................... 1996 ...................... 1997 ...................... 1998 ...................... 1999 ...................... 2000 ...................... 2001 ...................... 2002 ...................... 2003 ...................... 2004 ...................... 2001: III ............. IV .............. 2002: I ................ II ............... III ............. IV .............. 2003: I ................ II ............... III ............. IV .............. 2004: I ................ II ............... III ............. IV .............. 2005: I p ............... 1 GDP Exports and imports of goods and services Personal Gross Gross conprivate domestic sumption domestic product expendi- investtures ment Net exports Exports 7,397.7 7,816.9 8,304.3 8,747.0 9,268.4 9,817.0 10,128.0 10,487.0 11,004.0 11,735.0 10,135.1 10,226.3 10,338.2 10,445.7 10,546.5 10,617.5 10,744.6 10,884.0 11,116.7 11,270.9 11,472.6 11,657.5 11,814.9 11,994.8 12,182.7 ¥91.4 ¥96.2 ¥101.6 ¥159.9 ¥260.5 ¥379.5 ¥367.0 ¥424.9 ¥498.1 ¥606.2 ¥361.9 ¥351.6 ¥376.3 ¥415.4 ¥431.1 ¥476.6 ¥503.3 ¥497.6 ¥488.8 ¥502.8 ¥546.8 ¥591.3 ¥611.8 ¥674.8 ¥717.6 812.2 868.6 955.3 955.9 991.2 1,096.3 1,032.8 1,005.0 1,046.2 1,175.5 1,003.5 966.6 975.0 1,008.1 1,023.4 1,013.5 1,019.8 1,018.1 1,047.7 1,099.2 1,134.3 1,167.6 1,189.5 1,210.4 1,244.7 4,975.8 5,256.8 5,547.4 5,879.5 6,282.5 6,739.4 7,055.0 7,376.1 7,760.9 8,229.9 7,058.5 7,188.4 7,236.9 7,339.3 7,428.0 7,500.0 7,609.8 7,696.3 7,822.5 7,914.9 8,060.2 8,153.8 8,282.5 8,423.3 8,541.3 1,144.0 1,240.3 1,389.8 1,509.1 1,625.7 1,735.5 1,614.3 1,579.2 1,665.8 1,927.3 1,613.0 1,521.4 1,568.5 1,577.0 1,581.3 1,589.9 1,596.6 1,611.1 1,696.6 1,758.8 1,819.7 1,920.7 1,947.0 2,021.9 2,098.5 Government consumption expenditures and gross investment Federal Imports Total Total less exports of goods and services plus imports of goods and services. 903.6 964.8 1,056.9 1,115.9 1,251.7 1,475.8 1,399.8 1,429.9 1,544.3 1,781.6 1,365.3 1,318.2 1,351.3 1,423.5 1,454.5 1,490.1 1,523.0 1,515.7 1,536.4 1,602.0 1,681.2 1,758.9 1,801.2 1,885.2 1,962.3 1,369.2 1,416.0 1,468.7 1,518.3 1,620.8 1,721.6 1,825.6 1,956.6 2,075.5 2,183.9 1,825.6 1,868.2 1,909.2 1,944.9 1,968.3 2,004.2 2,041.4 2,074.2 2,086.4 2,100.0 2,139.5 2,174.3 2,197.2 2,224.5 2,260.6 519.2 527.4 530.9 530.4 555.8 578.8 612.9 680.8 752.2 809.9 614.3 630.1 654.2 676.6 684.4 708.2 723.4 761.1 756.7 767.5 793.3 804.4 817.4 824.6 841.2 National defense 348.7 354.6 349.6 345.7 360.6 370.3 392.6 437.4 496.4 547.9 393.0 405.6 418.5 431.7 438.5 461.0 467.4 506.7 498.1 513.6 534.1 541.2 557.0 559.4 570.3 Nondefense 170.5 172.8 181.3 184.7 195.2 208.5 220.3 243.4 255.7 262.0 221.3 224.5 235.8 244.9 245.9 247.2 256.0 254.4 258.7 253.9 259.1 263.2 260.4 265.2 270.9 State and local 850.0 888.6 937.8 987.9 1,065.0 1,142.8 1,212.8 1,275.8 1,323.3 1,373.9 1,211.2 1,238.1 1,255.0 1,268.3 1,283.9 1,296.0 1,318.0 1,313.1 1,329.7 1,332.6 1,346.3 1,369.9 1,379.8 1,399.9 1,419.4 Final sales of domestic product Gross domestic purchases 1 Addendum: Gross national product 7,366.5 7,786.1 8,232.3 8,676.2 9,201.5 9,760.5 10,159.7 10,475.9 11,005.3 11,691.6 10,166.9 10,304.5 10,347.2 10,431.7 10,527.4 10,597.1 10,734.0 10,899.3 11,120.4 11,267.4 11,436.4 11,598.5 11,783.3 11,948.2 12,100.3 7,489.0 7,913.1 8,405.9 8,906.9 9,528.9 10,196.4 10,495.0 10,911.9 11,502.2 12,341.1 10,497.0 10,577.9 10,714.6 10,861.2 10,977.6 11,094.1 11,247.8 11,381.6 11,605.5 11,773.7 12,019.4 12,248.8 12,426.6 12,669.7 12,900.4 7,433.4 7,851.9 8,337.3 8,768.3 9,302.2 9,855.9 10,171.6 10,514.1 11,059.2 11,778.9 10,151.8 10,300.9 10,361.7 10,461.6 10,571.7 10,661.2 10,781.3 10,929.0 11,168.3 11,358.1 11,546.1 11,693.6 11,853.0 12,022.8 .............. Source: Department of Commerce, Bureau of Economic Analysis. 1 REAL GROSS DOMESTIC PRODUCT [Billions of chained (2000) dollars; quarterly data at seasonally adjusted annual rates] Gross private domestic investment Period 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2001: 2002: 2003: 2004: 2005: ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... III IV .. I .... II ... III IV .. I .... II ... III IV .. I .... II ... III IV .. I p ... Gross domestic product 8,031.7 8,328.9 8,703.5 9,066.9 9,470.3 9,817.0 9,890.7 10,074.8 10,381.3 10,841.9 9,871.1 9,910.0 9,993.5 10,052.6 10,117.3 10,135.9 10,184.4 10,287.4 10,472.8 10,580.7 10,697.5 10,784.7 10,891.0 10,994.3 11,078.2 Personal conNonresi- Resi- Change sumption dential dential in priexpendifixed fixed vate tures invest- invest- invenment ment tories 5,433.5 5,619.4 5,831.8 6,125.8 6,438.6 6,739.4 6,910.4 7,123.4 7,355.6 7,632.5 6,900.5 7,017.6 7,049.7 7,099.2 7,149.9 7,194.6 7,242.2 7,311.4 7,401.7 7,466.8 7,543.0 7,572.4 7,667.8 7,747.0 7,814.2 762.5 833.6 934.2 1,037.8 1,133.3 1,232.1 1,180.5 1,075.6 1,110.8 1,228.6 1,169.3 1,128.2 1,099.8 1,072.4 1,069.5 1,060.9 1,060.5 1,090.6 1,131.1 1,161.0 1,173.0 1,207.9 1,245.3 1,288.3 1,303.0 353.1 381.3 388.6 418.3 443.6 446.9 448.5 470.0 511.2 560.7 452.1 447.8 457.8 470.3 473.6 478.5 487.3 497.9 523.8 535.9 542.5 563.6 565.9 570.6 578.6 29.9 28.7 71.2 72.6 68.9 56.5 ¥31.7 11.7 ¥.8 45.7 ¥29.9 ¥86.7 ¥7.4 7.9 22.7 23.8 9.6 ¥17.6 ¥3.5 8.6 40.0 61.1 34.5 47.2 80.2 Exports and imports of goods and services Government consumption expenditures and gross investment Federal Net exports Exports Imports Total ¥71.0 ¥79.6 ¥104.6 ¥203.7 ¥296.2 ¥379.5 ¥399.1 ¥472.1 ¥518.5 ¥583.7 ¥398.4 ¥414.5 ¥444.9 ¥458.1 ¥469.8 ¥515.4 ¥511.7 ¥525.2 ¥508.7 ¥528.3 ¥550.1 ¥580.3 ¥583.2 ¥621.1 ¥663.2 778.2 843.4 943.7 966.5 1,008.2 1,096.3 1,036.7 1,012.3 1,031.8 1,120.3 1,008.7 980.3 991.6 1,017.8 1,025.5 1,014.5 1,010.6 1,006.5 1,033.8 1,076.2 1,095.4 1,114.8 1,131.1 1,140.0 1,159.5 849.1 923.0 1,048.3 1,170.3 1,304.4 1,475.8 1,435.8 1,484.4 1,550.3 1,704.0 1,407.1 1,394.9 1,436.5 1,475.9 1,495.3 1,529.8 1,522.3 1,531.7 1,542.5 1,604.5 1,645.5 1,695.1 1,714.3 1,761.2 1,822.7 1,549.7 1,564.9 1,594.0 1,624.4 1,686.9 1,721.6 1,780.3 1,857.9 1,909.4 1,946.5 1,776.1 1,812.7 1,833.5 1,853.4 1,863.1 1,881.6 1,882.5 1,915.3 1,916.0 1,923.7 1,935.8 1,946.5 1,949.9 1,954.0 1,956.7 1 GDP less exports of goods and services plus imports of goods and services. NOTE.—Because of the formula used for calculating real GDP, the chained (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 580.3 573.5 567.6 561.2 573.7 578.8 601.4 646.6 689.6 721.7 601.5 614.2 626.4 645.5 650.1 664.5 665.0 699.0 693.1 701.2 713.3 718.1 726.6 728.8 729.8 389.2 383.8 373.0 365.3 372.2 370.3 384.9 414.6 451.8 484.9 384.1 395.6 401.3 412.3 415.8 429.2 426.2 462.3 453.1 465.7 477.6 479.9 491.5 490.7 491.0 191.0 189.6 194.5 195.9 201.5 208.5 216.5 232.0 237.6 236.4 217.3 218.6 225.2 233.2 234.3 235.3 238.8 236.5 239.9 235.2 235.4 237.9 234.7 237.7 238.5 State and local 968.3 990.5 1,025.9 1,063.0 1,113.2 1,142.8 1,179.0 1,211.4 1,219.8 1,224.8 1,174.6 1,198.5 1,207.2 1,208.0 1,213.1 1,217.3 1,217.7 1,216.3 1,222.9 1,222.5 1,222.4 1,228.3 1,223.2 1,225.1 1,226.8 Final sales of domestic product Gross domestic purchases 1 Addendum: Gross national product 8,010.2 8,306.5 8,636.6 8,997.6 9,404.0 9,760.5 9,920.9 10,063.2 10,379.9 10,794.6 9,899.9 9,992.3 10,000.4 10,044.9 10,095.2 10,112.5 10,173.3 10,302.5 10,473.9 10,569.6 10,655.8 10,722.3 10,854.7 10,945.5 10,996.2 8,098.4 8,405.7 8,807.6 9,272.5 9,767.7 10,196.4 10,290.1 10,544.6 10,895.7 11,418.8 10,270.1 10,325.6 10,437.7 10,508.9 10,584.8 10,646.7 10,692.0 10,808.1 10,978.3 11,104.3 11,241.9 11,358.1 11,467.4 11,607.6 11,732.7 8,069.8 8,365.3 8,737.5 9,088.7 9,504.7 9,855.9 9,933.6 10,101.7 10,433.9 10,883.0 9,887.7 9,983.1 10,017.2 10,068.9 10,142.4 10,178.4 10,220.3 10,330.8 10,521.7 10,663.3 10,766.7 10,818.7 10,926.5 11,020.1 .............. Source: Department of Commerce, Bureau of Economic Analysis. IMPLICIT PRICE DEFLATORS FOR GROSS DOMESTIC PRODUCT [Index numbers, 2000=100; quarterly data are seasonally adjusted] Personal consumption expenditures Period 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2001: 2002: 2003: 2004: 2005: ................. ................. ................. ................. ................. ................. ................. ................. ................. ................. III ......... IV .......... I ............ II ........... III ......... IV .......... I ............ II ........... III ......... IV .......... I ............ II ........... III ......... IV .......... I p ........... Gross domestic product 92.106 93.852 95.414 96.472 97.868 100.000 102.399 104.092 105.998 108.237 102.675 103.191 103.450 103.911 104.243 104.752 105.500 105.799 106.148 106.523 107.246 108.093 108.482 109.100 109.971 Total 91.576 93.547 95.124 95.979 97.575 100.000 102.094 103.547 105.510 107.827 102.289 102.434 102.656 103.382 103.890 104.245 105.076 105.265 105.685 106.000 106.856 107.679 108.016 108.730 109.305 Durable goods Nondurable goods 110.672 109.507 107.068 104.152 101.625 100.000 98.113 95.475 92.244 90.412 97.689 97.298 96.349 95.749 95.255 94.588 93.720 92.826 91.799 90.788 90.783 90.767 90.049 90.081 90.277 Source: Department of Commerce, Bureau of Economic Analysis. 2 90.629 92.566 93.835 93.821 96.174 100.000 101.531 102.097 104.153 107.632 101.898 100.855 100.861 102.190 102.517 102.810 104.104 103.516 104.418 104.560 105.909 107.611 107.864 109.101 109.431 Gross private domestic investment Services 88.320 90.844 93.304 95.318 97.393 100.000 103.256 106.084 109.237 112.001 103.509 104.365 104.957 105.686 106.518 107.146 108.153 108.988 109.525 110.263 111.080 111.663 112.310 112.928 113.725 Nonresidential fixed 106.239 105.011 103.696 101.421 100.057 100.000 99.683 98.913 98.547 99.341 99.817 99.561 99.238 98.957 98.643 98.801 98.668 98.354 98.431 98.728 98.792 99.220 99.449 99.849 100.535 Exports and imports of Government consumption expenditures goods and services and gross investment Federal Residential fixed 85.770 87.609 89.843 92.239 95.780 100.000 104.633 107.246 111.952 118.329 105.631 106.366 106.156 106.699 107.110 108.959 110.748 111.214 112.054 113.630 115.133 117.664 119.627 120.739 122.034 Exports Imports Total 104.376 102.987 101.233 98.905 98.313 100.000 99.625 99.275 101.396 104.919 99.482 98.597 98.325 99.050 99.795 99.903 100.911 101.149 101.343 102.133 103.550 104.732 105.161 106.175 107.348 106.411 104.529 100.816 95.354 95.960 100.000 97.497 96.326 99.615 104.553 97.034 94.504 94.068 96.450 97.272 97.401 100.051 98.956 99.607 99.840 102.165 103.763 105.068 107.045 107.661 89.479 91.957 93.533 94.512 96.883 100.000 101.908 105.288 109.082 112.221 102.135 102.579 104.433 104.804 105.268 106.585 108.795 108.887 109.180 109.449 111.205 112.022 112.493 113.140 115.260 National defense Nondefense State and local 89.598 92.379 93.716 94.643 96.886 100.000 102.002 105.489 109.876 112.994 102.306 102.515 104.286 104.698 105.445 107.413 109.676 109.608 109.917 110.283 111.830 112.795 113.323 113.991 116.158 89.282 91.146 93.192 94.269 96.880 100.000 101.738 104.932 107.632 110.816 101.834 102.696 104.695 104.991 104.944 105.088 107.191 107.577 107.839 107.919 110.097 110.616 110.971 111.574 113.601 87.785 89.717 91.414 92.935 95.667 100.000 102.868 105.318 108.485 112.180 103.117 103.311 103.961 104.997 105.834 106.466 108.235 107.958 108.736 109.007 110.130 111.523 112.802 114.264 115.697 GROSS DOMESTIC PRODUCT AND RELATED PRICE MEASURES: INDEXES AND PERCENT CHANGES [Quarterly data are seasonally adjusted] Percent change from preceding period 1 Index numbers, 2000=100 Real GDP (chain-type quantity index) Period 1995 ...................................................................................... 1996 ...................................................................................... 1997 ...................................................................................... 1998 ...................................................................................... 1999 ...................................................................................... 2000 ...................................................................................... 2001 ...................................................................................... 2002 ...................................................................................... 2003 ...................................................................................... 2004 ...................................................................................... 2001: I ................................................................................ II ............................................................................... III ............................................................................. IV .............................................................................. 2002: I ................................................................................ II ............................................................................... III ............................................................................. IV .............................................................................. 2003: I ................................................................................ II ............................................................................... III ............................................................................. IV .............................................................................. 2004: I ................................................................................ II ............................................................................... III ............................................................................. IV .............................................................................. 2005: I p ............................................................................... 1 Quarterly 81.814 84.842 88.658 92.359 96.469 100.000 100.751 102.626 105.749 110.440 100.597 100.906 100.551 100.948 101.798 102.400 103.059 103.249 103.743 104.792 106.681 107.780 108.969 109.858 110.941 111.993 112.847 GDP chain-type price index 92.115 93.859 95.415 96.475 97.868 100.000 102.402 104.097 106.003 108.298 101.507 102.290 102.690 103.122 103.470 103.853 104.280 104.786 105.490 105.780 106.158 106.586 107.314 108.169 108.551 109.159 110.038 percent changes are at annual rates. GDP implicit price deflator GDP (current dollars) 92.106 93.852 95.414 96.472 97.868 100.000 102.399 104.092 105.998 108.237 101.478 102.252 102.675 103.191 103.450 103.911 104.243 104.752 105.500 105.799 106.148 106.523 107.246 108.093 108.482 109.100 109.971 4.6 5.7 6.2 5.3 6.0 5.9 3.2 3.5 4.9 6.6 2.8 4.4 .2 3.6 4.5 4.2 3.9 2.7 4.9 5.3 8.8 5.7 7.4 6.6 5.5 6.2 6.4 Real GDP (chain-type quantity index) GDP chain-type price index 2.5 3.7 4.5 4.2 4.5 3.7 .8 1.9 3.0 4.4 ¥.5 1.2 ¥1.4 1.6 3.4 2.4 2.6 .7 1.9 4.1 7.4 4.2 4.5 3.3 4.0 3.8 3.1 GDP implicit price deflator 2.0 1.9 1.7 1.1 1.4 2.2 2.4 1.7 1.8 2.2 3.3 3.1 1.6 1.7 1.4 1.5 1.7 2.0 2.7 1.1 1.4 1.6 2.8 3.2 1.4 2.3 3.3 2.0 1.9 1.7 1.1 1.4 2.2 2.4 1.7 1.8 2.1 3.3 3.1 1.7 2.0 1.0 1.8 1.3 2.0 2.9 1.1 1.3 1.4 2.7 3.2 1.4 2.3 3.2 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 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2001: ........................................................ ........................................................ ........................................................ ........................................................ ........................................................ ........................................................ ........................................................ ........................................................ ........................................................ ........................................................ I ................................................... II ................................................. III ................................................ IV ................................................ 2002: I ................................................... II ................................................. III ................................................ IV ................................................ 2003: I ................................................... II ................................................. III ................................................ IV ................................................ 2004: I ................................................... II ................................................. III ................................................ IV ................................................ Current dollars Chained (2000) dollars 3,879.5 4,109.5 4,401.8 4,655.0 4,950.8 5,272.2 5,293.5 5,377.7 5,606.8 6,011.0 5,315.8 5,321.3 5,279.1 5,257.7 5,309.6 5,375.6 5,392.8 5,432.9 5,443.0 5,547.8 5,669.0 5,767.5 5,839.4 5,955.5 6,058.2 6,190.8 3,977.4 4,196.4 4,469.3 4,725.4 5,011.0 5,272.2 5,224.5 5,275.9 5,423.0 5,713.6 5,285.9 5,256.7 5,197.6 5,158.0 5,225.7 5,279.7 5,294.6 5,303.5 5,294.8 5,373.1 5,471.9 5,552.0 5,598.7 5,657.4 5,752.2 5,846.0 Total Compensation of employees (unit labor cost) 0.975 .979 .985 .985 .988 1.000 1.013 1.019 1.034 1.052 1.006 1.012 1.016 1.019 1.016 1.018 1.019 1.024 1.028 1.033 1.036 1.039 1.043 1.053 1.053 1.059 1 Estimates for nonfinancial corporate business for 2000 and earlier periods are based on the Standard Industrial Classification (SIC); later estimates are based on the North American Industry Classification System (NAICS). 2 The implicit price deflator for gross value added of nonfinancial corporate business divided by 100. 0.631 .627 .629 .645 .652 .672 .688 .683 .682 .685 .684 .686 .690 .693 .683 .683 .682 .682 .685 .683 .679 .679 .682 .686 .687 .685 Total 0.230 .228 .228 .226 .229 .237 .257 .257 .258 .253 .249 .254 .261 .263 .259 .257 .257 .257 .259 .257 .256 .255 .253 .253 .253 .251 Consumption of fixed capital Taxes on production and imports 3 Net interest and miscellaneous payments 0.104 .104 .105 .104 .105 .108 .124 .124 .125 .121 .117 .121 .132 .126 .124 .124 .124 .125 .126 .125 .124 .123 .120 .120 .126 .118 0.097 .097 .095 .092 .092 .093 .094 .099 .101 .101 .094 .094 .089 .098 .098 .098 .099 .099 .101 .100 .101 .101 .102 .102 .096 .102 0.029 .027 .028 .030 .032 .036 .039 .034 .032 .031 .038 .039 .040 .039 .037 .035 .034 .033 .032 .032 .031 .031 .031 .031 .031 .031 Corporate profits with inventory valuation and capital consumption adjustments 4 Total 0.114 .125 .128 .114 .107 .090 .068 .079 .095 .114 .073 .072 .066 .063 .074 .079 .080 .085 .083 .093 .100 .104 .108 .113 .113 .123 Taxes on corporate income 0.035 .036 .036 .034 .034 .032 .021 .017 .024 .029 .024 .024 .021 .016 .014 .016 .018 .019 .023 .022 .024 .026 .026 .029 .029 .031 Profits after tax 5 0.078 .088 .092 .080 .073 .058 .047 .062 .071 .085 .049 .048 .044 .047 .060 .062 .062 .066 .060 .071 .076 .078 .082 .084 .084 .091 3 Less subsidies plus business current transfer payments. profits from current production. inventory valuation and capital consumption adjustments. Source: Department of Commerce, Bureau of Economic Analysis. 4 Unit 5 With 3 NATIONAL INCOME [Billions of dollars; quarterly data at seasonally adjusted annual rates] Proprietors’ income 1 Period 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2001: 2002: 2003: 2004: 2005: ............ ............ ............ ............ ............ ............ ............ ............ ............ ............ III .... IV ..... I ....... II ...... III .... IV ..... I ....... II ...... III .... IV ..... I ....... II ...... III .... IV ..... I p ...... 1 With National income 6,453.9 6,840.1 7,292.2 7,752.8 8,236.7 8,795.2 8,979.8 9,225.4 9,679.6 10,320.6 8,890.3 9,039.9 9,136.5 9,222.3 9,241.6 9,301.3 9,407.7 9,568.8 9,771.1 9,971.1 10,128.1 10,262.0 10,294.7 10,597.6 .................. Compensation of employees Farm 4,193.3 4,390.5 4,661.7 5,019.4 5,357.1 5,782.7 5,942.1 6,069.5 6,289.0 6,632.0 5,939.3 5,938.3 6,010.2 6,068.3 6,086.0 6,113.4 6,179.1 6,245.6 6,324.7 6,406.7 6,489.4 6,578.5 6,687.4 6,772.5 6,868.7 Nonfarm 22.7 37.3 34.2 29.4 28.6 22.7 19.7 9.7 21.8 18.2 17.7 20.0 10.8 10.4 8.7 8.8 13.8 24.1 24.8 24.7 17.9 18.9 13.6 22.4 26.5 Corporate profits with inventory valuation and capital consumption adjustments Rental income of persons with capital consumption adjustment 469.5 505.9 541.8 598.4 649.7 705.7 752.2 759.9 812.3 884.6 755.7 754.1 751.4 758.6 761.7 767.9 780.2 801.6 827.2 840.0 854.2 882.5 889.3 912.5 935.3 122.1 131.5 128.8 137.5 147.3 150.3 167.4 170.9 153.8 165.1 176.4 176.2 179.7 184.7 165.4 153.8 155.5 144.1 148.8 167.1 172.8 172.6 153.8 161.3 151.5 Profits with inventory valuation adjustment and without capital consumption adjustment Total 696.7 786.2 868.5 801.6 851.3 817.9 767.3 874.6 1,021.1 1,181.6 714.5 793.0 838.2 868.4 876.2 915.4 912.0 986.2 1,057.1 1,129.1 1,165.6 1,173.9 1,118.0 1,268.8 ............ Total Profits before tax Inventory valuation adjustment 656.0 736.1 812.3 738.5 776.8 759.3 719.2 756.8 860.4 942.4 689.1 681.3 711.7 747.5 761.2 806.8 798.7 823.5 877.2 941.9 925.4 940.6 895.0 1,008.8 ............ 674.3 733.0 798.2 718.3 775.9 773.4 707.9 758.0 874.5 985.3 671.1 650.9 695.8 745.9 773.0 817.4 826.1 824.5 881.0 966.2 962.4 988.3 932.8 1,057.9 ............ ¥18.3 3.1 14.1 20.2 1.0 ¥14.1 11.3 ¥1.2 ¥14.1 ¥42.9 18.0 30.4 15.9 1.6 ¥11.8 ¥10.6 ¥27.4 ¥1.0 ¥3.8 ¥24.3 ¥37.0 ¥47.8 ¥37.8 ¥49.1 .............. inventory valuation and capital consumption adjustments. Capital consumption adjustment 40.7 50.1 56.2 63.1 74.5 58.6 48.1 117.8 160.8 239.1 25.4 111.7 126.6 121.0 115.0 108.6 113.3 162.7 179.9 187.2 240.2 233.3 223.0 260.0 59.6 Net interest and miscellaneous pay ments Taxes on production and imports 367.1 376.2 415.6 487.1 495.4 559.0 566.3 532.9 543.0 549.5 565.5 564.8 549.2 527.3 526.8 528.3 541.3 542.8 542.8 545.3 554.5 548.5 546.7 548.2 556.5 558.2 581.1 612.0 639.8 674.0 708.9 728.6 762.6 798.1 841.1 725.6 737.6 747.3 760.1 771.2 771.8 783.5 792.9 802.0 813.9 823.3 835.7 843.1 862.2 875.5 Less: Subsidies Busness current transfer payments Current surplus of government enterprises 34.0 34.3 32.9 35.4 44.2 44.3 55.3 38.2 46.7 40.4 67.3 43.1 38.9 36.8 38.4 38.7 42.8 55.2 44.5 44.4 40.4 39.4 39.7 42.3 47.2 46.9 53.1 49.9 64.7 67.4 87.1 92.8 80.9 77.7 82.1 65.7 102.5 89.6 81.3 78.0 74.6 74.8 76.9 78.9 80.1 82.7 83.5 76.0 86.3 87.2 11.4 12.7 12.6 10.3 10.1 5.3 ¥1.4 2.8 9.5 6.9 ¥2.9 ¥3.4 ¥.9 ¥.1 6.0 6.0 10.3 9.8 9.3 8.7 8.1 7.4 6.5 5.7 3.3 Source: Department of Commerce, Bureau of Economic Analysis. REAL PERSONAL CONSUMPTION EXPENDITURES [Billions of chained (2000) dollars, except as noted; quarterly data at seasonally adjusted annual rates] Durable goods Period 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2001: 2002: 2003: 2004: 2005: ............... ............... ............... ............... ............... ............... ............... ............... ............... ............... III ....... IV ........ I .......... II ......... III ....... IV ........ I .......... II ......... III ....... IV ........ I .......... II ......... III ....... IV ........ I p ......... Total personal consumption expenditures 5,433.5 5,619.4 5,831.8 6,125.8 6,438.6 6,739.4 6,910.4 7,123.4 7,355.6 7,632.5 6,900.5 7,017.6 7,049.7 7,099.2 7,149.9 7,194.6 7,242.2 7,311.4 7,401.7 7,466.8 7,543.0 7,572.4 7,667.8 7,747.0 7,814.2 Total durable goods 552.6 595.9 646.9 720.3 804.6 863.3 900.7 959.6 1,030.6 1,099.3 885.6 958.7 937.8 947.8 979.3 973.4 973.2 1,020.0 1,059.6 1,069.7 1,075.5 1,074.7 1,118.3 1,129.0 1,129.0 Motor vehicles and parts 272.3 285.4 304.7 339.0 372.4 386.5 405.8 428.7 452.1 465.9 392.7 449.4 415.1 418.6 447.1 433.9 428.0 451.3 465.6 463.5 456.7 449.6 478.9 478.3 465.3 Furniture and household equipment 173.3 193.4 216.3 244.7 280.7 312.9 331.8 360.7 393.5 439.4 332.2 343.0 354.4 360.1 361.2 367.2 369.3 385.2 405.0 414.6 425.6 433.3 445.4 453.3 465.1 Nondurable goods Other 111.2 119.6 127.3 137.6 151.7 163.9 163.2 170.9 186.5 198.7 161.2 165.6 169.2 170.3 170.9 173.2 177.0 184.4 190.5 194.0 196.9 196.8 198.5 202.5 206.0 Total nondurable goods 1,638.6 1,680.4 1,725.3 1,794.4 1,876.6 1,947.2 1,986.7 2,037.4 2,112.4 2,208.5 1,986.5 2,010.3 2,029.3 2,033.2 2,030.2 2,056.8 2,082.0 2,090.1 2,125.3 2,152.0 2,187.3 2,188.0 2,213.2 2,245.3 2,272.2 Food 827.1 834.7 845.2 865.6 893.6 925.2 940.2 958.4 995.1 1,043.3 940.6 945.0 951.4 958.4 958.0 965.8 981.4 988.0 1,002.2 1,008.6 1,028.4 1,034.3 1,045.4 1,065.0 1,078.0 1 Includes other items, not shown separately. NOTE.—Because of the formula used for calculating real GDP, the chained (2000) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates. 4 Clothing and shoes 227.4 238.7 246.0 263.1 282.7 297.7 303.7 316.7 330.2 352.4 302.9 309.8 316.4 316.2 312.9 321.2 320.6 327.1 334.9 338.2 351.2 346.5 351.6 360.2 363.9 Gasoline and oil 154.5 157.9 162.8 170.3 176.3 175.7 178.3 180.7 182.0 181.3 176.1 183.1 183.3 178.4 178.0 183.0 184.5 177.8 179.1 186.4 186.0 179.0 179.8 180.2 183.3 Services Fuel oil and coal 18.7 18.4 16.9 16.0 16.4 15.8 15.2 15.4 15.4 16.1 15.0 14.7 14.6 15.3 15.4 16.3 15.0 14.3 15.5 16.9 16.1 16.1 16.6 15.6 16.1 Other 414.1 432.9 456.6 481.1 508.6 532.9 549.2 566.3 589.6 617.1 551.7 558.4 564.4 564.7 565.5 570.7 579.9 582.8 593.6 602.1 606.6 613.4 621.4 626.8 633.2 Total services 1 3,259.9 3,356.0 3,468.0 3,615.0 3,758.0 3,928.8 4,023.2 4,128.6 4,220.3 4,338.3 4,027.8 4,051.2 4,084.1 4,119.7 4,143.8 4,166.9 4,188.7 4,207.7 4,227.9 4,256.7 4,291.7 4,320.0 4,352.4 4,389.2 4,427.8 Housing 887.5 901.1 922.5 948.8 978.6 1,006.5 1,033.7 1,062.0 1,076.1 1,094.9 1,036.5 1,042.8 1,052.8 1,060.8 1,065.5 1,068.7 1,071.6 1,074.3 1,078.1 1,080.3 1,086.0 1,091.5 1,097.9 1,104.1 1,111.0 Source: Department of Commerce, Bureau of Economic Analysis. Medical care 906.4 922.5 942.8 970.7 989.0 1,026.8 1,075.2 1,139.3 1,184.3 1,228.5 1,082.7 1,099.1 1,117.1 1,132.5 1,147.0 1,160.5 1,170.0 1,179.7 1,189.3 1,198.3 1,207.9 1,221.0 1,236.1 1,249.1 1,263.3 Retail sales of new passenger cars and light trucks (millions of units) 14.7 15.1 15.1 15.5 16.9 17.3 17.1 16.8 16.6 16.9 16.1 18.5 16.6 16.5 17.4 16.6 16.1 16.4 17.2 16.8 16.5 16.5 17.1 17.2 16.4 SOURCES OF PERSONAL INCOME Personal income rose $48.0 billion (annual rate) in March following an increase of $41.4 billion in February. Wages and salaries rose $19.0 billion in March following an increase of $19.3 billion in February. [Billions of dollars; monthly data at seasonally adjusted annual rates] Compensation of employees, received Supplements to wages and salaries Proprietors’ income 1 Personal income receipts on assets Rental income of persons 2 Personal current transfer receipts 3 Less: Contributions for government social insurance Total personal income Total ................. ................. ................. ................. ................. ................. ................. ................. ................. ................. Mar ....... Apr ........ May ....... June ...... July ....... Aug ....... Sept ....... Oct ........ Nov ....... Dec * ...... 6,152.3 6,520.6 6,915.1 7,423.0 7,802.4 8,429.7 8,724.1 8,878.9 9,161.8 9,673.0 9,484.9 9,550.0 9,603.8 9,624.2 9,668.5 9,706.3 9,726.4 9,803.4 9,844.4 10,213.5 4,177.0 4,386.9 4,664.6 5,020.1 5,352.0 5,782.7 5,942.1 6,069.5 6,289.0 6,632.0 6,512.4 6,553.0 6,593.0 6,594.1 6,660.2 6,688.1 6,713.8 6,752.0 6,766.1 6,799.5 3,419.3 3,619.6 3,877.6 4,183.4 4,466.3 4,829.2 4,942.8 4,976.3 5,103.6 5,355.7 5,254.8 5,290.8 5,325.0 5,322.7 5,381.3 5,403.6 5,424.0 5,454.7 5,461.7 5,487.1 757.7 767.3 787.0 836.7 885.7 953.4 999.3 1,093.2 1,185.5 1,276.3 1,257.6 1,262.2 1,268.0 1,271.4 1,278.9 1,284.5 1,289.8 1,297.3 1,304.3 1,312.4 22.7 37.3 34.2 29.4 28.6 22.7 19.7 9.7 21.8 18.2 17.5 18.3 19.0 19.5 15.0 13.6 12.3 18.6 22.8 25.7 469.5 505.9 541.8 598.4 649.7 705.7 752.2 759.9 812.3 884.6 866.0 875.3 882.2 889.9 890.6 891.3 885.8 902.5 911.0 924.0 122.1 131.5 128.8 137.5 147.3 150.3 167.4 170.9 153.8 165.1 171.8 172.0 172.8 172.9 170.5 156.8 134.2 163.2 160.8 159.9 1,016.4 1,089.2 1,181.7 1,283.2 1,264.2 1,387.0 1,380.0 1,334.6 1,322.7 1,387.3 1,338.8 1,345.4 1,352.2 1,359.4 1,363.6 1,367.8 1,372.1 1,382.4 1,392.5 1,700.8 763.2 793.0 848.7 933.2 928.6 1,011.0 1,011.0 946.7 929.9 946.2 934.8 938.2 941.7 945.1 945.8 946.5 947.2 953.9 960.5 967.2 253.2 296.2 333.0 349.9 335.6 376.1 369.0 387.9 392.8 441.1 404.0 407.1 410.6 414.3 417.8 421.3 424.9 428.5 431.9 733.6 877.4 925.0 951.2 978.6 1,022.1 1,084.0 1,193.9 1,282.7 1,335.4 1,405.9 1,384.7 1,396.6 1,400.6 1,404.1 1,392.4 1,415.7 1,438.1 1,418.7 1,426.3 1,441.7 532.8 555.2 587.2 624.2 661.4 702.7 731.1 748.3 773.2 820.2 806.3 810.5 815.9 815.7 823.8 827.0 829.9 834.1 835.0 838.2 2005: Jan r ....... Feb r ....... Mar p ...... 9,968.9 10,010.3 10,058.3 6,844.8 6,868.7 6,892.5 5,520.6 5,539.9 5,558.9 1,324.2 1,328.8 1,333.6 26.1 25.9 27.4 926.5 934.0 945.2 155.2 151.5 147.8 1,409.5 1,416.0 1,423.5 971.7 976.2 980.7 437.8 439.8 442.8 1,459.6 1,469.6 1,479.7 852.8 855.4 857.9 Period 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2004: 1 With 2 With Wage and salary disbursements inventory valuation and capital consumption adjustments. capital consumption adjustment. mainly of social insurance benefits to persons. 3 Consists Farm Nonfarm Total Personal interest income Personal dividend income * Personal income data for December 2004 reflect the payment of a special dividend by the Microsoft Corporation. Source: Department of Commerce, Bureau of Economic Analysis. 5 DISPOSITION OF PERSONAL INCOME According to advance estimates, per capita disposable personal income in chained (2000) dollars fell at an annual rate of 1.1 percent in the first quarter of 2005. Period Personal income Less: Personal current taxes Equals: Disposable personal income Less: Personal outlays 1 Equals: Personal saving Disposable personal income in billions of chained (2000) dollars Per capita disposable personal income Current dollars Billions of dollars 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 .............. .............. .............. .............. .............. .............. .............. .............. .............. .............. 6,152.3 6,520.6 6,915.1 7,423.0 7,802.4 8,429.7 8,724.1 8,878.9 9,161.8 9,673.0 744.1 832.1 926.3 1,027.0 1,107.5 1,235.7 1,237.3 1,051.2 1,001.9 1,038.9 5,408.2 5,688.5 5,988.8 6,395.9 6,695.0 7,194.0 7,486.8 7,827.7 8,159.9 8,634.0 Chained (2000) dollars Per capita personal consumption expenditures Current dollars Chained (2000) dollars Dollars 5,157.3 5,460.0 5,770.5 6,119.1 6,536.4 7,025.6 7,354.5 7,668.5 8,049.3 8,531.9 250.9 228.4 218.3 276.8 158.6 168.5 132.3 159.2 110.6 102.1 5,905.7 6,080.9 6,295.8 6,663.9 6,861.3 7,194.0 7,333.3 7,559.5 7,733.8 8,007.3 20,287 21,091 21,940 23,161 23,968 25,472 26,236 27,159 28,034 29,372 Percent change in real per capita disposable personal income Saving as percent of disposable personal income Population, including Armed Forces overseas (thousands) 2 Percent 22,153 22,546 23,065 24,131 24,564 25,472 25,698 26,229 26,570 27,240 18,665 19,490 20,323 21,291 22,491 23,862 24,723 25,592 26,663 27,998 20,382 20,835 21,365 22,183 23,050 23,862 24,216 24,715 25,270 25,965 1.6 1.8 2.3 4.6 1.8 3.7 .9 2.1 1.3 2.5 4.6 4.0 3.6 4.3 2.4 2.3 1.8 2.0 1.4 1.2 266,588 269,714 272,958 276,154 279,328 282,429 285,366 288,217 291,073 293,951 26,081 25,640 26,249 26,366 26,181 26,123 26,179 26,392 26,842 26,862 26,964 27,088 27,214 27,691 27,613 24,703 25,090 25,202 25,500 25,740 25,922 26,243 26,479 26,841 27,086 27,521 27,778 28,142 28,546 28,883 24,150 24,494 24,550 24,666 24,777 24,867 24,975 25,155 25,397 25,552 25,755 25,797 26,053 26,254 26,424 10.3 ¥6.6 9.8 1.8 ¥2.8 ¥.9 .9 3.3 7.0 .3 1.5 1.9 1.9 7.2 ¥1.1 3.4 .5 2.7 2.7 1.6 1.2 1.0 1.1 1.9 1.3 1.0 1.3 .7 1.6 .6 285,736 286,502 287,154 287,812 288,575 289,328 289,977 290,656 291,442 292,217 292,872 293,540 294,315 295,077 295,721 Seasonally adjusted annual rates 2001: III ...... 8,733.1 IV ...... 8,754.8 2002: I ......... 8,803.6 II ....... 8,897.1 III ...... 8,895.7 IV ...... 8,919.2 2003: I ......... 9,002.2 II ....... 9,105.7 III ...... 9,209.3 IV ...... 9,330.0 2004: I ......... 9,445.0 II ....... 9,592.7 III ...... 9,700.4 IV ...... 9,953.8 2005: I p ....... 10,012.5 1,110.3 1,230.0 1,065.8 1,052.1 1,046.7 1,040.3 1,025.7 1,030.7 941.7 1,009.4 1,006.6 1,030.6 1,048.9 1,069.5 1,087.1 7,622.8 7,524.8 7,737.8 7,845.0 7,849.0 7,878.8 7,976.5 8,075.0 8,267.6 8,320.5 8,438.4 8,562.1 8,651.5 8,884.2 8,925.4 7,361.2 7,484.4 7,528.5 7,635.0 7,722.9 7,787.6 7,897.0 7,982.9 8,107.8 8,209.4 8,351.6 8,448.7 8,588.1 8,739.3 8,873.5 261.6 40.5 209.3 210.0 126.1 91.2 79.5 92.1 159.8 111.1 86.8 113.4 63.4 145.0 52.0 7,452.2 7,346.0 7,537.6 7,588.4 7,555.1 7,558.0 7,591.2 7,671.1 7,822.9 7,849.6 7,897.0 7,951.5 8,009.5 8,170.9 8,165.6 1 Includes personal consumption expenditures, personal interest payments (nonmortgage), and personal current transfer payments. 2 Annual data are averages of quarterly data, which are averages for the period. 6 26,678 26,264 26,947 27,257 27,199 27,231 27,507 27,782 28,368 28,474 28,813 29,168 29,395 30,108 30,182 Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census). FARM INCOME According to the preliminary forecast for 2005, gross farm income is forecast at $273.4 billion, and net farm income at $64.4 billion. [Billions of dollars; quarterly data at seasonally adjusted annual rates] Income of farm operators from farming Gross farm income Period Cash marketing receipts Total 1 Total 1996 ................................ 1997 ................................ 1998 ................................ 1999 ................................ 2000 ................................ 2001 ................................ 2002 ................................ 2003 ................................ 2004 ................................ 2005 p .............................. 2003: I .......................... II ......................... III ........................ IV ........................ 2004: I .......................... II ......................... III ........................ IV ........................ 2005: I p ........................ II p ........................ III p ...................... IV p ....................... 235.8 238.2 232.4 234.5 241.3 248.3 230.7 256.9 285.0 273.4 269.3 254.9 242.2 261.1 327.9 287.2 260.4 264.5 311.1 266.9 255.1 260.4 199.4 207.9 196.4 187.7 192.1 200.1 195.1 211.6 235.4 222.4 208.9 218.8 206.8 212.1 260.5 245.3 221.3 214.6 235.2 230.2 218.5 205.8 Livestock and products 92.9 96.5 94.2 95.7 99.6 106.7 93.8 105.5 122.2 117.9 106.6 108.1 106.5 100.7 126.2 138.3 118.0 106.6 127.6 120.3 114.3 109.3 1 Cash marketing receipts, Government payments, value of changes in inventories, other farm related cash income, and nonmoney income produced by farms including imputed rent of operator residences. 2 Crop receipts include proceeds received from commodities placed under Commodity Credit Corporation loans. 3 Physical changes in beginning and ending year inventories of crop and livestock commodities valued at weighted average market prices during the period. Crops 2 106.5 111.4 102.2 92.1 92.5 93.4 101.3 106.2 113.2 104.6 102.3 110.7 100.3 111.4 134.3 107.1 103.3 108.0 107.6 109.9 104.2 96.5 Value of inventory changes 3 7.9 .6 ¥.6 ¥.2 1.6 1.1 ¥3.3 .8 6.1 ¥3.4 .8 .8 .8 .8 6.7 6.3 5.7 5.5 ¥3.6 ¥3.6 ¥3.4 ¥3.2 Direct Government payments 4 Production expenses 7.3 7.5 12.4 21.5 22.9 20.7 11.0 15.9 14.5 24.1 31.4 5.9 6.8 19.7 28.6 5.4 6.2 17.9 47.5 8.9 10.3 29.8 177.9 186.9 185.9 187.4 193.4 197.7 193.4 197.6 211.4 208.9 195.1 204.3 193.1 198.1 233.9 220.3 198.7 192.7 220.9 216.2 205.2 193.3 Net farm income 57.9 51.3 46.5 47.1 47.9 50.6 37.3 59.2 73.6 64.4 74.1 50.6 49.1 63.1 94.0 67.0 61.7 71.8 90.1 50.6 49.9 67.1 4 Includes only Government payments made directly to farmers. NOTE.—Data for 2004 and 2005 are forecasts. Source: Department of Agriculture. 7 CORPORATE PROFITS In the fourth quarter of 2004, according to current estimates, corporate profits before tax rose $125.1 billion (annual rate) and profits after tax rose $82.6 billion. [Billions of dollars; quarterly data at seasonally adjusted annual rates] Profits (before tax) with inventory valuation adjustment 1 Profits after tax Domestic industries Period Profits before tax Nonfinancial Total 2 Total Financial Total 3 Manufacturing Utilities Wholesale Retail Taxes on corporate income Total Net dividends Undistributed profits Inventory valuation adjustment 656.0 736.1 812.3 738.5 563.2 634.2 701.4 635.5 162.2 172.6 193.0 165.9 401.0 461.6 508.4 469.6 173.7 188.8 209.0 173.5 ................ ................ ................ ................ 27.3 39.8 47.6 52.3 43.1 51.9 64.2 73.4 674.3 733.0 798.2 718.3 218.7 231.7 246.1 248.3 455.6 501.4 552.1 470.0 254.2 297.6 334.5 351.6 201.4 203.8 217.6 118.3 ¥18.3 3.1 14.1 20.2 ........... .............. .............. .............. .............. .............. .............. 738.5 776.8 759.3 719.2 756.8 860.4 942.4 635.5 655.3 613.6 549.5 599.0 683.4 750.4 165.4 194.3 200.2 227.6 276.2 299.8 294.0 470.1 461.1 413.4 322.0 322.8 383.6 456.4 157.0 150.6 144.3 52.6 50.7 67.3 105.9 32.7 33.1 24.4 24.7 11.4 18.8 23.3 53.2 55.5 59.7 52.1 51.0 47.9 54.6 66.4 65.2 59.6 71.0 78.1 77.7 72.2 718.3 775.9 773.4 707.9 758.0 874.5 985.3 248.3 258.6 265.2 204.1 183.8 234.9 269.2 470.0 517.2 508.2 503.8 574.2 639.6 716.2 351.6 337.4 377.9 370.9 390.0 395.3 443.9 118.3 179.9 130.3 132.9 184.1 244.2 272.3 20.2 1.0 ¥14.1 11.3 ¥1.2 ¥14.1 ¥42.9 2001: III ...... IV ...... 2002: I ......... II ....... III ...... IV ...... 2003: I ......... II ....... III ...... IV ...... 2004: I ......... II ....... III ...... IV ...... 2005: I p ....... 689.1 681.3 711.7 747.5 761.2 806.8 798.7 823.5 877.2 941.9 925.4 940.6 895.0 1,008.8 ............ 542.5 480.2 556.6 596.2 606.1 637.1 641.8 662.2 703.8 726.1 720.0 755.2 706.3 820.1 ............ 211.8 243.7 274.7 279.9 277.1 272.9 292.5 295.4 306.1 305.3 313.7 306.4 237.6 318.2 ............ 330.8 236.5 281.9 316.2 329.0 364.2 349.2 366.8 397.6 420.7 406.4 448.8 468.7 501.9 ............ 49.1 ¥6.3 33.0 46.4 57.5 65.6 54.8 54.1 66.8 93.4 81.5 94.8 105.0 142.4 ................ 26.1 16.2 8.2 10.8 12.9 13.5 17.1 15.3 18.6 24.3 23.2 21.5 21.1 27.5 ................ 53.8 60.2 51.3 57.0 46.5 49.3 43.1 45.1 53.1 50.1 46.0 52.2 61.1 59.0 .............. 72.3 78.6 76.3 79.8 78.7 77.7 74.7 82.6 78.9 74.7 80.0 73.1 64.7 70.8 .............. 671.1 650.9 695.8 745.9 773.0 817.4 826.1 824.5 881.0 966.2 962.4 988.3 932.8 1,057.9 ............ 197.6 178.6 168.9 183.5 188.3 194.7 224.0 224.6 238.7 252.3 256.5 271.2 253.3 295.7 ............ 473.6 472.4 526.9 562.4 584.8 622.7 602.1 600.0 642.3 713.9 705.9 717.1 679.5 762.1 .............. 366.0 368.4 378.7 389.2 395.3 396.9 396.0 394.7 394.1 396.4 403.4 413.2 424.0 534.7 442.8 107.5 104.0 148.2 173.2 189.4 225.7 206.1 205.3 248.1 317.5 302.5 303.9 255.5 227.4 .............. 18.0 30.4 15.9 1.6 ¥11.8 ¥10.6 ¥27.4 ¥1.0 ¥3.8 ¥24.3 ¥37.0 ¥47.8 ¥37.8 ¥49.1 ............ 1995 1996 1997 1998 1998 1999 2000 2001 2002 2003 2004 .............. .............. .............. .............. 4 1 See p. 4 for profits with inventory valuation and capital consumption adjustments. rest of the world, not shown separately. industries not shown separately. 2 Includes 3 Includes 8 4 Data by industry beginning 1998 are based on the 1997 North American Industry Classification System (NAICS) and are not directly comparable with data for prior years shown, which are based on the 1987 Standard Industrial Classification (SIC). Source: Department of Commerce, Bureau of Economic Analysis. REAL GROSS PRIVATE DOMESTIC INVESTMENT In the first quarter of 2005, according to advance estimates, nonresidential fixed investment in chained (2000) dollars rose $14.7 billion (annual rate) and residential investment rose $8.0 billion. There was an increase of $80.2 billion in inventories following an increase of $47.2 billion in the fourth quarter of 2004. [Billions of chained (2000) dollars; quarterly data at seasonally adjusted annual rates] Fixed investment Period 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 Gross private domestic investment Change in private inventories Nonresidential Total Total Equipment and software Residential Structures Total Nonfarm ................................................................................. ................................................................................. ................................................................................. ................................................................................. ................................................................................. ................................................................................. ................................................................................. ................................................................................. ................................................................................. ................................................................................. 1,134.0 1,234.3 1,387.7 1,524.1 1,642.6 1,735.5 1,598.4 1,560.7 1,628.8 1,843.5 1,109.6 1,209.2 1,320.6 1,455.0 1,576.3 1,679.0 1,629.4 1,548.9 1,627.3 1,794.4 762.5 833.6 934.2 1,037.8 1,133.3 1,232.1 1,180.5 1,075.6 1,110.8 1,228.6 247.1 261.1 280.1 294.5 293.2 313.2 306.1 251.6 237.4 240.7 523.1 578.7 658.3 745.6 840.2 918.9 874.2 826.5 879.2 998.6 353.1 381.3 388.6 418.3 443.6 446.9 448.5 470.0 511.2 560.7 29.9 28.7 71.2 72.6 68.9 56.5 ¥31.7 11.7 ¥.8 45.7 41.3 21.7 68.5 71.2 71.5 57.8 ¥31.8 13.5 ¥1.1 42.4 2001: III ......................................................................... IV .......................................................................... 2002: I ............................................................................ II ........................................................................... III ......................................................................... IV .......................................................................... 2003: I ............................................................................ II ........................................................................... III ......................................................................... IV .......................................................................... 1,592.6 1,493.4 1,552.5 1,553.7 1,569.2 1,567.3 1,564.0 1,577.6 1,659.4 1,714.1 1,621.9 1,577.0 1,559.6 1,545.9 1,546.6 1,543.5 1,552.7 1,593.4 1,660.6 1,702.7 1,169.3 1,128.2 1,099.8 1,072.4 1,069.5 1,060.9 1,060.5 1,090.6 1,131.1 1,161.0 315.1 284.9 270.7 253.9 243.0 238.9 230.7 238.7 237.9 242.4 852.9 843.8 830.1 820.6 829.8 825.5 834.6 856.7 899.7 925.6 452.1 447.8 457.8 470.3 473.6 478.5 487.3 497.9 523.8 535.9 ¥29.9 ¥86.7 ¥7.4 7.9 22.7 23.8 9.6 ¥17.6 ¥3.5 8.6 ¥31.1 ¥81.7 ¥11.9 16.1 24.6 25.3 9.6 ¥15.7 ¥2.7 4.6 2004: I ............................................................................ II ........................................................................... III ......................................................................... IV .......................................................................... 1,764.5 1,842.9 1,853.9 1,912.6 1,721.4 1,778.3 1,816.1 1,861.9 1,173.0 1,207.9 1,245.3 1,288.3 237.7 241.7 241.0 242.3 943.7 975.5 1,015.6 1,059.5 542.5 563.6 565.9 570.6 40.0 61.1 34.5 47.2 34.5 58.8 30.4 45.9 2005: I p ........................................................................... 1,969.7 1,884.9 1,303.0 240.7 1,077.2 578.6 80.2 82.5 NOTE.—See p. 10 for further detail on fixed investment by type. Because of the formula used for calculating real GDP, the chained (2000) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates. Source: Department of Commerce, Bureau of Economic Analysis. 9 REAL PRIVATE FIXED INVESTMENT BY TYPE [Billions of chained (2000) dollars; quarterly data at seasonally adjusted annual rates] Nonresidential Residential Equipment and software Period Total fixed investment Structures Information processing equipment and software Total nonresidential Structures Total Computers and peripheral equipment 1 Software Total Transportation equipment Other equipment Total residential Total 2 Single family Other Industrial equipment Equipment 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2001: ........................... ........................... ........................... ........................... ........................... ........................... ........................... ........................... ........................... ........................... III ................... IV .................... 2002: I ...................... II ..................... III ................... IV .................... 2003: I ...................... II ..................... III ................... IV .................... 1,109.6 1,209.2 1,320.6 1,455.0 1,576.3 1,679.0 1,629.4 1,548.9 1,627.3 1,794.4 1,621.9 1,577.0 1,559.6 1,545.9 1,546.6 1,543.5 1,552.7 1,593.4 1,660.6 1,702.7 762.5 833.6 934.2 1,037.8 1,133.3 1,232.1 1,180.5 1,075.6 1,110.8 1,228.6 1,169.3 1,128.2 1,099.8 1,072.4 1,069.5 1,060.9 1,060.5 1,090.6 1,131.1 1,161.0 247.1 261.1 280.1 294.5 293.2 313.2 306.1 251.6 237.4 240.7 315.1 284.9 270.7 253.9 243.0 238.9 230.7 238.7 237.9 242.4 523.1 578.7 658.3 745.6 840.2 918.9 874.2 826.5 879.2 998.6 852.9 843.8 830.1 820.6 829.8 825.5 834.6 856.7 899.7 925.6 182.7 218.9 269.9 328.9 398.5 467.6 459.0 439.6 492.4 571.9 447.3 441.7 434.1 435.5 446.5 442.2 460.0 475.7 507.1 526.6 ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. 71.6 84.1 108.8 129.4 157.2 176.2 173.8 163.6 171.2 192.4 172.3 167.4 163.8 162.9 165.9 161.7 164.9 166.8 174.6 178.5 107.0 117.2 127.3 143.2 158.0 190.0 181.7 164.3 179.4 204.8 177.8 172.2 163.7 164.9 165.4 163.2 169.6 173.7 183.9 190.4 134.9 139.9 143.0 148.1 147.9 159.2 145.7 137.4 137.6 144.6 140.6 135.4 141.5 136.0 136.6 135.4 137.9 137.3 138.4 136.8 120.6 125.4 135.9 145.4 167.7 160.8 142.8 125.6 121.6 136.8 137.6 144.0 134.1 124.3 121.9 121.9 113.9 120.5 124.3 127.8 101.7 105.6 115.8 125.7 126.7 131.2 126.9 124.5 131.2 151.1 127.6 122.8 120.4 125.1 125.7 126.7 125.2 126.1 134.0 139.3 353.1 381.3 388.6 418.3 443.6 446.9 448.5 470.0 511.2 560.7 452.1 447.8 457.8 470.3 473.6 478.5 487.3 497.9 523.8 535.9 346.8 375.1 382.4 411.9 436.6 439.5 441.1 462.5 503.0 551.5 444.8 440.4 450.3 462.7 466.0 470.9 479.5 489.8 515.3 527.2 180.6 197.3 196.6 218.1 234.2 236.8 237.1 246.3 274.2 305.2 240.3 234.5 237.7 246.0 249.5 252.0 260.3 264.1 278.3 294.1 6.2 6.2 6.1 6.4 7.0 7.4 7.4 7.6 8.3 9.2 7.3 7.5 7.5 7.6 7.5 7.6 7.7 8.1 8.5 8.7 2004: I ...................... II ..................... III ................... IV .................... 1,721.4 1,778.3 1,816.1 1,861.9 1,173.0 1,207.9 1,245.3 1,288.3 237.7 241.7 241.0 242.3 943.7 975.5 1,015.6 1,059.5 547.0 565.4 575.6 599.5 ............. ............. ............. ............. 185.6 189.5 192.7 201.9 200.2 206.2 206.8 205.9 139.0 139.7 148.5 151.3 122.7 130.0 141.0 153.5 142.1 147.5 155.2 159.7 542.5 563.6 565.9 570.6 533.6 554.6 556.7 561.2 299.3 305.7 307.9 308.0 9.0 9.1 9.3 9.4 2005: I p ..................... 1,884.9 1,303.0 240.7 1,077.2 633.0 ............. 210.8 213.5 152.3 145.1 156.8 578.6 569.2 315.2 9.4 1 For details on this component, see Survey of Current Business, Tables 5.3.6, 5.3.1 for growth rates, 5.3.2 for contributions, and 5.3.3 for quantity indexes. 2 Includes other items, not shown separately. NOTE.—Because of the formula used for calculating real GDP, the chained (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 portaFiscien- care withWhole- Retail tion Infor- nance tate and tific, and Other out sale and maand rental 1 trade and social emtrade waretion insur- and assisployhousance leas- technical tance ees ing ing services For companies with employees 1996 1997 1998 1999 2000 2001 2002 .............................. ............................. .............................. ............................. ............................. ............................. ............................. 807.1 .............. ........... ........ ......... .......... ........... ............ .......... ............ .......... .......... .......... .......... ........... .......... .......... 871.8 .............. ........... ........ ......... .......... ........... ............ .......... ............ .......... .......... .......... .......... ........... .......... .......... 970.9 896.5 0.9 40.4 36.0 26.9 203.6 29.2 57.3 51.3 96.5 118.2 85.2 22.3 47.1 81.7 74.4 1,047.0 974.6 1.7 30.6 42.8 23.1 196.4 32.4 64.1 57.3 122.8 130.1 100.6 29.5 51.3 91.8 72.3 1,161.0 1,089.9 1.5 42.5 61.3 25.0 214.8 33.6 69.8 59.9 160.2 133.7 92.5 34.1 52.2 108.9 71.2 1,109.0 1,052.3 1.5 51.3 82.8 24.8 192.8 30.0 66.9 57.8 144.8 131.1 82.7 30.5 52.9 102.5 56.7 1,008.5 928.0 1.9 42.3 67.1 25.4 163.3 27.9 59.4 47.8 88.9 125.7 96.7 26.6 59.1 96.0 80.4 1 Includes the following industries: Management of companies and enterprises; administrative and support and waste management; educational services; arts, entertainment, and recreation; accommodation and food services; and other services (except public administration). Also includes an item for structure and equipment expenditures serving multiple industry categories. 10 NOTE.—Data from Annual Capital Expenditures. Industry data are based on the North American Industry Classification System (NAICS): 1997. Source: Department of Commerce, Bureau of the Census. EMPLOYMENT, UNEMPLOYMENT, AND WAGES STATUS OF THE LABOR FORCE In April, employment rose by 598,000 and unemployment was about unchanged. [Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA] Civilian employment Period 1995 ...................... 1996 ...................... 1997 2 .................... 1998 2 .................... 1999 2 .................... 2000 2 .................... 2001 ..................... 2002 ...................... 2003 2 .................... 2004 2 .................... 2004: Apr ............. May ............ June ........... July ............ Aug ............ Sept ........... Oct ............. Nov ............ Dec ............ 2005: Jan 2 .......... Feb ............ Mar ............ Apr ............. Civilian noninstitutional population (NSA) Civilian labor force 198,584 200,591 203,133 205,220 207,753 212,577 215,092 217,570 221,168 223,357 222,757 222,967 223,196 223,422 223,677 223,941 224,192 224,422 224,640 224,837 225,041 225,236 225,441 132,304 133,943 136,297 137,673 139,368 142,583 143,734 144,863 146,510 147,401 146,788 147,018 147,386 147,823 147,676 147,531 147,893 148,313 148,203 147,979 148,132 148,157 148,762 Percent 1 Unemployment Total Men 20 years and over Women 20 years and over Both sexes 16–19 years 124,900 126,708 129,558 131,463 133,488 136,891 136,933 136,485 137,736 139,252 138,645 138,846 139,158 139,639 139,658 139,527 139,827 140,293 140,156 140,241 140,144 140,501 141,099 64,085 64,897 66,284 67,135 67,761 69,634 69,776 69,734 70,415 71,572 71,158 71,226 71,575 71,830 71,847 71,701 71,895 72,134 72,020 72,029 72,131 72,429 72,817 54,396 55,311 56,613 57,278 58,555 60,067 60,417 60,420 61,402 61,773 61,591 61,723 61,731 61,902 61,877 61,939 62,024 62,145 62,208 62,295 62,202 62,099 62,384 6,419 6,500 6,661 7,051 7,172 7,189 6,740 6,332 5,919 5,907 5,897 5,896 5,853 5,907 5,934 5,887 5,908 6,014 5,927 5,917 5,811 5,973 5,897 1 Civilian labor force (or employment) as percent of civilian noninstitutional population; and unemployment as percent of civilian labor force. 2 Not strictly comparable with earlier data. NOTE.—Beginning January 2005 data reflect revised population controls and are not strictly comparable with earlier data. Total 7,404 7,236 6,739 6,210 5,880 5,692 6,801 8,378 8,774 8,149 8,143 8,172 8,228 8,184 8,018 8,005 8,066 8,020 8,047 7,737 7,988 7,656 7,663 Men 20 years and over 3,239 3,146 2,882 2,580 2,433 2,376 3,040 3,896 4,209 3,791 3,751 3,869 3,786 3,737 3,768 3,761 3,736 3,733 3,733 3,565 3,685 3,492 3,356 Women 20 years and over Both sexes 16–19 years 2,819 2,783 2,585 2,424 2,285 2,235 2,599 3,228 3,314 3,150 3,185 3,080 3,259 3,183 3,032 3,069 3,102 3,099 3,051 3,023 3,068 2,952 3,036 1,346 1,306 1,271 1,205 1,162 1,081 1,162 1,253 1,251 1,208 1,207 1,223 1,184 1,265 1,217 1,175 1,227 1,188 1,262 1,150 1,235 1,212 1,271 Not in labor force Labor force participation rate Employment/ population ratio Unemployment rate 66.6 66.8 67.1 67.1 67.1 67.1 66.8 66.6 66.2 66.0 65.9 65.9 66.0 66.2 66.0 65.9 66.0 66.1 66.0 65.8 65.8 65.8 66.0 62.9 63.2 63.8 64.1 64.3 64.4 63.7 62.7 62.3 62.3 62.2 62.3 62.3 62.5 62.4 62.3 62.4 62.5 62.4 62.4 62.3 62.4 62.6 5.6 5.4 4.9 4.5 4.2 4.0 4.7 5.8 6.0 5.5 5.5 5.6 5.6 5.5 5.4 5.4 5.5 5.4 5.4 5.2 5.4 5.2 5.2 66,280 66,647 66,837 67,547 68,385 69,994 71,359 72,707 74,658 75,956 75,969 75,950 75,809 75,599 76,001 76,410 76,299 76,109 76,437 76,858 76,909 77,079 76,679 See Employment and Earnings for details on breaks in series. Source: Department of Labor, Bureau of Labor Statistics. 11 SELECTED UNEMPLOYMENT RATES In April, the unemployment rate was unchanged from March at 5.2 percent. [Monthly data seasonally adjusted] Unemployment rate (percent of civilian labor force in group) By race or ethnicity 1 By sex and age Period 1995 ......................... 1996 ......................... 1997 ......................... 1998 ......................... 1999 ......................... 2000 ........................ 2001 ........................ 2002 ........................ 2003 ........................ 2004 ......................... 2004: Apr ............... May ............... June .............. July ............... Aug ............... Sept .............. Oct ................ Nov ............... Dec ............... 2005: Jan ............... Feb ............... Mar ............... Apr ............... All civilian workers 5.6 5.4 4.9 4.5 4.2 4.0 4.7 5.8 6.0 5.5 5.5 5.6 5.6 5.5 5.4 5.4 5.5 5.4 5.4 5.2 5.4 5.2 5.2 Men 20 years and over Women 20 years and over 4.8 4.6 4.2 3.7 3.5 3.3 4.2 5.3 5.6 5.0 5.0 5.2 5.0 4.9 5.0 5.0 4.9 4.9 4.9 4.7 4.9 4.6 4.4 4.9 4.8 4.4 4.1 3.8 3.6 4.1 5.1 5.1 4.9 4.9 4.8 5.0 4.9 4.7 4.7 4.8 4.7 4.7 4.6 4.7 4.5 4.6 Both sexes 16–19 years 17.3 16.7 16.0 14.6 13.9 13.1 14.7 16.5 17.5 17.0 17.0 17.2 16.8 17.6 17.0 16.6 17.2 16.5 17.6 16.3 17.5 16.9 17.7 White 4.9 4.7 4.2 3.9 3.7 3.5 4.2 5.1 5.2 4.8 4.9 5.0 5.0 4.8 4.7 4.7 4.7 4.6 4.6 4.4 4.6 4.4 4.4 1 Beginning in 2003, persons who selected this race group only. Prior to 2003, persons who reported more than one race were included in the group they identified as the main race. Persons whose ethnicity is identified as Hispanic or Latino may be of any race. 12 By selected groups Black or African American Asian (NSA) Hispanic or Latino ethnicity 10.4 10.5 10.0 8.9 8.0 7.6 8.6 10.2 10.8 10.4 9.8 10.0 10.3 11.0 10.5 10.4 10.7 10.8 10.8 10.6 10.9 10.3 10.4 .......... .......... .......... .......... .......... 3.6 4.5 5.9 6.0 4.4 4.4 4.2 5.0 4.3 3.6 4.3 4.8 4.2 4.1 4.2 4.5 3.9 3.9 9.3 8.9 7.7 7.2 6.4 5.7 6.6 7.5 7.7 7.0 7.1 6.9 6.7 6.8 6.9 7.0 6.7 6.7 6.6 6.1 6.4 5.7 6.4 Married men, spouse present Women who maintain families (NSA) Full-time workers Part-time workers 8.0 8.2 8.1 7.2 6.4 5.9 6.6 8.0 8.5 8.0 7.5 7.4 8.2 9.0 8.3 8.2 7.8 7.7 7.1 8.2 8.0 8.0 7.7 5.5 5.3 4.8 4.3 4.1 3.8 4.7 5.9 6.1 5.6 5.6 5.7 5.6 5.6 5.5 5.5 5.4 5.4 5.4 5.2 5.4 5.1 5.1 6.0 5.8 5.5 5.3 5.0 4.8 5.1 5.2 5.5 5.3 5.3 5.2 5.5 5.2 5.2 5.0 5.5 5.4 5.4 5.3 5.4 5.4 5.3 3.3 3.0 2.7 2.4 2.2 2.0 2.7 3.6 3.8 3.1 3.1 3.1 3.2 3.2 3.1 3.0 3.0 3.1 3.1 3.1 3.0 3.0 2.7 NOTE.—Data relate to persons age 16 years and over. Source: Department of Labor, Bureau of Labor Statistics. SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE PROGRAMS In April, the percentage of the unemployed who had been out of work for less than 5 weeks rose; the percentages for 5–14 weeks, for 15–26 weeks, and for 27 weeks and over fell. The mean duration of unemployment rose to 19.6 weeks and the median duration fell to 8.9 weeks. [Monthly data seasonally adjusted, except as noted] Duration of unemployment Period Unemployment (thousands) Percent distribution Less than 5 weeks 5–14 weeks 15–26 weeks Reason for unemployment: percent distribution State programs Number of weeks 27 weeks and over Average (mean) Median Job losers 1 Job leavers Reentrants New entrants Insured unemployment Initial claims Insured unemployment, all regular programs (unadjusted) 2 Weekly average, thousands 1995 ........................................ 1996 ........................................ 1997 ........................................ 1998 ........................................ 1999 ........................................ 2000 ........................................ 2001 ........................................ 2002 ........................................ 2003 ........................................ 2004 ........................................ 2004: Apr .............................. May ............................. June ............................ July ............................. Aug .............................. Sept ............................. Oct .............................. Nov .............................. Dec ............................... 2005: Jan .............................. Feb .............................. Mar .............................. Apr ............................... 7,404 7,236 6,739 6,210 5,880 5,692 6,801 8,378 8,774 8,149 8,143 8,172 8,228 8,184 8,018 8,005 8,066 8,020 8,047 7,737 7,988 7,656 7,663 36.5 36.4 37.7 42.2 43.7 44.9 42.0 34.5 31.7 33.1 34.2 33.4 33.3 34.4 32.4 34.9 34.1 32.7 35.4 33.5 34.6 33.0 34.9 31.6 31.6 31.7 31.4 31.2 31.9 32.3 30.8 29.8 29.2 29.3 29.1 29.4 30.2 31.3 28.1 28.4 29.6 28.0 30.2 29.1 30.3 29.7 14.6 14.6 14.8 12.3 12.8 11.8 14.0 16.3 16.4 15.9 14.4 15.6 15.9 14.7 15.4 15.3 15.6 16.2 16.4 15.5 15.8 15.2 14.2 17.3 17.4 15.8 14.1 12.3 11.4 11.8 18.3 22.1 21.8 22.1 21.8 21.5 20.7 20.9 21.7 21.9 21.5 20.2 20.9 20.5 21.5 21.2 1 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. 16.6 16.7 15.8 14.5 13.4 12.6 13.1 16.6 19.2 19.6 19.7 19.8 19.8 18.5 19.2 19.6 19.7 19.8 19.3 19.3 19.1 19.5 19.6 8.3 8.3 8.0 6.7 6.4 5.9 6.8 9.1 10.1 9.8 9.4 9.9 10.8 8.9 9.5 9.5 9.5 9.8 9.5 9.4 9.3 9.3 8.9 46.9 46.6 45.1 45.5 44.6 44.2 51.1 55.0 55.1 51.5 53.2 51.1 50.9 51.9 49.7 50.4 50.5 50.5 50.9 51.8 49.2 49.1 47.9 11.1 10.7 11.8 11.8 13.3 13.7 12.3 10.3 9.3 10.5 10.3 10.4 11.2 11.0 11.1 10.4 10.3 10.9 11.1 10.5 11.9 11.1 11.7 34.1 34.7 34.7 34.3 34.1 34.5 29.9 28.3 28.2 29.5 28.5 29.7 30.0 28.6 30.5 30.4 29.9 29.6 29.2 29.7 29.7 30.6 30.7 7.8 8.0 8.4 8.4 8.0 7.6 6.8 6.4 7.3 8.4 8.0 8.8 7.9 8.4 8.7 8.8 9.3 9.0 8.8 8.0 9.2 9.2 9.7 2,572 2,595 2,323 2,222 2,188 2,110 2,974 3,585 3,531 2,950 2,982 2,938 2,924 2,888 2,875 2,846 2,797 2,756 2,738 2,723 2,674 2,652 .............. 357 356 323 321 298 301 404 407 404 345 345 344 343 340 339 343 339 336 332 329 309 r 337 p 322 2,633 2,650 2,366 2,257 2,219 2,141 3,007 3,619 3,569 2,995 2,971 2,844 2,869 2,724 2,914 2,401 2,426 2,621 2,693 3,654 3,258 2,954 ................. NOTE.—Data relate to persons age 16 years and over (except for insured unemployment and initial claims). Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration). 13 NONAGRICULTURAL EMPLOYMENT Total nonagricultural employment as measured by the payroll survey rose by 274,000 in April. [Thousands of wage and salary workers; 1 monthly data seasonally adjusted] Goods-producing industries Period 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2004: ...................... ...................... ...................... ...................... ...................... ...................... ...................... ...................... ...................... ...................... Apr ............. May ............ June ........... July ............ Aug ............ Sept ........... Oct ............. Nov ............ Dec ............. 2005: Jan ............. Feb r ........... Mar r ........... Apr p ........... Total nonagricultural employment 117,298 119,708 122,776 125,930 128,993 131,785 131,826 130,341 129,999 131,480 131,123 131,373 131,479 131,562 131,750 131,880 132,162 132,294 132,449 132,573 132,873 133,019 133,293 Total 2 23,156 23,410 23,886 24,354 24,465 24,649 23,873 22,557 21,816 21,884 21,825 21,888 21,890 21,902 21,946 21,947 21,982 21,996 22,022 22,004 22,066 22,095 22,140 Construction 5,274 5,536 5,813 6,149 6,545 6,787 6,826 6,716 6,735 6,964 6,913 6,949 6,955 6,965 6,985 6,998 7,043 7,060 7,086 7,090 7,133 7,162 7,209 Manufacturing 17,241 17,237 17,419 17,560 17,322 17,263 16,441 15,259 14,510 14,329 14,323 14,347 14,344 14,341 14,366 14,352 14,344 14,337 14,334 14,307 14,321 14,314 14,308 Service-providing industries Total 94,142 96,299 98,890 101,576 104,528 107,136 107,952 107,784 108,182 109,596 109,298 109,485 109,589 109,660 109,804 109,933 110,180 110,298 110,427 110,569 110,807 110,924 111,153 Trade, transportation, and utilities Total 3 Retail trade 23,834 24,239 24,700 25,186 25,771 26,225 25,983 25,497 25,287 25,510 25,481 25,511 25,536 25,536 25,537 25,555 25,581 25,621 25,620 25,652 25,714 25,735 25,774 13,897 14,143 14,389 14,609 14,970 15,280 15,239 15,025 14,917 15,035 15,038 15,052 15,061 15,048 15,043 15,038 15,057 15,081 15,077 15,081 15,125 15,123 15,148 1 Data from the establishment survey. Includes all full- and part-time wage and salary workers in nonagricultural establishments who received pay for any part of the pay period that includes the 12th of the month. Excludes proprietors, self-employed persons, unpaid family workers, and private household workers. Data from the household survey shown on p. 11 include those workers and also count persons as employed when they are not at work because of industrial disputes, bad weather, etc., even if they are not paid for the time off. In the series shown here, persons who work at more than one job are counted each time they appear on a payroll, in contrast to the series shown on p. 11 where persons are counted only once—as employed, unemployed, or not in the labor force. See Employment and Earnings for details. 14 Information 2,843 2,940 3,084 3,218 3,419 3,631 3,629 3,395 3,188 3,138 3,142 3,146 3,151 3,144 3,135 3,127 3,131 3,133 3,127 3,123 3,127 3,135 3,147 Financial activities 6,827 6,969 7,178 7,462 7,648 7,687 7,807 7,847 7,977 8,052 8,021 8,037 8,051 8,043 8,058 8,083 8,093 8,107 8,128 8,150 8,165 8,171 8,188 Profes- Educasional tion Leisure and and and busihealth hospiness services tality services 12,844 13,462 14,335 15,147 15,957 16,666 16,476 15,976 15,987 16,414 16,305 16,384 16,415 16,453 16,470 16,514 16,614 16,611 16,674 16,694 16,775 16,807 16,843 13,289 13,683 14,087 14,446 14,798 15,109 15,645 16,199 16,588 16,954 16,871 16,913 16,936 16,963 17,010 17,019 17,081 17,108 17,142 17,178 17,186 17,209 17,244 10,501 10,777 11,018 11,232 11,543 11,862 12,036 11,986 12,173 12,479 12,443 12,474 12,486 12,497 12,508 12,522 12,546 12,571 12,589 12,611 12,650 12,674 12,732 Other services Government Total 4,572 4,690 4,825 4,976 5,087 5,168 5,258 5,372 5,401 5,431 5,428 5,434 5,443 5,438 5,441 5,436 5,434 5,441 5,447 5,451 5,457 5,461 5,475 19,432 19,539 19,664 19,909 20,307 20,790 21,118 21,513 21,583 21,618 21,607 21,586 21,571 21,586 21,645 21,677 21,700 21,706 21,700 21,710 21,733 21,732 21,750 Federal 2,949 2,877 2,806 2,772 2,769 2,865 2,764 2,766 2,761 2,728 2,745 2,729 2,731 2,726 2,730 2,730 2,723 2,728 2,706 2,717 2,720 2,719 2,715 2 Includes natural resources and mining, not shown separately. 3 Includes wholesale trade, transportation and warehousing, and utilities, not shown separately. NOTE.—Data classified by industry based on the 2002 North American Industry Classification System (NAICS). For details see Employment and Earnings, June 2003. Source: Department of Labor, Bureau of Labor Statistics. AVERAGE WEEKLY HOURS, HOURLY EARNINGS, AND WEEKLY EARNINGS PRIVATE NONAGRICULTURAL INDUSTRIES [For production or nonsupervisory workers; monthly data seasonally adjusted] Average weekly hours Average gross hourly earnings Manufacturing Period 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2004: ..................... .................... .................... ..................... ..................... .................... ..................... ..................... ..................... ..................... Apr ........... May ........... June .......... July ........... Aug ........... Sept .......... Oct ............ Nov ........... Dec ........... 2005: Jan ........... Feb ........... Mar r .......... Apr p .......... Total private nonagricultural 1 34.3 34.3 34.5 34.5 34.3 34.3 34.0 33.9 33.7 33.7 33.7 33.8 33.6 33.7 33.7 33.8 33.8 33.7 33.7 33.7 33.7 33.7 33.9 Total 41.3 41.3 41.7 41.4 41.4 41.3 40.3 40.5 40.4 40.8 40.8 41.0 40.7 40.8 40.9 40.8 40.7 40.5 40.5 40.7 40.6 40.4 40.5 Average gross weekly earnings Total private nonagricultural 1 Overtime 4.7 4.8 5.1 4.8 4.8 4.7 4.0 4.2 4.2 4.6 4.5 4.6 4.5 4.6 4.6 4.6 4.5 4.5 4.5 4.5 4.6 4.5 4.5 Current dollars $11.64 12.03 12.49 13.00 13.47 14.00 14.53 14.95 15.35 15.67 15.58 15.62 15.64 15.70 15.74 15.77 15.81 15.82 15.85 15.90 15.91 15.95 16.00 1982 dollars 2 $7.53 7.57 7.68 7.89 8.00 8.03 8.11 8.24 8.27 8.23 8.24 8.21 8.20 8.23 8.25 8.25 8.22 8.21 8.23 8.24 8.22 8.19 .............. Total private nonagricultural 1 Manufacturing $12.34 12.75 13.14 13.45 13.85 14.32 14.76 15.29 15.74 16.14 16.07 16.08 16.12 16.16 16.22 16.29 16.27 16.29 16.34 16.37 16.42 16.42 16.45 1 Also includes other private industry groups shown on p. 14. 2 Current dollar earnings divided by the consumer price index for urban wage earners and clerical workers (CPI–W) (on a 1982=100 base). Percent change from a year earlier, total private nonagricultural Current dollars Current dollars 1982 dollars 2 Manufacturing Construction Retail trade $399.53 412.74 431.25 448.04 462.49 480.41 493.20 506.07 517.30 528.56 525.05 527.96 525.50 529.09 530.44 533.03 534.38 533.13 534.15 535.83 536.17 537.52 542.40 $258.43 259.58 265.22 271.87 274.64 275.62 275.38 278.83 278.72 277.61 277.66 277.44 275.42 277.45 278.01 278.93 277.89 276.52 277.19 277.78 276.95 276.08 .............. $509.26 526.55 548.22 557.12 573.17 590.65 595.19 618.75 635.99 658.53 655.66 659.28 656.08 659.33 663.40 664.63 662.19 659.75 661.77 666.26 666.65 663.37 666.23 $571.57 588.48 609.48 629.75 655.11 685.78 695.89 711.82 726.83 735.70 733.44 734.98 729.22 735.74 733.43 738.04 738.79 739.57 740.74 723.42 737.64 741.11 755.82 $272.56 282.76 295.97 310.34 321.63 333.38 346.16 360.81 367.15 371.15 369.91 370.83 366.93 370.26 372.39 374.53 374.53 373.32 376.07 378.22 r 378.53 377.92 380.07 Current dollars 2.3 3.3 4.5 3.9 3.2 3.9 2.7 2.6 2.2 2.2 2.5 2.6 2.0 2.3 2.5 3.0 2.9 2.1 2.9 2.4 2.3 2.6 3.3 1982 dollars ¥0.6 .4 2.2 2.5 1.0 .4 ¥.1 1.3 ¥.0 ¥.4 .4 ¥.3 ¥1.1 ¥.6 ¥.0 .6 ¥.3 ¥1.6 ¥.5 ¥.6 ¥.7 ¥.5 .............. Source: Department of Labor, Bureau of Labor Statistics. EMPLOYMENT COST INDEX—PRIVATE INDUSTRY Index (June 1989 = 100) Percent change from 3 months earlier Period Total compensation Wages and salaries Benefits 1 Total compensation Wages and salaries 12 months earlier Benefits 1 Total compensation Wages and salaries Benefits 1 Not seasonally adjusted 1995: 1996: 1997: 1998: 1999: 2000: 2001: 2002: 2003: 2004: Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec ................................................................. .................................................................. .................................................................. .................................................................. .................................................................. .................................................................. .................................................................. .................................................................. .................................................................. .................................................................. 126.7 130.6 135.1 139.8 144.6 150.9 157.2 162.3 168.8 175.2 123.1 127.3 132.3 137.4 142.2 147.7 153.3 157.5 162.3 166.2 2001: Mar r ............................................................... June r .............................................................. Sept r ............................................................... Dec r ................................................................ 2002: Mar r ............................................................... June r .............................................................. Sept r ............................................................... Dec r ................................................................ 2003: Mar r ............................................................... June r .............................................................. Sept r ............................................................... Dec r ................................................................ 2004: Mar r ............................................................... June r .............................................................. Sept r ............................................................... Dec r ................................................................ 2005: Mar ................................................................. 152.7 154.2 155.7 157.5 158.8 160.5 161.5 162.8 165.0 166.4 168.2 169.6 171.5 173.1 174.8 176.2 177.3 149.5 150.8 152.0 153.4 154.8 156.2 156.9 157.7 159.3 160.3 161.6 162.5 163.5 164.5 165.7 166.4 167.4 135.9 138.6 141.8 145.2 150.2 158.6 166.7 174.6 185.8 198.7 ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ .................. .................. .................. .................. .................. .................. .................. .................. .................. .................. 1.1 .9 .8 .9 .9 .9 .4 .5 1.0 .6 .8 .6 .6 .6 .7 .4 .6 1.1 1.1 1.4 1.5 .7 1.4 1.2 1.4 1.9 1.3 1.7 1.5 2.2 1.7 1.3 1.6 1.1 Seasonally adjusted 1 Employer costs for employee benefits. NOTE.—The employment cost index is a measure of the change in the cost of labor, free from the influence of employment shifts among occupations and industries. 160.7 162.4 164.7 167.2 168.3 170.6 172.7 175.2 178.5 180.9 183.9 186.7 190.9 194.1 196.7 199.9 202.0 1.1 1.0 1.0 1.2 .8 1.1 .6 .8 1.4 .8 1.1 .8 1.1 .9 1.0 .8 .6 2.6 3.1 3.4 3.5 3.4 4.4 4.2 3.2 4.0 3.8 2.8 3.4 3.9 3.9 3.5 3.9 3.8 2.7 3.0 2.4 2.2 2.0 2.3 2.4 3.4 5.6 5.1 4.7 6.4 6.9 Not seasonally adjusted 4.2 4.0 4.0 4.2 3.9 4.0 3.7 3.2 3.8 3.5 4.0 4.0 3.9 4.0 3.7 3.8 3.4 3.8 3.8 3.6 3.8 3.5 3.6 3.2 2.7 3.0 2.6 3.0 3.0 2.6 2.6 2.6 2.4 2.4 5.0 4.8 4.9 5.1 4.8 5.1 4.8 4.7 6.1 6.1 6.5 6.4 7.0 7.3 6.8 6.9 5.8 Data exclude farm and household workers. Seasonally adjusted data beginning 2000 reflect annual revisions. Source: Department of Labor, Bureau of Labor Statistics. 15 PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR Output per hour of all persons Period Business sector Nonfarm business sector Output 1 Business sector Nonfarm business sector Hours of all persons 2 Business sector Compensation per hour 3 Nonfarm business sector Business sector Nonfarm business sector Real compensation per hour 4 Business sector Nonfarm business sector Unit labor costs Business sector Implicit price deflator 5 Nonfarm business sector Business sector Nonfarm business sector 103.8 104.5 106.0 109.4 111.4 116.0 117.7 116.5 116.1 116.5 116.4 117.1 116.2 116.1 116.6 116.3 115.5 115.9 115.4 115.9 117.1 117.6 118.2 105.7 107.4 109.0 109.7 110.7 112.7 114.9 116.0 117.4 119.5 115.5 115.9 116.1 116.5 117.1 117.3 117.5 117.8 118.4 119.4 119.7 120.4 121.3 105.8 107.3 109.1 109.9 111.1 113.3 115.4 116.6 117.9 119.8 116.0 116.5 116.8 117.2 117.7 117.8 118.0 118.1 118.7 119.6 120.1 120.8 121.7 1.6 .7 1.4 3.2 1.8 4.2 1.5 ¥1.1 ¥.4 .4 7.2 ¥3.1 .6 ¥3.3 ¥1.4 2.3 ¥2.9 ¥.3 1.6 ¥1.0 ¥2.7 1.2 ¥1.6 1.9 4.0 1.7 2.2 1.8 1.6 1.5 .6 .9 1.8 2.0 .9 1.3 1.7 2.7 3.0 1.0 1.3 ¥.3 1.4 .7 1.4 2.1 .8 .7 .8 2.1 3.3 1.1 2.4 2.8 1.7 1.4 1.7 .7 1.1 1.9 1.9 1.0 1.1 1.6 2.6 2.7 .7 1.5 ¥.3 1.8 1.0 1.3 1.9 .5 .6 .3 2.0 2.9 1.8 2.5 2.9 Indexes, 1992=100; quarterly data seasonally adjusted 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2002: ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ I ................... II ................. III ................ IV ................ 2003: I ................... II ................. III ............... IV ................ 2004: I ................... II ................. III ................ IV r ............... 2005: I p* ................ 101.6 104.6 106.5 109.4 112.6 115.9 118.8 123.9 129.5 134.6 122.6 123.2 124.6 125.0 126.3 128.6 131.1 131.8 133.1 134.1 134.7 136.0 136.7 102.0 104.8 106.5 109.3 112.3 115.5 118.3 123.5 128.9 134.1 122.4 122.8 124.1 124.6 125.8 127.9 130.5 131.5 132.7 134.0 134.4 135.1 136.0 111.4 116.5 122.7 128.6 135.2 140.5 141.0 143.5 149.0 156.7 142.2 142.9 144.3 144.7 145.5 147.5 150.8 152.3 154.3 155.8 157.5 159.2 160.6 111.8 116.8 122.8 128.9 135.6 140.8 141.3 143.9 149.4 157.3 142.6 143.2 144.5 145.0 145.9 147.8 151.1 152.8 155.0 156.5 158.2 159.6 161.0 109.6 111.4 115.1 117.6 120.1 121.2 118.7 115.9 115.1 116.4 115.9 116.0 115.8 115.8 115.2 114.7 115.0 115.6 115.9 116.2 116.9 117.0 117.5 109.5 111.5 115.4 117.9 120.7 121.9 119.4 116.5 115.9 117.3 116.5 116.6 116.4 116.4 116.0 115.6 115.7 116.2 116.8 116.8 117.7 118.1 118.4 106.0 109.6 113.1 119.9 125.6 134.5 140.1 144.5 150.4 157.2 143.2 144.5 145.0 145.4 147.4 149.6 151.5 152.9 154.0 156.0 158.2 160.1 161.8 105.9 109.5 112.9 119.6 125.1 134.0 139.3 143.8 149.6 156.3 142.5 143.8 144.3 144.7 146.7 148.7 150.8 152.3 153.1 155.3 157.4 158.9 160.8 98.9 99.6 100.6 105.1 107.9 111.8 113.3 115.0 117.0 119.2 r115.1 115.2 115.0 114.8 r115.2 116.8 r117.7 118.5 r118.2 118.5 r119.6 120.0 120.6 98.8 99.5 100.4 104.9 107.5 111.4 112.7 114.5 116.4 118.5 r114.6 114.7 r114.5 114.2 r114.6 116.1 r117.1 118.0 r117.5 r117.9 r119.0 119.1 119.8 104.3 104.8 106.1 109.6 111.6 116.1 118.0 116.6 116.2 116.8 116.7 117.2 116.3 116.3 116.8 116.4 115.6 116.0 115.7 116.4 117.4 117.8 118.4 Percent change; quarterly data at seasonally adjusted annual rates 1995 ........................ 1996 ........................ 1997 ........................ 1998 ........................ 1999 ........................ 2000 ........................ 2001 ........................ 2002 ........................ 2003 ........................ 2004 r ....................... 2001: I ................... II ................. III ................ IV ................ 2002: I ................... II ................. III ................ IV ................ 2003: I ................... II ................. III ............... IV ................ 2004: I ................... II ................. III ................ IV r ............... 2005: I p* ................ 0.2 2.9 1.9 2.7 2.9 2.9 2.5 4.3 4.5 4.0 ¥.5 5.5 1.2 7.1 5.9 1.9 4.6 1.2 4.1 7.6 8.1 2.1 4.0 2.9 2.0 3.7 2.1 0.5 2.7 1.6 2.7 2.8 2.8 2.5 4.3 4.4 4.1 ¥.4 5.9 1.2 6.6 6.9 1.3 4.3 1.5 4.0 6.7 8.7 2.8 3.8 3.9 1.3 2.1 2.6 2.9 4.6 5.3 4.8 5.1 3.9 .3 1.8 3.8 5.1 ¥1.1 .8 ¥3.1 1.8 3.5 2.1 3.8 1.2 2.2 5.6 9.3 4.2 5.3 3.9 4.5 4.3 3.6 3.2 4.5 5.2 5.0 5.2 3.8 .4 1.8 3.8 5.3 ¥1.1 1.2 ¥2.9 1.2 4.0 1.7 3.6 1.4 2.4 5.3 9.3 4.6 5.7 4.2 4.2 3.7 3.6 2.7 1.6 3.4 2.1 2.2 1.0 ¥2.1 ¥2.4 ¥.6 1.1 ¥.6 ¥4.4 ¥4.2 ¥5.0 ¥2.3 .2 ¥.8 .0 ¥1.8 ¥1.9 1.1 2.0 1.2 .9 2.5 .6 1.5 2.7 1.8 3.5 2.2 2.3 1.0 ¥2.0 ¥2.5 ¥.5 1.2 ¥.7 ¥4.4 ¥4.1 ¥5.1 ¥2.7 .4 ¥.6 ¥.1 ¥1.5 ¥1.4 .6 1.7 1.9 .2 2.8 1.6 1.0 1 Output refers to real gross domestic product originating in the sector. 2 Hours of all persons engaged in the sector, including hours of proprietors and unpaid family workers. Estimates based primarily on establishment data. 3 Wages and salaries of employees plus employers’ contributions for social insurance and private benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for the self-employed. 4 Hourly compensation divided by the consumer price index for all urban consumers (CPI– U) for recent quarters. The trend from 1978–2004 is based on the consumer price index research series (CPI–U–RS). Data reflect revisions beginning 2000. 5 Current dollar gross domestic output divided by the output index. 16 2.0 3.4 3.2 6.0 4.8 7.1 4.2 3.1 4.1 4.5 6.8 2.9 2.0 3.1 4.9 3.7 1.4 1.2 5.8 6.1 5.2 3.7 2.9 5.3 5.8 4.9 4.3 2.1 3.4 3.1 5.9 4.6 7.1 4.0 3.2 4.0 4.5 6.7 2.6 1.8 3.1 5.4 3.7 1.2 1.2 5.6 5.7 5.7 4.1 2.1 5.9 5.4 3.8 4.8 ¥0.4 .7 1.0 4.6 2.6 3.6 1.3 1.5 1.8 1.8 r2.9 r¥.3 r1.1 3.6 r3.4 r.4 r¥.7 r¥.8 r1.5 r5.7 r3.0 r2.8 r¥.9 .8 r4.0 1.3 1.9 ¥0.3 .7 .9 4.5 2.5 3.6 1.1 1.6 1.7 1.7 r2.8 r¥.5 r1.0 3.7 r3.9 r.4 r¥.9 r¥.8 r1.3 r5.3 r3.5 r3.1 r¥1.7 r1.5 3.7 .2 2.4 1.9 .5 1.3 3.3 1.8 4.0 1.6 ¥1.1 ¥.4 .6 7.4 ¥2.5 .8 ¥3.8 ¥1.0 1.7 ¥3.1 .0 1.6 ¥1.4 ¥2.7 1.6 ¥1.1 2.3 3.7 1.1 2.2 NOTE.—Data relate to all persons engaged in the sector. Percent changes are from preceding period and are based on original data; they therefore may differ slightly from percent changes based on indexes shown here. * Data based on GDP data released on April 28, 2005. Source: Department of Labor, Bureau of Labor Statistics. PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION Industrial production and capacity utilization rose in March. [Monthly data seasonally adjusted] Total industrial production 1 Percent Period 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 Index, 1997=100 From preceding month Industry production indexes, 1997=100 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 ...................... ...................... ...................... ...................... ...................... ...................... ...................... ...................... ...................... ...................... 89.4 93.2 100.0 105.8 110.6 115.4 111.3 111.0 110.9 115.5 .............. .............. .............. .............. .............. .............. .............. .............. .............. .............. 4.8 4.3 7.3 5.8 4.5 4.3 ¥3.6 ¥.3 .0 r 4.2 88.1 92.2 100.0 106.6 112.2 117.3 112.3 111.9 111.9 117.2 82.1 89.1 100.0 110.5 120.1 129.4 123.1 122.8 124.4 133.0 96.2 96.4 100.0 101.5 102.2 102.8 99.4 99.6 98.1 r 100.2 93.0 92.3 100.0 106.5 109.9 112.2 105.7 100.5 99.5 103.4 96.7 98.3 100.0 98.5 93.6 95.8 96.7 92.6 92.2 91.4 97.2 100.0 100.0 102.6 105.5 108.6 108.1 111.4 111.9 115.0 83.7 82.7 83.7 82.9 82.2 82.0 76.6 75.3 75.5 78.1 82.8 81.4 82.8 81.8 81.1 80.6 74.5 73.5 73.7 76.7 2004: Mar ............ Apr ............ May ........... June .......... July ........... Aug ............ Sept ........... Oct ............. Nov ............. Dec r ........... 114.1 114.7 115.5 115.1 115.9 116.0 115.7 116.6 116.9 117.9 ¥0.3 .5 .7 ¥.4 .7 .1 ¥.3 .8 .3 .8 3.2 4.7 5.4 4.7 4.8 5.0 3.9 4.6 3.8 4.4 115.6 116.4 117.1 116.9 117.8 118.3 117.7 119.0 119.1 119.7 130.8 131.6 132.4 132.3 133.7 134.4 134.1 135.7 135.9 136.8 99.1 99.8 100.3 100.2 100.7 100.7 100.2 101.2 101.2 101.4 102.6 103.4 104.5 103.5 104.0 105.9 104.0 103.8 104.4 106.1 92.1 92.2 91.6 91.2 92.3 91.9 89.4 89.0 90.6 91.4 113.1 113.3 116.2 113.8 113.3 111.1 114.8 114.3 114.9 118.5 77.4 77.7 78.2 77.8 78.3 78.3 78.0 78.5 78.7 79.2 75.9 76.3 76.7 76.5 77.0 77.2 76.8 77.5 77.5 77.9 2005: Jan r ........... Feb r ........... Mar p .......... 117.9 118.2 118.5 .0 .2 .3 4.2 3.3 3.9 120.1 120.5 120.4 137.3 138.6 138.3 101.6 101.3 101.1 107.6 106.2 107.2 91.4 91.8 92.4 115.8 114.5 118.7 79.2 79.3 79.4 78.0 78.2 78.0 1 Total industry and total manufacturing series include manufacturing as defined in the North American Industry Classification System (NAICS) plus those industries—logging and newspaper, periodical, book and directory-publishing—that have traditionally been included in manufacturing. 2 Percent changes based on unrounded indexes. NOTE.—Data based on the North American Industry Classification System (NAICS) except series as defined in footnote 1. Source: Board of Governors of the Federal Reserve System. 17 INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND SELECTED MANUFACTURES [1997=100; monthly data seasonally adjusted] Products and nonindustrial supplies Final products Consumer goods Equipment Durable goods Business equipment Period Total Total 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 Nondurable goods Materials Nonindustrial supplies Total 1 Defense and space equipment Total Construction supplies Business supplies Total 1 Energy ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ 90.6 94.0 100.0 105.6 108.4 111.7 109.1 107.7 108.6 113.4 94.6 96.6 100.0 103.5 105.5 107.7 106.5 108.0 108.3 111.3 90.0 93.7 100.0 106.9 114.1 117.8 112.7 118.8 121.4 124.9 96.5 97.7 100.0 102.2 102.2 103.8 103.9 103.9 103.3 106.2 83.2 89.2 100.0 109.6 114.2 119.7 113.9 105.6 107.9 117.2 79.9 87.3 100.0 110.9 117.4 125.8 116.8 107.6 108.9 119.2 105.8 101.8 100.0 103.7 100.7 90.1 98.1 99.2 106.4 111.2 90.3 93.8 100.0 105.7 109.9 114.3 109.5 108.6 107.6 112.6 91.4 95.5 100.0 105.2 107.9 110.2 105.1 104.2 101.8 r 106.9 89.9 93.2 100.0 105.8 110.6 115.8 111.1 110.3 109.9 114.8 88.0 92.3 100.0 106.1 113.1 119.6 114.1 115.2 114.6 118.7 98.6 100.1 100.0 100.5 100.2 101.6 100.4 100.4 99.8 99.3 2004: Mar ................................................. Apr .................................................. May ................................................. June ................................................ July ................................................. Aug .................................................. Sept ................................................. Oct .................................................. Nov .................................................. Dec r ................................................. 111.7 112.3 113.1 112.4 113.7 113.8 113.5 115.0 115.0 116.0 110.4 110.7 111.3 110.2 110.8 111.4 110.7 112.3 112.3 113.1 125.5 125.6 124.8 123.1 123.0 125.4 123.5 126.2 125.7 126.1 104.8 105.1 106.2 105.3 106.1 106.1 105.8 107.0 107.2 108.2 113.5 115.0 116.3 116.6 119.6 118.6 119.2 120.5 120.3 121.7 115.3 116.7 118.2 118.7 121.9 120.7 121.1 122.7 122.1 123.7 108.2 109.9 111.1 110.7 112.8 112.7 113.5 113.8 114.5 115.1 111.3 112.1 112.8 112.6 113.0 113.0 112.8 113.4 113.7 114.6 105.8 106.5 107.3 107.0 107.9 108.3 107.6 108.3 107.8 107.8 113.5 114.3 114.9 114.7 114.9 114.8 114.9 115.3 115.9 117.2 117.6 118.1 118.9 118.8 119.2 119.3 118.9 119.4 120.1 121.0 99.3 99.8 100.8 99.6 99.6 98.6 98.2 97.6 98.2 100.1 2005: Jan r ................................................. Feb r ................................................. Mar p ................................................ 115.9 116.4 116.5 112.6 113.2 113.0 124.3 128.7 126.3 108.1 107.4 108.0 122.8 123.2 123.8 124.9 125.1 125.3 115.6 116.8 119.2 114.8 114.7 115.3 108.0 108.7 108.6 117.5 117.0 118.0 121.1 121.1 121.7 99.4 99.2 100.6 1 Includes other items, not shown separately. [1997=100; monthly data seasonally adjusted] Durable manufactures Primary metal Period Total 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 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 ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ 93.8 96.0 100.0 101.6 101.4 98.1 88.7 90.3 87.4 92.3 94.8 97.1 100.0 99.8 100.5 99.5 90.0 92.0 93.3 100.6 92.3 95.8 100.0 103.1 104.0 108.1 100.0 97.6 93.5 96.5 91.5 94.8 100.0 102.5 100.3 105.4 93.1 88.3 86.4 96.4 58.1 74.3 100.0 128.5 169.7 224.9 227.3 222.2 251.5 288.2 48.0 67.3 100.0 139.2 202.2 288.4 293.6 289.9 340.8 r405.6 90.0 91.7 100.0 108.9 114.7 109.4 105.2 109.3 111.1 115.4 92.0 92.7 100.0 105.2 116.7 115.9 105.7 115.7 119.9 124.5 104.2 101.3 100.0 94.6 90.6 86.2 73.9 62.1 52.4 48.7 97.3 98.0 100.0 101.2 102.0 102.7 96.4 91.1 87.3 87.8 92.5 94.4 100.0 101.7 103.7 105.3 103.4 107.9 107.2 110.3 99.3 97.3 100.0 104.4 105.5 107.3 107.4 109.4 109.6 111.4 2004: Mar ................................................. Apr .................................................. May ................................................. June ................................................ July ................................................. Aug .................................................. Sept ................................................. Oct .................................................. Nov .................................................. Dec r ................................................. 91.5 90.0 90.8 92.1 93.4 93.2 94.2 94.3 95.2 93.1 100.6 96.4 97.5 98.9 100.7 100.7 104.9 106.3 104.8 99.5 95.1 96.2 96.6 96.9 97.1 97.6 96.9 97.2 97.0 97.2 94.1 95.2 96.5 96.4 99.1 96.6 97.3 98.6 98.7 99.0 276.0 278.5 285.1 288.7 292.9 295.4 298.0 301.0 303.5 308.0 385.9 392.6 401.9 406.8 411.5 415.7 418.4 422.2 429.8 436.6 115.4 115.6 114.5 113.0 113.2 115.8 114.7 117.8 117.5 118.7 125.3 125.0 123.1 121.0 120.5 124.5 123.1 127.4 126.7 128.2 50.5 50.9 50.0 49.3 47.9 47.5 47.7 47.2 47.6 47.0 88.2 87.8 87.1 87.9 87.0 86.9 88.8 87.8 88.0 87.8 108.6 110.0 110.3 110.3 110.9 111.8 110.5 112.1 112.2 112.7 110.8 110.8 112.1 111.3 111.9 111.9 111.5 112.8 112.5 112.2 2005: Jan r ................................................. Feb r ................................................. Mar p ................................................ 93.2 91.3 91.6 99.7 98.6 98.3 97.5 97.1 97.1 100.2 100.5 101.0 315.4 320.7 324.2 451.3 458.8 463.1 117.2 121.7 119.3 126.2 132.7 127.9 46.8 45.8 44.9 88.4 88.2 87.5 111.8 112.0 111.9 113.5 113.6 113.3 1 Computers and office equipment, communications equipment, and semiconductors and related electronic components. 18 Source: Board of Governors of the Federal Reserve System. NEW CONSTRUCTION [Billions of dollars; monthly data at seasonally adjusted annual rates] Private Period 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2004: Total new construction expenditures Residential Total Total 1 Federal and State and local Nonresidential New housing Total Lodging Commercial (including farm) Office Manufacturing Other 2 .................................... .................................... .................................... .................................... .................................... .................................... .................................... .................................... .................................... .................................... Mar .......................... Apr .......................... May ......................... June ........................ July .......................... Aug .......................... Sept ......................... Oct ........................... Nov .......................... Dec .......................... 557.8 615.9 653.4 705.7 766.1 828.2 858.3 871.3 915.7 999.6 973.9 986.4 992.8 996.4 1,005.1 1,007.9 1,013.6 1,017.4 1,027.6 1,037.3 427.9 476.6 502.7 551.4 596.3 642.6 652.5 651.7 690.0 766.8 738.7 747.5 756.4 758.9 767.1 777.0 782.2 784.3 791.4 801.7 247.4 281.1 289.0 314.6 350.6 374.5 388.3 421.9 476.1 544.4 522.2 525.9 535.5 538.5 543.3 552.7 557.3 556.2 563.5 573.2 171.4 191.1 198.1 224.0 251.3 265.0 279.4 298.8 345.9 409.3 391.1 397.8 407.5 409.8 411.7 419.5 418.0 419.3 422.0 427.4 180.5 195.5 213.7 236.8 245.8 268.2 264.2 229.8 213.9 222.4 216.5 221.6 220.9 220.4 223.8 224.3 224.9 228.0 227.9 228.5 7.1 10.9 12.9 14.8 16.0 16.3 14.5 10.5 9.9 11.8 11.1 11.4 11.2 11.9 12.3 12.7 13.0 13.3 12.9 12.5 23.0 26.5 32.8 40.4 45.1 52.4 49.7 35.3 30.4 32.2 32.2 33.1 32.4 33.1 32.8 32.3 31.6 32.2 32.1 32.3 44.1 49.4 53.1 55.7 59.4 64.1 63.6 59.2 57.7 61.1 56.4 58.9 60.0 61.3 63.5 63.6 63.3 63.6 63.3 62.3 35.4 38.1 37.6 40.5 32.6 31.8 29.5 16.4 14.2 14.8 13.9 13.4 14.3 13.0 14.3 14.4 14.5 15.8 17.0 18.2 70.9 70.6 77.3 85.4 92.8 103.6 106.8 108.4 101.6 102.6 103.0 104.8 103.1 101.1 100.9 101.2 102.5 103.2 102.7 103.2 129.9 139.3 150.7 154.3 169.7 185.5 205.8 219.6 225.7 232.8 235.2 238.9 236.3 237.4 238.0 231.0 231.4 233.1 236.2 235.6 2005: Jan r ......................... Feb r ......................... Mar p ........................ 1,041.8 1,046.9 1,051.8 807.8 811.3 815.5 577.0 583.6 585.3 433.2 440.1 442.9 230.9 227.7 230.3 11.6 11.5 11.4 32.2 33.2 34.1 62.9 61.0 62.3 17.6 17.2 19.1 106.5 104.8 103.4 234.0 235.6 236.3 1 Includes residential improvements, not shown separately. 2 Includes health care, educational, communication, and power, among other categories not shown separately. Source: Department of Commerce, Bureau of the Census. NEW PRIVATE HOUSING AND VACANCY RATES [Thousands of units or houses, except as noted] New private housing units Units started, by type of structure Period Total 1995 ...................................... 1996 ...................................... 1997 ...................................... 1998 ...................................... 1999 ...................................... 2000 ...................................... 2001 ...................................... 2002 ...................................... 2003 ...................................... 2004 r ..................................... New private houses 1,354.1 1,476.8 1,474.0 1,616.9 1,640.9 1,568.7 1,602.7 1,704.9 1,847.7 1,955.8 1 unit 1,076.2 1,160.9 1,133.7 1,271.4 1,302.4 1,230.9 1,273.3 1,358.6 1,499.0 1,610.5 2–4 units 1 5 units or more 33.8 45.3 44.5 42.6 31.9 38.7 36.6 38.5 33.5 42.3 244.1 270.8 295.8 302.9 306.6 299.1 292.8 307.9 315.2 303.0 Units authorized 1,332.5 1,425.6 1,441.1 1,612.3 1,663.5 1,592.3 1,636.7 1,747.7 1,889.2 4 2,070.1 Units completed Houses sold Houses for sale at end of period 2 Vacancy rate for rental housing units (percent) 3 1,312.6 1,412.9 1,400.5 1,474.2 1,604.9 1,573.7 1,570.8 1,648.4 1,678.7 1,841.9 667 757 804 886 880 877 908 973 1,086 1,203 370 322 281 294 308 298 308 339 370 422 7.6 7.8 7.7 7.9 8.1 8.0 8.4 8.9 9.8 10.2 1,782 1,944 1,928 1,865 1,876 1,914 1,777 1,833 1,735 1,921 1,886 1,886 1,766 1,270 1,176 1,244 1,198 1,095 1,158 1,211 1,304 1,173 r 1,246 1,178 1,275 1,431 379 384 385 383 399 405 411 412 419 r 422 434 437 433 10.4 ...................... ...................... 10.2 ...................... ...................... 10.1 ...................... ...................... 10.0 ...................... ...................... 10.1 Seasonally adjusted annual rates 2004: Mar ............................ Apr ............................ May ........................... June .......................... July ............................ Aug ............................ Sept ........................... Oct ............................. Nov ............................ Dec ............................ 2005: Jan r ........................... Feb r ........................... Mar p .......................... 1 Derived; 2,000 1,963 1,979 1,817 1,985 2,018 1,905 2,065 1,805 2,056 2,189 2,229 1,837 1,624 1,615 1,654 1,520 1,661 1,685 1,549 1,662 1,486 1,714 1,776 1,798 1,539 33 36 56 25 64 67 31 41 39 49 48 54 40 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 (revised). NOTE.—Beginning 2004, units authorized are for 20,000 permit-issuing places. For other data shown, units authorized are for 19,000 places. 2 Seasonally 3 Revised 343 312 269 272 260 266 325 362 280 293 365 377 258 2,019 2,043 2,111 1,981 2,097 2,017 2,024 2,056 2,072 2,069 2,132 2,107 2,025 Beginning 1999, housing starts, completions, and sales are not directly comparable with earlier data due to new estimation methods. Source: Department of Commerce, Bureau of the Census. 19 BUSINESS SALES AND INVENTORIES—Manufacturing and Trade In March, according to preliminary estimates, manufacturing and trade sales rose 0.7 percent. In February, according to current estimates, manufacturing and trade sales fell 0.6 percent and inventories rose $6.5 billion. According to advance estimates, retail sales rose 0.4 percent in March. Retail and food services sales rose 0.3 percent. [Millions of dollars, except ratios; seasonally adjusted, except as noted] Manufacturing and trade 1 Period 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2004: ................................................................ ................................................................ ................................................................ ................................................................ ................................................................ ................................................................ ................................................................ ................................................................ ................................................................ ................................................................ Feb r ..................................................... Mar r ..................................................... Apr ...................................................... May ...................................................... June ..................................................... July ..................................................... Aug ...................................................... Sept ..................................................... Oct ....................................................... Nov ...................................................... Dec ...................................................... 2005: Jan r ..................................................... Feb p ..................................................... Mar p .................................................... 1 See Inventorysales ratio 4 Sales 2 Inventories 3 1.48 1.46 1.42 1.43 1.40 1.41 1.44 1.40 1.38 1.31 1.33 1.30 1.31 1.30 1.31 1.32 1.32 1.31 1.30 1.31 1.30 181,369 191,936 199,788 203,495 217,449 235,053 231,939 235,368 245,539 278,196 263,485 271,880 274,066 275,390 275,668 277,482 280,837 282,514 286,341 288,654 291,456 240,473 243,194 260,713 273,910 291,290 309,820 297,182 300,671 306,556 339,639 310,581 312,803 313,657 317,339 320,876 325,495 329,417 330,462 334,466 338,544 339,639 984,299 1,282,348 1.30 978,454 1,288,822 1.32 985,128 .................. ................ 292,430 290,976 291,485 343,126 345,294 346,711 Sales 2 655,297 687,557 724,012 742,836 786,597 834,353 818,632 821,470 851,750 940,813 894,812 924,198 923,863 931,923 934,475 941,958 948,607 951,361 963,680 967,806 979,059 Inventories 3 985,716 1,004,905 1,045,906 1,078,451 1,138,539 1,197,538 1,144,697 1,163,440 1,180,184 1,270,690 1,191,189 1,200,075 1,208,496 1,215,235 1,227,915 1,239,571 1,250,375 1,249,529 1,254,716 1,268,249 1,270,690 page 21 for manufacturing. 2 Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month. 3 Seasonally adjusted, end of period. 20 Wholesale 4 Annual Retail Inventory sales ratio 4 Sales 2 Inventories 3 1.30 1.27 1.26 1.32 1.30 1.29 1.32 1.26 1.23 1.17 1.18 1.15 1.14 1.15 1.16 1.17 1.17 1.17 1.17 1.17 1.17 183,955 195,855 204,666 214,356 233,157 248,584 255,819 261,789 272,951 293,476 283,170 289,393 287,228 291,828 290,003 292,371 292,233 297,368 299,882 300,005 303,731 320,026 330,895 341,389 355,310 383,603 406,322 395,279 418,581 435,044 459,700 437,810 442,693 448,140 447,950 452,729 455,395 458,983 456,690 453,864 458,828 459,700 1.17 1.19 1.19 Inventory sales ratio 4 Retail and food services sales 2 1.71 1.66 1.64 1.62 1.59 1.59 1.58 1.55 1.57 1.54 1.55 1.53 1.56 1.53 1.56 1.56 1.57 1.54 1.51 1.53 1.51 203,423 216,097 226,170 237,043 256,914 274,061 282,330 289,472 302,066 325,145 313,973 320,557 318,330 323,040 321,319 324,034 323,700 329,447 332,280 332,392 336,583 303,933 460,871 1.52 462,241 1.51 306,302 ................ ................ 336,785 r 305,173 r 338,412 data are averages of seasonally adjusted monthly ratios. Source: Department of Commerce, Bureau of the Census. 339,299 MANUFACTURERS’ SHIPMENTS, INVENTORIES, AND ORDERS In March, manufacturers’ shipments, inventories and new orders rose; unfilled orders fell. Manufacturers’ shipments 1 Manufacturers’ inventories 2 Manufacturers’ new orders 1 Durable goods Period Total Durable goods Nondurable goods Total Durable goods Nondurable goods Total Total Capital goods industries, nondefense Manufacturers’ unfilled orders 2 Manufacturers’ inventory— shipments ratio 3 Millions of dollars, seasonally adjusted, except as noted 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2004: .................................................... .................................................... .................................................... .................................................... .................................................... .................................................... .................................................... .................................................... .................................................... .................................................... Mar .......................................... Apr ........................................... May .......................................... June ......................................... July .......................................... Aug .......................................... Sept .......................................... Oct ........................................... Nov .......................................... Dec ........................................... 289,973 299,766 319,558 324,984 335,991 350,715 330,875 324,313 333,260 369,142 362,925 362,569 364,705 368,804 372,105 375,537 371,479 377,457 379,147 383,872 158,568 164,883 178,949 185,966 193,895 197,807 181,201 177,617 179,220 197,784 197,139 195,512 194,389 196,708 197,698 201,398 199,341 200,030 200,500 206,456 131,405 134,883 140,610 139,019 142,096 152,908 149,674 146,696 154,041 171,358 165,786 167,057 170,316 172,096 174,407 174,139 172,138 177,427 178,647 177,416 425,217 430,816 443,804 449,231 463,646 481,396 452,236 444,188 438,584 471,351 444,579 446,699 449,946 454,310 458,681 461,975 462,377 466,386 470,877 471,351 267,696 272,787 281,249 290,874 296,645 306,682 283,722 271,789 262,947 283,320 265,607 267,206 269,308 271,849 274,834 277,119 278,013 280,101 282,599 283,320 157,521 158,029 162,555 158,357 167,001 174,714 168,514 172,399 175,637 188,031 178,972 179,493 180,638 182,461 183,847 184,856 184,364 186,285 188,278 188,031 285,542 297,282 314,986 317,345 329,770 346,789 322,944 316,744 329,167 365,753 363,146 359,124 360,561 364,818 370,838 369,574 369,578 372,953 378,047 379,892 154,137 162,399 174,377 178,327 187,674 193,881 173,270 170,048 175,126 194,395 197,360 192,067 190,245 192,722 196,431 195,435 197,440 195,526 199,400 202,476 51,011 54,066 60,697 62,133 64,392 69,278 58,336 53,991 57,445 65,339 64,726 63,908 62,996 63,934 69,879 65,015 67,076 64,911 69,919 69,489 447,338 488,815 513,166 496,471 505,941 550,005 517,590 485,816 506,298 552,198 517,585 521,211 524,365 527,537 533,792 535,310 540,244 542,976 549,184 552,198 1.44 1.43 1.37 1.39 1.35 1.35 1.42 1.37 1.33 1.24 1.22 1.23 1.23 1.23 1.23 1.23 1.24 1.24 1.24 1.23 2005: Jan ........................................... Feb r ......................................... Mar p ......................................... 387,936 382,305 387,341 208,112 204,239 204,242 179,824 178,066 183,099 478,351 481,287 484,084 287,835 289,964 291,691 190,516 191,323 192,393 379,848 377,816 378,203 200,024 199,750 195,104 70,286 70,028 66,120 552,015 554,807 552,867 1.23 1.26 1.25 1 Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month. Shipments are the same as sales. 2 Seasonally adjusted, end of period. 3 Annual data are averages of seasonally adjusted monthly ratios. NOTE.—Manufacturers’ nondurable new orders (not shown) are the same as nondurable shipments. Also, there are no unfilled nondurable orders; data shown for total unfilled orders are durable unfilled orders. Total and durable shipments and inventories include data on semiconductors; new and unfilled orders do not. Source: Department of Commerce, Bureau of the Census. 21 PRICES PRODUCER PRICES The producer price index for all finished goods rose 0.7 percent in March. Prices of finished consumer foods rose 0.3 percent, while prices of other finished consumer goods rose 1.2 percent. Capital equipment prices rose 0.3 percent. [1982=100; monthly data seasonally adjusted] Finished goods Period Total finished goods Finished goods excluding consumer foods Consumer foods Consumer goods Total Total 1995 ........................... 1996 ........................... 1997 ........................... 1998 ........................... 1999 .......................... 2000 ........................... 2001 ........................... 2002 .......................... 2003 .......................... 2004 p ........................ 2004: Mar ................ Apr ................ May ............... June .............. July ............... Aug ................ Sept ............... Oct ................. Nov r ............... Dec ................ 2005: Jan ................ Feb ................ Mar ................ 1 Intermediate 22 127.9 131.3 131.8 130.7 133.0 138.0 140.7 138.9 143.3 148.5 146.4 147.4 148.3 148.2 148.3 148.5 148.9 151.1 152.1 151.5 151.9 152.5 153.6 129.0 133.6 134.5 134.3 135.1 137.2 141.3 140.1 145.9 152.6 150.8 152.8 154.9 154.3 152.0 151.7 152.5 154.8 155.2 155.1 154.8 156.0 156.5 127.5 130.5 130.9 129.5 132.3 138.1 140.4 138.3 142.4 147.2 145.0 145.8 146.3 146.4 147.1 147.5 147.7 149.8 151.0 150.3 150.9 151.4 152.6 materials for food manufacturing and feeds. 124.0 127.6 128.2 126.4 130.5 138.4 141.4 138.8 144.7 150.9 148.2 149.2 149.9 149.8 150.9 151.1 151.3 154.4 156.0 154.8 155.2 156.1 157.9 Durable 132.7 134.2 133.7 132.9 133.0 133.9 134.0 133.0 133.1 135.1 134.4 134.4 135.0 135.6 134.9 135.1 135.4 135.9 136.2 136.5 137.4 136.7 136.6 Nondurable 118.8 123.3 124.3 122.2 127.9 138.7 142.8 139.8 148.4 156.6 152.8 154.4 155.2 154.6 156.5 156.9 157.0 161.3 163.5 161.6 161.8 163.4 166.0 Capital equipment 136.7 138.3 138.2 137.6 137.6 138.8 139.7 139.1 139.5 141.5 140.4 140.6 140.9 141.4 141.3 141.8 142.1 142.5 142.8 143.2 144.1 143.8 144.2 Total finished consumer goods 125.6 129.5 130.2 128.9 132.0 138.2 141.5 139.4 145.3 151.6 149.2 150.5 151.6 151.3 151.4 151.5 151.9 154.8 156.1 155.1 155.4 156.4 157.8 Intermediate materials Crude materials Total Foods and feeds 1 Other Total Foodstuffs and feedstuffs Other 124.9 125.7 125.6 123.0 123.2 129.2 129.7 127.8 133.7 142.5 138.4 140.3 141.7 142.2 143.1 144.6 145.1 146.6 147.7 147.5 148.1 149.1 150.6 114.8 128.1 125.4 116.2 111.1 111.7 115.9 115.5 125.9 137.0 137.3 143.2 147.1 144.2 141.6 135.8 134.3 131.9 131.2 132.2 133.4 132.6 133.7 125.5 125.6 125.7 123.4 123.9 130.1 130.5 128.5 134.2 142.9 138.6 140.3 141.6 142.3 143.3 145.1 145.7 147.4 148.6 148.4 148.9 150.0 151.5 102.7 113.8 111.1 96.8 98.2 120.6 121.0 108.1 135.3 159.0 152.8 155.4 160.6 161.9 162.0 161.5 154.2 160.8 173.0 168.3 165.0 162.3 169.3 105.8 121.5 112.2 103.9 98.7 100.2 106.1 99.5 113.5 126.9 132.2 135.7 138.8 135.1 129.9 123.4 121.7 119.9 121.2 124.1 126.4 122.4 128.2 96.8 104.5 106.4 88.4 94.3 130.4 126.8 111.4 148.2 179.2 164.0 165.9 172.6 177.9 182.1 186.4 174.9 188.0 208.4 197.9 190.2 188.6 196.3 Source: Department of Labor, Bureau of Labor Statistics. CONSUMER PRICES—ALL URBAN CONSUMERS In March, the consumer price index for all urban consumers rose 0.6 percent seasonally adjusted; it rose 0.8 percent not seasonally adjusted. The index was 3.1 percent above its year-earlier level. [1982–84=100, except as noted; monthly data seasonally adjusted, except as noted] All items 1 Housing Transportation Shelter Period Not season- Seasonally ally adjust- adjusted ed (NSA) Food Total 1 Rent of primary residence Total 1 Owners’ equivalent rent (12/82= 100) Fuels and utilities Apparel Total 1 New cars Motor fuel Medical care Energy 2 All items less food and energy Rel. imp.3 ......................... 1995 ................................. 1996 ................................. 1997 ................................. 1998 ................................. 1999 ................................. 2000 ................................. 2001 ................................. 2002 ................................. 2003 ................................. 2004 ................................. 100.0 152.4 156.9 160.5 163.0 166.6 172.2 177.1 179.9 184.0 188.9 ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. 14.3 148.4 153.3 157.3 160.7 164.1 167.8 173.1 176.2 180.0 186.2 42.0 148.5 152.8 156.8 160.4 163.9 169.6 176.4 180.3 184.8 189.5 32.7 165.7 171.0 176.3 182.1 187.3 193.4 200.6 208.1 213.1 218.8 6.1 157.8 162.0 166.7 172.1 177.5 183.9 192.1 199.7 205.5 211.0 23.2 171.3 176.8 181.9 187.8 192.9 198.7 206.3 214.7 219.9 224.9 5.0 123.7 127.5 130.8 128.5 128.8 137.9 150.2 143.6 154.5 161.9 3.8 132.0 131.7 132.9 133.0 131.3 129.6 127.3 124.0 120.9 120.4 17.4 ............ 139.1 139.0 143.0 141.4 144.3 141.7 141.6 140.7 144.4 139.6 153.3 139.6 154.3 138.9 152.9 137.3 157.6 134.7 163.1 133.9 4.0 100.0 106.3 106.2 92.2 100.7 129.3 124.7 116.6 135.8 160.4 6.1 220.5 228.2 234.6 242.1 250.6 260.8 272.8 285.6 297.1 310.1 8.0 105.2 110.1 111.5 102.9 106.6 124.6 129.3 121.7 136.5 151.4 77.7 161.2 165.6 169.5 173.4 177.0 181.3 186.1 190.5 193.2 196.6 2004: Mar ...................... Apr ...................... May ..................... June .................... July ..................... Aug ...................... Sept ..................... Oct ....................... Nov ...................... Dec ...................... 187.4 188.0 189.1 189.7 189.4 189.5 189.9 190.9 191.0 190.3 187.3 187.7 188.8 189.3 189.2 189.3 189.6 190.7 191.2 191.2 184.3 184.6 186.0 186.4 186.9 186.9 186.8 187.9 188.4 188.4 187.8 188.4 188.9 189.5 190.0 190.2 190.7 191.1 191.7 192.1 217.1 217.9 218.4 218.9 219.4 219.5 220.3 220.7 220.8 221.3 209.1 209.7 210.2 210.9 211.4 212.0 212.5 212.9 213.1 213.7 223.3 224.0 224.5 225.0 225.4 225.8 226.1 226.4 226.6 227.0 157.5 158.5 159.8 161.9 162.6 164.0 163.4 163.4 167.4 167.7 120.9 120.8 121.2 121.1 120.5 120.1 120.1 120.1 120.4 119.9 161.3 161.3 164.2 165.0 163.2 162.7 163.0 166.4 166.7 165.6 134.0 133.9 134.3 134.5 133.7 133.4 133.2 133.5 134.4 134.5 154.9 154.9 166.9 170.0 161.6 159.2 159.1 171.9 170.4 165.7 306.9 307.9 308.8 309.8 310.8 311.7 312.7 313.9 314.7 315.6 146.6 147.1 153.4 156.0 152.3 151.9 151.4 157.5 159.0 156.9 195.5 195.9 196.2 196.6 196.8 196.9 197.5 197.9 198.2 198.5 2005: Jan .................. Feb ...................... Mar ...................... 190.7 191.8 193.3 191.3 192.0 193.2 188.6 188.7 189.0 192.3 193.0 193.9 221.7 222.4 223.7 214.3 214.8 215.3 227.6 228.1 228.7 167.6 168.9 169.0 120.3 120.0 120.9 165.3 166.6 169.7 135.6 135.6 135.2 162.4 167.6 181.0 316.9 318.7 320.2 155.1 158.2 164.6 198.9 199.4 200.1 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 3 Relative importance, December 2004. Source: Department of Labor, Bureau of Labor Statistics. 23 CHANGES IN PRODUCER PRICES FOR FINISHED GOODS [Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA] Period Change from preceding period Change from 3 months earlier, annual rate Consumer goods Consumer goods Total finished goods Foods Capital equipment Excluding foods Change from 6 months earlier, annual rate Change from year earlier, total finished goods NSA Consumer goods Total finished goods Foods Excluding foods Capital equipment Total finished goods Foods Excluding foods Capital equipment 2.2 .4 ¥.6 0 .3 1.2 0 ¥.6 .8 2.4 ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ .................. .................. .................. .................. .................. .................. .................. .................. .................. .................. 0.4 .1 .2 .4 ¥.1 .4 .2 .3 .2 r.3 .6 ¥.2 .3 3.1 4.7 7.6 5.0 2.5 .5 1.9 7.8 10.1 7.2 2.1 r 1.1 5.7 0 11.8 17.7 9.6 ¥2.1 ¥8.0 ¥4.6 7.6 9.6 7.0 0 r 2.1 3.7 4.7 3.6 5.8 4.4 4.6 3.2 4.1 9.6 13.6 9.6 2.1 .3 8.3 1.4 1.1 2.9 2.9 2.0 2.6 2.0 3.4 2.9 3.1 4.6 r 2.8 2.8 3.2 3.6 5.2 4.0 3.6 4.0 3.4 5.1 5.2 4.5 4.9 5.5 6.4 4.0 2.5 6.1 4.7 4.6 4.1 2.3 2.6 .4 1.0 3.7 5.7 5.3 4.0 5.4 6.4 4.6 4.1 4.5 4.2 7.1 8.3 6.8 5.8 6.7 8.9 Change, Dec. to Dec., NSA 1995 ............... 1996 ............... 1997 ............... 1998 ............... 1999 ............... 2000 ............... 2001 ............... 2002 ............... 2003 ............... 2004 p ............. 2.3 2.8 ¥1.2 0 2.9 3.6 ¥1.6 1.2 4.0 4.1 1.9 3.4 ¥.8 .1 .8 1.7 1.8 ¥.6 7.7 2.8 2.3 3.7 ¥1.5 ¥.1 5.1 5.5 ¥3.9 2.9 4.1 5.4 1.9 2.7 .4 ¥.8 1.8 3.8 2.0 ¥1.3 3.2 3.6 Change, month to month 2004: Mar ..... Apr ...... May ..... June .... July ..... Aug ..... Sept ..... Oct ...... Nov r .... Dec ...... 2005: Jan ...... Feb ...... Mar ..... 0.5 .7 .6 ¥.1 .1 .1 .3 1.5 .7 r ¥.4 .3 .4 .7 1.4 1.3 1.4 ¥.4 ¥1.5 ¥.2 .5 1.5 .3 r ¥.1 ¥.2 .8 .3 0.3 .7 .5 ¥.1 .7 .1 .1 2.0 1.0 ¥.8 .3 .6 1.2 1.0 .9 1.3 2.2 1.6 2.7 2.4 2.7 2.7 2.6 4.0 2.8 3.0 1.5 3.7 4.9 4.0 3.8 3.3 3.3 4.5 5.0 4.1 4.2 4.7 4.9 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 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 .......................... .......................... .......................... .......................... .......................... .......................... .......................... .......................... .......................... .......................... 2.5 3.3 1.7 1.6 2.7 3.4 1.6 2.4 1.9 3.3 2.1 4.3 1.5 2.3 1.9 2.8 2.8 1.5 3.6 2.7 3.0 2.9 2.4 2.3 2.2 4.3 2.9 2.4 2.2 3.0 3.5 2.9 3.4 3.3 2.5 3.4 4.2 3.1 2.2 2.7 2.5 2.8 3.1 3.4 3.1 4.0 4.7 3.1 2.7 2.9 3.7 2.8 3.1 3.2 2.4 3.4 4.5 3.3 2.0 2.3 2004: Mar ............... Apr ................ May ............... June .............. July ............... Aug ................ Sept ............... Oct ................ Nov ................ Dec ................ 2005: Jan ............... Feb ................ Mar ............... 0.4 .2 .6 .3 ¥.1 .1 .2 .6 .3 0 .1 .4 .6 0.2 .2 .8 .2 .3 0 ¥.1 .6 .3 0 .1 .1 .2 0.3 .3 .3 .3 .3 .1 .3 .2 .3 .2 .1 .4 .5 0.6 .4 .2 .2 .2 .0 .4 .2 .0 .2 .2 .3 .6 0.2 .3 .2 .3 .2 .3 .2 .2 .1 .3 .3 .2 .2 0.2 .3 .2 .2 .2 .2 .1 .1 .1 .2 .3 .2 .3 1.4 4.6 .5 ¥2.6 2.4 12.1 ¥2.1 1.4 6.5 7.9 0.1 ¥.2 1.0 ¥.7 ¥.5 ¥1.8 ¥3.2 ¥1.8 ¥2.1 ¥.2 1.5 4.4 ¥1.4 ¥1.7 5.4 4.1 ¥3.8 3.8 .3 6.5 1.6 1.6 ¥1.0 ¥.1 ¥.8 .3 0 ¥2.0 ¥2.1 .5 ¥4.0 12.7 ¥6.2 ¥15.4 30.2 13.9 ¥24.8 24.6 6.8 26.1 3.9 3.0 2.8 3.4 3.7 4.2 4.7 5.0 3.7 4.2 ¥1.3 8.6 ¥3.4 ¥8.8 13.4 14.2 ¥13.0 10.7 6.9 16.6 3.0 2.6 2.2 2.4 1.9 2.6 2.7 1.9 1.1 2.2 .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... 2.8 3.0 2.3 1.6 2.2 3.4 2.8 1.6 2.3 2.7 0 ¥.1 .3 .1 ¥.6 ¥.2 ¥.1 .2 .7 .1 .8 0 ¥.3 6.1 0 7.7 1.9 ¥4.9 ¥1.5 ¥.1 8.0 ¥.9 ¥2.8 ¥2.0 3.2 8.0 0.5 .3 .3 .3 .3 .3 .3 .4 .3 .3 .4 .6 .5 2.2 .3 4.3 1.7 ¥2.4 ¥.3 ¥.3 4.0 1.0 ¥1.3 ¥1.1 2.0 4.0 0.3 .2 .2 .2 .1 .1 .3 .2 .2 .2 .2 .3 .4 4.0 .......... .......... 4.4 .......... .......... 1.7 .......... .......... 3.4 .......... .......... 2.5 5.1 3.9 5.0 4.3 3.2 1.1 .6 3.2 4.1 3.4 1.3 1.7 4.3 2.5 3.2 4.6 4.7 3.6 3.0 2.5 3.2 2.6 2.0 2.2 2.9 3.8 1.7 2.3 3.1 3.3 3.0 2.7 2.5 3.2 3.5 3.3 3.0 3.0 3.1 Change, month to month ¥1.2 .6 .8 1.3 .4 .9 ¥.4 0 2.4 .2 ¥.1 .8 .1 0.8 ¥.1 .3 ¥.1 ¥.5 ¥.3 0 0 .2 ¥.4 .3 ¥.2 .8 1 Includes items not shown separately. 2 Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc., excluded beginning 1983. 24 1.3 0 1.8 .5 ¥1.1 ¥.3 .2 2.1 .2 ¥.7 ¥.2 .8 1.9 3 Quarterly changes are shown in the last month of the quarter. Source: Department of Labor, Bureau of Labor Statistics. PRICES RECEIVED AND PAID BY FARMERS In April, prices received by farmers rose 0.8 percent, while prices paid by farmers rose 0.7 percent. (Data are not seasonally adjusted.) [1990–92=100; not seasonally adjusted] Prices received by farmers Period 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 All farm products Prices paid by farmers Livestock and products Crops All commodities, services, interest, taxes, and wage rates 1 Production items, interest, taxes, and wage rates Production items Ratio 2 ............................... ............................... .............................. .............................. ............................... .............................. .............................. .............................. .............................. ............................... 102 112 107 102 96 96 102 98 107 119 112 127 115 107 97 96 99 105 111 117 92 99 98 97 95 97 106 90 103 122 109 115 118 115 115 120 123 124 128 r 134 108 115 118 114 113 118 122 121 126 132 108 115 119 113 111 116 120 119 124 r 132 93 98 90 89 83 80 83 79 84 r 89 2004: Apr .................... May .................... June .................. July .................... Aug r ................... Sept r .................. Oct r .................... Nov r ................... Dec r ................... 2005: Jan r ................... Feb r ................... Mar r ................... Apr .................... 125 129 128 124 120 115 114 116 111 111 114 119 120 123 124 122 120 118 113 111 112 103 101 106 116 118 126 133 133 128 122 118 117 119 120 121 119 121 121 133 135 135 135 135 135 136 135 134 137 137 139 140 132 133 133 134 134 134 134 134 133 135 136 138 139 131 r 133 r 133 133 133 133 134 133 132 134 134 136 138 94 96 95 92 89 85 84 86 83 81 83 86 86 1 Includes items not shown separately. 2 Percentage ratio of index of prices received by farmers to index of prices paid, interest, taxes, and wage rates. NOTE.—The official indexes are published on a 1910–14 base as required by law. The indexes have been converted to a 1990–92=100 base to facilitate comparison with other indexes. Source: Department of Agriculture. 25 MONEY, CREDIT, AND SECURITY MARKETS MONEY STOCK AND DEBT MEASURES In March, M2 and M3 rose. [Averages of daily figures, except debt end-of-period basis; billions of dollars, seasonally adjusted] M1 M2 M3 Debt Sum of currency, demand deposits, travelers’ checks, and other checkable deposits (OCDs) M1 plus retail MMMF balances, savings deposits (including MMDAs), and small time deposits M2 plus large time deposits, RPs, Eurodollars, and institutional MMMF balances Debt of domestic nonfinancial sectors1 ........................................................ ........................................................ ........................................................ ........................................................ ........................................................ ........................................................ ........................................................ ........................................................ ........................................................ ........................................................ 1,126.9 1,079.8 1,072.2 1,094.8 1,122.4 1,087.5 1,179.1 1,216.7 1,299.2 r 1,367.3 3,640.9 3,817.0 4,032.0 4,384.3 4,649.8 4,934.3 5,450.7 5,803.7 6,083.4 6,428.4 4,636.0 4,985.4 5,460.5 6,051.9 6,551.9 7,120.3 8,034.8 8,572.9 r 8,889.2 r 9,453.4 13,672.7 14,388.8 15,155.8 16,194.1 17,262.1 18,109.9 19,225.7 20,541.4 22,249.5 24,180.7 ¥2.1 ¥4.2 ¥.7 2.1 2.5 ¥3.1 8.4 3.2 6.8 5.2 4.1 4.8 5.6 8.7 6.1 6.1 10.5 6.5 4.8 5.7 2004: Mar ....................................................... Apr ........................................................ May ....................................................... June ...................................................... July ....................................................... Aug ....................................................... Sept ...................................................... Oct ....................................................... Nov ....................................................... Dec ........................................................ 1,327.5 1,327.9 1,331.8 1,338.7 1,331.4 1,349.2 1,353.8 1,353.8 1,368.8 r 1,367.3 6,174.4 6,212.4 6,271.0 6,283.2 6,285.1 6,306.1 r 6,341.1 6,367.6 6,404.5 6,428.4 r 9,088.0 r 9,453.4 22,768.7 ...................... ...................... 23,192.7 ...................... ...................... 23,688.7 ...................... ...................... 24,180.7 5.9 5.8 6.2 6.1 5.3 5.2 4.0 3.9 5.6 4.3 2.7 4.2 6.3 6.6 6.2 5.6 5.4 5.0 4.3 4.6 2005: Jan r ...................................................... Feb r ...................................................... Mar p ...................................................... 1,357.7 1,365.0 1,371.9 6,441.9 6,455.7 6,474.9 9,493.5 9,512.9 9,526.6 ...................... ...................... ...................... 4.0 2.3 2.7 5.0 4.7 4.2 Period 1995: 1996: 1997: 1998: 1999: 2000: 2001: 2002: 2003: 2004: 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. 26 r 9,154.3 r 9,243.8 r 9,284.4 r 9,288.4 r 9,320.8 r 9,369.1 r 9,377.6 r 9,406.9 Percent change From year or 6 months earlier2 M1 M2 M3 From previous period3 Debt 6.1 7.5 9.5 10.8 8.3 8.7 12.8 6.7 r 3.7 6.3 5.3 5.2 5.3 6.9 6.4 4.8 6.2 6.8 8.1 8.6 r 4.0 6.9 6.2 4.9 r 3.5 r 3.6 9.3 ............ ............ 7.4 ............ ............ 8.3 ............ ............ 8.3 4.4 4.1 3.4 ............ ............ ............ r 5.6 r 8.0 r 8.9 r 7.6 3 Annual changes are from fourth quarter to fourth quarter. Quarterly changes are from previous quarter at an annual rate. See p. 27 for components. Source: Board of Governors of the Federal Reserve System. COMPONENTS OF MONEY STOCK [Averages of daily figures; billions of dollars, seasonally adjusted] Period 1995: 1996: 1997: 1998: 1999: 2000: 2001: 2002: 2003: 2004: Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Currency Nonbank travelers checks Demand deposits Savings deposits, including money market deposit accounts (MMDAs) Other checkable deposits (OCDs) Small denomination time deposits 1 Money market mutual fund balances Large denomination time deposits 1 Institutional Retail ........................................... ........................................... ........................................... ........................................... ........................................... ........................................... ........................................... ........................................... ........................................... ........................................... 372.2 394.1 424.5 459.8 517.5 531.3 581.4 626.4 662.4 697.2 9.0 8.8 8.4 8.5 8.6 8.3 8.0 7.8 7.7 7.6 389.2 401.6 393.8 376.9 353.1 309.4 331.7 302.4 317.6 333.4 356.5 275.4 245.4 249.5 243.3 238.5 258.0 280.2 311.5 329.1 1,133.8 1,272.9 1,399.5 1,605.2 1,740.9 1,878.7 2,314.1 2,781.2 3,174.5 3,530.2 931.3 946.9 968.2 951.9 954.4 1,044.5 972.7 891.8 808.9 815.3 448.8 517.4 592.1 732.4 832.1 923.6 984.7 914.0 800.7 715.6 263.6 322.0 395.6 539.9 636.6 790.4 1,196.1 1,248.5 1,118.5 1,068.9 438.9 521.0 631.1 683.7 758.7 836.4 800.5 812.5 881.5 r 1,065.6 2004: Mar ........................................... Apr ............................................ May ........................................... June .......................................... July ........................................... Aug ........................................... Sept .......................................... Oct ............................................ Nov ........................................... Dec ........................................... 668.4 670.8 674.1 678.4 684.6 686.6 689.9 692.5 697.2 697.2 7.8 7.8 7.7 7.7 7.6 7.6 7.6 7.6 7.6 7.6 329.8 327.5 327.0 327.4 313.6 327.5 330.7 326.3 332.7 333.4 321.6 321.8 322.9 325.3 325.5 327.5 325.6 327.4 331.3 329.1 3,281.2 3,327.5 3,382.5 3,394.7 3,414.4 3,421.1 3,453.6 3,483.5 r 3,507.2 3,530.2 801.6 799.1 795.5 795.5 796.4 800.2 803.6 807.3 r 810.9 815.3 764.1 757.9 761.3 754.3 743.0 735.6 730.0 723.0 717.7 715.6 1,114.3 1,122.2 1,124.9 1,123.8 1,109.6 1,106.1 1,101.7 1,078.0 1,069.0 1,068.9 945.2 966.5 982.6 996.5 1,017.2 1,026.6 1,033.5 1,042.0 1,046.8 r 1,065.6 2005: Jan r .......................................... Feb r .......................................... Mar p ......................................... 699.9 701.9 704.1 7.5 7.5 7.5 324.9 333.7 337.7 325.4 322.0 322.6 3,545.4 3,546.6 3,550.0 825.4 837.3 851.0 713.4 706.8 701.8 1,057.2 1,039.5 1,034.8 1,125.0 1,145.0 1,155.7 1 Small denomination and large denomination deposits are those issued in amounts of less than $100,000 and more than $100,000, respectively. Overnight and term Overnight repurand term chase Euroagreedollars ments (net) (RPs) (net) 198.6 210.7 254.4 293.8 335.9 363.8 375.8 476.8 508.9 r 508.6 94.0 114.6 147.5 150.2 170.8 195.4 211.8 231.5 r 297.0 r 381.9 538.5 r 315.6 r 529.2 r 508.6 324.0 324.9 327.6 335.6 343.4 353.7 r 367.9 r 371.7 r 381.9 480.4 496.8 488.9 389.1 375.8 372.3 r 540.4 r 553.2 r 540.9 r 538.6 r 539.1 r 522.1 r 514.9 Source: Board of Governors of the Federal Reserve System. AGGREGATE RESERVES AND MONETARY BASE [Averages of daily figures 1; millions of dollars; seasonally adjusted, except as noted by NSA] Adjusted for changes in reserve requirements Period Total 2 1995: 1996: 1997: 1998: 1999: 2000: 2001: 2002: 2003: 2004: Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Borrowings of depository institutions from the Federal Reserve (NSA) Reserves of depository institutions Nonborrowed 3 Required Excess (NSA) Monetary base Total Primary Secondary Seasonal Adjustment 4 .................................. .................................. .................................. .................................. .................................. .................................. .................................. .................................. .................................. .................................. 56,430 50,149 46,848 45,254 41,928 38,677 41,411 40,442 42,845 46,639 56,173 49,994 46,523 45,138 41,607 38,467 41,344 40,362 42,799 46,576 55,140 48,733 45,163 43,741 40,631 37,249 39,760 38,433 41,807 44,727 1,290 1,416 1,685 1,514 1,297 1,427 1,651 2,009 1,038 1,911 434,471 451,933 479,786 513,814 593,468 584,733 635,319 681,195 719,830 758,262 257 155 324 117 320 210 67 80 46 63 ................ ................ ................ ................ ................ ................ ................ ................ 17 11 ................ ................ ................ ................ ................ ................ ................ ................ 0 0 40 68 79 15 67 111 33 45 29 52 217 87 245 101 179 99 34 35 ................ ................ 2004: Mar ................................. Apr .................................. May ................................. June ................................ July ................................. Aug ................................. Sept ................................. Oct .................................. Nov ................................. Dec .................................. 44,742 45,691 45,389 46,083 46,374 45,130 46,331 46,105 46,018 46,639 44,690 45,605 45,277 45,903 46,129 44,878 45,996 45,926 45,835 46,576 42,937 43,884 43,745 44,196 44,672 43,593 44,752 44,386 44,247 44,727 1,805 1,807 1,644 1,887 1,702 1,537 1,579 1,719 1,771 1,911 727,276 730,895 734,654 739,553 746,138 747,448 751,650 754,133 758,182 758,262 51 86 112 180 245 251 335 179 183 63 23 29 9 40 42 18 97 15 105 11 0 0 0 0 0 0 0 0 0 0 28 57 103 140 203 233 238 164 78 52 ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ 2005: Jan .................................. Feb r ................................ Mar .................................. 47,664 45,730 46,598 47,602 45,688 46,549 45,922 44,201 44,791 1,742 1,529 1,807 r 760,900 62 42 49 39 26 13 0 0 0 23 16 37 ................ ................ ................ 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. 764,492 766,257 3 Seasonally adjusted break-adjusted total reserves less unadjusted total borrowings of depository institutions from the Federal Reserve. 4 Discontinued after January 8, 2003. Source: Board of Governors of the Federal Reserve System. 27 BANK CREDIT AT ALL COMMERCIAL BANKS Total commercial bank loans and leases rose 1.2 percent in March; commercial and industrial loans rose 0.6 percent. [Billions of dollars, seasonally adjusted 1] Securities in bank credit Period 1995: 1996: 1997: 1998: 1999: 2000: 2001: 2002: 2003: 2004: 2004: Dec ........... Dec ........... Dec ........... Dec ........... Dec r .......... Dec r .......... Dec r .......... Dec r .......... Dec r .......... Dec r .......... Mar r ......... Apr r .......... May r ......... June r ........ July r ......... Aug r ......... Sept r ......... Oct r .......... Nov r ......... Dec r .......... 2005: Jan r .......... Feb r .......... Mar .......... Total bank credit 3,601.0 3,757.0 4,099.4 4,532.9 4,763.4 5,216.6 5,427.6 5,885.4 6,249.8 6,768.1 6,515.8 6,535.3 6,543.9 6,583.3 6,602.9 6,634.7 6,704.1 6,705.2 6,743.4 6,768.1 6,836.5 6,940.3 7,023.0 Total securities U.S. Treasury and agency securities 984.0 984.4 1,098.7 1,237.0 1,282.8 1,348.2 1,493.3 1,720.8 1,849.7 1,925.1 1,978.7 1,951.3 1,928.6 1,932.0 1,907.5 1,913.1 1,922.3 1,912.2 1,917.0 1,925.1 1,956.1 2,003.9 2,025.2 701.1 702.6 755.6 797.6 815.6 792.4 853.0 1,028.8 1,104.5 1,147.8 1,204.6 1,199.8 1,188.8 1,188.7 1,180.9 1,181.7 1,176.1 1,147.1 1,143.7 1,147.8 1,177.0 1,210.2 1,209.5 Loans and leases in bank credit Real estate CommerOther Total loans cial and securities and leases 2 industrial 282.9 281.8 343.1 439.5 467.2 555.8 640.3 691.9 745.2 777.4 774.1 751.5 739.8 743.3 726.6 731.4 746.3 765.1 773.2 777.4 779.0 793.6 815.7 2,617.0 2,772.6 3,000.7 3,295.9 3,480.6 3,868.4 3,934.3 4,164.6 4,400.1 4,842.9 4,537.1 4,584.0 4,615.4 4,651.3 4,695.4 4,721.7 4,781.8 4,793.0 4,826.4 4,842.9 4,880.4 4,936.4 4,997.8 1 Data are prorated averages of Wednesday values for domestically chartered commercial banks, branches and agencies of foreign banks, New York State investment companies (through September 1996), and Edge Act and agreement corporations. Data are adjusted for breaks caused by reclassifications of assets and liabilities. 28 723.8 784.7 854.1 r 947.6 999.0 1,087.2 1,027.4 964.1 902.4 924.6 892.6 888.6 888.1 891.2 896.9 905.3 908.8 909.9 916.3 924.6 941.3 950.6 956.2 Total 1,089.5 1,140.6 1,242.7 1,332.9 1,471.1 1,650.4 1,779.5 2,021.0 2,215.6 2,537.8 2,304.2 2,361.5 2,395.9 2,407.9 2,417.8 2,436.0 2,461.2 2,495.3 2,517.7 2,537.8 2,562.0 2,587.9 2,639.3 Revolving home equity 84.5 90.9 105.0 103.9 101.5 130.0 155.8 213.5 280.8 398.5 308.2 318.1 327.9 337.1 347.0 358.1 369.4 383.3 393.0 398.5 405.7 407.3 415.1 Consumer Security Other Other 1,004.9 1,049.7 1,137.7 1,229.0 1,369.6 1,520.3 1,623.7 1,807.5 1,934.8 2,139.3 1,996.0 2,043.4 2,068.1 2,070.7 2,070.9 2,077.9 2,091.8 2,112.0 2,124.7 2,139.3 2,156.3 2,180.6 2,224.1 491.4 512.4 502.6 496.9 490.6 539.3 556.0 586.7 643.0 692.9 658.2 658.5 659.5 662.3 691.0 691.3 693.3 689.6 684.2 692.9 699.4 698.6 704.4 83.2 75.3 94.4 145.3 149.8 177.3 146.0 190.2 215.2 214.7 243.0 237.6 232.5 248.1 243.7 239.4 255.2 240.6 235.8 214.7 199.0 218.8 224.8 229.1 259.6 r 306.8 r 373.1 370.0 414.2 425.4 402.6 424.0 472.9 439.1 437.7 439.3 441.8 446.0 449.7 463.3 457.5 472.4 472.9 478.7 480.5 473.0 2 Excludes Federal funds sold to, reverse repurchase agreements (RPs) with, and loans to commercial banks in the United States. Source: Board of Governors of the Federal Reserve System. SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL CORPORATE BUSINESS [Billions of dollars; quarterly data at seasonally adjusted annual rates] Sources Uses External (Net increase in liabilities) Funds raised in markets Period Total 1995 .................. 1996 .................. 1997 .................. 1998 .................. 1999 .................. 2000 .................. 2001 .................. 2002 .................. 2003 .................. 2004 p ................ 2002: I ............. II ........... III .......... IV .......... 2003: I ............. II ........... III .......... IV .......... 2004: I ............. II ........... III .......... IV p ......... 996.7 1,065.4 1,003.0 1,305.5 1,729.2 1,971.4 867.9 953.3 1,213.7 1,376.2 637.4 948.8 892.4 1,334.7 1,096.3 1,292.5 1,119.2 1,346.9 1,504.3 1,307.8 1,377.4 1,315.1 Internal 1 605.9 666.9 719.5 689.5 741.6 734.0 772.7 842.2 940.4 1,024.4 822.9 834.5 832.1 879.3 838.5 928.2 965.3 1,029.5 1,024.4 1,020.8 1,070.2 982.2 Credit market instruments Total 390.8 398.5 283.5 616.0 987.6 1,237.4 95.2 111.1 273.3 351.8 ¥185.5 114.3 60.3 455.4 257.8 364.3 153.9 317.4 479.9 287.0 307.2 332.9 Capital expenditures 3 Total Total net funds raised Net new equity issues Total 168.8 135.4 214.4 180.4 259.9 232.3 173.8 ¥13.9 86.9 30.0 59.8 ¥2.9 ¥200.1 87.5 85.9 224.4 29.7 7.7 117.1 ¥64.2 34.1 33.3 ¥58.3 ¥47.3 ¥77.4 ¥215.5 ¥110.4 ¥118.2 ¥47.4 ¥41.6 ¥57.8 ¥210.0 ¥10.6 15.5 ¥140.8 ¥30.5 ¥67.0 ¥50.2 ¥44.9 ¥69.0 ¥82.2 ¥159.5 ¥203.2 ¥395.2 227.1 182.8 291.8 395.9 370.2 350.5 221.2 27.7 144.7 240.1 70.4 ¥18.4 ¥59.3 118.0 152.9 274.6 74.6 76.7 199.3 95.3 237.3 428.5 1 Profits before tax (book) less taxes on corporate income, less net dividends, plus capital consumption allowance (consumption of fixed capital plus capital consumption adjustment), foreign earnings retained abroad, inventory valuation adjustment, and net capital transfers. 2 Includes trade payables, taxes payable, and miscellaneous liabilities (foreign direct investment in the U.S., pension fund contributions payable, and other). Securities and mortgages 102.2 129.2 187.2 241.2 269.5 192.7 411.3 184.1 243.5 189.0 311.0 222.2 9.6 193.3 226.2 406.9 199.6 141.6 210.2 78.7 188.8 278.1 Loans and shortterm paper Other 2 124.9 53.7 104.6 154.9 100.8 157.8 ¥190.1 ¥156.4 ¥98.9 51.1 ¥240.7 ¥240.6 ¥68.8 ¥75.3 ¥73.3 ¥132.2 ¥125.0 ¥65.0 ¥11.0 16.6 48.4 150.3 222.1 263.1 69.0 435.5 727.8 1,005.2 ¥78.5 125.1 186.5 321.7 ¥245.2 117.2 260.5 367.9 172.0 139.8 124.2 309.7 362.9 351.2 273.1 299.7 1,044.0 1,093.0 1,016.2 1,348.5 1,833.8 2,137.8 980.1 913.2 1,257.2 1,424.3 593.3 871.3 858.2 1,330.0 1,134.5 1,316.8 1,174.6 1,403.0 1,561.7 1,398.2 1,397.5 1,340.2 617.6 639.0 743.8 778.6 863.9 928.6 802.5 762.6 769.6 900.4 761.6 758.5 768.9 761.4 748.9 741.7 777.5 810.3 847.9 901.0 898.5 954.5 Increase in financial assets 426.4 454.0 272.4 569.9 969.9 1,209.2 177.6 150.6 487.6 523.9 ¥168.3 112.8 89.3 568.6 385.6 575.1 397.1 592.7 713.8 497.2 499.0 385.7 Discrepancy (sources less uses) ¥47.2 ¥27.6 ¥13.2 ¥43.0 ¥104.6 ¥166.4 ¥112.3 40.2 ¥43.5 ¥48.2 44.1 77.6 34.3 4.6 ¥38.2 ¥24.3 ¥55.4 ¥56.2 ¥57.4 ¥90.3 ¥20.1 ¥25.0 3 Nonresidential fixed investment plus residential fixed investment, inventory change with inventory valuation adjustment, and nonproduced nonfinancial assets. Source: Board of Governors of the Federal Reserve System. CONSUMER CREDIT [Billions of dollars; seasonally adjusted] Consumer credit outstanding (end of period) Period Total 1995: 1996: 1997: 1998: 1999: 2000: 2001: 2002: 2003: 2004: 2004: Dec ............................................................................... Dec ............................................................................... Dec r .............................................................................. Dec r .............................................................................. Dec r .............................................................................. Dec r .............................................................................. Dec r .............................................................................. Dec r .............................................................................. Dec r .............................................................................. Dec r .............................................................................. Mar r ............................................................................. Apr r .............................................................................. May r ............................................................................. June r ............................................................................ July r ............................................................................. Aug r ............................................................................. Sept r ............................................................................. Oct r .............................................................................. Nov r ............................................................................. Dec r .............................................................................. 2005: Jan r .............................................................................. Feb ............................................................................... Mar p ............................................................................. Revolving 1,141.0 1,242.9 1,320.1 1,415.6 1,529.4 1,704.3 1,841.1 1,922.8 2,013.3 2,104.2 2,041.5 2,044.6 2,049.6 2,055.1 2,064.1 2,071.7 2,084.7 2,097.0 2,097.4 2,104.2 2,115.7 2,121.4 2,127.0 1 Change based on data in billions of dollars as shown here. For year-end data, change from preceding year-end; for monthly data, change from preceding month. 2 Includes automobile loans and all other loans not included in revolving credit, such as loans for mobile homes, education, boats, trailers, or vacations. These loans may be secured or unsecured. 443.5 499.6 536.7 577.8 606.6 676.9 721.2 736.9 760.7 792.7 767.6 764.8 765.7 768.0 775.4 777.8 785.4 788.1 787.6 792.7 796.9 800.1 800.5 Nonrevolving 2 697.5 743.2 783.4 837.8 922.8 1,027.4 1,119.9 1,185.9 1,252.6 1,311.5 1,273.9 1,279.8 1,283.9 1,287.1 1,288.7 1,293.8 1,299.3 1,308.9 1,309.8 1,311.5 1,318.8 1,321.4 1,326.5 Net change in consumer credit outstanding 1 Total 143.9 101.9 77.2 95.5 113.8 174.9 136.8 81.7 90.5 90.9 9.6 3.1 5.0 5.5 9.0 7.6 13.0 12.3 .4 6.8 11.5 5.7 5.6 Revolving 77.9 56.1 37.1 41.1 28.8 70.3 44.3 15.7 23.8 32.0 3.8 ¥2.8 .9 2.3 7.4 2.4 7.6 2.7 ¥.5 5.1 4.2 3.2 .4 Nonrevolving 2 65.9 45.7 40.2 54.4 85.0 104.6 92.5 66.0 66.7 58.9 5.8 5.9 4.1 3.2 1.6 5.1 5.5 9.6 .9 1.7 7.3 2.6 5.1 NOTE.—Effective October 7, 2003 data beginning 1977 include student loans extended by the Federal Government and by SLM Holding Corporation. Revolving nonfinancial business data revised beginning 1997 to reflect new source data. Seasonally adjusted revolving credit revised beginning December 1997 to reflect new seasonal factors. Source: Board of Governors of the Federal Reserve System. 29 INTEREST RATES AND BOND YIELDS Interest rates were mixed in April. [Percent per annum] U.S. Treasury security yields Constant Period 1995 ....................... 1996 ....................... 1997 ....................... 1998 ....................... 1999 ....................... 2000 ....................... 2001 ....................... 2002 ....................... 2003 ....................... 2004 ....................... 2004: Apr .............. May ............. June ............ July ............. Aug ............. Sept ............. Oct .............. Nov ............. Dec .............. 2005: Jan ............. Feb .............. Mar ............. Apr .............. Week ended: 2005: Apr 9 ........ 16 ........ 23 ........ 30 ........ May 7 ....... 1 Bank-discount 3-month bills (new issues) 1 3-year maturities 2 10-year 30-year Highgrade municipal bonds (Standard & Poor’s) 3 Corporate Aaa bonds (Moody’s) 30 Primary credit 5.51 5.02 5.07 4.81 4.66 5.85 3.45 1.62 1.02 1.38 0.94 1.04 1.27 1.35 1.48 1.65 1.75 2.06 2.20 2.32 2.53 2.75 2.79 6.25 5.99 6.10 5.14 5.49 6.22 4.09 3.10 2.10 2.78 2.57 3.10 3.26 3.05 2.88 2.83 2.85 3.09 3.21 3.39 3.54 3.91 3.79 6.57 6.44 6.35 5.26 5.65 6.03 5.02 4.61 4.01 4.27 4.35 4.72 4.73 4.50 4.28 4.13 4.10 4.19 4.23 4.22 4.17 4.50 4.34 6.88 6.71 6.61 5.58 5.87 5.94 5.49 * * * * * * * * * * * * * * * * 5.95 5.75 5.55 5.12 5.43 5.77 5.19 5.05 4.73 4.63 4.84 5.03 5.00 4.82 4.65 4.49 4.43 4.48 4.40 4.28 4.14 4.42 4.31 7.59 7.37 7.26 6.53 7.04 7.62 7.08 6.49 5.67 5.63 5.73 6.04 6.01 5.82 5.65 5.46 5.47 5.52 5.47 5.36 5.20 5.40 5.33 .............. .............. .............. .............. .............. .............. .............. .............. 2.12 2.34 2.00 2.00 2.25 2.25 2.50 2.75 2.75 3.00 3.25 3.25 3.50 3.75 3.75 2.74 2.71 2.81 2.88 2.87 3.90 3.81 3.70 3.73 3.72 4.48 4.37 4.26 4.24 4.22 * * * * * 4.41 4.33 4.25 4.25 4.22 5.43 5.36 5.27 5.23 5.25 3.75 3.75 3.75 3.75 4.00 basis. on actively traded issues adjusted to constant maturities. 3 Weekly data are Wednesday figures. 4 Discount window borrowing for primary credit and discount rate (adjustment credit). The rate for primary credit replaced the rate for adjustment credit under an amendment to the Federal Reserve Board’s Regulation A, effective January 9, 2003. 5 Average effective rate for year; rate in effect at end of month or week. 2 Yields Discount window (N.Y. F.R. Bank) 4 5 6 Daily Discount rate 5.21 5.02 5.00 4.92 4.62 5.73 3.40 1.17 Prime rate charged by banks 5 Federal funds rate 6 Newhome mortgage yields (FHFB) 7 * * * * * * * * * * * * * * * 8.83 8.27 8.44 8.35 8.00 9.23 6.91 4.67 4.12 4.34 4.00 4.00 4.00 4.25 4.50 4.75 4.75 5.00 5.25 5.25 5.50 5.75 5.75 5.83 5.30 5.46 5.35 4.97 6.24 3.88 1.67 1.13 1.35 1.00 1.00 1.03 1.26 1.43 1.61 1.76 1.93 2.16 2.28 2.50 2.63 2.79 7.87 7.80 7.71 7.07 7.04 7.52 7.00 6.43 5.80 5.77 5.49 5.77 5.81 5.96 5.88 5.72 5.82 5.91 6.02 6.01 5.75 5.82 .............. * * * * * 5.75 5.75 5.75 5.75 6.00 2.81 2.76 2.78 2.74 2.96 .............. .............. .............. .............. .............. effective rate; weighted average of rates on brokered trades. 7 Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as well as contract rate and assumed, on the average, repayment at end of 10 years. *Series no longer published or discontinued. Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Housing Finance Board, Moody’s Investors Service, and Standard & Poor’s. COMMON STOCK PRICES AND YIELDS Overall, stock prices fell in April. Common stock prices 1 Period New York Stock Exchange indexes 2 3 (December 31, 2002=5,000) Dow Jones industrial average 4 Common stock yields (percent) 7 Standard & Poor’s composite index (1941– 43=10) 5 Nasdaq composite index (Feb. 5, 1971=100) 6 Dividendprice ratio Earningsprice ratio Composite Financial Energy Health Care ....................................................... ....................................................... ....................................................... ....................................................... ....................................................... ....................................................... ....................................................... ....................................................... ....................................................... ....................................................... 3,078.56 3,787.20 4,827.35 5,818.26 6,546.81 6,805.89 6,397.85 5,578.89 5,447.46 6,612.62 ................ ................ ................ ................ ................ ................ ................ ................ 5,583.00 6,822.18 .................. .................. .................. .................. .................. .................. .................. .................. 5,273.90 6,952.36 ................ ................ ................ ................ ................ ................ ................ ................ 5,288.67 5,924.80 4,493.76 5,742.89 7,441.15 8,625.52 10,464.88 10,734.90 10,189.13 9,226.43 8,993.59 10,317.39 541.72 670.50 873.43 1,085.50 1,327.33 1,427.22 1,194.18 993.94 965.23 1,130.65 925.19 1,164.96 1,469.49 1,794.91 2,728.15 3,783.67 2,035.00 1,539.73 1,647.17 1,986.53 2.56 2.19 1.77 1.49 1.25 1.15 1.32 1.61 1.77 1.72 6.09 5.24 4.57 3.46 3.17 3.63 2.95 2.92 3.84 4.89 2004: Apr .............................................. May ............................................. June ............................................ July ............................................. Aug ............................................. Sept ............................................. Oct .............................................. Nov ............................................. Dec .............................................. 6,600.77 6,371.44 6,548.06 6,443.45 6,352.83 6,551.90 6,608.98 6,933.75 7,134.42 6,792.05 6,495.19 6,683.10 6,569.52 6,566.19 6,773.95 6,792.44 7,118.40 7,354.73 6,638.65 6,572.79 6,780.86 6,971.57 6,866.75 7,270.08 7,593.71 7,773.26 7,843.99 6,028.53 6,022.12 6,063.65 5,823.34 5,733.68 5,890.05 5,668.02 5,818.20 6,006.46 10,418.40 10,083.81 10,364.90 10,152.09 10,032.80 10,204.67 10,001.60 10,411.76 10,673.38 1,133.08 1,102.78 1,132.76 1,105.85 1,088.94 1,117.66 1,118.07 1,168.94 1,199.21 2,021.32 1,930.09 2,000.98 1,912.42 1,821.54 1,884.73 1,938.25 2,062.87 2,149.53 1.68 1.74 1.70 1.77 1.81 1.78 1.79 1.74 1.72 .................. .................. 4.92 .................. .................. 5.18 .................. .................. 4.83 2005: Jan .............................................. Feb .............................................. Mar ............................................. Apr .............................................. 7,056.85 7,241.89 7,275.51 7,077.97 7,282.65 7,377.10 7,274.12 7,014.98 7,841.24 8,646.71 9,077.38 8,793.74 5,970.34 6,052.78 6,148.03 6,253.05 10,539.51 10,723.82 10,682.09 10,283.19 1,181.41 1,199.63 1,194.90 1,164.42 2,071.87 2,065.74 2,030.43 1,957.49 1.77 1.76 1.79 1.86 .................. .................. .................. .................. Week ended: 2005: Apr 9 16 23 30 May 7 7,181.64 7,110.71 7,000.49 7,007.38 7,085.42 7,076.78 7,054.61 6,949.25 6,977.98 7,091.37 9,046.94 8,762.02 8,659.47 8,648.47 8,626.47 6,195.29 6,268.12 6,278.10 6,307.58 6,446.01 10,474.66 10,345.34 10,117.47 10,171.06 10,315.81 1,182.78 1,169.49 1,149.67 1,154.06 1,168.59 2,001.53 1,965.35 1,930.73 1,926.90 1,950.62 1.84 1.84 1.90 1.87 1.86 .................. .................. .................. .................. .................. 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 1 Average ....................................... ....................................... ....................................... ....................................... ....................................... of daily closing prices. all the stocks (nearly 3,000) listed on the NYSE. January 9, 2003, the NYSE relaunched the composite index with changes in methodology, definitions, and based on Dec. 31, 2002=5,000. Effective January 8, 2004 new indexes for Financial, Energy, and Health Care were introduced by the NYSE. Previous indexes shown for Industrial, Transportation, Utility, and Finance were discontinued. 4 Includes 30 stocks. 2 Includes 3 Effective 5 Includes 500 stocks. over 5,000 stocks. & Poor’s series. Dividend-price ratios based on Wednesday closing prices. Earnings-price ratios based on prices at end of quarter. 6 Includes 7 Standard Sources: New York Stock Exchange, Dow Jones & Company, Inc., Standard & Poor’s, and Nasdaq Stock Market. 31 FEDERAL FINANCE FEDERAL RECEIPTS, OUTLAYS, AND DEBT In the first 6 months of fiscal 2005, there was a deficit of $294.6 billion, compared with a deficit of $301.4 billion a year earlier. [Billions of dollars] Total 1 Data 32 Off-budget Outlays Surplus or deficit (¥) Receipts 909.3 991.2 1,032.0 1,055.0 1,091.3 1,154.4 1,258.6 1,351.8 1,453.1 1,579.3 1,721.8 1,827.5 2,025.2 1,991.2 1,853.2 1,782.3 1,880.1 2,052.8 1,064.5 1,143.8 1,253.1 1,324.3 1,381.6 1,409.5 1,461.9 1,515.8 1,560.5 1,601.2 1,652.6 1,701.9 1,789.1 1,863.0 2,011.0 2,159.9 2,292.2 2,479.4 ¥155.2 ¥152.6 ¥221.1 ¥269.3 ¥290.3 ¥255.1 ¥203.2 ¥164.0 ¥107.5 ¥21.9 69.2 125.5 236.2 128.2 ¥157.8 ¥377.6 ¥412.1 ¥426.6 667.8 727.5 750.3 761.2 788.9 842.5 923.6 1,000.8 1,085.6 1,187.3 1,306.0 1,383.0 1,544.6 1,483.7 1,337.9 1,258.5 1,345.3 1,491.5 860.1 932.9 1,028.1 1,082.6 1,129.3 1,142.9 1,182.5 1,227.2 1,259.6 1,290.6 1,336.0 1,381.1 1,458.3 1,516.2 1,655.3 1,796.9 1,912.7 2,080.0 ¥192.3 ¥205.4 ¥277.7 ¥321.5 ¥340.4 ¥300.4 ¥258.9 ¥226.4 ¥174.1 ¥103.3 ¥30.0 1.9 86.3 ¥32.5 ¥317.5 ¥538.4 ¥567.4 ¥588.5 241.5 263.7 281.7 293.9 302.4 311.9 335.0 351.1 367.5 392.0 415.8 444.5 480.6 507.5 515.3 523.8 534.7 561.4 204.4 210.9 225.1 241.7 252.3 266.6 279.4 288.7 300.9 310.6 316.6 320.8 330.8 346.8 355.7 363.0 379.5 399.4 37.1 52.8 56.6 52.2 50.1 45.3 55.7 62.4 66.6 81.4 99.2 123.7 149.8 160.7 159.7 160.8 155.2 162.0 2,601.1 2,867.8 3,206.3 3,598.2 4,001.8 4,351.0 4,643.3 4,920.6 5,181.5 5,369.2 5,478.2 5,605.5 5,628.7 5,769.9 6,198.4 6,760.0 7,354.7 8,031.4 2,051.6 2,190.7 2,411.6 2,689.0 2,999.7 3,248.4 3,433.1 3,604.4 3,734.1 3,772.3 3,721.1 3,632.4 3,409.8 3,319.6 3,540.4 3,913.4 4,295.5 4,721.2 850.4 939.0 1,151.8 1,233.7 ¥301.4 ¥294.6 593.6 667.1 967.2 1,039.9 ¥373.6 ¥372.8 256.8 272.0 184.6 193.8 72.2 78.2 7,108.8 7,747.9 4,168.9 4,559.6 from current issue Monthly Treasury Statement. Outlays Surplus or deficit (¥) Federal debt (end of period) Receipts Fiscal year or period 1988 ...................................... 1989 ...................................... 1990 ...................................... 1991 ...................................... 1992 ...................................... 1993 ...................................... 1994 ...................................... 1995 ...................................... 1996 ...................................... 1997 ...................................... 1998 ...................................... 1999 ...................................... 2000 ...................................... 2001 ...................................... 2002 ...................................... 2003 ...................................... 2004 ...................................... 2005 (estimates) .................... Cumulative total, first 6 months: 1 Fiscal year 2004 ............... Fiscal year 2005 ............... On-budget Receipts Outlays Surplus or deficit (¥) Gross Federal Held by the public NOTE.—Data (except as noted) are from Budget of the United States Government, Fiscal Year 2006, issued February 7, 2005. Sources: Department of the Treasury and Office of Management and Budget. FEDERAL RECEIPTS BY SOURCE AND OUTLAYS BY FUNCTION In the first 6 months of fiscal 2005, receipts were $88.6 billion higher than a year earlier and outlays were $81.9 billion higher. [Billions of dollars] On-budget and off-budget receipts Fiscal year or period Total 1988 ............................................... 1989 ............................................... 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 ............................................... ............................................... ............................................... ............................................... ............................................... ............................................... ............................................... ............................................... ............................................... ............................................... 2000 ............................................... 2001 .............................................. 2002 .............................................. 2003 .............................................. 2004 .............................................. 2005 (estimates) ........................... Cumulative total, first 6 months: 2 Fiscal year 2004 ........................ Fiscal year 2005 ........................ Individual income taxes Corporation income taxes Social insurance and retirement receipts On-budget and off-budget outlays National defense Other Total 909.3 991.2 401.2 445.7 94.5 103.3 334.3 359.4 1,032.0 1,055.0 1,091.3 1,154.4 1,258.6 1,351.8 1,453.1 1,579.3 1,721.8 1,827.5 466.9 467.8 476.0 509.7 543.1 590.2 656.4 737.5 828.6 879.5 93.5 98.1 100.3 117.5 140.4 157.0 171.8 182.3 188.7 184.7 380.0 396.0 413.7 428.3 461.5 484.5 509.4 539.4 571.8 611.8 91.5 93.1 101.4 98.9 113.7 120.1 115.4 120.2 132.7 151.5 2,025.2 1,004.5 1,991.2 994.3 1,853.2 858.3 1,782.3 793.7 1,880.1 809.0 2,052.8 893.7 207.3 151.1 148.0 131.8 189.4 226.5 652.9 694.0 700.8 713.0 733.4 773.7 160.6 151.8 146.0 143.9 148.3 158.9 67.3 99.8 344.1 367.8 850.4 939.0 367.7 398.8 Total 79.3 1,064.5 82.8 1,143.8 Department of Defense, military 1 International affairs Health Medicare Income Social security security Net interest Other 290.4 303.6 281.9 294.8 10.5 9.6 44.5 48.4 78.9 85.0 130.4 137.4 219.3 232.5 151.8 169.0 138.8 158.4 1,253.1 1,324.3 1,381.6 1,409.5 1,461.9 1,515.8 1,560.5 1,601.2 1,652.6 1,701.9 299.3 273.3 298.4 291.1 281.6 272.1 265.8 270.5 268.5 274.9 289.7 262.3 286.8 278.5 268.6 259.4 253.1 258.3 256.1 261.3 13.8 15.9 16.1 17.2 17.1 16.4 13.5 15.2 13.1 15.2 57.7 71.2 89.5 99.4 107.1 115.4 119.4 123.8 131.4 141.1 98.1 104.5 119.0 130.6 144.7 159.9 174.2 190.0 192.8 190.4 148.7 172.4 199.5 209.9 217.1 223.7 229.7 235.0 237.7 242.4 248.6 269.0 287.6 304.6 319.6 335.8 349.7 365.3 379.2 390.0 184.3 194.4 199.3 198.7 202.9 232.1 241.1 244.0 241.1 229.8 202.6 223.6 172.2 158.0 171.7 160.3 167.3 157.4 188.8 218.1 1,789.1 1,863.0 2,011.0 2,159.9 2,292.2 2,479.4 294.5 304.9 348.6 404.9 455.9 465.9 281.2 290.3 332.0 387.3 436.5 443.9 17.2 16.5 22.4 21.2 26.9 32.0 154.5 172.3 196.5 219.6 240.1 257.5 197.1 217.4 230.9 249.4 269.4 295.4 253.6 269.6 312.5 334.4 332.8 350.9 409.4 433.0 456.0 474.7 495.5 519.7 222.9 206.2 170.9 153.1 160.2 177.9 239.8 243.3 273.2 302.6 311.3 380.1 71.2 1,151.8 72.6 1,233.7 221.8 238.0 213.0 229.8 12.8 18.1 118.9 124.6 129.8 142.1 188.5 193.1 242.8 256.0 80.1 87.4 157.0 174.4 1 Cumulative data for fiscal 2004 and 2005 for Department of Defense, military include a small amount classified as international affairs, and not included in national defense. 2 Data from current issue Monthly Treasury Statement. NOTE.—Data (except as noted) are from Budget of the United States Government, Fiscal Year 2006, issued February 7, 2005. Sources: Department of the Treasury and Office of Management and Budget. 33 FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS In the first quarter of 2005, according to advance estimates, Federal current expenditures rose $65.7 billion (annual rate); receipts data are incomplete. [Billions of dollars; quarterly data at seasonally adjusted annual rates] Federal Government current receipts Current tax receipts Period Total1 Personal current taxes 845.1 932.4 1,030.6 1,116.8 1,195.7 1,313.6 1,252.2 1,069.0 1,064.5 1,108.0 1,132.0 1,238.1 1,070.4 1,074.1 1,066.6 1,064.8 1,089.7 1,094.2 999.3 1,074.9 1,073.9 1,098.5 1,101.9 1,157.6 .............. 586.0 663.4 744.3 825.8 893.0 999.1 994.5 831.2 775.8 790.9 881.0 1,004.1 846.9 835.6 824.4 817.7 809.6 811.6 709.2 772.5 768.3 781.5 799.6 814.3 824.4 Total Calendar year: 1995 ................ 1996 ................ 1997 ................ 1998 ................ 1999 ................ 2000 ................ 2001 ................ 2002 ................ 2003 ................ 2004 ................ 2001: III ............ IV ............ 2002: I ............... II ............. III ............ IV ............ 2003: I ............... II ............. III ............ IV ............ 2004: I ............... II ............. III ............ IV ............ 2005: I p ............. 1 Includes 2 Includes 34 1,406.5 1,524.0 1,653.1 1,773.8 1,891.2 2,053.8 2,016.2 1,847.3 1,877.0 1,965.7 1,895.4 1,999.6 1,844.6 1,850.5 1,847.9 1,846.2 1,888.6 1,902.5 1,816.4 1,900.6 1,915.3 1,949.1 1,965.8 2,032.5 .............. Taxes on production and imports 75.9 73.2 78.2 81.1 83.9 87.8 85.8 87.3 89.4 90.1 84.2 84.6 85.1 87.8 88.2 88.0 90.3 89.6 88.0 89.6 89.0 89.3 89.2 92.7 95.4 Taxes on corporate income 179.3 190.6 203.0 204.2 213.0 219.4 164.7 143.4 191.4 218.1 159.7 141.6 131.4 143.2 146.9 152.2 183.1 183.1 194.3 204.9 207.9 219.5 204.9 240.2 .............. Contributions for government social insurance 519.2 542.8 576.4 613.8 651.6 691.7 717.5 733.8 758.2 803.6 717.9 717.6 731.3 734.6 734.3 734.9 747.7 754.0 761.6 769.5 787.9 797.6 810.1 818.8 838.6 taxes from the rest of the world, not shown separately. a subtraction for wage accruals less disbursements, not shown separately. Federal Government current expenditures Income receipts on assets Current transfer receipts Current surplus of government enterprises 23.7 26.9 25.9 21.5 21.5 25.2 24.9 20.3 23.0 22.9 24.4 23.5 21.3 20.2 19.9 19.8 19.4 22.8 24.3 25.5 22.9 22.2 22.9 23.7 24.0 19.1 23.1 19.9 21.5 22.7 25.7 27.1 24.8 25.5 26.8 27.1 26.6 25.4 24.9 24.7 24.3 25.1 25.4 25.8 25.6 26.1 26.2 26.6 28.4 28.8 ¥0.6 ¥1.2 .3 .1 ¥.3 ¥2.3 ¥5.5 ¥.6 5.8 4.4 ¥6.1 ¥6.2 ¥3.7 ¥3.3 2.4 2.3 6.6 6.0 5.5 5.0 4.6 4.5 4.3 4.1 2.4 Total 2 1,603.5 1,665.8 1,708.9 1,734.9 1,787.6 1,864.4 1,969.5 2,101.8 2,241.6 2,341.2 1,984.0 2,004.3 2,053.1 2,102.1 2,103.1 2,148.8 2,170.2 2,266.9 2,249.4 2,279.8 2,306.3 2,329.1 2,340.8 2,388.7 2,454.4 Consumption expenditures 440.5 446.3 457.7 454.6 475.1 499.3 531.9 592.7 658.6 704.5 532.7 548.4 570.7 586.3 593.4 620.3 634.3 665.7 663.0 671.3 691.1 700.3 713.0 713.6 736.7 Current transfer payments 839.0 888.3 918.8 946.5 986.1 1,038.1 1,131.4 1,243.0 1,322.5 1,378.0 1,135.5 1,173.4 1,216.9 1,243.2 1,246.9 1,264.8 1,280.8 1,327.5 1,331.1 1,350.6 1,365.9 1,367.9 1,368.8 1,409.4 1,448.6 Interest payments 290.4 297.3 300.0 298.8 282.7 283.3 258.6 229.0 214.1 219.0 253.3 242.8 228.5 236.5 226.2 224.7 213.9 217.7 210.1 214.7 211.1 220.7 220.0 224.2 222.5 Source: Department of Commerce, Bureau of Economic Analysis. Subsidies 33.7 34.0 32.4 35.0 43.8 43.8 47.6 37.2 46.4 39.7 62.5 39.7 37.0 36.1 36.6 39.0 42.5 54.6 45.3 43.2 39.7 38.7 39.0 41.6 46.5 Net Federal Government saving ¥197.0 ¥141.8 ¥55.8 38.8 103.6 189.5 46.7 ¥254.5 ¥364.5 ¥375.6 ¥88.6 ¥4.7 ¥208.5 ¥251.6 ¥255.1 ¥302.7 ¥281.6 ¥364.4 ¥433.0 ¥379.2 ¥391.0 ¥380.0 ¥375.0 ¥356.2 .................... INTERNATIONAL STATISTICS INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR INDUSTRIAL COUNTRIES Industrial production (1997=100; seasonally adjusted) Period United States 1995 .................................... 1996 .................................... 1997 .................................... 1998 .................................... 1999 .................................... 2000 .................................... 2001 ..................................... 2002 .................................... 2003 .................................... 2004 p ................................... 2003: Dec ........................... 2004: Jan .......................... Feb .......................... Mar .......................... Apr .......................... May .......................... June ......................... July .......................... Aug .......................... Sept ......................... Oct ........................... Nov .......................... Dec .......................... 2005: Jan p ......................... Feb p ......................... Mar p ........................ Canada Japan France Germany Italy Consumer prices (1982–84=100; NSA) United Kingdom United States 1 89.4 93.5 94.4 96.1 96.8 98.0 97.3 93.2 94.7 96.6 96.0 97.0 96.3 98.7 100.0 100.0 100.0 100.0 100.0 100.0 100.0 105.8 103.5 93.5 103.5 103.7 101.2 101.0 110.6 109.6 93.8 105.8 104.9 101.2 102.3 115.4 119.0 99.0 110.1 110.7 105.3 104.2 111.3 114.4 92.7 111.5 111.0 104.2 102.6 111.0 116.1 91.7 109.8 109.9 102.6 100.0 110.9 117.0 94.5 109.3 110.3 102.0 99.8 115.5 121.1 99.6 111.2 113.4 101.6 100.1 112.9 119.3 97.5 110.2 112.0 102.9 99.9 113.2 118.6 100.4 109.6 112.6 102.3 99.9 114.4 118.0 96.6 110.7 112.2 102.6 99.6 114.1 119.7 97.2 111.1 111.8 102.4 100.0 114.7 119.8 100.2 110.6 113.5 102.9 100.9 115.5 120.2 101.3 111.1 114.5 102.8 101.2 115.1 121.4 100.0 112.0 113.4 102.2 101.1 115.9 121.6 100.3 111.2 114.6 102.5 100.6 116.0 122.6 100.1 109.5 113.8 101.8 99.5 115.7 122.4 99.8 112.6 113.8 102.1 99.4 116.6 122.4 98.6 111.5 114.3 101.6 99.3 116.9 123.0 100.0 111.8 112.6 100.5 99.7 117.9 123.5 99.2 112.6 113.3 99.9 100.2 r117.9 .............. 101.5 ............ .............. .............. .............. r 118.2 .............. ............ ............ .............. .............. .............. 118.5 .............. ............ ............ .............. .............. .............. 1 Data relate to all urban consumers. NOTE.—See Note, p. 17, for information on U.S. industrial production series. Canada Japan Germany France United Kingdom Italy 152.4 151.4 119.2 148.4 133.3 205.6 175.2 156.9 153.8 119.3 151.4 135.3 213.8 179.4 160.5 156.3 121.5 153.2 137.8 218.2 185.1 163.0 157.8 122.2 154.2 139.1 222.5 191.4 166.6 160.5 121.8 155.0 140.0 226.2 194.3 172.2 164.9 121.0 157.6 142.0 231.9 200.1 177.1 169.1 120.1 160.2 144.8 238.3 203.6 179.9 172.9 119.0 163.3 146.7 244.3 207.0 184.0 177.7 118.7 166.7 148.3 250.8 213.0 188.9 181.0 118.7 170.3 150.8 256.3 219.4 184.3 178.4 118.4 168.1 149.2 253.1 215.6 185.2 178.5 118.2 168.1 149.3 253.5 215.1 186.2 179.0 118.2 168.8 149.6 254.1 216.0 187.4 179.6 118.4 169.5 150.0 255.0 216.9 188.0 180.0 118.4 169.9 150.5 255.6 218.2 189.1 181.6 118.5 170.5 150.8 256.2 219.1 189.7 181.7 118.8 170.5 150.8 256.6 219.5 189.4 181.6 118.4 170.2 151.2 256.8 219.5 189.5 181.3 118.5 170.7 151.5 257.4 220.2 189.9 181.5 118.9 170.9 151.0 257.4 221.0 190.9 181.9 119.5 171.3 151.3 257.4 221.6 191.0 182.6 119.3 171.3 150.8 257.6 222.1 190.3 182.2 118.7 171.6 152.3 258.3 223.1 190.7 182.0 118.1 170.7 151.7 258.3 221.9 191.8 .............. ............ ............ ............ ............ .............. 193.3 .............. ............ ............ ............ ............ .............. Source: National sources as reported by Department of Commerce (Bureau of Economic Analysis and International Trade Administration, Office of Trade and Industry Information). 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 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 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 ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. 575.2 612.1 678.4 670.4 684.0 772.0 718.7 681.8 713.1 807.6 584.7 625.1 689.2 682.1 695.8 781.9 729.1 693.1 724.8 819.1 50.5 55.5 51.5 46.4 46.0 47.9 49.4 49.6 55.0 56.4 146.2 147.7 158.2 148.3 147.5 172.6 160.1 156.8 173.0 203.6 233.0 253.0 294.5 299.4 310.8 356.9 321.7 290.4 293.6 331.1 2004: Feb ... Mar ... Apr ... May .. June July .. Aug ... Sept .. Oct .... Nov ... Dec ... 65.1 67.4 66.1 68.8 64.8 67.6 68.1 69.3 69.3 68.1 71.1 66.0 68.6 67.0 69.8 65.8 68.4 69.0 70.3 70.3 69.0 72.0 4.7 4.9 4.7 4.8 4.5 4.5 4.3 4.9 4.8 4.8 4.8 16.0 16.7 16.4 17.4 16.1 17.3 17.0 17.5 18.0 17.6 18.4 27.3 27.8 27.1 28.8 26.4 27.8 27.8 28.1 28.1 27.2 28.7 7.0 7.2 7.1 7.2 7.0 7.6 7.8 7.7 7.6 7.5 7.8 2005: Jan r .. Feb p .. 71.1 71.2 71.9 72.0 4.7 4.7 18.4 18.9 28.6 28.2 8.1 7.8 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 749.4 803.1 876.5 917.1 1,030.0 1,224.4 1,145.9 1,164.7 1,260.7 1,473.1 743.5 795.3 869.7 911.9 1,024.6 1,218.0 1,141.0 1,161.4 1,257.1 1,469.9 33.2 35.7 39.7 41.2 43.6 46.0 46.6 49.7 55.8 62.2 181.8 204.5 213.8 200.1 221.4 299.0 273.9 267.7 313.8 412.2 221.4 228.1 253.3 269.5 295.7 347.0 298.0 283.3 295.8 343.7 123.8 128.9 139.8 148.7 179.0 195.9 189.8 203.7 210.2 228.2 159.9 172.0 193.8 217.0 241.9 281.8 284.3 307.8 333.9 373.0 219.2 239.5 256.3 263.1 282.5 299.0 287.9 294.1 307.4 339.6 141.3 152.4 166.3 181.3 199.7 224.9 223.4 232.9 256.3 291.2 ¥158.8 ¥170.2 ¥180.5 ¥229.8 ¥328.8 ¥436.1 ¥411.9 ¥468.3 ¥532.4 ¥650.8 ¥174.2 ¥191.0 ¥198.1 ¥246.7 ¥346.0 ¥452.4 ¥427.2 ¥482.9 ¥547.6 ¥665.5 77.9 87.1 89.9 81.8 82.8 74.1 64.5 61.2 51.0 48.4 ¥96.3 ¥103.9 ¥108.2 ¥164.9 ¥263.3 ¥378.3 ¥362.7 ¥421.7 ¥496.5 ¥617.1 8.2 8.7 8.6 8.5 8.5 8.3 8.6 8.8 8.8 8.8 9.4 114.9 118.9 119.2 120.4 124.0 122.5 125.2 124.4 129.5 131.6 131.0 114.7 118.6 118.9 120.1 123.8 122.2 124.9 124.1 129.2 131.3 130.7 5.1 5.2 5.1 5.3 5.3 5.1 5.1 5.0 5.2 5.4 5.6 31.2 31.8 30.9 31.9 35.0 33.9 36.6 35.5 38.4 40.0 38.8 26.4 27.3 27.9 28.1 29.4 29.3 29.1 29.6 29.9 29.7 30.2 18.8 19.0 19.0 19.4 18.7 19.1 19.2 19.5 19.4 19.0 19.2 29.0 31.3 31.8 31.2 31.1 30.6 30.5 30.4 32.1 32.8 32.6 27.4 28.0 28.4 28.2 28.3 28.5 28.3 28.3 28.8 29.2 29.3 23.4 23.6 23.8 24.0 24.5 24.3 25.2 24.4 24.5 25.2 25.2 ¥48.7 ¥50.0 ¥51.9 ¥50.4 ¥57.9 ¥53.8 ¥56.0 ¥53.8 ¥59.0 ¥62.2 ¥58.7 ¥49.9 ¥51.5 ¥53.1 ¥51.6 ¥59.2 ¥54.9 ¥57.1 ¥55.1 ¥60.2 ¥63.5 ¥59.9 4.0 4.4 4.6 4.2 3.8 4.1 3.1 3.9 4.3 4.1 4.1 ¥45.9 ¥47.1 ¥48.5 ¥47.4 ¥55.4 ¥50.7 ¥54.0 ¥51.2 ¥55.9 ¥59.4 ¥55.7 9.2 9.5 133.6 135.9 133.3 135.6 5.6 5.6 38.1 40.5 30.9 30.1 19.8 19.9 34.4 35.1 29.3 29.3 25.4 25.6 ¥61.4 ¥63.7 ¥62.5 ¥64.7 4.0 3.7 ¥58.5 ¥61.0 61.8 64.4 65.0 70.1 74.0 77.4 72.4 80.3 75.3 80.9 80.4 89.4 75.4 88.3 78.9 84.4 80.7 89.9 88.2 102.8 1 Total includes ‘‘other’’ exports or imports, not shown separately. NOTE.—BOP refers to balance of payments on international transactions basis. BOP data shown here are consistent with figures shown on pp. 36 and 37. Source: Department of Commerce (Bureau of the Census and Bureau of Economic Analysis). 35 U.S. INTERNATIONAL TRANSACTIONS In the fourth quarter of 2004, the goods deficit rose to $183.5 billion, from $167.0 billion in the third quarter. The current account deficit rose to $187.9 billion in the fourth quarter from $165.9 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 1995 ............. 1996 ............. 1997 ............. 1998 ............. 1999 ............. 2000 ............. 2001 ............. 2002 ............. 2003 ............. 2004 p ............ 575,204 612,113 678,366 670,416 683,965 771,994 718,712 681,833 713,122 807,610 ¥749,374 ¥803,113 ¥876,470 ¥917,103 ¥1,029,980 ¥1,224,408 ¥1,145,900 ¥1,164,728 ¥1,260,674 ¥1,473,087 ¥174,170 ¥191,000 ¥198,104 ¥246,687 ¥346,015 ¥452,414 ¥427,188 ¥482,895 ¥547,552 ¥665,477 2002: I ........ II ....... III ..... IV ..... 165,123 172,034 174,371 170,305 ¥273,520 ¥291,395 ¥296,778 ¥303,035 ¥108,397 ¥119,361 ¥122,407 ¥132,730 ¥1,574 ¥1,882 ¥1,537 ¥2,165 2003: I ........ II ....... III ..... IV ..... 173,459 174,554 178,251 186,858 ¥311,402 ¥310,087 ¥312,886 ¥326,299 ¥137,943 ¥135,533 ¥134,635 ¥139,441 2004: I ........ II ....... III ..... IV p .... 194,322 199,717 205,013 208,558 ¥345,376 ¥363,583 ¥372,028 ¥392,100 ¥151,054 ¥163,866 ¥167,015 ¥183,542 1 Adjusted Net travel and transportation 36 Other services, net Receipts Payments Balance on income Unilateral current transfers, net 3 Balance on current account ¥96,265 ¥103,942 ¥108,178 ¥164,868 ¥263,252 ¥378,344 ¥362,692 ¥421,735 ¥496,508 ¥617,075 210,244 226,129 256,804 261,308 293,222 350,449 286,692 266,799 294,385 368,988 ¥189,353 ¥203,811 ¥244,195 ¥257,554 ¥280,037 ¥329,864 ¥263,120 ¥259,626 ¥261,106 ¥344,925 20,891 22,318 12,609 3,754 13,185 20,585 23,572 7,173 33,279 24,063 ¥34,104 ¥38,583 ¥40,410 ¥48,443 ¥46,755 ¥55,684 ¥46,581 ¥59,382 ¥67,439 ¥72,928 ¥109,478 ¥120,207 ¥135,979 ¥209,557 ¥296,822 ¥413,443 ¥385,701 ¥473,944 ¥530,668 ¥665,940 ¥802 ¥1,073 ¥901 ¥675 17,014 ¥93,759 18,943 ¥103,373 17,929 ¥106,916 17,882 ¥117,688 63,455 67,306 69,542 66,496 ¥62,490 ¥68,260 ¥68,199 ¥60,677 965 ¥954 1,343 5,819 ¥17,411 ¥13,562 ¥13,427 ¥14,980 ¥110,205 ¥117,889 ¥119,000 ¥126,849 ¥2,905 ¥3,215 ¥3,047 ¥3,459 ¥2,745 ¥3,183 ¥3,088 ¥1,287 18,207 18,551 18,520 18,693 ¥125,386 ¥123,380 ¥122,250 ¥125,494 67,677 68,893 73,785 84,030 ¥63,682 ¥63,019 ¥66,524 ¥67,879 3,995 5,874 7,261 16,151 ¥16,815 ¥16,369 ¥16,639 ¥17,617 ¥138,206 ¥133,875 ¥131,628 ¥126,960 ¥3,534 ¥3,475 ¥3,938 ¥3,720 ¥2,632 ¥2,507 ¥3,223 ¥2,957 18,381 18,526 18,312 19,168 ¥138,839 ¥151,322 ¥155,864 ¥171,051 83,425 ¥71,344 88,308 ¥83,362 92,778 ¥87,875 104,478 ¥102,342 12,081 4,946 4,903 2,136 ¥20,720 ¥18,332 ¥14,897 ¥18,983 ¥147,478 ¥164,708 ¥165,858 ¥187,898 4,600 21,772 5,385 25,015 4,968 22,152 5,220 10,210 2,593 7,085 317 2,486 ¥2,296 ¥3,254 ¥7,158 ¥3,451 ¥12,626 ¥10,303 ¥14,667 ¥11,319 from Census data for differences in timing and coverage; excludes military. under U.S. military agency sales contracts (exports) minus direct defense expenditures (imports). 2 Transfers Income receipts and payments Balance on goods and services 51,533 56,658 62,806 66,389 73,085 71,267 70,046 71,769 73,973 74,388 3 Includes transfers of goods and services under U.S. military grant programs. See p. 37 for continuation of table. U.S. INTERNATIONAL TRANSACTIONS—Continued In the financial account, U.S. claims on foreigners reported by U.S. banks increased $74.7 billion in the fourth quarter of 2004, following an increase of $55.0 billion in the third quarter. U.S. liabilities to private foreigners reported by U.S. banks, excluding Treasury securities, increased $117.6 billion in the fourth quarter, following an increase of $38.7 billion in the third quarter. [Millions of dollars; quarterly data seasonally adjusted. Credits (+), debits (¥)] Financial account Period Capital account transactions, net U.S.-owned assets abroad, net [increase/financial outflow (¥)] Total U.S. official reserve assets 4 Other U.S. Government assets Statistical discrepancy Foreign-owned assets in the U.S., net [increase/financial inflow (+)] U.S. private assets Total Foreign official assets Other foreign assets Total (sum of the items with sign reversed) Of which: Seasonal adjustment discrepancy U.S. official reserve assets, net 4 (unadjusted, end of period) 1995 .................................. 1996 .................................. 1997 .................................. 1998 .................................. 1999 .................................. 2000 .................................. 2001 .................................. 2002 .................................. 2003 .................................. 2004 p ................................. ¥927 ¥654 ¥1,044 ¥740 ¥4,843 ¥809 ¥1,083 ¥1,260 ¥3,079 ¥1,477 ¥352,264 ¥413,409 ¥485,475 ¥347,829 ¥503,640 ¥569,798 ¥366,768 ¥198,014 ¥283,414 ¥817,676 ¥9,742 6,668 ¥1,010 ¥6,783 8,747 ¥290 ¥4,911 ¥3,681 1,523 2,805 ¥984 ¥989 68 ¥422 2,750 ¥941 ¥486 345 537 1,269 ¥341,538 ¥419,088 ¥484,533 ¥340,624 ¥515,137 ¥568,567 ¥361,371 ¥194,678 ¥285,474 ¥821,750 438,562 551,096 706,809 423,569 740,210 1,046,896 782,859 768,246 829,173 1,433,171 109,880 126,724 19,036 ¥19,903 43,543 42,758 28,059 113,990 248,573 355,252 328,682 424,372 687,773 443,472 696,667 1,004,138 754,800 654,256 580,600 1,077,919 24,107 ¥16,826 ¥84,311 134,557 65,095 ¥62,846 ¥29,307 ¥95,028 ¥12,012 51,922 .................. .................. .................. .................. .................. .................. .................. .................. .................. .................. 85,832 75,089 69,954 81,761 71,516 67,647 68,654 79,006 85,938 86,824 2002: I ............................. II ............................ III .......................... IV ........................... 2003: I ............................. II ............................ III .......................... IV ........................... 2004: I ............................. II ............................ III .......................... IV p ......................... ¥281 ¥271 ¥361 ¥347 ¥406 ¥1,552 ¥821 ¥300 ¥396 ¥324 ¥374 ¥383 ¥34,144 ¥133,373 21,574 ¥52,069 ¥102,665 ¥110,962 ¥8,138 ¥61,647 ¥307,170 ¥106,472 ¥127,581 ¥276,453 390 ¥1,843 ¥1,416 ¥812 83 ¥170 ¥611 2,221 557 1,122 429 697 133 42 ¥27 197 53 310 483 ¥309 727 ¥2 ¥10 554 ¥34,667 ¥131,572 23,017 ¥51,454 ¥102,801 ¥111,102 ¥8,010 ¥63,559 ¥308,454 ¥107,592 ¥128,000 ¥277,704 165,989 229,135 150,075 223,047 246,105 218,553 134,202 230,311 445,608 271,031 256,283 460,246 12,801 53,312 17,720 30,157 48,986 65,245 50,663 83,679 127,864 73,349 72,004 82,035 153,188 175,823 132,355 192,890 197,119 153,308 83,539 146,632 317,744 197,682 184,279 378,211 ¥21,359 22,398 ¥52,288 ¥43,782 ¥4,828 27,836 6,385 ¥41,404 9,436 473 37,530 4,488 10,292 ¥1,206 ¥14,052 4,963 11,091 ¥3,121 ¥13,418 5,449 12,334 ¥4,865 ¥13,938 6,474 67,574 74,696 75,860 79,006 80,049 81,660 84,431 85,938 85,192 82,652 82,578 86,824 4 Consists of gold, special drawing rights (SDRs), foreign currencies, and the U.S. reserve position in the International Monetary Fund (IMF). Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the Treasury. 37 Contents Page TOTAL OUTPUT, INCOME, AND SPENDING Gross Domestic Product .......................................................................................................................................................................................... Real Gross Domestic Product .................................................................................................................................................................................. Implicit Price Deflators for Gross Domestic Product .............................................................................................................................................. Gross Domestic Product and Related Price Measures: Indexes and Percent Changes .............................................................................................. Nonfinancial Corporate Business—Gross Value Added and Price, Costs, and Profits ............................................................................................. National Income ...................................................................................................................................................................................................... Real Personal Consumption Expenditures ............................................................................................................................................................... Sources of Personal Income ...................................................................................................................................................................................... Disposition of Personal Income ............................................................................................................................................................................... Farm Income ............................................................................................................................................................................................................ Corporate Profits ...................................................................................................................................................................................................... Real Gross Private Domestic Investment ................................................................................................................................................................ Real Private Fixed Investment by Type .................................................................................................................................................................. Business Investment ................................................................................................................................................................................................ 1 2 2 3 3 4 4 5 6 7 8 9 10 10 EMPLOYMENT, UNEMPLOYMENT, AND WAGES Status of the Labor Force ......................................................................................................................................................................................... Selected Unemployment Rates ................................................................................................................................................................................ Selected Measures of Unemployment and Unemployment Insurance Programs ...................................................................................................... Nonagricultural Employment .................................................................................................................................................................................. Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries ................................................................. Employment Cost Index—Private Industry ............................................................................................................................................................. Productivity and Related Data, Business Sector ...................................................................................................................................................... 11 12 13 14 15 15 16 PRODUCTION AND BUSINESS ACTIVITY Industrial Production and Capacity Utilization ....................................................................................................................................................... Industrial Production—Major Market Groups and Selected Manufactures .............................................................................................................. New Construction .................................................................................................................................................................................................... New Private Housing and Vacancy Rates ............................................................................................................................................................... Business Sales and Inventories—Manufacturing and Trade ..................................................................................................................................... Manufacturers’ Shipments, Inventories, and Orders ................................................................................................................................................. 17 18 19 19 20 21 PRICES Producer Prices ........................................................................................................................................................................................................ Consumer Prices—All Urban Consumers ................................................................................................................................................................ Changes in Producer Prices for Finished Goods ...................................................................................................................................................... Changes in Consumer Prices—All Urban Consumers ............................................................................................................................................. Prices Received and Paid by Farmers ...................................................................................................................................................................... 22 23 24 24 25 MONEY, CREDIT, AND SECURITY MARKETS Money Stock and Debt Measures ............................................................................................................................................................................. Components of Money Stock ................................................................................................................................................................................... Aggregate Reserves and Monetary Base ................................................................................................................................................................... Bank Credit at All Commercial Banks .................................................................................................................................................................... Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business .................................................................................................................. Consumer Credit ...................................................................................................................................................................................................... Interest Rates and Bond Yields ............................................................................................................................................................................... Common Stock Prices and Yields ............................................................................................................................................................................ 26 27 27 28 29 29 30 31 FEDERAL FINANCE Federal Receipts, Outlays, and Debt ....................................................................................................................................................................... Federal Receipts by Source and Outlays by Function .............................................................................................................................................. Federal Sector, National Income Accounts Basis ..................................................................................................................................................... 32 33 34 INTERNATIONAL STATISTICS Industrial Production and Consumer Prices—Major Industrial Countries ............................................................................................................... U.S. International Trade in Goods and Services ...................................................................................................................................................... U.S. International Transactions ................................................................................................................................................................................ 35 35 36 General Notes Detail in these tables may not add to totals because of rounding. Unless otherwise noted, all dollar figures are in current dollars. Symbols used: p Preliminary. r Revised. c Corrected. … Not available (also, not applicable). NSA not seasonally adjusted. 38 For sale by the Superintendent of Documents, U.S. Government Printing Office, Washington, D.C. 20402. Price $3.00 (single copy) ($3.75 foreign). Subscription price: $33.00 per year; $41.25 for foreign mailing. U.S. GOVERNMENT PRINTING OFFICE : 2005 21–066
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