Full text of Economic Indicators : January 2013
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113th Congress, 1st Session Economic Indicators JANUARY 2013 (Includes data available as of February 4, 2013) Prepared for the Joint Economic Committee by the Council of Economic Advisers UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON : 2013 JOINT ECONOMIC COMMITTEE (Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.) House of Representatives Senate COUNCIL OF ECONOMIC ADVISERS Alan B. Krueger, Chairman Katharine G. Abraham, Member James Stock, Member [Public Law 120—81st Congress; Chapter 237—1st Session] JOINT RESOLUTION [S.J. R es. 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 Mail and Multimedia Division, Office of the Secretary, Department of Commerce. Monthly issues of Economic Indicators in PDF form, and tables in Excel, are available online at: www.gpo.gov/economicindicators To subscribe to the print edition, $58.00 per year ($81.20 outside the United States), contact the U.S. Government Printing Office at 202-512-1800, www.gpo.gov/economicindicators, or: SUPERINTENDENT OF DOCUMENTS U.S. GOVERNMENT PRINTING OFFICE MAIL STOP: IDCC WASHINGTON, DC 20402-9328 ii TOTAL OUTPUT, INCOME, AND SPENDING Gross Domestic Product In the fourth quarter of 2012, according to advance estimates, current dollar gross domestic product (GDP) rose 0.5 percent (annual rate), real GDP in chained (2005) dollars fell 0.1 percent, and the chained price index rose 0.6 percent. [Billions of current dollars; quarterly data at seasonally adjusted annual rates] Period 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 p ������������������ 2009: I ���������������� II ��������������� III �������������� IV �������������� 2010: I ���������������� II ��������������� III �������������� IV �������������� 2011: I ���������������� II ��������������� III �������������� IV �������������� 2012: I ���������������� II ��������������� III �������������� IV p ����������� Gross domestic product 11,142.2 11,853.3 12,623.0 13,377.2 14,028.7 14,291.5 13,973.7 14,498.9 15,075.7 15,676.0 13,923.4 13,885.4 13,952.2 14,133.6 14,270.3 14,413.5 14,576.0 14,735.9 14,814.9 15,003.6 15,163.2 15,321.0 15,478.3 15,585.6 15,811.0 15,829.0 Personal consumption expenditures Gross private domestic investment 7,804.1 8,270.6 8,803.5 9,301.0 9,772.3 10,035.5 9,845.9 10,215.7 10,729.0 11,119.5 9,768.4 9,763.9 9,888.8 9,962.5 10,069.1 10,148.3 10,243.6 10,401.9 10,566.3 10,684.9 10,791.2 10,873.8 11,007.2 11,067.2 11,154.4 11,249.1 1,729.7 1,968.6 2,172.3 2,327.1 2,295.2 2,087.6 1,549.3 1,737.3 1,854.9 2,059.5 1,645.8 1,495.3 1,465.6 1,590.4 1,660.4 1,724.7 1,793.3 1,770.9 1,755.9 1,819.0 1,853.8 1,991.1 2,032.2 2,041.7 2,080.1 2,084.1 Exports and imports of goods and services Net exports –504.1 –618.7 –722.7 –769.3 –713.1 –709.7 –388.7 –511.6 –568.1 –566.7 –385.4 –331.6 –398.6 –439.3 –490.2 –521.1 –533.1 –502.1 –555.4 –572.5 –549.5 –594.8 –615.8 –576.9 –516.8 –557.1 Government consumption expenditures and gross investment Federal Exports 1,041.0 1,180.2 1,305.1 1,471.0 1,661.7 1,846.8 1,587.4 1,844.4 2,094.2 2,179.7 1,523.5 1,525.3 1,594.7 1,706.3 1,751.9 1,814.3 1,861.2 1,950.4 2,030.5 2,092.8 2,133.3 2,120.3 2,157.9 2,188.5 2,198.7 2,173.7 1 GDP less exports of goods and services plus imports of goods and services. Imports 1,545.1 1,798.9 2,027.8 2,240.3 2,374.8 2,556.5 1,976.2 2,356.1 2,662.3 2,746.3 1,908.9 1,856.9 1,993.3 2,145.5 2,242.0 2,335.4 2,394.3 2,452.5 2,585.9 2,665.3 2,682.8 2,715.1 2,773.7 2,765.4 2,715.5 2,730.8 Total 2,112.6 2,232.8 2,369.9 2,518.4 2,674.2 2,878.1 2,967.2 3,057.5 3,059.8 3,063.6 2,894.6 2,957.8 2,996.4 3,020.0 3,030.9 3,061.7 3,072.3 3,065.2 3,048.1 3,072.2 3,067.7 3,051.0 3,054.6 3,053.7 3,093.3 3,052.9 Total 756.5 824.6 876.3 931.7 976.3 1,080.1 1,143.6 1,223.1 1,222.1 1,214.2 1,104.9 1,135.9 1,157.6 1,175.9 1,193.7 1,225.1 1,239.8 1,233.8 1,215.2 1,234.3 1,227.5 1,211.2 1,207.7 1,210.7 1,241.4 1,197.1 National defense Nondefense 497.9 550.8 589.0 624.9 662.3 737.8 776.0 817.7 820.8 809.1 748.0 772.0 788.5 795.5 799.3 815.5 831.6 824.5 804.9 827.7 837.8 812.8 806.4 807.8 834.5 787.7 258.5 273.9 287.3 306.8 314.0 342.3 367.6 405.3 401.3 405.1 356.9 364.0 369.1 380.4 394.3 409.6 408.1 409.3 410.3 406.6 389.7 398.4 401.3 402.9 406.8 409.4 State and local 1,356.1 1,408.2 1,493.6 1,586.7 1,697.9 1,798.0 1,823.6 1,834.4 1,837.7 1,849.4 1,789.7 1,821.9 1,838.8 1,844.1 1,837.2 1,836.6 1,832.5 1,831.4 1,832.8 1,837.9 1,840.2 1,839.7 1,846.9 1,843.0 1,851.9 1,855.8 Final Addendum: Gross sales of Gross domestic domestic purchases national 1 product product 11,125.8 11,788.3 12,573.0 13,317.3 13,999.6 14,332.7 14,127.9 14,440.6 15,039.0 15,615.4 14,090.2 14,088.1 14,152.7 14,180.5 14,237.0 14,371.8 14,466.6 14,686.9 14,781.2 14,968.7 15,167.3 15,238.9 15,405.7 15,530.8 15,728.8 15,796.2 11,646.3 11,210.9 12,471.9 11,944.5 13,345.7 12,720.1 14,146.5 13,449.6 14,741.7 14,151.9 15,001.3 14,460.7 14,362.4 14,117.2 15,010.6 14,708.2 15,643.7 15,327.5 16,242.6 ����������������� 14,308.9 14,041.7 14,217.0 14,001.3 14,350.8 14,115.2 14,572.9 14,310.8 14,760.4 14,461.7 14,934.7 14,629.3 15,109.2 14,793.0 15,238.0 14,948.9 15,370.3 15,050.1 15,576.1 15,253.6 15,712.7 15,421.5 15,915.9 15,585.0 16,094.0 15,693.2 16,162.5 15,832.9 16,327.8 16,054.2 16,386.1 ����������������� Source: Department of Commerce (Bureau of Economic Analysis). 1 Real Gross Domestic Product [Billions of chained (2005) dollars; quarterly data at seasonally adjusted annual rates] Period 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 p ������������������ 2009: I ���������������� II ��������������� III �������������� IV �������������� 2010: I ���������������� II ��������������� III �������������� IV �������������� 2011: I ���������������� II ��������������� III �������������� IV �������������� 2012: I ���������������� II ��������������� III �������������� IV p ����������� Gross private domestic investment Personal Gross conChange domestic sumption Nonresi- Resiin product expendi- dential dential fixed fixed private tures investinvestinvenment ment tories 11,836.4 12,246.9 12,623.0 12,958.5 13,206.4 13,161.9 12,757.9 13,063.0 13,299.1 13,588.8 12,711.0 12,701.0 12,746.7 12,873.1 12,947.6 13,019.6 13,103.5 13,181.2 13,183.8 13,264.7 13,306.9 13,441.0 13,506.4 13,548.5 13,652.5 13,647.6 8,244.5 8,515.8 8,803.5 9,054.5 9,262.9 9,211.7 9,032.6 9,196.2 9,428.8 9,605.3 9,039.5 8,999.3 9,046.2 9,045.4 9,100.8 9,159.4 9,216.0 9,308.5 9,380.9 9,403.2 9,441.9 9,489.3 9,546.8 9,582.5 9,620.1 9,671.9 1,189.6 1,263.0 1,347.3 1,455.5 1,550.0 1,537.6 1,259.8 1,268.5 1,378.2 1,483.8 1,324.3 1,262.0 1,236.7 1,216.4 1,222.7 1,258.6 1,282.1 1,310.5 1,306.3 1,351.3 1,411.3 1,443.7 1,470.0 1,482.9 1,476.1 1,506.2 664.3 729.5 775.0 718.2 584.2 444.4 344.8 332.2 327.6 366.6 355.3 333.7 347.2 343.0 332.7 350.5 322.2 323.3 322.2 325.5 326.6 336.0 352.1 359.3 370.9 384.3 17.3 66.3 50.0 59.4 27.7 –36.3 –139.0 50.9 31.0 44.6 –150.2 –185.5 –181.5 –38.8 30.5 33.2 94.9 45.0 30.3 27.5 –4.3 70.5 56.9 41.4 60.3 20.0 Exports and imports of goods and services Government consumption expenditures and gross investment Federal Net exports Exports Imports Total –603.7 –687.9 –722.7 –729.4 –648.8 –494.8 –355.2 –419.7 –408.0 –405.6 –403.5 –322.8 –346.9 –347.5 –372.7 –428.7 –458.9 –418.3 –416.6 –399.6 –397.9 –418.0 –415.5 –407.4 –395.2 –404.0 1,116.0 1,222.5 1,305.1 1,422.1 1,554.4 1,649.3 1,498.7 1,665.6 1,776.9 1,833.9 1,452.5 1,454.6 1,502.3 1,585.2 1,608.2 1,645.4 1,683.9 1,724.7 1,748.8 1,766.4 1,792.9 1,799.3 1,818.7 1,842.1 1,850.9 1,824.0 1,719.7 1,910.4 2,027.8 2,151.5 2,203.2 2,144.0 1,853.8 2,085.2 2,184.9 2,239.5 1,856.0 1,777.4 1,849.3 1,932.7 1,980.9 2,074.2 2,142.8 2,143.0 2,165.4 2,166.0 2,190.8 2,217.3 2,234.2 2,249.6 2,246.1 2,228.0 2,330.5 2,362.0 2,369.9 2,402.1 2,434.2 2,497.4 2,589.4 2,605.8 2,523.9 2,481.7 2,531.6 2,590.4 2,614.3 2,621.1 2,600.4 2,618.7 2,616.7 2,587.4 2,540.7 2,535.4 2,516.6 2,502.7 2,483.7 2,479.4 2,503.1 2,460.6 1 GDP less exports of goods and services plus imports of goods and services. National Nondefense defense Total 831.1 865.0 876.3 894.9 906.1 971.1 1,030.6 1,076.8 1,047.0 1,024.0 995.8 1,028.2 1,043.9 1,054.6 1,056.2 1,081.0 1,090.7 1,079.4 1,050.4 1,057.5 1,045.9 1,034.2 1,023.1 1,022.5 1,045.9 1,004.4 549.2 580.4 589.0 598.4 611.8 657.7 696.9 717.6 699.1 677.2 670.8 696.3 709.1 711.4 704.8 717.3 729.9 718.6 691.3 705.2 709.8 690.1 677.6 677.3 698.1 655.7 281.7 284.6 287.3 296.6 294.2 313.3 333.7 359.2 347.9 346.9 325.0 331.8 334.7 343.2 351.5 363.7 360.8 360.8 359.3 352.3 335.9 344.1 345.6 345.3 347.8 349.0 AddenFinal Gross dum: sales of domestic Gross domestic purchases 1 national product product State and local 1,499.7 1,497.1 1,493.6 1,507.2 1,528.1 1,528.1 1,561.8 1,534.1 1,482.0 1,462.4 1,538.3 1,565.2 1,573.6 1,570.2 1,548.3 1,542.7 1,531.6 1,513.6 1,495.3 1,483.4 1,475.9 1,473.3 1,465.3 1,461.6 1,462.7 1,460.2 11,820.5 12,181.3 12,573.0 12,899.3 13,177.5 13,200.5 12,899.7 13,010.3 13,265.3 13,532.8 12,870.3 12,890.0 12,928.3 12,910.2 12,914.7 12,985.4 13,005.5 13,135.6 13,154.4 13,234.1 13,311.2 13,361.4 13,440.1 13,497.9 13,577.4 13,615.7 12,444.7 11,909.9 12,935.5 12,341.6 13,345.7 12,720.1 13,688.1 13,028.3 13,855.3 13,322.0 13,653.1 13,316.9 13,102.3 12,889.0 13,473.0 13,253.4 13,698.8 13,522.0 13,986.3 �������������� 13,103.7 12,819.5 13,014.4 12,806.8 13,082.0 12,895.3 13,209.3 13,034.5 13,309.3 13,121.9 13,438.9 13,216.5 13,553.4 13,301.1 13,590.5 13,374.2 13,592.1 13,394.3 13,655.2 13,486.1 13,696.4 13,534.7 13,851.4 13,672.9 13,914.4 13,693.8 13,948.5 13,763.6 14,039.3 13,862.9 14,043.0 �������������� Source: Department of Commerce (Bureau of Economic Analysis). Note: Because of the formula used for calculating real GDP, the chained (2005) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates. Chained Price Indexes For Gross Domestic Product [Index numbers, 2005=100; quarterly data are seasonally adjusted] Period 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 p ������������������ 2009: I ���������������� II ��������������� III �������������� IV �������������� 2010: I ���������������� II ��������������� III �������������� IV �������������� 2011: I ���������������� II ��������������� III �������������� IV �������������� 2012: I ���������������� II ��������������� III �������������� IV p ����������� Gross domestic product 94.134 96.784 100.000 103.237 106.231 108.565 109.532 111.002 113.369 115.361 109.526 109.318 109.463 109.820 110.234 110.686 111.248 111.838 112.389 113.109 113.937 114.041 114.608 115.050 115.807 115.979 Personal consumption expenditures Total 94.658 97.121 100.000 102.723 105.499 108.943 109.004 111.087 113.790 115.764 108.063 108.496 109.315 110.142 110.642 110.800 111.154 111.751 112.640 113.633 114.293 114.593 115.300 115.496 115.952 116.310 Goods Services 96.492 97.929 100.000 101.441 102.764 105.912 103.105 104.852 108.822 110.145 101.386 102.455 103.890 104.687 105.025 104.283 104.540 105.561 107.266 108.820 109.633 109.569 110.256 109.743 110.261 110.318 Source: Department of Commerce (Bureau of Economic Analysis). 2 Gross private domestic investment 93.686 96.688 100.000 103.414 106.981 110.584 112.157 114.418 116.435 118.771 111.614 111.724 112.224 113.065 113.647 114.282 114.687 115.057 115.503 116.193 116.772 117.270 117.989 118.576 118.997 119.522 Nonresidential fixed 95.471 96.837 100.000 103.425 105.645 107.717 107.102 105.514 107.359 108.977 108.975 107.494 106.224 105.714 105.188 105.304 105.589 105.973 106.483 107.174 107.687 108.092 108.562 108.878 109.104 109.364 Residential fixed 86.953 93.297 100.000 106.081 107.612 106.296 102.713 102.520 103.406 104.273 104.065 102.494 101.716 102.576 102.573 102.064 102.421 103.020 102.861 103.300 103.650 103.812 103.439 103.754 104.593 105.304 Exports and imports of goods and services Government consumption expenditures and gross investment Federal Exports 93.282 96.539 100.000 103.440 106.900 111.975 105.924 110.738 117.860 118.855 104.936 104.898 106.187 107.674 108.972 110.303 110.562 113.117 116.123 118.485 118.992 117.839 118.652 118.802 118.792 119.173 Imports 89.851 94.164 100.000 104.131 107.785 119.237 106.598 112.989 121.851 122.646 102.932 104.547 107.855 111.058 113.200 112.595 111.726 114.434 119.417 123.057 122.466 122.463 124.156 122.942 120.907 122.577 Total 91.024 95.335 100.000 104.107 107.753 111.225 110.959 113.583 116.721 118.575 110.956 110.481 110.897 111.504 113.016 113.339 113.668 114.309 115.696 116.714 117.365 117.111 118.038 118.403 118.679 119.179 National defense 90.659 94.895 100.000 104.421 108.249 112.187 111.347 113.951 117.411 119.486 111.503 110.875 111.193 111.818 113.420 113.696 113.947 114.742 116.440 117.375 118.047 117.780 119.008 119.268 119.541 120.126 Nondefense 91.774 96.234 100.000 103.468 106.743 109.240 110.177 112.843 115.337 116.748 109.847 109.686 110.303 110.871 112.206 112.624 113.105 113.435 114.207 115.384 115.994 115.764 116.096 116.664 116.948 117.282 State and local 90.425 94.062 100.000 105.276 111.112 117.666 116.763 119.579 124.001 126.457 116.349 116.405 116.852 117.446 118.654 119.038 119.639 120.985 122.565 123.895 124.678 124.866 126.042 126.089 126.605 127.094 Gross Domestic Product and Related Price Measures: Indexes and Percent Changes [Quarterly data are seasonally adjusted] Percent change from preceding period 1 Index numbers, 2005=100 Personal consumption expenditures (PCE) Gross domestic product (GDP) Period 2003 ���������������������� 2004 ���������������������� 2005 ���������������������� 2006 ���������������������� 2007 ���������������������� 2008 ���������������������� 2009 ���������������������� 2010 ���������������������� 2011 ���������������������� 2012 p �������������������� 2009: I ������������������ II ����������������� III ���������������� IV ���������������� 2010: I ������������������ II ����������������� III ���������������� IV ���������������� 2011: I ������������������ II ����������������� III ���������������� IV ���������������� 2012: I ������������������ II ����������������� III ���������������� IV p ������������� Real GDP (chain-type quantity index) 93.769 97.021 100.000 102.658 104.622 104.270 101.069 103.486 105.356 107.651 100.697 100.618 100.980 101.981 102.572 103.142 103.807 104.423 104.443 105.084 105.418 106.481 106.999 107.333 108.156 108.117 GDP chain-type price index 94.134 96.784 100.000 103.237 106.231 108.565 109.532 111.002 113.369 115.361 109.526 109.318 109.463 109.820 110.234 110.686 111.248 111.838 112.389 113.109 113.937 114.041 114.608 115.050 115.807 115.979 GDP implicit price deflator 94.135 96.786 100.000 103.231 106.227 108.582 109.529 110.993 113.359 115.360 109.539 109.325 109.457 109.793 110.216 110.706 111.238 111.795 112.372 113.109 113.950 113.987 114.599 115.035 115.810 115.984 PCE (chain-type price index) 94.658 97.121 100.000 102.723 105.499 108.943 109.004 111.087 113.790 115.764 108.063 108.496 109.315 110.142 110.642 110.800 111.154 111.751 112.640 113.633 114.293 114.593 115.300 115.496 115.952 116.310 PCE less food and energy price index 95.823 97.815 100.000 102.265 104.631 107.020 108.536 110.214 111.802 113.699 107.827 108.285 108.694 109.339 109.739 110.121 110.395 110.602 110.973 111.599 112.138 112.500 113.122 113.603 113.912 114.159 1 Quarterly percent changes are at annual rates. Personal consumption expenditures (PCE) Gross domestic product (GDP) GDP (current dollars) Real GDP (chain-type quantity index) 4.7 6.4 6.5 6.0 4.9 1.9 –2.2 3.8 4.0 4.0 –4.4 –1.1 1.9 5.3 3.9 4.1 4.6 4.5 2.2 5.2 4.3 4.2 4.2 2.8 5.9 .5 2.5 3.5 3.1 2.7 1.9 –.3 –3.1 2.4 1.8 2.2 –5.3 –.3 1.4 4.0 2.3 2.2 2.6 2.4 .1 2.5 1.3 4.1 2.0 1.3 3.1 –.1 GDP chain-type price index GDP implicit price deflator 2.1 2.8 3.3 3.2 2.9 2.2 .9 1.3 2.1 1.8 1.0 –.8 .5 1.3 1.5 1.7 2.0 2.1 2.0 2.6 3.0 .4 2.0 1.6 2.7 .6 PCE (chain-type price index) 2.1 2.8 3.3 3.2 2.9 2.2 .9 1.3 2.1 1.8 .9 –.8 .5 1.2 1.6 1.8 1.9 2.0 2.1 2.6 3.0 .1 2.2 1.5 2.7 .6 PCE less food and energy price index 2.0 2.6 3.0 2.7 2.7 3.3 .1 1.9 2.4 1.7 –2.1 1.6 3.1 3.1 1.8 .6 1.3 2.2 3.2 3.6 2.3 1.1 2.5 .7 1.6 1.2 1.5 2.1 2.2 2.3 2.3 2.3 1.4 1.5 1.4 1.7 .7 1.7 1.5 2.4 1.5 1.4 1.0 .8 1.3 2.3 1.9 1.3 2.2 1.7 1.1 .9 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] Period Current dollars 2002 �������������������� 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2009: I ���������������� II ��������������� III �������������� IV �������������� 2010: I ���������������� II ��������������� III �������������� IV �������������� 2011: I ���������������� II ��������������� III �������������� IV �������������� 2012: I ���������������� II ��������������� III �������������� 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 5,307.7 5,503.7 5,877.5 6,302.8 6,740.3 6,946.0 6,991.4 6,590.8 6,952.4 7,366.7 6,633.6 6,527.7 6,521.4 6,680.7 6,828.1 6,894.9 7,033.7 7,053.0 7,200.6 7,367.0 7,418.6 7,480.5 7,605.5 7,670.8 7,692.9 Chained (2005) dollars 5,675.5 5,818.1 6,085.1 6,302.8 6,543.2 6,606.4 6,515.9 6,036.8 6,369.1 6,595.6 6,028.2 5,963.9 5,992.1 6,162.9 6,312.8 6,347.1 6,421.9 6,394.8 6,499.2 6,611.2 6,586.5 6,685.6 6,768.5 6,803.6 6,737.8 Total 0.935 .946 .966 1.000 1.030 1.051 1.073 1.092 1.092 1.117 1.100 1.095 1.088 1.084 1.082 1.086 1.095 1.103 1.108 1.114 1.126 1.119 1.124 1.127 1.142 Compensation of employees (unit labor cost) 0.624 .628 .622 .631 .639 .660 .682 .691 .668 .678 .698 .700 .693 .675 .662 .667 .668 .674 .682 .675 .681 .674 .681 .683 .694 Corporate profits with inventory valuation and capital consumption adjustments 4 Unit nonlabor cost Total 0.235 .234 .232 .243 .249 .264 .276 .291 .280 .286 .298 .295 .289 .284 .278 .279 .278 .284 .285 .284 .289 .286 .285 .283 .287 Consumption of fixed capital 0.115 .115 .114 .118 .122 .127 .133 .143 .135 .135 .145 .145 .143 .139 .135 .135 .134 .136 .135 .134 .137 .136 .136 .137 .139 Net interest Taxes on and production miscellaneous and imports 3 payments 0.091 .094 .096 .101 .102 .102 .103 .110 .110 .112 .110 .112 .110 .110 .109 .110 .110 .111 .112 .112 .112 .111 .110 .109 .109 0.029 .025 .022 .024 .025 .035 .040 .038 .035 .039 .043 .038 .036 .035 .034 .034 .034 .037 .038 .038 .040 .039 .039 .037 .039 Total 0.075 .084 .111 .127 .141 .127 .116 .109 .144 .153 .105 .100 .108 .125 .141 .140 .149 .146 .140 .155 .156 .159 .158 .161 .161 Taxes on corporate income 0.017 .023 .031 .043 .047 .044 .035 .029 .035 .037 .028 .027 .028 .034 .034 .035 .036 .035 .038 .038 .038 .036 .045 .045 .046 Profits after tax 5 0.058 .061 .081 .083 .094 .082 .081 .080 .109 .115 .077 .073 .079 .091 .107 .105 .113 .110 .103 .117 .119 .123 .113 .116 .115 1 Estimates for nonfinancial corporate business for 2000 and earlier periods are based on the 4 Unit profits from current production. 5 With inventory valuation and capital consumption adjustments. 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. Source: Department of Commerce (Bureau of Economic Analysis). 3 Less subsidies plus business current transfer payments. 3 National Income [Billions of dollars; quarterly data at seasonally adjusted annual rates] Proprietors’ income 1 Period ComNational pensation of income employees 2003 �������������������� 9,840.2 2004 �������������������� 10,534.0 2005 �������������������� 11,273.8 2006 �������������������� 12,031.2 2007 �������������������� 12,396.4 2008 �������������������� 12,609.1 2009 �������������������� 12,132.6 2010 �������������������� 12,811.4 2011 �������������������� 13,358.9 2012 p ������������������ �������������� 2009: I ���������������� 12,100.7 II ��������������� 12,001.0 III �������������� 12,102.1 IV �������������� 12,326.6 2010: I ���������������� 12,583.0 II ��������������� 12,722.1 III �������������� 12,921.3 IV �������������� 13,019.4 2011: I ���������������� 13,196.3 II ��������������� 13,301.1 III �������������� 13,390.1 IV �������������� 13,548.1 2012: I ���������������� 13,707.2 II ��������������� 13,750.5 III �������������� 13,888.6 IV p ����������� �������������� 6,382.6 6,693.4 7,065.0 7,477.0 7,855.9 8,068.3 7,799.4 7,970.0 8,295.2 8,559.8 7,824.9 7,801.1 7,773.6 7,797.8 7,846.6 7,955.4 8,021.4 8,056.6 8,236.3 8,286.4 8,318.1 8,340.1 8,495.7 8,527.7 8,570.3 8,645.4 Rental income of persons with capital conNonfarm sumption adjustment Farm 36.5 49.7 43.9 29.3 37.8 51.8 39.9 44.3 54.6 57.2 33.7 38.5 40.6 46.7 41.5 43.6 44.6 47.6 56.0 52.6 55.3 54.4 52.3 52.5 59.4 64.7 894.1 984.1 1,025.9 1,103.6 1,052.6 1,046.1 939.5 1,059.1 1,102.8 1,145.8 935.8 918.5 935.2 968.6 1,010.9 1,061.2 1,072.5 1,091.6 1,092.0 1,102.1 1,106.1 1,110.9 1,132.1 1,142.4 1,146.0 1,162.8 Corporate profits with inventory valuation and capital consumption adjustments Net interest and Capital miscelconsumption laneous Inventory adjust- payments valuation ment adjustment Taxes on production and imports Profits with inventory valuation adjustment and without capital consumption adjustment Total Total Profits before tax 204.2 977.8 892.2 903.5 –11.3 198.4 1,246.9 1,195.1 1,229.4 –34.3 178.2 1,456.1 1,609.5 1,640.2 –30.7 146.5 1,608.3 1,784.7 1,822.7 –38.0 143.7 1,510.6 1,691.1 1,738.4 –47.2 231.6 1,248.4 1,315.5 1,359.9 –44.5 289.7 1,342.3 1,443.6 1,440.5 3.2 349.2 1,702.4 1,777.7 1,816.3 –38.7 409.7 1,827.0 1,791.6 1,854.1 –62.6 463.5 �������������� �������������� �������������� �������������� 270.2 1,198.4 1,306.6 1,225.3 81.4 281.5 1,243.3 1,342.9 1,327.9 15.0 298.9 1,403.2 1,499.3 1,516.9 –17.6 308.3 1,524.5 1,625.7 1,691.9 –66.2 340.1 1,648.0 1,758.0 1,785.2 –27.2 352.7 1,625.4 1,741.0 1,755.3 –14.3 350.0 1,747.5 1,824.6 1,850.6 –26.0 354.0 1,788.8 1,787.0 1,874.2 –87.2 390.0 1,723.3 1,679.4 1,801.1 –121.7 404.7 1,800.9 1,764.6 1,839.7 –75.0 413.8 1,830.5 1,798.8 1,839.3 –40.6 430.3 1,953.1 1,923.5 1,936.4 –12.9 445.3 1,900.1 2,100.8 2,124.5 –23.7 452.8 1,921.9 2,124.3 2,108.2 16.0 471.0 1,967.6 2,167.5 2,194.4 –26.8 484.9 �������������� �������������� �������������� �������������� 1 With inventory valuation and capital consumption adjustments. 85.6 51.8 –153.4 –176.4 –180.5 –67.1 –101.3 –75.2 35.4 –200.6 –108.2 –99.6 –96.1 –101.3 –110.0 –115.6 –77.1 1.9 43.9 36.3 31.7 29.6 –200.7 –202.4 –200.0 –199.4 504.1 461.6 543.0 652.2 731.6 870.1 640.5 567.9 527.4 504.1 765.8 633.3 582.6 580.3 586.9 568.5 559.6 556.8 551.4 513.8 528.4 515.9 515.6 489.5 518.2 493.0 Business Less: current Subsidies transfer payments 806.8 863.4 930.2 986.8 1,027.2 1,038.6 1,023.2 1,055.0 1,097.9 1,130.5 1,010.1 1,016.5 1,027.7 1,038.4 1,043.3 1,050.5 1,058.6 1,067.5 1,084.5 1,099.0 1,098.2 1,109.8 1,128.5 1,130.9 1,128.4 1,134.2 49.1 46.4 60.9 51.4 54.6 52.9 59.7 57.0 61.6 60.9 56.4 56.8 68.5 57.0 56.2 56.4 56.7 58.6 59.6 61.9 62.4 62.7 60.8 61.0 60.6 61.1 76.1 81.7 95.9 83.0 103.3 123.0 133.4 140.0 132.6 127.9 134.7 140.7 123.2 134.8 138.7 139.7 143.9 137.7 145.7 127.9 129.5 127.4 130.5 127.9 123.8 129.3 Current surplus of government enterprises 7.0 1.2 –3.5 –4.2 –11.8 –16.0 –15.6 –19.5 –26.5 –34.0 –16.6 –15.4 –14.5 –15.8 –16.8 –18.5 –20.1 –22.5 –23.1 –24.4 –27.5 –31.1 –32.0 –34.1 –35.5 –34.4 Source: Department of Commerce (Bureau of Economic Analysis). Real Personal Consumption Expenditures [Billions of chained (2005) dollars, except as noted; quarterly data at seasonally adjusted annual rates] Goods Period 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 p ������������������ 2009: I ���������������� II ��������������� III �������������� IV �������������� 2010: I ���������������� II ��������������� III �������������� IV �������������� 2011: I ���������������� II ��������������� III �������������� IV �������������� 2012: I ���������������� II ��������������� III �������������� IV p ����������� Total personal consumption expenditures 8,244.5 8,515.8 8,803.5 9,054.5 9,262.9 9,211.7 9,032.6 9,196.2 9,428.8 9,605.3 9,039.5 8,999.3 9,046.2 9,045.4 9,100.8 9,159.4 9,216.0 9,308.5 9,380.9 9,403.2 9,441.9 9,489.3 9,546.8 9,582.5 9,620.1 9,671.9 Services Durable Total goods 2,827.2 2,953.3 3,076.7 3,178.9 3,273.5 3,192.9 3,098.2 3,209.1 3,331.0 3,433.5 3,083.2 3,067.0 3,123.1 3,119.5 3,159.5 3,185.4 3,215.1 3,276.5 3,320.3 3,312.2 3,323.5 3,367.9 3,406.6 3,409.4 3,439.7 3,478.4 Total durable goods 1 989.1 1,060.9 1,123.4 1,174.2 1,232.4 1,171.8 1,109.1 1,178.3 1,262.6 1,361.1 1,091.4 1,085.8 1,138.6 1,120.7 1,135.9 1,164.5 1,184.9 1,227.7 1,249.4 1,242.3 1,258.6 1,300.1 1,336.1 1,335.3 1,364.0 1,409.1 Nondurable Motor vehicles and parts 404.8 410.4 408.2 394.4 401.4 346.8 322.6 329.5 347.4 374.1 312.8 313.7 347.7 316.3 312.4 324.2 331.0 350.3 355.0 336.6 338.1 360.1 371.2 361.8 370.5 393.1 Total nondurable goods 1 1,840.7 1,892.8 1,953.4 2,005.0 2,042.9 2,019.1 1,982.8 2,029.3 2,075.2 2,094.8 1,983.7 1,973.3 1,981.4 1,992.9 2,017.7 2,018.3 2,029.4 2,052.0 2,075.3 2,073.5 2,071.4 2,080.5 2,088.9 2,092.0 2,098.2 2,100.3 Food and beverages purchased for offpremises consumption Gasoline and other energy goods Total services 1 Household consumption expenditures 616.5 623.9 644.5 663.0 673.2 666.0 654.8 668.8 685.3 685.7 646.4 652.3 657.0 663.5 669.4 663.2 666.1 676.7 682.8 686.0 685.9 686.4 686.4 685.4 685.9 685.0 301.9 305.9 303.8 296.9 294.4 280.6 282.4 281.3 271.5 269.0 289.0 282.9 280.0 277.6 285.9 282.2 281.5 275.6 280.2 269.9 267.9 268.2 266.5 272.0 270.0 267.6 5,418.2 5,562.7 5,726.8 5,875.6 5,990.2 6,017.0 5,930.6 5,987.6 6,101.5 6,178.0 5,951.5 5,926.9 5,920.7 5,923.2 5,940.4 5,973.6 6,001.4 6,034.9 6,064.8 6,094.0 6,121.1 6,126.0 6,145.9 6,178.2 6,186.7 6,201.3 5,199.4 5,345.1 5,515.1 5,640.6 5,745.2 5,745.6 5,656.3 5,710.2 5,814.3 5,880.9 5,676.1 5,655.8 5,647.9 5,645.2 5,664.3 5,694.5 5,724.2 5,757.8 5,786.1 5,810.1 5,826.6 5,834.5 5,855.1 5,877.6 5,888.8 5,902.0 1 Includes other items, not shown separately. 2 Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 4 Housing and utilities 1,480.2 1,512.8 1,582.6 1,616.8 1,626.6 1,637.8 1,655.2 1,668.7 1,677.7 1,678.3 1,652.3 1,653.6 1,655.7 1,659.3 1,662.7 1,665.2 1,672.8 1,673.9 1,672.4 1,679.6 1,686.7 1,672.0 1,662.7 1,685.2 1,690.6 1,674.6 Health care Financial services and insurance 1,228.3 1,267.4 1,308.9 1,333.0 1,364.0 1,396.5 1,420.8 1,439.0 1,488.5 1,516.8 1,410.4 1,421.0 1,427.2 1,424.6 1,418.3 1,429.1 1,445.1 1,463.7 1,478.8 1,489.3 1,486.2 1,499.7 1,513.3 1,508.4 1,518.4 1,527.0 659.2 675.5 698.4 716.4 739.8 732.3 680.6 683.7 681.8 686.1 693.3 683.1 675.0 670.9 682.2 690.0 682.2 680.3 680.8 678.3 685.8 682.2 688.6 688.4 680.0 687.3 Addendum: Personal consumption expenditures excluding food and energy 2 Retail sales of new passenger cars and light trucks (millions of units) 7,145.2 7,401.8 7,665.3 7,911.5 8,110.4 8,087.2 7,913.4 8,058.0 8,292.4 8,479.4 7,922.2 7,882.8 7,927.9 7,920.7 7,958.7 8,027.3 8,077.2 8,168.7 8,235.6 8,265.4 8,302.8 8,366.0 8,437.3 8,444.6 8,480.4 8,555.2 16.6 16.9 16.9 16.5 16.1 13.2 10.4 11.6 12.7 14.4 9.4 9.7 11.8 10.8 10.8 11.4 11.8 12.3 12.7 12.2 12.6 13.5 14.1 14.1 14.5 15.0 Note: Because of the formula used for calculating real GDP, the chained (2005) 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). Sources of Personal Income Personal income rose $352.4 billion (annual rate) in December, following an increase of $135.8 billion in November. Wages and salaries rose $45.0 billion in December, following an increase of $61.5 billion in November. [Billions of dollars; monthly data at seasonally adjusted annual rates] Compensation of employees, received Period 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 p ������������������ 2011: Dec ����������� 2012: Jan ����������� Feb ����������� Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct r ���������� Nov r ��������� Dec p �������� Total personal income 9,378.1 9,937.2 10,485.9 11,268.1 11,912.3 12,460.2 11,867.0 12,321.9 12,947.3 13,402.4 13,032.2 13,148.4 13,234.7 13,298.3 13,302.9 13,322.3 13,355.9 13,374.4 13,385.4 13,439.3 13,447.9 13,583.7 13,936.1 Total 6,367.6 6,708.4 7,060.0 7,475.7 7,862.2 8,073.3 7,794.4 7,970.0 8,295.2 8,559.8 8,336.5 8,440.7 8,501.7 8,544.6 8,525.2 8,518.2 8,539.7 8,554.8 8,560.5 8,595.6 8,582.5 8,651.2 8,702.4 Wage and salary disbursements 5,139.6 5,425.7 5,701.0 6,068.9 6,421.7 6,550.9 6,270.3 6,404.6 6,661.3 6,875.1 6,687.6 6,776.7 6,831.5 6,869.4 6,848.9 6,840.3 6,858.5 6,869.8 6,872.6 6,902.6 6,887.7 6,949.2 6,994.2 1 With inventory valuation and capital consumption adjustments. 2 With capital consumption adjustment. 3 Consists mainly of social insurance benefits to persons. Supplements to wages and salaries 1,228.0 1,282.7 1,359.1 1,406.9 1,440.4 1,522.5 1,524.0 1,565.4 1,633.9 1,684.6 1,648.8 1,664.0 1,670.2 1,675.2 1,676.3 1,678.0 1,681.2 1,685.0 1,687.9 1,692.9 1,694.8 1,701.9 1,708.3 Proprietors’ income 1 Farm 36.5 49.7 43.9 29.3 37.8 51.8 39.9 44.3 54.6 57.2 54.0 53.1 52.3 51.4 51.9 52.5 53.1 56.2 59.4 62.6 63.6 64.7 65.7 Nonfarm 894.1 984.1 1,025.9 1,103.6 1,052.6 1,046.1 939.5 1,059.1 1,102.8 1,145.8 1,115.8 1,121.0 1,136.3 1,139.0 1,140.3 1,144.0 1,142.9 1,141.7 1,144.2 1,152.2 1,152.6 1,163.8 1,172.0 Personal income receipts on assets Rental income of persons 2 204.2 198.4 178.2 146.5 143.7 231.6 289.7 349.2 409.7 463.5 433.3 439.2 445.3 451.3 451.7 452.8 454.1 462.1 470.9 479.9 481.8 485.5 487.5 Total 1,312.9 1,408.5 1,542.0 1,829.7 2,057.0 2,165.4 1,626.5 1,598.3 1,685.1 1,748.6 1,687.8 1,690.1 1,695.8 1,703.2 1,717.3 1,733.6 1,741.4 1,723.0 1,713.8 1,701.7 1,724.3 1,776.1 2,062.7 Personal interest income 889.8 860.2 987.0 1,127.5 1,265.1 1,382.0 1,093.3 1,016.6 1,008.8 991.8 985.8 988.8 991.8 994.9 1,000.5 1,006.1 1,011.8 993.6 975.3 957.1 975.6 994.0 1,012.4 Personal dividend income 423.1 548.3 555.0 702.2 791.9 783.4 533.2 581.7 676.3 756.8 702.0 701.3 704.0 708.3 716.8 727.4 729.7 729.5 738.5 744.6 748.7 782.1 1,050.3 Personal current transfer receipts 3 1,341.7 1,415.5 1,508.6 1,605.0 1,718.5 1,879.2 2,140.1 2,284.3 2,319.2 2,375.2 2,326.4 2,341.3 2,346.5 2,356.2 2,361.2 2,364.7 2,369.7 2,383.0 2,383.3 2,397.6 2,392.0 2,398.9 2,407.8 Less: Contributions for government social insurance, domestic 778.9 827.3 872.7 921.8 959.5 987.3 963.1 983.3 919.3 947.6 921.6 937.0 943.2 947.4 944.8 943.5 945.0 946.5 946.6 950.3 948.8 956.3 961.9 Source: Department of Commerce (Bureau of Economic Analysis). 5 Disposition of Personal Income According to advance estimates, per capita disposable personal income in chained (2005) dollars rose 6.0 percent (annual rate) in the fourth quarter of 2012. Period Personal income Less: Personal current taxes Equals: Disposable personal income Less: Personal outlays 1 Equals: Personal saving Disposable personal income in billions of chained (2005) dollars Current dollars Billions of dollars 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 r ������������������ 2011 r ������������������ 2012 p ������������������ 9,378.1 9,937.2 10,485.9 11,268.1 11,912.3 12,460.2 11,867.0 12,321.9 12,947.3 13,402.4 1,000.3 1,047.8 1,208.6 1,352.4 1,488.7 1,435.7 1,144.6 1,194.8 1,398.0 1,471.9 8,377.8 8,889.4 9,277.3 9,915.7 10,423.6 11,024.5 10,722.4 11,127.1 11,549.3 11,930.6 Per capita personal consumption expenditures Per capita disposable personal income Chained (2005) dollars Current dollars Chained (2005) dollars Dollars 8,088.1 8,571.2 9,134.1 9,659.1 10,174.9 10,432.2 10,214.3 10,560.4 11,059.9 11,459.8 289.6 318.2 143.2 256.6 248.7 592.3 508.2 566.7 489.4 470.8 8,850.5 9,152.9 9,277.3 9,652.8 9,880.3 10,119.5 9,836.7 10,016.5 10,149.7 10,306.0 28,827 30,312 31,343 33,183 34,550 36,200 34,899 35,920 37,013 37,962 Percent Saving change as in real percent per capita of disposable disposable personal personal income income Population, including Armed Forces overseas (thousands) 2 Percent 30,453 31,211 31,343 32,303 32,749 33,229 32,016 32,335 32,527 32,793 26,853 28,202 29,742 31,126 32,391 32,953 32,046 32,978 34,384 35,381 28,368 29,038 29,742 30,301 30,703 30,248 29,399 29,686 30,217 30,563 1.6 2.5 .4 3.1 1.4 1.5 –3.7 1.0 .6 .8 3.5 3.6 1.5 2.6 2.4 5.4 4.7 5.1 4.2 3.9 290,626 293,262 295,993 298,818 301,696 304,543 307,240 309,776 312,036 314,278 32,417 32,313 31,733 31,615 31,990 32,425 32,455 32,469 32,763 32,587 32,421 32,346 32,588 32,713 32,694 33,173 31,898 31,818 32,151 32,316 32,597 32,794 33,037 33,481 33,954 34,277 34,552 34,750 35,119 35,250 35,460 35,693 29,518 29,327 29,412 29,341 29,462 29,598 29,723 29,962 30,145 30,166 30,232 30,325 30,460 30,522 30,582 30,689 –5.5 –1.3 –7.0 –1.5 4.8 5.6 .4 .2 3.7 –2.1 –2.0 –.9 3.0 1.5 –.2 6.0 5.5 5.8 3.8 3.8 4.6 5.6 5.4 4.8 5.1 4.6 3.9 3.4 3.6 3.8 3.6 4.7 306,237 306,866 307,573 308,285 308,900 309,457 310,067 310,679 311,192 311,718 312,319 312,917 313,425 313,960 314,564 315,162 Seasonally adjusted annual rates 2009: I ���������������� II ��������������� III �������������� IV �������������� 2010: I r �������������� II r ������������� III r ������������ IV r ������������ 2011: I r �������������� II r ������������� III r ������������ IV r ������������ 2012: I r �������������� II r ������������� III r ������������ IV p ����������� 11,927.5 11,879.3 11,794.9 11,866.2 12,089.8 12,290.6 12,397.2 12,509.9 12,856.5 12,938.9 12,976.3 13,017.4 13,227.1 13,327.0 13,399.7 13,655.9 1,199.7 1,121.3 1,125.6 1,131.7 1,156.9 1,173.0 1,211.8 1,237.5 1,372.5 1,396.6 1,403.8 1,419.1 1,450.8 1,465.2 1,475.2 1,496.2 10,727.8 10,758.1 10,669.2 10,734.6 10,932.9 11,117.5 11,185.4 11,272.4 11,484.1 11,542.3 11,572.6 11,598.3 11,776.4 11,861.8 11,924.5 12,159.7 10,138.1 10,135.4 10,259.6 10,323.9 10,428.2 10,498.4 10,581.5 10,733.3 10,898.1 11,015.1 11,120.9 11,205.6 11,348.7 11,406.1 11,494.7 11,589.7 589.8 622.7 409.6 410.6 504.8 619.1 603.8 539.1 585.9 527.2 451.6 392.7 427.7 455.7 429.8 570.0 9,927.3 9,915.6 9,760.2 9,746.4 9,881.6 10,034.1 10,063.3 10,087.4 10,195.7 10,157.8 10,125.6 10,121.5 10,213.9 10,270.6 10,284.2 10,454.8 1 Includes personal consumption expenditures, personal interest payments (nonmortgage), and personal current transfer payments. 2 Annual data are averages of quarterly data, which are averages for the period. 6 35,031 35,058 34,689 34,820 35,393 35,926 36,074 36,283 36,903 37,028 37,054 37,065 37,573 37,781 37,908 38,582 Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census). Farm Income According to the forecast for 2012, gross farm income is forecast at $448.0 billion and net farm income at $114.0 billion. [Billions of dollars; quarterly data at seasonally adjusted annual rates] Income of farm operators from farming Gross farm income Period Cash marketing receipts Total 1 2003 ��������������������������������������������������� 2004 ��������������������������������������������������� 2005 ��������������������������������������������������� 2006 ��������������������������������������������������� 2007 ��������������������������������������������������� 2008 ��������������������������������������������������� 2009 ��������������������������������������������������� 2010 ��������������������������������������������������� 2011 ��������������������������������������������������� 2012 ��������������������������������������������������� 2010: I ����������������������������������������������� II ���������������������������������������������� III ��������������������������������������������� IV ��������������������������������������������� 2011: I ����������������������������������������������� II ���������������������������������������������� III ��������������������������������������������� IV ��������������������������������������������� 2012: I ����������������������������������������������� II ���������������������������������������������� III ��������������������������������������������� IV ��������������������������������������������� 258.7 294.9 298.5 290.2 339.6 377.7 343.3 365.6 428.5 448.0 365.2 329.5 369.4 398.4 442.5 397.3 435.7 438.3 468.8 435.3 443.7 444.3 Livestock and products Total 216.0 237.9 240.9 240.6 288.5 316.4 289.1 321.1 374.3 385.5 309.8 295.4 331.0 348.3 377.8 352.3 386.1 380.9 394.6 380.4 387.2 380.0 105.7 123.5 124.9 118.5 138.5 141.6 120.3 141.6 166.0 169.0 141.2 140.3 141.6 143.1 165.4 165.2 165.9 167.5 177.5 164.4 165.3 168.7 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 the Commodity Credit Corporation loans. Crops 2 110.3 114.4 116.0 122.1 150.1 174.8 168.9 179.6 208.3 216.6 168.6 155.1 189.4 205.2 212.4 187.1 220.2 213.4 217.1 216.0 221.9 211.3 Value of inventory changes 3 –2.7 11.2 –.4 –3.1 .6 6.6 –1.0 –7.8 –5.2 –7.9 –7.5 –7.2 –8.0 –8.4 –5.2 –4.9 –5.3 –5.2 –8.1 –7.8 –7.9 –7.8 Direct Government payments 4 16.5 13.0 24.4 15.8 11.9 12.2 12.2 12.4 10.4 10.9 24.4 4.6 5.3 15.3 20.5 3.9 4.4 12.9 21.4 4.0 4.6 13.4 Production expenses 197.7 207.5 219.7 232.7 269.5 292.6 280.3 285.2 310.6 334.0 275.2 262.4 294.0 309.4 313.5 292.3 320.4 316.1 341.9 329.6 335.5 329.2 Net farm income 61.0 87.4 78.8 57.4 70.0 85.1 63.0 80.4 117.9 114.0 90.0 67.1 75.4 89.1 129.0 105.0 115.3 122.3 127.0 105.8 108.2 115.1 3 Physical changes in beginning and ending year inventories of crop and livestock commodities valued at weighted average market prices during the period. 4 Includes only Government payments made directly to farmers. Note: Data for 2012 are forecasts. Source: Department of Agriculture. 7 Corporate Profits In the third quarter of 2012, according to current estimates, corporate profits before tax rose $86.2 billion (annual rate) and profits after tax rose $77.1 billion. [Billions of dollars; quarterly data at seasonally adjusted annual rates] Profits (before tax) with inventory valuation adjustment 1 Profits after tax Domestic industries Period Total 2 Profits before tax Nonfinancial Total Financial Total 3 Manufacturing Utilities Wholesale Taxes on corporate income Total Retail 2002 �������������������� 762.8 604.9 265.2 339.7 47.7 12.3 49.1 81.6 765.3 192.3 573.0 2003 �������������������� 892.2 726.4 311.8 414.6 69.4 12.4 54.8 88.9 903.5 243.8 659.7 2004 �������������������� 1,195.1 990.1 362.3 627.8 154.1 19.4 75.6 93.4 1,229.4 306.1 923.3 2005 �������������������� 1,609.5 1,370.0 443.6 926.4 247.2 29.8 92.2 122.6 1,640.2 412.4 1,227.8 2006 �������������������� 1,784.7 1,527.8 448.0 1,079.9 304.5 54.4 103.7 133.2 1,822.7 473.3 1,349.5 2007 �������������������� 1,691.1 1,340.2 345.5 994.7 271.3 50.3 99.9 117.8 1,738.4 445.5 1,292.9 2008 �������������������� 1,315.5 908.9 122.2 786.7 195.5 30.7 86.3 81.6 1,359.9 309.0 1,050.9 2009 �������������������� 1,443.6 1,090.8 374.8 716.0 131.0 23.1 86.6 108.0 1,440.5 269.4 1,171.1 2010 �������������������� 1,777.7 1,376.1 424.3 951.8 233.5 27.9 98.2 122.6 1,816.3 373.3 1,443.0 2011 �������������������� 1,791.6 1,352.7 408.3 944.4 244.9 17.7 96.3 108.9 1,854.1 379.0 1,475.1 2012 p ������������������ ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� 2009: I ���������������� 1,306.6 958.4 265.0 693.3 111.6 22.6 103.7 101.7 1,225.3 214.9 1,010.3 II ��������������� 1,342.9 1,021.4 372.1 649.3 114.5 24.9 76.4 106.6 1,327.9 240.5 1,087.4 III �������������� 1,499.3 1,136.2 440.5 695.7 136.4 9.8 77.8 111.4 1,516.9 285.0 1,231.9 IV �������������� 1,625.7 1,247.4 421.5 825.9 161.5 35.0 88.3 112.5 1,691.9 337.0 1,354.9 2010: I ���������������� 1,758.0 1,369.3 416.0 953.3 210.5 43.2 99.5 125.7 1,785.2 351.1 1,434.1 II ��������������� 1,741.0 1,332.7 372.9 959.8 235.2 11.1 114.3 124.2 1,755.3 350.2 1,405.1 III �������������� 1,824.6 1,420.2 425.8 994.4 252.1 31.7 103.9 121.0 1,850.6 385.5 1,465.1 IV �������������� 1,787.0 1,382.2 482.4 899.8 236.2 25.5 75.1 119.5 1,874.2 406.6 1,467.6 2011: I ���������������� 1,679.4 1,258.8 417.6 841.2 215.5 8.9 79.1 109.1 1,801.1 398.7 1,402.5 II ��������������� 1,764.6 1,328.4 365.6 962.8 229.2 36.5 94.7 101.9 1,839.7 385.1 1,454.5 III �������������� 1,798.8 1,351.0 380.8 970.2 248.9 10.2 105.3 103.8 1,839.3 362.0 1,477.3 IV �������������� 1,923.5 1,472.5 469.1 1,003.4 285.9 15.1 106.0 120.9 1,936.4 370.4 1,566.1 2012: I ���������������� 2,100.8 1,697.9 481.2 1,216.8 363.5 38.3 134.6 138.6 2,124.5 453.6 1,670.9 II ��������������� 2,124.3 1,687.7 441.9 1,245.8 372.8 41.3 149.6 136.4 2,108.2 443.3 1,664.9 III �������������� 2,167.5 1,739.2 509.6 1,229.6 367.6 42.0 130.2 138.3 2,194.4 452.4 1,742.0 IV p ����������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� 1 See p. 4 for profits with inventory valuation and capital consumption adjustments. 2 Includes rest of the world, not shown separately. 3 Includes industries not shown separately. 8 Net dividends Inventory Undistrib- valuation adjustment uted profits 399.3 173.8 –2.6 424.9 234.8 –11.3 550.3 373.0 –34.3 557.3 670.5 –30.7 704.8 644.7 –38.0 794.5 498.4 –47.2 786.9 264.0 –44.5 554.1 617.0 3.2 600.9 842.1 –38.7 697.2 777.9 –62.6 779.6 ��������������� ����������������� 652.4 357.9 81.4 548.4 538.9 15.0 502.4 729.5 –17.6 513.3 841.6 –66.2 554.9 879.3 –27.2 585.8 819.3 –14.3 618.1 847.0 –26.0 645.0 822.6 –87.2 677.6 724.9 –121.7 687.5 767.1 –75.0 705.9 771.4 –40.6 717.9 848.2 –12.9 727.1 943.7 –23.7 747.5 917.4 16.0 760.3 981.6 –26.8 883.5 ��������������� ����������������� Note: Data by industry are based on the North American Industry Classification System (NAICS). Source: Department of Commerce (Bureau of Economic Analysis). Real Gross Private Domestic Investment In the fourth quarter of 2012, according to advance estimates, nonresidential fixed investment in chained (2005) dollars rose $30.1 billion (annual rate) and residential investment rose $13.4 billion. Inventories rose $20.0 billion, following an increase of $60.3 billion in the third quarter. [Billions of chained (2005) dollars; quarterly data at seasonally adjusted annual rates] Fixed investment Period 2003 ��������������������������������������������������� 2004 ��������������������������������������������������� 2005 ��������������������������������������������������� 2006 ��������������������������������������������������� 2007 ��������������������������������������������������� 2008 ��������������������������������������������������� 2009 ��������������������������������������������������� 2010 ��������������������������������������������������� 2011 ��������������������������������������������������� 2012 p ������������������������������������������������� 2009: I ����������������������������������������������� II ���������������������������������������������� III ��������������������������������������������� IV ��������������������������������������������� 2010: I ����������������������������������������������� II ���������������������������������������������� III ��������������������������������������������� IV ��������������������������������������������� 2011: I ����������������������������������������������� II ���������������������������������������������� III ��������������������������������������������� IV ��������������������������������������������� 2012: I ����������������������������������������������� II ���������������������������������������������� III ��������������������������������������������� IV p ������������������������������������������ Gross private domestic investment 1,870.1 2,058.2 2,172.3 2,231.8 2,159.5 1,939.8 1,458.1 1,658.0 1,744.0 1,912.1 1,516.0 1,400.7 1,394.8 1,521.1 1,591.4 1,646.4 1,710.1 1,684.3 1,661.6 1,711.3 1,735.8 1,867.3 1,895.1 1,898.4 1,928.8 1,925.8 Change in private inventories Nonresidential Total 1,854.7 1,992.5 2,122.3 2,172.7 2,130.6 1,978.6 1,602.2 1,598.7 1,704.5 1,848.5 1,677.3 1,593.7 1,581.2 1,556.8 1,553.1 1,606.5 1,602.7 1,632.3 1,627.0 1,675.4 1,736.8 1,778.7 1,820.6 1,840.6 1,844.8 1,888.0 Total 1,189.6 1,263.0 1,347.3 1,455.5 1,550.0 1,537.6 1,259.8 1,268.5 1,378.2 1,483.8 1,324.3 1,262.0 1,236.7 1,216.4 1,222.7 1,258.6 1,282.1 1,310.5 1,306.3 1,351.3 1,411.3 1,443.7 1,470.0 1,482.9 1,476.1 1,506.2 Note: See p. 10 for further detail on fixed investment by type. Because of the formula used for calculating real GDP, the chained (2005) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates. Structures 343.0 346.7 351.8 384.0 438.2 466.4 368.1 310.6 319.2 349.8 417.7 380.1 351.7 323.1 302.6 312.1 310.4 317.4 292.2 315.0 330.2 339.3 349.7 350.2 350.2 349.2 Equipment and software 850.0 917.3 995.6 1,071.1 1,106.8 1,059.4 885.2 963.9 1,070.0 1,144.2 892.9 873.2 880.8 893.8 925.0 951.6 978.7 1,000.4 1,027.0 1,046.5 1,091.5 1,114.8 1,129.6 1,142.8 1,135.4 1,169.2 Residential 664.3 729.5 775.0 718.2 584.2 444.4 344.8 332.2 327.6 366.6 355.3 333.7 347.2 343.0 332.7 350.5 322.2 323.3 322.2 325.5 326.6 336.0 352.1 359.3 370.9 384.3 Total 17.3 66.3 50.0 59.4 27.7 –36.3 –139.0 50.9 31.0 44.6 –150.2 –185.5 –181.5 –38.8 30.5 33.2 94.9 45.0 30.3 27.5 –4.3 70.5 56.9 41.4 60.3 20.0 Nonfarm 17.2 58.3 49.8 63.2 28.7 –37.6 –137.9 58.0 36.5 61.8 –150.9 –185.0 –176.9 –38.9 31.6 37.6 106.5 56.4 36.9 35.6 –.9 74.4 62.0 53.2 88.2 43.8 Source: Department of Commerce (Bureau of Economic Analysis). 9 Real Private Fixed Investment by Type [Billions of chained (2005) dollars; quarterly data at seasonally adjusted annual rates] Nonresidential Equipment and software Total fixed investment Period 2003 ������������ 2004 ������������ 2005 ������������ 2006 ������������ 2007 ������������ 2008 ������������ 2009 ������������ 2010 ������������ 2011 ������������ 2012 p ���������� 2009: I �������� II ������� III ������ IV ������ 2010: I �������� II ������� III ������ IV ������ 2011: I �������� II ������� III ������ IV ������ 2012: I �������� II ������� III ������ IV p ��� Residential Total nonresidential 1,854.7 1,992.5 2,122.3 2,172.7 2,130.6 1,978.6 1,602.2 1,598.7 1,704.5 1,848.5 1,677.3 1,593.7 1,581.2 1,556.8 1,553.1 1,606.5 1,602.7 1,632.3 1,627.0 1,675.4 1,736.8 1,778.7 1,820.6 1,840.6 1,844.8 1,888.0 1,189.6 1,263.0 1,347.3 1,455.5 1,550.0 1,537.6 1,259.8 1,268.5 1,378.2 1,483.8 1,324.3 1,262.0 1,236.7 1,216.4 1,222.7 1,258.6 1,282.1 1,310.5 1,306.3 1,351.3 1,411.3 1,443.7 1,470.0 1,482.9 1,476.1 1,506.2 Information processing equipment and software Structures 343.0 346.7 351.8 384.0 438.2 466.4 368.1 310.6 319.2 349.8 417.7 380.1 351.7 323.1 302.6 312.1 310.4 317.4 292.2 315.0 330.2 339.3 349.7 350.2 350.2 349.2 Total 850.0 917.3 995.6 1,071.1 1,106.8 1,059.4 885.2 963.9 1,070.0 1,144.2 892.9 873.2 880.8 893.8 925.0 951.6 978.7 1,000.4 1,027.0 1,046.5 1,091.5 1,114.8 1,129.6 1,142.8 1,135.4 1,169.2 Computers and peripheral Software equipment 1 Total 403.7 443.1 475.3 516.3 558.2 569.7 546.4 571.7 600.2 623.0 533.9 537.3 551.9 562.4 563.7 564.1 573.7 585.1 585.9 598.2 603.5 613.4 622.2 618.4 614.5 636.9 ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ 185.6 204.6 218.0 227.1 240.9 250.8 252.9 259.4 277.2 292.9 248.2 251.2 254.1 258.0 257.1 255.7 260.1 264.5 269.5 274.3 279.5 285.4 286.8 291.1 293.8 299.9 Other Structures Industrial Transportation equipequipment ment 155.1 168.1 178.4 192.8 208.4 202.4 182.4 197.6 196.7 197.9 177.5 176.0 187.4 188.7 192.5 193.9 200.0 204.2 199.1 197.5 194.6 195.4 199.4 195.9 197.4 199.0 151.6 147.4 159.6 172.9 179.9 172.9 136.2 134.6 152.6 163.2 143.9 136.6 133.2 131.2 128.3 135.9 135.6 138.9 144.5 144.7 156.6 164.4 158.5 163.6 163.7 166.9 Other equipment 140.4 162.3 181.7 196.5 185.8 142.7 69.1 119.6 156.7 184.6 66.8 65.8 68.6 75.0 99.4 114.2 131.0 133.8 143.1 147.9 162.3 173.6 181.7 188.5 180.4 187.7 155.0 164.4 178.9 185.5 184.2 177.8 145.5 149.9 168.6 179.4 157.0 144.9 140.4 139.6 146.9 148.7 149.9 154.1 162.9 165.8 175.7 169.9 174.7 177.6 181.6 183.7 Total residential 664.3 729.5 775.0 718.2 584.2 444.4 344.8 332.2 327.6 366.6 355.3 333.7 347.2 343.0 332.7 350.5 322.2 323.3 322.2 325.5 326.6 336.0 352.1 359.3 370.9 384.3 Total 2 655.9 720.1 765.2 708.1 574.2 434.9 336.1 323.0 318.0 356.7 346.6 325.2 338.5 334.1 323.7 341.2 313.0 314.0 312.8 315.9 316.9 326.2 342.3 349.5 360.9 374.2 Single family Equipment 362.6 406.1 433.5 391.1 284.0 178.4 105.5 114.5 109.3 128.9 109.6 93.2 106.9 112.1 115.8 121.8 112.8 107.8 108.8 107.4 109.3 111.7 118.5 123.4 131.5 142.1 8.4 9.4 9.8 10.1 10.0 9.7 8.9 9.5 9.9 10.2 8.8 8.7 8.9 9.1 9.3 9.5 9.5 9.6 9.8 9.9 10.0 10.1 10.1 10.0 10.2 10.3 1 Because computers exhibit rapid changes in prices relative to other prices in the economy, the 2 Includes other items, not shown separately. chained-dollar estimates should not be used to measure the component’s relative importance or its Note: Because of the formula used for calculating real GDP, the chained (2005) dollar estimates contribution to the growth rate of more aggregate series. The quantity index for computers can be for the detailed components do not add to the chained-dollar value of GDP or to any intermediate used to accurately measure the real growth rate of this series. For information on this component, aggregates. see Survey of Current Business Table 5.3.1 (for growth rates), Table 5.3.2 (for contributions), and Source: Department of Commerce (Bureau of Economic Analysis). Table 5.3.3 (for quantity indexes). Business Investment [Billions of dollars] Capital expenditures By industry Period Total capital expenditures Forestry, Total fishing, by and agri- Mining industry cultural services ConUtilities struction Manufacturing Wholesale trade Retail trade Transportation Informa- Finance and and tion insurwareance housing ProfesReal sional, estate scienand tific, rental and and leasing technical services Health care and social assistance Other 1 For companies without employees For companies with employees 1996 �������� 1997 �������� 1998 �������� 1999 �������� 2000 �������� 2001 �������� 2002 �������� 2003 �������� 2004 �������� 2005 �������� 2006 �������� 2007 �������� 2008 �������� 2009 �������� 2010 ��������� 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 1,354.7 1,270.5 2.1 120.7 85.4 36.7 197.3 30.8 82.5 67.4 106.1 173.4 117.5 31.8 84.2 134.8 84.2 1,374.2 1,294.5 2.3 149.3 98.7 40.8 213.1 32.4 73.2 79.6 103.3 132.9 106.9 33.0 90.2 138.7 79.7 1,090.7 1,015.3 2.2 100.6 103.0 19.8 155.2 25.3 58.4 55.7 88.4 99.5 72.9 28.2 79.4 127.0 75.4 1,105.7 1,036.2 3.2 115.0 94.6 17.9 159.6 31.2 66.3 58.9 97.4 102.7 81.3 29.2 78.5 100.3 69.5 1 Includes the following industries: Management of companies and enterprises; administrative Note: Data from Annual Capital Expenditures. Industry data are based on the North American and support and waste management; educational services; arts, entertainment, and recreation; Industry Classification System (NAICS). accommodation and food services; and other services (except public administration). Also includes Data shown in this table are capital expenditures for both new and used structures and an item for structure and equipment expenditures serving multiple industry categories. equipment. Source: Department of Commerce (Bureau of the Census). 10 EMPLOYMENT, UNEMPLOYMENT, AND WAGES Status of the Labor Force In January, employment as measured by the household survey was 143.3 million and unemployment was 12.3 million. [Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA] Period 2003 2 ������������������ 2004 2 ������������������ 2005 2 ������������������ 2006 2 ������������������ 2007 2 ������������������ 2008 2 ������������������ 2009 2 ������������������ 2010 2 ������������������ 2011 2 ������������������ 2012 2 ������������������ 2012: Jan 2 ��������� Feb ����������� Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2013: Jan 2 ��������� Civilian noninstitutional population (NSA) 221,168 223,357 226,082 228,815 231,867 233,788 235,801 237,830 239,618 243,284 242,269 242,435 242,604 242,784 242,966 243,155 243,354 243,566 243,772 243,983 244,174 244,350 244,663 Civilian employment Civilian labor force Total 146,510 147,401 149,320 151,428 153,124 154,287 154,142 153,889 153,617 154,975 154,356 154,825 154,707 154,451 154,998 155,149 154,995 154,647 155,056 155,576 155,319 155,511 155,654 137,736 139,252 141,730 144,427 146,047 145,362 139,877 139,064 139,869 142,469 141,608 142,019 142,020 141,934 142,302 142,448 142,250 142,164 142,974 143,328 143,277 143,305 143,322 Men 20 years and over 70,415 71,572 73,050 74,431 75,337 74,750 71,341 71,230 72,182 73,403 73,138 73,179 73,238 73,145 73,230 73,299 73,288 73,097 73,612 73,845 73,821 73,949 74,139 Women 20 years and over 61,402 61,773 62,702 63,834 64,799 65,039 63,699 63,456 63,360 64,640 64,080 64,457 64,422 64,454 64,653 64,616 64,437 64,716 64,934 65,014 64,988 64,954 64,675 Percent 1 Unemployment Both sexes 16–19 years 5,919 5,907 5,978 6,162 5,911 5,573 4,837 4,378 4,327 4,426 4,391 4,383 4,360 4,334 4,419 4,533 4,525 4,351 4,429 4,469 4,468 4,402 4,508 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. Total 8,774 8,149 7,591 7,001 7,078 8,924 14,265 14,825 13,747 12,506 12,748 12,806 12,686 12,518 12,695 12,701 12,745 12,483 12,082 12,248 12,042 12,206 12,332 Men 20 years and over 4,209 3,791 3,392 3,131 3,259 4,297 7,555 7,763 6,898 5,984 6,065 6,123 6,075 5,958 6,143 6,133 6,089 5,988 5,825 5,834 5,747 5,746 5,877 Women 20 years and over 3,314 3,150 3,013 2,751 2,718 3,342 5,157 5,534 5,450 5,125 5,341 5,318 5,158 5,126 5,124 5,161 5,236 5,083 4,879 5,027 4,918 5,105 5,074 Both sexes 16–19 years 1,251 1,208 1,186 1,119 1,101 1,285 1,552 1,528 1,400 1,397 1,342 1,365 1,453 1,434 1,428 1,406 1,420 1,412 1,378 1,387 1,376 1,355 1,381 Not in labor force 74,658 75,956 76,762 77,387 78,743 79,501 81,659 83,941 86,001 88,310 87,913 87,611 87,898 88,332 87,968 88,006 88,359 88,919 88,716 88,407 88,855 88,839 89,008 Labor force participation rate 66.2 66.0 66.0 66.2 66.0 66.0 65.4 64.7 64.1 63.7 63.7 63.9 63.8 63.6 63.8 63.8 63.7 63.5 63.6 63.8 63.6 63.6 63.6 Employment/ population ratio Unemployment rate 62.3 62.3 62.7 63.1 63.0 62.2 59.3 58.5 58.4 58.6 58.5 58.6 58.5 58.5 58.6 58.6 58.5 58.4 58.7 58.7 58.7 58.6 58.6 6.0 5.5 5.1 4.6 4.6 5.8 9.3 9.6 8.9 8.1 8.3 8.3 8.2 8.1 8.2 8.2 8.2 8.1 7.8 7.9 7.8 7.8 7.9 Note: Beginning January 2013, data reflect revised population controls and are not strictly comparable with earlier data. See Employment and Earnings for details on breaks in series. Source: Department of Labor (Bureau of Labor Statistics). 11 Selected Unemployment Rates In January, the unemployment rate was 7.9 percent. [Monthly data seasonally adjusted] Unemployment rate (percent of civilian labor force in group) By race or ethnicity 1 By sex and age Period 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2012: Jan ����������� Feb ����������� Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2013: Jan ����������� All civilian workers 6.0 5.5 5.1 4.6 4.6 5.8 9.3 9.6 8.9 8.1 8.3 8.3 8.2 8.1 8.2 8.2 8.2 8.1 7.8 7.9 7.8 7.8 7.9 Men 20 years and over 5.6 5.0 4.4 4.0 4.1 5.4 9.6 9.8 8.7 7.5 7.7 7.7 7.7 7.5 7.7 7.7 7.7 7.6 7.3 7.3 7.2 7.2 7.3 Women 20 years and over 5.1 4.9 4.6 4.1 4.0 4.9 7.5 8.0 7.9 7.3 7.7 7.6 7.4 7.4 7.3 7.4 7.5 7.3 7.0 7.2 7.0 7.3 7.3 Both sexes 16–19 years 17.5 17.0 16.6 15.4 15.7 18.7 24.3 25.9 24.4 24.0 23.4 23.7 25.0 24.9 24.4 23.7 23.9 24.5 23.7 23.7 23.6 23.5 23.4 White 5.2 4.8 4.4 4.0 4.1 5.2 8.5 8.7 7.9 7.2 7.4 7.4 7.3 7.4 7.4 7.3 7.4 7.2 7.0 6.9 6.8 6.9 7.0 1 Beginning in 2003, persons who selected this race group only. Prior to 2003, persons who reported more than one race were included in the group they identified as the main race. Persons whose ethnicity is identified as Hispanic or Latino may be of any race. 12 Black or African American 10.8 10.4 10.0 8.9 8.3 10.1 14.8 16.0 15.8 13.8 13.6 14.1 14.0 13.1 13.6 14.4 14.1 14.0 13.4 14.5 13.2 14.0 13.8 By selected groups Hispanic or Latino ethnicity Asian (NSA) 6.0 4.4 4.0 3.0 3.2 4.0 7.3 7.5 7.0 5.9 6.7 6.3 6.2 5.2 5.2 6.3 6.2 5.9 4.8 4.9 6.4 6.6 6.5 7.7 7.0 6.0 5.2 5.6 7.6 12.1 12.5 11.5 10.3 10.5 10.6 10.3 10.3 11.0 11.0 10.3 10.2 9.9 10.0 9.9 9.6 9.7 Married men, spouse present Women who maintain families (NSA) 3.8 3.1 2.8 2.4 2.5 3.4 6.6 6.8 5.8 4.9 5.1 5.0 5.1 5.1 5.3 4.9 4.9 4.9 4.7 4.6 4.7 4.7 4.6 Note: Data relate to persons age 16 years and over. Source: Department of Labor (Bureau of Labor Statistics). 8.5 8.0 7.8 7.1 6.5 8.0 11.5 12.3 12.4 11.4 12.0 11.7 10.8 10.2 10.9 11.8 11.7 12.3 11.3 11.5 10.7 11.3 11.3 Full-time workers 6.1 5.6 5.0 4.5 4.6 5.8 10.0 10.4 9.6 8.5 8.8 8.8 8.6 8.6 8.7 8.6 8.6 8.6 8.3 8.3 8.1 8.3 8.3 Part-time workers 5.5 5.3 5.4 5.1 4.9 5.5 6.0 6.3 6.3 6.1 5.9 6.0 6.2 6.3 6.1 6.3 6.5 6.1 5.7 6.2 6.2 6.2 6.2 Selected Measures of Unemployment and Unemployment Insurance Programs In January, the percentages of the unemployed who had been out of work for less than 5 weeks and 5 to 14 weeks rose, while the percentages for 15 to 26 weeks and 27 weeks and over fell. The mean duration of unemployment fell to 35.3 weeks and the median duration fell to 16.0 weeks. [Monthly data seasonally adjusted, except as noted by NSA] Duration of unemployment Period Unemployment (thousands) Percent distribution Less than 5 weeks 5–14 weeks 15–26 weeks Reason for unemployment: percent distribution Number of weeks 27 weeks and over Average (mean) 1 Median Job losers Job leavers Reentrants New entrants State programs Insured unemployment (NSA) Initial claims (NSA) Insured unemployment, all programs (NSA) 2 Weekly average, thousands 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2012: Jan ����������� Feb ����������� Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2013: Jan ����������� 8,774 8,149 7,591 7,001 7,078 8,924 14,265 14,825 13,747 12,506 12,748 12,806 12,686 12,518 12,695 12,701 12,745 12,483 12,082 12,248 12,042 12,206 12,332 31.7 33.1 35.1 37.3 35.9 32.8 22.2 18.7 19.5 21.1 19.4 20.1 20.7 20.6 20.5 22.1 21.2 22.8 21.0 21.4 21.7 22.0 22.4 29.8 29.2 30.4 30.3 31.5 31.4 26.8 22.0 21.8 22.9 22.4 22.1 22.2 22.9 23.7 22.1 24.4 22.7 23.4 23.1 23.1 23.3 24.5 16.4 15.9 14.9 14.7 15.0 16.0 19.5 16.0 15.0 14.9 15.1 15.5 14.9 16.0 13.4 14.2 13.8 14.5 15.4 14.7 15.2 15.6 15.0 22.1 21.8 19.6 17.6 17.6 19.7 31.5 43.3 43.8 41.1 43.0 42.3 42.2 40.5 42.4 41.7 40.6 40.0 40.3 40.8 40.0 39.1 38.1 19.2 19.6 18.4 16.8 16.8 17.9 24.4 33.0 39.3 39.4 40.2 39.9 39.5 39.1 39.6 39.7 38.8 39.3 39.6 39.9 39.7 38.1 35.3 1 Beginning January 2011, includes unemployment durations of up to 5 years; prior data are for up to 2 years. 2 Includes State (50 States, District of Columbia, Puerto Rico, and the Virgin Islands), Federal (UCFE), ex-service members (UCX), and Federal and State extended benefit programs. Also includes Temporary Extended Unemployment Compensation (2002-2004), Emergency Unemployment Compensation (2008-2012), and Federal Additional Compensation (2009-2010). 10.1 9.8 8.9 8.3 8.5 9.4 15.1 21.4 21.4 19.3 20.8 20.1 19.7 19.3 20.1 19.4 16.8 18.2 18.7 19.6 18.9 18.0 16.0 55.1 51.5 48.3 47.4 49.7 53.7 64.2 62.4 59.0 55.0 57.0 55.5 54.8 54.7 55.0 56.4 56.1 55.6 54.0 53.7 53.5 52.2 53.4 9.3 10.5 11.5 11.8 11.2 10.0 6.2 6.0 7.0 7.7 7.3 8.0 8.7 7.9 7.1 7.4 6.9 7.6 8.0 8.3 7.7 8.0 7.9 28.2 29.5 31.4 32.0 30.3 27.7 22.3 23.4 24.7 26.7 25.8 25.8 25.5 26.5 27.2 25.7 26.7 26.6 27.6 27.3 27.7 29.2 28.3 7.3 3,531 404 4,400 8.4 2,950 345 3,103 8.8 2,661 328 2,709 8.8 2,476 313 2,521 8.9 2,572 324 2,612 8.6 3,306 424 3,898 7.3 5,724 568 9,122 8.2 4,487 454 9,723 9.3 3,681 406 7,626 p 3,293 p 373 p 6,035 10.5 9.8 4,781 548 9,048 10.7 4,045 375 7,567 11.1 3,783 354 7,174 10.8 3,832 387 7,454 10.6 3,282 374 6,403 10.4 3,097 388 5,844 10.3 3,814 422 6,835 10.2 3,252 356 5,681 10.4 3,014 311 5,377 r 3,184 r 391 r 5,656 10.7 11.0 3,080 470 5,358 p 3,639 p 469 p 6,052 10.5 10.4 ��������������� ��������������� ����������������� Note: Data relate to persons age 16 years and over (except for insured unemployment and initial claims). Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration). 13 Nonagricultural Employment Total nonagricultural employment as measured by the payroll survey rose by 157,000 in January. [Thousands of wage and salary workers; 1 monthly data seasonally adjusted] Private industries Period 2003 r ������������������ 2004 r ������������������ 2005 r ������������������ 2006 r ������������������ 2007 r ������������������ 2008 r ������������������ 2009 r ������������������ 2010 r ������������������ 2011 r ������������������ 2012 r ������������������ 2012: Jan r ��������� Feb r ��������� Mar r �������� Apr r ��������� May r �������� June r ������� July r �������� Aug r ��������� Sept r �������� Oct r ���������� Nov r ��������� Dec r ��������� 2013: Jan p ��������� Total nonagricultural employment 130,100 131,509 133,747 136,125 137,645 136,852 130,876 129,917 131,497 133,738 132,809 133,080 133,285 133,397 133,522 133,609 133,762 133,927 134,065 134,225 134,472 134,668 134,825 Goods-producing industries Total private 108,517 109,888 111,943 114,151 115,427 114,342 108,321 107,427 109,411 111,821 110,871 111,136 111,344 111,464 111,616 111,694 111,871 112,002 112,120 112,337 112,593 112,795 112,961 Total 2 21,816 21,882 22,190 22,530 22,233 21,335 18,558 17,751 18,047 18,410 18,314 18,365 18,402 18,408 18,396 18,410 18,436 18,422 18,405 18,421 18,464 18,508 18,544 Construc- Manufaction turing 6,735 6,976 7,336 7,691 7,630 7,162 6,016 5,518 5,533 5,640 5,629 5,644 5,640 5,636 5,615 5,622 5,627 5,630 5,633 5,649 5,673 5,703 5,731 14,509 14,315 14,227 14,155 13,879 13,406 11,847 11,528 11,726 11,918 11,841 11,870 11,910 11,920 11,926 11,935 11,957 11,943 11,925 11,931 11,938 11,946 11,950 Private service-providing industries Trade, transportation, and utilities Total Total 3 86,701 88,006 89,753 91,621 93,194 93,008 89,764 89,676 91,363 93,411 92,557 92,771 92,942 93,056 93,220 93,284 93,435 93,580 93,715 93,916 94,129 94,287 94,417 25,287 25,533 25,959 26,276 26,630 26,293 24,906 24,636 25,065 25,517 25,372 25,377 25,381 25,409 25,463 25,467 25,485 25,520 25,550 25,623 25,720 25,781 25,815 1 Data from the establishment survey. Includes all full- and part-time wage and salary workers in nonagricultural establishments who received pay for any part of the pay period that includes the 12th of the month. Excludes proprietors, self-employed persons, unpaid family workers, and private household workers. Data from the household survey shown on p. 11 include those workers and also count persons as employed when they are not at work because of industrial disputes, bad weather, etc., even if they are not paid for the time off. In the series shown here, persons who work at more than one job are counted each time they appear on a payroll, in contrast to the series shown on p. 11 where persons are counted only once—as employed, unemployed, or not in the labor force. See Employment and Earnings for details. 14 Retail trade 14,917 15,058 15,280 15,353 15,520 15,283 14,522 14,440 14,668 14,875 14,829 14,805 14,799 14,830 14,839 14,836 14,839 14,850 14,876 14,928 14,998 15,009 15,042 Information Financial activities 3,188 3,118 3,061 3,038 3,032 2,984 2,804 2,707 2,674 2,679 2,670 2,681 2,679 2,679 2,681 2,675 2,684 2,682 2,670 2,671 2,685 2,682 2,691 8,078 8,105 8,197 8,367 8,348 8,206 7,838 7,695 7,697 7,787 7,730 7,740 7,763 7,768 7,782 7,788 7,788 7,795 7,806 7,817 7,822 7,831 7,837 Profes- Education Leisure sional and and and health hospitalbusiness services ity services 15,987 16,394 16,954 17,566 17,942 17,735 16,579 16,728 17,332 17,928 17,677 17,753 17,796 17,841 17,878 17,913 17,965 17,994 18,009 18,062 18,117 18,119 18,144 16,588 16,953 17,372 17,826 18,322 18,838 19,193 19,531 19,883 20,319 20,106 20,175 20,221 20,243 20,290 20,296 20,331 20,363 20,412 20,446 20,460 20,510 20,535 12,173 12,493 12,816 13,110 13,427 13,436 13,077 13,049 13,353 13,745 13,585 13,632 13,684 13,698 13,702 13,716 13,743 13,788 13,818 13,840 13,861 13,894 13,917 Other services 5,401 5,409 5,395 5,438 5,494 5,515 5,367 5,331 5,360 5,437 5,417 5,413 5,418 5,418 5,424 5,429 5,439 5,438 5,450 5,457 5,464 5,470 5,478 Government 21,583 21,621 21,804 21,974 22,218 22,509 22,555 22,490 22,086 21,917 21,938 21,944 21,941 21,933 21,906 21,915 21,891 21,925 21,945 21,888 21,879 21,873 21,864 2 Includes mining and logging, not shown separately. 3 Includes wholesale trade, transportation and warehousing, and utilities, not shown separately. Note: Data classified by industry based on the 2012 North American Industry Classification System (NAICS). For details see Employment and Earnings. Data reflect annual revisions released February 1, 2013. Source: Department of Labor (Bureau of Labor Statistics). Average Weekly Hours, Hourly Earnings, and Weekly Earnings— Private Nonagricultural Industries [For production or nonsupervisory workers; monthly data seasonally adjusted] Average weekly hours Total private nonagricultural 1 Period 2003 r ������������������ 2004 r ������������������ 2005 r ������������������ 2006 r ������������������ 2007 r ������������������ 2008 r ������������������ 2009 r ������������������ 2010 r ������������������ 2011 r ������������������ 2012 r ������������������ 2011: Dec r ��������� 2012: Jan r ��������� Feb r ��������� Mar r �������� Apr r ��������� May r �������� June r ������� July r �������� Aug r ��������� Sept r �������� Oct r ���������� Nov r ��������� Dec r ��������� 2013: Jan p ��������� 33.7 33.7 33.8 33.9 33.9 33.6 33.1 33.4 33.6 33.7 33.7 33.8 33.8 33.7 33.7 33.7 33.7 33.7 33.6 33.7 33.6 33.7 33.7 33.6 Average gross hourly earnings Total private nonagricultural 1 Manufacturing Total Overtime 40.4 40.8 40.7 41.1 41.2 40.8 39.8 41.1 41.4 41.7 41.6 41.8 41.8 41.6 41.7 41.6 41.6 41.7 41.6 41.5 41.5 41.6 41.7 41.6 4.2 4.6 4.6 4.4 4.2 3.7 2.9 3.8 4.1 4.2 4.1 4.2 4.2 4.2 4.2 4.2 4.2 4.2 4.1 4.2 4.1 4.1 4.2 4.2 Current dollars Average gross weekly earnings Total private nonagricultural 1 Manufacturing 1982-84 dollars 2 $15.38 $8.55 15.70 8.51 16.13 8.45 16.76 8.50 17.44 8.60 18.08 8.57 18.63 8.89 19.07 8.91 19.46 8.78 19.77 8.74 19.58 8.75 19.61 8.75 19.64 8.72 19.68 8.71 19.72 8.73 19.70 8.75 19.75 8.78 19.77 8.78 19.76 8.71 19.80 8.67 19.82 8.67 19.88 8.74 19.92 8.76 19.97 ����������������� Current dollars $15.74 16.14 16.56 16.81 17.26 17.75 18.24 18.61 18.93 19.09 18.99 19.03 19.02 19.02 19.08 19.03 19.08 19.11 19.07 19.07 19.08 19.17 19.19 19.23 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 cleri- cal workers (CPI–W) (on a 1982-84=100 base). Percent change from a year earlier, total private nonagricultural Current dollars 1982-84 dollars 2 $518.41 $288.33 529.23 286.85 544.44 285.05 567.89 288.12 590.24 291.09 608.11 288.13 617.50 294.57 637.18 297.79 654.73 295.49 666.99 294.83 659.85 294.99 662.82 295.71 663.83 294.71 663.22 293.47 664.56 294.14 663.89 295.03 665.58 295.82 666.25 295.98 663.94 292.80 667.26 292.29 665.95 291.34 669.96 294.44 671.30 295.15 670.99 ����������������� Manufacturing Construction $636.03 658.52 673.30 690.88 711.53 724.46 726.12 765.18 784.29 794.91 789.98 795.45 795.04 791.23 795.64 791.65 793.73 796.89 793.31 791.41 791.82 797.47 800.22 799.97 $727.00 735.55 750.37 781.59 816.23 842.61 851.76 891.83 921.84 942.52 931.39 930.22 935.34 939.66 939.27 933.27 936.45 939.18 937.62 945.99 945.56 951.16 955.94 950.27 Retail trade Current dollars $367.18 371.13 377.58 383.12 385.00 386.21 388.57 400.07 412.09 421.80 419.98 421.34 421.82 423.35 421.67 421.51 423.34 420.43 420.90 419.05 418.87 422.12 420.74 418.69 1982-84 dollars 2 2.2 0.0 2.1 –.5 2.9 –.6 4.3 1.1 3.9 1.0 3.0 –1.0 1.5 2.2 3.2 1.1 2.8 –.8 1.9 –.2 2.4 –.9 2.7 –.5 2.5 –.7 2.1 –.8 1.7 –.7 1.6 .0 1.8 .2 1.3 .0 1.3 –.3 1.4 –.6 1.0 –1.2 1.5 –.2 1.7 .1 1.2 ������������������� Note: See Note, p. 14. Source: Department of Labor (Bureau of Labor Statistics). Employment Cost Index—Private Industry Index (December 2005 = 100) Period Total compensation Wages and salaries Percent change from 3 months earlier Benefits 1 Total compensation 12 months earlier Wages and salaries Benefits 1 Total compensation Wages and salaries Benefits 1 Not seasonally adjusted 2003: 2004: 2005: 2006: 2007: 2008: 2009: 2010: 2011: 2012: Dec ������������������������������������������ Dec ������������������������������������������ Dec ������������������������������������������ Dec ������������������������������������������ Dec ������������������������������������������ Dec ������������������������������������������ Dec ������������������������������������������ Dec ������������������������������������������ Dec ������������������������������������������ Dec ������������������������������������������ 93.6 97.2 100.0 103.2 106.3 108.9 110.2 112.5 115.0 117.2 95.1 97.6 100.0 103.2 106.6 109.4 110.8 112.8 114.6 116.6 90.2 96.2 100.0 103.1 105.6 107.7 108.7 111.9 115.9 118.4 ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� 4.0 3.8 2.9 3.2 3.0 2.4 1.2 2.1 2.2 1.9 Seasonally adjusted 2009: Mar ����������������������������������������� June ���������������������������������������� Sept ���������������������������������������� Dec ������������������������������������������ 2010: Mar ����������������������������������������� June ���������������������������������������� Sept ���������������������������������������� Dec ������������������������������������������ 2011: Mar ����������������������������������������� June ���������������������������������������� Sept ���������������������������������������� Dec ������������������������������������������ 2012: Mar ����������������������������������������� June ���������������������������������������� Sept ���������������������������������������� Dec ������������������������������������������ 109.3 109.5 110.0 110.4 111.1 111.6 112.1 112.7 113.3 114.2 114.6 115.2 115.7 116.3 116.8 117.4 109.8 110.1 110.5 110.9 111.4 111.9 112.3 112.8 113.2 113.8 114.2 114.7 115.3 115.8 116.3 116.7 108.0 108.2 108.7 109.1 110.3 110.8 111.7 112.3 113.5 115.1 115.4 116.3 116.7 117.4 118.2 118.9 1 Employer costs for employee benefits. 3.1 2.6 2.5 3.2 3.3 2.6 1.3 1.8 1.6 1.7 6.5 6.7 4.0 3.1 2.4 2.0 .9 2.9 3.6 2.2 Not seasonally adjusted 0.2 .2 .5 .4 .6 .5 .4 .5 .5 .8 .4 .5 .4 .5 .4 .5 0.3 .3 .4 .4 .5 .4 .4 .4 .4 .5 .4 .4 .5 .4 .4 .3 0.0 .2 .5 .4 1.1 .5 .8 .5 1.1 1.4 .3 .8 .3 .6 .7 .6 1.9 1.5 1.2 1.2 1.6 1.9 2.0 2.1 2.0 2.3 2.1 2.2 2.1 1.8 2.0 1.9 2.0 1.6 1.4 1.3 1.5 1.6 1.6 1.8 1.6 1.7 1.7 1.6 1.9 1.8 1.8 1.7 1.6 1.3 1.1 .9 2.0 2.4 2.8 2.9 3.0 4.0 3.3 3.6 2.8 1.9 2.3 2.2 Source: Department of Labor (Bureau of Labor Statistics). 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. 15 Productivity and Related Data, Business and Nonfarm Business Sectors Output per hour of all persons Period Business sector Nonfarm business sector Hours of all persons 2 Output 1 Business sector Nonfarm business sector Business sector Compensation per hour 3 Nonfarm business sector Business sector Nonfarm business sector Real compensation per hour 4 Business sector Nonfarm business sector Unit labor costs Implicit price deflator 5 Business sector Nonfarm business sector Business sector Nonfarm business sector 96.4 97.2 97.8 100.0 102.8 105.5 108.2 106.5 105.4 107.7 108.0 107.1 108.3 109.6 107.3 107.2 106.3 105.2 104.9 105.7 105.4 105.1 108.1 107.9 107.6 106.7 108.4 108.3 107.9 96.2 97.1 97.8 100.0 102.8 105.3 108.2 106.7 105.6 107.6 108.0 107.1 108.2 109.7 107.4 107.4 106.5 105.5 105.2 106.0 105.6 105.2 108.1 107.7 107.6 106.7 108.3 108.2 107.7 93.2 94.5 96.9 100.0 102.9 105.6 107.5 107.9 109.6 112.0 106.5 107.2 108.2 108.0 107.6 107.6 108.0 108.4 108.8 109.3 109.8 110.4 110.9 111.8 112.7 112.7 113.2 113.6 114.5 93.2 94.4 96.6 100.0 103.0 105.4 107.3 108.1 109.6 111.7 106.2 107.0 108.0 108.0 107.8 107.8 108.3 108.6 108.9 109.4 109.8 110.3 110.6 111.4 112.3 112.4 112.9 113.3 114.1 –1.3 .9 .7 2.2 2.8 2.6 2.6 –1.6 –1.0 2.2 8.0 –3.2 4.3 5.0 –8.0 –.5 –3.3 –4.0 –1.1 3.1 –1.1 –1.1 11.7 –.9 –.8 –3.4 6.3 –.4 –1.5 –1.3 1.0 .7 2.3 2.8 2.4 2.8 –1.5 –1.0 2.0 8.7 –3.4 4.3 5.7 –8.2 –.2 –3.1 –3.9 –1.3 3.3 –1.4 –1.4 11.3 –1.3 –.6 –3.3 6.4 –.5 –1.9 0.8 1.4 2.6 3.2 2.9 2.6 1.8 .4 1.5 2.2 1.5 2.9 3.5 –.5 –1.4 .0 1.5 1.6 1.4 1.8 1.7 2.4 1.9 3.0 3.5 –.1 1.7 1.5 3.2 0.9 1.2 2.4 3.5 3.0 2.3 1.8 .8 1.4 1.9 1.5 3.1 3.7 .2 –.9 .0 1.9 1.0 1.2 1.8 1.4 1.8 1.2 2.8 3.5 .1 1.9 1.6 2.8 Indexes, 2005=100; quarterly data seasonally adjusted 2002 �������������������� 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2008: I ���������������� II ��������������� III �������������� IV �������������� 2009: I ���������������� II ��������������� III �������������� IV �������������� 2010: I ���������������� II ��������������� III �������������� IV �������������� 2011: I ���������������� II ��������������� III �������������� IV �������������� 2012: I ���������������� II ��������������� III * ����������� 92.2 95.7 98.4 100.0 100.9 102.4 103.2 106.3 109.5 110.0 103.0 103.6 103.4 102.6 103.9 105.7 107.2 108.5 109.1 108.9 109.8 110.2 109.5 109.8 109.9 110.7 110.5 111.0 111.7 92.4 95.8 98.4 100.0 100.9 102.5 103.1 106.1 109.4 110.2 103.0 103.6 103.4 102.5 103.9 105.6 106.9 108.2 108.9 108.8 109.7 110.2 109.7 110.0 110.1 110.9 110.7 111.3 112.0 90.2 93.0 96.7 100.0 103.0 105.1 103.7 99.2 102.2 104.6 105.2 105.3 103.8 100.5 99.3 98.7 98.9 100.1 100.8 101.5 102.7 103.6 103.5 104.2 104.6 106.0 106.7 107.3 108.2 90.3 93.0 96.7 100.0 103.1 105.3 103.7 99.0 102.0 104.7 105.2 105.3 103.9 100.4 99.2 98.5 98.6 99.8 100.7 101.3 102.6 103.6 103.5 104.4 104.8 106.2 106.9 107.4 108.5 97.8 97.2 98.3 100.0 102.1 102.6 100.5 93.3 93.3 95.1 102.1 101.6 100.4 98.0 95.5 93.4 92.2 92.2 92.4 93.2 93.5 94.0 94.5 94.9 95.2 95.8 96.6 96.6 96.9 97.6 97.1 98.3 100.0 102.2 102.7 100.6 93.3 93.3 95.1 102.2 101.7 100.5 98.0 95.5 93.3 92.2 92.3 92.4 93.1 93.5 94.0 94.4 94.9 95.2 95.8 96.5 96.6 96.9 88.8 93.0 96.2 100.0 103.8 108.1 111.7 113.2 115.4 118.4 111.3 111.0 111.9 112.4 111.5 113.3 113.9 114.2 114.5 115.2 115.8 115.9 118.4 118.4 118.3 118.1 119.8 120.2 120.4 88.9 93.1 96.2 100.0 103.8 107.9 111.6 113.2 115.5 118.6 111.2 110.9 111.9 112.4 111.5 113.4 113.9 114.2 114.6 115.3 115.9 116.0 118.5 118.5 118.5 118.3 120.0 120.4 120.6 96.4 98.7 99.5 100.0 100.5 101.8 101.2 103.0 103.3 102.8 102.1 100.6 99.8 102.7 102.5 103.6 103.3 102.7 102.8 103.5 103.7 103.0 104.0 103.0 102.1 101.6 102.4 102.5 102.2 96.5 98.8 99.4 100.0 100.5 101.6 101.2 103.0 103.4 102.9 102.1 100.5 99.8 102.7 102.5 103.7 103.3 102.7 102.9 103.6 103.7 103.1 104.2 103.1 102.3 101.8 102.6 102.7 102.4 Percent change; quarterly data at seasonally adjusted annual rates 2002 �������������������� 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2008: I ���������������� II ��������������� III �������������� IV �������������� 2009: I ���������������� II ��������������� III �������������� IV �������������� 2010: I ���������������� II ��������������� III �������������� IV �������������� 2011: I ���������������� II ��������������� III �������������� IV �������������� 2012: I ���������������� II ��������������� III * ����������� 4.5 3.9 2.8 1.7 .9 1.5 .7 3.1 3.0 .4 –2.2 2.5 –.9 –3.1 5.3 7.1 5.8 5.0 2.2 –.6 3.2 1.5 –2.5 1.1 .5 2.9 –.6 1.7 2.5 4.6 3.7 2.6 1.6 .9 1.5 .6 2.9 3.1 .7 –2.6 2.4 –.8 –3.4 5.5 6.8 5.2 5.0 2.7 –.5 3.3 1.9 –2.0 1.2 .6 2.8 –.5 1.9 2.9 2.0 3.1 4.0 3.4 3.0 2.0 –1.3 –4.3 3.0 2.4 –3.1 .2 –5.4 –12.0 –5.0 –2.3 .7 4.9 3.1 2.9 4.7 3.4 –.5 2.9 1.7 5.4 2.7 1.9 3.6 1.9 3.1 4.0 3.4 3.1 2.1 –1.5 –4.5 3.1 2.6 –3.6 .4 –5.2 –12.7 –5.0 –2.5 .3 5.2 3.3 2.8 5.1 3.9 –.1 3.4 1.6 5.3 2.7 2.1 4.2 –2.4 –.7 1.2 1.7 2.1 .5 –2.0 –7.2 .0 1.9 –.9 –2.2 –4.5 –9.2 –9.8 –8.7 –4.8 –.1 .9 3.5 1.4 1.9 2.1 1.8 1.2 2.5 3.3 .2 1.1 –2.5 –.6 1.3 1.7 2.2 .5 –2.1 –7.2 .0 1.9 –1.1 –2.0 –4.4 –9.7 –9.9 –8.7 –4.7 .3 .6 3.3 1.7 1.9 1.9 2.2 1.0 2.4 3.2 .2 1.3 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 1978–2011 is based on the consumer price index research series (CPI–U–RS). 5 Current dollar gross domestic output divided by the output index. 16 3.1 4.8 3.5 3.9 3.8 4.1 3.3 1.4 2.0 2.6 5.6 –.8 3.3 1.8 –3.1 6.5 2.3 .9 1.1 2.5 2.0 .3 8.9 .2 –.3 –.6 5.6 1.3 1.0 3.2 4.7 3.3 3.9 3.8 4.0 3.4 1.4 2.0 2.7 5.9 –1.1 3.4 2.1 –3.2 6.7 2.0 .9 1.4 2.7 1.8 .5 9.1 –.2 .0 –.7 5.8 1.3 .9 1.5 2.5 .7 .5 .5 1.2 –.5 1.8 .3 –.5 1.1 –5.8 –2.9 11.8 –.7 4.5 –1.3 –2.1 .2 2.8 .6 –2.6 4.1 –4.0 –3.4 –1.9 3.1 .6 –1.3 1.5 2.4 .6 .6 .5 1.1 –.4 1.8 .4 –.5 1.4 –6.1 –2.8 12.2 –.7 4.7 –1.6 –2.1 .5 3.1 .4 –2.4 4.4 –4.4 –3.1 –1.9 3.3 .6 –1.4 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 November 29, 2012. Source: Department of Labor (Bureau of Labor Statistics). PRODUCTION AND BUSINESS ACTIVITY Industrial Production and Capacity Utilization Industrial production and capacity utilization rose in December. [Monthly data seasonally adjusted] Total industrial production 1 Period 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 p ������������������ 2011: Dec ����������� 2012: Jan ����������� Feb ����������� Mar ���������� Apr ���������� May ���������� June ��������� July r �������� Aug r ��������� Sept r �������� Oct r ���������� Nov r ��������� Dec p �������� Industry production indexes, 2007=100 Percent change 2 Index, 2007=100 90.4 92.5 95.5 97.6 100.0 96.5 85.4 90.1 93.7 97.1 95.9 96.6 97.1 96.5 97.3 97.3 97.3 97.9 97.0 97.2 96.8 97.8 98.1 From preceding month ��������������������� ��������������������� ��������������������� ��������������������� ��������������������� ��������������������� ��������������������� ��������������������� ��������������������� ��������������������� 0.9 .7 .5 –.6 .8 .0 .0 .7 –1.0 .2 –.3 1.0 .3 Capacity utilization rate (output as percent of capacity) 1 Manufacturing From year earlier 1.2 2.3 3.3 2.2 2.5 –3.5 –11.4 5.4 4.1 3.6 3.8 4.5 5.2 3.7 5.0 4.6 4.5 4.3 3.0 3.0 2.0 2.9 2.2 Total 1 Durable 88.9 91.4 95.0 97.4 100.0 95.2 82.0 86.7 90.5 94.1 92.9 93.8 94.6 94.0 94.6 94.0 94.3 94.6 93.8 93.9 93.1 94.3 95.1 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. 82.9 86.2 91.2 95.4 100.0 96.3 78.0 86.0 92.6 99.4 96.2 98.0 99.3 99.0 100.2 99.7 100.3 100.6 99.2 98.9 98.3 100.4 101.4 Nondurable 94.4 95.9 98.3 98.8 100.0 94.1 86.8 88.7 90.1 91.0 91.4 91.7 92.0 91.0 91.2 90.5 90.6 91.0 90.6 91.2 90.4 90.7 91.2 Other (non-NAICS) 1 106.9 107.8 107.5 106.2 100.0 93.6 80.7 76.5 71.6 69.3 72.9 72.6 72.9 71.7 71.1 70.1 69.1 68.6 68.8 68.0 64.5 66.3 67.5 Mining 98.7 98.1 97.0 99.4 100.0 101.0 95.8 100.7 107.0 112.9 112.6 113.1 111.0 110.8 111.6 111.4 111.6 113.0 112.1 113.8 115.2 115.5 116.3 Utilities 94.1 95.3 97.3 96.7 100.0 99.9 97.5 100.9 100.6 98.9 96.6 94.8 95.9 95.3 97.5 102.7 99.9 102.8 100.6 99.7 101.0 101.2 96.4 Total industry 76.0 77.9 79.9 80.3 80.4 77.3 68.6 73.7 76.8 78.7 78.3 78.7 79.0 78.4 79.0 78.9 78.8 79.2 78.3 78.4 78.0 78.7 78.8 Total manufacturing 73.9 76.2 78.2 78.5 78.5 74.3 65.5 71.2 75.0 77.2 76.8 77.5 78.0 77.4 77.8 77.2 77.4 77.5 76.8 76.7 76.0 76.9 77.4 Note: Data based on NAICS except series as defined in footnote 1. Source: Board of Governors of the Federal Reserve System. 17 Industrial Production— Major Market Groups and Selected Manufactures [2007=100; monthly data seasonally adjusted] Products and nonindustrial supplies Materials Final products Consumer goods Period Total 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 p ������������������ 2011: Dec ����������� 2012: Jan ����������� Feb ����������� Mar ���������� Apr ����������� May ���������� June ��������� July r �������� Aug r ��������� Sept r �������� Oct r ���������� Nov r ��������� Dec p �������� Nonindustrial supplies Total 90.0 91.7 95.4 97.9 100.0 96.4 86.6 89.4 92.9 96.3 94.7 95.4 96.2 95.5 96.2 96.6 97.0 97.4 96.5 96.8 95.9 96.9 97.2 95.4 96.5 99.1 99.6 100.0 95.1 88.6 89.6 91.7 93.0 92.5 92.9 93.3 92.3 92.9 93.6 93.4 93.8 92.9 93.3 92.6 93.4 93.4 Durable goods 95.9 97.4 98.2 98.4 100.0 88.8 74.0 80.1 85.8 92.7 89.9 92.9 93.4 93.1 94.2 93.2 93.2 93.1 91.8 91.4 91.6 94.7 95.9 Equipment Nondurable goods 95.2 96.1 99.3 99.9 100.0 97.2 93.4 92.7 93.6 93.1 93.4 92.9 93.2 92.0 92.6 93.7 93.5 94.1 93.3 93.9 93.0 93.0 92.6 Total 1 78.0 81.0 87.2 94.3 100.0 99.2 82.0 88.9 95.8 104.0 99.6 101.3 102.9 103.0 103.9 103.8 105.3 105.7 104.9 105.0 103.5 105.1 106.1 Business 78.0 81.7 87.6 95.7 100.0 97.6 79.9 86.5 93.6 102.9 97.5 99.5 101.0 101.2 102.6 102.9 104.8 105.0 104.2 104.0 102.6 104.6 106.0 Defense and space Total 79.2 77.2 85.0 84.1 100.0 107.0 102.5 106.7 109.5 113.4 111.7 112.0 114.8 114.7 114.0 111.4 111.0 113.5 113.0 115.4 113.7 113.6 114.1 93.0 94.9 98.3 99.8 100.0 94.2 80.5 82.6 84.7 86.9 86.2 86.5 87.6 86.8 87.6 87.4 87.2 87.2 86.7 86.7 86.2 87.1 87.3 Construction Business 92.0 94.2 98.7 101.1 100.0 90.7 69.9 72.6 76.6 80.1 79.8 80.2 82.0 81.1 81.7 80.4 79.7 79.0 78.9 79.3 79.1 80.9 81.6 93.4 95.1 98.2 99.2 100.0 95.9 85.7 87.6 88.7 90.3 89.3 89.6 90.3 89.6 90.4 90.8 90.8 91.2 90.5 90.3 89.6 90.1 90.0 Total 1 89.9 92.4 94.6 96.5 100.0 97.3 86.1 93.3 97.6 101.5 100.5 101.2 101.2 100.8 101.6 101.3 101.1 102.2 101.0 101.2 101.4 102.4 102.7 Energy 98.1 97.9 96.9 98.1 100.0 100.6 98.4 102.5 106.8 111.1 110.0 109.9 108.5 109.3 110.0 111.3 110.4 112.3 110.7 111.4 113.1 113.5 112.9 1 Includes other items, not shown separately. [2007=100; monthly data seasonally adjusted] Durable manufactures Computer and electronic products Primary metals Period Total 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 p ������������������ 2011: Dec ����������� 2012: Jan ����������� Feb ����������� Mar ���������� Apr ����������� May ���������� June ��������� July r �������� Aug r ��������� Sept r �������� Oct r ���������� Nov r ��������� Dec p �������� 89.8 97.7 95.2 98.0 100.0 100.0 74.0 90.8 96.8 99.2 103.0 103.1 103.9 100.1 102.3 100.2 96.8 99.1 98.8 93.8 93.1 97.4 100.2 Iron and steel products 89.8 101.7 94.3 98.4 100.0 106.4 68.5 89.0 97.1 100.9 109.1 107.9 108.9 105.0 106.6 105.2 96.9 97.2 99.1 89.2 90.6 99.6 103.9 Fabricated metal products 86.6 86.9 90.9 95.9 100.0 96.4 74.2 79.3 87.2 93.6 90.3 91.2 92.8 92.6 93.2 93.7 94.3 94.7 94.1 94.4 93.7 94.3 94.3 Machinery Total 82.8 86.3 91.6 95.9 100.0 97.3 75.8 84.5 94.3 100.8 98.0 99.5 101.0 102.2 102.5 102.1 104.6 101.1 100.0 100.0 97.6 99.2 99.7 60.3 68.3 77.0 87.4 100.0 106.1 92.9 103.0 111.1 115.2 114.0 114.9 115.4 114.7 116.4 115.4 116.7 116.5 114.4 114.5 114.7 114.4 116.2 1 Computers and peripheral equipment, communications equipment, and semiconductors and related electronic components. 18 Nondurable manufactures Selected high-technology 1 53.4 60.6 71.1 85.0 100.0 112.1 96.0 110.2 116.9 114.8 116.7 115.6 115.6 115.6 116.8 116.6 116.9 115.4 112.2 112.1 113.7 114.0 114.4 Transportation equipment Total 89.5 89.3 93.0 94.2 100.0 89.6 73.4 84.7 92.1 104.9 98.3 101.8 103.8 104.2 105.8 104.8 106.1 107.6 105.2 105.0 104.7 108.1 109.8 Motor vehicles and parts 101.1 101.7 102.3 100.8 100.0 80.0 58.6 77.7 86.9 102.3 93.6 99.4 100.2 101.1 104.2 102.9 104.9 106.4 102.7 101.1 101.1 106.9 109.7 Apparel Printing and support 157.2 134.5 128.8 125.2 100.0 77.7 55.7 55.6 54.3 52.6 52.4 54.9 54.4 53.5 53.5 53.8 52.7 52.4 50.3 51.2 50.1 51.8 52.9 Source: Board of Governors of the Federal Reserve System. 98.1 98.5 98.6 97.8 100.0 93.8 78.8 78.9 75.4 74.4 74.2 75.2 75.4 74.1 74.6 75.0 75.3 75.4 74.8 73.1 72.2 73.3 74.2 Chemical 86.5 90.0 92.9 95.2 100.0 92.5 83.4 86.3 86.7 86.8 88.1 88.2 87.5 87.0 87.2 85.9 86.0 86.3 86.2 86.9 86.7 86.5 87.7 Food 95.6 95.6 98.6 99.5 100.0 98.7 98.2 98.0 100.3 102.8 101.3 102.1 102.7 102.1 102.6 102.0 102.3 103.7 103.9 104.4 102.1 102.7 102.1 New Construction [Billions of dollars; monthly data at seasonally adjusted annual rates] Private Period 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 p ������������������ 2011: Dec ����������� 2012: Jan ����������� Feb ����������� Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct r ���������� Nov r ��������� Dec p �������� Total new construction expenditures Residential Total 891.5 991.4 1,104.1 1,167.2 1,152.4 1,067.6 903.2 804.6 778.2 850.2 820.6 824.7 820.7 817.8 825.1 838.8 845.1 846.6 855.9 862.2 876.2 876.9 885.0 New housing Total 1 675.4 771.2 870.0 911.8 863.3 758.8 588.3 500.6 495.0 574.6 534.6 547.5 544.6 544.8 552.3 562.1 566.4 572.4 578.0 587.5 601.9 602.9 614.9 Federal and State and local Nonresidential 446.0 532.9 611.9 613.7 493.2 350.3 245.9 238.8 237.0 276.8 249.4 249.6 252.6 249.5 254.1 262.6 271.3 274.7 282.4 290.5 299.8 301.7 308.2 Total 345.7 417.5 480.8 468.8 354.1 230.1 133.9 127.3 123.0 150.5 129.3 132.7 135.6 135.7 139.2 142.4 147.2 149.6 154.0 159.0 165.4 168.0 170.6 Lodging 229.3 238.3 258.1 298.1 370.0 408.6 342.4 261.8 258.0 297.7 285.2 297.9 291.9 295.3 298.2 299.5 295.1 297.7 295.5 297.0 302.1 301.2 306.7 1 Includes residential improvements, not shown separately. 2 Includes health care, educational, communication, and power, among other categories not Commercial (including farm) Office 9.9 12.0 12.7 17.6 27.5 35.4 25.4 11.2 8.2 10.4 9.2 9.1 9.0 10.2 10.3 10.4 10.6 10.8 10.9 10.6 11.3 11.0 11.2 30.6 32.9 37.3 45.7 53.8 55.5 37.3 24.4 22.5 26.1 23.0 23.7 23.3 24.6 24.3 25.3 25.4 25.7 27.1 26.8 28.5 28.2 28.8 Manufacturing 57.5 63.2 66.6 73.4 85.9 82.7 50.5 36.5 40.0 44.1 41.9 43.6 42.8 43.2 43.4 44.2 43.4 43.3 44.4 44.6 45.4 44.7 44.6 Other 2 21.4 23.2 28.4 32.3 40.2 52.8 56.3 39.8 40.6 47.6 50.0 44.8 46.6 46.8 47.9 49.4 48.1 46.6 47.0 48.2 48.6 48.7 49.9 109.9 107.0 113.1 129.2 162.7 182.3 173.0 149.9 146.6 169.5 161.0 176.9 170.2 170.6 172.3 170.2 167.6 171.2 166.1 166.8 168.3 168.6 172.2 216.1 220.2 234.2 255.4 289.1 308.7 314.9 304.0 283.3 275.6 286.1 277.2 276.1 273.0 272.8 276.6 278.7 274.2 278.0 274.7 274.3 274.1 270.1 Source: Department of Commerce (Bureau of the Census). shown separately. New Private Housing and Vacancy Rates [Thousands of units or houses, except as noted] New private housing units Units started, by type of structure Period Total 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 p ������������������ New private houses 2–4 units 1 1 unit 1,847.7 1,955.8 2,068.3 1,800.9 1,355.0 905.5 554.0 586.9 608.8 780.0 1,499.0 1,610.5 1,715.8 1,465.4 1,046.0 622.0 445.1 471.2 430.6 535.5 Units authorized 5 units or more 33.5 42.3 41.1 42.7 31.7 17.5 11.6 11.4 10.9 11.1 315.2 303.0 311.4 292.8 277.3 266.0 97.3 104.3 167.3 233.4 1,889.2 Units completed Houses for sale at end of period 2 Houses sold Vacancy rate for rental housing units (percent) 3 2,155.3 1,838.9 1,398.4 905.4 583.0 604.6 624.1 815.5 1,678.7 1,841.9 1,931.4 1,979.4 1,502.8 1,119.7 794.4 651.7 584.9 651.4 1,086 1,203 1,283 1,051 776 485 375 323 306 367 370 422 511 536 497 353 234 190 152 151 9.8 10.2 9.8 9.7 9.7 10.0 10.6 10.2 9.5 8.7 701 684 707 769 723 784 760 811 801 890 868 900 909 606 542 572 587 663 605 623 673 682 659 739 675 686 339 339 366 352 358 369 360 366 367 379 364 398 369 152 149 146 145 145 144 145 143 143 145 147 149 151 9.4 ���������������������������� ���������������������������� 8.8 ���������������������������� ���������������������������� 8.6 ���������������������������� ���������������������������� 8.6 ���������������������������� ���������������������������� 8.7 4 2,070.1 Seasonally adjusted annual rates 2011: Dec ����������� 2012: Jan ����������� Feb ����������� Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct r ���������� Nov r ��������� Dec p �������� 697 720 718 706 747 706 754 728 750 843 889 851 954 520 511 470 481 504 513 531 506 538 590 589 570 616 �������������������������� �������������������������� �������������������������� �������������������������� �������������������������� �������������������������� �������������������������� �������������������������� �������������������������� �������������������������� �������������������������� �������������������������� �������������������������� 1 Monthly data do not meet publication standards because tests for identifiable and stable seasonality do not meet reliability standards. 2 Seasonally adjusted. 3 Revised series. Quarterly data entered in last month of quarter. 4 Based on 20,000 permit-issuing places. Based on 19,000 places, the total for 2004 is 2,052.1 thousand units. 153 193 240 215 234 178 215 211 205 245 281 268 330 Note: Beginning 2004, units authorized are for 20,000 permit-issuing places. For other data shown, units authorized are for 19,000 places. Source: Department of Commerce (Bureau of the Census). 19 Business Sales and Inventories—Manufacturing and Trade In November, according to preliminary estimates, manufacturing and trade sales rose 0.9 percent while inventories rose $4.0 billion. According to advance estimates, retail sales rose 0.4 percent in December. Retail and food services sales rose 0.5 percent. [Millions of dollars, except ratios; seasonally adjusted, except as noted] Manufacturing and trade 1 Period Sales 2 Inventories 3 Inventory/sales ratio 4 Wholesale Sales 2 Inventories 3 Retail Inventory/sales ratio 4 2003 �������������������� 854,182 1,147,472 1.34 247,651 308,055 1.23 2004 �������������������� 924,912 1,240,555 1.30 276,367 339,431 1.18 2005 �������������������� 1,003,802 1,312,940 1.27 301,115 367,505 1.18 2006 �������������������� 1,066,154 1,407,372 1.28 325,351 398,586 1.18 2007 �������������������� 1,124,417 1,486,675 1.29 347,857 424,806 1.18 2008 �������������������� 1,153,856 1,461,254 1.32 369,315 442,249 1.22 2009 �������������������� 978,862 1,323,831 1.39 308,268 389,908 1.31 2010 �������������������� 1,074,209 1,433,794 1.28 344,361 429,260 1.18 2011 �������������������� 1,193,570 1,544,057 1.26 389,778 471,549 1.17 p 2012 ������������������ ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� 2011: Nov r ��������� 1,218,633 1,537,633 1.26 397,164 466,509 1.17 Dec r ��������� 1,230,038 1,544,057 1.26 404,636 471,549 1.17 2012: Jan ����������� 1,234,843 1,556,397 1.26 404,708 474,580 1.17 Feb ����������� 1,244,716 1,564,986 1.26 408,970 478,923 1.17 Mar ���������� 1,247,697 1,569,020 1.26 410,559 480,495 1.17 Apr ����������� 1,246,774 1,573,873 1.26 412,940 482,838 1.17 May ���������� 1,243,493 1,578,003 1.27 408,492 482,756 1.18 June ��������� 1,229,074 1,580,106 1.29 402,730 481,897 1.20 July ���������� 1,239,836 1,592,581 1.28 401,942 484,939 1.21 Aug ���������� 1,246,838 1,602,311 1.29 405,897 488,787 1.20 Sept ��������� 1,262,184 1,613,065 1.28 413,437 494,350 1.20 Oct r ���������� 1,258,993 1,617,357 1.28 409,784 496,077 1.21 p Nov �������� 1,270,936 1,621,336 1.28 419,333 498,949 1.19 p Dec �������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� 1 See page 21 for manufacturing. 2 Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month. 20 Sales 2 Inventories 3 Inventory/sales ratio 4 271,915 431,201 1.56 289,464 460,364 1.56 307,514 471,514 1.51 322,840 486,218 1.49 333,271 500,034 1.48 328,867 477,444 1.51 302,302 429,287 1.46 320,128 455,295 1.38 346,179 471,683 1.34 363,303 ����������������������� ����������������������� 355,077 470,478 1.33 354,641 471,683 1.33 357,535 476,837 1.33 361,364 479,395 1.33 362,448 481,335 1.33 360,174 485,157 1.35 359,814 490,258 1.36 356,962 493,988 1.38 359,725 499,543 1.39 363,826 501,565 1.38 368,346 503,262 1.37 367,475 506,076 1.38 r 368,546 507,404 1.38 370,115 ����������������������� ����������������������� 3 Seasonally adjusted, end of period. 4 Annual data are averages of seasonally adjusted monthly ratios. Source: Department of Commerce (Bureau of the Census). Retail and food services sales 2 301,059 320,594 340,552 358,073 370,317 366,876 339,892 358,961 387,304 407,437 397,370 396,974 400,550 404,692 406,200 404,112 403,641 400,635 403,587 407,696 412,705 411,997 r 413,582 415,695 Manufacturers’ Shipments, Inventories, and Orders In December, manufacturers’ shipments, new orders, inventories, and unfilled orders rose. Manufacturers’ shipments 1 Manufacturers’ inventories 2 Manufacturers’ new orders 1 Durable goods Period Total Durable goods Nondurable goods Total Durable goods Nondurable goods Total Total Capital goods industries, nondefense Manufacturers’ unfilled orders 2 Manufacturers’ inventory/ shipments ratio 3 Millions of dollars, seasonally adjusted, except as noted 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 p ������������������ 2011: Dec ����������� 2012: Jan ����������� Feb ����������� Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov r ��������� Dec p �������� 334,616 359,081 395,173 417,963 443,288 455,675 368,292 409,721 457,613 477,292 470,761 472,600 474,382 474,690 473,660 475,187 469,382 478,169 477,115 480,401 481,734 483,057 484,856 178,549 188,722 202,070 213,516 223,919 218,328 171,886 191,576 209,590 224,255 219,924 220,130 219,081 221,050 222,574 225,096 225,011 229,046 222,397 223,480 223,498 227,497 230,080 156,067 170,359 193,103 204,447 219,369 237,347 196,406 218,145 248,023 253,037 250,837 252,470 255,301 253,640 251,086 250,091 244,371 249,123 254,718 256,921 258,236 255,560 254,776 408,216 440,760 473,921 522,568 561,835 541,561 504,636 549,239 600,825 615,463 600,825 604,980 606,668 607,190 605,878 604,989 604,221 608,099 611,959 615,453 615,204 614,983 615,463 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. 246,854 265,005 283,742 317,506 334,621 330,298 296,449 324,525 358,105 374,476 358,105 360,710 361,622 362,921 363,968 365,566 366,503 369,847 371,952 372,820 374,011 374,554 374,476 161,362 175,755 190,179 205,062 227,214 211,263 208,187 224,714 242,720 240,987 242,720 244,270 245,046 244,269 241,910 239,423 237,718 238,252 240,007 242,633 241,193 240,429 240,987 331,202 357,374 397,140 424,154 449,882 453,930 347,271 409,949 458,457 472,043 481,229 471,576 478,879 468,921 465,752 467,955 465,739 477,711 453,411 473,786 477,438 476,116 484,760 175,135 187,015 204,038 219,707 230,513 216,583 150,866 191,804 210,434 219,007 230,392 219,106 223,578 215,281 214,666 217,864 221,368 228,588 198,693 216,865 219,202 220,556 229,984 53,167 57,565 68,151 74,532 80,276 73,615 46,208 63,174 71,504 72,118 84,115 78,304 79,777 70,030 69,417 71,016 72,741 75,941 57,756 70,938 72,800 71,229 73,591 504,274 556,110 653,400 797,129 947,570 996,797 802,460 879,247 969,434 991,736 969,434 974,867 985,934 986,186 984,750 984,643 988,660 995,852 979,304 980,124 983,406 983,846 991,736 1.25 1.19 1.17 1.20 1.22 1.26 1.39 1.28 1.28 1.28 1.28 1.28 1.28 1.28 1.28 1.27 1.29 1.27 1.28 1.28 1.28 1.27 1.27 Note: Manufacturers’ nondurable new orders (not shown) are the same as nondurable shipments. Also, there are no unfilled nondurable orders; data shown for total unfilled orders are durable unfilled orders. Total and durable shipments and inventories include data on semiconductors; new and unfilled orders do not. Source: Department of Commerce (Bureau of the Census). 21 PRICES Producer Prices The producer price index for all finished goods fell 0.2 percent in December. Prices of finished consumer foods fell 0.9 percent while prices of other finished consumer goods remained unchanged. Capital equipment prices fell 0.1 percent. [1982=100; monthly data seasonally adjusted] Finished goods Intermediate materials Finished goods excluding consumer foods Period 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 p ������������������ 2011: Dec ����������� 2012: Jan ����������� Feb ����������� Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug r ��������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� Total finished goods 143.3 148.5 155.7 160.4 166.6 177.1 172.5 179.8 190.5 194.2 193.1 193.6 194.4 194.1 193.6 191.6 191.9 192.4 195.5 197.8 197.5 196.0 195.6 Consumer foods 145.9 152.7 155.7 156.7 167.0 178.3 175.5 182.4 193.9 199.0 197.9 197.7 197.3 197.5 197.4 196.7 197.9 198.6 200.3 200.9 201.7 204.4 202.5 Consumer goods Total 142.4 147.2 155.5 161.0 166.2 176.6 171.1 178.3 188.9 192.2 191.1 191.7 192.9 192.5 191.9 189.6 189.6 190.1 193.6 196.2 195.6 193.2 193.1 1 Intermediate materials for food manufacturing and feeds. 22 Total 144.7 150.9 161.9 169.2 175.6 189.1 179.4 190.4 205.5 209.1 208.0 208.7 210.3 209.5 208.3 204.6 204.5 204.9 210.4 214.8 214.1 209.9 209.9 Durable 133.1 135.0 136.6 136.9 138.3 141.2 144.3 144.9 147.4 151.0 149.0 149.5 149.8 150.2 150.4 150.5 151.3 152.3 152.4 152.4 151.6 151.7 151.8 Nondurable 148.4 156.6 172.0 182.6 191.7 210.5 194.1 210.1 231.5 235.1 233.9 234.6 236.9 235.5 233.7 228.1 227.5 227.6 235.7 242.2 241.6 235.4 235.3 Capital equipment 139.5 141.4 144.6 146.9 149.5 153.8 156.7 157.3 159.7 162.8 161.3 161.8 162.2 162.4 162.7 162.8 163.1 163.7 163.7 163.7 163.2 163.5 163.4 Total finished consumer goods 145.3 151.7 160.4 166.0 173.5 186.3 179.1 189.1 203.3 207.3 206.2 206.7 207.7 207.2 206.3 203.4 203.6 204.1 208.6 212.0 211.7 209.4 208.8 Total 133.7 142.6 154.0 164.0 170.7 188.3 172.5 183.4 199.8 200.7 200.1 200.1 201.5 203.1 201.9 199.9 198.4 197.6 199.8 202.7 202.5 200.1 200.7 Foods and feeds 1 125.9 137.1 133.8 135.2 154.4 181.6 166.0 171.7 192.3 201.5 194.7 194.6 194.2 195.4 196.0 196.2 197.8 200.7 206.7 209.6 211.0 210.4 208.5 Crude materials Other 134.2 143.0 155.1 165.4 171.5 188.7 173.0 184.4 200.4 200.6 200.6 200.6 202.1 203.8 202.5 200.3 198.5 197.3 199.3 202.2 201.8 199.2 200.0 Source: Department of Labor (Bureau of Labor Statistics). Total 135.3 159.0 182.2 184.8 207.1 251.8 175.2 212.2 249.4 241.4 251.0 253.7 255.9 248.9 237.8 229.4 221.6 226.8 239.5 245.8 247.9 248.1 254.4 Foodstuffs and feedstuffs 113.5 127.0 122.7 119.3 146.7 163.4 134.5 152.4 188.4 196.2 187.2 190.7 191.1 196.3 189.5 185.0 182.7 192.3 201.2 204.1 208.0 209.3 207.0 Other 148.2 179.2 223.4 230.6 246.3 313.9 197.5 249.3 284.0 263.2 287.5 289.3 292.9 276.4 262.4 251.3 239.4 240.7 255.6 264.5 264.9 264.2 277.0 Consumer Prices—All Urban Consumers In December, the consumer price index for all urban consumers remained unchanged; it fell 0.3 percent before seasonal adjustment. The index was 1.7 percent above its year earlier level. [1982–84=100, except as noted; monthly data seasonally adjusted, except as noted by NSA] All items 1 Housing Transportation Shelter Period Rel. imp. 4 ����������� 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2011: Dec ����������� 2012: Jan ����������� Feb ����������� Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� Not seasonally Seasonally adjusted adjusted (NSA) 100.0 184.0 188.9 195.3 201.6 207.342 215.303 214.537 218.056 224.939 229.594 225.672 226.665 227.663 229.392 230.085 229.815 229.478 229.104 230.379 231.407 231.317 230.221 229.601 ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� 227.033 227.505 228.433 229.098 229.177 228.527 228.618 228.723 230.102 231.414 231.751 231.025 230.979 Food 14.2 180.0 186.2 190.7 195.2 202.916 214.106 217.955 219.625 227.842 233.777 231.778 232.154 232.245 232.617 233.115 233.189 233.598 233.735 234.213 234.356 234.916 235.435 235.876 Total 1 40.9 184.8 189.5 195.7 203.2 209.586 216.264 217.057 216.256 219.102 222.715 221.005 221.246 221.490 221.751 222.035 222.041 222.207 222.255 222.828 223.403 223.957 224.540 224.845 Total 1 31.6 213.1 218.8 224.4 232.1 240.611 246.666 249.354 248.396 251.646 257.083 254.112 254.613 255.034 255.529 255.974 256.367 256.686 257.042 257.604 258.219 258.894 259.327 259.679 Owners’ Rent equivalent of rent primary 1982 residence (Dec. =100) 2 6.5 205.5 211.0 217.3 225.1 234.679 243.271 248.812 249.385 253.638 260.367 256.894 257.285 257.867 258.303 258.847 259.361 259.674 260.490 260.977 261.715 262.802 263.304 263.795 1 Includes items not shown separately. 2 Beginning January 2010, includes expenditure weight for second homes. Prior data are for primary residence only. 3 Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. 23.9 219.9 224.9 230.2 238.2 246.235 252.426 256.610 256.584 259.570 264.838 261.982 262.543 262.812 263.317 263.765 264.012 264.276 264.740 265.422 266.013 266.581 267.099 267.480 Fuels and utilities 5.3 154.5 161.9 179.0 194.7 200.632 220.018 210.696 214.187 220.367 218.986 221.347 220.362 219.632 219.503 219.319 217.804 217.100 215.393 217.312 218.744 219.616 221.215 222.083 Apparel 3.7 120.9 120.4 119.5 119.5 118.998 118.907 120.078 119.503 122.111 126.265 124.539 125.646 124.534 125.175 125.619 126.090 126.734 126.947 126.373 126.751 127.621 126.864 126.735 Total 1 Motor fuel 17.0 157.6 163.1 173.9 180.9 184.682 195.549 179.252 193.396 212.366 217.337 212.861 213.465 217.846 219.780 218.624 214.140 212.653 212.534 218.596 223.856 223.573 217.792 216.393 5.7 135.8 160.4 195.7 221.0 239.070 279.652 201.978 239.178 302.619 312.660 300.149 302.700 320.746 326.212 317.592 296.531 290.492 291.199 317.211 339.265 337.152 312.528 305.364 Medical care 7.1 297.1 310.1 323.2 336.2 351.054 364.065 375.613 388.436 400.258 414.924 406.879 408.096 408.930 410.169 411.475 413.092 415.446 416.996 417.772 418.887 418.998 419.357 419.956 Energy 3 9.8 136.5 151.4 177.1 196.9 207.723 236.666 193.126 211.449 243.909 246.080 242.746 243.121 250.868 253.165 248.826 238.084 234.669 233.905 246.891 257.932 257.360 246.770 243.855 All items less food and energy 76.0 193.2 196.6 200.9 205.9 210.729 215.572 219.235 221.337 225.008 229.755 227.188 227.684 227.907 228.432 228.984 229.446 229.916 230.124 230.244 230.580 230.994 231.254 231.475 4 Relative importance, November 2012. Source: Department of Labor (Bureau of Labor Statistics). 23 Changes in Producer Prices for Finished Goods [Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA] Period Change from preceding period Change from 3 months earlier, annual rate Change from 6 months earlier, annual rate Consumer goods Consumer goods Consumer goods Total finished goods Foods Total finished goods Foods Excluding foods 0.8 2.4 1.2 2.3 1.4 4.3 –.1 .4 2.3 1.4 ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� 0.2 .3 .2 .1 .2 .1 .2 .4 .0 r .0 –.3 .2 –.1 –1.0 1.2 2.5 2.1 .0 –5.6 –4.5 –2.5 8.4 12.9 11.0 r 1.0 –4.4 1.2 .6 –4.0 –.8 –.6 –1.2 .8 2.5 7.5 6.2 6.4 r 8.4 3.2 Capital equipment Excluding foods Change from year earlier, total finished goods (NSA) Capital equipment Total finished goods Foods Excluding foods ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� 3.2 3.6 4.8 3.0 3.9 6.3 –2.6 4.2 6.0 1.9 –2.5 1.2 4.7 2.9 –.8 –10.4 –9.2 –6.4 11.8 21.7 19.2 r –.9 –8.8 0.7 2.3 3.3 2.8 2.2 1.5 1.7 2.5 2.2 1.5 –1.2 r –.5 –.7 2.9 2.3 2.7 .5 .6 –1.6 –1.2 –1.2 1.1 3.8 4.1 4.6 3.9 5.8 3.4 1.0 .2 .0 –2.6 .0 .9 3.1 3.5 4.4 8.0 4.7 2.4 2.1 3.7 .2 .2 –3.1 –3.3 –3.6 .1 5.1 5.6 5.2 5.4 1.5 1.5 2.0 1.7 2.2 2.4 2.2 2.4 1.9 1.6 .6 .9 .4 4.7 4.1 3.4 2.8 1.8 .6 .7 .5 1.9 2.1 2.3 1.5 1.3 Capital equipment Change, Dec. to Dec., NSA 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 p ������������������ 4.0 4.2 5.4 1.1 6.2 –.9 4.3 3.8 4.7 1.3 7.7 3.1 1.7 1.7 7.6 3.2 1.2 3.4 6.0 2.3 4.1 5.5 8.8 .4 7.7 –4.8 7.4 5.4 5.3 1.0 Change, month to month 2011: Dec ����������� 2012: Jan ����������� Feb ����������� Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug r ��������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� –0.1 .3 .4 –.2 –.3 –1.0 .2 .3 1.6 r 1.2 –.2 –.8 –.2 –0.7 –.1 –.2 .1 –.1 –.4 .6 .4 .9 r .3 .4 1.3 –.9 0.0 .3 .8 –.4 –.6 –1.8 .0 .2 2.7 r 2.1 –.3 –2.0 .0 Source: Department of Labor (Bureau of Labor Statistics). Changes in Consumer Prices—All Urban Consumers [Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA] Housing Period All items 1 Shelter Food Total 1 Total 1 Addendum: All items, percent change (annual rate) Transportation Fuels Rent Ownand of ers’ primary equiva- utilities resilent dence rent Apparel Total 1 New cars Motor fuel Medical care Energy 2 All items less food and energy From previous quarter 3 From From 3 6 months months earlier earlier From year earlier (NSA) Change, December to December, NSA 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 1.9 3.3 3.4 2.5 4.1 .1 2.7 1.5 3.0 1.7 3.6 2.7 2.3 2.1 4.9 5.9 –.5 1.5 4.7 1.8 2.2 3.0 4.0 3.3 3.0 2.4 –.3 .3 1.9 1.7 2.2 2.7 2.6 4.2 3.1 1.9 .3 .4 1.9 2.2 2.7 2.9 3.1 4.3 4.0 3.4 .7 .8 2.5 2.7 2.0 2.3 2.5 4.3 2.8 2.1 .7 .3 1.8 2.1 6.5 7.9 15.6 .5 5.4 6.0 –3.0 1.8 2.4 .4 –2.1 –.2 –1.1 .9 –.3 –1.0 1.9 –1.1 4.6 1.8 0.3 6.5 4.8 1.6 8.3 –13.3 14.4 5.3 5.2 1.6 –2.1 .5 .8 .2 –.4 –1.1 3.6 –1.1 4.0 1.1 6.8 26.1 16.2 6.4 29.5 –42.2 50.7 13.9 10.3 1.7 3.7 4.2 4.3 3.6 5.2 2.6 3.4 3.3 3.5 3.2 6.9 16.6 17.1 2.9 17.4 –21.3 18.2 7.7 6.6 .5 1.1 2.2 2.2 2.6 2.4 1.8 1.8 .8 2.2 1.9 ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� 2.3 2.7 3.4 3.2 2.8 3.8 –.4 1.6 3.2 2.1 –0.7 .3 2.1 .9 –.5 –2.1 –.7 –.1 2.9 2.4 –.1 –2.6 –.6 –0.1 –.2 .5 .2 .5 .1 .0 –.1 .1 .0 –.5 .4 .1 –2.1 .8 6.0 1.7 –2.6 –6.6 –2.0 .2 8.9 7.0 –.6 –7.3 –2.3 0.3 .3 .2 .3 .3 .4 .6 .4 .2 .3 .0 .1 .1 –1.3 .2 3.2 .9 –1.7 –4.3 –1.4 –.3 5.6 4.5 –.2 –4.1 –1.2 0.1 .2 .1 .2 .2 .2 .2 .1 .1 .1 .2 .1 .1 1.3 ����������� ����������� 2.5 ����������� ����������� .8 ����������� ����������� 2.3 ����������� ����������� 2.1 0.3 1.2 2.5 3.7 3.0 .2 –.8 –.8 2.8 5.0 5.4 1.6 –.7 2.0 1.8 1.9 2.0 2.1 1.3 1.4 1.1 1.5 2.0 2.3 2.2 2.1 3.0 2.9 2.9 2.7 2.3 1.7 1.7 1.4 1.7 2.0 2.2 1.8 1.7 Change, month to month 2011: Dec ����������� 2012: Jan ����������� Feb ����������� Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 0.0 .2 .4 .3 .0 –.3 .0 .0 .6 .6 .1 –.3 .0 0.2 .2 .0 .2 .2 .0 .2 .1 .2 .1 .2 .2 .2 0.1 .1 .1 .1 .1 .0 .1 .0 .3 .3 .2 .3 .1 0.2 .2 .2 .2 .2 .2 .1 .1 .2 .2 .3 .2 .1 0.2 .2 .2 .2 .2 .2 .1 .3 .2 .3 .4 .2 .2 0.2 .2 .1 .2 .2 .1 .1 .2 .3 .2 .2 .2 .1 1 Includes items not shown separately. 2 Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. 24 –0.1 –.4 –.3 –.1 –.1 –.7 –.3 –.8 .9 .7 .4 .7 .4 –0.1 .9 –.9 .5 .4 .4 .5 .2 –.5 .3 .7 –.6 –.1 3 Quarterly changes are shown in the last month of the quarter. Source: Department of Labor (Bureau of Labor Statistics). Prices Received and Paid by Farmers In January, prices paid by farmers rose 1.4 percent and prices received by farmers rose 9.0 percent. (Data are not seasonally adjusted.) [1990–92=100; not seasonally adjusted] Prices received by farmers Period 2003 ��������������������������������������������������� 2004 ��������������������������������������������������� 2005 ��������������������������������������������������� 2006 ��������������������������������������������������� 2007 ��������������������������������������������������� 2008 ��������������������������������������������������� 2009 ��������������������������������������������������� 2010 r ������������������������������������������������� 2011 ��������������������������������������������������� 2012 r ������������������������������������������������� 2012: Jan r ���������������������������������������� Feb ������������������������������������������ Mar r ��������������������������������������� Apr r ���������������������������������������� May r ��������������������������������������� June r �������������������������������������� July r ��������������������������������������� Aug r ���������������������������������������� Sept r ��������������������������������������� Oct r ����������������������������������������� Nov r ���������������������������������������� Dec r ���������������������������������������� 2013: Jan p ���������������������������������������� All farm products 110 115 110 120 142 169 151 153 204 222 212 206 211 208 214 215 232 234 226 237 237 226 248 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. All commodities, services, interest, taxes, and wage rates 1 Livestock and products Crops 106 118 114 115 136 149 131 141 178 191 189 181 184 178 181 183 192 194 194 210 207 199 217 Prices paid by farmers 103 122 119 111 130 130 112 130 152 157 156 158 160 152 151 152 150 155 156 163 168 166 168 Production items, interest, taxes, and wage rates 128 134 142 150 161 183 178 183 203 215 210 211 213 215 215 214 214 217 218 218 217 218 221 125 133 141 150 162 188 181 187 210 223 217 218 221 222 223 222 222 225 226 227 226 226 230 Ratio 2 Production items 124 132 140 148 160 190 182 188 215 229 222 223 227 228 229 228 227 232 233 233 232 232 236 84 88 81 77 85 82 74 77 88 89 90 86 86 83 84 86 90 89 89 96 95 91 98 Note: The official indexes are published on a 1910–14 base as required by law. The indexes have been converted to a 1990–92=100 base to facilitate comparison with other indexes. Source: Department of Agriculture. 25 MONEY, CREDIT, AND SECURITY MARKETS Money Stock and Debt Measures In December, M2 rose. [Averages of daily figures, except debt end-of-period basis; billions of dollars, seasonally adjusted] M1 Period 2003: Dec r ���������������������������������������� 2004: Dec r ���������������������������������������� 2005: Dec r ���������������������������������������� 2006: Dec r ���������������������������������������� 2007: Dec r ���������������������������������������� 2008: Dec r ���������������������������������������� 2009: Dec r ���������������������������������������� 2010: Dec r ���������������������������������������� 2011: Dec r ���������������������������������������� 2012: Dec ������������������������������������������ 2011: Dec r ���������������������������������������� 2012: Jan r ���������������������������������������� Feb r ���������������������������������������� Mar r ��������������������������������������� Apr r ���������������������������������������� May r ��������������������������������������� June r �������������������������������������� July r ��������������������������������������� Aug r ���������������������������������������� Sept r ��������������������������������������� Oct r ����������������������������������������� Nov r ���������������������������������������� Dec ������������������������������������������ M2 Sum of currency, demand deposits, travelers checks, and other checkable deposits (OCDs) 1,306.6 1,375.9 1,374.7 1,366.3 1,374.1 1,604.7 1,695.4 1,836.3 2,160.4 2,440.1 2,160.4 2,200.1 2,215.0 2,221.9 2,250.8 2,260.7 2,265.4 2,310.8 2,339.0 2,373.8 2,419.5 2,403.5 2,440.1 Debt M1 plus retail MMMF balances, savings deposits (including MMDAs), and small time deposits 6,036.8 6,388.5 6,654.6 7,038.4 7,448.4 8,183.2 8,486.6 8,781.8 9,637.1 10,402.4 9,637.1 9,710.6 9,745.9 9,782.1 9,825.5 9,867.5 9,918.6 10,010.0 10,082.4 10,158.8 10,242.7 10,293.6 10,402.4 1 Quarterly data; shown in last month of quarter. End-of-year data are for fourth quarter. Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfinancial sectors; data from flow of funds accounts. 2 Annual changes are from December to December and monthly changes are from 6 months earlier at a simple annual rate. 3 Annual changes are from fourth quarter to fourth quarter. Quarterly changes are from previous quarter at an annual rate. 26 Debt of domestic nonfinancial sectors 1 22,502.7 25,321.9 27,647.6 30,013.7 32,549.8 34,441.1 35,372.5 36,790.7 38,120.7 ��������������������������������������������� 38,120.7 ��������������������������������������������� ��������������������������������������������� 38,558.4 ��������������������������������������������� ��������������������������������������������� 39,046.2 ��������������������������������������������� ��������������������������������������������� 39,284.3 ��������������������������������������������� ��������������������������������������������� ��������������������������������������������� Percent change From year or 6 months earlier 2 M1 From previous period 3 M2 7.1 5.3 –.1 –.6 .6 16.8 5.7 8.3 17.6 12.9 21.4 20.2 9.8 9.3 10.2 9.4 9.7 10.1 11.2 13.7 15.0 12.6 15.4 Debt 5.2 5.8 4.2 5.8 5.8 9.9 3.7 3.5 9.7 7.9 12.3 9.6 5.4 5.5 5.8 5.5 5.8 6.2 6.9 7.7 8.5 8.6 9.8 8.0 9.2 9.2 8.6 8.4 5.8 3.1 4.1 3.6 ������������������������������� 4.9 ������������������������������� ������������������������������� 4.6 ������������������������������� ������������������������������� 5.1 ������������������������������� ������������������������������� 2.4 ������������������������������� ������������������������������� ������������������������������� Note: The Federal Reserve no longer publishes the M3 monetary aggregate and most of its components. Institutional money market mutual funds continue to be published as a memorandum item in the H.6 release, and the component on large-denomination time deposits is published in other Federal Reserve Board releases. For details, see H.6 release of March 23, 2006. See p. 27 for components. Source: Board of Governors of the Federal Reserve System. Components of Money Stock [Averages of daily figures; billions of dollars, seasonally adjusted] Period 2003: Dec r ��������� 2004: Dec r ��������� 2005: Dec r ��������� 2006: Dec r ��������� 2007: Dec r ��������� 2008: Dec r ��������� 2009: Dec r ��������� 2010: Dec r ��������� 2011: Dec r ��������� 2012: Dec ����������� 2011: Dec r ��������� 2012: Jan r ��������� Feb r ��������� Mar r �������� Apr r ��������� May r �������� June r ������� July r �������� Aug r ��������� Sept r �������� Oct r ���������� Nov r ��������� Dec ����������� Nonbank travelers checks Currency 662.5 697.6 724.0 749.6 760.1 816.1 863.7 918.7 1,001.5 1,090.9 1,001.5 1,010.2 1,018.7 1,026.9 1,033.3 1,039.1 1,045.4 1,052.3 1,059.5 1,068.6 1,077.6 1,083.1 1,090.9 Other checkable deposits (OCDs) Demand deposits 7.7 7.6 7.2 6.7 6.3 5.5 5.1 4.7 4.3 3.8 4.3 4.2 4.2 4.1 4.1 4.0 4.0 4.0 3.9 3.9 3.9 3.9 3.8 At commercial banks Total 326.3 343.0 324.7 305.0 302.4 471.9 443.4 512.8 742.2 901.7 742.2 767.9 770.6 767.8 787.8 791.3 795.1 822.9 842.4 867.3 899.9 884.6 901.7 310.0 327.8 318.8 304.9 305.4 311.1 383.2 400.1 412.4 443.7 412.4 417.7 421.6 423.1 425.6 426.3 420.9 431.7 433.2 434.0 438.1 432.1 443.7 Savings deposits 1 At thrift institutions 175.2 187.0 180.7 176.7 172.8 178.5 234.0 239.0 237.1 248.1 237.1 238.1 239.6 239.8 240.4 240.9 236.0 243.4 243.8 242.3 246.2 240.4 248.1 134.8 140.8 138.1 128.2 132.6 132.6 149.2 161.1 175.3 195.6 175.3 179.6 182.0 183.2 185.2 185.4 184.9 188.3 189.4 191.8 191.9 191.6 195.6 1 Savings deposits including money market deposit accounts (MMDAs). 2 Small-denomination deposits are those issued in amounts of less than $100,000. 3 Institutional money funds are not part of non-M1 M2. Total 3,162.0 3,508.8 3,606.5 3,693.7 3,870.1 4,100.6 4,830.0 5,345.0 6,050.1 6,694.5 6,050.1 6,098.3 6,140.1 6,188.5 6,217.5 6,264.7 6,325.0 6,385.2 6,442.1 6,494.6 6,543.9 6,620.1 6,694.5 At commercial banks 2,337.3 2,632.6 2,776.9 2,910.4 3,042.5 3,330.0 3,991.6 4,426.1 5,047.9 5,731.5 5,047.9 5,097.1 5,158.5 5,197.4 5,221.4 5,256.5 5,312.5 5,360.1 5,411.6 5,462.9 5,506.7 5,664.5 5,731.5 Small-denomination time deposits 2 At thrift institutions 824.7 876.2 829.6 783.3 827.5 770.6 838.4 918.8 1,002.2 963.0 1,002.2 1,001.1 981.6 991.1 996.1 1,008.2 1,012.5 1,025.0 1,030.5 1,031.7 1,037.2 955.6 963.0 Total At commercial banks 818.1 828.4 993.7 1,205.9 1,275.8 1,457.1 1,182.3 927.2 765.5 632.6 765.5 756.0 745.5 732.9 721.0 709.4 699.3 688.1 677.8 667.4 656.2 643.8 632.6 At thrift institutions 541.9 551.9 646.7 780.6 858.7 1,078.0 862.5 656.3 536.7 455.3 536.7 533.7 532.7 524.9 515.4 506.4 498.7 491.7 484.8 478.0 470.0 464.0 455.3 276.2 276.5 347.0 425.3 417.1 379.1 319.8 270.9 228.8 177.4 228.8 222.3 212.9 208.0 205.7 203.0 200.5 196.4 193.0 189.4 186.2 179.8 177.4 Retail money funds 750.1 675.5 679.8 772.6 928.5 1,020.9 779.0 673.3 661.1 635.1 661.1 656.3 645.3 638.8 636.2 632.7 628.9 625.9 623.5 623.0 623.1 626.2 635.1 Institutional money funds 3 1,163.7 1,107.8 1,178.2 1,394.3 1,962.5 2,459.1 2,254.2 1,893.7 1,763.1 1,742.7 1,763.1 1,759.9 1,746.8 1,751.1 1,739.2 1,735.2 1,727.4 1,730.3 1,741.8 1,750.7 1,741.8 1,734.7 1,742.7 Note: See Note, p. 26. Source: Board of Governors of the Federal Reserve System. Aggregate Reserves and Monetary Base [Averages of daily figures 1; millions of dollars; seasonally adjusted, except as noted by NSA] Adjusted for changes in reserve requirements Borrowings from the Federal Reserve (NSA) Reserves of depository institutions Other borrowings from the Federal Reserve Period Total 2 2003: Dec r ��������� 2004: Dec r ��������� 2005: Dec r ��������� 2006: Dec r ��������� 2007: Dec r ��������� 2008: Dec r ��������� 2009: Dec r ��������� 2010: Dec r ��������� 2011: Dec r ��������� 2012: Dec ����������� 2011: Dec r ��������� 2012: Jan r ��������� Feb r ��������� Mar r �������� Apr r ��������� May r �������� June r ������� July r �������� Aug r ��������� Sept r �������� Oct r ���������� Nov r ��������� Dec ����������� 42,542 46,425 44,963 43,124 43,133 820,187 1,138,682 1,077,359 1,597,100 1,569,019 1,597,100 1,614,301 1,657,931 1,607,819 1,584,770 1,556,689 1,557,175 1,584,049 1,582,288 1,515,888 1,525,144 1,546,809 1,569,019 Nonborrowed 3 42,496 46,362 44,795 42,933 27,702 166,621 968,755 1,031,871 1,587,574 1,568,224 1,587,574 1,605,687 1,649,998 1,600,490 1,577,905 1,550,503 1,551,961 1,579,791 1,579,017 1,513,923 1,523,678 1,545,757 1,568,224 Required 41,495 44,517 43,063 41,261 41,348 52,868 63,483 70,723 94,894 110,270 94,894 94,850 97,811 98,226 98,593 99,230 99,699 101,000 104,538 106,447 106,870 111,505 110,270 Excess (NSA) 1,047 1,908 1,900 1,863 1,785 767,318 1,075,199 1,006,636 1,502,206 1,458,750 1,502,206 1,519,451 1,560,121 1,509,593 1,486,176 1,457,460 1,457,475 1,483,049 1,477,750 1,409,441 1,418,274 1,435,303 1,458,750 Monetary base 720,115 759,085 787,348 812,353 824,795 1,654,966 2,019,207 2,011,056 2,612,059 2,672,625 2,612,059 2,638,085 2,690,186 2,648,073 2,631,505 2,609,160 2,615,667 2,649,394 2,654,466 2,597,253 2,615,619 2,643,310 2,672,625 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 from the Federal Reserve. 4 Includes primary dealer and other broker-dealer credit, asset-backed commercial paper money market mutual fund liquidity facility, other credit extensions, adjustment credit, and extended credit, not shown separately. Total 4 46 63 169 191 15,430 653,565 169,927 45,488 9,526 795 9,526 8,614 7,933 7,330 6,865 6,187 5,214 4,258 3,271 1,965 1,466 1,051 795 Term auction credit ������������������ ������������������ ������������������ ������������������ 11,613 438,327 82,014 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Primary 17 11 97 111 3,787 88,245 19,025 41 103 12 103 27 13 12 21 16 19 26 39 62 17 9 12 Secondary Seasonal 0 0 0 0 1 52 518 3 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 29 52 72 80 30 3 37 26 23 23 23 7 1 4 9 27 56 97 138 123 66 37 23 Credit extended to American International Group, Inc., net 5 Term assetbacked securities loan facility 6 ������������������� ������������������� ������������������� ������������������� ������������������� 47,206 22,023 20,394 ������������������� ������������������� ������������������� ������������������� ������������������� ������������������� ������������������� ������������������� ������������������� ������������������� ������������������� ������������������� ������������������� ������������������� ������������������� �������������������� �������������������� �������������������� �������������������� �������������������� �������������������� 46,310 25,025 9,400 760 9,400 8,580 7,920 7,314 6,834 6,143 5,139 4,135 3,094 1,781 1,383 1,006 760 5 As a result of the closing of the American International Group, Inc. (AIG) recapitalization plan on January 14, 2011, the credit extended to AIG was fully repaid and the Federal Reserve’s commitment to lend any further funds was terminated. 6 Includes credit extended by the Federal Reserve Bank of New York to eligible borrowers through the Term Asset-Backed Securities Loan Facility. Source: Board of Governors of the Federal Reserve System. 27 Bank Credit at All Commercial Banks Total commercial bank loans and leases rose 0.5 percent in December. [Billions of dollars, seasonally adjusted 1] Securities in bank credit 2 Period 2003: Dec ����������� 2004: Dec ����������� 2005: Dec ����������� 2006: Dec ����������� 2007: Dec ����������� 2008: Dec ����������� 2009: Dec ����������� 2010: Dec ����������� 2011: Dec ����������� 2012: Dec ����������� 2011: Dec ����������� 2012: Jan ����������� Feb ����������� Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept r �������� Oct r ���������� Nov r ��������� Dec ����������� Total bank credit 6,003.0 6,586.3 7,305.0 8,091.9 8,895.2 9,344.9 8,985.8 9,184.1 9,404.9 9,949.1 9,404.9 9,474.7 9,565.0 9,591.4 9,636.2 9,678.6 9,706.7 9,755.9 9,779.5 9,801.9 9,818.7 9,860.5 9,949.1 Total securities 1,622.1 1,741.4 1,852.9 1,985.7 2,103.6 2,096.6 2,326.7 2,429.6 2,498.1 2,742.8 2,498.1 2,529.3 2,563.7 2,576.4 2,595.2 2,604.6 2,609.2 2,641.5 2,647.1 2,658.9 2,669.4 2,692.2 2,742.8 U.S. Treasury and agency securities 1,088.7 1,145.8 1,135.7 1,188.1 1,109.9 1,238.0 1,448.9 1,640.4 1,700.7 1,881.1 1,700.7 1,725.6 1,753.5 1,775.6 1,796.1 1,806.4 1,806.5 1,828.8 1,834.0 1,837.4 1,838.6 1,852.4 1,881.1 Loans and leases in bank credit Real estate loans Other securities 533.3 595.6 717.1 797.7 993.8 858.6 877.8 789.2 797.4 861.7 797.4 803.7 810.1 800.8 799.1 798.2 802.7 812.7 813.1 821.5 830.8 839.8 861.7 Total loans and leases 3 4,380.9 4,844.9 5,452.2 6,106.1 6,791.6 7,248.4 6,659.1 6,754.5 6,906.8 7,206.3 6,906.8 6,945.4 7,001.3 7,015.0 7,041.0 7,074.1 7,097.5 7,114.4 7,132.3 7,143.0 7,149.3 7,168.4 7,206.3 1 Data are prorated averages of Wednesday values for domestically chartered commercial banks, branches and agencies of foreign banks, and Edge Act and agreement corporations. 2 Includes securities held in trading accounts, held-to-maturity, and available-for-sale. Excludes all non-security trading assets, such as derivatives with a positive fair value or loans held in trading accounts. 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. Includes all loans held in trading accounts under a fair value option. 28 Commercial and industrial loans 889.6 913.4 1,043.6 1,191.4 1,430.8 1,572.7 1,278.9 1,208.7 1,331.8 1,503.2 1,331.8 1,350.5 1,373.7 1,384.0 1,403.9 1,411.6 1,433.0 1,451.2 1,462.8 1,465.1 1,478.5 1,481.4 1,503.2 Total 4 2,209.9 2,555.8 2,926.0 3,367.9 3,593.6 3,816.1 3,773.6 3,609.6 3,489.5 3,541.9 3,489.5 3,509.1 3,539.7 3,545.0 3,540.2 3,539.5 3,529.9 3,526.7 3,525.4 3,528.2 3,519.8 3,542.6 3,541.9 Revolving home equity loans Commercial loans 278.7 ��������������������� 395.4 1,081.6 443.2 1,271.9 467.8 1,459.6 484.6 1,583.5 588.0 1,726.7 603.0 1,638.9 581.9 1,498.0 548.6 1,415.8 514.6 1,422.8 548.6 1,415.8 548.3 1,416.3 549.7 1,427.5 546.0 1,425.6 543.4 1,424.2 540.2 1,419.7 536.9 1,417.8 532.9 1,417.3 529.7 1,415.4 525.9 1,414.3 521.2 1,413.0 518.7 1,415.3 514.6 1,422.8 4 Includes closed-end residential loans, not shown separately. 5 Includes credit cards and other consumer loans. 6 Includes other items, not shown separately. Source: Board of Governors of the Federal Reserve System. Consumer loans 5 664.8 690.8 702.5 736.5 798.1 875.3 835.6 1,114.4 1,091.1 1,116.7 1,091.1 1,089.4 1,090.1 1,093.9 1,096.9 1,106.7 1,106.8 1,106.6 1,107.7 1,108.8 1,110.2 1,113.2 1,116.7 Other loans and leases 6 616.6 684.9 780.1 810.2 969.1 984.3 771.0 821.8 994.3 1,044.6 994.3 996.4 997.9 992.1 1,000.0 1,016.3 1,027.8 1,029.8 1,036.5 1,040.9 1,040.8 1,031.2 1,044.6 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 2002 �������������������� 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2010: I ���������������� II ��������������� III �������������� IV �������������� 2011: I ���������������� II ��������������� III �������������� IV �������������� 2012: I ���������������� II ��������������� III p ������������ Internal 1 912.5 856.2 1,561.3 2,060.9 1,933.0 2,347.8 1,443.4 892.8 1,857.8 2,082.4 1,789.0 1,776.7 2,154.1 1,711.1 1,860.2 2,047.9 2,118.3 2,303.6 1,999.2 2,131.9 2,249.5 824.2 842.7 947.2 1,095.4 1,093.7 1,066.8 1,104.4 1,147.5 1,371.4 1,471.4 1,336.7 1,376.5 1,415.7 1,356.6 1,360.1 1,481.7 1,501.1 1,542.9 1,465.0 1,525.5 1,513.6 Total net funds raised Total 88.3 13.5 614.1 965.5 839.3 1,281.0 339.0 –254.7 486.4 611.0 452.3 400.2 738.4 354.5 500.1 566.2 617.2 760.7 534.2 606.4 735.9 41.3 46.6 127.1 23.4 –46.4 51.0 5.5 –210.9 1.0 61.4 112.6 –169.7 114.8 –53.8 138.8 123.8 –102.0 85.2 148.3 –1.4 78.9 Net new equity issues –16.2 –39.6 –122.7 –341.8 –565.7 –786.8 –336.0 –64.6 –278.0 –472.5 –200.2 –214.3 –336.5 –360.9 –324.2 –510.8 –616.0 –438.8 –292.1 –512.0 –431.4 Credit market instruments Total Securities and mortgages Loans and short-term paper 187.0 207.5 179.5 289.8 346.8 442.3 221.2 302.5 380.1 359.2 428.5 179.0 462.9 450.0 385.6 420.6 296.8 333.9 455.5 415.9 548.4 –129.4 –121.4 70.4 75.4 172.4 395.5 120.4 –448.9 –101.1 174.7 –115.7 –134.4 –11.5 –142.9 77.4 214.0 217.3 190.0 –15.1 94.7 –38.1 57.5 86.2 249.8 365.2 519.3 837.9 341.5 –146.4 279.0 533.9 312.8 44.7 451.3 307.1 463.0 634.6 514.0 524.0 440.4 510.6 510.3 1 Profits before tax (book) less taxes on corporate income, less net dividends, plus capital consumption allowance (consumption of fixed capital plus capital consumption adjustment), foreign earnings retained abroad, inventory valuation adjustment, and net capital transfers. 2 Includes trade payables, taxes payable, and miscellaneous liabilities (foreign direct investment in the U.S., pension fund contributions payable, and other). Total Other 2 47.1 –33.1 487.0 942.1 885.7 1,230.0 333.4 –43.8 485.5 549.6 339.7 570.0 623.6 408.3 361.3 442.5 719.2 675.5 385.9 607.7 656.9 Capital expenditures 3 901.8 864.6 1,636.9 1,903.0 1,803.4 2,221.8 508.4 1,073.8 1,589.2 1,900.0 1,578.7 1,493.9 1,757.4 1,526.8 1,652.2 1,825.4 1,989.9 2,132.3 1,955.0 1,925.9 2,131.8 760.6 777.0 856.8 957.3 1,102.5 1,146.9 1,112.4 766.5 975.2 1,056.0 901.6 966.5 1,027.6 1,005.0 989.5 1,034.7 1,041.8 1,158.0 1,180.9 1,181.4 1,214.3 Increase in financial assets 141.2 87.6 780.1 945.7 700.9 1,074.9 –604.0 307.3 614.0 844.0 677.1 527.4 729.8 521.8 662.7 790.7 948.1 974.3 774.1 744.5 917.5 Discrepancy (sources less uses) 10.8 –8.4 –75.5 158.0 129.7 126.0 934.9 –180.9 268.5 182.5 210.4 282.8 396.7 184.3 208.0 222.5 128.4 171.3 44.2 206.0 117.7 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] Net change in consumer credit outstanding 1 Consumer credit outstanding (end of period) Period Total 2002: Dec ������������������������������������������ 2003: Dec ������������������������������������������ 2004: Dec ������������������������������������������ 2005: Dec ������������������������������������������ 2006: Dec ������������������������������������������ 2007: Dec ������������������������������������������ 2008: Dec ������������������������������������������ 2009: Dec ������������������������������������������ 2010: Dec ������������������������������������������ 2011: Dec ������������������������������������������ 2011: Nov ����������������������������������������� Dec ������������������������������������������ 2012: Jan r ���������������������������������������� Feb r ���������������������������������������� Mar r ��������������������������������������� Apr r ���������������������������������������� May r ��������������������������������������� June r �������������������������������������� July r ��������������������������������������� Aug r ���������������������������������������� Sept r ��������������������������������������� Oct r ����������������������������������������� Nov p ��������������������������������������� Nonrevolving 2 Revolving 1,972.1 2,077.4 2,192.2 2,290.9 2,385.0 2,528.8 2,548.9 2,438.7 2,545.3 2,631.5 2,615.3 2,631.5 2,646.3 2,655.3 2,668.8 2,679.4 2,698.8 2,709.1 2,707.4 2,726.4 2,738.4 2,752.4 2,768.5 750.9 768.3 799.6 829.5 929.4 1,008.1 1,010.3 921.9 850.2 851.4 852.4 851.4 848.5 849.0 852.8 849.0 858.8 855.5 851.3 856.4 854.1 857.6 858.4 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. 1,221.2 1,309.1 1,392.7 1,461.4 1,455.5 1,520.6 1,538.6 1,516.9 1,695.1 1,780.1 1,762.9 1,780.1 1,797.8 1,806.3 1,816.0 1,830.3 1,840.0 1,853.6 1,856.0 1,870.0 1,884.2 1,894.9 1,910.1 Total Nonrevolving 2 Revolving 104.2 105.3 114.8 98.7 94.1 143.8 20.1 –110.2 106.6 86.2 18.2 16.2 14.8 9.0 13.5 10.6 19.4 10.3 –1.7 19.0 12.0 14.0 16.1 36.1 17.4 31.3 29.9 99.9 78.7 2.2 –88.4 –71.7 1.2 3.7 –1.0 –2.9 .5 3.8 –3.8 9.8 –3.3 –4.2 5.1 –2.3 3.5 .8 68.2 87.9 83.6 68.7 –5.9 65.1 18.0 –21.7 178.2 85.0 14.4 17.2 17.7 8.5 9.7 14.3 9.7 13.6 2.4 14.0 14.2 10.7 15.2 Note: Data include student loans extended by the Federal Government and by SLM Holding Corporation. Source: Board of Governors of the Federal Reserve System. 29 Interest Rates and Bond Yields Interest rates were mixed in January. [Percent per annum] U.S. Treasury security yields Period 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2012: Jan ����������� Feb ����������� Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2013: Jan ����������� Week ended: 2013: Jan 5 ������� 12 ������� 19 ������� 26 ������� Feb 2 ������� 3-month bills (at auction) 1 Constant maturities 2 3-year 10-year 30-year High-grade municipal bonds (Standard & Poor’s) 3 Discount window (N.Y. F.R. Bank) 4, 5 Primary credit Prime rate charged by banks 5 Discount rate 1.01 1.38 3.16 4.73 4.41 1.48 .16 .14 .06 .09 .02 .08 .09 .08 .09 .09 .10 .11 .10 .10 .11 .08 .07 2.10 2.78 3.93 4.77 4.35 2.24 1.43 1.11 .75 .38 .36 .38 .51 .43 .39 .39 .33 .37 .34 .37 .36 .35 .39 4.01 4.27 4.29 4.80 4.63 3.66 3.26 3.22 2.78 1.80 1.97 1.97 2.17 2.05 1.80 1.62 1.53 1.68 1.72 1.75 1.65 1.72 1.91 * 4.73 * 4.63 * 4.29 4.91 4.42 4.84 4.42 4.28 4.80 4.08 4.64 4.25 4.16 3.91 4.29 2.92 3.14 3.03 3.43 3.11 3.25 3.28 3.51 3.18 3.47 2.93 3.21 2.70 3.30 2.59 3.14 2.77 3.07 2.88 3.02 2.90 2.89 2.80 2.68 2.88 2.73 3.08 ��������������������� 5.67 5.63 5.24 5.59 5.56 5.63 5.31 4.94 4.64 3.67 3.85 3.85 3.99 3.96 3.80 3.64 3.40 3.48 3.49 3.47 3.50 3.65 3.80 2.12 2.34 4.19 5.96 5.86 2.39 .50 .72 .75 .75 .75 .75 .75 .75 .75 .75 .75 .75 .75 .75 .75 .75 .75 * * * * * * * * * * * * * * * * * * * * * * * 4.12 4.34 6.19 7.96 8.05 5.09 3.25 3.25 3.25 3.25 3.25 3.25 3.25 3.25 3.25 3.25 3.25 3.25 3.25 3.25 3.25 3.25 3.25 .08 .07 .08 .08 .08 .39 .38 .37 .39 .42 1.87 1.90 1.87 1.90 2.02 3.05 3.07 3.03 3.06 3.18 3.77 3.77 3.76 3.78 3.91 .75 .75 .75 .75 .75 * * * * * 3.25 3.25 3.25 3.25 3.25 ��������������������� ��������������������� ��������������������� ��������������������� ��������������������� 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. 30 Corporate Aaa bonds (Moody’s) New-home mortgage yields (FHFA) 7 Federal funds rate 6 1.13 5.80 1.35 5.77 3.22 5.94 4.97 6.63 5.02 6.41 1.92 6.05 .16 5.14 .18 4.80 .10 4.56 .14 3.69 .08 4.09 .10 4.01 .13 3.72 .14 3.93 .16 3.88 .16 3.80 .16 3.76 .13 3.67 .14 3.62 .16 3.58 .16 3.46 .16 3.40 .14 ����������������������� .15 .16 .14 .14 .14 ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� 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 Agency, Moody’s Investors Service, and Standard & Poor’s. Common Stock Prices and Yields Stock prices rose in January. Common stock yields (percent) 7 Common stock prices 1 New York Stock Exchange indexes (December 31, 2002=5,000) 2, 3 Period Composite 2003 ��������������������� 2004 ��������������������� 2005 ��������������������� 2006 ��������������������� 2007 ��������������������� 2008 ��������������������� 2009 ��������������������� 2010 ��������������������� 2011 ��������������������� 2012 ��������������������� 2012: Jan ������������ Feb ������������ Mar ����������� Apr ������������ May ����������� June ���������� July ����������� Aug ����������� Sept ���������� Oct ������������ Nov ����������� Dec ������������ 2013: Jan ������������ Week ended: 2013: Jan 5 �������� 12 �������� 19 �������� 26 �������� Feb 2 �������� Financial Energy Health Care Dow Jones industrial average 4 Standard & Poor’s composite index (1941–43=10) 5 Nasdaq composite index (Feb. 5, 1971=100) 6 Dividend/price ratio Earnings/price ratio 5,547.46 6,612.62 7,349.00 8,357.99 9,648.82 8,036.88 6,091.02 7,230.43 7,871.41 8,011.65 7,737.68 8,071.44 8,166.75 8,043.14 7,713.74 7,555.41 7,766.83 8,011.67 8,279.78 8,295.68 8,129.90 8,367.74 8,759.89 5,583.00 6,822.18 7,383.70 8,654.40 9,321.39 6,278.38 3,987.04 4,744.05 4,641.01 4,616.63 4,295.28 4,593.42 4,740.40 4,664.43 4,393.13 4,290.69 4,409.41 4,545.72 4,794.62 4,855.25 4,804.71 5,012.50 5,334.30 5,273.90 6,952.36 9,377.84 11,206.94 13,339.99 13,258.42 10,020.30 10,943.85 12,880.35 12,512.31 12,782.96 13,318.47 13,196.85 12,499.31 11,789.32 11,377.92 11,945.87 12,575.01 12,954.45 12,812.78 12,343.98 12,550.75 13,126.08 5,288.67 5,924.80 6,283.96 6,685.06 7,191.79 6,171.19 5,456.63 6,230.62 6,847.80 7,503.05 7,122.69 7,208.35 7,305.10 7,363.86 7,200.82 7,204.25 7,493.65 7,617.84 7,830.79 7,988.93 7,757.04 7,943.33 8,271.48 8,993.59 10,317.39 10,547.67 11,408.67 13,169.98 11,252.62 8,876.15 10,662.80 11,966.36 12,967.08 12,550.89 12,889.05 13,079.47 13,030.75 12,721.08 12,544.90 12,814.10 13,134.90 13,418.50 13,380.65 12,896.44 13,144.18 13,615.32 965.23 1,130.65 1,207.23 1,310.46 1,477.19 1,220.04 948.05 1,139.97 1,267.64 1,379.35 1,300.58 1,352.49 1,389.24 1,386.43 1,341.27 1,323.48 1,359.78 1,403.44 1,443.42 1,437.82 1,394.51 1,422.29 1,480.40 1,647.17 1,986.53 2,099.32 2,263.41 2,578.47 2,161.65 1,845.38 2,349.89 2,677.44 2,965.56 2,743.80 2,928.98 3,035.92 3,035.10 2,900.41 2,850.35 2,920.11 3,032.67 3,136.80 3,060.26 2,941.02 3,003.79 3,125.91 1.77 1.72 1.83 1.87 1.86 2.37 2.40 1.98 2.05 2.24 2.17 2.11 2.09 2.20 2.31 2.38 2.33 2.26 2.21 2.24 2.33 2.28 2.24 3.84 4.89 5.36 5.78 5.29 3.54 1.86 6.04 6.77 ���������������������������� ���������������������������� ���������������������������� 6.29 ���������������������������� ���������������������������� 6.45 ���������������������������� ���������������������������� 6.00 ���������������������������� ���������������������������� ���������������������������� ���������������������������� 8,587.75 8,660.71 8,744.06 8,855.63 8,913.78 5,213.06 5,291.71 5,335.10 5,379.94 5,416.31 12,827.93 12,922.99 13,085.51 13,293.11 13,444.03 8,007.53 8,155.58 8,260.43 8,395.29 8,486.65 13,335.82 13,412.66 13,559.83 13,803.21 13,923.43 1,453.61 1,464.85 1,476.51 1,496.29 1,504.25 3,083.50 3,108.77 3,123.31 3,144.24 3,154.30 2.22 2.23 2.25 2.25 2.23 ���������������������������� ���������������������������� ���������������������������� ���������������������������� ���������������������������� 1 Average of daily closing prices. 2 Includes all the stocks (in 2012, over 2,900) listed on the NYSE. 3 Effective January 9, 2003, the NYSE relaunched the composite index with changes in meth- odology, 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. 5 Includes 500 stocks. 6 Includes over 2,400 stocks in 2012. 7 Standard & Poor’s series. Dividend/price ratios based on Wednesday closing prices. Earnings/ price ratios based on prices at end of quarter. Sources: New York Stock Exchange, Dow Jones & Company, Inc., Standard & Poor’s, and Nasdaq Stock Market. 31 FEDERAL FINANCE Federal Receipts, Outlays, and Debt In the third month of fiscal year 2013, the deficit was $292.4 billion, compared with a deficit of $321.7 billion a year earlier. [Billions of dollars] Total Fiscal year or period Receipts 1994 ���������������������������������������������������� 1995 ���������������������������������������������������� 1996 ���������������������������������������������������� 1997 ���������������������������������������������������� 1998 ���������������������������������������������������� 1999 ���������������������������������������������������� 2000 ���������������������������������������������������� 2001 ���������������������������������������������������� 2002 ���������������������������������������������������� 2003 ���������������������������������������������������� 2004 ���������������������������������������������������� 2005 ���������������������������������������������������� 2006 ���������������������������������������������������� 2007 ���������������������������������������������������� 2008 ���������������������������������������������������� 2009 ���������������������������������������������������� 2010 ���������������������������������������������������� 2011 ���������������������������������������������������� 2012 1 �������������������������������������������������� 2013 (estimates) ��������������������������������� Cumulative total, first 3 months: 2 Fiscal year 2012 ���������������������������������� Fiscal year 2013 ���������������������������������� Outlays On-budget Surplus or deficit (–) Receipts Outlays Federal debt (end of period) Off-budget Surplus or deficit (–) Receipts Outlays Surplus or deficit (–) Gross Federal 1,258.6 1,351.8 1,453.1 1,579.2 1,721.7 1,827.5 2,025.2 1,991.1 1,853.1 1,782.3 1,880.1 2,153.6 2,406.9 2,568.0 2,524.0 2,105.0 2,162.7 2,303.5 2,449.1 2,763.6 1,461.8 1,515.7 1,560.5 1,601.1 1,652.5 1,701.8 1,789.0 1,862.8 2,010.9 2,159.9 2,292.8 2,472.0 2,655.1 2,728.7 2,982.5 3,517.7 3,456.2 3,603.1 3,538.4 3,754.2 –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 –160.7 –458.6 –1,412.7 –1,293.5 –1,299.6 –1,089.4 –990.6 923.5 1,000.7 1,085.6 1,187.2 1,305.9 1,383.0 1,544.6 1,483.6 1,337.8 1,258.5 1,345.4 1,576.1 1,798.5 1,932.9 1,865.9 1,451.0 1,531.0 1,737.7 1,879.6 2,090.5 1,182.4 1,227.1 1,259.6 1,290.5 1,335.9 1,381.1 1,458.2 1,516.0 1,655.2 1,796.9 1,913.3 2,069.7 2,233.0 2,275.0 2,507.8 3,000.7 2,901.5 3,104.5 3,030.9 3,122.3 –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 –342.2 –641.8 –1,549.7 –1,370.5 –1,366.8 –1,151.3 –1,031.8 335.0 351.1 367.5 392.0 415.8 444.5 480.6 507.5 515.3 523.8 534.7 577.5 608.4 635.1 658.0 654.0 631.7 565.8 569.5 673.1 279.4 288.7 300.9 310.6 316.6 320.8 330.8 346.8 355.7 363.0 379.5 402.2 422.1 453.6 474.8 517.0 554.7 498.6 507.6 631.9 55.7 62.4 66.6 81.4 99.2 123.7 149.8 160.7 159.7 160.8 155.2 175.3 186.3 181.5 183.3 137.0 77.0 67.2 61.9 41.2 4,643.3 4,920.6 5,181.5 5,369.2 5,478.2 5,605.5 5,628.7 5,769.9 6,198.4 6,760.0 7,354.7 7,905.3 8,451.4 8,950.7 9,986.1 11,875.9 13,528.8 14,764.2 16,048.1 17,482.7 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 5,803.1 7,544.7 9,018.9 10,128.2 11,279.9 12,571.9 555.4 615.5 877.2 907.9 –321.7 –292.4 436.0 492.8 781.9 802.4 –345.9 –309.6 119.4 122.8 95.2 105.5 24.2 17.3 15,200.6 16,416.9 10,453.6 11,593.7 1 Data for fiscal year 2012 are from Final Monthly Treasury Statement issued October 12, 2012. 2 Data from current issue Monthly Treasury Statement. Note: Data for fiscal year 2013 are from Mid-Session Review, Budget of the U.S. Government, Fiscal Year 2013, issued July 27, 2012. Other data (except as noted) are from Budget of the United States Government, Fiscal Year 2013, issued February 13, 2012. Sources: Department of the Treasury and Office of Management and Budget. 32 Held by the public Federal Receipts by Source and Outlays by Function In the third month of fiscal year 2013, receipts were $60.1 billion higher than a year earlier and outlays were $30.7 billion higher. [Billions of dollars] On-budget and off-budget receipts Fiscal year or period 1994 ���������������������������������������������������� 1995 ���������������������������������������������������� 1996 ���������������������������������������������������� 1997 ���������������������������������������������������� 1998 ���������������������������������������������������� 1999 ���������������������������������������������������� 2000 ���������������������������������������������������� 2001 ���������������������������������������������������� 2002 ���������������������������������������������������� 2003 ���������������������������������������������������� 2004 ���������������������������������������������������� 2005 ���������������������������������������������������� 2006 ���������������������������������������������������� 2007 ���������������������������������������������������� 2008 ���������������������������������������������������� 2009 ���������������������������������������������������� 2010 ���������������������������������������������������� 2011 ���������������������������������������������������� 2012 1 �������������������������������������������������� 2013 (estimates) ��������������������������������� Cumulative total, first 3 months: 2 Fiscal year 2012 ���������������������������������� Fiscal year 2013 ���������������������������������� Total Social Indi- Corpora- insurance vidual tion and income income retiretaxes taxes ment receipts On-budget and off-budget outlays National defense Other Total Total Depart- Internament tional of affairs Defense, military Health Medicare Income Social Net security security interest Other 1,258.6 1,351.8 1,453.1 1,579.2 1,721.7 1,827.5 2,025.2 1,991.1 1,853.1 1,782.3 1,880.1 2,153.6 2,406.9 2,568.0 2,524.0 2,105.0 2,162.7 2,303.5 2,449.1 2,763.6 543.1 590.2 656.4 737.5 828.6 879.5 1,004.5 994.3 858.3 793.7 809.0 927.2 1,043.9 1,163.5 1,145.7 915.3 898.5 1,091.5 1,132.2 1,291.8 140.4 157.0 171.8 182.3 188.7 184.7 207.3 151.1 148.0 131.8 189.4 278.3 353.9 370.2 304.3 138.2 191.4 181.1 242.3 294.1 461.5 484.5 509.4 539.4 571.8 611.8 652.9 694.0 700.8 713.0 733.4 794.1 837.8 869.6 900.2 890.9 864.8 818.8 845.3 947.1 113.7 120.1 115.4 120.1 132.6 151.5 160.6 151.7 146.0 143.9 148.4 154.0 171.2 164.7 173.7 160.5 207.9 212.1 229.3 230.6 1,461.8 1,515.7 1,560.5 1,601.1 1,652.5 1,701.8 1,789.0 1,862.8 2,010.9 2,159.9 2,292.8 2,472.0 2,655.1 2,728.7 2,982.5 3,517.7 3,456.2 3,603.1 3,538.4 3,754.2 281.6 272.1 265.7 270.5 268.2 274.8 294.4 304.7 348.5 404.7 455.8 495.3 521.8 551.3 616.1 661.0 693.6 705.6 680.4 675.5 268.6 259.4 253.1 258.3 255.8 261.2 281.0 290.2 331.8 387.1 436.4 474.1 499.3 528.5 594.6 636.7 666.7 678.1 650.9 647.3 17.1 16.4 13.5 15.2 13.1 15.2 17.2 16.5 22.3 21.2 26.9 34.6 29.5 28.5 28.9 37.5 45.2 45.7 47.2 57.9 107.1 115.4 119.4 123.8 131.4 141.0 154.5 172.2 196.5 219.5 240.1 250.5 252.7 266.4 280.6 334.3 369.1 372.5 346.7 380.3 144.7 159.9 174.2 190.0 192.8 190.4 197.1 217.4 230.9 249.4 269.4 298.6 329.9 375.4 390.8 430.1 451.6 485.7 471.8 515.2 217.2 223.8 229.7 235.0 237.8 242.5 253.7 269.8 312.7 334.6 333.1 345.8 352.5 366.0 431.3 533.2 622.2 597.4 542.2 544.1 319.6 335.8 349.7 365.3 379.2 390.0 409.4 433.0 456.0 474.7 495.5 523.3 548.5 586.2 617.0 683.0 706.7 730.8 773.3 818.9 202.9 232.1 241.1 244.0 241.1 229.8 222.9 206.2 170.9 153.1 160.2 184.0 226.6 237.1 252.8 186.9 196.2 230.0 222.5 228.6 171.5 160.2 167.2 157.3 188.9 218.1 239.7 243.1 273.1 302.6 311.8 339.8 393.5 317.9 365.2 651.6 371.6 435.5 454.3 533.7 555.4 615.5 270.4 312.4 55.6 62.5 180.0 181.3 49.4 59.4 877.2 907.9 179.8 173.3 172.3 166.5 13.7 11.5 86.2 89.5 101.6 124.9 121.3 125.6 184.8 196.6 62.6 66.9 127.2 119.7 1 Data for fiscal year 2012 are from Final Monthly Treasury Statement issued October 12, 2012. 2 Data from current issue Monthly Treasury Statement. Data for Department of Defense, military, include a small amount that is classified and listed under international affairs, and not included in national defense. Note: Data for fiscal year 2013 are from Mid-Session Review, Budget of the U.S. Government, Fiscal Year 2013, issued July 27, 2012. Other data (except as noted) are from Budget of the United States Government, Fiscal Year 2013, issued February 13, 2012. Sources: Department of the Treasury and Office of Management and Budget. 33 Federal Sector, National Income Accounts Basis In the fourth quarter of 2012, according to advance estimates, Federal current expenditures rose $4.6 billion (annual rate); receipts data are incomplete. [Billions of dollars; quarterly data at seasonally adjusted annual rates] Federal Government current receipts Current tax receipts Period Total Total 1 Calendar year: 2002 ������������� 1,859.3 1,073.5 2003 ������������� 1,885.1 1,070.2 2004 ������������� 2,013.9 1,153.8 2005 ������������� 2,290.1 1,383.7 2006 ������������� 2,524.5 1,558.3 2007 ������������� 2,654.7 1,637.6 2008 ������������� 2,502.2 1,447.7 2009 ������������� 2,226.5 1,163.6 2010 ������������� 2,395.4 1,309.8 2011 ������������� 2,519.6 1,502.7 p 2012 ����������� ������������ �������������� 2009: I ��������������� 2,218.7 1,162.3 II �������������� 2,207.4 1,130.7 III ������������� 2,206.5 1,154.0 IV ������������� 2,273.4 1,207.2 2010: I ��������������� 2,326.6 1,252.3 II �������������� 2,365.8 1,282.0 III ������������� 2,427.2 1,333.9 IV ������������� 2,461.9 1,371.3 2011: I ��������������� 2,509.8 1,494.0 II �������������� 2,522.9 1,504.1 III ������������� 2,511.3 1,494.2 IV ������������� 2,534.3 1,518.5 2012: I ��������������� 2,664.9 1,629.2 II �������������� 2,659.5 1,631.2 III ������������� 2,671.3 1,648.9 p IV ���������� ������������ �������������� Personal current taxes 828.6 774.2 799.2 931.9 1,049.9 1,165.6 1,101.3 857.0 894.2 1,075.2 1,137.8 915.3 846.4 832.0 834.2 860.3 887.4 908.2 921.0 1,052.6 1,068.5 1,082.0 1,097.7 1,124.9 1,131.0 1,140.2 1,155.2 Taxes on production and imports Contributions Income for Taxes govern- receipts on on ment assets corporate social income insurance 86.8 150.5 89.3 197.8 94.3 250.3 98.8 341.0 99.4 395.0 94.5 362.8 94.0 233.7 91.4 200.4 95.5 305.1 107.4 304.2 116.1 �������������� 86.8 144.3 94.2 174.5 91.8 216.9 92.7 265.9 92.4 285.7 95.3 284.3 97.2 314.1 97.1 336.1 102.4 324.8 108.3 312.4 108.1 287.1 110.9 292.5 113.3 375.7 115.2 368.1 116.1 375.5 119.9 �������������� 739.3 762.8 807.6 852.6 904.6 945.3 973.1 949.1 969.8 905.5 934.8 951.0 951.7 947.0 946.8 961.1 969.5 973.8 974.8 900.5 905.1 907.0 909.2 929.3 931.5 935.1 943.1 1 Includes taxes from the rest of the world, not shown separately. 2 Includes an item for the difference between wage accruals and disbursements, not shown separately. 34 Federal Government current expenditures 20.3 22.8 23.2 23.7 26.1 29.8 30.7 48.1 53.0 55.3 53.4 39.6 49.6 48.3 54.7 49.8 52.2 55.0 54.8 55.7 55.6 55.5 54.5 54.7 53.2 53.0 52.7 Current transfer receipts 26.1 25.6 29.0 33.6 38.3 44.8 54.4 70.2 69.8 68.8 59.2 70.5 79.7 61.1 69.6 68.6 68.3 71.7 70.4 69.7 69.0 68.1 68.3 68.3 61.6 53.1 53.6 Current surplus of government enterprises 0.2 3.7 .3 –3.5 –2.9 –2.7 –3.7 –4.5 –7.0 –12.7 –17.8 –4.8 –4.4 –3.9 –5.0 –5.1 –6.2 –7.2 –9.4 –10.0 –11.0 –13.4 –16.4 –16.7 –18.0 –18.8 –17.5 Total 2 2,112.1 2,261.5 2,393.4 2,573.1 2,728.3 2,900.0 3,115.7 3,455.8 3,703.4 3,757.0 3,756.1 3,230.6 3,520.9 3,525.1 3,546.8 3,641.8 3,685.3 3,730.2 3,756.3 3,737.1 3,830.6 3,743.3 3,716.8 3,723.6 3,774.8 3,760.6 3,765.2 ConCurrent sumption transfer Interest Subsidies expendipaypayments tures ments 3 590.5 660.3 721.4 765.8 811.0 848.9 931.7 987.0 1,055.8 1,061.5 1,059.6 954.6 979.5 998.7 1,015.1 1,034.2 1,057.0 1,068.3 1,063.6 1,054.2 1,071.0 1,069.0 1,052.0 1,055.6 1,054.8 1,086.3 1,041.9 1,252.1 1,339.4 1,405.0 1,491.3 1,587.1 1,690.4 1,841.9 2,157.5 2,310.8 2,309.4 2,317.5 2,015.7 2,214.0 2,187.6 2,212.5 2,289.1 2,287.8 2,325.8 2,340.6 2,314.8 2,341.8 2,292.3 2,288.6 2,301.0 2,310.8 2,326.1 2,332.1 229.1 212.9 221.0 255.4 279.2 313.2 292.1 253.1 281.4 325.0 318.5 205.9 271.6 271.5 263.4 264.0 286.2 281.0 294.5 309.3 356.4 320.1 314.0 306.7 348.7 288.1 330.6 40.5 –252.8 49.0 –376.4 46.0 –379.5 60.5 –283.0 51.0 –203.8 47.4 –245.2 49.9 –613.5 58.3 –1,229.3 55.4 –1,308.0 61.1 –1,237.4 60.4 ���������������� 54.4 –1,011.8 55.6 –1,313.5 67.3 –1,318.6 55.7 –1,273.5 54.6 –1,315.2 54.3 –1,319.5 55.1 –1,303.1 57.7 –1,294.4 58.8 –1,227.3 61.4 –1,307.7 62.0 –1,232.0 62.2 –1,182.6 60.4 –1,058.7 60.6 –1,115.4 60.1 –1,089.3 60.6 ���������������� 3 Includes Federal grants-in-aid to State and local governments, not shown separately. Source: Department of Commerce (Bureau of Economic Analysis). Net Federal Government saving INTERNATIONAL STATISTICS Industrial Production and Consumer Prices—Major Industrial Countries Industrial production (2007=100; seasonally adjusted) Period United States Canada 2002 ��������������� 89.3 2003 ��������������� 90.4 2004 ��������������� 92.5 2005 ��������������� 95.5 2006 ��������������� 97.6 2007 ��������������� 100.0 2008 ��������������� 96.5 2009 ��������������� 85.4 2010 ��������������� 90.1 2011 ��������������� 93.7 2012 p ������������� 97.1 2011: Nov r ���� 95.1 Dec r ���� 95.9 r 2012: Jan ���� 96.6 Feb r ���� 97.1 Mar r ��� 96.5 Apr r ���� 97.3 r May ��� 97.3 r June �� 97.3 July r ��� 97.9 Aug r ���� 97.0 r Sept ��� 97.2 r Oct ����� 96.8 Nov p ��� 97.8 Dec p ��� 98.1 2013: Jan p ���� ��������������� Japan France Germany Consumer prices (1982–84=100; NSA) United Kingdom Italy United States 1 Canada Japan France Germany 97.8 85.1 97.5 83.2 96.0 99.6 179.9 172.9 119.0 163.4 97.9 87.6 96.5 83.7 95.4 99.3 184.0 177.7 118.7 166.9 99.5 91.8 97.8 86.2 95.2 100.2 188.9 181.0 118.7 170.4 101.4 93.2 97.9 89.2 94.7 99.4 195.3 185.0 118.4 173.4 100.8 97.1 98.8 94.3 98.1 99.5 201.6 188.7 118.6 176.3 100.0 100.0 100.0 100.0 100.0 100.0 207.342 192.7 118.7 178.9 95.5 96.6 97.2 100.0 96.2 97.2 215.303 197.3 120.3 184.0 84.5 75.5 84.9 83.6 78.3 88.4 214.537 197.9 118.7 184.1 89.7 88.1 88.9 92.6 83.6 90.3 218.056 201.4 117.9 186.9 92.8 86.0 90.4 99.7 83.8 89.6 224.939 207.2 117.5 190.9 ��������������� 85.2 ��������������� ��������������� ��������������� ��������������� 229.594 210.4 117.5 194.6 93.2 86.5 90.5 100.2 82.0 88.2 226.230 209.0 117.2 192.3 94.0 88.5 88.8 98.4 82.4 88.6 225.672 207.8 117.2 193.0 94.2 89.3 89.3 98.7 80.7 88.1 226.665 208.7 117.4 192.4 92.9 87.9 89.8 99.3 79.8 88.3 227.663 209.6 117.6 193.2 93.1 89.0 88.6 100.2 80.1 88.0 229.392 210.4 118.2 194.8 94.1 88.8 90.1 98.3 78.6 87.3 230.085 211.3 118.3 195.0 94.1 85.8 88.1 99.8 79.1 88.4 229.815 211.1 118.0 194.9 93.6 86.2 88.2 99.7 78.2 86.3 229.478 210.2 117.4 195.0 94.2 85.4 88.3 100.8 77.9 88.9 229.104 210.1 117.0 194.1 93.6 84.0 89.9 100.5 78.9 88.4 230.379 210.6 117.2 195.4 93.4 80.5 87.4 99.0 77.9 86.6 231.407 210.9 117.4 194.9 93.3 81.8 86.9 97.0 77.0 85.8 231.317 211.3 117.4 195.3 ��������������� 80.7 87.3 97.1 76.3 86.0 230.221 210.8 116.9 195.0 ��������������� 82.8 ��������������� ��������������� ��������������� ��������������� 229.601 209.6 117.0 195.6 ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� 1 Data relate to all urban consumers. United Kingdom Italy 147.4 243.5 207.0 148.9 250.1 213.0 151.4 255.6 219.3 153.7 260.6 225.6 156.2 266.1 232.8 159.7 270.9 242.7 163.9 280.0 252.4 164.5 282.2 251.1 166.3 286.5 262.7 170.2 294.5 276.3 173.5 303.4 285.2 170.8 297.2 280.2 172.0 298.4 281.3 171.4 299.2 279.6 172.7 300.4 281.9 173.1 301.8 282.9 173.4 303.2 284.9 173.1 303.2 284.8 173.0 303.8 284.1 173.6 304.1 284.4 174.2 305.2 285.5 174.2 305.2 286.9 174.2 305.2 288.6 174.0 304.7 288.6 175.6 305.2 290.0 174.6 ��������������� ����������������� Sources: As reported by each country, Board of Governors of the Federal Reserve System, and Department of Labor (Bureau of Labor Statistics). 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) Census basis (by end-use category) Period 2002 ��������������� 2003 ��������������� 2004 ��������������� 2005 ��������������� 2006 ��������������� 2007 ��������������� 2008 ��������������� 2009 ��������������� 2010 ��������������� 2011 ��������������� 2011: Nov ����� Dec ������ 2012: Jan ������ Feb ������ Mar ����� Apr ������ May ����� June ���� July ����� Aug ����� Sept ���� Oct r ����� Nov p ��� BOP basis 697.4 729.8 822.0 911.7 1,039.4 1,164.0 1,307.5 1,069.7 1,288.9 1,497.4 126.4 127.9 128.0 128.4 132.2 130.6 130.8 132.8 130.7 128.7 133.9 127.7 129.3 IndusFoods, trial Total, feeds, supCensus and plies basis 1 bever- and ages materials 693.1 724.8 814.9 901.1 1,026.0 1,148.2 1,287.4 1,056.0 1,278.3 1,480.4 125.2 126.8 126.5 126.9 130.8 129.0 129.6 131.5 129.3 127.2 132.5 126.3 128.1 49.6 55.0 56.6 59.0 66.0 84.3 108.3 93.9 107.7 126.2 10.3 10.5 10.4 9.8 10.2 10.9 11.8 11.0 12.9 11.8 12.9 11.5 11.1 156.8 173.0 203.9 233.0 276.0 316.4 388.0 296.5 391.5 500.3 42.1 42.8 41.8 42.1 43.9 42.9 42.0 42.6 40.2 39.0 42.4 39.6 40.2 78.9 80.6 89.2 98.4 107.3 121.3 121.5 81.7 112.0 133.1 11.3 11.8 12.5 12.1 11.9 12.3 12.2 12.9 12.3 12.2 11.9 11.6 12.3 Balance of trade (exports minus imports) Census basis (by end-use category) Auto- Consumer Capital motive vegoods goods hicles, except parts (nonfood) autoexcept motive and enautogines motive 290.4 293.7 327.5 358.4 404.0 433.0 457.7 391.2 447.5 493.0 42.2 42.2 43.2 43.3 44.6 43.2 43.9 44.2 44.1 44.5 44.9 43.0 44.0 Services (BOP basis) Goods: Imports (customs value) 84.4 89.9 103.2 115.3 129.1 146.0 161.3 149.5 165.2 175.0 14.9 14.8 14.4 14.8 14.9 15.1 14.9 15.8 15.3 14.9 15.4 15.3 15.4 BOP basis 1,171.9 1,270.2 1,485.5 1,692.4 1,875.1 1,982.8 2,137.6 1,575.5 1,934.0 2,235.8 189.7 193.3 194.8 188.4 199.6 195.8 193.9 190.2 188.4 187.6 191.3 186.8 195.0 IndusFoods, trial Total, feeds, supCensus and plies basis 1 bever- and ages materials 1,161.4 1,257.1 1,469.7 1,673.5 1,853.9 1,957.0 2,103.6 1,559.6 1,913.2 2,207.8 187.4 191.1 192.5 186.4 197.5 193.8 191.9 188.2 186.6 185.6 189.2 184.6 193.1 1 Total includes ‘‘other’’ exports or imports, not shown separately. 49.7 55.8 62.1 68.1 74.9 81.7 89.0 81.6 91.7 107.5 9.3 9.2 9.6 9.0 9.2 9.2 9.1 9.0 9.1 9.2 9.3 8.9 9.4 267.7 313.8 412.8 523.8 602.0 634.7 779.5 462.4 602.5 755.8 63.5 64.8 65.4 62.0 65.7 65.2 61.5 59.1 57.2 58.7 59.7 60.1 61.4 BOP basis Auto- Consumer Capital motive vegoods goods hicles, except parts (nonfood) autoexcept motive and enautogines motive 283.3 295.9 343.6 379.3 418.3 444.5 453.7 370.5 449.3 510.7 43.6 44.9 44.5 44.6 47.8 45.8 47.2 46.0 45.4 44.9 45.5 45.1 45.5 203.7 210.1 228.2 239.4 256.6 256.7 231.2 157.7 225.1 254.6 22.6 23.2 24.2 24.6 24.6 24.3 24.8 25.5 26.2 25.3 24.4 24.0 25.6 307.8 333.9 372.9 407.2 442.6 474.6 481.6 427.3 483.2 514.1 42.7 43.4 43.1 40.3 43.8 43.5 43.2 42.4 42.9 41.6 44.2 40.7 45.3 Exports Imports Goods, Census basis Goods Ser- Goods and vices services 283.4 293.7 341.2 375.8 420.4 490.6 535.2 509.2 553.6 606.0 50.3 49.9 50.8 51.9 52.7 52.1 52.5 52.9 52.8 53.0 53.4 53.1 53.2 226.4 244.3 283.0 303.6 338.0 368.4 403.4 382.6 403.2 427.4 35.9 36.2 36.2 36.4 36.9 36.5 36.3 36.4 36.7 36.7 36.3 36.1 36.3 –468.3 –532.4 –654.8 –772.4 –828.0 –808.8 –816.2 –503.6 –634.9 –727.4 –62.2 –64.3 –66.0 –59.5 –66.7 –64.8 –62.3 –56.7 –57.3 –58.4 –56.7 –58.3 –65.0 –474.5 –540.4 –663.5 –780.7 –835.7 –818.9 –830.1 –505.8 –645.1 –738.4 –63.3 –65.4 –66.8 –60.0 –67.5 –65.2 –63.1 –57.4 –57.7 –58.9 –57.3 –59.1 –65.7 57.1 49.4 58.2 72.1 82.4 122.2 131.8 126.6 150.4 178.5 14.5 13.7 14.6 15.5 15.8 15.6 16.2 16.5 16.1 16.3 17.0 17.0 17.0 –417.4 –491.0 –605.4 –708.6 –753.3 –696.7 –698.3 –379.2 –494.7 –559.9 –48.8 –51.7 –52.2 –44.5 –51.6 –49.6 –46.9 –40.8 –41.6 –42.6 –40.3 –42.1 –48.7 Source: Department of Commerce (Bureau of the Census and Bureau of Economic Analysis). Note: BOP refers to balance of payments on international transactions basis. BOP data shown here are consistent with figures shown on pp. 36 and 37. 35 U.S. International Transactions In the third quarter of 2012, the goods deficit fell to $173.9 billion from $185.7 billion in the second quarter. The current account deficit fell to $107.5 billion in the third quarter from $118.1 billion in the second quarter. [Millions of dollars; quarterly data seasonally adjusted. Credits (+), debits (–)] Goods 1 Period 2002 �������������������� 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2010: I ���������������� II ��������������� III �������������� IV �������������� 2011: I ���������������� II ��������������� III �������������� IV �������������� 2012: I ���������������� II ��������������� III p ������������ Exports 697,439 729,816 821,986 911,686 1,039,406 1,163,957 1,307,499 1,069,733 1,288,882 1,497,406 304,032 315,478 325,198 344,175 360,917 372,160 382,161 382,167 388,523 394,114 393,395 Imports –1,171,930 –1,270,225 –1,485,492 –1,692,416 –1,875,095 –1,982,843 –2,137,608 –1,575,491 –1,934,006 –2,235,819 –456,570 –480,118 –492,068 –505,250 –542,276 –559,344 –562,778 –571,421 –582,821 –579,850 –567,294 Services Balance on goods –474,491 –540,409 –663,507 –780,730 –835,689 –818,886 –830,109 –505,758 –645,124 –738,413 –152,538 –164,640 –166,871 –161,075 –181,358 –187,184 –180,617 –189,254 –194,298 –185,736 –173,899 Net military transactions 2 –12,719 –17,060 –17,359 –15,594 –11,743 –10,826 –13,600 –14,461 –15,639 –11,564 –4,120 –3,799 –3,711 –4,009 –3,448 –3,000 –2,679 –2,437 –2,432 –2,459 –1,864 Net travel and transportation –4,465 –12,451 –16,225 –14,549 –11,276 2,599 16,365 14,527 21,257 31,339 5,206 5,543 4,644 5,863 6,063 8,038 9,431 7,805 7,617 9,403 10,306 Other services, net 74,242 78,934 91,734 102,249 105,420 130,386 129,006 126,538 144,769 158,758 33,501 35,209 36,801 39,258 41,518 40,598 39,044 37,600 40,749 41,370 40,970 Balance on goods and services –417,432 –490,984 –605,356 –708,624 –753,288 –696,728 –698,338 –379,154 –494,737 –559,880 –117,952 –127,687 –129,137 –119,962 –137,225 –141,549 –134,822 –146,286 –148,364 –137,423 –124,488 Income receipts and payments Receipts 282,701 322,411 415,793 537,339 684,620 833,834 813,903 601,609 676,282 744,621 161,964 166,292 171,310 176,716 180,781 189,499 187,449 186,891 184,708 184,002 184,416 Payments –257,526 –278,721 –350,712 –468,748 –640,438 –732,349 –666,814 –481,891 –492,423 –517,614 –120,325 –118,607 –123,532 –129,958 –128,330 –133,290 –128,971 –127,022 –137,277 –131,949 –133,596 Balance on income 25,175 43,691 65,081 68,591 44,182 101,485 147,089 119,717 183,859 227,007 41,639 47,685 47,778 46,758 52,451 56,209 58,478 59,869 47,431 52,054 50,820 Unilateral current transfers, net 3 –64,990 –71,796 –88,243 –105,741 –91,515 –115,061 –125,885 –122,459 –131,074 –133,053 –34,681 –31,710 –33,216 –31,466 –35,223 –33,777 –31,815 –32,240 –32,692 –32,743 –33,839 Balance on current account –457,248 –519,089 –628,519 –745,774 –800,621 –710,303 –677,135 –381,896 –441,951 –465,926 –110,994 –111,713 –114,574 –104,671 –119,997 –119,117 –108,158 –118,656 –133,624 –118,112 –107,507 1 Adjusted from Census data to align with concepts and definitions used to prepare the inter2 Transfers under U.S. military agency sales contracts (exports) minus direct defense expendinational and national economic accounts. The adjustments are necessary to supplement coverage tures (imports). 3 Includes transfers of goods and services under U.S. military grant programs. of Census data, to eliminate duplication of transactions recorded elsewhere in the international accounts, to value transactions according to a standard definition, and for earlier years, to record See p. 37 for continuation of table. transactions in the appropriate period. 36 U.S. International Transactions—Continued In the financial account, U.S.-owned assets abroad increased $229.8 billion in the third quarter of 2012, following a decrease of $248.2 billion in the second quarter. Foreign-owned assets in the United States increased $282.0 billion in the third quarter, following a decrease of $143.6 billion in the second quarter. [Millions of dollars; quarterly data seasonally adjusted. Credits (+), debits (–)] Financial account Period U.S.-owned assets abroad, excluding financial derivatives [increase/financial outflow (–)] Capital account transactions, net Total 2002 �������������������� –141 2003 �������������������� –1,821 2004 �������������������� 3,049 2005 �������������������� 13,116 2006 �������������������� –1,788 2007 �������������������� 384 2008 �������������������� 6,010 2009 �������������������� –140 2010 �������������������� –157 2011 �������������������� –1,212 2010: I ���������������� –3 II ��������������� –2 III �������������� –146 IV �������������� –7 2011: I ���������������� –29 II ��������������� –829 III �������������� –300 IV �������������� –55 2012: I ���������������� –1 II ��������������� –291 III p ������������ ������������������ –294,646 –325,424 –1,000,870 –546,631 –1,285,729 –1,453,604 332,109 –119,535 –939,484 –483,653 –269,433 –154,408 –294,523 –221,120 –372,944 7,418 –91,896 –26,231 106,549 248,186 –229,774 U.S. official reserve assets 4 –3,681 1,523 2,805 14,096 2,374 –122 –4,848 –52,256 –1,834 –15,877 –773 –165 –1,096 200 –3,619 –6,267 –4,079 –1,912 –1,233 –3,289 –833 Other U.S. Government assets 345 537 1,710 5,539 5,346 –22,273 –529,615 541,342 7,540 –103,666 9,433 –2,441 788 –240 –547 –1,358 –1,137 –100,624 51,076 16,650 14,151 Statistical discrepancy Foreign-owned assets in the U.S., excluding financial derivatives [increase/financial inflow (+)] U.S. Private assets –291,310 –327,484 –1,005,385 –566,266 –1,293,449 –1,431,209 866,571 –608,622 –945,189 –364,110 –278,092 –151,802 –294,215 –221,080 –368,778 15,042 –86,679 76,305 56,706 234,826 –243,092 4 Consists of gold, special drawing rights (SDRs), foreign currencies, and the U.S. reserve position in the International Monetary Fund (IMF). Total 795,161 858,303 1,533,201 1,247,347 2,065,169 2,064,642 431,406 314,390 1,308,279 1,000,990 311,935 170,919 512,515 312,910 578,972 98,554 266,397 57,067 59,564 –143,607 281,960 Foreign official assets 115,945 278,069 397,755 259,268 487,939 481,043 554,634 480,286 398,188 211,826 89,961 65,838 168,611 73,778 72,974 121,822 19,889 –2,859 69,711 79,772 130,281 Other foreign assets 679,216 580,234 1,135,446 988,079 1,577,230 1,583,599 –123,228 –165,896 910,091 789,164 221,974 105,081 343,904 239,132 505,998 –23,268 246,508 59,926 –10,147 –223,379 151,679 Financial derivatives, net ������������������ ������������������ ������������������ ������������������ 29,710 6,222 –32,947 44,816 14,076 39,010 16,152 9,980 –11,893 –163 2,927 7,419 –3,949 32,613 –1,396 464 –6,406 Total (sum of the items with sign reversed) –43,126 –11,969 93,138 31,942 –6,742 92,660 –59,443 142,365 59,237 –89,208 52,342 85,224 –91,379 13,051 –88,930 6,555 –62,094 55,263 –31,092 13,360 61,727 Of which: Seasonal adjustment discrepancy ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ 16,062 –8,819 –22,075 14,832 17,684 –11,134 –26,771 20,223 19,501 –11,580 –27,070 U.S. official reserve assets, net (unadjusted, end of period) 4 79,006 85,938 86,824 65,127 65,895 70,565 77,648 130,760 132,433 147,953 127,521 124,514 133,099 132,433 139,315 147,660 148,487 147,953 149,078 149,830 153,075 Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the Treasury. 37 CONTENTS TOTAL OUTPUT, INCOME, AND SPENDING Page Gross Domestic Product ........................................................................................................................................................ 1 Real Gross Domestic Product ................................................................................................................................................ 2 Chained Price Indexes For Gross Domestic Product ............................................................................................................ 2 Gross Domestic Product and Related Price Measures: Indexes and Percent Changes ........................................................... 3 Nonfinancial Corporate Business—Gross Value Added and Price, Costs, and Profits .......................................................... 3 National Income .................................................................................................................................................................... 4 Real Personal Consumption Expenditures ............................................................................................................................ 4 Sources of Personal Income ................................................................................................................................................... 5 Disposition of Personal Income ............................................................................................................................................. 6 Farm Income ......................................................................................................................................................................... 7 Corporate Profits ................................................................................................................................................................... 8 Real Gross Private Domestic Investment ............................................................................................................................... 9 Real Private Fixed Investment by Type .................................................................................................................................. 10 Business Investment ............................................................................................................................................................... 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 and Nonfarm Business Sectors .............................................................................. 11 12 13 14 15 15 16 PRODUCTION AND BUSINESS ACTIVITY Industrial Production and Capacity Utilization .................................................................................................................... 17 Industrial Production—Major Market Groups and Selected Manufactures .......................................................................... 18 New Construction ................................................................................................................................................................. 19 New Private Housing and Vacancy Rates .............................................................................................................................. 19 Business Sales and Inventories—Manufacturing and Trade .................................................................................................. 20 Manufacturers’ Shipments, Inventories, and Orders .............................................................................................................. 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 ..................................................................................................................................... 32 Federal Receipts by Source and Outlays by Function ............................................................................................................ 33 Federal Sector, National Income Accounts Basis ................................................................................................................... 34 INTERNATIONAL STATISTICS Industrial Production and Consumer Prices—Major Industrial Countries ........................................................................... 35 U.S. International Trade in Goods and Services .................................................................................................................... 35 U.S. International Transactions ............................................................................................................................................. 36 General Notes Detail in these tables may not add to totals because of rounding. Unless otherwise noted, all dollar figures are in current dollars. Symbols used: p Preliminary. r Revised. c Corrected. ... Not available (also, not applicable). NSA Not seasonally adjusted. 38 U.S. GOVERNMENT PRINTING OFFICE : 2013 78-564