Full text of Economic Indicators : February 2007
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110th Congress, 1st Session Economic Indicators FEBRUARY 2007 (Includes data available as of March 9, 2007) Prepared for the Joint Economic Committee by the Council of Economic Advisers UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON : 2007 JOINT ECONOMIC COMMITTEE (Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.) CHARLES E. SCHUMER, New York, Chairman CAROLYN B. MALONEY, New York, Vice Chair SENATE HOUSE OF REPRESENTATIVES COUNCIL OF ECONOMIC ADVISERS EDWARD P. LAZEAR, Chairman KATHERINE BAICKER, Member [PUBLIC LAW 120—81ST CONGRESS; CHAPTER 237—1ST SESSION] JOINT RESOLUTION [S.J. Res. 55] To print the monthly publication entitled ‘‘Economic Indicators’’ Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint Economic Committee be authorized to issue a monthly publication entitled ‘‘Economic Indicators,’’ and that a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic Committee; and the required numbers of copies to the Superintendent of Documents for distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public. Approved June 23, 1949. Charts prepared under the direction of the Printing and Procurement Branch, Office of the Secretary, Department of Commerce. Economic Indicators, published monthly, is available at $5.00 a single copy ($7.00 foreign), or by subscription at $58.00 per year ($81.20 for foreign mailing) from: SUPERINTENDENT OF DOCUMENTS GOVERNMENT PRINTING OFFICE WASHINGTON, D.C. 20402 For sale by the U.S. Government Printing Office Superintendent of Documents, Mail Stop: SSOP, Washington, DC 20402–9328 Also available on the internet at the following address: http://www.gpoaccess.gov/indicators ii TOTAL OUTPUT, INCOME, AND SPENDING GROSS DOMESTIC PRODUCT In the fourth quarter of 2006, according to revised estimates, current-dollar gross domestic product (GDP) rose 3.9 percent (annual rate), real GDP (GDP in chained 2000 dollars) rose 2.2 percent, and the implicit price deflator rose 1.6 percent. [Billions of current dollars; quarterly data at seasonally adjusted annual rates] Period 1997 ...................... 1998 ...................... 1999 ...................... 2000 ...................... 2001 ...................... 2002 ...................... 2003 ...................... 2004 ...................... 2005 ...................... 2006 r .................... 2003: I ................ II ............... III ............. IV .............. 2004: I ................ II ............... III ............. IV .............. 2005: I ................ II ............... III ............. IV .............. 2006: I ................ II ............... III ............. IV r ............. 1 GDP Exports and imports of goods and services Personal Gross Gross conprivate domestic sumption domestic product expendi- investtures ment Net exports Exports 8,304.3 8,747.0 9,268.4 9,817.0 10,128.0 10,469.6 10,960.8 11,712.5 12,455.8 13,244.6 10,705.6 10,831.8 11,086.1 11,219.5 11,430.9 11,649.3 11,799.4 11,970.3 12,173.2 12,346.1 12,573.5 12,730.5 13,008.4 13,197.3 13,322.6 13,449.9 ¥101.6 ¥159.9 ¥260.5 ¥379.5 ¥367.0 ¥424.4 ¥499.4 ¥613.2 ¥716.7 ¥763.2 ¥499.3 ¥501.3 ¥495.2 ¥501.8 ¥543.4 ¥606.2 ¥630.7 ¥672.7 ¥676.2 ¥686.4 ¥728.8 ¥775.4 ¥765.2 ¥781.8 ¥801.7 ¥704.3 955.3 955.9 991.2 1,096.3 1,032.8 1,005.9 1,040.8 1,178.1 1,303.1 1,466.1 1,012.4 1,010.8 1,040.7 1,099.1 1,135.1 1,166.3 1,185.3 1,225.8 1,254.0 1,293.8 1,312.4 1,352.4 1,405.4 1,448.1 1,488.3 1,522.7 5,547.4 5,879.5 6,282.5 6,739.4 7,055.0 7,350.7 7,703.6 8,211.5 8,742.4 9,269.0 7,548.1 7,628.4 7,782.6 7,855.3 8,018.0 8,148.1 8,265.0 8,414.8 8,519.7 8,674.6 8,847.3 8,927.8 9,079.2 9,228.1 9,346.7 9,422.1 1,389.8 1,509.1 1,625.7 1,735.5 1,614.3 1,582.1 1,664.1 1,888.0 2,057.4 2,211.6 1,606.4 1,617.1 1,690.5 1,742.3 1,781.9 1,892.2 1,917.7 1,960.2 2,013.5 2,009.1 2,052.6 2,154.5 2,214.8 2,237.1 2,235.5 2,159.0 Government consumption expenditures and gross investment Federal Imports Total Total less exports of goods and services plus imports of goods and services. 1,056.9 1,115.9 1,251.7 1,475.8 1,399.8 1,430.3 1,540.2 1,791.4 2,019.9 2,229.4 1,511.7 1,512.1 1,535.9 1,600.9 1,678.5 1,772.5 1,815.9 1,898.5 1,930.2 1,980.2 2,041.2 2,127.8 2,170.6 2,229.8 2,290.1 2,226.9 1,468.7 1,518.3 1,620.8 1,721.6 1,825.6 1,961.1 2,092.5 2,226.2 2,372.8 2,527.2 2,050.3 2,087.7 2,108.2 2,123.7 2,174.4 2,215.1 2,247.3 2,268.0 2,316.2 2,348.9 2,402.4 2,423.6 2,479.6 2,513.9 2,542.1 2,573.1 530.9 530.4 555.8 578.8 612.9 679.7 756.4 825.9 878.3 926.4 725.9 762.2 764.8 772.8 808.2 823.8 838.4 833.2 862.9 868.4 895.8 886.2 921.7 919.7 927.2 937.2 National defense 349.6 345.7 360.6 370.3 392.6 437.1 497.2 551.2 589.3 621.0 467.4 506.9 501.5 513.1 537.7 548.1 564.1 555.1 576.8 584.3 605.0 590.9 613.5 616.5 618.1 635.7 Nondefense 181.3 184.7 195.2 208.5 220.3 242.5 259.2 274.7 289.0 305.5 258.5 255.3 263.3 259.7 270.5 275.7 274.3 278.1 286.0 284.1 290.7 295.3 308.2 303.2 309.0 301.5 State and local 937.8 987.9 1,065.0 1,142.8 1,212.8 1,281.5 1,336.0 1,400.3 1,494.4 1,600.7 1,324.4 1,325.5 1,343.3 1,350.9 1,366.3 1,391.4 1,409.0 1,434.8 1,453.3 1,480.5 1,506.6 1,537.4 1,557.9 1,594.2 1,614.9 1,635.9 Final sales of domestic product Gross domestic purchases 1 Addendum: Gross national product 8,232.3 8,676.2 9,201.5 9,760.5 10,159.7 10,457.7 10,946.5 11,655.1 12,434.6 13,196.5 10,682.6 10,835.4 11,074.3 11,193.6 11,392.9 11,569.9 11,744.6 11,913.0 12,113.8 12,353.7 12,588.8 12,681.9 12,961.2 13,135.1 13,258.4 13,431.2 8,405.9 8,906.9 9,528.9 10,196.4 10,495.0 10,894.0 11,460.2 12,325.7 13,172.5 14,007.8 11,204.8 11,333.1 11,581.3 11,721.3 11,974.4 12,255.4 12,430.1 12,643.0 12,849.4 13,032.6 13,302.3 13,505.9 13,773.6 13,979.1 14,124.3 14,154.2 8,337.3 8,768.3 9,302.2 9,855.9 10,171.6 10,500.2 11,017.6 11,758.7 12,487.7 .............. 10,744.9 10,888.4 11,139.8 11,297.3 11,501.5 11,689.7 11,845.3 11,998.5 12,207.5 12,374.6 12,625.7 12,743.0 13,037.4 13,220.1 13,339.2 .............. Source: Department of Commerce, Bureau of Economic Analysis. 1 REAL GROSS DOMESTIC PRODUCT [Billions of chained (2000) dollars; quarterly data at seasonally adjusted annual rates] Gross private domestic investment Period 1997 ......... 1998 ......... 1999 ......... 2000 ......... 2001 ......... 2002 ......... 2003 ......... 2004 ......... 2005 ......... 2006 r ........ 2003: I .... II ... III IV .. 2004: I .... II ... III IV .. 2005: I .... II ... III IV .. 2006: I .... II ... III IV r Gross domestic product 8,703.5 9,066.9 9,470.3 9,817.0 9,890.7 10,048.8 10,301.0 10,703.5 11,048.6 11,413.6 10,126.0 10,212.7 10,398.7 10,467.0 10,566.3 10,671.5 10,753.3 10,822.9 10,913.8 11,001.8 11,115.1 11,163.8 11,316.4 11,388.1 11,443.5 11,506.5 Personal conNonresi- Resi- Change sumption dential dential in priexpendifixed fixed vate tures invest- invest- invenment ment tories 5,831.8 6,125.8 6,438.6 6,739.4 6,910.4 7,099.3 7,295.3 7,577.1 7,841.2 8,091.1 7,184.9 7,249.3 7,352.9 7,394.3 7,479.8 7,534.4 7,607.1 7,687.1 7,739.4 7,819.8 7,895.3 7,910.2 8,003.8 8,055.0 8,111.2 8,194.4 934.2 1,037.8 1,133.3 1,232.1 1,180.5 1,071.5 1,081.8 1,145.8 1,223.8 1,313.0 1,047.5 1,074.5 1,098.8 1,106.5 1,111.2 1,130.7 1,158.8 1,182.3 1,199.7 1,214.8 1,232.4 1,248.2 1,288.8 1,302.8 1,334.2 1,326.0 388.6 71.2 418.3 72.6 443.6 68.9 446.9 56.5 448.5 ¥31.7 469.9 12.5 509.4 14.3 559.9 53.4 608.0 19.6 582.5 41.9 484.1 24.3 496.3 ¥2.7 521.8 10.5 535.2 25.0 539.2 35.9 564.1 74.7 568.6 50.8 567.7 52.0 582.8 55.2 609.9 ¥7.4 620.4 ¥12.7 618.9 43.5 618.5 41.2 600.5 53.7 570.3 55.4 540.8 17.3 Exports and imports of goods and services Government consumption expenditures and gross investment Federal Net exports Exports Imports Total ¥104.6 ¥203.7 ¥296.2 ¥379.5 ¥399.1 ¥471.3 ¥518.9 ¥590.9 ¥619.2 ¥618.7 ¥507.2 ¥526.9 ¥513.8 ¥527.8 ¥548.5 ¥593.9 ¥599.4 ¥621.9 ¥626.4 ¥606.1 ¥607.6 ¥636.6 ¥636.6 ¥624.2 ¥628.8 ¥585.1 943.7 966.5 1,008.2 1,096.3 1,036.7 1,013.3 1,026.1 1,120.4 1,196.1 1,302.7 1,003.3 999.0 1,026.3 1,075.8 1,094.8 1,111.3 1,124.3 1,151.3 1,164.5 1,191.0 1,200.5 1,228.4 1,269.3 1,288.5 1,310.0 1,343.1 1,048.3 1,170.3 1,304.4 1,475.8 1,435.8 1,484.6 1,545.0 1,711.3 1,815.3 1,921.4 1,510.5 1,525.9 1,540.0 1,603.6 1,643.2 1,705.2 1,723.7 1,773.1 1,790.9 1,797.1 1,808.1 1,865.0 1,905.9 1,912.7 1,938.8 1,928.1 1,594.0 1,624.4 1,686.9 1,721.6 1,780.3 1,858.8 1,904.8 1,940.6 1,958.0 1,998.3 1,879.3 1,907.5 1,914.5 1,918.0 1,931.8 1,942.6 1,948.7 1,939.3 1,947.2 1,952.6 1,968.8 1,963.5 1,987.1 1,991.2 1,999.4 2,015.5 1 GDP less exports of goods and services plus imports of goods and services. NOTE.—Because of the formula used for calculating real GDP, the chained (2000) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates. Total National defense Nondefense 567.6 561.2 573.7 578.8 601.4 643.4 687.1 716.6 727.5 741.8 662.5 693.0 693.7 699.0 711.3 715.7 724.5 714.9 720.8 721.6 738.2 729.6 745.1 736.6 738.9 746.8 373.0 365.3 372.2 370.3 384.9 413.2 449.0 475.4 483.6 492.8 424.2 458.4 452.2 461.1 471.3 473.6 484.0 472.6 477.8 481.1 494.1 481.4 491.8 489.3 487.8 502.2 194.5 195.9 201.5 208.5 216.5 230.2 238.0 241.0 243.7 248.8 238.4 234.5 241.5 237.8 239.9 241.9 240.1 242.1 242.8 240.1 243.8 248.0 253.1 247.0 250.9 244.3 State and local 1,025.9 1,063.0 1,113.2 1,142.8 1,179.0 1,215.4 1,217.8 1,223.9 1,230.4 1,256.3 1,216.9 1,214.4 1,220.8 1,219.0 1,220.4 1,226.8 1,224.1 1,224.3 1,226.3 1,230.9 1,230.5 1,233.7 1,242.0 1,254.4 1,260.3 1,268.5 Final sales of domestic product Gross domestic purchases 1 Addendum: Gross national product 8,636.6 8,997.6 9,404.0 9,760.5 9,920.9 10,036.5 10,285.1 10,648.3 11,025.2 11,365.4 10,100.9 10,213.7 10,385.9 10,440.0 10,528.7 10,596.1 10,700.1 10,768.2 10,856.5 11,005.3 11,123.5 11,115.5 11,269.0 11,328.0 11,381.6 11,483.2 8,807.6 9,272.5 9,767.7 10,196.4 10,290.1 10,517.7 10,815.5 11,286.5 11,659.7 12,026.3 10,629.0 10,734.6 10,908.7 10,989.5 11,108.5 11,257.2 11,344.5 11,435.9 11,531.5 11,599.9 11,714.6 11,792.9 11,946.3 12,005.9 12,066.6 12,086.6 8,737.5 9,088.7 9,504.7 9,855.9 9,933.6 10,079.0 10,355.3 10,746.8 11,077.9 .............. 10,163.8 10,266.9 10,449.9 10,540.5 10,632.2 10,709.4 10,796.3 10,849.3 10,946.0 11,028.2 11,162.0 11,175.6 11,342.7 11,408.5 11,458.5 .............. Source: Department of Commerce, Bureau of Economic Analysis. IMPLICIT PRICE DEFLATORS FOR GROSS DOMESTIC PRODUCT [Index numbers, 2000=100; quarterly data are seasonally adjusted] Personal consumption expenditures Period 1997 ................. 1998 ................. 1999 ................. 2000 ................. 2001 ................. 2002 ................. 2003 ................. 2004 ................. 2005 ................. 2006 r ................ 2003: I ............ II ........... III ......... IV .......... 2004: I ............ II ........... III ......... IV .......... 2005: I ............ II ........... III ......... IV .......... 2006: I ............ II ........... III ......... IV r ......... Gross domestic product 95.414 96.472 97.868 100.000 102.399 104.187 106.404 109.426 112.737 116.042 105.724 106.062 106.611 107.190 108.183 109.162 109.728 110.601 111.539 112.219 113.121 114.034 114.951 115.887 116.420 116.890 Total 95.124 95.979 97.575 100.000 102.094 103.542 105.597 108.373 111.493 114.558 105.055 105.230 105.845 106.235 107.195 108.146 108.649 109.467 110.083 110.931 112.058 112.865 113.436 114.564 115.232 114.982 Durable goods Nondurable goods 107.068 104.152 101.625 100.000 98.113 95.767 92.366 90.844 90.198 88.981 93.827 92.821 91.882 91.065 91.054 91.109 90.581 90.648 90.712 90.573 89.912 89.610 89.389 89.210 88.970 88.370 Source: Department of Commerce, Bureau of Economic Analysis. 2 93.835 93.821 96.174 100.000 101.531 102.090 104.145 107.617 111.531 114.939 104.173 103.420 104.420 104.553 106.007 107.553 107.854 109.017 109.310 110.587 112.998 113.158 113.466 115.750 116.423 114.122 Gross private domestic investment Services 93.304 95.318 97.393 100.000 103.256 106.019 109.379 112.863 116.529 120.521 108.071 108.996 109.801 110.620 111.564 112.435 113.294 114.123 115.041 115.921 116.850 118.273 119.185 120.051 120.953 121.861 Nonresidential fixed 103.696 101.421 100.057 100.000 99.683 99.513 99.591 100.834 103.428 106.354 99.665 99.342 99.508 99.845 100.082 100.607 100.967 101.625 102.528 103.043 103.596 104.499 105.459 106.255 106.490 107.186 Exports and imports of Government consumption expenditures goods and services and gross investment Federal Residential fixed 89.843 92.239 95.780 100.000 104.633 107.240 112.372 120.618 126.714 131.696 111.400 111.457 112.181 114.285 117.166 119.707 121.866 123.551 124.256 125.409 127.533 129.496 130.724 131.654 131.613 132.940 Exports Imports Total 101.233 98.905 98.313 100.000 99.625 99.272 101.429 105.152 108.950 112.543 100.910 101.180 101.409 102.164 103.684 104.955 105.423 106.472 107.684 108.632 109.324 110.091 110.720 112.383 113.614 113.373 100.816 95.354 95.960 100.000 97.497 96.342 99.686 104.678 111.269 116.028 100.078 99.097 99.734 99.828 102.149 103.948 105.353 107.070 107.777 110.189 112.890 114.090 113.890 116.581 118.116 115.495 93.533 94.512 96.883 100.000 101.908 105.632 110.095 115.249 120.726 124.884 109.569 109.979 110.252 110.552 113.613 115.093 115.721 116.555 119.706 120.355 121.346 121.472 123.715 124.865 125.475 125.484 National defense Nondefense State and local 93.716 94.643 96.886 100.000 102.002 105.792 110.751 115.954 121.855 126.013 110.187 110.584 110.908 111.280 114.091 115.715 116.530 117.460 120.736 121.446 122.461 122.753 124.746 125.999 126.707 126.596 93.192 94.269 96.880 100.000 101.738 105.345 108.898 113.962 118.606 122.759 108.442 108.878 109.052 109.218 112.773 113.972 114.227 114.869 117.785 118.311 119.257 119.056 121.783 122.733 123.151 123.395 91.414 92.935 95.667 100.000 102.868 105.434 109.712 114.417 121.463 127.416 108.838 109.143 110.041 110.822 111.952 113.419 115.104 117.189 118.516 120.272 122.434 124.615 125.428 127.090 128.142 128.963 GROSS DOMESTIC PRODUCT AND RELATED PRICE MEASURES: INDEXES AND PERCENT CHANGES [Quarterly data are seasonally adjusted] Percent change from preceding period 1 Index numbers, 2000=100 Real GDP (chain-type quantity index) Period 1997 ...................................................................................... 1998 ...................................................................................... 1999 ...................................................................................... 2000 ...................................................................................... 2001 ...................................................................................... 2002 ...................................................................................... 2003 ...................................................................................... 2004 ...................................................................................... 2005 ...................................................................................... 2006 r .................................................................................... 2002: I ................................................................................ II ............................................................................... III ............................................................................. IV .............................................................................. 2003: I ................................................................................ II ............................................................................... III ............................................................................. IV .............................................................................. 2004: I ................................................................................ II ............................................................................... III ............................................................................. IV .............................................................................. 2005: I ................................................................................ II ............................................................................... III ............................................................................. IV .............................................................................. 2006: I ................................................................................ II ............................................................................... III ............................................................................. IV r ............................................................................. 1 Quarterly 88.658 92.359 96.469 100.000 100.751 102.362 104.931 109.031 112.546 116.264 101.633 102.186 102.788 102.840 103.148 104.031 105.926 106.621 107.633 108.705 109.538 110.247 111.173 112.069 113.223 113.719 115.274 116.004 116.569 117.210 GDP chain-type price index 95.415 96.475 97.868 100.000 102.402 104.193 106.409 109.429 112.744 116.061 103.553 103.944 104.347 104.926 105.742 106.076 106.616 107.204 108.190 109.172 109.744 110.610 111.558 112.229 113.139 114.048 114.967 115.905 116.446 116.924 percent changes are at annual rates. GDP implicit price deflator GDP (current dollars) 95.414 96.472 97.868 100.000 102.399 104.187 106.404 109.426 112.737 116.042 103.568 103.938 104.328 104.907 105.724 106.062 106.611 107.190 108.183 109.162 109.728 110.601 111.539 112.219 113.121 114.034 114.951 115.887 116.420 116.890 6.2 5.3 6.0 5.9 3.2 3.4 4.7 6.9 6.3 6.3 4.3 3.7 3.9 2.4 4.4 4.8 9.7 4.9 7.8 7.9 5.3 5.9 7.0 5.8 7.6 5.1 9.0 5.9 3.8 3.9 Real GDP (chain-type quantity index) GDP chain-type price index 4.5 4.2 4.5 3.7 .8 1.6 2.5 3.9 3.2 3.3 2.7 2.2 2.4 .2 1.2 3.5 7.5 2.7 3.9 4.0 3.1 2.6 3.4 3.3 4.2 1.8 5.6 2.6 2.0 2.2 GDP implicit price deflator 1.7 1.1 1.4 2.2 2.4 1.7 2.1 2.8 3.0 2.9 1.7 1.5 1.6 2.2 3.1 1.3 2.1 2.2 3.7 3.7 2.1 3.2 3.5 2.4 3.3 3.3 3.3 3.3 1.9 1.7 1.7 1.1 1.4 2.2 2.4 1.7 2.1 2.8 3.0 2.9 1.5 1.4 1.5 2.2 3.2 1.3 2.1 2.2 3.8 3.7 2.1 3.2 3.4 2.5 3.3 3.3 3.3 3.3 1.9 1.6 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 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2003: ........................................................ ........................................................ ........................................................ ........................................................ ........................................................ ........................................................ ........................................................ ........................................................ ........................................................ ........................................................ I ................................................... II ................................................. III ................................................ IV ................................................ 2004: I ................................................... II ................................................. III ................................................ IV ................................................ 2005: I ................................................... II ................................................. III ................................................ IV ................................................ 2006: I ................................................... II ................................................. III r ............................................... Chained (2000) dollars 4,109.5 4,401.8 4,655.0 4,950.8 5,272.2 5,293.5 5,371.7 5,558.4 5,932.9 6,369.7 5,443.9 5,501.6 5,603.3 5,684.6 5,780.2 5,878.9 5,992.9 6,079.6 6,193.9 6,324.4 6,425.7 6,534.8 6,788.2 6,790.0 6,898.9 4,196.4 4,469.3 4,725.4 5,011.0 5,272.2 5,224.5 5,269.7 5,387.5 5,630.0 5,852.9 5,298.6 5,345.0 5,424.6 5,481.9 5,549.0 5,587.8 5,677.7 5,705.7 5,763.4 5,844.4 5,875.8 5,927.8 6,111.2 6,069.0 6,158.9 Total Compensation of employees (unit labor cost) 0.979 .985 .985 .988 1.000 1.013 1.019 1.032 1.054 1.088 1.027 1.029 1.033 1.037 1.042 1.052 1.056 1.066 1.075 1.082 1.094 1.102 1.111 1.119 1.120 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. 0.627 .629 .645 .652 .672 .688 .685 .687 .688 .700 .685 .689 .687 .689 .684 .686 .686 .695 .696 .693 .705 .708 .710 .717 .712 Total 0.228 .228 .226 .229 .237 .257 .253 .253 .250 .257 .257 .253 .252 .251 .248 .250 .250 .252 .254 .255 .262 .258 .253 .260 .255 Consumption of fixed capital Taxes on production and imports 3 Net interest and miscellaneous payments 0.104 .105 .104 .105 .108 .124 .122 .122 .122 .126 .123 .123 .122 .121 .120 .120 .126 .121 .122 .122 .137 .124 .120 .123 .121 0.097 .095 .092 .092 .093 .094 .099 .103 .104 .104 .102 .101 .103 .104 .104 .105 .100 .106 .106 .107 .098 .106 .104 .107 .105 0.027 .028 .030 .032 .036 .039 .032 .028 .024 .027 .032 .029 .027 .026 .024 .025 .024 .025 .026 .026 .027 .028 .029 .030 .029 Corporate profits with inventory valuation and capital consumption adjustments 4 Total 0.125 .128 .114 .107 .090 .068 .081 .091 .116 .131 .086 .088 .094 .098 .109 .116 .119 .119 .125 .134 .127 .136 .147 .143 .153 Taxes on corporate income 0.036 .036 .034 .034 .032 .021 .018 .025 .033 .043 .024 .023 .025 .028 .030 .033 .035 .034 .041 .042 .044 .045 .046 .047 .049 Profits after tax 5 0.088 .092 .080 .073 .058 .047 .063 .066 .083 .088 .061 .065 .069 .070 .080 .083 .084 .086 .083 .092 .084 .091 .101 .096 .105 3 Less subsidies plus business current transfer payments. profits from current production. inventory valuation and capital consumption adjustments. Note.—See Note, p. 5. Source: Department of Commerce, Bureau of Economic Analysis. 4 Unit 5 With 3 NATIONAL INCOME [Billions of dollars; quarterly data at seasonally adjusted annual rates] Proprietors’ income 1 Period 1997 ............. 1998 ............. 1999 ............. 2000 ............. 2001 ............. 2002 ............. 2003 ............. 2004 ............. 2005 ............. 2006 r ............ 2003: I ........ II ...... III ..... IV ..... 2004: I ........ II ...... III ..... IV ..... 2005: I ........ II ...... III ..... IV ..... 2006: I ........ II ...... III r .... IV r .... 1 With National income 7,292.2 7,752.8 8,236.7 8,795.2 8,979.8 9,229.3 9,632.3 10,255.9 10,811.8 ................ 9,406.7 9,537.9 9,699.3 9,885.4 10,084.3 10,207.0 10,243.5 10,488.6 10,702.3 10,795.4 10,643.2 11,106.2 11,551.3 11,611.5 11,733.7 ................ Compensation of employees 4,661.7 5,019.4 5,357.1 5,782.7 5,942.1 6,091.2 6,325.4 6,650.3 7,030.3 7,489.4 6,202.4 6,289.0 6,365.8 6,444.3 6,521.9 6,590.2 6,689.6 6,799.4 6,889.6 6,953.7 7,093.6 7,184.4 7,400.3 7,425.5 7,489.3 7,642.4 Farm 34.2 29.4 28.6 22.7 19.7 10.6 29.2 36.2 30.2 22.6 21.8 30.5 32.1 32.5 38.1 39.5 32.9 34.3 33.9 28.7 29.7 28.7 23.9 17.5 21.7 27.4 Nonfarm 541.8 598.4 649.7 705.7 752.2 757.8 782.1 874.9 940.4 992.4 757.4 771.2 791.5 808.3 839.4 870.6 882.2 907.3 918.9 937.1 937.7 968.1 984.4 994.3 993.2 997.8 Corporate profits with inventory valuation and capital consumption adjustments Rental income of persons with capital consumption adjustment Capital consumption adjustment Total Total 128.8 137.5 147.3 150.3 167.4 152.9 133.0 127.0 72.8 76.7 137.4 130.5 116.3 147.6 140.1 132.0 112.7 123.4 118.5 102.8 ¥11.5 81.5 76.8 71.4 78.3 80.5 868.5 801.6 851.3 817.9 767.3 886.3 993.1 1,182.6 1,330.7 ............ 923.6 956.2 1,016.2 1,076.5 1,158.1 1,183.3 1,154.0 1,234.9 1,320.0 1,342.9 1,266.3 1,393.5 1,569.1 1,591.8 1,653.3 ............ Profits before tax Inventory valuation adjustment 812.3 738.5 776.8 759.3 719.2 766.2 894.5 1,104.5 1,486.1 ............ 833.6 847.8 912.9 983.6 1,061.7 1,097.2 1,086.9 1,172.1 1,453.1 1,487.4 1,444.9 1,559.1 1,717.7 1,752.6 1,815.8 ............ 798.2 718.3 775.9 773.4 707.9 768.4 908.1 1,144.3 1,518.7 ............ 859.4 851.1 918.3 1,003.5 1,091.7 1,144.7 1,125.5 1,215.2 1,492.3 1,508.3 1,475.8 1,598.3 1,740.6 1,811.5 1,854.0 ............ 14.1 20.2 1.0 ¥14.1 11.3 ¥2.2 ¥13.6 ¥39.8 ¥32.6 .............. ¥25.8 ¥3.3 ¥5.3 ¥19.9 ¥30.0 ¥47.5 ¥38.6 ¥43.1 ¥39.2 ¥21.0 ¥30.9 ¥39.2 ¥22.9 ¥58.9 ¥38.2 .............. inventory valuation and capital consumption adjustments. Net interest and miscellaneous payments Taxes on production and imports 56.2 63.1 74.5 58.6 48.1 120.1 98.7 78.1 ¥155.5 ¥160.5 90.0 108.4 103.3 92.9 96.4 86.0 67.1 62.8 ¥133.1 ¥144.5 ¥178.6 ¥165.6 ¥148.6 ¥160.8 ¥162.4 ¥170.2 Profits with inventory valuation adjustment and without capital consumption adjustment 415.6 487.1 495.4 559.0 566.3 520.9 524.7 485.1 483.4 510.6 529.1 529.6 526.4 513.7 501.8 493.4 475.7 469.4 483.7 477.1 482.9 490.0 514.8 513.2 498.6 515.9 612.0 639.8 674.0 708.9 728.6 762.8 807.2 864.0 922.4 964.8 787.5 800.2 812.9 828.0 845.4 858.2 867.2 885.2 901.6 920.2 930.2 937.3 952.5 966.4 968.6 971.7 Less: Subsidies Business current transfer payments Current surplus of government enterprises 32.9 35.4 44.2 44.3 55.3 38.4 47.9 44.7 57.3 52.5 42.0 55.6 46.5 47.3 43.7 42.8 44.3 47.8 52.3 55.6 58.1 63.1 55.1 52.3 51.8 51.0 49.9 64.7 67.4 87.1 92.8 84.3 83.8 85.5 74.2 93.1 84.1 83.8 84.1 83.3 85.4 86.1 79.1 91.2 97.6 99.9 .2 99.1 93.8 93.1 92.8 92.8 12.6 10.3 10.1 5.3 ¥1.4 .9 1.7 ¥5.0 ¥15.4 ¥9.9 5.4 2.5 .5 ¥1.5 ¥2.3 ¥3.6 ¥5.6 ¥8.6 ¥9.1 ¥11.3 ¥27.7 ¥13.3 ¥9.2 ¥9.4 ¥10.2 ¥10.9 NOTE.—Revisions include changes to series affected by revised wage and salary estimates for 2006: III. Source: Department of Commerce, Bureau of Economic Analysis. REAL PERSONAL CONSUMPTION EXPENDITURES [Billions of chained (2000) dollars, except as noted; quarterly data at seasonally adjusted annual rates] Durable goods Period 1997 ............... 1998 ............... 1999 ............... 2000 ............... 2001 ............... 2002 ............... 2003 ............... 2004 ............... 2005 ............... 2006 r .............. 2003: I .......... II ......... III ....... IV ........ 2004: I .......... II ......... III ....... IV ........ 2005: I .......... II ......... III ....... IV ........ 2006: I .......... II ......... III ....... IV r ...... Total personal consumption expenditures 5,831.8 6,125.8 6,438.6 6,739.4 6,910.4 7,099.3 7,295.3 7,577.1 7,841.2 8,091.1 7,184.9 7,249.3 7,352.9 7,394.3 7,479.8 7,534.4 7,607.1 7,687.1 7,739.4 7,819.8 7,895.3 7,910.2 8,003.8 8,055.0 8,111.2 8,194.4 Total durable goods 646.9 720.3 804.6 863.3 900.7 964.8 1,020.6 1,085.7 1,145.3 1,202.9 971.4 1,009.8 1,049.6 1,051.4 1,067.0 1,071.4 1,093.9 1,110.3 1,116.8 1,150.8 1,175.9 1,137.9 1,190.5 1,190.3 1,208.8 1,221.9 Motor vehicles and parts 304.7 339.0 372.4 386.5 405.8 429.0 442.1 450.4 452.9 447.4 424.8 442.3 454.8 446.4 449.0 444.7 451.3 456.5 447.7 463.0 474.6 426.3 445.1 443.7 452.9 447.9 Furniture and household equipment 216.3 244.7 280.7 312.9 331.8 364.3 397.8 446.0 490.6 550.6 373.3 388.7 410.0 419.1 430.3 440.1 453.0 460.8 471.2 482.0 497.7 511.5 538.5 542.9 551.7 569.2 Nondurable goods Other 127.3 137.6 151.7 163.9 163.2 172.4 183.2 195.6 212.6 224.4 174.9 180.6 187.5 189.9 192.6 192.9 196.7 200.3 206.7 214.2 213.1 216.3 224.6 222.5 223.4 227.3 Total nondurable goods 1,725.3 1,794.4 1,876.6 1,947.2 1,986.7 2,037.1 2,103.0 2,179.2 2,276.8 2,362.1 2,072.5 2,084.2 2,123.0 2,132.5 2,155.3 2,164.3 2,184.0 2,213.1 2,241.5 2,268.4 2,287.6 2,309.6 2,342.8 2,351.1 2,360.1 2,394.6 Food 845.2 865.6 893.6 925.2 940.2 954.6 977.7 1,011.0 1,065.7 1,110.9 969.4 970.3 985.3 985.8 999.6 1,003.7 1,011.0 1,029.6 1,043.7 1,058.5 1,074.9 1,085.7 1,103.4 1,108.8 1,106.8 1,124.6 1 Includes other items, not shown separately. NOTE.—Because of the formula used for calculating real GDP, the chained (2000) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates. 4 Clothing and shoes 246.0 263.1 282.7 297.7 303.7 318.3 334.2 350.9 372.7 392.5 323.9 332.2 340.8 340.1 349.8 345.5 351.1 357.2 362.8 371.1 373.9 383.1 391.1 387.4 392.6 399.1 Gasoline and oil 162.8 170.3 176.3 175.7 178.3 181.9 183.2 186.0 185.9 185.1 181.6 181.9 183.9 185.2 186.0 186.1 185.3 186.4 188.7 186.7 184.2 183.9 183.9 183.5 186.6 186.3 Services Fuel oil and coal 16.9 16.0 16.4 15.8 15.2 15.5 15.4 14.6 13.7 12.6 15.6 14.9 15.4 15.8 15.0 14.8 14.8 14.0 14.4 14.1 13.6 12.8 12.2 12.9 12.3 13.0 Other 456.6 481.1 508.6 532.9 549.2 567.1 593.2 618.5 643.9 671.3 582.1 585.7 598.6 606.5 606.5 615.2 623.8 628.4 634.3 642.2 646.7 652.4 662.6 668.3 671.5 682.7 Total services 1 3,468.0 3,615.0 3,758.0 3,928.8 4,023.2 4,100.4 4,178.8 4,323.9 4,436.6 4,550.0 4,143.3 4,161.3 4,190.7 4,220.2 4,268.2 4,308.4 4,341.5 4,377.4 4,395.3 4,420.0 4,454.5 4,476.7 4,494.5 4,535.4 4,566.6 4,603.3 Housing 922.5 948.8 978.6 1,006.5 1,033.7 1,042.1 1,051.9 1,091.6 1,122.6 1,148.7 1,042.0 1,046.3 1,054.7 1,064.6 1,076.8 1,087.4 1,096.9 1,105.3 1,112.7 1,120.0 1,126.4 1,131.2 1,137.6 1,144.5 1,151.7 1,160.8 Source: Department of Commerce, Bureau of Economic Analysis. Medical care 942.8 970.7 989.0 1,026.8 1,075.2 1,136.6 1,180.8 1,217.3 1,260.9 1,304.7 1,170.5 1,177.4 1,184.2 1,191.0 1,199.1 1,210.8 1,224.2 1,235.1 1,243.4 1,253.8 1,267.5 1,279.0 1,292.6 1,300.9 1,307.6 1,317.5 Retail sales of new passenger cars and light trucks (millions of units) 15.1 15.5 16.9 17.3 17.1 16.8 16.6 16.9 16.9 16.5 16.2 16.4 17.2 16.8 16.6 16.6 17.0 17.2 16.6 17.3 18.0 16.0 16.9 16.3 16.6 16.3 SOURCES OF PERSONAL INCOME Personal income rose $108.1 billion (annual rate) in January following an increase of $55.7 billion in December. Wages and salaries rose $71.5 billion in January following an increase of $33.5 billion in December. [Billions of dollars; monthly data at seasonally adjusted annual rates] Compensation of employees, received Period 1997 ................. 1998 ................. 1999 ................. 2000 ................. 2001 ................. 2002 ................. 2003 ................. 2004 ................. 2005 ................. 2006 r ................ 2006: Jan ........ Feb ........ Mar ....... Apr ........ May ....... June ...... July r ...... Aug r ...... Sept r ..... Oct r ....... Nov r ...... Dec r ....... 2007: Jan p ...... 1 With 2 With Total personal income Total 6,915.1 7,423.0 7,802.4 8,429.7 8,724.1 8,881.9 9,163.6 9,731.4 10,239.2 10,884.0 10,664.9 10,721.9 10,777.4 10,784.3 10,795.3 10,842.2 10,892.5 10,937.1 10,988.7 11,025.4 11,061.3 11,117.0 11,225.1 4,664.6 5,020.1 5,352.0 5,782.7 5,942.1 6,091.2 6,310.4 6,665.3 7,030.3 7,476.9 7,342.5 7,407.2 7,451.3 7,434.9 7,406.8 7,434.7 7,467.9 7,480.9 7,519.8 7,558.5 7,589.5 7,629.3 7,715.5 Wage and salary disbursements 3,877.6 4,183.4 4,466.3 4,829.2 4,942.8 4,980.9 5,112.7 5,392.1 5,664.8 6,022.6 5,919.8 5,976.6 6,013.8 5,993.6 5,963.5 5,985.7 6,011.6 6,019.0 6,052.3 6,083.9 6,109.0 6,142.5 6,214.0 inventory valuation and capital consumption adjustments. capital consumption adjustment. mainly of social insurance benefits to persons. 3 Consists Supplements to wages and salaries 787.0 836.7 885.7 953.4 999.3 1,110.3 1,197.7 1,273.2 1,365.5 1,454.3 1,422.7 1,430.7 1,437.4 1,441.3 1,443.3 1,449.0 1,456.3 1,461.1 1,467.5 1,474.6 1,480.5 1,486.8 1,501.4 Proprietors’ income 1 Farm 34.2 29.4 28.6 22.7 19.7 10.6 29.2 36.2 30.2 22.6 24.6 23.9 23.2 20.5 17.5 14.6 17.1 21.5 26.4 28.4 28.6 25.0 28.0 Nonfarm 541.8 598.4 649.7 705.7 752.2 757.8 782.1 874.9 940.4 992.4 982.0 981.8 989.3 989.6 997.3 996.1 992.9 995.7 991.0 995.3 996.6 1,001.4 999.9 Personal income receipts on assets Rental income of persons 2 128.8 137.5 147.3 150.3 167.4 152.9 133.0 127.0 72.8 76.7 78.0 75.9 76.4 74.2 71.8 68.2 73.4 78.1 83.4 81.4 80.8 79.1 81.6 Total 1,181.7 1,283.2 1,264.2 1,387.0 1,380.0 1,333.2 1,336.6 1,427.9 1,519.4 1,657.6 1,600.8 1,602.1 1,603.9 1,625.4 1,647.3 1,670.2 1,676.7 1,683.5 1,690.6 1,693.6 1,697.0 1,700.1 1,714.5 Personal interest income 848.7 933.2 928.6 1,011.0 1,011.0 936.1 914.1 890.8 945.0 1,018.1 992.0 989.1 986.2 1,002.7 1,019.2 1,035.6 1,035.7 1,035.8 1,035.9 1,032.0 1,028.1 1,024.2 1,032.3 Personal dividend income 333.0 349.9 335.6 376.1 369.0 397.2 422.6 537.1 574.4 639.6 608.8 613.0 617.8 622.7 628.2 634.6 641.0 647.7 654.6 661.6 668.8 675.9 682.2 Personal current transfer receipts 3 951.2 978.6 1,022.1 1,084.0 1,193.9 1,286.2 1,351.0 1,426.5 1,526.6 1,602.3 1,566.3 1,568.7 1,576.3 1,580.2 1,591.1 1,597.8 1,608.0 1,622.5 1,625.5 1,621.5 1,625.5 1,643.7 1,666.4 Less: Contributions for government social insurance 587.2 624.2 661.4 702.7 731.1 750.0 778.6 826.4 880.6 944.5 929.3 937.8 943.0 940.5 936.6 939.4 943.4 944.2 948.0 953.4 956.7 961.6 980.7 NOTE.—Revisions include changes to series affected by revised wage and salary estimates for 2006:III. Source: Department of Commerce, Bureau of Economic Analysis. 5 DISPOSITION OF PERSONAL INCOME According to revised estimates, per capita disposable personal income in chained (2000) dollars rose at an annual rate of 4.3 percent in the fourth quarter of 2006. Period Personal income Less: Personal current taxes Equals: Disposable personal income Less: Personal outlays 1 Equals: Personal saving Disposable personal income in billions of chained (2000) dollars Per capita disposable personal income Current dollars Billions of dollars 1997 ............ 6,915.1 1998 ............ 7,423.0 1999 ............ 7,802.4 2000 r .......... 8,429.7 2001 r .......... 8,724.1 2002 r .......... 8,881.9 2003 r .......... 9,163.6 2004 r .......... 9,731.4 2005 r .......... 10,239.2 2006 r .......... 10,884.0 926.3 1,027.0 1,107.5 1,235.7 1,237.3 1,051.8 1,001.1 1,049.8 1,203.1 1,360.9 5,988.8 6,395.9 6,695.0 7,194.0 7,486.8 7,830.1 8,162.5 8,681.6 9,036.1 9,523.1 Chained (2000) dollars Per capita personal consumption expenditures Current dollars Chained (2000) dollars Dollars 5,770.5 218.3 6,119.1 276.8 6,536.4 158.6 7,025.6 168.5 7,354.5 132.3 7,645.3 184.7 7,987.7 174.9 8,507.2 174.3 9,070.9 ¥34.8 9,625.2 ¥102.1 6,295.8 6,663.9 6,861.3 7,194.0 7,333.3 7,562.2 7,729.9 8,010.8 8,104.6 8,312.9 21,940 23,161 23,968 25,485 26,247 27,174 28,064 29,562 30,473 31,805 Percent change in real per capita disposable personal income Saving as percent of disposable personal income Population, including Armed Forces overseas (thousands) 2 Percent 23,065 24,131 24,564 25,485 25,708 26,244 26,576 27,278 27,332 27,763 20,323 21,291 22,491 23,874 24,733 25,510 26,486 27,961 29,483 30,956 21,365 22,183 23,050 23,874 24,226 24,637 25,082 25,801 26,444 27,022 2.3 4.6 1.8 3.7 .9 2.1 1.3 2.6 .2 1.6 3.6 4.3 2.4 2.3 1.8 2.4 2.1 2.0 ¥.4 ¥1.1 272,958 276,154 279,328 282,289 285,248 288,149 290,855 293,675 296,524 299,424 26,195 26,468 26,800 26,840 27,042 27,138 27,253 27,676 27,341 27,305 27,194 27,492 27,743 27,574 27,723 28,013 26,044 26,271 26,724 26,902 27,403 27,783 28,109 28,545 28,841 29,293 29,798 29,993 30,432 30,861 31,178 31,350 24,791 24,965 25,248 25,323 25,564 25,690 25,871 26,076 26,199 26,407 26,592 26,575 26,828 26,937 27,056 27,265 1.0 4.2 5.1 .6 3.0 1.4 1.7 6.4 ¥4.8 ¥.5 ¥1.6 4.5 3.7 ¥2.4 2.2 4.3 1.9 2.2 2.3 2.2 2.1 2.0 1.6 2.3 .6 ¥.3 ¥1.5 ¥.3 ¥.3 ¥1.4 ¥1.4 ¥1.2 289,818 290,375 291,228 291,999 292,593 293,275 294,037 294,794 295,403 296,127 296,907 297,660 298,338 299,025 299,789 300,543 Seasonally adjusted annual rates 2003: I r ..... II r .... III r .. IV r ... 2004: I r ..... II r .... III r .. IV r ... 2005: I r ..... II r .... III r .. IV r ... 2006: I r ..... II r .... III r .. IV r ... 8,998.2 9,111.3 9,203.6 9,341.3 9,497.7 9,640.5 9,767.9 10,019.4 10,048.8 10,161.5 10,262.7 10,483.7 10,721.4 10,807.3 10,939.4 11,067.9 1,022.7 1,023.7 942.6 1,015.4 1,016.0 1,033.4 1,061.6 1,088.2 1,157.9 1,191.8 1,215.0 1,247.6 1,332.6 1,361.0 1,362.5 1,387.4 7,975.5 8,087.6 8,261.0 8,326.0 8,481.6 8,607.1 8,706.3 8,931.2 8,890.9 8,969.7 9,047.7 9,236.1 9,388.8 9,446.2 9,577.0 9,680.5 7,826.4 7,913.7 8,067.0 8,143.5 8,302.7 8,438.7 8,565.1 8,722.3 8,838.5 9,000.4 9,180.3 9,264.5 9,418.5 9,577.0 9,710.0 9,795.3 149.1 173.9 194.0 182.5 178.9 168.3 141.2 208.9 52.5 ¥30.8 ¥132.6 ¥28.5 ¥29.7 ¥130.8 ¥133.0 ¥114.8 7,591.7 7,685.7 7,804.8 7,837.3 7,912.4 7,958.8 8,013.3 8,158.8 8,076.6 8,085.8 8,074.1 8,183.3 8,276.8 8,245.4 8,311.0 8,419.1 1 Includes personal consumption expenditures, personal interest payments (nonmortgage), and personal current transfer payments. 2 Annual data are averages of quarterly data, which are averages for the period. 6 27,519 27,852 28,366 28,514 28,988 29,348 29,610 30,296 30,098 30,290 30,473 31,029 31,470 31,590 31,946 32,210 Note.—Per capita series reflect revised population data beginning 2000. See Note, p.5. Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census). FARM INCOME According to the current forecast for 2006, gross farm income is forecast at $296.1 billion, and net farm income at $58.9 billion. [Billions of dollars; quarterly data at seasonally adjusted annual rates] Income of farm operators from farming Gross farm income Period Cash marketing receipts Total 1 Total 1997 ................................ 1998 ................................ 1999 ................................ 2000 ................................ 2001 ................................ 2002 ................................ 2003 ................................ 2004 ................................ 2005 ................................ 2006 ................................ 2004: I ........................... II ......................... III ........................ IV ........................ 2005: I ........................... II ......................... III ........................ IV ........................ 2006: I ........................... II ......................... III ........................ IV ........................ 238.0 232.6 234.9 244.4 252.7 233.6 260.9 296.2 299.8 296.1 325.1 282.0 280.7 296.8 337.4 287.4 278.4 296.0 317.6 279.6 285.4 301.7 207.8 196.5 187.8 192.0 200.1 195.0 215.5 237.9 238.9 242.0 251.6 232.8 231.2 235.9 251.0 241.5 232.5 230.7 246.7 236.7 240.9 243.5 Livestock and products 96.5 94.2 95.7 99.6 106.7 94.0 105.6 123.6 125.0 120.7 125.5 123.7 121.6 123.7 125.3 126.1 124.6 123.9 122.4 114.8 122.2 123.5 1 Cash marketing receipts, Government payments, value of changes in inventories, other farm related cash income, and nonmoney income produced by farms including imputed rent of operator residences. 2 Crop receipts include proceeds received from commodities placed under Commodity Credit Corporation loans. 3 Physical changes in beginning and ending year inventories of crop and livestock commodities valued at weighted average market prices during the period. Crops 2 111.3 102.2 92.1 92.4 93.4 101.0 109.9 114.3 114.0 121.2 126.1 109.2 109.5 112.2 125.7 115.5 107.9 106.7 124.3 121.9 118.7 120.0 Value of inventory changes 3 0.6 ¥.6 ¥.2 1.6 1.1 ¥3.4 ¥2.4 11.6 .4 ¥.3 12.2 11.3 11.2 11.5 .4 .4 .3 .3 ¥.3 ¥.2 ¥.3 ¥.3 Direct Government payments 4 Production expenses 7.5 12.4 21.5 23.2 22.4 12.4 16.5 13.0 24.3 16.5 25.5 4.8 5.5 16.0 48.0 9.0 10.4 30.1 32.6 6.1 7.1 20.4 186.7 185.5 187.2 193.1 197.1 193.4 200.4 210.8 226.0 237.2 222.9 206.3 204.8 209.0 237.4 228.4 219.9 218.1 241.8 232.0 236.2 238.6 Net farm income 51.3 47.1 47.7 51.3 55.6 40.2 60.4 85.4 73.8 58.9 102.2 75.7 75.9 87.8 100.0 59.0 58.5 77.8 75.8 47.6 49.3 63.1 4 Includes only Government payments made directly to farmers. NOTE.—Data for 2006 are forecasts. Source: Department of Agriculture. 7 CORPORATE PROFITS In the third quarter of 2006, according to current estimates, corporate profits before tax rose $42.5 billion (annual rate) and profits after tax rose $28.0 billion. [Billions of dollars; quarterly data at seasonally adjusted annual rates] Profits (before tax) with inventory valuation adjustment 1 Profits after tax Domestic industries Period Profits before tax Nonfinancial Total 2 Total Financial Total 3 Manufacturing Utilities Wholesale Retail Taxes on corporate income Total Net dividends Undistributed profits Inventory valuation adjustment 1997 .......... 1998 .......... 812.3 738.5 701.4 635.5 193.0 165.9 508.4 469.6 209.0 173.5 ................ ................ 47.6 52.3 64.2 73.4 798.2 718.3 246.1 248.3 552.1 470.0 334.5 351.6 217.6 118.3 14.1 20.2 1998 4 ....... 1999 .......... 2000 .......... 2001 .......... 2002 .......... 2003 .......... 2004 .......... 2005 .......... 2006 p ........ 2003: I ..... II ... III .. IV .. 2004: I ..... II ... III .. IV .. 2005: I ..... II ... III .. IV .. 2006: I ..... II ... III .. IV p 738.5 776.8 759.3 719.2 766.2 894.5 1,104.5 1,486.1 .............. 833.6 847.8 912.9 983.6 1,061.7 1,097.2 1,086.9 1,172.1 1,453.1 1,487.4 1,444.9 1,559.1 1,717.7 1,752.6 1,815.8 .............. 635.5 655.3 613.6 549.5 610.4 729.0 928.2 1,289.1 .............. 684.4 688.9 749.8 793.0 876.9 927.4 904.3 1,004.3 1,270.0 1,302.2 1,221.5 1,362.8 1,491.6 1,512.7 1,581.1 .............. 165.4 194.3 200.2 227.6 276.4 317.3 344.2 389.0 ............ 301.6 307.3 326.4 333.8 354.3 353.9 288.5 380.1 433.7 391.7 317.4 413.3 463.9 508.2 500.1 ............ 470.1 461.1 413.4 322.0 334.0 411.8 584.0 900.1 ............ 382.8 381.6 423.5 459.2 522.7 573.5 615.8 624.2 836.3 910.5 904.1 949.4 1,027.7 1,004.5 1,081.0 ............ 157.0 150.6 144.3 52.6 48.2 76.0 150.2 254.8 ................ 63.6 55.2 77.0 108.2 127.7 147.4 155.0 170.7 235.5 264.0 260.7 258.9 300.7 289.9 331.9 ................ 32.7 33.1 24.4 24.7 10.6 11.6 16.2 30.3 ................ 11.5 10.5 11.0 13.2 13.6 15.5 15.7 20.0 29.5 30.9 22.4 38.3 39.7 46.8 52.8 ................ 53.2 55.5 59.7 52.1 49.3 55.2 69.9 97.6 .............. 47.3 47.2 61.0 65.4 64.5 64.8 81.2 69.3 88.2 102.1 94.1 105.9 107.2 98.3 125.1 .............. 66.4 65.2 59.6 71.0 79.4 86.8 89.3 113.7 .............. 80.9 89.7 89.5 87.3 96.6 91.5 82.5 86.7 102.6 107.3 115.9 129.1 123.0 121.2 131.3 .............. 718.3 775.9 773.4 707.9 768.4 908.1 1,144.3 1,518.7 ............ 859.4 851.1 918.3 1,003.5 1,091.7 1,144.7 1,125.5 1,215.2 1,492.3 1,508.3 1,475.8 1,598.3 1,740.6 1,811.5 1,854.0 ............ 248.3 258.6 265.2 204.1 192.6 243.3 300.1 399.3 ............ 234.1 228.9 245.5 264.7 281.3 303.0 297.8 318.1 400.9 392.8 378.9 424.6 456.9 476.1 490.6 ............ 470.0 517.2 508.2 503.8 575.8 664.8 844.2 1,119.4 .............. 625.3 622.2 672.7 738.9 810.3 841.7 827.7 897.1 1,091.3 1,115.5 1,096.9 1,173.7 1,283.7 1,335.4 1,363.4 .............. 351.6 337.4 377.9 370.9 399.2 424.7 539.5 576.9 642.2 411.7 417.4 427.1 442.8 475.5 503.0 529.0 650.5 554.3 568.2 584.0 601.0 615.7 631.1 650.4 671.4 118.3 179.9 130.3 132.9 176.6 240.1 304.7 542.5 .............. 213.6 204.8 245.7 296.0 334.9 338.7 298.7 246.6 537.0 547.4 513.0 572.7 668.0 704.3 713.0 .............. 20.2 1.0 ¥14.1 11.3 ¥2.2 ¥13.6 ¥39.8 ¥32.6 ............ ¥25.8 ¥3.3 ¥5.3 ¥19.9 ¥30.0 ¥47.5 ¥38.6 ¥43.1 ¥39.2 ¥21.0 ¥30.9 ¥39.2 ¥22.9 ¥58.9 ¥38.2 ............ 1 See p. 4 for profits with inventory valuation and capital consumption adjustments. rest of the world, not shown separately. 3 Includes industries not shown separately. 2 Includes 8 4 Data by industry beginning 1998 are based on the 1997 North American Industry Classification System (NAICS) and are not directly comparable with data for prior years shown, which are based on the 1987 Standard Industrial Classification (SIC). Source: Department of Commerce, Bureau of Economic Analysis. REAL GROSS PRIVATE DOMESTIC INVESTMENT In the fourth quarter of 2006, according to revised estimates, nonresidential fixed investment in chained (2000) dollars fell $8.2 billion (annual rate) and residential investment fell $29.5 billion. There was an increase of $17.3 billion in inventories following an increase of $55.4 billion in the third quarter. [Billions of chained (2000) dollars; quarterly data at seasonally adjusted annual rates] Fixed investment Period Gross private domestic investment Change in private inventories Nonresidential Total Total Equipment and software Residential Structures Total Nonfarm 1997 ................................................................................. 1998 ................................................................................. 1999 ................................................................................. 2000 ................................................................................. 2001 ................................................................................. 2002 ................................................................................. 2003 ................................................................................. 2004 ................................................................................. 2005 ................................................................................. 2006 r ................................................................................ 1,387.7 1,524.1 1,642.6 1,735.5 1,598.4 1,557.1 1,613.1 1,770.6 1,866.3 1,945.1 1,320.6 1,455.0 1,576.3 1,679.0 1,629.4 1,544.6 1,596.9 1,713.9 1,842.0 1,895.6 934.2 1,037.8 1,133.3 1,232.1 1,180.5 1,071.5 1,081.8 1,145.8 1,223.8 1,313.0 280.1 294.5 293.2 313.2 306.1 253.8 243.5 248.7 251.5 273.7 658.3 745.6 840.2 918.9 874.2 820.2 843.1 904.2 984.9 1,049.8 388.6 418.3 443.6 446.9 448.5 469.9 509.4 559.9 608.0 582.5 71.2 72.6 68.9 56.5 ¥31.7 12.5 14.3 53.4 19.6 41.9 68.5 71.2 71.5 57.8 ¥31.8 15.2 14.0 47.0 19.6 39.2 2003: I ............................................................................ II ........................................................................... III ......................................................................... IV .......................................................................... 1,561.8 1,574.4 1,639.7 1,676.5 1,536.3 1,575.6 1,626.7 1,648.9 1,047.5 1,074.5 1,098.8 1,106.5 238.2 246.5 246.0 243.1 813.3 831.7 857.8 869.5 484.1 496.3 521.8 535.2 24.3 ¥2.7 10.5 25.0 19.2 ¥3.2 12.0 28.1 2004: I ............................................................................ II ........................................................................... III ......................................................................... IV .......................................................................... 1,696.4 1,781.9 1,790.8 1,813.4 1,658.0 1,704.4 1,736.1 1,757.1 1,111.2 1,130.7 1,158.8 1,182.3 245.0 249.1 251.0 249.7 872.0 887.6 915.1 942.0 539.2 564.1 568.6 567.7 35.9 74.7 50.8 52.0 32.1 54.5 44.8 56.5 2005: I ............................................................................ II ........................................................................... III ......................................................................... IV .......................................................................... 1,849.6 1,832.6 1,855.9 1,927.0 1,790.6 1,835.8 1,864.2 1,877.3 1,199.7 1,214.8 1,232.4 1,248.2 253.0 251.7 247.1 254.2 956.5 974.8 1,000.6 1,007.6 582.8 609.9 620.4 618.9 55.2 ¥7.4 ¥12.7 43.5 54.9 ¥1.0 ¥14.0 38.6 2006: I ............................................................................ II ........................................................................... III ......................................................................... IV r ........................................................................ 1,963.6 1,968.5 1,964.8 1,883.5 1,914.6 1,906.8 1,901.3 1,859.6 1,288.8 1,302.8 1,334.2 1,326.0 259.6 271.9 282.0 281.4 1,044.8 1,041.2 1,060.7 1,052.3 618.5 600.5 570.3 540.8 41.2 53.7 55.4 17.3 36.8 52.2 53.3 14.6 NOTE.—See p. 10 for further detail on fixed investment by type. Because of the formula used for calculating real GDP, the chained (2000) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates. Source: Department of Commerce, Bureau of Economic Analysis. 9 REAL PRIVATE FIXED INVESTMENT BY TYPE [Billions of chained (2000) dollars; quarterly data at seasonally adjusted annual rates] Nonresidential Residential Equipment and software Period Total fixed investment Structures Information processing equipment and software Total nonresidential Structures Total Computers and peripheral equipment 1 Software Total Transportation equipment Other equipment Total residential Total 2 Single family Other Industrial equipment Equipment 1997 ........................... 1998 ........................... 1999 ........................... 2000 ........................... 2001 ........................... 2002 ........................... 2003 ........................... 2004 ........................... 2005 ........................... 2006 r .......................... 2003: I ...................... II ..................... III ................... IV .................... 1,320.6 1,455.0 1,576.3 1,679.0 1,629.4 1,544.6 1,596.9 1,713.9 1,842.0 1,895.6 1,536.3 1,575.6 1,626.7 1,648.9 934.2 1,037.8 1,133.3 1,232.1 1,180.5 1,071.5 1,081.8 1,145.8 1,223.8 1,313.0 1,047.5 1,074.5 1,098.8 1,106.5 280.1 294.5 293.2 313.2 306.1 253.8 243.5 248.7 251.5 273.7 238.2 246.5 246.0 243.1 658.3 745.6 840.2 918.9 874.2 820.2 843.1 904.2 984.9 1,049.8 813.3 831.7 857.8 869.5 269.9 328.9 398.5 467.6 459.0 437.4 462.7 509.3 552.6 602.1 442.1 446.0 470.4 492.4 ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. 108.8 129.4 157.2 176.2 173.8 169.7 177.3 195.0 206.2 220.0 170.4 171.8 180.6 186.3 127.3 143.2 158.0 190.0 181.7 161.1 167.1 180.7 193.6 209.1 160.2 162.4 168.7 177.0 143.0 148.1 147.9 159.2 145.7 134.5 138.4 132.7 143.5 152.2 139.1 142.7 138.9 132.8 135.9 145.4 167.7 160.8 142.8 126.0 113.8 128.8 145.4 146.0 108.3 116.6 116.8 113.5 115.8 125.7 126.7 131.2 126.9 122.9 130.4 137.6 147.3 157.0 125.1 127.1 133.8 135.5 388.6 418.3 443.6 446.9 448.5 469.9 509.4 559.9 608.0 582.5 484.1 496.3 521.8 535.2 382.4 411.9 436.6 439.5 441.1 462.2 501.2 550.9 598.5 572.8 476.4 488.3 513.5 526.7 196.6 218.1 234.2 236.8 237.1 246.3 272.6 305.0 336.3 310.9 257.4 262.4 276.9 293.6 6.1 6.4 7.0 7.4 7.4 7.7 8.1 9.0 9.4 9.9 7.7 8.0 8.3 8.5 2004: I ...................... II ..................... III ................... IV .................... 1,658.0 1,704.4 1,736.1 1,757.1 1,111.2 1,130.7 1,158.8 1,182.3 245.0 249.1 251.0 249.7 872.0 887.6 915.1 942.0 501.8 503.1 510.3 521.8 ............. ............. ............. ............. 191.3 192.2 195.8 200.7 181.5 182.9 179.1 179.2 130.6 129.4 134.7 136.1 111.7 123.7 134.3 145.3 134.4 136.1 139.0 141.1 539.2 564.1 568.6 567.7 530.5 555.2 559.4 558.4 294.8 306.0 310.2 308.7 8.7 8.9 9.1 9.3 2005: I ...................... II ..................... III ................... IV .................... 1,790.6 1,835.8 1,864.2 1,877.3 1,199.7 1,214.8 1,232.4 1,248.2 253.0 251.7 247.1 254.2 956.5 974.8 1,000.6 1,007.6 537.4 547.9 557.7 567.3 ............. ............. ............. ............. 201.7 205.7 208.0 209.5 189.3 191.5 196.0 197.5 140.4 138.4 144.9 150.4 141.4 144.6 152.3 143.2 141.3 148.0 148.8 151.2 582.8 609.9 620.4 618.9 573.5 600.4 610.8 609.2 321.1 334.7 342.6 346.6 9.3 9.4 9.4 9.7 2006: I ...................... II ..................... III ................... IV r ................... 1,914.6 1,906.8 1,901.3 1,859.6 1,288.8 1,302.8 1,334.2 1,326.0 259.6 271.9 282.0 281.4 1,044.8 1,041.2 1,060.7 1,052.3 595.9 594.3 608.6 609.5 ............. ............. ............. ............. 215.6 217.8 221.0 225.5 211.6 206.7 211.3 207.0 149.0 153.9 153.9 151.8 152.2 142.7 147.3 141.8 154.3 157.1 158.6 158.2 618.5 600.5 570.3 540.8 608.5 590.6 560.6 531.3 345.1 327.1 300.8 270.5 10.0 9.9 9.8 9.8 1 For details on this component, see Survey of Current Business, Tables 5.3.6, 5.3.1 for growth rates, 5.3.2 for contributions, and 5.3.3 for quantity indexes. 2 Includes other items, not shown separately. NOTE.—Because of the formula used for calculating real GDP, the chained (2000) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates. Source: Department of Commerce, Bureau of Economic Analysis. BUSINESS INVESTMENT [Billions of dollars] Capital expenditures By industry Period Total capital expenditures Total by industry Forestry, fishing Con- Manuand Min- Utili- strucfacagriing ties turtion culing tural services ProFor Real fesscomTransesional, Health panies portaFiwithWhole- Retail tion Infor- nance tate scien- care and and out sale and maand rental tific, social Other 1 emand trade trade waretion insur- and tech- assisployhousance leas- nical tance ees ing ing services For companies with employees 1996 1997 1998 1999 2000 2001 2002 2003 2004 ............................ ............................ ............................ ............................ ............................ ............................ ............................ ............................ ............................ 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 1,047.5 958.6 2.1 53.7 50.1 28.7 156.9 31.9 71.7 47.7 83.5 153.2 92.2 26.9 65.3 94.7 88.9 1 Includes the following industries: Management of companies and enterprises; administrative and support and waste management; educational services; arts, entertainment, and recreation; accommodation and food services; and other services (except public administration). Also includes an item for structure and equipment expenditures serving multiple industry categories. 10 NOTE.—Data from Annual Capital Expenditures. Industry data are based on the North American Industry Classification System (NAICS). Data shown in this table are capital expenditures for both new and used structures and equipment. Source: Department of Commerce, Bureau of the Census. EMPLOYMENT, UNEMPLOYMENT, AND WAGES STATUS OF THE LABOR FORCE In February, employment fell by 38,000 and unemployment fell by 152,000. [Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA] Civilian employment Period 1997 2 .................... 1998 2 .................... 1999 2 .................... 2000 2 .................... 2001 ..................... 2002 ...................... 2003 2 .................... 2004 2 .................... 2005 2 .................... 2006 2 .................... 2006: Feb ............ Mar ........... Apr ............ May ........... June .......... July ........... Aug ........... Sept ........... Oct ............ Nov ............ Dec ............ 2007: Jan 2 .......... Feb ............ Civilian noninstitutional population (NSA) Civilian labor force 203,133 205,220 207,753 212,577 215,092 217,570 221,168 223,357 226,082 228,815 227,763 227,975 228,199 228,428 228,671 228,912 229,167 229,420 229,675 229,905 230,108 230,650 230,834 136,297 137,673 139,368 142,583 143,734 144,863 146,510 147,401 149,320 151,428 150,477 150,689 150,862 151,051 151,370 151,558 151,734 151,818 152,052 152,449 152,775 152,974 152,784 Percent 1 Unemployment Total Men 20 years and over Women 20 years and over Both sexes 16–19 years 129,558 131,463 133,488 136,891 136,933 136,485 137,736 139,252 141,730 144,427 143,319 143,680 143,763 144,045 144,386 144,330 144,618 144,906 145,337 145,623 145,926 145,957 145,919 66,284 67,135 67,761 69,634 69,776 69,734 70,415 71,572 73,050 74,431 73,880 74,180 74,163 74,208 74,233 74,105 74,421 74,868 74,924 75,088 75,235 75,158 75,138 56,613 57,278 58,555 60,067 60,417 60,420 61,402 61,773 62,702 63,834 63,286 63,349 63,432 63,622 63,901 64,029 64,118 63,978 64,252 64,333 64,491 64,654 64,703 6,661 7,051 7,172 7,189 6,740 6,332 5,919 5,907 5,978 6,162 6,153 6,150 6,169 6,215 6,253 6,197 6,079 6,060 6,161 6,202 6,200 6,145 6,078 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 2007 data reflect revised population controls and are not strictly comparable with earlier data. Total 6,739 6,210 5,880 5,692 6,801 8,378 8,774 8,149 7,591 7,001 7,158 7,009 7,098 7,006 6,984 7,228 7,116 6,912 6,715 6,826 6,849 7,017 6,865 Men 20 years and over 2,882 2,580 2,433 2,376 3,040 3,896 4,209 3,791 3,392 3,131 3,235 3,130 3,228 3,249 3,087 3,234 3,195 2,954 3,012 3,036 3,100 3,226 3,237 Women 20 years and over Both sexes 16–19 years 2,585 2,424 2,285 2,235 2,599 3,228 3,314 3,150 3,013 2,751 2,811 2,739 2,818 2,735 2,743 2,843 2,738 2,776 2,599 2,691 2,641 2,707 2,564 1,271 1,205 1,162 1,081 1,162 1,253 1,251 1,208 1,186 1,119 1,111 1,140 1,053 1,022 1,154 1,151 1,183 1,182 1,104 1,099 1,108 1,083 1,064 Not in labor force Labor force participation rate Employment/ population ratio Unemployment rate 67.1 67.1 67.1 67.1 66.8 66.6 66.2 66.0 66.0 66.2 66.1 66.1 66.1 66.1 66.2 66.2 66.2 66.2 66.2 66.3 66.4 66.3 66.2 63.8 64.1 64.3 64.4 63.7 62.7 62.3 62.3 62.7 63.1 62.9 63.0 63.0 63.1 63.1 63.1 63.1 63.2 63.3 63.3 63.4 63.3 63.2 4.9 4.5 4.2 4.0 4.7 5.8 6.0 5.5 5.1 4.6 4.8 4.7 4.7 4.6 4.6 4.8 4.7 4.6 4.4 4.5 4.5 4.6 4.5 66,837 67,547 68,385 69,994 71,359 72,707 74,658 75,956 76,762 77,387 77,287 77,285 77,338 77,378 77,301 77,354 77,433 77,602 77,623 77,456 77,333 77,676 78,050 See Employment and Earnings for details on breaks in series. Source: Department of Labor, Bureau of Labor Statistics. 11 SELECTED UNEMPLOYMENT RATES In February, the unemployment rate fell to 4.5 percent from 4.6 percent in January. [Monthly data seasonally adjusted] Unemployment rate (percent of civilian labor force in group) By race or ethnicity 1 By sex and age Period 1997 ......................... 1998 ......................... 1999 ......................... 2000 ........................ 2001 ........................ 2002 ........................ 2003 ........................ 2004 ......................... 2005 ......................... 2006 ......................... 2006: Feb ............... Mar ............... Apr ............... May ............... June .............. July ............... Aug ............... Sept .............. Oct ................ Nov ............... Dec ............... 2007: Jan ............... Feb ............... All civilian workers 4.9 4.5 4.2 4.0 4.7 5.8 6.0 5.5 5.1 4.6 4.8 4.7 4.7 4.6 4.6 4.8 4.7 4.6 4.4 4.5 4.5 4.6 4.5 Men 20 years and over Women 20 years and over 4.2 3.7 3.5 3.3 4.2 5.3 5.6 5.0 4.4 4.0 4.2 4.0 4.2 4.2 4.0 4.2 4.1 3.8 3.9 3.9 4.0 4.1 4.1 4.4 4.1 3.8 3.6 4.1 5.1 5.1 4.9 4.6 4.1 4.3 4.1 4.3 4.1 4.1 4.3 4.1 4.2 3.9 4.0 3.9 4.0 3.8 Both sexes 16–19 years 16.0 14.6 13.9 13.1 14.7 16.5 17.5 17.0 16.6 15.4 15.3 15.6 14.6 14.1 15.6 15.7 16.3 16.3 15.2 15.1 15.2 15.0 14.9 White 4.2 3.9 3.7 3.5 4.2 5.1 5.2 4.8 4.4 4.0 4.1 4.0 4.0 4.1 4.1 4.1 4.1 3.9 3.9 3.9 4.0 4.1 4.0 1 Beginning in 2003, persons who selected this race group only. Prior to 2003, persons who reported more than one race were included in the group they identified as the main race. Persons whose ethnicity is identified as Hispanic or Latino may be of any race. 12 By selected groups Black or African American Asian (NSA) Hispanic or Latino ethnicity 10.0 8.9 8.0 7.6 8.6 10.2 10.8 10.4 10.0 8.9 9.3 9.3 9.3 8.9 9.0 9.4 8.8 9.1 8.5 8.6 8.4 8.0 7.9 .......... .......... .......... 3.6 4.5 5.9 6.0 4.4 4.0 3.0 3.2 3.4 3.6 3.0 3.5 2.7 2.9 2.8 2.7 3.2 2.4 3.2 2.7 7.7 7.2 6.4 5.7 6.6 7.5 7.7 7.0 6.0 5.2 5.5 5.2 5.3 5.0 5.3 5.3 5.3 5.4 4.6 5.0 4.9 5.7 5.2 Married men, spouse present Women who maintain families (NSA) Full-time workers Part-time workers 8.1 7.2 6.4 5.9 6.6 8.0 8.5 8.0 7.8 7.1 7.5 7.5 7.5 6.3 7.2 7.4 6.7 6.8 6.5 6.9 6.2 6.6 6.5 4.8 4.3 4.1 3.8 4.7 5.9 6.1 5.6 5.0 4.5 4.7 4.5 4.6 4.5 4.5 4.7 4.6 4.5 4.3 4.4 4.4 4.5 4.4 5.5 5.3 5.0 4.8 5.1 5.2 5.5 5.3 5.4 5.1 5.2 5.1 5.1 5.2 5.2 5.4 5.1 5.1 5.1 5.0 4.8 5.0 4.9 2.7 2.4 2.2 2.0 2.7 3.6 3.8 3.1 2.8 2.4 2.4 2.4 2.5 2.5 2.5 2.5 2.5 2.3 2.3 2.3 2.5 2.5 2.7 NOTE.—Data relate to persons age 16 years and over. Source: Department of Labor, Bureau of Labor Statistics. SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE PROGRAMS In February, the percentage of the unemployed who had been out of work for less than 5 weeks was unchanged; the percentages for 5–14 weeks and for 15–26 weeks fell; and the percentage for 27 weeks an over rose. The mean duration of unemployment rose to 16.4 weeks and the median duration was unchanged at 8.1 weeks. [Monthly data seasonally adjusted, except as noted] Duration of unemployment Period Unemployment (thousands) Percent distribution Less than 5 weeks 5–14 weeks 15–26 weeks Reason for unemployment: percent distribution State programs Number of weeks 27 weeks and over Average (mean) Median Job losers 1 Job leavers Reentrants New entrants Insured unemployment Initial claims Insured unemployment, all regular programs (unadjusted) 2 Weekly average, thousands 1997 ........................................ 1998 ........................................ 1999 ........................................ 2000 ........................................ 2001 ........................................ 2002 ........................................ 2003 ........................................ 2004 ........................................ 2005 ........................................ 2006 ........................................ 2006: Feb .............................. Mar .............................. Apr ............................... May .............................. June ............................. July .............................. Aug .............................. Sept ............................. Oct ............................... Nov .............................. Dec ............................... 2007: Jan .............................. Feb .............................. 6,739 6,210 5,880 5,692 6,801 8,378 8,774 8,149 7,591 7,001 7,158 7,009 7,098 7,006 6,984 7,228 7,116 6,912 6,715 6,826 6,849 7,017 6,865 37.7 42.2 43.7 44.9 42.0 34.5 31.7 33.1 35.1 37.3 36.2 38.2 37.0 35.7 39.0 37.3 36.5 37.3 38.5 37.0 39.7 37.5 37.5 31.7 31.4 31.2 31.9 32.3 30.8 29.8 29.2 30.4 30.3 29.2 28.6 29.8 31.7 30.0 30.2 30.7 30.0 30.7 31.4 29.8 32.4 31.6 14.8 12.3 12.8 11.8 14.0 16.3 16.4 15.9 14.9 14.7 15.8 14.7 14.6 13.9 14.7 14.3 14.5 14.6 14.5 14.8 14.5 14.0 13.1 15.8 14.1 12.3 11.4 11.8 18.3 22.1 21.8 19.6 17.6 18.9 18.5 18.7 18.7 16.3 18.3 18.3 18.1 16.2 16.8 16.0 16.1 17.8 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. 15.8 14.5 13.4 12.6 13.1 16.6 19.2 19.6 18.4 16.8 17.8 17.0 16.9 17.1 16.1 17.3 17.3 17.2 16.4 16.3 15.9 16.2 16.4 8.0 6.7 6.4 5.9 6.8 9.1 10.1 9.8 8.9 8.3 8.9 8.5 8.5 8.5 7.6 8.2 8.4 8.1 8.0 8.2 7.3 8.1 8.1 45.1 45.5 44.6 44.2 51.1 55.0 55.1 51.5 48.3 47.4 47.0 48.7 49.0 49.6 48.3 46.6 46.6 46.1 46.0 46.5 47.3 48.6 50.1 11.8 11.8 13.3 13.7 12.3 10.3 9.3 10.5 11.5 11.8 11.8 11.6 11.9 12.5 11.7 11.9 12.1 11.6 11.7 11.6 11.8 11.2 11.8 34.7 34.3 34.1 34.5 29.9 28.3 28.2 29.5 31.4 32.0 31.7 30.8 30.8 30.5 30.8 32.8 32.2 33.1 33.5 33.3 32.1 31.5 29.6 8.4 8.4 8.0 7.6 6.8 6.4 7.3 8.4 8.8 8.8 9.5 8.9 8.3 7.4 9.2 8.8 9.1 9.2 8.8 8.6 8.8 8.7 8.4 2,323 2,222 2,188 2,110 2,974 3,585 3,531 2,950 2,661 2,476 2,494 2,446 2,423 2,408 2,423 2,469 2,486 2,441 2,435 2,467 2,470 2,507 .............. 323 321 298 301 404 407 404 345 328 313 303 309 315 330 308 313 317 314 311 326 317 r 306 p 338 2,366 2,257 2,219 2,141 3,007 3,619 3,569 2,995 2,706 2,518 3,040 2,650 2,660 2,266 2,169 2,637 2,265 2,090 2,281 2,218 2,630 ................. ................. NOTE.—Data relate to persons age 16 years and over (except for insured unemployment and initial claims). Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration). 13 NONAGRICULTURAL EMPLOYMENT Total nonagricultural employment as measured by the payroll survey rose by 97,000 in February. [Thousands of wage and salary workers; 1 monthly data seasonally adjusted] Goods-producing industries Period Total nonagricultural employment Total 2 Construction Manufacturing Service-providing industries Total Trade, transportation, and utilities Total 3 1997 ...................... 1998 ...................... 1999 ...................... 2000 ...................... 2001 ...................... 2002 ...................... 2003 ...................... 2004 ...................... 2005 ...................... 2006 r ..................... 2006: Feb ............ Mar ............ Apr ............. May ............ June ........... July ............ Aug ............ Sept ........... Oct ............. Nov ............ Dec r ........... 2007: Jan r ........... Feb p ........... 122,776 125,930 128,993 131,785 131,826 130,341 129,999 131,435 133,703 136,174 135,410 135,659 135,803 135,906 136,030 136,252 136,438 136,636 136,745 136,941 137,167 137,313 137,410 23,886 24,354 24,465 24,649 23,873 22,557 21,816 21,882 22,190 22,570 22,541 22,573 22,604 22,593 22,613 22,622 22,629 22,625 22,573 22,525 22,520 22,546 22,475 5,813 6,149 6,545 6,787 6,826 6,716 6,735 6,976 7,336 7,689 7,668 7,692 7,699 7,698 7,691 7,703 7,719 7,725 7,707 7,683 7,684 7,712 7,650 17,419 17,560 17,322 17,263 16,441 15,259 14,510 14,315 14,226 14,197 14,212 14,212 14,227 14,215 14,238 14,229 14,218 14,206 14,166 14,143 14,131 14,129 14,115 98,890 101,576 104,528 107,136 107,952 107,784 108,182 109,553 111,513 113,605 112,869 113,086 113,199 113,313 113,417 113,630 113,809 114,011 114,172 114,416 114,647 114,767 114,935 Retail trade 24,700 25,186 25,771 26,225 25,983 25,497 25,287 25,533 25,959 26,231 26,187 26,225 26,207 26,194 26,197 26,226 26,227 26,241 26,258 26,320 26,345 26,371 26,384 14,389 14,609 14,970 15,280 15,239 15,025 14,917 15,058 15,280 15,319 15,354 15,378 15,337 15,303 15,296 15,306 15,298 15,290 15,298 15,328 15,324 15,349 15,356 1 Data from the establishment survey. Includes all full- and part-time wage and salary workers in nonagricultural establishments who received pay for any part of the pay period that includes the 12th of the month. Excludes proprietors, self-employed persons, unpaid family workers, and private household workers. Data from the household survey shown on p. 11 include those workers and also count persons as employed when they are not at work because of industrial disputes, bad weather, etc., even if they are not paid for the time off. In the series shown here, persons who work at more than one job are counted each time they appear on a payroll, in contrast to the series shown on p. 11 where persons are counted only once—as employed, unemployed, or not in the labor force. See Employment and Earnings for details. 14 2 Includes 3 Includes Information 3,084 3,218 3,419 3,631 3,629 3,395 3,188 3,118 3,061 3,055 3,058 3,058 3,056 3,048 3,048 3,043 3,051 3,052 3,054 3,057 3,073 3,074 3,087 Financial activities 7,178 7,462 7,648 7,687 7,807 7,847 7,977 8,031 8,153 8,363 8,298 8,314 8,340 8,352 8,348 8,368 8,379 8,408 8,415 8,422 8,438 8,442 8,450 Profes- Educasional tion Leisure and and and busihealth hospiness services tality services 14,335 15,147 15,957 16,666 16,476 15,976 15,987 16,395 16,954 17,552 17,387 17,431 17,458 17,499 17,539 17,592 17,617 17,636 17,662 17,726 17,792 17,818 17,847 14,087 14,446 14,798 15,109 15,645 16,199 16,588 16,953 17,372 17,838 17,666 17,709 17,743 17,776 17,794 17,828 17,894 17,946 17,976 18,018 18,063 18,093 18,124 11,018 11,232 11,543 11,862 12,036 11,986 12,173 12,493 12,816 13,143 12,981 13,022 13,049 13,074 13,092 13,156 13,188 13,209 13,257 13,324 13,373 13,395 13,426 Other services Government Total 4,825 4,976 5,087 5,168 5,258 5,372 5,401 5,409 5,395 5,432 5,417 5,421 5,424 5,432 5,431 5,427 5,430 5,443 5,450 5,443 5,449 5,445 5,449 19,664 19,909 20,307 20,790 21,118 21,513 21,583 21,621 21,804 21,990 21,875 21,906 21,922 21,938 21,968 21,990 22,023 22,076 22,100 22,106 22,114 22,129 22,168 Federal 2,806 2,772 2,769 2,865 2,764 2,766 2,761 2,730 2,732 2,728 2,731 2,731 2,731 2,729 2,733 2,739 2,730 2,729 2,725 2,719 2,713 2,718 2,722 natural resources and mining, not shown separately. wholesale trade, transportation and warehousing, and utilities, not shown sepa- rately. NOTE.—Data classified by industry based on the 2002 North American Industry Classification System (NAICS). For details see Employment and Earnings, June 2003. Source: Department of Labor, Bureau of Labor Statistics. AVERAGE WEEKLY HOURS, HOURLY EARNINGS, AND WEEKLY EARNINGS PRIVATE NONAGRICULTURAL INDUSTRIES [For production or nonsupervisory workers; monthly data seasonally adjusted] Average weekly hours Average gross hourly earnings Manufacturing Total private nonagricultural 1 Period 1997 .................... 1998 ..................... 1999 ..................... 2000 .................... 2001 ..................... 2002 ..................... 2003 ..................... 2004 ..................... 2005 ..................... 2006 r .................... 2006: Jan ........... Feb ........... Mar ........... Apr ........... May ........... June .......... July ........... Aug ........... Sept .......... Oct ............ Nov r .......... Dec r .......... 2007: Jan r .......... Feb p .......... 34.5 34.5 34.3 34.3 34.0 33.9 33.7 33.7 33.8 33.9 33.8 33.8 33.8 33.9 33.8 33.9 33.9 33.8 33.8 33.9 33.8 33.9 33.8 33.7 Total 41.7 41.4 41.4 41.3 40.3 40.5 40.4 40.8 40.7 41.1 40.9 41.0 41.1 41.2 41.1 41.2 41.5 41.3 41.1 41.2 41.0 41.0 40.8 40.8 Average gross weekly earnings Total private nonagricultural 1 Overtime 5.1 4.8 4.8 4.7 4.0 4.2 4.2 4.6 4.6 4.4 4.5 4.6 4.5 4.5 4.5 4.5 4.5 4.4 4.3 4.3 4.1 4.2 4.1 4.2 Current dollars $12.51 13.01 13.49 14.02 14.54 14.97 15.37 15.69 16.13 16.76 16.43 16.49 16.55 16.63 16.66 16.73 16.79 16.84 16.88 16.94 16.99 17.07 17.10 17.16 1982 dollars 2 $7.69 7.89 8.01 8.04 8.12 8.25 8.28 8.24 8.18 8.24 8.18 8.21 8.21 r 8.20 8.17 r 8.18 r 8.17 8.17 8.25 8.34 8.36 8.36 8.36 .............. Total private nonagricultural 1 Manufacturing Current dollars $13.14 13.45 13.85 14.32 14.76 15.29 15.74 16.15 16.56 16.80 16.69 16.69 16.71 16.75 16.77 16.78 16.78 16.83 16.83 16.88 16.89 16.95 16.99 16.99 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). Seasonally adjusted data revised beginning 2002 to reflect CPI–W annual revisions. Percent change from a year earlier, total private nonagricultural Current dollars 1982 dollars 2 Manufacturing Construction Retail trade $431.86 448.56 463.15 481.01 493.79 506.72 518.06 529.09 544.33 567.87 555.33 557.36 559.39 563.76 563.11 567.15 569.18 569.19 570.54 574.27 574.26 578.67 577.98 578.29 $265.60 272.18 275.03 275.97 275.71 279.18 279.13 277.88 276.17 279.19 276.56 r 277.43 r 277.61 r 277.99 r 276.03 r 277.33 r 277.11 276.31 278.99 282.61 282.47 283.25 282.54 .............. $548.22 557.12 573.17 590.65 595.19 618.75 635.99 659.59 673.37 690.83 682.62 684.29 686.78 690.10 689.25 691.34 696.37 695.08 691.71 695.46 692.49 694.95 693.19 693.19 $609.48 629.75 655.11 685.78 695.89 711.82 726.83 735.55 750.22 781.04 763.61 765.16 763.20 770.66 765.00 781.17 780.33 784.29 774.53 793.41 794.43 813.51 795.67 788.98 $295.97 310.34 321.63 333.38 346.16 360.81 367.15 371.13 377.58 383.16 379.12 378.78 379.09 384.34 380.91 382.74 384.56 382.99 384.56 385.78 385.52 385.17 385.47 385.11 Current dollars 4.5 3.9 3.3 3.9 2.7 2.6 2.2 2.1 2.9 4.3 3.6 3.8 3.9 4.1 4.0 4.7 4.5 4.4 4.1 4.2 4.2 4.6 4.1 3.8 1982 dollars 2.2 2.5 1.0 .3 ¥.1 1.3 ¥.0 ¥.4 ¥.6 1.1 ¥.5 r .1 .3 .4 ¥.2 .2 .2 .4 2.3 3.3 2.4 2.1 2.2 .............. 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 Wages and salaries 12 months earlier Benefits 1 Total compensation Wages and salaries Benefits 1 Not seasonally adjusted 1997: 1998: 1999: 2000: 2001: 2002: 2003: 2004: 2005: 2006: Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec ................................................................. ................................................................. ................................................................. ................................................................. ................................................................. ................................................................. ................................................................. ................................................................. ................................................................. ................................................................. 74.9 77.5 80.2 83.6 87.3 90.0 93.6 97.2 100.0 103.2 77.6 80.6 83.5 86.7 89.9 92.2 95.1 97.6 100.0 103.2 68.5 70.2 72.6 76.7 81.3 84.7 90.2 96.2 100.0 103.1 ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ .................. .................. .................. .................. .................. .................. .................. .................. .................. .................. Seasonally adjusted 2003: Mar ................................................................. June ............................................................... Sept ................................................................ Dec ................................................................. 2004: Mar ................................................................. June ............................................................... Sept ................................................................ Dec ................................................................. 2005: Mar ................................................................. June ............................................................... Sept ................................................................ Dec ................................................................. 2006: Mar ................................................................. June ............................................................... Sept ................................................................ Dec ................................................................. 91.4 92.2 93.2 93.8 94.9 95.8 96.7 97.3 98.2 98.8 99.5 100.2 100.8 101.6 102.5 103.3 93.2 93.8 94.7 95.1 95.7 96.4 97.2 97.7 98.3 98.8 99.4 100.1 100.8 101.7 102.5 103.2 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. 87.0 88.1 89.4 90.5 92.9 94.4 95.4 96.5 98.0 98.8 99.6 100.4 100.8 101.5 102.5 103.5 1.4 .8 1.1 .7 1.2 1.0 .9 .7 .9 .6 .7 .7 .6 .8 .9 .8 3.5 3.5 3.5 4.2 4.1 3.1 4.0 3.8 2.9 3.2 3.9 3.9 3.6 3.8 3.8 2.6 3.1 2.6 2.5 3.2 2.2 2.5 3.4 5.6 5.2 4.2 6.5 6.7 4.0 3.1 Not seasonally adjusted 1.0 .7 .9 .4 .6 .7 .8 .4 .7 .5 .6 .6 .7 .9 .8 .7 2.3 1.3 1.5 1.2 2.6 1.6 1.0 1.2 1.5 .8 .9 .7 .4 .7 1.0 1.0 3.6 3.5 3.9 4.0 3.8 3.9 3.8 3.8 3.5 3.1 2.9 2.9 2.6 2.8 3.0 3.2 2.9 2.6 3.0 3.1 2.6 2.7 2.6 2.6 2.7 2.5 2.3 2.5 2.4 2.8 3.0 3.2 5.7 5.8 6.3 6.5 6.8 7.3 6.7 6.7 5.5 4.7 4.5 4.0 3.0 2.7 2.8 3.1 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 PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR Output per hour of all persons Period Business sector Nonfarm business sector Output 1 Business sector Hours of all persons 2 Nonfarm business sector Business sector Compensation per hour 3 Nonfarm business sector Business sector Nonfarm business sector Real compensation per hour 4 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 1997 ........................ 1998 ........................ 1999 ........................ 2000 ........................ 2001 ........................ 2002 r ....................... 2003 r ....................... 2004 r ....................... 2005 r ....................... 2006 r* ..................... 2003: I r .................. II r ................ III r .............. IV r ............... 2004: I r .................. II r ................ III r ............... IV r ............... 2005: I r .................. II r ................ III r ............... IV r ............... 2006: I r .................. II r ................ III r ............... IV r* ............. 106.5 109.5 112.8 116.1 119.1 123.9 128.7 132.6 135.4 137.7 125.8 127.9 130.8 130.3 131.4 132.8 133.0 133.5 134.6 134.8 136.2 136.1 137.4 137.7 137.6 138.0 106.4 109.4 112.5 115.7 118.6 123.5 128.0 131.8 134.6 136.7 125.2 126.9 130.1 129.9 130.6 132.1 132.2 132.3 133.6 134.1 135.4 135.2 136.3 136.7 136.6 137.1 122.7 128.6 135.2 140.5 141.0 143.1 147.5 154.0 159.8 165.8 144.4 146.0 149.7 150.1 151.7 153.5 154.8 155.8 157.4 159.0 160.9 161.7 164.3 165.4 166.2 167.2 122.8 128.9 135.6 140.8 141.3 143.4 147.8 154.2 160.0 166.1 144.6 146.1 150.0 150.6 151.9 153.9 155.1 156.0 157.6 159.4 161.3 162.0 164.6 165.7 166.5 167.5 115.2 117.5 119.8 121.0 118.4 115.4 114.6 116.1 118.0 120.4 114.8 114.1 114.5 115.2 115.5 115.7 116.5 116.8 117.0 118.0 118.2 118.8 119.6 120.1 120.8 121.2 115.4 117.9 120.5 121.7 119.2 116.1 115.4 117.0 118.9 121.5 115.5 115.1 115.3 115.9 116.4 116.5 117.3 117.9 118.0 118.8 119.1 119.8 120.7 121.2 121.9 122.2 113.0 119.9 125.8 134.7 140.4 145.3 151.2 156.9 163.5 171.3 148.1 150.8 152.5 153.6 154.4 155.7 157.5 160.0 161.7 161.8 164.7 165.7 170.8 170.2 170.5 173.7 112.8 119.6 125.2 134.2 139.5 144.6 150.4 155.9 162.3 170.1 147.3 149.7 151.7 152.9 153.5 154.8 156.5 158.6 160.5 160.8 163.5 164.5 169.6 169.0 169.2 172.6 100.5 105.2 108.0 112.0 113.5 115.7 117.7 118.9 119.9 121.7 115.7 117.8 118.4 118.9 118.5 118.3 119.0 119.9 120.5 119.4 119.9 119.7 122.9 120.9 120.2 123.1 100.3 104.9 107.5 111.5 112.8 115.1 117.1 118.1 119.0 120.8 115.1 116.9 117.8 118.4 117.8 117.6 118.3 118.9 119.5 118.7 119.1 118.8 122.0 120.0 119.3 122.3 106.1 109.5 111.5 116.0 117.9 117.3 117.5 118.3 120.7 124.4 117.7 117.9 116.6 117.9 117.5 117.3 118.5 119.9 120.1 120.0 120.9 121.8 124.4 123.6 123.9 125.9 106.0 109.3 111.3 116.0 117.7 117.1 117.5 118.3 120.6 124.4 117.7 118.0 116.6 117.7 117.5 117.2 118.4 119.9 120.1 119.9 120.8 121.7 124.4 123.6 123.9 125.9 109.0 109.7 110.7 112.7 114.9 116.1 117.8 120.8 124.3 127.5 117.3 117.4 118.0 118.5 119.5 120.6 121.1 122.1 123.0 123.7 124.7 125.7 126.6 127.5 127.9 128.2 109.1 109.9 111.1 113.3 115.4 116.7 118.3 121.1 124.9 128.2 117.9 118.0 118.4 118.7 119.8 120.7 121.4 122.5 123.5 124.3 125.3 126.4 127.3 128.3 128.6 128.8 1.4 3.1 1.8 4.2 1.5 ¥.5 .3 .7 2.0 3.2 ¥.7 3.6 ¥2.2 .2 2.0 1.0 ¥4.5 3.8 ¥.5 ¥1.2 4.2 5.2 .7 ¥.6 3.0 3.0 9.1 ¥2.5 1.1 6.6 1.5 .6 .9 1.8 2.0 1.0 1.5 2.6 2.9 2.6 .2 1.0 1.0 1.7 1.9 .6 1.8 1.8 3.6 3.6 1.7 3.4 3.0 2.3 3.3 3.2 2.7 3.1 1.2 1.0 1.7 .7 1.1 1.9 1.9 1.1 1.3 2.4 3.1 2.7 ¥.0 2.0 .9 1.6 2.0 .4 1.3 1.1 3.6 3.1 2.4 3.7 3.3 2.5 3.5 3.3 2.9 3.4 .8 .5 Percent change; quarterly data at seasonally adjusted annual rates 1997 ........................ 1998 ........................ 1999 ........................ 2000 ........................ 2001 ........................ 2002 r ....................... 2003 r ....................... 2004 r ....................... 2005 r ....................... 2006 r* ..................... 2002: I r .................. II r ................ III r ............... IV r ............... 2003: I r .................. II r ................ III r .............. IV r ............... 2004: I r .................. II r ................ III r ............... IV r ............... 2005: I r .................. II r ................ III r ............... IV r ............... 2006: I r .................. II r ................ III r ............... IVr* .............. 1 Output 1.9 2.8 3.1 2.9 2.6 4.1 3.8 3.1 2.1 1.7 5.6 1.8 4.8 ¥.2 3.3 7.0 9.1 ¥1.3 3.2 4.3 .6 1.6 3.4 .5 4.3 ¥.2 3.8 1.0 ¥.3 1.0 1.6 2.8 2.9 2.8 2.5 4.1 3.7 2.9 2.1 1.6 6.9 .7 4.2 ¥.1 3.4 5.7 10.4 ¥.5 1.9 4.9 .2 .4 4.0 1.5 3.7 ¥.6 3.5 1.2 ¥.5 1.6 5.3 4.8 5.1 3.9 .3 1.5 3.1 4.4 3.7 3.8 2.6 2.1 3.6 .5 1.1 4.6 10.4 1.1 4.5 4.8 3.4 2.6 4.2 4.1 4.9 1.8 6.7 2.7 1.9 2.5 5.2 5.0 5.2 3.8 .4 1.5 3.1 4.3 3.8 3.8 3.5 1.4 3.1 .1 1.2 4.3 11.0 1.6 3.6 5.2 3.2 2.4 4.2 4.4 4.9 1.8 6.7 2.7 1.9 2.5 3.4 2.0 2.0 1.0 ¥2.2 ¥2.5 ¥.7 1.3 1.6 2.1 ¥2.9 .3 ¥1.2 .6 ¥2.2 ¥2.2 1.2 2.5 1.2 .5 2.8 1.0 .8 3.6 .6 2.1 2.8 1.7 2.2 1.5 3.5 2.1 2.2 1.0 ¥2.0 ¥2.6 ¥.6 1.4 1.6 2.2 ¥3.2 .6 ¥1.0 .2 ¥2.1 ¥1.3 .5 2.2 1.7 .3 3.0 2.0 .3 2.9 1.1 2.3 3.0 1.5 2.4 .9 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 1978–2005 is based on the consumer price index research series (CPI–U–RS). 5 Current dollar gross domestic output divided by the output index. 16 3.2 6.1 4.9 7.1 4.2 3.5 4.1 3.8 4.2 4.8 5.7 4.7 2.0 ¥.1 5.5 7.6 4.7 2.9 2.1 3.5 4.6 6.6 4.2 .2 7.3 2.7 12.9 ¥1.6 .9 7.5 3.1 6.0 4.7 7.2 4.0 3.6 4.0 3.6 4.1 4.8 6.2 4.4 1.9 .1 5.5 6.7 5.4 3.3 1.4 3.6 4.4 5.6 4.7 .9 6.8 2.4 12.9 ¥1.4 .6 8.2 1.1 4.6 2.8 3.6 1.4 1.9 1.7 1.0 .8 1.5 4.2 1.6 ¥.2 ¥2.4 1.5 7.3 2.1 1.8 ¥1.5 ¥.5 2.4 3.0 1.8 ¥3.5 1.8 ¥.6 10.9 ¥6.3 ¥2.1 9.8 0.9 4.5 2.6 3.7 1.2 2.0 1.7 .9 .8 1.5 4.7 1.3 ¥.4 ¥2.2 1.5 6.5 2.9 2.2 ¥2.2 ¥.4 2.2 2.0 2.3 ¥2.8 1.3 ¥.9 11.0 ¥6.1 ¥2.4 10.5 1.3 3.2 1.8 4.1 1.6 ¥.5 .2 .7 2.0 3.1 .1 2.8 ¥2.7 .1 2.1 .6 ¥4.1 4.3 ¥1.1 ¥.8 4.0 5.0 .8 ¥.3 2.9 2.9 8.8 ¥2.6 1.2 6.5 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 revised beginning 2002; for details, see Productivity and Costs release dated March 6, 2007. * Data based on GDP data released on February 28, 2007. Source: Department of Labor, Bureau of Labor Statistics. PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION Industrial production and capacity utilization fell in January. [Monthly data seasonally adjusted] Total industrial production 1 Percent Period Index, 2002=100 From preceding month Industry production indexes, 2002=100 change 2 From year earlier Capacity utilization rate (output as percent of capacity) 1 Manufacturing Total 1 Durable Nondurable Other (nonNAICS) 1 Mining Utilities Total industry Total manufacturing 1997 ....................... 1998 ....................... 1999 ....................... 2000 ....................... 2001 ....................... 2002 ....................... 2003 ....................... 2004 ....................... 2005 ....................... 2006 r ...................... 89.2 94.6 99.1 103.6 100.0 100.0 101.1 103.6 106.9 111.2 .............. .............. .............. .............. .............. .............. .............. .............. .............. .............. 7.2 6.1 4.7 4.5 ¥3.5 .0 1.1 2.5 3.2 4.0 88.3 94.4 99.5 104.3 100.0 100.0 101.1 104.0 108.0 113.0 80.4 89.2 97.3 105.4 100.4 100.0 102.3 106.3 112.1 120.5 99.6 101.0 101.7 102.3 99.0 100.0 100.1 102.0 104.5 106.7 97.7 104.2 107.6 109.6 103.2 100.0 97.0 97.8 99.6 r 98.0 108.0 106.5 101.2 103.5 104.5 100.0 99.9 99.2 97.6 r 100.2 89.7 92.0 94.7 97.4 97.0 100.0 101.9 103.3 105.5 105.7 83.9 82.8 81.9 81.7 76.1 74.8 76.1 78.1 80.2 81.8 83.0 81.7 80.8 80.1 73.9 73.0 74.2 76.6 78.8 80.4 2006: Jan ............. Feb ............. Mar ............ Apr ............. May ............ June ............ July ............. Aug ............. Sept ............ Oct r ............. Nov r ............ Dec r ............ 109.1 109.4 110.0 110.9 110.9 111.9 112.3 112.5 112.2 112.0 111.9 112.5 ¥0.0 .3 .5 .9 ¥.1 .9 .4 .2 ¥.3 ¥.2 ¥.1 .5 3.3 3.0 3.6 4.5 4.0 4.3 4.7 4.6 6.0 4.6 3.3 3.0 111.5 111.2 111.7 112.8 112.6 113.5 113.9 114.3 114.3 113.4 113.4 114.3 117.5 117.6 118.5 120.3 120.1 121.3 121.7 122.6 122.2 121.2 121.5 123.0 106.4 105.9 105.9 106.3 106.1 107.0 107.4 107.5 107.8 106.7 106.3 106.9 98.7 97.6 97.8 99.0 98.0 98.1 98.1 97.0 97.2 99.6 99.6 98.3 98.7 98.5 98.6 99.7 100.7 101.1 101.0 99.9 101.0 100.9 100.7 102.2 98.8 103.7 105.5 105.3 105.7 107.4 108.7 108.8 104.5 109.8 109.2 106.3 81.1 81.1 81.4 81.9 81.7 82.3 82.4 82.4 82.0 81.7 81.5 81.8 80.3 79.9 80.1 80.7 80.3 80.8 80.9 81.1 80.9 80.1 79.9 80.4 2007: Jan p ............ 111.9 ¥.5 2.6 113.5 121.4 106.7 98.8 101.0 108.7 81.2 79.6 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. NOTE.—Data based on the North American Industry Classification System (NAICS) except series as defined in footnote 1. Source: Board of Governors of the Federal Reserve System. 17 INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND SELECTED MANUFACTURES [2002=100; monthly data seasonally adjusted] Products and nonindustrial supplies Final products Materials Nonindustrial supplies Consumer goods Equipment Durable goods Business equipment Period Total Total Nondurable goods Total 1 Defense and space equipment Total Construction supplies Business supplies Total 1 Energy 1997 ............................................................ 1998 ............................................................ 1999 ............................................................ 2000 ............................................................ 2001 ............................................................ 2002 ............................................................ 2003 ............................................................ 2004 ............................................................ 2005 ............................................................ 2006 r .......................................................... 91.6 97.0 99.7 102.9 100.8 100.0 101.2 103.3 107.6 111.5 92.1 95.5 97.3 99.3 98.1 100.0 101.3 102.8 105.7 106.9 84.0 89.9 96.1 99.2 94.9 100.0 103.4 104.8 105.9 105.5 95.7 97.8 97.8 99.3 99.4 100.0 100.5 102.0 105.5 107.2 91.9 101.4 106.0 111.6 107.3 100.0 100.9 104.7 112.7 124.1 89.7 100.3 106.5 114.6 107.6 100.0 100.2 104.5 112.8 125.9 100.9 105.1 102.7 92.1 100.6 100.0 103.8 104.0 109.7 112.0 91.1 96.4 100.3 104.5 100.1 100.0 101.0 103.2 107.0 110.4 95.1 100.2 102.8 105.1 100.5 100.0 99.8 101.8 106.7 110.3 89.6 95.0 99.4 104.2 100.0 100.0 101.5 103.7 107.1 110.5 86.2 91.7 98.0 104.0 99.1 100.0 100.9 104.0 106.2 111.1 99.4 99.8 99.6 101.0 100.0 100.0 99.9 99.7 98.4 100.0 2006: Jan .................................................. Feb .................................................. Mar ................................................. Apr .................................................. May ................................................. June ................................................ July ................................................. Aug .................................................. Sept ................................................. Oct r ................................................. Nov r ................................................ Dec r ................................................. 109.2 109.5 110.3 111.2 110.9 112.2 112.5 112.9 112.7 112.4 112.7 113.5 105.7 106.0 106.7 106.8 106.4 107.6 107.4 107.8 107.6 107.3 107.6 107.7 106.6 106.2 106.8 107.0 106.0 107.4 105.1 106.2 105.4 102.8 104.4 106.0 105.3 105.8 106.5 106.6 106.4 107.6 108.1 108.2 108.2 108.7 108.5 108.1 118.7 119.1 120.3 123.0 123.3 124.7 126.2 126.6 126.6 126.3 126.8 129.3 119.7 119.9 121.6 124.6 124.8 126.4 128.1 128.6 128.5 128.4 129.3 132.3 111.2 111.7 109.9 111.5 111.8 112.6 113.8 113.0 113.6 113.3 112.0 112.4 109.5 109.3 109.9 110.6 110.3 110.9 111.3 111.4 110.7 110.9 110.3 111.0 111.3 110.7 111.4 111.6 111.1 111.1 111.6 111.3 110.3 108.4 107.4 109.3 108.7 108.8 109.4 110.1 109.9 110.8 111.2 111.5 110.8 111.9 111.4 111.7 108.8 109.3 109.6 110.9 111.0 111.9 112.5 112.6 112.2 112.0 111.6 112.0 97.1 98.7 98.5 99.4 100.2 101.1 101.7 100.9 100.0 101.3 101.8 101.3 2007: Jan p ................................................ 113.0 107.5 103.5 108.7 127.9 130.1 113.8 110.7 108.2 111.7 111.3 101.2 1 Includes other items, not shown separately. [2002=100; monthly data seasonally adjusted] Durable manufactures Primary metal Period Total Iron and steel products Nondurable manufactures Computer and electronic products Fabricated metal products Machinery Total Selected hightechnology 1 Transportation equipment Total Motor vehicles and parts Apparel Printing and support Chemical Food 1997 ............................................................ 1998 ............................................................ 1999 ............................................................ 2000 ............................................................ 2001 ............................................................ 2002 ............................................................ 2003 ............................................................ 2004 ............................................................ 2005 ............................................................ 2006 r .......................................................... 112.4 114.3 114.0 110.3 99.8 100.0 98.9 109.3 107.1 112.4 111.4 111.2 112.0 110.9 100.3 100.0 100.8 116.4 109.9 117.0 102.9 106.3 107.0 111.2 103.1 100.0 98.9 99.1 103.3 108.9 111.7 114.5 112.0 117.7 104.1 100.0 99.6 103.7 110.0 117.1 43.0 56.2 75.5 101.8 103.5 100.0 111.5 126.2 141.0 169.2 32.0 45.6 67.7 98.8 101.5 100.0 116.7 132.6 156.6 198.2 91.0 99.0 104.4 99.5 95.7 100.0 101.1 100.8 104.1 109.4 85.8 90.2 100.1 99.5 90.6 100.0 103.5 103.8 103.7 101.9 172.2 162.9 156.1 148.5 127.2 100.0 92.3 79.5 76.8 77.9 110.2 111.5 112.4 113.1 106.3 100.0 96.3 97.0 98.9 103.3 90.2 91.7 93.6 95.0 93.3 100.0 101.4 105.7 108.0 110.2 91.0 95.0 96.0 97.7 97.7 100.0 101.0 101.1 104.5 107.7 2006: Jan .................................................. Feb .................................................. Mar ................................................. Apr .................................................. May ................................................. June ................................................ July ................................................. Aug .................................................. Sept ................................................. Oct r ................................................. Nov r ................................................ Dec r ................................................. 112.9 112.6 111.8 114.3 117.1 117.7 115.7 114.5 112.8 109.2 106.0 104.0 116.0 116.8 117.6 120.2 125.5 126.1 123.3 121.8 119.8 112.3 103.9 99.4 106.9 107.3 108.1 109.4 108.4 109.1 109.9 110.7 110.5 110.5 109.9 110.0 112.1 112.0 114.0 116.2 114.1 114.8 119.6 121.0 120.6 118.1 117.6 122.7 154.7 156.0 158.9 164.0 165.8 169.1 171.6 174.0 177.2 179.3 180.0 182.4 176.8 178.1 182.9 189.5 192.8 196.0 199.3 204.3 210.7 214.4 216.2 219.3 108.7 108.4 109.1 110.1 109.3 111.2 109.2 110.4 109.8 107.8 110.4 112.1 104.2 102.9 104.3 104.3 102.5 104.6 100.3 102.2 100.9 97.3 100.7 102.5 77.3 76.8 77.3 78.6 78.3 78.9 79.3 77.9 77.5 78.4 77.6 77.7 101.3 101.8 102.3 103.9 102.7 103.0 102.7 102.7 103.1 104.1 104.3 105.9 109.0 108.7 109.4 110.1 110.0 111.1 111.8 112.4 111.7 110.1 109.0 109.2 106.9 106.2 106.7 107.8 106.6 106.6 107.0 107.0 108.5 109.4 110.0 109.5 2007: Jan p ................................................ 103.5 98.4 110.0 117.6 184.4 223.0 108.7 96.3 79.0 104.4 108.4 108.6 1 Computers and office equipment, communications equipment, and semiconductors and related electronic components. 18 Source: Board of Governors of the Federal Reserve System. NEW CONSTRUCTION [Billions of dollars; monthly data at seasonally adjusted annual rates] Private Period 1997 .................................... 1998 .................................... 1999 .................................... 2000 .................................... 2001 .................................... 2002 .................................... 2003 .................................... 2004 .................................... 2005 .................................... 2006 r ................................... 2006: Jan .......................... Feb .......................... Mar .......................... Apr .......................... May ......................... June ........................ July ......................... Aug .......................... Sept ......................... Oct ........................... Nov r ......................... Dec r ......................... 2007: Jan p ......................... Total new construction expenditures Residential Total Total 1 653.4 706.3 769.5 835.3 868.3 876.8 926.9 1,034.7 1,143.7 1,198.3 1,194.5 1,199.9 1,212.4 1,214.4 1,209.2 1,209.2 1,200.2 1,199.9 1,190.7 1,181.4 1,181.6 1,189.3 1,180.2 502.7 552.0 599.7 649.8 662.2 659.7 702.9 804.2 899.0 928.8 939.3 940.3 948.7 948.5 939.2 937.2 930.3 929.6 920.1 908.3 904.0 905.1 894.3 289.0 314.6 350.6 374.5 388.3 421.9 475.9 564.8 642.3 630.3 661.4 662.6 664.2 657.8 647.2 639.4 627.3 617.5 609.6 600.8 592.1 586.1 575.4 Federal and State and local Nonresidential New housing Total 198.1 224.0 251.3 265.0 279.4 298.8 345.7 417.5 481.7 469.4 510.5 513.0 513.7 502.6 490.5 478.9 466.7 454.3 446.0 434.1 420.1 412.4 396.2 213.7 237.4 249.2 275.3 273.9 237.7 226.9 239.4 256.7 298.5 277.9 277.8 284.5 290.7 292.0 297.8 303.0 312.1 310.5 307.5 312.0 319.0 318.9 1 Includes residential improvements, not shown separately. 2 Includes health care, educational, communication, and power, among other categories not shown separately. Lodging 12.9 14.8 16.0 16.3 14.5 10.5 9.9 12.0 12.8 19.4 14.1 15.5 16.9 18.7 19.6 19.7 20.4 20.5 20.6 22.2 22.4 21.8 22.5 Commercial (including farm) Office 32.8 40.4 45.1 52.4 49.7 35.3 30.6 32.9 36.8 43.8 38.4 39.5 39.3 40.2 41.2 42.0 45.5 47.6 47.5 45.9 48.3 49.6 51.3 Manufacturing 53.1 55.7 59.4 64.1 63.6 59.0 57.5 64.1 69.1 76.4 74.4 72.8 73.9 74.9 76.0 76.4 76.9 77.3 79.6 78.5 78.0 80.4 79.8 Other 2 37.6 40.5 35.1 37.6 37.8 22.7 21.4 23.7 30.9 36.8 34.6 33.4 35.3 37.1 36.1 38.0 36.3 40.5 38.5 37.2 37.3 39.0 40.7 77.3 86.0 93.7 104.9 108.2 110.2 107.5 106.8 107.0 122.1 116.4 116.6 119.1 119.8 119.1 121.5 124.0 126.1 124.2 123.9 126.0 128.2 124.6 150.7 154.3 169.7 185.5 206.1 217.2 224.0 230.5 244.7 269.5 255.2 259.5 263.7 266.0 270.0 272.1 270.0 270.4 270.6 273.1 277.6 284.2 286.0 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 Units started, by type of structure Period Total 1997 ...................................... 1998 ...................................... 1999 ...................................... 2000 ...................................... 2001 ...................................... 2002 ...................................... 2003 ...................................... 2004 ...................................... 2005 ...................................... 2006 r ..................................... New private houses 1,474.0 1,616.9 1,640.9 1,568.7 1,602.7 1,704.9 1,847.7 1,955.8 2,068.3 1,801.6 1 unit 1,133.7 1,271.4 1,302.4 1,230.9 1,273.3 1,358.6 1,499.0 1,610.5 1,715.8 1,465.6 2–4 units 1 5 units or more 44.5 42.6 31.9 38.7 36.6 38.5 33.5 42.3 41.1 42.6 295.8 302.9 306.6 299.1 292.8 307.9 315.2 303.0 311.4 293.4 Units authorized 1,441.1 1,612.3 1,663.5 1,592.3 1,636.7 1,747.7 1,889.2 4 2,070.1 2,155.3 1,837.3 Units completed Houses sold Houses for sale at end of period 2 Vacancy rate for rental housing units (percent) 3 1,400.5 1,474.2 1,604.9 1,573.7 1,570.8 1,648.4 1,678.7 1,841.9 1,931.4 1,979.1 804 886 880 877 908 973 1,086 1,203 1,283 1,060 281 294 308 298 308 339 370 422 509 537 7.7 7.9 8.1 8.0 8.4 8.9 9.8 10.2 9.8 9.7 Seasonally adjusted annual rates 2006: Jan ............................ Feb ............................ Mar ............................ Apr ............................ May ........................... June .......................... July ........................... Aug ............................ Sept ........................... Oct ............................. Nov r ........................... Dec r ........................... 2,265 2,132 1,972 1,832 1,953 1,833 1,760 1,659 1,724 1,478 1,565 1,643 1,814 1,812 1,615 1,524 1,587 1,478 1,445 1,365 1,393 1,187 1,271 1,248 27 35 36 56 51 44 83 41 29 39 20 48 424 285 321 252 315 311 232 253 302 252 274 347 2,195 2,147 2,085 1,973 1,946 1,869 1,763 1,727 1,638 1,553 1,513 1,613 2,044 2,038 2,203 2,043 1,905 2,043 1,946 1,888 2,038 1,928 1,898 1,902 1,173 1,038 1,121 1,121 1,101 1,078 979 1,021 1,022 r 967 1,029 1,123 522 538 553 565 564 566 573 568 560 553 542 537 ...................... ...................... 9.5 ...................... ...................... 9.6 ...................... ...................... 9.9 ...................... ...................... 9.8 2007: Jan p ........................... 1,408 1,108 24 276 1,571 1,880 937 536 ...................... 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 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. 19 BUSINESS SALES AND INVENTORIES—Manufacturing and Trade In January, according to preliminary estimates, manufacturing and trade sales fell 0.7 percent and inventories rose $0.8 billion in December. According to advance estimates, retail sales rose 0.1 percent in January. Retail and food services sales were about unchanged. [Millions of dollars, except ratios; seasonally adjusted, except as noted] Manufacturing and trade 1 Period Sales 2 1997 .............................................................. 1998 .............................................................. 1999 .............................................................. 2000 .............................................................. 2001 .............................................................. 2002 .............................................................. 2003 .............................................................. 2004 .............................................................. 2005 .............................................................. 2006 r ............................................................. 2005: Dec r ................................................... 2006: Jan r ................................................... Feb .................................................... Mar .................................................... Apr .................................................... May .................................................... June ................................................... July ................................................... Aug .................................................... Sept ................................................... Oct ..................................................... Nov r ................................................... Dec p ................................................... 2007: Jan p ................................................... 1 See Inventories 3 Inventorysales ratio 4 723,879 1,046,857 1.42 742,837 1,078,775 1.43 786,634 1,139,249 1.40 834,325 1,198,691 1.41 822,982 1,141,227 1.43 827,925 1,158,450 1.38 849,990 1,147,101 1.35 919,420 1,234,297 1.30 984,511 r 1,289,548 1.28 1,049,461 1,367,257 1.28 1,021,157 1,289,548 1.26 1,038,136 1,294,974 1.25 1,027,729 1,295,158 1.26 1,036,587 1,304,786 1.26 1,043,191 1,313,526 1.26 1,059,577 1,328,018 1.25 1,061,409 1,339,593 1.26 1,067,161 1,348,329 1.26 1,072,622 1,357,069 1.27 1,047,878 1,361,086 1.30 1,045,932 1,363,316 1.30 1,051,473 1,366,499 1.30 1,065,346 1,367,257 1.28 1,057,832 .................. ................ page 21 for manufacturing. data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month. 3 Seasonally adjusted, end of period. 2 Annual 20 Wholesale Sales 2 198,154 202,260 216,597 234,546 232,096 236,294 246,857 274,710 295,843 325,238 310,405 314,056 312,846 315,710 320,342 326,407 330,366 331,886 334,528 329,432 328,188 331,213 336,574 333,421 Inventories 3 258,496 272,292 290,418 309,809 298,380 302,478 308,017 338,232 r 362,592 393,894 362,592 363,319 365,838 367,871 372,676 376,048 379,097 382,384 387,251 389,874 391,575 395,797 393,894 396,725 Retail Inventory sales ratio 4 1.26 1.32 1.30 1.29 1.32 1.26 1.23 1.18 1.19 1.18 1.17 1.16 1.17 1.17 1.16 1.15 1.15 1.15 1.16 1.18 1.19 1.19 1.17 1.19 Sales 2 Inventories 3 Inventory sales ratio 4 206,167 344,593 1.64 215,592 357,267 1.62 234,046 385,087 1.59 249,063 407,035 1.59 255,644 394,966 1.58 261,194 416,499 1.55 272,123 432,268 1.56 289,776 461,202 1.56 309,932 r 474,907 1.50 328,060 490,466 1.50 316,267 474,907 1.50 326,833 475,498 1.45 323,838 475,304 1.47 325,981 479,001 1.47 328,369 478,542 1.46 328,971 486,353 1.48 327,208 490,495 1.50 331,988 492,228 1.48 331,575 493,462 1.49 329,040 491,908 1.49 328,091 490,877 1.50 329,738 488,927 1.48 r 333,006 490,466 1.47 333,252 ................ ................ 4 Annual data are averages of seasonally adjusted monthly ratios. Source: Department of Commerce, Bureau of the Census. Retail and food services sales 2 227,670 238,278 257,797 274,518 282,131 288,845 301,264 320,812 342,985 363,779 350,494 362,135 358,675 361,190 363,611 364,343 362,439 367,415 367,491 365,319 364,538 366,065 r 370,447 370,418 MANUFACTURERS’ SHIPMENTS, INVENTORIES, AND ORDERS In January, manufacturers’ shipments, inventories and new orders fell; unfilled orders rose slightly. Manufacturers’ shipments 1 Manufacturers’ inventories 2 Manufacturers’ new orders 1 Durable goods Period Total Durable goods Nondurable goods Total Durable goods Nondurable goods Total Total Capital goods industries, nondefense Manufacturers’ unfilled orders 2 Manufacturers’ inventory— shipments ratio 3 Millions of dollars, seasonally adjusted, except as noted 1997 .................................................... 1998 .................................................... 1999 .................................................... 2000 .................................................... 2001 .................................................... 2002 .................................................... 2003 .................................................... 2004 .................................................... 2005 .................................................... 2006 r ................................................... 319,558 324,984 335,991 350,715 335,242 330,437 331,010 354,934 378,737 396,164 178,949 185,966 193,895 197,807 183,592 180,703 177,520 187,660 198,781 210,018 140,610 139,019 142,096 152,908 151,650 149,734 153,490 167,274 179,956 186,146 443,768 449,216 463,744 481,847 447,881 439,473 406,816 434,863 452,049 482,897 281,154 290,765 296,615 306,889 279,825 272,146 246,840 263,936 273,123 296,406 162,614 158,451 167,129 174,958 168,056 167,327 159,976 170,927 178,926 186,491 314,986 317,345 329,770 346,789 326,435 322,242 325,067 350,672 379,136 399,383 174,377 178,327 187,674 193,881 174,786 172,507 171,578 183,398 199,180 213,237 60,697 62,133 64,392 69,278 58,232 53,927 52,263 55,381 67,149 73,636 513,057 496,160 505,543 549,530 511,562 478,479 473,758 495,278 576,197 694,576 1.37 1.38 1.35 1.35 1.39 1.32 1.27 1.19 1.18 1.18 2006: Jan ........................................... Feb ........................................... Mar .......................................... Apr ........................................... May .......................................... June ......................................... July .......................................... Aug .......................................... Sept .......................................... Oct ........................................... Nov .......................................... Dec r ......................................... 397,247 391,045 394,896 394,480 404,199 403,835 403,287 406,519 389,406 389,653 390,522 395,766 207,805 208,362 209,008 206,474 212,676 212,998 210,220 214,555 208,774 209,145 209,827 212,276 189,442 182,683 185,888 188,006 191,523 190,837 193,067 191,964 180,632 180,508 180,695 183,490 456,157 454,016 457,914 462,308 465,617 470,001 473,717 476,356 479,304 480,864 481,775 482,897 274,309 273,012 275,685 278,885 280,856 283,293 286,383 288,246 291,562 293,841 294,683 296,406 181,848 181,004 182,229 183,423 184,761 186,708 187,334 188,110 187,742 187,023 187,092 186,491 389,235 389,720 405,387 397,233 401,362 407,504 403,628 402,609 409,612 390,989 395,762 406,010 199,793 207,037 219,499 209,227 209,839 216,667 210,561 210,645 228,980 210,481 215,067 222,520 65,797 68,884 76,888 71,864 70,435 71,652 70,978 69,569 86,687 74,238 73,998 81,977 574,678 581,518 598,726 607,538 611,736 622,040 629,253 632,139 658,275 667,270 679,242 694,576 1.15 1.16 1.16 1.17 1.15 1.16 1.17 1.17 1.23 1.23 1.23 1.22 2007: Jan p ......................................... 391,159 211,280 179,879 482,033 296,797 185,236 383,143 203,264 65,454 695,156 1.23 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. Total and durable shipments and inventories include data on semiconductors; new and unfilled orders do not. Source: Department of Commerce, Bureau of the Census. 21 PRICES PRODUCER PRICES The producer price index for all finished goods fell 0.6 percent in January. Prices of finished consumer foods rose 1.1 percent, while prices of other finished consumer goods fell 1.5 percent. Capital equipment prices rose 0.2 percent. [1982=100; monthly data seasonally adjusted] Finished goods Period Total finished goods Finished goods excluding consumer foods Consumer foods Consumer goods Total Total 1997 ........................... 1998 ........................... 1999 .......................... 2000 ........................... 2001 ........................... 2002 .......................... 2003 .......................... 2004 .......................... 2005 .......................... 2006 p ........................ 2006: Jan r ............... Feb r ............... Mar r ............... Apr r ............... May r .............. June r ............. July r .............. Aug r ............... Sept r .............. Oct r ................ Nov r ............... Dec r ............... 2007: Jan ................. 1 Intermediate 22 131.8 130.7 133.0 138.0 140.7 138.9 143.3 148.5 155.7 160.3 160.3 158.6 159.3 160.4 160.7 161.5 161.3 161.9 160.2 157.3 160.2 161.6 160.6 Intermediate materials 134.5 134.3 135.1 137.2 141.3 140.1 145.9 152.7 155.7 156.7 157.4 154.2 154.8 155.5 154.2 156.0 156.1 157.9 158.6 157.5 157.7 160.0 161.7 130.9 129.5 132.3 138.1 140.4 138.3 142.4 147.2 155.5 161.0 160.7 159.5 160.2 161.4 162.1 162.7 162.4 162.6 160.4 157.0 160.6 161.7 160.1 materials for food manufacturing and feeds. 128.2 126.4 130.5 138.4 141.4 138.8 144.7 150.9 161.9 169.1 169.4 167.3 168.3 169.9 170.8 171.6 171.6 171.5 167.9 163.4 167.9 169.4 166.8 Durable 133.7 132.9 133.0 133.9 134.0 133.0 133.1 135.0 136.6 136.8 136.6 137.0 137.1 137.0 137.1 137.3 135.4 136.5 137.2 134.6 138.0 138.2 138.0 Nondurable 124.3 122.2 127.9 138.7 142.8 139.8 148.4 156.6 172.0 182.6 183.1 179.8 181.2 183.6 184.9 186.0 186.8 186.2 180.6 175.2 180.2 182.3 178.5 Capital equipment 138.2 137.6 137.6 138.8 139.7 139.1 139.5 141.4 144.6 146.8 145.5 146.0 146.2 146.5 146.8 147.0 146.4 147.0 147.4 146.2 148.2 148.4 148.7 Total finished consumer goods 130.2 128.9 132.0 138.2 141.5 139.4 145.3 151.7 160.4 165.9 166.4 163.9 164.8 166.2 166.5 167.5 167.5 168.0 165.6 162.0 165.3 167.1 165.6 Crude materials Total Foods and feeds 1 Other Total Foodstuffs and feedstuffs Other 125.6 123.0 123.2 129.2 129.7 127.8 133.7 142.6 154.0 164.0 161.8 161.3 161.8 163.0 164.9 165.8 166.1 166.8 164.6 163.0 164.0 164.9 163.8 125.4 116.2 111.1 111.7 115.9 115.5 125.9 137.1 133.8 135.4 135.3 133.8 133.9 133.3 132.9 133.7 134.8 134.2 135.0 135.6 139.8 141.9 144.6 125.7 123.4 123.9 130.1 130.5 128.5 134.2 143.0 155.1 165.4 163.1 162.7 163.2 164.4 166.4 167.4 167.7 168.4 166.1 164.3 165.3 166.1 164.8 111.1 96.8 98.2 120.6 121.0 108.1 135.3 159.0 182.2 185.4 199.7 182.9 178.5 183.0 186.2 181.3 186.3 191.2 183.9 165.0 190.6 196.0 183.7 112.2 103.9 98.7 100.2 106.1 99.5 113.5 127.0 122.7 119.3 120.8 117.5 115.0 114.2 111.3 115.7 118.3 118.7 120.8 124.1 127.2 127.2 129.9 106.4 88.4 94.3 130.4 126.8 111.4 148.2 179.2 223.4 231.7 255.6 228.6 222.9 231.6 239.4 227.2 233.9 242.3 227.8 191.6 234.5 243.9 218.3 Note.—Seasonally adjusted data revised beginning 2002 to reflect annual revisions. Source: Department of Labor, Bureau of Labor Statistics. CONSUMER PRICES—ALL URBAN CONSUMERS In January, the consumer price index for all urban consumers rose 0.2 percent seasonally adjusted; it rose 0.3 percent not seasonally adjusted. The index was 2.1 percent above its year-earlier level. [1982–84=100, except as noted; monthly data seasonally adjusted, except as noted] All items 1 Housing Transportation Shelter Period Not seasonally adjusted (NSA) Seasonally adjusted Food Total 1 Total 1 Rent of primary residence Owners’ equivalent rent (12/82= 100) Fuels and utilities Apparel Total 1 Motor fuel Medical care Energy 2 All items less food and energy Rel. imp.3 ............... 1997 ....................... 1998 ....................... 1999 ....................... 2000 ....................... 2001 ....................... 2002 ....................... 2003 ....................... 2004 ....................... 2005 ....................... 2006 ....................... 100.0 160.5 163.0 166.6 172.2 177.1 179.9 184.0 188.9 195.3 201.6 .............. .............. .............. .............. .............. .............. .............. .............. .............. .............. .............. 13.9 157.3 160.7 164.1 167.8 173.1 176.2 180.0 186.2 190.7 195.2 42.7 156.8 160.4 163.9 169.6 176.4 180.3 184.8 189.5 195.7 203.2 32.8 176.3 182.1 187.3 193.4 200.6 208.1 213.1 218.8 224.4 232.1 5.9 166.7 172.1 177.5 183.9 192.1 199.7 205.5 211.0 217.3 225.1 23.8 181.9 187.8 192.9 198.7 206.3 214.7 219.9 224.9 230.2 238.2 5.3 130.8 128.5 128.8 137.9 150.2 143.6 154.5 161.9 179.0 194.7 3.7 132.9 133.0 131.3 129.6 127.3 124.0 120.9 120.4 119.5 119.5 17.2 144.3 141.6 144.4 153.3 154.3 152.9 157.6 163.1 173.9 180.9 4.3 106.2 92.2 100.7 129.3 124.7 116.6 135.8 160.4 195.7 221.0 6.3 234.6 242.1 250.6 260.8 272.8 285.6 297.1 310.1 323.2 336.2 8.7 111.5 102.9 106.6 124.6 129.3 121.7 136.5 151.4 177.1 196.9 77.4 169.5 173.4 177.0 181.3 186.1 190.5 193.2 196.6 200.9 205.9 2006: Jan r ........... Feb r ........... Mar r ........... Apr r ........... May r .......... June r ......... July r .......... Aug r ........... Sept r .......... Oct r ............ Nov r ........... Dec r ........... 198.3 198.7 199.8 201.5 202.5 202.9 203.5 203.9 202.9 201.8 201.5 201.8 199.0 199.1 199.6 200.8 201.9 202.4 203.2 203.8 202.7 201.8 201.9 202.8 193.5 193.7 193.9 193.9 194.2 194.9 195.2 195.8 196.5 197.0 196.8 196.8 200.6 200.9 201.3 201.7 202.2 202.7 203.4 204.0 204.6 204.6 205.5 206.3 227.5 228.3 229.1 230.0 230.9 231.9 232.7 233.4 234.2 234.9 235.9 236.6 220.8 221.5 222.2 222.9 223.7 224.6 225.4 226.2 227.1 228.0 228.8 229.8 233.3 234.1 234.9 235.9 236.9 238.0 238.8 239.6 240.4 241.2 242.1 242.8 199.7 197.9 196.4 194.9 193.9 192.4 193.3 193.9 194.8 190.9 192.9 195.3 119.0 118.3 119.0 119.7 119.7 119.7 119.0 119.7 120.3 119.7 119.6 119.8 177.1 176.7 177.6 181.8 185.7 185.9 188.4 188.7 181.0 175.5 174.1 177.0 205.7 203.7 207.3 225.4 242.4 242.2 252.5 253.7 219.5 196.2 193.0 206.5 330.0 331.4 332.7 333.8 335.0 335.8 336.8 338.0 338.9 339.9 340.7 341.3 193.0 190.9 191.7 199.2 206.5 205.4 210.6 211.4 196.0 182.9 182.5 190.1 203.2 203.6 204.2 204.8 205.3 205.9 206.4 206.9 207.3 207.6 207.8 208.1 2007: Jan ............ 1 Includes 202.416 203.153 198.173 206.799 237.350 230.670 items not shown separately. 2 Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc. excluded beginning 1983. 243.279 195.818 120.180 175.661 200.234 344.046 187.340 208.632 3 Relative importance, December 2006. NOTE.—Seasonally adjusted data revised beginning 2002 to reflect annual revisions. Source: Department of Labor, Bureau of Labor Statistics. 23 CHANGES IN PRODUCER PRICES FOR FINISHED GOODS [Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA] Change from preceding period Period Change from 3 months earlier, annual rate Consumer goods Consumer goods Total finished goods Foods Capital equipment Change from 6 months earlier, annual rate Change from year earlier, total finished goods NSA Consumer goods Total finished goods Foods Excluding foods Capital equipment Total finished goods Foods Excluding foods Capital equipment ¥0.6 0 .3 1.2 0 ¥.6 .8 2.4 1.2 2.3 Excluding foods ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ .................. .................. .................. .................. .................. .................. .................. .................. .................. .................. 0 .2 ¥1.2 1.2 8.6 8.1 4.1 1.6 ¥8.3 ¥17.8 ¥8.1 3.6 1.1 2.8 3.4 2.8 2.2 2.2 ¥.3 .5 1.1 ¥.5 3.3 2.7 6.5 3.2 .5 .8 2.5 2.1 1.3 4.2 1.1 ¥3.8 ¥.6 .1 4.2 .7 ¥.8 0 ¥2.8 ¥1.8 ¥1.6 4.9 5.0 2.6 4.6 5.2 10.0 5.1 .6 .6 4.4 3.3 2.6 5.1 ¥.5 ¥7.5 ¥3.4 ¥2.5 0.7 1.4 1.4 1.9 2.5 2.8 1.2 1.4 1.6 ¥.4 1.9 1.9 5.6 3.9 3.6 4.1 4.5 4.9 4.0 3.8 .9 ¥1.6 .9 1.1 8.6 7.0 ¥.9 7.3 ¥5.5 3.2 .2 Change, Dec. to Dec., NSA ¥1.2 0 2.9 3.6 ¥1.6 1.2 4.0 4.2 5.4 1.1 1997 ............... 1998 ............... 1999 ............... 2000 ............... 2001 ............... 2002 ............... 2003 ............... 2004 ............... 2005 ............... 2006 p ............. ¥0.8 .1 .8 1.7 1.8 ¥.6 7.7 3.1 1.7 1.8 ¥1.5 ¥.1 5.1 5.5 ¥3.9 2.9 4.1 5.5 8.8 .4 0.4 ¥.8 1.8 3.8 2.0 ¥1.3 3.2 3.6 4.8 3.0 Change, month to month 2006: Jan r .... Feb r .... Mar r ... Apr r .... May r ... June r .. July r ... Aug r ... Sept r ... Oct r .... Nov r .... Dec r .... 0.3 ¥1.1 .4 .7 .2 .5 ¥.1 .4 ¥1.1 ¥1.8 1.8 .9 0 ¥2.0 .4 .5 ¥.8 1.2 .1 1.2 .4 ¥.7 .1 1.5 0.4 ¥1.2 .6 1.0 .5 .5 0 ¥.1 ¥2.1 ¥2.7 2.8 .9 0.3 .3 .1 .2 .2 .1 ¥.4 .4 .3 ¥.8 1.4 .1 1.3 ¥.3 ¥1.2 .2 5.4 5.6 2.3 3.0 ¥3.2 ¥9.6 ¥4.1 3.5 5.0 ¥5.5 ¥6.4 ¥4.7 0 3.1 1.6 9.9 6.8 3.6 ¥.5 3.6 2007: Jan ...... ¥.6 1.1 ¥1.5 .2 8.7 11.1 Note.—See Note, p. 22. 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 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 .......................... .......................... .......................... .......................... .......................... .......................... .......................... .......................... .......................... .......................... 1.7 1.6 2.7 3.4 1.6 2.4 1.9 3.3 3.4 2.5 1.5 2.3 1.9 2.8 2.8 1.5 3.6 2.7 2.3 2.1 2.4 2.3 2.2 4.3 2.9 2.4 2.2 3.0 4.0 3.3 3.4 3.3 2.5 3.4 4.2 3.1 2.2 2.7 2.6 4.2 3.1 3.4 3.1 4.0 4.7 3.1 2.7 2.9 3.1 4.3 3.1 3.2 2.4 3.4 4.5 3.3 2.0 2.3 2.5 4.3 0.5 ¥2.6 2.4 12.1 ¥2.1 1.4 6.5 7.9 15.6 .5 1.0 ¥.7 ¥.5 ¥1.8 ¥3.2 ¥1.8 ¥2.1 ¥.2 ¥1.1 .9 ¥1.4 ¥1.7 5.4 4.1 ¥3.8 3.8 .3 6.5 4.8 1.6 ¥1.0 ¥.1 ¥.8 .3 0 ¥2.0 ¥2.1 .5 .8 .2 ¥6.2 ¥15.4 30.2 13.9 ¥24.8 24.6 6.8 26.1 16.2 6.4 2.8 3.4 3.7 4.2 4.7 5.0 3.7 4.2 4.3 3.6 ¥3.4 ¥8.8 13.4 14.2 ¥13.0 10.7 6.9 16.6 17.1 2.9 2.2 2.4 1.9 2.6 2.7 1.9 1.1 2.2 2.2 2.6 .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... 2.3 1.6 2.2 3.4 2.8 1.6 2.3 2.7 3.4 3.2 1.5 ¥.2 .5 2.4 2.1 .1 1.3 .2 ¥4.1 ¥3.0 ¥.8 1.7 0.5 0 ¥.1 ¥.1 ¥.1 .1 .1 .1 .1 ¥.1 ¥.4 ¥.1 5.7 ¥1.0 1.8 8.7 7.5 ¥.1 4.3 .5 ¥13.5 ¥10.6 ¥1.6 7.0 0.2 .4 .4 .3 .4 .2 .3 .4 .3 .3 .2 .2 4.6 ¥1.1 .4 3.9 3.7 ¥.5 2.5 .4 ¥7.3 ¥6.7 ¥.2 4.2 0.1 .2 .3 .3 .2 .3 .2 .2 .2 .1 .1 .1 .......... .......... 1.8 .......... .......... 5.1 .......... .......... 3.0 .......... .......... ¥2.0 ¥0.4 2.4 3.7 3.7 5.7 5.7 4.9 3.8 .6 ¥2.7 ¥3.7 .2 4.0 3.0 1.0 1.6 4.1 4.7 4.3 4.8 3.1 1.0 .0 .4 4.0 3.6 3.4 3.5 4.2 4.3 4.1 3.8 2.1 1.3 2.0 2.5 ¥.8 ¥.1 ¥3.0 .8 ¥1.5 .3 .......... 2.7 .0 2.1 Change, month to month 2006: Jan r .............. Feb r .............. Mar r .............. Apr r .............. May r ............. June r ............ July r ............. Aug r .............. Sept r ............. Oct r ............... Nov r .............. Dec r .............. 0.6 .1 .3 .6 .5 .2 .4 .3 ¥.5 ¥.4 .0 .4 0.4 .1 .1 0 .2 .4 .2 .3 .4 .3 ¥.1 0 0.5 .1 .2 .2 .2 .2 .3 .3 .3 0 .4 .4 0.1 .4 .4 .4 .4 .4 .3 .3 .3 .3 .4 .3 0.2 .3 .3 .3 .4 .4 .4 .4 .4 .4 .4 .4 0.2 .3 .3 .4 .4 .5 .3 .3 .3 .3 .4 .3 3.1 ¥.9 ¥.8 ¥.8 ¥.5 ¥.8 .5 .3 .5 ¥2.0 1.0 1.2 0.3 ¥.6 .6 .6 0 0 ¥.6 .6 .5 ¥.5 ¥.1 .2 2007: Jan ............... .2 .7 .2 .3 .4 .2 .3 .3 1 Includes items not shown separately. 2 Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc., excluded beginning 1983. 24 3 Quarterly changes are shown in the last month of the quarter. Note.—See Note, p. 23. Source: Department of Labor, Bureau of Labor Statistics. PRICES RECEIVED AND PAID BY FARMERS In February, prices received by farmers rose 2.4 percent; prices paid by farmers rose 0.7 percent. (Data are not seasonally adjusted.) [1990–92=100; not seasonally adjusted] Prices received by farmers Period 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 All farm products Prices paid by farmers Livestock and products Crops All commodities, services, interest, taxes, and wage rates 1 Production items, interest, taxes, and wage rates Production items Ratio 2 .............................. .............................. ............................... .............................. .............................. .............................. .............................. .............................. .............................. ............................... 107 102 96 96 102 98 107 119 116 116 115 107 97 96 99 105 111 117 112 120 98 97 95 97 106 90 103 122 120 113 118 115 115 120 123 123 128 133 142 149 118 114 113 118 122 121 125 132 141 148 119 113 111 116 120 118 124 131 139 146 90 89 83 80 83 79 84 89 82 78 2006: Feb .................... Mar .................... Apr .................... May .................... June ................... July .................... Aug .................... Sept ................... Oct ..................... Nov .................... Dec .................... 113 113 111 111 118 118 120 120 116 120 121 113 118 120 120 126 127 125 122 115 123 128 114 110 105 104 110 111 115 117 117 116 113 147 147 148 149 149 149 149 149 148 149 150 147 147 148 148 149 149 149 149 148 149 150 144 144 145 146 147 147 147 146 145 146 147 77 77 75 74 79 79 81 81 78 81 81 2007: Jan ..................... Feb .................... 124 127 r 131 116 119 152 153 152 153 149 150 82 83 1 Includes 137 items not shown separately. ratio of index of prices received by farmers to index of prices paid, interest, taxes, and wage rates. 2 Percentage NOTE.—The official indexes are published on a 1910–14 base as required by law. The indexes have been converted to a 1990–92=100 base to facilitate comparison with other indexes. Source: Department of Agriculture. 25 MONEY, CREDIT, AND SECURITY MARKETS MONEY STOCK AND DEBT MEASURES In January, 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 ........................................................................................ Dec ........................................................................................ Dec ........................................................................................ Dec ........................................................................................ Dec ........................................................................................ Dec ........................................................................................ Dec r ....................................................................................... 1,072.2 1,094.9 1,122.9 1,087.6 1,182.1 1,219.5 1,305.5 1,375.3 1,373.2 1,365.6 4,031.6 4,379.0 4,641.1 4,920.9 5,430.3 5,774.1 6,062.0 6,411.7 6,669.4 7,021.0 r 15,124.4 2006: Jan ........................................................................................ Feb ........................................................................................ Mar ........................................................................................ Apr ........................................................................................ May ........................................................................................ June r ..................................................................................... July ........................................................................................ Aug ........................................................................................ Sept ....................................................................................... Oct ......................................................................................... Nov ........................................................................................ Dec r ....................................................................................... 1,378.9 1,375.2 1,383.8 1,380.1 1,387.3 1,375.6 1,371.1 1,371.5 1,363.9 1,369.1 1,370.5 1,365.6 6,713.6 6,737.0 6,755.8 6,774.9 6,785.7 6,811.2 r 6,835.8 6,863.4 6,886.5 r 6,936.3 6,977.0 7,021.0 2007: Jan ........................................................................................ 1,371.4 7,081.1 Period 1997: 1998: 1999: 2000: 2001: 2002: 2003: 2004: 2005: 2006: 1 Quarterly data; shown in last month of quarter. End-of-year data are for fourth quarter. Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfinancial sectors; data from flow of funds accounts. 2 Annual changes are from December to December and monthly changes are from 6 months earlier at a simple annual rate. 3 Annual changes are from fourth quarter to fourth quarter. Quarterly changes are from previous quarter at an annual rate. 26 Debt Debt of domestic nonfinancial sectors 1 Percent change From year or 6 months earlier 2 M1 M2 From previous period 3 Debt 28,699.4 ¥0.7 2.1 2.6 ¥3.1 8.7 3.2 7.1 5.3 ¥.2 ¥.6 5.7 8.6 6.0 6.0 10.4 6.3 5.0 5.8 4.0 5.3 5.3 6.8 6.4 4.9 6.3 7.2 8.2 9.0 r 9.4 7.9 ............................ ............................ r 27,231.7 ............................ ............................ 27,694.0 ............................ ............................ r 28,145.3 ............................ ............................ 28,699.4 1.5 ¥.5 .6 .8 1.7 .3 ¥1.1 ¥.5 ¥2.9 ¥1.6 ¥2.4 ¥1.5 5.5 5.2 4.7 4.5 4.2 4.3 3.6 3.8 3.9 4.8 5.6 6.2 ...................... ...................... 9.5 ...................... ...................... 6.8 ...................... ...................... r 6.5 ...................... ...................... 7.9 ............................ .0 7.2 ...................... r 16,159.0 r 17,229.9 r 18,091.1 r 19,212.1 r 20,592.8 r 22,308.9 r 24,323.4 r 26,602.3 Note.—The Federal Reserve previously announced that the M3 monetary aggregate and most of its components would no longer be published. Institutional money market mutual funds will continue to be published as a memorandum item in the H.6 release, and the component on large-denomination time deposits will be published in other Federal Reserve Board releases. For details, see H.6 release of March 23, 2006. See p. 27 for components. Source: Board of Governors of the Federal Reserve System. COMPONENTS OF MONEY STOCK [Averages of daily figures; billions of dollars, seasonally adjusted] Period 1997: 1998: 1999: 2000: 2001: 2002: 2003: 2004: 2005: 2006: Currency Other checkable deposits (OCDs) Nonbank travelers checks 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 Dec ...... Dec ...... Dec ...... Dec ...... Dec ...... Dec ...... Dec ...... Dec ...... Dec ...... Dec r .... 424.5 459.8 517.8 531.2 581.1 626.3 662.7 697.9 724.5 749.8 8.4 8.5 8.6 8.3 8.0 7.8 7.7 7.6 7.2 6.7 393.8 376.9 353.3 309.9 335.5 306.1 325.4 342.5 324.1 305.9 245.5 249.6 243.2 238.3 257.4 279.3 309.7 327.4 317.5 303.1 148.4 143.9 139.7 133.1 142.0 154.2 175.0 186.6 180.1 176.2 97.1 105.7 103.6 105.2 115.5 125.1 134.7 140.8 137.4 127.0 1,400.2 1,605.0 1,740.5 1,878.0 2,312.9 2,777.9 3,168.9 3,517.7 3,618.8 3,687.8 1,022.7 1,187.9 1,288.8 1,424.2 1,739.5 2,060.2 2,337.5 2,630.7 2,769.6 2,895.5 377.4 417.1 451.7 453.8 573.4 717.7 831.4 887.0 849.3 792.3 968.2 951.8 954.3 1,044.5 974.7 892.6 810.2 817.6 974.7 1,164.4 625.4 626.1 634.8 699.6 635.0 590.2 536.7 545.7 634.9 765.4 342.8 325.7 319.6 344.9 339.7 302.4 273.5 271.9 339.8 399.0 591.2 727.3 823.3 910.7 960.6 884.1 777.4 701.0 702.7 803.2 396.9 545.3 643.2 797.5 1,206.9 1,256.5 1,123.5 1,072.7 1,139.4 1,334.0 2006: Jan ...... Feb ...... Mar ..... Apr ...... May ..... June .... July ..... Aug ..... Sept ..... Oct ...... Nov ..... Dec r .... 729.2 732.8 735.4 737.7 740.7 740.2 740.6 741.8 742.3 744.5 747.5 749.8 7.2 7.1 6.9 6.9 7.0 7.0 6.8 6.8 6.8 6.8 6.8 6.7 323.8 318.7 323.9 318.6 324.7 317.7 314.2 315.4 r 308.7 311.9 312.6 305.9 318.7 316.6 317.5 316.9 315.0 310.7 309.4 307.5 306.2 306.0 303.6 303.1 180.8 179.2 180.0 179.8 179.7 177.7 176.7 175.5 175.5 177.7 176.9 176.2 137.9 137.4 137.5 137.1 135.3 133.0 132.7 r 132.0 130.6 128.3 126.8 127.0 3,636.4 3,645.2 3,631.6 3,636.8 3,622.0 3,630.5 3,631.7 3,629.4 r 3,633.3 3,649.3 3,661.9 3,687.8 2,780.7 2,783.7 2,777.8 2,797.3 2,776.9 2,785.4 2,789.0 2,781.0 2,790.0 2,847.0 2,863.2 2,895.5 855.7 861.5 853.8 839.5 845.1 845.2 842.6 848.4 843.3 802.3 798.7 792.3 988.3 1,004.3 1,021.4 1,035.9 1,050.4 1,066.0 1,085.0 1,104.3 1,122.0 r 1,139.0 1,154.5 1,164.4 643.8 654.5 665.8 674.3 682.9 692.4 704.4 r 715.7 724.8 r 744.9 756.9 765.4 344.5 349.8 355.6 361.6 367.4 373.5 380.6 388.7 397.2 394.1 397.6 399.0 710.0 712.3 719.1 722.1 726.0 739.1 748.0 758.1 767.3 778.9 790.1 803.2 1,150.7 1,152.1 1,161.7 1,177.1 1,192.6 1,208.3 1,222.7 1,243.8 1,265.9 1,288.4 1,304.7 1,334.0 2007: Jan ...... 750.5 6.7 307.0 307.3 178.7 128.6 3,720.5 2,916.8 803.7 1,170.9 769.3 401.6 818.2 1,330.0 1 Savings deposits including money market deposit accounts (MMDAs). 2 Small-denomination deposits are those issued in amounts of less than $100,000. 3 Institutional money funds are not part of non-M1 M2. NOTE.—See Note, p. 26. Source: Board of Governors of the Federal Reserve System. AGGREGATE RESERVES AND MONETARY BASE [Averages of daily figures 1; millions of dollars; seasonally adjusted, except as noted by NSA] Adjusted for changes in reserve requirements Period Total 2 1997: 1998: 1999: 2000: 2001: 2002: 2003: 2004: 2005: 2006: Borrowings of depository institutions from the Federal Reserve (NSA) Reserves of depository institutions Nonborrowed 3 Required Excess (NSA) Monetary base Total Primary Secondary Seasonal Adjustment 4 Dec .................................. Dec .................................. Dec .................................. Dec .................................. Dec .................................. Dec .................................. Dec .................................. Dec .................................. Dec .................................. Dec r ................................ 46,873 45,129 41,958 38,674 41,390 40,359 42,699 46,625 45,299 43,288 46,549 45,012 41,638 38,464 41,323 40,279 42,654 46,562 45,130 43,097 45,189 43,615 40,661 37,246 39,739 38,350 41,657 44,716 43,396 41,475 1,685 1,514 1,297 1,428 1,650 2,009 1,043 1,909 1,903 1,813 479,914 513,861 593,911 584,975 635,545 681,652 720,522 759,672 788,135 812,367 324 117 320 210 67 80 46 63 169 191 ................ ................ ................ ................ ................ ................ 17 11 97 111 ................ ................ ................ ................ ................ ................ 0 0 0 0 79 15 67 111 33 45 29 52 72 80 245 101 179 99 34 35 ................ ................ ................ ................ 2006: Feb .................................. Mar ................................. Apr .................................. May ................................. June ................................ July ................................. Aug ................................. Sept ................................. Oct .................................. Nov ................................. Dec r ................................ 44,127 43,678 44,594 45,023 45,381 44,180 42,876 42,880 42,782 43,198 43,288 44,074 43,509 44,347 44,848 45,129 43,830 42,507 42,477 42,553 43,038 43,097 42,576 42,166 42,766 43,220 43,591 42,633 41,343 41,118 41,102 41,495 41,475 1,551 1,512 1,828 1,803 1,790 1,547 1,533 1,762 1,680 1,703 1,813 795,673 797,953 800,572 804,737 804,580 804,071 804,687 805,199 806,636 809,747 812,367 53 169 248 175 253 350 369 403 229 160 191 21 119 164 24 16 39 26 66 24 48 111 2 0 0 0 0 0 0 0 0 0 0 30 50 84 151 237 312 343 338 205 112 80 ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ 2007: Jan r ................................. Feb p ................................ 41,483 42,065 41,272 42,035 39,968 40,559 1,515 1,505 813,301 811,966 211 30 187 8 0 0 24 22 ................ ................ 1 Data are prorated averages of biweekly (maintenance period) averages of daily figures. Reserves and monetary base incorporate adjustments for discontinuities, or ‘‘breaks,’’ associated with changes in reserve requirements. 2 Seasonally adjusted break-adjusted required reserves plus unadjusted excess reserves. 3 Seasonally adjusted break-adjusted total reserves less unadjusted total borrowings of depository institutions from the Federal Reserve. 4 Discontinued after January 8, 2003. Source: Board of Governors of the Federal Reserve System. 27 BANK CREDIT AT ALL COMMERCIAL BANKS Total commercial bank loans and leases rose 0.8 percent in February; commercial and industrial loans rose 0.7 percent. [Billions of dollars, seasonally adjusted 1] Securities in bank credit Period Dec r .......... Dec r .......... Dec r .......... Dec r .......... Dec r .......... Dec r .......... Dec r .......... Dec r .......... Dec r .......... Dec r .......... Feb r .......... Mar r ......... Apr r .......... May r ......... June r ........ July r ......... Aug r ......... Sept r ......... Oct r .......... Nov r ......... Dec r .......... 2007: Jan ........... Feb ........... 1997: 1998: 1999: 2000: 2001: 2002: 2003: 2004: 2005: 2006: 2006: Total bank credit 4,097.7 4,532.2 4,764.1 5,220.5 5,422.9 5,890.7 6,258.4 6,795.4 7,501.5 8,286.3 7,647.8 7,717.4 7,807.9 7,923.8 7,930.9 7,981.8 8,040.8 8,060.0 8,192.8 8,233.8 8,286.3 8,312.1 8,378.6 Total securities U.S. Treasury and agency securities 1,100.3 1,239.6 1,285.7 1,351.4 1,490.3 1,724.5 1,851.7 1,936.2 2,051.7 2,221.2 2,107.6 2,118.5 2,170.6 2,205.7 2,188.6 2,195.2 2,206.4 2,191.1 2,206.2 2,219.1 2,221.2 2,212.6 2,229.5 756.5 798.5 816.4 793.6 850.2 1,030.7 1,105.9 1,151.9 1,140.6 1,194.2 1,181.5 1,185.9 1,197.0 1,193.1 1,199.4 1,211.7 1,221.9 1,210.5 1,210.5 1,207.5 1,194.2 1,196.6 1,199.8 Loans and leases in bank credit Real estate CommerOther Total loans cial and securities and leases 2 industrial 343.8 441.1 469.2 557.8 640.1 693.8 745.8 784.3 911.1 1,026.9 926.1 932.6 973.6 1,012.6 989.3 983.5 984.5 980.7 995.8 1,011.6 1,026.9 1,016.1 1,029.6 2,997.4 3,292.6 3,478.4 3,869.1 3,932.6 4,166.2 4,406.7 4,859.1 5,449.8 6,065.1 5,540.2 5,598.9 5,637.3 5,718.1 5,742.2 5,786.6 5,834.4 5,868.8 5,986.5 6,014.6 6,065.1 6,099.5 6,149.1 1 Data are prorated averages of Wednesday values for domestically chartered commercial banks, branches and agencies of foreign banks, New York State investment companies (through September 1996), and Edge Act and agreement corporations. Data are adjusted for breaks caused by reclassifications of assets and liabilities. 28 848.0 940.9 992.2 1,079.5 1,018.8 956.1 896.7 921.9 1,036.6 1,189.5 1,063.0 1,073.6 1,090.4 1,110.3 1,118.4 1,130.5 1,160.4 1,164.9 1,176.1 1,181.0 1,189.5 1,193.1 1,200.9 Total 1,246.3 1,336.9 1,475.8 1,661.4 1,788.9 2,032.3 2,226.2 2,557.3 2,920.5 3,332.0 2,970.4 3,000.0 3,024.8 3,051.9 3,091.9 3,130.9 3,130.6 3,153.4 3,299.2 3,306.9 3,332.0 3,348.1 3,372.7 Revolving home equity 105.0 103.9 101.5 130.5 156.2 214.0 281.2 400.2 446.9 471.4 447.3 450.5 447.0 444.3 445.2 451.9 448.4 450.8 466.8 468.4 471.4 472.8 470.4 Consumer Security Other Other 1,141.3 1,233.0 1,374.3 1,530.9 1,632.8 1,818.3 1,944.9 2,157.2 2,473.7 2,860.6 2,523.1 2,549.5 2,577.8 2,607.6 2,646.8 2,678.9 2,682.1 2,702.6 2,832.4 2,838.5 2,860.6 2,875.2 2,902.3 502.5 496.9 490.8 540.4 557.6 588.2 645.2 697.2 708.0 736.9 712.4 722.7 727.3 734.1 729.1 722.8 729.0 727.9 724.7 729.8 736.9 744.1 743.7 94.4 145.3 149.8 177.3 146.0 190.2 217.7 215.9 264.1 292.1 263.6 269.5 261.1 281.2 259.3 257.8 265.5 277.0 279.3 287.8 292.1 295.8 308.4 306.2 372.7 369.8 410.4 421.3 399.5 421.0 466.7 520.5 514.5 530.9 533.2 533.8 540.6 543.4 544.6 548.9 545.6 507.3 509.1 514.5 518.4 523.4 2 Excludes Federal funds sold to, reverse repurchase agreements (RPs) with, and loans to commercial banks in the United States. Source: Board of Governors of the Federal Reserve System. SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL CORPORATE BUSINESS [Billions of dollars; quarterly data at seasonally adjusted annual rates] Sources Uses External (Net increase in liabilities) Funds raised in markets Period Total 1997 .................. 1998 .................. 1999 ................... 2000 ................... 2001 ................... 2002 r ................. 2003 r ................. 2004 r ................. 2005 r ................. 2006 p ................ 2004: I r ............ II r .......... III r ......... IV r ......... 2005: I r ............ II r .......... III r ......... IV r ......... 2006: I r ............ II r .......... III r ......... IV p ......... 995.4 1,298.1 1,718.6 1,955.4 850.2 896.2 844.7 1,500.5 1,306.5 1,270.8 1,550.3 1,416.2 1,460.8 1,574.8 1,331.4 1,351.7 1,240.4 1,302.5 1,237.1 1,368.0 1,203.5 1,274.6 Internal 1 711.9 682.1 731.0 718.0 755.0 811.3 831.3 891.5 986.2 1,087.5 902.4 907.2 952.5 803.9 898.8 970.1 1,063.9 1,012.0 1,088.5 1,065.4 1,108.7 1,087.5 Credit market instruments Total 283.5 616.0 987.6 1,237.4 95.2 84.9 13.4 609.0 320.3 183.3 647.9 509.0 508.3 770.9 432.6 381.6 176.5 290.5 148.6 302.6 94.8 187.1 Capital expenditures 3 Total Total net funds raised Net new equity issues 214.1 181.4 259.8 223.6 167.1 ¥28.7 46.6 38.7 ¥118.4 ¥165.2 100.9 ¥80.4 18.3 116.0 18.1 ¥92.1 ¥177.7 ¥221.7 ¥107.0 ¥197.6 ¥259.7 ¥96.6 ¥77.4 ¥215.5 ¥110.4 ¥118.2 ¥48.1 ¥41.6 ¥42.0 ¥126.6 ¥363.4 ¥602.1 ¥54.3 ¥108.7 ¥190.6 ¥152.7 ¥264.3 ¥300.1 ¥469.9 ¥419.2 ¥569.6 ¥602.4 ¥535.2 ¥701.2 Total Securities and mortgages 291.5 396.9 370.2 341.8 215.2 12.9 88.6 165.2 245.0 436.9 155.2 28.3 208.9 268.7 282.4 208.0 292.2 197.5 462.6 404.8 275.5 604.6 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). 186.9 242.2 269.4 186.1 404.0 167.1 208.3 129.5 153.0 325.6 170.9 34.5 141.0 171.8 96.4 90.4 227.6 197.4 294.7 285.7 296.9 425.0 Loans and shortterm paper Other 2 104.6 154.9 100.8 155.8 ¥188.8 ¥154.1 ¥119.6 35.7 91.9 111.3 ¥15.6 ¥6.3 67.9 96.8 185.9 117.6 64.5 .0 167.8 119.1 ¥21.3 179.5 69.3 434.5 727.9 1,013.8 ¥71.8 113.6 ¥33.2 570.5 438.7 348.5 547.0 589.5 490.1 655.0 414.5 473.7 354.2 512.3 255.6 500.3 354.5 283.8 1,016.2 1,348.4 1,833.8 2,137.7 980.2 867.2 832.5 1,605.5 1,296.5 1,313.0 1,614.7 1,521.7 1,527.8 1,758.1 1,295.9 1,266.7 1,292.1 1,331.4 1,315.5 1,406.0 1,229.1 1,301.1 743.8 778.5 863.9 928.5 802.6 737.1 749.9 822.4 881.8 1,010.5 780.9 816.8 825.7 866.4 887.0 849.7 857.2 933.5 969.7 1,005.8 1,028.2 1,038.1 Increase in financial assets 272.4 569.9 969.9 1,209.2 177.6 130.1 82.6 783.1 414.7 302.5 833.8 704.9 702.1 891.7 408.9 417.0 434.9 397.9 345.8 400.2 200.9 263.0 Discrepancy (sources less uses) ¥20.8 ¥50.4 ¥115.2 ¥182.4 ¥130.0 28.9 12.2 ¥105.0 10.0 ¥42.1 ¥64.3 ¥105.4 ¥66.9 ¥183.2 35.4 84.9 ¥51.6 ¥28.8 ¥78.4 ¥38.0 ¥25.6 ¥26.4 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 1997: 1998: 1999: 2000: 2001: 2002: 2003: 2004: 2005: 2006: 2006: Dec ............................................................................... Dec ............................................................................... Dec ............................................................................... Dec ............................................................................... Dec ............................................................................... Dec ............................................................................... Dec ............................................................................... Dec ............................................................................... Dec ............................................................................... Dec r .............................................................................. Jan ............................................................................... Feb ............................................................................... Mar .............................................................................. Apr ............................................................................... May .............................................................................. June ............................................................................. July .............................................................................. Aug r ............................................................................. Sept r ............................................................................. Oct r .............................................................................. Nov r ............................................................................. Dec r .............................................................................. 2007: Jan p ............................................................................. Revolving 1,323.3 1,419.4 1,532.7 1,722.4 1,871.9 1,984.1 2,087.8 2,202.4 2,295.6 2,404.9 2,306.3 2,308.3 2,309.2 2,317.9 2,334.1 2,346.1 2,361.4 2,374.8 2,378.5 2,379.4 2,399.9 2,404.9 2,411.4 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. 538.0 579.5 609.4 683.0 716.4 749.0 771.1 801.3 826.6 878.6 826.6 826.4 825.8 828.7 837.5 845.9 851.6 858.0 861.2 866.5 877.2 878.6 879.4 Nonrevolving 2 785.3 839.9 923.3 1,039.4 1,155.5 1,235.1 1,316.7 1,401.2 1,469.0 1,526.4 1,479.6 1,482.0 1,483.4 1,489.2 1,496.7 1,500.2 1,509.9 1,516.8 1,517.3 1,512.9 1,522.7 1,526.4 1,532.0 Net change in consumer credit outstanding 1 Total 70.0 96.1 113.3 189.7 149.5 112.2 103.7 114.6 93.2 109.3 10.7 2.0 .9 8.7 16.2 12.0 15.3 13.4 3.7 .9 20.5 5.0 6.5 Revolving 30.5 41.5 29.9 73.6 33.4 32.6 22.1 30.2 25.3 52.0 .0 ¥.2 ¥.6 2.9 8.8 8.4 5.7 6.4 3.2 5.3 10.7 1.4 .8 Nonrevolving 2 39.5 54.6 83.4 116.1 116.1 79.6 81.6 84.5 67.8 57.4 10.6 2.4 1.4 5.8 7.5 3.5 9.7 7.0 .5 ¥4.4 9.8 3.7 5.6 NOTE.—Effective October 7, 2003 data beginning 1977 include student loans extended by the Federal Government and by SLM Holding Corporation. Source: Board of Governors of the Federal Reserve System. 29 INTEREST RATES AND BOND YIELDS Interest rates were mixed in February. [Percent per annum] U.S. Treasury security yields Constant Period 1997 ....................... 1998 ....................... 1999 ....................... 2000 ....................... 2001 ....................... 2002 ....................... 2003 ....................... 2004 ....................... 2005 ....................... 2006 ....................... 2006: Feb .............. Mar ............. Apr .............. May ............. June ............ July ............. Aug ............. Sept ............. Oct .............. Nov ............. Dec .............. 2007: Jan .............. Feb .............. Week ended: 2007: Feb 10 ...... 17 ...... 24 ...... Mar 3 ...... 10 ...... 1 Bank-discount 3-month bills (new issues) 1 3-year maturities 2 10-year 30-year Highgrade municipal bonds (Standard & Poor’s) 3 Corporate Aaa bonds (Moody’s) 3 Weekly 30 Primary credit 5.07 4.81 4.66 5.85 3.45 1.62 1.02 1.38 3.16 4.73 4.41 4.51 4.59 4.72 4.79 4.96 4.98 4.82 4.89 4.95 4.85 4.96 5.02 6.10 5.14 5.49 6.22 4.09 3.10 2.10 2.78 3.93 4.77 4.64 4.74 4.89 4.97 5.09 5.07 4.85 4.69 4.72 4.64 4.58 4.79 4.75 6.35 5.26 5.65 6.03 5.02 4.61 4.01 4.27 4.29 4.80 4.57 4.72 4.99 5.11 5.11 5.09 4.88 4.72 4.73 4.60 4.56 4.76 4.72 6.61 5.58 5.87 5.94 5.49 * * * * 4.91 4.54 4.73 5.06 5.20 5.15 5.13 5.00 4.85 4.85 4.69 4.68 4.85 4.82 5.55 5.12 5.43 5.77 5.19 5.05 4.73 4.63 4.29 4.42 4.41 4.44 4.60 4.61 4.64 4.64 4.43 4.30 4.32 4.17 4.17 4.29 4.21 7.26 6.53 7.04 7.62 7.08 6.49 5.67 5.63 5.24 5.59 5.35 5.53 5.84 5.95 5.89 5.85 5.68 5.51 5.51 5.33 5.32 5.40 5.39 .............. .............. .............. .............. .............. .............. 2.12 2.34 4.19 5.96 5.50 5.75 5.75 6.00 6.25 6.25 6.25 6.25 6.25 6.25 6.25 6.25 6.25 5.01 5.03 5.04 5.04 4.97 4.80 4.78 4.73 4.55 4.51 4.77 4.75 4.70 4.55 4.53 4.86 4.84 4.80 4.67 4.66 4.26 4.24 4.22 4.13 4.12 5.42 5.41 5.37 5.25 5.25 6.25 6.25 6.25 6.25 6.25 basis. on actively traded issues adjusted to constant maturities. 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. 6 Daily effective rate; weighted average of rates on brokered trades. 2 Yields Discount window (N.Y. F.R. Bank) 4 5 Discount rate 5.00 4.92 4.62 5.73 3.40 1.17 Prime rate charged by banks 5 Federal funds rate 6 Newhome mortgage yields (FHFB) 7 * * * * * * * * * * * * * * * * * 8.44 8.35 8.00 9.23 6.91 4.67 4.12 4.34 6.19 7.96 7.50 7.75 7.75 8.00 8.25 8.25 8.25 8.25 8.25 8.25 8.25 8.25 8.25 5.46 5.35 4.97 6.24 3.88 1.67 1.13 1.35 3.22 4.97 4.49 4.59 4.79 4.94 4.99 5.24 5.25 5.25 5.25 5.25 5.24 5.25 5.26 7.71 7.07 7.04 7.52 7.00 6.43 5.80 5.77 5.94 6.63 6.40 6.53 6.64 6.69 6.79 6.81 6.87 6.72 6.69 6.55 6.37 6.35 .............. * * * * * 8.25 8.25 8.25 8.25 8.25 5.25 5.26 5.25 5.28 5.25 .............. .............. .............. .............. .............. 7 Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as well as contract rate and assumed, on the average, repayment at end of 10 years. *Discount rate (adjustment credit) series was discontinued after January 8, 2003. Series for 30-year constant maturity was discontinued on February 18, 2002, and reintroduced on February 9, 2006. Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Housing Finance Board, Moody’s Investors Service, and Standard & Poor’s. COMMON STOCK PRICES AND YIELDS Stock prices rose in February. Common stock prices 1 Period New York Stock Exchange indexes 2 3 (December 31, 2002=5,000) Dow Jones industrial average 4 Common stock yields (percent) 7 Standard & Poor’s composite index (1941– 43=10) 5 Nasdaq composite index (Feb. 5, 1971=100) 6 Dividendprice ratio Earningsprice ratio Composite 1997 ......................................................... 1998 ......................................................... 1999 ......................................................... 2000 ......................................................... 2001 ......................................................... 2002 ......................................................... 2003 ......................................................... 2004 ......................................................... 2005 ......................................................... 2006 ......................................................... 2006: Feb ............................................... Mar .............................................. Apr ............................................... May .............................................. June ............................................. July .............................................. Aug ............................................... Sept .............................................. Oct ............................................... Nov ............................................... Dec ............................................... 2007: Jan .............................................. Feb ............................................... Week ended: 2007: Feb 10 ....................................... 17 ....................................... 24 ....................................... Mar 3 ....................................... 10 ....................................... 1 Average Financial Energy Health Care 4,827.35 5,818.26 6,546.81 6,805.89 6,397.85 5,578.89 5,447.46 6,612.62 7,349.00 8,357.99 8,044.86 8,174.34 8,351.28 8,353.45 7,985.59 8,103.97 8,294.89 8,383.29 8,651.02 8,856.30 9,089.55 9,132.04 9,345.98 ................ ................ ................ ................ ................ ................ 5,583.00 6,822.18 7,383.70 8,654.40 8,280.82 8,459.04 8,572.54 8,608.10 8,225.14 8,340.25 8,574.68 8,789.30 9,101.77 9,251.53 9,461.77 9,575.21 9,732.63 .................. .................. .................. .................. .................. .................. 5,273.90 6,952.36 9,377.84 11,206.94 10,741.43 10,702.23 11,467.85 11,380.52 10,690.86 11,360.86 11,610.65 10,807.75 11,020.11 11,657.36 12,078.39 11,381.56 11,658.11 ................ ................ ................ ................ ................ ................ 5,288.67 5,924.80 6,283.96 6,685.06 6,566.87 6,653.63 6,519.78 6,488.14 6,395.87 6,566.19 6,763.81 6,910.95 6,975.17 6,845.16 6,931.01 7,083.45 7,174.03 7,441.15 8,625.52 10,464.88 10,734.90 10,189.13 9,226.43 8,993.59 10,317.39 10,547.67 11,408.67 10,971.19 11,144.45 11,234.68 11,333.88 10,997.97 11,032.53 11,257.35 11,533.60 11,963.12 12,185.15 12,377.62 12,512.89 12,631.48 873.43 1,085.50 1,327.33 1,427.22 1,194.18 993.94 965.23 1,130.65 1,207.23 1,310.46 1,276.65 1,293.74 1,302.18 1,290.00 1,253.12 1,260.24 1,287.15 1,317.81 1,363.38 1,388.63 1,416.42 1,424.16 1,444.79 1,469.49 1,794.91 2,728.15 3,783.67 2,035.00 1,539.73 1,647.17 1,986.53 2,099.32 2,263.41 2,273.67 2,300.26 2,338.68 2,245.28 2,137.41 2,086.21 2,117.77 2,221.94 2,330.17 2,408.70 2,431.91 2,453.19 2,479.86 1.77 1.49 1.25 1.15 1.32 1.61 1.77 1.72 1.83 1.87 1.86 1.85 1.85 1.90 1.96 1.94 1.92 1.87 1.83 1.80 1.79 1.81 1.82 4.57 3.46 3.17 3.63 2.95 2.92 3.84 4.89 5.36 5.78 .................. 5.61 .................. .................. 5.86 .................. .................. 5.88 .................. .................. 5.76 .................. .................. 9,329.85 9,381.07 9,435.18 9,131.53 9,003.36 9,739.24 9,774.31 9,840.99 9,437.51 9,291.72 11,713.97 11,659.26 11,636.25 11,400.15 11,257.34 7,187.45 7,212.74 7,192.02 7,007.36 6,960.16 12,642.68 12,696.37 12,714.64 12,293.11 12,197.49 1,446.28 1,449.06 1,456.22 1,409.11 1,393.25 2,476.22 2,478.41 2,517.88 2,420.15 2,375.15 1.80 1.80 1.81 1.88 1.90 .................. .................. .................. .................. .................. of daily closing prices. all the stocks (nearly 3,000) listed on the NYSE. 3 Effective January 9, 2003, the NYSE relaunched the composite index with changes in methodology, definitions, and based on Dec. 31, 2002=5,000. Effective January 8, 2004 new indexes for Financial, Energy, and Health Care were introduced by the NYSE. Previous indexes shown for Industrial, Transportation, Utility, and Finance were discontinued. 4 Includes 30 stocks. 5 Includes 500 stocks. 6 Includes over 5,000 stocks. 2 Includes 7 Standard & Poor’s series. Dividend-price ratios based on Wednesday closing prices. Earnings-price ratios based on prices at end of quarter. Sources: New York Stock Exchange, Dow Jones & Company, Inc., Standard & Poor’s, and Nasdaq Stock Market. 31 FEDERAL FINANCE FEDERAL RECEIPTS, OUTLAYS, AND DEBT In the first 4 months of fiscal 2007, there was a deficit of $42.2 billion, compared with a deficit of $98.4 billion a year earlier. [Billions of dollars] Total On-budget Off-budget Receipts Outlays Surplus or deficit (¥) Receipts 1,055.1 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 2,540.1 2,662.5 1,324.3 1,381.6 1,409.5 1,461.9 1,515.9 1,560.6 1,601.3 1,652.7 1,702.0 1,789.2 1,863.2 2,011.2 2,160.1 2,293.0 2,472.2 2,655.4 2,784.3 2,901.9 ¥269.2 ¥290.3 ¥255.1 ¥203.2 ¥164.0 ¥107.4 ¥21.9 69.3 125.6 236.2 128.2 ¥157.8 ¥377.6 ¥412.7 ¥318.3 ¥248.2 ¥244.2 ¥239.4 761.2 788.9 842.5 923.7 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 1,906.0 1,988.4 1,082.6 1,129.3 1,142.9 1,182.5 1,227.2 1,259.7 1,290.7 1,336.1 1,381.3 1,458.5 1,516.4 1,655.5 1,797.1 1,913.5 2,070.0 2,233.4 2,333.0 2,439.3 ¥321.4 ¥340.4 ¥300.4 ¥258.8 ¥226.4 ¥174.0 ¥103.2 ¥29.9 1.9 86.4 ¥32.4 ¥317.4 ¥538.4 ¥568.0 ¥493.6 ¥434.5 ¥427.0 ¥450.9 293.9 302.4 311.9 335.0 351.1 367.5 392.0 415.8 444.5 480.6 507.5 515.3 523.8 534.7 577.5 608.4 634.1 674.1 241.7 252.3 266.6 279.4 288.7 300.9 310.6 316.6 320.8 330.8 346.8 355.7 363.0 379.5 402.2 422.1 451.3 462.5 52.2 50.1 45.3 55.7 62.4 66.6 81.4 99.2 123.7 149.8 160.7 159.7 160.8 155.2 175.3 186.3 182.8 211.6 3,598.2 4,001.8 4,351.0 4,643.3 4,920.6 5,181.5 5,369.2 5,478.2 5,605.5 5,628.7 5,769.9 6,198.4 6,760.0 7,354.7 7,905.3 8,451.4 9,007.8 9,575.5 2,689.0 2,999.7 3,248.4 3,433.1 3,604.4 3,734.1 3,772.3 3,721.1 3,632.4 3,409.8 3,319.6 3,540.4 3,913.4 4,295.5 4,592.2 4,829.0 5,083.3 5,345.4 760.2 834.1 858.6 876.3 ¥98.4 ¥42.2 573.3 638.3 738.9 754.0 ¥165.7 ¥115.7 187.0 195.9 119.7 122.3 67.3 73.5 8,163.6 8,648.2 4,711.7 4,898.7 Fiscal year or period 1991 ...................................... 1992 ...................................... 1993 ...................................... 1994 ...................................... 1995 ...................................... 1996 ...................................... 1997 ...................................... 1998 ...................................... 1999 ...................................... 2000 ...................................... 2001 ...................................... 2002 ...................................... 2003 ...................................... 2004 ...................................... 2005 ....................................... 2006 ...................................... 2007 (estimates) ................... 2008 (estimates) .................... Cumulative total, first 4 months: 1 Fiscal year 2006 ............ Fiscal year 2007 ............ 1 Data 32 from current issue Monthly Treasury Statement. Outlays Surplus or deficit (¥) Federal debt (end of period) Receipts Outlays Surplus or deficit (¥) Gross Federal Held by the public NOTE.—Data (except as noted) are from Budget of the United States Government, Fiscal Year 2008, issued February 5, 2007. Sources: Department of the Treasury and Office of Management and Budget. FEDERAL RECEIPTS BY SOURCE AND OUTLAYS BY FUNCTION In the first 4 months of fiscal 2007, receipts were $73.9 billion higher than a year earlier and outlays were $17.7 billion higher. [Billions of dollars] On-budget and off-budget receipts Fiscal year or period Total Individual income taxes Corporation income taxes Social insurance and retirement receipts On-budget and off-budget outlays National defense Other Total Total Department of Defense, military International affairs Health Medicare Income Social security security Net interest Other 1991 1992 1993 1994 1995 1996 1997 1998 1999 .............................................. .............................................. .............................................. .............................................. .............................................. .............................................. .............................................. .............................................. .............................................. 1,055.1 1,091.3 1,154.5 1,258.7 1,351.9 1,453.2 1,579.4 1,722.0 1,827.6 467.8 476.0 509.7 543.1 590.2 656.4 737.5 828.6 879.5 98.1 100.3 117.5 140.4 157.0 171.8 182.3 188.7 184.7 396.0 413.7 428.3 461.5 484.5 509.4 539.4 571.8 611.8 93.2 101.4 99.0 113.8 120.2 115.5 120.3 132.9 151.7 1,324.3 1,381.6 1,409.5 1,461.9 1,515.9 1,560.6 1,601.3 1,652.7 1,702.0 273.3 298.4 291.1 281.6 272.1 265.8 270.5 268.2 274.8 262.3 286.8 278.5 268.6 259.4 253.1 258.3 255.8 261.2 15.9 16.1 17.2 17.1 16.4 13.5 15.2 13.1 15.2 71.2 89.5 99.4 107.1 115.4 119.4 123.8 131.4 141.1 104.5 119.0 130.6 144.7 159.9 174.2 190.0 192.8 190.4 172.5 199.6 210.0 217.2 223.8 229.7 235.0 237.8 242.5 269.0 287.6 304.6 319.6 335.8 349.7 365.3 379.2 390.0 194.4 199.3 198.7 202.9 232.1 241.1 244.0 241.1 229.8 223.6 172.2 158.0 171.7 160.3 167.3 157.4 189.0 218.2 2000 2001 2002 2003 2004 2005 2006 2007 2008 .............................................. .............................................. .............................................. .............................................. .............................................. .............................................. .............................................. (estimates) ........................... (estimates) ............................ 2,025.5 1,991.4 1,853.4 1,782.5 1,880.3 2,153.9 2,407.3 2,540.1 2,662.5 1,004.5 994.3 858.3 793.7 809.0 927.2 1,043.9 1,168.8 1,246.6 207.3 151.1 148.0 131.8 189.4 278.3 353.9 342.1 314.9 652.9 694.0 700.8 713.0 733.4 794.1 837.8 873.4 927.2 160.9 152.0 146.2 144.1 148.5 154.2 171.6 155.8 173.7 1,789.2 1,863.2 2,011.2 2,160.1 2,293.0 2,472.2 2,655.4 2,784.3 2,901.9 294.4 304.8 348.5 404.8 455.8 495.3 521.8 571.9 606.5 281.1 290.2 331.9 387.2 436.5 474.1 499.3 548.9 583.3 17.2 16.5 22.4 21.2 26.9 34.6 29.5 35.1 36.1 154.5 172.3 196.5 219.6 240.1 250.6 252.8 268.5 280.6 197.1 217.4 230.9 249.4 269.4 298.6 329.9 372.3 391.6 253.7 269.8 312.7 334.6 333.1 345.8 352.5 365.4 380.8 409.4 433.0 456.0 474.7 495.5 523.3 548.5 586.5 612.5 222.9 206.2 170.9 153.1 160.2 184.0 226.6 239.2 261.3 239.9 243.4 273.3 302.7 311.9 339.9 393.8 345.5 332.3 Cumulative total, first 4 months: 1 Fiscal year 2006 .................... Fiscal year 2007 .................... 760.2 834.1 359.9 405.3 90.1 109.7 257.3 267.7 52.9 51.5 858.6 876.3 174.1 191.0 163.5 181.0 12.4 7.9 84.7 86.5 98.8 125.7 105.4 109.1 178.7 188.9 71.4 70.5 133.1 96.7 1 Data from current issue Monthly Treasury Statement. Data for Department of Defense, military, include a small amount classified as international affairs, and not included in national defense. NOTE.—Data (except as noted) are from Budget of the United States Government, Fiscal Year 2008, issued February 5, 2007. Sources: Department of the Treasury and Office of Management and Budget. 33 FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS In the fourth quarter of 2006, according to revised estimates, Federal current expenditures fell $15.8 billion (annual rate); receipts data are incomplete. [Billions of dollars; quarterly data at seasonally adjusted annual rates] Federal Government current receipts Current tax receipts Period Total 1 Personal current taxes 1,030.6 1,116.8 1,195.7 1,313.6 1,252.2 1,075.5 1,070.8 1,150.2 1,366.2 .............. 1,092.7 1,097.0 1,004.5 1,089.1 1,108.6 1,141.0 1,156.9 1,194.3 1,328.0 1,344.3 1,364.2 1,428.4 1,524.9 1,553.2 1,579.2 .............. 744.3 825.8 893.0 999.1 994.5 830.5 774.5 801.4 927.9 1,059.8 804.4 810.4 708.2 774.7 776.0 791.4 810.8 827.5 891.2 910.9 941.0 968.4 1,039.2 1,049.9 1,064.7 1,085.5 Total Calendar year: 1997 ................. 1998 ................. 1999 ................. 2000 ................. 2001 ................. 2002 ................. 2003 ................ 2004 ................ 2005 ................ 2006 r ............... 2003: I ............... II ............. III ............ IV ............ 2004: I ............... II ............. III ............ IV ............ 2005: I ............... II ............. III ............ IV ............ 2006: I ............... II ............. III r ........... IV r ........... 1 Includes 2 Includes 34 1,653.1 1,773.8 1,891.2 2,053.8 2,016.2 1,853.2 1,879.9 2,001.0 2,246.8 .............. 1,888.9 1,903.3 1,817.3 1,910.2 1,945.4 1,985.6 2,013.0 2,059.9 2,214.5 2,240.3 2,182.4 2,349.8 2,490.9 2,523.2 2,557.2 .............. Taxes on production and imports 78.2 81.1 83.9 87.8 85.8 87.3 89.7 94.6 101.1 100.9 90.0 89.5 88.8 90.3 93.6 94.0 95.1 95.8 97.9 102.7 102.4 101.6 101.1 103.0 101.3 98.2 Taxes on corporate income 203.0 204.2 213.0 219.4 164.7 150.5 197.8 244.5 326.4 .............. 190.8 186.5 199.6 214.3 229.4 246.5 242.8 259.3 327.6 321.4 309.5 347.1 374.3 389.4 401.8 .............. Contributions for government social insurance 576.4 613.8 651.6 691.7 717.5 734.3 758.9 802.2 855.3 919.7 747.6 755.9 761.7 770.3 787.8 795.8 807.1 817.9 838.3 846.1 863.2 873.8 911.9 914.1 920.5 932.4 taxes from the rest of the world, not shown separately. a subtraction for wage accruals less disbursements, not shown separately. Federal Government current expenditures Income receipts on assets Current transfer receipts Current surplus of government enterprises 25.9 21.5 21.5 25.2 24.9 20.2 22.9 22.1 22.9 24.9 19.8 23.0 24.2 24.8 22.2 21.7 22.0 22.5 22.8 23.8 22.8 22.3 23.3 24.2 25.4 26.7 19.9 21.5 22.7 25.7 27.1 24.8 25.0 27.7 7.1 32.9 24.2 24.7 25.4 25.7 26.7 27.4 28.2 28.6 29.1 30.5 ¥61.7 30.6 32.2 32.8 33.6 33.0 .3 .1 ¥.3 ¥2.3 ¥5.5 ¥1.6 2.3 ¥1.2 ¥4.9 ¥1.4 4.6 2.7 1.5 .4 .1 ¥.3 ¥1.3 ¥3.4 ¥3.7 ¥4.5 ¥6.0 ¥5.4 ¥1.4 ¥1.1 ¥1.5 ¥1.6 Total 2 1,708.9 1,734.9 1,787.6 1,864.4 1,969.5 2,101.1 2,252.1 2,383.0 2,555.9 2,692.2 2,179.0 2,268.8 2,268.8 2,291.7 2,346.4 2,366.3 2,393.6 2,425.6 2,502.0 2,529.9 2,578.5 2,613.3 2,637.9 2,686.2 2,730.2 2,714.4 Consumption expenditures 457.7 454.6 475.1 499.3 531.9 591.5 662.7 724.5 768.6 808.0 636.9 668.4 669.1 676.5 712.2 722.6 734.8 728.3 758.0 760.8 784.3 771.1 803.6 802.3 809.1 817.1 Current transfer payments 918.8 946.5 986.1 1,038.1 1,131.4 1,243.0 1,328.7 1,393.3 1,476.7 1,551.6 1,285.1 1,331.4 1,342.1 1,356.3 1,376.7 1,384.5 1,390.0 1,422.1 1,461.2 1,461.8 1,481.3 1,502.4 1,522.0 1,546.6 1,564.8 1,572.9 Interest payments 300.0 298.8 282.7 283.3 258.6 229.1 212.9 220.9 253.8 280.4 216.6 212.4 210.0 212.5 215.6 215.3 224.8 227.7 230.9 252.1 255.2 277.1 257.5 285.4 304.9 273.9 Subsidies 32.4 35.0 43.8 43.8 47.6 37.5 47.8 44.3 56.9 52.1 41.9 55.2 47.5 46.4 43.4 42.4 43.9 47.4 51.9 55.2 57.7 62.7 54.7 51.9 51.4 50.6 Net Federal Government saving ¥55.8 38.8 103.6 189.5 46.7 ¥247.9 ¥372.1 ¥382.0 ¥309.2 .................... ¥290.2 ¥365.5 ¥451.4 ¥381.5 ¥401.0 ¥380.6 ¥380.6 ¥365.7 ¥287.6 ¥289.6 ¥396.0 ¥263.6 ¥147.0 ¥163.1 ¥173.0 .................... Note.—Revisions include changes to series affected by revised wage and salary estimates for 2006:III. Source: Department of Commerce, Bureau of Economic Analysis. 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 153.2 154.2 155.0 157.6 160.2 163.3 166.7 170.3 173.2 176.2 174.2 174.1 174.8 175.3 176.0 176.8 176.8 176.5 177.1 176.7 176.3 176.5 176.9 137.8 139.1 140.0 142.0 144.8 146.7 148.3 150.8 153.7 156.3 155.6 154.9 155.4 155.4 156.0 156.3 156.6 157.1 157.0 156.4 156.6 156.4 157.7 218.2 222.5 226.2 231.9 238.3 244.3 250.8 256.3 261.3 266.9 263.4 264.0 264.6 265.3 266.1 266.9 267.1 267.9 268.3 268.1 267.9 268.1 268.3 2007: Jan p ................... 111.9 .............. 116.6 102.5 117.7 .............. 98.8 202.416 189.3 118.3 176.3 Feb p ................... .............. .............. ............ .............. .............. .............. .............. .................. .............. ............ ............ 157.4 158.0 268.5 236.9 269.6 .............. 1997 .............................. 1998 .............................. 1999 .............................. 2000 .............................. 2001 .............................. 2002 .............................. 2003 .............................. 2004 .............................. 2005 .............................. 2006 p ............................. 2005: Dec r ................... 2006: Jan r ................... Feb r ................... Mar r ................... Apr r ................... May r .................. June r ................. July r .................. Aug r ................... Sept r .................. Oct r .................... Nov r ................... Dec p ................... 89.2 94.6 99.1 103.6 100.0 100.0 101.1 103.6 106.9 111.2 109.1 109.1 109.4 110.0 110.9 110.9 111.9 112.3 112.5 112.2 112.0 111.9 112.5 Canada Japan 86.2 89.2 94.4 102.6 98.4 100.0 100.7 102.7 104.0 103.4 105.8 104.7 104.6 104.5 103.8 103.3 103.4 103.8 103.5 101.9 102.0 102.3 102.6 Germany France 109.3 102.1 102.4 108.0 101.2 100.0 103.0 108.5 109.8 114.6 113.9 113.5 112.1 112.3 113.9 112.3 114.4 113.4 115.6 114.6 116.5 117.4 118.6 90.4 93.9 96.1 100.0 101.3 100.0 99.6 102.1 102.3 102.6 102.4 103.1 101.7 103.2 101.8 103.9 103.7 102.3 103.0 102.3 102.3 101.8 102.8 United Kingdom Italy 91.0 94.4 95.5 100.8 101.1 100.0 100.4 103.5 106.9 r 112.9 109.2 109.7 110.3 109.8 111.2 112.6 112.8 113.7 115.2 114.6 113.4 115.4 115.6 97.5 98.6 98.5 102.7 101.6 100.0 99.5 98.9 98.1 100.4 99.6 99.6 100.1 100.0 99.4 100.3 100.6 100.5 101.5 100.4 101.4 102.0 104.0 1 Data relate to all urban consumers. NOTE.—See Note, p. 17, for information on U.S. industrial production series. United States 1 99.2 100.2 101.6 103.5 102.0 100.0 99.7 100.5 98.6 98.7 98.3 98.4 98.3 99.0 98.4 98.9 98.8 98.8 98.8 99.2 98.6 98.9 98.8 Canada 160.5 163.0 166.6 172.2 177.1 179.9 184.0 188.9 195.3 201.6 196.8 198.3 198.7 199.8 201.5 202.5 202.9 203.5 203.9 202.9 201.8 201.5 201.8 Japan 156.3 157.8 160.5 164.9 169.1 172.9 177.7 181.0 184.9 188.7 186.1 187.1 186.8 187.8 188.9 189.7 189.4 189.6 189.9 188.9 188.4 188.9 189.2 121.5 122.2 121.8 121.0 120.1 119.0 118.7 118.7 118.3 118.7 118.2 118.3 117.9 118.2 118.4 118.8 118.8 118.4 119.2 119.2 119.0 118.4 118.5 France United Kingdom 185.1 191.4 194.3 200.1 203.6 207.0 213.0 219.4 225.6 232.8 228.1 227.2 228.2 229.1 230.9 232.3 233.2 233.2 234.1 235.1 235.5 236.3 238.2 Source: National sources as reported by Department of Commerce (Bureau of Economic Analysis and International Trade Administration, Office of Trade and Industry Information) and Council of Economic Advisers. U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES [Billions of dollars; monthly data seasonally adjusted] Goods: Exports (f.a.s. value) Goods: Imports (customs value) Census basis (by end-use category) Services (BOP basis) Balance of trade (exports minus imports) Census basis (by end-use category) BOP basis Period BOP basis 1997 ............. 678.4 1998 ............. 670.4 1999 ............. 684.0 2000 ............. 772.0 2001 ............. 718.7 2002 ............. 682.4 2003 ............. 713.4 2004 ............. 807.5 2005 ............. 894.6 2006 p ........... 1,023.7 Total, Census basis 1 689.2 682.1 695.8 781.9 729.1 693.1 724.8 818.8 906.0 1,037.3 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 51.5 46.4 46.0 47.9 49.4 49.6 55.0 56.6 59.0 65.9 158.2 148.3 147.5 172.6 160.1 156.8 173.0 204.0 233.1 275.7 BOP basis 294.5 74.0 77.4 876.5 299.4 72.4 80.3 917.1 310.8 75.3 80.9 1,030.0 356.9 80.4 89.4 1,224.4 321.7 75.4 88.3 1,145.9 290.4 78.9 84.4 1,164.7 293.7 80.6 89.9 1,260.7 331.6 89.2 103.1 1,472.9 362.7 98.6 115.7 1,677.4 414.0 107.2 129.2 1,859.7 IndusAutoFoods, trial Capital motive Total, feeds, supgoods vehiCensus and plies except cles, basis 1 bevand auto- parts erages mate- motive and enrials gines Consumer goods (nonfood) except automotive 869.7 911.9 1,024.6 1,218.0 1,141.0 1,161.4 1,257.1 1,469.7 1,673.5 1,855.3 39.7 41.2 43.6 46.0 46.6 49.7 55.8 62.1 68.1 74.9 213.8 200.1 221.4 299.0 273.9 267.7 313.8 412.8 523.9 603.0 253.3 269.5 295.7 347.0 298.0 283.3 295.9 343.5 379.2 418.5 139.8 148.7 179.0 195.9 189.8 203.7 210.1 228.2 239.5 256.7 193.8 217.0 241.9 281.8 284.3 307.8 333.9 372.9 407.2 442.8 Exports Imports Goods, Census basis Goods 256.1 262.8 281.9 298.6 286.2 292.3 302.7 344.4 380.6 413.1 165.9 180.7 199.2 223.7 221.8 231.1 250.3 290.3 314.6 342.4 ¥180.5 ¥229.8 ¥328.8 ¥436.1 ¥411.9 ¥468.3 ¥532.4 ¥650.9 ¥767.5 ¥818.0 ¥198.1 ¥246.7 ¥346.0 ¥452.4 ¥427.2 ¥482.3 ¥547.3 ¥665.4 ¥782.7 ¥836.0 Services 90.2 82.1 82.7 74.9 64.4 61.2 52.4 54.1 66.0 70.7 Goods and services ¥107.9 ¥164.6 ¥263.3 ¥377.6 ¥362.8 ¥421.1 ¥494.9 ¥611.3 ¥716.7 ¥765.3 2005: Dec ... 79.4 80.6 5.0 20.1 32.7 8.9 10.5 149.6 149.3 6.0 49.3 33.0 21.1 35.2 33.1 27.1 ¥68.7 ¥70.2 6.0 ¥64.2 2006: Jan r .. Feb r .. Mar r Apr r .. May r June r July r Aug r .. Sept r Oct r .. Nov r .. Dec ... 2007: Jan p .. 81.1 80.5 82.1 81.6 83.8 86.7 85.2 87.8 88.3 88.2 89.0 89.4 90.9 82.0 81.4 83.0 82.5 84.8 87.6 86.3 89.0 89.6 89.5 90.6 90.8 92.1 5.3 4.9 5.1 5.1 5.5 5.7 5.6 6.0 5.7 5.7 5.5 5.8 6.1 21.0 20.6 22.2 22.2 22.9 23.7 23.1 23.6 24.6 24.2 23.9 23.6 23.9 33.2 33.4 33.4 33.2 34.0 34.9 33.6 34.9 35.6 35.6 36.3 36.2 37.2 8.8 8.9 8.5 8.6 8.5 8.9 9.6 9.4 8.7 8.7 9.0 9.5 8.8 10.4 10.3 10.5 10.1 10.6 10.8 10.9 11.1 10.8 11.2 11.3 11.4 12.0 153.5 148.6 149.9 151.2 154.9 156.8 158.7 162.7 158.7 153.4 153.8 157.4 156.3 153.1 148.3 149.5 150.9 154.5 156.4 158.3 162.3 158.4 153.0 153.5 157.1 155.9 6.2 5.9 6.3 6.2 6.0 6.0 6.2 6.4 6.3 6.5 6.4 6.4 6.6 50.3 49.6 46.5 48.9 52.8 52.1 54.2 55.9 52.3 46.9 45.9 47.6 47.9 34.1 32.5 34.4 34.5 34.6 34.6 35.3 36.3 35.7 35.4 35.7 35.4 36.7 22.3 21.2 21.0 21.4 20.9 22.2 20.9 21.4 21.0 20.7 21.1 22.7 21.2 35.1 34.3 36.5 35.3 35.5 36.7 36.8 37.4 38.0 38.2 39.2 39.8 38.4 33.3 33.0 33.5 34.1 34.5 34.3 34.4 34.6 34.7 35.2 35.7 35.9 35.8 27.4 27.8 27.9 28.1 28.7 28.9 28.7 28.6 28.9 29.0 29.2 29.3 29.5 ¥71.1 ¥66.9 ¥66.5 ¥68.4 ¥69.7 ¥68.8 ¥72.1 ¥73.3 ¥68.8 ¥63.4 ¥62.9 ¥66.3 ¥63.8 ¥72.3 ¥68.1 ¥67.8 ¥69.7 ¥71.1 ¥70.1 ¥73.5 ¥75.0 ¥70.4 ¥65.1 ¥64.8 ¥68.1 ¥65.4 5.8 5.2 5.5 6.1 5.8 5.4 5.7 6.0 5.8 6.2 6.6 6.6 6.3 ¥66.5 ¥62.9 ¥62.3 ¥63.6 ¥65.3 ¥64.7 ¥67.9 ¥68.9 ¥64.6 ¥58.9 ¥58.2 ¥61.5 ¥59.1 1 Total includes ‘‘other’’ exports or imports, not shown separately. NOTE.—BOP refers to balance of payments on international transactions basis. BOP data shown here are consistent with figures shown on pp. 36 and 37. Source: Department of Commerce (Bureau of the Census and Bureau of Economic Analysis). 35 U.S. INTERNATIONAL TRANSACTIONS In the third quarter of 2006, the goods deficit rose to $218.6 billion, from $210.6 billion in the second quarter. The current account deficit rose to $225.6 billion in the third quarter, from $217.1 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 ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. 612,113 678,366 670,416 683,965 771,994 718,712 682,422 713,415 807,516 894,631 ¥803,113 ¥876,470 ¥917,103 ¥1,029,980 ¥1,224,408 ¥1,145,900 ¥1,164,720 ¥1,260,717 ¥1,472,926 ¥1,677,371 ¥191,000 ¥198,104 ¥246,687 ¥346,015 ¥452,414 ¥427,188 ¥482,298 ¥547,302 ¥665,410 ¥782,740 2004: I ........ II ....... III ..... IV ..... 194,056 199,617 204,340 209,503 ¥344,010 ¥364,709 ¥373,143 ¥391,064 ¥149,954 ¥165,092 ¥168,803 ¥181,561 ¥3,084 ¥3,378 ¥3,595 ¥3,775 2005: I ........ II ....... III ..... IV ..... 214,189 222,591 224,947 232,904 ¥397,457 ¥410,811 ¥423,693 ¥445,410 ¥183,268 ¥188,220 ¥198,746 ¥212,506 2006: I ........ II ....... III p .... 244,512 252,843 262,069 ¥452,481 ¥463,441 ¥480,681 ¥207,969 ¥210,598 ¥218,612 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 Net travel and transportation Other services, net Receipts Payments Balance on income Unilateral current transfers, net 3 Balance on current account 56,535 63,035 66,651 73,051 72,052 69,943 72,633 76,485 80,746 89,526 ¥104,065 ¥107,949 ¥164,606 ¥263,286 ¥377,559 ¥362,795 ¥421,068 ¥494,897 ¥611,296 ¥716,730 226,129 256,804 261,819 293,925 350,918 288,251 270,652 303,062 374,913 474,647 ¥203,811 ¥244,195 ¥257,554 ¥280,037 ¥329,864 ¥263,120 ¥258,443 ¥266,469 ¥347,321 ¥463,353 22,318 12,609 4,265 13,888 21,054 25,131 12,209 36,593 27,592 11,293 ¥43,017 ¥45,062 ¥53,187 ¥50,428 ¥58,645 ¥51,295 ¥63,587 ¥69,210 ¥81,582 ¥86,072 ¥124,764 ¥140,402 ¥213,528 ¥299,826 ¥415,150 ¥388,959 ¥472,446 ¥527,514 ¥665,286 ¥791,508 ¥3,045 ¥2,869 ¥3,264 ¥3,622 19,935 19,950 18,990 21,872 ¥136,148 ¥151,389 ¥156,672 ¥167,086 85,526 ¥72,662 90,877 ¥85,364 94,959 ¥88,090 103,545 ¥101,206 12,864 5,513 6,869 2,339 ¥22,554 ¥20,895 ¥16,524 ¥21,609 ¥145,838 ¥166,771 ¥166,327 ¥186,356 ¥2,863 ¥2,803 ¥2,300 ¥3,057 ¥4,124 ¥2,831 ¥2,598 ¥2,940 22,147 21,796 21,853 23,729 ¥168,108 ¥172,058 ¥181,792 ¥194,774 108,697 112,681 122,081 131,192 ¥105,076 ¥110,687 ¥114,240 ¥133,351 3,621 1,994 7,841 ¥2,159 ¥27,237 ¥23,194 ¥9,464 ¥26,176 ¥191,724 ¥193,258 ¥183,415 ¥223,109 ¥3,239 ¥3,514 ¥3,798 ¥2,740 ¥3,044 ¥2,328 22,808 ¥191,140 24,042 ¥193,114 24,420 ¥200,318 139,966 ¥142,482 156,038 ¥158,195 160,791 ¥164,573 ¥2,516 ¥2,157 ¥3,782 ¥19,542 ¥21,856 ¥21,450 ¥213,198 ¥217,127 ¥225,550 5,385 25,015 4,968 22,152 5,220 10,210 2,593 7,085 317 2,486 ¥2,296 ¥3,254 ¥7,158 ¥4,245 ¥12,527 ¥11,553 ¥13,832 ¥12,800 ¥11,024 ¥12,492 1 Adjusted from Census data for differences in timing and coverage; excludes military. 2 Transfers under U.S. military agency sales contracts (exports) minus direct defense expenditures (imports). 36 Income receipts and payments Balance on goods and services 3 Includes transfers of goods and services under U.S. military grant programs. See p. 37 for continuation of table. U.S. INTERNATIONAL TRANSACTIONS—Continued In the financial account, U.S. claims on foreigners reported by U.S. banks increased $85.7 billion in the third quarter of 2006, following an increase of $80.7 billion in the second quarter. U.S. liabilities to private foreigners reported by U.S. banks, excluding Treasury securities, increased $89.1 billion in the third quarter, following an increase of $79.6 billion in the second quarter. [Millions of dollars; quarterly data seasonally adjusted. Credits (+), debits (¥)] Financial account Period 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2004: .................................. .................................. .................................. .................................. .................................. .................................. .................................. .................................. .................................. .................................. I ............................. II ............................ III .......................... IV ........................... 2005: I .............................. II ............................ III .......................... IV ........................... 2006: I .............................. II ............................ III p ......................... Capital account transactions, net ¥735 ¥1,027 ¥766 ¥4,939 ¥1,010 ¥1,270 ¥1,470 ¥3,321 ¥2,261 ¥4,351 ¥457 ¥399 ¥923 ¥482 ¥2,691 ¥589 ¥557 ¥514 ¥1,756 ¥1,003 ¥551 U.S.-owned assets abroad, net [increase/financial outflow (¥)] Total ¥413,409 ¥485,475 ¥353,829 ¥504,062 ¥560,523 ¥382,616 ¥294,646 ¥326,424 ¥867,802 ¥426,801 ¥309,212 ¥135,173 ¥144,528 ¥278,884 ¥87,391 ¥196,376 ¥132,380 ¥10,656 ¥355,978 ¥211,375 ¥223,769 U.S. official reserve assets 4 6,668 ¥1,010 ¥6,783 8,747 ¥290 ¥4,911 ¥3,681 1,523 2,805 14,096 557 1,122 429 697 5,331 ¥797 4,766 4,796 513 ¥560 1,006 Other U.S. Government assets ¥989 68 ¥422 2,750 ¥941 ¥486 345 537 1,710 5,539 727 ¥2 484 501 2,591 989 1,501 459 1,049 1,765 287 Statistical discrepancy Foreign-owned assets in the U.S., net [increase/financial inflow (+)] U.S. private assets ¥419,088 ¥484,533 ¥346,624 ¥515,559 ¥559,292 ¥377,219 ¥291,310 ¥328,484 ¥872,317 ¥446,436 ¥310,496 ¥136,293 ¥145,441 ¥280,082 ¥95,313 ¥196,568 ¥138,647 ¥15,911 ¥357,540 ¥212,580 ¥225,062 4 Consists of gold, special drawing rights (SDRs), foreign currencies, and the U.S. reserve position in the International Monetary Fund (IMF). Total 551,096 706,809 423,569 740,210 1,046,896 782,859 797,813 864,769 1,450,221 1,212,250 438,930 314,152 260,132 437,006 224,128 346,179 388,592 253,350 527,498 364,576 400,161 Foreign official assets 126,724 19,036 ¥19,903 43,543 42,758 28,059 115,945 278,275 387,809 199,495 147,627 79,944 71,285 88,953 18,965 74,613 33,983 71,934 75,697 75,869 80,775 Other foreign assets 424,372 687,773 443,472 696,667 1,004,138 754,800 681,868 586,494 1,062,412 1,012,755 291,303 234,208 188,847 348,053 205,163 271,566 354,609 181,416 451,801 288,707 319,386 Total (sum of the items with sign reversed) ¥12,188 ¥79,905 144,554 68,617 ¥70,213 ¥10,014 ¥29,251 ¥7,510 85,128 10,410 16,577 ¥11,809 51,646 28,716 57,678 44,044 ¥72,240 ¥19,071 43,434 64,929 49,709 Of which: Seasonal adjustment discrepancy .................. .................. .................. .................. .................. .................. .................. .................. .................. .................. 10,471 ¥2,405 ¥12,227 4,163 13,192 ¥4,862 ¥17,549 9,219 10,437 ¥3,040 ¥14,324 U.S. official reserve assets, net 4 (unadjusted, end of period) 75,089 69,954 81,761 71,516 67,647 68,654 79,006 85,938 86,824 65,127 85,192 82,652 82,578 86,824 78,942 76,594 71,273 65,127 65,354 67,935 66,217 Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the Treasury. 37 Contents Page TOTAL OUTPUT, INCOME, AND SPENDING Gross Domestic Product .......................................................................................................................................................................................... Real Gross Domestic Product .................................................................................................................................................................................. Implicit Price Deflators for Gross Domestic Product .............................................................................................................................................. Gross Domestic Product and Related Price Measures: Indexes and Percent Changes .............................................................................................. Nonfinancial Corporate Business—Gross Value Added and Price, Costs, and Profits ............................................................................................. National Income ...................................................................................................................................................................................................... Real Personal Consumption Expenditures ............................................................................................................................................................... Sources of Personal Income ...................................................................................................................................................................................... Disposition of Personal Income ............................................................................................................................................................................... Farm Income ............................................................................................................................................................................................................ Corporate Profits ...................................................................................................................................................................................................... Real Gross Private Domestic Investment ................................................................................................................................................................ Real Private Fixed Investment by Type .................................................................................................................................................................. Business Investment ................................................................................................................................................................................................ 1 2 2 3 3 4 4 5 6 7 8 9 10 10 EMPLOYMENT, UNEMPLOYMENT, AND WAGES Status of the Labor Force ......................................................................................................................................................................................... Selected Unemployment Rates ................................................................................................................................................................................ Selected Measures of Unemployment and Unemployment Insurance Programs ...................................................................................................... Nonagricultural Employment .................................................................................................................................................................................. Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries ................................................................. Employment Cost Index—Private Industry ............................................................................................................................................................. Productivity and Related Data, Business Sector ...................................................................................................................................................... 11 12 13 14 15 15 16 PRODUCTION AND BUSINESS ACTIVITY Industrial Production and Capacity Utilization ....................................................................................................................................................... Industrial Production—Major Market Groups and Selected Manufactures .............................................................................................................. New Construction .................................................................................................................................................................................................... New Private Housing and Vacancy Rates ............................................................................................................................................................... Business Sales and Inventories—Manufacturing and Trade ..................................................................................................................................... Manufacturers’ Shipments, Inventories, and Orders ................................................................................................................................................. 17 18 19 19 20 21 PRICES Producer Prices ........................................................................................................................................................................................................ Consumer Prices—All Urban Consumers ................................................................................................................................................................ Changes in Producer Prices for Finished Goods ...................................................................................................................................................... Changes in Consumer Prices—All Urban Consumers ............................................................................................................................................. Prices Received and Paid by Farmers ...................................................................................................................................................................... 22 23 24 24 25 MONEY, CREDIT, AND SECURITY MARKETS Money Stock and Debt Measures ............................................................................................................................................................................. Components of Money Stock ................................................................................................................................................................................... Aggregate Reserves and Monetary Base ................................................................................................................................................................... Bank Credit at All Commercial Banks .................................................................................................................................................................... Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business .................................................................................................................. Consumer Credit ...................................................................................................................................................................................................... Interest Rates and Bond Yields ............................................................................................................................................................................... Common Stock Prices and Yields ............................................................................................................................................................................ 26 27 27 28 29 29 30 31 FEDERAL FINANCE Federal Receipts, Outlays, and Debt ....................................................................................................................................................................... Federal Receipts by Source and Outlays by Function .............................................................................................................................................. Federal Sector, National Income Accounts Basis ..................................................................................................................................................... 32 33 34 INTERNATIONAL STATISTICS Industrial Production and Consumer Prices—Major Industrial Countries ............................................................................................................... U.S. International Trade in Goods and Services ...................................................................................................................................................... U.S. International Transactions ................................................................................................................................................................................ 35 35 36 General Notes Detail in these tables may not add to totals because of rounding. Unless otherwise noted, all dollar figures are in current dollars. Symbols used: p Preliminary. r Revised. c Corrected. … Not available (also, not applicable). NSA not seasonally adjusted. 38 For sale by the Superintendent of Documents, U.S. Government Printing Office, Washington, D.C. 20402. Price $5.00 (single copy) ($7.00 foreign). Subscription price: $58.00 per year; $81.20 for foreign mailing. U.S. GOVERNMENT PRINTING OFFICE : 2007 33719