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112th Congress, 1st Session

Economic Indicators
APRIL 2011
(Includes data available as of May 6, 2011)

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

UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 2011

JOINT ECONOMIC COMMITTEE

(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)

ROBERT P. CASEY, Jr., Pennsylvania, Chairman
KEVIN BRADY, Texas, Vice Chairman
	

	
	
	
	
	
	
	
	
	

Senate	

House of Representatives

JEFF BINGAMAN, New Mexico	
AMY KLOBUCHAR, Minnesota	
JIM WEBB, Virginia	
MARK R. WARNER, Virginia	
BERNARD SANDERS, Vermont	
JIM DeMINT, South Carolina	
DAN COATS, Indiana	
MIKE LEE, Utah	
PAT TOOMEY, Pennsylvania 	

MICHAEL C. BURGESS, M.D., Texas
JOHN CAMPBELL, California
SEAN P. DUFFY, Wisconsin
JUSTIN AMASH, Michigan
MICK MULVANEY, South Carolina
MAURICE D. HINCHEY, New York
CAROLYN B. MALONEY, New York	
LORETTA SANCHEZ, California
ELIJAH E. CUMMINGS, Maryland

WILLIAM E. HANSEN, Executive Director

COUNCIL OF ECONOMIC ADVISERS
AUSTAN D. GOOLSBEE, Chairman
KATHARINE G. ABRAHAM, Member
CARL SHAPIRO, Member
[Public Law 120—81st Congress; Chapter 237—1st Session]
JOINT RESOLUTION [S.J. R es. 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 online at:
http://www.gpo.gov/economicindicators
To subscribe to the print edition, $58.00 per year ($81.20 outside the United States),
contact the U.S. Government Printing Office
at 202-512-1800, http://www.gpo.gov/economicindicators, or:
SUPERINTENDENT OF DOCUMENTS
U.S. GOVERNMENT PRINTING OFFICE
MAIL STOP: IDCC
WASHINGTON, DC 20402-9328

ii

TOTAL OUTPUT, INCOME, AND SPENDING
Gross Domestic Product
In the first quarter of 2011, according to advance estimates, current dollar gross domestic product (GDP) rose 3.7
percent (annual rate), real GDP in chained (2005) dollars rose 1.8 percent, and the chained price index rose 1.9
percent.

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

Period

2001 ��������������������
2002 ��������������������
2003 ��������������������
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2007: III 
��������������
       ��������������
IV 
2008: I 
����������������
       ���������������
II 
       ��������������
III 
       ��������������
IV 
2009: I 
����������������
       ���������������
II 
       ��������������
III 
       ��������������
IV 
2010: I 
����������������
       ���������������
II 
       ��������������
III 
       ��������������
IV 
2011: I p ��������������

Gross
domestic
product

10,286.2
10,642.3
11,142.1
11,867.8
12,638.4
13,398.9
14,061.8
14,369.1
14,119.0
14,660.4
14,158.2
14,291.3
14,328.4
14,471.8
14,484.9
14,191.2
14,049.7
14,034.5
14,114.7
14,277.3
14,446.4
14,578.7
14,745.1
14,871.4
15,006.4

Personal
consumption
expenditures

Gross
private
domestic
investment

7,148.8
7,439.2
7,804.0
8,285.1
8,819.0
9,322.7
9,806.3
10,104.5
10,001.3
10,349.1
9,850.8
9,988.4
10,065.7
10,183.0
10,202.0
9,967.2
9,913.0
9,920.1
10,040.7
10,131.5
10,230.8
10,285.4
10,366.3
10,513.6
10,683.8

1,661.9
1,647.0
1,729.7
1,968.6
2,172.2
2,327.2
2,295.2
2,096.7
1,589.2
1,827.5
2,313.4
2,260.4
2,198.8
2,170.9
2,111.3
1,905.8
1,640.4
1,530.2
1,548.5
1,637.7
1,739.7
1,841.8
1,907.2
1,821.3
1,863.6

Exports and imports of
goods and services
Net
exports
–371.0
–427.2
–504.1
–618.7
–722.7
–769.3
–714.0
–710.4
–386.4
–516.4
–704.4
–695.7
–738.5
–751.9
–763.1
–588.4
–375.7
–335.2
–408.3
–426.4
–479.9
–539.3
–550.5
–495.9
–571.5

Government consumption expenditures
and gross investment
Federal

Exports

1,027.7
1,003.0
1,041.0
1,180.2
1,305.1
1,471.0
1,661.7
1,843.4
1,578.4
1,837.5
1,690.3
1,761.8
1,819.9
1,925.3
1,927.3
1,700.9
1,521.2
1,520.2
1,582.1
1,689.9
1,757.8
1,817.9
1,848.9
1,925.6
2,002.4

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

Imports

1,398.7
1,430.2
1,545.1
1,798.9
2,027.8
2,240.3
2,375.7
2,553.8
1,964.7
2,353.9
2,394.7
2,457.5
2,558.4
2,677.2
2,690.4
2,289.3
1,896.9
1,855.3
1,990.5
2,116.3
2,237.6
2,357.1
2,399.4
2,421.5
2,573.9

Total

1,846.4
1,983.3
2,112.6
2,232.8
2,369.9
2,518.4
2,674.2
2,878.3
2,914.9
3,000.2
2,698.4
2,738.2
2,802.3
2,869.8
2,934.7
2,906.5
2,872.0
2,919.3
2,933.8
2,934.5
2,955.7
2,990.8
3,022.2
3,032.3
3,030.5

Total
611.7
680.6
756.5
824.6
876.3
931.7
976.3
1,079.9
1,139.6
1,214.3
992.1
1,000.6
1,033.4
1,065.2
1,105.5
1,115.4
1,103.2
1,139.8
1,155.4
1,159.9
1,178.1
1,206.7
1,233.9
1,238.3
1,223.6

National
defense

Nondefense

393.0
437.7
497.9
550.8
589.0
624.9
662.3
737.3
771.6
817.7
674.7
679.9
702.1
724.9
762.1
760.2
743.9
769.9
787.3
785.4
796.3
813.0
830.8
830.6
813.3

218.7
242.9
258.5
273.9
287.3
306.8
314.0
342.5
368.0
396.6
317.4
320.7
331.3
340.3
343.4
355.1
359.4
369.8
368.1
374.5
381.8
393.7
403.1
407.7
410.3

State
and
local
1,234.7
1,302.7
1,356.1
1,408.2
1,493.6
1,586.7
1,697.9
1,798.5
1,775.3
1,786.0
1,706.4
1,737.6
1,768.9
1,804.6
1,829.2
1,791.2
1,768.8
1,779.5
1,778.4
1,774.7
1,777.6
1,784.1
1,788.2
1,794.0
1,806.9

Final
Addendum:
Gross
sales of
Gross
domestic
domestic purchases 1 national
product
product

10,324.5
10,630.3
11,125.8
11,802.8
12,588.4
13,339.0
14,032.7
14,410.2
14,246.3
14,588.7
14,118.8
14,278.8
14,342.1
14,495.1
14,514.3
14,289.2
14,191.6
14,214.0
14,258.0
14,321.5
14,396.4
14,498.3
14,606.5
14,853.5
14,953.8

10,657.2
10,338.1
11,069.5
10,691.4
11,646.3
11,210.8
12,486.4
11,959.0
13,361.1
12,735.5
14,168.2
13,471.3
14,775.8
14,185.1
15,079.5
14,543.6
14,505.4
14,265.3
15,176.8
14,848.7
14,862.6
14,302.9
14,987.0
14,489.9
15,066.8
14,520.7
15,223.7
14,647.3
15,248.0
14,689.2
14,779.5
14,317.2
14,425.4
14,172.2
14,369.6
14,164.2
14,523.0
14,281.9
14,703.7
14,442.8
14,926.3
14,637.6
15,118.0
14,774.0
15,295.6
14,933.6
15,367.2
15,049.3
15,577.8 �����������������

Source: Department of Commerce (Bureau of Economic Analysis).

1

Real Gross Domestic Product
[Billions of chained (2005) dollars; quarterly data at seasonally adjusted annual rates]

Period

2001 ��������������������
2002 ��������������������
2003 ��������������������
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2007: III 
��������������
       ��������������
IV 
2008: I 
����������������
       ���������������
II 
       ��������������
III 
       ��������������
IV 
2009: I 
����������������
       ���������������
II 
       ��������������
III 
       ��������������
IV 
2010: I 
����������������
       ���������������
II 
       ��������������
III 
       ��������������
IV 
2011: I p ��������������

Gross private
domestic investment
Personal
Gross
conChange
domestic sumption Nonresi- Resiin
product expendi- dential dential
fixed
fixed
private
tures
investinvestinvenment
ment
tories
11,347.2
11,553.0
11,840.7
12,263.8
12,638.4
12,976.2
13,228.9
13,228.8
12,880.6
13,248.2
13,268.5
13,363.5
13,339.2
13,359.0
13,223.5
12,993.7
12,832.6
12,810.0
12,860.8
13,019.0
13,138.8
13,194.9
13,278.5
13,380.7
13,438.8

7,813.9
8,021.9
8,247.6
8,532.7
8,819.0
9,073.5
9,289.5
9,265.0
9,153.9
9,313.6
9,310.0
9,342.3
9,324.1
9,326.2
9,243.5
9,166.3
9,154.1
9,117.0
9,161.6
9,182.9
9,225.4
9,275.7
9,330.6
9,422.9
9,486.4

1,281.8
1,180.2
1,191.0
1,263.0
1,347.3
1,453.9
1,552.0
1,556.6
1,290.8
1,364.9
1,574.1
1,595.9
1,603.7
1,597.0
1,561.5
1,464.2
1,313.7
1,288.3
1,282.9
1,278.3
1,302.6
1,355.3
1,388.0
1,413.9
1,420.2

583.3
613.8
664.3
729.5
775.0
718.2
584.2
444.2
342.7
332.5
570.6
523.3
482.2
464.4
435.6
394.7
352.7
333.9
342.4
341.7
330.7
350.1
323.3
325.9
322.5

–41.8
12.8
17.3
66.3
50.0
59.4
27.7
–37.6
–113.1
62.7
36.1
12.6
–8.2
–20.6
–27.4
–94.3
–125.8
–161.8
–128.2
–36.7
44.1
68.8
121.4
16.2
43.8

Exports and imports of
goods and services

Government consumption expenditures
and gross investment
Federal

Net
exports

Exports

Imports

Total

–472.1
–548.8
–603.9
–688.0
–722.7
–729.2
–654.9
–504.1
–363.0
–422.5
–666.6
–560.4
–529.9
–493.8
–514.8
–477.7
–389.2
–342.0
–390.8
–330.1
–338.4
–449.0
–505.0
–397.7
–399.7

1,121.6
1,099.2
1,116.8
1,222.8
1,305.1
1,422.0
1,554.4
1,647.7
1,490.7
1,665.5
1,578.0
1,622.0
1,644.7
1,696.6
1,675.0
1,574.5
1,451.6
1,447.8
1,490.0
1,573.5
1,616.4
1,652.1
1,679.3
1,714.3
1,735.2

1,593.8
1,648.0
1,720.7
1,910.8
2,027.8
2,151.2
2,209.3
2,151.7
1,853.8
2,088.0
2,244.6
2,182.4
2,174.6
2,190.4
2,189.8
2,052.2
1,840.8
1,789.9
1,880.8
1,903.6
1,954.8
2,101.1
2,184.3
2,112.0
2,134.8

2,178.3
2,279.6
2,330.5
2,362.0
2,369.9
2,402.1
2,434.2
2,502.7
2,542.6
2,568.3
2,447.9
2,455.3
2,469.2
2,489.4
2,521.5
2,530.7
2,511.5
2,549.3
2,559.3
2,550.3
2,540.2
2,564.9
2,589.6
2,578.8
2,544.3

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

National Nondefense defense

Total
726.5
779.5
831.1
865.0
876.3
894.9
906.1
971.8
1,027.6
1,076.9
919.7
922.2
937.6
955.3
987.5
1,006.9
994.1
1,029.2
1,043.5
1,043.6
1,048.4
1,071.5
1,094.3
1,093.4
1,071.1

470.7
505.3
549.2
580.4
589.0
598.4
611.8
657.7
693.0
720.2
622.3
622.4
632.7
643.4
673.0
681.6
666.8
693.2
708.3
703.8
704.4
717.1
731.8
727.7
705.4

255.5
273.9
281.7
284.6
287.3
296.6
294.2
314.0
334.6
356.7
297.3
299.8
304.8
311.9
314.2
325.2
327.3
335.9
335.2
339.8
344.0
354.5
362.6
365.9
366.0

AddenFinal
Gross
dum:
sales of
domestic
Gross
domestic purchases 1 national
product
product

State
and
local
1,452.3
1,500.6
1,499.7
1,497.1
1,493.6
1,507.2
1,528.1
1,532.6
1,518.8
1,497.4
1,528.4
1,533.3
1,532.2
1,535.1
1,536.2
1,526.8
1,520.1
1,523.8
1,520.0
1,511.2
1,496.8
1,499.1
1,501.7
1,491.9
1,479.3

11,391.7
11,543.5
11,824.8
12,198.2
12,588.4
12,917.1
13,200.0
13,268.1
12,992.8
13,176.7
13,230.4
13,352.2
13,346.2
13,382.4
13,249.6
13,094.1
12,964.2
12,971.4
12,984.5
13,051.1
13,085.5
13,114.7
13,145.3
13,361.2
13,388.5

11,825.7 11,404.6
12,107.7 11,606.9
12,449.2 11,914.2
12,952.5 12,358.5
13,361.1 12,735.5
13,705.7 13,046.1
13,883.9 13,344.4
13,729.4 13,388.7
13,233.6 13,014.7
13,663.6 13,419.0
13,935.8 13,404.4
13,922.4 13,548.5
13,866.9 13,516.8
13,850.1 13,519.7
13,737.2 13,408.7
13,463.3 13,109.5
13,212.6 12,945.5
13,143.7 12,929.4
13,239.8 13,013.8
13,338.2 13,170.1
13,467.6 13,313.0
13,637.7 13,372.7
13,777.6 13,449.3
13,771.5 13,540.9
13,832.0 ��������������

Source: Department of Commerce (Bureau of Economic Analysis).

Note: Because of the formula used for calculating real GDP, the chained (2005) dollar
estimates for the detailed components do not add to the chained-dollar value of GDP or to any
intermediate aggregates.

Chained Price Indexes For Gross Domestic Product
[Index numbers, 2005=100; quarterly data are seasonally adjusted]

Period

2001 ��������������������
2002 ��������������������
2003 ��������������������
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2007: III 
��������������
       ��������������
IV 
2008: I 
����������������
       ���������������
II 
       ��������������
III 
       ��������������
IV 
2009: I 
����������������
       ���������������
II 
       ��������������
III 
       ��������������
IV 
2010: I 
����������������
       ���������������
II 
       ��������������
III 
       ��������������
IV 
2011: I p ��������������

Gross
domestic
product

90.654
92.113
94.099
96.769
100.000
103.263
106.301
108.598
109.618
110.668
106.709
106.940
107.454
108.295
109.488
109.154
109.465
109.555
109.759
109.693
109.959
110.485
111.060
111.166
111.689

Personal consumption
expenditures

Total

91.488
92.736
94.622
97.098
100.000
102.746
105.564
109.061
109.258
111.117
105.813
106.919
107.954
109.185
110.367
108.736
108.290
108.810
109.598
110.333
110.901
110.888
111.102
111.578
112.625

Goods

Services

97.429
96.430
96.380
97.867
100.000
101.508
102.946
106.262
103.634
105.397
102.997
104.362
105.670
106.929
108.807
103.643
102.039
102.974
104.403
105.120
105.784
104.812
105.058
105.932
108.000

Source: Department of Commerce (Bureau of Economic Analysis).

2

Gross private
domestic investment

88.428
90.807
93.692
96.687
100.000
103.411
106.973
110.566
112.233
114.156
107.330
108.298
109.191
110.412
111.234
111.428
111.579
111.894
112.355
113.102
113.620
114.116
114.314
114.574
115.060

Nonresidential
fixed
95.788
95.363
95.355
96.834
100.000
103.534
105.505
106.984
105.700
103.719
105.499
105.541
105.686
106.248
107.431
108.571
107.726
106.162
104.768
104.144
103.639
103.636
103.689
103.913
104.152

Residential
fixed
80.994
83.002
86.953
93.296
100.000
106.081
107.613
106.361
102.736
102.394
107.500
107.681
107.296
107.012
106.268
104.867
104.094
102.503
101.637
102.712
102.869
102.030
101.994
102.684
103.026

Exports and imports of
goods and services

Government consumption expenditures
and gross investment
Federal

Exports

91.627
91.253
93.216
96.517
100.000
103.447
106.902
111.874
105.877
110.327
107.154
108.672
110.719
113.553
115.137
108.089
104.841
105.031
106.212
107.424
108.771
110.060
110.122
112.353
115.433

Imports

87.762
86.784
89.796
94.144
100.000
104.144
107.531
118.685
105.987
112.835
106.671
112.623
117.728
122.345
122.999
111.669
103.127
103.719
105.879
111.222
114.514
112.234
109.892
114.699
120.615

Total
84.201
87.318
91.024
95.335
100.000
104.107
107.753
111.119
110.895
112.749
107.882
108.509
110.230
111.515
111.958
110.772
110.979
110.743
110.716
111.141
112.375
112.615
112.756
113.250
114.239

National
defense
83.484
86.624
90.659
94.895
100.000
104.421
108.249
112.109
111.342
113.522
108.434
109.259
110.975
112.673
113.245
111.544
111.562
111.063
111.153
111.590
113.046
113.377
113.529
114.136
115.290

Nondefense
85.612
88.689
91.774
96.234
100.000
103.468
106.743
109.077
109.984
111.165
106.755
106.969
108.695
109.122
109.294
109.198
109.794
110.096
109.822
110.222
110.997
111.053
111.170
111.439
112.105

State
and
local
85.019
86.810
90.425
94.062
100.000
105.276
111.112
117.349
116.892
119.275
111.644
113.326
115.451
117.555
119.075
117.313
116.356
116.779
116.998
117.434
118.760
119.014
119.083
120.242
122.144

Gross Domestic Product and Related Price Measures:
Indexes and Percent Changes
[Quarterly data are seasonally adjusted]
Percent change from preceding period 1

Index numbers, 2005=100
Personal consumption
expenditures (PCE)

Gross domestic product (GDP)
Period

2001 ����������������������
2002 ����������������������
2003 ����������������������
2004 ����������������������
2005 ����������������������
2006 ����������������������
2007 ����������������������
2008 ����������������������
2009 ����������������������
2010 ����������������������
2007: III 
����������������
       ����������������
IV 
2008: I 
������������������
       �����������������
II 
       ����������������
III 
       ����������������
IV 
2009: I 
������������������
       �����������������
II 
       ����������������
III 
       ����������������
IV 
2010: I 
������������������
       �����������������
II 
       ����������������
III 
       ����������������
IV 
2011: I p ����������������

Real GDP
(chain-type
quantity
index)
89.783
91.412
93.688
97.036
100.000
102.673
104.672
104.672
101.917
104.825
104.985
105.737
105.545
105.702
104.630
102.811
101.537
101.358
101.760
103.012
103.960
104.403
105.065
105.873
106.334

GDP
chain-type
price
index
90.654
92.113
94.099
96.769
100.000
103.263
106.301
108.598
109.618
110.668
106.709
106.940
107.454
108.295
109.488
109.154
109.465
109.555
109.759
109.693
109.959
110.485
111.060
111.166
111.689

GDP
implicit
price
deflator
90.650
92.118
94.100
96.770
100.000
103.257
106.296
108.619
109.615
110.659
106.706
106.943
107.416
108.330
109.539
109.216
109.484
109.558
109.750
109.665
109.952
110.488
111.045
111.141
111.664

PCE
(chain-type
price index)
91.488
92.736
94.622
97.098
100.000
102.746
105.564
109.061
109.258
111.117
105.813
106.919
107.954
109.185
110.367
108.736
108.290
108.810
109.598
110.333
110.901
110.888
111.102
111.578
112.625

PCE
less food
and energy
price index
92.739
94.345
95.784
97.788
100.000
102.292
104.696
107.151
108.774
110.203
104.901
105.633
106.301
106.998
107.569
107.735
107.973
108.583
108.990
109.551
109.887
110.171
110.318
110.436
110.837

1 Quarterly percent changes are at annual rates.

Personal consumption
expenditures (PCE)

Gross domestic product (GDP)
GDP
(current
dollars)

Real GDP
(chain-type
quantity
index)

3.4
3.5
4.7
6.5
6.5
6.0
4.9
2.2
–1.7
3.8
4.4
3.8
1.0
4.1
.4
–7.9
–3.9
–.4
2.3
4.7
4.8
3.7
4.6
3.5
3.7

1.1
1.8
2.5
3.6
3.1
2.7
1.9
.0
–2.6
2.9
2.3
2.9
–.7
.6
–4.0
–6.8
–4.9
–.7
1.6
5.0
3.7
1.7
2.6
3.1
1.8

GDP
chain-type
price
index

GDP
implicit
price
deflator

2.3
1.6
2.2
2.8
3.3
3.3
2.9
2.2
.9
1.0
2.0
.9
1.9
3.2
4.5
–1.2
1.1
.3
.7
–.2
1.0
1.9
2.1
.4
1.9

PCE
(chain-type
price index)

2.3
1.6
2.2
2.8
3.3
3.3
2.9
2.2
.9
1.0
2.0
.9
1.8
3.4
4.5
–1.2
1.0
.3
.7
–.3
1.1
2.0
2.0
.3
1.9

PCE
less food
and energy
price index

1.9
1.4
2.0
2.6
3.0
2.7
2.7
3.3
.2
1.7
2.3
4.2
3.9
4.6
4.4
–5.8
–1.6
1.9
2.9
2.7
2.1
.0
.8
1.7
3.8

1.8
1.7
1.5
2.1
2.3
2.3
2.4
2.3
1.5
1.3
2.2
2.8
2.6
2.6
2.2
.6
.9
2.3
1.5
2.1
1.2
1.0
.5
.4
1.5

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]

Period

Current
dollars
2001 ��������������������
2002 ��������������������
2003 ��������������������
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2007: I 
����������������
       ���������������
II 
       ��������������
III 
       ��������������
IV 
2008: I 
����������������
       ���������������
II 
       ��������������
III 
       ��������������
IV 
2009: I 
����������������
       ���������������
II 
       ��������������
III 
       ��������������
IV 
2010: I 
����������������
       ���������������
II 
       ��������������
III 
       ��������������
IV 

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

5,252.5
5,307.7
5,503.7
5,877.5
6,302.8
6,740.3
6,946.0
6,990.5
6,625.2
6,937.5
6,896.9
6,965.5
6,908.6
7,013.2
6,971.4
6,971.5
7,087.3
6,932.0
6,694.3
6,580.4
6,558.4
6,667.8
6,804.4
6,923.0
6,986.2
7,036.7

Chained
(2005)
dollars
5,641.5
5,679.3
5,819.6
6,085.2
6,302.8
6,542.2
6,616.1
6,520.3
6,141.7
6,494.3
6,622.4
6,633.0
6,543.2
6,665.8
6,607.8
6,547.4
6,525.7
6,400.6
6,151.5
6,073.3
6,075.5
6,266.5
6,431.3
6,501.5
6,486.0
6,558.2

Total

0.931
.935
.946
.966
1.000
1.030
1.050
1.072
1.079
1.068
1.041
1.050
1.056
1.052
1.055
1.065
1.086
1.083
1.088
1.084
1.079
1.064
1.058
1.065
1.077
1.073

Compensation
of employees
(unit labor
cost)
0.631
.624
.627
.622
.631
.639
.659
.680
.683
.661
.651
.654
.667
.665
.675
.681
.681
.684
.686
.690
.687
.669
.654
.657
.667
.666

Corporate profits with inventory valuation
and capital consumption adjustments 4

Unit nonlabor cost

Total
0.234
.235
.234
.232
.243
.249
.264
.282
.288
.272
.257
.261
.270
.269
.274
.279
.282
.289
.294
.292
.286
.280
.273
.271
.273
.273

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.
3 Less subsidies plus business current transfer payments.

Consumption
of fixed
capital
0.112
.115
.115
.114
.118
.122
.127
.135
.143
.135
.125
.126
.129
.128
.130
.133
.136
.140
.145
.145
.143
.139
.135
.134
.135
.135

Net interest
Taxes on
and
production miscellaneous
and imports 3
payments
0.087
.091
.094
.096
.101
.102
.102
.105
.109
.106
.101
.102
.104
.102
.103
.104
.105
.106
.108
.111
.109
.108
.106
.106
.107
.107

0.035
.029
.025
.022
.024
.025
.035
.042
.036
.031
.031
.033
.037
.039
.041
.042
.041
.043
.041
.036
.034
.033
.032
.031
.031
.031

Total

Taxes on
corporate
income

0.066
.075
.084
.111
.127
.141
.126
.111
.108
.135
.133
.135
.120
.118
.106
.105
.123
.110
.108
.102
.107
.115
.131
.137
.137
.134

0.020
.017
.023
.031
.043
.047
.044
.035
.028
.043
.047
.046
.043
.042
.038
.038
.038
.024
.026
.026
.027
.032
.041
.044
.045
.043

Profits
after
tax 5
0.046
.058
.061
.081
.083
.094
.082
.076
.080
.091
.086
.089
.077
.075
.069
.066
.085
.085
.082
.076
.080
.083
.089
.092
.092
.091

4 Unit profits from current production.
5 With inventory valuation and capital consumption adjustments.

Source: Department of Commerce (Bureau of Economic Analysis).

3

National Income
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Proprietors’
income 1

Period

ComNational pensation
of
income employees

2001 ��������������������
9,185.2
2002 ��������������������
9,408.5
2003 ��������������������
9,840.2
2004 �������������������� 10,534.0
2005 �������������������� 11,273.8
2006 �������������������� 12,031.2
2007 �������������������� 12,396.4
2008 �������������������� 12,557.8
2009 �������������������� 12,225.0
2010 �������������������� 12,828.2
2007: III 
�������������� 12,407.1
       �������������� 12,556.3
IV 
2008: I 
���������������� 12,628.0
       ��������������� 12,619.9
II 
       �������������� 12,686.4
III 
       �������������� 12,296.9
IV 
2009: I 
���������������� 12,150.3
       ��������������� 12,129.7
II 
       �������������� 12,204.8
III 
       �������������� 12,415.5
IV 
2010: I 
���������������� 12,621.0
       ��������������� 12,782.6
II 
       �������������� 12,880.7
III 
       �������������� 13,028.7
IV 
2011: I p �������������� ��������������

5,979.3
6,110.8
6,382.6
6,693.4
7,065.0
7,477.0
7,855.9
8,060.8
7,811.7
7,991.1
7,868.5
7,984.3
8,082.2
8,077.3
8,082.9
8,000.7
7,797.7
7,819.0
7,798.7
7,831.4
7,858.1
7,969.9
8,036.2
8,100.3
8,177.8

Rental
income
of
persons
with
capital
conNonfarm
sumption
adjustment

Farm

30.5
18.5
36.5
49.7
43.9
29.3
37.8
50.8
30.5
44.9
35.0
45.9
60.7
52.7
50.5
39.5
29.6
28.0
28.0
36.2
36.8
38.9
48.5
55.5
60.2

840.2
871.8
894.1
984.1
1,025.9
1,103.6
1,052.6
1,051.2
981.5
1,010.1
1,044.3
1,043.3
1,046.6
1,063.4
1,061.1
1,033.5
989.0
972.5
978.4
985.9
994.0
1,010.8
1,011.0
1,024.7
1,038.7

Corporate profits with inventory valuation
and capital consumption adjustments
Net
interest
and
Capital
miscelconsumption laneous
Inventory adjust- payments
valuation
ment
adjustment

Taxes
on
production
and
imports

Profits with inventory valuation
adjustment and without
capital consumption adjustment
Total
Total

Profits
before
tax

232.4
784.2
720.8
712.7
8.0
218.7
872.2
762.8
765.3
–2.6
204.2
977.8
892.2
903.5
–11.3
198.4
1,246.9
1,195.1
1,229.4
–34.3
178.2
1,456.1
1,609.5
1,640.2
–30.7
146.5
1,608.3
1,784.7
1,822.7
–38.0
143.7
1,510.6
1,691.1
1,738.4
–47.2
222.0
1,262.8
1,289.1
1,333.2
–44.1
274.0
1,258.0
1,328.6
1,316.7
11.9
300.9
1,624.8
1,756.2
1,801.1
–44.9
146.8
1,501.0
1,686.0
1,715.1
–29.1
165.9
1,460.8
1,641.5
1,716.3
–74.8
182.4
1,376.3
1,406.1
1,534.8
–128.7
206.0
1,329.0
1,353.3
1,493.3
–140.0
237.1
1,350.8
1,376.0
1,442.7
–66.7
262.6
995.0
1,021.0
861.9
159.1
264.7
1,138.2
1,223.0
1,130.0
93.0
269.4
1,178.0
1,249.8
1,219.2
30.6
279.1
1,297.5
1,360.5
1,369.2
–8.7
282.8
1,418.2
1,481.2
1,548.4
–67.2
292.7
1,566.6
1,736.5
1,772.9
–36.4
298.8
1,614.1
1,784.7
1,788.2
–3.5
303.8
1,640.1
1,809.3
1,845.7
–36.4
308.4
1,678.3
1,694.1
1,797.4
–103.2
325.7 �������������� �������������� �������������� ��������������

1 With inventory valuation and capital consumption adjustments.

63.4
109.4
85.6
51.8
–153.4
–176.4
–180.5
–26.3
–70.6
–131.4
–185.1
–180.7
–29.8
–24.3
–25.2
–26.1
–84.8
–71.8
–63.0
–63.0
–169.9
–170.7
–169.3
–15.8
–81.7

544.4
506.4
504.1
461.6
543.0
652.2
731.6
812.8
784.3
738.1
743.3
785.6
787.4
794.3
804.7
864.9
847.4
773.4
750.7
765.6
765.9
736.2
719.6
730.6
741.3

Business
Less:
current
Subsidies transfer
payments

727.7
762.8
806.8
863.4
930.2
986.8
1,027.2
1,045.1
1,024.7
1,058.5
1,030.7
1,039.4
1,041.7
1,051.9
1,052.6
1,034.3
1,016.7
1,018.7
1,028.2
1,035.2
1,045.9
1,054.6
1,060.8
1,072.7
1,077.9

58.7
41.4
49.1
46.4
60.9
51.4
54.6
52.8
60.3
59.0
55.7
54.5
51.7
51.8
52.4
55.2
56.8
57.2
69.1
58.4
57.4
58.5
58.6
61.6
62.2

101.3
82.4
76.1
81.7
95.9
83.0
103.3
121.7
134.0
132.1
104.4
100.4
118.4
114.0
115.7
138.8
139.7
141.8
124.9
129.8
130.5
130.8
133.4
133.5
134.2

Current
surplus
of
government
enterprises

4.0
6.3
7.0
1.2
–3.5
–4.2
–11.8
–16.7
–13.2
–13.3
–11.2
–14.8
–16.0
–17.0
–16.5
–17.3
–15.8
–14.2
–11.7
–11.3
–12.1
–13.1
–14.2
–13.7
–13.1

Source: Department of Commerce (Bureau of Economic Analysis).

Real Personal Consumption Expenditures
[Billions of chained (2005) dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Goods

Period

2001 ��������������������
2002 ��������������������
2003 ��������������������
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2007: III 
��������������
       ��������������
IV 
2008: I 
����������������
       ���������������
II 
       ��������������
III 
       ��������������
IV 
2009: I 
����������������
       ���������������
II 
       ��������������
III 
       ��������������
IV 
2010: I 
����������������
       ���������������
II 
       ��������������
III 
       ��������������
IV 
2011: I p ��������������

Total
personal
consumption
expenditures

7,813.9
8,021.9
8,247.6
8,532.7
8,819.0
9,073.5
9,289.5
9,265.0
9,153.9
9,313.6
9,310.0
9,342.3
9,324.1
9,326.2
9,243.5
9,166.3
9,154.1
9,117.0
9,161.6
9,182.9
9,225.4
9,275.7
9,330.6
9,422.9
9,486.4

Services

Durable
Total
goods

2,600.9
2,706.6
2,829.9
2,955.3
3,073.9
3,173.9
3,261.6
3,180.3
3,117.4
3,250.4
3,271.9
3,281.0
3,232.6
3,235.2
3,171.4
3,082.3
3,095.7
3,084.0
3,138.2
3,151.8
3,195.4
3,222.6
3,255.2
3,328.4
3,367.2

Total
durable
goods 1

864.4
930.0
986.1
1,051.0
1,105.5
1,150.4
1,198.6
1,136.4
1,094.6
1,178.3
1,205.7
1,212.9
1,178.6
1,170.0
1,133.2
1,063.9
1,076.6
1,068.2
1,118.3
1,115.1
1,138.9
1,157.8
1,179.3
1,237.2
1,268.8

Nondurable

Motor
vehicles
and
parts
374.3
394.0
405.3
411.3
409.6
396.6
403.9
348.2
324.0
335.4
404.4
402.0
383.0
362.1
339.8
307.9
317.1
313.5
342.7
322.7
320.6
326.0
330.1
364.8
376.3

Total
nondurable
goods 1
1,745.6
1,780.2
1,845.6
1,904.6
1,968.4
2,023.6
2,064.3
2,041.2
2,017.4
2,072.6
2,067.7
2,070.3
2,054.5
2,064.6
2,035.6
2,010.1
2,012.0
2,008.3
2,016.9
2,032.3
2,053.5
2,063.4
2,076.2
2,097.4
2,108.2

Food and
beverages
purchased
for offpremises
consumption

Gasoline
and
other
energy
goods

Total
services 1

Household
consumption
expenditures

607.6
609.0
622.4
639.2
665.0
686.2
697.5
691.6
685.1
703.7
696.4
702.7
700.3
699.8
691.2
675.1
675.2
681.2
687.8
696.3
702.7
697.6
703.0
711.5
713.6

289.2
294.0
302.2
306.5
304.8
298.4
295.9
282.0
285.5
284.5
296.1
292.8
287.2
284.0
274.7
282.2
287.0
286.5
285.1
283.5
284.0
286.1
286.1
281.7
280.8

5,218.7
5,318.1
5,418.4
5,577.6
5,745.1
5,899.7
6,028.3
6,082.3
6,032.7
6,064.7
6,038.7
6,061.7
6,090.6
6,090.2
6,070.0
6,078.5
6,053.6
6,027.7
6,020.7
6,028.7
6,029.6
6,053.4
6,076.9
6,099.2
6,124.9

5,028.8
5,109.3
5,199.0
5,359.3
5,531.0
5,664.4
5,783.2
5,816.1
5,777.0
5,804.1
5,792.4
5,805.9
5,830.2
5,828.5
5,802.1
5,803.6
5,793.5
5,778.4
5,766.5
5,769.7
5,769.9
5,791.7
5,814.4
5,840.6
5,869.0

1 Includes other items, not shown separately.
2 Food consists of food and beverages purchased for off-premises consumption; food services,

which include purchased meals and beverages, are not classified as food.

Housing
and
utilities

1,451.5
1,462.0
1,480.2
1,512.8
1,582.8
1,616.7
1,626.4
1,638.6
1,656.9
1,674.5
1,628.6
1,626.2
1,636.3
1,637.6
1,630.9
1,649.7
1,650.1
1,652.0
1,659.4
1,666.3
1,664.3
1,668.9
1,683.0
1,681.7
1,680.7

Health
care

1,135.4
1,202.3
1,229.4
1,268.6
1,316.0
1,340.0
1,371.6
1,410.0
1,440.4
1,461.1
1,372.9
1,382.3
1,401.5
1,411.0
1,410.1
1,417.4
1,430.0
1,442.1
1,441.6
1,447.9
1,446.7
1,457.6
1,461.9
1,478.3
1,487.5

Financial
services
and
insurance

660.7
658.3
657.8
691.8
712.6
735.4
766.4
770.9
743.0
725.9
769.8
774.2
774.9
772.1
772.8
763.9
753.9
746.2
739.4
732.5
727.4
729.5
720.7
725.9
736.6

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

6,745.7
6,941.9
7,142.0
7,402.6
7,658.8
7,905.7
8,111.1
8,114.2
8,002.9
8,136.0
8,129.8
8,165.7
8,152.0
8,162.9
8,113.7
8,028.2
8,015.2
7,973.7
8,007.1
8,015.4
8,055.2
8,106.8
8,144.6
8,237.3
8,303.6

17.1
16.8
16.6
16.9
16.9
16.5
16.1
13.2
10.4
11.6
15.9
16.0
15.3
14.2
12.9
10.4
9.6
9.7
11.6
10.8
11.0
11.3
11.6
12.3
13.0

Note: Because of the formula used for calculating real GDP, the chained (2005) dollar estimate
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).

4

Addendum:
Personal
consumption
expenditures
excluding
food and
energy 2

Sources of Personal Income
Personal income rose $67.0 billion (annual rate) in March, following an increase of $53.1 billion in February. Wages
and salaries rose $19.2 billion in March, following an increase of $23.4 billion in February.

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

2001 ��������������������
2002 ��������������������
2003 ��������������������
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2010: Mar 
����������
       �����������
Apr 
      
May 
����������
      
June 
���������
       ����������
July 
       ����������
Aug 
      
Sept 
���������
       �����������
Oct 
       ����������
Nov 
       �����������
Dec 
2011: Jan r ���������
       r ���������
Feb
       p ��������
Mar

Total
personal
income

8,883.3
9,060.1
9,378.1
9,937.2
10,485.9
11,268.1
11,912.3
12,391.1
12,174.9
12,546.7
12,389.4
12,478.5
12,532.8
12,540.0
12,558.8
12,615.3
12,612.3
12,680.3
12,715.8
12,775.8
12,922.3
12,975.4
13,042.4

Total

5,979.3
6,110.8
6,367.6
6,708.4
7,060.0
7,475.7
7,862.2
8,065.8
7,806.7
7,991.1
7,868.3
7,939.1
7,985.8
7,984.8
8,016.7
8,040.9
8,050.9
8,092.4
8,092.8
8,115.8
8,151.6
8,179.4
8,202.5

Wage
and
salary
disbursements
4,952.2
4,997.3
5,139.6
5,425.7
5,701.0
6,068.9
6,421.7
6,559.0
6,274.1
6,405.0
6,298.1
6,362.4
6,403.7
6,400.4
6,428.2
6,448.0
6,455.0
6,491.2
6,489.1
6,508.3
6,531.7
6,555.1
6,574.3

1 With inventory valuation and capital consumption adjustments.
2 With capital consumption adjustment.
3 Consists mainly of social insurance benefits to persons.

Supplements to
wages
and
salaries
1,027.1
1,113.5
1,228.0
1,282.7
1,359.1
1,406.9
1,440.4
1,506.8
1,532.6
1,586.1
1,570.2
1,576.7
1,582.1
1,584.4
1,588.5
1,592.9
1,595.9
1,601.2
1,603.7
1,607.4
1,620.0
1,624.2
1,628.2

Proprietors’ income 1

Farm

30.5
18.5
36.5
49.7
43.9
29.3
37.8
50.8
30.5
44.9
36.2
37.6
38.9
40.3
44.4
48.5
52.6
54.0
55.5
57.0
58.6
60.2
61.8

Nonfarm

840.2
871.8
894.1
984.1
1,025.9
1,103.6
1,052.6
1,051.2
981.5
1,010.1
1,001.0
1,011.6
1,012.7
1,008.0
1,006.1
1,012.8
1,014.1
1,019.5
1,024.0
1,030.4
1,034.6
1,039.4
1,042.3

Personal income receipts on assets
Rental
income
of
persons 2

232.4
218.7
204.2
198.4
178.2
146.5
143.7
222.0
274.0
300.9
298.0
298.1
298.8
299.6
301.2
303.6
306.7
307.3
308.3
309.5
317.4
325.5
334.2

Total

1,346.0
1,309.6
1,312.9
1,408.5
1,542.0
1,829.7
2,057.0
2,109.3
1,919.7
1,907.6
1,903.8
1,911.1
1,915.0
1,917.3
1,902.8
1,888.0
1,878.5
1,893.4
1,913.1
1,938.6
1,942.5
1,950.2
1,959.1

Personal
interest
income
976.5
911.9
889.8
860.2
987.0
1,127.5
1,265.1
1,314.7
1,222.3
1,194.9
1,204.7
1,205.0
1,205.3
1,205.6
1,190.1
1,174.7
1,159.3
1,175.1
1,190.9
1,206.7
1,207.5
1,208.3
1,209.1

Personal
dividend
income
369.5
397.7
423.1
548.3
555.0
702.2
791.9
794.6
697.4
712.7
699.0
706.0
709.7
711.8
712.7
713.3
719.2
718.3
722.2
731.9
735.0
742.0
750.1

Personal
current
transfer
receipts 3

1,188.1
1,282.1
1,341.7
1,415.5
1,508.6
1,605.0
1,718.5
1,879.2
2,132.8
2,296.4
2,271.4
2,279.0
2,285.4
2,293.8
2,295.2
2,332.5
2,321.5
2,330.5
2,339.0
2,343.6
2,342.7
2,348.9
2,373.6

Less:
Contributions
for
government
social
insurance,
domestic
733.2
751.5
778.9
827.3
872.7
921.8
959.5
987.2
970.3
1,004.4
989.3
998.0
1,003.9
1,003.9
1,007.6
1,011.0
1,012.0
1,016.9
1,016.9
1,019.1
925.0
928.3
931.0

Source: Department of Commerce (Bureau of Economic Analysis).

5

Disposition of Personal Income
According to advance estimates, per capita disposable personal income in chained (2005) dollars rose 2.2 percent in
the first quarter of 2011.

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
(2005)
dollars

Current
dollars

Billions of dollars
2001 ��������������������
2002 ��������������������
2003 ��������������������
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������

8,883.3
9,060.1
9,378.1
9,937.2
10,485.9
11,268.1
11,912.3
12,391.1
12,174.9
12,546.7

1,234.8
1,050.4
1,000.3
1,047.8
1,208.6
1,352.4
1,488.7
1,438.2
1,140.0
1,166.8

7,648.5
8,009.7
8,377.8
8,889.4
9,277.3
9,915.7
10,423.6
10,952.9
11,034.9
11,379.9

Per capita personal
consumption
expenditures

Per capita disposable
personal income
Chained
(2005)
dollars

Current
dollars

Chained
(2005)
dollars

Dollars
7,443.5
7,727.5
8,088.0
8,585.7
9,149.6
9,680.7
10,208.9
10,505.0
10,379.6
10,720.7

204.9
282.2
289.8
303.7
127.7
235.0
214.7
447.9
655.3
659.2

8,360.1
8,637.1
8,853.9
9,155.1
9,277.3
9,650.7
9,874.2
10,042.9
10,099.8
10,241.4

26,805
27,799
28,805
30,287
31,318
33,157
34,512
35,931
35,888
36,697

Percent
Saving
change
as
in real
percent
per capita
of
disposable disposable
personal
personal
income
income

Population,
including
Armed
Forces
overseas
(thousands) 2

Percent

29,299
29,976
30,442
31,193
31,318
32,271
32,693
32,946
32,847
33,025

25,054
25,819
26,832
28,228
29,771
31,174
32,469
33,148
32,526
33,373

27,385
27,841
28,357
29,072
29,771
30,341
30,757
30,394
29,770
30,034

1.4
2.3
1.6
2.5
.4
3.0
1.3
.8
–.3
.5

2.7
3.5
3.5
3.4
1.4
2.4
2.1
4.1
5.9
5.8

285,335
288,133
290,845
293,502
296,229
299,052
302,025
304,831
307,483
310,106

32,681
32,775
32,821
33,480
32,672
32,810
32,780
33,191
32,746
32,673
32,717
33,100
33,103
33,181
33,362

32,575
32,947
33,132
33,448
33,430
32,584
32,343
32,302
32,619
32,839
33,097
33,208
33,392
33,791
34,276

30,786
30,816
30,690
30,634
30,289
29,966
29,867
29,687
29,763
29,764
29,844
29,948
30,056
30,285
30,434

0.5
1.2
.6
8.3
–9.3
1.7
–.4
5.1
–5.3
–.9
.5
4.8
.0
.9
2.2

1.8
2.1
2.7
4.8
3.6
5.2
5.4
7.2
5.6
5.5
5.5
6.2
6.0
5.6
5.7

302,406
303,166
303,810
304,445
305,177
305,890
306,496
307,101
307,815
308,521
309,120
309,724
310,438
311,140
311,700

Seasonally adjusted annual rates
2007: III 
��������������
       ��������������
IV 
2008: I 
����������������
       ���������������
II 
       ��������������
III 
       ��������������
IV 
2009: I 
����������������
       ���������������
II 
       ��������������
III 
       ��������������
IV 
2010: I 
����������������
       ���������������
II 
       ��������������
III 
       ��������������
IV 
2011: I p ��������������

11,954.4
12,141.4
12,300.4
12,460.9
12,447.0
12,356.3
12,093.2
12,203.4
12,164.0
12,239.0
12,350.3
12,517.1
12,595.5
12,724.0
12,980.0

1,497.5
1,518.0
1,535.8
1,331.6
1,442.4
1,443.0
1,213.4
1,112.5
1,117.0
1,117.2
1,134.7
1,149.1
1,178.2
1,205.1
1,268.4

10,456.9
10,623.4
10,764.6
11,129.2
11,004.7
10,913.3
10,879.8
11,090.9
11,047.0
11,121.7
11,215.6
11,368.0
11,417.3
11,518.9
11,711.6

10,267.2
10,399.7
10,475.2
10,591.6
10,608.0
10,345.3
10,291.6
10,297.4
10,423.6
10,505.7
10,603.9
10,663.7
10,736.3
10,878.9
11,048.0

189.7
223.7
289.3
537.7
396.7
568.0
588.2
793.5
623.4
616.0
611.8
704.3
681.0
640.0
663.6

9,882.8
9,936.1
9,971.4
10,192.8
9,970.8
10,036.3
10,046.9
10,193.0
10,079.7
10,080.4
10,113.3
10,251.9
10,276.6
10,323.8
10,399.1

1 Includes personal consumption expenditures, personal interest payments (nonmortgage),
and personal current transfer payments.
2 Annual data are averages of quarterly data, which are averages for the period.

6

34,579
35,042
35,432
36,556
36,060
35,677
35,497
36,115
35,888
36,049
36,282
36,704
36,778
37,021
37,573

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

Farm Income
According to the forecast for 2011, gross farm income is forecast at $402.2 billion, and net farm income at $94.7
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

2002 ���������������������������������������������������
2003 ���������������������������������������������������
2004 ���������������������������������������������������
2005 ���������������������������������������������������
2006 ���������������������������������������������������
2007 ���������������������������������������������������
2008 ���������������������������������������������������
2009 ���������������������������������������������������
2010 ���������������������������������������������������
2011 p �������������������������������������������������
2009: I 
�����������������������������������������������
       ����������������������������������������������
II 
       ���������������������������������������������
III 
       ���������������������������������������������
IV 
2010: I 
�����������������������������������������������
       ����������������������������������������������
II 
       ���������������������������������������������
III 
       ���������������������������������������������
IV 
2011: I p ���������������������������������������������
       p ��������������������������������������������
II
       p �������������������������������������������
III
       p ������������������������������������������
IV

230.6
258.7
294.9
298.5
290.2
339.5
379.6
343.2
366.3
402.2
371.7
354.8
315.5
330.8
363.1
334.9
369.9
397.1
427.1
394.0
385.5
402.0

Livestock and
products

Total
194.6
216.0
237.9
240.9
240.6
288.5
318.3
283.4
312.3
340.7
297.6
299.9
265.7
270.4
299.1
291.5
321.7
337.0
353.5
339.4
331.5
338.4

93.9
105.7
123.5
124.9
118.5
138.5
141.5
119.8
141.5
145.8
120.2
120.0
120.7
118.2
132.8
136.1
146.4
150.6
146.6
144.6
145.7
146.3

1 Cash marketing receipts, Government payments, value of changes in inventories, other
farm related cash income, and nonmoney income produced by farms including imputed rent of
operator residences.
2 Crop receipts include proceeds received from commodities placed under the Commodity
Credit Corporation loans.

Crops 2
100.7
110.3
114.4
116.0
122.1
150.1
176.8
163.7
170.9
194.9
177.4
180.0
145.0
152.2
166.3
155.4
175.4
186.4
206.9
194.9
185.8
192.1

Value
of
inventory
changes 3

Direct
Government
payments 4

–3.5
–2.7
11.2
–.4
–3.1
.6
6.6
4.5
–1.0
6.6
4.7
4.7
4.2
4.2
–.9
–.9
–1.0
–1.1
6.8
6.5
6.4
6.5

12.4
16.5
13.0
24.4
15.8
11.9
12.2
12.3
12.2
10.6
24.2
4.5
5.2
15.1
24.0
4.5
5.2
15.0
20.9
3.9
4.5
13.1

Production
expenses

191.4
197.7
207.5
219.7
232.7
269.2
293.0
281.0
287.3
307.5
295.1
297.4
263.5
268.1
275.1
268.1
295.9
310.0
319.0
306.4
299.2
305.4

Net
farm
income

39.1
61.0
87.4
78.8
57.4
70.3
86.6
62.2
79.0
94.7
76.6
57.4
52.0
62.8
88.0
66.9
74.0
87.1
108.1
87.6
86.3
96.6

3 Physical changes in beginning and ending year inventories of crop and livestock commodities
valued at weighted average market prices during the period.
4 Includes only Government payments made directly to farmers.

Note: Data for 2010 and 2011 are forecasts.
Source: Department of Agriculture.

7

Corporate Profits
In the fourth quarter of 2010, according to current estimates, corporate profits before tax fell $48.3 billion (annual
rate) and profits after tax fell $47.0 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

Total 2

Profits
before
tax

Nonfinancial
Total

Financial

Total 3

Manufacturing

Utilities

Wholesale

Taxes
on
corporate
income

Total

Retail

2001 ��������������������
720.8
551.1
228.0
323.1
49.7
25.2
51.3
72.6
712.7
203.3
509.4
2002 ��������������������
762.8
604.9
265.2
339.7
47.7
12.3
49.1
81.6
765.3
192.3
573.0
2003 ��������������������
892.2
726.4
311.8
414.6
69.4
12.4
54.8
88.9
903.5
243.8
659.7
2004 ��������������������
1,195.1
990.1
362.3
627.8
154.1
19.4
75.6
93.4
1,229.4
306.1
923.3
2005 ��������������������
1,609.5
1,370.0
443.6
926.4
247.2
29.8
92.2
122.6
1,640.2
412.4
1,227.8
2006 ��������������������
1,784.7
1,527.8
448.0
1,079.9
304.5
54.4
103.7
133.2
1,822.7
473.3
1,349.5
2007 ��������������������
1,691.1
1,340.2
345.5
994.7
271.3
50.3
99.9
117.8
1,738.4
445.5
1,292.9
2008 ��������������������
1,289.1
877.8
139.9
737.9
183.7
28.3
84.0
75.0
1,333.2
308.4
1,024.8
2009 ��������������������
1,328.6
976.3
258.0
718.4
150.9
30.0
80.4
99.0
1,316.7
254.9
1,061.8
2010 ��������������������
1,756.2
1,372.4
387.9
984.5
259.6
33.0
83.5
125.1
1,801.1
416.6
1,384.5
2007: III 
��������������
1,686.0
1,312.2
366.3
945.8
229.8
57.3
104.7
114.1
1,715.1
431.0
1,284.1
       ��������������
IV 
1,641.5
1,212.4
271.8
940.6
262.7
38.6
80.9
105.0
1,716.3
408.8
1,307.5
2008: I 
����������������
1,406.1
976.0
253.5
722.5
196.7
15.6
58.1
71.2
1,534.8
356.7
1,178.1
       ���������������
II 
1,353.3
941.1
242.5
698.6
161.6
–18.0
65.4
74.0
1,493.3
343.0
1,150.4
       ��������������
III 
1,376.0
931.8
116.5
815.3
211.2
66.0
88.2
74.2
1,442.7
313.3
1,129.4
       ��������������
IV 
1,021.0
662.5
–52.7
715.2
165.2
49.6
124.5
80.4
861.9
220.4
641.5
2009: I 
����������������
1,223.0
873.8
141.6
732.3
141.0
37.7
103.9
97.7
1,130.0
222.0
908.0
       ���������������
II 
1,249.8
916.6
243.4
673.2
139.7
33.4
73.8
99.7
1,219.2
222.8
996.5
       ��������������
III 
1,360.5
996.2
300.2
696.0
151.8
22.4
70.8
101.3
1,369.2
255.7
1,113.5
       ��������������
IV 
1,481.2
1,118.6
346.7
771.9
170.9
26.4
73.0
97.1
1,548.4
319.1
1,229.3
2010: I 
����������������
1,736.5
1,348.0
362.7
985.3
250.4
41.5
91.5
129.1
1,772.9
403.2
1,369.7
       ���������������
II 
1,784.7
1,393.4
359.4
1,034.0
277.1
32.8
107.7
126.7
1,788.2
405.6
1,382.6
       ��������������
III 
1,809.3
1,427.0
393.7
1,033.3
269.2
35.2
90.2
123.2
1,845.7
429.4
1,416.3
       ��������������
IV 
1,694.1
1,321.1
435.8
885.4
241.5
22.5
44.7
121.2
1,797.4
428.1
1,369.3
2011: I 
���������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ���������������
1 See p. 4 for profits with inventory valuation and capital consumption adjustments.
2 Includes rest of the world, not shown separately.
3 Includes industries not shown separately.

8

Net
dividends

Inventory
Undistrib- valuation
adjustment
uted
profits

370.9
138.5
8.0
399.3
173.8
–2.6
424.9
234.8
–11.3
550.3
373.0
–34.3
557.3
670.5
–30.7
704.8
644.7
–38.0
794.5
498.4
–47.2
797.7
227.2
–44.1
718.9
342.9
11.9
732.7
651.8
–44.9
809.7
474.3
–29.1
807.4
500.1
–74.8
812.7
365.4
–128.7
802.1
348.3
–140.0
798.4
331.0
–66.7
777.5
–135.9
159.1
747.8
160.2
93.0
719.7
276.7
30.6
699.6
413.9
–8.7
708.5
520.8
–67.2
720.3
649.4
–36.4
728.4
654.2
–3.5
736.5
679.9
–36.4
745.4
623.9
–103.2
p 763.8 ��������������� �����������������

Note: Data by industry are based on the North American Industry Classification System (NAICS).
Source: Department of Commerce (Bureau of Economic Analysis).

Real Gross Private Domestic Investment
In the first quarter of 2011, according to advance estimates, nonresidential fixed investment in chained (2005)
dollars rose $6.3 billion (annual rate) and residential investment fell $3.4 billion. Inventories increased $43.8 billion,
following an increase of $16.2 billion in the fourth quarter.

[Billions of chained (2005) dollars; quarterly data at seasonally adjusted annual rates]
Fixed investment
Period

2001 ���������������������������������������������������
2002 ���������������������������������������������������
2003 ���������������������������������������������������
2004 ���������������������������������������������������
2005 ���������������������������������������������������
2006 ���������������������������������������������������
2007 ���������������������������������������������������
2008 ���������������������������������������������������
2009 ���������������������������������������������������
2010 ���������������������������������������������������
2007: III 
���������������������������������������������
       ���������������������������������������������
IV 
2008: I 
�����������������������������������������������
       ����������������������������������������������
II 
       ���������������������������������������������
III 
       ���������������������������������������������
IV 
2009: I 
�����������������������������������������������
       ����������������������������������������������
II 
       ���������������������������������������������
III 
       ���������������������������������������������
IV 
2010: I 
�����������������������������������������������
       ����������������������������������������������
II 
       ���������������������������������������������
III 
       ���������������������������������������������
IV 
2011: I p ���������������������������������������������

Gross
private
domestic
investment

1,831.9
1,807.0
1,871.6
2,058.2
2,172.2
2,230.4
2,161.6
1,957.3
1,515.7
1,774.5
2,178.9
2,126.1
2,074.3
2,033.8
1,967.2
1,753.8
1,529.5
1,453.2
1,494.5
1,585.7
1,690.2
1,791.5
1,855.1
1,761.3
1,797.5

Change in private inventories

Nonresidential
Total

1,877.6
1,798.1
1,856.2
1,992.5
2,122.3
2,171.3
2,132.7
1,997.0
1,630.7
1,694.7
2,140.8
2,114.9
2,081.6
2,057.3
1,993.3
1,855.6
1,663.4
1,619.6
1,622.4
1,617.1
1,630.5
1,702.5
1,708.8
1,737.3
1,740.2

Total
1,281.8
1,180.2
1,191.0
1,263.0
1,347.3
1,453.9
1,552.0
1,556.6
1,290.8
1,364.9
1,574.1
1,595.9
1,603.7
1,597.0
1,561.5
1,464.2
1,313.7
1,288.3
1,282.9
1,278.3
1,302.6
1,355.3
1,388.0
1,413.9
1,420.2

Note: See p. 10 for further detail on fixed investment by type.
Because of the formula used for calculating real GDP, the chained (2005) dollar estimates for
the detailed components do not add to the chained-dollar value of GDP or to any intermediate
aggregates.

Structures
433.3
356.6
343.0
346.7
351.8
384.0
438.2
464.2
369.6
319.0
454.6
462.9
462.7
471.2
466.9
456.1
399.7
377.8
365.5
335.3
319.3
318.9
316.0
321.9
302.7

Equipment
and
software
866.9
830.3
851.4
917.3
995.6
1,069.6
1,109.0
1,082.0
916.3
1,056.1
1,112.6
1,125.7
1,134.0
1,116.5
1,084.1
993.3
903.4
903.8
913.1
944.7
989.7
1,046.0
1,084.2
1,104.5
1,135.2

Residential

583.3
613.8
664.3
729.5
775.0
718.2
584.2
444.2
342.7
332.5
570.6
523.3
482.2
464.4
435.6
394.7
352.7
333.9
342.4
341.7
330.7
350.1
323.3
325.9
322.5

Total

–41.8
12.8
17.3
66.3
50.0
59.4
27.7
–37.6
–113.1
62.7
36.1
12.6
–8.2
–20.6
–27.4
–94.3
–125.8
–161.8
–128.2
–36.7
44.1
68.8
121.4
16.2
43.8

Nonfarm

–41.5
15.6
17.2
58.3
49.8
63.2
28.7
–39.0
–116.9
57.3
38.9
13.7
.2
–25.6
–29.4
–101.1
–128.6
–168.5
–127.7
–43.0
36.5
61.0
116.6
15.1
45.8

Source: Department of Commerce (Bureau of Economic Analysis).

9

Real Private Fixed Investment by Type
[Billions of chained (2005) dollars; quarterly data at seasonally adjusted annual rates]
Nonresidential
Equipment and software

Total
fixed
investment

Period

2001 ������������
2002 ������������
2003 ������������
2004 ������������
2005 ������������
2006 ������������
2007 ������������
2008 ������������
2009 ������������
2010 ������������
2007: III 
������
       ������
IV 
2008: I 
��������
       �������
II 
       ������
III 
       ������
IV 
2009: I 
��������
       �������
II 
       ������
III 
       ������
IV 
2010: I 
��������
       �������
II 
       ������
III 
       ������
IV 
2011: I p ������

Residential

Total
nonresidential

1,877.6
1,798.1
1,856.2
1,992.5
2,122.3
2,171.3
2,132.7
1,997.0
1,630.7
1,694.7
2,140.8
2,114.9
2,081.6
2,057.3
1,993.3
1,855.6
1,663.4
1,619.6
1,622.4
1,617.1
1,630.5
1,702.5
1,708.8
1,737.3
1,740.2

1,281.8
1,180.2
1,191.0
1,263.0
1,347.3
1,453.9
1,552.0
1,556.6
1,290.8
1,364.9
1,574.1
1,595.9
1,603.7
1,597.0
1,561.5
1,464.2
1,313.7
1,288.3
1,282.9
1,278.3
1,302.6
1,355.3
1,388.0
1,413.9
1,420.2

Information processing equipment and software
Structures

433.3
356.6
343.0
346.7
351.8
384.0
438.2
464.2
369.6
319.0
454.6
462.9
462.7
471.2
466.9
456.1
399.7
377.8
365.5
335.3
319.3
318.9
316.0
321.9
302.7

Total

866.9
830.3
851.4
917.3
995.6
1,069.6
1,109.0
1,082.0
916.3
1,056.1
1,112.6
1,125.7
1,134.0
1,116.5
1,084.1
993.3
903.4
903.8
913.1
944.7
989.7
1,046.0
1,084.2
1,104.5
1,135.2

Computers
and
peripheral Software
equipment 1

Total
390.2
379.3
405.0
443.1
475.3
514.8
560.5
594.7
595.8
676.2
561.5
583.8
597.4
606.2
598.1
577.2
567.3
581.4
601.8
632.9
645.7
669.1
683.3
706.8
712.8

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173.7
173.4
185.6
204.6
218.0
227.1
240.9
254.9
259.3
284.8
241.1
244.2
253.4
254.8
256.3
255.0
250.7
256.2
260.7
269.5
275.4
280.9
287.5
295.3
301.9

1 Because computers exhibit rapid changes in prices relative to other prices in the economy, the
chained-dollar estimates should not be used to measure the component’s relative importance or its
contribution to the growth rate of more aggregate series. The quantity index for computers can be
used to accurately measure the real growth rate of this series. For information on this component,
see Survey of Current Business Table 5.3.1 (for growth rates), Table 5.3.2 (for contributions), and
Table 5.3.3 (for quantity indexes).

Other

Structures
Industrial Transportation
equipequipment
ment

163.2
148.4
156.4
168.1
178.4
191.2
210.6
217.9
215.5
243.0
210.9
224.5
221.0
224.1
219.3
207.4
204.8
209.5
220.3
227.4
232.3
239.5
245.9
254.1
254.8

162.8
151.9
151.6
147.4
159.6
172.9
179.9
172.2
132.2
139.7
185.4
176.5
177.6
176.2
172.4
162.8
138.2
132.8
129.3
128.3
128.4
140.7
143.0
146.7
151.7

Other
equipment

169.6
154.2
140.4
162.3
181.7
196.5
185.8
143.0
69.4
112.1
181.3
182.6
182.1
158.1
136.5
95.3
64.2
70.5
68.5
74.5
95.8
110.2
124.8
117.5
129.7

149.3
148.2
155.0
164.4
178.9
185.5
184.2
177.5
137.8
150.4
185.6
185.6
180.8
181.1
182.3
165.7
148.1
136.4
134.1
132.7
142.4
147.8
154.5
156.8
162.7

Total
residential

583.3
613.8
664.3
729.5
775.0
718.2
584.2
444.2
342.7
332.5
570.6
523.3
482.2
464.4
435.6
394.7
352.7
333.9
342.4
341.7
330.7
350.1
323.3
325.9
322.5

Total 2

575.6
605.9
655.9
720.1
765.2
708.1
574.2
434.7
333.9
323.0
560.7
513.5
472.6
454.6
426.1
385.7
344.0
325.4
333.6
332.7
321.4
340.7
313.8
316.3
312.7

Single
family

Equipment

315.4
327.7
362.6
406.1
433.5
391.1
284.0
178.2
105.4
114.6
278.0
242.1
209.5
193.0
168.2
142.3
110.0
94.7
106.2
110.9
115.9
121.9
112.9
107.9
107.7

7.6
7.9
8.4
9.4
9.8
10.2
10.0
9.7
9.0
9.7
10.0
10.0
9.8
10.0
9.7
9.2
8.9
8.7
9.0
9.2
9.5
9.7
9.7
9.9
10.1

2 Includes other items, not shown separately.

Note: Because of the formula used for calculating real GDP, the chained (2005) 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

Forestry,
Total
fishing,
by
and agri- Mining
industry cultural
services

ConUtilities struction

Manufacturing

Wholesale
trade

Retail
trade

Transportation Informa- Finance
and
and
tion
insurwareance
housing

ProfesReal
sional,
estate
scienand
tific,
rental
and
and
leasing technical
services

Health
care
and
social
assistance

Other 1

For
companies
without
employees

For companies with employees
1996 ��������
1997 ��������
1998 ��������
1999 ��������
2000 ��������
2001 ��������
2002 ��������
2003 ��������
2004 ��������
2005 ��������
2006 ��������
2007 ��������
2008 ��������
2009 ���������

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
1,042.1
953.2
2.1
51.3
50.4
28.6
156.7
32.3
72.2
46.1
83.5
153.6
91.6
26.7
64.6
93.6
88.9
1,144.8 1,062.5
2.7
66.7
58.0
30.1
165.6
40.6
73.5
56.9
91.4
161.4
103.0
33.1
73.8
105.6
82.2
1,309.9 1,217.1
2.7
99.3
69.8
30.3
192.4
36.6
86.7
68.0
104.4
163.1
132.1
30.3
75.3
126.3
92.8
1,354.7 1,270.5
2.1
120.7
85.4
36.7
197.3
30.8
82.5
67.4
106.1
173.4
117.5
31.8
84.2
134.8
84.2
1,374.2 1,294.5
2.3
149.3
98.7
40.8
213.1
32.4
73.2
79.6
103.3
132.9
106.9
33.0
90.2
138.7
79.7
1,090.1 1,014.7
2.2
101.2
101.8
19.8
155.8
24.5
58.4
56.1
87.7
99.7
73.0
27.5
79.3
127.6
75.4

1 Includes the following industries: Management of companies and enterprises; administrative and support and waste management; educational services; arts, entertainment, and recreation; accommodation and food services; and other services (except public administration). Also
includes an item for structure and equipment expenditures serving multiple industry categories.

Note: Data from Annual Capital Expenditures. Industry data are based on the North American
Industry Classification System (NAICS).
Data shown in this table are capital expenditures for both new and used structures and
equipment.
Source: Department of Commerce (Bureau of the Census).

10

EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
In April, employment fell by 190,000 and unemployment rose by 205,000, as measured by the household survey.

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

Period

2001 ��������������������
2002 ��������������������
2003 2 ������������������
2004 2 ������������������
2005 2 ������������������
2006 2 ������������������
2007 2 ������������������
2008 2 ������������������
2009 2 ������������������
2010 2 ������������������
2010: Apr 
�����������
      
May 
����������
      
June 
���������
       ����������
July 
       ����������
Aug 
      
Sept 
���������
       �����������
Oct 
       ����������
Nov 
       �����������
Dec 
2011: Jan 2 ���������
       �����������
Feb 
       ����������
Mar 
       �����������
Apr 

Civilian
noninstitutional
population
(NSA)
215,092
217,570
221,168
223,357
226,082
228,815
231,867
233,788
235,801
237,830
237,329
237,499
237,690
237,890
238,099
238,322
238,530
238,715
238,889
238,704
238,851
239,000
239,146

Civilian employment
Civilian
labor
force

Total

143,734
144,863
146,510
147,401
149,320
151,428
153,124
154,287
154,142
153,889
154,520
154,237
153,684
153,628
154,117
154,124
153,960
153,950
153,690
153,186
153,246
153,406
153,421

136,933
136,485
137,736
139,252
141,730
144,427
146,047
145,362
139,877
139,064
139,382
139,353
139,092
138,991
139,267
139,378
139,084
138,909
139,206
139,323
139,573
139,864
139,674

Men
20 years
and
over
69,776
69,734
70,415
71,572
73,050
74,431
75,337
74,750
71,341
71,230
71,348
71,451
71,329
71,340
71,505
71,559
71,365
71,130
71,480
71,589
71,954
71,959
71,939

Women
20 years
and
over
60,417
60,420
61,402
61,773
62,702
63,834
64,799
65,039
63,699
63,456
63,501
63,487
63,483
63,340
63,379
63,562
63,400
63,385
63,428
63,392
63,319
63,566
63,479

Percent 1

Unemployment
Both
sexes
16–19
years
6,740
6,332
5,919
5,907
5,978
6,162
5,911
5,573
4,837
4,378
4,533
4,416
4,279
4,312
4,383
4,256
4,319
4,393
4,298
4,341
4,300
4,339
4,255

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.

Total

6,801
8,378
8,774
8,149
7,591
7,001
7,078
8,924
14,265
14,825
15,138
14,884
14,593
14,637
14,849
14,746
14,876
15,041
14,485
13,863
13,673
13,542
13,747

Men
20 years
and
over
3,040
3,896
4,209
3,791
3,392
3,131
3,259
4,297
7,555
7,763
7,931
7,728
7,765
7,653
7,789
7,729
7,651
7,849
7,426
6,917
6,841
6,805
6,917

Women
20 years
and
over
2,599
3,228
3,314
3,150
3,013
2,751
2,718
3,342
5,157
5,534
5,665
5,570
5,343
5,458
5,504
5,520
5,618
5,766
5,599
5,447
5,483
5,332
5,417

Both
sexes
16–19
years
1,162
1,253
1,251
1,208
1,186
1,119
1,101
1,285
1,552
1,528
1,542
1,586
1,485
1,526
1,556
1,497
1,607
1,426
1,460
1,500
1,350
1,405
1,413

Not
in
labor
force

71,359
72,707
74,658
75,956
76,762
77,387
78,743
79,501
81,659
83,941
82,809
83,262
84,006
84,262
83,983
84,198
84,570
84,765
85,199
85,518
85,605
85,594
85,725

Labor
force
participation
rate
66.8
66.6
66.2
66.0
66.0
66.2
66.0
66.0
65.4
64.7
65.1
64.9
64.7
64.6
64.7
64.7
64.5
64.5
64.3
64.2
64.2
64.2
64.2

Employment/
population
ratio

Unemployment
rate

63.7
62.7
62.3
62.3
62.7
63.1
63.0
62.2
59.3
58.5
58.7
58.7
58.5
58.4
58.5
58.5
58.3
58.2
58.3
58.4
58.4
58.5
58.4

4.7
5.8
6.0
5.5
5.1
4.6
4.6
5.8
9.3
9.6
9.8
9.6
9.5
9.5
9.6
9.6
9.7
9.8
9.4
9.0
8.9
8.8
9.0

Note: Beginning January 2011, data reflect revised population controls and are not strictly
comparable with earlier data.
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 rose to 9.0 percent.

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

By sex and age
Period

2001 ��������������������
2002 ��������������������
2003 ��������������������
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2010: Apr 
�����������
      
May 
����������
      
June 
���������
       ����������
July 
       ����������
Aug 
      
Sept 
���������
       �����������
Oct 
       ����������
Nov 
       �����������
Dec 
2011: Jan 
�����������
       �����������
Feb 
       ����������
Mar 
       �����������
Apr 

All
civilian
workers

4.7
5.8
6.0
5.5
5.1
4.6
4.6
5.8
9.3
9.6
9.8
9.6
9.5
9.5
9.6
9.6
9.7
9.8
9.4
9.0
8.9
8.8
9.0

Men
20 years
and
over
4.2
5.3
5.6
5.0
4.4
4.0
4.1
5.4
9.6
9.8
10.0
9.8
9.8
9.7
9.8
9.7
9.7
9.9
9.4
8.8
8.7
8.6
8.8

Women
20 years
and
over
4.1
5.1
5.1
4.9
4.6
4.1
4.0
4.9
7.5
8.0
8.2
8.1
7.8
7.9
8.0
8.0
8.1
8.3
8.1
7.9
8.0
7.7
7.9

Both
sexes
16–19
years
14.7
16.5
17.5
17.0
16.6
15.4
15.7
18.7
24.3
25.9
25.4
26.4
25.8
26.1
26.2
26.0
27.1
24.5
25.4
25.7
23.9
24.5
24.9

White

4.2
5.1
5.2
4.8
4.4
4.0
4.1
5.2
8.5
8.7
9.0
8.8
8.6
8.6
8.7
8.7
8.8
8.9
8.5
8.0
8.0
7.9
8.0

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

Black
or
African
American
8.6
10.2
10.8
10.4
10.0
8.9
8.3
10.1
14.8
16.0
16.5
15.5
15.4
15.7
16.2
16.1
15.7
16.0
15.8
15.7
15.3
15.5
16.1

By selected groups
Hispanic
or
Latino
ethnicity

Asian
(NSA)

4.5
5.9
6.0
4.4
4.0
3.0
3.2
4.0
7.3
7.5
6.8
7.5
7.7
8.2
7.2
6.4
7.1
7.6
7.2
6.9
6.8
7.1
6.4

6.6
7.5
7.7
7.0
6.0
5.2
5.6
7.6
12.1
12.5
12.4
12.4
12.4
12.1
12.1
12.5
12.6
13.2
13.0
11.9
11.6
11.3
11.8

Married
men,
spouse
present

Women
who
maintain
families
(NSA)

2.7
3.6
3.8
3.1
2.8
2.4
2.5
3.4
6.6
6.8
6.7
6.7
6.8
6.6
6.8
6.8
6.9
6.9
6.6
5.8
5.8
5.9
6.0

Note: Data relate to persons age 16 years and over.
Source: Department of Labor (Bureau of Labor Statistics).

6.6
8.0
8.5
8.0
7.8
7.1
6.5
8.0
11.5
12.3
11.0
11.6
12.1
13.4
13.4
12.9
12.4
13.0
12.0
12.7
13.0
12.3
11.7

Full-time
workers

4.7
5.9
6.1
5.6
5.0
4.5
4.6
5.8
10.0
10.4
10.6
10.4
10.2
10.2
10.3
10.4
10.5
10.7
10.2
9.7
9.5
9.4
9.6

Part-time
workers

5.1
5.2
5.5
5.3
5.4
5.1
4.9
5.5
6.0
6.3
6.5
6.6
6.4
6.4
6.7
6.1
6.3
5.8
6.0
6.2
6.5
6.3
6.4

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
rose, while the percentages for 5-14 weeks and for 27 weeks and over fell. The mean duration of unemployment fell
to 38.3 weeks and the median duration fell to 20.7 weeks.

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

Unemployment
(thousands)

Percent distribution
Less
than
5 weeks

5–14
weeks

15–26
weeks

Reason for unemployment: percent distribution
Number of weeks

27 weeks
and over

Average
(mean) 1

Median

Job
losers

Job
leavers

Reentrants

New
entrants

State programs
Insured
unemployment
(NSA)

Initial
claims
(NSA)

Insured
unemployment,
all
programs
(NSA) 2

Weekly average, thousands
2001 ��������������������
2002 ��������������������
2003 ��������������������
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2010: Apr 
�����������
      
May 
����������
      
June 
���������
       ����������
July 
       ����������
Aug 
      
Sept 
���������
       �����������
Oct 
       ����������
Nov 
       �����������
Dec 
2011: Jan 
�����������
       �����������
Feb 
       ����������
Mar 
       �����������
Apr 

6,801
8,378
8,774
8,149
7,591
7,001
7,078
8,924
14,265
14,825
15,138
14,884
14,593
14,637
14,849
14,746
14,876
15,041
14,485
13,863
13,673
13,542
13,747

42.0
34.5
31.7
33.1
35.1
37.3
35.9
32.8
22.2
18.7
18.4
18.8
18.8
19.4
18.6
19.5
17.9
18.8
18.7
18.9
17.5
18.2
20.0

32.3
30.8
29.8
29.2
30.4
30.3
31.5
31.4
26.8
22.0
20.5
20.8
21.2
21.2
24.3
22.6
23.1
22.2
21.9
21.3
22.7
21.7
21.6

14.0
16.3
16.4
15.9
14.9
14.7
15.0
16.0
19.5
16.0
15.5
14.8
14.9
14.8
14.9
16.1
16.9
16.8
15.2
16.1
16.0
14.6
14.9

11.8
18.3
22.1
21.8
19.6
17.6
17.6
19.7
31.5
43.3
45.5
45.6
45.2
44.7
42.2
41.8
42.1
42.2
44.3
43.8
43.9
45.5
43.4

13.1
16.6
19.2
19.6
18.4
16.8
16.8
17.9
24.4
33.0
33.1
34.3
34.8
33.9
33.5
33.4
33.9
33.9
34.2
36.9
37.1
39.0
38.3

1 Beginning January 2011, includes unemployment durations of up to 5 years; prior data are for
up to 2 years.
2 Includes State (50 States, District of Columbia, Puerto Rico, and the Virgin Islands), Federal
(UCFE), ex-service members (UCX), and Federal and State extended benefit programs. Also
includes Temporary Extended Unemployment Compensation (2002-2004), Emergency Unemployment Compensation (2008-2011), and Federal Additional Compensation (2009-2010).

6.8
9.1
10.1
9.8
8.9
8.3
8.5
9.4
15.1
21.4
21.6
22.8
25.5
21.7
20.6
20.5
21.3
21.7
22.4
21.8
21.2
21.7
20.7

51.1
55.0
55.1
51.5
48.3
47.4
49.7
53.7
64.2
62.4
61.0
62.2
63.1
62.3
62.6
63.0
61.7
63.0
61.3
60.3
59.9
59.8
59.0

12.3
10.3
9.3
10.5
11.5
11.8
11.2
10.0
6.2
6.0
6.2
6.5
6.2
6.1
5.9
5.5
5.8
5.8
6.3
6.4
6.4
6.5
6.8

29.9
28.3
28.2
29.5
31.4
32.0
30.3
27.7
22.3
23.4
24.8
23.2
22.7
23.4
23.0
23.4
23.8
22.8
23.4
23.7
24.1
23.8
24.4

6.8
2,974
404
3,012
6.4
3,585
407
4,453
7.3
3,531
404
4,400
8.4
2,950
345
3,103
8.8
2,661
328
2,709
8.8
2,476
313
2,521
8.9
2,572
324
2,612
8.6
3,306
424
3,898
7.3
5,724
568
9,122
r 4,487
8.2
454
9,725
8.0
4,949
482
10,599
8.1
4,782
421
10,746
r 10,315
8.0
4,758
497
r 9,201
8.2
4,551
502
8.5
4,936
440
11,335
8.1
4,046
402
9,367
8.7
3,944
442
9,222
r 4,256
r 9,672
8.4
498
r 4,413
r 9,436
9.0
596
r 5,211
r 10,648
9.6
598
r 4,452
r 397
r 8,973
9.6
9.9
4,548
416
9,327
9.8 ��������������� ��������������� �����������������

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 244,000 in April.

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

Period

2001 ��������������������
2002 ��������������������
2003 ��������������������
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2010: Apr 
�����������
      
May 
����������
      
June 
���������
       ����������
July 
       ����������
Aug 
      
Sept 
���������
       �����������
Oct 
       ����������
Nov 
       �����������
Dec 
2011: Jan 
�����������
       r ���������
Feb
       r ��������
Mar
       p ���������
Apr

Total
nonagricultural
employment

131,826
130,341
129,999
131,435
133,703
136,086
137,598
136,790
130,807
129,818
129,715
130,173
129,981
129,932
129,873
129,844
130,015
130,108
130,260
130,328
130,563
130,784
131,028

Goods-producing industries
Total
private

110,708
108,828
108,416
109,814
111,899
114,113
115,380
114,281
108,252
107,337
107,145
107,193
107,258
107,351
107,461
107,570
107,713
107,841
108,008
108,102
108,363
108,594
108,862

Total 2

23,873
22,557
21,816
21,882
22,190
22,531
22,233
21,334
18,557
17,755
17,762
17,763
17,763
17,791
17,790
17,784
17,785
17,793
17,797
17,835
17,916
17,953
17,997

Construc- Manufaction
turing

6,826
6,716
6,735
6,976
7,336
7,691
7,630
7,162
6,016
5,526
5,566
5,529
5,511
5,500
5,520
5,514
5,512
5,504
5,498
5,478
5,517
5,519
5,524

16,441
15,259
14,510
14,315
14,226
14,155
13,879
13,406
11,847
11,524
11,509
11,536
11,548
11,580
11,551
11,545
11,539
11,554
11,565
11,618
11,655
11,677
11,706

Private service-providing industries
Trade, transportation,
and utilities
Total
Total 3
86,834
86,271
86,600
87,932
89,709
91,582
93,147
92,947
89,695
89,582
89,383
89,430
89,495
89,560
89,671
89,786
89,928
90,048
90,211
90,267
90,447
90,641
90,865

25,983
25,497
25,287
25,533
25,959
26,276
26,630
26,293
24,906
24,605
24,581
24,584
24,587
24,609
24,601
24,627
24,670
24,684
24,746
24,740
24,775
24,790
24,861

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

Retail
trade
15,239
15,025
14,917
15,058
15,280
15,353
15,520
15,283
14,522
14,414
14,424
14,421
14,409
14,419
14,413
14,430
14,457
14,441
14,447
14,478
14,478
14,475
14,532

Information

Financial
activities

3,629
3,395
3,188
3,118
3,061
3,038
3,032
2,984
2,804
2,711
2,716
2,715
2,701
2,706
2,711
2,701
2,697
2,699
2,694
2,687
2,684
2,682
2,684

7,808
7,847
7,977
8,031
8,153
8,328
8,301
8,145
7,769
7,630
7,648
7,640
7,628
7,618
7,616
7,616
7,617
7,616
7,617
7,607
7,606
7,611
7,615

Profes- Education Leisure
sional
and
and
and
health
business services hospitality
services
16,476
15,976
15,987
16,394
16,954
17,566
17,942
17,735
16,579
16,688
16,615
16,640
16,683
16,681
16,711
16,719
16,759
16,844
16,902
16,953
16,991
17,077
17,128

15,645
16,199
16,588
16,953
17,372
17,826
18,322
18,838
19,193
19,564
19,482
19,508
19,535
19,571
19,612
19,631
19,695
19,732
19,760
19,789
19,832
19,865
19,914

12,036
11,986
12,173
12,493
12,816
13,110
13,427
13,436
13,077
13,020
12,998
12,995
13,018
13,013
13,051
13,103
13,072
13,057
13,074
13,071
13,125
13,176
13,222

Other
services

5,258
5,372
5,401
5,409
5,395
5,438
5,494
5,515
5,367
5,364
5,343
5,348
5,343
5,362
5,369
5,389
5,418
5,416
5,418
5,420
5,434
5,440
5,441

Government

21,118
21,513
21,583
21,621
21,804
21,974
22,218
22,509
22,555
22,482
22,570
22,980
22,723
22,581
22,412
22,274
22,302
22,267
22,252
22,226
22,200
22,190
22,166

2 Includes mining and logging, not shown separately.
3 Includes wholesale trade, transportation and warehousing, and utilities, not shown separately.

Note: Data classified by industry based on the 2007 North American Industry Classification
System (NAICS). For details see Employment and Earnings.
Source: Department of Labor (Bureau of Labor Statistics).

Average Weekly Hours, Hourly Earnings, and Weekly Earnings—
Private Nonagricultural Industries
[For production or nonsupervisory workers; monthly data seasonally adjusted]
Average weekly hours

Total
private
nonagricultural 1

Period

2001 ��������������������
2002 ��������������������
2003 ��������������������
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2010: Mar 
����������
       �����������
Apr 
      
May 
����������
      
June 
���������
       ����������
July 
       ����������
Aug 
      
Sept 
���������
       �����������
Oct 
       ����������
Nov 
       �����������
Dec 
2011: Jan 
�����������
       r ���������
Feb
       r ��������
Mar
       p ���������
Apr

34.0
33.9
33.7
33.7
33.8
33.9
33.9
33.6
33.1
33.4
33.3
33.4
33.4
33.4
33.5
33.5
33.5
33.5
33.5
33.5
33.4
33.6
33.6
33.6

Average gross hourly earnings
Total private
nonagricultural 1

Manufacturing

Total

Overtime

40.3
40.5
40.4
40.8
40.7
41.1
41.2
40.8
39.8
41.1
41.0
41.2
41.5
41.0
41.1
41.1
41.3
41.2
41.2
41.3
41.1
41.3
41.5
41.4

4.0
4.2
4.2
4.6
4.6
4.4
4.2
3.7
2.9
3.8
3.7
3.8
4.0
3.8
3.8
3.8
3.9
3.9
4.0
4.0
4.1
4.2
4.3
4.2

Current
dollars

Average gross weekly earnings
Total private
nonagricultural 1

Manufacturing

1982-84
dollars 2

$14.54
$8.38
14.97
8.51
15.37
8.55
15.69
8.50
16.13
8.45
16.76
8.50
17.43
8.60
18.08
8.57
18.63
8.89
19.07
8.91
18.93
8.86
18.98
8.89
19.03
8.93
19.05
8.97
19.08
8.94
19.13
8.94
19.14
8.93
19.23
8.94
19.24
8.94
19.23
8.89
19.31
8.88
19.32
8.83
19.32
8.78
19.37 �����������������

Current
dollars
$14.76
15.29
15.74
16.14
16.56
16.81
17.26
17.75
18.24
18.61
18.49
18.51
18.59
18.59
18.60
18.63
18.65
18.71
18.75
18.80
18.91
18.89
18.90
18.90

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 cleri-

Percent change from
a year earlier,
total private
nonagricultural

Current dollars

1982-84
dollars 2

Manufacturing

$493.79
$284.61
506.75
288.09
518.06
288.13
529.09
286.77
544.33
284.99
567.87
288.11
590.04
290.99
607.95
288.06
617.18
294.41
636.91
297.67
630.37
295.16
633.93
296.86
635.60
298.29
636.27
299.45
639.18
299.50
640.86
299.57
641.19
299.12
644.21
299.62
644.54
299.46
644.21
297.74
644.95
296.74
649.15
296.82
649.15
294.90
650.83 �����������������

Construction

$595.19
618.75
635.99
658.49
673.30
691.02
711.56
724.46
726.12
765.08
758.09
762.61
771.49
762.19
764.46
765.69
770.25
770.85
772.50
776.44
777.20
780.16
784.35
782.46

Retail
trade

$695.89
711.82
726.83
735.55
750.22
781.21
816.66
842.61
851.76
891.85
871.62
895.12
880.11
887.03
887.00
899.38
905.19
909.48
906.35
904.78
882.85
909.84
907.10
914.90

Current
dollars

$346.16
360.81
367.15
371.13
377.58
383.02
385.11
386.21
388.57
399.74
396.42
397.32
398.64
397.92
402.19
401.48
400.03
404.08
405.11
407.48
406.45
405.72
407.97
409.92

1982-84
dollars 2

2.7
–0.1
2.6
1.2
2.2
.0
2.1
–.5
2.9
–.6
4.3
1.1
3.9
1.0
3.0
–1.0
1.5
2.2
3.2
1.1
2.8
–.2
3.4
.4
3.5
1.0
3.8
2.4
3.7
2.0
3.6
2.1
3.8
2.3
4.0
2.5
3.3
2.0
2.9
1.3
2.4
.6
3.3
.8
3.0
–.1
2.7 �������������������

Source: Department of Labor (Bureau of Labor Statistics).

cal workers (CPI–W) (on a 1982-84=100 base).

Employment Cost Index—Private Industry
Index (December 2005 = 100)
Period

Total
compensation

Wages
and
salaries

Percent change from
3 months earlier

Benefits 1

Total
compensation

12 months earlier

Wages
and
salaries

Benefits 1

Total
compensation

Wages
and
salaries

Benefits 1

Not seasonally adjusted
2001: Dec 
������������������������������������������
2002: Dec 
������������������������������������������
2003: Dec 
������������������������������������������
2004: Dec 
������������������������������������������
2005: Dec 
������������������������������������������
2006: Dec 
������������������������������������������
2007: Dec 
������������������������������������������
2008: Dec 
������������������������������������������
2009: Dec 
������������������������������������������
2010: Dec 
������������������������������������������

87.3
90.0
93.6
97.2
100.0
103.2
106.3
108.9
110.2
112.5

89.9
92.2
95.1
97.6
100.0
103.2
106.6
109.4
110.8
112.8

81.3
84.7
90.2
96.2
100.0
103.1
105.6
107.7
108.7
111.9

�����������������������
�����������������������
�����������������������
�����������������������
�����������������������
�����������������������
�����������������������
�����������������������
�����������������������
�����������������������

�����������������������
�����������������������
�����������������������
�����������������������
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�����������������������
�����������������������
�����������������������
�����������������������
�����������������������

�����������������������
�����������������������
�����������������������
�����������������������
�����������������������
�����������������������
�����������������������
�����������������������
�����������������������
�����������������������

4.1
3.1
4.0
3.8
2.9
3.2
3.0
2.4
1.2
2.1

Seasonally adjusted
2008: Mar r ���������������������������������������
      
June r ��������������������������������������
      
Sept r ���������������������������������������
       r ����������������������������������������
Dec
2009: Mar r ���������������������������������������
      
June r ��������������������������������������
      
Sept r ���������������������������������������
       r ����������������������������������������
Dec
2010: Mar r ���������������������������������������
      
June r ��������������������������������������
      
Sept r ���������������������������������������
       r ����������������������������������������
Dec
2011: Mar 
�����������������������������������������

107.2
108.0
108.6
109.1
109.3
109.5
109.9
110.4
111.1
111.6
112.1
112.7
113.3

107.6
108.4
109.0
109.5
109.8
110.1
110.5
110.9
111.4
111.9
112.3
112.8
113.2

106.4
106.9
107.5
107.9
108.0
108.3
108.6
109.0
110.3
110.9
111.6
112.2
113.5

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.

3.8
2.6
3.1
2.6
2.5
3.2
3.3
2.6
1.3
1.8

5.2
4.2
6.5
6.7
4.0
3.1
2.4
2.0
.9
2.9

Not seasonally adjusted
0.7
.7
.6
.5
.2
.2
.4
.5
.6
.5
.4
.5
.5

0.8
.7
.6
.5
.3
.3
.4
.4
.5
.4
.4
.4
.4

0.5
.5
.6
.4
.1
.3
.3
.4
1.2
.5
.6
.5
1.2

3.2
3.0
2.8
2.4
1.9
1.5
1.2
1.2
1.6
1.9
2.0
2.1
2.0

3.2
3.1
2.9
2.6
2.0
1.6
1.4
1.3
1.5
1.6
1.6
1.8
1.6

3.2
2.6
2.4
2.0
1.6
1.3
1.1
.9
2.0
2.4
2.8
2.9
3.0

Data beginning 2001 are based on the 2002 North American Industry Classification (NAICS);
data prior to 2001 are based on the Standard Industrial Classification (SIC). For details on industry
classification and other details see Employment Cost Index, release dated April 28, 2006.
Seasonally adjusted data revised to reflect annual revisions.
Source: Department of Labor (Bureau of Labor Statistics).

15

Productivity and Related Data, Business and Nonfarm Business Sectors
Output per hour
of all persons
Period
Business
sector

Nonfarm
business
sector

Hours of
all persons 2

Output 1

Business
sector

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

Implicit price
deflator 5

Business
sector

Nonfarm
business
sector

Business
sector

Nonfarm
business
sector

97.7
96.4
97.3
97.8
100.0
102.8
105.4
107.6
105.9
104.3
105.6
105.3
105.1
105.7
107.1
106.9
108.1
108.4
106.5
106.7
105.8
104.6
103.4
104.6
104.7
104.4
104.9

97.5
96.2
97.2
97.8
100.0
102.8
105.3
107.6
105.9
104.4
105.5
105.1
104.9
105.6
107.2
106.8
108.1
108.4
106.5
106.7
105.8
104.7
103.5
104.7
104.7
104.5
104.7

92.4
93.1
94.4
96.9
100.0
102.9
105.7
107.6
108.1
109.2
104.8
105.7
106.1
106.1
106.3
107.3
108.7
108.0
108.2
108.0
108.2
108.1
108.4
109.1
109.7
109.6
110.1

92.3
93.1
94.3
96.6
100.0
103.0
105.5
107.4
108.3
109.2
104.7
105.5
105.8
105.8
106.0
107.1
108.5
108.0
108.4
108.2
108.5
108.2
108.5
109.2
109.7
109.4
109.7

1.7
–1.3
.9
.5
2.2
2.8
2.5
2.1
–1.6
–1.5
3.8
–.9
–.8
2.3
5.4
–1.1
4.7
1.1
–6.9
.7
–3.3
–4.3
–4.4
4.7
.1
–.9
1.7

1.5
–1.3
1.1
.5
2.3
2.8
2.4
2.2
–1.6
–1.5
3.5
–1.4
–1.1
2.8
6.2
–1.4
5.0
1.2
–6.8
.7
–3.4
–4.1
–4.6
4.9
.1
–1.0
1.0

1.8
.8
1.4
2.6
3.3
2.9
2.6
1.8
.5
1.0
4.2
3.3
1.6
–.1
.9
4.0
5.1
–2.6
.8
–.8
.9
–.5
1.2
2.5
2.3
–.3
1.8

1.7
.9
1.3
2.4
3.5
3.0
2.4
1.8
.8
.8
3.8
3.1
1.3
–.3
.8
4.2
5.4
–1.9
1.4
–.8
1.1
–1.1
1.2
2.6
1.9
–.9
1.1

Indexes, 2005=100; quarterly data seasonally adjusted
2001 ��������������������
2002 ��������������������
2003 ��������������������
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 r ������������������
2007: I r ��������������
       r �������������
II
       r ������������
III
       r ������������
IV
2008: I r ��������������
       r �������������
II
       r ������������
III
       r ������������
IV
2009: I r ��������������
       r �������������
II
       r ������������
III
       r ������������
IV
2010: I r ��������������
       r �������������
II
       r ������������
III
       r ������������
IV
2011: I p * ����������

88.1
92.1
95.6
98.4
100.0
100.9
102.5
103.6
107.4
111.6
101.1
102.0
103.0
103.8
103.6
103.9
103.5
103.5
104.4
106.7
108.4
110.2
111.4
110.9
111.6
112.4
112.6

88.4
92.4
95.7
98.4
100.0
100.9
102.5
103.6
107.4
111.5
101.3
102.0
102.9
103.9
103.5
103.9
103.4
103.4
104.4
106.7
108.4
110.1
111.4
110.9
111.5
112.3
112.8

88.4
90.1
92.9
96.7
100.0
103.1
105.2
104.2
100.4
104.1
103.9
104.9
105.5
106.3
105.7
105.6
103.9
101.4
99.8
99.8
100.1
101.7
103.0
103.4
104.4
105.5
106.1

88.5
90.2
92.9
96.8
100.0
103.1
105.3
104.2
100.3
104.0
104.0
105.1
105.8
106.4
105.7
105.6
104.0
101.4
99.7
99.7
100.0
101.7
102.9
103.3
104.3
105.4
106.2

100.3
97.8
97.2
98.3
100.0
102.1
102.6
100.5
93.4
93.3
102.7
102.8
102.4
102.4
102.1
101.6
100.4
98.0
95.6
93.5
92.3
92.3
92.4
93.3
93.5
93.9
94.3

100.2
97.7
97.1
98.3
100.0
102.2
102.7
100.6
93.4
93.3
102.7
103.1
102.7
102.5
102.1
101.7
100.5
98.0
95.5
93.5
92.3
92.3
92.4
93.2
93.5
93.9
94.2

86.1
88.8
93.0
96.2
100.0
103.8
108.1
111.5
113.7
116.4
106.8
107.5
108.3
109.8
111.0
111.0
111.9
112.1
111.2
113.8
114.7
115.3
115.2
116.1
116.8
117.3
118.1

86.2
88.9
93.1
96.2
100.0
103.8
107.9
111.4
113.7
116.4
106.9
107.2
107.9
109.7
110.9
110.9
111.8
112.1
111.2
113.8
114.6
115.3
115.2
116.1
116.8
117.4
118.1

95.0
96.3
98.7
99.5
100.0
100.5
101.8
101.1
103.5
104.2
102.1
101.5
101.6
101.8
101.8
100.6
99.8
102.4
102.2
104.1
104.0
103.8
103.4
104.3
104.6
104.4
103.7

95.0
96.5
98.8
99.4
100.0
100.5
101.6
101.0
103.5
104.2
102.1
101.3
101.3
101.7
101.8
100.5
99.7
102.5
102.2
104.1
103.9
103.8
103.4
104.3
104.6
104.4
103.7

Percent change; quarterly data at seasonally adjusted annual rates
2001 ��������������������
2002 ��������������������
2003 ��������������������
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 r ������������������
2007: I r ��������������
       r �������������
II
       r ������������
III
       r ������������
IV
2008: I r ��������������
       r �������������
II
       r ������������
III
       r ������������
IV
2009: I r ��������������
       r �������������
II
       r ������������
III
       r ������������
IV
2010: I r ��������������
       r �������������
II
       r ������������
III
       r ������������
IV
2011: I p * ����������

3.0
4.5
3.8
2.9
1.7
.9
1.5
1.1
3.7
3.9
.1
3.5
3.8
3.2
–.9
1.4
–1.6
–.2
3.9
8.8
6.8
6.8
4.2
–1.7
2.6
2.7
.7

2.9
4.6
3.6
2.8
1.6
.9
1.6
1.0
3.7
3.9
.3
2.7
3.8
3.6
–1.3
1.4
–1.8
.1
3.8
8.9
6.5
6.7
4.6
–1.7
2.3
2.9
1.6

0.8
2.0
3.1
4.2
3.4
3.1
2.0
–.9
–3.7
3.7
.2
4.0
2.2
2.9
–2.0
–.6
–6.1
–9.3
–6.2
–.3
1.6
6.5
5.0
1.8
3.8
4.2
2.4

0.9
1.9
3.0
4.1
3.4
3.1
2.1
–1.1
–3.8
3.7
.3
4.2
2.5
2.5
–2.5
–.3
–6.2
–9.5
–6.4
–.2
1.4
6.7
5.0
1.6
3.8
4.4
3.1

–2.1
–2.4
–.7
1.2
1.7
2.1
.5
–2.0
–7.1
–.2
.1
.4
–1.5
–.3
–1.1
–1.9
–4.5
–9.2
–9.7
–8.4
–4.9
–.3
.7
3.5
1.2
1.5
1.7

–2.0
–2.5
–.6
1.3
1.7
2.2
.6
–2.1
–7.2
–.2
.0
1.4
–1.3
–1.1
–1.2
–1.7
–4.5
–9.6
–9.8
–8.4
–4.8
.1
.4
3.3
1.4
1.5
1.4

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 1978–2009 is based on the consumer price index research series
(CPI–U–RS).
5 Current dollar gross domestic output divided by the output index.

16

4.7
3.1
4.8
3.5
3.9
3.8
4.1
3.2
2.0
2.3
3.8
2.5
3.0
5.6
4.5
.3
3.0
.9
–3.2
9.6
3.3
2.2
–.4
2.9
2.7
1.7
2.4

4.5
3.2
4.7
3.3
3.9
3.8
4.0
3.3
2.0
2.3
3.8
1.4
2.7
6.5
4.8
.0
3.1
1.3
–3.3
9.7
2.9
2.3
–.2
3.1
2.5
1.9
2.6

1.8
1.5
2.5
.7
.5
.5
1.2
–.6
2.4
.7
.0
–2.1
.5
.8
–.1
–4.8
–3.2
11.2
–.9
7.5
–.4
–.5
–1.6
3.5
1.3
–.9
–2.7

1.6
1.5
2.4
.6
.6
.5
1.1
–.6
2.4
.7
.0
–3.3
.2
1.6
.2
–5.0
–3.1
11.6
–1.0
7.7
–.7
–.5
–1.4
3.7
1.0
–.8
–2.5

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 for real hourly compensation reflect revisions beginning 2006.
* Data based on GDP data released on April 28, 2011.
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.
INDEX, 2007 = 100* (RATIO SCALE)
120

INDEX, 2007 = 100* (RATIO SCALE)
130

110

120

100

110

TOTAL INDUSTRIAL PRODUCTION

FINAL PRODUCTS

DEFENSE AND
SPACE EQUIPMENT

100

90

CONSUMER
GOODS

90

80
120

80

MANUFACTURING

110

BUSINESS
EQUIPMENT

1

TOTAL

100

70
NONDURABLE

90

60
80

PERCENT*
86
CAPACITY UTILIZATION RATE (TOTAL INDUSTRY)
84

DURABLE

70

82

120

UTILITIES AND MINING

80
78

110

76

UTILITIES

100

74
72

90

70

MINING

68
66

80
2007

2008

2009

2010

2011

2007

2008

2009

2010

2011

1

SEE FOOTNOTE 1 TABLE BELOW
*SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

COUNCIL OF ECONOMIC ADVISERS

[Monthly data seasonally adjusted]
Total industrial production 1
Period

2001 ��������������������
2002 ��������������������
2003 ��������������������
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 r ������������������
2010: Mar 
����������
       �����������
Apr 
      
May 
����������
      
June 
���������
       ����������
July 
       ����������
Aug 
      
Sept 
���������
       r ����������
Oct
r ���������
      
Nov
       r ���������
Dec
2011: Jan r ���������
       r ���������
Feb
       p ��������
Mar

Percent change 2
Index,
2007=100

88.9
89.1
90.2
92.3
95.3
97.4
100.0
96.3
85.5
90.1
88.4
88.7
89.9
90.0
90.8
91.0
91.2
91.1
91.4
92.6
92.8
92.8
93.6

From
preceding
month
���������������������
���������������������
���������������������
���������������������
���������������������
���������������������
���������������������
���������������������
���������������������
���������������������
0.5
.4
1.3
.1
.9
.2
.3
–.1
.3
1.3
.1
.1
.8

Chart 17 - Apr 2011

Industry production indexes, 2007=100

Capacity utilization
rate
(output as percent
of capacity) 1

Manufacturing

From
year
earlier
–3.4
.2
1.3
2.3
3.2
2.2
2.7
–3.7
–11.2
5.3
3.3
4.6
7.2
7.7
7.5
6.8
6.3
6.0
6.0
6.8
5.7
5.6
5.9

Total 1

Durable

87.3
87.6
88.7
91.2
94.8
97.2
100.0
95.0
82.2
86.6
85.1
85.7
86.7
86.6
87.3
87.4
87.5
87.7
87.9
88.9
89.6
90.1
90.7

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.

80.9
80.8
82.9
86.2
91.2
95.4
100.0
96.3
79.0
85.3
82.8
83.9
85.3
85.3
86.6
86.3
86.6
87.2
87.6
88.5
90.1
91.3
92.1

Nondurable
93.0
94.2
94.4
95.9
98.3
98.8
100.0
94.0
86.4
89.6
88.9
89.2
89.6
89.5
89.7
90.1
90.3
90.2
90.1
91.2
91.1
91.0
91.5

Other
(non-NAICS) 1
108.8
105.2
102.1
102.9
102.6
101.4
100.0
89.4
77.0
74.0
74.7
74.2
75.5
74.4
74.5
74.3
72.7
72.5
72.8
72.7
72.5
71.5
71.4

Mining

103.4
98.6
98.8
98.2
97.1
99.5
100.0
100.8
95.6
101.3
99.0
100.5
100.1
99.9
101.2
102.7
103.9
104.7
104.6
104.8
103.5
103.8
104.4

Utilities

89.5
92.3
94.1
95.3
97.3
96.7
100.0
99.9
97.3
101.3
99.3
95.8
100.5
102.4
103.1
102.7
102.6
98.8
100.6
105.1
102.8
99.1
100.8

Total
industry
76.0
74.8
75.9
77.9
79.9
80.4
81.0
77.8
69.2
74.5
72.8
73.2
74.3
74.5
75.3
75.5
75.7
75.7
75.8
76.8
76.9
76.9
77.4

Total
manufacturing
73.7
72.9
73.9
76.1
78.2
78.6
79.2
74.9
66.2
71.7
70.0
70.7
71.7
71.7
72.4
72.6
72.7
73.0
73.1
73.9
74.5
74.9
75.3

2 Percent changes based on unrounded indexes.

Note: Data based on 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
[2007=100; monthly data seasonally adjusted]
Products and nonindustrial supplies

Materials

Final products
Consumer goods

Period
Total

2001 ��������������������
2002 ��������������������
2003 ��������������������
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 r ������������������
2010: Mar 
����������
       �����������
Apr 
      
May 
����������
      
June 
���������
       ����������
July 
       ����������
Aug 
      
Sept 
���������
       r ����������
Oct
       r ���������
Nov
       r ���������
Dec
2011: Jan r ���������
       r ���������
Feb
       p ��������
Mar

Nonindustrial supplies

Total

89.3
88.7
89.9
91.6
95.3
97.7
100.0
96.2
86.9
91.5
89.9
89.6
91.4
91.5
92.7
92.6
92.7
92.8
92.7
93.9
94.4
94.7
95.5

91.9
93.8
95.1
96.1
98.7
99.2
100.0
94.8
88.0
91.7
90.6
89.7
91.7
91.7
92.8
92.6
92.4
92.3
92.0
93.4
93.4
93.4
94.2

Durable
goods
87.8
92.7
95.6
97.1
98.0
98.1
100.0
88.7
74.6
82.8
81.0
81.2
83.4
82.6
86.5
83.4
83.6
84.2
83.5
83.8
85.6
88.2
90.1

Equipment
Nondurable
goods
93.6
94.2
94.9
95.7
98.9
99.5
100.0
96.8
92.3
94.6
93.8
92.5
94.4
94.7
95.0
95.6
95.3
94.9
94.8
96.6
96.0
95.2
95.7

Total 1
82.8
77.5
78.3
81.5
87.6
94.5
100.0
99.3
84.4
91.2
88.1
89.5
90.9
91.0
92.3
92.8
93.4
94.2
94.3
95.2
96.9
98.0
98.6

Business
83.9
78.3
78.3
82.2
87.8
96.0
100.0
97.5
81.6
87.9
84.2
85.5
87.3
87.9
89.0
89.3
90.1
91.0
91.2
92.4
94.1
95.0
95.5

Defense
and
space

Total

74.4
75.0
79.6
77.7
85.8
84.5
100.0
107.9
109.2
114.7
114.0
114.7
114.7
113.6
115.7
116.7
116.1
116.5
116.0
116.0
116.9
119.4
120.8

91.4
91.5
92.5
94.4
97.9
99.3
100.0
93.6
80.5
82.0
80.6
81.7
82.4
82.6
82.6
82.8
82.6
82.2
83.0
83.3
83.4
83.1
83.9

Construction

Business

92.4
92.4
92.2
94.4
98.9
101.3
100.0
90.3
70.0
72.7
70.2
72.9
73.3
73.6
73.3
73.8
73.8
74.3
74.9
74.4
75.1
74.6
75.7

90.9
91.1
92.6
94.4
97.4
98.4
100.0
95.1
85.6
86.6
85.7
85.9
86.9
87.0
87.1
87.1
86.9
86.1
86.9
87.6
87.4
87.2
87.8

Total 1

87.7
88.6
89.8
92.3
94.5
96.5
100.0
97.3
86.0
91.5
89.7
90.3
91.1
91.2
91.9
92.3
92.9
92.7
93.2
94.7
94.6
94.5
95.2

Energy

98.3
98.0
98.1
97.8
96.9
98.1
100.0
100.6
98.2
102.8
100.9
101.1
102.1
101.9
103.1
103.8
104.9
104.1
104.7
106.2
104.1
103.9
104.4

1 Includes other items, not shown separately.

[2007=100; monthly data seasonally adjusted]
Durable manufactures
Computer and
electronic products

Primary metals
Period
Total
2001 ��������������������
2002 ��������������������
2003 ��������������������
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 r ������������������
2010: Mar 
����������
       �����������
Apr 
      
May 
����������
      
June 
���������
       ����������
July 
       ����������
Aug 
      
Sept 
���������
       r ����������
Oct
r ���������
      
Nov
       r ���������
Dec
2011: Jan r ���������
       r ���������
Feb
       p ��������
Mar

91.4
91.3
89.8
97.7
95.2
98.0
100.0
99.7
69.5
83.3
84.2
83.5
84.4
84.3
81.6
81.9
82.7
82.4
84.9
88.3
89.6
89.7
89.8

Iron
and
steel
products
88.2
89.2
89.8
101.7
94.3
98.4
100.0
106.4
63.1
87.7
92.9
90.2
92.7
89.4
81.6
83.4
85.5
82.8
88.8
95.3
98.3
95.5
93.6

Fabricated
metal
products

89.9
87.6
86.6
86.9
90.9
95.9
100.0
96.4
74.2
78.6
74.6
76.1
77.5
78.9
79.9
81.1
81.5
81.4
82.5
83.2
83.7
83.8
84.7

Machinery
Total
87.1
83.7
83.3
86.7
92.1
96.5
100.0
97.3
75.6
80.8
76.2
78.9
80.8
81.8
81.7
81.7
82.0
83.2
84.4
87.0
90.3
89.9
90.2

54.2
52.9
60.3
68.4
77.0
87.2
100.0
106.6
97.5
108.0
105.3
106.5
107.7
107.4
108.5
109.3
109.7
110.2
111.6
114.3
117.1
119.1
119.6

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

18

Nondurable manufactures

Selected
high-technology 1
44.5
44.2
53.3
60.7
70.9
84.5
100.0
112.8
102.4
116.3
113.8
115.1
115.8
115.2
115.6
117.0
117.7
117.8
120.1
124.8
128.9
131.8
133.0

Transportation
equipment
Total
84.9
88.6
89.5
89.4
93.1
94.2
100.0
89.6
75.4
83.9
82.2
81.7
83.9
83.3
87.7
85.2
85.5
85.9
84.3
84.2
85.8
88.5
90.6

Motor
vehicles
and
parts
88.8
97.6
101.1
101.7
102.3
100.8
100.0
80.0
59.5
76.1
73.3
72.5
76.7
75.7
82.7
77.6
78.3
79.0
76.2
76.4
79.2
82.8
85.2

Apparel

Printing
and
support

214.9
170.2
156.8
134.6
129.1
125.8
100.0
78.0
59.8
57.8
57.6
58.0
57.5
57.3
56.9
57.4
56.5
57.9
57.8
60.0
59.3
59.3
57.9

Source: Board of Governors of the Federal Reserve System.

104.8
102.1
98.1
98.5
98.6
97.8
100.0
93.8
79.8
76.0
75.2
76.0
77.3
76.8
76.2
77.0
75.8
75.4
74.9
74.4
73.9
74.8
74.3

Chemical

79.8
85.1
86.5
89.9
92.9
95.2
100.0
92.4
83.7
86.7
86.6
86.5
86.2
86.1
86.2
86.3
87.0
86.0
86.6
88.6
88.8
88.6
89.9

Food

93.0
95.0
95.6
95.6
98.6
99.5
100.0
98.7
98.1
102.3
101.0
100.9
101.5
101.8
101.7
103.6
104.5
104.2
103.6
103.7
103.4
102.7
102.5

New Construction
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Private
Period

Total
new
construction
expenditures

2001 ��������������������
2002 ��������������������
2003 ��������������������
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2010: Mar 
����������
       �����������
Apr 
      
May 
����������
      
June 
���������
       ����������
July 
       ����������
Aug 
      
Sept 
���������
       �����������
Oct 
       ����������
Nov 
       �����������
Dec 
2011: Jan r ���������
       r ���������
Feb
       p ��������
Mar

Residential
Total

840.2
847.9
891.5
991.4
1,104.1
1,167.2
1,152.4
1,067.6
907.8
814.5
824.0
843.1
819.7
820.2
798.8
791.5
801.0
809.5
810.7
784.8
776.9
758.6
768.9

New
housing

Total 1

638.3
634.4
675.4
771.2
870.0
911.8
863.3
758.8
592.3
508.2
524.4
538.4
519.1
510.7
489.9
476.1
483.7
494.4
504.0
486.9
480.0
466.0
476.1

Federal
and
State
and
local

Nonresidential

364.4
396.7
446.0
532.9
611.9
613.7
493.2
350.3
245.6
241.7
249.3
264.2
251.8
247.7
237.6
222.8
225.4
234.4
237.3
229.1
239.6
223.2
229.1

Total

279.4
298.8
345.7
417.5
480.8
468.8
354.1
230.1
133.6
126.7
131.2
134.0
132.8
130.9
128.9
123.3
121.1
120.0
120.9
120.2
120.8
119.7
118.4

Lodging

273.9
237.7
229.3
238.3
258.1
298.1
370.0
408.6
346.7
266.6
275.1
274.1
267.3
263.0
252.3
253.3
258.3
260.0
266.7
257.9
240.4
242.7
247.0

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

Commercial
(including
farm)

Office

14.5
10.5
9.9
12.0
12.7
17.6
27.5
35.4
25.4
11.0
12.0
11.3
11.2
10.9
10.8
10.8
10.1
9.4
9.4
9.1
7.4
7.5
7.8

49.7
35.3
30.6
32.9
37.3
45.7
53.8
55.5
37.9
24.4
26.0
25.2
24.3
23.6
22.5
23.3
24.3
22.6
22.7
22.9
22.3
21.8
22.1

Manufacturing

63.6
59.0
57.5
63.2
66.6
73.4
85.9
82.7
51.3
38.0
39.0
39.5
39.5
38.6
38.0
37.4
37.2
35.9
35.1
34.9
35.5
36.1
35.9

Other 2

37.8
22.7
21.4
23.2
28.4
32.3
40.2
52.8
58.0
38.1
45.0
44.1
40.2
38.7
36.8
36.0
36.9
34.2
33.0
30.0
28.9
30.5
32.2

108.2
110.2
109.9
107.0
113.1
129.2
162.7
182.3
174.2
155.0
153.1
154.1
152.0
151.2
144.2
145.7
149.8
157.9
166.5
160.9
146.2
146.9
149.1

201.9
213.4
216.1
220.2
234.2
255.4
289.1
308.7
315.5
306.3
299.6
304.8
300.6
309.5
308.8
315.4
317.3
315.1
306.7
297.9
296.9
292.6
292.8

Source: Department of Commerce (Bureau of the Census).

shown separately.

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
2001 ��������������������
2002 ��������������������
2003 ��������������������
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������

New private houses

1,602.7
1,704.9
1,847.7
1,955.8
2,068.3
1,800.9
1,355.0
905.5
554.0
586.9

1,273.3
1,358.6
1,499.0
1,610.5
1,715.8
1,465.4
1,046.0
622.0
445.1
471.2

Units
authorized

5 units or
more

2–4 units 1

1 unit

36.6
38.5
33.5
42.3
41.1
42.7
31.7
17.5
11.6
11.4

292.8
307.9
315.2
303.0
311.4
292.8
277.3
266.0
97.3
104.3

Units
completed

Houses for
sale at end
of period 2

Houses
sold

Vacancy
rate for
rental
housing
units
(percent) 3

1,636.7
1,747.7
1,889.2
4 2,070.1
2,155.3
1,838.9
1,398.4
905.4
583.0
598.0

1,570.8
1,648.4
1,678.7
1,841.9
1,931.4
1,979.4
1,502.8
1,119.7
794.4
651.7

908
973
1,086
1,203
1,283
1,051
776
485
375
323

308
339
370
422
511
536
497
353
231
188

8.4
9.0
9.8
10.2
9.9
9.7
9.8
10.0
10.6
10.2

685
610
574
583
559
571
547
552
544
627
563
534
585

643
747
705
879
576
606
631
602
556
569
510
593
509

384
414
282
310
283
274
317
280
286
r 334
312
270
300

228
216
216
211
210
207
202
200
195
188
186
185
183

10.6
����������������������������
����������������������������
10.6
����������������������������
����������������������������
10.3
����������������������������
����������������������������
9.4
����������������������������
����������������������������
9.7

Seasonally adjusted annual rates
2010: Mar 
����������
       �����������
Apr 
      
May 
����������
      
June 
���������
       ����������
July 
       ����������
Aug 
      
Sept 
���������
       �����������
Oct 
       ����������
Nov 
       �����������
Dec 
2011: Jan r ���������
       r ���������
Feb
       p ��������
Mar

634
679
588
539
550
614
601
533
548
522
628
512
549

535
563
459
450
427
432
447
433
455
419
430
392
422

8
12
12
5
20
14
6
12
14
8
12
18
10

1 Derived; seasonally adjusted monthly data for 2–4 units are no longer published.
2 Seasonally adjusted.
3 Revised 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

91
104
117
84
103
168
148
88
79
95
186
102
117

Note: Beginning 2004, units authorized are for 20,000 permit-issuing places. For other
data shown, units authorized are for 19,000 places.
Source: Department of Commerce (Bureau of the Census).

2,052.1 thousand units.

19

Business Sales and Inventories—Manufacturing and Trade
In February, according to current estimates, manufacturing and trade sales rose 0.3 percent, while inventories rose
$8.4 billion. According to advance estimates, retail sales rose 0.3 percent in March. Retail and food services sales
rose 0.4 percent.

[Millions of dollars, except ratios; seasonally adjusted, except as noted]
Manufacturing and trade 1
Period

Sales 2

Inventories 3

Inventory/sales
ratio 4

Wholesale

Sales 2

Inventories 3

Retail
Inventory/sales
ratio 4

2001 r ������������������
818,615
1,120,149
1.43
232,096
297,657
1.32
2002 r ������������������
823,714
1,140,508
1.36
236,294
301,440
1.26
2003 r ������������������
854,760
1,148,775
1.34
247,798
308,321
1.23
2004 r ������������������
925,785
1,241,866
1.30
276,668
339,971
1.18
r ������������������
2005
1,004,510
1,313,570
1.27
301,280
367,535
1.18
r ������������������
2006
1,066,641
1,407,740
1.28
325,334
397,823
1.18
2007 r ������������������
1,126,533
1,484,642
1.29
347,857
422,813
1.18
2008 r ������������������
1,156,201
1,474,077
1.32
369,601
438,461
1.21
r ������������������
2009
996,286
1,325,949
1.37
308,912
386,846
1.30
r ������������������
2010
1,091,223
1,437,066
1.26
348,353
429,439
1.16
2010: Feb r ���������
1,055,907
1,337,582
1.27
333,259
388,751
1.17
r ��������
      
Mar
1,081,575
1,347,302
1.25
340,568
391,634
1.15
r ���������
      
Apr
1,089,998
1,353,926
1.24
344,249
393,413
1.14
      
May r ��������
1,079,334
1,355,538
1.26
344,224
396,000
1.15
      
June r �������
1,075,235
1,361,859
1.27
342,924
396,642
1.16
r ��������
      
July
1,084,542
1,376,810
1.27
346,205
402,719
1.16
r ���������
      
Aug
1,089,485
1,386,743
1.27
349,036
406,399
1.16
      
Sept r ��������
1,097,994
1,401,584
1.28
350,788
412,805
1.18
       r ����������
Oct
1,112,766
1,416,547
1.27
359,548
424,046
1.18
r ���������
      
Nov
1,128,942
1,421,780
1.26
366,644
424,217
1.16
r ���������
      
Dec
1,145,776
1,437,066
1.25
369,558
429,439
1.16
2011: Jan r ���������
1,168,396
1,451,740
1.24
381,889
433,785
1.14
p ���������
      
Feb
1,171,722
1,460,111
1.25
378,973
437,987
1.16
p �������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� �����������������������
      
Mar
1 See page 21 for manufacturing.
2 Annual data are averages of monthly not seasonally adjusted figures; monthly data are

seasonally adjusted totals for month.

Sales 2

Inventories 3

255,644
394,640
1.58
261,194
416,185
1.55
272,346
432,292
1.56
290,036
461,336
1.56
308,058
472,194
1.51
323,345
486,344
1.49
333,817
498,373
1.48
329,411
476,647
1.51
303,206
429,165
1.46
324,122
455,492
1.37
313,681
432,124
1.38
321,220
436,623
1.36
323,616
438,126
1.35
320,462
439,074
1.37
319,651
444,320
1.39
320,833
448,369
1.40
323,969
452,648
1.40
327,638
455,230
1.39
332,126
452,820
1.36
334,668
452,980
1.35
336,854
455,492
1.35
339,647
457,518
1.35
r 343,315
456,059
1.33
344,514 ����������������������� �����������������������

282,122
288,834
301,586
321,253
341,171
358,681
370,973
367,458
340,977
362,954
352,109
359,910
362,320
359,164
358,366
359,532
363,025
366,724
371,404
374,159
376,323
379,257
r 383,539
385,114

3 Seasonally adjusted, end of period.
4 Annual data are averages of seasonally adjusted monthly ratios.

Note: Data revised for retail series to reflect annual revisions released on April 29, 2011.
Source: Department of Commerce (Bureau of the Census).

20

Inventory/sales
ratio 4

Retail
and
food
services
sales 2

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
2001 ��������������������
2002 ��������������������
2003 ��������������������
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2010: Mar 
����������
       �����������
Apr 
      
May 
����������
      
June 
���������
       ����������
July 
       ����������
Aug 
      
Sept 
���������
       �����������
Oct 
       ����������
Nov 
       �����������
Dec 
2011: Jan 
�����������
       r ���������
Feb
       p ��������
Mar

330,875
326,227
334,616
359,081
395,173
417,963
444,859
457,189
384,168
418,748
419,787
422,133
414,648
412,660
417,504
416,480
419,568
421,092
427,630
439,364
446,860
449,434
461,449

181,201
176,968
178,549
188,722
202,070
213,516
224,653
218,725
183,154
196,537
193,305
197,099
195,799
196,120
201,103
198,420
198,431
196,626
197,633
202,140
202,461
203,698
208,065

149,674
149,259
156,067
170,359
193,103
204,447
220,206
238,464
201,014
222,210
226,482
225,034
218,849
216,540
216,401
218,060
221,137
224,466
229,997
237,224
244,399
245,736
253,384

427,852
422,883
408,162
440,559
473,841
523,573
563,456
558,969
509,938
552,135
519,045
522,387
520,464
520,897
525,722
527,696
533,549
539,681
544,583
552,135
560,437
566,065
572,329

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.

267,628
260,366
246,823
264,895
283,756
317,786
335,615
338,808
295,335
322,550
299,463
301,985
305,591
309,396
311,100
313,187
315,405
317,215
319,982
322,550
325,599
329,774
334,262

160,224
162,517
161,339
175,664
190,085
205,787
227,841
220,161
214,603
229,585
219,582
220,402
214,873
211,501
214,622
214,509
218,144
222,466
224,601
229,585
234,838
236,291
238,067

322,736
316,835
330,432
354,655
395,383
419,417
456,124
453,583
371,038
415,599
415,012
419,055
411,469
408,867
411,101
411,259
423,713
420,691
426,050
432,016
446,417
449,387
462,914

173,062
167,577
174,366
184,296
202,280
214,970
235,918
215,118
170,024
193,388
188,530
194,021
192,620
192,327
194,700
193,199
202,576
196,225
196,053
194,792
202,018
203,651
209,530

58,240
51,858
53,086
56,179
65,849
71,713
84,340
73,685
53,799
65,824
60,600
65,483
65,218
65,965
65,505
66,371
74,093
71,307
65,647
63,220
67,454
71,205
73,787

514,132
462,279
478,545
497,801
574,104
661,749
868,116
892,699
793,288
824,758
797,869
800,948
803,078
803,897
804,173
805,524
816,371
822,064
826,383
824,758
830,973
836,979
843,978

1.38
1.28
1.24
1.19
1.17
1.20
1.22
1.28
1.36
1.26
1.24
1.24
1.26
1.26
1.26
1.27
1.27
1.28
1.27
1.26
1.25
1.26
1.24

Note: Manufacturers’ nondurable new orders (not shown) are the same as nondurable shipments. Also, there are no unfilled nondurable orders; data shown for total unfilled orders are
durable unfilled orders.
Total and durable shipments and inventories include data on semiconductors; new and unfilled
orders do not.
Source: Department of Commerce (Bureau of the Census).

21

PRICES
Producer Prices
The producer price index for all finished goods rose 0.7 percent in March. Prices of finished consumer foods fell 0.2
percent but prices of other finished consumer goods rose 1.2 percent. Capital equipment prices rose 0.3 percent.

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

Intermediate materials

Finished goods excluding consumer foods
Period

2001 ��������������������
2002 ��������������������
2003 ��������������������
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 p ������������������
2010: Mar 
����������
       �����������
Apr 
      
May 
����������
      
June 
���������
       ����������
July 
       ����������
Aug 
      
Sept 
���������
       �����������
Oct 
       r ���������
Nov
       �����������
Dec 
2011: Jan 
�����������
       �����������
Feb 
       ����������
Mar 

Total
finished
goods

140.7
138.9
143.3
148.5
155.7
160.4
166.6
177.1
172.5
179.9
179.5
179.4
179.1
178.5
178.6
179.7
180.2
181.2
182.1
184.1
185.5
188.5
189.8

Consumer
foods

141.3
140.1
145.9
152.7
155.7
156.7
167.0
178.3
175.5
182.5
185.4
185.0
184.2
179.7
181.0
180.8
182.4
183.4
184.9
186.4
186.9
194.2
193.8

Consumer goods
Total

140.4
138.3
142.4
147.2
155.5
161.0
166.2
176.6
171.1
178.4
177.3
177.3
177.2
177.4
177.3
178.6
178.8
179.9
180.7
182.7
184.3
186.3
188.0

1 Intermediate materials for food manufacturing and feeds.

22

Total
141.4
138.8
144.7
150.9
161.9
169.2
175.6
189.1
179.4
190.5
188.8
188.7
188.3
188.7
188.3
190.3
190.6
192.6
193.9
196.9
199.1
202.1
204.6

Durable
134.0
133.0
133.1
135.0
136.6
136.9
138.3
141.2
144.3
144.9
144.8
144.7
145.1
145.0
145.4
145.6
145.9
144.7
144.5
144.7
145.1
145.5
146.2

Nondurable
142.8
139.8
148.4
156.6
172.0
182.6
191.7
210.5
194.1
210.3
207.4
207.4
206.6
207.3
206.4
209.2
209.5
213.2
215.2
219.6
222.7
227.0
230.2

Capital
equipment
139.7
139.1
139.5
141.4
144.6
146.9
149.5
153.8
156.7
157.3
157.2
157.3
157.6
157.6
157.9
158.1
158.2
157.5
157.4
157.7
158.2
158.4
158.8

Total
finished
consumer
goods
141.5
139.4
145.3
151.7
160.4
166.0
173.5
186.3
179.1
189.2
188.6
188.5
188.0
187.1
187.2
188.6
189.2
191.0
192.3
195.0
196.7
200.9
202.6

Total

129.7
127.8
133.7
142.6
154.0
164.0
170.7
188.3
172.5
183.6
181.4
182.9
183.3
182.0
181.2
182.3
183.0
184.9
186.5
188.8
190.9
194.7
197.6

Foods
and
feeds 1

115.9
115.5
125.9
137.1
133.8
135.2
154.4
181.6
166.0
171.8
168.1
168.9
170.1
168.7
168.4
170.3
173.2
176.4
179.6
180.2
181.0
185.7
189.7

Crude materials

Other

130.5
128.5
134.2
143.0
155.1
165.4
171.5
188.7
173.0
184.5
182.6
184.2
184.5
183.2
182.3
183.4
183.9
185.7
187.2
189.5
191.8
195.5
198.3

Source: Department of Labor (Bureau of Labor Statistics).

Total

121.0
108.1
135.3
159.0
182.2
184.8
207.1
251.8
175.2
212.0
215.2
211.2
204.3
198.1
201.1
207.7
208.9
219.0
222.0
236.1
243.9
252.1
250.8

Foodstuffs
and
feedstuffs

106.1
99.5
113.5
127.0
122.7
119.3
146.7
163.4
134.5
152.3
147.3
149.1
148.9
142.0
147.0
151.8
159.6
164.6
165.2
166.5
173.6
185.3
185.9

Other

126.8
111.4
148.2
179.2
223.4
230.6
246.3
313.9
197.5
249.0
259.3
250.0
237.3
232.4
233.2
240.8
235.6
249.5
254.7
279.8
287.5
291.2
288.3

Consumer Prices—All Urban Consumers
In March, the consumer price index for all urban consumers rose 0.5 percent; it rose 1.0 percent before seasonal
adjustment. The index was 2.7 percent above its year earlier level.

[1982–84=100, except as noted; monthly data seasonally adjusted, except as noted by NSA]
All items 1

Housing

Transportation

Shelter
Period

Rel. imp. 4 �����������
2001 ��������������������
2002 ��������������������
2003 ��������������������
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2010: Mar 
����������
       �����������
Apr 
      
May 
����������
      
June 
���������
       ����������
July 
       ����������
Aug 
      
Sept 
���������
       �����������
Oct 
       ����������
Nov 
       �����������
Dec 
2011: Jan 
�����������
       �����������
Feb 
       ����������
Mar 

Not
seasonally Seasonally
adjusted adjusted
(NSA)

100.0
177.1
179.9
184.0
188.9
195.3
201.6
207.342
215.303
214.537
218.056
217.631
218.009
218.178
217.965
218.011
218.312
218.439
218.711
218.803
219.179
220.223
221.309
223.467

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217.611
217.625
217.320
216.865
217.621
218.068
218.427
218.970
219.240
220.186
221.062
222.270
223.490

Food

13.7
173.1
176.2
180.0
186.2
190.7
195.2
202.916
214.106
217.955
219.625
218.917
219.290
219.406
219.337
219.240
219.562
220.308
220.545
220.884
221.190
222.314
223.544
225.228

Total 1

41.5
176.4
180.3
184.8
189.5
195.7
203.2
209.586
216.264
217.057
216.256
216.164
216.088
216.130
216.008
216.168
216.269
216.238
216.407
216.472
216.850
216.983
217.561
217.852

Total 1

32.0
200.6
208.1
213.1
218.8
224.4
232.1
240.611
246.666
249.354
248.396
247.848
247.863
248.061
248.321
248.482
248.476
248.599
248.759
249.019
249.321
249.523
249.867
250.102

Owners’
Rent
equivalent
of
rent
primary
residence (Dec. 1982
=100) 2
5.9
192.1
199.7
205.5
211.0
217.3
225.1
234.679
243.271
248.812
249.385
248.878
248.894
248.934
249.088
249.352
249.280
249.593
249.816
250.347
250.844
251.249
251.607
251.930

1 Includes items not shown separately.
2 Beginning January 2010, includes expenditure weight for second homes. Prior data are for

primary residence only.
3 Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel.

24.9
206.3
214.7
219.9
224.9
230.2
238.2
246.235
252.426
256.610
256.584
256.214
256.147
256.198
256.365
256.503
256.561
256.677
256.876
257.166
257.402
257.659
258.016
258.204

Fuels
and
utilities

5.1
150.2
143.6
154.5
161.9
179.0
194.7
200.632
220.018
210.696
214.187
215.056
215.290
214.594
212.809
213.522
214.384
214.024
214.665
214.089
215.738
215.607
218.231
219.480

Apparel

3.6
127.3
124.0
120.9
120.4
119.5
119.5
118.998
118.907
120.078
119.503
119.513
118.855
119.098
119.756
119.933
119.923
119.320
119.028
119.132
119.208
120.456
119.384
118.770

Total 1

Motor
fuel

17.3
154.3
152.9
157.6
163.1
173.9
180.9
184.682
195.549
179.252
193.396
192.919
192.631
190.551
187.758
190.936
192.631
194.015
196.477
197.102
200.956
203.622
207.433
212.001

5.1
124.7
116.6
135.8
160.4
195.7
221.0
239.070
279.652
201.978
239.178
240.641
238.185
227.391
214.389
227.468
233.537
238.820
249.436
250.892
267.320
277.665
291.093
307.358

Medical
care

6.6
272.8
285.6
297.1
310.1
323.2
336.2
351.054
364.065
375.613
388.436
385.817
386.710
387.145
388.148
388.055
389.007
391.262
391.924
392.587
393.537
393.843
395.615
396.364

Energy 3

9.1
129.3
121.7
136.5
151.4
177.1
196.9
207.723
236.666
193.126
211.449
213.004
211.837
206.190
198.890
205.427
208.721
210.920
216.262
216.506
225.151
229.915
237.620
245.941

All
items
less
food
and
energy

77.2
186.1
190.5
193.2
196.6
200.9
205.9
210.729
215.572
219.235
221.337
220.695
220.786
221.041
221.331
221.557
221.691
221.765
221.795
222.059
222.210
222.587
223.029
223.331

4 Relative importance, December 2010.

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

Change from 6 months earlier, annual rate

Consumer goods
Period

Change from 3 months earlier, annual rate
Consumer goods

Consumer goods

Total
finished
goods

Foods

Total
finished
goods

Foods

Excluding
foods

0.0
–.6
.8
2.4
1.2
2.3
1.4
4.3
–.1
.4

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0.1
.1
.2
.0
.2
.1
.1
–.4
–.1
r .2
.3
.1
.3

6.0
1.1
2.0
–2.2
–1.8
1.3
3.9
6.0
5.5
8.9
9.8
r 14.8
13.0

12.3
11.6
7.5
–11.7
–8.4
–7.2
6.1
5.4
9.4
9.1
7.9
21.7
16.9

Capital
equipment

Excluding
foods

Change
from year
earlier,
total
finished
goods
(NSA)

Capital
equipment

Total
finished
goods

Foods

Excluding
foods

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2.0
–1.3
3.2
3.6
4.8
3.0
3.9
6.3
–2.6
4.3

6.4
–1.9
.9
–.2
–.8
4.3
4.1
9.5
7.8
13.9
14.2
r 18.0
16.6

0.5
.3
1.3
1.0
1.5
1.3
1.5
–1.0
–1.8
–1.3
1.8
r 2.6
2.8

7.0
6.4
3.2
1.8
–.3
1.7
.8
2.0
3.4
6.4
7.9
10.0
10.9

13.0
9.5
7.3
–.4
1.1
–.1
–3.2
–1.7
.8
7.6
6.6
15.4
12.9

8.6
8.1
3.0
3.0
–1.4
2.6
1.9
4.2
6.0
8.9
11.8
12.8
15.2

0.1
1.0
.8
.8
.9
1.3
1.3
.3
–.3
.1
.4
.4
.8

5.9
5.4
5.1
2.7
4.1
3.3
3.9
4.3
3.4
4.0
3.6
5.6
5.8

Capital
equipment

Change, Dec. to Dec., NSA
2001 ��������������������
2002 ��������������������
2003 ��������������������
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 p ������������������

–1.6
1.2
4.0
4.2
5.4
1.1
6.2
–.9
4.3
4.0

1.8
–.6
7.7
3.1
1.7
1.7
7.6
3.2
1.2
3.5

–3.9
2.9
4.1
5.5
8.8
.4
7.7
–4.8
7.4
5.8

Change, month to month
2010: Mar 
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Apr 
      
May 
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June 
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       ����������
July 
       ����������
Aug 
      
Sept 
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       �����������
Oct 
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Nov
       �����������
Dec 
2011: Jan 
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       �����������
Feb 
       ����������
Mar 

0.7
–.1
–.2
–.3
.1
.6
.3
.6
.5
r 1.1
.8
1.6
.7

2.5
–.2
–.4
–2.4
.7
–.1
.9
.5
.8
.8
.3
3.9
–.2

0.5
–.1
–.2
.2
–.2
1.1
.2
1.0
.7
r 1.5
1.1
1.5
1.2

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

Period

All
items 1

Shelter

Food
Total 1

Total 1

Addendum: All items,
percent change
(annual rate)

Transportation

Fuels
Rent
Ownand
of
ers’
primary equiva- utilities
resilent
dence
rent

Apparel
Total 1

New
cars

Motor
fuel

Medical
care

Energy 2

All
items
less
food
and
energy

From
previous
quarter 3

From
From
3
6
months months
earlier earlier

From
year
earlier
(NSA)

Change, December to December, NSA
2001 ��������������������
2002 ��������������������
2003 ��������������������
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������

1.6
2.4
1.9
3.3
3.4
2.5
4.1
.1
2.7
1.5

2.8
1.5
3.6
2.7
2.3
2.1
4.9
5.9
–.5
1.5

2.9
2.4
2.2
3.0
4.0
3.3
3.0
2.4
–.3
.3

4.2
3.1
2.2
2.7
2.6
4.2
3.1
1.9
.3
.4

4.7
3.1
2.7
2.9
3.1
4.3
4.0
3.4
.7
.8

4.5
3.3
2.0
2.3
2.5
4.3
2.8
2.1
.7
.3

–2.1
1.4
6.5
7.9
15.6
.5
5.4
6.0
–3.0
1.8

–3.2
–1.8
–2.1
–.2
–1.1
.9
–.3
–1.0
1.9
–1.1

–3.8
3.8
.3
6.5
4.8
1.6
8.3
–13.3
14.4
5.3

0.0
–2.0
–2.1
.5
.8
.2
–.4
–1.1
3.6
–1.1

–24.8
24.6
6.8
26.1
16.2
6.4
29.5
–42.2
50.7
13.9

4.7
5.0
3.7
4.2
4.3
3.6
5.2
2.6
3.4
3.3

–13.0
10.7
6.9
16.6
17.1
2.9
17.4
–21.3
18.2
7.7

2.7
1.9
1.1
2.2
2.2
2.6
2.4
1.8
1.8
.8

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2.8
1.6
2.3
2.7
3.4
3.2
2.8
3.8
–.4
1.6

–0.2
–.1
–1.1
–1.5
1.7
.9
.7
1.3
.3
2.0
1.3
1.9
2.2

–0.1
–.1
.0
.0
.1
.1
.1
–.4
–.3
–.2
–.3
1.2
.8

–1.3
–1.0
–4.5
–5.7
6.1
2.7
2.3
4.4
.6
6.5
3.9
4.8
5.6

0.3
.2
.1
.3
.0
.2
.6
.2
.2
.2
.1
.4
.2

–0.3
–.5
–2.7
–3.5
3.3
1.6
1.1
2.5
.1
4.0
2.1
3.4
3.5

0.0
.0
.1
.1
.1
.1
.0
.0
.1
.1
.2
.2
.1

1.3
�����������
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–.5
�����������
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1.4
�����������
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2.6
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5.2

0.8
.3
–.4
–1.4
.0
1.4
2.9
2.5
2.2
3.3
3.9
5.6
6.1

1.5
1.1
.3
–.3
.1
.5
.8
1.2
1.8
3.1
3.2
3.9
4.7

2.3
2.2
2.0
1.1
1.2
1.1
1.1
1.2
1.1
1.5
1.6
2.1
2.7

Change, month to month
2010: Mar 
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       �����������
Apr 
      
May 
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June 
���������
       ����������
July 
       ����������
Aug 
      
Sept 
���������
       �����������
Oct 
       ����������
Nov 
       �����������
Dec 
2011: Jan 
�����������
       �����������
Feb 
       ����������
Mar 

0.0
.0
–.1
–.2
.3
.2
.2
.2
.1
.4
.4
.5
.5

0.2
.2
.1
.0
.0
.1
.3
.1
.2
.1
.5
.6
.8

0.0
.0
.0
–.1
.1
.0
.0
.1
.0
.2
.1
.3
.1

–0.1
.0
.1
.1
.1
.0
.0
.1
.1
.1
.1
.1
.1

0.0
.0
.0
.1
.1
.0
.1
.1
.2
.2
.2
.1
.1

–0.1
.0
.0
.1
.1
.0
.0
.1
.1
.1
.1
.1
.1

1 Includes items not shown separately.
2 Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel.

24

0.8
.1
–.3
–.8
.3
.4
–.2
.3
–.3
.8
–.1
1.2
.6

–0.3
–.6
.2
.6
.1
.0
–.5
–.2
.1
.1
1.0
–.9
–.5

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 paid by farmers rose 1.5 percent and prices received by farmers rose 1.2 percent. (Data are not
seasonally adjusted.)

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

Period

2001 ���������������������������������������������������
2002 ���������������������������������������������������
2003 ���������������������������������������������������
2004 ���������������������������������������������������
2005 ���������������������������������������������������
2006 ���������������������������������������������������
2007 ���������������������������������������������������
2008 ���������������������������������������������������
2009 r �������������������������������������������������
2010 r �������������������������������������������������
2010: Apr 
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May 
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June r ��������������������������������������
       �����������������������������������������
July 
       r ����������������������������������������
Aug
      
Sept 
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       r �����������������������������������������
Oct
       r ����������������������������������������
Nov
       ������������������������������������������
Dec 
2011: Jan 
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Feb
       r ���������������������������������������
Mar
       p ����������������������������������������
Apr

All
farm
products

99
105
110
115
110
120
142
169
150
156
150
151
144
147
153
156
166
175
175
186
199
194
195

1 Includes items not shown separately.
2 Percentage ratio of index of prices received by farmers to index of prices paid, interest,

taxes, and wage rates.

All
commodities,
services, interest,
taxes, and wage
rates 1

Livestock
and
products

Crops

102
98
106
118
114
115
136
149
131
145
138
141
137
140
144
147
154
158
158
164
170
172
174

Prices paid by farmers

106
90
103
122
119
111
130
130
112
131
128
131
130
132
134
135
135
136
135
137
144
152
156

Production
items, interest,
taxes, and wage
rates

123
124
128
134
142
150
161
183
178
182
181
181
180
180
181
182
184
186
188
194
197
201
204

121
121
125
133
141
150
162
188
182
186
184
184
184
184
184
185
188
191
193
200
202
208
211

Ratio 2

Production
items

120
119
124
132
140
148
160
190
183
187
185
186
185
185
185
187
190
192
196
202
205
211
215

83
79
83
88
80
77
84
81
74
80
76
78
76
78
80
81
84
85
84
85
86
86
85

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

Period

2001: Dec r ����������������������������������������
2002: Dec r ����������������������������������������
2003: Dec r ����������������������������������������
2004: Dec r ����������������������������������������
2005: Dec r ����������������������������������������
2006: Dec r ����������������������������������������
2007: Dec r ����������������������������������������
2008: Dec r ����������������������������������������
2009: Dec r ����������������������������������������
2010: Dec r ����������������������������������������
2010: Mar r ���������������������������������������
       r ����������������������������������������
Apr
      
May r ���������������������������������������
      
June r ��������������������������������������
       r ���������������������������������������
July
       r ����������������������������������������
Aug
      
Sept r ���������������������������������������
       r �����������������������������������������
Oct
       r ����������������������������������������
Nov
       r ����������������������������������������
Dec
2011: Jan r ����������������������������������������
       r ����������������������������������������
Feb
       �����������������������������������������
Mar 

M2

Sum of currency,
demand deposits,
travelers checks,
and other
checkable
deposits (OCDs)
1,182.1
1,219.7
1,306.5
1,376.4
1,374.9
1,366.3
1,373.6
1,602.7
1,693.6
1,830.9
1,712.0
1,700.2
1,707.1
1,727.4
1,731.0
1,751.5
1,774.5
1,783.9
1,820.7
1,830.9
1,853.1
1,873.7
1,890.0

Debt

M1 plus retail
MMMF balances,
savings deposits
(including MMDAs),
and small time deposits
5,431.5
5,776.4
6,064.9
6,408.6
6,674.4
7,066.0
7,494.7
8,248.3
8,530.9
8,817.0
8,517.4
8,529.2
8,570.3
8,601.1
8,617.3
8,662.6
8,710.2
8,750.2
8,787.4
8,817.0
8,836.8
8,891.2
8,912.9

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 of
domestic
nonfinancial
sectors 1
19,297.4
20,716.1
22,443.6
24,441.8
26,766.6
29,178.5
31,699.2
33,601.3
34,629.2
36,295.5
35,057.3
���������������������������������������������
���������������������������������������������
35,462.7
���������������������������������������������
���������������������������������������������
35,837.9
���������������������������������������������
���������������������������������������������
36,295.5
���������������������������������������������
���������������������������������������������
���������������������������������������������

Percent change
From year or
6 months
earlier 2
M1

From
previous
period 3
M2

8.7
3.2
7.1
5.4
–.1
–.6
.5
16.7
5.7
8.1
5.5
2.4
3.2
4.0
5.9
5.7
7.3
9.8
13.3
12.0
14.1
14.0
13.0

Debt
10.5
6.3
5.0
5.7
4.1
5.9
6.1
10.1
3.4
3.4
1.5
1.1
1.3
1.6
3.4
2.9
4.5
5.2
5.1
5.0
5.1
5.3
4.7

6.3
7.4
8.1
8.8
9.5
9.0
8.6
6.0
3.0
4.6
4.3
�������������������������������
�������������������������������
4.6
�������������������������������
�������������������������������
4.2
�������������������������������
�������������������������������
5.1
�������������������������������
�������������������������������
�������������������������������

Note: The Federal Reserve no longer publishes the M3 monetary aggregate and most of its
components. Institutional money market mutual funds continue to be published as a memorandum
item in the H.6 release, and the component on large-denomination time deposits is 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

2001: Dec r ���������
2002: Dec r ���������
2003: Dec r ���������
2004: Dec r ���������
2005: Dec r ���������
2006: Dec r ���������
2007: Dec r ���������
2008: Dec r ���������
2009: Dec r ���������
2010: Dec r ���������
2010: Mar r ��������
       r ���������
Apr
      
May r ��������
      
June r �������
       r ��������
July
       r ���������
Aug
      
Sept r ��������
       r ����������
Oct
       r ���������
Nov
       r ���������
Dec
2011: Jan r ���������
       r ���������
Feb
       ����������
Mar 

Nonbank
travelers
checks

Currency

581.1
626.2
662.5
697.7
724.1
749.6
759.7
815.0
861.5
915.7
871.7
876.9
881.1
884.0
888.0
893.5
899.6
906.3
912.8
915.7
920.1
928.8
938.4

Other checkable
deposits (OCDs)
Demand
deposits

8.0
7.8
7.7
7.6
7.2
6.7
6.3
5.5
5.1
4.7
5.0
4.9
4.9
4.8
4.8
4.7
4.7
4.7
4.7
4.7
4.6
4.6
4.6

At
commercial
banks

Total
335.8
306.7
326.3
343.2
324.3
304.1
300.4
468.6
441.0
508.1
448.4
452.1
451.7
462.8
462.9
473.5
484.7
483.8
501.0
508.1
527.7
536.4
542.4

257.1
279.0
309.9
327.9
319.2
305.9
307.2
313.5
386.0
402.4
386.9
366.3
369.3
375.8
375.4
379.8
385.5
389.1
402.1
402.4
400.8
403.9
404.5

Savings
deposits 1
At
thrift
institutions

142.0
154.3
175.2
186.9
180.6
176.4
172.2
177.4
231.6
235.4
236.8
214.3
216.6
221.6
221.3
224.3
227.7
228.1
234.2
235.4
241.9
240.6
239.7

115.1
124.7
134.7
141.0
138.6
129.4
135.0
136.0
154.4
167.0
150.1
152.1
152.8
154.2
154.1
155.5
157.8
161.0
167.9
167.0
158.8
163.3
164.9

1 Savings deposits including money market deposit accounts (MMDAs).
2 Small-denomination deposits are those issued in amounts of less than $100,000.
3 Institutional money funds are not part of non-M1 M2.

Total
2,309.5
2,773.4
3,162.8
3,508.8
3,606.0
3,694.6
3,872.6
4,106.1
4,836.9
5,357.4
4,931.2
4,991.7
5,046.1
5,073.7
5,111.0
5,164.0
5,217.0
5,278.2
5,310.2
5,357.4
5,375.1
5,430.4
5,457.3

At
commercial
banks
1,738.7
2,059.8
2,338.0
2,632.7
2,776.7
2,911.3
3,044.6
3,334.6
3,997.4
4,437.0
4,061.0
4,120.9
4,166.4
4,186.8
4,219.1
4,264.8
4,314.8
4,369.3
4,395.4
4,437.0
4,451.0
4,490.6
4,504.9

Small-denomination
time deposits 2
At
thrift
institutions
570.8
713.6
824.8
876.1
829.4
783.3
828.0
771.5
839.5
920.3
870.2
870.8
879.7
886.9
891.9
899.2
902.3
909.0
914.8
920.3
924.1
939.8
952.4

Total

At
commercial
banks

974.5
894.5
817.8
827.9
993.1
1,205.3
1,275.0
1,455.7
1,177.4
922.6
1,109.5
1,089.6
1,069.4
1,050.2
1,032.6
1,014.1
991.2
967.4
943.5
922.6
904.1
890.7
875.8

At
thrift
institutions

636.0
591.1
541.7
551.7
646.4
780.3
858.1
1,076.9
858.0
651.8
802.2
787.0
771.2
756.5
742.7
727.6
708.6
688.8
669.0
651.8
638.7
628.3
616.1

338.5
303.4
276.0
276.2
346.7
425.0
416.9
378.8
319.4
270.8
307.3
302.6
298.2
293.7
289.9
286.5
282.6
278.7
274.4
270.8
265.4
262.4
259.7

Retail
money
funds

965.4
888.8
777.9
695.6
700.4
799.8
973.5
1,083.7
823.0
706.1
764.6
747.7
747.8
749.8
742.7
732.9
727.5
720.6
713.0
706.1
704.5
696.5
689.8

Institutional
money
funds 3

1,221.4
1,277.1
1,137.6
1,088.7
1,157.9
1,365.5
1,919.5
2,400.2
2,213.2
1,858.2
2,032.9
1,965.2
1,921.8
1,895.3
1,891.6
1,893.4
1,894.9
1,885.5
1,879.2
1,858.2
1,808.5
1,785.9
1,811.4

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

Aggregate Reserves and Monetary Base
[Averages of daily figures 1; millions of dollars; seasonally adjusted, except as noted by NSA]
Adjusted for changes in reserve requirements

Borrowings from the Federal Reserve (NSA)

Reserves of depository institutions

Other borrowings from the Federal Reserve

Period
Total 2

2001: Dec 
�����������
2002: Dec 
�����������
2003: Dec 
�����������
2004: Dec 
�����������
2005: Dec 
�����������
2006: Dec 
�����������
2007: Dec 
�����������
2008: Dec 
�����������
2009: Dec 
�����������
2010: Dec r ���������
2010: Apr 
�����������
      
May 
����������
      
June 
���������
       ����������
July 
       ����������
Aug 
      
Sept r ��������
       r ����������
Oct
       r ���������
Nov
       r ���������
Dec
2011: Jan r ���������
       r ���������
Feb
       ����������
Mar 
       p ���������
Apr

41,402
40,319
42,618
46,547
45,101
43,234
43,274
820,379
1,138,986
1,077,808
1,116,371
1,109,378
1,099,260
1,087,205
1,085,632
1,048,372
1,040,229
1,038,711
1,077,808
1,106,500
1,262,763
1,436,327
1,526,554

Nonborrowed 3

41,336
40,240
42,572
46,484
44,932
43,042
27,843
166,813
969,059
1,032,319
1,036,147
1,033,753
1,029,363
1,021,358
1,025,548
995,852
991,656
992,022
1,032,319
1,074,254
1,240,830
1,416,445
1,508,712

Required

39,759
38,311
41,572
44,639
43,201
41,371
41,489
53,049
63,785
70,634
66,145
64,592
64,331
65,555
66,065
67,529
66,689
66,692
70,634
69,401
71,463
73,642
74,423

Excess
(NSA)

1,643
2,008
1,046
1,908
1,900
1,862
1,784
767,330
1,075,201
1,007,173
1,050,227
1,044,787
1,034,929
1,021,649
1,019,567
980,843
973,540
972,019
1,007,173
1,037,099
1,191,300
1,362,685
1,452,131

Monetary
base

635,441
681,484
720,218
759,260
787,447
812,410
824,369
1,653,876
2,017,207
2,008,532
2,009,880
2,007,137
1,999,809
1,991,566
1,994,969
1,963,261
1,962,120
1,967,309
2,008,532
2,041,572
2,206,438
2,390,202
2,490,777

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 from
the Federal Reserve.
4 Includes primary dealer and other broker-dealer credit, asset-backed commercial paper
money market mutual fund liquidity facility, other credit extensions, adjustment credit, and
extended credit, not shown separately.

Total 4

67
80
46
63
169
191
15,430
653,565
169,927
45,488
80,225
75,626
69,897
65,847
60,083
52,521
48,573
46,689
45,488
32,246
21,933
19,882
17,842

Term
auction
credit

Primary

Secondary

Seasonal

������������������ ������������������ ������������������
������������������ ������������������ ������������������
������������������
17
0
������������������
11
0
������������������
97
0
������������������
111
0
11,613
3,787
1
438,327
88,245
52
82,014
19,025
518
0
41
3
796
6,468
583
0
4,198
423
0
288
212
0
39
1
0
22
0
0
32
0
0
37
0
0
89
0
0
41
3
0
51
0
0
28
0
0
11
0
0
14
0

33
45
29
52
72
80
30
3
37
26
22
42
59
75
85
77
46
23
26
10
3
6
8

Credit
extended
to
American
International
Group,
Inc., net 5

Term
assetbacked
securities
loan
facility 6

�������������������
�������������������
�������������������
�������������������
�������������������
�������������������
�������������������
47,206
22,023
20,394
25,739
26,397
25,937
24,185
22,064
19,791
19,478
19,912
20,394
8,368
�������������������
�������������������
�������������������

��������������������
��������������������
��������������������
��������������������
��������������������
��������������������
��������������������
��������������������
46,310
25,025
46,617
44,565
43,401
41,548
37,913
32,620
29,012
26,665
25,025
23,818
21,902
19,864
17,820

5 As a result of the closing of the American International Group, Inc. (AIG) recapitalization plan
on January 14, 2011, the credit extended to AIG was fully repaid and the Federal Reserve’s commitment to lend any further funds was terminated.
6 Includes credit extended by the Federal Reserve Bank of New York to eligible borrowers
through the Term Asset-Backed Securities Loan Facility.

Source: Board of Governors of the Federal Reserve System.

27

Bank Credit at All Commercial Banks
Total commercial bank loans and leases fell 0.3 percent in March.

[Billions of dollars, seasonally adjusted 1]
Securities in bank credit 2

Period

2001: Dec 
�����������
2002: Dec 
�����������
2003: Dec 
�����������
2004: Dec 
�����������
2005: Dec 
�����������
2006: Dec 
�����������
2007: Dec 
�����������
2008: Dec 
�����������
2009: Dec 
�����������
2010: Dec 
�����������
2010: Mar 
����������
       �����������
Apr 
      
May 
����������
      
June 
���������
       ����������
July 
       ����������
Aug 
      
Sept 
���������
       �����������
Oct 
       ����������
Nov 
       �����������
Dec 
2011: Jan r ���������
       r ���������
Feb
       ����������
Mar 

Total
bank
credit

5,203.3
5,633.8
5,992.9
6,575.6
7,295.5
8,082.4
8,887.3
9,361.0
9,006.6
9,200.4
8,940.0
9,253.4
9,194.4
9,156.2
9,205.2
9,226.9
9,212.5
9,227.6
9,227.8
9,200.4
9,176.7
9,132.2
9,129.2

Total
securities

1,307.6
1,488.1
1,619.5
1,738.2
1,850.0
1,980.2
2,097.6
2,099.1
2,330.2
2,422.7
2,321.0
2,336.3
2,314.9
2,297.7
2,364.1
2,395.4
2,416.2
2,432.6
2,445.7
2,422.7
2,422.8
2,414.6
2,430.9

U.S.
Treasury
and
agency
securities
837.6
1,002.3
1,085.8
1,143.0
1,132.9
1,185.0
1,106.8
1,236.4
1,438.3
1,623.0
1,467.5
1,514.2
1,509.5
1,501.5
1,557.0
1,585.5
1,606.3
1,626.9
1,639.2
1,623.0
1,625.7
1,619.7
1,637.5

Loans and leases in bank credit
Real estate loans

Other
securities

470.0
485.8
533.8
595.3
717.1
795.2
990.8
862.6
891.9
799.7
853.5
822.1
805.4
796.2
807.1
809.9
809.9
805.7
806.6
799.7
797.1
794.9
793.3

Total
loans
and
leases 3
3,895.7
4,145.7
4,373.4
4,837.3
5,445.4
6,102.2
6,789.7
7,262.0
6,676.5
6,777.6
6,619.0
6,917.2
6,879.5
6,858.5
6,841.1
6,831.5
6,796.3
6,795.0
6,782.1
6,777.6
6,753.9
6,717.6
6,698.4

1 Data are prorated averages of Wednesday values for domestically chartered commercial banks,
branches and agencies of foreign banks, and Edge Act and agreement corporations.
2 Includes securities held in trading accounts, held-to-maturity, and available-for-sale. Excludes
all non-security trading assets, such as derivatives with a positive fair value or loans held in trading
accounts.
3 Excludes unearned income. Includes the allowance for loan and lease losses. Excludes Federal
funds sold to, reverse repurchase agreements (RPs) with, and loans to commercial banks in the
United States. Includes all loans held in trading accounts under a fair value option.

28

Commercial
and
industrial
loans
1,023.6
961.6
888.8
912.9
1,043.5
1,192.2
1,431.6
1,582.7
1,289.6
1,222.3
1,232.7
1,226.5
1,217.3
1,213.7
1,214.5
1,215.8
1,211.7
1,211.4
1,213.6
1,222.3
1,227.5
1,230.0
1,241.6

Total 4

1,758.7
2,010.5
2,208.8
2,555.2
2,926.0
3,369.2
3,596.2
3,821.5
3,781.5
3,616.0
3,709.4
3,707.5
3,694.6
3,678.4
3,656.7
3,651.0
3,639.5
3,625.1
3,622.3
3,616.0
3,603.9
3,572.4
3,539.5

Revolving
home
equity
loans

Commercial
loans

153.7 ���������������������
212.3 ���������������������
278.4 ���������������������
395.2
1,081.9
443.1
1,272.1
467.9
1,459.6
484.5
1,583.4
588.8
1,727.0
602.4
1,642.2
581.4
1,499.3
599.6
1,610.8
602.4
1,601.1
598.6
1,588.6
596.9
1,576.1
595.9
1,561.7
594.7
1,550.7
592.2
1,538.0
588.4
1,522.2
585.2
1,510.8
581.4
1,499.3
577.6
1,487.9
575.1
1,480.1
572.9
1,468.6

4 Includes closed-end residential loans, not shown separately.
5 Includes credit cards and other consumer loans.
6 Includes other items, not shown separately.

Source: Board of Governors of the Federal Reserve System.

Consumer
loans 5

570.0
605.8
659.5
685.0
696.5
730.3
791.4
858.5
829.6
1,118.7
891.6
1,161.1
1,152.6
1,147.7
1,146.7
1,142.0
1,129.4
1,123.5
1,118.9
1,118.7
1,081.0
1,076.3
1,074.5

Other
loans
and
leases 6
543.4
567.7
616.2
684.3
779.4
810.5
970.5
999.4
775.8
820.7
785.2
822.0
814.9
818.7
823.3
822.7
815.6
835.0
827.3
820.7
841.5
838.9
842.8

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

2001 ��������������������
2002 ��������������������
2003 ��������������������
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 p ������������������
2008: I 
����������������
       ���������������
II 
       ��������������
III 
       ��������������
IV 
2009: I 
����������������
       ���������������
II 
       ��������������
III 
       ��������������
IV 
2010: I 
����������������
       ���������������
II 
       ��������������
III 
       p �����������
IV

Internal 1

862.3
906.7
851.9
1,551.0
2,049.8
1,925.3
2,335.7
1,399.9
1,140.6
2,008.5
1,593.1
1,580.0
1,377.2
1,049.2
877.9
1,106.4
1,165.7
1,412.5
1,799.5
2,039.9
2,236.9
1,957.5

767.1
821.8
838.5
942.0
1,088.6
1,088.8
1,058.4
1,069.2
1,048.5
1,181.5
1,015.5
995.9
1,172.0
1,093.3
1,043.3
997.6
1,065.0
1,088.2
1,152.5
1,175.9
1,142.4
1,255.1

Total
net
funds
raised

Total

95.2
84.9
13.4
609.0
961.2
836.5
1,277.3
330.7
92.1
827.0
577.6
584.1
205.2
–44.1
–165.4
108.8
100.7
324.3
647.0
864.0
1,094.5
702.4

161.0
17.3
47.4
74.0
–18.1
–98.6
–43.8
–43.4
–68.8
81.2
181.3
237.1
–71.4
–520.4
20.0
167.7
–53.3
–409.5
171.5
39.2
45.3
69.0

Net
new
equity
issues
–48.1
–16.2
–39.6
–122.7
–341.8
–565.7
–786.8
–336.0
–64.6
–274.0
–430.0
–218.2
–342.8
–352.9
–133.1
126.4
65.7
–317.3
–200.2
–214.3
–337.6
–344.0

Credit market instruments
Securities
and
mortgages

Total

Loans
and
short-term
paper

398.6
166.6
216.6
132.3
256.9
303.0
358.1
176.5
343.5
352.6
287.0
374.4
3.2
41.4
603.6
390.0
206.0
174.8
357.2
174.4
447.5
430.7

–189.4
–133.0
–129.5
64.4
66.9
164.1
384.9
116.2
–347.8
2.8
324.4
81.0
268.1
–209.0
–450.5
–348.8
–325.0
–267.0
14.4
78.9
–64.5
–17.7

209.1
33.6
87.0
196.6
323.7
467.1
743.0
292.6
–4.2
355.3
611.3
455.3
271.4
–167.6
153.1
41.2
–119.0
–92.2
371.7
253.4
382.9
413.1

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).

Total

Other 2

–65.7
67.5
–34.0
535.2
979.3
935.0
1,321.1
374.1
160.9
745.7
396.3
346.9
276.6
476.4
–185.4
–58.9
154.0
733.8
475.5
824.9
1,049.2
633.4

Capital
expenditures 3

1,000.1
902.8
866.2
1,638.2
1,909.5
1,811.1
2,227.1
500.1
1,086.7
1,906.5
688.9
775.0
476.4
60.0
983.7
1,030.6
1,081.1
1,251.6
1,741.0
1,922.4
2,085.4
1,877.6

828.0
767.0
782.5
861.6
965.8
1,112.8
1,156.5
1,112.7
803.9
998.5
1,155.3
1,154.1
1,120.1
1,021.4
850.3
751.6
769.3
844.5
936.8
1,004.7
1,077.7
975.0

Increase
in
financial
assets

172.1
135.8
83.7
776.6
943.7
698.3
1,070.6
–612.6
282.8
908.0
–466.4
–379.1
–643.7
–961.4
133.4
279.0
311.8
407.1
804.2
917.7
1,007.7
902.6

Discrepancy
(sources
less
uses)

–137.8
3.9
–14.4
–87.1
140.2
114.2
108.6
899.8
53.9
101.9
904.1
804.9
900.8
989.2
–105.7
75.8
84.6
160.9
58.6
117.5
151.4
79.9

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]
Net change in consumer credit outstanding 1

Consumer credit outstanding (end of period)
Period
Total
2001: Dec 
������������������������������������������
2002: Dec 
������������������������������������������
2003: Dec 
������������������������������������������
2004: Dec 
������������������������������������������
2005: Dec 
������������������������������������������
2006: Dec 
������������������������������������������
2007: Dec 
������������������������������������������
2008: Dec 
������������������������������������������
2009: Dec 
������������������������������������������
2010: Dec r ����������������������������������������
2010: Mar r ���������������������������������������
       r ����������������������������������������
Apr
      
May r ���������������������������������������
      
June r ��������������������������������������
       r ���������������������������������������
July
       r ����������������������������������������
Aug
      
Sept r ���������������������������������������
       r �����������������������������������������
Oct
       r ����������������������������������������
Nov
       r ����������������������������������������
Dec
2011: Jan r ����������������������������������������
       ������������������������������������������
Feb 
       p ���������������������������������������
Mar

Nonrevolving 2

Revolving
1,866.5
1,971.2
2,076.9
2,192.1
2,291.0
2,384.8
2,522.2
2,561.1
2,449.4
2,407.5
2,424.5
2,414.8
2,408.0
2,406.1
2,400.4
2,395.5
2,394.9
2,401.6
2,402.8
2,407.5
2,411.9
2,419.5
2,425.5

714.6
750.8
768.2
799.5
829.6
871.0
941.8
957.5
865.8
800.7
840.1
831.1
829.2
826.2
821.0
815.7
806.9
802.2
798.7
800.7
796.8
794.2
796.1

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.

1,151.9
1,220.5
1,308.7
1,392.6
1,461.5
1,513.8
1,580.4
1,603.6
1,583.5
1,606.9
1,584.4
1,583.7
1,578.8
1,579.9
1,579.4
1,579.7
1,588.0
1,599.3
1,604.2
1,606.9
1,615.2
1,625.3
1,629.4

Total

Nonrevolving 2

Revolving
149.5
104.7
105.7
115.2
98.9
93.8
137.4
38.9
–111.7
–41.9
–10.9
–9.7
–6.8
–1.9
–5.7
–4.9
–.6
6.7
1.2
4.7
4.4
7.6
6.0

32.0
36.2
17.4
31.3
30.1
41.4
70.8
15.7
–91.7
–65.1
–6.6
–9.0
–1.9
–3.0
–5.2
–5.3
–8.8
–4.7
–3.5
2.0
–3.9
–2.6
1.9

117.6
68.6
88.2
83.9
68.9
52.3
66.6
23.2
–20.1
23.4
–4.3
–.7
–4.9
1.1
–.5
.3
8.3
11.3
4.9
2.7
8.3
10.1
4.1

Note: Data 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 were mixed in April.

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

2001 ��������������������
2002 ��������������������
2003 ��������������������
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2010: Apr 
�����������
      
May 
����������
      
June 
���������
       ����������
July 
       ����������
Aug 
      
Sept 
���������
       �����������
Oct 
       ����������
Nov 
       �����������
Dec 
2011: Jan 
�����������
       �����������
Feb 
       ����������
Mar 
       �����������
Apr 
Week ended:
2011:  Apr   9 �������
           6 
1 �������
           3 
2 �������
           0 
3 �������
      May    
7 ������

3-month
bills
(at auction) 1

Constant maturities 2
3-year

10-year

30-year

High-grade
municipal
bonds
(Standard
&
Poor’s) 3

Discount window
(N.Y. F.R. Bank) 4, 5
Primary
credit

3.44
1.62
1.01
1.38
3.16
4.73
4.41
1.48
.16
.14
.15
.16
.12
.16
.15
.15
.13
.13
.15
.15
.14
.11
.06

4.09
3.10
2.10
2.78
3.93
4.77
4.35
2.24
1.43
1.11
1.64
1.32
1.17
.98
.78
.74
.57
.67
.99
1.03
1.28
1.17
1.21

5.02
4.61
4.01
4.27
4.29
4.80
4.63
3.66
3.26
3.22
3.85
3.42
3.20
3.01
2.70
2.65
2.54
2.76
3.29
3.39
3.58
3.41
3.46

5.49
5.43
*
*
*
4.91
4.84
4.28
4.08
4.25
4.69
4.29
4.13
3.99
3.80
3.77
3.87
4.19
4.42
4.52
4.65
4.51
4.50

5.19
5.05
4.73
4.63
4.29
4.42
4.42
4.80
4.64
4.16
4.24
4.15
4.18
4.11
3.91
3.76
3.83
4.30
4.72
5.02
4.92
4.70
4.71

7.08 ���������������������
6.49 ���������������������
5.67
2.12
5.63
2.34
5.24
4.19
5.59
5.96
5.56
5.86
5.63
2.39
5.31
.50
4.94
.72
5.29
.75
4.96
.75
4.88
.75
4.72
.75
4.49
.75
4.53
.75
4.68
.75
4.87
.75
5.02
.75
5.04
.75
5.22
.75
5.13
.75
5.16
.75

.05
.05
.06
.07
.05

1.32
1.27
1.15
1.07
.99

3.54
3.51
3.41
3.36
3.24

4.57
4.55
4.46
4.42
4.32

4.79
4.78
4.68
4.59
4.46

5.19
5.16
5.16
5.13
5.00

1 High bill rate at auction, issue date within period, bank-discount basis. Data are stop yields
from uniform-price auctions.
2 Yields 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.

30

Corporate
Aaa
bonds
(Moody’s)

.75
.75
.75
.75
.75

Prime
rate
charged
by
banks 5

Discount
rate
3.40
1.17
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*

6.91
4.67
4.12
4.34
6.19
7.96
8.05
5.09
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25

*
*
*
*
*

3.25
3.25
3.25
3.25
3.25

New-home
mortgage
yields
(FHFA) 7

Federal
funds
rate 6

3.88
7.00
1.67
6.43
1.13
5.80
1.35
5.77
3.22
5.94
4.97
6.63
5.02
6.41
1.92
6.05
.16
5.14
.18
4.80
.20
5.21
.20
5.12
.18
5.00
.18
4.87
.19
4.67
.19
4.52
.19
4.40
.19
4.26
.18
4.44
.17
4.75
.16
4.94
.14
4.98
.10 �����������������������
.10
.09
.11
.10
.09

�����������������������
�����������������������
�����������������������
�����������������������
�����������������������

6 Daily effective rate; weighted average of rates on brokered trades.
7 Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges

as well as contract rate and assumed, on the average, repayment at end of 10 years.

* Discount rate (adjustment credit) series was discontinued after January 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 Agency, Moody’s Investors Service, and Standard & Poor’s.

Common Stock Prices and Yields
Stock prices rose in April.

Common stock yields
(percent) 7

Common stock prices 1
New York Stock Exchange indexes
(December 31, 2002=5,000) 2, 3

Period
Composite
2001 ���������������������
2002 ���������������������
2003 ���������������������
2004 ���������������������
2005 ���������������������
2006 ���������������������
2007 ���������������������
2008 ���������������������
2009 ���������������������
2010 ���������������������
2010: Apr 
������������
      
May 
�����������
      
June 
����������
       �����������
July 
       �����������
Aug 
      
Sept 
����������
       ������������
Oct 
       �����������
Nov 
       ������������
Dec 
2011: Jan 
������������
       ������������
Feb 
       �����������
Mar 
       ������������
Apr 
Week ended:
2011:  Apr   9 ��������
           6 
1 ��������
           3 
2 ��������
           0 
3 ��������
      May    
7 �������

Financial

Energy

Health
Care

Dow
Jones
industrial
average 4

Standard
& Poor’s
composite
index
(1941–43=10) 5

Nasdaq
composite
index
(Feb. 5,
1971=100) 6

Dividend/price
ratio

Earnings/price
ratio

6,397.85 ��������������������������� ��������������������������� ���������������������������
5,578.89 ��������������������������� ��������������������������� ���������������������������
5,547.46
5,583.00
5,273.90
5,288.67
6,612.62
6,822.18
6,952.36
5,924.80
7,349.00
7,383.70
9,377.84
6,283.96
8,357.99
8,654.40
11,206.94
6,685.06
9,648.82
9,321.39
13,339.99
7,191.79
8,036.88
6,278.38
13,258.42
6,171.19
6,091.02
3,987.04
10,020.30
5,456.63
7,230.43
4,744.05
10,943.85
6,230.62
7,607.49
5,187.03
11,690.25
6,391.99
7,010.08
4,689.81
10,491.24
5,929.68
6,767.75
4,484.05
9,960.54
5,838.56
6,814.61
4,553.76
10,007.16
5,867.77
6,922.30
4,588.87
10,186.03
5,939.69
7,149.32
4,694.66
10,423.43
6,208.29
7,482.15
4,778.71
11,164.11
6,456.56
7,608.40
4,770.65
11,639.37
6,389.44
7,608.40
4,770.65
11,639.37
6,389.44
8,093.40
5,097.71
12,861.65
6,570.59
8,361.70
5,293.00
13,680.69
6,658.62
8,274.78
5,157.33
13,896.16
6,696.08
8,470.07
5,177.21
14,197.31
6,989.18

10,189.13
9,226.43
8,993.59
10,317.39
10,547.67
11,408.67
13,169.98
11,252.62
8,876.15
10,662.80
11,052.15
10,500.19
10,159.27
10,222.24
10,350.40
10,598.07
11,044.49
11,198.31
11,198.31
11,802.37
12,190.00
12,081.48
12,434.88

1,194.18
993.94
965.23
1,130.65
1,207.23
1,310.46
1,477.19
1,220.04
948.05
1,139.97
1,197.32
1,125.06
1,083.36
1,079.80
1,087.28
1,122.08
1,171.58
1,198.89
1,198.89
1,282.62
1,321.12
1,304.49
1,331.51

2,035.00
1,539.73
1,647.17
1,986.53
2,099.32
2,263.41
2,578.47
2,161.65
1,845.38
2,349.89
2,475.72
2,319.24
2,235.23
2,210.27
2,205.28
2,298.35
2,441.30
2,530.99
2,530.99
2,717.21
2,783.54
2,722.29
2,797.07

1.32
1.61
1.77
1.72
1.83
1.87
1.86
2.37
2.40
1.98
1.84
1.98
2.09
2.10
2.10
2.06
1.97
1.94
1.94
1.84
1.80
1.90
1.92

2.95
2.92
3.84
4.89
5.36
5.78
5.29
3.54
1.86
6.04
����������������������������
����������������������������
6.51
����������������������������
����������������������������
6.30
����������������������������
����������������������������
6.15
����������������������������
����������������������������
����������������������������
����������������������������

8,490.46
8,389.60
8,392.79
8,592.13
8,512.84

12,402.04
12,308.53
12,356.97
12,668.01
12,712.27

1,332.54
1,317.45
1,321.38
1,352.45
1,348.09

2,791.35
2,760.54
2,775.76
2,857.87
2,835.24

1.90
1.94
1.93
1.90
1.93

����������������������������
����������������������������
����������������������������
����������������������������
����������������������������

5,214.85
5,163.97
5,096.02
5,212.54
5,177.82

14,418.35
13,944.18
13,983.58
14,360.63
13,852.71

6,873.96
6,925.01
6,990.93
7,200.19
7,296.57

1 Average of daily closing prices.
2 Includes all the stocks (in 2010, over 2,300) listed on the NYSE.
3 Effective January 9, 2003, the NYSE relaunched the composite index with changes in meth-

odology, 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.

5 Includes 500 stocks.
6 Includes about 2,700 stocks in 2010.
7 Standard & Poor’s series. Dividend/price ratios based on Wednesday closing prices. Earnings/

price ratios based on prices at end of quarter.

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 sixth month of fiscal 2011, the deficit was $829.4 billion, compared with $717.0 billion a year earlier.

[Billions of dollars]
Total
Fiscal year or period
Receipts
1993 ����������������������������������������������������
1994 ����������������������������������������������������
1995 ����������������������������������������������������
1996 ����������������������������������������������������
1997 ����������������������������������������������������
1998 ����������������������������������������������������
1999 ����������������������������������������������������
2000 ����������������������������������������������������
2001 ����������������������������������������������������
2002 ����������������������������������������������������
2003 ����������������������������������������������������
2004 ����������������������������������������������������
2005 ����������������������������������������������������
2006 ����������������������������������������������������
2007 ����������������������������������������������������
2008 ����������������������������������������������������
2009 ����������������������������������������������������
2010 ����������������������������������������������������
2011 (estimates) ���������������������������������
2012 (estimates) ���������������������������������
Cumulative total, first 6 months: 1
Fiscal year 2010 ����������������������������������
Fiscal year 2011 ����������������������������������

Outlays

On-budget
Surplus
or
deficit
(–)

Receipts

Outlays

Federal debt
(end of period)

Off-budget
Surplus
or
deficit
(–)

Receipts

Outlays

Surplus
or
deficit
(–)

Gross
Federal

1,154.3
1,258.6
1,351.8
1,453.1
1,579.2
1,721.7
1,827.5
2,025.2
1,991.1
1,853.1
1,782.3
1,880.1
2,153.6
2,406.9
2,568.0
2,524.0
2,105.0
2,162.7
2,173.7
2,627.4

1,409.4
1,461.8
1,515.7
1,560.5
1,601.1
1,652.5
1,701.8
1,789.0
1,862.8
2,010.9
2,159.9
2,292.8
2,472.0
2,655.1
2,728.7
2,982.5
3,517.7
3,456.2
3,818.8
3,728.7

–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
–248.2
–160.7
–458.6
–1,412.7
–1,293.5
–1,645.1
–1,101.2

842.4
923.5
1,000.7
1,085.6
1,187.2
1,305.9
1,383.0
1,544.6
1,483.6
1,337.8
1,258.5
1,345.4
1,576.1
1,798.5
1,932.9
1,865.9
1,451.0
1,531.0
1,614.3
1,968.7

1,142.8
1,182.4
1,227.1
1,259.6
1,290.5
1,335.9
1,381.1
1,458.2
1,516.0
1,655.2
1,796.9
1,913.3
2,069.7
2,233.0
2,275.0
2,507.8
3,000.7
2,901.5
3,317.3
3,145.9

–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
–434.5
–342.2
–641.8
–1,549.7
–1,370.5
–1,703.0
–1,177.2

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
608.4
635.1
658.0
654.0
631.7
559.4
658.7

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
422.1
453.6
474.8
517.0
554.7
501.5
582.8

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
186.3
181.5
183.3
137.0
77.0
57.9
75.9

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
8,451.4
8,950.7
9,986.1
11,875.9
13,528.8
15,476.2
16,654.3

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
4,829.0
5,035.1
5,803.1
7,544.7
9,018.9
10,856.5
11,881.1

953.9
1,019.9

1,670.9
1,849.3

–717.0
–829.4

648.7
740.9

1,401.8
1,591.1

–753.1
–850.2

305.2
279.0

269.1
258.2

36.1
20.8

12,737.0
14,235.1

8,283.2
9,645.9

1 Data from current issue Monthly Treasury Statement.

Note: Data (except as noted) are from Budget of the United States Government, Fiscal Year 2012,
issued February 14, 2011.
Sources: Department of the Treasury and Office of Management and Budget.

32

Held by
the public

Federal Receipts by Source and Outlays by Function
In the sixth month of fiscal 2011, receipts were $66.0 billion higher than a year earlier and outlays were $178.4 billion
higher.

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

Fiscal year or period

1993 ����������������������������������������������������
1994 ����������������������������������������������������
1995 ����������������������������������������������������
1996 ����������������������������������������������������
1997 ����������������������������������������������������
1998 ����������������������������������������������������
1999 ����������������������������������������������������
2000 ����������������������������������������������������
2001 ����������������������������������������������������
2002 ����������������������������������������������������
2003 ����������������������������������������������������
2004 ����������������������������������������������������
2005 ����������������������������������������������������
2006 ����������������������������������������������������
2007 ����������������������������������������������������
2008 ����������������������������������������������������
2009 ����������������������������������������������������
2010 ����������������������������������������������������
2011 (estimates) ���������������������������������
2012 (estimates) ���������������������������������
Cumulative total, first 6 months: 1
Fiscal year 2010 ����������������������������������
Fiscal year 2011 ����������������������������������

Total

Indi- Corporavidual
tion
income income
taxes
taxes

Social
insurance
and
retirement
receipts

On-budget and off-budget outlays
National defense
Other

Total

Total

Depart- Internament
tional
of
affairs
Defense,
military

Health

Medicare

Income Social
Net
security security interest

Other

1,154.3
1,258.6
1,351.8
1,453.1
1,579.2
1,721.7
1,827.5
2,025.2
1,991.1
1,853.1
1,782.3
1,880.1
2,153.6
2,406.9
2,568.0
2,524.0
2,105.0
2,162.7
2,173.7
2,627.4

509.7
543.1
590.2
656.4
737.5
828.6
879.5
1,004.5
994.3
858.3
793.7
809.0
927.2
1,043.9
1,163.5
1,145.7
915.3
898.5
956.0
1,140.5

117.5
140.4
157.0
171.8
182.3
188.7
184.7
207.3
151.1
148.0
131.8
189.4
278.3
353.9
370.2
304.3
138.2
191.4
198.4
329.3

428.3
461.5
484.5
509.4
539.4
571.8
611.8
652.9
694.0
700.8
713.0
733.4
794.1
837.8
869.6
900.2
890.9
864.8
806.8
925.1

98.8
113.7
120.1
115.4
120.1
132.6
151.5
160.6
151.7
146.0
143.9
148.4
154.0
171.2
164.7
173.7
160.5
207.9
212.4
232.5

1,409.4
1,461.8
1,515.7
1,560.5
1,601.1
1,652.5
1,701.8
1,789.0
1,862.8
2,010.9
2,159.9
2,292.8
2,472.0
2,655.1
2,728.7
2,982.5
3,517.7
3,456.2
3,818.8
3,728.7

291.1
281.6
272.1
265.7
270.5
268.2
274.8
294.4
304.7
348.5
404.7
455.8
495.3
521.8
551.3
616.1
661.0
693.6
768.2
737.5

278.5
268.6
259.4
253.1
258.3
255.8
261.2
281.0
290.2
331.8
387.1
436.4
474.1
499.3
528.5
594.6
636.7
666.7
739.7
707.5

17.2
17.1
16.4
13.5
15.2
13.1
15.2
17.2
16.5
22.3
21.2
26.9
34.6
29.5
28.5
28.9
37.5
45.2
55.2
63.0

99.4
107.1
115.4
119.4
123.8
131.4
141.0
154.5
172.2
196.5
219.5
240.1
250.5
252.7
266.4
280.6
334.3
369.1
387.6
373.8

130.6
144.7
159.9
174.2
190.0
192.8
190.4
197.1
217.4
230.9
249.4
269.4
298.6
329.9
375.4
390.8
430.1
451.6
494.3
492.3

210.0
217.2
223.8
229.7
235.0
237.8
242.5
253.7
269.8
312.7
334.6
333.1
345.8
352.5
366.0
431.3
533.2
622.2
622.7
554.3

304.6
319.6
335.8
349.7
365.3
379.2
390.0
409.4
433.0
456.0
474.7
495.5
523.3
548.5
586.2
617.0
683.0
706.7
748.4
767.0

198.7
202.9
232.1
241.1
244.0
241.1
229.8
222.9
206.2
170.9
153.1
160.2
184.0
226.6
237.1
252.8
186.9
196.2
206.7
241.6

157.9
171.5
160.2
167.2
157.3
188.9
218.1
239.7
243.1
273.1
302.6
311.8
339.8
393.5
317.9
365.2
651.6
371.6
535.8
499.1

953.9
1,019.9

393.5
475.6

54.0
55.1

408.7
389.5

97.7
99.8

1,670.9
1,849.3

349.9
357.5

335.4
342.5

22.8
20.3

181.4
194.3

218.5
226.7

345.4
336.7

347.4
359.7

105.7
116.4

99.7
237.7

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

Note: Data (except as noted) are from Budget of the United States Government, Fiscal Year 2012,
issued February 14, 2011.
Sources: Department of the Treasury and Office of Management and Budget.

33

Federal Sector, National Income Accounts Basis
In the first quarter of 2011, according to current estimates, Federal current expenditures fell $18.2 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:
2001 ������������� 2,020.3
1,249.4
2002 ������������� 1,859.3
1,073.5
2003 ������������� 1,885.1
1,070.2
2004 ������������� 2,013.9
1,153.8
2005 ������������� 2,290.1
1,383.7
2006 ������������� 2,524.5
1,558.3
2007 ������������� 2,654.7
1,637.6
2008 ������������� 2,503.1
1,447.8
2009 ������������� 2,205.8
1,142.4
2010 ������������� 2,386.6
1,298.6
2007: III 
������������� 2,651.5
1,632.6
       ������������� 2,666.1
IV 
1,632.0
2008: I 
��������������� 2,640.7
1,588.1
       �������������� 2,412.6
II 
1,359.8
       ������������� 2,506.1
III 
1,452.7
       ������������� 2,452.9
IV 
1,390.5
2009: I 
��������������� 2,223.9
1,169.1
       �������������� 2,191.2
II 
1,113.0
       ������������� 2,176.3
III 
1,121.3
       ������������� 2,231.7
IV 
1,166.2
2010: I 
��������������� 2,322.8
1,253.6
       �������������� 2,364.7
II 
1,281.1
       ������������� 2,417.3
III 
1,321.2
       ������������� 2,441.4
IV 
1,338.4
p ������������� ������������ ��������������
2011: I

Personal
current
taxes

991.8
828.6
774.2
799.2
931.9
1,049.9
1,165.6
1,102.8
852.7
875.1
1,174.2
1,196.4
1,198.7
984.3
1,109.0
1,119.1
912.8
847.7
827.0
823.4
843.2
868.5
886.4
902.1
961.3

Taxes
on
production
and
imports

Contributions
Income
for
Taxes
govern- receipts
on
on
ment
assets
corporate social
income insurance

85.3
164.7
86.8
150.5
89.3
197.8
94.3
250.3
98.8
341.0
99.4
395.0
94.5
362.8
96.0
232.2
94.4
182.1
106.6
304.3
95.2
349.1
94.2
325.4
96.2
278.0
97.9
262.0
96.2
231.2
93.6
157.4
87.2
154.9
96.4
155.7
97.0
184.4
97.1
233.2
100.6
297.1
106.6
293.2
108.9
313.7
110.2
313.1
107.4 ��������������

723.3
739.3
762.8
807.6
852.6
904.6
945.3
972.4
953.5
987.1
944.9
957.8
974.2
973.1
974.4
967.8
948.0
954.9
953.5
957.4
970.6
984.7
992.9
1,000.3
910.1

1 Includes taxes from the rest of the world, not shown separately.
2 Includes an item for the difference between wage accruals and disbursements, not shown

separately.

34

Federal Government current expenditures

24.5
20.3
22.8
23.2
23.7
26.1
29.8
31.7
46.2
45.3
30.3
31.5
31.4
33.1
32.1
30.1
40.4
48.6
46.0
50.0
41.8
44.0
47.6
47.8
48.7

Current
transfer
receipts

27.0
26.1
25.6
29.0
33.6
38.3
44.8
55.0
67.9
59.8
44.5
47.6
50.2
50.4
50.3
68.9
71.3
79.4
58.9
61.8
60.2
59.1
60.5
59.3
58.3

Current
surplus of
government
enterprises

–4.0
.2
3.7
.3
–3.5
–2.9
–2.7
–3.7
–4.2
–4.2
–.8
–2.8
–3.1
–3.8
–3.4
–4.5
–4.9
–4.8
–3.5
–3.6
–3.4
–4.2
–4.9
–4.4
–3.5

Total 2

1,979.8
2,112.1
2,261.5
2,393.4
2,573.1
2,728.3
2,900.0
3,119.3
3,457.5
3,718.7
2,916.6
2,942.8
3,017.4
3,174.1
3,152.8
3,132.9
3,227.1
3,527.9
3,532.9
3,542.0
3,637.1
3,701.2
3,760.7
3,775.8
3,757.6

ConCurrent
sumption transfer Interest Subsidies
expendipaypayments
tures
ments 3

530.2
590.5
660.3
721.4
765.8
811.0
848.9
934.6
987.1
1,043.4
862.0
870.4
901.9
920.1
954.2
962.3
958.1
989.0
999.7
1,001.8
1,017.3
1,038.5
1,061.6
1,056.2
1,052.1

1,140.0
1,252.1
1,339.4
1,405.0
1,491.3
1,587.1
1,690.4
1,843.7
2,157.4
2,328.3
1,691.5
1,720.4
1,763.3
1,899.7
1,831.7
1,880.2
2,009.8
2,211.8
2,191.5
2,216.7
2,292.3
2,311.4
2,352.3
2,357.0
2,331.3

258.6
229.1
212.9
221.0
255.4
279.2
313.2
291.2
254.0
289.6
316.2
304.7
304.5
305.6
316.6
238.0
204.4
271.3
273.8
266.4
271.6
294.9
289.8
301.9
312.4

51.1
40.5
40.5
–252.8
49.0
–376.4
46.0
–379.5
60.5
–283.0
51.0
–203.8
47.4
–245.2
49.8
–616.2
58.9
–1,251.7
57.5
–1,332.1
46.9
–265.2
47.2
–276.7
47.7
–376.7
48.8
–761.6
50.3
–646.7
52.4
–680.0
54.8
–1,003.2
56.0
–1,336.8
67.9
–1,356.7
57.2
–1,310.3
55.8
–1,314.2
56.4
–1,336.5
57.0
–1,343.4
60.7
–1,334.4
61.8 ����������������

3 Includes Federal grants-in-aid to State and local governments, not shown separately.

Source: Department of Commerce (Bureau of Economic Analysis).

Net
Federal
Government
saving

INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
Industrial production (2007=100; seasonally adjusted)
Period

United
States

Canada

Japan

France

Germany

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

Italy

United
States 1

Canada

Japan

France

Germany

2001 r �������������
88.9
96.3
86.2
98.4
84.2
97.5
102.4
177.1
169.1
120.0
160.3
2002 r �������������
89.1
97.8
85.1
97.1
83.3
96.1
100.7
179.9
172.9
119.0
163.4
2003 r �������������
90.2
97.9
87.6
96.2
83.7
95.5
100.1
184.0
177.7
118.7
166.9
r �������������
2004
92.3
99.5
91.8
97.5
86.3
95.2
101.2
188.9
181.0
118.7
170.4
r �������������
2005
95.3
101.4
93.2
97.7
89.2
94.7
99.9
195.3
185.0
118.3
173.4
2006 r �������������
97.4
100.8
97.1
98.7
94.3
98.2
99.9
201.6
188.7
118.6
176.3
2007 ���������������
100.0
100.0
100.0
100.0
100.0
100.0
100.0
207.342
192.7
118.7
178.9
r �������������
2008
96.3
94.4
96.6
97.2
100.0
96.2
96.9
215.303
197.3
120.3
184.0
r �������������
2009
85.5
84.3
75.5
85.3
83.7
78.3
87.1
214.537
197.9
118.7
184.1
2010 r �������������
90.1
89.4
88.1
90.2
92.7
83.3
88.9
218.056
201.4
117.9
186.9
r ����
2010: Feb
87.9
87.9
88.5
88.4
86.7
81.9
87.4
216.741
199.9
117.5
185.7
       r ���
Mar
88.4
88.6
88.6
89.5
89.6
81.7
89.2
217.631
199.9
117.8
186.6
       r ����
Apr
88.7
88.8
89.2
89.0
90.5
82.7
88.6
218.009
200.6
117.8
187.1
      
May r ���
89.9
89.7
89.1
91.1
93.5
83.4
89.1
218.178
201.1
118.0
187.3
r ��
      
June
90.0
90.2
87.8
89.7
92.7
83.8
88.6
217.965
200.9
118.0
187.3
r ���
      
July
90.8
90.2
88.1
90.5
93.3
84.1
88.8
218.011
202.0
117.4
186.8
       r ����
Aug
91.0
90.6
88.0
90.5
94.4
85.5
89.1
218.312
201.8
117.7
187.2
      
Sept r ���
91.2
89.3
87.2
90.6
94.0
83.3
89.4
218.439
202.1
118.1
187.1
r �����
      
Oct
91.1
89.9
86.0
89.9
96.6
83.1
89.2
218.711
203.0
118.6
187.3
r ����
      
Nov
91.4
89.4
87.4
92.1
96.1
84.1
89.8
218.803
203.2
118.2
187.6
       r ����
Dec
92.6
91.0
89.6
92.3
97.4
84.2
90.3
219.179
203.2
117.8
188.4
r ����
2011: Jan
92.8
93.0
89.6
93.0
97.3
82.8
90.6
220.223
203.7
117.6
188.0
       p ����
Feb
92.8
91.5
91.2
93.4
98.8
83.9
89.5
221.309
204.2
117.5
188.8
       p ���
Mar
93.6 ���������������
77.2 ���������������
99.2 ��������������� ���������������
223.467
206.4
117.8
190.4
       p ���� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ���������������
Apr
1 Data relate to all urban consumers.

145.3
147.4
148.9
151.4
153.7
156.2
159.7
163.9
164.5
166.3
165.3
166.0
165.9
166.0
166.2
166.7
166.7
166.5
166.7
166.8
168.5
167.9
168.8
169.6
169.9

United
Kingdom

Italy

237.7
203.7
243.5
207.0
250.1
213.0
255.6
219.3
260.6
225.6
266.1
232.8
270.9
242.7
280.0
252.4
282.2
251.1
286.5
262.7
284.0
257.5
284.9
259.3
286.0
261.8
286.3
262.7
286.3
263.3
287.2
262.7
287.7
263.8
287.2
264.7
287.7
265.3
287.7
266.5
288.9
268.3
290.0
269.1
290.9
271.8
292.0
273.2
293.5 �����������������

Sources: As reported by each country, Board of Governors of the Federal Reserve System, and
Department of Labor (Bureau of Labor Statistics).

Note: See Note, p. 17, for information on U.S. industrial production series.

U.S. International Trade in Goods and Services
[Billions of dollars; monthly data seasonally adjusted]
Goods: Exports (f.a.s. value)
Census basis (by end-use category)
Period

2001 ���������������
2002 ���������������
2003 ���������������
2004 ���������������
2005 ���������������
2006 ���������������
2007 ���������������
2008 ���������������
2009 ���������������
2010 ���������������
2010: Feb 
������
       �����
Mar 
       ������
Apr 
      
May 
�����
      
June 
����
       �����
July 
       �����
Aug 
      
Sept 
����
       ������
Oct 
       �����
Nov 
       ������
Dec 
2011: Jan r ����
       p ����
Feb

BOP
basis

730.3
696.3
728.3
819.9
909.0
1,035.9
1,160.4
1,304.9
1,068.5
1,288.7
100.3
105.3
104.3
107.3
105.1
107.9
107.7
107.9
112.2
113.6
116.5
120.4
118.0

IndusFoods, trial
Total, feeds, supCensus and
plies
basis 1 bever- and
ages materials
729.1
693.1
724.8
814.9
901.1
1,026.0
1,148.2
1,287.4
1,056.0
1,278.1
99.4
104.6
103.4
106.3
104.2
107.0
106.8
107.2
111.6
112.5
115.5
119.3
116.5

49.4
49.6
55.0
56.6
59.0
66.0
84.3
108.3
93.9
107.7
8.7
8.7
8.1
8.0
7.7
7.7
8.9
9.4
10.1
10.7
10.6
10.7
10.5

160.1
156.8
173.0
203.9
233.0
276.0
316.4
388.0
296.7
390.7
29.6
31.8
32.3
32.9
31.9
32.4
32.9
32.1
34.7
35.0
36.1
39.8
39.2

75.4
78.9
80.6
89.2
98.4
107.3
121.3
121.5
81.7
111.9
9.0
9.1
9.3
9.4
9.7
9.3
9.4
9.3
9.7
9.1
9.7
11.0
10.0

Balance of trade
(exports minus imports)

Census basis (by end-use category)

Auto- ConCapital motive sumer
vegoods
goods
except hicles, (nonauto- parts food)
motive and except
enautogines motive
321.7
290.4
293.7
327.5
358.4
404.0
433.0
457.7
390.5
445.9
35.0
36.0
36.0
38.0
36.5
38.8
37.3
37.6
38.0
38.2
39.7
39.3
39.0

Services
(BOP basis)

Goods: Imports (customs value)

88.3
84.4
89.9
103.2
115.3
129.1
146.0
161.3
150.0
165.8
13.2
13.9
13.2
13.5
13.7
13.6
13.7
13.8
14.0
14.9
14.6
14.1
13.9

BOP
basis

1,152.3
1,171.6
1,269.8
1,485.5
1,692.8
1,875.3
1,983.6
2,139.5
1,575.4
1,935.7
151.9
157.5
156.9
161.8
167.2
162.8
166.7
164.9
163.3
165.0
170.1
180.7
177.3

IndusFoods, trial
Total, feeds, supCensus and
plies
basis 1 bever- and
ages materials
1,141.0
1,161.4
1,257.1
1,469.7
1,673.5
1,853.9
1,957.0
2,103.6
1,559.6
1,912.0
150.1
155.7
155.1
159.9
165.1
160.8
164.6
162.9
161.2
163.0
168.0
178.5
175.1

1 Total includes ‘‘other’’ exports or imports, not shown separately.

46.6
49.7
55.8
62.1
68.1
74.9
81.7
89.0
81.6
91.7
7.2
7.5
7.5
7.7
7.7
7.6
7.8
7.8
7.7
7.8
8.0
8.5
8.7

273.9
267.7
313.8
412.8
523.8
602.0
634.7
779.5
462.5
601.3
49.3
52.0
52.1
50.0
49.8
49.3
49.5
49.7
47.8
49.9
55.2
59.9
58.4

BOP basis

Auto- ConCapital motive sumer
vegoods
goods
except hicles, (nonauto- parts food)
motive and except
enautogines motive
298.0
283.3
295.9
343.6
379.3
418.3
444.5
453.7
369.3
449.3
33.9
34.4
36.0
37.9
38.3
37.8
38.6
40.0
39.0
40.1
39.6
41.7
39.6

189.8
203.7
210.1
228.2
239.4
256.6
256.7
231.2
157.6
225.2
16.0
17.6
17.3
19.5
20.8
20.0
20.6
19.3
19.3
18.9
19.1
21.7
19.3

284.3
307.8
333.9
372.9
407.2
442.6
474.6
481.6
428.4
483.3
38.4
39.0
37.5
40.1
43.2
41.2
42.6
41.1
42.0
41.1
40.7
41.8
44.1

Exports

Imports

Goods,
Census
basis

Goods

Ser- Goods
and
vices services

274.6
281.2
291.6
338.7
372.2
416.9
488.3
534.1
502.3
545.5
44.3
45.0
43.7
45.0
45.2
45.9
45.9
46.5
46.5
46.6
46.8
47.1
47.2

217.0
226.4
244.3
282.4
302.5
336.7
367.2
398.3
370.3
394.2
32.5
32.2
31.7
32.5
33.1
33.2
33.3
33.5
33.6
33.4
33.4
33.8
33.6

–411.9
–468.3
–532.4
–654.8
–772.4
–828.0
–808.8
–816.2
–503.6
–633.9
–50.7
–51.1
–51.7
–53.6
–60.9
–53.8
–57.8
–55.6
–49.6
–50.4
–52.5
–59.2
–58.5

–422.0
–475.3
–541.5
–665.6
–783.8
–839.5
–823.2
–834.7
–506.9
–647.1
–51.5
–52.3
–52.6
–54.5
–62.1
–54.9
–58.9
–57.0
–51.1
–51.4
–53.6
–60.3
–59.3

57.6
54.8
47.4
56.3
69.6
80.2
121.1
135.9
132.0
151.3
11.8
12.8
12.0
12.5
12.1
12.6
12.6
13.0
12.9
13.2
13.4
13.3
13.6

–364.4
–420.5
–494.2
–609.3
–714.2
–759.2
–702.1
–698.8
–374.9
–495.7
–39.7
–39.5
–40.6
–42.0
–49.9
–42.2
–46.3
–44.1
–38.2
–38.2
–40.3
–47.0
–45.8

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

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.

35

U.S. International Transactions
In the fourth quarter of 2010, the goods deficit fell to $156.2 billion, from $170.8 billion in the third quarter. The
current account deficit fell to $113.3 billion in the fourth quarter, from $125.5 billion in the third quarter.

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

2001 ��������������������
2002 ��������������������
2003 ��������������������
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 p ������������������
2008: I 
����������������
       ���������������
II 
       ��������������
III 
       ��������������
IV 
2009: I 
����������������
       ���������������
II 
       ��������������
III 
       ��������������
IV 
2010: I 
����������������
       ���������������
II 
       ��������������
III 
       p �����������
IV

Exports

730,277
696,268
728,258
819,870
909,016
1,035,868
1,160,366
1,304,896
1,068,499
1,288,663
323,507
342,637
345,091
293,661
255,044
254,021
268,858
290,576
306,158
316,682
323,533
342,290

Services

Imports

Net
travel
and
transportation

–1,152,257
–1,171,613
–1,269,802
–1,485,501
–1,692,817
–1,875,324
–1,983,558
–2,139,548
–1,575,443
–1,935,740
–539,107
–565,303
–567,388
–467,750
–376,241
–367,528
–400,977
–430,698
–457,051
–485,824
–494,373
–498,491

Balance
on
goods
–421,980
–475,345
–541,544
–665,631
–783,801
–839,456
–823,192
–834,652
–506,944
–647,077
–215,600
–222,666
–222,297
–174,089
–121,197
–113,507
–132,119
–140,121
–150,893
–169,142
–170,840
–156,201

Net
military
transactions 2
–8,398
–12,761
–17,062
–17,232
–15,512
–11,652
–10,701
–13,375
–13,378
–13,001
–3,413
–2,656
–3,564
–3,741
–4,014
–3,101
–2,283
–3,980
–3,479
–3,126
–3,110
–3,286

–3,217
–4,334
–12,249
–15,328
–13,121
–9,743
4,576
19,103
14,951
22,530
4,531
5,603
6,257
2,710
2,537
4,064
3,849
4,501
5,434
5,620
5,311
6,165

Other
services,
net
69,201
71,916
76,671
88,846
98,258
101,611
127,217
130,122
130,463
141,820
33,006
34,277
31,983
30,857
32,235
32,104
31,231
34,893
35,067
34,143
36,020
36,591

Balance
on
goods
and
services
–364,393
–420,524
–494,183
–609,345
–714,176
–759,240
–702,099
–698,802
–374,908
–495,727
–181,476
–185,444
–187,621
–144,262
–90,439
–80,441
–99,322
–104,707
–113,870
–132,506
–132,621
–116,730

Income receipts and payments

Receipts

290,797
280,942
320,456
413,739
535,263
682,221
829,602
796,528
588,203
662,464
211,856
209,443
203,373
171,855
143,356
142,281
146,584
155,982
161,180
163,796
165,440
172,047

Payments

–259,075
–253,544
–275,147
–346,519
–462,905
–634,136
–730,049
–644,554
–466,783
–499,491
–169,451
–171,083
–157,959
–146,061
–118,747
–115,995
–111,127
–120,914
–121,104
–120,854
–124,074
–133,458

Balance
on
income
31,722
27,398
45,309
67,219
72,358
48,085
99,553
151,974
121,419
162,974
42,405
38,360
45,414
25,794
24,609
26,286
35,457
35,068
40,076
42,943
41,366
38,589

Unilateral
current
transfers,
net 3

–64,487
–64,948
–71,794
–88,362
–105,772
–91,481
–115,548
–122,026
–124,943
–137,489
–32,928
–29,747
–30,177
–29,176
–29,747
–30,292
–33,638
–31,268
–34,889
–33,163
–34,234
–35,204

1 Adjusted from Census data to align with concepts and definitions used to prepare the inter2 Transfers under U.S. military agency sales contracts (exports) minus direct defense
national and national economic accounts. The adjustments are necessary to supplement coverage expenditures (imports).
3 Includes transfers of goods and services under U.S. military grant programs.
of Census data, to eliminate duplication of transactions recorded elsewhere in the international
accounts, to value transactions according to a standard definition, and for earlier years, to record
See p. 37 for continuation of table.
transactions in the appropriate period.

36

Balance
on
current
account

–397,158
–458,074
–520,668
–630,488
–747,590
–802,636
–718,094
–668,854
–378,432
–470,242
–171,999
–176,830
–172,383
–147,644
–95,577
–84,447
–97,503
–100,907
–108,683
–122,727
–125,489
–113,345

U.S. International Transactions—Continued
In the financial account, U.S. claims on foreigners reported by U.S. banks and securities brokers increased $96.9
billion in the fourth quarter of 2010, following an increase of $193.5 billion in the third quarter. U.S. liabilities to
foreigners reported by U.S. banks and securities brokers (other than foreign official assets), increased $31.0 billion in
the fourth quarter, following an increase of $104.1 billion in the third quarter.

[Millions of dollars; quarterly data seasonally adjusted. Credits (+), debits (–)]
Financial account

Period

U.S.-owned assets abroad,
excluding financial derivatives
[increase/financial outflow (–)]

Capital
account
transactions,
net
Total

2001 ��������������������
2002 ��������������������
2003 ��������������������
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 p ������������������
2008: I 
����������������
       ���������������
II 
       ��������������
III 
       ��������������
IV 
2009: I 
����������������
       ���������������
II 
       ��������������
III 
       ��������������
IV 
2010: I 
����������������
       ���������������
II 
       ��������������
III 
       p �����������
IV

13,198
–141
–1,821
3,049
13,116
–1,788
384
6,010
–140
–150
–8
–18
6,043
–7
–20
–29
–36
–56
–3
–2
–146
0

–382,616
–294,646
–325,424
–1,000,870
–546,631
–1,285,729
–1,475,719
156,077
–140,465
–1,024,723
–222,848
153,977
74,829
150,119
112,726
31,734
–276,241
–8,685
–301,271
–141,259
–341,024
–241,169

U.S.
official
reserve
assets 4
–4,911
–3,681
1,523
2,805
14,096
2,374
–122
–4,848
–52,256
–1,834
–276
–1,267
–179
–3,126
–982
–3,632
–49,021
1,379
–773
–165
–1,096
200

Other
U.S.
Government
assets
–486
345
537
1,710
5,539
5,346
–22,273
–529,615
541,342
7,482
3,268
–41,592
–225,997
–265,293
244,102
193,750
57,736
45,754
9,433
–2,441
788
–297

Statistical discrepancy

Foreign-owned assets in the U.S.,
excluding financial derivatives
[increase/financial inflow (+)]
U.S.
Private
assets
–377,219
–291,310
–327,484
–1,005,385
–566,266
–1,293,449
–1,453,324
690,540
–629,552
–1,030,372
–225,840
196,836
301,005
418,538
–130,394
–158,384
–284,956
–55,817
–309,931
–138,653
–340,717
–241,072

4 Consists of gold, special drawing rights (SDRs), foreign currencies, and the U.S. reserve
position in the International Monetary Fund (IMF).

Total
782,870
795,161
858,303
1,533,201
1,247,347
2,065,169
2,107,655
454,722
305,736
1,244,831
400,171
3,740
76,357
–25,546
–111,916
–28,348
342,385
103,615
320,258
162,241
488,753
273,579

Foreign
official
assets
28,059
115,945
278,069
397,755
259,268
487,939
481,043
550,770
450,030
298,042
208,768
178,899
147,836
15,267
107,912
128,667
96,616
116,835
72,507
43,568
132,885
49,082

Other
foreign
assets
754,811
679,216
580,234
1,135,446
988,079
1,577,230
1,626,612
–96,048
–144,294
946,789
191,403
–175,159
–71,479
–40,813
–219,828
–157,015
245,769
–13,220
247,751
118,673
355,868
224,497

Financial
derivatives,
net

������������������
������������������
������������������
������������������
������������������
29,710
6,222
–32,947
50,804
������������������
–7,966
–2,355
–4,886
–17,740
7,221
11,275
11,496
20,812
15,838
10,048
–10,743
������������������

Total
(sum of
the
items
with
sign
reversed)
–16,294
–42,300
–10,391
95,107
33,758
–4,727
79,552
84,991
162,497
235,141
2,649
21,486
20,040
40,818
87,565
69,815
19,899
–14,779
73,860
91,698
–11,351
80,935

Of which:
Seasonal
adjustment
discrepancy

������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
6,113
–2,019
–28,020
23,929
7,761
–1,796
–19,298
13,336
11,082
–4,825
–21,393
15,137

U.S. official
reserve
assets,
net
(unadjusted,
end of
period) 4

68,654
79,006
85,938
86,824
65,127
65,895
70,565
77,648
130,760
132,433
75,764
75,740
71,834
77,648
74,958
81,489
134,296
130,760
127,521
124,514
133,099
132,433

Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the
Treasury.

37

CONTENTS
TOTAL OUTPUT, INCOME, AND SPENDING	
Page
Gross Domestic Product  ........................................................................................................................................................ 	1
Real Gross Domestic Product  ................................................................................................................................................ 	2
Chained Price Indexes For Gross Domestic Product   ............................................................................................................ 	2
Gross Domestic Product and Related Price Measures: Indexes and Percent Changes  ........................................................... 	3
Nonfinancial Corporate Business—Gross Value Added and Price, Costs, and Profits  .......................................................... 	3
National Income  .................................................................................................................................................................... 	4
Real Personal Consumption Expenditures  ............................................................................................................................ 	4
Sources of Personal Income  ................................................................................................................................................... 	5
Disposition of Personal Income  ............................................................................................................................................. 	6
Farm Income  ......................................................................................................................................................................... 	7
Corporate Profits  ................................................................................................................................................................... 	8
Real Gross Private Domestic Investment  ............................................................................................................................... 	9
Real Private Fixed Investment by Type  .................................................................................................................................. 	10
Business Investment  ............................................................................................................................................................... 	10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force  ....................................................................................................................................................... 	11
Selected Unemployment Rates  .............................................................................................................................................. 	12
Selected Measures of Unemployment and Unemployment Insurance Programs  ................................................................... 	13
Nonagricultural Employment  ................................................................................................................................................ 	14
Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries  ................................ 	15
Employment Cost Index—Private Industry  .......................................................................................................................... 	15
Productivity and Related Data, Business and Nonfarm Business Sectors  .............................................................................. 	16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization  .................................................................................................................... 	17
Industrial Production—Major Market Groups and Selected Manufactures  .......................................................................... 	18
New Construction  ................................................................................................................................................................. 	19
New Private Housing and Vacancy Rates  .............................................................................................................................. 	19
Business Sales and Inventories—Manufacturing and Trade  .................................................................................................. 	20
Manufacturers’ Shipments, Inventories, and Orders  .............................................................................................................. 	21
PRICES
Producer Prices  ...................................................................................................................................................................... 	22
Consumer Prices—All Urban Consumers  ............................................................................................................................. 	23
Changes in Producer Prices for Finished Goods  .................................................................................................................... 	24
Changes in Consumer Prices—All Urban Consumers  .......................................................................................................... 	24
Prices Received and Paid by Farmers  ..................................................................................................................................... 	25
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock and Debt Measures  .......................................................................................................................................... 	26
Components of Money Stock  ................................................................................................................................................ 	27
Aggregate Reserves and Monetary Base  ................................................................................................................................. 	27
Bank Credit at All Commercial Banks  .................................................................................................................................. 	28
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business  .............................................................................. 	29
Consumer Credit  ................................................................................................................................................................... 	29
Interest Rates and Bond Yields  .............................................................................................................................................. 	30
Common Stock Prices and Yields  .......................................................................................................................................... 	31
FEDERAL FINANCE
Federal Receipts, Outlays, and Debt  ..................................................................................................................................... 	32
Federal Receipts by Source and Outlays by Function  ............................................................................................................ 	33
Federal Sector, National Income Accounts Basis  ................................................................................................................... 	34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries  ........................................................................... 	35
U.S. International Trade in Goods and Services  .................................................................................................................... 	35
U.S. International Transactions  ............................................................................................................................................. 	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

U.S. GOVERNMENT PRINTING OFFICE : 2011 66-163