Full text of Economic Indicators : February 2009
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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) 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 r 2004: I ... II . III IV 2005: I ... II . III IV 2006: I ... II . III rv 2007: i ... II . in IV 2008: i ... II . in r. 1 GDP chain-type price index GDP implicit price deflator Personal consumption expenditures (PCE) PCE (chain-type price index) PCE less food and energy price index Personal consumption expenditures (PCE) Gross domestic product (GDP) 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 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 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 2.5 118.631 119.460 119.308 117.399 121.613 121.951 123.134 123.284 121.508 121.890 123.056 123.284123 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 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 Current dollars 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 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. Capital consumption adjustment 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* \ . - TOTAL PERSONIAL 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 PERSONALCURREh>IT 2,000 TRANSFER RECEIP 2,000 rs , • ^' 1,400 _ • • 1,400 ' 800 1 hllll 2001 2002 1 him 111111, ii 1 1i i i i i 1 i i i i i i , , i i 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. 738.5 635.5 469.6 173.5 1998 4 1999 2000 ..............................759. 2001 2002 ..............................766. 2003 2004 2005 ...............................1, 2006 2007 ...............................1, 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 1,224.4 470.0 437.3 362.3 431.4 470.0 493.1 473.3 478.8 454.1 492.7 460.3 392.4 412.8 383.2 308.8 242.7 239.3 241.6 251.6 279.2 305.8 333.5 298.9 317.0 350.8 306.6 392.41 240.5 214.9 272.6 165.9 Utilities Wholesale 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 1996....807.1 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 1.325 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 11 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 | 2007 'SEE FOOTNOTE 1 TABLE BELOW. ^HISPANIC OR LATINO ETHNICITY. SOURCE: DEPARTMENT OF LABOR IMIllllMI 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 2.2 2.0 2.7 3.6 3.8 3.1 2.8 2.4 2.5 3.4 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 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) Women who maintain families (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 80 130 r C 78 LNONAGRIC ESTABLISHM ENTS 76 - SERVICE-PROVIDING - r - . ^ ^ 74 120 - . —— . " 110 r " 72 ^ \ ^ S LESS RETAIL JNMENT A N D GOVE - - - - - - - / / \ \ 70 ERVICE-PROVI INDUSTRIE S 68 - 100 24' 22 90 {_ 1 _ —i - 20 80 - - 18 - 16 - 14 / / 30 16 - 1 111111I I M I l l l l l l l 1 1 M I I 1 M !1 11 1 1 1 1 1 I1i ii M 70 \ RETAIL TRADE 111111i 1 II 1 _ M A N U F A C TURING - 14 12 20 in CONSTRUCTION / GOODS-PR O D U C I N G INDU .TRIES M 1 1 1 1 M ! 11 M 1 1 1 1 1 1 11 1I ! 1 1 1 1 1 HMi 1i 1 i i i i Ii M I l l l l l l l 2005 2006 2007 2008 "~~ > 1 ! 1 ! 1 1 1 11 11 M 1 1 1 1 I1 I1I 1I 1 I i I I I II 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 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 r. 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 03.2 ¥.3 _ 2 Capacity utilization rate (output as percent of capacity) 1 Industry production indexes, 2002 = 100 2 Manufacturing From year earlier Total 1 Durable Nondurable Other (nonNAICS) 1 Mining Total industry 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 4.3 4.2 ¥3.4 ¥.1 1.2 2.5 3.3 2 2 1.7 ¥1.8 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 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 97.5 Nondurable goods Materials Nonindustrial supplies 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 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008r. 2008: Jan . Feb . Mar . Apr.. May June July Sept Oet .. Nov r Dec r 2009: Janp Federal and State and local Nonresidential New housing Commercial (including farm) Lodging 744.6 802.8 840.2 847.9 891.5 991.6 102.7 ,167.6 137.2 ,074.8 575.5 621.4 638.3 634.4 675.4 771.4 868.5 912.2 850.0 766.9 326.3 346.1 364.4 396.7 446.0 532.9 611.9 613.7 492.5 356.0 251.3 265.0 279.4 298.8 345.7 417.5 480.8 468.8 353.4 230.2 249.2 275.3 273.9 237.7 229.3 238.5 256.6 298.4 357.5 410.9 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 ,044.6 709.030 794.6 783.7 789.6 783.7 784.1 780.4 751.5 769.1 777.0 766.9 728.0 709.0 404.9 392.0 391.6 383.5 371.4 356.4 334.5 352.9 350.2 343.8 314.1 300.3 277.2 258.8 256.4 247.9 243.9 237.0 232.2 221.6 214.1 205.7 193.7 176.731 986.2 682.6 291.5 165.6 1 Includes residential improvements, not shown separately. 2 Includes health care, educational, communication, and power, among other categories not shown separately. Manufacturing 356.023 435.1 52.4 49.7 35.3 30.6 32.9 37.3 45.7 53.4 57.5 59.4 04.91 63.6 59.0 57.5 6.82 66.6 73.4 85.0 81.9 35.1 37.6 37.8 22.7 21.4 23.7 29.9 35.1 42.2 63.3 93.7 104.9 108.2 110.2 109.9 106.8 110.2 126.7 149.4 171.9 169.1 181.3 201.9 213.4 216.1 220.2 234.2 255.4 287.1 307.8 389.7 391.6 398.0 400.2 412.8 424.0 417.0 416.1 426.9 423.1 413.9 408.7 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 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 ....................................................326, 326,227 2003 ....................................................334, 334,616 359,081 2004 ....................................................359, 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 ..........................................447, 455,873 June .........................................455, 462,379 July ..........................................462, 445,455 A u g ..........................................445, 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 137.6 138.8 139.7 140.1 135 151.714 144.6 146.9 149.5 153.7 151.1 151.7 151.8 152.6 153.0 153.4 154.2 141.8 155.4 142.720 156.2 156.4 157.2 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 123.2 129.2 129.7 127.8 133.7 142.6 154.0 164.0 146.7 188.6 179.72 181.0 185.0 186.9 191.6 195.5 200.9 176 173.31 198.6273 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 2003 2002 2001 2004 2005 1 1 2006 2007 SEE NOTE O N TABLE BELOW SOURCE: DEPARTMENT OF LABOR 1 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. 1 Seasonally adjusted 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 .8 .9 .0 .2 ¥1.4 1.0 .1 2.3 1.8 1.9 ¥1.2 ¥.3 ¥5.0 ¥4.6 ¥3.0 ¥.4 1.4 !o 0.5 .4 .1 .5 .3 .3 .5 .4 .4 .4 .1 .1 0.8 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 9.7 10.0 9.0 7.1 11.0 11.9 9.9 7.8 1.5 ¥6.3 ¥12.1 ¥13.3 ¥6.2 ¥22.3 3.1 ¥13.0 Note.—See Note, p. 22. 10.6 9.6 9.8 7.4 9.1 8.9 7.0 8.6 6.0 5.6 4.4 ¥.9 8.7 13.0 13.2 11.8 8.0 14.7 17.3 12.5 9.7 ¥1.3 ¥14.1 ¥22.0 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 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 1.9 2.6 2.7 1.9 1.1 2.2 2.2 2.6 2.4 1.8 2.2 3.4 2.8 1.6 2.3 2.7 3.4 3.2 2.8 3.8 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 1 ! 11 11 1 1 1 1 1 1 1 1 1 11111111111 11 1 1 1 1 11 11 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11 11 1 1 1 1 1 1 1 1 1 11 11 11 11 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 I1 1 1 1 1 I1I M 2007 2006 i l l II I II I I i I M 1 1 1 2008 2009 1 RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID. SOURCE: DEPARTMENT OF AGRICULTURE RATIO1 140 120 100 80 60 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 Ml \ _ - 1,600 • 1,200 1,200 1 11 1 1 1 11 H1 I1 111 1 1 1 1 M 1 1 1 1 1 1! 11 1II11 1 1111 1 I1I I I 1 1 1 1 1 1 1 1 1 1 1 1 E 1 1 1 1 1 1 1 i 1 1 1 1 1 1 1 1 1 1 1 1 ! 11 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 14.2 From previous period 3 Debt 6.4 5.0 6.3 7.3 8.1 8.9 9.5 9.0 8.6 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 LEASES 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: Feb7...2 7 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 .23 .23 .23 .20 .22 Newhome mortgage yields (FHFB) 7 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 i M11M 1 1 11 1 1 1 1 11 11 11 1 1 111 2003 2002 2001 11 i i i i i ii 1 1 11 1 1 1 1 1 1111 11 1 1 1 111111 1 II 1II 1| 2004 2005 2006 2007 | 1 1 11I M i l l I|1 1 1 II 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 3.01 3.07 Week ended: 2009: Feb 7 . 14 . 21 . 28 . Mar 7 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 3.00 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 Earningsprice ratio 3.17 3.63 2.95 2.92 3.84 4.89 5.36 5.78 5.29 p3.84 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 1 2000 2002 2001 1,600 1,400 1,200 1,000 800 400 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 asetasonal seasonally adjusted annual rates] 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 .. .. .. .. .. .. .. .. .. .. 99.1 98.4 100.7 100.5 97.6 98.61 95.0 92.6 89.3 87.1 United States 1 99.8 101.4 United Kingdom 92 163.0 166.6 142.52 177.1 179.9 184.0 180.9 195.3 201.6 104.312 215.303 157.8 160.5 164.9 169.0 172.8 177.6 180.9 184.9 156.226 192.6 120.2 122.2 121.8 121.0 120.1 119.0 118.7 118.7 118.3 118.7 118.7 120.3 154.2 155.0 157.6 160.2 163.3 166.7 170.3 173.2 266.92 178.8 183.8 139.7 140.5 142.5 145.3 147.4 148.9 151.4 153.7 156.2 159.7 163.9 222.5 226.2 231.9 238.3 244.3 250.8 256.3 261.4 266.9 271.8 280.9 191.4 194.3 200.1 203.6 207.0 213.0 219.4 225.6 232.8 242.7 252.4 119.4 210.036 193.5 119.4 181.5 162.4 275.3 247.8 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 1181.31 118.9 119.5 119.4 120.3 120.9 121.1 121.5 121.5 121.4 120.3 119.8 181.3 162.727 183.0 183.7 184.6 185.3 184.9 184.9 184.7 184.6 163.728 183.3 161.9 162.7 163.4 163.1 164.0 164.5 165.4 165.0 164.8 164.5 163.7 164.2 276.6 277.2 278.6 279.2 280.7 281.9 283.3 283.8 282.9 282.9 281.9 281.5 246.5 248.4 249.2 251.4 252.7 254.7 254.4 255.2 256.6 255.8 253.8 250.1 211.143 195.3 119.1 182.6 163.4 164.3 281.1 281.7 246.9 103.7102 1 1 6 100.0 99.3 102 18.31 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. Germany Japan 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 For sale by the Superintendent of Documents, U.S. Government Printing Office, Washington, D.C. 20402. Price $5.00 (single copy) ($7.00 foreign). Subscription price: $58.00 per year; $81.20 for foreign mailing. U.S. GOVERNMENT PRINTING OFFICE : 2009 47-853