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111th Congress, 1st Session

Economic Indicators
DECEMBER 2009
(Includes data available as of January 8, 2010)

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

UNITED STATES
GOVERNMENT PRINTING OFFICE

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

HOUSE OF REPRESENTATIVES
MAURICE D. HINCHEY, New York
BARON P. HILL, Indiana
LORETTA SANCHEZ, California
ELIJAH E. CUMMINGS, Maryland
VIC SNYDER, Arkansas
KEVIN BRADY, Texas
RON PAUL, Texas
MICHAEL C. BURGESS, M.D., Texas
JOHN CAMPBELL, California

SENATE
JEFF BINGAMAN, New Mexico
AMY KLOBUCHAR, Minnesota
ROBERT P. CASEY, JR., Pennsylvania
JIM WEBB, Virginia
MARK R. WARNER, Virginia
SAM BROWNBACK, Kansas
JIM DEMINT, South Carolina
JAMES E. RISCH, Idaho
ROBERT F. BENNETT, Utah

COUNCIL OF ECONOMIC ADVISERS
CHRISTINA D. ROMER, Chair
AUSTAN D. GOOLSBEE, Member
CECILIA E. ROUSE, Member
[PUBLIC LAW 120—81ST CONGRESS; CHAPTER 237—1ST SESSION]
JOINT RESOLUTION [S.J. Res. 55]
To print the monthly publication entitled ‘‘Economic Indicators’’
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the
Joint Economic Committee be authorized to issue a monthly publication entitled ‘‘Economic Indicators,’’ and that
a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant
at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies
to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic
Committee; and the required numbers of copies to the Superintendent of Documents for distribution to depository
libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public.
Approved June 23, 1949.

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Charts prepared under the direction of the Printing and Procurement Branch,
Office of the Secretary, Department of Commerce.

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

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TOTAL OUTPUT, INCOME, AND SPENDING
GROSS DOMESTIC PRODUCT
In the third quarter of 2009, according to revised estimates, current-dollar gross domestic product (GDP) rose
2.6 percent (annual rate), real GDP (GDP in chained 2005 dollars) rose 2.2 percent, and the chained price index
rose 0.4 percent.

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

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

Net
exports

Exports

9,353.5
9,951.5
10,286.2
10,642.3
11,142.1
11,867.8
12,638.4
13,398.9
14,077.6
14,441.4
13,183.5
13,347.8
13,452.9
13,611.5
13,795.6
13,997.2
14,179.9
14,337.9
14,373.9
14,497.8
14,546.7
14,347.3
14,178.0
14,151.2
14,242.1

¥262.1
¥382.1
¥371.0
¥427.2
¥504.1
¥618.7
¥722.7
¥769.3
¥713.8
¥707.8
¥775.8
¥781.4
¥805.7
¥714.3
¥729.4
¥724.8
¥698.4
¥702.5
¥744.4
¥738.7
¥757.5
¥590.5
¥378.5
¥339.1
¥402.2

989.3
1,093.2
1,027.7
1,003.0
1,041.0
1,180.2
1,305.1
1,471.0
1,655.9
1,831.1
1,414.0
1,456.0
1,476.0
1,538.2
1,564.9
1,602.1
1,685.2
1,771.6
1,803.6
1,901.5
1,913.1
1,706.2
1,509.3
1,493.7
1,573.8

6,342.8
6,830.4
7,148.8
7,439.2
7,804.0
8,285.1
8,819.0
9,322.7
9,826.4
10,129.9
9,148.2
9,266.6
9,391.8
9,484.1
9,658.5
9,762.5
9,865.6
10,019.2
10,095.1
10,194.7
10,220.1
10,009.8
9,987.7
9,999.3
10,132.9

1,641.5
1,772.2
1,661.9
1,647.0
1,729.7
1,968.6
2,172.2
2,327.2
2,288.5
2,136.1
2,336.5
2,352.1
2,333.5
2,286.5
2,267.2
2,302.0
2,311.9
2,272.9
2,214.8
2,164.6
2,142.7
2,022.1
1,689.9
1,561.5
1,556.1

Government consumption expenditures
and gross investment
Federal

Imports

Total
Total

1,251.4
1,475.3
1,398.7
1,430.2
1,545.1
1,798.9
2,027.8
2,240.3
2,369.7
2,538.9
2,189.8
2,237.4
2,281.7
2,252.5
2,294.3
2,326.9
2,383.6
2,474.0
2,548.1
2,640.2
2,670.5
2,296.7
1,887.9
1,832.8
1,976.0

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

1,631.3
1,731.0
1,846.4
1,983.3
2,112.6
2,232.8
2,369.9
2,518.4
2,676.5
2,883.2
2,474.5
2,510.5
2,533.3
2,555.2
2,599.3
2,657.4
2,700.9
2,748.3
2,808.4
2,877.1
2,941.4
2,905.9
2,879.0
2,929.4
2,955.4

554.9
576.1
611.7
680.6
756.5
824.6
876.3
931.7
976.7
1,082.6
928.5
930.3
932.2
935.9
942.8
968.1
991.4
1,004.3
1,038.3
1,069.5
1,108.3
1,114.3
1,106.7
1,138.3
1,164.3

National
defense
361.1
371.0
393.0
437.7
497.9
550.8
589.0
624.9
662.1
737.9
615.5
624.1
623.3
636.6
636.7
656.6
674.4
680.8
703.6
725.6
763.6
758.9
750.7
776.2
795.8

Nondefense
193.8
205.0
218.7
242.9
258.5
273.9
287.3
306.8
314.5
344.7
313.0
306.2
308.9
299.3
306.1
311.6
317.0
323.6
334.8
343.9
344.7
355.3
356.0
362.1
368.5

State
and
local
1,076.3
1,154.9
1,234.7
1,302.7
1,356.1
1,408.2
1,493.6
1,586.7
1,699.8
1,800.6
1,546.1
1,580.2
1,601.2
1,619.4
1,656.5
1,689.3
1,709.5
1,743.9
1,770.1
1,807.6
1,833.1
1,791.7
1,772.3
1,791.2
1,791.1

Final
sales of
domestic
product

Gross
domestic
purchases 1

Addendum:
Gross
national
product

9,292.7
9,896.9
10,324.5
10,630.3
11,125.8
11,802.8
12,588.4
13,339.0
14,058.3
14,476.2
13,117.5
13,275.4
13,383.8
13,579.2
13,782.5
13,973.7
14,148.8
14,328.0
14,382.1
14,547.1
14,583.7
14,391.8
14,305.3
14,327.4
14,398.7

9,615.6
10,333.5
10,657.2
11,069.5
11,646.3
12,486.4
13,361.1
14,168.2
14,791.4
15,149.2
13,959.3
14,129.2
14,258.6
14,325.8
14,525.0
14,722.0
14,878.3
15,040.3
15,118.3
15,236.4
15,304.2
14,937.8
14,556.5
14,490.3
14,644.3

9,381.3
9,989.2
10,338.1
10,691.4
11,210.8
11,959.0
12,735.5
13,471.3
14,193.3
14,583.3
13,264.0
13,423.3
13,514.8
13,683.2
13,859.5
14,073.3
14,318.3
14,522.2
14,544.9
14,626.6
14,707.5
14,454.3
14,277.9
14,243.8
14,363.7

Source: Department of Commerce, Bureau of Economic Analysis.

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Period

Exports and imports
of goods and services

Personal Gross
Gross
conprivate
domestic sumption domestic
product expendi- investtures
ment

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

Gross private
domestic investment
Period

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

......................
......................
......................
......................
......................
......................
......................
......................
......................
......................
I .................
II ................
III ..............
IV ...............
2007: I .................
II ................
III ..............
IV ...............
2008: I .................
II ................
III ..............
IV ...............
2009: I .................
II ................
III r .............

Personal
Gross
conNonresidomestic sumption dential
product expendi- fixed
tures
investment
10,779.8
11,226.0
11,347.2
11,553.0
11,840.7
12,263.8
12,638.4
12,976.2
13,254.1
13,312.2
12,915.9
12,962.5
12,965.9
13,060.7
13,099.9
13,204.0
13,321.1
13,391.2
13,366.9
13,415.3
13,324.6
13,141.9
12,925.4
12,901.5
12,973.0

7,240.9
7,608.1
7,813.9
8,021.9
8,247.6
8,532.7
8,819.0
9,073.5
9,313.9
9,290.9
8,986.6
9,035.0
9,090.7
9,181.6
9,265.1
9,291.5
9,335.6
9,363.6
9,349.6
9,351.0
9,267.7
9,195.3
9,209.2
9,189.0
9,252.6

1,200.9
1,318.5
1,281.8
1,180.2
1,191.0
1,263.0
1,347.3
1,453.9
1,544.3
1,569.7
1,424.9
1,450.3
1,466.0
1,474.5
1,489.6
1,530.3
1,565.8
1,591.3
1,598.9
1,604.4
1,579.2
1,496.1
1,321.2
1,288.4
1,269.0

Resi- Change
dential in prifixed
vate
invest- invenment tories

Exports and imports of
goods and services

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

Federal
Net
exports

Exports

574.2
68.5 ¥356.6 1,094.3
580.0
60.2 ¥451.6 1,188.3
583.3 ¥41.8 ¥472.1 1,121.6
613.8
12.8 ¥548.8 1,099.2
664.3
17.3 ¥603.9 1,116.8
729.5
66.3 ¥688.0 1,222.8
775.0
50.0 ¥722.7 1,305.1
718.2
59.4 ¥729.2 1,422.0
585.0
19.5 ¥647.7 1,546.1
451.1 ¥25.9 ¥494.3 1,629.3
775.2
65.8 ¥732.6 1,388.8
740.1
72.5 ¥732.8 1,412.1
697.4
67.5 ¥756.5 1,414.1
660.2
31.8 ¥694.9 1,473.2
631.7
14.5 ¥705.0 1,485.9
610.4
23.3 ¥683.4 1,504.8
572.9
29.8 ¥638.4 1,569.9
525.0
10.3 ¥564.0 1,624.0
483.2
.6 ¥550.9 1,623.4
462.9 ¥37.1 ¥476.0 1,670.4
443.3 ¥29.7 ¥479.2 1,655.2
415.0 ¥37.4 ¥470.9 1,568.0
367.9 ¥113.9 ¥386.5 1,434.5
344.4 ¥160.2 ¥330.4 1,419.5
359.6 ¥139.2 ¥357.4 1,478.8

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

Imports

1,450.9
1,639.9
1,593.8
1,648.0
1,720.7
1,910.8
2,027.8
2,151.2
2,193.8
2,123.5
2,121.3
2,144.9
2,170.5
2,168.1
2,190.8
2,188.1
2,208.3
2,188.0
2,174.3
2,146.5
2,134.4
2,038.9
1,821.0
1,749.8
1,836.2

Total
Total

National
defense

2,056.1 694.6 455.8
2,097.8 698.1 453.5
2,178.3 726.5 470.7
2,279.6 779.5 505.3
2,330.5 831.1 549.2
2,362.0 865.0 580.4
2,369.9 876.3 589.0
2,402.1 894.9 598.4
2,443.1 906.4 611.5
2,518.1 975.9 659.4
2,397.1 900.5 595.6
2,399.1 892.8 597.2
2,402.7 892.0 594.3
2,409.4 894.4 606.5
2,409.5 882.8 594.7
2,435.4 898.7 607.1
2,458.9 919.0 621.7
2,468.7 925.1 622.4
2,484.7 943.4 634.8
2,506.9 961.3 645.6
2,536.6 991.6 675.4
2,544.0 1,007.3 681.7
2,527.2 996.3 672.8
2,568.6 1,023.5 695.2
2,585.5 1,043.3 709.3

Nondefense
238.7
244.4
255.5
273.9
281.7
284.6
287.3
296.6
294.9
316.4
305.0
295.7
297.7
287.8
288.1
291.6
297.2
302.7
308.6
315.8
315.9
325.4
323.4
328.2
333.8

State
and
local

1,361.8
1,400.1
1,452.3
1,500.6
1,499.7
1,497.1
1,493.6
1,507.2
1,536.7
1,543.7
1,496.6
1,506.3
1,510.8
1,515.0
1,526.5
1,536.5
1,540.0
1,543.7
1,541.9
1,546.6
1,547.0
1,539.3
1,533.3
1,548.0
1,545.5

10,715.7
11,167.5
11,391.7
11,543.5
11,824.8
12,198.2
12,588.4
12,917.1
13,234.3
13,341.2
12,851.3
12,891.0
12,898.3
13,027.8
13,086.4
13,179.6
13,290.3
13,381.1
13,363.5
13,453.5
13,354.3
13,193.5
13,055.8
13,077.8
13,127.2

11,141.1
11,681.4
11,825.7
12,107.7
12,449.2
12,952.5
13,361.1
13,705.7
13,901.6
13,801.2
13,648.7
13,695.5
13,722.8
13,755.7
13,805.0
13,887.6
13,959.7
13,954.2
13,916.4
13,885.5
13,798.8
13,604.0
13,303.1
13,225.9
13,323.8

10,812.1
11,268.8
11,404.6
11,606.9
11,914.2
12,358.5
12,735.5
13,046.1
13,362.8
13,442.6
12,994.2
13,035.4
13,025.1
13,129.5
13,160.5
13,275.9
13,451.5
13,563.3
13,525.4
13,533.7
13,470.7
13,240.5
13,018.1
12,986.8
13,084.0

Source: Department of Commerce, Bureau of Economic Analysis.

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

Personal consumption
expenditures
Gross
domestic
product

mstockstill on DSKH9S0YB1PROD with ECOIND

Period

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

86.766
88.648
90.654
92.113
94.099
96.769
100.000
103.263
106.221
108.481
102.071
102.980
103.763
104.237
105.327
106.026
106.460
107.072
107.577
108.061
109.130
109.155
109.661
109.656
109.763

Total

87.596
89.777
91.488
92.736
94.622
97.098
100.000
102.746
105.502
109.031
101.803
102.567
103.316
103.298
104.250
105.074
105.681
107.005
107.974
109.021
110.273
108.855
108.449
108.814
109.510

Goods

95.603
97.520
97.429
96.430
96.380
97.867
100.000
101.508
102.789
106.150
101.116
101.765
102.329
100.822
101.612
102.548
102.627
104.370
105.689
106.678
108.451
103.784
102.186
102.864
104.216

Gross private
domestic investment

Services

83.515
85.824
88.428
90.807
93.692
96.687
100.000
103.411
106.964
110.582
102.171
102.998
103.844
104.630
105.668
106.433
107.327
108.427
109.213
110.296
111.275
111.542
111.749
111.954
112.312

Nonresidential
fixed
96.173
96.219
95.788
95.363
95.355
96.834
100.000
103.534
106.209
107.897
102.279
103.112
103.878
104.868
105.686
106.104
106.354
106.693
106.617
107.161
108.314
109.498
109.154
107.993
106.656

Exports and imports of
goods and services

Government consumption expenditures
and gross investment
Federal

Residential fixed
74.151
77.415
80.994
83.002
86.953
93.296
100.000
106.081
107.513
105.779
104.890
105.940
106.295
107.199
107.604
107.307
107.455
107.686
107.271
106.838
105.807
103.198
101.915
100.554
99.863

Exports

Imports
Total

90.408
91.999
91.627
91.253
93.216
96.517
100.000
103.447
107.103
112.389
101.828
103.125
104.395
104.438
105.355
106.516
107.396
109.144
111.156
113.890
115.638
108.871
105.265
105.284
106.473

86.250
89.963
87.762
86.784
89.796
94.144
100.000
104.144
108.017
119.559
103.243
104.322
105.121
103.889
104.711
106.332
107.937
113.088
117.234
123.069
125.203
112.730
103.746
104.821
107.688

79.886
82.524
84.201
87.318
91.024
95.335
100.000
104.107
107.754
110.938
103.101
104.187
104.502
104.637
106.808
107.737
107.896
108.577
110.077
111.265
111.784
110.628
111.084
111.214
111.601

Source: Department of Commerce, Bureau of Economic Analysis.

2
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ECOIND

National
defense
79.225
81.821
83.484
86.624
90.659
94.895
100.000
104.421
108.286
111.913
103.336
104.499
104.883
104.965
107.089
108.172
108.493
109.389
110.857
112.402
113.059
111.334
111.584
111.664
112.195

Nondefense
81.188
83.907
85.612
88.689
91.774
96.234
100.000
103.468
106.672
108.935
102.622
103.551
103.728
103.972
106.243
106.858
106.678
106.908
108.469
108.922
109.149
109.198
110.085
110.320
110.401

State
and local
79.036
82.482
85.019
86.810
90.425
94.062
100.000
105.276
110.615
116.642
103.307
104.916
105.990
106.892
108.527
109.949
111.009
112.975
114.803
116.877
118.493
116.396
115.587
115.713
115.889

GROSS DOMESTIC PRODUCT AND RELATED PRICE MEASURES:
INDEXES AND PERCENT CHANGES
[Quarterly data are seasonally adjusted]
Percent change from preceding period 1

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

Gross domestic product (GDP)

Personal consumption
expenditures (PCE)

Gross domestic product (GDP)

Period
Real GDP
(chain-type
quantity
index)

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

2006:

2007:

2008:

2009:

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

1 Quarterly

85.295
88.825
89.783
91.412
93.688
97.036
100.000
102.673
104.872
105.331
99.175
99.598
100.354
100.873
102.196
102.564
102.592
103.341
103.652
104.475
105.402
105.957
105.764
106.147
105.430
103.984
102.271
102.082
102.648

GDP
chain-type
price
index

GDP
implicit
price
deflator

86.766
88.648
90.654
92.113
94.099
96.769
100.000
103.263
106.221
108.481
98.774
99.445
100.470
101.312
102.071
102.980
103.763
104.237
105.327
106.026
106.460
107.072
107.577
108.061
109.130
109.155
109.661
109.656
109.763

PCE
(chain-type
price index)

PCE
less food
and energy
price index

87.596
89.777
91.488
92.736
94.622
97.098
100.000
102.746
105.502
109.031
98.754
99.374
100.495
101.377
101.803
102.567
103.316
103.298
104.250
105.074
105.681
107.005
107.974
109.021
110.273
108.855
108.449
108.814
109.510

89.555
91.111
92.739
94.345
95.784
97.788
100.000
102.292
104.699
107.207
99.229
99.768
100.172
100.831
101.325
102.057
102.630
103.154
103.862
104.318
104.904
105.714
106.333
106.976
107.652
107.866
108.173
108.712
109.027

86.768
88.647
90.650
92.118
94.100
96.770
100.000
103.257
106.214
108.483
98.766
99.438
100.461
101.309
102.071
102.973
103.756
104.218
105.310
106.008
106.447
107.069
107.534
108.069
109.172
109.172
109.691
109.686
109.783

percent changes are at annual rates.

Real GDP
(chain-type
quantity
index)

GDP
(current
dollars)

6.4
6.4
3.4
3.5
4.7
6.5
6.5
6.0
5.1
2.6
8.0
4.5
7.4
5.6
8.6
5.1
3.2
4.8
5.5
6.0
5.3
4.5
1.0
3.5
1.4
¥5.4
¥4.6
¥.8
2.6

GDP
chain-type
price
index

4.8
4.1
1.1
1.8
2.5
3.6
3.1
2.7
2.1
.4
4.1
1.7
3.1
2.1
5.4
1.4
.1
3.0
1.2
3.2
3.6
2.1
¥.7
1.5
¥2.7
¥5.4
¥6.4
¥.7
2.2

1.5
2.2
2.3
1.6
2.2
2.8
3.3
3.3
2.9
2.1
3.8
2.7
4.2
3.4
3.0
3.6
3.1
1.8
4.2
2.7
1.6
2.3
1.9
1.8
4.0
.1
1.9
.0
.4

GDP
implicit
price
deflator

1.5
2.2
2.3
1.6
2.2
2.8
3.3
3.3
2.9
2.1
3.7
2.7
4.2
3.4
3.0
3.6
3.1
1.8
4.3
2.7
1.7
2.4
1.7
2.0
4.1
.0
1.9
.0
.4

PCE
(chain-type
price index)

PCE
less food
and energy
price index

1.6
2.5
1.9
1.4
2.0
2.6
3.0
2.7
2.7
3.3
2.4
2.5
4.6
3.6
1.7
3.0
3.0
¥.1
3.7
3.2
2.3
5.1
3.7
3.9
4.7
¥5.0
¥1.5
1.4
2.6

1.5
1.7
1.8
1.7
1.5
2.1
2.3
2.3
2.4
2.4
2.9
2.2
1.6
2.7
2.0
2.9
2.3
2.1
2.8
1.8
2.3
3.1
2.4
2.4
2.6
.8
1.1
2.0
1.2

Source: Department of Commerce, Bureau of Economic Analysis.

NONFINANCIAL CORPORATE BUSINESS—GROSS VALUE ADDED AND PRICE,
COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
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
Current
dollars

mstockstill on DSKH9S0YB1PROD with ECOIND

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

........................................................
........................................................
........................................................
........................................................
........................................................
........................................................
........................................................
........................................................
........................................................
........................................................
I ...................................................
II .................................................
III ................................................
IV ................................................
2007: I ...................................................
II .................................................
III ................................................
IV ................................................
2008: I ...................................................
II .................................................
III ................................................
IV ................................................
2009: I ...................................................
II .................................................
III r ...............................................

Chained
(2005)
dollars

4,955.5
5,279.4
5,252.5
5,307.7
5,503.7
5,877.5
6,302.8
6,740.3
6,970.1
6,971.5
6,629.5
6,668.1
6,811.8
6,851.8
6,909.3
6,988.8
6,949.7
7,032.6
6,934.9
6,974.4
7,042.4
6,934.1
6,703.8
6,671.9
6,665.2

Total

5,422.5
5,707.9
5,604.6
5,629.3
5,767.4
6,040.4
6,302.8
6,536.5
6,649.4
6,675.5
6,505.1
6,480.0
6,567.2
6,593.8
6,597.4
6,649.8
6,624.9
6,725.5
6,664.3
6,735.8
6,722.6
6,579.3
6,278.8
6,269.8
6,291.5

Compensation of employees
(unit labor
cost)

0.914
.925
.937
.943
.954
.973
1.000
1.031
1.048
1.044
1.019
1.029
1.037
1.039
1.047
1.051
1.049
1.046
1.041
1.035
1.048
1.054
1.068
1.064
1.059

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.

Total

0.601
.621
.635
.630
.633
.627
.631
.640
.656
.663
.635
.641
.637
.647
.654
.653
.659
.659
.665
.658
.661
.670
.675
.669
.667

0.214
.222
.236
.237
.237
.234
.243
.250
.264
.275
.245
.250
.250
.253
.258
.263
.268
.268
.271
.272
.274
.282
.293
.290
.283

Consumption of
fixed
capital

Taxes
on production
and imports 3

Net interest and
miscellaneous
payments

0.099
.103
.113
.116
.116
.115
.118
.123
.128
.135
.120
.123
.123
.124
.126
.127
.129
.129
.132
.132
.135
.139
.146
.144
.142

0.085
.085
.088
.092
.095
.097
.101
.102
.102
.104
.102
.103
.102
.102
.102
.102
.103
.102
.103
.103
.104
.105
.109
.109
.106

0.030
.034
.035
.029
.026
.022
.024
.025
.034
.036
.023
.024
.025
.027
.030
.034
.036
.037
.036
.037
.035
.038
.038
.037
.035

Corporate profits with inventory
valuation and capital consumption
adjustments 4
Total

0.098
.082
.066
.076
.084
.112
.127
.141
.127
.107
.139
.138
.150
.138
.135
.135
.122
.118
.105
.106
.114
.102
.100
.105
.109

Taxes on
corporate
income

0.032
.030
.020
.017
.023
.031
.043
.047
.045
.036
.045
.048
.050
.045
.047
.046
.043
.044
.038
.039
.038
.027
.032
.035
.036

Profits
after
tax 5

0.067
.052
.046
.059
.061
.081
.083
.094
.082
.071
.093
.090
.100
.093
.087
.089
.079
.074
.066
.067
.076
.075
.069
.071
.073

3 Less

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

5 With

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ECOIND

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

National
income

Period

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

...........
...........
...........
...........
...........
...........
...........
...........
...........
...........
I ......
II ....
III ...
IV ...
2007: I ......
II ....
III ...
IV ...
2008: I ......
II ....
III ...
IV ...
2009: I ......
II ....
III r ..
1 With

8,358.0
8,938.9
9,185.2
9,408.5
9,840.2
10,534.0
11,273.8
12,031.2
12,448.2
12,635.2
11,838.2
11,965.9
12,093.0
12,227.9
12,253.9
12,421.1
12,482.2
12,635.4
12,661.5
12,664.4
12,781.0
12,433.9
12,208.9
12,218.1
12,349.7

Compensation
of
employees

5,353.9
5,788.8
5,979.3
6,110.8
6,382.6
6,693.4
7,065.0
7,477.0
7,856.5
8,037.4
7,353.7
7,419.9
7,484.1
7,650.3
7,757.2
7,819.7
7,869.6
7,979.3
8,017.5
8,032.8
8,069.1
8,030.3
7,825.8
7,815.9
7,841.5

Farm

Nonfarm

28.5
29.6
30.5
18.5
36.5
49.7
43.9
29.3
39.4
48.7
28.4
28.4
28.4
32.2
36.7
35.7
37.5
47.9
57.2
49.4
49.3
39.0
27.3
28.9
25.8

Corporate profits with inventory valuation and
capital consumption adjustments

Rental
income
of
persons
with
capital
consumption
adjustment

718.3
787.8
840.2
871.8
894.1
984.1
1,025.9
1,103.6
1,056.9
1,057.5
1,098.5
1,104.8
1,102.8
1,108.4
1,057.5
1,060.3
1,055.7
1,054.2
1,057.9
1,062.5
1,065.1
1,044.5
1,010.5
999.1
1,012.0

208.2
215.3
232.4
218.7
204.2
198.4
178.2
146.5
144.9
210.4
161.3
153.2
140.3
131.2
121.1
140.3
150.2
168.0
179.9
202.8
222.2
236.7
245.9
262.0
277.9

Capital
consumption
adjustment

Net
interest
and
miscellaneous
payments

Taxes
on
production
and
imports

79.7
63.6
63.4
109.4
85.6
51.8
¥153.4
¥176.4
¥188.7
¥64.1
¥191.0
¥173.7
¥167.7
¥173.2
¥170.0
¥184.2
¥195.8
¥204.7
¥53.2
¥60.1
¥67.6
¥75.6
¥144.9
¥128.6
¥118.9

481.4
539.3
544.4
506.4
504.1
461.6
543.0
652.2
739.2
815.1
608.9
654.4
661.6
684.0
690.6
711.3
756.0
798.9
790.7
809.0
806.1
854.7
826.2
784.4
759.7

673.6
708.6
727.7
762.8
806.8
863.4
930.2
986.8
1,028.7
1,047.3
971.5
983.3
991.6
1,000.7
1,015.3
1,025.2
1,032.2
1,042.3
1,042.5
1,050.8
1,058.5
1,037.3
1,018.8
1,019.6
1,023.1

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

856.3
819.2
784.2
872.2
977.8
1,246.9
1,456.1
1,608.3
1,541.7
1,360.4
1,590.9
1,597.7
1,655.1
1,589.6
1,535.4
1,594.9
1,537.1
1,499.4
1,459.7
1,403.7
1,454.6
1,123.6
1,182.7
1,226.5
1,358.9

Profits
before
tax

Inventory
valuation
adjustment

776.6
755.7
720.8
762.8
892.2
1,195.1
1,609.5
1,784.7
1,730.4
1,424.5
1,781.9
1,771.4
1,822.8
1,762.7
1,705.4
1,779.1
1,732.9
1,704.1
1,512.9
1,463.8
1,522.2
1,199.3
1,327.6
1,355.1
1,477.8

780.5
772.5
712.7
765.3
903.5
1,229.4
1,640.2
1,822.7
1,774.4
1,462.7
1,815.3
1,819.8
1,865.1
1,790.7
1,747.6
1,808.6
1,758.2
1,783.1
1,620.8
1,593.5
1,576.6
1,060.1
1,246.5
1,337.1
1,495.0

¥4.0
¥16.8
8.0
¥2.6
¥11.3
¥34.3
¥30.7
¥38.0
¥44.0
¥38.2
¥33.4
¥48.4
¥42.3
¥28.0
¥42.2
¥29.5
¥25.3
¥79.0
¥107.9
¥129.6
¥54.5
139.2
81.1
18.1
¥17.1

inventory valuation and capital consumption adjustments.

Less:
Subsidies

Business
current
transfer
payments

Current
surplus
of government
enterprises

45.2
45.8
58.7
41.4
49.1
46.4
60.9
51.4
54.8
53.5
55.6
51.4
49.8
48.7
49.2
58.3
56.0
55.4
53.1
52.9
52.9
55.2
55.5
54.9
67.7

69.0
87.0
101.3
82.4
76.1
81.7
95.9
83.0
102.2
118.8
82.8
79.3
83.6
86.1
97.8
99.0
105.0
107.0
114.8
112.6
116.0
131.8
137.9
145.4
124.8

14.1
9.1
4.0
6.3
7.0
1.2
¥3.5
¥4.2
¥6.6
¥6.9
¥2.4
¥3.8
¥4.7
¥6.0
¥8.4
¥6.9
¥4.9
¥6.0
¥5.6
¥6.3
¥6.9
¥8.9
¥10.7
¥8.8
¥6.3

Source: Department of Commerce, Bureau of Economic Analysis.

REAL PERSONAL CONSUMPTION EXPENDITURES
[Billions of chained (2005) dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Goods
Total
personal
consumption
expenditures

Period

mstockstill on DSKH9S0YB1PROD with ECOIND

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

.............
.............
.............
.............
.............
.............
.............
.............
.............
.............
I ........
II ......
III .....
IV .....
2007: I ........
II ......
III .....
IV .....
2008: I ........
II ......
III .....
IV .....
2009: I ........
II ......
III r ....

7,240.9
7,608.1
7,813.9
8,021.9
8,247.6
8,532.7
8,819.0
9,073.5
9,313.9
9,290.9
8,986.6
9,035.0
9,090.7
9,181.6
9,265.1
9,291.5
9,335.6
9,363.6
9,349.6
9,351.0
9,267.7
9,195.3
9,209.2
9,189.0
9,252.6

Services

Durable

Total
goods

2,395.3
2,521.7
2,600.9
2,706.6
2,829.9
2,955.3
3,073.9
3,173.9
3,273.7
3,206.0
3,145.7
3,150.8
3,176.4
3,222.5
3,253.9
3,255.4
3,280.6
3,304.8
3,262.1
3,257.8
3,193.6
3,110.4
3,129.8
3,105.4
3,159.6

Total
durable
goods 1

753.8
819.9
864.4
930.0
986.1
1,051.0
1,105.5
1,150.4
1,199.9
1,146.3
1,142.3
1,139.4
1,152.1
1,167.9
1,183.7
1,189.9
1,205.0
1,221.2
1,193.2
1,175.7
1,139.6
1,076.8
1,087.2
1,071.7
1,122.7

Nondurable

Motor
vehicles
and
parts

345.1
356.1
374.3
394.0
405.3
411.3
409.6
396.6
402.4
347.5
393.3
393.2
400.3
399.7
402.4
404.1
400.5
402.6
384.4
361.4
337.8
306.2
311.2
306.2
335.2

Total
nondurable
goods 1

1,660.9
1,714.7
1,745.6
1,780.2
1,845.6
1,904.6
1,968.4
2,023.6
2,074.8
2,057.3
2,003.7
2,011.6
2,024.5
2,054.7
2,070.3
2,066.1
2,076.8
2,086.0
2,070.1
2,081.4
2,051.5
2,026.1
2,035.5
2,025.7
2,033.3

Food and
beverages
purchased
for offpremises
consumption

587.4
600.6
607.6
609.0
622.4
639.2
665.0
686.2
700.7
700.7
676.7
684.2
686.6
697.5
700.8
696.2
699.2
706.6
708.0
708.9
699.6
686.4
687.4
693.5
700.1

1 Includes

other items, not shown separately.
2 Food consists of food and beverages purchased for off-premises consumption; food services,
which include purchased meals and beverages, are not classified as food.
NOTE.—Because of the formula used for calculating real GDP, the chained (2005) dollar

Gasoline
and
other
energy
goods

292.5
287.1
289.2
294.0
302.2
306.5
304.8
298.4
300.7
287.4
296.4
297.2
300.0
299.9
301.5
301.3
301.5
298.5
292.6
289.9
280.1
287.2
293.2
294.0
292.7

Total
services 1

4,852.8
5,093.3
5,218.7
5,318.1
5,418.4
5,577.6
5,745.1
5,899.7
6,040.8
6,083.1
5,841.0
5,884.2
5,914.3
5,959.4
6,011.7
6,036.2
6,055.5
6,059.7
6,087.1
6,092.5
6,072.4
6,080.4
6,076.0
6,078.8
6,090.6

Household
consumption
expenditures

4,690.4
4,917.8
5,028.8
5,109.3
5,199.0
5,359.3
5,531.0
5,664.4
5,796.1
5,817.6
5,618.2
5,652.1
5,671.4
5,716.0
5,770.8
5,799.2
5,809.8
5,804.8
5,827.3
5,831.2
5,805.2
5,806.6
5,817.2
5,826.7
5,834.3

Housing
and
utilities

Health
care

1,371.8
1,413.7
1,451.5
1,462.0
1,480.2
1,512.8
1,582.8
1,616.7
1,631.8
1,647.2
1,598.9
1,617.8
1,627.6
1,622.5
1,629.3
1,630.1
1,634.6
1,633.1
1,643.8
1,647.3
1,641.6
1,656.3
1,656.9
1,651.8
1,654.0

1,045.6
1,081.5
1,135.4
1,202.3
1,229.4
1,268.6
1,316.0
1,340.0
1,375.5
1,416.4
1,337.3
1,339.2
1,335.8
1,347.7
1,365.1
1,371.7
1,377.6
1,387.6
1,409.0
1,418.2
1,416.1
1,422.4
1,434.3
1,448.2
1,448.6

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605.6
665.4
660.7
658.3
657.8
691.8
712.6
735.4
772.3
759.8
726.0
731.3
735.6
748.8
762.8
776.7
779.1
770.5
766.1
763.8
758.5
750.6
751.4
756.1
761.8

Addendum:
Personal
consumption
expenditures
excluding
food and
energy 2

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

6,202.5
6,548.6
6,745.7
6,941.9
7,142.0
7,402.6
7,658.8
7,905.7
8,126.3
8,123.6
7,837.8
7,868.0
7,914.3
8,002.8
8,074.9
8,106.7
8,146.4
8,177.1
8,164.7
8,170.8
8,120.1
8,038.7
8,047.7
8,028.2
8,086.3

16.9
17.3
17.1
16.8
16.6
16.9
16.9
16.5
16.1
13.2
16.8
16.4
16.5
16.3
16.3
16.1
15.9
16.1
15.3
14.1
12.9
10.5
9.5
9.6
11.5

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

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insurance

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ECOIND

SOURCES OF PERSONAL INCOME
Personal income rose $49.7 billion (annual rate) in November following an increase of $33.6 billion in October.
Wages and salaries rose $17.8 billion in November following an increase of $5.9 billion in October.

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

Period

.................
.................
.................
.................
.................
.................
.................
.................
.................
.................
Nov .......
Dec ........
2009: Jan ........
Feb ........
Mar .......
Apr ........
May .......
June ......
July r ......
Aug r ......
Sept r .....
Oct r .......
Nov p ......
1 With
2 With

7,910.8
8,559.4
8,883.3
9,060.1
9,378.1
9,937.2
10,485.9
11,268.1
11,894.1
12,238.8
12,235.6
12,196.6
12,038.3
11,937.1
11,882.7
11,969.8
12,146.9
12,029.7
12,050.6
12,084.5
12,116.5
12,150.1
12,199.8

5,348.8
5,788.8
5,979.3
6,110.8
6,367.6
6,708.4
7,060.0
7,475.7
7,862.7
8,042.4
8,058.2
8,021.2
7,863.0
7,798.4
7,756.0
7,804.2
7,820.1
7,823.6
7,829.0
7,845.7
7,849.7
7,857.2
7,877.2

4,460.0
4,827.7
4,952.2
4,997.3
5,139.6
5,425.7
5,701.0
6,068.9
6,408.9
6,545.9
6,550.2
6,514.0
6,362.2
6,301.0
6,260.3
6,303.6
6,317.0
6,318.9
6,322.6
6,337.2
6,339.9
6,345.8
6,363.6

888.8
961.2
1,027.1
1,113.5
1,228.0
1,282.7
1,359.1
1,406.9
1,453.8
1,496.6
1,507.9
1,507.2
1,500.9
1,497.4
1,495.7
1,500.6
1,503.1
1,504.7
1,506.4
1,508.6
1,509.8
1,511.4
1,513.5

Farm

Nonfarm

28.5
29.6
30.5
18.5
36.5
49.7
43.9
29.3
39.4
48.7
38.5
36.7
31.0
26.1
25.0
27.1
29.1
30.6
28.2
25.8
23.5
30.4
37.4

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

Personal income receipts on assets
Rental
income
of
persons 2

718.3
787.8
840.2
871.8
894.1
984.1
1,025.9
1,103.6
1,056.9
1,057.5
1,043.8
1,033.2
1,019.2
1,010.1
1,002.1
998.9
997.7
1,000.6
1,006.8
1,012.6
1,016.7
1,024.6
1,029.9

208.2
215.3
232.4
218.7
204.2
198.4
178.2
146.5
144.9
210.4
237.0
238.9
242.2
245.9
249.7
255.4
261.9
268.7
273.3
277.9
282.6
284.8
286.5

Total

1,246.8
1,360.7
1,346.0
1,309.6
1,312.9
1,408.5
1,542.0
1,829.7
2,031.5
1,994.4
1,956.5
1,942.8
1,894.0
1,845.5
1,797.1
1,785.2
1,773.4
1,761.5
1,762.3
1,763.1
1,763.9
1,770.5
1,777.2

Personal
interest
income

Personal
dividend
income

910.9
984.2
976.5
911.9
889.8
860.2
987.0
1,127.5
1,266.4
1,308.0
1,291.6
1,278.9
1,261.0
1,243.4
1,225.8
1,233.5
1,241.1
1,248.7
1,241.8
1,234.9
1,228.0
1,229.9
1,231.8

335.9
376.5
369.5
397.7
423.1
548.3
555.0
702.2
765.1
686.4
664.8
663.9
633.0
602.1
571.2
551.8
532.3
512.8
520.5
528.2
535.9
540.7
545.4

Personal
current
transfer
receipts 3

1,021.6
1,083.0
1,188.1
1,282.1
1,341.7
1,415.5
1,508.6
1,605.0
1,718.0
1,875.9
1,895.8
1,913.8
1,966.0
1,979.7
2,016.2
2,068.3
2,236.1
2,116.6
2,123.4
2,133.7
2,155.3
2,158.1
2,169.4

Less: Contributions
for government social
insurance,
domestic

661.3
705.8
733.2
751.5
778.9
827.3
872.7
921.8
959.3
990.6
994.3
990.0
977.1
968.6
963.3
969.3
971.4
971.9
972.5
974.4
975.0
975.5
977.8

Source: Department of Commerce, Bureau of Economic Analysis.

3 Consists

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

Total

Wage and
salary
disbursements

Supplements to
wages
and
salaries

Proprietors’ income 1

DISPOSITION OF PERSONAL INCOME
According to revised estimates, per capita disposable personal income in chained (2005) dollars fell at an annual
rate of 2.3 percent in the third quarter of 2009.

Personal
income

Period

Less:
Personal
current
taxes

Equals:
Disposable
personal
income

Less:
Personal
outlays 1

Equals:
Personal
saving

Disposable
personal
income in
billions of
chained
(2005)
dollars

Per capita
disposable personal
income
Current
dollars

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

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

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

Chained
(2005)
dollars

Per capita personal
consumption
expenditures
Current
dollars

Chained
(2005)
dollars

Dollars

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

207.8
213.1
204.9
282.2
289.8
303.7
127.7
235.0
178.9
286.4

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

24,356
25,945
26,809
27,806
28,816
30,303
31,338
33,183
34,478
35,486

Percent
change
in real
per capita
disposable
personal
income

Saving as
percent of
disposable
personal
income

Population,
including
Armed
Forces
overseas
(thousands) 2

Percent

27,805
28,899
29,303
29,984
30,454
31,209
31,338
32,296
32,679
32,546

22,707
24,186
25,058
25,826
26,843
28,243
29,790
31,198
32,566
33,264

25,923
26,940
27,389
27,849
28,369
29,087
29,790
30,364
30,868
30,509

1.9
3.9
1.4
2.3
1.6
2.5
.4
3.1
1.2
¥.4

3.1
2.9
2.7
3.5
3.5
3.4
1.4
2.4
1.7
2.7

279,328
282,413
285,294
288,055
290,729
293,348
296,036
298,820
301,737
304,529

32,020
32,230
32,297
32,633
32,697
32,664
32,716
32,642
32,379
33,075
32,270
32,460
32,413
32,840
32,646

30,725
31,054
31,392
31,617
32,126
32,398
32,656
33,081
33,262
33,521
33,522
32,752
32,613
32,585
32,940

30,182
30,278
30,386
30,609
30,818
30,835
30,901
30,917
30,806
30,747
30,399
30,087
30,071
29,944
30,078

6.8
2.6
.8
4.2
.8
¥.4
.6
¥.9
¥3.2
8.9
¥9.4
2.4
¥.6
5.4
¥2.3

2.2
2.5
2.3
2.5
2.0
1.8
1.6
1.5
1.2
3.4
2.2
3.8
3.7
5.4
4.5

297,743
298,399
299,175
299,965
300,644
301,332
302,108
302,865
303,498
304,128
304,872
305,620
306,245
306,872
307,615

2006: I .......
II .....
III ....
IV ....
2007: I .......
II .....
III ....
IV ....
2008: I .......
II .....
III ....
IV ....
2009: I .......
II .....
III r ..

11,026.7
11,204.0
11,336.9
11,504.8
11,706.9
11,823.4
11,945.6
12,100.3
12,142.2
12,292.9
12,286.6
12,233.5
11,952.7
12,048.8
12,083.9

1,321.5
1,340.2
1,354.3
1,393.5
1,459.5
1,481.8
1,500.7
1,521.9
1,531.8
1,326.2
1,437.3
1,434.3
1,187.3
1,082.6
1,086.1

9,705.2
9,863.8
9,982.5
10,111.2
10,247.4
10,341.7
10,445.0
10,578.4
10,610.4
10,966.7
10,849.3
10,799.1
10,765.4
10,966.2
10,997.8

9,493.5
9,618.2
9,754.9
9,856.4
10,038.3
10,158.2
10,275.6
10,425.0
10,484.1
10,592.2
10,613.6
10,389.9
10,362.3
10,370.5
10,502.8

211.7
245.6
227.7
254.8
209.1
183.5
169.4
153.5
126.3
374.4
235.7
409.2
403.1
595.7
495.0

9,533.8
9,617.3
9,662.5
9,788.8
9,830.2
9,842.7
9,883.9
9,886.2
8,826.9
10,059.0
9,838.3
9,920.4
9,926.4
10,077.5
10,042.3

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.

32,596
33,056
33,367
33,708
34,085
34,320
34,574
34,928
34,960
36,059
35,586
35,335
35,153
35,735
35,752

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

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Seasonally adjusted annual rates

FARM INCOME
According to the revised forecast for 2009, gross farm income is forecast at $335.2 billion, and net farm income
at $57.0 billion.

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income of farm operators from farming
Gross farm income
Cash marketing receipts
Total 1

mstockstill on DSKH9S0YB1PROD with ECOIND

Total

2000 ................................
2001 ................................
2002 ................................
2003 ................................
2004 ................................
2005 ................................
2006 ................................
2007 ................................
2008 ................................
2009 ................................
2007: I ..........................
II .........................
III ........................
IV ........................
2008: I ..........................
II .........................
III ........................
IV ........................
2009: I ..........................
II .........................
III ........................
IV ........................

241.7
249.9
230.6
258.6
294.7
298.4
291.2
338.4
377.1
335.2
331.3
325.3
347.1
350.0
407.7
367.0
380.6
353.2
371.1
323.9
306.7
339.0

Livestock and
products

192.1
200.0
194.6
216.1
238.0
241.0
240.9
288.5
324.2
282.1
272.0
283.5
302.2
296.2
340.8
322.1
333.5
300.4
302.9
279.1
263.5
282.8

99.6
106.7
93.9
105.7
123.5
124.9
118.6
138.6
141.1
118.4
139.4
139.8
138.7
136.2
142.2
141.7
140.8
139.7
120.6
115.5
112.0
125.7

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.

Value of
inventory
changes 3

Crops 2

92.5
93.4
100.7
110.5
114.5
116.1
122.3
149.9
183.1
163.6
132.6
143.7
163.5
160.0
198.6
180.4
192.6
160.7
182.4
163.6
151.4
157.2

1.6
1.1
¥3.5
¥2.7
11.2
¥.4
¥3.1
.6
¥2.4
¥1.0
.6
.6
.7
.6
¥2.5
¥2.4
¥2.4
¥2.2
¥1.1
¥1.0
¥.9
¥1.0

Direct
Government
payments 4

Production
expenses

23.2
22.4
12.4
16.5
13.0
24.4
15.8
11.9
12.2
12.5
23.5
4.4
5.1
14.7
24.1
4.5
5.2
15.1
24.6
4.6
5.3
15.4

191.0
195.0
191.4
197.7
207.3
219.7
232.7
267.5
290.0
278.1
252.2
262.9
280.3
274.7
304.9
288.2
298.4
268.8
298.7
275.2
259.8
278.9

Net farm
income

50.7
54.9
39.1
60.9
87.3
78.7
58.5
70.9
87.1
57.0
79.1
62.4
66.9
75.3
102.8
78.9
82.2
84.5
72.4
48.7
46.9
60.1

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

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Period

CORPORATE PROFITS
In the third quarter of 2009, according to revised estimates, corporate profits before tax rose $157.9 billion (annual
rate) and profits after tax rose $142.8 billion.

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profits (before tax) with inventory valuation adjustment 1

Profits after tax

Domestic industries
Nonfinancial

Total 2
Total

mstockstill on DSKH9S0YB1PROD with ECOIND

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

............................
............................
............................
............................
............................
............................
............................
............................
............................
............................
I .......................
II .....................
III ....................
IV ....................
2007: I ......................
II .....................
III ....................
IV ....................
2008: I ......................
II .....................
III ....................
IV ....................
2009: I ......................
II .....................
III r ...................
1 See

776.6
755.7
720.8
762.8
892.2
1,195.1
1,609.5
1,784.7
1,730.4
1,424.5
1,781.9
1,771.4
1,822.8
1,762.7
1,705.4
1,779.1
1,732.9
1,704.1
1,512.9
1,463.8
1,522.2
1,199.3
1,327.6
1,355.1
1,477.8

655.0
610.0
551.1
604.9
726.4
990.1
1,370.0
1,527.8
1,382.6
1,047.3
1,535.0
1,516.1
1,571.8
1,488.6
1,423.2
1,467.9
1,362.4
1,277.0
1,100.6
1,096.8
1,125.0
866.9
1,011.9
1,053.9
1,154.6

Financial

Total 3

Manufacturing

189.3
189.6
228.0
265.2
311.8
362.3
443.6
448.0
367.8
278.9
466.5
467.8
434.8
422.8
384.2
406.2
378.2
302.5
357.0
330.8
297.5
130.3
253.9
280.7
362.4

465.7
420.4
323.1
339.7
414.6
627.8
926.4
1,079.9
1,014.9
768.4
1,068.5
1,048.3
1,137.0
1,065.8
1,039.0
1,061.7
984.2
974.5
743.6
766.0
827.5
736.6
758.0
773.3
792.2

148.8
143.9
49.7
47.7
69.4
154.1
247.2
304.5
278.6
175.5
294.4
302.3
336.4
285.0
288.9
316.0
244.0
265.7
187.6
160.1
205.7
148.6
121.6
132.3
129.7

Utilities

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

2 Includes
3 Includes

Wholesale

33.7
25.6
25.2
12.3
12.4
19.4
29.8
54.4
49.1
40.1
45.2
53.1
60.8
58.4
51.3
46.6
47.3
51.2
33.1
43.1
43.5
40.8
53.6
53.4
61.5

Retail

54.8
58.7
51.3
49.1
54.8
75.6
92.2
103.7
102.2
75.1
104.4
100.7
107.4
102.2
107.9
117.0
107.9
76.0
46.6
56.6
85.8
111.5
94.0
87.5
80.6

65.7
60.7
72.6
81.6
88.9
93.4
122.6
133.2
121.6
78.2
132.3
123.3
136.4
140.7
127.9
137.2
118.7
102.4
75.6
80.2
77.1
79.7
83.1
95.1
98.8

780.5
772.5
712.7
765.3
903.5
1,229.4
1,640.2
1,822.7
1,774.4
1,462.7
1,815.3
1,819.8
1,865.1
1,790.7
1,747.6
1,808.6
1,758.2
1,783.1
1,620.8
1,593.5
1,576.6
1,060.1
1,246.5
1,337.1
1,495.0

258.8
265.1
203.3
192.3
243.8
306.1
412.4
473.3
451.5
292.2
460.7
475.1
496.6
460.7
469.5
466.5
440.0
430.1
323.2
317.5
304.8
223.3
270.3
305.9
321.0

Total

521.7
507.4
509.4
573.0
659.7
923.3
1,227.8
1,349.5
1,322.8
1,170.6
1,354.6
1,344.7
1,368.5
1,330.0
1,278.1
1,342.1
1,318.2
1,353.0
1,297.6
1,276.0
1,271.9
836.8
976.1
1,031.1
1,173.9

21:32 Jan 11, 2010

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337.4
377.9
370.9
399.3
424.9
550.3
557.3
704.8
767.8
689.9
646.4
691.1
727.1
754.5
772.6
778.1
770.6
749.9
719.4
693.7
676.6
669.9
618.1
556.0
549.9

184.3
129.5
138.5
173.8
234.8
373.0
670.5
644.7
555.1
480.7
708.2
653.6
641.4
575.5
505.5
564.0
547.6
603.2
578.2
582.3
595.3
166.9
358.0
475.1
624.1

¥4.0
¥16.8
8.0
¥2.6
¥11.3
¥34.3
¥30.7
¥38.0
¥44.0
¥38.2
¥33.4
¥48.4
¥42.3
¥28.0
¥42.2
¥29.5
¥25.3
¥79.0
¥107.9
¥129.6
¥54.5
139.2
81.1
18.1
¥17.1

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

8
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Net
dividends

Inventory
Undisvalutributed ation adprofits justment

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Period

Profits
before
tax

Taxes
on
corporate
income

REAL GROSS PRIVATE DOMESTIC INVESTMENT
In the third quarter of 2009, according to revised estimates, nonresidential fixed investment in chained (2005)
dollars fell $19.4 billion (annual rate) and residential investment rose $15.2 billion. There was a decrease of $139.2
billion in inventories following a decrease of $160.2 billion in the second quarter.

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

Period

Nonresidential
Total

Equipment
and software

Residential

Structures

Total

Total

Nonfarm

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

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

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

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

408.2
440.0
433.3
356.6
343.0
346.7
351.8
384.0
441.4
486.8

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

574.2
580.0
583.3
613.8
664.3
729.5
775.0
718.2
585.0
451.1

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

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

2006: I .............................................................................
II ...........................................................................
III .........................................................................
IV ..........................................................................

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

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

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

364.8
383.7
393.2
394.6

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

775.2
740.1
697.4
660.2

65.8
72.5
67.5
31.8

62.3
80.4
73.9
36.2

2007: I ...........................................................................
II ...........................................................................
III .........................................................................
IV ..........................................................................
2008: I ............................................................................
II ...........................................................................
III .........................................................................
IV ..........................................................................

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

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

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

409.2
430.7
456.8
469.1
476.8
493.2
493.1
484.0

1,078.1
1,095.2
1,101.3
1,113.3
1,111.9
1,097.7
1,071.0
993.7

631.7
610.4
572.9
525.0
483.2
462.9
443.3
415.0

14.5
23.3
29.8
10.3
.6
¥37.1
¥29.7
¥37.4

8.3
27.9
32.7
12.5
14.5
¥35.8
¥24.5
¥35.7

2009: I ............................................................................
II ...........................................................................
III r ........................................................................

1,558.5
1,456.7
1,474.4

1,687.5
1,631.9
1,626.7

1,321.2
1,288.4
1,269.0

419.4
400.0
380.2

887.5
876.5
879.8

367.9
344.4
359.6

¥113.9
¥160.2
¥139.2

¥114.9
¥163.1
¥141.4

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

Source: Department of Commerce, Bureau of Economic Analysis.

9
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mstockstill on DSKH9S0YB1PROD with ECOIND

1999
2000
2001
2002
2003
2004
2005
2006
2007
2008

Change in private
inventories

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

Residential

Equipment and software

Period

Total
fixed
investment

Information processing equipment
and software
Total
nonresidential

Structures

Total

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

Structures

Computers and
peripheral
equipment 1

Software

Total

Transportation
equipment

Other
equipment

Total
residential

Total 2

Single
family

Other

Industrial
equipment

Equipment

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

1,782.1
1,913.8
1,877.6
1,798.1
1,856.2
1,992.5
2,122.3
2,171.3
2,126.3
2,018.4
2,200.2
2,189.9
2,162.2
2,132.9

1,200.9
1,318.5
1,281.8
1,180.2
1,191.0
1,263.0
1,347.3
1,453.9
1,544.3
1,569.7
1,424.9
1,450.3
1,466.0
1,474.5

408.2
440.0
433.3
356.6
343.0
346.7
351.8
384.0
441.4
486.8
364.8
383.7
393.2
394.6

810.9
895.8
866.9
830.3
851.4
917.3
995.6
1,069.6
1,097.0
1,068.6
1,060.7
1,066.3
1,072.0
1,079.3

332.0
391.9
390.2
379.3
405.0
443.1
475.3
514.8
555.7
588.8
505.7
508.9
520.4
524.1

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

151.5
172.4
173.7
173.4
185.6
204.6
218.0
227.1
241.5
257.0
222.4
224.8
228.5
232.8

139.9
168.4
163.2
148.4
156.4
168.1
178.4
191.2
202.3
211.1
192.2
189.8
191.9
191.0

161.8
175.8
162.8
151.9
151.6
147.4
159.6
172.9
180.9
174.7
165.1
176.2
174.7
175.6

190.3
186.2
169.6
154.2
140.4
162.3
181.7
196.5
177.4
128.9
202.6
194.1
193.7
195.5

142.4
150.4
149.3
148.2
155.0
164.4
178.9
185.5
184.1
180.3
187.3
187.0
183.4
184.3

574.2
580.0
583.3
613.8
664.3
729.5
775.0
718.2
585.0
451.1
775.2
740.1
697.4
660.2

567.5
572.6
575.6
605.9
655.9
720.1
765.2
708.1
575.0
441.5
764.9
730.0
687.3
650.2

311.5
315.0
315.4
327.7
362.6
406.1
433.5
391.1
283.9
179.7
442.4
409.4
374.6
338.0

6.9
7.4
7.6
7.9
8.4
9.4
9.8
10.2
10.1
9.8
10.3
10.1
10.1
10.1

2007: I ....................
II ...................
III .................
IV ..................

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

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

409.2
430.7
456.8
469.1

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

540.2
546.9
558.2
577.5

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

235.0
238.9
242.6
249.6

198.4
200.3
203.1
207.4

172.4
186.9
185.9
178.6

188.2
178.1
171.8
171.5

178.3
183.7
186.4
188.0

631.7
610.4
572.9
525.0

621.6
600.4
562.9
515.0

314.0
301.6
277.9
242.1

10.2
10.0
10.1
10.2

2008: I ....................
II ...................
III .................
IV ..................

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

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

476.8
493.2
493.1
484.0

1,111.9
1,097.7
1,071.0
993.7

591.7
601.3
594.5
567.6

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

257.3
260.3
258.3
252.2

209.2
214.2
216.7
204.3

179.3
178.6
173.7
167.2

161.9
141.0
121.7
90.9

182.3
180.9
185.4
172.6

483.2
462.9
443.3
415.0

473.3
453.0
433.7
405.8

208.6
189.1
171.8
149.4

10.1
10.1
9.8
9.4

2009: I c ...................
II ...................
III r ................

1,687.5
1,631.9
1,626.7

1,321.2
1,288.4
1,269.0

419.4
400.0
380.2

887.5
876.5
879.8

537.5
544.8
554.9

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

235.5
236.2
239.2

195.8
199.1
203.9

140.8
135.2
130.4

59.8
62.7
66.0

157.3
144.0
140.1

367.9
344.4
359.6

358.9
335.5
350.5

112.9
96.3
110.4

9.2
8.9
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 (2005) dollar
estimates for the detailed components do not add to the chained-dollar value of GDP or to any
intermediate aggregates.
Source: Department of Commerce, Bureau of Economic Analysis.

BUSINESS INVESTMENT
[Billions of dollars]
Capital expenditures
By industry

Period

Total
capital
expenditures

Total
by
industry

Forestry,
fishing
and
agricultural
services

Mining

Con- ManuUtili- strucfacties
turtion
ing

ProFor
Real fesscomTransesional, Health
panies
portaFiwithWhole- Retail
tion
Infor- nance tate scien- care
and
tific,
and Other 1 out
sale
and
maand rental and
social
emtrade trade waretion insur- and
ployhousance leas- tech- assisnical tance
ees
ing
ing
services

mstockstill on DSKH9S0YB1PROD with ECOIND

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

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

807.1 .............. ........... ............ ......... .......... ........... ............ .......... ............ .......... .......... .......... .......... ........... ........... ..........
871.8 .............. ........... ............ ......... .......... ........... ............ .......... ............ .......... .......... .......... .......... ........... ........... ..........
970.9
896.5
0.9
40.4 36.0 26.9 203.6
29.2 57.3
51.3 96.5 118.2 85.2
22.3
47.1
81.7 74.4
1,047.0
974.6
1.7
30.6 42.8 23.1 196.4
32.4 64.1
57.3 122.8 130.1 100.6
29.5
51.3
91.8 72.3
1,161.0 1,089.9
1.5
42.5 61.3 25.0 214.8
33.6 69.8
59.9 160.2 133.7 92.5
34.1
52.2 108.9 71.2
1,109.0 1,052.3
1.5
51.3 82.8 24.8 192.8
30.0 66.9
57.8 144.8 131.1 82.7
30.5
52.9 102.5 56.7
997.9
917.5
1.9
42.5 65.5 24.8 157.2
26.8 59.3
47.1 88.2 128.4 94.5
25.9
59.3
96.1 80.4
975.0
886.8
1.9
50.5 54.6 23.2 149.1
26.0 65.9
44.5 80.5 120.8 88.0
24.7
61.2
96.2 88.2
1,042.1
953.2
2.1
51.3 50.4 28.6 156.7
32.3 72.2
46.1 83.5 153.6 91.6
26.7
64.6
93.6 88.9
1,144.8 1,062.5
2.7
66.7 58.0 30.1 165.6
40.6 73.5
56.9 91.4 161.4 103.0
33.1
73.8 105.6 82.2
1,309.9 1,217.1
2.7
99.3 69.8 30.3 192.4
36.6 86.7
68.0 104.4 163.1 132.1
30.3
75.3 126.3 92.8
1,361.6 1,277.4
2.1 121.7 83.6 36.7 197.0
31.8 84.2
68.5 105.3 172.5 123.0
31.8
83.8 135.3 84.2

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.

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

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ECOIND

EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
In December, employment fell by 589,000 and unemployment fell by 73,000. (Series revised.)

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

mstockstill on DSKH9S0YB1PROD with ECOIND

2000 2 ................
2001 .................
2002 ..................
2003 2 ................
2004 2 ................
2005 2 ................
2006 2 ................
2007 2 ................
2008 2 ................
2009 2 ................
2008: Dec r .......
2009: Jan 2 r ....
Feb r .......
Mar r ......
Apr r .......
May r ......
June r .....
July r ......
Aug r ......
Sept r ......
Oct r .......
Nov r ......
Dec ........

Civilian
labor
force

Total

Men
20
years
and
over

212,577
215,092
217,570
221,168
223,357
226,082
228,815
231,867
233,788
235,801
235,035
234,739
234,913
235,086
235,271
235,452
235,655
235,870
236,087
236,322
236,550
236,743
236,924

142,583
143,734
144,863
146,510
147,401
149,320
151,428
153,124
154,287
154,142
154,587
154,140
154,401
154,164
154,718
154,956
154,759
154,351
154,426
153,927
153,854
153,720
153,059

136,891
136,933
136,485
137,736
139,252
141,730
144,427
146,047
145,362
139,877
143,188
142,221
141,687
140,854
140,902
140,438
140,038
139,817
139,433
138,768
138,242
138,381
137,792

69,634
69,776
69,734
70,415
71,572
73,050
74,431
75,337
74,750
71,341
73,237
72,625
72,266
71,667
71,665
71,552
71,354
71,255
71,142
70,861
70,662
70,662
70,391

Women
20 years
and
over

60,067
60,417
60,420
61,402
61,773
62,702
63,834
64,799
65,039
63,699
64,744
64,391
64,238
64,110
64,147
63,847
63,741
63,685
63,552
63,280
63,133
63,269
62,998

Both
sexes
16–19
years

Total

7,189
6,740
6,332
5,919
5,907
5,978
6,162
5,911
5,573
4,837
5,207
5,205
5,183
5,077
5,089
5,039
4,943
4,877
4,740
4,627
4,448
4,450
4,403

5,692
6,801
8,378
8,774
8,149
7,591
7,001
7,078
8,924
14,265
11,400
11,919
12,714
13,310
13,816
14,518
14,721
14,534
14,993
15,159
15,612
15,340
15,267

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

Men
20
years
and
over
2,376
3,040
3,896
4,209
3,791
3,392
3,131
3,259
4,297
7,555
5,871
6,144
6,593
7,013
7,441
7,787
7,892
7,728
8,055
8,116
8,362
8,239
8,011

Women
20
years
and
over

Both
sexes
16–19
years

2,235
2,599
3,228
3,314
3,150
3,013
2,751
2,718
3,342
5,157
4,160
4,402
4,676
4,863
4,957
5,213
5,243
5,225
5,295
5,406
5,554
5,473
5,622

1,081
1,162
1,253
1,251
1,208
1,186
1,119
1,101
1,285
1,552
1,368
1,373
1,445
1,435
1,418
1,518
1,586
1,581
1,643
1,637
1,696
1,627
1,634

Not in
labor
force

69,994
71,359
72,707
74,658
75,956
76,762
77,387
78,743
79,501
81,659
80,448
80,599
80,512
80,922
80,554
80,496
80,895
81,519
81,661
82,396
82,696
83,022
83,865

Labor
force
participation
rate

Employment/
population
ratio

Unemployment
rate

67.1
66.8
66.6
66.2
66.0
66.0
66.2
66.0
66.0
65.4
65.8
65.7
65.7
65.6
65.8
65.8
65.7
65.4
65.4
65.1
65.0
64.9
64.6

64.4
63.7
62.7
62.3
62.3
62.7
63.1
63.0
62.2
59.3
60.9
60.6
60.3
59.9
59.9
59.6
59.4
59.3
59.1
58.7
58.4
58.5
58.2

4.0
4.7
5.8
6.0
5.5
5.1
4.6
4.6
5.8
9.3
7.4
7.7
8.2
8.6
8.9
9.4
9.5
9.4
9.7
9.8
10.1
10.0
10.0

See Employment and Earnings for details on breaks in series.
Data reflect annual revisions released on January 8, 2010; seasonally adjusted data revised
beginning 2005.
Source: Department of Labor, Bureau of Labor Statistics.

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Civilian
noninstitutional
population
(NSA)

Period

Percent 1

Unemployment

SELECTED UNEMPLOYMENT RATES
In December, the unemployment rate was unchanged at 10.0 percent. (Series revised.)

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

mstockstill on DSKH9S0YB1PROD with ECOIND

Period

All
civilian
workers

2000 ........................
2001 ........................
2002 ........................
2003 ........................
2004 .........................
2005 .........................
2006 .........................
2007 .........................
2008 .........................
2009 .........................
2008: Dec r ..............
2009: Jan r ..............
Feb r ..............
Mar r .............
Apr r ..............
May r .............
June r ............
July r .............
Aug r .............
Sept r ............
Oct r ..............
Nov r .............
Dec ...............

4.0
4.7
5.8
6.0
5.5
5.1
4.6
4.6
5.8
9.3
7.4
7.7
8.2
8.6
8.9
9.4
9.5
9.4
9.7
9.8
10.1
10.0
10.0

Men
20 years
and over

Women
20 years
and over

3.3
4.2
5.3
5.6
5.0
4.4
4.0
4.1
5.4
9.6
7.4
7.8
8.4
8.9
9.4
9.8
10.0
9.8
10.2
10.3
10.6
10.4
10.2

3.6
4.1
5.1
5.1
4.9
4.6
4.1
4.0
4.9
7.5
6.0
6.4
6.8
7.1
7.2
7.5
7.6
7.6
7.7
7.9
8.1
8.0
8.2

Both
sexes
16–19
years

White

13.1
14.7
16.5
17.5
17.0
16.6
15.4
15.7
18.7
24.3
20.8
20.9
21.8
22.0
21.8
23.2
24.3
24.5
25.7
26.1
27.6
26.8
27.1

3.5
4.2
5.1
5.2
4.8
4.4
4.0
4.1
5.2
8.5
6.7
7.0
7.5
8.0
8.1
8.6
8.7
8.7
8.9
9.1
9.4
9.3
9.0

1 Beginning in 2003, persons who selected this race group only. Prior to 2003, persons who
reported more than one race were included in the group they identified as the main race. Persons whose ethnicity is identified as Hispanic or Latino may be of any race.

By selected groups

Black or
African
American

Asian
(NSA)

Hispanic or
Latino
ethnicity

7.6
8.6
10.2
10.8
10.4
10.0
8.9
8.3
10.1
14.8
12.1
12.8
13.5
13.5
15.0
15.0
14.8
14.7
15.2
15.5
15.7
15.6
16.2

3.6
4.5
5.9
6.0
4.4
4.0
3.0
3.2
4.0
7.3
5.1
6.2
6.9
6.4
6.6
6.7
8.2
8.3
7.5
7.4
7.5
7.3
8.4

Married
men,
spouse
present

5.7
6.6
7.5
7.7
7.0
6.0
5.2
5.6
7.6
12.1
9.4
9.9
11.0
11.6
11.4
12.7
12.3
12.4
13.0
12.7
13.1
12.7
12.9

2.0
2.7
3.6
3.8
3.1
2.8
2.4
2.5
3.4
6.6
4.6
5.1
5.6
6.0
6.3
6.7
6.9
6.9
7.1
7.3
7.5
7.5
7.3

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Full-time
workers

Part-time
workers

5.9
6.6
8.0
8.5
8.0
7.8
7.1
6.5
8.0
11.5
9.5
10.3
10.3
10.8
10.0
11.0
11.7
12.6
12.2
11.6
12.9
11.4
13.0

3.8
4.7
5.9
6.1
5.6
5.0
4.5
4.6
5.8
10.0
7.7
8.1
8.8
9.3
9.6
10.2
10.3
10.2
10.5
10.7
11.1
11.0
10.9

4.8
5.1
5.2
5.5
5.3
5.4
5.1
4.9
5.5
6.0
5.9
5.9
5.8
5.9
6.0
6.1
6.0
6.0
6.3
6.4
6.1
5.6
6.0

NOTE.—Data relate to persons age 16 years and over.
See Note. p.11.
Source: Department of Labor, Bureau of Labor Statistics.

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Women
who
maintain
families
(NSA)

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By sex and age

SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE
PROGRAMS
In December, the percentages of the unemployed who had been out of work for less than 5 weeks and for
27 weeks and over rose, while the percentages for 5–14 weeks and for 15–26 weeks fell. The mean duration
of unemployment rose to 29.1 weeks and the median duration rose to 20.5 weeks. (Series revised.)

[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

2000 ........................................
2001 ........................................
2002 ........................................
2003 ........................................
2004 ........................................
2005 ........................................
2006 ........................................
2007 ........................................
2008 ........................................
2009 ........................................
2008: Dec r .............................
2009: Jan r .............................
Feb r .............................
Mar r ............................
Apr r .............................
May r ............................
June r ...........................
July r ............................
Aug r ............................
Sept r ............................
Oct r .............................
Nov r ............................
Dec ..............................

5,692
6,801
8,378
8,774
8,149
7,591
7,001
7,078
8,924
14,265
11,400
11,919
12,714
13,310
13,816
14,518
14,721
14,534
14,993
15,159
15,612
15,340
15,267

44.9
42.0
34.5
31.7
33.1
35.1
37.3
35.9
32.8
22.2
28.8
30.2
26.5
25.2
24.3
22.2
21.0
21.9
20.0
19.4
20.1
18.2
19.0

31.9
32.3
30.8
29.8
29.2
30.4
30.3
31.5
31.4
26.8
30.9
30.1
31.2
30.6
29.3
29.6
26.6
24.3
27.4
25.3
23.5
23.0
22.7

11.8
14.0
16.3
16.4
15.9
14.9
14.7
15.0
16.0
19.5
17.4
17.3
18.9
19.6
19.0
20.5
22.7
19.6
18.9
19.5
20.4
20.1
18.5

11.4
11.8
18.3
22.1
21.8
19.6
17.6
17.6
19.7
31.5
22.9
22.4
23.4
24.6
27.5
27.7
29.6
34.2
33.6
35.9
36.0
38.7
39.8

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.

12.6
13.1
16.6
19.2
19.6
18.4
16.8
16.8
17.9
24.4
19.6
19.9
20.0
20.8
21.8
22.9
24.4
25.3
25.2
26.5
27.2
28.6
29.1

5.9
6.8
9.1
10.1
9.8
8.9
8.3
8.5
9.4
15.1
10.7
10.6
11.4
11.9
13.1
14.9
18.2
15.9
15.5
17.8
19.0
20.2
20.5

44.2
51.1
55.0
55.1
51.5
48.3
47.4
49.7
53.7
64.2
59.2
61.7
62.4
63.8
64.3
65.0
65.2
64.8
65.3
66.1
65.2
64.8
63.7

13.7
12.3
10.3
9.3
10.5
11.5
11.8
11.2
10.0
6.2
8.9
7.8
6.5
6.7
6.4
6.3
5.6
6.0
5.6
5.6
5.8
6.0
6.1

34.5
29.9
28.3
28.2
29.5
31.4
32.0
30.3
27.7
22.3
24.7
23.8
23.1
22.8
22.7
22.0
22.6
22.4
21.9
21.0
22.0
20.9
21.9

7.6
6.8
6.4
7.3
8.4
8.8
8.8
8.9
8.6
7.3
7.2
6.7
8.0
6.7
6.7
6.7
6.6
6.8
7.3
7.3
7.1
8.3
8.3

2,110
2,974
3,585
3,531
2,950
2,661
2,476
2,572
3,306
..............
4,430
4,670
5,085
5,686
6,297
6,747
6,732
6,274
6,190
6,130
5,817
5,415
..............

301
404
407
404
345
328
313
324
424
..........
537
573
637
658
630
631
612
558
572
545
524
r 480
p 455

2,141
3,007
3,619
3,569
2,995
2,706
2,518
2,610
3,343
.................
4,771
5,382
6,098
6,922
6,074
6,232
6,258
5,647
6,196
r 5,143
4,662
5,250
.................

NOTE.—Data relate to persons age 16 years and over (except for insured unemployment and
initial claims).
See Note, p. 11.
Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration).

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Weekly average, thousands

NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey fell by 85,000 in December.

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

Goods-producing industries

Period

Total 2

Construction

Manufacturing

Service-providing industries
Trade, transportation, and
utilities

Total

Total 3

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2000 ..................
2001 ..................
2002 ..................
2003 ..................
2004 ..................
2005 ..................
2006 ..................
2007 ..................
2008 ..................
2009 p .................
2008: Dec .........
2009: Jan .........
Feb ........
Mar ........
Apr .........
May ........
June .......
July ........
Aug ........
Sept .......
Oct r ........
Nov r .......
Dec p .......

131,785
131,826
130,341
129,999
131,435
133,703
136,086
137,598
137,066
131,997
135,074
134,333
133,652
133,000
132,481
132,178
131,715
131,411
131,257
131,118
130,991
130,995
130,910

24,649
23,873
22,557
21,816
21,882
22,190
22,531
22,233
21,419
18,938
20,532
20,127
19,832
19,520
19,253
19,041
18,829
18,713
18,583
18,488
18,379
18,321
18,240

6,787
6,826
6,716
6,735
6,976
7,336
7,691
7,630
7,215
6,234
6,841
6,706
6,593
6,470
6,367
6,310
6,231
6,162
6,096
6,043
5,987
5,960
5,907

17,263
16,441
15,259
14,510
14,315
14,226
14,155
13,879
13,431
11,978
12,902
12,640
12,468
12,296
12,146
12,000
11,877
11,836
11,781
11,740
11,692
11,657
11,630

107,136
107,952
107,784
108,183
109,553
111,513
113,556
115,366
115,646
113,059
114,542
114,206
113,820
113,480
113,228
113,137
112,886
112,698
112,674
112,630
112,612
112,674
112,670

Retail
trade

26,225
25,983
25,497
25,287
25,533
25,959
26,276
26,630
26,385
25,263
25,843
25,735
25,605
25,479
25,371
25,308
25,258
25,174
25,146
25,090
25,031
24,999
24,962

15,280
15,239
15,025
14,917
15,058
15,280
15,353
15,520
15,356
14,774
15,038
14,992
14,934
14,872
14,840
14,812
14,792
14,747
14,726
14,686
14,647
14,633
14,623

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.

Information
3,630
3,629
3,395
3,188
3,118
3,061
3,038
3,032
2,997
2,856
2,940
2,924
2,918
2,905
2,884
2,858
2,845
2,834
2,829
2,828
2,826
2,812
2,806

Financial
activities
7,687
7,808
7,847
7,977
8,031
8,153
8,328
8,301
8,146
7,773
8,010
7,954
7,898
7,857
7,811
7,784
7,751
7,737
7,714
7,703
7,697
7,691
7,695

Profes- Educasional
tion Leisure
and
and
and
busihealth hospiness
tality
services services
16,666
16,476
15,976
15,987
16,394
16,954
17,566
17,942
17,778
16,787
17,356
17,205
17,029
16,910
16,783
16,756
16,655
16,624
16,618
16,642
16,675
16,764
16,814

15,109
15,645
16,199
16,588
16,953
17,372
17,826
18,322
18,855
19,272
19,080
19,119
19,138
19,158
19,175
19,215
19,248
19,262
19,312
19,348
19,384
19,421
19,456

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Government

Total
5,168
5,258
5,372
5,401
5,409
5,395
5,438
5,494
5,528
5,412
5,477
5,461
5,449
5,426
5,420
5,416
5,420
5,415
5,405
5,395
5,381
5,378
5,374

20,790
21,118
21,513
21,583
21,621
21,804
21,974
22,218
22,500
22,516
22,532
22,540
22,547
22,543
22,616
22,605
22,533
22,475
22,487
22,448
22,484
22,488
22,467

Federal
2,865
2,764
2,766
2,761
2,730
2,732
2,732
2,734
2,764
2,830
2,778
2,793
2,796
2,808
2,876
2,860
2,817
2,826
2,825
2,827
2,844
2,839
2,830

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 2007 North American Industry Classification System (NAICS). For details see Employment and Earnings.
Source: Department of Labor, Bureau of Labor Statistics.

14
VerDate Nov 24 2008

11,862
12,036
11,986
12,173
12,493
12,816
13,110
13,427
13,459
13,180
13,304
13,268
13,236
13,202
13,168
13,195
13,176
13,177
13,163
13,176
13,134
13,121
13,096

Other
services

Sfmt 3401

E:\HR\OC\ECOIND.014

ECOIND

g:\graphics\eecoind.014

Total
nonagricultural
employment

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
Total private nonagricultural 1

Period

2000 ................
2001 .................
2002 .................
2003 .................
2004 .................
2005 .................
2006 .................
2007 .................
2008 .................
2009 p ...............
2008: Nov .......
Dec .......
2009: Jan .......
Feb .......
Mar .......
Apr .......
May .......
June ......
July .......
Aug .......
Sept ......
Oct r .......
Nov r ......
Dec p ......

34.3
34.0
33.9
33.7
33.7
33.8
33.9
33.9
33.6
33.1
33.4
33.3
33.3
33.3
33.1
33.1
33.1
33.0
33.1
33.1
33.1
33.0
33.2
33.2

Total

Overtime

41.3
40.3
40.5
40.4
40.8
40.7
41.1
41.2
40.8
39.8
40.2
39.9
39.8
39.5
39.4
39.6
39.4
39.5
39.9
39.9
40.0
40.1
40.4
40.4

Average gross weekly earnings

Total private nonagricultural 1

4.7
4.0
4.2
4.2
4.6
4.6
4.4
4.2
3.7
2.9
3.2
2.9
2.9
2.7
2.6
2.7
2.8
2.8
2.9
3.0
3.0
3.2
3.4
3.4

Current
dollars

$14.02
14.54
14.97
15.37
15.69
16.13
16.76
17.43
18.08
18.60
18.34
18.40
18.43
18.46
18.50
18.50
18.53
18.54
18.59
18.66
18.68
18.74
18.77
18.80

Total private nonagricultural 1
Manufacturing

Current dollars

Current
dollars

1982 dollars 2

$8.04
8.12
8.25
8.28
8.24
8.18
8.24
8.33
8.30
..............
8.54
8.65
8.64
8.61
8.64
8.65
8.65
8.57
8.59
8.58
8.57
8.57
8.54
..............

$481.01
493.79
506.75
518.06
529.09
544.33
567.87
590.04
607.99
616.37
612.56
612.72
613.72
614.72
612.35
612.35
613.34
611.82
615.33
617.65
618.31
618.42
623.16
624.16

$14.32
14.76
15.29
15.74
16.14
16.56
16.81
17.26
17.74
18.21
17.94
17.96
17.99
18.07
18.10
18.11
18.11
18.13
18.27
18.27
18.36
18.35
18.41
18.40

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).

1982 dollars 2

$275.97
275.71
279.20
279.13
277.88
276.17
279.19
281.97
279.14
..............
285.23
288.12
287.60
286.80
286.10
286.16
286.25
282.94
284.48
283.98
283.77
282.88
283.59
..............

Manufacturing

Percent change from a
year earlier, total private
nonagricultural

Construction

$590.77
595.19
618.75
635.99
658.49
673.30
691.02
711.56
724.23
724.75
721.19
716.60
716.00
713.77
713.14
717.16
713.53
716.14
728.97
728.97
734.40
735.84
743.76
743.36

Retail
trade

$685.78
695.89
711.82
726.83
735.55
750.22
781.21
816.66
842.36
850.46
839.96
851.58
850.10
851.96
851.64
845.63
849.38
849.01
854.28
857.68
843.75
842.80
859.56
858.43

$333.38
346.16
360.81
367.15
371.13
377.58
383.02
385.11
386.39
388.81
385.31
384.32
385.21
386.21
385.21
386.21
387.80
386.21
386.80
390.38
390.08
391.09
391.99
393.19

Current
dollars

3.9
2.7
2.6
2.2
2.1
2.9
4.3
3.9
3.0
1.4
2.6
2.4
2.5
2.0
1.2
1.0
1.2
.9
1.2
.8
1.1
1.0
1.7
1.9

1982
dollars

0.3
¥.1
1.3
¥.0
¥.4
¥.6
1.1
1.0
¥1.0
................
2.0
3.1
3.2
2.5
2.2
2.2
2.8
2.7
3.7
2.7
2.8
1.4
¥.6
................

Source: Department of Labor, Bureau of Labor Statistics.

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

Percent change from
3 months earlier

Period

Total
compensation

Wages and
salaries

Benefits 1

Total
compensation

12 months earlier

Wages and
salaries

Benefits 1

Total
compensation

Wages and
salaries

Benefits 1

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

Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec

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

80.2
83.6
87.3
90.0
93.6
97.2
100.0
103.2
106.3
108.9

83.5
86.7
89.9
92.2
95.1
97.6
100.0
103.2
106.6
109.4

72.6
76.7
81.3
84.7
90.2
96.2
100.0
103.1
105.6
107.7

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

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

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

mstockstill on DSKH9S0YB1PROD with ECOIND

Seasonally adjusted
2006: Mar .................................................................
June ...............................................................
Sept ................................................................
Dec .................................................................
2007: Mar .................................................................
June ...............................................................
Sept ................................................................
Dec .................................................................
2008: Mar .................................................................
June ...............................................................
Sept ................................................................
Dec .................................................................
2009: Mar .................................................................
June ...............................................................
Sept ................................................................

100.8
101.6
102.5
103.3
104.0
104.8
105.6
106.5
107.2
107.9
108.6
109.1
109.3
109.5
110.0

100.8
101.6
102.5
103.3
104.3
105.0
105.9
106.7
107.6
108.4
109.1
109.6
109.8
110.0
110.5

1 Employer costs for employee benefits.
NOTE.—The employment cost index is a measure of the change in the cost of labor, free
from the influence of employment shifts among occupations and industries.
Data exclude farm and household workers.

100.8
101.6
102.5
103.4
103.1
104.2
104.9
105.9
106.5
106.9
107.5
107.9
108.1
108.3
108.6

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

3.5
4.2
4.1
3.1
4.0
3.8
2.9
3.2
3.0
2.4

3.6
3.8
3.8
2.6
3.1
2.6
2.5
3.2
3.3
2.6

3.4
5.6
5.2
4.2
6.5
6.7
4.0
3.1
2.4
2.0

Not seasonally adjusted
0.7
.8
.9
.8
1.0
.7
.9
.8
.8
.7
.6
.5
.2
.2
.5

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

2.6
2.8
3.0
3.2
3.2
3.1
3.1
3.0
3.2
3.0
2.8
2.4
1.9
1.5
1.2

2.4
2.8
3.0
3.2
3.6
3.3
3.4
3.3
3.2
3.1
2.9
2.6
2.0
1.6
1.4

3.0
2.7
2.8
3.1
2.2
2.6
2.4
2.4
3.2
2.6
2.4
2.0
1.6
1.3
1.1

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

15
VerDate Nov 24 2008

21:32 Jan 11, 2010

Jkt 054328

PO 00000

Frm 00015

Fmt 3401

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E:\HR\OC\ECOIND.015

ECOIND

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
Business
sector

Nonfarm
business
sector

Implicit price
deflator 5
Business
sector

Nonfarm
business
sector

Indexes, 1992=100; quarterly data seasonally adjusted
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2006:

........................
........................
........................
........................
........................
........................
........................
........................
........................
........................
I ...................
II .................
III ................
IV ................
2007: I ...................
II .................
III ................
IV ................
2008: I ...................
II .................
III ................
IV ................
2009: I ...................
II .................
III * ..............

113.3
117.2
120.7
126.2
131.0
134.9
137.1
138.5
141.0
143.6
138.5
138.7
138.0
138.7
139.0
140.2
142.1
142.6
142.7
143.8
143.9
144.2
144.3
146.7
149.7

113.0
116.8
120.2
125.7
130.3
134.0
136.2
137.5
140.1
142.6
137.5
137.7
137.0
137.8
138.2
139.2
141.1
141.8
141.7
142.8
142.8
143.1
143.2
145.6
148.5

135.7
141.9
143.0
145.8
150.3
156.5
161.8
166.8
170.5
170.5
166.0
166.6
166.4
168.1
168.4
169.8
171.4
172.3
171.7
172.2
170.6
167.4
163.6
163.2
164.5

136.1
142.2
143.4
146.2
150.6
156.8
162.0
167.1
171.0
170.7
166.4
166.8
166.7
168.4
168.8
170.3
172.0
172.8
172.0
172.6
170.8
167.5
163.7
163.2
164.4

119.8
121.0
118.4
115.6
114.7
116.1
118.0
120.4
120.9
118.7
119.8
120.1
120.6
121.2
121.2
121.2
120.6
120.8
120.3
119.8
118.6
116.1
113.4
111.3
109.9

120.5
121.7
119.3
116.3
115.5
117.0
118.9
121.5
122.1
119.7
121.0
121.1
121.7
122.2
122.1
122.4
121.9
121.9
121.4
120.8
119.6
117.0
114.3
112.1
110.7

125.4
134.6
140.9
145.3
152.3
157.6
163.8
170.1
177.3
182.1
168.4
169.1
169.7
173.3
175.2
176.5
177.8
179.6
180.3
181.0
183.0
184.2
182.0
184.9
187.6

124.8
134.1
140.1
144.5
151.4
156.6
162.8
169.0
176.0
181.0
167.1
168.0
168.6
172.3
174.2
175.1
176.3
178.5
179.2
179.8
181.8
183.1
180.9
183.9
186.4

107.8
111.9
114.0
115.6
118.6
119.5
120.2
120.8
122.4
121.1
120.8
120.3
119.7
122.5
122.7
122.4
122.6
122.1
121.2
120.4
119.9
123.3
122.6
124.1
124.8

107.3
111.5
113.3
115.0
117.9
118.7
119.4
120.0
121.6
120.4
119.9
119.6
118.9
121.8
122.1
121.4
121.5
121.3
120.5
119.6
119.1
122.6
121.9
123.5
124.0

110.7
114.8
116.7
115.1
116.2
116.9
119.5
122.8
125.7
126.8
121.6
121.9
123.0
124.9
126.0
125.9
125.1
125.9
126.3
125.9
127.2
127.7
126.1
126.1
125.3

110.5
114.8
116.5
115.0
116.2
116.8
119.5
122.9
125.7
126.9
121.5
122.0
123.0
125.0
126.0
125.8
125.0
125.9
126.4
125.9
127.3
128.0
126.3
126.3
125.5

110.6
112.6
114.6
115.5
117.1
120.2
124.1
127.7
131.0
133.0
126.4
127.4
128.3
128.7
130.0
130.9
131.4
131.9
132.1
132.5
134.0
133.6
134.3
134.2
134.3

111.0
113.2
115.1
116.1
117.6
120.4
124.7
128.5
131.5
133.5
127.1
128.3
129.1
129.3
130.5
131.4
131.7
132.2
132.3
132.9
134.4
134.3
135.2
135.1
135.3

0.9
3.9
1.5
¥1.3
1.1
.5
2.3
2.8
2.3
1.0
¥.8
3.6
2.7
2.6
2.6
1.5
3.4
6.5
3.5
¥.7
¥2.7
3.0
1.7
¥1.8
4.6
2.0
¥5.0
.0
¥2.5

0.8
1.8
1.8
.8
1.4
2.6
3.2
2.9
2.6
1.5
3.3
2.7
4.5
3.5
2.0
3.2
2.9
1.3
4.0
2.8
1.4
1.6
.6
1.4
4.3
¥1.0
2.1
¥.3
.2

1.0
1.9
1.7
.9
1.3
2.4
3.5
3.0
2.3
1.5
3.7
2.9
4.6
3.6
2.2
3.6
2.6
.9
3.6
2.7
1.1
1.4
.5
1.6
4.6
¥.2
2.7
¥.3
.5

Percent change; quarterly data at seasonally adjusted annual rates
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2005:

2006:

2007:

2008:

mstockstill on DSKH9S0YB1PROD with ECOIND

2009:

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

3.5
3.5
3.0
4.5
3.8
2.9
1.7
1.0
1.8
1.9
3.2
¥1.3
3.3
.0
2.8
.6
¥2.2
2.1
.9
3.5
5.5
1.6
.2
3.1
.3
.8
.2
6.8
8.5

3.3
3.4
2.9
4.6
3.7
2.8
1.7
.9
1.8
1.8
3.9
¥.6
2.9
¥.4
2.8
.6
¥1.9
2.4
1.2
2.8
5.5
2.0
¥.1
3.1
¥.1
.8
.3
6.9
8.1

5.6
4.5
.8
2.0
3.1
4.2
3.4
3.1
2.2
.0
4.5
1.7
3.7
2.3
6.5
1.4
¥.4
4.0
.8
3.5
3.7
2.1
¥1.3
1.1
¥3.7
¥7.2
¥8.7
¥1.0
3.1

5.6
4.4
.9
1.9
3.0
4.1
3.4
3.1
2.3
¥.1
4.8
1.6
3.7
2.4
6.8
1.0
¥.1
4.2
.9
3.7
3.9
1.8
¥1.7
1.3
¥4.0
¥7.6
¥8.8
¥1.1
2.9

2.0
1.0
¥2.1
¥2.4
¥.7
1.2
1.6
2.1
.4
¥1.9
1.3
3.1
.4
2.2
3.6
.8
1.9
1.9
¥.1
.0
¥1.7
.5
¥1.5
¥1.9
¥4.0
¥8.0
¥8.9
¥7.4
¥5.0

2.2
1.0
¥2.0
¥2.5
¥.6
1.3
1.7
2.2
.5
¥1.9
.9
2.2
.8
2.8
3.9
.4
1.9
1.8
¥.3
.9
¥1.5
¥.2
¥1.6
¥1.7
¥3.9
¥8.3
¥9.0
¥7.5
¥4.8

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 1978–2008 is based on the consumer price index research series (CPI–U–RS).
5 Current dollar gross domestic output divided by the output index.

4.5
7.4
4.7
3.1
4.8
3.5
4.0
3.8
4.2
2.7
2.7
2.0
6.0
2.8
5.8
1.6
1.4
8.8
4.4
3.1
3.0
4.3
1.5
1.6
4.5
2.6
¥4.7
6.7
5.8

4.3
7.4
4.5
3.2
4.8
3.4
4.0
3.8
4.2
2.8
3.1
3.0
5.7
2.2
5.5
2.1
1.4
9.1
4.7
2.0
2.7
5.0
1.7
1.3
4.5
2.9
¥4.7
6.9
5.4

2.4
3.9
1.8
1.5
2.5
.8
.6
.5
1.3
¥1.1
.7
¥.5
.0
¥1.7
3.7
¥1.6
¥2.3
9.9
.6
¥1.1
.6
¥1.4
¥3.0
¥2.8
¥1.6
12.0
¥2.4
5.3
2.1

2.2
4.0
1.6
1.5
2.5
.7
.6
.5
1.3
¥1.0
1.1
.4
¥.3
¥2.2
3.5
¥1.1
¥2.3
10.2
.8
¥2.1
.3
¥.7
¥2.8
¥3.0
¥1.6
12.3
¥2.4
5.5
1.8

0.9
3.7
1.7
¥1.3
.9
.6
2.2
2.8
2.4
.8
¥.5
3.4
2.6
2.7
2.9
1.0
3.8
6.5
3.5
¥.4
¥2.4
2.6
1.3
¥1.5
4.2
1.8
¥4.9
¥.2
¥2.4

NOTE.—Data relate to all persons engaged in the sector.
Percent changes are from preceding period and are based on original data; they therefore
may differ slightly from percent changes based on indexes shown here.
* Data based on GDP data released on November 24, 2009.
Source: Department of Labor, Bureau of Labor Statistics.

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PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production and capacity utilization rose in November.

[Monthly data seasonally adjusted]

Percent
Period

mstockstill on DSKH9S0YB1PROD with ECOIND

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

.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
.......................
Nov .............
Dec .............
2009: Jan .............
Feb .............
Mar .............
Apr .............
May ............
June r ..........
July r ...........
Aug r ............
Sept r ...........
Oct r ............
Nov p ...........

Index,
2002=100

99.5
103.7
100.1
100.0
101.3
103.8
107.2
109.7
111.3
108.8
104.8
102.4
100.1
99.3
97.7
97.2
96.2
95.8
96.8
98.1
98.6
98.6
99.4

From
preceding
month

..............
..............
..............
..............
..............
..............
..............
..............
..............
..............
¥1.3
¥2.3
¥2.2
¥.8
¥1.6
¥.5
¥1.1
¥.5
1.1
1.3
.6
.0
.8

Industry production indexes, 2002=100

change 2
From
year
earlier

4.3
4.2
¥3.4
¥.1
1.3
2.5
3.3
2.3
1.5
¥2.2
¥6.5
¥8.9
¥10.9
¥11.3
¥12.5
¥12.4
¥13.1
¥13.3
¥12.3
¥10.1
¥5.9
¥7.1
¥5.1

Capacity utilization
rate
(output as percent
of capacity) 1

Manufacturing

Total 1

Durable

99.9
104.4
100.1
100.0
101.3
104.3
108.5
111.2
112.7
109.1
103.6
100.6
97.8
97.7
96.1
95.7
94.8
94.4
95.8
97.1
97.7
97.5
98.6

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

Nondurable

97.8
105.2
100.4
100.0
102.7
107.0
112.8
117.8
120.2
116.3
108.2
105.3
99.9
98.7
96.4
95.7
93.7
92.9
96.1
97.3
98.3
97.8
98.8

101.7
102.2
98.9
100.0
100.1
102.0
104.8
105.7
106.7
103.6
100.3
97.0
96.7
97.7
96.9
97.0
97.1
97.2
97.0
98.4
98.9
99.0
100.1

Other
(nonNAICS) 1

Mining

110.9
112.6
105.7
100.0
97.1
97.9
97.6
96.6
95.3
89.9
86.4
84.6
81.4
80.4
76.1
75.1
74.4
74.4
73.6
74.5
73.6
72.5
74.0

Utilities
Total
industry

101.6
104.2
104.8
100.0
100.2
99.6
98.3
101.5
102.1
104.2
105.4
103.4
102.8
101.3
98.7
96.1
95.1
93.7
94.8
96.5
96.4
96.2
98.2

94.7
97.4
97.0
100.0
101.9
103.3
105.4
104.8
108.3
108.6
109.1
111.3
111.5
106.4
106.1
106.4
104.3
103.8
102.6
103.4
103.7
105.4
103.5

81.9
81.7
76.1
74.6
75.8
77.9
80.1
80.9
80.6
77.6
74.4
72.7
71.1
70.6
69.5
69.2
68.5
68.3
69.1
70.1
70.6
70.6
71.3

Total
manufacturing

80.7
80.1
73.8
72.7
73.7
76.2
78.6
79.4
79.0
75.1
71.1
69.0
67.1
67.1
66.0
65.8
65.3
65.1
66.1
67.1
67.6
67.6
68.4

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.

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G:\graphics\eecoind.017

Total industrial production 1

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

Materials

Final products

Nonindustrial supplies

Consumer goods

Equipment

Durable
goods

Business
equipment

Period
Total
Total

1999
2000
2001
2002
2003
2004
2005
2006
2007
2008

Nondurable
goods

Total 1

Defense
and
space
equipment

Total

Construction
supplies

Business
supplies

Total 1

Energy

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

99.6
102.8
100.8
100.0
101.3
103.4
107.6
110.3
111.9
109.7

97.1
99.1
98.1
100.0
101.4
102.7
105.4
105.8
106.8
104.0

96.0
99.0
94.7
100.0
103.4
104.9
105.4
104.3
104.7
94.4

97.6
99.2
99.4
100.0
100.6
101.8
105.3
106.2
107.4
106.9

106.0
111.9
107.7
100.0
101.0
105.5
113.5
122.5
125.8
125.4

106.4
114.7
108.0
100.0
100.0
105.3
112.6
123.2
126.4
125.0

102.2
91.3
100.0
100.0
106.7
104.7
115.8
113.4
117.6
120.6

101.2
105.2
100.7
100.0
101.1
103.3
107.1
108.7
108.9
104.6

102.7
105.0
100.1
100.0
99.7
102.0
106.6
109.0
106.9
100.1

100.6
105.2
101.0
100.0
101.7
103.8
107.3
108.5
109.9
106.7

98.7
104.0
99.1
100.0
101.3
104.5
107.0
109.5
111.7
109.6

99.9
101.5
100.3
100.0
100.0
99.6
98.4
100.0
101.8
103.6

2008: Nov ..................................................
Dec ..................................................

106.7
106.1

102.0
100.6

86.4
82.6

106.7
106.0

119.5
121.6

117.6
120.8

120.0
119.9

99.8
96.5

93.6
89.1

102.8
100.1

104.7
101.0

104.3
104.2

2009: Jan ..................................................
Feb ..................................................
Mar .................................................
Apr ..................................................
May .................................................
June r ...............................................
July r ................................................
Aug r ................................................
Sept r ................................................
Oct r .................................................
Nov p ................................................

103.4
102.7
101.6
100.7
99.5
98.9
100.0
101.4
102.2
102.1
102.5

98.6
98.7
98.3
97.9
96.9
96.3
97.3
98.7
99.7
99.8
100.1

74.6
76.1
76.1
76.2
74.1
72.7
78.9
80.3
83.4
82.5
83.7

105.9
105.5
105.0
104.4
103.8
103.5
102.8
104.2
104.5
104.9
104.9

116.7
113.6
110.3
108.2
106.2
105.7
107.0
108.3
108.5
108.1
108.6

115.7
113.6
110.6
108.5
106.2
105.8
106.9
108.3
107.9
107.6
108.1

120.5
118.4
119.2
119.0
119.7
119.8
122.0
123.4
125.5
123.6
122.6

94.7
93.2
91.4
91.1
90.5
90.5
90.5
91.0
90.6
90.4
91.3

85.8
84.6
82.7
82.0
82.1
82.1
82.5
82.9
81.9
80.6
81.9

98.9
97.3
95.6
95.5
94.5
94.6
94.4
94.9
94.8
95.1
95.8

99.0
98.5
96.5
96.2
95.2
94.7
96.2
97.7
98.4
98.5
99.7

103.6
102.2
101.3
100.1
99.0
98.0
98.2
99.8
99.8
100.7
101.0

1 Includes

other items, not shown separately.

[2002=100; monthly data seasonally adjusted]
Durable manufactures
Primary metals
Period
Total

Fabricated
metal
products

Machinery
Total

Selected
hightechnology 1

Transportation
equipment

Total

Motor
vehicles
and
parts

Apparel

Printing
and
support

Chemical

Food

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

115.1
111.4
99.5
100.0
99.1
110.0
108.0
112.6
110.0
102.4

111.9
110.8
96.8
100.0
101.2
118.2
110.1
119.3
115.8
105.2

106.4
110.7
102.6
100.0
98.7
98.9
103.4
109.0
112.1
110.1

112.0
117.7
104.2
100.0
99.7
103.7
110.2
115.5
116.4
109.4

77.2
101.4
103.3
100.0
114.3
129.9
144.5
163.8
176.7
192.9

70.0
98.3
101.3
100.0
120.5
137.9
158.8
189.1
213.7
238.0

104.6
99.7
96.2
100.0
101.0
100.7
104.5
104.2
106.1
96.1

100.5
99.9
91.4
100.0
103.5
103.7
103.9
100.2
97.4
83.3

155.6
148.0
126.9
100.0
92.8
79.8
76.9
75.3
76.5
72.6

112.4
113.1
106.3
100.0
96.2
96.9
99.2
99.8
100.6
93.9

93.6
95.0
93.4
100.0
101.3
105.6
109.3
112.7
114.1
108.8

96.0
97.7
97.7
100.0
101.0
101.1
104.2
105.4
109.5
111.1

2008: Nov ..................................................
Dec ..................................................

81.4
71.9

68.3
53.3

106.0
102.4

104.0
99.7

180.7
176.2

214.3
204.9

86.5
88.3

74.2
69.2

69.6
67.7

90.6
87.4

103.2
98.7

111.7
108.6

2009: Jan ..................................................
Feb ..................................................
Mar .................................................
Apr ..................................................
May .................................................
June r ...............................................
July r ................................................
Aug r ................................................
Sept r ................................................
Oct r .................................................
Nov p ................................................
mstockstill on DSKH9S0YB1PROD with ECOIND

1999
2000
2001
2002
2003
2004
2005
2006
2007
2008

Iron
and
steel
products

Nondurable manufactures

Computer and electronic products

67.3
64.5
60.7
60.3
59.2
61.1
67.5
71.6
73.5
73.9
78.5

48.4
49.0
44.8
43.5
45.9
53.0
64.3
69.9
73.7
78.5
85.0

98.2
95.6
91.3
89.4
87.5
87.2
86.9
87.4
87.9
87.8
87.6

96.2
94.0
88.7
86.6
83.9
82.0
82.0
83.5
82.2
83.0
83.5

174.9
171.6
171.4
172.5
170.3
169.6
173.3
174.1
173.7
172.7
173.4

204.2
199.5
200.4
203.6
199.0
199.7
205.5
205.7
204.1
204.8
205.6

75.3
77.7
78.0
77.3
74.0
72.3
80.2
81.9
86.3
84.9
85.6

51.2
55.8
56.7
56.6
52.4
49.5
61.3
63.6
69.1
67.8
69.1

65.5
64.5
64.7
63.1
63.6
59.5
60.9
61.3
61.4
60.7
60.8

85.3
82.7
81.6
80.1
79.6
80.2
79.9
80.2
79.4
79.2
80.2

99.8
101.6
101.3
102.7
102.4
103.1
103.5
104.7
106.0
106.6
108.8

108.3
109.5
109.0
109.8
110.9
110.3
109.2
111.8
111.7
112.8
112.5

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

Source: Board of Governors of the Federal Reserve System.

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

1999
2000
2001
2002
2003
2004
2005
2006
2007
2008

Total new
construction expenditures

Residential
Total

New
housing

Total 1

Federal
and
State
and
local

Nonresidential
Total

Lodging

Commercial
(including
farm)

Office

Manufacturing

Other 2

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

744.6
802.8
840.2
847.9
891.5
991.6
1,102.7
1,167.6
1,150.7
1,072.1

575.5
621.4
638.3
634.4
675.4
771.4
868.5
912.2
861.6
766.2

326.3
346.1
364.4
396.7
446.0
532.9
611.9
613.7
493.2
350.1

251.3
265.0
279.4
298.8
345.7
417.5
480.8
468.8
354.1
229.9

249.2
275.3
273.9
237.7
229.3
238.5
256.6
298.4
368.4
416.1

16.0
16.3
14.5
10.5
9.9
12.0
12.7
17.6
27.5
35.4

45.1
52.4
49.7
35.3
30.6
32.9
37.3
45.7
53.8
57.1

59.4
64.1
63.6
59.0
57.5
63.2
66.6
73.4
85.9
81.5

35.1
37.6
37.8
22.7
21.4
23.7
29.9
35.1
45.3
60.8

93.7
104.9
108.2
110.2
109.9
106.8
110.2
126.7
155.9
181.4

169.1
181.3
201.9
213.4
216.1
220.2
234.2
255.4
289.1
306.0

2008: Nov ..........................
Dec ..........................

1,037.3
1,002.1

726.8
696.6

310.5
292.3

192.1
176.2

416.4
404.3

35.7
31.8

55.8
51.6

73.5
71.0

70.6
70.2

180.7
179.7

310.5
305.6

2009: Jan ..........................
Feb ..........................
Mar ..........................
Apr ..........................
May .........................
June ........................
July .........................
Aug ..........................
Sept r ........................
Oct r .........................
Nov p ........................

974.3
970.4
966.7
971.4
958.3
945.1
934.2
925.5
910.5
905.6
900.1

673.8
660.9
650.4
654.1
639.8
619.5
608.4
605.2
590.5
585.5
581.2

278.8
260.8
248.9
252.7
241.4
237.0
237.3
244.7
243.2
254.9
250.7

162.6
147.9
139.2
130.7
123.4
125.4
131.0
133.4
134.0
135.2
135.7

395.1
400.1
401.5
401.5
398.4
382.6
371.2
360.5
347.2
330.6
330.5

29.2
29.1
31.2
30.2
28.4
27.4
24.3
23.2
21.6
19.6
19.3

49.0
48.4
48.1
43.7
44.1
42.1
40.0
39.3
35.3
34.8
34.0

66.7
66.5
65.0
62.1
58.8
53.5
51.8
48.8
48.0
44.2
43.7

77.3
81.3
82.0
84.1
85.4
78.6
77.6
72.6
67.9
65.6
65.7

172.9
174.7
175.3
181.3
181.8
180.9
177.4
176.6
174.3
166.4
167.8

300.4
309.5
316.3
317.2
318.5
325.6
325.8
320.4
320.0
320.1
318.8

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
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008

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

New private houses

Units started, by type of structure

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

2–4 units 1

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

5 units or
more

31.9
38.7
36.6
38.5
33.5
42.3
41.1
42.7
31.7
17.5

306.6
299.1
292.8
307.9
315.2
303.0
311.4
292.8
277.3
266.0

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

Units
completed

Houses
sold

Houses for
sale at end
of period 2

Vacancy rate
for rental
housing units
(percent) 3

1,604.9
1,573.7
1,570.8
1,648.4
1,678.7
1,841.9
1,931.4
1,979.4
1,502.8
1,119.7

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

308
298
308
339
370
422
511
536
497
350

8.1
8.0
8.4
8.9
9.8
10.2
9.8
9.7
9.8
10.0

Seasonally adjusted annual rates
2008: Nov ............................
Dec ............................

655
556

457
393

18
9

180
154

630
564

1,084
1,028

390
374

370
350

......................
10.1

2009: Jan ............................
Feb ............................
Mar ............................
Apr ............................
May ...........................
June ..........................
July ...........................
Aug ............................
Sept r ..........................
Oct r ...........................
Nov p ..........................

488
574
521
479
551
590
593
581
586
527
574

357
357
361
388
409
478
506
481
508
472
482

13
13
31
11
9
11
15
6
9
4
9

118
204
129
80
133
101
72
94
69
51
83

531
550
511
498
518
570
564
580
575
551
589

778
828
833
846
812
794
785
785
723
745
810

329
354
332
345
371
399
419
r 408
393
400
355

340
328
313
300
293
280
270
r 262
252
240
235

......................
......................
10.1
......................
......................
10.6
......................
......................
11.1
......................
......................

1 Derived;

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

mstockstill on DSKH9S0YB1PROD with ECOIND

3 Revised

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.

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BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In November, according to preliminary estimates, manufacturing and trade sales rose 1.9 percent; in October,
sales rose 1.4 percent, while inventories rose $5.5 billion. According to advance estimates, retail sales rose 1.4
percent in November. Retail and food services sales rose 1.3 percent.

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

Manufacturing and trade 1
Period

Inventories 3

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

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

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

2008: Oct r ................................................
Nov r ...............................................
Dec ................................................

1,093,446
1,031,647
1,000,601

1,494,320
1,476,465
1,455,972

2009: Jan ................................................
Feb ................................................
Mar ................................................
Apr ................................................
May ................................................
June ...............................................
July ...............................................
Aug ................................................
Sept r ..............................................
Oct p ...............................................
Nov p ...............................................

mstockstill on DSKH9S0YB1PROD with ECOIND

1999
2000
2001
2002
2003
2004
2005
2006
2007
2008

Inventorysales
ratio 4

Retail
Inventory
sales
ratio 4

1.40
1.41
1.43
1.36
1.34
1.30
1.27
1.28
1.28
1.31

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

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

1.30
1.29
1.32
1.26
1.23
1.18
1.18
1.17
1.16
1.17

234,046
249,063
255,644
261,194
272,123
289,528
307,280
322,461
332,902
329,996

385,039
406,887
394,775
416,289
432,372
461,372
471,749
487,514
499,724
484,414

1.59
1.59
1.58
1.55
1.56
1.56
1.51
1.50
1.49
1.52

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

1.37
1.43
1.46

360,753
335,256
325,672

438,760
433,890
429,572

1.22
1.29
1.32

316,793
307,463
298,949

500,570
490,322
484,414

1.58
1.59
1.62

354,744
345,508
336,438

998,018 1,438,263
1.46
987,859 1,418,398
1.44
969,853 1,400,255
1.44
967,289 1,382,179
1.43
967,070 1,365,341
1.41
977,597 1,345,888
1.38
980,110 1,330,746
1.36
991,093 1,309,220
1.32
993,007 1,302,371
1.31
1,006,730 1,307,834
1.30
1,025,656 .................. ................

317,731
318,491
310,723
310,742
312,050
312,941
314,709
318,069
322,169
326,645
337,396

425,915
418,539
411,092
405,599
400,795
392,493
386,330
381,146
378,281
380,574
386,263

1.34
1.31
1.32
1.31
1.28
1.25
1.23
1.20
1.17
1.17
1.14

303,921 476,498
1.57
304,889
470,939
1.54
301,057 466,501
1.55
300,117 460,035
1.53
301,595
452,031
1.50
304,728
446,625
1.47
304,450 442,242
1.45
312,879 430,601
1.38
305,865 432,861
1.42
r 309,791
432,863
1.40
314,086 ................ ................

342,017
343,438
339,228
338,344
339,873
342,912
342,489
350,800
343,687
r 347,605
352,073

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

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

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Inventories 3

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Sales 2

Wholesale

MANUFACTURERS’ SHIPMENTS, INVENTORIES, AND ORDERS
In November, manufacturers’ shipments, inventories and new orders rose; while unfilled orders fell.

Manufacturers’ shipments 1

Manufacturers’ inventories 2

Manufacturers’ new orders 1
Durable goods

Period
Total

Durable
goods

Nondurable
goods

Durable
goods

Total

Nondurable
goods

Total
Total

Capital
goods
industries,
nondefense

Manufacturers’
unfilled
orders 2

Manufacturers’
inventory—
shipments
ratio 3

Millions of dollars, seasonally adjusted, except as noted
335,991
350,715
330,875
326,227
334,616
359,081
395,173
418,330
423,423
431,929
388,928
375,980
366,366
364,479
358,073
356,430
353,425
359,928
360,951
360,145
364,973
370,294
374,174

193,895
197,807
181,201
176,968
178,549
188,722
202,070
213,408
213,572
207,801
192,772
189,910
179,433
177,831
174,417
173,180
168,483
169,836
173,744
171,341
174,130
175,345
175,747

142,096
152,908
149,674
149,259
156,067
170,359
193,103
204,923
209,851
224,128
196,156
186,070
186,933
186,648
183,656
183,250
184,942
190,092
187,207
188,804
190,843
194,949
198,427

463,625
481,673
428,113
423,133
408,304
440,697
472,860
511,487
530,664
541,986
552,253
541,986
535,850
528,920
522,662
516,545
512,515
506,770
502,174
497,473
491,229
494,397
495,143

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.

296,553
306,727
267,829
260,582
246,963
265,070
283,598
309,914
320,757
343,468
342,259
343,468
339,735
335,164
329,460
325,404
321,576
316,667
312,884
308,133
304,122
304,023
303,120

167,072
174,946
160,284
162,551
161,341
175,627
189,262
201,573
209,907
198,518
209,994
198,518
196,115
193,756
193,202
191,141
190,939
190,103
189,290
189,340
187,107
190,374
192,023

329,770
346,789
322,746
316,809
330,369
354,619
395,401
419,793
427,597
429,343
377,203
358,811
346,120
348,460
341,935
343,760
347,616
350,913
355,719
352,770
358,430
361,438
365,295

187,674
193,881
173,072
167,550
174,302
184,261
202,298
214,871
217,746
205,216
181,047
172,741
159,187
161,812
158,279
160,510
162,674
160,821
168,512
163,966
167,587
166,489
166,868

64,392
69,278
58,246
51,817
52,894
56,094
65,770
71,725
74,288
69,132
60,140
53,964
48,637
50,931
50,424
48,648
53,099
53,014
56,725
52,286
54,062
54,495
53,819

505,498
549,445
514,349
462,122
477,608
496,343
572,835
660,406
773,297
800,360
812,879
800,360
783,955
770,939
757,692
749,081
746,744
740,685
739,922
736,634
733,747
729,336
724,534

1.35
1.35
1.38
1.28
1.24
1.19
1.17
1.19
1.23
1.28
1.42
1.44
1.46
1.45
1.46
1.45
1.45
1.41
1.39
1.38
1.35
1.34
1.32

Total and durable shipments and inventories include data on semiconductors; new and unfilled orders do not.
Source: Department of Commerce, Bureau of the Census.

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1999 ....................................................
2000 ....................................................
2001 ....................................................
2002 ....................................................
2003 ....................................................
2004 ....................................................
2005 ....................................................
2006 ....................................................
2007 .....................................................
2008 .....................................................
2008: Nov ..........................................
Dec ...........................................
2009: Jan ...........................................
Feb ...........................................
Mar ..........................................
Apr ...........................................
May ..........................................
June .........................................
July ..........................................
Aug ..........................................
Sept ..........................................
Oct r ..........................................
Nov p .........................................

PRICES
PRODUCER PRICES
The producer price index for all finished goods rose 1.8 percent in November. Prices of finished consumer foods
rose 0.5 percent, while prices of other finished consumer goods rose 3.0 percent. Capital equipment prices rose
0.4 percent.

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

Total
finished
goods

Consumer
foods

Total

133.0
138.0
140.7
138.9
143.3
148.5
155.7
160.4
166.6
177.1
172.8
169.7
171.2
171.1
169.5
170.2
170.5
173.4
171.4
174.7
173.7
174.2
177.4

135.1
137.2
141.3
140.1
145.9
152.7
155.7
156.7
167.0
178.3
180.4
178.2
178.4
175.6
174.2
176.9
174.2
176.2
173.6
174.1
173.9
176.7
177.6

132.3
138.1
140.4
138.3
142.4
147.2
155.5
161.0
166.2
176.6
170.4
167.1
168.9
169.4
167.7
168.0
168.9
172.0
170.2
174.0
172.9
172.9
176.5

Consumer goods

mstockstill on DSKH9S0YB1PROD with ECOIND

Total

1999 ..........................
2000 ...........................
2001 ...........................
2002 ..........................
2003 ..........................
2004 ..........................
2005 ..........................
2006 ..........................
2007 ..........................
2008 ..........................
2008: Nov ................
Dec ................
2009: Jan ................
Feb .................
Mar ................
Apr .................
May ...............
June ..............
July r ..............
Aug ................
Sept ...............
Oct .................
Nov ................
1 Intermediate

130.5
138.4
141.4
138.8
144.7
150.9
161.9
169.2
175.6
189.1
178.4
173.0
175.7
176.4
174.0
174.4
175.9
180.3
177.7
183.4
181.7
182.2
187.6

Durable

Nondurable

133.0
133.9
134.0
133.0
133.1
135.0
136.6
136.9
138.3
141.2
143.0
143.6
143.5
143.9
143.9
144.4
144.5
145.7
144.8
145.4
145.1
143.3
144.2

materials for food manufacturing and feeds.

Capital
equipment

127.9
138.7
142.8
139.8
148.4
156.6
172.0
182.6
191.7
210.5
192.8
184.3
188.4
189.3
185.6
185.9
188.2
194.2
190.7
198.9
196.5
198.3
205.7

137.6
138.8
139.7
139.1
139.5
141.4
144.6
146.9
149.5
153.8
156.3
156.9
157.1
157.1
157.0
157.1
156.8
157.5
157.0
157.6
157.5
156.4
157.0

Total
finished
consumer
goods

Total

Foods
and
feeds 1

Other

Total

Foodstuffs
and
feedstuffs

Other

132.0
138.2
141.5
139.4
145.3
151.7
160.4
166.0
173.5
186.3
179.4
174.9
177.0
176.9
174.7
175.7
176.1
179.9
177.3
181.7
180.4
181.5
185.7

123.2
129.2
129.7
127.8
133.7
142.6
154.0
164.0
170.7
188.3
179.9
172.6
172.2
170.9
168.4
168.5
169.5
171.3
170.7
173.9
174.2
174.8
177.2

111.1
111.7
115.9
115.5
125.9
137.1
133.8
135.2
154.4
181.6
175.3
168.7
166.2
164.8
163.5
164.5
166.7
168.6
165.6
166.0
165.1
164.8
166.0

123.9
130.1
130.5
128.5
134.2
143.0
155.1
165.4
171.5
188.7
180.2
172.9
172.7
171.3
168.8
168.8
169.7
171.5
171.1
174.5
175.0
175.7
178.1

98.2
120.6
121.0
108.1
135.3
159.0
182.2
184.8
207.1
251.8
184.5
174.2
171.5
161.0
160.3
164.0
169.8
177.7
170.8
177.2
173.4
182.8
193.3

98.7
100.2
106.1
99.5
113.5
127.0
122.7
119.3
146.7
163.4
146.2
138.0
139.2
134.6
132.3
137.6
138.1
137.5
129.3
128.3
125.8
132.4
135.8

94.3
130.4
126.8
111.4
148.2
179.2
223.4
230.6
246.3
313.9
203.9
192.5
186.3
171.2
172.0
173.9
184.2
199.7
194.6
207.6
202.9
214.0
230.4

Source: Department of Labor, Bureau of Labor Statistics.

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Period

Intermediate materials

CONSUMER PRICES—ALL URBAN CONSUMERS
In November, the consumer price index for all urban consumers rose 0.4 percent; it rose 0.1 percent not seasonally
adjusted. The index was 1.8 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

All
items
less
food
and
energy

Not
seasonally
adjusted
(NSA)

Seasonally
adjusted

Rel. imp.3 ...............
1999 .......................
2000 .......................
2001 .......................
2002 .......................
2003 .......................
2004 .......................
2005 .......................
2006 .......................
2007 .......................
2008 .......................

100.0
166.6
172.2
177.1
179.9
184.0
188.9
195.3
201.6
207.342
215.303

..............
14.6
43.4
33.2
6.0
..............
164.1
163.9
187.3
177.5
..............
167.8
169.6
193.4
183.9
..............
173.1
176.4
200.6
192.1
..............
176.2
180.3
208.1
199.7
..............
180.0
184.8
213.1
205.5
..............
186.2
189.5
218.8
211.0
..............
190.7
195.7
224.4
217.3
..............
195.2
203.2
232.1
225.1
.............. 202.916 209.586 240.611 234.679
.............. 214.106 216.264 246.666 243.271

24.4
5.4
3.7
15.3
3.2
6.4
192.9
128.8
131.3
144.4
100.7
250.6
198.7
137.9
129.6
153.3
129.3
260.8
206.3
150.2
127.3
154.3
124.7
272.8
214.7
143.6
124.0
152.9
116.6
285.6
219.9
154.5
120.9
157.6
135.8
297.1
224.9
161.9
120.4
163.1
160.4
310.1
230.2
179.0
119.5
173.9
195.7
323.2
238.2
194.7
119.5
180.9
221.0
336.2
246.235 200.632 118.998 184.682 239.070 351.054
252.426 220.018 118.907 195.549 279.652 364.065

7.6
77.7
106.6
177.0
124.6
181.3
129.3
186.1
121.7
190.5
136.5
193.2
151.4
196.6
177.1
200.9
196.9
205.9
207.723 210.729
236.666 215.572

2008: Nov ............
Dec ............

212.425 213.263 218.988 217.622 248.455 246.480
210.228 211.577 219.082 217.592 248.519 246.928

254.522 219.934 118.905 176.111 197.861 367.299
254.683 219.092 118.221 167.353 160.675 368.302

197.086 216.868
178.835 216.882

2009: Jan .............
Feb ............
Mar ............
Apr ............
May ............
June ...........
July ...........
Aug ............
Sept ...........
Oct .............
Nov ............

211.143
212.193
212.709
213.240
213.856
215.693
215.351
215.834
215.969
216.177
216.330

255.349
255.687
256.257
256.627
257.003
257.138
257.073
257.278
256.911
256.900
256.582

181.938
187.901
182.254
177.924
178.340
191.584
190.905
199.667
200.959
203.889
212.326

212.174
213.007
212.714
212.671
212.876
214.459
214.469
215.428
215.791
216.385
217.250

Food

Rent
of primary
residence

Total 1
Total 1

219.193
218.970
218.651
218.254
217.738
217.838
217.291
217.478
217.257
217.377
217.511

217.646
217.621
217.335
217.180
217.056
216.984
216.612
216.726
216.770
216.964
216.918

248.938
248.881
248.899
249.334
249.680
249.861
249.410
249.658
249.655
249.678
249.122

247.744
248.087
248.490
248.916
249.233
249.374
249.293
249.266
249.132
248.868
248.682

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

Fuels
and
utilities

217.515
217.260
214.254
210.702
207.903
206.342
206.046
206.783
207.172
209.580
212.681

Apparel

118.523
120.039
119.744
119.537
119.345
120.183
120.865
120.756
120.931
120.505
120.097

Total 1

169.489
172.759
170.903
170.259
171.635
178.843
179.180
183.312
184.750
187.276
191.582

Motor
fuel

169.176
182.030
173.947
169.373
173.872
203.703
202.924
220.836
223.273
226.932
241.049

Medical
care

369.914
371.175
371.902
373.257
374.402
375.203
375.851
376.919
378.555
379.229
380.284

Energy 2

217.265
217.670
218.042
218.594
218.910
219.344
219.543
219.692
220.053
220.453
220.527

3 Relative importance, December 2008.
Source: Department of Labor, Bureau of Labor Statistics.

23
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ECOIND

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mstockstill on DSKH9S0YB1PROD with ECOIND

Period

Owners’
equivalent
rent
(12/82=
100)

CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Change from preceding period
Period

Change from 3 months earlier, annual rate

Change from 6 months earlier, annual rate

Consumer goods

Consumer goods

Consumer goods

Total
finished
goods

Foods

Total
finished
goods

Foods

Excluding
foods

Capital
equipment

Total
finished
goods

Foods

Excluding
foods

Capital
equipment

0.3
1.2
0
¥.6
.8
2.4
1.2
2.3
1.4
4.3

Excluding
foods

Capital
equipment

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

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

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

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

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

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

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

Change
from year
earlier,
total
finished
goods
NSA

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

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

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

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

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

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

1.8
3.8
2.0
¥1.3
3.2
3.6
4.8
3.0
3.9
6.3

Change, month to month
2008: Nov .......
Dec .......

¥2.7
¥1.8

¥0.5
¥1.2

¥4.7
¥3.0

0.0
.4

¥19.6
¥24.9

¥1.8
¥6.5

¥33.2
¥40.3

3.9
3.9

¥6.4
¥12.1

3.2
¥1.8

¥14.0
¥22.0

4.4
4.6

0.4
¥.9

2009: Jan .......
Feb .......
Mar .......
Apr .......
May ......
June .....
July r .....
Aug .......
Sept ......
Oct ........
Nov .......

.9
¥.1
¥.9
.4
.2
1.7
¥1.2
r 1.9
¥.6
.3
1.8

.1
¥1.6
¥.8
1.5
¥1.5
1.1
¥1.5
r .3
¥.1
1.6
.5

1.6
.4
¥1.4
.2
.9
2.5
¥1.4
r 3.2
¥.9
.3
3.0

.1
.0
¥.1
.1
¥.2
.4
¥.3
r .4
¥.1
¥.7
.4

¥13.7
¥3.9
¥.5
¥2.3
¥1.4
9.5
2.9
10.2
.7
r 6.7
6.3

¥6.2
¥10.2
¥8.7
¥3.3
¥3.2
4.7
¥7.3
¥.2
¥5.1
r 7.3
8.3

¥22.4
¥4.4
2.3
¥2.9
¥1.1
15.3
7.8
18.2
3.1
r 10.5
9.5

2.1
2.1
.3
.0
¥.8
1.3
¥.3
2.1
.0
r ¥1.5
¥1.5

¥12.9
¥12.1
¥13.5
¥8.2
¥2.6
4.4
.2
4.3
5.0
4.8
8.3

¥2.6
¥6.1
¥7.6
¥4.8
¥6.8
¥2.2
¥5.3
¥1.7
¥.3
¥.2
3.9

¥22.6
¥20.1
¥21.8
¥13.2
¥2.8
8.6
2.3
8.1
9.0
9.1
13.7

3.8
3.0
2.1
1.0
.6
.8
¥.1
.6
.6
¥.9
.3

¥.9
¥1.4
¥3.4
¥3.5
¥4.8
¥4.4
¥6.9
¥4.3
¥4.8
¥1.9
2.4

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
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008

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

2.7
3.4
1.6
2.4
1.9
3.3
3.4
2.5
4.1
.1

1.9
2.8
2.8
1.5
3.6
2.7
2.3
2.1
4.9
5.9

2.2
4.3
2.9
2.4
2.2
3.0
4.0
3.3
3.0
2.4

2.5
3.4
4.2
3.1
2.2
2.7
2.6
4.2
3.1
1.9

3.1
4.0
4.7
3.1
2.7
2.9
3.1
4.3
4.0
3.4

2.4
3.4
4.5
3.3
2.0
2.3
2.5
4.3
2.8
2.1

2.4
12.1
¥2.1
1.4
6.5
7.9
15.6
.5
5.4
6.0

¥.5
5.4
¥1.8
4.1
¥3.2 ¥3.8
¥1.8
3.8
¥2.1
.3
¥.2
6.5
¥1.1
4.8
.9
1.6
¥.3
8.3
¥1.0 ¥13.3

¥.8
.3
0
¥2.0
¥2.1
.5
.8
.2
¥.4
¥1.1

30.2
13.9
¥24.8
24.6
6.8
26.1
16.2
6.4
29.5
¥42.2

3.7
4.2
4.7
5.0
3.7
4.2
4.3
3.6
5.2
2.6

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

1.9
2.6
2.7
1.9
1.1
2.2
2.2
2.6
2.4
1.8

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

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

2.2
3.4
2.8
1.6
2.3
2.7
3.4
3.2
2.8
3.8

0.1 .......... ¥9.4
.0 ¥8.3 ¥12.4

¥1.6
¥5.0

1.1
.1

¥8.4
¥.5
2.2
.9
¥.2
3.3
3.4
4.9
2.5
3.6
3.4

¥5.8
¥5.0
¥5.4
¥3.9
¥.4
2.7
2.2
2.3
2.9
3.5
4.2

.0
.2
¥.4
¥.7
¥1.3
¥1.4
¥2.1
¥1.5
¥1.3
¥.2
1.8

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

Change, month to month
¥1.7
¥.8

0.2
.0

¥0.1
.0

0.2
.0

0.3
.2

0.2
.1

¥1.5
¥.4

0.1
¥.6

¥9.7
¥5.0

¥0.4
¥.4

¥28.9
¥18.8

0.2
.3

¥16.9
¥9.3

2009: Jan ...............
Feb ...............
Mar ...............
Apr ...............
May ...............
June ..............
July ..............
Aug ...............
Sept ..............
Oct ................
Nov ...............
mstockstill on DSKH9S0YB1PROD with ECOIND

2008: Nov ...............
Dec ...............

.3
.4
¥.1
.0
.1
.7
.0
.4
.2
.3
.4

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

.0
.0
¥.1
¥.1
¥.1
.0
¥.2
.1
.0
.1
.0

.2
.0
.0
.2
.1
.1
¥.2
.1
.0
.0
¥.2

.3
.1
.2
.2
.1
.1
.0
.0
¥.1
¥.1
¥.1

.3
.1
.2
.1
.1
.1
.0
.1
¥.1
.0
¥.1

¥.7
¥.1
¥1.4
¥1.7
¥1.3
¥.8
¥.1
.4
.2
1.2
1.5

.3
1.3
¥.2
¥.2
¥.2
.7
.6
¥.1
.1
¥.4
¥.3

1.3
1.9
¥1.1
¥.4
.8
4.2
.2
2.3
.8
1.4
2.3

.2
.5
.3
.3
.3
.5
.6
¥1.2
.1
1.6
.9

5.3
7.6
¥4.4
¥2.6
2.7
17.2
¥.4
8.8
1.1
1.6
6.2

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

1.7
3.3
¥3.0
¥2.4
.2
7.4
¥.4
4.6
.6
1.5
4.1

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

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..........
..........
¥2.4
..........
..........
1.3
..........
..........
3.6
..........
..........

3 Quarterly changes are shown in the last month of the quarter.
Source: Department of Labor, Bureau of Labor Statistics.

24
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.2
.2
.2
.3
.1
.2
.1
.1
.2
.2
.0

Sfmt 3401

E:\HR\OC\ECOIND.024

ECOIND

PRICES RECEIVED AND PAID BY FARMERS
In December, prices paid and received by farmers were unchanged. (Data are not seasonally adjusted.)

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

All farm
products

Prices paid by farmers
Livestock and
products

Crops

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

Production
items, interest,
taxes, and wage
rates

96
99
105
110
115
110
120
142
169
151

97
106
90
103
122
119
111
130
130
112

119
123
124
128
134
142
150
160
182
177

2008: Dec ....................

81
83
79
84
88
81
77
85
82
74

135

150

119

178

182

183

76

2009: Jan ....................
Feb ....................
Mar ....................
Apr ....................
May ....................
June ...................
July ....................
Aug ....................
Sept ...................
Oct .....................
Nov r ...................
Dec p ...................

139
126
126
129
130
135
132
127
126
134
136
136

161
146
147
151
150
161
152
147
143
152
154
152

114
109
109
112
113
112
112
109
108
110
115
118

178
177
178
178
178
178
177
176
175
176
177
177

182
181
182
182
182
182
180
179
178
179
180
181

181
179
180
181
181
181
179
178
177
177
178
179

78
71
71
72
73
76
75
72
72
76
77
77

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
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ECOIND

G:\GRAPHICS\eecoind.025

mstockstill on DSKH9S0YB1PROD with ECOIND

96
102
98
106
118
114
115
136
149
131

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

115
120
119
124
132
140
148
160
188
179

Ratio 2

2000 ..............................
2001 ..............................
2002 ..............................
2003 ..............................
2004 ..............................
2005 ..............................
2006 ..............................
2007 ..............................
2008 ..............................
2009 p .............................

1 Includes

117
121
121
125
133
142
150
161
187
181

Production
items

MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK AND DEBT MEASURES
In November, M2 rose.

[Averages of daily figures, except debt end-of-period basis; billions of dollars, seasonally adjusted]
M1

M2

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

Dec ........................................................................................
Dec ........................................................................................
Dec ........................................................................................
Dec r .......................................................................................
Dec r .......................................................................................
Dec r .......................................................................................
Dec r .......................................................................................
Dec r .......................................................................................
Dec r .......................................................................................
Dec r .......................................................................................

1,122.6
1,087.7
1,182.3
1,220.4
1,306.8
1,376.4
1,374.2
1,365.6
1,373.0
1,595.2

4,635.0
4,917.2
5,431.2
5,784.7
6,071.6
6,412.2
6,674.1
7,035.3
7,438.8
8,155.9

17,291.6
18,167.3
19,302.3
20,710.2
22,420.4
24,426.9
26,756.1
29,151.3
31,694.5
33,564.9

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

5.9
6.1
10.5
6.5
5.0
5.6
4.1
5.4
5.7
9.6

6.4
5.0
6.3
7.3
8.1
8.9
9.5
9.0
8.7
5.9

2008: Nov ........................................................................................
Dec r .......................................................................................

1,523.2
1,595.2

7,982.1
8,155.9

............................
33,564.9

20.1
28.9

8.1
12.3

......................
6.1

2009: Jan ........................................................................................
Feb ........................................................................................
Mar r .......................................................................................
Apr ........................................................................................
May ........................................................................................
June r .....................................................................................
July r ......................................................................................
Aug r .......................................................................................
Sept r ......................................................................................
Oct r ........................................................................................
Nov ........................................................................................

1,576.5
1,559.7
1,563.3
1,592.8
1,595.5
1,647.8
1,653.6
1,649.9
1,659.9
1,674.0
1,688.7

8,235.9
8,258.7
8,325.4
8,272.2
8,342.6
8,374.3
8,356.6
8,305.3
8,333.0
8,360.0
8,391.9

............................
............................
33,932.0
............................
............................
34,310.5
............................
............................
34,551.9
............................
............................

23.7
24.1
15.4
16.0
9.5
6.6
9.8
11.6
12.4
10.2
11.7

13.2
14.5
13.2
8.7
9.0
5.4
2.9
1.1
.2
2.1
1.2

......................
......................
4.3
......................
......................
4.5
......................
......................
2.8
......................
......................

mstockstill on DSKH9S0YB1PROD with ECOIND

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

1 Quarterly data; shown in last month of quarter. End-of-year data are for fourth quarter.
Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfinancial sectors; data from flow of funds accounts.
2 Annual changes are from December to December and monthly changes are from 6 months
earlier at a simple annual rate.
3 Annual changes are from fourth quarter to fourth quarter. Quarterly changes are from previous quarter at an annual rate.

Debt of
domestic
nonfinancial
sectors 1

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M1

M2

From
previous
period 3
Debt

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

26
VerDate Nov 24 2008

Percent change
From year or 6
months
earlier 2

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ECOIND

g:\graphics\eecoind.026

Period

Debt

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

Period

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

Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec

Other checkable
deposits (OCDs)

Nonbank
travelers
checks

Currency

Demand
deposits

At
commercial
banks

Total

At
commercial
banks

Small-denomination
time deposits 2

Savings
deposits 1

Total

At
thrift
institutions

At
thrift
institutions

Total

At
commercial
banks

At
thrift
institutions

Retail
money
funds

Institutional
money
funds 3

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

517.8
531.2
581.1
626.3
662.5
697.5
723.6
748.3
757.6
812.1

8.6
8.3
8.0
7.8
7.7
7.5
7.2
6.7
6.3
5.5

353.0
309.9
335.7
306.8
326.4
343.2
324.6
304.8
301.4
464.6

243.3
238.4
257.5
279.6
310.3
328.2
318.9
305.8
307.8
313.0

139.7
133.2
142.0
154.3
175.3
187.0
180.7
177.2
174.3
178.9

103.7
105.2
115.4
125.3
135.0
141.1
138.1
128.6
133.5
134.1

1,739.5
1,878.3
2,309.0
2,774.0
3,162.6
3,506.4
3,602.3
3,692.7
3,868.7
4,102.2

1,288.4
1,424.3
1,738.3
2,060.2
2,337.9
2,631.1
2,773.9
2,909.7
3,041.3
3,330.5

451.0
454.0
570.7
713.7
824.7
875.3
828.4
783.0
827.3
771.7

955.2
1,046.0
974.5
894.7
817.8
827.8
992.5
1,169.0
1,214.7
1,378.0

636.9
700.8
636.1
591.2
541.7
551.4
645.3
761.0
823.1
1,026.9

318.3
345.2
338.5
303.4
276.1
276.4
347.2
408.0
391.7
351.1

817.7
905.1
965.3
895.6
784.3
701.5
705.1
808.0
982.4
1,080.5

660.5
815.6
1,219.2
1,268.4
1,129.2
1,080.0
1,149.3
1,350.9
1,900.1
2,386.5

2008: Nov .....
Dec ......

804.3
812.1

5.6
5.5

406.5
464.6

306.8
313.0

173.5
178.9

133.2
134.1

4,016.7
4,102.2

3,247.6
3,330.5

769.1
771.7

1,360.1
1,378.0

1,009.3
1,026.9

350.8
351.1

1,082.1
1,080.5

2,323.4
2,386.5

2009: Jan ......
Feb ......
Mar .....
Apr ......
May r ....
June r ...
July r ....
Aug r ....
Sept r ...
Oct r .....
Nov .....

826.3
837.7
845.1
849.8
849.9
853.1
853.6
858.4
862.2
862.6
859.1

5.5
5.5
5.4
5.3
5.2
5.2
5.1
5.1
5.1
5.1
5.1

434.5
396.0
390.1
405.5
406.0
437.4
436.8
424.5
427.3
429.5
439.0

310.2
320.4
322.7
332.1
334.4
352.2
358.2
361.9
365.3
376.7
385.4

175.2
180.9
182.1
191.0
194.6
210.2
216.2
222.3
223.4
227.4
239.5

134.9
139.5
140.7
141.1
139.8
142.0
142.0
139.7
141.9
149.3
146.0

4,215.0
4,291.3
4,374.8
4,341.9
4,444.4
4,470.9
4,500.6
4,528.2
4,613.2
4,702.9
4,775.8

3,434.2
3,500.3
3,567.3
3,533.6
3,626.1
3,644.2
3,666.6
3,700.0
3,772.5
3,848.3
3,940.6

780.7
791.0
807.5
808.3
818.3
826.6
834.0
828.3
840.8
854.5
835.2

1,369.2
1,354.6
1,341.7
1,319.6
1,298.9
1,278.9
1,249.6
1,213.6
1,175.2
1,133.1
1,101.5

1,017.6
1,003.3
990.8
975.3
968.5
952.2
928.0
904.5
875.9
839.3
814.1

351.6
351.2
350.9
344.3
330.4
326.7
321.7
309.1
299.3
293.7
287.4

1,075.2
1,053.2
1,045.6
1,017.9
1,003.9
976.8
952.8
913.6
884.7
850.1
825.9

2,472.7
2,490.4
2,493.6
2,511.9
2,539.9
2,523.6
2,508.9
2,460.3
2,423.5
2,340.2
2,265.8

1 Savings

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

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

2 Small-denomination
3 Institutional

AGGREGATE RESERVES AND MONETARY BASE
[Averages of daily figures 1; millions of dollars; seasonally adjusted, except as noted by NSA]
Adjusted for changes in reserve requirements

Borrowings from the Federal Reserve (NSA)
Other borrowings from the Federal Reserve

Reserves of depository institutions

Period
Total 2

Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec

Required

Excess
(NSA)

Monetary
base

Total 4

Primary

Assetbacked
commerical
paper
money
market
mutual
fund
liquidity
facility

Credit
extended
to
American
International
Group,
Inc.

Adjustment 6

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

42,173
38,724
41,428
40,339
42,630
46,540
45,089
43,220
43,294
820,732

41,852
38,515
41,361
40,259
42,585
46,478
44,920
43,029
27,864
167,166

40,879
37,399
39,785
38,331
41,583
44,631
43,188
41,357
41,525
53,334

1,294
1,325
1,643
2,008
1,047
1,909
1,901
1,863
1,769
767,397

593,648
584,945
635,595
681,646
720,344
759,186
787,018
811,106
822,320
1,650,883

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

..............
..............
..............
..............
..............
..............
..............
..............
11,613
438,327

..............
..............
..............
..............
17
11
97
111
3,787
88,245

..............
..............
..............
..............
..............
..............
..............
..............
..............
47,631

..................
..................
..................
..................
..................
..................
..................
..................
..................
32,102

..............
..............
..............
..............
..............
..............
..............
..............
..............
47,206

179
99
34
35
..............
..............
..............
..............
..............
..............

2008: Nov .........
Dec .........

mstockstill on DSKH9S0YB1PROD with ECOIND

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

Nonborrowed 3

Term
auction
credit

Primary
dealer
and
other
brokerdealer
credit 5

609,675
820,732

¥89,110
167,166

50,639
53,334

559,036
767,397

1,433,199
1,650,883

698,786
653,565

393,088
438,327

95,839
88,245

60,655
47,631

71,009
32,102

78,070
47,206

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

2009: Jan .........
Feb .........
Mar .........
Apr .........
May ........
June .......
July ........
Aug .........
Sept r .......
Oct r ........
Nov r ........

857,422
700,386
779,588
881,019
900,866
809,188
794,987
828,456
922,466
1,056,403
1,140,491

293,925
117,889
167,476
322,825
375,418
370,465
428,026
497,006
615,640
791,346
923,184

59,189
56,904
54,964
56,652
56,790
57,824
61,991
62,599
62,393
61,670
63,203

798,233
643,482
724,623
824,367
844,076
751,364
732,996
765,857
860,074
994,734
1,077,288

1,701,886
1,556,513
1,642,732
1,749,274
1,769,674
1,680,624
1,665,695
1,704,367
1,801,270
1,936,508
2,016,294

563,496
582,497
612,111
558,194
525,448
438,722
366,961
331,450
306,827
265,058
217,307

403,523
438,822
477,049
444,933
403,970
316,868
255,119
224,490
196,731
155,396
110,049

70,436
65,463
62,513
47,324
40,124
37,302
34,366
32,147
29,243
25,163
20,434

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

17,745
13,533
7,857
4,267
23,347
18,891
6,230
184
79
28
0

38,690
38,414
43,328
45,057
44,915
43,057
43,108
40,021
39,074
41,222
43,222

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

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 Includes

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

27
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ECOIND

BANK CREDIT AT ALL COMMERCIAL BANKS
Total commercial bank loans and leases rose 0.8 percent in November; commercial and industrial loans fell 1.2
percent.

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

Dec r ..........................
Dec r ..........................
Dec r ..........................
Dec r ..........................
Dec r ..........................
Dec r ..........................
Dec r ..........................
Dec r ..........................
Dec r ..........................
Dec r ..........................
Nov r ..........................
Dec r ..........................
2009: Jan r ..........................
Feb r ..........................
Mar r ..........................
Apr r ..........................
May r .........................
June r ........................
July r .........................
Aug r ..........................
Sept r .........................
Oct r ...........................
Nov ...........................

mstockstill on DSKH9S0YB1PROD with ECOIND

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

Total
bank
credit

Total
securities

4,605.7
5,027.0
5,210.2
5,642.7
6,010.5
6,563.6
7,258.6
8,037.8
8,843.5
9,372.5
9,406.2
9,372.5
9,337.1
9,347.6
9,328.6
9,266.9
9,338.1
9,319.6
9,249.6
9,210.4
9,126.9
9,045.7
9,104.3

1,147.6
1,191.6
1,319.6
1,509.6
1,636.3
1,728.2
1,825.0
1,962.6
2,083.2
2,109.4
2,166.8
2,109.4
2,145.7
2,162.6
2,187.2
2,185.0
2,210.7
2,252.5
2,268.1
2,304.0
2,314.2
2,305.6
2,310.2

U.S.
Treasury
and
agency
securities

805.2
781.6
840.6
1,007.0
1,092.1
1,151.1
1,139.8
1,188.6
1,107.6
1,240.3
1,252.5
1,240.3
1,273.0
1,261.7
1,273.0
1,263.8
1,263.2
1,293.5
1,325.5
1,363.1
1,379.4
1,372.1
1,382.9

342.4
410.0
479.0
502.5
544.3
577.0
685.2
774.0
975.6
869.1
914.3
869.1
872.7
900.8
914.2
921.2
947.5
959.0
942.6
940.8
934.8
933.6
927.4

1 Data are prorated averages of Wednesday values for domestically chartered commercial
banks, branches and agencies of foreign banks, New York State investment companies (through
September 1996), and Edge Act and agreement corporations. Data are adjusted for breaks
caused by reclassifications of assets and liabilities.
2 Includes securities held in trading accounts, held-to-maturity, and available-for-sale. Excludes all non-security trading assets, such as derivatives with a positive fair value or loans

Commercial
and
industrial
loans

Total
loans
and
leases 3

Other
securities

3,458.1
3,835.5
3,890.6
4,133.1
4,374.2
4,835.5
5,433.6
6,075.3
6,760.3
7,263.1
7,239.4
7,263.1
7,191.4
7,185.0
7,141.4
7,081.9
7,127.4
7,067.1
6,981.5
6,906.5
6,812.7
6,740.1
6,794.1

999.6
1,083.7
1,021.8
960.2
898.2
918.5
1,041.6
1,181.2
1,424.4
1,617.7
1,636.9
1,617.7
1,601.1
1,587.1
1,564.1
1,545.0
1,525.4
1,499.0
1,482.8
1,450.7
1,414.8
1,383.3
1,366.2

Real estate loans

Total 4

1,456.8
1,637.1
1,754.3
2,007.2
2,209.7
2,547.8
2,916.0
3,355.8
3,588.4
3,823.2
3,820.4
3,823.2
3,805.0
3,818.2
3,836.1
3,831.4
3,875.6
3,862.5
3,846.8
3,825.5
3,781.6
3,756.0
3,822.7

Revolving
home
equity
loans

99.5
129.5
152.3
211.7
278.4
395.2
442.9
466.8
483.2
588.0
582.6
588.0
593.0
595.7
600.2
605.1
613.1
610.9
608.3
606.9
604.0
601.8
604.6

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..............
..............
..............
..............
..............
1,077.7
1,266.6
1,454.3
1,589.5
1,726.8
1,723.6
1,726.8
1,720.8
1,721.6
1,720.3
1,715.6
1,712.2
1,704.6
1,697.8
1,690.5
1,679.7
1,666.7
1,660.5

Consumer
loans 5

485.9
532.4
550.4
579.0
635.6
685.9
697.6
732.1
793.4
861.4
858.1
861.4
869.8
879.9
870.6
859.7
858.3
856.2
852.6
850.5
848.0
846.5
842.3

Other
loans
and
leases 5

515.8
582.3
564.1
586.7
630.7
683.3
778.5
806.2
954.0
960.8
923.9
960.8
915.6
899.7
870.6
845.8
868.1
849.4
799.3
779.8
768.3
754.3
762.8

held in trading accounts.
3 Excludes unearned income. Includes the allowance for loan and lease losses. Excludes Federal funds sold to, reverse repurchase agreements (RPs) with, and loans to commercial banks
in the United States. Includes all loans held in trading accounts under a fair value option.
4 Includes closed-end residential loans, not shown separately.
5 Includes other items, not shown separately.
Source: Board of Governors of the Federal Reserve System.

28
VerDate Nov 24 2008

Commercial
loans

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ECOIND

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Period

Loans and leases in bank credit

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

Internal 1

Total

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

...............
...............
...............
...............
...............
...............
...............
...............
...............
...............
I r ..........
II r ........
III r .......
IV r .......
2008: I r ..........
II r ........
III r .......
IV r .......
2009: I r ..........
II r ........
III p ......

1,731.4
1,972.3
862.9
907.8
853.3
1,553.0
2,052.3
1,928.3
2,386.6
1,603.4
2,321.5
2,533.7
2,406.4
2,284.5
1,782.0
1,703.5
1,608.3
1,319.7
1,372.3
1,419.7
1,196.0

743.8
734.9
767.7
822.9
839.9
944.0
1,091.1
1,091.8
1,109.3
1,148.0
1,056.3
1,107.8
1,113.8
1,159.2
1,102.8
1,107.2
1,233.4
1,148.5
1,141.3
1,140.0
1,156.8

Credit market instruments
Total

987.6
1,237.4
95.2
84.9
13.4
609.0
961.2
836.5
1,277.3
455.4
1,265.2
1,425.9
1,292.6
1,125.3
679.2
596.3
374.9
171.2
231.0
279.7
39.2

Total

Total
net
funds
raised

Net new
equity
issues

271.5
244.5
163.8
6.8
47.2
81.1
¥9.4
¥102.6
¥7.1
12.6
4.5
79.5
154.9
¥267.3
35.9
242.5
63.6
¥291.5
117.9
190.2
185.5

¥110.4
¥118.2
¥48.1
¥16.2
¥39.6
¥122.7
¥343.1
¥567.7
¥790.1
¥335.1
¥537.8
¥752.6
¥831.8
¥1,038.0
¥431.8
¥218.7
¥342.0
¥347.8
¥122.7
133.4
91.3

Total

Securities
and mortgages

381.9
362.7
211.9
23.0
86.8
203.8
333.7
465.1
783.0
347.7
542.3
832.1
986.7
770.7
467.8
461.2
405.6
56.3
240.6
56.8
94.2

1 Profits before tax (book) less taxes on corporate income, less net dividends, plus capital consumption allowance (consumption of fixed capital plus capital consumption adjustment), foreign
earnings retained abroad, inventory valuation adjustment, and net capital transfers.
2 Includes trade payables, taxes payable, and miscellaneous liabilities (foreign direct investment in the U.S., pension fund contributions payable, and other).

271.1
187.1
398.6
166.3
216.5
132.7
263.5
310.2
382.4
248.6
318.8
493.9
360.7
356.1
257.9
410.1
134.4
192.0
586.2
378.6
236.7

Loans
and
shortterm
paper

Other 2

110.9
175.6
¥186.7
¥143.1
¥129.7
71.1
70.2
154.9
400.6
99.2
223.6
338.3
626.1
414.7
209.9
51.1
271.1
¥135.7
¥345.6
¥321.8
¥142.6

716.1
992.9
¥68.5
78.1
¥33.7
528.0
970.6
939.0
1,284.3
422.8
1,260.6
1,346.4
1,137.7
1,392.6
643.3
353.9
311.3
462.7
113.0
89.5
¥146.3

1,837.6
2,166.5
1,015.5
917.0
881.0
1,654.0
1,929.4
1,839.3
2,252.0
1,510.3
2,141.6
2,356.7
2,274.1
2,235.9
1,686.1
1,557.2
1,467.1
1,330.9
1,228.0
1,247.6
1,175.6

Capital
expenditures 3

877.3
967.9
845.3
782.5
798.2
878.4
986.8
1,142.0
1,182.8
1,189.8
1,115.1
1,169.3
1,242.1
1,204.9
1,214.1
1,193.1
1,188.5
1,163.7
930.0
822.7
820.4

Increase
in financial assets

960.3
1,198.6
170.2
134.5
82.8
775.6
942.6
697.3
1,069.2
320.5
1,026.5
1,187.4
1,032.0
1,031.0
472.0
364.1
278.6
167.2
298.0
424.9
355.2

Discrepancy
(sources
less
uses)

¥106.2
¥194.3
¥152.6
¥9.3
¥27.7
¥101.0
122.8
88.9
134.5
93.0
180.0
177.0
132.4
48.6
95.9
146.3
141.2
¥11.2
144.2
172.2
20.5

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

mstockstill on DSKH9S0YB1PROD with ECOIND

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

Dec ...............................................................................
Dec ...............................................................................
Dec ...............................................................................
Dec ...............................................................................
Dec ...............................................................................
Dec ...............................................................................
Dec ...............................................................................
Dec ...............................................................................
Dec ...............................................................................
Dec ...............................................................................
Nov ...............................................................................
Dec ...............................................................................
2009: Jan ...............................................................................
Feb ...............................................................................
Mar r .............................................................................
Apr r ..............................................................................
May r .............................................................................
June r ............................................................................
July r .............................................................................
Aug r .............................................................................
Sept r .............................................................................
Oct ...............................................................................
Nov p .............................................................................

Revolving

1,531.1
1,716.5
1,866.2
1,970.8
2,076.1
2,191.5
2,291.0
2,384.8
2,519.5
2,559.1
2,564.5
2,559.1
2,564.4
2,551.4
2,537.0
2,522.3
2,515.3
2,506.8
2,498.5
2,495.2
2,486.3
2,482.1
2,464.6

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.

610.7
683.5
715.2
750.9
767.7
799.2
829.8
871.3
939.6
957.3
964.0
957.3
955.4
942.7
934.3
925.9
916.6
911.7
911.0
903.0
895.0
887.7
874.0

Nonrevolving 2

920.4
1,033.0
1,151.0
1,219.9
1,308.4
1,392.3
1,461.2
1,513.5
1,579.9
1,601.8
1,600.6
1,601.8
1,609.0
1,608.7
1,602.7
1,596.4
1,598.7
1,595.1
1,587.5
1,592.2
1,591.2
1,594.4
1,590.6

Net change in consumer credit outstanding 1
Total

110.1
185.4
149.7
104.6
105.3
115.4
99.5
93.8
134.7
39.6
¥10.5
¥5.4
5.3
¥13.0
¥14.4
¥14.7
¥7.0
¥8.5
¥8.3
¥3.3
¥8.9
¥4.2
¥17.5

Revolving

29.3
72.8
31.7
35.7
16.8
31.5
30.6
41.5
68.3
17.7
¥6.8
¥6.7
¥1.9
¥12.7
¥8.4
¥8.4
¥9.3
¥4.9
¥.7
¥8.0
¥8.0
¥7.3
¥13.7

Nonrevolving 2

80.8
112.6
118.0
68.9
88.5
83.9
68.9
52.3
66.4
21.9
¥3.5
1.2
7.2
¥.3
¥6.0
¥6.3
2.3
¥3.6
¥7.6
4.7
¥1.0
3.2
¥3.8

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
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ECOIND

INTEREST RATES AND BOND YIELDS
Interest rates were mixed in December.

[Percent per annum]

Constant

mstockstill on DSKH9S0YB1PROD with ECOIND

Period

3-month
bills (at
auction) 1

2000 .......................
2001 .......................
2002 .......................
2003 .......................
2004 .......................
2005 .......................
2006 .......................
2007 .......................
2008 .......................
2009 .......................
2008: Dec .............
2009: Jan ..............
Feb .............
Mar .............
Apr .............
May ............
June ...........
July ............
Aug .............
Sept ............
Oct ..............
Nov .............
Dec .............
Week ended:
2009: Dec 12 ......
19 .......
26 .......
2010: Jan 2 ......
9 .......

3-year

maturities 2

10-year

30-year

Highgrade
municipal
bonds
(Standard
&
Poor’s) 3

Corporate
Aaa
bonds
(Moody’s)

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

5.85
3.44
1.62
1.01
1.38
3.16
4.73
4.41
1.48
.16
.04
.12
.31
.25
.17
.15
.17
.19
.18
.13
.08
.05
.07

6.22
4.09
3.10
2.10
2.78
3.93
4.77
4.35
2.24
1.43
1.07
1.13
1.37
1.31
1.32
1.39
1.76
1.55
1.65
1.48
1.46
1.32
1.38

6.03
5.02
4.61
4.01
4.27
4.29
4.80
4.63
3.66
3.26
2.42
2.52
2.87
2.82
2.93
3.29
3.72
3.56
3.59
3.40
3.39
3.40
3.59

5.94
5.49
*
*
*
*
4.91
4.84
4.28
4.08
2.87
3.13
3.59
3.64
3.76
4.23
4.52
4.41
4.37
4.19
4.19
4.31
4.49

5.77
5.19
5.05
4.73
4.63
4.29
4.42
4.42
4.80
4.64
5.53
5.13
5.00
5.15
4.88
4.60
4.84
4.69
4.58
4.13
4.20
4.35
4.16

7.62
7.08
6.49
5.67
5.63
5.24
5.59
5.56
c 5.63
5.31
5.08
5.05
5.27
5.50
5.39
5.54
5.61
5.41
5.26
5.13
5.15
5.19
5.26

..............
..............
..............
2.12
2.34
4.19
5.96
5.86
2.39
.50
.50
.50
.50
.50
.50
.50
.50
.50
.50
.50
.50
.50
.50

.05
.04
.07
.11
.08

1.25
1.34
1.49
1.66
1.60

3.47
3.56
3.76
3.83
3.83

4.44
4.48
4.61
4.64
4.67

4.11
4.15
4.16
4.18
4.21

5.25
5.26
5.32
5.34
5.30

.50
.50
.50
.50
.50

1 High bill rate at auction, issue date within period, bank-discount basis. Data are stop yields
from uniform-price auctions.
2 Yields on actively traded issues adjusted to constant maturities.
3 Weekly data are Wednesday figures.
4 Discount window borrowing for primary credit and discount rate (adjustment credit). The
rate for primary credit replaced the rate for adjustment credit.
5 Average effective rate for year; rate in effect at end of month or week.

Discount
rate

Prime rate
charged by
banks 5

5.73
3.40
1.17

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Newhome
mortgage
yields
(FHFA) 7

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

9.23
6.91
4.67
4.12
4.34
6.19
7.96
8.05
5.09
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25

6.24
3.88
1.67
1.13
1.35
3.22
4.97
5.02
1.92
.16
.16
.15
.22
.18
.15
.18
.21
.16
.16
.15
.12
.12
.12

7.52
7.00
6.43
5.80
5.77
5.94
6.63
6.41
6.05
..............
5.67
5.11
5.09
5.10
4.96
4.92
5.17
5.40
5.32
5.26
5.14
5.08
..............

*
*
*
*
*

3.25
3.25
3.25
3.25
3.25

.12
.12
.12
.11
.08

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

6 Daily

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

30
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rate 6

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ECOIND

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U.S. Treasury security yields

COMMON STOCK PRICES AND YIELDS
Overall, stock prices rose in December.

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

Period

Dow Jones
industrial
average 4

Composite
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009

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

Financial

Energy

Health
Care

6,805.89
6,397.85
5,578.89
5,447.46
6,612.62
7,349.00
8,357.99
9,648.82
8,036.88
6,091.02

................
................
................
5,583.00
6,822.18
7,383.70
8,654.40
9,321.39
6,278.38
3,987.04

..................
..................
..................
5,273.90
6,952.36
9,377.84
11,206.94
13,339.99
13,258.42
10,020.30

................
................
................
5,288.67
5,924.80
6,283.96
6,685.06
7,191.79
6,171.19
5,546.63

10,734.90
10,189.13
9,226.43
8,993.59
10,317.39
10,547.67
11,408.67
13,169.98
11,252.62
8,876.15

Common stock yields
(percent) 7
Standard &
Poor’s composite index
(1941–
43=10) 5

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

1,427.22
1,194.18
993.94
965.23
1,130.65
1,207.23
1,310.46
1,477.19
1,220.04
948.05

3,783.67
2,035.00
1,539.73
1,647.17
1,986.53
2,099.32
2,263.41
2,578.47
2,161.65
1,845.38

1.15
1.32
1.61
1.77
1.72
1.83
1.87
1.86
2.37
2.40

Dividendprice ratio

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

5,525.70

3,673.95

9,136.33

5,090.83

8,595.56

877.56

1,525.89

3.00

1.65

2009: Jan ...............................................
Feb ..............................................
Mar ..............................................
Apr ..............................................
May .............................................
June ............................................
July .............................................
Aug ..............................................
Sept .............................................
Oct ...............................................
Nov ..............................................
Dec ..............................................

5,477.14
5,051.42
4,739.72
5,338.39
5,823.10
5,985.64
6,026.55
6,577.18
6,839.88
6,986.35
7,079.38
7,167.51

3,337.14
2,823.74
2,633.65
3,313.47
3,819.95
3,924.19
4,000.66
4,646.60
4,844.93
4,918.07
4,848.04
4,734.07

9,295.97
8,785.04
8,266.81
8,839.95
9,848.66
10,189.64
9,765.09
10,295.91
10,791.73
11,342.57
11,486.95
11,335.23

5,256.13
5,106.78
4,596.81
4,771.71
5,051.78
5,224.16
5,410.22
5,706.96
5,838.22
5,931.28
6,155.21
6,430.25

8,396.20
7,690.50
7,235.47
7,992.12
8,398.37
8,593.00
8,679.75
9,375.06
9,634.97
9,857.34
10,227.55
10,433.44

865.58
805.23
757.13
848.15
902.41
926.12
935.82
1,009.72
1,044.55
1,067.66
1,088.07
1,110.38

1,537.20
1,485.98
1,432.23
1,641.15
1,726.08
1,826.99
1,873.84
1,997.16
2,084.75
2,122.85
2,143.53
2,220.60

3.01
3.07
2.92
2.60
2.41
2.35
2.31
2.12
2.06
2.02
1.99
1.95

..................
..................
.86
..................
..................
.82
..................
..................
r 1.19
..................
..................
..................

Week ended:
2009: Dec 12
19
26
2010: Jan 2
9

7,101.85
7,131.73
7,200.88
7,234.91
7,375.72

4,706.15
4,685.24
4,731.29
4,742.90
4,898.26

11,152.90
11,225.94
11,414.62
11,497.28
11,872.68

6,374.18
6,435.31
6,476.99
6,483.54
6,482.52

10,378.09
10,406.26
10,466.40
10,517.26
10,590.94

1,099.98
1,105.95
1,119.79
1,123.88
1,138.66

2,185.50
2,202.36
2,261.42
2,284.98
2,307.09

1.98
1.97
1.93
1.93
1.91

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

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

1 Average

of daily closing prices.
all the stocks (nearly 1,850) 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.
about 3,000 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
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mstockstill on DSKH9S0YB1PROD with ECOIND

2008: Dec ..............................................

FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
In the second month of fiscal 2010, there was a deficit of $296.7 billion, compared with a deficit of $280.7 billion
a year earlier.

[Billions of dollars]

Fiscal year or period

On-budget
Surplus
or
deficit
(¥)

mstockstill on DSKH9S0YB1PROD with ECOIND

Receipts

1992 ..................................
1993 ..................................
1994 ..................................
1995 ..................................
1996 ..................................
1997 ..................................
1998 ..................................
1999 ..................................
2000 ..................................
2001 ..................................
2002 ..................................
2003 ..................................
2004 ..................................
2005 ...................................
2006 ..................................
2007 ..................................
2008 ..................................
2009 1 ................................
2010 (estimates) ...............
Cumulative total, first 2
months: 2
Fiscal year 2009 ............
Fiscal year 2010 ............
1 Data
2 Data

Outlays

1,091.3
1,154.5
1,258.7
1,351.9
1,453.2
1,579.4
1,722.0
1,827.6
2,025.5
1,991.4
1,853.4
1,782.5
1,880.3
2,153.9
2,407.3
2,568.2
2,524.3
2,104.6
2,264.4

1,381.6 ¥290.3
1,409.5 ¥255.1
1,461.9 ¥203.2
1,515.9 ¥164.0
1,560.6 ¥107.4
1,601.3
¥21.9
1,652.7
69.3
1,702.0
125.6
1,789.2
236.2
1,863.2
128.2
2,011.2 ¥157.8
2,160.1 ¥377.6
2,293.0 ¥412.7
2,472.2 ¥318.3
2,655.4 ¥248.2
2,728.9 ¥160.7
2,982.9 ¥458.6
3,521.7 ¥1,417.1
3,766.0 ¥1,501.7

788.9
842.5
923.7
1,000.9
1,085.7
1,187.4
1,306.2
1,383.2
1,544.9
1,483.9
1,338.1
1,258.7
1,345.5
1,576.4
1,798.9
1,933.2
1,866.3
1,450.6
1,603.0

¥280.7
¥296.7

212.4
172.0

309.6
268.9

590.4
565.6

Receipts

from Final Monthly Treasury Statement for fiscal 2009 released on October 16, 2009.
from current issue Monthly Treasury Statement.

Outlays

Off-budget
Surplus
or
deficit
(¥)

Receipts

Outlays

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Surplus
or
deficit
(¥)

Gross Federal

Held by
the public

1,129.3 ¥340.4
1,142.9 ¥300.4
1,182.5 ¥258.8
1,227.2 ¥226.4
1,259.7 ¥174.0
1,290.7 ¥103.2
1,336.1
¥29.9
1,381.3
1.9
1,458.5
86.4
1,516.4
¥32.4
1,655.5 ¥317.4
1,797.1 ¥538.4
1,913.5 ¥568.0
2,070.0 ¥493.6
2,233.4 ¥434.5
2,275.3 ¥342.2
2,508.1 ¥641.9
3,004.7 ¥1,554.1
3,214.6 ¥1,611.6

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
608.4
635.1
658.0
654.0
661.3

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
422.1
453.6
474.8
517.0
551.4

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
186.3
181.5
183.3
137.0
109.9

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
7,905.3
8,451.4
8,950.7
9,985.8
11,873.8
14,087.3

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
4,592.2
4,829.0
5,035.1
5,802.7
7,544.0
9,574.7

¥280.0
¥284.5

97.3
96.9

98.0
109.1

¥.7
¥12.2

10,618.6
12,079.4

6,386.4
7,707.1

492.4
456.5

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

32
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period)

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Total

FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the second month of fiscal 2010, receipts were $40.7 billion lower than a year earlier and outlays were $24.8
billion lower.

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

Fiscal year or period
Total

Corporation
income
taxes

On-budget and off-budget outlays
National defense
Other

Department of
Defense,
military

Total
Total

International
affairs

Health

Medicare

Income Social
security security

Net
interest

Other

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

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

476.0
509.7
543.1
590.2
656.4
737.5
828.6
879.5

100.3
117.5
140.4
157.0
171.8
182.3
188.7
184.7

413.7
428.3
461.5
484.5
509.4
539.4
571.8
611.8

101.4
99.0
113.8
120.2
115.5
120.3
132.9
151.7

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

298.4
291.1
281.6
272.1
265.8
270.5
268.2
274.8

286.8
278.5
268.6
259.4
253.1
258.3
255.8
261.2

16.1
17.2
17.1
16.4
13.5
15.2
13.1
15.2

89.5
99.4
107.1
115.4
119.4
123.8
131.4
141.1

119.0
130.6
144.7
159.9
174.2
190.0
192.8
190.4

199.6
210.0
217.2
223.8
229.7
235.0
237.8
242.5

287.6
304.6
319.6
335.8
349.7
365.3
379.2
390.0

199.3
198.7
202.9
232.1
241.1
244.0
241.1
229.8

172.2
158.0
171.7
160.3
167.3
157.4
189.0
218.2

2000 ............................................
2001 ............................................
2002 ............................................
2003 ............................................
2004 ............................................
2005 ............................................
2006 ............................................
2007 ............................................
2008 ............................................
2009 1 ..........................................
2010 (estimates) ..........................

2,025.5
1,991.4
1,853.4
1,782.5
1,880.3
2,153.9
2,407.3
2,568.2
2,524.3
2,104.6
2,264.4

1,004.5
994.3
858.3
793.7
809.0
927.2
1,043.9
1,163.5
1,145.7
915.3
1,027.8

207.3
151.1
148.0
131.8
189.4
278.3
353.9
370.2
304.3
138.2
163.8

652.9
694.0
700.8
713.0
733.4
794.1
837.8
869.6
900.2
890.9
910.3

160.9
152.0
146.2
144.1
148.5
154.2
171.6
164.9
174.1
160.2
162.5

1,789.2
1,863.2
2,011.2
2,160.1
2,293.0
2,472.2
2,655.4
2,728.9
2,982.9
3,521.7
3,766.0

294.4
304.8
348.5
404.8
455.8
495.3
521.8
551.3
616.1
662.8
720.2

281.1
290.2
331.9
387.2
436.5
474.1
499.3
528.6
594.7
636.8
692.4

17.2
16.5
22.4
21.2
26.9
34.6
29.5
28.5
28.9
36.9
51.8

154.5
172.3
196.5
219.6
240.1
250.6
252.8
266.4
280.6
334.3
386.6

197.1
217.4
230.9
249.4
269.4
298.6
329.9
375.4
390.8
430.1
457.8

253.7
269.8
312.7
334.6
333.1
345.8
352.5
366.0
431.3
533.9
613.9

409.4
433.0
456.0
474.7
495.5
523.3
548.5
586.2
617.0
683.0
707.9

222.9
206.2
170.9
153.1
160.2
184.0
226.6
237.1
252.8
190.9
196.5

239.9
243.4
273.3
302.7
311.9
339.9
393.8
318.1
365.4
649.9
631.3

Cumulative total, first 2
months: 2
Fiscal year 2009 ......................
Fiscal year 2010 ......................

309.6
268.9

146.4
109.1

2.1
¥6.6

135.2
133.8

25.9
32.6

590.4
565.6

116.1
117.9

111.7
113.4

8.6
6.8

49.0
59.0

66.6
74.1

65.0
84.3

104.2
114.9

41.8
35.9

139.2
72.7

1 Data

from Final Monthly Treasury Statement for fiscal 2009 released on October 16, 2009.
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.
2 Data

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

33
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mstockstill on DSKH9S0YB1PROD with ECOIND

1992
1993
1994
1995
1996
1997
1998
1999

Individual
income
taxes

Social
insurance
and
retirement
receipts

FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the third quarter of 2009, according to revised estimates, Federal current receipts fell $21.9 billion (annual rate),
while Federal curent expenditures rose $36.2 billion.

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

Total
Total 1

mstockstill on DSKH9S0YB1PROD with ECOIND

Calendar year:
1999 ................
2000 .................
2001 ................
2002 ................
2003 ................
2004 ................
2005 ................
2006 ................
2007 ................
2008 ................
2006: I ...............
II .............
III ............
IV ............
2007: I ...............
II .............
III ............
IV ............
2008: I ...............
II .............
III ............
IV ............
2009: I ...............
II .............
III r ...........
1 Includes
2 Includes

1,895.0
2,057.1
2,020.3
1,859.3
1,885.1
2,013.9
2,290.1
2,524.5
2,660.8
2,475.0
2,473.8
2,501.8
2,547.4
2,575.1
2,640.1
2,660.1
2,659.9
2,682.9
2,590.7
2,372.1
2,489.5
2,447.8
2,251.3
2,237.0
2,215.1

1,195.4
1,309.6
1,249.4
1,073.5
1,070.2
1,153.8
1,383.7
1,558.3
1,647.2
1,421.7
1,517.6
1,541.6
1,581.3
1,592.8
1,638.3
1,654.0
1,644.8
1,651.7
1,546.0
1,322.8
1,435.2
1,382.9
1,191.5
1,157.4
1,153.2

Personal
current
taxes
893.0
995.6
991.8
828.6
774.2
799.2
931.9
1,049.9
1,168.1
1,102.5
1,023.1
1,034.7
1,053.9
1,088.0
1,136.8
1,157.6
1,177.6
1,200.6
1,195.3
984.2
1,110.1
1,120.2
900.3
829.9
811.0

Taxes
on
production and
imports
83.4
87.3
85.3
86.8
89.3
94.3
98.8
99.4
94.7
92.0
99.6
99.6
99.9
98.6
94.9
94.8
95.4
93.6
92.7
93.1
91.8
90.2
85.7
91.6
93.5

Taxes
on
corporate
income
213.0
219.4
164.7
150.5
197.8
250.3
341.0
395.0
370.2
212.3
383.8
396.1
415.5
384.6
393.6
387.3
358.5
341.3
243.1
231.2
218.5
156.5
192.0
223.8
238.1

654.8
698.6
723.3
739.3
762.8
807.6
852.6
904.6
944.4
974.5
896.9
899.8
904.0
917.8
937.3
938.8
943.8
957.6
970.0
973.0
978.5
976.4
953.0
954.3
957.1

Federal Government current expenditures

Income
receipts
on
assets

Current
transfer
receipts

Current
surplus
of government
enterprises

20.6
24.5
24.5
20.3
22.8
23.2
23.7
26.1
29.1
30.3
24.3
25.5
26.5
28.2
28.3
28.7
29.6
29.8
29.3
31.2
30.6
30.0
40.7
50.8
49.5

23.4
25.7
27.0
26.1
25.6
29.0
33.6
38.3
42.7
52.3
37.1
37.7
38.6
39.9
41.0
41.5
42.6
45.8
47.9
48.4
49.0
64.0
72.7
79.8
58.7

0.8
¥1.2
¥4.0
.2
3.7
.3
¥3.5
¥2.9
¥2.7
¥3.8
¥2.1
¥2.7
¥3.0
¥3.6
¥4.8
¥2.9
¥.8
¥2.1
¥2.5
¥3.4
¥3.9
¥5.4
¥6.7
¥5.3
¥3.5

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

Total 2

1,796.2
1,871.9
1,979.8
2,112.1
2,261.5
2,393.4
2,573.1
2,728.3
2,897.2
3,117.6
2,681.1
2,731.2
2,762.9
2,738.1
2,841.0
2,881.3
2,918.7
2,947.9
3,024.2
3,169.0
3,155.2
3,121.9
3,220.3
3,505.9
3,542.1

Consumption
expenditures

Current
transfer
payments

473.3
496.0
530.2
590.5
660.3
721.4
765.8
811.0
848.8
934.4
810.4
808.5
813.1
812.1
821.1
839.9
860.8
873.4
903.2
923.2
956.0
955.4
954.2
979.1
1,001.2

995.4
1,047.4
1,140.0
1,252.1
1,339.4
1,405.0
1,491.3
1,587.1
1,688.6
1,840.6
1,552.4
1,588.9
1,603.7
1,603.5
1,666.2
1,672.4
1,694.1
1,721.6
1,759.5
1,904.5
1,829.0
1,869.5
1,981.2
2,195.6
2,178.1

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282.7
283.3
258.6
229.1
212.9
221.0
255.4
279.2
312.2
292.0
263.1
282.8
296.7
274.2
306.4
321.3
316.6
304.7
312.3
291.4
319.5
244.6
231.3
277.4
296.3

Subsidies

44.8
45.3
51.1
40.5
49.0
46.0
60.5
51.0
47.6
50.6
55.2
51.1
49.4
48.3
47.4
47.7
47.3
48.2
49.2
49.9
50.7
52.4
53.6
53.7
66.5

Net
Federal
Government
saving

98.8
185.2
40.5
¥252.8
¥376.4
¥379.5
¥283.0
¥203.8
¥236.5
¥642.6
¥207.3
¥229.4
¥215.5
¥163.0
¥200.9
¥221.3
¥258.8
¥265.0
¥433.5
¥796.9
¥665.7
¥674.1
¥969.1
¥1,268.9
¥1,327.0

Source: Department of Commerce, Bureau of Economic Analysis.

34
VerDate Nov 24 2008

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payments

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Current tax receipts
Period

Contributions
for
government
social
insurance

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

United
States

Consumer prices (1982–84=100; NSA)
Germany

Italy

1999 ..............................
99.5
94.4 103.0
97.3
95.4
98.3
101.4
166.6
160.5 121.8 155.0
2000 ..............................
103.7
102.6 108.4
101.0
100.8
102.4
103.2
172.2
164.9 121.0 157.6
2001 ..............................
100.1
98.4 101.3
101.8
101.1
101.3
101.7
177.1
169.0 120.1 160.2
2002 ..............................
100.0
100.0 100.0
100.0
100.0
100.0
100.0
179.9
172.8 119.0 163.3
2003 ..............................
101.3
100.1 103.0
98.9
100.5
99.4
99.3
184.0
177.6 118.7 166.7
2004 ..............................
103.8
101.7 108.0
100.1
103.6
99.0
100.4
188.9
180.9 118.7 170.3
2005 ..............................
107.2
103.7 109.6
100.3
107.1
98.3
99.1
195.3
184.9 118.3 173.2
2006 ..............................
109.7
102.9 114.2
101.6
113.3
101.8
99.2
201.6
188.6 118.7 176.2
2007 ..............................
111.3
102.6 117.6
102.8
120.1
104.0
99.5
207.342
192.6 118.7 178.8
2008 ..............................
108.8
97.2 113.6
100.4
120.1
100.5
96.4
215.303
197.2 120.3 183.8
2009 p ............................. .............. .............. ............ .............. .............. .............. .............. .................. .............. ............ ............

140.5
142.5
145.3
147.4
148.9
151.4
153.7
156.2
159.7
163.9
164.4

226.2
194.3
231.9
200.1
238.3
203.6
244.3
207.0
250.8
213.0
256.3
219.4
261.4
225.6
266.9
232.8
271.8
242.7
280.9
252.4
283.1 ..............

2008: Oct r ....................
Nov r ...................
Dec r ...................

184.6
183.8
183.3

164.5
163.7
164.2

282.9
281.9
281.5

2009: Jan r ...................
100.1
88.5
84.0
88.4
100.6
86.9
87.5
211.143
195.3 119.1 182.6
Feb r ...................
99.3
88.0
76.1
88.1
97.0
83.4
87.0
212.193
196.7 118.8 183.3
Mar r ...................
97.7
86.7
77.3
86.6
97.0
79.7
86.8
212.709
197.0 119.1 183.6
Apr r ...................
97.2
85.5
81.9
85.4
94.1
80.6
86.9
213.240
196.8 119.2 183.9
May r ..................
96.2
83.7
86.6
87.4
98.7
80.6
86.2
213.856
198.2 119.0 184.2
June r .................
95.8
83.4
88.6
87.5
100.0
80.6
86.7
215.693
198.9 118.8 184.4
July r ..................
96.8
83.3
90.4
87.9
98.9
82.3
87.0
215.351
198.2 118.4 183.6
Aug r ...................
98.1
83.3
91.8
90.5
100.6
87.1
84.7
215.834
198.2 118.8 184.5
Sept r ..................
98.6
84.2
93.8
89.4
104.0
82.7
85.8
215.969
198.2 118.8 184.1
Oct p ...................
98.6
84.3
94.3
88.7
102.1
83.1
85.8
216.177
198.0 118.3 184.2
Nov p ...................
99.4 ..............
96.7 ..............
102.9 .............. ..............
216.330
199.1 118.1 184.5
Dec p ................... .............. .............. ............ .............. .............. .............. .............. .................. .............. ............ ............

163.4
164.3
164.2
164.2
164.0
164.7
164.7
165.0
164.3
164.5
164.3
165.6

281.1
246.9
281.7
248.4
281.9
248.3
282.5
248.5
283.1
250.0
283.3
250.7
283.3
250.7
284.2
251.9
283.6
253.0
283.8
253.8
283.8
254.5
284.4 ..............

106.2
104.8
102.4

Canada

Japan

95.9
94.0
91.9

109.6
101.9
93.4

Germany

France

96.9
94.0
92.5

United
Kingdom

Italy

117.8
112.7
107.7

95.5
92.2
88.3

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

United
States 1

93.6
91.5
89.9

Canada

216.573
212.425
210.228

Japan

197.9
197.2
195.8

121.4
120.3
119.8

France

United
Kingdom

255.8
253.8
250.1

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

mstockstill on DSKH9S0YB1PROD with ECOIND

Period

BOP
basis

1999 ............
684.0
2000 ............
772.0
2001 ...........
718.7
2002 ...........
685.2
2003 ...........
715.8
2004 ...........
806.2
2005 ...........
892.3
2006 ........... 1,015.8
2007 ........... 1,138.4
2008 ........... 1,277.0
2008: Oct ..
103.8
Nov
97.5
Dec ..
89.2
2009: Jan ..
82.4
Feb ..
84.4
Mar
82.6
Apr r
80.0
May r
82.1
June r
84.1
July r
86.8
Aug r
86.8
Sept r
90.3
Oct p
93.5

Total,
Census
basis 1

695.8
781.9
729.1
693.1
724.8
818.8
906.0
1,026.0
1,148.2
1,287.4
104.8
98.5
90.1
83.2
85.2
83.6
80.8
83.1
85.0
87.8
87.6
91.1
94.9

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
46.0
47.9
49.4
49.6
55.0
56.6
59.0
66.0
84.3
108.3
8.3
7.9
7.1
7.1
7.1
7.3
7.6
7.9
8.1
7.8
7.9
7.5
7.7

147.5
172.6
160.1
156.8
173.0
203.9
233.0
276.0
316.4
388.0
31.4
27.6
23.2
22.2
22.2
22.4
21.1
23.2
24.4
24.8
25.7
27.1
27.6

310.8 75.3
356.9 80.4
321.7 75.4
290.4 78.9
293.7 80.6
331.4 89.2
363.3 98.4
404.0 107.3
433.0 121.3
457.7 121.5
37.5 10.0
36.4
9.2
35.1
8.1
33.2
5.6
33.3
6.0
31.9
6.0
30.9
5.8
31.0
5.4
31.4
5.5
32.2
6.8
30.9
7.3
32.5
7.5
33.7
7.9

80.9
89.4
88.3
84.4
89.9
103.2
115.3
129.1
146.0
161.3
13.3
13.2
12.6
11.4
12.8
12.4
11.9
12.1
12.1
12.4
12.3
12.8
13.7

BOP
basis

1,031.8
1,226.7
1,148.6
1,168.0
1,264.9
1,478.0
1,683.2
1,863.1
1,969.4
2,117.2
175.2
151.8
142.4
130.0
121.6
121.8
119.9
119.3
122.4
129.5
128.8
137.7
138.4

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

1,024.6
1,218.0
1,141.0
1,161.4
1,257.1
1,469.7
1,673.5
1,853.9
1,957.0
2,103.6
174.4
151.0
141.9
129.6
121.2
121.4
119.5
119.0
122.1
129.3
128.4
137.3
137.9

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.

43.6
46.0
46.6
49.7
55.8
62.1
68.1
74.9
81.7
89.0
7.6
7.4
7.2
6.9
6.7
6.8
6.7
6.8
6.9
6.8
6.7
6.7
6.9

221.4
299.0
273.9
267.7
313.8
412.8
523.8
602.0
634.7
779.5
66.1
48.8
43.6
38.5
34.3
34.5
33.7
33.1
37.0
38.3
37.5
42.9
41.1

295.7
347.0
298.0
283.3
295.9
343.6
379.3
418.3
444.5
453.7
37.2
35.4
34.1
31.9
30.1
29.6
28.6
28.9
28.9
30.1
30.1
30.9
32.0

179.0
195.9
189.8
203.7
210.1
228.2
239.4
256.6
259.2
233.8
17.9
16.7
15.2
11.5
10.2
10.6
10.5
10.2
11.1
13.4
14.7
16.3
16.8

241.9
281.8
284.3
307.8
333.9
372.9
407.2
442.6
474.6
481.6
40.1
37.4
36.7
36.1
34.6
35.2
35.5
35.5
33.7
35.4
34.8
35.4
36.4

Exports

Imports

Goods,
Census
basis

Goods

281.9
298.6
286.2
292.3
304.3
353.1
389.1
435.9
504.8
549.6
45.9
44.0
43.7
41.6
40.9
40.3
41.7
41.4
42.1
42.6
42.9
43.1
43.3

199.2
223.7
221.8
231.1
250.4
291.2
313.5
349.0
375.2
405.3
33.9
33.0
32.4
30.9
30.3
30.0
30.3
30.0
30.7
31.3
31.2
31.4
31.4

¥328.8
¥436.1
¥411.9
¥468.3
¥532.4
¥650.9
¥767.5
¥828.0
¥808.8
¥816.2
¥69.6
¥52.5
¥51.9
¥46.5
¥36.0
¥37.7
¥38.7
¥35.9
¥37.1
¥41.5
¥40.8
¥46.2
¥43.0

¥347.8
¥454.7
¥429.9
¥482.8
¥549.0
¥671.8
¥790.9
¥847.3
¥831.0
¥840.3
¥71.4
¥54.3
¥53.2
¥47.6
¥37.2
¥39.2
¥39.9
¥37.2
¥38.3
¥42.8
¥42.0
¥47.4
¥44.8

Services

82.7
74.9
64.4
61.2
54.0
61.8
75.6
86.9
129.6
144.3
12.0
11.0
11.3
10.6
10.6
10.3
11.4
11.4
11.4
11.3
11.7
11.7
11.9

Goods
and
services

¥265.1
¥379.8
¥365.5
¥421.6
¥495.0
¥610.0
¥715.3
¥760.4
¥701.4
¥695.9
¥59.4
¥43.2
¥41.9
¥37.0
¥26.6
¥28.9
¥28.5
¥25.8
¥26.9
¥31.4
¥30.3
¥35.7
¥32.9

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

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U.S. INTERNATIONAL TRANSACTIONS
In the third quarter of 2009, the goods deficit rose to $132.1 billion, from $115.5 billion in the second quarter.
The current account deficit rose to $108.0 billion in the third quarter, from $98.0 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

Net
travel
and
transportation

Income receipts and payments

Other
services,
net

Balance
on
goods
and
services

Receipts

Payments

Balance
on
income

Unilateral
current
transfers,
net 3

Balance
on
current
account

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

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

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

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

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

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

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

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

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

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

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

¥50,428
¥58,645
¥64,487
¥64,948
¥71,794
¥88,362
¥105,772
¥91,273
¥115,996
¥128,363

¥301,630
¥417,426
¥398,270
¥459,151
¥521,519
¥631,130
¥748,683
¥803,547
¥726,573
¥706,068

2007: I ........
II .......
III .....
IV .....

269,538
277,655
289,160
302,031

¥475,571
¥483,294
¥494,075
¥516,435

¥206,033
¥205,639
¥204,915
¥214,404

¥933
¥2,912
¥2,593
¥946

¥1,642
¥899
1,241
3,644

30,570
31,891
34,802
37,346

¥178,038
¥177,560
¥171,465
¥174,360

186,981
202,312
213,505
216,132

¥177,234
¥189,531
¥185,098
¥176,220

9,747
12,781
28,407
39,912

¥30,807
¥25,752
¥28,557
¥30,883

¥199,098
¥190,531
¥171,614
¥165,330

2008: I ........
II .......
III .....
IV .....

315,637
332,876
337,912
290,569

¥534,482
¥554,372
¥559,002
¥469,389

¥218,846
¥221,496
¥221,090
¥178,820

¥2,543
¥3,055
¥4,664
¥3,618

3,076
4,922
5,595
2,581

35,659
36,784
34,217
35,363

¥182,653
¥182,847
¥185,942
¥144,495

202,927
198,796
195,319
167,596

¥166,241
¥172,521
¥161,194
¥146,450

36,686
26,274
34,125
21,146

¥33,330
¥31,147
¥32,361
¥31,527

¥179,298
¥187,719
¥184,178
¥154,875

2009: I ........
II r .....
III p ....

249,374
246,134
263,911

¥373,411
¥361,621
¥396,050

¥124,036
¥115,487
¥132,138

¥3,017
¥1,855
¥2,044

1,985
3,509
3,939

32,661
32,592
32,865

¥92,408
¥81,240
¥97,378

135,352 ¥117,051
135,074 ¥118,404
140,403 ¥116,694

18,301
16,670
23,709

¥30,343
¥33,410
¥34,365

¥104,450
¥97,980
¥108,034

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).

3 Includes transfers of goods and services under U.S. military grant programs.
See p. 37 for continuation of table.

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1999
2000
2001
2002
2003
2004
2005
2006
2007
2008

U.S. INTERNATIONAL TRANSACTIONS—Continued
In the financial account, U.S. claims on foreigners reported by U.S. banks increased $240.1 billion in the third
quarter of 2009, following an increase of $27.2 billion in the second quarter. U.S. liabilities to private foreigners
reported by U.S. banks, excluding Treasury securities, increased $127.0 billion in the third quarter, following a decrease
of $178.9 billion in the second quarter.

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

Period

Total

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

.........
.........
.........
.........
.........
.........
.........
.........
.........
.........
I ....
II ...
III
IV ..
2008: I ....
II ...
III
IV ..
2009: I ....
II r ..
III p

¥4,939
¥504,062
¥1,010
¥560,523
11,922
¥382,616
¥1,470
¥294,646
¥3,480
¥325,424
1,323 ¥1,000,870
11,344
¥546,631
¥3,906 ¥1,285,729
¥1,895 ¥1,472,126
953
¥106
¥549
¥485,867
¥124
¥545,158
¥625
¥192,530
¥597
¥248,571
¥637
¥251,501
¥682
107,343
2,967
29,322
¥695
114,730
¥710
94,734
¥719
37,398
¥686
¥294,102

U.S.
official
reserve
assets 4

8,747
¥290
¥4,911
¥3,681
1,523
2,805
14,096
2,374
¥122
¥4,848
¥72
26
¥54
¥22
¥276
¥1,267
¥179
¥3,126
¥982
¥3,632
¥49,021

Other U.S.
Government
assets

Statistical discrepancy

Foreign-owned assets in the U.S.,
excluding financial derivatives
[increase/financial inflow (+)]
U.S.
private
assets

2,750
¥515,559
¥941
¥559,292
¥486
¥377,219
345
¥291,310
537
¥327,484
1,710 ¥1,005,385
5,539
¥566,266
5,346 ¥1,293,449
¥22,273 ¥1,449,731
¥529,615
534,357
445
¥486,240
¥596
¥544,588
623
¥193,099
¥22,744
¥225,805
3,268
¥254,493
¥41,592
150,202
¥225,997
255,498
¥265,293
383,150
244,102
¥148,387
193,750
¥152,720
57,928
¥303,009

Total

742,210
1,038,224
782,870
795,161
858,303
1,533,201
1,247,347
2,065,169
2,129,460
534,071
700,961
737,457
278,424
412,618
426,058
2,003
117,897
¥11,888
¥67,757
14,614
332,407

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

Foreign
official
assets

43,543
42,758
28,059
115,945
278,069
397,755
259,268
487,939
480,949
487,021
165,837
88,331
47,674
179,107
208,646
178,826
115,573
¥16,024
70,892
124,299
123,584

Other
foreign
assets

698,667
995,466
754,811
679,216
580,234
1,135,446
988,079
1,577,230
1,648,511
47,050
535,124
649,126
230,750
233,511
217,412
¥176,823
2,324
4,136
¥138,649
¥109,685
208,823

Financial
derivatives,
net

Total (sum
of the items
with sign
reversed)

..................
..................
..................
..................
..................
..................
..................
29,710
6,222
¥28,905
14,795
¥1,007
5,942
¥13,508
¥7,966
¥2,355
¥4,075
¥14,509
8,407
11,265
-------

68,421
¥59,265
¥13,906
¥39,894
¥7,880
97,476
36,623
¥1,698
64,912
200,055
¥30,242
¥637
80,403
15,388
13,344
81,410
38,067
67,236
69,777
35,422
70,416

Of which:
Seasonal
adjustment
discrepancy

..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
10,399
¥528
¥23,938
14,066
14,659
¥3,037
¥25,884
14,264
10,571
¥1,806
¥20,677

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

71,516
67,647
68,654
79,006
85,938
86,824
65,127
65,895
70,565
77,648
66,551
66,127
69,070
70,565
75,764
75,740
71,834
77,648
74,958
81,489
134,296

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

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

Capital
account
transactions,
net

Contents
Page

TOTAL OUTPUT, INCOME, AND SPENDING
Gross Domestic Product ..........................................................................................................................................................................................
Real Gross Domestic Product ..................................................................................................................................................................................
Chained Price Indexes for Gross Domestic Product ................................................................................................................................................
Gross Domestic Product and Related Price Measures: Indexes and Percent Changes ..............................................................................................
Nonfinancial Corporate Business—Gross Value Added and Price, Costs, and Profits .............................................................................................
National Income ......................................................................................................................................................................................................
Real Personal Consumption Expenditures ...............................................................................................................................................................
Sources of Personal Income ......................................................................................................................................................................................
Disposition of Personal Income ...............................................................................................................................................................................
Farm Income ............................................................................................................................................................................................................
Corporate Profits ......................................................................................................................................................................................................
Real Gross Private Domestic Investment ................................................................................................................................................................
Real Private Fixed Investment by Type ..................................................................................................................................................................
Business Investment ................................................................................................................................................................................................

1
2
2
3
3
4
4
5
6
7
8
9
10
10

EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force .........................................................................................................................................................................................
Selected Unemployment Rates ................................................................................................................................................................................
Selected Measures of Unemployment and Unemployment Insurance Programs ......................................................................................................
Nonagricultural Employment ..................................................................................................................................................................................
Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries .................................................................
Employment Cost Index—Private Industry .............................................................................................................................................................
Productivity and Related Data, Business Sector ......................................................................................................................................................

11
12
13
14
15
15
16

PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization .......................................................................................................................................................
Industrial Production—Major Market Groups and Selected Manufactures ..............................................................................................................
New Construction ....................................................................................................................................................................................................
New Private Housing and Vacancy Rates ...............................................................................................................................................................
Business Sales and Inventories—Manufacturing and Trade .....................................................................................................................................
Manufacturers’ Shipments, Inventories, and Orders .................................................................................................................................................

17
18
19
19
20
21

PRICES
Producer Prices ........................................................................................................................................................................................................
Consumer Prices—All Urban Consumers ................................................................................................................................................................
Changes in Producer Prices for Finished Goods ......................................................................................................................................................
Changes in Consumer Prices—All Urban Consumers .............................................................................................................................................
Prices Received and Paid by Farmers ......................................................................................................................................................................

22
23
24
24
25

MONEY, CREDIT, AND SECURITY MARKETS
Money Stock and Debt Measures .............................................................................................................................................................................
Components of Money Stock ...................................................................................................................................................................................
Aggregate Reserves and Monetary Base ...................................................................................................................................................................
Bank Credit at All Commercial Banks ....................................................................................................................................................................
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business ..................................................................................................................
Consumer Credit ......................................................................................................................................................................................................
Interest Rates and Bond Yields ...............................................................................................................................................................................
Common Stock Prices and Yields ............................................................................................................................................................................

26
27
27
28
29
29
30
31

FEDERAL FINANCE
Federal Receipts, Outlays, and Debt .......................................................................................................................................................................
Federal Receipts by Source and Outlays by Function ..............................................................................................................................................
Federal Sector, National Income Accounts Basis .....................................................................................................................................................

32
33
34

INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries ...............................................................................................................
U.S. International Trade in Goods and Services ......................................................................................................................................................
U.S. International Transactions ................................................................................................................................................................................

35
35
36

mstockstill on DSKH9S0YB1PROD with ECOIND

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.
For sale by the Superintendent of Documents, U.S. Government Printing Office,
Washington, D.C. 20402. Price $5.00 (single copy) ($7.00 foreign).
Subscription price: $58.00 per year; $81.20 for foreign mailing.

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Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102