View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

109th Congress, 2nd Session

Economic Indicators
APRIL 2006
(Includes data available as of May 5, 2006)

Prepared for the Joint Economic Committee by the
Council of Economic Advisers

UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 2006

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
EDWARD P. LAZEAR, Chairman
KATHERINE BAICKER, Member
MATTHEW J. SLAUGHTER, 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
Also available on the internet at the following address: http://www.gpoaccess.gov/indicators

ii

TOTAL OUTPUT, INCOME, AND SPENDING
GROSS DOMESTIC PRODUCT
In the first quarter of 2006, according to advance estimates, current-dollar gross domestic product (GDP) rose
8.2 percent (annual rate), real GDP (GDP in chained 2000 dollars) rose 4.8 percent, and the implicit price deflator
rose 3.3 percent.

[Billions of current dollars; quarterly data at seasonally adjusted annual rates]

Period

1996 ......................
1997 ......................
1998 ......................
1999 ......................
2000 ......................
2001 ......................
2002 ......................
2003 ......................
2004 ......................
2005 ......................
2002: III .............
IV ..............
2003: I ................
II ...............
III .............
IV ..............
2004: I ................
II ...............
III .............
IV ..............
2005: I ................
II ...............
III .............
IV ..............
2006: 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

7,816.9
8,304.3
8,747.0
9,268.4
9,817.0
10,128.0
10,469.6
10,971.2
11,734.3
12,487.1
10,527.4
10,591.1
10,717.0
10,844.6
11,087.4
11,236.0
11,457.1
11,666.1
11,818.8
11,995.2
12,198.8
12,378.0
12,605.7
12,766.1
13,020.9

¥96.2
¥101.6
¥159.9
¥260.5
¥379.5
¥367.0
¥424.4
¥500.9
¥624.0
¥726.5
¥433.8
¥474.6
¥502.6
¥500.6
¥495.3
¥505.0
¥559.6
¥613.1
¥638.0
¥685.4
¥697.5
¥691.0
¥730.4
¥787.1
¥803.4

868.6
955.3
955.9
991.2
1,096.3
1,032.8
1,005.9
1,045.6
1,173.8
1,301.2
1,022.9
1,016.2
1,018.8
1,016.1
1,046.6
1,101.1
1,130.8
1,163.3
1,183.8
1,217.1
1,253.2
1,297.1
1,314.6
1,339.8
1,387.1

5,256.8
5,547.4
5,879.5
6,282.5
6,739.4
7,055.0
7,350.7
7,709.9
8,214.3
8,745.7
7,396.6
7,453.1
7,555.2
7,635.3
7,782.4
7,866.6
8,032.3
8,145.6
8,263.2
8,416.1
8,535.8
8,677.0
8,844.0
8,926.2
9,091.2

1,240.3
1,389.8
1,509.1
1,625.7
1,735.5
1,614.3
1,582.1
1,670.4
1,928.1
2,105.0
1,592.9
1,600.1
1,610.0
1,619.3
1,694.2
1,757.9
1,818.2
1,928.5
1,961.2
2,004.5
2,058.5
2,054.4
2,099.5
2,207.5
2,260.3

Government consumption expenditures
and gross investment
Federal

Imports

Total
Total

less exports of goods and services plus imports of goods and services.

964.8
1,056.9
1,115.9
1,251.7
1,475.8
1,399.8
1,430.3
1,546.5
1,797.8
2,027.7
1,456.7
1,490.8
1,521.4
1,516.6
1,541.9
1,606.1
1,690.3
1,776.4
1,821.8
1,902.5
1,950.6
1,988.1
2,045.1
2,126.9
2,190.5

1,416.0
1,468.7
1,518.3
1,620.8
1,721.6
1,825.6
1,961.1
2,091.9
2,215.9
2,362.9
1,971.8
2,012.5
2,054.4
2,090.5
2,106.2
2,116.5
2,166.2
2,205.0
2,232.5
2,260.0
2,302.0
2,337.6
2,392.7
2,419.6
2,472.8

527.4
530.9
530.4
555.8
578.8
612.9
679.7
754.8
827.6
877.7
682.0
706.6
724.0
763.4
761.8
770.0
808.3
824.6
836.5
840.8
860.2
869.8
892.2
888.5
924.6

National
defense
354.6
349.6
345.7
360.6
370.3
392.6
437.1
496.7
552.7
587.1
438.0
461.1
467.2
507.2
500.3
512.0
538.7
547.2
562.9
562.0
575.3
582.5
601.7
589.1
611.2

Nondefense
172.8
181.3
184.7
195.2
208.5
220.3
242.5
258.2
274.9
290.6
243.9
245.5
256.8
256.3
261.5
258.0
269.6
277.4
273.6
278.8
285.0
287.3
290.5
299.4
313.5

State
and
local
888.6
937.8
987.9
1,065.0
1,142.8
1,212.8
1,281.5
1,337.1
1,388.3
1,485.2
1,289.8
1,305.9
1,330.4
1,327.1
1,344.4
1,346.5
1,357.9
1,380.4
1,395.9
1,419.1
1,441.7
1,467.7
1,500.4
1,531.1
1,548.2

Final
sales of
domestic
product

Gross
domestic
purchases 1

Addendum:
Gross
national
product

7,786.1
8,232.3
8,676.2
9,201.5
9,760.5
10,159.7
10,457.7
10,955.8
11,678.9
12,468.3
10,501.4
10,563.9
10,695.2
10,845.0
11,076.9
11,206.2
11,411.6
11,594.2
11,766.3
11,943.3
12,138.9
12,382.1
12,625.4
12,726.7
12,999.7

7,913.1
8,405.9
8,906.9
9,528.9
10,196.4
10,495.0
10,894.0
11,472.1
12,358.3
13,213.7
10,961.2
11,065.7
11,219.6
11,345.2
11,582.8
11,741.1
12,016.7
12,279.1
12,456.8
12,680.6
12,896.3
13,069.0
13,336.1
13,553.3
13,824.3

7,851.9
8,337.3
8,768.3
9,302.2
9,855.9
10,171.6
10,500.2
11,039.3
11,788.0
12,520.8
10,557.0
10,641.1
10,761.9
10,911.4
11,154.8
11,329.2
11,540.1
11,712.8
11,867.3
12,032.0
12,238.2
12,413.5
12,650.0
12,781.6
..............

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

1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2002:
2003:

2004:

2005:

2006:

.........
.........
.........
.........
.........
.........
.........
.........
.........
.........
III
IV ..
I ....
II ...
III
IV ..
I ....
II ...
III
IV ..
I ....
II ...
III
IV ..
I p ...

Gross
domestic
product

8,328.9
8,703.5
9,066.9
9,470.3
9,817.0
9,890.7
10,048.8
10,320.6
10,755.7
11,134.8
10,090.7
10,095.8
10,138.6
10,230.4
10,410.9
10,502.6
10,612.5
10,704.1
10,808.9
10,897.1
10,999.3
11,089.2
11,202.3
11,248.3
11,381.4

Personal
conNonresi- Resi- Change
sumption dential dential in priexpendifixed
fixed
vate
tures
invest- invest- invenment
ment tories
5,619.4
5,831.8
6,125.8
6,438.6
6,739.4
6,910.4
7,099.3
7,306.6
7,588.6
7,856.9
7,123.2
7,148.2
7,192.2
7,256.8
7,360.7
7,416.4
7,501.4
7,536.6
7,617.5
7,698.8
7,764.9
7,829.5
7,907.9
7,925.4
8,032.0

833.6
934.2
1,037.8
1,133.3
1,232.1
1,180.5
1,071.5
1,085.0
1,186.7
1,289.0
1,068.0
1,054.5
1,051.6
1,072.9
1,101.8
1,113.7
1,135.1
1,171.6
1,204.8
1,235.1
1,252.2
1,279.0
1,305.2
1,319.7
1,364.6

381.3
28.7
388.6
71.2
418.3
72.6
443.6
68.9
446.9
56.5
448.5 ¥31.7
469.9
12.5
509.4
15.5
561.8
52.0
601.9
20.3
471.8
28.0
479.3
29.5
484.8
24.0
496.0
¥.4
521.2
9.3
535.7
29.0
542.4
41.9
565.1
65.6
568.8
50.4
571.0
50.1
584.1
58.2
599.3 ¥1.7
610.0 ¥13.3
614.2
37.9
618.2
21.9

Exports and imports of
goods and services

Government consumption expenditures
and gross investment
Federal

Net
exports

Exports

Imports

Total

¥79.6
¥104.6
¥203.7
¥296.2
¥379.5
¥399.1
¥471.3
¥521.4
¥601.3
¥633.1
¥472.2
¥513.0
¥510.7
¥528.4
¥516.2
¥530.2
¥563.0
¥601.7
¥606.5
¥634.1
¥645.4
¥614.2
¥617.5
¥655.2
¥678.2

843.4
943.7
966.5
1,008.2
1,096.3
1,036.7
1,013.3
1,031.2
1,117.9
1,195.3
1,025.2
1,017.2
1,009.7
1,004.5
1,032.2
1,078.4
1,091.8
1,110.2
1,125.0
1,144.5
1,165.3
1,195.4
1,202.7
1,217.6
1,252.8

923.0
1,048.3
1,170.3
1,304.4
1,475.8
1,435.8
1,484.6
1,552.6
1,719.2
1,828.3
1,497.4
1,530.2
1,520.4
1,532.9
1,548.4
1,608.6
1,654.8
1,711.9
1,731.5
1,778.6
1,810.7
1,809.6
1,820.2
1,872.9
1,931.0

1,564.9
1,594.0
1,624.4
1,686.9
1,721.6
1,780.3
1,858.8
1,911.1
1,952.3
1,987.1
1,863.9
1,885.8
1,884.4
1,917.5
1,920.1
1,922.6
1,938.4
1,949.5
1,958.4
1,962.8
1,971.9
1,984.1
1,998.1
1,994.1
2,013.2

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

573.5
567.6
561.2
573.7
578.8
601.4
643.4
687.8
723.7
740.5
646.5
662.3
662.8
696.8
693.2
698.5
716.5
722.2
728.6
727.6
731.8
736.1
749.5
744.6
764.0

383.8
373.0
365.3
372.2
370.3
384.9
413.2
449.7
481.3
493.6
414.4
428.9
425.0
460.1
452.5
461.2
476.4
477.4
487.7
483.7
487.3
491.7
503.6
492.0
504.2

189.6
194.5
195.9
201.5
208.5
216.5
230.2
238.0
242.2
246.6
232.2
233.4
237.9
236.4
240.6
237.0
239.9
244.6
240.6
243.6
244.3
244.2
245.6
252.5
259.6

State
and
local

990.5
1,025.9
1,063.0
1,113.2
1,142.8
1,179.0
1,215.4
1,223.3
1,228.4
1,246.3
1,217.5
1,223.6
1,221.6
1,220.7
1,226.8
1,224.1
1,221.8
1,227.1
1,229.6
1,235.0
1,239.8
1,247.8
1,248.5
1,249.3
1,249.3

Final
sales of
domestic
product

Gross
domestic
purchases 1

Addendum:
Gross
national
product

8,306.5
8,636.6
8,997.6
9,404.0
9,760.5
9,920.9
10,036.5
10,303.6
10,702.4
11,112.8
10,063.5
10,067.3
10,114.7
10,228.2
10,399.5
10,471.8
10,568.9
10,637.4
10,757.1
10,846.0
10,940.3
11,089.2
11,214.4
11,207.5
11,355.3

8,405.7
8,807.6
9,272.5
9,767.7
10,196.4
10,290.1
10,517.7
10,837.3
11,348.7
11,759.1
10,560.4
10,604.1
10,644.7
10,753.8
10,923.1
11,027.6
11,168.8
11,297.4
11,407.0
11,522.0
11,635.4
11,694.8
11,811.2
11,895.0
12,051.4

8,365.3
8,737.5
9,088.7
9,504.7
9,855.9
9,933.6
10,079.0
10,385.2
10,805.7
11,166.4
10,119.7
10,143.8
10,182.0
10,294.1
10,474.7
10,590.0
10,689.5
10,747.7
10,854.1
10,931.8
11,036.3
11,122.5
11,243.2
11,263.5
..............

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

1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2002:
2003:

2004:

2005:

2006:

.................
.................
.................
.................
.................
.................
.................
.................
.................
.................
III .........
IV ..........
I ............
II ...........
III .........
IV ..........
I ............
II ...........
III .........
IV ..........
I ............
II ...........
III .........
IV ..........
I p ...........

Gross
domestic
product

93.852
95.414
96.472
97.868
100.000
102.399
104.187
106.305
109.099
112.145
104.328
104.907
105.705
106.004
106.498
106.983
107.958
108.987
109.343
110.077
110.905
111.622
112.527
113.494
114.406

Total

93.547
95.124
95.979
97.575
100.000
102.094
103.542
105.520
108.245
111.313
103.838
104.265
105.047
105.216
105.729
106.071
107.077
108.081
108.476
109.318
109.927
110.824
111.838
112.628
113.187

Durable
goods

Nondurable goods

109.507
107.068
104.152
101.625
100.000
98.113
95.767
92.372
90.630
90.165
95.599
94.959
93.940
92.918
91.871
90.900
90.911
90.872
90.310
90.446
90.646
90.524
89.837
89.657
89.482

Source: Department of Commerce, Bureau of Economic Analysis.

2

92.566
93.835
93.821
96.174
100.000
101.531
102.090
104.151
107.635
111.600
102.461
102.757
104.177
103.558
104.352
104.504
106.022
107.734
107.769
108.970
109.315
110.842
112.972
113.205
113.507

Gross private
domestic investment

Services

90.844
93.304
95.318
97.393
100.000
103.256
106.019
109.246
112.695
116.195
106.386
107.133
108.031
108.881
109.641
110.407
111.395
112.296
113.112
113.947
114.795
115.625
116.500
117.825
118.705

Nonresidential
fixed
105.011
103.696
101.421
100.057
100.000
99.683
99.513
99.764
101.025
103.163
99.381
99.646
99.674
99.432
99.727
100.204
100.493
100.947
101.173
101.443
102.231
102.702
103.345
104.314
105.134

Exports and imports of Government consumption expenditures
goods and services
and gross investment
Federal

Residential fixed
87.609
89.843
92.239
95.780
100.000
104.633
107.240
112.379
119.935
125.656
107.114
108.937
111.386
111.467
112.216
114.283
116.517
119.252
121.269
122.530
123.019
124.315
126.290
128.844
130.130

Exports

Imports
Total

102.987
101.233
98.905
98.313
100.000
99.625
99.272
101.398
104.999
108.863
99.768
99.907
100.899
101.154
101.387
102.100
103.568
104.787
105.224
106.348
107.540
108.515
109.304
110.033
110.718

104.529
100.816
95.354
95.960
100.000
97.497
96.342
99.611
104.571
110.904
97.278
97.425
100.068
98.940
99.580
99.846
102.146
103.769
105.218
106.969
107.727
109.868
112.355
113.566
113.436

91.957
93.533
94.512
96.883
100.000
101.908
105.632
109.740
114.354
118.524
105.489
106.683
109.229
109.572
109.897
110.238
112.819
114.186
114.818
115.568
117.542
118.161
119.048
119.320
121.034

National
defense

Nondefense

State
and
local

92.379
93.716
94.643
96.886
100.000
102.002
105.792
110.434
114.840
118.941
105.716
107.500
109.920
110.217
110.567
110.994
113.084
114.633
115.419
116.188
118.050
118.459
119.482
119.753
121.221

91.146
93.192
94.269
96.880
100.000
101.738
105.345
108.473
113.498
117.802
105.077
105.197
107.968
108.396
108.675
108.851
112.400
113.406
113.729
114.442
116.643
117.676
118.293
118.566
120.758

89.717
91.414
92.935
95.667
100.000
102.868
105.434
109.303
113.022
119.169
105.938
106.730
108.908
108.714
109.582
110.004
111.137
112.492
113.530
114.907
116.285
117.628
120.180
122.561
123.923

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

1996 ......................................................................................
1997 ......................................................................................
1998 ......................................................................................
1999 ......................................................................................
2000 ......................................................................................
2001 ......................................................................................
2002 ......................................................................................
2003 ......................................................................................
2004 ......................................................................................
2005 ......................................................................................
2001: III .............................................................................
IV ..............................................................................
2002: I ................................................................................
II ...............................................................................
III .............................................................................
IV ..............................................................................
2003: I ................................................................................
II ...............................................................................
III .............................................................................
IV ..............................................................................
2004: I ................................................................................
II ...............................................................................
III .............................................................................
IV ..............................................................................
2005: I ................................................................................
II ...............................................................................
III .............................................................................
IV ..............................................................................
2006: I p ...............................................................................
1 Quarterly

84.842
88.658
92.359
96.469
100.000
100.751
102.362
105.130
109.562
113.424
100.551
100.948
101.633
102.186
102.788
102.840
103.276
104.211
106.050
106.984
108.104
109.037
110.104
111.003
112.044
112.959
114.112
114.580
115.936

GDP
chain-type
price index

93.859
95.415
96.475
97.868
100.000
102.402
104.193
106.310
109.102
112.176
102.690
103.122
103.553
103.944
104.347
104.926
105.724
106.019
106.500
106.996
107.951
108.976
109.371
110.111
110.950
111.655
112.567
113.532
114.446

percent changes are at annual rates.

GDP
implicit
price
deflator

GDP
(current
dollars)

93.852
95.414
96.472
97.868
100.000
102.399
104.187
106.305
109.099
112.145
102.675
103.191
103.568
103.938
104.328
104.907
105.705
106.004
106.498
106.983
107.958
108.987
109.343
110.077
110.905
111.622
112.527
113.494
114.406

5.7
6.2
5.3
6.0
5.9
3.2
3.4
4.8
7.0
6.4
.2
3.6
4.3
3.7
3.9
2.4
4.8
4.8
9.3
5.5
8.1
7.5
5.3
6.1
7.0
6.0
7.6
5.2
8.2

Real GDP
(chain-type
quantity
index)

GDP
chain-type
price
index

3.7
4.5
4.2
4.5
3.7
.8
1.6
2.7
4.2
3.5
¥1.4
1.6
2.7
2.2
2.4
.2
1.7
3.7
7.2
3.6
4.3
3.5
4.0
3.3
3.8
3.3
4.1
1.7
4.8

GDP
implicit
price
deflator

1.9
1.7
1.1
1.4
2.2
2.4
1.7
2.0
2.6
2.8
1.6
1.7
1.7
1.5
1.6
2.2
3.1
1.1
1.8
1.9
3.6
3.9
1.5
2.7
3.1
2.6
3.3
3.5
3.3

1.9
1.7
1.1
1.4
2.2
2.4
1.7
2.0
2.6
2.8
1.7
2.0
1.5
1.4
1.5
2.2
3.1
1.1
1.9
1.8
3.7
3.9
1.3
2.7
3.0
2.6
3.3
3.5
3.3

Source: Department of Commerce, Bureau of Economic Analysis.

NONFINANCIAL CORPORATE BUSINESS–GROSS VALUE ADDED AND PRICE,
COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
Price per unit of real gross value added of nonfinancial corporate business (dollars) 1 2

Gross value added
of nonfinancial
corporate business
(billions of dollars)1

Unit nonlabor cost

Period
Current
dollars

1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2002:

........................................................
........................................................
........................................................
........................................................
........................................................
........................................................
........................................................
........................................................
........................................................
........................................................
I ...................................................
II .................................................
III ................................................
IV ................................................
2003: I ...................................................
II .................................................
III ................................................
IV ................................................
2004: I ...................................................
II .................................................
III ................................................
IV ................................................
2005: I ...................................................
II .................................................
III ................................................
IV ................................................

Chained
(2000)
dollars

4,109.5
4,401.8
4,655.0
4,950.8
5,272.2
5,293.5
5,371.7
5,595.7
5,995.4
6,474.0
5,284.6
5,358.3
5,395.6
5,448.4
5,456.5
5,541.8
5,650.0
5,734.4
5,822.0
5,922.8
6,038.0
6,198.9
6,282.8
6,414.0
6,528.0
6,671.4

4,196.4
4,469.3
4,725.4
5,011.0
5,272.2
5,224.5
5,269.7
5,418.2
5,714.1
6,085.3
5,194.6
5,265.4
5,296.0
5,322.8
5,301.9
5,374.5
5,466.9
5,529.7
5,578.3
5,625.9
5,756.2
5,895.9
5,943.3
6,046.0
6,121.9
6,230.2

Total

Compensation of employees
(unit labor
cost)

0.979
.985
.985
.988
1.000
1.013
1.019
1.033
1.049
1.064
1.017
1.018
1.019
1.024
1.029
1.031
1.033
1.037
1.044
1.053
1.049
1.051
1.057
1.061
1.066
1.071

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.

0.627
.629
.645
.652
.672
.688
.685
.683
.684
.687
.689
.687
.685
.681
.686
.685
.682
.681
.682
.684
.682
.686
.691
.685
.688
.685

Total

0.228
.228
.226
.229
.237
.257
.253
.252
.251
.245
.258
.252
.250
.250
.253
.252
.253
.252
.253
.254
.250
.247
.245
.244
.249
.243

Consumption of
fixed
capital

Taxes
on production
and imports 3

Net interest and
miscellaneous
payments

0.104
.105
.104
.105
.108
.124
.122
.120
.121
.120
.124
.122
.121
.121
.122
.121
.120
.119
.120
.120
.125
.118
.117
.116
.130
.116

0.097
.095
.092
.092
.093
.094
.099
.101
.101
.097
.098
.098
.099
.100
.101
.100
.102
.102
.103
.104
.097
.102
.100
.100
.091
.098

0.027
.028
.030
.032
.036
.039
.032
.031
.029
.028
.036
.032
.030
.029
.030
.031
.031
.031
.030
.030
.028
.027
.028
.028
.028
.029

Corporate profits with inventory
valuation and capital consumption
adjustments 4
Total

0.125
.128
.114
.107
.090
.068
.081
.097
.114
.131
.071
.079
.083
.092
.090
.094
.100
.104
.108
.115
.116
.119
.121
.132
.129
.142

Taxes on
corporate
income

0.036
.036
.034
.034
.032
.021
.018
.023
.029
.042
.015
.017
.019
.022
.023
.022
.023
.026
.026
.029
.030
.031
.039
.041
.042
.045

Profits
after
tax 5

0.088
.092
.080
.073
.058
.047
.063
.074
.085
.089
.056
.061
.064
.071
.067
.073
.076
.078
.082
.086
.086
.088
.082
.091
.087
.097

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

National
income

Period

1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2002:
2003:

2004:

2005:

2006:

..........
..........
..........
..........
..........
..........
..........
..........
..........
..........
III ..
IV ...
I .....
II ....
III ..
IV ...
I .....
II ....
III ..
IV ...
I .....
II ....
III ..
IV ...
I p ....

1 With

6,840.1
7,292.2
7,752.8
8,236.7
8,795.2
8,979.8
9,229.3
9,660.9
10,275.9
10,903.9
9,247.5
9,326.7
9,433.6
9,573.2
9,732.3
9,904.8
10,091.2
10,210.9
10,242.4
10,559.3
10,750.4
10,878.0
10,741.9
11,245.5
..................

Compensation
of
employees

4,390.5
4,661.7
5,019.4
5,357.1
5,782.7
5,942.1
6,091.2
6,321.1
6,687.6
7,125.3
6,114.5
6,133.4
6,210.4
6,286.6
6,360.1
6,427.4
6,528.2
6,602.1
6,724.2
6,895.8
7,001.7
7,060.2
7,177.6
7,261.7
7,380.9

Farm

Nonfarm

37.3
34.2
29.4
28.6
22.7
19.7
10.6
27.7
35.8
20.8
11.0
18.4
20.5
27.2
28.2
35.1
44.8
44.1
29.7
24.6
24.7
19.6
18.0
21.0
16.1

505.9
541.8
598.4
649.7
705.7
752.2
757.8
782.4
853.8
917.8
758.1
759.7
757.8
774.1
793.0
804.8
825.4
854.2
859.4
876.3
893.2
917.1
914.3
946.7
961.8

Rental
income
of
persons
with
capital
consumption
adjustment

131.5
128.8
137.5
147.3
150.3
167.4
152.9
131.7
134.2
72.9
142.9
129.2
137.7
125.4
120.4
143.2
144.2
141.8
122.1
128.7
118.0
104.4
¥11.1
80.3
70.1

Corporate profits with inventory valuation and
capital consumption adjustments
Profits with inventory valuation
adjustment and without capital
consumption adjustment
Total
Total

Inventory
valuation
adjustment

736.1
812.3
738.5
776.8
759.3
719.2
766.2
923.9
1,019.7
1,406.8
774.5
842.7
858.0
891.0
944.0
1,002.6
1,001.2
1,016.5
981.3
1,079.7
1,339.2
1,393.3
1,365.1
1,529.7
............

786.2
868.5
801.6
851.3
817.9
767.3
886.3
1,031.8
1,161.5
1,351.9
895.4
956.1
951.5
1,005.0
1,057.5
1,113.1
1,147.3
1,162.0
1,117.2
1,219.5
1,288.2
1,347.5
1,293.1
1,478.9
............

Profits
before
tax

733.0
798.2
718.3
775.9
773.4
707.9
768.4
937.2
1,059.3
1,438.3
786.4
851.5
883.0
893.1
949.0
1,023.4
1,030.2
1,064.9
1,018.2
1,124.1
1,378.3
1,412.2
1,392.6
1,570.1
............

3.1
14.1
20.2
1.0
¥14.1
11.3
¥2.2
¥13.3
¥39.6
¥31.5
¥11.8
¥8.8
¥25.0
¥2.1
¥5.1
¥20.8
¥28.9
¥48.3
¥36.9
¥44.4
¥39.1
¥18.9
¥27.5
¥40.4
..............

inventory valuation and capital consumption adjustments.

Capital
consumption
adjustment

Net
interest
and
miscellaneous
payments

Taxes
on
production
and
imports

50.1
56.2
63.1
74.5
58.6
48.1
120.1
107.9
141.8
¥54.9
120.8
113.4
93.4
114.0
113.5
110.5
146.1
145.4
135.8
139.8
¥51.0
¥45.8
¥72.1
¥50.7
¥53.3

376.2
415.6
487.1
495.4
559.0
566.3
520.9
528.5
505.5
498.3
507.0
511.5
530.9
532.4
528.1
522.7
519.9
512.2
497.5
492.7
498.3
488.7
497.6
508.5
541.5

581.1
612.0
639.8
674.0
708.9
728.6
762.8
801.4
852.8
903.1
771.6
775.5
783.8
794.7
806.6
820.6
837.1
847.8
855.5
870.9
883.8
900.1
909.5
919.1
934.9

Less:
Subsidies

Business
current
transfer
payments

Current
surplus
of government
enterprises

34.3
32.9
35.4
44.2
44.3
55.3
38.4
46.7
43.5
55.2
38.3
38.3
42.1
54.6
44.5
45.4
42.3
41.8
43.2
46.5
50.6
52.1
56.1
61.9
58.8

53.1
49.9
64.7
67.4
87.1
92.8
84.3
81.6
91.1
80.2
81.4
78.8
79.0
80.5
82.5
84.3
88.2
90.7
83.0
102.6
99.0
99.6
21.8
100.3
104.8

12.7
12.6
10.3
10.1
5.3
¥1.4
.9
1.3
¥3.0
¥11.3
4.0
2.3
4.1
1.8
.4
¥1.1
¥1.6
¥2.2
¥3.0
¥5.2
¥6.1
¥7.0
¥22.8
¥9.1
¥5.6

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

1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2002:
2003:

2004:

2005:

2006:

...............
...............
...............
...............
...............
...............
...............
...............
...............
...............
III .......
IV ........
I ..........
II .........
III .......
IV ........
I ..........
II .........
III .......
IV ........
I ..........
II .........
III .......
IV ........
I p .........

Total
personal
consumption
expenditures

5,619.4
5,831.8
6,125.8
6,438.6
6,739.4
6,910.4
7,099.3
7,306.6
7,588.6
7,856.9
7,123.2
7,148.2
7,192.2
7,256.8
7,360.7
7,416.4
7,501.4
7,536.6
7,617.5
7,698.8
7,764.9
7,829.5
7,907.9
7,925.4
8,032.0

Total
durable
goods

595.9
646.9
720.3
804.6
863.3
900.7
964.8
1,028.5
1,089.9
1,138.4
983.4
970.4
979.1
1,014.0
1,061.0
1,060.0
1,071.6
1,072.5
1,100.4
1,115.1
1,122.3
1,143.9
1,169.7
1,117.7
1,171.2

Motor
vehicles
and
parts

285.4
304.7
339.0
372.4
386.5
405.8
429.0
449.7
457.0
452.8
445.6
425.9
431.6
445.9
466.8
454.4
453.9
448.1
461.4
464.6
455.0
463.3
477.3
415.5
434.7

Furniture
and
household
equipment

193.4
216.3
244.7
280.7
312.9
331.8
364.3
396.3
442.9
485.0
365.2
371.6
372.5
387.4
407.5
417.7
428.4
437.1
449.2
456.8
469.2
475.9
490.5
504.4
531.5

Nondurable goods

Other

119.6
127.3
137.6
151.7
163.9
163.2
172.4
184.5
195.8
211.3
172.7
174.4
176.1
182.2
188.5
191.3
193.7
193.1
196.0
200.2
206.5
212.9
211.0
214.7
223.5

Total
nondurable
goods

1,680.4
1,725.3
1,794.4
1,876.6
1,947.2
1,986.7
2,037.1
2,101.8
2,200.4
2,297.9
2,035.0
2,053.1
2,069.5
2,079.1
2,121.2
2,137.3
2,171.9
2,186.1
2,206.9
2,236.5
2,265.6
2,285.9
2,305.8
2,334.2
2,365.3

Food

834.7
845.2
865.6
893.6
925.2
940.2
954.6
980.1
1,029.1
1,081.1
954.4
959.5
969.2
970.5
987.7
992.8
1,015.5
1,022.5
1,030.9
1,047.4
1,060.9
1,072.2
1,088.7
1,102.8
1,118.9

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

238.7
246.0
263.1
282.7
297.7
303.7
318.3
334.1
355.0
376.5
315.7
324.4
323.4
331.1
340.4
341.5
352.6
349.7
354.9
363.0
367.9
374.4
377.2
386.7
394.0

Gasoline
and
oil

157.9
162.8
170.3
176.3
175.7
178.3
181.9
183.2
185.9
190.4
183.2
181.2
181.7
181.7
184.0
185.3
184.7
185.5
185.4
188.1
192.1
190.5
188.7
190.4
191.6

Services

Fuel
oil
and
coal

18.4
16.9
16.0
16.4
15.8
15.2
15.5
15.5
15.5
14.5
15.5
16.3
15.7
14.7
15.6
16.1
15.6
15.4
16.0
15.0
15.6
14.8
14.4
13.4
12.6

Other

432.9
456.6
481.1
508.6
532.9
549.2
567.1
589.6
616.7
639.7
566.5
572.2
579.5
581.8
594.5
602.5
605.3
614.1
621.7
625.5
631.2
637.7
641.9
648.0
656.8

Total
services 1

3,356.0
3,468.0
3,615.0
3,758.0
3,928.8
4,023.2
4,100.4
4,183.9
4,310.9
4,436.4
4,109.0
4,127.4
4,146.5
4,169.7
4,190.2
4,229.4
4,269.0
4,288.6
4,324.0
4,362.1
4,392.0
4,417.6
4,453.5
4,482.6
4,514.0

Housing

901.1
922.5
948.8
978.6
1,006.5
1,033.7
1,042.1
1,048.4
1,078.4
1,103.7
1,041.0
1,039.3
1,041.3
1,044.5
1,050.1
1,057.7
1,067.6
1,074.6
1,081.9
1,089.5
1,095.6
1,101.4
1,106.6
1,111.0
1,116.3

Source: Department of Commerce, Bureau of Economic Analysis.

Medical
care

922.5
942.8
970.7
989.0
1,026.8
1,075.2
1,136.6
1,184.9
1,233.5
1,291.6
1,144.4
1,158.8
1,169.8
1,180.1
1,187.6
1,202.2
1,211.4
1,225.5
1,241.6
1,255.4
1,269.1
1,282.3
1,299.6
1,315.2
1,330.9

Retail sales
of new passenger cars
and light
trucks (millions of
units)

15.1
15.1
15.5
16.9
17.3
17.1
16.8
16.6
16.9
16.9
17.4
16.6
16.2
16.4
17.2
16.7
16.6
16.6
17.1
17.1
16.5
17.2
17.9
15.8
16.9

SOURCES OF PERSONAL INCOME
Personal income rose $49.9 billion (annual rate) in March following an increase of $33.2 billion in February. Wages
and salaries rose $24.7 billion in March following an increase of $24.0 billion in February.

[Billions of dollars; monthly data at seasonally adjusted annual rates]
Compensation of employees, received

Period

1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2005:

.................
.................
.................
.................
.................
.................
.................
.................
.................
.................
Mar .......
Apr ........
May .......
June ......
July .......
Aug .......
Sept .......
Oct ........
Nov .......
Dec ........
2006: Jan r .......
Feb r .......
Mar p ......
1 With
2 With

Total
personal
income

Total

6,520.6
6,915.1
7,423.0
7,802.4
8,429.7
8,724.1
8,881.9
9,169.1
9,713.3
10,248.3
10,122.0
10,145.1
10,180.6
10,231.5
10,283.9
10,078.3
10,389.1
10,444.5
10,475.7
10,530.9
10,602.7
10,635.9
10,685.8

4,386.9
4,664.6
5,020.1
5,352.0
5,782.7
5,942.1
6,091.2
6,321.1
6,687.6
7,125.3
7,040.3
7,035.6
7,058.8
7,086.1
7,150.4
7,170.1
7,212.4
7,246.3
7,253.1
7,285.7
7,347.4
7,380.6
7,414.6

Wage and
salary
disbursements

3,619.6
3,877.6
4,183.4
4,466.3
4,829.2
4,942.8
4,980.9
5,111.1
5,389.4
5,723.7
5,655.3
5,650.1
5,671.1
5,695.7
5,744.2
5,755.1
5,787.7
5,817.4
5,822.1
5,850.8
5,891.3
5,915.3
5,940.0

inventory valuation and capital consumption adjustments.
capital consumption adjustment.
mainly of social insurance benefits to persons.

Supplements to
wages
and
salaries

767.3
787.0
836.7
885.7
953.4
999.3
1,110.3
1,210.0
1,298.1
1,401.6
1,385.0
1,385.5
1,387.7
1,390.4
1,406.2
1,415.0
1,424.7
1,428.9
1,431.0
1,434.9
1,456.1
1,465.3
1,474.6

Proprietors’ income 1

Farm

37.3
34.2
29.4
28.6
22.7
19.7
10.6
27.7
35.8
20.8
25.9
23.2
19.7
15.8
19.0
17.4
17.7
19.1
21.0
22.9
18.1
15.3
14.8

Nonfarm

505.9
541.8
598.4
649.7
705.7
752.2
757.8
782.4
853.8
917.8
898.2
907.5
913.8
929.9
928.2
874.1
940.7
942.2
946.9
951.1
958.5
959.9
967.1

Personal income receipts on assets
Rental
income
of
persons 2

131.5
128.8
137.5
147.3
150.3
167.4
152.9
131.7
134.2
72.9
114.4
109.4
104.1
99.7
96.5
¥213.4
83.6
79.3
82.7
78.9
72.6
70.5
67.2

Total

1,089.2
1,181.7
1,283.2
1,264.2
1,387.0
1,380.0
1,333.2
1,338.7
1,396.5
1,457.4
1,413.1
1,426.8
1,439.7
1,452.8
1,460.9
1,468.8
1,476.9
1,494.9
1,512.9
1,531.0
1,533.6
1,535.6
1,538.2

Personal
interest
income

793.0
848.7
933.2
928.6
1,011.0
1,011.0
936.1
917.6
905.9
945.7
918.1
927.0
936.0
944.9
948.1
951.2
954.4
967.2
980.1
992.9
991.3
989.6
987.9

Personal
dividend
income

296.2
333.0
349.9
335.6
376.1
369.0
397.2
421.1
490.6
511.7
495.0
499.8
503.8
507.9
512.8
517.6
522.5
527.7
532.9
538.0
542.3
546.1
550.3

Personal
current
transfer
receipts 3

925.0
951.2
978.6
1,022.1
1,084.0
1,193.9
1,286.2
1,344.0
1,427.5
1,525.3
1,494.0
1,504.9
1,509.1
1,514.8
1,502.4
1,635.9
1,536.0
1,545.0
1,541.6
1,547.4
1,576.7
1,581.8
1,594.6

Less: Contributions
for government social
insurance

555.2
587.2
624.2
661.4
702.7
731.1
750.0
776.6
822.2
871.2
863.8
862.4
864.7
867.6
873.5
874.5
878.1
882.2
882.6
886.0
904.2
907.8
910.7

Source: Department of Commerce, Bureau of Economic Analysis.

3 Consists

5

DISPOSITION OF PERSONAL INCOME
According to advance estimates, per capita disposable personal income in chained (2000) dollars rose at an
annual rate of 2.4 percent in the first quarter of 2006.

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
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005

............ 6,520.6
............ 6,915.1
............ 7,423.0
............ 7,802.4
............ 8,429.7
............ 8,724.1
............ 8,881.9
............ 9,169.1
............ 9,713.3
............ 10,248.3

832.1
926.3
1,027.0
1,107.5
1,235.7
1,237.3
1,051.8
999.9
1,049.1
1,209.7

5,688.5
5,988.8
6,395.9
6,695.0
7,194.0
7,486.8
7,830.1
8,169.2
8,664.2
9,038.6

5,460.0
5,770.5
6,119.1
6,536.4
7,025.6
7,354.5
7,645.3
7,996.3
8,512.5
9,072.1

Chained
(2000)
dollars

Per capita personal
consumption
expenditures
Current
dollars

Chained
(2000)
dollars

Dollars
228.4
218.3
276.8
158.6
168.5
132.3
184.7
172.8
151.8
¥33.5

6,080.9
6,295.8
6,663.9
6,861.3
7,194.0
7,333.3
7,562.2
7,741.8
8,004.3
8,120.0

21,091
21,940
23,161
23,968
25,472
26,235
27,164
28,062
29,477
30,466

Percent
change
in real
per capita
disposable
personal
income

Saving as
percent of
disposable
personal
income

Population,
including
Armed
Forces
overseas
(thousands) 2

Percent

22,546
23,065
24,131
24,564
25,472
25,697
26,235
26,594
27,232
27,370

19,490
20,323
21,291
22,491
23,862
24,722
25,501
26,484
27,946
29,479

20,835
21,365
22,183
23,050
23,862
24,215
24,629
25,099
25,817
26,483

1.8
2.3
4.6
1.8
3.7
.9
2.1
1.4
2.4
.5

4.0
3.6
4.3
2.4
2.3
1.8
2.4
2.1
1.8
¥.4

269,714
272,958
276,154
279,328
282,429
285,371
288,253
291,114
293,933
296,677

26,178
26,123
26,224
26,454
26,849
26,845
27,028
27,045
27,160
27,689
27,391
27,347
27,183
27,562
27,724

25,627
25,756
26,050
26,264
26,699
26,920
27,428
27,750
28,077
28,526
28,872
29,286
29,775
29,979
30,473

24,680
24,702
24,799
24,962
25,252
25,379
25,615
25,675
25,883
26,094
26,264
26,425
26,623
26,618
26,922

¥2.6
¥.8
1.6
3.6
6.1
¥.1
2.8
.3
1.7
8.0
¥4.2
¥.6
¥2.4
5.7
2.4

2.0
1.8
1.9
2.1
2.5
2.0
1.8
1.6
1.2
2.3
.5
¥.2
¥1.6
¥.2
¥.7

288,619
289,375
290,025
290,717
291,485
292,226
292,853
293,539
294,301
295,037
295,643
296,289
297,027
297,748
298,338

Seasonally adjusted annual rates
2002: III ....
IV ....
2003: I .......
II .....
III ....
IV ....
2004: I .......
II .....
III ....
IV ....
2005: I .......
II .....
III ....
IV ....
2006: I p .....

8,895.4
8,925.5
9,013.7
9,118.6
9,215.4
9,328.7
9,484.8
9,614.3
9,729.2
10,024.8
10,073.4
10,185.7
10,250.4
10,483.7
10,641.5

1,050.0
1,043.8
1,024.3
1,026.9
940.8
1,007.6
1,009.6
1,034.0
1,058.4
1,094.3
1,171.4
1,206.0
1,220.4
1,241.0
1,279.5

7,845.4
7,881.7
7,989.4
8,091.7
8,274.6
8,321.0
8,475.3
8,580.3
8,670.9
8,930.4
8,902.0
8,979.7
9,030.0
9,242.7
9,361.9

7,692.4
153.0
7,742.4
139.3
7,835.4
154.0
7,922.1
169.6
8,069.5
205.1
8,158.4
162.6
8,319.4
155.8
8,439.1
141.2
8,566.3
104.6
8,725.0
205.4
8,854.6
47.4
9,001.2 ¥21.5
9,173.9 ¥143.9
9,258.5 ¥15.8
9,425.4 ¥63.4

7,555.5
7,559.3
7,605.5
7,690.5
7,826.2
7,844.8
7,915.1
7,938.8
7,993.3
8,169.2
8,098.1
8,102.6
8,074.2
8,206.4
8,271.2

1 Includes personal consumption expenditures, personal interest payments (nonmortgage), and
personal current transfer payments.

6

27,183
27,237
27,547
27,834
28,388
28,475
28,940
29,231
29,463
30,269
30,111
30,307
30,401
31,042
31,380

2 Annual

data are averages of quarterly data, which are averages for the period.

Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).

FARM INCOME
According to the preliminary forecast for 2006, gross farm income is forecast at $285.4 billion, and net farm income
at $56.2 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

1997 ................................
1998 ................................
1999 ................................
2000 ................................
2001 ................................
2002 ................................
2003 ................................
2004 ................................
2005 ................................
2006 p ..............................
2004: I ...........................
II .........................
III ........................
IV ........................
2005: I ...........................
II .........................
III ........................
IV ........................
2006: I p ..........................
II p ........................
III p ......................
IV p .......................

238.0
232.6
235.0
242.0
248.7
229.9
259.8
292.3
293.6
285.4
322.2
273.2
273.1
300.8
333.7
284.2
270.4
286.3
318.1
271.6
270.4
281.5

207.8
196.5
187.8
192.1
200.1
195.0
216.6
241.2
239.0
231.7
255.9
231.9
231.2
245.9
254.6
243.5
230.1
227.7
244.5
229.9
227.9
224.6

Livestock and
products

96.5
94.2
95.7
99.6
106.7
94.0
105.6
123.5
124.9
122.3
125.3
123.5
121.5
123.6
134.2
117.3
120.7
127.3
127.1
117.2
120.8
124.2

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

111.3
102.2
92.1
92.5
93.3
101.0
111.0
117.8
114.1
109.4
130.6
108.4
109.7
122.4
120.4
126.2
109.4
100.4
117.4
112.7
107.1
100.4

Value of
inventory
changes 3

0.6
¥.6
¥.2
1.6
1.1
¥3.4
¥2.5
7.0
¥.3
1.7
7.4
6.7
6.7
7.2
¥.3
¥.3
¥.3
¥.3
1.8
1.7
1.7
1.7

Direct
Government
payments 4

Production
expenses

7.5
12.4
21.5
22.9
20.7
11.2
17.2
13.3
23.0
18.5
26.2
4.9
5.7
16.4
45.4
8.5
9.8
28.4
36.4
6.8
7.9
22.8

186.7
185.5
187.2
193.1
197.1
193.4
200.3
209.8
221.1
229.2
222.5
201.7
201.1
213.8
235.5
225.3
212.9
210.7
241.9
227.4
225.4
222.2

Net farm
income

51.3
47.1
47.7
48.9
51.5
36.6
59.5
82.5
72.6
56.2
99.7
71.5
72.0
87.0
98.1
59.0
57.5
75.6
76.2
44.2
45.0
59.4

4 Includes only Government payments made directly to farmers.
NOTE.—Data for 2005 and 2006 are forecasts.
Source: Department of Agriculture.

7

CORPORATE PROFITS
In the fourth quarter of 2005, according to current estimates, corporate profits before tax rose $177.5 billion (annual
rate) and profits after tax rose $120.7 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

Nonfinancial

Total 2
Total

1996 ..............
1997 ..............
1998 ..............

Profits
before
tax

Financial

Total 3

Manufacturing

Utilities

Wholesale

Retail

Taxes
on
corporate
income

Total

Net
dividends

Undistributed
profits

Inventory
valuation
adjustment

736.1
812.3
738.5

634.2
701.4
635.5

172.6
193.0
165.9

461.6
508.4
469.6

188.8
209.0
173.5

................
................
................

39.8
47.6
52.3

51.9
64.2
73.4

733.0
798.2
718.3

231.7
246.1
248.3

501.4
552.1
470.0

297.6
334.5
351.6

203.8
217.6
118.3

3.1
14.1
20.2

...........
..............
..............
..............
..............
..............
..............
..............

738.5
776.8
759.3
719.2
766.2
923.9
1,019.7
1,406.8

635.5
655.3
613.6
549.5
610.4
747.9
834.8
1,201.2

165.4
194.3
200.2
227.6
276.4
313.0
300.6
347.0

470.1
461.1
413.4
322.0
334.0
434.9
534.2
854.2

157.0
150.6
144.3
52.6
48.2
80.7
118.9
207.9

32.7
33.1
24.4
24.7
10.6
11.4
12.1
27.4

53.2
55.5
59.7
52.1
49.3
56.3
63.5
93.9

66.4
65.2
59.6
71.0
79.4
87.7
90.0
115.2

718.3
775.9
773.4
707.9
768.4
937.2
1,059.3
1,438.3

248.3
258.6
265.2
204.1
192.6
232.1
271.1
378.1

470.0
517.2
508.2
503.8
575.8
705.1
788.2
1,060.2

351.6
337.4
377.9
370.9
399.2
423.2
493.0
514.2

118.3
179.9
130.3
132.9
176.6
281.9
295.2
546.0

20.2
1.0
¥14.1
11.3
¥2.2
¥13.3
¥39.6
¥31.5

2002: III ......
IV ......
2003: I .........
II .......
III ......
IV ......
2004: I .........
II .......
III ......
IV ......
2005: I .........
II .......
III ......
IV ......
2006: I p .......

774.5
842.7
858.0
891.0
944.0
1,002.6
1,001.2
1,016.5
981.3
1,079.7
1,339.2
1,393.3
1,365.1
1,529.7
............

620.0
676.2
703.5
721.2
769.2
797.6
803.0
839.7
795.5
901.1
1,145.7
1,196.1
1,142.0
1,321.1
............

274.6
275.3
304.8
309.0
320.4
317.9
324.1
316.1
242.8
319.4
377.2
349.5
278.7
382.7
............

345.4
400.9
398.7
412.2
448.9
479.7
479.0
523.6
552.7
581.7
768.5
846.6
863.3
938.3
............

55.0
70.0
70.9
68.0
79.2
104.8
97.3
107.3
116.2
154.7
170.2
204.7
218.6
238.3
................

12.6
12.8
12.3
10.4
10.7
12.3
11.0
11.7
11.4
14.1
23.7
26.4
19.7
39.6
................

45.3
50.7
48.6
50.3
62.1
64.1
56.8
61.3
69.1
66.9
81.4
98.1
95.4
100.6
..............

80.2
82.1
81.4
90.4
90.3
88.8
97.5
92.9
81.9
87.7
104.6
109.1
116.9
130.4
..............

786.4
851.5
883.0
893.1
949.0
1,023.4
1,030.2
1,064.9
1,018.2
1,124.1
1,378.3
1,412.2
1,392.6
1,570.1
............

196.9
210.2
223.9
221.7
235.3
247.5
257.9
274.7
259.0
293.0
362.6
372.5
360.3
417.1
............

589.5
641.3
659.1
671.4
713.8
775.9
772.3
790.2
759.2
831.1
1,015.7
1,039.7
1,032.3
1,153.0
..............

406.1
412.0
416.3
419.9
424.6
432.0
445.9
460.9
475.9
589.3
494.9
506.3
520.1
535.4
548.8

183.4
229.3
242.8
251.5
289.2
343.9
326.4
329.2
283.4
241.8
520.8
533.4
512.2
617.6
..............

¥11.8
¥8.8
¥25.0
¥2.1
¥5.1
¥20.8
¥28.9
¥48.3
¥36.9
¥44.4
¥39.1
¥18.9
¥27.5
¥40.4
............

1998
1999
2000
2001
2002
2003
2004
2005

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 2006, according to advance estimates, nonresidential fixed investment in chained (2000)
dollars rose $44.9 billion (annual rate) and residential investment rose $4.0 billion. There was an increase of $21.9
billion in inventories following an increase of $37.9 billion in the fourth quarter of 2005.

[Billions of chained (2000) dollars; quarterly data at seasonally adjusted annual rates]
Fixed investment
Period

1996
1997
1998
1999
2000
2001
2002
2003
2004
2005

Gross
private
domestic
investment

Change in private
inventories

Nonresidential
Total
Total

Equipment
and software

Residential

Structures

Total

Nonfarm

.................................................................................
.................................................................................
.................................................................................
.................................................................................
.................................................................................
.................................................................................
.................................................................................
.................................................................................
.................................................................................
.................................................................................

1,234.3
1,387.7
1,524.1
1,642.6
1,735.5
1,598.4
1,557.1
1,617.4
1,809.8
1,919.8

1,209.2
1,320.6
1,455.0
1,576.3
1,679.0
1,629.4
1,544.6
1,600.0
1,755.1
1,897.1

833.6
934.2
1,037.8
1,133.3
1,232.1
1,180.5
1,071.5
1,085.0
1,186.7
1,289.0

261.1
280.1
294.5
293.2
313.2
306.1
253.8
243.1
248.4
253.4

578.7
658.3
745.6
840.2
918.9
874.2
820.2
846.8
947.6
1,050.8

381.3
388.6
418.3
443.6
446.9
448.5
469.9
509.4
561.8
601.9

28.7
71.2
72.6
68.9
56.5
¥31.7
12.5
15.5
52.0
20.3

21.7
68.5
71.2
71.5
57.8
¥31.8
15.2
15.5
49.9
25.0

2002: III .........................................................................
IV ..........................................................................
2003: I ............................................................................
II ...........................................................................
III .........................................................................
IV ..........................................................................

1,570.9
1,567.0
1,565.3
1,575.8
1,640.6
1,687.9

1,543.2
1,537.8
1,540.9
1,573.7
1,629.0
1,656.3

1,068.0
1,054.5
1,051.6
1,072.9
1,101.8
1,113.7

245.8
242.5
237.3
244.8
244.7
245.5

825.7
815.4
818.7
832.0
862.4
874.0

471.8
479.3
484.8
496.0
521.2
535.7

28.0
29.5
24.0
¥.4
9.3
29.0

29.3
29.9
19.7
1.0
13.0
28.1

2004: I ............................................................................
II ...........................................................................
III .........................................................................
IV ..........................................................................

1,729.1
1,813.0
1,833.4
1,863.9

1,684.4
1,744.5
1,780.2
1,811.3

1,135.1
1,171.6
1,204.8
1,235.1

243.4
248.5
249.4
252.3

899.1
931.4
965.6
994.2

542.4
565.1
568.8
571.0

41.9
65.6
50.4
50.1

46.8
58.5
43.7
50.8

2005: I ............................................................................
II ...........................................................................
III .........................................................................
IV ..........................................................................

1,902.9
1,885.0
1,909.4
1,981.9

1,842.2
1,884.7
1,921.5
1,940.0

1,252.2
1,279.0
1,305.2
1,319.7

251.0
252.7
254.1
256.0

1,014.2
1,040.9
1,067.5
1,080.6

584.1
599.3
610.0
614.2

58.2
¥1.7
¥13.3
37.9

61.8
3.4
¥8.1
43.0

2006: I p ...........................................................................

2,013.4

1,986.4

1,364.6

261.4

1,122.4

618.2

21.9

25.7

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

1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2002:

...........................
...........................
...........................
...........................
...........................
...........................
...........................
...........................
...........................
...........................
III ...................
IV ....................
2003: I ......................
II .....................
III ...................
IV ....................

1,209.2
1,320.6
1,455.0
1,576.3
1,679.0
1,629.4
1,544.6
1,600.0
1,755.1
1,897.1
1,543.2
1,537.8
1,540.9
1,573.7
1,629.0
1,656.3

833.6
934.2
1,037.8
1,133.3
1,232.1
1,180.5
1,071.5
1,085.0
1,186.7
1,289.0
1,068.0
1,054.5
1,051.6
1,072.9
1,101.8
1,113.7

261.1
280.1
294.5
293.2
313.2
306.1
253.8
243.1
248.4
253.4
245.8
242.5
237.3
244.8
244.7
245.5

578.7
658.3
745.6
840.2
918.9
874.2
820.2
846.8
947.6
1,050.8
825.7
815.4
818.7
832.0
862.4
874.0

218.9
269.9
328.9
398.5
467.6
459.0
437.4
459.7
522.4
590.6
444.2
433.3
439.4
445.3
469.0
485.3

.............
.............
.............
.............
.............
.............
.............
.............
.............
.............
.............
.............
.............
.............
.............
.............

84.1
108.8
129.4
157.2
176.2
173.8
169.7
175.7
188.8
209.9
173.4
168.7
169.8
171.0
178.9
183.2

117.2
127.3
143.2
158.0
190.0
181.7
161.1
166.2
188.9
198.7
161.7
157.1
159.7
161.1
169.1
174.9

139.9
143.0
148.1
147.9
159.2
145.7
134.5
134.9
139.4
149.1
134.7
134.9
138.8
135.6
134.5
130.7

125.4
135.9
145.4
167.7
160.8
142.8
126.0
123.1
138.7
157.0
124.1
123.5
116.7
126.3
126.6
122.6

105.6
115.8
125.7
126.7
131.2
126.9
122.9
130.7
150.0
159.9
123.6
124.1
124.5
125.5
134.0
138.8

381.3
388.6
418.3
443.6
446.9
448.5
469.9
509.4
561.8
601.9
471.8
479.3
484.8
496.0
521.2
535.7

375.1
382.4
411.9
436.6
439.5
441.1
462.2
501.3
552.9
592.5
464.2
471.6
477.1
488.0
512.9
527.1

197.3
196.6
218.1
234.2
236.8
237.1
246.3
272.6
307.5
326.9
248.9
252.4
257.8
262.4
276.4
293.8

6.2
6.1
6.4
7.0
7.4
7.4
7.7
8.1
8.9
9.3
7.6
7.7
7.7
7.9
8.3
8.5

2004: I ......................
II .....................
III ...................
IV ....................

1,684.4
1,744.5
1,780.2
1,811.3

1,135.1
1,171.6
1,204.8
1,235.1

243.4
248.5
249.4
252.3

899.1
931.4
965.6
994.2

504.8
517.4
527.9
539.7

.............
.............
.............
.............

185.5
186.9
190.0
192.8

184.7
189.5
191.1
190.3

135.9
134.4
142.8
144.5

121.9
136.7
142.8
153.3

141.3
146.4
154.3
158.0

542.4
565.1
568.8
571.0

533.7
556.2
559.7
561.8

298.0
308.2
312.0
312.0

8.7
8.8
9.0
9.2

2005: I ......................
II .....................
III ...................
IV ....................

1,842.2
1,884.7
1,921.5
1,940.0

1,252.2
1,279.0
1,305.2
1,319.7

251.0
252.7
254.1
256.0

1,014.2
1,040.9
1,067.5
1,080.6

565.1
584.6
600.2
612.4

.............
.............
.............
.............

199.8
209.1
213.7
216.9

196.3
196.5
202.1
200.1

150.9
143.2
148.8
153.6

148.8
158.1
163.3
157.9

153.9
160.6
161.1
163.9

584.1
599.3
610.0
614.2

574.8
590.0
600.6
604.6

320.5
323.3
329.0
334.8

9.2
9.2
9.3
9.5

2006: I p .....................

1,986.4

1,364.6

261.4

1,122.4

633.5

.............

219.5

211.8

157.1

171.6

166.9

618.2

608.4

339.1

9.7

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
portaFiwithWhole- Retail
tion
Infor- nance tate scien- care
and
and
out
sale
and
maand rental tific, social Other 1 emand
trade trade waretion insur- and
tech- assisployhousance leas- nical tance
ees
ing
ing
services

For companies with employees
1996
1997
1998
1999
2000
2001
2002
2003
2004

............................
............................
............................
............................
............................
............................
............................
............................
............................

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
997.9
917.5
1.9 42.5 65.5 24.8 157.2
26.8 59.3
47.1 88.2 128.4 94.5
25.9
59.3
96.1 80.4
975.0
886.8
1.9 50.5 54.6 23.2 149.1
26.0 65.9
44.5 80.5 120.8 88.0
24.7
61.2
96.2 88.2
1,047.5
958.6
2.1 53.7 50.1 28.7 156.9
31.9 71.7
47.7 83.5 153.2 92.2
26.9
65.3
94.7 88.9

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).
Data shown in this table are capital expenditures for both new and used structures and
equipment.
Source: Department of Commerce, Bureau of the Census.

EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
In April, employment rose by 47,000 and unemployment rose by 112,000.

[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA]
Civilian employment

Period

1996 ......................
1997 2 ....................
1998 2 ....................
1999 2 ....................
2000 2 ....................
2001 .....................
2002 ......................
2003 2 ....................
2004 2 ....................
2005 2 ....................
2005: Apr ............
May ...........
June ..........
July ...........
Aug ...........
Sept ...........
Oct ............
Nov ............
Dec ............
2006: Jan 2 ..........
Feb ............
Mar ...........
Apr ............

Civilian
noninstitutional
population
(NSA)

Civilian
labor
force

200,591
203,133
205,220
207,753
212,577
215,092
217,570
221,168
223,357
226,082
225,441
225,670
225,911
226,153
226,421
226,693
226,959
227,204
227,425
227,553
227,763
227,975
228,199

133,943
136,297
137,673
139,368
142,583
143,734
144,863
146,510
147,401
149,320
148,839
149,201
149,243
149,605
149,792
150,083
150,043
150,183
150,153
150,114
150,449
150,652
150,811

Percent 1

Unemployment

Total

Men
20
years
and
over

Women
20
years
and
over

Both
sexes
16–19
years

126,708
129,558
131,463
133,488
136,891
136,933
136,485
137,736
139,252
141,730
141,196
141,571
141,750
142,111
142,425
142,435
142,625
142,611
142,779
143,074
143,257
143,641
143,688

64,897
66,284
67,135
67,761
69,634
69,776
69,734
70,415
71,572
73,050
72,855
73,108
73,178
73,345
73,479
73,331
73,500
73,441
73,468
73,844
73,857
74,197
74,169

55,311
56,613
57,278
58,555
60,067
60,417
60,420
61,402
61,773
62,702
62,426
62,515
62,552
62,744
62,901
63,074
63,162
63,170
63,249
63,163
63,262
63,305
63,362

6,500
6,661
7,051
7,172
7,189
6,740
6,332
5,919
5,907
5,978
5,915
5,948
6,020
6,022
6,045
6,030
5,964
6,000
6,061
6,067
6,138
6,139
6,157

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 2006 data reflect revised population controls and are not strictly
comparable with earlier data.

Total

7,236
6,739
6,210
5,880
5,692
6,801
8,378
8,774
8,149
7,591
7,644
7,629
7,493
7,494
7,367
7,648
7,418
7,572
7,375
7,040
7,193
7,011
7,123

Men
20
years
and
over
3,146
2,882
2,580
2,433
2,376
3,040
3,896
4,209
3,791
3,392
3,347
3,337
3,294
3,274
3,307
3,461
3,281
3,282
3,318
3,084
3,258
3,137
3,246

Women
20
years
and
over

Both
sexes
16–19
years

2,783
2,585
2,424
2,285
2,235
2,599
3,228
3,314
3,150
3,013
3,036
3,013
3,030
3,070
2,877
3,055
3,013
3,053
2,966
2,859
2,819
2,733
2,825

1,306
1,271
1,205
1,162
1,081
1,162
1,253
1,251
1,208
1,186
1,261
1,280
1,169
1,150
1,183
1,133
1,124
1,238
1,091
1,097
1,115
1,140
1,053

Not in
labor
force

Labor
force
participation
rate

Employment/
population
ratio

Unemployment
rate

66.8
67.1
67.1
67.1
67.1
66.8
66.6
66.2
66.0
66.0
66.0
66.1
66.1
66.2
66.2
66.2
66.1
66.1
66.0
66.0
66.1
66.1
66.1

63.2
63.8
64.1
64.3
64.4
63.7
62.7
62.3
62.3
62.7
62.6
62.7
62.7
62.8
62.9
62.8
62.8
62.8
62.8
62.9
62.9
63.0
63.0

5.4
4.9
4.5
4.2
4.0
4.7
5.8
6.0
5.5
5.1
5.1
5.1
5.0
5.0
4.9
5.1
4.9
5.0
4.9
4.7
4.8
4.7
4.7

66,647
66,837
67,547
68,385
69,994
71,359
72,707
74,658
75,956
76,762
76,601
76,469
76,668
76,548
76,629
76,610
76,916
77,021
77,271
77,439
77,314
77,323
77,388

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 4.7 percent.

[Monthly data seasonally adjusted]
Unemployment rate (percent of civilian labor force in group)
By race or ethnicity 1

By sex and age
Period

1996 .........................
1997 .........................
1998 .........................
1999 .........................
2000 ........................
2001 ........................
2002 ........................
2003 ........................
2004 .........................
2005 .........................
2005: Apr ...............
May ..............
June .............
July ..............
Aug ..............
Sept ..............
Oct ...............
Nov ..............
Dec ...............
2006: Jan ...............
Feb ...............
Mar ..............
Apr ...............

All
civilian
workers

5.4
4.9
4.5
4.2
4.0
4.7
5.8
6.0
5.5
5.1
5.1
5.1
5.0
5.0
4.9
5.1
4.9
5.0
4.9
4.7
4.8
4.7
4.7

Men
20 years
and over

Women
20 years
and over

4.6
4.2
3.7
3.5
3.3
4.2
5.3
5.6
5.0
4.4
4.4
4.4
4.3
4.3
4.3
4.5
4.3
4.3
4.3
4.0
4.2
4.1
4.2

4.8
4.4
4.1
3.8
3.6
4.1
5.1
5.1
4.9
4.6
4.6
4.6
4.6
4.7
4.4
4.6
4.6
4.6
4.5
4.3
4.3
4.1
4.3

Both
sexes
16–19
years

16.7
16.0
14.6
13.9
13.1
14.7
16.5
17.5
17.0
16.6
17.6
17.7
16.3
16.0
16.4
15.8
15.9
17.1
15.2
15.3
15.4
15.7
14.6

White

4.7
4.2
3.9
3.7
3.5
4.2
5.1
5.2
4.8
4.4
4.4
4.4
4.3
4.3
4.2
4.5
4.4
4.2
4.3
4.1
4.1
4.0
4.1

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

10.5
10.0
8.9
8.0
7.6
8.6
10.2
10.8
10.4
10.0
10.3
10.0
10.3
9.4
9.7
9.5
9.1
10.6
9.3
8.9
9.3
9.3
9.4

..........
..........
..........
..........
3.6
4.5
5.9
6.0
4.4
4.0
3.9
3.9
4.0
5.2
3.6
4.1
3.1
3.6
3.8
3.2
3.2
3.4
3.6

8.9
7.7
7.2
6.4
5.7
6.6
7.5
7.7
7.0
6.0
6.4
5.9
5.8
5.5
5.8
6.5
5.9
6.1
6.0
5.8
5.5
5.4
5.4

Married
men,
spouse
present

Women
who
maintain
families
(NSA)

Full-time
workers

Part-time
workers

8.2
8.1
7.2
6.4
5.9
6.6
8.0
8.5
8.0
7.8
7.7
7.9
8.2
8.8
7.2
7.6
7.3
7.2
6.9
8.2
7.5
7.5
7.5

5.3
4.8
4.3
4.1
3.8
4.7
5.9
6.1
5.6
5.0
5.1
5.0
4.9
4.9
4.9
5.0
4.9
4.9
4.8
4.7
4.7
4.6
4.7

5.8
5.5
5.3
5.0
4.8
5.1
5.2
5.5
5.3
5.4
5.3
5.6
5.3
5.5
5.1
5.3
5.4
5.7
5.5
4.8
5.2
5.1
5.1

3.0
2.7
2.4
2.2
2.0
2.7
3.6
3.8
3.1
2.8
2.6
2.7
2.6
2.7
2.9
2.7
2.6
2.6
2.6
2.4
2.4
2.4
2.6

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 percentages of the unemployed who had been out of work for less than 5 weeks and for 15–
26 weeks fell; the percentages for 5–14 weeks and for 27 weeks and over rose. The mean duration of unemployment
fell to 16.8 weeks and the median duration was unchanged at 8.5 weeks.

[Monthly data seasonally adjusted, except as noted]
Duration of unemployment

Period

Unemployment
(thousands)

Percent distribution
Less
than
5
weeks

5–14
weeks

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
1996 ........................................
1997 ........................................
1998 ........................................
1999 ........................................
2000 ........................................
2001 ........................................
2002 ........................................
2003 ........................................
2004 ........................................
2005 ........................................
2005: Apr ...............................
May ..............................
June .............................
July ..............................
Aug ..............................
Sept .............................
Oct ...............................
Nov ..............................
Dec ...............................
2006: Jan ...............................
Feb ..............................
Mar ..............................
Apr ...............................

7,236
6,739
6,210
5,880
5,692
6,801
8,378
8,774
8,149
7,591
7,644
7,629
7,493
7,494
7,367
7,648
7,418
7,572
7,375
7,040
7,193
7,011
7,123

36.4
37.7
42.2
43.7
44.9
42.0
34.5
31.7
33.1
35.1
35.0
35.4
36.0
34.6
34.0
36.3
36.4
36.9
37.2
36.2
36.3
38.1
37.0

31.6
31.7
31.4
31.2
31.9
32.3
30.8
29.8
29.2
30.4
29.8
29.8
31.7
32.5
30.3
29.7
30.4
30.1
30.2
32.1
29.0
28.6
29.7

14.6
14.8
12.3
12.8
11.8
14.0
16.3
16.4
15.9
14.9
14.3
14.7
14.3
14.2
16.4
14.8
14.0
14.7
14.4
15.4
15.7
14.9
14.7

17.4
15.8
14.1
12.3
11.4
11.8
18.3
22.1
21.8
19.6
20.9
20.1
18.1
18.7
19.3
19.3
19.2
18.3
18.2
16.3
19.0
18.4
18.6

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.

16.7
15.8
14.5
13.4
12.6
13.1
16.6
19.2
19.6
18.4
19.6
18.6
17.2
17.7
18.9
18.2
18.0
17.6
17.3
16.8
17.6
16.9
16.8

8.3
8.0
6.7
6.4
5.9
6.8
9.1
10.1
9.8
8.9
8.9
9.1
9.1
8.9
9.4
8.5
8.6
8.5
8.5
8.4
8.9
8.5
8.5

46.6
45.1
45.5
44.6
44.2
51.1
55.0
55.1
51.5
48.3
48.0
47.7
49.6
48.4
46.9
48.5
47.4
45.6
47.1
46.9
46.7
48.6
49.5

10.7
11.8
11.8
13.3
13.7
12.3
10.3
9.3
10.5
11.5
11.7
12.4
11.3
11.0
11.3
11.5
12.0
11.9
11.4
11.8
11.8
11.6
11.9

34.7
34.7
34.3
34.1
34.5
29.9
28.3
28.2
29.5
31.4
30.7
30.8
30.3
32.2
33.2
31.8
31.7
33.5
32.8
32.5
32.1
30.7
30.5

8.0
8.4
8.4
8.0
7.6
6.8
6.4
7.3
8.4
8.8
9.6
9.1
8.8
8.4
8.6
8.2
8.8
9.0
8.7
8.7
9.4
9.0
8.1

2,595
2,323
2,222
2,188
2,110
2,974
3,585
3,531
2,950
2,662
2,615
2,609
2,614
2,597
2,592
2,756
2,771
2,673
2,643
2,544
2,494
2,446
..............

356
323
321
298
301
404
407
404
345
328
330
335
325
320
318
387
338
316
311
287
303
309
p 314

2,650
2,366
2,257
2,219
2,141
3,007
3,619
3,569
2,995
2,707
2,659
2,589
2,408
2,621
2,487
2,223
2,632
2,472
r 2,602
r 3,381
r 3,040
2,650
.................

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 138,000 in April.

[Thousands of wage and salary workers; 1 monthly data seasonally adjusted]

Goods-producing industries

Period

Total
nonagricultural
employment

Total 2

Construction

Manufacturing

Service-providing industries

Total

Trade, transportation, and
utilities
Total 3

1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2005:

......................
......................
......................
......................
......................
......................
......................
......................
......................
......................
Apr .............
May ............
June ...........
July ............
Aug ............
Sept ...........
Oct .............
Nov ............
Dec .............
2006: Jan .............
Feb r ...........
Mar r ...........
Apr p ...........

119,708
122,776
125,930
128,993
131,785
131,826
130,341
129,999
131,435
133,463
133,104
133,210
133,376
133,617
133,792
133,840
133,877
134,231
134,376
134,530
134,730
134,930
135,068

23,410
23,886
24,354
24,465
24,649
23,873
22,557
21,816
21,882
22,133
22,119
22,126
22,133
22,131
22,146
22,143
22,179
22,264
22,282
22,335
22,373
22,388
22,425

5,536
5,813
6,149
6,545
6,787
6,826
6,716
6,735
6,976
7,277
7,243
7,255
7,277
7,283
7,306
7,325
7,347
7,409
7,416
7,460
7,494
7,500
7,510

17,237
17,419
17,560
17,322
17,263
16,441
15,259
14,510
14,315
14,232
14,256
14,251
14,233
14,224
14,213
14,187
14,196
14,214
14,222
14,227
14,226
14,227
14,246

96,299
98,890
101,576
104,528
107,136
107,952
107,784
108,182
109,553
111,330
110,985
111,084
111,243
111,486
111,646
111,697
111,698
111,967
112,094
112,195
112,357
112,542
112,643

Retail
trade

24,239
24,700
25,186
25,771
26,225
25,983
25,497
25,287
25,533
25,909
25,861
25,897
25,908
25,976
25,985
25,944
25,945
26,006
26,015
26,042
26,048
26,077
26,063

14,143
14,389
14,609
14,970
15,280
15,239
15,025
14,917
15,058
15,255
15,234
15,249
15,256
15,310
15,313
15,267
15,260
15,293
15,300
15,300
15,289
15,313
15,277

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
2,940
3,084
3,218
3,419
3,631
3,629
3,395
3,188
3,118
3,066
3,072
3,065
3,062
3,061
3,065
3,071
3,058
3,064
3,066
3,065
3,073
3,073
3,071

Financial
activities
6,969
7,178
7,462
7,648
7,687
7,807
7,847
7,977
8,031
8,141
8,100
8,101
8,114
8,136
8,155
8,172
8,201
8,217
8,223
8,244
8,268
8,287
8,313

Profes- Educasional
tion Leisure
and
and
and
busihealth hospiness services tality
services
13,462
14,335
15,147
15,957
16,666
16,476
15,976
15,987
16,395
16,882
16,780
16,794
16,844
16,898
16,932
16,997
16,991
17,061
17,121
17,127
17,156
17,205
17,233

13,683
14,087
14,446
14,798
15,109
15,645
16,199
16,588
16,953
17,342
17,241
17,291
17,333
17,368
17,413
17,451
17,440
17,481
17,507
17,544
17,585
17,621
17,656

10,777
11,018
11,232
11,543
11,862
12,036
11,986
12,173
12,493
12,802
12,770
12,778
12,802
12,833
12,860
12,826
12,840
12,881
12,898
12,932
12,955
12,986
13,006

Other
services

Government

Total
4,690
4,825
4,976
5,087
5,168
5,258
5,372
5,401
5,409
5,386
5,393
5,385
5,394
5,392
5,385
5,381
5,371
5,377
5,386
5,397
5,396
5,396
5,397

19,539
19,664
19,909
20,307
20,790
21,118
21,513
21,583
21,621
21,803
21,768
21,773
21,786
21,822
21,851
21,855
21,852
21,880
21,878
21,844
21,876
21,897
21,904

Federal
2,877
2,806
2,772
2,769
2,865
2,764
2,766
2,761
2,730
2,724
2,729
2,725
2,727
2,726
2,725
2,725
2,724
2,728
2,713
2,705
2,707
2,705
2,701

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

1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2005:

....................
....................
.....................
.....................
....................
.....................
.....................
.....................
.....................
.....................
Apr ...........
May ...........
June ..........
July ...........
Aug ...........
Sept ..........
Oct ............
Nov ...........
Dec ...........
2006: Jan ...........
Feb r ..........
Mar r ..........
Apr p ..........

Total
private
nonagricultural 1

34.3
34.5
34.5
34.3
34.3
34.0
33.9
33.7
33.7
33.8
33.8
33.7
33.7
33.8
33.7
33.8
33.8
33.8
33.8
33.8
33.8
33.8
33.9

Total

41.3
41.7
41.4
41.4
41.3
40.3
40.5
40.4
40.8
40.7
40.5
40.4
40.4
40.5
40.6
40.7
41.0
40.8
40.8
40.9
41.0
41.1
41.1

Average gross weekly earnings

Total private
nonagricultural 1

Overtime

4.8
5.1
4.8
4.8
4.7
4.0
4.2
4.2
4.6
4.6
4.4
4.4
4.4
4.5
4.6
4.5
4.6
4.6
4.5
4.5
4.6
4.6
4.5

Current
dollars

$12.03
12.49
13.00
13.47
14.00
14.53
14.95
15.35
15.67
16.11
16.00
16.03
16.07
16.14
16.16
16.19
16.28
16.28
16.35
16.40
16.47
16.52
16.61

1982
dollars 2

$7.57
7.68
7.89
8.00
8.03
8.11
8.24
8.27
8.23
8.17
8.17
8.20
8.22
8.20
8.15
8.05
8.09
8.15
8.20
8.17
8.20
8.19
..............

Total private
nonagricultural 1
Manufacturing

Current
dollars

$12.75
13.14
13.45
13.85
14.32
14.76
15.29
15.74
16.15
16.56
16.48
16.54
16.56
16.58
16.65
16.60
16.71
16.68
16.70
16.71
16.72
16.74
16.79

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

1982
dollars 2

Manufacturing

Construction

Retail
trade

$412.74
431.25
448.04
462.49
480.41
493.20
506.07
517.30
528.36
543.65
540.80
540.21
541.56
545.53
544.59
547.22
550.26
550.26
552.63
554.32
556.69
558.38
563.08

$259.58
265.22
271.87
274.64
275.62
275.38
278.83
278.72
277.50
275.82
276.20
276.18
276.87
277.06
274.77
272.25
273.35
275.54
277.01
276.06
277.24
276.84
..............

$526.55
548.22
557.12
573.17
590.65
595.19
618.75
635.99
658.59
673.61
667.44
668.22
669.02
671.49
675.99
675.62
685.11
680.54
681.36
683.44
685.52
688.01
690.07

$588.48
609.48
629.75
655.11
685.78
695.89
711.82
726.83
735.55
750.63
757.76
743.81
750.00
745.66
747.23
746.43
753.83
767.93
760.46
767.53
764.77
766.35
770.67

$282.76
295.97
310.34
321.63
333.38
346.16
360.81
367.15
371.13
377.68
379.15
378.22
376.68
379.73
377.26
376.68
377.87
377.91
377.90
379.42
378.78
379.70
384.00

Current
dollars

3.3
4.5
3.9
3.2
3.9
2.7
2.6
2.2
2.1
2.9
3.0
2.3
3.0
3.2
2.7
2.7
3.4
3.3
3.2
3.6
3.8
3.9
4.1

1982
dollars

0.4
2.2
2.5
1.0
.4
¥.1
1.3
¥.0
¥.4
¥.6
¥.6
¥.6
.4
¥.0
¥1.2
¥2.3
¥1.2
¥.3
¥.2
¥.5
.2
.3
..............

Source: Department of Labor, Bureau of Labor Statistics.

EMPLOYMENT COST INDEX—PRIVATE INDUSTRY
Index (December 2005 = 100)

Percent change from
3 months earlier

Period

Total
compensation

Wages and
salaries

Benefits 1

................
................
................
................
................
87.3
90.0
93.6
97.2
100.0

................
................
................
................
................
89.9
92.2
95.1
97.6
100.0

................
................
................
................
................
81.3
84.7
90.2
96.2
100.0

Total
compensation

Wages and
salaries

12 months earlier
Benefits 1

Total
compensation

Wages and
salaries

Benefits 1

Not seasonally adjusted
1996:
1997:
1998:
1999:
2000:
2001:
2002:
2003:
2004:
2005:

Dec ..................................................................
Dec ..................................................................
Dec ..................................................................
Dec ..................................................................
Dec ..................................................................
Dec r ................................................................
Dec r ................................................................
Dec r ................................................................
Dec r ................................................................
Dec r ................................................................

................
................
................
................
................
................
................
................
................
................

................
................
................
................
................
................
................
................
................
................

..................
..................
..................
..................
..................
..................
..................
..................
..................
..................

Seasonally adjusted
2003: Mar r ...............................................................
June r ..............................................................
Sept r ...............................................................
Dec r ................................................................
2004: Mar r ...............................................................
June r ..............................................................
Sept r ...............................................................
Dec r ................................................................
2005: Mar r ...............................................................
June r ..............................................................
Sept r ...............................................................
Dec r ................................................................
2006: Mar .................................................................

91.4
92.2
93.2
93.8
94.9
95.8
96.7
97.3
98.2
98.8
99.5
100.2
100.8

93.2
93.8
94.7
95.1
95.7
96.4
97.2
97.7
98.3
98.8
99.4
100.1
100.8

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.
Data exclude farm and household workers.

87.0
88.1
89.4
90.5
92.9
94.4
95.4
96.5
98.0
98.8
99.6
100.4
100.8

1.4
.8
1.1
.7
1.2
1.0
.9
.7
.9
.6
.7
.7
.6

3.1
3.4
3.5
3.4
4.4
4.1
3.1
4.0
3.8
2.9

3.4
3.9
3.9
3.5
3.9
3.8
2.6
3.1
2.6
2.5

2.0
2.3
2.4
3.4
5.6
5.2
4.2
6.5
6.7
4.0

Not seasonally adjusted
1.0
.7
.9
.4
.6
.7
.8
.4
.7
.5
.6
.6
.7

2.3
1.3
1.5
1.2
2.6
1.6
1.0
1.2
1.5
.8
.9
.7
.4

3.6
3.5
3.9
4.0
3.8
3.9
3.8
3.8
3.5
3.1
2.9
2.9
2.6

2.9
2.6
3.0
3.1
2.6
2.7
2.6
2.6
2.7
2.5
2.3
2.5
2.4

5.7
5.8
6.3
6.5
6.8
7.3
6.7
6.7
5.5
4.7
4.5
4.0
3.0

Data for the Employment Cost Index have been revised. The revisions include rebasing the
index numbers to December 2005 = 100 and the change to industry classification based on
the 2002 North American Industry Classification (NAICS) beginning with data for 2001. Data
prior to 2001 are based on the Standard Industrial Classification (SIC); rebased indexes on
SIC basis are not yet available. For details on the revisions see Employment Cost Index, release
dated April 28, 2006.
Source: Department of Labor, Bureau of Labor Statistics.

15

PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output per hour of
all persons
Period
Business
sector

Nonfarm
business
sector

Output 1
Business
sector

Hours of all
persons 2

Nonfarm
business
sector

Business
sector

Compensation per
hour 3

Nonfarm
business
sector

Business
sector

Nonfarm
business
sector

Real compensation
per hour 4
Business
sector

Nonfarm
business
sector

Unit labor
costs
Business
sector

Implicit price
deflator 5

Nonfarm
business
sector

Business
sector

Nonfarm
business
sector

Indexes, 1992=100; quarterly data seasonally adjusted
1996 ........................
1997 ........................
1998 ........................
1999 ........................
2000 ........................
2001 ........................
2002 ........................
2003 ........................
2004 ........................
2005 r .......................
2002: I ...................
II .................
III ................
IV ................
2003: I ...................
II .................
III ...............
IV ................
2004: I ...................
II .................
III ................
IV ................
2005: I ...................
II .................
III ................
IV r ...............
2006: I p* ................

104.5
106.5
109.4
112.7
115.9
118.8
123.6
128.6
133.1
136.6
122.5
123.1
124.4
124.5
125.6
127.9
130.5
130.5
131.7
132.9
133.4
134.3
135.4
135.8
137.5
137.5
138.7

104.7
106.4
109.3
112.4
115.5
118.3
123.1
128.0
132.4
136.0
122.3
122.6
123.8
123.8
125.0
126.9
129.9
130.1
130.8
132.3
132.8
133.5
134.7
135.5
136.9
136.8
137.9

116.5
122.7
128.6
135.2
140.5
141.0
143.1
147.9
154.9
161.2
141.9
142.6
143.8
144.0
144.6
146.4
149.8
150.8
152.6
154.1
155.8
157.2
158.9
160.4
162.3
163.1
165.4

116.8
122.8
128.9
135.6
140.8
141.3
143.4
148.2
155.3
161.8
142.5
143.0
144.1
144.1
144.8
146.5
150.2
151.2
152.8
154.5
156.3
157.7
159.4
161.2
163.0
163.6
165.9

111.5
115.2
117.5
119.9
121.2
118.6
115.7
115.0
116.4
118.0
115.8
115.9
115.6
115.7
115.2
114.4
114.8
115.5
115.9
116.0
116.8
117.1
117.3
118.1
118.1
118.6
119.2

111.5
115.4
117.9
120.6
121.9
119.5
116.5
115.8
117.3
119.0
116.5
116.6
116.4
116.4
115.9
115.4
115.6
116.3
116.8
116.8
117.6
118.2
118.3
118.9
119.1
119.6
120.3

109.5
113.0
119.8
125.6
134.4
140.0
144.9
150.7
157.8
166.1
143.3
145.0
145.6
145.7
147.8
150.3
151.9
152.8
154.4
155.8
158.3
162.5
164.5
164.7
167.1
168.3
170.7

109.4
112.8
119.5
125.1
133.9
139.2
144.2
149.9
156.7
165.1
142.7
144.2
144.8
144.9
147.0
149.2
151.1
152.1
153.4
154.9
157.3
161.1
163.3
163.8
166.0
167.2
169.5

99.4
100.5
105.1
107.9
111.8
113.3
115.4
117.3
119.6
121.8
r 115.2
115.7
115.6
r 114.9
115.5
117.4
r 117.9
r 118.3
118.5
r 118.4
r 119.6
121.8
122.5
r 121.5
121.7
121.6
122.7

99.4
100.3
104.8
107.4
111.3
112.6
114.8
116.6
118.8
121.1
114.7
r 115.1
114.9
114.4
114.9
r 116.6
117.3
r 117.8
117.7
r 117.7
118.9
120.7
121.7
120.9
r 120.9
120.8
121.8

104.8
106.1
109.5
111.5
116.0
117.8
117.2
117.1
118.5
121.7
117.0
117.8
117.0
117.1
117.7
117.5
116.4
117.1
117.2
117.3
118.6
121.0
121.4
121.2
121.6
122.4
123.1

104.5
106.0
109.3
111.3
115.9
117.6
117.1
117.1
118.4
121.4
116.6
117.6
117.0
117.1
117.6
117.6
116.3
117.0
117.3
117.1
118.4
120.7
121.2
120.9
121.3
122.2
122.9

107.4
109.0
109.7
110.7
112.7
114.9
116.1
117.7
120.6
123.7
115.6
115.9
116.2
116.7
117.2
117.4
117.9
118.3
119.4
120.5
120.7
121.5
122.3
123.1
124.1
125.1
126.0

107.3
109.1
109.9
111.1
113.3
115.4
116.7
118.2
120.7
124.1
116.0
116.6
116.9
117.3
117.9
118.0
118.3
118.6
119.6
120.6
121.0
121.8
122.7
123.5
124.5
125.6
126.5

Percent change; quarterly data at seasonally adjusted annual rates
1996 ........................
1997 ........................
1998 ........................
1999 ........................
2000 ........................
2001 ........................
2002 ........................
2003 ........................
2004 ........................
2005 r .......................

3.0
1.9
2.8
3.0
2.8
2.5
4.0
4.1
3.5
2.6

2.7
1.6
2.7
2.8
2.8
2.4
4.1
3.9
3.4
2.7

4.6
5.3
4.8
5.1
3.9
.3
1.5
3.4
4.8
4.0

4.5
5.2
5.0
5.2
3.8
.4
1.5
3.3
4.8
4.2

1.6
3.4
2.0
2.1
1.1
¥2.1
¥2.4
¥.7
1.3
1.4

1.8
3.5
2.2
2.3
1.1
¥2.0
¥2.5
¥.6
1.3
1.4

3.5
3.2
6.1
4.8
7.0
4.2
3.5
4.0
4.7
5.3

3.4
3.1
5.9
4.6
7.1
3.9
3.6
4.0
4.6
5.4

2002: I ...................
II .................
III ................
IV ................
2003: I ...................
II .................
III ...............
IV ................
2004: I ...................
II .................
III ................
IV ................
2005: I ...................
II .................
III ................
IV r ...............
2006: I p* ................

5.6
1.9
4.5
.0
3.7
7.5
8.4
.0
3.7
3.7
1.6
2.7
3.4
1.1
4.9
.2
3.4

6.8
.9
4.0
.1
3.8
6.3
9.8
.5
2.4
4.5
1.7
2.0
3.8
2.4
4.2
¥.3
3.2

2.6
2.1
3.6
.5
1.7
4.9
9.9
2.6
4.9
4.0
4.4
3.6
4.4
4.0
4.8
1.8
5.8

3.5
1.4
3.1
.1
2.0
4.7
10.4
2.8
4.2
4.6
4.6
3.9
4.3
4.4
4.7
1.5
5.8

¥2.8
.2
¥.9
.4
¥1.9
¥2.5
1.3
2.5
1.2
.3
2.8
.9
.9
2.8
¥.1
1.6
2.3

¥3.1
.5
¥.8
.1
¥1.7
¥1.5
.6
2.2
1.7
.1
2.9
1.9
.5
2.0
.4
1.8
2.5

5.7
4.7
1.8
.2
5.8
7.1
4.3
2.4
4.2
3.9
6.4
11.2
4.8
.5
6.0
3.0
5.8

6.1
4.4
1.7
.3
5.9
6.2
5.0
2.8
3.4
4.0
6.2
10.0
5.6
1.3
5.5
2.7
5.7

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 1978–2005 is based on the consumer price index research series (CPI–U–RS). Data reflect revisions beginning 2001.
5 Current dollar gross domestic output divided by the output index.

16

0.8
1.1
4.6
2.7
3.5
1.3
1.9
1.7
2.0
1.9

0.7
.9
4.5
2.5
3.6
1.1
2.0
1.6
1.8
2.0

0.5
1.3
3.2
1.8
4.0
1.6
¥.5
¥.1
1.2
2.6

0.7
1.4
3.1
1.8
4.2
1.4
¥.5
.0
1.1
2.5

1.6
1.5
.6
.9
1.8
2.0
1.0
1.4
2.4
2.6

1.4
1.7
.7
1.1
1.9
1.9
1.1
1.3
2.1
2.8

r 4.2

r 4.7

.1
2.7
¥2.6
.1
2.0
¥.4
¥3.8
2.4
.5
.2
4.8
8.3
1.3
¥.6
1.1
2.8
2.3

¥.7
3.5
¥2.2
.3
2.0
¥.1
¥4.3
2.2
1.0
¥.5
4.5
7.9
1.8
¥1.0
1.2
3.0
2.5

.2
1.0
1.0
1.7
1.8
.6
1.6
1.6
3.7
3.8
.7
2.4
2.7
2.6
3.2
3.5
2.7

¥.0
2.0
.9
1.6
1.9
.4
1.0
.8
3.6
3.2
1.5
2.6
3.0
2.7
3.5
3.6
2.8

r 1.6

r 1.4

r ¥.5

r ¥.6

r ¥2.1

r ¥2.0

r 1.8

r 1.9

r 6.9

r 6.0

r 1.7

r 2.5

r 1.3

r 1.7

r .5

r ¥.2

r ¥.2

r ¥.0

r 4.2

r 4.0

7.4
2.4
r ¥3.2
r .5
¥.3
3.6

r 6.3

3.2
r ¥2.4
r ¥.0

¥.6
3.6

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, 2006.
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

1996
1997
1998
1999
2000
2001
2002
2003
2004
2005

Index,
2002=100

From
preceding
month

Industry production indexes, 2002=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

.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................

83.6
89.7
94.9
99.3
103.5
99.9
100.0
100.6
104.7
108.2

..............
..............
..............
..............
..............
..............
..............
..............
..............
..............

4.2
7.3
5.9
4.5
4.3
¥3.5
.1
.6
4.1
3.3

81.8
88.8
94.7
99.7
104.3
99.9
100.0
100.5
105.4
109.6

72.4
81.2
89.8
97.6
105.3
100.2
100.0
102.3
109.8
117.0

96.1
99.6
101.1
101.8
102.4
99.0
100.0
98.9
101.0
101.8

90.2
97.7
104.1
107.4
109.5
103.1
100.0
97.0
98.8
101.9

106.2
108.0
106.4
101.2
103.5
104.5
100.0
99.8
99.5
97.4

89.7
89.7
92.0
94.7
97.4
97.0
100.0
102.0
103.1
r 105.8

83.0
83.9
82.7
81.9
81.8
76.3
75.1
75.7
78.6
80.0

81.8
83.0
81.7
80.8
80.3
74.1
73.3
73.7
77.1
78.9

2005: Mar .............
Apr .............
May ............
June ...........
July ............
Aug ............
Sept ............
Oct .............
Nov .............
Dec r ............

107.3
107.2
107.4
108.3
108.3
108.6
107.2
108.4
109.4
110.4

¥0.0
¥.1
.2
.8
¥.0
.3
¥1.3
1.1
.9
1.0

4.0
3.1
2.4
3.7
3.1
3.1
2.0
2.4
3.2
3.5

108.2
108.3
108.7
109.0
109.1
109.5
108.9
110.9
111.7
112.2

114.2
114.3
115.0
115.5
115.9
117.3
117.5
120.7
121.2
121.4

101.9
101.9
101.9
102.1
102.1
101.5
100.1
100.7
102.0
102.7

102.4
102.5
103.2
102.0
101.0
100.9
100.4
101.4
101.1
102.3

100.4
100.5
99.8
100.8
99.8
99.2
90.3
89.1
93.1
95.5

104.8
103.1
102.9
108.3
108.1
108.4
108.1
105.9
104.8
109.2

79.9
79.7
79.8
80.3
80.2
80.3
79.1
79.9
80.5
81.1

78.5
78.4
78.6
78.7
78.6
78.8
78.2
79.4
79.9
80.1

2006: Jan r ............
Feb r ............
Mar p ...........

110.0
110.6
111.2

¥.4
.5
.6

2.9
3.0
3.6

113.0
112.8
113.4

122.2
122.2
123.1

103.7
103.4
103.7

101.5
100.9
101.4

97.1
96.5
97.4

96.5
104.2
104.8

80.7
81.0
81.3

80.5
80.2
80.4

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
[2002=100; monthly data seasonally adjusted]
Products and nonindustrial supplies
Final products
Consumer goods

Equipment

Durable
goods

Business
equipment

Period
Total
Total

1996
1997
1998
1999
2000
2001
2002
2003
2004
2005

Materials
Nonindustrial supplies

Nondurable
goods

Total 1

Defense
and
space
equipment

Total

Construction
supplies

Business
supplies

Total 1

Energy

............................................................
............................................................
............................................................
............................................................
............................................................
............................................................
............................................................
............................................................
............................................................
............................................................

86.7
92.2
97.4
100.1
103.1
100.7
100.0
101.0
105.1
109.7

88.7
91.9
95.1
97.1
99.0
97.8
100.0
101.0
103.1
105.5

78.0
83.3
88.9
95.5
98.3
94.1
100.0
104.0
106.9
r 109.4

93.4
95.6
97.7
97.7
99.2
99.3
100.0
99.8
101.6
104.0

84.1
94.3
103.7
107.8
113.3
107.9
100.0
100.9
110.0
120.7

80.5
92.3
102.8
108.6
116.6
108.4
100.0
100.0
109.4
119.5

104.5
102.2
105.9
103.1
92.2
100.1
100.0
105.0
113.1
125.7

85.6
91.2
96.4
100.2
104.3
99.9
100.0
100.3
104.1
108.0

90.9
95.3
100.2
102.7
105.0
100.2
100.0
99.1
104.6
108.7

83.6
89.7
95.0
99.3
104.0
99.8
100.0
100.7
103.9
107.7

80.0
86.7
92.0
98.0
103.7
99.0
100.0
100.4
104.6
106.7

99.6
99.5
99.9
99.7
101.1
100.0
100.0
99.6
99.6
97.9

2005: Mar .................................................
Apr ..................................................
May .................................................
June ................................................
July .................................................
Aug ..................................................
Sept .................................................
Oct ..................................................
Nov ..................................................
Dec r .................................................

108.2
108.0
108.5
109.6
109.7
110.0
109.4
111.5
111.6
112.3

104.6
104.1
104.6
105.8
105.2
105.6
106.4
106.5
105.7
106.6

107.7
106.0
107.1
108.5
107.1
110.1
112.7
113.1
110.1
109.0

103.4
103.3
103.5
104.7
104.4
103.9
103.9
103.9
103.9
105.5

117.4
118.1
118.8
119.5
121.2
121.4
117.0
124.5
126.9
127.4

116.3
116.8
117.9
118.4
120.0
120.1
115.1
123.1
125.8
126.4

122.5
124.5
124.1
124.9
126.8
127.4
124.6
127.8
128.6
129.9

106.4
106.9
106.9
107.4
107.4
108.0
108.4
109.6
110.4
111.1

106.2
107.3
107.5
106.9
107.5
108.2
109.8
112.4
113.4
113.1

106.5
106.7
106.7
107.6
107.4
107.9
107.8
108.4
109.1
110.3

106.8
106.5
106.5
107.3
107.2
107.4
104.5
104.9
106.9
108.3

99.8
99.2
99.2
101.3
100.3
100.0
92.8
90.9
94.3
96.8

2006: Jan r .................................................
Feb r .................................................
Mar p ................................................

111.8
112.5
113.0

105.5
106.2
106.6

110.1
110.1
110.4

103.6
104.6
105.1

128.3
128.9
129.6

127.7
128.0
129.0

129.9
131.7
131.2

109.6
110.1
110.5

113.2
112.3
112.5

108.1
109.2
109.6

108.4
108.8
109.6

95.3
96.6
97.4

1 Includes

other items, not shown separately.

[2002=100; monthly data seasonally adjusted]
Durable manufactures
Primary metal
Period

Nondurable manufactures

Computer and electronic products

Fabricated
metal
products

Machinery

Transportation
equipment

Printing
and
support

Total

Iron
and
steel
products

............................................................
............................................................
............................................................
............................................................
............................................................
............................................................
............................................................
............................................................
............................................................
............................................................

107.0
111.6
113.5
113.2
109.5
99.1
100.0
97.6
103.4
r 100.6

107.7
111.0
110.8
111.6
110.5
99.9
100.0
99.0
108.4
r 101.7

98.6
103.0
106.3
107.1
111.3
103.2
100.0
98.6
103.2
106.7

106.2
112.2
115.0
112.7
118.4
104.8
100.0
99.0
110.7
115.7

33.6
45.2
58.3
77.2
102.5
103.6
100.0
112.6
130.7
156.7

23.3
34.6
48.4
70.5
100.7
102.6
100.0
117.6
141.2
171.8

83.4
91.0
99.0
104.4
99.5
95.7
100.0
101.8
105.6
111.4

79.6
85.8
90.2
100.1
99.5
90.6
100.0
104.0
108.0
112.1

163.4
161.3
152.6
146.2
139.1
119.1
100.0
91.7
87.6
84.2

107.9
110.0
111.2
112.3
113.0
106.0
100.0
95.8
96.0
97.7

86.1
91.2
92.7
94.6
96.0
94.3
100.0
99.7
102.8
102.6

88.4
90.8
94.8
95.8
97.5
97.5
100.0
99.6
100.8
103.2

2005: Mar .................................................
Apr ..................................................
May .................................................
June ................................................
July .................................................
Aug ..................................................
Sept .................................................
Oct ..................................................
Nov ..................................................
Dec r .................................................

102.3
99.5
98.9
95.5
95.3
98.2
101.8
102.7
103.5
104.0

104.5
99.0
96.4
92.4
90.5
98.9
103.7
104.4
108.1
109.4

105.0
105.5
105.7
105.6
106.1
106.6
106.8
109.0
109.1
108.5

114.3
114.3
114.5
115.0
116.3
114.1
116.1
119.0
120.2
121.8

147.4
149.5
152.2
153.6
156.5
160.1
162.1
165.0
170.7
172.5

160.4
163.1
166.2
167.9
171.6
176.7
179.6
181.3
188.0
191.1

109.1
108.6
109.4
111.0
109.8
112.7
108.8
115.0
112.9
112.6

109.8
107.9
108.8
111.4
109.2
113.1
116.3
116.3
110.9
109.5

84.3
84.6
82.3
81.9
83.7
84.0
84.5
84.2
85.0
85.2

96.4
96.5
97.0
96.5
97.9
97.2
97.9
98.2
98.3
98.4

103.8
104.1
103.9
103.9
103.7
102.7
97.5
98.8
101.3
101.9

102.5
102.0
103.2
103.0
103.4
102.7
103.5
103.9
104.2
104.8

2006: Jan r .................................................
Feb r .................................................
Mar p ................................................

106.2
105.8
105.8

110.0
110.5
110.9

109.6
110.1
110.7

119.7
118.5
120.2

172.2
173.2
176.1

190.5
192.4
197.6

114.9
115.0
115.9

112.3
111.1
112.8

86.6
87.0
89.3

100.4
101.1
101.0

102.6
102.3
102.8

105.7
105.6
106.4

1996
1997
1998
1999
2000
2001
2002
2003
2004
2005

Total

1 Computers and office equipment, communications equipment, and semiconductors and related electronic components.

18

Selected
hightechnology 1

Total

Motor
vehicles
and
parts

Apparel

Source: Board of Governors of the Federal Reserve System.

Chemical

Food

NEW CONSTRUCTION
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Private
Period

1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2005:

....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
Mar ..........................
Apr ..........................
May ..........................
June ........................
July .........................
Aug ..........................
Sept .........................
Oct ...........................
Nov ..........................
Dec ..........................
2006: Jan r .........................
Feb r .........................
Mar p ........................

Total new
construction expenditures

Residential
Total
Total 1

615.9
653.4
706.3
769.5
835.3
868.3
876.8
925.1
1,027.7
1,120.6
1,106.4
1,102.1
1,106.4
1,101.4
1,107.7
1,121.5
1,135.6
1,143.6
1,149.6
1,171.0
1,176.8
1,188.7
1,199.1

476.6
502.7
552.0
599.7
649.8
662.2
659.7
701.6
798.5
874.1
864.1
859.4
859.7
854.1
860.3
871.3
886.7
892.0
897.1
916.8
919.5
930.9
940.8

281.1
289.0
314.6
350.6
374.5
388.3
421.9
475.9
563.4
626.8
619.7
613.3
615.8
613.3
617.3
622.4
636.2
642.5
644.0
656.7
654.3
662.6
672.9

Federal
and
State
and
local

Nonresidential

New
housing

Total

191.1
198.1
224.0
251.3
265.0
279.4
298.8
345.7
416.1
470.0
448.0
449.3
455.6
462.4
468.0
472.8
483.1
488.9
495.0
500.6
503.9
509.8
513.3

195.5
213.7
237.4
249.2
275.3
273.9
237.7
225.7
235.1
247.3
244.3
246.1
243.9
240.7
242.9
248.9
250.5
249.5
253.1
260.1
265.3
268.3
267.9

1 Includes

residential improvements, not shown separately.
2 Includes health care, educational, communication, and power, among other categories not
shown separately.

Lodging

10.9
12.9
14.8
16.0
16.3
14.5
10.5
9.9
11.5
11.8
12.0
12.8
11.7
10.9
11.3
11.5
11.9
11.7
12.1
12.5
12.8
13.6
14.0

Commercial
(including
farm)

Office

26.5
32.8
40.4
45.1
52.4
49.7
35.3
30.6
33.1
35.3
34.7
35.0
34.8
34.9
35.0
34.6
36.1
35.7
36.5
38.2
38.6
39.2
38.6

Manufacturing

49.4
53.1
55.7
59.4
64.1
63.6
59.0
57.2
61.6
67.0
64.5
66.7
66.8
64.7
66.3
68.1
67.9
68.7
70.6
71.1
72.0
69.7
70.1

Other 2

38.1
37.6
40.5
35.1
37.6
37.8
22.7
21.4
23.5
28.6
29.0
28.4
28.0
27.9
26.7
29.2
29.0
29.4
29.9
31.1
33.3
32.3
32.6

70.6
77.3
86.0
93.7
104.9
108.2
110.2
106.5
105.4
104.5
104.1
103.2
102.6
102.4
103.7
105.4
105.7
104.2
104.1
107.1
108.5
113.4
112.5

139.3
150.7
154.3
169.7
185.5
206.1
217.2
223.5
229.3
246.6
242.3
242.7
246.7
247.3
247.5
250.3
248.9
251.6
252.5
254.3
257.2
257.8
258.2

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
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005

......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................
......................................

New private houses

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
2,068.3

1 unit
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
1,715.8

2–4 units 1

5 units or
more

45.3
44.5
42.6
31.9
38.7
36.6
38.5
33.5
42.3
41.1

270.8
295.8
302.9
306.6
299.1
292.8
307.9
315.2
303.0
311.4

Units
authorized
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
2,147.6

Units
completed

Houses
sold

Houses for
sale at end
of period 2

Vacancy rate
for rental
housing units
(percent) 3

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
1,931.4

757
804
886
880
877
908
973
1,086
1,203
1,283

322
281
294
308
298
308
339
370
422
r 510

7.8
7.7
7.9
8.1
8.0
8.4
8.9
9.8
10.2
9.8

1,797
1,944
2,097
1,963
1,889
1,933
1,953
1,948
1,890
1,966
2,062
2,057
2,218

1,307
1,269
1,293
1,298
1,371
1,274
1,249
1,345
1,237
r 1,266
1,197
1,066
1,213

446
446
452
456
466
478
489
491
502
r 510
522
540
555

10.1
......................
......................
9.8
......................
......................
9.9
......................
......................
9.6
......................
......................
9.5

Seasonally adjusted annual rates
2005: Mar ............................
Apr ............................
May ............................
June ..........................
July ...........................
Aug ............................
Sept ...........................
Oct .............................
Nov ............................
Dec ............................
2006: Jan r ...........................
Feb r ...........................
Mar p ..........................
1 Derived;

1,833
2,027
2,041
2,065
2,062
2,081
2,160
2,051
2,136
1,989
2,307
2,126
1,960

1,550
1,640
1,724
1,716
1,732
1,719
1,791
1,732
1,803
1,613
1,849
1,807
1,591

34
47
37
37
36
43
59
33
38
32
27
36
35

seasonally adjusted monthly data for 2–4 units are no longer published.
adjusted.
series. Quarterly data entered in last month of quarter.
4 Based on 20,000 permit-issuing places. Based on 19,000 places, the total for 2004 is
2,052.1 thousand units.
2 Seasonally
3 Revised

249
340
280
312
294
319
310
286
295
344
431
283
334

2,021
2,148
2,062
2,132
2,171
2,138
2,219
2,103
2,163
2,075
2,216
2,179
2,094

NOTE.—Beginning 2004, units authorized are for 20,000 permit-issuing places. For other
data shown, units authorized are for 19,000 places.
Beginning 1999, housing starts, completions, and sales are not directly comparable with earlier data due to new estimation methods.
Source: Department of Commerce, Bureau of the Census.

19

BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In February, according to current estimates, manufacturing and trade sales fell 0.7 percent and inventories were
about unchanged. According to advance estimates, retail sales rose 0.7 percent in March. Retail and food services
sales rose 0.6 percent.

[Millions of dollars, except ratios; seasonally adjusted, except as noted]

Manufacturing and trade 1
Period
Sales 2

Inventories 3

Inventorysales
ratio 4

Wholesale

Sales 2

Inventories 3

1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2005:

Retail
Inventory
sales
ratio 4

..............................................................
687,350 1,005,586
1.46 190,362 241,078
1.27
..............................................................
723,879 1,046,812
1.42 198,154 258,496
1.26
..............................................................
742,837 1,078,741
1.43 202,260 272,292
1.32
..............................................................
786,634 1,139,214
1.40 216,597 290,418
1.30
..............................................................
834,325 1,198,495
1.41 234,546 309,809
1.29
..............................................................
822,982 1,140,929
1.43 232,096 298,380
1.32
..............................................................
824,201 1,142,242
1.37 236,294 302,478
1.26
..............................................................
850,634 1,158,821
1.35 246,857 308,017
1.23
..............................................................
928,951 1,250,071
1.31 274,710 338,232
1.18
r 1.29
..............................................................
995,827 1,306,407
295,843 362,084
1.19
Feb r ...................................................
965,833 1,266,619
1.31 285,899 344,060
1.20
Mar r ...................................................
973,401 1,271,059
1.31 286,447 345,152
1.20
Apr ....................................................
982,084 1,275,081
1.30 290,863 348,400
1.20
May ....................................................
983,022 1,277,357
1.30 290,853 349,180
1.20
June ...................................................
988,990 1,276,882
1.29 292,456 351,151
1.20
July ................................................... 1,000,011 1,272,347
1.27 294,673 351,621
1.19
Aug .................................................... 1,005,710 1,277,245
1.27 298,721 353,223
1.18
Sept ................................................... 1,011,595 1,284,152
1.27 304,949 355,881
1.17
Oct ..................................................... 1,017,882 1,289,407
1.27 308,013 357,061
1.16
Nov .................................................... 1,021,260 1,296,537
1.27 306,416 358,711
1.17
Dec .................................................... 1,035,661 1,306,407
1.26 309,975 362,084
1.17
2006: Jan r ................................................... 1,047,810 1,313,677
1.25 311,990 362,729
1.16
Feb r ................................................... 1,040,757 1,313,459
1.26 312,114 365,492
1.17
Mar p .................................................. .................. .................. ................ ................ ................ ................
1 See

page 21 for manufacturing.
data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month.
2 Annual

20

3 Seasonally

Sales 2

Inventories 3

197,222 333,915
1.67
206,167 344,593
1.64
215,592 357,267
1.62
234,046 385,087
1.59
249,063 407,035
1.59
255,644 394,966
1.58
261,194 416,499
1.55
272,123 432,268
1.56
289,776 461,202
1.56
309,932 473,865
1.50
301,567 463,277
1.54
302,332 464,616
1.54
307,638 464,994
1.51
305,825 466,958
1.53
310,098 464,220
1.50
318,480 456,505
1.43
311,980 460,907
1.48
313,080 464,680
1.48
313,688 465,932
1.49
315,571 470,209
1.49
316,810 473,865
1.50
326,403 475,498
1.46
324,001 474,303
1.46
326,172 ................ ................

adjusted, end of period.
data are averages of seasonally adjusted monthly ratios.
Source: Department of Commerce, Bureau of the Census.
4 Annual

Inventory
sales
ratio 4

Retail and
food services
sales 2

217,463
227,670
238,278
257,797
274,518
282,131
288,845
301,264
320,812
342,985
333,908
334,522
340,533
338,577
342,982
351,454
345,111
346,551
347,443
349,630
351,070
361,743
358,797
361,046

MANUFACTURERS’ SHIPMENTS, INVENTORIES, AND ORDERS
In March, manufacturers’ shipments, inventories, and new and unfilled orders rose.

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
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005

....................................................
....................................................
....................................................
....................................................
....................................................
....................................................
....................................................
....................................................
....................................................
....................................................

299,766
319,558
324,984
335,991
350,715
335,242
326,713
331,654
364,465
390,052

164,883
178,949
185,966
193,895
197,807
183,592
177,341
178,164
196,508
208,791

134,883
140,610
139,019
142,096
152,908
151,650
149,372
153,490
167,957
181,262

430,593
443,723
449,182
463,709
481,651
447,583
423,265
418,536
450,637
470,458

272,533
281,119
290,735
296,591
306,743
279,602
260,427
253,559
274,800
285,928

158,060
162,604
158,447
167,118
174,908
167,981
162,838
164,977
175,837
184,530

297,282
314,986
317,345
329,770
346,789
326,435
318,008
329,219
361,177
390,430

162,399
174,377
178,327
187,674
193,881
174,786
168,636
175,729
193,220
209,168

54,066
60,697
62,133
64,392
69,278
58,232
52,442
54,847
61,073
73,268

488,915
513,202
496,385
505,750
549,646
511,596
468,123
505,626
547,944
638,261

1.43
1.37
1.38
1.35
1.36
1.40
1.31
1.27
1.20
1.19

2005: Mar ..........................................
Apr ...........................................
May ..........................................
June .........................................
July ..........................................
Aug ..........................................
Sept ..........................................
Oct ...........................................
Nov ..........................................
Dec ...........................................

384,622
383,583
386,344
386,436
386,858
395,009
393,566
396,181
399,273
408,876

204,445
204,389
205,944
206,451
205,013
209,844
209,831
212,334
213,805
222,438

180,177
179,194
180,400
179,985
181,845
185,165
183,735
183,847
185,468
186,438

461,291
461,687
461,219
461,511
464,221
463,115
463,591
466,414
467,617
470,458

281,005
281,087
281,584
280,518
282,815
282,007
282,301
283,704
285,540
285,928

180,286
180,600
179,635
180,993
181,406
181,108
181,290
182,710
182,077
184,530

376,107
376,033
391,656
395,324
385,553
396,767
391,151
397,614
410,626
417,144

195,930
196,839
211,256
215,339
203,708
211,602
207,416
213,767
225,158
230,706

63,297
66,012
78,376
76,688
70,886
73,722
67,293
71,771
87,655
89,318

547,243
546,771
559,106
574,800
580,753
589,978
594,816
603,370
622,204
638,261

1.20
1.20
1.19
1.19
1.20
1.17
1.18
1.18
1.17
1.15

2006: Jan ...........................................
Feb r .........................................
Mar p .........................................

409,417
404,642
408,026

218,461
219,674
220,264

190,956
184,968
187,762

475,450
473,664
477,131

288,690
287,421
290,068

186,760
186,243
187,063

401,075
402,538
419,567

210,119
217,570
231,805

71,392
74,395
83,979

636,962
643,657
662,591

1.16
1.17
1.17

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 0.5 percent in March. Prices of finished consumer foods
rose 0.5 percent, while prices of other finished consumer goods rose 0.7 percent. Capital equipment prices rose
0.1 percent.

[1982=100; monthly data seasonally adjusted]
Finished goods

Period

Total
finished
goods

Finished goods excluding consumer foods
Consumer
foods

Consumer goods
Total
Total

1996 ...........................
1997 ...........................
1998 ...........................
1999 ..........................
2000 ...........................
2001 ...........................
2002 ..........................
2003 ..........................
2004 ..........................
2005 p ........................
2005: Mar ................
Apr ................
May ...............
June ..............
July ...............
Aug ................
Sept ...............
Oct .................
Nov r ...............
Dec ................
2006: Jan ................
Feb ................
Mar ................
1 Intermediate

22

131.3
131.8
130.7
133.0
138.0
140.7
138.9
143.3
148.5
155.7
153.6
154.4
154.1
154.2
155.4
156.2
158.4
159.6
158.8
160.0
160.4
158.2
159.0

Intermediate materials

133.6
134.5
134.3
135.1
137.2
141.3
140.1
145.9
152.7
155.6
156.7
156.5
156.2
155.1
154.0
153.7
155.6
155.7
156.7
157.5
157.8
153.6
154.4

130.5
130.9
129.5
132.3
138.1
140.4
138.3
142.4
147.2
155.5
152.5
153.5
153.3
153.7
155.5
156.6
158.9
160.3
159.1
160.4
160.8
159.1
159.9

materials for food manufacturing and feeds.

127.6
128.2
126.4
130.5
138.4
141.4
138.8
144.7
150.9
162.0
157.7
159.1
158.5
159.3
161.7
163.5
166.8
169.1
167.2
169.1
169.4
166.7
167.9

Durable

134.2
133.7
132.9
133.0
133.9
134.0
133.0
133.1
135.0
136.7
136.6
136.9
136.9
136.4
137.0
136.8
137.3
136.2
136.1
136.3
137.0
137.1
137.3

Nondurable

123.3
124.3
122.2
127.9
138.7
142.8
139.8
148.4
156.6
172.1
165.8
167.7
166.8
168.2
171.5
174.2
178.9
182.7
180.1
182.7
182.9
178.8
180.6

Capital
equipment

138.3
138.2
137.6
137.6
138.8
139.7
139.1
139.5
141.4
144.7
144.1
144.4
144.8
144.6
145.0
145.0
145.3
145.0
145.0
145.2
145.7
145.9
146.1

Total
finished
consumer
goods

129.5
130.2
128.9
132.0
138.2
141.5
139.4
145.3
151.7
160.5
157.7
158.6
158.1
158.4
159.8
161.0
164.0
165.6
164.6
166.1
166.4
163.3
164.4

Crude materials

Total

Foods
and
feeds 1

Other

Total

Foodstuffs
and
feedstuffs

Other

125.7
125.6
123.0
123.2
129.2
129.7
127.8
133.7
142.6
153.9
150.6
151.6
151.1
151.4
152.9
153.7
157.3
162.0
159.9
160.0
161.9
161.4
161.2

128.1
125.4
116.2
111.1
111.7
115.9
115.5
125.9
137.1
133.8
133.6
133.5
134.4
134.3
134.0
133.9
133.8
134.3
134.3
134.4
135.6
134.0
133.6

125.6
125.7
123.4
123.9
130.1
130.5
128.5
134.2
143.0
155.0
151.5
152.5
151.9
152.3
153.9
154.8
158.5
163.3
161.2
161.3
163.3
162.7
162.6

113.8
111.1
96.8
98.2
120.6
121.0
108.1
135.3
159.0
182.1
170.3
174.9
169.5
166.6
175.1
181.3
200.3
211.7
208.8
203.2
202.2
183.6
178.6

121.5
112.2
103.9
98.7
100.2
106.1
99.5
113.5
127.0
122.6
128.1
125.3
123.8
120.8
120.1
118.7
120.7
120.6
121.8
124.7
121.0
117.4
114.8

104.5
106.4
88.4
94.3
130.4
126.8
111.4
148.2
179.2
223.2
198.2
208.5
200.1
197.4
213.0
225.0
256.7
276.9
271.0
258.7
259.9
230.0
223.1

Source: Department of Labor, Bureau of Labor Statistics.

CONSUMER PRICES—ALL URBAN CONSUMERS
In March, the consumer price index for all urban consumers rose 0.4 percent seasonally adjusted; it rose 0.6
percent not seasonally adjusted. The index was 3.4 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 .........................
1996 .................................
1997 .................................
1998 .................................
1999 .................................
2000 .................................
2001 .................................
2002 .................................
2003 .................................
2004 .................................
2005 .................................

100.0
156.9
160.5
163.0
166.6
172.2
177.1
179.9
184.0
188.9
195.3

.............
.............
.............
.............
.............
.............
.............
.............
.............
.............
.............

13.9
153.3
157.3
160.7
164.1
167.8
173.1
176.2
180.0
186.2
190.7

42.4
152.8
156.8
160.4
163.9
169.6
176.4
180.3
184.8
189.5
195.7

32.3
171.0
176.3
182.1
187.3
193.4
200.6
208.1
213.1
218.8
224.4

5.8
162.0
166.7
172.1
177.5
183.9
192.1
199.7
205.5
211.0
217.3

23.4
176.8
181.9
187.8
192.9
198.7
206.3
214.7
219.9
224.9
230.2

5.4
127.5
130.8
128.5
128.8
137.9
150.2
143.6
154.5
161.9
179.0

3.8
131.7
132.9
133.0
131.3
129.6
127.3
124.0
120.9
120.4
119.5

17.4 ............
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
173.9 135.2

4.2
106.3
106.2
92.2
100.7
129.3
124.7
116.6
135.8
160.4
195.7

6.2
228.2
234.6
242.1
250.6
260.8
272.8
285.6
297.1
310.1
323.2

8.7
110.1
111.5
102.9
106.6
124.6
129.3
121.7
136.5
151.4
177.1

77.4
165.6
169.5
173.4
177.0
181.3
186.1
190.5
193.2
196.6
200.9

2005: Mar ......................
Apr ......................
May .....................
June ....................
July .....................
Aug ......................
Sept .....................
Oct .......................
Nov ......................
Dec ......................

193.3
194.6
194.4
194.5
195.4
196.4
198.8
199.2
197.6
196.8

193.2
194.1
194.0
193.9
195.1
196.2
198.6
199.1
197.8
197.7

189.0
190.4
190.6
190.6
190.9
191.1
191.5
192.0
192.5
192.7

193.9
194.3
194.5
194.7
195.5
195.8
196.8
198.6
199.4
199.7

223.5
223.6
223.7
224.1
224.7
224.9
224.7
225.8
226.5
227.2

215.4
216.0
216.5
217.0
217.6
218.1
218.6
219.4
219.9
220.4

228.6
229.1
229.5
229.9
230.4
230.8
231.2
231.6
232.1
232.7

169.9
172.5
173.4
173.2
175.7
177.5
185.3
193.7
196.0
193.5

120.6
120.1
120.0
119.3
118.6
119.4
119.3
118.9
119.0
118.7

169.8
172.1
170.4
170.1
173.7
177.7
186.6
184.4
175.4
174.1

135.1
135.3
135.4
135.5
134.7
134.0
134.8
135.6
135.6
135.6

181.0
189.7
181.4
178.7
194.3
211.0
247.4
237.5
199.4
194.1

319.8
320.7
321.9
322.6
323.8
324.2
325.2
327.0
328.7
329.4

165.1
170.7
167.2
165.7
174.4
183.3
205.0
205.0
188.3
184.3

200.0
200.2
200.5
200.6
201.0
201.2
201.5
202.0
202.5
202.8

2006: Jan
..................
Feb ......................
Mar ......................

198.3
198.7
199.8

199.0
199.1
199.8

193.6
193.8
193.9

200.6
200.8
201.3

227.4
228.2
229.2

220.7
221.4
222.3

233.2
233.9
234.9

200.0
197.9
196.1

119.1
117.9
119.1

177.2
176.9
178.5

136.8
136.5
136.4

206.2
204.4
211.7

329.8
331.4
332.8

193.5
191.2
193.6

203.2
203.5
204.2

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 2005.
Source: Department of Labor, Bureau of Labor Statistics.

23

CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Change from preceding period
Period

Change from 3 months earlier, annual rate

Consumer goods

Consumer goods

Total
finished
goods

Foods

Capital
equipment

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

0.4
¥.6
0
.3
1.2
0
¥.6
.8
2.4
1.3

Excluding
foods

................
................
................
................
................
................
................
................
................
................

................
................
................
................
................
................
................
................
................
................

................
................
................
................
................
................
................
................
................
................

................
................
................
................
................
................
................
................
................
................

................
................
................
................
................
................
................
................
................
................

................
................
................
................
................
................
................
................
................
................

................
................
................
................
................
................
................
................
................
................

..................
..................
..................
..................
..................
..................
..................
..................
..................
..................

3.7
4.5
1.3
¥4.0
¥6.2
¥6.2
1.3
4.5
8.0
5.0

8.0
10.7
6.3
4.1
6.7
13.2
20.2
19.6
9.4
5.6

2.3
2.0
3.1
1.4
1.7
.6
2.0
0
0
¥.3

6.8
4.8
2.5
3.6
4.9
5.0
6.3
6.8
6.2
7.7

5.7
2.3
1.4
¥.3
¥1.0
¥2.6
¥1.4
¥1.0
.6
3.1

9.2
6.7
2.8
6.0
8.7
9.7
11.9
13.0
11.3
12.7

2.8
2.7
2.7
1.8
1.8
1.8
1.7
.8
.3
.8

5.0
4.8
3.6
3.7
4.7
5.3
6.9
5.9
4.4
5.4

1.9
2.5
2.5

6.5
2.6
.8

5.0
¥.1
¥1.5

9.8
4.0
1.3

1.0
1.2
1.1

5.7
3.7
3.5

Change, Dec. to Dec., NSA
1996 ...............
1997 ...............
1998 ...............
1999 ...............
2000 ...............
2001 ...............
2002 ...............
2003 ...............
2004 ...............
2005 p .............

2.8
¥1.2
0
2.9
3.6
¥1.6
1.2
4.0
4.2
5.4

3.4
¥.8
.1
.8
1.7
1.8
¥.6
7.7
3.1
1.4

3.7
¥1.5
¥.1
5.1
5.5
¥3.9
2.9
4.1
5.5
9.0

2.7
.4
¥.8
1.8
3.8
2.0
¥1.3
3.2
3.6
4.8

Change, month to month
2005: Mar .....
Apr .....
May ....
June ...
July ....
Aug .....
Sept ....
Oct ......
Nov r ....
Dec .....

0.8
.5
¥.2
.1
.8
.5
1.4
.8
¥.5
r.8

0.6
¥.1
¥.2
¥.7
¥.7
¥.2
1.2
.1
.6
r.5

1.0
.9
¥.4
.5
1.5
1.1
2.0
1.4
¥1.1
r 1.1

0.3
.2
.3
¥.1
.3
0
.2
¥.2
0
.1

5.7
7.3
4.5
1.6
2.6
5.6
11.3
11.3
6.8
4.1

2006: Jan .....
Feb .....
Mar .....

.3
¥1.4
.5

.2
¥2.7
.5

.2
¥1.6
.7

.3
.1
.1

2.0

5.5

.7

r¥1.5

r¥7.7

r¥1.2

¥2.5

¥7.6

¥2.8

Source: Department of Labor, Bureau of Labor Statistics.

CHANGES IN CONSUMER PRICES—ALL URBAN CONSUMERS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Housing

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
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005

..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................

3.3
1.7
1.6
2.7
3.4
1.6
2.4
1.9
3.3
3.4

4.3
1.5
2.3
1.9
2.8
2.8
1.5
3.6
2.7
2.3

2.9
2.4
2.3
2.2
4.3
2.9
2.4
2.2
3.0
4.0

2.9
3.4
3.3
2.5
3.4
4.2
3.1
2.2
2.7
2.6

2.8
3.1
3.4
3.1
4.0
4.7
3.1
2.7
2.9
3.1

2.8
3.1
3.2
2.4
3.4
4.5
3.3
2.0
2.3
2.5

4.6
.5
¥2.6
2.4
12.1
¥2.1
1.4
6.5
7.9
15.6

¥0.2
1.0
¥.7
¥.5
¥1.8
¥3.2
¥1.8
¥2.1
¥.2
¥1.1

4.4
¥1.4
¥1.7
5.4
4.1
¥3.8
3.8
.3
6.5
4.8

1.6
¥1.0
¥.1
¥.8
.3
0
¥2.0
¥2.1
.5
.8

12.7
¥6.2
¥15.4
30.2
13.9
¥24.8
24.6
6.8
26.1
16.2

3.0
2.8
3.4
3.7
4.2
4.7
5.0
3.7
4.2
4.3

8.6
¥3.4
¥8.8
13.4
14.2
¥13.0
10.7
6.9
16.6
17.1

2.6
2.2
2.4
1.9
2.6
2.7
1.9
1.1
2.2
2.2

..........
..........
..........
..........
..........
..........
..........
..........
..........
..........

..........
..........
..........
..........
..........
..........
..........
..........
..........
..........

..........
..........
..........
..........
..........
..........
..........
..........
..........
..........

3.0
2.3
1.6
2.2
3.4
2.8
1.6
2.3
2.7
3.4

0.3
.1
.1
.0
.2
.1
.1
.2
.2
.1

2.3
..........
..........
3.8
..........
..........
5.5
..........
..........
3.3

4.3
5.8
4.0
1.5
2.1
4.6
10.1
8.5
3.3
¥1.8

3.7
3.5
3.0
2.8
3.9
4.3
5.7
5.2
4.0
4.0

3.1
3.5
2.8
2.5
3.2
3.6
4.7
4.3
3.5
3.4

.2 ..........
.1 ..........
.3
2.2

¥.2
2.7
4.3

4.0
3.0
1.2

4.0
3.6
3.4

Change, month to month
2005: Mar ...............
Apr ...............
May ...............
June ..............
July ..............
Aug ...............
Sept ..............
Oct ................
Nov ...............
Dec ...............

0.6
.5
¥.1
¥.1
.6
.6
1.2
.3
¥.7
¥.1

0.2
.7
.1
0
.2
.1
.2
.3
.3
.1

0.5
.2
.1
.1
.4
.2
.5
.9
.4
.2

0.4
.0
.0
.2
.3
.1
¥.1
.5
.3
.3

0.3
.3
.2
.2
.3
.2
.2
.4
.2
.2

0.2
.2
.2
.2
.2
.2
.2
.2
.2
.3

0.5
1.5
.5
¥.1
1.4
1.0
4.4
4.5
1.2
¥1.3

0.5
¥.4
¥.1
¥.6
¥.6
.7
¥.1
¥.3
.1
¥.3

1.7
1.4
¥1.0
¥.2
2.1
2.3
5.0
¥1.2
¥4.9
¥.7

¥0.3
.1
.1
.1
¥.6
¥.5
.6
.6
0
0

6.8
4.8
¥4.4
¥1.5
8.7
8.6
17.3
¥4.0
¥16.0
¥2.7

0.4
.3
.4
.2
.4
.1
.3
.6
.5
.2

3.7
3.4
¥2.1
¥.9
5.3
5.1
11.8
0
¥8.1
¥2.1

2006: Jan ...............
Feb ...............
Mar ...............

.7
.1
.4

.5
.1
.1

.5
.1
.2

.1
.4
.4

.1
.3
.4

.2
.3
.4

3.4
¥1.1
¥.9

.3
¥1.0
1.0

1.8
¥.2
.9

.9
¥.2
¥.1

6.2
¥.9
3.6

.1
.5
.4

5.0
¥1.2
1.3

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

24

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 0.9 percent; prices paid by farmers rose 0.7 percent. (Data are not
seasonally adjusted.)

[1990–92=100; not seasonally adjusted]
Prices received by farmers
Period

1996
1997
1998
1999
2000
2001
2002
2003
2004
2005

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

...............................
..............................
..............................
...............................
..............................
..............................
..............................
..............................
...............................
...............................

112
107
102
96
96
102
98
107
119
116

127
115
107
97
96
99
105
111
117
112

99
98
97
95
97
106
90
103
122
120

115
118
115
115
120
123
124
128
134
141

115
118
114
113
118
122
121
126
132
140

115
119
113
111
116
120
119
124
131
r 140

98
90
89
83
80
83
79
84
89
82

2005: Apr ....................
May r ..................
June r .................
July r ..................
Aug r ...................
Sept r ..................
Oct r ....................
Nov r ...................
Dec r ...................

121
119
119
117
116
116
111
113
115

120
116
120
116
115
111
103
105
110

122
121
117
117
117
122
122
121
120

140
140
141
141
141
143
145
143
144

139
139
140
140
140
142
144
143
143

138
138
140
140
141
142
145
143
143

86
85
84
83
82
81
77
79
80

2006: Janr ....................
Feb r ...................
Mar r ...................
Apr ....................

113
114
114
115

108
114
118
129

118
114
110
104

146
146
146
147

146
145
145
146

145
144
144
146

77
78
78
78

1 Includes

items not shown separately.
ratio of index of prices received by farmers to index of prices paid, interest,
taxes, and wage rates.
2 Percentage

NOTE.—The official indexes are published on a 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 rose.

[Averages of daily figures, except debt end-of-period basis; billions of dollars, seasonally adjusted]
M1

M2

Sum of currency,
demand deposits,
travelers checks,
and other
checkable deposits (OCDs)

M1 plus retail
MMMF balances,
savings deposits
(including
MMDAs), and
small time deposits

........................................................................................
........................................................................................
........................................................................................
........................................................................................
........................................................................................
........................................................................................
........................................................................................
........................................................................................
........................................................................................
........................................................................................

1,080.0
1,072.2
1,094.9
1,123.1
1,087.6
1,182.1
1,219.0
1,304.2
1,372.1
1,368.8

3,815.3
4,031.7
4,383.7
4,648.7
4,931.3
5,451.4
5,800.6
6,079.6
6,421.9
r 6,675.7

14,368.4
15,129.1
16,151.4
17,216.3
18,052.5
19,148.4
20,467.4
22,149.2
24,096.7
26,391.3

¥4.2
¥.7
2.1
2.6
¥3.2
8.7
3.1
7.0
5.2
¥.2

4.8
5.7
8.7
6.0
6.1
10.5
6.4
4.8
5.6
r 4.0

5.2
5.3
6.8
6.4
4.8
6.1
6.9
8.1
8.7
9.5

2005: Mar ........................................................................................
Apr ........................................................................................
May ........................................................................................
June .......................................................................................
July ........................................................................................
Aug ........................................................................................
Sept .......................................................................................
Oct .........................................................................................
Nov ........................................................................................
Dec ........................................................................................

1,373.0
1,365.8
1,370.8
1,369.6
1,362.5
1,370.4
1,367.6
1,369.4
1,370.2
1,368.8

6,474.9
6,481.0
6,489.5
6,516.0
r 6,536.0
6,566.3
6,596.5
6,625.7
r 6,647.6
r 6,675.7

24,680.5
............................
............................
25,178.6
............................
............................
25,780.7
............................
............................
26,391.3

1.8
.7
¥.5
¥.4
¥.7
.1
¥.8
.5
¥.1
¥.1

4.0
3.5
2.7
2.9
3.1
3.4
3.8
4.5
4.9
4.9

9.7
......................
......................
8.1
......................
......................
9.6
......................
......................
9.5

2006: Jan r .......................................................................................
Feb r .......................................................................................
Mar ........................................................................................

1,383.0
1,376.9
1,385.3

6,737.9
6,761.2
6,778.4

............................
............................
............................

3.0
.9
2.6

6.2
5.9
5.5

......................
......................
......................

Period

1996:
1997:
1998:
1999:
2000:
2001:
2002:
2003:
2004:
2005:

Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec

1 Quarterly data; shown in last month of quarter. End-of-year data are for fourth quarter.
Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfinancial sectors; data from flow of funds accounts.
2 Annual changes are from December to December and monthly changes are from 6 months
earlier at a simple annual rate.
3 Annual changes are from fourth quarter to fourth quarter. Quarterly changes are from previous quarter at an annual rate.

26

Debt
Debt of
domestic
nonfinancial
sectors 1

Percent change
From year or 6
months
earlier 2
M1

M2

From
previous
period 3
Debt

Note.—The Federal Reserve previously announced that the M3 monetary aggregate and most
of its components would no longer be published. Institutional money market mutual funds will
continue to be published as a memorandum item in the H.6 release, and the component on
large-denomination time deposits will be published in other Federal Reserve Board releases. For
details, see H.6 release of March 23, 2006.
See p. 27 for components.
Source: Board of Governors of the Federal Reserve System.

COMPONENTS OF MONEY STOCK
[Averages of daily figures; billions of dollars, seasonally adjusted]

Period

1996:
1997:
1998:
1999:
2000:
2001:
2002:
2003:
2004:
2005:

Currency

Other checkable
deposits (OCDs)

Nonbank
travelers
checks

Demand
deposits

Total

At
commer
cial
banks

Small-denomination
time deposits 2

Savings
deposits 1

At
thrift
institutions

At
commer
cial
banks

Total

At
thrift
institutions

At
commer
cial
banks

Total

At
thrift
institutions

Retail
money
funds

Institutional
money
funds 3

Dec .................
Dec .................
Dec .................
Dec .................
Dec .................
Dec .................
Dec .................
Dec .................
Dec .................
Dec r ...............

394.1
424.5
459.8
517.8
531.2
581.1
626.2
662.3
697.3
723.5

8.8
8.4
8.5
8.6
8.3
8.0
7.8
7.7
7.6
7.3

401.6
393.8
377.0
353.4
309.9
335.7
306.0
324.6
340.3
320.5

275.5
245.4
249.6
243.3
238.2
257.4
279.1
309.5
327.0
317.5

171.9
148.4
143.9
139.6
133.1
142.0
154.2
175.0
186.5
179.7

103.6
97.0
105.7
103.6
105.1
115.4
124.9
134.5
140.5
137.7

1,272.9
1,399.9
1,605.1
1,740.3
1,877.9
2,312.8
2,778.8
3,169.4
3,519.6
3,622.1

905.6
1,022.5
1,188.0
1,288.6
1,424.1
1,739.4
2,060.9
2,337.9
2,632.2
2,771.0

367.3
377.3
417.1
451.6
453.8
573.4
717.9
831.5
887.5
851.1

946.9
968.3
952.0
954.5
1,044.8
974.8
892.5
809.8
816.8
973.9

593.3
625.4
626.2
634.9
699.8
635.1
590.1
536.4
545.2
637.5

353.6
342.8
325.8
319.6
345.0
339.7
302.4
273.4
271.6
336.5

515.5
591.4
731.7
830.9
921.1
981.7
910.2
796.2
713.3
710.9

324.2
396.9
541.2
638.2
791.9
1,196.7
1,247.7
1,117.5
1,068.7
1,136.8

2005: Mar .................
Apr .................
May .................
June ................
July ................
Aug .................
Sept ................
Oct r ................
Nov r ...............
Dec r ...............

702.9
703.9
705.7
708.4
710.0
712.8
716.1
717.4
720.2
723.5

7.5
7.5
7.5
7.4
7.3
7.4
7.3
7.3
7.3
7.3

339.2
330.9
332.8
334.2
327.4
330.2
324.4
326.1
323.4
320.5

323.4
323.5
324.8
319.7
317.8
320.1
319.7
318.6
319.4
317.5

183.6
183.9
184.6
182.6
181.2
182.6
181.2
179.9
180.4
179.7

139.8
139.6
140.2
137.1
136.5
137.5
138.5
138.7
139.0
137.7

3,543.1
3,541.1
3,533.3
3,547.8
r 3,560.2
3,569.4
3,585.0
3,597.7
3,604.7
3,622.1

2,665.0
2,673.5
2,663.0
2,679.0
2,697.7
2,704.0
2,725.6
2,739.9
2,748.9
2,771.0

878.1
867.6
870.3
868.8
862.6
865.4
859.5
857.8
855.8
851.1

854.2
868.1
883.7
898.4
912.7
927.7
940.9
951.4
963.4
973.9

569.9
577.7
587.5
597.4
607.5
616.8
625.6
623.8
629.6
637.5

284.3
290.4
296.2
301.0
305.2
310.9
315.3
327.6
333.8
336.5

704.6
706.0
701.7
700.3
700.6
698.7
703.0
707.2
709.3
710.9

1,049.7
1,057.9
1,058.3
1,069.6
1,079.1
1,091.8
1,107.9
1,119.8
1,121.1
1,136.8

2006: Jan r ................
Feb r ...............
Mar p ...............

729.4
733.7
736.5

7.2
7.1
6.9

326.8
319.4
323.1

319.6
316.7
318.9

181.4
178.7
180.3

138.2
137.9
138.6

3,647.2
3,657.3
3,641.1

2,787.7
2,791.5
2,783.2

859.5
865.8
857.9

987.1
1,003.7
1,020.4

646.1
657.0
668.1

341.1
346.6
352.3

720.5
723.3
731.6

1,150.8
1,148.0
1,155.0

1 Savings

deposits including money market deposit accounts.
deposits are those issued in amounts of less than $100,000.
money funds are not part of non-M1 M2.

NOTE.—See Note, p. 26.
Source: Board of Governors of the Federal Reserve System.

2 Small-denomination
3 Institutional

AGGREGATE RESERVES AND MONETARY BASE
[Averages of daily figures 1; millions of dollars; seasonally adjusted, except as noted by NSA]
Adjusted for changes in reserve requirements
Period
Total 2
1996:
1997:
1998:
1999:
2000:
2001:
2002:
2003:
2004:
2005:

Borrowings of depository institutions from the Federal
Reserve (NSA)

Reserves of depository institutions
Nonborrowed 3

Required

Excess
(NSA)

Monetary
base

Total

Primary

Secondary

Seasonal

Adjustment 4

Dec ..................................
Dec ..................................
Dec r ................................
Dec r ................................
Dec r ................................
Dec r ................................
Dec r ................................
Dec r ................................
Dec r ................................
Dec r ................................

50,183
46,873
45,129
41,958
38,674
41,390
40,359
42,699
46,624
44,809

50,028
46,549
45,012
41,638
38,464
41,323
40,279
42,654
46,561
44,641

48,766
45,189
43,615
40,661
37,246
39,739
38,350
41,657
44,715
42,861

1,416
1,685
1,514
1,297
1,428
1,650
2,009
1,043
1,909
1,949

452,081
479,946
513,892
593,938
584,945
635,480
681,462
720,128
758,988
786,588

155
324
117
320
210
67
80
46
63
169

................
................
................
................
................
................
................
17
11
97

................
................
................
................
................
................
................
0
0
0

68
79
15
67
111
33
45
29
52
72

87
245
101
179
99
34
35
................
................
................

2005: Mar r ................................
Apr r .................................
May r ................................
June r ...............................
July r ................................
Aug r ................................
Sept r ...............................
Oct r .................................
Nov r ................................
Dec r ................................

46,728
46,393
45,949
46,425
45,792
44,683
45,697
44,943
44,775
44,809

46,678
46,261
45,810
46,176
45,368
44,321
45,365
44,660
44,649
44,641

44,946
44,719
44,416
44,649
44,057
43,060
43,653
43,046
42,980
42,861

1,782
1,673
1,534
1,776
1,736
1,623
2,044
1,897
1,796
1,949

765,844
766,866
768,389
771,184
772,686
774,833
778,203
780,199
783,505
786,588

49
132
139
249
425
362
332
284
126
169

13
52
6
85
176
63
12
35
20
97

0
0
0
0
12
3
5
29
0
0

37
80
133
164
237
297
315
220
106
72

................
................
................
................
................
................
................
................
................
................

2006: Jan r .................................
Feb r ................................
Mar ..................................

44,129
44,193
43,701

44,019
44,141
43,532

42,689
42,639
42,202

1,440
1,555
1,498

792,075
796,597
799,043

110
53
169

78
21
119

0
2
0

32
30
50

................
................
................

1 Data are prorated averages of biweekly (maintenance period) averages of daily figures.
Reserves and monetary base incorporate adjustments for discontinuities, or ‘‘breaks,’’ associated with changes in reserve requirements.
2 Seasonally adjusted break-adjusted required reserves plus unadjusted excess reserves.

3 Seasonally adjusted break-adjusted total reserves less unadjusted total borrowings of depository institutions from the Federal Reserve.
4 Discontinued after January 8, 2003.
NOTE.—Data reflect annual seasonal adjustment revisions and results of annual review of
break factors.
Source: Board of Governors of the Federal Reserve System.

27

BANK CREDIT AT ALL COMMERCIAL BANKS
Total commercial bank loans and leases rose 0.9 percent in March; commercial and industrial loans rose 0.6
percent.

[Billions of dollars, seasonally adjusted 1]
Securities in bank credit

Period

1996:
1997:
1998:
1999:
2000:
2001:
2002:
2003:
2004:
2005:
2005:

Dec ...........
Dec ...........
Dec ...........
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 ..........
2006: Jan r ..........
Feb r ..........
Mar ..........

Total
bank
credit

3,756.9
4,099.3
4,532.8
4,763.3
5,217.3
5,418.6
5,885.6
6,252.5
6,794.6
7,480.8
7,086.0
7,113.6
7,167.7
7,222.1
7,282.4
7,361.8
7,410.3
7,421.7
7,438.7
7,480.8
7,540.2
7,632.2
7,695.8

Total
securities

U.S.
Treasury
and
agency
securities

984.4
1,098.7
1,237.0
1,282.8
1,348.2
1,487.4
1,721.6
1,850.3
1,937.2
2,040.7
2,058.3
2,044.9
2,072.2
2,055.2
2,063.2
2,066.6
2,078.0
2,068.7
2,056.9
2,040.7
2,052.1
2,096.2
2,108.4

702.6
755.6
797.6
815.6
792.4
849.0
1,029.1
1,104.8
1,150.4
1,133.9
1,218.3
1,195.4
1,201.4
1,173.7
1,179.2
1,176.1
1,168.2
1,159.9
1,142.4
1,133.9
1,144.1
1,178.2
1,182.3

Loans and leases in bank credit
Real estate

Other
Total loans Commersecurities and leases 2 cial and
industrial

281.8
343.1
439.5
467.2
555.8
638.4
692.5
745.5
786.8
906.8
840.0
849.4
870.7
881.5
884.0
890.5
909.8
908.8
914.5
906.8
908.0
918.0
926.1

2,772.5
3,000.6
3,295.8
3,480.5
3,869.0
3,931.2
4,164.0
4,402.2
4,857.5
5,440.1
5,027.7
5,068.7
5,095.5
5,166.9
5,219.2
5,295.2
5,332.3
5,353.0
5,381.9
5,440.1
5,488.0
5,536.0
5,587.4

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

784.0
853.4
946.7
998.0
1,085.9
1,024.3
960.8
900.4
926.1
1,045.0
962.1
975.6
986.5
991.5
1,005.2
1,014.1
1,017.6
1,025.3
1,033.4
1,045.0
1,066.7
1,076.1
1,082.6

Total

1,141.2
1,243.3
1,333.6
1,471.9
1,652.1
1,779.5
2,023.1
2,217.6
2,548.8
2,904.0
2,656.3
2,683.7
2,692.6
2,736.1
2,789.2
2,826.6
2,842.5
2,866.4
2,878.9
2,904.0
2,929.0
2,951.5
2,975.9

Revolving
home
equity

90.9
105.0
103.9
101.5
130.0
155.7
213.5
280.8
399.9
436.1
418.3
423.0
426.9
431.5
437.8
439.4
438.6
436.8
436.7
436.1
434.7
432.7
434.0

Consumer

Security

Other

Other

1,050.3
1,138.3
1,229.6
1,370.4
1,522.0
1,623.9
1,809.6
1,936.9
2,149.0
2,467.9
2,238.0
2,260.7
2,265.7
2,304.6
2,351.4
2,387.2
2,403.8
2,429.6
2,442.1
2,467.9
2,494.3
2,518.8
2,542.0

512.4
502.6
496.9
490.6
539.3
556.0
586.2
643.4
695.2
704.7
708.5
711.1
704.3
707.1
710.5
717.2
719.9
708.9
709.3
704.7
709.9
711.3
723.0

75.3
94.4
145.3
149.8
177.3
146.0
190.2
215.2
215.9
261.5
226.2
223.9
237.1
248.4
232.5
245.3
246.7
241.8
246.6
261.5
252.6
260.8
267.3

259.6
306.9
373.3
370.2
414.4
425.4
403.7
425.6
471.5
524.9
474.7
474.3
475.1
483.9
481.8
492.0
505.6
510.7
513.7
524.9
529.9
536.3
538.6

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

1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2003:

..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
I .............
II ...........
III ..........
IV ..........
2004: I .............
II ...........
III ..........
IV ..........
2005: I .............
II ...........
III ..........
IV p .........

1,058.0
995.4
1,298.1
1,718.6
1,955.4
850.2
896.2
889.1
1,318.1
1,174.9
850.2
931.6
816.2
958.1
1,357.2
1,176.3
1,308.4
1,430.5
1,270.6
1,180.4
1,044.9
1,203.7

Internal 1

659.5
711.9
682.1
731.0
718.0
755.0
811.3
875.7
939.3
1,018.9
810.2
865.9
892.7
933.9
939.9
941.9
996.1
879.4
937.5
999.8
1,080.7
1,057.7

Credit market instruments
Total

398.5
283.5
616.0
987.6
1,237.4
95.2
84.9
13.4
378.8
156.0
40.0
65.7
¥76.5
24.2
417.3
234.4
312.3
551.1
333.1
180.6
¥35.8
146.0

Capital
expenditures 3

Total

Total
net
funds
raised

Net new
equity
issues

135.4
214.4
182.5
262.4
227.8
173.3
¥16.6
26.9
33.4
¥76.7
73.1
128.5
¥26.2
¥67.8
110.0
¥62.9
¥15.0
101.4
55.1
¥50.9
¥238.6
¥72.3

¥47.3
¥77.4
¥215.5
¥110.4
¥118.2
¥48.1
¥41.6
¥57.8
¥141.1
¥366.0
¥67.0
¥50.2
¥44.9
¥69.0
¥65.8
¥121.9
¥203.6
¥173.1
¥248.6
¥339.6
¥481.1
¥394.6

Total

Securities
and mortgages

182.8
291.8
398.0
372.8
346.0
221.4
25.0
84.7
174.5
289.3
140.1
178.7
18.7
1.2
175.8
59.0
188.6
274.5
303.7
288.7
242.5
322.3

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).

129.2
187.2
243.3
272.0
188.3
411.4
181.5
205.0
134.7
151.5
238.6
336.3
151.6
93.7
186.8
37.3
137.5
177.2
120.2
97.5
214.2
174.5

Loans
and
shortterm
paper

Other 2

53.7
104.6
154.9
100.8
157.8
¥190.1
¥156.4
¥120.4
39.7
137.7
¥98.4
¥157.5
¥132.9
¥92.6
¥11.1
21.7
51.1
97.3
183.5
191.2
28.3
147.8

263.1
69.0
433.4
725.3
1,009.6
¥78.0
101.4
¥13.5
345.4
232.6
¥33.1
¥62.8
¥50.3
91.9
307.3
297.3
327.2
449.7
277.9
231.5
202.8
218.2

1,092.9
1,016.2
1,348.5
1,833.8
2,137.8
978.0
867.2
834.1
1,362.3
1,232.7
814.0
866.1
740.6
915.6
1,383.2
1,241.6
1,340.0
1,484.3
1,320.8
1,243.1
1,109.1
1,258.0

638.9
743.8
778.6
863.9
928.6
800.4
737.1
751.5
861.0
925.3
730.6
728.3
758.1
788.8
815.9
858.5
867.1
902.7
930.3
894.2
905.3
971.5

Increase
in financial assets

454.0
272.4
569.9
969.9
1,209.2
177.6
130.1
82.6
501.3
307.4
83.4
137.8
¥17.5
126.8
567.3
383.1
472.9
581.6
390.5
348.9
203.8
286.5

Discrepancy
(sources
less
uses)

¥35.0
¥20.9
¥50.4
¥115.2
¥182.4
¥127.8
29.0
55.0
¥44.2
¥57.9
36.2
65.5
75.7
42.5
¥26.0
¥65.4
¥31.7
¥53.9
¥50.3
¥62.7
¥64.3
¥54.3

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

Dec r ..............................................................................
Dec r ..............................................................................
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 ..............................................................................
2006: Jan r ..............................................................................
Feb r ..............................................................................
Mar p .............................................................................
1996:
1997:
1998:
1999:
2000:
2001:
2002:
2003:
2004:
2005:
2005:

Revolving

1,244.2
1,323.1
1,420.2
1,533.4
1,710.4
1,842.3
1,925.3
2,006.6
2,091.0
2,147.0
2,106.9
2,118.3
2,114.8
2,126.8
2,136.6
2,146.9
2,151.7
2,144.1
2,143.8
2,147.0
2,154.4
2,158.9
2,161.4

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.

501.0
539.7
580.9
609.8
681.6
721.0
741.2
759.3
786.1
804.6
785.1
790.3
788.9
793.4
793.6
798.5
804.8
803.9
804.4
804.6
805.9
805.9
805.8

Nonrevolving 2

743.2
783.4
839.3
923.6
1,028.9
1,121.3
1,184.1
1,247.3
1,305.0
1,342.4
1,321.8
1,328.0
1,325.9
1,333.4
1,343.0
1,348.4
1,346.9
1,340.2
1,339.3
1,342.4
1,348.5
1,352.9
1,355.6

Net change in consumer credit outstanding 1
Total

102.8
78.9
97.1
113.2
177.0
131.9
83.0
81.3
84.4
56.0
4.6
11.4
¥3.5
12.0
9.8
10.3
4.8
¥7.6
¥.3
3.2
7.4
4.5
2.5

Revolving

57.1
38.7
41.2
28.9
71.8
39.4
20.2
18.1
26.8
18.5
¥3.1
5.2
¥1.4
4.5
.2
4.9
6.3
¥.9
.5
.2
1.3
.0
¥.1

Nonrevolving 2

45.7
40.2
55.9
84.3
105.3
92.4
62.8
63.2
57.7
37.4
7.8
6.2
¥2.1
7.5
9.6
5.4
¥1.5
¥6.7
¥.9
3.1
6.1
4.4
2.7

NOTE.—Effective October 7, 2003 data beginning 1977 include student loans extended by
the Federal Government and by SLM Holding Corporation.
Source: Board of Governors of the Federal Reserve System.

29

INTEREST RATES AND BOND YIELDS
Interest rates rose in April.

[Percent per annum]
U.S. Treasury security yields
Constant
Period

1996 .......................
1997 .......................
1998 .......................
1999 .......................
2000 .......................
2001 .......................
2002 .......................
2003 .......................
2004 .......................
2005 .......................
2005: Apr ..............
May .............
June ............
July .............
Aug .............
Sept .............
Oct ..............
Nov .............
Dec ..............
2006: Jan ..............
Feb ..............
Mar .............
Apr ..............
Week ended:
2006: Apr 8 ........
15 ........
22 ........
29 ........
May 6 ........
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

5.02
5.07
4.81
4.66
5.85
3.45
1.62
1.02
1.38
3.16
2.79
2.86
2.99
3.22
3.45
3.47
3.70
3.90
3.89
4.20
4.41
4.51
4.59

5.99
6.10
5.14
5.49
6.22
4.09
3.10
2.10
2.78
3.93
3.79
3.72
3.69
3.91
4.08
3.96
4.29
4.43
4.39
4.35
4.64
4.74
4.89

6.44
6.35
5.26
5.65
6.03
5.02
4.61
4.01
4.27
4.29
4.34
4.14
4.00
4.18
4.26
4.20
4.46
4.54
4.47
4.42
4.57
4.72
4.99

6.71
6.61
5.58
5.87
5.94
5.49
*
*
*
*
*
*
*
*
*
*
*
*
*
*
4.54
4.73
5.06

5.75
5.55
5.12
5.43
5.77
5.19
5.05
4.73
4.63
4.29
4.31
4.16
4.08
4.15
4.21
4.28
4.49
4.53
4.43
4.31
4.41
4.44
4.60

7.37
7.26
6.53
7.04
7.62
7.08
6.49
5.67
5.63
5.24
5.33
5.15
4.96
5.06
5.09
5.13
5.35
5.42
5.37
5.29
5.35
5.53
5.84

..............
..............
..............
..............
..............
..............
..............
2.12
2.34
4.19
3.75
4.00
4.25
4.25
4.50
4.75
4.75
5.00
5.25
5.50
5.50
5.75
5.75

4.54
4.57
4.60
4.64
4.69

4.84
4.90
4.88
4.92
4.96

4.89
4.98
5.02
5.07
5.14

4.94
5.05
5.10
5.15
5.22

4.53
4.59
4.62
4.64
4.65

5.72
5.84
5.88
5.93
5.99

5.75
5.75
5.75
5.75
5.75

basis.
on actively traded issues adjusted to constant maturities.
3 Weekly data are Wednesday figures.
4 Discount window borrowing for primary credit and discount rate (adjustment credit). The
rate for primary credit replaced the rate for adjustment credit.
5 Average effective rate for year; rate in effect at end of month or week.
6 Daily effective rate; weighted average of rates on brokered trades.
2 Yields

Discount window
(N.Y. F.R. Bank) 4 5
Discount
rate

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

*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*

8.27
8.44
8.35
8.00
9.23
6.91
4.67
4.12
4.34
6.19
5.75
6.00
6.25
6.25
6.50
6.75
6.75
7.00
7.25
7.50
7.50
7.75
7.75

5.30
5.46
5.35
4.97
6.24
3.88
1.67
1.13
1.35
3.22
2.79
3.00
3.04
3.26
3.50
3.62
3.78
4.00
4.16
4.29
4.49
4.59
4.79

7.80
7.71
7.07
7.04
7.52
7.00
6.43
5.80
5.77
5.94
5.84
5.82
5.76
5.76
5.83
5.99
6.03
6.20
6.39
6.12
6.40
6.53
..............

*
*
*
*
*

7.75
7.75
7.75
7.75
7.75

4.88
4.76
4.77
4.74
4.83

..............
..............
..............
..............
..............

7 Effective rate (in the primary market) on conventional mortgages, reflecting fees and
charges as well as contract rate and assumed, on the average, repayment at end of 10 years.
*Discount rate (adjustment credit) series was discontinued after January 8, 2003. Series for
30-year constant maturity was discontinued on February 18, 2002, and reintroduced on February 9, 2006.
Sources: Department of the Treasury, Board of Governors of the Federal Reserve System,
Federal Housing Finance Board, Moody’s Investors Service, and Standard & Poor’s.

COMMON STOCK PRICES AND YIELDS
Overall, stock prices rose 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
1996 .........................................................
1997 .........................................................
1998 .........................................................
1999 .........................................................
2000 .........................................................
2001 .........................................................
2002 .........................................................
2003 .........................................................
2004 .........................................................
2005 .........................................................
2005: Apr ...............................................
May ..............................................
June .............................................
July ..............................................
Aug ...............................................
Sept ..............................................
Oct ...............................................
Nov ...............................................
Dec ...............................................
2006: Jan ...............................................
Feb ...............................................
Mar ..............................................
Apr ...............................................
Week ended:
2006: Apr 8 .........................................
15 .........................................
22 .........................................
29 .........................................
May 6 .........................................
1 Average

Financial

Energy

Health
Care

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
7,349.00
7,077.97
7,094.02
7,238.96
7,389.23
7,482.93
7,584.49
7,373.23
7,585.75
7,787.22
8,007.35
8,044.86
8,174.34
8,351.28

................
................
................
................
................
................
................
5,583.00
6,822.18
7,383.70
7,014.98
7,092.20
7,199.86
7,373.25
7,374.01
7,435.85
7,368.60
7,800.01
8,011.76
8,187.86
8,280.82
8,459.04
8,572.54

..................
..................
..................
..................
..................
..................
..................
5,273.90
6,952.36
9,377.84
8,793.74
8,513.39
9,122.87
9,607.53
10,034.26
10,672.51
9,915.63
9,998.62
10,310.18
10,965.30
10,741.43
10,702.23
11,467.85

................
................
................
................
................
................
................
5,288.67
5,924.80
6,283.96
6,253.05
6,432.30
6,408.88
6,342.76
6,383.81
6,412.24
6,270.83
6,297.57
6,434.97
6,604.09
6,566.87
6,653.63
6,519.78

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
10,547.67
10,283.19
10,377.18
10,486.68
10,545.38
10,554.27
10,532.54
10,324.31
10,695.25
10,827.79
10,872.48
10,971.19
11,144.45
11,234.68

670.50
873.43
1,085.50
1,327.33
1,427.22
1,194.18
993.94
965.23
1,130.65
1,207.23
1,164.42
1,178.28
1,202.26
1,222.24
1,224.27
1,225.91
1,191.96
1,237.37
1,262.07
1,278.72
1,276.65
1,293.74
1,302.18

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
2,099.32
1,957.49
2,005.22
2,074.02
2,145.14
2,157.85
2,144.61
2,087.09
2,202.84
2,246.09
2,289.99
2,273.67
2,300.26
2,338.68

2.19
1.77
1.49
1.25
1.15
1.32
1.61
1.77
1.72
1.83
1.86
1.86
1.83
1.82
1.82
1.84
1.90
1.85
1.84
1.83
1.86
1.85
1.85

5.24
4.57
3.46
3.17
3.63
2.95
2.92
3.84
4.89
r 5.36
..................
..................
5.32
..................
..................
5.42
..................
..................
r 5.60
..................
..................
5.58
..................

8,318.81
8,236.51
8,389.21
8,437.66
8,533.07

8,569.17
8,453.38
8,577.54
8,666.23
8,771.05

11,157.88
11,264.40
11,749.99
11,658.45
11,835.89

6,583.93
6,460.98
6,504.56
6,517.88
6,537.83

11,184.98
11,124.65
11,262.33
11,344.74
11,435.32

1,303.97
1,290.10
1,305.13
1,307.12
1,312.85

2,348.41
2,321.10
2,348.72
2,332.97
2,317.01

1.83
1.86
1.84
1.85
1.86

..................
..................
..................
..................
..................

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 2006, there was a deficit of $303.0 billion, compared with a deficit of $294.6 billion
a year earlier.

[Billions of dollars]
Total

On-budget

Off-budget

Receipts

Outlays

Surplus
or
deficit
(¥)

Receipts

991.2
1,032.1
1,055.1
1,091.3
1,154.5
1,258.7
1,351.9
1,453.2
1,579.4
1,722.0
1,827.6
2,025.5
1,991.4
1,853.4
1,782.5
1,880.3
2,153.9
2,285.5

1,143.8
1,253.1
1,324.3
1,381.6
1,409.5
1,461.9
1,515.9
1,560.6
1,601.3
1,652.7
1,702.0
1,789.2
1,863.2
2,011.2
2,160.1
2,293.0
2,472.2
2,708.7

¥152.6
¥221.0
¥269.2
¥290.3
¥255.1
¥203.2
¥164.0
¥107.4
¥21.9
69.3
125.6
236.2
128.2
¥157.8
¥377.6
¥412.7
¥318.3
¥423.2

727.5
750.4
761.2
788.9
842.5
923.7
1,000.9
1,085.7
1,187.4
1,306.2
1,383.2
1,544.9
1,483.9
1,338.1
1,258.7
1,345.5
1,576.4
1,675.5

932.9
1,028.1
1,082.6
1,129.3
1,142.9
1,182.5
1,227.2
1,259.7
1,290.7
1,336.1
1,381.3
1,458.5
1,516.4
1,655.5
1,797.1
1,913.5
2,070.0
2,277.7

¥205.4
¥277.6
¥321.4
¥340.4
¥300.4
¥258.8
¥226.4
¥174.0
¥103.2
¥29.9
1.9
86.4
¥32.4
¥317.4
¥538.4
¥568.0
¥493.6
¥602.1

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
577.5
610.0

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
402.2
431.0

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
175.3
179.0

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
7,905.3
8,611.5

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
4,592.2
5,018.9

939.0
1,037.6

1,233.7
1,340.6

¥294.6
¥303.0

667.1
747.4

1,039.9
1,132.8

¥372.8
¥385.4

272.0
290.2

193.8
207.8

78.2
82.4

7,747.9
8,313.3

4,559.6
4,858.0

Fiscal year or period

1989 ......................................
1990 ......................................
1991 ......................................
1992 ......................................
1993 ......................................
1994 ......................................
1995 ......................................
1996 ......................................
1997 ......................................
1998 ......................................
1999 ......................................
2000 ......................................
2001 ......................................
2002 ......................................
2003 ......................................
2004 ......................................
2005 .......................................
2006 (estimates) ....................
Cumulative total, first 6
months: 1
Fiscal year 2005 ................
Fiscal year 2006 ................
1 Data

32

from current issue Monthly Treasury Statement.

Outlays

Surplus
or
deficit
(¥)

Federal debt (end of
period)

Receipts

Outlays

Surplus
or
deficit
(¥)

Gross
Federal

Held by
the public

NOTE.—Data (except as noted) are from Budget of the United States Government, Fiscal Year
2007, issued February 6, 2006.
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 2006, receipts were $98.6 billion higher than a year earlier and outlays were $106.9
billion higher.

[Billions of dollars]
On-budget and off-budget receipts

Fiscal year or period
Total

1989 ...............................................
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999

..............................................
..............................................
..............................................
..............................................
..............................................
..............................................
..............................................
..............................................
..............................................
..............................................

2000
2001
2002
2003
2004
2005
2006

..............................................
..............................................
..............................................
..............................................
..............................................
..............................................
(estimates) ...........................

Cumulative total, first 6 months: 1
Fiscal year 2005 ........................
Fiscal year 2006 ........................

Individual
income
taxes

Corporation
income
taxes

Social
insurance
and
retirement
receipts

On-budget and off-budget outlays
National defense
Other

Total
Total

International
affairs

Health

Medicare

Income Social
security security

Net
interest

Other

991.2

445.7

103.3

359.4

303.6

294.8

9.6

48.4

85.0

137.4

232.5

169.0

158.4

1,032.1
1,055.1
1,091.3
1,154.5
1,258.7
1,351.9
1,453.2
1,579.4
1,722.0
1,827.6

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

91.7
93.2
101.4
99.0
113.8
120.2
115.5
120.3
132.9
151.7

1,253.1
1,324.3
1,381.6
1,409.5
1,461.9
1,515.9
1,560.6
1,601.3
1,652.7
1,702.0

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
172.5
199.6
210.0
217.2
223.8
229.7
235.0
237.8
242.5

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

2,025.5 1,004.5
1,991.4 994.3
1,853.4 858.3
1,782.5 793.7
1,880.3 809.0
2,153.9 927.2
2,285.5 997.6

207.3
151.1
148.0
131.8
189.4
278.3
277.1

652.9
694.0
700.8
713.0
733.4
794.1
841.1

160.9
152.0
146.2
144.1
148.5
154.2
169.7

1,789.2
1,863.2
2,011.2
2,160.1
2,293.0
2,472.2
2,708.7

294.5
304.9
348.6
404.9
455.9
495.3
535.9

281.2
290.3
332.0
387.3
436.5
474.2
512.1

17.2
16.5
22.4
21.2
26.9
34.6
34.8

154.5
172.3
196.5
219.6
240.1
250.6
268.8

197.1
217.4
230.9
249.4
269.4
298.6
343.0

253.7
269.8
312.7
334.6
333.1
345.8
360.6

409.4
433.0
456.0
474.7
495.5
523.3
554.7

222.9
206.2
170.9
153.1
160.2
184.0
220.1

239.8
243.3
273.2
302.6
311.9
339.9
390.8

939.0
1,037.6

99.8
130.3

367.8
393.9

72.6 1,233.7
80.9 1,340.6

242.0
263.5

229.8
250.6

18.1
16.7

124.6
125.3

142.1
164.2

193.1
198.2

256.0
270.7

87.4
109.4

170.3
192.5

398.8
432.6

82.8 1,143.8

Department of
Defense,
military

1 Data from current issue Monthly Treasury Statement. Data for Department of Defense,
military, include a small amount classified as international affairs, and not included in national
defense.

NOTE.—Data (except as noted) are from Budget of the United States Government, Fiscal Year
2007, issued February 6, 2006.
Sources: Department of the Treasury and Office of Management and Budget.

33

FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the first quarter of 2006, according to advance estimates, Federal current expenditures rose $35.5 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
Total
Total 1

Calendar year:
1996 .................
1997 .................
1998 .................
1999 .................
2000 .................
2001 .................
2002 .................
2003 .................
2004 .................
2005 .................
2002: III .............
IV .............
2003: I ................
II ..............
III .............
IV .............
2004: I ................
II ..............
III .............
IV .............
2005: I ................
II .............
III ............
IV .............
2006: I p .............
1 Includes
2 Includes

34

1,524.0
1,653.1
1,773.8
1,891.2
2,053.8
2,016.2
1,853.2
1,868.6
1,974.8
2,225.4
1,856.1
1,856.6
1,881.4
1,896.3
1,808.9
1,887.9
1,917.8
1,951.4
1,975.4
2,054.6
2,196.6
2,227.9
2,155.8
2,321.4
..............

932.4
1,030.6
1,116.8
1,195.7
1,313.6
1,252.2
1,075.5
1,059.2
1,122.4
1,347.1
1,075.4
1,078.0
1,084.4
1,089.6
994.5
1,068.2
1,080.7
1,108.1
1,119.4
1,181.3
1,305.1
1,331.8
1,343.2
1,408.1
..............

Personal
current
taxes
663.4
744.3
825.8
893.0
999.1
994.5
830.5
774.3
801.8
935.0
825.8
818.0
806.7
811.2
708.8
770.6
771.3
786.3
810.0
839.7
908.3
924.3
945.0
962.3
986.1

Taxes
on
production and
imports
73.2
78.2
81.1
83.9
87.8
85.8
87.3
89.7
94.0
97.2
88.5
88.0
90.1
89.7
88.8
90.2
93.4
93.4
94.0
95.1
95.4
98.3
97.5
97.6
97.2

Taxes
on
corporate
income
190.6
203.0
204.2
213.0
219.4
164.7
150.5
186.7
217.4
305.3
153.9
164.2
180.7
178.8
189.1
198.1
206.9
219.9
207.5
235.3
291.7
300.8
290.7
338.0
..............

Contributions
for
government
social
insurance
542.8
576.4
613.8
651.6
691.7
717.5
734.3
759.1
802.5
851.3
735.0
734.4
749.0
756.4
762.9
768.0
787.2
793.5
806.0
823.4
841.1
845.1
855.4
863.5
887.1

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

26.9
25.9
21.5
21.5
25.2
24.9
20.2
22.7
21.9
23.2
19.8
19.9
19.5
22.8
24.0
24.6
22.0
21.5
21.8
22.2
23.0
24.3
22.8
22.7
23.8

23.1
19.9
21.5
22.7
25.7
27.1
24.8
25.7
28.6
7.6
24.5
24.0
24.8
25.5
26.2
26.5
27.6
28.1
28.7
30.0
30.4
30.2
¥61.4
31.3
32.9

¥1.2
.3
.1
¥.3
¥2.3
¥5.5
¥1.6
1.9
¥.5
¥3.7
1.4
.3
3.7
2.1
1.4
.6
.3
.3
¥.4
¥2.3
¥2.9
¥3.6
¥4.3
¥4.1
.1

Total 2

1,665.8
1,708.9
1,734.9
1,787.6
1,864.4
1,969.5
2,101.1
2,251.4
2,381.3
2,548.4
2,103.4
2,151.1
2,177.4
2,270.1
2,265.1
2,292.9
2,347.2
2,364.9
2,387.0
2,426.2
2,494.9
2,525.2
2,563.7
2,610.0
2,645.5

Consumption
expenditures

446.3
457.7
454.6
475.1
499.3
531.9
591.5
661.9
725.7
769.6
591.4
618.5
634.7
667.6
668.4
676.8
710.7
721.1
735.7
735.1
759.6
762.8
782.9
773.1
806.4

Current
transfer
payments

888.3
918.8
946.5
986.1
1,038.1
1,131.4
1,243.0
1,327.7
1,391.2
1,475.0
1,247.6
1,268.5
1,285.0
1,332.1
1,339.0
1,354.8
1,379.3
1,382.6
1,384.0
1,419.0
1,458.7
1,459.9
1,474.4
1,507.0
1,534.8

Interest
payments

297.3
300.0
298.8
282.7
283.3
258.6
229.1
215.2
221.5
249.1
227.7
225.4
217.0
214.9
212.2
216.8
216.9
218.4
224.5
226.1
226.6
250.8
250.8
268.3
245.9

Source: Department of Commerce, Bureau of Economic Analysis.

Subsidies

34.0
32.4
35.0
43.8
43.8
47.6
37.5
46.5
43.0
54.7
36.7
38.7
42.0
54.2
45.5
44.4
41.8
41.3
42.8
46.1
50.1
51.6
55.6
61.4
58.3

Net
Federal
Government
saving

¥141.8
¥55.8
38.8
103.6
189.5
46.7
¥247.9
¥382.7
¥406.5
¥323.0
¥247.3
¥294.6
¥296.0
¥373.8
¥456.2
¥405.0
¥429.3
¥413.4
¥411.6
¥371.6
¥298.3
¥297.3
¥407.9
¥288.6
....................

INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Industrial production (2002=100; seasonally adjusted)
Period

United
States

Canada

Japan

France

Germany

Italy

Consumer prices (1982–84=100; NSA)
United
Kingdom

United
States 1

Canada

Japan

Germany

135.3
137.8
139.1
140.0
142.0
144.8
146.7
148.3
150.8
153.7
152.3
152.7
152.9
153.3
153.5
154.2
154.3
154.9
154.9
154.2
155.6
154.9
155.4
r 155.4
156.0

1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2005:

....................................
83.6
81.4 105.5
87.4
88.3
93.8
98.7
156.9
153.8 119.3 151.4
....................................
89.7
86.0 109.3
90.9
91.0
97.5
100.0
160.5
156.3 121.5 153.2
....................................
94.9
89.0 102.1
94.2
94.4
98.6
101.1
163.0
157.8 122.2 154.2
....................................
99.3
94.3 102.4
96.5
95.5
98.5
102.3
166.6
160.5 121.8 155.0
....................................
103.5
102.4 108.0 100.2
100.8
102.7
104.2
172.2
164.9 121.0 157.6
....................................
99.9
98.3 101.2 101.5
101.1
101.6
102.6
177.1
169.1 120.1 160.2
....................................
100.0
100.0 100.0 100.0
100.0
100.0
100.0
179.9
172.9 119.0 163.3
....................................
100.6
101.0 103.0
99.5
100.4
99.5
99.5
184.0
177.7 118.7 166.7
r 98.9
....................................
104.7
105.0 108.5 101.8
103.5
100.1
188.9
181.0 118.7 170.3
r 98.1
....................................
108.2
107.7 r 109.8 101.8
107.0
98.2
195.3
184.9 118.3 173.2
Feb r .........................
107.4
107.1 109.5 102.0
104.5
97.4
99.2
191.8
182.8 117.8 171.6
r .........................
Mar
107.3
106.2 109.1 101.1
105.0
97.2
98.0
193.3
183.8 118.2 172.7
Apr r .........................
107.2
106.6 110.2 101.2
105.9
99.1
98.6
194.6
184.4 118.4 173.0
May r ........................
107.4
107.4 109.2 101.0
105.8
98.0
98.8
194.4
184.5 118.8 173.2
June r .......................
108.3
107.1 109.2 101.5
106.8
98.2
98.7
194.5
184.8 118.2 173.5
July r ........................
108.3
107.5 108.2 100.6
108.0
99.2
98.6
195.4
185.2 118.1 173.2
r .........................
Aug
108.6
108.8 109.3 102.0
107.0
100.1
97.6
196.4
186.0 118.2 173.8
Sept r ........................
107.2
108.3 109.5 102.2
108.2
98.5
98.0
198.8
187.6 118.5 174.6
Oct r ..........................
108.4
108.5 110.0
99.3
109.2
97.9
96.6
199.2
186.7 118.7 174.4
r .........................
Nov
109.4
108.3 112.2 102.3
108.9
98.5
97.3
197.6
186.2 118.3 174.1
r .........................
Dec
110.4
109.4 113.9 102.0
109.4
99.9
97.7
196.8
186.1 118.5 174.2
2006: Jan r .........................
110.0
108.3 113.5 102.3
110.3
99.6
98.0
198.3
187.1 118.7 174.1
r .........................
Feb
110.6
108.2 112.1 101.4
111.4
100.4
97.8
198.7
186.8 118.3 174.8
Mar p ........................
111.2 .............. 112.3 ............ .............. .............. ..............
199.8
187.8 118.5 175.3
Apr p ......................... .............. .............. ............ ............ .............. .............. .............. .............. .............. ............ ............
1 Data relate to all urban consumers.
NOTE.—See Note, p. 17, for information on U.S. industrial production series.

Italy

213.8
179.4
218.2
185.1
222.5
191.4
226.2
194.3
231.9
200.1
238.3
203.6
244.3
207.0
250.8
213.0
256.3
219.4
261.3
225.6
259.1
222.8
259.9
223.8
260.3
225.1
261.1
225.6
261.1
225.8
262.2
225.8
262.6
226.3
262.6
226.9
263.2
227.1
263.4
227.5
263.4
228.1
264.0
227.2
264.6
228.2
265.3
229.1
266.1 ..............

France

United
Kingdom

Source: National sources as reported by Department of Commerce (Bureau of Economic
Analysis and International Trade Administration, Office of Trade and Industry Information)
and Council of Economic Advisers.

U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES
[Billions of dollars; monthly data seasonally adjusted]
Goods: Exports (f.a.s. value)

Goods: Imports (customs value)

Census basis (by end-use category)

Services
(BOP basis)

Balance of trade
(exports minus imports)

Census basis (by end-use category)
BOP basis

Period

1996
1997
1998
1999
2000
2001
2002
2003
2004
2005

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

.............
.............
.............
.............
.............
.............
.............
.............
.............
.............

612.1
678.4
670.4
684.0
772.0
718.7
682.4
713.4
807.5
892.6

625.1
689.2
682.1
695.8
781.9
729.1
693.1
724.8
818.8
904.4

55.5
51.5
46.4
46.0
47.9
49.4
49.6
55.0
56.6
58.9

147.7
158.2
148.3
147.5
172.6
160.1
156.8
173.0
204.0
231.8

253.0
294.5
299.4
310.8
356.9
321.7
290.4
293.6
331.5
361.8

2005: Feb ...
Mar ...
Apr ...
May ..
June
July ..
Aug ...
Sept ..
Oct ....
Nov ...
Dec ...

70.6
71.4
74.4
74.3
74.4
74.9
76.6
73.3
75.1
77.1
79.1

71.4
72.3
75.4
75.4
75.4
75.7
77.8
74.4
76.0
78.2
80.3

4.6
4.8
5.0
5.4
5.1
4.9
5.0
4.8
5.0
4.8
4.9

18.6
18.6
19.5
19.8
19.6
19.9
20.1
18.9
19.0
19.4
20.0

28.0
28.9
30.5
29.6
30.1
30.3
31.4
29.1
30.9
32.1
32.3

7.8
7.7
7.9
7.7
7.8
8.0
8.3
8.3
8.5
8.6
9.0

9.5
9.4
9.3
9.7
9.5
9.5
9.5
9.9
9.4
9.9
10.6

2006: Jan r ..
Feb p ..

81.6
80.5

82.5
81.4

5.3
5.1

21.0
20.8

33.2
33.0

9.1
8.9

10.4
10.4

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

795.3
869.7
911.9
1,024.6
1,218.0
1,141.0
1,161.4
1,257.1
1,469.7
1,670.8

35.7
39.7
41.2
43.6
46.0
46.6
49.7
55.8
62.1
68.1

204.5
213.8
200.1
221.4
299.0
273.9
267.7
313.8
412.8
520.7

228.1
253.3
269.5
295.7
347.0
298.0
283.3
295.8
343.5
379.5

128.9
139.8
148.7
179.0
195.9
189.8
203.7
210.2
228.2
240.0

172.0
193.8
217.0
241.9
281.8
284.3
307.8
333.9
372.9
407.0

239.5
256.3
263.1
282.5
299.5
288.4
294.9
309.1
343.9
379.6

152.6
166.5
181.4
199.9
225.3
224.0
233.7
256.7
296.1
321.6

¥170.2
¥180.5
¥229.8
¥328.8
¥436.1
¥411.9
¥468.3
¥532.4
¥650.9
¥766.4

¥191.0
¥198.1
¥246.7
¥346.0
¥452.4
¥427.2
¥482.3
¥547.3
¥665.4
¥781.6

86.9
89.8
81.7
82.6
74.1
64.5
61.1
52.5
47.8
58.0

¥104.1
¥108.3
¥165.0
¥263.4
¥378.3
¥362.7
¥421.2
¥494.8
¥617.6
¥723.6

135.1
130.1
136.5
134.9
138.0
137.2
140.4
144.4
148.0
146.5
149.3

134.8
129.7
136.2
134.6
137.7
137.0
140.1
144.1
147.7
146.2
149.0

5.5
5.5
5.5
5.6
5.6
5.6
5.7
5.9
5.7
5.9
6.0

39.8
39.8
41.6
39.3
41.4
41.9
44.0
46.9
49.9
48.9
48.9

29.9
29.6
31.9
31.3
32.6
31.8
31.9
32.3
32.1
32.2
32.9

19.8
18.4
18.8
19.7
19.6
19.7
20.8
20.1
20.8
21.0
21.5

35.4
32.0
33.6
34.0
34.1
33.4
33.2
34.1
34.4
33.5
35.1

30.7
31.3
31.2
31.3
31.4
31.8
31.8
32.6
32.3
32.0
32.5

26.3
26.4
26.7
26.7
26.9
26.8
26.5
27.1
27.2
27.2
27.4

¥63.4
¥57.4
¥60.8
¥59.2
¥62.3
¥61.3
¥62.3
¥69.7
¥71.7
¥68.0
¥68.7

¥64.5
¥58.7
¥62.1
¥60.6
¥63.6
¥62.3
¥63.8
¥71.1
¥72.9
¥69.4
¥70.1

4.4
4.9
4.5
4.6
4.5
5.0
5.4
5.5
5.1
4.9
5.1

¥60.1
¥53.7
¥57.6
¥56.0
¥59.1
¥57.4
¥58.5
¥65.6
¥67.8
¥64.5
¥65.1

155.1
150.5

154.8
150.2

6.4
6.1

50.2
50.0

34.2
32.7

22.7
21.4

36.2
35.3

32.7
32.5

27.8
28.2

¥72.3
¥68.9

¥73.5
¥70.1

5.0
4.3

¥68.6
¥65.7

65.0 70.1 803.1
74.0 77.4 876.5
72.4 80.3 917.1
75.3 80.9 1,030.0
80.4 89.4 1,224.4
75.4 88.3 1,145.9
78.9 84.4 1,164.7
80.7 89.9 1,260.7
89.3 103.1 1,472.9
97.8 115.5 1,674.3

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 2005, the goods deficit rose to $212.4 billion, from $197.3 billion in the third quarter. The
current account deficit rose to $224.9 billion in the fourth quarter, from $185.4 billion in the third quarter.

[Millions of dollars; quarterly data seasonally adjusted. Credits (+), debits (¥)]
Goods 1

Period
Exports

Imports

Services

Balance
on
goods

Net
military
transactions 2

1996 .............
1997 .............
1998 .............
1999 .............
2000 .............
2001 .............
2002 .............
2003 .............
2004 .............
2005 p ............

612,113
678,366
670,416
683,965
771,994
718,712
682,422
713,421
807,536
892,619

¥803,113
¥876,470
¥917,103
¥1,029,980
¥1,224,408
¥1,145,900
¥1,164,720
¥1,260,717
¥1,472,926
¥1,674,261

¥191,000
¥198,104
¥246,687
¥346,015
¥452,414
¥427,188
¥482,298
¥547,296
¥665,390
¥781,642

2003: I ........
II .......
III .....
IV .....

173,167
174,696
178,186
187,372

¥311,028
¥309,763
¥313,476
¥326,450

¥137,861
¥135,067
¥135,290
¥139,078

¥2,976
¥3,247
¥2,860
¥3,444

2004: I ........
II .......
III .....
IV .....

193,789
200,072
204,801
208,874

¥345,241
¥364,059
¥372,576
¥391,050

¥151,452
¥163,987
¥167,775
¥182,176

2005: I ........
II .......
III .....
IV p ....

213,407
223,106
224,793
231,313

¥399,079
¥409,378
¥422,061
¥443,743

¥185,672
¥186,272
¥197,268
¥212,430

Net
travel
and
transportation

Other
services,
net

Receipts

Payments

Balance
on
income

Unilateral
current
transfers,
net 3

Balance
on
current
account

56,535
62,674
66,248
72,943
71,339
70,009
72,520
76,745
75,596
81,715

¥104,065
¥108,310
¥165,009
¥263,394
¥378,272
¥362,729
¥421,181
¥494,814
¥617,583
¥723,616

226,129
256,804
261,819
293,925
350,918
288,303
270,792
309,830
379,527
468,674

¥203,811
¥244,195
¥257,554
¥280,037
¥329,864
¥263,120
¥260,776
¥263,526
¥349,088
¥467,107

22,318
12,609
4,265
13,888
21,054
25,183
10,016
46,304
30,439
1,567

¥43,147
¥45,205
¥53,320
¥50,554
¥58,781
¥51,910
¥64,046
¥71,169
¥80,930
¥82,896

¥124,894
¥140,906
¥214,064
¥300,060
¥415,999
¥389,456
¥475,211
¥519,679
¥668,074
¥804,945

¥3,098
¥3,441
¥3,411
¥1,786

19,102
18,905
18,862
19,881

¥124,833
¥122,850
¥122,699
¥124,427

70,706
73,872
77,594
87,653

¥64,790
¥62,565
¥66,242
¥69,926

5,916
11,307
11,352
17,727

¥17,743
¥17,251
¥17,634
¥18,543

¥136,660
¥128,794
¥128,981
¥125,243

¥3,200
¥3,643
¥3,829
¥3,813

¥3,212
¥3,014
¥3,394
¥3,684

19,012
18,602
17,533
20,452

¥138,852
¥152,042
¥157,465
¥169,221

86,401 ¥71,379
91,465 ¥85,543
95,504 ¥89,250
106,154 ¥102,918

15,022
5,922
6,254
3,236

¥22,271
¥20,515
¥15,771
¥22,374

¥146,101
¥166,635
¥166,982
¥188,359

¥3,020
¥3,066
¥2,376
¥3,104

¥4,399
¥2,679
¥2,229
¥2,816

20,966
19,299
20,473
20,977

¥172,125
¥172,718
¥181,400
¥197,373

106,924
111,120
120,808
129,820

¥106,290
¥112,670
¥115,897
¥132,254

634
¥1,550
4,911
¥2,434

¥26,252
¥22,633
¥8,940
¥25,069

¥197,743
¥196,901
¥185,429
¥224,876

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 ¥4,245
¥12,527 ¥11,736
¥14,485 ¥13,304
¥11,566 ¥12,123

1 Adjusted from Census data for differences in timing and coverage; excludes military.
2 Transfers under U.S. military agency sales contracts (exports) minus direct defense expenditures (imports).

36

Income receipts and payments
Balance
on
goods
and
services

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 decreased $11.5 billion in the fourth
quarter of 2005, in contrast to an increase of $108.0 billion in the third quarter. U.S. liabilities to private foreigners
reported by U.S. banks, excluding Treasury securities, increased $15.7 billion in the fourth quarter, following an
increase of $78.7 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)

1996 ..................................
1997 ..................................
1998 ..................................
1999 ..................................
2000 ..................................
2001 ..................................
2002 ..................................
2003 ..................................
2004 ..................................
2005 p .................................

¥631
¥1,014
¥702
¥4,888
¥929
¥1,223
¥1,363
¥3,214
¥1,648
¥5,647

¥413,409
¥485,475
¥353,829
¥504,062
¥560,523
¥382,616
¥294,027
¥328,397
¥855,509
¥491,729

6,668
¥1,010
¥6,783
8,747
¥290
¥4,911
¥3,681
1,523
2,805
14,096

¥989
68
¥422
2,750
¥941
¥486
345
537
1,215
7,580

¥419,088
¥484,533
¥346,624
¥515,559
¥559,292
¥377,219
¥290,691
¥330,457
¥859,529
¥513,405

551,096
706,809
423,569
740,210
1,046,896
782,859
794,343
889,043
1,440,105
1,292,695

126,724
19,036
¥19,903
43,543
42,758
28,059
115,945
278,275
394,710
220,676

424,372
687,773
443,472
696,667
1,004,138
754,800
678,398
610,768
1,045,395
1,072,019

¥12,162
¥79,414
145,026
68,800
¥69,445
¥9,564
¥23,742
¥37,753
85,126
9,626

..................
..................
..................
..................
..................
..................
..................
..................
..................
..................

75,089
69,954
81,761
71,516
67,647
68,654
79,006
85,938
86,824
65,127

2003: I .............................
II ............................
III ..........................
IV ...........................
2004: I .............................
II ............................
III ..........................
IV ...........................
2005: I ..............................
II ............................
III ..........................
IV p .........................

¥423
¥1,596
¥837
¥358
¥428
¥372
¥393
¥455
¥4,466
¥315
¥435
¥431

¥91,631
¥142,267
¥25,442
¥69,057
¥295,140
¥133,886
¥137,525
¥288,957
¥81,803
¥225,422
¥141,429
¥43,077

83
¥170
¥611
2,221
557
1,122
429
697
5,331
¥797
4,766
4,796

53
310
483
¥309
727
¥2
¥11
501
4,487
971
1,516
606

¥91,767
¥142,407
¥25,314
¥70,969
¥296,424
¥135,006
¥137,943
¥290,155
¥91,621
¥225,596
¥147,711
¥48,479

240,593
240,143
140,909
267,397
423,023
304,937
254,228
457,915
243,311
376,085
395,264
278,037

50,622
66,889
64,595
96,169
147,401
77,039
75,792
94,478
25,277
82,646
38,176
74,577

189,971
173,254
76,314
171,228
275,622
227,898
178,436
363,437
218,034
293,439
357,088
203,460

¥11,879
32,514
14,351
¥72,739
18,646
¥4,044
50,672
19,856
40,701
46,553
¥67,971
¥9,653

9,623
¥4,407
¥13,009
7,793
11,010
¥3,747
¥12,977
5,718
14,746
¥8,639
¥16,767
10,664

80,049
81,660
84,431
85,938
85,192
82,652
82,578
86,824
78,942
76,594
71,273
65,127

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 : 2006

27391


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102