Full text of Economic Indicators : December 2005
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109th Congress, 1st Session Economic Indicators DECEMBER 2005 (Includes data available as of December 27, 2005) Prepared for the Joint Economic Committee by the Council of Economic Advisers UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON : 2005 JOINT ECONOMIC COMMITTEE (Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.) JIM SAXTON, New Jersey, Chairman ROBERT F. BENNETT, Utah, Vice Chairman HOUSE OF REPRESENTATIVES PAUL RYAN (Wisconsin) PHIL ENGLISH (Pennsylvania) RON PAUL (Texas) KEVIN BRADY (Texas) THADDEUS G. McCOTTER (Michigan) CAROLYN B. MALONEY (New York) MAURICE D. HINCHEY (New York) LORETTA SANCHEZ (California) ELIJAH E. CUMMINGS (Maryland) SENATE SAM BROWNBACK (Kansas) JOHN E. SUNUNU (New Hampshire) JIM DeMINT (South Carolina) JEFF SESSIONS (Alabama) JOHN CORNYN (Texas) JACK REED (Rhode Island) EDWARD M. KENNEDY (Massachusetts) PAUL S. SARBANES (Maryland) JEFF BINGAMAN (New Mexico) CHRISTOPHER FRENZE, Executive Director COUNCIL OF ECONOMIC ADVISERS BEN S. BERNANKE, Chairman KATHERINE BAICKER, Member MATTHEW J. SLAUGHTER, Member [PUBLIC LAW 120—81ST CONGRESS; CHAPTER 237—1ST SESSION] JOINT RESOLUTION [S.J. Res. 55] To print the monthly publication entitled ‘‘Economic Indicators’’ Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint Economic Committee be authorized to issue a monthly publication entitled ‘‘Economic Indicators,’’ and that a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic Committee; and the required numbers of copies to the Superintendent of Documents for distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public. Approved June 23, 1949. Charts prepared under the direction of the Printing and Procurement Branch, Office of the Secretary, Department of Commerce. Economic Indicators, published monthly, is available at $3.00 a single copy ($3.75 foreign), or by subscription at $33.00 per year ($41.25 for foreign mailing) from: SUPERINTENDENT OF DOCUMENTS GOVERNMENT PRINTING OFFICE WASHINGTON, D.C. 20402 For sale by the U.S. Government Printing Office Superintendent of Documents, Mail Stop: SSOP, Washington, DC 20402–9328 Also available on the internet at the following address: http://www.gpoaccess.gov/indicators ii TOTAL OUTPUT, INCOME, AND SPENDING GROSS DOMESTIC PRODUCT In the third quarter of 2005, according to revised estimates, current-dollar gross domestic product (GDP) rose 7.6 percent (annual rate), real GDP (GDP in chained 2000 dollars) rose 4.1 percent, and the implicit price deflator rose 3.3 percent. [Billions of current dollars; quarterly data at seasonally adjusted annual rates] Period 1995 ...................... 1996 ...................... 1997 ...................... 1998 ...................... 1999 ...................... 2000 ...................... 2001 ...................... 2002 ...................... 2003 ...................... 2004 ...................... 2002: I ................ II ............... III ............. IV .............. 2003: I ................ II ............... III ............. IV .............. 2004: I ................ II ............... III ............. IV .............. 2005: I ................ II ............... III r ............ 1 GDP Exports and imports of goods and services Personal Gross Gross conprivate domestic sumption domestic product expendi- investtures ment Net exports Exports 7,397.7 7,816.9 8,304.3 8,747.0 9,268.4 9,817.0 10,128.0 10,469.6 10,971.2 11,734.3 10,333.3 10,426.6 10,527.4 10,591.1 10,717.0 10,844.6 11,087.4 11,236.0 11,457.1 11,666.1 11,818.8 11,995.2 12,198.8 12,378.0 12,605.7 ¥91.4 ¥96.2 ¥101.6 ¥159.9 ¥260.5 ¥379.5 ¥367.0 ¥424.4 ¥500.9 ¥624.0 ¥373.1 ¥416.1 ¥433.8 ¥474.6 ¥502.6 ¥500.6 ¥495.3 ¥505.0 ¥559.6 ¥613.1 ¥638.0 ¥685.4 ¥697.5 ¥691.0 ¥730.4 812.2 868.6 955.3 955.9 991.2 1,096.3 1,032.8 1,005.9 1,045.6 1,173.8 976.4 1,008.2 1,022.9 1,016.2 1,018.8 1,016.1 1,046.6 1,101.1 1,130.8 1,163.3 1,183.8 1,217.1 1,253.2 1,297.1 1,314.6 4,975.8 5,256.8 5,547.4 5,879.5 6,282.5 6,739.4 7,055.0 7,350.7 7,709.9 8,214.3 7,230.3 7,323.0 7,396.6 7,453.1 7,555.2 7,635.3 7,782.4 7,866.6 8,032.3 8,145.6 8,263.2 8,416.1 8,535.8 8,677.0 8,844.0 1,144.0 1,240.3 1,389.8 1,509.1 1,625.7 1,735.5 1,614.3 1,582.1 1,670.4 1,928.1 1,564.1 1,571.4 1,592.9 1,600.1 1,610.0 1,619.3 1,694.2 1,757.9 1,818.2 1,928.5 1,961.2 2,004.5 2,058.5 2,054.4 2,099.5 Government consumption expenditures and gross investment Federal Imports Total Total less exports of goods and services plus imports of goods and services. 903.6 964.8 1,056.9 1,115.9 1,251.7 1,475.8 1,399.8 1,430.3 1,546.5 1,797.8 1,349.5 1,424.3 1,456.7 1,490.8 1,521.4 1,516.6 1,541.9 1,606.1 1,690.3 1,776.4 1,821.8 1,902.5 1,950.6 1,988.1 2,045.1 1,369.2 1,416.0 1,468.7 1,518.3 1,620.8 1,721.6 1,825.6 1,961.1 2,091.9 2,215.9 1,912.0 1,948.3 1,971.8 2,012.5 2,054.4 2,090.5 2,106.2 2,116.5 2,166.2 2,205.0 2,232.5 2,260.0 2,302.0 2,337.6 2,392.7 519.2 527.4 530.9 530.4 555.8 578.8 612.9 679.7 754.8 827.6 654.9 675.2 682.0 706.6 724.0 763.4 761.8 770.0 808.3 824.6 836.5 840.8 860.2 869.8 892.2 National defense 348.7 354.6 349.6 345.7 360.6 370.3 392.6 437.1 496.7 552.7 418.2 431.1 438.0 461.1 467.2 507.2 500.3 512.0 538.7 547.2 562.9 562.0 575.3 582.5 601.7 Nondefense 170.5 172.8 181.3 184.7 195.2 208.5 220.3 242.5 258.2 274.9 236.6 244.1 243.9 245.5 256.8 256.3 261.5 258.0 269.6 277.4 273.6 278.8 285.0 287.3 290.5 State and local 850.0 888.6 937.8 987.9 1,065.0 1,142.8 1,212.8 1,281.5 1,337.1 1,388.3 1,257.2 1,273.1 1,289.8 1,305.9 1,330.4 1,327.1 1,344.4 1,346.5 1,357.9 1,380.4 1,395.9 1,419.1 1,441.7 1,467.7 1,500.4 Final sales of domestic product Gross domestic purchases 1 Addendum: Gross national product 7,366.5 7,786.1 8,232.3 8,676.2 9,201.5 9,760.5 10,159.7 10,457.7 10,955.8 11,678.9 10,341.6 10,424.0 10,501.4 10,563.9 10,695.2 10,845.0 11,076.9 11,206.2 11,411.6 11,594.2 11,766.3 11,943.3 12,138.9 12,382.1 12,625.4 7,489.0 7,913.1 8,405.9 8,906.9 9,528.9 10,196.4 10,495.0 10,894.0 11,472.1 12,358.3 10,706.4 10,842.7 10,961.2 11,065.7 11,219.6 11,345.2 11,582.8 11,741.1 12,016.7 12,279.1 12,456.8 12,680.6 12,896.3 13,069.0 13,336.1 7,433.4 7,851.9 8,337.3 8,768.3 9,302.2 9,855.9 10,171.6 10,500.2 11,039.3 11,788.0 10,359.5 10,443.3 10,557.0 10,641.1 10,761.9 10,911.4 11,154.8 11,329.2 11,540.1 11,712.8 11,867.3 12,032.0 12,238.2 12,413.5 12,650.0 Source: Department of Commerce, Bureau of Economic Analysis. 1 REAL GROSS DOMESTIC PRODUCT [Billions of chained (2000) dollars; quarterly data at seasonally adjusted annual rates] Gross private domestic investment Period 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2002: ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... I .... II ... III IV .. 2003: I .... II ... III IV .. 2004: I .... II ... III IV .. 2005: I .... II ... III r Gross domestic product 8,031.7 8,328.9 8,703.5 9,066.9 9,470.3 9,817.0 9,890.7 10,048.8 10,320.6 10,755.7 9,977.3 10,031.6 10,090.7 10,095.8 10,138.6 10,230.4 10,410.9 10,502.6 10,612.5 10,704.1 10,808.9 10,897.1 10,999.3 11,089.2 11,202.3 Personal conNonresi- Resi- Change sumption dential dential in priexpendifixed fixed vate tures invest- invest- invenment ment tories 5,433.5 5,619.4 5,831.8 6,125.8 6,438.6 6,739.4 6,910.4 7,099.3 7,306.6 7,588.6 7,042.2 7,083.5 7,123.2 7,148.2 7,192.2 7,256.8 7,360.7 7,416.4 7,501.4 7,536.6 7,617.5 7,698.8 7,764.9 7,829.5 7,907.9 762.5 833.6 934.2 1,037.8 1,133.3 1,232.1 1,180.5 1,071.5 1,085.0 1,186.7 1,090.3 1,073.3 1,068.0 1,054.5 1,051.6 1,072.9 1,101.8 1,113.7 1,135.1 1,171.6 1,204.8 1,235.1 1,252.2 1,279.0 1,305.2 353.1 29.9 381.3 28.7 388.6 71.2 418.3 72.6 443.6 68.9 446.9 56.5 448.5 ¥31.7 469.9 12.5 509.4 15.5 561.8 52.0 459.0 ¥10.2 469.5 2.6 471.8 28.0 479.3 29.5 484.8 24.0 496.0 ¥.4 521.2 9.3 535.7 29.0 542.4 41.9 565.1 65.6 568.8 50.4 571.0 50.1 584.1 58.2 599.3 ¥1.7 610.0 ¥13.3 Exports and imports of goods and services Government consumption expenditures and gross investment Federal Net exports Exports Imports Total ¥71.0 ¥79.6 ¥104.6 ¥203.7 ¥296.2 ¥379.5 ¥399.1 ¥471.3 ¥521.4 ¥601.3 ¥441.3 ¥458.9 ¥472.2 ¥513.0 ¥510.7 ¥528.4 ¥516.2 ¥530.2 ¥563.0 ¥601.7 ¥606.5 ¥634.1 ¥645.4 ¥614.2 ¥617.5 778.2 843.4 943.7 966.5 1,008.2 1,096.3 1,036.7 1,013.3 1,031.2 1,117.9 992.8 1,018.0 1,025.2 1,017.2 1,009.7 1,004.5 1,032.2 1,078.4 1,091.8 1,110.2 1,125.0 1,144.5 1,165.3 1,195.4 1,202.7 849.1 923.0 1,048.3 1,170.3 1,304.4 1,475.8 1,435.8 1,484.6 1,552.6 1,719.2 1,434.0 1,476.9 1,497.4 1,530.2 1,520.4 1,532.9 1,548.4 1,608.6 1,654.8 1,711.9 1,731.5 1,778.6 1,810.7 1,809.6 1,820.2 1,549.7 1,564.9 1,594.0 1,624.4 1,686.9 1,721.6 1,780.3 1,858.8 1,911.1 1,952.3 1,832.0 1,853.4 1,863.9 1,885.8 1,884.4 1,917.5 1,920.1 1,922.6 1,938.4 1,949.5 1,958.4 1,962.8 1,971.9 1,984.1 1,998.1 1 GDP less exports of goods and services plus imports of goods and services. NOTE.—Because of the formula used for calculating real GDP, the chained (2000) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates. Total National defense Nondefense 580.3 573.5 567.6 561.2 573.7 578.8 601.4 643.4 687.8 723.7 623.2 641.7 646.5 662.3 662.8 696.8 693.2 698.5 716.5 722.2 728.6 727.6 731.8 736.1 749.5 389.2 383.8 373.0 365.3 372.2 370.3 384.9 413.2 449.7 481.3 399.2 410.2 414.4 428.9 425.0 460.1 452.5 461.2 476.4 477.4 487.7 483.7 487.3 491.7 503.6 191.0 189.6 194.5 195.9 201.5 208.5 216.5 230.2 238.0 242.2 224.0 231.5 232.2 233.4 237.9 236.4 240.6 237.0 239.9 244.6 240.6 243.6 244.3 244.2 245.6 State and local 968.3 990.5 1,025.9 1,063.0 1,113.2 1,142.8 1,179.0 1,215.4 1,223.3 1,228.4 1,208.9 1,211.8 1,217.5 1,223.6 1,221.6 1,220.7 1,226.8 1,224.1 1,221.8 1,227.1 1,229.6 1,235.0 1,239.8 1,247.8 1,248.5 Final sales of domestic product Gross domestic purchases 1 Addendum: Gross national product 8,010.2 8,306.5 8,636.6 8,997.6 9,404.0 9,760.5 9,920.9 10,036.5 10,303.6 10,702.4 9,986.8 10,028.4 10,063.5 10,067.3 10,114.7 10,228.2 10,399.5 10,471.8 10,568.9 10,637.4 10,757.1 10,846.0 10,940.3 11,089.2 11,214.4 8,098.4 8,405.7 8,807.6 9,272.5 9,767.7 10,196.4 10,290.1 10,517.7 10,837.3 11,348.7 10,418.0 10,488.5 10,560.4 10,604.1 10,644.7 10,753.8 10,923.1 11,027.6 11,168.8 11,297.4 11,407.0 11,522.0 11,635.4 11,694.8 11,811.2 8,069.8 8,365.3 8,737.5 9,088.7 9,504.7 9,855.9 9,933.6 10,079.0 10,385.2 10,805.7 10,004.1 10,048.6 10,119.7 10,143.8 10,182.0 10,294.1 10,474.7 10,590.0 10,689.5 10,747.7 10,854.1 10,931.8 11,036.3 11,122.5 11,243.2 Source: Department of Commerce, Bureau of Economic Analysis. IMPLICIT PRICE DEFLATORS FOR GROSS DOMESTIC PRODUCT [Index numbers, 2000=100; quarterly data are seasonally adjusted] Personal consumption expenditures Period 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2002: ................. ................. ................. ................. ................. ................. ................. ................. ................. ................. I ............ II ........... III ......... IV .......... 2003: I ............ II ........... III ......... IV .......... 2004: I ............ II ........... III ......... IV .......... 2005: I ............ II ........... III r ........ Gross domestic product 92.106 93.852 95.414 96.472 97.868 100.000 102.399 104.187 106.305 109.099 103.568 103.938 104.328 104.907 105.705 106.004 106.498 106.983 107.958 108.987 109.343 110.077 110.905 111.622 112.527 Total 91.576 93.547 95.124 95.979 97.575 100.000 102.094 103.542 105.520 108.245 102.670 103.381 103.838 104.265 105.047 105.216 105.729 106.071 107.077 108.081 108.476 109.318 109.927 110.824 111.838 Durable goods Nondurable goods 110.672 109.507 107.068 104.152 101.625 100.000 98.113 95.767 92.372 90.630 96.499 96.030 95.599 94.959 93.940 92.918 91.871 90.900 90.911 90.872 90.310 90.446 90.646 90.524 89.837 Source: Department of Commerce, Bureau of Economic Analysis. 2 90.629 92.566 93.835 93.821 96.174 100.000 101.531 102.090 104.151 107.635 100.894 102.236 102.461 102.757 104.177 103.558 104.352 104.504 106.022 107.734 107.769 108.970 109.315 110.842 112.972 Gross private domestic investment Services 88.320 90.844 93.304 95.318 97.393 100.000 103.256 106.019 109.246 112.695 104.932 105.604 106.386 107.133 108.031 108.881 109.641 110.407 111.395 112.296 113.112 113.947 114.795 115.625 116.500 Nonresidential fixed 106.239 105.011 103.696 101.421 100.057 100.000 99.683 99.513 99.764 101.025 99.541 99.485 99.381 99.646 99.674 99.432 99.727 100.204 100.493 100.947 101.173 101.443 102.231 102.702 103.345 Exports and imports of Government consumption expenditures goods and services and gross investment Federal Residential fixed 85.770 87.609 89.843 92.239 95.780 100.000 104.633 107.240 112.379 119.935 106.142 106.708 107.114 108.937 111.386 111.467 112.216 114.283 116.517 119.252 121.269 122.530 123.019 124.315 126.290 Exports Imports Total 104.376 102.987 101.233 98.905 98.313 100.000 99.625 99.272 101.398 104.999 98.348 99.041 99.768 99.907 100.899 101.154 101.387 102.100 103.568 104.787 105.224 106.348 107.540 108.515 109.304 106.411 104.529 100.816 95.354 95.960 100.000 97.497 96.342 99.611 104.571 94.105 96.440 97.278 97.425 100.068 98.940 99.580 99.846 102.146 103.769 105.218 106.969 107.727 109.868 112.355 89.479 91.957 93.533 94.512 96.883 100.000 101.908 105.632 109.740 114.354 105.086 105.219 105.489 106.683 109.229 109.572 109.897 110.238 112.819 114.186 114.818 115.568 117.542 118.161 119.048 National defense Nondefense State and local 89.598 92.379 93.716 94.643 96.886 100.000 102.002 105.792 110.434 114.840 104.762 105.086 105.716 107.500 109.920 110.217 110.567 110.994 113.084 114.633 115.419 116.188 118.050 118.459 119.482 89.282 91.146 93.192 94.269 96.880 100.000 101.738 105.345 108.473 113.498 105.665 105.452 105.077 105.197 107.968 108.396 108.675 108.851 112.400 113.406 113.729 114.442 116.643 117.676 118.293 87.785 89.717 91.414 92.935 95.667 100.000 102.868 105.434 109.303 113.022 103.992 105.059 105.938 106.730 108.908 108.714 109.582 110.004 111.137 112.492 113.530 114.907 116.285 117.628 120.180 GROSS DOMESTIC PRODUCT AND RELATED PRICE MEASURES: INDEXES AND PERCENT CHANGES [Quarterly data are seasonally adjusted] Percent change from preceding period 1 Index numbers, 2000=100 Real GDP (chain-type quantity index) Period 1995 ...................................................................................... 1996 ...................................................................................... 1997 ...................................................................................... 1998 ...................................................................................... 1999 ...................................................................................... 2000 ...................................................................................... 2001 ...................................................................................... 2002 ...................................................................................... 2003 ...................................................................................... 2004 ...................................................................................... 2001: I ................................................................................ II ............................................................................... III ............................................................................. IV .............................................................................. 2002: I ................................................................................ II ............................................................................... III ............................................................................. IV .............................................................................. 2003: I ................................................................................ II ............................................................................... III ............................................................................. IV .............................................................................. 2004: I ................................................................................ II ............................................................................... III ............................................................................. IV .............................................................................. 2005: I ................................................................................ II ............................................................................... III r ............................................................................ 1 Quarterly 81.814 84.842 88.658 92.359 96.469 100.000 100.751 102.362 105.130 109.562 100.597 100.906 100.551 100.948 101.633 102.186 102.788 102.840 103.276 104.211 106.050 106.984 108.104 109.037 110.104 111.003 112.044 112.959 114.112 GDP chain-type price index 92.115 93.859 95.415 96.475 97.868 100.000 102.402 104.193 106.310 109.102 101.507 102.290 102.690 103.122 103.553 103.944 104.347 104.926 105.724 106.019 106.500 106.996 107.951 108.976 109.371 110.111 110.950 111.655 112.567 percent changes are at annual rates. GDP implicit price deflator GDP (current dollars) 92.106 93.852 95.414 96.472 97.868 100.000 102.399 104.187 106.305 109.099 101.478 102.252 102.675 103.191 103.568 103.938 104.328 104.907 105.705 106.004 106.498 106.983 107.958 108.987 109.343 110.077 110.905 111.622 112.527 4.6 5.7 6.2 5.3 6.0 5.9 3.2 3.4 4.8 7.0 2.8 4.4 .2 3.6 4.3 3.7 3.9 2.4 4.8 4.8 9.3 5.5 8.1 7.5 5.3 6.1 7.0 6.0 7.6 Real GDP (chain-type quantity index) GDP chain-type price index 2.5 3.7 4.5 4.2 4.5 3.7 .8 1.6 2.7 4.2 ¥.5 1.2 ¥1.4 1.6 2.7 2.2 2.4 .2 1.7 3.7 7.2 3.6 4.3 3.5 4.0 3.3 3.8 3.3 4.1 GDP implicit price deflator 2.0 1.9 1.7 1.1 1.4 2.2 2.4 1.7 2.0 2.6 3.3 3.1 1.6 1.7 1.7 1.5 1.6 2.2 3.1 1.1 1.8 1.9 3.6 3.9 1.5 2.7 3.1 2.6 3.3 2.0 1.9 1.7 1.1 1.4 2.2 2.4 1.7 2.0 2.6 3.3 3.1 1.7 2.0 1.5 1.4 1.5 2.2 3.1 1.1 1.9 1.8 3.7 3.9 1.3 2.7 3.0 2.6 3.3 Source: Department of Commerce, Bureau of Economic Analysis. NONFINANCIAL CORPORATE BUSINESS–GROSS VALUE ADDED AND PRICE, COSTS, AND PROFITS [Quarterly data at seasonally adjusted annual rates] Price per unit of real gross value added of nonfinancial corporate business (dollars) 1 2 Gross value added of nonfinancial corporate business (billions of dollars)1 Unit nonlabor cost Period 1995 ........................................................ 1996 ........................................................ 1997 ........................................................ 1998 ........................................................ 1999 ........................................................ 2000 ........................................................ 2001 ........................................................ 2002 r ....................................................... 2003 r ....................................................... 2004 r ....................................................... 2002: I r .................................................. II r ................................................ III r ............................................... IV r ............................................... 2003: I r .................................................. II r ................................................ III r ............................................... IV r ............................................... 2004: I r .................................................. II r ................................................ III r ............................................... IV r ............................................... 2005: I r .................................................. II r ................................................ III r ............................................... Current dollars Chained (2000) dollars 3,879.5 4,109.5 4,401.8 4,655.0 4,950.8 5,272.2 5,293.5 5,371.7 5,595.7 5,995.4 5,284.6 5,358.3 5,395.6 5,448.4 5,456.5 5,541.8 5,650.0 5,734.4 5,822.0 5,922.8 6,038.0 6,198.9 6,282.8 6,414.0 6,512.1 3,977.4 4,196.4 4,469.3 4,725.4 5,011.0 5,272.2 5,224.5 5,269.7 5,418.2 5,714.1 5,194.6 5,265.4 5,296.0 5,322.8 5,301.9 5,374.5 5,466.9 5,529.7 5,578.3 5,625.9 5,756.2 5,895.9 5,943.3 6,046.0 6,107.0 Total Compensation of employees (unit labor cost) 0.975 .979 .985 .985 .988 1.000 1.013 1.019 1.033 1.049 1.017 1.018 1.019 1.024 1.029 1.031 1.033 1.037 1.044 1.053 1.049 1.051 1.057 1.061 1.066 1 Estimates for nonfinancial corporate business for 2000 and earlier periods are based on the Standard Industrial Classification (SIC); later estimates are based on the North American Industry Classification System (NAICS). 2 The implicit price deflator for gross value added of nonfinancial corporate business divided by 100. 3 Less subsidies plus business current transfer payments. 0.631 .627 .629 .645 .652 .672 .688 .685 .683 .684 .689 .687 .685 .681 .686 .685 .682 .681 .682 .684 .682 .686 .691 .685 .688 Total 0.230 .228 .228 .226 .229 .237 .257 .253 .252 .251 .258 .252 .250 .250 .253 .252 .253 .252 .253 .254 .250 .247 .245 .244 .249 Consumption of fixed capital Taxes on production and imports 3 Net interest and miscellaneous payments 0.104 .104 .105 .104 .105 .108 .124 .122 .120 .121 .124 .122 .121 .121 .122 .121 .120 .119 .120 .120 .125 .118 .117 .116 .130 0.097 .097 .095 .092 .092 .093 .094 .099 .101 .101 .098 .098 .099 .100 .101 .100 .102 .102 .103 .104 .097 .102 .100 .100 .091 0.029 .027 .028 .030 .032 .036 .039 .032 .031 .029 .036 .032 .030 .029 .030 .031 .031 .031 .030 .030 .028 .027 .028 .028 .028 Corporate profits with inventory valuation and capital consumption adjustments 4 Total 0.114 .125 .128 .114 .107 .090 .068 .081 .097 .114 .071 .079 .083 .092 .090 .094 .100 .104 .108 .115 .116 .119 .121 .132 .130 Taxes on corporate income 0.035 .036 .036 .034 .034 .032 .021 .018 .023 .029 .015 .017 .019 .022 .023 .022 .023 .026 .026 .029 .030 .031 .039 .041 .042 Profits after tax 5 0.078 .088 .092 .080 .073 .058 .047 .063 .074 .085 .056 .061 .064 .071 .067 .073 .076 .078 .082 .086 .086 .088 .082 .091 .087 4 Unit profits from current production. inventory valuation and capital consumption adjustments. NOTE.—Data beginning 2002 reflect revisions released by the Department of Commerce on December 21, 2005. Source: Department of Commerce, Bureau of Economic Analysis. 5 With 3 NATIONAL INCOME [Billions of dollars; quarterly data at seasonally adjusted annual rates] Proprietors’ income 1 Period 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2002: .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... I ..... II .... III .. IV ... 2003: I ..... II .... III .. IV ... 2004: I ..... II .... III .. IV ... 2005: I ..... II .... III r 1 With National income 6,453.9 6,840.1 7,292.2 7,752.8 8,236.7 8,795.2 8,979.8 9,229.3 9,660.9 10,275.9 9,131.1 9,211.7 9,247.5 9,326.7 9,433.6 9,573.2 9,732.3 9,904.8 10,091.2 10,210.9 10,242.4 10,559.3 10,750.4 10,878.0 10,719.6 Compensation of employees 4,193.3 4,390.5 4,661.7 5,019.4 5,357.1 5,782.7 5,942.1 6,091.2 6,321.1 6,687.6 6,025.3 6,091.5 6,114.5 6,133.4 6,210.4 6,286.6 6,360.1 6,427.4 6,528.2 6,602.1 6,724.2 6,895.8 7,001.7 7,060.2 7,155.4 Farm Nonfarm 22.7 37.3 34.2 29.4 28.6 22.7 19.7 10.6 27.7 35.8 8.9 4.0 11.0 18.4 20.5 27.2 28.2 35.1 44.8 44.1 29.7 24.6 24.7 19.6 18.0 469.5 505.9 541.8 598.4 649.7 705.7 752.2 757.8 782.4 853.8 754.1 759.4 758.1 759.7 757.8 774.1 793.0 804.8 825.4 854.2 859.4 876.3 893.2 917.1 914.3 Rental income of persons with capital consumption adjustment 122.1 131.5 128.8 137.5 147.3 150.3 167.4 152.9 131.7 134.2 172.1 167.7 142.9 129.2 137.7 125.4 120.4 143.2 144.2 141.8 122.1 128.7 118.0 104.4 ¥11.1 Corporate profits with inventory valuation and capital consumption adjustments Profits with inventory valuation adjustment and without capital consumption adjustment Total 696.7 786.2 868.5 801.6 851.3 817.9 767.3 886.3 1,031.8 1,161.5 829.4 864.3 895.4 956.1 951.5 1,005.0 1,057.5 1,113.1 1,147.3 1,162.0 1,117.2 1,219.5 1,288.2 1,347.5 1,293.1 Inventory valuation adjustment Total Profits before tax 656.0 736.1 812.3 738.5 776.8 759.3 719.2 766.2 923.9 1,019.7 707.0 740.5 774.5 842.7 858.0 891.0 944.0 1,002.6 1,001.2 1,016.5 981.3 1,079.7 1,339.2 1,393.3 1,365.1 674.3 733.0 798.2 718.3 775.9 773.4 707.9 768.4 937.2 1,059.3 693.8 742.1 786.4 851.5 883.0 893.1 949.0 1,023.4 1,030.2 1,064.9 1,018.2 1,124.1 1,378.3 1,412.2 1,392.6 inventory valuation and capital consumption adjustments. ¥18.3 3.1 14.1 20.2 1.0 ¥14.1 11.3 ¥2.2 ¥13.3 ¥39.6 13.3 ¥1.6 ¥11.8 ¥8.8 ¥25.0 ¥2.1 ¥5.1 ¥20.8 ¥28.9 ¥48.3 ¥36.9 ¥44.4 ¥39.1 ¥18.9 ¥27.5 Capital consumption adjustment Net interest and miscellaneous payments Taxes on production and imports 40.7 50.1 56.2 63.1 74.5 58.6 48.1 120.1 107.9 141.8 122.4 123.8 120.8 113.4 93.4 114.0 113.5 110.5 146.1 145.4 135.8 139.8 ¥51.0 ¥45.8 ¥72.1 367.1 376.2 415.6 487.1 495.4 559.0 566.3 520.9 528.5 505.5 545.8 519.3 507.0 511.5 530.9 532.4 528.1 522.7 519.9 512.2 497.5 492.7 498.3 488.7 497.6 558.2 581.1 612.0 639.8 674.0 708.9 728.6 762.8 801.4 852.8 746.0 757.9 771.6 775.5 783.8 794.7 806.6 820.6 837.1 847.8 855.5 870.9 883.8 900.1 909.5 Less: Subsidies Business current transfer payments Current surplus of government enterprises 34.0 34.3 32.9 35.4 44.2 44.3 55.3 38.4 46.7 43.5 39.9 37.0 38.3 38.3 42.1 54.6 44.5 45.4 42.3 41.8 43.2 46.5 50.6 52.1 56.1 46.9 53.1 49.9 64.7 67.4 87.1 92.8 84.3 81.6 91.1 91.1 85.8 81.4 78.8 79.0 80.5 82.5 84.3 88.2 90.7 83.0 102.6 99.0 99.6 21.8 11.4 12.7 12.6 10.3 10.1 5.3 ¥1.4 .9 1.3 ¥3.0 ¥1.6 ¥1.2 4.0 2.3 4.1 1.8 .4 ¥1.1 ¥1.6 ¥2.2 ¥3.0 ¥5.2 ¥6.1 ¥7.0 ¥22.8 Source: Department of Commerce, Bureau of Economic Analysis. REAL PERSONAL CONSUMPTION EXPENDITURES [Billions of chained (2000) dollars, except as noted; quarterly data at seasonally adjusted annual rates] Durable goods Period 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2002: ............... ............... ............... ............... ............... ............... ............... ............... ............... ............... I .......... II ......... III ....... IV ........ 2003: I .......... II ......... III ....... IV ........ 2004: I .......... II ......... III ....... IV ........ 2005: I .......... II ......... III r ...... Total personal consumption expenditures 5,433.5 5,619.4 5,831.8 6,125.8 6,438.6 6,739.4 6,910.4 7,099.3 7,306.6 7,588.6 7,042.2 7,083.5 7,123.2 7,148.2 7,192.2 7,256.8 7,360.7 7,416.4 7,501.4 7,536.6 7,617.5 7,698.8 7,764.9 7,829.5 7,907.9 Total durable goods 552.6 595.9 646.9 720.3 804.6 863.3 900.7 964.8 1,028.5 1,089.9 948.4 956.9 983.4 970.4 979.1 1,014.0 1,061.0 1,060.0 1,071.6 1,072.5 1,100.4 1,115.1 1,122.3 1,143.9 1,169.7 Motor vehicles and parts 272.3 285.4 304.7 339.0 372.4 386.5 405.8 429.0 449.7 457.0 422.1 422.5 445.6 425.9 431.6 445.9 466.8 454.4 453.9 448.1 461.4 464.6 455.0 463.3 477.3 Furniture and household equipment 173.3 193.4 216.3 244.7 280.7 312.9 331.8 364.3 396.3 442.9 356.9 363.5 365.2 371.6 372.5 387.4 407.5 417.7 428.4 437.1 449.2 456.8 469.2 475.9 490.5 Nondurable goods Other 111.2 119.6 127.3 137.6 151.7 163.9 163.2 172.4 184.5 195.8 170.3 172.1 172.7 174.4 176.1 182.2 188.5 191.3 193.7 193.1 196.0 200.2 206.5 212.9 211.0 Total nondurable goods 1,638.6 1,680.4 1,725.3 1,794.4 1,876.6 1,947.2 1,986.7 2,037.1 2,101.8 2,200.4 2,026.8 2,033.4 2,035.0 2,053.1 2,069.5 2,079.1 2,121.2 2,137.3 2,171.9 2,186.1 2,206.9 2,236.5 2,265.6 2,285.9 2,305.8 Food 827.1 834.7 845.2 865.6 893.6 925.2 940.2 954.6 980.1 1,029.1 950.2 954.5 954.4 959.5 969.2 970.5 987.7 992.8 1,015.5 1,022.5 1,030.9 1,047.4 1,060.9 1,072.2 1,088.7 1 Includes other items, not shown separately. NOTE.—Because of the formula used for calculating real GDP, the chained (2000) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates. 4 Clothing and shoes 227.4 238.7 246.0 263.1 282.7 297.7 303.7 318.3 334.1 355.0 315.9 317.0 315.7 324.4 323.4 331.1 340.4 341.5 352.6 349.7 354.9 363.0 367.9 374.4 377.2 Gasoline and oil 154.5 157.9 162.8 170.3 176.3 175.7 178.3 181.9 183.2 185.9 181.3 182.0 183.2 181.2 181.7 181.7 184.0 185.3 184.7 185.5 185.4 188.1 192.1 190.5 188.7 Services Fuel oil and coal 18.7 18.4 16.9 16.0 16.4 15.8 15.2 15.5 15.5 15.5 14.7 15.6 15.5 16.3 15.7 14.7 15.6 16.1 15.6 15.4 16.0 15.0 15.6 14.8 14.4 Other 414.1 432.9 456.6 481.1 508.6 532.9 549.2 567.1 589.6 616.7 565.0 564.6 566.5 572.2 579.5 581.8 594.5 602.5 605.3 614.1 621.7 625.5 631.2 637.7 641.9 Total services 1 3,259.9 3,356.0 3,468.0 3,615.0 3,758.0 3,928.8 4,023.2 4,100.4 4,183.9 4,310.9 4,069.4 4,095.7 4,109.0 4,127.4 4,146.5 4,169.7 4,190.2 4,229.4 4,269.0 4,288.6 4,324.0 4,362.1 4,392.0 4,417.6 4,453.5 Housing 887.5 901.1 922.5 948.8 978.6 1,006.5 1,033.7 1,042.1 1,048.4 1,078.4 1,044.4 1,043.7 1,041.0 1,039.3 1,041.3 1,044.5 1,050.1 1,057.7 1,067.6 1,074.6 1,081.9 1,089.5 1,095.6 1,101.4 1,106.6 Source: Department of Commerce, Bureau of Economic Analysis. Medical care 906.4 922.5 942.8 970.7 989.0 1,026.8 1,075.2 1,136.6 1,184.9 1,233.5 1,113.5 1,129.9 1,144.4 1,158.8 1,169.8 1,180.1 1,187.6 1,202.2 1,211.4 1,225.5 1,241.6 1,255.4 1,269.1 1,282.3 1,299.6 Retail sales of new passenger cars and light trucks (millions of units) 14.7 15.1 15.1 15.5 16.9 17.3 17.1 16.8 16.6 16.9 16.7 16.6 17.4 16.6 16.2 16.4 17.2 16.7 16.6 16.6 17.1 17.1 16.5 17.2 17.9 SOURCES OF PERSONAL INCOME Personal income rose $29.8 billion (annual rate) in November following an increase of $53.5 billion in October. Wages and salaries rose $9.5 billion in November following an increase of $32.0 billion in October. [Billions of dollars; monthly data at seasonally adjusted annual rates] Compensation of employees, received Supplements to wages and salaries Proprietors’ income 1 Personal income receipts on assets Rental income of persons 2 Personal current transfer receipts 3 Less: Contributions for government social insurance Total personal income Total ................. ................. ................. ................. ................. ................. ................. ................. ................. ................. Nov ....... Dec * ...... 6,152.3 6,520.6 6,915.1 7,423.0 7,802.4 8,429.7 8,724.1 8,881.9 9,169.1 9,713.3 9,924.9 10,291.0 4,177.0 4,386.9 4,664.6 5,020.1 5,352.0 5,782.7 5,942.1 6,091.2 6,321.1 6,687.6 6,896.6 6,954.3 3,419.3 3,619.6 3,877.6 4,183.4 4,466.3 4,829.2 4,942.8 4,980.9 5,111.1 5,389.4 5,563.2 5,612.2 757.7 767.3 787.0 836.7 885.7 953.4 999.3 1,110.3 1,210.0 1,298.1 1,333.4 1,342.1 22.7 37.3 34.2 29.4 28.6 22.7 19.7 10.6 27.7 35.8 24.5 23.0 469.5 505.9 541.8 598.4 649.7 705.7 752.2 757.8 782.4 853.8 875.6 880.0 122.1 131.5 128.8 137.5 147.3 150.3 167.4 152.9 131.7 134.2 128.3 125.4 1,016.4 1,089.2 1,181.7 1,283.2 1,264.2 1,387.0 1,380.0 1,333.2 1,338.7 1,396.5 1,394.2 1,698.5 763.2 793.0 848.7 933.2 928.6 1,011.0 1,011.0 936.1 917.6 905.9 907.2 910.0 253.2 296.2 333.0 349.9 335.6 376.1 369.0 397.2 421.1 490.6 487.0 788.5 877.4 925.0 951.2 978.6 1,022.1 1,084.0 1,193.9 1,286.2 1,344.0 1,427.5 1,449.4 1,459.4 532.8 555.2 587.2 624.2 661.4 702.7 731.1 750.0 776.6 822.2 843.7 849.6 2005: Jan ........ Feb ........ Mar ....... Apr ........ May ....... June ...... July r ...... Aug r ...... Sept r ..... Oct r ....... Nov p ...... 10,025.2 10,072.9 10,122.0 10,145.1 10,180.6 10,231.5 10,274.7 10,058.7 10,359.6 10,413.1 10,442.9 6,963.3 7,001.6 7,040.3 7,035.6 7,058.8 7,086.1 7,139.9 7,147.6 7,178.7 7,216.8 7,230.5 5,604.6 5,629.8 5,655.3 5,650.1 5,671.1 5,695.7 5,734.4 5,734.1 5,756.3 5,788.3 5,797.8 1,358.7 1,371.7 1,385.0 1,385.5 1,387.7 1,390.4 1,405.5 1,413.5 1,422.4 1,428.6 1,432.6 23.7 24.6 25.9 23.2 19.7 15.8 19.0 17.4 17.7 17.0 16.0 889.2 892.2 898.2 907.5 913.8 929.9 928.2 874.1 940.7 941.1 943.0 121.1 118.5 114.4 109.4 104.1 99.7 96.5 ¥213.4 83.6 71.9 78.3 1,403.3 1,407.4 1,413.1 1,426.8 1,439.7 1,452.8 1,460.9 1,468.8 1,476.9 1,490.3 1,503.6 912.7 915.4 918.1 927.0 936.0 944.9 948.1 951.2 954.4 962.6 970.7 490.6 492.0 495.0 499.8 503.8 507.9 512.8 517.6 522.5 527.7 532.9 1,482.8 1,489.6 1,494.0 1,504.9 1,509.1 1,514.8 1,502.4 1,635.9 1,536.0 1,553.7 1,550.0 858.2 860.9 863.8 862.4 864.7 867.6 872.2 871.6 873.9 877.7 878.5 Period 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2004: 1 With 2 With Wage and salary disbursements inventory valuation and capital consumption adjustments. capital consumption adjustment. mainly of social insurance benefits to persons. 3 Consists Farm Nonfarm Total Personal interest income Personal dividend income * Personal income data for December 2004 reflect the payment of a special dividend by the Microsoft Corporation. Note.—For information on effects of Hurricanes Katrina and Rita on personal income data, see Personal Income and Outlays: November 2005, Department of Commerce, Bureau of Economic Analysis release dated December 22, 2005. Source: Department of Commerce, Bureau of Economic Analysis. 5 DISPOSITION OF PERSONAL INCOME According to revised estimates, per capita disposable personal income in chained (2000) dollars declined at an annual rate of 3.1 percent in the third quarter of 2005. Period Personal income Less: Personal current taxes Equals: Disposable personal income Less: Personal outlays 1 Equals: Personal saving Disposable personal income in billions of chained (2000) dollars Per capita disposable personal income Current dollars Billions of dollars 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 ............ ............ ............ ............ ............ ............ ............ ............ ............ ............ 6,152.3 6,520.6 6,915.1 7,423.0 7,802.4 8,429.7 8,724.1 8,881.9 9,169.1 9,713.3 744.1 832.1 926.3 1,027.0 1,107.5 1,235.7 1,237.3 1,051.8 999.9 1,049.1 5,408.2 5,688.5 5,988.8 6,395.9 6,695.0 7,194.0 7,486.8 7,830.1 8,169.2 8,664.2 5,157.3 5,460.0 5,770.5 6,119.1 6,536.4 7,025.6 7,354.5 7,645.3 7,996.3 8,512.5 Chained (2000) dollars Per capita personal consumption expenditures Current dollars Chained (2000) dollars Dollars 250.9 228.4 218.3 276.8 158.6 168.5 132.3 184.7 172.8 151.8 5,905.7 6,080.9 6,295.8 6,663.9 6,861.3 7,194.0 7,333.3 7,562.2 7,741.8 8,004.3 20,287 21,091 21,940 23,161 23,968 25,472 26,236 27,165 28,065 29,475 Percent change in real per capita disposable personal income Saving as percent of disposable personal income Population, including Armed Forces overseas (thousands) 2 Percent 22,153 22,546 23,065 24,131 24,564 25,472 25,698 26,236 26,596 27,230 18,665 19,490 20,323 21,291 22,491 23,862 24,723 25,502 26,487 27,944 20,382 20,835 21,365 22,183 23,050 23,862 24,216 24,630 25,101 25,816 1.6 1.8 2.3 4.6 1.8 3.7 .9 2.1 1.4 2.4 4.6 4.0 3.6 4.3 2.4 2.3 1.8 2.4 2.1 1.8 266,588 269,714 272,958 276,154 279,328 282,429 285,366 288,240 291,085 293,951 26,292 26,355 26,182 26,127 26,228 26,459 26,853 26,846 27,026 27,045 27,159 27,685 27,384 27,338 27,127 25,179 25,444 25,631 25,760 26,054 26,269 26,703 26,921 27,426 27,750 28,076 28,522 28,864 29,276 29,762 24,524 24,612 24,684 24,706 24,803 24,967 25,256 25,380 25,613 25,675 25,882 26,091 26,258 26,417 26,612 10.6 1.0 ¥2.6 ¥.8 1.6 3.6 6.1 ¥.1 2.7 .3 1.7 8.0 ¥4.3 ¥.7 ¥3.1 2.9 2.8 2.0 1.8 1.9 2.1 2.5 2.0 1.8 1.6 1.2 2.3 .5 ¥.2 ¥1.8 287,154 287,812 288,575 289,328 289,977 290,656 291,442 292,217 292,872 293,540 294,315 295,077 295,720 296,383 297,155 Seasonally adjusted annual rates 2002: I ....... II ..... III .... IV .... 2003: I ....... II ..... III .... IV .... 2004: I ....... II ..... III .... IV .... 2005: I ....... II ..... III r .. 8,814.7 8,892.0 8,895.4 8,925.5 9,013.7 9,118.6 9,215.4 9,328.7 9,484.8 9,614.3 9,729.2 10,024.8 10,073.4 10,185.7 10,231.0 1,063.2 1,050.3 1,050.0 1,043.8 1,024.3 1,026.9 940.8 1,007.6 1,009.6 1,034.0 1,058.4 1,094.3 1,171.4 1,206.0 1,215.9 7,751.5 7,841.7 7,845.4 7,881.7 7,989.4 8,091.7 8,274.6 8,321.0 8,475.3 8,580.3 8,670.9 8,930.4 8,902.0 8,979.7 9,015.1 7,526.1 225.4 7,620.5 221.2 7,692.4 153.0 7,742.4 139.3 7,835.4 154.0 7,922.1 169.6 8,069.5 205.1 8,158.4 162.6 8,319.4 155.8 8,439.1 141.2 8,566.3 104.6 8,725.0 205.4 8,854.6 47.4 9,001.2 ¥21.5 9,173.9 ¥158.9 7,549.9 7,585.2 7,555.5 7,559.3 7,605.5 7,690.5 7,826.2 7,844.8 7,915.1 7,938.8 7,993.3 8,169.2 8,098.1 8,102.6 8,060.8 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 26,994 27,246 27,187 27,241 27,552 27,839 28,392 28,475 28,939 29,231 29,461 30,265 30,103 30,298 30,338 Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census). FARM INCOME According to the current forecast for 2005, gross farm income is forecast at $293.4 billion, and net farm income at $71.5 billion. [Billions of dollars; quarterly data at seasonally adjusted annual rates] Income of farm operators from farming Gross farm income Period Cash marketing receipts Total 1 Total 1996 ................................ 1997 ................................ 1998 ................................ 1999 ................................ 2000 ................................ 2001 ................................ 2002 ................................ 2003 ................................ 2004 ................................ 2005 p .............................. 2003: I .......................... II ......................... III ........................ IV ........................ 2004: I .......................... II ......................... III ........................ IV ........................ 2005: I p ........................ II p ........................ III p ...................... IV p ....................... 235.8 238.0 232.6 235.0 242.0 248.7 229.9 259.8 292.3 293.4 270.4 252.0 242.9 274.0 322.2 273.2 273.1 300.8 331.8 285.5 272.3 284.0 199.4 207.8 196.5 187.8 192.1 200.1 195.0 216.6 241.2 239.6 211.1 219.3 210.3 225.7 255.9 231.9 231.2 245.9 254.2 245.3 232.5 226.6 Livestock and products 92.9 96.5 94.2 95.7 99.6 106.7 94.0 105.6 123.5 123.7 106.7 108.2 106.7 100.8 125.3 123.5 121.5 123.6 134.0 117.2 119.9 123.7 1 Cash marketing receipts, Government payments, value of changes in inventories, other farm related cash income, and nonmoney income produced by farms including imputed rent of operator residences. 2 Crop receipts include proceeds received from commodities placed under Commodity Credit Corporation loans. 3 Physical changes in beginning and ending year inventories of crop and livestock commodities valued at weighted average market prices during the period. Crops 2 106.5 111.3 102.2 92.1 92.5 93.3 101.0 111.0 117.8 115.9 104.4 111.1 103.6 124.9 130.6 108.4 109.7 122.4 120.2 128.1 112.6 102.9 Value of inventory changes 3 7.9 .6 ¥.6 ¥.2 1.6 1.1 ¥3.4 ¥2.5 7.0 ¥1.3 ¥2.4 ¥2.5 ¥2.4 ¥2.6 7.4 6.7 6.7 7.2 ¥1.4 ¥1.4 ¥1.3 ¥1.3 Direct Government payments 4 Production expenses 7.3 7.5 12.4 21.5 22.9 20.7 11.2 17.2 13.3 22.7 33.9 6.4 7.3 21.2 26.2 4.9 5.7 16.4 44.7 8.4 9.7 28.0 176.9 186.7 185.5 187.2 193.1 197.1 193.4 200.3 209.8 221.9 195.3 202.8 194.5 208.7 222.5 201.7 201.1 213.8 235.4 227.2 215.3 209.8 Net farm income 59.0 51.3 47.1 47.7 48.9 51.5 36.6 59.5 82.5 71.5 75.1 49.2 48.4 65.3 99.7 71.5 72.0 87.0 96.4 58.3 57.0 74.1 4 Includes only Government payments made directly to farmers. NOTE.—Data for 2004 and 2005 are forecasts. Source: Department of Agriculture. 7 CORPORATE PROFITS In the third quarter of 2005, according to revised estimates, corporate profits before tax fell $19.6 billion (annual rate) and profits after tax fell $7.4 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 Profits before tax Nonfinancial Total 2 Total Financial Total 3 Manufacturing Utilities Wholesale Retail Taxes on corporate income Total Net dividends Undistributed profits Inventory valuation adjustment 656.0 736.1 812.3 738.5 563.2 634.2 701.4 635.5 162.2 172.6 193.0 165.9 401.0 461.6 508.4 469.6 173.7 188.8 209.0 173.5 ................ ................ ................ ................ 27.3 39.8 47.6 52.3 43.1 51.9 64.2 73.4 674.3 733.0 798.2 718.3 218.7 231.7 246.1 248.3 455.6 501.4 552.1 470.0 254.2 297.6 334.5 351.6 201.4 203.8 217.6 118.3 ¥18.3 3.1 14.1 20.2 ........... .............. .............. .............. .............. .............. .............. 738.5 776.8 759.3 719.2 766.2 923.9 1,019.7 635.5 655.3 613.6 549.5 610.4 747.9 834.8 165.4 194.3 200.2 227.6 276.4 313.0 300.6 470.1 461.1 413.4 322.0 334.0 434.9 534.2 157.0 150.6 144.3 52.6 48.2 80.7 118.9 32.7 33.1 24.4 24.7 10.6 11.4 12.1 53.2 55.5 59.7 52.1 49.3 56.3 63.5 66.4 65.2 59.6 71.0 79.4 87.7 90.0 718.3 775.9 773.4 707.9 768.4 937.2 1,059.3 248.3 258.6 265.2 204.1 192.6 232.1 271.1 470.0 517.2 508.2 503.8 575.8 705.1 788.2 351.6 337.4 377.9 370.9 399.2 423.2 493.0 118.3 179.9 130.3 132.9 176.6 281.9 295.2 20.2 1.0 ¥14.1 11.3 ¥2.2 ¥13.3 ¥39.6 2002: I ......... II ....... III ...... IV ...... 2003: I ......... II ....... III ...... IV ...... 2004: I ......... II ....... III ...... IV ...... 2005: I ......... II ....... III r .... 707.0 740.5 774.5 842.7 858.0 891.0 944.0 1,002.6 1,001.2 1,016.5 981.3 1,079.7 1,339.2 1,393.3 1,365.1 552.0 593.3 620.0 676.2 703.5 721.2 769.2 797.6 803.0 839.7 795.5 901.1 1,145.7 1,196.1 1,142.0 277.9 277.7 274.6 275.3 304.8 309.0 320.4 317.9 324.1 316.1 242.8 319.4 377.2 349.5 278.7 274.2 315.6 345.4 400.9 398.7 412.2 448.9 479.7 479.0 523.6 552.7 581.7 768.5 846.6 863.3 27.8 40.0 55.0 70.0 70.9 68.0 79.2 104.8 97.3 107.3 116.2 154.7 170.2 204.7 218.6 7.1 10.1 12.6 12.8 12.3 10.4 10.7 12.3 11.0 11.7 11.4 14.1 23.7 26.4 19.7 48.5 52.6 45.3 50.7 48.6 50.3 62.1 64.1 56.8 61.3 69.1 66.9 81.4 98.1 95.4 75.7 79.7 80.2 82.1 81.4 90.4 90.3 88.8 97.5 92.9 81.9 87.7 104.6 109.1 116.9 693.8 742.1 786.4 851.5 883.0 893.1 949.0 1,023.4 1,030.2 1,064.9 1,018.2 1,124.1 1,378.3 1,412.2 1,392.6 174.9 188.5 196.9 210.2 223.9 221.7 235.3 247.5 257.9 274.7 259.0 293.0 362.6 372.5 360.3 518.9 553.6 589.5 641.3 659.1 671.4 713.8 775.9 772.3 790.2 759.2 831.1 1,015.7 1,039.7 1,032.3 382.5 396.1 406.1 412.0 416.3 419.9 424.6 432.0 445.9 460.9 475.9 589.3 494.9 506.3 520.1 136.4 157.5 183.4 229.3 242.8 251.5 289.2 343.9 326.4 329.2 283.4 241.8 520.8 533.4 512.2 13.3 ¥1.6 ¥11.8 ¥8.8 ¥25.0 ¥2.1 ¥5.1 ¥20.8 ¥28.9 ¥48.3 ¥36.9 ¥44.4 ¥39.1 ¥18.9 ¥27.5 1995 1996 1997 1998 1998 1999 2000 2001 2002 2003 2004 .............. .............. .............. .............. 4 1 See p. 4 for profits with inventory valuation and capital consumption adjustments. rest of the world, not shown separately. 3 Includes industries not shown separately. 2 Includes 8 4 Data by industry beginning 1998 are based on the 1997 North American Industry Classification System (NAICS) and are not directly comparable with data for prior years shown, which are based on the 1987 Standard Industrial Classification (SIC). Source: Department of Commerce, Bureau of Economic Analysis. REAL GROSS PRIVATE DOMESTIC INVESTMENT In the third quarter of 2005, according to revised estimates, nonresidential fixed investment in chained (2000) dollars rose $26.2 billion (annual rate) and residential investment rose $10.7 billion. There was a decrease of $13.3 billion in inventories following a decrease of $1.7 billion in the second quarter. [Billions of chained (2000) dollars; quarterly data at seasonally adjusted annual rates] Fixed investment Period 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 Gross private domestic investment Change in private inventories Nonresidential Total Total Equipment and software Residential Structures Total Nonfarm ................................................................................. ................................................................................. ................................................................................. ................................................................................. ................................................................................. ................................................................................. ................................................................................. ................................................................................. ................................................................................. ................................................................................. 1,134.0 1,234.3 1,387.7 1,524.1 1,642.6 1,735.5 1,598.4 1,557.1 1,617.4 1,809.8 1,109.6 1,209.2 1,320.6 1,455.0 1,576.3 1,679.0 1,629.4 1,544.6 1,600.0 1,755.1 762.5 833.6 934.2 1,037.8 1,133.3 1,232.1 1,180.5 1,071.5 1,085.0 1,186.7 247.1 261.1 280.1 294.5 293.2 313.2 306.1 253.8 243.1 248.4 523.1 578.7 658.3 745.6 840.2 918.9 874.2 820.2 846.8 947.6 353.1 381.3 388.6 418.3 443.6 446.9 448.5 469.9 509.4 561.8 29.9 28.7 71.2 72.6 68.9 56.5 ¥31.7 12.5 15.5 52.0 41.3 21.7 68.5 71.2 71.5 57.8 ¥31.8 15.2 15.5 49.9 2002: I ............................................................................ II ........................................................................... III ......................................................................... IV .......................................................................... 2003: I ............................................................................ II ........................................................................... III ......................................................................... IV .......................................................................... 1,541.7 1,549.0 1,570.9 1,567.0 1,565.3 1,575.8 1,640.6 1,687.9 1,551.5 1,545.9 1,543.2 1,537.8 1,540.9 1,573.7 1,629.0 1,656.3 1,090.3 1,073.3 1,068.0 1,054.5 1,051.6 1,072.9 1,101.8 1,113.7 270.3 256.4 245.8 242.5 237.3 244.8 244.7 245.5 820.9 819.0 825.7 815.4 818.7 832.0 862.4 874.0 459.0 469.5 471.8 479.3 484.8 496.0 521.2 535.7 ¥10.2 2.6 28.0 29.5 24.0 ¥.4 9.3 29.0 ¥11.1 12.4 29.3 29.9 19.7 1.0 13.0 28.1 2004: I ............................................................................ II ........................................................................... III ......................................................................... IV .......................................................................... 1,729.1 1,813.0 1,833.4 1,863.9 1,684.4 1,744.5 1,780.2 1,811.3 1,135.1 1,171.6 1,204.8 1,235.1 243.4 248.5 249.4 252.3 899.1 931.4 965.6 994.2 542.4 565.1 568.8 571.0 41.9 65.6 50.4 50.1 46.8 58.5 43.7 50.8 2005: I ............................................................................ II ........................................................................... III r ........................................................................ 1,902.9 1,885.0 1,909.4 1,842.2 1,884.7 1,921.5 1,252.2 1,279.0 1,305.2 251.0 252.7 254.1 1,014.2 1,040.9 1,067.5 584.1 599.3 610.0 58.2 ¥1.7 ¥13.3 61.8 3.4 ¥8.1 NOTE.—See p. 10 for further detail on fixed investment by type. Because of the formula used for calculating real GDP, the chained (2000) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates. Source: Department of Commerce, Bureau of Economic Analysis. 9 REAL PRIVATE FIXED INVESTMENT BY TYPE [Billions of chained (2000) dollars; quarterly data at seasonally adjusted annual rates] Nonresidential Residential Equipment and software Period Total fixed investment Structures Information processing equipment and software Total nonresidential Structures Total Computers and peripheral equipment 1 Software Total Transportation equipment Other equipment Total residential Total 2 Single family Other Industrial equipment Equipment 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2002: ........................... ........................... ........................... ........................... ........................... ........................... ........................... ........................... ........................... ........................... I ...................... II ..................... III ................... IV .................... 2003: I ...................... II ..................... III ................... IV .................... 1,109.6 1,209.2 1,320.6 1,455.0 1,576.3 1,679.0 1,629.4 1,544.6 1,600.0 1,755.1 1,551.5 1,545.9 1,543.2 1,537.8 1,540.9 1,573.7 1,629.0 1,656.3 762.5 833.6 934.2 1,037.8 1,133.3 1,232.1 1,180.5 1,071.5 1,085.0 1,186.7 1,090.3 1,073.3 1,068.0 1,054.5 1,051.6 1,072.9 1,101.8 1,113.7 247.1 261.1 280.1 294.5 293.2 313.2 306.1 253.8 243.1 248.4 270.3 256.4 245.8 242.5 237.3 244.8 244.7 245.5 523.1 578.7 658.3 745.6 840.2 918.9 874.2 820.2 846.8 947.6 820.9 819.0 825.7 815.4 818.7 832.0 862.4 874.0 182.7 218.9 269.9 328.9 398.5 467.6 459.0 437.4 459.7 522.4 435.0 437.1 444.2 433.3 439.4 445.3 469.0 485.3 ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. 71.6 84.1 108.8 129.4 157.2 176.2 173.8 169.7 175.7 188.8 166.3 170.2 173.4 168.7 169.8 171.0 178.9 183.2 107.0 117.2 127.3 143.2 158.0 190.0 181.7 161.1 166.2 188.9 162.9 162.6 161.7 157.1 159.7 161.1 169.1 174.9 134.9 139.9 143.0 148.1 147.9 159.2 145.7 134.5 134.9 139.4 135.8 132.7 134.7 134.9 138.8 135.6 134.5 130.7 120.6 125.4 135.9 145.4 167.7 160.8 142.8 126.0 123.1 138.7 130.4 126.1 124.1 123.5 116.7 126.3 126.6 122.6 101.7 105.6 115.8 125.7 126.7 131.2 126.9 122.9 130.7 150.0 120.3 123.8 123.6 124.1 124.5 125.5 134.0 138.8 353.1 381.3 388.6 418.3 443.6 446.9 448.5 469.9 509.4 561.8 459.0 469.5 471.8 479.3 484.8 496.0 521.2 535.7 346.8 375.1 382.4 411.9 436.6 439.5 441.1 462.2 501.3 552.9 451.4 461.8 464.2 471.6 477.1 488.0 512.9 527.1 180.6 197.3 196.6 218.1 234.2 236.8 237.1 246.3 272.6 307.5 238.0 245.9 248.9 252.4 257.8 262.4 276.4 293.8 6.2 6.2 6.1 6.4 7.0 7.4 7.4 7.7 8.1 8.9 7.6 7.7 7.6 7.7 7.7 7.9 8.3 8.5 2004: I ...................... II ..................... III ................... IV .................... 1,684.4 1,744.5 1,780.2 1,811.3 1,135.1 1,171.6 1,204.8 1,235.1 243.4 248.5 249.4 252.3 899.1 931.4 965.6 994.2 504.8 517.4 527.9 539.7 ............. ............. ............. ............. 185.5 186.9 190.0 192.8 184.7 189.5 191.1 190.3 135.9 134.4 142.8 144.5 121.9 136.7 142.8 153.3 141.3 146.4 154.3 158.0 542.4 565.1 568.8 571.0 533.7 556.2 559.7 561.8 298.0 308.2 312.0 312.0 8.7 8.8 9.0 9.2 2005: I ...................... II ..................... III r .................. 1,842.2 1,884.7 1,921.5 1,252.2 1,279.0 1,305.2 251.0 252.7 254.1 1,014.2 1,040.9 1,067.5 565.1 584.6 600.2 ............. ............. ............. 199.8 209.1 213.7 196.3 196.5 202.1 150.9 143.2 148.8 148.8 158.1 163.3 153.9 160.6 161.1 584.1 599.3 610.0 574.8 590.0 600.6 320.5 323.3 329.0 9.2 9.2 9.3 1 For details on this component, see Survey of Current Business, Tables 5.3.6, 5.3.1 for growth rates, 5.3.2 for contributions, and 5.3.3 for quantity indexes. 2 Includes other items, not shown separately. NOTE.—Because of the formula used for calculating real GDP, the chained (2000) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates. Source: Department of Commerce, Bureau of Economic Analysis. BUSINESS INVESTMENT [Billions of dollars] Capital expenditures By industry Period Total capital expenditures Total by industry Forestry, fishing Con- Manuand Min- Utili- strucfacagriing ties turtion culing tural services ProFor Real fesscomTransesional, Health panies portaFiscien- care withWhole- Retail tion Infor- nance tate and tific, and Other out sale and maand 1 and social emtrade trade waretion insur- rental and tech- assisployhousance leasnical tance ees ing ing services For companies with employees 1996 1997 1998 1999 2000 2001 2002 2003 .............................. ............................. .............................. ............................. ............................. ............................. ............................. ............................. 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 80.4 983.8 895.6 1.9 50.5 54.7 23.1 149.5 28.4 65.5 44.9 81.7 125.1 89.4 24.9 60.8 95.2 88.2 1 Includes the following industries: Management of companies and enterprises; administrative and support and waste management; educational services; arts, entertainment, and recreation; accommodation and food services; and other services (except public administration). Also includes an item for structure and equipment expenditures serving multiple industry categories. 10 NOTE.—Data from Annual Capital Expenditures. Industry data are based on the North American Industry Classification System (NAICS): 1997. Data shown in this table are capital expenditures for both new and used structures and equipment. Source: Department of Commerce, Bureau of the Census. EMPLOYMENT, UNEMPLOYMENT, AND WAGES STATUS OF THE LABOR FORCE In November, employment fell by 52,000 and unemployment rose by 149,000. [Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA] Civilian employment Period 1995 ...................... 1996 ...................... 1997 2 .................... 1998 2 .................... 1999 2 .................... 2000 2 .................... 2001 ..................... 2002 ...................... 2003 2 .................... 2004 2 .................... 2004: Nov ............ Dec ............ 2005: Jan 2 .......... Feb ............ Mar ............ Apr ............. May ............ June ........... July ............ Aug ............ Sept ........... Oct ............. Nov ............ Civilian noninstitutional population (NSA) Civilian labor force 198,584 200,591 203,133 205,220 207,753 212,577 215,092 217,570 221,168 223,357 224,422 224,640 224,837 225,041 225,236 225,441 225,670 225,911 226,153 226,421 226,693 226,959 227,204 132,304 133,943 136,297 137,673 139,368 142,583 143,734 144,863 146,510 147,401 148,313 148,203 147,979 148,132 148,157 148,762 149,122 149,123 149,573 149,841 150,093 150,079 150,176 Percent 1 Unemployment Total Men 20 years and over Women 20 years and over Both sexes 16–19 years 124,900 126,708 129,558 131,463 133,488 136,891 136,933 136,485 137,736 139,252 140,293 140,156 140,241 140,144 140,501 141,099 141,475 141,638 142,076 142,449 142,432 142,646 142,594 64,085 64,897 66,284 67,135 67,761 69,634 69,776 69,734 70,415 71,572 72,134 72,020 72,029 72,131 72,429 72,817 73,100 73,174 73,363 73,527 73,318 73,519 73,443 54,396 55,311 56,613 57,278 58,555 60,067 60,417 60,420 61,402 61,773 62,145 62,208 62,295 62,202 62,099 62,384 62,464 62,451 62,690 62,867 63,077 63,173 63,166 6,419 6,500 6,661 7,051 7,172 7,189 6,740 6,332 5,919 5,907 6,014 5,927 5,917 5,811 5,973 5,897 5,911 6,013 6,024 6,055 6,036 5,954 5,984 1 Civilian labor force (or employment) as percent of civilian noninstitutional population; and unemployment as percent of civilian labor force. 2 Not strictly comparable with earlier data. NOTE.—Beginning January 2005 data reflect revised population controls and are not strictly comparable with earlier data. Total 7,404 7,236 6,739 6,210 5,880 5,692 6,801 8,378 8,774 8,149 8,020 8,047 7,737 7,988 7,656 7,663 7,647 7,486 7,497 7,391 7,661 7,433 7,582 Men 20 years and over 3,239 3,146 2,882 2,580 2,433 2,376 3,040 3,896 4,209 3,791 3,733 3,733 3,565 3,685 3,492 3,356 3,339 3,288 3,261 3,304 3,471 3,287 3,278 Women 20 years and over Both sexes 16–19 years 2,819 2,783 2,585 2,424 2,285 2,235 2,599 3,228 3,314 3,150 3,099 3,051 3,023 3,068 2,952 3,036 3,015 3,019 3,078 2,894 3,053 3,018 3,064 1,346 1,306 1,271 1,205 1,162 1,081 1,162 1,253 1,251 1,208 1,188 1,262 1,150 1,235 1,212 1,271 1,293 1,178 1,158 1,193 1,136 1,128 1,239 Not in labor force Labor force participation rate Employment/ population ratio Unemployment rate 66.6 66.8 67.1 67.1 67.1 67.1 66.8 66.6 66.2 66.0 66.1 66.0 65.8 65.8 65.8 66.0 66.1 66.0 66.1 66.2 66.2 66.1 66.1 62.9 63.2 63.8 64.1 64.3 64.4 63.7 62.7 62.3 62.3 62.5 62.4 62.4 62.3 62.4 62.6 62.7 62.7 62.8 62.9 62.8 62.9 62.8 5.6 5.4 4.9 4.5 4.2 4.0 4.7 5.8 6.0 5.5 5.4 5.4 5.2 5.4 5.2 5.2 5.1 5.0 5.0 4.9 5.1 5.0 5.0 66,280 66,647 66,837 67,547 68,385 69,994 71,359 72,707 74,658 75,956 76,109 76,437 76,858 76,909 77,079 76,679 76,547 76,787 76,580 76,581 76,600 76,880 77,028 See Employment and Earnings for details on breaks in series. Source: Department of Labor, Bureau of Labor Statistics. 11 SELECTED UNEMPLOYMENT RATES In November, the unemployment rate was unchanged from October at 5.0 percent. [Monthly data seasonally adjusted] Unemployment rate (percent of civilian labor force in group) By race or ethnicity 1 By sex and age Period 1995 ......................... 1996 ......................... 1997 ......................... 1998 ......................... 1999 ......................... 2000 ........................ 2001 ........................ 2002 ........................ 2003 ........................ 2004 ......................... 2004: Nov ............... Dec ............... 2005: Jan ............... Feb ............... Mar ............... Apr ............... May ............... June .............. July ............... Aug ............... Sept .............. Oct ................ Nov ............... All civilian workers 5.6 5.4 4.9 4.5 4.2 4.0 4.7 5.8 6.0 5.5 5.4 5.4 5.2 5.4 5.2 5.2 5.1 5.0 5.0 4.9 5.1 5.0 5.0 Men 20 years and over Women 20 years and over 4.8 4.6 4.2 3.7 3.5 3.3 4.2 5.3 5.6 5.0 4.9 4.9 4.7 4.9 4.6 4.4 4.4 4.3 4.3 4.3 4.5 4.3 4.3 4.9 4.8 4.4 4.1 3.8 3.6 4.1 5.1 5.1 4.9 4.7 4.7 4.6 4.7 4.5 4.6 4.6 4.6 4.7 4.4 4.6 4.6 4.6 Both sexes 16–19 years 17.3 16.7 16.0 14.6 13.9 13.1 14.7 16.5 17.5 17.0 16.5 17.6 16.3 17.5 16.9 17.7 17.9 16.4 16.1 16.5 15.8 15.9 17.2 White 4.9 4.7 4.2 3.9 3.7 3.5 4.2 5.1 5.2 4.8 4.6 4.6 4.4 4.6 4.4 4.4 4.4 4.3 4.3 4.2 4.5 4.4 4.3 1 Beginning in 2003, persons who selected this race group only. Prior to 2003, persons who reported more than one race were included in the group they identified as the main race. Persons whose ethnicity is identified as Hispanic or Latino may be of any race. 12 By selected groups Black or African American Asian (NSA) Hispanic or Latino ethnicity 10.4 10.5 10.0 8.9 8.0 7.6 8.6 10.2 10.8 10.4 10.8 10.8 10.6 10.9 10.3 10.4 10.1 10.3 9.5 9.6 9.4 9.1 10.6 .......... .......... .......... .......... .......... 3.6 4.5 5.9 6.0 4.4 4.2 4.1 4.2 4.5 3.9 3.9 3.9 4.0 5.2 3.6 4.1 3.1 3.6 9.3 8.9 7.7 7.2 6.4 5.7 6.6 7.5 7.7 7.0 6.7 6.6 6.1 6.4 5.7 6.4 6.0 5.8 5.5 5.8 6.5 5.8 6.0 Married men, spouse present Women who maintain families (NSA) Full-time workers Part-time workers 8.0 8.2 8.1 7.2 6.4 5.9 6.6 8.0 8.5 8.0 7.7 7.1 8.2 8.0 8.0 7.7 7.9 8.2 8.8 7.2 7.6 7.3 7.2 5.5 5.3 4.8 4.3 4.1 3.8 4.7 5.9 6.1 5.6 5.4 5.4 5.2 5.4 5.1 5.1 5.0 4.9 4.9 4.9 5.1 4.9 4.9 6.0 5.8 5.5 5.3 5.0 4.8 5.1 5.2 5.5 5.3 5.4 5.4 5.3 5.4 5.4 5.3 5.6 5.4 5.5 5.1 5.3 5.3 5.7 3.3 3.0 2.7 2.4 2.2 2.0 2.7 3.6 3.8 3.1 3.1 3.1 3.1 3.0 3.0 2.7 2.7 2.6 2.6 2.9 2.8 2.6 2.6 NOTE.—Data relate to persons age 16 years and over. Source: Department of Labor, Bureau of Labor Statistics. SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE PROGRAMS In November, the percentages of the unemployed who had been out of work for less than 5 weeks and for 15–26 weeks rose; the percentages for 5–14 weeks and for 27 weeks and over fell. The mean duration of unemployment fell to 17.7 weeks and the median duration fell to 8.5 weeks. [Monthly data seasonally adjusted, except as noted] Duration of unemployment Period Unemployment (thousands) Percent distribution Less than 5 weeks 5–14 weeks 15–26 weeks Reason for unemployment: percent distribution State programs Number of weeks 27 weeks and over Average (mean) Median Job losers 1 Job leavers Reentrants New entrants Insured unemployment Initial claims Insured unemployment, all regular programs (unadjusted) 2 Weekly average, thousands 1995 ........................................ 1996 ........................................ 1997 ........................................ 1998 ........................................ 1999 ........................................ 2000 ........................................ 2001 ........................................ 2002 ........................................ 2003 ........................................ 2004 ........................................ 2004: Nov .............................. Dec ............................... 2005: Jan .............................. Feb .............................. Mar .............................. Apr ............................... May .............................. June ............................. July .............................. Aug .............................. Sept ............................. Oct ............................... Nov .............................. 7,404 7,236 6,739 6,210 5,880 5,692 6,801 8,378 8,774 8,149 8,020 8,047 7,737 7,988 7,656 7,663 7,647 7,486 7,497 7,391 7,661 7,433 7,582 36.5 36.4 37.7 42.2 43.7 44.9 42.0 34.5 31.7 33.1 32.7 35.4 33.5 34.6 33.0 34.9 35.4 36.2 34.6 33.9 35.8 36.1 36.7 31.6 31.6 31.7 31.4 31.2 31.9 32.3 30.8 29.8 29.2 29.6 28.0 30.2 29.1 30.3 29.7 29.7 31.8 32.7 30.3 29.9 30.4 30.1 14.6 14.6 14.8 12.3 12.8 11.8 14.0 16.3 16.4 15.9 16.2 16.4 15.5 15.8 15.2 14.2 14.9 14.1 14.1 16.6 14.8 14.0 14.8 17.3 17.4 15.8 14.1 12.3 11.4 11.8 18.3 22.1 21.8 21.5 20.2 20.9 20.5 21.5 21.2 20.1 17.8 18.7 19.2 19.4 19.5 18.4 1 Beginning January 1994, job losers and persons who completed temporary jobs. 2 Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (UCX), and Federal (UCFE). Also includes Federal and State extended benefit programs. Does not include Railroad (RR) program, Federal supplemental compensation or Emergency Unemployment Compensation programs. 16.6 16.7 15.8 14.5 13.4 12.6 13.1 16.6 19.2 19.6 19.8 19.3 19.3 19.1 19.5 19.6 18.8 17.1 17.6 18.9 18.3 18.1 17.7 8.3 8.3 8.0 6.7 6.4 5.9 6.8 9.1 10.1 9.8 9.8 9.5 9.4 9.3 9.3 8.9 9.1 9.1 9.0 9.4 8.6 8.6 8.5 46.9 46.6 45.1 45.5 44.6 44.2 51.1 55.0 55.1 51.5 50.5 50.9 51.8 49.2 49.1 47.9 47.5 49.7 48.6 47.1 48.7 47.5 45.6 11.1 10.7 11.8 11.8 13.3 13.7 12.3 10.3 9.3 10.5 10.9 11.1 10.5 11.9 11.1 11.7 12.3 11.4 11.0 11.3 11.5 12.0 12.0 34.1 34.7 34.7 34.3 34.1 34.5 29.9 28.3 28.2 29.5 29.6 29.2 29.7 29.7 30.6 30.7 30.7 30.0 32.0 33.1 31.7 31.7 33.3 7.8 8.0 8.4 8.4 8.0 7.6 6.8 6.4 7.3 8.4 9.0 8.8 8.0 9.2 9.2 9.7 9.5 8.9 8.4 8.5 8.1 8.8 9.0 2,572 2,595 2,323 2,222 2,188 2,110 2,974 3,585 3,531 2,950 2,756 2,738 2,723 2,674 2,652 2,593 2,590 2,600 2,582 2,581 2,774 2,825 p 2,703 357 356 323 321 298 301 404 407 404 345 336 332 329 309 337 323 334 323 317 318 398 350 r 323 2,633 2,650 2,366 2,257 2,219 2,141 3,007 3,619 3,569 2,995 2,621 2,693 3,654 3,258 2,954 2,659 2,587 2,410 2,617 2,492 2,226 2,631 2,473 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 215,000 in November. [Thousands of wage and salary workers; 1 monthly data seasonally adjusted] Goods-producing industries Period 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2004: ...................... ...................... ...................... ...................... ...................... ...................... ...................... ...................... ...................... ...................... Nov ............ Dec ............. 2005: Jan ............. Feb ............. Mar ............ Apr ............. May ............ June ........... July ............ Aug ............ Sept ........... Oct p ............ Nov p .......... Total nonagricultural employment 117,298 119,708 122,776 125,930 128,993 131,785 131,826 130,341 129,999 131,480 132,294 132,449 132,573 132,873 132,995 133,287 133,413 133,588 133,865 134,013 134,030 134,074 134,289 Total 2 23,156 23,410 23,886 24,354 24,465 24,649 23,873 22,557 21,816 21,884 21,996 22,022 22,004 22,066 22,093 22,130 22,138 22,134 22,134 22,159 22,164 22,218 22,268 Construction 5,274 5,536 5,813 6,149 6,545 6,787 6,826 6,716 6,735 6,964 7,060 7,086 7,090 7,133 7,159 7,207 7,213 7,230 7,235 7,267 7,284 7,319 7,356 Manufacturing 17,241 17,237 17,419 17,560 17,322 17,263 16,441 15,259 14,510 14,329 14,337 14,334 14,307 14,321 14,315 14,300 14,301 14,276 14,270 14,260 14,244 14,259 14,270 Service-providing industries Total 94,142 96,299 98,890 101,576 104,528 107,136 107,952 107,784 108,182 109,596 110,298 110,427 110,569 110,807 110,902 111,157 111,275 111,454 111,731 111,854 111,866 111,856 112,021 Trade, transportation, and utilities Total 3 Retail trade 23,834 24,239 24,700 25,186 25,771 26,225 25,983 25,497 25,287 25,510 25,621 25,620 25,652 25,714 25,743 25,797 25,842 25,854 25,922 25,910 25,870 25,880 25,909 13,897 14,143 14,389 14,609 14,970 15,280 15,239 15,025 14,917 15,035 15,081 15,077 15,081 15,125 15,129 15,158 15,186 15,197 15,249 15,231 15,183 15,186 15,194 1 Data from the establishment survey. Includes all full- and part-time wage and salary workers in nonagricultural establishments who received pay for any part of the pay period that includes the 12th of the month. Excludes proprietors, self-employed persons, unpaid family workers, and private household workers. Data from the household survey shown on p. 11 include those workers and also count persons as employed when they are not at work because of industrial disputes, bad weather, etc., even if they are not paid for the time off. In the series shown here, persons who work at more than one job are counted each time they appear on a payroll, in contrast to the series shown on p. 11 where persons are counted only once—as employed, unemployed, or not in the labor force. See Employment and Earnings for details. 14 Information 2,843 2,940 3,084 3,218 3,419 3,631 3,629 3,395 3,188 3,138 3,133 3,127 3,123 3,127 3,134 3,152 3,146 3,146 3,146 3,147 3,153 3,140 3,143 Financial activities 6,827 6,969 7,178 7,462 7,648 7,687 7,807 7,847 7,977 8,052 8,107 8,128 8,150 8,165 8,167 8,182 8,189 8,208 8,227 8,248 8,265 8,292 8,305 Profes- Educasional tion Leisure and and and busihealth hospiness services tality services 12,844 13,462 14,335 15,147 15,957 16,666 16,476 15,976 15,987 16,414 16,611 16,674 16,694 16,775 16,796 16,843 16,851 16,906 16,964 16,983 17,037 17,043 17,072 13,289 13,683 14,087 14,446 14,798 15,109 15,645 16,199 16,588 16,954 17,108 17,142 17,178 17,186 17,210 17,243 17,289 17,336 17,377 17,418 17,455 17,445 17,481 10,501 10,777 11,018 11,232 11,543 11,862 12,036 11,986 12,173 12,479 12,571 12,589 12,611 12,650 12,662 12,723 12,736 12,765 12,801 12,830 12,762 12,748 12,777 Other services Government Total 4,572 4,690 4,825 4,976 5,087 5,168 5,258 5,372 5,401 5,431 5,441 5,447 5,451 5,457 5,459 5,472 5,468 5,479 5,477 5,469 5,468 5,457 5,462 19,432 19,539 19,664 19,909 20,307 20,790 21,118 21,513 21,583 21,618 21,706 21,700 21,710 21,733 21,731 21,745 21,754 21,760 21,817 21,849 21,856 21,851 21,872 Federal 2,949 2,877 2,806 2,772 2,769 2,865 2,764 2,766 2,761 2,728 2,728 2,706 2,717 2,720 2,724 2,718 2,722 2,719 2,719 2,718 2,718 2,717 2,719 2 Includes natural resources and mining, not shown separately. 3 Includes wholesale trade, transportation and warehousing, and utilities, not shown separately. NOTE.—Data classified by industry based on the 2002 North American Industry Classification System (NAICS). For details see Employment and Earnings,June 2003. Source: Department of Labor, Bureau of Labor Statistics. AVERAGE WEEKLY HOURS, HOURLY EARNINGS, AND WEEKLY EARNINGS PRIVATE NONAGRICULTURAL INDUSTRIES [For production or nonsupervisory workers; monthly data seasonally adjusted] Average weekly hours Average gross hourly earnings Manufacturing Period 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2004: ..................... .................... .................... ..................... ..................... .................... ..................... ..................... ..................... ..................... Nov ........... Dec ........... 2005: Jan ........... Feb ........... Mar ........... Apr ........... May ........... June .......... July ........... Aug ........... Sept .......... Oct p .......... Nov p .......... Total private nonagricultural 1 34.3 34.3 34.5 34.5 34.3 34.3 34.0 33.9 33.7 33.7 33.7 33.7 33.7 33.7 33.7 33.8 33.7 33.7 33.7 33.7 33.8 33.8 33.7 Total 41.3 41.3 41.7 41.4 41.4 41.3 40.3 40.5 40.4 40.8 40.5 40.5 40.7 40.6 40.4 40.5 40.4 40.4 40.5 40.5 40.7 41.0 40.8 Average gross weekly earnings Total private nonagricultural 1 Overtime 4.7 4.8 5.1 4.8 4.8 4.7 4.0 4.2 4.2 4.6 4.5 4.5 4.5 4.6 4.5 4.4 4.4 4.4 4.5 4.5 4.5 4.6 4.5 Current dollars $11.64 12.03 12.49 13.00 13.47 14.00 14.53 14.95 15.35 15.67 15.82 15.85 15.90 15.91 15.95 16.00 16.03 16.07 16.14 16.17 16.19 16.29 16.32 1982 dollars 2 $7.53 7.57 7.68 7.89 8.00 8.03 8.11 8.24 8.27 8.23 8.21 8.23 8.24 8.22 8.19 8.16 8.19 8.21 8.20 8.16 8.06 8.10 8.18 Total private nonagricultural 1 Manufacturing $12.34 12.75 13.14 13.45 13.85 14.32 14.76 15.29 15.74 16.14 16.29 16.34 16.37 16.42 16.43 16.47 16.53 16.55 16.55 16.65 16.59 16.71 16.71 1 Also includes other private industry groups shown on p. 14. 2 Current dollar earnings divided by the consumer price index for urban wage earners and clerical workers (CPI–W) (on a 1982=100 base). Percent change from a year earlier, total private nonagricultural Current dollars Current dollars 1982 dollars 2 Manufacturing Construction Retail trade $399.53 412.74 431.25 448.04 462.49 480.41 493.20 506.07 517.30 528.56 533.13 534.15 535.83 536.17 537.52 540.80 540.21 541.56 543.92 544.93 547.22 550.60 549.98 $258.43 259.58 265.22 271.87 274.64 275.62 275.38 278.83 278.72 277.61 276.52 277.19 277.78 276.95 276.08 275.92 275.90 276.59 276.24 275.08 272.38 273.79 275.54 $509.26 526.55 548.22 557.12 573.17 590.65 595.19 618.75 635.99 658.53 659.75 661.77 666.26 666.65 663.77 667.04 667.81 668.22 670.28 674.33 675.21 685.11 681.77 $571.57 588.48 609.48 629.75 655.11 685.78 695.89 711.82 726.83 735.70 739.57 740.74 723.42 737.64 740.72 755.82 745.36 748.06 745.66 747.23 748.00 756.56 771.46 $272.56 282.76 295.97 310.34 321.63 333.38 346.16 360.81 367.15 371.15 373.32 376.07 378.22 378.53 377.92 379.15 378.83 376.68 380.34 379.12 375.76 376.96 374.51 Current dollars 1982 dollars ¥0.6 .4 2.2 2.5 1.0 .4 ¥.1 1.3 ¥.0 ¥.4 ¥1.6 ¥.5 ¥.6 ¥.7 ¥.5 ¥.6 ¥.6 .4 ¥.4 ¥1.1 ¥2.3 ¥1.5 ¥.4 2.3 3.3 4.5 3.9 3.2 3.9 2.7 2.6 2.2 2.2 2.1 2.9 2.4 2.3 2.6 3.0 2.3 3.1 2.8 2.7 2.7 3.0 3.2 Source: Department of Labor, Bureau of Labor Statistics. EMPLOYMENT COST INDEX—PRIVATE INDUSTRY Index (June 1989 = 100) Percent change from 3 months earlier Period Total compensation Wages and salaries Benefits 1 Total compensation Wages and salaries 12 months earlier Benefits 1 Total compensation Wages and salaries Benefits 1 Not seasonally adjusted 1995: 1996: 1997: 1998: 1999: 2000: 2001: 2002: 2003: 2004: Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec ................................................................. .................................................................. .................................................................. .................................................................. .................................................................. .................................................................. .................................................................. .................................................................. .................................................................. .................................................................. 126.7 130.6 135.1 139.8 144.6 150.9 157.2 162.3 168.8 175.2 123.1 127.3 132.3 137.4 142.2 147.7 153.3 157.5 162.3 166.2 2001: Sept ................................................................ Dec ................................................................. 2002: Mar ................................................................. June ............................................................... Sept ................................................................ Dec ................................................................. 2003: Mar ................................................................. June ............................................................... Sept ................................................................ Dec ................................................................. 2004: Mar ................................................................. June ............................................................... Sept ................................................................ Dec ................................................................. 2005: Mar ................................................................. June ............................................................... Sept ................................................................ 155.7 157.5 158.8 160.5 161.5 162.8 165.0 166.4 168.2 169.6 171.5 173.1 174.8 176.2 177.3 178.4 179.8 152.0 153.4 154.8 156.2 156.9 157.7 159.3 160.3 161.6 162.5 163.5 164.5 165.7 166.4 167.4 168.4 169.4 135.9 138.6 141.8 145.2 150.2 158.6 166.7 174.6 185.8 198.7 ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ .................. .................. .................. .................. .................. .................. .................. .................. .................. .................. 0.8 .9 .9 .9 .4 .5 1.0 .6 .8 .6 .6 .6 .7 .4 .6 .6 .6 1.4 1.5 .7 1.4 1.2 1.4 1.9 1.3 1.7 1.5 2.2 1.7 1.3 1.6 1.1 .8 1.3 Seasonally adjusted 1 Employer costs for employee benefits. NOTE.—The employment cost index is a measure of the change in the cost of labor, free from the influence of employment shifts among occupations and industries. 164.7 167.2 168.3 170.6 172.7 175.2 178.5 180.9 183.9 186.7 190.9 194.1 196.7 199.9 202.0 203.6 206.2 1.0 1.2 .8 1.1 .6 .8 1.4 .8 1.1 .8 1.1 .9 1.0 .8 .6 .6 .8 2.6 3.1 3.4 3.5 3.4 4.4 4.2 3.2 4.0 3.8 2.8 3.4 3.9 3.9 3.5 3.9 3.8 2.7 3.0 2.4 2.2 2.0 2.3 2.4 3.4 5.6 5.1 4.7 6.4 6.9 Not seasonally adjusted 4.0 4.2 3.9 4.0 3.7 3.2 3.8 3.5 4.0 4.0 3.9 4.0 3.7 3.8 3.4 3.2 3.0 3.6 3.8 3.5 3.6 3.2 2.7 3.0 2.6 3.0 3.0 2.6 2.6 2.6 2.4 2.4 2.4 2.2 4.9 5.1 4.8 5.1 4.8 4.7 6.1 6.1 6.5 6.4 7.0 7.3 6.8 6.9 5.8 4.9 4.8 Data exclude farm and household workers. Source: Department of Labor, Bureau of Labor Statistics. 15 PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR Output per hour of all persons Period Business sector Nonfarm business sector Output 1 Business sector Nonfarm business sector Hours of all persons 2 Business sector Compensation per hour 3 Nonfarm business sector Business sector Nonfarm business sector Real compensation per hour 4 Business sector Nonfarm business sector Unit labor costs Implicit price deflator 5 Business sector Nonfarm business sector Business sector Nonfarm business sector 104.2 104.7 106.1 109.4 111.4 115.9 117.7 117.1 117.2 118.6 116.9 117.7 116.9 116.9 117.7 117.5 116.4 117.0 117.3 117.2 118.7 121.0 121.5 121.2 120.9 103.7 104.5 105.9 109.3 111.2 115.9 117.5 117.0 117.1 118.4 116.5 117.5 116.9 116.9 117.7 117.6 116.4 116.9 117.3 117.1 118.5 120.7 121.3 120.9 120.6 105.7 107.4 109.0 109.7 110.7 112.7 114.9 116.1 117.7 120.6 115.6 115.9 116.2 116.7 117.2 117.4 117.9 118.3 119.4 120.5 120.7 121.5 122.3 123.1 123.9 105.8 107.3 109.1 109.9 111.1 113.3 115.4 116.7 118.2 120.7 116.0 116.6 116.9 117.3 117.9 118.0 118.3 118.6 119.6 120.6 121.0 121.8 122.7 123.5 124.4 1.6 .7 1.4 3.1 1.8 4.2 1.4 ¥.5 .2 1.1 7.2 ¥3.0 .4 ¥3.1 ¥.4 3.4 ¥2.2 .2 2.6 ¥.3 ¥4.1 2.0 1.3 ¥.8 4.8 7.6 2.2 ¥1.2 ¥1.0 1.8 1.6 1.5 .6 .9 1.8 2.0 1.0 1.4 2.4 2.7 3.0 1.0 1.3 .2 1.0 1.0 1.7 1.8 .6 1.6 1.6 3.7 3.8 .7 2.4 2.7 2.6 2.8 1.7 1.4 1.7 .7 1.1 1.9 1.9 1.1 1.3 2.1 2.5 2.7 .7 1.5 .0 2.0 .9 1.6 1.9 .4 1.0 .8 3.6 3.2 1.5 2.6 3.0 2.7 3.1 Indexes, 1992=100; quarterly data seasonally adjusted 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2002: ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ I ................... II ................. III ................ IV ................ 2003: I ................... II ................. III ............... IV ................ 2004: I ................... II ................. III ................ IV ................ 2005: I ................... II ................. III * .............. 101.6 104.7 106.7 109.7 112.9 116.1 119.0 123.8 128.6 133.0 122.7 123.2 124.6 124.7 125.6 127.9 130.5 130.6 131.7 132.8 133.3 134.3 135.3 135.5 137.3 102.1 104.9 106.6 109.5 112.6 115.6 118.5 123.3 128.0 132.3 122.5 122.7 123.9 124.0 124.9 126.9 129.9 130.1 130.8 132.2 132.7 133.5 134.5 135.3 136.8 111.4 116.5 122.7 128.6 135.2 140.5 141.0 143.1 147.9 154.9 141.9 142.6 143.8 144.0 144.6 146.4 149.8 150.8 152.6 154.1 155.8 157.2 158.9 160.4 162.4 111.8 116.8 122.8 128.9 135.6 140.8 141.3 143.4 148.2 155.3 142.5 143.0 144.1 144.1 144.8 146.5 150.2 151.2 152.8 154.5 156.3 157.7 159.4 161.2 163.1 109.6 111.3 115.0 117.3 119.7 121.0 118.4 115.6 115.0 116.5 115.7 115.7 115.4 115.5 115.2 114.5 114.8 115.5 115.9 116.1 116.9 117.1 117.5 118.4 118.3 109.4 111.4 115.3 117.7 120.4 121.8 119.3 116.3 115.8 117.4 116.3 116.5 116.3 116.2 115.9 115.4 115.6 116.2 116.8 116.8 117.8 118.2 118.5 119.2 119.2 105.9 109.6 113.1 120.0 125.8 134.5 140.2 145.0 150.7 157.7 143.5 145.0 145.7 145.8 147.8 150.3 152.0 152.8 154.4 155.7 158.2 162.5 164.4 164.3 166.0 106.0 109.5 112.9 119.6 125.2 134.0 139.3 144.2 149.9 156.7 142.7 144.2 144.8 145.0 147.0 149.3 151.2 152.2 153.5 154.9 157.2 161.0 163.2 163.6 165.0 98.8 99.6 100.6 105.3 108.1 111.9 113.4 115.4 117.3 119.5 115.4 115.7 115.7 115.1 115.5 117.3 118.0 118.4 118.5 118.2 119.6 121.8 122.5 121.2 121.0 98.9 99.5 100.4 105.0 107.5 111.4 112.6 114.8 116.7 118.7 114.8 115.0 114.9 114.5 114.9 116.5 117.4 117.9 117.8 117.6 118.8 120.7 121.6 120.6 120.2 Percent change; quarterly data at seasonally adjusted annual rates 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2001: 2002: 2003: 2004: 2005: ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ I ................... II ................. III ................ IV ................ I ................... II ................. III ................ IV ................ I ................... II ................. III ............... IV ................ I ................... II ................. III ................ IV ................ I ................... II ................. III * .............. 0.2 3.0 1.9 2.8 3.0 2.8 2.5 4.0 3.9 3.4 ¥.5 5.5 1.4 6.6 5.3 1.8 4.8 .1 2.8 7.6 8.4 .3 3.4 3.4 1.4 3.1 2.9 .8 5.4 0.5 2.7 1.6 2.8 2.8 2.7 2.5 4.0 3.8 3.4 ¥.4 5.6 1.5 6.5 6.5 .8 4.1 .2 3.1 6.6 9.6 .8 2.1 4.5 1.3 2.5 3.2 2.1 4.7 2.9 4.6 5.3 4.8 5.1 3.9 .3 1.5 3.4 4.8 ¥1.1 .8 ¥3.1 1.8 2.6 2.1 3.6 .5 1.7 4.9 9.9 2.6 4.9 4.0 4.4 3.6 4.4 4.0 5.0 3.2 4.5 5.2 5.0 5.2 3.8 .4 1.5 3.3 4.8 ¥1.1 1.2 ¥2.9 1.2 3.5 1.4 3.1 .1 2.0 4.7 10.4 2.8 4.2 4.6 4.6 3.9 4.3 4.4 4.8 2.7 1.6 3.3 2.0 2.1 1.1 ¥2.2 ¥2.4 ¥.5 1.3 ¥.6 ¥4.4 ¥4.4 ¥4.5 ¥2.5 .3 ¥1.1 .3 ¥1.1 ¥2.6 1.3 2.3 1.5 .6 3.0 .5 1.4 3.1 ¥.4 2.7 1.8 3.5 2.1 2.3 1.1 ¥2.0 ¥2.5 ¥.5 1.4 ¥.7 ¥4.2 ¥4.3 ¥5.0 ¥2.8 .6 ¥.9 .0 ¥1.1 ¥1.8 .8 2.0 2.0 .1 3.3 1.4 1.1 2.2 .1 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 1978–2004 is based on the consumer price index research series (CPI–U–RS). 16 2.1 3.5 3.2 6.1 4.8 7.0 4.2 3.4 3.9 4.6 6.9 3.0 2.0 2.8 5.6 4.4 2.0 .1 5.5 7.0 4.5 2.3 4.2 3.3 6.5 11.3 4.7 ¥.1 4.2 2.1 3.4 3.1 6.0 4.6 7.0 4.0 3.5 4.0 4.5 6.8 2.5 1.8 3.2 6.1 4.2 1.8 .4 5.8 6.2 5.1 2.7 3.5 3.7 6.1 10.2 5.5 .9 3.7 ¥0.3 .8 1.1 4.6 2.7 3.5 1.4 1.8 1.6 1.9 3.0 ¥.2 1.1 3.4 4.1 1.1 ¥.1 ¥1.9 1.3 6.5 2.3 1.4 .3 ¥1.0 4.8 7.5 2.3 ¥4.0 ¥.8 ¥0.3 .7 .9 4.5 2.5 3.6 1.1 1.9 1.6 1.8 2.8 ¥.6 1.0 3.8 4.5 .9 ¥.3 ¥1.6 1.5 5.8 2.9 1.8 ¥.5 ¥.7 4.4 6.4 3.1 ¥3.1 ¥1.4 1.9 .5 1.3 3.2 1.8 4.0 1.6 ¥.5 .0 1.2 7.4 ¥2.4 .6 ¥3.6 .3 2.6 ¥2.6 .0 2.6 ¥.6 ¥3.6 2.1 .8 ¥.1 5.0 7.9 1.7 ¥.9 ¥1.1 5 Current dollar gross domestic output divided by the output index. NOTE.—Data relate to all persons engaged in the sector. Percent changes are from preceding period and are based on original data; they therefore may differ slightly from percent changes based on indexes shown here. * Data based on GDP data released on November 30, 2005. Source: Department of Labor, Bureau of Labor Statistics. PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION Industrial production and capacity utilization rose in November. [Monthly data seasonally adjusted] Total industrial production 1 Percent Period 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 Index, 2002=100 From preceding month Industry production indexes, 2002=100 change 2 From year earlier Capacity utilization rate (output as percent of capacity) 1 Manufacturing Total 1 Durable Nondurable Other (nonNAICS) 1 Mining Utilities Total industry Total manufacturing ...................... ...................... ...................... ...................... ...................... ...................... ...................... ...................... ...................... ...................... 80.2 83.6 89.7 94.9 99.3 103.5 99.9 100.0 100.6 104.7 .............. .............. .............. .............. .............. .............. .............. .............. .............. .............. 4.8 4.2 7.3 5.9 4.5 4.3 ¥3.5 .1 .6 4.1 78.3 81.8 88.8 94.7 99.7 104.3 99.9 100.0 100.5 105.4 66.8 72.4 81.2 89.8 97.6 105.3 100.2 100.0 102.3 109.8 95.8 96.1 99.6 101.1 101.8 102.4 99.0 100.0 98.9 101.0 90.9 90.2 97.7 104.1 107.4 109.5 103.1 100.0 97.0 98.8 104.4 106.2 108.0 106.4 101.2 103.5 104.5 100.0 99.8 99.5 87.2 89.7 89.7 92.0 94.7 97.4 97.0 100.0 102.0 103.1 83.9 83.0 83.9 82.7 81.9 81.8 76.3 75.1 75.7 78.6 83.0 81.8 83.0 81.7 80.8 80.3 74.1 73.3 73.7 77.1 2004: Nov ............ Dec ............ 106.0 106.7 0.2 .7 3.9 4.4 106.9 107.5 112.1 112.9 101.8 101.9 99.1 101.1 99.9 100.4 103.0 105.2 79.3 79.7 78.0 78.3 2005: Jan ............ Feb ............ Mar ........... Apr ............ May ........... June .......... July ........... Aug r .......... Sept r ......... Oct r ........... Nov p .......... 106.9 107.4 107.3 107.2 107.4 108.3 108.3 108.6 106.9 108.2 109.0 .2 .4 ¥.0 ¥.1 .2 .8 ¥.0 .3 ¥1.6 1.3 .7 4.2 3.7 4.0 3.1 2.4 3.7 3.1 3.1 1.7 2.3 2.8 108.1 108.6 108.2 108.3 108.7 109.0 109.1 109.5 108.8 110.8 111.1 113.7 114.8 114.2 114.3 115.0 115.5 115.9 117.3 117.3 120.5 120.3 102.1 102.2 101.9 101.9 101.9 102.1 102.1 101.5 100.0 100.8 101.9 102.5 101.5 102.4 102.5 103.2 102.0 101.0 100.9 100.3 100.8 99.9 99.9 100.9 100.4 100.5 99.8 100.8 99.8 99.2 89.7 89.5 93.8 102.9 101.7 104.8 103.1 102.9 108.3 108.1 108.4 106.7 104.5 104.8 79.8 80.0 79.9 79.7 79.8 80.3 80.2 80.3 78.9 79.8 80.2 78.6 78.9 78.5 78.4 78.6 78.7 78.6 78.8 78.1 79.4 79.4 1 Total industry and total manufacturing series include manufacturing as defined in the North American Industry Classification System (NAICS) plus those industries—logging and newspaper, periodical, book and directory-publishing—that have traditionally been included in manufacturing. 2 Percent changes based on unrounded indexes. NOTE.—Data based on the North American Industry Classification System (NAICS) except series as defined in footnote 1. Source: Board of Governors of the Federal Reserve System. 17 INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND SELECTED MANUFACTURES [2002=100; monthly data seasonally adjusted] Products and nonindustrial supplies Final products Consumer goods Equipment Durable goods Business equipment Period Total Total 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 Nondurable goods Materials Nonindustrial supplies Total 1 Defense and space equipment Total Construction supplies Business supplies Total 1 Energy ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ 83.6 86.7 92.2 97.4 100.1 103.1 100.7 100.0 101.0 105.1 86.9 88.7 91.9 95.1 97.1 99.0 97.8 100.0 101.0 103.1 75.0 78.0 83.3 88.9 95.5 98.3 94.1 100.0 104.0 106.9 92.2 93.4 95.6 97.7 97.7 99.2 99.3 100.0 99.8 101.6 78.6 84.1 94.3 103.7 107.8 113.3 107.9 100.0 100.9 110.0 73.8 80.5 92.3 102.8 108.6 116.6 108.4 100.0 100.0 109.4 108.2 104.5 102.2 105.9 103.1 92.2 100.1 100.0 105.0 113.1 82.4 85.6 91.2 96.4 100.2 104.3 99.9 100.0 100.3 104.1 87.0 90.9 95.3 100.2 102.7 105.0 100.2 100.0 99.1 104.6 80.7 83.6 89.7 95.0 99.3 104.0 99.8 100.0 100.7 103.9 76.3 80.0 86.7 92.0 98.0 103.7 99.0 100.0 100.4 104.6 98.1 99.6 99.5 99.9 99.7 101.1 100.0 100.0 99.6 99.6 2004: Nov .................................................. Dec .................................................. 106.5 107.2 103.7 104.1 107.3 107.3 102.2 102.9 113.8 115.0 112.9 114.1 117.6 119.0 105.2 106.2 105.7 106.1 105.0 106.2 105.9 106.5 99.3 100.4 2005: Jan .................................................. Feb .................................................. Mar ................................................. Apr .................................................. May ................................................. June ................................................ July ................................................. Aug r ................................................ Sept r ................................................ Oct r ................................................. Nov p ................................................ 107.3 108.2 108.2 108.0 108.5 109.6 109.7 110.0 109.1 111.2 110.7 103.9 104.7 104.6 104.1 104.6 105.8 105.2 105.6 106.1 105.9 105.1 106.3 109.7 107.7 106.0 107.1 108.5 107.1 110.1 112.4 112.1 108.8 102.9 102.8 103.4 103.3 103.5 104.7 104.4 103.9 103.6 103.5 103.6 116.1 117.0 117.4 118.1 118.8 119.5 121.2 121.4 117.0 124.9 125.4 115.2 115.9 116.3 116.8 117.9 118.4 120.0 120.1 115.0 123.5 124.6 119.4 121.6 122.5 124.5 124.1 124.9 126.8 127.4 124.6 128.2 127.6 106.5 106.2 106.4 106.9 106.9 107.4 107.4 108.0 108.0 108.9 109.7 106.0 106.4 106.2 107.3 107.5 106.9 107.5 108.2 109.6 112.2 112.8 106.7 106.1 106.5 106.7 106.7 107.6 107.4 107.9 107.3 107.6 108.4 r 106.7 99.4 99.7 99.8 99.2 99.2 101.3 100.3 100.0 92.1 91.6 95.0 1 Includes 107.0 106.8 106.5 106.5 107.3 107.2 107.4 104.2 105.0 106.9 other items, not shown separately. [2002=100; monthly data seasonally adjusted] Durable manufactures Primary metal Period Total 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 Iron and steel products Nondurable manufactures Computer and electronic products Fabricated metal products Machinery Total Selected hightechnology 1 Transportation equipment Total Motor vehicles and parts Apparel ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ 104.5 107.0 111.6 113.5 113.2 109.5 99.1 100.0 97.6 103.4 105.2 107.7 111.0 110.8 111.6 110.5 99.9 100.0 99.0 108.4 95.1 98.6 103.0 106.3 107.1 111.3 103.2 100.0 98.6 103.2 102.7 106.2 112.2 115.0 112.7 118.4 104.8 100.0 99.0 110.7 26.4 33.6 45.2 58.3 77.2 102.5 103.6 100.0 112.6 130.7 16.6 23.3 34.6 48.4 70.5 100.7 102.6 100.0 117.6 141.2 81.9 83.4 91.0 99.0 104.4 99.5 95.7 100.0 101.8 105.6 79.0 79.6 85.8 90.2 100.1 99.5 90.6 100.0 104.0 108.0 168.0 163.4 161.3 152.6 146.2 139.1 119.1 100.0 91.7 87.6 2004: Nov .................................................. Dec .................................................. 105.8 104.4 112.9 110.2 104.6 104.6 113.1 113.1 136.9 139.7 147.8 151.0 107.4 108.1 109.2 110.0 2005: Jan .................................................. Feb .................................................. Mar ................................................. Apr .................................................. May ................................................. June ................................................ July ................................................. Aug r ................................................ Sept r ................................................ Oct r ................................................. Nov p ................................................ 103.8 101.9 102.3 99.5 98.9 95.5 95.3 98.2 101.5 101.8 102.8 108.1 105.5 104.5 99.0 96.4 92.4 90.5 98.9 103.8 104.5 106.0 105.4 105.3 105.0 105.5 105.7 105.6 106.1 106.6 106.6 108.9 108.8 114.1 114.0 114.3 114.3 114.5 115.0 116.3 114.1 116.1 119.2 119.7 144.3 146.8 147.4 149.5 152.2 153.6 156.5 160.1 161.8 164.4 168.1 157.8 160.4 160.4 163.1 166.2 167.9 171.6 176.7 179.6 181.6 186.3 107.2 111.1 109.1 108.6 109.4 111.0 109.8 112.7 108.6 114.8 111.8 108.6 113.4 109.8 107.9 108.8 111.4 109.2 113.1 115.9 115.4 109.9 1 Computers and office equipment, communications equipment, and semiconductors and related electronic components. 18 Printing and support Food 111.2 112.3 113.0 106.0 100.0 95.8 96.0 84.4 86.1 91.2 92.7 94.6 96.0 94.3 100.0 99.7 102.8 90.2 88.4 90.8 94.8 95.8 97.5 97.5 100.0 99.6 100.8 86.8 86.2 96.8 97.2 104.1 104.5 101.2 101.2 85.3 85.1 84.3 84.6 82.3 81.9 83.7 84.0 84.5 83.4 84.3 97.9 97.0 96.4 96.5 97.0 96.5 97.9 97.2 97.9 98.4 99.1 103.8 104.6 103.8 104.1 103.9 103.9 103.7 102.7 97.4 99.3 101.3 102.3 102.7 102.5 102.0 103.2 103.0 103.4 102.7 103.4 103.4 103.5 Source: Board of Governors of the Federal Reserve System. 107.1 107.9 Chemical r 110.0 NEW CONSTRUCTION [Billions of dollars; monthly data at seasonally adjusted annual rates] Private Period 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2004: Total new construction expenditures Residential Total Total 1 Federal and State and local Nonresidential New housing Total Lodging Commercial (including farm) Office Manufacturing Other 2 .................................... .................................... .................................... .................................... .................................... .................................... .................................... .................................... .................................... .................................... Oct ........................... Nov .......................... Dec .......................... 557.8 615.9 653.4 706.3 769.5 835.3 868.3 876.8 925.1 1,027.7 1,048.5 1,063.4 1,073.5 427.9 476.6 502.7 552.0 599.7 649.8 662.2 659.7 701.6 798.5 821.1 827.8 839.8 247.4 281.1 289.0 314.6 350.6 374.5 388.3 421.9 475.9 563.4 581.7 585.1 597.8 171.4 191.1 198.1 224.0 251.3 265.0 279.4 298.8 345.7 416.1 430.0 429.4 432.3 180.5 195.5 213.7 237.4 249.2 275.3 273.9 237.7 225.7 235.1 239.4 242.7 242.0 7.1 10.9 12.9 14.8 16.0 16.3 14.5 10.5 9.9 11.5 12.9 12.6 12.2 23.0 26.5 32.8 40.4 45.1 52.4 49.7 35.3 30.6 33.1 33.0 32.8 32.8 44.1 49.4 53.1 55.7 59.4 64.1 63.6 59.0 57.2 61.6 64.1 63.9 64.1 35.4 38.1 37.6 40.5 35.1 37.6 37.8 22.7 21.4 23.5 25.5 27.2 28.2 70.9 70.6 77.3 86.0 93.7 104.9 108.2 110.2 106.5 105.4 103.9 106.3 104.7 129.9 139.3 150.7 154.3 169.7 185.5 206.1 217.2 223.5 229.3 227.4 235.5 233.7 2005: Jan .......................... Feb .......................... Mar .......................... Apr .......................... May .......................... June ........................ July ......................... Aug .......................... Sept ......................... Oct p ......................... 1,083.7 1,103.6 1,106.4 1,102.1 1,106.4 1,101.4 1,107.7 1,121.5 1,124.1 1,131.7 853.3 863.5 864.1 859.4 859.7 854.1 860.3 871.3 875.0 877.8 610.0 621.4 619.7 613.3 615.8 613.3 617.3 622.4 626.6 630.0 440.7 446.6 448.0 449.3 455.6 462.4 468.0 472.8 480.9 485.2 243.3 242.1 244.3 246.1 243.9 240.7 242.9 248.9 248.4 247.7 11.6 11.6 12.0 12.8 11.7 10.9 11.3 11.5 11.9 12.0 33.6 34.1 34.7 35.0 34.8 34.9 35.0 34.6 35.9 35.0 64.2 63.0 64.5 66.7 66.8 64.7 66.3 68.1 67.4 68.6 27.3 27.4 29.0 28.4 28.0 27.9 26.7 29.2 28.8 28.1 106.6 106.1 104.1 103.2 102.6 102.4 103.7 105.4 104.4 104.0 230.4 240.1 242.3 242.7 246.7 247.3 247.5 250.3 249.1 254.0 1 Includes residential improvements, not shown separately. 2 Includes health care, educational, communication, and power, among other categories not shown separately. Source: Department of Commerce, Bureau of the Census. NEW PRIVATE HOUSING AND VACANCY RATES [Thousands of units or houses, except as noted] New private housing units Period Total 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 ...................................... ...................................... ...................................... ...................................... ...................................... ...................................... ...................................... ...................................... ...................................... ...................................... New private houses Units started, by type of structure 1,354.1 1,476.8 1,474.0 1,616.9 1,640.9 1,568.7 1,602.7 1,704.9 1,847.7 1,955.8 1 unit 1,076.2 1,160.9 1,133.7 1,271.4 1,302.4 1,230.9 1,273.3 1,358.6 1,499.0 1,610.5 2–4 units 1 5 units or more 33.8 45.3 44.5 42.6 31.9 38.7 36.6 38.5 33.5 42.3 244.1 270.8 295.8 302.9 306.6 299.1 292.8 307.9 315.2 303.0 Units authorized 1,332.5 1,425.6 1,441.1 1,612.3 1,663.5 1,592.3 1,636.7 1,747.7 1,889.2 4 2,070.1 Units completed Houses sold Houses for sale at end of period 2 Vacancy rate for rental housing units (percent) 3 1,312.6 1,412.9 1,400.5 1,474.2 1,604.9 1,573.7 1,570.8 1,648.4 1,678.7 1,841.9 667 757 804 886 880 877 908 973 1,086 1,203 370 322 281 294 308 298 308 339 370 422 7.6 7.8 7.7 7.9 8.1 8.0 8.4 8.9 9.8 10.2 1,725 1,911 1,883 1,922 1,797 1,944 2,097 1,963 1,889 1,933 1,953 1,932 1,837 1,175 1,247 1,194 1,247 1,307 1,269 1,293 1,298 1,371 r 1,274 1,260 1,404 1,245 419 422 437 446 446 446 452 456 466 478 488 487 503 ...................... 10.0 ...................... ...................... 10.1 ...................... ...................... 9.8 ...................... ...................... 9.9 ...................... ...................... Seasonally adjusted annual rates 2004: Nov ............................ Dec ............................ 2005: Jan ............................ Feb ............................ Mar ............................ Apr ............................ May ............................ June .......................... July ........................... Aug ............................ Sept r .......................... Oct r ........................... Nov p .......................... 1 Derived; 1,807 2,050 2,188 2,228 1,833 2,027 2,041 2,065 2,062 2,081 2,160 2,017 2,123 1,484 1,713 1,769 1,808 1,550 1,640 1,724 1,716 1,732 1,719 1,791 1,725 1,808 39 48 48 52 34 47 37 37 36 43 59 31 38 seasonally adjusted monthly data for 2–4 units are no longer published. adjusted. series. Quarterly data entered in last month of quarter. 4 Based on 20,000 permit-issuing places. Based on 19,000 places, the total for 2004 is 2,052.1 thousand units. 2 Seasonally 3 Revised 284 289 371 368 249 340 280 312 294 319 310 261 277 2,093 2,081 2,136 2,093 2,021 2,148 2,062 2,132 2,171 2,138 2,219 2,103 2,163 NOTE.—Beginning 2004, units authorized are for 20,000 permit-issuing places. For other data shown, units authorized are for 19,000 places. Beginning 1999, housing starts, completions, and sales are not directly comparable with earlier data due to new estimation methods. Source: Department of Commerce, Bureau of the Census. 19 BUSINESS SALES AND INVENTORIES—Manufacturing and Trade In October, according to preliminary estimates, manufacturing and trade sales rose 0.8 percent and inventories rose $4.3 billion. According to advance estimates, retail sales rose 0.2 percent in November. Retail and food services sales rose 0.3 percent. [Millions of dollars, except ratios; seasonally adjusted, except as noted] Manufacturing and trade 1 Period Sales 2 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2004: .............................................................. .............................................................. .............................................................. .............................................................. .............................................................. .............................................................. .............................................................. .............................................................. .............................................................. .............................................................. Oct r .................................................... Nov r ................................................... Dec .................................................... 655,297 687,557 724,012 742,836 786,597 834,353 822,999 823,870 850,144 936,136 958,291 965,081 975,698 Inventories 3 985,395 1,004,682 1,045,825 1,078,402 1,138,602 1,197,793 1,140,044 1,142,517 1,160,136 1,249,976 1,234,960 1,247,520 1,249,976 Wholesale Inventorysales ratio 4 1.48 1.46 1.42 1.43 1.40 1.41 1.43 1.37 1.35 1.30 1.29 1.29 1.28 Sales 2 Inventories 3 181,369 191,936 199,788 203,495 217,449 235,053 231,939 235,368 245,539 278,196 284,409 288,654 291,456 240,473 243,194 260,713 273,910 291,290 309,820 297,182 300,671 306,556 339,639 334,739 338,544 339,639 Retail Inventory sales ratio 4 1.30 1.27 1.26 1.32 1.30 1.29 1.32 1.26 1.23 1.17 1.18 1.17 1.17 2005: Jan .................................................... 978,620 1,260,850 1.29 292,430 343,126 1.17 Feb .................................................... 975,100 1,267,111 1.30 290,976 345,294 1.19 Mar .................................................... 983,324 1,272,133 1.29 291,624 347,275 1.19 Apr .................................................... 991,433 1,275,463 1.29 295,487 349,626 1.18 May .................................................... 993,287 1,277,275 1.29 295,647 350,764 1.19 June ................................................... 1,001,155 1,276,804 1.28 297,096 352,337 1.19 July ................................................... 1,008,882 1,271,304 1.26 298,514 352,670 1.18 Aug .................................................... 1,015,597 1,276,131 1.26 303,781 354,386 1.17 Sept r .................................................. 1,022,252 1,282,217 1.25 311,199 356,354 1.15 p Oct ................................................... 1,030,252 1,286,497 1.25 314,886 356,993 1.13 Nov p ................................................... .................. .................. ................ ................ ................ ................ 1 See page 21 for manufacturing. data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month. 3 Seasonally adjusted, end of period. 2 Annual 20 Sales 2 Inventories 3 183,955 195,855 204,666 214,356 233,157 248,584 255,819 261,789 272,951 293,476 300,569 300,717 303,731 320,026 330,895 341,389 355,310 383,603 406,322 395,279 418,581 435,044 459,700 454,864 458,828 459,700 Inventory sales ratio 4 Retail and food services sales 2 1.71 1.66 1.64 1.62 1.59 1.59 1.58 1.55 1.57 1.54 1.51 1.53 1.51 203,423 216,097 226,170 237,043 256,914 274,061 282,330 289,472 302,066 325,145 332,904 333,002 336,583 303,933 460,871 1.52 305,757 462,535 1.51 307,078 463,567 1.51 312,363 464,150 1.49 311,296 465,292 1.49 317,623 462,956 1.46 323,510 454,413 1.40 316,807 458,630 1.45 317,487 462,272 1.46 r 318,334 462,803 1.45 318,928 ................ ................ 336,785 338,991 340,075 346,081 344,933 351,320 357,285 350,742 351,802 r 352,960 353,866 4 Annual data are averages of seasonally adjusted monthly ratios. Source: Department of Commerce, Bureau of the Census. MANUFACTURERS’ SHIPMENTS, INVENTORIES, AND ORDERS In November, according to advance estimates for durable goods, manufacturers’ shipments fell; inventories and new and unfilled orders rose. Manufacturers’ shipments 1 Manufacturers’ inventories 2 Manufacturers’ new orders 1 Durable goods Period Total Durable goods Nondurable goods Total Durable goods Nondurable goods Total Total Capital goods industries, nondefense Manufacturers’ unfilled orders 2 Manufacturers’ inventory— shipments ratio 3 Millions of dollars, seasonally adjusted, except as noted 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2004: .................................................... .................................................... .................................................... .................................................... .................................................... .................................................... .................................................... .................................................... .................................................... .................................................... Oct ........................................... Nov .......................................... Dec ........................................... 289,973 299,766 319,558 324,984 335,991 350,715 335,242 326,713 331,654 364,465 373,313 375,710 380,511 2005: Jan ........................................... 382,257 Feb ........................................... 378,367 Mar .......................................... 384,622 Apr ........................................... 383,583 May .......................................... 386,344 June ......................................... 386,436 July .......................................... 386,858 Aug .......................................... 395,009 Sept .......................................... 393,566 Oct r .......................................... 397,032 p Nov ......................................... ................ 158,568 164,883 178,949 185,966 193,895 197,807 183,592 177,341 178,164 196,508 198,980 199,412 207,145 131,405 134,883 140,610 139,019 142,096 152,908 151,650 149,372 153,490 167,957 174,333 176,298 173,366 424,896 430,593 443,723 449,182 463,709 481,651 447,583 423,265 418,536 450,637 445,357 450,148 450,637 206,217 176,040 456,853 203,141 175,226 459,282 204,445 180,177 461,291 204,389 179,194 461,687 205,944 180,400 461,219 206,451 179,985 461,511 205,013 181,845 464,221 209,844 185,165 463,115 209,831 183,735 463,591 212,293 184,739 466,701 211,929 ................ ................ 1 Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month. Shipments are the same as sales. 2 Seasonally adjusted, end of period. 3 Annual data are averages of seasonally adjusted monthly ratios. NOTE.—Manufacturers’ nondurable new orders (not shown) are the same as nondurable shipments. Also, there are no unfilled nondurable orders; data shown for total unfilled orders are durable unfilled orders. 267,375 272,533 281,119 290,735 296,591 306,743 279,602 260,427 253,559 274,800 270,894 274,026 274,800 157,521 158,060 162,604 158,447 167,118 174,908 167,981 162,838 164,977 175,837 174,463 176,122 175,837 285,542 297,282 314,986 317,345 329,770 346,789 326,435 318,008 329,219 361,177 366,812 375,215 375,820 154,137 162,399 174,377 178,327 187,674 193,881 174,786 168,636 175,729 193,220 192,479 198,917 202,454 51,011 54,066 60,697 62,133 64,392 69,278 58,232 52,442 54,847 61,073 60,162 65,347 66,430 447,487 488,915 513,202 496,385 505,750 549,646 511,596 468,123 505,626 547,944 538,987 545,701 547,944 1.44 1.43 1.37 1.38 1.35 1.36 1.40 1.31 1.27 1.20 1.19 1.20 1.18 278,433 178,420 372,642 280,129 179,153 374,908 281,005 180,286 376,107 281,087 180,600 376,033 281,584 179,635 391,656 280,518 180,993 395,324 282,815 181,406 385,553 282,007 181,108 396,767 282,301 181,290 391,151 283,746 182,955 398,467 285,306 ................ ................ 196,602 199,682 195,930 196,839 211,256 215,339 203,708 211,602 207,416 213,728 223,033 64,908 66,527 63,297 66,012 78,376 76,688 70,886 73,722 67,293 71,786 85,869 545,812 1.20 549,247 1.21 547,243 1.20 546,771 1.20 559,106 1.19 574,800 1.19 580,753 1.20 589,978 1.17 594,816 1.18 603,367 1.18 621,824 ................ Total and durable shipments and inventories include data on semiconductors; new and unfilled orders do not. Totals for October 2005 reflect revisions to durable goods released on December 23, 2005; nondurable goods are as published on December 6, 2005. Source: Department of Commerce, Bureau of the Census. 21 PRICES PRODUCER PRICES The producer price index for all finished goods fell 0.7 percent in November. Prices of finished consumer foods rose 0.5 percent, while prices of other finished consumer goods fell 1.4 percent. Capital equipment prices fell 0.1 percent. [1982=100; monthly data seasonally adjusted] Finished goods Period Total finished goods Finished goods excluding consumer foods Consumer foods Consumer goods Total Total 1995 ........................... 1996 ........................... 1997 ........................... 1998 ........................... 1999 .......................... 2000 ........................... 2001 ........................... 2002 .......................... 2003 .......................... 2004 .......................... 2004: Nov ................ Dec ................ 2005: Jan ................ Feb ................ Mar ................ Apr ................ May ............... June .............. July r .............. Aug ................ Sept ............... Oct ................. Nov ................ 1 Intermediate 22 127.9 131.3 131.8 130.7 133.0 138.0 140.7 138.9 143.3 148.5 152.1 151.7 151.9 152.5 153.7 154.4 153.7 153.7 155.2 156.0 158.9 160.0 158.9 129.0 133.6 134.5 134.3 135.1 137.2 141.3 140.1 145.9 152.7 155.2 155.5 154.8 155.8 156.7 156.4 156.1 154.9 154.1 153.6 155.8 155.6 156.4 127.5 130.5 130.9 129.5 132.3 138.1 140.4 138.3 142.4 147.2 151.0 150.4 150.8 151.4 152.7 153.7 152.8 153.2 155.3 156.4 159.4 160.8 159.2 materials for food manufacturing and feeds. 124.0 127.6 128.2 126.4 130.5 138.4 141.4 138.8 144.7 150.9 156.0 154.9 155.3 156.2 158.0 159.2 157.7 158.5 161.4 163.2 167.6 169.9 167.5 Durable 132.7 134.2 133.7 132.9 133.0 133.9 134.0 133.0 133.1 135.0 136.2 136.4 137.1 136.5 136.6 136.9 137.0 136.2 137.1 136.9 137.4 136.2 135.9 Nondurable 118.8 123.3 124.3 122.2 127.9 138.7 142.8 139.8 148.4 156.6 163.5 161.9 162.0 163.6 166.2 167.9 165.6 167.2 171.0 173.8 179.9 183.9 180.5 Capital equipment 136.7 138.3 138.2 137.6 137.6 138.8 139.7 139.1 139.5 141.4 142.8 143.2 143.8 143.7 144.1 144.5 144.9 144.5 145.0 144.9 145.4 145.1 145.0 Total finished consumer goods 125.6 129.5 130.2 128.9 132.0 138.2 141.5 139.4 145.3 151.7 156.1 155.4 155.4 156.3 157.9 158.7 157.5 157.8 159.6 160.8 164.5 166.1 164.6 Intermediate materials Crude materials Total Foods and feeds 1 Other Total Foodstuffs and feedstuffs Other 124.9 125.7 125.6 123.0 123.2 129.2 129.7 127.8 133.7 142.6 147.7 147.8 148.2 149.1 150.6 151.6 150.6 151.1 152.7 153.4 157.3 162.0 160.1 114.8 128.1 125.4 116.2 111.1 111.7 115.9 115.5 125.9 137.1 131.2 131.7 132.8 132.3 133.6 133.6 134.4 134.2 134.2 134.2 133.4 134.4 134.3 125.5 125.6 125.7 123.4 123.9 130.1 130.5 128.5 134.2 143.0 148.6 148.6 149.0 150.0 151.5 152.6 151.5 152.0 153.7 154.3 158.5 163.3 161.4 102.7 113.8 111.1 96.8 98.2 120.6 121.0 108.1 135.3 159.0 173.0 167.6 164.3 162.7 170.3 174.7 169.3 166.0 175.0 179.9 198.2 211.4 208.9 105.8 121.5 112.2 103.9 98.7 100.2 106.1 99.5 113.5 127.0 121.2 123.9 126.5 122.6 128.3 125.1 123.8 120.1 120.1 118.4 120.2 120.4 122.0 96.8 104.5 106.4 88.4 94.3 130.4 126.8 111.4 148.2 179.2 208.4 196.7 189.0 189.1 198.1 208.3 199.8 197.0 212.7 222.8 253.5 276.5 270.8 Source: Department of Labor, Bureau of Labor Statistics. CONSUMER PRICES—ALL URBAN CONSUMERS In November, the consumer price index for all urban consumers fell 0.6 percent seasonally adjusted; it fell 0.8 percent not seasonally adjusted. The index was 3.5 percent above its year-earlier level. [1982–84=100, except as noted; monthly data seasonally adjusted, except as noted] All items 1 Housing Transportation Shelter Period Not season- Seasonally ally adjust- adjusted ed (NSA) Food Total 1 Rent of primary residence Total 1 Owners’ equivalent rent (12/82= 100) Fuels and utilities Apparel Total 1 New cars Motor fuel Medical care Energy 2 All items less food and energy Rel. imp.3 ......................... 1995 ................................. 1996 ................................. 1997 ................................. 1998 ................................. 1999 ................................. 2000 ................................. 2001 ................................. 2002 ................................. 2003 ................................. 2004 ................................. 100.0 152.4 156.9 160.5 163.0 166.6 172.2 177.1 179.9 184.0 188.9 ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. 14.3 148.4 153.3 157.3 160.7 164.1 167.8 173.1 176.2 180.0 186.2 42.0 148.5 152.8 156.8 160.4 163.9 169.6 176.4 180.3 184.8 189.5 32.7 165.7 171.0 176.3 182.1 187.3 193.4 200.6 208.1 213.1 218.8 6.1 157.8 162.0 166.7 172.1 177.5 183.9 192.1 199.7 205.5 211.0 23.2 171.3 176.8 181.9 187.8 192.9 198.7 206.3 214.7 219.9 224.9 5.0 123.7 127.5 130.8 128.5 128.8 137.9 150.2 143.6 154.5 161.9 3.8 132.0 131.7 132.9 133.0 131.3 129.6 127.3 124.0 120.9 120.4 17.4 ............ 139.1 139.0 143.0 141.4 144.3 141.7 141.6 140.7 144.4 139.6 153.3 139.6 154.3 138.9 152.9 137.3 157.6 134.7 163.1 133.9 4.0 100.0 106.3 106.2 92.2 100.7 129.3 124.7 116.6 135.8 160.4 6.1 220.5 228.2 234.6 242.1 250.6 260.8 272.8 285.6 297.1 310.1 8.0 105.2 110.1 111.5 102.9 106.6 124.6 129.3 121.7 136.5 151.4 77.7 161.2 165.6 169.5 173.4 177.0 181.3 186.1 190.5 193.2 196.6 2004: Nov ...................... Dec ...................... 191.0 190.3 191.2 191.2 188.4 188.4 191.7 192.1 220.8 221.3 213.1 213.7 226.6 227.0 167.4 167.7 120.4 119.9 166.7 165.6 134.4 134.5 170.4 165.7 314.7 315.6 159.0 156.9 198.2 198.5 2005: Jan .................. Feb ...................... Mar ...................... Apr ...................... May ..................... June .................... July ..................... Aug ....................... Sept ..................... Oct ....................... Nov ...................... 190.7 191.8 193.3 194.6 194.4 194.5 195.4 196.4 198.8 199.2 197.6 191.3 192.0 193.2 194.2 194.1 194.1 195.1 196.1 198.5 198.9 197.8 188.6 188.7 189.0 190.3 190.5 190.6 191.0 191.0 191.5 192.1 192.6 192.3 193.0 193.9 194.4 194.6 194.8 195.5 195.9 196.7 198.5 199.5 221.7 222.4 223.7 223.8 223.7 224.1 224.8 224.9 224.6 225.7 226.4 214.3 214.8 215.3 216.0 216.4 217.0 217.7 218.3 218.6 219.5 220.0 227.6 228.1 228.7 229.0 229.6 230.0 230.5 230.9 231.2 231.5 232.0 167.6 168.9 169.0 172.5 173.5 173.7 175.9 178.0 185.5 193.6 196.4 120.3 120.0 120.9 120.2 120.2 119.3 118.2 119.4 119.3 118.8 119.0 165.3 166.6 169.7 172.7 171.0 170.9 173.5 177.3 186.4 183.9 175.1 135.6 135.6 135.2 135.2 135.3 135.4 134.5 134.0 134.8 135.6 135.7 162.4 167.6 181.0 192.5 184.1 182.1 193.2 209.1 246.3 235.5 197.9 316.9 318.7 320.2 320.9 322.0 322.8 324.0 324.1 325.0 326.7 328.7 155.1 158.2 164.6 172.0 168.5 167.6 174.0 182.7 204.6 204.1 187.8 198.9 199.4 200.1 200.2 200.5 200.7 201.0 201.2 201.4 201.9 202.4 1 Includes items not shown separately. fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc. excluded beginning 1983. 2 Household 3 Relative importance, December 2004. Source: Department of Labor, Bureau of Labor Statistics. 23 CHANGES IN PRODUCER PRICES FOR FINISHED GOODS [Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA] Period Change from preceding period Change from 3 months earlier, annual rate Consumer goods Consumer goods Total finished goods Foods Capital equipment Excluding foods Change from 6 months earlier, annual rate Change from year earlier, total finished goods NSA Consumer goods Total finished goods Foods Excluding foods Capital equipment Total finished goods Foods Excluding foods Capital equipment 2.2 .4 ¥.6 0 .3 1.2 0 ¥.6 .8 2.4 ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ .................. .................. .................. .................. .................. .................. .................. .................. .................. .................. 0.2 .3 .4 ¥.1 .3 .3 .3 ¥.3 .3 ¥.1 .3 ¥.2 ¥.1 10.1 7.7 2.1 1.1 5.4 6.7 3.2 0 2.1 6.1 14.2 r 13.0 7.6 9.6 8.1 0 1.6 3.1 4.2 .8 ¥4.5 ¥5.8 ¥6.3 2.3 4.0 7.5 13.6 9.9 2.4 .5 8.2 10.4 3.9 1.3 5.6 14.7 25.0 r 22.8 11.0 2.9 3.1 3.7 2.5 2.5 2.0 3.4 1.1 1.4 0 2.5 .3 .3 5.2 4.8 4.9 5.5 6.6 4.4 2.1 2.7 4.4 4.6 6.9 7.4 6.9 0.4 1.6 3.7 5.5 5.6 2.1 1.2 ¥.8 ¥.9 ¥2.8 ¥1.1 ¥1.0 .4 8.3 6.9 5.9 6.9 9.1 6.3 2.2 4.7 8.0 9.2 12.5 13.9 12.8 Change, Dec. to Dec., NSA 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 ............... ............... ............... ............... ............... ............... ............... ............... ............... ............... 2.3 2.8 ¥1.2 0 2.9 3.6 ¥1.6 1.2 4.0 4.2 1.9 3.4 ¥.8 .1 .8 1.7 1.8 ¥.6 7.7 3.1 2.3 3.7 ¥1.5 ¥.1 5.1 5.5 ¥3.9 2.9 4.1 5.5 1.9 2.7 .4 ¥.8 1.8 3.8 2.0 ¥1.3 3.2 3.6 Change, month to month 2004: Nov ..... Dec ..... 2005: Jan ..... Feb ..... Mar ..... Apr ..... May .... June ... July r ... Aug ..... Sept ..... Oct ...... Nov ..... 0.7 ¥.3 .1 .4 .8 .5 ¥.5 0 1.0 r.5 1.9 .7 ¥.7 0.3 .2 ¥.5 .6 .6 ¥.2 ¥.2 ¥.8 ¥.5 ¥.3 1.4 ¥.1 .5 1.0 ¥.7 .3 .6 1.2 .8 ¥.9 .5 1.8 r 1.1 2.7 1.4 ¥1.4 2.7 2.6 3.6 2.7 2.8 2.8 3.0 1.8 1.7 1.7 1.8 .8 .1 5.0 4.2 4.1 4.7 5.0 4.8 3.6 3.7 4.7 5.1 6.9 5.9 4.4 Source: Department of Labor, Bureau of Labor Statistics. CHANGES IN CONSUMER PRICES—ALL URBAN CONSUMERS [Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA] Housing Transportation Shelter Period All items 1 Food Total 1 Total 1 Rent of Ownpriers’ mary equivaresilent dence rent Fuels and utilities Apparel Total 1 New cars Motor fuel Medical care Energy 2 All items less food and energy Addendum: All items, percent change (annual rate) From previous quarter 3 From From 3 6 months months earlier earlier From year earlier NSA Change, December to December, NSA 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 .......................... .......................... .......................... .......................... .......................... .......................... .......................... .......................... .......................... .......................... 2.5 3.3 1.7 1.6 2.7 3.4 1.6 2.4 1.9 3.3 2.1 4.3 1.5 2.3 1.9 2.8 2.8 1.5 3.6 2.7 3.0 2.9 2.4 2.3 2.2 4.3 2.9 2.4 2.2 3.0 3.5 2.9 3.4 3.3 2.5 3.4 4.2 3.1 2.2 2.7 2.5 2.8 3.1 3.4 3.1 4.0 4.7 3.1 2.7 2.9 3.7 2.8 3.1 3.2 2.4 3.4 4.5 3.3 2.0 2.3 2004: Nov ................ Dec ................ 2005: Jan ............... Feb ................ Mar ............... Apr ................ May ............... June .............. July ............... Aug ................ Sept ............... Oct ................ Nov ................ 0.3 0 .1 .4 .6 .5 ¥.1 0 .5 .5 1.2 .2 ¥.6 0.3 0 .1 .1 .2 .7 .1 .1 .2 0 .3 .3 .3 0.3 .2 .1 .4 .5 .3 .1 .1 .4 .2 .4 .9 .5 0.0 .2 .2 .3 .6 .0 ¥.0 .2 .3 .0 ¥.1 .5 .3 0.1 .3 .3 .2 .2 .3 .2 .3 .3 .3 .1 .4 .2 0.1 .2 .3 .2 .3 .1 .3 .2 .2 .2 .1 .1 .2 1.4 4.6 .5 ¥2.6 2.4 12.1 ¥2.1 1.4 6.5 7.9 0.1 ¥.2 1.0 ¥.7 ¥.5 ¥1.8 ¥3.2 ¥1.8 ¥2.1 ¥.2 1.5 4.4 ¥1.4 ¥1.7 5.4 4.1 ¥3.8 3.8 .3 6.5 1.6 1.6 ¥1.0 ¥.1 ¥.8 .3 0 ¥2.0 ¥2.1 .5 ¥4.0 12.7 ¥6.2 ¥15.4 30.2 13.9 ¥24.8 24.6 6.8 26.1 3.9 3.0 2.8 3.4 3.7 4.2 4.7 5.0 3.7 4.2 ¥1.3 8.6 ¥3.4 ¥8.8 13.4 14.2 ¥13.0 10.7 6.9 16.6 3.0 2.6 2.2 2.4 1.9 2.6 2.7 1.9 1.1 2.2 .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... 2.8 3.0 2.3 1.6 2.2 3.4 2.8 1.6 2.3 2.7 0.7 .1 .8 0 ¥.3 0 .1 .1 ¥.7 ¥.4 .6 .6 .1 ¥0.9 ¥2.8 ¥2.0 3.2 8.0 6.4 ¥4.4 ¥1.1 6.1 8.2 17.8 ¥4.4 ¥16.0 0.3 .3 .4 .6 .5 .2 .3 .2 .4 .0 .3 .5 .6 1.0 ¥1.3 ¥1.1 2.0 4.0 4.5 ¥2.0 ¥.5 3.8 5.0 12.0 ¥.2 ¥8.0 0.2 .2 .2 .3 .4 .0 .1 .1 .1 .1 .1 .2 .2 .......... 3.4 .......... .......... 2.5 .......... .......... 4.0 .......... .......... 5.3 .......... .......... 4.1 3.4 1.3 1.7 4.3 6.2 4.4 1.9 1.9 4.2 9.4 8.0 3.5 2.6 2.0 2.2 2.9 3.8 3.7 3.1 3.1 4.0 4.3 5.6 4.9 3.8 3.5 3.3 3.0 3.0 3.1 3.5 2.8 2.5 3.2 3.6 4.7 4.3 3.5 Change, month to month 2.4 .2 ¥.1 .8 .1 2.1 .6 .1 1.3 1.2 4.2 4.4 1.4 0.2 ¥.4 .3 ¥.2 .8 ¥.6 0 ¥.7 ¥.9 1.0 ¥.1 ¥.4 .2 1 Includes items not shown separately. 2 Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc., excluded beginning 1983. 24 0.2 ¥.7 ¥.2 .8 1.9 1.8 ¥1.0 ¥.1 1.5 2.2 5.1 ¥1.3 ¥4.8 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 November, prices received by farmers rose 1.8 percent; prices paid by farmers fell 0.7 percent. (Data are not seasonally adjusted.) [1990–92=100; not seasonally adjusted] Prices received by farmers Period 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 All farm products Prices paid by farmers Livestock and products Crops All commodities, services, interest, taxes, and wage rates 1 Production items, interest, taxes, and wage rates Production items Ratio 2 ............................... ............................... .............................. .............................. ............................... .............................. .............................. .............................. .............................. ............................... 102 112 107 102 96 96 102 98 107 119 112 127 115 107 97 96 99 105 111 117 92 99 98 97 95 97 106 90 103 122 109 115 118 115 115 120 123 124 128 134 108 115 118 114 113 118 122 121 126 132 108 115 119 113 111 116 120 119 124 132 93 98 90 89 83 80 83 79 84 89 2004: Nov .................... Dec .................... 2005: Jan ..................... Feb ..................... Mar ..................... Apr .................... May .................... June ................... July .................... Aug .................... Sept ................... Oct ..................... Nov .................... 115 111 112 114 119 122 120 120 118 117 117 111 113 112 104 103 107 117 122 118 122 117 116 112 103 104 119 120 121 119 121 122 122 118 118 117 122 122 121 135 134 137 137 139 139 139 140 141 141 142 144 143 134 133 135 136 138 138 138 139 140 140 141 143 142 133 132 134 134 136 138 138 139 140 140 141 144 143 85 83 82 83 86 88 86 86 84 83 82 77 79 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. 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 November, M2 and M3 rose. [Averages of daily figures, except debt end-of-period basis; billions of dollars, seasonally adjusted] M1 M2 M3 Debt Sum of currency, demand deposits, travelers’ checks, and other checkable deposits (OCDs) M1 plus retail MMMF balances, savings deposits (including MMDAs), and small time deposits M2 plus large time deposits, RPs, Eurodollars, and institutional MMMF balances Debt of domestic nonfinancial sectors1 ........................................................ ........................................................ ........................................................ ........................................................ ........................................................ ........................................................ ........................................................ ........................................................ ........................................................ ........................................................ 1,126.9 1,079.8 1,072.2 1,094.8 1,122.6 1,087.0 1,182.0 1,219.2 1,305.1 1,373.5 3,640.3 3,814.8 4,030.8 4,383.4 4,648.5 4,930.7 5,451.1 5,802.9 6,085.2 6,430.7 4,636.0 4,985.4 5,460.7 6,052.0 6,551.7 7,117.7 8,037.2 8,575.6 8,885.3 9,450.5 r 13,656.6 2004: Nov ........................................................ Dec ........................................................ 1,375.8 1,373.5 6,406.5 6,430.7 9,401.4 9,450.5 2005: Jan ........................................................ Feb ........................................................ Mar ....................................................... Apr ........................................................ May ....................................................... June ...................................................... July ....................................................... Aug ....................................................... Sept ...................................................... Oct ........................................................ Nov p ...................................................... 1,364.3 1,371.6 1,378.5 1,361.0 1,373.5 1,374.4 r 1,354.4 1,371.0 1,363.4 1,367.7 1,372.7 6,449.1 6,464.3 6,484.5 6,481.5 6,482.8 6,515.6 6,525.1 6,554.4 6,587.9 6,627.2 6,653.0 9,502.9 9,539.0 9,568.9 9,620.7 9,662.8 9,748.2 9,776.8 9,878.8 9,976.2 10,058.1 10,099.0 Period 1995: 1996: 1997: 1998: 1999: 2000: 2001: 2002: 2003: 2004: Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec 1 Quarterly data; shown in last month of quarter. End-of-year data are for fourth quarter. Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfinancial sectors; data from flow of funds accounts. 2 Annual changes are from December to December and monthly changes are from 6 months earlier at a simple annual rate. 26 Percent change From year or 6 months earlier2 M1 M2 M3 From previous period3 Debt r 24,090.5 ¥2.1 ¥4.2 ¥.7 2.1 2.5 ¥3.2 8.7 3.1 7.0 5.2 4.1 4.8 5.7 8.7 6.0 6.1 10.6 6.5 4.9 5.7 6.1 7.5 9.5 10.8 8.3 8.6 12.9 6.7 3.6 6.4 5.3 5.2 5.3 r 6.7 6.4 4.8 6.1 6.9 8.1 r 8.7 ...................... r 24,090.5 5.6 4.2 4.2 4.7 3.6 3.9 ............ r 8.7 ...................... ...................... r 24,668.4 ...................... ...................... r 25,168.0 ...................... ...................... 25,742.1 ...................... ...................... 4.0 2.5 2.9 .1 ¥.3 .1 ¥1.5 ¥.1 ¥2.2 1.0 ¥.1 5.2 5.0 4.5 3.5 2.4 2.6 2.4 2.8 3.2 4.5 5.3 5.0 5.0 4.5 5.4 5.6 6.3 5.8 7.1 8.5 9.1 9.0 ............ ............ r 9.6 ............ ............ r 8.1 ............ ............ 9.1 ............ ............ r 14,368.4 r 15,129.1 r 16,149.9 r 17,215.3 r 18,051.6 r 19,146.8 r 20,465.9 r 22,149.6 3 Annual changes are from fourth quarter to fourth quarter. Quarterly changes are from previous quarter at an annual rate. 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 1995: 1996: 1997: 1998: 1999: 2000: 2001: 2002: 2003: 2004: Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Currency Nonbank travelers checks Demand deposits Savings deposits, including money market deposit accounts (MMDAs) Other checkable deposits (OCDs) Small denomination time deposits 1 Money market mutual fund balances Large denomination time deposits 1 Institutional Retail Overnight and term Overnight repurand term chase Euroagreedollars ments (net) (RPs) (net) ........................................... ........................................... ........................................... ........................................... ............................................ ............................................ ............................................ ............................................ ............................................ ............................................ 372.2 394.1 424.5 459.8 517.9 531.2 581.1 626.1 662.1 696.9 9.0 8.8 8.4 8.5 8.6 8.3 8.0 7.8 7.7 7.6 389.2 401.6 393.8 376.9 353.0 309.4 335.3 305.8 324.8 340.7 356.5 275.4 245.4 249.5 243.2 238.1 257.6 279.4 310.4 328.3 1,133.8 1,272.9 1,399.5 1,605.2 1,740.6 1,877.7 2,313.6 2,780.5 3,173.1 3,529.3 931.3 946.9 968.2 951.9 954.4 1,044.5 973.2 891.8 809.1 815.3 448.3 515.2 590.9 731.5 831.0 921.5 982.4 911.4 798.0 712.6 264.1 324.2 396.9 540.9 637.7 791.6 1,197.4 1,250.5 1,120.7 1,072.7 438.9 521.0 631.1 683.7 758.8 836.3 801.1 814.0 881.9 1,067.1 198.6 210.7 254.4 293.8 335.9 363.8 375.8 476.8 500.6 497.3 94.0 114.6 147.5 150.2 170.8 195.4 211.8 231.5 297.0 382.6 2004: Nov ............................................ Dec ............................................ 696.9 696.9 7.6 7.6 341.0 340.7 330.3 328.3 3,506.0 3,529.3 810.0 815.3 714.8 712.6 1,072.4 1,072.7 1,047.6 1,067.1 502.5 497.3 372.3 382.6 2005: Jan ............................................ Feb ............................................ Mar ............................................ Apr ............................................ May ........................................... June .......................................... July ........................................... Aug ........................................... Sept .......................................... Oct ............................................ Nov p .......................................... 699.6 701.6 703.8 704.3 706.0 708.9 709.3 712.4 715.4 716.2 718.8 7.5 7.5 7.5 7.5 7.5 7.3 7.3 7.4 7.4 7.3 7.3 332.3 341.0 344.7 325.8 334.7 339.2 321.2 331.8 322.4 326.7 326.8 324.9 321.6 322.5 323.4 325.3 r 319.0 r 316.6 319.4 318.3 317.5 319.8 3,546.1 3,546.9 3,549.6 3,544.8 3,517.9 3,536.9 3,552.7 3,555.0 3,576.6 3,593.9 3,600.0 827.3 839.6 853.5 868.8 886.5 902.5 916.1 929.9 942.0 950.6 960.1 711.5 706.3 702.8 707.0 704.9 701.9 702.0 698.4 705.9 715.1 720.1 1,061.2 1,044.0 1,040.3 1,055.2 1,052.4 1,069.2 1,078.4 1,093.0 1,119.4 1,126.1 1,120.3 1,125.5 1,145.4 1,156.1 1,200.8 1,204.2 1,234.2 1,227.7 1,275.6 1,308.1 1,338.5 1,339.1 470.6 489.6 484.6 474.8 504.4 499.3 507.7 517.6 526.9 537.4 551.2 396.4 395.7 403.4 408.5 419.0 429.8 437.8 438.2 433.9 429.0 435.4 1 Small denomination and large denomination deposits are those issued in amounts of less than $100,000 and more than $100,000, respectively. Source: Board of Governors of the Federal Reserve System. AGGREGATE RESERVES AND MONETARY BASE [Averages of daily figures 1;millions of dollars; seasonally adjusted, except as noted by NSA] Adjusted for changes in reserve requirements Period Total 2 1995: 1996: 1997: 1998: 1999: 2000: 2001: 2002: 2003: 2004: Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Borrowings of depository institutions from the Federal Reserve (NSA) Reserves of depository institutions Nonborrowed 3 Required Excess (NSA) Monetary base Total Primary Secondary Seasonal Adjustment 4 .................................. .................................. .................................. .................................. .................................. .................................. .................................. .................................. .................................. .................................. 56,483 50,183 46,873 45,515 42,099 38,792 41,496 40,441 42,770 46,798 56,226 50,028 46,549 45,398 41,778 38,582 41,429 40,361 42,724 46,735 55,193 48,766 45,189 44,001 40,802 37,364 39,846 38,432 41,729 44,889 1,290 1,416 1,685 1,514 1,297 1,427 1,651 2,009 1,040 1,909 434,571 452,082 479,941 514,094 593,652 584,808 635,414 681,303 719,853 758,601 257 155 324 117 320 210 67 80 46 63 ................ ................ ................ ................ ................ ................ ................ ................ 17 11 ................ ................ ................ ................ ................ ................ ................ ................ 0 0 40 68 79 15 67 111 33 45 29 52 217 87 245 101 179 99 34 35 ................ ................ 2004: Nov .................................. Dec .................................. 46,368 46,798 46,185 46,735 44,585 44,889 1,784 1,909 758,452 758,601 183 63 105 11 0 0 78 52 ................ ................ 2005: Jan .................................. Feb .................................. Mar .................................. Apr .................................. May .................................. June ................................. July ................................. Aug ................................. Sept ................................. Oct r ................................. Nov ................................. 47,477 45,962 46,811 46,585 45,886 46,682 46,102 44,542 45,726 44,783 44,706 47,415 45,920 46,762 46,453 45,747 46,433 45,677 44,180 45,394 44,500 44,580 45,736 44,467 45,029 44,916 44,364 44,907 44,370 42,919 43,672 42,883 42,911 1,741 1,495 1,782 1,669 1,522 1,774 1,732 1,623 2,055 1,900 1,794 761,158 764,307 766,512 767,418 768,399 771,684 772,244 774,591 777,284 779,261 782,498 62 42 49 132 139 249 425 362 332 284 126 39 26 13 52 6 85 176 63 12 35 20 0 0 0 0 0 0 12 3 5 29 0 23 16 37 80 133 164 237 297 315 220 106 ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ 1 Data are prorated averages of biweekly (maintenance period) averages of daily figures. Reserves and monetary base incorporate adjustments for discontinuities, or ‘‘breaks,’’ associated with changes in reserve requirements. 2 Seasonally adjusted break-adjusted required reserves plus unadjusted excess reserves. 3 Seasonally adjusted break-adjusted total reserves less unadjusted total borrowings of depository institutions from the Federal Reserve. 4 Discontinued after January 8, 2003. Source: Board of Governors of the Federal Reserve System. 27 BANK CREDIT AT ALL COMMERCIAL BANKS Total commercial bank loans and leases rose 0.5 percent in November; commercial and industrial loans rose 0.8 percent. [Billions of dollars, seasonally adjusted 1] Securities in bank credit Period 1995: 1996: 1997: 1998: 1999: 2000: 2001: 2002: 2003: 2004: 2004: Dec ........... Dec ........... Dec ........... Dec ........... Dec ........... Dec ........... Dec ........... Dec ........... Dec ........... Dec r .......... Nov r ......... Dec r .......... 2005: Jan r .......... Feb r .......... Mar r ......... Apr r .......... May r ......... June r ........ July r ......... Aug r ......... Sept r ......... Oct r .......... Nov ........... Total bank credit 3,601.0 r 3,756.9 4,099.3 4,532.8 4,763.3 5,216.4 5,417.7 5,884.6 6,251.3 6,793.5 6,759.5 6,793.5 6,892.7 6,999.4 7,084.7 7,112.4 7,166.6 7,221.2 7,281.2 7,360.5 7,408.8 7,419.5 7,438.0 Total securities U.S. Treasury and agency securities 984.0 984.4 1,098.7 1,237.0 1,282.8 1,348.2 1,487.4 1,721.6 1,850.3 1,937.2 1,924.6 1,937.2 1,991.3 2,039.6 2,058.3 2,044.9 2,072.4 2,055.6 2,063.3 2,066.7 2,078.0 2,068.4 2,057.8 701.1 702.6 755.6 797.6 815.6 792.4 849.0 1,029.1 1,104.8 1,150.2 1,145.9 1,150.2 1,182.3 1,217.6 1,218.1 1,193.8 1,200.0 1,172.4 1,177.5 1,174.4 1,166.4 1,158.8 1,141.4 Loans and leases in bank credit Real estate CommerOther Total loans cial and securities and leases 2 industrial 282.9 281.8 343.1 439.5 467.2 555.8 638.4 692.5 745.5 787.0 778.7 787.0 809.0 821.9 840.2 851.1 872.4 883.2 885.9 892.4 911.6 909.6 916.4 2,617.0 2,772.5 3,000.6 3,295.8 3,480.5 3,868.2 3,930.3 4,163.0 4,401.0 4,856.3 4,834.9 4,856.3 4,901.4 4,959.8 5,026.4 5,067.5 5,094.2 5,165.6 5,217.9 5,293.8 5,330.8 5,351.1 5,380.1 1 Data are prorated averages of Wednesday values for domestically chartered commercial banks, branches and agencies of foreign banks, New York State investment companies (through September 1996), and Edge Act and agreement corporations. Data are adjusted for breaks caused by reclassifications of assets and liabilities. 28 723.8 784.0 853.4 946.7 998.0 1,085.9 1,024.3 960.8 900.4 924.8 915.5 924.8 943.2 953.4 961.1 974.7 985.6 990.7 1,004.6 1,014.5 1,018.6 1,025.7 1,033.4 Total 1,089.5 1,141.2 1,243.3 1,333.6 1,471.8 1,651.2 1,778.6 2,022.0 2,216.5 2,547.3 2,524.3 2,547.3 2,572.0 2,600.3 2,654.5 2,682.0 2,690.8 2,734.3 2,787.2 2,824.6 2,840.2 2,863.7 2,876.2 Revolving home equity 84.5 90.9 105.0 103.9 101.5 130.0 155.7 213.5 280.8 399.9 394.0 399.9 407.3 409.9 418.3 423.0 426.9 431.5 437.9 439.5 438.7 437.0 437.0 Consumer Security Other Other 1,004.9 1,050.3 1,138.3 1,229.6 1,370.3 1,521.2 1,623.0 1,808.5 1,935.7 2,147.4 2,130.2 2,147.4 2,164.7 2,190.5 2,236.2 2,258.9 2,263.9 2,302.7 2,349.4 2,385.1 2,401.5 2,426.7 2,439.2 491.4 512.4 502.6 496.9 490.6 539.3 556.0 586.2 643.4 695.2 685.6 695.2 702.7 700.6 708.5 711.2 704.3 707.1 710.5 717.2 719.9 708.7 709.2 83.2 75.3 94.4 145.3 149.8 177.3 146.0 190.2 215.2 215.9 236.8 215.9 200.5 220.5 226.2 223.9 237.1 248.4 232.5 245.3 246.7 241.8 246.6 229.1 259.6 306.9 373.3 370.2 414.4 425.4 403.7 425.6 473.1 472.7 473.1 482.9 484.9 476.1 475.7 476.4 485.1 483.0 492.2 505.4 511.1 514.7 2 Excludes Federal funds sold to, reverse repurchase agreements (RPs) with, and loans to commercial banks in the United States. Source: Board of Governors of the Federal Reserve System. SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL CORPORATE BUSINESS [Billions of dollars; quarterly data at seasonally adjusted annual rates] Sources Uses External (Net increase in liabilities) Funds raised in markets Period Total 1995 .................. 1996 .................. 1997 .................. 1998 .................. 1999 r ................. 2000 r ................. 2001 r ................. 2002 r ................. 2003 r ................. 2004 r ................. 2003: I r ............ II r .......... III r ......... IV r ......... 2004: I r ............ II r .......... III r ......... IV r ......... 2005: I r ............ II r .......... III p ........ 989.7 1,058.3 995.7 1,298.4 1,718.6 1,955.4 850.2 896.2 904.2 1,288.6 864.1 946.5 831.1 974.9 1,358.5 1,177.5 1,221.0 1,397.4 1,238.9 1,163.5 1,151.5 Internal 1 598.9 659.8 712.2 682.4 731.0 718.0 755.0 811.3 875.7 939.3 810.2 865.9 892.7 933.9 939.9 941.9 996.1 879.4 937.5 999.6 1,066.4 Credit market instruments Total 390.8 398.5 283.5 616.0 987.6 1,237.4 95.2 84.9 28.5 349.3 53.9 80.6 ¥61.6 41.0 418.6 235.6 224.9 518.0 301.4 163.9 85.1 Capital expenditures 3 Total Total net funds raised Net new equity issues 168.8 135.4 214.4 180.9 262.9 228.0 172.6 ¥16.4 90.6 101.1 114.1 220.7 23.8 4.0 125.2 ¥27.7 58.3 248.8 99.8 78.7 ¥83.9 ¥58.3 ¥47.3 ¥77.4 ¥215.5 ¥110.4 ¥118.2 ¥48.1 ¥41.6 ¥57.8 ¥157.0 ¥67.0 ¥50.2 ¥44.9 ¥69.0 ¥82.2 ¥159.5 ¥203.2 ¥183.2 ¥251.6 ¥351.1 ¥446.2 Total Securities and mortgages 227.1 182.8 291.8 396.5 373.3 346.2 220.7 25.2 148.4 258.2 181.1 270.9 68.7 73.0 207.4 131.8 261.5 432.0 351.4 429.8 362.3 1 Profits before tax (book) less taxes on corporate income, less net dividends, plus capital consumption allowance (consumption of fixed capital plus capital consumption adjustment), foreign earnings retained abroad, inventory valuation adjustment, and net capital transfers. 2 Includes trade payables, taxes payable, and miscellaneous liabilities (foreign direct investment in the U.S., pension fund contributions payable, and other). 102.2 129.2 187.2 241.7 272.5 188.4 410.7 181.6 247.3 211.0 250.1 396.7 184.7 157.8 218.4 103.4 219.2 303.1 160.2 230.9 311.3 Loans and shortterm paper Other 2 124.9 53.7 104.6 154.9 100.8 157.8 ¥190.1 ¥156.4 ¥98.9 47.1 ¥69.0 ¥125.8 ¥116.0 ¥84.9 ¥11.1 28.3 42.4 128.9 191.2 198.9 50.9 222.1 263.1 69.0 435.0 724.8 1,009.5 ¥77.3 101.3 ¥62.2 248.1 ¥60.2 ¥140.0 ¥85.4 36.9 293.4 263.3 166.6 269.3 201.6 85.2 169.1 1,044.0 1,093.0 1,016.2 1,348.5 1,833.8 2,137.8 980.1 867.2 842.5 1,334.8 821.7 874.3 748.8 925.0 1,384.3 1,242.5 1,253.5 1,459.3 1,291.3 1,223.6 1,222.1 617.6 639.0 743.8 778.6 863.9 928.6 802.5 737.1 751.5 861.0 730.7 728.3 758.1 788.8 815.9 858.5 867.1 902.7 930.3 894.1 950.3 Increase in financial assets 426.4 454.0 272.4 569.9 969.9 1,209.2 177.6 130.1 91.0 473.8 91.0 146.0 ¥9.3 136.2 568.4 384.0 386.4 556.6 361.0 329.5 316.8 Discrepancy (sources less uses) ¥54.2 ¥34.6 ¥20.5 ¥50.2 ¥115.2 ¥182.4 ¥129.9 29.0 61.7 ¥46.3 42.5 72.2 82.4 49.8 ¥25.8 ¥64.9 ¥32.5 ¥62.0 ¥52.5 ¥60.0 ¥70.5 3 Nonresidential fixed investment plus residential fixed investment, inventory change with inventory valuation adjustment, and nonproduced nonfinancial assets. Source: Board of Governors of the Federal Reserve System. CONSUMER CREDIT [Billions of dollars; seasonally adjusted] Consumer credit outstanding (end of period) Period Total 1995: 1996: 1997: 1998: 1999: 2000: 2001: 2002: 2003: 2004: 2004: Dec ............................................................................... Dec ............................................................................... Dec ............................................................................... Dec ............................................................................... Dec ............................................................................... Dec ............................................................................... Dec ............................................................................... Dec ............................................................................... Dec ............................................................................... Dec ............................................................................... Oct ............................................................................... Nov ............................................................................... Dec ............................................................................... 2005: Jan ............................................................................... Feb ............................................................................... Mar .............................................................................. Apr ............................................................................... May .............................................................................. June ............................................................................. July .............................................................................. Aug .............................................................................. Sept .............................................................................. Oct p .............................................................................. Revolving 1,141.0 1,242.9 1,320.1 1,415.8 1,528.0 1,704.5 1,835.6 1,921.9 2,009.9 2,099.1 2,094.6 2,092.9 2,099.1 2,104.3 2,109.7 2,113.5 2,124.6 2,122.1 2,134.8 2,148.5 2,160.0 2,164.1 2,156.9 1 Change based on data in billions of dollars as shown here. For year-end data, change from preceding year-end; for monthly data, change from preceding month. 2 Includes automobile loans and all other loans not included in revolving credit, such as loans for mobile homes, education, boats, trailers, or vacations. These loans may be secured or unsecured. 443.5 499.6 536.7 576.5 604.5 675.7 713.3 732.7 752.8 781.1 786.2 779.5 781.1 786.4 783.4 780.4 785.9 784.7 789.3 790.6 795.2 800.5 798.9 Nonrevolving 2 697.5 743.2 783.4 839.3 923.6 1,028.9 1,122.2 1,189.2 1,257.1 1,318.1 1,308.4 1,313.4 1,318.1 1,317.9 1,326.2 1,333.1 1,338.7 1,337.4 1,345.5 1,357.8 1,364.8 1,363.5 1,358.0 Net change in consumer credit outstanding 1 Total 143.9 101.9 77.2 95.7 112.2 176.5 131.1 86.3 88.0 89.2 17.8 ¥1.7 6.2 5.2 5.4 3.8 11.1 ¥2.5 12.7 13.7 11.5 4.1 ¥7.2 Revolving 77.9 56.1 37.1 39.8 28.0 71.2 37.6 19.4 20.1 28.3 8.9 ¥6.7 1.6 5.3 ¥3.0 ¥3.0 5.5 ¥1.2 4.6 1.3 4.6 5.3 ¥1.6 Nonrevolving 2 65.9 45.7 40.2 55.9 84.3 105.3 93.3 67.0 67.9 61.0 8.9 5.0 4.7 ¥.2 8.3 6.9 5.6 ¥1.3 8.1 12.3 7.0 ¥1.3 ¥5.5 NOTE.—Effective October 7, 2003 data beginning 1977 include student loans extended by the Federal Government and by SLM Holding Corporation. Source: Board of Governors of the Federal Reserve System. 29 INTEREST RATES AND BOND YIELDS Interest rates were mixed through late December. [Percent per annum] U.S. Treasury security yields Constant Period 1995 ....................... 1996 ....................... 1997 ....................... 1998 ....................... 1999 ....................... 2000 ....................... 2001 ....................... 2002 ....................... 2003 ....................... 2004 ....................... 2004: Nov ............. Dec .............. 2005: Jan ............. Feb .............. Mar ............. Apr .............. May ............. June ............ July ............. Aug ............. Sept ............. Oct .............. Nov ............. Week ended: 2005: Dec 3 ...... 10 ...... 17 ...... 24 ...... 1 Bank-discount 3-month bills (new issues) 1 3-year maturities 2 10-year 30-year Highgrade municipal bonds (Standard & Poor’s) 3 Corporate Aaa bonds (Moody’s) 30 Primary credit 5.51 5.02 5.07 4.81 4.66 5.85 3.45 1.62 1.02 1.38 2.06 2.20 2.32 2.53 2.75 2.79 2.86 2.99 3.22 3.45 3.47 3.70 3.90 6.25 5.99 6.10 5.14 5.49 6.22 4.09 3.10 2.10 2.78 3.09 3.21 3.39 3.54 3.91 3.79 3.72 3.69 3.91 4.08 3.96 4.29 4.43 6.57 6.44 6.35 5.26 5.65 6.03 5.02 4.61 4.01 4.27 4.19 4.23 4.22 4.17 4.50 4.34 4.14 4.00 4.18 4.26 4.20 4.46 4.54 6.88 6.71 6.61 5.58 5.87 5.94 5.49 * * * * * * * * * * * * * * * * 5.95 5.75 5.55 5.12 5.43 5.77 5.19 5.05 4.73 4.63 4.48 4.40 4.28 4.14 4.42 4.31 4.16 4.08 4.15 4.21 4.28 4.49 4.53 7.59 7.37 7.26 6.53 7.04 7.62 7.08 6.49 5.67 5.63 5.52 5.47 5.36 5.20 5.40 5.33 5.15 4.96 5.06 5.09 5.13 5.35 5.42 .............. .............. .............. .............. .............. .............. .............. .............. 2.12 2.34 3.00 3.25 3.25 3.50 3.75 3.75 4.00 4.25 4.25 4.50 4.75 4.75 5.00 3.90 3.93 3.82 3.90 4.40 4.42 4.39 4.39 4.48 4.52 4.49 4.45 * * * * 4.47 4.47 4.44 4.45 5.40 5.44 5.41 5.34 5.00 5.00 5.25 5.25 basis. on actively traded issues adjusted to constant maturities. 3 Weekly data are Wednesday figures. 4 Discount window borrowing for primary credit and discount rate (adjustment credit). The rate for primary credit replaced the rate for adjustment credit under an amendment to the Federal Reserve Board’s Regulation A, effective January 9, 2003. 5 Average effective rate for year; rate in effect at end of month or week. 2 Yields Discount window (N.Y. F.R. Bank) 4 5 6 Daily Discount rate 5.21 5.02 5.00 4.92 4.62 5.73 3.40 1.17 Prime rate charged by banks 5 Federal funds rate 6 Newhome mortgage yields (FHFB) 7 * * * * * * * * * * * * * * * 8.83 8.27 8.44 8.35 8.00 9.23 6.91 4.67 4.12 4.34 5.00 5.25 5.25 5.50 5.75 5.75 6.00 6.25 6.25 6.50 6.75 6.75 7.00 5.83 5.30 5.46 5.35 4.97 6.24 3.88 1.67 1.13 1.35 1.93 2.16 2.28 2.50 2.63 2.79 3.00 3.04 3.26 3.50 3.62 3.78 4.00 7.87 7.80 7.71 7.07 7.04 7.52 7.00 6.43 5.80 5.77 5.91 6.02 6.01 5.75 5.82 5.84 5.82 5.76 5.76 5.83 5.99 6.03 .............. * * * * 7.00 7.00 7.25 7.25 4.02 4.00 4.19 4.24 .............. .............. .............. .............. 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. *Series no longer published or discontinued. Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Housing Finance Board, Moody’s Investors Service, and Standard & Poor’s. COMMON STOCK PRICES AND YIELDS Stock prices rose through late December. Common stock prices 1 Period New York Stock Exchange indexes 2 3 (December 31, 2002=5,000) Dow Jones industrial average 4 Common stock yields (percent) 7 Standard & Poor’s composite index (1941– 43=10) 5 Nasdaq composite index (Feb. 5, 1971=100) 6 Dividendprice ratio Earningsprice ratio Composite Financial Energy Health Care ....................................................... ....................................................... ....................................................... ....................................................... ....................................................... ....................................................... ....................................................... ....................................................... ....................................................... ....................................................... 3,078.56 3,787.20 4,827.35 5,818.26 6,546.81 6,805.89 6,397.85 5,578.89 5,447.46 6,612.62 ................ ................ ................ ................ ................ ................ ................ ................ 5,583.00 6,822.18 .................. .................. .................. .................. .................. .................. .................. .................. 5,273.90 6,952.36 ................ ................ ................ ................ ................ ................ ................ ................ 5,288.67 5,924.80 4,493.76 5,742.89 7,441.15 8,625.52 10,464.88 10,734.90 10,189.13 9,226.43 8,993.59 10,317.39 541.72 670.50 873.43 1,085.50 1,327.33 1,427.22 1,194.18 993.94 965.23 1,130.65 925.19 1,164.96 1,469.49 1,794.91 2,728.15 3,783.67 2,035.00 1,539.73 1,647.17 1,986.53 2.56 2.19 1.77 1.49 1.25 1.15 1.32 1.61 1.77 1.72 6.09 5.24 4.57 3.46 3.17 3.63 2.95 2.92 3.84 4.89 2004: Nov ............................................. Dec .............................................. 6,933.75 7,134.42 7,118.40 7,354.73 7,773.26 7,843.99 5,818.20 6,006.46 10,411.76 10,673.38 1,168.94 1,199.21 2,062.87 2,149.53 1.74 1.72 .................. 4.83 2005: Jan .............................................. Feb .............................................. Mar ............................................. Apr .............................................. May ............................................. June ............................................ July ............................................. Aug ............................................. Sept ............................................. Oct .............................................. Nov ............................................. 7,056.85 7,241.89 7,275.51 7,077.97 7,094.02 7,238.96 7,389.23 7,482.93 7,584.49 7,373.23 7,585.75 7,282.65 7,377.10 7,274.12 7,014.98 7,092.20 7,199.86 7,373.25 7,374.01 7,435.85 7,368.60 7,800.01 7,841.24 8,646.71 9,077.38 8,793.74 8,513.39 9,122.87 9,607.53 10,034.26 10,672.51 9,915.63 9,998.62 5,970.34 6,052.78 6,148.03 6,253.05 6,432.30 6,408.88 6,342.76 6,383.81 6,412.24 6,270.83 6,297.57 10,539.51 10,723.82 10,682.09 10,283.19 10,377.18 10,486.68 10,545.38 10,554.27 10,532.54 10,324.31 10,695.25 1,181.41 1,199.63 1,194.90 1,164.42 1,178.28 1,202.25 1,222.24 1,224.27 1,225.91 1,191.96 1,237.37 2,071.87 2,065.74 2,030.43 1,957.49 2,005.22 2,074.02 2,145.14 2,157.85 2,144.61 2,087.09 2,202.84 1.77 1.76 1.79 1.86 1.86 1.83 1.82 1.82 1.84 1.90 1.85 .................. .................. 5.11 .................. .................. 5.32 .................. .................. 5.45 .................. .................. Week ended: 2005: Dec 3 10 17 24 7,708.62 7,754.48 7,819.58 7,807.66 7,952.70 7,954.28 8,027.56 8,053.40 10,130.42 10,415.30 10,456.36 10,245.08 6,290.89 6,342.08 6,430.07 6,528.49 10,874.97 10,807.30 10,846.45 10,849.70 1,258.83 1,259.67 1,267.77 1,263.82 2,249.09 2,254.72 2,260.33 2,234.55 1.84 1.83 1.82 1.84 .................. .................. .................. .................. 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 1 Average ....................................... ....................................... ....................................... ....................................... of daily closing prices. all the stocks (nearly 3,000) listed on the NYSE. January 9, 2003, the NYSE relaunched the composite index with changes in methodology, definitions, and based on Dec. 31, 2002=5,000. Effective January 8, 2004 new indexes for Financial, Energy, and Health Care were introduced by the NYSE. Previous indexes shown for Industrial, Transportation, Utility, and Finance were discontinued. 4 Includes 30 stocks. 2 Includes 3 Effective 5 Includes 500 stocks. over 5,000 stocks. & Poor’s series. Dividend-price ratios based on Wednesday closing prices. Earnings-price ratios based on prices at end of quarter. 6 Includes 7 Standard Sources: New York Stock Exchange, Dow Jones & Company, Inc., Standard & Poor’s, and Nasdaq Stock Market. 31 FEDERAL FINANCE FEDERAL RECEIPTS, OUTLAYS, AND DEBT In the first 2 months of fiscal 2006, there was a deficit of $130.3 billion, compared with a deficit of $115.2 billion a year earlier. [Billions of dollars] Total 1 Data 2 Data 32 Off-budget Outlays Surplus or deficit (¥) Receipts 991.2 1,032.0 1,055.0 1,091.3 1,154.4 1,258.6 1,351.8 1,453.1 1,579.3 1,721.8 1,827.5 2,025.2 1,991.2 1,853.2 1,782.3 1,880.1 2,154.3 2,272.7 1,143.8 1,253.1 1,324.3 1,381.6 1,409.5 1,461.9 1,515.8 1,560.5 1,601.2 1,652.6 1,701.9 1,789.1 1,863.0 2,011.0 2,159.9 2,292.2 2,472.9 2,613.3 ¥152.6 ¥221.1 ¥269.3 ¥290.3 ¥255.1 ¥203.2 ¥164.0 ¥107.5 ¥21.9 69.2 125.5 236.2 128.2 ¥157.8 ¥377.6 ¥412.1 ¥318.6 ¥340.6 727.5 750.3 761.2 788.9 842.5 923.6 1,000.8 1,085.6 1,187.3 1,306.0 1,383.0 1,544.6 1,483.7 1,337.9 1,258.5 1,345.3 1,576.8 1,651.0 932.9 1,028.1 1,082.6 1,129.3 1,142.9 1,182.5 1,227.2 1,259.6 1,290.6 1,336.0 1,381.1 1,458.3 1,516.2 1,655.3 1,796.9 1,912.7 2,070.7 2,186.2 ¥205.4 ¥277.7 ¥321.5 ¥340.4 ¥300.4 ¥258.9 ¥226.4 ¥174.1 ¥103.3 ¥30.0 1.9 86.3 ¥32.5 ¥317.5 ¥538.4 ¥567.4 ¥493.9 ¥535.2 263.7 281.7 293.9 302.4 311.9 335.0 351.1 367.5 392.0 415.8 444.5 480.6 507.5 515.3 523.8 534.7 577.5 621.7 210.9 225.1 241.7 252.3 266.6 279.4 288.7 300.9 310.6 316.6 320.8 330.8 346.8 355.7 363.0 379.5 402.2 427.1 52.8 56.6 52.2 50.1 45.3 55.7 62.4 66.6 81.4 99.2 123.7 149.8 160.7 159.7 160.8 155.2 175.3 194.6 2,867.8 3,206.3 3,598.2 4,001.8 4,351.0 4,643.3 4,920.6 5,181.5 5,369.2 5,478.2 5,605.5 5,628.7 5,769.9 6,198.4 6,760.0 7,354.7 7,902.8 8,586.8 2,190.7 2,411.6 2,689.0 2,999.7 3,248.4 3,433.1 3,604.4 3,734.1 3,772.3 3,721.1 3,632.4 3,409.8 3,319.6 3,540.4 3,913.4 4,295.5 4,589.9 4,970.0 271.4 288.3 386.6 418.6 ¥115.2 ¥130.3 189.9 203.3 311.8 337.5 ¥121.9 ¥134.1 81.5 85.0 74.8 81.1 6.7 3.8 7,497.5 8,060.2 4,395.3 4,697.1 from Final Monthly Treasury Statement for fiscal 2005 released October 14, 2005. from current issue Monthly Treasury Statement. Outlays Surplus or deficit (¥) Federal debt (end of period) Receipts Fiscal year or period 1989 ...................................... 1990 ...................................... 1991 ...................................... 1992 ...................................... 1993 ...................................... 1994 ...................................... 1995 ...................................... 1996 ...................................... 1997 ...................................... 1998 ...................................... 1999 ...................................... 2000 ...................................... 2001 ...................................... 2002 ...................................... 2003 ...................................... 2004 ...................................... 20051 ..................................... 2006 (estimates) .................... Cumulative total, first 2 months: 2 Fiscal year 2005 ................ Fiscal year 2006 ................ On-budget Receipts Outlays Surplus or deficit (¥) Gross Federal Held by the public NOTE.—Data for fiscal 2004 and 2006 are from Mid-Session Review, Budget of the U.S. Government, Fiscal Year 2006, issued July 13, 2005. Other data (except as noted) are from Budget of the United States Government, Fiscal Year 2006, issued February 7, 2005. Sources: Department of the Treasury and Office of Management and Budget. FEDERAL RECEIPTS BY SOURCE AND OUTLAYS BY FUNCTION In the first 2 months of fiscal 2006, receipts were $16.9 billion higher than a year earlier and outlays were $32.0 billion higher. [Billions of dollars] On-budget and off-budget receipts Fiscal year or period Total 1989 ............................................... 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 ............................................... ............................................... ............................................... ............................................... ............................................... ............................................... ............................................... ............................................... ............................................... ............................................... 2000 ............................................... 2001 .............................................. 2002 .............................................. 2003 .............................................. 2004 .............................................. 20051 ............................................. 2006 (estimates) ............................ Cumulative total, first 2 months: 2 Fiscal year 2005 ........................ Fiscal year 2006 ........................ Individual income taxes Corporation income taxes Social insurance and retirement receipts On-budget and off-budget outlays National defense Other Total Total International affairs Health Medicare Income Social security security Net interest Other 991.2 445.7 103.3 359.4 303.6 294.8 9.6 48.4 85.0 137.4 232.5 169.0 158.4 1,032.0 1,055.0 1,091.3 1,154.4 1,258.6 1,351.8 1,453.1 1,579.3 1,721.8 1,827.5 466.9 467.8 476.0 509.7 543.1 590.2 656.4 737.5 828.6 879.5 93.5 98.1 100.3 117.5 140.4 157.0 171.8 182.3 188.7 184.7 380.0 396.0 413.7 428.3 461.5 484.5 509.4 539.4 571.8 611.8 91.5 93.1 101.4 98.9 113.7 120.1 115.4 120.2 132.7 151.5 1,253.1 1,324.3 1,381.6 1,409.5 1,461.9 1,515.8 1,560.5 1,601.2 1,652.6 1,701.9 299.3 273.3 298.4 291.1 281.6 272.1 265.8 270.5 268.5 274.9 289.7 262.3 286.8 278.5 268.6 259.4 253.1 258.3 256.1 261.3 13.8 15.9 16.1 17.2 17.1 16.4 13.5 15.2 13.1 15.2 57.7 71.2 89.5 99.4 107.1 115.4 119.4 123.8 131.4 141.1 98.1 104.5 119.0 130.6 144.7 159.9 174.2 190.0 192.8 190.4 148.7 172.4 199.5 209.9 217.1 223.7 229.7 235.0 237.7 242.4 248.6 269.0 287.6 304.6 319.6 335.8 349.7 365.3 379.2 390.0 184.3 194.4 199.3 198.7 202.9 232.1 241.1 244.0 241.1 229.8 202.6 223.6 172.2 158.0 171.7 160.3 167.3 157.4 188.8 218.1 2,025.2 1,004.5 1,991.2 994.3 1,853.2 858.3 1,782.3 793.7 1,880.1 809.0 2,154.3 927.2 2,272.7 1,006.2 207.3 151.1 148.0 131.8 189.4 278.3 242.7 652.9 694.0 700.8 713.0 733.4 795.1 856.0 160.6 151.8 146.0 143.9 148.3 153.7 167.9 1,789.1 1,863.0 2,011.0 2,159.9 2,292.2 2,472.9 2,613.3 294.5 304.9 348.6 404.9 455.9 493.9 513.9 281.2 290.3 332.0 387.3 436.5 470.7 492.3 17.2 16.5 22.4 21.2 26.9 34.4 38.9 154.5 172.3 196.5 219.6 240.1 250.4 268.0 197.1 217.4 230.9 249.4 269.4 298.6 351.3 253.6 269.6 312.5 334.4 332.8 347.6 358.8 409.4 433.0 456.0 474.7 495.5 523.3 550.0 222.9 206.2 170.9 153.1 160.2 184.1 204.4 239.8 243.3 273.2 302.6 311.3 340.6 328.0 10.5 9.4 114.0 119.7 24.5 25.6 386.6 418.6 76.4 84.6 73.3 81.3 3.6 5.6 40.3 43.8 46.6 46.0 48.8 47.8 83.6 88.0 30.6 40.6 56.7 62.3 271.4 288.3 122.5 133.6 82.8 1,143.8 Department of Defense, military 1 Data from Final Monthly Treasury Statement, for fiscal 2005, released October 14, 2005, except outlays for Department of Defense, military for fiscal 2005 are from Mid-Session Review, Fiscal Year 2006. 2 Data from current issue Monthly Treasury Statement. Data for Department of Defense, military, include a small amount classified as international affairs, and not included in national defense. NOTE.—Data for fiscal 2004 and 2006 are from Mid-Session Review, Budget of the U.S. Government, Fiscal Year 2006, issued July 13, 2005. Other data (except as noted) are from Budget of the United States Government, Fiscal Year 2006, issued February 7, 2005. Sources: Department of the Treasury and Office of Management and Budget. 33 FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS In the third quarter of 2005, according to revised estimates, Federal current receipts fell $79.4 billion (annual rate); Federal current expenditures rose $38.5 billion. [Billions of dollars; quarterly data at seasonally adjusted annual rates] Federal Government current receipts Current tax receipts Period Total Total 1 Calendar year: 1995 ................. 1996 ................. 1997 ................. 1998 ................. 1999 ................. 2000 ................. 2001 ................. 2002 ................. 2003 ................. 2004 ................. 2002: I ................ II .............. III ............. IV ............. 2003: I ................ II .............. III ............. IV ............. 2004: I ................ II .............. III ............. IV ............. 2005: I ................ II ............. III r ........... 1 Includes 2 Includes 34 1,406.5 1,524.0 1,653.1 1,773.8 1,891.2 2,053.8 2,016.2 1,853.2 1,868.6 1,974.8 1,845.9 1,854.1 1,856.1 1,856.6 1,881.4 1,896.3 1,808.9 1,887.9 1,917.8 1,951.4 1,975.4 2,054.6 2,196.6 2,227.9 2,148.5 845.1 932.4 1,030.6 1,116.8 1,195.7 1,313.6 1,252.2 1,075.5 1,059.2 1,122.4 1,071.3 1,077.5 1,075.4 1,078.0 1,084.4 1,089.6 994.5 1,068.2 1,080.7 1,108.1 1,119.4 1,181.3 1,305.1 1,331.8 1,338.7 Personal current taxes 586.0 663.4 744.3 825.8 893.0 999.1 994.5 830.5 774.3 801.8 843.1 835.2 825.8 818.0 806.7 811.2 708.8 770.6 771.3 786.3 810.0 839.7 908.3 924.3 940.5 Taxes on production and imports 75.9 73.2 78.2 81.1 83.9 87.8 85.8 87.3 89.7 94.0 84.9 87.7 88.5 88.0 90.1 89.7 88.8 90.2 93.4 93.4 94.0 95.1 95.4 98.3 97.5 Taxes on corporate income 179.3 190.6 203.0 204.2 213.0 219.4 164.7 150.5 186.7 217.4 136.3 147.4 153.9 164.2 180.7 178.8 189.1 198.1 206.9 219.9 207.5 235.3 291.7 300.8 290.7 Contributions for government social insurance 519.2 542.8 576.4 613.8 651.6 691.7 717.5 734.3 759.1 802.5 732.1 735.5 735.0 734.4 749.0 756.4 762.9 768.0 787.2 793.5 806.0 823.4 841.1 845.1 852.6 taxes from the rest of the world, not shown separately. a subtraction for wage accruals less disbursements, not shown separately. Federal Government current expenditures Income receipts on assets Current transfer receipts Current surplus of government enterprises 23.7 26.9 25.9 21.5 21.5 25.2 24.9 20.2 22.7 21.9 21.1 20.1 19.8 19.9 19.5 22.8 24.0 24.6 22.0 21.5 21.8 22.2 23.0 24.3 22.8 19.1 23.1 19.9 21.5 22.7 25.7 27.1 24.8 25.7 28.6 25.7 24.9 24.5 24.0 24.8 25.5 26.2 26.5 27.6 28.1 28.7 30.0 30.4 30.2 ¥61.4 ¥0.6 ¥1.2 .3 .1 ¥.3 ¥2.3 ¥5.5 ¥1.6 1.9 ¥.5 ¥4.3 ¥3.9 1.4 .3 3.7 2.1 1.4 .6 .3 .3 ¥.4 ¥2.3 ¥2.9 ¥3.6 ¥4.3 Total 2 1,603.5 1,665.8 1,708.9 1,734.9 1,787.6 1,864.4 1,969.5 2,101.1 2,251.4 2,381.3 2,054.4 2,095.5 2,103.4 2,151.1 2,177.4 2,270.1 2,265.1 2,292.9 2,347.2 2,364.9 2,387.0 2,426.2 2,494.9 2,525.2 2,563.7 Consumption expenditures 440.5 446.3 457.7 454.6 475.1 499.3 531.9 591.5 661.9 725.7 571.3 585.0 591.4 618.5 634.7 667.6 668.4 676.8 710.7 721.1 735.7 735.1 759.6 762.8 782.9 Current transfer payments 839.0 888.3 918.8 946.5 986.1 1,038.1 1,131.4 1,243.0 1,327.7 1,391.2 1,215.1 1,240.7 1,247.6 1,268.5 1,285.0 1,332.1 1,339.0 1,354.8 1,379.3 1,382.6 1,384.0 1,419.0 1,458.7 1,459.9 1,474.4 Interest payments 290.4 297.3 300.0 298.8 282.7 283.3 258.6 229.1 215.2 221.5 229.9 233.3 227.7 225.4 217.0 214.9 212.2 216.8 216.9 218.4 224.5 226.1 226.6 250.8 250.8 Source: Department of Commerce, Bureau of Economic Analysis. Subsidies 33.7 34.0 32.4 35.0 43.8 43.8 47.6 37.5 46.5 43.0 38.1 36.5 36.7 38.7 42.0 54.2 45.5 44.4 41.8 41.3 42.8 46.1 50.1 51.6 55.6 Net Federal Government saving ¥197.0 ¥141.8 ¥55.8 38.8 103.6 189.5 46.7 ¥247.9 ¥382.7 ¥406.5 ¥208.5 ¥241.4 ¥247.3 ¥294.6 ¥296.0 ¥373.8 ¥456.2 ¥405.0 ¥429.3 ¥413.4 ¥411.6 ¥371.6 ¥298.3 ¥297.3 ¥415.2 INTERNATIONAL STATISTICS INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR INDUSTRIAL COUNTRIES Industrial production (2002=100; seasonally adjusted) Period United States Canada Japan France Germany Italy Consumer prices (1982–84=100; NSA) United Kingdom United States 1 Canada Japan Germany France 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2004: .................................... 80.2 80.5 103.1 87.6 88.5 94.9 97.3 152.4 151.4 119.2 148.4 .................................... 83.6 81.4 105.5 87.4 88.6 94.1 98.7 156.9 153.8 119.3 151.4 .................................... 89.7 86.0 109.3 90.9 91.1 97.2 100.0 160.5 156.3 121.5 153.2 .................................... 94.9 89.0 102.1 94.2 95.0 99.0 101.1 163.0 157.8 122.2 154.2 .................................... 99.3 94.3 102.4 96.5 96.4 99.2 102.3 166.6 160.5 121.8 155.0 .................................... 103.5 102.4 108.0 100.2 101.3 102.2 104.2 172.2 164.9 121.0 157.6 .................................... 99.9 98.3 101.2 101.5 101.1 101.6 102.6 177.1 169.1 120.1 160.2 .................................... 100.0 100.0 100.0 100.0 100.0 100.0 100.0 179.9 172.9 119.0 163.3 .................................... 100.6 101.0 103.0 99.5 100.4 99.0 99.5 184.0 177.7 118.7 166.7 .................................... 104.7 105.0 108.5 101.8 104.7 99.5 100.3 188.9 181.0 118.7 170.3 r 98.7 Oct ........................... 105.8 106.0 107.5 101.4 105.3 99.3 190.9 181.9 119.5 171.3 r Nov .......................... 106.0 106.6 108.3 101.5 104.0 97.8 100.5 191.0 182.6 119.3 171.3 r Dec .......................... 106.7 106.9 107.9 102.5 104.2 97.1 100.7 190.3 182.2 118.7 171.6 r 96.7 2005: Jan .......................... 106.9 107.3 111.7 102.4 106.4 99.6 190.7 182.0 118.1 170.7 r Feb .......................... 107.4 106.7 109.5 101.7 104.7 97.1 99.5 191.8 182.8 117.8 171.6 Mar .......................... 107.3 106.0 109.1 101.2 105.3 96.9 98.4 193.3 183.8 118.2 172.7 r 106.2 Apr .......................... 107.2 110.9 101.2 106.3 98.7 99.1 194.6 184.4 118.4 173.0 May .......................... 107.4 107.1 108.1 101.1 105.9 97.6 99.3 194.4 184.5 118.8 173.2 r 106.8 r 97.8 June ......................... 108.3 109.7 101.6 107.2 99.1 194.5 184.8 118.2 173.5 July .......................... 108.3 107.4 108.2 100.8 108.5 98.5 99.0 195.4 185.2 118.1 173.2 r 108.6 r 108.6 r 99.4 Aug .......................... 109.6 102.0 106.7 98.1 196.4 186.0 118.2 173.8 r r r Sept ......................... 106.9 108.1 109.9 102.6 108.5 98.1 98.6 198.8 187.6 118.5 174.6 r Oct ........................... 108.2 108.2 110.6 100.0 109.8 97.1 97.6 199.2 186.7 118.7 174.4 Nov p ......................... 109.0 .............. ............ ............ .............. .............. .............. 197.6 186.2 118.3 174.1 Dec p ......................... .............. .............. ............ ............ .............. .............. .............. .............. .............. ............ ............ 1 Data relate to all urban consumers. NOTE.—See Note, p. 17, for information on U.S. industrial production series. United Kingdom Italy 133.3 205.6 175.2 135.3 213.8 179.4 137.8 218.2 185.1 139.1 222.5 191.4 140.0 226.2 194.3 142.0 231.9 200.1 144.8 238.3 203.6 146.7 244.3 207.0 148.3 250.8 213.0 150.8 256.3 219.4 151.3 257.4 221.6 150.8 257.6 222.1 152.3 258.3 223.1 151.7 258.3 221.9 152.3 259.1 222.8 152.7 259.9 223.8 152.9 260.3 225.1 153.3 261.1 225.6 153.5 261.1 225.8 154.2 262.2 225.8 154.3 262.6 226.3 154.9 262.6 226.9 154.9 263.2 227.1 154.2 r 263.4 227.5 155.4 ............ .............. Source: National sources as reported by Department of Commerce (Bureau of Economic Analysis and International Trade Administration, Office of Trade and Industry Information) and Council of Economic Advisers. U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES [Billions of dollars; monthly data seasonally adjusted] Goods: Exports (f.a.s. value) Goods: Imports (customs value) Census basis (by end-use category) Services (BOP basis) Balance of trade (exports minus imports) Census basis (by end-use category) BOP basis Period 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 BOP basis Total, Census basis 1 Auto- ConIndusmo- sumer Foods, trial Capital tive goods feeds, supgoods vehi- (nonand plies except cles, food) bevand auto- parts except erages mate- motive and autorials enmogines tive ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. 575.2 612.1 678.4 670.4 684.0 772.0 718.7 682.4 713.4 807.5 584.7 625.1 689.2 682.1 695.8 781.9 729.1 693.1 724.8 818.8 50.5 55.5 51.5 46.4 46.0 47.9 49.4 49.6 55.0 56.6 146.2 147.7 158.2 148.3 147.5 172.6 160.1 156.8 173.0 204.0 233.0 253.0 294.5 299.4 310.8 356.9 321.7 290.4 293.6 331.5 2004: Oct .... Nov ... Dec ... 69.3 68.6 71.0 70.2 69.5 71.9 4.8 4.8 4.8 17.9 17.8 18.4 28.1 27.6 28.6 7.8 7.6 8.0 2005: Jan ... Feb ... Mar ... Apr ... May ... June July .. Aug ... Sept r Oct p .. 71.6 70.7 71.5 74.6 74.5 74.5 75.1 76.7 73.5 75.2 72.4 71.5 72.5 75.5 75.5 75.6 75.9 77.9 74.6 76.3 4.7 4.6 4.8 5.0 5.5 5.1 5.0 5.1 4.9 5.1 18.5 18.7 18.7 19.5 19.8 19.6 19.9 20.1 19.0 19.0 28.5 28.0 28.9 30.5 29.6 30.1 30.3 31.4 29.1 30.9 8.2 7.8 7.7 7.9 7.7 7.8 8.0 8.3 8.3 8.5 BOP basis IndusAutoFoods, trial Capital motive Total, feeds, supgoods vehiCensus and plies except cles, basis 1 bevand auto- parts erages mate- motive and enrials gines Consumer goods (nonfood) except automotive Exports Imports Goods, Census basis Goods Services Goods and services 749.4 803.1 876.5 917.1 1,030.0 1,224.4 1,145.9 1,164.7 1,260.7 1,472.9 743.5 795.3 869.7 911.9 1,024.6 1,218.0 1,141.0 1,161.4 1,257.1 1,469.7 33.2 35.7 39.7 41.2 43.6 46.0 46.6 49.7 55.8 62.1 181.8 204.5 213.8 200.1 221.4 299.0 273.9 267.7 313.8 412.8 221.4 228.1 253.3 269.5 295.7 347.0 298.0 283.3 295.8 343.5 123.8 128.9 139.8 148.7 179.0 195.9 189.8 203.7 210.2 228.2 159.9 172.0 193.8 217.0 241.9 281.8 284.3 307.8 333.9 372.9 219.2 239.5 256.3 263.1 282.5 299.5 288.4 294.9 309.1 343.9 141.4 152.6 166.5 181.4 199.9 225.3 224.0 233.7 256.7 296.1 ¥158.8 ¥170.2 ¥180.5 ¥229.8 ¥328.8 ¥436.1 ¥411.9 ¥468.3 ¥532.4 ¥650.9 ¥174.2 ¥191.0 ¥198.1 ¥246.7 ¥346.0 ¥452.4 ¥427.2 ¥482.3 ¥547.3 ¥665.4 77.8 86.9 89.8 81.7 82.6 74.1 64.5 61.1 52.5 47.8 ¥96.4 ¥104.1 ¥108.3 ¥165.0 ¥263.4 ¥378.3 ¥362.7 ¥421.2 ¥494.8 ¥617.6 8.9 8.9 9.3 128.7 131.8 130.5 128.4 131.5 130.3 5.2 5.4 5.4 38.0 40.6 38.6 29.9 29.7 29.8 19.5 19.2 19.4 31.6 32.6 32.7 29.3 30.0 30.7 25.4 25.8 25.9 ¥58.2 ¥62.0 ¥58.4 ¥59.4 ¥63.2 ¥59.5 3.9 4.3 4.8 ¥55.6 ¥59.0 ¥54.7 9.4 9.5 9.4 9.3 9.7 9.5 9.6 9.5 9.9 9.4 134.3 135.5 130.4 136.9 135.3 138.3 137.6 140.8 144.8 149.1 134.0 135.2 130.1 136.6 134.9 138.1 137.4 140.5 144.5 148.8 5.6 5.5 5.5 5.5 5.7 5.6 5.6 5.7 5.9 5.8 38.4 40.0 39.9 41.8 39.4 41.5 42.1 44.1 47.1 50.6 31.1 30.0 29.6 31.9 31.3 32.6 31.8 32.0 32.3 32.2 19.9 19.8 18.5 18.8 19.7 19.6 19.7 20.8 20.1 20.9 34.4 35.5 32.1 33.8 34.1 34.2 33.5 33.3 34.2 34.6 30.6 30.7 31.3 31.2 r 31.2 31.3 r 31.6 r 31.6 32.3 32.3 26.5 26.4 26.5 r 26.8 r 26.7 r 26.9 r 26.9 r 26.5 27.0 27.3 ¥61.6 ¥63.7 ¥57.6 ¥61.1 ¥59.4 ¥62.5 ¥61.5 ¥62.6 ¥69.9 ¥72.5 ¥62.7 ¥64.7 ¥58.9 ¥62.3 ¥60.8 ¥63.8 ¥62.5 ¥64.1 ¥71.3 ¥73.9 4.1 4.3 4.8 r 4.4 r 4.5 r 4.4 r 4.7 r 5.1 5.3 5.0 ¥58.6 ¥60.4 ¥54.1 r ¥57.9 r ¥56.3 r ¥59.4 r ¥57.8 r ¥59.0 ¥66.0 ¥68.9 61.8 64.4 65.0 70.1 74.0 77.4 72.4 80.3 75.3 80.9 80.4 89.4 75.4 88.3 78.9 84.4 80.7 89.9 89.3 103.1 1 Total includes ‘‘other’’ exports or imports, not shown separately. NOTE.—BOP refers to balance of payments on international transactions basis. BOP data shown here are consistent with figures shown on pp. 36 and 37. Source: Department of Commerce (Bureau of the Census and Bureau of Economic Analysis). 35 U.S. INTERNATIONAL TRANSACTIONS In the third quarter of 2005, the goods deficit rose to $197.9 billion, from $186.9 billion in the second quarter. The current account deficit fell to $195.8 billion in the third quarter from $197.8 billion in the second quarter. [Millions of dollars; quarterly data seasonally adjusted. Credits (+), debits (¥)] Goods 1 Period Exports Imports Services Balance on goods Net military transactions 2 ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. 575,204 612,113 678,366 670,416 683,965 771,994 718,712 682,422 713,421 807,536 ¥749,374 ¥803,113 ¥876,470 ¥917,103 ¥1,029,980 ¥1,224,408 ¥1,145,900 ¥1,164,720 ¥1,260,717 ¥1,472,926 ¥174,170 ¥191,000 ¥198,104 ¥246,687 ¥346,015 ¥452,414 ¥427,188 ¥482,298 ¥547,296 ¥665,390 2003: I ........ II ....... III ..... IV ..... 173,167 174,696 178,186 187,372 ¥311,028 ¥309,763 ¥313,476 ¥326,450 ¥137,861 ¥135,067 ¥135,290 ¥139,078 ¥2,976 ¥3,247 ¥2,860 ¥3,444 2004: I ........ II ....... III ..... IV ..... 193,789 200,072 204,801 208,874 ¥345,241 ¥364,059 ¥372,576 ¥391,050 ¥151,452 ¥163,987 ¥167,775 ¥182,176 2005: I ........ II r ..... III p .... 213,840 223,540 225,226 ¥400,169 ¥410,469 ¥423,151 ¥186,329 ¥186,929 ¥197,925 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 Net travel and transportation Other services, net Receipts Payments Balance on income Unilateral current transfers, net 3 Balance on current account 51,414 56,535 62,674 66,248 72,943 71,339 70,009 72,520 76,745 75,596 ¥96,384 ¥104,065 ¥108,310 ¥165,009 ¥263,394 ¥378,272 ¥362,729 ¥421,181 ¥494,814 ¥617,583 210,244 226,129 256,804 261,819 293,925 350,918 288,303 270,792 309,830 379,527 ¥189,353 ¥203,811 ¥244,195 ¥257,554 ¥280,037 ¥329,864 ¥263,120 ¥260,776 ¥263,526 ¥349,088 20,891 22,318 12,609 4,265 13,888 21,054 25,183 10,016 46,304 30,439 ¥38,177 ¥43,147 ¥45,205 ¥53,320 ¥50,554 ¥58,781 ¥51,910 ¥64,046 ¥71,169 ¥80,930 ¥113,670 ¥124,894 ¥140,906 ¥214,064 ¥300,060 ¥415,999 ¥389,456 ¥475,211 ¥519,679 ¥668,074 ¥3,098 ¥3,441 ¥3,411 ¥1,786 19,102 18,905 18,862 19,881 ¥124,833 ¥122,850 ¥122,699 ¥124,427 70,706 73,872 77,594 87,653 ¥64,790 ¥62,565 ¥66,242 ¥69,926 5,916 11,307 11,352 17,727 ¥17,743 ¥17,251 ¥17,634 ¥18,543 ¥136,660 ¥128,794 ¥128,981 ¥125,243 ¥3,200 ¥3,643 ¥3,829 ¥3,813 ¥3,212 ¥3,014 ¥3,394 ¥3,684 19,012 18,602 17,533 20,452 ¥138,852 ¥152,042 ¥157,465 ¥169,221 86,401 ¥71,379 91,465 ¥85,543 95,504 ¥89,250 106,154 ¥102,918 15,022 5,922 6,254 3,236 ¥22,271 ¥20,515 ¥15,771 ¥22,374 ¥146,101 ¥166,635 ¥166,982 ¥188,359 ¥3,020 ¥3,066 ¥2,652 ¥4,499 ¥2,770 ¥1,676 20,796 ¥173,052 19,166 ¥173,599 19,458 ¥182,795 106,951 ¥106,308 111,147 ¥112,688 118,732 ¥118,220 643 ¥1,541 512 ¥26,259 ¥22,641 ¥13,538 ¥198,668 ¥197,781 ¥195,821 4,600 21,772 5,385 25,015 4,968 22,152 5,220 10,210 2,593 7,085 317 2,486 ¥2,296 ¥3,254 ¥7,158 ¥4,245 ¥12,527 ¥11,736 ¥14,485 ¥13,304 1 Adjusted from Census data for differences in timing and coverage; excludes military. 2 Transfers under U.S. military agency sales contracts (exports) minus direct defense expenditures (imports). 36 Income receipts and payments Balance on goods and services 3 Includes transfers of goods and services under U.S. military grant programs. See p. 37 for continuation of table. U.S. INTERNATIONAL TRANSACTIONS—Continued In the financial account, U.S. claims on foreigners reported by U.S. banks increased $107.9 billion in the third quarter of 2005, following an increase of $171.0 billion in the second quarter. U.S. liabilities to private foreigners reported by U.S. banks, excluding Treasury securities, increased $88.7 billion in the third quarter, following an increase of $149.1 billion in the second quarter. [Millions of dollars; quarterly data seasonally adjusted. Credits (+), debits (¥)] Financial account Period Capital account transactions, net U.S.-owned assets abroad, net [increase/financial outflow (¥)] Total U.S. official reserve assets 4 Other U.S. Government assets Statistical discrepancy Foreign-owned assets in the U.S., net [increase/financial inflow (+)] U.S. private assets Total Foreign official assets Other foreign assets Total (sum of the items with sign reversed) Of which: Seasonal adjustment discrepancy U.S. official reserve assets, net 4 (unadjusted, end of period) .................................. .................................. .................................. .................................. .................................. .................................. .................................. .................................. .................................. .................................. ¥927 ¥631 ¥1,014 ¥702 ¥4,888 ¥929 ¥1,223 ¥1,363 ¥3,214 ¥1,648 ¥352,264 ¥413,409 ¥485,475 ¥353,829 ¥504,062 ¥560,523 ¥382,616 ¥294,027 ¥328,397 ¥855,509 ¥9,742 6,668 ¥1,010 ¥6,783 8,747 ¥290 ¥4,911 ¥3,681 1,523 2,805 ¥984 ¥989 68 ¥422 2,750 ¥941 ¥486 345 537 1,215 ¥341,538 ¥419,088 ¥484,533 ¥346,624 ¥515,559 ¥559,292 ¥377,219 ¥290,691 ¥330,457 ¥859,529 438,562 551,096 706,809 423,569 740,210 1,046,896 782,859 794,343 889,043 1,440,105 109,880 126,724 19,036 ¥19,903 43,543 42,758 28,059 115,945 278,275 394,710 328,682 424,372 687,773 443,472 696,667 1,004,138 754,800 678,398 610,768 1,045,395 28,299 ¥12,162 ¥79,414 145,026 68,800 ¥69,445 ¥9,564 ¥23,742 ¥37,753 85,126 .................. .................. .................. .................. .................. .................. .................. .................. .................. .................. 85,832 75,089 69,954 81,761 71,516 67,647 68,654 79,006 85,938 86,824 2003: I ............................. II ............................ III .......................... IV ........................... 2004: I ............................. II ............................ III .......................... IV ........................... 2005: I .............................. II r ........................... III p ......................... ¥423 ¥1,596 ¥837 ¥358 ¥428 ¥372 ¥393 ¥455 ¥4,466 ¥315 ¥311 ¥91,631 ¥142,267 ¥25,442 ¥69,057 ¥295,140 ¥133,886 ¥137,525 ¥288,957 ¥81,510 ¥225,202 ¥124,020 83 ¥170 ¥611 2,221 557 1,122 429 697 5,331 ¥797 4,766 53 310 483 ¥309 727 ¥2 ¥11 501 4,487 971 562 ¥91,767 ¥142,407 ¥25,314 ¥70,969 ¥296,424 ¥135,006 ¥137,943 ¥290,155 ¥91,328 ¥225,376 ¥129,348 240,593 240,143 140,909 267,397 423,023 304,937 254,228 457,915 243,451 375,816 396,919 50,622 66,889 64,595 96,169 147,401 77,039 75,792 94,478 25,277 82,646 38,394 189,971 173,254 76,314 171,228 275,622 227,898 178,436 363,437 218,174 293,170 358,525 ¥11,879 32,514 14,351 ¥72,739 18,646 ¥4,044 50,672 19,856 41,193 47,482 ¥76,767 9,623 ¥4,407 ¥13,009 7,793 11,010 ¥3,747 ¥12,977 5,718 15,238 ¥7,710 ¥16,265 80,049 81,660 84,431 85,938 85,192 82,652 82,578 86,824 78,942 76,594 71,273 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 4 Consists of gold, special drawing rights (SDRs), foreign currencies, and the U.S. reserve position in the International Monetary Fund (IMF). Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the Treasury. 37 Contents Page TOTAL OUTPUT, INCOME, AND SPENDING Gross Domestic Product .......................................................................................................................................................................................... Real Gross Domestic Product .................................................................................................................................................................................. Implicit Price Deflators for Gross Domestic Product .............................................................................................................................................. Gross Domestic Product and Related Price Measures: Indexes and Percent Changes .............................................................................................. Nonfinancial Corporate Business—Gross Value Added and Price, Costs, and Profits ............................................................................................. National Income ...................................................................................................................................................................................................... Real Personal Consumption Expenditures ............................................................................................................................................................... Sources of Personal Income ...................................................................................................................................................................................... Disposition of Personal Income ............................................................................................................................................................................... Farm Income ............................................................................................................................................................................................................ Corporate Profits ...................................................................................................................................................................................................... Real Gross Private Domestic Investment ................................................................................................................................................................ Real Private Fixed Investment by Type .................................................................................................................................................................. Business Investment ................................................................................................................................................................................................ 1 2 2 3 3 4 4 5 6 7 8 9 10 10 EMPLOYMENT, UNEMPLOYMENT, AND WAGES Status of the Labor Force ......................................................................................................................................................................................... Selected Unemployment Rates ................................................................................................................................................................................ Selected Measures of Unemployment and Unemployment Insurance Programs ...................................................................................................... Nonagricultural Employment .................................................................................................................................................................................. Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries ................................................................. Employment Cost Index—Private Industry ............................................................................................................................................................. Productivity and Related Data, Business Sector ...................................................................................................................................................... 11 12 13 14 15 15 16 PRODUCTION AND BUSINESS ACTIVITY Industrial Production and Capacity Utilization ....................................................................................................................................................... Industrial Production—Major Market Groups and Selected Manufactures .............................................................................................................. New Construction .................................................................................................................................................................................................... New Private Housing and Vacancy Rates ............................................................................................................................................................... Business Sales and Inventories—Manufacturing and Trade ..................................................................................................................................... Manufacturers’ Shipments, Inventories, and Orders ................................................................................................................................................. 17 18 19 19 20 21 PRICES Producer Prices ........................................................................................................................................................................................................ Consumer Prices—All Urban Consumers ................................................................................................................................................................ Changes in Producer Prices for Finished Goods ...................................................................................................................................................... Changes in Consumer Prices—All Urban Consumers ............................................................................................................................................. Prices Received and Paid by Farmers ...................................................................................................................................................................... 22 23 24 24 25 MONEY, CREDIT, AND SECURITY MARKETS Money Stock and Debt Measures ............................................................................................................................................................................. Components of Money Stock ................................................................................................................................................................................... Aggregate Reserves and Monetary Base ................................................................................................................................................................... Bank Credit at All Commercial Banks .................................................................................................................................................................... Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business .................................................................................................................. Consumer Credit ...................................................................................................................................................................................................... Interest Rates and Bond Yields ............................................................................................................................................................................... Common Stock Prices and Yields ............................................................................................................................................................................ 26 27 27 28 29 29 30 31 FEDERAL FINANCE Federal Receipts, Outlays, and Debt ....................................................................................................................................................................... Federal Receipts by Source and Outlays by Function .............................................................................................................................................. Federal Sector, National Income Accounts Basis ..................................................................................................................................................... 32 33 34 INTERNATIONAL STATISTICS Industrial Production and Consumer Prices—Major Industrial Countries ............................................................................................................... U.S. International Trade in Goods and Services ...................................................................................................................................................... U.S. International Transactions ................................................................................................................................................................................ 35 35 36 General Notes Detail in these tables may not add to totals because of rounding. Unless otherwise noted, all dollar figures are in current dollars. Symbols used: p Preliminary. r Revised. c Corrected. … Not available (also, not applicable). NSA not seasonally adjusted. 38 For sale by the Superintendent of Documents, U.S. Government Printing Office, Washington, D.C. 20402. Price $3.00 (single copy) ($3.75 foreign). Subscription price: $33.00 per year; $41.25 for foreign mailing. U.S. GOVERNMENT PRINTING OFFICE : 2005 25–274
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