View original document

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

111th Congress, 1st Session

Economic Indicators
AUGUST 2009
(Includes data available as of September 4, 2009)

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

UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 2009

JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
CAROLYN B. MALONEY, New York, Chair
CHARLES E. SCHUMER, New York, Vice Chairman

HOUSE OF REPRESENTATIVES

MAURICE D. HINCHEY, New York
BARON P. HILL, Indiana
LORETTA SANCHEZ, California
ELIJAH E. CUMMINGS, Maryland
VIC SNYDER, Arkansas
KEVIN BRADY, Texas
RON PAUL, Texas
MICHAEL C. BURGESS, M.D., Texas
J O H N CAMPBELL, California

SENATE

EDWARD M. KENNEDY, Massachusetts
JEFF BINGAMAN, New Mexico
AMY KLOBUCHAR, Minnesota
ROBERT P. CASEY, J R . , Pennsylvania
JIM WEBB, Virginia
SAM BROWNBACK, Kansas
JIM D E M I N T , South Carolina
JAMES E. RISCH, Idaho
ROBERT F. BENNETT, Utah

NAN GIBSON, Executive Director

COUNCIL OF ECONOMIC ADVISERS
CHRISTINA D. ROMER, Chair
AUSTAN D. GOOLSBEE, Member
CECILIA E. ROUSE, Member

[PUBLIC LAW 120—81ST CONGRESS; CHAPTER 237—1ST SESSION]

JOINT RESOLUTION [S.J. Res. 55]
To print the monthly publication entitled ‘‘Economic Indicators’’
Resolved by the Senate and House of Representatives of the United

States of America

in Congress assembled, That the

Joint Economic Committee be authorized to issue a monthly publication entitled ‘‘Economic Indicators,’’ and that
a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant
at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies
to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic
Committee; and the required numbers of copies to the Superintendent of Documents for distribution to depository
libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public.
Approved June 23, 1949.
Charts prepared under the direction of the Printing and Procurement Branch,
Office of the Secretary, Department of Commerce.

Economic Indicators, published monthly, is available at $5.00 a single copy
($7.00 foreign), or by subscription at $58.00 per year ($81.20 for foreign mailing)
from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON, D.C. 20402
For sale by the U.S. Government Printing Office
Superintendent of Documents, Mail Stop: SSOP, Washington, DC 20402-9328
Also available on the internet at the following address: http://www.gpoaccess.gov/indicators
11

TOTAL OUTPUT, INCOME, AND SPENDING
GROSS DOMESTIC PRODUCT
In the second quarter of 2009, according to revised estimates, current-dollar gross domestic product (GDP) fell
1.0 percent (annual rate), real GDP (GDP in chained 2005 dollars) fell 1.0 percent, and the chained price index
was unchanged.
BILLIONS OF DOLLARS (RATIO SCALE)

BILLIONS OF DOLLARS (RATIO SCALE)
15,200

SEASONALLY ADJUSTED A N -JUAL RATES

15,200

14,800

14,800

14,400

14,400

GDP
IN CURRENT DOLLARS

14,000

y* y*

\

13,600

14,000

y

13,200
12,800

13,600
13,200

\

12,400

12,800

P^INCHA NED (2005) DOLLARS

12,000

12,400

11,600

12,000

y
11,200

11,600

y

-'
10,800

11,200
10,800

10,400

10,400

10,000

10,000

/
9,600
9,200

y

9,600
9,200

8,800

i

1999

2000

i

2001

i

i

i

11

i

i

2003

2002

1

1

i

1

j

i

I

2005

2004

I

1

i

2006

i

i

1

2007

1

8,800

I

2008

2009

COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF COMMERCE

[Billion of current dollars; quarterly d ata at seasonally adjusted annual rates]

Period

1999 ......................9,
2000 ......................9,
2001 ......................10,
2002 ......................10,
2003 ......................11,
2004 ......................11,
2005 ......................12,
2006 ......................13,
2007 ......................14,
2008 ......................14,
2006: I ................13,
II ...............13,
III. ............13,

Gross
Personal
private
Gross
condomestic sumption domestic
product expendi- investment
tures

9 353.5
9,951.5
10,286.2
10,642.3
11,142.1
11,867.8
12,638.4
13,398.9
14,077.6
14,441.4
13,183.5
13,347.8
13,452.9
13,611.5
rv
2007: I ................13, 13,795.6
II ...............13, 13,997.2
III. ............14, 14,179.9
IV ..............14, 14,337.9
2008: I ................14, 14,373.9
II ...............14, 14,497.8
III. ............14, 14,546.7
14,347.3
rv
2009: I ................14, 14,178.0
14,143.3
IIr
1

6,342.8
6,830.4
7,148.8
7,439.2
7,804.0
8,285.1
8,819.0
9,322.7
9,826.4
10,129.9
9,148.2
9,266.6
9,391.8
9,484.1
9,658.5
9,762.5
9,865.6
10,019.2
10,095.1
10,194.7
10,220.1
10,009.8
9,987.7
9,996.6

1,641.5
1,772.2
1,661.9
1,647.0
1,729.7
1,968.6
2,172.2
2,32
2,288.5
2,136.1
2,336.5
2,352.1
2,333.5
2,286.5
2,267.2
2,302.0
2,311.9
2 272.9
2,214.8
2,164.6
2,142.7
2,022.1
1,689.9
1,558.6

Exports and imports
of goods and services

Government consumption expenditures
and gross investment
Federal

Net
exports
¥262.1
¥382.1
¥371.0
¥427.2
¥504.1
¥618.7
¥722.7
¥769.3
¥713.8
¥707.8
¥775.8
¥781.4
¥805.7
¥714.3
¥729.4
¥724.8
¥698.4
¥702.5
¥744.4
¥738.7
¥757.5
¥590.5
¥378.5
¥338.7

Exports

Imports

Total
Total

989.3
1,093.2
1,027.7
1,003.0
1,041.0
1,180.2
1,305.1
1,471.0
1,655.9
1,831.1
1,414.0
1,456.0
1,476.0
1,538.2
1,564.9
1,602.1
1,685.2
1,771.6
1,803.6
1,901.5
1,913.1
1,706.2
1,509.3
1,492.2

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

1,251.4
1,475.3
1,398.7
1,430.2
1,545.1
1,798.9
2,027.8
2,240.3
2,369.7
2,538.9
2,189.8
2,237.4
2,281.7
2,252.5
2,294.3
2,326.9
2,383.6
2,474.0
2,548.1
2,640.2
2,670.5
2,296.7
1,887.9
1,830.8

1,631.3
1,731.0
1,846.4
1,983.3
2,112.6
2,232.8
2,369.9
2,518.4
2,676.5
2,883.2
2,474.5
2,510.5
2,533.3
2,555.2
2,294.3
2,657.4
2,700.9
2,748.3
2,808.4
2,877.1
2,941.4
2,905.9
2,879.0
2,926.8

554.9
576.1
611.7
680.6
756.5
824.6
876.3
9.31,47
976.7
1,082.6
928.5
930.3
932.2
935.9
942.8
968.1
991.4
1,004.3
12,808.41,03

1,069.5
1,108.3
1,114.3
1,106.7
1,137.0

National
defense
361.1
371.0
393.0
437.7
497.9
550.8
589.0
624.9
662.1
737.9
615.5
624.1
623.3
636.6
636.7
6311.6
674.4
680.8
703.6
725.6
763.6
758.9
750.7
775.0

Nondefense
193.8
205.0
398.7
242.9
258.5
273.9
287.3
306.8
314.5
344.7
313.0
306.2
308.9
299.3
306.1
311.6
317.0
323.6
334.8
343.9
344.7
355.3
356.0
362.0

Gross
domestic
purchases 1

Addendum:
Gross
national
product

9,615.6
10,333.5
10,657.2
11,069.5
11,646.3
71,180.21,798 12,486.4
12,588.4 1,493.61
13,339.0 14,168.2
14,058.3 14,791.4
14,476.2 15,149.2
13,117.5 13,959.3
13,275.4 14,129.2
13,38
14,258.6
13,579.2 14,325.8
13,782.5 14,525.0
13,97
14,722.0
14,148.8 14,878.3
14,328.0 15,040.3
14,382.1 1,038.3
1,069.5725.6 1,807.61 15,236.4
1,833.1 14,583.7 15,304.2
1,114.37 14,391.8 14,391.8
1,772.3 14,305.3 14,556.5
14,481.9
1,789.8 14,3

9,381.3
9,989.2
.0218.71
10,691.4
11,210.8
11,959.0
12,5
13,471.3
14,193
14,583.3
13,264.0
10.5930.3
13,514.8
13,683.2
13,859.5
14,073.3
14,878.3
14,522.2
14,544.9
1,807.6
14,707.5
14,454.3
14,277.9
1,789.81

State
and
local
1,076.3
1,154.9
1,234.7
1,302.7
1,646.311
1,408.2
1,493.6
1,586.7
1,699.8
1,800.6
13,117.51
14,129.2
2,281.72
1,619.4
1,65
1,689.3
1,709.5
1,743.9
15,118.31

Final
sales of
domestic
product

9,292.7
9,896.9
10,324.5
10,63
11,125.8

Source: Department of Commerce, Bureau of Economic Analysis.

REAL GROSS DOMESTIC PRODUCT
[Billions of chained (2005) dollars; quarterly data at seasonally adjusted annual rates]

Gross private
domestic investment
Period

1999
2000
2001.
2002
2003
2004
2005
2006
2007
2008.
2006: I .
II
III

rv
2007: I .
II
III

rv
2008: I .
II
III

rv
2009: I .
II

Personal
Gross
conNonresidomestic sumption dential
product expendi- fixed
tures
investment
10,779.8
11,226.0
11,347.2
11,553.0
11,840.7
12,263.8
12,638.4
12,976.2
13,254.1
13,312.2
12,915.9
12,962.5
12,965.9
13,060.7
13,099.9
13,204.0
13,321.1
13,391.2
13,366.9
13,415.3
13,324.6
13,141.9
12,925.4
12,892.5

7,240.9
7,608.1
7,813.9
8,021.9
8,247.6
8,532.7
8,819.0
9,073.5
9,313.9
9,290.9
8,986.6
9,035.0
9,090.7
9,181.6
9,265.1
9,291.5
9,335.6
9,363.6
9,349.6
9,351.0
9,267.7
9,195.3
9,209.2
9,186.7

1,200.9
1,318.5
1,28
1,180.2
1,191.0
1,263.0
1,347.3
1,453.9
1,544.3
1,569.7
1,424.9
1,450.3
1,466.0
1,474.5
1,489.6
1,530.3
1,565.8
1,591.3
1,598.9
1,604.4
1,579.2
1,496.1
1,321.2
1,283.6

Resi- Change
dential in prifixed
vate
invest- invenment
tories
574.2
68.5
580.0
60.2
583.3 ¥41.8
613.8
12.8
664.3
17.3
729.5
66.3
775.0
50.0
718.2
59.4
585.0
19.5
451.1 ¥25.9
775.2
65.8
740.1
72.5
697.4
67.5
660.2
31.8
631.7
14.5
610.4
23.3
572.9
29.8
525.0
10.3
483.2
.6
462.9 ¥37.1
443.3 ¥29.7
415.0 ¥37.4
367.9
¥113.9
344.8
¥159.2

Exports and imports of
goods and services

Government consumption expenditures
and gross investment
AddenFinal
Gross
dum:
sales of domestic
Gross
domestic
purproduct chases 1 national
product

Federal
Net
exports

¥356.6
¥451.6
¥472.1
¥548.8
¥603.9
¥688.0
¥722.7
¥729.2
¥647.7
¥494.3
¥732.6
¥732.8
¥756.5
¥694.9
¥705.0
¥683.4
¥638.4
¥564.0
¥550.9
¥476.0
¥479.2
¥470.9
¥386.5
¥331.8

Exports

Imports

1,094.3
1,188.3
1,121.6
1,099.2
1,116.8
1,222.8
1,305.1
1,422.0
1,546.1
1,629.3
1,388.8
1,412.1
1,414.1
1,473.2
1,485.9
1,504.8
1,569.9
1,624.0
1,623.4
1,670.4
1,655.2
1,568.0
1,434.5
1,416.4

1,450.9
1,639.9
1,593.8
1,648.0
1,720.7
1,910.8
2,027.8
2,151.2
2,193.8
2,123.5
2,121.3
2,144.9
2,170.5
2,168.1
2,190.8
2,188.1
2,208.3
2,188.0
2,174.3
2,146.5
2,134.4
2,038.9
1,821.0
1,748.3

1
GDP less exports of goods and services plus imports of goods and services.
NOTE.—Because of the formula used for calculating real GDP, the chained (2005) dollar
estimates for the detailed components do not add to the chained-dollar value of GDP or to any
intermediate aggregates.

Total
Total

National
defense

2,056.1 694.6 455.8
2,097.8 698.1 453.5
2,178.3 726.5 470.7
2,279.6 779.5 505.3
2,330.5 831.1 549.2
2,362.0 865.0 580.4
2,369.9 876.3 589.0
2.02,1 894.9 598.4
2,443.1 906.4 611.5
2,518.1 975.9 659.4
2,397.1 900.5 595.6
2,399.1 892.8 597.2
2,402.7 892.0 594.3
2,409.4 894.4 606.5
2,409.5 882.8 594.7
2,435.4 898.7 607.1
2,458.9 919.0 621.7
2,468.7 925.1 622.4
2,484.7 943.4 634.8
2,506.9 961.3 645.6
2,536.6 991.6 675.4
2,544.0 1,007.3 681.7
2,527.2
672.8
996.3
2,566.6
694.1
1,022.5

Nondefense
238.7
244.4
255.5
273.9
281.7
284.6
287.3
296.6
294.9
316.4
305.0
295.7
297.7
287.8
,805.01
291.6
297.2
302.7
308.6
315.8
315.9
325.4
323.4
328.3

State
and
local

1,361.8
1,681.41
1,452.3
1,500.6
1,499.7
12,198.21
1,493.6
1,507.2
1,536.7
1,543.7
1,496.6
1,506.3
1,510.8
1,515.0
1,526.5
1,536.5
1,540
2.4302.7
1,541.9
1,546
1,547.0
1,007.3
1,53
1,546.9

10,715.7
11,167.5
11,391.7
11,543.5
11,824.8

11,141.1 10,812.1
11,681.4 11,167.511,68
11,825.7 11,404.6
12,107.7 11,606.9
1,499.711,82 1 1 , 8 2
1,910.82,362 12,95
12,198.212,95
12,588.4 1,493.61 1 2 , 5
1,507.21 13,705.7 13,046.1
13,234.3 13,901.6 13,362.8
13,341.2 13,801.2 13,442.6
12,851.3 13,648.7 1,496.612
12,891.0 13,695.5 13,035.4
12,898.3 13,722.8 13,025.1
06.5287.8 1 3 , 0 2 7 13,129.5
13,086.4 13,805.0 13,160.5
13,179.6 13,887.6 13,275.9
1,540.013 13,959.7 13,451.5
13,381.1 13,954.2 13,563.3
13,363.5 13,916.4 13,525.4
13,453.5 13,885.5 13,533.7
1,547.013 13,798.8 1 3 , 7
13,193.5 13,604.0 13,240.5
13,055.8 13,303.1 13,303.1
13,067.7 1 3 2 8 . 3 12,991.6

Source: Department of Commerce, Bureau of Economic Analysis.

CHAINED PRICE INDEXES FOR GROSS DOMESTIC PRODUCT
[Index numbers, 2005 = 100; quarterly data are seasonally adjusted]
Gross private
domestic investment

Personal consumption
expenditures

Gross
Period

1999 ..................86.
2000 ..................88.
2001 ..................90.
2002 ..................92.
2003 ..................94.
2004 ..................96.
2005 ..................100.
2006 ..................103.
2007 ..................106.
2008 ..................108.
2006: I ............102.
II
Ill

rv
2007: I ............105.
II
Ill

rv
2008: I ............107.
II
Ill

rv
2009: I ............109.

IP

domestic
product

86.766
88.648
90.654
92.113
94.099
96.769
100.000
103.263
106.221
108.481
102.071
102.980
103.763
104.237
105.327
106.026
106.460
107.072
107.577
108.061
109.130
109.155
109.661
109.671

Total

87.596
89.777
91.488
92.736
94.622
97.098
100.000
102.746
105.502
109.031
101.803
102.567
103.316
103.298
104.250
105.074
105.681
107.005
107.974
109.021
110.273
108.855
108.449
108.812

Goods

95.603
97.520
97.429
96.430
96.380
97.867
100.000
101.508
102.789
106.150
101.116
101.765
102.329
100.822
101.612
102.548
102.627
104.370
105.689
106.678
108.451
103.784
102.186
102.860

Source: Department of Commerce, Bureau of Economic Analysis.

Services

83.515
85.824
8897.4298
90.807
93.692
97.09897
100.000
102.746101
106.964
110.582
102.171
102.998
103.844
104.630
105.668
106.433
107.327
108.427
109.213
110.296
111.275
111.542
111.749
111.952

Nonresidential
fixed
96.173
91.999
9 8 8
95.363
95.355
96.834
100.000
103.4
102.789
107.897
102.279
103.112
103.878
104.8
105.668105.6
105.074

106.354
106.693
106.617
107.161
108.314
109.498
109.154
108.044

Exports and imports of
goods and services

Government consumption expenditures
and gross investment
Federal

Residential fixed
74.151
77.415
80.994
83.002
86.953
93.296
100.000
101.5081
107.513
105.779
104.890
105.940
106.295
107.199
107.604
104107
107.455
107.686
106.6171
106.838
105.807
109.498
109.15
100.509

Exports

Imports
Total

90.408
91.99
91.627
91.253
93.216
96.517
100.000
103.447
107.513
112.389
104.8
103.112105

104.5
104.8
105.355
102.548106
107.396
109.144
111.156
113.890
115.638
103.7841

115.5
105.399

86.250
89.963
85.612
86.784
89.796
94.14
100.000
103.534
106.209107
119.559
103.243
104.322
104.8831

107.19
105.3551
106.332
107.937
113.08
117.234
123.069
125.203
112.730
103.746
104.800

79.036
82.524
85.019
86.8
91.024
95.335
100.000
103.447
107.754
112.38
102.1
104.187
104.502
104.868107

105.68
107.307
107.896
108.577
110.077
111.265
110.273108.4

110.628
111.74
111.197

National
defense
79.225
81.821
83.484
86.624
91.7749
94.895
100.000
103.4681
10.6
112.3
103.336
104.499
104.3
104.965
107.089
106.332
107.93
109.389
110.857
112.402
113.059
111.334
111.084
111.6

Nondefense
81.188
83.907
85.612
88.689
91.774
96.234
100.000
101.508
108.2
106.15
102.171102
104.4991

103.8
103.972
106.243
106.858
107.8
106.908
108.469
10.2
109.149
109.498
9109.15
9105.3

State
and local
79.036
82.482
85.019
86.810
90.425
94.062
100.000
105.276
9107.5
116.642
103.307
104.916
105.990
103.972
108.527
109.949
111.009
112.975
114.803
116.877
118.493
116.396
115.587
115.704

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
Gross domestic product (GDP)

Personal consumption
expenditures (PCE)

Personal consumption
expenditures (PCE)

Gross domestic product (GDP)

Period
Real GDP
(chain-type
quantity
index)

1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2005:

2006-

2007:

2008-

2009:
1

....................................85.
....................................89.
....................................93.
....................................102.
....................................105.
I ...............................99.
II
III ............................100.
IV
I
II .............................102.
III
IV ............................103.
I ...............................103.
II
III ............................105.
IV
I
II .............................106.
III
IV ............................103.
I ...............................102.
II

GDP
chain-type
price
index

GDP
implicit
price
deflator

PCE
(chain-type
price index)

PCE
less food
and energy
price index

Real GDP
(chain-type
quantity
index)

GDP
(current
dollars)

GDP
chain-type
price
index

GDP
implicit
price
deflator

PCE
(chain-type
price index)

PCE
less food
and energy
price index

85.295
88.825
89.783
91.412
93.688
97.036
100.000
102.673
104.872
105.331
99.175
99.598
100.354
100.873
102.196
102.564
102.592
103.341
103.652
104.475
105.402
105.957

86.766
88.648
90.654
92.113
94.099
96.769
100.000
103.263
106.221
108.481
98.774
99.445
100.470
101.312
102.071
102.980
103.763
104.237
105.327
106.026
106.460
107.072

86.7668
88.647
90.650
92.118
94.100
96.770
100.000
103.257
106.214
108.483
98.766
99.438
100.461
101.309
102.071
102.973
103.756
104.218
105.32710
106.008
106.447
107.069

87.596
89.777
91.488
92.736
94.622
97.098
100.000
102.746
105.502
109.031
98.754
99.374
100.495
101.377
101.803
102.97
103.756
103.298
104.250
105.074
1.61
107.005

89.555
91.111
92.739
94.345
95.784
97.788
100.000
102.292
104.699
107.207
99.229
99.768
100.172
100.8731
101.325
102.567
103.76310
103.154
103.862
104.318
104.904
105.714

6.4
6.4
3.4
3.5
4.7
6.5
6.5
6.0
5.1
2.6
8.0
4.5
7.4
5.6
8.6
5.1
3.2
4.8
5.5
6.0
5.3
4.5

4.8
4.1
1.1
1.8
2.5
3.6
3.1
27
2.1
.4
4.1
1.7
3.1
2.1
5.4
1.4
.1
3.0
1.2
3.2
3.6
2.1

1.5
2.2
2.3
1.6
2.2
2.8
3.3
3.3
2.9
2.1
3.8
2.7
4.2
3.4
3.0
3.6
3.1
1.8
4.2
2.7
1.6
2.3

1.5
2.2
2.3
1.6
2.2
2.8
3.3
3.3
2.9
2.1
3.7
2.7
4.2
3.4
3.0
3.6
3.1
1.8
4.3
2.7
1.7
2.4

1.6
2.5
1.9
1.4
2.0
2.6
3.0
2.7
2.7
3.3
2.4
2.5
4.6
3.6
1.7
3.0
3.0
2.1
3.7
3.2
2.3
5.1

1.5
1.7
1.8
1.7
1.5
2.1
2.3
2.3
2.4
2.4
2.9
2.2
1.6
2.7
2.0
2.9
2.3
2.1
2.8
1.8
2.3
3.1

105.764
106.147
105.430
103.984
102.271
102.010

107.577
108.061
109.130
109.155
109.661
109.671

107.534
108.069
109.172
109.172

107.974
109.021
110.273
108.855
108.449
108.812

106.33
106.976
107.652
107.866

1.0
3.5
1.4
¥5.4
¥4.6
¥1.0

1.7
1.5
¥2.7
¥5.4
¥6.4
¥1.0

1.9
1.8
4.0
.1
1.9
.0

1.7
2.0
4.1
.0
1.9
.0

3.7
3.9
4.7
¥5.0
¥1.5
1.3

2.4
2.4
2.6
.8
1.1
2.0

109.691
109.702

108.173
108.710

Quarterly percent changes are at annual rates.

Source: Department of Commerce, Bureau of Economic Analysis.

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

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

Unit nonlabor cost

Period
Total

Compensation of employees
(unit labor
cost)

Consumption of
fixed
capital

Net interest and
miscellaneous
payments

0.0320
.034
.035
.029
.026
.022
.024
.025
.034
.036
.023
.024
.025
.027
.030
.034
.036
.037
.036
.037
.035
.038

0.098
.082
.066
.076
.084
.112
.127
.141
.127
.107
.139
.138
.050
.138
.135
.135
.122
.118
.105
.106
.114
.102

0.032
.030
.020
.017
.023
.031
.043
.047
.045
.036
.045
.048
.050
.045
.047
.046
.043
.044
.038
.039
.038
.027

0.067
.052
.046
.059
.061
.081
.083
.094
.082
.071
.093
.090
.100
.093
.087
.089
.079
.074
.066
.067
.076
.075

.038
.037

.100
.105

.032
.035

.069
.071

Current
dollars

1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2006:

........................................................4,
........................................................5,
........................................................5,
........................................................6,
........................................................6,

I ...................................................6,
II .................................................6,
III
IV ................................................6,
2007- I
II
III ................................................6,
IV
2008: I ...................................................6,
II .................................................6,
III
IV ................................................6,
2009: Ir
UP

Chained
(2005)
dollars

4,955.5
5,279.4
5,252.5
5,307.7
5,503.7
5,877.5
6,302.8
6,740.3
6,970.1
6,971.5
6,629.5
6,668.1
6,811.8
6,851.8
6,909.3
6,988.8
6,949.7
7,032.6
6,934.9
6,974.4
7,042.4
6,934.1

5,422.5
5,707.9
5,604.6
5,629.3
5,767.4
6,040.4
6,302.8
6,536.5
6,649.4
6,675.5
6,505.1
6,480.0
6,567.2
6,593.8
6,597.4
6,649.8
6,624.9
6,725.5
6,664.3
6,735.8
6,722.6
6,579.3

0.914
.925
.937
.943
.954
.973
1.000
1.031
1.048
1.044
1.019
1.029
1.037
1.039
1.047
1.051
1.049
1.046
1.041
1.035
1.048
1.054

0.601
.621
.635
. 0
.633
.627
. 1
. 0
.656
.663
.635
.01
.637
.647
.654
.653
.659
.659
.665
.658
.61
.10

0.214
.222
. 6
.237
.237
.234
.243
.250
.264
.275
.245
. 0
.050
.253
.258
.263
.268
.268
.271
.272
.274
.282

0.099
.103
.113
.116
.116
.115
.118
.123
.128
.135
.102.0
.123
.123
.124
.126
.127
.129
.129
.132
.132
.135
.139

0.085
.085
.088
.092
.095
.097
.101
.102
.102
.104
.102
.103
.102
.102
.102
.102
.103
.102
.103
.103
.104
.105

6,703.8
6,641.2

6,278.8
6,237.1

1.068
1.065

.675
.668

.293
.292

.146
.145

.109
.10

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.

s

Total

Corporate profits with inventory
valuation and capital consumption
adjustments 4

Taxes
on production
and imports 3

Total

Less subsidies plus business current transfer payments.
Unit profits from current production.
With inventory valuation and capital consumption adjustments.
Source: Department of Commerce, Bureau of Economic Analysis.

4
5

Taxes on
corporate
income

Profits
after
tax 5

NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Proprietors'
income 1

Period

1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2006:

...........8,
...........8,
...........9,
...........9,

I
II ....
Ill ...

rv ...
2007: I
II ....
Ill ...
IV ...
2008: I
II ....
Ill ...
IV ...
2009: I '
IP ...
1

National
income

8,358.0
8,938.9
9,185.2
9,408.5
9,840.2
10,534.0
11,273.8
12,031.2
12,448.2
12,635.2
11,838.2
11,965.9
12,093.0
12,227.9
12,253.9
12,421.1
12,482.2
12,635.4
12,661.5
12,664.4
12,781.0
12,433.9
12,208.9
12,161.9

Compensation
of
employees

5,353.9
5,788.8
5,979.3
6,110.8
6,382.6
6,693.4
7,065.0
7,477.0
7,856.5
8,037.4
7,353.7
7,419.9
7,484.1
7,650.3
7,757.2
7,819.7
7,869.6
7,979.3
8,017.5
8,032.8
8,069.1
8,030.3
7,825.8
7,726.4

Farm

Nonfarm

28.5
29.6
30.5
18.5
36.5
49.7
43.9
29.3
39.4
48.7
28.4
28.4
28.4
32.2
36.7
35.7
37.5
47.9
57.2
49.4
49.3
3.98,0
27.3
30.2

Corporate profits with inventory valuation and
capital consumption adjustments

Rental
income
of
persons
with
capital
consumption
adjustment

718.3
787.8
840.2
871.8
894.1
984.1
1,025.9
1,103.6
1,056.9
1,057.5
1,098.5
1,104.8
1,102.8
1,108.4
1,057.5
1,060.3
1,055.7
1,054.2
1,057.9
1,062.5
1,065.1
1,044.5
1,010.5
999.2

208.2
215.3
232.4
218.7
204.2
198.4
178.2
146.5
144.9
210.4
161.3
153.2
140.3
131.2
121.1
140.3
150.2
168.0
179.9
202.8
222.2
236.7
245.9
259.4

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

Total

856.3
819.2
5840.2
872.2
977.8
1,246.9
1,456.1
1,608.3
1,541.7
1,360.4
1,590.9
1,597
1,655.1
1,589.6
1,535.4
1,594.9
1,537.1
7,979.34
1,459.7
1,403.7
1,454.6
1,123.6
1,182.7
1,250.3

776.6
755.7
720.8
762.8
892.2
1,195.1
1,025
1,784.7
1,056.914
1,424.5
1,781.9
1,771.4
1,102.8
1,762.7
1,535.4
1,594.91
1,732.9
1,054.21
1,057.9
1,463.8
1222.2
1,199.3
1,327.6
1,379.1

With inventory valuation and capital consumption adjustments.

780.5
772.5
712.7
765.3
903.5
1,229.4
1,640.2
1,822.7
1,774
1,462.7
161.3
1,819.8
1,655.1
1,589.61,7
1,747.6
1,808.6
1,758.2
1,783.1
1,620.8
1,593.5
1,576.6
1,060.1
1,246.5
1,360.9

Capital
consumption
adjustment

Inventory
valuation
adjustment

¥4.0
¥16.8
8.0
¥2.6
¥11.3
¥34.3
¥30.7
¥38.0
¥44.0
¥38.2
¥33.4
¥48.4
¥42.3
¥28.0
¥42.2
¥29.5
¥25.3
¥79.0
¥107.9
¥129.6
¥54.5
139.2
81.1
18.2

Net
interest
and
miscellaneous
payments

Taxes
on
production
and
imports

481.4
539.3
544.4
506.4
504.1
461.6
543.0
652.2
739.2
815.1
608.9
654.4
661.6
684.0
690.6
711.3
756.0
798.9
790.7
809.0
806.1
854.7
826.2
797.5

673.6
708.6
727.7
762.8
806.8
863.4
930.2
986.8
1,028.7
1,047.3
971.5
983.3
991.6
1,000.7
1,015.3
1,025.2
1,032.2
1,042.3
1,042.5
1,050.8
1,058.5
1,037.3
1,018.8
1,017.8

79.7
63.6
63.4
109.4
85.6
51.8
¥153.4
¥176.4
¥188.7
¥64.1
¥191.0
¥173.7
¥167.7
¥173.2
¥170.0
- 184.2
¥195.8
¥204.7
¥53.2
¥60.1
¥67.6
¥75.6
- 144.9
¥128.8

Less:
Subsidies

Business
current
transfer
payments

45.2
45.8
58.7
41.4
49.1
46.4
60.9
51.4
54.8
53.5
55.6
51.4
49.8
48.7
49.2
58.3
56.0
55.4
53.1
52.9
52.9
55.2
55.5
55.1

69.0
87.0
101.3
82.4
76.1
81.7
95.9
83.0
102.2
118.8
82.8
79.3
83.6
86.1
97.8
99.0
105.0
107.0
114.8
112.6
116.0
131.8
137.9
145.2

Current
surplus
of government
enterprises

14.1
9.1
4.0
6.3
7.0
1.2
¥3.5
¥4.2
¥6.6
¥6.9
¥2.4
¥3.8
¥4.7
¥6.0
¥8.4
¥6.9
¥4.9
¥6.0
¥5.6
¥6.3
¥6.9
¥8.9
¥10.7
¥9.0

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]
Services

Goods

Period

1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2006: I
II
Ill
IV
2007: I
II
Ill

rv
2008: I
II
Ill

rv
2009: I
IIr
1

Total
personal
consumption
expenditures

7,240.9
7,608.1
7,813.9
8,021.9
8,247.6
8,532.7
8,819.0
9,073.5
9,313.9
9,290.9
8,986.6
9,035.0
9,090.7
9,181.6
9,265.1
9,291.5
9,335.6
9,363.6
9,349.6
9,351.0
9,267.7
9,195.3
9,209.2
9,186.7

Durable

Total
goods

2,395.3
2,521.7
2,600.9
2,706.6
2,829.9
2,955.3
3,073.9
3,173.9
3,273.7
3,206.0
3,145.7
3,150.8
3,176.4
3,222.5
3,253.9
3,255.4
3,280.6
3,304.8
3,262.1
3,257.8
3,193.6
3,110.4
3,129.8
3,103.0

Total
durable
goods1

753.8
819.9
864.4
930.0
986.1
1,051.0
1,105.5
1,150.4
1,199.9
1,146.3
1,142.3
1,139.4
1,152.1
1,167.9
1,183.7
1,189.9
1,205.0
1,221.2
1,193.2
1,175.7
1,139.6
1,076.8
1,087.2
1,071.2

Nondurable

Motor
vehicles
and
parts

345.1
356.1
374.3
394.0
405.3
411.3
409.6
396.6
402.4
347.5
393.3
393.2
400.3
399.7
402.4
404.1
400.5
402.6
384.4
361.4
337.8
306.2
311.2
306.3

Total
nondurable
goods 1

1,660.9
1,714.7
1,745.6
1,780.2
1,845.6
1,904.6
1,968.4
2,023.6
2,074.8
2,057.3
2,003.7
2,011.6
2,024.5
2,054.7
2,070.3
2,066.1
2,076.8
2,086.0
2,070.1
2,081.4
2,051.5
2,026.1
2,035.5
2,024.0

Food and
beverages
purchased
for offpremises
consumption
587.4
600.6
607.6
.0394.0
622.4
639.2
665.0
686.2
75.57
700.7
3726.07
684.2
686.6
59.45
700.8
696.2
699.2
706.6
708.0
9289.9
139.6
686.4
687.4
693.6

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.
NOTE.—Because of the formula used for calculating real GDP, the chained (2005) dollar

Gasoline
and
other
energy
goods

292.5
287.1
289.2
2.0
302.2
306.5
304.8
298.4
,074.87
287.4
296.4
297.2
300.0
299.9
301.5
30.11,3
,055.55
298.5
292.6
289.9

20.1

287.2
293.2
293.0

Total
services 1

4,852.8
5,093.3
5,218.7
5,318.1
5,418.4
5,577.6
5,745.1
5,899.7
6,040.8
6,083.1
5,841.0
6684.2
5,914.3
5,959.4
6,011.7
6,036.2
6,055.5
6,059.7
6,087.1
6,092.5
6,072.4
6,080.4
6,076.0
6,078.7

Household
consumption
expenditures

4,690.4
4,917.8
5,218
5,109.3
5,199.0
5,359.3
5,531.0
5,664
5,796.1
5,817.6
5,618.2
5,652.1
5,671.4
5,716.0
3700.8
5,799.2
56,055.55,8

5,804.8
5,827.3
5.7361.42
5,805.2
5,806.6
5,817.2
5,823.5

Housing
and
utilities

1,660.958
1,413.7
5,218.75
1,462.0
1,480.2
1,512.8
1,582.8
1,616.7
1,631.8
3347.52
1,598.9
1,617.8
1,627.6
3,222.5
1,629.3
1,630.1
1,634.6
116.1
1,643.8
1,647.3
1,641.6
1,656.3
1,656.9
1,652

Health
care

8345.11,6
1,081.5
1,135.4
1,202.3
5,199.01,4
12.81,26
1,316.0
1,340.0
1,631.81,375

1,64
1,598.91,3
9.4393.2
1,335.8
1,347.7
1,365.1
1,630.11,37
1,377.6
1,387.6
1,409.0
1.4708.92
8,120.11
1,422.4
1,434.3
1,442.2

Financial
services
and
insurance

605.6
665.4
660.7
658.3
657.8
691.8
712.6
735.4
772.3
759.8
726.0
731.3
735.6
748.8
762.8
776.7
779.1
770.5
766.1
763.8
758.5
750.6
751.4
757.7

Addendum:
Personal
consumption
expenditures
excluding
food and
energy2

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

6,202.5
1,081.56
1,745.6607
6,941.9
7,142.0
7,402.6
5,531.01,58

16.9
17.3
17.1
16.8
16.6
16.9
16.9
16.5
16.1
13.2
16.8
16.4
16.5
16.3
16.3
16.1
15.9
16.1
15.3
14.1
12.9
10.5
9.5
9.6

5,899.7
8,126.3
8,123.6
7,837.8
7,868.0
5,914.3
8,002.8
8,074.9
6,036.25,7

81,634
8,177.1
81,409.07
81.4708

80.1

8,038.7
6,076.05,817

2 3 06.3

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

SOURCES OF PERSONAL INCOME
Personal income rose $3.8 billion (annual rate) in July following a decrease of $133.4 billion in June. Wages and
salaries rose $8.9 billion in July following a decrease of $21.1 billion in June.
BILLIONS OF DOLLARS* (RATIO SCALE)
13,000
12,000
11,000
10,000

BILLIONS O F DOLLARS* (RATIO SCALE)

>"|i-

______

1 '

9,000

13,000

'
—•

"1

12,000
11,000
10,000
9,000

——v T
\

TOTAL PERSON

8,000

8,000

7,000

7,000
_,

—

'

•

6,000

6,000

5,000

5,000

4D SALARY DISBU

4,000

4,000
OTHER INC OME

3,000

3,000

2,000

FERSONALCURRE NT
1 RANSFER RECEI TS

/ \ _

.• ^

2,000

—

.

1,400

1,400
_

.

• " • " "

.

800

I

1 f 1 1 1 1 t 1 1 1

2001

i i i i i 1 i i i i i i i i i i

2002

i i i i i

i i i i i I i i t i i

I I I I !

II

2004

2003

I M II

2006

2005

I I I ! I I I ! I I I

2007

I I I I < I I I I I I

Mill

2008

•SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE

M i l !

2009

COUNCIL OF ECONOMIC ADVISERS

Billions of dollars; monthly data at seasonally adjusted annual rates]
Compensation of employee s, received

Period

1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2008:

.................8,
.................9,
.................9,

July
Aug
Sept
Oet
Nov
Dee
2009: J a n r
Feb r
Mar r
Apr r
May r
June r
Julyp
1
2
s

Total
personal
income

7,910.8
8,559.4
8,883.3
9,060.1
9,378.1
9,937.2
10,485.9
11,268.1
11,894.1
12,238.8
12,254.8
12,298.4
12,306.6
12,268.2
12,235.6
12,196.6
12,038.3
11,937.1
11,882.7
11,919.8
12,087.0
11,953.6
11,957.4

Total

5 348.8
5,788.8
5,979.3
6,110.8
6,367.6
6,708.4
7,060.0
7,475.7
7,862.7
8,042.4
8,057.0
8,082.4
8,067.8
8,071.6
8,058.2
8,021.2
7,863.0
7,798.4
7,756.0
7,737.2
7,731.5
7,710.7
7,721.2

Wage and
salary
disbursements

4,460.0
4,827.7
4,952.2
4,997.3
5,139.6
5,425.7
5,701.0
6 068 9
6,408.9
6,545.9
6,557.8
6,580.0
6,565.1
6,566.3
6,550.2
6,514.0
6,362.2
6,301.0
6,260.3
6,241.4
6,234.5
6,213.4
6,222.3

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

Supplements to
wages
and
salaries

888.8
961.2
1,027.1
1,113.5
1,228.0
1,282.7
1,359.1
6,068.9
1,453.8
1,496.6
1,499.2
1,502.3
1,502.7
1,505.3
1,507.9
1,507.2
1,500.9
1,497.4
1,495.7
1,495.8
1,496.9
1,497.2
1,499.0

Proprietors' income 1

Farm

Personal income receipts on assets

Nonfarm

Rental
income
of
persons 2

Total

Personal
interest
income

28 5
29.6
30 5
18.5
.6 5
49.7
43.9
29.3
39.4
48.7
50.4
580.01
47.3
42.0
68,05
36.7
66.0
26.1
25.0
27.9
30.5
32.4
30.4

718.3
787.8
840 2
8218
894 1
984.1
1,025.9
1 103 6
1,056.9
1,05
1,068.3
1,065.1
1,062.1
1,056.6
1,043.8
1,033.2
1,019.2
1,010.1
1,002.1
998.8
998.1
1,000.7
1,008.5

208.2
215.3
232 4
218.7
204 2
198.4
178.2
146.5
,408.9
210.4
216.4
222.2
228.1
234.2
237.0
13.89
242.2
245.9
249.7
254.1
259.4
264.8
273.5

1,246.8
1,360.7
1 346 0
1,309.6
1,312.9
1,408.5
1,542.0
1,829.7
2,031.5
1,994.4
1,068.3
580.01,5
2,006.5
1,975.0
1,956.5
1,033.2238
1,894.0
1,845
1,797.1
1,794.3
1,791.5
1,788.8
1,008.5

910.9
984.2
976 5
911.9
889.8
860.2
987.0
1,127.5
1,056.914
1,308.0
1,318.2
1,328.1
1,337.0
1,308.3
1,956
2238.9
1,261.0
1,243.4
1,225.8
1,234.8
1,243.7
1,252.7
1,249.5

Personal
dividend
income

335.9
376.5
369.5
397.7
423.1
548.3
555.0
702.2
765.1
686.4
678.1
673.3
669.6
666.7
664.8
913.89
633.0
602.1
571.2
559.5
547.8
53.67,71
522.1

Personal
current
transfer
receipts 3

1,246
1,083.0
1,188.1
1,282.1
1,341.7
1,415.5
1,508.6
1,605.0
1,718.0
1,875.9
1,859.1
1673.31,87
1,890.2
1,056.6234
1,043.8
1,033.2238
1.0633.0
1,979.7
2,016.2
2,068.4
2,236.2
2,113.9
2,110.6

Less: Contributions
for government social
insurance,
domestic

661 3
705.8
733.2
751.5
778.9
827.3
872.7
921.8
959.3
990.6
992.7
996.6
995.4
995.6
994.3
990.0
977.1
968.6
963.3
960.9
960.2
957.5
958.3

Note.—For information on the effects of the American Recovery and Reinvestment Act of
2009 on personal income data, see Personal Income and Outlays: July 2009, release dated August 28, 2009.
Note.—Revisions include changes to series affected by revised wage and salary estimates for
2009:I.
Source: Department of Commerce, Bureau of Economic Analysis.

DISPOSITION OF PERSONAL INCOME
According to revised estimates, per capita disposable personal income in chained (2005) dollars rose at an annual
rate of 3.0 percent in the second quarter of 2009.
BILLIONS OF DOLLARS* (RATIO SCALE]

BILLIONS OF DOLLARS* (RATIO SCALE)
11,500

9,500

DOLLARS' (RATIO SCALE)

DOLLARS* (RATIO SCALE)
38,000
36,000

38,000

PER CAPITA DISPOSABLE PERSONAL INCOME

34,000

36,000

•

CHAINED (2005) DOLLARS

34,000

32,000

32,000

30,000
_.

28,000

'

30,000

CURRENT DOLLARS

•—

28,000

-.—-

26,000

26,000

^
24,000
22,000

24,000
\

1

! '
1999

[

!

2000

2002

2001

1 i i
2003

S

\

1

1

2004

1 1

2005

1
2006

!

!

2007

I

l

i

2008

l

l

22,000

l

2009

COUNCIL OF ECONOMIC ADVISERS

Personal
income

Period

Less:
Personal
current
taxes

Equals:
Disposable
personal
income

Less:
Personal
outlays 1

Equals:
Personal
saving

Disposable
personal
income in
billions of
chained
(2005)
dollars

Per capita
disposable personal
income
Current
dollars

Billions of dollars
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008

7,910.8
8,559.4
8,883.3
9,060.1
9,378.1
9,937.2
10,485.9
11,268.1
11,894.1
12,238.8

1,107.5 6,803.3 6,595.5
1,232.3 7,327.2 7,114.1
1,234.8 7,648.5 7,443.5
1,050.4 8,009.7 7,727.5
1,000.3 8,377.8 8,088.0
1,047.8 8,889.4 8,585.7
1,208.6 9,277.3 9,149.6
1,352.4 9,915.7 9,680.7
1,490.9 10,403.1 10,224.3
1,432.4 10,806.4 10,520.0

Chained
(2005)
dollars

Per capita personal
consumption
expenditures
Current
dollars

Chained
(2005)
dollars

Dollars
207.8
213.1
204.9
282.2
289.8
303.7
127.7
235.0
178.9
,806.4

7,766.7
8,161.5
8,360.1
8,637.1
8,853.9
9,155.1
9,277.3
9,650.7
9,860.6
9,911.3

24,356
25,945
26,809
27,806
28,36
.7303
31,338
30,3643
34,478
35,486

Percent
change
in real
per capita
disposable
personal
income

Saving as
percent of
disposable
personal
income

Population,
including
Armed
Forces
overseas
(thousands) 2

Percent

27,805
28,899
29^303
29,984
30,454
31,209
31,338
30,36
32,679
32,546

22,707
24,186
25,058
25,826
26,843
293,3
296,0
31,198
32,566
33,264

25,923
26,940
27,389
27,849
28,369
29,087
296,0
30,364
30,868
30,509

1.9
3.9
1.4
2.3
1.6
2.5
,4
3,1
1.2
¥.4

3.1
2.9
2.7
3.5
3.5
3.4
1.4
2.4
1.7
2.7

279,328
282,413
285,294
288,055
290,729
29,08
296,036
298,820
301,737
304,529

30,72530
31,05430
3299,175
31,6173
32,697
32,664
32,716
32,642
32,379
33,075
32,270
305,620
32,6133
32,651

30,725
31,054
39,982
31,617
300,6
32,398
32,656
33,081
33,262
33,521
33,522
32,752
32,613
32,576

30,182
30,278
30,386
30,609
30,818
30,835
30,901
30,917
30,806
30,747
30,399
30,087
30,071
29,937

6.8
2.6
.8
4.2
,8
¥.4
,6
¥.9
¥3.2
8.9
¥9.4
2,4
¥.6
3.0

2 2
2.5
2.3
2.5
2.0
1.8
1.6
1.5
1.2
3.4
2 2
3^8
3.7
5.0

297,743
298,399
299,175
299,965
300,644
301,332
302,108
302,865
303,498
30,7478
304,872
305,620
306,245
306,872

Seasonally adjusted annual rates
2006: I
II
Ill
IV
2007: I
II
Ill
IV
2008: I
II
Ill
IV
2009: !<•
IIr
1

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

11,026.7
11,204.0
11,336.9
11,504.8
11,706.9
11,823.4
11,945.6
12,100.3
12,142.2
12,292.9
12,286.6
12,233.5
11,952.7
11,986.8

1,321.5
1,340.2
1,354.3
1,393.5
1,459.5
1,481.8
1,500.7
1,521.9
1,531.8
1,326.2
1,437.3
1,434.3
1,187.3
1,083.9

9,705.2
9,863.8
9,982.5
10,111.2
10,247.4
10,341.7
10,445.0
10,578.4
10,610.4
10,966.7
10,849.3
10,799.1
10,765.4
10,902.9

9,493.5
9,618.2
9,754.9
9,856.4
10,038.3
10,158.2
10,275.6
10,425.0
10,484.1
10,592.2
10,613.6
10,389.9
10,362.3
10,357.3

26.7
245.6
227.7
254.8
209.1
183.5
169.4
153.5
126.3
374.4
235.7
409.2
403.1
545.5

9,533.8
9,617.3
9,662.5
9,788.8
9,830.2
9,842.7
9,883.9
9,886.2
8,826.9
10,059.0
9,838.3
9,920.4
9,926.4
10,019.6

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.

32,596
33,056
33,367
33,708
34,085
34,320
34,574
34,928
34,960
10,59
35,586
3.8305
32,6133
35,529

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

FARM INCOME
According to the revised forecast for 2009, gross farm income is forecast at $334.8 billion, and net farm income
at $54.0 billion.
BILLIONS OF DOLLARS* (RATIO SCALE)

BILLIONS OF DOLLARS* (RATIO SCALE]

440
400
360
320
280

440
400

360
320
280
GROSS FARM INCOME

240

240

200

200

160

• NET FARM INCOME

120

\

A

\ *~~
/1
i \

60

/
\

/

40

20
2000

2001

2002

2003

2004

2006

2005

2007

"SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE

2008

2009

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income of farm operators from farming
Gross farm income
Period

Cash marketing receipts
Total 1
Total

2000
2001 ................................249.
2002 ................................230.
2003
2004 ................................294.
2005 r
2006
2007 ................................338.
2008 r
2009 r
2007: I ..........................330.
II .........................325.
III. .......................346.2
IV ........................352.
2008: !<•

IIr
IIIr
IVr
2009: Ir
II r
IIIr
IVr

241.7
249.9
230.6
258.6
294.7
294.3
291.5
338.7
377.2
334.8
330.8
325.4
346.2
352.3
407.0
366.1
379.7
356.1
370.2
322.1
311.1
335.8

192.1
200.0
194.6
216.1
238.0
237.0
241.2
288.7
324.3
284.0
271.5
283.6
r301.4
298.3
340.2
321.3
332.7
302.9
304.4
279.8
269.5
282.3

Livestock and
products

Crops

92.5
93.4
100.7
110.5
114.6
111.9
122.5
150.1
183.1
165.0
132.0
143.7
162.7
161.9
197.9
179.5
191.9
163.1
183.7
164.3
156.2
155.7

99.6
106.7
94.0
105.7
123.5
125.1
118.7
138.6
141.2
119.0
139.5
139.9
138.8
136.4
142.3
141.7
140.9
139.8
120.7
115.5
113.2
126.6

1
Cash marketing receipts, Government payments, value of changes in inventories, other farm
related cash income, and nonmoney income produced by farms including imputed rent of operator residences.
2
Crop receipts include proceeds received from commodities placed under Commodity Credit
Corporation loans.
s
Physical changes in beginning and ending year inventories of crop and livestock commodities
valued at weighted average market prices during the period.

2

4

Value of
inventory
changes 3

1.6
1.1
¥3.5
¥2.7
11.2
4.4
¥3.1
.6
¥2.4
.812.628
.6
.6
.7
.6
¥2.5
¥2.3
¥2.4
—2 2
¥1.9
¥1.8
¥1.7
¥1.8

Direct
Government
payments 4

Production
expenses

23.2
22.4
12.4
16.5
13.0
24.4
15.8
11.9
12.2
12.6
23.5
4.4
5.1
14.7
24.1
4.5
5.2
15.1
24.9
4.7
5.4
15.6

Includes only Government payments made directly to farmers.
NOTE.—Data for 2009 are forecasts.
Source: Department of Agriculture.

191.0
195.0
191.4
197.7
207.3
219.7
232.7
267.5
290.0
280.8
251.6
262.8
279.3
276.4
304.3
287.3
297.6
270.9
301.0
276.7
266.5
279.2

Net farm
income

50.7
54.9
39.2
61.0
87.4
74.6
58.8
71.1
87.2
54.0
r
79.1
62.6
66.9
75.9
102.7
78.8
82.1
85.1
69.2
45.4
44.6
56.7

CORPORATE PROFITS
In the second quarter of 2009, according to preliminary estimates, corporate profits before tax rose $114.4 billion
(annual rate) and profits after tax rose $73.7 billion.
BILLIONS OF DOLLARS
2,000
1,900
1,800

BILLIONS OF DOLLARS
2,000
1,900
1,800

SEASONALLY ADJUSTED ANNUAL RATES

/
1,700

-

1,500
-

PROFITS BEFORE TAX /

.A

1,000

-

/

-

'
A

M /
\W
I V

1 PROFITS AFTER TAX

/

t
—

•

\

'

700

1,300
1,200
1,100
1,000
900

V

II -JDISTRIBUTEC ) PROFITS

800

V.

700

\ -

-

-

600

J

-

500

i
i

J

400
300

600

1
i

500
FAXES ON
ropp -tpATE I N ^ ^ ^ P

-

\

/
300
200

•

*•

_ • "

400

i

200
100
0

/

\
1
1

i

/

1,400

I

4

900
800

1,500

I

1,200
1,100

1,600

1

1,400
1,300

1,700

y

r

1,600

100

1 1

1999

1

1 1

2000

2001

1 1
2002

1

1 1

2004

2003

1

2005

1
2006

1

i

1

2007

SOURCE: DEPARTMENT OF COMMERCE

i i

I

2008

l

l

"

0

2009

COUNCILOFECONOMICADViSERS

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profits (before tax) with inventory valuation adjustment1

Profits after tax
Taxes

Domestic industries
Period

Nonfinancial

Total 2
Total

1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2006:

2007

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

2008: I .
II ..
III .

rv .

2009: I

.
IIp .

1
2
s

776.6
755.7
720.8
762.8
892.2
1,195.1
1,609.5
1,784.7
1,730.4
1,424.5
1,781.9
1,771.4
1,822.8
1,762.7
1,705.4
1,779.1
1,732.9
1,704.1
1,512.9
1,463.8
1,522.2
1,199.3
1,327.6
1,379.1

Profits
before
tax

655.0
610.0
551.1
604.9
726.4
990.1
1,370.0
1,527.8
1,382.6
1,047.3
1,535.0
1,516.1
1,571.8
1,488.6
1,423.2
1,467.9
1,362.4
1,277.0
1,100.6
1,096.8
1,125.0
866.9
1,011.9
1,063.8

Financial
189.3
189.6
.58.0
265.2
311.8
362.3
443.6
448.0
367.8
278.9
466.5
467.8
434.8
422.8
384.2
406.2
378.2
302.5
357.0
330.8
.9676.65

130.3
253.9
291.8

Total 3
465.7
420.4
323.1
339.7
414.6
627.8
926.4
1,079.9
1,014.9
768.4
1,068.5
1,048.3
1,137.0
1,065.8
1,039.0
1,061.7
984.2
974.5
743.6
766.0
827.5
736.6
758.0
772.0

Manufacturing
258.8
143.9
49.7
47.7
659.74

154.1
2412
304.5
21.6
175.5
354.664
302.3
336.4
285.0

Utilities

Wholesale

33.7
25.6
25.2
12.3
12.4
19.4
29.8
04.864
4451
78.21

45.2
53.1
60.8
58.4
51.3
406
47.3
51.2

5258
507
28.03
49.1
54.8
75.6
.2412
1,349.57
102.2
40.1
354.664

187.6
160.1
205.7
148.6

323.21
463.81

43.5
40.8

100.7
107.4
102.2
107.9
117.0
107.9
76.0
75.6
56.6
85.8
111.5

121.6

76.16

94.0

288.9
316.0
2440.0
265.7

See p. 4 for profits with inventory valuation and capital consumption adjustments.
Includes rest of the world, not shown separately.
Includes industries not shown separately.

Retail
65.7
60.7
72.6
81.6
88.9

corporate
income

780.5
9129.5
712.7
265.23
903.5
119.4
1,640.2
1,822.7
1,774.4
1,462.7

258.8
265.1
509.43
192.3
243.8
306.1
412.4
473.3
451.5
292.2

330.07

1,815.3
1,819.8
1,865.1
1,790.7

460.7
4.76 9 1
496.6
330.07

127.9
137.2
318.277
102.4

1,747.6
1,808.6
1,758.2
1,783.1

469.5
466.5
440.0
430.1

75.6
80.2
77.1
79.7

1,620.8
1,593.5
1,576.6
148.640.81

323.2
317.5
304.8
223.3

8 1

1,246.5
1,360.9

270.3
311.1

93.4

122.6
133.2
121.6

72
15.3
123.3
164

Total

Net
dividends

337.4
377.9
370.9
399.3
424.9
550.3
557.3
704.8
767.8
689.9
1,354.6
646.4
1,344.7
691.1
1,865
727.1
1,330.0
754.5
1,278.1 772.6
1,342.1 778.1
4378.2
770.6
1,353.0
749.9
1,297.6
719.4
1,276.0
693.7
1,271.9
676.6
66.9
836.8
976.1
618.1
1,049.8 r 571.1
521.7
507.4
509.4
573.0
659.7
923.3
7.229.8
1,349.5
1,322.8
1,170.6

Inventory
valuUndistributed ation adprofits justment

184.3
129.5
138.5
173.8
234.8
373.0
670.5
644.7
555.1
480.7
708.2
653.6
641.4
575.5
505.5
564.0
547.6
603.2
578.2
582.3
595.3
166.9
358.0
478.7

¥4.0
¥16.8
8.0
¥2.6
¥11.3
¥34.3
¥30.7
¥38.0
¥44.0
¥38.2
¥33.4
¥48.4
¥42.3
¥28.0
¥42.2
¥29.5
¥25.3
¥79.0
¥107.9
¥129.6
¥54.5
139.2
81.1
18.2

Note:—Data by industry beginning 1998 are based on the 1997 North American Industry
Classification System (NAICS).
Source: Department of Commerce, Bureau of Economic Analysis.

REAL GROSS PRIVATE DOMESTIC INVESTMENT
In the second quarter of 2009, according to revised estimates, nonresidential fixed investment in chained (2005)
dollars fell $37.6 billion (annual rate) and residential investment fell $23.1 billion. There was a decrease of $159.2
billion in inventories following a decrease of $113.9 billion in the first quarter.
BILLIONS OF CHAINED (2005) DOLLARS
2,400

BILLIONS OF CHAINED (2005) DOLLARS
2,400
SEASONALLY ADJUSTED ANNUAL RATES

r—-v

2,200

2,200
•

*^

2,000

GROSS PRIVATE DOMESTIC
INVESTMENT

V

J

\

S

2,000

y

1,800

1,800

\

1,600

1,600

^_.

NONRESIDEN TIAI
IXED INVEST YtENT

1,400

\
1,400

—"

-

'"

1,200

1,200
-

1,000

1,000
RESIDENTIAL
FIXED INVESTMENT

-

800

800
-

-

^'^•^

600

600
-

-

400

400
-

*

CHANGE IN PRIVATE
INVEN TORIES

200

200

0
-200

0
1 1

1999

1

1

1

2000

1 1

2001

1 1

1

1

!

1 1

2004

2003

2002

i

1 1

2005

i

i

2006

I

1

I

2007

SOURCE: DEPARTMENT OF COMMERCE

1 1

-200

*"* 1

2008

2009

COUNCIL OF ECONOMIC ADVISERS

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

Gross
private
domestic
investment

Change in private
inventories

Nonresidential
Total
Total

Equipment
and software

Residential

Structures

Total

Nonfarm

1999
2000.
2001
2002
2003.
2004
2005.
2006
2007.
2008.

1,844.3
1,970.3
1,831.9
1,807.0
1,871.6
2,058.2
2,172.2
2,230.4
2,146.2
1,989.4

1,782.1
1,913.8
1,877.6
1,798.1
1,856.2
1,992.5
2,122.3
2,171.3
2,126.3
2,018.4

1,200.9
1,318.5
1,281.8
1,180.2
1,191.0
1,263.0
1,347.3
1,453.9
1,544.3
1,569.7

408.2
440.0
433.3
356.6
343.0
346.7
351.8
384.0
441.4
486.8

810.9
895.8
866.9
830.3
851.4
917.3
995.6
1,069.6
1,097.0
1,068.6

574.2
580.0
583.3
613.8
664.3
729.5
775.0
718.2
585.0
451.1

68.5
60.2
¥41.8
12.8
17.3
66.3
50.0
59.4
19.5
¥25.9

70.8
61.2
¥41.5
15.6
17.2
58.3
49.8
63.2
20.4
¥20.4

2006: I .............................................................................2,
II ...........................................................................2,
III.
IV ..........................................................................2,

2,264.7
2,261.2
2,229.6
2,166.0

2,200.2
2,189.9
2,162.2
2,132.9

1,424.9
1,450.3
1,466.0
1,474.5

364.8
383.7
393.2
394.6

1,060.7
1,066.3
1,072.0
1,079.3

775.2
740.1
697.4
660.2

65.8
72.5
67.5
31.8

62.3
80.4
73.9
36.2

2007: I ...........................................................................2,
II.
III. ........................................................................2,
IV.
2008: I.
II ...........................................................................2,
III.
IV ..........................................................................1,

2,132.6
2,162.2
2,166.5
2,123.4
2,082.9
2,026.5
1,990.7
1,857.7

2,118.8
2,137.7
2,135.6
2,113.0
2,079.2
2,064.8
2,020.4
1,909.3

1,489.6
1,530.3
1,565.8
1,591.3
1,598.9
1,604.4
1,579.2
1,496.1

409.2
430.7
456.8
469.1
476.8
493.2
493.1
484.0

1,078.1
1,095.2
1,101.3
1,591.3
1,111.9
1,097.7
1,071.0
993.7

631.7
610.4
572.9
525.0
483.2
462.9
443.3
415.0

14.5
23.3
29.8
10.3
.5
¥37.1
¥29.7
¥37.4

8.3
27 9
32.7
12.5
14.5
¥35.8
¥24.5
¥35.7

2009: I ............................................................................1,

1,558.5
1,453.4

1,687.5
1,627.5

1,321.2
1,283.6

419.4
402.6

887.5
868.2

367.9
344.8

¥113.9
¥159.2

¥114.9
¥163.2

n>

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.

Source: Department of Commerce, Bureau of Economic Analysis.

REAL PRIVATE FIXED INVESTMENT BY TYPE
[Billions of chained (2005) dollars; quarterly data at seasonally adjusted annual rates]
Nonresidential

Residential

Equipment and software

Period

Total
fixed
investment

Structures

Information processing equipment
and software
Total
nonresidential

Structures

Computers and
peripheral
equipment1

Total
Total

Software

Other

Industrial
equipment

Transportation
equipment

Other
equipment

Total
residential

Total 2

Single
family

Equipment

1999
2000
2001
2002
2003
2004
2005
2006
2007
2008

1,782.1
1,913.8
1,877.6
1,798.1
1,856.2
1,992.5
2,122.3
2,171.3
2,126.3
2,018.4

1,200.9
1,318.5
1,281.8
1,180.2
1,191.0
1,263.0
1,347.3
1,453.9
1,544.3
1,569.7

408.2
440.0
433.3
356.6
343.0
346.7
351.8
384.0
441.4
486.8

200.9
895.8
866.9
8605.93
191.034
917.3
995.6
1,069.6
1,097.0
1,068.6

332.0
391.9
390.2
379.3
4155.0
443.1
475.3
514.8
555.7
588.8

151.5
172.4
15.47
173.4
655.936
204.6
218.0
227.1
241.5
257.0

139.9
168.4
163.2
148.4
156.4
162.31
178.4
191.2
202.3
211.1

161.8
175.8
162.8
151.9
655.936
147.4
159.6
172.9
180.9
174.7

190.3
186.2
169.6
154.2
140.4
162.3
178.977
196.5
177.4
128.9

142.4
150.4
149.3
148.2
155.0
164.4
178.9
185.5
184.1
180.3

574.2
580.0
583.3
613.8
664.3
729.5
775.0
718.2
585.0
451.1

567.5
572.6
575.6
605.9
655.9
720.1
765.2
708.1
575.0
441.5

311.5
315.0
315.4
327.7
362.6
406.1
433.5
391.1
283.9
179.7

6.9
7.4
7.6
7.9
8.4
9.4
9.8
10.2
10.1
9.8

2006: I
II
III
IV

2,200.2
2,189.9
2,162.2
2,132.9

1,424.9
1,450.3
1,466.0
1,474.5

364.8
383.7
393.2
394.6

1,060.7
1,066.3
1,072.0
1,079.3

505.7
508.9
520.4
524.1

222.4
224.8
228.5
232.8

192.2
189.8
191.9
191.0

165.1
176.2
87.337
175.6

202.6
10.1
193.7
195.5

187.3
187.0
183.4
184.3

775.2
740.1
697.4
660.2

764.9
730.0
687.3
650.2

442.4
409.4
374.6
338.0

10.3
10.1
10.1
10.1

2007: I
II
III
IV

2,118.8
2,137.7
2,135.6
2,113.0

1,489.6
1,530.3
1,565.8
1,591.3

409.2
430.7
456.8
469.1

1,078.1
1,095.2
1,101.3
1,113.3

540.2
546.9
558.2
577.5

235.0
238.9
242.6
249.6

172.4
200.3
277.91
207.4

172.4
186.9
185.9
178.6

188.2
178.1
171.8
171.5

178.3
183.7
186.4
188.0

631.7
610.4
572.9
515.0

621.6
600.4
562.9
515.0

314.0
301.6
277.9
242.1

10.2
10.0
10.1
10.2

2008- I
II
III
IV

2,079.2
2,064.8
2,020.4
1,909.3

1,598.9
1,604.4
1,579.2
1,496.1

476.8
493.2
493.1
484.0

1,111.9
1,097.7
1,071.0
993.7

591.7
601.3
594.5
567.6

2473
260.3
258.3
252.2

209.2
214.2
21.7
204.3

179.3
178.6
173.7
167.2

161.9
141.0
11,07
90.9

182.3
180.9
185.4
172.6

483.2
462.9
443.3
415.0

473.3
453.0
433.7
405.8

208.6
189.1
171.8
149.4

10.1
10.1
9.8
9.4

2009: I
IP

1,687.5
1,627.5

1,321.2
1,283.6

419.4
402.6

367.935
868.2

537.5
535.8

235.5
228.3

59.8
198.9

140.8
135.2

59.8
62.7

157.3
8336.09

367.9
344.8

358.9
336.0

112.9
96.0

9.2
8.9

1
For details on this component, see Survey of Current Business, Tables 5.3.6, 5.3.1 for
growth rates, 5.3.2 for contributions, and 5.3.3 for quantity indexes.
2
Includes other items, not shown separately.

NOTE.—Because of the formula used for calculating real GDP, the chained (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

Total
by
industry

Forestry,
fishing
and
agricultural
services

Mining

Utilities

Construction

Manufacturing

Wholesale
trade

Retail
trade

Transportation
and
warehousing

Real
Information

Finance
and
insurance

tate
and
rental
and
leasing

Professional,
scientific,
and
technical
services

For
companies
Health
withcare
out
and
Other1
emsocial
ployassistance

For companies with employees
1 9 ....8 71
96 0.
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
1

........................970.
........................1,

........................975.
........................1,
........................1,

807.1
871.8
970.9
1,047.0
1,161.0
1,109.0
997.9
975.0
1,042.1
1,144.8
1,309.9
1,361.6

896.5
974.6
1,089.9
1,052.3
917.5
886.8
953.2
1,062.5
1,217.1
1,277.4

0.9
1.7
13 5
.2
2.5
8.49
1.9
28.61
27
2.7
2.51

40.4
30.6
42.5
51.3
42.5
580.5
51.3
66.7
99.3
121.7

36.0
42.8
92.53
82.8
65.5
54.6
50.4
.81,0
69.8
83.6

26.9
23.1
25.0
24.8
24.8
61.2
26.76
30.1
30.3
36.7

203.6
196.4
214.8
144.8
157.2
149.1
156.7
2.52.76
192.4
197.0

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

10

203.62
32.4
33.6
30.0
96.18
26.0
51.3
40.6
86.76
31.8

57.3
23.1
69.8
66.9
59.3
65.9
72.2
73.5
86.7
84.2

51.3
57.3
59.9
57.8
47.1
44.5
46.1
56.9
68.0
68.5

96.5
122.8
160.2
144.8
88.2
80.5
83.5
91.4
104.4
135.3

118.2
130.1
133.7
131.1
128.4
120.8
153.6
161.4
1132.1
172.5

85.2
100.6
92.5
82.7
94.5
88.0
26.76
103.0
132.1
123.0

22.3
29.5
34.1
30.5
25.9
24.7
26.7
33.1
30.3
31.8

47.1
51.3
52.2
52.9
59.3
61.2
64.6
73.8
75.3
83.8

81.7
91.8
108.9
102.5
96.1
96.2
93.6
105.6
126.3
135.3

74.4
72.3
71.2
56.7
80.4
88.2
88.9
82.2
92.8
84.2

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

EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
In August, employment fell by 392,000 and unemployment rose by 466,000.
MILLIONS OF PERSONS*

MILLIONS OF PERSONS*

1158

158
SEASONALLY ADJUSTED

154

154

150

150

146

146

142

142

CIVILIAN
EMPLOYMENT

138

138

"V*....

f

134

134

130

130
16

16'
12

12

UNEMPLOYMENT

8
4
LLLLLLLLLLL I I I I I I I I I I I
2003
2002

2006

2005

I [ n I IIII I
2007

* 1 6 YEARS OF AGE AND OVER
SOURCE: DEPARTMENT OF LABOR

I I I[IIII I
2008
COUNCIL OF ECONOMIC ADVISERS

[Thousands of persons 16 years of a ge and ove r, except as noted; monthly data seasonally adjusted except as noted by NSA]

Period

1999 2
20002
2001
2002 ......................217,
2003 2
2004 2
20052
2006 2
20072
2008 2
2008: Aug
Sept
Oet
Nov
Dee
2009: J a n 2
Feb
Mar
Apr
May
June
July
Aug

Civilian
noninstitutional
population
(NSA)

207,753
212,577
215,092
217,570
221,168
223,357
226,082
228,815
231,867
233,788
23145,2737
234,360
234,612
234,828
235,035
234,739
234,913
235,086
235,271
235,452
235,655
235,870
236,087

Civilian
labor
force

139,368
142,583
143,734
144,863
146,510
147,401
149,320
151,428
153,124
154,287
154,823
154,621
154,878
154,620
154,447
153,716
154,214
154,048
154,731
155,081
154,926
154,504
154,577

Men
20

Women

Total

years
and
over

years
and
over

16-19
years

133,488
136,891
136,933
136,485
137,736
139,252
141,730
144,427
146,047
145,362
145,273
145,029
144,657
144,144
143,338
142,099
141,748
140,887
141,007
140,570
140,196
140,041
139,649

67,761
69,634
69,776
69,734
70,415
71,572
73,050
74,431
75,337
74,750
145,2737
74,503
74,292
74,045
73,285
72,613
72,293
71,655
71,678
71,593
71,387
71,319
71,204

58,55
60,067
60,417
60,420
61,402
61,773
62,702
63,834
64,799
65,039
65,003
65,008
64,975
64,902
64,860
61,3598
64,271
048140,8
64,226
63,895
63,810
63,789
63,662

1,162
6,89
6,740
6^332
5,919
5,907
5,978
6,162
5,911
4,2973
5,533
5,518
5,390
5,196
5,194
5,188
5,184
5,083
7,403
5,082
4,999
4,933
4,783

20

Percent 1

Unemployment

Civilian employment

Both
S6XSS

1
Civilian labor force (or employment) as percent of civilian noninstitutional population; and
unemployment as percent of civilian labor force.
2
Not strictly comparable with earlier data.
NOTE.—Beginning January 2009 data reflect revised population controls and are not strictly
comparable with earlier data.

Total

5,880
5,692
6 801
8^378
8,774
8,149
7,591
7,001
7,078
8,924
9,550
9,592
10,221
,0456
11,108
72,6136
1,427
13,161
13,724
180,371
14,729
14,462
11,6408

Men
20
years
and
over
2,433
2,376
3,040
3^896
4,209
3,791
3,392
1,11
3,259
4,297
4,572
4,889
5,088
5,290
5,714
5,972
6,394
6,923
7,403
7,802
7,904
7,726
8,027

Women
20
years
and
over

16-19
years

2,285
2,235
2,599
3,228
3,314
3,150
3,013
2,751
2,718
3,342
3,662
1,3267
3,725
3,851
4,031
4,286
4,646
4,828
4,922
5,217
5,249
5,196
5,261

1,162
1,081
1,162
1,253
1,251
1,208
1,186
1,119
1,101
1,285
1,316
1,326
1,408
1,335
1,363
1,359
1,427
1,410
1,398
1,491
1,576
1,541
1,640

Both
SSXSS

Not in
labor
force

68,385
69,994
71,359
72,707
74,658
75,956
76,762
77,387
78,743
79,501
79,284
79,739
79,734
80,208
80,588
81,023
80,699
81,038
80,541
80,371
80,729
81,366
81,509

Labor
force
participation
rate

Employment/
population
ratio

Unemployment
rate

67.1
67.1
66.8
66.6
66.2
66.0
66.0
66.2
66.0
66.0
66.1
66.0
66.0
65.8
65.7
65.5
65.6
65.5
65.8
65.9
65.7
65.5
65.5

64.3
64.4
63.7
62.7
62.3
62.3
62.7
63.1
63.0
62.2
62.1
61.9
61.7
61.4
61.0
60.5
60.3
59.9
59.9
59.7
59.5
59.4
59.2

4.2
4.0
4.7
5.8
6.0
5.5
5.1
4.6
4.6
5.8
6.2
6.2
6.6
6.8
72
7.6
8.1
8.5
8.9
9.4
9.5
9.4
9.7

See Employment and Earnings for details on breaks in series.
Source: Department of Labor, Bureau of Labor Statistics.

11

SELECTED UNEMPLOYMENT RATES
In August, the unemployment rate rose to 9.7 percent from 9.4 percent in July.
PERCENT (SEASONALLY ADJUSTED)

PERCENT (SEASONALLY ADJUSTED)

30

30

15

10

10

2009

2005

2009
'SEE FOOTNOTE 1 TABLE BELOW,
2
H1SPAN!C OR LATINO ETHNICITY.
SOURCE: DEPARTMENT OF LABOR

COUNCIL OF ECONOMIC ADVISERS

[Monthly data seasonally adjusted]
Unemployment rate (percent of civilian labor force in group)
By race or ethnicity1

By sex and age
Period

1999 .........................4.
2000 ........................4.
2001
2002 ........................5.
2003 ........................6.
2004
2005 .........................5.
2006 .........................4.
2007
2008 .........................5.
2008: Aug ..............6.
Sept ..............6.
Oct. ..............6.
Nov ..............6.
Dec. ..............7.
2009: Jan ...............7.
Feb. ..............8.
Mar ..............8.
Apr ...............8.
May ..............9.
June .............9.
July ..............9.
Aug ..............9.

All
civilian
workers

Both
sexes
16-19
years

Hispanic or
Latino
ethnicity

Married
men,
spouse
present

Men
20 years
and over

Women
20 years
and over

4.2
4.0
4.7
5.8
6.0
5.5
5.1
4.6
4.6
5.8

3.5
3.3
4.2
5.3
5.6
5.0
4.4
4.0
4.1
5.4

3.8
3.6
4.1
5.1
5.1
4.9
4.6
4.1
4.0
4.9

13.9
13.1
14.7
16.5
17.5
17.0
16.6
15.4
15.7
18.7

3.7
3.5
4.2
5.1
5.2
4.8
4.4
4.0
4.1
5.2

8.0
7.6
8.6
10.2
10.8
10.4
10.0
8.9
8.3
10.1

3.6
4.5
5.9
6.0
4.4
4.0
3.0
3.2
4.0

6.4
5.7
6.6
7.5
7.7
7.0
6.0
5.2
5.6
7.6

6.2
6.2
6.6
6.8
7.2
7.6
8.1
8.5
8.9
9.4
9.5
9.4
9.7

5.8
6.2
6.4
6.7
7.2
7.6
8.1
8.8
9.4
9.8
10.0
9.8
10.1

5.3
4.9
5.4
5.6
5.9

19.2
19.4
20.7
20.4
20.8

5.5
5.5
6.0
6.2
6.6

10.7
11.4
11.3
11.3
11.9

4.4
3.8
3.8
4.8
5.1

8.1
7.9
8.8
8.6
9.2

6.2
6.7
7.0
7.1
7.5
7.6
7.5
7.6

20.8
21.6
21.7
21.5
22.7
24.0
23.8
25.5

6.9
7.3
7.9
8.0
8.6
8.7
8.6
8.9

12.6
13.4
13.3
15.0
14.9
14.7
14.5
07.1

6.2
6.9
6.4
6.6
6.7
8.2
8.3
7.5

9.7
10.9
11.4
11.3
12.7
12.2
12.3
13.0

Women
who
maintain
families
(NSA)

2 2
2.0
2.7
3.6
3.8
3.1
2.8
2.4
2.5
3.4

White

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

By selected groups

Asian
(NSA)

Full-time
workers

Part-time
workers

6.4
5.9
6.6
8.0
8.5
8.0
7.8
7.1
6.5
8.0

4.1
3.8
4.7
5.9
6.1
5.6
5.0
4.5
4.6
5.8

5.0
4.8
5.1
5.2
5.5
5.3
5.4
5.1
4.9
5.5

3.7
3.9
4.1
4.2
4.4

9.6
8.2
8.8
9.3
9.5

5.7
5.9
5.7
5.8
5.9

5.0
5.5
5.8
6.3
6.8
6.9
6.9
7.1

10.3
10.3
10.8
10.0
11.0
11.7
12.6
12.2

6.3
6.3
6.8
7.0
7.5
8.0
8.6
9.2
9.6
10.2
10.3
10.1
10.5

NOTE.—Data relate to persons age 16 years and over.
Source: Department of Labor, Bureau of Labor Statistics.

5.9
5.8
5.9
6.1
6.0
5.9
6.0
6.3

SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE
PROGRAMS
In August, the percentages of the unemployed who had been out of work for less than 5 weeks, for 15-26 weeks,
and for 27 weeks and over fell; the percentage for 5-14 weeks rose. The mean duration of unemployment fell
to 24.9 weeks and the median duration fell to 15.4 weeks.
PERCENT DISTRIBUTION *

PERCENT DISTRIBUTION*

70

70

REASON FOR UNEMPLOYMENT

r

J

-

REENTRANT

30

JOB LEAVE R
S

, J

10 -

NEW ENTRANTS

mi iln in
2005

2006

Illlll

niiiliiin

lllllllllll

2008

2009

2007

"SEASONALLY ADJUSTED
1
BEGINNING JANUARY 1994, JOB LOSERS AND PERSONS WHO COMPLETED TEMPORARY JOBS.
SOURCE: DEPARTMENT OF LABOR

COUNCIL OF ECONOMIC ADVISERS

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

Period

Unemployment
(thousands)

Percent distribution
Less
than
5
weeks

5-14
weeks

15-26
weeks

Reason for unemployment:
percent distribution

State
programs

Number of weeks
27
weeks
and
over

Average
(mean)

Median

Job
losers 1

Job
leavers

Reentrants

New
entrants

Insured
unemployment

Initial
claims

Insured
unemployment,
all
regular
programs
(unadjusted) 2

Weekly average, thousands
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008

5,880
5,692
6,801
8,378
8,774
8,149
7,591
7,001
7,078
8,924

43.7
44.9
42.0
34.5
31.7
33.1
35.1
37.3
35.9
32.8

31.2
31.9
32.3
30.8
29.8
58.42
30.4
30.3
31.5
31.4

12.8
11.8
142.0
16.3
16.4
15.9
14.9
14.7
15.0
16.0

1 3
,141
11.8
18.3
210.1
21.8
19.6
17.6
17.6
19.7

13.334
12.6
16.851
16.6
19.2
19.6
18.4
32.08
16.8
17.9

6.4
5.9
6,8
9.1
10.1
9.8
8.9
8.3
8.5
9.4

44.6
44.2
51.1
55.0
55.1
69.85
48.3
47.4
49.7
53.7

13.3
13.7
12.3
10.3
9.3
10.5
11.5
32.08
11.2
10.0

34.1
34.5
29.9
28.3
28.2
,95
31.4
32.0
30.3
27.7

8.0
7.6
6,8
6.4
7.3
8.4
8.8
8.8
8.9
8.6

2,188
2,110
2,974
3,585
3,531
2,950
2,661
2,476
2,572
3,306

298
301
404
407
404
345
328
313
324
424

2,219
2,141
3,007
3,619
3,569
2,995
2,706
2,518
2,610
3,343

..............................9,
.............................9,
.............................10,
..............................10,
.............................11,

9,550
9,592
10,221
10,476
11,108

33.9
29.8
30.3
31.4
29.2

30.1
32.1
29.7
30.3
30.4

16.4
16.9
17.9
1.430
17.2

19.6
21.2
98.1
21.3
23.2

17.6
18.7
13,8
18.9
1 7

9.3
10.3
10.6
10.0
10.6

52.6
54.9
56.8
58.6
58.4

10.5
10.1
9.2
8.9
9.1

28.2
26.6
25.9
25.3
25.1

8.7
8.4
8.1
72
7.5

3,460
3,620
3,821
4,125
4,430

441
471
480
520
537

3,179
3,164
2,980
3,819
4,778

2009: J a n ..............................11,
Feb ..............................12,
Mar .............................13,
Apr ..............................13,
May .............................14,
June ............................14,
July .............................14,
Aug ..............................14,

11,616
12,467
13,161
13,724
14,511
14,729
14,462
14,928

31.0
26.9
25.7
24.7
22.4
21.2
22.0
20.2

19.8
31.4
30.8
29.4
29.6
26.9
24.2
27.5

16.8
18.6
19.3
18.7
20.9
22.9
19.9
18.9

22.4
931.41
24.2
.7 2
27.0
29.0
33.8
33.3

19.8
18
20.1
21.4
22.5
24.5
25.1
24.9

10.3
11.0
56.82
12.5
14.9
17.9
15.7
15.4

61.1
62.3
63.5
64.4
65.4
65.4
64.9
65.3

8.0
6.6
6.8
6.5
6.2
7.96
6.0
5.5

24.1
22.9
22.9
22.5
21.8
226
22.5
22.0

6.8
8.1
6.7
6.6
6.6
6.4
6.6
7.2

4,670
5,085
5,686
6,297
6,747
6,732
6,274

573
637
658
630
631
612
r
558
p571

5,375
6,098
6,925
r
6,076
r
6,233
6,253
5,647

........................................5,
........................................8,
........................................8,
........................................7,
........................................7,

2008: Aug
Sept
Oct.
Nov
Dec.

1

Beginning January 1994, job losers and persons who completed temporary jobs.
Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (UCX), and Federal (UCFE). Also includes Federal and State extended benefit programs. Does not include Railroad (RR) program, Federal supplemental compensation or Emergency Unemployment Compensation programs.
2

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 fell by 216,000 in August.
MILLIONS OF PERSONS*

MILLIONS OF PERSONS* (ENLARGED SCALE)

140
.—•

_ _

130

l ">

r-1

1
\
LNONAGRIC
ESTABLISHM ENTS

- SERVICE-PROVIDING
78
LESS RETAIL TRADE
AND GOVERNMENT

76

120 -

-

74
72

.
110

70

ERVICE-PROVI
INDUSTRIES

68
-

100 -

GOVERNMENT -

24''
22

90
20
80 -

18

-

16
14

70
\
30

20

•

_

111 i 1111S i j I i s i i 111 i i i j i i

16 - MANUFACTURING
14
12
10
CONSTRUCTION

"

GOODS-PR ODUCING
INDU >TRIES
10

1111 ( j j ( ) \ \

2005

i l 1 ! ! 1 1 1 1n i i h i n i
1 1

2006

2007

1 1 1 M 1 1 1 1 1 1

2008

2005

2009

2007

'SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR

COUNCIL OF ECONOMIC ADVISERS

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

Goods-producing industries

Period

1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2008:

..................128,
..................131,
..................130,
..................131,
..................136,

Aug
Sept
Oet
Nov
Dee
2009: Jan
Feb
Mar
Apr
May
June r
July r
Augp

Total
nonagricultural
employment

128,993
131,785
131,826
130,341
129,999
131,435
133,703
136,086
137,598
137,066
137,053
136,732
136,352
135,755
135,074
134,333
133,652
133,000
132,481
132,178
131,715
131,439
131,223

Total

2

24,465
24,649
2,03
22,557
21,816
21,882
22,190
22,531
22,233
21,419
21,351
21,247
21,063
20,814
20,532
20,127
19,832
19,520
19,253
19,041
18,829
18,707
18,571

Construction

6,545
6,787
6,826
6,716
6 735
6,976
7,336
7,691
7,630
7,215
7,17
7,131
7,066
6,939
6,841
6,706
6,593
6,470
6,367
6,310
6,231
6,158
6,093

Manufacturing

17,322
17,263
1,11
15,259
14,510
,4935
14,226
14,155
13,879
13,431
13,387
136,7322
1,063
13,082
12,902
122,540
12,468
12,296
12,146
12,0
11,877
11,834
11,771

Service-providing industries
Trade, transportation, and
Total

utilities
Total3 Retail
trade

104,528
107,136
107,952
107,784
108,183
109,553
111,513
113,556
115,366
115,646

25,771
2,865
25,983

115,702
115,485
115,289
114,941
114,542
114,206
113,820
113,480
113,228
113,137
112,886
112,732
112,652

26,354
26,257
26,157
26,005
25,843
25,735
25,605
25,479

2 , 7
2 , 7

25,53
65,39
17,826
28,30
22,5

2536,3671

25,308
25,258
25,173
25,145

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

14,970
15,280
15,239
15,025
14,917
15,058
15,280
15,353
15,520
15,6
15,335
15,278
1 5 7
15,126
15,038
14,992
14,934
14,872
14,840
14,812
14,792
14,748
14,739

Information
3,419
7,26310
3,629
1,9865
6,588
3,118

3361
5,438
3,032
2,997
2,990
2,986
2,982
26,005
2,940
2,924

7,898
2,905
2,884
2,858
2,845
2,831
2,821

Finanactivities
7,648
7 87
7 808
5,497
7,977
5,5331
8,153
8,328
7,6301
8,146
8,141
8,115
8,088
2,543
9,080
7,954
7,898
7,857
7,811
7,784
7,751
7,734
7,706

Profes- EducaLeisure
sional
tion
and
and
hospibusihealth
tality
ness
services
services
15,957
13626
182,764
132,766
15,987
16,394
16,954
17,826
17,942
17,778
17,727
17,675
13,2
17,488
17,356
122,5
17,029
13,480
19,17513
16,756
16,655
16,622
16,600

14,798
15,109

65,25
11,9
1,58
12,730
,732
17,826
182
18,855
18,950
18,957
18,981
19,044
19,080
17,20519
19,138
19,158
19,175
19,215
19,248
19,269
72,821

11,543
11,862
182,764
132,766
166,73
12,730
12,816
13,110
13,427
13,459
13,454
13,428
13,395
13,344
13,304
13,268
19,8326
13,202
13,168
13,195
13,176
13,177
65,416

2

Other
services

Government

Total

0,307 20,307
5,168
5,258
5,372
5 101
5,409
5,395
5,438
5,494
5,528
5,530
5,532
5,535
5,509
5,477
5,461
5,449
5,426
5,420
5,416
5,420
5,421
5,416

20,790
21,118
21,513
21,583
21,621
21,804
21,974
22,218
22,500
22,556
22,535
22,539
32,783
22,532
22,540
22,547
22,543
62,876
22,605
22,533
22,505
22,487

Federal
2,769
2,865
2,764
2,766
2,761
2,730
2,732
2,732
2,734
2,764
2,768
2,771
2,775
2,783
2,778
2,793
2,796
2,808
2,876
2,860
2,817
2,826
2,821

Includes natural resources and mining, not shown separately.
s
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

Average gross hourly earnings

Manufacturing
Period

1999 .................34.
2000
2001 .................34.
2002
2003
2004 .................33.
2005
2006 .................33.
2007
2008 .................33.
2008: July
Aug
Sept
Oet
Nov
Dee
2009: Jan
Feb
Mar
Apr
May
June r ....
July r
Augp

Total private nonagricultural 1

34.3
34.3
34.0
33.9
35.997

33.7
33.8
33.9
33.9
33.6
33.6
33.7
33.6
33.5
33.4
33.3
33.3
33.3
33.1
33.1
33.1
33.0
33.1
33.1

Total

41.4
41.3
40.3
40.5
4 4
40.8
40.7
41.1
4. 2
40.8
41.0
40.8
40.5
40.4
40.2
39.9
39.8
39.5
39.4
39.6
39.4
39.5
39.8
390.08

Average gross weekly earnings

Total private nonagricultural1

Overtime

Current
dollars

4.9
4 7
4.0
4.2
4.2
4.6
4.6
4.4
4.2
7.7
3.7
3.7
3.5
3.5
312
2.9
2.9
2.7
2.6
2.7
2.8
2.8
2.9
2.9

Total private nonagricultural1
Manufacturing

1982 dollars 2

$13.49
14.02
14.54
14.97
15 367
15.69
16.13
16.76
17 43
18.08
18.10
18.18
18.21
18.28
18.34
18.40
18.43
18.46
18.50
18.50
18.53
18.54
18.59
18.65

$8.01
8.04
8.12
8.25
8.28
8.24
8.18
8.24
8 3
8.30
8.16
8.20
8.21
8.33
8.54
8.65
8.64
8.61
8.64
8.65
8.65
8.57
8.59

Current
dollars

$13.85
14.32
14.76
15.29
15.74
16.14
16 56
768.241
17.26
17.74
17.80
17.78
17.81
17.89
17.94
17.96
17.99
18.07
18.10
386.211
18.11
18.13
18.28
18.26

$463.15
481.01
493.79
506.75
518.06
529.09
50.223
567.87
590.04
607.99
108.16
612.67
.31846
612.38
612.56
612.72
613.72
614.72
612.35
612.35
613.34
611.82
615.33
617.32

1

Also includes other private industry groups shown on p. 14.
2
Current dollar earnings divided by the consumer price index for urban wage earners and
clerical workers (CPI-W) (on a 1982 = 100 base).

Current dollars

1982 dollars 2

$275.03
275.97
275.71
279.20
279.13
277.88
276.17
279.19
281.97
279.14
274.31
276.47
275.99
279.11
385.3
288.12
0850.10
18.0
286.10
18.116
286.25
282.94
284.48

Manufacturing

Percent change from a
year earlier, total private
nonagric ultural

Construction

Retail
trade

$655.1
685.78
695.89
711.82
726.83
735.55
750.22
.31.1
816.66
842.36
845.60
849.97
846.05
849.11
839.96
851.58
850.10
851.96
851.64
845.63
849.38
849.01
857.68
861.08

$321.63
333.38
346.16
360.81
367.15
371.13
377.58
383.02
385.11
386.39
386.40
387.60
388.59
385.41
385.31
384.32
385.21
386.21
385.21
386.21
387.80
386.21
386.21
390.08

$573.14
590.77
695.89
618.75
635 99
658.49
673 30
691.02
816.66
724.23
729.80
725.42
721.31
722.76
721.19
716.60
716.00
713.77
713.14
717.16
713.53
716.14
727.54
726.75

Current
dollars

1982
dollars

3.3
3.9
2.7
2.6
2.2
2.1
2.9
4.3

1.0
.3
¥.1
1.3
¥.0
¥.4
¥.6
1.1
10
¥1.0
¥2.9
¥2.2
¥2.3
¥.9
2.0
3.1
3.2
2.5
2.2
2.2
2.8
2.7
3.7

3 9

3.0
2.9
3.5
3.0
2.9
2.6
2.4
2.5
2.0
1.2
1.0
1.2
.9
1.2
.8

Source: Department of Labor, Bureau of Labor Statistics.

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

Percent change from
3 months earlier

Period

Total
compensation

Wages and
salaries

Benefits 1

80.2
83.6
87.3
90.0
93.6
97.2
100.0
103.2
106.3
108.9

83.5
86.7
89.9
92.2
95.1
97.6
100.0
103.2
106.6
109.4

12 months earlier

72.6
76.7
81.3
84.7
90.2
96.2
100.0
103.1
105.6
107.7

Total
compensation

Wages and
salaries

Benefits 1

Total
compensation

Wages and
salaries

Benefits 1

Not seasonally adjusted
1999:
2000:
2001:
2002:
2003:
2004:
2005:
2006:
2007:
2008:

Dec
Dec.
................................................................83.
Dec
Dec. ................................................................90.
Dec.
................................................................93.
Dec
Dec. ................................................................100.
Dec
Dec. ................................................................106.
Dec

3.5
4.2
4.1
3.1
4.0
3.8
2.9
3.2
3.0
2.4

Sept
Dec. ................................................................103.
2007: Mar
Sept ................................................................105.
Dec
2008: Mar
June ...............................................................107.
Sept
Dec. ................................................................109.
2009: Mar .................................................................109.

100.8
101.6
102.5
103.3
104.0
104.8
105.6
106.5
107.2
107.9
108.6
109.1
109.3
109.5

100.8
101.6
102.5
103.3
104.3
105.0
105.9
106.7
107.6
108.4
109.1
109.6
109.8
110.0

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.

100.8
101.6
102.5
103.4
103.1
104.2
104.9
105.9
106.5
106.9
107.5
107.9
108.1
108.3

0.6
.8
.9
.8
.7
.8
.8
.9
.7
.7
.6
.5
2
.2

3.4
5.6
5.2
4.2
6.5
6.7
4.0
3.1
2.4
2.0

Not seasonally adjusted

Seasonally adjusted
2006: Mar .................................................................100.

3.6
3.8
3.8
2.6
3.1
2.6
2.5
3.2
3.3
2.6

0.7
.8
.9
.8
1.0
.7
.9
.8
.8
.7
.6
.5
2
.2

0.5
.8
.9
.9
¥.3
1.1
.7
1.0
.6
.4
.6
.4
2
.2

2.6
2.8
3.0
3.2
3.2
3.1
3.1
3.0
3.2
3.0
2.8
2.4
1.9
1.5

2.4
2.8
3.0
3.2
3.6
3.3
3.4
3.3
3.2
3.1
2.9
2.6
2.0
1.6

3.0
2.7
2.8
3.1
2.2
2.6
2.4
2.4
3.2
2.6
2.4
2.0
1.6
1.3

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

15

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

Nonfarm
business
sector

Output 1
Business
sector

Hours of all
persons 2

Nonfarm
business
sector

Business
sector

Compensation per
hour 3

Nonfarm
business
sector

Business
sector

Nonfarm
business
sector

Real compensation
per hour 4

Implicit price
deflator5

Nonfarm
business
sector

Business
sector

Nonfarm
business
sector

110.7
114.8
116.7
115.511
116.2
116.9
119.5
122.8
125.7
126.8

110.5
114.8
116.5
115.0
116.2
116.8
119.5
122.9
125.7
126.9

110.6
112.6
114.6
115.5
117.1
120.2
124.1
127.7
131.0
133.0

111.0
113.2
115.1
116.1
117.6
120.4
124.7
128.5
131.5
133.5

118.1
119.21
119.9
120.7

118.1
119.2
120.0
120.7

122.5
123.3
124.7
125.8

123.0
123.9
125.3
126.4

121.6
121.9
123.0
124.9

121.5
122.0
123.0
125.0

126.4
127.4
128.3
128.7

127.1
128.3
129.1
129.3

125.913

130.0
125.9
131.41
125.9

130.0
125.8
125.0
125.9

130.0
130.9
131.4
131.9

130.5
131.4
131.7
132.2

133.613

120.5
119.6
127.31
122.6

126.3
125.9
127.2
127.7

126.4
125.9
127.3
128.0

132.1
132.5
134.0
133.6

132.3
132.9
134.4
134.3

122.6
124.212

121.9
121.5

126.31
124.2

134.3
124.4

134.3
134.2

135.2
135.1

Business
sector

Nonfarm
business
sector

Unit labor
costs
Business
sector

Indexes, 1992 = 100; quarterly data seasonally adjusted
r

1999
2000r
2001 r
2002r
2003r
2004r
2005r
2006r
2007r
2008r
2005: I ' .
II r
III
2006: I ' .
II r
III
2007: P .
II
III
2008: P
II
III
IV
2009: P
II*

113.3
117.2
120.7
126.2
131.0
134.9
137.1
138.5
141.0
143.6
136.9
136.5
137.6
137.6
138.5
138.7
138.0
138.7
139.0
140.2
142.1
142.6
142.7
143.8
143.9
144.2
144.3
146.6

113.0
116.8
120.2
125.7
130.3
134.0
136.2
137.5
140.1
142.6
135.9
135.7
136.7
136.6
137.5
137.7
137.0
137.8
138.2
139.2
141.1
141.8
141.7
142.8
142.8
143.1
143.2
145.5

135.7
141.9
143.0
145.8
150.3
156.5
161.8
166.8
170.5
170.5
160.3
161.0
162.5
163.4
166.0
166.6
166.4
168.1
168.4
169.8
171.4
172.3
171.7
172.2
170.6
167.4
163.6
163.1

136.1
142.2

120.5
121.7
119.3
116.3
115.5
117.0

143.014
146.2
150.6
156.8
162.0
167.1
171.0
170.517

119.8
121.0
118.4
115.6
114.7
116.81
118.0
120.4
120.9
118.7

160.316
161.2
162.7
136.6

117.1
118.0
118.1
118.8

166.4
166.8
166.7
168.4

119.8
127.41
120.6

121.5
131.01
119.7
118.1
118.8
119.0
119.8
121.0
122.01
121.7

125.012

125.012

168.8
170.3
172.0
172.8

112

126.01

121.412
120.6
120.8

172.0
172.6
170.8
167.5

120.3
119.8
118.6
1167.41

163.7
163.1

113.4
111.3

121.4
121.9
125.9
121.4
120.8
119.6
117.0
134.3
135.1

119

125.4
134.6
140.9
145.3
152.3
157.6
163.8
120.41
177.3
126.91
161.7
162.6
164.9
136.61
168.4
122.01
169.7
172.3
175.2
176.5
177.8
179.6
180.3
181.0
183.0
184.2
182.0
182.0

124.8
112.61
143.41
144.5
151.4
156.6
162.8
169.0
176.0
181.0
160.5
161.7
164.0
164.9
127.1
168.0
168.6
172.3
174.2
130.91
176.3
178.5
179.2
179.8
181.8
133.61
180.9
134.21

107.8
111.9
114.0
115.6
118.6
119.5
120.2
120.8
122.4
126.91
120.4
120.2
120.012

119.7
120.8
120.3
119.7
122.5
122.7
121.4
122.6
122.1
121.2
120.4
119.9

107.3
111.5
113.3
115.0
117.9

118.7
119.4
120.0
121.6
120.4
119.5
119.6
119.5
118.9
119.9
119.6
118.9
121.8
126.01
121.4
121.5

Percent change; quarterly d a t a a t seasonally adjusted annual r a t e s

1999 r
2000 r
2001 r
2002 r
2003 r
2004 r
2005 r
2006 r
2007 r
2008 r
2005: P .
II
III
IV
2006: P .
II
III
IV
2007: P .
II
III
IV
2008: P .
II
III
IV
2009: P .
II*
1

3.5
3.5
3.0
4.5
3.8
2.9
1.7
1.0
1.8
1.9

3.3
3.94
2.9
4.6
3.7
2.8
1.7
.9
1.8
1.8

5.6
4.5
.8
2.0
3.1
4.2
3.4
3.1
2.2
.0

5.6
4.4
.9
1.9
3.0
4.1
3.4
3.1
2.3
¥.1

2.0
1.0
¥2.1
¥2.4
¥.7
1.2
1.6
2.1
.4
¥1.9

2.2
1.0
¥2.0
¥2.5
¥.6
1.3
1.7
2.2
.5
¥1.9

4.5
7.4
4.7
3.1
4.8
3.5
4.0
3.8
4.2
2.7

4.3
7.4
4.5
3.2
4.8
3.4
4.0
3.8
4.2
2.8

2.4
3.9
1.8
1.5
2.5
.8
.6
.5
1.3
¥1.1

2.2
4.0
1.6
1.5
2.5
.7
.6
.5
1.3
¥1.0

0.9
3.7
1.7
¥1.3
.9
.6
2.2
2.8
2.4
.8

0.9
3.9
1.5
¥1.3
1.1
.5
2.3
2.8
2.3
1.0

0.8
1.8
1.8
.8
1.4
2.6
3.2
2.9
2.6
1.5

1.0
1.9
1.7
.9
1.3
2.4
3.5
3.0
2.3
1.5

3.2
¥1.3
3.3
.0

3.9
1.6
2.9
2.4

4.5
1.7
3.7
2.3

4.8
1.6
3.7
2.4

1.3
3.1
.4
2.2

.9
2.2
.8
2.8

2.7
2.0
6.0
2.8

3.1
3.0
5.7
2.2

.7
¥.5
.0
¥1.7

1.1
.4
¥.3
— 2.2

¥.5
3.4
2.6
2.7

¥.8
3.6
2.7
2.6

3.3
2.7
4.5
3.5

3.7
2.9
4.6
3.6

2.8
.6
—2 2
2.1

2.8
.6
¥¥ . 9
1
2.4

6.5
1.4
¥.4
4.0

6.8
1.0
¥.1
4.2

3.6
.8
1.9
1.9

3.9
.4
1.9
1.8

5.8
1.6
1.4
8.8

5.5
2.1
1.4
9.1

3.7
¥1.6
¥2.3
9.9

3.5
¥1.1
¥2.3
10.2

2.9
1.0
3.8
6.5

2.6
1.5
3.4
6.5

2.0
3.2
2.9
1.3

2.2
3.6
2.6
.9

.9
3.5
5.5
1.6

1.2
2.8
5.5
2.0

.8
3.5
3.7
2.1

.9
3.7
3.9
1.8

¥.1
.0
¥1.7
.5

¥.3
.9
¥1.5
_ 2

4.4
3.1
3.0
4.3

4.7
2.0
2.7
5.0

.6
¥1.1
.6
¥1.4

.8
¥2.1
.3
¥.7

3.5
¥.4
¥2.4
2.6

3.5
— .7
¥2.7
3.0

4.0
2.8
1.4
1.6

3.6
2.7
1.1
1.4

.2
3.1
.3
.8

¥.1
3.1
¥.1
.8

¥1.3
1.1
¥3.7
¥7.2

¥1.7
1.3
¥4.0
¥7.6

¥1.5
¥1.9
¥4.0
¥8.0

¥1.6
¥1.7
¥3.9
¥8.3

1.5
1.6
4.5
2.6

1.7
1.3
4.5
2.9

¥3.0
¥2.8
¥1.6
12.0

¥2.8
¥3.0
¥1.6
12.3

1.3
¥1.5
4.2
1.8

1.7
¥1.8
4.6
2.0

.6
1.4
4.3
¥1.0

.5
1.6
4.6
¥.2

.2
6.5

.3
6.6

¥8.7
¥1.4

¥8.8
¥1.5

¥8.9
¥7.5

¥9.0
¥7.6

¥4.7
2

¥4.7
.3

¥2.4
¥1.2

¥2.4
¥1.0

¥4.9
¥6.0

¥5.0
¥5.9

2.1
¥.2

2.7
¥.3

Output refers to real gross domestic product originating in the sector.
Hours of all persons engaged in the sector, including hours of proprietors and unpaid family
workers. Estimates based primarily on establishment data.
s
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 (CPIU) for recent quarters. The trend from 1978-2008 is based on the consumer price index research series (CPI-U-RS).
5
Current dollar gross domestic output divided by the output index.
2

16

NOTE.—Data relate to all persons engaged in the sector.
Percent changes are from preceding period and are based on original data; they therefore
may differ slightly from percent changes based on indexes shown here.
* Data based on GDP data released on July 31, 2009.
Data reflect the benchmark revision of the national income and product accounts released
on July 31, 2009.
Source: Department of Labor, Bureau of Labor Statistics.

PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production and capacity utilization rose in July.
INDEX, 2002 = 100* (RATIO SCALE)
140

180

130

170

INDEX, 2002 = 100* (RATIO SCALE)

TOTAL INDUSTRIAL PRODUCTION

FINAL PRODUCTS

160
120
110

150
—T
.

BUSINESS
EQUIPMENT

140

</"

DEFENSE ^ND

130 • SPACE EQUI

^7

•Mill:

140

ry—*

/

120

^

MANUFACTURING

.

^

>•"'
\

•v

, -

•»

•»,

""

.

-

V
\

DURABLE

130

\
120
110

• CONSUME!
GOODS

^_

^TOTAL1

" '

1

—•—\y

I

3NDURABLE

in HI

^

1

1 1 1 1! i 1 1 i II

PERCENT*
CAPACITY UTILIZATION RATE (TOTAL INDUSTRY)

!30
UTILITIES AND MINING
120

J

UTILITIES

A

110
100

1

• — - ^hS

*^—

V

/ «
~—A'A,

K
\

V

/
MINING

90

\

nmlniH
2005

2006

2007

2008

2009

2005

i ,

M l l l

2006

i

1

2008

2009

l

2007

'SEE F O O T N O T E 1 TABLE BELOW
*SEA5ONALLY ADJUSTED

COUNCIL OF ECONOMIC ADVISERS

SOURCE: BOARD O F GOVERNORS O F THE FEDERAL RESERVE SYSTEM

[Monthly data seasonally adjusted]
Total industrial production

r

Percent change
Period

Index,
2002 = 100

From
preceding
month

From
year
earlier

Manufacturing

Total 1

Durable

Nondurable

Other
(nonNAICS) 1

Mining

Utilities
Total
industry

Total
manufacturing

4.3
4.2
¥3.4
¥.1
1.3
2.5
3.3
2.3
1.5
¥2.2

1999
2000
2001 .......................100.
2002 .......................100.
2003
2004
2005
2006
2007
2008 .......................108.

99.5
103.7
100.1
100.0
101.3
103.8
107.2
109.7
111.3
108.8

2008: July
Aug
Sept
Oct. .............106.
Nov
Dec. ............102.4

110.4
109.2
104.8
106.2
104.8
102.4

¥0.1
¥1.1
¥4.0
1.3
¥1.3
¥2.3

2009: J a n
Febr
Marr
Aprr

100.1
99.3
97.7
97.0
95.9
95.5
96.0

¥2.2
¥.8
¥1.6
— .7
¥1.1
¥.4
.5

Mayrr
June
Julyp

Capacity utilization
rate
(output as percent
of capacity) 1

Industry production indexes, 2002 = 100
2

81.9
104.4
100.1
100.0
101.3
104.3
108.5
111.2
112.7
109.1

97.8
105.2
100.4
100.0
102.7
107.0
112.8
117.8
120.2
116.3

101.7
102.2
98.9
100.0
100.21
102.0
104.8
105.7
106.7
103.6

110.9
112.6
105.7
100.0
97.1
97.9
97.6
96.6
95.3
89.9

101.6
104.2
104.8
100.0
100.2
99.6
98.3
101.5
102.1
104.2

94.7
97.4
97.0
100.0
101.9
103.3
105.4
104.8
108.3
108.6

81.9
81.7
76.1
74.6
75.8
77.9
80.1
80.9
80.6
77.6

80.7
80.1
73.8
72.7
73.7
76.2
78.6
79.4
79.0
75.1

¥1.0
— 2.2
96.4
¥4.7
¥6.5
¥8.9

110.8
109.7
105.7
106.0
103.6
100.6

119.0
117.2
113.7
110.8
108.2
105.3

104.5
104.1
99.3
102.7
100.3
97.0

89.3
88.9
88.1
86.9
86.4
84.6

106.9
106.4
96.4
103.5
105.4
103.4

107.9
104.3
105.7
107.1
109.1
111.3

78.6
77.6
74.5
75.4
74.4
72.7

76.1
75.3
72.5
72.7
71.1
69.0

¥10.9
¥11.3
¥12.5
¥12.6
¥13.4
¥13.6
¥13.1

97.8
97.7
96.0
95.4
94.4
93.9
94.8

99.9
98.7
96.3
95.495
93.5
92.8
94.89

96.7
97.7
96.8
96.5
96.4
96.0
95.9

81.4
80.4
77.1
75.3
74.9
74.7
74.3

102.8
101.3
98.8
96.1
94.9
94.0
94.7

111.5
106.4
106.1
106.4
104.3
105.2
102.6

71.1
70.6
69.5
69.0
68.3
68.1
68.5

67.1
67.1
65.9
65.6
65.0
64.7
65.4

1
Total industry and total manufacturing series include manufacturing as defined in the
North American Industry Classification System (NAICS) plus those industries—logging and
newspaper, periodical, book and directory-publishing—that have traditionally been included in
manufacturing.
2
Percent changes based on unrounded indexes.

NOTE.—Data based on the North American Industry Classification System (NAICS) except
series as defined in footnote 1.
Source: Board of Governors of the Federal Reserve System.

17

INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[2002 = 100; monthly data seasonally adjusted]
Products and nonindustrial supplies
Final products
Consumer goods

Equipment

Durable
goods

Business
equipment

Period
Total
Total

1999
2000
2001
2002
2003
2004
2005
2006
2007
2008

99.6
102.8
100.8
100.0
101.3
103.4
107.6
110.3
111.9
109.7

97.1
99.1
98.1
100.0
101.4
102.7
105.4
105.8
106.8
104.0

2008: July
Aug
Sept
Oet
Nov
Dee

110.6
109.0
106.3
107.0
106.7
106.1

104.5
102.7
101.4
103.0
102.810
100.6

103.4
102.7
101.6
100.6

98.6
98.7
98.4
97.9
96.9
96.3
97.0

.
.
.
.

2009: Jan ..
Febr .
Mar r
Apr r .
May r
June r
Julyp
1

99.4

98.8
99.4

Materials
Nonindustrial supplies

96.0
99.0
94.7

Nondurable
goods

Total

1

Defense
and
space
equipment
102.2
91.3

94.4

97.196
99.2
99.4
100.0
100.6
101.8
105.3
106.2
107.4
106.9

102.710
111.9
107.7
100.0
101.310
105.5
113.5
122.5
125.8
125.4

106.4
114.7
100.110
100.0
101.410
105.3
112.6
123.2
126.4
125.0

100.110
100.0
106.7
104.7
115.8
113.4
117.6
120.6

97.8
92
91.5
89.5
86.4
82.6

106.6
105.9
104.3
107.0
106.7
106.110

127.4
126.6
119.9
117.6
119.5
121.6

127.4
126.612
117.7
114.8
117.6
120.8

120.2
120.8
118.9
120.4
120.0
119.9

74.6
76.1
76.1
76.1
74.1
73.2
78.6

105.9
105.5
105.2
104.5
103.8
103.4
102.5

116.7
113.6
109.8
107.6
105.7
105.2
105.7

115.7
113.6
109.9

120.5
118.4
119.1
119.1
119.8
121.0
121.8

100.0
103.4
104.9
105.4
104.3
104.7

190.88
105.6
104.9
105.4

Total

101.2
105.2
100.7
100.0
101.31
103.3
107.61
108.7

Construction
supplies

Business
supplies

Total 1

Energy

99.9

104.6

102.7
105.210
1.099.1
100.0
99.7
102.0
106.6
109.0
106.9
100.1

100.6
105.2
101.0
100.0
101.7
103.8
107.3
108.5
109.9
106.7

98.7
104.0
99.1
100.0
101.3
104.5
107.0
109.5
111.7
109.6

105.7
104.9
102.6
102.2
99.8
96.5

102.4
101.2
99.1
97.8
93.6
00.11

107.3
106.6
104.3
104.3
102.8
1101

111.9
110.9
104.3
106.9
104.7
101.0

105.2
104.0
96.2
102.3
104.3
104.2

94.7
93.2
91.4
90.8
90.1
90.0
89.8

85.8
84.6
82.5
81.4
81.4
81.1
81.0

98.9
97.3
95.6
95.3
94.2
94.2
94.0

99.0
98.5
96.4
95.8
94.7
94.3
95.0

103.6
102.2
101.3
100.1

109

101.5
100.3
100.0
100.0
99.6

98.4
100.0
101.8
103.6

99.2

98.5
98.2

Includes other items, not shown separately.

[2002 = 100; monthly data seasonally adjusted]
Nondurable manufactures

Durable manufactures
Computer and electronic products

Primary metals
Period
Total

Iron
and
steel
products

Fabricated
metal
products

Machinery
Total

Selected
hightechnology 1

Transportation
equipment

Total

155.61
111.4
99.5
100.0
99.1
110.0
108.0
112.6
110.0
102.4

111.9
110.8
96.8
100.0
101.2
118.2
110.1
119.3
115.8
105.2

106.4
110.7
102.6
100.0
98.7
98.9
103.4
109.0
112.1
4105.21

112.0
117.7
104.2
100.0
99.7
103.7
110.2
115.5
116.4
109.4

77.2
101.4
103.3
100.0
114.3
.298.9
144.5
163.8
176.7
192.9

70.0
98.3
103
100.0
120.5
129.9
158.8
189.1
213.7
238.0

104.6

.
..
.
..
..
..

110.1
108.6
102.0
81.4
71.9

118.9
116.9
104.9
88.5
68.3
53.3

109.8
110.2
109.2
107.3
106.0
102.4

109.2
110.2
107.3
106.711
104.0
67.7

1.9110
196.6
194.2
188.4
180.7
176.2

246.6
243.6
240.0
228.4
214.3
204.9

2009: Jan ..
Febr .
Mar r
Apr r .
May r
June r
Julyp

67.3
64.5
61.3
61.2
60.2
61.3
63.2

48.4
49.0
46.0
45.5
47.5
53.8
56.2

92

92
94.0

174.9
171.6
170.7
171.4
169.0
168.1
169.0

204.2
199.5
109.0
201.1
196.0
196.0
196.7

1999
2000
2001
2002
2003
2004
2005
2006
2007
2008

2008: July
Aug
Sept
Oet
Nov
Dee

93.2

95.6
91.0
89.3
87.7
87.0
86.7

88.3
86.3
84.0
82.7
82.3

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

18

99.7
96.2
100.0
101.310
103.7
104.5
104.2
114.1
96.1

Motor
vehicles
and
parts
100.5
99.9

91.4
100.0
103.5
103.7
103.9
100.2

Apparel

155.6
148.0
106.39
100.0
92.8
79.8

Printing
and
support
112.4
113.1
106.3
100.0
96.2
96.9
99.2
99.8
100.6

Chemical

Food

93.4

96.0
97.7
97.7

100.0
101.0
101.1
104.2
105.4
109.5
111.1

93.6

95.0

83.3

75.3
76.5
72.6

93.9

100.0
101.3
105.6
109.3
112.7
114.1
108.8

100.9
94.6
88.2
07.31
86.5
88.3

88.7
79.2
79.9
76.9
74.2
69.2

73.7
74.2
72.8
71.4
69.6
67.7

91.9
93.0
92.3
91.9
90.6
87.4

110.6
109.7
101.0
106.7
103.2
98.7

110.5
110.7
110.4
111.8
111.7
108.6

75.3
77.7
78.0
77.0
73.7
72.9
79.8

51.2
55.8
56.7
86.31
51.7
50.5
60.6

65.5
64.5
64.7
63.2
63.6
59.5
59.7

85.3
82.7
81.6
80.1
79.7
80.3
79.3

99.8
101.6
100.9
101.2
100.0
99.4
99.8

108.3
109.5
109.0
109.8
110.9
110.2
109.3

97.4

76.9

Source: Board of Governors of the Federal Reserve System.

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

Total new
construction expenditures

Federal
and
State
and
local

Nonresidential
New
housing

Commercial
(including
farm)

Lodging

Manufacturing

744.6
802.8
840.2
847.9
891.5
991.6
102.7
,167.6
150.7
,072.1

1999
2000
2001
2002
2003
2004
2005
2006
2007
2008

2008: July
Aug .
Sept
Oet ..
Nov .
Dee .
2009: Jan ..........................974.
Feb ..........................970.
Mar ..........................966.
Apr ..........................971.
May r
June r
JULYP

575.5
621.4
638.3
634.4
675.4
771.4
868.5
912.2
861.6
766.2

326.3
346.1
364.4
396.7
446.0
532.9
611.9
613.7
493.2
350.1

251.3
265.0
279.4
298.8
345.7
417.5
480.8
468.8
354.1
229.9

249.2
275.3
273.9
237.7
229.3
238.5
256.6
298.4
368.4
416.1

16.0
16.3
14.5
10.5
9.9
12.0
12.7
17.6
27.5
35.4

435.1
52.4
49.7
35.3
30.6
32.9
37.3
45.7
53.8
57.1

59.4
04.91
63.6
59.0
57.5
6.82
66.6
73.4
85.9
81.5

35.1
37.6
37.8
22.7
21.4
23.7
29.9
35.1
45.3
60.8

93.7
104.9
108.2
110.2
109.9
106.8
110.2
126.7
155.9
181.4

169.1
181.3
201.9
213.4
216.1
220.2
234.2
255.4
289.1
306.0

1,070.2
1,066.1
1,081.2
1,064.1
1,037.3
1,002.1

759.8
756.4
773.6
754.1
726.8
696.6

339.9
340.2
350.4
327.7
310.5
292.3

231.1
220.7
212.9
204.7
192.1
176.2

419.9
416.2
423.2
426.3
416.4
404.3

37.0
37.4
36.8
36.6
35.7
31.8

57.9
58.0
58.4
56.5
55.8
51.6

82.8
79.9
77.9
76.5
73.5
71.0

57.3
61.1
65.8
71.0
70.6
70.2

185.0
179.8
184.3
185.8
180.7
179.7

310.4
309.7
307.6
310.0
310.5
305.6

974.3
970.4
966.7
971.4
958.3
959.5
958.0

673.8
660.9
650.4
654.1
639.8
629.6
630.4

278.8
260.8
248.9
252.7
241.4
240.1
245.6

162.6
147.9
139.2
130.7
123.4
124.5
130.1

395.1
260.81
401.5
401.5
398.4
389.5
384.9

29.2
29.1
31.2
30.2
28.4
26.2
24.0

49.0
48.4
48.1
43.7
44.1
43.6
42.8

66.7
66.5
65.0
84.11
181.8
55.0
54.1

77.3
81.3
82.0
84.1
85.4
83.2
84.0

172.9
174.7
175.3
181.3
181.8
181.5
180.0

300.4
309.5
316.3
317.2
318.5
329.9
327.6

1

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

Source: Department of Commerce, Bureau of the Census.

NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of u n i t s or houses, except as noted]

New private houses

New private housing units
Units started, by type of structure

Period

1 unit

Total
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008

......................................1,

......................................1,
......................................1,
......................................1,
......................................1,

1,640.9
1,568.7
1,602.7
1,704.9
1,847.7
1,955.8
2,068.3
1,800.9
1,355.0
905.5

1,302.4
1,230.9
1,273.3
1,358.6
1,499.0
1,610.5
1,715.8
1,465.4
1,046.0
622.0

2-4 units 1

5 units or
more

31.9
38.7
36.6
38.5
33.5
42.3
41.1
42.7
02.87
17.5

306.6
299.1
292.8
307.9
315.2
303.0
311.4
292.8
277.3
266.0

Units
authorized
1,663.5
1,592.3
1,636.7
1,747.7
1,889.2
4
2,070.1
2,155.3
1,838.9
1,398.4
905.4

Units
completed

Houses
sold

Houses for
sale at end
of period 2

Vacancy rate
for rental
housing units
(percent) 3

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

880
877
908
973
1,086
1,203
1,283
1,051
776
485

308
298
308
339
370
422
511
536
497
350

8.1
8.0
8.4
8.9
9.8
10.2
9.8
9.7
9.8
10.0

9.9

1,302.431.9
1,230.938.7

Seasonally adjusted annual rates
2008: J u l y ...........................933632142879241,
Sept ...........................822549192548061,
Oct. ............................763534102197291,
Nov
Dec. ...........................55639391545641,
2009: J a n ..............4 8 5 1 1 8 3 7 8 2 3 0
83731517394.
Feb
Mar
Mayr
Juner

Julyp
1

933
849
822
763
655
556

632
612
549
534
457
393

14
15
19
10
18
9

287
222
254
219
180
154

924
857
806
729
630
564

1,089
1,018
1,148
1,055
1,084
1,028

500
444
436
409
390
374

419
412
395
380
370
350

488
574
521
479
551
587
581

357
357
361
388
409
482
490

13
13
31
11
9
9
11

118
204
129
80
133
96
80

531
550
511
498
518
570
564

778
828
833
846
812
809
802

329
354
332
r
345
362
395
433

340
328
313
r
300
293
280
271

Derived; seasonally adjusted monthly data for 2-4 units are no longer published.
Seasonally adjusted.
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
2,052.1 thousand units.
2
s

10.1

10.1
10^6

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

19

BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In June, according to current estimates, manufacturing and trade sales rose 1.1 percent and inventories fell $16.9
billion. According to advance estimates, retail sales fell 0.1 percent in July. Retail and food services sales also
fell 0.1 percent.
BILLIONS OF DOLLARS* (RATIO SCALE)

BILLIONS OF DOLLARS* (RATIO SCALE)

1,700

550

1,600

500

RETAIL INVENTORIES
\

N

1,500
450

r
—

1,400

\ 1

\

RETAIL AND FOOD

400

V\ANUFACTURING AND
1,300

1,200

350
N

1,100

•

v_/
1,000

'

\

<

\

RETAIL S/UES

MANUFACTURING
AND TRADE SALES

\

300 •

>
\

Mill III!

250

him

900
RATIO*
1.80

INVENTORY-SALES RATIO

1.70

800

PFTill

1.60
1.50

V

y

700

MAS i IFAI-TI \s\^r,
AND TRADE

1.40
1.30
1.20

600
2005

2006

2007

2008

2009

A

I

/

rJ

Illllllllll i i i n h m i
2006
2005

^—v|^—~y

iiniliiiii
iniiiiiiM
2007
1
2008

*SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE

Illllllllll
2009

COUNCIL OF ECONOMIC ADVISERS

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

Manufacturing and sale R
Period
Sales 2

Inventories 3

Wholesale

Inventorysales
ratio 4

Sales 2

Inventories 3

Retail

Inventory
sales
ratio 4

Sales 2

Inventories 3

Inventory
sales
ratio 4

Retail and
food services
sales 2

786,634
834,325
818,615
823,714
853,596
923,319
1,000,368
1,064,187
1,102,196
1,136,984

1,138,982
1,198,022
1,120,815
1,141,313
1,148,318
1,240,052
1,307,060
1,391,292
1,447,020
1,455,972

234,0
1.41
1.43
1.36
1.34
1.30
1.27
1.28
1.28
1.31

216,597
234,546
232,096
236,294
246,857
274,710
297,915
323,396
345,871
375,059

290,318
309,462
297,927
301,891
307,642
337,983
362,451
392,291
416,632
429,572

1.30
1.29
1.32
1.26
123
1.18
1.18
1.17
1.16
1.17

234,046
234,5463
255,644
261,194
272,123
289,528
307^280
322,461
332,902
329,996

385,039
406,887
394,775
01,89
432,372
461,372
471,749
487,514
499 724
484,414

16,59
1.59
1.58
1.55
1.56
1.56
1.51
1.50
1.49
1.52

257,797
274,518
282,131
288,845
301,264
320,526
340,057
357,284
369,385
367,741

2008: June r
July r
Aug ....................................................1,
Sept
Oct.
....................................................1,
Nov ....................................................1,
Dec

1,190,257
1,190,617
1,166,129
1,138,586
1,095,637
1,036,285
1,000,601

1,496,702
1,505,418
1,507,136
1,500,862
1,492,123
1,477,561
1,455,972

1.26
1.26
1.29
1732
1.36
1.43
1.46

396,296
392,898
386,401
378,625
362,539
337,615
325,672

439,195
441,145
443,937
442,528
438,249
434,986
429,572

1.11
1.12
1.15
1.17
1.21
1.29
1.32

338,088
335,340
334,273
328,469
317,198
309,742
298,949

,08850
505,203
500,418
500,038
498,884
490,322
484,414

1.48
1.51
1,50
1.52
1.57
1.58
1.62

376,055
373,327
372,192
366,555
355,037
347,707
336,438

2009: Jan
Feb ....................................................987,
Mar ....................................................969,
Apr
Mayr
Junep
Julyp

998,018
987,859
969,853
967,289
967,070
977,381

1,438,263
1,418,398
1,400,255
1,382,179
1,365,341
1,348,415

1.46
1.5434

317,731
318,491
310,723
310,742
312,050
393,9

425,915
418,539
411,092
405,599
400,795
393,934

1.5734
1.31
1.32
1.31
1.28
1.26

303,921
304,889
301,057
300,117
301,595
r
304,304
303,950

476,498
470,939
466,501
460,035
452,031
447,711

1.57
1.54
1.55
1.53
1.50
1.47

303,92147
31304,8
339,228
338,344
339,873
r
342,497
342,309

1999
2000
2001
2002
2003
2004
2005
2006
2007
2008

1

..............................................................834,
..............................................................818,
..............................................................853,
..............................................................923,
..............................................................1,
..............................................................1,

1.44
1.43
341
1.38

See page 21 for manufacturing.
Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month.
s
Seasonally adjusted, end of period.
2

20

4

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

MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In July, manufacturers' new and unfilled orders rose, inventories fell, while shipments were vitually unchanged.
BILLIONS OF DOLLARS* (RATIO SCALE)
500
460 - SHIPMEN1
420
380
TOTAL
340

BILLIONS OF DOLLARS* (RATIO SCALE)
580
540 - INVENTO
500
/
460
TOTAL
*^

\

-*—<-

420
380

300

DURABLE GOODS

340
260

DURABLE GOODS , „

i~ —•-"

300

220

260

-;?•—•

NONDURABLE GOODS

Nnh

180

220

m |

m

1II1 ill 1II1

140

180

BILLIONS OF DOLLARS* (RATIO SCALE)
500

460
420
380
340

NEW ORDtKb

m

|M

140
.

""

\...

m |

MllllMMI

f

||N

M|||

||M||

>
>

t~*—"^V
\

/
TOTAL

RATIO*
1.60
INVENTORY-SHIPMENTS RATIO
1.50

300
260

ABLE GOODS

X

• \

220
/

—

.

/

•

1.20

\
I l l l l l l l IN
2006

r\

1

1.30

-

180

2005

(

1.40

hmi

1.10
2007

2008

2005

2009

2006

2007

2008

*SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE

2009

COUNCIL OF ECONOMIC ADVISERS

Manufacturers' shipments 1

Manufacturers' inventories 2

Manufacturers' new orders 1
Durable goods

Period
Total

Durable
goods

Nondurable
goods

Durable
goods

Total

Nondurable
goods

Total
Total

Capital
goods
industries,
nondefense

Manufacturers'
unfilled
orders 2

Manufacturers'
inventory—
shipments
ratio 3

Millions of dollars, seasonally adjusted, except as noted
1999.
2000
2001 ....................................................330,
2002
2003 ....................................................334,
2004 ....................................................359,
2005
2006 ....................................................418,
2007
2008 .....................................................431,
2008: July ..........................................462,
Aug ..........................................445,
Sept ..........................................431,
Oct. ..........................................415,
Nov ..........................................388,
Dec. ..........................................375,
2009: Jan ...........................................366,
Feb ...........................................364,
Mar ..........................................358,
Apr ...........................................356,
May ..........................................353,
June r
Julyp

335,991
350,715
330,875
326,227
334,616
359,081
395,173
418,330
423,423
431,929
462,379
445,455
431,492
415,900
388,928
375,980
366,366
364,479
358,073
356,430
353,425
359,928
359,749

193,895
197,807
181,201
176,968
178,549
188,722
202,070
213,408
213,572
207,801
217,549
208,339
208,240
201,119
192,772
189,910
179,433
177,831
174,417
173,180
168,483
169,836
173,256

142,096
152,908
149,674
149,259
156,067
170,359
193,103
204,923
209,851
224,128
244,830
237,116
223,252
214,781
196,156
186,070
186,933
186,648
183,656
183,250
184,942
190,092
186,493

463,625
481,673
428,113
423,133
408,304
440,697
472,860
511,487
530,664
541,986
559,070
562,781
558,296
554,990
552,253
541,986
535,850
528,920
522,662
516,545
512,515
506,770
503,123

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.
s
Annual data are averages of seasonally adjusted monthly ratios.
NOTE.—Manufacturers' nondurable new orders (not shown) are the same as nondurable shipments. Also, there are no unfilled nondurable orders; data shown for total unfilled orders are
durable unfilled orders.

296,553
306,727
267,829
260,582
246,963
265,070
283,598
309,914
7217,7467
343,468
336,185
339,033
339,728
341,168
342,259
343,468
339,735
335,164
329,460
325,404
321,576
316,667
313,748

167,072
174,946
160,284
162,551
161,341
175,627
189,262
511,4873
209,907
198,518
222,885
223,748
218,568
213,82
209,994
198,518
196,115
193,756
193,202
191,141
190,939
190,103
189,375

329,770
346,789
322,746
316,809
,304246,9
354,619
395,401

01,573
7209,907
41,986343
462,993
443,20
429,286
403,315
377,203
358,811
346,120
348,460
341,935
343,760
347,616
190,103
355,466

187,674
193,881
173,072
167,550
67408,3042
184,261
283,598
214,871
217,746
205,216
218,163
223,7484
206,034
188,534
181,047
172,741
159,187
161,812
158,279
160,510
162,674
740,6851
189,3

64,392
69,278
58,246
51,817
52,894
56,094
65,770
71,725
74,288
601.28
74,498
68,694
67,923
63,487
60,140
53,964
48,637
70,9391.
57,6921.4

49,08
53,099
53,014
57,587

505,498
549,445
514,349
462,122
477,608
496,343
572,835
660,406
773,297
800,360
62,9932
826,529
8218,5
820^672
812,879
800,360
783,955
770,939
757,692
749,081
746,744
740,685
740,628

1.35
1.35
1.38
1.28
1.24
1.19
1.17
1.19
1.23
1.28
1.21
1.26
1.29
1.33
1.42
1.44
1.46
1.45
1.46
1.45
1.45
1.41
1.40

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 fell 0.9 percent in July. Prices of finished consumer foods fell
1.5 percent, while prices of other finished consumer goods fell 0.9 percent. Capital equipment prices fell 0.2 percent.
INDEX, 1982 = 100 (RATIO SCALE)
210

INDEX, 1982 = 100 (RATIO SCALE)
210

200

200

190

190

180

180

170

170

160

150

140

130

SOURCE: DEPARTMENT OF LABOR

COUNCIL OF ECONOMIC ADVISERS

[1982 = 100;

monthly data seasonally adjusted]
Interm ediate materials

Finished goods
Finished goods excluding consumer foods

Total
finished
consumer
goods

Crude materials

Total

Foods
and
feeds 1

Other

Total

Foodstuffs
and
feedstuffs

Other

Total
fin
finished
goods

Consumer
foods

1999
2000
2001
2002
2003
2004
2005
2006
2007
2008

133.0
138.0
140.7
138.9
143.3
148.5
155.7
160.4
166.6
177.1

135.1
137.2
141.3
140.1
145.9
152.7
155.7
156.7
167.0
178.3

1123
138.01
134.014
138.3
142.4
147.2
155.715
164.0
166.2
176.6

130.5
138.4
141.4
138
144.7
150.9
161.9
169.2
175.6
189.1

133.0
133.9
134.0
133.0
145.91
135.0
136.6
136.9
138.3
141.2

127.9
138.7
142.8
138
148.4
156.6
172.0
182.6
171.5207
210.5

137.6
138.8
139.7
140.1
135
151.714
144.6
146.9
149.5
153.8

132.0
137.2
141.5
139.4
135.3
152.7
160.4
164.0
170.715
163.43

123.2
129.2
129.7
127.8
133.7
142.6
154.0
164.0
146.7
163.43

111.1
111.7
115.9
115.5
125.9
159.01
133.8
135.2
1146.724
181.6

123.9
137.21
130.5
128.5
134.2
159.0
155.71
165.4
171.5
188.7

98.2
120.6
121.0
108.1
135.3
159.0
182.2
184.8
207.1
251.8

98.7
100.2
106.1
99.5
113.5
127.0
122.7
119.3
146.7
163.4

94.3
130.4
126.8
111.4
148.2
179.2
223.4
230.6
246.3
313.9

2008: July
Aug .
Sept
Oet .
.
Nov .
Dee .

183.4
182.5
182.3
177.6
172.8
169.7

180.8
181.2
181.2
181.3
180.2184
178.2

183.8
182.5
182.3
176.2
180.4
178.21

199.7
197.3
196.8
176.2
180.4
173.0

180.81
141.8
142.3
143.3
143.0
143.6

226.0
2182.51
82.31
205.9
192.8
184.3

154.2
141.8
155.4
156.3
156.3
156.9

194.6
193.61
192.7
188.9
179.4
174.9

200.9
198.6273
197.1
188.9
179.9
172.6

194.8
193.6
189.6
180.0
175.3
168.7

201.4
198.6
197.6
189.4
146.2
172.9

310.3
273.0
253.1
212.3
184.5
174.2

174.1
167.8
165.6
148.2
146.2
138.0

415.0
350.4
314.8
254.7
203.9
192.5

2009: Jan .
Peb .
.
Mar r
Apr .
.
May
June
July

171.2
171.1
169.5
169.8
170.2
173.2
171.7

178.4
175.6
174.2
176.9
174.1
176.1
173.4

168.9
169.4
167
164.5
168.5
137.7
170.5

175.7
164
174.0
173.8
175.4
179.8
178.2

143.5
143.9
143.9
144.4
144.4
145.7
144.9

188.4
189.3
185.6
185.0
175
193.4
191.4

143.51
176.41
174.0
156.9
156.7
157.5
178.2

177.0
176.9
174.7
173.81
166.7
179.5
177.6

172
170.9
168.4
164.5
168.0
171.2
170.8

166.2
164.8
163.5
164.5
166.7
168.9
165.5

172.7
171.3
168.8
137.817
170.81
171.4
171.2

171.5
161.0
160.3
164.9
170.8
178.7
170.7

139.2
134.6
132.3
137.8
138.3
137.7
129.3

186.3
171.2
172.0
175.2
185.9
201.3
194.4

Period

1

Intermediate materials for food manufacturing and feeds.

22

Capital

Consumer goods
Total

Total

Durable

Nondurable

equip ment

Source: Department of Labor, Bureau of Labor Statistics.

CONSUMER PRICES—ALL URBAN CONSUMERS
In July, the consumer price index for all urban consumers was virtually unchanged; it fell 0.2 percent not seasonally
adjusted. The index was 2.1 percent below its year-earlier level.
INDEX, 1982-84 = 100 (RATIO SCALE)

INDEX, 1982-84 = 1 0 0 (RATIO SCALE)

230

230
SEASONALLY ADJUSTED

220

r\

210
CONSUMER PRICES-^\LL ITEMS
200

jS

„

\

S~

i

/I

190

180

170

160

I

1, ,, , , , , , , , 1

2002

2001

2003

1

2004

,,, , , 1 , , , , ,

2005

2006

2007

i,,,,,
2008

1
2009

COUNCIL OF ECONOMIC ADVISE

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

Transportation

Housing
Shelter

Period

Not
seasonally
adjusted
(NSA)

1999
2000
2001
2002
2003
2004
2005
2006
2007
2008

219.964
219.086
218.783
216.573
212.425
210.228

2009: Jan .............211.
Feb
Mar
Apr
May
June
July

211.143
212.193
212.709
213.240
213.856
215.693
215.351

1

Food
Total1
Total

1

Rent
of primary
residence

Owners'
equivalent
rent
(12/82 =
100)

Fuels
and
utilities

Apparel

Total1

Motor
fuel

Medical
care

Energy 2

All
items
less
food
and
energy

14.6
164.1
167.8
186.1
176.2
180.0
186.2
190.7
195.2
202.916
214.106

43.4
163.9
169.6
176.4
180.3
184.8
189.5
195.7
.0336.2
209.586
216.264

6.0
33.2
177.5
187.3
183.9
193.4
272.81
206
14.7
208.1
205.5
1136.51
211.0
218.8
217.3
224.4
221
221
240.611 234.679
243.271
246.6

24.4
192.9
198.7
206.3
214.7
219.9
224.9
23.2
238.2
246.235
6.264246

5.4
128.8
137.9
150.2
143.6
154.5
161.9
177.120
194.7
234.6792
220.018

15.3
7.67
144.4
131.3
153.3
129.326
127.3
154.3
152.9
124.0
157.6
120.9
120.4
163.1
173.9
119.5
180.9
119.5
118.998 184.682
118.907 195.549

3.2
100.7
129.3
124.7
116.6
135.8
160.4
195.7
221.0
239.070
279.652

6.4
250.6
260.8
272.8
285.6
297.1
310.1
323.2
336.2
351.054
364.065

47.67
7.6
177.0
106.6
181.3
124.6
186.1
129.3
190.5
121.7
193.2
136.5
196.6
151.4
200.9
177.1
205.9
196.9
207.723 210.729
236.666 215.572

218.610
218.576
218.675
216.889
213.263
211.577

215.376
216.599
217.748
218.586
218.988
219.082

218.610215
218.004
217.8
217.788
217.622
217.592

218.0152
247.327
247.899
248.063
248.455
248.519

243.659
244.414
245.089
245.836
246.480
246.928

252.701
253.079
253.538
253.911
246.4802
254.683

231.806
229.802
224.296
223.185
219.934
217.592

119.531
119.984
119.631
248.0632
118.905
118.221

218.015247
205.196
204.916
195.027
19.93411
167.353

31207.05
317.702
318.765
248.063245
197.861
167.35

364.072
364.847
365.835
366.402
367.299
368.302

218.01524
260.104
224.296
237.300
197.086
167.35

215.3762
216.534
217.81824
218.58
216.868
254.6832

212.174
213.007
212.714
212.671
212.876
214.459
214.469

219.193
218.970
218.651
218.254
217.738
217.838
217.291

217.646
217.621
217.335
217.180
217.056
216.984
216.612

248.938
248.881
248.899
249.334
249.680
249.861
249.410

217.64624
248.087
248.490
248.916
249.233
249.374
249.293

255.349
255.687
256.257
256.627
257.003
257.138
257.073

217.5
217.260
217.33524
217.1802
207.903
206.342
206.046

118.523
120.039
119.744
119.537
119.345
120.183
190.905

169.489
120.039
170.903
.702119
171.635
178.843
179.180

169.176
182.0
173.947
119.53
173.872
203.703
206.04

3169.4
371.175
371.902
373.257
57.0032
38206.3
120.8651

181.938
182.030371
182.254
177.924
374.40
16.984
120.865

217.515
217.260
214.2
218.594
218.910
216.98424

100 0
166.6
172.2
129.31
179.9
184.0
188.9
195.3
201.6
207 342
215 303

2008: July
Aug
Sept
Oet
Nov
Dee

Seasonally
adjusted

Includes items not shown separately.
2
Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant,
etc. excluded beginning 1983.

2.9 2 43

s

Relative importance, December 2008.
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 3 months earlier, annual rate

Change from 6 months earlier, annual rate

Consumer goods

Consumer goods

Consumer goods

Total
finished
goods

Capital
equipment

Excluding
foods

Total
finished
goods

Excluding
foods

Capital
equipment

Total
finished
goods

Change
from year
earlier,
total
finished
goods
NSA

Capital
equipment

Excluding
foods

Change, Dec. to Dec., NSA
1999.
2000.
2001.
2002.
2003.
2004.
2005.
2006.
2007.
2008.

2.9
3.6
1.6
1.2
4.0
4.2
5.4
1.1
6.2
¥.9

0.8
1.7
1.8
¥.6
7.7
3.1
1.7
1.7
7.6
3.2

5.1
5.5
¥3.9
2.9
4.1
5.5
8.8
.4
7.7
¥4.8

1.8
3.8
2.0
¥1.3
3.2
3.6
4.8
3.0
3.9
6.3

0.3
1.2
0
¥.6
.8
2.4
1.2
2.3
1.4
4.3

Change, month to month
2008: July
Aug. .
Sept
Oct. ..
Nov. .
Dec. .

1.3
¥.5
¥.1
¥2.6
¥2.7
¥1.8

2009: Jan .

.9

Feb. ..
Mar r
Apr. .
May. .
June
July. .

¥.1
¥.9
r
.2
1.8
¥.9

0.6
.2
.0
.1
— .5
¥1.2

1.9
¥1.2
¥.3
¥4.9
¥4.7
¥3.0

0.5
.4
.4
.6
.0
.4

17.9
9.0
2.9
¥12.1
¥19.6
¥24.9

10.6
8.4
3.2
1.1
¥1.8
¥6.5

27.0
10.6
1.9
¥22.8
¥33.2
¥40.3

4.3
4.8
5.3
5.6
3.9
3.9

11.9
9.9
7.8
1.8
¥6.4
¥12.1

.1
¥1.6
¥.8
1.5
¥1.6
1.1
¥1.5

1.6
.4
¥1.4
r
¥.1

.1
.0
¥.1
¥.1
¥.1
.5

¥13.7

¥6.2
¥10.2
¥8.7
¥3.3
¥3.4
r
4.4

¥22.4
¥4.4
2.3
¥4.3
¥2.2
r
14.0
10.5

2.1
2.1
.3
¥.5
¥1.0
1.3

¥12.9
¥12.1
¥13.5
¥8.6
¥3.0
4.2
.6

¥2.6
¥6.1
¥7.6
¥4.8
¥6.9
¥2.3
¥5.5

.9

2.5

¥3.9

¥.5
¥3.2
¥2.1
r

¥.9

9.0
4.6

4.1
4.1
4.8
4.9
4.4
4.6

17.3
12.5

7.0
8.6
6.0
5.8
3.2
¥1.8

9.7

¥1.0
¥14.0
¥22.0

3.8
3.0
2.1
.8
.5
.8
.1

¥22.6
¥20.1
¥21.8
¥13.8
¥3.3
8.0
2.9

9.9
9.7
8.8
5.2
.4

¥1.4
¥3.4
¥3.7
¥5.0
¥4.6
¥6.8

Source: Department of Labor, Bureau of Labor Statistics.

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

All
items 1

Addendum: All items,
percent change
(annual rate)

Transportation

Shelter
Rent of Ownpriers'
mary equivaresilent
dence
rent

Fuels
and
utilities

Apparel

New
cars

Motor
fuel

Medical
care

Energy 2

All
items
less
food
and
energy

From
previous
quarter 3

From
3
months months
earlier earlier

From
year
earlier
NSA

Change, December to December, NSA
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008

3.4
1.6
2.4
1.9
3.3
3.4
2.5
4.1
.1

1.9
2.8
2.8
1.5
3.6
2.7
2.3
2.1
4.9
5.9

2.2
4.3
2.9
2.4
2.2
3.0
4.0
3.3
3.0
2.4

2.5
3.4
4.2
3.1
2.2
2.7
2.6
4.2
3.1
1.9

3.1
4.0
4.7
3.1
2 .7
2.9
3.1
4.3
4.0
3.4

2.4
3.4
4.5
3.3
2.0
2.3
2.5
4.3
2.8
2.1

2.4
12.1
¥2.1
1.4
6.5
7.9

15.6
.5
5.4
6.0

¥.5
¥1.8
¥3.2
¥1.8
¥2.1
_ .2
¥1.1
.9
¥.3
¥1.0

5.4
4.1
¥3.8
3.8
.3
6.5
4.8
1.6
8.3
¥13.3

¥.8
.3
0
¥2.0
¥2.1
.5
¥.4
¥1.1

30.2
13.9
24.8
24.6
6.8
26.1
16.2
6.4
29.5
42.2

3.7
4.2
4.7
5.0
3.7
4.2
4.3
3.6
5.2
2.6

13.4
14.2
¥13.0
10.7
6.9
16.6
17.1
2.9
17.4
¥21.3

3.6
¥2.5
.3
¥12.7
¥28.9
¥18.8

0.1
2
.3
2
.2
.3

3.5
¥2.0
¥1.0
¥7.8
¥16.9
¥9.3

0.3
2
.1
.0
.1
.0

5.3
7.6
¥4.4
¥2.6
2.7
17.2
¥.4

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

1.7
3.3
¥3.0
¥2.4
.2
7.4
¥.4

2.2
3.4
2.8
1.6
2.3
2.7
3.4
3.2
2.8
3.8

1.9
2.6
2.7
1.9
1.1
2.2
2.2
2.6
2.4
1.8

Change, month to month

!o

0.3
.3
.3
.3
.3
.2

0.1
.1
.2
.1
.2
.1

3.0
¥.9
¥2.4
¥.5
¥1.5
¥.4

1.0
.4
¥.3
¥.7
.1
¥.6

1.4
¥.9
¥.1
¥4.8
¥9.7
¥5.0

.2
.0
.0
.2
.1
.1
_ .2

.3
.1
.2
.2
.1
.1
.0

.3
.1
2
.1
.1
.1
.0

— .7
¥.1
¥1.4
¥1.7
¥1.3
¥.8
¥.1

.3
1.3
¥.2
¥.2
_ .2
.7
.6

1.3
1.9
¥1.1
¥.4
.8
4.2
.2

2008: July
Aug
Sept
Oct. .
Nov
Dec

0.7
.0
.0
¥.8
1.7
¥.8

0.9
.6
.5
.4
.2
.0

0.6
.0
¥.1
.0
¥.1
.0

0.2
.1
.2
.1
2

2009: Jan
Feb
Mar
Apr
May
June
July

.3
.4
¥.1
.0
.1
.7
.0

.1
0.1
¥.1
_ 2
¥.2
.0
¥.3

.0
.0
¥.1
2.1
1.1
.0
¥.2

1

Includes items not shown separately.
Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant,
etc., excluded beginning 1983.
2

24

s

0.8
.1
¥.5
¥.6
¥.4
¥.4
2
.5
.3
.3
.3
.5
.6

8.9
6.7
3.1
¥3.1

5.6
5.4
3.7
3.7
1.1
.1

¥8.3

¥12.4

5.8
5.4
4.7
2.7
¥1.6
¥5.0

¥2.4

¥8.4
¥.5
2.2

¥5.8
¥5.0
¥5.4

¥.4

.9
¥.2
3.3
3.4

¥3.9
¥.4
2.7
2.2

¥1.3
¥1.4
¥2.1

6.2

¥9.4

1.3

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 August, prices received by farmers fell 3.8 percent and prices paid by farmers were unchanged. (Data are
not seasonally adjusted.)
INDEX, 1990-92=100 (RATIO SCALE)

INDEX, 1990-92= 100 (RATIO SCALE)
200

200

190

190

180

PRICES PAID

150

^ ,

130

^ ~ •I

„

•—>

160
150

130

r\

r
^

120
110

/

170

r\
^ \
\

160

100

180

*

170

A

120
110
100

1/

90

90
I f 1 1 1 t | j | ( i) i i n i i i i i i

1
I I I I I 1 I 1 1 1 11 I ! 1 1 E ! i 1 1 1! 1 1 1 1 1 11 I I11 ! 1 1 1 1 M 11 11 1 1 11 1 1 ji i i 1111111 [ i I 1 1 1 1 1 1 1 1 1 1
1

RATIO1
1140

RATIO1
140

120

120
RATIO

100

100
80
60

I I I I I I I I I I I

2001

I I I ' I

I I I I I I I I I I

2003

2002

I I I I 1

2004

I I I I I I I I I I II I I I I I I I I I I I I I I I I l i i l
2007
2005
2006

I
2008

'RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.
SOURCE: DEPARTMENT OF AGRICULTURE

I I I I I I

60

2009

COUNCILOFECONOMICADVISERS

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

All farm
products

Prices paid by farmers
Livestock and
products

Crops

All commodities,
services, interest,
taxes, and wage
rates1

Production
items, interest,
taxes, and wage
rates

Production
items

Ratio 2

1999
2000
2001
2002
2003
2004
2005
2006
2007
2008

96
96
102
98
106
118
114
115
136
149

97
96
99
105
110
115
110
120
142
168

95
97
106
90
103
122
119
111
130
130

115
119
123
124
128
134
142
150
160
182

113
117
121
121
125
133
142
150
161
187

111
115
120
119
124
132
140
148
160
188

83
81
83
79
84
88
81
77
85
82

2008: Aug
Sept
Oct
Nov
Dec

156
154
150
141
135

177
173
167
157
149

137
133
127
123
119

191
190
187
182
177

197
196
192
187
181

202
200
195
189
182

82
81
80
77
76

2009: J a n
Feb
Mar
Aprr
Mayr
Juner
Julyr
Augp

139
126
126
129
130
135
132
127

160
145
146
151
150
111
153
147

114
109
109
112
113
112
112
109

178
177
178
178
179
178
177
177

182
181
182
181
181
181
180
180

181
179
180
181
182
180
179
179

78
71
71
73
73
76
75
72

1

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

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 July, M2 fell.
BILLIONS OF DOLLARS* (RATIO SCALE)

BILLIONS OF DOLLARS* (RATIO SCALE)
9,200

9,200

8,400
7,600

7,600

_

6,800

—x—

6,800
6,000

6,000

M2

— " "
5,200

8,400

,-.'*

5,200
—'~

4,400

4,400

3,600

3,600

3,200

3,200

2,800

2,800

2,400

2,400

2,000

2,000

1,600

1,600

Ml
\
_ -

1,200

1,200

|

|

1 1 M 1 1 II 1 It
2002

2001

2003

1 II 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
I 1 1 1
2004

2005

2006

1 1 1 1 ll 1 1 1 ll
20O7

| | m

1 1 1 1 1 1 1 1 1 1 1

2008

2009

COUNCIL OF ECONOMIC ADVISERS

[Averages of daily figures, except debt end-of-period basis; billions of dollars, seasonally adjusted]
M2
M1 plus retail
MMMF balances,
savings deposits
(including
MMDAs), and
small time deposits

Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec

1,122.6
1,087.7
1,182.3
1,220.4
1,306.8
1,376.4
1,374.2
1,365.6
1,373.0
1,595.3

4,635.0
4,917.2
5,431.2
5,784.7
6,071.7
6,412.2
6,674.1
7,033.6
7,438.4
8,153.7

2008: July
Aug
Sept
Oet .
Nov
Dec

1,409.3
1,391.6
1,451.5
1,474.7
1,523.2
1,595.3

7,725.7
7,698.2
7,808.3
7,927.3
7,980.0
8,153.7

2009: Jan
Feb r
Mar r
Apr r
May r
June
July

1,576.3
1,559.6
1,563.3
1,593.3
1,597.0
1,650.0
1,654.7

8,235.9
8,263.6
8,334.9
8,281.8
8,344.9
8,370.0
8,349.2

Period

1999:
2000:
2001:
2002:
2003:
2004:
2005:
2006:
2007:
2008:

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.
s
Annual changes are from fourth quarter to fourth quarter. Quarterly changes are from previous quarter at an annual rate.

26

Percent change

Debt

M1
Sum of currency,
demand deposits,
travelers checks,
and other
checkable deposits (OCDs)

Debt of
domestic
nonfinancial
sectors 1

From year or 6
months
earlier 2
M1

M2

From
previous
period 3
Debt

2.4
¥3.1
8.7
3.2
7.1
5.3
¥.2
¥.6
.5
16.2

5.9
6.1
10.5
6.5
5.0
5.6
4.1
5.4
5.8
9.6

6.4
5.0
6.3
7.3
8.1
8.9
9.5
9.0
8.7
5.9

4.6
1.6

17,305.0
18,180.8
19,317.3
20,727.8
22,438.3
.46,412.2
26,760.4
29,162.1
31,707.1
33,580.3

6.4
3.5
4.7
7.3
8.1
12.3

8.3

33,069.1

9.9

33,580.3

13.1
20.2
28.9

33,931.9

23.7
24.1
15.4
16.1
9.7
6.9
9.9

13.2
14.7
13.5
8.9
9.1
5.3
2.8

6.2

4.1

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

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

Nonbank
trave-

Currency

Period

lers
checks
1999:
2000:
2001:
2002:
2003:
2004:
2005:
2006:
2007:
2008:

Dee
Dee
Dee
Dee
Dee
Dee
Dee
Dee
Dee
Dec r ....

517.8
531.2
581.1
626.3
662.5
697.5
723.6
748.3
757.6
812.1

8.6
8.3
8.0
7.8
7.7
7.5
7.2

2008: July
Aug
Sept
Oet
Nov
Dec r ....
2009: Jan
Feb r
Mar r
Apr r
May r
June r
July
1
2
s

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

Other checkable
deposits (OCDs)

De
mand
deposits

Savings
deposits 1

At
commercial
banks

Total

At
commercial
banks

1,739.5
1,878.3
2,309.0
2,774.0
3,162.7
3,506.4
3,602.3
3,692.7
3,868.7
4,102.1

1,288.4
1,424.3
1,738.3
2,060.2
2,337.9
2,631.1
2,773.9
2,909.7
3,041.3
3,330.4

Total

At
thrift
institutions

Small-denomination
time deposits 2
At
thrift
institutions
451.0
454.0
570.7
713.7
824.7
875.3
828.4
730
827.3
.71,37

955.2
1,046.0
974.5
894.7
817.8
827.8
992.5
1,167.3
1,214.6
1,378.0

636.9
700.8
636.1
591.2
541.7
551.4
645.3
759.3
823.1
1,026.9

318.3
345.2
338.5
303.4
1784.41
276.4
347.2
808.0
391.5
351.1

817.7
905.2
965.4
895.6
784.4
701.5
705.1
808.0
982.1
1,078.4

9.3408.08
1,899.8
2,385

840.7
863.9
892.1
982.1
1,026.9

379.2
380.7
377.0
345.3
350.8
351.1

1,063.5
1,056.2
1,055.2
1,090.5
1,080.2
1,078.4

2,259.3
2,280.9
2,245.5
2,227.6
2,322.5
2,385

1,017.9
1,003.9
991.5
975.9
968.4
952.1
929.4

351.7
.51,05
054.22
344.9
331.6
328.7
324.4

1,075.2
1,057.5
1,342
1,025.8
1,003
967.5
938.5

2,471.8
4,291.13
2,492.4
1,320.8
2,538.4
2,522.1
2,507.3

139.7

6.3
5.5

243.3
238.4
257.5
279.6
310.3
328.2
318.9
305.8
307.8
313.0

142.0
154.3
175.3
187.0
180.7
177.2
174.3
179.0

103.7
105.2
115.4
125.3
135.0
141.1
138.1
128.6
133.5
134.0

774.4
777.0
781.6
796.5
804.3
812.1

5.9
5.8
5.8
5.7
5.6
5.5

312.9
300.4
350.0
360.5
406.5
464.7

316.1
308.3
314.2
312.0
306.8
313.0

176.8
172.4
176.9
176.3
173.5
179.0

259.3
136.0
032.53
135.7
133.2
134.0

4,033.0
4,005.7
4,032.5
4,034.7
4,016.6
4,102.1

3,130.9
3,116.5
3,170.8
3,250.3
3,247.5
3,330.4

902.2
889.2
861.7
784.4
769.1
.71,37

1,219.9
1,244.6
1,269.1
0.3784.4
1,360.0
1,378.0

826.3
837.7
845.1
849.8
849.9
853.1
853.5

5.5
5.5
5.4
5.3
5.2
52
5.1

434.3
395.9
390.1
406.0
407.4
439.5
438.2

310.2
320.4
322.7
332.2
334.5
39.53
357.9

175.3
181.0
182.1
191.0
194.6
210.2
215.9

134.9
139.4
140.6
141.2
139.8
142.1
142.0

5.3134.9
4,291.1
4,37
4,341.8
4,444.7
4,471.7
4,502.2

5434.331
3,500.2
3,567.2
3,533.1
3,625.4
3,643.5
3,666.3

780.7
,003.9
82.114
808.7
819.2
828.2
835.9

1,369.6
1,355.4
1,342.7
1,320.8
1,300.0
1,280.8
1,253.8

67.37

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

Institutional
money
funds 3

Total

353.0
309.9
335.7
306.8
326.4
343.2
324.6
304.8
301.3
464.7

.3309.92

Retail
money
funds

At
commercial
banks

At
thrift
institutions

1,080.22,322

660.5
815.6
1,219.2
1.2303.4
1,129.2
1,080.0
1,149.3

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

AGGREGATE RESERVES AND MONETARY BASE
[Averages of daily figures1; 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

Period
Total 2

1999:
2000:
2001:
2002:
2003:
2004:
2005:
2006:
2007:
2008:

Dee
Dee
Dee
Dee
Dee
Dee
Dee
Dee
Dee
Dee

Nonborrowed 3

Required

Excess
(NSA)

Other borrowings from the Federal Reserve

Monetary
base

Total 4

42,183
38,717
41,442
40,400
42,757
46,552
45,139
43,338
43,519
821,034

41,862
38,507
41,376
40,320
42,711
46,489
44,970
43,147
28,088
167,468

40,889
37,391
39,799
38,392
41,710
44,643
43,238
41,475
41,749
53,635

1,294
1,325
1,643
2,008
1,047
1,909
1,901
1,863
1,769
767,398

593,842
584,928
635,557
681,629
720,402
759,072
786,976
811,126
822,422
1,651,270

320
210
67
80
46
63
169
191
15,431
653,565

2008: July ........44,
44,293
Aug .........45,
45,458
Sept ........102,
102,767
Oct. ........315, 315,498
Nov .........609,
609,939
Dee
821,034

¥121,370
¥122,620
¥187,338
¥332,821
¥88,846
167,468

42,376
43,486
42,713
47,594
50,901
53,635

1,917
1,972
60,054
267,904
559,039
767,398

838,367
842,981
905,164
1,130,295
1,433,496
1,651,270

294,909
118,475
167,840
323,359
375,844
370,297
428,608

60,172
57,485
55,319
57,176
57,191
57,641
62,561

798,233
643,486
724,632
824,378
844,100
751,378
733,008

1,703,114
1,557,491
1,643,140
1,749,791
1,770,177
1,680,630
1,666,238

2009: Jan
Feb
Mar
Apr
May
June r
July

858,406
700,972
779,951
881,553
901,292
809,019
795,569

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.
s
Seasonally adjusted break-adjusted total reserves less unadjusted total borrowings of depository institutions from the Federal Reserve.

Term
auction
credit

Primary

Primary
dealer
and
other
brokerdealer
credit 5

Assetbacked
commerical
paper
money
market
mutual
fund
liquidity
facility

Credit
extended
to
American
International
Group,
Inc.

Adjustment 6

179
99
34
35

11,613
438,327

17
11
97
111
3,787
88,245

47,631

32,102

47,206

165,664
168,078
290,105
648,319
698,786
653,565

150,000
150,000
149,814
244,778
393,088
438,327

15,204
17,980
32,632
77,047
95,839
88,245

255
0
53,473
114,953
60,655
47,631

31,877
117,457
71,009
32,102

22,187
77,047
78,070
47,206

538,6
582,497
643,14061
558,194
525,448
438,722
366,961

403,523
438,82
477,049
444,933
403,970
316,8
255,119

63,496
65,463
62,513
47,324
40,124
37,302
34,366

33,061
26,250
20,292
10,918
701
0
0

17,745
13,533
7,857
4,267
23,347
18,891
6,230

38,690
38,414
43,328
45,057
44,915
43,057
43,108

4

Includes secondary and seasonal, and other credit extensions, not shown separately.
5
Includes credit extended through the Primary Dealer Credit Facility and credit extended
to other broker-dealers.
6
Discontinued after January 8, 2003.
Source: Board of Governors of the Federal Reserve System.

27

BANK CREDIT AT ALL COMMERCIAL BANKS
Total commercial bank loans and leases fell 1.5 percent in July; commercial and industrial loans fell 1.0 percent.
BILLIONS OF DOLLARS* (RATIO SCALE)
12,000

BILLIO S OF DOLIARS* (RATIO SCALE)
12000
ALL COMMfcKCIAL BANKS
10,000
9,000
8,000

5,000

,

- ^

I

-2u

7,000
- - "

^-—-1

6,000

10,000
9,000
8,000

-^—

TOTAL

6,000

_—-~

" "H

.

H

5,000
LOANS AND L EASES

4,000

4,000

3,000

3,000

2,000

2,000
1,600

U.S. TREASURY AND
AGENCY SECURITIES
y1—

1,200

1,200

\

800

800

OTHER S ECURITIES

400 f ™~l i l l

III

I

2001

I

i I I I I 1

2002

I

2003

1 1 1 1 1 II II
11

1 1 1 1 1 11 11 1
1

2004

2005

ll

2006

in

Ill

2007

1 i i i ii
1

II

2008

•SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

II
2009

400

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars, seasonally adjusted1
Securities in bank credit 2

Period

1999:
2000:
2001:
2002:
2003:
2004:
2005:
2006:
2007:
2008:
2008:

Dec. ..........................4,
Dee
Dee
Dee
Dee
Dec. ..........................6,
Dec. ..........................7,
Dec. ..........................8,
Dec. ..........................8,
Dec. ..........................9,
July ..........................9,
Aug ...........................9,
Sept ..........................9,
Oct.
Nov ...........................9,
Dec. ..........................9,
2009: Jan ...........................9,
Feb. ..........................9,
Mar r
Apr r
Mayr
June r
July ..........................9,

Total
bank
credit

4,610.2
5,046.1
5,212.4
5,648.5
6,016.5
6,568.5
7,261.5
8,039.4
8,830.8
9,318.6
9,016.3
9,014.4
9,158.1
9,491.9
9,360.6
9,318.6
9,297.7
9,316.5
9,295.6
9,263.8
9,350.7
9,343.9
9,268.9

Total
securities

1,148.1
1,191.6
1,318.8
1,513.1
1,637.8
1,729.1
1,827.3
1,962.0
2,069.1
2,063.7
2,055.9
2,040.6
2,081.3
2,196.5
2,126.2
2,063.7
2,112.9
2,134.1
2,165.3
2,177.5
2,203.3
2,251.7
2,281.6

U.S.
Treasury
and
agency
securities

798.3
778.4
853.7
1,025.0
1,107.0
1,166.9
1,158.4
1,203.2
1,114.6
1,240.0
1,135.3
1,136.7
1,154.6
1,221.0
1,253.0
1,240.0
1,269.0
1,259.0
1,273.7
1,263.4
1,264.5
1,300.2
1,325.3

Other
securities

349.8
413.1
465.2
488.1
530.8
562.2
668.9
758.8
954.5
823.7
920.5
903.9
926.8
975.5
873.2
823.7
843.9
875.1
891.6
914.1
938.8
951.5
956.3

1
Data are prorated averages of Wednesday values for domestically chartered commercial
banks, branches and agencies of foreign banks, New York State investment companies (through
September 1996), and Edge Act and agreement corporations. Data are adjusted for breaks
caused by reclassifications of assets and liabilities.
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.

28

Loans and leases in bank credit

Total
loans
and
leases 3

3,462.1
3,854.6
3,893.6
1,025.04
4,378.7
4,839.4
5,434.1
6,077.3
6,761.7
7,254.9
6,960.4
6,973.8
7,076.8
7,295.4
7,234.4
7,254.9
7,18
7,182.5
7,130.3
7,086.3
7,14
7,092.2
6,987.3

Commercial
and
industrial
loans

996.5
1,082.0
1,020.7
959.1
898.6
919.3
1,041.0
1,18
1,426.1
1,618.6
1,567.8
1,572.9
1,588.6
1,644.8
1,638.0
1,618.6
1,601.5
1,586.6
1,562.8
1,543.6
1,526.1
1,502.4
1,487.3

Real estate loans

Total 4

1,458.7
1,636.7
1,755.4
2,005.8
2,210.9
2,548.2
2,916.0
3,355.0
3,587.8
3,820.2
3,623.0
3,623.0
3,660.3
3,817.1
3,819.7
3,820.2
3,803.4
3,818.4
3,827.8
3.4914.17
3,882.6
3,869.4
3,845.6

Revolving
home
equity
loans

100.4
129.7
152.6
212.0
278.8
396.3
442.7
466.3
483.4
588.3
521.1
525.7
539.0
577.3
582.1
588.3
593.5
596.9
601.4
605.5
613.1
611.0
607.9

Commercial
loans

1,078.6
1,267.8
1,455.1
1,588.6
1,723.5
1,664.6
1,666.4
1,673.6
1,716.2
1,720
1,723.5
1,601.53
1,717.8
1,562.83,827
1,713.1
1,712.0
1,706.8
1,699.9

Consumer
loans 5

484.7
533.2
550.6
579.7
635.2
686.8
695.8
7807
791.9
861.8
824.2
830.4
834.9
851.5
857.3
861.8
871.1
882.0
873.0
860.5
860.8
859.1
853.1

Other
loans
and
leases 5

522.3
602.7
566.9
590.7
634.0
685.1
781.3
807.7
956.0
954.3
945.4
947.6
993.0
982.1
919.5
954.3
908.8
895.3
866.8
847.5
878.0
861.4
801.3

s
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.
4
Includes closed-end residential loans, not shown separately.
5
Includes other items, not shown separately.
Source: Board of Governors of the Federal Reserve System.

SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL CORPORATE
BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Sources

Uses

External (N et increase in liabilities
F u n d s raised in markets

Total

TIQI 1

nal

Total

Total
net
raised

1999
2000
2001
2002
2003
2004
2005
2006
2007
2008

................1,

Discrep-

Credit market instruments

Period

Capital
expenditures 3

Total
Net new
equity
issues

Total

Loans
and
shortterm
paper

Securities
and mortgages

Other

2

Increase
in financial assets

(sources
less
uses)

1,718.6
1,955.0
850.6
896.2
844.7
1,537.5
2,026.3
1,922.5
2,258.8
1,578.4

731.0
717.6
755.4
811.3
831.3
928.5
1 96 1
1,086.0
1,047.0
1,064.1

987.6
1,237.4
95 2
84.9
13.4 4
609.0
961.2
836.5
1,211.8
514.3

273.6
243.6
164.9
¥19.6
45.8
77.3
¥30.6
¥137.2
6.0
¥18.2

¥110.4
¥118.2
¥48.1
¥41.4
¥41.1
¥124.4
-360 7
¥602.7
¥831.2
¥380.8

384.0
361.8
213.1
21.8
86.9
201.7
330.1
465.4
837.2
362.6

273.9
187.2
400.0
166.0
216.7
132.5
264.0
310.3
434.3
246.0

1714.1
174.6
¥187.0
-144.2
¥129.7
69.2
66.2
155.2
402.9
116.6

714.1
993.9
¥69.7
104.5
¥32.4
531.9
991.7
973.7
1,205.8
532.5

1,833.8
2,137.7
980.2
867.2
832 5
1,608.8
1,879.8
1,772.5
2,091.5
1,582.4

863.9
928.5
802.6
737.1
749.9
825.7
922.0
1,059.4
1,047.3
1,066.9

969.9
1,209.2
177.6
130.1
82.6
783.1
957.8
713.1
1,044.2
515.5

¥115.2
¥182.8
¥129.6
28.9
12.1
¥71.3
146 5
150.0
167.3
¥4.1

2007: I ...........2,
II .........2,
III. .......2,
IV ........2,

2,335.0
2,294.8
2,290.4
2,115.3

1,028.8
1,032.7
1,065.0
1,061.7

1,306.2
1,262.1
1,225.4
1,053.6

140.8
109.9
40.0
¥266.6

¥566.7
¥799.1
¥864.9
¥1,093.9

707.5
909.0
904.9
827.3

413.0
523.2
354.6
446.1

294.5
385.8
550.3
320.22

1,165.4
1,152.2
1,185.4
1,320.2

2,117.8
2,112.7
2,087.1
2,048.4

1,009.2
1,044.0
1,083.8
1,052.0

1,108.6
1,068.7
1,003
996.4

217.1
182.1
203.2
66.9

2008: I ...........1,
II
III ........1,
IV ........1,

1,797.0
1,757.3
1,552.6
1,206.8

1,041.2
1,008.7
1,088.2
1,118.3

755.8
748.6
464.4
88.5

¥19.2
188.7
3.9
¥246.1

¥475.1
¥262.4
¥399.6
¥386.0

455.9
451.1
403.5
139.9

254.6
409.5
134.4
185.7

201.4
41.6
269.1
¥45.8

775.0
559.9
460.5
334.6

1,740.9
1,710.4
1,574.3
1,304.3

1,066.7
1,120.6
1,065.7
1,014.7

674.2
589.8
508.6
289.6

56.1
46.9
¥21.8
¥97.6

2009: Ip

1,276.2

1,061.9

214.3

¥156.4

¥297.0

140.6

562.9

¥422.3

370.8

1,368.9

813.8

555.1

¥92.7

................896.
................1,
................1,
................2,

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).

s

Nonresidential fixed investment plus residential fixed investment, inventory change with inventory valuation adjustment, and nonproduced nonfinancial assets.
Source: Board of Governors of the Federal Reserve System.

CONSUMER CREDIT
[Billions of dollars; seasonally adjusted]
Consumer credit outstanding (end of period)
Period
Total

Revolving

Nonrevolving2

Net change in consumer credit outstanding 1
Total

Revolving

Nonrevolving 2

1,532.4
1,717.7
1,867.1
1,970.7
2,076.4
2,191.7
2,290.9
2,384.6
2,519.1
2,558.6

610.7
683.7
715.7
751.6
768.4
799.8
830.2
871.6
939.8
957.6

921.7
1,034.0
1,151.4
1,219.0
1,308.0
1,391.8
1,460.7
1,512.9
1,579.3
1,601.1

111.4
185.3
149.4
103.6
105.7
115.3
99.2
93.7
134.5
39.5

29.3
73.0
32.0
35.9
16.8
31.4
30.4
41.4
68.2
17.8

82.1
112.3
117.4
67.6
89.0
83.8
68.9
52.2
66.4
21.8

2008: June
July
Aug
Sept
Oct
Nov
Dec

2,573.8
2,581.4
2,574.9
2,579.2
2,574.8
2,565.5
2,558.6

965.8
971.9
973.6
973.5
970.6
964.9
957.6

1,608.1
1,609.5
1,601.4
1,605.7
1,604.2
1,600.5
1,601.1

8.6
7.6
¥6.5
4.3
¥4.4
¥9.3
¥6.9

2.8
6.1
1.7
¥.1
¥2.9
¥5.7
¥7.3

5.8
1.4
¥8.1
4.3
¥1.5
¥3.7
.6

2009: Jan
Feb
Mar
Apr
May

2,562.8
2,551.5
2,535.8
2,518.4
2,513.0
2,502.7

955.8
944.3
936.2
927.1
922.3
917.0

1,607.0
1,607.2
1,599.6
1,591.3
1,590.8
1,585.7

4.2
¥11.3
¥15.7
¥17.4
¥5.4
¥10.3

¥1.8
¥11.5
¥8.1
¥9.1
¥4.8
¥5.3

5.9
2
¥7.6
¥8.3
¥.5
¥5.1

1999:
2000:
2001:
2002:
2003:
2004:
2005:
2006:
2007:
2008:

Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec

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.

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

29

INTEREST RATES AND BOND YIELDS
Interest rates were mixed in August.
PERCENT PER A N N U M

PERCENT PER A N N U M

CORPORATE Aaa BONDS

-t

(MnnnKi
/

^

/•—v

fv^

/"'

FEDERALFUNDS

A'"

/ 1

"••••••v-\

/

\

\

A
TREASURY \
BILLS
\

[ 1111111111 1 i 1 1 1 1 1 1 ii i1M
f
2001

2002

i 1 i i n i1 M \ i 1 1 I 1 1 1 1 ! 1 1 1 1 1 N If 1 I I 1 II IIll II II
1 1
1 1 1
I I

2003

2004

2005

2006

•ff^rrtri 1 1
1

2007

2008

SOURCE. SEE TABLE BELOW

2009

COUNCIL OF ECONOMIC ADVISERS

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

1999

3-month
bills (at
auction) 1

3-year10-year

30-year

2

30-year

2000
2001
2002
2003
2004 .......................1.
2005 .......................3.
2006
2007 .......................4.
2008 .......................1.

4.66
5.85
3.44
1.62
1.01
1.38
3.16
4.73
4.41
1.48

5.49
6.22
4.09
3.10
2.10
2.78
3.93
4.77
4.35
2.24

5.65
6.03
5.02
4.61
4.01
4.27
4.29
4.80
4.63
3.66

5.87
5.94
5.49
*
*
*

2008: Aug
Sept
Oct.
Nov
Dec

1.79
1.46
.84
.30
.04

2.70
2.32
1.86
1.51
1.07

2009: Jan.
Feb.
Mar
Apr.
May.
June
July.
Aug

.12
.31
.25
.17
.15
.17
.19
.18

Week ended:
2009- Aup- 8
15
22
29
2009: Sept 5

.18
.19
.18
.16
.15

Highgrade
municipal
bonds
(Standard
&
Poor's) 3

bonds
(Moody s)

Discount window
(N.Y. F.R. B a n k ) 4 5

Primary
credit

Discount
rate

7.04
7.62
7.08
6.49
5.67
5.63
5.24
5.59
5.56
5.64

2.12
2.34
4.19
5.96
5.86
2.39

*
*

*
4.91
4.84
4.28

5.43
5.77
5.19
5.05
4.73
4.63
4.29
4.42
4.42
4.80

3.89
3.69
3.81
3.53
2.42

4.50
4.27
4.17
4.00
2.87

4.90
5.03
5.68
5.28
5.53

5.64
5.65
6.28
6.15
5.08

2.25
2.25
1.25
1.25
.50

*
*
*

1.13
1.37
1.31
1.32
1.39
1.76
1.55
1.65

2.52
2.87
2.82
2.93
3.29
3.72
3.56
3.59

3.13
3.59
3.64
3.76
4.23
4.52
4.41
4.37

5.13
5.00
5.185
4.88
4.60
4.84
4.69
4.58

5.05
5.27
5.50
5.39
5.54
5.61
5.41
5.26

.50
.50
.50
.50
.50
.50
.50
.50

1.78
1.72
1.56
1.57
1.44

3.77
3.67
3.48
3.46
3.37

4.52
4.47
4.31
4.23
4.18

4.65
4.63
4.54
4.51
4.32

5.34
5.34
5.24
5.14
5.10

.50
.50
.50
.50
.50

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.
s
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

6

4.62
5.73
3.40
1.17

*
*
*
*

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

Prime rate
charged by
banks 5

Federal
funds
rate 6

Newhome
mortgage
yields
(FHFB) 7

8.00
9.23
6.91
4.67
4.12
4.34
6.19
7.96
8.05
5.09

4.97
6.24
3.88
1.67
1.13
1.35
3.22
4.97
5.02
1.92

7.04
7.52
7.00
6.43
5.80
5.77
5.94
6.63
6.41
6.05

5.00
5.00
4.00
4.00
3.25

2.00
1.81
.97
.39
.16

6.33
6.09
6.10
6.16
5.67

3.25
3.25
3.25
3.25

.15
.22
.18
.15

5.11
5.09
5.10
4.96

3.25
3.25
3.25
3.25

.18
.21
.16
.16

4.92
5.17
5.40

3.25
3.25
3.25
3.25
3.25

.18
.17
.16
.16
.15

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

COMMON STOCK PRICES AND YIELDS
Stock stock prices rose in August.
INDEX, DEC. 31,2002=5,000 (RATIO SCALE)
11,000
10,000

INDEX, DEC. 31,2002=5,000 (RATIO SCALE)
11,000
10,000

-

9,000
8,000

/VS

CJOAAPOSITE STOCK 'RICE INDEX 7 *
(NYSE)
\

-

k A

9,000

-

8,000

7,000

7,000

-A

6,000

r—

V r

A

6,000
\

L j T

V

5,000

/

5,000

V

1 1 11 11 1 11 11 11 1 1 11 1 1 1 1 1111 111 11
1 1 1
1
2003
2002
2001

11
1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1
2004

2005

2006

11111111111 iii11111111 1 1 1 1 1 11 1 1 1 1
2007
2008
2009

PERCENT

PERCENT

2001

I

2002

I

2003

I

2004

2009

SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD AND POOR'S

COUNCILOF ECONOMIC ADVISERS

Common stock prices 1
Period

New York Stock Exchange indexes 2 3
(December 31, 2002 = 5,000)
Composite

Financial

Energy

Health
Care

Dow Jones
industrial
average 4

Common stock yields
(percent) 7
Standard &
Poor's composite index
(194143 = 10) 5

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

1,327.33
1,427.22
1,194.18
993.94
965.23
1,130.65
1,207.23
1,310.46
1,477.19
1,220.04

2,728.15
3,783.67
2,035.00
1,539.73
1,647.17
1,986.53
207.232
2,263.41
2,578.47
2,161.65

1.25
1.15
1.32
1.61
1.77
1.72
1.83
1.87
1.86
2.37

Dividendprice ratio

1999
2000
2001
2002
2003
2004
2005
2006
2007
2008

6,546.81
6,805.89
6 397.85
5 578.89
5,447.46
6,612.62
7,349.00
8,357.99
9,648.82
8,036.88

5,583.00
6,822.18
7,383.70
8,654.40
9,321.39
6,278.38

5,273.90
6,952.36
9,377.84
11,206.94
13,339.99
13,258.42

5,288.67
5,924.80
6,283.96
6,685.06
7,19
6,171.19

10,464.88
10,734.90
10,189.13
9,226.43
8,993.59
10,317.39
10,547.67
11,408.67
13,169.98
11,252.62

2008: Aug .
Sept
Oet ..
Nov .
Dee .

8,362.20
7,886.29
6,130.39
5,527.63
5,525.70

6,304.58
6,159.18
4,733.74
3,779.86
3,673.95

13,772.04
12,562.82
9,515.71
9,136.33

6,618.92
6,316.05
5,434.03
5,088.99
5,090.83

11,530.75
11,114.08
9,176.71
8,614.55
8,595.56

1,281.47
1,217.01
968.80
883.04
877.56

1,281.47
1,217.0
1,730.32
1,542.70
1,525.89

2.23
2.36
2.83
3.11
3.00

2009: Jan ..

5,477.14
5,051.42
4,739.72
5,338.39
5,823.10
5,985.64
6,026.55
6 577.18

3,337.14
2,823.74
2,633.65
3,313.47
3,819.95
3,924.19
4,000.66
4,646.60

9,295.97
8,785.04
8,266.81
8,839.95
9,848.66
10,189.64
9,765.09
10,295.91

5,256.13
5,106.78
4,596.81
4,771.71
5,051.78
5,224.16
5,410.22
5,706.96

8,396.20
7,690.50
7,235.47
7,992.12
8,398.37
8,593.00
8,679.75
9,375.06

865.58
805.23
757.13
848.15
902.41
826.992
935.82
1,009.72

1,537.20
1,485.98
1,432.23
1,641.15
1,726.08
1,826.99
1,873.84
1,997.16

3.01
3.07
2.92
2.60
2.41
2.35
2.31
2.12

6,559.47
6,538.89
6,499.62
6,697.53
6,557.91

4,595.21
4,610.51
4,575.69
4,777.04
4,647.52

10,355.10
10,190.53
10,136.76
10,503.14
10,205.09

5,637.88
5,649.47
5,704.55
5,819.84
5,733.11

9,302.81
9,332.12
9,297.69
9,543.38
9,374.69

1,003.71
1,004.82
999.87
1,028.32
1,006.61

1,997.28
1,004.821,991
1,973.22
2,024.63
1,989.40

Earningsprice ratio
3.17
3.63
2.95
2.92
3.84
4.89
5.36
5.78
5.29
3.54

2.13
2.13
2.15
2.08
2.16

Feb .
Mar .
Apr .
May
June
July
Aug .
Week ended:
2009: Aug 8 ...
15
22
29
Sept 5 ..
1

9,262.07

Average of daily closing prices.
Includes all the stocks (nearly 1,850) listed on the NYSE.
Effective January 9, 2003, the NYSE relaunched the composite index with changes in
methodology, definitions, and based on Dec. 31, 2002 = 5,000. Effective January 8, 2004 new
indexes for Financial, Energy, and Health Care were introduced by the NYSE. Previous indexes
shown for Industrial, Transportation, Utility, and Finance were discontinued.
4
Includes 30 stocks.
2
s

3.94

1.65

.86
.83

5

Includes 500 stocks.
Includes about 3,000 stocks.
Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earnings-price ratios based on prices at end of quarter.
6

7

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 tenth month of fiscal 2009, there was a deficit of $1,267.0 billion, compared with a deficit of $388.6 billion
a year earlier.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
4,200
- RECEIPTS AND OUTLAYS

4,200
4,000

3,800

3,800

3,600

3,600

3,400
3,200
3,000

3,000

OUTLAYS'

2,800

2,800

2,600

2,600

2,400

2,400

2,200

2,200

2,000

2,000

1,800

1,800

1,600

1,600

400 -

SURPLUS OR DEFICIT (-)

1

400

0

0

-800

-800

-1,200

-1,200

-1,600

-1,600

-2,000

-2,000
2002

2003

2004

2006

2007

2009

2008

2010

FISCAL YEARS
'INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
5OURCE5; DEPARTMENT OF THE TREASURY AND OFFFCE OF MANAGEMENT AND BUDGET

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars]
Total
Fiscal year or period
Receipts

Outlays

Off-budget

On-budget
Surplus
or
deficit

Receipts

Outlays

Surplus
or
deficit

Receipts

Outlays

Federal debt (end of
period)
Surplus
or
deficit

Gross Federal

Held by
the public

1992.
1993.
1994.
1995.
1996.
1997.
1998.
1999.

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

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

¥290.3
¥255.1
¥203.2
¥164.0
¥107.4
¥21.9
69.3
125.6

788.9
842.5
923.7
1,000.9
1,085.7
1,187.4
1,306.2
1,383.2

1,129.3
1,142.9
1,182.5
1,227.2
1,259.7
1,290.7
1,306.21
1,383.21,3

¥340.4
¥300.4
¥258.8
¥226.4
¥174.0
¥103.2
¥29.9
1.9

302.4
311.9
335.0
351.1
367.5
392.0
415.8
444.5

252.3
266.6
279.4
288.7
300.9
310.6
316.6
320.8

50.1
45.3
55.7
62.4
66.6
81.4
99.2
123.7

4,001.8
4,351.0
4,643.3
4,920.6
5,181.5
5,369.2
5,478.2
5,605

2,999.7
3,248.4
3,433.1
3,604.4
3,734.1
3,772.3
3,721.1
3,632.4

2000.
2001.
2002.
2003.
2004.
2005.
2006.
2007.
2008.
2009 (estimates)
2010 (estimates)

2,025.5
1,991.4
1,853.4
1,782.5
1,880.3
2,153.9
2,407.3
2,568.2
2,524.3
2,073.7
2,264.4

1,789.2
1,863.2
2,011.2
2,160.1
2,293.0
2,472.2
2,655.4
2,728.9
2,982.9
3,653.3
3,766.0

236.2
128.2
¥157.8
¥377.6
¥412.7
¥318.3
¥248.2
¥160.7
¥458.6
¥1,579.6
¥1,501.7

1,544.9
1,483.9
1,338.1
1,258.7
1,345.5
1,576.4
1,798.9
1,933.2
1,866.3
1,421.0
1,603.0

1,458.5
1,516.4
1,655.5
1,797.1
1,913.5
2,070.0
2,233.4
2,275.3
2,508.1
3,133.4
3,214.6

86.4
¥32.4
¥317.4
¥538.4
¥568.0
¥493.6
¥434.5
¥342.2
¥641.9
¥1,712.4
¥1,611.6

480.6
507.5
515.3
523.8
534.7
577.5
608.4
635.1
658.0
652.7
661.3

330.8
346.8
355.7
363.0
379.5
402.2
422.1
453.6
474.8
519.9
551.4

149.8
160.7
159.7
160.8
155.2
175.3
186.3
181.5
183.3
132.9
109.9

5,628.7
5,769.9
6,198.4
6,760.0
7,354.7
7,905.3
8,451.4
8,950.7
9,985.8
12,212.0
14,087.3

8 1 49.8
3,319.6
3,540.4
3,913.4
4,295.5
4,592.2
4,829.0
5,035.1
5,802.7
7,855.6
9,574.7

2,094.4
1,740.2

2,483.0
3,007.1

¥388.6
¥1,267.0

1,541.0
1,187.8

2,115.5
2,602.6

¥574.5
¥1,414.9

553.4
552.4

367.6
404.5

185.8
147.9

9,547.4
11,632.2

5,390.7
7,326.2

r
r

Cumulative total, first 10
months:1
Fiscal year 2008.
Fiscal year 2009.
1

Data from current issue Monthly Treasury Statement.

32

NOTE.—Data for fiscal 2009 and fiscal 2010 are from Mid-Session Review, Budget of the
U.S. Government, Fiscal Year 2010, issued August 25, 2009. Other data (except as noted) are
from Budget of the United States Government, Fiscal Year 2010, issued May 11, 2009.
Sources: Department of the Treasury and Office of Management and Budget.

FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the tenth month of fiscal 2009, receipts were $354.2 billion lower than a year earlier and outlays were $524.1
billion higher.
BILLIONS OF DOLLARS
1,400
1,200

BILLIONS OF DOLLARS
1,400
- RECEIPTS1
1,000

1,000
"

800

800

600

INCOME TAXES

—

SOCIAL INSURANCE
AND RtTIRL-MtNl RbCblPlb

400
-

• . ——rzr T

200

n

1

m

|

1

OTHER RECEIPTS'*'

- - ^ _

200

|

1

3,400 f l
- OUTLAYS1
3,200
3,000
2,800
2,600
2,400
2,200

1

0

-

/

NONDEFENSE

_

_
-

-

2,000
1,800
-

—

1,600
—

- • "

1,400
800

NATIONAL DEFENSE

-

600

_

-

400
200

-

„

-

—

*

3,200
3,000
2,800
2,600
2,400
2,200
2,000
1,800
1,600
1,400
800
600
400

1
2000

600
400

T~

1
2002

2001

I
2003

I
2004

l
2005

2006

l
2007

2008

I
2009

200
2010

FISCAL YEARS
1
1NCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET

COUNCIL OF ECONOMIC ADVISERS

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

On-budget and off-budget receipts

Individual
income
taxes

Fiscal year or period

poration
income
taxes

Social
insurance
and
retirement
receipts

National defense
Department of
Defense,
military

International
affairs

Income
security

Social
security

Net
inter-

1992.
1993.
1994.
1995.
1996.
1997.
1998.
1999.

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

476.0
509.7
543.1
590.2
656.4
737.5
828.6
879.5

100.3
117.5
140.4
157.0
171.8
182.3
188.7
184.7

413.7
428.3
461.5
484.5
509.4
539.4
571.8
611.8

101.4
99.0
113.8
72.12
265.825
190.023
132.9
151.7

1,381.6
1,409.5
1,461.9
1,515.9
1,56
1,601.3
1,652.7
1,702.0

298.4
291.1
281.6
272.1
265.8
270.5
268.2
274.8

.816.18
278.5
268.6
259.4
253.1
258.3
2 . 8
261.2

189.51
17.2
107.11
16.4
13.5
15.2
13.1
15.2

89.5
99.4
107.1
115.4
119.4
123.8
131.4
141.1

119.0
130.6
144.7
159.9
174.2
190.0
192.8
190.4

199.6
210.0
217.2
223.8
229.7
235.0
237.8
242.5

287.6
304.6
319.6
335.8
349.7
365.3
379.2
390.0

199.3
198.7
202.9
232.1
241.1
244.0
241.1
229.8

172.2
158.0
171.7
160.3
167.3
157.4
189.0
218.2

2000.
2001.
2002.
2003.
2004.
2005.
2006.
2007.
2008.
2009 (estimates) r
2010 (estimates) r

2,025.5
1,991.4
1,853.4
1,782.5
1,880.3
2,153.9
2,407.3
2,568.2
2,524.3
2,073.7
2,264.4

1,004.5
994.3
858.3
793.7
809.0
927.2
1,043.9
1,163.5
1,145.7
903.5
1,027.8

207.3
151.1
148.0
131.8
189.4
278.3
353.9
370.2
304.3
121.2
163.8

652.9
694.0
700.8
713.0
733.4
794.1
837.8
869.6
900.2
891.2
910.3

160.9
152.0
196.52
144.1
148.5
154.2
171.6
164.9
174.1
157.8
162.5

1,789.2
1,863.2
2,011.2
2,160.1
2,293.0
2,472.2
2,655.4
2,728.9
2,982.9
3,653.3
3,766.0

294.4
304.8
348.5
404.8
455.8
495.3
521.8
551.3
616.1
666.3
720.2

281.1
290.2
331.9
387.2
436.5
474.1
499.3
.2869.6
594.7
641.1
692.4

17.2
16.5
22.4
21.2
26.9
34.6
29.935
28.5
28.9
35.8
51.8

154.5
172.3
196.5
219.6
240.1
250.6
252.8
266.4
280.6
350.1
386.6

197.1
217.4
230.9
34.64
269.4
298.6
329.9
375.4
390.8
430.8
457.8

253.7
269.8
312.7
334.6
333.1
345.8
352.5
366.0
431.3
543.3
613.9

409.4
433.0
456.0
474.7
495.5
523.3
548.5
586.2
617.0
682.6
707.9

222.9
206.2
170.9
153.1
160.2
184.0
226.6
237.1
252.8
173.1
196.5

239.9
243.4
273.3
302.7
311.9
339.9
393.8
318.1
365.4
771.2
631.3

Cumulative total, first 10
months:1
Fiscal year 2008
Fiscal year 2009

2,094.4
1,740.2

943.9
750.4

246.8
104.5

758.3
754.1

145.4
131.2

2,483.0
3,007.1

511.6
552.2

491.0
530.8

22.7
30.9

13.1
278.0

322.4
371.5

373.4
449.4

513.1
568.5

209.1
167.7

295.6
588.9

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

NOTE.—Data for fiscal 2009 and fiscal 2010 are from Mid-Session Review, Budget of the
U.S. Government, Fiscal Year 2010, issued August 25, 2009. Other data (except as noted) are
from Budget of the United States Government, Fiscal Year 2010, issued May 11, 2009.
Sources: Department of the Treasury and Office of Management and Budget.

33

FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the second quarter of 2009, according to revised estimates, Federal current receipts fell $36.6 billion (annual
rate), while Federal current expenditures rose $289.3 billion.
BILLIONS OF DOLLARS
4,000

BILLIONS OF DOLLARS
4,000

-

SEASONALLY ADJUSTED ANNUAL RATES

3,600

3,600

-

/

3,200

2,800

3,200

EXPENDITURES

CURRENT

2,800

-

-

"X

2,400

2,400
2,000
1,600

_^«*

^

—-—1

<
-

-rrrrrr:

\
2,000

CURRENT

1,600

-

1,200
800

-

-

-

1,200
800
400

400

-

0
-400
-800

-

-

\

0
S

,

-

—s

'

-

NET FEDERAL
GOVERNMENT SAVING

\

v"'

-1,200
-1,600

-800

-1,200

\
1

1 1

1

E

1

1

2001

2000

1999

1

1 1

1 1
2002

i

i

i

2003

1

1

1 1

2004

1 1
2005

1
2006

1 1
2007

i

i

i

2008

1

1

!

-1,600

2009

CALENDAR YEARS
SOURCE: DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal Government current receipts
Current tax receipts
Period
Total
Total 1

Personal
current
taxes

Taxes
on
production and
imports

Taxes
on
corporate
income

Contributions
for
government
social
insurance

Federal Government current expenditures

Income
receipts
on
assets

Current
transfer
receipts

Current
surplus
of government
enterprises

Total

2

Consumption
expenditures

Current
transfer
payments

Interest
payments

Subsidies

Net
Federal
Government
saving

Calendar year:
1999
2000
2001 ................2,
2002
2003
2004
2005 ................2,
2006 ................2,
2007 ................2,
2008 ................2,
2006: I ...............2,
II .............2,
III. ...........2,
IV ............2,

1,895.0
2,057.1
2,020.3
1,859.3
1,885.1
2,013.9
2,290.1
2,524.5
2,660.8
2,475.0
2,473.8
2,501.8
2,547.4
2,575.1

1,195.4
1 309 6
1,249.4
1 073 5
1,070.2
1 153 8
1,383.7
1,558.3
1,647.2
1,421.7
1,517.6
1,541.6
1,581.3
1,592.8

893.0
9.4 6
991.8
828 6
774.2
799 2
931.9
1,049.9
1,168.1
1,102.5
1,023.1
1,034.7
1,053.9
1,088.0

95.4
87 3
85.3
8.6 8
89.3
94 3
98.8
99.4
94.7
92.0
99.6
99.6
99.9
98.6

213.0
219.4
164.7
150 5
197.8
250 3
341.0
395.0
370.2
212.3
383.8
396.1
415.5
384.6

654.8
698 6
723.3
739 3
762.8
807.6
852.6
904.6
944.4
974.5
896.9
899.8
904.0
917.8

20.6
24.5
24.5
20 3
22.8
23 2
23.7
26.1
29.1
30.3
24.3
25.5
26.5
28.2

23.4
25 7
27.0
90.51
26
29 0
33.6
38.3
42.7
52.3
37.1
37.7
38.6
39.9

5.48
-1 2
¥4.0
2
3.7
.3
¥3.5
¥2.9
— 2.7
¥3.8
¥2.1
¥2.7
¥3.0
¥3.6

1,796.2
1 871 9
01,979.8
2,112.1
2,261.5
2,393.4
2,573.1
2,728.3
2,897.2
3,117.6
2,681.1
2,731.2
2,762.9
2,738.1

473.3
496 0
530.2
590.5
660.3
721.4
765.8
811.0
848.8
934.4
810.4
808.5
813.1
812.1

995.4
1,047.4
1,140.0
1 252 1
1,339.4
1 405 0
1,491.3
1,587.1
1,688.6
1,840.6
1,552.4
1,588.9
1,603.7
1,603.5

282.7
283.3
258.6
229.1
212.9
221.0
255.4
279.2
312.2
292.0
263.1
282.8
296.7
274.2

44.8
45.3
51.1
40.5
49.0
46.0
60.5
51.0
47.6
50.6
55.2
51.1
49.4
48.3

98.8
185.2
40.5
¥252.8
¥376.4
¥379.5
¥283.0
¥203.8
¥236.5
¥642.6
¥207.3
¥229.4
¥215.5
¥163.0

2007: I ...............2,
II .............2,
III. ...........2,
IV ............2,
2008: I ...............2,
II .............2,
III. ...........2,
IV ............2,
2009: Ir
IF

2,640.1
2,660.1
2,659.9
2,682.9
2,590.7
2,372.1
2,489.5
2,447.8
2,251.3
2,214.7

1,638.3
1,654.0
1,644.8
1,651.7
1,546.0
1,322.8
1,435.2
1,382.9

1,136.8
1,157.6
1,177.6
1,200.6
1,195.3
984.2
1,110.1
1,120.2

94.9
94.8
95.4
93.6
92.7
93.1
91.8
90.2

393.6
387.3
358.5
341.3
243.1
231.2
218.5
156.5

937.3
938.8
943.8
957.6
970.0
973.0
978.5
976.4

28.3
28.7
29.6
29.8
29.3
31.2
30.6
30.0

41.0
41.5
42.6
45.8
47.9
48.4
49.0
64.0

¥4.8
¥2.9
0.8
¥2.1
¥2.5
¥3.4
¥3.9
¥5.4

2,841.0
2,881.3
2,918.7
2,947.9
3,024.2
3,169.0
3,155.2
3,121.9

821.1
839.9
860.8
873.4
903.2
923.2
956.0
955.4

1,666.2
1,672.4
1,694.1
1,721.6
1,759.5
1,904.5
1,829.0
1,869.5

306.4
321.3
316.6
304.7
312.3
291.4
319.5
244.6

47.4
47.7
47.3
48.2
49.2
49.9
50.7
52.4

¥200.9
¥221.3
¥258.8
¥265.0
¥433.5
¥796.9
¥665.7
¥674.1

1,191.5
1,146.5

900.3
816.2

85.7
91.4

192.0
227.7

953.0
950.9

40.7
50.9

72.7
79.8

¥6.7
¥5.4

3,220.3
3,509.6

954.2
979.6

1,981.2
2,198.8

231.3
277.4

53.6
53.7

¥969.1
¥1,294.9

1
2

Includes taxes from the rest of the world, not shown separately.
Includes a subtraction for wage accruals less disbursements, not shown separately.

34

Source: Department of Commerce, Bureau of Economic Analysis.

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

Germany

Japan
r

1999.
2000.
2001
2002
2003
2004.
2005.
2006.
2007.
2008.

99.5
103.7
120.11
100.0
101.3
103.8
107.2
109.7
111.3
108.8

94.4
102.6
98.4
100.0
100.1
101.7
103.5
103.3
103.2
98.4

103.0
108.4
101.3
100.0
100.110
108.0
109.6
114.2
117.6
113.6

2008: J u n e r
July
Aug r .
Sept r
Oct r ..
Novr .
Dec r .

110.4
110.4
109.2
104.8
106.2
104.8
102.4

99.3
100.3
98.5
98.1
97.3
95.2
92.8

117.2
116.9
113.3
113.4
109.6
101.9
93.4

100.5
100.31
101.7
100.0

2009: J a n r .
Feb r .
Mar r .
Apr r .
May r
Junep
Julyp

100.1
99.3
97.7
97.0
95.9
95.5
96.0

90.1
89.5
88.0
87.2
85.5
84.8

84.0
76.1
77.3
81.9
86.6
88.6
90.2

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

Italy

95.4
100.8
120.11
100.0
100.5
103.6
107.1
113.2
120.1
120.31

98.3
102.4
101.3
100.0

96.4
93.7
92.3

122.3
120.6
113.31
120.4
117.8
112.8
107.7

1.9
101.8
101.4
98.4
95.9

88.1
87
86.1
84.9
87.3
87.6

r

190.1
97.3
97.3
94.5
64.0
99.0

97.4

101.0
101.8
100.0
98.9
r
100.1
r
100.3
r
101.6
r
102.8
r
100.2

United
States 1

101.4
103.2
101.7
100.0

Germany

Japan

United
Kingdom

96.4

166.6
172.2
120.11
179.9
184.0
188.9
195.3
201.6
207.342
215.303

160.5
164.9
169.0
172.8
177.6
180.9
184.9
188.6
192.6
197.2

121.8
121.0
120.1
119.0
118.7
118.7
118.3
118.7
118.7
120.3

155.0
157.6
160.2
163.3
166.7
170.3
173.2
176.2
178.8
183.8

140.5
142.5
145.3
147.4
148.9
151.4
153.7
156.2
159.7
163.9

226.2
231.9
238.3
244.3
250.8
256.3
261.4
266.9
271.8
280.9

194.3
200.1
203.6
207.0
213.0
219.4
225.6
232.8
242.7
252.4

92.4
64.2

97.4
96.6
96.0
99.91
93.7
91.6
89.9

218.815
219.964
219.086
218.783
216.573
212.425
210.228

199.4
21.11
165.028
199.9
197.9
163.72
195.8

120.9
121.1
121.5
121.5
121.4
120.3
119.8

185.3
184.9
184.9
184.7
184.6
163.728
183.3

164.5
165.4
165.0
164.8
164.5
163.7
164.2

281.9
283.3
283.8
282.9
282.9
281.9
281.5

254.7
254.4
255.2
256.6
255.8
253.8
250.1

87.1
83.2
79.4
80.3
80.3
79.3

87.6
87.0
86.7
86.8
86.3
86.7

211.143
212.193
212.709
213.240
213.856
215.693
215.351

195.3
196.7
197.0
164.228
198.2
198.9
198.2

.190.1
118.8
1183.61
119.2
119.0
118.8
118.4

182.6
183.3
183.6
183.9
184.2
184.4
183.6

163.4
164.3
164.2
164.2
164.0
164.7
164.7
165.0

281.1
281.7
281.9
282.5
283.1
283.3
283.3
284.4

246.9
248.4
248.3
248.5
250.0
250.7
250.7

99.4
99.0

98.3
101.8
104.0
100.5

1
Data relate to all urban consumers.
NOTE.—See Note, p. 17, for information on U.S. industrial production series.

99.3

100.4
99.1
99.2

99.5

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

U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES
[Billions of dollars; monthly data seasonally adjusted]

c

BOP

Total,
Census
basis 1

Foods,
feeds,
and

beverages

Indusmotrial Capital tive
supgoods vehiplies
except cles,
and
auto- parts
mate- motive and
enrials
gines

684.0
772.0
718.7
685.2
715.8
806.2
892.3
1,015.8
1,138.4
1,277.0

695.8
781.9
729.1
693.1
724.8
818.8
906.0
1,026.0
1,148.2
1,287.4

46.0
47.9
49.4
49.6
55.0
56.6
59.0
49.0
84.3
108.3

147.5
172.6
160.1
156.8
173.0
203.9
233.0
276.0
316.4
388.0

2008: June
July
Aug
Sept
Oet ..
Nov
Dec ..

114.4
117.2
114.7
106.0
103.8
97.5
89.2

115.1
118.2
115.9
106
104.8
98.5
90.1

10.0
10.0
9.9
9.0
8.3
7.9
7.1

36.7
37.9
37.0
32.4
217.94
27.6
23.2

39.4
40.1
40.4
37.6
37.5
36.4
35.1

2009: Jan ..
Feb ..
Mar
Apr ..

82.4
84.4
82.6
80.0
82.1
84.0

83.2
85.2
83.6
80.8
833.1
84.9

7.1
7.1
7.3
7.6
7.9
8.81

233.2
22.2
22.4
21.1
23.2
24.3

33.2
33.3
31.9
30.9
910
31.4

1999
2000
2001
2002
2003
2004
2005
2006
2007
2008

May
Junep
1

)

Consumer
goods
(nonfood)
except
auto-

BOP

Total,
Census
basis 1

mo-

tive

AutoIndusmoFoods, trial Capital tive
feeds,
supgoods vehiand
plies
except cles,
bevand
auto- parts
erages mate- motive a n d
enrials
gines

Goods,
asis

oods

Services

Goods
and

mo-

tive

203.7
210.1
228.2
239.4
256.6
259.2
233.8

¥328.8
¥436.1
¥411.9
¥468.3
¥532.4
¥650.9
¥767.5
¥828.0
¥808.8
¥816.2

¥347.8
¥454.7
¥429.9
¥482.8
¥549.0
¥671.8
¥790.9
¥847.3
¥831.0
¥840.3

82.7
74.9
64.4
61.2
54.0
61.8
75.6
86.9
129.6
144.3

¥265.1
¥379.8
¥365.5
¥421.6
¥495.0
¥610.0
¥715.3
¥760.4
¥701.4
¥695.9

38.5
38.7
38.0
38.4
37.2
37.4
34.1

20.5
20.3
19.3
18.6
17.9
16.7
15.2

41.4
41.0
42.0
40.1
40.1
37.4
36.7

47.2
47.2
47.0
46.0
45.9
44.0
43.7

34.2
34.8
35.7
34.4
33.9
33.0
32.4

¥71.5
¥75.1
¥70.2
¥69.5
¥69.6
¥52.5
¥51.9

¥73.2
¥77.2
¥72.2
¥71.7
¥71.4
¥54.3
¥53.2

13.0
12.4
11.3
11.5
12.0
11.0
11.3

¥60.2
¥64.9
¥60.9
¥60.1
¥59.4
¥43.2
¥41.9

31.9
30.1
29.6
28.6
28.9
28.8

11.5
10.2
10.6
10.5
10.2
11.0

36.1
34.6
35.2
35.5
35.5
33.8

42.5
42.1
41.4
41.4
41.3
41.8

31.5
30.9
30.7
30.3
30.0
30.4

¥46.5
¥36.0
¥37.7
¥38.7
¥35.9
¥37.2

¥47.6
¥37.2
¥39.2
¥39.9
¥37.2
¥38.4

11.0
11.1
10.7
11.1
11.3
11.4

¥36.6
¥26.1
¥28.5
¥28.8
¥26.0
¥27.0

103.2
115.3
129.1
146.0
161.3

221.4
299.0
273.9
203.7
313.8
412.8
523.8
602.0
634.7
779.5

295.7
347.0
298.0
292.3
295.9
343.6
379.3
418.3
444.5
453.7

10.8
11.5
.03
10.2
10.0
9.2
0.1

14.0
14.6
13.9
13.5
88.3
13.2
12.6

187.6
194.5
186.8
177.7
175.2
151.8
142.4

186.7
193.3
186.1
176.2
174.4
151.0
141.9

9.4
7.5
7.8
7.6
7.6
7.4
7.2

73.2
79.9
73.4
65.9
66.1
48.8
43.6

5.6
6.0
6.0
5.8
5.4
5.5

11.4
12.8
12.4
119.9
128.91
12.1

130.0
121.6
121.8
119.9
119.3
122.4

129.6
110.2
.241.4
610.535
31.0
12.1

6.9
6.7
6.8
6.7
6.8
6.9

38.5
34.3
34.5
33.7
33.1
36.9

Total includes "other" exports or imports, not shown separately.
NOTE.—BOP refers to balance of payments on international transactions basis. BOP data
shown here are consistent with figures shown on pp. 36 and 37.

Imports

199.2
223.7
221.8
231.1
250.4
291.2
313.5
349.0
375.2
405.3

43.6
46.0
46.6
67.7
55.8
62.1
68.1
74.9
34.7
89.0

8295.9

Exports

281.9
298.6
286.2
292.3
304.3
353.1
389.1
435.9
504.8
549.6

1,024.6
1,218.0
1,141.0
1,161.4
1,257.1
1,469.7
1,673.5
1,853.9
1,957.0
2,103.6

80.9
89.4
88.3
84.4

BOP basis
Consumer
goods
(nonfood)
except
auto-

281.919
281.8
284.3
307.8
333.9
372.9
407.2
442.6
474.6
481.6

10.8
1,226.7
1,148.6
1,168.0
1,264.9
1,478.0
1,683.2
1,863.1
1,969.4
2,117.2

310.8 75.3
356.9 80.4
321.7 75.4
290.4 78.9
293.7 80.6
331.4 53.12
33.03 98.4
404.0 107.3
433.0 16.443
457.7 121.5

Balance of trade
(exports minus imports)

tegory
census basis (by end-use cate

ensus basis (by end-use cate
tegory)
Auto-

Period

Services
( B O P basis)

Goods: Imports (customs value)

Goods: Exports (f.a s . value)Good

179.0
195.9
284.328

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

35

U.S. INTERNATIONAL TRANSACTIONS
In the first quarter of 2009, the goods deficit fell to $124.0 billion, from $178.8 billion in the fourth quarter. The
current account deficit fell to $101.5 billion in the first quarter, from $154.9 billion in the fourth quarter.
BILLIONS OF DOLLARS*

BILLIONS OF DOLLARS*

0
-

-

-

-

-20

-20

-40

-40
\

-60

-60
-

-80

-80

CX

-100

1

k\

-100

" BALANCE ON GOODS
^
AND SERVICES

-120
-140

1 /
-

S

BALANCE ON
GOODS

-160

r\

BALANCE <
DN
IPPPWT
hrr OU MT

t

-180

J

-200

\

-220

-120

1
/
J
KSJ 1

-140
-160

-180

-200

i
i
i
i

-220

-

-240

1

1999

1

1

2000

!

1

1

2001

\

I

i

2002

i

i

i

2003

2004

2005

2006

2007

"SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE

-240

t

2008

2009

COUNCIL OF ECONOMIC ADVISERS

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

Period
Exports

1999
2000
2001
2002
2003
2004
2005
2006
2007
2008

..............683,
.............718,
.............685,
.............806,
.............892,
.............1,
.............1,

2006: I ........243,
II ....252,
III. ....255,
IV ...264,
2007: I ........269,

II ....277,
III. ....289,
IV ...302,
2008: I ........315,

II ....332,
III. ....337,
IV ...290,
2009: Ip
1

Imports

Balance
on
goods

Net
military

transactions 2

Net
travel
and
transportation

Other
services,
net

Balance
on
goods
and
services

Receipts

Payments

Balance
on
income

Unilateral
current
transfers,
net 3

Balance
on
current
account

683,965
771,994
718,711
685,170
715,848
806,161
892,337
1,015,812
1,138,384
1,276,994

¥1,031,784
¥1,226,684
¥1,148,609
¥1,168,002
¥1,264,860
¥1,477,996
¥1,683,188
¥1,863,072
¥1,969,375
¥2,117,245

¥347,819
¥454,690
¥429,898
¥482,831
¥549,012
¥671,835
¥790,851
¥847,260
¥830,992
¥840,252

2,593
317
¥2,296
¥7,158
¥11,981
¥13,518
¥10,536
¥7,119
¥7,384
¥13,881

7,085
2,486
¥3,254
¥4,245
¥11,475
¥14,275
¥13,006
¥10,873
2,345
16,175

73,051
72,052
69,943
72,633
77,433
89,640
99,124
104,893
134,609
142,021

¥265,090
¥379,835
¥365,505
¥421,601
¥495,034
¥609,987
¥715,268
¥760,359
¥701,422
¥695,936

293,925
350,918
290,797
280,942
320,456
413,739
535,263
682,221
818,931
764,637

¥280,037
¥329,864
¥259,075
¥253,544
¥275,147
¥346,519
¥462,905
¥634,136
¥728,085
¥646,406

13,888
21,054
31,722
27,398
45,309
67,219
72,358
48,085
90,845
118,231

¥50,428
¥58,645
¥64,487
¥64,948
¥71,794
¥88,362
¥105,772
¥91,273
¥115,996
¥128,363

¥301,630
¥417,426
¥398,270
¥459,151
¥521,519
¥631,130
¥748,683
¥803,547
¥726,573
¥706,068

243,445
252,086
255,925
264,355

¥454,618
¥463,797
¥476,361
¥468,296

¥211,173
¥211,710
¥220,435
¥203,941

¥2,148
¥1,660
¥2,021
¥1,290

¥2,999
¥2,902
¥2,563
¥2,410

24,697
25,100
25,728
29,367

¥191,622
¥191,172
¥199,290
¥178,276

155,212
169,459
175,572
181,978

¥141,245
¥156,657
¥166,195
¥170,039

13,967
12,802
9,377
11,938

¥20,995
¥23,708
¥24,876
¥21,693

¥198,651
¥202,078
¥214,789
¥188,031

269,538
277,655
289,160
302,031

¥475,571
¥483,294
¥494,075
¥516,435

¥206,033
¥205,639
¥204,915
¥214,404

¥933
¥2,912
¥2,593
¥946

¥1,642
¥899
1,241
3,644

30,570
31,891
34,802
37,346

¥178,038
¥177,560
¥171,465
¥174,360

186,981
202,312
213,505
216,132

¥177,234
¥189,531
¥185,098
¥176,220

9,747
12,781
28,407
39,912

¥30,807
¥25,752
¥28,557
¥30,883

¥199,098
¥190,531
¥171,614
¥165,330

315,637
332,876
337,912
290,569

¥534,482
¥554,372
¥559,002
¥469,389

¥218,846
¥221,496
¥221,090
¥178,820

¥2,543
¥3,055
¥4,664
¥3,618

3,076
4,922
5,595
2,581

35,659
36,784
34,217
35,363

¥182,653
¥182,847
¥185,942
¥144,495

202,927
198,796
195,319
167,596

¥166,241
¥172,521
¥161,194
¥146,450

36,686
26,274
34,125
21,146

¥33,330
¥31,147
¥32,361
¥31,527

¥179,298
¥187,719
¥184,178
¥154,875

249,374

¥373,411

¥124,036

¥3,391

1,622

34,615

¥91,189

134,267 ¥114,996

19,271

¥29,576

¥101,494

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

36

Income receipts and payments

Services

s

Includes transfers of goods and services under U.S. military grant programs.
See p. 37 for continuation of table.

U.S. INTERNATIONAL TRANSACTIONS—Continued
In the financial account, U.S. claims on foreigners reported by U.S. banks increased $90.9 billion in the first quarter
of 2009, following a decrease of $293.9 billion in the fourth quarter. U.S. liabilities to private foreigners reported
by U.S. banks, excluding Treasury securities, decreased $163.7 billion in the first quarter, following a decrease
of $35.2 billion in the fourth quarter.
BILLIONS OF DOLLARS*
1800

BILLIONS OF DOLLARS*
800
700

700
CHANGE IN
FOREIGN-OWNED
ASSETS IN
THE U.S., NET

600
500

600
500

400

400

300

300

200

200

100

100

0

0

-100

-100

-200

-200

-300

-300

-400

-400

-500

-500

-600

-600
2009

1999
•SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE

COUNCFL OF ECONOMIC ADVISERS

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

Period

Total

1999
2000
2001 .........11,
2002
2003
2004 .........1,
2005 .........11,
2006
2007
2008
2006: I ....
II ...
III
IV ..
2007: I ....
II ...
III

rv ..
2008: I ....
II ...
III

rv ..

¥4,939
¥504,062
¥1,010
¥560,523
11,922
¥382,616
¥1,470
¥294,646
¥3,480
¥325,424
1,323 ¥1,000,870
11,344
¥546,631
¥3,906 ¥1,285,729
¥1,895 ¥1,472,126
953
¥106
¥1,721
¥387,689
¥1,017
¥223,953
¥539
¥295,389
¥629
¥378,698
¥549
¥485,867
¥124
¥545,158
¥625
¥192,530
¥597
¥248,571
¥637
¥251,501
¥682
107,343
2,967
29,322
¥695
114,730
¥690
125,241

Statistical discrepancy

Foreign-owned assets in the U.S.,
excluding financial derivatives
[increase/financial inflow ( + )]

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

Capital
account
transactions,
net

U.S.
official
reserve
assets 4

Other U.S.
Government
assets

8,747
¥290
¥4,911
¥3,681
1,523
2,805
14,096
2,374
¥122
¥4,848
513
¥560
1,006
1,415
¥72
26
¥54
¥22
¥276
¥1,267
¥179
¥3,126
¥982

2,750
¥515,559
¥941
¥559,292
¥377,219
¥486
¥291,310
345
537
¥327,484
1,710 ¥1,005,385
5,539
¥566,266
5,346 ¥1,293,449
¥22,273 ¥1,449,731
¥529,615
534,357
¥389,251
1,049
¥225,158
1,765
1,570
¥297,965
962
¥381,075
445
¥486,240
¥544,588
¥596
¥193,099
623
¥22,744
¥225,805
¥254,493
3,268
150,202
¥41,592
¥225,997
255,498
4265,293
383,150
244,078
¥117,855

U.S.
private
assets

Total

742,210
1,038,224
782,870
795,161
858,303
1,533,201
1,247,347
2,065,169
2,129,460
534,071
545,648
407,652
525,441
586,428
700,961
737,457
278,424
412,618
426,058
2,003
117,897
¥11,888
¥78,149

2009: Ip ...
4
Consists of gold, special drawing rights (SDRs), foreig currencies, and the U.S. reserve
position in the International Monetary Fund (IMF).

Foreign
official
assets

43,543
42,758
28,059
115,945
278,069
397,755
259,268
487,939
480,949
487,021
130,427
127,303
121,843
108,366
165,837
88,331
47,674
179,107
208,646
178,826
115,573
¥16,024
71,182

Other
foreign
assets

698,667
995,466
754,811
679,216
580,234
1,135,446
988,079
1,577^230
1,648,511
47,050
415,221
280,349
403,598
478,062
535,124
649,126
230,750
233,511
217,412
¥176,823
2,324
4,136
¥149,331

Financial
derivatives,
net

29,710
6,222
¥28,905
1,633
14,090
15,134
¥1,147
14,795
¥1,007
5,942
¥13,508
¥7,966
¥2,355
¥4,075
¥14,509

Total (sum
of the items
with sign
reversed)

68,421
¥59,265
¥13,906
¥39,894
¥7,880
97,476
36,623
¥1,698
64,912
200,055
40,780
5,305
¥29,858
¥17,924
¥30,242
¥637
80,403
15,388
13,344
81,410
38,067
67,236
55,093

Of which:
Seasonal
adjustment
discrepancy

9,315
¥2,443
¥19,305
12,434
10,399
¥528
¥23,938
14,066
14,659
¥3,037
¥25,884
77,648
10,971

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

71,516
67,647
68,654
79,006
85,938
86,824
65,127
65,895
70,565
77,648
65,354
67,935
66,217
65,895
66,551
66,127
69,070
70,565
75,764
75,740
71,834
77,648
74,958

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

37

Contents
Pa e

TOTAL OUTPUT, INCOME, AND SPENDING

g

Gross Domestic Product
Real Gross Domestic Product
Chained Price Indexes for Gross Domestic Product
Gross Domestic Product and Related Price Measures: Indexes and Percent Changes
Nonfinancial Corporate Business—Gross Value Added and Price, Costs, and Profits
National Income
Real Personal Consumption Expenditures
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Real Gross Private Domestic Investment
Real Private Fixed Investment by Type
Business Investment

1
2
2
3
3
4
4
5
6
7
8
9
10
10

EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries
Employment Cost Index—Private Industry
Productivity and Related Data, Business Sector

11
12
13
14
15
15
16

PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Manufacturing and Trade
Manufacturers' Shipments, Inventories, and Orders

17
18
19
19
20
21

PRICES
Producer Prices
Consumer Prices—All Urban Consumers
Changes in Producer Prices for Finished Goods
Changes in Consumer Prices—All Urban Consumers
Prices Received and Paid by Farmers

22
23
24
24
25

MONEY, CREDIT, AND SECURITY MARKETS
Money Stock and Debt Measures
Components of Money Stock
Aggregate Reserves and Monetary Base
Bank Credit at All Commercial Banks
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Consumer Credit
Interest Rates and Bond Yields
Common Stock Prices and Yields

26
27
27
28
29
29
30
31

FEDERAL FINANCE
Federal Receipts, Outlays, and Debt
Federal Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis

32
33
34

INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. International Trade in Goods and Services
U.S. International Transactions

35
35
36

General Notes
Detail in these tables m ay 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 seasonally7 adjusted.

38

For sale by the Superintendent of Documents, U.S. Government Printing Office,
Washington, D.C. 20402. Price $5.00 (single copy) ($7.00 foreign).
Subscription price: $58.00 per year; $81.20 for foreign mailing.
U.S. GOVERNMENT PRINTING OFFICE : 2009

51-921

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