Full text of Economic Indicators : August 2013
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113th Congress, 1st Session Economic Indicators AUGUST 2013 (Includes data available as of September 9, 2013) Prepared for the Joint Economic Committee by the Council of Economic Advisers UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON : 2013 JOINT ECONOMIC COMMITTEE (Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.) Kevin Brady, Texas, Chairman Amy Klobuchar, Minnesota, Vice Chairman House of Representatives John Campbell, California Sean P. Duffy, Wisconsin Justin Amash, Michigan Erik Paulsen, Minnesota Richard L. Hanna, New York Carolyn B. Maloney, New York Loretta Sanchez, California Elijah E. Cummings, Maryland John Delaney, Maryland Senate Robert P. Casey, Jr., Pennsylvania Mark R. Warner, Virginia Bernard Sanders, Vermont Christopher Murphy, Connecticut Martin Heinrich, New Mexico Dan Coats, Indiana Mike Lee, Utah Roger F. Wicker, Mississippi Pat Toomey, Pennsylvania Robert P. O’Quinn, Executive Director COUNCIL OF ECONOMIC ADVISERS Jason Furman, Chairman Betsey Stevenson, Member James Stock, 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 Mail and Multimedia Division, Office of the Secretary, Department of Commerce. Monthly issues of Economic Indicators in PDF form, and tables in Excel, are available online at: 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, 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 2013, according to revised estimates, current dollar gross domestic product (GDP) rose 3.2 percent (annual rate), real GDP in chained (2009) dollars rose 2.5 percent, and the chained price index rose 0.8 percent. [Billions of current dollars; quarterly data at seasonally adjusted annual rates] Period 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2010: I ���������������� ��������������� II �������������� III �������������� IV 2011: I ���������������� ��������������� II �������������� III �������������� IV 2012: I ���������������� ��������������� II �������������� III �������������� IV 2013: I ���������������� r ������������� II Gross domestic product 11,512.2 12,277.0 13,095.4 13,857.9 14,480.3 14,720.3 14,417.9 14,958.3 15,533.8 16,244.6 14,672.5 14,879.2 15,049.8 15,231.7 15,242.9 15,461.9 15,611.8 15,818.7 16,041.6 16,160.4 16,356.0 16,420.3 16,535.3 16,667.9 Personal consumption expenditures Gross private domestic investment 7,764.4 8,257.8 8,790.3 9,297.5 9,744.4 10,005.5 9,842.9 10,201.9 10,711.8 11,149.6 10,042.3 10,134.7 10,234.3 10,396.3 10,527.1 10,662.6 10,778.6 10,878.9 11,019.1 11,100.2 11,193.6 11,285.5 11,379.2 11,429.9 2,027.9 2,276.7 2,527.1 2,680.6 2,643.7 2,424.8 1,878.1 2,100.8 2,232.1 2,475.2 1,989.5 2,092.7 2,164.6 2,156.5 2,120.4 2,199.9 2,222.2 2,385.7 2,453.6 2,454.0 2,493.3 2,499.9 2,555.1 2,626.1 Exports and imports of goods and services Net exports –500.9 –614.8 –715.7 –762.4 –709.8 –713.2 –392.2 –518.5 –568.7 –547.2 –495.1 –529.7 –543.8 –505.3 –554.7 –572.2 –553.7 –594.4 –590.8 –557.9 –524.4 –515.8 –523.1 –506.1 Government consumption expenditures and gross investment Federal Exports 1,043.4 1,183.1 1,310.4 1,478.5 1,665.7 1,843.1 1,583.8 1,843.5 2,101.2 2,195.9 1,746.4 1,807.0 1,860.3 1,960.4 2,029.5 2,095.5 2,143.4 2,136.2 2,173.4 2,197.4 2,199.2 2,213.7 2,214.2 2,242.2 1 GDP less exports of goods and services plus imports of goods and services. Imports 1,544.3 1,797.9 2,026.1 2,240.9 2,375.5 2,556.4 1,976.0 2,362.0 2,669.9 2,743.1 2,241.4 2,336.7 2,404.0 2,465.7 2,584.1 2,667.7 2,697.1 2,730.7 2,764.2 2,755.3 2,723.5 2,729.5 2,737.3 2,748.3 Total 2,220.8 2,357.4 2,493.7 2,642.2 2,801.9 3,003.2 3,089.1 3,174.0 3,158.7 3,167.0 3,135.7 3,181.5 3,194.7 3,184.2 3,150.0 3,171.7 3,164.6 3,148.5 3,159.7 3,164.1 3,193.5 3,150.7 3,124.1 3,118.0 Total 824.8 892.4 946.3 1,002.0 1,049.8 1,155.6 1,217.7 1,303.9 1,304.1 1,295.7 1,269.2 1,304.6 1,321.6 1,320.1 1,297.4 1,315.4 1,308.5 1,294.9 1,291.8 1,293.8 1,322.1 1,275.2 1,255.0 1,252.7 National defense Nondefense 519.9 570.2 608.3 642.4 678.7 754.1 788.3 832.8 835.8 817.1 811.9 829.3 846.3 843.5 822.0 844.2 851.6 825.6 816.3 816.7 841.9 793.7 775.8 776.3 304.9 322.1 338.1 359.6 371.0 401.5 429.4 471.1 468.2 478.6 457.3 475.2 475.3 476.6 475.4 471.2 456.9 469.3 475.5 477.1 480.2 481.5 479.2 476.4 State and local 1,396.0 1,465.0 1,547.4 1,640.2 1,752.2 1,847.6 1,871.4 1,870.2 1,854.7 1,871.3 1,866.5 1,876.9 1,873.1 1,864.2 1,852.6 1,856.3 1,856.1 1,853.6 1,867.9 1,870.3 1,871.4 1,875.4 1,869.1 1,865.3 Final Addendum: Gross sales of Gross domestic domestic purchases 1 national product product 11,493.0 12,213.2 13,035.8 13,790.9 14,445.9 14,752.3 14,565.5 14,896.7 15,497.4 16,178.5 14,660.4 14,829.0 14,928.2 15,169.3 15,221.4 15,416.2 15,625.3 15,726.8 15,938.7 16,093.6 16,274.4 16,407.3 16,471.9 16,582.9 12,013.2 12,891.8 13,811.1 14,620.3 15,190.1 15,433.5 14,810.1 15,476.7 16,102.6 16,791.8 15,167.5 15,408.9 15,593.5 15,737.0 15,797.6 16,034.1 16,165.5 16,413.1 16,632.4 16,718.3 16,880.4 16,936.1 17,058.4 17,174.0 11,580.3 12,367.1 13,189.0 13,926.3 14,606.8 14,893.2 14,565.1 15,164.2 15,794.6 16,497.4 14,875.9 15,084.3 15,249.5 15,447.2 15,491.2 15,712.1 15,884.0 16,091.0 16,289.6 16,419.2 16,603.7 16,677.3 16,772.7 16,925.2 Source: Department of Commerce (Bureau of Economic Analysis). 1 Real Gross Domestic Product [Billions of chained (2009) dollars; quarterly data at seasonally adjusted annual rates] Period 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2010: I ���������������� ��������������� II �������������� III �������������� IV 2011: I ���������������� ��������������� II �������������� III �������������� IV 2012: I ���������������� ��������������� II �������������� III �������������� IV 2013: I ���������������� r ������������� II Gross private domestic investment Personal Gross conChange domestic sumption Nonresi- Resiin product expendi- dential dential fixed fixed private tures investinvestinvenment ment tories 13,270.0 13,774.0 14,235.6 14,615.2 14,876.8 14,833.6 14,417.9 14,779.4 15,052.4 15,470.7 14,597.7 14,738.0 14,839.3 14,942.4 14,894.0 15,011.3 15,062.1 15,242.1 15,381.6 15,427.7 15,534.0 15,539.6 15,583.9 15,681.0 8,866.2 9,205.6 9,527.8 9,814.9 10,035.5 9,999.2 9,842.9 10,035.9 10,291.3 10,517.6 9,915.4 9,995.3 10,063.7 10,169.0 10,221.3 10,258.9 10,311.9 10,373.1 10,447.8 10,496.8 10,541.0 10,584.8 10,644.0 10,690.6 1,526.1 1,605.4 1,717.4 1,839.6 1,948.4 1,934.4 1,633.4 1,673.8 1,800.5 1,931.8 1,615.0 1,659.3 1,692.8 1,728.1 1,724.1 1,765.3 1,835.0 1,877.3 1,903.8 1,925.0 1,926.4 1,971.9 1,949.0 1,970.1 744.5 818.9 872.6 806.6 654.8 497.7 392.2 382.4 384.3 433.7 383.0 403.5 368.1 375.1 376.7 379.2 384.9 396.2 417.2 423.0 437.3 457.5 471.2 485.7 22.6 71.4 64.3 71.6 35.5 –33.7 –147.6 58.2 33.6 57.6 9.8 48.8 116.2 58.1 22.0 42.9 –11.0 80.6 89.2 56.8 77.2 7.3 42.2 62.6 Exports and imports of goods and services Government consumption expenditures and gross investment Federal Net exports Exports Imports Total –641.6 –731.9 –777.1 –786.2 –703.6 –546.9 –392.2 –462.6 –445.9 –430.8 –413.6 –474.3 –504.9 –457.5 –456.5 –438.3 –433.9 –454.7 –439.2 –435.3 –436.5 –412.1 –422.3 –422.0 1,197.2 1,309.3 1,388.4 1,512.4 1,647.3 1,741.8 1,583.8 1,765.6 1,890.5 1,957.4 1,700.4 1,739.3 1,784.9 1,837.7 1,854.7 1,876.9 1,908.9 1,921.7 1,941.4 1,959.8 1,961.6 1,967.0 1,960.5 2,001.2 1,838.8 2,041.2 2,165.5 2,298.6 2,350.9 2,288.7 1,976.0 2,228.1 2,336.4 2,388.2 2,113.9 2,213.6 2,289.8 2,295.2 2,311.3 2,315.2 2,342.8 2,376.4 2,380.6 2,395.1 2,398.0 2,379.1 2,382.7 2,423.2 2,764.3 2,808.2 2,826.2 2,869.3 2,914.4 2,994.8 3,089.1 3,091.4 2,992.3 2,963.1 3,084.3 3,106.2 3,103.5 3,071.5 3,012.0 3,002.4 2,983.2 2,971.7 2,961.3 2,963.5 2,988.8 2,938.8 2,907.4 2,900.5 1 GDP less exports of goods and services plus imports of goods and services. National Nondefense defense Total 973.0 1,017.1 1,034.8 1,060.9 1,078.7 1,152.3 1,217.7 1,270.7 1,237.9 1,220.3 1,247.8 1,273.4 1,285.0 1,276.4 1,241.6 1,247.0 1,236.4 1,226.7 1,219.1 1,218.5 1,244.6 1,198.9 1,172.8 1,168.0 615.4 652.7 665.5 678.8 695.6 748.1 788.3 813.5 794.6 769.1 798.6 811.0 825.9 818.6 787.8 800.8 805.6 784.2 770.7 768.8 791.8 745.0 723.1 722.0 357.5 364.5 369.4 382.1 383.1 404.2 429.4 457.1 443.3 451.2 449.2 462.4 459.1 457.7 453.7 446.2 430.8 442.5 448.3 449.7 452.8 453.9 449.8 446.1 AddenFinal Gross dum: sales of domestic Gross domestic purchases 1 national product product State and local 1,795.3 1,792.8 1,792.3 1,808.8 1,836.1 1,842.4 1,871.4 1,820.8 1,754.5 1,742.8 1,836.5 1,832.8 1,818.5 1,795.2 1,770.5 1,755.5 1,746.9 1,745.0 1,742.2 1,745.0 1,744.3 1,739.8 1,734.3 1,732.1 13,247.9 13,702.7 14,170.1 14,543.6 14,839.2 14,868.9 14,565.5 14,717.7 15,014.4 15,403.2 14,584.3 14,686.3 14,718.3 14,881.8 14,871.9 14,961.8 15,072.7 15,151.3 15,278.9 15,360.8 15,444.9 15,528.3 15,536.4 15,610.8 13,937.1 14,529.1 15,036.2 15,424.8 15,600.8 15,392.0 14,810.1 15,244.5 15,501.1 15,902.3 15,011.5 15,215.4 15,348.5 15,402.5 15,354.0 15,451.6 15,498.4 15,700.5 15,822.4 15,864.4 15,971.4 15,950.8 16,005.8 16,102.8 13,352.2 13,879.0 14,340.8 14,690.9 15,009.7 15,009.0 14,565.1 14,966.5 15,286.7 15,693.1 14,782.7 14,925.1 15,020.5 15,137.8 15,119.2 15,235.6 15,306.4 15,485.7 15,600.2 15,656.2 15,751.1 15,764.8 15,789.7 15,905.2 Source: Department of Commerce (Bureau of Economic Analysis). Note: Because of the formula used for calculating real GDP, the chained (2009) 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, 2009=100; quarterly data are seasonally adjusted] Period 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2010: I ���������������� ��������������� II �������������� III �������������� IV 2011: I ���������������� ��������������� II �������������� III �������������� IV 2012: I ���������������� ��������������� II �������������� III �������������� IV 2013: I ���������������� r ������������� II Gross domestic product 86.754 89.130 91.989 94.816 97.338 99.208 100.000 101.215 103.203 105.008 100.509 100.972 101.432 101.948 102.354 103.024 103.651 103.782 104.296 104.751 105.345 105.640 105.994 106.193 Personal consumption expenditures Total 87.573 89.703 92.260 94.728 97.099 100.063 100.000 101.654 104.086 106.009 101.282 101.398 101.698 102.239 102.996 103.938 104.529 104.880 105.471 105.750 106.193 106.622 106.909 106.917 Goods 93.703 95.030 96.951 98.277 99.403 102.362 100.000 101.637 105.345 106.666 101.786 101.147 101.307 102.308 103.804 105.395 106.068 106.112 106.681 106.366 106.718 106.900 106.641 105.740 Gross private domestic investment Services 84.531 87.056 89.930 92.974 95.977 98.943 100.000 101.663 103.463 105.689 101.038 101.521 101.890 102.204 102.596 103.217 103.768 104.271 104.872 105.450 105.939 106.493 107.060 107.536 Nonresidential fixed 89.885 91.141 93.830 96.561 98.574 100.337 100.000 99.070 100.524 101.977 98.735 98.953 99.095 99.496 99.875 100.456 100.774 100.990 101.506 101.897 102.157 102.350 102.692 103.007 Residential fixed 85.549 91.546 98.103 103.821 105.176 103.647 100.000 99.645 100.392 101.246 100.027 99.328 99.325 99.898 100.108 100.461 100.489 100.509 100.315 100.664 101.505 102.500 104.088 105.399 Exports and imports of goods and services Government consumption expenditures and gross investment Federal Exports 87.151 90.364 94.379 97.759 101.119 105.815 100.000 104.415 111.140 112.185 102.749 103.940 104.261 106.710 109.444 111.659 112.293 111.165 111.955 112.127 112.114 112.543 112.944 112.042 Imports 83.984 88.084 93.560 97.491 101.050 111.695 100.000 106.008 114.273 114.862 106.052 105.567 104.985 107.426 111.811 115.233 115.132 114.915 116.117 115.038 113.570 114.725 114.873 113.411 Total 84.773 87.736 91.449 94.448 97.319 100.286 100.000 102.614 105.344 106.184 101.719 102.452 102.855 103.429 104.499 105.483 105.835 105.560 105.959 106.182 106.224 106.370 107.007 107.251 National defense 84.475 87.371 91.395 94.633 97.572 100.809 100.000 102.365 105.191 106.252 101.671 102.266 102.480 103.043 104.346 105.416 105.718 105.283 105.914 106.229 106.322 106.542 107.283 107.524 Source: Department of Commerce (Bureau of Economic Analysis). 2 Nondefense 85.297 88.377 91.529 94.101 96.849 99.321 100.000 103.064 105.624 106.077 101.811 102.792 103.530 104.123 104.779 105.608 106.049 106.061 106.051 106.112 106.065 106.081 106.549 106.799 State and local 77.761 81.719 86.333 90.677 95.426 100.279 100.000 102.714 105.710 107.371 101.629 102.399 102.991 103.836 104.633 105.740 106.248 106.220 107.214 107.183 107.288 107.798 107.775 107.688 Gross Domestic Product and Related Price Measures: Indexes and Percent Changes [Quarterly data are seasonally adjusted] Percent change from preceding period 1 Index numbers, 2009=100 Personal consumption expenditures (PCE) Gross domestic product (GDP) Period 2003 ���������������������� 2004 ���������������������� 2005 ���������������������� 2006 ���������������������� 2007 ���������������������� 2008 ���������������������� 2009 ���������������������� 2010 ���������������������� 2011 ���������������������� 2012 ���������������������� 2010: I ������������������ ����������������� II ���������������� III ���������������� IV 2011: I ������������������ ����������������� II ���������������� III ���������������� IV 2012: I ������������������ ����������������� II ���������������� III ���������������� IV 2013: I ������������������ r ��������������� II Real GDP (chain-type quantity index) 92.038 95.534 98.735 101.368 103.182 102.883 100.000 102.507 104.400 107.302 101.247 102.220 102.923 103.638 103.302 104.115 104.468 105.716 106.683 107.003 107.741 107.780 108.087 108.760 GDP chain-type price index 86.754 89.130 91.989 94.816 97.338 99.208 100.000 101.215 103.203 105.008 100.509 100.972 101.432 101.948 102.354 103.024 103.651 103.782 104.296 104.751 105.345 105.640 105.994 106.193 GDP implicit price deflator 86.754 89.132 91.991 94.818 97.335 99.236 100.000 101.211 103.199 105.002 100.513 100.958 101.418 101.936 102.343 103.002 103.650 103.783 104.291 104.750 105.292 105.667 106.105 106.294 PCE (chain-type price index) 87.573 89.703 92.260 94.728 97.099 100.063 100.000 101.654 104.086 106.009 101.282 101.398 101.698 102.239 102.996 103.938 104.529 104.880 105.471 105.750 106.193 106.622 106.909 106.917 PCE less food and energy price index 89.048 90.751 92.710 94.785 96.829 98.824 100.000 101.287 102.743 104.632 100.911 101.179 101.427 101.632 101.959 102.522 103.039 103.452 104.010 104.482 104.849 105.187 105.542 105.756 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) 4.8 6.6 6.7 5.8 4.5 1.7 –2.1 3.7 3.8 4.6 3.0 5.8 4.7 4.9 .3 5.9 3.9 5.4 5.8 3.0 4.9 1.6 2.8 3.2 2.8 3.8 3.4 2.7 1.8 –.3 –2.8 2.5 1.8 2.8 1.6 3.9 2.8 2.8 –1.3 3.2 1.4 4.9 3.7 1.2 2.8 .1 1.1 2.5 GDP chain-type price index GDP implicit price deflator 2.0 2.7 3.2 3.1 2.7 1.9 .8 1.2 2.0 1.7 1.3 1.9 1.8 2.1 1.6 2.6 2.5 .5 2.0 1.8 2.3 1.1 1.3 .8 PCE (chain-type price index) 2.0 2.7 3.2 3.1 2.7 2.0 .8 1.2 2.0 1.7 1.4 1.8 1.8 2.1 1.6 2.6 2.5 .5 2.0 1.8 2.1 1.4 1.7 .7 PCE less food and energy price index 2.0 2.4 2.9 2.7 2.5 3.1 –.1 1.7 2.4 1.8 1.4 .5 1.2 2.1 3.0 3.7 2.3 1.3 2.3 1.1 1.7 1.6 1.1 .0 1.5 1.9 2.2 2.2 2.2 2.1 1.2 1.3 1.4 1.8 1.0 1.1 1.0 .8 1.3 2.2 2.0 1.6 2.2 1.8 1.4 1.3 1.4 .8 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 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2010: I ���������������� ��������������� II �������������� III �������������� IV 2011: I ���������������� ��������������� II �������������� III �������������� IV 2012: I ���������������� ��������������� II �������������� III �������������� IV 2013: I r �������������� p ������������� II 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 5,724.4 6,107.9 6,532.1 6,988.0 7,203.9 7,258.1 6,861.4 7,243.1 7,636.4 8,030.8 7,076.1 7,193.8 7,346.8 7,355.8 7,464.4 7,638.0 7,715.6 7,727.5 7,949.7 8,007.0 8,002.9 8,163.8 8,163.4 8,253.9 Chained (2009) dollars 6,606.8 6,904.1 7,131.7 7,406.3 7,480.5 7,385.3 6,861.4 7,244.4 7,464.6 7,743.2 7,178.5 7,227.4 7,314.7 7,257.2 7,365.1 7,479.5 7,465.6 7,548.1 7,710.0 7,740.1 7,701.5 7,821.0 7,795.6 7,886.8 Total 0.866 .885 .916 .944 .963 .983 1.000 1.000 1.023 1.037 .986 .995 1.004 1.014 1.013 1.021 1.033 1.024 1.031 1.034 1.039 1.044 1.047 1.047 Compensation of employees (unit labor cost) 0.544 .545 .551 .558 .576 .590 .596 .575 .586 .594 .569 .575 .574 .583 .589 .583 .590 .581 .590 .590 .596 .600 .597 .596 Corporate profits with inventory valuation and capital consumption adjustments 4 Unit nonlabor cost Total 0.234 .232 .243 .249 .265 .283 .299 .290 .291 .291 .289 .290 .288 .292 .291 .290 .293 .292 .292 .292 .294 .291 .297 .294 Consumption of fixed capital 0.124 .123 .128 .132 .139 .148 .159 .151 .152 .153 .152 .151 .150 .152 .151 .151 .153 .153 .152 .153 .155 .154 .156 .156 Net interest Taxes on and production miscellaneous and imports 3 payments 0.084 .086 .091 .092 .093 .093 .099 .099 .101 .100 .098 .099 .099 .100 .101 .101 .101 .101 .102 .101 .100 .099 .100 .099 0.026 .023 .024 .025 .033 .042 .041 .040 .038 .038 .039 .040 .039 .040 .039 .038 .039 .038 .038 .038 .039 .038 .041 .039 Total 0.088 .107 .122 .137 .122 .110 .105 .135 .145 .151 .127 .131 .143 .139 .133 .148 .150 .151 .150 .152 .149 .153 .153 .157 Taxes on corporate income 0.020 .027 .038 .042 .039 .031 .026 .030 .030 .033 .029 .030 .031 .031 .029 .030 .031 .029 .033 .033 .032 .034 .034 .034 Profits after tax 5 0.068 .080 .084 .096 .083 .079 .079 .105 .116 .118 .098 .100 .111 .108 .103 .118 .120 .122 .117 .119 .117 .118 .118 .124 1 Estimates for nonfinancial corporate business are based on the North American Industry Clas4 Unit profits from current production. 5 With inventory valuation and capital consumption adjustments. sification System (NAICS). 2 The implicit price deflator for gross value added of nonfinancial corporate business divided by 100. Source: Department of Commerce (Bureau of Economic Analysis). 3 Less subsidies plus business current transfer payments. 3 National Income [Billions of dollars; quarterly data at seasonally adjusted annual rates] Proprietors’ income 1 Period 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2010: I ���������������� ��������������� II �������������� III �������������� IV 2011: I ���������������� ��������������� II �������������� III �������������� IV 2012: I ���������������� ��������������� II �������������� III �������������� IV 2013: I r �������������� r ������������� II ComNational pensation of income employees 9,865.1 10,541.9 11,240.8 12,005.6 12,322.3 12,430.8 12,124.5 12,739.5 13,395.7 13,971.6 12,461.0 12,624.0 12,867.8 13,005.4 13,156.7 13,320.4 13,502.0 13,603.6 13,845.0 13,875.3 13,962.1 14,204.0 14,324.5 14,447.6 6,365.4 6,740.5 7,087.8 7,503.2 7,899.1 8,079.2 7,787.8 7,967.3 8,278.5 8,611.6 7,804.3 7,952.7 8,026.5 8,085.7 8,207.4 8,256.3 8,343.3 8,306.9 8,514.3 8,553.8 8,591.0 8,787.4 8,748.3 8,811.7 Rental income of persons with capital conNonfarm sumption adjustment Farm 38.0 50.4 46.4 36.0 38.1 47.0 35.5 46.0 72.6 75.4 39.2 43.2 48.4 53.2 71.7 67.5 74.1 76.9 74.6 77.0 75.3 74.5 137.0 119.7 862.0 911.6 932.6 1,017.7 941.1 979.5 937.5 986.7 1,082.6 1,149.6 978.5 981.5 980.8 1,006.0 1,044.9 1,073.2 1,101.2 1,111.1 1,139.7 1,140.8 1,144.7 1,173.0 1,197.6 1,213.6 238.0 255.4 238.4 207.5 189.4 262.1 333.7 402.8 484.4 541.2 380.5 397.3 408.3 425.0 458.5 475.5 489.9 513.5 524.8 537.8 546.7 555.4 574.9 587.7 Corporate profits with inventory valuation and capital consumption adjustments Net interest and Capital miscelconsumption laneous Inventory adjust- payments valuation ment adjustment Taxes on production and imports Profits with inventory valuation adjustment and without capital consumption adjustment Total Total 1,056.4 1,283.3 1,477.7 1,646.5 1,529.0 1,285.1 1,392.6 1,740.6 1,877.7 2,009.5 1,655.2 1,660.8 1,807.0 1,839.2 1,755.0 1,868.7 1,893.8 1,993.4 1,979.9 1,998.4 2,012.3 2,047.2 2,020.6 2,098.9 Profits before tax 959.9 1,215.2 1,621.2 1,815.7 1,708.9 1,345.5 1,474.8 1,793.8 1,791.3 2,180.0 1,751.6 1,762.2 1,861.5 1,800.0 1,672.2 1,782.3 1,805.4 1,905.4 2,142.5 2,169.8 2,186.6 2,221.1 2,180.0 2,260.0 969.4 1,254.6 1,653.3 1,851.4 1,748.4 1,382.4 1,468.2 1,834.8 1,847.4 2,190.0 1,791.7 1,782.8 1,879.5 1,885.2 1,792.3 1,850.4 1,833.1 1,913.6 2,162.1 2,160.0 2,208.5 2,229.5 2,193.1 2,249.0 1 With inventory valuation and capital consumption adjustments. –9.6 –39.5 –32.1 –35.7 –39.5 –37.0 6.7 –41.0 –56.0 –10.0 –40.1 –20.6 –18.1 –85.3 –120.1 –68.2 –27.7 –8.2 –19.5 9.8 –22.0 –8.4 –13.0 11.0 96.5 68.2 –143.5 –169.2 –179.9 –60.4 –82.2 –53.3 86.4 –170.5 –96.4 –101.4 –54.4 39.2 82.9 86.4 88.4 88.0 –162.7 –171.4 –174.2 –173.9 –159.5 –161.1 466.2 403.5 496.8 580.9 663.4 693.4 563.1 489.4 456.9 439.6 508.0 485.8 482.2 481.6 473.8 436.7 459.7 457.5 453.9 419.0 455.3 430.3 477.0 449.0 Business Less: current Subsidies transfer payments 808.0 863.9 934.5 991.9 1,034.6 1,041.9 1,026.1 1,057.1 1,097.1 1,122.9 1,042.2 1,054.2 1,063.1 1,069.0 1,085.2 1,099.9 1,095.9 1,107.5 1,124.4 1,122.2 1,118.8 1,126.3 1,140.7 1,139.2 49.1 46.4 60.9 51.5 54.6 52.6 58.3 55.9 60.0 57.3 54.9 55.5 56.2 56.9 58.7 59.9 60.5 60.6 57.8 57.6 56.0 57.7 58.0 58.8 76.3 81.4 93.9 82.6 98.6 116.4 127.2 128.5 129.6 106.9 129.3 126.5 131.1 127.0 142.6 125.6 128.3 121.8 115.7 110.0 102.6 99.5 121.9 125.7 Current surplus of government enterprises 3.9 –1.8 –6.4 –9.3 –16.4 –21.2 –20.6 –22.9 –23.8 –27.7 –21.2 –22.6 –23.5 –24.3 –23.8 –23.1 –23.7 –24.4 –24.5 –26.1 –28.5 –31.8 –35.5 –38.9 Source: Department of Commerce (Bureau of Economic Analysis). Real Personal Consumption Expenditures [Billions of chained (2009) dollars, except as noted; quarterly data at seasonally adjusted annual rates] Goods Period Total personal consumption expenditures 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2010: I ���������������� ��������������� II �������������� III �������������� IV 2011: I ���������������� ��������������� II �������������� III �������������� IV 2012: I ���������������� ��������������� II �������������� III �������������� IV 2013: I ���������������� r ������������� II 8,866.2 9,205.6 9,527.8 9,814.9 10,035.5 9,999.2 9,842.9 10,035.9 10,291.3 10,517.6 9,915.4 9,995.3 10,063.7 10,169.0 10,221.3 10,258.9 10,311.9 10,373.1 10,447.8 10,496.8 10,541.0 10,584.8 10,644.0 10,690.6 Services Durable Total goods 2,904.5 3,051.9 3,177.2 3,292.5 3,381.8 3,297.8 3,198.4 3,308.7 3,419.9 3,534.1 3,247.0 3,288.0 3,319.1 3,380.5 3,402.8 3,404.6 3,415.2 3,457.0 3,495.8 3,514.7 3,546.7 3,579.2 3,611.9 3,640.1 Total durable goods 1 917.6 992.9 1,046.9 1,091.5 1,141.7 1,083.2 1,023.3 1,085.7 1,157.1 1,246.7 1,045.2 1,076.3 1,093.8 1,127.4 1,142.3 1,140.0 1,154.4 1,191.7 1,219.7 1,228.6 1,253.4 1,285.2 1,303.5 1,322.9 Nondurable Motor vehicles and parts 394.6 405.5 400.0 385.1 392.8 340.8 317.1 323.4 339.4 364.0 306.2 319.7 325.7 342.0 345.2 330.0 331.3 351.1 360.3 356.3 363.5 375.8 380.6 379.8 Total nondurable goods 1 1,998.5 2,063.7 2,132.3 2,202.2 2,239.3 2,214.7 2,175.1 2,223.5 2,266.0 2,296.8 2,201.6 2,212.1 2,226.0 2,254.5 2,262.6 2,266.5 2,263.8 2,271.0 2,283.6 2,293.9 2,303.0 2,306.7 2,322.2 2,332.4 Food and beverages purchased for offpremises consumption Gasoline and other energy goods Total services 1 Household consumption expenditures 713.3 729.8 757.6 780.8 791.3 781.9 770.0 786.5 798.8 809.4 786.1 780.6 783.8 795.4 797.8 800.7 798.8 798.1 803.8 808.4 811.7 813.5 817.6 814.8 296.8 299.3 298.0 297.4 296.8 283.4 284.5 282.2 275.2 271.5 279.3 282.5 284.2 282.8 280.4 273.8 273.6 273.0 269.9 274.7 272.5 268.8 271.7 272.3 5,965.6 6,154.1 6,349.4 6,519.8 6,650.4 6,700.6 6,644.5 6,727.2 6,871.1 6,982.7 6,668.3 6,707.2 6,744.6 6,788.5 6,818.2 6,854.1 6,896.6 6,915.5 6,951.2 6,981.4 6,993.4 7,004.7 7,031.1 7,049.7 5,761.7 5,946.7 6,143.4 6,285.0 6,409.2 6,427.1 6,368.5 6,448.9 6,592.0 6,689.4 6,389.2 6,425.6 6,467.1 6,513.5 6,544.5 6,578.8 6,610.1 6,634.7 6,668.0 6,688.3 6,698.0 6,703.2 6,743.2 6,770.2 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 1,676.0 1,717.9 1,788.4 1,823.2 1,840.8 1,860.1 1,881.0 1,904.3 1,928.4 1,943.6 1,897.2 1,896.5 1,906.5 1,916.8 1,918.9 1,925.1 1,937.3 1,932.4 1,927.8 1,949.2 1,955.5 1,941.9 1,964.5 1,963.8 Health care Financial services and insurance 1,392.5 1,442.3 1,490.4 1,525.2 1,563.2 1,598.8 1,627.4 1,649.2 1,693.3 1,738.4 1,626.0 1,640.9 1,657.1 1,672.8 1,681.7 1,692.7 1,689.2 1,709.6 1,730.1 1,731.4 1,741.1 1,750.9 1,756.5 1,767.7 Retail sales of new passenger cars and light trucks (millions of units) 7,645.3 7,960.6 8,249.9 8,521.2 8,728.1 8,722.5 8,573.3 8,745.6 9,004.1 9,233.5 8,629.4 8,714.7 8,773.0 8,865.4 8,925.1 8,971.7 9,022.7 9,096.8 9,181.3 9,203.2 9,243.7 9,305.9 9,336.0 9,387.4 16.6 16.9 16.9 16.5 16.1 13.2 10.4 11.6 12.7 14.4 10.8 11.5 11.7 12.2 12.7 12.3 12.6 13.4 14.2 14.2 14.4 14.9 15.3 15.5 Note: Because of the formula used for calculating real GDP, the chained (2009) 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). 4 643.1 668.7 704.1 720.1 742.5 737.4 719.0 733.9 756.0 746.0 721.5 736.1 735.4 742.7 750.7 751.4 762.8 759.0 757.2 751.1 738.1 737.7 747.6 754.7 Addendum: Personal consumption expenditures excluding food and energy 2 Sources of Personal Income Personal income rose $14.1 billion (annual rate) in July, following an increase of $38.2 billion in June. Wages and salaries fell $21.8 billion in July, following an increase of $30.5 billion in June. [Billions of dollars; monthly data at seasonally adjusted annual rates] Compensation of employees Period 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2012: July ���������� ���������� Aug Sept ��������� ����������� Oct ���������� Nov ����������� Dec 2013: Jan r ��������� r ��������� Feb r �������� Mar r ��������� Apr May r �������� June r ������� p �������� July Total personal income 9,487.6 10,049.2 10,610.3 11,389.8 11,995.7 12,430.6 12,082.1 12,435.2 13,191.3 13,743.8 13,666.6 13,679.8 13,758.3 13,815.3 13,983.9 14,420.2 13,791.7 13,969.3 14,016.8 14,017.7 14,062.7 14,100.9 14,115.0 Total 6,365.4 6,740.5 7,087.8 7,503.2 7,899.1 8,079.2 7,787.8 7,967.3 8,278.5 8,611.6 8,549.8 8,577.6 8,645.5 8,674.7 8,777.2 8,910.3 8,705.8 8,762.6 8,776.4 8,788.7 8,806.2 8,840.2 8,818.3 Wages and salaries 5,138.8 5,422.9 5,692.9 6,058.2 6,396.0 6,532.8 6,252.2 6,377.5 6,638.7 6,926.8 6,866.9 6,892.5 6,954.9 6,981.6 7,077.3 7,200.8 7,001.5 7,053.7 7,065.9 7,075.2 7,090.3 7,120.8 7,099.0 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 1,226.6 1,317.6 1,394.8 1,444.9 1,503.1 1,546.4 1,535.6 1,589.8 1,639.8 1,684.9 1,682.9 1,685.1 1,690.7 1,693.1 1,700.0 1,709.5 1,704.3 1,708.9 1,710.6 1,713.5 1,715.9 1,719.3 1,719.2 Proprietors’ income 1 Farm 38.0 50.4 46.4 36.0 38.1 47.0 35.5 46.0 72.6 75.4 74.7 74.7 76.6 75.6 74.5 73.4 105.2 137.0 168.9 144.3 119.7 95.1 101.3 Nonfarm 862.0 911.6 932.6 1,017.7 941.1 979.5 937.5 986.7 1,082.6 1,149.6 1,138.5 1,142.4 1,153.2 1,161.0 1,174.5 1,183.5 1,188.7 1,202.3 1,201.7 1,208.0 1,215.2 1,217.6 1,218.7 Personal income receipts on assets Rental income of persons 2 238.0 255.4 238.4 207.5 189.4 262.1 333.7 402.8 484.4 541.2 543.8 546.6 549.6 553.0 556.3 556.9 565.6 574.9 584.2 585.1 587.6 590.3 598.2 Total 1,420.5 1,503.7 1,666.5 1,938.4 2,166.6 2,167.1 1,811.8 1,739.6 1,884.6 1,958.5 1,939.4 1,930.2 1,911.2 1,933.0 1,986.4 2,269.0 1,895.9 1,960.0 1,951.5 1,974.0 1,999.9 2,022.0 2,035.3 Personal interest income 988.2 941.7 1,088.1 1,214.7 1,350.1 1,361.6 1,263.9 1,195.0 1,204.1 1,211.6 1,222.8 1,206.1 1,182.2 1,198.7 1,217.6 1,239.1 1,227.4 1,215.8 1,204.1 1,217.0 1,229.9 1,242.7 1,239.2 Personal dividend income 432.3 562.1 578.3 723.7 816.5 805.4 547.9 544.6 680.5 746.9 716.6 724.1 728.9 734.3 768.9 1,029.9 668.5 744.2 747.4 757.0 770.0 779.3 796.1 Personal current transfer receipts 3 1,342.9 1,416.7 1,512.0 1,609.6 1,722.8 1,884.0 2,140.2 2,276.9 2,306.9 2,358.3 2,364.2 2,353.8 2,375.2 2,373.8 2,381.4 2,408.8 2,419.4 2,427.8 2,430.9 2,415.5 2,433.6 2,439.1 2,443.5 Less: Contributions for government social insurance, domestic 779.3 829.2 873.3 922.6 961.4 988.2 964.4 984.1 918.2 950.7 943.7 945.6 953.0 955.7 966.4 981.6 1,088.9 1,095.4 1,096.8 1,097.9 1,099.6 1,103.2 1,100.4 Source: Department of Commerce (Bureau of Economic Analysis). 5 Disposition of Personal Income According to revised estimates, per capita disposable personal income in chained (2009) dollars rose 2.5 percent (annual rate) in the second quarter of 2013. 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 (2009) dollars Current dollars Billions of dollars 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 9,487.6 10,049.2 10,610.3 11,389.8 11,995.7 12,430.6 12,082.1 12,435.2 13,191.3 13,743.8 1,000.9 1,046.0 1,208.5 1,352.1 1,487.9 1,435.2 1,144.9 1,191.5 1,404.0 1,498.0 8,486.7 9,003.2 9,401.8 10,037.7 10,507.9 10,995.4 10,937.2 11,243.7 11,787.4 12,245.8 Per capita personal consumption expenditures Per capita disposable personal income Chained (2009) dollars Current dollars Chained (2009) dollars Dollars 8,075.9 8,590.0 9,159.1 9,700.8 10,190.6 10,444.0 10,266.5 10,609.5 11,119.1 11,558.4 410.8 413.2 242.7 336.9 317.2 551.3 670.7 634.2 668.2 687.4 9,691.0 10,036.7 10,190.5 10,596.4 10,821.8 10,988.4 10,937.2 11,060.8 11,324.6 11,551.6 29,201 30,700 31,763 33,591 34,829 36,104 35,598 36,296 37,776 38,965 Percent Saving change as in real percent per capita of disposable disposable personal personal income income Population, including Armed Forces overseas (thousands) 2 Percent 33,345 34,224 34,428 35,461 35,870 36,082 35,598 35,706 36,293 36,756 26,716 28,158 29,698 31,114 32,299 32,854 32,037 32,933 34,329 35,477 30,507 31,391 32,189 32,846 33,264 32,834 32,037 32,397 32,981 33,466 1.8 2.6 .6 3.0 1.2 .6 –1.3 .3 1.6 1.3 4.8 4.6 2.6 3.4 3.0 5.0 6.1 5.6 5.7 5.6 290,626 293,262 295,993 298,818 301,696 304,543 307,240 309,776 312,036 314,278 35,316 35,715 35,813 35,977 36,361 36,263 36,336 36,215 36,561 36,661 36,538 37,260 36,438 36,666 32,510 32,750 33,007 33,463 33,828 34,206 34,512 34,766 35,157 35,355 35,585 35,809 36,048 36,147 32,099 32,299 32,457 32,731 32,846 32,911 33,017 33,150 33,334 33,434 33,510 33,585 33,719 33,809 –0.5 4.6 1.1 1.8 4.3 –1.1 .8 –1.3 3.9 1.1 –1.3 8.1 –8.5 2.5 5.3 5.9 5.8 5.5 6.2 5.8 5.7 5.0 5.4 5.5 4.9 6.6 4.1 4.5 308,900 309,457 310,067 310,679 311,192 311,718 312,319 312,917 313,425 313,960 314,564 315,162 315,671 316,206 Seasonally adjusted annual rates 2010: I ���������������� ��������������� II �������������� III �������������� IV 2011: I ���������������� ��������������� II �������������� III �������������� IV 2012: I ���������������� ��������������� II �������������� III �������������� IV 2013: I r �������������� r ������������� II 12,194.3 12,374.3 12,502.1 12,670.0 13,029.9 13,148.5 13,283.6 13,303.2 13,548.6 13,651.8 13,701.6 14,073.1 13,925.9 14,060.4 1,145.6 1,167.9 1,209.4 1,242.9 1,376.0 1,399.9 1,421.6 1,418.4 1,462.8 1,480.0 1,496.4 1,552.8 1,629.0 1,664.8 11,048.7 11,206.4 11,292.6 11,427.1 11,653.9 11,748.6 11,862.1 11,884.8 12,085.7 12,171.9 12,205.1 12,520.4 12,296.9 12,395.6 10,459.9 10,542.4 10,637.5 10,798.4 10,936.0 11,069.5 11,185.8 11,285.2 11,428.4 11,507.9 11,601.0 11,696.2 11,794.9 11,838.7 588.9 664.0 655.2 628.7 717.9 679.1 676.2 599.6 657.3 663.9 604.1 824.1 502.0 556.9 10,909.1 11,052.2 11,104.4 11,177.3 11,315.4 11,303.9 11,348.4 11,332.3 11,459.2 11,510.2 11,493.6 11,743.0 11,502.4 11,593.9 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 35,768 36,213 36,420 36,781 37,449 37,690 37,981 37,981 38,560 38,769 38,800 39,727 38,955 39,201 Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census). Real Farm Income According to the forecast for 2013, gross farm income in chained (2009) dollars is forecast to be $446.1 billion and net farm income to be $113.3 billion. [Billions of chained (2009) dollars] Income of farm operators from farming 1 Gross farm income Year Value of farm sector production Total 2 1990 r ������������������������������������������������� 1991 r ������������������������������������������������� 1992 r ������������������������������������������������� 1993 r ������������������������������������������������� 1994 r ������������������������������������������������� 1995 r ������������������������������������������������� 1996 r ������������������������������������������������� 1997 r ������������������������������������������������� 1998 r ������������������������������������������������� 1999 r ������������������������������������������������� 2000 r ������������������������������������������������� 2001 r ������������������������������������������������� 2002 r ������������������������������������������������� 2003 r ������������������������������������������������� 2004 r ������������������������������������������������� 2005 r ������������������������������������������������� 2006 r ������������������������������������������������� 2007 r ������������������������������������������������� 2008 r ������������������������������������������������� 2009 r ������������������������������������������������� 2010 r ������������������������������������������������� 2011 r ������������������������������������������������� 2012 p ������������������������������������������������� 2013 p ������������������������������������������������� 295.9 278.1 283.9 283.5 292.6 279.6 307.1 304.8 294.6 293.4 295.1 298.3 271.1 298.2 330.8 324.5 306.0 348.8 380.7 343.3 361.1 417.1 433.2 446.1 Crops 3, 4 Total 282.0 266.2 270.9 265.0 281.9 270.0 297.6 295.2 278.9 266.5 266.7 271.5 256.5 279.2 316.3 298.0 289.4 336.6 368.3 331.2 348.9 407.0 423.1 435.7 124.5 117.6 126.1 114.3 136.0 127.2 150.7 144.1 129.3 115.9 116.0 113.4 115.1 125.2 140.4 124.3 125.2 155.2 184.5 168.6 170.7 200.5 206.6 209.4 1 The GDP chain-type price index is used to convert the current-dollar statistics to 2009=100 equivalents. 2 Value of production, Government payments, other farm-related cash income, and nonmoney income produced by farms including imputed rent of farm dwellings. 3 Crop receipts include proceeds received from commodities placed under Commodity Credit Corporation loans. Livestock 4 134.7 126.3 123.4 127.2 121.5 116.4 119.9 123.3 119.3 118.9 121.0 127.0 109.9 121.0 139.4 137.5 125.8 142.2 141.5 119.8 139.1 159.5 162.3 168.4 Forestry and services 22.8 22.3 21.5 23.5 24.4 26.4 27.0 27.8 30.3 31.8 29.8 31.1 31.5 33.0 36.5 36.1 38.3 39.2 42.3 42.7 39.0 47.1 54.2 57.8 Direct Government payments Production expenses 13.9 11.9 13.0 18.5 10.7 9.7 9.6 9.6 15.7 26.9 28.4 26.8 14.6 19.0 14.6 26.5 16.7 12.2 12.3 12.2 12.2 10.1 10.1 10.4 226.7 219.8 212.9 218.9 221.4 226.9 230.4 239.1 234.9 233.8 233.2 232.8 225.1 227.9 232.8 238.9 245.5 276.9 296.3 283.0 284.0 302.8 324.8 332.8 Net farm income 69.2 58.3 71.0 64.6 71.2 52.7 76.8 65.7 59.7 59.6 61.9 65.5 46.0 70.3 98.1 85.6 60.6 71.9 84.3 60.4 77.1 114.3 108.4 113.3 4 The value of production equates to the sum of cash receipts, home consumption, and the value of the change in inventories. Note: Data for 2013 are forecasts. Source: Department of Agriculture (Economic Research Service). 7 Corporate Profits In the second quarter of 2013, according to current estimates, corporate profits before tax rose $55.9 billion (annual rate) and profits after tax rose $45.6 billion. [Billions of dollars; quarterly data at seasonally adjusted annual rates] Profits (before tax) with inventory valuation adjustment 1 Profits after tax Domestic industries Period 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2010: I ���������������� ��������������� II �������������� III �������������� IV 2011: I ���������������� ��������������� II �������������� III �������������� IV 2012: I ���������������� ��������������� II �������������� III �������������� IV 2013: I ���������������� p ������������� II Total 2 959.9 1,215.2 1,621.2 1,815.7 1,708.9 1,345.5 1,474.8 1,793.8 1,791.3 2,180.0 1,751.6 1,762.2 1,861.5 1,800.0 1,672.2 1,782.3 1,805.4 1,905.4 2,142.5 2,169.8 2,186.6 2,221.1 2,180.0 2,260.0 Nonfinancial Total 793.3 1,010.1 1,382.1 1,559.6 1,355.5 938.8 1,122.0 1,398.6 1,354.8 1,761.1 1,354.1 1,367.8 1,476.8 1,395.9 1,244.3 1,354.9 1,354.6 1,465.2 1,726.7 1,740.5 1,774.0 1,803.0 1,781.5 1,847.9 Financial 306.5 349.4 409.7 415.1 301.5 95.4 362.9 405.3 384.1 477.4 387.1 362.6 415.6 456.0 377.8 364.6 348.8 445.1 462.5 447.7 507.2 492.1 486.9 501.8 Total 3 Manufacturing Utilities Wholesale Taxes on corporate income Total Net dividends Retail 486.7 125.3 13.5 59.3 90.5 660.7 182.7 20.5 74.7 93.2 972.4 277.7 30.8 96.2 121.7 1,144.4 349.7 55.1 105.9 132.5 1,054.0 321.9 49.5 103.2 119.0 843.4 240.6 30.1 90.6 80.3 759.2 171.4 23.8 89.3 108.7 993.3 284.9 29.8 102.2 118.3 970.7 303.9 11.1 96.3 116.1 1,283.7 404.3 37.1 137.8 149.2 967.0 228.4 44.6 99.2 120.9 1,005.2 283.9 14.5 118.0 119.0 1,061.2 324.3 35.3 114.5 118.0 939.9 303.0 24.8 77.2 115.4 866.5 278.1 3.9 74.4 112.2 990.3 291.5 29.7 94.7 109.1 1,005.8 314.5 3.2 110.3 114.9 1,020.1 331.7 7.9 105.9 128.2 1,264.2 408.7 34.5 128.8 149.9 1,292.8 410.5 39.4 146.5 145.3 1,266.8 387.8 40.8 131.6 142.5 1,310.9 410.1 33.6 144.4 159.0 1,294.6 389.7 38.3 150.2 148.9 1,346.2 ��������������� ��������������� ��������������� ��������������� 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 969.4 1,254.6 1,653.3 1,851.4 1,748.4 1,382.4 1,468.2 1,834.8 1,847.4 2,190.0 1,791.7 1,782.8 1,879.5 1,885.2 1,792.3 1,850.4 1,833.1 1,913.6 2,162.1 2,160.0 2,208.5 2,229.5 2,193.1 2,249.0 243.8 306.1 412.4 473.4 445.5 309.1 269.4 370.6 374.2 434.8 344.8 351.7 387.5 398.3 393.0 384.3 351.0 368.6 437.2 429.7 439.1 433.2 408.2 418.7 725.7 948.5 1,240.9 1,378.1 1,302.9 1,073.3 1,198.7 1,464.3 1,473.1 1,755.2 1,446.9 1,431.2 1,492.1 1,486.9 1,399.2 1,466.1 1,482.1 1,545.1 1,724.9 1,730.3 1,769.4 1,796.4 1,784.8 1,830.4 434.0 564.1 580.5 726.0 818.9 808.6 568.7 563.9 701.6 770.3 521.8 542.8 576.0 615.2 668.3 692.9 717.5 727.6 727.4 739.6 746.7 867.6 763.8 r 1,037.6 Inventory Undistrib- valuation adjustment uted profits 291.7 384.4 660.4 652.1 484.0 264.7 630.0 900.3 771.6 984.9 925.1 888.4 916.0 871.7 731.0 773.2 764.6 817.5 997.5 990.7 1,022.7 928.7 1,021.0 792.8 –9.6 –39.5 –32.1 –35.7 –39.5 –37.0 6.7 –41.0 –56.0 –10.0 –40.1 –20.6 –18.1 –85.3 –120.1 –68.2 –27.7 –8.2 –19.5 9.8 –22.0 –8.4 –13.0 11.0 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 2013, according to revised estimates, nonresidential fixed investment in chained (2009) dollars rose $21.1 billion (annual rate) and residential investment rose $14.5 billion. Inventories rose $62.6 billion, following an increase of $42.2 billion in the first quarter. [Billions of chained (2009) dollars; quarterly data at seasonally adjusted annual rates] Fixed investment Period 2003 ��������������������������������������������������� 2004 ��������������������������������������������������� 2005 ��������������������������������������������������� 2006 ��������������������������������������������������� 2007 ��������������������������������������������������� 2008 ��������������������������������������������������� 2009 ��������������������������������������������������� 2010 ��������������������������������������������������� 2011 ��������������������������������������������������� 2012 ��������������������������������������������������� 2010: I ����������������������������������������������� ���������������������������������������������� II ��������������������������������������������� III ��������������������������������������������� IV 2011: I ����������������������������������������������� ���������������������������������������������� II ��������������������������������������������� III ��������������������������������������������� IV 2012: I ����������������������������������������������� ���������������������������������������������� II ��������������������������������������������� III ��������������������������������������������� IV 2013: I ����������������������������������������������� r �������������������������������������������� II Gross private domestic investment 2,308.7 2,511.3 2,672.6 2,730.0 2,644.1 2,396.0 1,878.1 2,120.4 2,224.6 2,436.0 2,012.9 2,116.9 2,185.7 2,166.1 2,124.3 2,196.1 2,209.9 2,368.2 2,427.8 2,418.0 2,456.5 2,441.8 2,470.1 2,529.2 Change in private inventories Nonresidential Total 2,289.5 2,443.9 2,611.0 2,662.5 2,609.6 2,432.6 2,025.7 2,056.2 2,184.6 2,365.3 1,997.9 2,062.8 2,060.8 2,103.1 2,100.7 2,144.4 2,219.8 2,273.4 2,320.8 2,347.9 2,363.5 2,429.1 2,420.0 2,455.8 Total 1,526.1 1,605.4 1,717.4 1,839.6 1,948.4 1,934.4 1,633.4 1,673.8 1,800.5 1,931.8 1,615.0 1,659.3 1,692.8 1,728.1 1,724.1 1,765.3 1,835.0 1,877.3 1,903.8 1,925.0 1,926.4 1,971.9 1,949.0 1,970.1 Note: See p. 10 for further detail on fixed investment by type. Because of the formula used for calculating real GDP, the chained (2009) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates. Structures 415.8 414.1 421.2 451.5 509.0 540.2 438.2 366.3 374.1 421.6 359.7 369.8 364.4 371.2 339.8 365.3 388.9 402.2 409.0 416.0 422.0 439.4 407.9 423.5 Equipment 679.0 731.2 801.6 870.8 898.3 836.1 644.3 746.7 841.7 905.9 697.7 735.2 766.2 787.8 810.6 819.2 858.0 879.1 896.9 908.5 899.5 918.8 922.5 929.2 Intellectual property products 442.2 464.9 495.0 517.5 542.4 558.8 550.9 561.3 586.1 605.8 557.6 554.7 563.0 570.0 575.2 582.0 589.6 597.6 599.6 602.3 606.4 614.9 620.6 619.2 Residential 744.5 818.9 872.6 806.6 654.8 497.7 392.2 382.4 384.3 433.7 383.0 403.5 368.1 375.1 376.7 379.2 384.9 396.2 417.2 423.0 437.3 457.5 471.2 485.7 Total 22.6 71.4 64.3 71.6 35.5 –33.7 –147.6 58.2 33.6 57.6 9.8 48.8 116.2 58.1 22.0 42.9 –11.0 80.6 89.2 56.8 77.2 7.3 42.2 62.6 Nonfarm 22.4 62.4 63.9 75.4 36.5 –35.0 –146.0 65.9 39.7 68.7 12.9 54.6 126.8 69.1 28.7 51.1 –6.6 85.5 92.5 64.7 97.3 20.3 22.2 38.1 Source: Department of Commerce (Bureau of Economic Analysis). 9 Real Private Fixed Investment by Type [Billions of chained (2009) dollars; quarterly data at seasonally adjusted annual rates] Nonresidential Equipment Total fixed investment Period 2003 ������������ 2004 ������������ 2005 ������������ 2006 ������������ 2007 ������������ 2008 ������������ 2009 ������������ 2010 ������������ 2011 ������������ 2012 ������������ 2010: I �������� ������� II ������ III ������ IV 2011: I �������� ������� II ������ III ������ IV 2012: I �������� ������� II ������ III ������ IV 2013: I �������� r ����� II Residential Total nonresidential 2,289.5 2,443.9 2,611.0 2,662.5 2,609.6 2,432.6 2,025.7 2,056.2 2,184.6 2,365.3 1,997.9 2,062.8 2,060.8 2,103.1 2,100.7 2,144.4 2,219.8 2,273.4 2,320.8 2,347.9 2,363.5 2,429.1 2,420.0 2,455.8 1,526.1 1,605.4 1,717.4 1,839.6 1,948.4 1,934.4 1,633.4 1,673.8 1,800.5 1,931.8 1,615.0 1,659.3 1,692.8 1,728.1 1,724.1 1,765.3 1,835.0 1,877.3 1,903.8 1,925.0 1,926.4 1,971.9 1,949.0 1,970.1 Intellectual property products Information processing equipment Structures 415.8 414.1 421.2 451.5 509.0 540.2 438.2 366.3 374.1 421.6 359.7 369.8 364.4 371.2 339.8 365.3 388.9 402.2 409.0 416.0 422.0 439.4 407.9 423.5 Total 2 679.0 731.2 801.6 870.8 898.3 836.1 644.3 746.7 841.7 905.9 697.7 735.2 766.2 787.8 810.6 819.2 858.0 879.1 896.9 908.5 899.5 918.8 922.5 929.2 Computers and peripheral equipment 1 Total 185.8 204.5 222.2 250.9 279.9 281.0 256.1 281.4 287.9 295.7 276.0 277.8 282.5 289.5 283.6 289.0 288.6 290.4 300.0 292.0 288.6 302.1 300.0 306.7 ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ Other 147.3 160.7 172.6 187.5 207.9 204.2 179.3 196.8 204.3 207.8 188.5 191.5 199.5 207.7 205.2 205.1 203.8 203.2 208.0 204.1 208.7 210.3 211.8 221.4 Industrial Transportation equipequipment ment 172.2 169.1 183.6 199.1 205.3 195.5 152.1 151.3 175.0 184.6 143.0 151.1 152.8 158.3 166.7 166.8 179.0 187.7 180.5 184.9 185.0 187.8 188.0 187.7 154.8 176.5 197.9 212.6 203.6 156.9 70.6 136.9 181.0 221.0 109.7 130.9 152.0 155.1 166.0 167.7 185.5 204.6 217.0 229.1 218.8 219.4 215.1 217.7 Total 2 Software Research and development 3 189.0 207.9 221.2 230.3 244.2 256.2 256.8 254.2 269.8 285.9 256.0 250.9 253.3 256.7 261.8 266.7 272.2 278.6 279.7 284.0 286.6 293.1 298.6 297.5 Structures Total residential 2 189.1 191.0 202.3 215.0 227.9 235.5 229.0 234.4 241.8 245.7 232.7 231.5 235.6 237.8 239.0 241.2 242.9 244.1 245.3 244.1 245.7 247.6 247.4 246.8 442.2 464.9 495.0 517.5 542.4 558.8 550.9 561.3 586.1 605.8 557.6 554.7 563.0 570.0 575.2 582.0 589.6 597.6 599.6 602.3 606.4 614.9 620.6 619.2 744.5 818.9 872.6 806.6 654.8 497.7 392.2 382.4 384.3 433.7 383.0 403.5 368.1 375.1 376.7 379.2 384.9 396.2 417.2 423.0 437.3 457.5 471.2 485.7 Total 2 735.9 809.2 862.5 796.3 644.9 488.4 383.9 373.6 375.1 424.2 374.4 394.6 359.3 366.2 367.7 370.1 375.7 386.8 407.8 413.7 427.7 447.8 461.2 475.5 Single family 362.2 405.7 433.0 390.7 283.7 178.2 105.3 114.4 109.2 132.1 115.7 121.7 112.6 107.7 108.2 107.2 109.5 111.7 120.8 126.6 134.6 146.4 155.8 159.3 1 Because computers exhibit rapid changes in prices relative to other prices in the economy, the 2 Includes other items, not shown separately. 3 Research and development investment excludes expenditures for software development. 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 Note: Because of the formula used for calculating real GDP, the chained (2009) dollar estimates used to accurately measure the real growth rate of this series. For information on this component, for the detailed components do not add to the chained-dollar value of GDP or to any intermediate see Survey of Current Business Table 5.3.1 (for growth rates), Table 5.3.2 (for contributions), and aggregates. Table 5.3.3 (for quantity indexes). 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 �������� 2010 �������� 2011 ��������� 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 1,090.7 1,015.3 2.2 100.6 103.0 19.8 155.2 25.3 58.4 55.7 88.4 99.5 72.9 28.2 79.4 127.0 75.4 1,105.7 1,036.2 3.3 115.7 94.5 17.9 160.8 31.1 65.3 59.0 97.2 103.1 81.3 28.2 78.4 100.6 69.5 1,225.6 1,152.2 3.1 149.5 98.0 21.8 193.4 35.5 67.4 72.3 99.7 109.6 91.1 28.2 83.2 99.6 73.4 1 Includes the following industries: Management of companies and enterprises; administrative Note: Data from Annual Capital Expenditures. Industry data are based on the North American and support and waste management; educational services; arts, entertainment, and recreation; Industry Classification System (NAICS). accommodation and food services; and other services (except public administration). Also includes Data shown in this table are capital expenditures for both new and used structures and an item for structure and equipment expenditures serving multiple industry categories. equipment. Source: Department of Commerce (Bureau of the Census). 10 EMPLOYMENT, UNEMPLOYMENT, AND WAGES Status of the Labor Force In August, employment as measured by the household survey fell 115,000 and unemployment fell 198,000. [Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA] Period 2003 2 ������������������ 2004 2 ������������������ 2005 2 ������������������ 2006 2 ������������������ 2007 2 ������������������ 2008 2 ������������������ 2009 2 ������������������ 2010 2 ������������������ 2011 2 ������������������ 2012 2 ������������������ 2012: Aug ���������� Sept ��������� ����������� Oct ���������� Nov ����������� Dec 2013: Jan 2 ��������� ����������� Feb ���������� Mar ����������� Apr May ���������� June ��������� ���������� July ���������� Aug Civilian noninstitutional population (NSA) 221,168 223,357 226,082 228,815 231,867 233,788 235,801 237,830 239,618 243,284 243,566 243,772 243,983 244,174 244,350 244,663 244,828 244,995 245,175 245,363 245,552 245,756 245,959 Civilian employment Civilian labor force Total 146,510 147,401 149,320 151,428 153,124 154,287 154,142 153,889 153,617 154,975 154,647 155,056 155,576 155,319 155,511 155,654 155,524 155,028 155,238 155,658 155,835 155,798 155,486 137,736 139,252 141,730 144,427 146,047 145,362 139,877 139,064 139,869 142,469 142,164 142,974 143,328 143,277 143,305 143,322 143,492 143,286 143,579 143,898 144,058 144,285 144,170 Men 20 years and over 70,415 71,572 73,050 74,431 75,337 74,750 71,341 71,230 72,182 73,403 73,097 73,612 73,845 73,821 73,949 74,139 74,249 74,228 74,159 74,124 74,276 74,328 74,010 Women 20 years and over 61,402 61,773 62,702 63,834 64,799 65,039 63,699 63,456 63,360 64,640 64,716 64,934 65,014 64,988 64,954 64,675 64,867 64,707 65,101 65,329 65,314 65,489 65,750 Percent 1 Unemployment Both sexes 16–19 years 5,919 5,907 5,978 6,162 5,911 5,573 4,837 4,378 4,327 4,426 4,351 4,429 4,469 4,468 4,402 4,508 4,376 4,351 4,320 4,445 4,469 4,469 4,410 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 8,774 8,149 7,591 7,001 7,078 8,924 14,265 14,825 13,747 12,506 12,483 12,082 12,248 12,042 12,206 12,332 12,032 11,742 11,659 11,760 11,777 11,514 11,316 Men 20 years and over 4,209 3,791 3,392 3,131 3,259 4,297 7,555 7,763 6,898 5,984 5,988 5,825 5,834 5,747 5,746 5,877 5,661 5,519 5,644 5,754 5,607 5,581 5,629 Women 20 years and over 3,314 3,150 3,013 2,751 2,718 3,342 5,157 5,534 5,450 5,125 5,083 4,879 5,027 4,918 5,105 5,074 4,905 4,837 4,642 4,566 4,761 4,544 4,390 Both sexes 16–19 years 1,251 1,208 1,186 1,119 1,101 1,285 1,552 1,528 1,400 1,397 1,412 1,378 1,387 1,376 1,355 1,381 1,466 1,386 1,372 1,441 1,409 1,388 1,297 Not in labor force 74,658 75,956 76,762 77,387 78,743 79,501 81,659 83,941 86,001 88,310 88,919 88,716 88,407 88,855 88,839 89,008 89,304 89,967 89,936 89,705 89,717 89,957 90,473 Labor force participation rate 66.2 66.0 66.0 66.2 66.0 66.0 65.4 64.7 64.1 63.7 63.5 63.6 63.8 63.6 63.6 63.6 63.5 63.3 63.3 63.4 63.5 63.4 63.2 Employment/ population ratio Unemployment rate 62.3 62.3 62.7 63.1 63.0 62.2 59.3 58.5 58.4 58.6 58.4 58.7 58.7 58.7 58.6 58.6 58.6 58.5 58.6 58.6 58.7 58.7 58.6 6.0 5.5 5.1 4.6 4.6 5.8 9.3 9.6 8.9 8.1 8.1 7.8 7.9 7.8 7.8 7.9 7.7 7.6 7.5 7.6 7.6 7.4 7.3 Note: Beginning January 2013, 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 fell to 7.3%. [Monthly data seasonally adjusted] Unemployment rate (percent of civilian labor force in group) By race or ethnicity 1 By sex and age Period 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2012: Aug ���������� Sept ��������� ����������� Oct ���������� Nov ����������� Dec 2013: Jan ����������� ����������� Feb ���������� Mar ����������� Apr May ���������� June ��������� ���������� July ���������� Aug All civilian workers 6.0 5.5 5.1 4.6 4.6 5.8 9.3 9.6 8.9 8.1 8.1 7.8 7.9 7.8 7.8 7.9 7.7 7.6 7.5 7.6 7.6 7.4 7.3 Men 20 years and over 5.6 5.0 4.4 4.0 4.1 5.4 9.6 9.8 8.7 7.5 7.6 7.3 7.3 7.2 7.2 7.3 7.1 6.9 7.1 7.2 7.0 7.0 7.1 Women 20 years and over 5.1 4.9 4.6 4.1 4.0 4.9 7.5 8.0 7.9 7.3 7.3 7.0 7.2 7.0 7.3 7.3 7.0 7.0 6.7 6.5 6.8 6.5 6.3 Both sexes 16–19 years 17.5 17.0 16.6 15.4 15.7 18.7 24.3 25.9 24.4 24.0 24.5 23.7 23.7 23.6 23.5 23.4 25.1 24.2 24.1 24.5 24.0 23.7 22.7 White 5.2 4.8 4.4 4.0 4.1 5.2 8.5 8.7 7.9 7.2 7.2 7.0 6.9 6.8 6.9 7.0 6.8 6.7 6.7 6.7 6.6 6.6 6.4 1 Beginning in 2003, persons who selected this race group only. Prior to 2003, persons who reported more than one race were included in the group they identified as the main race. Persons whose ethnicity is identified as Hispanic or Latino may be of any race. 12 Black or African American 10.8 10.4 10.0 8.9 8.3 10.1 14.8 16.0 15.8 13.8 14.0 13.4 14.5 13.2 14.0 13.8 13.8 13.3 13.2 13.5 13.7 12.6 13.0 By selected groups Hispanic or Latino ethnicity Asian (NSA) 6.0 4.4 4.0 3.0 3.2 4.0 7.3 7.5 7.0 5.9 5.9 4.8 4.9 6.4 6.6 6.5 6.1 5.0 5.1 4.3 5.0 5.7 5.1 7.7 7.0 6.0 5.2 5.6 7.6 12.1 12.5 11.5 10.3 10.2 9.9 10.0 9.9 9.6 9.7 9.6 9.2 9.0 9.1 9.1 9.4 9.3 Married men, spouse present Women who maintain families (NSA) 3.8 3.1 2.8 2.4 2.5 3.4 6.6 6.8 5.8 4.9 4.9 4.7 4.6 4.7 4.7 4.6 4.5 4.3 4.4 4.4 4.3 4.3 4.3 Note: Data relate to persons age 16 years and over. Source: Department of Labor (Bureau of Labor Statistics). 8.5 8.0 7.8 7.1 6.5 8.0 11.5 12.3 12.4 11.4 12.3 11.3 11.5 10.7 11.3 11.3 11.0 10.7 10.3 9.9 10.7 10.5 11.0 Full-time workers 6.1 5.6 5.0 4.5 4.6 5.8 10.0 10.4 9.6 8.5 8.6 8.3 8.3 8.1 8.3 8.3 8.1 7.9 7.9 7.9 7.9 7.6 7.6 Part-time workers 5.5 5.3 5.4 5.1 4.9 5.5 6.0 6.3 6.3 6.1 6.1 5.7 6.2 6.2 6.2 6.2 6.2 5.9 6.0 5.9 6.1 6.2 5.6 Selected Measures of Unemployment and Unemployment Insurance Programs In August, the percentages of the unemployed who had been out of work for 5 to 14 weeks and 15 to 26 weeks fell, while the percentages for less than 5 weeks and 27 weeks and over rose. The mean duration of unemployment rose to 37.0 weeks and the median duration rose to 16.4 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 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2012: Aug ���������� Sept ��������� ����������� Oct ���������� Nov ����������� Dec 2013: Jan ����������� ����������� Feb ���������� Mar ����������� Apr May ���������� June ��������� ���������� July ���������� Aug 8,774 8,149 7,591 7,001 7,078 8,924 14,265 14,825 13,747 12,506 12,483 12,082 12,248 12,042 12,206 12,332 12,032 11,742 11,659 11,760 11,777 11,514 11,316 31.7 33.1 35.1 37.3 35.9 32.8 22.2 18.7 19.5 21.1 22.8 21.0 21.4 21.7 22.0 22.4 22.3 21.1 21.3 23.2 22.9 22.4 22.7 29.8 29.2 30.4 30.3 31.5 31.4 26.8 22.0 21.8 22.9 22.7 23.4 23.1 23.1 23.3 24.5 23.3 24.4 24.5 22.8 24.3 25.0 24.4 16.4 15.9 14.9 14.7 15.0 16.0 19.5 16.0 15.0 14.9 14.5 15.4 14.7 15.2 15.6 15.0 14.2 14.9 16.9 16.7 16.1 15.6 15.0 22.1 21.8 19.6 17.6 17.6 19.7 31.5 43.3 43.8 41.1 40.0 40.3 40.8 40.0 39.1 38.1 40.2 39.6 37.4 37.3 36.7 37.0 37.9 19.2 19.6 18.4 16.8 16.8 17.9 24.4 33.0 39.3 39.4 39.3 39.6 39.9 39.7 38.1 35.3 36.9 37.1 36.5 36.9 35.6 36.6 37.0 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 (2008-2013), and Federal Additional Compensation (2009-2010). 10.1 9.8 8.9 8.3 8.5 9.4 15.1 21.4 21.4 19.3 18.2 18.7 19.6 18.9 18.0 16.0 17.8 18.1 17.5 17.3 16.3 15.7 16.4 55.1 51.5 48.3 47.4 49.7 53.7 64.2 62.4 59.0 55.0 55.6 54.0 53.7 53.5 52.2 53.4 53.9 53.6 54.8 52.6 52.3 51.9 52.9 9.3 10.5 11.5 11.8 11.2 10.0 6.2 6.0 7.0 7.7 7.6 8.0 8.3 7.7 8.0 7.9 7.9 8.4 7.4 8.1 8.8 8.6 7.9 28.2 29.5 31.4 32.0 30.3 27.7 22.3 23.4 24.7 26.7 26.6 27.6 27.3 27.7 29.2 28.3 27.6 26.9 26.9 28.5 28.1 28.5 27.7 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 3,899 7.3 5,724 568 9,123 8.2 4,487 454 9,723 9.3 3,679 406 7,630 10.5 3,297 374 6,048 10.2 3,252 356 5,682 10.4 3,014 311 5,378 10.7 3,157 391 5,630 11.0 3,052 470 5,331 10.5 3,757 483 6,226 10.4 4,007 520 6,203 10.6 3,571 341 5,511 11.1 3,652 333 5,679 r 353 r 5,311 10.9 3,312 10.8 2,848 340 4,708 10.8 2,874 336 4,698 11.0 ��������������� ��������������� ����������������� 11.5 ��������������� ��������������� ����������������� Note: Data relate to persons age 16 years and over (except for insured unemployment and initial claims). Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration). 13 Nonagricultural Employment Total nonagricultural employment as measured by the payroll survey rose by 169,000 in August. [Thousands of wage and salary workers; 1 monthly data seasonally adjusted] Private industries Period 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2012: Aug ���������� Sept ��������� ����������� Oct ���������� Nov ����������� Dec 2013: Jan ����������� ����������� Feb ���������� Mar ����������� Apr May ���������� June r ������� r �������� July p �������� Aug Total nonagricultural employment 130,100 131,509 133,747 136,125 137,645 136,852 130,876 129,917 131,497 133,739 133,927 134,065 134,225 134,472 134,691 134,839 135,171 135,313 135,512 135,688 135,860 135,964 136,133 Goods-producing industries Total private 108,517 109,888 111,943 114,151 115,427 114,342 108,321 107,427 109,411 111,822 112,002 112,120 112,337 112,593 112,817 112,981 113,300 113,454 113,642 113,829 114,023 114,150 114,302 Total 2 21,816 21,882 22,190 22,530 22,233 21,335 18,558 17,751 18,047 18,410 18,422 18,405 18,421 18,464 18,522 18,563 18,638 18,652 18,635 18,631 18,637 18,620 18,638 Construc- Manufaction turing 6,735 6,976 7,336 7,691 7,630 7,162 6,016 5,518 5,533 5,641 5,630 5,633 5,649 5,673 5,711 5,735 5,783 5,799 5,792 5,791 5,801 5,798 5,798 14,509 14,315 14,227 14,155 13,879 13,406 11,847 11,528 11,726 11,919 11,943 11,925 11,931 11,938 11,951 11,965 11,988 11,984 11,977 11,972 11,965 11,949 11,963 Private service-providing industries Trade, transportation, and utilities Total Total 3 86,701 88,006 89,753 91,621 93,194 93,008 89,764 89,676 91,363 93,411 93,580 93,715 93,916 94,129 94,295 94,418 94,662 94,802 95,007 95,198 95,386 95,530 95,664 25,287 25,533 25,959 26,276 26,630 26,293 24,906 24,636 25,065 25,516 25,520 25,550 25,623 25,720 25,769 25,783 25,808 25,804 25,838 25,873 25,928 25,973 26,037 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 14,917 15,058 15,280 15,353 15,520 15,283 14,522 14,440 14,668 14,875 14,850 14,876 14,928 14,998 15,004 15,027 15,052 15,050 15,072 15,105 15,150 15,199 15,243 Information Financial activities 3,188 3,118 3,061 3,038 3,032 2,984 2,804 2,707 2,674 2,678 2,682 2,670 2,671 2,685 2,676 2,680 2,698 2,701 2,692 2,695 2,688 2,701 2,683 8,078 8,105 8,197 8,367 8,348 8,206 7,838 7,695 7,697 7,786 7,795 7,806 7,817 7,822 7,831 7,838 7,853 7,859 7,873 7,880 7,891 7,908 7,903 Profes- Education Leisure sional and and and health business services hospitality services 15,987 16,394 16,954 17,566 17,942 17,735 16,579 16,728 17,332 17,930 17,994 18,009 18,062 18,117 18,152 18,198 18,291 18,350 18,419 18,489 18,553 18,585 18,608 16,588 16,953 17,372 17,826 18,322 18,838 19,193 19,531 19,883 20,319 20,363 20,412 20,446 20,460 20,496 20,511 20,542 20,590 20,626 20,646 20,669 20,695 20,738 12,173 12,493 12,816 13,110 13,427 13,436 13,077 13,049 13,353 13,746 13,788 13,818 13,840 13,861 13,901 13,932 13,995 14,026 14,086 14,129 14,172 14,185 14,212 Other services 5,401 5,409 5,395 5,438 5,494 5,515 5,367 5,331 5,360 5,437 5,438 5,450 5,457 5,464 5,470 5,476 5,475 5,472 5,473 5,486 5,485 5,483 5,483 Government 21,583 21,621 21,804 21,974 22,218 22,509 22,555 22,490 22,086 21,917 21,925 21,945 21,888 21,879 21,874 21,858 21,871 21,859 21,870 21,859 21,837 21,814 21,831 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 2012 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 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2012: July ���������� ���������� Aug Sept ��������� ����������� Oct ���������� Nov ����������� Dec 2013: Jan ����������� ����������� Feb ���������� Mar ����������� Apr May ���������� June r ������� r �������� July p �������� Aug 33.7 33.7 33.8 33.9 33.9 33.6 33.1 33.4 33.6 33.7 33.7 33.6 33.7 33.6 33.7 33.7 33.6 33.8 33.8 33.7 33.7 33.7 33.6 33.6 Average gross hourly earnings Total private nonagricultural 1 Manufacturing Total Overtime 40.4 40.8 40.7 41.1 41.2 40.8 39.8 41.1 41.4 41.7 41.7 41.6 41.5 41.5 41.6 41.8 41.7 41.9 41.8 41.8 41.8 41.8 41.7 41.9 4.2 4.6 4.6 4.4 4.2 3.7 2.9 3.8 4.1 4.2 4.2 4.1 4.2 4.1 4.1 4.3 4.2 4.3 4.4 4.3 4.3 4.3 4.3 4.4 Current dollars Average gross weekly earnings Total private nonagricultural 1 Manufacturing 1982-84 dollars 2 $15.38 $8.55 15.70 8.51 16.13 8.45 16.76 8.50 17.44 8.60 18.08 8.57 18.63 8.89 19.07 8.91 19.46 8.78 19.77 8.74 19.77 8.78 19.76 8.72 19.80 8.68 19.82 8.68 19.88 8.73 19.93 8.76 19.98 8.78 20.03 8.73 20.04 8.76 20.07 8.81 20.08 8.81 20.15 8.79 20.16 8.77 20.20 ����������������� Current dollars $15.74 16.14 16.56 16.81 17.26 17.75 18.24 18.61 18.93 19.08 19.11 19.07 19.07 19.08 19.17 19.17 19.16 19.23 19.23 19.23 19.27 19.30 19.30 19.37 1 Also includes other private industry groups shown on p. 14. 2 Current dollar earnings divided by the consumer price index for urban wage earners and cleri- Percent change from a year earlier, total private nonagricultural Current dollars 1982-84 dollars 2 Manufacturing $518.41 $288.33 529.23 286.85 544.44 285.05 567.89 288.12 590.24 291.09 608.11 288.13 617.50 294.57 637.18 297.79 654.73 295.49 666.99 294.83 666.25 295.76 663.94 292.92 667.26 292.59 665.95 291.54 669.96 294.34 671.64 295.07 671.33 295.05 677.01 295.14 677.35 296.03 676.36 297.05 676.70 296.74 679.06 296.09 677.38 294.80 678.72 ����������������� Construction $636.03 658.52 673.30 690.88 711.53 724.46 726.12 765.18 784.29 794.81 796.89 793.31 791.41 791.82 797.47 801.31 798.97 805.74 803.81 803.81 805.49 806.74 804.81 811.60 Retail trade $727.00 735.55 750.37 781.59 816.23 842.61 851.76 891.83 921.84 942.75 939.18 937.62 945.99 945.56 951.16 958.76 953.48 961.53 962.73 964.31 963.92 961.09 959.06 958.72 Current dollars $367.18 371.13 377.58 383.12 385.00 386.21 388.57 400.07 412.09 421.85 420.43 420.90 419.05 418.87 422.12 421.04 419.29 420.38 422.69 417.60 420.87 420.80 421.10 422.80 1982-84 dollars 2 2.2 0.0 2.1 –.5 2.9 –.6 4.3 1.1 3.9 1.0 3.0 –1.0 1.5 2.2 3.2 1.1 2.8 –.8 1.9 –.2 1.3 .0 1.3 –.3 1.4 –.5 1.0 –1.2 1.5 –.2 1.8 .1 1.3 –.2 2.0 .0 2.1 .8 1.8 .9 1.9 .7 2.0 .3 1.7 –.3 2.2 ������������������� 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 2003: Dec ������������������������������������������ 2004: Dec ������������������������������������������ 2005: Dec ������������������������������������������ 2006: Dec ������������������������������������������ 2007: Dec ������������������������������������������ 2008: Dec ������������������������������������������ 2009: Dec ������������������������������������������ 2010: Dec ������������������������������������������ 2011: Dec ������������������������������������������ 2012: Dec ������������������������������������������ 93.6 97.2 100.0 103.2 106.3 108.9 110.2 112.5 115.0 117.1 95.1 97.6 100.0 103.2 106.6 109.4 110.8 112.8 114.6 116.6 90.2 96.2 100.0 103.1 105.6 107.7 108.7 111.9 115.9 118.2 ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� 4.0 3.8 2.9 3.2 3.0 2.4 1.2 2.1 2.2 1.8 Seasonally adjusted 2010: Mar ����������������������������������������� June ���������������������������������������� Sept ���������������������������������������� ������������������������������������������ Dec 2011: Mar ����������������������������������������� June ���������������������������������������� Sept ���������������������������������������� ������������������������������������������ Dec 2012: Mar ����������������������������������������� June ���������������������������������������� Sept ���������������������������������������� ������������������������������������������ Dec 2013: Mar ����������������������������������������� June ���������������������������������������� 111.1 111.6 112.1 112.7 113.3 114.2 114.6 115.1 115.7 116.3 116.8 117.3 117.8 118.5 111.4 111.9 112.3 112.8 113.2 113.8 114.2 114.7 115.3 115.8 116.3 116.7 117.3 118.0 110.3 110.9 111.7 112.2 113.6 115.2 115.4 116.2 116.7 117.4 117.9 118.6 119.1 119.6 1 Employer costs for employee benefits. 3.1 2.6 2.5 3.2 3.3 2.6 1.3 1.8 1.6 1.7 6.5 6.7 4.0 3.1 2.4 2.0 .9 2.9 3.6 2.0 Not seasonally adjusted 0.6 .5 .4 .5 .5 .8 .4 .4 .5 .5 .4 .4 .4 .6 0.5 .4 .4 .4 .4 .5 .4 .4 .5 .4 .4 .3 .5 .6 1.2 .5 .7 .4 1.2 1.4 .2 .7 .4 .6 .4 .6 .4 .4 1.6 1.9 2.0 2.1 2.0 2.3 2.1 2.2 2.1 1.8 1.9 1.8 1.9 1.9 1.5 1.6 1.6 1.8 1.6 1.7 1.7 1.6 1.9 1.8 1.8 1.7 1.7 1.9 2.0 2.4 2.8 2.9 3.0 4.0 3.3 3.6 2.8 1.9 2.2 2.0 2.0 1.9 Source: Department of Labor (Bureau of Labor Statistics). 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. 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 Nonfarm business sector Compensation per hour 3 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 91.9 93.2 94.6 97.5 100.6 102.2 100.0 98.8 100.8 102.0 100.2 100.7 99.9 99.3 98.2 99.0 98.9 99.0 101.4 100.8 101.5 99.5 101.3 101.4 101.1 104.1 102.7 102.8 91.8 93.0 94.5 97.5 100.3 102.0 100.0 98.8 100.8 102.0 100.1 100.6 99.9 99.3 98.2 99.1 99.0 99.0 101.5 100.7 101.5 99.6 101.3 101.5 101.1 103.9 103.0 103.0 88.4 90.5 93.3 96.1 98.5 99.7 100.0 101.1 103.3 105.2 100.3 99.9 99.8 100.1 100.5 100.9 101.3 101.9 102.4 103.0 103.8 104.0 104.4 104.9 105.5 105.8 106.3 106.5 88.3 90.1 93.2 96.0 98.2 99.4 100.0 101.0 102.7 104.6 100.3 99.9 99.9 100.0 100.4 100.8 101.2 101.6 101.9 102.5 103.2 103.4 103.8 104.4 105.0 105.2 105.4 105.6 –0.9 1.4 1.5 3.1 3.1 1.6 –2.2 –1.2 2.0 1.2 –12.0 1.8 –3.2 –2.4 –4.2 3.1 –.1 .1 10.0 –2.3 2.8 –7.6 7.4 .6 –1.3 12.2 –4.9 .4 –0.8 1.4 1.6 3.2 2.9 1.7 –2.0 –1.2 2.0 1.2 –12.2 2.0 –2.9 –2.2 –4.4 3.5 –.1 –.1 10.2 –2.9 3.0 –7.3 7.4 .7 –1.8 11.8 –3.5 .0 0.5 2.3 3.1 3.0 2.5 1.3 .3 1.1 2.1 1.8 .9 –1.5 –.4 1.2 1.6 1.5 1.8 2.5 1.7 2.7 2.9 .7 1.6 2.0 2.5 1.2 1.8 .5 0.4 2.1 3.4 3.0 2.2 1.3 .6 1.0 1.7 1.8 1.5 –1.6 .0 .5 1.5 1.6 1.5 1.9 .9 2.4 2.7 1.1 1.6 2.1 2.2 .8 .7 1.0 Indexes, 2009=100; quarterly data seasonally adjusted 2003 r ������������������ 2004 r ������������������ 2005 r ������������������ 2006 r ������������������ 2007 r ������������������ 2008 r ������������������ 2009 r ������������������ 2010 r ������������������ 2011 r ������������������ 2012 r ������������������ 2009: I r �������������� r ������������� II r ������������ III r ������������ IV 2010: I r �������������� r ������������� II r ������������ III r ������������ IV 2011: I r �������������� r ������������� II r ������������ III r ������������ IV 2012: I r �������������� r ������������� II r ������������ III r ������������ IV 2013: I r �������������� * II ������������ 89.1 92.0 93.9 94.6 95.8 96.8 100.0 103.3 103.6 105.1 97.5 99.4 101.0 102.2 102.5 102.9 103.6 104.0 103.1 103.5 103.5 104.4 104.7 105.0 105.6 105.1 105.2 105.7 89.3 92.1 94.0 94.6 96.0 96.9 100.0 103.3 103.8 105.3 97.6 99.5 100.9 102.1 102.6 102.9 103.5 104.1 103.2 103.7 103.7 104.4 104.8 105.2 105.8 105.4 104.9 105.5 92.5 96.7 100.4 103.3 105.3 104.3 100.0 103.1 105.6 109.4 99.7 99.5 99.8 101.0 101.4 102.7 103.7 104.7 104.2 105.2 105.7 107.3 108.6 109.1 110.0 110.1 110.5 111.4 92.7 96.8 100.5 103.4 105.6 104.5 100.0 103.2 105.7 109.7 99.8 99.5 99.7 101.0 101.5 102.7 103.7 104.8 104.2 105.4 105.9 107.4 108.7 109.2 110.3 110.5 110.4 111.4 103.9 105.2 106.9 109.2 109.9 107.7 100.0 99.9 101.9 104.1 102.3 100.1 98.8 98.8 98.9 99.8 100.2 100.7 101.0 101.6 102.1 102.9 103.7 103.8 104.2 104.7 105.0 105.3 103.8 105.2 106.9 109.3 110.0 107.8 100.0 99.9 101.9 104.1 102.3 100.0 98.8 98.9 98.9 99.7 100.2 100.7 101.0 101.7 102.1 102.8 103.7 103.8 104.2 104.8 105.2 105.6 81.9 85.7 88.8 92.3 96.4 99.0 100.0 102.0 104.4 107.2 97.7 100.1 100.8 101.4 100.7 101.9 102.5 102.9 104.5 104.4 105.0 103.8 106.0 106.5 106.7 109.4 108.1 108.7 81.9 85.7 88.8 92.3 96.3 98.9 100.0 102.1 104.6 107.4 97.7 100.1 100.8 101.4 100.7 102.0 102.5 103.1 104.7 104.4 105.2 104.0 106.3 106.8 106.9 109.5 108.0 108.7 95.5 97.3 97.6 98.2 99.7 98.6 100.0 100.3 99.6 100.1 98.7 100.6 100.5 100.3 99.3 100.6 100.8 100.5 101.0 99.7 99.6 98.1 99.6 99.9 99.5 101.4 99.9 100.5 95.6 97.3 97.6 98.2 99.6 98.5 100.0 100.4 99.7 100.3 98.7 100.6 100.4 100.2 99.4 100.7 100.9 100.6 101.2 99.8 99.8 98.3 99.8 100.1 99.7 101.5 99.8 100.4 Percent change; quarterly data at seasonally adjusted annual rates 2003 r ������������������ 2004 r ������������������ 2005 r ������������������ 2006 r ������������������ 2007 r ������������������ 2008 r ������������������ 2009 r ������������������ 2010 r ������������������ 2011 r ������������������ 2012 r ������������������ 2009: I r �������������� r ������������� II r ������������ III r ������������ IV 2010: I r �������������� r ������������� II r ������������ III r ������������ IV 2011: I r �������������� r ������������� II r ������������ III r ������������ IV 2012: I r �������������� r ������������� II r ������������ III r ������������ IV 2013: I r �������������� * II ������������ 4.8 3.2 2.1 .8 1.3 1.0 3.3 3.3 .4 1.4 3.0 8.1 6.5 4.8 1.4 1.5 2.6 1.7 –3.3 1.6 –.1 3.3 1.3 1.3 2.1 –1.9 .4 2.1 4.6 3.1 2.0 .7 1.4 1.0 3.2 3.3 .5 1.5 3.1 8.1 5.8 4.7 1.9 1.5 2.4 2.1 –3.2 1.9 .0 2.9 1.5 1.2 2.5 –1.7 –1.7 2.3 4.1 4.5 3.8 2.9 1.9 –.9 –4.1 3.1 2.4 3.6 –7.4 –1.1 1.4 4.8 1.8 5.0 4.2 3.7 –1.9 4.1 1.8 6.4 4.9 1.6 3.6 .2 1.4 3.4 4.0 4.5 3.7 3.0 2.1 –1.1 –4.3 3.2 2.5 3.7 –7.4 –1.1 .8 5.0 2.1 4.7 4.2 4.2 –2.1 4.7 1.7 5.9 5.0 1.6 4.1 .7 –.3 3.7 –0.6 1.2 1.6 2.1 .6 –2.0 –7.1 –.1 2.0 2.2 –10.0 –8.5 –4.8 .0 .5 3.4 1.6 2.0 1.4 2.4 1.9 2.9 3.5 .3 1.4 2.1 1.0 1.3 –0.6 1.3 1.7 2.2 .7 –2.0 –7.2 –.1 2.0 2.2 –10.2 –8.5 –4.7 .3 .2 3.2 1.8 2.0 1.2 2.8 1.7 2.9 3.4 .4 1.6 2.4 1.5 1.4 1 Output refers to real gross domestic product originating in the sector. 2 Hours of all persons engaged in the sector, including hours of proprietors and unpaid family workers. Estimates based primarily on establishment data. 3 Wages and salaries of employees plus employers’ contributions for social insurance and private benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for the self-employed. 4 Hourly compensation divided by the consumer price index for all urban consumers (CPI–U) for recent quarters. The trend from 1978–2012 is based on the consumer price index research series (CPI–U–RS). 5 Current dollar gross domestic output divided by the output index. 16 3.8 4.7 3.6 3.9 4.4 2.7 1.1 2.0 2.4 2.6 –9.4 10.1 3.1 2.3 –2.9 4.7 2.5 1.8 6.3 –.7 2.6 –4.5 8.8 1.9 .8 10.2 –4.6 2.4 3.7 4.5 3.6 3.9 4.3 2.7 1.1 2.1 2.5 2.6 –9.5 10.2 2.8 2.4 –2.6 5.0 2.3 2.0 6.6 –1.1 3.0 –4.6 9.0 1.9 .7 9.9 –5.2 2.3 1.5 1.9 .3 .6 1.6 –1.1 1.4 .3 –.7 .5 –7.0 8.0 –.5 –.8 –3.6 5.0 1.1 –1.2 1.8 –5.1 –.3 –5.9 6.3 .9 –1.2 7.8 –6.0 2.5 1.5 1.8 .3 .6 1.4 –1.1 1.5 .4 –.7 .5 –7.1 8.2 –.8 –.8 –3.3 5.3 .9 –1.0 2.1 –5.4 .0 –5.9 6.5 .9 –1.3 7.5 –6.6 2.3 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 comprehensive revisions; for details, see Productivity and Costs release dated August 16, 2013. * Data based on GDP data released on August 29, 2013. Source: Department of Labor (Bureau of Labor Statistics). PRODUCTION AND BUSINESS ACTIVITY Industrial Production and Capacity Utilization Industrial production remained unchanged and capacity utilization fell in July. [Monthly data seasonally adjusted] Total industrial production 1 Period 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2012: July ���������� ���������� Aug Sept ��������� ����������� Oct ���������� Nov ����������� Dec 2013: Jan ����������� r ��������� Feb r �������� Mar r ��������� Apr May r �������� June r ������� p �������� July Industry production indexes, 2007=100 Percent change 2 Index, 2007=100 90.3 92.5 95.5 97.6 100.0 96.6 85.7 90.6 93.6 97.0 97.6 96.8 97.0 96.8 98.1 98.2 98.2 98.8 99.0 98.7 98.7 98.9 98.9 From preceding month ��������������������� ��������������������� ��������������������� ��������������������� ��������������������� ��������������������� ��������������������� ��������������������� ��������������������� ��������������������� 0.4 –.8 .2 –.1 1.3 .0 .0 .7 .2 –.4 .0 .2 .0 Capacity utilization rate (output as percent of capacity) 1 Manufacturing From year earlier 1.2 2.3 3.2 2.2 2.5 –3.4 –11.3 5.7 3.4 3.6 4.2 2.8 2.9 2.2 3.3 2.7 2.1 2.2 3.0 1.9 1.7 1.8 1.4 Total 1 Durable 88.9 91.4 95.0 97.4 100.0 95.3 82.4 87.4 90.3 93.9 94.2 93.5 93.6 93.2 94.5 95.3 95.2 95.7 95.5 95.1 95.3 95.5 95.4 1 Total industry and total manufacturing series include manufacturing as defined in the North American Industry Classification System (NAICS) plus those industries—logging and newspaper, periodical, book and directory-publishing—that have traditionally been included in manufacturing. 2 Percent changes based on unrounded indexes. 82.9 86.2 91.2 95.4 100.0 96.6 78.6 87.3 93.2 99.9 100.7 99.7 99.5 99.3 101.3 102.0 101.7 102.9 102.7 102.3 102.6 102.9 102.7 Nondurable 94.4 95.9 98.3 98.8 100.0 94.1 86.9 88.7 88.9 90.0 89.9 89.6 90.0 89.3 90.1 91.1 91.2 91.2 91.0 90.5 90.8 90.8 90.7 Other (non-NAICS) 1 106.9 107.7 107.3 106.1 100.0 93.5 80.7 76.4 74.8 72.1 70.7 70.5 69.8 69.3 69.7 69.3 68.9 68.2 66.9 66.9 67.0 67.6 67.5 Mining 98.5 98.2 97.0 99.3 100.0 101.2 95.7 100.7 106.8 113.6 113.8 113.0 114.3 115.1 116.5 115.9 115.0 116.1 115.7 116.6 116.7 117.9 120.3 Utilities 94.1 95.3 97.3 96.7 100.0 99.9 97.5 101.0 100.8 98.7 101.2 99.5 99.0 100.2 101.0 95.6 97.9 98.9 103.8 102.1 100.3 99.5 97.5 Total industry 76.0 77.9 79.8 80.2 80.5 77.5 68.7 74.0 76.5 77.6 77.9 77.2 77.2 77.0 77.9 77.8 77.7 78.1 78.2 77.8 77.7 77.7 77.6 Total manufacturing 73.9 76.2 78.1 78.4 78.6 74.5 65.7 71.3 74.0 75.8 76.0 75.4 75.3 74.9 75.8 76.4 76.2 76.5 76.2 75.8 75.9 75.9 75.8 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 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2012: July ���������� ���������� Aug Sept ��������� ����������� Oct ���������� Nov ����������� Dec 2013: Jan ����������� r ��������� Feb r �������� Mar r ��������� Apr May r �������� June r ������� p �������� July Nonindustrial supplies Total 90.0 91.7 95.4 97.9 100.0 96.4 86.6 89.6 91.8 94.9 95.6 94.9 95.2 94.5 96.0 96.0 95.7 96.7 97.2 96.7 96.6 97.1 96.8 95.3 96.4 99.0 99.5 100.0 95.1 88.6 89.6 90.9 92.4 92.9 92.0 92.4 91.9 93.2 93.1 93.3 94.1 94.8 94.2 94.0 94.6 94.1 Durable goods 95.3 97.0 98.0 98.3 100.0 88.8 74.0 79.4 83.3 90.3 90.9 89.3 89.3 89.6 91.8 93.9 93.3 94.9 95.7 95.3 95.6 97.0 95.5 Equipment Nondurable goods 95.2 96.1 99.3 99.9 100.0 97.2 93.4 92.9 93.5 93.3 93.8 93.2 93.7 92.9 94.0 93.3 93.7 94.2 94.9 94.2 94.0 94.3 94.1 Total 1 78.3 81.3 87.3 94.3 100.0 99.3 82.2 89.6 93.7 100.7 101.7 101.6 101.5 100.5 102.4 102.6 101.4 102.9 102.9 102.6 102.5 102.8 103.0 Business 78.3 82.1 87.7 95.8 100.0 97.7 80.1 86.7 91.6 99.2 100.4 100.3 100.1 98.9 101.3 101.7 100.5 102.3 102.3 102.2 102.0 102.5 102.5 Defense and space Total 79.2 77.2 84.9 84.0 100.0 107.0 102.4 110.1 106.1 111.9 112.1 112.4 113.1 112.8 114.0 114.1 112.7 112.7 112.6 112.1 111.7 111.5 112.6 93.0 94.8 98.3 99.8 100.0 94.3 80.7 82.9 84.3 86.4 86.5 86.1 86.1 86.0 87.1 87.1 87.5 88.3 88.2 87.6 87.6 87.6 87.3 Construction Business 92.0 94.2 98.7 101.1 100.0 90.7 69.9 72.5 74.6 78.5 77.8 77.7 78.0 77.8 79.6 80.1 80.9 82.8 81.8 80.8 80.3 80.8 81.2 93.4 95.1 98.2 99.2 100.0 96.0 86.0 88.1 89.0 90.3 90.8 90.2 90.1 89.9 90.7 90.4 90.7 90.9 91.3 91.0 91.1 90.9 90.3 Total 1 89.8 92.4 94.6 96.5 100.0 97.6 86.6 94.2 98.7 102.8 103.3 102.3 102.4 102.8 103.9 104.1 104.2 104.5 104.5 104.3 104.6 104.6 105.0 Energy 97.9 97.9 96.9 98.0 100.0 100.9 98.4 102.5 106.4 110.9 112.0 110.7 111.2 112.1 112.7 111.6 111.7 112.7 113.9 114.2 114.3 114.5 115.9 1 Includes other items, not shown separately. [2007=100; monthly data seasonally adjusted] Durable manufactures Computer and electronic products Primary metals Period Total 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2012: July ���������� ���������� Aug Sept ��������� ����������� Oct ���������� Nov ����������� Dec 2013: Jan ����������� r ��������� Feb r �������� Mar r ��������� Apr May r �������� June r ������� p �������� July 89.8 97.7 95.2 98.0 100.0 100.0 74.0 91.1 97.4 99.4 100.2 99.7 95.1 96.1 98.9 99.1 100.2 99.4 97.2 96.9 97.3 95.3 97.8 Iron and steel products 89.8 101.7 94.3 98.4 100.0 106.4 68.5 89.4 97.5 101.1 100.8 101.1 91.9 94.9 99.7 99.4 101.8 99.5 96.4 98.1 98.4 96.6 99.7 Fabricated metal products 86.6 86.9 90.9 95.9 100.0 96.4 74.2 79.0 85.3 91.4 92.3 92.0 92.2 91.6 92.6 92.9 93.6 95.5 94.8 94.4 93.9 94.3 94.4 Machinery Total 82.8 86.3 91.6 95.9 100.0 97.3 75.7 84.6 95.6 102.2 102.3 101.5 102.1 99.8 100.9 101.5 101.4 104.3 104.1 103.4 102.4 104.0 103.0 60.3 68.3 76.9 87.4 100.0 108.1 97.0 111.6 122.5 130.2 130.8 128.8 129.7 131.0 132.9 133.5 133.2 133.0 133.1 134.5 135.9 135.1 135.0 1 Computers and peripheral equipment, communications equipment, and semiconductors and related electronic components. 18 Nondurable manufactures Selected high-technology 1 53.3 60.6 71.1 84.9 100.0 115.6 103.1 128.2 147.4 153.0 153.1 149.1 150.7 155.1 155.2 153.5 154.5 153.3 154.1 157.3 159.3 159.0 160.6 Transportation equipment Total 89.5 89.3 93.0 94.2 100.0 89.6 73.4 85.0 89.0 100.3 102.2 100.5 100.0 100.4 103.0 103.9 102.4 103.5 104.2 104.0 104.3 104.6 104.2 Motor vehicles and parts 101.1 101.7 102.3 100.8 100.0 80.0 58.6 77.8 84.8 99.6 102.6 99.2 97.8 98.1 103.2 105.3 102.6 104.0 105.5 105.1 105.7 107.0 105.2 Apparel Printing and support 157.2 134.5 128.8 125.2 100.0 77.7 55.7 54.3 51.0 49.2 49.1 47.5 48.3 47.2 48.8 48.7 50.6 51.0 49.6 47.7 49.5 50.4 50.4 Source: Board of Governors of the Federal Reserve System. 98.1 98.5 98.6 97.8 100.0 93.8 78.8 78.8 78.0 76.9 77.5 77.1 75.8 74.9 74.8 76.4 76.4 75.8 76.6 76.2 76.7 76.5 75.6 Chemical 86.5 90.0 92.9 95.2 100.0 92.5 83.5 86.3 86.3 86.4 85.8 85.5 86.0 85.8 86.7 88.3 87.5 86.6 86.7 87.2 87.2 87.1 86.9 Food 95.6 95.6 98.6 99.5 100.0 98.7 98.2 98.6 98.5 102.1 103.6 103.8 103.6 101.8 102.2 102.9 103.2 103.2 102.8 103.4 102.8 103.3 103.5 New Construction [Billions of dollars; monthly data at seasonally adjusted annual rates] Private Period 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2012: July ���������� ���������� Aug Sept ��������� ����������� Oct ���������� Nov ����������� Dec 2013: Jan ����������� ����������� Feb ���������� Mar Apr ���������� May r �������� June r ������� p �������� July Total new construction expenditures 891.5 991.4 1,104.1 1,167.2 1,152.4 1,067.6 903.2 804.6 788.0 857.0 856.3 854.0 873.3 863.1 882.7 883.6 863.1 869.9 869.2 878.4 896.1 895.7 900.8 Residential Total New housing Total 1 675.4 771.2 870.0 911.8 863.3 758.8 588.3 500.6 501.6 577.9 576.6 574.3 601.3 586.8 607.2 615.0 597.4 601.6 604.0 614.6 627.0 625.6 631.4 Federal and State and local Nonresidential 446.0 532.9 611.9 613.7 493.2 350.3 245.9 238.8 244.1 280.3 285.6 286.6 298.0 277.4 296.4 298.2 314.0 317.4 318.7 323.0 331.3 332.7 334.6 Total 345.7 417.5 480.8 468.8 354.1 230.1 133.9 127.3 123.2 154.2 153.0 157.5 163.2 169.6 173.4 177.4 182.0 190.2 193.5 196.3 198.9 199.2 200.1 Lodging 229.3 238.3 258.1 298.1 370.0 408.6 342.4 261.8 257.5 297.7 291.1 287.8 303.3 309.4 310.8 316.8 283.4 284.2 285.3 291.6 295.7 293.0 296.8 1 Includes residential improvements, not shown separately. 2 Includes health care, educational, communication, and power, among other categories not Commercial (including farm) Office 9.9 12.0 12.7 17.6 27.5 35.4 25.4 11.2 8.4 10.8 11.0 11.3 11.1 12.3 11.3 12.3 10.9 12.0 12.5 13.3 13.8 13.7 14.6 30.6 32.9 37.3 45.7 53.8 55.5 37.3 24.4 23.7 28.0 27.9 28.4 30.5 30.3 29.1 29.6 29.1 29.0 30.0 28.7 29.0 28.8 29.2 Manufacturing 57.5 63.2 66.6 73.4 85.9 82.7 50.5 36.5 38.9 43.2 43.3 43.8 44.5 45.3 43.4 42.9 43.4 45.3 44.4 44.5 45.9 43.7 44.5 Other 2 21.4 23.2 28.4 32.3 40.2 52.8 56.3 39.8 38.9 45.8 45.7 45.4 46.6 47.1 47.2 49.5 47.3 47.2 48.2 46.7 44.8 44.8 46.1 109.9 107.0 113.1 129.2 162.7 182.3 173.0 149.9 147.6 169.9 163.1 159.0 170.6 174.4 179.7 182.5 152.5 150.8 150.2 158.3 162.2 161.9 162.5 216.1 220.2 234.2 255.4 289.1 308.7 314.9 304.0 286.4 279.0 279.7 279.7 272.0 276.3 275.5 268.5 265.7 268.3 265.1 263.8 269.2 270.1 269.4 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 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� New private houses 2–4 units 1 1 unit 1,847.7 1,955.8 2,068.3 1,800.9 1,355.0 905.5 554.0 586.9 608.8 780.6 1,499.0 1,610.5 1,715.8 1,465.4 1,046.0 622.0 445.1 471.2 430.6 535.3 Units authorized 5 units or more 33.5 42.3 41.1 42.7 31.7 17.5 11.6 11.4 10.9 11.4 315.2 303.0 311.4 292.8 277.3 266.0 97.3 104.3 167.3 233.9 1,889.2 Units completed Houses for sale at end of period 2 Houses sold Vacancy rate for rental housing units (percent) 3 2,155.3 1,838.9 1,398.4 905.4 583.0 604.6 624.1 829.7 1,678.7 1,841.9 1,931.4 1,979.4 1,502.8 1,119.7 794.4 651.7 584.9 649.2 1,086 1,203 1,283 1,051 776 485 375 323 306 368 370 422 511 536 497 353 234 190 151 150 9.8 10.2 9.8 9.7 9.7 10.0 10.6 10.2 9.5 8.7 839 827 921 908 933 943 915 952 890 1,005 985 918 954 673 686 651 741 677 672 720 727 810 698 711 760 774 369 374 384 365 398 396 458 445 443 446 439 455 394 142 143 145 146 149 150 149 152 154 161 163 164 171 ��������������������������� ��������������������������� 8.6 ��������������������������� ��������������������������� 8.7 ��������������������������� ��������������������������� 8.6 ��������������������������� ��������������������������� 8.2 ��������������������������� 4 2,070.1 Seasonally adjusted annual rates 2012: July ���������� ���������� Aug Sept ��������� ����������� Oct ���������� Nov ����������� Dec 2013: Jan ����������� Feb ���������� ���������� Mar r ��������� Apr May r �������� June r ������� p �������� July 741 749 854 864 842 983 898 969 1,005 852 919 846 896 512 537 591 595 576 620 614 652 623 593 597 604 591 ������������������������� ������������������������� ������������������������� ������������������������� ������������������������� ������������������������� ������������������������� ������������������������� ������������������������� ������������������������� ������������������������� ������������������������� ������������������������� 1 Monthly data do not meet publication standards because tests for identifiable and stable seasonality do not meet reliability standards. 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 2,052.1 thousand units. 217 205 254 252 256 345 273 307 356 244 311 231 290 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). 19 Business Sales and Inventories—Manufacturing and Trade In June, according to preliminary estimates, manufacturing and trade sales rose 0.2 percent, while inventories rose $1.0 billion. According to advance estimates, retail sales rose 0.1 percent in July. Retail and food services sales rose 0.2 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 2003 �������������������� 854,551 1,147,660 1.34 248,020 308,243 1.22 2004 �������������������� 925,638 1,241,315 1.30 277,093 340,069 1.18 2005 �������������������� 1,005,130 1,314,162 1.27 302,444 368,603 1.17 2006 �������������������� 1,068,012 1,409,855 1.28 327,209 400,349 1.18 2007 �������������������� 1,126,709 1,489,689 1.29 350,149 426,745 1.18 2008 �������������������� 1,156,187 1,465,652 1.32 371,646 444,487 1.21 2009 �������������������� 981,328 1,327,190 1.39 310,502 391,899 1.31 2010 �������������������� 1,077,363 1,444,424 1.28 348,455 433,014 1.17 2011 �������������������� 1,194,744 1,558,285 1.27 391,831 472,792 1.17 2012 �������������������� 1,250,097 1,637,362 1.29 409,800 498,766 1.19 2012: June r ������� 1,226,120 1,599,119 1.30 403,238 485,605 1.20 r �������� July 1,236,837 1,609,791 1.30 403,005 487,786 1.21 ���������� Aug 1,245,549 1,617,971 1.30 405,831 490,001 1.21 Sept ��������� 1,262,451 1,628,334 1.29 413,464 494,739 1.20 ����������� Oct 1,258,238 1,633,487 1.30 409,019 498,068 1.22 ���������� Nov 1,268,405 1,635,465 1.29 417,785 499,767 1.20 ����������� Dec 1,270,282 1,637,362 1.29 418,869 498,766 1.19 2013: Jan ����������� 1,267,994 1,653,121 1.30 415,266 504,091 1.21 ����������� Feb 1,284,444 1,653,728 1.29 420,711 502,103 1.19 ���������� Mar 1,269,469 1,652,745 1.30 414,668 503,825 1.22 ����������� Apr 1,269,586 1,655,626 1.30 417,765 503,450 1.21 May r �������� 1,283,251 1,654,766 1.29 424,181 500,485 1.18 p ������� June 1,286,281 1,655,736 1.29 425,883 499,680 1.17 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 4 271,915 431,242 1.56 289,464 460,510 1.56 307,514 472,075 1.51 322,840 487,380 1.50 333,271 501,959 1.49 328,867 480,050 1.52 302,534 433,271 1.47 320,121 460,062 1.40 344,696 477,993 1.36 362,523 516,297 1.38 356,066 499,824 1.40 358,622 505,696 1.41 363,616 508,506 1.40 367,488 510,163 1.39 367,332 513,002 1.40 368,379 513,758 1.39 368,935 516,297 1.40 369,684 523,912 1.42 374,263 525,087 1.40 372,591 522,082 1.40 372,874 524,653 1.41 375,249 527,345 1.41 r 378,090 527,878 1.40 378,652 ����������������������� ����������������������� 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 2 301,059 320,594 340,552 358,073 370,317 366,876 340,174 358,996 385,927 406,782 400,037 402,716 407,723 412,031 411,939 413,435 414,652 415,125 419,507 418,226 418,973 421,020 r 423,649 424,481 Manufacturers’ Shipments, Inventories, and Orders In July, manufacturers’ new orders fell, while shipments, inventories, 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 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2012: July ���������� ���������� Aug Sept ��������� ����������� Oct ���������� Nov ����������� Dec 2013: Jan ����������� ����������� Feb ���������� Mar ����������� Apr May ���������� June r ������� p �������� July 334,616 359,081 395,173 417,963 443,288 455,675 368,292 408,787 458,217 477,774 475,210 476,102 481,499 481,887 482,241 482,478 483,044 489,470 482,210 478,947 483,821 482,308 487,604 178,549 188,722 202,070 213,516 223,919 218,328 171,886 190,900 208,551 222,630 224,060 220,751 222,172 222,560 225,316 226,396 224,682 226,278 228,342 226,915 229,878 229,600 228,815 156,067 170,359 193,103 204,447 219,369 237,347 196,406 217,887 249,666 255,144 251,150 255,351 259,327 259,327 256,925 256,082 258,362 263,192 253,868 252,032 253,943 252,708 258,789 408,175 440,736 473,484 522,126 560,985 541,115 502,020 551,348 607,500 622,299 616,309 619,464 623,432 622,417 621,940 622,299 625,118 626,538 626,838 627,523 626,936 628,178 629,712 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. 246,781 264,952 283,619 317,416 334,648 330,233 295,259 323,100 358,139 374,147 369,858 371,694 372,471 373,736 374,423 374,147 375,292 376,787 376,534 377,362 377,093 377,602 378,869 161,394 175,784 189,865 204,710 226,337 210,882 206,761 228,248 249,361 248,152 246,451 247,770 250,961 248,681 247,517 248,152 249,826 249,751 250,304 250,161 249,843 250,576 250,843 331,312 357,414 397,014 424,146 449,788 453,937 349,252 406,310 458,717 473,455 478,363 453,195 476,580 478,059 474,814 485,183 473,430 492,026 469,135 475,035 489,105 497,059 485,046 175,246 187,055 203,911 219,699 230,419 216,590 152,846 188,423 209,050 218,311 227,213 197,844 217,253 218,732 217,889 229,101 215,068 228,834 215,267 223,003 235,162 244,351 226,257 53,067 57,403 67,863 74,123 79,822 73,146 48,418 61,867 71,353 74,253 80,735 60,314 73,845 76,384 72,388 74,146 74,132 80,973 73,795 76,374 86,132 92,049 77,367 506,462 558,692 654,513 798,177 947,437 996,261 825,269 869,481 956,812 992,007 991,465 975,675 978,058 982,069 981,752 992,007 989,589 998,960 993,372 996,628 1,008,418 1,029,877 1,033,906 1.25 1.19 1.17 1.20 1.22 1.26 1.39 1.28 1.29 1.29 1.30 1.30 1.29 1.29 1.29 1.29 1.29 1.28 1.30 1.31 1.30 1.30 1.29 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 remained unchanged in July. Prices of finished consumer foods, prices of other finished consumer goods, and capital equipment prices also remained unchanged. [1982=100; monthly data seasonally adjusted] Finished goods Intermediate materials Finished goods excluding consumer foods Period 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2012: July ���������� ���������� Aug Sept ��������� ����������� Oct ���������� Nov ����������� Dec 2013: Jan ����������� ����������� Feb r �������� Mar ����������� Apr May ���������� June ��������� ���������� July Total finished goods 143.3 148.5 155.7 160.4 166.6 177.1 172.5 179.8 190.5 194.2 193.2 195.2 197.2 196.9 196.0 195.8 196.1 197.4 196.2 194.9 195.8 197.3 197.3 Consumer foods 145.9 152.7 155.7 156.7 167.0 178.3 175.5 182.4 193.9 199.0 198.9 200.3 200.5 201.6 203.8 202.6 204.1 202.6 204.4 202.6 203.9 204.3 204.4 Consumer goods Total 142.4 147.2 155.5 161.0 166.2 176.6 171.1 178.3 188.9 192.2 191.0 193.2 195.5 195.0 193.4 193.4 193.4 195.3 193.5 192.2 193.1 194.8 194.8 1 Intermediate materials for food manufacturing and feeds. 22 Total 144.7 150.9 161.9 169.2 175.6 189.1 179.4 190.4 205.5 209.1 206.4 210.0 213.7 212.9 210.3 210.2 210.2 213.1 210.1 208.0 209.3 212.0 212.0 Durable 133.1 135.0 136.6 136.9 138.3 141.2 144.3 144.9 147.4 151.0 151.9 151.8 151.9 151.7 152.0 152.2 151.8 151.9 152.2 152.3 152.3 152.5 152.4 Nondurable 148.4 156.6 172.0 182.6 191.7 210.5 194.1 210.1 231.5 235.0 230.1 235.5 240.9 239.8 235.8 235.6 235.7 240.0 235.4 232.3 234.1 238.0 238.1 Capital equipment 139.5 141.4 144.6 146.9 149.5 153.8 156.7 157.3 159.7 162.8 163.5 163.4 163.4 163.4 163.5 163.6 163.6 163.8 164.0 164.2 164.3 164.4 164.4 Total finished consumer goods 145.3 151.7 160.4 166.0 173.5 186.3 179.1 189.1 203.3 207.3 205.3 208.3 211.1 210.8 209.5 209.1 209.4 211.2 209.5 207.5 208.7 210.9 210.9 Total 133.7 142.6 154.0 164.0 170.7 188.3 172.5 183.4 199.8 200.7 198.1 200.0 202.3 202.2 200.5 200.6 201.1 203.5 201.1 200.0 199.9 200.9 200.9 Foods and feeds 1 125.9 137.1 133.8 135.2 154.4 181.6 166.0 171.7 192.3 201.5 202.4 207.4 209.3 210.1 209.7 208.5 206.0 205.8 206.3 204.1 206.3 207.7 210.2 Crude materials Other 134.2 143.0 155.1 165.4 171.5 188.7 173.0 184.4 200.4 200.6 197.8 199.4 201.7 201.5 199.7 200.0 200.7 203.3 200.7 199.7 199.3 200.4 200.1 Source: Department of Labor (Bureau of Labor Statistics). Total 135.3 159.0 182.2 184.8 207.1 251.8 175.2 212.2 249.4 241.3 231.7 242.7 246.4 246.5 247.3 250.4 250.5 250.7 246.4 244.7 250.0 250.1 253.2 Foodstuffs and feedstuffs 113.5 127.0 122.7 119.3 146.7 163.4 134.5 152.4 188.4 196.3 192.9 200.0 201.4 205.6 206.6 207.4 206.7 202.4 206.1 200.8 205.0 204.4 202.1 Other 148.2 179.2 223.4 230.6 246.3 313.9 197.5 249.3 284.0 263.1 248.4 261.9 267.4 264.1 264.6 269.5 270.1 274.0 263.6 264.9 270.6 271.3 278.6 Consumer Prices—All Urban Consumers In July, the consumer price index for all urban consumers rose 0.2 percent; it remained unchanged before seasonal adjustment. The index was 2.0 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 ����������� 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2012: July ���������� ���������� Aug Sept ��������� ����������� Oct ���������� Nov ����������� Dec 2013: Jan ����������� ����������� Feb ���������� Mar ����������� Apr May ���������� June ��������� ���������� July Not seasonally Seasonally adjusted adjusted (NSA) 100.0 184.0 188.9 195.3 201.6 207.342 215.303 214.537 218.056 224.939 229.594 229.104 230.379 231.407 231.317 230.221 229.601 230.280 232.166 232.773 232.531 232.945 233.504 233.596 ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� 228.836 230.026 231.227 231.623 231.071 231.137 231.198 232.770 232.340 231.485 231.831 232.944 233.318 Food 14.2 180.0 186.2 190.7 195.2 202.916 214.106 217.955 219.625 227.842 233.777 233.811 234.232 234.356 234.848 235.353 235.740 235.854 236.084 236.196 236.663 236.412 236.840 237.193 Total 1 41.1 184.8 189.5 195.7 203.2 209.586 216.264 217.057 216.256 219.102 222.715 222.439 222.897 223.430 223.875 224.381 224.674 225.136 225.673 225.859 226.389 227.065 227.419 227.471 Total 1 31.6 213.1 218.8 224.4 232.1 240.611 246.666 249.354 248.396 251.646 257.083 257.162 257.657 258.275 258.827 259.242 259.618 260.167 260.730 261.189 261.635 262.303 262.740 263.199 Owners’ Rent equivalent of rent primary residence (Dec. 1982 =100) 2 6.5 205.5 211.0 217.3 225.1 234.679 243.271 248.812 249.385 253.638 260.367 260.568 261.118 261.768 262.719 263.143 263.629 264.206 264.872 265.529 265.929 266.762 267.322 267.956 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. 23.9 219.9 224.9 230.2 238.2 246.235 252.426 256.610 256.584 259.570 264.838 264.901 265.444 266.078 266.548 266.981 267.347 267.824 268.338 268.737 269.243 269.796 270.302 270.702 Fuels and utilities 5.5 154.5 161.9 179.0 194.7 200.632 220.018 210.696 214.187 220.367 218.986 216.175 217.588 218.601 219.259 220.480 221.135 222.098 223.331 223.005 224.902 226.578 226.783 225.459 Apparel 3.5 120.9 120.4 119.5 119.5 118.998 118.907 120.078 119.503 122.111 126.265 126.380 126.198 126.771 127.503 126.860 126.986 127.990 127.889 126.571 126.144 126.446 127.576 128.339 Total 1 Motor fuel 17.2 157.6 163.1 173.9 180.9 184.682 195.549 179.252 193.396 212.366 217.337 212.952 218.059 222.806 223.084 218.387 217.545 215.571 222.082 219.240 213.256 213.498 217.636 218.618 5.9 135.8 160.4 195.7 221.0 239.070 279.652 201.978 239.178 302.619 312.660 292.990 315.159 334.945 334.951 314.751 309.767 299.725 326.597 312.785 287.329 287.363 304.967 308.063 Medical care 7.1 297.1 310.1 323.2 336.2 351.054 364.065 375.613 388.436 400.258 414.924 416.817 417.754 418.656 419.065 419.604 420.308 420.937 421.582 422.796 422.702 422.152 424.034 424.892 Energy 3 10.1 136.5 151.4 177.1 196.9 207.723 236.666 193.126 211.449 243.909 246.080 235.210 246.131 255.852 256.121 247.344 245.315 241.119 254.242 247.527 236.767 237.691 245.866 246.426 All items less food and energy 75.7 193.2 196.6 200.9 205.9 210.729 215.572 219.235 221.337 225.008 229.755 230.097 230.236 230.591 230.991 231.258 231.526 232.108 232.512 232.758 232.879 233.267 233.643 234.004 4 Relative importance, June 2013. Source: Department of Labor (Bureau of Labor Statistics). 23 Changes in Producer Prices for Finished Goods [Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA] Change from preceding period Change from 6 months earlier, annual rate Consumer goods Period Change from 3 months earlier, annual rate Consumer goods Consumer goods Total finished goods Foods Total finished goods Foods Excluding foods 0.8 2.4 1.2 2.3 1.4 4.3 –.1 .4 2.3 1.3 ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� 0.3 –.1 .0 .0 .1 .1 .0 .1 .1 .1 .1 .1 .0 –0.8 5.9 10.1 7.9 1.6 –2.8 –1.6 2.9 .8 –2.4 –3.2 2.3 5.0 1.8 5.4 4.1 5.5 7.2 4.3 5.1 –2.3 3.6 –2.9 2.6 r –.2 3.6 Capital equipment Excluding foods Change from year earlier, total finished goods (NSA) Capital equipment Total finished goods Foods Excluding foods ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� 3.2 3.6 4.8 3.0 3.9 6.3 –2.6 4.2 6.0 1.9 –3.0 8.6 16.7 13.2 .6 –6.4 –5.0 5.4 –.2 –4.1 –6.9 3.7 7.9 2.0 1.5 1.0 –.2 .2 .5 .5 .7 1.0 1.5 1.2 1.0 .5 –0.1 1.3 3.3 3.4 3.8 3.5 3.0 2.3 –1.0 –2.0 –.2 1.5 1.2 1.1 2.8 2.3 3.7 6.3 4.2 5.3 2.3 3.9 1.0 .1 1.7 .3 –1.7 .9 4.6 4.8 4.5 4.5 3.7 3.0 –3.3 –4.6 –.9 1.7 1.7 2.0 1.4 1.1 .9 .9 .7 .1 .5 .7 1.0 1.0 1.0 1.0 0.5 1.9 2.1 2.3 1.5 1.4 1.5 1.8 1.1 .6 1.7 2.5 2.1 Capital equipment Change, Dec. to Dec., NSA 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 4.0 4.2 5.4 1.1 6.2 –.9 4.3 3.8 4.7 1.4 7.7 3.1 1.7 1.7 7.6 3.2 1.2 3.4 6.0 2.5 4.1 5.5 8.8 .4 7.7 –4.8 7.4 5.4 5.3 1.1 Change, month to month 2012: July ���������� ���������� Aug Sept ��������� ����������� Oct ���������� Nov ����������� Dec 2013: Jan ����������� ����������� Feb r �������� Mar ����������� Apr May ���������� June ��������� ���������� July 0.4 1.0 1.0 –.2 –.5 –.1 .2 .7 –.6 –.7 .5 .8 .0 0.2 .7 .1 .5 1.1 –.6 .7 –.7 .9 r –.9 .6 .2 .0 0.4 1.7 1.8 –.4 –1.2 .0 .0 1.4 –1.4 –1.0 .6 1.3 .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 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 1.9 3.3 3.4 2.5 4.1 .1 2.7 1.5 3.0 1.7 3.6 2.7 2.3 2.1 4.9 5.9 –.5 1.5 4.7 1.8 2.2 3.0 4.0 3.3 3.0 2.4 –.3 .3 1.9 1.7 2.2 2.7 2.6 4.2 3.1 1.9 .3 .4 1.9 2.2 2.7 2.9 3.1 4.3 4.0 3.4 .7 .8 2.5 2.7 2.0 2.3 2.5 4.3 2.8 2.1 .7 .3 1.8 2.1 6.5 7.9 15.6 .5 5.4 6.0 –3.0 1.8 2.4 .4 –2.1 –.2 –1.1 .9 –.3 –1.0 1.9 –1.1 4.6 1.8 0.3 6.5 4.8 1.6 8.3 –13.3 14.4 5.3 5.2 1.6 –2.1 .5 .8 .2 –.4 –1.1 3.6 –1.1 4.0 1.1 6.8 26.1 16.2 6.4 29.5 –42.2 50.7 13.9 10.3 1.7 3.7 4.2 4.3 3.6 5.2 2.6 3.4 3.3 3.5 3.2 6.9 16.6 17.1 2.9 17.4 –21.3 18.2 7.7 6.6 .5 1.1 2.2 2.2 2.6 2.4 1.8 1.8 .8 2.2 1.9 ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� 2.3 2.7 3.4 3.2 2.8 3.8 –.4 1.6 3.2 2.1 –0.5 2.4 2.2 .1 –2.1 –.4 –.9 3.0 –1.3 –2.7 .1 1.9 .5 –0.1 .1 –.1 –.1 .4 .2 .4 –.3 .1 .2 –.2 –.1 .0 –1.3 7.6 6.3 .0 –6.0 –1.6 –3.2 9.0 –4.2 –8.1 .0 6.1 1.0 0.4 .2 .2 .1 .1 .2 .1 .2 .3 .0 –.1 .4 .2 –1.3 4.6 3.9 .1 –3.4 –.8 –1.7 5.4 –2.6 –4.3 .4 3.4 .2 0.1 .1 .2 .2 .1 .1 .3 .2 .1 .1 .2 .2 .2 ����������� ����������� 2.1 ����������� ����������� 2.2 ����������� ����������� 1.4 ����������� ����������� .0 ����������� –0.2 2.4 4.1 5.0 1.8 –.2 –.7 3.0 2.1 .5 –1.6 1.0 3.2 1.1 1.6 2.0 2.3 2.1 1.9 2.1 2.4 1.0 –.1 .7 1.6 1.8 1.4 1.7 2.0 2.2 1.8 1.7 1.6 2.0 1.5 1.1 1.4 1.8 2.0 Change, month to month 2012: July ���������� ���������� Aug Sept ��������� ����������� Oct ���������� Nov ����������� Dec 2013: Jan ����������� ����������� Feb ���������� Mar ����������� Apr May ���������� June ��������� ���������� July 0.0 .5 .5 .2 –.2 .0 .0 .7 –.2 –.4 .1 .5 .2 0.1 .2 .1 .2 .2 .2 .0 .1 .0 .2 –.1 .2 .1 0.0 .2 .2 .2 .2 .1 .2 .2 .1 .2 .3 .2 .0 0.1 .2 .2 .2 .2 .1 .2 .2 .2 .2 .3 .2 .2 0.3 .2 .2 .4 .2 .2 .2 .3 .2 .2 .3 .2 .2 0.2 .2 .2 .2 .2 .1 .2 .2 .1 .2 .2 .2 .1 1 Includes items not shown separately. 2 Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. 24 –0.9 .7 .5 .3 .6 .3 .4 .6 –.1 .9 .7 .1 –.6 –0.2 –.1 .5 .6 –.5 .1 .8 –.1 –1.0 –.3 .2 .9 .6 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 rose 0.5 and prices received by farmers fell 6.0 percent. (Data are not seasonally adjusted.) [1990–92=100; not seasonally adjusted] Prices received by farmers Period 2003 ��������������������������������������������������� 2004 ��������������������������������������������������� 2005 ��������������������������������������������������� 2006 ��������������������������������������������������� 2007 ��������������������������������������������������� 2008 ��������������������������������������������������� 2009 ��������������������������������������������������� 2010 ��������������������������������������������������� 2011 ��������������������������������������������������� 2012 ��������������������������������������������������� 2012: Aug r ���������������������������������������� Sept ���������������������������������������� ������������������������������������������ Oct r ���������������������������������������� Nov ������������������������������������������ Dec 2013: Jan r ���������������������������������������� r ���������������������������������������� Feb r ��������������������������������������� Mar r ���������������������������������������� Apr May r ��������������������������������������� June r �������������������������������������� r ��������������������������������������� July p ��������������������������������������� Aug All farm products 110 115 110 120 142 169 151 153 204 222 233 227 238 238 226 249 234 238 222 224 232 230 213 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 106 118 114 115 136 149 131 141 178 191 193 195 210 207 199 217 199 201 192 196 200 200 188 Prices paid by farmers 103 122 119 111 130 130 112 130 152 157 154 156 162 167 165 166 162 164 164 170 167 164 163 Production items, interest, taxes, and wage rates 128 134 142 150 161 183 178 183 203 215 216 217 218 217 217 219 220 220 219 220 219 220 221 125 133 141 150 162 188 181 187 210 222 224 225 226 225 225 227 228 228 227 228 227 228 229 Ratio 2 Production items 124 132 140 148 160 190 182 188 215 228 231 232 232 231 231 233 234 234 233 233 233 234 235 83 88 80 77 84 81 74 77 88 89 89 90 96 96 92 99 90 91 88 89 91 91 85 Note: The official indexes are published on a 1910–14 base as required by law. The indexes have been converted to a 1990–92=100 base to facilitate comparison with other indexes. Source: Department of Agriculture. 25 MONEY, CREDIT, AND SECURITY MARKETS Money Stock and Debt Measures In July, M2 rose. [Averages of daily figures, except debt end-of-period basis; billions of dollars, seasonally adjusted] M1 Period 2003: Dec ������������������������������������������ 2004: Dec ������������������������������������������ 2005: Dec ������������������������������������������ 2006: Dec ������������������������������������������ 2007: Dec ������������������������������������������ 2008: Dec ������������������������������������������ 2009: Dec ������������������������������������������ 2010: Dec ������������������������������������������ 2011: Dec ������������������������������������������ 2012: Dec r ���������������������������������������� 2012: July ����������������������������������������� ����������������������������������������� Aug Sept ���������������������������������������� ������������������������������������������ Oct r ���������������������������������������� Nov ������������������������������������������ Dec 2013: Jan ������������������������������������������ r ���������������������������������������� Feb r ��������������������������������������� Mar r ���������������������������������������� Apr May r ��������������������������������������� June r �������������������������������������� ����������������������������������������� July M2 Sum of currency, demand deposits, travelers checks, and other checkable deposits (OCDs) 1,306.6 1,375.9 1,374.9 1,366.5 1,374.3 1,604.9 1,695.8 1,836.7 2,160.9 2,445.6 2,312.6 2,340.0 2,374.3 2,420.9 2,406.5 2,445.6 2,466.2 2,478.0 2,463.3 2,523.3 2,534.7 2,522.6 2,549.1 Debt M1 plus retail MMMF balances, savings deposits (including MMDAs), and small time deposits 6,039.6 6,390.9 6,656.8 7,042.0 7,450.5 8,183.8 8,487.4 8,782.4 9,638.3 10,409.1 10,012.8 10,085.3 10,160.9 10,245.9 10,298.4 10,409.1 10,448.8 10,424.9 10,460.2 10,526.0 10,552.9 10,598.9 10,709.7 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 22,518.8 25,346.4 27,689.6 30,059.2 32,622.3 34,543.4 35,473.7 36,909.5 38,267.5 40,121.4 ��������������������������������������������� ��������������������������������������������� 39,476.5 ��������������������������������������������� ��������������������������������������������� 40,121.4 ��������������������������������������������� ��������������������������������������������� 40,584.0 ��������������������������������������������� ��������������������������������������������� ��������������������������������������������� ��������������������������������������������� Percent change From year or 6 months earlier 2 M1 From previous period 3 M2 7.1 5.3 –.1 –.6 .6 16.8 5.7 8.3 17.7 13.2 10.1 11.1 13.6 14.9 12.7 15.7 13.3 11.8 7.5 8.5 10.7 6.3 6.7 Debt 5.2 5.8 4.2 5.8 5.8 9.8 3.7 3.5 9.7 8.0 6.2 6.9 7.7 8.5 8.7 9.8 8.7 6.7 5.9 5.5 4.9 3.6 5.0 8.0 9.3 9.2 8.6 8.5 5.9 3.1 4.2 3.7 4.9 ������������������������������� ������������������������������� 2.7 ������������������������������� ������������������������������� 6.5 ������������������������������� ������������������������������� 4.6 ������������������������������� ������������������������������� ������������������������������� ������������������������������� 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 2003: Dec ����������� 2004: Dec ����������� 2005: Dec ����������� 2006: Dec ����������� 2007: Dec ����������� 2008: Dec ����������� 2009: Dec ����������� 2010: Dec ����������� 2011: Dec ����������� 2012: Dec ����������� 2012: July ���������� ���������� Aug Sept ��������� ����������� Oct ���������� Nov ����������� Dec 2013: Jan ����������� r ��������� Feb r �������� Mar r ��������� Apr May r �������� June r ������� ���������� July Currency 662.5 697.6 724.3 749.8 760.3 816.3 864.1 919.1 1,001.9 1,090.8 1,052.7 1,059.9 1,068.6 1,077.6 1,083.0 1,090.8 1,097.5 1,098.8 1,102.5 1,108.9 1,116.3 1,123.0 1,131.5 Nonbank travelers checks Other checkable deposits (OCDs) Demand deposits At commercial banks Total 7.7 7.6 7.2 6.7 6.3 5.5 5.1 4.7 4.3 3.8 4.0 3.9 3.9 3.9 3.9 3.8 3.8 3.8 3.8 3.7 3.7 3.7 3.6 326.3 343.0 324.7 305.0 302.4 471.9 443.4 512.8 742.5 907.5 824.9 843.8 868.2 901.5 887.7 907.5 909.7 922.8 906.4 953.0 959.1 944.9 951.0 310.0 327.8 318.8 304.9 305.4 311.1 383.2 400.1 412.3 443.6 431.0 432.4 433.6 438.0 432.0 443.6 455.2 452.6 450.7 457.7 455.7 451.1 462.9 Savings deposits 1 At thrift institutions 175.2 187.0 180.7 176.7 172.8 178.5 234.0 238.9 237.1 248.0 242.9 243.2 242.0 246.2 240.4 248.0 254.9 252.2 248.0 253.4 251.9 246.1 252.0 134.8 140.8 138.1 128.2 132.6 132.6 149.2 161.2 175.2 195.6 188.1 189.2 191.5 191.8 191.6 195.6 200.3 200.4 202.6 204.3 203.8 205.0 211.0 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 3,162.0 3,508.8 3,606.5 3,693.7 3,870.1 4,101.0 4,830.4 5,345.3 6,050.3 6,692.4 6,384.6 6,442.4 6,494.8 6,543.7 6,619.2 6,692.4 6,709.7 6,700.8 6,762.7 6,778.6 6,803.5 6,857.2 6,939.4 At commercial banks 2,337.3 2,632.6 2,776.9 2,910.4 3,042.5 3,330.0 3,991.6 4,419.8 5,048.6 5,731.9 5,360.7 5,413.0 5,464.0 5,507.8 5,665.7 5,731.9 5,731.7 5,716.3 5,768.2 5,780.7 5,795.8 5,845.1 5,917.8 Small-denomination time deposits 2 At thrift institutions 824.7 876.2 829.6 783.3 827.5 771.0 838.8 925.5 1,001.7 960.5 1,024.0 1,029.5 1,030.8 1,035.9 953.5 960.5 978.0 984.6 994.4 997.9 1,007.7 1,012.0 1,021.6 At commercial banks Total 818.1 828.4 993.7 1,205.9 1,275.8 1,456.7 1,181.9 926.8 765.2 631.0 688.0 677.8 667.3 655.8 642.8 631.0 621.2 610.0 600.3 590.3 580.7 567.8 556.5 541.9 551.9 646.7 780.6 858.7 1,078.0 862.5 656.3 536.8 454.5 491.7 484.8 478.0 469.8 463.5 454.5 445.7 437.2 431.4 424.7 418.4 409.0 402.4 Retail money funds At thrift institutions 276.2 276.5 347.0 425.3 417.1 378.7 319.4 270.5 228.4 176.4 196.3 193.0 189.3 186.0 179.2 176.4 175.5 172.8 168.9 165.6 162.3 158.8 154.1 752.8 677.8 681.7 776.0 930.3 1,021.2 779.3 673.6 661.8 640.1 627.5 625.0 624.5 625.4 629.9 640.1 651.7 636.0 634.0 633.8 633.9 651.5 664.7 Institutional money funds 3 1,161.4 1,105.9 1,176.7 1,391.4 1,961.2 2,459.3 2,254.4 1,894.1 1,763.1 1,742.9 1,730.0 1,741.5 1,750.7 1,742.3 1,735.2 1,742.9 1,770.6 1,768.2 1,754.8 1,755.6 1,746.9 1,749.6 1,758.7 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, not seasonally adjusted] Reserves of depository institutions Reserve balances maintained Period Total 2003: Dec ������������ 2004: Dec ������������ 2005: Dec ������������ 2006: Dec ������������ 2007: Dec ������������ 2008: Dec ������������ 2009: Dec ������������ 2010: Dec ������������ 2011: Dec ������������ 2012: Dec ������������ 2012: Aug ����������� Sept ���������� ������������ Oct ����������� Nov ������������ Dec 2013: Jan ������������ ������������ Feb ����������� Mar ������������ Apr May ����������� June ���������� ����������� July ����������� Aug 10,867 12,045 10,046 8,479 8,098 783,631 1,099,831 1,035,074 1,550,043 1,517,425 1,532,976 1,468,681 1,476,730 1,497,506 1,517,425 1,582,524 1,680,086 1,760,359 1,832,952 1,930,723 2,010,604 2,094,225 2,199,056 To satisfy reserve balance requirements 2 That exceed the top of the penalty-free band ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ 69,338 71,408 ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ 2,024,886 2,127,648 Reserve balance requirements 3 9,820 10,137 8,146 6,616 6,314 16,312 24,632 28,438 47,838 58,674 55,226 59,240 58,455 62,202 58,674 63,065 63,298 62,205 64,118 67,377 63,668 63,296 65,189 Borrowings from the Federal Reserve Vault cash used to satisfy required reserves 4 32,087 34,802 35,337 34,803 35,365 37,245 40,619 42,927 48,672 52,958 49,217 48,826 48,854 48,604 52,958 54,410 53,308 50,941 51,737 51,261 52,302 53,481 53,575 1 Data are prorated averages of biweekly (maintenance period) averages of daily figures. 2 Equals the sum of balances maintained up to the top of each institution’s penalty-free band. 3 Excludes vault cash used to satisfy required reserves. 4 The amount of vault cash held by institutions whose required reserves exceed their vault Nonborrowed 5 42,907 46,784 45,214 43,091 28,033 167,311 970,523 1,032,513 1,589,189 1,569,587 1,578,923 1,515,542 1,524,118 1,545,059 1,569,587 1,636,369 1,732,928 1,810,906 1,884,288 1,981,573 2,062,555 2,147,346 2,252,314 Monetary base 6 739,408 776,279 803,124 826,731 837,192 1,666,365 2,026,220 2,017,000 2,619,586 2,675,945 2,650,750 2,594,909 2,611,775 2,646,809 2,675,945 2,741,743 2,845,244 2,935,024 3,011,731 3,116,937 3,201,483 3,290,899 3,398,930 Total 7 46 63 169 191 15,430 653,565 169,927 45,488 9,526 795 3,271 1,965 1,466 1,051 795 565 465 394 401 410 351 359 317 Primary Secondary 17 11 97 111 3,787 88,245 19,025 41 103 12 39 62 17 9 12 11 10 8 9 12 19 15 17 0 0 0 0 1 52 518 3 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Seasonal 29 52 72 80 30 3 37 26 23 23 138 123 66 37 23 7 1 0 11 42 65 109 142 Term assetbacked securities loan facility 8 �������������������� �������������������� �������������������� �������������������� �������������������� �������������������� 46,310 25,025 9,400 760 3,094 1,781 1,383 1,006 760 548 454 386 380 356 267 235 158 7 Includes term auction credit (December 2007 to April 2010), primary dealer and other brokerdealer credit (March 2008 to February 2010), credit extended to American International Group, Inc. (September 2008 to January 2011), asset-backed commercial paper money market mutual fund liquidity facility (September 2008 to February 2010), and other credit extensions, not shown separately. 8 Includes credit extended by the Federal Reserve Bank of New York to eligible borrowers through the Term Asset-Backed Securities Loan Facility. cash plus the amount of vault cash applied during the maintenance period to satisfy current reserve requirements by institutions whose vault cash exceeds their required reserves. 5 Total reserve balances maintained plus vault cash used to satisfy required reserves less total Note: Data on reserve balances maintained reflect the creation of a penalty-free band acround borrowings from the Federal Reserve. reserve balance requirements, which took effect on June 27, 2013. For more information on table 6 Equals total balances maintained plus currency in circulation (not shown). changes, see H.3 release of July 11, 2013. Source: Board of Governors of the Federal Reserve System. 27 Bank Credit at All Commercial Banks Total commercial bank loans and leases rose 0.2 percent in July. [Billions of dollars, seasonally adjusted 1] Securities in bank credit 2 Period 2003: Dec ����������� 2004: Dec ����������� 2005: Dec ����������� 2006: Dec ����������� 2007: Dec ����������� 2008: Dec ����������� 2009: Dec ����������� 2010: Dec ����������� 2011: Dec ����������� 2012: Dec ����������� 2012: July ���������� ���������� Aug Sept ��������� ����������� Oct ���������� Nov ����������� Dec 2013: Jan ����������� ����������� Feb r �������� Mar r ��������� Apr May r �������� June r ������� ���������� July Total bank credit 5,999.4 6,582.5 7,304.1 8,091.8 8,894.8 9,342.7 8,988.8 9,186.5 9,407.6 9,951.6 9,757.3 9,784.0 9,810.4 9,826.3 9,874.2 9,951.6 9,979.2 9,991.1 9,995.6 10,056.8 10,042.0 10,035.9 10,018.1 Total securities 1,621.7 1,741.1 1,854.3 1,987.4 2,102.9 2,093.7 2,328.2 2,429.6 2,496.1 2,736.0 2,640.3 2,647.2 2,658.8 2,667.2 2,690.3 2,736.0 2,730.0 2,722.8 2,721.1 2,754.9 2,748.9 2,730.2 2,699.5 U.S. Treasury and agency securities 1,112.6 1,169.9 1,158.1 1,216.0 1,135.9 1,252.9 1,450.4 1,640.4 1,698.5 1,876.7 1,831.5 1,836.9 1,838.8 1,837.4 1,851.0 1,876.7 1,863.4 1,856.6 1,849.8 1,871.5 1,858.6 1,847.9 1,813.3 Loans and leases in bank credit Real estate loans Other securities 509.1 571.2 696.1 771.4 967.1 840.8 877.8 789.2 797.6 859.3 808.8 810.3 820.0 829.8 839.3 859.3 866.6 866.3 871.3 883.4 890.3 882.3 886.2 Total loans and leases 3 4,377.7 4,841.4 5,449.9 6,104.3 6,791.9 7,249.0 6,660.6 6,756.8 6,911.5 7,215.7 7,117.1 7,136.8 7,151.6 7,159.1 7,183.9 7,215.7 7,249.1 7,268.3 7,274.5 7,301.9 7,293.1 7,305.7 7,318.6 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 889.7 913.5 1,043.8 1,191.5 1,431.2 1,573.3 1,279.2 1,209.6 1,336.0 1,500.3 1,452.4 1,462.7 1,466.1 1,479.2 1,481.2 1,500.3 1,514.8 1,523.4 1,531.7 1,540.5 1,540.8 1,556.9 1,570.9 Total 4 2,206.4 2,552.2 2,923.5 3,366.3 3,593.7 3,817.2 3,774.0 3,609.4 3,489.6 3,541.7 3,526.4 3,525.6 3,530.0 3,521.3 3,544.8 3,541.7 3,548.6 3,545.9 3,541.9 3,547.1 3,537.5 3,540.2 3,531.9 Revolving home equity loans Commercial loans 278.7 ��������������������� 395.3 1,081.8 443.2 1,272.4 467.8 1,460.2 484.6 1,584.4 588.0 1,727.6 602.9 1,639.1 581.5 1,498.2 548.1 1,416.9 513.8 1,425.2 533.7 1,416.6 530.1 1,416.8 525.9 1,417.6 521.2 1,418.8 517.7 1,420.7 513.8 1,425.2 509.0 1,428.4 506.4 1,427.4 502.9 1,427.5 498.2 1,430.5 493.8 1,433.5 491.0 1,436.3 487.2 1,443.7 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 5 664.9 690.8 702.6 736.5 798.2 875.3 835.5 1,114.3 1,091.1 1,116.9 1,104.9 1,107.6 1,109.5 1,111.7 1,114.5 1,116.9 1,116.1 1,118.7 1,122.6 1,127.0 1,132.0 1,137.9 1,141.6 Other loans and leases 6 616.6 684.9 780.0 810.0 968.7 983.2 771.9 823.5 994.8 1,056.7 1,033.3 1,040.8 1,046.1 1,046.9 1,043.4 1,056.7 1,069.7 1,080.3 1,078.2 1,087.3 1,082.8 1,070.6 1,074.1 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 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2011: I ���������������� ��������������� II �������������� III �������������� IV 2012: I ���������������� ��������������� II �������������� III �������������� IV 2013: I p �������������� Internal 1 856.2 1,561.3 2,060.9 1,933.4 2,349.1 1,443.2 893.3 1,857.6 1,925.5 2,194.3 1,706.1 1,881.9 1,940.4 2,173.5 1,953.4 2,132.2 2,375.8 2,315.8 2,072.4 842.7 947.2 1,095.4 1,094.1 1,068.1 1,104.2 1,148.0 1,371.2 1,471.6 1,497.8 1,360.3 1,482.1 1,500.9 1,542.9 1,465.0 1,524.7 1,494.8 1,506.7 1,494.8 Total net funds raised Total 13.5 614.1 965.5 839.3 1,281.0 339.0 –254.7 486.4 453.9 696.5 345.8 399.8 439.5 630.6 488.4 607.5 881.0 809.1 577.6 49.6 123.5 30.9 –33.3 68.3 34.5 –215.1 –83.4 52.6 246.1 147.1 117.4 –162.0 107.9 200.0 8.6 162.2 613.7 404.9 Net new equity issues –39.6 –122.7 –341.8 –565.7 –786.8 –336.0 –64.6 –278.0 –472.5 –400.7 –324.2 –510.8 –616.0 –438.8 –291.8 –508.2 –397.1 –405.8 –259.5 Credit market instruments Securities and mortgages Total Loans and short-term paper 210.5 175.8 297.4 360.0 460.0 230.6 317.4 343.9 362.9 583.1 401.5 418.8 284.3 347.5 507.3 431.5 578.5 815.0 524.7 –121.4 70.4 75.4 172.4 395.1 139.8 –468.0 –149.3 162.1 63.8 69.8 209.4 169.8 199.3 –15.5 85.4 –19.0 204.5 139.8 89.2 246.2 372.7 532.4 855.1 370.5 –150.5 194.6 525.1 646.8 471.2 628.3 454.0 546.7 491.8 516.8 559.3 1,019.5 664.4 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 –36.0 490.6 934.6 872.6 1,212.7 304.4 –39.7 569.8 401.3 450.3 198.7 282.4 601.5 522.8 288.3 598.9 718.7 195.4 172.7 Capital expenditures 3 864.6 1,636.9 1,903.0 1,803.4 2,221.8 508.4 1,073.8 1,589.2 1,575.0 2,037.6 1,353.3 1,508.3 1,669.5 1,769.0 1,903.1 1,981.4 2,248.5 2,017.3 2,088.3 777.0 856.8 957.3 1,102.5 1,146.9 1,112.4 766.5 975.2 1,056.0 1,192.7 989.5 1,034.7 1,041.8 1,158.0 1,180.9 1,181.4 1,214.5 1,194.1 1,202.5 Increase in financial assets 87.6 780.1 945.7 700.9 1,074.9 –604.0 307.3 614.0 519.0 844.9 363.8 473.6 627.7 611.0 722.2 800.0 1,034.0 823.2 885.8 Discrepancy (sources less uses) –8.4 –75.5 158.0 130.1 127.3 934.7 –180.5 268.4 350.4 156.7 352.8 373.6 270.9 404.5 50.2 150.8 127.3 298.5 –15.8 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 2003: Dec ������������������������������������������ 2004: Dec ������������������������������������������ 2005: Dec ������������������������������������������ 2006: Dec ������������������������������������������ 2007: Dec ������������������������������������������ 2008: Dec ������������������������������������������ 2009: Dec ������������������������������������������ 2010: Dec ������������������������������������������ 2011: Dec r ���������������������������������������� 2012: Dec r ���������������������������������������� 2012: July r ��������������������������������������� r ���������������������������������������� Aug Sept r ��������������������������������������� r ����������������������������������������� Oct r ���������������������������������������� Nov r ���������������������������������������� Dec 2013: Jan r ���������������������������������������� r ���������������������������������������� Feb r ��������������������������������������� Mar r ���������������������������������������� Apr May r ��������������������������������������� June ���������������������������������������� p ��������������������������������������� July Nonrevolving 2 Revolving 2,077.4 2,192.2 2,290.9 2,361.8 2,506.3 2,525.9 2,420.2 2,522.2 2,615.2 2,767.2 2,694.5 2,713.1 2,722.9 2,739.1 2,753.1 2,767.2 2,780.9 2,801.1 2,805.8 2,813.8 2,829.8 2,841.7 2,852.1 768.3 799.6 829.5 924.9 1,002.9 1,005.2 917.2 840.7 842.5 845.8 842.3 846.8 845.1 848.0 848.0 845.8 848.4 849.9 849.1 849.4 855.4 851.6 849.8 1,309.1 1,392.7 1,461.4 1,436.9 1,503.4 1,520.7 1,503.0 1,681.5 1,772.8 1,921.4 1,852.2 1,866.3 1,877.7 1,891.1 1,905.1 1,921.4 1,932.5 1,951.3 1,956.7 1,964.4 1,974.4 1,990.1 2,002.3 Total Nonrevolving 2 Revolving 105.3 114.8 98.7 70.9 144.5 19.6 –105.7 102.0 93.0 152.0 4.1 18.6 9.8 16.2 14.0 14.1 13.7 20.2 4.7 8.0 16.0 11.9 10.4 17.4 31.3 29.9 95.4 78.0 2.3 –88.0 –76.5 1.8 3.3 –2.0 4.5 –1.7 2.9 .0 –2.2 2.6 1.5 –.8 .3 6.0 –3.8 –1.8 87.9 83.6 68.7 –24.5 66.5 17.3 –17.7 178.5 91.3 148.6 6.1 14.1 11.4 13.4 14.0 16.3 11.1 18.8 5.4 7.7 10.0 15.7 12.2 1 Change based on data in billions of dollars as shown here. For year-end data, change from Note: Data include student loans extended by the Federal Government and by SLM Holding preceding year-end; for monthly data, change from preceding month. Corporation. 2 Includes automobile loans and all other loans not included in revolving credit, such as loans for Source: Board of Governors of the Federal Reserve System. mobile homes, education, boats, trailers, or vacations. These loans may be secured or unsecured. 29 Interest Rates and Bond Yields Interest rates were mixed in August. [Percent per annum] U.S. Treasury security yields Period 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2012: Aug ���������� Sept ��������� ����������� Oct ���������� Nov ����������� Dec 2013: Jan ����������� ����������� Feb ���������� Mar ����������� Apr May ���������� June ��������� ���������� July ���������� Aug Week ended: 2013: Aug 10 ����� 17 ����� 24 ����� 31 ����� Sept 7 ����� 3-month bills (at auction) 1 Constant maturities 2 3-year 10-year 30-year High-grade municipal bonds (Standard & Poor’s) 3 Discount window (N.Y. F.R. Bank) 4, 5 Primary credit Prime rate charged by banks 5 Discount rate 1.01 1.38 3.16 4.73 4.41 1.48 .16 .14 .06 .09 .11 .10 .10 .11 .08 .07 .10 .09 .06 .05 .05 .04 .04 2.10 2.78 3.93 4.77 4.35 2.24 1.43 1.11 .75 .38 .37 .34 .37 .36 .35 .39 .40 .39 .34 .40 .58 .64 .70 4.01 4.27 4.29 4.80 4.63 3.66 3.26 3.22 2.78 1.80 1.68 1.72 1.75 1.65 1.72 1.91 1.98 1.96 1.76 1.93 2.30 2.58 2.74 * * * 4.91 4.84 4.28 4.08 4.25 3.91 2.92 2.77 2.88 2.90 2.80 2.88 3.08 3.17 3.16 2.93 3.11 3.40 3.61 3.76 4.73 4.63 4.29 4.42 4.42 4.80 4.64 4.16 4.29 3.14 3.07 3.02 2.89 2.68 2.73 2.93 3.09 3.27 3.22 3.39 4.02 4.51 4.77 5.67 5.63 5.24 5.59 5.56 5.63 5.31 4.94 4.64 3.67 3.48 3.49 3.47 3.50 3.65 3.80 3.90 3.93 3.73 3.89 4.27 4.34 4.54 2.12 2.34 4.19 5.96 5.86 2.39 .50 .72 .75 .75 .75 .75 .75 .75 .75 .75 .75 .75 .75 .75 .75 .75 .75 * * * * * * * * * * * * * * * * * * * * * * * 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 .06 .05 .04 .03 .02 .61 .68 .77 .79 .90 2.62 2.73 2.86 2.76 2.92 3.68 3.77 3.87 3.72 3.84 4.66 4.73 4.86 4.86 4.90 4.43 4.56 4.67 4.54 4.67 .75 .75 .75 .75 .75 * * * * * 3.25 3.25 3.25 3.25 3.25 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) New-home mortgage yields (FHFA) 7 Federal funds rate 6 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 .10 4.56 .14 3.69 .13 3.67 .14 3.62 .16 3.58 .16 3.46 .16 3.40 .14 3.41 .15 3.49 .14 3.61 .15 3.66 .11 3.55 .09 3.64 .09 4.07 .08 ����������������������� .09 .08 .09 .08 .08 ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� 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 were mixed 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 2003 ��������������������� 2004 ��������������������� 2005 ��������������������� 2006 ��������������������� 2007 ��������������������� 2008 ��������������������� 2009 ��������������������� 2010 ��������������������� 2011 ��������������������� 2012 ��������������������� 2012: Aug ����������� Sept ���������� ������������ Oct ����������� Nov ������������ Dec 2013: Jan ������������ ������������ Feb ����������� Mar ������������ Apr May ����������� June ���������� ����������� July ����������� Aug Week ended: 2013: Aug 10 ������ 17 ������ 24 ������ 31 ������ Sept 7 ������ Financial Energy Health Care Dow Jones industrial average 4 Standard & Poor’s composite index (1941–43=10) 5 Nasdaq composite index (Feb. 5, 1971=100) 6 Dividend/price ratio Earnings/price ratio 5,547.46 6,612.62 7,349.00 8,357.99 9,648.82 8,036.88 6,091.02 7,230.43 7,871.41 8,011.65 8,011.67 8,279.78 8,295.68 8,129.90 8,367.74 8,759.89 8,896.97 9,038.29 9,092.21 9,440.35 9,204.10 9,463.58 9,496.64 5,583.00 6,822.18 7,383.70 8,654.40 9,321.39 6,278.38 3,987.04 4,744.05 4,641.01 4,616.63 4,545.72 4,794.62 4,855.25 4,804.71 5,012.50 5,334.30 5,428.85 5,500.12 5,526.59 5,842.60 5,697.29 5,908.95 5,897.94 5,273.90 6,952.36 9,377.84 11,206.94 13,339.99 13,258.42 10,020.30 10,943.85 12,880.35 12,512.31 12,575.01 12,954.45 12,812.78 12,343.98 12,550.75 13,126.08 13,172.85 13,166.60 12,917.17 13,456.16 13,064.60 13,394.54 13,404.11 5,288.67 5,924.80 6,283.96 6,685.06 7,191.79 6,171.19 5,456.63 6,230.62 6,847.80 7,503.05 7,617.84 7,830.79 7,988.93 7,757.04 7,943.33 8,271.48 8,466.93 8,665.01 9,090.44 9,271.60 9,199.64 9,394.52 9,466.69 8,993.59 10,317.39 10,547.67 11,408.67 13,169.98 11,252.62 8,876.15 10,662.80 11,966.36 12,967.08 13,134.90 13,418.50 13,380.65 12,896.44 13,144.18 13,615.32 13,967.33 14,418.26 14,675.91 15,172.18 15,035.75 15,390.21 15,105.69 965.23 1,130.65 1,207.23 1,310.46 1,477.19 1,220.04 948.05 1,139.97 1,267.64 1,379.35 1,403.44 1,443.42 1,437.82 1,394.51 1,422.29 1,480.40 1,512.31 1,550.83 1,570.70 1,639.84 1,618.77 1,668.68 1,670.09 1,647.17 1,986.53 2,099.32 2,263.41 2,578.47 2,161.65 1,845.38 2,349.89 2,677.44 2,965.56 3,032.67 3,136.80 3,060.26 2,941.02 3,003.79 3,125.91 3,169.21 3,236.17 3,251.35 3,440.38 3,416.74 3,559.71 3,639.93 1.77 1.72 1.83 1.87 1.86 2.37 2.40 1.98 2.05 2.24 2.26 2.21 2.24 2.33 2.28 2.24 2.21 2.19 2.16 2.12 2.18 2.14 2.15 3.84 4.89 5.36 5.78 5.29 3.54 1.86 6.04 6.77 6.20 ���������������������������� 6.00 ���������������������������� ���������������������������� 6.07 ���������������������������� ���������������������������� 5.59 ���������������������������� ���������������������������� 5.66 ���������������������������� ���������������������������� 9,622.20 9,557.60 9,409.49 9,323.23 9,398.44 5,990.18 5,943.06 5,843.90 5,752.78 5,820.29 13,501.80 13,404.29 13,233.50 13,387.53 13,486.86 9,600.91 9,521.54 9,408.69 9,285.43 9,323.60 15,110.57 15,280.40 14,977.11 14,839.67 14,906.20 1,696.86 1,677.23 1,652.33 1,638.67 1,650.78 3,668.39 3,646.51 3,619.79 3,607.92 3,645.11 2.12 2.11 2.16 2.19 2.18 ���������������������������� ���������������������������� ���������������������������� ���������������������������� ���������������������������� 1 Average of daily closing prices. 2 Includes all the stocks (in 2012, over 2,900) 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 over 2,400 stocks in 2012. 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 first ten months of fiscal year 2013, the deficit was $607.4 billion, compared with a deficit of $973.8 billion a year earlier. [Billions of dollars] Total Fiscal year or period Receipts 1995 ���������������������������������������������������� 1996 ���������������������������������������������������� 1997 ���������������������������������������������������� 1998 ���������������������������������������������������� 1999 ���������������������������������������������������� 2000 ���������������������������������������������������� 2001 ���������������������������������������������������� 2002 ���������������������������������������������������� 2003 ���������������������������������������������������� 2004 ���������������������������������������������������� 2005 ���������������������������������������������������� 2006 ���������������������������������������������������� 2007 ���������������������������������������������������� 2008 ���������������������������������������������������� 2009 ���������������������������������������������������� 2010 ���������������������������������������������������� 2011 ���������������������������������������������������� 2012 ���������������������������������������������������� 2013 (estimates) ��������������������������������� 2014 (estimates) ��������������������������������� Cumulative total, first 10 months: 1 Fiscal year 2012 ���������������������������������� Fiscal year 2013 ���������������������������������� Outlays On-budget Surplus or deficit (–) Receipts Outlays Federal debt (end of period) Off-budget Surplus or deficit (–) Receipts Outlays Surplus or deficit (–) Gross Federal 1,351.8 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 2,303.5 2,450.2 2,776.6 3,023.0 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 3,457.1 3,603.1 3,537.1 3,535.9 3,773.4 –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 –1,294.4 –1,299.6 –1,087.0 –759.3 –750.4 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 1,737.7 1,880.7 2,102.4 2,283.8 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 2,902.4 3,104.5 3,029.5 2,899.6 3,068.3 –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 –1,371.4 –1,366.8 –1,148.9 –797.2 –784.5 351.1 367.5 392.0 415.8 444.5 480.6 507.5 515.3 523.8 534.7 577.5 608.4 635.1 658.0 654.0 631.7 565.8 569.5 674.1 739.2 288.7 300.9 310.6 316.6 320.8 330.8 346.8 355.7 363.0 379.5 402.2 422.1 453.6 474.8 517.0 554.7 498.6 507.6 636.3 705.1 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 67.2 61.9 37.9 34.1 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 14,764.2 16,050.9 17,077.5 18,083.0 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 10,128.2 11,281.1 12,212.8 13,086.5 2,008.7 2,287.2 2,982.5 2,894.6 –973.8 –607.4 1,531.3 1,727.9 2,586.4 2,396.2 –1,055.0 –668.2 477.3 559.2 396.1 498.4 81.2 60.8 15,913.8 16,718.8 11,131.0 11,925.1 1 Data from current issue Monthly Treasury Statement. Note: Data for fiscal year 2013 and fiscal year 2014 are from Mid-Session Review, Budget of the U.S. Government, Fiscal Year 2014, issued July 8, 2013. Other data (except as noted) are from Budget of the United States Government, Fiscal Year 2014, issued April 10, 2013. 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 first ten months of fiscal year 2013, receipts were $278.5 billion higher than a year earlier and outlays were $87.9 billion lower. [Billions of dollars] On-budget and off-budget receipts Fiscal year or period 1995 ���������������������������������������������������� 1996 ���������������������������������������������������� 1997 ���������������������������������������������������� 1998 ���������������������������������������������������� 1999 ���������������������������������������������������� 2000 ���������������������������������������������������� 2001 ���������������������������������������������������� 2002 ���������������������������������������������������� 2003 ���������������������������������������������������� 2004 ���������������������������������������������������� 2005 ���������������������������������������������������� 2006 ���������������������������������������������������� 2007 ���������������������������������������������������� 2008 ���������������������������������������������������� 2009 ���������������������������������������������������� 2010 ���������������������������������������������������� 2011 ���������������������������������������������������� 2012 ���������������������������������������������������� 2013 (estimates) ��������������������������������� 2014 (estimates) ��������������������������������� Cumulative total, first 10 months: 1 Fiscal year 2012 ���������������������������������� Fiscal year 2013 ���������������������������������� Total Social Indi- Corpora- insurance vidual tion and income income retiretaxes taxes ment 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 1,351.8 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 2,303.5 2,450.2 2,776.6 3,023.0 590.2 656.4 737.5 828.6 879.5 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 1,091.5 1,132.2 1,309.7 1,395.8 157.0 171.8 182.3 188.7 184.7 207.3 151.1 148.0 131.8 189.4 278.3 353.9 370.2 304.3 138.2 191.4 181.1 242.3 278.7 333.4 484.5 509.4 539.4 571.8 611.8 652.9 694.0 700.8 713.0 733.4 794.1 837.8 869.6 900.2 890.9 864.8 818.8 845.3 951.3 1,030.2 120.1 115.4 120.1 132.6 151.5 160.6 151.7 146.0 143.9 148.4 154.0 171.2 164.7 173.7 160.5 207.9 212.1 230.4 236.9 263.5 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 3,457.1 3,603.1 3,537.1 3,535.9 3,773.4 272.1 265.7 270.5 268.2 274.8 294.4 304.7 348.5 404.7 455.8 495.3 521.8 551.3 616.1 661.0 693.5 705.6 677.9 641.9 624.6 259.4 253.1 258.3 255.8 261.2 281.0 290.2 331.8 387.1 436.4 474.1 499.3 528.5 594.6 636.7 666.7 678.1 650.9 617.0 595.8 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 45.7 47.2 52.2 56.3 115.4 119.4 123.8 131.4 141.0 154.5 172.2 196.5 219.5 240.1 250.5 252.7 266.4 280.6 334.3 369.1 372.5 346.7 375.9 450.5 159.9 174.2 190.0 192.8 190.4 197.1 217.4 230.9 249.4 269.4 298.6 329.9 375.4 390.8 430.1 451.6 485.7 471.8 502.2 519.8 223.8 229.7 235.0 237.8 242.5 253.7 269.8 312.7 334.6 333.1 345.8 352.5 366.0 431.3 533.2 622.2 597.4 541.3 546.9 539.2 335.8 349.7 365.3 379.2 390.0 409.4 433.0 456.0 474.7 495.5 523.3 548.5 586.2 617.0 683.0 706.7 730.8 773.3 815.1 856.5 232.1 241.1 244.0 241.1 229.8 222.9 206.2 170.9 153.1 160.2 184.0 226.6 237.1 252.8 186.9 196.2 230.0 220.4 215.4 222.5 160.2 167.2 157.3 188.9 218.1 239.7 243.1 273.1 302.6 311.8 339.8 393.5 317.9 365.2 651.6 372.5 435.5 458.5 386.2 503.8 2,008.7 2,287.2 928.2 1,090.3 182.4 212.8 711.4 790.5 186.7 193.7 2,982.5 2,894.6 564.4 529.6 539.6 506.6 41.6 36.6 288.9 299.1 387.5 413.5 465.7 464.1 642.3 676.2 215.2 209.3 377.0 266.1 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 2013 and fiscal year 2014 are from Mid-Session Review, Budget of the U.S. Government, Fiscal Year 2014, issued July 8, 2013. Other data (except as noted) are from Budget of the United States Government, Fiscal Year 2014, issued April 10, 2013. Sources: Department of the Treasury and Office of Management and Budget. 33 Federal Sector, National Income Accounts Basis In the second quarter of 2013, according to current estimates, Federal current receipts rose $263.9 billion (annual rate), while Federal current expenditures rose $67.1 billion. [Billions of dollars; quarterly data at seasonally adjusted annual rates] Federal Government current receipts Current tax receipts Period Calendar year: 2003 ������������� 2004 ������������� 2005 ������������� 2006 ������������� 2007 ������������� 2008 ������������� 2009 ������������� 2010 ������������� 2011 ������������� 2012 ������������� 2010: I ��������������� �������������� II ������������� III ������������� IV 2011: I ��������������� �������������� II ������������� III ������������� IV 2012: I ��������������� �������������� II ������������� III ������������� IV 2013: I r ������������� r ������������ II Total 1,889.9 2,022.2 2,298.1 2,531.7 2,660.8 2,505.7 2,230.1 2,391.7 2,516.7 2,663.0 2,309.0 2,363.1 2,429.9 2,465.0 2,506.3 2,523.1 2,515.7 2,521.6 2,645.4 2,641.1 2,656.6 2,709.0 2,900.1 3,164.0 Total 1 1,071.0 1,154.0 1,384.5 1,558.5 1,637.1 1,448.1 1,163.7 1,305.0 1,496.1 1,636.0 1,238.1 1,279.8 1,334.9 1,367.1 1,486.7 1,503.1 1,488.2 1,506.6 1,611.7 1,614.0 1,638.6 1,679.8 1,711.0 1,742.6 Personal current taxes 774.1 798.5 932.1 1,049.6 1,164.4 1,101.7 857.2 893.8 1,077.0 1,149.2 854.2 885.8 908.7 926.7 1,055.5 1,072.2 1,091.5 1,088.7 1,122.4 1,133.1 1,147.2 1,194.0 1,252.0 1,271.7 Taxes on production and imports 90.2 95.2 99.4 99.2 94.6 94.0 91.4 96.8 108.6 118.0 93.1 96.3 98.9 98.7 102.9 108.5 109.2 113.9 117.2 118.6 118.2 118.0 118.8 118.8 Contributions Income for Taxes govern- receipts on on ment assets corporate social income insurance 197.8 250.3 341.0 395.0 362.8 233.7 200.4 298.7 294.2 351.0 276.8 282.4 312.8 322.7 313.8 307.3 270.2 285.7 355.3 344.9 356.1 347.9 321.0 332.7 763.2 808.9 853.4 905.7 947.2 974.4 950.8 970.9 904.3 937.8 958.7 970.9 975.2 978.8 898.7 902.5 910.8 905.4 929.2 932.1 934.6 955.3 1,081.7 1,088.2 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 23.5 25.3 27.3 29.0 33.4 33.9 48.5 54.6 57.4 52.9 48.9 53.0 57.8 58.7 59.3 58.2 57.5 54.8 53.9 52.2 52.2 53.3 74.1 299.9 Current transfer receipts 25.5 29.0 32.0 36.8 41.0 48.6 66.2 64.4 66.1 49.7 63.8 61.7 66.0 66.1 68.0 65.6 66.8 63.8 60.3 54.6 45.6 38.4 53.9 57.1 Current surplus of government enterprises 6.7 4.9 .9 1.8 2.0 .8 .8 –3.1 –7.3 –13.4 –.4 –2.4 –3.9 –5.6 –6.2 –6.4 –7.6 –8.9 –9.7 –11.8 –14.4 –17.8 –20.6 –23.7 Total 2 2,293.5 2,422.0 2,603.5 2,759.8 2,927.5 3,140.8 3,479.9 3,721.3 3,764.9 3,772.7 3,661.3 3,703.1 3,750.0 3,770.6 3,751.3 3,836.4 3,747.4 3,724.6 3,739.4 3,787.9 3,775.8 3,787.5 3,753.2 3,820.3 ConCurrent sumption transfer Interest Subsidies expendipaypayments tures ments 3 628.5 681.4 723.4 763.9 798.4 879.8 933.7 1,003.9 1,008.7 1,011.7 979.1 1,005.1 1,018.8 1,012.7 1,001.1 1,017.4 1,013.4 1,002.7 1,009.3 1,007.4 1,036.1 993.9 982.3 975.9 1,323.4 1,388.5 1,475.1 1,572.4 1,673.5 1,823.5 2,135.6 2,282.5 2,274.3 2,283.6 2,268.2 2,259.4 2,295.4 2,307.0 2,284.6 2,306.0 2,256.8 2,249.8 2,266.3 2,273.3 2,293.1 2,301.7 2,327.2 2,347.6 292.6 306.1 344.4 372.3 408.2 388.0 353.6 380.6 422.6 420.6 360.8 385.2 381.2 395.1 407.6 453.5 417.2 411.9 406.4 450.1 391.1 434.7 386.1 438.4 49.0 46.0 60.5 51.1 47.5 49.6 56.9 54.3 59.4 56.8 53.2 53.4 54.6 55.9 57.9 59.5 60.1 60.2 57.3 57.2 55.6 57.3 57.5 58.4 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 –403.5 –399.8 –305.4 –228.1 –266.7 –635.1 –1,249.8 –1,329.5 –1,248.3 –1,109.7 –1,352.3 –1,340.0 –1,320.1 –1,305.7 –1,244.9 –1,313.4 –1,231.7 –1,203.0 –1,094.0 –1,146.9 –1,119.3 –1,078.5 –853.1 –656.4 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 2003 r ������������� 90.3 97.0 87.6 96.8 83.7 95.4 99.5 184.0 177.7 118.7 166.9 2004 ��������������� 92.5 98.6 91.8 97.8 86.2 95.2 100.1 188.9 181.0 118.7 170.4 2005 ��������������� 95.5 100.5 93.3 98.0 89.2 94.7 99.3 195.3 185.0 118.4 173.4 2006 ��������������� 97.6 99.9 97.2 99.0 94.3 98.2 99.6 201.6 188.7 118.6 176.3 2007 ��������������� 100.0 100.0 100.0 100.0 100.0 100.0 100.0 207.342 192.7 118.7 178.9 2008 r ������������� 96.6 97.1 96.5 96.8 100.0 96.2 97.1 215.303 197.3 120.3 184.0 2009 ��������������� 85.7 86.6 75.6 83.3 83.6 78.3 87.8 214.537 197.9 118.7 184.1 2010 ��������������� 90.6 90.8 87.4 87.2 92.7 83.8 90.3 218.056 201.4 117.9 186.9 2011 ��������������� 93.6 94.1 85.1 89.0 98.9 84.8 89.2 224.939 207.2 117.5 190.9 2012 r ������������� 97.0 95.1 85.2 86.8 98.6 79.4 87.1 229.594 210.4 117.5 194.6 r �� 2012: June 97.1 94.8 85.6 86.2 98.8 79.0 86.0 229.478 210.2 117.4 195.0 r ��� July 97.6 95.3 85.1 86.9 99.7 79.4 88.6 229.104 210.1 117.0 194.1 r ���� Aug 96.8 94.7 83.9 88.3 100.0 79.8 88.1 230.379 210.6 117.2 195.4 Sept r ��� 97.0 94.0 82.1 86.4 98.4 79.0 85.7 231.407 210.9 117.4 194.9 r ����� Oct 96.8 94.5 82.3 85.6 96.9 78.3 85.0 231.317 211.3 117.4 195.3 r ���� Nov 98.1 95.4 81.5 85.3 96.6 77.4 85.6 230.221 210.8 116.9 195.0 r ���� Dec 98.2 94.9 82.7 86.1 97.2 77.3 86.2 229.601 209.6 117.0 195.6 r ���� 2013: Jan 98.2 95.2 82.1 85.4 96.4 78.1 85.3 230.280 209.7 117.0 194.6 r ���� Feb 98.8 96.1 82.8 86.2 97.1 77.5 86.1 232.166 212.2 116.9 195.2 r ��� Mar 99.0 96.5 82.9 85.5 98.4 76.9 86.1 232.773 212.5 117.2 196.7 r ���� Apr 98.7 95.9 83.7 87.5 98.5 76.7 86.0 232.531 212.2 117.5 196.4 r ��� May 98.7 95.2 85.3 87.2 97.2 76.7 86.1 232.945 212.7 117.6 196.5 r �� June 98.9 94.8 82.7 86.0 99.3 77.0 87.2 233.504 212.7 117.6 196.8 p ��� July 98.9 ��������������� 85.3 ��������������� ��������������� ��������������� 87.2 233.596 212.8 117.9 196.2 p ��� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� Aug 1 Data relate to all urban consumers. 148.9 151.4 153.7 156.2 159.7 163.9 164.5 166.3 169.7 173.1 172.4 173.1 173.8 173.9 173.9 174.1 174.6 173.8 174.8 175.6 174.8 175.4 175.6 176.4 176.4 United Kingdom Italy 250.1 213.0 255.6 219.3 260.6 225.6 266.1 232.8 270.9 242.7 280.0 252.4 282.2 251.1 286.5 262.7 294.5 276.3 303.4 285.2 303.8 284.1 304.1 284.4 305.2 285.5 305.2 286.9 305.2 288.6 304.7 288.6 305.2 290.0 305.8 288.8 306.1 290.9 307.0 292.2 307.0 293.1 307.0 293.7 307.5 293.4 307.5 293.4 308.7 ����������������� 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 2003 ��������������� 2004 ��������������� 2005 ��������������� 2006 ��������������� 2007 ��������������� 2008 ��������������� 2009 ��������������� 2010 ��������������� 2011 ��������������� 2012 ��������������� 2012: July ����� ����� Aug Sept ���� ������ Oct ����� Nov ������ Dec 2013: Jan r ���� r ���� Feb r ��� Mar r ���� Apr May r ��� June r �� p ��� July BOP basis 729.8 822.0 911.7 1,039.4 1,163.6 1,307.3 1,069.5 1,288.8 1,495.9 1,561.2 130.3 128.4 132.8 128.0 129.7 132.7 130.6 131.0 129.1 130.9 130.0 133.8 132.7 IndusFoods, trial Total, feeds, supCensus and plies basis 1 bever- and ages materials 724.8 814.9 901.1 1,026.0 1,148.2 1,287.4 1,056.0 1,278.5 1,480.3 1,545.7 128.8 127.1 131.4 126.7 128.5 131.5 129.4 130.5 128.3 130.0 129.1 133.2 131.8 55.0 56.6 59.0 66.0 84.3 108.3 93.9 107.7 126.2 132.8 12.7 11.6 12.4 11.3 11.0 11.0 11.4 11.4 10.3 9.9 9.8 10.1 10.5 173.0 203.9 233.0 276.0 316.4 388.0 296.5 391.7 500.5 501.1 40.3 39.5 42.3 39.8 40.7 43.9 41.4 42.9 42.6 41.8 40.8 42.4 44.0 80.6 89.2 98.4 107.3 121.3 121.5 81.7 112.0 132.8 146.1 12.4 12.2 11.9 11.8 12.3 12.1 12.1 12.4 12.2 12.7 13.1 12.6 12.4 Balance of trade (exports minus imports) Census basis (by end-use category) Auto- ConCapital motive sumer vegoods goods except hicles, (nonauto- parts food) motive and except enautogines motive 293.7 327.5 358.4 404.0 433.0 457.7 391.2 447.5 493.0 527.4 44.0 44.2 44.7 43.5 44.2 43.8 44.3 43.4 43.1 43.9 44.8 46.2 44.6 Services (BOP basis) Goods: Imports (customs value) 89.9 103.2 115.3 129.1 146.0 161.3 149.5 165.2 175.0 181.7 15.2 15.1 15.3 15.5 15.4 15.2 15.7 15.1 14.9 16.8 15.6 16.6 15.3 BOP basis 1,272.1 1,488.3 1,695.8 1,878.2 1,986.3 2,141.3 1,580.0 1,939.0 2,240.0 2,302.7 189.7 189.1 191.6 188.3 194.5 189.9 192.1 193.4 184.7 189.4 193.1 187.9 191.3 IndusFoods, trial Total, feeds, supCensus and plies basis 1 bever- and ages materials 1,257.1 1,469.7 1,673.5 1,853.9 1,957.0 2,103.6 1,559.6 1,913.9 2,208.1 2,275.3 187.5 186.8 189.4 186.1 192.4 187.7 189.9 191.0 182.5 187.3 191.1 185.6 189.2 1 Total includes ‘‘other’’ exports or imports, not shown separately. 55.8 62.1 68.1 74.9 81.7 89.0 81.6 91.7 107.5 110.3 9.1 9.2 9.2 8.9 9.4 9.3 9.2 9.6 9.6 9.5 9.9 9.6 9.7 313.8 412.8 523.8 602.0 634.7 779.5 462.4 603.1 755.8 730.4 57.9 58.9 59.9 59.9 60.7 57.3 61.0 58.8 56.5 56.1 57.1 54.8 56.8 BOP basis Auto- ConCapital motive sumer vegoods goods except hicles, (nonauto- parts food) motive and except enautogines motive 295.9 343.6 379.3 418.3 444.5 453.7 370.5 449.4 510.9 548.6 45.6 45.1 45.7 45.6 45.6 45.8 46.0 46.2 44.3 45.3 45.6 45.8 45.5 210.1 228.2 239.4 256.6 256.7 231.2 157.7 225.1 254.6 297.8 26.0 25.2 24.4 24.6 25.6 24.9 23.6 25.0 24.2 25.2 26.0 25.7 26.5 333.9 372.9 407.2 442.6 474.6 481.6 427.3 483.2 514.1 516.3 43.0 42.3 44.1 41.1 45.1 44.7 44.0 45.6 41.4 44.5 45.4 43.8 44.5 Exports Imports Goods, Census basis Goods Ser- Goods and vices services 294.1 341.7 376.6 421.4 489.3 533.0 508.7 555.7 617.0 649.3 53.1 53.6 54.1 54.7 55.6 56.0 56.0 55.7 55.5 56.0 56.5 56.7 56.7 242.4 280.3 300.4 335.0 365.6 401.3 381.8 404.9 429.7 442.5 37.1 37.0 36.8 37.0 37.1 37.1 36.9 36.8 36.7 37.0 37.1 37.2 37.3 –532.4 –654.8 –772.4 –828.0 –808.8 –816.2 –503.6 –635.4 –727.8 –729.6 –58.7 –59.7 –57.9 –59.4 –63.8 –56.2 –60.5 –60.5 –54.2 –57.3 –62.0 –52.4 –57.5 –542.3 –666.4 –784.1 –838.8 –822.7 –834.0 –510.6 –650.2 –744.1 –741.5 –59.5 –60.6 –58.9 –60.4 –64.9 –57.2 –61.5 –62.4 –55.6 –58.5 –63.1 –54.1 –58.6 51.7 61.5 76.2 86.4 123.7 131.7 126.9 150.8 187.3 206.8 16.0 16.6 17.3 17.7 18.4 18.9 19.1 18.9 18.8 19.0 19.3 19.5 19.4 –490.5 –604.9 –707.9 –752.4 –699.1 –702.3 –383.7 –499.4 –556.8 –534.7 –43.5 –44.0 –41.6 –42.7 –46.4 –38.3 –42.4 –43.5 –36.8 –39.5 –43.7 –34.5 –39.1 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 2013, the goods deficit fell to $179.1 billion from $182.4 billion in the fourth quarter of 2012. The current account deficit rose to $106.1 billion in the first quarter from $102.3 billion in the fourth quarter. [Millions of dollars; quarterly data seasonally adjusted. Credits (+), debits (–)] Goods 1 Period 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2010: I ���������������� ��������������� II �������������� III �������������� IV 2011: I ���������������� ��������������� II �������������� III �������������� IV 2012: I ���������������� ��������������� II �������������� III �������������� IV 2013: I p �������������� Exports 729,816 821,986 911,686 1,039,406 1,163,605 1,307,329 1,069,475 1,288,795 1,495,853 1,561,239 303,979 315,122 324,746 344,947 360,094 371,315 381,584 382,860 387,559 391,867 391,474 390,339 390,974 Imports –1,272,089 –1,488,349 –1,695,820 –1,878,194 –1,986,347 –2,141,287 –1,580,025 –1,938,950 –2,239,991 –2,302,714 –456,924 –480,442 –494,007 –507,578 –541,789 –558,987 –565,472 –573,745 –581,163 –578,355 –570,454 –572,742 –570,112 Services Balance on goods –542,273 –666,364 –784,133 –838,788 –822,743 –833,957 –510,550 –650,156 –744,139 –741,475 –152,945 –165,320 –169,260 –162,631 –181,694 –187,672 –183,888 –190,885 –193,604 –186,487 –178,980 –182,403 –179,137 Net military transactions 2 –15,964 –15,374 –13,118 –9,535 –8,406 –11,294 –12,054 –13,520 –8,931 –6,214 –3,573 –3,221 –3,186 –3,539 –2,628 –2,125 –1,994 –2,184 –1,901 –1,824 –1,591 –898 –794 Net travel and transportation –12,451 –16,225 –14,549 –11,276 2,599 16,365 14,527 21,156 31,444 35,879 5,397 5,462 4,392 5,902 6,472 7,628 9,001 8,343 7,883 8,759 9,359 9,878 10,219 Other services, net 80,142 93,065 103,885 107,199 129,486 126,585 124,419 143,140 164,789 177,154 32,846 33,929 36,779 39,586 41,467 41,617 42,192 39,513 44,675 44,252 42,183 46,046 46,055 Balance on goods and services –490,545 –604,897 –707,914 –752,399 –699,065 –702,302 –383,657 –499,379 –556,838 –534,656 –118,275 –129,150 –131,274 –120,682 –136,385 –140,551 –134,689 –145,214 –142,947 –135,302 –129,029 –127,378 –123,658 Income receipts and payments Receipts 322,411 415,793 537,339 684,677 833,951 814,086 606,599 678,051 760,829 776,364 163,947 167,609 169,438 177,058 182,980 190,583 195,041 192,225 194,071 193,097 192,327 196,869 192,943 Payments –279,651 –351,664 –469,709 –641,338 –733,345 –667,941 –483,019 –500,392 –528,181 –552,437 –120,161 –123,378 –126,611 –130,241 –127,895 –135,148 –133,973 –131,165 –139,195 –135,639 –137,697 –139,905 –140,968 Balance on income 42,760 64,129 67,630 43,338 100,606 146,144 123,580 177,659 232,648 223,928 43,786 44,230 42,827 46,817 55,085 55,435 61,068 61,061 54,876 57,457 54,630 56,965 51,976 Unilateral current transfers, net 3 –70,873 –88,559 –99,512 –89,417 –114,929 –125,185 –121,559 –127,751 –133,535 –129,688 –34,906 –30,438 –32,045 –30,362 –35,343 –33,788 –32,005 –32,401 –32,771 –32,668 –32,343 –31,906 –34,463 Balance on current account –518,657 –629,327 –739,796 –798,478 –713,389 –681,343 –381,636 –449,471 –457,725 –440,416 –109,395 –115,357 –120,492 –104,228 –116,643 –118,903 –105,626 –116,554 –120,842 –110,513 –106,742 –102,320 –106,145 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 expendinational and national economic accounts. The adjustments are necessary to supplement coverage tures (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 U.S. International Transactions—Continued In the financial account, U.S.-owned assets abroad increased $218.8 billion in the first quarter of 2013, following an increase of $116.0 billion in the fourth quarter of 2012. Foreign-owned assets in the United States increased $295.5 billion in the first quarter, following an increase of $242.4 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 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2010: I ���������������� ��������������� II �������������� III �������������� IV 2011: I ���������������� ��������������� II �������������� III �������������� IV 2012: I ���������������� ��������������� II �������������� III �������������� IV 2013: I p �������������� –1,821 3,049 13,116 –1,788 384 6,010 –140 –157 –1,212 6,956 –3 –2 –146 –7 –29 –829 –300 –55 –1 –241 –470 7,668 0 –325,424 –1,000,870 –546,631 –1,285,729 –1,453,604 332,109 –128,860 –909,953 –452,304 –97,469 –251,291 –158,216 –285,382 –215,064 –355,433 20,385 –84,425 –32,831 93,519 192,062 –267,054 –115,996 –218,757 U.S. official reserve assets 4 1,523 2,805 14,096 2,374 –122 –4,848 –52,256 –1,834 –15,877 –4,460 –773 –165 –1,096 200 –3,619 –6,267 –4,079 –1,912 –1,233 –3,289 –833 895 –876 Other U.S. Government assets 537 1,710 5,539 5,346 –22,273 –529,615 541,342 7,540 –103,666 85,331 9,433 –2,441 788 –240 –547 –1,358 –1,137 –100,624 51,087 16,650 15,206 2,388 826 Statistical discrepancy Foreign-owned assets in the U.S., excluding financial derivatives [increase/financial inflow (+)] U.S. Private assets –327,484 –1,005,385 –566,266 –1,293,449 –1,431,209 866,571 –617,946 –915,659 –332,761 –178,341 –259,950 –155,610 –285,074 –215,024 –351,267 28,009 –79,209 69,705 43,665 178,701 –281,428 –119,279 –218,707 4 Consists of gold, special drawing rights (SDRs), foreign currencies, and the U.S. reserve position in the International Monetary Fund (IMF). Total 858,303 1,533,201 1,247,347 2,065,169 2,064,642 431,406 315,063 1,333,921 969,006 543,884 312,270 180,695 533,623 307,333 560,627 112,919 256,164 39,296 177,381 –176,468 300,570 242,401 295,540 Foreign official assets 278,069 397,755 259,268 487,939 481,043 554,634 480,286 398,309 253,816 393,922 89,967 65,882 168,673 73,787 72,443 121,361 53,851 6,161 144,468 57,374 107,684 84,396 84,768 Other foreign assets Financial derivatives, net 580,234 ������������������ 1,135,446 ������������������ 988,079 ������������������ 1,577,230 29,710 1,583,599 6,222 –123,228 –32,947 –165,223 44,816 935,612 14,076 715,190 35,006 149,962 –7,064 222,303 16,152 114,813 9,980 364,950 –11,893 233,546 –163 488,184 2,952 –8,442 9,806 202,313 –1,617 33,135 23,865 32,913 –7,339 –233,842 2,419 192,886 –5,129 158,005 2,985 210,772 3,888 Total (sum of the items with sign reversed) –12,401 93,947 25,964 –8,884 95,745 –55,235 150,757 11,585 –92,771 –5,891 32,267 82,900 –115,711 12,130 –91,475 –23,377 –64,196 86,279 –142,718 92,741 78,825 –34,738 25,475 Of which: Seasonal adjustment discrepancy ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ 12,982 –11,560 –21,473 20,051 13,068 –15,466 –24,180 26,580 13,576 –16,117 –21,229 23,771 14,317 U.S. official reserve assets, net (unadjusted, end of period) 4 85,938 86,824 65,127 65,895 70,565 77,648 130,760 132,433 147,953 150,175 127,521 124,514 133,099 132,433 139,315 147,660 148,487 147,953 149,078 149,830 153,075 150,175 146,329 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 Real Farm Income ................................................................................................................................................................. 7 Corporate Profits ................................................................................................................................................................... 8 Real Gross Private Domestic Investment ............................................................................................................................... 9 Real Private Fixed Investment by Type .................................................................................................................................. 10 Business Investment ............................................................................................................................................................... 10 EMPLOYMENT, UNEMPLOYMENT, AND WAGES Status of the Labor Force ....................................................................................................................................................... 11 Selected Unemployment Rates .............................................................................................................................................. 12 Selected Measures of Unemployment and Unemployment Insurance Programs ................................................................... 13 Nonagricultural Employment ................................................................................................................................................ 14 Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries ................................ 15 Employment Cost Index—Private Industry .......................................................................................................................... 15 Productivity and Related Data, Business and Nonfarm Business Sectors .............................................................................. 16 PRODUCTION AND BUSINESS ACTIVITY Industrial Production and Capacity Utilization .................................................................................................................... 17 Industrial Production—Major Market Groups and Selected Manufactures .......................................................................... 18 New Construction ................................................................................................................................................................. 19 New Private Housing and Vacancy Rates .............................................................................................................................. 19 Business Sales and Inventories—Manufacturing and Trade .................................................................................................. 20 Manufacturers’ Shipments, Inventories, and Orders .............................................................................................................. 21 PRICES Producer Prices ...................................................................................................................................................................... 22 Consumer Prices—All Urban Consumers ............................................................................................................................. 23 Changes in Producer Prices for Finished Goods .................................................................................................................... 24 Changes in Consumer Prices—All Urban Consumers .......................................................................................................... 24 Prices Received and Paid by Farmers ..................................................................................................................................... 25 MONEY, CREDIT, AND SECURITY MARKETS Money Stock and Debt Measures .......................................................................................................................................... 26 Components of Money Stock ................................................................................................................................................ 27 Aggregate Reserves and Monetary Base ................................................................................................................................. 27 Bank Credit at All Commercial Banks .................................................................................................................................. 28 Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business .............................................................................. 29 Consumer Credit ................................................................................................................................................................... 29 Interest Rates and Bond Yields .............................................................................................................................................. 30 Common Stock Prices and Yields .......................................................................................................................................... 31 FEDERAL FINANCE Federal Receipts, Outlays, and Debt ..................................................................................................................................... 32 Federal Receipts by Source and Outlays by Function ............................................................................................................ 33 Federal Sector, National Income Accounts Basis ................................................................................................................... 34 INTERNATIONAL STATISTICS Industrial Production and Consumer Prices—Major Industrial Countries ........................................................................... 35 U.S. International Trade in Goods and Services .................................................................................................................... 35 U.S. International Transactions ............................................................................................................................................. 36 General Notes Detail in these tables may not add to totals because of rounding. Unless otherwise noted, all dollar figures are in current dollars. Symbols used: p Preliminary. r Revised. c Corrected. ... Not available (also, not applicable). NSA Not seasonally adjusted. 38 U.S. GOVERNMENT PRINTING OFFICE : 2013 82-681