Full text of Economic Indicators : August 2011
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112th Congress, 1st Session Economic Indicators AUGUST 2011 (Includes data available as of September 2, 2011) Prepared for the Joint Economic Committee by the Council of Economic Advisers UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON : 2011 JOINT ECONOMIC COMMITTEE (Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.) ROBERT P. CASEY, Jr., Pennsylvania, Chairman KEVIN BRADY, Texas, Vice Chairman Senate House of Representatives JEFF BINGAMAN, New Mexico AMY KLOBUCHAR, Minnesota JIM WEBB, Virginia MARK R. WARNER, Virginia BERNARD SANDERS, Vermont JIM DeMINT, South Carolina DAN COATS, Indiana MIKE LEE, Utah PAT TOOMEY, Pennsylvania MICHAEL C. BURGESS, M.D., Texas JOHN CAMPBELL, California SEAN P. DUFFY, Wisconsin JUSTIN AMASH, Michigan MICK MULVANEY, South Carolina MAURICE D. HINCHEY, New York CAROLYN B. MALONEY, New York LORETTA SANCHEZ, California ELIJAH E. CUMMINGS, Maryland WILLIAM E. HANSEN, Executive Director COUNCIL OF ECONOMIC ADVISERS KATHARINE G. ABRAHAM, Member CARL SHAPIRO, Member [Public Law 120—81st Congress; Chapter 237—1st Session] JOINT RESOLUTION [S.J. R es. 55] To print the monthly publication entitled “Economic Indicators” Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint Economic Committee be authorized to issue a monthly publication entitled “Economic Indicators,” and that a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic Committee; and the required numbers of copies to the Superintendent of Documents for distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public. Approved June 23, 1949. Charts prepared under the direction of the Printing and Procurement Branch, Office of the Secretary, Department of Commerce. Economic Indicators, published monthly, is available online at: http://www.gpo.gov/economicindicators To subscribe to the print edition, $58.00 per year ($81.20 outside the United States), contact the U.S. Government Printing Office at 202-512-1800, http://www.gpo.gov/economicindicators, or: SUPERINTENDENT OF DOCUMENTS U.S. GOVERNMENT PRINTING OFFICE MAIL STOP: IDCC WASHINGTON, DC 20402-9328 ii TOTAL OUTPUT, INCOME, AND SPENDING Gross Domestic Product In the second quarter of 2011, according to revised estimates, current dollar gross domestic product (GDP) rose 3.5 percent (annual rate), real GDP in chained (2005) dollars rose 1.0 percent, and the chained price index rose 2.4 percent. [Billions of current dollars; quarterly data at seasonally adjusted annual rates] Period 2001 �������������������� 2002 �������������������� 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2008: I ���������������� II ��������������� III �������������� IV �������������� 2009: I ���������������� II ��������������� III �������������� IV �������������� 2010: I ���������������� II ��������������� III �������������� IV �������������� 2011: I ���������������� II r ������������� Gross domestic product 10,286.2 10,642.3 11,142.2 11,853.3 12,623.0 13,377.2 14,028.7 14,291.5 13,939.0 14,526.5 14,273.9 14,415.5 14,395.1 14,081.7 13,893.7 13,854.1 13,920.5 14,087.4 14,277.9 14,467.8 14,605.5 14,755.0 14,867.8 14,996.8 Personal consumption expenditures Gross private domestic investment 7,148.8 7,439.2 7,804.1 8,270.6 8,803.5 9,301.0 9,772.3 10,035.5 9,866.1 10,245.5 10,018.5 10,126.5 10,135.8 9,861.3 9,781.7 9,781.6 9,911.1 9,990.0 10,103.7 10,184.8 10,276.6 10,417.1 10,571.7 10,667.0 1,661.9 1,647.0 1,729.7 1,968.6 2,172.3 2,327.1 2,295.2 2,087.6 1,546.8 1,795.1 2,185.7 2,165.4 2,086.3 1,913.0 1,620.1 1,493.8 1,481.2 1,592.2 1,702.3 1,809.7 1,850.5 1,818.0 1,853.1 1,895.7 Exports and imports of goods and services Net exports –371.0 –427.2 –504.1 –618.7 –722.7 –769.3 –713.1 –709.7 –391.5 –516.9 –742.3 –746.1 –756.9 –593.7 –383.5 –338.3 –406.7 –437.6 –495.8 –531.2 –540.3 –500.2 –571.3 –604.2 Government consumption expenditures and gross investment Federal Exports 1,027.7 1,003.0 1,041.0 1,180.2 1,305.1 1,471.0 1,661.7 1,846.8 1,583.0 1,839.8 1,819.3 1,922.8 1,933.8 1,711.1 1,522.2 1,520.8 1,590.3 1,699.0 1,749.5 1,813.8 1,860.6 1,935.3 2,024.1 2,082.2 1 GDP less exports of goods and services plus imports of goods and services. Imports 1,398.7 1,430.2 1,545.1 1,798.9 2,027.8 2,240.3 2,374.8 2,556.5 1,974.6 2,356.7 2,561.6 2,668.9 2,690.6 2,304.8 1,905.7 1,859.1 1,997.0 2,136.5 2,245.3 2,345.0 2,400.9 2,435.5 2,595.4 2,686.4 Total 1,846.4 1,983.3 2,112.6 2,232.8 2,369.9 2,518.4 2,674.2 2,878.1 2,917.5 3,002.8 2,812.0 2,869.6 2,929.8 2,901.1 2,875.5 2,916.9 2,935.0 2,942.7 2,967.7 3,004.6 3,018.7 3,020.2 3,014.4 3,038.3 Total 611.7 680.6 756.5 824.6 876.3 931.7 976.3 1,080.1 1,142.7 1,222.8 1,042.7 1,066.0 1,100.6 1,111.2 1,105.3 1,137.2 1,157.7 1,170.6 1,195.2 1,224.5 1,237.5 1,234.3 1,219.9 1,237.1 National defense Nondefense 393.0 437.7 497.9 550.8 589.0 624.9 662.3 737.8 774.9 819.2 706.0 724.7 758.4 762.1 747.7 771.6 789.0 791.4 803.5 818.0 831.3 823.9 809.0 830.6 218.7 242.9 258.5 273.9 287.3 306.8 314.0 342.3 367.8 403.6 336.7 341.3 342.1 349.0 357.7 365.7 368.6 379.2 391.6 406.5 406.2 410.3 410.9 406.5 State and local 1,234.7 1,302.7 1,356.1 1,408.2 1,493.6 1,586.7 1,697.9 1,798.0 1,774.8 1,780.0 1,769.3 1,803.7 1,829.2 1,789.9 1,770.1 1,779.7 1,777.3 1,772.1 1,772.6 1,780.1 1,781.2 1,786.0 1,794.4 1,801.2 Final Addendum: Gross sales of Gross domestic domestic purchases 1 national product product 10,324.5 10,630.3 11,125.8 11,788.3 12,573.0 13,317.3 13,999.6 14,332.7 14,099.8 14,459.6 14,293.4 14,433.8 14,439.2 14,164.2 14,073.3 14,054.6 14,117.6 14,153.5 14,233.6 14,389.8 14,498.8 14,716.3 14,805.8 14,941.1 10,657.2 11,069.5 11,646.3 12,471.9 13,345.7 14,146.5 14,741.7 15,001.3 14,330.5 15,043.4 15,016.2 15,161.5 15,151.9 14,675.4 14,277.3 14,192.4 14,327.2 14,525.0 14,773.7 14,999.0 15,145.8 15,255.2 15,439.1 15,601.0 10,338.1 10,691.4 11,210.9 11,944.5 12,720.1 13,449.6 14,151.9 14,460.7 14,091.2 14,715.9 14,452.5 14,596.8 14,594.0 14,199.5 14,026.4 13,994.4 14,084.2 14,259.8 14,447.4 14,664.0 14,812.8 14,939.4 15,094.9 15,253.8 Source: Department of Commerce (Bureau of Economic Analysis). 1 Real Gross Domestic Product [Billions of chained (2005) dollars; quarterly data at seasonally adjusted annual rates] Period 2001 �������������������� 2002 �������������������� 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2008: I ���������������� II ��������������� III �������������� IV �������������� 2009: I ���������������� II ��������������� III �������������� IV �������������� 2010: I ���������������� II ��������������� III �������������� IV �������������� 2011: I ���������������� II r ������������� Gross private domestic investment Personal Gross conChange domestic sumption Nonresi- Resiin product expendi- dential dential fixed fixed private tures investinvestinvenment ment tories 11,337.5 11,543.1 11,836.4 12,246.9 12,623.0 12,958.5 13,206.4 13,161.9 12,703.1 13,088.0 13,266.8 13,310.5 13,186.9 12,883.5 12,663.2 12,641.3 12,694.5 12,813.5 12,937.7 13,058.5 13,139.6 13,216.1 13,227.9 13,260.5 7,810.3 8,018.3 8,244.5 8,515.8 8,803.5 9,054.5 9,262.9 9,211.7 9,037.5 9,220.9 9,289.1 9,285.8 9,196.0 9,076.0 9,040.9 8,998.5 9,050.3 9,060.2 9,121.2 9,186.9 9,247.1 9,328.4 9,376.7 9,386.7 1,274.8 1,173.7 1,189.6 1,263.0 1,347.3 1,455.5 1,550.0 1,537.6 1,263.2 1,319.2 1,589.1 1,580.0 1,539.2 1,442.3 1,312.9 1,257.6 1,247.0 1,235.2 1,253.3 1,308.0 1,343.6 1,371.9 1,378.9 1,411.7 583.3 613.8 664.3 729.5 775.0 718.2 584.2 444.4 345.6 330.8 481.3 462.8 437.8 395.8 354.9 334.3 348.2 344.8 330.8 348.2 321.1 323.1 321.1 323.8 –41.8 12.8 17.3 66.3 50.0 59.4 27.7 –36.3 –144.9 58.8 –12.5 –14.2 –38.1 –80.3 –161.6 –183.0 –178.7 –56.5 39.9 64.6 92.3 38.3 49.1 40.6 Exports and imports of goods and services Government consumption expenditures and gross investment Federal Net exports Exports Imports Total –471.8 –548.5 –603.7 –687.9 –722.7 –729.4 –648.8 –494.8 –358.8 –421.8 –550.2 –486.2 –464.6 –478.0 –404.2 –331.8 –352.4 –346.9 –376.8 –437.4 –458.7 –414.2 –424.4 –421.3 1,120.8 1,098.3 1,116.0 1,222.5 1,305.1 1,422.1 1,554.4 1,649.3 1,494.0 1,663.2 1,643.9 1,693.9 1,678.7 1,580.6 1,451.1 1,449.4 1,497.3 1,578.3 1,606.2 1,645.0 1,684.8 1,716.8 1,749.6 1,762.8 1,592.6 1,646.8 1,719.7 1,910.4 2,027.8 2,151.5 2,203.2 2,144.0 1,852.8 2,085.0 2,194.1 2,180.1 2,143.3 2,058.6 1,855.3 1,781.2 1,849.7 1,925.2 1,983.0 2,082.4 2,143.5 2,131.0 2,173.9 2,184.0 2,178.3 2,279.6 2,330.5 2,362.0 2,369.9 2,402.1 2,434.2 2,497.4 2,539.6 2,556.8 2,473.9 2,484.5 2,510.7 2,520.5 2,509.6 2,546.0 2,554.2 2,548.5 2,540.6 2,564.0 2,570.3 2,552.1 2,513.9 2,508.4 1 GDP less exports of goods and services plus imports of goods and services. National Nondefense defense Total 726.5 779.5 831.1 865.0 876.3 894.9 906.1 971.1 1,029.5 1,075.9 943.8 955.1 982.0 1,003.5 995.2 1,029.2 1,043.9 1,049.6 1,056.9 1,079.4 1,087.8 1,079.6 1,053.3 1,058.5 470.7 505.3 549.2 580.4 589.0 598.4 611.8 657.7 695.6 718.3 634.7 643.1 669.7 683.2 669.9 695.7 709.5 707.3 708.2 718.6 728.6 717.7 694.0 706.0 255.5 273.9 281.7 284.6 287.3 296.6 294.2 313.3 333.8 357.7 309.1 312.1 312.0 320.2 325.3 333.4 334.3 342.2 348.7 360.8 359.2 361.9 359.4 352.5 AddenFinal Gross dum: sales of domestic Gross domestic purchases 1 national product product State and local 1,452.3 1,500.6 1,499.7 1,497.1 1,493.6 1,507.2 1,528.1 1,528.1 1,514.2 1,487.0 1,530.9 1,530.5 1,530.8 1,520.1 1,517.2 1,520.7 1,514.9 1,503.9 1,489.2 1,490.8 1,488.9 1,478.9 1,466.4 1,456.0 11,382.0 11,533.6 11,820.5 12,181.3 12,573.0 12,899.3 13,177.5 13,200.5 12,852.7 13,028.9 13,277.8 13,325.9 13,225.6 12,972.9 12,836.0 12,830.0 12,875.1 12,869.5 12,895.9 12,992.2 13,046.0 13,181.6 13,182.8 13,223.2 11,815.8 12,097.5 12,444.7 12,935.5 13,345.7 13,688.1 13,855.3 13,653.1 13,051.6 13,500.4 13,818.0 13,794.5 13,646.5 13,353.3 13,057.0 12,964.0 13,035.7 13,149.6 13,304.1 13,486.8 13,589.6 13,621.2 13,644.2 13,673.8 11,395.0 11,597.1 11,909.9 12,341.6 12,720.1 13,028.3 13,322.0 13,316.9 12,843.2 13,261.0 13,431.7 13,476.6 13,367.4 12,991.9 12,785.6 12,770.7 12,844.9 12,971.6 13,092.9 13,238.4 13,328.9 13,383.9 13,432.2 13,489.2 Source: Department of Commerce (Bureau of Economic Analysis). Note: Because of the formula used for calculating real GDP, the chained (2005) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates. Chained Price Indexes For Gross Domestic Product [Index numbers, 2005=100; quarterly data are seasonally adjusted] Period 2001 �������������������� 2002 �������������������� 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2008: I ���������������� II ��������������� III �������������� IV �������������� 2009: I ���������������� II ��������������� III �������������� IV �������������� 2010: I ���������������� II ��������������� III �������������� IV �������������� 2011: I ���������������� II r ������������� Gross domestic product 90.731 92.192 94.134 96.784 100.000 103.237 106.231 108.565 109.732 111.000 107.623 108.282 109.107 109.247 109.709 109.589 109.662 109.969 110.370 110.770 111.162 111.699 112.390 113.066 Personal consumption expenditures Total 91.530 92.778 94.658 97.121 100.000 102.723 105.499 108.943 109.169 111.112 107.852 109.052 110.218 108.650 108.194 108.703 109.513 110.265 110.774 110.864 111.136 111.673 112.747 113.642 Goods Services 97.563 96.563 96.492 97.929 100.000 101.441 102.764 105.912 103.209 104.837 105.356 106.609 108.437 103.248 101.575 102.597 104.007 104.657 105.196 104.286 104.497 105.367 107.412 108.751 Source: Department of Commerce (Bureau of Economic Analysis). 2 Gross private domestic investment 88.422 90.801 93.686 96.688 100.000 103.414 106.981 110.584 112.353 114.465 109.211 110.386 111.204 111.536 111.715 111.964 112.463 113.269 113.758 114.380 114.682 115.037 115.574 116.224 Nonresidential fixed 96.317 95.889 95.471 96.837 100.000 103.425 105.645 107.717 107.106 105.373 106.261 106.846 108.183 109.578 108.968 107.525 106.238 105.694 105.237 105.293 105.424 105.536 105.909 106.599 Residential fixed 80.994 83.002 86.953 93.297 100.000 106.081 107.612 106.296 102.637 102.214 107.250 106.941 106.196 104.799 104.023 102.451 101.643 102.430 102.568 101.784 101.941 102.563 102.958 103.491 Exports and imports of goods and services Government consumption expenditures and gross investment Federal Exports 91.696 91.322 93.282 96.539 100.000 103.440 106.900 111.975 105.959 110.617 110.731 113.584 115.264 108.320 104.944 104.967 106.249 107.674 108.955 110.295 110.461 112.757 115.725 118.152 Imports 87.824 86.846 89.851 94.164 100.000 104.131 107.785 119.237 106.571 113.032 116.791 122.490 125.623 112.045 102.793 104.443 108.027 111.019 113.252 112.610 111.994 114.271 119.370 122.980 Total 84.201 87.318 91.024 95.335 100.000 104.107 107.753 111.225 111.000 113.653 110.488 111.605 112.080 110.726 111.065 110.502 110.898 111.537 113.080 113.444 113.759 114.331 115.827 116.879 National defense 83.484 86.624 90.659 94.895 100.000 104.421 108.249 112.187 111.402 114.046 111.240 112.696 113.251 111.561 111.610 110.902 111.202 111.892 113.455 113.834 114.093 114.802 116.576 117.654 Nondefense 85.612 88.689 91.774 96.234 100.000 103.468 106.743 109.240 110.188 112.860 108.936 109.353 109.654 109.017 109.961 109.690 110.285 110.817 112.321 112.655 113.083 113.380 114.333 115.335 State and local 85.019 86.810 90.425 94.062 100.000 105.276 111.112 117.666 117.214 119.704 115.571 117.848 119.496 117.750 116.666 117.030 117.326 117.835 119.030 119.404 119.627 120.757 122.372 123.706 Gross Domestic Product and Related Price Measures: Indexes and Percent Changes [Quarterly data are seasonally adjusted] Percent change from preceding period 1 Index numbers, 2005=100 Personal consumption expenditures (PCE) Gross domestic product (GDP) Period 2001 ���������������������� 2002 ���������������������� 2003 ���������������������� 2004 ���������������������� 2005 ���������������������� 2006 ���������������������� 2007 ���������������������� 2008 ���������������������� 2009 ���������������������� 2010 ���������������������� 2008: I ������������������ II ����������������� III ���������������� IV ���������������� 2009: I ������������������ II ����������������� III ���������������� IV ���������������� 2010: I ������������������ II ����������������� III ���������������� IV ���������������� 2011: I ������������������ II r ��������������� Real GDP (chain-type quantity index) 89.816 91.445 93.769 97.021 100.000 102.658 104.622 104.270 100.635 103.684 105.101 105.447 104.468 102.064 100.319 100.145 100.567 101.509 102.494 103.450 104.093 104.699 104.792 105.051 GDP chain-type price index 90.731 92.192 94.134 96.784 100.000 103.237 106.231 108.565 109.732 111.000 107.623 108.282 109.107 109.247 109.709 109.589 109.662 109.969 110.370 110.770 111.162 111.699 112.390 113.066 GDP implicit price deflator 90.727 92.196 94.135 96.786 100.000 103.231 106.227 108.582 109.729 110.992 107.591 108.302 109.162 109.300 109.717 109.594 109.658 109.943 110.358 110.793 111.156 111.644 112.398 113.094 PCE (chain-type price index) 91.530 92.778 94.658 97.121 100.000 102.723 105.499 108.943 109.169 111.112 107.852 109.052 110.218 108.650 108.194 108.703 109.513 110.265 110.774 110.864 111.136 111.673 112.747 113.642 PCE less food and energy price index 92.783 94.390 95.823 97.815 100.000 102.265 104.631 107.020 108.691 110.208 106.208 106.844 107.384 107.644 107.913 108.475 108.888 109.488 109.796 110.147 110.353 110.534 110.963 111.558 1 Quarterly percent changes are at annual rates. Personal consumption expenditures (PCE) Gross domestic product (GDP) GDP (current dollars) Real GDP (chain-type quantity index) 3.4 3.5 4.7 6.4 6.5 6.0 4.9 1.9 –2.5 4.2 .6 4.0 –.6 –8.4 –5.2 –1.1 1.9 4.9 5.5 5.4 3.9 4.2 3.1 3.5 1.1 1.8 2.5 3.5 3.1 2.7 1.9 –.3 –3.5 3.0 –1.8 1.3 –3.7 –8.9 –6.7 –.7 1.7 3.8 3.9 3.8 2.5 2.3 .4 1.0 GDP chain-type price index GDP implicit price deflator 2.3 1.6 2.1 2.8 3.3 3.2 2.9 2.2 1.1 1.2 2.5 2.5 3.1 .5 1.7 –.4 .3 1.1 1.5 1.5 1.4 1.9 2.5 2.4 PCE (chain-type price index) 2.3 1.6 2.1 2.8 3.3 3.2 2.9 2.2 1.1 1.2 2.4 2.7 3.2 .5 1.5 –.4 .2 1.0 1.5 1.6 1.3 1.8 2.7 2.5 PCE less food and energy price index 1.9 1.4 2.0 2.6 3.0 2.7 2.7 3.3 .2 1.8 3.9 4.5 4.3 –5.6 –1.7 1.9 3.0 2.8 1.9 .3 1.0 1.9 3.9 3.2 1.8 1.7 1.5 2.1 2.2 2.3 2.3 2.3 1.6 1.4 2.5 2.4 2.0 1.0 1.0 2.1 1.5 2.2 1.1 1.3 .8 .7 1.6 2.2 Source: Department of Commerce (Bureau of Economic Analysis). Nonfinancial Corporate Business— Gross Value Added and Price, Costs, and Profits [Quarterly data at seasonally adjusted annual rates] Period Current dollars 2001 �������������������� 2002 �������������������� 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2008: I ���������������� II ��������������� III �������������� IV �������������� 2009: I ���������������� II ��������������� III �������������� IV �������������� 2010: I ���������������� II ��������������� III �������������� IV �������������� 2011: I r �������������� II p ������������� Price per unit of real gross value added of nonfinancial corporate business (dollars) 1, 2 Gross value added of nonfinancial corporate business (billions of dollars) 1 5,252.5 5,307.7 5,503.7 5,877.5 6,302.8 6,740.3 6,946.0 6,991.4 6,592.0 6,902.0 6,955.8 6,964.7 7,094.8 6,950.5 6,650.3 6,534.6 6,533.4 6,649.7 6,811.1 6,876.6 6,953.9 6,966.5 7,078.3 7,239.4 Chained (2005) dollars 5,641.5 5,679.3 5,819.6 6,085.2 6,302.8 6,542.2 6,616.1 6,521.2 6,110.9 6,442.7 6,553.6 6,534.8 6,591.2 6,405.2 6,083.1 6,034.0 6,090.4 6,236.0 6,395.3 6,441.6 6,477.8 6,455.9 6,526.7 6,646.0 Total 0.931 .935 .946 .966 1.000 1.030 1.050 1.072 1.079 1.071 1.061 1.066 1.076 1.085 1.093 1.083 1.073 1.066 1.065 1.068 1.073 1.079 1.085 1.089 Compensation of employees (unit labor cost) 0.631 .624 .627 .622 .631 .639 .659 .681 .684 .662 .680 .681 .675 .689 .692 .693 .682 .668 .655 .659 .664 .669 .672 .669 Corporate profits with inventory valuation and capital consumption adjustments 4 Unit nonlabor cost Total 0.234 .235 .234 .232 .243 .249 .264 .276 .290 .262 .270 .272 .273 .285 .299 .296 .286 .278 .267 .262 .259 .259 .260 .258 1 Estimates for nonfinancial corporate business for 2000 and earlier periods are based on the Standard Industrial Classification (SIC); later estimates are based on the North American Industry Classification System (NAICS). 2 The implicit price deflator for gross value added of nonfinancial corporate business divided by 100. 3 Less subsidies plus business current transfer payments. Consumption of fixed capital 0.112 .115 .115 .114 .118 .122 .127 .133 .141 .133 .130 .131 .132 .137 .144 .143 .141 .137 .133 .133 .132 .134 .134 .133 Net interest Taxes on and production miscellaneous and imports 3 payments 0.087 .091 .094 .096 .101 .102 .102 .103 .109 .109 .102 .103 .102 .105 .108 .111 .108 .108 .108 .108 .109 .109 .110 .110 0.035 .029 .025 .022 .024 .025 .035 .040 .040 .020 .038 .038 .039 .043 .047 .042 .037 .033 .026 .021 .018 .016 .016 .015 Total Taxes on corporate income 0.066 .075 .084 .111 .127 .141 .126 .116 .105 .148 .111 .112 .129 .111 .102 .094 .104 .120 .143 .146 .151 .151 .152 .162 0.020 .017 .023 .031 .043 .047 .044 .035 .029 .036 .038 .039 .039 .024 .027 .026 .028 .034 .036 .036 .037 .033 .037 .038 Profits after tax 5 0.046 .058 .061 .081 .083 .094 .082 .081 .076 .112 .073 .073 .090 .087 .075 .068 .076 .086 .106 .110 .114 .118 .116 .124 4 Unit profits from current production. 5 With inventory valuation and capital consumption adjustments. Source: Department of Commerce (Bureau of Economic Analysis). 3 National Income [Billions of dollars; quarterly data at seasonally adjusted annual rates] Proprietors’ income 1 Period 2001 �������������������� 2002 �������������������� 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2008: I ���������������� II ��������������� III �������������� IV �������������� 2009: I ���������������� II ��������������� III �������������� IV �������������� 2010: I ���������������� II ��������������� III �������������� IV �������������� 2011: I r �������������� II r ������������� ComNational pensation of income employees 9,185.2 9,408.5 9,840.2 10,534.0 11,273.8 12,031.2 12,396.4 12,609.1 12,147.6 12,840.1 12,693.9 12,724.9 12,733.1 12,284.4 12,099.2 12,035.7 12,126.1 12,329.5 12,595.9 12,803.7 12,942.1 13,018.8 13,232.6 13,387.1 5,979.3 6,110.8 6,382.6 6,693.4 7,065.0 7,477.0 7,855.9 8,068.3 7,806.4 7,971.4 8,099.0 8,073.4 8,084.7 8,016.1 7,830.1 7,809.2 7,781.9 7,804.4 7,852.5 7,960.0 8,022.2 8,050.8 8,172.5 8,264.0 Rental income of persons with capital conNonfarm sumption adjustment Farm 30.5 18.5 36.5 49.7 43.9 29.3 37.8 51.8 39.2 52.2 60.5 55.3 46.6 44.6 37.1 38.7 39.5 41.4 44.6 45.8 58.3 60.1 66.1 67.3 840.2 871.8 894.1 984.1 1,025.9 1,103.6 1,052.6 1,046.1 902.0 984.2 1,053.1 1,071.9 1,057.4 1,002.1 923.1 888.2 889.9 907.0 937.1 979.7 998.7 1,021.4 1,029.5 1,038.0 232.4 218.7 204.2 198.4 178.2 146.5 143.7 231.6 305.9 350.2 188.9 218.5 243.5 275.6 278.8 299.7 319.3 325.9 344.1 349.1 352.8 354.8 385.0 397.0 Corporate profits with inventory valuation and capital consumption adjustments Net interest and Capital miscelconsumption laneous Inventory adjust- payments valuation ment adjustment Taxes on production and imports Profits with inventory valuation adjustment and without capital consumption adjustment Total 784.2 872.2 977.8 1,246.9 1,456.1 1,608.3 1,510.6 1,248.4 1,362.0 1,800.1 1,360.0 1,333.7 1,328.6 971.2 1,175.2 1,262.3 1,438.8 1,571.6 1,724.2 1,785.8 1,833.1 1,857.4 1,876.4 1,933.7 Total Profits before tax 720.8 762.8 892.2 1,195.1 1,609.5 1,784.7 1,691.1 1,315.5 1,456.3 1,780.4 1,412.3 1,397.0 1,403.1 1,049.6 1,285.7 1,359.7 1,525.0 1,654.6 1,797.0 1,859.9 1,812.6 1,652.2 1,761.1 1,826.4 712.7 765.3 903.5 1,229.4 1,640.2 1,822.7 1,738.4 1,359.9 1,455.7 1,819.5 1,543.5 1,552.4 1,475.8 868.0 1,209.3 1,343.8 1,545.7 1,723.9 1,825.3 1,865.5 1,844.5 1,742.5 1,877.1 1,885.8 1 With inventory valuation and capital consumption adjustments. 8.0 –2.6 –11.3 –34.3 –30.7 –38.0 –47.2 –44.5 0.6 –39.1 –131.3 –155.4 –72.7 181.6 76.5 15.9 –20.7 –69.3 –28.4 –5.6 –32.0 –90.3 –116.0 –59.3 63.4 109.4 85.6 51.8 –153.4 –176.4 –180.5 –67.1 –94.3 19.7 –52.3 –63.2 –74.5 –78.4 –110.5 –97.4 –86.2 –83.0 –72.7 –74.1 20.5 205.2 115.4 107.2 544.4 506.4 504.1 461.6 543.0 652.2 731.6 870.1 656.7 564.3 843.7 875.1 878.0 883.7 782.9 656.4 596.6 591.0 589.1 569.2 550.1 548.7 556.6 527.8 Business Less: current Subsidies transfer payments 727.7 762.8 806.8 863.4 930.2 986.8 1,027.2 1,038.6 1,017.9 1,054.0 1,035.0 1,047.3 1,046.7 1,025.5 1,008.0 1,011.8 1,020.4 1,031.3 1,040.9 1,050.6 1,059.0 1,065.5 1,087.4 1,101.9 58.7 41.4 49.1 46.4 60.9 51.4 54.6 52.9 59.7 57.3 51.9 51.9 52.5 55.4 56.4 56.8 68.4 57.1 56.4 56.8 57.0 59.1 60.0 62.9 101.3 82.4 76.1 81.7 95.9 83.0 103.3 123.0 132.0 136.7 120.8 117.3 116.1 137.8 137.0 141.5 122.2 127.5 134.6 135.7 140.9 135.7 134.7 134.8 Current surplus of government enterprises 4.0 6.3 7.0 1.2 –3.5 –4.2 –11.8 –16.0 –14.9 –15.7 –15.2 –15.9 –16.1 –16.8 –16.8 –15.3 –14.0 –13.6 –14.7 –15.5 –16.0 –16.5 –15.6 –14.5 Source: Department of Commerce (Bureau of Economic Analysis). Real Personal Consumption Expenditures [Billions of chained (2005) dollars, except as noted; quarterly data at seasonally adjusted annual rates] Goods Period 2001 �������������������� 2002 �������������������� 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2008: I ���������������� II ��������������� III �������������� IV �������������� 2009: I ���������������� II ��������������� III �������������� IV �������������� 2010: I ���������������� II ��������������� III �������������� IV �������������� 2011: I ���������������� II r ������������� Total personal consumption expenditures 7,810.3 8,018.3 8,244.5 8,515.8 8,803.5 9,054.5 9,262.9 9,211.7 9,037.5 9,220.9 9,289.1 9,285.8 9,196.0 9,076.0 9,040.9 8,998.5 9,050.3 9,060.2 9,121.2 9,186.9 9,247.1 9,328.4 9,376.7 9,386.7 Services Durable Total goods 2,597.3 2,702.9 2,827.2 2,953.3 3,076.7 3,178.9 3,273.5 3,192.9 3,098.0 3,230.7 3,249.0 3,252.7 3,187.9 3,082.0 3,082.6 3,064.3 3,120.7 3,124.6 3,173.3 3,202.9 3,240.8 3,306.0 3,344.4 3,332.8 Total durable goods 1 862.4 927.9 989.1 1,060.9 1,123.4 1,174.2 1,232.4 1,171.8 1,108.3 1,188.3 1,218.7 1,209.8 1,170.8 1,088.0 1,094.6 1,083.4 1,134.5 1,120.8 1,147.5 1,169.3 1,194.1 1,242.4 1,277.4 1,260.8 Nondurable Motor vehicles and parts 374.3 394.0 404.8 410.4 408.2 394.4 401.4 346.8 322.5 330.1 381.9 360.7 340.8 303.8 316.2 312.4 344.5 316.7 315.9 321.4 328.0 354.9 368.2 342.2 Total nondurable goods 1 Food and beverages purchased for offpremises consumption Gasoline and other energy goods Total services 1 Household consumption expenditures 607.5 608.9 616.5 623.9 644.5 663.0 673.2 666.0 657.3 673.1 672.9 674.5 666.5 650.2 647.0 654.8 660.8 666.8 671.6 667.2 672.8 680.8 682.1 683.9 289.2 294.0 301.9 305.9 303.8 296.9 294.4 280.6 281.1 281.3 286.3 282.7 273.4 280.0 284.9 281.2 279.3 279.1 281.8 282.1 282.7 278.4 274.2 269.2 5,219.1 5,318.5 5,418.2 5,562.7 5,726.8 5,875.6 5,990.2 6,017.0 5,935.5 5,991.8 6,039.7 6,032.9 6,006.5 5,988.8 5,953.5 5,928.6 5,926.8 5,932.9 5,947.4 5,984.3 6,008.1 6,027.5 6,039.1 6,059.7 5,029.3 5,109.8 5,199.4 5,345.1 5,515.1 5,640.6 5,745.2 5,745.6 5,660.5 5,714.0 5,775.9 5,765.1 5,734.4 5,707.1 5,676.3 5,657.0 5,653.5 5,655.2 5,668.1 5,702.6 5,730.6 5,754.7 5,765.9 5,786.9 1,745.4 1,780.1 1,840.7 1,892.8 1,953.4 2,005.0 2,042.9 2,019.1 1,983.4 2,041.3 2,032.1 2,043.5 2,015.4 1,985.3 1,980.3 1,972.8 1,982.7 1,997.7 2,021.1 2,030.8 2,045.8 2,067.4 2,075.4 2,077.5 1 Includes other items, not shown separately. 2 Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. Housing and utilities 1,451.4 1,461.9 1,480.2 1,512.8 1,582.6 1,616.8 1,626.6 1,637.8 1,654.9 1,669.2 1,637.3 1,637.0 1,630.9 1,646.1 1,650.0 1,651.3 1,656.6 1,661.5 1,663.6 1,665.7 1,675.3 1,672.2 1,666.0 1,666.6 Health care Financial services and insurance 1,135.6 1,202.4 1,228.3 1,267.4 1,308.9 1,333.0 1,364.0 1,396.5 1,423.1 1,442.9 1,385.7 1,395.7 1,401.9 1,402.5 1,409.1 1,421.6 1,429.1 1,432.8 1,424.1 1,438.2 1,446.9 1,462.3 1,464.3 1,472.6 Retail sales of new passenger cars and light trucks (millions of units) 6,742.5 6,938.6 7,145.2 7,401.8 7,665.3 7,911.5 8,110.4 8,087.2 7,917.2 8,076.8 8,143.9 8,148.9 8,090.4 7,965.7 7,929.2 7,882.9 7,927.7 7,929.1 7,981.7 8,051.4 8,096.2 8,178.0 8,238.4 8,254.4 17.1 16.8 16.6 16.9 16.9 16.5 16.1 13.2 10.4 11.6 15.3 14.2 r 13.0 r 10.3 r 9.5 9.7 11.6 10.8 11.0 r 11.4 11.6 12.3 13.0 12.1 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). 4 661.3 658.9 659.2 675.5 698.4 716.4 739.8 732.3 676.1 667.8 746.3 738.3 732.2 712.5 693.1 679.7 670.6 661.0 667.0 670.8 665.9 667.6 674.7 680.8 Addendum: Personal consumption expenditures excluding food and energy 2 Sources of Personal Income Personal income rose $42.4 billion (annual rate) in July, following an increase of $27.7 billion in June. Wages and salaries rose $24.2 billion in July, following an increase of $8.9 billion in June. [Billions of dollars; monthly data at seasonally adjusted annual rates] Compensation of employees, received Period 2001 �������������������� 2002 �������������������� 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2010: July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2011: Jan r ��������� Feb r ��������� Mar r �������� Apr r ��������� May r �������� June r ������� July p �������� Total personal income 8,883.3 9,060.1 9,378.1 9,937.2 10,485.9 11,268.1 11,912.3 12,460.2 11,930.2 12,373.5 12,409.2 12,472.8 12,477.7 12,546.0 12,561.8 12,625.0 12,780.3 12,850.6 12,909.7 12,962.5 12,997.2 13,024.9 13,067.3 Total 5,979.3 6,110.8 6,367.6 6,708.4 7,060.0 7,475.7 7,862.2 8,073.3 7,801.4 7,971.4 8,007.7 8,030.0 8,028.9 8,054.1 8,041.5 8,056.8 8,126.2 8,177.6 8,213.9 8,244.2 8,268.4 8,279.4 8,307.3 Wage and salary disbursements 4,952.2 4,997.3 5,139.6 5,425.7 5,701.0 6,068.9 6,421.7 6,550.9 6,270.3 6,408.2 6,442.4 6,461.6 6,459.6 6,481.5 6,468.2 6,481.4 6,536.8 6,582.9 6,614.8 6,641.6 6,662.3 6,671.2 6,695.4 1 With inventory valuation and capital consumption adjustments. 2 With capital consumption adjustment. 3 Consists mainly of social insurance benefits to persons. Supplements to wages and salaries 1,027.1 1,113.5 1,228.0 1,282.7 1,359.1 1,406.9 1,440.4 1,522.5 1,531.1 1,563.1 1,565.3 1,568.4 1,569.3 1,572.5 1,573.3 1,575.4 1,589.4 1,594.7 1,599.1 1,602.6 1,606.1 1,608.2 1,611.9 Proprietors’ income 1 Farm 30.5 18.5 36.5 49.7 43.9 29.3 37.8 51.8 39.2 52.2 55.0 59.1 60.8 60.4 60.1 59.9 63.0 66.1 69.2 68.3 67.3 66.4 65.9 Nonfarm 840.2 871.8 894.1 984.1 1,025.9 1,103.6 1,052.6 1,046.1 902.0 984.2 991.0 999.3 1,005.6 1,017.5 1,021.0 1,025.7 1,023.6 1,031.1 1,033.9 1,036.7 1,037.7 1,039.6 1,043.3 Personal income receipts on assets Rental income of persons 2 232.4 218.7 204.2 198.4 178.2 146.5 143.7 231.6 305.9 350.2 351.2 352.8 354.3 354.8 354.9 354.7 369.7 384.9 400.3 398.3 396.9 395.7 400.7 Total 1,346.0 1,309.6 1,312.9 1,408.5 1,542.0 1,829.7 2,057.0 2,165.4 1,707.7 1,721.2 1,731.1 1,725.0 1,714.0 1,725.0 1,738.6 1,766.8 1,772.2 1,780.2 1,779.2 1,792.6 1,803.8 1,814.3 1,821.8 Personal interest income 976.5 911.9 889.8 860.2 987.0 1,127.5 1,265.1 1,382.0 1,108.9 1,003.4 998.8 984.0 968.9 977.9 989.3 1,001.5 1,003.1 1,004.7 1,006.4 1,011.8 1,017.2 1,022.6 1,022.1 Personal dividend income 369.5 397.7 423.1 548.3 555.0 702.2 791.9 783.4 598.8 717.7 732.3 741.0 745.1 747.1 749.3 765.3 769.1 775.4 772.8 780.8 786.6 791.7 799.7 Personal current transfer receipts 3 1,188.1 1,282.1 1,341.7 1,415.5 1,508.6 1,605.0 1,718.5 1,879.2 2,138.1 2,281.2 2,263.0 2,299.2 2,305.9 2,329.0 2,338.9 2,355.6 2,331.2 2,322.9 2,330.1 2,342.9 2,346.7 2,354.3 2,356.5 Less: Contributions for government social insurance, domestic 733.2 751.5 778.9 827.3 872.7 921.8 959.5 987.3 964.1 986.8 989.8 992.7 991.9 994.7 993.2 994.5 905.7 912.1 916.8 920.5 923.7 924.8 928.3 Source: Department of Commerce (Bureau of Economic Analysis). 5 Disposition of Personal Income According to revised estimates, per capita disposable personal income in chained (2005) dollars rose 0.3 percent in the second quarter of 2011. Period Personal income Less: Personal current taxes Equals: Disposable personal income Less: Personal outlays 1 Equals: Personal saving Disposable personal income in billions of chained (2005) dollars Current dollars Billions of dollars 2001 �������������������� 2002 �������������������� 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 8,883.3 9,060.1 9,378.1 9,937.2 10,485.9 11,268.1 11,912.3 12,460.2 11,930.2 12,373.5 1,234.8 1,050.4 1,000.3 1,047.8 1,208.6 1,352.4 1,488.7 1,435.7 1,141.4 1,193.9 7,648.5 8,009.7 8,377.8 8,889.4 9,277.3 9,915.7 10,423.6 11,024.5 10,788.8 11,179.7 Per capita personal consumption expenditures Per capita disposable personal income Chained (2005) dollars Current dollars Chained (2005) dollars Dollars 7,443.5 7,727.5 8,088.1 8,571.2 9,134.1 9,659.1 10,174.9 10,432.2 10,236.3 10,586.9 204.9 282.2 289.6 318.2 143.2 256.6 248.7 592.3 552.6 592.8 8,356.2 8,633.2 8,850.5 9,152.9 9,277.3 9,652.8 9,880.3 10,119.5 9,882.7 10,061.6 26,805 27,799 28,805 30,287 31,318 33,157 34,512 36,166 35,088 36,051 Percent Saving change as in real percent per capita of disposable disposable personal personal income income Population, including Armed Forces overseas (thousands) 2 Percent 29,286 29,962 30,430 31,185 31,318 32,278 32,713 33,197 32,141 32,446 25,054 25,819 26,833 28,179 29,719 31,102 32,356 32,922 32,087 33,039 27,372 27,828 28,347 29,014 29,719 30,277 30,669 30,219 29,392 29,735 1.4 2.3 1.6 2.5 .4 3.1 1.3 1.5 –3.2 .9 2.7 3.5 3.5 3.6 1.5 2.6 2.4 5.4 5.1 5.3 285,335 288,133 290,845 293,502 296,229 299,052 302,025 304,831 307,483 310,106 33,203 33,794 32,944 32,848 32,467 32,423 31,901 31,782 32,099 32,473 32,581 32,628 32,670 32,693 32,976 33,262 33,213 32,238 31,915 31,852 32,198 32,380 32,685 32,883 33,103 33,480 33,917 34,162 30,575 30,501 30,133 29,671 29,498 29,302 29,402 29,366 29,507 29,662 29,787 29,981 30,083 30,062 5.0 7.3 –9.7 –1.2 –4.6 –.5 –6.3 –1.5 4.0 4.7 1.3 .6 .5 .3 4.2 6.2 4.9 6.2 5.7 6.2 4.4 4.3 4.9 5.6 5.6 5.2 5.0 5.2 303,810 304,445 305,177 305,890 306,496 307,101 307,815 308,521 309,120 309,724 310,438 311,140 311,696 312,243 Seasonally adjusted annual rates 2008: I ���������������� II ��������������� III �������������� IV �������������� 2009: I ���������������� II ��������������� III �������������� IV �������������� 2010: I ���������������� II ��������������� III �������������� IV �������������� 2011: I r �������������� II r ������������� 12,415.6 12,571.7 12,513.3 12,340.0 11,964.4 11,944.1 11,874.1 11,938.2 12,137.7 12,325.6 12,453.2 12,577.6 12,846.9 12,994.9 1,536.0 1,351.8 1,432.1 1,422.8 1,198.0 1,120.3 1,120.6 1,126.4 1,146.4 1,175.4 1,212.8 1,240.9 1,365.9 1,394.5 10,879.6 11,220.0 11,081.2 10,917.3 10,766.3 10,823.8 10,753.5 10,811.7 10,991.3 11,150.2 11,240.4 11,336.7 11,481.0 11,600.4 10,424.5 10,529.4 10,538.4 10,236.3 10,155.2 10,153.4 10,285.3 10,351.2 10,457.2 10,527.0 10,614.8 10,748.6 10,902.1 10,992.6 455.0 690.6 542.8 680.9 611.1 670.3 468.2 460.5 534.1 623.3 625.6 588.1 578.9 607.8 10,087.4 10,288.5 10,053.7 10,047.9 9,951.0 9,957.3 9,819.6 9,805.4 9,922.5 10,057.8 10,114.4 10,152.0 10,183.2 10,208.1 1 Includes personal consumption expenditures, personal interest payments (nonmortgage), and personal current transfer payments. 2 Annual data are averages of quarterly data, which are averages for the period. 6 35,810 36,854 36,311 35,690 35,127 35,245 34,935 35,044 35,557 36,001 36,208 36,436 36,834 37,152 Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census). Farm Income According to the revised forecast for 2011, gross farm income is forecast at $421.7 billion and net farm income at $103.6 billion. [Billions of dollars; quarterly data at seasonally adjusted annual rates] Income of farm operators from farming Gross farm income Period Cash marketing receipts Total 1 2002 ��������������������������������������������������� 2003 r ������������������������������������������������� 2004 r ������������������������������������������������� 2005 r ������������������������������������������������� 2006 r ������������������������������������������������� 2007 r ������������������������������������������������� 2008 r ������������������������������������������������� 2009 r ������������������������������������������������� 2010 r ������������������������������������������������� 2011 r ������������������������������������������������� 2009: I r ��������������������������������������������� II r �������������������������������������������� III r ������������������������������������������� IV r ������������������������������������������� 2010: I r ��������������������������������������������� II r �������������������������������������������� III r ������������������������������������������� IV r ������������������������������������������� 2011: I r ��������������������������������������������� II r �������������������������������������������� III r ������������������������������������������� IV r ������������������������������������������� 230.6 258.7 294.9 298.5 290.2 339.6 377.9 342.7 364.7 421.7 367.1 347.2 306.9 349.8 371.1 335.4 348.6 403.6 439.5 427.4 416.0 403.7 Livestock and products Total 194.6 216.0 237.9 240.9 240.6 288.5 316.7 288.6 314.4 370.4 299.6 299.2 263.4 292.3 309.3 295.2 306.4 346.5 377.5 381.3 370.5 352.1 93.9 105.7 123.5 124.9 118.5 138.5 141.6 120.3 141.4 163.8 121.6 120.0 119.9 119.4 141.1 140.2 141.5 143.0 166.2 165.6 164.1 159.5 1 Cash marketing receipts, Government payments, value of changes in inventories, other farm related cash income, and nonmoney income produced by farms including imputed rent of operator residences. 2 Crop receipts include proceeds received from commodities placed under the Commodity Credit Corporation loans. Crops 2 100.7 110.3 114.4 116.0 122.1 150.1 175.0 168.3 172.9 206.5 177.9 179.2 143.5 172.8 168.3 155.0 164.9 203.5 211.3 215.8 206.4 192.6 Value of inventory changes 3 –3.5 –2.7 11.2 –.4 –3.1 .6 6.6 –1.1 –2.0 –.7 –1.2 –1.2 –1.0 –1.1 –1.9 –1.9 –1.9 –2.2 –.8 –.8 –.7 –.7 Direct Government payments 4 12.4 16.5 13.0 24.4 15.8 11.9 12.2 12.2 12.4 10.2 24.0 4.5 5.2 15.0 24.4 4.6 5.3 15.3 20.1 3.8 4.3 12.6 Production expenses 191.4 197.7 207.5 219.7 232.7 269.5 293.2 281.1 285.6 318.1 291.8 291.4 256.6 284.7 281.0 268.2 278.4 314.8 324.2 327.5 318.2 302.4 Net farm income 39.1 61.0 87.4 78.8 57.4 70.0 84.7 61.6 79.1 103.6 75.3 55.8 50.3 65.1 90.0 67.2 70.3 88.8 115.3 99.9 97.8 101.4 3 Physical changes in beginning and ending year inventories of crop and livestock commodities valued at weighted average market prices during the period. 4 Includes only Government payments made directly to farmers. Note: Data for 2011 are forecasts. Source: Department of Agriculture. 7 Corporate Profits In the second quarter of 2011, according to current estimates, corporate profits before tax rose $8.7 billion (annual rate) and profits after tax rose $11.7 billion. [Billions of dollars; quarterly data at seasonally adjusted annual rates] Profits (before tax) with inventory valuation adjustment 1 Profits after tax Domestic industries Period 2001 �������������������� 2002 �������������������� 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2008: I ���������������� II ��������������� III �������������� IV �������������� 2009: I ���������������� II ��������������� III �������������� IV �������������� 2010: I ���������������� II ��������������� III �������������� IV �������������� 2011: I ���������������� II p ������������� Total 2 720.8 762.8 892.2 1,195.1 1,609.5 1,784.7 1,691.1 1,315.5 1,456.3 1,780.4 1,412.3 1,397.0 1,403.1 1,049.6 1,285.7 1,359.7 1,525.0 1,654.6 1,797.0 1,859.9 1,812.6 1,652.2 1,761.1 1,826.4 Nonfinancial Total 551.1 604.9 726.4 990.1 1,370.0 1,527.8 1,340.2 908.9 1,095.9 1,398.5 994.1 978.3 963.7 699.5 925.7 1,015.1 1,162.5 1,280.3 1,428.0 1,469.3 1,417.3 1,279.3 1,350.3 1,388.6 Financial 228.0 265.2 311.8 362.3 443.6 448.0 345.5 122.2 401.8 494.7 240.6 217.1 79.4 –48.3 241.3 395.0 481.2 489.6 479.8 490.6 487.8 520.8 491.5 438.9 Total 3 Manufacturing Utilities Wholesale Taxes on corporate income Total Net dividends Retail 323.1 49.7 25.2 51.3 72.6 339.7 47.7 12.3 49.1 81.6 414.6 69.4 12.4 54.8 88.9 627.8 154.1 19.4 75.6 93.4 926.4 247.2 29.8 92.2 122.6 1,079.9 304.5 54.4 103.7 133.2 994.7 271.3 50.3 99.9 117.8 786.7 195.5 30.7 86.3 81.6 694.1 125.2 22.2 83.3 106.0 903.7 217.1 25.0 85.8 122.6 753.5 205.6 16.5 57.9 75.3 761.1 174.4 –13.0 64.2 80.9 884.3 220.6 86.3 89.2 85.0 747.8 181.3 33.1 133.8 85.1 684.4 109.2 18.2 102.7 101.6 620.1 107.4 21.6 77.4 103.8 681.2 130.8 15.5 73.0 107.7 790.6 153.4 33.4 79.9 110.9 948.2 216.2 46.5 93.4 128.6 978.7 237.3 18.2 111.0 125.4 929.5 227.2 28.0 89.4 119.0 758.5 187.7 7.1 49.5 117.3 858.8 217.6 14.9 71.6 120.2 949.7 ��������������� ��������������� ��������������� ��������������� 1 See p. 4 for profits with inventory valuation and capital consumption adjustments. 2 Includes rest of the world, not shown separately. 3 Includes industries not shown separately. 8 Profits before tax 712.7 765.3 903.5 1,229.4 1,640.2 1,822.7 1,738.4 1,359.9 1,455.7 1,819.5 1,543.5 1,552.4 1,475.8 868.0 1,209.3 1,343.8 1,545.7 1,723.9 1,825.3 1,865.5 1,844.5 1,742.5 1,877.1 1,885.8 203.3 192.3 243.8 306.1 412.4 473.3 445.5 309.0 272.4 411.1 355.2 344.1 312.5 224.3 208.8 244.8 301.6 334.4 409.7 399.6 430.3 404.7 422.3 419.3 509.4 573.0 659.7 923.3 1,227.8 1,349.5 1,292.9 1,050.9 1,183.3 1,408.4 1,188.3 1,208.3 1,163.3 643.7 1,000.4 1,099.0 1,244.2 1,389.5 1,415.6 1,465.9 1,414.2 1,337.8 1,454.8 1,466.5 370.9 399.3 424.9 550.3 557.3 704.8 794.5 786.9 620.0 737.3 835.9 803.4 780.5 727.6 671.9 600.9 584.1 623.0 684.8 729.3 760.5 774.8 793.8 r 807.4 Inventory Undistrib- valuation adjustment uted profits 138.5 173.8 234.8 373.0 670.5 644.7 498.4 264.0 563.3 671.1 352.4 404.9 382.8 –84.0 328.5 498.1 660.0 766.5 730.8 736.6 653.7 563.0 660.9 659.1 8.0 –2.6 –11.3 –34.3 –30.7 –38.0 –47.2 –44.5 .6 –39.1 –131.3 –155.4 –72.7 181.6 76.5 15.9 –20.7 –69.3 –28.4 –5.6 –32.0 –90.3 –116.0 –59.3 Note: Data by industry are based on the North American Industry Classification System (NAICS). Source: Department of Commerce (Bureau of Economic Analysis). Real Gross Private Domestic Investment In the second quarter of 2011, according to revised estimates, nonresidential fixed investment in chained (2005) dollars rose $32.8 billion (annual rate) and residential investment rose $2.7 billion. Inventories increased $40.6 billion, following an increase of $49.1 billion in the first quarter. [Billions of chained (2005) dollars; quarterly data at seasonally adjusted annual rates] Fixed investment Period 2001 ��������������������������������������������������� 2002 ��������������������������������������������������� 2003 ��������������������������������������������������� 2004 ��������������������������������������������������� 2005 ��������������������������������������������������� 2006 ��������������������������������������������������� 2007 ��������������������������������������������������� 2008 ��������������������������������������������������� 2009 ��������������������������������������������������� 2010 ��������������������������������������������������� 2008: I ����������������������������������������������� II ���������������������������������������������� III ��������������������������������������������� IV ��������������������������������������������� 2009: I ����������������������������������������������� II ���������������������������������������������� III ��������������������������������������������� IV ��������������������������������������������� 2010: I ����������������������������������������������� II ���������������������������������������������� III ��������������������������������������������� IV ��������������������������������������������� 2011: I ����������������������������������������������� II r �������������������������������������������� Gross private domestic investment 1,825.2 1,800.4 1,870.1 2,058.2 2,172.3 2,231.8 2,159.5 1,939.8 1,454.2 1,714.9 2,055.7 2,024.0 1,934.7 1,744.6 1,490.4 1,397.2 1,407.3 1,522.0 1,630.0 1,728.3 1,766.8 1,734.5 1,750.9 1,778.1 Change in private inventories Nonresidential Total 1,870.7 1,791.5 1,854.7 1,992.5 2,122.3 2,172.7 2,130.6 1,978.6 1,606.3 1,648.4 2,066.4 2,039.1 1,973.5 1,835.4 1,665.5 1,589.8 1,592.6 1,577.5 1,582.0 1,654.0 1,663.5 1,693.9 1,699.0 1,734.6 Total 1,274.8 1,173.7 1,189.6 1,263.0 1,347.3 1,455.5 1,550.0 1,537.6 1,263.2 1,319.2 1,589.1 1,580.0 1,539.2 1,442.3 1,312.9 1,257.6 1,247.0 1,235.2 1,253.3 1,308.0 1,343.6 1,371.9 1,378.9 1,411.7 Note: See p. 10 for further detail on fixed investment by type. Because of the formula used for calculating real GDP, the chained (2005) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates. Structures 433.3 356.6 343.0 346.7 351.8 384.0 438.2 466.4 367.3 309.1 463.8 474.4 469.9 457.5 415.3 375.4 354.9 323.7 301.5 306.9 310.1 318.0 305.9 317.3 Equipment and software 860.6 824.2 850.0 917.3 995.6 1,071.1 1,106.8 1,059.4 889.7 1,019.4 1,117.2 1,094.6 1,056.8 969.0 883.7 874.2 888.0 912.9 958.8 1,010.1 1,044.1 1,064.5 1,086.9 1,107.6 Residential 583.3 613.8 664.3 729.5 775.0 718.2 584.2 444.4 345.6 330.8 481.3 462.8 437.8 395.8 354.9 334.3 348.2 344.8 330.8 348.2 321.1 323.1 321.1 323.8 Total –41.8 12.8 17.3 66.3 50.0 59.4 27.7 –36.3 –144.9 58.8 –12.5 –14.2 –38.1 –80.3 –161.6 –183.0 –178.7 –56.5 39.9 64.6 92.3 38.3 49.1 40.6 Nonfarm –41.5 15.6 17.2 58.3 49.8 63.2 28.7 –37.6 –143.8 60.7 –4.8 –18.1 –44.2 –83.3 –162.6 –182.7 –173.9 –56.0 35.5 64.0 98.8 44.7 59.7 52.4 Source: Department of Commerce (Bureau of Economic Analysis). 9 Real Private Fixed Investment by Type [Billions of chained (2005) dollars; quarterly data at seasonally adjusted annual rates] Nonresidential Equipment and software Total fixed investment Period 2001 ������������ 2002 ������������ 2003 ������������ 2004 ������������ 2005 ������������ 2006 ������������ 2007 ������������ 2008 ������������ 2009 ������������ 2010 ������������ 2008: I �������� II ������� III ������ IV ������ 2009: I �������� II ������� III ������ IV ������ 2010: I �������� II ������� III ������ IV ������ 2011: I �������� II r ����� Residential Total nonresidential 1,870.7 1,791.5 1,854.7 1,992.5 2,122.3 2,172.7 2,130.6 1,978.6 1,606.3 1,648.4 2,066.4 2,039.1 1,973.5 1,835.4 1,665.5 1,589.8 1,592.6 1,577.5 1,582.0 1,654.0 1,663.5 1,693.9 1,699.0 1,734.6 1,274.8 1,173.7 1,189.6 1,263.0 1,347.3 1,455.5 1,550.0 1,537.6 1,263.2 1,319.2 1,589.1 1,580.0 1,539.2 1,442.3 1,312.9 1,257.6 1,247.0 1,235.2 1,253.3 1,308.0 1,343.6 1,371.9 1,378.9 1,411.7 Information processing equipment and software Structures 433.3 356.6 343.0 346.7 351.8 384.0 438.2 466.4 367.3 309.1 463.8 474.4 469.9 457.5 415.3 375.4 354.9 323.7 301.5 306.9 310.1 318.0 305.9 317.3 Total 860.6 824.2 850.0 917.3 995.6 1,071.1 1,106.8 1,059.4 889.7 1,019.4 1,117.2 1,094.6 1,056.8 969.0 883.7 874.2 888.0 912.9 958.8 1,010.1 1,044.1 1,064.5 1,086.9 1,107.6 Computers and peripheral Software equipment 1 Total 384.5 373.9 403.7 443.1 475.3 516.3 558.2 569.7 548.3 602.6 583.0 583.3 571.7 540.7 529.9 535.5 553.7 574.1 581.2 596.1 608.5 624.5 625.0 643.1 ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ 173.7 173.4 185.6 204.6 218.0 227.1 240.9 250.8 249.1 256.1 251.0 251.4 251.9 248.8 244.8 247.8 249.8 253.9 252.0 252.9 257.2 262.4 263.7 271.9 1 Because computers exhibit rapid changes in prices relative to other prices in the economy, the chained-dollar estimates should not be used to measure the component’s relative importance or its contribution to the growth rate of more aggregate series. The quantity index for computers can be used to accurately measure the real growth rate of this series. For information on this component, see Survey of Current Business Table 5.3.1 (for growth rates), Table 5.3.2 (for contributions), and Table 5.3.3 (for quantity indexes). Other Structures Industrial Transportation equipequipment ment 157.0 142.7 155.1 168.1 178.4 192.8 208.4 202.4 186.1 207.3 211.8 209.8 203.3 184.8 180.0 179.8 190.8 193.7 200.3 204.8 209.9 214.4 215.2 211.6 162.8 151.9 151.6 147.4 159.6 172.9 179.9 172.9 137.1 146.6 176.9 175.6 173.1 165.8 142.8 136.5 134.5 134.5 135.1 147.3 150.1 153.7 158.1 157.3 Other equipment 169.6 154.2 140.4 162.3 181.7 196.5 185.8 142.7 70.7 119.3 180.6 158.2 133.6 98.3 65.5 69.8 70.6 76.7 101.8 117.6 129.1 128.9 139.6 145.0 149.3 148.2 155.0 164.4 178.9 185.5 184.2 177.8 145.6 162.6 180.0 181.1 181.9 168.3 154.4 143.5 142.3 142.3 153.8 160.5 167.1 168.9 174.0 173.8 Total residential 583.3 613.8 664.3 729.5 775.0 718.2 584.2 444.4 345.6 330.8 481.3 462.8 437.8 395.8 354.9 334.3 348.2 344.8 330.8 348.2 321.1 323.1 321.1 323.8 Total 2 575.6 605.9 655.9 720.1 765.2 708.1 574.2 434.9 336.9 321.5 471.6 453.0 428.3 386.9 346.2 325.9 339.6 336.0 321.7 338.9 311.8 313.6 311.5 314.2 Single family Equipment 315.4 327.7 362.6 406.1 433.5 391.1 284.0 178.4 105.5 114.7 209.6 193.2 168.4 142.4 109.8 93.3 106.9 112.2 115.6 121.8 113.1 108.1 108.4 106.7 7.6 7.9 8.4 9.4 9.8 10.1 10.0 9.7 8.8 9.5 9.9 10.0 9.6 9.1 8.8 8.6 8.8 9.1 9.3 9.6 9.6 9.8 9.8 9.9 2 Includes other items, not shown separately. Note: Because of the formula used for calculating real GDP, the chained (2005) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates. Source: Department of Commerce (Bureau of Economic Analysis). Business Investment [Billions of dollars] Capital expenditures By industry Period Total capital expenditures Forestry, Total fishing, by and agri- Mining industry cultural services ConUtilities struction Manufacturing Wholesale trade Retail trade Transportation Informa- Finance and and tion insurwareance housing ProfesReal sional, estate scienand tific, rental and and leasing technical services Health care and social assistance Other 1 For companies without employees For companies with employees 1996 �������� 1997 �������� 1998 �������� 1999 �������� 2000 �������� 2001 �������� 2002 �������� 2003 �������� 2004 �������� 2005 �������� 2006 �������� 2007 �������� 2008 �������� 2009 ��������� 807.1 ������������ ������������ ������������ ������������ ������������ ������������ ������������ ������������ ������������ ������������ ������������ ������������ ������������ ������������ ������������ �������������� 871.8 ������������ ������������ ������������ ������������ ������������ ������������ ������������ ������������ ������������ ������������ ������������ ������������ ������������ ������������ ������������ �������������� 970.9 896.5 0.9 40.4 36.0 26.9 203.6 29.2 57.3 51.3 96.5 118.2 85.2 22.3 47.1 81.7 74.4 1,047.0 974.6 1.7 30.6 42.8 23.1 196.4 32.4 64.1 57.3 122.8 130.1 100.6 29.5 51.3 91.8 72.3 1,161.0 1,089.9 1.5 42.5 61.3 25.0 214.8 33.6 69.8 59.9 160.2 133.7 92.5 34.1 52.2 108.9 71.2 1,109.0 1,052.3 1.5 51.3 82.8 24.8 192.8 30.0 66.9 57.8 144.8 131.1 82.7 30.5 52.9 102.5 56.7 997.9 917.5 1.9 42.5 65.5 24.8 157.2 26.8 59.3 47.1 88.2 128.4 94.5 25.9 59.3 96.1 80.4 975.0 886.8 1.9 50.5 54.6 23.2 149.1 26.0 65.9 44.5 80.5 120.8 88.0 24.7 61.2 96.2 88.2 1,042.1 953.2 2.1 51.3 50.4 28.6 156.7 32.3 72.2 46.1 83.5 153.6 91.6 26.7 64.6 93.6 88.9 1,144.8 1,062.5 2.7 66.7 58.0 30.1 165.6 40.6 73.5 56.9 91.4 161.4 103.0 33.1 73.8 105.6 82.2 1,309.9 1,217.1 2.7 99.3 69.8 30.3 192.4 36.6 86.7 68.0 104.4 163.1 132.1 30.3 75.3 126.3 92.8 1,354.7 1,270.5 2.1 120.7 85.4 36.7 197.3 30.8 82.5 67.4 106.1 173.4 117.5 31.8 84.2 134.8 84.2 1,374.2 1,294.5 2.3 149.3 98.7 40.8 213.1 32.4 73.2 79.6 103.3 132.9 106.9 33.0 90.2 138.7 79.7 1,090.1 1,014.7 2.2 101.2 101.8 19.8 155.8 24.5 58.4 56.1 87.7 99.7 73.0 27.5 79.3 127.6 75.4 1 Includes the following industries: Management of companies and enterprises; administrative and support and waste management; educational services; arts, entertainment, and recreation; accommodation and food services; and other services (except public administration). Also includes an item for structure and equipment expenditures serving multiple industry categories. Note: Data from Annual Capital Expenditures. Industry data are based on the North American Industry Classification System (NAICS). Data shown in this table are capital expenditures for both new and used structures and equipment. Source: Department of Commerce (Bureau of the Census). 10 EMPLOYMENT, UNEMPLOYMENT, AND WAGES Status of the Labor Force In August, employment rose by 331,000 and unemployment rose by 36,000, as measured by the household survey. [Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA] Period 2001 �������������������� 2002 �������������������� 2003 2 ������������������ 2004 2 ������������������ 2005 2 ������������������ 2006 2 ������������������ 2007 2 ������������������ 2008 2 ������������������ 2009 2 ������������������ 2010 2 ������������������ 2010: Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2011: Jan 2 ��������� Feb ����������� Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Civilian noninstitutional population (NSA) 215,092 217,570 221,168 223,357 226,082 228,815 231,867 233,788 235,801 237,830 238,099 238,322 238,530 238,715 238,889 238,704 238,851 239,000 239,146 239,313 239,489 239,671 239,871 Civilian employment Civilian labor force Total 143,734 144,863 146,510 147,401 149,320 151,428 153,124 154,287 154,142 153,889 154,117 154,124 153,960 153,950 153,690 153,186 153,246 153,406 153,421 153,693 153,421 153,228 153,594 136,933 136,485 137,736 139,252 141,730 144,427 146,047 145,362 139,877 139,064 139,267 139,378 139,084 138,909 139,206 139,323 139,573 139,864 139,674 139,779 139,334 139,296 139,627 Men 20 years and over 69,776 69,734 70,415 71,572 73,050 74,431 75,337 74,750 71,341 71,230 71,505 71,559 71,365 71,130 71,480 71,589 71,954 71,959 71,939 72,137 71,937 71,836 72,015 Women 20 years and over 60,417 60,420 61,402 61,773 62,702 63,834 64,799 65,039 63,699 63,456 63,379 63,562 63,400 63,385 63,428 63,392 63,319 63,566 63,479 63,402 63,098 63,216 63,300 Percent 1 Unemployment Both sexes 16–19 years 6,740 6,332 5,919 5,907 5,978 6,162 5,911 5,573 4,837 4,378 4,383 4,256 4,319 4,393 4,298 4,341 4,300 4,339 4,255 4,240 4,299 4,244 4,312 1 Civilian labor force (or employment) as percent of civilian noninstitutional population; and unemployment as percent of civilian labor force. 2 Not strictly comparable with earlier data. Total 6,801 8,378 8,774 8,149 7,591 7,001 7,078 8,924 14,265 14,825 14,849 14,746 14,876 15,041 14,485 13,863 13,673 13,542 13,747 13,914 14,087 13,931 13,967 Men 20 years and over 3,040 3,896 4,209 3,791 3,392 3,131 3,259 4,297 7,555 7,763 7,789 7,729 7,651 7,849 7,426 6,917 6,841 6,805 6,917 7,056 7,167 7,070 7,028 Women 20 years and over 2,599 3,228 3,314 3,150 3,013 2,751 2,718 3,342 5,157 5,534 5,504 5,520 5,618 5,766 5,599 5,447 5,483 5,332 5,417 5,505 5,520 5,450 5,472 Both sexes 16–19 years 1,162 1,253 1,251 1,208 1,186 1,119 1,101 1,285 1,552 1,528 1,556 1,497 1,607 1,426 1,460 1,500 1,350 1,405 1,413 1,352 1,399 1,412 1,467 Not in labor force 71,359 72,707 74,658 75,956 76,762 77,387 78,743 79,501 81,659 83,941 83,983 84,198 84,570 84,765 85,199 85,518 85,605 85,594 85,725 85,620 86,069 86,443 86,278 Labor force participation rate 66.8 66.6 66.2 66.0 66.0 66.2 66.0 66.0 65.4 64.7 64.7 64.7 64.5 64.5 64.3 64.2 64.2 64.2 64.2 64.2 64.1 63.9 64.0 Employment/ population ratio Unemployment rate 63.7 62.7 62.3 62.3 62.7 63.1 63.0 62.2 59.3 58.5 58.5 58.5 58.3 58.2 58.3 58.4 58.4 58.5 58.4 58.4 58.2 58.1 58.2 4.7 5.8 6.0 5.5 5.1 4.6 4.6 5.8 9.3 9.6 9.6 9.6 9.7 9.8 9.4 9.0 8.9 8.8 9.0 9.1 9.2 9.1 9.1 Note: Beginning January 2011, data reflect revised population controls and are not strictly comparable with earlier data. See Employment and Earnings for details on breaks in series. Source: Department of Labor (Bureau of Labor Statistics). 11 Selected Unemployment Rates In August, the unemployment rate remained at 9.1 percent. [Monthly data seasonally adjusted] Unemployment rate (percent of civilian labor force in group) By race or ethnicity 1 By sex and age Period 2001 �������������������� 2002 �������������������� 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2010: Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2011: Jan ����������� Feb ����������� Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� All civilian workers 4.7 5.8 6.0 5.5 5.1 4.6 4.6 5.8 9.3 9.6 9.6 9.6 9.7 9.8 9.4 9.0 8.9 8.8 9.0 9.1 9.2 9.1 9.1 Men 20 years and over 4.2 5.3 5.6 5.0 4.4 4.0 4.1 5.4 9.6 9.8 9.8 9.7 9.7 9.9 9.4 8.8 8.7 8.6 8.8 8.9 9.1 9.0 8.9 Women 20 years and over 4.1 5.1 5.1 4.9 4.6 4.1 4.0 4.9 7.5 8.0 8.0 8.0 8.1 8.3 8.1 7.9 8.0 7.7 7.9 8.0 8.0 7.9 8.0 Both sexes 16–19 years 14.7 16.5 17.5 17.0 16.6 15.4 15.7 18.7 24.3 25.9 26.2 26.0 27.1 24.5 25.4 25.7 23.9 24.5 24.9 24.2 24.5 25.0 25.4 White 4.2 5.1 5.2 4.8 4.4 4.0 4.1 5.2 8.5 8.7 8.7 8.7 8.8 8.9 8.5 8.0 8.0 7.9 8.0 8.0 8.1 8.1 8.0 1 Beginning in 2003, persons who selected this race group only. Prior to 2003, persons who reported more than one race were included in the group they identified as the main race. Persons whose ethnicity is identified as Hispanic or Latino may be of any race. 12 Black or African American 8.6 10.2 10.8 10.4 10.0 8.9 8.3 10.1 14.8 16.0 16.2 16.1 15.7 16.0 15.8 15.7 15.3 15.5 16.1 16.2 16.2 15.9 16.7 By selected groups Hispanic or Latino ethnicity Asian (NSA) 4.5 5.9 6.0 4.4 4.0 3.0 3.2 4.0 7.3 7.5 7.2 6.4 7.1 7.6 7.2 6.9 6.8 7.1 6.4 7.0 6.8 7.7 7.1 6.6 7.5 7.7 7.0 6.0 5.2 5.6 7.6 12.1 12.5 12.1 12.5 12.6 13.2 13.0 11.9 11.6 11.3 11.8 11.9 11.6 11.3 11.3 Married men, spouse present Women who maintain families (NSA) 2.7 3.6 3.8 3.1 2.8 2.4 2.5 3.4 6.6 6.8 6.8 6.8 6.9 6.9 6.6 5.8 5.8 5.9 6.0 5.9 6.2 6.1 5.9 Note: Data relate to persons age 16 years and over. Source: Department of Labor (Bureau of Labor Statistics). 6.6 8.0 8.5 8.0 7.8 7.1 6.5 8.0 11.5 12.3 13.4 12.9 12.4 13.0 12.0 12.7 13.0 12.3 11.7 12.7 12.8 12.1 11.9 Full-time workers 4.7 5.9 6.1 5.6 5.0 4.5 4.6 5.8 10.0 10.4 10.3 10.4 10.5 10.7 10.2 9.7 9.5 9.4 9.6 9.7 9.8 9.8 9.7 Part-time workers 5.1 5.2 5.5 5.3 5.4 5.1 4.9 5.5 6.0 6.3 6.7 6.1 6.3 5.8 6.0 6.2 6.5 6.3 6.4 6.3 6.7 6.1 6.5 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 and for 15-26 weeks rose, while the percentages for 5-14 weeks and for 27 weeks and over fell. The mean duration of unemployment fell to 40.3 weeks and the median duration rose to 21.8 weeks. [Monthly data seasonally adjusted, except as noted by NSA] Duration of unemployment Period Unemployment (thousands) Percent distribution Less than 5 weeks 5–14 weeks 15–26 weeks Reason for unemployment: percent distribution Number of weeks 27 weeks and over Average (mean) 1 Median Job losers Job leavers Reentrants New entrants State programs Insured unemployment (NSA) Initial claims (NSA) Insured unemployment, all programs (NSA) 2 Weekly average, thousands 2001 �������������������� 2002 �������������������� 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2010: Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2011: Jan ����������� Feb ����������� Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� 6,801 8,378 8,774 8,149 7,591 7,001 7,078 8,924 14,265 14,825 14,849 14,746 14,876 15,041 14,485 13,863 13,673 13,542 13,747 13,914 14,087 13,931 13,967 42.0 34.5 31.7 33.1 35.1 37.3 35.9 32.8 22.2 18.7 18.6 19.5 17.9 18.8 18.7 18.9 17.5 18.2 20.0 19.4 21.7 19.3 19.6 32.3 30.8 29.8 29.2 30.4 30.3 31.5 31.4 26.8 22.0 24.3 22.6 23.1 22.2 21.9 21.3 22.7 21.7 21.6 21.0 21.0 22.2 21.7 14.0 16.3 16.4 15.9 14.9 14.7 15.0 16.0 19.5 16.0 14.9 16.1 16.9 16.8 15.2 16.1 16.0 14.6 14.9 14.4 13.0 14.1 15.9 11.8 18.3 22.1 21.8 19.6 17.6 17.6 19.7 31.5 43.3 42.2 41.8 42.1 42.2 44.3 43.8 43.9 45.5 43.4 45.1 44.4 44.4 42.9 13.1 16.6 19.2 19.6 18.4 16.8 16.8 17.9 24.4 33.0 33.5 33.4 33.9 33.9 34.2 36.9 37.1 39.0 38.3 39.7 39.9 40.4 40.3 1 Beginning January 2011, includes unemployment durations of up to 5 years; prior data are for up to 2 years. 2 Includes State (50 States, District of Columbia, Puerto Rico, and the Virgin Islands), Federal (UCFE), ex-service members (UCX), and Federal and State extended benefit programs. Also includes Temporary Extended Unemployment Compensation (2002-2004), Emergency Unemployment Compensation (2008-2011), and Federal Additional Compensation (2009-2010). 6.8 9.1 10.1 9.8 8.9 8.3 8.5 9.4 15.1 21.4 20.6 20.5 21.3 21.7 22.4 21.8 21.2 21.7 20.7 22.0 22.5 21.2 21.8 51.1 55.0 55.1 51.5 48.3 47.4 49.7 53.7 64.2 62.4 62.6 63.0 61.7 63.0 61.3 60.3 59.9 59.8 59.0 59.8 59.5 59.4 58.8 12.3 10.3 9.3 10.5 11.5 11.8 11.2 10.0 6.2 6.0 5.9 5.5 5.8 5.8 6.3 6.4 6.4 6.5 6.8 6.6 7.0 6.7 6.9 29.9 28.3 28.2 29.5 31.4 32.0 30.3 27.7 22.3 23.4 23.0 23.4 23.8 22.8 23.4 23.7 24.1 23.8 24.4 24.8 24.7 24.7 25.3 6.8 2,974 404 3,012 6.4 3,585 407 4,453 7.3 3,531 404 4,400 8.4 2,950 345 3,103 8.8 2,661 328 2,709 8.8 2,476 313 2,521 8.9 2,572 324 2,612 8.6 3,306 424 3,898 7.3 5,724 568 9,122 8.2 4,487 454 9,724 8.5 4,936 440 11,335 8.1 4,046 402 9,366 8.7 3,944 442 9,222 8.4 4,256 498 9,672 9.0 4,413 595 9,436 9.6 5,209 598 10,646 9.6 4,450 397 8,971 9.9 4,545 416 9,328 9.8 3,862 428 8,113 8.9 4,094 407 8,830 8.8 3,688 447 7,885 9.2 ��������������� ��������������� ����������������� 8.9 ��������������� ��������������� ����������������� 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 was unchanged in August. [Thousands of wage and salary workers; 1 monthly data seasonally adjusted] Private industries Period 2001 �������������������� 2002 �������������������� 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2010: Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2011: Jan ����������� Feb ����������� Mar ���������� Apr ����������� May ���������� June r ������� July r �������� Aug p �������� Total nonagricultural employment 131,826 130,341 129,999 131,435 133,703 136,086 137,598 136,790 130,807 129,818 129,873 129,844 130,015 130,108 130,260 130,328 130,563 130,757 130,974 131,027 131,047 131,132 131,132 Goods-producing industries Total private 110,708 108,828 108,416 109,814 111,899 114,113 115,380 114,281 108,252 107,337 107,461 107,570 107,713 107,841 108,008 108,102 108,363 108,582 108,823 108,922 108,997 109,153 109,170 Total 2 23,873 22,557 21,816 21,882 22,190 22,531 22,233 21,334 18,557 17,755 17,790 17,784 17,785 17,793 17,797 17,835 17,916 17,956 17,999 18,019 18,035 18,087 18,084 Construc- Manufaction turing 6,826 6,716 6,735 6,976 7,336 7,691 7,630 7,162 6,016 5,526 5,520 5,514 5,512 5,504 5,498 5,478 5,517 5,522 5,526 5,529 5,522 5,529 5,524 16,441 15,259 14,510 14,315 14,226 14,155 13,879 13,406 11,847 11,524 11,551 11,545 11,539 11,554 11,565 11,618 11,655 11,675 11,703 11,710 11,724 11,760 11,757 Private service-providing industries Trade, transportation, and utilities Total Total 3 86,834 86,271 86,600 87,932 89,709 91,582 93,147 92,947 89,695 89,582 89,671 89,786 89,928 90,048 90,211 90,267 90,447 90,626 90,824 90,903 90,962 91,066 91,086 25,983 25,497 25,287 25,533 25,959 26,276 26,630 26,293 24,906 24,605 24,601 24,627 24,670 24,684 24,746 24,740 24,775 24,791 24,870 24,893 24,919 24,946 24,938 1 Data from the establishment survey. Includes all full- and part-time wage and salary workers in nonagricultural establishments who received pay for any part of the pay period that includes the 12th of the month. Excludes proprietors, self-employed persons, unpaid family workers, and private household workers. Data from the household survey shown on p. 11 include those workers and also count persons as employed when they are not at work because of industrial disputes, bad weather, etc., even if they are not paid for the time off. In the series shown here, persons who work at more than one job are counted each time they appear on a payroll, in contrast to the series shown on p. 11 where persons are counted only once—as employed, unemployed, or not in the labor force. See Employment and Earnings for details. 14 Retail trade 15,239 15,025 14,917 15,058 15,280 15,353 15,520 15,283 14,522 14,414 14,413 14,430 14,457 14,441 14,447 14,478 14,478 14,472 14,536 14,539 14,551 14,577 14,569 Information Financial activities 3,629 3,395 3,188 3,118 3,061 3,038 3,032 2,984 2,804 2,711 2,711 2,701 2,697 2,699 2,694 2,687 2,684 2,683 2,684 2,684 2,682 2,679 2,631 7,808 7,847 7,977 8,031 8,153 8,328 8,301 8,145 7,769 7,630 7,616 7,616 7,617 7,616 7,617 7,607 7,606 7,611 7,612 7,625 7,609 7,602 7,605 Profes- Education Leisure sional and and and health hospitalbusiness services ity services 16,476 15,976 15,987 16,394 16,954 17,566 17,942 17,735 16,579 16,688 16,711 16,719 16,759 16,844 16,902 16,953 16,991 17,066 17,111 17,155 17,155 17,183 17,211 15,645 16,199 16,588 16,953 17,372 17,826 18,322 18,838 19,193 19,564 19,612 19,631 19,695 19,732 19,760 19,789 19,832 19,865 19,905 19,926 19,944 19,990 20,024 12,036 11,986 12,173 12,493 12,816 13,110 13,427 13,436 13,077 13,020 13,051 13,103 13,072 13,057 13,074 13,071 13,125 13,171 13,200 13,175 13,202 13,214 13,216 Other services 5,258 5,372 5,401 5,409 5,395 5,438 5,494 5,515 5,367 5,364 5,369 5,389 5,418 5,416 5,418 5,420 5,434 5,439 5,442 5,445 5,451 5,452 5,461 Government 21,118 21,513 21,583 21,621 21,804 21,974 22,218 22,509 22,555 22,482 22,412 22,274 22,302 22,267 22,252 22,226 22,200 22,175 22,151 22,105 22,050 21,979 21,962 2 Includes mining and logging, not shown separately. 3 Includes wholesale trade, transportation and warehousing, and utilities, not shown separately. Note: Data classified by industry based on the 2007 North American Industry Classification System (NAICS). For details see Employment and Earnings. Source: Department of Labor (Bureau of Labor Statistics). Average Weekly Hours, Hourly Earnings, and Weekly Earnings— Private Nonagricultural Industries [For production or nonsupervisory workers; monthly data seasonally adjusted] Average weekly hours Total private nonagricultural 1 Period 2001 �������������������� 2002 �������������������� 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2010: July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2011: Jan ����������� Feb ����������� Mar ���������� Apr ����������� May ���������� June r ������� July r �������� Aug p �������� 34.0 33.9 33.7 33.7 33.8 33.9 33.9 33.6 33.1 33.4 33.5 33.5 33.5 33.5 33.5 33.5 33.4 33.6 33.6 33.6 33.6 33.6 33.6 33.5 Average gross hourly earnings Total private nonagricultural 1 Manufacturing Total Overtime 40.3 40.5 40.4 40.8 40.7 41.1 41.2 40.8 39.8 41.1 41.1 41.1 41.3 41.2 41.2 41.3 41.1 41.3 41.4 41.4 41.4 41.4 41.4 41.3 4.0 4.2 4.2 4.6 4.6 4.4 4.2 3.7 2.9 3.8 3.8 3.8 3.9 3.9 4.0 4.0 4.1 4.2 4.2 4.2 4.1 4.0 4.1 4.1 Current dollars Average gross weekly earnings Total private nonagricultural 1 Manufacturing 1982-84 dollars 2 $14.54 $8.38 14.97 8.51 15.37 8.55 15.69 8.50 16.13 8.45 16.76 8.50 17.43 8.60 18.08 8.57 18.63 8.89 19.07 8.91 19.08 8.94 19.13 8.94 19.14 8.93 19.23 8.94 19.24 8.94 19.23 8.89 19.31 8.88 19.32 8.83 19.32 8.78 19.37 8.76 19.42 8.77 19.43 8.80 19.49 8.78 19.47 ����������������� Current dollars $14.76 15.29 15.74 16.14 16.56 16.81 17.26 17.75 18.24 18.61 18.60 18.63 18.65 18.71 18.75 18.80 18.91 18.89 18.91 18.91 18.94 18.91 18.98 18.96 1 Also includes other private industry groups shown on p. 14. 2 Current dollar earnings divided by the consumer price index for urban wage earners and cleri- Percent change from a year earlier, total private nonagricultural Current dollars 1982-84 dollars 2 $493.79 $284.61 506.75 288.09 518.06 288.13 529.09 286.77 544.33 284.99 567.87 288.11 590.04 290.99 607.95 288.06 617.18 294.41 636.91 297.67 639.18 299.50 640.86 299.57 641.19 299.12 644.21 299.62 644.54 299.46 644.21 297.74 644.95 296.74 649.15 296.82 649.15 294.90 650.83 294.21 652.51 294.55 652.85 295.72 654.86 294.88 652.25 ����������������� Manufacturing Construction $595.19 618.75 635.99 658.49 673.30 691.02 711.56 724.46 726.12 765.08 764.46 765.69 770.25 770.85 772.50 776.44 777.20 780.16 782.87 782.87 784.12 782.87 785.77 783.05 $695.89 711.82 726.83 735.55 750.22 781.21 816.66 842.61 851.76 891.85 887.00 899.38 905.19 909.48 906.35 904.78 882.85 909.84 906.71 914.13 921.20 919.23 925.50 927.81 Retail trade Current dollars $346.16 360.81 367.15 371.13 377.58 383.02 385.11 386.21 388.57 399.74 402.19 401.48 400.03 404.08 405.11 407.48 406.45 405.72 406.32 409.62 406.32 408.58 410.53 407.23 1982-84 dollars 2 2.7 –0.1 2.6 1.2 2.2 .0 2.1 –.5 2.9 –.6 4.3 1.1 3.9 1.0 3.0 –1.0 1.5 2.2 3.2 1.1 3.7 2.0 3.6 2.1 3.8 2.3 4.0 2.5 3.3 2.0 2.9 1.3 2.4 .6 3.3 .8 3.0 –.1 2.7 –.9 2.7 –1.3 2.6 –1.2 2.5 –1.5 1.8 ������������������� Source: Department of Labor (Bureau of Labor Statistics). cal workers (CPI–W) (on a 1982-84=100 base). Employment Cost Index—Private Industry Index (December 2005 = 100) Period Total compensation Wages and salaries Percent change from 3 months earlier Benefits 1 Total compensation 12 months earlier Wages and salaries Benefits 1 Total compensation Wages and salaries Benefits 1 Not seasonally adjusted 2001: 2002: 2003: 2004: 2005: 2006: 2007: 2008: 2009: 2010: Dec ������������������������������������������ Dec ������������������������������������������ Dec ������������������������������������������ Dec ������������������������������������������ Dec ������������������������������������������ Dec ������������������������������������������ Dec ������������������������������������������ Dec ������������������������������������������ Dec ������������������������������������������ Dec ������������������������������������������ 87.3 90.0 93.6 97.2 100.0 103.2 106.3 108.9 110.2 112.5 89.9 92.2 95.1 97.6 100.0 103.2 106.6 109.4 110.8 112.8 81.3 84.7 90.2 96.2 100.0 103.1 105.6 107.7 108.7 111.9 ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� 4.1 3.1 4.0 3.8 2.9 3.2 3.0 2.4 1.2 2.1 Seasonally adjusted 2008: Mar ����������������������������������������� June ���������������������������������������� Sept ���������������������������������������� Dec ������������������������������������������ 2009: Mar ����������������������������������������� June ���������������������������������������� Sept ���������������������������������������� Dec ������������������������������������������ 2010: Mar ����������������������������������������� June ���������������������������������������� Sept ���������������������������������������� Dec ������������������������������������������ 2011: Mar ����������������������������������������� June ���������������������������������������� 107.2 108.0 108.6 109.1 109.3 109.5 109.9 110.4 111.1 111.6 112.1 112.7 113.3 114.2 107.6 108.4 109.0 109.5 109.8 110.1 110.5 110.9 111.4 111.9 112.3 112.8 113.2 113.8 106.4 106.9 107.5 107.9 108.0 108.3 108.6 109.0 110.3 110.9 111.6 112.2 113.5 115.3 1 Employer costs for employee benefits. Note: The employment cost index is a measure of the change in the cost of labor, free from the influence of employment shifts among occupations and industries. Data exclude farm and household workers. 3.8 2.6 3.1 2.6 2.5 3.2 3.3 2.6 1.3 1.8 5.2 4.2 6.5 6.7 4.0 3.1 2.4 2.0 .9 2.9 Not seasonally adjusted 0.7 .7 .6 .5 .2 .2 .4 .5 .6 .5 .4 .5 .5 .8 0.8 .7 .6 .5 .3 .3 .4 .4 .5 .4 .4 .4 .4 .5 0.5 .5 .6 .4 .1 .3 .3 .4 1.2 .5 .6 .5 1.2 1.6 3.2 3.0 2.8 2.4 1.9 1.5 1.2 1.2 1.6 1.9 2.0 2.1 2.0 2.3 3.2 3.1 2.9 2.6 2.0 1.6 1.4 1.3 1.5 1.6 1.6 1.8 1.6 1.7 3.2 2.6 2.4 2.0 1.6 1.3 1.1 .9 2.0 2.4 2.8 2.9 3.0 4.0 Data beginning 2001 are based on the 2002 North American Industry Classification (NAICS); data prior to 2001 are based on the Standard Industrial Classification (SIC). For details on industry classification and other details see Employment Cost Index, release dated April 28, 2006. Source: Department of Labor (Bureau of Labor Statistics). 15 Productivity and Related Data, Business and Nonfarm Business Sectors Output per hour of all persons Period Business sector Nonfarm business sector Hours of all persons 2 Output 1 Business sector Nonfarm business sector Business sector Compensation per hour 3 Nonfarm business sector Business sector Nonfarm business sector Real compensation per hour 4 Business sector Nonfarm business sector Unit labor costs Implicit price deflator 5 Business sector Nonfarm business sector Business sector Nonfarm business sector 97.7 96.4 97.2 97.8 100.0 102.8 105.5 108.2 107.4 105.3 105.8 105.4 104.9 106.0 108.0 107.1 108.3 109.6 108.5 108.1 107.0 105.9 105.1 105.5 105.4 105.0 106.8 107.7 97.5 96.2 97.1 97.8 100.0 102.8 105.3 108.2 107.5 105.4 105.7 105.2 104.7 105.8 108.0 107.1 108.2 109.7 108.6 108.3 107.2 106.1 105.3 105.6 105.6 105.1 106.7 107.6 92.5 93.2 94.5 96.9 100.0 102.9 105.6 107.5 108.3 109.6 104.8 105.6 105.8 106.1 106.5 107.2 108.2 108.0 108.4 108.1 108.1 108.4 108.9 109.4 109.7 110.4 111.2 111.9 92.4 93.2 94.4 96.6 100.0 103.0 105.4 107.3 108.4 109.6 104.7 105.4 105.5 105.8 106.2 107.0 108.0 108.0 108.6 108.2 108.4 108.5 109.0 109.5 109.7 110.2 110.8 111.5 1.7 –1.3 .9 .7 2.2 2.8 2.6 2.6 –.8 –2.0 4.2 –1.4 –1.7 3.9 8.0 –3.2 4.3 5.0 –4.1 –1.3 –4.0 –3.9 –2.9 1.2 –.3 –1.3 6.8 3.5 1.5 –1.3 1.0 .7 2.3 2.8 2.4 2.8 –.7 –2.0 4.0 –1.9 –1.9 4.4 8.7 –3.5 4.3 5.7 –4.0 –1.2 –3.9 –4.1 –3.1 1.4 –.2 –1.6 6.2 3.3 1.8 .8 1.4 2.6 3.2 2.9 2.6 1.8 .7 1.3 4.5 2.8 .7 1.2 1.5 2.9 3.5 –.5 1.4 –1.2 .3 1.1 1.8 1.9 1.1 2.2 2.9 2.7 1.7 .9 1.2 2.4 3.5 3.0 2.3 1.8 1.1 1.1 4.1 2.6 .4 1.0 1.5 3.1 3.7 .2 2.0 –1.2 .6 .5 1.6 2.0 .7 1.7 2.2 2.6 Indexes, 2005=100; quarterly data seasonally adjusted 2001 r ������������������ 2002 r ������������������ 2003 r ������������������ 2004 r ������������������ 2005 �������������������� 2006 r ������������������ 2007 r ������������������ 2008 r ������������������ 2009 r ������������������ 2010 r ������������������ 2007: I r �������������� II r ������������� III r ������������ IV r ������������ 2008: I r �������������� II r ������������� III r ������������ IV r ������������ 2009: I r �������������� II r ������������� III r ������������ IV r ������������ 2010: I r �������������� II r ������������� III r ������������ IV r ������������ 2011: I r �������������� II * ������������ 88.2 92.2 95.7 98.4 100.0 100.9 102.4 103.2 105.7 110.0 101.0 102.0 103.2 103.6 103.1 103.6 103.4 102.6 103.0 105.0 106.8 108.2 109.3 109.6 110.3 110.7 110.4 110.2 88.4 92.4 95.8 98.4 100.0 100.9 102.4 103.1 105.5 109.8 101.1 101.9 103.1 103.6 103.0 103.6 103.4 102.5 102.8 104.8 106.5 107.9 109.2 109.5 110.1 110.7 110.5 110.3 88.4 90.2 93.0 96.7 100.0 103.0 105.1 103.7 98.7 102.5 103.7 104.9 105.7 106.0 105.2 105.3 103.8 100.5 98.3 98.1 98.5 99.7 101.0 102.1 103.1 103.9 104.0 104.3 88.6 90.3 93.0 96.7 100.0 103.1 105.3 103.7 98.5 102.4 103.9 105.1 105.9 106.2 105.2 105.3 103.9 100.4 98.2 97.9 98.2 99.6 100.8 102.0 102.9 103.8 104.0 104.4 100.3 97.8 97.2 98.3 100.0 102.1 102.6 100.5 93.4 93.2 102.7 102.9 102.5 102.4 102.1 101.6 100.4 98.0 95.5 93.4 92.3 92.2 92.4 93.2 93.5 93.8 94.2 94.6 100.2 97.6 97.1 98.3 100.0 102.2 102.7 100.6 93.3 93.2 102.7 103.1 102.7 102.5 102.1 101.7 100.5 98.0 95.5 93.4 92.2 92.2 92.4 93.1 93.5 93.8 94.2 94.6 86.1 88.8 93.0 96.2 100.0 103.8 108.1 111.7 113.5 115.8 106.8 107.5 108.3 109.8 111.3 111.0 111.9 112.4 111.7 113.5 114.2 114.6 114.9 115.6 116.2 116.3 117.9 118.8 86.2 88.9 93.1 96.2 100.0 103.8 107.9 111.6 113.4 115.8 106.9 107.2 107.9 109.7 111.3 110.9 111.9 112.5 111.7 113.5 114.2 114.5 114.9 115.6 116.2 116.3 117.9 118.7 95.0 96.4 98.7 99.5 100.0 100.5 101.7 101.2 103.3 103.6 102.1 101.5 101.6 101.8 102.1 100.5 99.8 102.7 102.6 103.8 103.5 103.1 103.1 103.9 104.1 103.5 103.5 103.2 95.0 96.5 98.8 99.4 100.0 100.5 101.6 101.2 103.3 103.7 102.1 101.3 101.3 101.7 102.1 100.4 99.8 102.7 102.6 103.8 103.5 103.1 103.1 103.9 104.0 103.5 103.6 103.2 Percent change; quarterly data at seasonally adjusted annual rates 2001 �������������������� 2002 �������������������� 2003 r ������������������ 2004 r ������������������ 2005 r ������������������ 2006 r ������������������ 2007 r ������������������ 2008 r ������������������ 2009 r ������������������ 2010 r ������������������ 2007: I r �������������� II r ������������� III r ������������ IV r ������������ 2008: I r �������������� II r ������������� III r ������������ IV r ������������ 2009: I r �������������� II r ������������� III r ������������ IV r ������������ 2010: I r �������������� II r ������������� III r ������������ IV r ������������ 2011: I r �������������� II * ������������ 3.0 4.5 3.9 2.8 1.7 .9 1.5 .7 2.4 4.1 –.4 4.0 4.8 1.6 –2.0 2.2 –.8 –3.1 1.5 8.0 7.0 5.3 4.3 1.1 2.5 1.7 –1.4 –.5 2.9 4.6 3.7 2.6 1.6 .9 1.5 .6 2.3 4.1 –.1 3.3 4.7 2.1 –2.4 2.2 –.7 –3.4 1.3 8.0 6.5 5.5 4.6 1.2 2.1 2.2 –.6 –.7 0.8 2.0 3.1 4.0 3.4 3.0 2.0 –1.3 –4.9 3.9 –.3 4.5 3.1 1.3 –3.1 .2 –5.4 –12.0 –8.5 –1.0 1.8 5.0 5.1 4.7 3.7 3.2 .3 1.2 0.9 1.9 3.1 4.0 3.4 3.1 2.1 –1.5 –5.1 4.0 –.2 4.7 3.4 .9 –3.6 .4 –5.2 –12.7 –8.7 –1.1 1.4 5.6 5.2 4.6 3.5 3.8 .9 1.3 –2.1 –2.4 –.7 1.2 1.7 2.1 .5 –2.0 –7.1 –.1 .1 .4 –1.5 –.3 –1.1 –1.9 –4.6 –9.2 –9.8 –8.4 –4.9 –.3 .8 3.6 1.2 1.5 1.7 1.7 –2.0 –2.5 –.6 1.3 1.7 2.2 .6 –2.1 –7.2 –.1 .0 1.4 –1.3 –1.1 –1.2 –1.7 –4.5 –9.7 –9.9 –8.4 –4.8 .1 .5 3.4 1.4 1.5 1.5 2.0 1 Output refers to real gross domestic product originating in the sector. 2 Hours of all persons engaged in the sector, including hours of proprietors and unpaid family workers. Estimates based primarily on establishment data. 3 Wages and salaries of employees plus employers’ contributions for social insurance and private benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for the self-employed. 4 Hourly compensation divided by the consumer price index for all urban consumers (CPI–U) for recent quarters. The trend from 1978–2009 is based on the consumer price index research series (CPI–U–RS). 5 Current dollar gross domestic output divided by the output index. 16 4.7 3.1 4.8 3.5 3.9 3.8 4.1 3.3 1.6 2.0 3.8 2.5 3.0 5.6 5.8 –1.1 3.4 1.8 –2.7 6.6 2.7 1.2 1.2 2.4 2.2 .4 5.4 3.1 4.5 3.2 4.7 3.3 3.9 3.8 4.0 3.4 1.6 2.1 3.8 1.3 2.7 6.5 6.1 –1.4 3.5 2.1 –2.7 6.7 2.3 1.2 1.4 2.6 1.9 .6 5.6 2.7 1.8 1.5 2.5 .7 .5 .5 1.2 –.5 2.0 .4 .0 –2.1 .5 .8 1.1 –6.0 –2.8 12.1 –.4 4.6 –.9 –1.6 .0 2.9 .7 –2.2 .1 –1.0 1.6 1.5 2.4 .6 .6 .5 1.1 –.4 2.0 .4 .0 –3.3 .2 1.6 1.4 –6.3 –2.7 12.5 –.4 4.7 –1.3 –1.5 .2 3.1 .4 –2.1 .3 –1.4 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 reflect annual revisions; for details, see Productivity and Costs release dated August 9, 2011. * Data based on GDP data released on August 26, 2011. Source: Department of Labor (Bureau of Labor Statistics). PRODUCTION AND BUSINESS ACTIVITY Industrial Production and Capacity Utilization Industrial production and capacity utilization rose in July. [Monthly data seasonally adjusted] Total industrial production 1 Period 2001 �������������������� 2002 �������������������� 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2010: July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2011: Jan ����������� Feb r ��������� Mar r �������� Apr r ��������� May r �������� June r ������� July p �������� Industry production indexes, 2007=100 Percent change 2 Index, 2007=100 88.9 89.1 90.2 92.3 95.3 97.4 100.0 96.3 85.5 90.1 90.8 91.0 91.2 91.1 91.4 92.6 92.8 92.5 93.1 92.8 93.0 93.3 94.2 From preceding month ��������������������� ��������������������� ��������������������� ��������������������� ��������������������� ��������������������� ��������������������� ��������������������� ��������������������� ��������������������� 0.9 .2 .3 –.1 .3 1.3 .2 –.4 .7 –.3 .2 .4 .9 Capacity utilization rate (output as percent of capacity) 1 Manufacturing From year earlier –3.4 .2 1.3 2.3 3.2 2.2 2.7 –3.7 –11.2 5.3 7.5 6.8 6.3 6.0 6.0 6.7 5.8 5.2 5.3 4.6 3.4 3.7 3.7 Total 1 Durable 87.3 87.6 88.7 91.2 94.8 97.2 100.0 95.0 82.2 86.6 87.3 87.4 87.5 87.7 87.9 88.8 89.4 89.5 90.1 89.7 89.9 90.0 90.6 1 Total industry and total manufacturing series include manufacturing as defined in the North American Industry Classification System (NAICS) plus those industries—logging and newspaper, periodical, book and directory-publishing—that have traditionally been included in manufacturing. 80.9 80.8 82.9 86.2 91.2 95.4 100.0 96.3 79.0 85.3 86.6 86.3 86.6 87.2 87.6 88.4 89.9 90.6 91.3 90.5 91.2 91.4 92.3 Nondurable 93.0 94.2 94.4 95.9 98.3 98.8 100.0 94.0 86.4 89.6 89.7 90.1 90.3 90.2 90.0 91.2 91.0 90.6 91.2 91.2 90.9 91.0 91.2 Other (non-NAICS) 1 108.8 105.2 102.1 102.9 102.6 101.4 100.0 89.4 77.0 74.0 74.5 74.3 72.7 72.5 72.8 72.7 72.4 71.2 70.3 69.9 70.6 70.6 70.6 Mining 103.4 98.6 98.8 98.2 97.1 99.5 100.0 100.8 95.6 101.2 101.2 102.7 103.9 104.7 104.5 104.6 104.0 102.5 104.2 104.8 105.4 106.7 107.8 Utilities 89.5 92.3 94.1 95.3 97.3 96.7 100.0 99.9 97.3 101.3 103.1 102.7 102.6 98.8 100.6 105.1 103.4 101.0 100.6 99.7 99.4 100.2 103.0 Total industry 76.0 74.8 75.9 77.9 79.9 80.4 81.0 77.8 69.2 74.5 75.3 75.5 75.7 75.7 75.8 76.8 76.9 76.5 77.0 76.6 76.7 76.9 77.5 Total manufacturing 73.7 72.9 73.9 76.1 78.2 78.6 79.2 74.9 66.2 71.7 72.4 72.6 72.7 73.0 73.1 73.8 74.3 74.4 74.8 74.4 74.6 74.6 75.0 2 Percent changes based on unrounded indexes. Note: Data based on NAICS except series as defined in footnote 1. Source: Board of Governors of the Federal Reserve System. 17 Industrial Production— Major Market Groups and Selected Manufactures [2007=100; monthly data seasonally adjusted] Products and nonindustrial supplies Materials Final products Consumer goods Period Total 2001 �������������������� 2002 �������������������� 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2010: July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2011: Jan ����������� Feb r ��������� Mar r �������� Apr r ��������� May r �������� June r ������� July p �������� Nonindustrial supplies Total 89.3 88.7 89.9 91.6 95.3 97.7 100.0 96.2 86.9 91.5 92.7 92.6 92.7 92.8 92.7 93.8 94.6 94.3 94.4 94.2 94.6 94.6 95.6 91.9 93.8 95.1 96.1 98.7 99.2 100.0 94.8 88.0 91.7 92.8 92.6 92.4 92.3 92.0 93.3 93.7 93.0 93.3 92.9 92.9 93.0 94.0 Durable goods 87.8 92.7 95.6 97.1 98.0 98.1 100.0 88.7 74.6 82.8 86.5 83.4 83.6 84.2 83.5 83.8 85.9 87.9 89.6 86.9 87.2 86.6 89.7 Equipment Nondurable goods 93.6 94.2 94.9 95.7 98.9 99.5 100.0 96.8 92.3 94.6 95.0 95.6 95.3 94.9 94.8 96.4 96.3 94.8 94.6 94.9 94.8 95.1 95.6 Total 1 82.8 77.5 78.3 81.5 87.6 94.5 100.0 99.3 84.4 91.2 92.3 92.8 93.4 94.2 94.3 95.1 96.8 97.3 97.2 97.4 98.7 98.7 99.4 Business 83.9 78.3 78.3 82.2 87.8 96.0 100.0 97.5 81.6 87.9 89.0 89.3 90.1 91.0 91.3 92.4 94.1 94.7 94.4 94.4 95.7 96.0 96.6 Defense and space Total 74.4 75.0 79.6 77.7 85.8 84.5 100.0 107.9 109.2 114.6 115.7 116.7 116.1 116.5 115.8 115.3 116.2 116.7 116.9 117.3 118.0 116.6 117.4 91.4 91.5 92.5 94.4 97.9 99.3 100.0 93.6 80.5 82.0 82.6 82.8 82.6 82.2 83.0 83.3 83.2 82.9 83.7 83.4 83.7 83.9 84.4 Construction Business 92.4 92.4 92.2 94.4 98.9 101.3 100.0 90.3 70.0 72.7 73.3 73.8 73.8 74.3 75.0 74.4 74.9 74.4 75.2 75.2 76.2 76.3 76.5 90.9 91.1 92.6 94.4 97.4 98.4 100.0 95.1 85.6 86.6 87.1 87.1 86.9 86.1 86.9 87.6 87.2 87.1 87.8 87.5 87.4 87.6 88.3 Total 1 87.7 88.6 89.8 92.3 94.5 96.5 100.0 97.3 86.0 91.5 91.9 92.3 92.9 92.7 93.2 94.6 94.5 94.1 95.1 94.7 94.7 95.4 96.2 Energy 98.3 98.0 98.1 97.8 96.9 98.1 100.0 100.6 98.2 102.8 103.1 103.8 104.9 104.1 104.7 106.2 104.0 103.4 104.9 105.0 104.6 106.0 107.7 1 Includes other items, not shown separately. [2007=100; monthly data seasonally adjusted] Durable manufactures Computer and electronic products Primary metals Period Total 2001 �������������������� 2002 �������������������� 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2010: July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2011: Jan ����������� Feb r ��������� Mar r �������� Apr r ��������� May r �������� June r ������� July p �������� 91.4 91.3 89.8 97.7 95.2 98.0 100.0 99.7 69.5 83.3 81.6 81.9 82.7 82.4 84.9 88.6 90.1 89.3 91.7 91.1 90.5 90.6 92.2 Iron and steel products 88.2 89.2 89.8 101.7 94.3 98.4 100.0 106.4 63.1 87.7 81.6 83.4 85.5 82.8 88.8 95.2 98.2 95.5 97.5 93.4 91.4 91.8 93.4 Fabricated metal products 89.9 87.6 86.6 86.9 90.9 95.9 100.0 96.4 74.2 78.6 79.9 81.1 81.5 81.4 82.5 83.1 83.6 83.9 84.9 85.7 86.6 87.9 88.2 Machinery Total 87.1 83.7 83.3 86.7 92.1 96.5 100.0 97.3 75.6 80.8 81.7 81.7 82.0 83.2 84.4 87.0 90.3 90.0 89.0 88.4 89.8 91.1 91.1 54.2 52.9 60.3 68.4 77.0 87.2 100.0 106.6 97.5 107.9 108.5 109.3 109.7 110.2 111.6 113.2 115.3 115.5 115.1 114.9 115.7 114.7 115.3 1 Computers and peripheral equipment, communications equipment, and semiconductors and related electronic components. 18 Nondurable manufactures Selected high-technology 1 44.5 44.2 53.3 60.7 70.9 84.5 100.0 112.8 102.4 116.1 115.6 117.0 117.7 117.8 120.2 122.7 125.3 124.9 123.9 124.3 125.0 125.3 125.2 Transportation equipment Total 84.9 88.6 89.5 89.4 93.1 94.2 100.0 89.6 75.4 83.9 87.7 85.2 85.5 85.9 84.2 84.1 86.1 88.0 90.0 87.8 88.2 88.3 91.2 Motor vehicles and parts 88.8 97.6 101.1 101.7 102.3 100.8 100.0 80.0 59.5 76.1 82.7 77.6 78.3 79.0 76.2 76.5 79.5 82.5 85.0 79.4 79.1 78.4 82.5 Apparel Printing and support 214.9 170.2 156.8 134.6 129.1 125.8 100.0 78.0 59.8 57.8 56.9 57.4 56.5 57.9 57.7 60.0 59.3 59.4 57.9 58.2 59.2 58.3 57.7 Source: Board of Governors of the Federal Reserve System. 104.8 102.1 98.1 98.5 98.6 97.8 100.0 93.8 79.8 76.0 76.2 77.0 75.8 75.4 74.9 74.4 73.9 74.7 74.4 74.7 74.6 73.4 74.2 Chemical 79.8 85.1 86.5 89.9 92.9 95.2 100.0 92.4 83.7 86.7 86.2 86.3 87.0 86.0 86.6 88.5 88.3 88.0 89.5 89.2 88.5 88.6 88.3 Food 93.0 95.0 95.6 95.6 98.6 99.5 100.0 98.7 98.1 102.3 101.7 103.6 104.5 104.2 103.6 103.7 103.4 103.2 102.9 103.5 102.4 102.7 102.9 New Construction [Billions of dollars; monthly data at seasonally adjusted annual rates] Private Period Total new construction expenditures 2001 �������������������� 2002 �������������������� 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2010: July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2011: Jan ����������� Feb ����������� Mar ���������� Apr ����������� May r �������� June r ������� July p �������� Residential Total 840.2 847.9 891.5 991.4 1,104.1 1,167.2 1,152.4 1,067.6 903.2 803.6 789.0 791.7 797.3 802.0 803.0 782.9 772.0 764.2 762.6 768.2 787.4 799.8 789.5 New housing Total 1 638.3 634.4 675.4 771.2 870.0 911.8 863.3 758.8 588.3 500.6 487.6 484.1 482.9 492.9 502.3 489.0 482.1 478.7 477.2 488.4 508.9 519.0 514.5 Federal and State and local Nonresidential 364.4 396.7 446.0 532.9 611.9 613.7 493.2 350.3 245.9 238.8 235.6 228.9 228.2 235.0 235.7 230.0 237.6 233.4 227.3 238.3 249.0 251.7 248.1 Total 279.4 298.8 345.7 417.5 480.8 468.8 354.1 230.1 133.9 127.2 129.7 123.4 121.5 120.4 121.2 120.6 121.5 120.7 119.4 119.3 119.1 118.8 119.1 Lodging 273.9 237.7 229.3 238.3 258.1 298.1 370.0 408.6 342.4 261.8 252.0 255.2 254.8 257.9 266.6 259.0 244.5 245.3 249.9 250.1 259.8 267.3 266.4 1 Includes residential improvements, not shown separately. 2 Includes health care, educational, communication, and power, among other categories not Commercial (including farm) Office 14.5 10.5 9.9 12.0 12.7 17.6 27.5 35.4 25.4 10.9 10.5 10.6 10.0 9.5 9.6 9.2 8.1 8.0 8.2 7.7 7.7 7.9 7.7 49.7 35.3 30.6 32.9 37.3 45.7 53.8 55.5 37.3 24.2 22.5 23.5 23.9 23.6 22.3 22.9 22.1 21.6 21.8 21.4 22.7 23.4 23.4 Manufacturing 63.6 59.0 57.5 63.2 66.6 73.4 85.9 82.7 50.5 37.6 36.5 37.9 37.0 36.3 36.2 35.5 37.0 37.3 37.0 38.0 39.7 40.6 41.3 Other 2 37.8 22.7 21.4 23.2 28.4 32.3 40.2 52.8 56.3 37.5 36.2 35.2 35.1 33.2 32.7 30.3 29.2 30.1 31.5 32.3 33.2 36.5 34.3 108.2 110.2 109.9 107.0 113.1 129.2 162.7 182.3 173.0 151.5 146.2 148.1 148.8 155.5 165.7 161.1 148.0 148.3 151.3 150.7 156.4 158.9 159.6 201.9 213.4 216.1 220.2 234.2 255.4 289.1 308.7 314.9 303.0 301.4 307.6 314.3 309.1 300.7 293.9 289.9 285.5 285.4 279.8 278.5 280.8 275.0 Source: Department of Commerce (Bureau of the Census). shown separately. New Private Housing and Vacancy Rates [Thousands of units or houses, except as noted] New private housing units Units started, by type of structure Period Total 2001 �������������������� 2002 �������������������� 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� New private houses 1,602.7 1,704.9 1,847.7 1,955.8 2,068.3 1,800.9 1,355.0 905.5 554.0 586.9 1,273.3 1,358.6 1,499.0 1,610.5 1,715.8 1,465.4 1,046.0 622.0 445.1 471.2 Units authorized 5 units or more 2–4 units 1 1 unit 36.6 38.5 33.5 42.3 41.1 42.7 31.7 17.5 11.6 11.4 292.8 307.9 315.2 303.0 311.4 292.8 277.3 266.0 97.3 104.3 Units completed Houses for sale at end of period 2 Houses sold Vacancy rate for rental housing units (percent) 3 1,636.7 1,747.7 1,889.2 4 2,070.1 2,155.3 1,838.9 1,398.4 905.4 583.0 604.6 1,570.8 1,648.4 1,678.7 1,841.9 1,931.4 1,979.4 1,502.8 1,119.7 794.4 651.7 908 973 1,086 1,203 1,283 1,051 776 485 375 323 308 339 370 422 511 536 497 353 234 190 8.4 9.0 9.8 10.2 9.9 9.7 9.8 10.0 10.6 10.2 575 575 562 555 564 630 568 534 574 563 609 617 601 581 607 634 601 551 565 509 611 597 543 549 569 636 279 278 316 282 287 331 310 281 305 r 316 309 300 298 210 206 202 200 196 190 186 182 178 173 168 166 165 ���������������������������� ���������������������������� 10.3 ���������������������������� ���������������������������� 9.4 ���������������������������� ���������������������������� 9.7 ���������������������������� ���������������������������� 9.2 ���������������������������� Seasonally adjusted annual rates 2010: July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2011: Jan ����������� Feb ����������� Mar ���������� Apr ����������� May r �������� June r ������� July p �������� 550 606 597 539 551 526 636 518 593 549 553 613 604 429 427 447 434 454 421 437 388 418 411 416 447 425 19 14 6 12 15 8 12 18 11 14 6 6 9 1 Derived; seasonally adjusted monthly data for 2–4 units are no longer published. 2 Seasonally adjusted. 3 Revised series. Quarterly data entered in last month of quarter. 4 Based on 20,000 permit-issuing places. Based on 19,000 places, the total for 2004 is 102 165 144 93 82 97 187 112 164 124 131 160 170 Note: Beginning 2004, units authorized are for 20,000 permit-issuing places. For other data shown, units authorized are for 19,000 places. Source: Department of Commerce (Bureau of the Census). 2,052.1 thousand units. 19 Business Sales and Inventories—Manufacturing and Trade In June, according to current estimates, manufacturing and trade sales rose 0.5 percent, while inventories rose $5.6 billion. According to advance estimates, retail sales rose 0.5 percent in July. Retail and food services sales also rose 0.5 percent. [Millions of dollars, except ratios; seasonally adjusted, except as noted] Manufacturing and trade 1 Period Sales 2 Inventories 3 Inventory/sales ratio 4 Wholesale Sales 2 Inventories 3 Retail Inventory/sales ratio 4 2001 �������������������� 818,615 1,120,103 1.43 232,096 297,657 1.32 2002 �������������������� 823,714 1,140,578 1.36 236,294 301,440 1.26 2003 �������������������� 854,760 1,148,886 1.34 247,798 308,321 1.23 2004 �������������������� 925,785 1,242,087 1.30 276,668 339,971 1.18 2005 �������������������� 1,004,510 1,313,706 1.27 301,280 367,535 1.18 2006 �������������������� 1,066,641 1,406,860 1.28 325,334 397,823 1.18 2007 �������������������� 1,124,962 1,483,244 1.29 347,857 422,813 1.18 2008 �������������������� 1,154,686 1,465,304 1.32 369,601 438,461 1.21 2009 �������������������� 981,801 1,328,900 1.39 308,912 386,846 1.30 2010 �������������������� 1,074,129 1,442,548 1.29 348,353 429,439 1.16 2010: June r ������� 1,056,919 1,366,666 1.29 342,915 396,093 1.16 r July �������� 1,069,659 1,381,100 1.29 346,205 402,719 1.16 Aug ���������� 1,074,701 1,391,370 1.29 349,036 406,399 1.16 Sept ��������� 1,084,071 1,405,992 1.30 350,788 412,805 1.18 Oct ����������� 1,099,756 1,421,276 1.29 359,548 424,046 1.18 Nov ���������� 1,114,091 1,427,256 1.28 366,644 424,217 1.16 Dec ����������� 1,129,955 1,442,548 1.28 369,558 429,439 1.16 2011: Jan ����������� 1,152,600 1,456,470 1.26 381,889 433,785 1.14 Feb ����������� 1,156,451 1,467,232 1.27 380,832 438,114 1.15 Mar ���������� 1,184,017 1,485,581 1.25 392,436 443,611 1.13 Apr ����������� 1,185,358 1,499,705 1.27 394,549 448,319 1.14 May r �������� 1,183,605 1,513,687 1.28 393,520 456,028 1.16 r June ������� 1,189,527 1,519,284 1.28 395,837 458,667 1.16 p July �������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� 1 See page 21 for manufacturing. 2 Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month. 20 Sales 2 Inventories 3 Inventory/sales ratio 4 255,644 394,640 1.58 261,194 416,185 1.55 272,346 432,292 1.56 290,036 461,336 1.56 308,058 472,194 1.51 323,345 486,344 1.49 333,817 498,373 1.48 329,411 476,647 1.51 303,206 429,165 1.46 324,122 455,492 1.37 320,045 443,529 1.39 320,996 448,369 1.40 323,969 452,648 1.40 327,638 455,230 1.39 332,126 452,820 1.36 334,668 452,980 1.35 336,854 455,492 1.35 339,647 457,518 1.35 343,733 457,264 1.33 346,195 461,894 1.33 347,316 462,877 1.33 346,741 464,724 1.34 347,669 465,498 1.34 349,531 ����������������������� ����������������������� 3 Seasonally adjusted, end of period. 4 Annual data are averages of seasonally adjusted monthly ratios. Source: Department of Commerce (Bureau of the Census). Retail and food services sales 2 282,122 288,834 301,586 321,253 341,171 358,681 370,973 367,458 340,977 362,954 358,722 359,731 363,025 366,724 371,404 374,159 376,323 379,257 384,044 386,960 387,705 387,522 388,614 390,422 Manufacturers’ Shipments, Inventories, and Orders In July, manufacturers’ shipments, inventories, new orders, and unfilled orders rose. Manufacturers’ shipments 1 Manufacturers’ inventories 2 Manufacturers’ new orders 1 Durable goods Period Total Durable goods Nondurable goods Total Durable goods Nondurable goods Total Total Capital goods industries, nondefense Manufacturers’ unfilled orders 2 Manufacturers’ inventory/ shipments ratio 3 Millions of dollars, seasonally adjusted, except as noted 2001 �������������������� 2002 �������������������� 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2010: July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2011: Jan ����������� Feb ����������� Mar ���������� Apr ����������� May ���������� June r ������� July p �������� 330,875 326,227 334,616 359,081 395,173 417,963 443,288 455,675 369,683 401,654 402,458 401,696 405,645 408,082 412,779 423,543 431,064 431,886 445,386 443,493 443,344 446,021 453,156 181,201 176,968 178,549 188,722 202,070 213,516 223,919 218,328 173,124 183,860 189,034 186,085 186,539 186,013 185,931 190,248 190,912 190,921 196,879 194,103 195,099 197,263 201,929 149,674 149,259 156,067 170,359 193,103 204,447 219,369 237,347 196,559 217,793 213,424 215,611 219,106 222,069 226,848 233,295 240,152 240,965 248,507 249,390 248,245 248,758 251,227 427,806 422,953 408,273 440,780 473,977 522,693 562,058 550,196 512,889 557,617 530,012 532,323 537,957 544,410 550,059 557,617 565,167 571,854 580,076 588,509 592,935 595,119 598,034 1 Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month. Shipments are the same as sales. 2 Seasonally adjusted, end of period. 3 Annual data are averages of seasonally adjusted monthly ratios. 267,626 260,406 246,868 264,993 283,820 317,653 334,850 334,094 304,120 334,238 320,521 323,178 326,081 328,558 331,583 334,238 337,495 341,416 347,292 351,488 355,983 358,215 361,355 160,180 162,547 161,405 175,787 190,157 205,040 227,208 216,102 208,769 223,379 209,491 209,145 211,876 215,852 218,476 223,379 227,672 230,438 232,784 237,021 236,952 236,904 236,679 322,088 318,226 330,943 356,941 396,372 423,199 449,200 453,146 352,806 398,235 397,922 395,248 410,063 406,014 411,543 416,654 430,864 429,658 445,836 441,740 444,454 442,711 453,166 172,413 168,968 174,876 186,583 203,269 218,752 229,831 215,799 156,247 180,442 184,498 179,637 190,957 183,945 184,695 183,359 190,712 188,693 197,329 192,350 196,209 193,953 201,939 57,667 51,861 53,102 57,304 67,552 73,977 79,850 73,192 50,342 64,531 65,293 64,400 72,841 70,901 64,878 62,159 66,285 69,496 72,979 69,144 72,856 71,136 73,232 506,479 471,832 494,444 541,253 629,707 762,287 904,425 943,517 800,448 831,740 812,369 812,582 823,141 827,560 832,652 831,740 838,186 842,152 848,202 853,164 860,748 863,541 870,406 1.38 1.29 1.24 1.19 1.17 1.20 1.22 1.27 1.41 1.32 1.32 1.33 1.33 1.33 1.33 1.32 1.31 1.32 1.30 1.33 1.34 1.33 1.32 Note: Manufacturers’ nondurable new orders (not shown) are the same as nondurable shipments. Also, there are no unfilled nondurable orders; data shown for total unfilled orders are durable unfilled orders. Total and durable shipments and inventories include data on semiconductors; new and unfilled orders do not. Source: Department of Commerce (Bureau of the Census). 21 PRICES Producer Prices The producer price index for all finished goods rose 0.2 percent in July. Prices of finished consumer foods rose 0.6 percent while prices of other finished consumer goods were unchanged. Capital equipment prices rose 0.4 percent. [1982=100; monthly data seasonally adjusted] Finished goods Intermediate materials Finished goods excluding consumer foods Period 2001 �������������������� 2002 �������������������� 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2010: July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2011: Jan ����������� Feb ����������� Mar r �������� Apr ����������� May ���������� June ��������� July ���������� Total finished goods 140.7 138.9 143.3 148.5 155.7 160.4 166.6 177.1 172.5 179.8 178.6 179.7 180.2 181.2 182.1 183.7 185.5 188.2 189.5 191.3 191.7 191.0 191.4 Consumer foods 141.3 140.1 145.9 152.7 155.7 156.7 167.0 178.3 175.5 182.4 181.0 180.8 182.4 183.4 184.9 186.3 187.0 193.6 192.9 194.4 191.6 192.8 193.9 Consumer goods Total 140.4 138.3 142.4 147.2 155.5 161.0 166.2 176.6 171.1 178.3 177.3 178.6 178.8 179.9 180.7 182.2 184.3 186.1 187.9 189.7 190.8 189.7 189.9 1 Intermediate materials for food manufacturing and feeds. 22 Total 141.4 138.8 144.7 150.9 161.9 169.2 175.6 189.1 179.4 190.4 188.3 190.3 190.6 192.6 193.9 196.2 199.1 201.7 204.4 207.0 208.5 206.4 206.5 Durable 134.0 133.0 133.1 135.0 136.6 136.9 138.3 141.2 144.3 144.9 145.4 145.6 145.9 144.7 144.5 144.7 144.9 145.4 146.1 146.5 146.6 147.6 148.1 Nondurable 142.8 139.8 148.4 156.6 172.0 182.6 191.7 210.5 194.1 210.1 206.4 209.2 209.5 213.2 215.2 218.5 222.8 226.5 230.0 233.7 236.0 232.3 232.2 Capital equipment 139.7 139.1 139.5 141.4 144.6 146.9 149.5 153.8 156.7 157.3 157.9 158.1 158.2 157.5 157.4 157.6 158.1 158.5 158.9 159.3 159.6 160.1 160.7 Total finished consumer goods 141.5 139.4 145.3 151.7 160.4 166.0 173.5 186.3 179.1 189.1 187.2 188.6 189.2 191.0 192.3 194.4 196.8 200.4 202.2 204.5 204.9 203.7 204.0 Total 129.7 127.8 133.7 142.6 154.0 164.0 170.7 188.3 172.5 183.4 181.2 182.3 183.0 184.9 186.5 188.5 191.5 195.2 197.9 200.1 202.0 202.1 202.6 Foods and feeds 1 115.9 115.5 125.9 137.1 133.8 135.2 154.4 181.6 166.0 171.7 168.4 170.3 173.2 176.4 179.6 180.2 181.0 185.7 189.5 193.1 192.4 193.1 193.2 Crude materials Other 130.5 128.5 134.2 143.0 155.1 165.4 171.5 188.7 173.0 184.4 182.3 183.4 183.9 185.7 187.2 189.2 192.4 196.1 198.6 200.8 202.8 202.9 203.4 Source: Department of Labor (Bureau of Labor Statistics). Total 121.0 108.1 135.3 159.0 182.2 184.8 207.1 251.8 175.2 212.2 201.1 207.7 208.9 219.0 222.0 237.4 245.7 253.4 251.4 260.9 250.2 248.6 245.7 Foodstuffs and feedstuffs 106.1 99.5 113.5 127.0 122.7 119.3 146.7 163.4 134.5 152.4 147.0 151.8 159.6 164.6 165.2 166.4 174.2 186.1 186.1 193.4 184.8 188.7 187.1 Other 126.8 111.4 148.2 179.2 223.4 230.6 246.3 313.9 197.5 249.3 233.2 240.8 235.6 249.5 254.7 282.2 290.3 293.0 289.3 299.8 288.2 281.6 277.6 Consumer Prices—All Urban Consumers In July, the consumer price index for all urban consumers rose 0.5 percent; it rose 0.1 percent before seasonal adjustment. The index was 3.6 percent above its year earlier level. [1982–84=100, except as noted; monthly data seasonally adjusted, except as noted by NSA] All items 1 Housing Transportation Shelter Period Rel. imp. 4 ����������� 2001 �������������������� 2002 �������������������� 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2010: July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2011: Jan ����������� Feb ����������� Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Not seasonally Seasonally adjusted adjusted (NSA) 100.0 177.1 179.9 184.0 188.9 195.3 201.6 207.342 215.303 214.537 218.056 218.011 218.312 218.439 218.711 218.803 219.179 220.223 221.309 223.467 224.906 225.964 225.722 225.922 ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� 217.621 218.068 218.427 218.970 219.240 220.186 221.062 222.270 223.490 224.433 224.804 224.304 225.425 Food 13.7 173.1 176.2 180.0 186.2 190.7 195.2 202.916 214.106 217.955 219.625 219.240 219.562 220.308 220.545 220.884 221.190 222.314 223.544 225.228 226.231 227.024 227.493 228.455 Total 1 41.5 176.4 180.3 184.8 189.5 195.7 203.2 209.586 216.264 217.057 216.256 216.168 216.269 216.238 216.407 216.472 216.850 216.983 217.561 217.852 218.192 218.637 218.770 219.299 Total 1 32.0 200.6 208.1 213.1 218.8 224.4 232.1 240.611 246.666 249.354 248.396 248.482 248.476 248.599 248.759 249.019 249.321 249.523 249.867 250.102 250.278 250.707 251.267 251.947 Owners’ Rent equivalent of rent primary 1982 residence (Dec. =100) 2 5.9 192.1 199.7 205.5 211.0 217.3 225.1 234.679 243.271 248.812 249.385 249.352 249.280 249.593 249.816 250.347 250.844 251.249 251.607 251.930 252.102 252.403 252.683 253.315 1 Includes items not shown separately. 2 Beginning January 2010, includes expenditure weight for second homes. Prior data are for primary residence only. 3 Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. 24.9 206.3 214.7 219.9 224.9 230.2 238.2 246.235 252.426 256.610 256.584 256.503 256.561 256.677 256.876 257.166 257.402 257.659 258.016 258.204 258.377 258.623 259.023 259.682 Fuels and utilities 5.1 150.2 143.6 154.5 161.9 179.0 194.7 200.632 220.018 210.696 214.187 213.522 214.384 214.024 214.665 214.089 215.738 215.607 218.231 219.480 220.834 221.800 219.939 220.447 Apparel 3.6 127.3 124.0 120.9 120.4 119.5 119.5 118.998 118.907 120.078 119.503 119.933 119.923 119.320 119.028 119.132 119.208 120.456 119.384 118.770 118.951 120.342 122.037 123.562 Total 1 Motor fuel 17.3 154.3 152.9 157.6 163.1 173.9 180.9 184.682 195.549 179.252 193.396 190.936 192.631 194.015 196.477 197.102 200.956 203.622 207.433 212.001 215.016 214.457 210.317 213.484 5.1 124.7 116.6 135.8 160.4 195.7 221.0 239.070 279.652 201.978 239.178 227.468 233.537 238.820 249.436 250.892 267.320 277.665 291.093 307.358 317.215 310.990 290.494 303.903 Medical care 6.6 272.8 285.6 297.1 310.1 323.2 336.2 351.054 364.065 375.613 388.436 388.055 389.007 391.262 391.924 392.587 393.537 393.843 395.615 396.364 397.793 398.739 399.500 400.468 Energy 3 9.1 129.3 121.7 136.5 151.4 177.1 196.9 207.723 236.666 193.126 211.449 205.427 208.721 210.920 216.262 216.506 225.151 229.915 237.620 245.941 251.319 248.837 237.889 244.507 All items less food and energy 77.2 186.1 190.5 193.2 196.6 200.9 205.9 210.729 215.572 219.235 221.337 221.557 221.691 221.765 221.795 222.059 222.210 222.587 223.029 223.331 223.745 224.387 224.958 225.463 4 Relative importance, December 2010. Source: Department of Labor (Bureau of Labor Statistics). 23 Changes in Producer Prices for Finished Goods [Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA] Period 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 Foods Total finished goods Foods Excluding foods 0.0 –.6 .8 2.4 1.2 2.3 1.4 4.3 –.1 .4 ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� 0.2 .1 .1 –.4 –.1 .1 .3 .3 .3 .3 .2 .3 .4 –1.8 1.3 3.9 6.0 5.5 8.0 9.8 14.1 13.2 13.1 7.6 r 3.2 .2 –8.4 –7.2 6.1 5.4 9.4 8.8 8.1 20.2 14.9 16.8 –4.1 r –.2 –1.0 Capital equipment Excluding foods Change from year earlier, total finished goods (NSA) Capital equipment Total finished goods Foods Excluding foods ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� 2.0 –1.3 3.2 3.6 4.8 3.0 3.9 6.3 –2.6 4.2 –0.8 4.3 4.1 9.5 7.8 12.3 14.2 17.1 17.8 16.8 14.2 r 4.0 –1.0 1.5 1.3 1.5 –1.0 –1.8 –1.5 1.5 2.8 3.3 3.1 2.8 r 3.1 3.6 –0.3 1.7 .8 2.0 3.4 5.9 7.9 9.7 10.6 11.5 10.8 8.1 6.5 1.1 –.1 –3.2 –1.7 .8 7.5 6.7 14.7 11.8 12.4 7.4 7.1 7.5 –1.4 2.6 1.9 4.2 6.0 8.1 11.8 12.3 15.0 15.5 15.6 10.7 7.6 0.9 1.3 1.3 .3 –.3 .0 .3 .5 .9 2.3 2.8 3.2 3.3 4.1 3.3 3.9 4.3 3.4 3.8 3.6 5.4 5.6 6.8 7.3 7.0 7.2 Capital equipment Change, Dec. to Dec., NSA 2001 �������������������� 2002 �������������������� 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� –1.6 1.2 4.0 4.2 5.4 1.1 6.2 –.9 4.3 3.8 1.8 –.6 7.7 3.1 1.7 1.7 7.6 3.2 1.2 3.4 –3.9 2.9 4.1 5.5 8.8 .4 7.7 –4.8 7.4 5.4 Change, month to month 2010: July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2011: Jan ����������� Feb ����������� Mar r �������� Apr ����������� May ���������� June ��������� July ���������� 0.1 .6 .3 .6 .5 .9 1.0 1.5 .7 r .9 .2 –.4 .2 0.7 –.1 .9 .5 .8 .8 .4 3.5 –.4 r .8 –1.4 .6 .6 –0.2 1.1 .2 1.0 .7 1.2 1.5 1.3 1.3 r 1.3 .7 –1.0 .0 Source: Department of Labor (Bureau of Labor Statistics). Changes in Consumer Prices—All Urban Consumers [Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA] Housing Period All items 1 Shelter Food Total 1 Total 1 Addendum: All items, percent change (annual rate) Transportation Fuels Rent Ownand of ers’ primary equiva- utilities resilent dence rent Apparel Total 1 New cars Motor fuel Medical care Energy 2 All items less food and energy From previous quarter 3 From From 3 6 months months earlier earlier From year earlier (NSA) Change, December to December, NSA 2001 �������������������� 2002 �������������������� 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 1.6 2.4 1.9 3.3 3.4 2.5 4.1 .1 2.7 1.5 2.8 1.5 3.6 2.7 2.3 2.1 4.9 5.9 –.5 1.5 2.9 2.4 2.2 3.0 4.0 3.3 3.0 2.4 –.3 .3 4.2 3.1 2.2 2.7 2.6 4.2 3.1 1.9 .3 .4 4.7 3.1 2.7 2.9 3.1 4.3 4.0 3.4 .7 .8 4.5 3.3 2.0 2.3 2.5 4.3 2.8 2.1 .7 .3 –2.1 1.4 6.5 7.9 15.6 .5 5.4 6.0 –3.0 1.8 –3.2 –1.8 –2.1 –.2 –1.1 .9 –.3 –1.0 1.9 –1.1 –3.8 3.8 .3 6.5 4.8 1.6 8.3 –13.3 14.4 5.3 0.0 –2.0 –2.1 .5 .8 .2 –.4 –1.1 3.6 –1.1 –24.8 24.6 6.8 26.1 16.2 6.4 29.5 –42.2 50.7 13.9 4.7 5.0 3.7 4.2 4.3 3.6 5.2 2.6 3.4 3.3 –13.0 10.7 6.9 16.6 17.1 2.9 17.4 –21.3 18.2 7.7 2.7 1.9 1.1 2.2 2.2 2.6 2.4 1.8 1.8 .8 ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� 2.8 1.6 2.3 2.7 3.4 3.2 2.8 3.8 –.4 1.6 1.7 .9 .7 1.3 .3 2.0 1.3 1.9 2.2 1.4 –.3 –1.9 1.5 0.1 .1 .1 –.4 –.3 –.2 –.3 1.2 .8 .9 1.3 .9 .2 6.1 2.7 2.3 4.4 .6 6.5 3.9 4.8 5.6 3.2 –2.0 –6.6 4.6 0.0 .2 .6 .2 .2 .2 .1 .4 .2 .4 .2 .2 .2 3.3 1.6 1.1 2.5 .1 4.0 2.1 3.4 3.5 2.2 –1.0 –4.4 2.8 0.1 .1 .0 .0 .1 .1 .2 .2 .1 .2 .3 .3 .2 ����������� ����������� 1.4 ����������� ����������� 2.6 ����������� ����������� 5.2 ����������� ����������� 4.1 ����������� 0.0 1.4 2.9 2.5 2.2 3.3 3.9 5.6 6.1 6.2 4.6 1.5 1.8 0.1 .5 .8 1.2 1.8 3.1 3.2 3.9 4.7 5.1 5.1 3.8 4.0 1.2 1.1 1.1 1.2 1.1 1.5 1.6 2.1 2.7 3.2 3.6 3.6 3.6 Change, month to month 2010: July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2011: Jan ����������� Feb ����������� Mar ���������� Apr ����������� May ���������� June ��������� July ���������� 0.3 .2 .2 .2 .1 .4 .4 .5 .5 .4 .2 –.2 .5 0.0 .1 .3 .1 .2 .1 .5 .6 .8 .4 .4 .2 .4 0.1 .0 .0 .1 .0 .2 .1 .3 .1 .2 .2 .1 .2 0.1 .0 .0 .1 .1 .1 .1 .1 .1 .1 .2 .2 .3 0.1 .0 .1 .1 .2 .2 .2 .1 .1 .1 .1 .1 .3 0.1 .0 .0 .1 .1 .1 .1 .1 .1 .1 .1 .2 .3 1 Includes items not shown separately. 2 Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. 24 0.3 .4 –.2 .3 –.3 .8 –.1 1.2 .6 .6 .4 –.8 .2 0.1 .0 –.5 –.2 .1 .1 1.0 –.9 –.5 .2 1.2 1.4 1.2 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 paid by farmers were unchanged and prices received by farmers rose 1.1 percent. (Data are not seasonally adjusted.) [1990–92=100; not seasonally adjusted] Prices received by farmers Period 2001 ��������������������������������������������������� 2002 ��������������������������������������������������� 2003 ��������������������������������������������������� 2004 ��������������������������������������������������� 2005 ��������������������������������������������������� 2006 ��������������������������������������������������� 2007 ��������������������������������������������������� 2008 ��������������������������������������������������� 2009 ��������������������������������������������������� 2010 ��������������������������������������������������� 2010: Aug ����������������������������������������� Sept r ��������������������������������������� Oct ������������������������������������������ Nov ����������������������������������������� Dec ������������������������������������������ 2011: Jan ������������������������������������������ Feb r ���������������������������������������� Mar r ��������������������������������������� Apr ������������������������������������������ May ����������������������������������������� June ���������������������������������������� July r ��������������������������������������� Aug p ��������������������������������������� All farm products 99 105 110 115 110 120 142 169 150 153 151 152 163 172 169 188 200 198 200 202 208 206 208 1 Includes items not shown separately. 2 Percentage ratio of index of prices received by farmers to index of prices paid, interest, taxes, and wage rates. All commodities, services, interest, taxes, and wage rates 1 Livestock and products Crops 102 98 106 118 114 115 136 149 131 141 141 143 151 154 152 166 171 173 176 175 179 180 182 Prices paid by farmers 106 90 103 122 119 111 130 130 112 130 134 134 134 134 134 137 144 152 156 152 153 155 158 Production items, interest, taxes, and wage rates 123 124 128 134 142 150 161 183 178 183 182 183 185 187 189 196 198 201 203 204 204 204 204 121 121 125 133 141 150 162 188 181 187 185 187 189 192 194 201 204 208 210 210 210 211 211 Ratio 2 Production items 120 119 124 132 140 148 160 190 182 188 187 188 191 194 197 204 207 212 215 215 215 216 216 83 79 84 88 81 77 85 82 74 77 77 78 82 82 80 85 86 86 87 86 88 88 89 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 rose. [Averages of daily figures, except debt end-of-period basis; billions of dollars, seasonally adjusted] M1 Period 2001: Dec ������������������������������������������ 2002: Dec ������������������������������������������ 2003: Dec ������������������������������������������ 2004: Dec ������������������������������������������ 2005: Dec ������������������������������������������ 2006: Dec ������������������������������������������ 2007: Dec ������������������������������������������ 2008: Dec ������������������������������������������ 2009: Dec ������������������������������������������ 2010: Dec ������������������������������������������ 2010: July ����������������������������������������� Aug ����������������������������������������� Sept ���������������������������������������� Oct ������������������������������������������ Nov ����������������������������������������� Dec ������������������������������������������ 2011: Jan r ���������������������������������������� Feb ������������������������������������������ Mar r ��������������������������������������� Apr ������������������������������������������ May ����������������������������������������� June r �������������������������������������� July ����������������������������������������� M2 Sum of currency, demand deposits, travelers checks, and other checkable deposits (OCDs) 1,182.1 1,219.7 1,306.5 1,376.4 1,374.9 1,366.3 1,373.6 1,602.8 1,693.6 1,828.5 1,726.0 1,746.4 1,769.4 1,779.4 1,817.3 1,828.5 1,850.5 1,871.7 1,888.5 1,898.6 1,931.2 1,947.4 2,006.1 Debt M1 plus retail MMMF balances, savings deposits (including MMDAs), and small time deposits 5,431.5 5,776.4 6,065.0 6,408.6 6,674.4 7,066.0 7,494.7 8,248.4 8,530.6 8,813.8 8,608.8 8,654.3 8,701.9 8,742.4 8,780.5 8,813.8 8,838.4 8,899.8 8,928.3 8,963.7 9,019.8 9,111.4 9,313.7 1 Quarterly data; shown in last month of quarter. End-of-year data are for fourth quarter. Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfinancial sectors; data from flow of funds accounts. 2 Annual changes are from December to December and monthly changes are from 6 months earlier at a simple annual rate. 3 Annual changes are from fourth quarter to fourth quarter. Quarterly changes are from previous quarter at an annual rate. 26 Debt of domestic nonfinancial sectors 1 19,297.4 20,716.0 22,443.7 24,444.7 26,769.5 29,179.9 31,699.4 33,601.5 34,633.6 36,112.7 ��������������������������������������������� ��������������������������������������������� 35,702.6 ��������������������������������������������� ��������������������������������������������� 36,112.7 ��������������������������������������������� ��������������������������������������������� 36,319.8 ��������������������������������������������� ��������������������������������������������� ��������������������������������������������� ��������������������������������������������� Percent change From year or 6 months earlier 2 M1 From previous period 3 M2 8.7 3.2 7.1 5.4 –.1 –.6 .5 16.7 5.7 8.0 5.3 5.0 6.7 9.5 13.3 12.3 14.4 14.3 13.5 13.4 12.5 13.0 16.8 Debt 10.5 6.3 5.0 5.7 4.1 5.9 6.1 10.1 3.4 3.3 3.3 2.8 4.4 5.1 5.1 5.1 5.3 5.7 5.2 5.1 5.5 6.8 10.8 6.3 7.4 8.1 8.8 9.5 9.0 8.6 6.0 3.0 4.2 ������������������������������� ������������������������������� 3.9 ������������������������������� ������������������������������� 4.6 ������������������������������� ������������������������������� 2.3 ������������������������������� ������������������������������� ������������������������������� ������������������������������� Note: The Federal Reserve no longer publishes the M3 monetary aggregate and most of its components. Institutional money market mutual funds continue to be published as a memorandum item in the H.6 release, and the component on large-denomination time deposits is published in other Federal Reserve Board releases. For details, see H.6 release of March 23, 2006. See p. 27 for components. Source: Board of Governors of the Federal Reserve System. Components of Money Stock [Averages of daily figures; billions of dollars, seasonally adjusted] Period 2001: Dec ����������� 2002: Dec ����������� 2003: Dec ����������� 2004: Dec ����������� 2005: Dec ����������� 2006: Dec ����������� 2007: Dec ����������� 2008: Dec ����������� 2009: Dec ����������� 2010: Dec ����������� 2010: July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2011: Jan ����������� Feb ����������� Mar r �������� Apr r ��������� May r �������� June r ������� July ���������� Nonbank travelers checks Currency 581.1 626.2 662.5 697.7 724.1 749.6 759.7 815.0 861.5 915.7 888.0 893.5 899.6 906.3 912.8 915.7 920.1 928.8 938.5 949.2 958.9 965.1 970.4 Other checkable deposits (OCDs) Demand deposits 8.0 7.8 7.7 7.6 7.2 6.7 6.3 5.5 5.1 4.7 4.8 4.7 4.7 4.7 4.7 4.7 4.6 4.6 4.6 4.6 4.6 4.5 4.5 At commercial banks Total 335.8 306.7 326.3 343.2 324.3 304.1 300.4 468.8 440.5 504.4 457.0 467.5 478.6 478.2 496.5 504.4 524.9 534.3 541.1 551.1 569.5 578.2 629.2 257.1 279.0 309.9 327.9 319.2 305.9 307.2 313.5 386.5 403.7 376.3 380.7 386.4 390.2 403.4 403.7 400.9 403.9 404.3 393.7 398.2 399.6 402.0 Savings deposits 1 At thrift institutions 142.0 154.3 175.2 186.9 180.6 176.4 172.2 177.4 232.1 236.4 222.2 225.2 228.6 229.1 235.3 236.4 242.0 240.8 239.9 227.9 233.6 233.5 235.2 115.1 124.7 134.7 141.0 138.6 129.4 135.0 136.0 154.4 167.3 154.1 155.5 157.8 161.2 168.1 167.3 158.9 163.1 164.4 165.8 164.6 166.1 166.9 1 Savings deposits including money market deposit accounts (MMDAs). 2 Small-denomination deposits are those issued in amounts of less than $100,000. 3 Institutional money funds are not part of non-M1 M2. Total 2,309.5 2,773.4 3,162.8 3,508.8 3,606.0 3,694.6 3,872.6 4,106.1 4,836.5 5,355.9 5,106.8 5,159.8 5,212.9 5,273.8 5,305.5 5,355.9 5,377.8 5,437.1 5,468.2 5,510.2 5,543.4 5,628.6 5,785.5 At commercial banks 1,738.7 2,059.8 2,338.0 2,632.7 2,776.7 2,911.3 3,044.7 3,334.6 3,997.0 4,435.9 4,214.9 4,260.6 4,310.7 4,365.1 4,391.0 4,435.9 4,454.0 4,497.6 4,515.6 4,554.7 4,576.1 4,660.6 4,808.8 Small-denomination time deposits 2 At thrift institutions 570.8 713.6 824.8 876.1 829.4 783.3 827.9 771.5 839.5 919.9 891.9 899.2 902.2 908.7 914.5 919.9 923.8 939.5 952.6 955.5 967.3 967.9 976.7 Total At commercial banks 974.5 894.5 817.8 827.9 993.1 1,205.3 1,275.0 1,455.7 1,177.4 923.0 1,033.3 1,015.1 992.2 968.5 944.4 923.0 905.2 893.9 881.1 869.5 856.2 841.2 826.2 At thrift institutions 636.0 591.1 541.7 551.7 646.4 780.3 858.1 1,076.9 858.1 652.5 743.5 728.6 709.7 689.9 670.1 652.5 639.8 631.3 620.8 612.6 602.8 592.1 581.0 338.5 303.4 276.0 276.2 346.7 425.0 416.9 378.8 319.3 270.5 289.8 286.5 282.5 278.6 274.3 270.5 265.3 262.6 260.3 257.0 253.4 249.1 245.1 Retail money funds 965.4 888.8 777.9 695.6 700.4 799.8 973.5 1,083.7 823.0 706.5 742.7 732.9 727.5 720.7 713.2 706.5 704.9 697.0 690.5 685.4 689.0 694.2 695.9 Institutional money funds 3 1,221.4 1,277.1 1,137.6 1,088.7 1,157.9 1,365.5 1,919.5 2,400.2 2,213.2 1,858.2 1,891.6 1,893.4 1,894.9 1,885.5 1,879.2 1,858.2 1,808.5 1,785.9 1,811.4 1,854.6 1,881.1 1,856.0 1,811.4 Note: See Note, p. 26. Source: Board of Governors of the Federal Reserve System. Aggregate Reserves and Monetary Base [Averages of daily figures 1; millions of dollars; seasonally adjusted, except as noted by NSA] Adjusted for changes in reserve requirements Borrowings from the Federal Reserve (NSA) Reserves of depository institutions Other borrowings from the Federal Reserve Period Total 2 2001: Dec ����������� 2002: Dec ����������� 2003: Dec ����������� 2004: Dec ����������� 2005: Dec ����������� 2006: Dec ����������� 2007: Dec ����������� 2008: Dec ����������� 2009: Dec ����������� 2010: Dec ����������� 2010: July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2011: Jan ����������� Feb ����������� Mar ���������� Apr ����������� May ���������� June r ������� July ���������� 41,402 40,319 42,618 46,547 45,101 43,234 43,274 820,378 1,138,985 1,077,904 1,087,219 1,085,642 1,048,394 1,040,286 1,038,795 1,077,904 1,106,601 1,262,850 1,436,408 1,526,618 1,587,504 1,666,385 1,696,198 Nonborrowed 3 41,336 40,240 42,572 46,484 44,932 43,042 27,843 166,813 969,058 1,032,415 1,021,372 1,025,559 995,873 991,713 992,106 1,032,415 1,074,355 1,240,917 1,416,526 1,508,775 1,572,358 1,653,142 1,683,802 Required 39,759 38,311 41,572 44,639 43,201 41,371 41,489 53,061 63,786 70,766 65,573 66,083 67,562 66,764 66,800 70,766 69,527 71,555 73,730 74,497 74,802 77,577 78,010 Excess (NSA) 1,643 2,008 1,046 1,908 1,900 1,862 1,784 767,318 1,075,199 1,007,138 1,021,646 1,019,559 980,831 973,521 971,995 1,007,138 1,037,074 1,191,296 1,362,678 1,452,121 1,512,702 1,588,808 1,618,188 Monetary base 635,441 681,484 720,218 759,260 787,447 812,410 824,369 1,653,876 2,017,208 2,008,548 1,991,580 1,994,980 1,963,269 1,962,117 1,967,316 2,008,548 2,041,569 2,206,432 2,390,202 2,491,143 2,562,122 2,647,236 2,681,492 1 Data are prorated averages of biweekly (maintenance period) averages of daily figures. Reserves and monetary base incorporate adjustments for discontinuities, or ‘‘breaks,’’ associated with changes in reserve requirements. 2 Seasonally adjusted break-adjusted required reserves plus unadjusted excess reserves. 3 Seasonally adjusted break-adjusted total reserves less unadjusted total borrowings from the Federal Reserve. 4 Includes primary dealer and other broker-dealer credit, asset-backed commercial paper money market mutual fund liquidity facility, other credit extensions, adjustment credit, and extended credit, not shown separately. Total 4 67 80 46 63 169 191 15,430 653,565 169,927 45,488 65,847 60,083 52,521 48,573 46,689 45,488 32,246 21,933 19,882 17,842 15,146 13,243 12,395 Term auction credit Primary Secondary Seasonal ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ 17 0 ������������������ 11 0 ������������������ 97 0 ������������������ 111 0 11,613 3,787 1 438,327 88,245 52 82,014 19,025 518 0 41 3 0 39 1 0 22 0 0 32 0 0 37 0 0 89 0 0 41 3 0 51 0 0 28 0 0 11 0 0 14 0 0 10 1 0 24 0 0 7 0 33 45 29 52 72 80 30 3 37 26 75 85 77 46 23 26 10 3 6 8 20 42 73 Credit extended to American International Group, Inc., net 5 Term assetbacked securities loan facility 6 ������������������� ������������������� ������������������� ������������������� ������������������� ������������������� ������������������� 47,206 22,023 20,394 24,185 22,064 19,791 19,478 19,912 20,394 8,368 ������������������� ������������������� ������������������� ������������������� ������������������� ������������������� �������������������� �������������������� �������������������� �������������������� �������������������� �������������������� �������������������� �������������������� 46,310 25,025 41,548 37,913 32,620 29,012 26,665 25,025 23,818 21,902 19,864 17,820 15,115 13,178 12,315 5 As a result of the closing of the American International Group, Inc. (AIG) recapitalization plan on January 14, 2011, the credit extended to AIG was fully repaid and the Federal Reserve’s commitment to lend any further funds was terminated. 6 Includes credit extended by the Federal Reserve Bank of New York to eligible borrowers through the Term Asset-Backed Securities Loan Facility. Source: Board of Governors of the Federal Reserve System. 27 Bank Credit at All Commercial Banks Total commercial bank loans and leases rose 0.6 percent in July. [Billions of dollars, seasonally adjusted 1] Securities in bank credit 2 Period 2001: Dec ����������� 2002: Dec ����������� 2003: Dec ����������� 2004: Dec ����������� 2005: Dec ����������� 2006: Dec ����������� 2007: Dec ����������� 2008: Dec ����������� 2009: Dec ����������� 2010: Dec ����������� 2010: July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2011: Jan ����������� Feb ����������� Mar ���������� Apr r ��������� May r �������� June r ������� July ���������� Total bank credit 5,204.9 5,636.5 5,995.1 6,574.5 7,292.2 8,078.5 8,886.8 9,305.4 9,006.7 9,206.5 9,199.9 9,227.3 9,210.1 9,231.3 9,228.8 9,206.5 9,189.7 9,151.2 9,146.2 9,178.9 9,175.7 9,155.8 9,205.8 Total securities 1,307.3 1,490.1 1,621.3 1,740.6 1,851.5 1,983.3 2,099.9 2,104.4 2,335.5 2,436.2 2,358.5 2,394.0 2,412.7 2,439.2 2,455.4 2,436.2 2,442.6 2,434.3 2,445.8 2,460.2 2,451.4 2,427.4 2,438.6 U.S. Treasury and agency securities 839.9 1,004.7 1,088.2 1,145.4 1,135.0 1,187.0 1,108.1 1,239.7 1,441.3 1,630.3 1,551.6 1,582.8 1,599.7 1,629.7 1,643.6 1,630.3 1,637.5 1,632.7 1,646.9 1,679.9 1,680.7 1,661.0 1,655.1 Loans and leases in bank credit Real estate loans Other securities 467.4 485.4 533.1 595.3 716.5 796.3 991.8 864.7 894.3 805.9 806.9 811.2 813.1 809.5 811.8 805.9 805.1 801.6 798.8 780.3 770.7 766.3 783.5 Total loans and leases 3 3,897.6 4,146.5 4,373.8 4,833.8 5,440.7 6,095.1 6,786.9 7,201.1 6,671.2 6,770.2 6,841.5 6,833.3 6,797.4 6,792.1 6,773.4 6,770.2 6,747.1 6,716.9 6,700.5 6,718.7 6,724.3 6,728.5 6,767.3 1 Data are prorated averages of Wednesday values for domestically chartered commercial banks, branches and agencies of foreign banks, and Edge Act and agreement corporations. 2 Includes securities held in trading accounts, held-to-maturity, and available-for-sale. Excludes all non-security trading assets, such as derivatives with a positive fair value or loans held in trading accounts. 3 Excludes unearned income. Includes the allowance for loan and lease losses. Excludes Federal funds sold to, reverse repurchase agreements (RPs) with, and loans to commercial banks in the United States. Includes all loans held in trading accounts under a fair value option. 28 Commercial and industrial loans 1,023.6 961.8 888.9 912.6 1,042.6 1,190.2 1,429.1 1,543.1 1,283.2 1,214.3 1,209.1 1,209.3 1,204.6 1,204.4 1,205.7 1,214.3 1,219.0 1,221.7 1,234.0 1,244.5 1,256.6 1,260.1 1,264.6 Total 4 1,756.5 2,006.5 2,203.7 2,545.6 2,915.2 3,357.1 3,588.0 3,797.8 3,773.1 3,608.1 3,658.1 3,653.3 3,641.0 3,624.7 3,616.9 3,608.1 3,595.4 3,567.8 3,537.8 3,517.6 3,502.8 3,495.0 3,486.2 Revolving home equity loans Commercial loans 153.7 ��������������������� 212.3 ��������������������� 278.4 ��������������������� 395.1 1,078.2 443.1 1,267.9 467.9 1,455.6 484.5 1,583.9 588.8 1,724.4 602.5 1,642.4 581.1 1,499.9 596.3 1,561.3 595.0 1,550.5 592.5 1,538.2 588.6 1,522.2 585.3 1,510.8 581.1 1,499.9 577.1 1,487.9 574.4 1,480.5 571.6 1,469.7 568.6 1,461.4 566.0 1,455.4 563.7 1,448.1 559.9 1,437.4 4 Includes closed-end residential loans, not shown separately. 5 Includes credit cards and other consumer loans. 6 Includes other items, not shown separately. Source: Board of Governors of the Federal Reserve System. Consumer loans 5 574.6 610.6 664.9 690.8 702.4 736.5 798.2 866.1 836.2 1,116.9 1,148.5 1,142.5 1,128.8 1,121.6 1,117.0 1,116.9 1,079.9 1,074.4 1,073.7 1,078.8 1,078.9 1,085.9 1,091.4 Other loans and leases 6 543.0 567.5 616.3 684.9 780.4 811.4 971.6 994.1 778.7 830.9 825.8 828.2 823.0 841.4 833.8 830.9 852.7 853.0 855.0 877.8 886.0 887.5 925.0 Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business [Billions of dollars; quarterly data at seasonally adjusted annual rates] Sources Uses External (Net increase in liabilities) Funds raised in markets Period Total 2001 �������������������� 2002 �������������������� 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2009: I ���������������� II ��������������� III �������������� IV �������������� 2010: I ���������������� II ��������������� III �������������� IV �������������� 2011: I p �������������� Internal 1 862.3 906.7 851.9 1,551.0 2,049.8 1,925.3 2,335.7 1,399.9 911.8 1,749.6 385.1 919.7 1,090.2 1,252.4 1,571.8 1,674.1 1,884.7 1,867.8 1,832.9 767.1 821.8 838.5 942.0 1,088.6 1,088.8 1,058.4 1,069.2 1,048.5 1,155.0 1,043.3 997.6 1,065.0 1,088.2 1,152.5 1,175.9 1,142.4 1,149.1 1,218.3 Total net funds raised Total 95.2 84.9 13.4 609.0 961.2 836.5 1,277.3 330.7 –136.7 594.6 –658.2 –77.9 25.2 164.2 419.3 498.2 742.3 718.7 614.6 161.2 17.6 41.7 74.4 –19.2 –92.9 –33.7 –83.4 –60.9 –49.0 10.1 158.9 –43.7 –368.9 118.1 –94.6 –76.7 –142.7 181.0 Net new equity issues –48.1 –16.2 –39.6 –122.7 –341.8 –565.7 –786.8 –336.0 –64.6 –279.2 –133.1 126.4 65.7 –317.3 –200.2 –215.2 –338.4 –363.1 –331.9 Credit market instruments Total Securities and mortgages Loans and short-term paper 398.8 166.9 210.9 132.8 255.8 308.7 368.2 136.4 351.4 349.1 593.7 381.2 215.6 215.4 404.2 145.5 435.5 410.5 334.0 –189.4 –133.0 –129.5 64.4 66.9 164.1 384.9 116.2 –347.8 –118.8 –450.5 –348.8 –325.0 –267.0 –85.9 –25.1 –173.7 –190.3 178.9 209.3 33.8 81.3 197.1 322.6 472.8 753.1 252.6 3.7 230.2 143.2 32.5 –109.4 –51.6 318.3 120.5 261.6 220.4 512.9 1 Profits before tax (book) less taxes on corporate income, less net dividends, plus capital consumption allowance (consumption of fixed capital plus capital consumption adjustment), foreign earnings retained abroad, inventory valuation adjustment, and net capital transfers. 2 Includes trade payables, taxes payable, and miscellaneous liabilities (foreign direct investment in the U.S., pension fund contributions payable, and other). Total Other 2 –65.9 67.3 –28.3 534.7 980.4 929.3 1,311.0 414.1 –75.8 643.6 –668.2 –236.9 68.9 533.0 301.2 592.8 819.0 861.4 433.7 Capital expenditures 3 1,000.1 902.8 866.2 1,638.2 1,909.5 1,811.1 2,227.1 500.1 1,358.9 1,790.2 978.6 1,234.7 1,492.6 1,729.7 1,580.1 1,735.4 2,065.4 1,779.8 1,673.2 828.0 767.0 782.5 861.6 965.8 1,112.8 1,156.5 1,112.7 803.9 1,003.7 850.3 751.6 769.3 844.5 936.8 1,004.7 1,077.7 995.6 1,052.9 Increase in financial assets 172.1 135.8 83.7 776.6 943.7 698.3 1,070.6 –612.6 555.0 786.5 128.3 483.1 723.3 885.2 643.3 730.7 987.7 784.2 620.3 Discrepancy (sources less uses) –137.8 3.9 –14.4 –87.1 140.2 114.2 108.6 899.8 –447.1 –40.6 –593.5 –315.1 –402.3 –477.3 –8.2 –61.3 –180.7 87.9 159.7 3 Nonresidential fixed investment plus residential fixed investment, inventory change with inventory valuation adjustment, and nonproduced nonfinancial assets. Source: Board of Governors of the Federal Reserve System. Consumer Credit [Billions of dollars; seasonally adjusted] Net change in consumer credit outstanding 1 Consumer credit outstanding (end of period) Period Total 2001: Dec ������������������������������������������ 2002: Dec ������������������������������������������ 2003: Dec ������������������������������������������ 2004: Dec ������������������������������������������ 2005: Dec ������������������������������������������ 2006: Dec ������������������������������������������ 2007: Dec ������������������������������������������ 2008: Dec ������������������������������������������ 2009: Dec ������������������������������������������ 2010: Dec ������������������������������������������ 2010: June ���������������������������������������� July ����������������������������������������� Aug ����������������������������������������� Sept ���������������������������������������� Oct ������������������������������������������ Nov ����������������������������������������� Dec ������������������������������������������ 2011: Jan ������������������������������������������ Feb ������������������������������������������ Mar ����������������������������������������� Apr ����������������������������������������� May ����������������������������������������� June p �������������������������������������� Nonrevolving 2 Revolving 1,866.5 1,971.2 2,076.9 2,192.1 2,291.0 2,384.8 2,522.2 2,561.1 2,449.4 2,407.3 2,406.1 2,400.4 2,395.5 2,394.9 2,401.6 2,402.8 2,407.3 2,410.6 2,417.1 2,419.9 2,425.5 2,430.6 2,446.1 714.6 750.8 768.2 799.5 829.6 871.0 941.8 957.5 865.8 800.6 826.2 821.0 815.7 806.9 802.2 798.7 800.6 795.1 791.0 790.6 789.8 793.1 798.3 1 Change based on data in billions of dollars as shown here. For year-end data, change from preceding year-end; for monthly data, change from preceding month. 2 Includes automobile loans and all other loans not included in revolving credit, such as loans for mobile homes, education, boats, trailers, or vacations. These loans may be secured or unsecured. 1,151.9 1,220.5 1,308.7 1,392.6 1,461.5 1,513.8 1,580.4 1,603.6 1,583.5 1,606.7 1,579.9 1,579.4 1,579.7 1,588.0 1,599.3 1,604.2 1,606.7 1,615.5 1,626.1 1,629.2 1,635.8 1,637.5 1,647.8 Total Nonrevolving 2 Revolving 149.5 104.7 105.7 115.2 98.9 93.8 137.4 38.9 –111.7 –42.1 –1.9 –5.7 –4.9 –.6 6.7 1.2 4.5 3.3 6.5 2.8 5.6 5.1 15.5 32.0 36.2 17.4 31.3 30.1 41.4 70.8 15.7 –91.7 –65.2 –3.0 –5.2 –5.3 –8.8 –4.7 –3.5 1.9 –5.5 –4.1 –.4 –.8 3.3 5.2 117.6 68.6 88.2 83.9 68.9 52.3 66.6 23.2 –20.1 23.2 1.1 –.5 .3 8.3 11.3 4.9 2.5 8.8 10.6 3.1 6.6 1.7 10.3 Note: Data include student loans extended by the Federal Government and by SLM Holding Corporation. Source: Board of Governors of the Federal Reserve System. 29 Interest Rates and Bond Yields Overall, interest rates fell in August. [Percent per annum] U.S. Treasury security yields Period 2001 �������������������� 2002 �������������������� 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2010: Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2011: Jan ����������� Feb ����������� Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Week ended: 2011: Aug 6 ������� 13 ������� 20 ������� 27 ������� Sept 3 ������ 3-month bills (at auction) 1 Constant maturities 2 3-year 10-year 30-year High-grade municipal bonds (Standard & Poor’s) 3 Discount window (N.Y. F.R. Bank) 4, 5 Primary credit 3.44 1.62 1.01 1.38 3.16 4.73 4.41 1.48 .16 .14 .15 .15 .13 .13 .15 .15 .14 .11 .06 .04 .04 .03 .05 4.09 3.10 2.10 2.78 3.93 4.77 4.35 2.24 1.43 1.11 .78 .74 .57 .67 .99 1.03 1.28 1.17 1.21 .94 .71 .68 .38 5.02 4.61 4.01 4.27 4.29 4.80 4.63 3.66 3.26 3.22 2.70 2.65 2.54 2.76 3.29 3.39 3.58 3.41 3.46 3.17 3.00 3.00 2.30 5.49 5.43 * * * 4.91 4.84 4.28 4.08 4.25 3.80 3.77 3.87 4.19 4.42 4.52 4.65 4.51 4.50 4.29 4.23 4.27 3.65 5.19 5.05 4.73 4.63 4.29 4.42 4.42 4.80 4.64 4.16 3.91 3.76 3.83 4.30 4.72 5.02 4.92 4.70 4.71 4.34 4.22 4.24 3.92 7.08 ��������������������� 6.49 ��������������������� 5.67 2.12 5.63 2.34 5.24 4.19 5.59 5.96 5.56 5.86 5.63 2.39 5.31 .50 4.94 .72 4.49 .75 4.53 .75 4.68 .75 4.87 .75 5.02 .75 5.04 .75 5.22 .75 5.13 .75 5.16 .75 4.96 .75 4.99 .75 4.93 .75 4.37 .75 .12 .05 .04 .02 .02 .50 .35 .33 .37 .33 2.62 2.27 2.17 2.19 2.17 3.88 3.66 3.57 3.53 3.52 3.99 3.84 3.88 3.94 3.97 4.43 4.32 4.31 4.37 4.34 1 High bill rate at auction, issue date within period, bank-discount basis. Data are stop yields from uniform-price auctions. 2 Yields on actively traded issues adjusted to constant maturities. 3 Weekly data are Wednesday figures. 4 Discount window borrowing for primary credit and discount rate (adjustment credit). The rate for primary credit replaced the rate for adjustment credit. 5 Average effective rate for year; rate in effect at end of month or week. 30 Corporate Aaa bonds (Moody’s) .75 .75 .75 .75 .75 Prime rate charged by banks 5 Discount rate 3.40 1.17 * * * * * * * * * * * * * * * * * * * * * 6.91 4.67 4.12 4.34 6.19 7.96 8.05 5.09 3.25 3.25 3.25 3.25 3.25 3.25 3.25 3.25 3.25 3.25 3.25 3.25 3.25 3.25 3.25 * * * * * 3.25 3.25 3.25 3.25 3.25 New-home mortgage yields (FHFA) 7 Federal funds rate 6 3.88 7.00 1.67 6.43 1.13 5.80 1.35 5.77 3.22 5.94 4.97 6.63 5.02 6.41 1.92 6.05 .16 5.14 .18 4.80 .19 4.67 .19 4.52 .19 4.40 .19 4.26 .18 4.44 .17 4.75 .16 4.94 .14 4.98 .10 4.91 .09 4.86 .09 4.61 .07 4.55 .10 ����������������������� .12 .09 .10 .09 .09 ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� 6 Daily effective rate; weighted average of rates on brokered trades. 7 Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as well as contract rate and assumed, on the average, repayment at end of 10 years. * Discount rate (adjustment credit) series was discontinued after January 8, 2003. Series for 30-year constant maturity was discontinued on February 18, 2002, and reintroduced on February 9, 2006. Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Housing Finance Agency, Moody’s Investors Service, and Standard & Poor’s. Common Stock Prices and Yields Stock prices fell in August. Common stock yields (percent) 7 Common stock prices 1 New York Stock Exchange indexes (December 31, 2002=5,000) 2, 3 Period Composite 2001 ��������������������� 2002 ��������������������� 2003 ��������������������� 2004 ��������������������� 2005 ��������������������� 2006 ��������������������� 2007 ��������������������� 2008 ��������������������� 2009 ��������������������� 2010 ��������������������� 2010: Aug ����������� Sept ���������� Oct ������������ Nov ����������� Dec ������������ 2011: Jan ������������ Feb ������������ Mar ����������� Apr ������������ May ����������� June ���������� July ����������� Aug ����������� Week ended: 2011: Aug 6 �������� 13 �������� 20 �������� 27 �������� Sept 3 ������� Financial Energy Health Care Dow Jones industrial average 4 Standard & Poor’s composite index (1941–43=10) 5 Nasdaq composite index (Feb. 5, 1971=100) 6 Dividend/price ratio Earnings/price ratio 6,397.85 ��������������������������� ��������������������������� ��������������������������� 5,578.89 ��������������������������� ��������������������������� ��������������������������� 5,547.46 5,583.00 5,273.90 5,288.67 6,612.62 6,822.18 6,952.36 5,924.80 7,349.00 7,383.70 9,377.84 6,283.96 8,357.99 8,654.40 11,206.94 6,685.06 9,648.82 9,321.39 13,339.99 7,191.79 8,036.88 6,278.38 13,258.42 6,171.19 6,091.02 3,987.04 10,020.30 5,456.63 7,230.43 4,744.05 10,943.85 6,230.62 6,922.30 4,588.87 10,186.03 5,939.69 7,149.32 4,694.66 10,423.43 6,208.29 7,482.15 4,778.71 11,164.11 6,456.56 7,608.40 4,770.65 11,639.37 6,389.44 7,837.43 4,875.84 12,180.49 6,447.34 8,093.40 5,097.71 12,861.65 6,570.59 8,361.70 5,292.98 13,680.69 6,658.62 8,274.78 5,157.33 13,896.16 6,696.08 8,470.07 5,177.21 14,197.31 6,989.18 8,414.33 5,067.79 13,534.36 7,345.34 8,108.71 4,814.06 13,118.75 7,214.22 8,286.83 4,846.73 13,678.27 7,290.81 7,342.37 4,215.95 11,964.10 6,587.04 10,189.13 9,226.43 8,993.59 10,317.39 10,547.67 11,408.67 13,169.98 11,252.62 8,876.15 10,662.80 10,350.40 10,598.07 11,044.49 11,198.31 11,465.26 11,802.37 12,190.00 12,081.48 12,434.88 12,579.99 12,097.31 12,512.33 11,326.62 1,194.18 993.94 965.23 1,130.65 1,207.23 1,310.46 1,477.19 1,220.04 948.05 1,139.97 1,087.28 1,122.08 1,171.58 1,198.89 1,241.53 1,282.62 1,321.12 1,304.49 1,331.51 1,338.31 1,287.29 1,325.18 1,185.31 2,035.00 1,539.73 1,647.17 1,986.53 2,099.32 2,263.41 2,578.47 2,161.65 1,845.38 2,349.89 2,205.28 2,298.35 2,441.30 2,530.99 2,631.56 2,717.21 2,783.54 2,722.29 2,797.07 2,815.08 2,687.76 2,810.58 2,504.62 1.32 1.61 1.77 1.72 1.83 1.87 1.86 2.37 2.40 1.98 2.10 2.06 1.97 1.94 1.90 1.84 1.80 1.90 1.92 1.95 2.04 1.99 1.77 2.95 2.92 3.84 4.89 5.36 5.78 5.29 3.54 1.86 6.04 ���������������������������� 6.30 ���������������������������� ���������������������������� 6.15 ���������������������������� ���������������������������� 6.13 ���������������������������� ���������������������������� 5.62 ���������������������������� ���������������������������� 7,714.72 7,130.74 7,269.13 7,171.77 7,427.38 11,744.77 11,036.38 11,221.45 11,157.30 11,489.31 1,240.16 1,152.84 1,171.06 1,159.97 1,204.06 2,639.14 2,444.38 2,462.48 2,431.72 2,548.81 2.10 2.25 2.21 2.27 2.16 ���������������������������� ���������������������������� ���������������������������� ���������������������������� ���������������������������� 4,520.68 4,108.22 4,160.07 4,051.82 4,209.90 12,790.06 11,558.22 11,854.21 11,578.65 12,016.81 6,746.26 6,356.52 6,543.51 6,579.46 6,760.33 1 Average of daily closing prices. 2 Includes all the stocks (in 2010, over 2,300) listed on the NYSE. 3 Effective January 9, 2003, the NYSE relaunched the composite index with changes in meth- odology, definitions, and based on Dec. 31, 2002=5,000. Effective January 8, 2004 new indexes for Financial, Energy, and Health Care were introduced by the NYSE. Previous indexes shown for Industrial, Transportation, Utility, and Finance were discontinued. 4 Includes 30 stocks. 5 Includes 500 stocks. 6 Includes about 2,700 stocks in 2010. 7 Standard & Poor’s series. Dividend/price ratios based on Wednesday closing prices. Earnings/ price ratios based on prices at end of quarter. Sources: New York Stock Exchange, Dow Jones & Company, Inc., Standard & Poor’s, and Nasdaq Stock Market. 31 FEDERAL FINANCE Federal Receipts, Outlays, and Debt In the tenth month of fiscal 2011, the deficit was $1,099.9 billion, compared with $1,169.1 billion a year earlier. BILLIONS OF DOLLARS 4,200 4,000 RECEIPTS AND OUTLAYS BILLIONS OF DOLLARS 4,200 1 4,000 3,800 3,800 3,600 3,600 3,400 3,400 3,200 3,200 1 OUTLAYS 3,000 3,000 2,800 2,800 2,600 2,600 2,400 2,400 RECEIPTS1 2,200 2,200 2,000 2,000 1,800 1,800 1,600 1,600 400 SURPLUS OR DEFICIT (–)1 400 0 0 –400 –400 –800 –800 –1,200 –1,200 –1,600 –1,600 –2,000 –2,000 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 FISCAL YEARS 1 INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS. SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS [Billions of dollars] Total Fiscal year or period Receipts 1993 ���������������������������������������������������� 1994 ���������������������������������������������������� 1995 ���������������������������������������������������� 1996 ���������������������������������������������������� 1997 ���������������������������������������������������� 1998 ���������������������������������������������������� 1999 ���������������������������������������������������� 2000 ���������������������������������������������������� 2001 ���������������������������������������������������� 2002 ���������������������������������������������������� 2003 ���������������������������������������������������� 2004 ���������������������������������������������������� 2005 ���������������������������������������������������� 2006 ���������������������������������������������������� 2007 ���������������������������������������������������� 2008 ���������������������������������������������������� 2009 ���������������������������������������������������� 2010 ���������������������������������������������������� 2011 (estimates) r ������������������������������� 2012 (estimates) r ������������������������������� Cumulative total, first 10 months: 1 Fiscal year 2010 ���������������������������������� Fiscal year 2011 ���������������������������������� Outlays Chart 32 - Aug 2011 On-budget Surplus or deficit (–) Receipts Outlays Federal debt (end of period) Off-budget Surplus or deficit (–) Receipts Outlays Surplus or deficit (–) Gross Federal 1,154.3 1,258.6 1,351.8 1,453.1 1,579.2 1,721.7 1,827.5 2,025.2 1,991.1 1,853.1 1,782.3 1,880.1 2,153.6 2,406.9 2,568.0 2,524.0 2,105.0 2,162.7 2,314.4 2,673.6 1,409.4 1,461.8 1,515.7 1,560.5 1,601.1 1,652.5 1,701.8 1,789.0 1,862.8 2,010.9 2,159.9 2,292.8 2,472.0 2,655.1 2,728.7 2,982.5 3,517.7 3,456.2 3,630.1 3,670.0 –255.1 –203.2 –164.0 –107.4 –21.9 69.3 125.6 236.2 128.2 –157.8 –377.6 –412.7 –318.3 –248.2 –160.7 –458.6 –1,412.7 –1,293.5 –1,315.8 –996.5 842.4 923.5 1,000.7 1,085.6 1,187.2 1,305.9 1,383.0 1,544.6 1,483.6 1,337.8 1,258.5 1,345.4 1,576.1 1,798.5 1,932.9 1,865.9 1,451.0 1,531.0 1,750.3 2,022.4 1,142.8 1,182.4 1,227.1 1,259.6 1,290.5 1,335.9 1,381.1 1,458.2 1,516.0 1,655.2 1,796.9 1,913.3 2,069.7 2,233.0 2,275.0 2,507.8 3,000.7 2,901.5 3,127.7 3,082.8 –300.4 –258.8 –226.4 –174.0 –103.2 –29.9 1.9 86.4 –32.4 –317.4 –538.4 –568.0 –493.6 –434.5 –342.2 –641.8 –1,549.7 –1,370.5 –1,377.4 –1,060.4 311.9 335.0 351.1 367.5 392.0 415.8 444.5 480.6 507.5 515.3 523.8 534.7 577.5 608.4 635.1 658.0 654.0 631.7 564.1 651.2 266.6 279.4 288.7 300.9 310.6 316.6 320.8 330.8 346.8 355.7 363.0 379.5 402.2 422.1 453.6 474.8 517.0 554.7 502.5 587.3 45.3 55.7 62.4 66.6 81.4 99.2 123.7 149.8 160.7 159.7 160.8 155.2 175.3 186.3 181.5 183.3 137.0 77.0 61.7 63.9 4,351.0 4,643.3 4,920.6 5,181.5 5,369.2 5,478.2 5,605.5 5,628.7 5,769.9 6,198.4 6,760.0 7,354.7 7,905.3 8,451.4 8,950.7 9,986.1 11,875.9 13,528.8 14,917.7 16,094.6 3,248.4 3,433.1 3,604.4 3,734.1 3,772.3 3,721.1 3,632.4 3,409.8 3,319.6 3,540.4 3,913.4 4,295.5 4,592.2 4,829.0 5,035.1 5,803.1 7,544.7 9,018.9 10,263.9 11,307.3 1,752.5 1,893.1 2,921.6 2,993.0 –1,169.1 –1,099.9 1,221.0 1,417.9 2,487.4 2,596.4 –1,266.4 –1,178.5 531.6 475.2 434.2 396.6 97.4 78.6 13,202.6 14,312.3 8,697.4 9,754.4 1 Data from current issue Monthly Treasury Statement. Note: Data for fiscal year 2011 and fiscal year 2012 are from Mid-Session Review, Budget of the U.S. Government, Fiscal Year 2012, issued September 1, 2011. Other data (except as noted) are from Budget of the United States Government, Fiscal Year 2012, issued February 14, 2011. Sources: Department of the Treasury and Office of Management and Budget. 32 Held by the public Federal Receipts by Source and Outlays by Function In the tenth month of fiscal 2011, receipts were $140.6 billion higher than a year earlier and outlays were $71.4 billion higher. [Billions of dollars] On-budget and off-budget receipts Fiscal year or period 1993 ���������������������������������������������������� 1994 ���������������������������������������������������� 1995 ���������������������������������������������������� 1996 ���������������������������������������������������� 1997 ���������������������������������������������������� 1998 ���������������������������������������������������� 1999 ���������������������������������������������������� 2000 ���������������������������������������������������� 2001 ���������������������������������������������������� 2002 ���������������������������������������������������� 2003 ���������������������������������������������������� 2004 ���������������������������������������������������� 2005 ���������������������������������������������������� 2006 ���������������������������������������������������� 2007 ���������������������������������������������������� 2008 ���������������������������������������������������� 2009 ���������������������������������������������������� 2010 ���������������������������������������������������� 2011 (estimates) r ������������������������������� 2012 (estimates) r ������������������������������� Cumulative total, first 10 months: 1 Fiscal year 2010 ���������������������������������� Fiscal year 2011 ���������������������������������� Total Indi- Corporavidual tion income income taxes taxes Social insurance and retirement receipts On-budget and off-budget outlays National defense Other Total Total Depart- Internament tional of affairs Defense, military Health Medicare Income Social Net security security interest Other 1,154.3 1,258.6 1,351.8 1,453.1 1,579.2 1,721.7 1,827.5 2,025.2 1,991.1 1,853.1 1,782.3 1,880.1 2,153.6 2,406.9 2,568.0 2,524.0 2,105.0 2,162.7 2,314.4 2,673.6 509.7 543.1 590.2 656.4 737.5 828.6 879.5 1,004.5 994.3 858.3 793.7 809.0 927.2 1,043.9 1,163.5 1,145.7 915.3 898.5 1,089.1 1,208.5 117.5 140.4 157.0 171.8 182.3 188.7 184.7 207.3 151.1 148.0 131.8 189.4 278.3 353.9 370.2 304.3 138.2 191.4 194.2 332.8 428.3 461.5 484.5 509.4 539.4 571.8 611.8 652.9 694.0 700.8 713.0 733.4 794.1 837.8 869.6 900.2 890.9 864.8 815.5 914.4 98.8 113.7 120.1 115.4 120.1 132.6 151.5 160.6 151.7 146.0 143.9 148.4 154.0 171.2 164.7 173.7 160.5 207.9 215.7 217.9 1,409.4 1,461.8 1,515.7 1,560.5 1,601.1 1,652.5 1,701.8 1,789.0 1,862.8 2,010.9 2,159.9 2,292.8 2,472.0 2,655.1 2,728.7 2,982.5 3,517.7 3,456.2 3,630.1 3,670.0 291.1 281.6 272.1 265.7 270.5 268.2 274.8 294.4 304.7 348.5 404.7 455.8 495.3 521.8 551.3 616.1 661.0 693.6 705.4 738.3 278.5 268.6 259.4 253.1 258.3 255.8 261.2 281.0 290.2 331.8 387.1 436.4 474.1 499.3 528.5 594.6 636.7 666.7 679.0 708.1 17.2 17.1 16.4 13.5 15.2 13.1 15.2 17.2 16.5 22.3 21.2 26.9 34.6 29.5 28.5 28.9 37.5 45.2 47.2 59.4 99.4 107.1 115.4 119.4 123.8 131.4 141.0 154.5 172.2 196.5 219.5 240.1 250.5 252.7 266.4 280.6 334.3 369.1 377.3 369.2 130.6 144.7 159.9 174.2 190.0 192.8 190.4 197.1 217.4 230.9 249.4 269.4 298.6 329.9 375.4 390.8 430.1 451.6 489.7 485.0 210.0 217.2 223.8 229.7 235.0 237.8 242.5 253.7 269.8 312.7 334.6 333.1 345.8 352.5 366.0 431.3 533.2 622.2 607.2 548.6 304.6 319.6 335.8 349.7 365.3 379.2 390.0 409.4 433.0 456.0 474.7 495.5 523.3 548.5 586.2 617.0 683.0 706.7 731.7 774.5 198.7 202.9 232.1 241.1 244.0 241.1 229.8 222.9 206.2 170.9 153.1 160.2 184.0 226.6 237.1 252.8 186.9 196.2 215.7 234.5 157.9 171.5 160.2 167.2 157.3 188.9 218.1 239.7 243.1 273.1 302.6 311.8 339.8 393.5 317.9 365.2 651.6 371.6 456.0 460.4 1,752.5 1,893.1 719.5 890.7 139.7 140.5 726.6 685.6 166.8 176.3 2,921.6 2,993.0 580.9 583.2 557.0 558.5 36.5 35.8 306.4 316.5 388.5 385.5 537.3 509.5 588.1 608.4 185.2 213.0 298.7 341.1 1 Data from current issue Monthly Treasury Statement. Data for Department of Defense, military, include a small amount that is classified and listed under international affairs, and not included in national defense. Note: Data for fiscal year 2011 and fiscal year 2012 are from Mid-Session Review, Budget of the U.S. Government, Fiscal Year 2012, issued September 1, 2011. Other data (except as noted) are from Budget of the United States Government, Fiscal Year 2012, issued February 14, 2011. Sources: Department of the Treasury and Office of Management and Budget. 33 Federal Sector, National Income Accounts Basis In the second quarter of 2011, according to revised estimates, Federal current receipts rose $36.9 billion (annual rate), while Federal current expenditures rose $100.1 billion. [Billions of dollars; quarterly data at seasonally adjusted annual rates] Federal Government current receipts Current tax receipts Period Calendar year: 2001 ������������� 2002 ������������� 2003 ������������� 2004 ������������� 2005 ������������� 2006 ������������� 2007 ������������� 2008 ������������� 2009 ������������� 2010 ������������� 2008: I ��������������� II �������������� III ������������� IV ������������� 2009: I ��������������� II �������������� III ������������� IV ������������� 2010: I ��������������� II �������������� III ������������� IV ������������� 2011: I r ������������� II r ������������ Total 2,020.3 1,859.3 1,885.1 2,013.9 2,290.1 2,524.5 2,654.7 2,502.2 2,232.5 2,429.6 2,640.1 2,409.8 2,501.4 2,457.7 2,225.9 2,214.0 2,221.6 2,268.5 2,364.8 2,407.8 2,475.4 2,470.5 2,527.9 2,564.8 Total 1 1,249.4 1,073.5 1,070.2 1,153.8 1,383.7 1,558.3 1,637.6 1,447.7 1,170.2 1,340.7 1,586.2 1,358.4 1,450.2 1,396.1 1,169.7 1,137.1 1,168.7 1,205.4 1,290.3 1,322.0 1,377.8 1,372.8 1,513.3 1,538.3 Personal current taxes 991.8 828.6 774.2 799.2 931.9 1,049.9 1,165.6 1,101.3 856.6 896.4 1,200.2 982.6 1,106.3 1,116.0 915.7 844.6 830.8 835.2 856.5 888.7 912.3 927.8 1,046.8 1,070.9 Taxes on production and imports 85.3 86.8 89.3 94.3 98.8 99.4 94.5 94.0 97.3 101.5 92.6 95.7 94.5 93.2 90.5 100.0 99.0 99.6 98.3 102.0 103.6 101.9 106.7 112.7 Contributions Income for Taxes govern- receipts on on ment assets corporate social income insurance 164.7 150.5 197.8 250.3 341.0 395.0 362.8 233.7 201.7 329.6 276.9 263.8 232.1 161.7 147.7 176.7 225.9 256.3 322.3 318.1 348.9 329.1 345.4 339.8 723.3 739.3 762.8 807.6 852.6 904.6 945.3 973.1 948.9 970.9 975.9 972.5 974.4 969.7 951.2 951.7 946.6 945.9 960.3 969.9 975.5 977.9 894.6 905.9 1 Includes taxes from the rest of the world, not shown separately. 2 Includes an item for the difference between wage accruals and disbursements, not shown separately. 34 Federal Government current expenditures 24.5 20.3 22.8 23.2 23.7 26.1 29.8 30.7 48.1 53.1 31.5 32.6 30.6 27.9 39.0 49.6 48.7 54.9 49.8 52.3 55.3 55.0 54.6 54.4 Current transfer receipts 27.0 26.1 25.6 29.0 33.6 38.3 44.8 54.4 69.8 69.7 49.6 49.8 49.7 68.4 71.1 80.2 61.6 66.1 69.1 68.6 71.6 69.7 68.1 67.4 Current surplus of government enterprises –4.0 .2 3.7 .3 –3.5 –2.9 –2.7 –3.7 –4.4 –4.8 –3.0 –3.6 –3.7 –4.4 –5.1 –4.7 –4.0 –3.9 –4.7 –4.9 –4.8 –4.9 –2.7 –1.2 Total 2 1,979.8 2,112.1 2,261.5 2,393.4 2,573.1 2,728.3 2,900.0 3,115.7 3,450.4 3,703.3 3,028.9 3,174.2 3,140.4 3,119.4 3,219.8 3,516.9 3,527.0 3,537.9 3,636.6 3,685.8 3,733.1 3,757.8 3,729.0 3,829.1 ConCurrent sumption transfer Interest Subsidies expendipaypayments tures ments 3 530.2 590.5 660.3 721.4 765.8 811.0 848.9 931.7 986.6 1,054.0 908.6 918.7 946.2 953.5 955.2 981.2 997.8 1,012.4 1,033.9 1,056.0 1,066.6 1,059.6 1,059.1 1,077.1 1,140.0 1,252.1 1,339.4 1,405.0 1,491.3 1,587.1 1,690.4 1,841.9 2,153.6 2,313.7 1,766.7 1,899.8 1,826.2 1,874.9 2,006.2 2,210.4 2,189.9 2,207.9 2,283.0 2,289.0 2,331.9 2,350.7 2,312.7 2,346.8 258.6 229.1 212.9 221.0 255.4 279.2 313.2 292.1 251.9 279.9 305.7 306.8 317.6 238.4 204.1 269.8 272.1 261.8 264.9 286.2 279.1 289.4 298.0 342.8 51.1 40.5 49.0 46.0 60.5 51.0 47.4 49.9 58.3 55.8 47.9 48.9 50.4 52.6 54.4 55.6 67.2 55.9 54.8 54.7 55.4 58.2 59.2 62.4 3 Includes Federal grants-in-aid to State and local governments, not shown separately. Source: Department of Commerce (Bureau of Economic Analysis). Net Federal Government saving 40.5 –252.8 –376.4 –379.5 –283.0 –203.8 –245.2 –613.5 –1,217.9 –1,273.7 –388.8 –764.4 –639.1 –661.7 –993.9 –1,303.0 –1,305.4 –1,269.4 –1,271.8 –1,278.0 –1,257.7 –1,287.3 –1,201.1 –1,264.4 INTERNATIONAL STATISTICS Industrial Production and Consumer Prices—Major Industrial Countries Industrial production (2007=100; seasonally adjusted) Period United States Canada Japan France Germany Consumer prices (1982–84=100; NSA) United Kingdom Italy United States 1 Canada Japan France Germany 2001 r ������������� 88.9 96.3 86.2 98.4 84.2 97.5 102.4 177.1 169.1 120.1 160.3 2002 r ������������� 89.1 97.8 85.1 97.1 83.3 96.1 100.7 179.9 172.9 119.0 163.4 2003 r ������������� 90.2 97.9 87.6 96.2 83.7 95.5 100.1 184.0 177.7 118.7 166.9 r 2004 ������������� 92.3 99.5 91.8 97.4 86.3 95.2 101.2 188.9 181.0 118.7 170.4 r 2005 ������������� 95.3 101.4 93.2 97.7 89.2 94.7 99.9 195.3 185.0 118.4 173.4 2006 r ������������� 97.4 100.8 97.1 98.7 94.3 98.2 99.9 201.6 188.7 118.6 176.3 2007 ��������������� 100.0 100.0 100.0 100.0 100.0 100.0 100.0 207.342 192.7 118.7 178.9 r 2008 ������������� 96.3 94.4 96.6 97.2 100.0 96.3 96.9 215.303 197.3 120.3 184.0 r 2009 ������������� 85.5 84.3 75.5 85.2 83.7 78.3 87.1 214.537 197.9 118.7 184.1 2010 r ������������� 90.1 89.2 88.1 89.6 92.6 83.4 89.0 218.056 201.4 117.9 186.9 r 2010: June �� 90.0 90.0 87.8 89.3 92.8 84.2 88.8 217.965 200.9 118.0 187.3 July r ��� 90.8 90.2 88.1 90.0 93.4 84.2 88.9 218.011 202.0 117.3 186.8 Aug r ���� 91.0 90.2 88.0 90.2 94.6 85.6 89.2 218.312 201.8 117.5 187.2 Sept r ��� 91.2 89.1 87.2 89.5 94.3 83.4 89.5 218.439 202.1 117.7 187.1 r Oct ����� 91.1 89.8 86.0 89.0 96.5 83.1 89.3 218.711 203.0 118.1 187.3 r Nov ���� 91.4 89.3 87.4 91.1 96.4 84.2 89.8 218.803 203.2 117.7 187.6 Dec r ���� 92.6 90.7 89.6 91.6 96.9 84.3 90.2 219.179 203.2 117.4 188.4 r 2011: Jan ���� 92.8 92.2 89.6 92.2 97.0 82.9 90.5 220.223 203.7 117.3 188.0 Feb r ���� 92.5 90.8 91.2 92.6 98.3 84.0 89.2 221.309 204.2 117.3 188.8 Mar r ��� 93.1 92.0 77.0 91.8 99.3 84.5 89.4 223.467 206.4 117.6 190.4 Apr r ���� 92.8 91.4 78.2 91.1 99.0 85.4 87.8 224.906 207.1 117.7 191.0 r May ��� 93.0 90.1 83.1 92.8 100.0 84.9 88.5 225.964 208.5 117.7 191.1 p June �� 93.3 90.3 86.2 91.4 99.2 84.5 88.5 225.722 207.1 117.5 191.3 July p ��� 94.2 ��������������� 86.8 ��������������� ��������������� ��������������� ��������������� 225.922 207.5 117.5 190.4 Aug p ��� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� 1 Data relate to all urban consumers. 145.3 147.4 148.9 151.4 153.7 156.2 159.7 163.9 164.5 166.3 166.2 166.7 166.7 166.5 166.7 166.8 168.5 167.9 168.8 169.6 169.9 169.9 170.0 170.7 170.5 United Kingdom Italy 237.7 203.7 243.5 207.0 250.1 213.0 255.6 219.3 260.6 225.6 266.1 232.8 270.9 242.7 280.0 252.4 282.2 251.1 286.5 262.7 286.3 263.3 287.2 262.7 287.7 263.8 287.2 264.7 287.7 265.3 287.7 266.5 288.9 268.3 290.0 269.1 290.9 271.8 292.0 273.2 293.5 275.4 293.8 276.3 294.1 276.3 294.9 275.7 295.8 ����������������� Sources: As reported by each country, Board of Governors of the Federal Reserve System, and Department of Labor (Bureau of Labor Statistics). Note: See Note, p. 17, for information on U.S. industrial production series. U.S. International Trade in Goods and Services [Billions of dollars; monthly data seasonally adjusted] Goods: Exports (f.a.s. value) Census basis (by end-use category) Period 2001 ��������������� 2002 ��������������� 2003 ��������������� 2004 ��������������� 2005 ��������������� 2006 ��������������� 2007 ��������������� 2008 ��������������� 2009 ��������������� 2010 ��������������� 2010: June ���� July ����� Aug ����� Sept ���� Oct ������ Nov ����� Dec ������ 2011: Jan ������ Feb ������ Mar ����� Apr ������ May r ��� June p �� BOP basis 731.2 697.4 729.8 822.0 911.7 1,039.4 1,164.0 1,307.5 1,069.5 1,288.7 105.3 108.3 108.5 108.8 112.6 113.8 116.3 119.5 117.4 124.5 126.5 125.3 121.2 IndusFoods, trial Total, feeds, supCensus and plies basis 1 bever- and ages materials 729.1 693.1 724.8 814.9 901.1 1,026.0 1,148.2 1,287.4 1,056.0 1,278.3 104.5 107.5 107.6 108.1 112.0 112.7 115.4 118.1 115.7 122.9 125.1 123.8 119.7 49.4 49.6 55.0 56.6 59.0 66.0 84.3 108.3 93.9 107.7 8.0 8.1 9.0 9.4 10.1 10.2 10.3 10.4 10.5 11.2 11.0 11.0 10.1 160.1 156.8 173.0 203.9 233.0 276.0 316.4 388.0 296.7 391.7 32.0 32.7 33.3 32.6 34.5 35.1 36.3 39.6 38.7 41.3 43.4 41.5 39.5 75.4 78.9 80.6 89.2 98.4 107.3 121.3 121.5 81.7 112.0 9.4 9.4 9.5 9.5 9.8 9.4 9.8 10.8 9.9 11.3 10.6 10.8 10.8 Balance of trade (exports minus imports) Census basis (by end-use category) Auto- Consumer Capital motive vegoods goods hicles, except parts (nonfood) autoexcept motive and enautogines motive 321.7 290.4 293.7 327.5 358.4 404.0 433.0 457.7 390.5 446.6 36.8 38.7 37.5 37.9 38.5 38.5 39.6 38.9 38.9 39.8 41.0 41.4 39.9 Services (BOP basis) Goods: Imports (customs value) 88.3 84.4 89.9 103.2 115.3 129.1 146.0 161.3 150.0 165.9 13.6 13.6 13.8 13.9 14.1 15.0 14.6 14.1 13.8 14.5 14.7 14.3 15.0 BOP basis 1,152.5 1,171.9 1,270.2 1,485.5 1,692.4 1,875.1 1,982.8 2,137.6 1,575.4 1,934.6 164.3 162.0 166.1 165.2 164.9 166.3 170.7 181.1 177.1 185.6 184.7 190.7 188.8 IndusFoods, trial Total, feeds, supCensus and plies basis 1 bever- and ages materials 1,141.0 1,161.4 1,257.1 1,469.7 1,673.5 1,853.9 1,957.0 2,103.6 1,559.6 1,913.2 162.4 160.3 164.3 163.4 163.0 164.4 168.7 179.0 174.8 183.3 182.4 188.1 186.2 1 Total includes ‘‘other’’ exports or imports, not shown separately. 46.6 49.7 55.8 62.1 68.1 74.9 81.7 89.0 81.6 91.7 7.7 7.7 7.8 7.9 7.8 7.9 8.1 8.4 8.6 8.6 9.0 9.1 9.2 273.9 267.7 313.8 412.8 523.8 602.0 634.7 779.5 462.5 602.7 49.6 49.5 50.2 50.1 49.1 50.7 54.5 59.8 57.6 64.4 63.0 67.6 65.4 BOP basis Auto- Consumer Capital motive vegoods goods hicles, except parts (nonfood) autoexcept motive and enautogines motive 298.0 283.3 295.9 343.6 379.3 418.3 444.5 453.7 369.3 449.2 37.8 37.6 38.6 39.8 39.2 40.3 40.0 42.0 39.8 41.2 41.9 43.2 43.0 189.8 203.7 210.1 228.2 239.4 256.6 256.7 231.2 157.6 225.0 19.5 19.4 20.2 19.3 19.5 19.4 19.6 22.0 20.0 21.9 19.1 19.6 19.5 284.3 307.8 333.9 372.9 407.2 442.6 474.6 481.6 428.4 483.3 42.6 41.1 42.2 41.3 42.2 40.8 41.2 42.0 44.0 41.9 44.0 43.3 43.2 Exports Imports Goods, Census basis Goods Ser- Goods and vices services 276.5 283.4 293.7 341.2 375.8 420.4 490.6 535.2 505.5 548.9 46.0 46.4 46.4 46.9 46.9 47.4 47.7 48.1 47.8 48.9 49.3 49.7 49.6 217.0 226.4 244.3 283.0 303.6 338.0 368.4 403.4 380.9 403.0 33.9 34.3 34.3 34.4 34.1 33.8 33.7 34.4 34.2 34.7 34.7 35.1 35.1 –411.9 –468.3 –532.4 –654.8 –772.4 –828.0 –808.8 –816.2 –503.6 –634.9 –58.0 –52.8 –56.8 –55.3 –51.1 –51.7 –53.3 –60.9 –59.1 –60.5 –57.3 –64.3 –66.5 –421.3 –474.5 –540.4 –663.5 –780.7 –835.7 –818.9 –830.1 –505.9 –645.9 –59.0 –53.7 –57.7 –56.5 –52.3 –52.5 –54.4 –61.7 –59.7 –61.1 –58.2 –65.4 –67.6 59.5 57.1 49.4 58.2 72.1 82.4 122.2 131.8 124.6 145.8 12.1 12.1 12.1 12.5 12.9 13.7 13.9 13.7 13.7 14.3 14.5 14.6 14.5 –361.8 –417.4 –491.0 –605.4 –708.6 –753.3 –696.7 –698.3 –381.3 –500.0 –46.9 –41.6 –45.5 –44.0 –39.5 –38.8 –40.5 –47.9 –46.0 –46.8 –43.6 –50.8 –53.1 Source: Department of Commerce (Bureau of the Census and Bureau of Economic Analysis). Note: BOP refers to balance of payments on international transactions basis. BOP data shown here are consistent with figures shown on pp. 36 and 37. 35 U.S. International Transactions In the first quarter of 2011, the goods deficit rose to $182.5 billion from $159.2 billion in the fourth quarter. The current account deficit rose to $119.3 billion in the first quarter from $112.2 billion in the fourth quarter. [Millions of dollars; quarterly data seasonally adjusted. Credits (+), debits (–)] Goods 1 Period 2001 �������������������� 2002 �������������������� 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2008: I ���������������� II ��������������� III �������������� IV �������������� 2009: I ���������������� II ��������������� III �������������� IV �������������� 2010: I ���������������� II ��������������� III �������������� IV �������������� 2011: I p �������������� Exports 731,189 697,439 729,816 821,986 911,686 1,039,406 1,163,957 1,307,499 1,069,491 1,288,699 323,357 342,620 346,910 294,612 254,413 253,886 270,290 290,902 304,572 315,954 325,514 342,659 361,334 Imports –1,152,464 –1,171,930 –1,270,225 –1,485,492 –1,692,416 –1,875,095 –1,982,843 –2,137,608 –1,575,400 –1,934,555 –539,441 –562,565 –565,850 –469,752 –376,727 –365,803 –399,815 –433,055 –457,404 –481,912 –493,336 –501,904 –543,786 Services Balance on goods –421,276 –474,491 –540,409 –663,507 –780,730 –835,689 –818,886 –830,109 –505,910 –645,857 –216,084 –219,945 –218,940 –175,139 –122,315 –111,916 –129,525 –142,154 –152,832 –165,958 –167,822 –159,245 –182,452 Net military transactions 2 –8,324 –12,719 –17,060 –17,359 –15,594 –11,743 –10,826 –13,600 –13,863 –12,908 –3,454 –2,737 –3,605 –3,805 –3,957 –3,469 –2,297 –4,139 –3,409 –3,092 –3,077 –3,330 –3,317 Net travel and transportation –3,389 –4,465 –12,451 –16,225 –14,549 –11,276 2,599 16,365 13,981 20,384 3,995 4,654 5,351 2,366 2,431 3,878 3,580 4,092 4,834 5,039 4,678 5,831 6,507 Other services, net 71,219 74,242 78,934 91,734 102,249 105,420 130,386 129,006 124,521 138,355 33,009 34,182 31,059 30,754 31,028 30,122 28,951 34,421 31,765 33,486 35,109 37,996 38,466 Balance on goods and services –361,771 –417,432 –490,984 –605,356 –708,624 –753,288 –696,728 –698,338 –381,272 –500,027 –182,535 –183,846 –186,135 –145,822 –92,814 –81,385 –99,293 –107,779 –119,642 –130,523 –131,113 –118,749 –140,797 Income receipts and payments Receipts 292,430 282,701 322,411 415,793 537,339 684,620 833,834 813,903 599,495 663,240 215,789 214,133 208,354 175,627 145,995 144,969 149,275 159,256 158,857 165,030 167,115 172,239 178,009 Payments –262,702 –257,526 –278,721 –350,712 –468,748 –640,438 –732,349 –666,814 –471,494 –498,016 –176,752 –174,203 –164,124 –151,735 –118,696 –115,898 –114,571 –122,329 –122,473 –121,859 –121,375 –132,309 –123,239 Balance on income 29,728 25,175 43,691 65,081 68,591 44,182 101,485 147,089 128,001 165,224 39,037 39,931 44,229 23,893 27,299 29,071 34,704 36,928 36,384 43,170 45,740 39,930 54,771 Unilateral current transfers, net 3 –64,561 –64,990 –71,796 –88,243 –105,741 –91,515 –115,061 –125,885 –123,280 –136,095 –33,735 –31,347 –31,703 –29,103 –29,738 –30,497 –33,269 –29,777 –35,034 –32,947 –34,754 –33,360 –33,248 1 Adjusted from Census data to align with concepts and definitions used to prepare the inter2 Transfers under U.S. military agency sales contracts (exports) minus direct defense national and national economic accounts. The adjustments are necessary to supplement coverage expenditures (imports). 3 Includes transfers of goods and services under U.S. military grant programs. of Census data, to eliminate duplication of transactions recorded elsewhere in the international accounts, to value transactions according to a standard definition, and for earlier years, to record See p. 37 for continuation of table. transactions in the appropriate period. 36 Balance on current account –396,603 –457,248 –519,089 –628,519 –745,774 –800,621 –710,303 –677,135 –376,551 –470,898 –177,232 –175,262 –173,608 –151,032 –95,253 –82,811 –97,858 –100,629 –118,292 –120,300 –120,127 –112,179 –119,274 U.S. International Transactions—Continued In the financial account, U.S. claims on foreigners reported by U.S. banks and securities brokers increased $89.3 billion in the first quarter of 2011, following an increase of $94.6 billion in the fourth quarter. U.S. liabilities to foreigners reported by U.S. banks and securities brokers (other than foreign official assets) increased $363.7 billion in the first quarter, following an increase of $30.2 billion in the fourth quarter. [Millions of dollars; quarterly data seasonally adjusted. Credits (+), debits (–)] Financial account Period U.S.-owned assets abroad, excluding financial derivatives [increase/financial outflow (–)] Capital account transactions, net Total 2001 �������������������� 2002 �������������������� 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2008: I ���������������� II ��������������� III �������������� IV �������������� 2009: I ���������������� II ��������������� III �������������� IV �������������� 2010: I ���������������� II ��������������� III �������������� IV �������������� 2011: I p �������������� 13,198 –141 –1,821 3,049 13,116 –1,788 384 6,010 –140 –152 –8 –18 6,043 –7 –20 –29 –36 –56 –3 –2 –146 –2 –13 –382,616 –294,646 –325,424 –1,000,870 –546,631 –1,285,729 –1,453,604 332,109 –139,330 –1,005,182 –238,333 177,984 113,445 279,012 122,132 33,471 –294,896 –38 –313,010 –168,537 –286,834 –236,802 –325,205 U.S. official reserve assets 4 –4,911 –3,681 1,523 2,805 14,096 2,374 –122 –4,848 –52,256 –1,834 –276 –1,267 –179 –3,126 –982 –3,632 –49,021 1,379 –773 –165 –1,096 200 –3,619 Other U.S. Government assets –486 345 537 1,710 5,539 5,346 –22,273 –529,615 541,342 7,540 3,268 –41,592 –225,997 –265,293 244,102 193,750 57,736 45,754 9,433 –2,441 788 –240 –588 Statistical discrepancy Foreign-owned assets in the U.S., excluding financial derivatives [increase/financial inflow (+)] U.S. Private assets –377,219 –291,310 –327,484 –1,005,385 –566,266 –1,293,449 –1,431,209 866,571 –628,417 –1,010,888 –241,325 220,844 339,621 547,432 –120,988 –156,647 –303,611 –47,170 –321,669 –165,931 –286,526 –236,762 –320,998 4 Consists of gold, special drawing rights (SDRs), foreign currencies, and the U.S. reserve position in the International Monetary Fund (IMF). Total 782,870 795,161 858,303 1,533,201 1,247,347 2,065,169 2,064,642 431,406 335,793 1,245,736 456,245 –19,863 72,116 –77,093 –114,554 –34,386 341,315 143,418 329,340 186,636 463,115 266,646 507,059 Foreign official assets 28,059 115,945 278,069 397,755 259,268 487,939 481,043 554,634 480,237 349,754 216,229 181,419 142,224 14,762 109,438 129,251 109,108 132,440 89,751 66,736 135,477 57,790 70,906 Other foreign assets 754,811 679,216 580,234 1,135,446 988,079 1,577,230 1,583,599 –123,228 –144,444 895,982 240,016 –201,282 –70,108 –91,855 –223,992 –163,637 232,207 10,978 239,589 119,900 327,638 208,856 436,153 Financial derivatives, net ������������������ ������������������ ������������������ ������������������ ������������������ 29,710 6,222 –32,947 49,456 13,735 –7,966 –2,355 –4,886 –17,740 7,221 11,275 11,496 19,464 16,152 9,980 –11,893 –504 ������������������ Total (sum of the items with sign reversed) –16,849 –43,126 –11,969 93,138 31,942 –6,742 92,660 –59,443 130,773 216,761 –32,706 19,513 –13,110 –33,139 80,475 72,479 39,979 –62,160 85,813 92,223 –44,116 82,841 –62,567 Of which: Seasonal adjustment discrepancy ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ 7,650 –5,317 –28,736 26,404 9,190 –4,183 –20,256 15,250 13,688 –6,531 –21,959 14,802 14,195 U.S. official reserve assets, net (unadjusted, end of period) 4 68,654 79,006 85,938 86,824 65,127 65,895 70,565 77,648 130,760 132,433 75,764 75,740 71,834 77,648 74,958 81,489 134,296 130,760 127,521 124,514 133,099 132,433 139,315 Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the Treasury. 37 CONTENTS TOTAL OUTPUT, INCOME, AND SPENDING Page Gross Domestic Product ........................................................................................................................................................ 1 Real Gross Domestic Product ................................................................................................................................................ 2 Chained Price Indexes For Gross Domestic Product ............................................................................................................ 2 Gross Domestic Product and Related Price Measures: Indexes and Percent Changes ........................................................... 3 Nonfinancial Corporate Business—Gross Value Added and Price, Costs, and Profits .......................................................... 3 National Income .................................................................................................................................................................... 4 Real Personal Consumption Expenditures ............................................................................................................................ 4 Sources of Personal Income ................................................................................................................................................... 5 Disposition of Personal Income ............................................................................................................................................. 6 Farm Income ......................................................................................................................................................................... 7 Corporate Profits ................................................................................................................................................................... 8 Real Gross Private Domestic Investment ............................................................................................................................... 9 Real Private Fixed Investment by Type .................................................................................................................................. 10 Business Investment ............................................................................................................................................................... 10 EMPLOYMENT, UNEMPLOYMENT, AND WAGES Status of the Labor Force ....................................................................................................................................................... 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 and Nonfarm Business Sectors .............................................................................. 11 12 13 14 15 15 16 PRODUCTION AND BUSINESS ACTIVITY Industrial Production and Capacity Utilization .................................................................................................................... 17 Industrial Production—Major Market Groups and Selected Manufactures .......................................................................... 18 New Construction ................................................................................................................................................................. 19 New Private Housing and Vacancy Rates .............................................................................................................................. 19 Business Sales and Inventories—Manufacturing and Trade .................................................................................................. 20 Manufacturers’ Shipments, Inventories, and Orders .............................................................................................................. 21 PRICES Producer Prices ...................................................................................................................................................................... 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 ..................................................................................................................................... 32 Federal Receipts by Source and Outlays by Function ............................................................................................................ 33 Federal Sector, National Income Accounts Basis ................................................................................................................... 34 INTERNATIONAL STATISTICS Industrial Production and Consumer Prices—Major Industrial Countries ........................................................................... 35 U.S. International Trade in Goods and Services .................................................................................................................... 35 U.S. International Transactions ............................................................................................................................................. 36 General Notes Detail in these tables may not add to totals because of rounding. Unless otherwise noted, all dollar figures are in current dollars. Symbols used: p Preliminary. r Revised. c Corrected. ... Not available (also, not applicable). NSA Not seasonally adjusted. 38 U.S. GOVERNMENT PRINTING OFFICE : 2011 68-054