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110th Congress, 1st Session

Economic Indicators
JANUARY 2007
(Includes data available as of February 7, 2007)

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

UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 2007

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

SENATE

HOUSE

OF

REPRESENTATIVES

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

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

ii

TOTAL OUTPUT, INCOME, AND SPENDING
GROSS DOMESTIC PRODUCT
In the fourth quarter of 2006, according to advance estimates, current-dollar gross domestic product (GDP) rose
5.0 percent (annual rate), real GDP (GDP in chained 2000 dollars) rose 3.5 percent, and the implicit price deflator
rose 1.5 percent.

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

Period

1997 ......................
1998 ......................
1999 ......................
2000 ......................
2001 ......................
2002 ......................
2003 ......................
2004 ......................
2005 ......................
2006 p ....................
2003: I ................
II ...............
III .............
IV ..............
2004: I ................
II ...............
III .............
IV ..............
2005: I ................
II ...............
III .............
IV ..............
2006: I ................
II ...............
III .............
IV p ............
1 GDP

Exports and imports
of goods and services

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

Net
exports

Exports

8,304.3
8,747.0
9,268.4
9,817.0
10,128.0
10,469.6
10,960.8
11,712.5
12,455.8
13,253.9
10,705.6
10,831.8
11,086.1
11,219.5
11,430.9
11,649.3
11,799.4
11,970.3
12,173.2
12,346.1
12,573.5
12,730.5
13,008.4
13,197.3
13,322.6
13,487.2

¥101.6
¥159.9
¥260.5
¥379.5
¥367.0
¥424.4
¥499.4
¥613.2
¥716.7
¥761.8
¥499.3
¥501.3
¥495.2
¥501.8
¥543.4
¥606.2
¥630.7
¥672.7
¥676.2
¥686.4
¥728.8
¥775.4
¥765.2
¥781.8
¥801.7
¥698.3

955.3
955.9
991.2
1,096.3
1,032.8
1,005.9
1,040.8
1,178.1
1,303.1
1,466.2
1,012.4
1,010.8
1,040.7
1,099.1
1,135.1
1,166.3
1,185.3
1,225.8
1,254.0
1,293.8
1,312.4
1,352.4
1,405.4
1,448.1
1,488.3
1,523.2

5,547.4
5,879.5
6,282.5
6,739.4
7,055.0
7,350.7
7,703.6
8,211.5
8,742.4
9,270.8
7,548.1
7,628.4
7,782.6
7,855.3
8,018.0
8,148.1
8,265.0
8,414.8
8,519.7
8,674.6
8,847.3
8,927.8
9,079.2
9,228.1
9,346.7
9,429.3

1,389.8
1,509.1
1,625.7
1,735.5
1,614.3
1,582.1
1,664.1
1,888.0
2,057.4
2,218.4
1,606.4
1,617.1
1,690.5
1,742.3
1,781.9
1,892.2
1,917.7
1,960.2
2,013.5
2,009.1
2,052.6
2,154.5
2,214.8
2,237.1
2,235.5
2,186.0

Government consumption expenditures
and gross investment
Federal

Imports

Total
Total

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

1,056.9
1,115.9
1,251.7
1,475.8
1,399.8
1,430.3
1,540.2
1,791.4
2,019.9
2,228.0
1,511.7
1,512.1
1,535.9
1,600.9
1,678.5
1,772.5
1,815.9
1,898.5
1,930.2
1,980.2
2,041.2
2,127.8
2,170.6
2,229.8
2,290.1
2,221.5

1,468.7
1,518.3
1,620.8
1,721.6
1,825.6
1,961.1
2,092.5
2,226.2
2,372.8
2,526.4
2,050.3
2,087.7
2,108.2
2,123.7
2,174.4
2,215.1
2,247.3
2,268.0
2,316.2
2,348.9
2,402.4
2,423.6
2,479.6
2,513.9
2,542.1
2,570.2

530.9
530.4
555.8
578.8
612.9
679.7
756.4
825.9
878.3
926.4
725.9
762.2
764.8
772.8
808.2
823.8
838.4
833.2
862.9
868.4
895.8
886.2
921.7
919.7
927.2
937.1

National
defense
349.6
345.7
360.6
370.3
392.6
437.1
497.2
551.2
589.3
620.8
467.4
506.9
501.5
513.1
537.7
548.1
564.1
555.1
576.8
584.3
605.0
590.9
613.5
616.5
618.1
635.0

Nondefense
181.3
184.7
195.2
208.5
220.3
242.5
259.2
274.7
289.0
305.7
258.5
255.3
263.3
259.7
270.5
275.7
274.3
278.1
286.0
284.1
290.7
295.3
308.2
303.2
309.0
302.2

State
and
local
937.8
987.9
1,065.0
1,142.8
1,212.8
1,281.5
1,336.0
1,400.3
1,494.4
1,600.0
1,324.4
1,325.5
1,343.3
1,350.9
1,366.3
1,391.4
1,409.0
1,434.8
1,453.3
1,480.5
1,506.6
1,537.4
1,557.9
1,594.2
1,614.9
1,633.0

Final
sales of
domestic
product

Gross
domestic
purchases 1

Addendum:
Gross
national
product

8,232.3
8,676.2
9,201.5
9,760.5
10,159.7
10,457.7
10,946.5
11,655.1
12,434.6
13,200.4
10,682.6
10,835.4
11,074.3
11,193.6
11,392.9
11,569.9
11,744.6
11,913.0
12,113.8
12,353.7
12,588.8
12,681.9
12,961.2
13,135.1
13,258.4
13,447.1

8,405.9
8,906.9
9,528.9
10,196.4
10,495.0
10,894.0
11,460.2
12,325.7
13,172.5
14,015.6
11,204.8
11,333.1
11,581.3
11,721.3
11,974.4
12,255.4
12,430.1
12,643.0
12,849.4
13,032.6
13,302.3
13,505.9
13,773.6
13,979.1
14,124.3
14,185.5

8,337.3
8,768.3
9,302.2
9,855.9
10,171.6
10,500.2
11,017.6
11,758.7
12,487.7
..............
10,744.9
10,888.4
11,139.8
11,297.3
11,501.5
11,689.7
11,845.3
11,998.5
12,207.5
12,374.6
12,625.7
12,743.0
13,037.4
13,220.1
13,339.2
..............

Source: Department of Commerce, Bureau of Economic Analysis.

1

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

Gross private
domestic investment
Period

1997 .........
1998 .........
1999 .........
2000 .........
2001 .........
2002 .........
2003 .........
2004 .........
2005 .........
2006 p ........
2003: I ....
II ...
III
IV ..
2004: I ....
II ...
III
IV ..
2005: I ....
II ...
III
IV ..
2006: I ....
II ...
III
IV p

Gross
domestic
product

8,703.5
9,066.9
9,470.3
9,817.0
9,890.7
10,048.8
10,301.0
10,703.5
11,048.6
11,422.4
10,126.0
10,212.7
10,398.7
10,467.0
10,566.3
10,671.5
10,753.3
10,822.9
10,913.8
11,001.8
11,115.1
11,163.8
11,316.4
11,388.1
11,443.5
11,541.6

Personal
conNonresi- Resi- Change
sumption dential dential in priexpendifixed
fixed
vate
tures
invest- invest- invenment
ment tories
5,831.8
6,125.8
6,438.6
6,739.4
6,910.4
7,099.3
7,295.3
7,577.1
7,841.2
8,092.3
7,184.9
7,249.3
7,352.9
7,394.3
7,479.8
7,534.4
7,607.1
7,687.1
7,739.4
7,819.8
7,895.3
7,910.2
8,003.8
8,055.0
8,111.2
8,199.2

934.2
1,037.8
1,133.3
1,232.1
1,180.5
1,071.5
1,081.8
1,145.8
1,223.8
1,314.7
1,047.5
1,074.5
1,098.8
1,106.5
1,111.2
1,130.7
1,158.8
1,182.3
1,199.7
1,214.8
1,232.4
1,248.2
1,288.8
1,302.8
1,334.2
1,332.8

388.6
71.2
418.3
72.6
443.6
68.9
446.9
56.5
448.5 ¥31.7
469.9
12.5
509.4
14.3
559.9
53.4
608.0
19.6
582.5
46.4
484.1
24.3
496.3 ¥2.7
521.8
10.5
535.2
25.0
539.2
35.9
564.1
74.7
568.6
50.8
567.7
52.0
582.8
55.2
609.9 ¥7.4
620.4 ¥12.7
618.9
43.5
618.5
41.2
600.5
53.7
570.3
55.4
540.7
35.3

Exports and imports of
goods and services

Government consumption expenditures
and gross investment
Federal

Net
exports

Exports

Imports

Total

¥104.6
¥203.7
¥296.2
¥379.5
¥399.1
¥471.3
¥518.9
¥590.9
¥619.2
¥617.7
¥507.2
¥526.9
¥513.8
¥527.8
¥548.5
¥593.9
¥599.4
¥621.9
¥626.4
¥606.1
¥607.6
¥636.6
¥636.6
¥624.2
¥628.8
¥581.4

943.7
966.5
1,008.2
1,096.3
1,036.7
1,013.3
1,026.1
1,120.4
1,196.1
1,302.3
1,003.3
999.0
1,026.3
1,075.8
1,094.8
1,111.3
1,124.3
1,151.3
1,164.5
1,191.0
1,200.5
1,228.4
1,269.3
1,288.5
1,310.0
1,341.5

1,048.3
1,170.3
1,304.4
1,475.8
1,435.8
1,484.6
1,545.0
1,711.3
1,815.3
1,920.1
1,510.5
1,525.9
1,540.0
1,603.6
1,643.2
1,705.2
1,723.7
1,773.1
1,790.9
1,797.1
1,808.1
1,865.0
1,905.9
1,912.7
1,938.8
1,922.9

1,594.0
1,624.4
1,686.9
1,721.6
1,780.3
1,858.8
1,904.8
1,940.6
1,958.0
1,998.8
1,879.3
1,907.5
1,914.5
1,918.0
1,931.8
1,942.6
1,948.7
1,939.3
1,947.2
1,952.6
1,968.8
1,963.5
1,987.1
1,991.2
1,999.4
2,017.7

1 GDP

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

Total

National
defense

Nondefense

567.6
561.2
573.7
578.8
601.4
643.4
687.1
716.6
727.5
741.9
662.5
693.0
693.7
699.0
711.3
715.7
724.5
714.9
720.8
721.6
738.2
729.6
745.1
736.6
738.9
747.1

373.0
365.3
372.2
370.3
384.9
413.2
449.0
475.4
483.6
492.7
424.2
458.4
452.2
461.1
471.3
473.6
484.0
472.6
477.8
481.1
494.1
481.4
491.8
489.3
487.8
501.8

194.5
195.9
201.5
208.5
216.5
230.2
238.0
241.0
243.7
249.0
238.4
234.5
241.5
237.8
239.9
241.9
240.1
242.1
242.8
240.1
243.8
248.0
253.1
247.0
250.9
244.9

State
and
local

1,025.9
1,063.0
1,113.2
1,142.8
1,179.0
1,215.4
1,217.8
1,223.9
1,230.4
1,256.8
1,216.9
1,214.4
1,220.8
1,219.0
1,220.4
1,226.8
1,224.1
1,224.3
1,226.3
1,230.9
1,230.5
1,233.7
1,242.0
1,254.4
1,260.3
1,270.5

Final
sales of
domestic
product

Gross
domestic
purchases 1

Addendum:
Gross
national
product

8,636.6
8,997.6
9,404.0
9,760.5
9,920.9
10,036.5
10,285.1
10,648.3
11,025.2
11,369.7
10,100.9
10,213.7
10,385.9
10,440.0
10,528.7
10,596.1
10,700.1
10,768.2
10,856.5
11,005.3
11,123.5
11,115.5
11,269.0
11,328.0
11,381.6
11,500.3

8,807.6
9,272.5
9,767.7
10,196.4
10,290.1
10,517.7
10,815.5
11,286.5
11,659.7
12,034.1
10,629.0
10,734.6
10,908.7
10,989.5
11,108.5
11,257.2
11,344.5
11,435.9
11,531.5
11,599.9
11,714.6
11,792.9
11,946.3
12,005.9
12,066.6
12,117.8

8,737.5
9,088.7
9,504.7
9,855.9
9,933.6
10,079.0
10,355.3
10,746.8
11,077.9
..............
10,163.8
10,266.9
10,449.9
10,540.5
10,632.2
10,709.4
10,796.3
10,849.3
10,946.0
11,028.2
11,162.0
11,175.6
11,342.7
11,408.5
11,458.5
..............

Source: Department of Commerce, Bureau of Economic Analysis.

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

Personal consumption
expenditures
Period

1997 .................
1998 .................
1999 .................
2000 .................
2001 .................
2002 .................
2003 .................
2004 .................
2005 .................
2006 p ................
2003: I ............
II ...........
III .........
IV ..........
2004: I ............
II ...........
III .........
IV ..........
2005: I ............
II ...........
III .........
IV ..........
2006: I ............
II ...........
III .........
IV p ........

Gross
domestic
product

95.414
96.472
97.868
100.000
102.399
104.187
106.404
109.426
112.737
116.034
105.724
106.062
106.611
107.190
108.183
109.162
109.728
110.601
111.539
112.219
113.121
114.034
114.951
115.887
116.420
116.857

Total

95.124
95.979
97.575
100.000
102.094
103.542
105.597
108.373
111.493
114.564
105.055
105.230
105.845
106.235
107.195
108.146
108.649
109.467
110.083
110.931
112.058
112.865
113.436
114.564
115.232
115.003

Durable
goods

Nondurable goods

107.068
104.152
101.625
100.000
98.113
95.767
92.366
90.844
90.198
88.973
93.827
92.821
91.882
91.065
91.054
91.109
90.581
90.648
90.712
90.573
89.912
89.610
89.389
89.210
88.970
88.343

Source: Department of Commerce, Bureau of Economic Analysis.

2

93.835
93.821
96.174
100.000
101.531
102.090
104.145
107.617
111.531
114.916
104.173
103.420
104.420
104.553
106.007
107.553
107.854
109.017
109.310
110.587
112.998
113.158
113.466
115.750
116.423
114.032

Gross private
domestic investment

Services

93.304
95.318
97.393
100.000
103.256
106.019
109.379
112.863
116.529
120.544
108.071
108.996
109.801
110.620
111.564
112.435
113.294
114.123
115.041
115.921
116.850
118.273
119.185
120.051
120.953
121.953

Nonresidential
fixed
103.696
101.421
100.057
100.000
99.683
99.513
99.591
100.834
103.428
106.328
99.665
99.342
99.508
99.845
100.082
100.607
100.967
101.625
102.528
103.043
103.596
104.499
105.459
106.255
106.490
107.078

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

Residential fixed
89.843
92.239
95.780
100.000
104.633
107.240
112.372
120.618
126.714
131.697
111.400
111.457
112.181
114.285
117.166
119.707
121.866
123.551
124.256
125.409
127.533
129.496
130.724
131.654
131.613
132.945

Exports

Imports
Total

101.233
98.905
98.313
100.000
99.625
99.272
101.429
105.152
108.950
112.585
100.910
101.180
101.409
102.164
103.684
104.955
105.423
106.472
107.684
108.632
109.324
110.091
110.720
112.383
113.614
113.540

100.816
95.354
95.960
100.000
97.497
96.342
99.686
104.678
111.269
116.038
100.078
99.097
99.734
99.828
102.149
103.948
105.353
107.070
107.777
110.189
112.890
114.090
113.890
116.581
118.116
115.531

93.533
94.512
96.883
100.000
101.908
105.632
110.095
115.249
120.726
124.874
109.569
109.979
110.252
110.552
113.613
115.093
115.721
116.555
119.706
120.355
121.346
121.472
123.715
124.865
125.475
125.443

National
defense

Nondefense

State
and
local

93.716
94.643
96.886
100.000
102.002
105.792
110.751
115.954
121.855
126.000
110.187
110.584
110.908
111.280
114.091
115.715
116.530
117.460
120.736
121.446
122.461
122.753
124.746
125.999
126.707
126.543

93.192
94.269
96.880
100.000
101.738
105.345
108.898
113.962
118.606
122.756
108.442
108.878
109.052
109.218
112.773
113.972
114.227
114.869
117.785
118.311
119.257
119.056
121.783
122.733
123.151
123.379

91.414
92.935
95.667
100.000
102.868
105.434
109.712
114.417
121.463
127.309
108.838
109.143
110.041
110.822
111.952
113.419
115.104
117.189
118.516
120.272
122.434
124.615
125.428
127.090
128.142
128.539

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

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

Period

1997 ......................................................................................
1998 ......................................................................................
1999 ......................................................................................
2000 ......................................................................................
2001 ......................................................................................
2002 ......................................................................................
2003 ......................................................................................
2004 ......................................................................................
2005 ......................................................................................
2006 p ....................................................................................
2002: I ................................................................................
II ...............................................................................
III .............................................................................
IV ..............................................................................
2003: I ................................................................................
II ...............................................................................
III .............................................................................
IV ..............................................................................
2004: I ................................................................................
II ...............................................................................
III .............................................................................
IV ..............................................................................
2005: I ................................................................................
II ...............................................................................
III .............................................................................
IV ..............................................................................
2006: I ................................................................................
II ...............................................................................
III .............................................................................
IV p ............................................................................
1 Quarterly

88.658
92.359
96.469
100.000
100.751
102.362
104.931
109.031
112.546
116.354
101.633
102.186
102.788
102.840
103.148
104.031
105.926
106.621
107.633
108.705
109.538
110.247
111.173
112.069
113.223
113.719
115.274
116.004
116.569
117.568

GDP
chain-type
price index

95.415
96.475
97.868
100.000
102.402
104.193
106.409
109.429
112.744
116.053
103.553
103.944
104.347
104.926
105.742
106.076
106.616
107.204
108.190
109.172
109.744
110.610
111.558
112.229
113.139
114.048
114.967
115.905
116.446
116.893

percent changes are at annual rates.

GDP
implicit
price
deflator

GDP
(current
dollars)

95.414
96.472
97.868
100.000
102.399
104.187
106.404
109.426
112.737
116.034
103.568
103.938
104.328
104.907
105.724
106.062
106.611
107.190
108.183
109.162
109.728
110.601
111.539
112.219
113.121
114.034
114.951
115.887
116.420
116.857

6.2
5.3
6.0
5.9
3.2
3.4
4.7
6.9
6.3
6.4
4.3
3.7
3.9
2.4
4.4
4.8
9.7
4.9
7.8
7.9
5.3
5.9
7.0
5.8
7.6
5.1
9.0
5.9
3.8
5.0

Real GDP
(chain-type
quantity
index)

GDP
chain-type
price
index

4.5
4.2
4.5
3.7
.8
1.6
2.5
3.9
3.2
3.4
2.7
2.2
2.4
.2
1.2
3.5
7.5
2.7
3.9
4.0
3.1
2.6
3.4
3.3
4.2
1.8
5.6
2.6
2.0
3.5

GDP
implicit
price
deflator

1.7
1.1
1.4
2.2
2.4
1.7
2.1
2.8
3.0
2.9
1.7
1.5
1.6
2.2
3.1
1.3
2.1
2.2
3.7
3.7
2.1
3.2
3.5
2.4
3.3
3.3
3.3
3.3
1.9
1.5

1.7
1.1
1.4
2.2
2.4
1.7
2.1
2.8
3.0
2.9
1.5
1.4
1.5
2.2
3.2
1.3
2.1
2.2
3.8
3.7
2.1
3.2
3.4
2.5
3.3
3.3
3.3
3.3
1.9
1.5

Source: Department of Commerce, Bureau of Economic Analysis.

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

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

Unit nonlabor cost

Period
Current
dollars

1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2003:

........................................................
........................................................
........................................................
........................................................
........................................................
........................................................
........................................................
........................................................
........................................................
........................................................
I ...................................................
II .................................................
III ................................................
IV ................................................
2004: I ...................................................
II .................................................
III ................................................
IV ................................................
2005: I ...................................................
II .................................................
III ................................................
IV ................................................
2006: I ...................................................
II .................................................
III ................................................

Chained
(2000)
dollars

4,109.5
4,401.8
4,655.0
4,950.8
5,272.2
5,293.5
5,371.7
5,558.4
5,932.9
6,369.7
5,443.9
5,501.6
5,603.3
5,684.6
5,780.2
5,878.9
5,992.9
6,079.6
6,193.9
6,324.4
6,425.7
6,534.8
6,788.2
6,790.0
6,919.5

4,196.4
4,469.3
4,725.4
5,011.0
5,272.2
5,224.5
5,269.7
5,387.5
5,630.0
5,852.9
5,298.6
5,345.0
5,424.6
5,481.9
5,549.0
5,587.8
5,677.7
5,705.7
5,763.4
5,844.4
5,875.8
5,927.8
6,111.2
6,069.0
6,177.3

Total

Compensation of employees
(unit labor
cost)

0.979
.985
.985
.988
1.000
1.013
1.019
1.032
1.054
1.088
1.027
1.029
1.033
1.037
1.042
1.052
1.056
1.066
1.075
1.082
1.094
1.102
1.111
1.119
1.120

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

0.627
.629
.645
.652
.672
.688
.685
.687
.688
.700
.685
.689
.687
.689
.684
.686
.686
.695
.696
.693
.705
.708
.710
.717
.713

Total

0.228
.228
.226
.229
.237
.257
.253
.253
.250
.257
.257
.253
.252
.251
.248
.250
.250
.252
.254
.255
.262
.258
.253
.260
.255

Consumption of
fixed
capital

Taxes
on production
and imports 3

Net interest and
miscellaneous
payments

0.104
.105
.104
.105
.108
.124
.122
.122
.122
.126
.123
.123
.122
.121
.120
.120
.126
.121
.122
.122
.137
.124
.120
.123
.121

0.097
.095
.092
.092
.093
.094
.099
.103
.104
.104
.102
.101
.103
.104
.104
.105
.100
.106
.106
.107
.098
.106
.104
.107
.105

0.027
.028
.030
.032
.036
.039
.032
.028
.024
.027
.032
.029
.027
.026
.024
.025
.024
.025
.026
.026
.027
.028
.029
.030
.029

Corporate profits with inventory
valuation and capital consumption
adjustments 4
Total

0.125
.128
.114
.107
.090
.068
.081
.091
.116
.131
.086
.088
.094
.098
.109
.116
.119
.119
.125
.134
.127
.136
.147
.143
.153

Taxes on
corporate
income

0.036
.036
.034
.034
.032
.021
.018
.025
.033
.043
.024
.023
.025
.028
.030
.033
.035
.034
.041
.042
.044
.045
.046
.047
.049

Profits
after
tax 5

0.088
.092
.080
.073
.058
.047
.063
.066
.083
.088
.061
.065
.069
.070
.080
.083
.084
.086
.083
.092
.084
.091
.101
.096
.104

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

1997 .............
1998 .............
1999 .............
2000 .............
2001 .............
2002 .............
2003 .............
2004 .............
2005 .............
2006 p ...........
2003: I ........
II ......
III .....
IV .....
2004: I ........
II ......
III .....
IV .....
2005: I ........
II ......
III .....
IV .....
2006: I ........
II ......
III .....
IV p ....
1 With

National
income

7,292.2
7,752.8
8,236.7
8,795.2
8,979.8
9,229.3
9,632.3
10,255.9
10,811.8
................
9,406.7
9,537.9
9,699.3
9,885.4
10,084.3
10,207.0
10,243.5
10,488.6
10,702.3
10,795.4
10,643.2
11,106.2
11,551.3
11,611.5
11,762.6
................

Compensation
of
employees

4,661.7
5,019.4
5,357.1
5,782.7
5,942.1
6,091.2
6,325.4
6,650.3
7,030.3
7,493.1
6,202.4
6,289.0
6,365.8
6,444.3
6,521.9
6,590.2
6,689.6
6,799.4
6,889.6
6,953.7
7,093.6
7,184.4
7,400.3
7,425.5
7,518.1
7,628.4

Farm

34.2
29.4
28.6
22.7
19.7
10.6
29.2
36.2
30.2
22.8
21.8
30.5
32.1
32.5
38.1
39.5
32.9
34.3
33.9
28.7
29.7
28.7
23.9
17.5
21.7
28.3

Nonfarm

541.8
598.4
649.7
705.7
752.2
757.8
782.1
874.9
940.4
991.9
757.4
771.2
791.5
808.3
839.4
870.6
882.2
907.3
918.9
937.1
937.7
968.1
984.4
994.3
993.2
995.8

Corporate profits with inventory valuation and
capital consumption adjustments

Rental
income
of
persons
with
capital
consumption
adjustment

Capital
consumption
adjustment

Total
Total

128.8
137.5
147.3
150.3
167.4
152.9
133.0
127.0
72.8
76.5
137.4
130.5
116.3
147.6
140.1
132.0
112.7
123.4
118.5
102.8
¥11.5
81.5
76.8
71.4
78.3
79.4

868.5
801.6
851.3
817.9
767.3
886.3
993.1
1,182.6
1,330.7
............
923.6
956.2
1,016.2
1,076.5
1,158.1
1,183.3
1,154.0
1,234.9
1,320.0
1,342.9
1,266.3
1,393.5
1,569.1
1,591.8
1,653.3
............

Profits
before
tax

Inventory
valuation
adjustment

812.3
738.5
776.8
759.3
719.2
766.2
894.5
1,104.5
1,486.1
............
833.6
847.8
912.9
983.6
1,061.7
1,097.2
1,086.9
1,172.1
1,453.1
1,487.4
1,444.9
1,559.1
1,717.7
1,752.6
1,815.8
............

798.2
718.3
775.9
773.4
707.9
768.4
908.1
1,144.3
1,518.7
............
859.4
851.1
918.3
1,003.5
1,091.7
1,144.7
1,125.5
1,215.2
1,492.3
1,508.3
1,475.8
1,598.3
1,740.6
1,811.5
1,854.0
............

14.1
20.2
1.0
¥14.1
11.3
¥2.2
¥13.6
¥39.8
¥32.6
..............
¥25.8
¥3.3
¥5.3
¥19.9
¥30.0
¥47.5
¥38.6
¥43.1
¥39.2
¥21.0
¥30.9
¥39.2
¥22.9
¥58.9
¥38.2
..............

inventory valuation and capital consumption adjustments.

Net
interest
and
miscellaneous
payments

Taxes
on
production
and
imports

56.2
63.1
74.5
58.6
48.1
120.1
98.7
78.1
¥155.5
¥160.2
90.0
108.4
103.3
92.9
96.4
86.0
67.1
62.8
¥133.1
¥144.5
¥178.6
¥165.6
¥148.6
¥160.8
¥162.4
¥169.0

Profits with inventory valuation
adjustment and without capital
consumption adjustment

415.6
487.1
495.4
559.0
566.3
520.9
524.7
485.1
483.4
510.6
529.1
529.6
526.4
513.7
501.8
493.4
475.7
469.4
483.7
477.1
482.9
490.0
514.8
513.2
498.6
515.8

612.0
639.8
674.0
708.9
728.6
762.8
807.2
864.0
922.4
964.9
787.5
800.2
812.9
828.0
845.4
858.2
867.2
885.2
901.6
920.2
930.2
937.3
952.5
966.4
968.6
972.2

Less:
Subsidies

Business
current
transfer
payments

Current
surplus
of government
enterprises

32.9
35.4
44.2
44.3
55.3
38.4
47.9
44.7
57.3
52.8
42.0
55.6
46.5
47.3
43.7
42.8
44.3
47.8
52.3
55.6
58.1
63.1
55.1
52.3
51.8
52.0

49.9
64.7
67.4
87.1
92.8
84.3
83.8
85.5
74.2
93.1
84.1
83.8
84.1
83.3
85.4
86.1
79.1
91.2
97.6
99.9
.2
99.1
93.8
93.1
92.8
92.8

12.6
10.3
10.1
5.3
¥1.4
.9
1.7
¥5.0
¥15.4
¥9.8
5.4
2.5
.5
¥1.5
¥2.3
¥3.6
¥5.6
¥8.6
¥9.1
¥11.3
¥27.7
¥13.3
¥9.2
¥9.4
¥10.2
¥10.5

Source: Department of Commerce, Bureau of Economic Analysis.

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

Period

1997 ...............
1998 ...............
1999 ...............
2000 ...............
2001 ...............
2002 ...............
2003 ...............
2004 ...............
2005 ...............
2006 p ..............
2003: I ..........
II .........
III .......
IV ........
2004: I ..........
II .........
III .......
IV ........
2005: I ..........
II .........
III .......
IV ........
2006: I ..........
II .........
III .......
IV p ......
1 Includes

Total
personal
consumption
expenditures

5,831.8
6,125.8
6,438.6
6,739.4
6,910.4
7,099.3
7,295.3
7,577.1
7,841.2
8,092.3
7,184.9
7,249.3
7,352.9
7,394.3
7,479.8
7,534.4
7,607.1
7,687.1
7,739.4
7,819.8
7,895.3
7,910.2
8,003.8
8,055.0
8,111.2
8,199.2

Total
durable
goods

646.9
720.3
804.6
863.3
900.7
964.8
1,020.6
1,085.7
1,145.3
1,204.0
971.4
1,009.8
1,049.6
1,051.4
1,067.0
1,071.4
1,093.9
1,110.3
1,116.8
1,150.8
1,175.9
1,137.9
1,190.5
1,190.3
1,208.8
1,226.5

Motor
vehicles
and
parts

304.7
339.0
372.4
386.5
405.8
429.0
442.1
450.4
452.9
448.0
424.8
442.3
454.8
446.4
449.0
444.7
451.3
456.5
447.7
463.0
474.6
426.3
445.1
443.7
452.9
450.2

Furniture
and
household
equipment

216.3
244.7
280.7
312.9
331.8
364.3
397.8
446.0
490.6
551.2
373.3
388.7
410.0
419.1
430.3
440.1
453.0
460.8
471.2
482.0
497.7
511.5
538.5
542.9
551.7
571.5

Nondurable goods

Other

127.3
137.6
151.7
163.9
163.2
172.4
183.2
195.6
212.6
224.5
174.9
180.6
187.5
189.9
192.6
192.9
196.7
200.3
206.7
214.2
213.1
216.3
224.6
222.5
223.4
227.5

Total
nondurable
goods

1,725.3
1,794.4
1,876.6
1,947.2
1,986.7
2,037.1
2,103.0
2,179.2
2,276.8
2,363.5
2,072.5
2,084.2
2,123.0
2,132.5
2,155.3
2,164.3
2,184.0
2,213.1
2,241.5
2,268.4
2,287.6
2,309.6
2,342.8
2,351.1
2,360.1
2,399.9

Food

845.2
865.6
893.6
925.2
940.2
954.6
977.7
1,011.0
1,065.7
1,111.4
969.4
970.3
985.3
985.8
999.6
1,003.7
1,011.0
1,029.6
1,043.7
1,058.5
1,074.9
1,085.7
1,103.4
1,108.8
1,106.8
1,126.6

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

4

Clothing
and
shoes

246.0
263.1
282.7
297.7
303.7
318.3
334.2
350.9
372.7
392.7
323.9
332.2
340.8
340.1
349.8
345.5
351.1
357.2
362.8
371.1
373.9
383.1
391.1
387.4
392.6
399.6

Gasoline
and
oil

162.8
170.3
176.3
175.7
178.3
181.9
183.2
186.0
185.9
185.3
181.6
181.9
183.9
185.2
186.0
186.1
185.3
186.4
188.7
186.7
184.2
183.9
183.9
183.5
186.6
187.3

Services

Fuel
oil
and
coal

16.9
16.0
16.4
15.8
15.2
15.5
15.4
14.6
13.7
12.7
15.6
14.9
15.4
15.8
15.0
14.8
14.8
14.0
14.4
14.1
13.6
12.8
12.2
12.9
12.3
13.3

Other

456.6
481.1
508.6
532.9
549.2
567.1
593.2
618.5
643.9
671.5
582.1
585.7
598.6
606.5
606.5
615.2
623.8
628.4
634.3
642.2
646.7
652.4
662.6
668.3
671.5
683.7

Total
services 1

3,468.0
3,615.0
3,758.0
3,928.8
4,023.2
4,100.4
4,178.8
4,323.9
4,436.6
4,549.0
4,143.3
4,161.3
4,190.7
4,220.2
4,268.2
4,308.4
4,341.5
4,377.4
4,395.3
4,420.0
4,454.5
4,476.7
4,494.5
4,535.4
4,566.6
4,599.4

Housing

922.5
948.8
978.6
1,006.5
1,033.7
1,042.1
1,051.9
1,091.6
1,122.6
1,148.7
1,042.0
1,046.3
1,054.7
1,064.6
1,076.8
1,087.4
1,096.9
1,105.3
1,112.7
1,120.0
1,126.4
1,131.2
1,137.6
1,144.5
1,151.7
1,160.8

Source: Department of Commerce, Bureau of Economic Analysis.

Medical
care

942.8
970.7
989.0
1,026.8
1,075.2
1,136.6
1,180.8
1,217.3
1,260.9
1,304.3
1,170.5
1,177.4
1,184.2
1,191.0
1,199.1
1,210.8
1,224.2
1,235.1
1,243.4
1,253.8
1,267.5
1,279.0
1,292.6
1,300.9
1,307.6
1,316.1

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

15.1
15.5
16.9
17.3
17.1
16.8
16.6
16.9
16.9
16.5
16.2
16.4
17.2
16.8
16.6
16.6
17.0
17.2
16.6
17.3
18.0
16.0
16.9
16.3
16.6
16.3

SOURCES OF PERSONAL INCOME
Personal income rose $60.6 billion (annual rate) in December following an increase of $32.4 billion in November.
Wages and salaries rose $39.5 billion in December following an increase of $22.0 billion in November.

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

Period

1997 .................
1998 .................
1999 .................
2000 .................
2001 .................
2002 .................
2003 .................
2004 .................
2005 .................
2006 p ................
2005: Dec ........
2006: Jan ........
Feb ........
Mar .......
Apr ........
May .......
June ......
July .......
Aug .......
Sept .......
Oct r .......
Nov r ......
Dec p ......
1 With
2 With

Total
personal
income

Total

6,915.1
7,423.0
7,802.4
8,429.7
8,724.1
8,881.9
9,163.6
9,731.4
10,239.2
10,897.4
10,526.1
10,664.9
10,721.9
10,777.4
10,784.3
10,795.3
10,842.2
10,906.7
10,965.3
11,021.7
11,054.5
11,086.9
11,147.5

4,664.6
5,020.1
5,352.0
5,782.7
5,942.1
6,091.2
6,310.4
6,665.3
7,030.3
7,493.1
7,210.6
7,342.5
7,407.2
7,451.3
7,434.9
7,406.8
7,434.7
7,484.2
7,512.4
7,557.7
7,594.6
7,622.2
7,668.5

Wage and
salary
disbursements

3,877.6
4,183.4
4,466.3
4,829.2
4,942.8
4,980.9
5,112.7
5,392.1
5,664.8
6,037.7
5,807.2
5,919.8
5,976.6
6,013.8
5,993.6
5,963.5
5,985.7
6,026.7
6,049.1
6,087.6
6,117.5
6,139.5
6,179.0

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

Supplements to
wages
and
salaries

787.0
836.7
885.7
953.4
999.3
1,110.3
1,197.7
1,273.2
1,365.5
1,455.4
1,403.4
1,422.7
1,430.7
1,437.4
1,441.3
1,443.3
1,449.0
1,457.4
1,463.3
1,470.1
1,477.1
1,482.7
1,489.5

Proprietors’ income 1

Farm

34.2
29.4
28.6
22.7
19.7
10.6
29.2
36.2
30.2
22.8
28.1
24.6
23.9
23.2
20.5
17.5
14.6
17.1
21.5
26.4
28.9
29.5
26.4

Nonfarm

541.8
598.4
649.7
705.7
752.2
757.8
782.1
874.9
940.4
991.9
973.2
982.0
981.8
989.3
989.6
997.3
996.1
992.9
995.7
991.0
993.7
995.3
998.4

Personal income receipts on assets
Rental
income
of
persons 2

128.8
137.5
147.3
150.3
167.4
152.9
133.0
127.0
72.8
76.5
80.5
78.0
75.9
76.4
74.2
71.8
68.2
73.4
78.1
83.4
80.9
79.7
77.5

Total

1,181.7
1,283.2
1,264.2
1,387.0
1,380.0
1,333.2
1,336.6
1,427.9
1,519.4
1,657.6
1,599.1
1,600.8
1,602.1
1,603.9
1,625.4
1,647.3
1,670.2
1,676.7
1,683.5
1,690.6
1,693.6
1,697.0
1,700.2

Personal
interest
income

848.7
933.2
928.6
1,011.0
1,011.0
936.1
914.1
890.8
945.0
1,018.1
994.9
992.0
989.1
986.2
1,002.7
1,019.2
1,035.6
1,035.7
1,035.8
1,035.9
1,032.0
1,028.2
1,024.3

Personal
dividend
income

333.0
349.9
335.6
376.1
369.0
397.2
422.6
537.1
574.4
639.6
604.2
608.8
613.0
617.8
622.7
628.2
634.6
641.0
647.7
654.6
661.6
668.8
675.9

Personal
current
transfer
receipts 3

951.2
978.6
1,022.1
1,084.0
1,193.9
1,286.2
1,351.0
1,426.5
1,526.6
1,602.1
1,536.0
1,566.3
1,568.7
1,576.3
1,580.2
1,591.1
1,597.8
1,608.0
1,622.5
1,625.5
1,620.9
1,624.2
1,643.2

Less: Contributions
for government social
insurance

587.2
624.2
661.4
702.7
731.1
750.0
778.6
826.4
880.6
946.6
901.5
929.3
937.8
943.0
940.5
936.6
939.4
945.5
948.4
952.9
958.1
960.9
966.6

Source: Department of Commerce, Bureau of Economic Analysis.

3 Consists

5

DISPOSITION OF PERSONAL INCOME
According to advance estimates, per capita disposable personal income in chained (2000) dollars rose at an
annual rate of 4.3 percent in the fourth quarter of 2006.

Period

Personal
income

Less:
Personal
current
taxes

Equals:
Disposable
personal
income

Less:
Personal
outlays 1

Equals:
Personal
saving

Disposable
personal
income in
billions of
chained
(2000)
dollars

Per capita
disposable personal
income
Current
dollars

Billions of dollars
1997 ............ 6,915.1
1998 ............ 7,423.0
1999 ............ 7,802.4
2000 ............ 8,429.7
2001 ............ 8,724.1
2002 ............ 8,881.9
2003 ............ 9,163.6
2004 ............ 9,731.4
2005 ............ 10,239.2
2006 p .......... 10,897.4

926.3
1,027.0
1,107.5
1,235.7
1,237.3
1,051.8
1,001.1
1,049.8
1,203.1
1,362.6

5,988.8
6,395.9
6,695.0
7,194.0
7,486.8
7,830.1
8,162.5
8,681.6
9,036.1
9,534.8

5,770.5
6,119.1
6,536.4
7,025.6
7,354.5
7,645.3
7,987.7
8,507.2
9,070.9
9,626.8

Chained
(2000)
dollars

Per capita personal
consumption
expenditures
Current
dollars

Chained
(2000)
dollars

Dollars
218.3
276.8
158.6
168.5
132.3
184.7
174.9
174.3
¥34.8
¥92.0

6,295.8
6,663.9
6,861.3
7,194.0
7,333.3
7,562.2
7,729.9
8,010.8
8,104.6
8,322.7

21,940
23,161
23,968
25,472
26,235
27,164
28,039
29,536
30,458
31,849

Percent
change
in real
per capita
disposable
personal
income

Saving as
percent of
disposable
personal
income

Population,
including
Armed
Forces
overseas
(thousands) 2

Percent

23,065
24,131
24,564
25,472
25,697
26,235
26,553
27,254
27,318
27,800

20,323
21,291
22,491
23,862
24,722
25,501
26,463
27,937
29,468
30,967

21,365
22,183
23,050
23,862
24,215
24,629
25,060
25,778
26,430
27,031

2.3
4.6
1.8
3.7
.9
2.1
1.2
2.6
.2
1.8

3.6
4.3
2.4
2.3
1.8
2.4
2.1
2.0
¥.4
¥1.0

272,958
276,154
279,328
282,429
285,371
288,253
291,114
293,933
296,677
299,373

26,176
26,437
26,776
26,819
27,018
27,113
27,228
27,654
27,319
27,290
27,183
27,484
27,743
27,578
27,792
28,089

26,026
26,240
26,700
26,881
27,379
27,758
28,084
28,521
28,818
29,277
29,786
29,985
30,432
30,865
31,185
31,384

24,773
24,936
25,226
25,303
25,541
25,667
25,848
26,055
26,178
26,392
26,581
26,567
26,828
26,941
27,063
27,289

0.8
4.0
5.2
.6
3.0
1.4
1.7
6.4
¥4.8
¥.4
¥1.6
4.5
3.8
¥2.4
3.1
4.3

1.9
2.2
2.3
2.2
2.1
2.0
1.6
2.3
.6
¥.3
¥1.5
¥.3
¥.3
¥1.4
¥1.2
¥1.0

290,025
290,717
291,485
292,226
292,853
293,539
294,301
295,037
295,643
296,289
297,027
297,748
298,340
298,982
299,716
300,455

Seasonally adjusted annual rates
2003: I .......
II .....
III ....
IV ....
2004: I .......
II .....
III ....
IV ....
2005: I .......
II .....
III ....
IV ....
2006: I .......
II .....
III ....
IV p ...

8,998.2
9,111.3
9,203.6
9,341.3
9,497.7
9,640.5
9,767.9
10,019.4
10,048.8
10,161.5
10,262.7
10,483.7
10,721.4
10,807.3
10,964.5
11,096.3

1,022.7
1,023.7
942.6
1,015.4
1,016.0
1,033.4
1,061.6
1,088.2
1,157.9
1,191.8
1,215.0
1,247.6
1,332.6
1,361.0
1,366.2
1,390.5

7,975.5
8,087.6
8,261.0
8,326.0
8,481.6
8,607.1
8,706.3
8,931.2
8,890.9
8,969.7
9,047.7
9,236.1
9,388.8
9,446.2
9,598.3
9,705.8

7,826.4
149.1
7,913.7
173.9
8,067.0
194.0
8,143.5
182.5
8,302.7
178.9
8,438.7
168.3
8,565.1
141.2
8,722.3
208.9
8,838.5
52.5
9,000.4 ¥30.8
9,180.3 ¥132.6
9,264.5 ¥28.5
9,418.5 ¥29.7
9,577.0 ¥130.8
9,710.0 ¥111.7
9,801.8 ¥96.0

7,591.7
7,685.7
7,804.8
7,837.3
7,912.4
7,958.8
8,013.3
8,158.8
8,076.6
8,085.8
8,074.1
8,183.3
8,276.8
8,245.4
8,329.6
8,439.6

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

6

27,499
27,820
28,341
28,492
28,962
29,322
29,583
30,271
30,073
30,273
30,461
31,020
31,470
31,595
32,025
32,304

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

FARM INCOME
According to the current forecast for 2006, gross farm income is forecast at $296.1 billion, and net farm income
at $58.9 billion.

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

Cash marketing receipts
Total 1
Total

1997 ................................
1998 ................................
1999 ................................
2000 ................................
2001 ................................
2002 ................................
2003 ................................
2004 ................................
2005 ................................
2006 ................................
2004: I ...........................
II .........................
III ........................
IV ........................
2005: I ...........................
II .........................
III ........................
IV ........................
2006: I ...........................
II .........................
III ........................
IV ........................

238.0
232.6
234.9
244.4
252.7
233.6
260.9
296.2
299.8
296.1
325.1
282.0
280.7
296.8
337.4
287.4
278.4
296.0
317.6
279.6
285.4
301.7

207.8
196.5
187.8
192.0
200.1
195.0
215.5
237.9
238.9
242.0
251.6
232.8
231.2
235.9
251.0
241.5
232.5
230.7
246.7
236.7
240.9
243.5

Livestock and
products

96.5
94.2
95.7
99.6
106.7
94.0
105.6
123.6
125.0
120.7
125.5
123.7
121.6
123.7
125.3
126.1
124.6
123.9
122.4
114.8
122.2
123.5

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

Crops 2

111.3
102.2
92.1
92.4
93.4
101.0
109.9
114.3
114.0
121.2
126.1
109.2
109.5
112.2
125.7
115.5
107.9
106.7
124.3
121.9
118.7
120.0

Value of
inventory
changes 3

0.6
¥.6
¥.2
1.6
1.1
¥3.4
¥2.4
11.6
.4
¥.3
12.2
11.3
11.2
11.5
.4
.4
.3
.3
¥.3
¥.2
¥.3
¥.3

Direct
Government
payments 4

Production
expenses

7.5
12.4
21.5
23.2
22.4
12.4
16.5
13.0
24.3
16.5
25.5
4.8
5.5
16.0
48.0
9.0
10.4
30.1
32.6
6.1
7.1
20.4

186.7
185.5
187.2
193.1
197.1
193.4
200.4
210.8
226.0
237.2
222.9
206.3
204.8
209.0
237.4
228.4
219.9
218.1
241.8
232.0
236.2
238.6

Net farm
income

51.3
47.1
47.7
51.3
55.6
40.2
60.4
85.4
73.8
58.9
102.2
75.7
75.9
87.8
100.0
59.0
58.5
77.8
75.8
47.6
49.3
63.1

4 Includes

only Government payments made directly to farmers.
NOTE.—Data for 2006 are forecasts.
Source: Department of Agriculture.

7

CORPORATE PROFITS
In the third quarter of 2006, according to current estimates, corporate profits before tax rose $42.5 billion (annual
rate) and profits after tax rose $28.0 billion.

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

Profits after tax

Domestic industries
Period

Profits
before
tax

Nonfinancial

Total 2
Total

Financial

Total 3

Manufacturing

Utilities

Wholesale

Retail

Taxes
on
corporate
income

Total

Net
dividends

Undistributed
profits

Inventory
valuation
adjustment

1997 ..........
1998 ..........

812.3
738.5

701.4
635.5

193.0
165.9

508.4
469.6

209.0
173.5

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

47.6
52.3

64.2
73.4

798.2
718.3

246.1
248.3

552.1
470.0

334.5
351.6

217.6
118.3

14.1
20.2

1998 4 .......
1999 ..........
2000 ..........
2001 ..........
2002 ..........
2003 ..........
2004 ..........
2005 ..........
2006 p ........
2003: I .....
II ...
III ..
IV ..
2004: I .....
II ...
III ..
IV ..
2005: I .....
II ...
III ..
IV ..
2006: I .....
II ...
III ..
IV p

738.5
776.8
759.3
719.2
766.2
894.5
1,104.5
1,486.1
..............
833.6
847.8
912.9
983.6
1,061.7
1,097.2
1,086.9
1,172.1
1,453.1
1,487.4
1,444.9
1,559.1
1,717.7
1,752.6
1,815.8
..............

635.5
655.3
613.6
549.5
610.4
729.0
928.2
1,289.1
..............
684.4
688.9
749.8
793.0
876.9
927.4
904.3
1,004.3
1,270.0
1,302.2
1,221.5
1,362.8
1,491.6
1,512.7
1,581.1
..............

165.4
194.3
200.2
227.6
276.4
317.3
344.2
389.0
............
301.6
307.3
326.4
333.8
354.3
353.9
288.5
380.1
433.7
391.7
317.4
413.3
463.9
508.2
500.1
............

470.1
461.1
413.4
322.0
334.0
411.8
584.0
900.1
............
382.8
381.6
423.5
459.2
522.7
573.5
615.8
624.2
836.3
910.5
904.1
949.4
1,027.7
1,004.5
1,081.0
............

157.0
150.6
144.3
52.6
48.2
76.0
150.2
254.8
................
63.6
55.2
77.0
108.2
127.7
147.4
155.0
170.7
235.5
264.0
260.7
258.9
300.7
289.9
331.9
................

32.7
33.1
24.4
24.7
10.6
11.6
16.2
30.3
................
11.5
10.5
11.0
13.2
13.6
15.5
15.7
20.0
29.5
30.9
22.4
38.3
39.7
46.8
52.8
................

53.2
55.5
59.7
52.1
49.3
55.2
69.9
97.6
..............
47.3
47.2
61.0
65.4
64.5
64.8
81.2
69.3
88.2
102.1
94.1
105.9
107.2
98.3
125.1
..............

66.4
65.2
59.6
71.0
79.4
86.8
89.3
113.7
..............
80.9
89.7
89.5
87.3
96.6
91.5
82.5
86.7
102.6
107.3
115.9
129.1
123.0
121.2
131.3
..............

718.3
775.9
773.4
707.9
768.4
908.1
1,144.3
1,518.7
............
859.4
851.1
918.3
1,003.5
1,091.7
1,144.7
1,125.5
1,215.2
1,492.3
1,508.3
1,475.8
1,598.3
1,740.6
1,811.5
1,854.0
............

248.3
258.6
265.2
204.1
192.6
243.3
300.1
399.3
............
234.1
228.9
245.5
264.7
281.3
303.0
297.8
318.1
400.9
392.8
378.9
424.6
456.9
476.1
490.6
............

470.0
517.2
508.2
503.8
575.8
664.8
844.2
1,119.4
..............
625.3
622.2
672.7
738.9
810.3
841.7
827.7
897.1
1,091.3
1,115.5
1,096.9
1,173.7
1,283.7
1,335.4
1,363.4
..............

351.6
337.4
377.9
370.9
399.2
424.7
539.5
576.9
642.2
411.7
417.4
427.1
442.8
475.5
503.0
529.0
650.5
554.3
568.2
584.0
601.0
615.7
631.1
650.4
671.4

118.3
179.9
130.3
132.9
176.6
240.1
304.7
542.5
..............
213.6
204.8
245.7
296.0
334.9
338.7
298.7
246.6
537.0
547.4
513.0
572.7
668.0
704.3
713.0
..............

20.2
1.0
¥14.1
11.3
¥2.2
¥13.6
¥39.8
¥32.6
............
¥25.8
¥3.3
¥5.3
¥19.9
¥30.0
¥47.5
¥38.6
¥43.1
¥39.2
¥21.0
¥30.9
¥39.2
¥22.9
¥58.9
¥38.2
............

1 See

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

8

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

REAL GROSS PRIVATE DOMESTIC INVESTMENT
In the fourth quarter of 2006, according to advance estimates, nonresidential fixed investment in chained (2000)
dollars fell $1.4 billion (annual rate) and residential investment fell $29.6 billion. There was an increase of $35.3
billion in inventories following an increase of $55.4 billion in the third quarter.

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

Gross
private
domestic
investment

Change in private
inventories

Nonresidential
Total
Total

Equipment
and software

Residential

Structures

Total

Nonfarm

1997 .................................................................................
1998 .................................................................................
1999 .................................................................................
2000 .................................................................................
2001 .................................................................................
2002 .................................................................................
2003 .................................................................................
2004 .................................................................................
2005 .................................................................................
2006 p ................................................................................

1,387.7
1,524.1
1,642.6
1,735.5
1,598.4
1,557.1
1,613.1
1,770.6
1,866.3
1,951.3

1,320.6
1,455.0
1,576.3
1,679.0
1,629.4
1,544.6
1,596.9
1,713.9
1,842.0
1,897.1

934.2
1,037.8
1,133.3
1,232.1
1,180.5
1,071.5
1,081.8
1,145.8
1,223.8
1,314.7

280.1
294.5
293.2
313.2
306.1
253.8
243.5
248.7
251.5
274.4

658.3
745.6
840.2
918.9
874.2
820.2
843.1
904.2
984.9
1,050.7

388.6
418.3
443.6
446.9
448.5
469.9
509.4
559.9
608.0
582.5

71.2
72.6
68.9
56.5
¥31.7
12.5
14.3
53.4
19.6
46.4

68.5
71.2
71.5
57.8
¥31.8
15.2
14.0
47.0
19.6
43.9

2003: I ............................................................................
II ...........................................................................
III .........................................................................
IV ..........................................................................

1,561.8
1,574.4
1,639.7
1,676.5

1,536.3
1,575.6
1,626.7
1,648.9

1,047.5
1,074.5
1,098.8
1,106.5

238.2
246.5
246.0
243.1

813.3
831.7
857.8
869.5

484.1
496.3
521.8
535.2

24.3
¥2.7
10.5
25.0

19.2
¥3.2
12.0
28.1

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

1,696.4
1,781.9
1,790.8
1,813.4

1,658.0
1,704.4
1,736.1
1,757.1

1,111.2
1,130.7
1,158.8
1,182.3

245.0
249.1
251.0
249.7

872.0
887.6
915.1
942.0

539.2
564.1
568.6
567.7

35.9
74.7
50.8
52.0

32.1
54.5
44.8
56.5

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

1,849.6
1,832.6
1,855.9
1,927.0

1,790.6
1,835.8
1,864.2
1,877.3

1,199.7
1,214.8
1,232.4
1,248.2

253.0
251.7
247.1
254.2

956.5
974.8
1,000.6
1,007.6

582.8
609.9
620.4
618.9

55.2
¥7.4
¥12.7
43.5

54.9
¥1.0
¥14.0
38.6

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

1,963.6
1,968.5
1,964.8
1,908.2

1,914.6
1,906.8
1,901.3
1,865.8

1,288.8
1,302.8
1,334.2
1,332.8

259.6
271.9
282.0
283.9

1,044.8
1,041.2
1,060.7
1,056.0

618.5
600.5
570.3
540.7

41.2
53.7
55.4
35.3

36.8
52.2
53.3
33.4

NOTE.—See p. 10 for further detail on fixed investment by type.
Because of the formula used for calculating real GDP, the chained (2000) dollar estimates
for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates.

Source: Department of Commerce, Bureau of Economic Analysis.

9

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

Residential

Equipment and software

Period

Total
fixed
investment

Structures

Information processing equipment
and software
Total
nonresidential

Structures

Total

Computers and
peripheral
equipment 1

Software

Total

Transportation
equipment

Other
equipment

Total
residential

Total 2

Single
family

Other

Industrial
equipment

Equipment

1997 ...........................
1998 ...........................
1999 ...........................
2000 ...........................
2001 ...........................
2002 ...........................
2003 ...........................
2004 ...........................
2005 ...........................
2006 p ..........................
2003: I ......................
II .....................
III ...................
IV ....................

1,320.6
1,455.0
1,576.3
1,679.0
1,629.4
1,544.6
1,596.9
1,713.9
1,842.0
1,897.1
1,536.3
1,575.6
1,626.7
1,648.9

934.2
1,037.8
1,133.3
1,232.1
1,180.5
1,071.5
1,081.8
1,145.8
1,223.8
1,314.7
1,047.5
1,074.5
1,098.8
1,106.5

280.1
294.5
293.2
313.2
306.1
253.8
243.5
248.7
251.5
274.4
238.2
246.5
246.0
243.1

658.3
745.6
840.2
918.9
874.2
820.2
843.1
904.2
984.9
1,050.7
813.3
831.7
857.8
869.5

269.9
328.9
398.5
467.6
459.0
437.4
462.7
509.3
552.6
602.5
442.1
446.0
470.4
492.4

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

108.8
129.4
157.2
176.2
173.8
169.7
177.3
195.0
206.2
220.1
170.4
171.8
180.6
186.3

127.3
143.2
158.0
190.0
181.7
161.1
167.1
180.7
193.6
209.0
160.2
162.4
168.7
177.0

143.0
148.1
147.9
159.2
145.7
134.5
138.4
132.7
143.5
152.3
139.1
142.7
138.9
132.8

135.9
145.4
167.7
160.8
142.8
126.0
113.8
128.8
145.4
146.2
108.3
116.6
116.8
113.5

115.8
125.7
126.7
131.2
126.9
122.9
130.4
137.6
147.3
157.1
125.1
127.1
133.8
135.5

388.6
418.3
443.6
446.9
448.5
469.9
509.4
559.9
608.0
582.5
484.1
496.3
521.8
535.2

382.4
411.9
436.6
439.5
441.1
462.2
501.2
550.9
598.5
572.7
476.4
488.3
513.5
526.7

196.6
218.1
234.2
236.8
237.1
246.3
272.6
305.0
336.3
310.7
257.4
262.4
276.9
293.6

6.1
6.4
7.0
7.4
7.4
7.7
8.1
9.0
9.4
9.9
7.7
8.0
8.3
8.5

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

1,658.0
1,704.4
1,736.1
1,757.1

1,111.2
1,130.7
1,158.8
1,182.3

245.0
249.1
251.0
249.7

872.0
887.6
915.1
942.0

501.8
503.1
510.3
521.8

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

191.3
192.2
195.8
200.7

181.5
182.9
179.1
179.2

130.6
129.4
134.7
136.1

111.7
123.7
134.3
145.3

134.4
136.1
139.0
141.1

539.2
564.1
568.6
567.7

530.5
555.2
559.4
558.4

294.8
306.0
310.2
308.7

8.7
8.9
9.1
9.3

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

1,790.6
1,835.8
1,864.2
1,877.3

1,199.7
1,214.8
1,232.4
1,248.2

253.0
251.7
247.1
254.2

956.5
974.8
1,000.6
1,007.6

537.4
547.9
557.7
567.3

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

201.7
205.7
208.0
209.5

189.3
191.5
196.0
197.5

140.4
138.4
144.9
150.4

141.4
144.6
152.3
143.2

141.3
148.0
148.8
151.2

582.8
609.9
620.4
618.9

573.5
600.4
610.8
609.2

321.1
334.7
342.6
346.6

9.3
9.4
9.4
9.7

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

1,914.6
1,906.8
1,901.3
1,865.8

1,288.8
1,302.8
1,334.2
1,332.8

259.6
271.9
282.0
283.9

1,044.8
1,041.2
1,060.7
1,056.0

595.9
594.3
608.6
611.3

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

215.6
217.8
221.0
226.0

211.6
206.7
211.3
206.6

149.0
153.9
153.9
152.6

152.2
142.7
147.3
142.8

154.3
157.1
158.6
158.3

618.5
600.5
570.3
540.7

608.5
590.6
560.6
531.1

345.1
327.1
300.8
269.9

10.0
9.9
9.8
9.9

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

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

BUSINESS INVESTMENT
[Billions of dollars]
Capital expenditures
By industry

Period

Total
capital
expenditures

Total
by
industry

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

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

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

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

807.1 .............. ........... ........ ......... .......... ........... ............ .......... ............ .......... .......... .......... .......... ........... ........... ..........
871.8 .............. ........... ........ ......... .......... ........... ............ .......... ............ .......... .......... .......... .......... ........... ........... ..........
970.9
896.5
0.9 40.4 36.0 26.9 203.6
29.2 57.3
51.3 96.5 118.2 85.2
22.3
47.1
81.7 74.4
1,047.0
974.6
1.7 30.6 42.8 23.1 196.4
32.4 64.1
57.3 122.8 130.1 100.6
29.5
51.3
91.8 72.3
1,161.0 1,089.9
1.5 42.5 61.3 25.0 214.8
33.6 69.8
59.9 160.2 133.7 92.5
34.1
52.2 108.9 71.2
1,109.0 1,052.3
1.5 51.3 82.8 24.8 192.8
30.0 66.9
57.8 144.8 131.1 82.7
30.5
52.9 102.5 56.7
997.9
917.5
1.9 42.5 65.5 24.8 157.2
26.8 59.3
47.1 88.2 128.4 94.5
25.9
59.3
96.1 80.4
975.0
886.8
1.9 50.5 54.6 23.2 149.1
26.0 65.9
44.5 80.5 120.8 88.0
24.7
61.2
96.2 88.2
1,047.5
958.6
2.1 53.7 50.1 28.7 156.9
31.9 71.7
47.7 83.5 153.2 92.2
26.9
65.3
94.7 88.9

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

10

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

EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
In January, employment was 146.0 million and unemployment was 7.0 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

1997 2 ....................
1998 2 ....................
1999 2 ....................
2000 2 ....................
2001 .....................
2002 ......................
2003 2 ....................
2004 2 ....................
2005 2 ....................
2006 2 ....................
2006: Jan 2 r .........
Feb r ...........
Mar r ..........
Apr r ...........
May r ..........
June r .........
July r ..........
Aug r ..........
Sept r ..........
Oct r ...........
Nov r ..........
Dec ............
2007: Jan 2 ..........

Civilian
noninstitutional
population
(NSA)

Civilian
labor
force

203,133
205,220
207,753
212,577
215,092
217,570
221,168
223,357
226,082
228,815
227,553
227,763
227,975
228,199
228,428
228,671
228,912
229,167
229,420
229,675
229,905
230,108
230,650

136,297
137,673
139,368
142,583
143,734
144,863
146,510
147,401
149,320
151,428
150,122
150,477
150,689
150,862
151,051
151,370
151,558
151,734
151,818
152,052
152,449
152,775
152,974

Percent 1

Unemployment

Total

Men
20
years
and
over

Women
20
years
and
over

Both
sexes
16–19
years

129,558
131,463
133,488
136,891
136,933
136,485
137,736
139,252
141,730
144,427
143,099
143,319
143,680
143,763
144,045
144,386
144,330
144,618
144,906
145,337
145,623
145,926
145,957

66,284
67,135
67,761
69,634
69,776
69,734
70,415
71,572
73,050
74,431
73,837
73,880
74,180
74,163
74,208
74,233
74,105
74,421
74,868
74,924
75,088
75,235
75,158

56,613
57,278
58,555
60,067
60,417
60,420
61,402
61,773
62,702
63,834
63,172
63,286
63,349
63,432
63,622
63,901
64,029
64,118
63,978
64,252
64,333
64,491
64,654

6,661
7,051
7,172
7,189
6,740
6,332
5,919
5,907
5,978
6,162
6,090
6,153
6,150
6,169
6,215
6,253
6,197
6,079
6,060
6,161
6,202
6,200
6,145

1 Civilian labor force (or employment) as percent of civilian noninstitutional population; and
unemployment as percent of civilian labor force.
2 Not strictly comparable with earlier data.
NOTE.—Beginning January 2007 data reflect revised population controls and are not strictly
comparable with earlier data.

Total

6,739
6,210
5,880
5,692
6,801
8,378
8,774
8,149
7,591
7,001
7,023
7,158
7,009
7,098
7,006
6,984
7,228
7,116
6,912
6,715
6,826
6,849
7,017

Men
20
years
and
over
2,882
2,580
2,433
2,376
3,040
3,896
4,209
3,791
3,392
3,131
3,090
3,235
3,130
3,228
3,249
3,087
3,234
3,195
2,954
3,012
3,036
3,100
3,226

Women
20
years
and
over

Both
sexes
16–19
years

2,585
2,424
2,285
2,235
2,599
3,228
3,314
3,150
3,013
2,751
2,844
2,811
2,739
2,818
2,735
2,743
2,843
2,738
2,776
2,599
2,691
2,641
2,707

1,271
1,205
1,162
1,081
1,162
1,253
1,251
1,208
1,186
1,119
1,089
1,111
1,140
1,053
1,022
1,154
1,151
1,183
1,182
1,104
1,099
1,108
1,083

Not in
labor
force

66,837
67,547
68,385
69,994
71,359
72,707
74,658
75,956
76,762
77,387
77,431
77,287
77,285
77,338
77,378
77,301
77,354
77,433
77,602
77,623
77,456
77,333
77,676

Labor
force
participation
rate

Employment/
population
ratio

Unemployment
rate

67.1
67.1
67.1
67.1
66.8
66.6
66.2
66.0
66.0
66.2
66.0
66.1
66.1
66.1
66.1
66.2
66.2
66.2
66.2
66.2
66.3
66.4
66.3

63.8
64.1
64.3
64.4
63.7
62.7
62.3
62.3
62.7
63.1
62.9
62.9
63.0
63.0
63.1
63.1
63.1
63.1
63.2
63.3
63.3
63.4
63.3

4.9
4.5
4.2
4.0
4.7
5.8
6.0
5.5
5.1
4.6
4.7
4.8
4.7
4.7
4.6
4.6
4.8
4.7
4.6
4.4
4.5
4.5
4.6

Data reflect annual revisions released on January 5, 2007; seasonally adjusted data revised
beginning 2002.
See Employment and Earnings for details on breaks in series.
Source: Department of Labor, Bureau of Labor Statistics.

11

SELECTED UNEMPLOYMENT RATES
In January, the unemployment rate rose to 4.6 percent from 4.5 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

1997 .........................
1998 .........................
1999 .........................
2000 ........................
2001 ........................
2002 ........................
2003 ........................
2004 .........................
2005 .........................
2006 .........................
2006: Jan r ..............
Feb r ..............
Mar r .............
Apr r ..............
May r .............
June r ............
July r .............
Aug r .............
Sept r ............
Oct r ..............
Nov r .............
Dec ...............
2007: Jan ...............

All
civilian
workers

4.9
4.5
4.2
4.0
4.7
5.8
6.0
5.5
5.1
4.6
4.7
4.8
4.7
4.7
4.6
4.6
4.8
4.7
4.6
4.4
4.5
4.5
4.6

Men
20 years
and over

Women
20 years
and over

4.2
3.7
3.5
3.3
4.2
5.3
5.6
5.0
4.4
4.0
4.0
4.2
4.0
4.2
4.2
4.0
4.2
4.1
3.8
3.9
3.9
4.0
4.1

4.4
4.1
3.8
3.6
4.1
5.1
5.1
4.9
4.6
4.1
4.3
4.3
4.1
4.3
4.1
4.1
4.3
4.1
4.2
3.9
4.0
3.9
4.0

Both
sexes
16–19
years

16.0
14.6
13.9
13.1
14.7
16.5
17.5
17.0
16.6
15.4
15.2
15.3
15.6
14.6
14.1
15.6
15.7
16.3
16.3
15.2
15.1
15.2
15.0

White

4.2
3.9
3.7
3.5
4.2
5.1
5.2
4.8
4.4
4.0
4.1
4.1
4.0
4.0
4.1
4.1
4.1
4.1
3.9
3.9
3.9
4.0
4.1

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

12

By selected groups

Black or
African
American

Asian
(NSA)

Hispanic or
Latino
ethnicity

10.0
8.9
8.0
7.6
8.6
10.2
10.8
10.4
10.0
8.9
8.8
9.3
9.3
9.3
8.9
9.0
9.4
8.8
9.1
8.5
8.6
8.4
8.0

..........
..........
..........
3.6
4.5
5.9
6.0
4.4
4.0
3.0
3.2
3.2
3.4
3.6
3.0
3.5
2.7
2.9
2.8
2.7
3.2
2.4
3.2

7.7
7.2
6.4
5.7
6.6
7.5
7.7
7.0
6.0
5.2
5.7
5.5
5.2
5.3
5.0
5.3
5.3
5.3
5.4
4.6
5.0
4.9
5.7

Married
men,
spouse
present

Women
who
maintain
families
(NSA)

Full-time
workers

Part-time
workers

8.1
7.2
6.4
5.9
6.6
8.0
8.5
8.0
7.8
7.1
8.2
7.5
7.5
7.5
6.3
7.2
7.4
6.7
6.8
6.5
6.9
6.2
6.6

4.8
4.3
4.1
3.8
4.7
5.9
6.1
5.6
5.0
4.5
4.7
4.7
4.5
4.6
4.5
4.5
4.7
4.6
4.5
4.3
4.4
4.4
4.5

5.5
5.3
5.0
4.8
5.1
5.2
5.5
5.3
5.4
5.1
4.8
5.2
5.1
5.1
5.2
5.2
5.4
5.1
5.1
5.1
5.0
4.8
5.0

2.7
2.4
2.2
2.0
2.7
3.6
3.8
3.1
2.8
2.4
2.4
2.4
2.4
2.5
2.5
2.5
2.5
2.5
2.3
2.3
2.3
2.5
2.5

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 percentage 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
rose to 16.2 weeks and the median duration rose to 8.1 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
1997 ........................................
1998 ........................................
1999 ........................................
2000 ........................................
2001 ........................................
2002 ........................................
2003 ........................................
2004 ........................................
2005 ........................................
2006 ........................................
2006: Jan r .............................
Feb r .............................
Mar r ............................
Apr r .............................
May r ............................
June r ...........................
July r ............................
Aug r ............................
Sept r ............................
Oct r .............................
Nov r ............................
Dec ..............................
2007: Jan ..............................

6,739
6,210
5,880
5,692
6,801
8,378
8,774
8,149
7,591
7,001
7,023
7,158
7,009
7,098
7,006
6,984
7,228
7,116
6,912
6,715
6,826
6,849
7,017

37.7
42.2
43.7
44.9
42.0
34.5
31.7
33.1
35.1
37.3
36.2
36.2
38.2
37.0
35.7
39.0
37.3
36.5
37.3
38.5
37.0
39.7
37.5

31.7
31.4
31.2
31.9
32.3
30.8
29.8
29.2
30.4
30.3
31.8
29.2
28.6
29.8
31.7
30.0
30.2
30.7
30.0
30.7
31.4
29.8
32.4

14.8
12.3
12.8
11.8
14.0
16.3
16.4
15.9
14.9
14.7
15.4
15.8
14.7
14.6
13.9
14.7
14.3
14.5
14.6
14.5
14.8
14.5
14.0

15.8
14.1
12.3
11.4
11.8
18.3
22.1
21.8
19.6
17.6
16.6
18.9
18.5
18.7
18.7
16.3
18.3
18.3
18.1
16.2
16.8
16.0
16.1

1 Beginning January 1994, job losers and persons who completed temporary jobs.
2 Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (UCX), and Federal (UCFE). Also includes Federal and State extended benefit programs. Does not include Railroad (RR) program, Federal supplemental compensation or Emergency Unemployment Compensation programs.

15.8
14.5
13.4
12.6
13.1
16.6
19.2
19.6
18.4
16.8
16.8
17.8
17.0
16.9
17.1
16.1
17.3
17.3
17.2
16.4
16.3
15.9
16.2

8.0
6.7
6.4
5.9
6.8
9.1
10.1
9.8
8.9
8.3
8.5
8.9
8.5
8.5
8.5
7.6
8.2
8.4
8.1
8.0
8.2
7.3
8.1

45.1
45.5
44.6
44.2
51.1
55.0
55.1
51.5
48.3
47.4
47.5
47.0
48.7
49.0
49.6
48.3
46.6
46.6
46.1
46.0
46.5
47.3
48.6

11.8
11.8
13.3
13.7
12.3
10.3
9.3
10.5
11.5
11.8
11.6
11.8
11.6
11.9
12.5
11.7
11.9
12.1
11.6
11.7
11.6
11.8
11.2

34.7
34.3
34.1
34.5
29.9
28.3
28.2
29.5
31.4
32.0
32.1
31.7
30.8
30.8
30.5
30.8
32.8
32.2
33.1
33.5
33.3
32.1
31.5

8.4
8.4
8.0
7.6
6.8
6.4
7.3
8.4
8.8
8.8
8.7
9.5
8.9
8.3
7.4
9.2
8.8
9.1
9.2
8.8
8.6
8.8
8.7

2,323
2,222
2,188
2,110
2,974
3,585
3,531
2,950
r 2,661
2,476
2,544
2,494
2,446
2,423
2,408
2,423
2,469
2,486
2,441
2,435
2,467
2,470
..............

323
321
298
301
404
407
404
345
328
313
287
303
309
315
330
308
313
317
314
311
326
317
p 305

2,366
2,257
2,219
2,141
3,007
3,619
3,569
2,995
r 2,706
2,518
3,381
3,040
2,650
2,660
2,266
2,169
2,637
2,265
2,090
2,281
2,218
2,630
.................

NOTE.—Data relate to persons age 16 years and over (except for insured unemployment and
initial claims).
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 111,000 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

1997 ......................
1998 ......................
1999 ......................
2000 ......................
2001 ......................
2002 ......................
2003 ......................
2004 ......................
2005 r .....................
2006 p .....................
2006: Jan r ...........
Feb r ...........
Mar r ...........
Apr r ...........
May r ...........
June r ..........
July r ...........
Aug r ...........
Sept r ..........
Oct r ............
Nov r ...........
Dec p ...........
2007: Jan p ...........

122,776
125,930
128,993
131,785
131,826
130,341
129,999
131,435
133,703
136,171
135,110
135,410
135,659
135,803
135,906
136,030
136,252
136,438
136,636
136,745
136,941
137,147
137,258

23,886
24,354
24,465
24,649
23,873
22,557
21,816
21,882
22,190
22,569
22,489
22,541
22,573
22,604
22,593
22,613
22,622
22,629
22,625
22,573
22,525
22,522
22,529

5,813
6,149
6,545
6,787
6,826
6,716
6,735
6,976
7,336
7,688
7,615
7,668
7,692
7,699
7,698
7,691
7,703
7,719
7,725
7,707
7,683
7,693
7,715

17,419
17,560
17,322
17,263
16,441
15,259
14,510
14,315
14,226
14,197
14,219
14,212
14,212
14,227
14,215
14,238
14,229
14,218
14,206
14,166
14,143
14,125
14,109

98,890
101,576
104,528
107,136
107,952
107,784
108,182
109,553
111,513
113,602
112,621
112,869
113,086
113,199
113,313
113,417
113,630
113,809
114,011
114,172
114,416
114,625
114,729

Retail
trade

24,700
25,186
25,771
26,225
25,983
25,497
25,287
25,533
25,959
26,229
26,157
26,187
26,225
26,207
26,194
26,197
26,226
26,227
26,241
26,258
26,320
26,338
26,351

14,389
14,609
14,970
15,280
15,239
15,025
14,917
15,058
15,280
15,318
15,346
15,354
15,378
15,337
15,303
15,296
15,306
15,298
15,290
15,298
15,328
15,314
15,318

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

14

2 Includes
3 Includes

Information
3,084
3,218
3,419
3,631
3,629
3,395
3,188
3,118
3,061
3,055
3,052
3,058
3,058
3,056
3,048
3,048
3,043
3,051
3,052
3,054
3,057
3,071
3,074

Financial
activities
7,178
7,462
7,648
7,687
7,807
7,847
7,977
8,031
8,153
8,363
8,271
8,298
8,314
8,340
8,352
8,348
8,368
8,379
8,408
8,415
8,422
8,434
8,438

Profes- Educasional
tion Leisure
and
and
and
busihealth hospiness services tality
services
14,335
15,147
15,957
16,666
16,476
15,976
15,987
16,395
16,954
17,553
17,316
17,387
17,431
17,458
17,499
17,539
17,592
17,617
17,636
17,662
17,726
17,800
17,825

14,087
14,446
14,798
15,109
15,645
16,199
16,588
16,953
17,372
17,839
17,621
17,666
17,709
17,743
17,776
17,794
17,828
17,894
17,946
17,976
18,018
18,068
18,099

11,018
11,232
11,543
11,862
12,036
11,986
12,173
12,493
12,816
13,142
12,948
12,981
13,022
13,049
13,074
13,092
13,156
13,188
13,209
13,257
13,324
13,364
13,387

Other
services

Government

Total
4,825
4,976
5,087
5,168
5,258
5,372
5,401
5,409
5,395
5,432
5,417
5,417
5,421
5,424
5,432
5,431
5,427
5,430
5,443
5,450
5,443
5,443
5,434

19,664
19,909
20,307
20,790
21,118
21,513
21,583
21,621
21,804
21,990
21,839
21,875
21,906
21,922
21,938
21,968
21,990
22,023
22,076
22,100
22,106
22,107
22,121

Federal
2,806
2,772
2,769
2,865
2,764
2,766
2,761
2,730
2,732
2,728
2,725
2,731
2,731
2,731
2,729
2,733
2,739
2,730
2,729
2,725
2,719
2,712
2,714

natural resources and mining, not shown separately.
wholesale trade, transportation and warehousing, and utilities, not shown sepa-

rately.
NOTE.—Data classified by industry based on the 2002 North American Industry Classification System (NAICS). For details see Employment and Earnings, June 2003.
Data revised to reflect annual revisions; for details, see Employment Situation release dated
February 2, 2007 and the upcoming February 2007 issue of Employment and Earnings.
Source: Department of Labor, Bureau of Labor Statistics.

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

Average gross hourly earnings

Manufacturing
Total
private
nonagricultural 1

Period

1997 r
1998 r
1999 r
2000 r
2001 r
2002 r
2003 r
2004 r
2005 r
2006 p
2005:
2006:

...................
....................
....................
...................
....................
....................
....................
....................
....................
....................
Dec r ..........
Jan r ..........
Feb r ..........
Mar r ..........
Apr r ..........
May r .........
June r ........
July r .........
Aug r ..........
Sept r .........
Oct r ...........
Nov r ..........
Dec p ..........
2007: Jan p ..........

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

Total

41.7
41.4
41.4
41.3
40.3
40.5
40.4
40.8
40.7
41.1
40.8
40.9
41.0
41.1
41.2
41.1
41.2
41.5
41.3
41.1
41.2
41.0
41.0
40.8

Average gross weekly earnings

Total private
nonagricultural 1

Overtime

5.1
4.8
4.8
4.7
4.0
4.2
4.2
4.6
4.6
4.4
4.6
4.5
4.6
4.5
4.5
4.5
4.5
4.5
4.4
4.3
4.3
4.1
4.2
4.1

Current
dollars

$12.51
13.01
13.49
14.02
14.54
14.97
15.37
15.69
16.13
16.76
16.37
16.43
16.49
16.55
16.63
16.66
16.73
16.79
16.84
16.88
16.94
16.99
17.06
17.09

1982
dollars 2

$7.69
7.89
8.01
8.04
8.12
8.25
8.28
8.24
8.18
8.24
8.21
8.18
8.21
8.21
8.19
8.17
8.19
8.18
8.17
8.25
8.34
8.37
8.35
..............

Total private
nonagricultural 1
Manufacturing

Current
dollars

$13.14
13.45
13.85
14.32
14.76
15.29
15.74
16.15
16.56
16.81
16.68
16.69
16.69
16.71
16.75
16.77
16.78
16.78
16.83
16.83
16.88
16.89
16.96
16.97

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

$431.86
448.56
463.15
481.01
493.79
506.72
518.06
529.09
544.33
567.90
553.31
555.33
557.36
559.39
563.76
563.11
567.15
569.18
569.19
570.54
574.27
574.26
578.33
577.64

$265.60
272.18
275.03
275.97
275.71
279.18
279.13
277.88
276.17
279.20
277.35
276.56
277.57
277.34
277.71
276.17
277.61
277.24
276.31
278.99
282.61
282.75
283.08
..............

$548.22
557.12
573.17
590.65
595.19
618.75
635.99
659.59
673.37
690.73
680.54
682.62
684.29
686.78
690.10
689.25
691.34
696.37
695.08
691.71
695.46
692.49
695.36
692.38

$609.48
629.75
655.11
685.78
695.89
711.82
726.83
735.55
750.22
781.03
757.72
763.61
765.16
763.20
770.66
765.00
781.17
780.33
784.29
774.53
793.41
794.43
813.11
795.79

$295.97
310.34
321.63
333.38
346.16
360.81
367.15
371.13
377.58
383.11
377.90
379.12
378.78
379.09
384.34
380.91
382.74
384.56
382.99
384.56
385.78
385.52
385.17
385.47

Current
dollars

4.5
3.9
3.3
3.9
2.7
2.6
2.2
2.1
2.9
4.3
3.1
3.6
3.8
3.9
4.1
4.0
4.7
4.5
4.4
4.1
4.2
4.2
4.5
4.0

1982
dollars

2.2
2.5
1.0
.3
¥.1
1.3
¥.0
¥.4
¥.6
1.1
¥.4
¥.5
.2
.3
.4
¥.2
.2
.2
.4
2.3
3.3
2.4
2.1
..............

NOTE.—Data revised to reflect annual revisions. See Note, p. 14.
Source: Department of Labor, Bureau of Labor Statistics.

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

Percent change from
3 months earlier

Period

Total
compensation

Wages and
salaries

Benefits 1

Total
compensation

Wages and
salaries

12 months earlier
Benefits 1

Total
compensation

Wages and
salaries

Benefits 1

Not seasonally adjusted
1997:
1998:
1999:
2000:
2001:
2002:
2003:
2004:
2005:
2006:

Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec

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

74.9
77.5
80.2
83.6
87.3
90.0
93.6
97.2
100.0
103.2

77.6
80.6
83.5
86.7
89.9
92.2
95.1
97.6
100.0
103.2

68.5
70.2
72.6
76.7
81.3
84.7
90.2
96.2
100.0
103.1

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

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

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

Seasonally adjusted
2003: Mar .................................................................
June ...............................................................
Sept ................................................................
Dec .................................................................
2004: Mar .................................................................
June ...............................................................
Sept ................................................................
Dec .................................................................
2005: Mar .................................................................
June ...............................................................
Sept ................................................................
Dec .................................................................
2006: Mar .................................................................
June ...............................................................
Sept ................................................................
Dec .................................................................
1 Employer

91.4
92.2
93.2
93.8
94.9
95.8
96.7
97.3
98.2
98.8
99.5
100.2
100.8
101.6
102.5
103.3

93.2
93.8
94.7
95.1
95.7
96.4
97.2
97.7
98.3
98.8
99.4
100.1
100.8
101.7
102.5
103.2

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

87.0
88.1
89.4
90.5
92.9
94.4
95.4
96.5
98.0
98.8
99.6
100.4
100.8
101.5
102.5
103.5

1.4
.8
1.1
.7
1.2
1.0
.9
.7
.9
.6
.7
.7
.6
.8
.9
.8

3.5
3.5
3.5
4.2
4.1
3.1
4.0
3.8
2.9
3.2

3.9
3.9
3.6
3.8
3.8
2.6
3.1
2.6
2.5
3.2

2.2
2.5
3.4
5.6
5.2
4.2
6.5
6.7
4.0
3.1

Not seasonally adjusted
1.0
.7
.9
.4
.6
.7
.8
.4
.7
.5
.6
.6
.7
.9
.8
.7

2.3
1.3
1.5
1.2
2.6
1.6
1.0
1.2
1.5
.8
.9
.7
.4
.7
1.0
1.0

3.6
3.5
3.9
4.0
3.8
3.9
3.8
3.8
3.5
3.1
2.9
2.9
2.6
2.8
3.0
3.2

2.9
2.6
3.0
3.1
2.6
2.7
2.6
2.6
2.7
2.5
2.3
2.5
2.4
2.8
3.0
3.2

5.7
5.8
6.3
6.5
6.8
7.3
6.7
6.7
5.5
4.7
4.5
4.0
3.0
2.7
2.8
3.1

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

15

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

Nonfarm
business
sector

Output 1
Business
sector

Hours of all
persons 2

Nonfarm
business
sector

Business
sector

Compensation per
hour 3

Nonfarm
business
sector

Business
sector

Nonfarm
business
sector

Real compensation
per hour 4
Business
sector

Nonfarm
business
sector

Unit labor
costs
Business
sector

Nonfarm
business
sector

Implicit price
deflator 5
Business
sector

Nonfarm
business
sector

Indexes, 1992=100; quarterly data seasonally adjusted
1997 ........................
1998 ........................
1999 ........................
2000 ........................
2001 ........................
2002 ........................
2003 ........................
2004 ........................
2005 ........................
2006 p ......................
2003: I ...................
II .................
III ...............
IV ................
2004: I ...................
II .................
III ................
IV ................
2005: I ...................
II .................
III ................
IV ................
2006: I ...................
II .................
III r ...............
IV p* .............

106.5
109.5
112.8
116.1
119.1
124.0
128.7
132.7
135.7
138.7
125.8
128.0
130.8
130.3
131.4
132.8
133.0
133.5
134.5
134.9
136.6
136.7
138.2
138.6
138.6
139.4

106.4
109.4
112.5
115.7
118.6
123.5
128.0
131.8
134.9
137.7
125.1
127.0
130.1
129.9
130.5
132.2
132.2
132.4
133.5
134.3
135.8
135.8
137.2
137.6
137.5
138.6

122.7
128.6
135.2
140.5
141.0
143.1
147.5
154.0
159.8
165.9
144.4
146.0
149.7
150.1
151.7
153.5
154.8
155.8
157.4
159.0
160.9
161.7
164.3
165.4
166.2
167.9

122.8
128.9
135.6
140.8
141.3
143.4
147.8
154.2
160.0
166.2
144.6
146.1
150.0
150.6
151.9
153.9
155.1
156.0
157.6
159.4
161.3
162.0
164.6
165.7
166.5
168.2

115.2
117.5
119.8
121.0
118.4
115.4
114.6
116.1
117.7
119.7
114.8
114.1
114.5
115.2
115.5
115.6
116.4
116.7
117.0
117.9
117.8
118.3
118.9
119.4
119.9
120.4

115.4
117.9
120.5
121.7
119.2
116.1
115.4
117.0
118.7
120.7
115.5
115.1
115.3
115.9
116.4
116.4
117.3
117.8
118.0
118.6
118.8
119.3
120.0
120.4
121.0
121.4

113.0
119.9
125.8
134.7
140.4
145.4
151.2
157.0
163.8
172.6
148.0
150.8
152.5
153.6
154.4
155.8
157.5
160.1
161.6
162.0
165.2
166.5
171.9
171.3
172.7
174.5

112.8
119.6
125.2
134.2
139.5
144.6
150.4
155.9
162.7
171.4
147.3
149.7
151.7
152.9
153.4
154.8
156.6
158.7
160.4
161.0
164.1
165.3
170.6
170.1
171.4
173.4

100.5
105.2
108.0
112.0
113.5
115.7
117.7
119.0
120.2
122.6
115.7
117.8
118.4
118.9
118.5
118.3
119.1
120.0
120.4
119.5
120.3
120.3
123.6
121.6
121.8
123.7

100.3
104.9
107.5
111.5
112.8
115.1
117.1
118.2
119.3
121.8
115.1
117.0
117.8
118.4
117.8
117.6
118.3
118.9
119.5
118.9
119.5
119.4
122.6
120.8
120.8
122.9

106.1
109.5
111.5
116.0
117.9
117.3
117.5
118.3
120.7
124.5
117.7
117.8
116.6
117.9
117.5
117.3
118.5
119.9
120.1
120.0
121.0
121.8
124.4
123.6
124.7
125.2

106.0
109.3
111.3
116.0
117.7
117.1
117.5
118.3
120.7
124.5
117.7
117.9
116.6
117.7
117.6
117.2
118.4
119.9
120.1
119.9
120.9
121.7
124.4
123.6
124.6
125.2

109.0
109.7
110.7
112.7
114.9
116.1
117.8
120.8
124.3
127.5
117.3
117.4
118.0
118.5
119.5
120.6
121.1
122.1
123.0
123.7
124.7
125.7
126.6
127.5
127.9
128.2

109.1
109.9
111.1
113.3
115.4
116.7
118.3
121.1
124.9
128.2
117.9
118.0
118.4
118.7
119.8
120.7
121.4
122.5
123.5
124.3
125.3
126.4
127.3
128.3
128.6
128.7

1.4
3.1
1.8
4.2
1.5
¥.5
.3
.7
2.0
3.2
¥.6
3.5
¥2.2
.3
2.1
.8
¥4.4
3.8
¥.5
¥1.4
4.3
5.1
.7
¥.7
3.3
3.0
9.0
¥2.4
3.2
1.7

1.5
.6
.9
1.8
2.0
1.0
1.5
2.6
2.9
2.6
.2
1.0
1.0
1.7
1.9
.6
1.8
1.8
3.6
3.6
1.7
3.4
3.0
2.3
3.3
3.2
2.7
3.1
1.2
.9

1.7
.7
1.1
1.9
1.9
1.1
1.3
2.4
3.1
2.7
¥.0
2.0
.9
1.6
2.0
.4
1.3
1.1
3.6
3.1
2.4
3.7
3.3
2.5
3.5
3.3
2.9
3.4
.8
.4

Percent change; quarterly data at seasonally adjusted annual rates
1997 ........................
1998 ........................
1999 ........................
2000 ........................
2001 ........................
2002 ........................
2003 ........................
2004 ........................
2005 ........................
2006 p ......................
2002: I ...................
II .................
III ................
IV ................
2003: I ...................
II .................
III ...............
IV ................
2004: I ...................
II .................
III ................
IV ................
2005: I ...................
II .................
III ................
IV ................
2006: I ...................
II .................
III r ...............
IVp* .............
1 Output

1.9
2.8
3.1
2.9
2.6
4.1
3.8
3.1
2.3
2.2
5.7
1.9
4.7
¥.0
3.0
7.3
8.9
¥1.4
3.2
4.5
.5
1.6
3.1
1.2
5.0
.2
4.5
1.1
.1
2.4

1.6
2.8
2.9
2.8
2.5
4.1
3.7
3.0
2.3
2.1
7.0
.9
4.1
.0
3.0
6.0
10.3
¥.6
1.9
5.1
.2
.4
3.6
2.3
4.4
¥.1
4.3
1.2
¥.1
3.0

5.3
4.8
5.1
3.9
.3
1.5
3.1
4.4
3.7
3.9
2.6
2.1
3.6
.5
1.1
4.6
10.4
1.1
4.5
4.8
3.4
2.6
4.2
4.1
4.9
1.8
6.7
2.7
1.9
4.1

5.2
5.0
5.2
3.8
.4
1.5
3.1
4.3
3.8
3.9
3.5
1.4
3.1
.1
1.2
4.3
11.0
1.6
3.6
5.2
3.2
2.4
4.2
4.4
4.9
1.8
6.7
2.7
1.9
4.2

3.4
2.0
2.0
1.0
¥2.2
¥2.5
¥.7
1.3
1.4
1.6
¥2.9
.1
¥1.0
.5
¥1.9
¥2.5
1.3
2.5
1.2
.3
2.9
1.0
1.0
2.9
¥.1
1.6
2.1
1.7
1.8
1.7

3.5
2.1
2.2
1.0
¥2.0
¥2.6
¥.6
1.3
1.5
1.7
¥3.2
.5
¥.9
.1
¥1.7
¥1.6
.6
2.2
1.7
.1
3.0
2.0
.6
2.1
.4
1.8
2.3
1.5
2.0
1.2

refers to real gross domestic product originating in the sector.
2 Hours of all persons engaged in the sector, including hours of proprietors and unpaid family
workers. Estimates based primarily on establishment data.
3 Wages and salaries of employees plus employers’ contributions for social insurance and private benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for
the self-employed.
4 Hourly compensation divided by the consumer price index for all urban consumers (CPI–
U) for recent quarters. The trend from 1978–2005 is based on the consumer price index research series (CPI–U–RS).
5 Current dollar gross domestic output divided by the output index.

16

3.2
6.1
4.9
7.1
4.2
3.6
4.0
3.8
4.4
5.4
5.8
4.7
1.9
.1
5.1
7.7
4.6
2.9
2.1
3.5
4.7
6.7
3.9
.8
8.3
3.1
13.6
¥1.4
3.4
4.2

3.1
6.0
4.7
7.2
4.0
3.7
4.0
3.6
4.4
5.3
6.3
4.5
1.8
.3
5.1
6.9
5.4
3.2
1.3
3.7
4.5
5.6
4.3
1.6
7.8
2.9
13.7
¥1.2
3.1
4.8

1.1
4.6
2.8
3.6
1.4
2.0
1.7
1.1
1.0
2.1
4.3
1.7
¥.4
¥2.2
1.2
7.5
2.1
1.8
¥1.5
¥.5
2.5
3.0
1.5
¥2.9
2.7
¥.2
11.3
¥6.1
.4
6.6

0.9
4.5
2.6
3.7
1.2
2.0
1.7
.9
1.0
2.1
4.8
1.4
¥.4
¥2.0
1.2
6.7
2.9
2.1
¥2.2
¥.4
2.3
2.0
1.9
¥2.0
2.2
¥.4
11.3
¥5.9
.1
7.1

1.3
3.2
1.8
4.1
1.6
¥.5
.2
.7
2.1
3.1
.1
2.7
¥2.6
.1
2.1
.4
¥4.0
4.3
¥1.1
¥.9
4.1
5.0
.7
¥.4
3.2
2.9
8.7
¥2.5
3.3
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 31, 2007.
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,
2002=100

From
preceding
month

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

Industry production indexes, 2002=100

change 2
From
year
earlier

7.2
6.1
4.7
4.5
¥3.5
.0
1.1
2.5
3.2
4.0

Capacity utilization
rate
(output as percent
of capacity) 1

Manufacturing

Total 1

Durable

1997 .......................
1998 .......................
1999 .......................
2000 .......................
2001 .......................
2002 .......................
2003 .......................
2004 .......................
2005 .......................
2006 p .....................

89.2
94.6
99.1
103.6
100.0
100.0
101.1
103.6
106.9
111.2

88.3
94.4
99.5
104.3
100.0
100.0
101.1
104.0
108.0
113.0

2005: Dec .............

109.1

0.8

3.6

110.6

116.6

2006: Jan .............
Feb .............
Mar ............
Apr .............
May ............
June ............
July .............
Aug .............
Sept r ...........
Oct r .............
Nov r ............
Dec p ............

109.1
109.4
110.0
110.9
110.9
111.9
112.3
112.5
112.2
112.1
112.0
112.4

¥.0
.3
.5
.9
¥.1
.9
.4
.2
¥.3
¥.1
¥.1
.4

3.3
3.0
3.6
4.5
4.0
4.3
4.7
4.6
6.0
4.7
3.5
3.0

111.5
111.2
111.7
112.8
112.6
113.5
113.9
114.3
114.3
113.6
113.5
114.3

117.5
117.6
118.5
120.3
120.1
121.3
121.7
122.6
122.2
121.4
121.7
123.0

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.

80.4
89.2
97.3
105.4
100.4
100.0
102.3
106.3
112.1
120.5

Nondurable

99.6
101.0
101.7
102.3
99.0
100.0
100.1
102.0
104.5
106.7

Other
(nonNAICS) 1

Mining

Utilities
Total
industry

83.9
82.8
81.9
81.7
76.1
74.8
76.1
78.1
80.2
81.8

Total
manufacturing

97.7
104.2
107.6
109.6
103.2
100.0
97.0
97.8
99.6
97.9

108.0
106.5
101.2
103.5
104.5
100.0
99.9
99.2
97.6
100.1

89.7
92.0
94.7
97.4
97.0
100.0
101.9
103.3
105.5
105.7

83.0
81.7
80.8
80.1
73.9
73.0
74.2
76.6
78.8
80.4

105.5

98.5

96.8

107.8

81.3

79.8

106.4
105.9
105.9
106.3
106.1
107.0
107.4
107.5
107.8
106.9
106.5
106.9

98.7
97.6
97.8
99.0
98.0
98.1
98.1
97.0
97.2
99.2
98.1
98.1

98.7
98.5
98.6
99.7
100.7
101.1
101.0
99.9
101.0
101.1
100.6
101.4

98.8
103.7
105.5
105.3
105.7
107.4
108.7
108.8
104.5
109.3
109.6
106.7

81.1
81.1
81.4
81.9
81.7
82.3
82.4
82.4
82.0
81.8
81.6
81.8

80.3
79.9
80.1
80.7
80.3
80.8
80.9
81.1
80.9
80.2
80.0
80.4

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

17

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

Materials
Nonindustrial supplies

Consumer goods

Equipment

Durable
goods

Business
equipment

Period
Total
Total

Nondurable
goods

Total 1

Defense
and
space
equipment

Total

Construction
supplies

Business
supplies

Total 1

Energy

1997 ............................................................
1998 ............................................................
1999 ............................................................
2000 ............................................................
2001 ............................................................
2002 ............................................................
2003 ............................................................
2004 ............................................................
2005 ............................................................
2006 p ..........................................................

91.6
97.0
99.7
102.9
100.8
100.0
101.2
103.3
107.6
111.5

92.1
95.5
97.3
99.3
98.1
100.0
101.3
102.8
105.7
106.9

84.0
89.9
96.1
99.2
94.9
100.0
103.4
104.8
105.9
105.6

95.7
97.8
97.8
99.3
99.4
100.0
100.5
102.0
105.5
107.2

91.9
101.4
106.0
111.6
107.3
100.0
100.9
104.7
112.7
124.2

89.7
100.3
106.5
114.6
107.6
100.0
100.2
104.5
112.8
126.0

100.9
105.1
102.7
92.1
100.6
100.0
103.8
104.0
109.7
112.2

91.1
96.4
100.3
104.5
100.1
100.0
101.0
103.2
107.0
110.5

95.1
100.2
102.8
105.1
100.5
100.0
99.8
101.8
106.7
110.4

89.6
95.0
99.4
104.2
100.0
100.0
101.5
103.7
107.1
110.5

86.2
91.7
98.0
104.0
99.1
100.0
100.9
104.0
106.2
111.2

99.4
99.8
99.6
101.0
100.0
100.0
99.9
99.7
98.4
100.0

2005: Dec ..................................................

110.1

107.0

106.1

107.1

118.6

119.5

111.2

109.5

111.2

108.9

108.1

97.9

2006: Jan ..................................................
Feb ..................................................
Mar .................................................
Apr ..................................................
May .................................................
June ................................................
July .................................................
Aug ..................................................
Sept r ................................................
Oct r .................................................
Nov r ................................................
Dec p ................................................

109.2
109.5
110.3
111.2
110.9
112.2
112.5
112.9
112.7
112.4
112.7
113.4

105.7
106.0
106.7
106.8
106.4
107.6
107.4
107.8
107.6
107.2
107.3
107.6

106.6
106.2
106.8
107.0
106.0
107.4
105.1
106.2
105.4
102.9
104.6
106.2

105.3
105.8
106.5
106.6
106.4
107.6
108.1
108.2
108.2
108.5
108.1
107.9

118.7
119.1
120.3
123.0
123.3
124.7
126.2
126.6
126.6
126.6
127.2
129.0

119.7
119.9
121.6
124.6
124.8
126.4
128.1
128.6
128.5
128.6
129.8
131.8

111.2
111.7
109.9
111.5
111.8
112.6
113.8
113.0
113.6
113.7
112.5
113.4

109.5
109.3
109.9
110.6
110.3
110.9
111.3
111.4
110.7
111.1
110.5
110.7

111.3
110.7
111.4
111.6
111.1
111.1
111.6
111.3
110.3
109.0
107.9
108.2

108.7
108.8
109.4
110.1
109.9
110.8
111.2
111.5
110.8
111.9
111.6
111.8

108.8
109.3
109.6
110.9
111.0
111.9
112.5
112.6
112.2
112.1
111.9
112.2

97.1
98.7
98.5
99.4
100.2
101.1
101.7
100.9
100.0
101.3
101.7
101.1

1 Includes

other items, not shown separately.

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

Iron
and
steel
products

Nondurable manufactures

Computer and electronic products

Fabricated
metal
products

Machinery
Total

Selected
hightechnology 1

Transportation
equipment

Total

Motor
vehicles
and
parts

Apparel

Printing
and
support

Chemical

Food

1997 ............................................................
1998 ............................................................
1999 ............................................................
2000 ............................................................
2001 ............................................................
2002 ............................................................
2003 ............................................................
2004 ............................................................
2005 ............................................................
2006 p ..........................................................

112.4
114.3
114.0
110.3
99.8
100.0
98.9
109.3
107.1
112.6

111.4
111.2
112.0
110.9
100.3
100.0
100.8
116.4
109.9
117.5

102.9
106.3
107.0
111.2
103.1
100.0
98.9
99.1
103.3
108.9

111.7
114.5
112.0
117.7
104.1
100.0
99.6
103.7
110.0
117.0

43.0
56.2
75.5
101.8
103.5
100.0
111.5
126.2
141.0
169.6

32.0
45.6
67.7
98.8
101.5
100.0
116.7
132.6
156.6
199.0

91.0
99.0
104.4
99.5
95.7
100.0
101.1
100.8
104.1
109.5

85.8
90.2
100.1
99.5
90.6
100.0
103.5
103.8
103.7
101.9

172.2
162.9
156.1
148.5
127.2
100.0
92.3
79.5
76.8
78.0

110.2
111.5
112.4
113.1
106.3
100.0
96.3
97.0
98.9
103.0

90.2
91.7
93.6
95.0
93.3
100.0
101.4
105.7
108.0
110.4

91.0
95.0
96.0
97.7
97.7
100.0
101.0
101.1
104.5
107.7

2005: Dec ..................................................

109.5

114.6

105.7

114.7

154.0

175.8

106.8

102.2

76.4

99.7

107.8

106.3

2006: Jan ..................................................
Feb ..................................................
Mar .................................................
Apr ..................................................
May .................................................
June ................................................
July .................................................
Aug ..................................................
Sept r ................................................
Oct r .................................................
Nov r ................................................
Dec p ................................................

112.9
112.6
111.8
114.3
117.1
117.7
115.7
114.5
112.8
109.8
105.6
106.8

116.0
116.8
117.6
120.2
125.5
126.1
123.3
121.8
119.8
112.3
103.9
105.6

106.9
107.3
108.1
109.4
108.4
109.1
109.9
110.7
110.5
110.3
109.8
109.3

112.1
112.0
114.0
116.2
114.1
114.8
119.6
121.0
120.6
118.4
118.2
119.7

154.7
156.0
158.9
164.0
165.8
169.1
171.6
174.0
177.2
179.9
181.5
185.1

176.8
178.1
182.9
189.5
192.8
196.0
199.3
204.3
210.7
215.4
219.0
223.8

108.7
108.4
109.1
110.1
109.3
111.2
109.2
110.4
109.8
107.9
110.5
112.6

104.2
102.9
104.3
104.3
102.5
104.6
100.3
102.2
100.9
97.1
100.5
103.1

77.3
76.8
77.3
78.6
78.3
78.9
79.3
77.9
77.5
78.3
78.0
79.0

101.3
101.8
102.3
103.9
102.7
103.0
102.7
102.7
103.1
104.3
103.4
103.9

109.0
108.7
109.4
110.1
110.0
111.1
111.8
112.4
111.7
110.4
109.8
110.2

106.9
106.2
106.7
107.8
106.6
106.6
107.0
107.0
108.5
109.6
109.8
109.9

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

18

Source: Board of Governors of the Federal Reserve System.

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

1997 ....................................
1998 ....................................
1999 ....................................
2000 ....................................
2001 ....................................
2002 ....................................
2003 ....................................
2004 ....................................
2005 ....................................
2006 p ..................................
2005: Dec ..........................
2006: Jan ..........................
Feb ..........................
Mar ..........................
Apr ..........................
May .........................
June ........................
July .........................
Aug ..........................
Sept r ........................
Oct r .........................
Nov ..........................
Dec p .........................

Total new
construction expenditures

Residential
Total
Total 1

653.4
706.3
769.5
835.3
868.3
876.8
926.9
1,034.7
1,143.7
1,198.0
1,194.5
1,194.5
1,199.9
1,212.4
1,214.4
1,209.2
1,209.2
1,200.2
1,199.9
1,190.7
1,181.4
1,182.9
1,177.7

502.7
552.0
599.7
649.8
662.2
659.7
702.9
804.2
899.0
928.7
940.2
939.3
940.3
948.7
948.5
939.2
937.2
930.3
929.6
920.1
908.3
903.8
896.8

289.0
314.6
350.6
374.5
388.3
421.9
475.9
564.8
642.3
630.3
665.6
661.4
662.6
664.2
657.8
647.2
639.4
627.3
617.5
609.6
600.8
592.1
582.3

Federal
and
State
and
local

Nonresidential

New
housing

Total

198.1
224.0
251.3
265.0
279.4
298.8
345.7
417.5
481.7
469.3
509.1
510.5
513.0
513.7
502.6
490.5
478.9
466.7
454.3
446.0
434.1
423.1
413.6

213.7
237.4
249.2
275.3
273.9
237.7
226.9
239.4
256.7
298.4
274.6
277.9
277.8
284.5
290.7
292.0
297.8
303.0
312.1
310.5
307.5
311.8
314.5

1 Includes

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

Lodging

12.9
14.8
16.0
16.3
14.5
10.5
9.9
12.0
12.8
19.5
14.2
14.1
15.5
16.9
18.7
19.6
19.7
20.4
20.5
20.6
22.2
22.8
22.8

Commercial
(including
farm)

Office

32.8
40.4
45.1
52.4
49.7
35.3
30.6
32.9
36.8
43.6
39.0
38.4
39.5
39.3
40.2
41.2
42.0
45.5
47.6
47.5
45.9
47.0
47.7

Manufacturing

53.1
55.7
59.4
64.1
63.6
59.0
57.5
64.1
69.1
76.6
74.8
74.4
72.8
73.9
74.9
76.0
76.4
76.9
77.3
79.6
78.5
79.0
80.2

Other 2

37.6
40.5
35.1
37.6
37.8
22.7
21.4
23.7
30.9
37.0
34.9
34.6
33.4
35.3
37.1
36.1
38.0
36.3
40.5
38.5
37.2
37.7
39.7

77.3
86.0
93.7
104.9
108.2
110.2
107.5
106.8
107.0
121.7
111.7
116.4
116.6
119.1
119.8
119.1
121.5
124.0
126.1
124.2
123.9
125.2
124.0

150.7
154.3
169.7
185.5
206.1
217.2
224.0
230.5
244.7
269.3
254.3
255.2
259.5
263.7
266.0
270.0
272.1
270.0
270.4
270.6
273.1
279.1
280.9

Source: Department of Commerce, Bureau of the Census.

NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or houses, except as noted]
New private housing units
Units started, by type of structure

Period
Total
1997 ......................................
1998 ......................................
1999 ......................................
2000 ......................................
2001 ......................................
2002 ......................................
2003 ......................................
2004 ......................................
2005 ......................................
2006 p ....................................

New private houses

1,474.0
1,616.9
1,640.9
1,568.7
1,602.7
1,704.9
1,847.7
1,955.8
2,068.3
1,800.7

1 unit
1,133.7
1,271.4
1,302.4
1,230.9
1,273.3
1,358.6
1,499.0
1,610.5
1,715.8
1,463.7

2–4 units 1

5 units or
more

44.5
42.6
31.9
38.7
36.6
38.5
33.5
42.3
41.1
43.9

295.8
302.9
306.6
299.1
292.8
307.9
315.2
303.0
311.4
293.0

Units
authorized
1,441.1
1,612.3
1,663.5
1,592.3
1,636.7
1,747.7
1,889.2
4 2,070.1
2,155.3
1,837.3

Units
completed

Houses
sold

Houses for
sale at end
of period 2

Vacancy rate
for rental
housing units
(percent) 3

1,400.5
1,474.2
1,604.9
1,573.7
1,570.8
1,648.4
1,678.7
1,841.9
1,931.4
1,978.2

804
886
880
877
908
973
1,086
1,203
1,283
1,061

281
294
308
298
308
339
370
422
509
537

7.7
7.9
8.1
8.0
8.4
8.9
9.8
10.2
9.8
9.7

1,953
2,044
2,038
2,203
2,043
1,905
2,043
1,946
1,888
2,038
1,928
1,893
1,900

1,259
1,173
1,038
1,121
1,121
1,101
1,078
979
r 1,021
r 1,022
995
1,069
1,120

509
522
538
553
565
564
566
573
r 568
r 560
553
542
537

9.6
......................
......................
9.5
......................
......................
9.6
......................
......................
9.9
......................
......................
9.8

Seasonally adjusted annual rates
2005: Dec ............................
2006: Jan ............................
Feb ............................
Mar ............................
Apr ............................
May ...........................
June ..........................
July ...........................
Aug ............................
Sept ...........................
Oct r ...........................
Nov r ...........................
Dec p ...........................
1 Derived;

2,002
2,265
2,132
1,972
1,832
1,953
1,833
1,760
1,659
1,724
1,478
1,572
1,642

1,633
1,814
1,812
1,615
1,524
1,587
1,478
1,445
1,365
1,393
1,187
1,282
1,230

31
27
35
36
56
51
44
83
41
29
39
22
62

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

338
424
285
321
252
315
311
232
253
302
252
268
350

2,107
2,195
2,147
2,085
1,973
1,946
1,869
1,763
1,727
1,638
1,553
1,513
1,613

NOTE.—Beginning 2004, units authorized are for 20,000 permit-issuing places. For other
data shown, units authorized are for 19,000 places.
Beginning 1999, housing starts, completions, and sales are not directly comparable with earlier data due to new estimation methods.
Source: Department of Commerce, Bureau of the Census.

19

BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In November, according to preliminary estimates, manufacturing and trade sales rose 0.6 percent and inventories
rose $4.8 billion. According to advance estimates, retail sales rose 0.7 percent in December. Retail and food
services sales rose 0.9 percent.

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

Manufacturing and trade 1
Period
Sales 2

Inventories 3

Inventorysales
ratio 4

Wholesale

Sales 2

Inventories 3

Retail
Inventory
sales
ratio 4

1997 ..............................................................
723,879 1,046,857
1.42 198,154 258,496
1.26
1998 ..............................................................
742,837 1,078,775
1.43 202,260 272,292
1.32
1999 ..............................................................
786,634 1,139,249
1.40 216,597 290,418
1.30
2000 ..............................................................
834,325 1,198,691
1.41 234,546 309,809
1.29
2001 ..............................................................
822,982 1,141,227
1.43 232,096 298,380
1.32
2002 ..............................................................
827,925 1,158,450
1.38 236,294 302,478
1.26
2003 ..............................................................
849,990 1,147,101
1.35 246,857 308,017
1.23
2004 ..............................................................
919,420 1,234,297
1.30 274,710 338,232
1.18
2005 ..............................................................
984,511 1,287,998
1.28 295,843 362,084
1.19
2006 p ............................................................ .................. .................. ................ ................ ................ ................
2005: Nov r ................................................... 1,010,789 1,279,477
1.27 307,100 358,646
1.17
Dec r ................................................... 1,021,258 1,287,998
1.26 309,975 362,084
1.17
2006: Jan ..................................................... 1,035,640 1,294,384
1.25 311,990 362,729
1.16
Feb .................................................... 1,027,729 1,295,158
1.26 312,846 365,838
1.17
Mar .................................................... 1,036,587 1,304,786
1.26 315,710 367,871
1.17
Apr .................................................... 1,043,191 1,313,526
1.26 320,342 372,676
1.16
May .................................................... 1,059,577 1,328,018
1.25 326,407 376,048
1.15
June ................................................... 1,061,409 1,339,593
1.26 330,366 379,097
1.15
July ................................................... 1,067,161 1,348,329
1.26 331,886 382,384
1.15
Aug .................................................... 1,072,622 1,357,069
1.27 334,528 387,251
1.16
Sept ................................................... 1,047,878 1,361,086
1.30 329,432 389,874
1.18
Oct r .................................................... 1,045,932 1,363,316
1.30 328,188 391,575
1.19
Nov p ................................................... 1,051,894 1,368,070
1.30 331,317 396,654
1.20
Dec p ................................................... .................. .................. ................ ................ ................ ................
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

Sales 2

Inventories 3

Inventory
sales
ratio 4

206,167 344,593
1.64
215,592 357,267
1.62
234,046 385,087
1.59
249,063 407,035
1.59
255,644 394,966
1.58
261,194 416,499
1.55
272,123 432,268
1.56
289,776 461,202
1.56
309,932 473,865
1.50
327,975 ................ ................
316,329 470,839
1.49
316,798 473,865
1.50
326,403 475,498
1.46
323,838 475,304
1.47
325,981
479,001
1.47
328,369 478,542
1.46
328,971 486,353
1.48
327,208 490,495
1.50
331,988 492,228
1.48
331,575 493,462
1.49
329,040 491,908
1.49
328,091 490,877
1.50
r330,055
489,641
1.48
332,441 ................ ................

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

Retail and
food services
sales 2

227,670
238,278
257,797
274,518
282,131
288,845
301,264
320,812
342,985
363,712
350,460
351,025
361,743
358,675
361,190
363,611
364,343
362,439
367,415
367,491
365,319
364,538
r 366,633
369,865

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

Manufacturers’ shipments 1

Manufacturers’ inventories 2

Manufacturers’ new orders 1
Durable goods

Period
Total

Durable
goods

Nondurable
goods

Total

Durable
goods

Nondurable
goods

Total
Total

Capital
goods
industries,
nondefense

Manufacturers’
unfilled
orders 2

Manufacturers’
inventory—
shipments
ratio 3

Millions of dollars, seasonally adjusted, except as noted
1997 ....................................................
1998 ....................................................
1999 ....................................................
2000 ....................................................
2001 ....................................................
2002 ....................................................
2003 ....................................................
2004 ....................................................
2005 ....................................................
2006 p ...................................................

319,558
324,984
335,991
350,715
335,242
330,437
331,010
354,934
378,737
396,130

178,949
185,966
193,895
197,807
183,592
180,703
177,520
187,660
198,781
209,933

140,610
139,019
142,096
152,908
151,650
149,734
153,490
167,274
179,956
186,197

443,768
449,216
463,744
481,847
447,881
439,473
406,816
434,863
452,049
482,124

281,154
290,765
296,615
306,889
279,825
272,146
246,840
263,936
273,123
295,780

162,614
158,451
167,129
174,958
168,056
167,327
159,976
170,927
178,926
186,344

314,986
317,345
329,770
346,789
326,435
322,242
325,067
350,672
379,136
399,324

174,377
178,327
187,674
193,881
174,786
172,507
171,578
183,398
199,180
213,128

60,697
62,133
64,392
69,278
58,232
53,927
52,263
55,381
67,149
73,544

513,057
496,160
505,543
549,530
511,562
478,479
473,758
495,278
576,197
693,765

1.37
1.38
1.35
1.35
1.39
1.32
1.27
1.19
1.18
1.18

2005: Dec ...........................................

394,485

210,500

183,985

452,049

273,123

178,926

400,150

216,165

79,966

576,197

1.15

2006: Jan ...........................................
Feb ...........................................
Mar ..........................................
Apr ...........................................
May ..........................................
June .........................................
July ..........................................
Aug ..........................................
Sept ..........................................
Oct r ..........................................
Nov r .........................................
Dec p .........................................

397,247
391,045
394,896
394,480
404,199
403,835
403,287
406,519
389,406
389,653
390,522
395,927

207,805
208,362
209,008
206,474
212,676
212,998
210,220
214,555
208,774
209,145
209,827
212,014

189,442
182,683
185,888
188,006
191,523
190,837
193,067
191,964
180,632
180,508
180,695
183,913

456,157
454,016
457,914
462,308
465,617
470,001
473,717
476,356
479,304
480,864
481,775
482,124

274,309
273,012
275,685
278,885
280,856
283,293
286,383
288,246
291,562
293,841
294,683
295,780

181,848
181,004
182,229
183,423
184,761
186,708
187,334
188,110
187,742
187,023
187,092
186,344

389,235
389,720
405,387
397,233
401,362
407,504
403,628
402,609
409,612
390,989
395,762
405,194

199,793
207,037
219,499
209,227
209,839
216,667
210,561
210,645
228,980
210,481
215,067
221,281

65,797
68,884
76,888
71,864
70,435
71,652
70,978
69,569
86,687
74,238
73,998
81,072

574,678
581,518
598,726
607,538
611,736
622,040
629,253
632,139
658,275
667,270
679,242
693,765

1.15
1.16
1.16
1.17
1.15
1.16
1.17
1.17
1.23
1.23
1.23
1.22

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 rose 0.9 percent in December. Prices of finished consumer foods
rose 1.7 percent, while prices of other finished consumer goods rose 1.0 percent. Capital equipment prices rose
0.2 percent.

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

Period

Total
finished
goods

Finished goods excluding consumer foods
Consumer
foods

Consumer goods
Total
Total

1997 ...........................
1998 ...........................
1999 ..........................
2000 ...........................
2001 ...........................
2002 ..........................
2003 ..........................
2004 ..........................
2005 ..........................
2006 p ........................
2005: Dec ................
2006: Jan ................
Feb ................
Mar ................
Apr ................
May ...............
June ..............
July ...............
Aug r ...............
Sept ...............
Oct .................
Nov ................
Dec ................
1 Intermediate

22

131.8
130.7
133.0
138.0
140.7
138.9
143.3
148.5
155.7
160.3
159.9
160.3
158.4
159.1
160.6
160.8
161.7
161.5
162.1
159.8
157.2
160.3
161.8

Intermediate materials

134.5
134.3
135.1
137.2
141.3
140.1
145.9
152.7
155.7
156.7
157.9
157.6
154.1
154.7
155.1
153.8
155.8
156.0
157.9
159.0
157.7
157.9
160.6

130.9
129.5
132.3
138.1
140.4
138.3
142.4
147.2
155.5
161.0
160.1
160.7
159.2
160.0
161.7
162.3
163.0
162.6
162.9
159.8
156.8
160.6
161.8

materials for food manufacturing and feeds.

128.2
126.4
130.5
138.4
141.4
138.8
144.7
150.9
161.9
169.1
168.8
169.4
166.9
168.0
170.4
171.2
172.1
171.9
172.0
167.0
163.1
167.9
169.6

Durable

133.7
132.9
133.0
133.9
134.0
133.0
133.1
135.0
136.6
136.8
135.9
136.5
137.0
137.1
137.1
137.2
137.5
135.2
136.4
137.0
134.3
138.0
138.2

Nondurable

124.3
122.2
127.9
138.7
142.8
139.8
148.4
156.6
172.0
182.6
182.5
183.1
179.2
180.7
184.3
185.4
186.5
187.4
187.0
179.3
175.0
180.1
182.5

Capital
equipment

138.2
137.6
137.6
138.8
139.7
139.1
139.5
141.4
144.6
146.8
145.0
145.5
146.0
146.3
146.5
146.8
147.1
146.3
147.0
147.4
146.1
148.2
148.5

Total
finished
consumer
goods

130.2
128.9
132.0
138.2
141.5
139.4
145.3
151.7
160.4
165.9
166.0
166.4
163.6
164.5
166.4
166.6
167.8
167.7
168.4
165.0
161.9
165.4
167.4

Crude materials

Total

Foods
and
feeds 1

Other

Total

Foodstuffs
and
feedstuffs

Other

125.6
123.0
123.2
129.2
129.7
127.8
133.7
142.6
154.0
164.0
160.3
161.9
161.1
161.5
163.1
164.9
165.8
166.3
167.2
164.7
162.9
164.0
164.8

125.4
116.2
111.1
111.7
115.9
115.5
125.9
137.1
133.8
135.4
134.7
135.7
134.2
134.0
133.0
132.6
133.5
134.5
134.2
135.0
135.6
140.2
142.3

125.7
123.4
123.9
130.1
130.5
128.5
134.2
143.0
155.1
165.4
161.5
163.2
162.4
162.8
164.6
166.5
167.4
167.9
168.8
166.1
164.2
165.2
166.0

111.1
96.8
98.2
120.6
121.0
108.1
135.3
159.0
182.2
185.4
201.4
199.8
183.0
178.3
182.9
186.0
181.3
186.0
190.6
184.6
165.2
191.1
196.6

112.2
103.9
98.7
100.2
106.1
99.5
113.5
127.0
122.7
119.3
124.9
121.0
117.4
114.6
113.5
110.7
115.7
117.9
118.4
120.8
124.6
128.1
128.4

106.4
88.4
94.3
130.4
126.8
111.4
148.2
179.2
223.4
231.7
255.5
255.7
228.9
222.8
231.9
239.6
227.3
233.8
241.6
229.0
191.6
234.6
244.2

Source: Department of Labor, Bureau of Labor Statistics.

CONSUMER PRICES—ALL URBAN CONSUMERS
In December, the consumer price index for all urban consumers rose 0.5 seasonally adjusted; it rose 0.1 percent
not seasonally adjusted. The index was 2.5 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 .........................
1997 .................................
1998 .................................
1999 .................................
2000 .................................
2001 .................................
2002 .................................
2003 .................................
2004 .................................
2005 .................................
2006 .................................

100.0
160.5
163.0
166.6
172.2
177.1
179.9
184.0
188.9
195.3
201.6

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

13.9
157.3
160.7
164.1
167.8
173.1
176.2
180.0
186.2
190.7
195.2

42.4
156.8
160.4
163.9
169.6
176.4
180.3
184.8
189.5
195.7
203.2

32.3
176.3
182.1
187.3
193.4
200.6
208.1
213.1
218.8
224.4
232.1

5.8
166.7
172.1
177.5
183.9
192.1
199.7
205.5
211.0
217.3
225.1

23.4
181.9
187.8
192.9
198.7
206.3
214.7
219.9
224.9
230.2
238.2

5.4
130.8
128.5
128.8
137.9
150.2
143.6
154.5
161.9
179.0
194.7

3.8
132.9
133.0
131.3
129.6
127.3
124.0
120.9
120.4
119.5
119.5

17.4 ............
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
173.9 135.2
180.9 136.4

4.2
106.2
92.2
100.7
129.3
124.7
116.6
135.8
160.4
195.7
221.0

6.2
234.6
242.1
250.6
260.8
272.8
285.6
297.1
310.1
323.2
336.2

8.7
111.5
102.9
106.6
124.6
129.3
121.7
136.5
151.4
177.1
196.9

77.4
169.5
173.4
177.0
181.3
186.1
190.5
193.2
196.6
200.9
205.9

2005: Dec ......................

196.8

197.7

192.7

199.7

227.2

220.4

232.7

193.5

118.7

174.1

135.6

194.1

329.4

184.3

202.8

2006: Jan ......................
Feb ......................
Mar ......................
Apr ......................
May .....................
June ....................
July .....................
Aug ......................
Sept .....................
Oct .......................
Nov ......................
Dec ......................

198.3
198.7
199.8
201.5
202.5
202.9
203.5
203.9
202.9
201.8
201.5
201.8

199.0
199.1
199.8
201.0
201.9
202.3
203.2
203.7
202.7
201.7
201.7
202.8

193.6
193.8
193.9
193.9
194.1
194.7
195.1
195.8
196.4
197.0
196.9
196.9

200.6
200.8
201.3
201.6
202.3
202.8
203.5
204.0
204.7
204.6
205.5
206.3

227.4
228.2
229.2
230.0
231.0
232.0
232.9
233.4
234.2
234.9
235.9
236.6

220.7
221.4
222.3
222.9
223.6
224.6
225.4
226.2
227.1
228.0
228.9
230.0

233.2
233.9
234.9
235.8
237.1
238.1
239.0
239.7
240.4
241.3
242.1
242.8

200.0
197.9
196.1
194.4
193.9
192.6
193.3
193.9
195.2
191.0
192.9
195.1

119.1
117.9
119.1
119.8
120.0
120.0
118.6
119.7
120.4
119.6
119.2
119.9

177.2
176.9
178.5
182.8
185.5
185.2
188.2
188.5
180.8
175.2
173.6
176.8

136.8
136.5
136.4
136.1
136.0
136.2
136.4
136.7
136.9
136.8
136.2
136.0

206.2
204.4
211.7
230.3
241.7
239.3
251.6
252.3
218.4
194.2
191.0
206.5

329.8
331.4
332.8
334.0
335.1
336.0
336.6
338.0
339.1
340.1
340.7
341.0

193.5
191.2
193.6
201.2
206.1
204.2
210.2
210.8
195.7
182.0
181.6
190.0

203.2
203.5
204.2
204.8
205.4
206.0
206.4
206.9
207.4
207.6
207.7
208.1

1 Includes

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

3 Relative

importance, December 2005.
Source: Department of Labor, Bureau of Labor Statistics.

23

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

Change from 3 months earlier, annual rate

Consumer goods

Consumer goods

Total
finished
goods

Foods

Capital
equipment

Excluding
foods

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

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

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

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

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

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

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

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

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

3.8

6.0

4.9

¥0.8

7.5

3.6

12.3

0.6

5.4

1.8
¥1.0
¥2.0
.8
6.2
6.7
2.3
3.3
¥4.6
¥10.2
r¥4.4
5.1

5.0
¥6.5
¥7.9
¥6.2
¥.8
2.9
2.3
11.1
8.5
4.4
0
4.1

.7
¥.7
¥1.9
2.4
10.7
10.1
3.6
1.9
¥11.3
¥19.0
r¥9.2
6.4

1.4
2.8
3.6
2.8
2.2
2.2
¥.5
.5
.8
¥.5
r3.3
3.0

6.4
2.8
.9
1.3
2.5
2.3
1.5
4.7
.9
¥4.2
¥.6
.1

4.7
.5
¥1.2
¥.8
¥3.7
¥2.6
¥2.0
5.0
5.6
3.4
5.4
6.3

9.8
4.2
1.4
1.5
4.8
3.9
3.0
6.2
¥1.2
¥8.4
¥3.8
¥2.9

.7
1.4
1.4
2.1
2.5
2.9
1.1
1.4
1.5
¥.5
1.9
1.9

5.6
3.9
3.6
4.1
4.5
4.9
4.0
3.8
.9
¥1.6
.9
1.1

Change, Dec. to Dec., NSA
¥1.2
0
2.9
3.6
¥1.6
1.2
4.0
4.2
5.4
1.1

1997 ...............
1998 ...............
1999 ...............
2000 ...............
2001 ...............
2002 ...............
2003 ...............
2004 ...............
2005 ...............
2006 p .............

¥0.8
.1
.8
1.7
1.8
¥.6
7.7
3.1
1.7
1.8

¥1.5
¥.1
5.1
5.5
¥3.9
2.9
4.1
5.5
8.8
.4

¥0.6
0
.3
1.2
0
¥.6
.8
2.4
1.2
2.3

0.4
¥.8
1.8
3.8
2.0
¥1.3
3.2
3.6
4.8
3.0

Change, month to month
2005: Dec .....

0.7

0.8

1.0

2006: Jan .....
Feb .....
Mar .....
Apr ......
May ....
June ...
July ....
Aug r ...
Sept ....
Oct ......
Nov .....
Dec .....

.3
¥1.2
.4
.9
.1
.6
¥.1
.4
r¥1.4
¥1.6
2.0
.9

¥.2
¥2.2
.4
.3
¥.8
1.3
.1
1.2
.7
¥.8
.1
1.7

.4
¥1.5
.7
1.4
.5
.5
¥.1
.1
¥2.9
¥2.3
2.9
1.0

0
.3
.3
.2
.1
.2
.2
¥.5
.5
r.3
¥.9
1.4
.2

Source: Department of Labor, Bureau of Labor Statistics.

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

Transportation

Shelter
Period

All
items 1

Food
Total 1
Total 1

Rent of Ownpriers’
mary equivaresilent
dence
rent

Fuels
and
utilities

Apparel

Total 1

New
cars

Motor
fuel

Medical
care

Energy 2

All
items
less
food
and
energy

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

From
From
3
6
months months
earlier earlier

From
year
earlier
NSA

Change, December to December, NSA
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006

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

1.7
1.6
2.7
3.4
1.6
2.4
1.9
3.3
3.4
2.5

1.5
2.3
1.9
2.8
2.8
1.5
3.6
2.7
2.3
2.1

2.4
2.3
2.2
4.3
2.9
2.4
2.2
3.0
4.0
3.3

3.4
3.3
2.5
3.4
4.2
3.1
2.2
2.7
2.6
4.2

3.1
3.4
3.1
4.0
4.7
3.1
2.7
2.9
3.1
4.3

3.1
3.2
2.4
3.4
4.5
3.3
2.0
2.3
2.5
4.3

0.5
¥2.6
2.4
12.1
¥2.1
1.4
6.5
7.9
15.6
.5

1.0
¥.7
¥.5
¥1.8
¥3.2
¥1.8
¥2.1
¥.2
¥1.1
.9

¥1.4
¥1.7
5.4
4.1
¥3.8
3.8
.3
6.5
4.8
1.6

¥1.0
¥.1
¥.8
.3
0
¥2.0
¥2.1
.5
.8
.2

¥6.2
¥15.4
30.2
13.9
¥24.8
24.6
6.8
26.1
16.2
6.4

2.8
3.4
3.7
4.2
4.7
5.0
3.7
4.2
4.3
3.6

¥3.4
¥8.8
13.4
14.2
¥13.0
10.7
6.9
16.6
17.1
2.9

2.2
2.4
1.9
2.6
2.7
1.9
1.1
2.2
2.2
2.6

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

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

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

2.3
1.6
2.2
3.4
2.8
1.6
2.3
2.7
3.4
3.2

Change, month to month
2005: Dec ...............

¥0.1

0.1

0.2

0.3

0.2

0.3

¥1.3

¥0.3

¥0.7

0

¥2.7

0.2

¥2.1

0.1

3.3

¥1.8

4.0

3.4

2006: Jan ...............
Feb ...............
Mar ...............
Apr ................
May ...............
June ..............
July ...............
Aug ................
Sept ...............
Oct ................
Nov ................
Dec ................

.7
.1
.4
.6
.4
.2
.4
.2
¥.5
¥.5
0
.5

.5
.1
.1

.5
.1
.2
.1
.3
.2
.3
.2
.3
¥.0
.4
.4

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

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

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

3.4
¥1.1
¥.9
¥.9
¥.3
¥.7
.4
.3
.7
¥2.2
1.0
1.1

.3
¥1.0
1.0
.6
.2
0
¥1.2
.9
.6
¥.7
¥.3
.6

1.8
¥.2
.9
2.4
1.5
¥.2
1.6
.2
¥4.1
¥3.1
¥.9
1.8

.9
¥.2
¥.1
¥.2
¥.1
.1
.1
.2
.1
¥.1
¥.4
¥.1

6.2
¥.9
3.6
8.8
5.0
¥1.0
5.1
.3
¥13.4
¥11.1
¥1.6
8.1

.1
.5
.4
.4
.3
.3
.2
.4
.3
.3
.2
.1

5.0
¥1.2
1.3
3.9
2.4
¥.9
2.9
.3
¥7.2
¥7.0
¥.2
4.6

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

..........
..........
2.2
..........
..........
4.9
..........
..........
3.0
..........
..........
¥2.1

¥.2
2.7
4.3
4.1
5.7
5.1
4.5
3.6
.8
¥2.9
¥3.9
.2

4.0
3.0
1.2
1.9
4.2
4.7
4.3
4.7
2.9
.7
¥.2
.5

4.0
3.6
3.4
3.5
4.2
4.3
4.1
3.8
2.1
1.3
2.0
2.5

1 Includes

0
.1
.3
.2
.4
.3
.3
¥.1
0

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

24

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 rose 2.5 percent; prices paid by farmers rose 1.3 percent. (Data are not
seasonally adjusted.)

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

1997
1998
1999
2000
2001
2002
2003
2004
2005
2006

All farm
products

Prices paid by farmers
Livestock and
products

Crops

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

Production
items, interest,
taxes, and wage
rates

Production
items

Ratio 2

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

107
102
96
96
102
98
107
119
116
116

115
107
97
96
99
105
111
117
112
120

98
97
95
97
106
90
103
122
120
113

118
115
115
120
123
123
r 128
133
r 142
149

118
114
113
118
122
121
125
132
r 141
148

119
113
111
116
120
118
r 124
131
139
146

90
89
83
80
83
79
84
r 89
r 82
78

2006: Jan r ...................
Feb r ...................
Mar r ...................
Apr r ...................
May r ..................
June r .................
July r ..................
Aug r ...................
Sept r ..................
Oct r ....................
Nov r ...................
Dec ....................

113
113
113
111
111
118
118
120
120
116
120
121

108
113
118
120
120
126
127
125
122
115
123
128

118
114
110
105
104
110
111
115
117
117
116
113

148
147
147
148
149
149
149
149
149
148
149
150

148
147
147
148
148
149
149
149
149
148
149
150

145
144
144
145
146
147
147
147
146
145
146
147

76
77
77
75
74
79
79
81
81
78
81
81

2007: Jan .....................

124

132

116

152

152

149

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.

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 December, M2 rose.

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

M2

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

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

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

1,072.2
1,094.9
1,122.9
1,087.6
1,182.1
1,219.5
1,305.5
1,375.3
1,373.2
1,365.7

4,031.6
4,379.0
4,641.1
4,920.9
5,430.3
5,774.1
6,062.0
6,411.7
6,669.4
7,021.0

15,131.5
16,159.7
17,230.5
18,091.2
19,212.1
20,598.8
22,318.7
24,333.0
26,647.1
............................

¥0.7
2.1
2.6
¥3.1
8.7
3.2
7.1
5.3
¥.2
¥.5

5.7
8.6
6.0
6.0
10.4
6.3
5.0
5.8
4.0
5.3

5.3
6.8
6.4
4.9
6.3
7.2
8.2
9.0
9.5
......................

2006: Jan r .......................................................................................
Feb r .......................................................................................
Mar r .......................................................................................
Apr r .......................................................................................
May r .......................................................................................
June r .....................................................................................
July r ......................................................................................
Aug r .......................................................................................
Sept r ......................................................................................
Oct r ........................................................................................
Nov r .......................................................................................
Dec ........................................................................................

1,378.9
1,375.2
1,383.8
1,380.1
1,387.3
1,375.5
1,371.1
1,371.5
1,363.9
1,369.1
1,370.5
1,365.7

6,713.6
6,737.0
6,755.8
6,774.9
6,785.7
6,811.1
6,835.7
6,863.4
6,886.5
6,936.2
6,977.0
7,021.0

............................
............................
27,277.4
............................
............................
27,736.1
............................
............................
28,198.1
............................
............................
............................

1.5
¥.5
.6
.8
1.7
.3
¥1.1
¥.5
¥2.9
¥1.6
¥2.4
¥1.4

5.5
5.2
4.7
4.5
4.2
4.2
3.6
3.8
3.9
4.8
5.6
6.2

......................
......................
9.5
......................
......................
6.7
......................
......................
6.7
......................
......................
......................

Period

1997:
1998:
1999:
2000:
2001:
2002:
2003:
2004:
2005:
2006:

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

26

Debt
Debt of
domestic
nonfinancial
sectors 1

Percent change
From year or 6
months
earlier 2
M1

M2

From
previous
period 3
Debt

Note.—The Federal Reserve previously announced that the M3 monetary aggregate and most
of its components would no longer be published. Institutional money market mutual funds will
continue to be published as a memorandum item in the H.6 release, and the component on
large-denomination time deposits will be published in other Federal Reserve Board releases. For
details, see H.6 release of March 23, 2006.
See p. 27 for components.
Data for money stock and components reflect annual seasonal adjustment revisions released
on January 18, 2007.
Source: Board of Governors of the Federal Reserve System.

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

Period

Currency

Other checkable
deposits (OCDs)

Nonbank
travelers
checks

Demand
deposits

At
commercial
banks

Total

At
commercial
banks

Small-denomination
time deposits 2

Savings
deposits 1

Total

At
thrift
institutions

At
thrift
institutions

Total

At
commercial
banks

At
thrift
institutions

Retail
money
funds

Institutional
money
funds 3

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

424.5
459.8
517.8
531.2
581.1
626.3
662.7
697.9
724.5
749.9

8.4
8.5
8.6
8.3
8.0
7.8
7.7
7.6
7.2
6.7

393.8
376.9
353.3
309.9
335.5
306.1
325.4
342.5
324.1
306.0

245.5
249.6
243.2
238.3
257.4
279.3
309.7
327.4
317.5
303.1

148.4
143.9
139.7
133.1
142.0
154.2
175.0
186.6
180.1
176.2

97.1
105.7
103.6
105.2
115.5
125.1
134.7
140.8
137.4
127.0

1,400.2
1,605.0
1,740.5
1,878.0
2,312.9
2,777.9
3,168.9
3,517.7
3,618.8
3,687.8

1,022.7
1,187.9
1,288.8
1,424.2
1,739.5
2,060.2
2,337.5
2,630.7
2,769.6
2,895.4

377.4
417.1
451.7
453.8
573.4
717.7
831.4
887.0
849.3
792.3

968.2
951.8
954.3
1,044.5
974.7
892.6
810.2
817.6
974.7
1,164.4

625.4
626.1
634.8
699.6
635.0
590.2
536.7
545.7
634.9
765.4

342.8
325.7
319.6
344.9
339.7
302.4
273.5
271.9
339.8
399.0

591.2
727.3
823.3
910.7
960.6
884.1
777.4
701.0
702.7
803.2

396.9
545.3
643.2
797.5
1,206.9
1,256.5
1,123.5
1,072.7
1,139.4
1,334.0

2006: Jan r .....
Feb r ....
Mar r ....
Apr r .....
May r ....
June r ...
July r ....
Aug r ....
Sept r ...
Oct r .....
Nov r ....
Dec ......

729.2
732.8
735.4
737.7
740.7
740.2
740.6
741.8
742.3
744.5
747.5
749.9

7.2
7.1
6.9
6.9
7.0
7.0
6.8
6.8
6.8
6.8
6.8
6.7

323.8
318.7
323.9
318.6
324.7
317.7
314.2
315.4
308.6
311.9
312.6
306.0

318.7
316.6
317.5
316.9
315.0
310.7
309.4
307.5
306.2
306.0
303.6
303.1

180.8
179.2
180.0
179.8
179.7
177.7
176.7
175.5
175.5
177.7
176.9
176.2

137.9
137.4
137.5
137.1
135.3
133.0
132.7
131.9
130.6
128.3
126.8
127.0

3,636.4
3,645.2
3,631.6
3,636.8
3,622.0
3,630.5
3,631.7
3,629.4
3,633.2
3,649.3
3,661.9
3,687.8

2,780.7
2,783.7
2,777.8
2,797.3
2,776.9
2,785.4
2,789.0
2,781.0
2,790.0
2,847.0
2,863.2
2,895.4

855.7
861.5
853.8
839.5
845.1
845.2
842.6
848.4
843.3
802.3
798.7
792.3

988.3
1,004.3
1,021.4
1,035.9
1,050.4
1,066.0
1,085.0
1,104.3
1,122.0
1,138.9
1,154.5
1,164.4

643.8
654.5
665.8
674.3
682.9
692.4
704.4
715.6
724.8
744.8
756.9
765.4

344.5
349.8
355.6
361.6
367.4
373.5
380.6
388.7
397.2
394.1
397.6
399.0

710.0
712.3
719.1
722.1
726.0
739.1
748.0
758.1
767.3
778.9
790.1
803.2

1,150.7
1,152.1
1,161.7
1,177.1
1,192.6
1,208.3
1,222.7
1,243.8
1,265.9
1,288.4
1,304.7
1,334.0

1997:
1998:
1999:
2000:
2001:
2002:
2003:
2004:
2005:
2006:

1 Savings

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

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

2 Small-denomination
3 Institutional

AGGREGATE RESERVES AND MONETARY BASE
[Averages of daily figures 1; millions of dollars; seasonally adjusted, except as noted by NSA]
Adjusted for changes in reserve requirements
Period
Total 2
1997:
1998:
1999:
2000:
2001:
2002:
2003:
2004:
2005:
2006:

Borrowings of depository institutions from the Federal
Reserve (NSA)

Reserves of depository institutions
Nonborrowed 3

Required

Monetary
base

Excess
(NSA)

Primary

Secondary

788,135
812,379

324
117
320
210
67
80
46
63
169
191

................
................
................
................
................
................
17
11
97
111

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

79
15
67
111
33
45
29
52
72
80

245
101
179
99
34
35
................
................
................
................

r479,914

Total

Seasonal

Adjustment 4

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

46,873
45,129
41,958
38,674
41,390
40,359
42,699
46,625
45,299
43,290

46,549
45,012
41,638
38,464
41,323
40,279
42,654
46,562
45,130
43,099

45,189
43,615
40,661
37,246
39,739
38,350
41,657
44,716
43,396
41,476

1,685
1,514
1,297
1,428
1,650
2,009
1,043
1,909
1,903
1,814

2006: Jan r .................................
Feb r ................................
Mar r ................................
Apr r .................................
May r ................................
June r ...............................
July r ................................
Aug r ................................
Sept r ...............................
Oct r .................................
Nov r ................................
Dec ..................................

44,016
44,127
43,678
44,594
45,023
45,381
44,180
42,876
42,880
42,782
43,198
43,290

43,906
44,074
43,509
44,347
44,848
45,129
43,830
42,507
42,477
42,553
43,038
43,099

42,432
42,576
42,166
42,766
43,220
43,591
42,633
41,343
41,118
41,102
41,495
41,476

1,584
1,551
1,512
1,828
1,803
1,790
1,547
1,533
1,762
1,680
1,703
1,814

791,816
795,673
797,953
800,572
804,737
804,580
804,071
804,687
805,199
806,636
809,747
812,379

110
53
169
248
175
253
350
369
403
229
160
191

78
21
119
164
24
16
39
26
66
24
48
111

0
2
0
0
0
0
0
0
0
0
0
0

32
30
50
84
151
237
312
343
338
205
112
80

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

2007: Jan p ................................

41,497

41,329

39,981

1,516

812,878

168

187

0

24

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

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.

r513,861
r 593,911
r 584,975
r 635,545
r 681,652
r720,522
r759,672

3 Seasonally

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

27

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

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

Period

1997:
1998:
1999:
2000:
2001:
2002:
2003:
2004:
2005:
2006:
2006:

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

4,098.1
4,532.6
4,764.4
5,219.4
5,422.1
5,890.3
6,258.2
6,795.2
7,501.4
8,280.7
7,558.6
7,647.8
7,717.3
7,807.8
7,923.6
7,930.7
7,981.6
8,040.9
8,060.2
8,192.6
8,230.5
8,280.7

Total
securities

U.S.
Treasury
and
agency
securities

1,100.3
1,239.6
1,285.7
1,351.4
1,490.3
1,724.5
1,851.7
1,936.2
2,051.7
2,221.2
2,067.7
2,107.6
2,118.5
2,170.6
2,205.7
2,188.6
2,195.2
2,206.4
2,191.1
2,206.3
2,219.1
2,221.2

756.5
798.5
816.4
793.6
850.2
1,030.7
1,105.9
1,151.9
1,140.6
1,192.4
1,151.6
1,181.5
1,185.9
1,197.0
1,193.1
1,199.4
1,211.6
1,221.8
1,210.2
1,210.1
1,206.3
1,192.4

Loans and leases in bank credit
Real estate

Other
Total loans Commersecurities and leases 2 cial and
industrial

343.8
441.1
469.2
557.8
640.1
693.8
745.8
784.3
911.2
1,028.8
916.1
926.1
932.6
973.6
1,012.6
989.3
983.5
984.7
980.9
996.2
1,012.8
1,028.8

2,997.8
3,293.0
3,478.8
3,868.0
3,931.9
4,165.7
4,406.5
4,859.0
5,449.7
6,059.5
5,490.9
5,540.2
5,598.8
5,637.2
5,717.9
5,742.0
5,786.5
5,834.5
5,869.1
5,986.3
6,011.4
6,059.5

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

28

848.0
940.9
992.2
1,078.9
1,018.4
955.9
896.6
921.8
1,036.2
1,189.5
1,052.6
1,062.6
1,073.1
1,089.9
1,109.8
1,117.9
1,130.0
1,159.9
1,164.6
1,175.8
1,180.4
1,189.5

Total

1,246.3
1,336.9
1,475.8
1,657.7
1,785.3
2,028.7
2,222.6
2,553.9
2,917.5
3,323.9
2,941.8
2,967.3
2,996.9
3,021.7
3,048.8
3,088.9
3,127.9
3,127.7
3,150.1
3,295.6
3,301.2
3,323.9

Revolving
home
equity

105.0
103.9
101.5
130.0
155.7
213.5
280.7
399.7
446.4
470.6
447.0
446.8
450.0
446.5
443.8
444.7
451.4
448.0
450.3
466.3
467.9
470.6

Consumer

Security

Other

Other

1,141.3
1,233.0
1,374.3
1,527.6
1,629.6
1,815.2
1,941.9
2,154.3
2,471.1
2,853.3
2,494.8
2,520.5
2,546.9
2,575.2
2,605.0
2,644.3
2,676.4
2,679.8
2,699.8
2,829.2
2,833.2
2,853.3

502.5
496.9
490.8
539.9
557.1
587.6
644.6
696.7
707.4
736.2
711.6
711.8
722.1
726.7
733.6
728.6
722.3
728.5
727.4
724.0
729.1
736.2

94.4
145.3
149.8
177.3
146.0
190.2
217.7
215.9
264.1
292.3
255.9
263.6
269.5
261.1
281.2
259.3
257.8
265.5
277.0
279.4
288.0
292.3

306.6
373.1
370.1
414.1
425.2
403.4
424.9
470.7
524.4
517.6
529.1
534.9
537.2
537.8
544.5
547.3
548.5
552.9
550.0
511.5
512.7
517.6

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

1996 ..................
1997 ..................
1998 ..................
1999 ...................
2000 ...................
2001 ...................
2002 ...................
2003 ...................
2004 ...................
2005 ...................
2004: I .............
II ............
III ..........
IV ...........
2005: I .............
II ............
III ..........
IV ...........
2006: I .............
II ............
III p ........

1,058.0
995.4
1,298.1
1,718.6
1,955.4
850.2
896.2
844.7
1,498.3
1,308.4
1,548.4
1,414.1
1,458.6
1,572.1
1,331.2
1,351.5
1,288.3
1,262.5
1,332.2
1,378.2
1,459.5

Internal 1

659.5
711.9
682.1
731.0
718.0
755.0
811.3
831.3
891.5
986.2
902.4
907.2
952.5
803.9
898.8
970.1
1,063.9
1,012.0
1,088.5
1,065.3
1,106.6

Credit market instruments
Total

398.5
283.5
616.0
987.6
1,237.4
95.2
84.9
13.4
606.8
322.2
646.0
506.9
506.1
768.2
432.4
381.4
224.4
250.5
243.7
312.9
352.9

Capital
expenditures 3

Total

Total
net
funds
raised

Net new
equity
issues

136.4
214.1
181.4
259.8
223.6
167.1
¥26.0
46.6
51.1
¥84.1
145.3
¥52.7
21.5
90.5
22.9
¥48.4
¥156.9
¥153.9
¥101.5
¥191.0
¥191.3

¥47.3
¥77.4
¥215.5
¥110.4
¥118.2
¥48.1
¥41.6
¥42.0
¥126.6
¥363.4
¥54.3
¥108.7
¥190.6
¥152.7
¥264.3
¥300.1
¥469.9
¥419.2
¥570.0
¥614.8
¥579.6

Total

Securities
and mortgages

183.7
291.5
396.9
370.2
341.8
215.2
15.6
88.6
177.7
279.3
199.6
56.0
212.1
243.2
287.2
251.7
313.0
265.3
468.5
423.8
388.3

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).

130.1
186.9
242.2
269.4
186.1
404.0
169.8
208.2
129.1
153.7
171.9
35.0
139.1
170.7
100.2
92.3
227.8
194.1
298.7
281.8
262.8

Loans
and
shortterm
paper

Other 2

53.7
104.6
154.9
100.8
155.8
¥188.8
¥154.1
¥119.5
48.6
125.6
27.7
21.0
73.0
72.4
187.0
159.4
85.2
71.1
169.8
141.9
125.4

262.2
69.3
434.5
727.9
1,013.8
¥71.8
110.9
¥33.2
555.7
406.3
500.6
559.6
484.5
677.8
409.6
429.9
381.4
404.4
345.2
503.9
544.2

1,092.9
1,016.2
1,348.4
1,833.8
2,137.7
980.2
867.2
832.5
1,607.6
1,276.5
1,616.7
1,523.8
1,529.9
1,760.3
1,295.6
1,266.8
1,268.1
1,275.6
1,369.0
1,430.1
1,532.7

638.9
743.8
778.5
863.9
928.5
802.6
737.1
749.9
822.4
881.8
780.9
816.8
825.7
866.4
887.0
849.7
857.2
933.5
969.7
1,005.8
1,030.3

Increase
in financial assets

454.0
272.4
569.9
969.9
1,209.2
177.6
130.1
82.6
785.2
394.7
835.8
707.0
704.2
893.9
408.6
417.1
410.9
342.1
399.3
424.3
502.4

Discrepancy
(sources
less
uses)

¥34.9
¥20.8
¥50.4
¥115.2
¥182.4
¥130.0
28.9
12.2
¥109.3
31.8
¥68.3
¥109.6
¥71.2
¥188.1
35.5
84.7
20.3
¥13.1
¥36.8
¥51.9
¥73.3

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

Source: Board of Governors of the Federal Reserve System.

CONSUMER CREDIT
[Billions of dollars; seasonally adjusted]

Consumer credit outstanding (end of period)
Period
Total

1997:
1998:
1999:
2000:
2001:
2002:
2003:
2004:
2005:
2006:
2006:

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

Revolving

1,323.3
1,419.4
1,532.7
1,722.4
1,871.9
1,984.1
2,087.8
2,202.4
2,295.6
2,400.6
2,306.3
2,308.3
2,309.2
2,317.9
2,334.1
2,346.1
2,361.4
2,374.9
2,378.6
2,380.9
2,394.6
2,400.6

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

538.0
579.5
609.4
683.0
716.4
749.0
771.1
801.3
826.6
876.2
826.6
826.4
825.8
828.7
837.5
845.9
851.6
857.9
861.0
865.6
875.6
876.2

Nonrevolving 2

785.3
839.9
923.3
1,039.4
1,155.5
1,235.1
1,316.7
1,401.2
1,469.0
1,524.4
1,479.6
1,482.0
1,483.4
1,489.2
1,496.7
1,500.2
1,509.9
1,516.9
1,517.6
1,515.3
1,519.0
1,524.4

Net change in consumer credit outstanding 1
Total

70.0
96.1
113.3
189.7
149.5
112.2
103.7
114.6
93.2
105.0
10.7
2.0
.9
8.7
16.2
12.0
15.3
13.5
3.7
2.3
13.7
6.0

Revolving

30.5
41.5
29.9
73.6
33.4
32.6
22.1
30.2
25.3
49.6
.0
¥.2
¥.6
2.9
8.8
8.4
5.7
6.3
3.1
4.6
10.0
.6

Nonrevolving 2

39.5
54.6
83.4
116.1
116.1
79.6
81.6
84.5
67.8
55.4
10.6
2.4
1.4
5.8
7.5
3.5
9.7
7.0
.7
¥2.3
3.7
5.4

NOTE.—Effective October 7, 2003 data beginning 1977 include student loans extended by
the Federal Government and by SLM Holding Corporation.
Source: Board of Governors of the Federal Reserve System.

29

INTEREST RATES AND BOND YIELDS
Interest rates rose in January.

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

1997 .......................
1998 .......................
1999 .......................
2000 .......................
2001 .......................
2002 .......................
2003 .......................
2004 .......................
2005 .......................
2006 .......................
2006: Jan ..............
Feb ..............
Mar .............
Apr ..............
May .............
June ............
July .............
Aug .............
Sept .............
Oct ..............
Nov .............
Dec ..............
2007: Jan ..............
Week ended:
2007: Jan
6 ......
13 ......
20 ......
27 .....
Feb
3 ......
1 Bank-discount

3-month
bills (new
issues) 1

3-year

maturities 2

10-year

30-year

Highgrade
municipal
bonds
(Standard
&
Poor’s) 3

Corporate
Aaa
bonds
(Moody’s)

3 Weekly

30

Primary
credit

5.07
4.81
4.66
5.85
3.45
1.62
1.02
1.38
3.16
4.73
4.20
4.41
4.51
4.59
4.72
4.79
4.96
4.98
4.82
4.89
4.95
4.85
4.96

6.10
5.14
5.49
6.22
4.09
3.10
2.10
2.78
3.93
4.77
4.35
4.64
4.74
4.89
4.97
5.09
5.07
4.85
4.69
4.72
4.64
4.58
4.79

6.35
5.26
5.65
6.03
5.02
4.61
4.01
4.27
4.29
4.80
4.42
4.57
4.72
4.99
5.11
5.11
5.09
4.88
4.72
4.73
4.60
4.56
4.76

6.61
5.58
5.87
5.94
5.49
*
*
*
*
4.91
*
4.54
4.73
5.06
5.20
5.15
5.13
5.00
4.85
4.85
4.69
4.68
4.85

5.55
5.12
5.43
5.77
5.19
5.05
4.73
4.63
4.29
4.42
4.31
4.41
4.44
4.60
4.61
4.64
4.64
4.43
4.30
4.32
4.17
4.17
4.29

7.26
6.53
7.04
7.62
7.08
6.49
5.67
5.63
5.24
5.59
5.29
5.35
5.53
5.84
5.95
5.89
5.85
5.68
5.51
5.51
5.33
5.32
5.40

..............
..............
..............
..............
..............
..............
2.12
2.34
4.19
5.96
5.50
5.50
5.75
5.75
6.00
6.25
6.25
6.25
6.25
6.25
6.25
6.25
6.25

4.93
4.94
4.98
5.00
5.01

4.68
4.74
4.81
4.87
4.89

4.66
4.70
4.77
4.83
4.86

4.76
4.79
4.86
4.92
4.95

4.23
4.23
4.30
4.32
4.35

5.31
5.34
5.41
5.47
5.50

6.25
6.25
6.25
6.25
6.25

basis.
on actively traded issues adjusted to constant maturities.
data are Wednesday figures.
4 Discount window borrowing for primary credit and discount rate (adjustment credit). The
rate for primary credit replaced the rate for adjustment credit.
5 Average effective rate for year; rate in effect at end of month or week.
6 Daily effective rate; weighted average of rates on brokered trades.
2 Yields

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

5.00
4.92
4.62
5.73
3.40
1.17

Prime rate
charged by
banks 5

Federal
funds
rate 6

Newhome
mortgage
yields
(FHFB) 7

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

8.44
8.35
8.00
9.23
6.91
4.67
4.12
4.34
6.19
7.96
7.50
7.50
7.75
7.75
8.00
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25

5.46
5.35
4.97
6.24
3.88
1.67
1.13
1.35
3.22
4.97
4.29
4.49
4.59
4.79
4.94
4.99
5.24
5.25
5.25
5.25
5.25
5.24
5.25

7.71
7.07
7.04
7.52
7.00
6.43
5.80
5.77
5.94
6.63
6.12
6.40
6.53
6.64
6.69
6.79
6.81
6.87
6.72
6.69
6.55
6.37
..............

*
*
*
*
*

8.25
8.25
8.25
8.25
8.25

5.22
5.23
5.24
5.25
5.27

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

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

COMMON STOCK PRICES AND YIELDS
Overall, stock prices rose 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
1997 .........................................................
1998 .........................................................
1999 .........................................................
2000 .........................................................
2001 .........................................................
2002 .........................................................
2003 .........................................................
2004 .........................................................
2005 .........................................................
2006 .........................................................
2006: Jan ...............................................
Feb ...............................................
Mar ..............................................
Apr ...............................................
May ..............................................
June .............................................
July ..............................................
Aug ...............................................
Sept ..............................................
Oct ...............................................
Nov ...............................................
Dec ...............................................
2007: Jan ..............................................
Week ended:
2007: Jan 6 ...........................................
13 ...........................................
20 ...........................................
27 ...........................................
Feb 3 ...........................................
1 Average

Financial

Energy

Health
Care

4,827.35
5,818.26
6,546.81
6,805.89
6,397.85
5,578.89
5,447.46
6,612.62
7,349.00
8,357.99
8,007.35
8,044.86
8,174.34
8,351.28
8,353.45
7,985.59
8,103.97
8,294.89
8,383.29
8,651.02
8,856.30
9,089.55
9,132.04

................
................
................
................
................
................
5,583.00
6,822.18
7,383.70
8,654.40
8,187.86
8,280.82
8,459.04
8,572.54
8,608.10
8,225.14
8,340.25
8,574.68
8,789.30
9,101.77
9,251.53
9,461.77
9,575.21

..................
..................
..................
..................
..................
..................
5,273.90
6,952.36
9,377.84
11,206.94
10,965.30
10,741.43
10,702.23
11,467.85
11,380.52
10,690.86
11,360.86
11,610.65
10,807.75
11,020.11
11,657.36
12,078.39
11,381.56

................
................
................
................
................
................
5,288.67
5,924.80
6,283.96
6,685.06
6,604.09
6,566.87
6,653.63
6,519.78
6,488.14
6,395.87
6,566.19
6,763.81
6,910.95
6,975.17
6,845.16
6,931.01
7,083.45

7,441.15
8,625.52
10,464.88
10,734.90
10,189.13
9,226.43
8,993.59
10,317.39
10,547.67
11,408.67
10,872.48
10,971.19
11,144.45
11,234.68
11,333.88
10,997.97
11,032.53
11,257.35
11,533.60
11,963.12
12,185.15
12,377.62
12,512.89

873.43
1,085.50
1,327.33
1,427.22
1,194.18
993.94
965.23
1,130.65
1,207.23
1,310.46
1,278.72
1,276.65
1,293.74
1,302.18
1,290.00
1,253.12
1,260.24
1,287.15
1,317.81
1,363.38
1,388.63
1,416.42
1,424.16

1,469.49
1,794.91
2,728.15
3,783.67
2,035.00
1,539.73
1,647.17
1,986.53
2,099.32
2,263.41
2,289.99
2,273.67
2,300.26
2,338.68
2,245.28
2,137.41
2,086.21
2,117.77
2,221.94
2,330.17
2,408.70
2,431.91
2,453.19

1.77
1.49
1.25
1.15
1.32
1.61
1.77
1.72
1.83
1.87
1.83
1.86
1.85
1.85
1.90
1.96
1.94
1.92
1.87
1.83
1.80
1.79
1.81

4.57
3.46
3.17
3.63
2.95
2.92
3.84
4.89
5.36
..................
..................
..................
5.61
..................
..................
5.86
..................
..................
5.88
..................
..................
..................
..................

9,090.14
9,054.23
9,147.68
9,181.58
9,250.72

9,552.09
9,524.49
9,592.48
9,609.19
9,649.75

11,451.61
11,181.10
11,260.02
11,525.40
11,648.54

7,013.31
7,015.00
7,161.99
7,118.84
7,140.80

12,451.07
12,470.66
12,573.30
12,524.46
12,592.59

1,414.88
1,418.87
1,429.85
1,427.43
1,436.40

2,436.95
2,465.81
2,467.93
2,439.70
2,459.58

1.81
1.82
1.80
1.81
1.81

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

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 3 months of fiscal 2007, there was a deficit of $80.4 billion, compared with a deficit of $119.4 billion
a year earlier.

[Billions of dollars]
Total

On-budget

Off-budget

Receipts

Outlays

Surplus
or
deficit
(¥)

Receipts

1,055.1
1,091.3
1,154.5
1,258.7
1,351.9
1,453.2
1,579.4
1,722.0
1,827.6
2,025.5
1,991.4
1,853.4
1,782.5
1,880.3
2,153.9
2,407.3
2,540.1
2,662.5

1,324.3
1,381.6
1,409.5
1,461.9
1,515.9
1,560.6
1,601.3
1,652.7
1,702.0
1,789.2
1,863.2
2,011.2
2,160.1
2,293.0
2,472.2
2,655.4
2,784.3
2,901.9

¥269.2
¥290.3
¥255.1
¥203.2
¥164.0
¥107.4
¥21.9
69.3
125.6
236.2
128.2
¥157.8
¥377.6
¥412.7
¥318.3
¥248.2
¥244.2
¥239.4

761.2
788.9
842.5
923.7
1,000.9
1,085.7
1,187.4
1,306.2
1,383.2
1,544.9
1,483.9
1,338.1
1,258.7
1,345.5
1,576.4
1,798.9
1,906.0
1,988.4

1,082.6
1,129.3
1,142.9
1,182.5
1,227.2
1,259.7
1,290.7
1,336.1
1,381.3
1,458.5
1,516.4
1,655.5
1,797.1
1,913.5
2,070.0
2,233.4
2,333.0
2,439.3

¥321.4
¥340.4
¥300.4
¥258.8
¥226.4
¥174.0
¥103.2
¥29.9
1.9
86.4
¥32.4
¥317.4
¥538.4
¥568.0
¥493.6
¥434.5
¥427.0
¥450.9

293.9
302.4
311.9
335.0
351.1
367.5
392.0
415.8
444.5
480.6
507.5
515.3
523.8
534.7
577.5
608.4
634.1
674.1

241.7
252.3
266.6
279.4
288.7
300.9
310.6
316.6
320.8
330.8
346.8
355.7
363.0
379.5
402.2
422.1
451.3
462.5

52.2
50.1
45.3
55.7
62.4
66.6
81.4
99.2
123.7
149.8
160.7
159.7
160.8
155.2
175.3
186.3
182.8
211.6

3,598.2
4,001.8
4,351.0
4,643.3
4,920.6
5,181.5
5,369.2
5,478.2
5,605.5
5,628.7
5,769.9
6,198.4
6,760.0
7,354.7
7,905.3
8,451.4
9,007.8
9,575.5

2,689.0
2,999.7
3,248.4
3,433.1
3,604.4
3,734.1
3,772.3
3,721.1
3,632.4
3,409.8
3,319.6
3,540.4
3,913.4
4,295.5
4,592.2
4,829.0
5,083.3
5,345.4

530.2
573.5

649.6
653.9

¥119.4
¥80.4

400.9
438.7

570.5
574.1

¥169.6
¥135.4

129.3
134.8

79.0
79.8

50.2
55.0

8,138.5
8,621.5

4,701.9
4,885.3

Fiscal year or period

1991 ......................................
1992 ......................................
1993 ......................................
1994 ......................................
1995 ......................................
1996 ......................................
1997 ......................................
1998 ......................................
1999 ......................................
2000 ......................................
2001 ......................................
2002 ......................................
2003 ......................................
2004 ......................................
2005 .......................................
2006 r .....................................
2007 (estimates) r ..................
2008 (estimates) ....................
Cumulative total, first 3
months: 1
Fiscal year 2006 ............
Fiscal year 2007 ............
1 Data

32

from current issue Monthly Treasury Statement.

Outlays

Surplus
or
deficit
(¥)

Federal debt (end of
period)

Receipts

Outlays

Surplus
or
deficit
(¥)

Gross
Federal

Held by
the public

NOTE.—Data (except as noted) are from Budget of the United States Government, Fiscal Year
2008, issued February 5, 2007.
Sources: Department of the Treasury and Office of Management and Budget.

FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 3 months of fiscal 2007, receipts were $43.3 billion higher than a year earlier and outlays were $4.3
billion higher.

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

Fiscal year or period
Total

1991
1992
1993
1994
1995
1996
1997
1998
1999

Individual
income
taxes

Corporation
income
taxes

Social
insurance
and
retirement
receipts

On-budget and off-budget outlays
National defense
Other

Total
Total

Department of
Defense,
military

International
affairs

Health

Medicare

Income Social
security security

Net
interest

Other

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

1,055.1
1,091.3
1,154.5
1,258.7
1,351.9
1,453.2
1,579.4
1,722.0
1,827.6

467.8
476.0
509.7
543.1
590.2
656.4
737.5
828.6
879.5

98.1
100.3
117.5
140.4
157.0
171.8
182.3
188.7
184.7

396.0
413.7
428.3
461.5
484.5
509.4
539.4
571.8
611.8

93.2
101.4
99.0
113.8
120.2
115.5
120.3
132.9
151.7

1,324.3
1,381.6
1,409.5
1,461.9
1,515.9
1,560.6
1,601.3
1,652.7
1,702.0

273.3
298.4
291.1
281.6
272.1
265.8
270.5
r 268.2
r 274.8

262.3
286.8
278.5
268.6
259.4
253.1
258.3
r 255.8
r 261.2

15.9
16.1
17.2
17.1
16.4
13.5
15.2
13.1
15.2

71.2
89.5
99.4
107.1
115.4
119.4
123.8
131.4
141.1

104.5
119.0
130.6
144.7
159.9
174.2
190.0
192.8
190.4

172.5
199.6
210.0
217.2
223.8
229.7
235.0
237.8
242.5

269.0
287.6
304.6
319.6
335.8
349.7
365.3
379.2
390.0

194.4
199.3
198.7
202.9
232.1
241.1
244.0
241.1
229.8

223.6
172.2
158.0
171.7
160.3
167.3
157.4
r 189.0
r 218.2

2000 ..............................................
2001 ..............................................
2002 ..............................................
2003 ..............................................
2004 ..............................................
2005 ..............................................
2006 r .............................................
2007 (estimates) r ..........................
2008 (estimates) ............................

2,025.5
1,991.4
1,853.4
1,782.5
1,880.3
2,153.9
2,407.3
2,540.1
2,662.5

1,004.5
994.3
858.3
793.7
809.0
927.2
1,043.9
1,168.8
1,246.6

207.3
151.1
148.0
131.8
189.4
278.3
353.9
342.1
314.9

652.9
694.0
700.8
713.0
733.4
794.1
837.8
873.4
927.2

160.9
152.0
146.2
144.1
148.5
154.2
171.6
155.8
173.7

1,789.2
1,863.2
2,011.2
2,160.1
2,293.0
2,472.2
2,655.4
2,784.3
2,901.9

r 294.4

r 281.1
r 290.2

r 348.5

r 331.9

r 404.8

r 387.2

r 455.8

r 436.5

r 495.3

r 474.1

521.8
571.9
606.5

499.3
548.9
583.3

17.2
16.5
22.4
21.2
26.9
34.6
29.5
35.1
36.1

154.5
172.3
196.5
219.6
240.1
250.6
252.8
268.5
280.6

197.1
217.4
230.9
249.4
269.4
298.6
329.9
372.3
391.6

253.7
269.8
312.7
334.6
333.1
345.8
352.5
365.4
380.8

409.4
433.0
456.0
474.7
495.5
523.3
548.5
586.5
612.5

222.9
206.2
170.9
153.1
160.2
184.0
226.6
239.2
261.3

r 239.9

r 304.8

Cumulative total, first 3 months: 1
Fiscal year 2006 ....................
Fiscal year 2007 ....................

530.2
573.5

230.4
250.8

80.7
98.8

180.2
186.2

39.0
37.7

649.6
653.9

136.0
148.6

128.6
141.2

11.5
5.7

65.1
64.4

71.4
95.4

77.5
78.4

132.4
140.6

57.0
52.1

98.7
68.7

1 Data from current issue Monthly Treasury Statement. Data for Department of Defense,
military, include a small amount classified as international affairs, and not included in national
defense.

r 243.4
r 273.3
r 302.7
r 311.9
r 339.9

393.8
345.5
332.3

NOTE.—Data (except as noted) are from Budget of the United States Government, Fiscal Year
2008, issued February 5, 2007.
Sources: Department of the Treasury and Office of Management and Budget.

33

FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the fourth quarter of 2006, according to advance estimates, Federal current expenditures fell $15.6 billion (annual
rate); receipts data are incomplete.

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal Government current receipts
Current tax receipts
Period
Total 1

Personal
current
taxes

1,030.6
1,116.8
1,195.7
1,313.6
1,252.2
1,075.5
1,070.8
1,150.2
1,366.2
..............
1,092.7
1,097.0
1,004.5
1,089.1
1,108.6
1,141.0
1,156.9
1,194.3
1,328.0
1,344.3
1,364.2
1,428.4
1,524.9
1,553.2
1,582.9
..............

744.3
825.8
893.0
999.1
994.5
830.5
774.5
801.4
927.9
1,061.4
804.4
810.4
708.2
774.7
776.0
791.4
810.8
827.5
891.2
910.9
941.0
968.4
1,039.2
1,049.9
1,068.4
1,088.1

Total

Calendar year:
1997 .................
1998 .................
1999 .................
2000 .................
2001 .................
2002 .................
2003 ................
2004 ................
2005 ................
2006 p ...............
2003: I ...............
II .............
III ............
IV ............
2004: I ...............
II .............
III ............
IV ............
2005: I ...............
II .............
III ............
IV ............
2006: I ...............
II .............
III ............
IV p ...........
1 Includes
2 Includes

34

1,653.1
1,773.8
1,891.2
2,053.8
2,016.2
1,853.2
1,879.9
2,001.0
2,246.8
..............
1,888.9
1,903.3
1,817.3
1,910.2
1,945.4
1,985.6
2,013.0
2,059.9
2,214.5
2,240.3
2,182.4
2,349.8
2,490.9
2,523.2
2,564.7
..............

Taxes
on
production and
imports
78.2
81.1
83.9
87.8
85.8
87.3
89.7
94.6
101.1
101.0
90.0
89.5
88.8
90.3
93.6
94.0
95.1
95.8
97.9
102.7
102.4
101.6
101.1
103.0
101.3
98.6

Taxes
on
corporate
income
203.0
204.2
213.0
219.4
164.7
150.5
197.8
244.5
326.4
..............
190.8
186.5
199.6
214.3
229.4
246.5
242.8
259.3
327.6
321.4
309.5
347.1
374.3
389.4
401.8
..............

Contributions
for
government
social
insurance
576.4
613.8
651.6
691.7
717.5
734.3
758.9
802.2
855.3
921.8
747.6
755.9
761.7
770.3
787.8
795.8
807.1
817.9
838.3
846.1
863.2
873.8
911.9
914.1
924.2
937.0

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

Federal Government current expenditures

Income
receipts
on
assets

Current
transfer
receipts

Current
surplus
of government
enterprises

25.9
21.5
21.5
25.2
24.9
20.2
22.9
22.1
22.9
24.9
19.8
23.0
24.2
24.8
22.2
21.7
22.0
22.5
22.8
23.8
22.8
22.3
23.3
24.2
25.4
26.7

19.9
21.5
22.7
25.7
27.1
24.8
25.0
27.7
7.1
32.9
24.2
24.7
25.4
25.7
26.7
27.4
28.2
28.6
29.1
30.5
¥61.7
30.6
32.2
32.8
33.6
33.0

.3
.1
¥.3
¥2.3
¥5.5
¥1.6
2.3
¥1.2
¥4.9
¥1.4
4.6
2.7
1.5
.4
.1
¥.3
¥1.3
¥3.4
¥3.7
¥4.5
¥6.0
¥5.4
¥1.4
¥1.1
¥1.5
¥1.5

Total 2

1,708.9
1,734.9
1,787.6
1,864.4
1,969.5
2,101.1
2,252.1
2,383.0
2,555.9
2,692.2
2,179.0
2,268.8
2,268.8
2,291.7
2,346.4
2,366.3
2,393.6
2,425.6
2,502.0
2,529.9
2,578.5
2,613.3
2,637.9
2,686.2
2,730.2
2,714.6

Consumption
expenditures

457.7
454.6
475.1
499.3
531.9
591.5
662.7
724.5
768.6
808.0
636.9
668.4
669.1
676.5
712.2
722.6
734.8
728.3
758.0
760.8
784.3
771.1
803.6
802.3
809.1
817.0

Current
transfer
payments

918.8
946.5
986.1
1,038.1
1,131.4
1,243.0
1,328.7
1,393.3
1,476.7
1,551.4
1,285.1
1,331.4
1,342.1
1,356.3
1,376.7
1,384.5
1,390.0
1,422.1
1,461.2
1,461.8
1,481.3
1,502.4
1,522.0
1,546.6
1,564.8
1,572.1

Interest
payments

300.0
298.8
282.7
283.3
258.6
229.1
212.9
220.9
253.8
280.4
216.6
212.4
210.0
212.5
215.6
215.3
224.8
227.7
230.9
252.1
255.2
277.1
257.5
285.4
304.9
273.9

Source: Department of Commerce, Bureau of Economic Analysis.

Subsidies

32.4
35.0
43.8
43.8
47.6
37.5
47.8
44.3
56.9
52.4
41.9
55.2
47.5
46.4
43.4
42.4
43.9
47.4
51.9
55.2
57.7
62.7
54.7
51.9
51.4
51.6

Net
Federal
Government
saving

¥55.8
38.8
103.6
189.5
46.7
¥247.9
¥372.1
¥382.0
¥309.2
....................
¥290.2
¥365.5
¥451.4
¥381.5
¥401.0
¥380.6
¥380.6
¥365.7
¥287.6
¥289.6
¥396.0
¥263.6
¥147.0
¥163.1
¥165.6
....................

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

United
States

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

Italy

153.2
154.2
155.0
157.6
160.2
163.3
166.7
170.3
173.2
176.2
174.1
174.2
174.1
174.8
175.3
176.0
176.8
176.8
176.5
177.1
176.7
176.3
176.5
176.9

137.8
139.1
140.0
142.0
144.8
146.7
148.3
150.8
153.7
156.3
154.2
155.6
154.9
155.4
155.4
156.0
156.3
156.6
157.1
157.0
156.4
156.6
156.4
157.7

218.2
222.5
226.2
231.9
238.3
244.3
250.8
256.3
261.3
266.9
263.4
263.4
264.0
264.6
265.3
266.1
266.9
267.1
267.9
268.3
268.1
267.9
268.1
268.3

2007: Jan p ....................... .............. .............. ............ .............. .............. .............. .............. .............. .............. ............ ............

157.4

268.5 ..............

1997 ..................................
1998 ..................................
1999 ..................................
2000 ..................................
2001 ..................................
2002 ..................................
2003 ..................................
2004 ..................................
2005 ..................................
2006 p .................................
2005: Nov r .......................
Dec r .......................
2006: Jan r .......................
Feb r .......................
Mar r .......................
Apr r .......................
May r ......................
June r .....................
July r ......................
Aug r .......................
Sept r ......................
Oct r ........................
Nov p .......................
Dec p .......................

Canada

89.2
86.2
94.6
89.2
99.1
99.4
103.6
102.6
100.0
98.4
100.0
100.0
101.1
100.7
103.6
102.7
106.9
104.0
111.2 ..............
108.2
104.9
109.1
105.8
109.1
104.5
109.4
104.6
110.0
104.3
110.9
103.7
110.9
103.3
111.9
103.3
112.3
103.7
112.5
103.5
112.2
102.0
112.1
101.9
112.0
102.3
112.4 ..............

Japan

France

109.3
90.4
102.1
93.9
102.4
96.1
108.0
100.0
101.2
101.3
100.0
100.0
103.0
99.6
108.5
102.1
109.8
102.3
114.6 ..............
112.2
103.4
113.9
102.4
113.5
103.0
112.1
101.6
112.3
103.2
113.9
101.8
112.3
104.0
114.4
103.9
113.4
102.4
115.6
103.3
114.6
102.5
116.5
102.5
117.4
102.3
118.4 ..............

Germany

United
Kingdom

Italy

91.0
97.5
94.4
98.6
95.5
98.5
100.8
102.7
101.1
101.6
100.0
100.0
100.4
99.5
103.5
98.9
106.9
98.1
112.8 ..............
109.0
98.6
109.2
99.9
109.7
99.8
110.3
100.2
109.8
100.1
111.2
99.4
112.6
100.2
112.8
100.6
113.7
100.4
115.2
101.4
114.6
100.4
113.4
101.0
115.4
100.7
114.7 ..............

1 Data

United
States 1

99.2
100.2
101.6
103.5
102.0
100.0
99.7
100.5
98.6
98.5
97.8
98.1
98.3
98.0
98.8
98.2
98.6
98.6
98.6
98.6
99.0
98.4
98.7
98.6

Canada

160.5
163.0
166.6
172.2
177.1
179.9
184.0
188.9
195.3
201.6
197.6
196.8
198.3
198.7
199.8
201.5
202.5
202.9
203.5
203.9
202.9
201.8
201.5
201.8

Japan

156.3
157.8
160.5
164.9
169.1
172.9
177.7
181.0
184.9
188.7
186.2
186.1
187.1
186.8
187.8
188.9
189.7
189.4
189.6
189.9
188.9
188.4
188.9
189.2

121.5
122.2
121.8
121.0
120.1
119.0
118.7
118.7
118.3
118.7
118.1
118.2
118.3
117.9
118.2
118.4
118.8
118.8
118.4
119.2
119.2
119.0
118.4
118.5

France

United
Kingdom

185.1
191.4
194.3
200.1
203.6
207.0
213.0
219.4
225.6
232.8
227.5
228.1
227.2
228.2
229.1
230.9
232.3
233.2
233.2
234.1
235.1
235.5
236.3
238.2

Source: National sources as reported by Department of Commerce (Bureau of Economic
Analysis and International Trade Administration, Office of Trade and Industry Information)
and Council of Economic Advisers.

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

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

1996
1997
1998
1999
2000
2001
2002
2003
2004
2005

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

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

612.1
678.4
670.4
684.0
772.0
718.7
682.4
713.4
807.5
894.6

625.1
689.2
682.1
695.8
781.9
729.1
693.1
724.8
818.8
906.0

55.5
51.5
46.4
46.0
47.9
49.4
49.6
55.0
56.6
59.0

147.7
158.2
148.3
147.5
172.6
160.1
156.8
173.0
204.0
233.1

253.0
294.5
299.4
310.8
356.9
321.7
290.4
293.7
331.6
362.7

2005: Nov ...
Dec ...

77.5
79.4

78.5
80.6

4.9
5.0

19.5
20.1

32.2
32.7

8.7
8.9

10.0
10.5

2006: Jan ...
Feb ...
Mar ...
Apr ...
May ..
June
July ..
Aug ...
Sept ..
Oct r ..
Nov p

81.4
80.8
82.4
81.8
84.1
87.0
85.5
88.0
88.6
88.5
89.1

82.2
81.7
83.3
82.8
85.1
87.9
86.5
89.2
89.9
89.8
90.7

5.3
5.0
5.2
5.2
5.5
5.7
5.7
6.0
5.8
5.8
5.6

21.1
20.7
22.2
22.2
23.0
23.7
23.1
23.6
24.6
24.2
23.9

33.3
33.4
33.4
33.3
34.1
35.0
33.7
34.9
35.6
35.7
36.4

8.8
9.0
8.6
8.7
8.5
9.0
9.6
9.5
8.8
8.7
9.1

10.4
10.3
10.5
10.1
10.6
10.8
10.9
11.2
10.8
11.2
11.4

1 Total

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

795.3
869.7
911.9
1,024.6
1,218.0
1,141.0
1,161.4
1,257.1
1,469.7
1,673.5

35.7
39.7
41.2
43.6
46.0
46.6
49.7
55.8
62.1
68.1

204.5
213.8
200.1
221.4
299.0
273.9
267.7
313.8
412.8
523.9

228.1
253.3
269.5
295.7
347.0
298.0
283.3
295.9
343.5
379.2

128.9
139.8
148.7
179.0
195.9
189.8
203.7
210.1
228.2
239.5

172.0
193.8
217.0
241.9
281.8
284.3
307.8
333.9
372.9
407.2

239.5
256.1
262.8
281.9
298.6
286.2
292.3
302.7
344.4
380.6

152.6
165.9
180.7
199.2
223.7
221.8
231.1
250.3
290.3
314.6

¥170.2
¥180.5
¥229.8
¥328.8
¥436.1
¥411.9
¥468.3
¥532.4
¥650.9
¥767.5

¥191.0
¥198.1
¥246.7
¥346.0
¥452.4
¥427.2
¥482.3
¥547.3
¥665.4
¥782.7

86.9
90.2
82.1
82.7
74.9
64.4
61.2
52.4
54.1
66.0

¥104.1
¥107.9
¥164.6
¥263.3
¥377.6
¥362.8
¥421.1
¥494.9
¥611.3
¥716.7

147.2
149.6

146.9
149.3

5.9
6.0

49.1
49.3

32.3
33.0

20.7
21.1

34.0
35.2

32.5
33.1

26.8
27.1

¥68.4
¥68.7

¥69.7
¥70.2

5.7
6.0

¥64.0
¥64.2

153.6
148.8
150.1
151.4
155.1
157.0
158.9
162.9
158.9
153.5
153.8

153.2
148.4
149.7
151.0
154.7
156.6
158.5
162.5
158.5
153.1
153.5

6.2
6.0
6.4
6.2
6.1
6.0
6.3
6.5
6.4
6.5
6.4

50.2
49.6
46.4
48.9
52.7
52.1
54.2
55.9
52.3
46.9
45.9

34.1
32.5
34.4
34.5
34.7
34.7
35.4
36.3
35.8
35.5
35.8

22.3
21.3
21.0
21.4
20.9
22.2
20.9
21.4
21.1
20.8
21.1

35.2
34.4
36.6
35.4
35.6
36.7
36.8
37.4
38.0
38.2
39.1

33.3
33.0
33.6
34.2
34.5
34.3
34.5
34.7
34.8
35.2
35.7

27.4
27.7
27.9
28.1
28.7
28.9
28.6
28.4
28.7
28.9
29.2

¥71.0
¥66.8
¥66.4
¥68.3
¥69.6
¥68.7
¥72.0
¥73.2
¥68.7
¥63.3
¥62.8

¥72.2
¥68.0
¥67.7
¥69.6
¥71.0
¥70.0
¥73.5
¥74.9
¥70.3
¥65.0
¥64.7

5.9
5.3
5.6
6.1
5.8
5.5
5.9
6.3
6.0
6.2
6.5

¥66.3
¥62.7
¥62.1
¥63.4
¥65.2
¥64.5
¥67.5
¥68.5
¥64.3
¥58.8
¥58.2

65.0 70.1 803.1
74.0 77.4 876.5
72.4 80.3 917.1
75.3 80.9 1,030.0
80.4 89.4 1,224.4
75.4 88.3 1,145.9
78.9 84.4 1,164.7
80.6 89.9 1,260.7
89.2 103.1 1,472.9
98.6 115.7 1,677.4

includes ‘‘other’’ exports or imports, not shown separately.
NOTE.—BOP refers to balance of payments on international transactions basis. BOP data
shown here are consistent with figures shown on pp. 36 and 37.

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

35

U.S. INTERNATIONAL TRANSACTIONS
In the third quarter of 2006, the goods deficit rose to $218.6 billion, from $210.6 billion in the second quarter.
The current account deficit rose to $225.6 billion in the third quarter, from $217.1 billion in the second quarter.

[Millions of dollars; quarterly data seasonally adjusted. Credits (+), debits (¥)]
Goods 1

Period
Exports

Imports

Services

Balance
on
goods

Net
military
transactions 2

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

612,113
678,366
670,416
683,965
771,994
718,712
682,422
713,415
807,516
894,631

¥803,113
¥876,470
¥917,103
¥1,029,980
¥1,224,408
¥1,145,900
¥1,164,720
¥1,260,717
¥1,472,926
¥1,677,371

¥191,000
¥198,104
¥246,687
¥346,015
¥452,414
¥427,188
¥482,298
¥547,302
¥665,410
¥782,740

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

194,056
199,617
204,340
209,503

¥344,010
¥364,709
¥373,143
¥391,064

¥149,954
¥165,092
¥168,803
¥181,561

¥3,084
¥3,378
¥3,595
¥3,775

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

214,189
222,591
224,947
232,904

¥397,457
¥410,811
¥423,693
¥445,410

¥183,268
¥188,220
¥198,746
¥212,506

2006: I ........
II .......
III p ....

244,512
252,843
262,069

¥452,481
¥463,441
¥480,681

¥207,969
¥210,598
¥218,612

1996
1997
1998
1999
2000
2001
2002
2003
2004
2005

Net
travel
and
transportation

Other
services,
net

Receipts

Payments

Balance
on
income

Unilateral
current
transfers,
net 3

Balance
on
current
account

56,535
63,035
66,651
73,051
72,052
69,943
72,633
76,485
80,746
89,526

¥104,065
¥107,949
¥164,606
¥263,286
¥377,559
¥362,795
¥421,068
¥494,897
¥611,296
¥716,730

226,129
256,804
261,819
293,925
350,918
288,251
270,652
303,062
374,913
474,647

¥203,811
¥244,195
¥257,554
¥280,037
¥329,864
¥263,120
¥258,443
¥266,469
¥347,321
¥463,353

22,318
12,609
4,265
13,888
21,054
25,131
12,209
36,593
27,592
11,293

¥43,017
¥45,062
¥53,187
¥50,428
¥58,645
¥51,295
¥63,587
¥69,210
¥81,582
¥86,072

¥124,764
¥140,402
¥213,528
¥299,826
¥415,150
¥388,959
¥472,446
¥527,514
¥665,286
¥791,508

¥3,045
¥2,869
¥3,264
¥3,622

19,935
19,950
18,990
21,872

¥136,148
¥151,389
¥156,672
¥167,086

85,526 ¥72,662
90,877 ¥85,364
94,959 ¥88,090
103,545 ¥101,206

12,864
5,513
6,869
2,339

¥22,554
¥20,895
¥16,524
¥21,609

¥145,838
¥166,771
¥166,327
¥186,356

¥2,863
¥2,803
¥2,300
¥3,057

¥4,124
¥2,831
¥2,598
¥2,940

22,147
21,796
21,853
23,729

¥168,108
¥172,058
¥181,792
¥194,774

108,697
112,681
122,081
131,192

¥105,076
¥110,687
¥114,240
¥133,351

3,621
1,994
7,841
¥2,159

¥27,237
¥23,194
¥9,464
¥26,176

¥191,724
¥193,258
¥183,415
¥223,109

¥3,239
¥3,514
¥3,798

¥2,740
¥3,044
¥2,328

22,808 ¥191,140
24,042 ¥193,114
24,420 ¥200,318

139,966 ¥142,482
156,038 ¥158,195
160,791 ¥164,573

¥2,516
¥2,157
¥3,782

¥19,542
¥21,856
¥21,450

¥213,198
¥217,127
¥225,550

5,385
25,015
4,968
22,152
5,220
10,210
2,593
7,085
317
2,486
¥2,296 ¥3,254
¥7,158 ¥4,245
¥12,527 ¥11,553
¥13,832 ¥12,800
¥11,024 ¥12,492

1 Adjusted from Census data for differences in timing and coverage; excludes military.
2 Transfers under U.S. military agency sales contracts (exports) minus direct defense expenditures (imports).

36

Income receipts and payments
Balance
on
goods
and
services

3 Includes

transfers of goods and services under U.S. military grant programs.
See p. 37 for continuation of table.

U.S. INTERNATIONAL TRANSACTIONS—Continued
In the financial account, U.S. claims on foreigners reported by U.S. banks increased $85.7 billion in the third quarter
of 2006, following an increase of $80.7 billion in the second quarter. U.S. liabilities to private foreigners reported
by U.S. banks, excluding Treasury securities, increased $89.1 billion in the third quarter, following an increase of
$79.6 billion in the second quarter.

[Millions of dollars; quarterly data seasonally adjusted. Credits (+), debits (¥)]
Financial account

Period

1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2004:

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

Capital
account
transactions,
net

¥735
¥1,027
¥766
¥4,939
¥1,010
¥1,270
¥1,470
¥3,321
¥2,261
¥4,351
¥457
¥399
¥923
¥482
¥2,691
¥589
¥557
¥514
¥1,756
¥1,003
¥551

U.S.-owned assets abroad, net
[increase/financial outflow (¥)]

Total

¥413,409
¥485,475
¥353,829
¥504,062
¥560,523
¥382,616
¥294,646
¥326,424
¥867,802
¥426,801
¥309,212
¥135,173
¥144,528
¥278,884
¥87,391
¥196,376
¥132,380
¥10,656
¥355,978
¥211,375
¥223,769

U.S.
official
reserve
assets 4

6,668
¥1,010
¥6,783
8,747
¥290
¥4,911
¥3,681
1,523
2,805
14,096
557
1,122
429
697
5,331
¥797
4,766
4,796
513
¥560
1,006

Other U.S.
Government
assets

¥989
68
¥422
2,750
¥941
¥486
345
537
1,710
5,539
727
¥2
484
501
2,591
989
1,501
459
1,049
1,765
287

Statistical discrepancy
Foreign-owned assets in the U.S., net
[increase/financial inflow (+)]

U.S.
private
assets

¥419,088
¥484,533
¥346,624
¥515,559
¥559,292
¥377,219
¥291,310
¥328,484
¥872,317
¥446,436
¥310,496
¥136,293
¥145,441
¥280,082
¥95,313
¥196,568
¥138,647
¥15,911
¥357,540
¥212,580
¥225,062

4 Consists of gold, special drawing rights (SDRs), foreign currencies, and the U.S. reserve
position in the International Monetary Fund (IMF).

Total

551,096
706,809
423,569
740,210
1,046,896
782,859
797,813
864,769
1,450,221
1,212,250
438,930
314,152
260,132
437,006
224,128
346,179
388,592
253,350
527,498
364,576
400,161

Foreign
official
assets

126,724
19,036
¥19,903
43,543
42,758
28,059
115,945
278,275
387,809
199,495
147,627
79,944
71,285
88,953
18,965
74,613
33,983
71,934
75,697
75,869
80,775

Other
foreign
assets

424,372
687,773
443,472
696,667
1,004,138
754,800
681,868
586,494
1,062,412
1,012,755
291,303
234,208
188,847
348,053
205,163
271,566
354,609
181,416
451,801
288,707
319,386

Total (sum
of the items
with sign
reversed)

¥12,188
¥79,905
144,554
68,617
¥70,213
¥10,014
¥29,251
¥7,510
85,128
10,410
16,577
¥11,809
51,646
28,716
57,678
44,044
¥72,240
¥19,071
43,434
64,929
49,709

Of which:
Seasonal
adjustment
discrepancy

..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
10,471
¥2,405
¥12,227
4,163
13,192
¥4,862
¥17,549
9,219
10,437
¥3,040
¥14,324

U.S. official
reserve
assets, net 4
(unadjusted,
end of
period)

75,089
69,954
81,761
71,516
67,647
68,654
79,006
85,938
86,824
65,127
85,192
82,652
82,578
86,824
78,942
76,594
71,273
65,127
65,354
67,935
66,217

Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the
Treasury.

37

Contents
Page

TOTAL OUTPUT, INCOME, AND SPENDING
Gross Domestic Product ..........................................................................................................................................................................................
Real Gross Domestic Product ..................................................................................................................................................................................
Implicit Price Deflators for Gross Domestic Product ..............................................................................................................................................
Gross Domestic Product and Related Price Measures: Indexes and Percent Changes ..............................................................................................
Nonfinancial Corporate Business—Gross Value Added and Price, Costs, and Profits .............................................................................................
National Income ......................................................................................................................................................................................................
Real Personal Consumption Expenditures ...............................................................................................................................................................
Sources of Personal Income ......................................................................................................................................................................................
Disposition of Personal Income ...............................................................................................................................................................................
Farm Income ............................................................................................................................................................................................................
Corporate Profits ......................................................................................................................................................................................................
Real Gross Private Domestic Investment ................................................................................................................................................................
Real Private Fixed Investment by Type ..................................................................................................................................................................
Business Investment ................................................................................................................................................................................................

1
2
2
3
3
4
4
5
6
7
8
9
10
10

EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force .........................................................................................................................................................................................
Selected Unemployment Rates ................................................................................................................................................................................
Selected Measures of Unemployment and Unemployment Insurance Programs ......................................................................................................
Nonagricultural Employment ..................................................................................................................................................................................
Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries .................................................................
Employment Cost Index—Private Industry .............................................................................................................................................................
Productivity and Related Data, Business Sector ......................................................................................................................................................

11
12
13
14
15
15
16

PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization .......................................................................................................................................................
Industrial Production—Major Market Groups and Selected Manufactures ..............................................................................................................
New Construction ....................................................................................................................................................................................................
New Private Housing and Vacancy Rates ...............................................................................................................................................................
Business Sales and Inventories—Manufacturing and Trade .....................................................................................................................................
Manufacturers’ Shipments, Inventories, and Orders .................................................................................................................................................

17
18
19
19
20
21

PRICES
Producer Prices ........................................................................................................................................................................................................
Consumer Prices—All Urban Consumers ................................................................................................................................................................
Changes in Producer Prices for Finished Goods ......................................................................................................................................................
Changes in Consumer Prices—All Urban Consumers .............................................................................................................................................
Prices Received and Paid by Farmers ......................................................................................................................................................................

22
23
24
24
25

MONEY, CREDIT, AND SECURITY MARKETS
Money Stock and Debt Measures .............................................................................................................................................................................
Components of Money Stock ...................................................................................................................................................................................
Aggregate Reserves and Monetary Base ...................................................................................................................................................................
Bank Credit at All Commercial Banks ....................................................................................................................................................................
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business ..................................................................................................................
Consumer Credit ......................................................................................................................................................................................................
Interest Rates and Bond Yields ...............................................................................................................................................................................
Common Stock Prices and Yields ............................................................................................................................................................................

26
27
27
28
29
29
30
31

FEDERAL FINANCE
Federal Receipts, Outlays, and Debt .......................................................................................................................................................................
Federal Receipts by Source and Outlays by Function ..............................................................................................................................................
Federal Sector, National Income Accounts Basis .....................................................................................................................................................

32
33
34

INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries ...............................................................................................................
U.S. International Trade in Goods and Services ......................................................................................................................................................
U.S. International Transactions ................................................................................................................................................................................

35
35
36

General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
p Preliminary.
r Revised.
c Corrected.
… Not available (also, not applicable).
NSA not seasonally adjusted.

38

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