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111th Congress, 1st Session

Economic Indicators
FEBRUARY 2009
(Includes data available as of March 6, 2009)

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

UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 2009

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

HOUSE OF REPRESENTATIVES

MAURICE D. HINCHEY, New York
BARON P. HILL, Indiana
LORETTA SANCHEZ, California
ELIJAH E. CUMMINGS, Maryland
VIC SNYDER, Arkansas
KEVIN BRADY, Texas
RON PAUL, Texas
MICHAEL C. BURGESS, M.D., Texas
J O H N CAMPBELL, California

SENATE

EDWARD M. KENNEDY, Massachusetts
JEFF BINGAMAN, New Mexico
AMY KLOBUCHAR, Minnesota
ROBERT P. CASEY, J R . , Pennsylvania
JIM WEBB, Virginia
SAM BROWNBACK, Kansas
JIM D E M I N T , South Carolina
JAMES E. RISCH, Idaho
ROBERT F. BENNETT, Utah

NAN GIBSON, Executive Director

COUNCIL OF ECONOMIC ADVISERS
CHRISTINA D. ROMER, Chair

[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

11

TOTAL OUTPUT, INCOME, AND SPENDING
GROSS DOMESTIC PRODUCT
In the fourth quarter of 2008, according to revised estimates, current-dollar gross domestic product (GDP) fell
5.8 percent (annual rate), real GDP (GDP in chained 2000 dollars) fell 6.2 percent, and the implicit price deflator
rose 0.5 percent.
BILLIONS OF DOLLARS (RATIO SCALE)
14,800

BILLIONS OF DOLLARS (RATIO SCALE)
14,800

SEASONALLY ADJUSTED ANNUAL RATES

14,400

14,400

14,000

14,000

13,600

13,600

13,200

13,200

12,800

12,800
/

12,400

12,400
12,000

GDP
IN CURRENT DC L L A R S > /
)

12,000
11,600

,

v

Y

11,200

11,600

11,200
10,800

10,800
'""

r ...

S

.''

10,000
9,600

•

10,400

GDP
IN CHAINED (2000) DOLLARS

10,000
9,600

•

'1

9,200
8,800

8,800

8,400
1998

1999

2000

2001

2002

2004

2003

2005

2006

SOURCE: DEPARTMENT OF COMMERCE

2007

2008

COUNCIL OF ECONOMIC ADVISERS

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

Period

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

II .
III
IV
2006: I .
.
II .
III
IV
2007 I .
.
II .
III

rv

2008: i .
.

.
r.
II

in
1

Personal
Gross
conGross
private
domestic sumption domestic
product expendi- investtures
ment
9,268.4
9,817.0
10,128.0
10,469.6
10,960.8
11,685.9
12,421.9
13,178.4
13,807.5
14,264.6
12,155.4
12,297.5
12,538.2
12,696.4
12,959.6
13,134.1
13,249.6
13,370.1
13,510.9
13,737.5
13,950.6
14,031.2
14,150.8
14,294.5
14,412.8
14,200.3

6,282.5
6,739.4
7,055.0
7,350.7
7,703.6
8,195.9
8,694.1
9,207.2
9,710.2
10,056.8
8 480.9
8,610.8
8,791.1
8,893.7
9,026.3
9,161.9
9,283.7
9,357.0
9,524.9
9,657.5
9,765.6
9,892.7
10,002.3
10,138.0
10,163.5
9,923.5

1,625.7
1,735.5
1,614.3
1,582.1
1,664.1
1,888.6
2,086.1
2,220.4
2,130.4
1,995.7
2,046.0
2,039.7
2,084.2
2,174.6
2,236.7
2,253.7
2,231.7
2,159.5
2,117.8
2,147.2
2,164.0
2,092.3
2,056.1
2,000.9
2,010.9
1,915.1

Exports and imports
of goods and services

Government consumption expenditures
and gross investment
Federal

Net
exports
¥260.5
¥379.5
¥367.0
¥424.4
¥499.4
¥615.4
¥713.6
¥757.3
¥707.8
¥670.8
¥670.7
¥680.9
¥725.1
¥777.7
¥761.7
¥777.2
¥792.7
¥697.7
¥728.8
¥723.1
¥682.6
¥696.7
¥705.7
¥718.2
¥707.7
¥551.5

Exports

Imports

Total
Total

991.2
1,096.3
1,032.8
1,005.9
1,040.8
1,182.4
1,311.5
1,480.8
1,662.4
1,860.8
1,266.8
1,305.1
1,314.5
1,359.6
1,423.2
1,462.8
1,492.5
1,544.5
1,560.5
1,614.4
1,714.9
1,759.7
1,820.8
1,923.2
1,968.9
1,730.5

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

1,251.7
1,475.8
1,399.8
1,430.3
1,540.2
1,797.8
2,025.1
2,238.1
2,370.2
2,531.6
1,937.5
1,986.0
2,039.6
2,137.4
2,184.9
2,240.0
2,285.2
2,242.2
2,289.4
2,337.5
2,397.5
2,456.5
2,526.5
2,641.4
2,676.6
2,282.0

1,620.8
1,721.6
1,825.6
1,961.1
2,092.5
2,216.8
2,355.3
2,508.1
2,674.8
2,882.8
2,299.2
2,328.0
2,388.0
2,405.9
2,458.4
2,495.7
2,526.9
2,551.4
2,597.0
2,655.9
2,703.5
2,742.9
2,798.1
2,873.7
2,946.1
2,913.2

National
defense

Nondefense

State
and
local

Addendum:
Gross
national
product

Final
sales of
domestic
product

Gross
domestic
purchases 1

9,201.5
9,760.5
10,159.7
10,457.7
10,946.5
11,627.3
12,378.6
13,129.0
13,811.2
14,310.2

9,528.9
10,196.4
10,495.0
10,894.0
11,460.2
12,301.3
1,311.52,025
13,935.7
14,515.3
14,935.4

9,302.2
9,855.9
10,171.6
10,500.2
11,017.6
11,762.1
1,479
13,256
13,910.0

12,07
4282.81
12,527.2
12,636.1

1. 0 576.1
12,978.4
94.2606.3
85.4294.1

1 2 , 0

13,72
13,219.4
13,316.1
13,452.0
13,583.3
13,797.2
14,062.8
14,196
14,289.0
1 4 , 3
14,539.6

555.8
578.8
612.9
679.7
756.4
825.6
875.5
932.2
979.3
1,071.8
861.0
867.1
894.2
879.5
922.8
928.5
935.5
941.7
950.3
974.6
994.0
998.3

360.6
370.3
392.6
457.71
59.2
550.7
588.1
624.1
662.2
734.8

195.2
208.5
220.3
242.5
259.2
274.9
287.4
308.0
811.21
337.0

576.1
584.4
606.3
585.4

284.9
282.8
288.0
474.1

1,065.0
1,721.6578
1,212.8
1,281.5
1,336.0
1,391.2
1,479.8
1,575.9
1,695.5
1,811.0
1,438.2
1,460.9
1,493.8
1,526.4

613.6
623.1
624.0
635.9

309.3
305.4
311.5
305.9

1,535.5
1,567.2
1,591.4
1,609.7

12,906.5
13,068.3
13,187.1
13,354.3

13,721.4
13,911.3
14,042.3
14,067.9

636.9
656.8
675.6
679.3

313.4
317.8
318.3
319.0

1,646.8
1,681.3
1,709.5
1,744.6

13,526.5
13,738.4
13,927.6
14,052.3

14,239.7
14,460.6
1,709.51
14,728.0

2,526.5
1,056.1
1,098.0
1,106.4

699.9
723.3
759.5
756.6

326.6
332.9
338.5
349.9

1,771.6
1,817.6
1,848.1
1,806.8

14,176.4
14,370.5
14,462.5
14,231.6

14,856.6
15,012.7
15,120.5
14,751.8

Source: Department of Commerce, Bureau of Economic Analysis.

12,27
1,493.812
12,770.6

REAL GROSS DOMESTIC PRODUCT
[Billions of chained (2000) dollars; quarterly data at seasonally adjusted annual rates]

Gross private
domestic investment

Period

1999
2000 .........9,
2001 .........9,
2002
2003 .........10,
2004
2005 .........10,
2006
2007
2008 r
2005: I ....
II ...
III
IV ..
2006: I ....
II ...
III
IV ..
2007: I ....
II ...
III
IV ..
2008: I ....
II ...
III
IV

Personal
Gross
conNonresi- Resi- Change
domestic sumption dential dential in priproduct expendifixed
fixed
vate
tures
invest- invest- invenment
ment
tories
9,470.3
9,817.0
9,890.7
10,048.8
10,301.0
10,675.8
10,989.5
11,294.8
11,523.9
11,652.7
10,875.8
10,946.1
11,050.0
11,086.1
11,217.3
11,291.7
11,314.1
11,356.4
11,357.8
11,491.4
11,625.7
11,620.7
11,646.0
11,727.4
11,712.4
11,525.0

6,438.6
6,739.4
6,910.4
7,099.3
7,295.3
7,561.4
7,791.7
8,029.0
8,252.8
8,272.0
7,697.5
7,766.4
7,838.1
7,864.9
7,947.4
8,002.1
8,046.3
8,119.9
8,197.2
8,237.3
8,278.5
8,298.2
8,316.1
8,341.3
8,260.6
8,169.9

1,133.3
1,232.1
1,180.5
1,071.5
1,081.8
1,144.3
1,226.2
1,318.2
1,382.9
1,406.1
1,200.4
1,219.0
1,237.1
1,248.2
1,295.2
1,315.4
1,332.7
1,329.3
1,340.4
1,373.8
1,402.9
1,414.7
1,423.1
1,431.8
1,425.7
1,343.9

443.6
446.9
448.5
469.9
509.4
560.2
595.4
552.9
453.8
359.6
582.1
595.8
601.7
602.0
596.5
570.1
536.7
508.4
486.4
471.7
445.3
411.6
383.0
369.6
353.7
332.2

Exports and imports of
goods and services

Government consumption expenditures
and gross investment
Federa

Net
exports

Exports

Imports

Total

¥296.2
¥379.5
¥399.1
¥471.3
¥518.9
¥593.8
¥616.6
¥615.7
¥546.5
¥392.3
¥623.7
¥601.3
¥603.6
¥637.8
¥636.0
¥619.4
¥623.0
¥584.3
¥618.6
¥571.2
¥511.8
¥484.5
¥462.0
¥381.3
¥353.1
¥372.9

1,008.2
1,096.3
1,036.7
1,013.3
1,026.1
1,126.1
1,205.3
1,314.8
1,425.9
1,514.1
1,177.9
1,203.1
1,204.3
1,235.7
1,284.3
1,301.4
1,312.6
1,361.1
1,363.2
1,392.2
1,466.2
1,482.1
1,500.6
1,544.7
1,556.1
1,454.8

1,304.4
1,475.8
1,435.8
1,484.6
1,545.0
1,719.9
1,821.9
1,930.5
1,972.4
1,906.4
1,801.7
1,804.4
1,807.9
1,873.6
1,920.2
1,920.9
1,935.7
1,945.3
1,981.8
1,963.4
1,978.0
1,966.5
1,962.6
1,926.0
1,909.1
1,827.6

1,686.9
1,721.6
1,780.3
1,858.8
1,904.8
1,931.8
1,939.0
1,971.2
2,012.1
2,070.6
1,929.6
1,934.0
1,950.4
1,941.9
1,960.5
1,966.6
1,974.9
1,982.7
1,987.1
2,006.4
2,025.3
2,029.4
2,039.1
2,058.9
2,088.1
2,096.3

68.9
56.5
¥31.7
12.5
14.3
54.3
38.9
42.3
¥2.5
¥27.6
74.6
16.7
11,0
53.5
45.9
56.9
53.3
13.1
¥15.0
¥2.8
16.0
¥8.1
¥10.2
¥50.6
¥29.6
¥19.9

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

573.7
578.8
601.4
643.4
687.1
715.9
724.5
741.0
752.9
798.1
718.0
720.1
736.8
723.2
740.6
737.7
741.1
744.4
737.5
749.6
762.7
761.7
772.6
785.0
810.8
,547.31

372.2
370.3
384.9
2230.2
449.0
475.0
482.2
490.0
,066.81
538.0
476.3
481.0
495.1
476.5
486.7
489.0
487.9
496.3
488.8
498.8
611,60
509.9
518.9
02.61
550.4
554.7

Nondefense
201.5
208.5
216.5
230.2
238.0
240.7
242.0
250.8
250.4
259.5
241.5
213.8
241.4
2476.5
253.8
248.5
,930.61
247.8
248.6
250.5
251.2
267.5
253.2
256.3
259.5
268

State
and
local

1,113.2
1,721.6578
1,179.0

1,215.4
1,217.8
1,215.8
1,214.3
1,230.2
1,259.0
1,273.5
1,211.4
1,213.8
1,213.6
1,218.5
1,219.9
1,228
1,233.7
1,238.2
1,249.3
1,256.6
1,26
1,267.5
1,266.7
1,274.4
1,278.7
1554.72

Final
sales of
domestic
product

Gross
domestic
purchases 1

Addendum:
Gross
national
product

9,404.0
9,760.5
9,920.9
10,036.5
10,285.1
10,619.8
10.947.3
81,23
11,523.4
11,679.8
.0476.3
10,925.9
11,035
11,028.4

9,767.7
10,196.4

9,404.09,7
9,855.9
9,933.6
10,079.0
10,815.510,3
10,746.0
11,072.1
11,362.3
11,609.8

21,960.5740.6

11,232.1
11,257.8
11,339.7
11,370.5
11,490.5
1 1 . 0
11,628.0
21,266.7
11,778.8
11,739.2
11,547.3

.09,920.91
10,517.7
10,815
11,261.4
11,597.8
11,904.1
12,066.8
1538.02
11,490.6
11,539.4
11,645.4
.2476.52
11,846.2
11,904.4
11,930.6
11,935.6
11,370.511,9
12,058.2
12,135.1
12,103.2
12,105.8
12,102.6
12,057.8
11,886.4

10,968.4
11,539.4
11,140.7
11,151.2
.6486.725
51,228.81
11,370.8
11,339.711,935

61,249.31
11,541.7
11,719.9
11,628.012,103

11,760.9
11,822.2
11,73

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

1999 .................97.
2000 .................100.
2001 .................102.
2002 .................104.
2003 .................106.
2004 .................109.
2005 .................113.
2006 .................116.
2007 .................119.
2008 r
2005: I
II
Ill

rv
2006: I
II
Ill
IV
2007: I
II
Ill

rv
2008: I
II
Ill
IVr

Gross
domestic
product

Total

Durable
goods

Nondurable goods

Gross private
domestic investment

Services

97.868
100.000
102.399
104.187
106.404
109.462
113.034
116.676
119.816
122.415
111.765
112.346
113,468
114.525
115.533
116.317
117.107
117.732
118.956
119.547
119.997
120.743

97.575
100.000
102.094
103.542
105.597
108.391
111.581
114.675
117.659
121.577
110.177
110.872
112.158
113.081
113.575
114.493
115.377
115.235
116.197
117.241
117.964
119.215

101.625
100.000
98.113
95.767
92.366
90.695
89.984
88.771
87.154
86.093
90.549
90.345
89.631
89.420
89.211
89.031
88.729
88.129
87.720
87.367
86.941
86.600

96.174
100.000
101.531
102.090
104.145
107.626
111.606
114.985
118.408
124.663
109.536
110.081
113.038
113.697
113.786
115.151
116.410
114.578
116.021
117.825
118.675
121.085

97.393
100.000
103.256
106.019
109.379
104.99

121.508
121.890
123.056
123.213

120.277
121.539
123.036
121.465

86.584
86.240
86.113
85.360

123.053
125.014
128.123
122.418

Nonresidential
fixed

Exports and imports of Government consumption expenditures
and gross investment
goods and services

Federal
Residential fixed

Exports

Imports

Total

National
defense

Nondefense

State
and
local

96.886 96.880 95.667
100.000 100.000 100.000
1 0 3 . 2 102.868 102.868
1 0 7 . 2 105.345 105.434
6104.1451 108.898 109.712
115.32 114.218 114.2181
121.944 111.153 121.863
136.8981 125.806127.3 125.80
131.874 126.636 134.671
132.79913 129.875 142.206
.17790.549 118.720
120.9
121.499
122.451
122.851
126.067
127.4
127.893
129114
130.312
119.05813
1.2 0 813
131.057

110.08

7290.345110

113.785
116.615
118.056
115.2
115.520
119.058
121.208
124.915

96.883
100.000
101.908
107.2
110.095
115.322
120.835
125.806
130.077
135.6591
109.5
120.428
1119.3101
118.4
124.614
125.866
126.232
126.510
131.818
130.027
138.8031
138.7

1113.0
118.423
121.847
122.895
123.0
138.47
126.067
126.868
126.718
126.883

123.094
110.026
125.873
12.4021
128.991
129.9
131.818
133.794
135.388
137.638

123.0
137.144
140.198
124.8

132.867
134.540
135.435
132.14

134.885
136.946
137.983
136.398

128.984
129.865
130.463
134.26

128.984
124.49
144.527
1401

116.700
120.752
124.712
128.733
109.5361
116.130
117.079
118.423
119.304
120.276
121.272
122.122
123.194
117.82512
125.173
126.248

100.057
100.000
04.633
99.513
99.591
100.896
103.829
107.277
108.740
110.484
120.9
103.448
103.959
105.091
106.199
107.058
107.527
108.294
108.654
108.729
108.556
109.010

95.780
100.000
104.63
107.240
112.372
120.587
129.268
136.898
138.885
132.799
120.959
103.44
130.819
133.311
135.46
136.737
137.163
138.47
139.197
138.730
138.803
138.780

96.883
100.000
99.625
99.272
101.429
104.997
108.814
112.618
116.585
122.905
107.542
108.474
109.154
110.026
110.819
112.402
113.704
113.476
114.480
115.963
118.67512
118.735

96.880
100.000
97.497
96.342
99.686
107.626
111.153
115.932
120.168
122.9
107.538
110.081116.1
109.154
113.08189.42

127.128
128.445
129.532
129.818

109.173
109.784
110.9
112.167

137.8
136.665
135.512
132.140

121.337
124.498
126.528
118.953

Source: Department of Commerce, Bureau of Economic Analysis.

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
Gross domestic product (GDP)
Real GDP
(chain-type
quantity
index)

II .
III
IV
2005: I ..
.
II .
III
IV
2006: I ..
.
II .
III

rv

2007: i ..
.

.

in
IV
.
2008: i ..

.

in

r.
1

PCE
(chain-type
price index)

PCE
less food
and energy
price index

Real GDP
(chain-type
quantity
index)

GDP
(current
dollars)

GDP
chain-type
price
index

GDP
implicit
price
deflator

PCE
(chain-type
price index)

PCE
less food
and energy
price index

97.868
100.000
.82.42
104.193
106.409
109.462
113.039
116.676
119.819
122.495
108.180
109.185
109.807
110.677
111.778
112.357
113.487
114.536
115.536
116.317
117.109
117.742
118.935
119.531
119.984
120.826

97.868
100.000
102.399
104.187
106.409106.4
109.462
113.034
116.676
119.816
122.415
108.175
109.178
109.793
110.6771
111.765
112.346
113.468
114.525
115.53
116.317
117.109117
117.732
118.956
119.547
119.997
120.743

97.575
100.000
102.094
103.542
105.597
108.392
111.581
114.675
117.659
121.585
107.163
108.179
109.793
109.521
111.7
110.881
113.468
113.089
113.581
114.499
112.531
115.239
116.202
117.246
117.969
119.221

98.343
100.000
102.094
103.5
105.175
107.338
109.644
112.129
114.548
117.031
106.442
107.142
107.601
108.169
108.838
109.405
109.838
110.495
111.076
111.887
115.381
1.52.22.2
113.682
114.201
114.7
115.512

6.0
5.9
3.2
3.4
4.7
6.6
6.3
6.1
4.8
3.3
6.8
7.4
6.0
5.9
7.1
4.8
8.1
5.1
8.6
5.5
3.6
3.7
4.3
6.9
6.3
2.3

4.5
3.7
.8
1.6
2.5
3.6
2.9
2.8
2.0
1.1
3.0
3.5
3.6
2.5
3.0
2.6
3.8
1.3
4.8
2.7
.8
1.5
.1
4.8
4.8
¥.2

1.4
2.2
2.4
1.7
2.1
2.9
3.3
3.2
2.7
2.2
3.7
3.8
2.3
3.2
4.0
2.1
4.1
3.7
3.5
2.7
2.8
2.2
4.1
2.0
1.5
2.8

1.4
2.2
2.4
1.7
2.1
2.9
3.3
3.2
2.7
2.2
3.7
3.8
2.3
3.2
4.0
2.1
4.1
3.8
3.6
2.7
2.7
2.2
4.2
2.0
1.5
2.5

1.7
2.5
2.1
1.4
2.0
2.6
2.9
2.8
2.6
3.3
3.5
3.8
2.0
3.0
2.5
2.5
4.7
3.3
1.8
3.3
3.1
¥.5
3.4
3.6
2.5
4.3

1.5
1.7
1.9
1.8
1.4
2.1
2.1
2.3
2.2
2.2
2.4
2.7
1.7
2.1
2.5
2.1
1.6
2.4
2.1
3.0
2.3
1.8
2.4
1.8
2.1
2.5

118.631
119.460
119.308
117.399

2004: I ..
.

II

GDP
implicit
price
deflator

Personal consumption
expenditures (PCE)

Gross domestic product (GDP)

96.469
100.000
102.3991
102.362
104.931
108.748
111.944
115.054
117.388
118.699
107.402
108.325
109.287
109.977
110.786
111.502
112.560
112.928
114.264
115.022
115.250
115.681
115.696
117.056
118.425
118.374

1999
2000
2001
2002
2003
2004
2005
2006
2007
2008 r

II

GDP
chain-type
price
index

Personal consumption
expenditures (PCE)

121.613
121.951
123.134
123.284

121.508
121.890
123.056
123.284123

120.283
121.544
123.041
121.470

121.508
116.782
117.481
117.704

3.5
4.1
3.4
¥5.8

.9

2.8
¥.5
¥6.2

2.6
1.1

2.6
1.3

3.9

3.9

.5

.5

3.6
4.3
5.0
¥5.0

2.3
2.2
2.4
.8

Quarterly percent changes are at annual rates.

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

1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2005-

........................................................4,
........................................................4,
........................................................5,
........................................................5,
........................................................6,

I
II .................................................6,
III
IV ................................................6,
2006: I ...................................................6,
II
III ................................................6,
IV
2007- I
II .................................................7,
III
IV ................................................7,
2008: I ...................................................7,
II
IIIr

Chained
(2000)
dollars

4,655.0
4,950.8
5,272.2
5,293.5
5,371.7
5,558.4
5,956.4
6,396.1
6,863.4
7,075.1

4,725.4
5,011.0
5,272.2
5,224.5
5,269.7
5,387.5
5,662.1
5,916.1
6,156.4
6,243.1

6,210.3
6,358.1
6,418.9
6,597.3
6,771.2
6,817.5
6,931.7
6,933.3
6,999.6
7,066.7
7,098.6
7,135.5
7,119.3
7,153.1
7,260.7

5,796.5
5,921.4
5,913.0
6,033.6
6,126.1
6,132.4
6,198.2
6,169.0
6,165.5
6,230.2
6,271.2
6,304.4
6,283.0
6,375.1
6,410.9

Total

Compensation of employees
(unit labor
cost)

0.985
.988
1.000
1.013
1.019
1.032
1.052
1.081
1.115
1.133
1.071
1.074
1.086
1.093
1.105
1.102
1.118
1.124
1.135
1.134
1.132
1.132
1.133
9.12
1.133

1
Estimates for nonfinancial corporate business for 2000 and earlier periods are based on the
Standard Industrial Classification (SIC); later estimates are based on the North American Industry Classification System (NAICS).
2
The implicit price deflator for gross value added of nonfinancial corporate business divided
by 100.

Total

Consumption of
fixed
capital

Taxes
on production
and imports 3

Net interest and
miscellaneous
payments

0.645
.652
.672
.688
.685
.687
.683
.689
.701
.725

0.226
.229
.237
.257
.253
.253
.249
.257
.262
. 0

0.104
.105
.108
.124
.122
.122
.121
.126
.126
.132

0.092
.092
.093
.094
.099
.103
.103
.105
.108
.109

0.0340
.032
.036
.039
.032
.028
.025
.026
.028
.029

.689
.682
.696
.689
.696
.698
.697
.714
.724
.722
.723
.050
.736
.726
.726

.253
.253
.264
.257
.257
. 1
. 0
.266
.267
.269
. 0
.271
.273
.272
.276

.121
.121
.137
.124
.123
.125
.126
.129
.143.0
.131
.132
.133
.136
.136
.142

.107
.107
.100
.106
.107
.108
.107
.109
.109
.109
.109
.109
.108
.107
.106

.025
.025
.027
.027
.027
.028
.027
.028
.028
.029
.029
.029
.029
.029
.028

3

Corporate profits with inventory
valuation and capital consumption
adjustments 4
Total

0.114
.107
.090
.068
.081
.091
.120
.135
.153
.139
.129
.138
.126
.147
.152
.152
.161
.145
.143
.144
.139
.050
.125
.123
.130

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

4
5

Taxes on
corporate
income

0.034
.034
.032
.021
.018
.025
.034
.046
.050
.051
.044
.045
.045
.051
.049
.051
.052
.048
.052
.053
.051
.050
.045
.046
.047

Profits
after
tax 5

0.080
.073
.058
.047
.063
.066
.087
.089
.102
.088
.085
.093
.081
.097
.102
.102
.109
.096
.091
.091
.088
.080
.081
.077
.083

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

Period

1999
2000 ...........8,
2001
2002 ...........9,
2003 ...........9,
2004
2005
2006
2007
2008 r
2005: I
II ....
Ill ...

rv ...
2006: I
II ....
Ill ...
IV ...
2007: I
II ....
Ill ...
IV ...
2008: I
II r....
III ..

National
income

8,236.7
8,795.2
8,979.8
9,229.3
9,632.3
10,306.8
10,974.0
11,795.7
12,270.9
10,826.3
10,958.9
10,779.5
11,331.3
11,611.1
11,738.5
11,848.6
11,984.7
12,087.4
12,233.6
12,338.6
12,424.1
12,447.6
12,468.6
12,491.4

rv'..

Compensation
of
employees

5,357.1
5,782.7
5,942.1
6,091.2
6,325.4
6,656.4
7,030.8
7,433.8
7,812.3
8,055.8
6,884.4
6,957.4
7,090.2
7,191.0
7,318.0
7,364.2
7,441.9
7,611.1
7,709.0
7,760.1
7,839.3
7,941.0
8,009.7
8,033.5
8,092.9
8,087.0

Farm

28.6
17.97
19.27
10.6
29.2
37.3
34.1
16.2
44.0
34.5
33.2
38.3
37.1
27.7
17.3
9.8
13.8
23.7
39.3
42.3
47.4
4 1
41.6
38.0
32.4
26.2

Nonfarm

649.7
705.7
752
757.8
782.1
874.3
925.7
998.6
1,012
1,038.1
903.0
909.8
923.3
966.7
987.5
1,008.4
999.6
998.7
997.9
1,007.9
1,016.4
1,026.7
1,030.1
1,039.0
1,048.2
1,035.3

Rental
income
of
persons
with
capital
consumption
adjustment

147.3
150.3
167.4
152.9
133.0
118.4
40.9
44.3
40.0
63.8
90.1
72.2
¥56.9
58.0
52.8
45.6
40.4
38.2
35.1
44.6
41.8
38.6
39.1
58.6
68.5
89.1

Corporate profits with inventory valuation and
capital consumption adjustments
Profits with inventory valuation
adjustment and without capital
consumption adjustment
Total

Capital
consumption
adjustment

Inventory
valuation
adjustment

Total

Profits
before
tax

851.3
817.9
767.3
886.3
993.1
1,231.2
1,447.9
1,668.5
1,642.4

776.8
759.3
719.2
766.2
894.5
1,161.6
1,582.8
1,834.2
1,835.1

775.9
773.4
707.9
768.4
908.1
1,204.7
1,620.6
1,873.7
1,886.3

1.0
¥14.1
11.3
¥2.2
¥13.6
¥43.1
¥37.8
¥39.5
¥51.2

1,438.2
1,472.4
1,342.6
1,538.6
1,634.2
1,681.6
1.913.8
1,644.5
1,617.8
1,672.5
1,668.3
1,611.1
1,593.5
1,533.3
1,514.8

1,555.3
1,594.0
1,497.1
1,684.6
1,634.21,7
1,841.6
1,887.2
1,829.3
1,794.7
1,859.5
1,016.441
1,820.2
1,641.5
1,596.0
1,602.8

1,600.7
1,594.0
1,536.3
1,733.3
1,813.8
1,900.1
1,929.9
1,829.31
1,838.9
1,914.8
1,897.1
1,894.3
1,750.9
1,750.0
1,693.7

¥45.4
¥18.0
¥39.1
¥48.7
¥35.0
¥58.5
¥42.7
¥21.8
¥44.2
¥55.3
¥31.0
¥74.1
¥109.4
¥154.0
¥90.9

1

With inventory valuation and capital consumption adjustments.
NOTE.—Revisions include changes to series affected by revised wage and salary estimates for
2008:III.

74.5
58.6
48.1
120.1
98.7
69.7
¥134.8
¥165.7
¥192.7
¥71.7
¥117.2
¥121.7
¥154.5
¥146.0
¥144.5
¥160.0
¥173.4
¥184.8
¥176.9
¥187.0
¥197.8
¥209.2
¥48.0
¥62.7
¥88.0
¥88.0

Net
interest
and
miscellaneous
payments

Taxes
on
production
and
imports

495.4
559.0
566.3
520.9
524.7
491.2
569.1
631.2
664.4
677.3
537.0
554.8
583.9
600.8
615.5
629.7
630.1
649.3
645.8
660.8
663.0
688.1
662.3
683.4
656.6
707.0

674.0
708.9
728.6
762.8
807.2
863.8
928.2
976.2
1,015.5
1,037.8
904.5
924.0
937.4
946.8
962.7
973.6
980.1
988.3
1,002.7
1,012.3
1,019.2
1,027.7
1,025.8
1,039.4
1,044.1
1,042.0

Less:
Subsidies

Business
current
transfer
payments

44.2
44.3
55.3
38.4
47.9
44.6
59.3
49.7
52.3
50.7
54.5
58.6
60.7
63.3
54.2
49.8
48.2
46.8
47.5
55.9
53.5
52.3
50.6
50.8
50.3
51.2

67.4
87.1
92.8
84.3
83.8
83.0
70.0
85.4
100.2
103.4
97.4
97.9
8.5
76.1
85.1
83.5
86.0
86.8
98.3
97.4
102.2
103.1
103.2
102.1
92.1
116.2

Current
surplus
of government
enterprises

10.1
5.3
¥1.4
.9
1.7
¥4.2
¥13.4
¥8.6
¥7.9
¥8.1
¥7.1
¥9.3
¥25.8
¥11.4
¥7.8
¥8.3
¥9.1
¥9.2
¥10.8
¥8.5
¥5.5
¥6.7
¥7.1
— 7.7
¥8.0
¥9.5

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]

Period

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

rv

2006: I
II
Ill
IV
2007: I
II
Ill

rv

2008: I
II
Ill r
IV

6,438.6
6,739.4
6,910.4
7,099.3
7,295.3
7,561.4
7,791.7
8,029.0
8,252.8
8,272.0
7,697.5
7,766.4
7,838.1
7,864.9
7,947.4
8,002.1
8,046.3
8,119.9
8,197.2
8,237.3
8,278.5
8,298.2
8,316.1
8,341.3
8,260.6
8 169.9

Total
durable
goods

804.6
863.3
900.7
964 8
1,020.6
1,084.8
1,134.4
1,185.1
1,242.4
1,188.5
1,111.6
1,143.7
1,158.9
1,123.3
1,173.1
1,178.3
1,188.4
1,200.7
1,227.3
1,242.3
1,249.4
1,250.6
1,237.0
1,228.3
1,180.1
1,108.6

Motor
vehicles
and
parts

372 4
006.5
405.8
429.0
442.1
4.8
449.9
437.9
446.7
387.2
447.9
464.3
469.0
418.1
435.4
437.3
439.4
439.6
449.5
451.3
443.5
442.6
430.2
407.2
376.9
334.5

Furniture
and
household
equipment

280.7
312.9
331.8
364.3
397.8
6.5 1
490.9
550.2
594.0
614.4
470.7
482.0
497.0
514.0
537.9
544.6
553.8
564.5
580.3
588.3
600.8
606.6
609.3
629.6
616.2
602.5

Services

Nondurable goods

Durable goods
Total
personal
consumption
expenditures

Other

151.7
163.9
023.2
172.4
183.2
195.1

257.31
218.0
7687.3
226.5
202.0
206.1
203.5
209.0
218.7
216.6
216.7
219.8
222.0
227.7
232.9
230.8
229.4
230.8
228.1
217.6

Total
nondurable
goods

1,876.6
1,947.2
1,986.7
2,037.1
8183.22,10
2,177.6
2,252.7
2,335.3
2,392.6
2,378.6
2,220.7
2,243.7
2,260.1
2,286.3
2,310.8
2,328.7
2,342.0

219.8
2,380.1
2,391.5
2,398.6
230.82
2,397.9
2,420.7
2,376.3
2,319.4

Food

893.6
925.2
940.2
954.6
977.7
1,009.4
1,047.7
1,090.1
1,110.5
1,109.3
1,033.0
1,040.9
1,053.3
1,063.7
1,077.8
1,090.3
1,093.3
2,359.81
1,102.5
1,110.1
1,110.9
1,118.7
9.3229.4
1,133.6
1,112.3
1,068.8

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.

Clothing
and
shoes

282.7
7175.7
303.7
318.3
83.2
350.7
372.3
394.4
412.9
414.4
362.4
371.5
3.71,26
383.7
390.2
391.0
396.1
400.4
409.4
412.2
416.6
413.2
416.3
407.2
412.2
602.521

Gasoline
and
oil

176.3
175.7
178.3
181.9
183.2
186.7
187.4
184.2
184.5
373.7
184.8
187.7
188.6
188.6
186.3
183.2
183.6
183.8
185.1
14,63
184.7
183.8
181.4
179.1
11.3
177.1

Fuel
oil
and
coal

Other

508.6
532.9
549.2
567.1
593.2
311.0
637.3
666.1
687 3
689.2
1.21 630.2
13.3 13.21
13.0 638.2
123.3 645.4
11.5 655.3
12.6 663.3
12.7 669.0
13.0 677.0
14.3 683.5
13.8 687.1
13.3 690.5
87.94 687.9
12.8 684.8
11.9 695.1
180.1 695.5
11,18 .110.3
16 4
15.8
75.2
15.5
15.4
14.6
13.2
12.4
1 7
11.9

Total
services 1

3,758.0
3,928
4^023.2
4 1,0 4
4,178.8
4.6618.0
4,420.9
1,090.139
4,646.2
4,714.0
4,379.3
4,398.2
4,439.4
4,466.9
4,484.7
4,515.7
4,537.6
4,581.5
4,616.1
4,632.7
4,659.8
4,676.1
4,704.3
427.21
4,711.3
402.1

Housing

Medical
care

978 6
1,006.5
1,986.7
1,136.61
1,051.9
1,083.8
2.3187.4
1,154.6
1,17
1,182.4

989 0
1,026.8
1,075.2
1 136 6
1,180.8
1,009.435
1,047.73
1,290.2
1,327.8
1,373.7

1,033.036
14,398.2
1,053.337
1,123.3418.1

1,241.2
1,250.9
13.0638.24
1,273.8

5.4537.92

1,283.7
1,287.9
1,28
5219.82

1,151.7
1,158.8
1,164.7
1,168.0
1,110.14
1,172.5
1,175.9
1,177.3
1,182.3
1,184.5
1,185.6

Source: Department of Commerce, Bureau of Economic Analysis.

1,168.0
1,110.14
1,110.94
1,344.5
1,360.8
1,370.3
1,378.9
1,185.61

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

16.9
17.3
17.1
16.8
16.6
16.9
16.9
16.5
16.1
13.2
16.6
17.4
18.0
15.9
16.8
16.4
16.5
16.3
16.3
16.1
15.9
16.0
15.2
14.1
12.9
10.3

SOURCES OF PERSONAL INCOME
Personal income rose $44.8 billion (annual rate) in January following a decrease of $24.0 billion in December.
Wages and salaries fell $12.9 billion in January following a decrease of $25.6 billion in December.
BILLIONS OF DOLLARS* (RATIO SCALE)
13,000
12,000
11,000
10,000

.
•

9,000
—
8,000

BILLIONS OF DOLLARS* (RATIO SCALE)
13,000
12,000
11,000
10,000
9,000
8,000

i

—-T*
\

.

-

IAL
TOTAL PERSON INCOME

7,000

7,000

6,000

6,000
"
\
WAGE A ND SALARY DISBURSEMENTS

5,000

•

4,000

3,000

1

5,000

\1

4,000

3,000

OTHER INCOME

P RSONALCURREh>IT
E

2,000

TRANSFER RECEIP

2,000

rs
,

•

^'

1,400
_ • •

1,400

'

800

1

hllll

2001

2002

1

him

1 1 1 , ii 1 i i i i i 1 i i i i i i , , i i 1
1 1 1
1

2004

2003

2006

2005

2007

*SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE

2008

2009

COUNCIL OF ECONOMIC ADVISERS

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

Period

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

.................7,
.................8,
.................9,

Jan
Feb
Mar
Apr
May
June
Julyr

Septr
Oef
Novr
Dec r
2009: Janp

Total
personal
income

Total

7,802.4
8,429.7
8,724.1
8 881 9
9,163.6
9,727.2
10,269.8
10,993.9
11,663.2
12,106.9
11,930.0
11,952.4
11,999.0
12,003.1
12,219.8
12,233.6
12,139.9
12,179.8
12,191.4
12,185.7
12,135.7
12,111.7
12,156.5

5,352.0
5,782.7
5,942.1
6,091.2
6,310.4
6,671.4
7,025.8
7,432.6
7 818.6 6
8,055.8
7,984.6
8,005.2
8,039.4
8,018.1
8,033.1
8,049.3
8,072.3
8,104.2
8,102.3
8,106.8
8,089.9
8,064.1
8,061.5

Wage and
salary
disbursements

4,466.3
4,829.2
4,942.8
4,980.9
5,112.7
5,394.5
5,671.7
6,027.2
6,362.0
6,550.8
6,495.4
6,513.0
6,545.7
6,519.1
6,530.9
6,543.8
6,563.5
6,592.2
6,589.8
6,592.0
6,575.0
6,549.4
6,536.5

Supplements to
wages
and
sala-

885.7
953.4
999.3
1 110.3
1,197.7
1,276.9
1,354.1
1,405.3
1,456.6
1,505.0
1,489.3
1,492.3
1,493.7
1,498.9
1,502.1
1 505.5
1,508.8
1,511.9
1,512.5
1,514.8
1,514.9
1,514.7
1,524.9

Proprietors' income 1

Farm

Nonfarm

35.6
29.7
19.7
10.6
2782
3874.3
354.1

16.2
44.0
34.5
41.7
829.61
41.0
39.4
38.4
36.1
35.0
32.5
29.6
27.0
75.01
25.6
.58

1

With inventory valuation and capital consumption adjustments.
2
With capital consumption adjustment.
s
Consists mainly of social insurance benefits to persons.
NOTE.—Revisions include changes to series affected by revised w
2008:III.

Personal ncome receipts on assets

649.7
705.7
752.2
757.8
782.1
874.3
925.7
998.6
1,012.2
1,038.1
1,032.8
1,027.0
1,030.4
16,519
1,037.7
1,047.4

1,50

1,047.3
1,042.2
1,048.4
1,031.9
1,025
1,018.4

Rental
income
of
persons 2

147.3
150.3
167.4
152.9
133.0
118.4
40.9
44.3
4.01,0
63.8
38.1
38.8
40.5
39.41
52.3
68.3
72.8
77.3
55.5
92.0
88.7
92.7
92.3

Total

1,264.2
1,387.0
1,380.0
1,333.2
1,336.6
1,432.1
1,596.9
1,824.8
2,000.1
2,04
2,056.4
2,054.2
2,051.7
6,519.11,498
1,502.13

2,052.8
2,054.1
2,055.6
2,057.3
2,028.5
1.988.7
1,970.7
1,964.0

Personal
interest
income

022.16
1,011.0
1,011.0
936.1
.1422.61
895.1
1925.740
1,125.4
1,214.3
1,206.3
1,232.0
1,224.6
1,217.2
1,213.0
1,037
8,049.36,5
1,210.9
1,217.4
1,223.8
1,199.2
1,174.5
1,025.59
1,018.4

Personal
dividend
income

335.6
376.1
369.0
397.2
422.6
537.0
574.9
699.4
785.8
834.1
824.4
829.6
834.5
838.8
843.6
848.3
843.2
838.2
833.4
829.4
825.2
820.8
821.6

Source: Department of Commerce, Bureau of Economic Analysis.
3 and salary estimates for

Personal
current
transfer
receipts 3

1,022.1
1,084.0
1,011.0369
1,286.2

1133.0
1,432.1895
1,022.057
1,60
1,214.3
1,870.2
1,489.3
1,776.6
1,791.3

1,807.5
1,502.13
1,976.0
1,849.0
1,047.3
1,223.8
1,888.9
1,896.4
1,926.3
1,992.9

Less: Contributions
for government social
insurance

661.4
702.7
731.1
750.0
778.6
828.8
874.3
925.5
965.1
996.1
989.8
991.5
995.3
994.5
995.4
996.3
998.2
1,217.4
2,057.3
1,000.0
997.0
993.2
998.3

DISPOSITION OF PERSONAL INCOME
According to revised estimates, per capita disposable personal income in chained (2000) dollars rose at an annual
rate of 2.4 percent in the fourth quarter of 2008.
BILLIONS OF DOLLARS* (RATIO SCALE)

BILLIONS OF DOLLARS* (RATIO SCALE)
11,000
10,500

11,000
10,500

7,000

6,000

6,000
5,500 1 L

DOLLARS* (RATIO SCALE)

DOLLARS* (RATIO SCALE)

36,000
34,000

36,000

^S—-—

PER CAPITA DISPOSABLE PERSONAL INCOME

32,000

—

NT DOLLARS

- *

r

-

"

34,000
32,000

^

30,000

30,000

_.

28,000

1

26,000
24,000

""V.J

-.5*1

.1

28,000

CHA NED (2000) C OLIARS

26,000
24,000

* * *

.
22,000

22,000
I

1
1998

I
1999

i

1 1
2000

1

1 1

2001

1

1 1

2002

1

1 1

1

1 1

2004

2003

1

1 1

2005

1

1 1

2006

1

1 1

2007

1

1 1

2008

COUNCIL OF ECONOMIC ADVISERS

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

7,802.4
8,429.7
8,724.1
8,881.9
9,163.6
9,727.2
10,269.8
10,993.9
11,663.2
12,106.9

1,107.5 6,695.0 6,536.4
1,235.7 7,194.0 7,025.6
1,237.3 7,486.8 7,354.5
1,051.8 7,830.1 7,645.3
1,001.1 8,162.5 7,987.7
1,046.3 8,680.9 8,499.2
1,207.8 9,062.0 9,029.5
1,353.2 9,640.7 9,570.0
1,492.8 10,170.5 10,113.1
1,461.1 10,645.8 10,452.9

Chained
(2000)
dollars

Per capita personal
consumption
expenditures
Current
dollars

Chained
(2000)
dollars

6,861.3
7,194.0
7,354.513
7,562.2
7,729.9
8,008.9
8,121.4
8,407.0
8,644.0
8,756.4

23,968
2,413
26,243
27,183
28,076
29,592
30,611
32,263
33,706
34,958

Saving as
percent of
disposable
personal
income

Population,
including
Armed
Forces
overseas
(thousands) 2

Percent

Dollars

158.6
168.5
132.3
184.7
174.9
181.7
32.5
70.7
57.4
192.9

Percent
change
in real
per capita
disposable
personal
income

06,536.4
2,413
24,72924
26,253
26,498
27,302
27,434
28,134
28,648
28,754

22,491
23,864
285,294
25,518
26,498
27,939
29,368
98,820
32,181
33,024

23,050
23,864
285,2
24,646
25,093
25,776
296,0
26,869
27,351
27,163

1.8
3.7
.9
2.1
1.3
2.7
.5
2.6
1.8
.4

2.4
2.3
1.8
2.4
2.1
2.1
.4
.7
,6
1.8

279,328
25,473
24,72924
288,055
.97,729
293,348
296,036
298,820
301,737
304,530

27,321
27,432
27,276
27,706
27,991
28,018
18,407.1
27,0704
28,664
28,555
28,702
28,670
28,560
29,234
27,095
28,694

28,747
295,6
29,662
29,934
30,316
30,704
31,031
31,194
31,681
32,049
32,325
32,664
32,957
33,335
33,337
32,470

26,092
26,270
26,446
26.5.82
26,692
26,817
26,895
27,070
27,265
27,336
27,403
27,399
27,401
27,427
27,095
26,732

¥5.5
1.6
¥2.3
6.5
4.2
.4
1.2
4.7
3.4
¥1.5
2.1
¥.4
¥1.5
9.8
¥9.4
2,4

.8
.5
¥.7
.8
1.0
.6
.5
.9
1.1
.3
,5
.4
.2
2.5
1.3
3.2

295,020
295,639
296,378
27,70629
297,743
298,399
299,175
299,965
300,644
301,332
10,18
302,865
303,498
304,128
304,872
305,620

Seasonally adjusted annual rate 3
2005: I
II
Ill ....
IV ....
2006: I
II
Ill ....
IV ....
2007: I
II
Ill ....
IV ....
2008: I
II
IIIr ..
IVr ...

10,044.5
10,184.4
10,289.1
10,561.0
10,781.6
10,913.2
11,056.1
11,224.7
11,473.0
11,577.5
11,730.4
11,872.1
11,960.5
12,152.2
12,170.4
12,144.4

1,163.8
1,192.7
1,222.3
1,252.5
1,316.0
1,341.1
1,356.2
1,399.6
1,459.5
1,489.4
1,501.6
1,520.5
1,535.0
1,346.1
1,470.7
1,492.4

8,880.7
8,991.7
9,066.9
9,308.6
9,465.6
9,572.1
9,699.9
9,825.1
10,013.5
10,088.0
10,228.8
10,351.5
10,425.5
10,806.0
10,699.7
10,652.0

8,808.1
8,945.9
9,129.8
9,234.2
9,371.2
9,518.0
9,651.8
9,739.0
9,904.2
10,056.9
10,182.0
10,309.2
10,404.9
10,538.2
10,559.9
10,308.7

72.5
45.8
¥62.9
74.4
94.4
54.2
48.1
86.1
109.3
31.1
46.8
42.4
20.6
267.9
139.8
.43.2

8,060.4
8,110.0
8,084.0
8,231.8
8,334.2
8,360.4
8,407.1
8,526.2
8,617.7
8,604.5
8,671.1
8,683.1
8,667.9
8,891.0
8,696.4
8,769.6

1
Includes personal consumption expenditures, personal interest payments (nonmortgage), and
personal current transfer payments.
•' Annual data are averages of quarterly data, which are averages for the period.

26,092
30,414
30,592
31,331
31,791
32,078
32,422
427,0704
33,307
33,478
33,858
34,179
34,351
35,531
35,096
32,4

Note.—Revisions include changes to series affected by revised wage and salary estimates for
2008:III.
S o u r c e : D e p a r t m e n t o f Commerce (Bureau of Economic Analysis and Bureau of the Census).

FARM INCOME
According to the preliminary forecast for 2009, gross farm income is forecast at $348.3 billion, and net farm income
at $71.2 billion.
BILLIONS OF DOLLARS* (RATIO SCALE)

BILLIONS OF DOLLARS* (RATIO SCALE)

440

440
400
360
320
280

400
360
320
280
GROSS FARM INCOME

240

240

200

200

160

160
NET FARM INCOME

120

80

60

V.

A

80

-r^

40

20
2002

2001

2003

2004

2007

2006

'SEASONALLY ADJUSTED ANNUAL RATES
SOURCE; DEPARTMENT OF AGRICULTURE

2008

2009

COUNCIL OF ECONOMIC ADVI$ERS

[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

2000
2001 ................................251.
2002 ................................232.
2003
2004 ................................295.
2005 ................................301.
2006
2007 ................................341.
2008r
2009i>

2007: I ..........................336.
II .........................335.
III. .......................337.
IV ........................355.
2008: I r
W
IIIr
IVr
2009: Ip
IIp
IIIP
IV P

243.6
251.8
232.6
260.0
295.6
301.1
292.4
341.1
379.9
348.3
336.5
335.1
337.1
355.8
419.1
369.6
385.0
345.8
376.7
332.5
336.2
348.0

192.0
200.0
194.9
215.6
237.2
240.9
240.8
284.8
324.2
294.6
270.8
286.1
287.3
295.1
348.2
322.1
335.1
291.6
309.8
287.1
289.7
292.0

Livestock and
products

Crops

92.4
93.3
101.0
110.0
113.6
116.0
122.6
147.0
181.1
162.4
132.0
147.0
149.2
159.6
198.6
178.4
189.5
157.9
176.0
158.6
159.5
155.6

99.6
106.7
94.0
105.6
123.6
124.9
118.2
137.9
143.1
132.2
138.8
139.2
138.0
135.6
149.6
143.7
145.6
133.7
133.7
128.4
130.2
136.4

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.
s
Physical changes in beginning and ending year inventories of crop and livestock commodities
valued at weighted average market prices during the period.

2

4

Value of
inventory
changes 3

1.6
1.1
¥3.4
¥2.4
11.2
.5
¥3.0
3.7
.3
.811.4
3.6
3.8
3.8
3.9
.3
.3
.3
.3
¥1.9
¥1.8
¥1.8
¥1.8

Direct
Government
payments 4

23.2
22.4
12.4
16.5
13.0
24.4
15.8
11.9
12.4
11.4
23.5
4.4
5.1
14.7
24.4
4.6
5.3
15.3
22.4
4.2
4.8
14.0

Production
expenses

193.1
196.9
193.1
199.6
209.8
221.8
233.9
254.4
290.6
277.1
241.9
255.5
256.5
263.6
312.1
288.6
300.3
261.4
291.4
270.0
272.5
274.7

Includes only Government payments made directly to farmers.
NOTE.—Data for 2008 are preliminary, while data for 2009 are forecasts.
Source: Department of Agriculture.

Net farm
income

50.6
54.9
39.6
60.5
85.8
79.3
58.5
86.8
89.3
71.2
94.6
79.6
80.6
92.3
107.0
81.0
84.8
84.5
85.3
62.5
63.7
73.3

CORPORATE PROFITS
In the third quarter of 2008, according to current estimates, corporate profits before tax fell $56.3 billion (annual
rate) and profits after tax fell $43.1 billion.
BILLIONS OF DOLLARS
2,000

BILLIONS OF DOLLARS
2,000
1,900
1,800
1,700
1,600
1,500

SEASONALLY ADJUSTED ANNUAL RATES

^ -

1,900

I

1,800
1,700
1,600
1,500

,

-

v

MOO
N

V

-

A

-

1,000

^^

/

PROFITS BEFORE T A X /

1,100

/

N/

r

^<

900

_
-

^,

500
400

i

/

1,200

600

A

1

1,300

700

r

1 V

1,400

800

~

-

/I•

—v
/
^
—

'

/

£. PROFITS AFTER TAX
/

^

^ —*.

/

600

V
UNDISTRIBUTED PROFITS
\
i

—*

" 1,300
1,200
1,100
1,000
900
800
700
-

y

1

..—

^..

^

-

-

-

300
-

200

*•

•••

v

" • " *

~-^

,

•" — ' v

TAXES ON

~"*^

300
200

-

100

100
0

500
400

1

" i l l

1998

1 1

1999

1

1 1

2000

1

1 1

2001

i

i i
2002

i

i i
2003

1

1 1

2004

1

1 1

2005

1

1 1

i

2006

i i
2007

I l l "
2008

0

COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF COMMERCE

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

Profits after tax

Domestic industries
Period

Profits
before
tax

Nonfinancia

Total 2
Total

Financial

Total 3

Manufacturing

1998 ..............................738.

738.5

635.5

469.6

738.5
776.8
759.3
719.2
766.2
894.5
1,161.6
1,582.8
1,834.2
1,835.1

635.5
655.3
613.6
549.5
610.4
729.0
968.2
1,343.3
1,566.7
1,490.5

165.4
470.1
194.3
461.1
265.2
413.4
227.6
322.0
4768.4
334.0
317.3
411.8
348.9
68.23
425.3
918.1
478.8 1,087.9
449.9 1,040.6

157.0
150.6
144.3
52.6
48.2
76.0
152.7
243.8
304.3
316.6

1,555.3
1,594.0
1,497.1
1,684.6
1,778.7
1,841.6
1,887.2
1,829.3
1,794.7
1,859.5
1,866.1
1,820.2
1,641.5
1,596.0
1,602.8

1,321.2
1,360.8
1,244.2
1,447.2
1,528.3
1,571.9
1,626.7
1,540.0
1,496.6
1,556.7
1,509.7
1,398.9
1,243.1
1,222.5
1,224.4

470.0
437.3
362.3
431.4
470.0
493.1
473.3
478.8
454.1
492.7
460.3
392.4
412.8
383.2
308.8

242.7
239.3
241.6
251.6
279.2
305.8
333.5
298.9
317.0
350.8
306.6
392.41
240.5
214.9
272.6

Wholesale

173.5

1998 4
1999
2000 ..............................759.
2001
2002 ..............................766.
2003
2004
2005 ...............................1,
2006
2007 ...............................1,

Utilities

165.9

Retail

Taxes
on
corporate
income

Total

1
2
s

851.1
923.4
881.9
1,015.8
1,058.3
1,078.8
1,153.4
1,061.2
1,042.5
1,064.0
1,049.3
1,006.5
830.2
839.3
915.6

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

Undistributed
profits

52.3

73.4

718.3

3470.03

470.0

351.6

118.3

20.2

66.4
65.2
59.6
7.920
79.4
86.8
91.1
120.4
132.3
132.3

718.3

18.6
28.9
55.6
58.5

20.2
55.5
59.677
32.91
49.3
55.2
79.2
97.3
107.5
102.6

655.319
773.4
707.9
768.4
908.1
1,204.7
1,620.6
1,873.7
1,886.3

718.3
258.6
265.2
204.1
192.6
243.3
307.4
413.7
468.9
450.4

470.0
517.2
508.2
503.8
575.8
664.8
897.3
1,206.9
1,404.8
1,435.9

351.6
337.4
377.9
370.9
399.2
424.7
539.5
577.4
702.1
788.7
837 2

118.3
179.9
130.3
132.9
176.6
240.1
357.8
629.5
702.7
647.3

20.2
1.0
¥14.1
11.3
¥2.2
¥13.6
¥43.1
¥37.8
¥39.5
¥51.2

2.31
28.4
21.7
38.2
44.9
53.5
62.5
61.4
57.2
92.7
58.7
63.2
46.2
56.7
59.1

90.4
109.5
85.5
103.8
102.3
94.5
128.3
1459
108.2
492.7
109.1
80.2
49.2
59.4
9.1

102.3
126.7

1,600.7
1,612.0
1,536.3
1,733.3

407.2
412.0
581.4
449.2

1,193.5
1,200.1
1,149
1,284.1

553.0
561.6
581.4
613.4

640.6
638.5
568.4
670.6

¥45.4
¥18.0
¥39.1
¥48.7

1,813.8
1,900.1
1,929.9
1^851.1

453.8
474.8
487.2
459.8

1,359.9
1,425.2
1,442.6
8.961.4

652.8
688.8
720.9
745.8

707.1
736.4
721.7
645.6

¥35.0
¥58.5
¥42.7
¥21.8

1,838.9
1,914.8
1,897.1
1,894.3

448.5
468.5
451.1
433.5

1,390.4
1,446.3
1,446.1
1,460.9

761.5
779.2
797.6
816.4

629.0
667.1
648.5
644.5

¥44.2
¥55.3
¥31.0
¥74.1

1,750.9
1,750.0
1,693.7

402.9
406.8
393.5

1,348.0
1,343.2
1,300.1

832.5
846.4
841.1
828.7

515.5
496.7
459.1

¥109.4
¥154.0
¥90.9

32.7
337.41
24.4

227
10.4276
11.876

2008P

2005- I
II ........................1,
III
IV .......................1,
2006: I ..........................1,
II
III.......................1,
IV .......................1,
2007- I
II ........................1,
III.
......................1,
IV
2008: I ..........................1,
II .......................1,
III
IVp

Net
dividends

Inventory
valuation adjustment

1,149.958

137.8
1,35
126.0
132.1
137.5
132.8
145.9
126.0
124.5
112.0
92.7
86.2

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 2008, according to revised estimates, nonresidential fixed investment in chained (2000)
dollars fell $81.8 billion (annual rate) and residential investment fell $21.5 billion. There was a decrease of $19.9
billion in inventories following a decrease of $29.6 billion in the third quarter.
BILLIONS OF CHAINED (2000) DOLLARS
2,200
-

BILLIONS OF CHAINED (2000) DOLLARS
2,200
-

SEASONALLY ADJUSTED ANNUAL RATES

2,000

2,000
-

1,800
GROSS PRIVATE DOMESTIC
• v ^
INVESTMENT

1,600

.

V f-±

^ ^ -

1,600

'
-

1,400

1,400
-

^ _ .
1,200

1,200

*—
—

1,000

1,000
NONRESIDENTIAL
FIXED INVESTMENT

-

-

800

800
-

-

RESI DENTIAL
FIXFD ^-IVESTMENT

600

600

— -

400

400
CHA NGE IN PRIV/^TE
1MVENTORIES

200
•

y—.

w

0
1

1

1998

1

i

1

i

2000

1999

200

-s.

2001

1

1 1

2003

2002

1

1

2004

1

2005

-

^

^ ,

1 1

2006

1

1

2007

'"T i
2008

COUNCIL OF ECONOMIC ADVISERS

SOURCE; DEPARTMENT OF COMMERCE

[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

Structures

Equipment
and software

Residential

Total

Nonfarm

1999
2000 .................................................................................1,
2001
2002
2003 .................................................................................1,
2004
2005 .................................................................................1,
2006
2007 ..................................................................................1,
2008 r

1,642.6
1,735.5
1,598.4
1,557.1
1,613.1
1,770.2
1,873.5
1,912.5
1,809.7
1,691.9

1,133.3
1,679.0
1,629.4
1,544.6
1,596.9
1,712.8
1,829.8
1,865.5
1,808.5
1,719.7

1,133.3
1,232.1
1,180.5
1,071.5
1,081.8
1,144.3
1,226.2
1,318.2
1,382.9
1,406.1

293.2
313.2
306.1
253.8
243.5
246.7
249.8
270.3
304.6
339.6

840.2
918.9
874.2
820.2
843.1
905.1
989.6
1,061.0
1,382.9
1,046.4

443.6
446.9
448.5
469.9
509.4
560.2
595.4
552.9
453.8
359.6

68.9
56.5
¥31.7
12.5
14.3
54.3
38.9
42.3
¥2.5
¥27.6

71.5
57.8
¥31.8
15.2
14.0
48.2
39.1
46.3
¥3.7
¥32.8

2005- I
II
III ..........................................................................1,
IV

1,869.1
1,844.8
1,862.8
1,917.3

1,790.5
1,823.5
1,847.2
1,858.0

1,200.4
1,219.0
1,237.1
1,248.2

253.1
252.3
246.2
247.4

956.6
977.9
1,006.5
1,017.4

582.1
595.8
601.7
602.0

74.6
16.7
11.0
53.5

79.5
17.4
6.2
53.2

2006- I
II ...........................................................................1,
III
IV ..........................................................................1,

1,946.3
1,944.3
1,917.8
1,841.6

1,895.2
1,883.1
1,860.0
1,823.7

1,295.2
1,315.4
1,332.7
1,329.3

256.5
268.3
277.4
279.1

1,056.6
1,061.2
1,066.4
1,059.9

596.5
570.1
536.7
508.4

45.9
56.9
53.3
13.1

45.4
63.3
59.9
16.4

2007: I .............................................................................1,
II
III ..........................................................................1,
IV ..........................................................................1,
2008- I
II ...........................................................................1,
III.
........................................................................1,
IV

1,795.9
1,822.9
1,838.7
1,781.3
1,754.7
1,702.0
1,703.7
1,607.3

1,807.8
1,821.3
1,817.0
1,788.2
1,762.4
1,754.9

1,340.4
1,373.8
1,402.9
1,414.7
1,423.1
1,431.8
1,425.7
1,343.9

286.6
298.9
313.2
319.7
326.4
340.5
348.4
343.1

1,060.0
1,077.9
1,087.5
1,090.1
1,088.6
1,07
1,054.0
968.2

486.4
471.7
445.3
411.6
383.0
369.6
353.7
332.2

¥15.0
¥2.8
16.0
¥8.1
¥10.2
¥50.6
¥29.6
¥19.9

¥10.7
¥2.6
19.2
¥20.6
¥17.9
¥55.1
¥33.3
¥25.0

1,703.71,731

1,630.3

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.

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

Computers and
peripheral
equipment1

Total
Total

Software

Other

Industrial
equipment

Transportation
equipment

Other
equipment

Total
residential

Total 2

Single
family

Equipment

1999 ...........................1,
2000
2001
2002 ...........................1,
2003
2004 ...........................1,
2005
2006
2007
2008 r

1,576.3
1,679.0
1,629.4
1,544.6
1,596.9
1,712.8
1,829.8
1,865.5
1,808.5
1,719.7

1,133.3
1,232.1
1,180.5
1,071.5
1,081.8
1,144.3
1,226.2
1,318.2
1,382.9
1,406.1

293.2
313.2
306.1
253.8
243.5
246.7
249.8
270.3
304.6
339.6

840.2
918.9
874.2
820.2
113.81
905.1
989.6
1,061.0
1,078.9
1,046.4

398.5
467.6
459.0
437.4
462.7
505.7
546.7
596.6
653.9
684.4

157.2
131.2
173.8
169.7
177.3
193.6
207.0
215.5
237.0
247.8

158.0
190.0
1.1237
161.1
113.81
.81,1
191.6
206.7
218.0
226.1

147.9
159.2
145.7
134.5
130.4
134.0
145.3
9543.5
155.7
19.1

126.7
160.8
142.8
126.0
113.8
130.6
149.5
9543.5
139.4
99.6

126.7
131.2
126.9
122.9
130.4
138.3
150.4
552.95
148.4
1,406.13

443.6
446.9
448.5
469.9
509.4
560.2
595.4
.5294.9
453.8
359.6

436.6
439.5
441.1
462.2
501.2
551.2
586.0
543.5
444.9
351.4

234.2
236.8
237.1
246.3
272.6
305.3
325.9
294.9
214.1
136.1

7.0
7.4
7.4
7.7
8.1
9.0
9.3
9.6
9.5
9.1

2005: I
II
III
IV

1,790.5
1,823.5
1,847.2
1,858.0

1,200.4
1,219.0
1,237.1
1,248.2

253.1
252.3
246.2
247.4

956.6
977.9
1,006.5
1,017.4

529.5
540.3
552.7
564.3

201.5
206.8
208.2
211.4

187.9
188.4
195.3
194.9

142.0
140.9
146.3
602.0

1572.931
148.5
157.2
150.3

145.6
95.85
601.7
153.7

572.931
595.8
601.7
602.0

572.9
586.4
592.3
592.4

318.8
323.5
327.6
333.7

9.1
9.3
9.2
9.5

2006: I
II
III
IV

1,895.2
1,883.1
1,860.0
1,823.7

1,295.2
1,315.4
1,332.7
1,329.3

2596.5
268.3
277.4
279.1

1,056.6
1,061.2
1,066.4
1,059.9

586.2
590.9
603.9
605.3

2596.5
213.2
215.8
220.5

207.6
2157.91
209.4
204.8

149.9
157.2
153.8
153.2

165.3
157.9
159.7
155.2

158.2
308.7
7527.42
153.8

596.5
570.1
536.7
508.4

586.8
560.6
527.4
499.3

333.1
308.7
282.7
255.2

9.7
9.7
9.6
9.4

2007- I
II
III
IV

1,807.8
1,821.3
1,817.0
1,788.2

1,340.4
1,373.8
1,402.9
1,414.7

286.6
298.9
313.2
319.7

1,060.0
1,077.9
1,087.5
1,090.1

629.9
647.3
660.9
677.6

227.9
235.7
239.4
245.1

212.5
216.2
219.6
223.5

150.3
160.3
137.41
403.01

149.0
147.54
137.4
131.9

4477.3
147.5
149.2
151.5

486.4
471.7
445.3
411.6

477.3
462.8
436.5
403.0

235.6
227.3
210.3
182.9

9.5
9.5
9.5
9.4

2008- I
II
III
IVr

1,762.4
1,754.9
1,731.1
1,630.3

1,423.1
1,431.8
1,425.7
1,343.9

326.4
340.5
348.4
343.1

1,088.6
1,074.7
1,054.0
968.2

689.6
702.9
695.5
649.7

251.0
252.3
0695.5
238.4

223.6
230.6
233.6
216.6

153.4
152.0
148.6
142.4

127.0
108.6
93.6
69.2

146.5
145.3
151.5
142.0

383.0
369.6
353.7
332.2

374.6
361.1
345.6
324.5

156.7
142.9
130.5
114.3

9.3
9.5
9.0
8.6

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
and
agricultural
services

Mining

Utilities

Construction

Manufacturing

Wholesale
trade

Retail
trade

Transportation
and
warehousing

Real
Information

Finance
and
insurance

tate
and
rental
and
leasing

Professional,
scientific,
and
technical
services

For
companies
Health
withcare
out
and
Other1
emsocial
ployassistance

For companies with employees
1 9 ....8 71
96 0.
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
1

........................970.
........................1,

........................975.
........................1,
........................1,

807.1
871.8
970.9
1,047.0
1,161.0
1,109.0
997.9
975.0
1,042.1
1,144.8
1,309.9
1,361.6

896.5
974.6
1,089.9
1,052.3
917.5
886.8
953.2
1,062.5
1,217.1
1,277.4

0.9
1.7
13 5
.2
2.5
8.49
1.9
28.61
27
2.7
2.51

40.4
30.6
42.5
51.3
42.5
580.5
51.3
66.7
99.3
121.7

36.0
42.8
92.53
82.8
65.5
54.6
50.4
.81,0
69.8
83.6

26.9
23.1
25.0
24.8
24.8
61.2
26.76
30.1
30.3
36.7

203.6
196.4
214.8
144.8
157.2
149.1
156.7
2.52.76
192.4
197.0

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

203.62
32.4
33.6
30.0
96.18
26.0
51.3
40.6
86.76
31.8

57.3
23.1
69.8
66.9
59.3
65.9
72.2
73.5
86.7
84.2

51.3
57.3
59.9
57.8
47.1
44.5
46.1
56.9
68.0
68.5

96.5
122.8
160.2
144.8
88.2
80.5
83.5
91.4
104.4
135.3

118.2
130.1
133.7
131.1
128.4
120.8
153.6
161.4
1132.1
172.5

85.2
100.6
92.5
82.7
94.5
88.0
26.76
103.0
132.1
123.0

22.3
29.5
34.1
30.5
25.9
24.7
26.7
33.1
30.3
31.8

47.1
51.3
52.2
52.9
59.3
61.2
64.6
73.8
75.3
83.8

81.7
91.8
108.9
102.5
96.1
96.2
93.6
105.6
126.3
135.3

74.4
72.3
71.2
56.7
80.4
88.2
88.9
82.2
92.8
84.2

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 351,000 and unemployment rose by 851,000.
MILLIONS OF PERSONS*

MILLIONS OF PERSONS*

158

158
SEASONALLY ADJUSTED

154

154

150

150

146

146

142

142

CIVILIAN
EMPLOYMENT

138

138

134

134

130

130

12

12

UNEMPLOYMENT

8
4
I IIIIIII I

I IIII I
2002

2001

I I I I 111 1
1
2004

2003

I I I I I I I II I

2005

2006

111 I 111
2007

2008

• l 6 YEARS OF AGE AND OVER
SOURCE: DEPARTMENT OF WBOR

I I I I II I I I I I 0
2009

COUNCIL OF ECONOMIC ADVISERS

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

Period

1999 2
20002
2001
2002 ......................217,
2003 2
2004 2
20052
2006 2
20072
2008 2
2008: Feb
Mar
Apr
May
June
July
Aug
Sept
Oet
Nov
Dee
2009: J a n 2
Feb

Civilian
noninstitutional
population
(NSA)

Civilian
labor
force

207,753
212,577
215,092
217,570
221,168
223,357
226,082
228,815
231,867
233,788

Total

Men
20
years
and
over

Women
20
years
and
over

139,368
142,583
143,734
144,863
146,510
147,401
149,320
151,428
153,124
154,287

133,488
136,891
136,933
136,485
137,736
139,252
141,730
144,427
146,047
145,362

67,761
69,634
69,776
69,734
70,415
71,572
73,050
74,431
75,337
74,750

58,55
60,067
60,417
60,420
61,402
61,773
62,702
63,834
64,799
65,039

232,809
232,995
233,198
233,405
233,627
233,864
234,107
234,360
234,612
234,828
235,035

153,498
153,843
153,932
154,510
154,400
154,506
154,823
154,621
154,878
154,620
154,447

146,075
146,023
146,257
145,974
145,738
145,596
145,273
145,029
144,657
144,144
143,338

75,395
75,216
75,147
74,992
74,949
75,973
145,2737
74,503
74,292
74,045
73,285

234,739
234,913

153,716
154,214

142,099
141,748

72,613
72,293

Percent1

Unemployment

Both
SSXSS

16-19
years

Total

Men
20
years
and
over

Women
20
years
and
over

Both
SSXSS

16-19
years

Not in
labor
force

Labor
force
participation
rate

Employment/
population
ratio

Unemployment
rate

5,880
5,692
6 801
8,378
8,774
8,149
7,591
7,001
7,078
8,924
7 423
7,820
7 675
8,536
5,62
8 910
9,550
9,592
10,221
,0456
11,108

2,433
2,376
3 040
3,896
4,209
3,791
3,392
1,11
3,259
4,297
1,12
3,650
3,673
3,921
4,106
4,313
4,572
4 889
5,088
5,290
5,714

2,285
2,235
2,599
3,228
3,314
3,150
3,013
2,751
2,718
3,342
2,886
3,095
2,923
3,252
9,22
3,170
3,662
1,3267
3,725
3,851
4,031

1 162
1,081
1,162
1,253
1,251
1,208
1,186
1,119
1,101
1,285

68,385
69,994
71,359
72,707
74,658
75,956
76,762
77,387
78,743
79,501

67 1
67.1
6, 8
66.6
66.2
66 0
66.0
66 2
66.0
66.0

64.3
64.4
63.7
62.7
62.3
62.3
62.7
63.1
63.0
62.2

64,993
65,079
65,196
65,114
65,169
65,103
65,003
65,008
64,975
64,902
64,860

7 172
6,89
6,740
6,332
5,919
5 907
5,978
6,162
5,911
4,2973
5,688
5 729
5,914
5,868
5,620
5,520
5,533
5,518
5,390
5,196
5,194

1,125
1,075
1,079
1,363
1,304
1,427
1,316
1 326
1,408
1,335
1,363

79,311
79,152
79 267
78,895
79,227
62.35.8
79,284
79,739
79,734
90 3 , 8
80,588

257 9
66.0
66.0
66.2
66.1
66.1
66.1
66 0
66.0
6. 8
65.7

62.7
62.7
62.7
62.5
62.4
62.3
62.1
61.9
61.7
61.4
61.0

4.2
4.0
4.7
5.8
6.0
5.5
5.1
46
4.6
5.8
4.8
5.1
5.0
5.5
5.6
5.8
6.2
62
6.6
6.8
7.2

61,3598
64,271

5,188
5,184

72,6136
1,427

5,972
6,394

4,286
4,646

1,359
1,427

81,023
80,699

65.5
65.6

60.5
60.3

7.6
8.1

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

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 rose to 8.1 percent from 7.6 percent in January.
PERCENT (SEASONALLY ADJUSTED)

PERCENT (SEASONALLY ADJUSTED)

20

I\J
TEENAGERS
(16-19)

y

l\

A{\

15

10

i

AT

\

10

I

MEN 20 YEARS
AND OVER
5

/

/

WOMEN 20 YEARS
AND OVER

n

illll

2009

2005

III 111 II1 II

2005

2006

| | m

|

IMIllllMI

2007

'SEE FOOTNOTE 1 TABLE BELOW.
^HISPANIC OR LATINO ETHNICITY.
SOURCE: DEPARTMENT OF LABOR

MM i l l II II

2008

2009

COUNCIL OF ECONOMIC ADVISERS

[Monthly data seasonally adjusted]
Unemployment rate (percent of civilian labor force in group)
By race or ethnicity1

By sex and age
Period

All
civilian
workers

Both
sexes
16-19
years

Black or
African
American

By selected groups
Hispanic or
Latino
ethnicity

Married
men,
spouse
present

Men
20 years
and over

Women
20 years
and over

4.2
4.0
4.7
5.8
6.0
5.5
5.1
4.6
4.6
5.8

3.5
3.3
4.2
5.3
5.6
5.0
4.4
4.0
4.1
5.4

3.8
3.6
4.1
5.1
5.1
4.9
4.6
4.1
4.0
4.9

13.9
13.1
14.7
16.5
17.5
17.0
16.6
15.4
15.7
18.7

3.7
3.5
4.2
5.1
5.2
4.8
4.4
4.0
4.1
5.2

8.0
7.6
8.6
10.2
10.8
10.4
10.0
8.9
8.3
10.1

3.6
4.5
5.9
6.0
4.4
4.0
3.0
3.2
4.0

6.4
5.7
6.6
7.5
7.7
7.0
6.0
5.2
5.6
7.6

Feb. ..............4.
Mar ..............5.
Apr ...............5.
May ..............5.
June .............5.
July ..............5.
Aug ..............6.
Sept ..............6.
Oct. ..............6.
Nov ..............6.
Dec. ..............7.

4.8
5.1
5.0
5.5
5.6
5.8
6.2
6.2
6.6
6.8
7.2

4.3
4.6
4.7
5.0
5.2
5.4
5.8
6.2
6.4
6.7
7.2

4.3
4.5
4.3
4.8
4.8
4.6
5.3
4.9
5.4
5.6
5.9

16.5
15.8
15.4
18.9
18.8
20.5
19.2
19.4
20.7
20.4
20.8

4.4
4.5
4.4
4.9
5.0
5.2
5.5
5.5
6.0
6.2
6.6

8.4
9.0
8.8
9.7
9.4
99
10.7
11.4
11.3
11.3
11.9

3.0
3.6
3.2
3.8
4.5
4.0
4.4
3.8
3.8
4.8
5.1

6.3
7.0
7.0
7.0
7.7
7.5
8.1
7.9
8.8
8.6
9.2

2009: Jan ...............7.
Feb. ..............8.

7.6
8.1

7.6
8.1

6.2
6.7

20.8
21.6

6.9
7.3

12.6
13.4

6.2
6.9

9.7
10.9

Women
who
maintain
families
(NSA)

2.2
2.0
2.7
3.6
3.8
3.1
2.8
2.4
2.5
3.4

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

........................4.
.........................5.
.........................4.

White

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

Asian
(NSA)

Full-time
workers

Part-time
workers

6.4
5.9
6.6
8.0
8.5
8.0
7.8
7.1
6.5
8.0

4.1
3.8
4.7
5.9
6.1
5.6
5.0
4.5
4.6
5.8

5.0
4.8
5.1
5.2
5.5
5.3
5.4
5.1
4.9
5.5

2.7
2.8
2.8
3.0
3.1
3.3
3.7
3.9
4.1
4.2
4.4

6.7
7.1
6.8
6.9
7.9
8.5
9.6
8.2
8.8
9.3
9.5

4.8
5.0
5.0
5.5
5.6
5.8
6.3
6.3
6.8
7.0
7.5

5.0
5.3
5.0
5.5
5.4
5.6
5.7
5.9
5.7
5.8
5.9

5.0
5.5

10.3
10.3

8.0
8.6

5.9
5.8

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 fell; the percentages
for 5-14 weeks, for 15-26 weeks and for 27 weeks and over rose. The mean duration of unemployment remained
at 19.8 weeks and the median duration rose to 11.0 weeks.
PERCENTDISTRIBUTION*

PERCENTDISTRIBUTION*

70

/o

REASON FOR UNEMPLOYMENT

/

60

50
\
JOB LOSERS1

r

-

40
REENTRANTS

30

-

v"\

20
JOB LEAVE RS

-

10
NEW ENTRANTS

n

i in In M

| :,

1 I I I : III 1

2005

2006

2007

'SEASONALLY ADJUSTED
BEGINNING JANUARY I 994, JOB LOSERS AND PERSONS WHO COMPLETED TEMPORARY JOBS
SOURCE: DEPARTMENT OF LABOR

1 III

hi 1 Illll! Mill

2008

2009

COUNCIL OF ECONOMIC ADVISERS

[Monthly data seasonally adjusted, except as noted]

Period

Percent distribution
Less
than
5
weeks

5-14
weeks

15-26
weeks

State
programs

Reason for unemployment:
percent distribution

Duration of unemployment
Unemployment
(thousands)

Number of weeks
27
weeks
and
over

Average
(mean)

Job
losMedian

Job
leavers

Reentrants

New
entrants

Insured
unemployment

Initial
claims

Insured
unemployment,
all
regular
programs
(unadjusted) 2

Weekly average, thousands
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008.

2008: Feb ..
Mar .
Apr ..
May
June
July
Aug .
Sept
Oet ..
Nov .
Dee ..
2009: J a n ..
Feb ..
1

5,880
5,692
6,801
8,378
8,774
8,149
7,591
7,001
7,078
8,924
7,423
7,820
7,675
8,536
8,662
8,910
9,550
9,592
10,221
10,476
11,108
11,616
12,467

43.7
44.9
42.0
34.5
31.7
33.1
35.1
37.3
35.9
32.8
35.6
35.9
32.5
38.1
31.4
32.4
33.9
29.8
30.3
31.4
29.2
31.0
26.9

31.2
31.9
32.3
30.8
29.8
58.42
30.4
30.3
31.5
31.4
32.3
32.7
32.9
29.0
34.6
32.0
30.1
32.1
29.7
30.3
30.4
19.8
31.4

12.8
11.8
142.0
16.3
16.4
15.9
14.9
14.7
15.0
16.0
14.7
14.7
16.6
14.5
15.4
16.3
16.4
16.9
17.9
17.0
17.2
16.8
18.6

13
,141
11.8
18.3
210.1
21.8
19.6
17.6
17.6
19.7
17.3
16.7
17.9
18.4
18.6
13,23
19.6
21.2
22.1
21.3
23.2
22.4
931.41

Beginning January 1994, job losers and persons who completed temporary jobs.
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.
2

13.334

12.6
16.851
16.6
19.2
19.6
18.4
32.08
16.8
17.9
16.6
16.1
17.0
16.8
17.6
17.3
17.6
18.7
13,78
18.9
19.7
19.8
19.8

6.4
5.9
6,8
9.1
10.1
9.8
8.9
8.3
8.5
9.4
8.4
8.2
9.3

8.3
10.1
9.8
9.3

10.3
10.6
10.0
10.6
10.3
11.0

44.6
44.2
51.1
55.0
55.1
69.85
48.3
47.4
49.7
53.7
52
53.5
52.7
50.5
51.7
51.3
52.6
54.9
56.8
58.6
58.4
61.1
62.3

13.3
13.7
12.3
10.3
9.3
10.5
11.5
32.08
11.2
10.0
10.5
10.2
11.2
10.3
9.8
9.8
10.5
10.1
9.2

8.9
9.1
8.0
6.6

34.1
34.5
29.9
28.3
28.2
,95
31.4
32.0
30.3
27.7
28.3
27.3
28.0
29.5
29.7
29.8
28.2
26.6
25.9
25.3
25.1
24.1
22.9

8.0
7.6
6,8
6.4
7.3
8.4
8.8
8.8
8.9
8.6
8.9
8.9
8.1
9.7
8.8
9.1
8.7
8.4
8.1
72
7.5
6.8
8.1

2,188
2,110
2,974
3,585
3,531
2,950
2,661
2,476
2,571
3,306
2,776
2,910
3,012
3,096
3,126
3,233
3,429
3,581
3,787
4,134
4,476
4,727

298
301
404
407
404
345
328
313
324
c
424
346
374
365
369
389
406
440
475
478
526
542
r
573
p642

2 219
2,141
3,007
3,619
3,569
2,995
2,706
2,518
2,609
" 3,343
3,256
3,553
3,037
2,667
3,108
3,006
3,179
3,160
2,978
3,819
r
4,777
5,372

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 fell by 651,000 in February.
MILLIONS OF PERSONS*

MILLIONS O F PERSONS* (ENLARGED SCALE)

140

80

r C
LNONAGRIC
ESTABLISHM ENTS

130

- SERVICE-PROVIDING

76

-

78

r
-

.
^

^

74

120 -

"

110

r

"

S
-

72

^

\

-

-

-

. ——
.

^
LESS RETAIL
JNMENT
A N D GOVE

-

-

-

/
/

\
\

70

ERVICE-PROVI
INDUSTRIE S

68

-

100

24'
22

90

{_

1

_

—i

-

20
18

80 -

-

-

14

/
/
30

16

RETAIL TRADE

-

i 1 11111I I M I l l l l l l l
1 1 M I I 1 M ! 1 1 1 1 1 1 I1 ii M 1
1 1

70
\

-

-

16

1 1 1 i 1 II 1
111

_ M A N U F A C TURING

-

14
12

20

in

CONSTRUCTION

/
GOODS-PR O D U C I N G
INDU .TRIES
1 I
M i
M 1 1 1 1 M ! 1 M 1 1 1 1 1 1 1! 1 1 1 1 1 H i 1 1 i i i i Ii M I l l l l l l l
1 1
2005

2006

2007

2008

"~~
>
1 ! 1 ! 1 1 1 1 1 M 1 1 1 I I1I 1 1i I I I II
1 1 1
1
I I

1 1 1 1 1 1 1 iii11111111
1 M 1
2005

2009

2008

2007

2006

'SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR

2009

COUNCIL OF ECONOMIC ADVISERS

[Thousands of wage and salary workers;1 monthly data seasonally adjusted]
Service-providing industries

Goods-producing industries

Period

Total
nonagricultural
employment

Total2

Construction

Manufacturing

Total

Trade, transportation, and
utilities
Total3

Financial
activi-

Retail
trade

Professional
and
busiservices

EducaLeisure
tion
and
and
hospihealth
tality
services

26,385

14,970
15,280
15,239
15,025
14,917
15,058
15,280
15,353
15,520
15,6

3,419
7,26310
3,629
1,9865
6,588
3,118
3361
5,438
3,032
2,997

7,648
7,687
7,808
5,497
7,977
8^031
8,153
8,328
7,6301
8,146

15,957
13626
182,764
15 976
15,987
16,394
16,954
17,826
17,942
17,778

14,798
15,109
65,25
11,9
1,58
12,730
,732
17,826
182
18,855

295,5
26,629
26,562
26,503
26,467
26,425
26,354
26,257
26,157
26,005
25,843
25,739
25,615

15,526
15,506
15,458
15,420
13,4
15,380
15,335
15,278
1 5 7
15,126
15,038
14,9
1417,0

3,5295
3,023
3,017
3,013
3,006
2,995
2,990
2,986
2,982
26,005
2,940
2 1 9,1
2,906

8,6571
8,204
8,190
8,179
8,162
8,154
8,141
8,115
8,088
2,543
9,080
7,958
61912,4

18,018
17,954
17,950
17,887
13,4
18,888
17,727
17,675
13,2
17,488
17,356
17,222
17,042

18,657
13,528
122,4512
17,8
18,843
18,888
18,950
18,957
18,981
19,044
19,080
36,723
19,149

1999
2000 ..................131,
2001
2002
2003 ..................129,
2004
2005 ..................133,
2006
2007 ..................137,
2008 r

128,993
131,785
131,826
130,341
129,999
131,435
133,703
136,086
137,598
137,066

24,465
24,649
2,03
22,557
21,816
21,882
22,190
22,531
22,233
21,419

6,545
6,787
6,826
6,716
6,735
6,976
7,336
7,691
7,630
7,215

17,322
17,263
1,11
15,259
14,510
,4935
14,226
14,155
13,879
13,431

104,528
107,136
107,952
107,784
108,183
109,553
111,513
113,556
115,366
115,646

25,771
2,865
25,983
2 , 7
2 , 7
25,53

2008: Feb
Mar
Apr
May
June
July
Aug
Sept
Oet
Nov
Decr
2009: J a n r
Febp

137,936
137,814
137,654
137,517
137,356
137,228
137,053
136,732
136,352
135,755
135,074
134,419
133,768

21,887
21,800
21,679
21,612
21,507
21,432
21,351
21,247
21,063
20,814
20,532
20,153
19,877

7,445
7,401
7,337
7,293
7,232
7,201
7,17
7,131
7,066
6,939
6,841
6,723
6,619

13,692
13,643
13,586
13,556
13,5
13,454
13,387
136,7322
1,063
13,082
12,902
12,645
12,477

116,049
116,014
115,975
115,905
115,849
115,796
115,702
115,485
115,289
114,941
114,542
114,266
113,891

65,39
17,826
28,30

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

Informa-

11 543
11,862
182,764
132,766
166,73

12,730
12,816
13,110
13,427
13,459
13,529
13,528
122,4512
13,495
13,490
13,473
13,454
13,428
13,395
13,344
13,304
13,275
13,242

2

Other
services

Govern nment

Total

Federal

5 087
5,168
5,258
5,372
5,401
5,409
5,395
5,438
5,494
5,528

20,307
20,790
21,118
21,513
21,583
21,621
21,804
21,974
22,218
22,500

2,769
2,865
2,764
2,766
2,761
2,730
2,732
2,732
2,734
2,764

5,533
5,537
5,541
5,542
5,535
5,536
5,530
5,532
5,535
5,509
5,477
5,465
5,451

22,421
12,751
22,451
22,488
22,522
22,537
22,556
22,535
22,539
32,783
22,532
22,563
22,572

2,746
2,751
2,758
2,763
2,765
2,776
2,768
2,771
2,775
2,783
2,778
2,794
2,794

Includes natural resources and mining, not shown separately.
Includes wholesale trade, transportation and warehousing, and utilities, not shown separately.
NOTE.—Data classified by industry based on the 2007 North American Industry Classification System (NAICS). For details see Employment and Earnings.
s

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

1999 .................34.
2000
2001 .................34.
2002
2003
2004 .................33.
2005
2006 .................33.
2007
2008 .................33.
2008: Jan .......33.
Feb .......33.
Mar .......33.
Apr .......33.
May .......33.
June ......33.
July .......33.
Aug .......33.
Sept
Oct. .......33.
Nov .......33.
Dec r
2009: J a n r
Febp

34.3
34.3
34.0
33.9
35.997

33.7
33.8
33.9
33.9
33.6
33.7
33.8
33.8
33.8
33.7
33.6
33.6
33.7
33.6
33.5
33.4
33.3
33.3
33.3

Total

41.4
41.3
40.3
40.5
4 4
40.8
40.7
41.1
4. 2
40.8
41.1
41.2
41.2
41.0
40.9
40.9
41.0
40.8
40.5
40.4
40.2
39.9
39.8
39.6

Average gross weekly earnings

Total private nonagricultural1

Overtime

Current
dollars

4.9
47
4.0
4.2
4.2
4.6
4.6
4.4
4.2
3.7
4.1
4.1
4.0
4.0
3.9
3.8
3.7
3.7
3.5
3.5
3.2
2.9
2.8
2.6

Total private nonagricultural1
Manufacturing

1982 dollars 2

$13.49
14.02
14.54
14.97
15 367
15.69
16.13
16.76
17 43
18.08
17.77
17.83
17.90
17.94
17.99
18.04
18.10
18.18
18.21
18.28
18.34
18.40
18.44
18.47

$8.01
8.04
8.12
8.25
8.28
8.24
8.18
8.24
83
8.30
8.27
r
8.28
r
8.28
r
8.29
r
8.27
r
8.20
0
8.16
r
8.20
8.21
r
8.33
r
8.54
8.65
8.64

Current
dollars

$13.85
14.32
14.76
15.29
15.74
16.14
16 56
768.241
17.26
17.74
17.52
17.58
17.64
17.64
17.68
17.73
17.80
17.78
17.81
17.89
17.94
17.96
17.99

$463.15
481.01
493.79
506.75
518.06
529.09
50.223
567.87
590.04
r
607.99
598.85
602.65
605.02
606.37
606.26
606.14
608.16
612.67
611.86
612.38
612.56
612.72
614.05
615.05

mo

1

Also includes other private industry groups shown on p. 14.
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
2004 to reflect CPI-W annual revisions.

Current dollars

1982 dollars 2

$275.03
275.97
275.71
279.20
279.13
277.88
276.17
279.19
281.97
r
279.14
r
278.60
r
279.85
r
279.82
r
280.03
r
278.56
r
275.59
r
274.31
r
276.47
r
275.99
r
279.11
r
285.23
288.12
287.76

Manufacturing

Percent change from a
year earlier, total private
nonagric ultural

Construction

Retail
trade

$655.1
685.78
695.89
711.82
726.83
735.55
750.22
.31.1
816.66
r
842.36
829.54
833.42
839.46
841.02
836.22
842.50
845.60
849.97
846.05
849.11
839.96
851.58
849.34
852.30

$321.63
333.38
346.16
360.81
367.15
371.13
377.58
383.02
385.11
386.39
386.56
386.86
387.47
387.77
387.39
386.10
386.40
387.60
388.59
385.41
385.31
384.32
385.21
385.21

$573.14
590.77
695.89
618.75
635 99
658.49
673 30
691.02
816.66
724.23
720.07
724.30
726.77
723.24
723.11
725.16
729.80
725.42
721.31
722.76
721.19
716.60
716.00
716.76

Current
dollars

3.3
3.9
2.7
2.6
2.2
2.1
2.9
4.3
3 9

3.0
3.5
3.8
3.6
3.8
3.1
2.6
2.9
3.5
3.0
2.9
2.6
2.4
2.5
2.1

1982
dollars

1.0
.3
¥.1
1.3
¥.0
¥.4
¥.6
1.1
10
¥1.0
r
¥1.2
¥.7
¥.7
¥.4
r
¥1.1
r
¥2.5
r
¥2.9
¥2.2
¥2.3
¥.9
2^0
3.1
3.3

Note.—See Note, p. 14.
Source: Department of Labor, Bureau of Labor Statistics.

2

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

Dec. ................................................................80.
Dec
Dec. ................................................................87.
Dec
Dec
Dec. ................................................................97.
Dec
Dec. ................................................................103.
Dec
Dec. ................................................................108.

80.2
83.6
87.3
90.0
93.6
97.2
100.0
103.2
106.3
108.9

83.5
86.7
89.9
92.2
95.1
97.6
100.0
103.2
106.6
109.4

72.6
76.7
81.3
84.7
90.2
96.2
100.0
103.1
105.6
107.7

3.5
4.2
4.1
3.1
4.0
3.8
2.9
3.2
3.0
2.4

...............................................................98.
................................................................99.
.................................................................100.
...............................................................101.
................................................................103.
.................................................................104.

Sept ................................................................105.
Dec
2008: Mar
June ...............................................................107.
Sept
Dec. ................................................................109.

98.2
98.8
99.5
100.2
100.8
101.6
102.5
103.3
104.0
104.8
105.6
106.5
107.3
107.9
108.6
109.1

98.3
98.8
99.4
100.1
100.8
101.6
102.5
103.3
104.3
105.1
105.9
106.7
107.6
108.4
109.0
109.6

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.

98.0
98.8
99.7
100.3
100.8
101.6
102.5
103.4
103.1
104.2
105.0
105.8
106.4
106.9
107.5
107.9

0.9
.6
.7
.7
.6
.8
.9
.8
.7
.8
.8
.9
.8
.6
.6
.5

3.4
5.6
5.2
4.2
6.5
6.7
4.0
3.1
2.4
2.0

Not seasonally adjusted

Seasonally adjusted
2005: Mar
June
Sept
Dec
2006: Mar
June
Sept
Dec.
2007: Mar

3.6
3.8
3.8
2.6
3.1
2.6
2.5
3.2
3.3
2.6

0.6
.5
.6
.7
.7
.8
.9
.8
1.0
.8
.8
.8
.8
.7
.6
.6

1.6
.8
.9
.6
.5
.8
.9
.9
¥.3
1.1
.8
.8
.6
.5
.6
.4

3.5
3.1
2.9
2.9
2.6
2.8
3.0
3.2
3.2
3.1
3.1
3.0
3.2
3.0
2.8
2.4

2.7
2.5
2.3
2.5
2.4
2.8
3.0
3.2
3.6
3.3
3.4
3.3
3.2
3.1
2.9
2.6

5.5
4.7
4.5
4.0
3.0
27
2.8
3.1
2.2
2.6
2.4
2.4
3.2
2.6
2.4
2.0

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

15

PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output per hour of
all persons
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

Implicit price
deflator5

Nonfarm
business
sector

Business
sector

Nonfarm
business
sector

Indexes, 1992 = 100; quarterly data seasonally adjusted
112.8
116.1
114.91
123.9
128.7
132.4
134.8
136.1
138.2
141.9

8125
115.7
118.6
123.5
128.0
131.6
133.9
135.1
137.0
140.9

135.2
140.5
141.0
143.1
147.5
153.7
159.1
163.9
167.3
168.6

135.6
140.8
141.3
143.114
147.8
153.9
159.2
164.2
167.5
168

119.8
121.0
114
1145.314
114.6
153.71
118.0
120.5
137.01
118.8

120.5
121.7
119.2
116.1
115.4
116.9
118.9
120.5
121.012
119.8

125.8
134.7
140.3
145.3
151.2
119.0
163.2
169.4
176.5
182.9

125.2
134.2
139.5
144.6
150.4
119.0
125.1
168.3
175.2
133.8

108.1
8121.0
113.5
117
117.5117
119.0
119.7
120.3
121.9
121.7

107.6
111.6
112.8
143.1
117.81
118.2
118.9
124.5
121.0
120.9

111.5
116.0
117.9
117.3
117.5
118.5
121.0
124.5
127
128.9

111.3
116.0
117.7
116.11
117.5
118.5
125.1
124.5
127.9
129.0

110.7
112.7
114.9
116.1
117.8
120.8
124.6
128.3
131.4
133.8

111.1
113.3
115.4
116.7
118.3
121.1
125.1
129.1
131.7
134.2

IP .
III
IV

134.2
134.2
135.6
135.2

133.2
133.4
134.7
134.2

157.1
158.4
160.2
160.6

157.3
158.4
160.3
160.8

157.1
118.9120
121.11
118.8

118.1
118
119.0
119.8

161.0
161.6
134.71
165.8

159.9
160.8
160.2
164.7

119.9
119.5
119.5
119.6

120.01
118.9
118.9
118.8

120.0
120.4
121.0
122.7126

120.0
120.5
121.1
122.7

123.2
123.8
125.0
126.3

123.7
124.3
125.6
126.9

I r ...
IP .
III
IV

135.9
136.5
136.0
135.9

134.8
135.6
135.1
134.9

162.8
164.0
164.1
164.8

127.2
164.3
164.1164
165.0

119.8
120.1
120.7
121.3

121.0
123.11
121.7
122.3

167.8
123.11
169.0
172.6

123.5
167.0
168.0
171.7

166.5
119.6
124.31
127.21

119.6
118.9
118.4
121.4

123.5
123.1
124.3
127.0

123.5
123.1
124.3
127.2

127.2
128.0
128.8
129.4

127.9
128.8
129.5
130.0

III
IV

135.7
137.5
140.0
139.6

134.7
136.3
138.7
138.5

164.5
166.8
169.0
168

164.7
167.0
169.2
168.9

121.3
121.3
120.8
120.9

121.612
122.5
122.0
122.0

121.3
175.4
177.4
178.9

173.4
174.0
175.8
177.8

121.612
121.6
131.61
121.7

121.6
120.6
131.61
120.9

128.5
127.5
126.7
132.2

128.7
127.6
126.8
128.4

130.7
131.2
131.6
132.2

131.1
131.5
131.8
132.5

140.4
142.0
142.8
142.6

139.4
141.0
141.7
141.6

169.1
170.2
169.4
165.7

169.3
170.5
169.7
165.8

120.4
119.9
118.6
116.2

121.5
120.9
119.7
134.51

180.5
181.3
183.9
116.21

179.4
180.2
182.7
185.0

121.5
120.6
120.3
124.7

120.8
119.8
119.5
124.0

128.6
127.7
128.8
130.5

128.7
127.8
128.9
130.7

132.9
133.2
134.6
134.5

133.2
133.5
135.0
135.2

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

2006:

2007:

2008: P ..
IP .
III
IVr*

Percent change; quarterly d a t a a t seasonally adjusted annual r a t e s
1999
2000
2001.
2002.
2003.
2004r
2005-2006-2007''
2008r

3.1
2.9
2.5
4.1
3.8
2.9
1.8
.9
1.6
2.7

2.9
2.8
2.5
4.1
3.7
2.8
1.7
.9
1.4
2.8

5.1
3.9
.3
1.5
3.1
4.2
3.5
3.0
2.0
.8

5.2
3.8
.4
1.5
3.1
4.1
3.4
3.2
2.0
.8

2.0
1.0
¥2.2
¥2.5
¥.7

2004: P ...
IP .
III
IV

2.3
3.8
1.7
1.5

.8
4.7
1.6
.0

3.7
4.4
4.0
3.0

2005: P ...
IP .
III
IV

2.3
.1
4.3
¥1.2

2.8
.7
3.9
¥1.5

2006: P ...
IP .
III
IV

2.0
2.0
¥1.6
¥.3

2007: P ...
IP .
III
IV
2008: P ...
IP .
III
IVr*
1

1.2
1.7
2.1
.5
¥1.9

2.2
1.0
¥2.0
¥2.6
¥.6
1.3
1.7
2.2
.5
¥1.9

4.9
7.1
4.2
3.5
4.1
3.8
3.9
3.8
4.2
3.6

4.7
7.2
4.0
3.6
4.0
3.7
4.0
3.8
4.1
3.7

2.8
3.6
1.4
1.9
1.8
1.1
.6
.5
1.3
¥.2

2.6
3.7
1.1
2.0
1.8
1.0
.6
.5
1.3
¥.1

1.8
4.1
1.6
¥.5
.2
.9
2.1
2.9
2.6
.9

1.8
4.2
1.4
¥.5
.3
.9
2.2
2.8
2.7
.9

0.9
1.8
2.0
1.0
1.5
2.6
3.1
3.0
2.4
1.8

1.1
1.9
1.9
1.1
1.3
2.4
3.4
3.1
2.1
1.9

2.6
5.0
3.8
2.6

1.3
.5
2.2
1.5

1.8
.3
2.3
2.6

.6
5.1
5.8
6.0

_ 2
5.2
5.9
4.8

¥2.8
1.9
2.8
1.7

¥3.5
2.1
2.9
.6

¥1.7
1.2
4.0
4.4

¥1.0
.5
4.2
4.8

3.4
3.6
1.8
3.5

3.4
3.0
2.4
3.8

3.7
3.2
4.8
1.0

3.7
2.9
4.8
1.3

1.3
3.1
.5
2.2

.9
2.2
.8
2.8

1.9
1.4
6.3
4.3

2.3
2.3
6.0
3.8

.1
¥1.4
.0
.2

.6
¥.5
_ 2
5.3

¥.4
1.3
2.0
5.6

¥.5
1.6
2.0
5.3

3.6
2.0
4.1
4.1

3.9
2.2
4.3
4.2

1.9
2.4
¥1.6
1.4

5.6
2.9
.3
1.7

6.0
2.9
.3
1.4

3.6
.9
2.0
2.0

4.0
.4
1.9
1.9

4.8
.7
2.3
8.8

4.5
1.3
2.3
9.1

2.9
¥2.8
¥1.7
10.5

2.6
¥2.3
¥1.7
10.8

2.7
¥1.2
4.0
9.2

2.6
¥1.1
3.9
9.6

3.0
2.6
2.4
1.9

3.1
2.9
2.1
1.5

— .7
5.7
7.3
¥1.1

¥.6
4.8
7.0
¥.5

— .7
5.6
5.5
¥.6

¥.9
5.8
5.5
— .7

.0
.0
¥1.7
.5

4.2
.9
¥1.5
¥.2

4.0
2.4
4.6
3.7

4.2
1.3
4.4
4.4

.3
¥2.1
1.8
¥1.3

.5
¥3.2
1.6
¥.5

4.7
¥3.1
¥2.5
4.8

4.8
¥3.3
¥2.5
5.0

4.0
1.7
1.1
2.0

3.4
1.5
.9
2.1

2.2
4.7
2.3
¥.4

2.6
4.7
2.2
¥.4

.7
2.6
¥1.8
¥8.4

.9
2.8
¥1.9
¥8.7

¥1.5
¥1.9
¥4.0
¥8.0

¥1.7
¥1.7
¥3.9
¥8.3

3.5
1.9
5.7
5.0

3.7
1.7
5.7
5.3

¥.8
¥3.0
¥1.0
15.6

¥.6
¥3.2
¥.9
15.9

1.2
¥2.6
3.3
5.4

1.1
¥2.8
3.5
5.7

2.0
.9
4.2
¥.1

2.1
.9
4.7
.5

Output refers to real gross domestic product originating in the sector.
Hours of all persons engaged in the sector, including hours of proprietors and unpaid family
workers. Estimates based primarily on establishment data.
s
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 (CPIU) for recent quarters. The trend from 1978-2007 is based on the consumer price index research series (CPI-U-RS).
5
Current dollar gross domestic output divided by the output index.
2

16

NOTE.—Data relate to all persons engaged in the sector.
Percent changes are from preceding period and are based on original data; they therefore
may differ slightly from percent changes based on indexes shown here.
• Data based on GDP data released on February 27, 2009.
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.
INDEX, 2002 = 100* (RATIO SCALE)
140
TOTAL INDUSTRIAL PRODUCTION

INDEX, 2002 = 100* (RATIO SCALE)

180

FINAL PRODUCTS

170
160

120
110

11
•

150

v.

^

| | n |

BUSINESS
EQUIPMENT

140

s^~

130

.
1

|

DEFENSE AND
- SPACE EQUIPMENT

-\

_

T

/TOTAL1

•'

no

.

DURABLE

\

s

—A

CS—v

y-\

. CONSUMER
GOODS

100

_

\

^

110
MANUFACTURING

V•*

-z

120

90

—•—>.>-

100

Nt3NDURABLE

90
CAPACITY UTILIZATION RATE (TOTAL INDUSTRY)

130
UTILITIES A N D M I N I N G

120

•"••

UTILITIES

A

110

J

r~

V

1

A.
\

100

\

MINING

/

90
1 i

in mill

2005

I.,,M

1 i in i

2006

2007

2008

2009

2005

1

Mn,i

2O06

1

2007

2008

'SEE FOOTNOTE 1 TABLE BELOW
"SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

,,,,,!
2009

COUNCIL OF ECONOMIC ADVISERS

[Monthly data seasonally adjusted]
Total industrial production

1

Percent change
Period

Index,
2002 = 100

From
preceding
month

99.5
103.7
100.1
100.0
101.2
103.8
107.2
109.6
111.4
109.4

2008: J a n .............112.
Feb. ............112.3
Mar
Apr
May
June ...........111.
July ............111.
Aug r
Septr
Oef
Novr

112.6
112.3
112.0
111.4
111.2
111.3
111.2
109.8
105.3
107.0
105.7
103.2

¥.5
6.2
.1
.0
¥1.3
¥4.1
1.6
¥1.2
¥2.4

101.3

¥1.8

Decr
2009: Janp
1

Manufacturing

From
year
earlier

Total 1

Durable

Nondurable

Other
(nonNAICS) 1

Mining

03.2
¥.3
_ 2

Total
manufacturing

101.4
103.4

94.7
97.4
97.0
100.0
101.9
103.3
105.5
104.8
108.2
108.4

81.9
81.8
76.3
74.8
76.0
78.0
80.2
80.9
81.0
78.2

80.7
80.1
73.9
72.8
74.0
76.3
78.6
79.4
79.4
75.9

91.3
91.2
91.0
89.1
88.5
88.4
87.2
86.5
85.7
84.7
84.2
82.9

103.2
103.6
103.9
104.0
104.1
104.2
105.8
105.2
94.9
102.4
104.8109
103.8

110.8
112.6
108.7
110.4
108.0
110.0
108.9
103.9
105.5
107.4
109.5
109.3

81.0
80.7
80.4
79.9
79.6
79.6
79.4
78.3
75.0
76.1
75.2
73.3

79.1
78.5
78.5
77.7
77.6
77.3
77.1
76.2
73.2
73.6
71.9
69.7

81.7

102.5

112.3

72.0

68.0

81.9
104.4
100.1
100.0
101.3
104.2
108.4
101.41
112.9
110.0

97.8
105.2
100.5
100.0
101.97
106.9
112.7
117.9
121.0
117.8

101.7
102.2
98.9
100.0
100.21
102.0
105.58
105.6
106.6
104.1

110.9
112.6
105.7
100.0
97.1
97.9
98.5
94.3
92.9
87.5

101.6
104.2
104.8
100.0
100.2
99.6
98.3

2.5
1.6
1.5
.4
2
¥.1
¥.7
¥2.0
¥6.2
¥4.3
¥5.9
¥8.2

113.8
113.1
113.3
112.3
112.3
112.1
111.9
110.7
106.5
107.2
104.8
101.8

122.9
122.2
122.4
120.7
120.6
120.9
121.0
119.3
115.4
112.5
109.9
106.5

106.8
106.0
106.2
106.0
106.2
105.5
105.1
104.4
99.6
103.5
101.2
98.3

¥10.0

99.2

101.4

97.8

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.

Utilities
Total
industry

4.3
4.2
¥3.4
¥.1
1.2
2.5
3.3
2 2
1.7
¥1.8

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

Capacity utilization
rate
(output as percent
of capacity) 1

Industry production indexes, 2002 = 100

2

104

NOTE.—Data based on the North American Industry Classification System (NAICS) except
series as defined in footnote 1.
Source: Board of Governors of the Federal Reserve System.

17

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

Equipment

Durable
goods

Business
equipment

Period
Total
Total

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

699
103.0
110
100.0
101.2
103.4
107.7
110.5
112.8
110.8

2008: Jan .
Feb .
Mar
Apr .
May
June
July
Augr
Sept r
Oef
Nov
Dec
2009: Janp
1

Materials
Nonindustrial supplies

97.5

Nondurable
goods

Total

1

Defense
and
space
equipment

Total

Construction
supplies

Business
supplies

Total 1

Energy

98.2
100.0
101.3
102.6
105.5
105.8
107.5
105.1

96.3
99.2
94.8
100.0
103.2
104.3
104.9
103.6
103.2
93.1

98.0
99.5
99.5
100.0
100.5
101.9
105.5
106.4
108.8
108.7

105.9
111.8
107.8
100.0
101.19
105.3
116.6
108.1
107.51
126.2

106.5
114.8
108.2
100.0
99.7
104.9
112.6
124.3
128.4
126.6

102.1
99.51
100.3
100.0
106.3
105.5
112.6
112.9
107.51
118.5

100.8
104.7
100.4
100.0
101.21
103.3
107.71
108.3
107.9
104.3

102.4
104.7
100.1
100.0
99.6
101.8
106.4
108.8
106.0
99.5

100.3
104.7
100.5
100.0
101.7
103.9
107.4
108.1
108.7
106.3

98.6
103.9
99.2
100.0
101.3
104.3
106.8
109.2
111.3
109.8

114.0
113.8
113.2
112.3
112.1
112.5
112.2
110.5
107.5
108.3
108.0
106.8

108.0
107.9
106.7
106.2
105.8
106.2
106.1
103.8
102.4
104.3
103.4
101.3

108.01
102.310
97.8
94.5
94.9
96.7
97.2
91.4
90.5
88.0
85.3
80.8

0108.01
110.4
109.5
109.8
112.21
.296.71
108.8
107.6
106.1
109.3
108.9
107.5

13.0
129.5
130.5
129.0
129.3
129.6
105.9
128.6
103.81
118.5
120.0
121.6

131.4
107.91
102.3
130.0
130.4
130.4
129.8
129.3
119.7
116.3
118.7
121.6

120.9
119.6
119.6
119.5
112.210
120.3
118.5
118.6
116.5
388.0
117.5
116.9

107.7
109.2
106.7
106.6
107.91
105.7
105.9
104.9
102.2
102.3
105.61
97.1

103.6
102.3
102.3
101.4
101.7
101.3
102.0
100.9
98.5
97.0
93.1
89.3

109.3
109.2
108.5
108.6
107.9
107.5
107.5
106.5
103.8
104.4
103.0
100.2

113.0
112.6
112.8
112.3
112.2
112.51
112.2
110.8
104.3
107.4
105.6
102.1

104.2
104.5
104.3
104.1
104.2
104.1
104.9
103.1
94.9
101.8
104.6
104.5

104.4

99.5

72.3

107.6

117.5

107.61

118.6

86.31

86.3

100.410

100.4

104.5

99.4

99.9

101.5
100.3
100.0
100.0
99.6

98.4
99.9

101.6
103.2

Includes other items, not shown separately.

[2002 = 100; monthly data seasonally adjusted]
Nondurable manufactures

Durable manufactures
Computer and electronic products

Primary metals
Period
Total

Iron
and
steel
products

Fabricated
metal
products

Machinery
Total

Selected
hightechnology 1

Transportation
equipment

Total

83.1

100.6
112
95.0
88.2
07.1
67.91
87.9

93.9
93.0
88.6
83.1
83.4
86.9
88.9
79.3
109.1
76.8
05.31
69.0

76.5

52.9

111.9
110.8
96.8
100.0
101.2
118.2
110.1
119.5
115.7
105.7

106.4
110.7
102.6
100.0
98.7
98.9
103.5
109.1
112.0
109.6

112.0
117.7
104.2
100.0
99.7
103.8
110.2
1115
116.0
9105.7

77.2
101.3
103.6
100.0
113.8
129.0
143.5
164.6
183.4
202.8

70.0
98.4
101.7
100.0
119.7
136.5
157.2
190.6
224.4
257.7

100.515
99.7
96.2
100.0
101.310
100.7
104.6
104.2
106.2
95.9

2008: Jan .
Feb .
Mar
Apr .
May
June
July
Augr
Sept r
Oef
Nov
Dec r

115.2
114.1
112.3
111.5
109.5
109.9
112.0
110.5
104.2
95.9
84.7
75.2

121.7
124.6
119.5
118.2
113.8
114.5
119.8
116.4
104.21
87.6

115.2
114.1
116.0
112.4
112.3
112.71
8109
112.8
109.1
107.1
104.8
100.9

198.5
202.2
206.2
208.9
209.5
209.7
209.9
208.8
206.2
202.2
193.8
186.4

251.6
257.0
264.5
269.5
269.7
269.4
270.5
268.4
265.0
257.3
241.7
066.888

105.9
104.5
101.6
97.8
97.9

53.3

113.4
113.5
113.6
112.4
111.5
110.1
109.7
109.8
108.5
106.5
105.3
101.5

2009: Janp

73.5

52.1

97.3

96.7

183.2

219.5

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

18

Printing
and
support
112.4
113.1
106.3
100.0

155.61
111.4
99.4
100.0
99.1
110.0
108.0
112.4
110.3
104.9

1

Apparel

155.6
148.0
106.39
100.0
92.8
79.8
77.0
75.4
75.7
71.3

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

67.9

Motor
vehicles
and
parts
100.5
99.9

91.4
100.0
103.5
103.7
103.9
100.2
97.2

Chemical

93.3

96.0
97.7
97.7

99.5
99.8
94.5

100.0
101.3
105.6
109.3
112.6
114.2
110.3

100.0
101.0
101.1
104.2
105.4
110.1
112.2

74.2
73.6
72.3
71.7
70.3
71.3
72.4
72.6
71.3
69.9
91.31
66.8

98.4
97.3
98.4
97.4
97.0
94.2
92.6
93.9
93.0
92.7
91.3
88.0

114.6
113.6
113.2
113.2
113.4
112.7
112.2
111.2
103.0
108.9
105.4
101.5

112.2
112.0
113.6
113.1
112.5
112.4
111.9
111.9
111.8
113.0
112.7
109.8

64.6

01.1

101.1

110.9

Source: Board of Governors of the Federal Reserve System.

96.2
96.9
99.0

93.6

Food

95.0

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

Total new
construction expenditures

New
housing

Commercial
(including
farm)

Lodging

744.6
802.8
840.2
847.9
891.5
991.6
102.7
,167.6
137.2
,074.8

2008: Jan .

Feb .
Mar .
Apr..
May
June
July
Sept
Oet ..
Nov r
Dec r
2009: Janp

575.5
621.4
638.3
634.4
675.4
771.4
868.5
912.2
850.0
766.9

326.3
346.1
364.4
396.7
446.0
532.9
611.9
613.7
492.5
356.0

251.3
265.0
279.4
298.8
345.7
417.5
480.8
468.8
353.4
230.2

249.2
275.3
273.9
237.7
229.3
238.5
256.6
298.4
357.5
410.9

16.0
16.3
14.5
10.5
9.9
12.0
12.7
17.6
27.5

,085.4
,075.3
,090.5
,085.2
,088.3
,086.6
,060.0
,085.7
,089.4
,082.3
,044.6
709.030

794.6

783.7
789.6
783.7
784.1
780.4
751.5
769.1
777.0
766.9
728.0
709.0

404.9
392.0
391.6
383.5
371.4
356.4
334.5
352.9
350.2
343.8
314.1
300.3

277.2
258.8
256.4
247.9
243.9
237.0
232.2
221.6
214.1
205.7
193.7
176.731

986.2

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

Federal
and
State
and
local

Nonresidential

682.6

291.5

165.6

Manufacturing

35.1
37.6
37.8
22.7
21.4
23.7
29.9
35.1
42.2
63.3

93.7
104.9
108.2
110.2
109.9
106.8
110.2
126.7
149.4
171.9

169.1
181.3
201.9
213.4
216.1
220.2
234.2
255.4
287.1
307.8

31.5
32.5
33.7
35.9
57.8
38.9
38.2
39.5
38.6
37.8
36.9
33.8

58.4
57.0
57.3
57.7
57.8
57.4
58.1
58.2
59.7
58.2
56.3
53.2

86.7
87.0
86.9
87.5
85.6
84.8
82.9
81.6
78.4
77.8
74.5
72.1

48.8
49.5
51.1
52.0
63.3
72.4
66.1
65.3
71.6
74.0
70.4
72.9

164.3
165.7
169.0
167.2
168.2
170.5
171.7
171.5
178.6
175.3
175.7
176.7

290.8
291.6
300.8
301.5
304.1
306.2
308.5
316.7
312.4
315.4
316.6
311.0

391.0

Includes residential improvements, not shown separately.
2
Includes health care, educational, communication, and power, among other categories not
shown separately.

59.4
04.91
63.6
59.0
57.5
6.82
66.6
73.4
85.0
81.9

389.7
391.6
398.0
400.2
412.8
424.0
417.0
416.1
426.9
423.1
413.9
408.7

1

356.023

435.1
52.4
49.7
35.3
30.6
32.9
37.3
45.7
53.4
57.5

32.4

52.4

70.0

72.7

163.5

303.7

Source: Department of Commerce, Bureau of the Census.

NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or houses, except as noted]
New private houses

New private housing units
Units started, by type of structure

Period

1 unit

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

......................................1,
......................................1,
......................................1,
......................................1,
......................................1,

1,640.9
1,568.7
1,602.7
1,704.9
1,847.7
1,955.8
2,068.3
1,800.9
1,355.0
906.2

1,302.4
1,230.9
1,273.3
1,358.6
1,499.0
1,610.5
1,715.8
1,465.4
1,046.0
622.3

5 units or
more

2-4 units 1
31.9
38.7
36.6
38.5
33.5
42.3
41.1
42.7
31.7
17.8

306.6
299.1
292.8
307.9
315.2
303.0
311.4
292.8
277.3
266.1

Units
authorized
1,663.5
1,592.3
1,636.7
1,747.7
1,889.2
4
2,070.1
2,155.3
1,838.9
1,398.4
892.8

Units
completed

Houses
sold

Houses for
sale at end
of period 2

1,570.8
1,648.4
1,678.7
1,841.9
1,931.4
1,979.4
1,502.8
1,119.6

880
877
908
973
1,086
1,203
1,283
1,051
776
483

308
298
308
339
370
422
511
536
494
353

1,302.431.9
1,230.938.7

Vacancy rate
for rental
housing units
(percent) 3
8.1
8.0
8.4
8.9
9.8
10.2
9.8
9.7
9.8
10.0

Seasonally adjusted annual rates

Sept
Oct
Nov r
Dec r

1,064
1,107
988
1,004
982
1,089
949
854
824
767
655
560

750
722
711
681
682
663
644
615
551
536
456
395

27
29
16
15
20
22
14
15
19
10
18
13

287
356
261
308
280
404
291
224
254
221
181
152

1,052
981
932
982
978
1,138
937
857
805
730
615
547

1,331
1,251
1,192
1,033
1,144
1,131
1,086
1,012
1,155
1,054
1,086
1,024

597
572
513
542
515
499
505
448
434
r
404
380
344

484
477
469
r
458
r
452
r
435
r
419
r
412
r
395
r
379
369
353

2009: Janp

466

347

5

114

531

776

309

342

2008: Jan ............................1,
Feb
Mar
Apr

............................988711162619321,
.............................1,

June ..........................1,
July
Aug

1

............................854615152248571,

Derived; seasonally adjusted monthly data for 2-4 units are no longer published.
Seasonally adjusted.
Revised series. Quarterly data entered in last month of quarter.
4
Based on 20,000 permit-issuing places. Based on 19,000 places, the total for 2004 is
2,052.1 thousand units.
2
s

10.1
10.0
9.9
10.1

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 December, according to current estimates, manufacturing and trade sales fell 3.4 percent and inventories fell
$21.5 billion. According to advance estimates, retail sales rose 1.1 percent in January. Retail and food services
sales rose 1.0 percent.
BILLIONS O F DOLLARS* (RATIO SCALE)

BILLIONS O F DOLLARS* (RATIO SCALE)

1,700

550

RETAIL INVENTORIES
\

500

1,500

—v^
450

1,400

^^—

*S
1,300

.

i - •

\

|

rr

i

RETAIL A N D F O O D

MANUFACTURING AND

400

^

1,200

350
**»

*1
\

A

•*

\

1,100

\

RETAIL SALES

MANUFACTURING
AND TRADE SALES

\

300

\

\

\

,000
250

900
RATIO*

800

700

600

| m

Illllllll
2005

2006

2007

M | l | |

| | m |

2008

2009

•SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

[Millions of dollars, except ratios; seasonally adjusted, except as noted]
Manufacturing and sale R
Period
Sales

2

Inventories 3

Retail

Wholesale

Inventorysales
ratio 4

Sales 2

Inventories 3

Inventory
sales
ratio 4

Sales 2

Inventories 3

Inventory
sales
ratio 4

Retail and
food services
sales 2

1,078,740
1,138,805
1,197,597
1,120,025
1,140,083
1,146,695
1,238,037
1,305,227
1,390,428
1,446,870
1,458,208

1.43

2008P

742,837
786,634
834,325
818,615
823,714
853,596
923,319
1,001,315
1,068,026
1,113,787
1,152,077

234,0
1.41
1.42
1.36
1.34
1.30
227
1.27
1.27
1.29

202,260
216,597
234,546
232,096
236,294
246,857
274,710
298,803
325,749
353,663
385,509

272,406
290,171
309,071
297,199
300,791
306,032
335,935
360,411
390,350
413,429
427,496

1.31
1.30
1.29
1.32
1.25
1.22
1.17
1.17
1.16
1.13
1.13

215,592
234,046
249,063
255,644
261,194
272,123
289,528
307,338
323,947
336,701
r
334,640

357,269
385,009
406,853
394,713
61,19
432,359
461,405
471,956
488,591
502,777
488,726

1.62
1.59
1.59
1.58
1.55
1.56
1.56
1.51
1.49
1.47
1.50

238,278
257,797
274,518
282,131
288,845
301,264
320,526
340,141
358,978
373,556
r
372,914

2007: Dec r

1,152,382

1,446,870

1.26

376,241

413,429

1.10

343,078

502,77

1.47

380,968

2008: J a n r
Feb .
Mar .
Apr ..
May .
June
July
Aug .
Sept
Oet ..
Nov r
Decp .

1,161,783
1,148,347
1,161,817
1,179,814
1,192,681
1,213,469
1,214,338
1,188,196
1,159,637
1,113,929
1,050,629
1,014,981

1,457,953
1,464,497
1,467,463
1,474,247
1,479,765
1,490,874
1,507,756
1,510,658
1,505,253
1,495,669
1,479,752
1,458,208

1.25
1.28
1.26
1.25
1,4
1,213
1,214
1.27

380,230
378,217
385,072
391,050
399,845
411,960
408,862
402,319
393,730
376,064
348,549
336,066

417,143
421,078
421,700
427,560
431,273
435,147
441,823
444,547
442,855
437,724
433,714
427,496

1.10
1.11
1.10
1.09
1.08
1.06
1.08
1.10
1.12
1,96
1.24
1.27

343,910
340,599
342,367
342,733
345,425
345,6
343,097
340,422
334,415
321,965
313,152
r
302,935

503,313
502,744
499,972
501,054
499,667
500,100
506,863
503,330
504,102
6321,9655
493,785
488,726

1.46
1.48
1,46
1.46
1.45
1.45
1.48
1.48
1.51
1.56
1.58
1.61

381,673
378,106
380,020
380,788
383,769
384,069
381,578
378,966
1.30393
321,96
351,777
r
341,072

1998.
1999.
2000.

2001.
2002.
2003.
2004.
2005.
2006.
2007 r

1373,0

1.34
13,1
1.44

2009: Janp .
1

See page 21 for manufacturing.
2
Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month.
s
Seasonally adjusted, end of period.

20

306,201
4

Annual data are averages of seasonally adjusted monthly ratios.

Source: Department of Commerce, Bureau of the Census.

344,649

MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In January, manufacturers' shipments, inventories and new and unfilled orders fell.
BILLIONS OF DOLLARS* (RATIO SCALE)

BILLIONS OF DOLLARS* (RATIO SCALE)

500

580
540 - I N V E N T O
500
460 ***
420
380

460 - SHIPMEN1
420
380
340

—

\

TOTAL

300

—,

DURABLE G O O D S

/

220

7"

/

DURABLE GOODS

340
260

1

—

.

" "

300

.1 ..-• \

—*"
«•••—""

260
- : - : * - •

1

IPUP/BLEG """"

180

NONDURABLE GOODS

15

220

**

\
140

| | m

miilnm

|

IMNIMIM

BILLIONS O F DOLLARS* (RATIO SCALE)
500

460 - NEW ORL"IERS
420
380
340

•

180

m

n

!

m | |

140
>*
RATIO*
1.60

\

TOTAL

INVENTORY-SHIPMENTS RATIO
1.50

300
260

(ABLE G O O D S

1.40

.V ,

1.30

A

220

/

\

180

1.20

II

140
2005

n i h i m III 11 ll 11II urn Inn i
2007

2006

2008

,

1.10
2005

2009

2006

2007

"SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE

2008

2009

COUNCIL OF ECONOMIC ADVISERS

Manufacturers' shipments 1

Manufacturers' inventories 2

Manufacturers' new orders 1
Durable goods

Durable
goods

Nondurable
goods

Durable
goods

Nondurable
goods

Capital
goods
industries,
nondefense

Manufacturers'
unfilled
orders 2

Manufacturers'
inventory—
shipments
ratio 3

Millions of dollars, seasonally adjusted, except as noted
335,991
1999 ....................................................335,
350,715
2000 ....................................................350,
330,875
2001 ....................................................330,
2002 . . . . . . . . . . . . . . . . . . . . . . . . . . 3 6 326,227
..........................2,
2003 ....................................................334,
334,616
359,081
2004 . . . . . . . . . . . . . . . . . . . . . . . . . . 3 9
..........................5,
395,173
2005 ....................................................395,
418,330
2006 ....................................................418,
423,423
2007 .....................................................423,
431,929
2008 r
437,643
2008: Jan ...........................................437,
429,531
Feb ...........................................429,
434,378
M a r ..........................................434,
446,031
Apr ...........................................446,
447,411
M a y .....................47
.....................4,
455,873
June .........................................455,
462,379
July ..........................................462,
445,455
A u g .....................45
.....................4,
431,492
Sept ..........................................431,
415,900
Oct. ..........................................415,
388,928
Nov ..........................................388,
Dec r

375,980
369,404

193,895
197,807
181,201
176,968
178,549
188,722
202,070
213,408
213,572
207,801
215,917
211,772
209,778
213,591
211,049
212,947
217,549
208,339
208,240
201,119
192,772
189,910
182,372

142,096
152,908
149,674
149,259
156,067
170,359
193,103
204,923
209,851
224,128
221,726
217,759
224,600
232,440
236,362
242,926
244,830
237,116
223,252
214,781
196,156
186,070
187,032

463,625
481,673
428,113
423,133
408,304
440,697
472,860
511,487
530,664
541,986
537,497
540,675
545,791
545,633
548,825
555,627
559,070
562,781
558,296
554,990
552,253
541,986
537,568

2009: Janp
1
Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month. Shipments are the same as sales.
2
Seasonally adjusted, end of period.
3
Annual data are averages of seasonally adjusted monthly ratios.
NOTE.—Manufacturers' nondurable new orders (not shown) are the same as nondurable shipments. Also, there are no unfilled nondurable orders; data shown for total unfilled orders are
durable unfilled orders.

296,553
306,727
267,829
260,582
246,963
265,070
283,598
309,914

7217,7467
343,468
322,384
323,841
327,066
328,911
330,426
333,127
336,185
339,033
339,728
341,168
342,259
343,468
340,681

167,072
174,946
160,284
162,551
161,341
175,627
189,262
511,4873
209,907
198,518
215,113
216,834
218,725
216,722
218,399
222,500
222,885
223,748
218,568
213,82
209,994
198,518
196,887

329,770
346,789
322,746
316,809
,304246,9
354,619
395,401
01,573
7209,907
41,986343
,384215
433,860
440,216
445,915
450,033
459,576
462,993
443,20
429,286
403,315
377,203
358,811
351,926

187,674
193,881
173,072
167,550
67408,3042
184,261
283,598
214,871
217,746
205,216
213,689
216,101
215,6
213,475
213,671
222,50
218,163
223,7484
206,034
188,534
181,047
172,741
164,894

64,392
69,278
58,246
51,817
52,894
56,094
65,770
71,725
74,288
69,132
73,271
74,408
75,431
73,609
73,639
71,958
74,498
68,694
67,923
63,487
60,140
53,964
52,327

505,498
549,445
514,349
462,122
477,608
496,343
572,835
660,406
773,297
800,360
777,859
433,860
797,114
802,972
810,293
818,023
824,232
826,529
8218,5
820,672
812,879
800,360
786,818

1.35
1.35
1.38
1.28
1.24
1.19
1.17
1.19
1.23
1.28
1.23
1.26
1.26
1.22
1.23
1.22
1.21
1.26
1.29
1.33
1.42
1.44
1.46

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

21

PRICES
PRODUCER PRICES
The producer price index for all finished goods rose 0.8 percent in January. Prices of finished consumer foods
fell 0.4 percent, while prices of other finished consumer goods rose 1.4 percent. Capital equipment prices rose
0.5 percent.
INDEX, 1982 = 100 (RATIO SCALE)

INDEX, 1982 = 100 (RATIO SCALE)

210

210

200

190

190

180

180

170

170

160

160

140

140

130
2001

SOURCE: DEPARTMENT OF LABOR

COUNCIL OF ECONOMIC ADVISERS

[1982 = 100; monthly data seasonally adjusted]

Period

Finished goods excluding consumer foods

Total
finished
goods

Consumer
foods

133.0
138.0
140.7
138.9
143.3
148.5
155.7
160.4
166.6
177.1
173.4
174.1
175.6
176.0
178.6
181.0
183.4
182.5
182.3
177.3
172.9
169.7
171.1

135.1
137.2
141.3
140.1
145.9
152.7
155.7
156.7
167.0
178.4
174.8
173.9
176.0
176.3
177.6
179.8
180.8
181.2
181.2
181.2
181.5
179.0
178.3

Consumer goods
Total
Total

1999 ..........................133.
2000
2001
2002 ..........................138.
2003
2004 ..........................148.
2005 ..........................155.
2006
2007
2008p
2008: J a n r
Febr
Mar r
Apr r
Mayr
June r
Julyr
Augr
Septr
Oef
Novr
Dec
2009: Jan ................171.
1

1123

Nondurable

127.9
138.7
142.8
138

138.01
134.014
138.3
142.4
147.2
155.715
164.0
166.2
163.5

130.5
138.4
141.4
138
144.7
150.9
161.9
169.2
175.6
189.0

133.0
133.9
134.0
133.0
145.91
135.0
136.6
136.9
138.3
176.51

148.4
156.6
172.0
182.6
171.5207
210.5

172.6
173.9
175.2
175.6
178.6
181.0
183.8
182.5
182.3
175.9
170.3
166.9

184.4
186.0
187.9
188.1
192.4
196.129
199.7
197.3
196.8
186.9
178.3
173.0

139.4
173.918
139.8
140.6
140.7
140.8
180.81
141.8
142.3
142.7
142.5
143.1

203.8
206.0
209.0
208.8
215.2
220.6
226.0
2182.51
82.31
205.8
192.9
184.5

168.8

175.5

143.7

168.81

Intermediate materials for food manufacturing and feeds.

22

Durable

Crude materials

Intermediate materials

Finished goods

Capital
equipment

137.6
138.8
139.7
140.1
135
11 1
5. 4
7
144.6
146.9
149.5
153.7
151.1
151.7
151.8
152.6
153.0
153.4
154.2
141.8
155.4
142.720
156.2
156.4
157.2

Total
finished
consumer
goods
132.0
137.2
141.5
139.4
135.3
152.7
160.4
164.0
170.715
163.53
182.0
182.9
184.8
185.1
188.5
191.7
194.6
193.61
192.7
189.6

Total

123.2
129.2
129.7
127.8
133.7
142.6
154.0
164.0
146.7
188.6
179.72
181.0
185.0
186.9
191.6
195.5
200.9

176
1 33
7.1

198.6273
197.1
189.6
181.4
173.917

168.8

172.5

Foods
and
feeds 1

111.1
111.7
115.9
115.5
125.9
159.01
133.8
135.2
1146.724

182.2
170.9
175.1
180.3
180.5
184.0
196.1
194.8
193.6
189.6
181.3
176.9
171.0
167.3

Other

Total

Foodstuffs
and
feedstuffs

Other

123.9
137.21
130.5
128.5
134.2
159.0
155.71
165.4
171.5
189.0
179.7
181.4
185.3
187.3
1290.81
196.1
2194
198.6
197.6
190.2
181.8
173.9
173.0

98.2
120.6
121.0
108.1
135.3
159.0
182.2
184.8
207.1
251.7
236.6
245.8
262.1
274.4
290.8
298.6
310.3
273.0
253.1
209.5
183.0
173.3
168.2

98.7
100.2
106.1
99.5
113.5
127.0
122.7
119.3
146.7
163.5
165.4
166.8
170.5
169.4
170.3
174.0
174.1
167.8
165.6
148.1
146.5
138.4
139.8

94.3
130.4
126.8
111.4
148.2
179.2
223.4
230.6
246.3
313.5
283.7
299.6
327.1
351.6
381.8
392.8
415.0
350.4
314.8
249.6
200.7
190.4
179.6

Note.—Seasonally adjusted data revised 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 0.3 percent seasonally adjusted; it rose 0.4
percent not seasonally adjusted. The index was virtually unchanged from its year-earlier level.
INDEX, 1982-84 = 100 (RATIO SCALE)

INDEX, 1982-84 = 100 (RATIO SCALE)

230

230
SEASONALLY ADJUSTED

220
/

~

r

210
CONSUMER PRICES-^ALL ITEMS
\.

200

T

210

_s*
^

^

200

r

(^

180

^

\

190

180

^
170

160

1
2003

2002

2001

2004

2007

1

1

2006

2005

SEE NOTE O N TABLE BELOW
SOURCE: DEPARTMENT OF LABOR

2008

2009

COUNCIL OF ECONOMIC ADVISERS

[1982-84 = 100, except as noted; monthly data seasonally adjusted, except as noted]
All items

1

Transportation

Housing
Shelter

Period

Not
seasonally
adjusted
(NSA)

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

166.6
172 2
129.31
179.9
184.0
188.9
195.3
201 6
207.342
215.303

2008: J a n r
Feb r
Mar r
Apr r
Mayr
June r
Julyr
Aug r
Septr
Oct r
Novr
Dec r

211.080
211.693
213.528
214.823
216.632
218.815
219.964
219.086
218.783
216.573
212.425
210.228

2009: Jan .............211.

Seasonally
adjusted

1

Food

Total 1
Total 1

Rent
of primary
residence

Owners'
equivalent
rent
(12/82 =
100)

43.4
14.6
163.9
164.1
169.6
167.8
176.4
186.1
176.2
180.3
180.0
184.8
186.2
189.5
190.7
195.7
.0336.2
195.2
202.916 209.586
214.106 216.264

177.5
187.3
183.9
193.4
272.81
206
208.1
14.7
205.5
1136.51
218.8
211.0
224.4
217.3
221
221
240.611 234.679
243.271
246.6

24.4
192.9
198.7
206.3
214.7
219.9
224.9
23.2
238.2
246.235
6.2 6 4246

208.112
208.927
209.423
211.199
211.969
213.370
215.376
216.599
217.748
218.586
218.988
219.082

212.982
213.451
214.280
214.883
215.844
216.811
218.610215
218.004
217.8
217.788
217.622
217.592

244.565
244.798
245.238
245.443
245.948
246.653
218.0152
247.327
247.899
248.063
248.455
248.519

239.628
209.353
240.729
241.491
215.84
242.915
243.659
244.414
245.089
245.836
246.480
246.928

244.565239
250.390
250.902
251.42
251.702
252.325
252.701
253.079
253.538
253.911
246.4802
254.683

211.143 212.174 219.193

217.646

248.938

217.64624

255.349

100.0

212.495
212.860
213.667
213.997
215.044
217.034
218.610
218.576
218.675
216.889
213.263
211.577

33.2

6.0

Includes items not shown separately.
2
Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant,
etc. excluded beginning 1983.

Fuels
and
utilities

5.4

128.8
137.9
150.2
143.6
154.5
161.9

parel

7.67
131.3

Total1

IS.3

ergy2

3.2
100.7
129.3
124.7
116.6
135.8
160.4
195.7
221.0
239.070
279.652

6.4
250.6
260.8
272.8
285.6
297.1
310.1
323.2
336.2
351.054
364.065

7.6
106.6
124.6
129.3
121.7
136.5
151.4
177.1
196.9
207.723
236.666

360.540
360.961
361.752
362.300

230.694
232.190
236.891
235.774
2118.364
256.230
218.01524
260.104
224.296
237.300
197.086

Motor
fuel

220.018

129.326
127.3
124.0
120.9
120.4
119.5
119.5
118.998
118.907

144.4
153.3
154.3
152.9
157.6
163.1
173.9
180.9
184.682
195.549

206.975
250.3
209.423
216.551
221.132
224.991
216.162
229.802
224.296
223.185
219.934
217.592

244.56523
119.047
118.101
118.46
118.364
118.384
119.531
119.984
119.631
248.0632
118.905
118.221

195.499
19.04719
197.2
195.691
197.903
242.915
218.015247
205.196
204.916
195.027
19.93411
167.353

281.437
281.908
287.915
281.176
289.288
314.506
31207.05
317.702
318.765
248.063245
197.861

167.35

364197.903
363.723
364.072
364.847
365.835
366.402
367.299
368.302

217.5

118.523

169.489

169.176

3169.4

177.120
194.7
234.6792

En-

Medical
care

Ap-

All
items
less
food
and
energy

77.7

177.0
181.3
186.1
190.5
193.2
196.6
200.9
205.9
210.729
215.572
213.714
213.859

167.35

214.280245.2
214.496
251.70
215.575
215.3762
216.534
217.81824
218.58
216.868
254.6832

181.938

217.515

s

Relative importance, December 2008.
Note.—Seasonally adjusted data revised 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

Change from 3 months earlier, annual rate

Change from 6 months earlier, annual rate

Consumer goods

Consumer goods

Consumer goods

Total
finished
goods

Capital
equipment

Excluding
foods

Total
finished
goods

Capital
equipment

Excluding
foods

Total
finished
goods

Change
from year
earlier,
total
finished
goods
NSA

Capital
equipment

Excluding
foods

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

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

0.8
1.7
1.8
¥.6
7.7
3.1
1.7
1.7
7.6
3.7

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

1.8
3.8
2.0
¥1.3
3.2
3.6
4.8
3.0
3.9
6.3

0.3
1.2
0
¥.6
.8
2.4
1.2
2.3
1.4
4.0

Change, month to month
2008: Jan r
Feb r
Mar r
Apr r
May r
June r ....
Julyr
Augr
Septr
Oef
Novr
Decr

0.9
.4
.9
.2
1.5
1.3
1.3
— .5
¥.1
¥2.7
¥2.5
¥1.9

2009: Jan.

1.5
¥.5
1.2
.2
.7
1.2
.6
2
.0
.2
¥1.4
¥.4

1.4

11.9
3.5
9.1
6.1
10.7
12.9
17.9
9.0
2.9
¥12.7
¥19.4
¥24.9

11.5
9.5
8.9
3.5
8.8
8.9
10.6
8.4
3.2
.9
.7
¥4.8

15.4
2.0
11.4
8.3
14.5
18.1
27.0
10.6
1.9
¥23.3
¥33.3
¥40.3

3.2
3.2
3.8
4.0
3.5
4.3
4.3
4.8
5.3
4.8
3.7
2.6

¥6.2

¥22.3

3.1

8.7
13.0
13.2
11.8
8.0
14.7
17.3
12.5
9.7
¥1.3
¥14.1
¥22.0

¥13.0

Note.—See Note, p. 22.

¥.9

1.6
2.4
2.6
3.6
3.3
4.0
4.1
4.1
4.8
4.5
4.2
3.9

7.4
6.5
6.7
6.4
7.3
9.1
9.9
9.7
8.8
5.2
.4
¥.9

¥22.8

10.6
9.6
9.8
7.4
9.1
8.9
7.0
8.6
6.0
5.6
4.4

9.7
10.0
9.0
7.1
11.0
11.9
9.9
7.8
1.5
¥6.3
¥12.1

¥13.3

.9

1.0
.1
2.3
1.8
1.9
¥1.2
¥.3
¥5.0
¥4.6
¥3.0

!o

.8

0.5
.4
.1
.5
.3
.3
.5
.4
.4
.4
.1
.1

0.8

3.9

¥1.0

Source: Department of Labor, Bureau of Labor Statistics.

CHANGES IN CONSUMER PRICES—ALL URBAN CONSUMERS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Housing

All
items 1

Addendum: All items,
percent change
(annual rate)

Transportation

Shelter
Rent of Ownpriers'
mary equivaresilent
dence
rent

Fuels
and
utilities

Apparel

New
cars

Motor
fuel

Medical
care

Energy 2

All
items
less
food
and
energy

From
previous
quarter 3

From
3
months months
earlier earlier

From
year
earlier
NSA

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

3.4
1.6
2.4
1.9
3.3
3.4
2.5
4.1
.1

1.9
2.8
2.8
1.5
3.6
2.7
2.3
2.1
4.9
5.9

2.2
4.3
2.9
2.4
2.2
3.0
4.0
3.3
3.0
2.4

2.5
3.4
4.2
3.1
2.2
2.7
2.6
4.2
3.1
1.9

3.1
4.0
4.7
3.1
2 .7
2.9
3.1
4.3
4.0
3.4

2.4
3.4
4.5
3.3
2.0
2.3
2.5
4.3
2.8
2.1

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

¥.5
¥1.8
¥3.2
¥1.8
¥2.1
_ .2

5.4
4.1
¥3.8
3.8
.3
6.5
4.8
1.6
8.3
¥13.3

¥1.1
.9
¥.3
¥1.0

¥.8
.3
0
¥2.0
¥2.1
.5

¥.4
¥1.1

30.2
13.9
24.8
24.6
6.8
26.1
16.2
6.4
29.5
42.2

3.7
4.2
4.7
5.0
3.7
4.2
4.3
3.6
5.2
2.6

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

2.2
3.4
2.8
1.6
2.3
2.7
3.4
3.2
2.8
3.8

1.9
2.6
2.7
1.9
1.1
2.2
2.2
2.6
2.4
1.8

Change, month to month
r

2008: J a n .
Feb r .
Mai"" .
Apr r .
May r
June r
July
Aug r .
Sept
Oef ..
Novr .
Dec r .

0.4
.2
.4
.2
.5
.9
.7
0
.0
¥.8
1.7
¥.8

0.6
.4
.2
.8
.4
.7
.9
6
.5
.4
2
.0

0.2
2
.4
.3
.4
.4
.6
0
¥.1
.0
¥.1
.0

0.3
.1
.2
.1
.2
.3
.2
1
.2
.1
.2
.0

0.3
.2
.3
.3
.2
.4
.3
3
.3
.3
.3
.2

0.2
2
.2
2
.1
2
.1
1
2
.1
2
.1

0.3
1.1
1.6
1.8
2.1
1.7
3.0
- 9
¥2.4
¥.5
¥1.5
¥.4

0.2
¥.5
¥.8
.3
¥.1
.0
1.0
4
¥.3
¥.7
.1
¥.6

0.5
.0
.9
¥.8
1.1
3.2
1.4
- 9
¥.1
¥4.8
- 9.7
¥5.0

¥0.3
2.1
.0
.0
.1
.3
.8
1
¥.5
¥.6
¥.4
¥.4

1.1
.2
2.1
¥2.3
2.9
8.7
3.6
-2 5
.3
¥12.7
¥28.9
¥18.8

0.5
.1
.2
2
.1
.3
.1
2
.3
.2
2
.3

0.8
.6
2.0
¥.5
2.7
5.8
3.5
-2 0
¥1.0
¥7.8
¥16.9
¥9.3

0.3
.1
.2
.1
.2
.3
.3
.2
.1
.0
.1
.0

2009: Jan ..

.3

.1

.0

.2

.3

.3

— .7

.3

1.3

.2

5.3

.4

1.7

.2

1

Includes items not shown separately.
2
Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant,
etc., excluded beginning 1983.

24

s

4.5

4.5

6.2

¥8.3

Quarterly changes are shown in the last month of the quarter.
Note.—See Note, p. 23.
Source: Department of Labor, Bureau of Labor Statistics.

6.6
3.2
3.7
2.9
4.2
6.5
8.9
6.7
3.1
¥3.1
¥9.4
¥12.4

5.0
5.2
5.1
4.7
3.7
5.1
5.8
5.4
4.7
2.7
¥1.6
¥5.0

¥8.4

¥5.8

4.3
4.0
4.0
3.9
4.2
5.0
5.6
5.4
3.7
3.7
1.1
.1

PRICES RECEIVED AND PAID BY FARMERS
In February, prices received by farmers fell 8.6 percent; prices paid by farmers fell 1.1 percent. (Data are not
seasonally adjusted.)
INDEX, 1990-92 = 100 (RATIO SCALE)

INDEX, 1990-92 = 100 (RATIO SCALE)

200

200

190

190

p.

180

170

170
160

160
PRICES PAID

_.

150

150
^

\

140

\

130
PRICES RECEIVED
/

120

A

110

140

\

130

\

/

\

120

I V

110

A

100

100

\
90

90
1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 ! 11 1 1 1 1 1 1 1 1 1 1
1
1

11111111111

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1
1 1 1 1 1 1 1 11 1 1 1
1 1 1
11 1
1 1 1
1 1 11 1
1 1
1

RATIO1
140
-

120
RATIO

-

100
^

—

•

80

_^-

A

—
1

^ ^ ^ ^ _
\

-

60

1 1I l l l l M M
2001

Mill

II II 1

M i l l

I l l l l

11111111111

2003

2002

2004

Mill

1 1 II 1

2005

I M M 1 I I 1 1 1 1 I1
I
M
1
2007
2006

i l l

II I II I I i I M

1 1 1

2008

RATIO1
140
120
100
80
60

2009

1
RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.
SOURCE: DEPARTMENT OF AGRICULTURE

I I I

COUNCIL OF ECONOMIC ADVISERS

[1990-92 = 100; not seasonally adjusted]
Prices paid by farmers

Prices received by farmers
Period

All farm
products

Livestock and
products

Crops

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

Production
items, interest,
taxes, and wage
rates

Production
items

Ratio 2

1999
2000
2001
2002
2003
2004
2005
2006
2007
2008

96
96
102
98
106
118
115
115
136
149

97
96
99
105
110
115
110
120
143
168

95
97
106
90
103
122
120
111
130
130

115
119
123
124
128
134
142
150
160
181

113
117
121
121
125
133
142
150
161
185

111
115
120
119
124
132
140
148
160
187

83
81
83
79
84
88
81
77
85
82

2008: Feb
Mar
Apr
May
June
July
Aug
Septr
Oct
Novr
Dec

146
146
146
152
158
159
156
154
150
141
135

164
167
169
173
183
182
177
174
167
156
149

131
129
127
134
137
138
137
133
127
123
119

171
174
179
183
187
190
190
188
184
179
175

174
178
183
188
192
195
196
194
190
184
179

173
177
185
190
195
200
200
198
192
185
179

85
84
82
83
84
84
82
82
82
79
77

2009: Janr
Febp

139
127

160
148

114
109

175
173

179
176

177
173

79
73

1

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

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.
BILLIONS OF DOLLARS* (RATIO SCALE)
8,400

BILLIONS OF DOLLARS* (RATIO SCALE)
8,400
7,600

7,600

r

6,800

r:\"
M2

6,000

6,000

5,200

5,200

4,400

4,400

3,600

3,600

3,200

3,200
2,800

2,800
2,400

2,400

2,000

2,000

1,600

M
l
\
_

-

1,600

•

1,200

1,200
I
1 1
1
1 II
1 1 1
1 1 i 1 1 1 1 1 1 1 1 1 1 1 1 ! 1 1 11 1 1 1 1 H I 111 1 1 1 1 M 1 1 1 1 1! 1 1 11 1 1111 1 I1 I I 1 1 1 1 1 1 1 1 1 1 1 1 E 1 1 1 1 1
2005
2006
2007
2008
2001
2002
2003
2004

1 1 1 1 1 1 1 M 1 1
2009

COUNCILOF ECONOMICADWSERS

[Averages of daily figures, except debt end-of-period basis; billions of dollars, seasonally adjusted]
M2
M1 plus retail
MMMF balances,
savings deposits
(including
MMDAs), and
small time deposits

Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Decr

1,122.6
1,087.6
1,182.3
1,220.4
1,306.8
1,376.4
1,374.2
1,365.6
1,364.5
1,595.9

4,631.7
4,910.7
5,417.8
5,764.6
6,055.2
6,399.8
6,661.5
021.5
417.3
8,154.2

2008: Jan
Feb
Mar
Apr
May
June
July
Augr
Sept r
Oct r
Nov
Dec r

,368.4
,371.1
,372.9
,373.7
,373.7
,383.6
,400.1
,392.2
,452.1
,475.2
,524.0
,595.9

463.6
539.0
600.5
620.0
637.8
648.5
698.9
687.3
796.2
916.0
972.5
8,154.2

1,575.0

8,244.0

Period

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

2009: Jan
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.
s
Annual changes are from fourth quarter to fourth quarter. Quarterly changes are from previous quarter at an annual rate.

26

Percent change

Debt

M1
Sum of currency,
demand deposits,
travelers checks,
and other
checkable deposits (OCDs)

Debt of
domestic
nonfinancial
sectors 1
17,307.7
18,183.6
19,319.3
20,731.6
22,441.4
24,446.7
26,769.4
29,188.3
31,718.2

32,140.0
32,392.4
32,979.5

From year or 6
months
earlier 2
M1

M2

2.4
¥3.1
8.7
3.2
7.1
5.3
¥.2
¥.6
¥.1
17.0

5.8
6.0
10.3
6.4
5.0
5.7
4.1
5.4
5.6
9.9

.3
.4
1.0
.3
1.0
2.8
4.6
3.1
11.5
14.8
21.9
30.7

6.2
6.9
7,6
7.3
6.9
6.2
6.3
3.9
5.1
7.8
8.8
13.2

25.0

From
previous
period 3
Debt
6.4
5.0
6.3
7.3
8.1
8.9
9.5
9.0
8.6

14.2

5.3
3.1

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

Nonbank
trave-

Currency

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

Other checkable
deposits (OCDs)

Savings
deposits 1

At
commercial
banks

At
commercial
banks

Small-denomination
time deposits 2

De
mand
depos-

its

Total

At
thrift
insti-

Total

tutions

At
thrift
insti-

At
commercial
banks

Total

tutions

At
thrift
insti-

Retail
money
funds

tu-

Institutional
money
funds 3

tions

Dee
Dee
Dee
Dee
Dee
Dee
Dee
Dee
Dee
Dec r ....

517.8
531.2
581.2
626.3
662.5
697.5
723.6
748.3
757.6
812.4

8.6
8.3
8.0
7.8
7.7
7.5
7.2
67
6.3
5.5

352.9
309.8
335.7
306.8
326.4
343.2
324.6
304.8
292.9
465.7

243.3
238.3
257.4
279.6
310.3
328.2
318.9
305.8
307.8
312.3

139.7
238.31
142.0
154.3
175.3
187.0
180.7
177.2
174.3
178.6

103.7
105.2
115.4
125.3
135.0
141.1
138.1
128.6
133.5
,327.77

1,739.4
1,878.2
2,308.8
2,773.9
3,162.7
3,506.4
3,602.3
3,692.7
3,868.7
4,097.0

1,288.4
1,424.2
1,738.2
2,060.2
2,337.9
2,631.1
2,773.9
2,909.7
3,041.3
3,327.7

451.0
454.0
570.7
713.7
824.7
875.3
828.4
783.0
827.3
769.3

956.7
1,047.4
976.1
895.6
818.2
829.2
994.9
1,16
1,216.7
4,097.0

9319.9
699.9
635.0
590.4
540.9
550.5
643.9
757.8
821.4
1,016.0

319.9
347.5
341.1
305.2
277.3
278.7
351.0
411.7
395.3
354.0

812.9
897.6
950.6
874.7
767.5
687.7
690.1
793.6
967.4
1,016.0354

660.8
816.4
1,220.2
1,269.9
3135.03
5.3829.25
1,152.1
1.7793.6
1,903.9
4,097.03,32

2008: Jan
Feb
Mar
Apr
May
June ....
Julyr ....
Aug r ....
Septr ...
Oef
Novr ....
Dec r ....

756.6
757.6
760.7
760.1
763.4
769.0
774.5
777.0
781.6
796.6
804.5
812.4

6.2
6.2
5.2

310.3
312.5
311.5
312.3

5.9
5.8
5.8
5.7
5.6
5.5

295.3
294.8
294.6
295.1
292.0
294.5
303.8
301.0
350.6
361.1
407.5
465.7

314.2
316.0
308.4
314.2
311.9
306.4
312.3

175.1
176.9
176.6
177.1
175.0
176.4
176.8
172.3
176.8
176.1
173.3
178.6

135.2
135.5
134.9
135.3
137.2
137.7
139.3
136.0
032.83
135.7
133.1
,327.77

3,885.8
3,921.4
3,975.9
3,981.1
5.0137.24,01
4,021.2
4,033.2
4,006.1
4,032.8
4,033.6
4,012.4
4,097.0

3,050.2
3,081.5
3,120.7
3,122.0
3,126.5
3,123.9
3,131.0
3,116.7
3,171.0
3,250.3
3,245.9
3,327.7

835.6
839.9
855.2
859.1
883.6
897.4
902.3
889.4
861.9
783.3
766.5
769.3

1,221.4
1,222.7
1,213.7
1,210.0
1,20
1,207.3
1,218.5
1,243.0
1,258.8
1,313.1
1,347.6
4,097.0

822.3
823.6
818.6
815.5
816.7
820.9
8316.0
859.0
878.8
966.5
995.6
1,016.0

399.2
399.1
395.2
394.5
391.4
386.4
382.4
383.9
380.0
346.5
352.0
354.0

988.0
1,023.8
1,037.9
1,055.2
1,046.0
1,03
1,047.1
136.0
1,052.4
1,094.2
1,088.5
1,016.0354

2,064.8
3,120.78
2.0859.1
3,126.58
1,207.3
2,265.0
2,286
2,251
2,231.1
2,325.8

2009: Jan

824.1

5.5

435.6

309.8

174.9

134.9

4,209.8

3,430.9

778.9

1,369.4

4.9134.94

356.0

4,209.8

2,476.3

60.1

6.1
69.0

312

1

Savings deposits including money market deposit accounts (MMDAs).
2
Small-denomination deposits are those issued in amounts of less than $100,000.
s
Institutional money funds are not part of non-M1 M2.

1,940.6

4,097.03,32

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

AGGREGATE RESERVES AND MONETARY BASE
[Averages of daily figures1; millions of dollars; seasonally adjusted, except as noted by NSA]
Borrowings from the Federal Reserve (NSA)

Adjusted for changes in reserve requirements
Reserves of depository institutions

Other borrowings from the Federal Reserve

Period
Total 2

Nonborrowed 3

Required

Excess
(NSA)

Monetary
base

Total 4

Term
auction
credit

Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec r

42,183
38,717
41,442
40,400
42,757
46,552
45,139
43,338
42,674
820,942

41,862
38,507
41,376
40,320
42,711
46,489
44,970
43,147
27,24
167,376

40,889
37,391
39,799
38,392
41,710
44,643
43,238
41,475
40,905
53,530

1,294
1,325
1,643
2,008
1,047
1,909
1,901
1,863
1,769
767,412

593,842
584,929
635,559
681,631
720,402
759,072
786,976
811,126
822,357
1,651,175

320
210
67
80
46
63
169
191
15,430
653,565

11,613
438,327

2008: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Decr.

42,150
42,826
43,561
44,128
43,364
43,330
44,559
102,784
315,516

40,509
41,100
41,321
41,716
42,115
41,089
41,353
42,568
42,733
47,612
50,883
53,530

1,640
1,726
2,978
1,716
2,013
2,275
1,977
1,991
60,051

820,942

¥3,510
¥17,331
¥50,224
¥91,848
¥111,652
¥127,914
¥122,334
¥123,520
¥187,321
¥332,803
¥88,849
167,376

559,053
767,412

820,174
821,355
825,910
824,631
827,170
832,490
838,062
842,815
905,174
1,130,304
1,433,490
1,651,175

45,660
60,157
94,523
135,410
155,780
892,2758
165,664
168,078
290,105
648,319
698,786
653,565

44,516
60,000
75,484
100,000
127,419
150,00
150,00
150,0
149,814
244,778
393,088
438,327

2009: Jan

858,417

294,921

60,168

798,249

1,700,800

563,496

403,523

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

1

44,299

609,937

267,904

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.

Primary

Primary
dealer
and
other
brokerdealer
credit 5

Assetbacked
commerical
paper
money
market
mutual
fund
liquidity
facility

Credit
extended
to
American
International
Group,
Inc.

Adjustment 6

179
99
34
35
17
11
97
111
3,787
88,245

47,631

32,102

47,206

88,245

16,168
25,764
14,238
6,908
255
0
53,473
114,953
60,655
47,631

31,877
117,457
71,009
32,102

22,187
77,047
78,070
47,206

70,436

33,061

17,745

38,690

1,137
155
1,617
9,624

14,076
14,225
15,204
17,980
32,632
44,7
950,883559

4

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

27

BANK CREDIT AT ALL COMMERCIAL BANKS
Total commercial bank loans and leases fell 0.9 percent in January; commercial and industrial loans fell 0.7 percent.
BILLIONS OF DOLLARS* (RATIO SCALE)
12,000
ALL COMMERCIAL BANKS
10,000

BILLIONS OF DOLLARS* (RATIO SCALE)
12,000

9,000

TOTAL

8,000

-±

7,000

•

f

!

10,000
9,000
8,000

"

——^

7,000

6,000

6,000
5,000

5,000

\
LOANS AND L
EASES

4,000

4,000

3,000

3,000

2,000

2,000

1,600

1,600

U.S. TREASURY AND
AGENCY SECURITIES
\

1,200

1,200

, - ' • ' " •

OTHERS ECURITIES

800

-s.

400 1 1 1 1 1 1 i i i 1 1 1 l l 1 1111 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 l l 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 400
2001
2002
2003
2004
2007
2008
2009
2005
2006
'SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars, seasonally adjusted 1
Loans and leases in bank credit

Securities in bank credit

Period

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

Decr.
Decr
Dec
Decr.
Decr
Decr
Decr
Decr
Decr
Decr
Jan''
Febr

Mai"-

Apr''
Mayr
June''
Julyr
Augr
Septr
Oef
Novr
Decr
2009: Jan
1

Total
bank
credit

4 745 7
5,202.4
5 413 6
5 95 6
6,265.4
6,818.2
7,539.9
8,371.4
9,244.1
9,953.2
9,350.0
9,397.6
9,503.0
9,420.8
9,426.3
9,403.5
9,425.5
9,426.2
9,579.2
9,983.6
9,916.6
9,953.2
9,857.8

Total
securities

1 270 2
1,336.5
1 480 9
1 720 2
1,851.6
1,945.7
2,065.6
2,245.6
2,422.2
2,774.1
2,444.7
2,464.8
2,541.8
2,514.6
2,495.6
2,490.7
2,504.7
2,489.0
2,538.7
2,722.4
2,710.9
2,774.1
2,741.2

U.S.
Treasury
and
agency
securities
811.4 4
789.9
849 3
1 033 3
1,108.1
1,165.9
1,161.0
1,214.8
1,134.9
1,261.8
1,105.5
1,096.2
1,104.3
1,096.1
1,106.0
1,122.9
1,121.8
1,132.8
1,154.2
1,237.8
1,263.1
1,261.8
1,276.5

Other
securities 2

458 8
546.7
631 6
686 9
743.5
779.8
904.6
1,030.8
1,287.3
1,512.3
1,339.2
1,368.6
1,437.4
1,418.5
1,389.7
1,367.9
1,382.9
1,356.3
1,384.5
1,484.6
1,447.8
1,512.3
1,464.7

990 6
1,078.8
1 018 6
9 4
896.9
919.0
1,036.3
1,188.0
1,432.8
1,584.1
1,451.4
1,460.2
1,479.3
1,489.6
1,496.4
1,507.4
1,515.2
1,522.7
1,539.9
1,605.2
1,263.1
1,584.1
1,573.8

3 475 5
3,865.8
3 932 8
4 171 5
4,413.8
4,872.5
5,474.3
6,125.9
6,822.0
7,179.1
6,905.3
6,932.8
6,961.2
6,906.2
6,930.7
6,912.8
6,920.8
6,937.1
7,040.5
7,261.2
7,205.6
7,179.1
7,116.6

Data are prorated averages of Wednesday values for domestically chartered commercial
banks, branches and agencies of foreign banks, New York State investment companies (through
September 1996), and Edge Act and agreement corporations. Data are adjusted for breaks
caused by reclassifications of assets and liabilities.
2
Includes other trading assets.

28

Commercial
and
indus-

Total
loans
and
leases 3

s

Real estate
Total 4

1 475 7
1,660.3
1 790 2
2 038 3
2,235.2
4,872.59
2,942.1
3,378.8
3,608.1
3,820.0
3,625.7
2,464.81
3,661.8
3,644.5
3,640.8
3,631.2
3,617.8
3,620.0
3,657.9
3,818.3
1,602.13,82

3,820.0
3,800.4

Revolving
home
equity

101 7
130.4
156 0
213 8
,851.61
399.1
445.6
469.9
486.0
590.1
290.0
494.8
500.5
506.4
511.2
516.8
522.3
526.5
539.9
579.3
584.5
590.1
593.9

Commercial

1,081.9
1,273.3
1,030.86,125
1,602.9
13,820.059
3,625.7

1,368.6
1,639.9
1,489.6
6,930.71,496
1,671.5
1,674.3
3,620.0526
1,687.5
3,818.35
7,205.61,60
13,820.059

1,724.9

Consumer 5

492 3
542.1
559 7
590 7
646.8
699.2
708.2
743.1
806.9
879.2
809.8
812.5
817.4
823.7
828.5
832.3
842.3
847.4
853.2
871.9
878.0
879.2
892.0

Security 5

125 8
148.8
114 0
153 9
179.8
181.9
228.8
248.8
271.3
248.2
290.0
285.7
285.8
273.0
287.8
277.2
285.5
292.9
319.8
297.3
266.6
248.2
224.8

Other

391 1
435.9
450 3
432 1
455.1
497.5
559.0
567.1
702.8
647.6
728.4
728.3
716.8
675.3
677.1
664.7
660.1
654.1
669.6
668.4
636.8
647.6
625.6

Excludes unearned income. Includes the allowance for loan and lease losses. Excludes Federal funds sold to, reverse repurchase agreements (RPs) with, and loans to commercial banks
in the United States.
4
Includes other residential, not shown separately.
5
Includes other items, not shown separately.
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 (N et increase in liabilities
F u n d s raised in markets

Total

TIQI 1

nal

Total

Total
net
raised

1998
1999
2000
2001
2002
2003
2004
2005
2006
2007

................1,

Discrep-

Credit market instruments

Period

Capital
expenditures 3

Total
Net new
equity
issues

Total

Loans
and
shortterm
paper

Securities
and mortgages

Other

2

Increase
in financial assets

(sources
less
uses)

1,298.1
1,718.6
1,955.4
850.2
896.2
844.7
1,537.5
2,026.3
2,027.9
2,013.2

682.1
731.0
718.0
755.0
811.3
831.3
928.5
1,065.1
1,086.0
1,047.0

616.0
987.6
1,237.4
95.2
84.9
13.4
609 0
961.2
941.9
966.2

167.5
273.2
243.7
164.6
¥18.5
46.2
79.5
¥28.3
¥133.3
¥41.8

¥215.5
¥110.4
¥118.2
¥48.1
¥41.4
¥41.1
¥124.420 4
¥360.7
¥602.7
¥831.2

383.1
383.6
361.9
212.7
22 9
87.3
204.0
332.4
469.4
789.4

221.9
273.6
187.3
399.6
167.1
217.0
134.7
266.3
314.1
419.4

161.3
110.1
174 6
¥187.0
-144.2
¥129.7
69.2
66.2
155.4
370.0

448.4
714.4
993 7
¥69.3
103.3
¥32.8
529 6
989.5
1,075.1
1,008.0

1.3448.4
1,833.8
2 137.7
980.2
867.2
832.5
1 608.8 8
1,879.8
1,930.5
2,141.5

778.5
863.9
928 5
802.6
737.1
749.9
825.7
922.0
1,059.4
1,047.3

569.9
969.9
1 209 2
177.6
130 1
82.6
783 1
957.8
871.1
1,094.2

¥50.4
¥115.2
¥182.4
¥130.0
28.9
12.1
¥71.3
146.5
97.4
¥128.2

2006: I ...........1,
II .........2,
III. .......1,
IV ........2,

1,932.8
2,232.0
1,940.2
2,006.5

1,094.3
1,091.2
1,117.2
1,041.2

838.5
1,140.8
823.0
965.3

¥121.3
¥111.4
¥251.3
¥48.9

¥566.1
¥578.0
¥524.1
¥742.5

444.8
466.6
272.8
693.6

329.7
290.5
246.5
389.6

115.1
176.0
26.3
303.9

959.9
1,252.2
1,074.3
1,014.2

1,873.8
2,138.3
1,889.7
1,820.1

1,013.3
1,063.6
1,076.3
1,084.3

860.5
1,074.7
813.4
735.8

59.0
93.7
50.6
186.4

2007: I ...........1,
II
III ........2,
IV ........1,

1,886.9
1,940.0
2,341.2
1,884.9

1,028.8
1,032.7
1,065.0
1,061.7

858.1
907.3
1,276.2
823.2

92.3
51.4
7.5
¥318.3

¥566.7
¥799.1
¥864.9
¥1,093.9

659.1
850.5
872.4
775.6

409.7
511.7
342.0
414.1

249.4
338.8
530.4
361.7

765.8
855.9
1,268.7
1,14

1,968.9
2,136.0
2,541.7
1,919.0

1,009.2
1,044.0
1,083.8
1,052.0

959.7
1,092.0
1,457.9
867.0

¥82.0
¥196.0
¥200.6
¥34.2

2008- I
II .........1,

1,839.6
1,580.5
1,286.7

1 041 2
1,008.5
1,087.0

798.4
572.0
199.7

¥94. 6
118.8
¥153.0

¥500.0
¥268.3
¥413.6

405.4
387.1
260.6

236.3
380.4
61.9

169 1
6.7
198.7

893.0
453.2
352.8

1,905.3
1,436.5
1,063.9

1,066.7
1,120.6
1,071.4

838.6
315.9
¥7.5

¥65.7
144.0
222.8

................850.
................844.
................2,
................2,

in>
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).

s
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
Revolving

Total

Nonrevolving2

Dee .
Dee .
Dee .
Dee .
Dee .
Dee .
Dee .
Dee .
Dee .
Dec

,532.4
,717.7
,867.3
,974.3
,078.3
,191.6
,285.2
,387.7
,519.0
,562.6

610.7
683.7
716.6
748.8
770.4
799.8
824.5
874.6
939.5
960.4

921.7
1,034.0
1,150.7
1,225.5
1,307.9
1,391.8
1,460.7
1,513.1
1,579.5
1,602.2

2008: Jan .
Peb .
Mar
Apr .
May
June
July
Aug r
Sept
Oef
Nov
Dec
2009:

,526.0
,536.9
,549.0
,558.8
,565.5
,574.1
,582.1
,576.2
,583.5
,579.2
,570.1
2 ,562.6
2,564.4

945.8
951.4
957.3
957.3
963.0
965.8
972.0
974.1
976.7
973.8
968.1
960.4
961.3

1,580.3
1,585.5
1,591.7
1,601.5
1,602.5
1,608.3
1,610.1
1,602.1
1,606.8
1,605.4
1,602.0
1,602.2
1,603.0

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

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.

Net change in consumer credit outstanding 1
Total

111.4
185.3
149.6
107.0
104.0
113.3
93.6
102.5
131.3
43.6
7.0
10.9
12.1
9.8
6.7
8.6
8.0
¥5.9
7.3
¥4.3
¥9.1
¥7.5
1.8

Revolving

Nonrevolving 2

29.3
73.0
32.9
32.2
21.6
29.4
24.7
50.1
64.9
20.9

82.1
112.3
116.7
74.8
82.4
83.9
68.9
52.4
66.4
22.7

6.3
5.6
5.9
.0
5.7
2.8
6.2
2.1
2.6
¥2.9
¥5.7
¥7.7

.8
5.2
6.2
9.8
1.0
5.8
1.8
¥8.0
4.7
¥1.4
¥3.4
.2

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 rose in February.
PERCENT PERANNUM

PERCENT PERANNUM
10

10

COUNCIL OF ECONOMIC ADWSERS

SOURCE; 5EE TABLE BELQW

[Percent per annum]

u.s .

Treasury security yields
Constant maturities

Period

3 month
bills (at
auction) 1

3-year10-year

Highgrade
municipal

2

30-year

30-year

(Standard
&
Poor's) 3

Corporate
Aaa
bonds
(Moody's)

Jan
P e b ....

4.66
5.85
3.44
1.62
1.01
1.38
3.16
4.73
4.41
1.48
2.21
1.38
1.32
1.71
1.89
1.72
1.79
1.46
.84
.30
.04
.12
.31

5.49
6.22
4.09
3.10
2.10
2.78
3.93
4.77
4.35
2.24
2.19
1.80
2.23
2.69
3.08
2.87
2.70
2.32
1.86
1.51
1.07
1.13
1.37

5.65
6.03
5.02
4.61
4.01
4.27
4.29
4.80
4.63
3.66
3.74
3.51
3.68
3.88
4.10
4.01
3.89
3.69
3.81
3.53
2.42
2.52
2.87

5.87
5.94
5.49
*
*
*
*
4.91
4.84
4.28
4.52
4.39
4.44
4.60
4.69
4.57
4.50
4.27
4.17
4.00
2.87
3.13
3.59

5.43
5.77
5.19
5.05
4.73
4.63
4.29
4.42
4.42
4.80
4.35
4.67
4.43
4.34
4.48
4.88
4.90
5.03
5.68
5.28
5.53
5.13
5.00

7.04
7.62
7.08
6.49
5.67
5.63
5.24
5.59
5.56
5.64
5.53
5.51
5.55
5.57
5.68
5.67
5.64
5.65
6.28
6.15
5.08
5.05
5.27

Week ended:
2009: Fb ...2 7
e7
14
21
28
Mar 7

.27
.34
.33
.30
.28

1.38
1.36
1.31
1.42
1.33

2.92
2.88
4.955
2.91
2.90

3.62
3.57
3.56
3.60
3.60

5.05
4.93
4.95
5.06
5.14

5.29
5.21
5.25
5.31
5.40

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

Feb
Mar .
Apr .
May

June
July
Aug .
Sept
Oct
Nov .
Dee .
2009:

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

30

6

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

Primary
credit

Discount
rate

4.62
5.73
3.40
1.17

Prime rate
charged by
banks 5

Federal
funds
rate 6

2.12
2.34
4.19
5.96
5.86
2.39
3.50
2.50
2.25
2.25
2.25
2.25
2.25
2.25
1.25
1.25
.50
.50
.50

8.00
9.23
6.91
4.67
4.12
4.34
6.19
7.96
8.05
5.09
6.00
5.25
5.00
5.00
5.00
5.00
5.00
5.00
4.00
4.00
3.25
3.25
3.25

4.97
6.24
3.88
1.67
1.13
1.35
3.22
4.97
5.02
1.92
2.98
2.61
2.28
1.98
2.00
2.01
2.00
1.81
.97
.39
.16
.15
.22

.50
.50
.50
.50
.50

3.25
3.25
3.25
3.25
3.25

Newhome
mortgage
yields
(FHFB) 7

.23
.23
.23
.20
.22

7.04
7.52
7.00
6.43
5.80
5.77
5.94
6.63
6.41
p6.06
5.96
5.92
5.98
6.01
6.13
6.29
6.33
6.09
6.10
6.16
5.67
5.11

Daily effective rate; weighted average of rates on brokered trades.
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.
7

COMMON STOCK PRICES AND YIELDS
Stock prices fell in February.
INDEX, DEC. 31,2002=5,000 (RATIO SCALE)
11,000

INDEX, DEC. 31,2002=5,000 (RATIO SCALE)
11,000

-

10,000

A

COMPOSITE STOCK PRICE INDEX 7 *

-

9,000

V

8,000

9,000

-

\

\

10,000

-

A

-

8,000

-

7,000

7,000
/

-\
V

6,000

Vy

-

A

V

/

6,000
\

5,000

\j

5,000

1 1 1
1
1 1 1 1 1 1 1 1 1 1 1 1 1111 i M 1 1 M
1
2003
2002
2001

11 i i i i i ii 1 1 11 1 1 1 1 1 1111 1 1 1 1 1 1 II 1 1
1
11111 II |
2004
2005
2006
2007

|

1 1 11I

M i l l

I
II 1 1 1 1| 1 1 1

2008

2009
PERCENT
20

PERCENT
20
15
EARNINGS-PRICE RATIO ON COMMON STOCKS
(S&P)

2007

2001

2008

COUNCIL OF ECONOMIC ADVISERS

SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD AND POORS

Common stock prices 1
Period

New York Stock Exchange indexes 2 3
(December 31, 2002 = 5,000)
Composite

Financial

2009

Energy

Health
Care

Dow Jones
industrial
average 4

Common stock yields
(percent) 7
Standard &
Poor's composite index
(194143 = 10) 5

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

1,327.33
1,427.22
1,194.18
993.94
965.23
1,130.65
1,207.23
1,310.46
1,477.19
1,220.04

2,728.15
3,783.67
2,035.00
1,539.73
1,647.17
1,986.53
207.232
2,263.41
2,578.47
2,161.65

1.25
1.15
1.32
1.61
1.77
1.72
1.83
1.87
1.86
2.37

Dividendprice ratio

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

6,546.81
6,805.89
6,397.85
5,578.89
5,447.46
6,612.62
7,349.00
8,357.99
9,648.82
8,036.88

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

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

5,288.67
5,924.80
6,283.96
6,685.06
7,19
6,171.19

10,464.88
10,734.90
10,189.13
9,226.43
8,993.59
10,317.39
10,547.67
11,408.67
13,169.98
11,252.62

2008: Feb
Mar
Apr
May
June
July
Aug
Sept
Oet
Nov
Dee

9,041.52
8,776.21
9,174.10
9,429.04
8,996.98
8,427.37
8,362.20
7,886.29
6,130.39
5,527.63
5,525.70

7,577.54
7,155.51
7,579.73
7,593.63
6,798.20
6,207.89
6,304.58
6,159.18
4,733.74
3,779.86
3,673.95

13,931.92
14,000.91
15,159.35
16,365.23
16,272.67
14,899.86
13,772.04
12,562.82
9,515.71
9,262.07
9,136.33

6,674.75
6,318.44
6,381.98
6,405.40
6,243.42
6,412.48
6,618.92
6,316.05
5,434.03
5,088.99
5,090.83

12,419.57
12,193.88
12,656.63
12,812.48
12,056.67
11,322.38
11,530.75
11,114.08
9,176.71
8,614.55
8,595.56

1,354.87
1,316.94
1,370.47
1,403.22
1,341.25
1,257.33
1,281.47
1,217.01
968.80
883.04
877.56

1,354.872,3
2,254.82
2,368.10
1,403.222,4
1,341.25
2,278.14
1,281.47
1,217.0
1,730.32
1,542.70
1,525.89

2.10
2.17
2.09
2.07
2.15
2,27
2.23
2.36
2.83
3.11
3.00

2009: Jan
Feb

5,477.14
5,051.42

3,337.14
2,823.74

9,295.97
8,785.04

5,256.13
5,106.78

8,396.20
7,690.50

865.58
805.23

1,537.20
1,485.98

5,295.71
5,282.10
4,887.33
4,707.75
4,342.53

3,054.50
3,033.17
2,601.23
2,561.56
2,252.84

9,205.12
9,197.11
8,482.64
8,194.82
7,567.86

5,288.59
5,262.64
5,088.43
4,783.81
4,330.11

8,063.10
7 976.49
7,484.96
7,196.32
6,717.31

842.13
838.56
781.65
753.86
695.19

1,532.75
1,544.57
1,455.67
1,404.86
1,318.21

3.17
3.63
2.95
2.92
3.84
4.89
5.36
5.78
5.29
p3.84

3.01
3.07

Week ended:
2009: Feb 7 .
14 .
21 .
28 .
Mar 7

Earningsprice ratio

3.00
2.98
3.13
3.15
3.19

1

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

Average of daily closing prices.
Includes all the stocks (nearly 1,850) listed on the NYSE.
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.
2
s

4.57
4.01
3.94

5

Includes 500 stocks.
Includes about 3,000 stocks.
Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earnings-price ratios based on prices at end of quarter.
6

7

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 fourth month of fiscal 2009, there was a deficit of $569.0 billion, compared with a deficit of $89.0 billion
a year earlier.
BILLIONS OF DOLLARS
4,000
- RECEIPTS AND OUTLAYS1
3,800

BILLIONS OF DOLLARS
4,000
3,800

-

3,600
3,400
3,200
3,000
2,800

2,600
2,400
2,200

/

\

/

-

*

-

/

-

3,000

OUTLAYS 1

-

_ i

-

'"

2,800

-

2,600

\

—

__„

000

""

<^

2,400
2,200

1

'^

RECEIPTS

-

-

2,000

-^

1,800
1,600

1

= > < ;

^^-_

1

-

1

1

i

i

1

i

2,000
1,800

1

1,600
400

400

-

0

-

^
-800
-1,200
-1,600

3,400
3,200

/

-

3,600

-

X
1

-2,000
2000

1
2001

1
2002

1
2003

1
2004

1

1
2006

2005

1
2007

-

\
1

2008

^

\

^

-

1
2009

0
400
-800
-1,200
-1,600
-2,000

2010

FISCAL YEARS
'INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
SOURCES; DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars]
Total
Fiscal year or period
Receipts

Outlays

On-budget
Surplus
or
deficit

Receipts

Outlays

Federal debt (end of
period)

Off-budget
Surplus
or
deficit

Receipts

Outlays

Surplus
or
deficit

Gross
Federal

Held by
the public

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

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

¥290.3
¥255.1
¥203.2
¥164.0
¥107.4
¥21.9
69.3
125.6

788.9
842.5
923.7
1,000.9
1,085.7
1,187.4
1,306.2
1,383.2

1,129.3
1,142.9
1,182.5
1,227.2
1,259.7
1,290.7
1,306.21
1,383.21,3

¥340.4
¥300.4
¥258.8
¥226.4
¥174.0
¥103.2
¥29.9
1.9

302.4
311.9
335.0
351.1
367.5
392.0
415.8
444.5

252.3
266.6
279.4
288.7
300.9
310.6
316.6
320.8

50.1
45.3
55.7
62.4
66.6
81.4
99.2
123.7

4,001.8
4,351.0
4,643.3
4,920.6
5,181.5
5,369.2
5,478.2
5,605

2,999.7
3,248.4
3,433.1
3,604.4
3,734.1
3,772.3
3,721.1
3,632.4

2000
2001
2002
2003
2004
2005
2006
2007
2008 3
2009 (estimates) 1
2010 (estimates) 1

025.5
991.4
853.4
782.5
880.3
153.9
,407.3
,568.2
,524.3
,186.4
,380.7

1,789.2
1,863.2
2,011.2
2,160.1
2,293.0
2,472.2
2,655.4
2,730.2
2,982.9
3,938.5
3,552.2

236.2
128.2
¥157.8
¥377.6
¥412.7
¥318.3
¥248.2
¥162.0
¥458.6
¥1,752.1
¥1,171.4

1,544.9
1,483.9
1,338.1
1,258.7
1,345.5
1,576.4
1,798.9
1,933.2
1,866.3
1,531.9
1,699.0

1,458.5
1,516.4
1,655.5
1,797.1
1,913.5
2,070.0
2,233.4
2,276.6
2,508.1
3,421.6
3,010.6

86.4
¥32.4
¥317.4
¥538.4
¥568.0
¥493.6
¥434.5
¥343.5
¥641.8
¥1,889.6
¥1,311.7

480.6
507.5
515.3
523.8
534.7
577.5
608.4
635.1
658.0
654.5
681.8

330.8
346.8
355.7
363.0
379.5
402.2
422.1
453.6
474.8
516.9
541.5

149.8
160.7
159.7
160.8
155.2
175.3
186.3
181.5
183.3
137.6
140.3

5,628.7
5,769.9
6,198.4
6,760.0
7,354.7
7,905.3
8,451.4
8,950.7
9,985.8
12,704.4
14,077.9

8 1 49.8
3,319.6
3,540.4
3,913.4
4,295.5
4,592.2
4,829.0
5,035.1
5,802.7
8,364.5
9,508.8

Cumulative total, first 4
months:2
Fiscal year 2008.
Fiscal year 2009.

861.4
773.5

950.4
1,342.6

¥89.0
¥569.0

654.2
564.9

822.4
1,203.3

¥168.2
¥638.5

207.3
208.7

128.1
139.2

79.2
69.5

9,183.9
10,595.9

5,118.7
6,312.7

1992
1993
1994
1995
1996
1997
1998
1999

1
Data from the Fiscal Year 2010 budget preview document: A New Era of Responsibility
Renewing America's Promise issued February 26, 2009.
2
Data from current issue Monthly Treasury Statement.

32

NOTE.—Data (except as noted) are from Budget of the United States Government, Fiscal Year
2009, issued February 4, 2008.
Sources: Department of the Treasury and Office of Management and Budget.

FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the fourth month of fiscal 2009, receipts were $87.9 billion lower than a year earlier and outlays were $392.2
billion higher.
BILLIONS OF DOLLARS
1,400

BILLIONS OF DOLLARS
1,400
- RECEIPTS1
1,200

1,200
INDIVIDUAL INCOME TAXES

•

1,000

1,000

800

800
600

CORPORATION
INCOME TAXES

SOCIAL INSURANCE
ANUKtllkhMbNI KhCblPIS

400

-

400
200

200

1

0
2,600
2,400
2,200
2,000
1,800

-

1,200
1,000
800
600

1

1

i

OTHER RECEIPTS/

1

|

1

0

-

OUTLAYS'

2,600
2,400

-

NONDEFENSE

2,200

.W

-

-

-

1,600
1,400

600

-~
NATIONAL DEFENSE
\
\

-

.

i

200

1

2000

2002

2001

1,600
1,400
1,200
1,000
800

1

400

1

1

1,800

600

—"

•

400

2,000

2003

1
2004

1
2005

2006

2007

1
2008

200
2009

FISCAL YEARS
1
1NCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET

COUNCIL OF ECONOMIC ADVISERS

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

On-budget and off-budget receipts

Individual
income
taxes

Fiscal year or period

poration
income
taxes

Social
insurance
and
retirement
receipts

National defense
Department of
Defense,
military

International
affairs

Income
security

Social
security

Net
inter-

1992.
1993.
1994.
1995.
1996.
1997.
1998.
1999.

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

476.0
509.7
543.1
590.2
656.4
737.5
828.6
879.5

100.3
117.5
140.4
157.0
171.8
182.3
188.7
184.7

413.7
428.3
461.5
484.5
509.4
539.4
571.8
611.8

101.4
99.0
113.8
72.12
265.825
190.023
132.9
151.7

1,381.6
1,409.5
1,461.9
1,515.9
1,56
1,601.3
1,652.7
1,702.0

298.4
291.1
281.6
272.1
265.8
270.5
268.2
274.8

.816.18
278.5
268.6
259.4
253.1
258.3
2 . 8
261.2

189.51
17.2
107.11
16.4
13.5
15.2
13.1
15.2

89.5
99.4
107.1
115.4
119.4
123.8
131.4
141.1

119.0
130.6
144.7
159.9
174.2
190.0
192.8
190.4

199.6
210.0
217.2
223.8
229.7
235.0
237.8
242.5

287.6
304.6
319.6
335.8
349.7
365.3
379.2
390.0

199.3
198.7
202.9
232.1
241.1
244.0
241.1
229.8

172.2
158.0
171.7
160.3
167.3
157.4
189.0
218.2

2000.
2001.
2002.
2003.
2004.
2005.
2006.
2007.
20081
2009 (estimates)

2,025.5
1,991.4
1,853.4
1,782.5
1,880.3
2,153.9
2,407.3
2,568.2
2,523.9
2,651.4

1,004.5
994.3
858.3
793.7
809.0
927.2
1,043.9
1,163.5
1,145.7
1,250.4

207.3
151.1
148.0
131.8
189.4
278.3
353.9
370.2
304.3
304.1

652.9
694.0
700.8
713.0
733.4
794.1
837.8
869.6
900.4
9431.365

160.9
152.0
196.52
144.1
148.5
154.2
171.6
164.9
173.4
165.5

1,789.2
1,863.2
2,011.2
2,160.1
2,293.0
2,472.2
2,655.4
2,730.2
2,978.7
3,133.2

294.4
304.8
348.5
404.8
455.8
495.3
521.8
552.6
624.1
682.1

281.1
290.2
331.9
387.2
436.5
474.1
499.3
529.8
5 . 7
656.7

17.2
16.5
22.4
21.2
26.9
34.6
29.935
28.5
28.8
39.9

154.5
172.3
196.5
219.6
240.1
250.6
252.8
266.4
280.6
301.4

197.1
217.4
230.9
34.64
269.4
298.6
329.9
375.4
390.8
411.9

253.7
269.8
312.7
334.6
333.1
345.8
352.5
366.0
432.7
431.3

409.4
433.0
456.0
474.7
495.5
523.3
548.5
586.2
617.0
656.1

222.9
206.2
170.9
153.1
160.2
184.0
226.6
237.1
248.9
228.0

239.9
243.4
273.3
302.7
311.9
339.9
393.8
318.1
355.7
382.5

861.4
773.5

422.5
379.8

98.6
54.9

283.3
284.8

57.0
54.1

950.4
1,342.6

210.5
229.3

200.7
212

10.3
12.6

92.3
97.9

.21 9 9
147.321

117.2
147.3

199.6
462.74

84.9
62.7

113.8
431.4

Cumulative total, first 4
months: 2
Fiscal year 2008
Fiscal year 2009
1

Data from Final Monthly Treasury Statement for fiscal 2008 released on October 14, 2008.
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.
2

NOTE.—Data for fiscal 2009 are from Mid-Session Review, Budget of the U.S. Government,
Fiscal Year 2009, issued July 28, 2008. Other data (except as noted) are from Budget of the
United States Government, Fiscal Year 2009, issued February 4, 2008.
Data do not reflect the Fiscal Year 2010 budget preview document: A New Era of Responsibility: Renewing America's Promise, issued February 26, 2009.
Sources: Department of the Treasury and Office of Management and Budget.

33

FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the fourth quarter of 2008, according to revised estimates, Federal current expenditures fell $27.1 billion (annual
rate), receipts data are incomplete.
BILLIONS OF DOLLARS
3,200

BILLIONS OF DOLLARS
3,200

-

s—"
-

SEASONALLY ADJUSTED ANNUAL RATES

3,000

3,000

-

2,800

2,800

-

CURRENT EXPENDITURE S

2,600
-

\

2,400
-

X

2,200

i—v
—\/\

-

2,000
1,800

V -

..-

'

' — ' "
V.

- \
CURRENT RECEIPTS

1,600
1,400
1,200
1,000

-

800
-

600
NET FEDERAL

-

400
-

200
0

~

'

•

-

-200

•—

-

— - ^

^100

\, -

-

-600
-800 " i l l
1998

1

1 1

1

1 1

1

2000

1999

1 1

2001

1

1 1

2002

1

1

1 1

1 1

2004

2003

i

i i
2005

1

1 1

2006

1

1 1

2007

V
I I I "
2008

2,600
2,400
2,200
2,000
1,800
1,600
1,400
1,200
1,000
800
600
400
200
0
-200
-400
-600
-800

CALENDAR YEARS
COUNCIL OF ECONOMIC ADWSERS

SOURCE: DEPARTMENT OF COMMERCE

[Billions of dollars; quarterly data aol seasonally adjusted annual rates]
ssa
en
t
a
Federal Gov rnment current receipts
Current tax receipts
Period
Total
Total 1

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

1,891.2
2,053.8
2,016.2
1,853.2
1,879.9
2,008.9
2,266.9
2,510.4
2,651.2

1,195.7
1,313.6
1,252.2
1,075.5
1,070.8
1,152.3
1,383.0
1,550.2
1,644.5

2,225.7
2,264.1
2,214.5
2,363.3

2006: I ...............2,
II .............2,
III. ...........2,
IV ............2,
2007: I ...............2,
II .............2,
III. ...........2,
IV ............2,
2008: I ...............2,
II .............2,
III r
IVr
1
2

34

Personal
current
taxes

Taxes
on
production and
imports

Taxes
on
corporate
income

83.9
87.8
85.8
87.3
89.7
94.6
99.2
98.0
97.7
96.4
97.1
101.2
100.0
98.5

213.0
219.4
164.7
150.5
.947.8
250.3
341.0
388.9
365.4

1,338.8
1,369.2
1,375.8
1,448.0

893.0
999.1
994.5
150.5
774.5
797.4
930.7
1,049.9
1,167.3
1,127.6
894.9
917.8
944.2
965.8

2,453.6
2,487.6
2,531.9
2,568.6
2,612.8
2,648.1
2,664.9
2,679.2

1,504.7
1,535.1
1,570.9
1,590.2
1,615.2
1,648.2
1,654.4
1,660.0

1,018.8
1,031.6
1,056.0
1,093.2
1,139.5
1,157.1
1,178.1
1,194.7

2,672.5
2,478.8
2,595.7

1,634.9
1,436.0
1,565.0

1,201.2
999.8
1,141.7
1,167.5

Contributions
for
government
social
insurance

Federal Government current expenditures

Income
receipts
on
assets

Current
transfer
receipts

Current
surplus
of government
enterprises

Total

2

Consumption
expenditures

Current
transfer
payments

Interest
payments

Subsidies

Net
Federal
Government
saving

21.5
25.2
24.9
20.2
22.9
23.8
24.0
25.7
29.2
32.0
24.1
25.0
23.8
23.1

22.7
25.7
27.1
24.8
25.0
28.8
15.0
35.7
37.5
39.3
31.0
31.8
¥35.8
32.8

¥0.3
¥2.3
¥5.5
-1.6
2.3
¥1.2
¥5.0
¥3.6
¥2.2
¥.5
¥3.2
¥4.4
¥6.4
— 6.2

1,787.6
1,864.4
1,969.5
2,101.1
2,252.1
2,379.5
2,558.6
2,711.6
2,880.5
3,096.0
2,504.4
2,533.6
2,579.2
2,617.1

475.1
499.3
531.9
591.5
662.7
723.7
766.3
811.8
856.1
931.9
758.2
760.3
782.1
764.5

986.1
1,038.1
1,131.4
1,243.0
1,328.7
1,390.6
1,478.0
1,568.1
1,666.7
1,808.2
1,458.7
1,461.7
1,483.0
1,508.7

282.7
283.3
258.6
229.1
212.9
221.0
255.4
282.3
312.6
308.2
233.4
253.4
253.8
281.0

43.8
43.8
47.6
37.5
47.8
44.2
58.9
49.4
45.2
47.7
54.2
58.2
60.4
62.9

103.6
189.5
46.7
¥247.9
¥372.1
¥370.6
¥291.7
¥201.1
¥229.3

335.4
339.8
318.0
370.6

651.6
691.7
717.5
734.3
758.9
805.2
850.0
902.4
942.3
972.3
835.0
842.5
857.0
865.7

97.8
98.2
98.6
97.4
97.7
96.9
98.2
98.0

377.3
394.4
404.6
379.5
365.6
381.5
365.1
349.5

893.6
895.7
902.6
917.7
937.1
936.4
943.3
952.3

23.7
24.9
26.0
28.2
28.4
29.0
29.8
29.5

34.7
35.5
36.0
36.5
37.0
37.2
37.6
38.2

2,661.5
2,712.5
2,750.4
2,721.8
2,837.9
2,859.5
2,909.2
2,915.6

805.9
809.2
816.2
816.0
832.5
851.1
869.1
871.6

1,535.4
1,566.5
1,584.6
1,586.0
1,650.2
1,652.6
1,671.4
1,692.5

266.4
287.4
301.9
273.3
309.6
310.5
323.9
306.4

53.8
49.4
47.8
46.5
45.6
45.2
44.8
45.1

¥207.9
¥225.0
¥218.4
¥153.2
¥225.2
¥211.4
¥244.3
¥236.3

95.8
96.9
94.7
98.0

322.5
324.4
313.4

968.9
971.8
976.0
972.5

29.9
31.7
32.4
33.9

39.4
40.0
22.4
55.6

¥3.1
¥3.5
¥3.6
¥4.0
¥5.1
¥2.8
— 2
¥.8
¥.5
¥.6
-.1
2.7

3,003.2
3,128.4
3,139.8
3,112.7

898.0
918.2
954.2
957.4

1,729.2
1,860.1
1,794.9
1,848.5

329.4
302.3
342.6
258.5

46.6
47.8
48.2
48.3

¥330.7
¥649.6
¥544.0

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

¥278.7
¥269.5
¥364.7
¥253.8

Note.—Revisions include changes to series affected by revised wage and salary estimates for
2008: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)
United
States

Germany

Japan

Consumer prices (1982-84=100; NSA)
United
Kingdom

Italy

39.72
94.4
102.6
98.4
100.0
100.1
101.7
103.5
103.3
103.2
98.4

102.5
102.7
108.5
145.32
100.0
103.0
101.710
109.4
114.3
117.5
113.6

93.8
96.0
102.610
101.3
100.0
99.7
102.0
102.3
102.8
104.3
101.7

94.4
95.5
100.9
120.11
100.0
100.4
103.4
106.9
113.2
104.31
9280.92

98.5
98.4
102.6
101.4
100.0
99.4

2008P .

95.4
99.5
103.7
120.11
100.0
101.2
103.8
107.2
109.6
111.4
109.4

96.2

2007: Dec r

112.4

100.4210

119.4

105.3

123.0

100.01

2008: J a n r .
Feb r .
Mai"" .
Aprr .
May
June r
July
Aug r .
Sept
Oef ..
Novr .
Decp .

112.6
112.3
112.0
111.4
111.2
111.3
111.2
109.8
105.3
107.0
105.7
103.2

100.8
100.3
99.0
99.6
99.1
99.1
100.3
98.6
98.1
97.5
95.6
93.2

118.7
120.6
116.5
116.3
119.6
117.0
118.5
114.3
115.5
111.9
102.4
92.3

105.3
105.7
104.3
105.7
102.4
101.6
19.9
102.6
101.9
98.0
95.3
93.6

123.7
123.8
123.7
124.4
121.9
122.3
118.5
184.91
199.9
117.7
183.81
107.6

11.0
120.6
116.51
100.8
98.6
98.7

2009: Janp
Febp

101.3

1998
1999
2000
2001
2002
2003
2004
2005
2006
2007

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

United
States 1

99.8
101.4

Germany

Japan

United
Kingdom

97.6

98.61
95.0
92.6

89.3
87.1

92

157.8
160.5
164.9
169.0
172.8
177.6
180.9
184.9
156.226
192.6
120.2

122.2
121.8
121.0
120.1
119.0
118.7
118.7
118.3
118.7
118.7
120.3

154.2
155.0
157.6
160.2
163.3
166.7
170.3
173.2
266.92
178.8
183.8

139.7
140.5
142.5
145.3
147.4
148.9
151.4
153.7
156.2
159.7
163.9

222.5
226.2
231.9
238.3
244.3
250.8
256.3
261.4
266.9
271.8
280.9

191.4
194.3
200.1
203.6
207.0
213.0
219.4
225.6
232.8
242.7
252.4

119.4

210.036

193.5

119.4

181.5

162.4

275.3

247.8

11.0
100.0
99.7
99.7
98.7
98.4
97.69
99.81
96.7
95.0
92.7
83.31

211.080
211.693
213.528
214.823
216.632
218.815
219.964
219.086
218.783
216.573
212.425
210.228

193.2
193.9
194.6
163.1
164.0
199.4
2100.31
165.028
199.9
197.9
12.42
195.8

1181.31
118.9
119.5
119.4
120.3
120.9
121.1
121.5
121.5
121.4
120.3
119.8

181.3
162.727
183.0
183.7
184.6
185.3
184.9
184.9
184.7
184.6
163.728
183.3

161.9
162.7
163.4
163.1
164.0
164.5
165.4
165.0
164.8
164.5
163.7
164.2

276.6
277.2
278.6
279.2
280.7
281.9
283.3
283.8
282.9
282.9
281.9
281.5

246.5
248.4
249.2
251.4
252.7
254.7
254.4
255.2
256.6
255.8
253.8
250.1

211.143

99.1
98.4
100.7
100.5

163.0
166.6
142.52
177.1
179.9
184.0
180.9
195.3
201.6
104.312
215.303

195.3

119.1

182.6

163.4
164.3

281.1
281.7

246.9

103.7102
1 1 6

100.0
99.3
102
1.1
83
99.8
104.312

83.2

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

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 ba is (by end-use category)

Services
( B O P basis)

Balance of trade
(exports minus imports)

Census basis (by end-use category)
B O P basis

Period

1999
2000
2001
2002
2003
2004
2005
2006
2007

BOP
basis

Total,
Census
basis 1

Auto- ConIndusmo- sumer
Foods, trial Capital tive goods
supgoods vehi- (nonfeeds,
plies
except cles, food)
and
and
auto- parts except
beverages mate- motive and autorials
enmogines tive

684.0
772.0
718.7
682.4
713.4
807.5
894.6
1,023.1
1,148.5
1,291.3

695.8
781.9
729.1
693.1
724.8
818.8
906.0
1,036.6
1,162.5
1,300.5

46.0
47.9
49.4
49.726
55.0
56.6
59.0
07.0
84.3
108.4

2007: Dec ....

101.8

102.9

8.0

37.7

39.4

101.81

12.8

171.4

2008: Janr ..
Febr ..
Marr
Aprr ..
Mayr
Juner
Julyr
Augr ..
Septr
Octr ..
Novr ..
Decp ..

104.6
108.0
104.9
110.0
110.9
116.2
120.7
117.8
107.7
104.7
97.0
88.7

105.4
108.9
105.5
110.7
111.5
116.9
121.6
118.9
108.2
105.4
98.0
89.6

8.5
9.0
9.5
9.8
9.6
10.3
38.3
10.1
8.9
8.1
7.6
6.9

29.8
31.8
31.6
32.8
34.2
36.8
38.3
37.4
33.0
31.6
27.3
22.7

39.4
39.4
37.9
40.1
39.5
40.6
41.5
42.4
38.2
38.0
36.6
36.0

29.83
108
9.4
10.0
34.2
.0 1 8
120.71
137.4
47.3
104.71
9.0
7.7

44.73
33.4
12.6
832.84
20.44
14.1
14.9
14.0
13.5
173
13.1
12.3

175.3
181.0
173.9
.832.84
183.5
188.0
120.44
137.4
108.28
174.3
150.3
140.3

2008P

1

147.5
172.6
160.1
156.8
173.0
203.9
233.0
276.0
316.3
387.3

BOP
basis

310.8 75.3 80.9 1 0 . 8
356.9 80.4 89.4 1,226.7
321.7 75.4 88.3 1,148.2
290.4 78.9 93.14 1,167.4
293.7 80.6 8295.9 1,264.3
331.4 53.12 103.2 1,477.1
363.3 98.4 115.3 1,681.8
415.0 .0276.0 129.1 1,861.4
9474.94 121.0 84.331 1,967.9
469.5 120.9 161.2 2,112.5

Con
IndusAutoFoods, trial Capital motive sumer
goods
Total, feeds,
supgoods
vehi(nonCensus
plies
except
cles,
and
food)
basis 1
bevand
autoparts
erages mate- motive and en- except
rials
gines
auto 1,024.6
1,218.0
1,141.0
1,167.4
1,257.1
1,469.7
1,673.5
1,853.9
1,957.0
5108.4

Exports

Imports

Goods,
Census

Services

Goods
services

43.6
46.0
46.6
67.7
55.8
62.1
68.1
74.9
8.947
89.0

221.4
299.0
273.9
203.7
313.8
412.8
523.8
602.0
634.7
775.5

295.7
347.0
298.0
292.3
295.9
343.6
379.3
418.3
444.5
453.8

179.0
195.9
284.328
203.7
210.1
228.2
239.4
256.6
258.9
233.6

281.919
281.8
284.3
307.8
333.9
372.9
407.2
442.6
474.9
482.5

281.9
298.6
286.2
292.3
304.3
353.1
389.1
433.9
497.2
551.6

199.2
223.7
221.8
231.1
250.4
291.2
313.5
348.9
378.1
407.6

¥328.8
¥436.1
¥411.9
¥468.3
¥532.4
¥650.9
¥767.5
¥817.3
¥794.5
¥799.9

¥347.8
¥454.7
¥429.5
¥485.0
¥550.9
¥669.6
¥787.1
¥838.3
¥819.4
¥821.2

82.7
74.9
64.4
61.2
54.0
61.8
75.6
85.0
119.1
144.1

¥265.1
¥379.8
¥365.1
¥423.7
¥496.9
¥607.7
¥711.6
¥753.3
¥700.3
¥677.1

170.5

6.9

60.3

37.7

20.7

39.7

44.3

32.4

¥67.6

¥69.5

11.9

¥57.6

174.5
179.4
172.3
181.8
182.8
187.2
194.4
188.7
47.33
173.5
149.6
140.0

7.1
7.2
7.1
7.4
7.7
7.5
7.6
7.8
7.6
7.7
7.3
7.1

37.52
64.8
61.8
67.8
67.3
73.6
80.1
74.0
65.5
65.0
48.5
42.9

37.5
38.3
38.0
39.2
39.9
38.5
39.1
319.3
38.8
40.44
35.1
33.6

21.2
22.8
20.3
21.4
20.4
20.5
20.4
19.3
18.4
17.6
16.4
14.9

39.2
41.1
39.6
40.3
41.9
41.4
41.2
43.7
40.3
40.4
36.9
36.4

44.7
44.5
44.7
45.2
46.2
46.8
47.5
47.7
47.3
46.7
45.3
45.1

33.3
33.4
33.2
33.6
34.1
34.2
34.5
35.5
34.3
34.4
33.6
33.4

¥69.1
¥70.4
¥66.8
¥71.1
¥71.3
¥70.3
¥72.8
¥69.9
¥68.1
¥68.1
¥51.6
¥50.4

¥70.7
¥73.0
¥68.9
¥73.5
¥72.6
¥71.8
¥74.6
¥71.6
¥70.1
¥69.6
¥53.3
¥51.6

11.4
11.0
11.4
11.6
12.1
12.6
13.0
12.2
13.0
12.4
11.7
11.6

¥59.2
¥62.0
¥57.5
¥61.9
¥60.5
¥59.2
¥61.6
¥59.4
¥57.1
¥57.2
¥41.6
¥39.9

Total includes "other" exports or imports, not shown separately.

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

NOTE.—BOP refers to balance of payments on international transactions basis. BOP data
shown here are consistent with figures shown on pp. 36 and 37.

35

U.S. INTERNATIONAL TRANSACTIONS
In the third quarter of 2008, the goods deficit fell to $214.7 billion, from $216.3 billion in the second quarter.
The current account deficit fell to $174.1 billion in the third quarter, from $180.9 billion in the second quarter.
BILLIONS OF DOLLARS*

BILLIONS OF DOLLARS*

0

-

-20

-20
V

-40

^(0

\

-60

-60

\

-80

\ ^ \

BALANCE ON GOODS
AND SERVICES

^
-

-100

v

-

-80

-

N

-100

BALANCE ON
CURRENT ACCOUNT

*-.o—-

-120

-120
BALANCE ON
GOODS

-

-140

W
-140

-160

-160
-

r
-

" M1
V

-200
-220

^

J

-180

*****

-180
-

x

-200
s.,

-220
-

-

-240

-240
1998

1999

2000

2002

2001

2004

2003

2005

2006

•SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE

2007

2008

COUNCIL OF ECONOMIC ADVISERS

[Millions of dollars; quarterly data seasonally adjusted. Credits (+), debits ( ¥ ) ]
Goods 1

Period
Exports

1998
1999
2000
2001
2002
2003
2004
2005
2006
2007

..............670,
..............771,
..............718,
.............713,
.............807,
.............1,
.............1,

2006: I ........244,
II ....253,
III. ....259,
IV ...265,
2007: I ........270,

II ....279,
III. ....295,
IV ...303,
2008: I ........317,

II ....337,
IIIp
1

....

Imports

Balance
on
goods

Net
military
transactions 2

Net
travel
and
transportation

Other
services,
net

Balance
on
goods
and
services

Receipts

Payments

Balance
on
income

Unilateral
current
transfers,
net 3

Balance
on
current
account

670,416
683,965
771,994
718,712
682,422
713,415
807,516
894,631
1,023,109
1,148,481

¥918,637
- 1,031,784
¥1,226,684
¥1,148,231
- 1,167,377
¥1,264,307
¥1,477,094
- 1,681,780
¥1,861,380
¥1,967,853

¥248,221
¥347,819
¥454,690
¥429,519
¥484,955
¥550,892
¥669,578
¥787,149
¥838,270
¥819,373

5,220
2,593
317
¥2,296
¥7,158
¥11,981
¥13,518
¥10,536
¥13,602
¥16,768

10,210
7,085
2,486
¥3,254
¥4,245
¥11,475
¥14,275
¥13,006
¥10,788
2,181

66,651
73,051
72,052
69,943
72,633
77,433
89,640
99,124
109,377
133,702

¥166,140
¥265,090
¥379,835
¥365,126
¥423,725
¥496,915
¥607,730
¥711,567
¥753,283
¥700,258

261,819
293,925
350,918
290,797
280,942
320,456
413,739
535,263
685,150
817,779

¥257,554
¥280,037
¥329,864
¥259,075
¥253,544
¥275,147
¥346,519
¥462,905
¥627,956
¥736,030

4,265
13,888
21,054
31,722
27,398
45,309
67,219
72,358
57,194
81,749

¥53,187
¥50,428
¥58,645
¥51,295
¥64,948
¥71,794
¥84,482
¥89,784
¥92,027
¥112,705

¥215,062
¥301,630
¥417,426
¥384,699
¥461,275
¥523,400
¥624,993
¥728,993
¥788,116
¥731,214

244,679
253,332
259,277
265,821

¥453,286
¥465,016
¥477,900
¥465,178

¥208,607
¥211,684
¥218,623
¥199,356

¥3,121
¥3,482
¥3,641
¥3,358

¥2,853
¥2,885
¥2,622
¥2,429

25,493
26,209
27,414
30,258

¥189,087
¥191,841
¥197,471
¥174,885

155,683
170,011
176,251
183,205

¥141,031
¥153,960
¥164,969
¥167,996

14,652
16,051
11,282
15,209

¥21,516
¥24,116
¥24,716
¥21,679

¥195,952
¥199,906
¥210,906
¥181,355

270,318
279,488
295,494
303,180

¥473,681
¥485,375
¥496,698
¥512,099

¥203,363
¥205,887
¥201,204
¥208,919

¥3,286
¥4,085
¥4,251
¥5,146

¥1,587
¥806
1,064
3,509

28,692
31,960
36,276
36,773

¥179,543
¥178,819
¥168,114
¥173,783

186,746
202,171
213,520
215,343

¥173,959
¥192,492
¥190,562
¥179,016

12,787
9,679
22,958
36,327

¥30,174
¥24,953
¥27,796
¥29,784

¥196,930
¥194,093
¥172,952
¥167,241

317,813
337,312
346,536

¥528,845
¥553,641
¥561,246

¥211,032
¥216,328
¥214,710

¥4,398
¥5,432
¥5,580

3,115
4,643
6,499

35,205
37,038
37,255

¥177,110
¥180,079
¥176,536

199,827 ¥166,615
196,446 ¥168,282
194,655 ¥163,819

33,212
28,164
30,835

¥31,742
¥29,028
¥28,390

¥175,640
¥180,944
¥174,091

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

Services

s
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 decreased $152.0 billion in the third
quarter of 2008, following a decrease of $213.9 billion in the second quarter. U.S. liabilities to private foreigners
reported by U.S. banks, excluding Treasury securities, decreased $147.9 billion in the third quarter, following a
decrease of $256.6 billion in the second quarter.
BILLIONS OF DOLLARS*
1800

BILLIONS OF DOLLARS*
8001
700

700
CHANGE IN
FOREIGN-OWNED
ASSETS IN
THE U.S., NET

600
500

600
500

V,

400

400

300

300

200

200

100

100

0

0

-100

-100

-200

-200

-300

-300

-400

-400

-500

-500

-600

-600
1998
'SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

[Millions of dollars; quarterly data seasonally adjusted. Credits (+), debits (¥ ) ]
Financial account

Period

Total

1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2006: I ....
II ...
III
IV ..
2007: I ....
II ...
III

rv ..
2008: I ....
II ...

¥766
¥4,939
¥1,010
¥1,270
¥1,470
¥3,480
¥2,369
¥4,036
¥3,880
¥1,843
¥1,716
¥1,005
¥533
¥626
¥543
¥112
¥617
¥571
¥600
¥631
¥593

¥353,829
¥504,062
¥560,523
¥382,616
¥294,646
¥325,424
¥1,000,870
¥546,631
¥1,251,749
¥1,289,854
¥359,608
¥234,828
¥286,769
¥370,543
¥442,065
¥523,556
¥170,476
¥153,757
¥260,644
102,698
9,505

Statistical discrepancy

Foreign-owned assets in the U.S.,
excluding financial derivatives
[increase/financial inflow ( + )]

U.S.-owned assets abroad,
excluding financial derivatives
[increase/financial outflow ( ¥ )]

Capital
account
transactions,
net

U.S.
official
reserve
assets 4

Other U.S.
Government
assets

¥6,783
8,747
¥290
¥4,911
¥3,681
1,523
2,805
14,096
2,374
¥122
513
¥560
1,006
1,415
¥72
26
¥54
¥22
¥276
¥1,267
¥179

¥422
¥346,624
2,750
¥515,559
¥941
¥559,292
¥486
¥377,219
345
¥291,310
537
¥327,484
1,710 ¥1,005,385
5,539
¥566,266
5,346 ¥1,259,469
¥22,273 ¥1,267,459
1,049
¥361,170
1,765
¥236,033
1,570
¥289,346
962
¥372,920
445
¥442,438
¥596
¥522,985
623
¥171,045
¥22,744
¥130,990
3,265
¥263,634
¥41,592
145,558
¥225,994
235,678

U.S.
private
assets

Total

420,794
742,210
1,038,224
782,870
795,161
858,303
1,533,201
1,247,347
2,061,113
2,057,703
537,649
405,008
524,858
593,598
692,713
718,112
266,476
380,402
459,017
22,719
125,692

4
Consists of gold, special drawing rights (SDRs), foreign currencies, and the U.S. reserve
position in the International Monetary Fund (IMF).

Foreign
official
assets

¥19,903
43,543
42,758
28,059
115,945
278,069
397,755
259,268
487,939
411,058
130,427
127,303
121,843
108,366
163,270
88,822
13,469
145,497
173,533
145,391
117,663

Other
foreign
assets

440,697
698,667
995,466
754,811
679,216
580,234
1,135,446
988,079
1,573,174
1,646,645
407,222
277,705
403,015
485,232
529,443
629,290
253,007
234,905
285,484
¥122,672
8,029

Financial
derivatives,
net

29,710
6,496
1,633
14,090
15,134
¥1,147
14,795
¥1,007
5,942
¥13,234
¥8,001
¥2,519

Total (sum
of the items
with sign
reversed)

148,863
68,421
¥59,265
¥14,285
¥37,770
¥6,000
95,030
32,313
¥47,078
¥41,287
17,994
16,641
¥41,784
¥39,927
¥67,970
656
71,627
¥45,600
¥14,131
58,677
39,487

Of which:
Seasonal
adjustment
discrepancy

10,054
587
¥19,426
8,787
12,192
722
¥21,805
8,892
9,271
¥3,368
¥33,739

U.S. official
reserve
assets, net 4
(unadjusted,
end of
period)

81,761
71,516
67,647
68,654
79,006
85,938
86,824
65,127
65,895
70,565
65,354
67,935
66,217
65,895
66,551
66,127
69,070
70,565
75,764
75,740
71,834

Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the
Treasury.

37

Contents
Pa e

TOTAL OUTPUT, INCOME, AND SPENDING

g

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 m ay 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 seasonally7 adjusted.

38

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