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109th Congress, 1st Session

Economic Indicators
JANUARY 2005
(Includes data available as of February 10, 2005)

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

UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 2005

JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)

HOUSE

OF

REPRESENTATIVES

SENATE

COUNCIL OF ECONOMIC ADVISERS
N. GREGORY MANKIW, Chairman
HARVEY S. ROSEN, Member
KRISTIN J. FORBES, Member
[PUBLIC LAW 120—81ST CONGRESS; CHAPTER 237—1ST SESSION]
JOINT RESOLUTION [S.J. Res. 55]
To print the monthly publication entitled ‘‘Economic Indicators’’
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the
Joint Economic Committee be authorized to issue a monthly publication entitled ‘‘Economic Indicators,’’ and that
a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant
at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies
to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic
Committee; and the required numbers of copies to the Superintendent of Documents for distribution to depository
libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public.
Approved June 23, 1949.
Charts prepared under the direction of the Printing and Procurement Branch,
Office of the Secretary, Department of Commerce.

Economic Indicators, published monthly, is available at $3.00 a single copy
($3.75 foreign), or by subscription at $33.00 per year ($41.25 for foreign mailing)
from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
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For sale by the U.S. Government Printing Office
Superintendent of Documents, Mail Stop: SSOP, Washington, DC 20402–9328

ii

TOTAL OUTPUT, INCOME, AND SPENDING
GROSS DOMESTIC PRODUCT
In the fourth quarter of 2004, according to advance estimates, current-dollar gross domestic product (GDP) rose
5.3 percent (annual rate), real GDP (GDP in chained 2000 dollars) rose 3.1 percent, and the implicit price deflator
rose 2.0 percent.

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

Period

1995 ......................
1996 ......................
1997 ......................
1998 ......................
1999 ......................
2000 ......................
2001 ......................
2002 ......................
2003 ......................
2004 p ....................
2001: I ................
II ...............
III .............
IV ..............
2002: I ................
II ...............
III .............
IV ..............
2003: I ................
II ...............
III .............
IV ..............
2004: I ................
II ...............
III .............
IV p ............
1 GDP

Exports and imports
of goods and services

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

Net
exports

Exports

7,397.7
7,816.9
8,304.3
8,747.0
9,268.4
9,817.0
10,128.0
10,487.0
11,004.0
11,728.0
10,021.5
10,128.9
10,135.1
10,226.3
10,338.2
10,445.7
10,546.5
10,617.5
10,744.6
10,884.0
11,116.7
11,270.9
11,472.6
11,657.5
11,814.9
11,967.0

¥91.4
¥96.2
¥101.6
¥159.9
¥260.5
¥379.5
¥367.0
¥424.9
¥498.1
¥609.3
¥392.9
¥361.7
¥361.9
¥351.6
¥376.3
¥415.4
¥431.1
¥476.6
¥503.3
¥497.6
¥488.8
¥502.8
¥546.8
¥591.3
¥611.8
¥687.5

812.2
868.6
955.3
955.9
991.2
1,096.3
1,032.8
1,005.0
1,046.2
1,170.2
1,100.7
1,060.5
1,003.5
966.6
975.0
1,008.1
1,023.4
1,013.5
1,019.8
1,018.1
1,047.7
1,099.2
1,134.3
1,167.6
1,189.5
1,189.6

4,975.8
5,256.8
5,547.4
5,879.5
6,282.5
6,739.4
7,055.0
7,376.1
7,760.9
8,231.1
6,955.8
7,017.5
7,058.5
7,188.4
7,236.9
7,339.3
7,428.0
7,500.0
7,609.8
7,696.3
7,822.5
7,914.9
8,060.2
8,153.8
8,282.5
8,428.1

1,144.0
1,240.3
1,389.8
1,509.1
1,625.7
1,735.5
1,614.3
1,579.2
1,665.8
1,922.4
1,675.3
1,647.7
1,613.0
1,521.4
1,568.5
1,577.0
1,581.3
1,589.9
1,596.6
1,611.1
1,696.6
1,758.8
1,819.7
1,920.7
1,947.0
2,002.2

Government consumption expenditures
and gross investment
Federal

Imports

Total
Total

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

903.6
964.8
1,056.9
1,115.9
1,251.7
1,475.8
1,399.8
1,429.9
1,544.3
1,779.6
1,493.7
1,422.2
1,365.3
1,318.2
1,351.3
1,423.5
1,454.5
1,490.1
1,523.0
1,515.7
1,536.4
1,602.0
1,681.2
1,758.9
1,801.2
1,877.1

1,369.2
1,416.0
1,468.7
1,518.3
1,620.8
1,721.6
1,825.6
1,956.6
2,075.5
2,183.8
1,783.3
1,825.4
1,825.6
1,868.2
1,909.2
1,944.9
1,968.3
2,004.2
2,041.4
2,074.2
2,086.4
2,100.0
2,139.5
2,174.3
2,197.2
2,224.3

519.2
527.4
530.9
530.4
555.8
578.8
612.9
680.8
752.2
810.0
596.2
610.9
614.3
630.1
654.2
676.6
684.4
708.2
723.4
761.1
756.7
767.5
793.3
804.4
817.4
824.8

National
defense
348.7
354.6
349.6
345.7
360.6
370.3
392.6
437.4
496.4
548.1
383.5
388.3
393.0
405.6
418.5
431.7
438.5
461.0
467.4
506.7
498.1
513.6
534.1
541.2
557.0
559.9

Nondefense
170.5
172.8
181.3
184.7
195.2
208.5
220.3
243.4
255.7
261.9
212.7
222.6
221.3
224.5
235.8
244.9
245.9
247.2
256.0
254.4
258.7
253.9
259.1
263.2
260.4
264.9

State
and
local
850.0
888.6
937.8
987.9
1,065.0
1,142.8
1,212.8
1,275.8
1,323.3
1,373.9
1,187.2
1,214.5
1,211.2
1,238.1
1,255.0
1,268.3
1,283.9
1,296.0
1,318.0
1,313.1
1,329.7
1,332.6
1,346.3
1,369.9
1,379.8
1,399.5

Final
sales of
domestic
product

Gross
domestic
purchases 1

Addendum:
Gross
national
product

7,366.5
7,786.1
8,232.3
8,676.2
9,201.5
9,760.5
10,159.7
10,475.9
11,005.3
11,684.9
10,031.4
10,136.0
10,166.9
10,304.5
10,347.2
10,431.7
10,527.4
10,597.1
10,734.0
10,899.3
11,120.4
11,267.4
11,436.4
11,598.5
11,783.3
11,921.5

7,489.0
7,913.1
8,405.9
8,906.9
9,528.9
10,196.4
10,495.0
10,911.9
11,502.2
12,337.3
10,414.4
10,490.6
10,497.0
10,577.9
10,714.6
10,861.2
10,977.6
11,094.1
11,247.8
11,381.6
11,605.5
11,773.7
12,019.4
12,248.8
12,426.6
12,654.5

7,433.4
7,851.9
8,337.3
8,768.3
9,302.2
9,855.9
10,171.6
10,514.1
11,059.2
..............
10,060.2
10,173.5
10,151.8
10,300.9
10,361.7
10,461.6
10,571.7
10,661.2
10,781.3
10,929.0
11,168.3
11,358.1
11,546.1
11,693.6
11,853.0
..............

Source: Department of Commerce, Bureau of Economic Analysis.

1

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

Gross private
domestic investment
Period

1995 .........
1996 .........
1997 .........
1998 .........
1999 .........
2000 .........
2001 .........
2002 .........
2003 .........
2004 p ........
2001: I ....
II ...
III
IV ..
2002: I ....
II ...
III
IV ..
2003: I ....
II ...
III
IV ..
2004: I ....
II ...
III
IV p

Gross
domestic
product

8,031.7
8,328.9
8,703.5
9,066.9
9,470.3
9,817.0
9,890.7
10,074.8
10,381.3
10,837.2
9,875.6
9,905.9
9,871.1
9,910.0
9,993.5
10,052.6
10,117.3
10,135.9
10,184.4
10,287.4
10,472.8
10,580.7
10,697.5
10,784.7
10,891.0
10,975.7

Personal
conNonresi- Resi- Change
sumption dential dential in priexpendifixed
fixed
vate
tures
invest- invest- invenment
ment tories
5,433.5
5,619.4
5,831.8
6,125.8
6,438.6
6,739.4
6,910.4
7,123.4
7,355.6
7,634.7
6,853.1
6,870.3
6,900.5
7,017.6
7,049.7
7,099.2
7,149.9
7,194.6
7,242.2
7,311.4
7,401.7
7,466.8
7,543.0
7,572.4
7,667.8
7,755.4

762.5
833.6
934.2
1,037.8
1,133.3
1,232.1
1,180.5
1,075.6
1,110.8
1,225.6
1,234.4
1,190.2
1,169.3
1,128.2
1,099.8
1,072.4
1,069.5
1,060.9
1,060.5
1,090.6
1,131.1
1,161.0
1,173.0
1,207.9
1,245.3
1,276.3

353.1
381.3
388.6
418.3
443.6
446.9
448.5
470.0
511.2
559.6
444.0
450.1
452.1
447.8
457.8
470.3
473.6
478.5
487.3
497.9
523.8
535.9
542.5
563.6
565.9
566.3

29.9
28.7
71.2
72.6
68.9
56.5
¥31.7
11.7
¥.8
45.3
¥7.8
¥2.5
¥29.9
¥86.7
¥7.4
7.9
22.7
23.8
9.6
¥17.6
¥3.5
8.6
40.0
61.1
34.5
45.8

Exports and imports of
goods and services

Government consumption expenditures
and gross investment
Federal

Net
exports

Exports

Imports

Total

¥71.0
¥79.6
¥104.6
¥203.7
¥296.2
¥379.5
¥399.1
¥472.1
¥518.5
¥586.4
¥398.2
¥385.2
¥398.4
¥414.5
¥444.9
¥458.1
¥469.8
¥515.4
¥511.7
¥525.2
¥508.7
¥528.3
¥550.1
¥580.3
¥583.2
¥631.9

778.2
843.4
943.7
966.5
1,008.2
1,096.3
1,036.7
1,012.3
1,031.8
1,115.3
1,097.2
1,060.6
1,008.7
980.3
991.6
1,017.8
1,025.5
1,014.5
1,010.6
1,006.5
1,033.8
1,076.2
1,095.4
1,114.8
1,131.1
1,120.0

849.1
923.0
1,048.3
1,170.3
1,304.4
1,475.8
1,435.8
1,484.4
1,550.3
1,701.7
1,495.4
1,445.8
1,407.1
1,394.9
1,436.5
1,475.9
1,495.3
1,529.8
1,522.3
1,531.7
1,542.5
1,604.5
1,645.5
1,695.1
1,714.3
1,751.9

1,549.7
1,564.9
1,594.0
1,624.4
1,686.9
1,721.6
1,780.3
1,857.9
1,909.4
1,946.7
1,749.6
1,783.0
1,776.1
1,812.7
1,833.5
1,853.4
1,863.1
1,881.6
1,882.5
1,915.3
1,916.0
1,923.7
1,935.8
1,946.5
1,949.9
1,954.5

1 GDP less exports of goods and services plus imports of goods and services.
NOTE.—Because of the formula used for calculating real GDP, the chained (2000) dollar
estimates for the detailed components do not add to the chained-dollar value of GDP or to any
intermediate aggregates.

Total

National
defense

Nondefense

580.3
573.5
567.6
561.2
573.7
578.8
601.4
646.6
689.6
721.9
588.5
601.4
601.5
614.2
626.4
645.5
650.1
664.5
665.0
699.0
693.1
701.2
713.3
718.1
726.6
729.5

389.2
383.8
373.0
365.3
372.2
370.3
384.9
414.6
451.8
485.1
377.9
381.9
384.1
395.6
401.3
412.3
415.8
429.2
426.2
462.3
453.1
465.7
477.6
479.9
491.5
491.5

191.0
189.6
194.5
195.9
201.5
208.5
216.5
232.0
237.6
236.4
210.6
219.5
217.3
218.6
225.2
233.2
234.3
235.3
238.8
236.5
239.9
235.2
235.4
237.9
234.7
237.6

State
and
local

968.3
990.5
1,025.9
1,063.0
1,113.2
1,142.8
1,179.0
1,211.4
1,219.8
1,224.7
1,161.1
1,181.6
1,174.6
1,198.5
1,207.2
1,208.0
1,213.1
1,217.3
1,217.7
1,216.3
1,222.9
1,222.5
1,222.4
1,228.3
1,223.2
1,224.9

Final
sales of
domestic
product

Gross
domestic
purchases 1

Addendum:
Gross
national
product

8,010.2
8,306.5
8,636.6
8,997.6
9,404.0
9,760.5
9,920.9
10,063.2
10,379.9
10,790.2
9,883.2
9,908.7
9,899.9
9,992.3
10,000.4
10,044.9
10,095.2
10,112.5
10,173.3
10,302.5
10,473.9
10,569.6
10,655.8
10,722.3
10,854.7
10,928.1

8,098.4
8,405.7
8,807.6
9,272.5
9,767.7
10,196.4
10,290.1
10,544.6
10,895.7
11,416.8
10,273.2
10,291.3
10,270.1
10,325.6
10,437.7
10,508.9
10,584.8
10,646.7
10,692.0
10,808.1
10,978.3
11,104.3
11,241.9
11,358.1
11,467.4
11,599.6

8,069.8
8,365.3
8,737.5
9,088.7
9,504.7
9,855.9
9,933.6
10,101.7
10,433.9
..............
9,913.6
9,949.8
9,887.7
9,983.1
10,017.2
10,068.9
10,142.4
10,178.4
10,220.3
10,330.8
10,521.7
10,663.3
10,766.7
10,818.7
10,926.5
..............

Source: Department of Commerce, Bureau of Economic Analysis.

IMPLICIT PRICE DEFLATORS FOR GROSS DOMESTIC PRODUCT
[Index numbers, 2000=100; quarterly data are seasonally adjusted]

Personal consumption
expenditures
Period

1995 .................
1996 .................
1997 .................
1998 .................
1999 .................
2000 .................
2001 .................
2002 .................
2003 .................
2004 p ................
2001: I ............
II ...........
III .........
IV ..........
2002: I ............
II ...........
III .........
IV ..........
2003: I ............
II ...........
III .........
IV ..........
2004: I ............
II ...........
III .........
IV p ........

Gross
domestic
product

92.106
93.852
95.414
96.472
97.868
100.000
102.399
104.092
105.998
108.220
101.478
102.252
102.675
103.191
103.450
103.911
104.243
104.752
105.500
105.799
106.148
106.523
107.246
108.093
108.482
109.033

Total

91.576
93.547
95.124
95.979
97.575
100.000
102.094
103.547
105.510
107.813
101.499
102.143
102.289
102.434
102.656
103.382
103.890
104.245
105.076
105.265
105.685
106.000
106.856
107.679
108.016
108.673

Durable
goods

Nondurable goods

110.672
109.507
107.068
104.152
101.625
100.000
98.113
95.475
92.244
90.414
99.155
98.390
97.689
97.298
96.349
95.749
95.255
94.588
93.720
92.826
91.799
90.788
90.783
90.767
90.049
90.089

Source: Department of Commerce, Bureau of Economic Analysis.

2

90.629
92.566
93.835
93.821
96.174
100.000
101.531
102.097
104.153
107.617
101.257
102.123
101.898
100.855
100.861
102.190
102.517
102.810
104.104
103.516
104.418
104.560
105.909
107.611
107.864
109.043

Gross private
domestic investment

Services

88.320
90.844
93.304
95.318
97.393
100.000
103.256
106.084
109.237
111.984
102.145
102.994
103.509
104.365
104.957
105.686
106.518
107.146
108.153
108.988
109.525
110.263
111.080
111.663
112.310
112.857

Nonresidential
fixed
106.239
105.011
103.696
101.421
100.057
100.000
99.683
98.913
98.547
99.348
99.607
99.744
99.817
99.561
99.238
98.957
98.643
98.801
98.668
98.354
98.431
98.728
98.792
99.220
99.449
99.880

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

Residential fixed
85.770
87.609
89.843
92.239
95.780
100.000
104.633
107.246
111.952
118.245
102.628
103.885
105.631
106.366
106.156
106.699
107.110
108.959
110.748
111.214
112.054
113.630
115.133
117.664
119.627
120.422

Exports

Imports
Total

104.376
102.987
101.233
98.905
98.313
100.000
99.625
99.275
101.396
104.924
100.322
99.988
99.482
98.597
98.325
99.050
99.795
99.903
100.911
101.149
101.343
102.133
103.550
104.732
105.161
106.218

106.411
104.529
100.816
95.354
95.960
100.000
97.497
96.326
99.615
104.576
99.885
98.365
97.034
94.504
94.068
96.450
97.272
97.401
100.051
98.956
99.607
99.840
102.165
103.763
105.068
107.145

89.479
91.957
93.533
94.512
96.883
100.000
101.908
105.288
109.082
112.201
101.306
101.582
102.135
102.579
104.433
104.804
105.268
106.585
108.795
108.887
109.180
109.449
111.205
112.022
112.493
113.061

National
defense

Nondefense

State
and
local

89.598
92.379
93.716
94.643
96.886
100.000
102.002
105.489
109.876
112.975
101.488
101.673
102.306
102.515
104.286
104.698
105.445
107.413
109.676
109.608
109.917
110.283
111.830
112.795
113.323
113.917

89.282
91.146
93.192
94.269
96.880
100.000
101.738
104.932
107.632
110.793
100.981
101.419
101.834
102.696
104.695
104.991
104.944
105.088
107.191
107.577
107.839
107.919
110.097
110.616
110.971
111.485

87.785
89.717
91.414
92.935
95.667
100.000
102.868
105.318
108.485
112.177
102.243
102.785
103.117
103.311
103.961
104.997
105.834
106.466
108.235
107.958
108.736
109.007
110.130
111.523
112.802
114.253

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

Index numbers, 2000=100
Real GDP
(chain-type
quantity
index)

Period

1995 ......................................................................................
1996 ......................................................................................
1997 ......................................................................................
1998 ......................................................................................
1999 ......................................................................................
2000 ......................................................................................
2001 ......................................................................................
2002 ......................................................................................
2003 ......................................................................................
2004 p ....................................................................................
2001: I ................................................................................
II ...............................................................................
III .............................................................................
IV ..............................................................................
2002: I ................................................................................
II ...............................................................................
III .............................................................................
IV ..............................................................................
2003: I ................................................................................
II ...............................................................................
III .............................................................................
IV ..............................................................................
2004: I ................................................................................
II ...............................................................................
III .............................................................................
IV p ............................................................................
1 Quarterly

81.814
84.842
88.658
92.359
96.469
100.000
100.751
102.626
105.749
110.393
100.597
100.906
100.551
100.948
101.798
102.400
103.059
103.249
103.743
104.792
106.681
107.780
108.969
109.858
110.941
111.803

GDP
chain-type
price index

92.115
93.859
95.415
96.475
97.868
100.000
102.402
104.097
106.003
108.281
101.507
102.290
102.690
103.122
103.470
103.853
104.280
104.786
105.490
105.780
106.158
106.586
107.314
108.169
108.551
109.091

percent changes are at annual rates.

GDP
implicit
price
deflator

GDP
(current
dollars)

92.106
93.852
95.414
96.472
97.868
100.000
102.399
104.092
105.998
108.220
101.478
102.252
102.675
103.191
103.450
103.911
104.243
104.752
105.500
105.799
106.148
106.523
107.246
108.093
108.482
109.033

4.6
5.7
6.2
5.3
6.0
5.9
3.2
3.5
4.9
6.6
2.8
4.4
.2
3.6
4.5
4.2
3.9
2.7
4.9
5.3
8.8
5.7
7.4
6.6
5.5
5.3

Real GDP
(chain-type
quantity
index)

GDP
chain-type
price
index

2.5
3.7
4.5
4.2
4.5
3.7
.8
1.9
3.0
4.4
¥.5
1.2
¥1.4
1.6
3.4
2.4
2.6
.7
1.9
4.1
7.4
4.2
4.5
3.3
4.0
3.1

GDP
implicit
price
deflator

2.0
1.9
1.7
1.1
1.4
2.2
2.4
1.7
1.8
2.1
3.3
3.1
1.6
1.7
1.4
1.5
1.7
2.0
2.7
1.1
1.4
1.6
2.8
3.2
1.4
2.0

2.0
1.9
1.7
1.1
1.4
2.2
2.4
1.7
1.8
2.1
3.3
3.1
1.7
2.0
1.0
1.8
1.3
2.0
2.9
1.1
1.3
1.4
2.7
3.2
1.4
2.0

Source: Department of Commerce, Bureau of Economic Analysis.

NONFINANCIAL CORPORATE BUSINESS–GROSS VALUE ADDED AND PRICE,
COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
Price per unit of real gross value added of nonfinancial corporate business (dollars) 1 2

Gross value added
of nonfinancial
corporate business
(billions of dollars)1

Unit nonlabor cost

Period
Current
dollars

1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2001:

........................................................
........................................................
........................................................
........................................................
........................................................
........................................................
........................................................
........................................................
........................................................
........................................................
I ...................................................
II .................................................
III ................................................
IV ................................................
2002: I ...................................................
II .................................................
III ................................................
IV ................................................
2003: I ...................................................
II .................................................
III ................................................
IV ................................................
2004: I ...................................................
II .................................................
III ................................................

Chained
(2000)
dollars

3,669.5
3,879.5
4,109.5
4,401.8
4,655.0
4,950.8
5,272.2
5,293.5
5,377.7
5,606.8
5,315.8
5,321.3
5,279.1
5,257.7
5,309.6
5,375.6
5,392.8
5,432.9
5,443.0
5,547.8
5,669.0
5,767.5
5,839.4
5,955.5
6,036.7

3,797.9
3,977.4
4,196.4
4,469.3
4,725.4
5,011.0
5,272.2
5,224.5
5,275.9
5,423.0
5,285.9
5,256.7
5,197.6
5,158.0
5,225.7
5,279.7
5,294.6
5,303.5
5,294.8
5,373.1
5,471.9
5,552.0
5,598.7
5,657.4
5,731.7

Total

Compensation of employees
(unit labor
cost)

0.966
.975
.979
.985
.985
.988
1.000
1.013
1.019
1.034
1.006
1.012
1.016
1.019
1.016
1.018
1.019
1.024
1.028
1.033
1.036
1.039
1.043
1.053
1.053

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

0.627
.631
.627
.629
.645
.652
.672
.688
.683
.682
.684
.686
.690
.693
.683
.683
.682
.682
.685
.683
.679
.679
.682
.686
.685

Total

0.230
.230
.228
.228
.226
.229
.237
.257
.257
.258
.249
.254
.261
.263
.259
.257
.257
.257
.259
.257
.256
.255
.253
.253
.255

Consumption of
fixed
capital

Taxes
on production
and imports 3

Net interest and
miscellaneous
payments

0.103
.104
.104
.105
.104
.105
.108
.124
.124
.125
.117
.121
.132
.126
.124
.124
.124
.125
.126
.125
.124
.123
.120
.120
.127

0.100
.097
.097
.095
.092
.092
.093
.094
.099
.101
.094
.094
.089
.098
.098
.098
.099
.099
.101
.100
.101
.101
.102
.102
.097

0.027
.029
.027
.028
.030
.032
.036
.039
.034
.032
.038
.039
.040
.039
.037
.035
.034
.033
.032
.032
.031
.031
.031
.031
.031

Corporate profits with inventory
valuation and capital consumption
adjustments 4
Total

0.110
.114
.125
.128
.114
.107
.090
.068
.079
.095
.073
.072
.066
.063
.074
.079
.080
.085
.083
.093
.100
.104
.108
.113
.113

Taxes on
corporate
income

0.035
.035
.036
.036
.034
.034
.032
.021
.017
.024
.024
.024
.021
.016
.014
.016
.018
.019
.023
.022
.024
.026
.026
.029
.029

Profits
after
tax 5

0.075
.078
.088
.092
.080
.073
.058
.047
.062
.071
.049
.048
.044
.047
.060
.062
.062
.066
.060
.071
.076
.078
.082
.084
.084

3 Less

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

5 With

3

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

Period

1995 ............
1996 ............
1997 ............
1998 ............
1999 ............
2000 ............
2001 ............
2002 ............
2003 ............
2004 p ...........
2001: I .......
II ......
III ....
IV .....
2002: I .......
II ......
III ....
IV .....
2003: I .......
II ......
III ....
IV .....
2004: I .......
II ......
III ....
IV p ...

National
income

6,453.9
6,840.1
7,292.2
7,752.8
8,236.7
8,795.2
8,979.8
9,225.4
9,679.6
..................
8,987.6
9,001.5
8,890.3
9,039.9
9,136.5
9,222.3
9,241.6
9,301.3
9,407.7
9,568.8
9,771.1
9,971.1
10,128.1
10,262.0
10,264.7
..................

Compensation
of
employees

Farm

4,193.3
4,390.5
4,661.7
5,019.4
5,357.1
5,782.7
5,942.1
6,069.5
6,289.0
6,616.6
5,946.2
5,944.6
5,939.3
5,938.3
6,010.2
6,068.3
6,086.0
6,113.4
6,179.1
6,245.6
6,324.7
6,406.7
6,489.4
6,578.5
6,657.4
6,741.1

Nonfarm

22.7
37.3
34.2
29.4
28.6
22.7
19.7
9.7
21.8
18.0
21.9
19.2
17.7
20.0
10.8
10.4
8.7
8.8
13.8
24.1
24.8
24.7
17.9
18.9
13.6
21.6

Corporate profits with inventory valuation and
capital consumption adjustments

Rental
income
of
persons
with
capital
consumption
adjustment

469.5
505.9
541.8
598.4
649.7
705.7
752.2
759.9
812.3
884.4
747.5
751.5
755.7
754.1
751.4
758.6
761.7
767.9
780.2
801.6
827.2
840.0
854.2
882.5
889.3
911.6

122.1
131.5
128.8
137.5
147.3
150.3
167.4
170.9
153.8
165.6
155.3
161.7
176.4
176.2
179.7
184.7
165.4
153.8
155.5
144.1
148.8
167.1
172.8
172.6
153.8
163.1

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

696.7
786.2
868.5
801.6
851.3
817.9
767.3
874.6
1,021.1
............
778.7
783.1
714.5
793.0
838.2
868.4
876.2
915.4
912.0
986.2
1,057.1
1,129.1
1,165.6
1,173.9
1,118.0
............

Profits
before
tax

Inventory
valuation
adjustment

656.0
736.1
812.3
738.5
776.8
759.3
719.2
756.8
860.4
............
750.5
756.0
689.1
681.3
711.7
747.5
761.2
806.8
798.7
823.5
877.2
941.9
925.4
940.6
895.0
............

674.3
733.0
798.2
718.3
775.9
773.4
707.9
758.0
874.5
............
754.6
755.0
671.1
650.9
695.8
745.9
773.0
817.4
826.1
824.5
881.0
966.2
962.4
988.3
932.8
............

¥18.3
3.1
14.1
20.2
1.0
¥14.1
11.3
¥1.2
¥14.1
..............
¥4.1
1.1
18.0
30.4
15.9
1.6
¥11.8
¥10.6
¥27.4
¥1.0
¥3.8
¥24.3
¥37.0
¥47.8
¥37.8
..............

Capital
consumption
adjustment

40.7
50.1
56.2
63.1
74.5
58.6
48.1
117.8
160.8
239.4
28.2
27.1
25.4
111.7
126.6
121.0
115.0
108.6
113.3
162.7
179.9
187.2
240.2
233.3
223.0
261.2

Net
interest
and
miscellaneous
pay
ments

Taxes
on
production
and
imports

367.1
376.2
415.6
487.1
495.4
559.0
566.3
532.9
543.0
548.2
565.2
569.9
565.5
564.8
549.2
527.3
526.8
528.3
541.3
542.8
542.8
545.3
554.5
548.5
546.7
543.0

558.2
581.1
612.0
639.8
674.0
708.9
728.6
762.6
798.1
840.1
725.1
726.3
725.6
737.6
747.3
760.1
771.2
771.8
783.5
792.9
802.0
813.9
823.3
835.7
843.1
858.1

Less:
Subsidies

Busness
current
transfer
payments

Current
surplus
of government
enterprises

34.0
34.3
32.9
35.4
44.2
44.3
55.3
38.2
46.7
39.9
52.3
58.4
67.3
43.1
38.9
36.8
38.4
38.7
42.8
55.2
44.5
44.4
40.4
39.4
39.7
40.2

46.9
53.1
49.9
64.7
67.4
87.1
92.8
80.9
77.7
81.7
98.3
104.8
65.7
102.5
89.6
81.3
78.0
74.6
74.8
76.9
78.9
80.1
82.7
83.5
76.0
84.4

11.4
12.7
12.6
10.3
10.1
5.3
¥1.4
2.8
9.5
6.7
1.7
¥1.1
¥2.9
¥3.4
¥.9
¥.1
6.0
6.0
10.3
9.8
9.3
8.7
8.1
7.4
6.5
4.7

1 With inventory valuation and capital consumption adjustments.
Source: Department of Commerce, Bureau of Economic Analysis.

REAL PERSONAL CONSUMPTION EXPENDITURES
[Billions of chained (2000) dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Durable goods

Period

Total
personal
consumption
expenditures

Total
durable
goods

Motor
vehicles
and
parts

Furniture
and
household
equipment

Nondurable goods

Other

Total
nondurable
goods

Food

Clothing
and
shoes

Gasoline
and
oil

Services

Fuel
oil
and
coal

Other

Total
services 1

Housing

Medical
care

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

1995 ...............
1996 ...............
1997 ...............
1998 ...............
1999 ...............
2000 ...............
2001 ...............
2002 ...............
2003 ...............
2004 p ..............

5,433.5
5,619.4
5,831.8
6,125.8
6,438.6
6,739.4
6,910.4
7,123.4
7,355.6
7,634.7

552.6
595.9
646.9
720.3
804.6
863.3
900.7
959.6
1,030.6
1,101.3

272.3
285.4
304.7
339.0
372.4
386.5
405.8
428.7
452.1
467.4

173.3
193.4
216.3
244.7
280.7
312.9
331.8
360.7
393.5
439.7

111.2
119.6
127.3
137.6
151.7
163.9
163.2
170.9
186.5
198.7

1,638.6
1,680.4
1,725.3
1,794.4
1,876.6
1,947.2
1,986.7
2,037.4
2,112.4
2,208.3

827.1
834.7
845.2
865.6
893.6
925.2
940.2
958.4
995.1
1,042.8

227.4
238.7
246.0
263.1
282.7
297.7
303.7
316.7
330.2
352.3

154.5
157.9
162.8
170.3
176.3
175.7
178.3
180.7
182.0
181.4

18.7
18.4
16.9
16.0
16.4
15.8
15.2
15.4
15.4
16.2

414.1
432.9
456.6
481.1
508.6
532.9
549.2
566.3
589.6
617.3

3,259.9
3,356.0
3,468.0
3,615.0
3,758.0
3,928.8
4,023.2
4,128.6
4,220.3
4,339.0

887.5
901.1
922.5
948.8
978.6
1,006.5
1,033.7
1,062.0
1,076.1
1,094.7

906.4
922.5
942.8
970.7
989.0
1,026.8
1,075.2
1,139.3
1,184.3
1,228.4

14.7
15.1
15.1
15.5
16.9
17.3
17.1
16.8
16.6
16.9

2001: I ..........
II .........
III .......
IV ........
2002: I ..........
II .........
III .......
IV ........
2003: I ..........
II .........
III .......
IV ........
2004: I ..........
II .........
III .......
IV p ......

6,853.1
6,870.3
6,900.5
7,017.6
7,049.7
7,099.2
7,149.9
7,194.6
7,242.2
7,311.4
7,401.7
7,466.8
7,543.0
7,572.4
7,667.8
7,755.4

879.5
878.9
885.6
958.7
937.8
947.8
979.3
973.4
973.2
1,020.0
1,059.6
1,069.7
1,075.5
1,074.7
1,118.3
1,136.6

392.6
388.6
392.7
449.4
415.1
418.6
447.1
433.9
428.0
451.3
465.6
463.5
456.7
449.6
478.9
484.5

323.8
328.1
332.2
343.0
354.4
360.1
361.2
367.2
369.3
385.2
405.0
414.6
425.6
433.3
445.4
454.6

163.3
162.6
161.2
165.6
169.2
170.3
170.9
173.2
177.0
184.4
190.5
194.0
196.9
196.8
198.5
202.4

1,975.2
1,974.7
1,986.5
2,010.3
2,029.3
2,033.2
2,030.2
2,056.8
2,082.0
2,090.1
2,125.3
2,152.0
2,187.3
2,188.0
2,213.2
2,244.7

937.1
938.3
940.6
945.0
951.4
958.4
958.0
965.8
981.4
988.0
1,002.2
1,008.6
1,028.4
1,034.3
1,045.4
1,063.0

300.5
301.8
302.9
309.8
316.4
316.2
312.9
321.2
320.6
327.1
334.9
338.2
351.2
346.5
351.6
359.9

180.4
173.5
176.1
183.1
183.3
178.4
178.0
183.0
184.5
177.8
179.1
186.4
186.0
179.0
179.8
180.6

16.0
14.9
15.0
14.7
14.6
15.3
15.4
16.3
15.0
14.3
15.5
16.9
16.1
16.1
16.6
15.8

540.8
546.0
551.7
558.4
564.4
564.7
565.5
570.7
579.9
582.8
593.6
602.1
606.6
613.4
621.4
627.7

3,997.9
4,016.0
4,027.8
4,051.2
4,084.1
4,119.7
4,143.8
4,166.9
4,188.7
4,207.7
4,227.9
4,256.7
4,291.7
4,320.0
4,352.4
4,391.8

1,024.4
1,031.2
1,036.5
1,042.8
1,052.8
1,060.8
1,065.5
1,068.7
1,071.6
1,074.3
1,078.1
1,080.3
1,086.0
1,091.5
1,097.9
1,103.4

1,053.5
1,065.7
1,082.7
1,099.1
1,117.1
1,132.5
1,147.0
1,160.5
1,170.0
1,179.7
1,189.3
1,198.3
1,207.9
1,221.0
1,236.1
1,248.5

17.2
16.7
16.1
18.5
16.6
16.5
17.4
16.6
16.1
16.4
17.2
16.8
16.5
16.5
17.1
17.2

1 Includes other items, not shown separately.
NOTE.—Because of the formula used for calculating real GDP, the chained (2000) dollar
estimates for the detailed components do not add to the chained-dollar value of GDP or to any
intermediate aggregates.

4

Source: Department of Commerce, Bureau of Economic Analysis.

SOURCES OF PERSONAL INCOME
Personal income rose $360.9 billion (annual rate) in December. Excluding the payment of a special dividend by
the Microsoft Corporation, personal income increased $62.7 billion in December. Wages and salaries rose $23.1
billion in December.

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

Period

1995 .................
1996 .................
1997 .................
1998 .................
1999 .................
2000 .................
2001 .................
2002 .................
2003 .................
2004 p ................
2003: Dec ........
2004: Jan ........
Feb ........
Mar .......
Apr ........
May .......
June ......
July .......
Aug .......
Sept .......
Oct r .......
Nov r ......
Dec p* .....
1 With
2 With

Total
personal
income

Total

6,152.3
6,520.6
6,915.1
7,423.0
7,802.4
8,429.7
8,724.1
8,878.9
9,161.8
9,659.1
9,375.3
9,404.1
9,445.9
9,484.9
9,550.0
9,603.8
9,624.2
9,642.6
9,679.7
9,700.7
9,776.7
9,818.1
10,179.0

4,177.0
4,386.9
4,664.6
5,020.1
5,352.0
5,782.7
5,942.1
6,069.5
6,289.0
6,616.6
6,421.2
6,461.1
6,490.3
6,512.4
6,553.0
6,593.0
6,594.1
6,630.4
6,657.5
6,684.2
6,721.1
6,737.2
6,765.1

Wage and
salary
disbursements

3,419.3
3,619.6
3,877.6
4,183.4
4,466.3
4,829.2
4,942.8
4,976.3
5,103.6
5,342.6
5,197.3
5,221.4
5,241.3
5,254.8
5,290.8
5,325.0
5,322.7
5,353.6
5,375.1
5,396.5
5,427.8
5,439.4
5,462.5

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

3 Consists

Supplements to
wages
and
salaries

757.7
767.3
787.0
836.7
885.7
953.4
999.3
1,093.2
1,185.5
1,274.1
1,223.9
1,239.8
1,249.0
1,257.6
1,262.2
1,268.0
1,271.4
1,276.9
1,282.4
1,287.8
1,293.3
1,297.8
1,302.7

Proprietors’ income 1

Farm

22.7
37.3
34.2
29.4
28.6
22.7
19.7
9.7
21.8
18.0
24.5
18.5
17.8
17.5
18.3
19.0
19.5
15.0
13.6
12.3
18.3
22.1
24.3

Nonfarm

469.5
505.9
541.8
598.4
649.7
705.7
752.2
759.9
812.3
884.4
845.7
844.3
852.2
866.0
875.3
882.2
889.9
890.6
891.3
885.8
902.5
910.3
921.9

Personal income receipts on assets
Rental
income
of
persons 2

122.1
131.5
128.8
137.5
147.3
150.3
167.4
170.9
153.8
165.6
175.7
174.1
172.6
171.8
172.0
172.8
172.9
170.5
156.8
134.2
164.0
162.6
162.6

Total

1,016.4
1,089.2
1,181.7
1,283.2
1,264.2
1,387.0
1,380.0
1,334.6
1,322.7
1,386.6
1,334.4
1,335.5
1,337.0
1,338.8
1,345.4
1,352.2
1,359.4
1,363.6
1,367.8
1,372.1
1,381.1
1,389.9
1,696.9

Personal
interest
income

763.2
793.0
848.7
933.2
928.6
1,011.0
1,011.0
946.7
929.9
945.6
939.0
937.6
936.2
934.8
938.2
941.7
945.1
945.8
946.5
947.2
952.6
957.9
963.3

Personal
dividend
income

253.2
296.2
333.0
349.9
335.6
376.1
369.0
387.9
392.8
441.1
395.3
397.9
400.8
404.0
407.1
410.6
414.3
417.8
421.3
424.9
428.5
431.9
733.6

Personal
current
transfer
receipts 3

877.4
925.0
951.2
978.6
1,022.1
1,084.0
1,193.9
1,282.7
1,335.4
1,406.3
1,360.2
1,371.7
1,380.5
1,384.7
1,396.6
1,400.6
1,404.1
1,392.4
1,415.7
1,438.1
1,419.9
1,428.0
1,442.8

Less: Contributions
for government social
insurance

532.8
555.2
587.2
624.2
661.4
702.7
731.1
748.3
773.2
818.3
786.3
801.1
804.4
806.3
810.5
815.9
815.7
819.9
823.1
826.0
830.3
831.9
834.6

* Personal income data for December 2004 reflect the payment of a special dividend by the
Microsoft Corporation.
Source: Department of Commerce, Bureau of Economic Analysis.

5

DISPOSITION OF PERSONAL INCOME
According to advance estimates, per capita disposable personal income in chained (2000) dollars rose at an
annual rate of 7.3 percent in the fourth quarter of 2004.

Period

Personal
income

Less:
Personal
current
taxes

Equals:
Disposable
personal
income

Less:
Personal
outlays 1

Equals:
Personal
saving

Disposable
personal
income in
billions of
chained
(2000)
dollars

Per capita
disposable personal
income
Current
dollars

Billions of dollars
1995 ..............
1996 ..............
1997 ..............
1998 ..............
1999 ..............
2000 r ............
2001 r ............
2002 r ............
2003 r ............
2004 p ............

6,152.3
6,520.6
6,915.1
7,423.0
7,802.4
8,429.7
8,724.1
8,878.9
9,161.8
9,659.1

744.1
832.1
926.3
1,027.0
1,107.5
1,235.7
1,237.3
1,051.2
1,001.9
1,036.4

5,408.2
5,688.5
5,988.8
6,395.9
6,695.0
7,194.0
7,486.8
7,827.7
8,159.9
8,622.8

Chained
(2000)
dollars

Per capita personal
consumption
expenditures
Current
dollars

Chained
(2000)
dollars

Dollars

5,157.3
5,460.0
5,770.5
6,119.1
6,536.4
7,025.6
7,354.5
7,668.5
8,049.3
8,532.8

250.9
228.4
218.3
276.8
158.6
168.5
132.3
159.2
110.6
90.0

5,905.7
6,080.9
6,295.8
6,663.9
6,861.3
7,194.0
7,333.3
7,559.5
7,733.8
7,997.9

20,287
21,091
21,940
23,161
23,968
25,472
26,236
27,159
28,034
29,334

Percent
change
in real
per capita
disposable
personal
income

Saving as
percent of
disposable
personal
income

Population,
including
Armed
Forces
overseas
(thousands) 2

Percent

22,153
22,546
23,065
24,131
24,564
25,472
25,698
26,229
26,570
27,208

18,665
19,490
20,323
21,291
22,491
23,862
24,723
25,592
26,663
28,002

20,382
20,835
21,365
22,183
23,050
23,862
24,216
24,715
25,270
25,973

1.6
1.8
2.3
4.6
1.8
3.7
.9
2.1
1.3
2.4

4.6
4.0
3.6
4.3
2.4
2.3
1.8
2.0
1.4
1.0

266,588
269,714
272,958
276,154
279,328
282,429
285,366
288,217
291,073
293,951

25,620
25,450
26,081
25,640
26,249
26,366
26,181
26,123
26,179
26,392
26,842
26,862
26,964
27,088
27,148
27,630

24,469
24,626
24,703
25,090
25,202
25,500
25,740
25,922
26,243
26,479
26,841
27,086
27,521
27,778
28,142
28,562

24,108
24,110
24,150
24,494
24,550
24,666
24,777
24,867
24,975
25,155
25,397
25,552
25,755
25,797
26,053
26,283

0.3
¥2.6
10.3
¥6.6
9.8
1.8
¥2.8
¥.9
.9
3.3
7.0
.3
1.5
1.9
.9
7.3

1.9
1.2
3.4
.5
2.7
2.7
1.6
1.2
1.0
1.1
1.9
1.3
1.0
1.3
.5
1.3

284,265
284,959
285,736
286,502
287,154
287,812
288,575
289,328
289,977
290,656
291,442
292,217
292,872
293,540
294,315
295,077

Seasonally adjusted annual rates
2001: I r .......
II r ......
III r ....
IV r .....
2002: I r .......
II r ......
III r ....
IV r .....
2003: I r .......
II r ......
III r ....
IV r .....
2004: I r .......
II r ......
III r ....
IV p .....

8,688.7
8,719.9
8,733.1
8,754.8
8,803.6
8,897.1
8,895.7
8,919.2
9,002.2
9,105.7
9,209.3
9,330.0
9,445.0
9,592.7
9,674.3
9,924.6

1,296.6
1,312.3
1,110.3
1,230.0
1,065.8
1,052.1
1,046.7
1,040.3
1,025.7
1,030.7
941.7
1,009.4
1,006.6
1,030.6
1,043.7
1,064.5

7,392.1
7,407.6
7,622.8
7,524.8
7,737.8
7,845.0
7,849.0
7,878.8
7,976.5
8,075.0
8,267.6
8,320.5
8,438.4
8,562.1
8,630.7
8,860.0

7,253.5
7,318.8
7,361.2
7,484.4
7,528.5
7,635.0
7,722.9
7,787.6
7,897.0
7,982.9
8,107.8
8,209.4
8,351.6
8,448.7
8,588.1
8,742.8

138.6
88.7
261.6
40.5
209.3
210.0
126.1
91.2
79.5
92.1
159.8
111.1
86.8
113.4
42.6
117.2

7,283.0
7,252.1
7,452.2
7,346.0
7,537.6
7,588.4
7,555.1
7,558.0
7,591.2
7,671.1
7,822.9
7,849.6
7,897.0
7,951.5
7,990.2
8,152.9

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

6

26,004
25,995
26,678
26,264
26,947
27,257
27,199
27,231
27,507
27,782
28,368
28,474
28,813
29,168
29,325
30,026

Note.—Per capita series reflect revised population data beginning 2000.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).

FARM INCOME
According to the current forecast for 2004, gross farm income is forecast to increase $28.6 billion, and net farm
income, $14.5 billion.

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income of farm operators from farming
Gross farm income
Period

Cash marketing receipts
Total 1
Total

1994 ................................
1995 ................................
1996 ................................
1997 ................................
1998 ................................
1999 ................................
2000 ................................
2001 ................................
2002 ................................
2003 ................................
2004 p ..............................
2002: I ..........................
II .........................
III ........................
IV ........................
2003: I ..........................
II .........................
III ........................
IV ........................
2004: I p ........................
II p ........................
III p ......................
IV p .......................

216.1
210.8
235.8
238.2
232.4
234.5
241.3
248.3
230.7
256.9
285.5
229.4
227.1
226.5
239.9
269.3
254.9
242.2
261.1
332.4
289.5
262.4
257.7

181.4
188.2
199.4
207.9
196.4
187.7
192.1
200.1
195.1
211.6
233.4
184.5
198.0
196.9
200.9
208.9
218.8
206.8
212.1
260.8
245.4
221.2
206.2

Livestock and
products

88.3
87.2
92.9
96.5
94.2
95.7
99.6
106.7
93.8
105.5
121.5
89.4
92.4
96.2
97.2
106.6
108.1
106.5
100.7
125.9
138.9
118.2
103.0

1 Cash marketing receipts, Government payments, value of changes in inventories, other farm
related cash income, and nonmoney income produced by farms including imputed rent of operator residences.
2 Crop receipts include proceeds received from commodities placed under Commodity Credit
Corporation loans.
3 Physical changes in beginning and ending year inventories of crop and livestock commodities
valued at weighted average market prices during the period.

Crops 2

93.1
101.0
106.5
111.4
102.2
92.1
92.5
93.4
101.3
106.2
111.9
95.0
105.6
100.7
103.8
102.3
110.7
100.3
111.4
134.9
106.5
103.0
103.2

Value of
inventory
changes 3

8.3
¥5.0
7.9
.6
¥.6
¥.2
1.6
1.1
¥3.3
.8
6.6
¥3.1
¥3.4
¥3.3
¥3.4
.8
.8
.8
.8
7.3
6.9
6.2
5.8

Direct
Government
payments 4

Production
expenses

7.9
7.3
7.3
7.5
12.4
21.5
22.9
20.7
11.0
15.9
15.7
21.6
4.1
4.7
13.5
31.4
5.9
6.8
19.7
30.9
5.8
6.7
19.4

164.8
171.2
177.9
186.9
185.9
187.4
193.4
197.7
193.4
197.6
211.8
182.9
196.3
195.2
199.3
195.1
204.3
193.1
198.1
236.7
222.7
200.7
187.1

Net farm
income

51.3
39.6
57.9
51.3
46.5
47.1
47.9
50.6
37.3
59.2
73.7
46.5
30.8
31.2
40.6
74.1
50.6
49.1
63.1
95.7
66.8
61.7
70.6

4 Includes only Government payments made directly to farmers.
NOTE.—Data for 2004 are forecasts.
Source: Department of Agriculture.

7

CORPORATE PROFITS
In the third quarter of 2004, according to current estimates, corporate profits before tax fell $55.5 billion (annual
rate) and profits after tax fell $37.6 billion.

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

Profits after tax

Domestic industries
Period

Profits
before
tax

Nonfinancial

Total 2
Total

Financial

Total 3

Manufacturing

Utilities

Wholesale

Retail

Taxes
on
corporate
income

Total

Net
dividends

Undistributed
profits

Inventory
valuation
adjustment

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

656.0
736.1
812.3
738.5

563.2
634.2
701.4
635.5

162.2
172.6
193.0
165.9

401.0
461.6
508.4
469.6

173.7
188.8
209.0
173.5

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

27.3
39.8
47.6
52.3

43.1
51.9
64.2
73.4

674.3
733.0
798.2
718.3

218.7
231.7
246.1
248.3

455.6
501.4
552.1
470.0

254.2
297.6
334.5
351.6

201.4
203.8
217.6
118.3

¥18.3
3.1
14.1
20.2

1998 4 ...........
1999 ..............
2000 ..............
2001 ..............
2002 ..............
2003 ..............
2004 p ............

738.5
776.8
759.3
719.2
756.8
860.4
............

635.5
655.3
613.6
549.5
599.0
683.4
............

165.4
194.3
200.2
227.6
276.2
299.8
............

470.1
461.1
413.4
322.0
322.8
383.6
............

157.0
150.6
144.3
52.6
50.7
67.3
................

32.7
33.1
24.4
24.7
11.4
18.8
................

53.2
55.5
59.7
52.1
51.0
47.9
..............

66.4
65.2
59.6
71.0
78.1
77.7
..............

718.3
775.9
773.4
707.9
758.0
874.5
............

248.3
258.6
265.2
204.1
183.8
234.9
............

470.0
517.2
508.2
503.8
574.2
639.6
..............

351.6
337.4
377.9
370.9
390.0
395.3
443.9

118.3
179.9
130.3
132.9
184.1
244.2
..............

20.2
1.0
¥14.1
11.3
¥1.2
¥14.1
............

2001: I .........
II .......
III ......
IV ......
2002: I .........
II .......
III ......
IV ......
2003: I .........
II .......
III ......
IV ......
2004: I .........
II .......
III ......
IV p .....

750.5
756.0
689.1
681.3
711.7
747.5
761.2
806.8
798.7
823.5
877.2
941.9
925.4
940.6
895.0
............

590.4
585.0
542.5
480.2
556.6
596.2
606.1
637.1
641.8
662.2
703.8
726.1
720.0
755.2
706.3
............

230.8
224.0
211.8
243.7
274.7
279.9
277.1
272.9
292.5
295.4
306.1
305.3
313.7
306.4
237.6
............

359.6
361.0
330.8
236.5
281.9
316.2
329.0
364.2
349.2
366.8
397.6
420.7
406.4
448.8
468.7
............

87.8
79.8
49.1
¥6.3
33.0
46.4
57.5
65.6
54.8
54.1
66.8
93.4
81.5
94.8
105.0
................

27.2
29.3
26.1
16.2
8.2
10.8
12.9
13.5
17.1
15.3
18.6
24.3
23.2
21.5
21.1
................

46.7
47.8
53.8
60.2
51.3
57.0
46.5
49.3
43.1
45.1
53.1
50.1
46.0
52.2
61.1
..............

66.7
66.3
72.3
78.6
76.3
79.8
78.7
77.7
74.7
82.6
78.9
74.7
80.0
73.1
64.7
..............

754.6
755.0
671.1
650.9
695.8
745.9
773.0
817.4
826.1
824.5
881.0
966.2
962.4
988.3
932.8
............

222.5
217.9
197.6
178.6
168.9
183.5
188.3
194.7
224.0
224.6
238.7
252.3
256.5
271.2
253.3
............

532.1
537.1
473.6
472.4
526.9
562.4
584.8
622.7
602.1
600.0
642.3
713.9
705.9
717.1
679.5
..............

379.2
370.1
366.0
368.4
378.7
389.2
395.3
396.9
396.0
394.7
394.1
396.4
403.4
413.2
424.0
534.7

152.9
167.0
107.5
104.0
148.2
173.2
189.4
225.7
206.1
205.3
248.1
317.5
302.5
303.9
255.5
..............

¥4.1
1.1
18.0
30.4
15.9
1.6
¥11.8
¥10.6
¥27.4
¥1.0
¥3.8
¥24.3
¥37.0
¥47.8
¥37.8
............

1995
1996
1997
1998

1 See

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

2 Includes
3 Includes

8

4 Data by industry beginning 1998 are based on the 1997 North American Industry Classification System (NAICS) and are not directly comparable with data for prior years shown,
which are based on the 1987 Standard Industrial Classification (SIC).
Source: Department of Commerce, Bureau of Economic Analysis.

REAL GROSS PRIVATE DOMESTIC INVESTMENT
In the fourth quarter of 2004, according to advance estimates, nonresidential fixed investment in chained (2000)
dollars rose $31.0 billion (annual rate) and residential investment rose $0.4 billion. There was an increase of $45.8
billion in inventories following an increase of $34.5 billion in the third quarter.

[Billions of chained (2000) dollars; quarterly data at seasonally adjusted annual rates]
Fixed investment
Period

Gross
private
domestic
investment

Change in private
inventories

Nonresidential
Total
Total

Equipment
and software

Residential

Structures

Total

Nonfarm

1995 .................................................................................
1996 .................................................................................
1997 .................................................................................
1998 .................................................................................
1999 .................................................................................
2000 .................................................................................
2001 .................................................................................
2002 .................................................................................
2003 .................................................................................
2004 p ................................................................................

1,134.0
1,234.3
1,387.7
1,524.1
1,642.6
1,735.5
1,598.4
1,560.7
1,628.8
1,839.1

1,109.6
1,209.2
1,320.6
1,455.0
1,576.3
1,679.0
1,629.4
1,548.9
1,627.3
1,790.4

762.5
833.6
934.2
1,037.8
1,133.3
1,232.1
1,180.5
1,075.6
1,110.8
1,225.6

247.1
261.1
280.1
294.5
293.2
313.2
306.1
251.6
237.4
239.7

523.1
578.7
658.3
745.6
840.2
918.9
874.2
826.5
879.2
996.6

353.1
381.3
388.6
418.3
443.6
446.9
448.5
470.0
511.2
559.6

29.9
28.7
71.2
72.6
68.9
56.5
¥31.7
11.7
¥.8
45.3

41.3
21.7
68.5
71.2
71.5
57.8
¥31.8
13.5
¥1.1
41.7

2001: I ............................................................................
II ...........................................................................
III .........................................................................
IV ..........................................................................
2002: I ............................................................................
II ...........................................................................
III .........................................................................
IV ..........................................................................
2003: I ............................................................................
II ...........................................................................
III .........................................................................
IV ..........................................................................

1,670.3
1,637.4
1,592.6
1,493.4
1,552.5
1,553.7
1,569.2
1,567.3
1,564.0
1,577.6
1,659.4
1,714.1

1,678.2
1,640.5
1,621.9
1,577.0
1,559.6
1,545.9
1,546.6
1,543.5
1,552.7
1,593.4
1,660.6
1,702.7

1,234.4
1,190.2
1,169.3
1,128.2
1,099.8
1,072.4
1,069.5
1,060.9
1,060.5
1,090.6
1,131.1
1,161.0

313.8
310.6
315.1
284.9
270.7
253.9
243.0
238.9
230.7
238.7
237.9
242.4

920.8
879.2
852.9
843.8
830.1
820.6
829.8
825.5
834.6
856.7
899.7
925.6

444.0
450.1
452.1
447.8
457.8
470.3
473.6
478.5
487.3
497.9
523.8
535.9

¥7.8
¥2.5
¥29.9
¥86.7
¥7.4
7.9
22.7
23.8
9.6
¥17.6
¥3.5
8.6

¥13.5
¥1.1
¥31.1
¥81.7
¥11.9
16.1
24.6
25.3
9.6
¥15.7
¥2.7
4.6

2004: I ............................................................................
II ...........................................................................
III .........................................................................
IV p ........................................................................

1,764.5
1,842.9
1,853.9
1,895.1

1,721.4
1,778.3
1,816.1
1,845.7

1,173.0
1,207.9
1,245.3
1,276.3

237.7
241.7
241.0
238.5

943.7
975.5
1,015.6
1,051.5

542.5
563.6
565.9
566.3

40.0
61.1
34.5
45.8

34.5
58.8
30.4
43.3

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.

9

REAL PRIVATE FIXED INVESTMENT BY TYPE
[Billions of chained (2000) dollars; quarterly data at seasonally adjusted annual rates]
Nonresidential

Residential

Equipment and software

Period

Total
fixed investment

Structures

Information processing equipment
and software
Total
nonresidential

Structures

Total

Computers and
peripheral
equipment 1

Software

Total

Transportation
equipment

Other
equipment

Total
residential

Total 2

Single
family

Other

Industrial
equipment

Equipment

1995 ...........................
1996 ...........................
1997 ...........................
1998 ...........................
1999 ...........................
2000 ...........................
2001 ...........................
2002 ...........................
2003 ...........................
2004 p ..........................
2001: I ......................
II .....................
III ...................
IV ....................
2002: I ......................
II .....................
III ...................
IV ....................
2003: I ......................
II .....................
III ...................
IV ....................

1,109.6
1,209.2
1,320.6
1,455.0
1,576.3
1,679.0
1,629.4
1,548.9
1,627.3
1,790.4
1,678.2
1,640.5
1,621.9
1,577.0
1,559.6
1,545.9
1,546.6
1,543.5
1,552.7
1,593.4
1,660.6
1,702.7

762.5
833.6
934.2
1,037.8
1,133.3
1,232.1
1,180.5
1,075.6
1,110.8
1,225.6
1,234.4
1,190.2
1,169.3
1,128.2
1,099.8
1,072.4
1,069.5
1,060.9
1,060.5
1,090.6
1,131.1
1,161.0

247.1
261.1
280.1
294.5
293.2
313.2
306.1
251.6
237.4
239.7
313.8
310.6
315.1
284.9
270.7
253.9
243.0
238.9
230.7
238.7
237.9
242.4

523.1
578.7
658.3
745.6
840.2
918.9
874.2
826.5
879.2
996.6
920.8
879.2
852.9
843.8
830.1
820.6
829.8
825.5
834.6
856.7
899.7
925.6

182.7
218.9
269.9
328.9
398.5
467.6
459.0
439.6
492.4
571.9
485.7
461.4
447.3
441.7
434.1
435.5
446.5
442.2
460.0
475.7
507.1
526.6

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

71.6
84.1
108.8
129.4
157.2
176.2
173.8
163.6
171.2
192.4
181.4
174.1
172.3
167.4
163.8
162.9
165.9
161.7
164.9
166.8
174.6
178.5

107.0
117.2
127.3
143.2
158.0
190.0
181.7
164.3
179.4
205.0
193.7
182.9
177.8
172.2
163.7
164.9
165.4
163.2
169.6
173.7
183.9
190.4

134.9
139.9
143.0
148.1
147.9
159.2
145.7
137.4
137.6
144.5
159.3
147.3
140.6
135.4
141.5
136.0
136.6
135.4
137.9
137.3
138.4
136.8

120.6
125.4
135.9
145.4
167.7
160.8
142.8
125.6
121.6
135.3
145.3
144.5
137.6
144.0
134.1
124.3
121.9
121.9
113.9
120.5
124.3
127.8

101.7
105.6
115.8
125.7
126.7
131.2
126.9
124.5
131.2
151.1
130.9
126.3
127.6
122.8
120.4
125.1
125.7
126.7
125.2
126.1
134.0
139.3

353.1
381.3
388.6
418.3
443.6
446.9
448.5
470.0
511.2
559.6
444.0
450.1
452.1
447.8
457.8
470.3
473.6
478.5
487.3
497.9
523.8
535.9

346.8
375.1
382.4
411.9
436.6
439.5
441.1
462.5
503.0
550.4
436.6
442.7
444.8
440.4
450.3
462.7
466.0
470.9
479.5
489.8
515.3
527.2

180.6
197.3
196.6
218.1
234.2
236.8
237.1
246.3
274.2
304.6
234.6
239.1
240.3
234.5
237.7
246.0
249.5
252.0
260.3
264.1
278.3
294.1

6.2
6.2
6.1
6.4
7.0
7.4
7.4
7.6
8.3
9.2
7.4
7.4
7.3
7.5
7.5
7.6
7.5
7.6
7.7
8.1
8.5
8.7

2004: I ......................
II .....................
III ...................
IV p ..................

1,721.4
1,778.3
1,816.1
1,845.7

1,173.0
1,207.9
1,245.3
1,276.3

237.7
241.7
241.0
238.5

943.7
975.5
1,015.6
1,051.5

547.0
565.4
575.6
599.4

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

185.6
189.5
192.7
201.6

200.2
206.2
206.8
206.9

139.0
139.7
148.5
150.6

122.7
130.0
141.0
147.5

142.1
147.5
155.2
159.6

542.5
563.6
565.9
566.3

533.6
554.6
556.7
556.9

299.3
305.7
307.9
305.7

9.0
9.1
9.3
9.4

1 For details on this component, see Survey of Current Business, Tables 5.3.6, 5.3.1 for
growth rates, 5.3.2 for contributions, and 5.3.3 for quantity indexes.
2 Includes other items, not shown separately.

NOTE.—Because of the formula used for calculating real GDP, the chained (2000) dollar
estimates for the detailed components do not add to the chained-dollar value of GDP or to any
intermediate aggregates.
Source: Department of Commerce, Bureau of Economic Analysis.

BUSINESS INVESTMENT
[Billions of dollars]
Capital expenditures
By industry

Period

Total
capital
expenditures

Total
by
industry

Forestry,
fishing
Con- Manuand
Min- Utili- strucfacagriing
ties
turtion
culing
tural
services

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

For companies with employees
1996
1997
1998
1999
2000
2001
2002

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

807.1 .............. ........... ........ ......... .......... ........... ............ .......... ............ .......... .......... .......... .......... ........... .......... ..........
871.8 .............. ........... ........ ......... .......... ........... ............ .......... ............ .......... .......... .......... .......... ........... .......... ..........
970.9
896.5
0.9 40.4 36.0 26.9 203.6
29.2 57.3
51.3 96.5 118.2 85.2
22.3
47.1 81.7 74.4
1,047.0
974.6
1.7 30.6 42.8 23.1 196.4
32.4 64.1
57.3 122.8 130.1 100.6
29.5
51.3 91.8 72.3
1,161.0 1,089.9
1.5 42.5 61.3 25.0 214.8
33.6 69.8
59.9 160.2 133.7 92.5
34.1
52.2 108.9 71.2
1,109.0 1,052.3
1.5 51.3 82.8 24.8 192.8
30.0 66.9
57.8 144.8 131.1 82.7
30.5
52.9 102.5 56.7
1,008.5
928.0
1.9 42.3 67.1 25.4 163.3
27.9 59.4
47.8 88.9 125.7 96.7
26.6
59.1 96.0 80.4

1 Includes the following industries: Management of companies and enterprises; administrative
and support and waste management; educational services; arts, entertainment, and recreation;
accommodation and food services; and other services (except public administration). Also includes an item for structure and equipment expenditures serving multiple industry categories.

10

NOTE.—Data from Annual Capital Expenditures. Industry data are based on the North
American Industry Classification System (NAICS): 1997.
Source: Department of Commerce, Bureau of the Census.

EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
In January, employment was 140.2 million and unemployment was 7.7 million. (Series revised.)

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

Period

1995 ......................
1996 ......................
1997 2 ....................
1998 2 ....................
1999 2 ....................
2000 2 ....................
2001 .....................
2002 ......................
2003 2 ....................
2004 2 ....................
2004: Jan 2 r .........
Feb r ...........
Mar r ..........
Apr r ...........
May r ..........
June r .........
July r ..........
Aug r ..........
Sept r ..........
Oct r ...........
Nov r ..........
Dec ............
2005: Jan 2 ..........

Civilian
noninstitutional
population
(NSA)

Civilian
labor
force

198,584
200,591
203,133
205,220
207,753
212,577
215,092
217,570
221,168
223,357
222,161
222,357
222,550
222,757
222,967
223,196
223,422
223,677
223,941
224,192
224,422
224,640
224,837

132,304
133,943
136,297
137,673
139,368
142,583
143,734
144,863
146,510
147,401
146,785
146,529
146,737
146,788
147,018
147,386
147,823
147,676
147,531
147,893
148,313
148,203
147,979

Percent 1

Unemployment

Total

Men
20
years
and
over

Women
20
years
and
over

Both
sexes
16–19
years

124,900
126,708
129,558
131,463
133,488
136,891
136,933
136,485
137,736
139,252
138,481
138,334
138,408
138,645
138,846
139,158
139,639
139,658
139,527
139,827
140,293
140,156
140,241

64,085
64,897
66,284
67,135
67,761
69,634
69,776
69,734
70,415
71,572
71,283
71,014
71,158
71,158
71,226
71,575
71,830
71,847
71,701
71,895
72,134
72,020
72,029

54,396
55,311
56,613
57,278
58,555
60,067
60,417
60,420
61,402
61,773
61,237
61,456
61,424
61,591
61,723
61,731
61,902
61,877
61,939
62,024
62,145
62,208
62,295

6,419
6,500
6,661
7,051
7,172
7,189
6,740
6,332
5,919
5,907
5,962
5,864
5,825
5,897
5,896
5,853
5,907
5,934
5,887
5,908
6,014
5,927
5,917

1 Civilian labor force (or employment) as percent of civilian noninstitutional population; and
unemployment as percent of civilian labor force.
2 Not strictly comparable with earlier data.
NOTE.—Beginning January 2005 data reflect revised population controls and are not strictly
comparable with earlier data.

Total

7,404
7,236
6,739
6,210
5,880
5,692
6,801
8,378
8,774
8,149
8,303
8,195
8,330
8,143
8,172
8,228
8,184
8,018
8,005
8,066
8,020
8,047
7,737

Men
20
years
and
over
3,239
3,146
2,882
2,580
2,433
2,376
3,040
3,896
4,209
3,791
3,856
3,840
3,877
3,751
3,869
3,786
3,737
3,768
3,761
3,736
3,733
3,733
3,565

Women
20
years
and
over

Both
sexes
16–19
years

2,819
2,783
2,585
2,424
2,285
2,235
2,599
3,228
3,314
3,150
3,238
3,179
3,299
3,185
3,080
3,259
3,183
3,032
3,069
3,102
3,099
3,051
3,023

1,346
1,306
1,271
1,205
1,162
1,081
1,162
1,253
1,251
1,208
1,209
1,175
1,154
1,207
1,223
1,184
1,265
1,217
1,175
1,227
1,188
1,262
1,150

Not in
labor
force

66,280
66,647
66,837
67,547
68,385
69,994
71,359
72,707
74,658
75,956
75,377
75,828
75,812
75,969
75,950
75,809
75,599
76,001
76,410
76,299
76,109
76,437
76,858

Labor
force
participation
rate

Employment/
population
ratio

Unemployment
rate

66.6
66.8
67.1
67.1
67.1
67.1
66.8
66.6
66.2
66.0
66.1
65.9
65.9
65.9
65.9
66.0
66.2
66.0
65.9
66.0
66.1
66.0
65.8

62.9
63.2
63.8
64.1
64.3
64.4
63.7
62.7
62.3
62.3
62.3
62.2
62.2
62.2
62.3
62.3
62.5
62.4
62.3
62.4
62.5
62.4
62.4

5.6
5.4
4.9
4.5
4.2
4.0
4.7
5.8
6.0
5.5
5.7
5.6
5.7
5.5
5.6
5.6
5.5
5.4
5.4
5.5
5.4
5.4
5.2

See Employment and Earnings for details on breaks in series.
Data reflect annual revisions released on January 7, 2005; seasonally adjusted data revised
beginning 2000.
Source: Department of Labor, Bureau of Labor Statistics.

11

SELECTED UNEMPLOYMENT RATES
In January, the unemployment rate fell to 5.2 percent from 5.4 percent in December. (Series revised.)

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

By sex and age
Period

1995 .........................
1996 .........................
1997 .........................
1998 .........................
1999 .........................
2000 ........................
2001 ........................
2002 ........................
2003 ........................
2004 .........................
2004: Janr ..............
Feb r ..............
Mar r .............
Apr r ..............
May r .............
June r ............
July r .............
Aug r .............
Sept r ............
Oct r ..............
Nov r .............
Dec ...............
2005: Jan ...............

All
civilian
workers

5.6
5.4
4.9
4.5
4.2
4.0
4.7
5.8
6.0
5.5
5.7
5.6
5.7
5.5
5.6
5.6
5.5
5.4
5.4
5.5
5.4
5.4
5.2

Men
20 years
and over

Women
20 years
and over

4.8
4.6
4.2
3.7
3.5
3.3
4.2
5.3
5.6
5.0
5.1
5.1
5.2
5.0
5.2
5.0
4.9
5.0
5.0
4.9
4.9
4.9
4.7

4.9
4.8
4.4
4.1
3.8
3.6
4.1
5.1
5.1
4.9
5.0
4.9
5.1
4.9
4.8
5.0
4.9
4.7
4.7
4.8
4.7
4.7
4.6

Both
sexes
16–19
years

17.3
16.7
16.0
14.6
13.9
13.1
14.7
16.5
17.5
17.0
16.9
16.7
16.5
17.0
17.2
16.8
17.6
17.0
16.6
17.2
16.5
17.6
16.3

White

4.9
4.7
4.2
3.9
3.7
3.5
4.2
5.1
5.2
4.8
4.9
5.0
5.1
4.9
5.0
5.0
4.8
4.7
4.7
4.7
4.6
4.6
4.4

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

12

By selected groups

Black or
African
American

Asian
(NSA)

Hispanic or
Latino
ethnicity

10.4
10.5
10.0
8.9
8.0
7.6
8.6
10.2
10.8
10.4
10.4
9.7
10.2
9.8
10.0
10.3
11.0
10.5
10.4
10.7
10.8
10.8
10.6

..........
..........
..........
..........
..........
3.6
4.5
5.9
6.0
4.4
5.2
4.7
4.2
4.4
4.2
5.0
4.3
3.6
4.3
4.8
4.2
4.1
4.2

9.3
8.9
7.7
7.2
6.4
5.7
6.6
7.5
7.7
7.0
7.3
7.4
7.4
7.1
6.9
6.7
6.8
6.9
7.0
6.7
6.7
6.6
6.1

Married
men,
spouse
present

Women
who
maintain
families
(NSA)

Full-time
workers

Part-time
workers

8.0
8.2
8.1
7.2
6.4
5.9
6.6
8.0
8.5
8.0
8.3
8.1
8.4
7.5
7.4
8.2
9.0
8.3
8.2
7.8
7.7
7.1
8.2

5.5
5.3
4.8
4.3
4.1
3.8
4.7
5.9
6.1
5.6
5.7
5.7
5.8
5.6
5.7
5.6
5.6
5.5
5.5
5.4
5.4
5.4
5.2

6.0
5.8
5.5
5.3
5.0
4.8
5.1
5.2
5.5
5.3
5.4
5.2
5.4
5.3
5.2
5.5
5.2
5.2
5.0
5.5
5.4
5.4
5.3

3.3
3.0
2.7
2.4
2.2
2.0
2.7
3.6
3.8
3.1
3.3
3.4
3.2
3.1
3.1
3.2
3.2
3.1
3.0
3.0
3.1
3.1
3.1

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

SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE
PROGRAMS
In January, the percentages of the unemployed who had been out of work for less than 5 weeks and for 15–
26 weeks fell; the percentages for 5–14 weeks and for 27 weeks and over rose. The mean duration of unemployment
was unchanged at 19.3 weeks and the median duration fell to 9.4 weeks. (Series revised.)

[Monthly data seasonally adjusted, except as noted]
Duration of unemployment

Period

Unemployment
(thousands)

Percent distribution
Less
than
5
weeks

5–14
weeks

15–26
weeks

Reason for unemployment:
percent distribution

State
programs

Number of weeks
27
weeks
and
over

Average
(mean)

Median

Job
losers 1

Job
leavers

Reentrants

New
entrants

Insured
unemployment

Initial
claims

Insured
unemployment,
all
regular
programs
(unadjusted) 2

Weekly average, thousands
1995 ........................................
1996 ........................................
1997 ........................................
1998 ........................................
1999 ........................................
2000 ........................................
2001 ........................................
2002 ........................................
2003 ........................................
2004 ........................................
2004: Jan r .............................
Feb r .............................
Mar r ............................
Apr r .............................
May r ............................
June r ...........................
July r ............................
Aug r ............................
Sept r ............................
Oct r .............................
Nov r ............................
Dec ...............................
2005: Jan ..............................

7,404
7,236
6,739
6,210
5,880
5,692
6,801
8,378
8,774
8,149
8,303
8,195
8,330
8,143
8,172
8,228
8,184
8,018
8,005
8,066
8,020
8,047
7,737

36.5
36.4
37.7
42.2
43.7
44.9
42.0
34.5
31.7
33.1
31.4
30.2
31.4
34.2
33.4
33.3
34.4
32.4
34.9
34.1
32.7
35.4
33.5

31.6
31.6
31.7
31.4
31.2
31.9
32.3
30.8
29.8
29.2
28.7
29.8
28.9
29.3
29.1
29.4
30.2
31.3
28.1
28.4
29.6
28.0
30.2

14.6
14.6
14.8
12.3
12.8
11.8
14.0
16.3
16.4
15.9
17.3
17.0
15.9
14.4
15.6
15.9
14.7
15.4
15.3
15.6
16.2
16.4
15.5

17.3
17.4
15.8
14.1
12.3
11.4
11.8
18.3
22.1
21.8
22.6
23.0
23.8
22.1
21.8
21.5
20.7
20.9
21.7
21.9
21.5
20.2
20.9

1 Beginning January 1994, job losers and persons who completed temporary jobs.
2 Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (UCX), and Federal (UCFE). Also includes Federal and State extended benefit programs. Does not include Railroad (RR) program, Federal supplemental compensation or Emergency Unemployment Compensation programs.
NOTE.—Data relate to persons age 16 years and over (except for insured unemployment and
initial claims).

16.6
16.7
15.8
14.5
13.4
12.6
13.1
16.6
19.2
19.6
19.8
20.2
19.9
19.7
19.8
19.8
18.5
19.2
19.6
19.7
19.8
19.3
19.3

8.3
8.3
8.0
6.7
6.4
5.9
6.8
9.1
10.1
9.8
10.6
10.2
10.2
9.4
9.9
10.8
8.9
9.5
9.5
9.5
9.8
9.5
9.4

46.9
46.6
45.1
45.5
44.6
44.2
51.1
55.0
55.1
51.5
52.3
52.2
53.5
53.2
51.1
50.9
51.9
49.7
50.4
50.5
50.5
50.9
51.8

11.1
10.7
11.8
11.8
13.3
13.7
12.3
10.3
9.3
10.5
9.6
10.2
10.1
10.3
10.4
11.2
11.0
11.1
10.4
10.3
10.9
11.1
10.5

34.1
34.7
34.7
34.3
34.1
34.5
29.9
28.3
28.2
29.5
30.0
29.5
28.9
28.5
29.7
30.0
28.6
30.5
30.4
29.9
29.6
29.2
29.7

7.8
8.0
8.4
8.4
8.0
7.6
6.8
6.4
7.3
8.4
8.1
8.2
7.5
8.0
8.8
7.9
8.4
8.7
8.8
9.3
9.0
8.8
8.0

2,572
2,595
2,323
2,222
2,188
2,110
2,974
3,585
r 3,531
2,950
3,172
3,139
3,028
2,970
2,928
2,921
2,888
2,884
2,856
2,803
2,755
2,750
..............

357
356
323
321
298
301
404
407
r 404
345
356
356
339
342
342
341
340
340
345
342
339
335
p 332

2,633
2,650
2,366
2,257
2,219
2,141
3,007
3,619
r 3,569
2,995
3,703
3,976
3,571
2,971
2,844
2,869
2,724
2,914
2,401
2,426
2,621
2,693
.................

Seasonally adjusted total unemployment and unemployment by duration and reason reflect
annual revisions beginning 2000.
See Note, p. 11.
Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration).

13

NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey rose by 146,000 in January. (Series revised.)

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

Goods-producing industries

Period

Total
nonagricultural
employment

Total 2

Construction

Manufacturing

Service-providing industries

Total

Trade, transportation, and
utilities
Total 3

1995 ......................
1996 ......................
1997 ......................
1998 ......................
1999 ......................
2000 ......................
2001 ......................
2002 ......................
2003 r .....................
2004 p .....................
2004: Jan r ...........
Feb r ...........
Mar r ...........
Apr r ...........
May r ...........
June r ..........
July r ...........
Aug r ...........
Sept r ..........
Oct r ............
Nov r ...........
Dec p ...........
2005: Jan p ...........

117,298
119,708
122,776
125,930
128,993
131,785
131,826
130,341
129,999
131,481
130,372
130,466
130,786
131,123
131,373
131,479
131,562
131,750
131,880
132,162
132,294
132,427
132,573

23,156
23,410
23,886
24,354
24,465
24,649
23,873
22,557
21,816
21,885
21,703
21,699
21,773
21,825
21,888
21,890
21,902
21,946
21,947
21,982
21,996
22,006
21,975

5,274
5,536
5,813
6,149
6,545
6,787
6,826
6,716
6,735
6,965
6,845
6,841
6,897
6,913
6,949
6,955
6,965
6,985
6,998
7,043
7,060
7,074
7,065

17,241
17,237
17,419
17,560
17,322
17,263
16,441
15,259
14,510
14,329
14,283
14,281
14,291
14,323
14,347
14,344
14,341
14,366
14,352
14,344
14,337
14,330
14,305

94,142
96,299
98,890
101,576
104,528
107,136
107,952
107,784
108,182
109,597
108,669
108,767
109,013
109,298
109,485
109,589
109,660
109,804
109,933
110,180
110,298
110,421
110,598

Retail
trade

23,834
24,239
24,700
25,186
25,771
26,225
25,983
25,497
25,287
25,511
25,348
25,367
25,441
25,481
25,511
25,536
25,536
25,537
25,555
25,581
25,621
25,628
25,682

13,897
14,143
14,389
14,609
14,970
15,280
15,239
15,025
14,917
15,034
14,962
14,977
15,021
15,038
15,052
15,061
15,048
15,043
15,038
15,057
15,081
15,073
15,093

1 Data from the establishment survey. Includes all full- and part-time wage and salary workers in nonagricultural establishments who received pay for any part of the pay period that includes the 12th of the month. Excludes proprietors, self-employed persons, unpaid family workers, and private household workers. Data from the household survey shown on p. 11 include
those workers and also count persons as employed when they are not at work because of industrial disputes, bad weather, etc., even if they are not paid for the time off. In the series shown
here, persons who work at more than one job are counted each time they appear on a payroll,
in contrast to the series shown on p. 11 where persons are counted only once—as employed,
unemployed, or not in the labor force. See Employment and Earnings for details.

14

Information
2,843
2,940
3,084
3,218
3,419
3,631
3,629
3,395
3,188
3,138
3,139
3,143
3,136
3,142
3,146
3,151
3,144
3,135
3,127
3,131
3,133
3,135
3,139

Financial
activities
6,827
6,969
7,178
7,462
7,648
7,687
7,807
7,847
7,977
8,052
7,989
7,997
8,005
8,021
8,037
8,051
8,043
8,058
8,083
8,093
8,107
8,127
8,148

Profes- Educasional
tion Leisure
and
and
and
busihealth hospiness services tality
services
12,844
13,462
14,335
15,147
15,957
16,666
16,476
15,976
15,987
16,413
16,138
16,153
16,184
16,305
16,384
16,415
16,453
16,470
16,514
16,614
16,611
16,650
16,675

13,289
13,683
14,087
14,446
14,798
15,109
15,645
16,199
16,588
16,955
16,766
16,787
16,833
16,871
16,913
16,936
16,963
17,010
17,019
17,081
17,108
17,155
17,190

10,501
10,777
11,018
11,232
11,543
11,862
12,036
11,986
12,173
12,479
12,351
12,367
12,412
12,443
12,474
12,486
12,497
12,508
12,522
12,546
12,571
12,580
12,600

Other
services

Government

Total
4,572
4,690
4,825
4,976
5,087
5,168
5,258
5,372
5,401
5,431
5,405
5,402
5,420
5,428
5,434
5,443
5,438
5,441
5,436
5,434
5,441
5,447
5,453

19,432
19,539
19,664
19,909
20,307
20,790
21,118
21,513
21,583
21,619
21,533
21,551
21,582
21,607
21,586
21,571
21,586
21,645
21,677
21,700
21,706
21,699
21,711

Federal
2,949
2,877
2,806
2,772
2,769
2,865
2,764
2,766
2,761
2,728
2,729
2,731
2,730
2,745
2,729
2,731
2,726
2,730
2,730
2,723
2,728
2,713
2,724

2 Includes natural resources and mining, not shown separately.
3 Includes wholesale trade, transportation and warehousing, and utilities, not shown separately.
NOTE.—Data classified by industry based on the 2002 North American Industry Classification System (NAICS). For details see Employment and Earnings,June 2003.
Data reflect annual revisions released on February 4, 2005; unadjusted data revised beginning April 2003, seasonally adjusted data revised beginning 2000.

Source: Department of Labor, Bureau of Labor Statistics.

AVERAGE WEEKLY HOURS, HOURLY EARNINGS, AND WEEKLY EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted]
Average weekly hours

Average gross hourly earnings

Manufacturing
Period

1995 .....................
1996 ....................
1997 ....................
1998 .....................
1999 .....................
2000 ....................
2001 .....................
2002 .....................
2003 r ....................
2004 p ....................
2004: Jan r ..........
Feb r ..........
Mar r ..........
Apr r ..........
May r .........
June r ........
July r .........
Aug r ..........
Sept r .........
Oct r ...........
Nov r ..........
Dec p ..........
2005: Jan p ..........

Total
private
nonagricultural 1

34.3
34.3
34.5
34.5
34.3
34.3
34.0
33.9
33.7
33.7
33.8
33.8
33.7
33.7
33.8
33.6
33.7
33.7
33.8
33.8
33.7
33.8
33.7

Total

41.3
41.3
41.7
41.4
41.4
41.3
40.3
40.5
40.4
40.8
41.0
41.0
40.9
40.8
41.0
40.7
40.8
40.9
40.8
40.7
40.5
40.6
40.7

Average gross weekly earnings

Total private
nonagricultural 1

Overtime

4.7
4.8
5.1
4.8
4.8
4.7
4.0
4.2
4.2
4.6
4.5
4.5
4.6
4.5
4.6
4.5
4.6
4.6
4.6
4.5
4.5
4.5
4.6

Current
dollars

$11.64
12.03
12.49
13.00
13.47
14.00
14.53
14.95
15.35
15.67
15.48
15.51
15.54
15.58
15.62
15.64
15.70
15.74
15.77
15.81
15.82
15.85
15.88

1982
dollars 2

$7.53
7.57
7.68
7.89
8.00
8.03
8.11
8.24
8.27
8.23
8.27
8.26
8.24
8.24
8.21
8.19
8.23
8.25
8.25
8.21
8.21
8.23
..............

Total private
nonagricultural 1
Manufacturing

Current
dollars

$12.34
12.75
13.14
13.45
13.85
14.32
14.76
15.29
15.74
16.14
15.94
15.98
16.01
16.07
16.08
16.12
16.16
16.22
16.29
16.27
16.29
16.34
16.35

1 Also

includes other private industry groups shown on p. 14.
2 Current dollar earnings divided by the consumer price index for urban wage earners and
clerical workers (CPI–W) (on a 1982=100 base).

Percent change from
a year earlier, total
private nonagricultural

Current dollars

1982
dollars 2

Manufacturing

Construction

Retail
trade

$399.53
412.74
431.25
448.04
462.49
480.41
493.20
506.07
517.30
528.56
523.22
524.24
523.70
525.05
527.96
525.50
529.09
530.44
533.03
534.38
533.13
535.73
535.16

$258.43
259.58
265.22
271.87
274.64
275.62
275.38
278.83
278.72
277.61
279.50
279.30
277.53
277.80
277.44
275.28
277.30
277.86
278.78
277.60
276.52
278.16
..............

$509.26
526.55
548.22
557.12
573.17
590.65
595.19
618.75
635.99
658.49
653.54
655.18
654.81
655.66
659.28
656.08
659.33
663.40
664.63
662.19
659.75
663.40
665.45

$571.57
588.48
609.48
629.75
655.11
685.78
695.89
711.82
726.83
735.70
732.29
734.21
739.19
733.44
734.98
729.22
735.74
733.43
738.04
738.79
739.57
739.97
722.30

$272.56
282.76
295.97
310.34
321.63
333.38
346.16
360.81
367.15
371.21
368.95
369.87
368.98
369.91
370.83
366.93
370.26
372.39
374.53
374.53
373.32
376.68
377.92

Current
dollars

2.3
3.3
4.5
3.9
3.2
3.9
2.7
2.6
2.2
2.2
1.9
1.9
1.5
2.5
2.6
2.0
2.3
2.5
3.0
2.9
2.1
3.2
2.3

1982
dollars

¥0.6
.4
2.2
2.5
1.0
.4
¥.1
1.3
¥.0
¥.4
.1
.4
.0
.4
¥.3
¥1.1
¥.6
¥.0
.6
¥.4
¥1.6
¥.2
..............

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

EMPLOYMENT COST INDEX—PRIVATE INDUSTRY
Index (June 1989 = 100)

Percent change from
3 months earlier

Period

Total
compensation

Wages and
salaries

Benefits 1

Total
compensation

Wages and
salaries

12 months earlier
Benefits 1

Total
compensation

Wages and
salaries

Benefits 1

Not seasonally adjusted
1995:
1996:
1997:
1998:
1999:
2000:
2001:
2002:
2003:
2004:

Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec

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

126.7
130.6
135.1
139.8
144.6
150.9
157.2
162.3
168.8
175.2

123.1
127.3
132.3
137.4
142.2
147.7
153.3
157.5
162.3
166.2

2001: Mar .................................................................
June ...............................................................
Sept ................................................................
Dec .................................................................
2002: Mar .................................................................
June ...............................................................
Sept ................................................................
Dec .................................................................
2003: Mar .................................................................
June ...............................................................
Sept ................................................................
Dec .................................................................
2004: Mar .................................................................
June ...............................................................
Sept ................................................................
Dec .................................................................

152.7
154.2
155.7
157.4
158.8
160.5
161.5
162.8
165.0
166.4
168.2
169.5
171.3
173.0
174.5
175.8

149.4
150.8
152.0
153.5
154.8
156.2
156.9
157.7
159.3
160.3
161.7
162.5
163.5
164.4
165.8
166.4

135.9
138.6
141.8
145.2
150.2
158.6
166.7
174.6
185.8
198.7

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

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

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

1.0
.9
.8
1.0
.8
.9
.4
.5
1.0
.6
.9
.5
.6
.6
.9
.4

1.1
1.1
1.4
1.4
.8
1.4
1.1
1.4
2.1
1.4
1.5
1.4
2.6
1.7
1.0
1.5

Seasonally adjusted

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

160.7
162.5
164.7
167.0
168.4
170.8
172.6
175.0
178.6
181.1
183.8
186.3
191.2
194.5
196.4
199.3

1.1
1.0
1.0
1.1
.9
1.1
.6
.8
1.4
.8
1.1
.8
1.1
1.0
.9
.7

2.6
3.1
3.4
3.5
3.4
4.4
4.2
3.2
4.0
3.8

2.8
3.4
3.9
3.9
3.5
3.9
3.8
2.7
3.0
2.4

2.2
2.0
2.3
2.4
3.4
5.6
5.1
4.7
6.4
6.9

Not seasonally adjusted
4.2
4.0
4.0
4.2
3.9
4.0
3.7
3.2
3.8
3.5
4.0
4.0
3.9
4.0
3.7
3.8

3.8
3.8
3.6
3.8
3.5
3.6
3.2
2.7
3.0
2.6
3.0
3.0
2.6
2.6
2.6
2.4

5.0
4.8
4.9
5.1
4.8
5.1
4.8
4.7
6.1
6.1
6.5
6.4
7.0
7.3
6.8
6.9

Data exclude farm and household workers.
Source: Department of Labor, Bureau of Labor Statistics.

15

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

Nonfarm
business
sector

Output 1
Business
sector

Nonfarm
business
sector

Hours of all
persons 2
Business
sector

Compensation per
hour 3

Nonfarm
business
sector

Business
sector

Nonfarm
business
sector

Real compensation
per hour 4
Business
sector

Nonfarm
business
sector

Unit labor
costs

Implicit price
deflator 5

Business
sector

Nonfarm
business
sector

Business
sector

Nonfarm
business
sector

104.3
104.8
106.1
109.6
111.6
116.1
118.0
116.6
116.2
116.5
118.7
117.9
118.2
117.0
116.7
117.2
116.3
116.3
116.8
116.4
115.6
116.0
115.7
116.4
116.8
117.3

103.8
104.5
106.0
109.4
111.4
116.0
117.7
116.5
116.1
116.2
118.6
117.6
117.8
116.8
116.4
117.1
116.2
116.1
116.6
116.3
115.5
115.9
115.4
115.9
116.4
117.1

105.7
107.4
109.0
109.7
110.7
112.7
114.9
116.0
117.4
119.4
114.1
114.9
115.2
115.6
115.5
115.9
116.1
116.5
117.1
117.3
117.5
117.8
118.4
119.4
119.7
120.3

105.8
107.3
109.1
109.9
111.1
113.3
115.4
116.6
117.9
119.8
114.6
115.4
115.6
116.0
116.0
116.5
116.8
117.2
117.7
117.8
118.0
118.1
118.7
119.6
120.1
120.7

1.6
.7
1.4
3.2
1.8
4.2
1.5
¥1.1
¥.4
.1
7.2
¥3.1
.6
¥3.3
¥1.4
2.3
¥2.9
¥.3
1.6
¥1.0
¥2.7
1.2
¥1.6
1.9
1.6
2.3

1.8
1.6
1.5
.6
.9
1.8
2.0
.9
1.3
1.7
2.7
3.0
1.0
1.3
¥.3
1.4
.7
1.4
2.1
.8
.7
.8
2.1
3.3
1.1
2.0

1.7
1.4
1.7
.7
1.1
1.9
1.9
1.0
1.1
1.6
2.6
2.7
.7
1.5
¥.3
1.8
1.0
1.3
1.9
.5
.6
.3
2.0
2.9
1.8
2.0

Indexes, 1992=100; quarterly data seasonally adjusted
1995 ........................
1996 ........................
1997 ........................
1998 ........................
1999 ........................
2000 ........................
2001 ........................
2002 ........................
2003 ........................
2004 p* ....................
2001: I ...................
II .................
III ................
IV ................
2002: I ...................
II .................
III ................
IV ................
2003: I ...................
II .................
III ...............
IV ................
2004: I ...................
II .................
III r ...............
IV p* .............

101.6
104.6
106.5
109.4
112.6
115.9
118.8
123.9
129.5
134.7
117.0
118.4
118.8
120.9
122.7
123.2
124.7
125.0
126.2
128.6
131.2
132.0
133.3
134.2
135.0
135.8

102.0
104.8
106.5
109.3
112.3
115.5
118.3
123.5
129.0
134.2
116.5
118.1
118.5
120.4
122.4
122.8
124.1
124.6
125.8
127.8
130.6
131.7
132.8
134.1
134.7
135.0

111.4
116.5
122.7
128.6
135.2
140.5
141.0
143.5
149.0
156.6
141.1
141.4
140.3
141.0
142.2
142.9
144.3
144.7
145.5
147.5
150.8
152.3
154.3
155.8
157.5
158.8

111.8
116.8
122.8
128.9
135.6
140.8
141.3
143.9
149.4
157.2
141.4
141.9
140.8
141.2
142.6
143.2
144.5
145.0
145.9
147.8
151.1
152.8
155.0
156.5
158.2
159.3

109.6
111.4
115.1
117.6
120.1
121.3
118.7
115.8
115.1
116.3
120.7
119.4
118.1
116.6
115.9
116.0
115.7
115.7
115.3
114.7
114.9
115.4
115.8
116.1
116.6
116.9

109.5
111.5
115.4
117.9
120.7
121.9
119.4
116.5
115.8
117.1
121.4
120.2
118.9
117.3
116.5
116.7
116.4
116.4
116.0
115.6
115.7
116.1
116.7
116.7
117.4
118.0

106.0
109.6
113.1
119.9
125.6
134.5
140.1
144.5
150.5
156.9
138.8
139.7
140.4
141.5
143.2
144.4
145.0
145.5
147.4
149.6
151.7
153.2
154.2
156.2
157.7
159.3

105.9
109.5
112.9
119.6
125.1
134.0
139.3
143.8
149.7
156.0
138.1
138.9
139.6
140.7
142.6
143.8
144.3
144.7
146.6
148.7
150.9
152.5
153.3
155.5
156.8
158.0

98.9
99.6
100.6
105.1
107.9
111.8
113.3
115.0
117.1
118.9
113.0
112.8
113.2
114.2
115.2
115.2
115.0
114.8
115.3
116.8
117.7
118.7
118.4
118.6
119.1
119.3

98.8
99.5
100.4
104.9
107.5
111.4
112.7
114.5
116.5
118.2
112.5
112.2
112.5
113.5
114.7
114.7
114.4
114.3
114.7
116.1
117.1
118.2
117.7
118.0
118.5
118.4

Percent change; quarterly data at seasonally adjusted annual rates
1995 ........................
1996 ........................
1997 ........................
1998 ........................
1999 ........................
2000 ........................
2001 ........................
2002 ........................
2003 ........................
2004 p* ....................
2001: I ...................
II .................
III ................
IV ................
2002: I ...................
II .................
III ................
IV ................
2003: I ...................
II .................
III ...............
IV ................
2004: I ...................
II .................
III r ...............
IV p* .............
1 Output

0.2
2.9
1.9
2.7
2.9
2.9
2.5
4.3
4.5
4.0
¥.5
5.1
1.4
7.2
5.9
1.7
4.8
1.2
3.9
7.6
8.5
2.4
3.9
2.9
2.4
2.5

0.5
2.7
1.6
2.7
2.8
2.8
2.5
4.4
4.4
4.1
¥.4
5.5
1.5
6.6
6.9
1.1
4.5
1.6
3.7
6.7
9.0
3.1
3.7
3.9
1.8
.8

2.9
4.6
5.3
4.8
5.1
3.9
.3
1.8
3.8
5.1
¥1.1
.8
¥3.1
1.8
3.5
2.1
3.8
1.2
2.2
5.6
9.3
4.2
5.3
3.9
4.5
3.3

3.2
4.5
5.2
5.0
5.2
3.8
.4
1.8
3.8
5.3
¥1.1
1.2
¥2.9
1.2
4.0
1.7
3.6
1.4
2.4
5.3
9.3
4.6
5.7
4.2
4.2
2.8

2.7
1.6
3.4
2.1
2.2
1.0
¥2.1
¥2.4
¥.7
1.0
¥.6
¥4.1
¥4.4
¥5.0
¥2.3
.4
¥1.0
.0
¥1.6
¥1.9
.7
1.7
1.3
1.0
2.0
.8

2.7
1.8
3.5
2.2
2.3
1.0
¥2.0
¥2.5
¥.6
1.1
¥.7
¥4.1
¥4.3
¥5.1
¥2.7
.6
¥.9
¥.2
¥1.3
¥1.4
.3
1.4
2.0
.3
2.4
1.9

refers to real gross domestic product originating in the sector.
2 Hours of all persons engaged in the sector, including hours of proprietors and unpaid family
workers. Estimates based primarily on establishment data.
3 Wages and salaries of employees plus employers’ contributions for social insurance and private benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for
the self-employed.
4 Hourly compensation divided by the consumer price index for all urban consumers (CPI–
U) for recent quarters. The trend from 1978–2003 is based on the consumer price index research series (CPI–U–RS).
5 Current dollar gross domestic output divided by the output index.

16

2.0
3.4
3.2
6.0
4.8
7.1
4.2
3.2
4.1
4.3
6.8
2.5
2.2
3.1
4.9
3.4
1.6
1.3
5.5
6.1
5.6
4.0
2.8
5.2
3.8
4.2

2.1
3.4
3.1
5.9
4.6
7.1
4.0
3.3
4.1
4.2
6.7
2.2
2.1
3.1
5.5
3.4
1.5
1.2
5.3
5.7
6.1
4.4
2.0
5.9
3.5
3.1

¥0.4
.7
1.0
4.6
2.6
3.6
1.3
1.5
1.8
1.6
3.1
¥.8
1.2
3.7
3.5
¥.1
¥.7
¥.6
1.7
5.4
3.1
3.3
¥.8
.5
1.9
.8

¥0.3
.7
.9
4.5
2.5
3.6
1.1
1.6
1.7
1.5
3.0
¥1.0
1.1
3.7
4.1
¥.1
¥.8
¥.6
1.5
5.0
3.6
3.6
¥1.6
1.1
1.6
¥.3

1.9
.5
1.3
3.3
1.8
4.0
1.6
¥1.1
¥.4
.3
7.4
¥2.5
.8
¥3.8
¥1.0
1.7
¥3.1
.0
1.6
¥1.4
¥2.6
1.6
¥1.1
2.3
1.3
1.7

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 January 28, 2005.
Source: Department of Labor, Bureau of Labor Statistics.

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

[Monthly data seasonally adjusted]
Total industrial production 1
Percent
Period

Index,
1997=100

From
preceding
month

Industry production indexes, 1997=100

change 2
From
year
earlier

Capacity utilization
rate
(output as percent
of capacity) 1

Manufacturing

Total 1

Durable

Nondurable

Other
(nonNAICS) 1

1995 ......................
1996 ......................
1997 ......................
1998 ......................
1999 ......................
2000 ......................
2001 ......................
2002 ......................
2003 ......................
2004 p ....................

89.4
93.2
100.0
105.8
110.6
115.4
111.3
111.0
110.9
115.5

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

4.8
4.3
7.3
5.8
4.5
4.3
¥3.6
¥.3
.0
4.1

88.1
92.2
100.0
106.6
112.2
117.3
112.3
111.9
111.9
117.2

82.1
89.1
100.0
110.5
120.1
129.4
123.1
122.8
124.4
133.1

96.2
96.4
100.0
101.5
102.2
102.8
99.4
99.6
98.1
100.1

93.0
92.3
100.0
106.5
109.9
112.2
105.7
100.5
99.5
103.3

2003: Dec ............

112.9

0.2

2.0

113.9

128.4

98.3

2004: Jan ............
Feb ............
Mar ............
Apr ............
May ...........
June ..........
July ...........
Aug ............
Sept r ..........
Oct r ...........
Nov r ...........
Dec p ..........

113.2
114.4
114.1
114.7
115.5
115.1
115.9
116.0
115.7
116.6
116.8
117.8

.3
1.1
¥.3
.5
.7
¥.4
.7
.1
¥.3
.8
.2
.8

2.1
3.1
3.2
4.7
5.4
4.7
4.8
5.0
3.9
4.5
3.7
4.4

114.1
115.5
115.6
116.4
117.1
116.9
117.8
118.3
117.7
118.8
118.9
119.7

129.0
130.7
130.8
131.6
132.4
132.3
133.7
134.4
134.1
135.7
135.9
137.1

98.1
98.9
99.1
99.8
100.3
100.2
100.7
100.7
100.2
101.0
100.9
101.2

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

Mining

Utilities
Total
industry

Total
manufacturing

96.7
98.3
100.0
98.5
93.6
95.8
96.7
92.6
92.2
91.5

97.2
100.0
100.0
102.6
105.5
108.6
108.1
111.4
111.9
114.9

83.7
82.7
83.7
82.9
82.2
82.0
76.6
75.3
75.5
78.0

82.8
81.4
82.8
81.8
81.1
80.6
74.5
73.5
73.7
76.7

99.8

92.2

114.9

76.8

75.0

99.8
102.9
102.6
103.4
104.5
103.5
104.0
105.9
104.0
103.7
103.8
105.0

92.9
92.1
92.1
92.2
91.6
91.2
92.3
91.9
89.4
89.5
91.4
91.8

115.8
117.7
113.1
113.3
116.2
113.8
113.3
111.1
114.8
114.5
114.4
117.5

76.9
77.7
77.4
77.7
78.2
77.8
78.3
78.3
78.0
78.5
78.6
79.2

75.1
75.9
75.9
76.3
76.7
76.5
77.0
77.2
76.8
77.4
77.4
77.8

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
[1997=100; monthly data seasonally adjusted]
Products and nonindustrial supplies
Final products

Materials
Nonindustrial supplies

Consumer goods

Equipment

Durable
goods

Business
equipment

Period
Total
Total

Nondurable
goods

Total 1

Defense
and
space
equipment

Total

Construction
supplies

Business
supplies

Total 1

Energy

1995 ............................................................
1996 ............................................................
1997 ............................................................
1998 ............................................................
1999 ............................................................
2000 ............................................................
2001 ............................................................
2002 ............................................................
2003 ............................................................
2004 p ..........................................................

90.6
94.0
100.0
105.6
108.4
111.7
109.1
107.7
108.6
113.3

94.6
96.6
100.0
103.5
105.5
107.7
106.5
108.0
108.3
112.2

90.0
93.7
100.0
106.9
114.1
117.8
112.7
118.8
121.4
124.9

96.5
97.7
100.0
102.2
102.2
103.8
103.9
103.9
103.3
106.0

83.2
89.2
100.0
109.6
114.2
119.7
113.9
105.6
107.9
117.2

79.9
87.3
100.0
110.9
117.4
125.8
116.8
107.6
108.9
119.2

105.8
101.8
100.0
103.7
100.7
90.1
98.1
99.2
106.4
111.3

90.3
93.8
100.0
105.7
109.9
114.3
109.5
108.6
107.6
112.6

91.4
95.5
100.0
105.2
107.9
110.2
105.1
104.2
101.8
107.1

89.9
93.2
100.0
105.8
110.6
115.8
111.1
110.3
109.9
114.7

88.0
92.3
100.0
106.1
113.1
119.6
114.1
115.2
114.6
118.8

98.6
100.1
100.0
100.5
100.2
101.6
100.4
100.4
99.8
99.6

2003: Dec r .................................................

110.5

109.7

124.6

104.1

111.1

112.6

107.0

109.4

104.3

111.4

116.6

100.3

2004: Jan ..................................................
Feb ..................................................
Mar .................................................
Apr ..................................................
May .................................................
June ................................................
July .................................................
Aug ..................................................
Sept r ................................................
Oct r .................................................
Nov r ................................................
Dec p ................................................

110.8
112.3
111.7
112.3
113.1
112.4
113.7
113.8
113.5
114.8
114.8
115.7

109.9
111.3
110.4
110.7
111.3
110.2
110.8
111.4
110.7
111.9
111.9
112.7

126.0
126.8
125.5
125.6
124.8
123.1
123.0
125.4
123.5
126.1
125.9
126.6

103.9
105.6
104.8
105.1
106.2
105.3
106.1
106.1
105.8
106.6
106.6
107.5

111.8
113.2
113.5
115.0
116.3
116.6
119.6
118.6
119.2
120.6
120.7
121.9

113.7
115.2
115.3
116.7
118.2
118.7
121.9
120.7
121.1
122.8
122.5
123.6

106.0
107.1
108.2
109.9
111.1
110.7
112.8
112.7
113.5
114.0
115.2
116.6

110.1
111.5
111.3
112.1
112.8
112.6
113.0
113.0
112.8
113.3
113.2
114.2

104.6
104.9
105.8
106.5
107.3
107.0
107.9
108.3
107.6
108.4
108.2
108.6

112.3
114.1
113.5
114.3
114.9
114.7
114.9
114.8
114.9
115.2
115.2
116.4

116.8
117.6
117.6
118.1
118.9
118.8
119.2
119.3
118.9
119.5
120.1
121.2

100.9
100.5
99.3
99.8
100.8
99.6
99.6
98.6
98.2
98.3
99.4
100.7

1 Includes

other items, not shown separately.

[1997=100; monthly data seasonally adjusted]
Durable manufactures
Primary metal
Period
Total

Iron
and
steel
products

Nondurable manufactures

Computer and electronic products

Fabricated
metal
products

Machinery
Total

Selected
hightechnology 1

Transportation
equipment

Total

Motor
vehicles
and
parts

Apparel

Printing
and
support

Chemical

Food

1995 ............................................................
1996 ............................................................
1997 ............................................................
1998 ............................................................
1999 ............................................................
2000 ............................................................
2001 ............................................................
2002 ............................................................
2003 ............................................................
2004 p ..........................................................

93.8
96.0
100.0
101.6
101.4
98.1
88.7
90.3
87.4
92.6

94.8
97.1
100.0
99.8
100.5
99.5
90.0
92.0
93.3
101.5

92.3
95.8
100.0
103.1
104.0
108.1
100.0
97.6
93.5
96.5

91.5
94.8
100.0
102.5
100.3
105.4
93.1
88.3
86.4
96.5

58.1
74.3
100.0
128.5
169.7
224.9
227.3
222.2
251.5
288.2

48.0
67.3
100.0
139.2
202.2
288.4
293.6
289.9
340.8
405.9

90.0
91.7
100.0
108.9
114.7
109.4
105.2
109.3
111.1
115.5

92.0
92.7
100.0
105.2
116.7
115.9
105.7
115.7
119.9
124.4

104.2
101.3
100.0
94.6
90.6
86.2
73.9
62.1
52.4
48.8

97.3
98.0
100.0
101.2
102.0
102.7
96.4
91.1
87.3
87.8

92.5
94.4
100.0
101.7
103.7
105.3
103.4
107.9
107.2
110.2

99.3
97.3
100.0
104.4
105.5
107.3
107.4
109.4
109.6
111.3

2003: Dec ..................................................

92.9

104.4

94.5

90.0

263.5

362.3

114.7

124.5

50.0

87.2

107.5

110.3

2004: Jan ..................................................
Feb ..................................................
Mar .................................................
Apr ..................................................
May .................................................
June ................................................
July .................................................
Aug ..................................................
Sept r ................................................
Oct r .................................................
Nov r ................................................
Dec p ................................................

87.9
90.7
91.5
90.0
90.8
92.1
93.4
93.2
94.2
94.9
94.5
97.3

96.3
99.9
100.6
96.4
97.5
98.9
100.7
100.7
104.9
106.3
104.5
110.3

95.0
95.3
95.1
96.2
96.6
96.9
97.1
97.6
96.9
97.2
97.0
97.1

91.5
94.3
94.1
95.2
96.5
96.4
99.1
96.6
97.3
98.6
98.9
99.7

266.9
272.4
276.0
278.5
285.1
288.7
292.9
295.4
298.0
300.9
303.1
306.7

370.7
381.1
385.9
392.6
401.9
406.8
411.5
415.7
418.4
421.7
429.0
436.3

115.0
116.4
115.4
115.6
114.5
113.0
113.2
115.8
114.7
117.8
117.8
118.8

125.2
127.0
125.3
125.0
123.1
121.0
120.5
124.5
123.1
127.4
126.3
126.9

49.8
50.2
50.5
50.9
50.0
49.3
47.9
47.5
47.7
47.2
47.2
47.9

87.7
87.9
88.2
87.8
87.1
87.9
87.0
86.9
88.8
87.6
87.8
88.0

106.8
107.5
108.6
110.0
110.3
110.3
110.9
111.8
110.5
120.0
111.6
111.5

110.0
110.4
110.8
110.8
112.1
111.3
111.9
111.9
111.5
111.9
112.0
112.3

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

18

Source: Board of Governors of the Federal Reserve System.

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

Total new
construction expenditures

Residential
Total
Total 1

Federal
and
State
and
local

Nonresidential

New
housing

Total

Lodging

Commercial
(including
farm)

Office

Manufacturing

Other 2

1995 ....................................
1996 ....................................
1997 ....................................
1998 ....................................
1999 ....................................
2000 ....................................
2001 ....................................
2002 ....................................
2003 ....................................
2004 p ..................................
2003: Dec ..........................

557.8
615.9
653.4
705.7
766.1
828.2
858.3
871.3
915.7
998.4
948.9

427.9
476.6
502.7
551.4
596.3
642.6
652.5
651.7
690.0
764.9
727.0

247.4
281.1
289.0
314.6
350.6
374.5
388.3
421.9
476.1
542.7
511.3

171.4
191.1
198.1
224.0
251.3
265.0
279.4
298.8
345.9
408.8
381.7

180.5
195.5
213.7
236.8
245.8
268.2
264.2
229.8
213.9
222.2
215.7

7.1
10.9
12.9
14.8
16.0
16.3
14.5
10.5
9.9
11.8
9.3

23.0
26.5
32.8
40.4
45.1
52.4
49.7
35.3
30.4
32.2
31.5

44.1
49.4
53.1
55.7
59.4
64.1
63.6
59.2
57.7
61.1
56.7

35.4
38.1
37.6
40.5
32.6
31.8
29.5
16.4
14.2
14.6
13.6

70.9
70.6
77.3
85.4
92.8
103.6
106.8
108.4
101.6
102.6
104.6

129.9
139.3
150.7
154.3
169.7
185.5
205.8
219.6
225.7
233.5
222.0

2004: Jan ..........................
Feb ..........................
Mar ..........................
Apr ..........................
May .........................
June ........................
July ..........................
Aug ..........................
Sept r ........................
Oct r .........................
Nov p ........................
Dec p .........................

946.5
952.2
973.9
986.4
992.8
996.4
1,005.1
1,007.9
1,013.6
1,017.4
1,020.8
1,031.8

724.0
732.1
738.7
747.5
756.4
758.9
767.1
777.0
782.2
784.3
782.3
789.0

513.9
516.4
522.2
525.9
535.5
538.5
543.3
552.7
557.3
556.2
555.8
559.8

383.5
384.9
391.1
397.8
407.5
409.8
411.7
419.5
418.0
419.3
418.4
420.9

210.1
215.7
216.5
221.6
220.9
220.4
223.8
224.3
224.9
228.0
226.5
229.2

8.7
10.1
11.1
11.4
11.2
11.9
12.3
12.7
13.0
13.3
12.9
12.9

29.2
32.0
32.2
33.1
32.4
33.1
32.8
32.3
31.6
32.2
32.0
32.4

56.9
56.8
56.4
58.9
60.0
61.3
63.5
63.6
63.3
63.6
63.2
63.2

13.8
13.8
13.9
13.4
14.3
13.0
14.3
14.4
14.5
15.8
16.0
17.0

101.6
102.9
103.0
104.8
103.1
101.1
100.9
101.2
102.5
103.2
102.5
103.7

222.6
220.1
235.2
238.9
236.3
237.4
238.0
231.0
231.4
233.1
238.4
242.8

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

Source: Department of Commerce, Bureau of the Census.

NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or houses, except as noted]
New private housing units
Period
Total
1995 ......................................
1996 ......................................
1997 ......................................
1998 ......................................
1999 ......................................
2000 ......................................
2001 ......................................
2002 ......................................
2003 ......................................
2004 p ....................................

New private houses

Units started, by type of structure

1,354.1
1,476.8
1,474.0
1,616.9
1,640.9
1,568.7
1,602.7
1,704.9
1,847.7
1,953.4

1 unit
1,076.2
1,160.9
1,133.7
1,271.4
1,302.4
1,230.9
1,273.3
1,358.6
1,499.0
1,608.4

2–4 units 1

5 units or
more

33.8
45.3
44.5
42.6
31.9
38.7
36.6
38.5
33.5
41.4

244.1
270.8
295.8
302.9
306.6
299.1
292.8
307.9
315.2
303.7

Units
authorized
1,332.5
1,425.6
1,441.1
1,612.3
1,663.5
1,592.3
1,636.7
1,747.7
1,889.2
2,018.2

Units
completed

Houses
sold

Houses for
sale at end
of period 2

1,312.6
1,412.9
1,400.5
1,474.2
1,604.9
1,573.7
1,570.8
1,648.4
1,678.7
1,844.3

667
757
804
886
880
877
908
973
1,086
1,183

370
322
281
294
308
298
308
339
370
432

Vacancy rate
for rental
housing units
(percent) 3
7.6
7.8
7.7
7.9
8.1
8.0
8.4
8.9
9.8
10.2

Seasonally adjusted annual rates
2003: Dec ............................

2,067

1,657

29

381

1,979

1,736

1,120

370

10.2

2004: Jan ............................
Feb ............................
Mar ............................
Apr ............................
May ...........................
June ..........................
July ............................
Aug ............................
Sept ...........................
Oct r ...........................
Nov r ...........................
Dec p ...........................

1,934
1,895
2,000
1,963
1,979
1,817
1,985
2,018
1,905
2,065
1,807
2,004

1,565
1,521
1,624
1,615
1,654
1,520
1,661
1,685
1,549
1,662
1,483
1,678

30
30
33
36
56
25
64
67
31
41
38
35

339
344
343
312
269
272
260
266
325
362
286
291

1,913
1,913
1,975
2,006
2,097
1,945
2,066
1,969
1,998
2,018
2,028
2,032

1,714
1,729
1,782
1,944
1,928
1,865
1,876
1,914
1,777
1,833
1,730
1,946

1,155
1,165
1,270
1,176
1,244
1,198
1,095
1,158
r 1,211
1,263
1,097
1,098

374
373
379
384
385
383
399
405
r 411
413
421
432

......................
......................
10.4
......................
......................
10.2
......................
......................
10.1
......................
......................
10.0

1 Derived; seasonally adjusted monthly data for 2–4 housing units started are no longer published.
2 Seasonally adjusted.
3 Revised series. Quarterly data entered in last month of quarter.
NOTE.—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 preliminary estimates, manufacturing and trade sales rose 1.0 percent. According to
current estimates, manufacturing and trade sales rose 0.4 percent in November and inventories rose $13.8 billion.
According to advance estimates, retail sales rose 1.3 percent in December. Retail and food services sales rose
1.2 percent.

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

Manufacturing and trade 1
Period
Sales 2

1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2003:

Inventories 3

Inventorysales
ratio 4

Wholesale

Sales 2

Inventories 3

Retail
Inventory
sales
ratio 4

Sales 2

Inventories 3

Inventory
sales
ratio 4

Retail and
food services
sales 2

................................................................
................................................................
................................................................
................................................................
................................................................
................................................................
................................................................
................................................................
................................................................
................................................................
Nov r .....................................................
Dec r .....................................................

655,227
989,067
1.48
687,472 1,008,623
1.46
724,126 1,049,527
1.42
743,702 1,081,988
1.44
787,531 1,142,277
1.41
835,194 1,200,666
1.41
819,061 1,146,151
1.44
822,013 1,163,690
1.40
r 1,185,268
856,998
1.37
948,069 .................. ................
881,130 1,181,672
1.34
890,783 1,185,268
1.33

176,227
186,649
194,541
198,319
211,631
228,630
225,123
228,524
240,442
273,565
248,767
251,821

234,268
237,186
254,763
267,689
284,396
301,618
287,913
288,990
r 295,226
328,267
292,968
295,226

1.30
1.28
1.27
1.32
1.30
1.29
1.32
1.25
1.21
1.15
1.18
1.17

189,028 329,582
1.72
201,058 340,621
1.67
210,027 350,960
1.64
220,399 365,068
1.62
239,910 394,235
1.59
255,849 417,652
1.59
263,063 406,002
1.58
269,177 430,512
1.56
283,295 451,458
1.56
305,396 ................ ................
290,909 450,578
1.55
290,477 451,458
1.55

208,496
221,299
231,530
243,119
263,733
281,385
289,667
296,965
313,057
337,983
321,973
321,470

2004: Jan ......................................................
Feb ......................................................
Mar ......................................................
Apr ......................................................
May ......................................................
June .....................................................
July .....................................................
Aug ......................................................
Sept .....................................................
Oct r ......................................................
Nov p .....................................................
Dec p .....................................................

894,394 1,187,402
1.33
902,285 1,197,124
1.33
931,224 1,205,977
1.30
930,732 1,214,579
1.30
938,211 1,222,744
1.30
940,345 1,236,066
1.31
948,939 1,248,260
1.32
954,299 1,257,121
1.32
957,635 1,257,095
1.31
971,108 1,262,619
1.30
975,397 1,276,421
1.31
985,586 .................. ................

253,664
259,109
266,509
269,017
269,823
270,235
272,479
275,213
277,498
281,832
284,223
286,843

296,016
299,712
301,311
301,989
306,229
309,744
314,354
317,681
319,510
323,091
327,081
328,267

1.17
1.16
1.13
1.12
1.13
1.15
1.15
1.15
1.15
1.15
1.15
1.14

292,253 451,357
1.54
295,019 454,614
1.54
301,790 460,087
1.52
299,146 465,891
1.56
303,683 466,569
1.54
301,306 472,012
1.57
304,355 475,225
1.56
303,549 477,465
1.57
308,658 475,208
1.54
311,819
473,142
1.52
312,027 478,463
1.53
316,052 ................ ................

323,918
326,996
333,818
331,131
335,920
333,543
336,944
336,059
341,461
345,033
345,259
349,436

1 See

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

20

4 Annual

data are averages of seasonally adjusted monthly ratios.

Source: Department of Commerce, Bureau of the Census.

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

Manufacturers’ shipments 1

Manufacturers’ inventories 2

Manufacturers’ new orders 1
Durable goods

Period
Total

Durable
goods

Nondurable
goods

Total

Durable
goods

Nondurable
goods

Total
Total

Capital
goods
industries,
nondefense

Manufacturers’
unfilled
orders 2

Manufacturers’
inventory—
shipments
ratio 3

Millions of dollars, seasonally adjusted, except as noted
1995 ....................................................
1996 ....................................................
1997 ....................................................
1998 ....................................................
1999 ....................................................
2000 ....................................................
2001 ....................................................
2002 ....................................................
2003 ....................................................
2004 p ...................................................
2003: Dec ...........................................

289,973
299,766
319,558
324,984
335,991
350,715
330,875
324,313
333,260
369,108
348,485

158,568
164,883
178,949
185,966
193,895
197,807
181,201
177,617
179,220
197,711
187,978

131,405
134,883
140,610
139,019
142,096
152,908
149,674
146,696
154,041
171,397
160,507

425,217
430,816
443,804
449,231
463,646
481,396
452,236
444,188
438,584
470,553
438,584

267,696
272,787
281,249
290,874
296,645
306,682
283,722
271,789
262,947
282,318
262,947

157,521
158,029
162,555
158,357
167,001
174,714
168,514
172,399
175,637
188,235
175,637

285,542
297,282
314,986
317,345
329,770
346,789
322,944
316,744
329,167
365,731
344,868

154,137
162,399
174,377
178,327
187,674
193,881
173,270
170,048
175,126
194,334
184,361

51,011
54,066
60,697
62,133
64,392
69,278
58,336
53,991
57,445
65,327
60,219

447,338
488,815
513,166
496,471
505,941
550,005
517,590
485,816
506,298
552,557
506,298

1.44
1.43
1.37
1.39
1.35
1.35
1.42
1.37
1.33
1.24
1.26

2004: Jan ...........................................
Feb ...........................................
Mar ..........................................
Apr ...........................................
May ..........................................
June .........................................
July ..........................................
Aug ..........................................
Sept ..........................................
Oct r ..........................................
Nov r .........................................
Dec p .........................................

348,477
348,157
362,925
362,569
364,705
368,804
372,105
375,537
371,479
377,457
379,147
382,691

186,115
188,798
197,139
195,512
194,389
196,708
197,698
201,398
199,341
200,030
200,500
205,193

162,362
159,359
165,786
167,057
170,316
172,096
174,407
174,139
172,138
177,427
178,647
177,498

440,029
442,798
444,579
446,699
449,946
454,310
458,681
461,975
462,377
466,386
470,877
470,553

263,276
264,550
265,607
267,206
269,308
271,849
274,834
277,119
278,013
280,101
282,599
282,318

176,753
178,248
178,972
179,493
180,638
182,461
183,847
184,856
184,364
186,285
188,278
188,235

341,868
345,778
363,146
359,124
360,561
364,818
370,838
369,574
369,578
372,953
378,047
379,085

179,506
186,419
197,360
192,067
190,245
192,722
196,431
195,435
197,440
195,526
199,400
201,587

58,564
60,967
64,726
63,908
62,996
63,934
69,879
65,015
67,076
64,911
69,919
68,747

506,184
510,535
517,585
521,211
524,365
527,537
533,792
535,310
540,244
542,976
549,184
552,557

1.26
1.27
1.22
1.23
1.23
1.23
1.23
1.23
1.24
1.24
1.24
1.23

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

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

21

PRICES
PRODUCER PRICES
The producer price index for all finished goods fell 0.7 percent in December. Prices of finished consumer foods
rose 0.1 percent, while prices of other finished consumer goods fell 1.3 percent. Capital equipment prices rose
0.1 percent.

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

Period

Total
finished
goods

Finished goods excluding consumer foods
Consumer
foods

Consumer goods
Total
Total

1995 ...........................
1996 ...........................
1997 ...........................
1998 ...........................
1999 ..........................
2000 ...........................
2001 ...........................
2002 ..........................
2003 ..........................
2004 p ........................
2003: Dec ................
2004: Jan ................
Feb ................
Mar ................
Apr ................
May ...............
June ..............
July ...............
Aug r ...............
Sept ................
Oct .................
Nov .................
Dec .................
1 Intermediate

22

127.9
131.3
131.8
130.7
133.0
138.0
140.7
138.9
143.3
148.5
144.8
145.7
145.8
146.7
147.7
148.6
148.3
148.3
148.3
148.5
151.0
151.8
150.8

Intermediate materials

129.0
133.6
134.5
134.3
135.1
137.2
141.3
140.1
145.9
152.6
150.4
148.4
149.0
151.2
153.1
155.4
154.8
152.0
151.6
151.6
154.1
154.7
154.8

127.5
130.5
130.9
129.5
132.3
138.1
140.4
138.3
142.4
147.2
143.1
144.8
144.8
145.3
146.0
146.7
146.4
147.0
147.3
147.4
150.0
150.8
149.5

materials for food manufacturing and feeds.

124.0
127.6
128.2
126.4
130.5
138.4
141.4
138.8
144.7
150.9
145.6
148.0
148.1
148.6
149.6
150.4
149.8
150.8
150.9
151.0
154.5
155.6
153.6

Durable

132.7
134.2
133.7
132.9
133.0
133.9
134.0
133.0
133.1
135.1
133.5
133.8
133.7
134.5
134.2
135.1
135.7
134.7
134.7
135.5
136.0
136.4
136.5

Nondurable

118.8
123.3
124.3
122.2
127.9
138.7
142.8
139.8
148.4
156.6
149.5
152.9
153.1
153.5
155.1
155.8
154.6
156.6
156.7
156.4
161.4
162.8
159.8

Capital
equipment

136.7
138.3
138.2
137.6
137.6
138.8
139.7
139.1
139.5
141.5
139.9
140.2
139.9
140.4
140.5
140.9
141.4
141.3
141.7
142.1
142.7
143.0
143.2

Total
finished
consumer
goods

125.6
129.5
130.2
128.9
132.0
138.2
141.5
139.4
145.3
151.6
147.2
148.4
148.6
149.6
150.9
152.1
151.5
151.4
151.4
151.4
154.6
155.6
154.2

Crude materials

Total

Foods
and
feeds 1

Other

Total

Foodstuffs
and
feedstuffs

Other

124.9
125.7
125.6
123.0
123.2
129.2
129.7
127.8
133.7
142.5
134.9
136.1
137.4
138.5
140.4
141.8
142.5
143.2
144.8
145.1
146.4
147.5
147.0

114.8
128.1
125.4
116.2
111.1
111.7
115.9
115.5
125.9
137.0
134.3
132.5
134.2
137.5
143.9
148.0
145.0
142.0
135.7
133.1
130.6
130.6
131.7

125.5
125.6
125.7
123.4
123.9
130.1
130.5
128.5
134.2
142.9
135.0
136.4
137.6
138.6
140.4
141.7
142.5
143.4
145.4
145.8
147.3
148.4
147.8

102.7
113.8
111.1
96.8
98.2
120.6
121.0
108.1
135.3
159.0
142.6
148.4
150.7
153.1
155.9
160.9
162.1
161.5
161.3
153.1
159.7
173.6
168.5

105.8
121.5
112.2
103.9
98.7
100.2
106.1
99.5
113.5
126.9
127.3
118.7
123.8
132.3
136.6
139.5
135.4
128.8
123.0
120.4
119.4
121.5
125.0

96.8
104.5
106.4
88.4
94.3
130.4
126.8
111.4
148.2
179.2
150.1
167.1
167.1
164.6
166.2
172.6
177.8
182.2
186.4
174.0
186.4
209.3
197.4

Source: Department of Labor, Bureau of Labor Statistics.

CONSUMER PRICES—ALL URBAN CONSUMERS
In December, the consumer price index for all urban consumers fell 0.1 percent seasonally adjusted; it fell 0.4
percent not seasonally adjusted. The index was 3.3 percent above its year-earlier level.

[1982–84=100, except as noted; monthly data seasonally adjusted, except as noted]
All items 1

Housing

Transportation

Shelter
Period

Not
season- Seasonally
ally
adjust- adjusted
ed
(NSA)

Food
Total 1

Rent
of primary
residence

Total 1

Owners’
equivalent
rent
(12/82=
100)

Fuels
and
utilities

Apparel

Total 1

New
cars

Motor
fuel

Medical
care

Energy 2

All
items
less
food
and
energy

Rel. imp.3 .........................
1995 .................................
1996 .................................
1997 .................................
1998 .................................
1999 .................................
2000 .................................
2001 .................................
2002 .................................
2003 .................................
2004 .................................

100.0
152.4
156.9
160.5
163.0
166.6
172.2
177.1
179.9
184.0
188.9

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

14.4
148.4
153.3
157.3
160.7
164.1
167.8
173.1
176.2
180.0
186.2

42.1
148.5
152.8
156.8
160.4
163.9
169.6
176.4
180.3
184.8
189.5

32.9
165.7
171.0
176.3
182.1
187.3
193.4
200.6
208.1
213.1
218.8

6.2
157.8
162.0
166.7
172.1
177.5
183.9
192.1
199.7
205.5
211.0

23.4
171.3
176.8
181.9
187.8
192.9
198.7
206.3
214.7
219.9
224.9

4.7
123.7
127.5
130.8
128.5
128.8
137.9
150.2
143.6
154.5
161.9

4.0
132.0
131.7
132.9
133.0
131.3
129.6
127.3
124.0
120.9
120.4

16.9 ............
139.1 139.0
143.0 141.4
144.3 141.7
141.6 140.7
144.4 139.6
153.3 139.6
154.3 138.9
152.9 137.3
157.6 134.7
163.1 133.9

3.2
100.0
106.3
106.2
92.2
100.7
129.3
124.7
116.6
135.8
160.4

6.1
220.5
228.2
234.6
242.1
250.6
260.8
272.8
285.6
297.1
310.1

7.1
105.2
110.1
111.5
102.9
106.6
124.6
129.3
121.7
136.5
151.4

78.5
161.2
165.6
169.5
173.4
177.0
181.3
186.1
190.5
193.2
196.6

2003: Dec ......................

184.3

184.9

183.5

186.1

215.3

207.8

221.9

155.0

120.2

155.3

133.8

130.9

302.7

134.1

194.1

2004: Jan .......................
Feb .......................
Mar ......................
Apr .......................
May ......................
June .....................
July ......................
Aug .......................
Sept ......................
Oct .......................
Nov .......................
Dec .......................

185.2
186.2
187.4
188.0
189.1
189.7
189.4
189.5
189.9
190.9
191.0
190.3

185.8
186.3
187.2
187.6
188.8
189.4
189.3
189.4
189.7
190.9
191.2
191.1

183.5
183.8
184.1
184.4
186.1
186.4
186.9
187.0
187.0
188.1
188.4
188.4

186.8
187.1
187.7
188.4
189.1
189.6
190.0
190.3
190.7
191.1
191.6
191.9

215.6
215.8
217.1
218.1
218.6
218.8
219.3
219.5
220.4
220.7
220.8
221.3

208.1
208.6
209.0
209.7
210.4
210.9
211.4
212.1
212.4
212.8
213.2
213.6

222.2
222.7
223.3
224.1
224.6
225.0
225.3
225.9
226.1
226.5
226.6
227.0

157.5
158.9
157.1
157.9
159.7
162.7
163.3
164.6
163.7
163.4
166.8
166.9

119.8
119.7
120.8
120.8
121.2
121.4
120.4
120.1
120.1
120.3
120.4
119.9

157.9
159.0
160.8
160.9
163.7
165.0
163.6
163.1
163.4
167.1
167.0
165.5

133.7
134.2
134.0
133.9
134.3
134.6
133.8
133.4
132.9
133.5
134.5
134.4

141.5
145.1
153.1
152.7
164.9
169.9
163.1
160.7
160.9
174.7
171.5
165.2

303.4
305.3
307.0
308.1
309.0
309.9
310.9
311.6
312.6
313.9
314.6
315.5

140.4
142.8
145.5
145.7
152.4
156.4
153.4
153.0
152.4
158.8
159.1
156.2

194.4
194.8
195.5
196.0
196.4
196.6
196.8
196.9
197.5
197.9
198.2
198.5

1 Includes

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

3 Relative importance, December 2003.
Source: Department of Labor, Bureau of Labor Statistics.

23

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

Change from 3 months earlier, annual rate

Consumer goods

Consumer goods

Total
finished
goods

Excluding
foods

Foods

Capital
equipment

Change from 6 months earlier, annual rate

Change
from year
earlier,
total
finished
goods
NSA

Consumer goods

Total
finished
goods

Foods

Excluding
foods

Capital
equipment

Total
finished
goods

Foods

Excluding
foods

Capital
equipment

2.2
.4
¥.6
0
.3
1.2
0
¥.6
.8
2.4

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

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

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

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

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

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

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

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

¥0.1
.2
¥.2
.4
.1
.3
.4
¥.1
.3
r .3
.4
.2
.1

2.8
2.8
3.6
5.4
5.6
7.9
4.4
1.6
¥.8
.5
7.5
r 9.8
6.3

8.1
¥5.5
¥2.9
2.1
13.3
18.3
9.9
¥2.8
¥9.4
¥8.0
5.6
r 8.4
8.7

1.7
7.3
8.8
8.5
4.4
6.4
3.3
3.2
1.3
3.2
10.2
r 13.1
7.1

0.9
.6
¥.6
1.4
.9
2.9
2.9
2.3
2.3
2.0
4.0
r 3.7
3.1

3.0
4.1
3.2
4.1
4.2
5.8
4.9
3.6
3.5
2.5
4.5
4.4
3.4

7.4
5.2
4.4
5.1
3.5
7.2
5.9
4.9
3.5
.5
1.3
¥.9
0

2.2
5.2
4.3
5.0
5.9
7.6
5.9
3.8
3.8
3.3
6.7
7.0
5.1

Change, Dec. to Dec., NSA
1995 .....................
1996 .....................
1997 .....................
1998 .....................
1999 .....................
2000 .....................
2001 .....................
2002 .....................
2003 .....................
2004 p ...................

2.3
2.8
¥1.2
0
2.9
3.6
¥1.6
1.2
4.0
4.1

1.9
3.4
¥.8
.1
.8
1.7
1.8
¥.6
7.7
2.8

2.3
3.7
¥1.5
¥.1
5.1
5.5
¥3.9
2.9
4.1
5.4

1.9
2.7
.4
¥.8
1.8
3.8
2.0
¥1.3
3.2
3.6

Change, month to month
2003: Dec ...........
2004: Jan ............
Feb ...........
Mar ...........
Apr ............
May ...........
June .........
July ..........
Aug r ..........
Sept ...........
Oct ............
Nov ...........
Dec ............

0.2
.6
.1
.6
.7
.6
¥.2
0
0
.1
1.7
.5
¥.7

0.2
¥1.3
.4
1.5
1.3
1.5
¥.4
¥1.8
¥.3
r0
1.6
.4
.1

0.4
1.6
.1
.3
.7
.5
¥.4
.7
.1
r .1
2.3
.7
¥1.3

1.0
1.2
.3
1.1
.7
1.1
2.2
1.6
2.6
2.4
3.2
3.0
2.6

4.0
3.3
2.1
1.5
3.7
4.9
4.0
3.8
3.3
3.3
4.4
5.0
4.1

Source: Department of Labor, Bureau of Labor Statistics.

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

Transportation

Shelter
Period

All
items 1

Food
Total 1
Total 1

Rent of Ownpriers’
mary equivaresilent
dence
rent

Fuels
and
utilities

Apparel

Total 1

New
cars

Motor
fuel

Medical
care

Energy 2

All
items
less
food
and
energy

Addendum: All items,
percent change
(annual rate)
From
previous
quarter 3

From
From
3
6
months months
earlier earlier

From
year
earlier
NSA

Change, December to December, NSA
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004

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

2.5
3.3
1.7
1.6
2.7
3.4
1.6
2.4
1.9
3.3

2.1
4.3
1.5
2.3
1.9
2.8
2.8
1.5
3.6
2.7

3.0
2.9
2.4
2.3
2.2
4.3
2.9
2.4
2.2
3.0

3.5
2.9
3.4
3.3
2.5
3.4
4.2
3.1
2.2
2.7

2.5
2.8
3.1
3.4
3.1
4.0
4.7
3.1
2.7
2.9

3.7
2.8
3.1
3.2
2.4
3.4
4.5
3.3
2.0
2.3

1.4
4.6
.5
¥2.6
2.4
12.1
¥2.1
1.4
6.5
7.9

0.1
¥.2
1.0
¥.7
¥.5
¥1.8
¥3.2
¥1.8
¥2.1
¥.2

1.5
4.4
¥1.4
¥1.7
5.4
4.1
¥3.8
3.8
.3
6.5

1.6
1.6
¥1.0
¥.1
¥.8
.3
0
¥2.0
¥2.1
.5

¥4.0
12.7
¥6.2
¥15.4
30.2
13.9
¥24.8
24.6
6.8
26.1

3.9
3.0
2.8
3.4
3.7
4.2
4.7
5.0
3.7
4.2

¥1.3
8.6
¥3.4
¥8.8
13.4
14.2
¥13.0
10.7
6.9
16.6

3.0
2.6
2.2
2.4
1.9
2.6
2.7
1.9
1.1
2.2

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

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

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

2.8
3.0
2.3
1.6
2.2
3.4
2.8
1.6
2.3
2.7

¥0.1
¥.1
.4
¥.1
¥.1
.3
.2
¥.6
¥.3
¥.4
.5
.7
¥.1

0
8.1
2.5
5.5
¥.3
8.0
3.0
¥4.0
¥1.5
.1
8.6
¥1.8
¥3.7

0.5
.2
.6
.6
.4
.3
.3
.3
.2
.3
.4
.2
.3

0.3
4.7
1.7
1.9
.1
4.6
2.6
¥1.9
¥.3
¥.4
4.2
.2
¥1.8

0.1
.2
.2
.4
.3
.2
.1
.1
.1
.3
.2
.2
.2

0.7
..........
..........
3.5
..........
..........
4.8
..........
..........
1.9
..........
..........
3.4

¥0.4
2.0
3.7
5.1
3.9
5.5
4.8
3.7
1.3
.6
3.4
3.9
3.0

1.5
2.2
2.0
2.3
2.9
4.6
4.9
3.8
3.4
2.7
3.5
2.6
1.8

1.9
1.9
1.7
1.7
2.3
3.1
3.3
3.0
2.7
2.5
3.2
3.5
3.3

Change, month to month
2003: Dec ...............
2004: Jan ...............
Feb ................
Mar ...............
Apr ................
May ...............
June ..............
July ...............
Aug ................
Sept ...............
Oct ................
Nov ................
Dec ................
1 Includes

0.2
.5
.3
.5
.2
.6
.3
¥.1
.1
.2
.6
.2
¥.1

0.5
0
.2
.2
.2
.9
.2
.3
.1
0
.6
.2
0

0.2
.4
.2
.3
.4
.4
.3
.2
.2
.2
.2
.3
.2

0.2
.1
.1
.6
.5
.2
.1
.2
.1
.4
.1
.0
.2

0.2
.1
.2
.2
.3
.3
.2
.2
.3
.1
.2
.2
.2

0.1
.1
.2
.3
.4
.2
.2
.1
.3
.1
.2
.0
.2

0.5
1.6
.9
¥1.1
.5
1.1
1.9
.4
.8
¥.5
¥.2
2.1
.1

¥0.3
¥.3
¥.1
.9
0
.3
.2
¥.8
¥.2
0
.2
.1
¥.4

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

24

¥0.2
1.7
.7
1.1
.1
1.7
.8
¥.8
¥.3
.2
2.3
¥.1
¥.9

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

PRICES RECEIVED AND PAID BY FARMERS
In January, prices received by farmers fell 0.9 percent, while prices paid by farmers rose 0.8 percent. (Data
are not seasonally adjusted.)

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

1995
1996
1997
1998
1999
2000
2001
2002
2003
2004

All farm
products

Prices paid by farmers
Livestock and
products

Crops

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

Production
items, interest,
taxes, and wage
rates

Production
items

Ratio 2

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

102
112
107
102
96
96
102
98
107
119

112
127
115
107
97
96
99
105
111
117

92
99
98
97
95
97
106
90
103
122

109
115
118
115
115
120
123
124
128
133

108
115
118
114
113
118
122
121
126
132

108
115
119
113
111
116
120
119
124
131

93
98
90
89
83
80
83
79
r 84
90

2004: Jan ....................
Feb ....................
Mar ....................
Apr ....................
May ....................
June ..................
July ....................
Aug ....................
Sept ...................
Oct .....................
Nov ....................
Dec ....................
2005: Jan ....................

112
116
121
125
129
128
124
r 121
115
r 114
r 116
111
110

113
121
r 121
123
124
r 122
120
118
r 113
r 111
r 112
103
100

110
112
r 122
126
133
133
128
123
118
117
r 119
120
121

130
131
132
133
135
135
135
134
134
135
134
133
134

129
129
130
132
133
133
r 134
r 133
r 133
133
132
131
132

r 127

86
89
92
94
96
95
92
90
86
84
r 87
83
82

1 Includes

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

127
129
131
132
132
133
132
131
132
131
130
131

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 and M3 rose.

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

M2

M3

Debt

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

M1 plus retail
MMMF balances,
savings deposits
(including
MMDAs), and
small time deposits

M2 plus large
time deposits,
RPs, Eurodollars, and
institutional MMMF
balances

Debt of
domestic
nonfinancial
sectors1

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

1,126.9
1,079.8
1,072.2
1,094.8
1,122.4
1,087.5
1,179.1
1,216.7
1,292.8
1,362.0

3,640.9
3,817.0
4,032.0
4,384.6
4,650.2
4,934.7
5,452.4
5,803.7
6,076.6
6,417.0

4,636.0
4,985.4
5,460.5
6,051.9
6,552.0
7,120.3
8,034.8
8,571.5
8,877.4
9,426.8

13,674.5
14,391.4
15,159.4
16,201.1
17,269.9
18,118.5
19,237.1
20,554.7
22,261.0
......................

¥2.1
¥4.2
¥.7
2.1
2.5
¥3.1
8.4
3.2
6.3
5.4

4.1
4.8
5.6
8.7
6.1
6.1
10.5
6.4
4.7
5.6

6.1
7.5
9.5
10.8
8.3
8.7
12.8
6.7
3.6
6.2

5.3
5.2
5.3
6.9
6.4
4.8
6.2
6.8
8.1
............

2004: Jan r ......................................................
Feb r ......................................................
Mar r ......................................................
Apr r ......................................................
May r ......................................................
June r .....................................................
July r ......................................................
Aug r ......................................................
Sept r .....................................................
Oct r .......................................................
Nov r ......................................................
Dec ........................................................

1,289.9
1,307.7
1,320.9
1,321.3
1,324.8
1,332.6
1,325.5
1,343.4
1,347.9
1,347.8
1,362.8
1,362.0

6,089.3
6,128.1
6,166.8
6,204.3
6,262.6
6,274.7
6,277.5
6,298.0
6,333.0
6,357.8
6,394.2
6,417.0

8,936.7
9,001.1
9,078.4
9,144.7
9,234.0
9,274.6
9,277.7
9,310.3
9,358.4
9,363.3
9,386.4
9,426.8

......................
......................
22,767.2
......................
......................
23,165.2
......................
......................
23,607.5
......................
......................
......................

2.6
3.9
6.0
5.9
6.2
6.2
5.5
5.5
4.1
4.0
5.7
4.4

1.0
.8
2.7
4.2
6.3
6.5
6.2
5.5
5.4
4.9
4.2
4.5

1.5
2.2
4.1
5.6
8.1
8.9
7.6
6.9
6.2
4.8
3.3
3.3

............
............
9.1
............
............
7.0
............
............
7.4
............
............
............

2005: Jan p ......................................................

1,353.5

6,430.3

9,468.1

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

4.2

4.9

4.1

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

Period

1995:
1996:
1997:
1998:
1999:
2000:
2001:
2002:
2003:
2004:

1 Quarterly

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

26

3 Annual

Percent change
From year or 6 months
earlier2

M1

M2

M3

From
previous
period3
Debt

changes are from fourth quarter to fourth quarter. Quarterly changes are from previous quarter at an annual rate.
NOTE.—Data for money stock and components reflect annual seasonal adjustment revisions
released on February 3, 2005.
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

Currency

Nonbank
travelers
checks

Demand
deposits

Savings
deposits,
including
money
market
deposit
accounts
(MMDAs)

Other
checkable
deposits
(OCDs)

Small
denomination
time
deposits 1

Money market
mutual fund
balances

Large
denomination
time
deposits 1

Institutional

Retail

Overnight
and term Overnight
repurand term
chase
Euroagreedollars
ments
(net)
(RPs)
(net)

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

372.2
394.1
424.5
459.8
517.5
531.3
581.4
626.4
662.4
697.4

9.0
8.8
8.4
8.5
8.6
8.3
8.0
7.8
7.7
7.6

389.2
401.6
393.8
376.9
353.1
309.4
331.7
302.4
311.2
327.8

356.5
275.4
245.4
249.5
243.3
238.5
258.0
280.2
311.5
329.2

1,133.8
1,272.9
1,399.5
1,605.2
1,740.9
1,878.7
2,314.1
2,781.2
3,175.7
3,529.2

931.3
946.9
968.2
951.9
954.4
1,044.5
972.7
891.8
808.7
813.1

448.8
517.4
592.1
732.6
832.5
924.0
986.5
914.0
799.4
712.8

263.6
322.0
395.6
539.7
636.3
789.9
1,194.3
1,247.1
1,117.2
1,066.4

438.9
521.0
631.1
683.7
758.7
836.4
800.5
812.5
880.7
1,071.4

198.6
210.7
254.4
293.8
335.9
363.8
375.8
476.8
509.3
509.9

94.0
114.6
147.5
150.2
170.8
195.4
211.8
231.5
293.6
362.1

2004: Jan r ..........................................
Feb r ..........................................
Mar r ..........................................
Apr r ..........................................
May r ..........................................
June r .........................................
July r .........................................
Aug r ..........................................
Sept r .........................................
Oct r ...........................................
Nov r ..........................................
Dec ...........................................

664.6
666.5
668.4
670.8
674.1
678.4
684.6
686.6
689.9
692.5
697.2
697.4

7.8
7.8
7.8
7.8
7.7
7.7
7.6
7.6
7.6
7.6
7.6
7.6

302.5
315.0
323.2
320.9
320.0
321.0
307.3
321.3
324.5
320.0
326.5
327.8

315.0
318.4
321.6
321.8
323.0
325.5
325.9
328.0
325.9
327.6
331.4
329.2

3,208.5
3,242.0
3,282.2
3,328.2
3,383.3
3,395.4
3,414.6
3,421.2
3,453.7
3,483.2
3,506.5
3,529.2

805.9
803.9
801.8
799.2
795.6
794.8
796.6
800.1
803.6
806.2
809.8
813.1

785.0
774.5
761.9
755.6
758.9
752.0
740.7
733.3
727.7
720.6
715.1
712.8

1,114.4
1,105.2
1,113.0
1,120.9
1,123.6
1,122.5
1,108.2
1,104.7
1,100.1
1,076.1
1,066.9
1,066.4

915.5
923.9
944.3
965.3
981.3
995.3
1,014.7
1,024.6
1,031.5
1,041.8
1,049.0
1,071.4

515.3
535.1
539.2
530.1
541.6
554.5
542.1
540.8
542.1
525.0
517.2
509.9

302.2
308.9
315.0
324.0
324.9
327.6
335.2
342.3
351.8
362.6
359.2
362.1

2005: Jan p ..........................................

700.2

7.5

320.5

325.3

3,544.2

822.3

710.4

1,056.2

1,132.0

480.6

369.0

1995:
1996:
1997:
1998:
1999:
2000:
2001:
2002:
2003:
2004:

1 Small

denomination and large denomination deposits are those issued in amounts of less
than $100,000 and more than $100,000, respectively.

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

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

Borrowings of depository institutions from the Federal
Reserve (NSA)

Reserves of depository institutions

Period
Total 2

Nonborrowed 3

Required

Monetary
base

Excess
(NSA)

Primary

Secondary

257
155
324
117
320
210
67
80
46
63

................
................
................
................
................
................
................
................
17
11

................
................
................
................
................
................
................
................
0
0

40
68
79
15
67
111
33
45
29
52

217
87
245
101
179
99
34
35
................
................

758,180
758,305

106
42
51
86
112
180
245
251
335
179
183
63

93
28
23
29
9
40
42
18
97
15
105
11

0
0
0
0
0
0
0
0
0
0
0
0

13
14
28
57
103
140
203
233
238
164
78
52

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

761,009

62

39

0

23

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

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

56,430
50,149
46,848
45,254
41,928
38,677
41,411
40,442
42,843
46,596

56,173
49,994
46,523
45,138
41,607
38,467
41,344
40,362
42,797
46,533

55,140
48,733
45,163
43,741
40,631
37,249
39,760
38,433
41,804
44,681

1,290
1,416
1,685
1,514
1,297
1,427
1,651
2,009
1,039
1,915

r 434,471

2004: Jan ..................................
Feb ..................................
Mar .................................
Apr ..................................
May .................................
June ................................
July .................................
Aug .................................
Sept .................................
Oct ..................................
Nov r ................................
Dec ..................................

43,204
42,999
44,739
45,688
45,390
45,935
45,733
44,754
46,252
46,035
45,946
46,596

43,098
42,957
44,688
45,602
45,279
45,755
45,488
44,502
45,917
45,856
45,763
46,533

42,314
41,805
42,933
43,881
43,747
44,047
44,022
43,203
44,686
44,318
44,174
44,681

891
1,194
1,806
1,807
1,643
1,888
1,711
1,551
1,566
1,717
1,772
1,915

r 722,268

2005: Jan p ................................

47,667

47,605

45,925

1,742

1995:
1996:
1997:
1998:
1999:
2000:
2001:
2002:
2003:
2004:

Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec

1 Data

are prorated averages of biweekly (maintenance period) averages of daily figures.
Reserves and monetary base incorporate adjustments for discontinuities, or ‘‘breaks,’’ associated with changes in reserve requirements.
2 Seasonally adjusted break-adjusted required reserves plus unadjusted excess reserves.

r 451,933
r 479,786
r 513,814
r 593,468
r 584,733
r 635,319
r 681,195
r 719,828

758,305
r 724,921
r 727,274
r 730,894
r 734,655
r 739,415
r 745,562
r 747,145
r 751,644
r 754,141

Total

Seasonal

Adjustment 4

3 Seasonally

adjusted break-adjusted total reserves less unadjusted total borrowings of depository institutions from the Federal Reserve.
4 Discontinued after January 8, 2003.
Source: Board of Governors of the Federal Reserve System.

27

BANK CREDIT AT ALL COMMERCIAL BANKS
Total commercial bank loans and leases rose 0.3 percent in December; commercial and industrial loans rose
0.9 percent.

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

Period

1995:
1996:
1997:
1998:
1999:
2000:
2001:
2002:
2003:
2004:
2004:

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

Total
bank
credit

3,601.0
3,756.9
4,099.3
4,532.9
4,763.5
5,217.1
5,428.1
5,885.7
6,249.6
6,773.8
6,320.8
6,440.7
6,517.7
6,536.5
6,544.6
6,587.2
6,601.7
6,631.2
6,697.3
6,709.9
6,750.2
6,773.8

Total
securities

U.S.
Treasury
and
agency
securities

984.0
984.3
1,098.6
1,237.0
1,282.8
1,348.6
1,493.8
1,721.1
1,850.7
1,930.6
1,855.1
1,930.3
1,980.1
1,952.2
1,928.9
1,933.0
1,907.2
1,913.8
1,923.8
1,918.3
1,923.8
1,930.6

701.1
702.4
755.3
797.3
815.3
792.0
852.5
1,028.3
1,103.6
1,149.4
1,105.0
1,169.6
1,204.1
1,198.9
1,187.9
1,188.6
1,180.1
1,182.1
1,177.2
1,148.9
1,146.3
1,149.4

Loans and leases in bank credit
Real estate

CommerOther
Total loans cial and
securities and leases 2 industrial

282.9
281.9
343.3
439.8
467.5
556.6
641.2
692.8
747.2
781.2
750.1
760.7
776.0
753.3
741.0
744.4
727.0
731.8
746.7
769.4
777.6
781.2

2,617.0
2,772.6
3,000.7
3,295.9
3,480.6
3,868.5
3,934.3
4,164.6
4,398.9
4,843.2
4,465.7
4,510.5
4,537.5
4,584.3
4,615.7
4,654.2
4,694.6
4,717.4
4,773.5
4,791.6
4,826.4
4,843.2

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

28

723.8
784.7
854.1
947.4
998.8
1,087.0
1,027.2
963.1
891.7
908.4
889.0
887.9
878.2
874.5
874.4
878.2
882.5
890.3
893.3
894.6
900.7
908.4

Total

1,089.5
1,140.1
1,242.7
1,332.9
1,471.1
1,650.4
1,779.5
2,021.0
2,215.4
2,535.8
2,240.9
2,262.7
2,303.8
2,361.4
2,395.7
2,409.3
2,417.7
2,433.7
2,457.6
2,489.8
2,513.6
2,535.8

Revolving
home
equity

84.5
90.9
105.0
103.9
101.5
130.0
155.8
213.5
280.8
397.7
291.2
297.6
308.1
318.0
327.9
337.6
346.9
357.9
369.0
382.8
392.5
397.7

Consumer

Security

Other

Other

1,004.9
1,049.2
1,137.7
1,229.0
1,369.6
1,520.3
1,623.7
1,807.5
1,934.7
2,138.1
1,949.6
1,965.1
1,995.7
2,043.4
2,067.9
2,071.7
2,070.8
2,075.8
2,088.6
2,107.0
2,121.1
2,138.1

491.4
512.9
502.6
496.9
490.6
539.3
556.0
586.7
629.8
673.9
632.2
634.3
639.4
640.1
641.7
644.2
672.4
672.7
674.2
670.9
665.7
673.9

83.2
75.3
94.4
145.3
149.8
177.3
146.0
190.2
215.2
221.5
233.7
243.2
243.0
237.6
232.6
248.1
243.5
238.8
254.4
247.5
242.7
221.5

229.1
259.6
306.9
373.3
370.2
414.4
425.6
403.6
446.8
503.6
469.9
482.4
473.2
470.7
471.2
474.5
478.5
481.9
493.9
488.9
503.7
503.6

2 Excludes Federal funds sold to, reverse repurchase agreements (RPs) with, and loans to
commercial banks in the United States.
Source: Board of Governors of the Federal Reserve System.

SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL CORPORATE
BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Sources

Uses

External (Net increase in liabilities)
Funds raised in markets
Period
Total

1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2002:

..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
I .............
II ...........
III ..........
IV ..........
2003: I .............
II ...........
III ..........
IV ..........
2004: I .............
II ...........
III p ........

796.8
997.4
1,066.4
1,004.2
1,307.0
1,730.9
1,973.3
869.7
955.3
1,205.2
639.3
950.8
894.4
1,336.7
1,098.3
1,294.6
1,089.1
1,338.9
1,490.4
1,293.7
1,316.5

Internal 1

555.2
606.6
667.9
720.7
691.0
743.3
735.9
774.5
844.2
942.4
824.8
836.5
834.1
881.3
840.5
930.3
967.3
1,031.6
1,026.4
1,022.9
1,078.9

Credit market instruments
Total

241.6
390.8
398.5
283.5
616.0
987.6
1,237.4
95.2
111.1
262.8
¥185.5
114.3
60.3
455.4
257.8
364.3
121.8
307.3
464.0
270.8
237.6

Capital
expenditures 3

Total

Total
net
funds
raised

Net new
equity
issues

Total

81.6
168.8
135.4
214.4
182.1
263.6
236.2
180.6
¥12.7
88.8
63.3
6.5
¥192.8
72.2
100.1
222.7
27.0
5.6
113.2
¥67.1
¥14.4

¥44.9
¥58.3
¥47.3
¥77.4
¥215.5
¥110.4
¥118.2
¥47.4
¥41.6
¥57.8
¥10.6
15.5
¥140.8
¥30.5
¥67.0
¥50.2
¥44.9
¥69.0
¥82.6
¥159.5
¥208.8

126.5
227.1
182.8
291.8
397.6
374.0
354.4
228.0
28.9
146.6
73.9
¥9.0
¥52.0
102.7
167.1
272.9
71.9
74.6
195.8
92.4
194.4

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).

Securities
and mortgages
32.2
102.2
129.2
187.2
242.8
269.0
192.4
411.8
173.6
246.8
299.3
219.9
2.6
172.3
245.8
405.3
196.9
139.5
206.1
75.2
145.3

Loans
and
shortterm
paper

Other 2

94.3
124.9
53.7
104.6
154.9
104.9
162.0
¥183.8
¥144.7
¥100.3
¥225.4
¥228.9
¥54.6
¥69.6
¥78.7
¥132.2
¥125.0
¥65.0
¥10.4
17.2
49.1

160.0
222.1
263.1
69.0
433.8
724.1
1,001.3
¥85.3
123.8
173.9
¥248.8
107.8
253.2
383.1
157.7
141.5
94.9
301.7
350.8
337.9
252.0

841.2
1,064.6
1,108.3
1,024.2
1,343.7
1,828.8
2,137.7
987.7
912.3
1,235.9
596.2
872.1
856.1
1,324.8
1,129.3
1,312.0
1,128.6
1,373.8
1,517.0
1,365.3
1,412.3

566.1
638.2
654.3
751.8
773.8
858.9
928.5
810.1
761.7
764.9
764.5
759.3
766.8
756.2
743.7
736.9
772.8
806.2
843.4
895.6
893.3

Increase
in financial assets

275.1
426.4
454.0
272.4
569.9
969.9
1,209.2
177.6
150.6
471.0
¥168.3
112.8
89.3
568.6
385.6
575.1
355.8
567.6
673.6
469.7
519.0

Discrepancy
(sources
less
uses)

¥44.4
¥67.1
¥41.9
¥20.1
¥36.8
¥97.9
¥164.5
¥118.0
43.0
¥30.7
43.2
78.7
38.4
11.9
¥31.0
¥17.5
¥39.5
¥34.9
¥26.6
¥71.6
¥95.8

3 Nonresidential fixed investment plus residential fixed investment, inventory change with inventory valuation adjustment, and nonproduced nonfinancial assets.

Source: Board of Governors of the Federal Reserve System.

CONSUMER CREDIT
[Billions of dollars; seasonally adjusted]

Consumer credit outstanding (end of period)
Period
Total

1995:
1996:
1997:
1998:
1999:
2000:
2001:
2002:
2003:
2004:
2003:
2004:

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

Revolving

1,141.0
1,242.9
1,313.1
1,416.8
1,530.4
1,705.1
1,842.2
1,924.2
2,011.3
2,103.7
2,011.3
2,037.8
2,038.2
2,043.0
2,045.2
2,048.0
2,052.6
2,064.6
2,067.5
2,084.5
2,098.6
2,100.6
2,103.7

1 Change based on data in billions of dollars as shown here. For year-end data, change from
preceding year-end; for monthly data, change from preceding month.
2 Includes automobile loans and all other loans not included in revolving credit, such as loans
for mobile homes, education, boats, trailers, or vacations. These loans may be secured or unsecured.

443.5
499.6
529.8
578.9
607.6
677.7
722.3
738.3
758.7
790.5
758.7
769.8
770.1
768.9
765.1
763.9
765.2
773.4
773.6
785.1
789.0
789.6
790.5

Nonrevolving 2

697.5
743.2
783.4
837.8
922.8
1,027.4
1,119.9
1,185.9
1,252.6
1,313.2
1,252.6
1,268.0
1,268.1
1,274.1
1,280.1
1,284.1
1,287.4
1,291.2
1,293.9
1,299.4
1,309.6
1,311.0
1,313.2

Net change in consumer credit outstanding 1
Total

143.9
101.9
70.2
103.7
113.6
174.7
137.1
82.0
87.1
92.4
4.6
26.5
.4
4.8
2.2
2.8
4.6
12.0
2.9
17.0
14.1
2.0
3.1

Revolving

77.9
56.1
30.2
49.1
28.7
70.1
44.6
16.0
20.4
31.8
¥1.7
11.1
.3
¥1.2
¥3.8
¥1.2
1.3
8.2
.2
11.5
3.9
.6
.9

Nonrevolving 2

65.9
45.7
40.2
54.4
85.0
104.6
92.5
66.0
66.7
60.6
6.3
15.4
.1
6.0
6.0
4.0
3.3
3.8
2.7
5.5
10.2
1.4
2.2

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
Short-term interest rates rose in January.

[Percent per annum]
U.S. Treasury security yields
Constant
Period

1995 .......................
1996 .......................
1997 .......................
1998 .......................
1999 .......................
2000 .......................
2001 .......................
2002 .......................
2003 .......................
2004 .......................
2004: Jan .............
Feb ..............
Mar .............
Apr ..............
May .............
June ............
July .............
Aug .............
Sept .............
Oct ..............
Nov .............
Dec ..............
2005: Jan .............
Week ended:
2005: Jan 8 ........
15 ........
22 ........
29 ........
Feb 5 ........
1 Bank-discount

3-month
bills (new
issues) 1

3-year

maturities 2

10-year

30-year

Highgrade
municipal
bonds
(Standard
&
Poor’s) 3

Corporate
Aaa
bonds
(Moody’s)

30

Primary
credit

5.51
5.02
5.07
4.81
4.66
5.85
3.45
1.62
1.02
1.38
0.89
0.92
0.94
0.94
1.04
1.27
1.35
1.48
1.65
1.75
2.06
2.20
2.32

6.25
5.99
6.10
5.14
5.49
6.22
4.09
3.10
2.10
2.78
2.27
2.25
2.00
2.57
3.10
3.26
3.05
2.88
2.83
2.85
3.09
3.21
3.39

6.57
6.44
6.35
5.26
5.65
6.03
5.02
4.61
4.01
4.27
4.15
4.08
3.83
4.35
4.72
4.73
4.50
4.28
4.13
4.10
4.19
4.23
4.22

6.88
6.71
6.61
5.58
5.87
5.94
5.49
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*

5.95
5.75
5.55
5.12
5.43
5.77
5.19
5.05
4.73
4.63
4.53
4.48
4.39
4.84
5.03
5.00
4.82
4.65
4.49
4.43
4.48
4.40
4.28

7.59
7.37
7.26
6.53
7.04
7.62
7.08
6.49
5.67
5.63
5.54
5.50
5.33
5.73
6.04
6.01
5.82
5.65
5.46
5.47
5.52
5.47
5.36

..............
..............
..............
..............
..............
..............
..............
..............
2.12
2.34
2.00
2.00
2.00
2.00
2.00
2.25
2.25
2.50
2.75
2.75
3.00
3.25
3.25

2.28
2.33
2.36
2.32
2.48

3.36
3.39
3.39
3.41
3.46

4.28
4.25
4.19
4.19
4.14

*
*
*
*
*

4.33
4.30
4.25
4.23
4.15

5.47
5.40
5.30
5.28
5.20

3.25
3.25
3.25
3.25
3.50

basis.
on actively traded issues adjusted to constant maturities.
3 Weekly data are Wednesday figures.
4 Discount window borrowing for primary credit and discount rate (adjustment credit). The
rate for primary credit replaced the rate for adjustment credit under an amendment to the Federal Reserve Board’s Regulation A, effective January 9, 2003.
5 Average effective rate for year; rate in effect at end of month or week.
2 Yields

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

6 Daily

Discount
rate

5.21
5.02
5.00
4.92
4.62
5.73
3.40
1.17

Prime rate
charged by
banks 5

Federal
funds
rate 6

Newhome
mortgage
yields
(FHFB) 7

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

8.83
8.27
8.44
8.35
8.00
9.23
6.91
4.67
4.12
4.34
4.00
4.00
4.00
4.00
4.00
4.00
4.25
4.50
4.75
4.75
5.00
5.25
5.25

5.83
5.30
5.46
5.35
4.97
6.24
3.88
1.67
1.13
1.35
1.00
1.01
1.00
1.00
1.00
1.03
1.26
1.43
1.61
1.76
1.93
2.16
2.28

7.87
7.80
7.71
7.07
7.04
7.52
7.00
6.43
5.80
5.77
5.48
5.72
5.42
5.49
5.77
5.81
5.96
5.88
5.72
5.82
5.91
6.02
..............

*
*
*
*
*

5.25
5.25
5.25
5.25
5.50

2.14
2.25
2.28
2.27
2.43

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

effective rate; weighted average of rates on brokered trades.
7 Effective rate (in the primary market) on conventional mortgages, reflecting fees and
charges as well as contract rate and assumed, on the average, repayment at end of 10 years.
*Series no longer published or discontinued.
Sources: Department of the Treasury, Board of Governors of the Federal Reserve System,
Federal Housing Finance Board, Moody’s Investors Service, and Standard & Poor’s.

COMMON STOCK PRICES AND YIELDS
Stock prices fell in January.

Common stock prices 1
Period

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

Dow Jones
industrial
average 4

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

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

Dividendprice ratio

Earningsprice ratio

Composite

Financial

Energy

Health
Care

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

3,078.56
3,787.20
4,827.35
5,818.26
6,546.81
6,805.89
6,397.85
5,578.89
r 5,447.46
6,612.62

................
................
................
................
................
................
................
................
5,583.00
6,822.18

..................
..................
..................
..................
..................
..................
..................
..................
5,273.90
6,952.36

................
................
................
................
................
................
................
................
5,288.67
5,924.80

4,493.76
5,742.89
7,441.15
8,625.52
10,464.88
10,734.90
10,189.13
9,226.43
8,993.59
10,317.39

541.72
670.50
873.43
1,085.50
1,327.33
1,427.22
1,194.18
993.94
965.23
1,130.65

925.19
1,164.96
1,469.49
1,794.91
2,728.15
3,783.67
2,035.00
1,539.73
1,647.17
1,986.53

2.56
2.19
1.77
1.49
1.25
1.15
1.32
1.61
1.77
1.72

6.09
5.24
4.57
3.46
3.17
3.63
2.95
2.92
3.84
..................

2004: Jan ..............................................
Feb ..............................................
Mar .............................................
Apr ..............................................
May .............................................
June ............................................
July .............................................
Aug .............................................
Sept .............................................
Oct ..............................................
Nov .............................................
Dec ..............................................

6,569.76
6,661.38
6,574.75
6,600.77
6,371.44
6,548.06
6,443.45
6,352.83
6,551.90
6,608.98
6,933.75
7,134.42

6,827.35
6,978.62
6,914.60
6,792.05
6,495.19
6,683.10
6,569.52
6,566.19
6,773.95
6,792.44
7,118.40
7,354.73

6,323.29
6,337.87
6,455.53
6,638.65
6,572.79
6,780.86
6,971.57
6,866.75
7,270.08
7,593.71
7,773.26
7,843.99

6,000.57
6,134.16
5,908.76
6,028.53
6,022.12
6,063.65
5,823.34
5,733.68
5,890.05
5,668.02
5,818.20
6,006.46

10,540.05
10,601.50
10,323.73
10,418.40
10,083.81
10,364.90
10,152.09
10,032.80
10,204.67
10,001.60
10,411.76
10,673.38

1,132.52
1,143.36
1,123.98
1,133.08
1,102.78
1,132.76
1,105.85
1,088.94
1,117.66
1,118.07
1,168.94
1,199.21

2,098.00
2,048.36
1,979.48
2,021.32
1,930.09
2,000.98
1,912.42
1,821.54
1,884.73
1,938.25
2,062.87
2,149.53

1.62
1.63
1.68
1.68
1.74
1.70
1.77
1.81
1.78
1.79
1.74
1.72

..................
..................
4.62
..................
..................
4.92
..................
..................
5.18
..................
..................
..................

2005: Jan ..............................................

7,056.85

7,282.65

7,841.24

5,970.34

10,539.51

1,181.41

2,071.87

1.77

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

Week ended:
2005: Jan
8
15
22
29
Feb
5

7,091.98
7,059.27
7,045.21
7,022.01
7,154.24

7,364.20
7,286.57
7,262.18
7,214.94
7,331.40

7,662.93
7,771.07
7,876.40
8,012.86
8,262.74

6,013.65
6,005.37
5,955.03
5,918.40
5,955.63

10,636.98
10,571.77
10,508.31
10,444.67
10,589.58

1,189.59
1,184.58
1,180.97
1,170.43
1,191.36

2,105.97
2,085.53
2,064.95
2,031.54
2,070.09

1.76
1.76
1.76
1.78
1.76

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

1995
1996
1997
1998
1999
2000
2001
2002
2003
2004

1 Average

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

of daily closing prices.
all the stocks (nearly 3,000) listed on the NYSE.
January 9, 2003, the NYSE relaunched the composite index with changes in
methodology, definitions, and based on Dec. 31, 2002=5,000. Effective January 8, 2004 new
indexes for Financial, Energy, and Health Care were introduced by the NYSE. Previous indexes
shown for Industrial, Transportation, Utility, and Finance were discontinued.
4 Includes 30 stocks.
2 Includes

3 Effective

5 Includes

500 stocks.
over 5,000 stocks.
& Poor’s series. Dividend-price ratios based on Wednesday closing prices. Earnings-price ratios based on prices at end of quarter.
6 Includes

7 Standard

Sources: New York Stock Exchange, Dow Jones & Company, Inc., Standard & Poor’s, and
Nasdaq Stock Market.

31

FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
In the first 4 months of fiscal 2005, there was a deficit of $109.2 billion, compared with a deficit of $131.5 billion
a year earlier.

[Billions of dollars]
Total
Fiscal year or period
Receipts

1988 ......................................
1989 ......................................
1990 ......................................
1991 ......................................
1992 ......................................
1993 ......................................
1994 ......................................
1995 ......................................
1996 ......................................
1997 ......................................
1998 ......................................
1999 ......................................
2000 ......................................
2001 ......................................
2002 ......................................
2003 r .....................................
2004 r .....................................
2005 (estimates) r ...................
Cumulative total, first 4
months: 1
Fiscal year 2004 ...............
Fiscal year 2005 ...............
1 Data

32

909.3
991.2
1,032.0
1,055.0
1,091.3
1,154.4
1,258.6
1,351.8
1,453.1
1,579.3
1,721.8
1,827.5
2,025.2
1,991.2
1,853.2
1,782.3
1,880.1
2,052.8

Outlays

On-budget
Surplus
or
deficit
(¥)

1,064.5

r¥152.6

r1,253.1

r¥221.1

r1,324.3

625.9
689.4

¥155.2

r1,143.8

Receipts

Outlays

Off-budget
Surplus
or
deficit
(¥)

r860.1

r¥192.3

r932.9

r¥205.4

1,028.1

r¥277.7

Surplus
or
deficit
(¥)

Gross
Federal

Held by
the public

r204.4

r37.1

¥300.4
¥258.9
¥226.4
¥174.1
¥103.3
¥30.0
1.9
r 86.3
r¥32.5
¥317.5
¥538.4
¥567.4
¥588.5

210.9
225.1
241.7
252.3
266.6
279.4
288.7
300.9
310.6
316.6
320.8
330.8
346.8
355.7
363.0
379.5
399.4

52.8
56.6
52.2
50.1
45.3
55.7
62.4
66.6
81.4
99.2
123.7
149.8
160.7
159.7
160.8
155.2
162.0

2,601.1
2,867.8
3,206.3
3,598.2
4,001.8
4,351.0
4,643.3
4,920.6
5,181.5
5,369.2
5,478.2
5,605.5
5,628.7
5,769.9
6,198.4
6,760.0
7,354.7
8,031.4

2,051.6
2,190.7
2,411.6
2,689.0
2,999.7
3,248.4
3,433.1
3,604.4
3,734.1
3,772.3
3,721.1
3,632.4
3,409.8
3,319.6
3,540.4
3,913.4
4,295.5
4,721.2

¥196.2
¥178.7

169.9
179.2

105.2
109.8

64.7
69.4

6,986.6
7,600.9

4,036.6
4,415.1

r1,082.6

¥321.5

1,129.3
1,142.9
1,182.5
r1,227.2
1,259.6
1,290.6
1,336.0
1,381.1
r1,458.3
r 1,516.2
1,655.3
1,796.9
1,912.7
2,080.0

r¥340.4

1,409.5
1,461.9
1,515.8
1,560.5
r1,601.2
1,652.6
1,701.9
r 1,789.1
r 1,863.0
2,011.0
2,159.9
2,292.2
2,479.4

¥269.3
r¥290.3
¥255.1
r¥203.2
¥164.0
¥107.5
r¥21.9
69.2
r125.5
r 236.2
r 128.2
¥157.8
¥377.6
¥412.1
¥426.6

757.5
798.7

¥131.5
¥109.2

456.1
510.2

652.3
688.8

from current issue Monthly Treasury Statement.

Outlays

241.5
263.7
281.7
293.9
302.4
311.9
335.0
351.1
367.5
392.0
415.8
444.5
480.6
507.5
515.3
523.8
534.7
561.4

667.8
727.5
750.3
761.2
788.9
842.5
923.6
1,000.8
1,085.6
1,187.3
1,306.0
1,383.0
1,544.6
1,483.7
1,337.9
1,258.5
1,345.3
1,491.5

r1,381.6

Receipts

Federal debt (end of
period)

NOTE.—Data (except as noted) are from Budget of the United States Government, Fiscal Year
2006, issued February 7, 2005.
Sources: Department of the Treasury and Office of Management and Budget.

FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 4 months of fiscal 2005, receipts were $63.5 billion higher than a year earlier and outlays were $41.2
billion higher.

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

Fiscal year or period
Total

1988 ...............................................
1989 ...............................................
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999

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

2000 ...............................................
2001 ..............................................
2002 ..............................................
2003 r .............................................
2004 r ............................................
2005 (estimates) r ..........................
Cumulative total, first 4 months: 2
Fiscal year 2004 ........................
Fiscal year 2005 ........................

Individual
income
taxes

Corporation
income
taxes

Social
insurance
and
retirement
receipts

On-budget and off-budget outlays
National defense
Other

Total
Total

909.3
991.2

401.2
445.7

94.5
103.3

334.3
359.4

1,032.0
1,055.0
1,091.3
1,154.4
1,258.6
1,351.8
1,453.1
1,579.3
1,721.8
1,827.5

466.9
467.8
476.0
509.7
543.1
590.2
656.4
737.5
828.6
879.5

93.5
98.1
100.3
117.5
140.4
157.0
171.8
182.3
188.7
184.7

380.0
396.0
413.7
428.3
461.5
484.5
509.4
539.4
571.8
611.8

91.5
93.1
101.4
98.9
113.7
120.1
115.4
120.2
132.7
151.5

2,025.2 1,004.5
1,991.2 994.3
1,853.2 858.3
1,782.3 793.7
1,880.1 809.0
2,052.8 893.7

207.3
151.1
148.0
131.8
189.4
226.5

652.9
694.0
700.8
713.0
733.4
773.7

160.6
151.8
146.0
143.9
148.3
158.9

47.6
71.0

230.1
245.0

48.8
48.7

625.9
689.4

299.5
324.7

Department of
Defense,
military 1

International
affairs

Health

Medicare

Income Social
security security

Net
interest

Other

r 138.8

79.3 1,064.5
82.8 r 1,143.8

290.4
303.6

281.9
294.8

10.5
9.6

44.5
48.4

78.9
85.0

130.4
137.4

219.3
232.5

151.8
169.0

r 1,253.1

299.3
273.3
298.4
291.1
281.6
272.1
265.8
270.5
268.5
274.9

289.7
262.3
286.8
278.5
268.6
259.4
253.1
258.3
256.1
261.3

13.8
15.9
16.1
17.2
17.1
16.4
13.5
15.2
13.1
15.2

57.7
71.2
89.5
99.4
107.1
115.4
119.4
123.8
131.4
141.1

98.1
104.5
119.0
130.6
144.7
159.9
174.2
190.0
192.8
190.4

148.7
172.4
199.5
209.9
217.1
223.7
229.7
235.0
237.7
242.4

248.6
269.0
287.6
304.6
319.6
335.8
349.7
365.3
379.2
390.0

184.3
194.4
199.3
198.7
202.9
232.1
241.1
244.0
241.1
229.8

154.5
172.3
196.5
219.6
240.1
257.5

197.1
217.4
230.9
249.4
269.4
295.4

253.6
269.6
312.5
334.4
332.8
350.9

409.4
433.0
456.0
474.7
495.5
519.7

r 222.9

r 239.8

206.2
r 170.9
153.1
160.2
177.9

r 243.3

79.0
82.2

87.6
93.3

109.0
105.4

160.5
169.1

54.0
58.4

110.7
120.8

r 1,324.3
r 1,381.6

1,409.5
1,461.9
1,515.8
1,560.5
r 1,601.2
1,652.6
1,701.9
r 1,789.1

294.5

281.2

r 1,863.0

r 304.9

r 290.3

2,011.0
2,159.9
2,292.2
2,479.4

348.6
404.9
455.9
465.9

332.0
387.3
436.5
443.9

17.2
16.5
22.4
21.2
26.9
32.0

757.5
798.7

149.8
156.3

143.6
149.4

7.0
13.3

1 Cumulative data for fiscal 2004 and 2005 for Department of Defense, military include a
small amount classified as international affairs, and not included in national defense.
2 Data from current issue Monthly Treasury Statement.

r 158.4

202.6
r 223.6

172.2
158.0
171.7
160.3
167.3
r 157.4
188.8
218.1

273.2
302.6
311.3
380.1

NOTE.—Data (except as noted) are from Budget of the United States Government, Fiscal Year
2006, issued February 7, 2005.
Sources: Department of the Treasury and Office of Management and Budget.

33

FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the fourth quarter of 2004, according to advance estimates, Federal current expenditures rose $49.9 billion
(annual rate); receipts data are incomplete.

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal Government current receipts
Current tax receipts
Period
Total1

Personal
current
taxes

Total

Taxes
on
production and
imports

Taxes
on
corporate income

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

Calendar year:
1995 ................
1996 ................
1997 ................
1998 ................
1999 ................
2000 ................
2001 ................
2002 ................
2003 ................
2004 p ...............
2001: I ...............
II .............
III ............
IV ............
2002: I ...............
II .............
III ............
IV ............
2003: I ...............
II .............
III ............
IV ............

1,406.5
1,524.0
1,653.1
1,773.8
1,891.2
2,053.8
2,016.2
1,847.3
1,877.0
..............
2,089.2
2,080.5
1,895.4
1,999.6
1,844.6
1,850.5
1,847.9
1,846.2
1,888.6
1,902.5
1,816.4
1,900.6

845.1
932.4
1,030.6
1,116.8
1,195.7
1,313.6
1,252.2
1,069.0
1,064.5
..............
1,323.0
1,315.6
1,132.0
1,238.1
1,070.4
1,074.1
1,066.6
1,064.8
1,089.7
1,094.2
999.3
1,074.9

586.0
663.4
744.3
825.8
893.0
999.1
994.5
831.2
775.8
788.4
1,047.3
1,045.7
881.0
1,004.1
846.9
835.6
824.4
817.7
809.6
811.6
709.2
772.5

75.9
73.2
78.2
81.1
83.9
87.8
85.8
87.3
89.4
89.7
87.6
86.9
84.2
84.6
85.1
87.8
88.2
88.0
90.3
89.6
88.0
89.6

179.3
190.6
203.0
204.2
213.0
219.4
164.7
143.4
191.4
..............
180.7
176.6
159.7
141.6
131.4
143.2
146.9
152.2
183.1
183.1
194.3
204.9

519.2
542.8
576.4
613.8
651.6
691.7
717.5
733.8
758.2
801.8
716.4
718.1
717.9
717.6
731.3
734.6
734.3
734.9
747.7
754.0
761.6
769.5

23.7
26.9
25.9
21.5
21.5
25.2
24.9
20.3
23.0
22.8
26.4
25.2
24.4
23.5
21.3
20.2
19.9
19.8
19.4
22.8
24.3
25.5

19.1
23.1
19.9
21.5
22.7
25.7
27.1
24.8
25.5
26.3
27.2
27.3
27.1
26.6
25.4
24.9
24.7
24.3
25.1
25.4
25.8
25.6

¥0.6
¥1.2
.3
.1
¥.3
¥2.3
¥5.5
¥.6
5.8
4.1
¥3.8
¥5.7
¥6.1
¥6.2
¥3.7
¥3.3
2.4
2.3
6.6
6.0
5.5
5.0

1,603.5
1,665.8
1,708.9
1,734.9
1,787.6
1,864.4
1,969.5
2,101.8
2,241.6
2,341.7
1,932.6
1,956.9
1,984.0
2,004.3
2,053.1
2,102.1
2,103.1
2,148.8
2,170.2
2,266.9
2,249.4
2,279.8

440.5
446.3
457.7
454.6
475.1
499.3
531.9
592.7
658.6
704.8
518.4
528.0
532.7
548.4
570.7
586.3
593.4
620.3
634.3
665.7
663.0
671.3

839.0
888.3
918.8
946.5
986.1
1,038.1
1,131.4
1,243.0
1,322.5
1,378.0
1,095.4
1,121.2
1,135.5
1,173.4
1,216.9
1,243.2
1,246.9
1,264.8
1,280.8
1,327.5
1,331.1
1,350.6

290.4
297.3
300.0
298.8
282.7
283.3
258.6
229.0
214.1
219.7
274.5
263.7
253.3
242.8
228.5
236.5
226.2
224.7
213.9
217.7
210.1
214.7

33.7
34.0
32.4
35.0
43.8
43.8
47.6
37.2
46.4
39.2
44.3
44.0
62.5
39.7
37.0
36.1
36.6
39.0
42.5
54.6
45.3
43.2

¥197.0
¥141.8
¥55.8
38.8
103.6
189.5
46.7
¥254.5
¥364.5
....................
156.6
123.6
¥88.6
¥4.7
¥208.5
¥251.6
¥255.1
¥302.7
¥281.6
¥364.4
¥433.0
¥379.2

2004: I ...............
II .............
III ............
IV p ...........

1,915.3
1,949.1
1,956.7
..............

1,073.9
1,098.5
1,096.7
..............

768.3
781.5
794.3
809.5

89.0
89.3
89.2
91.4

207.9
219.5
204.9
..............

787.9
797.6
806.2
815.3

22.9
22.2
22.9
23.2

26.1
26.2
26.6
26.5

4.6
4.5
4.3
3.1

2,306.3
2,329.1
2,340.8
2,390.7

691.1
700.3
713.0
714.7

1,365.9
1,367.9
1,368.8
1,409.5

211.1
220.7
220.0
227.0

39.7
38.7
39.0
39.5

¥391.0
¥380.0
¥384.1
....................

1 Includes
2 Includes

34

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

Source: Department of Commerce, Bureau of Economic Analysis.

INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Industrial production (1997=100; seasonally adjusted)
Period

United
States

Canada

Japan

France

Germany

Italy

Consumer prices (1982–84=100; NSA)
United
Kingdom

United
States 1

Canada

Japan

Germany

France

1995 ....................................
89.4
93.5
94.4
96.1
96.8
98.0
97.3
152.4
151.4 119.2 148.4
r 96.0
1996 ....................................
93.2
94.7
96.6
97.0
96.3
98.7
156.9
153.8 119.3 151.4
1997 ....................................
100.0
100.0 100.0 100.0
100.0
100.0
100.0
160.5
156.3 121.5 153.2
r 103.7
1998 ....................................
105.8
103.5
93.5 r 103.5
101.2
101.0
163.0
157.8 122.2 154.2
r 109.6
r 101.2
1999 ....................................
110.6
93.8 r 106.1
104.9
102.3
166.6
160.5 121.8 155.0
r 119.0
2000 ....................................
115.4
99.0 110.1
110.7
105.3
104.2
172.2
164.9 121.0 157.6
r 114.4
r 104.2
2001 .....................................
111.3
92.7 111.3
111.0
102.6
177.1
169.1 120.1 160.2
r 116.1
r 102.6
2002 ....................................
111.0
91.7 r 109.6
109.9
100.0
179.9
172.9 119.0 163.3
r 117.0
r 102.0
r 99.8
2003 ....................................
110.9
94.5 r 109.5
110.3
184.0
177.7 118.7 166.7
p ...................................
2004
115.5 ..............
99.6 ............ .............. .............. ..............
188.9
181.0 118.7 170.3
2003: Nov r .........................
112.7
118.4
98.0 110.0
112.5
102.9
99.9
184.5
178.3 118.3 167.9
r .........................
Dec
112.9
119.3
97.5 110.4
112.0
102.9
99.9
184.3
178.4 118.4 168.1
2004: Jan r .........................
113.2
118.7 100.4 109.8
112.6
102.4
99.9
185.2
178.5 118.2 168.1
r .........................
Feb
114.4
118.1
96.6 111.0
112.2
102.6
99.5
186.2
179.0 118.2 168.8
r .........................
Mar
114.1
119.8
97.2 111.6
111.8
102.4
99.9
187.4
179.6 118.4 169.5
Apr r .........................
114.7
119.8 100.2 111.0
113.5
102.9
100.7
188.0
180.0 118.4 169.9
May r ........................
115.5
120.2 101.3 111.6
114.5
102.9
101.0
189.1
181.6 118.5 170.5
June r .......................
115.1
121.4 100.0 112.3
113.4
102.2
100.8
189.7
181.7 118.8 170.5
r ........................
July
115.9
121.6 100.3 111.9
114.6
102.5
100.4
189.4
181.6 118.4 170.2
Aug r .........................
116.0
122.8 100.1 109.6
113.8
101.9
99.3
189.5
181.3 118.5 170.7
Sept r ........................
115.7
122.6
99.8 113.1
113.8
102.1
99.0
189.9
181.5 118.9 170.9
Oct r ..........................
116.6
122.6
98.6 112.2
114.3
101.8
98.8
190.9
181.9 119.5 171.3
Nov r .........................
116.8
122.9 100.0 112.3
112.6
101.1
99.0
191.0
182.6 119.3 171.3
Dec p .........................
117.8 ..............
98.8 ............ .............. .............. ..............
190.3
182.2 118.7 171.5
2005: Jan p ......................... .............. .............. ............ ............ .............. .............. .............. .............. .............. ............ ............
1 Data relate to all urban consumers.
NOTE.—See Note, p. 17, for information on U.S. industrial production series.
Includes data available as of February 3, 2005.

United
Kingdom

Italy

133.3 205.6
175.2
135.3 213.8
179.4
137.8 218.2
185.1
139.1 222.5
191.4
140.0 226.2
194.3
142.0 231.9
200.1
144.8 238.3
203.6
146.7 244.3
207.0
148.3 250.8
213.0
150.8 256.3
219.4
148.1 252.9
214.7
149.2 253.1
215.6
149.3 253.5
215.1
149.6 254.1
216.0
150.0 255.0
216.9
150.5 255.6
218.2
150.8 256.2
219.1
150.8 256.6
219.5
151.2 256.8
219.5
151.5 257.4
220.2
151.0 257.4
221.0
151.3 257.4
221.6
150.8 257.6
222.1
152.3 258.3
223.1
151.7 ............ ..............

Source: National sources as reported by Department of Commerce (Bureau of Economic
Analysis and International Trade Administration, Office of Trade and Industry Information).

U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES
[Billions of dollars; monthly data seasonally adjusted]
Goods: Exports (f.a.s. value)

Goods: Imports (customs value)

Census basis (by end-use category)

Services
(BOP basis)

Balance of trade
(exports minus imports)

Census basis (by end-use category)
BOP basis

Period

BOP
basis

Total,
Census
basis 1

Auto- ConIndusmo- sumer
Foods, trial Capital tive goods
feeds,
supgoods vehi- (nonand
plies except cles, food)
bevand
auto- parts except
erages mate- motive and autorials
enmogines tive

1995 .............
1996 .............
1997 .............
1998 .............
1999 .............
2000 .............
2001 .............
2002 .............
2003 .............
2004 p ...........

575.2
612.1
678.4
670.4
684.0
772.0
718.7
681.8
713.1
807.6

584.7
625.1
689.2
682.1
695.8
781.9
729.1
693.1
724.8
819.0

50.5
55.5
51.5
46.4
46.0
47.9
49.4
49.6
55.0
56.3

146.2
147.7
158.2
148.3
147.5
172.6
160.1
156.8
173.0
203.6

233.0
253.0
294.5
299.4
310.8
356.9
321.7
290.4
293.6
331.1

2003: Dec ...
2004: Jan r ..
Feb r ..
Mar r
Apr r ..
May r
June r
July r
Aug r ..
Sept r
Oct r ..
Nov ...
Dec p ..

62.6
61.8
65.1
67.4
66.1
68.8
64.8
67.6
68.1
69.3
69.3
68.1
71.1

63.4
62.8
66.0
68.6
67.0
69.8
65.8
68.4
69.0
70.3
70.3
69.0
72.0

4.9
4.6
4.7
4.9
4.7
4.8
4.5
4.5
4.3
4.9
4.8
4.8
4.8

15.1
15.2
16.0
16.7
16.4
17.4
16.1
17.3
17.0
17.5
18.0
17.6
18.4

26.0
25.9
27.3
27.8
27.1
28.8
26.4
27.8
27.8
28.1
28.1
27.2
28.7

61.8 64.4
65.0 70.1
74.0 77.4
72.4 80.3
75.3 80.9
80.4 89.4
75.4 88.3
78.9 84.4
80.7 89.9
88.2 102.8
6.9
6.7
7.0
7.2
7.1
7.2
7.0
7.6
7.8
7.7
7.6
7.5
7.8

7.8
7.7
8.2
8.7
8.6
8.5
8.5
8.3
8.6
8.8
8.8
8.8
9.4

BOP
basis

IndusAutoFoods, trial Capital motive
Total, feeds, supgoods vehiCensus and
plies except cles,
basis 1
bevand
auto- parts
erages mate- motive and enrials
gines

Consumer
goods
(nonfood)
except
automotive

Exports

Imports

Goods,
Census
basis

Goods

Services

Goods
and
services

749.4
803.1
876.5
917.1
1,030.0
1,224.4
1,145.9
1,164.7
1,260.7
1,473.8

743.5
795.3
869.7
911.9
1,024.6
1,218.0
1,141.0
1,161.4
1,257.1
1,470.5

33.2
35.7
39.7
41.2
43.6
46.0
46.6
49.7
55.8
62.2

181.8
204.5
213.8
200.1
221.4
299.0
273.9
267.7
313.8
412.4

221.4
228.1
253.3
269.5
295.7
347.0
298.0
283.3
295.8
343.8

123.8
128.9
139.8
148.7
179.0
195.9
189.8
203.7
210.2
228.4

159.9
172.0
193.8
217.0
241.9
281.8
284.3
307.8
333.9
373.2

219.2
239.5
256.3
263.1
282.5
299.0
287.9
294.1
307.4
338.6

141.3
152.4
166.3
181.3
199.7
224.9
223.4
232.9
256.3
290.1

¥158.8
¥170.2
¥180.5
¥229.8
¥328.8
¥436.1
¥411.9
¥468.3
¥532.4
¥651.5

¥174.2
¥191.0
¥198.1
¥246.7
¥346.0
¥452.4
¥427.2
¥482.9
¥547.6
¥666.2

77.9
87.1
89.9
81.8
82.8
74.1
64.5
61.2
51.0
48.5

¥96.3
¥103.9
¥108.2
¥164.9
¥263.3
¥378.3
¥362.7
¥421.7
¥496.5
¥617.7

111.1
111.5
114.9
118.9
119.2
120.4
124.0
122.5
125.2
124.4
129.5
131.6
131.7

110.9
111.3
114.7
118.6
118.9
120.1
123.8
122.2
124.9
124.1
129.2
131.3
131.4

4.9
4.8
5.1
5.2
5.1
5.3
5.3
5.1
5.1
5.0
5.2
5.4
5.6

28.1
28.2
31.2
31.8
30.8
31.9
35.0
33.9
36.6
35.5
38.4
40.0
39.1

26.7
26.8
26.4
27.3
27.9
28.1
29.4
29.3
29.1
29.6
29.9
29.7
30.3

18.3
17.8
18.8
19.0
19.0
19.4
18.7
19.1
19.2
19.5
19.4
19.0
19.3

28.9
29.5
29.0
31.3
31.8
31.2
31.1
30.6
30.5
30.4
32.1
32.8
32.8

27.5
26.9
27.3
27.9
28.3
28.1
28.3
28.4
28.2
28.4
28.6
29.0
29.1

22.9
23.1
23.3
23.6
23.8
24.0
24.5
24.2
25.1
24.3
24.5
24.8
24.9

¥47.5
¥48.5
¥48.7
¥50.0
¥51.9
¥50.4
¥57.9
¥53.8
¥56.0
¥53.8
¥59.0
¥62.3
¥59.4

¥48.5
¥49.7
¥49.9
¥51.5
¥53.1
¥51.6
¥59.2
¥54.9
¥57.1
¥55.1
¥60.2
¥63.5
¥60.6

4.5
3.8
4.0
4.4
4.6
4.2
3.8
4.2
3.1
4.1
4.1
4.1
4.2

¥44.0
¥45.9
¥45.9
¥47.1
¥48.5
¥47.4
¥55.4
¥50.7
¥54.0
¥51.0
¥56.1
¥59.3
¥56.4

1 Total includes ‘‘other’’ exports or imports, not shown separately.
NOTE.—BOP refers to balance of payments on international transactions basis. BOP data
shown here are consistent with figures shown on pp. 36 and 37.

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

35

U.S. INTERNATIONAL TRANSACTIONS
In the third quarter of 2004, the goods deficit rose to $166.7 billion, from $163.6 billion in the second quarter.
The current account deficit rose to $164.7 billion in the third quarter from $164.4 billion in the second quarter.

[Millions of dollars; quarterly data seasonally adjusted. Credits (+), debits (¥)]
Goods 1

Period
Exports

Imports

Services

Balance
on
goods

Net
military
transactions 2

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

502,859
575,204
612,113
678,366
670,416
683,965
771,994
718,712
681,833
713,122

¥668,690
¥749,374
¥803,113
¥876,470
¥917,103
¥1,029,980
¥1,224,408
¥1,145,900
¥1,164,728
¥1,260,674

¥165,831
¥174,170
¥191,000
¥198,104
¥246,687
¥346,015
¥452,414
¥427,188
¥482,895
¥547,552

2002: I ........
II .......
III .....
IV .....

165,123
172,034
174,371
170,305

¥273,520
¥291,395
¥296,778
¥303,035

¥108,397
¥119,361
¥122,407
¥132,730

¥1,574
¥1,882
¥1,537
¥2,165

2003: I ........
II .......
III .....
IV .....

173,459
174,554
178,251
186,858

¥311,402
¥310,087
¥312,886
¥326,299

¥137,943
¥135,533
¥134,635
¥139,441

2004: I ........
II .......
III p ....

193,920
199,315
204,610

¥344,688
¥362,895
¥371,341

¥150,768
¥163,580
¥166,731

1994
1995
1996
1997
1998
1999
2000
2001
2002
2003

Net
travel
and
transportation

Other
services,
net

Receipts

Payments

Balance
on
income

Unilateral
current
transfers,
net 3

Balance
on
current
account

¥98,379
¥96,265
¥103,942
¥108,178
¥164,868
¥263,252
¥378,344
¥362,692
¥421,735
¥496,508

166,521
210,244
226,129
256,804
261,308
293,222
350,449
286,692
266,799
294,385

¥149,375
¥189,353
¥203,811
¥244,195
¥257,554
¥280,037
¥329,864
¥263,120
¥259,626
¥261,106

17,146
20,891
22,318
12,609
3,754
13,185
20,585
23,572
7,173
33,279

¥36,799
¥34,104
¥38,583
¥40,410
¥48,443
¥46,755
¥55,684
¥46,581
¥59,382
¥67,439

¥118,032
¥109,478
¥120,207
¥135,979
¥209,557
¥296,822
¥413,443
¥385,701
¥473,944
¥530,668

¥802
¥1,073
¥901
¥675

17,014 ¥93,759
18,943 ¥103,373
17,929 ¥106,916
17,882 ¥117,688

63,455
67,306
69,542
66,496

¥62,490
¥68,260
¥68,199
¥60,677

965
¥954
1,343
5,819

¥17,411
¥13,562
¥13,427
¥14,980

¥110,205
¥117,889
¥119,000
¥126,849

¥2,905
¥3,215
¥3,047
¥3,459

¥2,745
¥3,183
¥3,088
¥1,287

18,207
18,551
18,520
18,693

¥125,386
¥123,380
¥122,250
¥125,494

67,677
68,893
73,785
84,030

¥63,682
¥63,019
¥66,524
¥67,879

3,995
5,874
7,261
16,151

¥16,815
¥16,369
¥16,639
¥17,617

¥138,206
¥133,875
¥131,628
¥126,960

¥3,534
¥3,475
¥3,832

¥2,668
¥2,543
¥2,922

18,368 ¥138,602
18,514 ¥151,084
18,143 ¥155,342

83,528
88,419
92,879

¥71,364
¥83,382
¥87,598

12,164
5,037
5,281

¥20,726
¥18,344
¥14,648

¥147,164
¥164,391
¥164,709

2,570
16,305
4,600
21,772
5,385
25,015
4,968
22,152
5,220
10,210
2,593
7,085
317
2,486
¥2,296 ¥3,254
¥7,158 ¥3,451
¥12,626 ¥10,303

1 Adjusted from Census data for differences in timing and coverage; excludes military.
2 Transfers under U.S. military agency sales contracts (exports) minus direct defense expenditures (imports).

36

Income receipts and payments
Balance
on
goods
and
services

48,577
51,533
56,658
62,806
66,389
73,085
71,267
70,046
71,769
73,973

3 Includes transfers of goods and services under U.S. military grant programs.
See p. 37 for continuation of table.

U.S. INTERNATIONAL TRANSACTIONS—Continued
In the financial account, U.S. claims on foreigners reported by U.S. banks increased $60.3 billion in the third quarter
of 2004, following an increase of $37.0 billion in the second quarter. U.S. liabilities to private foreigners reported
by U.S. banks, excluding Treasury securities, increased $46.6 billion in the third quarter, following an increase of
$41.2 billion in the second quarter.

[Millions of dollars; quarterly data seasonally adjusted. Credits (+), debits (¥)]
Financial account

Period

Capital
account
transactions,
net

U.S.-owned assets abroad, net
[increase/financial outflow (¥)]

Total

U.S.
official
reserve
assets 4

Other U.S.
Government
assets

Statistical discrepancy
Foreign-owned assets in the U.S., net
[increase/financial inflow (+)]

U.S.
private
assets

Total

Foreign
official
assets

Other
foreign
assets

Total (sum
of the items
with sign
reversed)

Of which:
Seasonal
adjustment
discrepancy

U.S. official
reserve
assets, net 4
(unadjusted,
end of
period)

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

¥1,723
¥927
¥654
¥1,044
¥740
¥4,843
¥809
¥1,083
¥1,260
¥3,079

¥178,937
¥352,264
¥413,409
¥485,475
¥347,829
¥503,640
¥569,798
¥366,768
¥198,014
¥283,414

5,346
¥9,742
6,668
¥1,010
¥6,783
8,747
¥290
¥4,911
¥3,681
1,523

¥390
¥984
¥989
68
¥422
2,750
¥941
¥486
345
537

¥183,893
¥341,538
¥419,088
¥484,533
¥340,624
¥515,137
¥568,567
¥361,371
¥194,678
¥285,474

305,989
438,562
551,096
706,809
423,569
740,210
1,046,896
782,859
768,246
829,173

39,583
109,880
126,724
19,036
¥19,903
43,543
42,758
28,059
113,990
248,573

266,406
328,682
424,372
687,773
443,472
696,667
1,004,138
754,800
654,256
580,600

¥7,297
24,107
¥16,826
¥84,311
134,557
65,095
¥62,846
¥29,307
¥95,028
¥12,012

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

74,335
85,832
75,089
69,954
81,761
71,516
67,647
68,654
79,006
85,938

2002: I .............................
II ............................
III ..........................
IV ...........................
2003: I .............................
II ............................
III ..........................
IV ...........................
2004: I .............................
II ............................
III p .........................

¥281
¥271
¥361
¥347
¥406
¥1,552
¥821
¥300
¥396
¥324
¥374

¥34,144
¥133,373
21,574
¥52,069
¥102,665
¥110,962
¥8,138
¥61,647
¥306,729
¥105,810
¥133,176

390
¥1,843
¥1,416
¥812
83
¥170
¥611
2,221
557
1,122
429

133
42
¥27
197
53
310
483
¥309
727
¥2
183

¥34,667
¥131,572
23,017
¥51,454
¥102,801
¥111,102
¥8,010
¥63,559
¥308,013
¥106,930
¥133,788

165,989
229,135
150,075
223,047
246,105
218,553
134,202
230,311
445,348
270,745
286,412

12,801
53,312
17,720
30,157
48,986
65,245
50,663
83,679
127,864
73,349
60,118

153,188
175,823
132,355
192,890
197,119
153,308
83,539
146,632
317,484
197,396
226,294

¥21,359
22,398
¥52,288
¥43,782
¥4,828
27,836
6,385
¥41,404
8,941
¥220
11,847

10,292
¥1,206
¥14,052
4,963
11,091
¥3,121
¥13,418
5,449
11,839
¥5,558
¥15,068

67,574
74,696
75,860
79,006
80,049
81,660
84,431
85,938
85,192
82,652
82,578

1994
1995
1996
1997
1998
1999
2000
2001
2002
2003

4 Consists of gold, special drawing rights (SDRs), foreign currencies, and the U.S. reserve
position in the International Monetary Fund (IMF).

Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the
Treasury.

37

Contents
Page

TOTAL OUTPUT, INCOME, AND SPENDING
Gross Domestic Product ..........................................................................................................................................................................................
Real Gross Domestic Product ..................................................................................................................................................................................
Implicit Price Deflators for Gross Domestic Product ..............................................................................................................................................
Gross Domestic Product and Related Price Measures: Indexes and Percent Changes ..............................................................................................
Nonfinancial Corporate Business—Gross Value Added and Price, Costs, and Profits .............................................................................................
National Income ......................................................................................................................................................................................................
Real Personal Consumption Expenditures ...............................................................................................................................................................
Sources of Personal Income ......................................................................................................................................................................................
Disposition of Personal Income ...............................................................................................................................................................................
Farm Income ............................................................................................................................................................................................................
Corporate Profits ......................................................................................................................................................................................................
Real Gross Private Domestic Investment ................................................................................................................................................................
Real Private Fixed Investment by Type ..................................................................................................................................................................
Business Investment ................................................................................................................................................................................................

1
2
2
3
3
4
4
5
6
7
8
9
10
10

EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force .........................................................................................................................................................................................
Selected Unemployment Rates ................................................................................................................................................................................
Selected Measures of Unemployment and Unemployment Insurance Programs ......................................................................................................
Nonagricultural Employment ..................................................................................................................................................................................
Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries .................................................................
Employment Cost Index—Private Industry .............................................................................................................................................................
Productivity and Related Data, Business Sector ......................................................................................................................................................

11
12
13
14
15
15
16

PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization .......................................................................................................................................................
Industrial Production—Major Market Groups and Selected Manufactures ..............................................................................................................
New Construction ....................................................................................................................................................................................................
New Private Housing and Vacancy Rates ...............................................................................................................................................................
Business Sales and Inventories—Manufacturing and Trade .....................................................................................................................................
Manufacturers’ Shipments, Inventories, and Orders .................................................................................................................................................

17
18
19
19
20
21

PRICES
Producer Prices ........................................................................................................................................................................................................
Consumer Prices—All Urban Consumers ................................................................................................................................................................
Changes in Producer Prices for Finished Goods ......................................................................................................................................................
Changes in Consumer Prices—All Urban Consumers .............................................................................................................................................
Prices Received and Paid by Farmers ......................................................................................................................................................................

22
23
24
24
25

MONEY, CREDIT, AND SECURITY MARKETS
Money Stock and Debt Measures .............................................................................................................................................................................
Components of Money Stock ...................................................................................................................................................................................
Aggregate Reserves and Monetary Base ...................................................................................................................................................................
Bank Credit at All Commercial Banks ....................................................................................................................................................................
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business ..................................................................................................................
Consumer Credit ......................................................................................................................................................................................................
Interest Rates and Bond Yields ...............................................................................................................................................................................
Common Stock Prices and Yields ............................................................................................................................................................................

26
27
27
28
29
29
30
31

FEDERAL FINANCE
Federal Receipts, Outlays, and Debt .......................................................................................................................................................................
Federal Receipts by Source and Outlays by Function ..............................................................................................................................................
Federal Sector, National Income Accounts Basis .....................................................................................................................................................

32
33
34

INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries ...............................................................................................................
U.S. International Trade in Goods and Services ......................................................................................................................................................
U.S. International Transactions ................................................................................................................................................................................

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35
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General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
p Preliminary.
r Revised.
c Corrected.
… Not available (also, not applicable).
NSA not seasonally adjusted.

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