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111th Congress, 1st Session

Economic Indicators
JANUARY 2009
(Includes data available as of February 6, 2009)

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

UNITED STATES
GOVERNMENT PRINTING OFFICE

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JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
CAROLYN B. MALONEY, New York, Chair
CHARLES E. SCHUMER, New York, Vice Chairman
HOUSE OF REPRESENTATIVES
MAURICE D. HINCHEY, New York
BARON P. HILL, Indiana
LORETTA SANCHEZ, California
ELIJAH E. CUMMINGS, Maryland
VIC SNYDER, Arkansas
KEVIN BRADY, Texas
RON PAUL, Texas
MICHAEL C. BURGESS, M.D., Texas
JOHN CAMPBELL, California

SENATE
EDWARD M. KENNEDY, Massachusetts
JEFF BINGAMAN, New Mexico
AMY KLOBUCHAR, Minnesota
ROBERT P. CASEY, JR., Pennsylvania
JIM WEBB, Virginia
SAM BROWNBACK, Kansas
JIM DEMINT, South Carolina
JAMES E. RISCH, Idaho
ROBERT F. BENNETT, Utah

NAN GIBSON, Executive Director

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

Economic Indicators, published monthly, is available at $5.00 a single copy
($7.00 foreign), or by subscription at $58.00 per year ($81.20 for foreign mailing)
from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON, D.C. 20402

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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

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TOTAL OUTPUT, INCOME, AND SPENDING
GROSS DOMESTIC PRODUCT
In the fourth quarter of 2008, according to advance estimates, current-dollar gross domestic product (GDP) fell
4.1 percent (annual rate), real GDP (GDP in chained 2000 dollars) fell 3.8 percent, and the implicit price deflator
fell 0.3 percent.

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

1999 ......................
2000 ......................
2001 ......................
2002 ......................
2003 ......................
2004 ......................
2005 ......................
2006 ......................
2007 ......................
2008 p ....................
2005: I ................
II ...............
III .............
IV ..............
2006: I ................
II ...............
III .............
IV ..............
2007: I ................
II ...............
III .............
IV ..............
2008: I ................
II ...............
III .............
IV p ............
1 GDP

Net
exports

Exports

9,268.4
9,817.0
10,128.0
10,469.6
10,960.8
11,685.9
12,421.9
13,178.4
13,807.5
14,280.7
12,155.4
12,297.5
12,538.2
12,696.4
12,959.6
13,134.1
13,249.6
13,370.1
13,510.9
13,737.5
13,950.6
14,031.2
14,150.8
14,294.5
14,412.8
14,264.6

¥260.5
¥379.5
¥367.0
¥424.4
¥499.4
¥615.4
¥713.6
¥757.3
¥707.8
¥665.1
¥670.7
¥680.9
¥725.1
¥777.7
¥761.7
¥777.2
¥792.7
¥697.7
¥728.8
¥723.1
¥682.6
¥696.7
¥705.7
¥718.2
¥707.7
¥528.9

991.2
1,096.3
1,032.8
1,005.9
1,040.8
1,182.4
1,311.5
1,480.8
1,662.4
1,867.8
1,266.8
1,305.1
1,314.5
1,359.6
1,423.2
1,462.8
1,492.5
1,544.5
1,560.5
1,614.4
1,714.9
1,759.7
1,820.8
1,923.2
1,968.9
1,758.4

6,282.5
6,739.4
7,055.0
7,350.7
7,703.6
8,195.9
8,694.1
9,207.2
9,710.2
10,058.5
8,480.9
8,610.8
8,791.1
8,893.7
9,026.3
9,161.9
9,283.7
9,357.0
9,524.9
9,657.5
9,765.6
9,892.7
10,002.3
10,138.0
10,163.5
9,930.2

1,625.7
1,735.5
1,614.3
1,582.1
1,664.1
1,888.6
2,086.1
2,220.4
2,130.4
2,004.1
2,046.0
2,039.7
2,084.2
2,174.6
2,236.7
2,253.7
2,231.7
2,159.5
2,117.8
2,147.2
2,164.0
2,092.3
2,056.1
2,000.9
2,010.9
1,948.4

Government consumption expenditures
and gross investment
Federal

Imports

Total
Total

1,251.7
1,475.8
1,399.8
1,430.3
1,540.2
1,797.8
2,025.1
2,238.1
2,370.2
2,533.0
1,937.5
1,986.0
2,039.6
2,137.4
2,184.9
2,240.0
2,285.2
2,242.2
2,289.4
2,337.5
2,397.5
2,456.5
2,526.5
2,641.4
2,676.6
2,287.4

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

1,620.8
1,721.6
1,825.6
1,961.1
2,092.5
2,216.8
2,355.3
2,508.1
2,674.8
2,883.2
2,299.2
2,328.0
2,388.0
2,405.9
2,458.4
2,495.7
2,526.9
2,551.4
2,597.0
2,655.9
2,703.5
2,742.9
2,798.1
2,873.7
2,946.1
2,914.9

555.8
578.8
612.9
679.7
756.4
825.6
875.5
932.2
979.3
1,071.2
861.0
867.1
894.2
879.5
922.8
928.5
935.5
941.7
950.3
974.6
994.0
998.3
1,026.5
1,056.1
1,098.0
1,103.9

National
defense
360.6
370.3
392.6
437.1
497.2
550.7
588.1
624.1
662.2
734.3
576.1
584.4
606.3
585.4
613.6
623.1
624.0
635.9
636.9
656.8
675.6
679.3
699.9
723.3
759.5
754.4

Nondefense
195.2
208.5
220.3
242.5
259.2
274.9
287.4
308.0
317.1
336.9
284.9
282.8
288.0
294.1
309.3
305.4
311.5
305.9
313.4
317.8
318.3
319.0
326.6
332.9
338.5
349.6

State
and
local
1,065.0
1,142.8
1,212.8
1,281.5
1,336.0
1,391.2
1,479.8
1,575.9
1,695.5
1,812.1
1,438.2
1,460.9
1,493.8
1,526.4
1,535.5
1,567.2
1,591.4
1,609.7
1,646.8
1,681.3
1,709.5
1,744.6
1,771.6
1,817.6
1,848.1
1,811.0

Final
sales of
domestic
product

Gross
domestic
purchases 1

Addendum:
Gross
national
product

9,201.5
9,760.5
10,159.7
10,457.7
10,946.5
11,627.3
12,378.6
13,129.0
13,811.2
14,320.6
12,072.7
12,278.1
12,527.2
12,636.1
12,906.5
13,068.3
13,187.1
13,354.3
13,526.5
13,738.4
13,927.6
14,052.3
14,176.4
14,370.5
14,462.5
14,272.9

9,528.9
10,196.4
10,495.0
10,894.0
11,460.2
12,301.3
13,135.5
13,935.7
14,515.3
14,945.8
12,826.1
12,978.4
13,263.3
13,474.1
13,721.4
13,911.3
14,042.3
14,067.9
14,239.7
14,460.6
14,633.1
14,728.0
14,856.6
15,012.7
15,120.5
14,793.5

9,302.2
9,855.9
10,171.6
10,500.2
11,017.6
11,762.1
12,514.9
13,256.6
13,910.0
..............
12,258.0
12,389.7
12,641.2
12,770.6
13,039.2
13,219.4
13,316.1
13,452.0
13,583.3
13,797.2
14,062.8
14,196.6
14,289.0
14,408.3
14,539.6
..............

Source: Department of Commerce, Bureau of Economic Analysis.

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Period

Exports and imports
of goods and services

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

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

Gross private
domestic investment
Gross
domestic
product

Period

1999 .........
2000 .........
2001 .........
2002 .........
2003 .........
2004 .........
2005 .........
2006 .........
2007 .........
2008 p ........
2005: I ....
II ...
III
IV ..
2006: I ....
II ...
III
IV ..
2007: I ....
II ...
III
IV ..
2008: I ....
II ...
III
IV p

9,470.3
9,817.0
9,890.7
10,048.8
10,301.0
10,675.8
10,989.5
11,294.8
11,523.9
11,671.3
10,875.8
10,946.1
11,050.0
11,086.1
11,217.3
11,291.7
11,314.1
11,356.4
11,357.8
11,491.4
11,625.7
11,620.7
11,646.0
11,727.4
11,712.4
11,599.4

Personal
conNonresi- Resi- Change
sumption dential dential in priexpendifixed
fixed
vate
tures
invest- invest- invenment
ment tories
6,438.6
6,739.4
6,910.4
7,099.3
7,295.3
7,561.4
7,791.7
8,029.0
8,252.8
8,276.2
7,697.5
7,766.4
7,838.1
7,864.9
7,947.4
8,002.1
8,046.3
8,119.9
8,197.2
8,237.3
8,278.5
8,298.2
8,316.1
8,341.3
8,260.6
8,186.9

1,133.3
1,232.1
1,180.5
1,071.5
1,081.8
1,144.3
1,226.2
1,318.2
1,382.9
1,408.2
1,200.4
1,219.0
1,237.1
1,248.2
1,295.2
1,315.4
1,332.7
1,329.3
1,340.4
1,373.8
1,402.9
1,414.7
1,423.1
1,431.8
1,425.7
1,352.2

443.6
446.9
448.5
469.9
509.4
560.2
595.4
552.9
453.8
359.2
582.1
595.8
601.7
602.0
596.5
570.1
536.7
508.4
486.4
471.7
445.3
411.6
383.0
369.6
353.7
330.7

68.9
56.5
¥31.7
12.5
14.3
54.3
38.9
42.3
¥2.5
¥21.0
74.6
16.7
11.0
53.5
45.9
56.9
53.3
13.1
¥15.0
¥2.8
16.0
¥8.1
¥10.2
¥50.6
¥29.6
6.2

Exports and imports of
goods and services

Government consumption expenditures
and gross investment
Federal

Net
exports

Exports

Imports

Total

¥296.2
¥379.5
¥399.1
¥471.3
¥518.9
¥593.8
¥616.6
¥615.7
¥546.5
¥388.2
¥623.7
¥601.3
¥603.6
¥637.8
¥636.0
¥619.4
¥623.0
¥584.3
¥618.6
¥571.2
¥511.8
¥484.5
¥462.0
¥381.3
¥353.1
¥356.4

1,008.2
1,096.3
1,036.7
1,013.3
1,026.1
1,126.1
1,205.3
1,314.8
1,425.9
1,518.6
1,177.9
1,203.1
1,204.3
1,235.7
1,284.3
1,301.4
1,312.6
1,361.1
1,363.2
1,392.2
1,466.2
1,482.1
1,500.6
1,544.7
1,556.1
1,472.8

1,304.4
1,475.8
1,435.8
1,484.6
1,545.0
1,719.9
1,821.9
1,930.5
1,972.4
1,906.7
1,801.7
1,804.4
1,807.9
1,873.6
1,920.2
1,920.9
1,935.7
1,945.3
1,981.8
1,963.4
1,978.0
1,966.5
1,962.6
1,926.0
1,909.1
1,829.2

1,686.9
1,721.6
1,780.3
1,858.8
1,904.8
1,931.8
1,939.0
1,971.2
2,012.1
2,071.0
1,929.6
1,934.0
1,950.4
1,941.9
1,960.5
1,966.6
1,974.9
1,982.7
1,987.1
2,006.4
2,025.3
2,029.4
2,039.1
2,058.9
2,088.1
2,097.7

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

573.7
578.8
601.4
643.4
687.1
715.9
724.5
741.0
752.9
797.7
718.0
720.1
736.8
723.2
740.6
737.7
741.1
744.4
737.5
749.6
762.7
761.7
772.6
785.0
810.8
822.3

372.2
370.3
384.9
413.2
449.0
475.0
482.2
490.0
502.1
537.7
476.3
481.0
495.1
476.5
486.7
489.0
487.9
496.3
488.8
498.8
511.0
509.9
518.9
528.1
550.4
553.3

201.5
208.5
216.5
230.2
238.0
240.7
242.0
250.8
250.4
259.4
241.5
238.8
241.4
246.5
253.8
248.5
253.1
247.8
248.6
250.5
251.2
251.5
253.2
256.3
259.5
268.4

State
and
local

1,113.2
1,142.8
1,179.0
1,215.4
1,217.8
1,215.8
1,214.3
1,230.2
1,259.0
1,274.3
1,211.4
1,213.8
1,213.6
1,218.5
1,219.9
1,228.8
1,233.7
1,238.2
1,249.3
1,256.6
1,262.6
1,267.5
1,266.7
1,274.4
1,278.7
1,277.2

Final
sales of
domestic
product

Gross
domestic
purchases 1

Addendum:
Gross
national
product

9,404.0
9,760.5
9,920.9
10,036.5
10,285.1
10,619.8
10.947.3
11,249.3
11,523.4
11,690.0
10,799.3
10,925.9
11,035.5
11,028.4
11,167.6
11,232.1
11,257.8
11,339.7
11,370.5
11,490.5
11,605.0
11,628.0
11,653.7
11,778.8
11,739.2
11,588.0

9,767.7
10,196.4
10,290.1
10,517.7
10,815.5
11,261.4
11,597.8
11,904.1
12,066.8
12,052.5
11,490.6
11,539.4
11,645.4
11,716.2
11,846.2
11,904.4
11,930.6
11,935.6
11,970.9
12,058.2
12,135.1
12,103.2
12,105.8
12,102.6
12,057.8
11,943.7

9,504.7
9,855.9
9,933.6
10,079.0
10,355.3
10,746.0
11,072.1
11,362.3
11,609.8
..............
10,968.4
11,028.4
11,140.7
11,151.2
11,286.5
11,365.1
11,370.8
11,426.5
11,419.1
11,541.7
11,719.9
11,758.3
11,760.9
11,822.2
11,817.3
..............

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
Gross
domestic
product

sroberts on PROD1PC70 with ECOIND

Period

1999 .................
2000 .................
2001 .................
2002 .................
2003 .................
2004 .................
2005 .................
2006 .................
2007 .................
2008 p ................
2005: I ............
II ...........
III .........
IV ..........
2006: I ............
II ...........
III .........
IV ..........
2007: I ............
II ...........
III .........
IV ..........
2008: I ............
II ...........
III .........
IV p ........

97.868
100.000
102.399
104.187
106.404
109.462
113.034
116.676
119.816
122.357
111.765
112.346
113,468
114.525
115.533
116.317
117.107
117.732
118.956
119.547
119.997
120.743
121.508
121.890
123.056
122.976

Total

97.575
100.000
102.094
103.542
105.597
108.391
111.581
114.675
117.659
121.535
110.177
110.872
112.158
113.081
113.575
114.493
115.377
115.235
116.197
117.241
117.964
119.215
120.277
121.539
123.036
121.295

Durable
goods

Nondurable goods

101.625
100.000
98.113
95.767
92.366
90.695
89.984
88.771
87.154
86.069
90.549
90.345
89.631
89.420
89.211
89.031
88.729
88.129
87.720
87.367
86.941
86.600
86.584
86.240
86.113
85.258

Gross private
domestic investment

Services

96.174
100.000
101.531
102.090
104.145
107.626
111.606
114.985
118.408
124.558
109.536
110.081
113.038
113.697
113.786
115.151
116.410
114.578
116.021
117.825
118.675
121.085
123.053
125.014
128.123
122.000

Nonresidential
fixed

97.393
100.000
103.256
106.019
109.379
112.929
116.700
120.752
124.712
128.719
115.131
116.130
117.079
118.423
119.304
120.276
121.272
122.122
123.194
124.212
125.173
126.248
127.128
128.445
129.532
129.762

100.057
100.000
99.683
99.513
99.591
100.896
103.829
107.277
108.740
110.510
102.769
103.448
103.959
105.091
106.199
107.058
107.527
108.294
108.654
108.729
108.556
109.010
109.173
109.784
110.909
112.264

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

Residential fixed
95.780
100.000
104.633
107.240
112.372
120.587
129.268
136.898
c 138.885
135.781
125.349
127.444
130.819
133.311
135.466
136.737
137.163
138.477
139.197
138.730
138.803
138.780
137.878
136.665
135.512
132.650

Exports

Imports
Total

98.313
100.000
99.625
99.272
101.429
104.997
108.814
112.618
116.585
122.999
107.542
108.474
109.154
110.026
110.819
112.402
113.704
113.476
114.480
115.963
116.962
118.735
121.337
124.498
126.528
119.392

95.960
100.000
97.497
96.342
99.686
104.526
111.153
115.932
120.168
132.842
107.538
110.061
112.814
114.082
113.785
116.615
118.056
115.262
115.520
119.058
121.208
124.915
128.730
137.144
140.198
125.047

96.883
100.000
101.908
105.632
110.095
115.322
120.835
125.806
130.077
134.286
119.915
120.428
121.361
121.614
124.614
125.866
126.232
126.510
128.848
130.027
130.331
131.057
132.867
134.540
135.435
134.243

National
defense

Nondefense

State
and
local

96.886
100.000
102.002
105.792
110.751
115.932
121.944
127.381
131.874
136.556
120.959
121.499
122.451
122.851
126.067
127.424
127.893
128.124
130.312
131.683
132.213
133.217
134.885
136.946
137.983
136.331

96.880
100.000
101.738
105.345
108.898
114.218
118.743
122.803
126.636
129.893
117.959
118.418
119.310
119.273
121.847
122.895
123.060
123.427
126.067
126.868
126.718
126.883
128.984
129.865
130.463
130.226

95.667
100.000
102.868
105.434
109.712
114.431
121.863
128.110
134.671
142.204
118.720
120.350
123.094
125.266
125.873
127.541
128.991
129.999
131.818
133.794
135.388
137.638
139.854
142.619
144.527
141.794

Source: Department of Commerce, Bureau of Economic Analysis.

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ECOIND

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
Personal consumption
expenditures (PCE)

Gross domestic product (GDP)

Personal consumption
expenditures (PCE)

Gross domestic product (GDP)

Period
Real GDP
(chain-type
quantity
index)

1999 ....................................
2000 ....................................
2001 ....................................
2002 ....................................
2003 ....................................
2004 ....................................
2005 ....................................
2006 ....................................
2007 ....................................
2008 p ..................................
2004: I ...............................
II .............................
III ............................
IV ............................
2005: I ...............................
II .............................
III ............................
IV ............................
2006: I ...............................
II .............................
III ............................
IV ............................
2007: I ...............................
II .............................
III ............................
IV ............................
2008: I ...............................
II .............................
III ............................
IV p ...........................
1 Quarterly

GDP
chain-type
price
index

96.469
100.000
100.751
102.362
104.931
108.748
111.944
115.054
117.388
118.889
107.402
108.325
109.287
109.977
110.786
111.502
112.560
112.928
114.264
115.022
115.250
115.681
115.696
117.056
118.425
118.374
118.631
119.460
119.308
118.157

GDP
implicit
price
deflator

97.868
100.000
102.402
104.193
106.409
109.462
113.039
116.676
119.819
122.453
108.180
109.185
109.807
110.677
111.778
112.357
113.487
114.536
115.536
116.317
117.109
117.742
118.935
119.531
119.984
120.826
121.613
121.951
123.134
123.113

PCE
(chain-type
price index)

PCE
less food
and energy
price index

97.575
100.000
102.094
103.542
105.597
108.392
111.581
114.675
117.659
121.542
107.163
108.179
108.703
109.521
110.187
110.881
112.168
113.089
113.581
114.499
115.381
115.239
116.202
117.246
117.969
119.221
120.283
121.544
123.041
121.300

98.343
100.000
101.904
103.705
105.175
107.338
109.644
112.129
114.548
117.016
106.442
107.142
107.601
108.169
108.838
109.405
109.838
110.495
111.076
111.887
112.531
113.022
113.682
114.201
114.797
115.512
116.158
116.782
117.481
117.643

97.868
100.000
102.399
104.187
106.404
109.462
113.034
116.676
119.816
122.357
108.175
109.178
109.793
110.671
111.765
112.346
113.468
114.525
115.533
116.317
117.107
117.732
118.956
119.547
119.997
120.743
121.508
121.890
123.056
122.976

percent changes are at annual rates.

Real GDP
(chain-type
quantity
index)

GDP
(current
dollars)

6.0
5.9
3.2
3.4
4.7
6.6
6.3
6.1
4.8
3.4
6.8
7.4
6.0
5.9
7.1
4.8
8.1
5.1
8.6
5.5
3.6
3.7
4.3
6.9
6.3
2.3
3.5
4.1
3.4
¥4.1

GDP
chain-type
price
index

4.5
3.7
.8
1.6
2.5
3.6
2.9
2.8
2.0
1.3
3.0
3.5
3.6
2.5
3.0
2.6
3.8
1.3
4.8
2.7
.8
1.5
.1
4.8
4.8
¥.2
.9
2.8
¥.5
¥3.8

1.4
2.2
2.4
1.7
2.1
2.9
3.3
3.2
2.7
2.2
3.7
3.8
2.3
3.2
4.0
2.1
4.1
3.7
3.5
2.7
2.8
2.2
4.1
2.0
1.5
2.8
2.6
1.1
3.9
¥.1

GDP
implicit
price
deflator

1.4
2.2
2.4
1.7
2.1
2.9
3.3
3.2
2.7
2.1
3.7
3.8
2.3
3.2
4.0
2.1
4.1
3.8
3.6
2.7
2.7
2.2
4.2
2.0
1.5
2.5
2.6
1.3
3.9
¥.3

PCE
(chain-type
price index)

PCE
less food
and energy
price index

1.7
2.5
2.1
1.4
2.0
2.6
2.9
2.8
2.6
3.3
3.5
3.8
2.0
3.0
2.5
2.5
4.7
3.3
1.8
3.3
3.1
¥.5
3.4
3.6
2.5
4.3
3.6
4.3
5.0
¥5.5

1.5
1.7
1.9
1.8
1.4
2.1
2.1
2.3
2.2
2.2
2.4
2.7
1.7
2.1
2.5
2.1
1.6
2.4
2.1
3.0
2.3
1.8
2.4
1.8
2.1
2.5
2.3
2.2
2.4
.6

Source: Department of Commerce, Bureau of Economic Analysis.

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

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

Unit nonlabor cost

Period
Current
dollars

Chained
(2000)
dollars

4,655.0
4,950.8
5,272.2
5,293.5
5,371.7
5,558.4
5,956.4
6,396.1
6,863.4
7,075.1
6,210.3
6,358.1
6,418.9
6,597.3
6,771.2
6,817.5
6,931.7
6,933.3
6,999.6
7,066.7
7,098.6
7,135.5
7,119.3
7,153.1
7,257.6

4,725.4
5,011.0
5,272.2
5,224.5
5,269.7
5,387.5
5,662.1
5,916.1
6,156.4
6,243.1
5,796.5
5,921.4
5,913.0
6,033.6
6,126.1
6,132.4
6,198.2
6,169.0
6,165.5
6,230.2
6,271.2
6,304.4
6,283.0
6,375.1
6,408.2

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

sroberts on PROD1PC70 with ECOIND

Total

........................................................
........................................................
........................................................
........................................................
........................................................
........................................................
........................................................
........................................................
........................................................
........................................................
I ...................................................
II .................................................
III ................................................
IV ................................................
2006: I ...................................................
II .................................................
III ................................................
IV ................................................
2007: I ...................................................
II .................................................
III ................................................
IV ................................................
2008: I ...................................................
II .................................................
III ................................................

Compensation of employees
(unit labor
cost)

0.985
.988
1.000
1.013
1.019
1.032
1.052
1.081
1.115
1.133
1.071
1.074
1.086
1.093
1.105
1.112
1.118
1.124
1.135
1.134
1.132
1.132
1.133
1.122
1.133

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

Total

0.645
.652
.672
.688
.685
.687
.683
.689
.701
.725
.689
.682
.696
.689
.696
.698
.697
.714
.724
.722
.723
.730
.736
.726
.726

0.226
.229
.237
.257
.253
.253
.249
.257
.262
.270
.253
.253
.264
.257
.257
.261
.260
.266
.267
.269
.270
.271
.273
.272
.276

Consumption of
fixed
capital

Taxes
on production
and imports 3

Net interest and
miscellaneous
payments

0.104
.105
.108
.124
.122
.122
.121
.126
.126
.132
.121
.121
.137
.124
.123
.125
.126
.129
.130
.131
.132
.133
.136
.136
.142

0.092
.092
.093
.094
.099
.103
.103
.105
.108
.109
.107
.107
.100
.106
.107
.108
.107
.109
.109
.109
.109
.109
.108
.107
.106

0.030
.032
.036
.039
.032
.028
.025
.026
.028
.029
.025
.025
.027
.027
.027
.028
.027
.028
.028
.029
.029
.029
.029
.029
.028

Corporate profits with inventory
valuation and capital consumption
adjustments 4
Total

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

Taxes on
corporate
income

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

Profits
after
tax 5

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

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

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ECOIND

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

National
income

Period

1999 ...........
2000 ...........
2001 ...........
2002 ...........
2003 ...........
2004 ...........
2005 ...........
2006 ...........
2007 ...........
2008 p .........
2005: I ......
II ....
III ...
IV ...
2006: I ......
II ....
III ...
IV ...
2007: I ......
II ....
III ...
IV ...
2008: I ......
II ....
III ...
IV p ..
1 With

8,236.7
8,795.2
8,979.8
9,229.3
9,632.3
10,306.8
10,974.0
11,795.7
12,270.9
................
10,826.3
10,958.9
10,779.5
11,331.3
11,611.1
11,738.5
11,848.6
11,984.7
12,087.4
12,233.6
12,338.6
12,424.1
12,447.6
12,468.6
12,478.8
................

Compensation
of
employees

5,357.1
5,782.7
5,942.1
6,091.2
6,325.4
6,656.4
7,030.8
7,433.8
7,812.3
8,047.6
6,884.4
6,957.4
7,090.2
7,191.0
7,318.0
7,364.2
7,441.9
7,611.1
7,709.0
7,760.1
7,839.3
7,941.0
8,009.7
8,033.5
8,080.4
8,066.9

Farm

28.6
22.7
19.7
10.6
29.2
37.3
34.1
16.2
44.0
34.5
33.2
38.3
37.1
27.7
17.3
9.8
13.8
23.7
39.3
42.3
47.4
47.1
41.6
38.0
32.4
25.9

Nonfarm

649.7
705.7
752.2
757.8
782.1
874.3
925.7
998.6
1,012.2
1,037.9
903.0
909.8
923.3
966.7
987.5
1,008.4
999.6
998.7
997.9
1,007.9
1,016.4
1,026.7
1,030.1
1,039.0
1,048.2
1,034.6

Corporate profits with inventory valuation and
capital consumption adjustments

Rental
income
of
persons
with
capital
consumption
adjustment

Capital
consumption
adjustment

Net
interest
and
miscellaneous
payments

Taxes
on
production
and
imports

74.5
58.6
48.1
120.1
98.7
69.7
¥134.8
¥165.7
¥192.7
¥72.1
¥117.2
¥121.7
¥154.5
¥146.0
¥144.5
¥160.0
¥173.4
¥184.8
¥176.9
¥187.0
¥197.8
¥209.2
¥48.0
¥62.7
¥88.0
¥89.9

495.4
559.0
566.3
520.9
524.7
491.2
569.1
631.2
664.4
677.3
537.0
554.8
583.9
600.8
615.5
629.7
630.1
649.3
645.8
660.8
663.0
688.1
662.3
683.4
656.6
706.8

674.0
708.9
728.6
762.8
807.2
863.8
928.2
976.2
1,015.5
1,036.7
904.5
924.0
937.4
946.8
962.7
973.6
980.1
988.3
1,002.7
1,012.3
1,019.2
1,027.7
1,025.8
1,039.4
1,044.1
1,037.7

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

147.3
150.3
167.4
152.9
133.0
118.4
40.9
44.3
40.0
63.9
90.1
72.2
¥56.9
58.0
52.8
45.6
40.4
38.2
35.1
44.6
41.8
38.6
39.1
58.6
68.5
89.6

851.3
817.9
767.3
886.3
993.1
1,231.2
1,447.9
1,668.5
1,642.4
............
1,438.2
1,472.4
1,342.6
1,538.6
1,634.2
1,681.6
1,713.8
1,644.5
1,617.8
1,672.5
1,668.3
1,611.1
1,593.5
1,533.3
1,514.8
............

Profits
before
tax

Inventory
valuation
adjustment

776.8
759.3
719.2
766.2
894.5
1,161.6
1,582.8
1,834.2
1,835.1
............
1,555.3
1,594.0
1,497.1
1,684.6
1,778.7
1,841.6
1,887.2
1,829.3
1,794.7
1,859.5
1,866.1
1,820.2
1,641.5
1,596.0
1,602.8
............

775.9
773.4
707.9
768.4
908.1
1,204.7
1,620.6
1,873.7
1,886.3
............
1,600.7
1,612.0
1,536.3
1,733.3
1,813.8
1,900.1
1,929.9
1,851.1
1,838.9
1,914.8
1,897.1
1,894.3
1,750.9
1,750.0
1,693.7
............

1.0
¥14.1
11.3
¥2.2
¥13.6
¥43.1
¥37.8
¥39.5
¥51.2
..............
¥45.4
¥18.0
¥39.1
¥48.7
¥35.0
¥58.5
¥42.7
¥21.8
¥44.2
¥55.3
¥31.0
¥74.1
¥109.4
¥154.0
¥90.9
..............

inventory valuation and capital consumption adjustments.

Less:
Subsidies

Business
current
transfer
payments

Current
surplus
of government
enterprises

44.2
44.3
55.3
38.4
47.9
44.6
59.3
49.7
52.3
50.8
54.5
58.6
60.7
63.3
54.2
49.8
48.2
46.8
47.5
55.9
53.5
52.3
50.6
50.8
50.3
51.3

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

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

Source: Department of Commerce, Bureau of Economic Analysis

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

Period

sroberts on PROD1PC70 with ECOIND

1999 ...............
2000 ...............
2001 ...............
2002 ...............
2003 ...............
2004 ...............
2005 ...............
2006 ...............
2007 ...............
2008 p ..............
2005: I ..........
II .........
III .......
IV ........
2006: I ..........
II .........
III .......
IV ........
2007: I ..........
II .........
III .......
IV ........
2008: I ..........
II .........
III .......
IV p ......

6,438.6
6,739.4
6,910.4
7,099.3
7,295.3
7,561.4
7,791.7
8,029.0
8,252.8
8,276.2
7,697.5
7,766.4
7,838.1
7,864.9
7,947.4
8,002.1
8,046.3
8,119.9
8,197.2
8,237.3
8,278.5
8,298.2
8,316.1
8,341.3
8,260.6
8,186.9

Total
durable
goods

804.6
863.3
900.7
964.8
1,020.6
1,084.8
1,134.4
1,185.1
1,242.4
1,188.3
1,111.6
1,143.7
1,158.9
1,123.3
1,173.1
1,178.3
1,188.4
1,200.7
1,227.3
1,242.3
1,249.4
1,250.6
1,237.0
1,228.3
1,180.1
1,107.7

Motor
vehicles
and
parts

372.4
386.5
405.8
429.0
442.1
450.8
449.9
437.9
446.7
387.1
447.9
464.3
469.0
418.1
435.4
437.3
439.4
439.6
449.5
451.3
443.5
442.6
430.2
407.2
376.9
334.1

Furniture
and
household
equipment

280.7
312.9
331.8
364.3
397.8
445.1
490.9
550.2
594.0
614.1
470.7
482.0
497.0
514.0
537.9
544.6
553.8
564.5
580.3
588.3
600.8
606.6
609.3
629.6
616.2
601.5

Nondurable goods

Other

151.7
163.9
163.2
172.4
183.2
195.1
205.1
218.0
228.3
226.5
202.0
206.1
203.5
209.0
218.7
216.6
216.7
219.8
222.0
227.7
232.9
230.8
229.4
230.8
228.1
217.9

Total
nondurable
goods

1,876.6
1,947.2
1,986.7
2,037.1
2,103.0
2,177.6
2,252.7
2,335.3
2,392.6
2,381.9
2,220.7
2,243.7
2,260.1
2,286.3
2,310.8
2,328.7
2,342.0
2,359.8
2,380.1
2,391.5
2,398.6
2,400.2
2,397.9
2,420.7
2,376.3
2,332.8

893.6
925.2
940.2
954.6
977.7
1,009.4
1,047.7
1,090.1
1,110.5
1,110.0
1,033.0
1,040.9
1,053.3
1,063.7
1,077.8
1,090.3
1,093.3
1,099.1
1,102.5
1,110.1
1,110.9
1,118.7
1,122.4
1,133.6
1,112.3
1,071.7

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

Gasoline
and
oil

Clothing
and
shoes

Food

282.7
297.7
303.7
318.3
334.2
350.7
372.3
394.4
412.9
414.4
362.4
371.5
371.6
383.7
390.2
391.0
396.1
400.4
409.4
412.2
416.6
413.2
416.3
427.2
412.2
401.8

176.3
175.7
178.3
181.9
183.2
186.7
187.4
184.2
184.5
179.2
184.8
187.7
188.6
188.6
186.3
183.2
183.6
183.8
185.1
184.3
184.7
183.8
181.4
179.1
173.3
183.0

Services

Fuel
oil
and
coal

16.4
15.8
15.2
15.5
15.4
14.6
13.2
12.4
13.7
12.0
14.1
13.3
13.0
12.3
11.5
12.6
12.7
13.0
14.3
13.8
13.3
13.4
12.8
11.9
11.1
12.1

Other

508.6
532.9
549.2
567.1
593.2
618.0
637.3
666.1
687.3
689.3
630.2
635.1
638.2
645.4
655.3
663.3
669.0
677.0
683.5
687.1
690.5
687.9
684.8
695.1
695.5
681.8

Total
services 1

3,758.0
3,928.8
4,023.2
4,100.4
4,178.8
4,311.0
4,420.9
4,529.9
4,646.2
4,714.8
4,379.3
4,398.2
4,439.4
4,466.9
4,484.7
4,515.7
4,537.6
4,581.5
4,616.1
4,632.7
4,659.8
4,676.1
4,704.3
4,712.1
4,711.3
4,731.6

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978.6
1,006.5
1,033.7
1,042.1
1,051.9
1,083.8
1,118.4
1,154.6
1,171.7
1,182.3
1,103.6
1,113.2
1,123.7
1,133.1
1,143.2
1,151.7
1,158.8
1,164.7
1,168.0
1,170.4
1,172.5
1,175.9
1,177.3
1,182.3
1,184.5
1,185.0

Source: Department of Commerce, Bureau of Economic Analysis.

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Medical
care

989.0
1,026.8
1,075.2
1,136.6
1,180.8
1,216.5
1,257.3
1,290.2
1,327.8
1,374.0
1,241.2
1,250.9
1,263.4
1,273.8
1,283.7
1,287.9
1,289.8
1,299.2
1,316.0
1,319.4
1,331.4
1,344.5
1,360.8
1,370.3
1,378.9
1,386.2

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

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

SOURCES OF PERSONAL INCOME
Personal income fell $25.3 billion (annual rate) in December following a decrease of $44.0 billion in November.
Wages and salaries fell $21.4 billion in December following a decrease of $10.3 billion in November.

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

Period

1999 .................
2000 .................
2001 .................
2002 .................
2003 .................
2004 .................
2005 .................
2006 .................
2007 .................
2008 p ................
2007: Dec ........
2008: Jan ........
Feb ........
Mar .......
Apr ........
May .......
June ......
July .......
Aug .......
Sept .......
Oct r .......
Nov r ......
Dec p ......
1 With
2 With

Total

7,802.4
8,429.7
8,724.1
8,881.9
9,163.6
9,727.2
10,269.8
10,993.9
11,663.2
12,099.0
11,924.0
11,930.0
11,952.4
11,999.0
12,003.1
12,219.8
12,233.6
12,136.0
12,168.8
12,173.2
12,161.9
12,117.9
12,092.6

5,352.0
5,782.7
5,942.1
6,091.2
6,310.4
6,671.4
7,025.8
7,432.6
7,818.6
8,047.6
7,973.9
7,984.6
8,005.2
8,039.4
8,018.1
8,033.1
8,049.3
8,067.8
8,091.7
8,081.5
8,080.5
8,070.7
8,049.5

Wage and
salary
disbursements

4,466.3
4,829.2
4,942.8
4,980.9
5,112.7
5,394.5
5,671.7
6,027.2
6,362.0
6,543.2
6,493.1
6,495.4
6,513.0
6,545.7
6,519.1
6,530.9
6,543.8
6,559.3
6,580.6
6,570.4
6,567.3
6,557.0
6,535.6

Supplements to
wages
and
salaries

885.7
953.4
999.3
1,110.3
1,197.7
1,276.9
1,354.1
1,405.3
1,456.6
1,504.4
1,480.8
1,489.3
1,492.3
1,493.7
1,498.9
1,502.1
1,505.5
1,508.5
1,511.1
1,511.2
1,513.2
1,513.7
1,513.9

Proprietors’ income 1

Farm

28.6
22.7
19.7
10.6
29.2
37.3
34.1
16.2
44.0
34.5
47.3
41.7
42.1
41.0
39.4
38.4
36.1
35.0
32.5
29.6
27.1
25.8
24.9

Nonfarm

Personal income receipts on assets
Rental
income
of
persons 2

649.7
705.7
752.2
757.8
782.1
874.3
925.7
998.6
1,012.2
1,037.9
1,027.0
1,032.8
1,027.0
1,030.4
1,031.9
1,037.7
1,047.4
1,055.0
1,047.3
1,042.2
1,047.4
1,031.1
1,025.2

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

147.3
150.3
167.4
152.9
133.0
118.4
40.9
44.3
40.0
63.9
37.2
38.1
38.8
40.5
49.1
58.3
68.3
72.8
77.3
55.5
86.3
89.1
93.4

Total

1,264.2
1,387.0
1,380.0
1,333.2
1,336.6
1,432.1
1,596.9
1,824.8
2,000.1
2,040.4
2,059.4
2,056.4
2,054.2
2,051.7
2,051.8
2,052.3
2,052.8
2,054.1
2,055.6
2,057.3
2,028.5
1,999.7
1,970.7

Personal
interest
income

Personal
dividend
income

928.6
1,011.0
1,011.0
936.1
914.1
895.1
1,022.0
1,125.4
1,214.3
1,206.3
1,239.4
1,232.0
1,224.6
1,217.2
1,213.0
1,208.7
1,204.5
1,210.9
1,217.4
1,223.8
1,199.2
1,174.5
1,149.9

335.6
376.1
369.0
397.2
422.6
537.0
574.9
699.4
785.8
834.1
820.0
824.4
829.6
834.5
838.8
843.6
848.3
843.2
838.2
833.4
829.4
825.2
820.8

Personal
current
transfer
receipts 3

1,022.1
1,084.0
1,193.9
1,286.2
1,351.0
1,422.5
1,520.7
1,603.0
1,713.3
1,869.8
1,757.3
1,766.3
1,776.6
1,791.3
1,807.5
1,995.3
1,976.0
1,849.0
1,864.3
1,904.8
1,889.2
1,896.7
1,921.1

Less: Contributions
for government social
insurance

661.4
702.7
731.1
750.0
778.6
828.8
874.3
925.5
965.1
995.2
978.1
989.8
991.5
995.3
994.5
995.4
996.3
997.7
999.8
997.8
997.1
995.2
992.1

Source: Department of Commerce, Bureau of Economic Analysis.

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3 Consists

DISPOSITION OF PERSONAL INCOME
According to advance estimates, per capita disposable personal income in chained (2000) dollars rose at an
annual rate of 2.3 percent in the fourth quarter of 2008.

Personal
income

Period

Less:
Personal
current
taxes

Equals:
Disposable
personal
income

Less:
Personal
outlays 1

Disposable
personal
income in
billions of
chained
(2000)
dollars

Equals:
Personal
saving

Per capita
disposable personal
income
Current
dollars

Billions of dollars
1999 ............
2000 r ..........
2001 r ..........
2002 r ..........
2003 r ..........
2004 r ..........
2005 r ..........
2006 r ..........
2007 r ..........
2008 p ..........

7,802.4
8,429.7
8,724.1
8,881.9
9,163.6
9,727.2
10,269.8
10,993.9
11,663.2
12,099.0

Chained
(2000)
dollars

Per capita personal
consumption
expenditures
Current
dollars

Chained
(2000)
dollars

Dollars

1,107.5 6,695.0 6,536.4
1,235.7 7,194.0 7,025.6
1,237.3 7,486.8 7,354.5
1,051.8 7,830.1 7,645.3
1,001.1 8,162.5 7,987.7
1,046.3 8,680.9 8,499.2
1,207.8 9,062.0 9,029.5
1,353.2 9,640.7 9,570.0
1,492.8 10,170.5 10,113.1
1,462.0 10,637.0 10,454.6

158.6
168.5
132.3
184.7
174.9
181.7
32.5
70.7
57.4
182.4

6,861.3
7,194.0
7,333.3
7,562.2
7,729.9
8,008.9
8,121.4
8,407.0
8,644.0
8,752.3

23,968
25,473
26,243
27,183
28,076
29,592
30,611
32,263
33,706
34,929

Percent
change
in real
per capita
disposable
personal
income

Saving as
percent of
disposable
personal
income

Population,
including
Armed
Forces
overseas
(thousands) 2

Percent

24,564
25,473
25,704
26,253
26,588
27,302
27,434
28,134
28,648
28,740

22,491
23,864
24,729
25,518
26,498
27,939
29,368
30,812
32,181
33,030

23,050
23,864
24,222
24,646
25,093
25,776
26,320
26,869
27,351
27,177

1.8
3.7
.9
2.1
1.3
2.7
.5
2.6
1.8
.3

2.4
2.3
1.8
2.4
2.1
2.1
.4
.7
.6
1.7

279,328
282,413
285,294
288,055
290,729
293,348
296,036
298,820
301,737
304,530

27,321
27,432
27,276
27,706
27,991
28,018
28,101
28,424
28,664
28,555
28,702
28,670
28,560
29,234
28,501
28,664

28,747
29,126
29,662
29,934
30,316
30,704
31,031
31,194
31,681
32,049
32,325
32,664
32,957
33,335
33,337
32,492

26,092
26,270
26,446
26,472
26,692
26,817
26,895
27,070
27,265
27,336
27,403
27,399
27,401
27,427
27,095
26,788

¥5.5
1.6
¥2.3
6.5
4.2
.4
1.2
4.7
3.4
¥1.5
2.1
¥.4
¥1.5
9.8
¥9.7
2.3

.8
.5
¥.7
.8
1.0
.6
.5
.9
1.1
.3
.5
.4
.2
2.5
1.2
2.9

295,020
295,639
296,378
297,109
297,743
298,399
299,175
299,965
300,644
301,332
302,108
302,865
303,498
304,128
304,872
305,620

2005: I r .....
II r ....
III r ..
IV r ...
2006: I r .....
II r ....
III r ..
IV r ...
2007: I r .....
II r ....
III r ..
IV r ...
2008: I r .....
II r ....
III r ..
IV p ...

10,044.5
10,184.4
10,289.1
10,561.0
10,781.6
10,913.2
11,056.1
11,224.7
11,473.0
11,577.5
11,730.4
11,872.1
11,960.5
12,152.2
12,159.4
12,124.1

1,163.8
1,192.7
1,222.3
1,252.5
1,316.0
1,341.1
1,356.2
1,399.6
1,459.5
1,489.4
1,501.6
1,520.5
1,535.0
1,346.1
1,468.6
1,498.2

8,880.7
8,991.7
9,066.9
9,308.6
9,465.6
9,572.1
9,699.9
9,825.1
10,013.5
10,088.0
10,228.8
10,351.5
10,425.5
10,806.0
10,690.7
10,625.9

8,808.1
8,945.9
9,129.8
9,234.2
9,371.2
9,518.0
9,651.8
9,739.0
9,904.2
10,056.9
10,182.0
10,309.2
10,404.9
10,538.2
10,559.9
10,315.7

72.5
45.8
¥62.9
74.4
94.4
54.2
48.1
86.1
109.3
31.1
46.8
42.4
20.6
267.9
130.8
310.3

8,060.4
8,110.0
8,084.0
8,231.8
8,334.2
8,360.4
8,407.1
8,526.2
8,617.7
8,604.5
8,671.1
8,683.1
8,667.9
8,891.0
8,689.1
8,760.4

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.

30,102
30,414
30,592
31,331
31,791
32,078
32,422
32,754
33,307
33,478
33,858
34,179
34,351
35,531
35,066
34,768

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

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Seasonally adjusted annual rates

FARM INCOME
According to the current forecast for 2008, gross farm income is forecast at $379.4 billion, and net farm income
at $86.9 billion.

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income of farm operators from farming
Gross farm income
Cash marketing receipts
Total 1
Total

sroberts on PROD1PC70 with ECOIND

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

234.9
243.6
251.8
232.6
260.0
295.6
301.1
292.4
341.1
379.4
297.7
286.4
285.7
299.8
336.5
335.1
337.1
355.8
420.0
370.2
381.8
345.7

Livestock and
products

187.8
192.0
200.0
194.9
215.6
237.2
240.9
240.8
284.8
323.4
232.1
244.3
242.9
244.1
270.8
286.1
287.3
295.1
348.5
322.2
331.9
291.1

95.7
99.6
106.7
94.0
105.6
123.6
124.9
118.2
137.9
143.5
117.6
118.6
118.3
118.3
138.8
139.2
138.0
135.6
149.6
143.7
145.6
135.3

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.

Value of
inventory
changes 3

Crops 2

92.1
92.4
93.3
101.0
110.0
113.6
116.0
122.6
147.0
179.9
114.5
125.7
124.5
125.7
132.0
147.0
149.2
159.6
198.9
178.5
186.3
155.9

Direct
Government
payments 4

¥0.2
1.6
1.1
¥3.4
¥2.4
11.2
.5
¥3.0
3.7
.5
¥2.9
¥3.1
¥3.1
¥3.1
3.6
3.8
3.8
3.9
.6
.5
.5
.5

Production
expenses

21.5
23.2
22.4
12.4
16.5
13.0
24.4
15.8
11.9
12.5
31.1
5.8
6.7
19.5
23.5
4.4
5.1
14.7
24.6
4.6
5.3
15.4

187.2
193.1
196.9
193.1
199.6
209.8
221.8
233.9
254.4
292.5
225.4
237.2
235.8
237.0
241.9
255.5
256.5
263.6
315.2
291.4
300.2
263.3

Net farm
income

47.7
50.6
54.9
39.6
60.5
85.8
79.3
58.5
86.8
86.9
72.3
49.2
49.8
62.8
94.6
79.6
80.6
92.3
104.8
78.7
81.6
82.4

4 Includes only Government payments made directly to farmers.
NOTE.—Data for 2008 are forecasts.
Source: Department of Agriculture.

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Period

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

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

Profits after tax

Period

Nonfinancial

Total 2
Total

sroberts on PROD1PC70 with ECOIND

1998 ..............................

738.5

Profits
before
tax

635.5

Financial

Total 3

165.9

469.6

Manufacturing

Utilities

Wholesale

173.5 ................

52.3

Retail
73.4

718.3

Taxes
on
corporate
income

Total

248.3

470.0

1998 4 ............................
738.5
635.5 165.4 470.1
157.0
32.7
53.2
66.4
718.3 248.3
470.0
1999 ..............................
776.8
655.3 194.3 461.1
150.6
33.1
55.5
65.2
775.9 258.6
517.2
2000 ..............................
759.3
613.6 200.2 413.4
144.3
24.4
59.7
59.6
773.4 265.2
508.2
2001 ..............................
719.2
549.5 227.6 322.0
52.6
24.7
52.1
71.0
707.9 204.1
503.8
2002 ..............................
766.2
610.4 276.4 334.0
48.2
10.6
49.3
79.4
768.4 192.6
575.8
2003 ..............................
894.5
729.0 317.3 411.8
76.0
11.6
55.2
86.8
908.1 243.3
664.8
2004 .............................. 1,161.6
968.2 348.9 619.3
152.7
18.6
79.2
91.1 1,204.7 307.4
897.3
2005 ............................... 1,582.8 1,343.3 425.3 918.1
243.8
28.9
97.3
120.4 1,620.6 413.7 1,206.9
2006 ............................... 1,834.2 1,566.7 478.8 1,087.9
304.3
55.6
107.5
132.3 1,873.7 468.9 1,404.8
2007 ............................... 1,835.1 1,490.5 449.9 1,040.6
316.6
58.5
102.6
132.3 1,886.3 450.4 1,435.9
2008 p ............................ .............. .............. ............ ............ ................ ................ .............. .............. ............ ............ ..............
2005: I .......................... 1,555.3 1,321.2 470.0 851.1
242.7
27.1
90.4
102.3 1,600.7 407.2 1,193.5
II ........................ 1,594.0 1,360.8 437.3 923.4
239.3
28.4
109.5
126.7 1,612.0 412.0 1,200.1
III ....................... 1,497.1 1,244.2 362.3 881.9
241.6
21.7
85.5
114.8 1,536.3 386.4 1,149.9
IV ....................... 1,684.6 1,447.2 431.4 1,015.8
251.6
38.2
103.8
137.8 1,733.3 449.2 1,284.1
2006: I .......................... 1,778.7 1,528.3 470.0 1,058.3
279.2
44.9
102.3
133.5 1,813.8 453.8 1,359.9
II ........................ 1,841.6 1,571.9 493.1 1,078.8
305.8
53.5
94.5
126.0 1,900.1 474.8 1,425.2
III ....................... 1,887.2 1,626.7 473.3 1,153.4
333.5
62.5
128.3
132.1 1,929.9 487.2 1,442.6
IV ....................... 1,829.3 1,540.0 478.8 1,061.2
298.9
61.4
104.9
137.5 1,851.1 459.8 1,391.4
2007: I .......................... 1,794.7 1,496.6 454.1 1,042.5
317.0
57.2
108.2
132.8 1,838.9 448.5 1,390.4
II ........................ 1,859.5 1,556.7 492.7 1,064.0
350.8
54.7
112.7
145.9 1,914.8 468.5 1,446.3
III ....................... 1,866.1 1,509.7 460.3 1,049.3
306.6
58.7
109.1
126.0 1,897.1 451.1 1,446.1
IV ....................... 1,820.2 1,398.9 392.4 1,006.5
292.1
63.2
80.2
124.5 1,894.3 433.5 1,460.9
2008: I .......................... 1,641.5 1,243.1 412.8 830.2
240.5
46.2
49.2
112.0 1,750.9 402.9 1,348.0
II ....................... 1,596.0 1,222.5 383.2 839.3
214.9
56.7
59.4
92.7 1,750.0 406.8 1,343.2
III ...................... 1,602.8 1,224.4 308.8 915.6
272.6
59.1
92.1
86.2 1,693.7 393.5 1,300.1
p ..................... .............. .............. ............ ............ ................ ................ .............. .............. ............ ............ ..............
IV
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

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351.6

118.3

20.2

351.6
118.3
20.2
337.4
179.9
1.0
377.9
130.3
¥14.1
370.9
132.9
11.3
399.2
176.6
¥2.2
424.7
240.1
¥13.6
539.5
357.8
¥43.1
577.4
629.5
¥37.8
702.1
702.7
¥39.5
788.7
647.3
¥51.2
837.2 .............. ..............
553.0
640.6
¥45.4
561.6
638.5
¥18.0
581.4
568.4
¥39.1
613.4
670.6
¥48.7
652.8
707.1
¥35.0
688.8
736.4
¥58.5
720.9
721.7
¥42.7
745.8
645.6
¥21.8
761.5
629.0
¥44.2
779.2
667.1
¥55.3
797.6
648.5
¥31.0
816.4
644.5
¥74.1
832.5
515.5 ¥109.4
846.4
496.7 ¥154.0
841.1
459.1
¥90.9
828.7 .............. ..............

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.

8
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dividends

Inventory
Undisvalutributed ation adprofits justment

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Domestic industries

REAL GROSS PRIVATE DOMESTIC INVESTMENT
In the fourth quarter of 2008, according to advance estimates, nonresidential fixed investment in chained (2000)
dollars fell $73.5 billion (annual rate) and residential investment fell $23.0 billion. There was an increase of $6.2
billion in inventories following a decrease of $29.6 billion in the third quarter.

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

Period

Change in private
inventories

Nonresidential
Total

Equipment
and software

Residential

Structures

Total

Total

Nonfarm

1,642.6
1,735.5
1,598.4
1,557.1
1,613.1
1,770.2
1,873.5
1,912.5
1,809.7
1,702.2

1,576.3
1,679.0
1,629.4
1,544.6
1,596.9
1,712.8
1,829.8
1,865.5
1,808.5
1,721.2

1,133.3
1,232.1
1,180.5
1,071.5
1,081.8
1,144.3
1,226.2
1,318.2
1,382.9
1,408.2

293.2
313.2
306.1
253.8
243.5
246.7
249.8
270.3
304.6
340.5

840.2
918.9
874.2
820.2
843.1
905.1
989.6
1,061.0
1,078.9
1,047.2

443.6
446.9
448.5
469.9
509.4
560.2
595.4
552.9
453.8
359.2

68.9
56.5
¥31.7
12.5
14.3
54.3
38.9
42.3
¥2.5
¥21.0

71.5
57.8
¥31.8
15.2
14.0
48.2
39.1
46.3
¥3.7
¥25.6

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

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

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

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

253.1
252.3
246.2
247.4

956.6
977.9
1,006.5
1,017.4

582.1
595.8
601.7
602.0

74.6
16.7
11.0
53.5

79.5
17.4
6.2
53.2

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

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

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

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

256.5
268.3
277.4
279.1

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

596.5
570.1
536.7
508.4

45.9
56.9
53.3
13.1

45.4
63.3
59.9
16.4

2007: I .............................................................................
II ...........................................................................
III ..........................................................................
IV ..........................................................................
2008: I .............................................................................
II ...........................................................................
III .........................................................................
IV p ........................................................................

1,795.9
1,822.9
1,838.7
1,781.3
1,754.7
1,702.0
1,703.7
1,648.5

1,807.8
1,821.3
1,817.0
1,788.2
1,762.4
1,754.9
1,731.1
1,636.4

1,340.4
1,373.8
1,402.9
1,414.7
1,423.1
1,431.8
1,425.7
1,352.2

286.6
298.9
313.2
319.7
326.4
340.5
348.4
346.9

1,060.0
1,077.9
1,087.5
1,090.1
1,088.6
1,074.7
1,054.0
971.5

486.4
471.7
445.3
411.6
383.0
369.6
353.7
330.7

¥15.0
¥2.8
16.0
¥8.1
¥10.2
¥50.6
¥29.6
6.2

¥10.7
¥2.6
19.2
¥20.6
¥17.9
¥55.1
¥33.3
4.0

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.

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sroberts on PROD1PC70 with ECOIND

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

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

Residential

Equipment and software

Period

Structures

Information processing equipment
and software

Total
fixed
investment

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

1999 ...........................
2000 ...........................
2001 ...........................
2002 ...........................
2003 ...........................
2004 ...........................
2005 ...........................
2006 ...........................
2007 ...........................
2008 p ..........................
2005: I ......................
II .....................
III ...................
IV ....................

1,576.3
1,679.0
1,629.4
1,544.6
1,596.9
1,712.8
1,829.8
1,865.5
1,808.5
1,721.2
1,790.5
1,823.5
1,847.2
1,858.0

1,133.3
1,232.1
1,180.5
1,071.5
1,081.8
1,144.3
1,226.2
1,318.2
1,382.9
1,408.2
1,200.4
1,219.0
1,237.1
1,248.2

293.2
313.2
306.1
253.8
243.5
246.7
249.8
270.3
304.6
340.5
253.1
252.3
246.2
247.4

840.2
918.9
874.2
820.2
843.1
905.1
989.6
1,061.0
1,078.9
1,047.2
956.6
977.9
1,006.5
1,017.4

398.5
467.6
459.0
437.4
462.7
505.7
546.7
596.6
653.9
687.0
529.5
540.3
552.7
564.3

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

157.2
176.2
173.8
169.7
177.3
193.6
207.0
215.5
237.0
249.2
201.5
206.8
208.2
211.4

158.0
190.0
181.7
161.1
167.1
181.1
191.6
206.7
218.0
226.3
187.9
188.4
195.3
194.9

147.9
159.2
145.7
134.5
138.4
134.0
145.3
153.5
155.7
149.0
142.0
140.9
146.3
152.0

167.7
160.8
142.8
126.0
113.8
130.6
149.5
159.5
139.4
98.7
142.1
148.5
157.2
150.3

126.7
131.2
126.9
122.9
130.4
138.3
150.4
156.5
148.4
146.2
145.6
150.5
151.7
153.7

443.6
446.9
448.5
469.9
509.4
560.2
595.4
552.9
453.8
359.2
582.1
595.8
601.7
602.0

436.6
439.5
441.1
462.2
501.2
551.2
586.0
543.5
444.9
351.1
572.9
586.4
592.3
592.4

234.2
236.8
237.1
246.3
272.6
305.3
325.9
294.9
214.1
135.7
318.8
323.5
327.6
333.7

7.0
7.4
7.4
7.7
8.1
9.0
9.3
9.6
9.5
9.1
9.1
9.3
9.2
9.5

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

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

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

256.5
268.3
277.4
279.1

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

586.2
590.9
603.9
605.3

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

212.5
213.2
215.8
220.5

207.6
205.1
209.4
204.8

149.9
157.2
153.8
153.2

165.3
157.9
159.7
155.2

158.2
158.7
155.2
153.8

596.5
570.1
536.7
508.4

586.8
560.6
527.4
499.3

333.1
308.7
282.7
255.2

9.7
9.7
9.6
9.4

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

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

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

286.6
298.9
313.2
319.7

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

629.9
647.3
660.9
677.6

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

227.9
235.7
239.4
245.1

212.5
216.2
219.6
223.5

150.3
160.3
159.1
153.1

149.0
139.4
137.4
131.9

145.3
147.5
149.2
151.5

486.4
471.7
445.3
411.6

477.3
462.8
436.5
403.0

235.6
227.3
210.3
182.9

9.5
9.5
9.5
9.4

2008: I ......................
II .....................
III ...................
IV p ..................

1,762.4
1,754.9
1,731.1
1,636.4

1,423.1
1,431.8
1,425.7
1,352.2

326.4
340.5
348.4
346.9

1,088.6
1,074.7
1,054.0
971.5

689.6
702.9
695.5
660.1

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

251.0
252.3
249.5
244.0

223.6
230.6
233.6
217.6

153.4
152.0
148.6
142.0

127.0
108.6
93.6
65.7

146.5
145.3
151.5
141.5

383.0
369.6
353.7
330.7

374.6
361.1
345.6
323.0

156.7
142.9
130.5
112.8

9.3
9.5
9.0
8.6

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

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

BUSINESS INVESTMENT
[Billions of dollars]
Capital expenditures
By industry

Period

Total
capital
expenditures

Total
by
industry

Forestry,
fishing
and
agricultural
services

Mining

Con- ManuUtili- strucfacties
turtion
ing

ProFor
Real fesscomTransesional, Health
panies
portaFiwithWhole- Retail
tion
Infor- nance tate scien- care
and
tific,
and Other 1 out
sale
and
maand rental and
trade waresocial
emtrade
tion insur- and
ployhousance leas- tech- assisnical tance
ees
ing
ing
services

sroberts on PROD1PC70 with ECOIND

For companies with employees
1996 ........................
1997 ........................
1998 ........................
1999 ........................
2000 ........................
2001 ........................
2002 ........................
2003 ........................
2004 ........................
2005 ........................
2006 r .......................
2007 ........................

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
1,042.1
953.2
2.1
51.3 50.4 28.6 156.7
32.3 72.2
46.1 83.5 153.6 91.6
26.7
64.6
93.6 88.9
1,144.8 1,062.5
2.7
66.7 58.0 30.1 165.6
40.6 73.5
56.9 91.4 161.4 103.0
33.1
73.8 105.6 82.2
1,309.9 1,217.1
2.7
99.3 69.8 30.3 192.4
36.6 86.7
68.0 104.4 163.1 132.1
30.3
75.3 126.3 92.8
1,361.6 1,277.4
2.1 121.7 83.6 36.7 197.0
31.8 84.2
68.5 105.3 172.5 123.0
31.8
83.8 135.3 84.2

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.

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.

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EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
In January, employment was 142.1 million and unemployment was 11.6 million.

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

1999 2 ....................
2000 2 ....................
2001 .....................
2002 ......................
2003 2 ....................
2004 2 ....................
2005 2 ....................
2006 2 ....................
2007 2 ....................
2008 2 ....................
2008: Jan 2 ..........
Feb ............
Mar ...........
Apr ............
May ...........
June ..........
July ...........
Aug ...........
Sept ...........
Oct ............
Nov ............
Dec ............
2009: Jan 2 ..........

Civilian
noninstitutional
population
(NSA)

Civilian
labor
force

207,753
212,577
215,092
217,570
221,168
223,357
226,082
228,815
231,867
233,788
232,616
232,809
232,995
233,198
233,405
233,627
233,864
234,107
234,360
234,612
234,828
235,035
234,739

139,368
142,583
143,734
144,863
146,510
147,401
149,320
151,428
153,124
154,287
153,873
153,498
153,843
153,932
154,510
154,400
154,506
154,823
154,621
154,878
154,620
154,447
153,716

Total

Men
20
years
and
over

Women
20
years
and
over

Both
sexes
16–19
years

Total

133,488
136,891
136,933
136,485
137,736
139,252
141,730
144,427
146,047
145,362
146,317
146,075
146,023
146,257
145,974
145,738
145,596
145,273
145,029
144,657
144,144
143,338
142,099

67,761
69,634
69,776
69,734
70,415
71,572
73,050
74,431
75,337
74,750
75,474
75,395
75,216
75,147
74,992
74,949
75,973
74,737
74,503
74,292
74,045
73,285
72,613

58,555
60,067
60,417
60,420
61,402
61,773
62,702
63,834
64,799
65,039
65,101
64,993
65,079
65,196
65,114
65,169
65,103
65,003
65,008
64,975
64,902
64,860
64,298

7,172
7,189
6,740
6,332
5,919
5,907
5,978
6,162
5,911
5,573
5,742
5,688
5,729
5,914
5,868
5,620
5,520
5,533
5,518
5,390
5,196
5,194
5,188

5,880
5,692
6,801
8,378
8,774
8,149
7,591
7,001
7,078
8,924
7,555
7,423
7,820
7,675
8,536
8,662
8,910
9,550
9,592
10,221
10,476
11,108
11,616

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 2008 data reflect revised population controls and are not strictly
comparable with earlier data.

Men
20
years
and
over
2,433
2,376
3,040
3,896
4,209
3,791
3,392
3,131
3,259
4,297
3,433
3,412
3,650
3,673
3,921
4,106
4,313
4,572
4,889
5,088
5,290
5,714
5,972

Women
20
years
and
over

Both
sexes
16–19
years

2,285
2,235
2,599
3,228
3,314
3,150
3,013
2,751
2,718
3,342
2,881
2,886
3,095
2,923
3,252
3,252
3,170
3,662
3,377
3,725
3,851
4,031
4,286

1,162
1,081
1,162
1,253
1,251
1,208
1,186
1,119
1,101
1,285
1,241
1,125
1,075
1,079
1,363
1,304
1,427
1,316
1,326
1,408
1,335
1,363
1,359

Not in
labor
force

Labor
force
participation
rate

Employment/
population
ratio

Unemployment
rate

67.1
67.1
66.8
66.6
66.2
66.0
66.0
66.2
66.0
66.0
66.1
65.9
66.0
66.0
66.2
66.1
66.1
66.1
66.0
66.0
65.8
65.7
65.5

64.3
64.4
63.7
62.7
62.3
62.3
62.7
63.1
63.0
62.2
62.9
62.7
62.7
62.7
62.5
62.4
62.3
62.1
61.9
61.7
61.4
61.0
60.5

4.2
4.0
4.7
5.8
6.0
5.5
5.1
4.6
4.6
5.8
4.9
4.8
5.1
5.0
5.5
5.6
5.8
6.2
6.2
6.6
6.8
7.2
7.6

68,385
69,994
71,359
72,707
74,658
75,956
76,762
77,387
78,743
79,501
78,744
79,311
79,152
79,267
78,895
79,227
79,358
79,284
79,739
79,734
80,208
80,588
81,023

See Employment and Earnings for details on breaks in series.
Source: Department of Labor, Bureau of Labor Statistics.

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Period

Percent 1

Unemployment

SELECTED UNEMPLOYMENT RATES
In January, the unemployment rate rose to 7.6 percent from 7.2 percent in December.

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

sroberts on PROD1PC70 with ECOIND

Period

All
civilian
workers

1999 .........................
2000 ........................
2001 ........................
2002 ........................
2003 ........................
2004 .........................
2005 .........................
2006 .........................
2007 .........................
2008 .........................
2008: Jan ...............
Feb ...............
Mar ..............
Apr ...............
May ..............
June .............
July ..............
Aug ..............
Sept ..............
Oct ...............
Nov ..............
Dec ...............
2009: Jan ...............

Men
20 years
and over

Women
20 years
and over

3.5
3.3
4.2
5.3
5.6
5.0
4.4
4.0
4.1
5.4
4.4
4.3
4.6
4.7
5.0
5.2
5.4
5.8
6.2
6.4
6.7
7.2
7.6

3.8
3.6
4.1
5.1
5.1
4.9
4.6
4.1
4.0
4.9
4.2
4.3
4.5
4.3
4.8
4.8
4.6
5.3
4.9
5.4
5.6
5.9
6.2

4.2
4.0
4.7
5.8
6.0
5.5
5.1
4.6
4.6
5.8
4.9
4.8
5.1
5.0
5.5
5.6
5.8
6.2
6.2
6.6
6.8
7.2
7.6

Both
sexes
16–19
years

13.9
13.1
14.7
16.5
17.5
17.0
16.6
15.4
15.7
18.7
17.8
16.5
15.8
15.4
18.9
18.8
20.5
19.2
19.4
20.7
20.4
20.8
20.8

White

3.7
3.5
4.2
5.1
5.2
4.8
4.4
4.0
4.1
5.2
4.4
4.4
4.5
4.4
4.9
5.0
5.2
5.5
5.5
6.0
6.2
6.6
6.9

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.

By selected groups

Black or
African
American

Asian
(NSA)

Hispanic or
Latino
ethnicity

8.0
7.6
8.6
10.2
10.8
10.4
10.0
8.9
8.3
10.1
9.2
8.4
9.0
8.8
9.7
9.4
9.9
10.7
11.4
11.3
11.3
11.9
12.6

..........
3.6
4.5
5.9
6.0
4.4
4.0
3.0
3.2
4.0
3.2
3.0
3.6
3.2
3.8
4.5
4.0
4.4
3.8
3.8
4.8
5.1
6.2

Married
men,
spouse
present

6.4
5.7
6.6
7.5
7.7
7.0
6.0
5.2
5.6
7.6
6.4
6.3
7.0
7.0
7.0
7.7
7.5
8.1
7.9
8.8
8.6
9.2
9.7

2.2
2.0
2.7
3.6
3.8
3.1
2.8
2.4
2.5
3.4
2.7
2.7
2.8
2.8
3.0
3.1
3.3
3.7
3.9
4.1
4.2
4.4
5.0

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Full-time
workers

Part-time
workers

6.4
5.9
6.6
8.0
8.5
8.0
7.8
7.1
6.5
8.0
7.0
6.7
7.1
6.8
6.9
7.9
8.5
9.6
8.2
8.8
9.3
9.5
10.3

4.1
3.8
4.7
5.9
6.1
5.6
5.0
4.5
4.6
5.8
4.8
4.8
5.0
5.0
5.5
5.6
5.8
6.3
6.3
6.8
7.0
7.5
8.0

5.0
4.8
5.1
5.2
5.5
5.3
5.4
5.1
4.9
5.5
5.4
5.0
5.3
5.0
5.5
5.4
5.6
5.7
5.9
5.7
5.8
5.9
5.9

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

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who
maintain
families
(NSA)

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By sex and age

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 rose; the percentages
for 5–14 weeks, for 15–26 weeks and for 27 weeks and over fell. The mean duration of unemployment rose to
19.8 weeks and the median duration fell to 10.3 weeks.

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

Period

Unemployment
(thousands)

Percent distribution
Less
than
5
weeks

5–14
weeks

15–26
weeks

Reason for unemployment:
percent distribution

State
programs

Number of weeks
27
weeks
and
over

Average
(mean)

Median

Job
losers 1

Job
leavers

Reentrants

New
entrants

Insured
unemployment

Initial
claims

Insured
unemployment,
all
regular
programs
(unadjusted) 2

1999 ........................................
2000 ........................................
2001 ........................................
2002 ........................................
2003 ........................................
2004 ........................................
2005 ........................................
2006 ........................................
2007 ........................................
2008 ........................................
2008: Jan ..............................
Feb ..............................
Mar .............................
Apr ..............................
May .............................
June ............................
July .............................
Aug ..............................
Sept .............................
Oct ..............................
Nov ..............................
Dec ..............................
2009: Jan ..............................

5,880
5,692
6,801
8,378
8,774
8,149
7,591
7,001
7,078
8,924
7,555
7,423
7,820
7,675
8,536
8,662
8,910
9,550
9,592
10,221
10,476
11,108
11,616

43.7
44.9
42.0
34.5
31.7
33.1
35.1
37.3
35.9
32.8
35.3
35.6
35.9
32.5
38.1
31.4
32.4
33.9
29.8
30.3
31.4
29.2
31.0

31.2
31.9
32.3
30.8
29.8
29.2
30.4
30.3
31.5
31.4
31.7
32.3
32.7
32.9
29.0
34.6
32.0
30.1
32.1
29.7
30.3
30.4
29.8

12.8
11.8
14.0
16.3
16.4
15.9
14.9
14.7
15.0
16.0
14.8
14.7
14.7
16.6
14.5
15.4
16.3
16.4
16.9
17.9
17.0
17.2
16.8

12.3
11.4
11.8
18.3
22.1
21.8
19.6
17.6
17.6
19.7
18.1
17.3
16.7
17.9
18.4
18.6
19.3
19.6
21.2
22.1
21.3
23.2
22.4

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.

13.4
12.6
13.1
16.6
19.2
19.6
18.4
16.8
16.8
17.9
17.5
16.6
16.1
17.0
16.8
17.6
17.3
17.6
18.7
19.8
18.9
19.7
19.8

6.4
5.9
6.8
9.1
10.1
9.8
8.9
8.3
8.5
9.4
8.7
8.4
8.2
9.3
8.3
10.1
9.8
9.3
10.3
10.6
10.0
10.6
10.3

44.6
44.2
51.1
55.0
55.1
51.5
48.3
47.4
49.7
53.7
50.7
52.2
53.5
52.7
50.5
51.7
51.3
52.6
54.9
56.8
58.6
58.4
61.1

13.3
13.7
12.3
10.3
9.3
10.5
11.5
11.8
11.2
10.0
11.1
10.5
10.2
11.2
10.3
9.8
9.8
10.5
10.1
9.2
8.9
9.1
8.0

34.1
34.5
29.9
28.3
28.2
29.5
31.4
32.0
30.3
27.7
29.2
28.3
27.3
28.0
29.5
29.7
29.8
28.2
26.6
25.9
25.3
25.1
24.1

8.0
7.6
6.8
6.4
7.3
8.4
8.8
8.8
8.9
8.6
9.0
8.9
8.9
8.1
9.7
8.8
9.1
8.7
8.4
8.1
7.2
7.5
6.8

2,188
2,110
2,974
3,585
3,531
2,950
2,661
2,476
2,571
2,888
2,718
2,776
2,910
3,012
3,096
3,126
3,233
3,429
3,581
3,787
4,134
4,476
..............

298
301
404
407
404
345
328
313
324
360
337
346
374
365
369
389
406
440
475
478
526
542
p 572

2,219
2,141
3,007
3,619
3,569
2,995
2,706
2,518
2,609
2,921
3,270
3,256
3,553
3,037
2,667
3,108
3,006
3,179
3,160
2,978
3,819
4,778
.................

NOTE.—Data relate to persons age 16 years and over (except for insured unemployment and
initial claims).
Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration).

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Weekly average, thousands

NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey fell by 598,000 in January. (Series revised.)

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

Goods-producing industries

Period

Total 2

Construction

Manufacturing

Service-providing industries
Trade, transportation, and
utilities

Total

Total 3

sroberts on PROD1PC70 with ECOIND

1999 ..................
2000 ..................
2001 ..................
2002 ..................
2003 ..................
2004 ..................
2005 ..................
2006 ..................
2007 r .................
2008 r .................
2008: Jan r .......
Feb r .......
Mar r .......
Apr r .......
May r .......
June r ......
July r .......
Aug r .......
Sept r ......
Oct r ........
Nov r .......
Dec r .......
2009: Jan p .......

128,993
131,785
131,826
130,341
129,999
131,435
133,703
136,086
137,598
137,068
138,080
137,936
137,814
137,654
137,517
137,356
137,228
137,053
136,732
136,352
135,755
135,178
134,580

24,465
24,649
23,873
22,557
21,816
21,882
22,190
22,531
22,233
21,420
21,981
21,887
21,800
21,679
21,612
21,507
21,432
21,351
21,247
21,063
20,814
20,564
20,245

6,545
6,787
6,826
6,716
6,735
6,976
7,336
7,691
7,630
7,215
7,489
7,445
7,401
7,337
7,293
7,232
7,201
7,177
7,131
7,066
6,939
6,853
6,742

17,322
17,263
16,441
15,259
14,510
14,315
14,226
14,155
13,879
13,431
13,744
13,692
13,643
13,586
13,556
13,505
13,454
13,387
13,322
13,203
13,082
12,920
12,713

104,528
107,136
107,952
107,784
108,183
109,553
111,513
113,556
115,366
115,648
116,099
116,049
116,014
115,975
115,905
115,849
115,796
115,702
115,485
115,289
114,941
114,614
114,335

Retail
trade

25,771
26,225
25,983
25,497
25,287
25,533
25,959
26,276
26,630
26,385
26,717
26,655
26,629
26,562
26,503
26,467
26,425
26,354
26,257
26,157
26,005
25,858
25,740

14,970
15,280
15,239
15,025
14,917
15,058
15,280
15,353
15,520
15,357
15,572
15,526
15,506
15,458
15,420
15,404
15,380
15,335
15,278
15,217
15,126
15,043
14,998

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.

2 Includes
3 Includes

Information
3,419
3,630
3,629
3,395
3,188
3,118
3,061
3,038
3,032
2,997
3,022
3,025
3,023
3,017
3,013
3,006
2,995
2,990
2,986
2,982
2,965
2,941
2,920

Financial
activities
7,648
7,687
7,808
7,847
7,977
8,031
8,153
8,328
8,301
8,146
8,229
8,211
8,204
8,190
8,179
8,162
8,154
8,141
8,115
8,088
8,043
8,016
7,974

Profes- Educasional
tion Leisure
and
and
and
busihealth hospiness
tality
services services
15,957
16,666
16,476
15,976
15,987
16,394
16,954
17,566
17,942
17,778
18,069
18,018
17,954
17,950
17,887
17,824
17,788
17,727
17,675
17,612
17,488
17,382
17,261

14,798
15,109
15,645
16,199
16,588
16,953
17,372
17,826
18,322
18,856
18,613
18,657
18,698
18,752
18,798
18,843
18,888
18,950
18,957
18,981
19,044
19,089
19,143

23:29 Feb 10, 2009

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Government

Total
5,087
5,168
5,258
5,372
5,401
5,409
5,395
5,438
5,494
5,528
5,524
5,533
5,537
5,541
5,542
5,535
5,536
5,530
5,532
5,535
5,509
5,482
5,473

20,307
20,790
21,118
21,513
21,583
21,621
21,804
21,974
22,218
22,500
22,391
22,421
22,441
22,451
22,488
22,522
22,537
22,556
22,535
22,539
22,543
22,533
22,539

Federal
2,769
2,865
2,764
2,766
2,761
2,730
2,732
2,732
2,734
2,764
2,737
2,746
2,751
2,758
2,763
2,765
2,776
2,768
2,771
2,775
2,783
2,777
2,792

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 2007 North American Industry Classification System (NAICS). For details see Employment and Earnings.
Data reflect annual revisions released on February 6, 2009; seasonally adjusted data revised
beginning 2004.
Source: Department of Labor, Bureau of Labor Statistics.

14
VerDate Nov 24 2008

11,543
11,862
12,036
11,986
12,173
12,493
12,816
13,110
13,427
13,459
13,534
13,529
13,528
13,512
13,495
13,490
13,473
13,454
13,428
13,395
13,344
13,313
13,285

Other
services

Sfmt 3401

E:\HR\OC\ECOIND.014

ECOIND

g:\graphics\eecoind.014

Total
nonagricultural
employment

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

Average gross hourly earnings

Manufacturing
Total private nonagricultural 1

Period

1999 .................
2000 ................
2001 .................
2002 .................
2003 .................
2004 .................
2005 .................
2006 .................
2007 r ................
2008 r ................
2007: Dec r ......
2008: Jan r ......
Feb r ......
Mar r ......
Apr r ......
May r .....
June r ....
July r .....
Aug r ......
Sept r .....
Oct r .......
Nov r ......
Dec r ......
2009: Jan p ......

34.3
34.3
34.0
33.9
33.7
33.7
33.8
33.9
33.9
33.6
33.8
33.7
33.8
33.8
33.8
33.7
33.6
33.6
33.7
33.6
33.5
33.4
33.3
33.3

Total

Overtime

41.4
41.3
40.3
40.5
40.4
40.8
40.7
41.1
41.2
40.8
41.2
41.1
41.2
41.2
41.0
40.9
40.9
41.0
40.8
40.5
40.4
40.2
39.9
39.8

Average gross weekly earnings

Total private nonagricultural 1

4.9
4.7
4.0
4.2
4.2
4.6
4.6
4.4
4.2
3.7
4.1
4.1
4.1
4.0
4.0
3.9
3.8
3.7
3.7
3.5
3.5
3.2
3.0
2.9

Current
dollars

$13.49
14.02
14.54
14.97
15.37
15.69
16.13
16.76
17.43
18.08
17.71
17.77
17.83
17.90
17.94
17.99
18.04
18.10
18.18
18.21
18.28
18.34
18.41
18.46

Total private nonagricultural 1
Manufacturing

Current dollars

Percent change from a
year earlier, total private
nonagricultural

Current
dollars

1982 dollars 2

$8.01
8.04
8.12
8.25
8.28
8.24
8.18
8.24
8.33
8.30
8.27
8.27
8.29
8.30
8.30
8.26
8.18
8.14
8.19
8.21
8.34
8.55
8.66
..............

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).

Manufacturing

Construction

Retail
trade

$463.15
481.01
493.79
506.75
518.06
529.09
544.33
567.87
590.04
608.02
598.60
598.85
602.65
605.02
606.37
606.26
606.14
608.16
612.67
611.86
612.38
612.56
613.05
614.72

$13.85
14.32
14.76
15.29
15.74
16.14
16.56
16.81
17.26
17.74
17.42
17.52
17.58
17.64
17.64
17.68
17.73
17.80
17.78
17.81
17.89
17.94
17.96
18.01

1982 dollars 2

$275.03
275.97
275.71
279.20
279.13
277.88
276.17
279.19
281.97
279.16
279.69
278.58
280.35
280.42
280.41
278.36
274.98
273.45
275.96
275.83
279.43
285.58
288.43
..............

r$573.14

$655.11
685.78
695.89
711.82
726.83
735.55
750.22
781.21
816.66
842.24
837.09
829.54
833.42
839.46
841.02
836.22
842.50
845.60
849.97
846.05
849.11
839.96
850.48
849.34

$321.63
333.38
346.16
360.81
367.15
371.13
377.58
383.02
385.11
386.39
386.56
386.56
386.86
387.47
387.77
387.39
386.10
386.40
387.60
388.59
385.41
385.31
384.32
385.51

590.77
595.19
618.75
635.99
658.49
r 673.30
691.02
711.56
724.23
717.70
720.07
724.30
726.77
723.24
723.11
725.16
729.80
725.42
721.31
722.76
721.19
716.60
716.80

Current
dollars

3.3
3.9
2.7
2.6
2.2
2.1
2.9
4.3
3.9
3.0
3.1
3.5
3.8
3.6
3.8
3.1
2.6
2.9
3.5
3.0
2.9
2.6
2.4
2.7

1982
dollars

1.0
.3
¥.1
1.3
¥.0
¥.4
¥.6
1.1
1.0
¥1.0
¥1.3
¥1.3
¥.7
¥.7
¥.4
¥1.2
¥2.6
¥3.0
¥2.2
¥2.3
¥.9
2.0
3.1
................

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

Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec

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

80.2
83.6
87.3
90.0
93.6
97.2
100.0
103.2
106.3
108.9

83.5
86.7
89.9
92.2
95.1
97.6
100.0
103.2
106.6
109.4

72.6
76.7
81.3
84.7
90.2
96.2
100.0
103.1
105.6
107.7

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

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

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

sroberts on PROD1PC70 with ECOIND

Seasonally adjusted
2005: Mar .................................................................
June ...............................................................
Sept ................................................................
Dec .................................................................
2006: Mar .................................................................
June ...............................................................
Sept ................................................................
Dec .................................................................
2007: Mar .................................................................
June ...............................................................
Sept ................................................................
Dec .................................................................
2008: Mar .................................................................
June ...............................................................
Sept ................................................................
Dec .................................................................

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

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

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

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

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

3.5
4.2
4.1
3.1
4.0
3.8
2.9
3.2
3.0
2.4

3.6
3.8
3.8
2.6
3.1
2.6
2.5
3.2
3.3
2.6

3.4
5.6
5.2
4.2
6.5
6.7
4.0
3.1
2.4
2.0

Not seasonally adjusted
0.6
.5
.6
.7
.7
.8
.9
.8
1.0
.8
.8
.8
.8
.7
.6
.6

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

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

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

5.5
4.7
4.5
4.0
3.0
2.7
2.8
3.1
2.2
2.6
2.4
2.4
3.2
2.6
2.4
2.0

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

15
VerDate Nov 24 2008

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E:\HR\OC\ECOIND.015

ECOIND

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

Nonfarm
business
sector

Output 1
Business
sector

Nonfarm
business
sector

Hours of all
persons 2
Business
sector

Compensation per
hour 3

Nonfarm
business
sector

Business
sector

Nonfarm
business
sector

Real compensation
per hour 4
Business
sector

Nonfarm
business
sector

Unit labor
costs
Business
sector

Nonfarm
business
sector

Implicit price
deflator 5
Business
sector

Nonfarm
business
sector

Indexes, 1992=100; quarterly data seasonally adjusted
1999 ........................
2000 ........................
2001 ........................
2002 ........................
2003 ........................
2004 ........................
2005 ........................
2006 ........................
2007 ........................
2008 p ......................
2005: I ...................
II .................
III ................
IV ................
2006: I ...................
II .................
III ................
IV ................
2007: I ...................
II .................
III ................
IV ................
2008: I ..................
II .................
III r ...............
IV p* .............

112.8
116.1
119.1
123.9
128.7
132.4
134.8
136.1
138.2
142.0
134.3
134.2
135.6
135.3
136.1
136.6
135.9
135.9
135.9
137.6
139.7
139.7
140.5
141.8
142.4
143.5

112.5
115.7
118.6
123.5
128.0
131.6
133.9
135.2
137.1
141.0
133.3
133.4
134.6
134.2
135.1
135.7
135.0
135.0
135.0
136.4
138.3
138.6
139.5
140.8
141.3
142.4

135.2
140.5
141.0
143.1
147.5
153.7
159.1
163.9
167.3
169.0
157.1
158.4
160.2
160.6
162.8
164.0
164.1
164.8
164.5
166.8
169.0
168.8
169.1
170.2
169.4
167.2

135.6
140.8
141.3
143.4
147.8
153.9
159.2
164.2
167.5
169.2
157.3
158.4
160.3
160.8
163.2
164.3
164.4
165.0
164.7
167.0
169.2
168.9
169.3
170.5
169.7
167.3

119.8
121.0
118.4
115.4
114.6
116.1
118.0
120.4
121.0
119.0
117.0
118.0
118.2
118.8
119.6
120.1
120.8
121.2
121.0
121.2
121.0
120.8
120.3
120.0
119.0
116.5

120.5
121.7
119.2
116.1
115.4
117.0
118.9
121.5
122.2
120.0
118.0
118.8
119.1
119.8
120.8
121.1
121.8
122.2
122.0
122.4
122.3
121.9
121.4
121.1
120.1
117.5

125.8
134.7
140.3
145.3
151.2
156.9
163.2
169.5
176.5
182.4
161.2
161.6
164.1
165.8
168.0
168.1
169.0
172.6
174.7
175.5
177.0
178.9
180.6
181.1
183.0
185.1

125.2
134.2
139.5
144.6
150.4
155.9
162.2
168.4
175.3
181.3
160.0
160.8
163.2
164.7
166.8
167.1
167.9
171.7
173.7
174.1
175.5
177.8
179.5
179.9
181.8
184.0

108.1
112.0
113.5
115.7
117.7
119.0
119.7
120.4
121.9
121.3
120.1
119.5
119.6
119.6
120.7
119.7
119.1
122.1
122.4
121.6
121.9
121.7
121.5
120.4
119.7
124.0

107.6
111.6
112.8
115.1
117.1
118.2
119.0
119.6
121.1
120.6
119.2
118.9
118.9
118.8
119.8
118.9
118.3
121.4
121.8
120.7
120.8
120.9
120.8
119.6
118.9
123.3

111.5
116.0
117.9
117.3
117.5
118.5
121.0
124.5
127.7
128.4
120.0
120.4
121.1
122.6
123.5
123.1
124.3
127.0
128.5
127.5
126.7
128.1
128.5
127.7
128.5
129.0

111.3
116.0
117.7
117.1
117.5
118.5
121.1
124.6
127.9
128.6
120.0
120.5
121.2
122.7
123.5
123.2
124.4
127.1
128.7
127.7
126.9
128.3
128.7
127.8
128.6
129.2

110.7
112.7
114.9
116.1
117.8
120.8
124.6
128.3
131.4
133.7
123.2
123.8
125.0
126.3
127.2
128.0
128.8
129.4
130.7
131.2
131.6
132.2
132.9
133.2
134.6
134.2

111.1
113.3
115.4
116.7
118.3
121.1
125.1
129.1
131.7
134.2
123.7
124.3
125.6
126.9
127.9
128.8
129.5
130.0
131.1
131.5
131.8
132.5
133.2
133.5
135.0
134.9

1.8
4.2
1.4
¥.5
.3
.9
2.2
2.8
2.7
.5
¥1.0
.5
4.4
4.7
¥.5
1.6
2.4
4.9
2.6
¥1.1
4.1
9.1
4.9
¥3.2
¥2.4
4.5
1.2
¥2.6
2.6
1.8

0.9
1.8
2.0
1.0
1.5
2.6
3.1
3.0
2.4
1.7
3.4
3.6
1.8
3.5
3.6
2.0
4.1
4.1
3.0
2.6
2.4
1.9
4.0
1.7
1.1
2.0
2.0
.9
4.2
¥1.1

1.1
1.9
1.9
1.1
1.3
2.4
3.4
3.1
2.1
1.8
3.4
3.0
2.4
3.8
3.9
2.2
4.3
4.2
3.1
2.9
2.1
1.5
3.4
1.5
.9
2.1
2.1
.9
4.7
¥.5

Percent change; quarterly data at seasonally adjusted annual rates

sroberts on PROD1PC70 with ECOIND

1999 ........................
2000 ........................
2001 ........................
2002 ........................
2003 ........................
2004 ........................
2005 ........................
2006 ........................
2007 ........................
2008 p ......................
2004: I ...................
II .................
III ................
IV ................
2005: I ...................
II .................
III ................
IV ................
2006: I ...................
II .................
III ................
IV ................
2007: I ...................
II .................
III ................
IV ................
2008: I ...................
II .................
III r ...............
IV p* .............

3.1
2.9
2.5
4.1
3.8
2.9
1.8
.9
1.5
2.7
2.4
3.7
1.2
2.1
2.8
¥.3
4.1
¥1.0
2.6
1.4
¥2.0
.2
¥.1
5.0
6.2
.1
2.3
3.7
1.7
3.1

2.9
2.8
2.5
4.1
3.7
2.8
1.8
1.0
1.4
2.8
.9
4.5
1.1
.6
3.2
.3
3.7
¥1.1
2.5
1.8
¥2.1
.2
.0
4.1
5.8
.8
2.6
3.6
1.5
3.2

5.1
3.9
.3
1.5
3.1
4.2
3.5
3.0
2.0
1.0
3.7
4.4
4.0
3.0
3.7
3.2
4.8
1.0
5.6
2.9
.3
1.7
¥.7
5.6
5.5
¥.6
.7
2.6
¥1.8
¥5.2

5.2
3.8
.4
1.5
3.1
4.1
3.4
3.2
2.0
1.0
2.6
5.0
3.8
2.6
3.7
2.9
4.8
1.3
6.0
2.9
.3
1.4
¥.9
5.8
5.5
¥.7
.9
2.8
¥1.9
¥5.5

2.0
1.0
¥2.2
¥2.5
¥.7
1.3
1.6
2.1
.5
¥1.7
1.2
.7
2.7
.9
.9
3.5
.6
1.9
3.0
1.5
2.4
1.5
¥.6
.6
¥.7
¥.7
¥1.6
¥1.0
¥3.5
¥8.1

2.2
1.0
¥2.0
¥2.6
¥.6
1.3
1.6
2.2
.5
¥1.8
1.7
.4
2.8
2.1
.5
2.6
1.0
2.5
3.3
1.1
2.4
1.2
¥.8
1.6
¥.3
¥1.6
¥1.7
¥.8
¥3.4
¥8.4

1 Output 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 1978–2007 is based on the consumer price index research series (CPI–U–RS).
5 Current dollar gross domestic output divided by the output index.

4.9
7.1
4.2
3.5
4.1
3.8
4.0
3.8
4.2
3.3
.6
4.8
5.4
6.4
2.3
1.0
6.5
4.2
5.5
.2
2.0
9.0
4.8
1.9
3.6
4.4
3.6
1.2
4.2
4.7

4.7
7.2
4.0
3.6
4.0
3.6
4.0
3.8
4.1
3.4
¥.1
5.0
5.5
5.3
2.8
1.9
6.2
3.7
5.2
.7
1.9
9.3
4.9
.8
3.3
5.3
3.8
.9
4.2
5.0

2.8
3.6
1.4
1.9
1.8
1.0
.6
.5
1.3
¥.5
¥2.7
1.7
2.5
2.2
.6
¥1.8
.2
.1
3.6
¥3.3
¥1.9
10.6
1.1
¥2.6
.8
¥.6
¥.6
¥3.7
¥2.3
15.3

2.6
3.7
1.1
2.0
1.8
.9
.7
.5
r 1.2
¥.4
¥3.4
1.8
2.5
1.1
1.0
¥.9
¥.1
¥.3
3.3
¥2.8
¥2.0
11.0
1.2
¥3.6
.5
.3
¥.4
¥3.9
¥2.4
15.6

1.8
4.1
1.6
¥.5
.2
.9
2.1
2.9
2.6
.6
¥1.7
1.1
4.1
4.3
¥.4
1.3
2.3
5.2
2.8
¥1.2
4.1
8.8
4.8
¥2.9
¥2.5
4.3
1.3
¥2.4
2.5
1.5

NOTE.—Data relate to all persons engaged in the sector.
Percent changes are from preceding period and are based on original data; they therefore
may differ slightly from percent changes based on indexes shown here.
* Data based on GDP data released on January 30, 2009.
Source: Department of Labor, Bureau of Labor Statistics.

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ECOIND

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

[Monthly data seasonally adjusted]

Percent
Period

Index,
2002=100

From
preceding
month

Industry production indexes, 2002=100

change 2
From
year
earlier

Manufacturing

Total 1

Durable

Nondurable

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

99.5
103.7
100.1
100.0
101.2
103.8
107.2
109.6
111.4
109.4

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

4.3
4.2
¥3.4
¥.1
1.2
2.5
3.3
2.2
1.7
¥1.8

99.9
104.4
100.1
100.0
101.3
104.2
108.4
111.1
112.9
110.0

97.8
105.2
100.5
100.0
102.7
106.9
112.7
117.9
121.0
117.9

101.7
102.2
98.9
100.0
100.1
102.0
104.8
105.6
106.6
104.1

2007: Dec .............

sroberts on PROD1PC70 with ECOIND

Capacity utilization
rate
(output as percent
of capacity) 1

112.4

0.1

2.0

113.8

122.8

2008: Jan .............
Feb .............
Mar .............
Apr .............
May ............
June ...........
July r ...........
Aug r ............
Sept r ...........
Oct r .............
Nov r ............
Dec p ............

112.6
112.3
112.0
111.4
111.2
111.3
111.2
109.8
105.2
107.1
105.7
103.6

.2
¥.3
¥.2
¥.5
¥.2
.1
.0
¥1.3
¥4.2
1.8
¥1.3
¥2.0

2.5
1.6
1.5
.4
.2
¥.1
¥.7
¥1.9
¥6.3
¥4.2
¥5.9
¥7.8

113.8
113.1
113.3
112.3
112.3
112.1
111.9
110.8
106.4
107.4
105.0
102.5

122.9
122.2
122.4
120.7
120.6
120.9
121.0
119.3
115.4
112.7
110.0
107.1

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.

Other
(nonNAICS) 1

Mining

Utilities
Total
industry

Total
manufacturing

110.9
112.6
105.7
100.0
97.1
97.9
98.5
94.3
92.9
87.9

101.6
104.2
104.8
100.0
100.2
99.6
98.3
101.4
101.4
103.3

94.7
97.4
97.0
100.0
101.9
103.3
105.5
104.8
108.2
108.3

81.9
81.8
76.3
74.8
76.0
78.0
80.2
80.9
81.0
78.2

80.7
80.1
73.9
72.8
74.0
76.3
78.6
79.4
79.4
75.9

106.8

91.9

103.9

108.2

81.0

79.2

106.8
106.0
106.2
106.0
106.2
105.5
105.1
104.4
99.4
103.5
101.2
99.1

91.3
91.2
91.0
89.1
88.5
88.4
87.2
86.6
86.3
86.5
86.1
84.2

103.2
103.6
103.9
104.0
104.1
104.2
105.8
105.2
95.2
102.3
104.5
102.9

110.8
112.6
108.7
110.4
108.0
110.0
108.9
103.9
105.5
107.8
108.8
108.7

81.0
80.7
80.4
79.9
79.6
79.6
79.4
78.3
75.0
76.3
75.2
73.6

79.1
78.5
78.5
77.7
77.6
77.3
77.1
76.2
73.1
73.7
71.9
70.2

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.

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ECOIND

G:\graphics\eecoind.017

Total industrial production 1

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

Materials

Final products

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

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

99.9
103.0
101.0
100.0
101.2
103.4
107.7
110.5
112.8
110.9

97.5
99.4
98.2
100.0
101.3
102.6
105.5
105.8
107.5
105.1

96.3
99.2
94.8
100.0
103.2
104.3
104.9
103.6
103.2
93.1

98.0
99.5
99.5
100.0
100.5
101.9
105.5
106.4
108.8
108.8

105.9
111.8
107.8
100.0
100.9
105.3
113.6
123.1
127.1
126.4

106.5
114.8
108.2
100.0
99.7
104.9
112.6
124.3
128.4
126.9

102.1
92.1
100.3
100.0
106.3
105.5
116.6
112.9
117.1
118.3

100.8
104.7
100.4
100.0
101.1
103.3
107.1
108.3
107.9
104.4

102.4
104.7
100.1
100.0
99.6
101.8
106.4
108.8
106.0
99.6

100.3
104.7
100.5
100.0
101.7
103.9
107.4
108.1
108.7
106.4

98.6
103.9
99.2
100.0
101.3
104.3
106.8
109.2
111.3
109.7

99.9
101.5
100.3
100.0
100.0
99.6
98.4
99.9
101.6
103.1

2007: Dec ..................................................

113.5

107.4

102.7

108.8

129.8

131.2

119.9

107.6

104.2

108.9

113.1

104.1

2008: Jan ..................................................
Feb ..................................................
Mar .................................................
Apr ..................................................
May .................................................
June ................................................
July r ................................................
Aug r ................................................
Sept r ................................................
Oct r .................................................
Nov r ................................................
Dec p ................................................

114.0
113.8
113.2
112.3
112.1
112.5
112.2
110.5
107.4
108.6
108.4
107.3

108.0
107.9
106.7
106.2
105.8
106.2
106.1
103.8
102.3
104.6
103.6
101.8

101.1
100.0
97.8
94.5
94.9
96.7
97.2
91.2
90.1
88.0
85.1
81.0

110.1
110.4
109.5
109.8
109.1
109.1
108.8
107.7
106.0
109.7
109.2
108.1

130.0
129.5
130.5
129.0
129.3
129.6
128.9
128.6
121.1
118.7
121.0
122.0

131.4
131.1
132.3
130.0
130.4
130.4
129.8
129.3
119.9
116.8
120.2
122.4

120.9
119.6
119.6
119.5
119.0
120.3
118.5
118.6
115.6
117.1
116.6
115.8

107.7
107.2
106.7
106.6
106.1
105.7
105.9
105.0
102.4
102.7
100.2
97.7

103.6
102.3
102.3
101.4
101.7
101.3
102.0
101.0
98.7
97.3
92.8
89.7

109.3
109.2
108.5
108.6
107.9
107.5
107.5
106.6
103.8
104.9
103.1
100.9

113.0
112.6
112.8
112.3
112.2
112.1
112.2
110.9
104.2
107.3
105.2
102.3

104.2
104.5
104.3
104.1
104.2
104.1
104.9
103.1
95.1
101.6
104.0
103.4

1 Includes

other items, not shown separately.

[2002=100; monthly data seasonally adjusted]
Durable manufactures
Primary metals
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

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

115.1
111.4
99.4
100.0
99.1
110.0
108.0
112.4
110.3
105.1

111.9
110.8
96.8
100.0
101.2
118.2
110.1
119.5
115.7
105.9

106.4
110.7
102.6
100.0
98.7
98.9
103.5
109.1
112.0
109.4

112.0
117.7
104.2
100.0
99.7
103.8
110.2
115.5
116.0
110.7

77.2
101.3
103.6
100.0
113.8
129.0
143.5
164.6
183.4
203.3

70.0
98.4
101.7
100.0
119.7
136.5
157.2
190.6
224.4
258.9

104.5
99.7
96.2
100.0
101.0
100.7
104.6
104.2
106.2
96.1

100.5
99.9
91.4
100.0
103.5
103.7
103.9
100.2
97.2
83.3

155.6
148.0
126.9
100.0
92.8
79.8
77.0
75.4
75.7
71.9

112.4
113.1
106.3
100.0
96.2
96.9
99.0
99.5
99.8
94.7

93.6
95.0
93.3
100.0
101.3
105.6
109.3
112.6
114.2
110.0

96.0
97.7
97.7
100.0
101.0
101.1
104.2
105.4
110.1
112.3

2007: Dec ..................................................

112.9

121.6

113.1

114.6

198.1

250.6

106.6

95.5

75.1

99.0

114.6

112.0

2008: Jan ..................................................
Feb ..................................................
Mar .................................................
Apr ..................................................
May .................................................
June ................................................
July r ................................................
Aug r ................................................
Sept r ................................................
Oct r .................................................
Nov r ................................................
Dec p ................................................

115.2
114.1
112.3
111.5
109.5
109.9
112.0
110.4
104.6
96.5
85.1
77.1

121.7
124.6
119.5
118.2
113.8
114.5
119.8
116.3
104.4
88.0
68.3
54.5

113.4
113.5
113.6
112.4
111.5
110.1
109.7
110.1
108.9
106.8
104.0
99.7

115.2
114.1
116.0
112.4
112.3
112.1
110.9
112.7
109.1
107.2
104.4
101.3

198.5
202.2
206.2
208.9
209.5
209.7
209.9
208.8
206.0
202.8
195.5
190.1

251.6
257.0
264.5
269.5
269.7
269.4
270.5
268.4
265.3
259.3
244.1
234.2

105.9
104.5
101.6
97.8
97.9
100.6
101.2
94.8
88.1
85.1
88.3
88.5

93.9
93.0
88.6
83.1
83.4
86.9
88.9
79.4
80.3
77.4
75.5
70.0

74.2
73.6
72.3
71.7
70.3
71.3
72.4
72.8
71.5
70.0
70.9
70.6

98.4
97.3
98.4
97.4
97.0
94.2
92.6
94.0
93.2
92.9
91.9
89.3

114.6
113.6
113.2
113.2
113.4
112.7
112.2
111.2
102.0
108.5
104.0
101.3

112.2
112.0
113.6
113.1
112.5
112.4
111.9
111.9
111.6
113.5
113.5
110.7

sroberts on PROD1PC70 with ECOIND

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

Source: Board of Governors of the Federal Reserve System.

18
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ECOIND

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

Total new
construction expenditures

Residential
Total

New
housing

Total 1

Federal
and
State
and
local

Nonresidential
Total

Lodging

Commercial
(including
farm)

Office

Manufacturing

Other 2

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

744.6
802.8
840.2
847.9
891.5
991.6
1,102.7
1,167.6
1,137.2
1,078.9

575.5
621.4
638.3
634.4
675.4
771.4
868.5
912.2
850.0
770.4

326.3
346.1
364.4
396.7
446.0
532.9
611.9
613.7
492.5
358.4

251.3
265.0
279.4
298.8
345.7
417.5
480.8
468.8
353.4
230.4

249.2
275.3
273.9
237.7
229.3
238.5
256.6
298.4
357.5
412.0

16.0
16.3
14.5
10.5
9.9
12.0
12.7
17.6
27.5
36.7

45.1
52.4
49.7
35.3
30.6
32.9
37.3
45.7
53.4
57.9

59.4
64.1
63.6
59.0
57.5
63.2
66.6
73.4
85.0
82.3

35.1
37.6
37.8
22.7
21.4
23.7
29.9
35.1
42.2
63.8

93.7
104.9
108.2
110.2
109.9
106.8
110.2
126.7
149.4
171.4

169.1
181.3
201.9
213.4
216.1
220.2
234.2
255.4
287.1
308.5

2007: Dec ..........................

1,093.5

797.5

413.9

289.2

383.7

31.2

56.1

85.1

51.2

160.0

296.0

2008: Jan ..........................
Feb ..........................
Mar ..........................
Apr ...........................
May .........................
June ........................
July .........................
Aug ..........................
Sept .........................
Oct r .........................
Nov r .........................
Dec p .........................

1,085.4
1,075.3
1,090.5
1,085.2
1,088.3
1,086.6
1,060.0
1,085.7
1,089.4
1,082.3
1,068.8
1,053.7

794.6
783.7
789.6
783.7
784.1
780.4
751.5
769.1
777.0
766.9
749.6
737.1

404.9
392.0
391.6
383.5
371.4
356.4
334.5
352.9
350.2
343.8
329.9
319.2

277.2
258.8
256.4
247.9
243.9
237.0
232.2
221.6
214.1
205.7
194.6
180.9

389.7
391.6
398.0
400.2
412.8
424.0
417.0
416.1
426.9
423.1
419.7
417.9

31.5
32.5
33.7
35.9
37.8
38.9
38.2
39.5
38.6
37.8
37.8
37.7

58.4
57.0
57.3
57.7
57.8
57.4
58.1
58.2
59.7
58.2
57.8
56.2

86.7
87.0
86.9
87.5
85.6
84.8
82.9
81.6
78.4
77.8
76.4
75.5

48.8
49.5
51.1
52.0
63.3
72.4
66.1
65.3
71.6
74.0
73.1
75.3

164.3
165.7
169.0
167.2
168.2
170.5
171.7
171.5
178.6
175.3
174.6
173.2

290.8
291.6
300.8
301.5
304.1
306.2
308.5
316.7
312.4
315.4
319.3
316.6

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

Source: Department of Commerce, Bureau of the Census.

NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or houses, except as noted]
New private housing units
Period
Total
1999 ......................................
2000 ......................................
2001 ......................................
2002 ......................................
2003 ......................................
2004 ......................................
2005 ......................................
2006 ......................................
2007 ......................................
2008 p ....................................

New private houses

Units started, by type of structure

1,640.9
1,568.7
1,602.7
1,704.9
1,847.7
1,955.8
2,068.3
1,800.9
1,355.0
904.3

2–4 units 1

1 unit
1,302.4
1,230.9
1,273.3
1,358.6
1,499.0
1,610.5
1,715.8
1,465.4
1,046.0
622.4

5 units or
more

31.9
38.7
36.6
38.5
33.5
42.3
41.1
42.7
31.7
17.2

306.6
299.1
292.8
307.9
315.2
303.0
311.4
292.8
277.3
264.7

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

Units
completed

Houses
sold

1,604.9
1,573.7
1,570.8
1,648.4
1,678.7
1,841.9
1,931.4
1,979.4
1,502.8
1,116.6

880
877
908
973
1,086
1,203
1,283
1,051
776
482

Houses for
sale at end
of period 2
308
298
308
339
370
422
511
536
494
357

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

Seasonally adjusted annual rates
2007: Dec ...........................

1,000

779

10

211

1,111

1,329

600

494

9.6

2008: Jan ............................
Feb ............................
Mar ............................
Apr .............................
May ...........................
June ..........................
July ...........................
Aug ............................
Sept ...........................
Oct r ...........................
Nov r ...........................
Dec p ...........................

1,064
1,107
988
1,004
982
1,089
949
854
824
767
651
550

750
722
711
681
682
663
644
615
551
536
460
398

27
29
16
15
20
22
14
15
19
10
16
7

287
356
261
308
280
404
291
224
254
221
175
145

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

1,331
1,251
1,192
1,033
1,144
1,131
1,086
1,012
1,155
1,054
1,071
1,015

597
572
513
542
515
499
505
448
r 434
406
388
331

484
477
469
463
459
445
433
428
r 416
403
397
357

......................
......................
10.1
......................
......................
10.0
......................
......................
9.9
......................
......................
10.1

1 Derived;

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

sroberts on PROD1PC70 with ECOIND

3 Revised

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

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BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In November, according to current estimates, manufacturing and trade sales fell 5.6 percent and inventories fell
$11.8 billion. According to advance estimates, retail sales fell 2.7 percent in December. Retail and food services
sales also fell 2.7 percent.

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

Manufacturing and trade 1
Period
Sales 2

Inventories 3

Wholesale

Inventorysales
ratio 4

Sales 2

Inventories 3

Retail
Inventory
sales
ratio 4

Sales 2

Inventories 3

Inventory
sales
ratio 4

Retail and
food services
sales 2

215,592 357,269
1.62
234,046 385,009
1.59
249,063 406,853
1.59
255,644 394,713
1.58
261,194 416,159
1.55
272,123 432,359
1.56
289,528 461,405
1.56
307,338 471,956
1.51
323,947 488,591
1.49
336,701 501,218
1.47
334,963 ................ ................

238,278
257,797
274,518
282,131
288,845
301,264
320,526
340,141
358,978
373,556
373,197

2007: Nov r ...................................................
Dec r ...................................................

346,809
342,552

1.45
1.46

384,163
380,592

342,378 503,313
1.47
340,599 502,744
1.48
342,367
499,972
1.46
342,733 501,054
1.46
345,425 499,667
1.45
345,636 500,100
1.45
343,097 506,863
1.48
340,422 503,330
1.48
334,415 504,102
1.51
321,965 502,955
1.56
r 313,925
496,622
1.58
305,397 ................ ................

380,019
378,106
380,020
380,788
383,769
384,069
381,578
378,966
373,033
360,296
r 352,627
343,242

1,160,389
1,147,184

1,438,248
1,443,837

1.24
1.26

378,025
371,569

409,334
411,955

1.08
1.11

2008: Jan .................................................... 1,160,251 1,457,953
1.26 380,230 417,143
1.10
Feb .................................................... 1,148,347 1,464,497
1.28 378,217 421,078
1.11
Mar .................................................... 1,161,817 1,467,463
1.26 385,072 421,700
1.10
Apr ..................................................... 1,179,814 1,474,247
1.25 391,050 427,560
1.09
May .................................................... 1,192,681 1,479,765
1.24 399,845 431,273
1.08
June ................................................... 1,213,469 1,490,874
1.23 411,960 435,147
1.06
July ................................................... 1,214,338 1,507,756
1.24 408,862 441,823
1.08
Aug .................................................... 1,188,196 1,510,658
1.27 402,319 444,547
1.10
Sept ................................................... 1,159,637 1,505,253
1.30 393,730 442,855
1.12
Oct r .................................................... 1,113,929 1,495,669
1.34 376,064 437,724
1.16
Nov p ................................................... r 1,052,098 1,483,881
1.41 349,245 435,006
1.25
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

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

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501,218

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1998 ..............................................................
742,837 1,078,740
1.43 202,260 272,406
1.31
1999 ..............................................................
786,634 1,138,805
1.40 216,597 290,171
1.30
2000 ..............................................................
834,325 1,197,597
1.41 234,546 309,071
1.29
2001 ..............................................................
818,615 1,120,025
1.42 232,096 297,199
1.32
2002 ..............................................................
823,714 1,140,083
1.36 236,294 300,791
1.25
2003 ..............................................................
853,596 1,146,695
1.34 246,857 306,032
1.22
2004 ..............................................................
923,319 1,238,037
1.30 274,710 335,935
1.17
2005 .............................................................. 1,001,315 1,305,227
1.27 298,803 360,411
1.17
2006 .............................................................. 1,068,026 1,390,428
1.27 325,749 390,350
1.16
2007 .............................................................. 1,113,787 1,443,837
1.27 353,663 411,955
1.13
2008 p ............................................................ .................. .................. ................ ................ ................ ................

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

Manufacturers’ shipments 1

Manufacturers’ inventories 2

Manufacturers’ new orders 1
Durable goods

Period
Total

Durable
goods

Nondurable
goods

Durable
goods

Total

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
335,991
350,715
330,875
326,227
334,616
359,081
395,173
418,330
423,423
432,051
433,063
437,643
429,531
434,378
446,031
447,411
455,873
462,379
445,455
431,492
415,900
388,928
377,642

193,895
197,807
181,201
176,968
178,549
188,722
202,070
213,408
213,572
207,818
211,274
215,917
211,772
209,778
213,591
211,049
212,947
217,549
208,339
208,240
201,119
192,772
190,845

142,096
152,908
149,674
149,259
156,067
170,359
193,103
204,923
209,851
224,233
221,789
221,726
217,759
224,600
232,440
236,362
242,926
244,830
237,116
223,252
214,781
196,156
186,797

463,625
481,673
428,113
423,133
408,304
440,697
472,860
511,487
530,664
544,301
530,664
537,497
540,675
545,791
545,633
548,825
555,627
559,070
562,781
558,296
554,990
552,253
544,301

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

296,553
306,727
267,829
260,582
246,963
265,070
283,598
309,914
320,757
343,484
320,757
322,384
323,841
327,066
328,911
330,426
333,127
336,185
339,033
339,728
341,168
342,259
343,484

167,072
174,946
160,284
162,551
161,341
175,627
189,262
201,573
209,907
200,817
209,907
215,113
216,834
218,725
216,722
218,399
222,500
222,885
223,748
218,568
213,822
209,994
200,817

329,770
346,789
322,746
316,809
330,369
354,619
395,401
419,793
427,597
429,444
445,917
435,415
433,860
440,216
445,915
450,033
459,576
462,993
443,200
429,286
403,315
377,203
362,437

187,674
193,881
173,072
167,550
174,302
184,261
202,298
214,871
217,746
205,211
224,128
213,689
216,101
215,616
213,475
213,671
216,650
218,163
206,084
206,034
188,534
181,047
175,640

64,392
69,278
58,246
51,817
52,894
56,094
65,770
71,725
74,288
69,207
78,238
73,271
74,408
75,431
73,609
73,639
71,958
74,498
68,694
67,923
63,487
60,140
56,363

505,498
549,445
514,349
462,122
477,608
496,343
572,835
660,406
773,297
801,887
773,297
777,859
786,860
797,114
802,972
810,293
818,023
824,232
826,529
828,225
820,672
812,879
801,887

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

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

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1999 ....................................................
2000 ....................................................
2001 ....................................................
2002 ....................................................
2003 ....................................................
2004 ....................................................
2005 ....................................................
2006 ....................................................
2007 .....................................................
2008 p ..................................................
2007: Dec ...........................................
2008: Jan ...........................................
Feb ...........................................
Mar ..........................................
Apr ...........................................
May ..........................................
June .........................................
July ..........................................
Aug ..........................................
Sept ..........................................
Oct ...........................................
Nov r .........................................
Dec p .........................................

PRICES
PRODUCER PRICES
The producer price index for all finished goods fell 1.9 percent in December. Prices of finished consumer foods
fell 1.5 percent, while prices of other finished consumer goods fell 3.0 percent. Capital equipment prices rose
0.2 percent.

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

Finished goods excluding consumer foods
Consumer
foods

Consumer goods
Total

sroberts on PROD1PC70 with ECOIND

Total

1999 ..........................
2000 ...........................
2001 ...........................
2002 ..........................
2003 ..........................
2004 ..........................
2005 ..........................
2006 ..........................
2007 ..........................
2008 p ........................
2007: Dec ................
2008: Jan ................
Feb ................
Mar ................
Apr ................
May ...............
June ..............
July ...............
Aug r ...............
Sept ...............
Oct .................
Nov ................
Dec ................
1 Intermediate

133.0
138.0
140.7
138.9
143.3
148.5
155.7
160.4
166.6
177.1
171.4
173.4
174.0
175.6
176.1
178.6
181.7
183.9
182.3
181.5
176.5
172.6
169.3

135.1
137.2
141.3
140.1
145.9
152.7
155.7
156.7
167.0
178.4
171.9
174.9
173.8
176.2
176.2
177.3
180.0
180.6
181.1
181.5
181.2
181.2
178.5

132.3
138.1
140.4
138.3
142.4
147.2
155.5
161.0
166.2
176.5
171.0
172.7
173.8
175.1
175.7
178.7
181.9
184.4
182.3
181.2
175.0
170.0
166.5

130.5
138.4
141.4
138.8
144.7
150.9
161.9
169.2
175.6
189.0
182.4
184.6
186.0
188.0
188.4
192.8
197.4
200.9
197.3
195.4
185.6
178.0
172.6

Durable

Nondurable

133.0
133.9
134.0
133.0
133.1
135.0
136.6
136.9
138.3
141.1
138.7
139.3
139.7
139.5
140.5
140.5
140.6
140.9
141.7
141.9
142.4
142.4
143.1

materials for food manufacturing and feeds.

Capital
equipment

127.9
138.7
142.8
139.8
148.4
156.6
172.0
182.6
191.7
210.5
201.5
204.5
206.4
209.5
209.7
216.3
223.2
228.3
222.4
219.4
204.4
192.7
184.2

137.6
138.8
139.7
139.1
139.5
141.4
144.6
146.9
149.5
153.7
150.3
151.0
151.6
151.6
152.5
152.9
153.1
154.0
154.6
155.2
155.9
156.0
156.3

132.0
138.2
141.5
139.4
145.3
151.7
160.4
166.0
173.5
186.3
179.7
182.1
182.8
184.9
185.3
188.7
192.7
195.4
192.9
191.7
184.7
179.3
174.7

Crude materials

Total

Foods
and
feeds 1

Other

Total

Foodstuffs
and
feedstuffs

Other

123.2
129.2
129.7
127.8
133.7
142.6
154.0
164.0
170.7
188.6
177.2
179.3
180.9
185.2
187.1
192.2
196.5
201.9
198.8
197.1
189.5
181.3
173.7

111.1
111.7
115.9
115.5
125.9
137.1
133.8
135.2
154.4
182.2
165.2
171.0
175.1
180.4
180.7
184.1
186.2
194.8
193.7
191.8
181.3
176.9
170.8

123.9
130.1
130.5
128.5
134.2
143.0
155.1
165.4
171.5
189.0
177.8
179.7
181.2
185.5
187.4
192.6
197.0
202.3
199.0
197.4
190.0
181.5
173.8

98.2
120.6
121.0
108.1
135.3
159.0
182.2
184.8
207.1
251.7
230.3
236.9
246.2
262.6
274.9
291.7
299.9
311.9
273.4
256.9
209.0
182.8
173.1

98.7
100.2
106.1
99.5
113.5
127.0
122.7
119.3
146.7
163.5
160.2
165.1
167.0
170.6
169.8
171.4
176.0
176.6
168.1
165.9
147.5
145.8
138.0

94.3
130.4
126.8
111.4
148.2
179.2
223.4
230.6
246.3
313.5
276.3
283.8
299.6
327.1
351.3
381.6
392.5
414.7
350.1
321.2
248.8
200.5
190.1

Source: Department of Labor, Bureau of Labor Statistics.

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Period

Intermediate materials
Total
finished
consumer
goods

CONSUMER PRICES—ALL URBAN CONSUMERS
In December, the consumer price index for all urban consumers fell 0.7 percent seasonally adjusted; it fell 1.0
percent not seasonally adjusted. The index was 0.1 percent above its year-earlier level.

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

Housing

Transportation

Shelter

All
items
less
food
and
energy

Not
seasonally
adjusted
(NSA)

Seasonally
adjusted

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

100.0
166.6
172.2
177.1
179.9
184.0
188.9
195.3
201.6
207.342
215.303

..............
13.8
42.4
32.6
5.8
..............
164.1
163.9
187.3
177.5
..............
167.8
169.6
193.4
183.9
..............
173.1
176.4
200.6
192.1
..............
176.2
180.3
208.1
199.7
..............
180.0
184.8
213.1
205.5
..............
186.2
189.5
218.8
211.0
..............
190.7
195.7
224.4
217.3
..............
195.2
203.2
232.1
225.1
.............. 202.916 209.586 240.611 234.679
.............. 214.106 216.264 246.666 243.271

23.9
5.1
3.7
17.7
5.5
6.2
192.9
128.8
131.3
144.4
100.7
250.6
198.7
137.9
129.6
153.3
129.3
260.8
206.3
150.2
127.3
154.3
124.7
272.8
214.7
143.6
124.0
152.9
116.6
285.6
219.9
154.5
120.9
157.6
135.8
297.1
224.9
161.9
120.4
163.1
160.4
310.1
230.2
179.0
119.5
173.9
195.7
323.2
238.2
194.7
119.5
180.9
221.0
336.2
246.235 200.632 118.998 184.682 239.070 351.054
252.426 220.018 118.907 195.549 279.652 364.065

9.7
76.5
106.6
177.0
124.6
181.3
129.3
186.1
121.7
190.5
136.5
193.2
151.4
196.6
177.1
200.9
196.9
205.9
207.723 210.729
236.666 215.572

2007: Dec ............

210.036 211.680 206.584 212.409 243.974 238.925

249.425 205.615 119.240 194.653 279.928 358.861

229.076 213.103

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

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

250.051
250.413
250.941
251.461
251.656
252.299
252.610
252.970
253.493
253.871
254.580
254.766

230.633
229.390
233.839
233.804
244.107
260.316
270.602
262.107
257.086
235.053
195.144
178.901

212.516
212.571
213.301
213.743
215.132
217.403
219.181
218.880
218.813
216.710
213.060
211.490

Food
Total 1
Total 1

208.026
208.778
209.255
211.232
211.918
213.542
215.545
216.807
218.029
218.582
218.939
218.770

212.920
213.313
214.204
214.850
215.876
216.918
218.267
218.101
217.891
217.793
217.577
217.521

244.744
244.837
245.200
245.335
245.822
246.612
247.090
247.258
247.971
248.058
248.472
248.556

Rent
of primary
residence

239.745
240.191
240.763
241.489
241.919
242.837
243.535
244.296
244.977
245.840
246.558
247.095

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

Fuels
and
utilities

205.567
208.175
212.311
216.921
222.094
226.160
233.540
230.876
224.377
223.111
219.524
218.362

Apparel

119.759
119.352
117.819
118.363
118.043
118.107
119.574
120.157
120.005
118.843
119.165
118.043

Total 1

195.722
194.390
195.797
194.483
198.465
205.915
209.358
206.303
205.036
194.031
175.106
167.363

Motor
fuel

283.011
277.448
281.996
276.571
292.243
321.618
334.732
320.647
317.962
273.671
194.333
161.723

Medical
care

360.815
361.168
361.697
362.243
362.801
363.618
363.852
364.710
365.836
366.470
367.316
368.350

Energy 2

213.765
213.851
214.176
214.398
214.832
215.526
216.230
216.650
216.956
216.801
216.849
216.816

3 Relative importance, December 2007.
Source: Department of Labor, Bureau of Labor Statistics.

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ECOIND

g:\graphics\eecoind.023

sroberts on PROD1PC70 with ECOIND

Period

Owners’
equivalent
rent
(12/82=
100)

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

Change from 6 months earlier, annual rate

Consumer goods

Consumer goods

Consumer goods

Total
finished
goods

Foods

Capital
equipment

Excluding
foods

Change
from year
earlier,
total
finished
goods
NSA

Total
finished
goods

Foods

Excluding
foods

Capital
equipment

Total
finished
goods

Foods

Excluding
foods

Capital
equipment

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

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

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

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

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

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

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

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

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

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

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

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

0.3
1.2
0
¥.6
.8
2.4
1.2
2.3
1.4
4.0

1.8
3.8
2.0
¥1.3
3.2
3.6
4.8
3.0
3.9
6.3

Change, month to month
2007: Dec .......

¥0.5

1.3

¥1.3

¥0.1

11.0

9.9

15.6

1.6

5.8

7.1

7.5

1.1

6.2

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

1.2
.3
.9
.3
1.4
1.7
1.2
¥.9
¥.4
¥2.8
¥2.2
¥1.9

1.7
¥.6
1.4
.0
.6
1.5
.3
.3
.2
¥.2
.0
¥1.5

1.2
.8
1.1
.2
2.3
2.4
1.8
¥1.8
¥1.0
¥5.0
¥4.1
¥3.0

.5
.4
.0
.6
.3
.1
.6
.4
.4
.5
.1
.2

13.8
4.0
10.2
6.4
11.0
14.6
18.9
8.5
¥.4
¥15.1
r ¥19.6
¥24.3

12.0
10.0
10.4
3.0
8.3
8.9
10.4
8.9
3.4
1.3
r .2
¥6.4

18.8
2.6
12.9
8.5
15.4
21.6
29.3
9.7
¥4.0
¥27.2
r ¥33.8
¥39.1

3.2
3.2
3.5
4.0
3.5
4.0
4.0
4.5
5.6
5.0
r 3.7
2.9

7.2
9.7
10.6
10.0
7.4
12.4
12.5
9.8
6.8
.5
¥6.6
¥13.2

11.0
9.6
10.1
7.4
9.2
9.6
6.6
8.6
6.1
5.8
4.4
¥1.7

8.0
12.8
14.2
13.6
8.8
17.1
18.4
12.5
8.0
¥3.0
¥14.8
¥23.5

1.7
2.6
2.6
3.6
3.4
3.8
4.0
4.0
4.8
4.5
4.1
4.2

7.4
6.5
6.7
6.4
7.3
9.1
9.9
9.7
8.7
5.2
.4
¥.9

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
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008

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

2.7
3.4
1.6
2.4
1.9
3.3
3.4
2.5
4.1
.1

1.9
2.8
2.8
1.5
3.6
2.7
2.3
2.1
4.9
5.9

2.2
4.3
2.9
2.4
2.2
3.0
4.0
3.3
3.0
2.4

2.5
3.4
4.2
3.1
2.2
2.7
2.6
4.2
3.1
1.9

3.1
4.0
4.7
3.1
2.7
2.9
3.1
4.3
4.0
3.4

2.4
3.4
4.5
3.3
2.0
2.3
2.5
4.3
2.8
2.1

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

¥.5
5.4
¥1.8
4.1
¥3.2 ¥3.8
¥1.8
3.8
¥2.1
.3
¥.2
6.5
¥1.1
4.8
.9
1.6
¥.3
8.3
¥1.0 ¥13.3

¥.8
.3
0
¥2.0
¥2.1
.5
.8
.2
¥.4
¥1.1

30.2
13.9
¥24.8
24.6
6.8
26.1
16.2
6.4
29.5
¥42.2

3.7
4.2
4.7
5.0
3.7
4.2
4.3
3.6
5.2
2.6

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

1.9
2.6
2.7
1.9
1.1
2.2
2.2
2.6
2.4
1.8

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

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

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

2.2
3.4
2.8
1.6
2.3
2.7
3.4
3.2
2.8
3.8

6.2

4.3

4.1

..........
6.8
..........
3.1
4.3
3.1
..........
2.3
..........
4.9
5.0
7.9
.......... 10.6
..........
7.2
6.7
2.6
.......... ¥4.4
.......... ¥10.2
¥9.2 ¥12.7

5.0

4.7
4.7
4.6
4.5
4.0
5.5
6.4
6.0
5.2
2.8
¥1.9
¥5.4

4.3
4.0
4.0
3.9
4.2
5.0
5.6
5.4
4.9
3.7
1.1
.1

Change, month to month
2007: Dec ...............

0.4

0.1

0.3

0.3

0.4

0.3

0.3

0.1

1.0

0.0

2.8

0.3

1.7

0.2

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

.4
.0
.3
.2
.6
1.1
.8
¥.1
.0
¥1.0
¥1.7
¥.7

.7
.4
.2
.9
.3
.8
.9
.6
.6
.3
.2
¥.1

.2
.2
.4
.3
.5
.5
.6
¥.1
¥.1
.0
¥.1
.0

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

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

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

.0
1.3
2.0
2.2
2.4
1.8
3.3
¥1.1
¥2.8
¥.6
¥1.6
¥.5

.4
¥.3
¥1.3
.5
¥.3
.1
1.2
.5
¥.1
¥1.0
.3
¥.9

.5
¥.7
.7
¥.7
2.0
3.8
1.7
¥1.5
¥.6
¥5.4
¥9.8
¥4.4

¥.3
¥.1
.0
.0
.1
.4
.7
.0
¥.4
¥.6
¥.4
¥.4

1.1
¥2.0
1.6
¥1.9
5.7
10.1
4.1
¥4.2
¥.8
¥13.9
¥29.0
¥16.8

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

.7
¥.5
1.9
.0
4.4
6.6
4.0
¥3.1
¥1.9
¥8.6
¥17.0
¥8.3

.3
.0
.2
.1
.2
.3
.3
.2
.1
¥.1
.0
.0

sroberts on PROD1PC70 with ECOIND

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

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ECOIND

PRICES RECEIVED AND PAID BY FARMERS
In January, prices received by farmers rose 1.5 percent; prices paid by farmers were unchanged. (Data are not
seasonally adjusted.)

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

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

96
96
102
98
106
118
115
115
136
149

97
96
99
105
110
115
110
120
143
168

95
97
106
90
103
122
120
111
130
130

115
119
123
124
128
134
142
150
160
181

113
117
121
121
125
133
142
150
161
185

111
115
120
119
124
132
140
148
160
187

83
81
83
79
84
88
81
77
85
82

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

144
146
146
146
152
158
159
156
154
150
141
135

158
164
167
169
173
183
182
177
174
167
156
149

129
131
129
127
134
137
138
137
133
127
124
119

169
171
174
179
183
187
190
190
189
184
179
175

172
174
178
183
188
192
195
196
194
190
184
179

170
173
177
185
190
195
200
200
198
192
185
179

85
85
84
82
83
84
84
82
81
82
79
77

2009: Jan p ...................

137

157

115

175

179

178

78

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.

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ECOIND

G:\GRAPHICS\eecoind.025

sroberts on PROD1PC70 with ECOIND

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

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

1,122.6
1,087.6
1,182.3
1,220.4
1,306.8
1,376.4
1,374.2
1,365.6
1,364.5
1,595.8

4,631.7
4,910.7
5,417.8
5,764.6
6,055.2
6,399.8
6,661.5
7,021.5
7,417.3
8,154.1

17,307.7
18,183.6
19,319.3
20,731.6
22,441.4
24,446.7
26,769.4
29,188.3
31,718.2
............................

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

5.8
6.0
10.3
6.4
5.0
5.7
4.1
5.4
5.6
9.9

6.4
5.0
6.3
7.3
8.1
8.9
9.5
9.0
8.6
......................

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

1,368.4
1,371.1
1,372.9
1,373.7
1,373.7
1,383.6
1,400.1
1,392.2
1,452.1
1,475.2
1,524.1
1,595.8

7,463.6
7,539.0
7,600.5
7,620.0
7,637.8
7,648.5
7,698.8
7,687.1
7,795.9
7,915.8
7,972.5
8,154.1

............................
............................
32,140.0
............................
............................
32,392.4
............................
............................
32,979.5
............................
............................
............................

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

6.2
6.9
7.6
7.3
6.9
6.2
6.3
3.9
5.1
7.8
8.8
13.2

......................
......................
5.3
......................
......................
3.1
......................
......................
7.2
......................
......................
......................

sroberts on PROD1PC70 with ECOIND

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

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.

Debt of
domestic
nonfinancial
sectors 1

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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.
Source: Board of Governors of the Federal Reserve System.

26
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Percent change
From year or 6
months
earlier 2

Sfmt 3401

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ECOIND

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Period

Debt

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

Period

Other checkable
deposits (OCDs)

Nonbank
travelers
checks

Currency

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 ......

517.8
531.2
581.2
626.3
662.5
697.5
723.6
748.3
757.6
812.3

8.6
8.3
8.0
7.8
7.7
7.5
7.2
6.7
6.3
5.5

352.9
309.8
335.7
306.8
326.4
343.2
324.6
304.8
292.9
465.7

243.3
238.3
257.4
279.6
310.3
328.2
318.9
305.8
307.8
312.3

139.7
133.1
142.0
154.3
175.3
187.0
180.7
177.2
174.3
178.6

103.7
105.2
115.4
125.3
135.0
141.1
138.1
128.6
133.5
133.7

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

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

451.0
454.0
570.7
713.7
824.7
875.3
828.4
783.0
827.3
769.3

956.7
1,047.4
976.1
895.6
818.2
829.2
994.9
1,169.6
1,216.7
1,369.9

636.9
699.9
635.0
590.4
540.9
550.5
643.9
757.8
821.4
1,015.9

319.9
347.5
341.1
305.2
277.3
278.7
351.0
411.7
395.3
354.0

812.9
897.6
950.6
874.7
767.5
687.7
690.1
793.6
967.4
1,091.4

660.8
816.4
1,220.2
1,269.9
1,131.3
1,082.5
1,152.1
1,353.6
1,903.9
2,389.2

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

756.6
757.6
760.7
760.1
763.4
769.0
774.5
777.0
781.6
796.6
804.6
812.3

6.2
6.2
6.2
6.1
6.1
6.0
5.9
5.8
5.8
5.7
5.6
5.5

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

310.3
312.5
311.5
312.3
312.2
314.2
316.0
308.3
314.1
311.8
306.3
312.3

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

135.2
135.5
134.9
135.3
137.2
137.7
139.2
136.0
137.3
135.7
133.0
133.7

3,885.8
3,921.4
3,975.9
3,981.1
4,010.1
4,021.2
4,033.3
4,006.1
4,032.9
4,033.7
4,012.4
4,097.0

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

835.6
839.9
855.2
859.1
883.6
897.4
902.3
889.5
861.9
783.4
766.5
769.3

1,221.4
1,222.7
1,213.7
1,210.0
1,208.0
1,207.3
1,218.3
1,242.7
1,258.5
1,312.8
1,347.4
1,369.9

822.3
823.6
818.6
815.5
816.7
820.9
835.9
858.8
878.5
966.3
995.4
1,015.9

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

988.0
1,023.8
1,037.9
1,055.2
1,046.0
1,036.3
1,047.1
1,046.0
1,052.4
1,094.2
1,088.5
1,091.4

1,940.6
2,064.8
2,133.8
2,180.1
2,216.8
2,248.3
2,265.0
2,286.6
2,251.1
2,231.1
2,325.8
2,389.2

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

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

Borrowings from the Federal Reserve (NSA)
Other borrowings from the Federal Reserve

Reserves of depository institutions

Period
Total 2

Dec r
Dec r
Dec r
Dec r
Dec r
Dec r
Dec r
Dec r
Dec r
Dec r

Required

Excess
(NSA)

Monetary
base

Term
auction
credit

Total 4

Primary

Assetbacked
commerical
paper
money
market
mutual
fund
liquidity
facility

Credit
extended
to
American
International
Group,
Inc.

Adjustment 6

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

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

41,862
38,507
41,376
40,320
42,711
46,489
44,970
43,147
27,244
167,377

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

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

593,842
584,929
635,559
681,631
720,402
759,072
786,976
811,126
822,357
1,651,203

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

..............
..............
..............
..............
..............
..............
..............
..............
11,613
438,327

..............
..............
..............
..............
17
11
97
111
3,787
88,245

..............
..............
..............
..............
..............
..............
..............
..............
..............
47,631

..................
..................
..................
..................
..................
..................
..................
..................
..................
32,102

..............
..............
..............
..............
..............
..............
..............
..............
..............
47,206

179
99
34
35
..............
..............
..............
..............
..............
..............

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

sroberts on PROD1PC70 with ECOIND

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

Nonborrowed 3

Primary
dealer
and
other
brokerdealer
credit 5

42,150
42,826
44,299
43,561
44,128
43,364
43,330
44,559
102,784
315,516
609,937
820,942

¥3,510
¥17,331
¥50,224
¥91,848
¥111,652
¥127,914
¥122,334
¥123,520
¥187,321
¥332,803
¥88,849
167,377

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

1,640
1,726
2,978
1,846
2,013
2,275
1,977
1,991
60,051
267,904
559,053
767,412

820,174
821,355
825,910
824,631
827,170
832,490
838,062
842,815
905,174
1,130,304
1,433,490
1,651,203

45,660
60,157
94,523
135,410
155,780
171,278
165,664
168,078
290,105
648,319
698,786
653,565

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

1,137
155
1,617
9,624
14,076
14,225
15,204
17,980
32,632
94,017
95,839
88,245

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

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

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

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

1 Data are prorated averages of biweekly (maintenance period) averages of daily figures.
Reserves and monetary base incorporate adjustments for discontinuities, or ‘‘breaks,’’ associated with changes in reserve requirements.
2 Seasonally adjusted break-adjusted required reserves plus unadjusted excess reserves.
3 Seasonally adjusted break-adjusted total reserves less unadjusted total borrowings of depository institutions from the Federal Reserve.

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

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ECOIND

BANK CREDIT AT ALL COMMERCIAL BANKS
Total commercial bank loans and leases fell 0.4 percent in December; commercial and industrial loans fell 1.3
percent.

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

sroberts on PROD1PC70 with ECOIND

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

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

Total
bank
credit

4,743.1
5,204.7
5,414.9
5,891.4
6,257.0
6,807.7
7,527.9
8,353.5
9,204.6
9,927.9
9,276.2
9,331.9
9,455.3
9,415.5
9,424.1
9,409.8
9,441.4
9,458.5
9,613.0
9,992.6
9,921.8
9,927.9

Total
securities

1,268.8
1,337.3
1,482.9
1,720.7
1,852.0
1,947.3
2,067.1
2,247.3
2,424.3
2,766.0
2,436.9
2,454.0
2,540.4
2,513.5
2,487.0
2,481.8
2,506.1
2,492.1
2,545.7
2,726.3
2,730.6
2,766.0

810.4
790.6
852.1
1,035.4
1,109.3
1,166.8
1,159.4
1,210.9
1,128.2
1,256.0
1,106.4
1,097.5
1,109.3
1,098.6
1,102.1
1,120.4
1,122.1
1,134.1
1,158.9
1,231.4
1,265.4
1,256.0

Loans and leases in bank credit

458.4
546.7
630.8
685.3
742.7
780.5
907.7
1,036.4
1,296.1
1,509.9
1,330.5
1,356.5
1,431.1
1,415.0
1,384.9
1,361.4
1,384.0
1,358.0
1,386.8
1,494.9
1,465.2
1,509.9

3,474.4
3,867.4
3,932.0
4,170.8
4,405.0
4,860.4
5,460.8
6,106.2
6,780.3
7,162.0
6,839.2
6,877.9
6,914.9
6,901.9
6,937.1
6,928.0
6,935.3
6,966.4
7,067.3
7,266.3
7,191.3
7,162.0

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.
2 Includes other trading assets.

Real estate

Commercial
and
industrial

Total
loans
and
leases 3

Other
securities 2

Total 4

990.9
1,079.1
1,018.7
955.9
896.4
918.8
1,036.4
1,188.2
1,432.6
1,584.4
1,448.0
1,456.0
1,476.8
1,489.7
1,499.2
1,509.0
1,516.9
1,518.9
1,547.0
1,610.7
1,605.3
1,584.4

1,471.9
1,655.9
1,786.1
2,033.8
2,229.7
2,566.1
2,928.4
3,357.6
3,579.0
3,787.2
3,595.7
3,623.2
3,650.3
3,657.5
3,664.1
3,658.6
3,638.7
3,657.4
3,675.0
3,799.4
3,790.3
3,787.2

Revolving
home
equity

101.1
129.7
155.4
213.1
280.5
398.1
444.0
467.8
483.5
587.1
487.3
492.9
499.3
507.3
512.7
519.1
524.3
527.0
540.9
578.3
580.8
587.1

Commercial

648.0
742.2
813.6
884.5
961.1
1,082.8
1,274.2
1,452.9
1,603.1
1,731.3
1,614.7
1,628.1
1,643.4
1,655.8
1,668.7
1,687.3
1,676.0
1,682.2
1,686.2
1,721.9
1,726.9
1,731.3

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491.5
539.8
556.2
585.9
642.2
696.7
707.6
743.5
809.2
881.9
813.0
814.5
817.8
823.5
827.6
832.4
840.2
846.1
852.9
871.3
876.5
881.9

Security 5

139.6
161.0
135.0
173.7
198.0
197.3
245.5
268.5
287.4
248.3
301.2
295.9
292.2
284.6
296.1
286.1
301.1
311.5
336.0
306.2
271.5
248.3

Other

380.4
431.6
436.0
421.5
438.7
481.6
542.9
548.4
672.0
660.3
681.3
688.4
677.8
646.7
650.1
641.9
638.3
632.5
656.4
678.7
647.6
660.3

3 Excludes unearned income. Includes the allowance for loan and lease losses. Excludes Federal funds sold to, reverse repurchase agreements (RPs) with, and loans to commercial banks
in the United States.
4 Includes other residential, not shown separately.
5 Includes other items, not shown separately.
Source: Board of Governors of the Federal Reserve System.

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Period

U.S.
Treasury
and
agency
securities

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

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

................
................
................
................
................
................
................
................
................
................
I ...........
II .........
III ........
IV ........
2007: I ...........
II .........
III ........
IV ........
2008: I ...........
II .........
III p ......

1,298.1
1,718.6
1,955.4
850.2
896.2
844.7
1,537.5
2,026.3
2,027.9
2,013.2
1,932.8
2,232.0
1,940.2
2,006.5
1,886.9
1,940.0
2,341.2
1,884.9
1,839.6
1,580.5
1,286.7

Internal 1

682.1
731.0
718.0
755.0
811.3
831.3
928.5
1,065.1
1,086.0
1,047.0
1,094.3
1,091.2
1,117.2
1,041.2
1,028.8
1,032.7
1,065.0
1,061.7
1,041.2
1,008.5
1,087.0

Credit market instruments
Total

616.0
987.6
1,237.4
95.2
84.9
13.4
609.0
961.2
941.9
966.2
838.5
1,140.8
823.0
965.3
858.1
907.3
1,276.2
823.2
798.4
572.0
199.7

Capital
expenditures 3

Total

Total
net
funds
raised

Net new
equity
issues

167.5
273.2
243.7
164.6
¥18.5
46.2
79.5
¥28.3
¥133.3
¥41.8
¥121.3
¥111.4
¥251.3
¥48.9
92.3
51.4
7.5
¥318.3
¥94.6
118.8
¥153.0

¥215.5
¥110.4
¥118.2
¥48.1
¥41.4
¥41.1
¥124.4
¥360.7
¥602.7
¥831.2
¥566.1
¥578.0
¥524.1
¥742.5
¥566.7
¥799.1
¥864.9
¥1,093.9
¥500.0
¥268.3
¥413.6

Total

Securities
and mortgages

383.1
383.6
361.9
212.7
22.9
87.3
204.0
332.4
469.4
789.4
444.8
466.6
272.8
693.6
659.1
850.5
872.4
775.6
405.4
387.1
260.6

1 Profits before tax (book) less taxes on corporate income, less net dividends, plus capital consumption allowance (consumption of fixed capital plus capital consumption adjustment), foreign
earnings retained abroad, inventory valuation adjustment, and net capital transfers.
2 Includes trade payables, taxes payable, and miscellaneous liabilities (foreign direct investment in the U.S., pension fund contributions payable, and other).

221.9
273.6
187.3
399.6
167.1
217.0
134.7
266.3
314.1
419.4
329.7
290.5
246.5
389.6
409.7
511.7
342.0
414.1
236.3
380.4
61.9

Loans
and
shortterm
paper

Other 2

161.3
110.1
174.6
¥187.0
¥144.2
¥129.7
69.2
66.2
155.4
370.0
115.1
176.0
26.3
303.9
249.4
338.8
530.4
361.7
169.1
6.7
198.7

448.4
714.4
993.7
¥69.3
103.3
¥32.8
529.6
989.5
1,075.1
1,008.0
959.9
1,252.2
1,074.3
1,014.2
765.8
855.9
1,268.7
1,141.4
893.0
453.2
352.8

1,348.4
1,833.8
2,137.7
980.2
867.2
832.5
1,608.8
1,879.8
1,930.5
2,141.5
1,873.8
2,138.3
1,889.7
1,820.1
1,968.9
2,136.0
2,541.7
1,919.0
1,905.3
1,436.5
1,063.9

778.5
863.9
928.5
802.6
737.1
749.9
825.7
922.0
1,059.4
1,047.3
1,013.3
1,063.6
1,076.3
1,084.3
1,009.2
1,044.0
1,083.8
1,052.0
1,066.7
1,120.6
1,071.4

Increase
in financial assets

569.9
969.9
1,209.2
177.6
130.1
82.6
783.1
957.8
871.1
1,094.2
860.5
1,074.7
813.4
735.8
959.7
1,092.0
1,457.9
867.0
838.6
315.9
¥7.5

Discrepancy
(sources
less
uses)

¥50.4
¥115.2
¥182.4
¥130.0
28.9
12.1
¥71.3
146.5
97.4
¥128.2
59.0
93.7
50.6
186.4
¥82.0
¥196.0
¥200.6
¥34.2
¥65.7
144.0
222.8

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

Source: Board of Governors of the Federal Reserve System.

CONSUMER CREDIT
[Billions of dollars; seasonally adjusted]

Consumer credit outstanding (end of period)
Period
Total

Nonrevolving 2

Total

Revolving

Nonrevolving 2

Dec ...............................................................................
Dec ...............................................................................
Dec ...............................................................................
Dec ...............................................................................
Dec ...............................................................................
Dec ...............................................................................
Dec ...............................................................................
Dec ...............................................................................
Dec ...............................................................................
Dec p .............................................................................

1,532.4
1,717.7
1,867.3
1,974.3
2,078.3
2,191.6
2,285.2
2,387.7
2,519.0
2,562.3

610.7
683.7
716.6
748.8
770.4
799.8
824.5
874.6
939.5
963.5

921.7
1,034.0
1,150.7
1,225.5
1,307.9
1,391.8
1,460.7
1,513.1
1,579.5
1,598.7

111.4
185.3
149.6
107.0
104.0
113.3
93.6
102.5
131.3
43.3

29.3
73.0
32.9
32.2
21.6
29.4
24.7
50.1
64.9
24.0

82.1
112.3
116.7
74.8
82.4
83.9
68.9
52.4
66.4
19.2

2008: Jan ...............................................................................
Feb ...............................................................................
Mar r .............................................................................
Apr r ..............................................................................
May r .............................................................................
June r ............................................................................
July r .............................................................................
Aug r .............................................................................
Sept r .............................................................................
Oct r ..............................................................................
Nov r .............................................................................
Dec p .............................................................................
sroberts on PROD1PC70 with ECOIND

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

Revolving

Net change in consumer credit outstanding 1

2,526.0
2,536.9
2,549.0
2,558.8
2,565.5
2,574.1
2,581.6
2,575.2
2,582.1
2,579.9
2,568.9
2,562.3

945.8
951.4
957.3
957.3
963.0
965.8
972.0
974.1
976.7
976.8
969.9
963.5

1,580.3
1,585.5
1,591.7
1,601.5
1,602.5
1,608.3
1,609.6
1,601.1
1,605.4
1,603.2
1,599.0
1,598.7

7.0
10.9
12.1
9.8
6.7
8.6
7.5
¥6.4
6.9
¥2.2
¥11.0
¥6.6

6.3
5.6
5.9
.0
5.7
2.8
6.2
2.1
2.6
.1
¥6.9
¥6.4

.8
5.2
6.2
9.8
1.0
5.8
1.3
¥8.5
4.3
¥2.2
¥4.2
¥.3

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.

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
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ECOIND

INTEREST RATES AND BOND YIELDS
Interest rates were mixed in January.

[Percent per annum]

Constant
Period

3-month
bills (at
auction) 1

sroberts on PROD1PC70 with ECOIND

1999 .......................
2000 .......................
2001 .......................
2002 .......................
2003 .......................
2004 .......................
2005 .......................
2006 .......................
2007 .......................
2008 .......................
2008: Jan ..............
Feb ..............
Mar .............
Apr .............
May ............
June ...........
July ............
Aug .............
Sept ............
Oct ..............
Nov .............
Dec .............
2009: Jan ..............
Week ended:
2009: Jan 10 ........
17 ........
24 ........
31 ........
Feb 7 ........

3-year

maturities 2

10-year

30-year

Highgrade
municipal
bonds
(Standard
&
Poor’s) 3

Corporate
Aaa
bonds
(Moody’s)

5.49
6.22
4.09
3.10
2.10
2.78
3.93
4.77
4.35
2.24
2.51
2.19
1.80
2.23
2.69
3.08
2.87
2.70
2.32
1.86
1.51
1.07
1.13

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

5.87
5.94
5.49
*
*
*
*
4.91
4.84
4.28
4.33
4.52
4.39
4.44
4.60
4.69
4.57
4.50
4.27
4.17
4.00
2.87
3.13

5.43
5.77
5.19
5.05
4.73
4.63
4.29
4.42
4.42
4.80
4.00
4.35
4.67
4.43
4.34
4.48
4.88
4.90
5.03
5.68
5.28
5.53
5.13

7.04
7.62
7.08
6.49
5.67
5.63
5.24
5.59
5.56
5.64
5.33
5.53
5.51
5.55
5.57
5.68
5.67
5.64
5.65
6.28
6.15
5.08
5.05

..............
..............
..............
..............
2.12
2.34
4.19
5.96
5.86
2.39
3.50
3.50
2.50
2.25
2.25
2.25
2.25
2.25
2.25
1.25
1.25
0.50
.50

.15
.12
.14
.15
.27

1.12
1.05
1.11
1.25
1.38

2.48
2.30
2.56
2.75
2.92

3.03
2.93
3.17
3.45
3.62

5.19
4.88
5.17
5.26
5.05

5.04
4.89
5.10
5.23
5.29

.50
.50
.50
.50
.50

30
23:29 Feb 10, 2009

Primary
credit

4.66
5.85
3.44
1.62
1.01
1.38
3.16
4.73
4.41
1.48
2.86
2.21
1.38
1.32
1.71
1.89
1.72
1.79
1.46
.84
.30
.04
.12

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

VerDate Nov 24 2008

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

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Discount
rate

Prime rate
charged by
banks 5

4.62
5.73
3.40
1.17

Federal
funds
rate 6

Newhome
mortgage
yields
(FHFB) 7

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

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

4.97
6.24
3.88
1.67
1.13
1.35
3.22
4.97
5.02
1.92
3.94
2.98
2.61
2.28
1.98
2.00
2.01
2.00
1.81
.97
.39
.16
.15

7.04
7.52
7.00
6.43
5.80
5.77
5.94
6.63
6.41
p6.06
6.02
5.96
5.92
5.98
6.01
6.13
6.29
6.33
6.09
6.10
6.16
5.67
..............

*
*
*
*
*

3.25
3.25
3.25
3.25
3.25

.10
.10
.20
.19
.23

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

6 Daily

effective rate; weighted average of rates on brokered trades.
7 Effective rate (in the primary market) on conventional mortgages, reflecting fees and
charges as well as contract rate and assumed, on the average, repayment at end of 10 years.
* 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.

Sfmt 3401

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ECOIND

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U.S. Treasury security yields

COMMON STOCK PRICES AND YIELDS
Stock prices were mixed in January.

Common stock prices 1
New York Stock Exchange indexes 2 3
(December 31, 2002=5,000)

Period

Dow Jones
industrial
average 4

Common stock yields
(percent) 7
Standard &
Poor’s composite index
(1941–
43=10) 5

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

Dividendprice ratio

Earningsprice ratio

Composite

Financial

Energy

Health
Care

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

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

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

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

................
................
................
................
5,288.67
5,924.80
6,283.96
6,685.06
7,191.79
6,171.19

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

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

2,728.15
3,783.67
2,035.00
1,539.73
1,647.17
1,986.53
2,099.32
2,263.41
2,578.47
2,161.65

1.25
1.15
1.32
1.61
1.77
1.72
1.83
1.87
1.86
2.37

3.17
3.63
2.95
2.92
3.84
4.89
5.36
5.78
5.29
..................

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

9,165.10
9,041.52
8,776.21
9,174.10
9,429.04
8,996.98
8,427.37
8,362.20
7,886.29
6,130.39
5,527.63
5,525.70

7,776.77
7,577.54
7,155.51
7,579.73
7,593.63
6,798.20
6,207.89
6,304.58
6,159.18
4,733.74
3,779.86
3,673.95

14,222.14
13,931.92
14,000.91
15,159.35
16,365.23
16,272.67
14,899.86
13,772.04
12,562.82
9,515.71
9,262.07
9,136.33

7,068.98
6,674.75
6,318.44
6,381.98
6,405.40
6,243.42
6,412.48
6,618.92
6,316.05
5,434.03
5,088.99
5,090.83

12,538.12
12,419.57
12,193.88
12,656.63
12,812.48
12,056.67
11,322.38
11,530.75
11,114.08
9,176.71
8,614.55
8,595.56

1,378.76
1,354.87
1,316.94
1,370.47
1,403.22
1,341.25
1,257.33
1,281.47
1,217.01
968.80
883.04
877.56

2,418.09
2,325.83
2,254.82
2,368.10
2,483.24
2,427.45
2,278.14
2,389.27
2,205.20
1,730.32
1,542.70
1,525.89

2.06
2.10
2.17
2.09
2.07
2.15
2.27
2.23
2.36
2.83
3.11
3.00

..................
..................
4.57
..................
..................
4.01
..................
..................
3.94
..................
..................
..................

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

5,477.14

3,337.14

9,295.97

5,256.13

8,396.20

865.58

1,537.20

3.01

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

Week ended:
2009: Jan 10
17
24
31
Feb 7

5,843.17
5,430.76
5,174.82
5,311.64
5,295.71

3,811.08
3,368.39
2,885.56
3,080.21
3,054.50

9,838.48
9,110.01
8,844.91
9,187.14
9,205.12

5,338.65
5,232.08
5,171.78
5,231.89
5,288.59

8,815.87
8,323.28
8,094.39
8,163.22
8,063.10

913.78
855.71
826.23
845.48
842.13

1,613.61
1,523.21
1,472.68
1,507.39
1,532.75

2.93
3.05
3.18
2.86
3.00

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

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

sroberts on PROD1PC70 with ECOIND

1 Average

of daily closing prices.
all the stocks (nearly 1,850) 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.
about 3,000 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
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ECOIND

g:\graphics\eecoind.031

1999
2000
2001
2002
2003
2004
2005
2006
2007
2008

FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
In the third month of fiscal 2009, there was a deficit of $485.2 billion, compared with a deficit of $106.8 billion
a year earlier.

[Billions of dollars]
Total

On-budget

Off-budget

Receipts

Outlays

Surplus
or
deficit
(¥)

Receipts

1992 ......................................
1993 ......................................
1994 ......................................
1995 ......................................
1996 ......................................
1997 ......................................
1998 ......................................
1999 ......................................
2000 ......................................
2001 ......................................
2002 ......................................
2003 ......................................
2004 ......................................
2005 .......................................
2006 ......................................
2007 ......................................
2008 1 ....................................
2009 (estimates) ...................

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
2,568.2
2,523.9
2,651.4

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
2,730.2
2,978.7
3,133.2

¥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
¥162.0
¥454.8
¥481.8

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
1,933.2
1,865.8
1,969.0

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
2,276.6
2,503.9
2,631.7

¥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
¥343.5
¥638.1
¥662.7

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
635.1
658.0
682.4

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
453.6
474.8
501.5

50.1 4,001.8
45.3 4,351.0
55.7 4,643.3
62.4 4,920.6
66.6 5,181.5
81.4 5,369.2
99.2 5,478.2
123.7 5,605.5
149.8 5,628.7
160.7 5,769.9
159.7 6,198.4
160.8 6,760.0
155.2 7,354.7
175.3 7,905.3
186.3 8,451.4
181.5 8,950.7
183.3 9,983.7
180.9 10,438.4

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
5,035.1
5,800.6
5,958.2

Cumulative total, first 3
months: 2
Fiscal year 2008 ...................
Fiscal year 2009 ...................

606.2
547.4

713.0
1,032.6

¥106.8
¥485.2

463.0
403.4

628.8
941.2

¥165.8
¥537.8

143.2
144.0

84.3
91.5

59.0 9,172.8
52.6 10,660.4

5,122.3
6,361.5

1 Data
2 Data

from Final Monthly Treasury Statement for fiscal 2008 released on October 14, 2008.
from current issue Monthly Treasury Statement.

Outlays

Receipts

Outlays

23:29 Feb 10, 2009

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Gross
Federal

Held by
the public

NOTE.—Data for fiscal 2009 are from Mid-Session Review, Budget of the U.S. Government,
Fiscal Year 2009, issued July 28, 2008. Other data (except as noted) are from Budget of the
United States Government, Fiscal Year 2009, issued February 4, 2008.
Sources: Department of the Treasury and Office of Management and Budget.

32
VerDate Nov 24 2008

Surplus
or
deficit
(¥)

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ECOIND

g:\graphics\eecoind.032

sroberts on PROD1PC70 with ECOIND

Fiscal year or period

Surplus
or
deficit
(¥)

Federal debt (end of
period)

FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the third month of fiscal 2009, receipts were $58.8 billion lower than a year earlier and outlays were $319.6
billion higher.

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

Fiscal year or period
Total

Corporation
income
taxes

On-budget and off-budget outlays
National defense
Other

Department of
Defense,
military

Total
Total

International
affairs

Health

Medicare

Income Social
security security

Net
interest

Other

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

476.0
509.7
543.1
590.2
656.4
737.5
828.6
879.5

100.3
117.5
140.4
157.0
171.8
182.3
188.7
184.7

413.7
428.3
461.5
484.5
509.4
539.4
571.8
611.8

101.4
99.0
113.8
120.2
115.5
120.3
132.9
151.7

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

298.4
291.1
281.6
272.1
265.8
270.5
268.2
274.8

286.8
278.5
268.6
259.4
253.1
258.3
255.8
261.2

16.1
17.2
17.1
16.4
13.5
15.2
13.1
15.2

89.5
99.4
107.1
115.4
119.4
123.8
131.4
141.1

119.0
130.6
144.7
159.9
174.2
190.0
192.8
190.4

199.6
210.0
217.2
223.8
229.7
235.0
237.8
242.5

287.6
304.6
319.6
335.8
349.7
365.3
379.2
390.0

199.3
198.7
202.9
232.1
241.1
244.0
241.1
229.8

172.2
158.0
171.7
160.3
167.3
157.4
189.0
218.2

2,025.5
1,991.4
1,853.4
1,782.5
1,880.3
2,153.9
2,407.3
2,568.2
2,523.9
2,651.4

1,004.5
994.3
858.3
793.7
809.0
927.2
1,043.9
1,163.5
1,145.7
1,250.4

207.3
151.1
148.0
131.8
189.4
278.3
353.9
370.2
304.3
304.1

652.9
694.0
700.8
713.0
733.4
794.1
837.8
869.6
900.4
931.5

160.9
152.0
146.2
144.1
148.5
154.2
171.6
164.9
173.4
165.5

1,789.2
1,863.2
2,011.2
2,160.1
2,293.0
2,472.2
2,655.4
2,730.2
2,978.7
3,133.2

294.4
304.8
348.5
404.8
455.8
495.3
521.8
552.6
624.1
682.1

281.1
290.2
331.9
387.2
436.5
474.1
499.3
529.8
594.7
656.7

17.2
16.5
22.4
21.2
26.9
34.6
29.5
28.5
28.8
39.9

154.5
172.3
196.5
219.6
240.1
250.6
252.8
266.4
280.6
301.4

197.1
217.4
230.9
249.4
269.4
298.6
329.9
375.4
390.8
411.9

253.7
269.8
312.7
334.6
333.1
345.8
352.5
366.0
432.7
431.3

409.4
433.0
456.0
474.7
495.5
523.3
548.5
586.2
617.0
656.1

222.9
206.2
170.9
153.1
160.2
184.0
226.6
237.1
248.9
228.0

239.9
243.4
273.3
302.7
311.9
339.9
393.8
318.1
355.7
382.5

Cumulative total, first 3
months: 2
Fiscal year 2008 .........................
Fiscal year 2009 .........................

606.2
547.4

273.7
255.3

92.5
50.4

198.1
200.0

41.9
713.0
41.8 1,032.6

163.8
180.1

156.4
172.2

5.2
10.2

69.0
73.6

90.8
102.8

86.7
102.4

148.9
157.0

62.1
54.7

86.4
351.8

1 Data from Final Monthly Treasury Statement for fiscal 2008 released on October 14, 2008.
2 Data from current issue Monthly Treasury Statement. Data for Department of Defense,
military, include a small amount classified as international affairs, and not included in national
defense.

NOTE.—Data for fiscal 2009 are from Mid-Session Review, Budget of the U.S. Government,
Fiscal Year 2009, issued July 28, 2008. Other data (except as noted) are from Budget of the
United States Government, Fiscal Year 2009, issued February 4, 2008.
Sources: Department of the Treasury and Office of Management and Budget.

33
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............................................
............................................
............................................
............................................
............................................
............................................
............................................
............................................

2000 ............................................
2001 ............................................
2002 ............................................
2003 ............................................
2004 ............................................
2005 ............................................
2006 ............................................
2007 ............................................
20081 ...........................................
2009 (estimates) .........................

sroberts on PROD1PC70 with ECOIND

1992
1993
1994
1995
1996
1997
1998
1999

Individual
income
taxes

Social
insurance
and
retirement
receipts

FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the fourth quarter of 2008, according to advance estimates, Federal current expenditures fell $32.6 billion (annual
rate), receipts data are incomplete.

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

Total 1

Personal
current
taxes

1,195.7
1,313.6
1,252.2
1,075.5
1,070.8
1,152.3
1,383.0
1,550.2
1,644.5
..............
1,338.8
1,369.2
1,375.8
1,448.0
1,504.7
1,535.1
1,570.9
1,590.2
1,615.2
1,648.2
1,654.4
1,660.0
1,634.9
1,436.0
1,563.0
..............

893.0
999.1
994.5
830.5
774.5
797.4
930.7
1,049.9
1,167.3
1,129.3
894.9
917.8
944.2
965.8
1,018.8
1,031.6
1,056.0
1,093.2
1,139.5
1,157.1
1,178.1
1,194.7
1,201.2
999.8
1,139.7
1,176.4

Total

Calendar year:
1999 .................
2000 .................
2001 .................
2002 .................
2003 ................
2004 ................
2005 ................
2006 ................
2007 ................
2008 p ...............
2005: I ...............
II .............
III ............
IV ............
2006: I ...............
II .............
III ............
IV ............
2007: I ...............
II .............
III ............
IV ............
2008: I ...............
II .............
III ............
IV p ...........
1 Includes

sroberts on PROD1PC70 with ECOIND

2 Includes

1,891.2
2,053.8
2,016.2
1,853.2
1,879.9
2,008.9
2,266.9
2,510.4
2,651.2
..............
2,225.7
2,264.1
2,214.5
2,363.3
2,453.6
2,487.6
2,531.9
2,568.6
2,612.8
2,648.1
2,664.9
2,679.2
2,672.5
2,478.8
2,592.1
..............

Taxes
on
production and
imports
83.9
87.8
85.8
87.3
89.7
94.6
99.2
98.0
97.7
96.6
97.1
101.2
100.0
98.5
97.8
98.2
98.6
97.4
97.7
96.9
98.2
98.0
95.8
96.9
94.7
99.1

Taxes
on
corporate
income
213.0
219.4
164.7
150.5
197.8
250.3
341.0
388.9
365.4
..............
335.4
339.8
318.0
370.6
377.3
394.4
404.6
379.5
365.6
381.5
365.1
349.5
322.5
324.4
313.4
..............

651.6
691.7
717.5
734.3
758.9
805.2
850.0
902.4
942.3
971.5
835.0
842.5
857.0
865.7
893.6
895.7
902.6
917.7
937.1
936.4
943.3
952.3
968.9
971.8
974.5
970.6

Federal Government current expenditures

Income
receipts
on
assets

Current
transfer
receipts

Current
surplus
of government
enterprises

21.5
25.2
24.9
20.2
22.9
23.8
24.0
25.7
29.2
32.0
24.1
25.0
23.8
23.1
23.7
24.9
26.0
28.2
28.4
29.0
29.8
29.5
29.9
31.7
32.4
33.9

22.7
25.7
27.1
24.8
25.0
28.8
15.0
35.7
37.5
39.3
31.0
31.8
¥35.8
32.8
34.7
35.5
36.0
36.5
37.0
37.2
37.6
38.2
39.4
40.0
22.4
55.6

¥0.3
¥2.3
¥5.5
¥1.6
2.3
¥1.2
¥5.0
¥3.6
¥2.2
¥.5
¥3.2
¥4.4
¥6.4
¥6.2
¥3.1
¥3.5
¥3.6
¥4.0
¥5.1
¥2.8
¥.2
¥.8
¥.5
¥.6
¥.1
¥.7

taxes from the rest of the world, not shown separately.
a subtraction for wage accruals less disbursements, not shown separately.

Total 2

1,787.6
1,864.4
1,969.5
2,101.1
2,252.1
2,379.5
2,558.6
2,711.6
2,880.5
3,094.7
2,504.4
2,533.6
2,579.2
2,617.1
2,661.5
2,712.5
2,750.4
2,721.8
2,837.9
2,859.5
2,909.2
2,915.6
3,003.2
3,128.4
3,139.8
3,107.2

Consumption
expenditures

475.1
499.3
531.9
591.5
662.7
723.7
766.3
811.8
856.1
931.1
758.2
760.3
782.1
764.5
805.9
809.2
816.2
816.0
832.5
851.1
869.1
871.6
898.0
918.2
954.2
954.1

Current
transfer
payments

986.1
1,038.1
1,131.4
1,243.0
1,328.7
1,390.6
1,478.0
1,568.1
1,666.7
1,807.6
1,458.7
1,461.7
1,483.0
1,508.7
1,535.4
1,566.5
1,584.6
1,586.0
1,650.2
1,652.6
1,671.4
1,692.5
1,729.2
1,860.1
1,794.9
1,846.1

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282.7
283.3
258.6
229.1
212.9
221.0
255.4
282.3
312.6
308.2
233.4
253.4
253.8
281.0
266.4
287.4
301.9
273.3
309.6
310.5
323.9
306.4
329.4
302.3
342.6
258.5

Subsidies

43.8
43.8
47.6
37.5
47.8
44.2
58.9
49.4
45.2
47.8
54.2
58.2
60.4
62.9
53.8
49.4
47.8
46.5
45.6
45.2
44.8
45.1
46.6
47.8
48.2
48.5

Net
Federal
Government
saving

103.6
189.5
46.7
¥247.9
¥372.1
¥370.6
¥291.7
¥201.1
¥229.3
....................
¥278.7
¥269.5
¥364.7
¥253.8
¥207.9
¥225.0
¥218.4
¥153.2
¥225.2
¥211.4
¥244.3
¥236.3
¥330.7
¥649.6
¥547.6
....................

Source: Department of Commerce, Bureau of Economic Analysis.

34
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payments

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Current tax receipts
Period

Contributions
for
government
social
insurance

INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Industrial production (2002=100; seasonally adjusted)
Period

United
States

Canada

Japan

Germany

France

Consumer prices (1982–84=100; NSA)
United
Kingdom

Italy

United
States 1

Canada

Japan

Germany

France

Italy

United
Kingdom

1998 ..............................
1999 ..............................
2000 ..............................
2001 ..............................
2002 ..............................
2003 ..............................
2004 ..............................
2005 ..............................
2006 ..............................
2007 ..............................
2008 p .............................

95.4
89.2
99.5
94.4
103.7
102.6
100.1
98.4
100.0
100.0
101.2
100.1
103.8
101.7
107.2
103.5
109.6
103.3
111.4
103.2
109.4 ..............

102.5
93.8
102.7
96.0
108.5
100.0
101.2
101.3
100.0
100.0
103.0
99.7
108.0
102.0
109.4
102.3
114.3
102.8
117.5
104.3
113.6 ..............

94.4
98.5
95.5
98.4
100.9
102.6
101.1
101.4
100.0
100.0
100.4
99.4
103.4
99.1
106.9
98.4
113.2
100.7
120.1
100.5
120.2 ..............

99.8
101.4
103.2
101.6
100.0
99.3
100.2
99.1
99.8
100.2
97.2

163.0
166.6
172.2
177.1
179.9
184.0
188.9
195.3
201.6
207.342
215.303

157.8
160.5
164.9
169.0
172.8
177.6
180.9
184.9
188.6
192.6
197.2

122.2
121.8
121.0
120.1
119.0
118.7
118.7
118.3
118.7
118.7
120.3

154.2
155.0
157.6
160.2
163.3
166.7
170.3
173.2
176.2
178.8
183.8

139.7
140.5
142.5
145.3
147.4
148.9
151.4
153.7
156.2
159.7
163.9

222.5
226.2
231.9
238.3
244.3
250.8
256.3
261.4
266.9
271.8
280.9

191.4
194.3
200.1
203.6
207.0
213.0
219.4
225.6
232.8
242.7
252.4

2007: Nov r ...................
Dec r ...................

112.3
112.4

118.6
119.4

121.8
123.0

100.0
99.6

100.5
100.4

210.177
210.036

193.4
193.5

119.1
119.4

180.8
181.5

161.4
162.4

274.5
275.3

246.4
247.8

2008: Jan r ...................
Feb r ...................
Mar r ...................
Apr r ...................
May r ..................
June r .................
July r ..................
Aug r ...................
Sept r ..................
Oct r ....................
Nov p ...................
Dec p ...................

112.6
100.6
112.3
100.1
112.0
98.8
111.4
99.5
111.2
99.0
111.3
99.1
111.2
100.3
109.8
98.8
105.2
98.6
107.1
98.1
105.7
96.4
103.6 ..............

123.7
100.7
123.8
100.4
123.7
100.0
124.4
100.7
121.9
98.7
122.3
98.8
120.5
97.8
124.1
98.2
119.9
95.1
117.7
93.1
113.1
91.0
107.6 ..............

100.0
100.0
99.7
99.7
98.7
98.4
97.9
97.1
96.7
95.0
92.7
91.1

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

193.2
193.9
194.6
196.1
198.0
199.4
200.1
199.8
199.9
197.9
197.2
195.8

119.1
118.9
119.5
119.4
120.3
120.9
121.1
121.5
121.5
121.4
120.3
119.8

181.3
181.7
183.0
183.7
184.6
185.3
184.9
184.9
184.7
184.6
183.8
183.3

161.9
162.7
163.4
163.1
164.0
164.5
165.4
165.0
164.8
164.5
163.7
164.2

276.6
277.2
278.6
279.2
280.7
281.9
283.3
283.8
282.9
282.9
281.9
281.5

246.5
248.4
249.2
251.4
252.7
254.7
254.4
255.2
256.6
255.8
253.8
250.1

2009: Jan p ................... .............. .............. ............ .............. .............. .............. .............. .................. .............. ............ ............

163.4

281.1 ..............

102.9
100.0

105.0
105.1

118.7
105.4
120.6
105.7
116.5
104.4
116.3
105.6
119.6
102.4
117.0
101.6
118.5
102.8
114.3
102.3
115.5
101.6
111.9
97.8
102.4
95.5
92.6 ..............

1 Data

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

1998
1999
2000
2001
2002
2003
2004
2005
2006
2007

BOP
basis

.............
670.4
.............
684.0
.............
772.0
.............
718.7
.............
682.4
.............
713.4
.............
807.5
.............
894.6
............. 1,023.1
............. 1,148.5

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

682.1
695.8
781.9
729.1
693.1
724.8
818.8
906.0
1,036.6
1,162.5

46.4
46.0
47.9
49.4
49.6
55.0
56.6
59.0
66.0
84.3

148.3
147.5
172.6
160.1
156.8
173.0
203.9
233.0
276.0
316.3

299.4 72.4 80.3
310.8 75.3 80.9
356.9 80.4 89.4
321.7 75.4 88.3
290.4 78.9 84.4
293.7 80.6 89.9
331.4 89.2 103.2
363.3 98.4 115.3
415.0 107.0 129.1
447.4 121.0 146.1

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

918.6
1,031.8
1,226.7
1,148.2
1,167.4
1,264.3
1,477.1
1,681.8
1,861.4
1,967.9

911.9
1,024.6
1,218.0
1,141.0
1,161.4
1,257.1
1,469.7
1,673.5
1,853.9
1,957.0

41.2
43.6
46.0
46.6
49.7
55.8
62.1
68.1
74.9
81.7

200.1
221.4
299.0
273.9
267.7
313.8
412.8
523.8
602.0
634.7

269.5
295.7
347.0
298.0
283.3
295.9
343.6
379.3
418.3
444.5

148.7
179.0
195.9
189.8
203.7
210.1
228.2
239.4
256.6
258.9

217.0
241.9
281.8
284.3
307.8
333.9
372.9
407.2
442.6
474.9

262.8
281.9
298.6
286.2
292.3
304.3
353.1
389.1
433.9
497.2

180.7
199.2
223.7
221.8
231.1
250.4
291.2
313.5
348.9
378.1

¥229.8
¥328.8
¥436.1
¥411.9
¥468.3
¥532.4
¥650.9
¥767.5
¥817.3
¥794.5

¥248.2
¥347.8
¥454.7
¥429.5
¥485.0
¥550.9
¥669.6
¥787.1
¥838.3
¥819.4

82.1
82.7
74.9
64.4
61.2
54.0
61.8
75.6
85.0
119.1

¥166.1
¥265.1
¥379.8
¥365.1
¥423.7
¥496.9
¥607.7
¥711.6
¥753.3
¥700.3

101.0
101.8

102.4
102.9

8.0
8.0

28.0
28.7

38.8
39.4

10.8
10.1

12.3
12.8

172.7
171.4

172.0
170.5

7.1
6.9

59.2
60.3

37.9
37.7

22.1
20.7

40.3
39.7

44.2
44.3

32.4
32.4

¥69.6
¥67.6

¥71.7
¥69.5

11.8
11.9

¥59.9
¥57.6

2008: Jan ...
Feb ...
Mar ...
Apr ...
May ..
June
July ..
Aug ...
Sept ..
Oct r ..
Nov p
sroberts on PROD1PC70 with ECOIND

2007: Nov ...
Dec ....

104.7
108.1
105.0
110.1
111.0
116.3
120.8
117.9
107.8
104.8
97.2

105.5
109.0
105.5
110.8
111.5
117.0
121.7
119.0
108.3
105.5
98.1

8.6
9.1
9.6
9.9
9.7
10.4
10.4
10.2
9.0
8.2
7.7

29.7
31.8
31.5
32.7
34.2
36.7
38.3
37.4
33.0
31.5
27.3

39.4
39.3
37.8
40.1
39.4
40.6
41.5
42.3
38.1
38.0
36.5

10.3
10.8
9.4
10.0
10.2
10.8
12.2
10.5
10.3
10.1
9.0

13.3
13.4
12.6
13.4
13.4
14.1
14.9
14.0
13.5
13.3
13.1

174.8
180.6
173.4
183.0
183.1
187.5
194.9
188.9
177.4
173.8
149.7

174.0
178.9
171.8
181.4
182.4
186.8
193.9
188.3
175.9
173.1
148.9

7.1
7.2
7.1
7.4
7.6
7.5
7.5
7.8
7.6
7.7
7.3

64.0
64.5
61.5
67.5
67.1
73.4
79.9
73.8
65.2
64.7
48.2

37.4
38.3
37.9
39.1
39.8
38.4
39.0
38.3
38.7
37.3
35.1

21.2
22.8
20.3
21.5
20.5
20.5
20.4
19.3
18.5
17.6
16.4

39.1
41.0
39.5
40.2
41.8
41.3
41.1
43.6
40.2
40.3
36.6

44.7
44.5
44.7
45.2
46.2
46.8
47.5
47.7
47.3
46.7
45.6

33.3
33.4
33.2
33.6
34.1
34.2
34.5
35.5
34.3
34.4
33.6

¥68.6
¥69.9
¥66.3
¥70.6
¥70.8
¥69.8
¥72.3
¥69.3
¥67.6
¥67.6
¥50.8

¥70.1
¥72.5
¥68.4
¥73.0
¥72.1
¥71.3
¥74.1
¥71.1
¥69.5
¥69.0
¥52.4

11.4
11.0
11.4
11.6
12.1
12.6
13.0
12.2
13.0
12.4
12.0

¥58.7
¥61.4
¥57.0
¥61.4
¥60.0
¥58.7
¥61.1
¥58.9
¥56.6
¥56.7
¥40.4

1 Total includes ‘‘other’’ exports or imports, not shown separately.
NOTE.—BOP refers to balance of payments on international transactions basis. BOP data
shown here are consistent with figures shown on pp. 36 and 37.

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

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ECOIND

U.S. INTERNATIONAL TRANSACTIONS
In the third quarter of 2008, the goods deficit fell to $214.7 billion, from $216.3 billion in the second quarter.
The current account deficit fell to $174.1 billion in the third quarter, from $180.9 billion in the second quarter.

[Millions of dollars; quarterly data seasonally adjusted. Credits (+), debits (¥)]
Goods 1

Period
Exports

Imports

Services

Balance
on
goods

Net
military
transactions 2

Net
travel
and
transportation

Income receipts and payments

Other
services,
net

Balance
on
goods
and
services

Receipts

Payments

Balance
on
income

Unilateral
current
transfers,
net 3

Balance
on
current
account

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

670,416
683,965
771,994
718,712
682,422
713,415
807,516
894,631
1,023,109
1,148,481

¥918,637
¥1,031,784
¥1,226,684
¥1,148,231
¥1,167,377
¥1,264,307
¥1,477,094
¥1,681,780
¥1,861,380
¥1,967,853

¥248,221
¥347,819
¥454,690
¥429,519
¥484,955
¥550,892
¥669,578
¥787,149
¥838,270
¥819,373

5,220
2,593
317
¥2,296
¥7,158
¥11,981
¥13,518
¥10,536
¥13,602
¥16,768

10,210
7,085
2,486
¥3,254
¥4,245
¥11,475
¥14,275
¥13,006
¥10,788
2,181

66,651
73,051
72,052
69,943
72,633
77,433
89,640
99,124
109,377
133,702

¥166,140
¥265,090
¥379,835
¥365,126
¥423,725
¥496,915
¥607,730
¥711,567
¥753,283
¥700,258

261,819
293,925
350,918
290,797
280,942
320,456
413,739
535,263
685,150
817,779

¥257,554
¥280,037
¥329,864
¥259,075
¥253,544
¥275,147
¥346,519
¥462,905
¥627,956
¥736,030

4,265
13,888
21,054
31,722
27,398
45,309
67,219
72,358
57,194
81,749

¥53,187
¥50,428
¥58,645
¥51,295
¥64,948
¥71,794
¥84,482
¥89,784
¥92,027
¥112,705

¥215,062
¥301,630
¥417,426
¥384,699
¥461,275
¥523,400
¥624,993
¥728,993
¥788,116
¥731,214

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

244,679
253,332
259,277
265,821

¥453,286
¥465,016
¥477,900
¥465,178

¥208,607
¥211,684
¥218,623
¥199,356

¥3,121
¥3,482
¥3,641
¥3,358

¥2,853
¥2,885
¥2,622
¥2,429

25,493
26,209
27,414
30,258

¥189,087
¥191,841
¥197,471
¥174,885

155,683
170,011
176,251
183,205

¥141,031
¥153,960
¥164,969
¥167,996

14,652
16,051
11,282
15,209

¥21,516
¥24,116
¥24,716
¥21,679

¥195,952
¥199,906
¥210,906
¥181,355

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

270,318
279,488
295,494
303,180

¥473,681
¥485,375
¥496,698
¥512,099

¥203,363
¥205,887
¥201,204
¥208,919

¥3,286
¥4,085
¥4,251
¥5,146

¥1,587
¥806
1,064
3,509

28,692
31,960
36,276
36,773

¥179,543
¥178,819
¥168,114
¥173,783

186,746
202,171
213,520
215,343

¥173,959
¥192,492
¥190,562
¥179,016

12,787
9,679
22,958
36,327

¥30,174
¥24,953
¥27,796
¥29,784

¥196,930
¥194,093
¥172,952
¥167,241

2008: I ........
II .......
III p ....

317,813
337,312
346,536

¥528,845
¥553,641
¥561,246

¥211,032
¥216,328
¥214,710

¥4,398
¥5,432
¥5,580

3,115
4,643
6,499

199,827 ¥166,615
196,446 ¥168,282
194,655 ¥163,819

33,212
28,164
30,835

¥31,742
¥29,028
¥28,390

¥175,640
¥180,944
¥174,091

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).

35,205 ¥177,110
37,038 ¥180,079
37,255 ¥176,536

3 Includes transfers of goods and services under U.S. military grant programs.
See p. 37 for continuation of table.

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sroberts on PROD1PC70 with ECOIND

1998
1999
2000
2001
2002
2003
2004
2005
2006
2007

U.S. INTERNATIONAL TRANSACTIONS—Continued
In the financial account, U.S. claims on foreigners reported by U.S. banks decreased $152.0 billion in the third
quarter of 2008, following a decrease of $213.9 billion in the second quarter. U.S. liabilities to private foreigners
reported by U.S. banks, excluding Treasury securities, decreased $147.9 billion in the third quarter, following a
decrease of $256.6 billion in the second quarter.

[Millions of dollars; quarterly data seasonally adjusted. Credits (+), debits (¥)]
Financial account

Period

Total

.........
.........
.........
.........
.........
.........
.........
.........
.........
.........
I ....
II ...
III
IV ..
2007: I ....
II ...
III
IV ..
2008: I ....
II ...
III p
sroberts on PROD1PC70 with ECOIND

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

¥766
¥353,829
¥4,939
¥504,062
¥1,010
¥560,523
¥1,270
¥382,616
¥1,470
¥294,646
¥3,480
¥325,424
¥2,369 ¥1,000,870
¥4,036
¥546,631
¥3,880 ¥1,251,749
¥1,843 ¥1,289,854
¥1,716
¥359,608
¥1,005
¥234,828
¥533
¥286,769
¥626
¥370,543
¥543
¥442,065
¥112
¥523,556
¥617
¥170,476
¥571
¥153,757
¥600
¥260,644
¥631
102,698
¥593
9,505

Statistical discrepancy

Foreign-owned assets in the U.S.,
excluding financial derivatives
[increase/financial inflow (+)]

U.S.
official
reserve
assets 4

Other U.S.
Government
assets

¥6,783
8,747
¥290
¥4,911
¥3,681
1,523
2,805
14,096
2,374
¥122
513
¥560
1,006
1,415
¥72
26
¥54
¥22
¥276
¥1,267
¥179

¥422
¥346,624
2,750
¥515,559
¥941
¥559,292
¥486
¥377,219
345
¥291,310
537
¥327,484
1,710 ¥1,005,385
5,539
¥566,266
5,346 ¥1,259,469
¥22,273 ¥1,267,459
1,049
¥361,170
1,765
¥236,033
1,570
¥289,346
962
¥372,920
445
¥442,438
¥596
¥522,985
623
¥171,045
¥22,744
¥130,990
3,265
¥263,634
¥41,592
145,558
¥225,994
235,678

U.S.
private
assets

Total

420,794
742,210
1,038,224
782,870
795,161
858,303
1,533,201
1,247,347
2,061,113
2,057,703
537,649
405,008
524,858
593,598
692,713
718,112
266,476
380,402
459,017
22,719
125,692

4 Consists of gold, special drawing rights (SDRs), foreign currencies, and the U.S. reserve
position in the International Monetary Fund (IMF).

Foreign
official
assets

¥19,903
43,543
42,758
28,059
115,945
278,069
397,755
259,268
487,939
411,058
130,427
127,303
121,843
108,366
163,270
88,822
13,469
145,497
173,533
145,391
117,663

Other
foreign
assets

440,697
698,667
995,466
754,811
679,216
580,234
1,135,446
988,079
1,573,174
1,646,645
407,222
277,705
403,015
485,232
529,443
629,290
253,007
234,905
285,484
¥122,672
8,029

Financial
derivatives,
net

Total (sum
of the items
with sign
reversed)

..................
..................
..................
..................
..................
..................
..................
..................
29,710
6,496
1,633
14,090
15,134
¥1,147
14,795
¥1,007
5,942
¥13,234
¥8,001
¥2,519
..................

148,863
68,421
¥59,265
¥14,285
¥37,770
¥6,000
95,030
32,313
¥47,078
¥41,287
17,994
16,641
¥41,784
¥39,927
¥67,970
656
71,627
¥45,600
¥14,131
58,677
39,487

Of which:
Seasonal
adjustment
discrepancy

..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
10,054
587
¥19,426
8,787
12,192
722
¥21,805
8,892
9,271
¥3,368
¥33,739

U.S. official
reserve
assets, net 4
(unadjusted,
end of
period)

81,761
71,516
67,647
68,654
79,006
85,938
86,824
65,127
65,895
70,565
65,354
67,935
66,217
65,895
66,551
66,127
69,070
70,565
75,764
75,740
71,834

Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the
Treasury.

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U.S.-owned assets abroad,
excluding financial derivatives
[increase/financial outflow (¥)]

Capital
account
transactions,
net

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

sroberts on PROD1PC70 with ECOIND

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.
For sale by the Superintendent of Documents, U.S. Government Printing Office,
Washington, D.C. 20402. Price $5.00 (single copy) ($7.00 foreign).
Subscription price: $58.00 per year; $81.20 for foreign mailing.

38
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Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102