View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

111th Congress, 1st Session

Economic Indicators
JULY 2009
(Includes data available as of August 7, 2009)

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

UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 2009

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

HOUSE OF REPRESENTATIVES

MAURICE D. HINCHEY, New York
BARON P. HILL, Indiana
LORETTA SANCHEZ, California
ELIJAH E. CUMMINGS, Maryland
VIC SNYDER, Arkansas
KEVIN BRADY, Texas
RON PAUL, Texas
MICHAEL C. BURGESS, M.D., Texas
J O H N CAMPBELL, California

SENATE

EDWARD M. KENNEDY, Massachusetts
JEFF BINGAMAN, New Mexico
AMY KLOBUCHAR, Minnesota
ROBERT P. CASEY, J R . , Pennsylvania
JIM WEBB, Virginia
SAM BROWNBACK, Kansas
JIM D E M I N T , South Carolina
JAMES E. RISCH, Idaho
ROBERT F. BENNETT, Utah

NAN GIBSON, Executive Director

COUNCIL OF ECONOMIC ADVISERS
CHRISTINA D. ROMER, Chair
AUSTAN D. GOOLSBEE, Member
CECILIA E. ROUSE, Member

[PUBLIC LAW 120—81ST CONGRESS; CHAPTER 237—1ST SESSION]

JOINT RESOLUTION [S.J. Res. 55]
To print the monthly publication entitled ‘‘Economic Indicators’’
Resolved by the Senate and House of Representatives of the United

States of America

in Congress assembled, That the

Joint Economic Committee be authorized to issue a monthly publication entitled ‘‘Economic Indicators,’’ and that
a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant
at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies
to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic
Committee; and the required numbers of copies to the Superintendent of Documents for distribution to depository
libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public.
Approved June 23, 1949.
Charts prepared under the direction of the Printing and Procurement Branch,
Office of the Secretary, Department of Commerce.

Economic Indicators, published monthly, is available at $5.00 a single copy
($7.00 foreign), or by subscription at $58.00 per year ($81.20 for foreign mailing)
from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON, D.C. 20402
For sale by the U.S. Government Printing Office
Superintendent of Documents, Mail Stop: SSOP, Washington, DC 20402-9328
Also available on the internet at the following address: http://www.gpoaccess.gov/indicators
11

TOTAL OUTPUT, INCOME, AND SPENDING
GROSS DOMESTIC PRODUCT
In the second quarter of 2009, according to advance estimates, current-dollar gross domestic product (GDP) fell
0.8 percent (annual rate), real GDP (GDP in chained 2005 dollars) fell 1.0 percent, and the chained price index
rose 0.2 percent. (Series revised.)
BILLIONS OF DOLLARS (RATIO SCALE)
15,200

BILLIONS OF DOLLARS (RATIO SCALE)
15,200

SEASONALLY ADJUSTED ANNUAL RATES

14,800

14,800

14,400

14,400
C DP
IN CURREt-JT DOLLARS

14,000

14,000
13,600

13,600

-----

13,200
\

13,200

12,800
12,800
<^

12,400

12,400

IN CHA NED (2005) DOLLARS

12,000

y

12,000
11,600

—

11,600

/

'

11,200

11,200
10,800

10,800

10,400

10,400
- / - "
10,000

10,000

9,600

9,600

9,200

9,200

8,800

8,800
1999

2000

2001

2002

2003

2004

2005

2006

2007

SOURCE: DEPARTMENT OF COMMERCE

2008

2009

COUNCIL OF ECONOMIC ADVISERS

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

Period

r

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

r
..
II r .
r
III
IVr

2006: I

I r r ..
II r .
IIIr
IV
r
2008: I r ..
II r .
III
IV
r
2009: I ..
2007:

UP

Gross
Personal
private
conGross
domestic sumption domestic
product expendi- investment
tures
9,353.5
9,951.5
10,286.2
10,642.3
11,142.1
11,867.8
12,638.4
13,398.9
14,077.6
14,441.4
13,183.5
13,347.8
13,452.9
13,611.5
13,795.6
13,997.2
14,179.9
14,337.9
14,373.9
14,497.8
14,546.7
14,347.3
14,178.0
14,149.8

6,342.8
6,830.4
7,148.8
7,439.2
7,804.0
8,285.1
8,819.0
9,322.7
9,826.4
10,129.9
9,148.2
9,266.6
9,391.8
9,484.1
9,658.5
9,762.5
9,865.6
10,019.2
10,095.1
10,194.7
10,220.1
10,009.8
9,987.7
9,989.0

1,641.5
1,772.2
1,661.9
1,647.0
1,729.7
1,968.6
2,172.2
2,327.2
2,288.5
2,136.1
2,336.5
2,352.1
2,333.5
2,286.5
2,267.2
2,302.0
2,311.9
2,272.9

2,214.8
2,164.6
2,142.7
2,022.1
1,689.9
1,585.5

Exports and imports
of goods and services

Government consumption expenditures
and gross investment
Federal

Net
exports
¥262.1
¥382.1
¥371.0
¥427.2
¥504.1
¥618.7
¥722.7
¥769.3
¥713.8
¥707.8
¥775.8
¥781.4
¥805.7
¥714.3
¥729.4
¥724.8
¥698.4
¥702.5
¥744.4
¥738.7
¥757.5
¥590.5
¥378.5
¥347.8

Exports

Imports

Total
Total

989.3
1,093.2
1,027.7
1,003.0
1,041.0
1,180.2
1,305.1
1,471.0
1,655.9
1,831.1
1,414.0
1,456.0
1,476.0
1,538.2
1,564.9
1,602.1
1,685.2
1,771.6
1,803.6
1,901.5
1,913.1
1,706.2
1,509.3
1,483.7

1,251.4
1,475.3
1,398.7
1,430.2
1,545.1
1,798.9
2,027.8
2,240.3
2,369.7
2,538.9
2,189.8
2,237.4
2,281.7
2,252.5
2,294.3
2,326.9
2,383.6
2,474.0
2,548.1
2,640.2
2,670.5
2,296.7
1,887.9
1,831.5

1
GDP less exports of goods and services plus imports of goods and services.
Note.—GDP and related data reflect the comprehensive revision released on July 31, 2009.
"Real" estimates in chained dollars are now in 2005 dollars. For details see, Survey of Current Business, May 2009.

1,631.3
1,731.0
1,846.4
1,983.3
2,112.6
2,232.8
2,369.9
2,518.4
2,676.5
2,883.2
2,474.5
2,510.5
2,533.3
2,555.2
2,294.3
2,657.4
2,700.9
2,748.3
2,808.4
2,877.1
2,941.4
2,905.9
2,879.0
2,923.0

National
defense

Nondefense

554.9
576.1
611.7
680.6
756.5
824.6
876.3
9.31,47
976.7
1,082.6
928.5
930.3
932.2
935.9
942.8
968.1
991.4
1,004.3

361.1
371.0
393.0
437.7
497.9
550.8
589.0
624.9
662.1
737.9

193.8
205.0
398.7
242.9
258.5
273.9
287.3
306.8
314.5
344.7

615.5
624.1
623.3
636.6

313.0
306.2
308.9
299.3

636.7
6311.6
674.4
680.8

306.1
311.6
317.0
323.6

12,808.41,03
1,069.5
1,108.3
1,114.3

703.6
725.6
763.6
758.9

334.8
343.9
344.7
355.3

1,106.7
1,137.4

750.7
305.814

356.0
362.0

State
and
local
1,076.3
1,154.9
1,234.7
1,302.7
1,646.311
1,408.2
1,493.6
1,586.7
1,699.8
1,800.6

Final
sales of
domestic
product

Gross
domestic
purchases 1

Addendum:
Gross
national
product

9,292.7
9,896.9
10,324.5
10,63
11,125.8

9,615.6
10,333.5
10,657.2
11,069.5
11,646.3
12,486.4
1,493.61
14,168.2
14,791.4
15,149.2
13,959.3
14,129.2
14,258.6
14,325.8
14,525.0
14,722.0
14,878.3
15,040.3
1,038.3
15,236.4
15,304.2
14,391.8
14,556.5
14,497.5

9,381.3
9,989.2
.0218.71
10,691.4
11,210.8
11,959.0
12,5
13,471.3
14,193
14,583.3
13,264.0
10.5930.3
13,514.8
13,683.2
13,859.5
14,073.3
14,878.3
14,522.2
14,544.9
1,807.6
14,707.5
14,454.3
14,277.9

71,180.21,798

12,588.4
13,339.0
14,058.3
14,476.2
13,117.51 13,117.5
14,129.2 13,275.4
2,281.72 13,38
1,619.4 13,579.2
1,65
13,782.5
1,689.3 13,97
1,709.5 14,148.8
1,743.9 14,328.0
15,118.31 14,382.1
1,069.5725.6 1,807.61
1,833.1 14,583.7
1,114.37 14,391.8
1,772.3 14,305.3
4775.436 14,305.8

Source: Department of Commerce, Bureau of Economic Analysis.

REAL GROSS DOMESTIC PRODUCT
[Billions of chained (2005) dollars; quarterly data at seasonally adjusted annual rates]

Gross private
domestic investment
Period

1999 r
2000 r
2001 r
2002 r
2003 r
2004 r
2005 r
2006 r
2007 r
2008 r
2006: I ' .
II r
IIIr
IV r
2007: I ' .
II r
IIIr
IV r
2008: I ' .
II r
IIIr
IV r
2009: I ' .
UP

Personal
Gross
conNonresidomestic sumption dential
product expendi- fixed
tures
investment
10,779.8
11,226.0
11,347.2
11,553.0
11,840.7
12,263.8
12,638.4
12,976.2
13,254.1
13,312.2
12,915.9
12,962.5
12,965.9
13,060.7
13,099.9
13,204.0
13,321.1
13,391.2
13,366.9
13,415.3
13,324.6
13,141.9
12,925.4
12,892.4

7,240.9
7,608.1
7,813.9
8,021.9
8,247.6
8,532.7
8,819.0
9,073.5
9,313.9
9,290.9
8,986.6
9,035.0
9,090.7
9,181.6
9,265.1
9,291.5
9,335.6
9,363.6
9,349.6
9,351.0
9,267.7
9,195.3
9,209.2
9,180.5

1,200.9
1,318.5
1,28
1,180.2
1,191.0
1,263.0
1,347.3
1,453.9
1,544.3
1,569.7
1,424.9
1,450.3
1,466.0
1,474.5
1,489.6
1,530.3
1,565.8
1,591.3
1,598.9
1,604.4
1,579.2
1,496.1
1,321.2
1,290.6

Resi- Change
dential in prifixed
vate
invest- invenment
tories
574.2
68.5
580.0
60.2
583.3 ¥41.8
613.8
12.8
664.3
17.3
729.5
66.3
775.0
50.0
718.2
59.4
585.0
19.5
451.1 ¥25.9
775.2
65.8
740.1
72.5
697.4
67.5
660.2
31.8
631.7
14.5
610.4
23.3
572.9
29.8
525.0
10.3
483.2
.6
462.9 ¥37.1
443.3 ¥29.7
415.0 ¥37.4
367.9
¥113.9
337.4
¥141.1

Exports and imports of
goods and services

Government consumption expenditures
and gross investment
AddenFinal
Gross
dum:
sales of domestic
Gross
domestic
purproduct chases 1 national
product

Federal
Net
exports

¥356.6
¥451.6
¥472.1
¥548.8
¥603.9
¥688.0
¥722.7
¥729.2
¥647.7
¥494.3
¥732.6
¥732.8
¥756.5
¥694.9
¥705.0
¥683.4
¥638.4
¥564.0
¥550.9
¥476.0
¥479.2
¥470.9
¥386.5
¥339.3

Exports

Imports

1,094.3
1,188.3
1,121.6
1,099.2
1,116.8
1,222.8
1,305.1
1,422.0
1,546.1
1,629.3
1,388.8
1,412.1
1,414.1
1,473.2
1,485.9
1,504.8
1,569.9
1,624.0
1,623.4
1,670.4
1,655.2
1,568.0
1,434.5
1,408.9

1,450.9
1,639.9
1,593.8
1,648.0
1,720.7
1,910.8
2,027.8
2,151.2
2,193.8
2,123.5
2,121.3
2,144.9
2,170.5
2,168.1
2,190.8
2,188.1
2,208.3
2,188.0
2,174.3
2,146.5
2,134.4
2,038.9
1,821.0
1,748.2

1

GDP less exports of goods and services plus imports of goods and services.
NOTE.—Because of the formula used for calculating real GDP, the chained (2005) dollar
estimates for the detailed components do not add to the chained-dollar value of GDP ortoany
intermediate aggregates.

Total
Total

National
defense

2,056.1 694.6 455.8
2,097.8 698.1 453.5
2,178.3 726.5 470.7
2,279.6 779.5 505.3
2,330.5 831.1 549.2
2,362.0 865.0 580.4
2,369.9 876.3 589.0
2.02,1 894.9 598.4
2,443.1 906.4 611.5
2,518.1 975.9 659.4
2,397.1 900.5 595.6
2,399.1 892.8 597.2
2,402.7 892.0 594.3
2,409.4 894.4 606.5
2,409.5 882.8 594.7
2,435.4 898.7 607.1
2,458.9 919.0 621.7
2,468.7 925.1 622.4
2,484.7 943.4 634.8
2,506.9 961.3 645.6
2,536.6 991.6 675.4
2,544.0 1,007.3 681.7
2,527.2
672.8
996.3
2,562.1
694.1
1,022.4

Nondefense
238.7
244.4
255.5
273.9
281.7
284.6
287.3
296.6
294.9
316.4
305.0
295.7
297.7
287.8
,805.01
291.6
297.2
302.7
308.6
315.8
315.9
325.4
323.4
328.1

State
and
local

1,361.8
1,681.41
1,452.3
1,500.6
1,499.7
12,198.21
1,493.6
1,507.2
1,536.7
1,543.7
1,496.6
1,506.3
1,510.8
1,515.0
1,526.5
1,536.5
1,540
2.4302.7
1,541.9
1,546
1,547.0
1,007.3
1,53
1,542.6

10,715.7
11,167.5
11,391.7
11,543.5
11,824.8

11,141.1 10,812.1
11,681.4 11,167.511,68
11,825.7 11,404.6
12,107.7 11,606.9
1,499.711,82 1 1 , 8 2
1,910.82,362 12,95
12,198.212,95
12,588.4 1,493.61 1 2 , 5
1,507.21 13,705.7 13,046.1
13,234.3 13,901.6 13,362.8
13,341.2 13,801.2 13,442.6
12,851.3 13,648.7 1,496.612
12,891.0 13,695.5 13,035.4
12,898.3 13,722.8 13,025.1
06.5287.8 1 3 , 0 2 7 13,129.5
13,086.4 13,805.0 13,160.5
13,179.6 13,887.6 13,275.9
1,540.013 13,959.7 13,451.5
13,381.1 13,954.2 13,563.3
13,363.5 13,916.4 13,525.4
13,453.5 13,885.5 13,533.7
1,547.013 13,798.8 1 3 , 7
13,193.5 13,604.0 13,240.5
13,055.8 13,303.1 13,303.1
13,049.5 13,225.4

See Note, p. 1.
Source: Department of Commerce, Bureau of Economic Analysis.

CHAINED PRICE INDEXES FOR GROSS DOMESTIC PRODUCT
[Index numbers, 2005 = 100; quarterly data are seasonally adjusted]
Gross private
domestic investment

Personal consumption
expenditures

Period

1999 r
2000 r
2001 r
2002 r
2003 r
2004 r
2005 r
2006 r
2007 r
2008 r
2006: I '
IIr
III r
2007: I '
IIr
III r
2008: I '
II
III r

rv
2009:

I'
IIp

See Note, p. 1.

Gross
domestic
product

86.766
88.648
90.654
92.113
94.099
96.769
100.000
103.263
106.221
108.481
102.071
102.980
103.763
104.237
105.327
106.026
106.460
107.072
107.577
108.061
109.130
109.155
109.661
109.726

Total

87.596
89.777
91.488
92.736
94.622
97.098
100.000
102.746
105.502
109.031
101.803
102.567
103.316
103.298
104.250
105.074
105.681
107.005
107.974
109.021
110.273
108.855
108.449
108.804

Goods

95.603
97.520
97.429
96.430
96.380
97.867
100.000
101.508
102.789
106.150
101.116
101.765
102.329
100.822
101.612
102.548
102.627
104.370
105.689
106.678
108.451
103.784
102.186
102.853

Services

83.515
85.824
8897.4298
90.807
93.692
97.09897
100.000
102.746101
106.964
110.582
102.171
102.998
103.844
104.630
105.668
106.433
107.327
108.427
109.213
110.296
111.275
111.542
111.749
111.943

Nonresidential
fixed
96.173
91.999
9 8 8
95.363
95.355
96.834
100.000
103.4
102.789
107.897
102.279
103.112
103.878
104.8
105.668105.6
105.074

106.354
106.693
106.617
107.161
108.314
109.498
109.154
102.8531

E x p o r t s and i m p o r t s of
goods and services

Government consumption expenditures
and gross investment
Federal

Residential fixed
74.151
77.415
80.994
83.002
86.953
93.296
100.000
101.5081
107.513
105.779
104.890
105.940
106.295
107.199
107.604
104107
107.455
107.686
106.6171
106.838
105.807
109.498
109.15
102.853111.9

Exports

Imports
Total

90.408
91.99
91.627
91.253
93.216
96.517
100.000
103.447
107.513
112.389
104.8
103.112105

104.5
104.8
105.355
102.548106
107.396
109.144
111.156
113.890
115.638
103.7841

115.5
105.368

86.250
89.963
85.612
86.784
89.796
94.14
100.000
103.534
106.209107
119.559
103.243
104.322
104.8831

107.19
105.3551
106.332
107.937
113.08
117.234
123.069
125.203
112.730
103.746
102.5

79.036
82.524
85.019
86.8
91.024
95.335
100.000
103.447
107.754
112.38
102.1
104.187
104.502
104.868107

105.68
107.307
107.896
108.577
110.077
111.265
110.273108.4

110.628
111.74
111.256

National
defense
79.225
81.821
83.484
86.624
91.7749
94.895
100.000
103.4681
10.6
112.3
103.336
104.499
104.3
104.965
107.089
106.332
107.93
109.389
110.857
112.402
113.059
111.334
111.084
111.719

Source: Department of Commerce, Bureau of Economic Analysis.

Nondefense
81.188
83.907
85.612
88.689
91.774
96.234
100.000
101.508
108.2
106.15
102.171102
104.4991

103.8
103.972
106.243
106.858
107.8
106.908
108.469
10.2
109.149
109.498
9109.15
3108.12

State
and local
79.036
82.482
85.019
86.810
90.425
94.062
100.000
105.276
9107.5
116.642
103.307
104.916
105.990
103.972
108.527
109.949
111.009
112.975
114.803
116.877
118.493
116.396
115.587
115.755

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
Gross domestic product (GDP)

Personal consumption
expenditures (PCE)

Personal consumption
expenditures (PCE)

Gross domestic product (GDP)

Period
Real GDP
(chain-type
quantity
index)
1999 r
2000 r
2001r
2002 r
2003r
2004 r
2005 r
2006 r
2007 r
2008 r

PCE
(chain-type
price index)

PCE
less food
and energy
price index

Real GDP
(chain-type
quantity
index)

GDP
(current
dollars)

GDP
chain-type
price
index

GDP
implicit
price
deflator

PCE
(chain-type
price index)

PCE
less food
and energy
price index

2009: I r
UP

86.7668
88.647
90.650
92.118
94.100
96.770
100.000
103.257
106.214
108.483
98.766
99.438
100.461
101.309
102.071
102.973
103.756
104.218
105.32710
106.008
106.447
107.069

87.596
89.777
91.488
92.736
94.622
97.098
100.000
102.746
105.502
109.031
98.754
99.374
100.495
101.377
101.803
102.97
103.756
103.298
104.250
105.074
1.61
107.005

89.555
91.111
92.739
94.345
95.784
97.788
100.000
102.292
104.699
107.207
99.229
99.768
100.172
100.8731
101.325
102.567
103.76310
103.154
103.862
104.318
104.904
105.714

6.4
6.4
3.4
3.5
4.7
6.5
6.5
6.0
5.1
2.6
8.0
4.5
7.4
5.6
8.6
5.1
3.2
4.8
5.5
6.0
5.3
4.5

4.8
4.1
1.1
1.8
2.5
3.6
3.1
27
2.1
.4
4.1
1.7
3.1
2.1
5.4
1.4
.1
3.0
1.2
3.2
3.6
2.1

1.5
2.2
2.3
1.6
2.2
2.8
3.3
3.3
2.9
2.1
3.8
2.7
4.2
3.4
3.0
3.6
3.1
1.8
4.2
2.7
1.6
2.3

1.5
2.2
2.3
1.6
2.2
2.8
3.3
3.3
2.9
2.1
3.7
2.7
4.2
3.4
3.0
3.6
3.1
1.8
4.3
2.7
1.7
2.4

1.6
2.5
1.9
1.4
2.0
2.6
3.0
2.7
2.7
3.3
2.4
2.5
4.6
3.6
1.7
3.0
3.0
2.1
3.7
3.2
2.3
5.1

1.5
1.7
1.8
1.7
1.5
2.1
2.3
2.3
2.4
2.4
2.9
2.2
1.6
2.7
2.0
2.9
2.3
2.1
2.8
1.8
2.3
3.1

107.577
108.061
109.130
109.155

107.534
108.069
109.172
109.172

107.974
109.021
110.273
108.855

106.33
106.976
107.652
107.866

1.0
3.5
1.4
¥5.4

1.7
1.5
¥2.7
¥5.4

1.9
1.8
4.0
.1

1.7
2.0
4.1
.0

3.7
3.9
4.7
¥5.0

2.4
2.4
2.6
.8

102.271
102.010

I'
IIr
IIIr
IV r

86.766
88.648
90.654
92.113
94.099
96.769
100.000
103.263
106.221
108.481
98.774
99.445
100.470
101.312
102.071
102.980
103.763
104.237
105.327
106.026
106.460
107.072

105.764
106.147
105.430
103.984

I'
IIr
IIIr
IV r

2007: I r
IIr
IIIr
IV r
2008-

GDP
implicit
price
deflator

85.295
88.825
89.783
91.412
93.688
97.036
100.000
102.673
104.872
105.331
99.175
99.598
100.354
100.873
102.196
102.564
102.592
103.341
103.652
104.475
105.402
105.957

2005: I r
IIr
IIIr
IV r
2006-

GDP
chain-type
price
index

109.661
109.726

109.691
109.753

108.449
108.804

108.173
108.702

¥4.6
¥.8

¥6.4
¥1.0

1.9
.2

1.9
.2

¥1.5
1.3

1.1
2.0

1
Quarterly percent changes are at annual rates.
Note.—See Note, p. 1.

Source: Department of Commerce, Bureau of Economic Analysis.

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

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

Unit nonlabor cost

Period
Total

Compensation of employees
(unit labor
cost)

Consumption of
fixed
capital

Taxes
on production
and imports 3

Net interest and
miscellaneous
payments

Corporate profits with inventory
valuation and capital consumption
adjustments 4

Current
dollars

Chained
(2005)
dollars

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

4,955.5
5,279.4
5,252.5
5,307.7
5,503.7
5,877.5
6,302.8
6,740.3
6,970.1
6,971.5

5,422.5
5,707.9
5,604.6
5,629.3
5,767.4
6,040.4
6,302.8
6,536.5
6,649.4
6,675.5

0.914
.925
.937
.943
.954
.973
1.000
1.031
1.048
1.044

0.601
.621
.635
. 0
.633
.627
. 1
. 0
.656
.663

0.214
.222
. 6
.237
.237
.234
.243
.250
.264
.275

0.099
.103
.113
.116
.116
.115
.118
.123
.128
.135

0.085
.085
.088
.092
.095
.097
.101
.102
.102
.104

0.0320
.034
.035
.029
.026
.022
.024
.025
.034
.036

0.098
.082
.066
.076
.084
.112
.127
.141
.127
.107

0.032
.030
.020
.017
.023
.031
.043
.047
.045
.036

0.067
.052
.046
.059
.061
.081
.083
.094
.082
.071

2006-

I'
IIr
IIIr
IV r
2007: I r
IIr
IIIr
IV r
2008- I '
IIr
IIIr
IV r

6,629.5
6,668.1
6,811.8
6,851.8
6,909.3
6,988.8
6,949.7
7,032.6
6,934.9
6,974.4
7,042.4
6,934.1

6,505.1
6,480.0
6,567.2
6,593.8
6 597.4
6,649.8
6,624.9
6,725.5
6,664.3
6,735.8
6,722.6
6,579.3

1.019
1.029
1.037
1.039
1.047
1.051
1.049
1.046
1.041
1.035
1.048
1.054

.635
.01
.637
.647
.654
.653
.659
.659
.665
.658
.61
.10

.245
. 0
.050
.253
.258
.263
.268
.268
.271
.272
.274
.282

.102.0
.123
.123
.124
.126
.127
.129
.129
.132
.132
.135
.139

.102
.103
.102
.102
.102
.102
.103
.102
.103
.103
.104
.105

.023
.024
.025
.027
.030
.034
.036
.037
.036
.037
.035
.038

.139
.138
.050
.138
.135
.135
.122
.118
.105
.106
.114
.102

.045
.048
.050
.045
.047
.046
.043
.044
.038
.039
.038
.027

.093
.090
.100
.093
.087
.089
.079
.074
.066
.067
.076
.075

2009-

6,727.4

6,300.9

1.068

.676

. 1

.145

.108

.038

.100

.031

.068

1

I'

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

s

Total

Total

Less subsidies plus business current transfer payments.
4
Unit profits from current production.
5
With inventory valuation and capital consumption adjustments.
Note.—See Note., p. 1.
Source: Department of Commerce, Bureau of Economic Analysis.

Taxes on
corporate
income

Profits
after
tax 5

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

National
income

Period

1999 r
2000 r
2001 r
2002 r
2003 r
2004 r
2005 r
2006 r
2007 r
2008 r
2006: I '
I I r ...
III r ..
IV r ..
2007: I '
I I r ...
III r ..
IV r ..
2008: I '
I I r ...
III r ..
IV r ..
2009: I '
UP ...
1

8,358.0
8,938.9
9,185.2
9,408.5
9,840.2
10,534.0
11,273.8
12,031.2
12,448.2
12,635.2
11,838.2
11,965.9
12,093.0
12,227.9
12,253.9
12,421.1
12,482.2
12,635.4
12,661.5
12,664.4
12,781.0
12,433.9
12,242.2

Compensation
of
employees

5,353.9
5,788.8
5,979.3
6,110.8
6,382.6
6,693.4
7,065.0
7,477.0
7,856.5
8,037.4
7,353.7
7,419.9
7,484.1
7,650.3
7,757.2
7,819.7
7,869.6
7,979.3
8,017.5
8,032.8
8,069.1
8,030.3
7,859.1
7,756.4

Farm

Nonfarm

28.5
29.6
30.5
18.5
36.5
49.7
43.9
29.3
39.4
48.7
28.4
28.4
28.4
32.2
36.7
35.7
37.5
47.9
57.2
49.4
49.3
3.98,0
27.3
27 2

Corporate profits with inventory valuation and
capital consumption adjustments

Rental
income
of
persons
with
capital
consumption
adjustment

718.3
787.8
840.2
871.8
894.1
984.1
1,025.9
1,103.6
1,056.9
1,057.5
1,098.5
1,104.8
1,102.8
1,108.4
1,057.5
1,060.3
1,055.7
1,054.2
1,057.9
1,062.5
1,065.1
1,044.5
1,010.5
996.2

208.2
215.3
232.4
218.7
204.2
198.4
178.2
146.5
144.9
210.4
161.3
153.2
140.3
131.2
121.1
140.3
150.2
168.0
179.9
202.8
222.2
236.7
245.9
255.2

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

Total

856.3
819.2
5840.2
872.2
977.8
1,246.9
1,456.1
1,608.3
1,541.7
1,360.4
1,590.9
1,597
1,655.1
1,589.6
1,535.4
1,594.9
1,537.1
7,979.34
1,459.7
1,403.7
1,454.6
1,123.6
1,182.7

776.6
755.7
720.8
762.8
892.2
1,195.1
1,025
1,784.7
1,056.914
1,424.5
1,781.9
1,771.4
1,102.8
1,762.7
1,535.4
1,594.91
1,732.9
1,054.21

780.5
772.5
712.7
765.3
903.5
1,229.4
1,640.2
1,822.7
1,774
1,462.7

1,057.9
1,463.8
1222.2
1,199.3
1,327.6

1,620.8
1,593.5
1,576.6
1,060.1

With inventory valuation and capital consumption adjustments.

161.3
1,819.8
1,655.1
1,589.61,7
1,747.6
1,808.6
1,758.2
1,783.1

1,246.5

Capital
consumption
adjustment

Inventory
valuation
adjustment

¥4.0
¥16.8
8.0
¥2.6
¥11.3
¥34.3
¥30.7
¥38.0
¥44.0
¥38.2
¥33.4
¥48.4
¥42.3
¥28.0
¥42.2
¥29.5
¥25.3
¥79.0
¥107.9
¥129.6
¥54.5
139.2
81.1

Net
interest
and
miscellaneous
payments

Taxes
on
production
and
imports

481.4
539.3
544.4
506.4
504.1
461.6
543.0
652.2
739.2
815.1
608.9
654.4
661.6
684.0
690.6
711.3
756.0
798.9
790.7
809.0
806.1
854.7
826.2
805.2

673.6
708.6
727.7
762.8
806.8
863.4
930.2
986.8
1,028.7
1,047.3
971.5
983.3
991.6
1,000.7
1,015.3
1,025.2
1,032.2
1,042.3
1,042.5
1,050.8
1,058.5
1,037.3
1,018.8
1,026.5

79.7
63.6
63.4
109.4
85.6
51.8
¥153.4
¥176.4
¥188.7
¥64.1
¥191.0
¥173.7
¥167.7
¥173.2
¥170.0
¥184.2
¥195.8
¥204.7
¥53.2
¥60.1
¥67.6
¥75.6
- 144.9
¥131.8

Less:
Subsidies

Business
current
transfer
payments

45.2
45.8
58.7
41.4
49.1
46.4
60.9
51.4
54.8
53.5
55.6
51.4
49.8
48.7
49.2
58.3
56.0
55.4
53.1
52.9
52.9
55.2
55.5
55.1

69.0
87.0
101.3
82.4
76.1
81.7
95.9
83.0
102.2
118.8
82.8
79.3
83.6
86.1
97.8
99.0
105.0
107.0
114.8
112.6
116.0
131.8
137.9
145.2

Current
surplus
of government
enterprises

14.1
9.1
4.0
6.3
7.0
1.2
¥3.5
¥4.2
¥6.6
¥6.9
¥2.4
¥3.8
¥4.7
¥6.0
¥8.4
¥6.9
¥4.9
¥6.0
¥5.6
¥6.3
¥6.9
¥8.9
¥10.7
¥8.9

Note.—See Note, p. 1.
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
Total
personal
consumption
expenditures

Period

1999 r
2000 r
2001 r
2002 r
2003 r
2004 r
2005 r
2006 r
2007 r
2008 r
2006: I '
IIr
III r
IV r
2007: I '
IIr
III r
IV r
2008: I '
IIr
III r
IV r
2009: I '
UP
1

....
....

....
....

....
....

7,240.9
7,608.1
7,813.9
8,021.9
8,247.6
8,532.7
8,819.0
9,073.5
9,313.9
9,290.9
8,986.6
9,035.0
9,090.7
9,181.6
9,265.1
9,291.5
9,335.6
9,363.6
9,349.6
9,351.0
9,267.7
9,195.3
9,209.2
9,180.5

Services

Durable

Total
goods

2,395.3
2,521.7
2,600.9
2,706.6
2,829.9
2,955.3
3,073.9
3,173.9
3,273.7
3,206.0
3,145.7
3,150.8
3,176.4
3,222.5
3,253.9
3,255.4
3,280.6
3,304.8
3,262.1
3,257.8
3,193.6
3,110.4
3,129.8
3,097.9

Total
durable
goods1

753.8
819.9
864.4
930.0
986.1
1,051.0
1,105.5
1,150.4
1,199.9
1,146.3
1,142.3
1,139.4
1,152.1
1,167.9
1,183.7
1,189.9
1,205.0
1,221.2
1,193.2
1,175.7
1,139.6
1,076.8
1,087.2
1,067.5

Nondurable

Motor
vehicles
and
parts

345.1
356.1
374.3
394.0
405.3
411.3
409.6
396.6
402.4
347.5
393.3
393.2
400.3
399.7
402.4
404.1
400.5
402.6
384.4
361.4
337.8
306.2
311.2
,067.5

Total
nondurable
goods 1

1,660.9
1,714.7
1,745.6
1,780.2
1,845.6
1,904.6
1,968.4
2,023.6
2,074.8
2,057.3
2,003.7
2,011.6
2,024.5
2,054.7
2,070.3
2,066.1
2,076.8
2,086.0
2,070.1
2,081.4
2,051.5
2,026.1
2,035.5
2,022.4

Food and
beverages
purchased
for offpremises
consumption
587.4
600.6
607.6
.0394.0
622.4
639.2
665.0
686.2
74.87
700.7
3726.07
684.2
686.6
59.45
700.8
696.2
699.2
706.6
708.0
9289.9
139.6
686.4
687.4
695.1

Includes other items, not shown separately.
Food consists of food and beverages purchased for off-premises consumption; food services,
which include purchased meals and beverages, are not classified as food.
NOTE.—Because of the formula used for calculating real GDP, the chained (2005) dollar
2

Gasoline
and
other
energy
goods

292.5
287.1
289.2
394.0
302.2
306.5
304.8
298.4
,074.87
287.4
296.4
297.2
300.0
299.9
301.5
30.11,3
,055.55
298.5
292.6
289.9

20.1

287.2
293.2
292.2

Total
services 1

4,852.8
5,093.3
5,218.7
5,318.1
5,418.4
5,577.6
5,745.1
5,899.7
6,040.8
6,083.1
5,841.0
6684.2
5,914.3
5,959.4
6,011.7
6,036.2
6,055.5
6,059.7
6,087.1
6,092.5
6,072.4
6,080.4
6,076.0
6,077.3

Household
consumption
expenditures

4,690.4
4,917.8
5,218
5,109.3
5,199.0
5,359.3
5,531.0
5,664
5,796.1
5,817.6
5,618.2
5,652.1
5,671.4
5,716.0
3700.8
5,799.2
56,055.55,8

5,804.8
5,827.3
5.7361.42
5,805.2
5,806.6
5,817.2
5,822.8

Housing
and
utilities

1,371.8
1,413.7
5,218.75
1,462.0
1,480.2
1,512.8
1,582.8
1,616.7
1,631.8
3347.52
1,598.9
1,617.8
1,627.6
3,222.5
1,629.3
1,630.1
1,634.6
116.1
1,643.8
1,647.3
1,641.6
1,656.3
1,656.9
1,653.4

Health
care

1,045.6
1,081.5
1,135.4
1,202.3
5,199.01,4
12.81,26
1,316.0
1,340.0
1,631.81,375

1,64
1,598.91,3
9.4393.2
1,335.8
1,347.7
1,365.1
1,630.11,37
1,377.6
1,387.6
1,409.0
1.4708.92
8,120.11
1,422.4
1,434.3
1,442.1

Financial
services
and
insurance

605.6
665.4
660.7
658.3
657.8
691.8
712.6
735.4
772.3
759.8
726.0
731.3
735.6
748.8
762.8
776.7
779.1
770.5
766.1
763.8
758.5
750.6
751.4
756.5

Addendum:
Personal
consumption
expenditures
excluding
food and
energy2

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

6,202.5
1,081.56
1,745.6607
6,941.9
7,142.0
7,402.6
5,531.01,58

16.9
17.3
17.1
16.8
16.6
16.9
16.9
16.5
16.1
13.2
16.8
16.4
16.5
16.3
16.3
16.1
15.9
16.1
15.3
14.1
12.9
10.5
9.5
9.6

5,899.7
8,126.3
8,123.6
7,837.8
7,868.0
5,914.3
8,002.8
8,074.9
6,036.25,7

81,634
8,177.1
81,409.07
81.4708

80.1

8,038.7
6,076.05,817
2,022.469

estimates for the detailed components do not add to the chained-dollar value of GDP or to any
intermediate aggregates.
See Note, p. 1.
Source: Department of Commerce, Bureau of Economic Analysis

SOURCES OF PERSONAL INCOME
Personal income fell $159.8 billion (annual rate) in June following an increase of $155.1 billion in May. Wages
and salaries fell $25.8 billion in June following a decrease of $6.9 billion in May. (Series revised.)
BILLIONS OF DOLLARS* (RATIO SCALE)
13,000
12,000
11,000
10,000

p-

_

1

^N——c—

_.—-••"

|

9,000
8,000

BILLIONS OF DOLLARS* (RATIO SCALE)
13,000
•
••
12,000
11,000
10,000
9,000

\
TOTAL PERSON

—~

8,000

7,000

7,000
«.

6,000

6,000

\~x~~~~
_-^p—

5,000
4,000

5,000
4,000

3,000

3,000

,A

2,000

i ERSONALCURRE N l
i RANSFER RECEI>TS

/

2,000

^

•

\ . _
1,400

1,400
>p^

,y~

800

1 1 1 1 1 1 M 1 i 1 i1 t 1 f i i i i
i i

MM

2001

2002

11111111111

MI !
1 1 1 ! 1 1 1 1 1M1 1

2004

2003

2006

2005

IIi

ii1i

n i i

2007

"SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE

2008

2009

COUNCIL OF ECONOMIC ADVfSERS

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

Period

1999 r
2000 r
2001 r
2002 r
2003 r
2004 r
2005 r
2006r
2007r
2008 r
2008: June r
Julyr
Augr
Septr
Octr
Novr
Decr
2009: Jan r
Feb r
Mar r
Apr r
May r
Junep ....
1
2
s

Total
personal
income

Total

7,910.8
8,559.4
8,883.3
9,060.1
9,378.1
9,937.2
10,485.9
11,268.1
11,894.1
12,238.8
12,354.2
12,254.8
12,298.4
12,306.6
12,268.2
12,235.6
12,196.6
12,068.0
11,966.2
11,911.2
11,939.6
12,094.7
11,934.9

5,348.8
5,788.8
5,979.3
6,110.8
6,367.6
6,708.4
7,060.0
7,475.7
7,862.7
8,042.4
8,041.6
8,057.0
8,082.4
8,067.8
8,071.6
8,058.2
8,021.2
7,897.1
7,831.7
7,788.5
7,769.1
7,763.1
7,737.1

Wage and
salary
disbursements

4,460.0
4,827.7
4,952.2
4,997.3
5,139.6
5,425.7
5,701.0
6,068.9
6,408.9
6,545.9
6,544.7
6,557.8
6,580.0
6,565.1
6,566.3
6,550.2
6,514.0
6,394.0
6,332.0
6,290.7
6,271.3
6,264.4
6,238.6

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

Proprietors' income 1

Personal ncome receipts on assets

Supplements to
and
salaries

888.8
961.2
1,027.1
1,113.5
1,228.0
1,282.7
1,359.1
6,068.9
1,453.8
1,496.6
1,496.9
1,499.2
1,502.3
1,502.7
1,505.3
1,507.9
1,507.2
1,503.1
1,499.7
1,497.8
1,497.8
1,498.8
1,498.5

Farm

28.5
29.6
30.5
18.5
36.5
49.7
43.9
29.3
39.4
48.7
48.3
50.4
580.01

47.3
42.0
68,05
36.7
01,50
2.1
25.0
271.31

27.7
26.8

Nonfarm

718.3
787.8
840.2
8218
82.1
43
1

Rental
income
of
persons 2

984.1
1,025.9
1,103.6
1,056.9
1,05

208.2
215.3
232.4
218.7
204.2
198.4
178.2
146.5
,408.9
210.4

1,496.948
1,068.3
1,065.1
1,062.1
1,056.6
1,043.8
1,033.2

210.5
216.4
222.2
228.1
234.2
237.0
13.89

1,019.2
1,010.1
1,002.1
997.9
995.4
995.2

242.2
245.9
225.857
252.2
255.4
258.2

Total

1,246.8
1,360.7
1,346.0
1,309.6
1,312.9
1,408.5
1,542.0
1,829.7
2,031.5
1,994.4
1,990.7
1,068.3
580.01,5
2,006.5
1,975.0
1,956.5
1,033.2238
16,394.0
1,845
1,797.1
1,78
1,782.5
1,775.2

Personal
interest
income

910.9
984.2
976.5
911.9
889.8
860.2
987.0
1,127.5
1,056.914
1,308.0
1,307.0
1,318.2
1,328.1
1,337.0
1,308.3
1,956
2238.9
1,261.0
1,243.4
1,225.8
1,236.7
827.7995
1,258.4

Personal
dividend
income

335.9
376.5
369.5
397.7
423.1
548.3
555.0
702.2
765.1
686.4
683.7
678.1
673.3
669.6
666.7
664.8
913.89
633.0
602.1
571.2
553.1
534.9
516.8

Personal
current
transfer
receipts 3

1,246
1,083.0
1,188.1
1,282.1
1,341.7
1,415.5
1,508.6
1,605.0
1,718.0
1,875.9
1,990.71,307
1,859.1
1673.31,87
1,890.2
1,056.6234
1,043.8
1,033.2238
1,261.0

1,499.7
2,016.2
2,068.4
2,234.5
2,102.8

tributions
for government social
insurance,
domestic

661.3
705.8
733.2
751.5
778.9
827.3
872.7
921.8
959.3
990.6
990.4
992.7
996.6
995.4
995.6
994.3
990.0
981.4
972.9
967.4
964.7
963.9
960.4

Note.—For information on the effects of the American Recovery and Reinvestment Act of
2009 on personal income data, see Personal Income and Outlays: June 2009, release dated August 4, 2009.
See Note, p. 1.
Source: Department of Commerce, Bureau of Economic Analysis.

DISPOSITION OF PERSONAL INCOME
According to advance estimates, per capita disposable personal income in chained (2005) dollars rose at an
annual rate of 2.4 percent in the second quarter of 2009. (Series revised.)
BILLIONS OF DOLLARS* (RATIO SCALE)

BILLIONS OF DOLLARS* (RATIO SCALE]
11,500
11,000

11,500
11,000

10,500

*

10,000

10,500

DISPOSABLE PERSONS L INCOME

9,500

10,000

9,000

9400
9,000

8,500
PERSONAL OUTLAYS

8,000

^ ^ ^

7,500

8,500

r<^3i

8,000
SAVING

7,500

7,000
7,000

6,500

6,500
I t !

6,000

I l l

1

1 1

1

1 1

1

1 1

1

1 1

!

1 1

1

1 1

i

i

i

i

i

DOLLARS* (RATIO SCALE)
38,000

36,000

i

i

i

i

6,000

DOLLARS* (RATIO SCALE)
38,000

PER CAPITA DISPOSABLE PERSONAL INCOME

36,000

- —

34,000

CHAINtD (2005| DOLLARS
34,000

32,000

32,000

30,000

30,000

- " " " " C U R R E N T DOLLARS

28,000

.

s~~^

28,000

26,000

26,000

^ >

24,000
22,000

1

I

I

1

1 1

2000

1999

1

1 1

2001

1

1 1

2002

1

1 1

1

2003

1 1

1

2004

[

1

2005

1

1 1

2006

1

1 1

2007

1

1 1

2008

1

1 !

22,000

2009

COUNCIL OF ECONOMIC ADVISERS

Period

Personal
income

Less:
Personal
current
taxes

Equals:
Disposable
personal
income

Less:
Personal
outlays 1

Equals:
Personal
saving

Disposable
personal
income in
billions of
chained
(2005)
dollars

Per capita
disposable personal
income
Current
dollars

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

7,910.8
8,559.4
8,883.3
9,060.1
9,378.1
9,937.2
10,485.9
11,268.1
11,894.1
12,238.8

1,107.5 6,803.3 6,595.5
1,232.3 7,327.2 7,114.1
1,234.8 7,648.5 7,443.5
1,050.4 8,009.7 7,727.5
1,000.3 8,377.8 8,088.0
1,047.8 8,889.4 8,585.7
1,208.6 9,277.3 9,149.6
1,352.4 9,915.7 9,680.7
1,490.9 10,403.1 10,224.3
1,432.4 10,806.4 10,520.0

Chained
(2005)
dollars

Per capita personal
consumption
expenditures
Current
dollars

Chained
(2005)
dollars

Dollars
207.8
213.1
204.9
282.2
289.8
303.7
127.7
235.0
178.9
,806.4

7,766.7
8,161.5
8,360.1
8,637.1
8,853.9
9,155.1
9,277.3
9,650.7
9,860.6
9,911.3

24,356
25,945
26,809
27,806
28,816
.7303
31,338
30,3643
34,478
35,486

Percent
change
in real
per capita
disposable
personal
income

Saving as
percent of
disposable
personal
income

Population,
including
Armed
Forces
overseas
(thousands) 2

Percent

27,805
28,899
27,3
29,984
30,454
31,209
31,338
30,36
32,679
32,546

22,707
24,186
25,058
25,826
26,843
293,3
296,0
31,198
32,566
33,264

25,923
26,940
27,389
27,849
28,369
29,087
296,0
30,364
30,868
30,509

1.9
3.9
1.4
2.3
1.6
2.5
,4
3,1
1.2
¥.4

30,72530
31,05430
3299,175
31,6173
32,697
32,664
32,716
32,642
32,379
33,075
32,270
305,620
32,485
32,675

30,725
31,054
39,982
31,617
300,6
32,398
32,656
33,081
33,262
33,521
33,522
32,752
32,613
32,551

30,182
30,278
30,386
30,609
30,818
30,835
30,901
30,917
30,806
30,747
30,399
30,087
30,071
29,916

6.8
2.6
.8
4.2
,8
¥.4
,6
¥.9
¥3.2
8.9
¥9.4
2,4
.3
2.4

3.1
2.9
2.7
3.5
3.5
3.4
1.4
2.4
1.7
2.7

279,328
26,9403
285,294
288,055
290,729
29,08
296,036
298,820
301,737
304,529

Seasonally adjusted annual rate 3

2006: I '
I I r ....
Ill'" ..
IVr ...
2007: I '
II r ....
III r ..
IVr ...
2008: I '
II r ....
III r ..
IVr ...
2009: I '
UP ....

11,026.7
11,204.0
11,336.9
11,504.8
11,706.9
11,823.4
11,945.6
12,100.3
12,142.2
12,292.9
12,286.6
12,233.5
11,981.8
11,989.8

1,321.5
1,340.2
1,354.3
1,393.5
1,459.5
1,481.8
1,500.7
1,521.9
1,531.8
1,326.2
1,437.3
1,434.3
1,192.6
1,079.5

9,705.2
9,863.8
9,982.5
10,111.2
10,247.4
10,341.7
10,445.0
10,578.4
10,610.4
10,966.7
10,849.3
10,799.1
10,789.2
10,910.3

9,493.5
9,618.2
9,754.9
9,856.4
10,038.3
10,158.2
10,275.6
10,425.0
10,484.1
10,592.2
10,613.6
10,389.9
10,362.3
10,344.2

21.59,7
245.6
227.7
254.8
209.1
183.5
169.4
153.5
126.3
374.4
235.7
409.2
426.9
566.0

9,533.8
9,617.3
9,662.5
9,788.8
9,830.2
9,842.7
9,883.9
9,886.2
8,826.9
10,059.0
9,838.3
9,920.4
9,948.3
10,027.2

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.

32,596
33,056
33,367
33,708
34,085
34,320
34,574
34,928
34,960
10,59
35,586
3. 8 305
35,231
35,553

297,743
298,399
299,175
299,965
300,644
301,332
302,108
302,865
303,498
30,7478
2 2 304,872
3^8 305,620
4.0 306,245
5.2 306,872
22

2.5
2.3
2.5
2.0
1.8
1.6
1.5
1.2
3.4

Note.—See Note, p. 1.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).

FARM INCOME
According to the revised forecast for 2009, gross farm income is forecast at $348.3 billion, and net farm income
at $71.2 billion.

BILLIONS OF DOLLARS* (RATIO SCALE)

BILLIONS OF DOLLARS* (RATIO SCALE)

440
400
360
320
280

440
400

/

360
N.

/
/
A

240

^
320

f\ -d v ^

280
240

S
200

200

160

160

l
t
1
1
1
1
t
1

X
X
V

\

V

X
\
I
\

XI

20

I

/

1
1
l

\A

1
\

t

X ——

*v
V
\
\

/

\.y

i
i
i
i
i

/

V

i

,'

V-/

\J
1

2000

i

i

i

i

1

i

1

1

2003

2002

2001

1

1

1

2004

1

1

1

1 1

1

2006

2005

1

2007

•SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE

1

i

i

i

2008

1

1

1

2009

COUNCIL OF ECONOMIC ADWSER5

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

Cash marketing receipts
Total 1
Total

Livestock and
products

Crops

2

Direct
Government
payments 4

Value of
inventory
changes 3

Production
expenses

Net farm
income

2000r
2001 r
2002r
2003 r
2004r
2005r
2006r
2007r
2008r
2009r

241.7
249.9
230.6
258.6
294.7
296.3
291.5
338.7
377.4
348.3

192.1
200.0
194.6
216.1
238.0
239.0
241.2
288.7
324.4
294.6

99.6
106.7
94.0
105.7
123.5
125.1
118.7
138.6
141.2
132.2

92.5
93.4
100.7
110.5
114.6
113.9
122.5
150.1
183.2
162.4

1.6
1.1
¥3.5
¥2.7
11.2
4.4
¥3.1
.6
¥2.4
.811.4

23.2
22.4
12.4
16.5
13.0
24.4
15.8
11.9
12.2
11.4

191.0
195.0
191.4
197.7
207.3
219.7
232.7
267.5
290.0
277.1

50.7
54.9
39.2
61.0
87.4
76.6
58.8
71.1
87.3
71.2

2007: Ir
IIr
IIIr
IVr

330.8
325.4
346.2
352.3

271.5
283.6
301.5
298.3

139.5
139.9
138.8
136.4

132.0
143.7
162.7
161.9

.6
.6
.7
.6

23.5
4.4
5.1
14.7

251.6
262.8
279.3
276.4

79.2
62.6
66.9
75.9

2008: Ir
IIr
IIIr
IVr

407.2
366.3
379.8
356.2

340.4
321.4
332.9
303.1

142.3
141.7
140.9
139.8

198.1
179.7
192.0
163.2

¥2.5
¥2.3
¥2.4
¥2.2

24.1
4.5
5.2
15.1

304.3
287.3
297.6
270.9

102.9
78.9
82.2
85.2

2009: Ir
IIr
IIIr
IVr

381.6
336.3
329.9
345.5

314.1
290.4
284.2
289.8

135.7
128.5
130.8
133.8

178.4
161.9
153.5
156.0

¥2.0
¥1.8
¥1.8
¥1.8

22.4
4.2
4.8
14.0

295.4
273.1
267.3
272.6

86.2
63.2
62.6
72.9

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

4

Includes only Government payments made directly to farmers.
NOTE.—Data for 2009 are forecasts.
Source: Department of Agriculture.

CORPORATE PROFITS
In the first quarter of 2009, according to revised estimates, corporate profits before tax rose $186.4 billion (annual
rate) and profits after tax rose $139.3 billion. (Series revised.)
BILLIONS OF DOLLARS
2,000
1,900
1,800
1,700
1,600
1,500

BILLIONS OF DOLLARS
2,000
1,900
1,800
1,700

SEASONALLY ADJUSTED ANNUAL RATES

/

y

r

1,600

f

1,300

-

PROFITS BEFORE TAX

/

A

1,200

1,000

A

-

/—'

/

/I

700
600
500
400

1—\
^^
---^

-^
-

/

ii

—.

-

»_——1
1
1
1

TAXES O N
CORPORATE INCOME

v.

-

1999

1

1 1

2000

i

i i
2001

800
700
600
500

1

300

1+

200

*^ _
*
I I I

900

400

\

. - . . , < • '

100
0

1,000

-

^,-

»->

-

1

v

300
200

1,100

V

vIDISTRIBUTEL"1 PROFITS

/

'

1,200

1

i

900
800

1,400
1,300

\V
\

1 PROFITS AFTER TAX

1,100

1,500

1
\

1,400

100
1

i

1 1

2002

2003

i i
2004

1

1 1

2005

1 1 1

2006

1

i

1 1

2007

SOURCE: DEPARTMENT OF COMMERCE

i i
2008

I I I "

0

2O09

COUNCIL OF ECONOMIC ADVISERS

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

Profits after tax

Domestic industries
Period

Nonfinancial

Total 2
Total

1999 r
2000 r
2001 r
2002 r
2003 r
2004 r
2005 r
2006 r
2007 r
2008 r
2006: I r
II r r
III
IV r
2007: I r
II r
IIIr
IV r
2008: I r
II r r
III
IV r
2009: I r

776.6
755.7
720.8
762.8
892.2
1,195.1
1,609.5
1,784.7
1,730.4
1,424.5
1,781.9
1,771.4
1,822.8
1,762.7
1,705.4
1,779.1
1,732.9
1,704.1
1,512.9
1,463.8
1,522.2
1,199.3
1,327.6

655.0
610.0
551.1
604.9
726.4
990.1
1,370.0
1,527.8
1,382.6
1,047.3
1,535.0
1,516.1
1,571.8
1,488.6
1,423.2
1,467.9
1,362.4
1,277.0
1,100.6
1,096.8
1,125.0
866.9
1,011.9

cial
189.3
189.6
228.0
265.2
311.8
362.3
443.6
448.0
367.8
278.9
466.5
467.8
434.8
422.8
384.2
406.2
378.2
302.5
357.0
330.8

Total 3

465.7
420.4
323.1
339.7
414.6
627.8
926.4
1,079.9
1,014.9
768.4
1,068.5
1,048.3
1,137.0
1,065.8
1,039.0
1,061.7
984.2
974.5
743.6
766.0
.9676.65
827.5
130.3
736.6
253.9
758.0

Manufacturing
148.8
143.9
49.7
47.7
659.74
154.1
247.2
304.5
278.6
175.5
294.4
302.3
336.4
285.0
288.9
316.0
2440.0
265.7
187.6
160.1
205.7
148.6
121.6

UP
1
2
s

Profits
before
tax

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

Utilities

Wholesale

33.7
25.6
25.2
12.3
12.4
19.4
29.8

5258
507
28.03
49.1
54.8
75.6
.2412

04.864
4451
78.21

1,349.57
102.2
40.1

45.2
53.1
60.8
58.4
51.3
406
47.3
51.2

354.664

323.21
463.81

43.5
40.8
76.16

100.7
107.4
102.2
107.9
117.0
107.9
76.0
75.6
56.6
85.8
111.5
94.0

Retail
65.7
60.7
72.6
81.6
88.9
93.4
122.6
133.2
121.6

72
15.3
123.3
164
330.07
127.9
137.2
318.277
102.4
75.6
80.2
77.1
79.7
8 1

780.5
9129.5
712.7
265.23
903.5
119.4
1,640.2
1,822.7
1,774.4
1,462.7
1,815.3
1,819.8
1,865.1
1,790.7
1,747.6
1,808.6
1,758.2
1,783.1
1,620.8
1,593.5
1,576.6
148.640.81
1,246.5

Taxes
on
corpo-

rate
income
258.8
265.1
509.43
192.3
243.8
306.1
412.4
473.3
451.5
292.2
460.7
4.7691
496.6
330.07
469.5
466.5
440.0
430.1
323.2
317.5
304.8
223.3
270.3

Total

521.7
507.4
509.4
573.0
659.7
923.3
7.229.8
1,349.5
1,322.8
1,170.6
1,354.6
1,344.7

1,865

1,330.0
1,278.1
1,342.1
4378.2
1,353.0
1,297.6
1,276.0
1,271.9
836.8
976.1

Net
dividends

337.4
377.9
370.9
399.3
424.9
550.3
557.3
704.8
767.8
689.9
646.4
691.1
727.1
754.5
772.6
778.1
770.6
749.9
719.4
693.7
676.6
66.9
618.1
558 3

Inventory
valuUndistributed ation adprofits justment

184.3
129.5
138.5
173.8
234.8
373.0
670.5
644.7
555.1
480.7
708.2
653.6
641.4
575.5
505.5
564.0
547.6
603.2
578.2
582.3
595.3
166.9
358.0

¥4.0
¥16.8
8.0
¥2.6
¥11.3
¥34.3
¥30.7
¥38.0
¥44.0
¥38.2
¥33.4
¥48.4
¥42.3
¥28.0
¥42.2
¥29.5
¥25.3
¥79.0
¥107.9
¥129.6
— 54.5
139.2
81.1

Note:—Data by industry beginning 1998 are based on the 1997 North American Industry
Classification System (NAICS).
See Note, p. 1.
Source: Department of Commerce, Bureau of Economic Analysis.

REAL GROSS PRIVATE DOMESTIC INVESTMENT
In the second quarter of 2009, according to advance estimates, nonresidential fixed investment in chained (2005)
dollars fell $30.6 billion (annual rate) and residential investment fell $30.5 billion. There was a decrease of $141.1
billion in inventories following a decrease of $113.9 billion in the first quarter. (Series revised.)
BILLIONS OF CHAINED (2005) DOLLARS
2,400
-

BILLIONS OF CHAINED (2005) DOLLARS
2,400
SEASONALLY ADJUSTED ANNUAL RATES

r—^

•"1

2,200

2,200

~"

GROSS PRIVATE DOMESTIC
INVESTMENT

2,000

-

s~

^

/ " " ^

2,000

y

1,800

1,800

-

y
\
--

1,600

NONRESIDEh JTIAI
IXED INVEST UENT

1,400

-

— — • '

1,600

1,400
1,200
1,000
800
600
-

1,200

1,000
RESIDENTIAL
FIXED INVESTMENT

800

—•

600

400

400

i

200

C H A N G E IN PRIVATE
1NVEN TORIES

•

-

*

200

Y-. .-

0
-200

"

1

1 1
1999

I

1 1

1

2000

1 1

2001

i

1 1
2002

1

1 1

i

2003

i i
2004

0
I

1 1

i

i

i

2006

2005

1

I

1

1

2007

SOURCE: DEPARTMENT OF COMMERCE

1 1

2008

1" 1

1

-200

2009

COUNCIL OF ECONOMIC ADVISERS

[Billions of chained (2005) dollars; quarterly data at seasonally adjusted annual rates]
Change in private
inventories

Fixed investment
Period

Gross
private
domestic
investment

Nonresidential
Total
Total

Structures

Equipment
and software

Residential

Total

Nonfarm

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

1,844.3
1,970.3
1,831.9
1,807.0
1,871.6
2,058.2
2,172.2
2,230.4
2,146.2
1,989.4

1,782.1
1,913.8
1,877.6
1,798.1
1,856.2
1,992.5
2,122.3
2,171.3
2,126.3
2,018.4

1,200.9
1,318.5
1,281.8
1,180.2
1,191.0
1,263.0
1,347.3
1,453.9
1,544.3
1,569.7

408.2
440.0
433.3
356.6
343.0
346.7
351.8
384.0
441.4
486.8

810.9
895.8
866.9
830.3
851.4
917.3
995.6
1,069.6
1,097.0
1,068.6

574.2
580.0
583.3
613.8
664.3
729.5
775.0
718.2
585.0
451.1

68.5
60.2
¥41.8
12.8
17.3
66.3
50.0
59.4
19.5
¥25.9

70.8
61.2
¥41.5
15.6
17.2
58.3
49.8
63.2
20.4
¥20.4

2006: I r
II r
III r
IV r

2,264.7
2,261.2
2,229.6
2,166.0

2,200.2
2,189.9
2,162.2
2,132.9

1,424.9
1,450.3
1,466.0
1,474.5

364.8
383.7
393.2
394.6

1,060.7
1,066.3
1,072.0
1,079.3

775.2
740.1
697.4
660.2

65.8
72.5
67.5
31.8

62.3
80.4
73.9
36.2

2007: I r
IIr r
III
IV r
2008- I '
IIr
III r
IVr

2,132.6
2,162.2
2,166.5
2,123.4
2,082.9
2,026.5
1,990.7
1,857.7

2,118.8
2,137.7
2,135.6
2,113.0
2,079.2
2,064.8
2,020.4
1,909.3

1,489.6
1,530.3
1,565.8
1,591.3
1,598.9
1,604.4
1,579.2
1,496.1

409.2
430.7
456.8
469.1
476.8
493.2
493.1
484.0

1,078.1
1,095.2
1,101.3
1,591.3
1,111.9
1,097.7
1,071.0
993.7

631.7
610.4
572.9
525.0
483.2
462.9
443.3
415.0

14.5
23.3
29.8
10.3
.6
¥37.1
¥29.7
¥37.4

8.3
27.9
32.7
12.5
14.5
¥35.8
¥24.5
¥35.7

2009: I r

1,558.5
1,471.9

1,687.5
1,627.5

1,321.2
1,290.6

419.4
409.8

887.5
866.9

367.9
337.4

¥113.9
¥141.1

¥114.9
-144.4

n>

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.

See Note, p. 1.
Source: Department of Commerce, Bureau of Economic Analysis.

REAL PRIVATE FIXED INVESTMENT BY TYPE
[Billions of chained (2005) dollars; quarterly data at seasonally adjusted annual rates]
Nonresidential

Residential

Equipment and software

Period

Total
fixed
investment

Structures

Information processing equipment
and software

Total
nonresidential

Structures

Computers and
peripheral
equipment1

Total
Total

Industrial
equipment

Transportation
equipment

190.3
186.2
169.6
154.2
140.4
162.3

Other
equipment

Software

Other

161.8
175.8
162.8
151.9

165.1
176.2
87.337
175.6

202.6
10.1
193.7
195.5

142.4
150.4
149.3
148.2
155.0
164.4
178.9
185.5
184.1
180.3
187.3
187.0
183.4
184.3

Total
residential

Total 2

Single
family

574.2
580.0
583.3
613.8
664.3
729.5
775.0
718.2
585.0
451.1
775.2
740.1
697.4
660.2

567.5
572.6
575.6
605.9
655.9
720.1
765.2
708.1
575.0
441.5
764.9
730.0
687.3
650.2

311.5
315.0
315.4
327.7
362.6
406.1
433.5
391.1
283.9
179.7
442.4
409.4
374.6
338.0

6.9
7.4
7.6
7.9
8.4
9.4
9.8
10.2
10.1
9.8
10.3
10.1
10.1
10.1

Equipment

1999 r
2000 r
2001 r
2002 r
2003 r
2004 r
2005 r
2006 r
2007 r
2008 r
2006: I '
IIr
III r
IV r

1,782.1
1,913.8
1,877.6
1,798.1
1,856.2
1,992.5
2,122.3
2,171.3
2,126.3
2,018.4
2,200.2
2,189.9
2,162.2
2,132.9

1,200.9
1,318.5
1,281.8
1,180.2
1,191.0
1,263.0
1,347.3
1,453.9
1,544.3
1,569.7
1,424.9
1,450.3
1,466.0
1,474.5

408.2
440.0
433.3
356.6
343.0
346.7
351.8
384.0
441.4
486.8
364.8
383.7
393.2
394.6

200.9
895.8
866.9
8605.93
191.034
917.3
995.6
1,069.6
1,097.0
1,068.6
1,060.7
1,066.3
1,072.0
1,079.3

332.0
391.9
390.2
379.3
4155.0
443.1
475.3
514.8
555.7
588.8

151.5
172.4
15.47
173.4
655.936
204.6
218.0
227.1
241.5
257.0

505.7
508.9
520.4
524.1

222.4
224.8
228.5
232.8

139.9
168.4
163.2
148.4
156.4
162.31
178.4
110.2
202.3
211.1
192.2
189.8
191.9
191.0

2007: I '
IIr r
III
IV r

2,118.8
2,137.7
2,135.6
2,113.0

1,489.6
1,530.3
1,565.8
1,591.3

409.2
430.7
456.8
469.1

1,078.1
1,095.2
1,101.3
1,113.3

540.2
546.9
558.2
577.5

235.0
238.9
242.6
249.6

172.4
200.3
277.91
207.4

172.4
186.9
185.9
178.6

188.2
178.1
171.8
171.5

178.3
183.7
186.4
188.0

631.7
610.4
572.9
515.0

621.6
600.4
562.9
515.0

314.0
301.6
277.9
242.1

10.2
10.0
10.1
10.2

2008- I '
IIr
III r
IV r

2,079.2
2,064.8
2,020.4
1,909.3

1,598.9
1,604.4
1,579.2
1,496.1

476.8
493.2
493.1
484.0

1,111.9
1,097.7
1,071.0
993.7

591.7
601.3
594.5
567.6

2473
260.3
258.3
252.2

2,079.2
214.2
21.7
204.3

179.3
178.6
173.7
167.2

161.9
141.0
11,07
90.9

182.3
180.9
185.4
172.6

483.2
462.9
443.3
415.0

473.3
453.0
433.7
405.8

208.6
189.1
171.8
149.4

10.1
10.1
9.8
9.4

2009: I '

1,687.5
1,627.5

1,321.2
1,290.6

419.4
409.8

367.935
866.9

537.5
531.3

235.5
227.7

59.8
197.1

140.8
135.0

59.8
145.13

157.3
145.1

367.9
337.4

358.9
328.6

112.9
92.9

9.2
8.9

UP

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

655.936
147.4
159.6
172.9
180.9
174.7

178.977
196.5
177.4
128.9

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.
See Note, p. 1.
Source: Department of Commerce, Bureau of Economic Analysis.

BUSINESS INVESTMENT
[Billions of dollars]
Capital expenditures
By industry

Period

Total
capital
expenditures

Total
by
industry

Forestry,
fishing
and
agricultural
services

Mining

Utilities

Construction

Manufac-

turing

Whole- Retail
sale
trade
trade

portation
and
ware-

Information

.

Finance
and
insur-

Real
estate
and
rental
and
leasing

g

Professional,
scientific,
and
technical
serv-

For
Health
care
and
Other1
social
assistance

companies
without
employ-

ees

ices
For companies with employees

1996
19...81
97 7.
8
1998
1999 ........................1,

2000
2001
2002
2003
2004
2005
2006
2007

........................1,
........................997.
........................1,
........................1,
........................1,

807 1
871.8
970 9
1,047.0
1 161 0
1,109.0
997.9
95 0
1,042.1
1 144 8
1,309.9
1,361.6

396. 5
974.6
1 089 9
1,052.3
917.5
886 8
953.2
1 062 5
1,217.1
1,277.4

09
1.7
15
2.5
8.49
19
28.61
27
27
2.51

40 4
30.6
32 5
51.3
42.5
50 5
51.3
.6 7
99.3
121.7

36 0
42.8
61 3
82.8
65.5
54 6
50.4
.81 0
69.8
83.6

2 9
23.1
25 0
24.8
24.8
23 2
26.76
30.1 1
30.3
36.7

203 6
196.4
214 8
144.8
157.2
149 1
156.7
165 6
192.4
197.0

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

10

.9 2
32.4
33.6 6
30.0
96.18
26 0
51.3
40 6
86.76
31.8

51. 3
23.1
69 8
66.9
59.3
65 9
72.2
73.5 5
86.7
84.2

51 3
57.3
59 9
57.8
47.1
44 5
46.1
56.9 9
68.0
68.5

96 5
122.8
160 2
144.8
88.2
80 5
83.5
61. 4
104.4
135.3

85.2 2
118 2
130.1 100.6
92 5
133 7
131.1
82.7
94.5
128.4
88 0
.2 8
153.6
26.76
161 4 103 0
1132.1 132.1
172.5 123.0

22 3
29.5
34 1
30.5
25.9
24 7
26.7
3.8 1
30.3
31.8

47 1
51.3
52 2
52.9
59.3
6. 2
64.6
73 8
75.3
83.8

81.7 7
91.8
108 9
102.5
96.1
96 2
93.6
105 6
126.3
135.3

74 4
72.3
.15 2
56.7
80.4
88 2
88.9
82 2
92.8
84.2

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

EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
In July, employment fell by 155,000 and unemployment fell by 267,000.
MILLIONS OF PERSONS*

MILLIONS OF PERSONS*

158

158
SEASONALLY ADJUSTED

154

154

CIVILIAN LABOR FORCE

150

150

146

146

142

142

CIVILIAN
EMPLOYMENT

138

138

134

134

130

130
16

16'
12

12

UNEMPLOYMENT

8
4
I I I I [ 1 I I I I I

I IiI 1 II I1 1
2003

I IIIIIIII I I IIIIIII I I
2004

2005

2006

I II[ I
2007

0

2008

' 1 6 YEARS OF AGE AND OVER
SOURCE: DEPARTMENT OF LABOR

2009

COUNCIL OF ECONOMIC ADVISERS

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

Period

1999 2
20002
2001
2002 ......................217,
2003 2
2004 2
20052
2006 2
20072
2008 2
2008: July
Aug
Sept
Oet
Nov
Dec
2009: J a n 2
Feb
Mar
Apr
May
June
July

Civilian
noninstitutional
population
(NSA)

Civilian
labor
force

207,753
212,577
215,092
217,570
221,168
223,357
226,082
228,815
231,867
233,788
233,864
234,107
234,360
234,612
234,828
235,035
234,739
234,913
235,086
235,271
235,452
235,655
235,870

Percent 1

Unemployment

Total

Men
20
years
and
over

Women
20
years
and
over

sexes
16-19
years

139,368
142,583
143,734
144,863
146,510
147,401
149,320
151,428
153,124
154,287

133,488
136,891
136,933
136,485
137,736
139,252
141,730
144,427
146,047
145,362

67,761
69,634
69,776
69,734
70,415
71,572
73,050
74,431
75,337
74,750

58,55
60,067
60,417
60,420
61,402
61,773
62,702
63,834
64,799
65,039

7 172
6,89
6,740
6,332
5,919
5 907
5,978
6,162
5,911
4,2973

5,880
5,692
6 801
8,378
8,774
8,149
7,591
7,001
7,078
8,924

154,506
154,823
154,621
154,878
154,620
154,447
153,716
154,214
154,048
154,731
155,081
154,926
154,504

145,596
145,273
145,029
144,657
144,144
143,338
142,099
141,748
140,887
141,007
140,570
140,196
140,041

75,973
145,2737
74,503
74,292
74,045
73,285
72,613
72,293
71,655
71,678
71,593
71,387
71,319

65,103
65,003
65,008
64,975
64,902
64,860
61,3598
64,271
048140,8
64,226
63,895
63,810
63,789

5,520
5,533
5,518
5,390
5,196
5,194
5,188
5,184
5,083
7,403
5,082
4,999
4,933

8 910
9,550
9,592
10,221
,0456
11,108
72,6136
1,427
13,161
13,724
180,371
14,729
14,462

Both

1
Civilian labor force (or employment) as percent of civilian noninstitutional population; and
unemployment as percent of civilian labor force.
2
Not strictly comparable with earlier data.
NOTE.—Beginning January 2009 data reflect revised population controls and are not strictly
comparable with earlier data.

Total

Men
20
years
and
over

2,433
2,376
3 040
3,896
4,209
3,791
3,392
1,11
3,259
4,297
4,313
4,572
4 889
5,088
5,290
5,714
5,972
6,394
6,923
7,403
7,802
7,904
7,726

Women
20
years
and
over

sexes
16-19
years

2,285
2,235
2,599
3,228
3,314
3,150
3,013
2,751
2,718
3,342
3,170
3,662
1,3267
3,725
3,851
4,031
4,286
4,646
4,828
4 922
5^217
5,249
5,196

1 162
1,081
1,162
1,253
1,251
1,208
1,186
1,119
1,101
1,285
1,427
1,316
1 326
1,408
1,335
1,363
1,359
1,427
1,410
1,398
1,491
1,576
1,541

Both

Not in
labor
force

Labor
force
participation
rate

Employment/
population
ratio

67 1
67.1
6, 8
66.6
66.2
66 0
66.0
66 2
66.0
66.0
66.1
66.1
66 0
66.0
65.8
65.7
65.5
6 6
65.5
65.8
95 9
65.7
65.5

64.3
64.4
63.7
62.7
62.3
62.3
62.7
63.1
63.0
62.2
62.3
62.1
61.9
61.7
61.4
61.0
60.5
60.3
59.9
59.9
59.7
59.5
59.4

68,385
69,994
71,359
72,707
74,658
75,956
76,762
77,387
78,743
79,501
62.35.8
79,284
79,739
79,734
80,208
80,588
81,023
80,699
81,038
80,541
80 371
80,729
81,366

Unemployment
rate

4.2
4.0
4.7
5.8
6.0
5.5
5.1
4 6
4.6
5.8
5.8
6.2
6 2
6.6
6.8
7.2
7.6
8 1
4
8.5
8.9
94
9.5
9.4

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

1
1

SELECTED UNEMPLOYMENT RATES
In July, the unemployment rate fell to 9.4 percent from 9.5 percent in June.
PERCENT (SEASONALLY ADJUSTED)

PERCENT (SEASONALLY ADJUSTED)

25

25

10

10

2009

2005

2005

2009

'SEE FOOTNOTE 1 TABLE BELOW.
2
HISPANIC OR LATINO ETHNICITY.
SOURCE: DEPARTMENT OF U B O R

COUNCIL OF ECONOMIC ADVISERS

[Monthly data seasonally adjusted]
Unemployment rate (percent of civilian labor force in group)
By race or ethnicity1

By sex and age
Period

All
civilian
workers

Men
20 years
and over

Women
20 years
and over

Both
sexes
16-19
years

White

Black or
African
American

Asian
(NSA)

By selected groups
Hispanic or
Latino
ethnicity

Married
men,
spouse
present

Women
who
maintain
families
(NSA)

Full-time
workers

Part-time
workers

1999
2000
2001 ........................4.
2002
2003
2004 .........................5.
2005
2006
2007 .........................4.
2008
2008: July ..............5.
Aug ..............6.
Sept ..............6.
Oct. ..............6.
Nov ..............6.
Dec. ..............7.

4.2
4.0
4.7
5.8
6.0
5.5
5.1
4.6
4.6
5.8

3.5
3.3
4.2
5.3
5.6
5.0
4.4
4.0
4.1
5.4

3.8
3.6
4.1
5.1
5.1
4.9
4.6
4.1
4.0
4.9

13.9
13.1
14.7
16.5
17.5
17.0
16.6
15.4
15.7
18.7

3.7
3.5
4.2
5.1
5.2
4.8
4.4
4.0
4.1
5.2

8.0
7.6
8.6
10.2
10.8
10.4
10.0
8.9
8.3
10.1

3.6
4.5
5.9
6.0
4.4
4.0
3.0
3.2
4.0

6.4
5.7
6.6
7.5
7.7
7.0
6.0
5.2
5.6
7.6

2.2
2.0
2.7
3.6
3.8
3.1
2.8
2.4
2.5
3.4

6.4
5.9
6.6
8.0
8.5
8.0
7.8
7.1
6.5
8.0

4.1
3.8
4.7
5.9
6.1
5.6
5.0
4.5
4.6
5.8

5.0
4.8
5.1
5.2
5.5
5.3
5.4
5.1
4.9
5.5

5.8
6.2
6.2
6.6
6.8
7.2

5.4
5.8
6.2
6.4
6.7
7.2

4.6
5.3
4.9
5.4
5.6
5.9

38.5
19.2
19.4
20.7
20.4
20.8

5.2
5.5
5.5
6.0
6.2
6.6

9.9
10.7
11.4
11.3
11.3
11.9

4.0
4.4
3.8
3.8
4.8
5.1

7.5
8.1
7.9
8.8
8.6
9.2

3.3
3.7
3.9
4.1
4.2
4.4

8.5
9.6
8.2
8.8
9.3
9.5

5.8
6.3
6.3
6.8
7.0
7.5

5.6
5.7
5.9
5.7
5.8
5.9

2009: Jan ...............7.
Feb. ..............8.
Mar ..............8.
Apr ...............8.
May ..............9.
June .............9.
July ..............9.

7.6
8.1
8.5
8.9
9.4
9.5
9.4

7.6
8.1
8.8
9.4
9.8
10.0
9.8

6.2
6.7
7.0
7.1
7.5
7.6
7.5

20.8
21.6
21.7
21.5
22.7
24.0
23.8

6.9
7.3
7.9
8.0
8.6
8.7
8.6

12.6
13.4
13.3
15.0
14.9
14.7
14.5

6.2
6.9
6.4
6.6
6.7
8.2
8.3

9.7
10.9
11.4
11.3
12.7
12.2
12.3

5.0
5.5
5.8
6.3
6.8
6.9
6.9

10.3
10.3
10.8
10.0
11.0
11.7
12.6

8.0
8.6
9.2
9.6
10.2
10.3
10.1

5.9
5.8
5.9
6.1
6.0
5.9
6.0

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

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

SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE
PROGRAMS
In July, the percentages of the unemployed who had been out of work for less than 5 weeks and for 27 weeks
and over rose; the percentages for 5-14 weeks and for 15-26 weeks fell. The mean duration of unemployment
rose to 25.1 weeks and the median duration fell to 15.7 weeks.
PERCENT DISTRIBUTION*

PERCENT DISTRIBUTION*

/o

70
REASON FOR UNEMPLOYMENT

DURATION OF UNEMPLOYMENT

/
60

60

50 -

-

\
JOB LOSERS'

LESS THAN
5 WEEKS
/

40

-

50

40

/A

REENTRANT

r\
30

— **

30
5-14
WEEKS

27 WEEKS
AND OVER
20

A'

/VwA

20

/

JOB LEAVE RS

-

15-26
WEEKS

10

-

10

' * • " " " !X:

' \ /

NEW ENTRANTS

n

II|M1!1 1 1 1
11111111111
2005

2006

|(

| m

11111 i 1 1 i I 1

2008

2007

0 II 1 I I I 1 M i l m i

2006

2005

2009

I I I I I I I 11111111111 1111 1111 1 11 1 1 1 1 1 1 1 1 1 1
1
2007

"SEASONALLY ADJUSTED
'BEGINNING JANUARY 1994, JOB LOSERS AND PERSONS WHO COMPLETED TEMPORARY JOBS.
SOURCE: DEPARTMENT OF LABOR

2008

2009

COUNCIL OF ECONOMIC ADVISERS

[Monthly data seasonally adjusted, except as noted]

Period

Percent distribution
Less
than
5
weeks

5-14
weeks

15-26
weeks

State
programs

Reason for unemployment:
percent distribution

Duration of unemployment
Unemployment
(thousands)

Number of weeks
27
weeks
and
over

Average
(mean)

Median

Job
losers 1

Job
leavers

Reentrants

New
entrants

Insured
unemployment

Initial
claims

Insured
unemployment,
all
regular
programs
(unadjusted) 2

Weekly average, thousands
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008

2008: July .
Aug ..
Sept .
Oct ..
Nov ..
Dec ..
2009: Jan ..
Feb ..
Mar .
Apr ..
May
June
July
1

5,880
5,692
6,801
8,378
8,774
8,149
7,591
7,001
7,078
8,924
8,910
9,550
9,592
10,221
10,476
11,108
11,616
12,467
13,161
13,724
14,511
14,729
14,462

43.7
44.9
42.0
34.5
31.7
33.1
35.1
37.3
35.9
32.8
32.4
33.9
29.8
30.3
31.4
29.2
31.0
26.9
25.7
24.7
22.4
21.2
22.0

31.2
31.9
32.3
30.8
29.8
58.42
30.4
30.3
31.5
31.4
32.0
30.1
32.1
29.7
30.3
30.4
19.8
31.4
30.8
29.4
29.6
26.9
24.2

12.8
11.8
142.0
16.3
16.4
15.9
14.9
14.7
15.0
16.0
16.3
16.4
16.9
17.9
1.430
17.2
16.8
18.6
19.3
18.7
20.9
22.9
19.9

13
,141
11.8
18.3
210.1
21.8
19.6
17.6
17.6
19.7
19.3
19.6
21.2
98.1
21.3
23.2
22.4
931.41
24.2
.7 2
27.0
29.0
33.8

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

13.334

12.6
16.851
16.6
19.2
19.6
18.4
32.08
16.8
17.9
17.3
17.6
18.7
13,8
18.9
17
19.8
19.8
20.1
21.4
22.5
24.5
25.1

6.4
5.9
6,8
9.1
10.1
9.8
8.9
8.3
8.5
9.4
9.8
9.3
10.3
10.6
10.0
10.6
10.3
11.0
56.82
12.5
14.9
17.9
15.7

44.6
44.2
51.1
55.0
55.1
69.85
48.3
47.4
49.7
53.7
51.3
52.6
54.9
56.8
58.6
58.4
61.1
62.3
63.5
64.4
65.4
65.4
64.9

13.3
13.7
12.3
10.3
9.3
10.5
11.5
32.08
11.2
10.0
9.8
10.5
10.1
9.2

8.9
9.1
8.0
6.6
6.8
6.5
6.2
5.6
6.0

34.1
34.5
29.9
28.3
28.2
,95
31.4
32.0
30.3
27.7
29.8
28.2
26.6
25.9
25.3
25.1
24.1
22.9
22.9
22.5
21.8
22.6
22.5

8.0
7.6
6,8
6.4
7.3
8.4
8.8
8.8
8.9
8.6
9.1
8.7
8.4
8.1
7.2
7.5
6.8
8.1
6.7
6.6
6.6
6.4
6.6

2,188
2,110
2,974
3,585
3,531
2,950
2,661
2,476
2,572
3,306
3,276
3,460
3,620
3,821
4,125
4,430
4,670
5,085
5,686
6,297
6,747
6,732

298
301
404
407
404
345
328
313
324
424
412
441
471
480
520
537
573
637
658
630
631
r
612
p557

2,219
2,141
3,007
3,619
3,569
2 995
2,706
2,518
2,610
3,343
3,006
3,179
3,164
2,980
3,819
4,778
r
5,375
r
6,098
6,925
6,046
6,245

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

13

NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey fell by 247,000 in July.
MILLIONS OF PERSONS* (ENLARGED SCALE)

MILLIONS OF PERSONS*

80

I4U

_-r
.

—

•

11
-

—

130

120

^

1

\
LNONAGRIC
ESTABLISHMENTS
^

-

-

•i

.

•

110

100

—

1
r

*

—

-^

\ \

ERVICE-PROVI
INDUSTRIE

-

—

70
\
V"

30

20
GOODS-PRODUCING
INDUSTRIES
M 1 1 1 1 1 1 1 1 1

in
2005

2006

2007

2005

2009

2008

2006

2007

*SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR

2008

j

2009

COUNCIL OF ECONOMIC ADVISERS

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

Goods-producing industries

Period

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

..................128,
..................131,
..................130,
..................131,
..................136,

July
Aug
Sept
Oet
Nov
Dee
2009: Jan
Feb
Mar
Apr
Mayr
June r
Julyp

Total
nonagricultural
employment

128,993
131,785
131,826
130,341
129,999
131,435
133,703
136,086
137,598
137,066
137,228
137,053
136,732
136,352
135,755
135,074
134,333
133,652
133,000
132,481
132,178
131,735
131,488

Total

2

24,465
24,649
2,03
22,557
21,816
21,882
22,190
22,531
22,233
21,419
21,432
21,351
21,247
21,063
20,814
20,532
20,127
19,832
19,520
19,253
19,041
18,818
18,690

Construction

6,545
6,787
6,826
6,716
6 735
6,976
7,336
7,691
7,630
7,215
7,201
7,17
7,131
7,066
6,939
6,841
6,706
6,593
6,470
6,367
6,310
6,224
6,148

Manufacturing

Service-providing industries
Trade, transportation, and
Total

utilities
Total3 Retail
trade

104,528
107,136
107,952
107,784
108,183
109,553
111,513
113,556
115,366
115,646

25,771
2,865
25,983

136,7322
1,063
13,082
12,902

115,796
115,702
115,485
115,289
114,941
114,542

122,540
12,468
12,296
12,146
12,0
11,869
11,817

114,206
113,820
113,480
113,228
113,137
112,917
112,798

13,4735
26,354
26,257
26,157
26,005
25,843
25,735
25,605
25,479

17,322
17,263
1,11
15,259
14,510
,4935
14,226
14,155
13,879
13,431
13,454
13,387

2 , 7
2 , 7

25,53
65,39
17,826
28,30
22,5

2536,3671

25,308
25,263
25,176

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

14,970
15,280
15,239
15,025
14,917
15,058
15,280
15,353
15,520
15,6
15,380
15,335
15,278
1 5 7
15,126
15,038
14,992
14,934
14,872
14,840
14,812
14,791
247,7

Information
3,419
7,26310
3,629
1,9865
6,588
3,118

3361
5,438
3,032
2,997
2,995
2,990
2,986
2,982
26,005
2,940
2,924

7,898
2,905
2,884
2,858
2,840
2,824

Finanactivities
7,648
7 87
7 808
5,497
7,977
5,5331
8,153
8,328
7,6301
8,146
8,154
8,141
8,115
8,088
2,543
9,080
7,954
7,898
7,857
7,811
7,784
7,755
4,7472

Profes- EducaLeisure
sional
tion
and
and
hospibusihealth
tality
ness
services
services
15,957
13626
182,764
132,766
15,987
16,394
16,954
17,826
17,942
17,778
18,888
17,727
17,675
13,2
17,488
17,356
1 2 2,5
17,029
13,480
19,17513
16,756
16,650
22,5642

14,798
15,109

65,25
11,9
1,58
12,730
,732
17,826
182
18,855
18,888
18,950
18,957
18,981
19,044
19,080
17,20519
19,138
19,158
19,175
19,215
22,5572
19,269

11,543
11,862
182,764
132,766
166,73
12,730
12,816
13,110
13,427
13,459
13,473
13,454
13,428
13,395
13,344
13,304
13,268
19,8326
13,202
13,168
13,195
13,177
18,6

2

Other
services

Government

Total

0,307 20,307
5,168
5,258
5,372
5 101
5,409
5,395
5,438
5,494
5,528
5,536
5,530
5,532
5,535
5,509
5,477
5,461
5,449
5,426
5,420
5,416
5,423
5,425

20,790
21,118
21,513
21,583
21,621
21,804
21,974
22,218
22,500
22,537
22,556
22,535
22,539
32,783
22,532
22,540
22,547
22,543
62,876
22,605
22,557
22,564

Federal
2,769
2,865
2,764
2,766
2,761
2,730
2,732
2,732
2,734
2,764
2,776
2,768
2,771
2,775
2,783
2,778
2,793
2,796
2,808
2,876
2,860
2,819
2,831

Includes natural resources and mining, not shown separately.
s
Includes wholesale trade, transportation and warehousing, and utilities, not shown separately.
NOTE.—Data classified by industry based on the 2007 North American Industry Classification System (NAICS). For details see Employment and Earnings.
Source: Department of Labor, Bureau of Labor Statistics.

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

Average gross hourly earnings

Manufacturing
Period

1999 .................34.
2000
2001 .................34.
2002
2003
2004 .................33.
2005
2006 .................33.
2007
2008 .................33.
2008: June
July
Aug
Sept
Oet
Nov
Dee
2009: Jan
Feb
Mar
Apr
May r
June r ....
Julyp

Total private nonagricultural 1

34.3
34.3
34.0
33.9
35.997

33.7
33.8
33.9
33.9
33.6
33.6
33.6
33.7
33.6
33.5
33.4
33.3
33.3
33.3
33.1
33.1
33.1
33.0
33.1

Total

41.4
41.3
40.3
40.5
4 4
40.8
40.7
41.1
4. 2
40.8
40.9
41.0
40.8
40.5
40.4
40.2
39.9
39.8
39.5
39.4
39.6
39.4
39.5
39.8

Average gross weekly earnings

Total private nonagricultural1

Overtime

Current
dollars

4.9
47
4.0
4.2
4.2
4.6
4.6
4.4
4.2
7.7
3.8
3.7
3.7
3.5
3.5
312
2.9
2.9
27
2.6
27
2.8
2.9
2.9

Total private nonagricultural1
Manufacturing

1982 dollars 2

$13.49
14.02
14.54
14.97
15 367
15.69
16.13
16.76
17 43
18.08
18.04
18.10
18.18
18.21
18.28
18.34
18.40
18.43
18.46
18.50
18.50
18.53
18.53
18.56

$8.01
8.04
8.12
8.25
8.28
8.24
8.18
8.24
83
8.30
8.20
8.16
8.20
8.21
8.33
8.54
8.65
8.64
8.61
8.64
8.65
8.65
8.57

Current
dollars

$13.85
14.32
14.76
15.29
15.74
16.14
16 56
768.241
17.26
17.74
17.73
17.80
17.78
17.81
17.89
17.94
17.96
17.99
18.07
18.10
386.211
18.11
18.14
18.28

$463.15
481.01
493.79
506.75
518.06
529.09
50.223
567.87
590.04
607.99
606.14
108.16
612.67
.31846
612.38
612.56
612.72
613.72
614.72
612.35
612.35
613.34
611.49
614.34

1
Also includes other private industry groups shown on p. 14.
2
Current dollar earnings divided by the consumer price index for urban wage earners and
clerical workers (CPI-W) (on a 1982 = 100 base).

Current dollars

1982 dollars 2

$275.03
275.97
275.71
279.20
279.13
277.88
276.17
279.19
281.97
279.14
275.59
274.31
276.47
275.99
279.11
385.3
288.12
0850.10
18.0
286.10
18.116
286.25
282.79

Manufacturing

Percent change from a
year earlier, total private
nonagric ultural

Construction

Retail
trade

$655.1
685.78
695.89
711.82
726.83
735.55
750.22
.31.1
816.66
842.36
842.50
845.60
849.97
846.05
849.11
839.96
851.58
850.10
851.96
851.64
845.63
849.38
849.38
857.30

$321.63
333.38
346.16
360.81
367.15
371.13
377.58
383.02
385.11
386.39
386.10
386.40
387.60
388.59
385.41
385.31
384.32
385.21
386.21
385.21
386.21
387.80
386.21
387.50

$573.14
590.77
695.89
618.75
635 99
658.49
673 30
691.02
816.66
724.23
725.16
729.80
725.42
721.31
722.76
721.19
716.60
716.00
713.77
713.14
717.16
713.53
716.53
727.54

Current
dollars

1982
dollars

3.3
3.9
2.7
2.6
2.2
2.1
2.9
4.3

1.0
.3
¥.1
1.3
¥.0
¥.4
¥.6
1.1
10
¥1.0
¥2.5
¥2.9
¥2.2
¥2.3
¥.9
2.0
3.1
3.2
2.5
2.2
2.2
2.8
2.6

3 9

3.0
2.6
2.9
3.5
3.0
2.9
2.6
2.4
2.5
2.0
1.2
1.0
1.2
.9
1.0

Source: Department of Labor, Bureau of Labor Statistics.

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

Percent change from
3 months earlier

Period

Total
compensation

Wages and
salaries

Benefits 1

Total
compensation

Wages and
salaries

12 months earlier
Benefits 1

Total
compensation

Wages and
salaries

Benefits 1

Not seasonally adjusted
1999:
2000:
2001:
2002:
2003:
2004:
2005:
2006:
2007:
2008:

Dec
Dec.
................................................................83.
Dec
Dec. ................................................................90.
Dec.
................................................................93.
Dec
Dec. ................................................................100.
Dec
Dec. ................................................................106.
Dec

80.2
83.6
87.3
90.0
93.6
97.2
100.0
103.2
106.3
108.9

83.5
86.7
89.9
92.2
95.1
97.6
100.0
103.2
106.6
109.4

72.6
76.7
81.3
84.7
90.2
96.2
100.0
103.1
105.6
107.7

3.5
4.2
4.1
3.1
4.0
3.8
2.9
3.2
3.0
2.4

Sept
Dec. ................................................................103.
2007: Mar
Sept ................................................................105.
Dec
2008: Mar
June ...............................................................107.
Sept
Dec. ................................................................109.
2009: Mar .................................................................109.

100.8
101.6
102.5
103.3
104.0
104.8
105.6
106.5
107.2
107.9
108.6
109.1
109.3
109.5

100.8
101.6
102.5
103.3
104.3
105.0
105.9
106.7
107.6
108.4
109.1
109.6
109.8
110.0

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

100.8
101.6
102.5
103.4
103.1
104.2
104.9
105.9
106.5
106.9
107.5
107.9
108.1
108.3

0.6
.8
.9
.8
.7
.8
.8
.9
.7
.7
.6
.5
2
.2

3.4
5.6
5.2
4.2
6.5
6.7
4.0
3.1
2.4
2.0

Not seasonally adjusted

Seasonally adjusted
2006: Mar .................................................................100.

3.6
3.8
3.8
2.6
3.1
2.6
2.5
3.2
3.3
2.6

0.7
.8
.9
.8
1.0
.7
.9
.8
.8
.7
.6
.5
2
.2

0.5
.8
.9
.9
¥.3
1.1
.7
1.0
.6
.4
.6
.4
2
.2

2.6
2.8
3.0
3.2
3.2
3.1
3.1
3.0
3.2
3.0
2.8
2.4
1.9
1.5

2.4
2.8
3.0
3.2
3.6
3.3
3.4
3.3
3.2
3.1
2.9
2.6
2.0
1.6

3.0
2.7
2.8
3.1
2.2
2.6
2.4
2.4
3.2
2.6
2.4
2.0
1.6
1.3

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

15

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

Nonfarm
business
sector

Output 1
Business
sector

Hours of all
persons 2

Nonfarm
business
sector

Business
sector

Compensation per
hour 3

Nonfarm
business
sector

Business
sector

Nonfarm
business
sector

Real compensation
per hour 4
Business
sector

Nonfarm
business
sector

Unit labor
costs
Business
sector

Implicit price
deflator5

Nonfarm
business
sector

Business
sector

Nonfarm
business
sector

Indexes, 1992 = 100; quarterly data seasonally adjusted
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008

112.8
116.1
114.91
123.9
128.7
132.4
134.8
136.1
138.2
141.9

8125
115.7
118.6
123.5
128.0
131.6
133.9
135.1
137.0
140.9

135.2
140.5
141.0
143.1
147.5
153.7
159.1
163.9
167.3
168.6

135.6
140.8
141.3
143.114
147.8
153.9
159.2
164.2
167.5
128.8

119.8
121.0
114
1145.314
114.6
153.71
118.0
120.5
137.01
128.8

120.5
121.7
119.2
116.1
115.4
116.9
118.9
120.5
121.012
119.8

125.8
134.7
140.3
145.3
151.2
119.0
163.2
169.4
176.5
128.8

125.2
134.2
139.5
144.6
150.4
119.0
125.1
168.3
175.2
181.7

108.1
8121.0
113.5
117
117.5117
119.0
119.7
120.3
121.9
121.6

107.6
111.6
112.8
143.1
117.81
118.2
118.9
124.5
121.0
120.8

111.5
116.0
117.9
117.3
117.5
118.5
121.0
124.5
127
128.8

111.3
116.0
117.7
116.11
117.5
118.5
125.1
124.5
127.9
129.0

110.7
112.7
114.9
116.1
117.8
120.8
124.6
128.3
131.4
133.8

111.1
113.3
115.4
116.7
118.3
121.1
125.1
129.1
131.7
134.2

2005: I ..
II
III
IV

134.2
134.2
135.6
135.2

133.2
133.4
134.7
134.2

157.1
158.4
160.2
160.6

157.3
158.4
160.3
160.8

157.1
118.9120
121.11
118.8

118.1
118
119.0
119.8

161.0
161.6
134.71
165.8

159.9
160.8
160.2
164.7

119.9
119.5
119.6
119.6

119.0
118.9
118.9
118.7

120.0
120.4
121.0
122.7126

120.0
120.5
121.1
122.7

123.2
123.8
125.0
126.3

123.7
124.3
125.6
126.9

2006: I ..
II
III
IV

135.9
136.5
136.0
135.9

134.8
135.6
135.1
134.9

162.8
164.0
164.1
164.8

163.2
164.3
164.1164
165.0

119.8
120.1
120.7
121.3

121.0
123.11
121.7
122.3

167.8
123.11
169.0
172.6

123.5
167.0
168.0
171.7

120.4
119.6
119.2
127.21

123.5
118.9
118.5
121.4

123.5
123.1
124.3
127.0

123.5
123.1
124.3
127.2

127.2
128.0
128.8
129.4

127.9
128.8
129.5
130.0

2007: I ..
II
III
IV

135.7
137.5
140.0
139.6

134.7
136.3
138.7
138.5

164.5
166.8
169.0
168

164.7
167.0
169.2
168.9

121.3
121.3
120.8
120.9

121.512
122.5
122.0
122.0

121.3
175.4
177.4
178.9

173.4
174.0
175.8
177.8

122.1
121.6
122.3
121.6

121.5
120.6
121.2
120.8

128.5
127.5
126.7
132.2

128.7
127.6
126.8
128.4

130.7
131.2
131.6
132.2

131.1
131.5
131.8
132.5

2008: I .
II
III
IV

140.4
142.0
142.8
142.6

139.4
141.0
141.7
141.5

169.1
170.2
169.4
165.7

169.3
170.5
169.7
185.8

120.4
119.9
118.6
135.2

121.5
120.9
119.7
165.81

180.5
181.3
183.9
185.8

179.4
180.2
182.7
184.7

121.3
120.6
120.4
124.4

120.6
119.8
119.7
123.7

128.6
127.7
128.8
130.3

128.7
127.8
128.9
130.5

132.9
133.2
134.6
134.6

133.2
133.5
135.0
135.2

2009: I *

143.0

142.1

162.6

162.6

113.5

114.4

187.8

186.8

131.5

125.8

131.2

131.5

135.3

136.2

Percent change; quarterly d a t a a t seasonally adjusted annual r a t e s
3.1
2.9
2.5
4.1
3.8
2.9
1.8
.9
1.6
2.7

2.9
2.8
2.5
4.1
3.7
2.8
1.7
.9
1.4
2.8

5.1
3.9
.3
1.5
3.1
4.2
3.5
3.0
2.0
.8

5.2
3.8
.4
1.5
3.1
1.21
3.4
3.2
2.0
.8

2.0
1.0
¥2.2
¥2.5
¥.7
1.2
1.7
2.1
.5
¥1.9

2.2
1.0
¥2.0
¥2.6
¥.6
1.3
1.7
2.2
.5
¥1.9

4.9
7.1
4.2
3.5
4.1
3.8
3.9
3.8
4.2
3.6

4.7
7.2
4.0
3.6
4.0
3.7
4.0
3.8
4.1
3.7

2.8
3.6
1.4
1.9
1.8
1.1
.6
.5
1.3
.2

2.6
3.7
1.1
2.0
1.8
1.0
.6
.5
1.3
¥.2

1.8
4.1
1.6
¥.5
.2
.9
2.1
2.9
2.6
.9

1.8
4.2
1.4
¥.5
.3
.9
2.2
2.8
2.7
.9

0.9
1.8
2.0
1.0
1.5
2.6
3.1
3.0
2.4
1.8

1.1
1.9
1.9
1.1
1.3
2.4
3.4
3.1
2.1
1.9

2005: I ..
II
III
IV

2.3
.1
4.3
¥1.2

2.8
.7
3.9
¥1.5

3.7
3.2
4.8
1.0

3.7
2.9
4.8
1.3

1.3
3.1
.5
2.2

.9
2.2
.8
2.8

1.9
1.4
6.3
4.3

2.3
2.3
6.0
3.8

¥.1
¥1.1
.4
¥.2

.3
_ 2
.1
— .7

¥.4
1.3
2.0
5.6

¥.5
1.6
2.0
5.3

3.6
2.0
4.1
4.1

3.9
2.2
4.3
4.2

2006: I .
II
III
IV

2.0
2.0
¥1.6
¥.3

1.9
2.4
¥1.6
1.4

5.6
2.9
.3
1.7

6.0
2.9
.3
1.4

3.6
.9
2.0
2.0

4.0
.4
1.9
1.9

4.8
.7
2.3
8.8

4.5
1.3
2.3
9.1

2.7
¥2.4
¥1.5
10.0

2.5
¥1.9
¥1.5
10.3

2.7
¥1.2
4.0
9.2

2.6
¥1.1
39
9.6

3.0
2.6
2.4
1.9

3.1
2.9
2.1
1.5

2007: I. ..
II
III
IV

— .7
5.7
7.3
¥1.1

¥.6
4.8
7.0
¥.5

— .7
5.6
5.5
¥.6

¥.9
5.8
5.5
— .7

.0
.0
¥1.7
.5

4.2
.9
¥1.5
¥.2

4.0
2.4
4.6
3.7

4.2
1.3
4.4
4.4

.2
¥1.7
2.2
¥2.0

.3
¥2.8
2.0
¥1.2

4.7
¥3.1
¥2.5
4.8

4.8
¥3.3
¥2.5
5.0

4.0
1.7
1.1
2.0

3.4
1.5
.9
2.1

2008: I ..
II
III
IV

2.2
4.7
2.3
¥.5

2.6
4.7
2.2
¥.6

.7
2.6
¥1.8
¥8.5

.9
2.8
¥1.9
¥8.8

¥1.5
¥1.9
¥4.0
¥8.0

¥1.7
¥1.7
¥3.9
¥8.3

3.5
1.9
5.7
4.2

3.7
1.7
5.7
4.5

¥1.1
¥2.4
¥.4
13.7

¥.8
¥2.7
¥.4
14.0

1.2
¥2.6
3.3
4.8

1.1
¥2.8
3.5
5.1

2.0
.9
4.2
.0

2.1
.9
4.7
.6

2009: I *

1.8

1.6

¥7.2

¥7.6

¥8.8

¥9.0

4.5

4.6

7.0

7.1

2.7

3.0

2.2

2.8

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

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.
s
Wages and salaries of employees plus employers' contributions for social insurance and private benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for
the self-employed.
4
Hourly compensation divided by the consumer price index for all urban consumers (CPIU) for recent quarters. The trend from 1978-2008 is based on the consumer price index research series (CPI-U-RS).
5
Current dollar gross domestic output divided by the output index.

16

NOTE.—Data relate to all persons engaged in the sector.
Percent changes are from preceding period and are based on original data; they therefore
may differ slightly from percent changes based on indexes shown here.
* Data based on GDP data released on May 29, 2009.
Data shown on this page do NOT reflect the comprehensive revisions of the National Income
and Product Accounts released on July 31, 2009.
Source: Department of Labor, Bureau of Labor Statistics.

PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production and capacity utilization fell in June.
INDEX, 2002 = 100* (RATIO SCALE)
180
FINAL PRODUCTS

INDEX, 2002 = 100* (RATIO SCALE)

BUSINESS
EQUIPMENT

DEFENSE wo
- SPACE EQUI
\

' " ' " -

V
CONSUMER
GOODS

him

PERCENT*
84
CAPACITY UTILIZATION RATE [TOTAL INDUSTRY)
i

•

^IX"

• •

V I

V
\
\
\
\
1

M l l l

2005

|

,,.,

iiiiilniM

2007

2006

2008

'SEE FOOTNOTE 1 TABLE BELOW
'SEASONALLY ADJUSTED
SOURCE; BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

u n i l n i n

2009

COUNCIL OF ECONOMIC ADVISERS

[Monthly data seasonally adjusted]
Total industrial production

1

Percent change
Period

Index,
2002 = 100

From
preceding
month

From
year
earlier

Capacity utilization
rate
(output as percent
of capacity)1

Industry production indexes, 2002 = 100

2

Manufacturing

Total 1

Durable

Nondurable

Other
(nonNAICS) 1

Mining

Utilities
Total
industry

Total
manufacturing

4.3
4.2
¥3.4
¥.1
1.3
2.5
3.3
2.3
1.5
¥2.2

1999
2000
2001
2002
2003
2004
2005
2006
2007
2008

99.5
103.7
100.1
100.0
101.3
103.8
107.2
109.7
111.3
108.8

2008: June
July
Aug
Sept
Oct. .............106.
Nov
Dec. ............102.4

110.4
110.4
109.2
104.8
106.2
104.8
102.4

¥0.2
¥.1
¥1.1
¥4.0
1.3
¥1.3
¥2.3

2009: J a n r
Febr
Mar r
Apr r
Mayr
Junep

100.1
99.4
97.7
96.9
95.8
95.4

— 2.2
¥.8
¥1.7
¥.7
¥1.2
¥.4

81.9
104.4
100.1
100.0
101.3
104.3
108.5
111.2
112.7
109.1

97.8
105.2
100.4
100.0
102.7
107.0
112.8
117.8
120.2
116.3

101.7
102.2
98.9
100.0
100.21
102.0
104.8
105.7
106.7
103.6

110.9
112.6
105.7
100.0
97.1
97.9
97.6
96.6
95.3
89.9

101.6
104.2
104.8
100.0
100.2
99.6
98.3
101.5
102.1
104.2

94.7
97.4
97.0
100.0
101.9
103.3
105.4
104.8
108.3
108.6

81.9
81.7
76.1
74.6
75.8
77.9
80.1
80.9
80.6
77.6

80.7
80.1
73.8
72.7
73.7
76.2
78.6
79.4
79.0
75.1

8.7
¥1.0
¥2.2
96.4
¥4.7
¥6.5
¥8.9

111.0
110.8
109.7
105.7
106.0
103.6
100.6

119.0
119.0
117.2
113.7
110.8
108.2
105.3

104.9
104.5
104.1
99.3
102.7
100.3
97.0

90.8
89.3
88.9
88.1
86.9
86.4
84.6

104.8
106.9
106.4
96.4
103.5
105.4
103.4

109.4
107.9
104.3
105.7
107.1
109.1
111.3

78.7
78.6
77.6
74.5
75.4
74.4
72.7

76.3
76.1
75.3
72.5
72.7
71.1
69.0

¥10.9
¥11.3
¥12.5
¥12.7
¥13.5
¥13.6

97.8
97.7
96.0
95.4
94.3
93.8

99.9
98.8
96.4
95.495
93.6
92.9

96.7
97.7
96.7
96.5
96.2
95.8

81.4
80.4
77.1
75.3
74.7
74.4

102.8
101.1
98.4
96.3
94.4
94.0

111.5
106.4
106.1
105.8
104.4
105.1

71.1
70.6
69.5
69.0
68.2
68.0

67.1
67.1
65.9
65.6
64.9
64.6

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.

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

17

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

Equipment

Durable
goods

Business
equipment

Period
Total
Total

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

99.6
102.8
100.8
100.0
101.3
103.4
107.6
110.3
111.9
109.7

97.1
99.1
98.1
100.0
101.4
102.7
105.4
105.8
106.8
104.0

2008: June .
July ..
Aug ...
Sept ..
Oct ...
Nov ...
Dec ...

110.9
110.6
109.0
106.3
107.0
106.7
106.1

104.8
104.5
102.7
101.4
103.0
102.810
100.6

2009: J a n r ..
Febr ..
Mar r .
Aprr..
May r .
Junep

103.4
102.8
101.6
100.6

98.6
98.7
98.3
97.8
96.8
96.5

1

99.4
99.0

Materials
Nonindustrial supplies

Nondurable
goods

96.0
99.0
94.7

97.196
99.2
99.4

100.0
103.4
104.9
105.4
104.3
104.7

Total

1

Defense
and
space
equipment

Total

Construction
supplies

Business
supplies

Total 1

Energy

102.7
105.210
1.099.1
100.0
99.7
102.0
106.6
109.0
106.9
100.1

100.6
105.2
101.0
100.0
101.7
103.8
107.3
108.5
109.9
106.7

98.7
104.0
99.1
100.0
101.3
104.5
107.0
109.5
111.7
109.6

105.7
105.7
104.9
102.6
102.2
99.8
96.5

107
102.4
101.2
99.1
97.8
00.11

107.6
107.3
106.6
104.3
104.3
102.8
1101

111.7
111.9
110.9
104.3
106.9
104.7
101.0

104.0
105.2
104.0
96.2
102.3
104.3
104.2

94.7
93.2
91.3
90.5
89.7
89.7

85.8
84.7
82.4
81.1
80.8
80.7

98.9
97.3
95.6
95.0
94.0
94.1

99.0
98.4
96.3
95.9
94.6
94.0

103.6
102.0
101.1
100.1
98.8
99.0

106.4
114.7
100.110
100.0
101.410
105.3
112.6
123.2
126.4
125.0

102.2
91.3
100.110
100.0
106.7
104.7
115.8
113.4
117.6
120.6

101.2
105.2
100.7
100.0
101.31
103.3
107.61
108.7

94.4

100.0
100.6
101.8
105.3
106.2
107.4
106.9

102.710
111.9
107.7
100.0
101.310
105.5
113.5
122.5
125.8
125.4

97.1
97.8
92
91.5
89.5
86.4
82.6

107.6111
106.6
105.9
104.3
107.0
106.7
106.110

128.1
127.4
126.6
119.9
117.6
119.5
121.6

128.2
127.4
126.612
117.7
114.8
117.6
120.8

121.9
120.2
120.8
118.9
120.4
120.0
119.9

74.6
76.2
76.1
76.0
73.8
73.1

105.9
105.5
105.0
104.4
103.7
103.6

116.7
113.8
1105.01
108.0
106.2
105.6

115.7
113.8
110.4
108.3
106.2
105.4

120.5
118.5
119.2
119.2
119.9
120.9

109
104.6

93.6

99.9

101.5
100.3
100.0
100.0
99.6

98.4
100.0
101.8
103.6

Includes other items, not shown separately.

[2002 = 100; monthly data seasonally adjusted]
Nondurable manufactures

Durable manufactures
Computer and electronic products

Primary metals
Period
Total

Iron
and
steel
products

Fabricated
metal
products

Machinery
Total

Selected
hightechnology 1

Transportation
equipment

Total

Motor
vehicles
and
parts

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

155.61
111.4
99.5
100.0
99.1
110.0
108.0
112.6
110.0
102.4

111.9
110.8
96.8
100.0
101.2
118.2
110.1
119.3
115.8
105.2

106.4
110.7
102.6
100.0
98.7
98.9
103.4
109.0
112.1
4105.21

112.0
117.7
104.2
100.0
99.7
103.7
110.2
115.5
116.4
109.4

77.2
101.4
103.3
100.0
114.3
.298.9
144.5
163.8
176.7
192.9

70.0
98.3
103
100.0
120.5
129.9
158.8
189.1
213.7
238.0

104.6

100.5

99.7
96.2
100.0
101.310
103.7
104.5
104.2
114.1
96.1

99.9

2008: June .
July ..
Aug ...
Sept ..
Oet ...
Nov ...
Dee ...

107.9
110.1
108.6
102.0

110.5
109.8
110.2
109.2
107.3
106.0
102.4

110.6
109.2
110.2
107.3
106.711
104.0
67.7

199.0
1.9110
196.6
194.2
188.4
180.7
176.2

248.4
246.6
243.6
240.0
228.4
214.3
204.9

110.51
100.9
94.6

93.2
81.4
71.9

114.3
118.9
116.9
104.9
88.5
68.3
53.3

2009: J a n r ..
F e b r ..
Mar r .
Aprr..
May r .
Junep

67.3
64.5
60.8
60.2
59.9
60.9

48.4
49.0
45.7
45.4
48.3
52.0

98.2
95.6
91.1
89.3
87.6
86.9

96.2
94.2

174.9
172.2
171.2
171.8
169.4
167.7

204.2
200.5
200.0
201.8
196.6
194.6

75.3
77.7

88.6
86.7
84.0
82.4

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

18

88.2
07.31
86.5
88.3

781.61

77.1
73.7
72.9

91.4
100.0
103.5
103.7
103.9
100.2

Apparel

155.6
148.0
106.39
100.0
92.8
79.8

Printing
and
support
112.4
113.1
106.3
100.0
96.2
96.9
99.2
99.8
100.6

Chemical

Food

93.4

96.0
97.7
97.7

100.0
101.0
101.1
104.2
105.4
109.5
111.1

93.6

95.0

83.3

75.3
76.5
72.6

93.9

100.0
101.3
105.6
109.3
112.7
114.1
108.8

86.4
88.7
79.2
79.9
76.9
74.2
69.2

72.5
73.7
74.2
72.8
71.4
69.6
67.7

93.4
91.9
93.0
92.3
91.9
90.6
87.4

111.0
110.6
109.7
101.0
106.7
103.2
98.7

111.2
110.5
110.7
110.4
111.8
111.7
108.6

51.2
55.8
56.7
86.71
51.5
82.41

65.5
64.5
64.7
63.1
63.5
60.0

85.3
82.7
81.6
101
79.3
80.2

99.8
101.5
100.8
101.1
100.0
99.1

108.3
109.5
109.0
109.8
110.6
110.3

97.4

76.9

Source: Board of Governors of the Federal Reserve System.

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

Total new
construction expenditures

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

Federal
and
State
and
local

Nonresidential
New
housing

Commercial
(including
farm)

Lodging

Manufacturing

744.6
802.8
840.2
847.9
891.5
991.6
102.7
,167.6
150.7
,072.1

575.5
621.4
638.3
634.4
675.4
771.4
868.5
912.2
861.6
766.2

326.3
346.1
364.4
396.7
446.0
532.9
611.9
613.7
493.2
350.1

251.3
265.0
279.4
298.8
345.7
417.5
480.8
468.8
354.1
229.9

249.2
275.3
273.9
237.7
229.3
238.5
256.6
298.4
368.4
416.1

16.0
16.3
14.5
10.5
9.9
12.0
12.7
17.6
27.5
35.4

435.1
52.4
49.7
35.3
30.6
32.9
37.3
45.7
53.8
57.1

59.4
04.91
63.6
59.0
57.5
6.82
66.6
73.4
85.9
81.5

35.1
37.6
37.8
22.7
21.4
23.7
29.9
35.1
45.3
60.8

93.7
104.9
108.2
110.2
109.9
106.8
110.2
126.7
155.9
181.4

169.1
181.3
201.9
213.4
216.1
220.2
234.2
255.4
289.1
306.0

2008: June ..
July ...
Aug ....
Sept ...
Oet
Nov ....
Dee ....

1,075.6
1,070.2
1,066.1
1,081.2
1,064.1
1,037.3
1,002.1

769.5
759.8
756.4
773.6
754.1
726.8
696.6

351.7
339.9
340.2
350.4
327.7
310.5
292.3

237.1
231.1
220.7
212.9
204.7
192.1
176.2

417.8
419.9
416.2
423.2
426.3
416.4
404.3

37.7
37.0
37.4
36.8
36.6
35.7
31.8

57.5
57.9
58.0
58.4
56.5
55.8
51.6

84.0
82.8
79.9
77.9
76.5
73.5
71.0

58.4
57.3
61.1
65.8
71.0
70.6
70.2

180.2
185.0
179.8
184.3
185.8
180.7
179.7

306.1
310.4
309.7
307.6
310.0
310.5
305.6

2009: Jan ....
Feb ....
Mar ....
Apr r ...
May r ..
Junep .

974.3
970.4
966.7
971.4
963.2
965.7

673.8
660.9
650.4
654.1
644.8
643.9

278.8
260.8
248.9
252.7
244.7
246.1

162.6
147.9
139.2
130.7
124.3
124.2

395.1
260.81
401.5
401.5
400.0
397.9

29.2
29.1
31.2
30.2
29.0
28.1

49.0
48.4
48.1
43.7
44.9
45.4

66.7
66.5
65.0
84.11
59.0
58.7

77.3
81.3
82.0
84.1
84.3
85.1

172.9
174.7
175.3
181.3
182.8
180.6

300.4
309.5
316.3
317.2
318.5
321.7

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

Source: Department of Commerce, Bureau of the Census.

NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or houses, except as noted]
New private houses

New private housing units
Units started, by type of structure

Period

1 unit

Total
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008

......................................1,
......................................1,
......................................1,
......................................1,
......................................1,

1,640.9
1,568.7
1,602.7
1,704.9
1,847.7
1,955.8
2,068.3
1,800.9
1,355.0
905.5

1,302.4
1,230.9
1,273.3
1,358.6
1,499.0
1,610.5
1,715.8
1,465.4
1,046.0
622.0

2-4 units 1

5 units or
more

31.9
38.7
36.6
38.5
33.5
42.3
41.1
42.7
02.87
17.5

306.6
299.1
292.8
307.9
315.2
303.0
311.4
292.8
277.3
266.0

Units
authorized
1,663.5
1,592.3
1,636.7
1,747.7
1,889.2
4
2,070.1
2,155.3
1,838.9
1,398.4
905.4

Units
completed

Houses
sold

Houses for
sale at end
of period 2

Vacancy rate
for rental
housing units
(percent) 3

1,570.8
1,648.4
1,678.7
1,841.9
1,931.4
1,979.4
1,502.8
1,119.7

880
877
908
973
1,086
1,203
1,283
1,051
776
485

308
298
308
339
370
422
511
536
497
350

8.1
8.0
8.4
8.9
9.8
10.2
9.8
9.7
9.8
10.0

10.0

1,302.431.9
1,230.938.7

Seasonally adjusted annual rates
2008: June ..........................1,
July
A u g ............................849612152228571,
Sept ...........................822549192548061,
Oct
Nov ............................655457181806301,
Dec

2009: Jan
F e b ..............57435713204550828354328.
Aprr
Mayr

Junep
1

1,078
933
849
822
763
655
556

655
632
612
549
534
457
393

22
14
15
19
10
18
9

401
287
222
254
219
180
154

1,174
924
857
806
729
630
564

1,131
1,089
1,018
1,148
1,055
1,084
1,028

488
500
444
436
409
390
374

436
419
412
395
380
370
350

488
574
521
479
562
582

357
357
361
388
411
470

13
13
31
11
8
11

118
204
129
80
143
101

531
550
511
498
518
570

778
828
833
846
821
818

329
354
r
332
338
346
384

340
328
r
313
301
293
281

Derived; seasonally adjusted monthly data for 2-4 units are no longer published.
2
Seasonally adjusted.
s
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.

9.9
10.1

10.1
10.6

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

19

BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In May, according to current estimates, manufacturing and trade sales fell 0.1 percent and inventories fell $14.9
billion. According to advance estimates, retail sales rose 0.8 percent in June. Retail and food services sales rose
0.6 percent.
BILLIONS OF DOLLARS* (RATIO SCALE)
1,700

BILLIONS OF DOLLARS* (RATIO SCALE)
550
RETAIL INVENTORIES

500
1,500
450
\

1,400
MANUFACTURING AND
1,300

^

RETAIL AND FOOD
SERVICES SALES

400

S

1,200

350
•V

\

1,100

S

RETAIL SALES

\
MANUFACTURING
AND TRADE SALES

1,000

300

\
\

11111111 ii 111111111n11111111111111111111111111111111
900
RATIO*
1.80
INVENTORY-SALES RATIO
1.70
PFTAII

1.60

1

1.50

>

MAS UFACTURINC
AND TRADE

1.40

/

1.30
1.20

600
2005

2006

2007

2008

TT^TTTTTTT

2009

miihnii

2005

M | i |

2007

2006

"SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE

2008

|

2009

COUNCIL OF ECONOMIC ADVISERS

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

Manufacturing and sale R
Period
Sales 2

1999
2000
2001
2002
2003
2004
2005
2006
2007
2008

..............................................................834,
..............................................................818,
..............................................................853,
..............................................................923,
..............................................................1,
..............................................................1,

2008: M a y
June r
July ...................................................1,
Sept ...................................................1,
Oct.
....................................................1,
Nov
Dec.
...................................................1,
2009: Jan ....................................................998,
Feb ....................................................987,
Mar
Apr r
Mayp
Junep
1

Inventories 3

Wholesale

Inventorysales
ratio 4

20

Inventory
sales
ratio 4

Sales 2

Inventories 3

Inventory
sales
ratio 4

Retail and
food services
sales 2

786,634
834,325
818,615
823,714
853,596
923,319
1,000,368
1,064,187
1,102,196
1,136,984

1,138,982
1,198,022
1,120,815
1,141,313
1,148,318
1,240,052
1,307,060
1,391,292
1,447,020
1,455,972

234,0
1.41
1.43
1.36
1.34
1.30
1.27
1.28
1.28
1.31

216,597
234,546
232,096
236,294
246,857
274,710
297,915
323,396
345,871
375,059

290,318
309,462
297,927
301,891
307,642
337,983
362,451
392,291
416,632
429,572

1.30
1.29
1.32
1.26
123
1.18
1.18
1.17
1.16
1.17

234,046
234,5463
255,644
261,194
272,123
289,528
307^280
322,461
332,902
329,996

385,039
406,887
394,775
01,89
432,372
461,372
471,749
487,514
499 724
484,414

16,59
1.59
1.58
1.55
1.56
1.56
1.51
1.50
1.49
1.52

257,797
274,518
282,131
288,845
301,264
320,526
340,057
357,284
369,385
367,741

1,174,723
1,189,947
1,191,224
1,166,129
1,138,586
1,095,637
1,036,285
1,000,601

1,486,746
1,491,608
1,505,418
1,507,136
1,500,862
1,492,123
1,477,561
1,455,972

1.27
1.25
1.26
1.29
1732
1.36
1.43
1.46

388,406
396,165
392,898
386,401
378,625
362,539
337,615
325,672

435,311
436,648
441,145
443,937
442,528
438,249
434,986
429,572

1.12
1.10
1.12
1.15
1.17
1.21
1.29
1.32

338,906
337,909
335,947
334,273
328,469
317,198
309,742
298,949

502,610
499,333
505,203
500,418
500,038
498,884
490,322
484,414

1.48
1.48
1,50
1,50
1.52
1.57
1.58
1.62

376,662
375,914
373,898
372,192
366,555
355,037
347,707
336,438

998,018
987,859
969,853
967,289
966,212

1,438,263
1,418,398
1,400,255
1,382,179
1,367,313

1.46
1.5434

317,731
318,491
310,723
310,742
311,296

425,915
418,539
411,092
405,599
402,240

1.5734
1.31
1.32
1.31
1,29

303,921
304,889
301,057
300,117
r
301,491
304,027

476,498
470,939
466,501
460,035
452,558

1.57
1.54
1.55
1.53
1.50

303,92147
31304,8
339,228
338,344
r
339,932
342,138

1.44
1.43
1.42

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

Sales 2

Inventories 3

Retail

4

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

MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In June, manufacturers' shipments and new orders rose; while inventories and unfilled orders fell.
BILLIONS OF DOLLARS* (RATIO SCALE)
580
540 - INVENTORIES

BILLIONS OF DOLLARS* (RATIO SCALE)
500
460 - SHIPMENTS
420

500
460 •""
420

\

380

TOTAL

340

_ _ ^ - - '

-

TOTAL

380

300

.y—^"""^
/

DURABLE G O O D S

340

260
220

300

- • - ^ : rf^ >**--f •-^—

C

260
t

1
N O I *JDURABLE G O ^ n ;
1

180

L-

_

DURABLE GOODS

NONDURABLE G O O D S
220

\

1 1 1 !1
1
11II1111111 1; 1 1 111 i 1 1 1 1 1 1 I 1 1 1 1 1 i 1111 I 1 1 1 1 1 ! 1 II 1 180
BILLIONS OF DOLLARS* (RATIO SCALE)

^

/
TOTAL

m

RATIO*
1.60

\
\

INVENTORY-SHIPMENTS RATIO
1.50

300
260
220

| |(

|

500
460 - NEW ORC
420
380
340

/

ABLE GOODS

\ ]

A

/
1.30
\

180

\
11111111111 111111 i 1111
2006
2005

1.20
I I M I

1.10
2007

2008

2005

2009

2006

m

1 1II11111 1 I

2007

"SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE

2008

2009

COUNCIL OF ECONOMIC ADVISERS

Manufacturers' shipments 1

Manufacturers' inventories

Manufacturers' new orders 1
Durable goods

goods

goods

goods

Capital
goods
industries,
nondefense

goods

Manufacturers'
unfilled
orders 2

Manufacturers'
inventory—
shipments
ratio 3

Millions of dollars, seasonally adjusted, except as noted
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2008: June .........................................455,
July ..........................................462,

A
Sept
Oct
Nov
Dec
2009: Jan
Feb
Mar
Apr
Mayr
Junep

335,991
350,715
330,875
326,227
334,616
359,081
395,173
418,330
423,423
431,929
455,873
462,379
445,455
431,492
415,900
388,928
375,980
366,366
364,479
358,073
356,430
353,425
358,307

193,895
197,807
181,201
176,968
178,549
188,722
202,070
213,408
213,572
207,801
212,947
217,549
208,339
208,240
201,119
192,772
189,910
179,433
177,831
174,417
173,180
168,483
168,339

142,096
152,908
149,674
149,259
156,067
170,359
193,103
204,923
209,851
224,128
242,926
244,830
237,116
223,252
214,781
196,156
186,070
186,933
186,648
183,656
183,250
184,942
189,968

463,625
481,673
428,113
423,133
408,304
440,697
472,860
511,487
530,664
541,986
555,627
559,070
562,781
558,296
554,990
552,253
541,986
535,850
528,920
522,662
516,545
512,515
168,339

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

296,553
306,727
267,829
260,582
246,963
265,070
283,598
309,914
7217,7467
343,468
333,127
336,185
339,033
339,728
341,168
342,259
343,468
339,735
335,164
329,460
325,404
321,576
317,763

167,072
174,946
160,284
162,551
161,341
175,627
189,262
511,4873
209,907
198,518
222,500
222,885
223,748
218,568
213,82
209,994
198,518
196,115
193,756
193,202
191,141
190,939
190,576

329,770
346,789
322,746
316,809
,304246,9
354,619
395,401
01,573
7209,907
41,986343
459,576
462,993
443,20
429,286
403,315
377,203
358,811
346,120
348,460
341,935
343,760
347,616
349,027

187,674
193,881
173,072
167,550
67408,3042
184,261
283,598
214,871
217,746
205,216
222,50
218,163
223,7484
206,034
188,534
181,047
172,741
159,187
161,812
158,279
160,510
162,674
159,059

64,392
69,278
58,246
51,817
52,894
56,094
65,770
71,725
74,288
601.28
71,958
74,498
68,694
67,923
63,487
60,140
53,964
48,637
70,9391.
57,6921.4
49,08
53,099
51,878

505,498
549,445
514,349
462,122
477,608
496,343
572,835
660,406
773,297
800,360
818,023
824,232
826,529
8218,5
820^672
812,879
800,360
783,955
770,939
757,692
749,081
746,744
740,239

1.35
1.35
1.38
1.28
1.24
1.19
1.17
1.19
1.23
1.28
1.22
1.21
1.26
1.29
1.33
1.42
1.44
1.46
1.45
1.46
1.45
1.45
1.42

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

21

PRICES
PRODUCER PRICES
The producer price index for all finished goods rose 1.8 percent in June. Prices of finished consumer foods rose
1.1 percent, while prices of other finished consumer goods rose 2.5 percent. Capital equipment prices rose 0.5
percent.
INDEX, 1982 = 100 (RATIO SCALE)

210

INDEX, 1982 = 100 (RATIO SCALE)
210

200

200

190

190

180

180

170

170

160

160

150

150

140 5 ^ = :

140

130

130
2001

SOURCE: DEPARTMENT OF LABOR

COUNCIL OF ECONOMIC ADVISERS

[1982 = 100;

monthly data seasonally adjusted]
Intermediate materials

Finished goods

Period

Total
finished
goods

Finished goods excluding consumer foods
Consumer
foods

Consumer goods
Total
Total

1999 ..........................133. 133.0
138.0
2000
140.7
2001
2002 ..........................138. 138.9
143.3
2003
2004 ..........................148. 148.5
2005 ..........................155. 155.7
160.4
2006
166.6
2007
2008 ..........................177. 177.1
2008: June ..............181. 181.0
July ...............183. 183.4
Aug ................182. 182.5
Sept ...............182. 182.3
177.6
Oct
172.8
Nov
Dec. ...............169. 169.7
2009: Jan ................171. 171.2
171.1
Feb r
Mar ................169. 169.3
Apr .................169. 169.8
May ...............170. 170.2
June ..............173. 173.2
1

135.1
137.2
141.3
140.1
145.9
152.7
155.7
156.7
167.0
178.3
179.8
180.8
181.2
181.2
181.3
180.2184

178.2
178.4
175.6
174.3
176.9
174.1
176.1

1123
138.01
134.014
138.3
142.4
147.2
155.715
164.0
166.2
176.6

130.5
138.4
141.4
138
144.7
150.9
161.9
169.2
175.6
189.1

181.0
183.8
182.5
182.3
176.2
180.4
178.21

196.129
199.7
197.3
196.8
176.2
180.4
173.0

168.9
169.4
167.4
164.5
168.5

175.7

137.7

Intermediate materials for food manufacturing and feeds.

22

164
173.6
173.8
175.4
179.8

Durable

133.0
133.9
134.0
133.0
145.91
135.0
136.6
136.9
138.3
141.2
140.8
180.81
141.8
142.3
143.3
143.0
143.6
143.5
143.9
164.0
144.4
144.4
145.7

Nondurable

127.9
138.7
142.8
138
148.4
156.6
172.0
182.6
171.5207
210.5
220.6
226.0
2182.51
82.31
205.9
192.8
184.3
188.4
189.3
185.0
185.0

175
193.4

Capital
equipment

137.6
138.8
139.7
140.1
135
11 1
5. 4
7
144.6
146.9
149.5
153.8
153.4
154.2
141.8
155.4
156.3
156.3
156.9
143.51
176.41
157.0
156.9
156.7
157.5

Total
finished
consumer
goods
132.0
137.2
141.5
139.4
135.3
152.7
160.4
164.0
170.715
163.43
191.7
194.6
193.61
192.7
188.9
179.4
174.9
177.0
176.9
168.4
173.81
166.7
179.5

Total

123.2
129.2
129.7
127.8
133.7
142.6
154.0
164.0
146.7
163.43
195.5
200.9
198.6273

197.1
188.9
179.9
172.6
172
170.9
168.4
164.5
168.0
171.2

Foods
and
feeds 1

111.1
111.7
115.9
115.5
125.9
159.01
133.8
135.2
1146.724

181.6
196.1
194.8
193.6
189.6
180.0
175.3
168.7
166.2
164.8
164.0
164.5
166.7
168.9

Crude materials

Other

Total

Foodstuffs
and
feedstuffs

Other

123.9
137.21
130.5
128.5
134.2
159.0
155.71
165.4
171.5
188.7

98.2
120.6
121.0
108.1
135.3
159.0
182.2
184.8
207.1
251.8
298.6
310.3
273.0
253.1
212.3
184.5
174.2
171.5
161.0
131.81
164.9
170.8
178.7

98.7
100.2
106.1
99.5
113.5
127.0
122.7
119.3
146.7
163.4
174.0
174.1
167.8
165.6
148.2
146.2
138.0
139.2
134.6
131.8
137.8
138.3
137.7

94.3
130.4
126.8
111.4
148.2
179.2
223.4
230.6
246.3
313.9
392.8
415.0
350.4
314.8
254.7
203.9
192.5
186.3
171.2
172.1
175.2
185.9
201.3

196.1
2194
198.6
197.6
189.4
146.2
172.9
172.7
171.3
168.8
137.817
170.81
171.4

Source: Department of Labor, Bureau of Labor Statistics.

CONSUMER PRICES—ALL URBAN CONSUMERS
In June, the consumer price index for all urban consumers rose 0.7 percent; it rose 0.9 percent not seasonally
adjusted. The index was 1.4 percent below its year-earlier level.
INDEX, 1982-84 = 100 (RATIO SCALE)

INDEX, 1982-84 = 100 (RATIO SCALE)

230

rso
SEASONALLY ADJUSTED

220

220

210

\

\

CONSUMER PRICES—ALL fTEMS

200

190

180

180

170

160

isn
2002

2001

2003

2004

2006

2005

2007

2008

2009

COUNCIL OF ECONOMIC ADVISERS

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

Transportation

Housing
Shelter

Period

June
July
Aug
Sept
Oet
Nov
Dec

2009: J a n
Feb
Mar
May
June
1

Seasonally
adjusted

Rent

Food
Total1
Total

1

mary
dence

Fuels
and
utilities

Apparel

Total1

Motor
fuel

Medical
care

Energy 2

All
items
less
food
and
energy

43 4
163 9
169.6
176 4
180 3
184.8
189 5
195 7
.0336.2
209 586
216 264

187 3
193.4
20 6
208 1
1136.51
218 8
224 4
221
240 6 1 1
246 666

6.0
177 5
183.9
192 1
199 7
205.5
.116 0
5.7 3
221
234 679
243 271

24 4
192 9
198.7
206 3
21. 7
219.9
224 9
23. 2
238.2
246 235
252 426

54
128 8
137.9
150 2
143 6
154.5
161 9
179 0
194.7
200 632
220 018

3.7
131 3
129.326
127 3
124 0
120.9
120 4
919 5
119.5
118 998
118 907

15.3 3
100 7
144 4
129.3
153.3
154 3
124 7
152 9
116 6
135.8
157.6
160 4
163 1
173 9
195 7
180.9
221.0
184 682 235 2 0
195 549 279 652

64
250 6
260.8
272 8
285 6
297.1
310 1
323 2
336.2
351 054
364 065

106 6
124.6
1206. 3
121 7
136.5
151 4
177 1
196.9
207 723
236 666

7.6 7
177 0
181.3
186 1
190 5
193.2
196 6
200 9
205.9
210 729
215 572

218 815
219.964
219.086
218 783
216.573
212.425
210 228

217 034
218.610
218.576
218 675
216.889
213.263
211577

213 370
215.376
216.599
217 748
218.586
218.988
211 8.2

216 811
218.610215
218.004
217 818
217.788
217.622
217 592

246 653
218.0152
247.327
247 899
248.063
248.455
248 519

242 915
243.659
244.414
245 089
245.836
246.480
246 928

252 325
252.701
253.079
653 65.8
253.911
246.4802
254 683

224 991
216.162
229.802
224 296
223.185
219.934
219 092

118 384
119.531
119.984
119 631
248.0632
118.905
118 221

204 195
218.015247
205.196
204 916
195.027
19.93411
167 3 5 3

314 506
31207.05
317.702
318 765
248.063245
197.861
160 675

363 723
364.072
364.847
365 835
366.402
367.299
368 302

256 230
218.01524
260.104
2 2 4.296
237.300
197.086
167. 35

215 575
215.3762
216.534
216 784
218.58
216.868
211 8.2

211 143
212.193
212.709
213 240
213.856
215.693

212 174
213.007
212.714
212 671
212.876
214.459

219 193
218.970
218.651
218 254
217.738
217.838

217 646
217.621
217.335
217 180
217.056
216.984

248 938
248.881
248.899
249 334
249.680
249.861

247 744
248.087
248.490
248 916
249.233
249.374

255 349
255.687
256.257
256 627
257.003
257.138

217 . 5
217.260
217.33524
210 702
207.903
206.342

118 523
120.039
119.744
119 537
119.345
120.183

169 4 8 9
120.039
170.903
. 7 0 2119
171.635
178.843

169 176
182.0
173.947
169 . 3
173.872
203.703

3169 . 4
371.175
371.902
373 257
57.0032
38206.3

181 938
182.030371
182.254
177 924
374.40
16.984

217 265
217.260
214.2
218 594
218.910
216.98424

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

Owners'
equivalent
rent
(12/82 =
100)

14 6
164.1 1
167.8
9.3 1
16.6 2
180.0
1.0 2
195. 7
195.2
202 916
214 106

100 0
166 6
172.2
177 1
179 9
184.0
188 9
195.7 3
201.6
207 342
215 303

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

Not
seasonally
adjusted
(NSA)

s

Relative importance, December 2008.
Source: Department of Labor, Bureau of Labor Statistics.

23

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

Change from 3 months earlier, annual rate

Change from 6 months earlier, annual rate

Consumer goods

Consumer goods

Consumer goods

Total
finished
goods

Excluding
foods

Capital
equipment

Total
finished
goods

Capital
equipment

Excluding
foods

Total
finished
goods

Change
from year
earlier,
total
finished
goods
NSA

Capital
equipment

Excluding
foods

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

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

0.8
1.7
1.8
¥.6
7.7
3.1
1.7
1.7
7.6
3.2

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

1.8
3.8
2.0
¥1.3
3.2
3.6
4.8
3.0
3.9
6.3

0.3
1.2
0
¥.6
.8
2.4
1.2
2.3
1.4
4.3

Change, month to month
2008: June
July
Aug. .
Sept
Oct. ...
Nov. .
Dec. .

1.3
1.3
— .5
¥.1
¥2.6
— 2 .7
¥1.8

.1
¥.5
¥1.2

2009: Jan .
Feb r
Mar. ..
Apr. .
May
June

.9
¥.1

.1
¥1.6

.3
.2
1.8

1.2
.6
2

!o

1.5
¥1.6
1.1

0.3
.5
.4
.4
.6
.0
.4

1.8
1.9
¥1.2
¥.3
¥4.9
¥4.7
¥3.0
1.6
.4
¥1.6
.1
.9
2.5

r

12.9
17.9
9.0
2.9
¥12.1
¥19.6
¥24.9

8.9
10.6
8.4
3.2
1.1
¥1.8
¥6.5

18.1
27.0
10.6
1.9
¥22.8
¥33.2
¥40.3

4.3
4.3
4.8
5.3
5.6
3.9
3.9

11.0
11.9
9.9
7.8
1.8
¥6.4
¥12.1

8.9
7.0
8.6
6.0
5.8
3.2
¥1.8

14.7
17.3
12.5
9.7
¥1.0
¥14.0
¥22.0

4.0
4.1
4.1
4.8
4.9
4.4
4.6

9.1
9.9
9.7
8.8
5.2
.4
¥.9

.1
.0
¥.1
¥.1
¥.1
.5

¥13.7
¥3.9
¥.9
¥3.2
r
¥2.1
9.5

¥6.2
¥10.2
¥8.5
¥3.3
r
¥3.4
4.2

¥22.4
¥4.4
1.4
¥4.3
r
¥2.2
15.1

2.1
2.1
.3
¥.5
¥1.0
1.3

¥12.9
¥12.1
¥13.8
¥8.6
¥3.0
4.2

¥2.6
¥6.1
¥7.5
¥4.8
¥6.9
¥2.3

¥22.6
¥20.1
¥22.2
¥13.8
¥3.3
8.0

3.8
3.0
2.1

¥.9
¥1.4
¥3.5
¥3.7
¥5.0
¥4.6

Source: Department of Labor, Bureau of Labor Statistics.

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

All
items 1

Addendum: All items,
percent change
(annual rate)

Transportation

Shelter
Rent of Ownpriers'
mary equivaresilent
dence
rent

Fuels
and
utilities

Apparel

New
cars

Motor
fuel

Medical
care

Energy 2

All
items
less
food
and
energy

From
previous
quarter 3

From
3
months months
earlier earlier

From
year
earlier
NSA

Change, December to December, NSA
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008

3.4
1.6
2.4
1.9
3.3
3.4
2.5
4.1
.1

1.9
2.8
2.8
1.5
3.6
2.7
2.3
2.1
4.9
5.9

2.2
4.3
2.9
2.4
2.2
3.0
4.0
3.3
3.0
2.4

2.5
3.4
4.2
3.1
2.2
2.7
2.6
4.2
3.1
1.9

3.1
4.0
4.7
3.1
2 .7
2.9
3.1
4.3
4.0
3.4

2.4
3.4
4.5
3.3
2.0
2.3
2.5
4.3
2.8
2.1

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

¥.5
¥1.8
¥3.2
¥1.8
¥2.1
_ .2

5.4
4.1
¥3.8
3.8
.3
6.5
4.8
1.6
8.3
¥13.3

¥1.1
.9
¥.3
¥1.0

¥.8
.3
0
¥2.0
¥2.1
.5

¥.4
¥1.1

30.2
13.9
24.8
24.6
6.8
26.1
16.2
6.4
29.5
42.2

3.7
4.2
4.7
5.0
3.7
4.2
4.3
3.6
5.2
2.6

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

0.3
.1
.2

5.8
3.5
¥2.0
¥1.0
¥7.8
¥16.9
¥9.3

0.3
.3
.2
.1
.0
.1
.0

2.2
3.4
2.8
1.6
2.3
2.7
3.4
3.2
2.8
3.8

1.9
2.6
2.7
1.9
1.1
2.2
2.2
2.6
2.4
1.8

Change, month to month
2008: June
July
Aug .
Sept
Oct. ..
Nov. .
Dec. .
2009: Jan
Feb.
Mar.
Apr.
May.
June
1

.
.
.
.
.

0.9
.0
.0
¥.8
¥1.7
¥.8

0.7
.9
.6

0.4
.0
¥.1
.0
¥.1
.0
.0
.0
¥.1
2.1

.3
.4
¥.1
.0

0.3
.2
.1

0.4
.3
.3

0.2
.1
.1

1.7
3.0
¥.9
¥2.4
¥.5
¥1.5
¥.4

0.0
1.0
.4
¥.3
¥.7
.1
¥.6

3.2
1.4
¥.9
¥.1
¥4.8
- 9.7
¥5.0

0.3
.8
.1
¥.5
¥.6
¥.4
¥.4

8.7
3.6
¥2.5
.3
¥12.7
¥28.9
¥18.8

— .7
¥.1
¥1.4
¥1.7
¥1.3

.3
1.3
¥.2

1.3
1.9
¥1.1
¥.4
.8
4.2

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

5.3
7.6
¥4.4
¥2.6
2.7
17.2

.0

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

24

¥.2
.7

s

1.7
3.3
¥3.0
¥2.4
.2
7.4

4.5

6.2

¥8.3

¥2.4

1.3

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

6.5
8.9
6.7
3.1
¥3.1
¥9.4
¥12.4

5.1
5.8
5.4
4.7
2.7
¥1.6
¥5.0

5.0
5.6
5.4
3.7
3.7
1.1
.1

¥8.4
¥.5
2.2
.9
_ 2
3.3

¥5.8
¥5.0
¥5.4
¥3.9
¥.4
2.7

.0
.2
¥.4
¥.7
¥1.3
¥1.4

PRICES RECEIVED AND PAID BY FARMERS
In July, prices received by farmers fell 3.0 percent and prices paid by farmers fell 0.6 percent. (Data are not
seasonally adjusted.)
INDEX, 1990-92= 100 (RATIO SCALE)

INDEX, 1990-92 = 100 (RATIO SCALE)
200

200

190

190

180

180

•

T^

170

170

160

160
PRICES PAID

150

,,

150

J

140
^.

—

\\
\

130
-,

_

_,

PRICES RECEIVED

-<—

Ay

120

no
100

90

140

A

130

/

v

120
110

A

I/W

'

l
l
1 1 1 1 1 1 1 1 I 1 lI l 1 l l l l l l

100

90
M 1 I ! 1 II 1 1 1 1 1 1 1 1 1 1 1 1
1!

I I I I I I I I I I I

I I I I I I I I I I I

! 1 1 ] ! 1 1 ! 1 11!

1 M I1 1 1 1 M

Illlll

RATIO1
140

RATIO'
1140
120

120
RATIO

100

100

60

I I I I l Il l ll

l l l l I l I ) II

2001

2002

I I I I I I I I I II
2003

I I I I I I I I I ll

I I I I I I I I II

2004

2005

I I l l I I I I II

I I I II I I I I
2007

2006

i I I I I I I II
2008

60
I l l l i I l l ll I
2009

1

RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.
SOURCE: DEPARTMENT OF AGRICULTURE

COUNCILOFECONOMICADVISERS

[1990-92 = 100; not seasonally adjusted]
Prices paid by farmers

Prices received by farmers
Period

All farm
products

Livestock and
products

Crops

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

Production
items, interest,
taxes, and wage
rates

Production
items

Ratio 2

1999
2000
2001
2002
2003
2004
2005
2006
2007
2008

96
96
102
98
106
118
114
115
136
149

97
96
99
105
110
115
110
120
r
142
168

95
97
106
90
103
122
119
111
130
130

115
119
123
124
128
134
142
150
160
182

113
117
121
121
125
133
142
150
161
187

111
115
120
119
124
132
140
148
160
188

83
81
83
79
84
88
81
77
85
82

2008: Julyr
Aug
Septr
Oct
Novr
Dec

159
156
154
150
141
135

183
177
173
167
157
149

138
137
133
127
123
119

191
191
190
187
182
177

197
197
196
192
187
181

201
202
200
195
189
182

83
82
81
80
77
76

2009: Jan
Feb r
Mar
Apr
May
June r
Julyp

139
126
126
129
130
134
130

160
145
146
111
150
111
149

114
109
109
112
113
112
112

178
177
178
177
178
177
176

182
181
182
181
181
181
179

181
179
180
179
180
179
177

78
71
71
73
73
76
74

1

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

NOTE.—The official indexes are published on a 1910-14 base as required by law. The indexes have been converted to a 1990-92 = 100 base to facilitate comparison with other indexes.
Source: Department of Agriculture.

25

MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK AND DEBT MEASURES
In June, M2 rose.
BILLIONS OF DOLLARS* (RATIO SCALE)
9,200
8,400

BILLIONS OF DOLLARS* (RATIO SCALE)
9,200
8,400

7,600

——- —

•

7,600

———

6,800
|

'

6,800

"\

-1

6,000

M2

5,200

5,200

4,400

4,400

3,600

3,600

3,200

3,200

2,800

2,800

2,400

2,400

2,000

2,000

1,600

1,600

Ml
\
_
_ -

1,200

1111111M11
2002

2001

2003

1 1 1 1 1 II I I I 1 1 I I 1 1
2004
2005

j m | |

2006

MM

MM

2007

M ii I 1 I

M

i (

n

2008

2009

COUNCIL OF ECONOMIC ADMSERS

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

Debt

M1

M2

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

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

Decr
Decr
Decr
Decr
Decr
Decr
Decr
Decr
Decr
Decr

1,122.6
1,087.7
1,182.3
1,220.4
1,306.8
1,376.4
1,374.2
1,365.6
1,373.0
1,595.3

4,635.0
4,917.2
5,431.2
5,784.7
6,071.7
6,412.2
6,674.1
7,033.6
7,438.4
8,153.7

17,305.0
18,180.8
19,317.3
20,727.8
22,438.3
24,441.2
26,760.4
29,162.1
31,707.1
33,580.3

2.4
¥3.1
8.7
3.2
7.1
5.3
¥.2
¥.6
.5
16.2

5.9
6.1
10.5
6.5
5.0
5.6
4.1
5.4
5.8
9.6

6.4
5.0
6.3
7.3
8.1
8.9
9.5
9.0
8.7
5.9

2008: June
July
Aug r
Septr
Oct r
Nov
Dec r

1,393.7
1,409.3
1,391.6
1,451.5
1,474.7
1,523.2
1,595.3

7,681.1
7,725.7
7,698.2
7,808.3
7,927.3
7,980.0
8,153.7

32,393.1

3.0
4.6
1.6

6.5
6.4
3.5
4.7
7.3
8.1
12.3

3.2

2009: J a n r
Feb r
Mar r
Apr r
May r
June

1,576.3
1,559.5
1,563.3
1,593.3
1,597.0
1,650.0

8,235.9
8,263.6
8,335.0
8,281.8
8,345.0
8,370.1

Period

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

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

26

Debt of
domestic
nonfinancial
sectors1

From year or 6
months
earlier 2
M1

33,069.1

9.9

33,580.3

13.1
20.2
28.9

33,931.9

23.7
24.1
15.4
16.1
9.7

M2

From
previous
period 3
Debt

8.3
6.2

13.2
14.7
13.5
8.9
9.1
5.3

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

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

Nonbank
trave-

Currency

Period

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

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

Savings
deposits 1

Other checkable
deposits (OCDs)

De
mand
depos-

its

Total

At
commercial
banks

At
thrift
institutions

Total

At
commercial
banks

1,739.5
1,878.3
2,309.0
2,774.0
3,162.7
3,506.4
3,602.3
3,692.7
3,868.7
4,102.1

1,288.4
1,424.3
1,738.3
2,060.2
2,337.9
2,631.1
2,773.9
2,909.7
3,041.3
3,330.4

Small-denomination
time deposits 2
At
thrift
institutions
451.0
454.0
570.7
713.7
824.7
875.3
828.4
730
827.3
771.7

955.2
1,046.0
974.5
894.7
817.8
827.8
992.5
1,167.3
1,214.6
1,377.9

636.9
700.8
636.1
591.2
541.7
551.4
645.3
759.3
823.1
1,026.8

318.3
345.2
338.5
303.4
1784.41
276.4
347.2
808.0
391.5
351.1

817.7
905.2
965.4
895.6
784.4
701.5
705.1
808.0
982.1
1,078.4

9.3408.08
1,899.8
2,385

825.5
840.7
863.9
892.1
982.1
1,026.8

383.5
379.2
380.7
377.0
345.3
350.8
351.1

1,057.2
1,063.5
1,056.2
1,055.2
1,090.5
1,080.2
1,078.4

2,242.2
2,259.3
2,280.9
2,245.5
2,227.6
2,322.5
2,385

1,017.9
1,003.9
991.5
975.9
968.4
952.1

351.7
351.6
054.22
345.0
331.6
328.8

1,075.2
1,057.5
1,342
1,025.8
1,003
967.5

2,471.8
4,291.13
2,492.4
25.8
2,538.4
2,522.1

517.8
531.2
581.1
626.3
662.5
697.5
723.6
748.3
757.6
812.1

8.6
8.3
8.0
7.8
7.7
7.5
7.2
6.7
6.3
5.5

353.0
309.9
335.7
306.8
326.4
343.2
324.6
304.8
301.3
464.6

243.3
238.4
257.5
279.6
310.3
328.2
318.9
305.8
307.8
313.0

139.7
.3309.92

142.0
154.3
175.3
187.0
180.7
177.2
174.3
179.0

103.7
105.2
115.4
125.3
135.0
141.1
138.1
128.6
133.5
134.1

2008: June r ...
Julyr ....
Aug r ....
Sept r ...
Oct r
Novr ....
Dec r ....

769.0
774.4
777.0
781.6
796.5
804.3
812.1

69.0

5.9
5.8
5.8
5.7
5.6
5.5

304.5
312.9
300.4
350.0
360.5
406.5
464.6

314.2
316.1
308.3
314.2
312.0
306.8
313.0

176.5
176.8
172.4
176.9
176.3
173.5
179.0

137.7
259.3
136.0
032.53
135.7
133.2
134.1

4,021.2
4,033.0
4,005.7
4,032.5
4,034.7
4,016.6
4,102.1

3,123.9
3,130.9
3,116.5
3,170.8
3,250.3
3,247.5
3,330.4

897.3
902.2
889.2
861.7
784.4
769.1
771.7

1,20
1,219.9
1,244.6
1,269.1
0.3784.4
1,360.0
1,377.9

2009: J a n r
Feb r ....
Mar r ....
Apr r
May r ....
June

826.3
837.7
845.1
849.8
849.9
853.1

5.5
5.5
5.4
5.3
5.2
52

434.3
395.9
390.1
406.0
407.4
439.5

310.2
320.4
322.7
332.2
334.5
39.53

175.3
181.0
182.1
191.0
194.6
210.2

134.9
139.4
140.6
141.2
139.8
142.1

5.3134.9
4,291.1
4,37
4,341.8
4.5194.6
4,471.7

5434.331
3,500.2
3,567.2
3,533.1
3,625.4
3,643.5

780.7
,003.9
82.114
808.7
819.2
828.2

1,369.6
1,355.4
1,342.8
1,320.9
1,300.0
1,280.9

1
s

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

Institutional
money
funds3

Total

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

2

Retail
money
funds

At
commercial
banks

At
thrift
institutions

1,080.22,322

660.5
815.6
1,219.2
1.2303.4
1,129.2
1,080.0
1,149.3

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

AGGREGATE RESERVES AND MONETARY BASE
[Averages of daily figures1; millions of dollars; seasonally adjusted, except as noted by NSA]
Adjusted for changes in reserve requirements

Borrowings from the Federal Reserve (NSA)

Reserves of depository institutions

Period
Total 2

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

Dee
Dee
Dee
Dee
Dee
Dee
Dee
Dee
Dec r
Dec r

Nonborrowed 3

Required

Excess
(NSA)

Other borrowings from the Federal Reserve

Monetary
base

Total 4

42,183
38,717
41,442
40,400
42,757
46,552
45,139
43,338
43,519
821,034

41,862
38,507
41,376
40,320
42,711
46,489
44,970
43,147
28,088
167,468

40,889
37,391
39,799
38,392
41,710
44,643
43,238
41,475
41,749
53,635

1,294
1,325
1,643
2,008
1,047
1,909
1,901
1,863
1,769
767,398

593,842
584,928
635,557
681,629
720,402
759,072
786,976
811,126
822,422
1,651,270

320
210
67
80
46
63
169
191
15,431
653,565

2008: June r
Julyr
Aug r
Sept r
Oct r
Novr
Dec r

44,366
44,293
45,458
102,767
315,498
609,939
821,034

¥126,913
¥121,370
¥122,620
¥187,338
¥332,821
¥88,846
167,468

42,098
42,376
43,486
42,713
47,594
50,901
53,635

2,267
1,917
1,972
60,054
267,904
559,039
767,398

832,449
838,367
842,981
905,164
1,130,295
1,433,496
1,651,270

2009: J a n r
Feb r
Mar r
Apr r
May r
June r

858,406
700,972
779,951
881,553
901,292
809 020

294,909
118,475
167,840
323,359
375,844
370,298

60,172
57,485
55,319
57,176
57,191
57,642

798,233
643,486
724,632
824,378
844,100
751,378

1,703,114
1,557,491
1,643,140
1,749,791
1,770,177
1,680,630

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.
s
Seasonally adjusted break-adjusted total reserves less unadjusted total borrowings of depository institutions from the Federal Reserve.

Term
auction
credit

Primary

Primary
dealer
and
other
brokerdealer
credit5

Assetbacked
commerical
paper
money
market
mutual
fund
liquidity
facility

Credit
extended
to
American
International
Group,
Inc.

Adjustment 6

179
99
34
35

11,613
438,327

17
11
97
111
3,787
88,245

47,631

32,102

47,206

171,278
165,664
168,078
290,105
648,319
698,786
653,565

150,000
150,000
150,000
149,814
244,778
393,088
438,327

14,225
15,204
17,980
32,632
77,047
95,839
88,245

6,908
255
0
53,473
114,953
60,655
47,631

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

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

538,6
582,497
643,14061
558,194
525,448
438,722

403,523
438,82
477,049
444,933
403,970
316,8

63,496
65,463
62,513
47,324
40,124
37,302

33,061
26,250
20,292
10,918
701
0

17,745
13,533
7,857
4,267
23,347
18,891

38,690
38,414
43,328
45,057
44,915
43,057

4

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

27

BANK CREDIT AT ALL COMMERCIAL BANKS
Total commercial bank loans and leases fell 0.8 percent in June; commercial and industrial loans fell 1.5 percent.
BILLIONS OF DOLLARS* (RATIO SCALE)
12,000

BILLIONS OF DOLLARS* (RATIO SCALE)
12,000
- ALL COMMERCIAL BANKS
10,000

10,000
9,000
8,000

^

9,000

TOTAL

8,000

_ — —

"

7,000

.

7,000
6,000

.

1

•—

6,000

5,000

5,000
LOANS AND LEASES

4,000

4,000

3,000

3,000

2,000

2,000

1,600

1,600

U.S. TREASURY AND
AGENCY SECURITIES
\

1,200

1,200

800

800

OTHER S
ECURITIES

400 Ti~

i

i

2001

1
1

1
1 1 1 1

1 1 1 1

I I I

1II

2003

2002

1 1 1 II 1 1 1 !1 1 1 1 1 1 1 1
1

2004

2005

II1

111 1 1

2007

2006

I1
I

I I I

1 1 1 11

2008

•SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

1 1 1 1 1 1 1 1 1
400

2009

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars, seasonally adjusted 1
Securities in bank credit 2

Period

Dec r
Dec r
Dec r
Dec r
Dec r
Dec r
Dec r
Dec r
Dec r
Dec r
June
July
Aug r
Sept
Oef
Nov
Dec r
2009: J a n r
Feb r
Marr
Apr r
Mayr
June
1999:
2000:
2001:
2002:
2003:
2004:
2005:
2006:
2007:
2008:
2008:

1

Total
bank
credit

,610.2
,046.1
,212.4
,648.5
,016.5
,568.5
,261.5
,039.4
,830.8
,318.6
,002.1
,016.3
,014.4
,158.1
,491.9
,360.6
,318.6
,297.7
,316.5
,296.1
,270.1
,357.4
,349.4

Total
securities

1,148.1
1,191.6
1,318.8
1,513.1
1,637.8
1,729.1
1,827.3
1,962.0
2,069.1
2,063.7
2,055.6
2,055.9
2,040.6
2,081.3
2,196.5
2,126.2
2,063.7
2,112.9
2,134.1
2,165.8
2,183.8
2,210.0
2 258.7

U.S.
Treasury
and
agency
securities

798.3
778.4
853.7
1,025.0
1,107.0
1,166.9
1,158.4
1,203.2
1,114.6
1,240.0
1,133.3
1,135.3
1,136.7
1,154.6
1,221.0
1,253.0
1,240.0
1,269.0
1,259.0
1,273.1
1,261.9
1,266.4
1,300.4

Other
securities

349.8
413.1
465.2
488.1
530.8
562.2
668.9
758.8
954.5
823.7
922.3
920.5
903.9
926.8
975.5
873.2
823.7
843.9
875.1
892.8
921.9
943.6
258.71,3

Data are prorated averages of Wednesday values for domestically chartered commercial
banks, branches and agencies of foreign banks, New York State investment companies (through
September 1996), and Edge Act and agreement corporations. Data are adjusted for breaks
caused by reclassifications of assets and liabilities.
2
Includes 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.

28

Loans and leases in bank credit

Total
loans
and
leases 3

3,462.1
3,854.6
3,893.6
1,025.04
4,378.7
4,839.4
5,434.1
6,077.3
6,761.7
7,254.9
6,946.5
6,960.4
6,973.8
7,076.8
7,295.4
7,234.4
7,254.9
7,18
7,182.5
7,130.3
7,086.3
7,14
7,090.7

Commercial
and
industrial
loans
996.5
1,082.0
1,020.7
959.1
898.6
919.3
1,041.0
1,18
1,426.1
1,618.6
1,554.6
1,567.8
1,572.9
1,588.6
1,644.8
1,638.0
1,618.6
1,601.5
1,586.6
1,562.9
1,544.4
1,527.1
1,503.7

Real estate loans

Total 4

1,458.7
1,636.7
1,755.4
2,005.8
2,210.9
2,548.2
2,916.0
3,355.0
3,587.8
3,820.2
3,635.1
3,623.0
3,623.0
3,660.3
3,817.1
3,819.7
3,820.2
3,803.4
3,818.4
3,827.6
3,834.0
3,881.7
3,867.4

Revolving
home
equity
loans
100.4
129.7
152.6
212.0
278.8
396.3

442.7
466.3
483.4
588.3
51, 6 5
521.1
525.7
539.0
577.3
582.1
588.3
593.5
596.9
601.4
605.3
612.9
610.8

Commercial
loans

1,078.6
1,267.8
1,455.1
1,588.6
1,723.5
1,659.5
1,664.6
1,666.4
1,673.6
1,716.2
1,720
1,723.5
1,601.53
1,717.8
1,717.4
1,711.9
1,710.6
1,704.7

Consumer
loans 5

484.7
533.2
550.6
579.7
635.2
686.8
695.8
7807
791.9
861.8
814.4
824.2
830.4
834.9
851.5
857.3
861.8
871.1
882.0
873.5
862.8
863.0
859.7

Other
loans
and
leases 5

522.3
602.7
566.9
590.7
634.0
685.1
781.3
807.7
956.0
954.3
942.3
945.4
947.6
993.0
982.1
919.5
954.3
908.8
895.3
866.3
845.0
875.5
859.9

s
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.
4
Includes closed-end residential loans, not shown separately.
5
Includes other items, not shown separately.
Source: Board of Governors of the Federal Reserve System.

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

Uses

External (N et increase in liabilities
F u n d s raised in markets

Total

TIQI 1

nal

Total

Total
net
raised

1999
2000
2001
2002
2003
2004
2005
2006
2007
2008

................1,

Discrep-

Credit market instruments

Period

Capital
expenditures 3

Total
Net new
equity
issues

Total

Loans
and
shortterm
paper

Securities
and mortgages

Other

2

Increase
in financial assets

(sources
less
uses)

1,718.6
1,955.0
850.6
896.2
844.7
1,537.5
2,026.3
1,922.5
2,258.8
1,578.4

731.0
717.6
755.4
811.3
831.3
928.5
1 96 1
1,086.0
1,047.0
1,064.1

987.6
1,237.4
95 2
84.9
13.4 4
609.0
961.2
836.5
1,211.8
514.3

273.6
243.6
164.9
¥19.6
45.8
77.3
¥30.6
¥137.2
6.0
¥18.2

¥110.4
¥118.2
¥48.1
¥41.4
¥41.1
¥124.4
-360 7
¥602.7
¥831.2
¥380.8

384.0
361.8
213.1
21.8
86.9
201.7
330.1
465.4
837.2
362.6

273.9
187.2
400.0
166.0
216.7
132.5
264.0
310.3
434.3
246.0

1714.1
174.6
¥187.0
-144.2
¥129.7
69.2
66.2
155.2
402.9
116.6

714.1
993.9
¥69.7
104.5
¥32.4
531.9
991.7
973.7
1,205.8
532.5

1,833.8
2,137.7
980.2
867.2
832 5
1,608.8
1,879.8
1,772.5
2,091.5
1,582.4

863.9
928.5
802.6
737.1
749.9
825.7
922.0
1,059.4
1,047.3
1,066.9

969.9
1,209.2
177.6
130.1
82.6
783.1
957.8
713.1
1,044.2
515.5

¥115.2
¥182.8
¥129.6
28.9
12.1
¥71.3
146 5
150.0
167.3
¥4.1

2007: I ...........2,
II .........2,
III. .......2,
IV ........2,

2,335.0
2,294.8
2,290.4
2,115.3

1,028.8
1,032.7
1,065.0
1,061.7

1,306.2
1,262.1
1,225.4
1,053.6

140.8
109.9
40.0
¥266.6

¥566.7
¥799.1
¥864.9
¥1,093.9

707.5
909.0
904.9
827.3

413.0
523.2
354.6
446.1

294.5
385.8
550.3
320.22

1,165.4
1,152.2
1,185.4
1,320.2

2,117.8
2,112.7
2,087.1
2,048.4

1,009.2
1,044.0
1,083.8
1,052.0

1,108.6
1,068.7
1,003
996.4

217.1
182.1
203.2
66.9

2008: I ...........1,
II
III ........1,
IV ........1,

1,797.0
1,757.3
1,552.6
1,206.8

1,041.2
1,008.7
1,088.2
1,118.3

755.8
748.6
464.4
88.5

¥19.2
188.7
3.9
¥246.1

¥475.1
¥262.4
¥399.6
¥386.0

455.9
451.1
403.5
139.9

254.6
409.5
134.4
185.7

201.4
41.6
269.1
¥45.8

775.0
559.9
460.5
334.6

1,740.9
1,710.4
1,574.3
1,304.3

1,066.7
1,120.6
1,065.7
1,014.7

674.2
589.8
508.6
289.6

56.1
46.9
¥21.8
¥97.6

2009: Ip

1,276.2

1,061.9

214.3

¥156.4

¥297.0

140.6

562.9

¥422.3

370.8

1,368.9

813.8

555.1

¥92.7

................896.
................1,
................1,
................2,

1

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

s

Nonresidential fixed investment plus residential fixed investment, inventory change with inventory valuation adjustment, and nonproduced nonfinancial assets.
Source: Board of Governors of the Federal Reserve System.

CONSUMER CREDIT
[Billions of dollars; seasonally adjusted]
Consumer credit outstanding (end of period)
Period
Total

Revolving

Nonrevolving2

Net change in consumer credit outstanding 1
Total

Revolving

Nonrevolving 2

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

1,532.4
1,717.7
1,867.1
1,970.7
2,076.4
2,191.7
2,290.9
2,384.6
2,519.1
2,558.6

610.7
683.7
715.7
751.6
768.4
799.8
830.2
871.6
939.8
957.6

921.7
1,034.0
1,151.4
1,219.0
1,308.0
1,391.8
1,460.7
1,512.9
1,579.3
1,601.1

111.4
185.3
149.4
103.6
105.7
115.3
99.2
93.7
134.5
39.5

29.3
73.0
32.0
35.9
16.8
31.4
30.4
41.4
68.2
17.8

82.1
112.3
117.4
67.6
89.0
83.8
68.9
52.2
66.4
21.8

2008: June
July
Aug r
Sept
Oef
Nov
Dec r

2,573.8
2,581.4
2,574.9
2,579.2
2,574.8
2,565.5
2,558.6

965.8
971.9
973.6
973.5
970.6
964.9
957.6

1,608.1
1,609.5
1,601.4
1,605.7
1,604.2
1,600.5
1,601.1

8.6
7.6
¥6.5
4.3
¥4.4
¥9.3
¥6.9

2.8
6.1
1.7
¥.1
¥2.9
¥5.7
¥7.3

5.8
1.4
¥8.1
4.3
¥1.5
¥3.7
.6

2009: J a n r
Febr
Mar r
Apr r
May

2,562.8
2,551.5
2,535.8
2,518.4
2,513.0
2,502.7

955.8
944.3
936.2
927.1
922.3
917.0

1,607.0
1,607.2
1,599.6
1,591.3
1,590.8
1,585.7

4.2
¥11.3
¥15.7
¥17.4
¥5.4
¥10.3

¥1.8
¥11.5
¥8.1
¥9.1
¥4.8
¥5.3

5.9
2
¥7.6
¥8.3
¥.5
¥5.1

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

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

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

29

INTEREST RATES AND BOND YIELDS
Overall, interest rates fell in July.
PERCENT PER ANNUM

PERCENT PER ANNUM
10

10

SOURCE: SEETABLE BELOW

COUNCIL OF ECONOMIC ADVISERS

[Percent per annum]

u.s .

Treasury security yields
Constant maturities

Period

O-II l u l l LI 1

bills (at
auction) 1

1999
2000
2001
2002
2003.
2004.
2005.
2006.
2007.
2008.
2008: July
Aug
Sept
Oet
Nov
Dee
2009: Jan
Peb
Mar
Apr
May
June ....
July
Week ended:
2009: July 11
18
25
Aug 1 ..
8 ..

Highgrade
municipal

2

3-year10-year

30-year

30-year

(Standard
&
Poor's) 3

4.66
5.85
3.44
1.62
1.01
1.38
3.16
4.73
4.41
1.48
1.72
1.79
1.46
.84
.30
.04
.12
.31
.25
.17
.15
.17
.19

5.49
6.22
4.09
3.10
2.10
2.78
3.93
4.77
4.35
2.24
2.87
2.70
2.32
1.86
1.51
1.07
1.13
1.37
1.31
1.32
1.39
1.76
1.55

5.65
6.03
5.02
4.61
4.01
4.27
4.29
4.80
4.63
3.66
4.01
3.89
3.69
3.81
3.53
2.42
2.52
2.87
2.82
2.93
3.29
3.72
3.56

5.87
5.94
5.49
*
*
*
*
4.91
4.84
4.28
4.57
4.50
4.27
4.17
4.00
2.87
3.13
3.59
3.64
3.76
4.23
4.52
4.41

5.43
5.77
5.19
5.05
4.73
4.63
4.29
4.42
4.42
4.80

.19
.18
.19
.19
.18

1.46
1.52
1.54
1.67
1.78

3.42
3.55
3.62
3.67
3.77

4.27
4.42
4.49
4.49
4.52

5.13
5.00
5.185
4.88
4.60
4.84
4.69

7.04
7.62
7.08
6.49
5.67
5.63
5.24
5.59
5.56
5.64
5.67
5.64
5.65
6.28
6.15
5.08
5.05
5.27
5.50
5.39
5.54
5.61
5.41

4.70
4.63
46.5
4.67
4.65

5.34
5.44
5.46
5.40
5.34

4.88
4.90
5.03
5.68
5.28
5.53

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

30

Corporate
Aaa
bonds
(Moody's)

6

Discount window
(N.Y. F.R. B a n k ) 4 5

Primary
credit

Discount
rate

4.62
5.73
3.40
1.17

Prime rate
charged by
banks 5

Federal
funds
rate 6

2.12
2.34
4.19
5.96
5.86
2.39
2.25
2.25
2.25
1.25
1.25
.50
.50
.50
.50
.50
.50
.50
.50

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

4.97
6.24
3.88
1.67
1.13
1.35
3.22
4.97
5.02
1.92
2.01
2.00
1.81
.97
.39
.16
.15
.22
.18
.15
.18
.21
.16

.50
.50
.50
.50
.50

3.25
3.25
3.25
3.25
3.25

Newhome
mortgage
yields
(FHFB) 7

.17
.14
.15
.15
.18

7.04
7.52
7.00
6.43
5.80
5.77
5.94
6.63
6.41
6.05
6.29
6.33
6.09
6.10
6.16
5.67
5.11
5.09
5.10
4.96
4.92
5.17

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

COMMON STOCK PRICES AND YIELDS
Overall, stock prices rose in July.
NDEX, DEC. 31,2002= 5,000 (RATIO SCALE)
11,000

INDEX, DEC. 31,2002=5,000 (RATIO
11,000

-

-

10,000
9,000

COMPOSITE STOCK PRICb INDbX
/
(NYSE)
7

8,000
7,000

8,000
\
-I

7,000

/.

6,000
\

^

r

A

-

V ( .

6,000

\ /

5,000

V

1 II 1 II
2001

4,000

1 II

1
2002

II

5,000

V
II

1 1 II
11
2003

11 i
2004

MI

III III
2005

1

1 1 1 1 1 11 1 I
2006
2007

II i

Hi
2008

1 I

ill
2009

II 4,000
Jj

PERCENT

PERCENT

2001

I

2002

I

2003

2004

2008

SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD AND POOR'S

I

COUNCIL OF ECONOMIC ADVISERS

Common stock prices 1
Period

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

Financial

2009

Energy

Health
Care

Dow Jones
industrial
average 4

Common stock yields
(percent) 7
Standard &
Poor's composite index
(194143 = 10) 5

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

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

2,728.15
3,783.67
2,035.00
1,539.73
1,647.17
1,986.53
207.232
2,263.41
2,578.47
2,161.65

1.25
1.15
1.32
1.61
1.77
1.72
1.83
1.87
1.86
2.37

3.17
3.63
2.95
2.92
3.84
4.89
5.36
5.78
5.29
3.54

3.94

Dividendprice ratio

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

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

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

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

5,288.67
5,924.80
6,283.96
6,685.06
7,19
6,171.19

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

2008: July
Aug
Sept
Oct
Nov
Dec

8,427.37
8,362.20
7,886.29
6,130.39
5,527.63
5,525.70

6,207.89
6,304.58
6,159.18
4,733.74
3,779.86
3,673.95

14,899.86
13,772.04
12,562.82
9,515.71
9,262.07
9,136.33

6,412.48
6,618.92
6,316.05
5,434.03
5,088.99
5,090.83

11,322.38
11,530.75
11,114.08
9,176.71
8,614.55
8,595.56

1,257.33
1,281.47
1,217.01
968.80
883.04
877.56

2,278.14
1,281.47
1,217.0
1,730.32
1,542.70
1,525.89

2,27
2.23
2.36
2.83
3.11
3.00

2009: Jan
Feb
Mar
Apr
May
June ....
July

5,477.14
5,051.42
4,739.72
5,338.39
5,823.10
5,985.64
6,026.55

3,337.14
2,823.74
2,633.65
3,313.47
3,819.95
3,924.19
4,000.66

9,295.97
8,785.04
8,266.81
8,839.95
9,848.66
10,189.64
9,765.09

5,256.13
5,106.78
4,596.81
4,771.71
5,051.78
5,224.16
5,410.22

8,396.20
7,690.50
7,235.47
7,992.12
8,398.37
8,593.00
8,679.75

865.58
805.23
757.13
848.15
902.41
826.992
935.82

1,537.20
1,485.98
1,432.23
1,641.15
1,726.08
1,826.99
1,873.84

3.01
3.07
2.92
2.60
2.41
2.35
2.31

Week ended:
2009: July 11 .
18
25
Aug 1 ...
8 ..

5,668.82
5,928.25
6,217.41
6,356.50
6,559.47

3,713.22
3,952.04
4,126.69
4,271.80
4,595.21

9,126.16
9,576.00
10,181.28
10,227.77
10,355.10

5,221.13
5,325.99
5,514.53
5,630.29
5,637.88

8,199.31
8,552.63
8,961.58
9,120.40
9,302.81

884.22
924.14
963.07
982.24
1,003.71

1,757.86
1,845.50
1,938.29
1,974.79
1,997.28

Earningsprice ratio

2.45
2.30
2.25
2.20
2.13

1

Average of daily closing prices.
Includes all the stocks (nearly 1,850) listed on the NYSE.
Effective January 9, 2003, the NYSE relaunched the composite index with changes in
methodology, definitions, and based on Dec. 31, 2002 = 5,000. Effective January 8, 2004 new
indexes for Financial, Energy, and Health Care were introduced by the NYSE. Previous indexes
shown for Industrial, Transportation, Utility, and Finance were discontinued.
4
Includes 30 stocks.
2
s

1

.65

.86

5

Includes 500 stocks.
Includes about 3,000 stocks.
Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earnings-price ratios based on prices at end of quarter.
6

7

Sources: New York Stock Exchange, Dow Jones & Company, Inc., Standard & Poor's, and
Nasdaq Stock Market.

31

FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
In the ninth month of fiscal 2009, there was a deficit of $1,086.3 billion, compared with a deficit of $285.9 billion
a year earlier.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
4,200
- RECEIPTS A N D OUTLAYS1
4,000

/ \

-

3,800

3,600
3,400
3,200
3,000
2,800

2,600

-

//

-

\

//

-

/

-

OUTLAYS'

-

___\

s

—

2,400
—

2,000

^>-<^____

1,800

1

1,600
400 -

1

^

^

1

3,800
3,600
3,400
3,200
3,000
2,800
2,600
2,400

2,000

-

_ _ ^ — ^

1

4,200
4,000

— - 2,200
-

N^

2,200

-

1

1

-

i

SURPLUS OR DEFICIT (-) 1

1,800
1,600
400
0

0
-400

-800

-800
-1,200

-1,200

-1,600

-1,600
-2,000

-2,000
2000

2009
FISCAL YEARS

MNCLUD6S ON-BUDGET AND OFF-BUDGET ITEMS.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars]
Total
Fiscal year or period
Receipts

Outlays

Off-budget

On-budget
Surplus
or
deficit

Receipts

Outlays

Surplus
or
deficit

Receipts

Outlays

Federal debt (end of
period)
Surplus
or
deficit

Gross Federal

Held by
the public

1992.
1993.
1994.
1995.
1996.
1997.
1998.
1999.

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

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

¥290.3
¥255.1
¥203.2
¥164.0
¥107.4
¥21.9
69.3
125.6

788.9
842.5
923.7
1,000.9
1,085.7
1,187.4
1,306.2
1,383.2

1,129.3
1,142.9
1,182.5
1,227.2
1,259.7
1,290.7
1,306.21
1,383.21,3

¥340.4
¥300.4
¥258.8
¥226.4
¥174.0
¥103.2
¥29.9
1.9

302.4
311.9
335.0
351.1
367.5
392.0
415.8
444.5

252.3
266.6
279.4
288.7
300.9
310.6
316.6
320.8

50.1
45.3
55.7
62.4
66.6
81.4
99.2
123.7

4,001.8
4,351.0
4,643.3
4,920.6
5,181.5
5,369.2
5,478.2
5,605

2,999.7
3,248.4
3,433.1
3,604.4
3,734.1
3,772.3
3,721.1
3,632.4

2000.
2001.
2002.
2003.
2004.
2005.
2006.
2007.
2008.
2009 (estimates).
2010 (estimates).

2,025.5
1,991.4
1,853.4
1,782.5
1,880.3
2,153.9
2,407.3
2,568.2
2,524.3
2,156.7
2,332.6

1,789.2
1,863.2
2,011.2
2,160.1
2,293.0
2,472.2
2,655.4
2,728.9
2,982.9
3,997.8
3,591.1

236.2
128.2
¥157.8
¥377.6
¥412.7
¥318.3
¥248.2
¥160.7
¥458.6
¥1,841.2
¥1,258.4

1,544.9
1,483.9
1,338.1
1,258.7
1,345.5
1,576.4
1,798.9
1,933.2
1,866.3
1,501.8
1,649.4

1,458.5
1,516.4
1,655.5
1,797.1
1,913.5
2,070.0
2,233.4
2,275.3
2,508.1
3,479.6
3,041.9

86.4
¥32.4
¥317.4
¥538.4
¥568.0
¥493.6
¥434.5
¥342.2
¥641.9
¥1,977.8
¥1,392.5

480.6
507.5
515.3
523.8
534.7
577.5
608.4
635.1
658.0
654.9
683.2

330.8
346.8
355.7
363.0
379.5
402.2
422.1
453.6
474.8
518.2
549.1

149.8
160.7
159.7
160.8
155.2
175.3
186.3
181.5
183.3
136.6
134.1

5,628.7
5,769.9
6,198.4
6,760.0
7,354.7
7,905.3
8,451.4
8,950.7
9,985.8
12,867.5
14,456.3

8 1 49.8
3,319.6
3,540.4
3,913.4
4,295.5
4,592.2
4,829.0
5,035.1
5,802.7
8,531.4
9,881.9

Cumulative total, first 9
months: 1
Fiscal year 2008.
Fiscal year 2009.

1,933.9
1,588.7

2,219.8
2,674.9

¥285.9
¥1,086.3

1,431.0
1,085.9

1,898.3
2,320.4

¥467.3
¥1,234.4

503.0
502.7

321.5
354.6

181.5
148.2

9,455.8
11,508.5

5,274.1
7,165.3

1

Data from current issue Monthly Treasury Statement.

32

NOTE.—Data (except as noted) are from Budget of the United States Government, Fiscal Year
2010, issued May 11, 2009.
Sources: Department of the Treasury and Office of Management and Budget.

FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the ninth month of fiscal 2009, receipts were $345.2 billion lower than a year earlier and outlays were $455.1
billion higher.
BILLIONS OF DOLLARS
1,400
- RECEIPTS1
1,200
1,000

-

1,000
800

j

""

(500
400

•..

\

800

CORPORATION
INCOME TAXES
\

SOCIAL INSURANCE
AND K t l l K t M t N l KtCtlPIS

200

•

1

0

3,200

-

BILLIONS OF DOLLARS
1,400
1,200

1

—

1

600
400
200
0

-

—

|

OTHER RECEIPTS''

1

1

OUTLAYS1

/

3,000

/

2,800

3,200

" \
\

_

3,000
2,800

2,600
2,400
2,200
2,000
1,800

2,600
-

1,400
800
600

-

-

._ ^^ * ^

1,600

2,400

NONUEFENSE

—

— —' —' """ "*** """

<- -

" "

————""""

-

NATIONAL DEFENSE
\
.
>

-

400
200

2,200
2,000
1,800
1,600
1,400
800
600
400

2000

r

~r~

1

-

2001

2002

i
2003

i
2004

i

2005

1
2007

2006

1
2008

2009

200
2010

FISCAL YEARS
1
INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET

COUNCIL OF ECONOMIC ADVISERS

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

On-budget and off-budget receipts

Individual
income
taxes

Fiscal year or period

poration
income
taxes

Social
insurance
and
retirement
receipts

National defense
Department of
Defense,
military

International
affairs

Income
security

Social
security

Net
inter-

1992.
1993.
1994.
1995.
1996.
1997.
1998.
1999.

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

476.0
509.7
543.1
590.2
656.4
737.5
828.6
879.5

100.3
117.5
140.4
157.0
171.8
182.3
188.7
184.7

413.7
428.3
461.5
484.5
509.4
539.4
571.8
611.8

101.4
99.0
113.8
72.12
265.825
190.023
132.9
151.7

1,381.6
1,409.5
1,461.9
1,515.9
1,56
1,601.3
1,652.7
1,702.0

298.4
291.1
281.6
272.1
265.8
270.5
268.2
274.8

.816.18
278.5
268.6
259.4
253.1
258.3
2 . 8
261.2

189.51
17.2
107.11
16.4
13.5
15.2
13.1
15.2

89.5
99.4
107.1
115.4
119.4
123.8
131.4
141.1

119.0
130.6
144.7
159.9
174.2
190.0
192.8
190.4

199.6
210.0
217.2
223.8
229.7
235.0
237.8
242.5

287.6
304.6
319.6
335.8
349.7
365.3
379.2
390.0

199.3
198.7
202.9
232.1
241.1
244.0
241.1
229.8

2000.
2001.
2002.
2003.
2004.
2005.
2006.
2007.
2008.
2009 (estimates)
2010 (estimates)

2,025.5
1,991.4
1,853.4
1,782.5
1,880.3
2,153.9
2,407.3
2,568.2
2,524.3
2,156.7
2,332.6

1,004.5
994.3
858.3
793.7
809.0
927.2
1,043.9
1,163.5
1,145.7
953.0
1,051.4

207.3
151.1
148.0
131.8
189.4
278.3
353.9
370.2
304.3
146.8
178.9

652.9
694.0
700.8
713.0
733.4
794.1
837.8
869.6
900.2
899.2
940.4

160.9
152.0
196.52
144.1
148.5
154.2
171.6
164.9
174.1
157
1712.9

1,789.2
1,863.2
2,011.2
2,160.1
2,293.0
2,472.2
2,655.4
2,728.9
2,982.9
3,997.8
3,591

294.4
304.8
348.5
404.8
455.8
495.3
521.8
551.3
616.1
690.3
712.9

281.1
290.2
331.9
387.2
436.5
474.1
499.3
.2869.6
594.7
665.0
.150.1

17.2
16.5
22.4
21.2
26.9
34.6
29.935
28.5
28.9
34.7
50.1

154.5
172.3
196.5
219.6
240.1
250.6
252.8
266.4
280.6
353.4
389.0

197.1
217.4
230.9
34.64
269.4
298.6
329.9
375.4
390.8
430.8
457.8

253.7
269.8
312.7
334.6
333.1
345.8
352.5
366.0
431.3
519.3
547.5

409.4
433.0
456.0
474.7
495.5
523.3
548.5
586.2
617.0
680.5
702.3

239.9
222.9
243.4
206.2
273.3
170.9
302.7
153.1
311.9
160.2
339.9
184.0
393.8
226.6
318.1
237.1
365.4
252.8
142.7 1,146.1
595.7
135.9

Cumulative total, first 9 m o n t h s : 1
Fiscal year 2008 .........................1,
Fiscal year 2009 .........................1,

1,933.9
1,588.7

877.8
685.5

236.5
101.9

689.8
686.5

129.8
114.7

8129.8
2,674.9

458.1
491.8

439.5
491.8

20.2
28.5

211.0
247.8

285.9
315.2

343.3
403.3

461.4
511.6

185.1
148.8

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

172.2
158.0
171.7
160.3
167.3
157.4
189.0
218.2

255.0
527.9

NOTE.—Data (except as noted) are from Budget of the United States Government, Fiscal Year
2010, issued May 11, 2009.
Sources: Department of the Treasury and Office of Management and Budget.

33

FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the second quarter of 2009, according to advance estimates, Federal current expenditures rose $282.3 billion;
receipts data are incomplete (Series revised.)
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

3,600
3,400
3,200
3,000
2,800
2,600
2,400
2,200

-

3,600

SEASONALLY ADJUSTED ANNUAL RATES

J

3,400

-

CURRENT EXPENDITURES

.-•

„
.—-'

,

'

'

_
_

1
^,

—-~

—~

-

1,200
1,000
800
600
400
200
0

— •

\

'

-

-200

~-

-

1

-_
*

-400

"—s
N ET FEDERAL

-600
-1,000

1 *""'**'

-

-

-800

\

(NMENT SAV

\/—\

-

1

I l l

1

1 1

2000

1999

|

|

1

2001

1

1

2002

1

1 t
2003

3,000
2,800
2,600
2,400

1,800

1,400

2,200

1

2,000

1,600

3,200

-

y

1

1 1

1

2004

1 1
2005

1

1 1

l

2006

1 1
2007

i

i

i

2008

\

1

1 1

2,000
1,800
1,600
MOO
1,200
1,000
800
600
400
200
0
-200

^too
-600
-800
-1,000

2009

CALENDAR YEARS
SOURCE: DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

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

Personal
current
taxes

Taxes
on
production and
imports

Taxes
on
corporate
income

Contributions
for
government
social
insurance

Federal Government current expenditures

Income
receipts
on
assets

Current
transfer
receipts

Current
surplus
of government
enterprises

Calendar year:
1999 r
2000r
2001 r
2002 r
2003 r
2004 r
2005 r
2006 r
2007 r
2008 r
2006: I r
II r
III r
IVr

1,895.0
2,057.1
2,020.3
1,859.3
1,885.1
2,013.9
2,290.1
2,524.5
2,660.8
2,475.0
2,473.8
2,501.8
2,547.4
2,575.1

1,195.4
1,309.6
1,249.4
1,073.5
1,070.2
1,153.8
1,383.7
1,558.3
1,647.2
1,421.7
1,517.6
1,541.6
1,581.3
1,592.8

893.0
995.6
991.8
828.6
774.2
799.2
931.9
1,049.9
1,168.1
1,102.5
1,023.1
1,034.7
1,053.9
1,088.0

95.4
87.3
85.3
86.8
89.3
94.3
98.8
99.4
94.7
92.0
99.6
99.6
99.9
98.6

213.0
219.4
164.7
150.5
197.8
250.3
341.0
395.0
370.2
212.3
383.8
396.1
415.5
384.6

654.8
698.6
723.3
739.3
762.8
807.6
852.6
904.6
944.4
974.5
896.9
899.8
904.0
917.8

20.6
24.5
24.5
20.3
22.8
93.472
23.7
26.1
29.1
30.3
24.3
25.5
26.5
28.2

23.4
25.7
27.0
86.81
25.6
05.0
33.6
38.3
42.7
52.3
37.1
37.7
38.6
39.9

5.48
¥1.2
¥4.0

2007: I r
II r
III r
IVr
2008: I r
II r
III r
IVr

2,640.1
2,660.1
2,659.9
2,682.9
2,590.7
2,372.1
2,489.5
2,447.8

1,638.3
1,654.0
1,644.8
1,651.7
1,546.0
1,322.8
1,435.2
1,382.9

1,136.8
1,157.6
1,177.6
1,200.6
1,195.3
984.2
1,110.1
1,120.2

94.9
94.8
95.4
93.6
92.7
93.1
91.8
90.2

393.6
387.3
358.5
341.3
243.1
231.2
218.5
156.5

937.3
938.8
943.8
957.6
970.0
973.0
978.5
976.4

28.3
28.7
29.6
29.8
29.3
31.2
30.6
30.0

2009: I r
IIp

2,260.8

1,196.8

905.6
819.8

85.7
91.9

192.0

957.2
946.4

40.7
50.9

1
2

34

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

Total2

Consumption
expenditures

Current
transfer
payments

Interpayments

Subsidies

Net
Federal
Government
saving

¥3.8
¥2.1
¥2.7
¥3.0
¥3.6

,796.2
,871.9
1,979.8
.1229.1
,261.5
,393.4
2,573.1
,728.3
,897.2
,117.6
,681.1
,731.2
2,762.9
,738.1

473.3
496.0
530.2
590.5
660.3
721.4
765.8
811.0
848.8
934.4
810.4
808.5
813.1
812.1

195.4
1,047.4
1,140.0
1,252.1
1,339.4
1,405.0
1,491.3
1,587.1
1,688.6
1,840.6
1,552.4
1,588.9
1,603.7
1,603.5

282.7
283.3
258.6
229.1
212.9
221.0
255.4
279.2
312.2
292.0
263.1
282.8
296.7
274.2

44.8
45.3
51.1
40.5
49.0
46.0
60.5
51.0
47.6
50.6
55.2
51.1
49.4
48.3

98.8
185.2
40.5
¥252.8
¥376.4
¥379.5
¥283.0
¥203.8
¥236.5
¥642.6
¥207.3
¥229.4
¥215.5
¥163.0

41.0
41.5
42.6
45.8
47.9
48.4
49.0
64.0

¥4.8
¥2.9
0.8
¥2.1
¥2.5
¥3.4
¥3.9
¥5.4

,841.0
,881.3
,918.7
,947.9
,024.2
,169.0
,155.2
,121.9

821.1
839.9
860.8
873.4
903.2
923.2
956.0
955.4

1,666.2
1,672.4
1,694.1
1,721.6
1,759.5
1,904.5
1,829.0
1,869.5

306.4
321.3
316.6
304.7
312.3
291.4
319.5
244.6

47.4
47.7
47.3
48.2
49.2
49.9
50.7
52.4

¥200.9
¥221.3
¥258.8
¥265.0
¥433.5
¥796.9
¥665.7
¥674.1

¥6.7
¥5.4

,220.3
,502.6

954.2
979.8

1,981.2
2,191.6

231.3
277.4

53.6
53.7

¥959.5

79.8

.3
¥3.5
¥2.9

Note.—See Note, p.1.
Source: Department of Commerce, Bureau of Economic Analysis.

INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Industrial production (2002 = 100; seasonally adjusted)
United
States

Germany

Japan

1999
2000
2001
2002
2003
2004
2005
2006
2007
2008

99.5
103.7
120.11
100.0
101.3
103.8
107.2
109.7
111.3
108.8

94.4
102.6
98.4
100.0
100.1
101.7
103.5
103.3
103.2
98.4

103.0
108.4
101.3
100.0

2008: May r .
June r
July r ..
Aug r ..
Sept r ..
Oct r ...
Nov r ..
Dec r ...

110.7
110.4
110.4
109.2
104.8
106.2
104.8
102.4

J a n r ..
Feb r ...
Mar r ...
Apr r ..
Mayp ..
Junep
Julyp .

100.1
99.4
97.7
96.9
95.8
95.4

2009:

Consumer prices (1982-84=100; NSA)
United
Kingdom

Italy

94.4
100.8
120.11
100.0
100.5
103.6
107.1
113.2
120.1
120.1

98.3
108.4
101.3
100.0

100.110
101.710
109.6
114.2
117.6
113.6

97.3
100.9
101.8
100.0
98.9
100.3
100.5
101.9
103.4
100.8

99.3
99.2
100.3
98.5
98.1
97.4
95.3
92.9

119.6
117.2
116.9
113.3
113.4
109.6
101.9
93.4

120.31
117.2
101.7
102.3
100.6
97.41
94.4
93.0

121.8
122.3
120.6
113.31
120.4
117.8
112.8
107.7

102.8
1.9
101.8
101.4
98.4
95.9

90.1
89.7
88.3
87.6
85.9

84.0
76.1
797.3
81.9
86.6
88.7

89.0
83.31
86.7
85.4
87.6

190.1
97.3
97.3
94.5
64.0
99.0

United
States 1

Germany

Japan

United
Kingdom

101.4
103.7102
101.7
100.0
99.3
r
100.4
r
99.1
r
99.2
r
99.5
r
96.4

166.6
142.52
120.11
179.9
184.0
188.9
195.3
201.6
207.342
215.303

160.5
164.9
169.0
172.8
177.6
180.9
184.9
188.6
192.6
197.2

121.8
121.0
120.1
119.0
118.7
118.7
118.3
118.7
118.7
120.3

155.0
157.6
160.2
163.3
166.7
170.3
173.2
176.2
178.8
183.8

140.5
142.5
145.3
147.4
148.9
151.4
153.7
156.2
159.7
163.9

226.2
231.9
238.3
244.3
250.8
256.3
261.4
266.9
271.8
280.9

194.3
200.1
203.6
207.0
213.0
219.4
225.6
232.8
242.7
252.4

92.4
88.2

98.0
97.4
96.6
96.0
91 2 1
93.7
91.6
89.9

216.632
218.815
219.964
219.086
218.783
216.573
212.425
210.228

164.0
199.4
21.11
165.028
199.9
197.9
197.2
195.8

120.3
120.9
121.1
121.5
121.5
121.4
120.3
119.8

184.6
185.3
184.9
184.9
184.7
184.6
163.728
183.3

164.0
164.5
165.4
165.0
164.8
164.5
163.7
164.2

280.7
281.9
283.3
283.8
282.9
282.9
281.9
281.5

252.7
254.7
254.4
255.2
256.6
255.8
253.8
250.1

87.1
83.2
79.4
80.3
80.3
79.3

87.6
87.0
86.7
81.98
86.3
86.7

211.143
212.193
212.709
213.240
213.856
215.693

195.3
196.7
197.0
164.228
198.2
198.9

.190.1
.383.28
1183.61
119.2
119.0
118.8

182.6
183.3
183.6
183.9
184.2
184.4

163.4
164.3
164.2
164.2
164.0
164.7
164.5

281.1
281.7
281.9
282.5
283.1
283.3
283.3

246.9

99.4
99.0

98.3
101.8
104.0
100.5

1
Data relate to all urban consumers.
NOTE.—See Note, p. 17, for information on U.S. industrial production series.

248.4
248.3
248.5
250.0
250.7

Source: National sources as reported by Department of Commerce (Bureau of Economic
Analysis and International Trade Administration, Office of Trade and Industry Information)
and Council of Economic Advisers.

U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES
[Billions of dollars; monthly data seasonally adjusted]

c

BOP

Total,
Census
basis 1

Foods,
feeds,
and

beverages

Indusmotrial Capital tive
supgoods vehiplies
except cles,
and
auto- parts
mate- motive and
enrials
gines

684.0
772.0
718.7
685.2
715.8
806.2
892.3
1,015.8
1,138.4
1,277.0

695.8
781.9
729.1
693.1
724.8
818.8
906.0
1,026.0
1,148.2
1,287.4

46.0
47.9
49.4
49.6
55.0
56.6
59.0
49.0
84.3
108.3

147.5
172.6
160.1
156.8
173.0
203.9
233.0
276.0
316.4
388.0

2008: May
June
July
Aug
Sept
Oct ..
Nov
Dec ..

109.5
114.4
117.2
114.7
106.0
103.8
97.5
89.2

110.1
115.1
118.2
115.9
106
104.8
98.5
90.1

9.5
10.0
10.0
9.9
9.0
8.3
7.9
7.1

34.2
36.7
37.9
37.0
32.4
217.94
27.6
23.2

38.4
39.4
40.1
40.4
37.6
37.5
36.4
35.1

2009: Jan ..
Feb ..
Mar
Apr r
Mayp

82.4
84.4
82.6
80.0
82.1

83.2
85.2
83.6
80.8
83.0

7.1
7.1
7.3
7.6
7.9

233.2
22.2
22.4
21.1
.32

33.2
33.3
31.9
30.9
31.0

1999
2000
2001
2002
2003
2004
2005
2006
2007
2008

)

Consumer
goods
(nonfood)
except
auto-

BOP

Total,
Census
basis 1

mo-

tive

AutoIndusmoFoods, trial Capital tive
feeds,
supgoods vehiand
plies
except cles,
bevand
auto- parts
erages mate- motive and
enrials
gines

Goods,
asis

oods

Services

Goods
and

mo-

tive

203.7
210.1
228.2
239.4
256.6
259.2
233.8

¥328.8
¥436.1
¥411.9
¥468.3
¥532.4
¥650.9
¥767.5
¥828.0
¥808.8
¥816.2

¥347.8
¥454.7
¥429.9
¥482.8
¥549.0
¥671.8
¥790.9
¥847.3
¥831.0
¥840.3

82.7
74.9
64.4
61.2
54.0
61.8
75.6
86.9
129.6
144.3

¥265.1
¥379.8
¥365.5
¥421.6
¥495.0
¥610.0
¥715.3
¥760.4
¥701.4
¥695.9

39.4
38.5
38.7
38.0
38.4
37.2
37.4
34.1

20.4
20.5
20.3
19.3
18.6
17.9
16.7
15.2

41.5
41.4
41.0
42.0
40.1
40.1
37.4
36.7

47.1
47.2
47.2
47.0
46.0
45.9
44.0
43.7

33.9
34.2
34.8
35.7
34.4
33.9
33.0
32.4

¥72.2
¥71.5
¥75.1
¥70.2
¥69.5
¥69.6
¥52.5
¥51.9

¥73.7
¥73.2
¥77.2
¥72.2
¥71.7
¥71.4
¥54.3
¥53.2

13.2
13.0
12.4
11.3
11.5
12.0
11.0
11.3

¥60.5
¥60.2
¥64.9
¥60.9
¥60.1
¥59.4
¥43.2
¥41.9

31.9
30.1
29.6
28.6
28.9

11.5
10.2
10.6
10.5
10.2

36.1
34.6
35.2
35.5
35.5

42.5
42.1
41.4
41.4
41.3

31.5
30.9
30.7
30.3
29.9

¥46.5
¥36.0
¥37.7
¥38.7
¥36.0

¥47.6
¥37.2
¥39.2
¥39.9
¥37.3

11.0
11.1
10.7
11.1
11.4

¥36.6
¥26.1
¥28.5
¥28.8
¥26.0

103.2
115.3
129.1
146.0
161.3

221.4
299.0
273.9
203.7
313.8
412.8
523.8
602.0
634.7
779.5

295.7
347.0
298.0
292.3
295.9
343.6
379.3
418.3
444.5
453.7

183.2
10.8
11.5
.03
10.2
10.0
9.2
0.1

13.5
14.0
14.6
13.9
13.5
88.3
13.2
12.6

183.2
187.6
194.5
186.8
177.7
175.2
151.8
142.4

183
186.7
193.3
186.1
176.2
174.4
151.0
141.9

7.6
9.4
7.5
7.8
7.6
7.6
7.4
7.2

68.0
73.2
79.9
73.4
65.9
66.1
48.8
43.6

5.6
6.0
6.0
5.8
5.4

11.4
12.8
12.4
119.9
128.91

130.0
121.6
121.8
119.9
119.4

129.6
110.2
.241.4
610.535
119.0

6.9
6.7
6.8
6.7
6.8

38.5
34.3
34.5
33.7
33.1

1
Total includes "other" exports or imports, not shown separately.
NOTE.—BOP refers to balance of payments on international transactions basis. BOP data
shown here are consistent with figures shown on pp. 36 and 37.

Imports

199.2
223.7
221.8
231.1
250.4
291.2
313.5
349.0
375.2
405.3

43.6
46.0
46.6
67.7
55.8
62.1
68.1
74.9
34.7
89.0

8295.9

Exports

281.9
298.6
286.2
292.3
304.3
353.1
389.1
435.9
504.8
549.6

1,024.6
1,218.0
1,141.0
1,161.4
1,257.1
1,469.7
1,673.5
1,853.9
1,957.0
2,103.6

80.9
89.4
88.3
84.4

BOP basis
Consumer
goods
(nonfood)
except
auto-

281.919
281.8
284.3
307.8
333.9
372.9
407.2
442.6
474.6
481.6

10.8
1,226.7
1,148.6
1,168.0
1,264.9
1,478.0
1,683.2
1,863.1
1,969.4
2,117.2

310.8 75.3
356.9 80.4
321.7 75.4
290.4 78.9
293.7 80.6
331.4 53.12
33.03 98.4
404.0 107.3
433.0 16.443
457.7 121.5

Balance of trade
(exports minus imports)

tegory
c ensus basis (by end-use cate

ensus basis (by end-use cate
tegory)
Auto-

Period

Services
( B O P basis)

Goods: Imports (customs value)

Goods: Exports (f.a s . value)Good

179.0
195.9
284.328

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

35

U.S. INTERNATIONAL TRANSACTIONS
In the first quarter of 2009, the goods deficit fell to $124.0 billion, from $178.8 billion in the fourth quarter. The
current account deficit fell to $101.5 billion in the first quarter, from $154.9 billion in the fourth quarter.
BILLIONS OF DOLLARS*

BILLIONS OF DOLLARS*

0
-

-

-

-

-20

-20

-40

-40
\

-60

-60
-

-80

-80

CX

-100

1

k\

-100

" BALANCE ON GOODS
^
AND SERVICES

-120
-140

1 /
-

S

BALANCE ON
GOODS

-160

r\

BALANCE <
DN
IPPPWT
hrr OU MT

t

-180

J

-200

\

-220

-120

1
/
J
KSJ 1

-140
-160

-180

-200

i
i
i
i

-220

-

-240

1

1999

1

1

2000

!

1

1

2001

\

I

i

2002

i

i

i

2003

2004

2005

2006

2007

"SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE

-240

t

2008

2009

COUNCIL OF ECONOMIC ADVISERS

[Millions of dollars; quarterly data seasonally adjusted. Credits (+), debits ( ¥ ) ]
Goodsr

Period
Exports

1999
2000
2001
2002
2003
2004
2005
2006
2007
2008

..............683,
.............718,
.............685,
.............806,
.............892,
.............1,
.............1,

2006: I ........243,
II ....252,
III. ....255,
IV ...264,
2007: I ........269,

II ....277,
III. ....289,
IV ...302,
2008: I ........315,

II ....332,
III. ....337,
IV ...290,
2009: Ip
1

Imports

Balance
on
goods

Net
military

transactions 2

Net
travel
and
transportation

Other
services,
net

Balance
on
goods
and
services

Receipts

Payments

Balance
on
income

Unilateral
current
transfers,
net 3

Balance
on
current
account

683,965
771,994
718,711
685,170
715,848
806,161
892,337
1,015,812
1,138,384
1,276,994

¥1,031,784
¥1,226,684
¥1,148,609
¥1,168,002
¥1,264,860
¥1,477,996
¥1,683,188
¥1,863,072
¥1,969,375
¥2,117,245

¥347,819
¥454,690
¥429,898
¥482,831
¥549,012
¥671,835
¥790,851
¥847,260
¥830,992
¥840,252

2,593
317
¥2,296
¥7,158
¥11,981
¥13,518
¥10,536
¥7,119
¥7,384
¥13,881

7,085
2,486
¥3,254
¥4,245
¥11,475
¥14,275
¥13,006
¥10,873
2,345
16,175

73,051
72,052
69,943
72,633
77,433
89,640
99,124
104,893
134,609
142,021

¥265,090
¥379,835
¥365,505
¥421,601
¥495,034
¥609,987
¥715,268
¥760,359
¥701,422
¥695,936

293,925
350,918
290,797
280,942
320,456
413,739
535,263
682,221
818,931
764,637

¥280,037
¥329,864
¥259,075
¥253,544
¥275,147
¥346,519
¥462,905
¥634,136
¥728,085
¥646,406

13,888
21,054
31,722
27,398
45,309
67,219
72,358
48,085
90,845
118,231

¥50,428
¥58,645
¥64,487
¥64,948
¥71,794
¥88,362
¥105,772
¥91,273
¥115,996
¥128,363

¥301,630
¥417,426
¥398,270
¥459,151
¥521,519
¥631,130
¥748,683
¥803,547
¥726,573
¥706,068

243,445
252,086
255,925
264,355

¥454,618
¥463,797
¥476,361
¥468,296

¥211,173
¥211,710
¥220,435
¥203,941

¥2,148
¥1,660
¥2,021
¥1,290

¥2,999
¥2,902
¥2,563
¥2,410

24,697
25,100
25,728
29,367

¥191,622
¥191,172
¥199,290
¥178,276

155,212
169,459
175,572
181,978

¥141,245
¥156,657
¥166,195
¥170,039

13,967
12,802
9,377
11,938

¥20,995
¥23,708
¥24,876
¥21,693

¥198,651
¥202,078
¥214,789
¥188,031

269,538
277,655
289,160
302,031

¥475,571
¥483,294
¥494,075
¥516,435

¥206,033
¥205,639
¥204,915
¥214,404

¥933
¥2,912
¥2,593
¥946

¥1,642
¥899
1,241
3,644

30,570
31,891
34,802
37,346

¥178,038
¥177,560
¥171,465
¥174,360

186,981
202,312
213,505
216,132

¥177,234
¥189,531
¥185,098
¥176,220

9,747
12,781
28,407
39,912

¥30,807
¥25,752
¥28,557
¥30,883

¥199,098
¥190,531
¥171,614
¥165,330

315,637
332,876
337,912
290,569

¥534,482
¥554,372
¥559,002
¥469,389

¥218,846
¥221,496
¥221,090
¥178,820

¥2,543
¥3,055
¥4,664
¥3,618

3,076
4,922
5,595
2,581

35,659
36,784
34,217
35,363

¥182,653
¥182,847
¥185,942
¥144,495

202,927
198,796
195,319
167,596

¥166,241
¥172,521
¥161,194
¥146,450

36,686
26,274
34,125
21,146

¥33,330
¥31,147
¥32,361
¥31,527

¥179,298
¥187,719
¥184,178
¥154,875

249,374

¥373,411

¥124,036

¥3,391

1,622

34,615

¥91,189

134,267 ¥114,996

19,271

¥29,576

¥101,494

Adjusted from Census data for differences in timing and coverage; excludes military.
2
Transfers under U.S. military agency sales contracts (exports) minus direct defense expenditures (imports).

36

Income receipts and payments

Services

s

Includes transfers of goods and services under U.S. military grant programs.
See p. 37 for continuation of table.

U.S. INTERNATIONAL TRANSACTIONS—Continued
In the financial account, U.S. claims on foreigners reported by U.S. banks increased $90.9 billion in the first quarter
of 2009, following a decrease of $293.9 billion in the fourth quarter. U.S. liabilities to private foreigners reported
by U.S. banks, excluding Treasury securities, decreased $163.7 billion in the first quarter, following a decrease
of $35.2 billion in the fourth quarter.
BILLIONS OF DOLLARS*
1800

BILLIONS OF DOLLARS*
800
700

700
CHANGE IN
FOREIGN-OWNED
ASSETS IN
THE U.S., NET

600
500

600
500

400

400

300

300

200

200

100

100

0

0

-100

-100

-200

-200

-300

-300

-400

-400

-500

-500

-600

-600
2009

1999
•SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE

COUNCFL OF ECONOMIC ADVISERS

[Millions of dollars; quarterly data seasonally adjusted. Credits (+), debits (¥ ) ]
Financial account

Period

Total

1999
2000
2001 .........11,
2002
2003
2004 .........1,
2005 .........11,
2006
2007
2008
2006: I ....
II ...
III
IV ..
2007: I ....
II ...
III

rv ..
2008: I ....
II ...
III

rv ..

¥4,939
¥504,062
¥1,010
¥560,523
11,922
¥382,616
¥1,470
¥294,646
¥3,480
¥325,424
1,323 ¥1,000,870
11,344
¥546,631
¥3,906 ¥1,285,729
¥1,895 ¥1,472,126
953
¥106
¥1,721
¥387,689
¥1,017
¥223,953
¥539
¥295,389
¥629
¥378,698
¥549
¥485,867
¥124
¥545,158
¥625
¥192,530
¥597
¥248,571
¥637
¥251,501
¥682
107,343
2,967
29,322
¥695
114,730
¥690
125,241

Statistical discrepancy

Foreign-owned assets in the U.S.,
excluding financial derivatives
[increase/financial inflow ( + )]

U.S.-owned assets abroad,
excluding financial derivatives
[increase/financial outflow ( ¥ )]

Capital
account
transactions,
net

U.S.
official
reserve
assets 4

Other U.S.
Government
assets

8,747
¥290
¥4,911
¥3,681
1,523
2,805
14,096
2,374
¥122
¥4,848
513
¥560
1,006
1,415
¥72
26
¥54
¥22
¥276
¥1,267
¥179
¥3,126
¥982

2,750
¥515,559
¥941
¥559,292
¥377,219
¥486
¥291,310
345
537
¥327,484
1,710 ¥1,005,385
5,539
¥566,266
5,346 ¥1,293,449
¥22,273 ¥1,449,731
¥529,615
534,357
¥389,251
1,049
¥225,158
1,765
1,570
¥297,965
962
¥381,075
445
¥486,240
¥544,588
¥596
¥193,099
623
¥22,744
¥225,805
¥254,493
3,268
150,202
¥41,592
¥225,997
255,498
4265,293
383,150
244,078
¥117,855

U.S.
private
assets

Total

742,210
1,038,224
782,870
795,161
858,303
1,533,201
1,247,347
2,065,169
2,129,460
534,071
545,648
407,652
525,441
586,428
700,961
737,457
278,424
412,618
426,058
2,003
117,897
¥11,888
¥78,149

2009: Ip ...
4
Consists of gold, special drawing rights (SDRs), foreig currencies, and the U.S. reserve
position in the International Monetary Fund (IMF).

Foreign
official
assets

43,543
42,758
28,059
115,945
278,069
397,755
259,268
487,939
480,949
487,021
130,427
127,303
121,843
108,366
165,837
88,331
47,674
179,107
208,646
178,826
115,573
¥16,024
71,182

Other
foreign
assets

698,667
995,466
754,811
679,216
580,234
1,135,446
988,079
1,577^230
1,648,511
47,050
415,221
280,349
403,598
478,062
535,124
649,126
230,750
233,511
217,412
¥176,823
2,324
4,136
¥149,331

Financial
derivatives,
net

29,710
6,222
¥28,905
1,633
14,090
15,134
¥1,147
14,795
¥1,007
5,942
¥13,508
¥7,966
¥2,355
¥4,075
¥14,509

Total (sum
of the items
with sign
reversed)

68,421
¥59,265
¥13,906
¥39,894
¥7,880
97,476
36,623
¥1,698
64,912
200,055
40,780
5,305
¥29,858
¥17,924
¥30,242
¥637
80,403
15,388
13,344
81,410
38,067
67,236
55,093

Of which:
Seasonal
adjustment
discrepancy

9,315
¥2,443
¥19,305
12,434
10,399
¥528
¥23,938
14,066
14,659
¥3,037
¥25,884
77,648
10,971

U.S. official
reserve
assets, net 4
(unadjusted,
end of
period)

71,516
67,647
68,654
79,006
85,938
86,824
65,127
65,895
70,565
77,648
65,354
67,935
66,217
65,895
66,551
66,127
69,070
70,565
75,764
75,740
71,834
77,648
74,958

Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the
Treasury.

37

Contents
Pa e

TOTAL OUTPUT, INCOME, AND SPENDING

g

Gross Domestic Product
Real Gross Domestic Product
Chained Price Indexes for Gross Domestic Product
Gross Domestic Product and Related Price Measures: Indexes and Percent Changes
Nonfinancial Corporate Business—Gross Value Added and Price, Costs, and Profits
National Income
Real Personal Consumption Expenditures
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Real Gross Private Domestic Investment
Real Private Fixed Investment by Type
Business Investment

1
2
2
3
3
4
4
5
6
7
8
9
10
10

EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries
Employment Cost Index—Private Industry
Productivity and Related Data, Business Sector

11
12
13
14
15
15
16

PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Manufacturing and Trade
Manufacturers' Shipments, Inventories, and Orders

17
18
19
19
20
21

PRICES
Producer Prices
Consumer Prices—All Urban Consumers
Changes in Producer Prices for Finished Goods
Changes in Consumer Prices—All Urban Consumers
Prices Received and Paid by Farmers

22
23
24
24
25

MONEY, CREDIT, AND SECURITY MARKETS
Money Stock and Debt Measures
Components of Money Stock
Aggregate Reserves and Monetary Base
Bank Credit at All Commercial Banks
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Consumer Credit
Interest Rates and Bond Yields
Common Stock Prices and Yields

26
27
27
28
29
29
30
31

FEDERAL FINANCE
Federal Receipts, Outlays, and Debt
Federal Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis

32
33
34

INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. International Trade in Goods and Services
U.S. International Transactions

35
35
36

General Notes
Detail in these tables m ay not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
P Preliminary.
r
Revised.
c
Corrected.
... Not available (also, not applicable).
NSA not seasonally7 adjusted.

38

For sale by the Superintendent of Documents, U.S. Government Printing Office,
Washington, D.C. 20402. Price $5.00 (single copy) ($7.00 foreign).
Subscription price: $58.00 per year; $81.20 for foreign mailing.
U.S. GOVERNMENT PRINTING OFFICE : 2009

51-434


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102