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111th Congress, 1st Session

Economic Indicators
JUNE 2009
(Includes data available as ofJuly 2, 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 first quarter of 2009, according to revised estimates, current-dollar gross domestic product (GDP) fell 2.9
percent (annual rate), real GDP (GDP in chained 2000 dollars) fell 5.5 percent, and the implicit price deflator
rose 2.8 percent.
BILLIONS OF DOLLARS (RATIO SCALE)

BILLIONS OF DOLLARS (RATIO SCALE)
14,800

14,800

SEASONALLY ADJUSTED ANNUAL RATES

14,400

14,400

14,000

14,000

13,600

13,600

13,200

13,200

12,800

GDP
IN CURRENT DCL L A R S / ^

12,400

12,800

Y

12,000

12,400
^,

11,600
11,200

/

10,800
10,400

12,000

^

^*~

/

N

11,600
11,200

- ' - \ ' "
_,'''

10,800

GDP
IN CHAINED 12000) DOLLARS

10,400

y

10,000

10,000

9,600

9,600

9,200

9,200

8,800

8,800
8,400

8,400
1999

2000

2001

2002

2004

2003

2005

2006

2008

2007

2009

COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF COMMERCE

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

Period

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

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

rv

2008: i .
.

II
in

rv
2009: I'
1

.

Exports and imports
of goods and services

Gross
Personal
private
conGross
domestic sumption domestic
product expendi- investment
tures

Net
exports

9,268.4
9,817.0
10,128.0
10,469.6
10,960.8
11,685.9
12,421.9
13,178.4
13,807.5
14,264.6
12,538.2
12,696.4
12,959.6
13,134.1
13,249.6
13,370.1
13,510.9
13,737.5
13,950.6
14,031.2
14,150.8
14,294.5
14,412.8
14,200.3
14,097.2

¥260.5
¥379.5
¥367.0
¥424.4
¥499.4
¥615.4
¥713.6
¥757.3
¥707.8
¥669.2
¥725.1
— 777'.7
¥761.7
¥777.2
¥792.7
¥697.7
¥728.8
¥723.1
¥682.6
¥696.7
¥705.7
¥718.2
¥707.7
¥545.1
¥327.3

6,282.5
6,739.4
7,055.0
7,350.7
7,703.6
8,195.9
8,694.1
9,207.2
9,710.2
10,057.9
8,791.1
8,893.7
9,026.3
9,161.9
9,283.7
9,357.0
9,524.9
9,657.5
9,765.6
9,892.7
10,002.3
10,138.0
10,163.5
9,927.9

9,938.5

1,625.7
1,735.5
1,614.3
1,582.1
1,664.1
1,888.6
2,086.1
2,220.4
2,130.4
1,993.5
2,084.2
2,174.6
2,236.7
2,253.7
2,231.7
2,159.5
2,117.8
2,147.2
2,164.0
2,092.3
2,056.1
2,000.9
2,010.9
1,906.1
1,600.2

Government consumption expenditures
and gross investment
Federal

Exports

Imports

Total
Total

991.2
1,096.3
1,032.8
1,005.9
1,040.8
1,182.4
1,311.5
1,480.8
1,662.4
1,859.4
1,314.5
1,359.6
1,423.2
1,462.8
1,492.5
1,544.5
1,560.5
1,614.4
1,714.9
1,759.7
1,820.8
1,923.2
1,968.9
1,724.7
1,529.4

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

1,251.7
1,475.8
1,399.8
1,430.3
1,540.2
1,797.8
2,025.1
2,238.1
2,370.2
2,528.6
2,039.6
2,137.4
2,184.9
2,240.0
2,285.2
2,242.2
2,289.4
2,337.5
2,397.5
2,456.5
2,526.5
2,641.4
2,676.6
2,269.7
1,856.7

1,620.8
1,721.6
1,825.6
1,961.1
2,092.5
2,216.8
2,355.3
2,508.1
2,674.8
2,882.4
2,388.0
2,405.9
2,458.4
2,495.7
2,526.9
2,551.4
2,597.0
2,655.9
2,703.5
2,742.9
2,798.1
2,873.7
2,946.1
2,911.4
2,885.8

National
defense

Nondefense

State
and
local

Final
sales of
domestic
product

Gross
domestic
purchases 1

Addendum:
Gross
national
product

555.8
578.8
612.9
679.7
756.4
825.6
875.5
932.2
979.3
1,071.9
894.2
879.5

360.6
370.3
392.6
457.71
59.2
550.7
588.1
624.1
662.2
734.9

195.2
208.5
220.3
242.5
259.2
274.9
287.4
308.0
811.21
337.0

1,065.0
1,721.6578
1,212.8
1,281.5
1,336.0
1,391.2
1,479.8
1,575.9
1,695.5
1,071.9734

9,201.5
9,760.5
10,159.7
10,457.7
10,946.5
11,627.3
12,378.6
13,129.0
13,811.2
14,311.6

9,528.9
10,196.4
10,495.0
10,894.0
11,460.2
12,301.3
1,311.52,025
13,935.7
14,515.3
34.9337.01,8

9,302.2
9,855.9
10,171.6
10,500.2
11,017.6
11,762.1
1,479
13,256
13,910.0
14,397.8

606.3
585.4

288.0
474.1

1,493.8
1,526.4

12,527.2
12,636.1

94.2606.3
85.4294.1

1,493.812
12,770.6

922.8
928.5
935.5
941.7

613.6
623.1
624.0
635.9

309.3
305.4
311.5
305.9

1,535.5
1,567.2
1,591.4
1,609.7

12,906.5
13,068.3
13,187.1
13,354.3

13,721.4
13,911.3
14,042.3
14,067.9

950.3
974.6
994.0
998.3

636.9
656.8
675.6
679.3

313.4
317.8
318.3
319.0

1,646.8
1,681.3
1,709.5
1,744.6

13,526.5
13,738.4
13,927.6
14,052.3

14,239.7
14,460.6
1,709.51
14,728.0

2,526.5
1,056.1
1,098.0
1,107.0

699.9
723.3
759.5
757.0

326.6
332.9
338.5
350.0

1,771.6
1,817.6
1,848.1
1,804.4

14,176.4
14,370.5
14,462.5
14,236.9

14,856.6
15,012.7
15,120.5
14,745.4

1,101.7

748.9

352.8

1,784.0

14,213.4

1,784.014

13,72
13,219.4
13,316.1
13,452.0
13,583.3
13,797.2
14,062.8
14,196
14,289.0
1 4 , 3
14,539.6
14,23
14,243.6

Source: Department of Commerce, Bureau of Economic Analysis.

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

Gross private
domestic investment

Period

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

2007:

2008:

2009:

.......9,
.......9,
.......9,
.......10,
.......10,
.......10,
.......10,
.......11,
.......11,
.......11,
III
IV
I ..
II
III
IV
I ..
II
III
IV
I ..
II
III
IV
Ir

Gross
domestic
product

9,470.3
9,817.0
9,890.7
10,048.8
10,301.0
10,675.8
10,989.5
11,294.8
11,523.9
11,652.0
11,050.0
11,086.1
11,217.3
11,291.7
11,314.1
11,356.4
11,357.8
11,491.4
11,625.7
11,620.7
11,646.0
11,727.4
11,712.4
11,522.1
11,360.5

Personal
conNonresi- Resisumption dential dential
expendifixed
fixed
tures
invest- investment
ment
6,438.6
6,739.4
6,910.4
7,099.3
7,295.3
7,561.4
7,791.7
8,029.0
8,252.8
8,272.1
7,838.1
7,864.9
7,947.4
8,002.1
8,046.3
8,119.9
8,197.2
8,237.3
8,278.5
8,298.2
8,316.1
8,341.3
8,260.6
8,170.5
8,198.0

1,133.3
1,232.1
1,180.5
1,071.5
1,081.8
1,144.3
1,226.2
1,318.2
1,382.9
1,405.4
1,237.1
1,248.2
1,295.2
1,315.4
1,332.7
1,329.3
1,340.4
1,373.8
1,402.9
1,414.7
1,423.1
1,431.8
1,425.7
1,341.1
1,193.4

443.6
446.9
448.5
469.9
509.4
560.2
595.4
552.9
453.8
359.5
601.7
602.0
596.5
570.1
536.7
508.4
486.4
471.7
445.3
411.6
383.0
369.6
353.7
331.6
293.3

Exports and imports of
goods and services

Change
in private
inventories

Government consumption expenditures
and gross investment
Federa

Net
exports

Exports

Imports

Total

¥296.2
¥379.5
¥399.1
¥471.3
¥518.9
¥593.8
¥616.6
¥615.7
¥546.5
¥390.2
¥603.6
¥637.8
¥636.0
¥619.4
¥623.0
¥584.3
¥618.6
¥571.2
¥511.8
¥484.5
¥462.0
¥381.3
¥353.1
¥364.5
¥296.8

1,008.2
1,096.3
1,036.7
1,013.3
1,026.1
1,126.1
1,205.3
1,314.8
1,425.9
1,514.1
1,204.3
1,235.7
1,284.3
1,301.4
1,312.6
1,361.1
1,363.2
1,392.2
1,466.2
1,482.1
1,500.6
1,544.7
1,556.1
1,454.9
1,327.7

1,304.4
1,475.8
1,435.8
1,484.6
1,545.0
1,719.9
1,821.9
1,930.5
1,972.4
1,904.3
1,807.9
1,873.6
1,920.2
1,920.9
1,935.7
1,945.3
1,981.8
1,963.4
1,978.0
1,966.5
1,962.6
1,926.0
1,909.1
1,819.4
1,624.6

1,686.9
1,721.6
1,780.3
1,858.8
1,904.8
1,931.8
1,939.0
1,971.2
2,012.1
2,070.2
1,950.4
1,941.9
1,960.5
1,966.6
1,974.9
1,982.7
1,987.1
2,006.4
2,025.3
2,029.4
2,039.1
2,058.9
2,088.1
2,094.7
2,078.4

68.9
56.5
¥31.7
12.5
14.3
54.3
38.9
42.3
¥2.5
¥29.0
11,0
53.5
45.9
56.9
53.3
13.1
¥15.0
¥2.8
16.0
¥8.1
¥10.2
¥50.6
¥29.6
¥25.8
¥87.1

1

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

Total

National
defense

573.7
578.8
601.4
643.4
687.1
715.9
724.5
741.0
752.9
798.2
736.8
723.2
740.6
737.7
741.1
744.4
737.5
749.6
762.7
761.7
772.6
785.0
810.8
824.5
815.2

372.2
370.3
384.9
2230.2
449.0
475.0
482.2
490.0
,066.81
035.21
495.1
476.5
486.7
489.0
487.9
496.3
488.8
498.8
611,60
509.9
518.9
02.61
550.4
555.0
545.4

Nondefense
201.5
208.5
216.5
230.2
238.0
240.7
242.0
250.8
250.4
259.5
241.4
2476.5
253.8
248.5
,930.61
247.8
248.6
250.5
251.2
267.5
253.2
256.3
259.5
268.9
269.3

State
and
local

1,113.2
1,721.6578
1,179.0

1,215.4
1,217.8
1,215.8
1,214.3
1,230.2
1,259.0
1,273.0
1,213.6
1,218.5
1,219.9
1,228
1,233.7
1,238.2
1,249.3
1,256.6
1,26
1,267.5
1,266.7
1,274.4
1,278.7
1,272.3
4269.31

Final
sales of
domestic
product

Gross
domestic
purchases 1

Addendum:
Gross
national
product

9,404.0
9,760.5
9,920.9
10,036.5
10,285.1
10,619.8
10.947.3
81,23
11,523.4
11,681.0
11,035
11,028.4

9,767.7
10,196.4
.09,920.91
10,517.7
10,815
11,261.4
11,597.8
11,904.1
12,066.8
12 5 9.51,2
11,645.4
.2476.52

9,404.09,7
9,855.9
9,933.6
10,079.0
10,815.510,3
10,746.0
11,072.1
11,362.3
11,609.8
11,762.3
11,140.7
11,151.2

21,960.5740.6

11,846.2
11,904.4
11,930.6
11,935.6

.6486.725
51,228.81
11,370.8
11,339.711,935

11,370.511,9
12,058.2
12,135.1
12,103.2

61,249.31
11,541.7
11,719.9

12,105.8
12,102.6
12,057.8
.7824.5
11,645.4

11,760.9
11,822.2
11,73
11,648.7

11,232.1
11,257.8
11,339.7
11,370.5
11,490.5
1 1 . 0
11,628.0
21,266.7
11,778.8
11,739.2
11,552.2
.2 5 45.4 2 6

11,628.012,103

78.4815.25

Source: Department of Commerce, Bureau of Economic Analysis.

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

Personal consumption
expenditures
Period

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

.................97.
.................100.
.................102.
.................104.
.................106.
.................109.
.................113.
.................116.
.................119.
.................122.
III
IV
2006: I
II
Ill

rv
2007: I
II
Ill
IV
2008: I
II
Ill

rv
2009: I '

Gross
domestic
product

Total

Durable
goods

Nondurable goods

Gross private
domestic investment

Services

97.868
100.000
102.399
104.187
106.404
109.462
113.034
116.676
119.816
122.422
113.468
114.525
115.533
116.317
117.107
117.732
118.956
119.547
119.997
120.743

97.575
100.000
102.094
103.542
105.597
108.391
111.581
114.675
117.659
121.588
112.158
113.081
113.575
114.493
115.377
115.235
116.197
117.241
117.964
119.215

101.625
100.000
98.113
95.767
92.366
90.695
89.984
88.771
87.154
86.092
89.631
89.420
89.211
89.031
88.729
88.129
87.720
87.367
86.941
86.600

96.174
100.000
101.531
102.090
104.145
107.626
111.606
114.985
118.408
124.671
113.038
113.697
113.786
115.151
116.410
114.578
116.021
117.825
118.675
121.085

97.393
100.000
103.256
106.019
109.379
104.99

121.508
121.890
123.056
123.244
124.090

120.277
121.539
123.036
121.509
121.230

86.584
86.240
86.113
85.360
85.003

123.053
125.014
128.123
122.448
120.825

Nonresidential
fixed

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

Residential fixed

Exports

Imports
Total

National
defense

Nondefense

State
and
local

131.874 126.636
132.78213 128.74
122.451 1113.0
122.851 118.423
126.067 121.847
122.895
127.4
127.893 123.0
1 2 9 1 1 4 138.47
130.312 126.067
119.05813 126.868
1.2 0 813 126.718
131.057 126.883

95.667
100.000
102.868
105.434
109.712
114.2181
121.863
125.80
134.671
142.212
123.094
110.026
125.873
12.4021
128.991
129.9
131.818
133.794
135.388
137.638

128.984
129.865
130.463
118.54
115.192

128.984
124.49
144.527
041 1 8.5
141.020

96.880
100.000
102.868
105.345
108.898
115.32 114.218
121.944 111.153
136.8981 125.806127.3

95.780
100.000
104.63
107.240
112.372
120.587
129.268
136.898
138.885
135.676
130.819
133.311
135.46
136.737
137.163
138.47
139.197
138.730
138.803
138.780

96.883
100.000
99.625
99.272
101.429
104.997
108.814
112.618
116.585
122.805
109.154
110.026
110.819
112.402
113.704
113.476
114.480
115.963
118.67512
118.735

96.880
100.000
97.497
96.342
99.686
107.626
111.153
115.932
120.168
142.212
109.154
113.08189.42
113.785
116.615
118.056
115.2
115.520
119.058
121.208
124.915

96.883
100.000
101.908
107.2
110.095
115.322
120.835
125.806
130.077
134.291
1119.3101
118.4
124.614
125.866
126.232
126.510
131.818
130.027
138.8031
138.7

96.886
100.000
103.2
107.2
6104.1451

116.700
120.752
124.712
128.748
117.079
118.423
119.304
120.276
121.272
122.122
123.194
117.82512
125.173
126.248

100.057
100.000
04.633
99.513
99.591
100.896
103.829
107.277
108.740
110.4
103.959
105.091
106.199
107.058
107.527
108.294
108.654
108.729
108.556
109.010

127.128
128.445
129.532
129.880
130.276

109.173
109.784
110.9
112.170
111.746

137.8
136.665
135.512
132.204
130.539

121.337
124.498
126.528
118.541
115.192

123.0
137.144
140.198
124.75
114.288

132.867
134.540
135.435
134.265
130.276

134.885
136.946
137.983
136.400
137.314

Source: Department of Commerce, Bureau of Economic Analysis.

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

Index numbers, 2000 = 100
Gross domestic product (GDP)

Personal consumption
expenditures (PCE)

Personal consumption
expenditures (PCE)

Gross domestic product (GDP)

Period
Real GDP
(chain-type
quantity
index)

1999 ....................................96.
2000
2001 ....................................100.
2002
2003 ....................................104.
2004
2005
2006 ....................................115.
2007
2008 ....................................118.
2005: I ...............................110.
II
III ............................112.
IV
2006- I
II .............................115.
III
IV ............................115.
2007: I ...............................115.
II
III ............................118.
IV
2008- I
II .............................119.
III
IV ............................117.
2009: I r
1

GDP
chain-type
price
index

96.469
100.000
102.3991
102.362
104.931
108.748
111.944
115.054
117.388
118.692
110.786
111.502
112.560
112.928
114.264
115.022
115.250
115.681
115.696
117.056
118.425
118.374

97.868
100.000
.82.42
104.193
106.409
109.462
113.039
116.676
119.819
122.500
111.778
112.357
113.487
114.536
115.536
116.317
117.109
117.742
118.935
119.531
119.984
120.826

97.868
100.000
102.399
104.187

118.631
119.460
119.308
117.369
115.723

121.613
121.951
123.134
123.302
124.160

121.508
121.890
123.056
123.244

GDP
implicit
price
deflator

106.409106.4
109.462
113.034
116.676
119.816
122.422
111.765
112.346
113.468
114.525
115.53
116.317
117.109117
117.732
118.956
119.547
119.997
120.743

124.090

PCE
(chain-type
price index)

PCE
less food
and energy
price index

97.575
100.000
102.094
103.542
105.597
108.392
111.581
114.675
117.659
121.596
111.7
110.881
113.468
113.089
113.581
114.499
112.531
115.239
116.202
117.246
117.969
119.221

98.343
100.000
102.094
103.5
105.175
107.338
109.644
112.129
114.548
117.043
108.838
109.405
109.838
110.495
111.076
111.887
115.381
1.52.22.2
113.682
114.201
114.7
115.512

6.0
5.9
3.2
3.4
4.7
6.6
6.3
6.1
4.8
3.3
7.1
4.8
8.1
5.1
8.6
5.5
3.6
3.7
4.3
6.9
6.3
2.3

120.283
121.544
123.041
121.514
121.235

121.508
116.782
117.481
117.749
118.227

3.5
4.1
3.4
¥5.8
¥2.9

Quarterly percent changes are at annual rates.

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

4.5
3.7
.8
1.6
2.5
3.6
2.9
2.8
2.0
1.1
3.0
2.6
3.8
1.3
4.8
27
.8
1.5
.1
4.8
4.8
_ .2

1.4
2.2
2.4
1.7
2.1
2.9
3.3
3.2
2.7
2.2
4.0
2.1
4.1
3.7
3.5
2.7
2.8
2.2
4.1
2.0
1.5
2.8

1.4
2.2
2.4
1.7
2.1
2.9
3.3
3.2
2.7
2.2
4.0
2.1
4.1
3.8
3.6
2.7
2.7
2.2
4.2
2.0
1.5
2.5

1.7
2.5
2.1
1.4
2.0
2.6
2.9
2.8
2.6
3.3
2.5
2.5
4.7
3.3
1.8
3.3
3.1
¥.5
3.4
3.6
2.5
4.3

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

.9
2.8
— .5
¥6.3
¥5.5

2.6
1.1
3.9
.5
2.8

2.6
1.3
3.9
.6
2.8

3.6
4.3
5.0
¥4.9
¥.9

2.3
2.2
2.4
.9
1.6

Source: Department of Commerce, Bureau of Economic Analysis.

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

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

Unit nonlabor cost

Period
Total

Compensation of employees
(unit labor
cost)

Consumption of
fixed
capital

Net interest and
miscellaneous
payments

0.032
.036
.039
.032
.028
.025
.026
.028
.029
.029
.027
.028
.027
.028
.028
.029
.029
.029
.029
.029
.028
.031

0.107
.090
.068
.081
.091
.120
.135
.153
.139
.125
.152
.152
.161
.145
.143
.144
.139
.050
.125
.123
.130
.120

0.034
.032
.021
.018
.025
.034
.046
.050
.051
.043
.049
.051
.052
.048
.052
.053
.051
.050
.045
.046
.047
.033

0.073
.058
.047
.063
.066
.087
.089
.102
.088
.082
.102
.102
.109
.096
.091
.091
.088
.080
.081
.077
.083
.087

.031

.116

.036

.079

Current
dollars

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

........................................................5,
........................................................5,
........................................................6,

........................................................7,
........................................................7,
I
II .................................................6,
III. ...............................................6,
IV
2007: I ...................................................6,
II
III
IV ................................................7,
2008- I
II .................................................7,
III. ...............................................7,
IV
2009: I r
1

Chained
(2000)
dollars

4,950.8
5,272.2
5,293.5
5,371.7
5,558.4
5,956.4
6,396.1
6,863.4
7,075.1
7,168.5
6,771.2
6,817.5
6,931.7
6,933.3
6,999.6
7,066.7
7,098.6
7,135.5
7,119.3
7,153.1
7,260.7
7,140.9

5,011.0
5,272.2
5,224.5
5,269.7
5,387.5
5,662.1
5,916.1
6,156.4
6,243.1
6,324.3
6,126.1
6,132.4
6,198.2
6,169.0
6,165.5
6,230.2
6,271.2
6,304.4
6,283.0
6,375.1
6,410.9
6,228.3

0.988
1.000
1.013
1.019
1.032
1.052
1.081
1.115
1.133
1.133
1.105
1.102
1.118
1.124
1.135
1.134
1.132
1.132
1.133
9.12
1.133
1.147

0.652
.672
.688
.685
.687
.683
.689
.701
.725
.733
.696
.698
.697
.714
.724
.722
.723
.050
.736
.726
.726
.742

0.229
.237
.257
.253
.253
.249
.257
.262
. 0
277
.257
. 1
. 0
.266
.267
.269
. 0
.271
.273
.272
.276
.284

0.105
.108
.124
.122
.122
.121
.126
.126
.132
. 0
.123
.125
.126
.129
.143.0
.131
.132
.133
.136
.136
.142
.144

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

7,021.0

6,031.1

1.164

.757

.292

.150

.11

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

Corporate profits with inventory
valuation and capital consumption
adjustments 4

Taxes
on production
and imports 3

Total

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

4
5

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
2000
2001
2002
2003
2004
2005
2006
2007
2008
2005:

...........8,
...........9,
...........9,

III ...

rv ...
2006: I
II
Ill
IV
2007: I
II
Ill

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

rv ...
2008: I
II ....
Ill ...
IV ...
2009: I '
1

8,236.7
8,795.2
8,979.8
9,229.3
9,632.3
10,306.8
10,974.0
11,795.7
12,270.9
12,427.4
10,779.5
11,331.3
11,611.1
11,738.5
11,848.6
11,984.7
12,087.4
12,233.6
12,338.6
12,424.1
12,447.6
12,468.6
12,491.4
12,302.0
12,228.5

Compensation
of
employees

5,357.1
5,782.7
5,942.1
6,091.2
6,325.4
6,656.4
7,030.8
7,433.8
7,812.3
8,052.8
7,090.2
7,191.0
7,318.0
7,364.2
7,441.9
7,611.1
7,709.0
7,760.1
7,839.3
7,941.0
8,009.7
8,033.5
8,092.9
8,074.9
8.024.1

Farm

28.6
17.97
19.27
10.6
29.2
37.3
34.1
16.2
44.0
34.6
37.1
27.7
17.3
9.8
13.8
23.7
39.3
42.3
47.4
4 1
41.6
38.0
32.4
26.3
24.2

Nonfarm

649.7
705.7
752
757.8
782.1
874.3
925.7
998.6
1,012
1,037.9
923.3
966.7
987.5
1,008.4
999.6
998.7
997.9
1,007.9
1,016.4
1,026.7
1,030.1
1,039.0
1,048.2
1,034.2
1,012.4

Rental
income
of
persons
with
capital
consumption
adjustment

147.3
150.3
167.4
152.9
133.0
118.4
40.9
44.3
40.0
64.4
¥56.9
58.0
52.8
45.6
40.4
38.2
35.1
44.6
41.8
38.6
39.1
58.6
68.5
91.4
90.0

Corporate profits with inventory valuation and
capital consumption adjustments
Profits with inventory valuation
adjustment and without capital
consumption adjustment
Total
Total

851.3
817.9
767.3
886.3
993.1
1,231.2
1,447.9
1,668.5
1,642.4
1,476.5
1,342.6
1,538.6
1,634.2
1,681.6
1.913.8
1,644.5
1,617.8
1,672.5
1,668.3
1,611.1
1,593.5
1,533.3
1,514.8
1,264.5
1,312.6

Profits
before
tax

776.8
759.3
719.2
766.2
894.5
1,161.6
1,582.8
1,834.2
1,835.1
1,548.2
1,497.1
1,684.6
1,634.21,7
1,841.6
1,887.2
1,829.3
1,794.7
1,859.5
1,016.441
1,820.2
1,641.5
1,596.0
1,602.8
1,352.6
1,456.3

775.9
773.4
707.9
768.4
908.1
1,204.7
1,620.6
1,873.7
1,886.3
1,597.3
1,536.3
1,733.3
1,813.8
1,900.1
1,929.9
1,829.31
1,838.9
1,914.8
1,897.1
1,894.3
1,750.9
1,750.0
1,693.7
1,264.5
1,351.7

With inventory valuation and capital consumption adjustments.

Capital
consumption
adjustment

Inventory
valuation
adjustment

1.0
¥14.1
11.3
¥2.2
¥13.6
¥43.1
¥37.8
¥39.5
¥51.2
¥49.0
¥39.1
¥48.7
¥35.0
¥58.5
¥42.7
¥21.8
¥44.2
¥55.3
¥31.0
¥74.1
¥109.4
¥154.0
¥90.9
158.1
104.6

74.5
58.6
48.1
120.1
98.7
69.7
¥134.8
¥165.7
¥192.7
¥71.7
¥154.5
¥146.0
¥144.5
¥160.0
¥173.4
¥184.8
¥176.9
¥187.0
¥197.8
¥209.2
¥48.0
¥62.7
¥88.0
¥88.1
¥143.7

Net
interest
and
miscellaneous
payments

Taxes
on
production
and
imports

495.4
559.0
566.3
520.9
524.7
491.2
569.1
631.2
664.4
682.7
583.9
600.8
615.5
629.7
630.1
649.3
645.8
660.8
663.0
688.1
662.3
683.4
656.6
728.6
702.8

674.0
708.9
728.6
762.8
807.2
863.8
928.2
976.2
1,015.5
1,033.8
937.4
946.8
962.7
973.6
980.1
988.3
1,002.7
1,012.3
1,019.2
1,027.7
1,025.8
1,039.4
1,044.1
1,026.1
1,003.9

Less:
Subsidies

Business
current
transfer
payments

44.2
44.3
55.3
38.4
47.9
44.6
59.3
49.7
52.3
50.7
60.7
63.3
54.2
49.8
48.2
46.8
47.5
55.9
53.5
52.3
50.6
50.8
50.3
51.2
50.5

67.4
87.1
92.8
84.3
83.8
83.0
70.0
85.4
100.2
103.6
8.5
76.1
85.1
83.5
86.0
86.8
98.3
97.4
102.2
103.1
103.2
102.1
92.1
116.8
120.8

Current
surplus
of government
enterprises

10.1
5.3
¥1.4
.9
1.7
¥4.2
¥13.4
¥8.6
¥7.9
¥8.1
¥25.8
¥11.4
¥7.8
¥8.3
¥9.1
¥9.2
¥10.8
¥8.5
¥5.5
¥6.7
¥7.1
— 7.7
¥8.0
¥9.6
¥11.6

Source: Department of Commerce, Bureau of Economic Analysis

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

Period

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

rv

2007: I
II
Ill
IV
2008: I
II
Ill

rv
2009: I '
1

personal
consumption
expenditures

6,438.6
6,739.4
6 910.4
7,099.3
7,295.3
7,561.4
7 791.7
8,029.0
8,252.8
8,272.1
7,838.1
7,864.9
7,947.4
8,002.1
8,046.3
8,119.9
8,197.2
8,237.3
8,278.5
8,298.2
8,316.1
8,341.3
8,260.6
8,170.5
8,198.0

Total
durable
goods

804.6
863.3
900 7
964.8
1 020 6
1,084.8
1,134.4
1,185.1
1,242.4
1,188.5
1,158.9
1,123.3
1,173.1
1,178.3
1,188.4
1,200.7
1,227.3
1,242.3
1,249.4
1,250.6
1,237.0
1,228.3
1,180.1
1,108.6
1,134.1

Motor
vehicles
and
parts

372.4
006.5
405.8
429.0
442.1
4.8
449.9
437.9
446.7
387.2
469.0
418.1
435.4
437.3
439.4
439.6
449.5
451.3
443.5
442.6
430.2
407.2
376.9
334.6
349.6

Furniture
and
household
equipment

280.7
312.9
331.8
364.3
397.8
445.1
490.9
550.2
594.0
614.3
497.0
514.0
537.9
544.6
553.8
564.5
580.3
588.3
600.8
606.6
609.3
629.6
616.2
602.2
608.1

Services

Nondurable goods

Durable goods
Total

Other

151.7
163.9
023.2
172.4
183.2
195.1
205 1
218.0
7687.3
226.5
203.5
209.0
218.7
216.6
216.7
219.8
222.0
227 7
232.9
230.8
229.4
230.8
228.1
217.7
220.9

Total
nondurable
goods

1,876.6
1,947.2
1,986.7
2,037.1
8183.22,10
2,177.6
2,252.7
2,335.3
2,392.6
2,378.4
2,260.1
2,286.3
2,310.8
2,328.7
2,342.0

219.8
2,380.1
2,391.5
2,398.6
2 3 0.82
2,397.9
2,420.7
2,376.3
2,318.6
2,316.4

Food

893.6
925.2
940.2
954.6
977.7
1,009.4
1 047 7
1,090.1
1,110.5
1,109.3
1,053.3
1,063.7
1,077.8
1,090.3
1,093.3
2,359.81
1,102.5
1,110.1
1,110.9
1,118.7
9.3229.4
1,133.6
1,112.3
1,069.0
1,061.5

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

Clothing
and
shoes

282.7
7175.7
303.7
318.3
83.2
350.7
372.3
394.4
412.9
414.5
3.71,26
383.7
390.2
391.0
396.1
400.4
409.4
412.2
416.6
413.2
416.3
407.2
412.2
402.3
402.1

Gasoline
and
oil

176.3
175.7
178 3
181.9
183.2
186.7
187.4
184.2
184.5
177.5
188.6
188.6
186.3
183.2
183.6
183.8
185.1
14,63
184.7
183.8
181.4
179.1
11.3
176.3
178.5

Fuel
oil
and
coal

Other

508.6
532.9
549.2
567.1
593 2
311.0
637.3
666.1
1 7 687.3
11.9 109.3
13.0 638.2
123.3 645.4
11.5 655.3
12.6 663.3
12.7 669.0
13.0 677.0
14.3 683.5
13.8 687.1
13.3 690.5
87.94 687.9
12.8 684.8
11.9 695.1
180.1 695.5
11.8 681.6
99.5 683.7
16.4
15.8
75.2
15.5
15.4
14.6
13.2
12.4

Total
services 1

3,758.0
3,928
4,023.2
4,100.4
4,178.8
4.6618.0
4,420.9
1,090.139
4,646.2
4,714.3
4,439.4
4,466.9
4,484.7
4,515.7
4,537.6
4,581.5
4,616.1
4,632.7
4,659.8
4,676.1
4,704.3
427.21
4,711.3
1,069.04
4,740.5

Housing

978.6
1,006.5
1,986.7
1,136.61
1,051.9
1,083.8
2.3187.4
1,154.6
1,17
2,378.4
1,053.337
1,123.3418.1
5.4537.92

1,151.7
1,158.8
1,164.7
1,168.0
1,110.14
1,172.5
1,175.9
1,177.3
1,182.3
1,184.5
1,185.6
1178.512

Source: Department of Commerce, Bureau of Economic Analysis.

Medical
care

989.0
1,026.8
1,075.2
1,136
1,180.8
1,009.435
1,047.73
1,290.2
1,327.8
2,378
13.0638.24
1,273.8
1,283.7
1,287.9
1,28
5219.82
1,168.0
1,110.14
1,110.94
1,344.5
1,360.8
1,370.3
1,378.9
1,069.0402
1,185.21,39

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

16.9
17.3
17.1
16.8
16.6
16.9
16.9
16.5
16.1
13.2
18.0
15.9
16.8
16.4
16.5
16.3
16.3
16.1
15.9
16.0
15.2
14.1
12.9
10.3
9.5

SOURCES OF PERSONAL INCOME
Personal income rose $167.1 billion (annual rate) in May following an increase of $78.3 billion in April. Wages
and salaries fell $8.6 billion in May following an increase of $5.0 billion in April.
BILLIONS OF DOLLARS* (RATIO SCALE)
13,000
12,000
11,000
10,000
9,000
8,000

*
"

\
TOTAL PERSONAL INCOME

'

•

:=—^^^^—

r-

••

—""

=1

7,000

BILLIONS OF DOLLARS* (RATIO SCALE)
13,000
^==="12,000
11,000
10,000
9,000
8,000
7,000

6,000

6,000
5,000

WAGE A ND

5,000

SALARY DISB URSEMENTS

*

4,000

4,000
\
OTHER INC DMF

3,000

3,000

/

PESDNALCURREN T
TR,
i\NSFER RECEIPT S

2,000

'

A

2,000

~T'

1,400

1,400
_••

" "

800

800

111

(11II111

2001

2002

1

1

2003

I II II 1 II I I I

2004

linn
2005

1 ,,, , i
2006

I

1 M1 1Mini
1
2007

"SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE

2008

2009

COUNCIL OF ECONOMIC ADVISERS

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

Period

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

.................8,
.................8,
.................9,

May
June
July
Aug
Sept
Oet
Nov
Dee
2009: Janr
Feb r
Mar r
Aprr
Mayp
1
2
s

Total
personal
income

Total

7,802.4
8,429.7
8,724.1
8,881.9
9,163.6
9 727 2
10,269.8
10,993.9
11,663.2
12,100.6
12,219.8
12,233.6
12,139.9
12,179.8
12,191.4
12,162.6
12,112.0
12,083.8
12,082.9
12,048.3
12,015.3
12,093.6
12,260.7

5,352.0
5,782.7
5,942.1
6,091.2
6,310.4
6,671.4
7,025.8
7,432.6
7,818.6
8,052.8
8,033.1
8,049.3
8,072.3
8,104.2
8,102.3
8,088.0
8,078.1
8,058.5
8,052.3
8,026.5
7,993.5
8,002.4
7,997.1

Wage and
salary
disbursements

4,466.3
4,829.2
4 942 8
4,980.9
5,112.7
5,394.5
5,671.7
6 027 2
6,362.0
6,548.0
6,530.9
6,543.8
6,563.5
6,592.2
6,589.8
6,574.4
6,564.0
6,544.2
6,525.4
6,497.2
6,462.5
6,467.5
6,458.9

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

Supplements to
wages
and
salaries

885.7
953.4
999.3
1,110.3
1,197.7
1,276.9
1,354.1
1,405.3
1,456.6
1,504.8
1,502.1
1,505.5
1,508.8
1,511.9
1,512.5
1,513.7
1,514.2
1,514.3
1,526.9
1,529.2
1,531.0
1,534.9
1,538.2

Proprietors' income 1

Farm

35.6
29.7
19.7 7
10.6
27 8 2
3874.3
354.1

16.2
44.0
34.6
38.4
36.1
35.0
32.5
29.6
2,0
564.01
25.9
25.2
23.7
23.7
2.4
27.0

Nonfarm

649.7
705.7
752.2
757.8
782.1
874.3
925.7
998.6
1,012.2
1,037.9
1,037.7
1,047.4

1,50

1,047.3
1,042.2
1,048.0
1,031.3
1,023.4
1,014.6
1,016.0
1,006.6
6,467.51
1,006.9

Personal income receipts on assets
Rental
income
of
persons 2

147.3
150.3
167.4
152.9
133.0
118.4
40.9
44 3
4.01,0
64.4
52.3
68.3
72.8
77.3
55.5
23.01
90.9
96.1
92.7
90.2
87.1
92.0
97.2

Total

1,264.2
1,387.0
1,380.0
1,333.2
1,336.6
1,432.1
1,596.9
1,824.8
2,000.1
2,037
1,502.13
2,052.8
2,054.1
2,055.6
2,057.3
2,023.0
1,988.6
1,954.0
1,929.3
1,904.6
1,879.8
1,882.4
1,884.9

Personal
interest
income

022.16
1,011.0
1 Oil 0
936.1
914 1
895.1
1925.740
1,125.4
1,214.3
1,208.5
1,037
8,049.36,5
1,210.9
1,217.4
1,223.8
1,203.6
1,183.4
1,163.2
1,014
1,141.6
1,006.68
1,882.4
1,146.0

Personal
dividend
income

335.6
376.1
369.0
397.2
422.6
537.0
574.9
699.4
785.8
829.1
843.6
848.3
843.2
838.2
833.4
819.4
805.2
790.8
776.9
762.9
749.0
744.0
739.0

Personal
current
transfer
receipts 3

1 022 1
1,084.0
1,011.0369
1,286.2

1133.0
1,432.1895
1,022.057
1,60
1,214.3

1,869.1
1,502.13
1,976.0
1,849.0
1,047.3
1,223.8
1,513.72
1,892.5
1,918.3
1,929.3
1,981.4
1,006.68
1,007.19
2,235.5

Less: Contributions
for government social
insurance

661.4
702.7
731 1
750.0
778.6
828.8
874.3
925 5
965.1
995.7
995.4
996.3
998.2
1,217.4
2,057.3
997.8
995.5
992.4
998.5
994.0
989.1
989.3
987.8

Note.—For information on the effects of the American Recovery and Reinvestment Act of
2009 on personal income data, see Personal Income and Outlays: May 2009, release dated June
26, 2009.
Source: Department of Commerce, Bureau of Economic Analysis.

DISPOSITION OF PERSONAL INCOME
According to revised estimates, per capita disposable personal income in chained (2000) dollars rose at an annual
rate of 5.1 percent in the first quarter of 2009.
BILLIONS OF DOLLARS* (RATIO SCALE)
11,000

BILLIONS OF DOLLARS* (RATIO SCALE)
11,000

10,500

10,500

10,000

nispnsA BLE PERSONA L INCOME

9,500

10,000

\

9,000
8,500

9,500

^ '

8,000

9,000

\l

8,500

" PERSONAL OUTLAYS

7,500

8,000

\

7,500

7,000

7,000

6,500

6,500

6,000

6,000
l

5,500

l

l

l

l

l

1

!

!

1

1 1

1

I

1

1

1 S

1

1 I

[

( 1

1

1 !

1

DOLLARS* (RATIO SCALE)

36,000
34,000

I

1 1

1 1

5,500

DOLLARS* (RATIO SCALE)

PER CAPITA DISPOSABLE PERSONAL INCOME

^ - /
^~-~"\r

CURRENT DOLLARS

32,000

36,000

1

'

34,000
32,000

30,000
-

28,000

^

'

1

»^'*^

-

30,000

1

28,000
\
C HAINED (200 0) DOLLARS

26,000

'J^\

24,000

26,000
24,000
22,000

22,000
1

!

1

1

1999

1 \

2000

1

f

1

2001

i

i

i

2002

!

1 1
2003

1

1 1

2004

I

1 !
2005

1

1 1

1

1 1

2007

2006

1

1 !

2008

1

1 1

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
(2000)
dollars

Per capita
disposable personal
income
Current
dollars

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

7,802.4
8,429.7
8,724.1
8,881.9
9,163.6
9,727.2
10,269.8
10,993.9
11,663.2
12,100.6

1,107.5 6,695.0 6,536.4
1,235.7 7,194.0 7,025.6
1,237.3 7,486.8 7,354.5
1,051.8 7,830.1 7,645.3
1,001.1 8,162.5 7,987.7
1,046.3 8,680.9 8,499.2
1,207.8 9,062.0 9,029.5
1,353.2 9,640.7 9,570.0
1,492.8 10,170.5 10,113.1
1,457.3 10,643
10,450.7

Chained
(2000)
dollars

Per capita personal
consumption
expenditures
Current
dollars

Chained
(2000)
dollars

6,861.3
7,194.0
7,354.513
7,562.2
7,729.9
8,008.9
8,121.4
8,407.0
8,644.0
8,753.6

23,968
2,413
26,243
27,183
28,076
29,592
30,611
32,263
33,706
34,950

Saving as
percent of
disposable
personal
income

Population,
including
Armed
Forces
overseas
(thousands) 2

Percent

Dollars

158.6
168.5
132.3
184.7
174.9
181.7
32.5
70.7
57.4
192.7

Percent
change
in real
per capita
disposable
personal
income

06,536.4
2,413
24,72924
26,253
26,498
27,302
27,434
28,134
28,648
.8 3 04,5

22,491
23,864
285,294
25,518
26,498
27,939
29,368
98,820
32,181
33,028

23,050
23,864
285,2
24,646
25,093
25,776
296,0
26,869
27,351
27,164

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

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

279,328
25,473
24,72924
288,055
.97,729
293,348
296,036
298,820
301,737
34,9

27,276
27,706
27,991
28,018
18,407.1
27,0704
28,664
28,555
28,702
28,670
28,560
29,234
27,095
28,657
29,019

29,662
29,934
30,316
30,704
31,031
31,194
31,681
32,049
32,325
32,664
32,957
33,335
33,337
426,734
32,453

26,446
26.5.82
26,692
26,817
26,895
27,070
27,265
27,336
27,403
27,399
27,401
27,427
27,095
26,734
26,770

¥2.3
6.5
4.2
.4
1.2
4.7
3.4
¥1.5
2.1
¥.4
¥1.5
9.8
¥9.4
1.9
5,1

— .7
.8
1.0
.6
.5
.9
1.1
.3
,5
.4
2
2.5
1.3
3.2
4.3

296,378
27,70629
297,743
298,399
299,175
299,965
300,644
301,332
10,18
302,865
303,498
304,128
304,872
305,619
32,45

Seasonally adjusted annual rate 3
2005: III
IV
2006: I
II
Ill
IV
2007: I
II
Ill
IV
2008: I
II
Ill
IV
2009: I '

.... 10,289.1
.... 10,561.0
10,781.6
10,913.2
.... 11,056.1
.... 11,224.7
11,473.0
11,577.5
.... 11,730.4
.... 11,872.1
11,960.5
12,152.2
.... 12,170.4
.... 12,119.5
12,048.8

1,222.3
1,252.5
1,316.0
1,341.1
1,356.2
1,399.6
1,459.5
1,489.4
1,501.6
1,520.5
1,535.0
1,346.1
1,470.7
1,477.4
1,275.2

9,066.9
9,308.6
9,465.6
9,572.1
9,699.9
9,825.1
10,013.5
10,088.0
10,228.8
10,351.5
10,425.5
10,806.0
10,699.7
10,642.0
10,773.7

9,129.8
9,234.2
9,371.2
9,518.0
9,651.8
9,739.0
9,904.2
10,056.9
10,182.0
10,309.2
10,404.9
10,538.2
10,559.9
10,299.7
10,309.5

¥62.9
74.4
94.4
54.2
48.1
86.1
109.3
31.1
46.8
42.4
20.6
267.9
139.8
342.3
464.2

8,084.0
8,231.8
8,334.2
8,360.4
8,407.1
8,526.2
8,617.7
8,604.5
8,671.1
8,683.1
8,667.9
8,891.0
8,696.4
8,758.2
8,887.0

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

30,592
31,331
31,791
32,078
32,422
427,0704
33,307
33,478
33,858
34,179
34,351
35,531
35,096
34,821
35,180

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

FARM INCOME
According to the preliminary 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

440
400
360
320
280

400
360
320
280
GROSS FARM INCOME

240

240

200

200

160

160

NET FARM INCOME

V.

120

A

80

60

80

-r^

40

20
2002

2001

2003

2004

2007

2006

'SEASONALLY ADJUSTED ANNUAL RATES
SOURCE; DEPARTMENT OF AGRICULTURE

2008

2009

COUNCIL OF ECONOMIC ADVI$ERS

[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

2000
2001 ................................251.
2002 ................................232.
2003
2004 ................................295.
2005 ................................301.
2006
2007 ................................341.
2008 ................................379.
2009i>
2007: I ..........................336.
II .........................335.
III. .......................337.
IV ........................355.
2008: I ..........................419.
II .........................369.
III. .......................385.
IV ........................345.
2009: Ip
IIp
IIIP
IV P

243.6
251.8
232.6
260.0
295.6
301.1
292.4
341.1
379.9
348.3
336.5
335.1
337.1
355.8
419.1
369.6
385.0
345.8
376.7
332.5
336.2
348.0

192.0
200.0
194.9
215.6
237.2
240.9
240.8
284.8
324.2
294.6
270.8
286.1
287.3
295.1
348.2
322.1
335.1
291.6
309.8
287.1
289.7
292.0

Livestock and
products

Crops

92.4
93.3
101.0
110.0
113.6
116.0
122.6
147.0
181.1
162.4
132.0
147.0
149.2
159.6
198.6
178.4
189.5
157.9
176.0
158.6
159.5
155.6

99.6
106.7
94.0
105.6
123.6
124.9
118.2
137.9
143.1
132.2
138.8
139.2
138.0
135.6
149.6
143.7
145.6
133.7
133.7
128.4
130.2
136.4

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.

2

4

Value of
inventory
changes 3

1.6
1.1
¥3.4
¥2.4
11.2
.5
¥3.0
3.7
.3
.811.4
3.6
3.8
3.8
3.9
.3
.3
.3
.3
¥1.9
¥1.8
¥1.8
¥1.8

Direct
Government
payments 4

Production
expenses

23.2
22.4
12.4
16.5
13.0
24.4
15.8
11.9
12.4
11.4
23.5
4.4
5.1
14.7
24.4
4.6
5.3
15.3
22.4
4.2
4.8
14.0

193.1
196.9
193.1
199.6
209.8
221.8
233.9
254.4
290.6
277.1
241.9
255.5
256.5
263.6
312.1
288.6
300.3
261.4
291.4
270.0
272.5
274.7

Includes only Government payments made directly to farmers.

NOTE.—Data for 2008 are preliminary, while data for 2009 are forecasts.
Source: Department of Agriculture.

Net farm
income

50.6
54.9
39.6
60.5
85.8
79.3
58.5
86.8
89.3
71.2
94.6
79.6
80.6
92.3
107.0
81.0
84.8
84.5
85.3
62.5
63.7
73.3

CORPORATE PROFITS
In the first quarter of 2009, according to revised estimates, corporate profits before tax rose $157.2 billion (annual
rate) and profits after tax rose $123.0 billion.
BILLIONS OF DOLLARS
2,000
1,900
1,800
1,700
1,600

SEASONALLY ADJUSTED ANNUAL RATES

/

-

/

-

1,500

1,300
1,200
1,100

\

\

1,600

I
- . \ /

1,400

V

.'

' \

/

PROFITS AFTER TAX

A

1,500

-

\\l
\
\

/

X

-

/•"I

1,000
900
-

UNDISTRIBUTED PROFITS

800
700

-

-

600

/

500

*

-

X

600

'

500

"'

-

400

'

300

~'

400

\

TAXES O N

COPprtPATF lK[rn^AF

300
1

200

200

w

100

100
0

1,200
1,100

/

-—^"~

1,300

-

V

/

900

700

1,700

_ /

/
TAX 7 ^

PROFITS BEF ORE

-

1,000

800

N

J

1,400

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

-.

1

1

1

2000

1999

\

2001

2002

i

2003

1 1
2005

1

2004

1 1

2006

1

1 1

1

1 1

2009

2008

2007

0

1 1

COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF COMMERCE

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

Profits after tax
Taxes

Domestic industries
Period

Nonfinancial

Total 2
Total

1998 4
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2005: III .
IV

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

rv

2008: I....
II .
III

rv
2009:
1

738.5
776.8
759.3
719.2
766.2
894.5
,161.6
,582.8
,834.2
.3450.41
,548.2
1,497.1
1,684.6
1,778.7
1,841.6
1,887.2
1,829.3
1,794.7
1,859.5
1,866.1
1,820.2
1,641.5
1,596.0
1,602.8
1,352.6
1,456.3

635.5
655.3
613.6
549.5
610.4
729.0

968.2
1,343.3
1,566.7
1,490.5
1,161.7
1,244.2
1,447.2
1,528.3
1,571.9
1,626.7
1,540.0
1,496.6
1,556.7
1,509.7
1,398.9
1,243.1
1,222.5
1,224.4
956.7
1,077.0

Financial

Total 3

165.4
470.1
194.3
461.1
265.2
413.4
227.6
322.0
4768.4 334.0
317.3
411.8
348.9
68.23
425.3
918.1
478.8 1,087.9
449.9 1,040.6
308.9
.591.7
362.3
881.9
431.4 1,015.8
470.0 1,058.3
493.1 1,078.8
473.3 1,153.4
478.8 1,061.2
454.1 1,042.5
492.7 1,064.0
460.3 1,049.3
392.4 1,006.5
412.8
830.2
383.2
839.3
308.8
915.6
130.9
825.8
249.7
827.4

Manufac157.0
150.6
144.3
52.6
48.2
76.0
152.7
243.8
304.3
316.6
239.8
241.6
251.6
279.2
305.8
333.5
298.9
317.0
350.8
306.6
392.41
240.5
214.9
272.6
.312
215.0

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

2

Profits
before
tax

Utilities

Wholesale

32.7
337.41
24.4

227
10.4276
11.876

18.6
28.9
55.6
58.5
54.6
21.7
38.2
44.9
53.5
62.5
61.4
57.2
92.7
58.7
63.2
46.2
56.7
59.1
56.3
69.0

20.2
55.5
59.677
32.91
49.3
55.2
79.2
97.3
107.5
102.6
76.5
85.5
103.8
102.3
94.5
128.3
1459
108.2
492.7
109.1
80.2
49.2
59.4
9.1
825.82
60.8

Retail
66.4
65.2
59.6
7.920
79.4

86.8
91.1
120.4
132.3
132.3
91.7
1,149.958

137.8
1,35
126.0
132.1
137.5
132.8
145.9
126.0
124.5
112.0
92.7
86.2
25.8
89.1

718.3
655.319
773.4
707.9

768.4
908.1
1,204.7
1,620.6
1,873.7
1,886.3
1,597.3
1,536.3
1,733.3
1,813.8
1,900.1
1,929.9
1^851.1
1,838.9
1,914.8
1,897.1
1,894.3
1,750.9
1,750.0
1,693.7
1,194.5
1,351.7

corporate
income
718.3
258.6
265.2
204.1
192.6
243.3
307.4
413.7
468.9
450.4
30.6
581.4
449.2
453.8
474.8
487.2
459.8
448.5
468.5
451.1
433.5
402.9
406.8
393.5
263.2
2766

Total

470.0
517.2
508.2
503.8
575.8
664.8
897.3
1,206.9
1,404.8
1,435.9
1,230.6
1,149
1,284.1
1,359.9
1,425.2
1,442.6
8.961.4
1,390.4
1,446.3
1,446.1
1,460.9
1,348.0
1,343.2
1,300.1
.312
1,054.2

Net
dividends

351.6
337.4
377.9
370.9
399.2
424.7
539.5
577.4
702.1
788.7
832.1
581.4
613.4
652.8
688.8
720.9
745.8
761.5
779.2
797.6
816.4
832.5
846.4
841.1
808.3
766.3

Inventory
valuUndistributed ation adprofits justment

118.3
179.9
130.3
132.9
176.6
240.1
357.8
629.5
702.7
647.3
398.6
568.4
670.6
707.1
736.4
721.7
645.6
629.0
667.1
648.5
644.5
515.5
496.7
459.1
122.9
287.8

20.2
1.0
¥14.1
11.3
¥2.2
¥13.6
¥43.1
¥37.8
¥39.5
¥51.2
¥49.0

¥39.1
¥48.7
¥35.0
¥58.5
¥42.7
¥21.8
¥44.2
¥55.3
¥31.0
¥74.1
¥109.4
¥154.0
¥90.9

158.1
104.6

4
Data by industry beginning 1998 are based on the 1997 North American Industry Classification System (NAICS).
Source: Department of Commerce, Bureau of Economic Analysis.

REAL GROSS PRIVATE DOMESTIC INVESTMENT
In the first quarter of 2009, according to revised estimates, nonresidential fixed investment in chained (2000) dollars
fell $147.7 billion (annual rate) and residential investment fell $38.3 billion. There was a decrease of $87.1 billion
in inventories following a decrease of $25.8 billion in the fourth quarter.
BILLIONS OF CHAINED (2000) DOLLARS
2,200

BILLIONS OF CHAINED (2000) DOLLARS
2,200
SEASONALLY ADJUSTED ANNUAL RATES

-

_

2,000

2,000
f

^v
1,800

GROSS PRIVATE DOMEST C
/ ^
INVESTMENT

iv
1,600

r "
——

-

.

^

v
1,600

^

1,400

1,400

\

—"*

—

-

\

1,200

1,200

1,000

1,000

NC3NRESIDENTI U
FIX ED INVESTME NT

-

-

800

800
RESIC)ENTIAL
FIXED Ih VESTMENT

-

-

\

600

-

" "

600

3

-

400

400

-

CHAh>IGE IN PRIVA TE
JVENTORIES
\V

200

\
0
-?nn

-

200

1
0

•

!

1

1

1999

1

!

1

1

2000

1 1

!

2001

1

2002

1

1

1 1

1

2003

1 1

2004

!

1 1

2005

1

1 1

2006

1

!

1

2007

SOURCE: DEPARTMENT OF COMMERCE

1

1 1

1

-200

1 1

2009

2008

COUNCIL OF ECONOMIC ADVISERS

[Billions of chained (2000) dollars; quarterly data at seasonally adjusted annual rates]
Change in private
inventories

Fixed investment
Period

Gross
private
domestic
investment

Nonresidential
Equipment
and software

Residential

Structures

Total
Total

Total

Nonfarm

1,642.6
1,735.5
1,598.4
1,557.1
1,613.1
1,770.2
1,873.5
1,912.5
1,809.7
1,689.1

1,133.3
1,679.0
1,629.4
1,544.6
1,596.9
1,712.8
1,829.8
1,865.5
1,808.5
1,718.9

1,133.3
1,232.1
1,180.5
1,071.5
1,081.8
1,144.3
1,226.2
1,318.2
1,382.9
1,405.4

293.2
313.2
306.1
253.8
243.5
246.7
249.8
270.3
304.6
338.8

840.2
918.9
874.2
820.2
843.1
905.1
989.6
1,061.0
1,382.9
1,047.0

443.6
446.9
448.5
469.9
509.4
560.2
595.4
552.9
453.8
359.5

68.9
56.5
¥31.7
12.5
14.3
54.3
38.9
42.3
¥2.5
¥29.0

71.5
57.8
¥31.8
15.2
14.0
48.2
39.1
46.3
¥3.7
¥34.3

2005: III
IV

1,862.8
1,917.3

1,847.2
1,858.0

1,237.1
1,248.2

246.2
247.4

1,006.5
1,017.4

601.7
602.0

11.0
53.5

6.2
53.2

2006: I .............................................................................1,
II ...........................................................................1,
III
IV ..........................................................................1,

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

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

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

256.5
268.3
277.4
279.1

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

596.5
570.1
536.7
508.4

45.9
56.9
53.3
13.1

45.4
63.3
59.9
16.4

2007: I .............................................................................1,
II
III ..........................................................................1,
IV
2008- I
II ...........................................................................1,
III
IV ..........................................................................1,

1,795.9
1,822.9
1,838.7
1,781.3
1,754.7
1,702.0
1,703.7
1,596.0

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

1,340.4
1,373.8
1,402.9
1,414.7
1,423.1
1,431.8
1,425.7
1,341.1

286.6
298.9
313.2
319.7
326.4
340.5
348.4
339.9

1,060.0
1,077.9
1,087.5
1,090.1
1,088.6
1,07
1,054.0
970.5

486.4
471.7
445.3
411.6
383.0
369.6
353.7
331.6

¥15.0
¥2.8
16.0
¥8.1
¥10.2
¥50.6
¥29.6
¥25.8

¥10.7
¥2.6
19.2
¥20.6
¥17.9
¥55.1
¥33.3
¥31.1

1,349.2

1,445.9

1,193.4

295.5

875.7

293.3

¥87.1

¥94.7

1999
2000
2001
2002
2003
2004
2005
2006
2007
2008

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

2009: I

r

1,703.71,731

1,627.0

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

Source: Department of Commerce, Bureau of Economic Analysis.

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

Residential

Equipment and software

Period

Total
fixed
investment

Information processing equipment
and software
Total
nonresidential

Structures

Computers and
peripheral
equipment 1

Total
Total

1999
2000
2001
2002
2003
2004
2005
2006
2007
2008

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

Structures

Software

Other

Industrial
equipment

Transportation
equipment

Other
equipment

Total
residential

Total 2

Single
family

Equipment

1,576.3
1,679.0
1,629.4
1,544.6
1,596.9
1,712.8
1,829.8
1,865.5
1,808.5
1,718.9

1,133.3
1,232.1
1,180.5
1,071.5
1,081.8
1,144.3
1,226.2
1,318.2
1,382.9
1,405.4

293.2
313.2
306.1
253.8
243.5
246.7
249.8
270.3
304.6
338.8

840.2
918.9
874.2
820.2
113.81
905.1
989.6
1,061.0
1,078.9
1,047.0

398.5
467.6
459.0
437.4
462.7
505.7
546.7
596.6
653.9
685.0

157.2
131.2
173.8
169.7
177.3
193.6
207.0
215.5
237.0
226.114

158.0
190.0
1.1237
161.1
113.81
.81,1
191.6
206.7
218.0
226.1

147.9
159.2
145.7
134.5
130.4
134.0
145.3
9543.5
155.7
149.2

126.7
160.8
142.8
126.0
113.8
130.6
149.5
9543.5
139.4
99.6

126.7
131.2
126.9
122.9
130.4
138.3
150.4
552.95
148.4
1.3

443.6
446.9
448.5
469.9
509.4
560.2
595.4
.5294.9
453.8
359.5

436.6
439.5
441.1
462.2
501.2
551.2
586.0
543.5
444.9
351.3

234.2
236.8
237.1
246.3
272.6
305.3
325.9
294.9
214.1
136.0

7.0
7.4
7.4
7.7
8.1
9.0
9.3
9.6
9.5
9.1

IV

1,847.2
1,858.0

1,237.1
1,248.2

246.2
247.4

1,006.5
1,017.4

552.7
564.3

208.2
211.4

195.3
194.9

146.3
602.0

157.2
150.3

601.7
153.7

601.7
602.0

592.3
592.4

327.6
333.7

9.2
9.5

2006- I
II
III
IV

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

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

2596.5
268.3
277.4
279.1

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

586.2
590.9
603.9
605.3

2596.5
213.2
215.8
220.5

207.6
2157.91
209.4
204.8

149.9
157.2
153.8
153.2

165.3
157.9
159.7
155.2

158.2
308.7
7527.42
153.8

596.5
570.1
536.7
508.4

586.8
560.6
527.4
499.3

333.1
308.7
282.7
255.2

9.7
9.7
9.6
9.4

2007- I
II
III
IV

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

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

286.6
298.9
313.2
319.7

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

629.9
647.3
660.9
677.6

227.9
235.7
239.4
245.1

212.5
216.2
219.6
223.5

150.3
160.3
137.41
403.01

149.0
147.54
137.4
131.9

4477.3
147.5
149.2
151.5

486.4
471.7
445.3
411.6

477.3
462.8
436.5
403.0

235.6
227.3
210.3
182.9

9.5
9.5
9.5
9.4

2008: I
II
III
IV

1,762.4
1,754.9
1,731.1
1,627.0

1,423.1
1,431.8
1,425.7
1,341.1

326.4
340.5
348.4
339.9

1,088.6
1,074.7
1,054.0
970.5

689.6
702.9
695.5
651.8

251.0
252.3
0695.5
240.8

223.6
230.6
233.6
31.6

153.4
152.0
148.6
113.8

127.0
108.6
93.6
63

146.5
145.3
151.5
141.9

383.0
369.6
353.7
331.6

374.6
361.1
345.6
323.9

156.7
142.9
130.5
113.8

9.3
9.5
9.0
8.6

Ir

1,445.9

1,193.4

295.5

875.7

619.5

226.6

206.4

121.6

28.2

128.2

293.3

285.8

86.5

8.5

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

2005: III

2009:
1

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

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

BUSINESS INVESTMENT
[Billions of dollars]
Capital expenditures
By industry

Period

Total
capital
expenditures

Total
by
industry

Forestry,
fishing
and
agricultural
services

Mining

Utilities

Construction

Manufacturing

Wholesale
trade

Retail
trade

Transportation
and
warehousing

Information

Finance
and
insurance

Real
estate
and
rental
and
leasing

Professional,
scientific,
and
technical
services

85.2
100.6
92.5
82.7
94.5
88.0
26.76
103.0
132.1
123.0

22.3
29.5
34.1
30.5
25.9
24.7
26.7
33.1
30.3
31.8

Health
care
and
Other 1
social
assistance

For
companies
without
employees

For companies with employees
1996
19...81
97 7.
8
1998
1999
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
975.0
1,042.1
1,144.8
1,309.9
1,361.6

896.5
974.6
1,089.9
1,052.3
917.5
886.8
953.2
1,062.5
1,217.1
1,277.4

0.9
1.7
13 5
.2
2.5
8.49
1.9
28.61
2.7
27
2.51

40.4
30.6
42.5
51.3
42.5
580.5
51.3
66.7
99.3
121.7

36.0
42.8
92.53
82.8
65.5
54.6
50.4
.81,0
69.8
83.6

26.9
23.1
25.0
24.8
24.8
61.2
26.76
30.1
30.3
36.7

203.6
196.4
214.8
144.8
157.2
149.1
156.7
2.52.76
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

203.62
32.4
33.6
30.0
96.18
26.0
51.3
40.6
86.76
31.8

57.3
23.1
69.8
66.9
59.3
65.9
72.2
73.5
86.7
84.2

51.3
57.3
59.9
57.8
47.1
44.5
46.1
56.9
68.0
68.5

96.5
122.8
160.2
144.8
88.2
80.5
83.5
91.4
104.4
135.3

118.2
130.1
133.7
131.1
128.4
120.8
153.6
161.4
1132.1
172.5

47.1
51.3
52.2
52.9
59.3
61.2
64.6
73.8
75.3
83.8

81.7
91.8
108.9
102.5
96.1
96.2
93.6
105.6
126.3
135.3

74.4
72.3
71.2
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 June, employment fell by 374,000 and unemployment rose by 218,000.
MILLIONS OF PERSONS*

MILLIONS OF PERSONS*
158

4

-

2001

2009

* 1 6 YEARS OF AGE AND OVER
SOURCE: DEPARTMENT OF IABOR

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

Civilian
noninstitutional
population
(NSA)

Civilian
labor
force

Men
20

Women

Total

years
and
over

years
and
over

sexes
16-19
years

20

Both
Total

1999 2
20002
2001
2002 ......................217,
2003 2
2004 2
20052
2006 2
20072
2008 2

207,753
212,577
215,092
217,570
221,168
223,357
226,082
228,815
231,867
233,788

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

2008: J u n e
July

233,627
233,864
234,107
234,360
234,612
234,828
235,035
234,739
234,913
235,086
235,271
235,452
235,655

154,400
154,506
154,823
154,621
154,878
154,620
154,447
153,716
154,214
154,048
154,731
155,081
154,926

145,738
145,596
145,273
145,029
144,657
144,144
143,338
142,099
141,748
140,887
141,007
140,570
140,196

74,949
75,973
145,2737
74,503
74,292
74,045
73,285
72,613
72,293
71,655
71,678
71,593
71,387

65,169
65,103
65,003
65,008
64,975
64,902
64,860
61,3598
64,271
048140,8
64,226
63,895
63,810

5,620
5,520
5,533
5,518
5,390
5,196
5,194
5,188
5,184
5,083
7,403
5,082
4,999

8,662
8,910
9,550
9,592
10,221

Aug
Sept

Oct
Nov
Dee
2009: J a n 2
Feb
Mar

Apr
May
June

Percent1

Unemployment

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.

,0456
11,108
72,6136
1,427
13,161
13,724
180,371
14,729

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
4,106
4,313
4 572
4,889
5,088
5,290
5,714
5,972
6,394
6,923
7,403
7,802
7,904

Women
20
years
and
over
2,285
2,235
2,599
3,228
3,314
3,150
3,013
2,751
2,718
3,342
9,22
3,170
3,662
1,3267
3,725
3,851
4,031
4,286
4,646
4,828
4,922
5,217
5,249

Both
sexes
16-19
years

Not in
labor
force

Labor
force
participation
rate

Employment/
population
ratio

1 162
1,081
1,162
1,253
1,251
1,208
1,186
1,119
1,101
1,285

68,385
69,994
71,359
72,707
74,658
75,956
76,762
77,387
78,743
79,501

67 1
67.1
6, 8
66.6
66.2
66 0
66.0
66 2
66.0
66.0

64.3
64.4
63.7
62.7
62.3
62.3
62.7
63.1
63.0
62.2

1,304
1,427
1,316
1,326
1,408
1,335
1,363
1,359
1,427
1,410
1,398
1,491
1,576

79,227
62.35.8
79,284
79,739
79,734
90 3 , 8
80,588
81,023
80,699
81,038
80,541
80,371
80,729

66.1
66.1
662 1
66.0
66.0
6. 8
65.7
65.5
65.6
65.5
65.8
65.9
65.7

62.4
62.3
62.1
61.9
61.7
61.4
61.0
60.5
60.3
59.9
59.9
59.7
59.5

Unemployment
rate

4.2
4.0
4.7
5.8
6.0
5.5
5.1
4 6

4.6
5.8
5.6
5.8
6.2
6.2
6.6
6.8
7.2
7.6
8.1
8.5
8 5
9

9.4
9.5

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

11

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

PERCENT (SEASONALLY ADJUSTED)

25

25

J
N

20
TEENAGERS

15

V

r*

"

10

10

t
1
1
1

MEN 20 YEARS
AND OVER

5 ^

/
y

y

Y

WOMEN 20 YEARS
AND OVER
I I II I I MI

1 III 1 ll

2009

2005

2005

in i

2006

Illllllllll

Illllllllll

2007

2008

'SEE FOOTNOTE 1 TABLE BELOW.
HISPAN!C OR LATINO ETHNICITY.
SOURCE: DEPARTMENT OF LABOR

iniihiiii
2009

2

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

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

2008: June .............5.
July ..............5.
Aug ..............6.
Sept ..............6.
Oct. ..............6.
Nov ..............6.
Dec. ..............7.

5.6
5.8
6.2
6.2
6.6
6.8
7.2

5.2
5.4
5.8
6.2
6.4
6.7
7.2

4.8
4.6
5.3
4.9
5.4
5.6
5.9

18.8
20.5
19.2
19.4
20.7
20.4
20.8

5.0
5.2
5.5
5.5
6.0
6.2
6.6

9.4
9.9
10.7
11.4
11.3
11.3
11.9

4.5
4.0
4.4
3.8
3.8
4.8
5.1

7.7
7.5
8.1
7.9
8.8
8.6
9.2

3.1
3.3
3.7
3.9
4.1
4.2
4.4

7.9
8.5
9.6
8.2
8.8
9.3
9.5

5.6
5.8
6.3
6.3
6.8
7.0
7.5

5.4
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.

7.6
8.1
8.5
8.9
9.4
9.5

7.6
8.1
8.8
9.4
9.8
10.0

6.2
6.7
7.0
7.1
7.5
7.6

20.8
21.6
21.7
21.5
22.7
24.0

6.9
7.3
7.9
8.0
8.6
8.7

12.6
13.4
13.3
15.0
14.9
14.7

6.2
6.9
6.4
6.6
6.7
8.2

9.7
10.9
11.4
11.3
12.7
12.2

5.0
5.5
5.8
6.3
6.8
6.9

10.3
10.3
10.8
10.0
11.0
11.7

8.0
8.6
9.2
9.6
10.2
10.3

5.9
5.8
5.9
6.1
6.0
5.9

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

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 June, the percentages of the unemployed who had been out of work for less than 5 weeks and for 5-14
weeks fell; the percentages for 15-26 weeks and for 27 weeks and over rose. The mean duration of unemployment
rose to 24.5 weeks and the median duration rose to 17.9 weeks.
PERCENT DISTRIBUTION*

PERCENT DISTRIBUTION*

70

70
DURATION O F UNEMPLOYMENT

REASON FOR UNEMPLOYMENT

y
60

/

60

50
\
JOB LOSERS1

LESS THAN
5 WEEKS
/

pA/W
30

40

w

REENTRANT

(Ts \

-

27 WEEKS
AND OVER

-

5-14
WEEKS

30

20

20

•\

y

X"

JOB LEAVE RS
15-26
WEEKS

- " J
^

10

NEW ENTRANTS

2005

2006

2007

2008

2009

iiiiihiiii

|

2005

n

2006

lllllhllll

m l l

,

III I l l l l l l l

2007

"SEASONALLY ADJUSTED
1
BEGINNING JANUARY \ 994, 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: June
July
Aug .
Sept
Oet .
Nov ..
Dee .
2009: Jan .
Feb ..
Mar
Apr ..
May
June
1

5,880
5,692
6,801
8,378
8,774
8,149
7,591
7,001
7,078
8,924
8,662
8,910
9,550
9,592
10,221
10,476
11,108
11,616
12,467
13,161
13,724
14,511
14,729

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

31.2
31.9
32.3
30.8
29.8
58.42
30.4
30.3
31.5
31.4
34.6
32.0
30.1
32.1
29.7
30.3
30.4
61.18
31.4
30.8
29.4
29.6
26.9

12.8
11.8
142.0
16.3
16.4
15.9
14.9
14.7
15.0
16.0
15.4
16.3
16.4
16.9
17.9
1.430
17.2
16.8
18.6
19.3
18.7
20.9
22.9

13
,141
11.8
18.3
210.1
21.8
19.6
17.6
17.6
19.7
18.6
19.3
19.6
21.2
98.1
21.3
23.2
22.4
931.41
24.2
.72
27.0
29.0

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
17.6
17.3
17.6
18.7
13,8
18.9
17
29.8
19.8
20.1
21.4
22.5
24.5

6.4
5.9
6,8
9.1
10.1
9.8
8.9
8.3
8.5
9.4
10.1
9.8
9.3

10.3
10.6
10.0
10.6
10.3
11.0
56.82
12.5
14.9
17.9

44.6
44.2
51.1
55.0
55.1
69.85
48.3
47.4
49.7
53.7
51.7
51.3
52.6
54.9
56.8
58.6
58.4
61.1
62.3
63.5
64.4
65.4
65.4

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

8.9
9.1
8.0
6.6
6.8
6.5
6.2
5.6

34.1
34.5
29.9
28.3
28.2
,95
31.4
32.0
30.3
27.7
29.7
29.8
28.2
26.6
25.9
25.3
25.1
24.1
22.9
22.9
22.5
21.8
22.6

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

2,188
2,110
2,974
3,585
3,531
2,950
2,661
2,476
2,572
3,306
3,155
3,276
3,460
3,620
3,821
4,125
4,430
4,670
5,085
5,686
6,297
6,747

298
301
404
407
404
345
328
313
324
424
392
412
441
471
480
520
537
573
637
658
630
r
631
p615

2,219
2,141
3,007
3,619
3,569
2 995
2,706
2,518
2,610
3,343
3,108
3,006
3,179
3,164
2,980
3,819
4,778
5,378
6,097
6,925
6,046

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 467,000 in June.
MILLIONS OF PERSONS*

MILLIONS OF PERSONS* (ENLARGED SCALE)

140

r

130

^

C

^

LNONAGRIC
ENTS
ESTABL1SHM

120 -

i
.

"

110

^^^

—

r

--—

\ \

ERVICE-PROVI
5
INDUSTRIE

100 -

-

90

80 -

-

70
\
30

20
GOODS-PRODUCING
INDUSTRIES

in

1
2005

1 1 1 M 1 1 1 1 1 1
2006

2007

2009

2008

2005

"SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR

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,

June
July
Aug
Sept
Oet
Nov
Dee
2009: Jan
Feb
Mar
Aprr
Mayr
Junep
1

Total
nonagricultural
employment

128,993
131,785
131,826
130,341
129,999
131,435
133,703
136,086
137,598
137,066
137,356
137,228
137,053
136,732
136,352
135,755
135,074
134,333
133,652
133,000
132,481
132,159
131,692

Total

2

24,465
24,649
2,03
22,557
21,816
21,882
22,190
22,531
22,233
21,419
21,507
21,432
21,351
21,247
21,063
20,814
20,532
20,127
19,832
19,520
19,253
19,038
18,815

Construction

6,545
6,787
6,826
6,716
6 735
6,976
7,336
7,691
7,630
7,215
7,232
7,201
7,17
7,131
7,066
6,939
6,841
6,706
6,593
6,470
6,367
6,319
6,240

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

115,849
115,796
115,702
115,485
115,289
114,941
114,542

122,540
12,468
12,296
12,146
11,990
156,24

114,206
113,820
113,480
113,228
113,121
112,877

26,467
26,425
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
13,5
13,454
13,387

2 , 7
2 , 7

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

2536,3671
6 5 , 4

25,263

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
13,4
15,380
15,335
15,278
1 5 7
15,126
15,038
14,992
14,934
14,872
14,840
14,822
19,2561

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

3361
5,438
3,032
2,997
3,006
2,995
2,990
2,986
2,982
26,005
2,940
2,924

7,898
2,905
2,884
2,859
2,838

Finanactivities
7,648
7 87
7 808
5,497
7,977
5,5331
8,153
8,328
7,6301
8,146
7,3562
8,154
8,141
8,115
8,088
2,543
9,080
7,954
7,898
7,857
7,811
7,781
7,754

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
13,4
18,888
17,727
17,675
13,2
17,488
17,356
122,5
17,029
13,480
19,17513
16,735
12,87

14,798
15,109

65,25
11,9
1,58
12,730
,732
17,826
182
18,855
18,843
18,888
18,950
18,957
18,981
19,044
19,080
17,20519
19,138
19,158
19,175
19,222
19,256

11,543
11,862
182,764
132,766
166,73
12,730
12,816
13,110
13,427
13,459
13,490
13,473
13,454
13,428
13,395
13,344
13,304
13,268
19,8326
13,202
13,168
19,0386
13,168

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
5,535
5,536
5,530
5,532
5,535
5,509
5,477
5,461
5,449
5,426
5,420
5,418
5,427

20,790
21,118
21,513
21,583
21,621
21,804
21,974
22,218
22,500
22,522
22,537
22,556
22,535
22,539
32,783
22,532
22,540
22,547
22,543
62,876
22,606
22,554

Federal
2,769
2,865
2,764
2,766
2,761
2,730
2,732
2,732
2,734
2,764
2,765
2,776
2,768
2,771
2,775
2,783
2,778
2,793
2,796
2,808
2,876
2,856
2,807

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: May
June
July
Aug
Sept
Oet
Nov
Dee
2009: Jan
Feb
Mar
Apr r
Mayr
Junep ....

Total private nonagricultural 1

34.3
34.3
34.0
33.9
35.997

33.7
33.8
33.9
33.9
33.6
33.7
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

Total

41.4
41.3
40.3
40.5
4 4
40.8
40.7
41.1
4. 2
40.8
40.9
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

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
3.9
3.8
3.7
3.7
3.5
3.5
312
2.9
2.9
2.7
2.6
2.7
2.8
2.8

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
17.99
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

$8.01
8.04
8.12
8.25
8.28
8.24
8.18
8.24
83
8.30
8.27
8.20
8.16
8.20
8.21
8.33
8.54
8.65
8.64
8.61
8.64
8.65
8.65

Current
dollars

$13.85
14.32
14.76
15.29
15.74
16.14
16 56
768.241
17.26
17.74
17.68
17.73
17.80
17.78
17.81
17.89
17.94
17.96
17.99
18.07
18.10
386.211
18.11
18.10

$463.15
481.01
493.79
506.75
518.06
529.09
50.223
567.87
590.04
607.99
606.26
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

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
278.56
275.59
274.31
276.47
275.99
279.11
385.3
288.12
0850.10
18.0
286.10
18.116
387.5

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
836.22
842.50
845.60
849.97
846.05
849.11
839.96
851.58
850.10
851.96
851.64
845.63
849.76
849.38

$321.63
333.38
346.16
360.81
367.15
371.13
377.58
383.02
385.11
386.39
387.39
386.10
386.40
387.60
388.59
385.41
385.31
384.32
385.21
386.21
385.21
386.21
387.50
384.91

$573.14
590.77
695.89
618.75
635 99
658.49
673 30
691.02
816.66
724.23
723.11
725.16
729.80
725.42
721.31
722.76
721.19
716.60
716.00
713.77
713.14
717.16
713.53
714.95

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
¥1.1
¥2.5
¥2.9
¥2.2
¥2.3
¥.9
2.0
3.1
3.2
2.5
2.2
2.2
2.8

3 9

3.0
3.1
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

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

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

1
Employer costs for employee benefits.
NOTE.—The employment cost index is a measure of the change in the cost of labor, f
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

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

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

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

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

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

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.

2009:
1

I*

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.
Source: Department of Labor, Bureau of Labor Statistics.

PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production and capacity utilization fell in May.
INDEX, 2002 = 100* (RATIO SCALE)
140

INDEX, 2002 = 100* (RATIO SCALE)
180
FINAL PRODUCTS
170

130

160

120

150
110

BUSINESS
EQUIPMENT

140
DEFENSE
130 • SPACE EQUI
.

-

.

^

•

"

k

/

120

90

\

^

~

* \

•
V

"

140
MANUFACTURING

•

DURABLE

130

-

7

\

CONSUMES
GOODS

\

120
110
1 1 i I ! i

M 1 1 1 1

100
PERCENT*

90

84
82

130

CAPACITY UTILIZATION RATE (TOTAL INDUSTRY)

UTILITIES AND MINING

r

120
UTILITIES

110
100
90

\

—s A

J ~

— / —

Hz

MINING

\

76
74

—V-

\
\

72

\

70

\

68
1

2005

""i
""

78

2006

1 Ml

2007

2008

2009

1

1

2005

M

1 1

2006

him

1
2008

2007

m

i

l

l

2009

'SEE FOOTNOTE 1 TABLE BELOW
'SEASONALLY ADJUSTED

COUNCIL OF ECONOMIC ADVISERS

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

[Monthly data seasonally adjusted]
Total industrial production

1

Percent change
Period

Index,
2002 = 100

From
preceding
month

From
year
earlier

Manufacturing

Total 1

Durable

Nondurable

99.5
103.7
100.1
100.0
101.3
103.8
107.2
109.7
111.3
108.8

2008: May
June
July
Aug
Sept
Oct. .............106.
Nov
Decr

110.7
110.4
110.4
109.2
104.8
106.2
104.8
102.4

¥0.3
¥.2
¥.1
¥1.1
¥4.0
1.3
¥1.3
¥2.3

2009: J a n r
Feb r
Mar r
Apr r
Mayp

100.2
99.4
97.6
96.9
95.8

¥2.1
¥.8
¥1.8
— .7
¥1.1

Mining

Utilities
Total
industry

Total
manufacturing

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

105.9
104.9
104.5
104.1
99.3
102.7
100.3
97.0

90.8
90.8
89.3
88.9
88.1
86.9
86.4
84.6

104.9
104.8
106.9
106.4
96.4
103.5
105.4
103.4

108.2
109.4
107.9
104.3
105.7
107.1
109.1
111.3

78.9
78.7
78.6
77.6
74.5
75.4
74.4
72.7

76.7
76.3
76.1
75.3
72.5
72.7
71.1
69.0

96.7
97
96.6
96.5
96.3

81.4
80.4
77.1
75.0
74.5

102.9
101.0
99.1
95.9
93.8

111.5
106.4
105.3
106.0
104.5

71.2
70.7
69.4
69.0
68.3

67.1
67.1
65.9
65.6
65.0

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

¥.4
-L0
¥2.2
96.4
¥4.7
¥6.5
¥8.9

111.5
111.0
110.8
109.7
105.7
106.0
103.6
100.6

118.9
119.0
119.0
117.2
113.7
110.8
108.2
105.3

¥10.8
¥11.3
¥12.6
¥12.7
¥13.4

97.9
97.8
96.0
95.4
94.4

100.0
98.8
96.5
65.6
93.8

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

Other
(nonNAICS) 1
110.9
112.6
105.7
100.0
97.1
97.9
97.6
96.6
95.3
89.9

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

Capacity utilization
rate
(output as percent
of capacity) 1

Industry production indexes, 2002 = 100

2

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

17

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

Equipment

Period
Total
Total

1999
2000
2001
2002
2003
2004
2005
2006
2007
2008

Nondurable
goods

Total

1

Business
equipment

Defense
and
space
equipment

Total

Construction
supplies

Business
supplies

Total 1

Energy

............................................................101.
............................................................107.
............................................................111.
............................................................109.

July .................................................110.
Sept .................................................106.
Oct. .................................................107.
Nov
Dec r
2009: J a n r
Febr
Marr

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

96.0
99.0
94.7
100.0
103.4
104.9
105.4
104.3
104.7
94.4

97.196
99.2
99.4
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

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
109
104.6

102.7
105.210
1.099.1
100.0
99.7
102.0
106.6
109.0
106.9
r
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

99.9
101.5
100.3
100.0
100.0
99.6
98.4
100.0
101.8
103.6

110.8
110.9
110.6
109.0
106.3
107.0
106.7
106.1

104.7
104.8
104.5
102.7
101.4
103.0
102.810
100.6

96.0
97.1
97.8
92
91.5
89.5
86.4
82.6

107.3
107.6111
106.6
105.9
104.3
107.0
106.7
106.110

128.0
128.1
127.4
126.6
119.9
117.6
119.5
121.6

128.4
128.2
127.4
126.612
117.7
114.8
117.6
120.8

128.412
121.9
120.2
120.8
118.9
120.4
120.0
119.9

106.3
105.7
105.7
104.9
102.6
102.2
99.8
96.5

102.2
107
102.4
101.2
99.1
97.8
93.6
00.11

108.3
107.6
107.3
106.6
104.3
104.3
102.8
1101

112.1
111.7
111.9
110.9
104.3
106.9
104.7
101.0

104.6
104.0
105.2
104.0
96.2
102.3
104.3
104.2

103.5
102.8
101.6
100.9
100.0

............................................................102.

2008: May .................................................110.

1

Durable
goods

Materials
Nonindustrial supplies

98.7
98.8
98.3
98.1
97.2

74.9
76.4
76.3
76.2
74.0

105.8
105.5
104.9
104.7
104.3

116.7
113.9
110.5
90.4
.274.0

115.8
113.9
110.8
108.7
107.2

120.5
118.6
119.3
119.3
120.1

94.7
93.2
91.2
90.4
89.5

8.9
84.6
82.3
81.0
80.2

98.9
97.3
95.4
95.69
94.0

99.1
98.5
96.2
95.6
94.3

103.6
101.8
101.1
99.9
98.4

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: May .
June
July .
Aug ..
Sept .
Oet ..
Nov ..
Dec r .

107.8
107.9
110.1
108.6
102.0

112.1
110.5
109.8
110.2
109.2
107.3
106.0
102.4

110.9
110.6
109.2
110.2
107.3
106.711
104.0
67.7

199.4
199.0
1.9110
196.6
194.2
188.4
180.7
176.2

250.3
248.4
246.6
243.6
240.0
228.4
214.3
204.9

97.9
110.51
100.9
94.6

93.2
81.4
71.9

114.5
114.3
118.9
116.9
104.9
88.5
68.3
53.3

67.3
64.5
60.6
60.0
60.5

48.3
49.0
45.7
45.4
48.9

98.2
95.7
91.1
89.3
87.6

96.1
94.2

88.6
86.4
83.5

175.0
172.4
171.7
171.6
169.7

204.4
200.9
200.8
201.9
198.1

2009: J a n

r

Febr
Marr
Aprr
Mayp

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

18

91.4
100.0
103.5
103.7
103.9
100.2

Apparel

Printing
and
support

155.6
148.0
106.39
100.0

112.4
113.1
106.3
100.0

92.8
79.8
76.9

96.2
96.9
99.2
99.8

Chemical

Food

93.6
93.4

96.0
97.7
97.7

100.0
101.0
101.1
104.2
105.4
109.5
111.1

95.0

75.3
76.5
72.6

100.6

83.3

93.9

100.0
101.3
105.6
109.3
112.7
114.1
108.8

88.2
07.31
86.5
88.3

83.9
86.4
88.7
79.2
79.9
76.9
74.2
69.2

71.5
72.5
73.7
74.2
72.8
71.4
69.6
67.7

96.4
93.4
91.9
93.0
92.3
91.9
90.6
87.4

112.1
111.0
110.6
109.7
101.0
106.7
103.2
98.7

111.5
111.2
110.5
110.7
110.4
111.8
111.7
108.6

75.7
78.0
78.5
77.5
74.8

51.6
56.1
56.8
56.2
51.7

65.5
64.5
64.7
62.8
63.4

85.3
82.7
81.7
79.5
79.1

100.0
101.8
100.7
101.2
101.5

108.3
109.5
109.0
109.8
110.5

97.4

Source: Board of Governors of the Federal Reserve System.

r

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

Total new
construction expenditures

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: M a y r .
June r
Julyr .
Augr .
.
Septr .
Oct r .
.
Nov r .
.
Dec r .
.

1,090.7
1,075.6
1,070.2
1,066.1
1,081.2
1,064.1
1,037.3
1,002.1

786.2
769.5
759.8
756.4
773.6
754.1
726.8
696.6

363.5
351.7
339.9
340.2
350.4
327.7
310.5
292.3

244.6
237.1
231.1
220.7
212.9
204.7
192.1
176.2

422.7
417.8
419.9
416.2
423.2
426.3
416.4
404.3

37.4
37.7
37.0
37.4
36.8
36.6
35.7
31.8

57.0
57.5
57.9
58.0
58.4
56.5
55.8
51.6

85.2
84.0
82.8
79.9
77.9
76.5
73.5
71.0

57.1
58.4
57.3
61.1
65.8
71.0
70.6
70.2

186.0
180.2
185.0
179.8
184.3
185.8
180.7
179.7

304.5
306.1
310.4
309.7
307.6
310.0
310.5
305.6

2009: Jan r .
.
Feb r .
.
r
Mar .
Apr r .
.
Mayp .

974.3
970.4
966.7
972.5
964.0

673.8
660.9
650.4
655.6
649.2

278.8
260.8
248.9
248.8
240.2

162.6
147.9
139.2
131.7
123.9

395.1
260.81
401.5
406.9
409.0

29.2
29.1
31.2
31.8
30.9

49.0
48.4
48.1
46.6
46.6

66.7
66.5
65.0
63.3
59.7

77.3
81.3
82.0
85.2
88.9

172.9
174.7
175.3
180.0
182.8

300.4
309.5
316.3
316.9
314.9

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

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

NEW

NOTE.—Data revised to reflect annual revisions; for details, see Construction Put i , Place
release dated July 1, 2009.
Source: Department of Commerce, Bureau of the Census.

PRIVATE HOUSING AND VACANCY RATES
[Thousands of u n i t s or houses, except as noted]
New private houses

New private housing u n i t s
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

1,302.431.9
1,230.938.7
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

Vacancy rate
for rental
housing units
(percent) 3

8.1
8.0
8.4
8.9
9.8
10.2
9.8
9.7
9.8
10.0

Seasonally adjusted annual rates
971
2 0 0 8 : M a y ...........................971679192739781,
1,078
J u n e ..........................1,
933
J u l y ...........................933632142879241,
849
A u g ............................849612152228571,
822
Sept
Oct. ............................763534102197291, 763
655
Nov
556
Dec. ...........................55639391545641,

679
655
632
612
549
534
457
393

19
22
14
15
19
10
18
9

273
401
287
222
254
219
180
154

978
1,174
924
857
806
729
630
564

1,139
1,131
1,089
1,018
1,148
1,055
1,084
1,028

509
488
500
444
436
409
390
374

453
436
419
412
395
380
370
350

488
574
521
454
532

357
357
361
373
401

13
13
31
11
7

118
204
129
70
124

531
550
511
498
518

778
828
833
839
811

329
r
354
335
344
342

340
r
328
312
299
292

2009: J a n ..............4 8 5 1 1 8 3 7 8 2 3 0
83731517394.
Feb
Marr
Aprr
Mayp
1

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

10.0

9.9

10.1

10.1

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 April, according to current estimates, manufacturing and trade sales fell 0.4 percent and inventories fell $16.6
billion. According to advance estimates, retail sales rose 0.5 percent in May. Retail and food services sales also
rose 0.5 percent.
BILLIONS OF DOLLARS* (RATIO SCALE)
1,700

BILLIONS OF DOLLARS* |RATIO SCALE)

1,600

500

550
RETAIL INVENTORIES

K

N

1,500

450

r
—
1,400

\

\

^

I

MANUFACTURING AND

RETAIL AND FOOD
CES SALES

400

\

..-

1,300
350

-A

1,200

.,'-'V./
1,100

•"••••

\
RETAIL S/ VLES

MANUFACTURING
AND TRADE SALES

\

300

\
\

1,000
?V) 1 III 1 111 1! 1
900

RATIO*
1.80
INVENTORY-SALES RATIO
1.70

800

RETAIL

1.60

A
V

_ . _

1.50
700

\

i
\1
MAMI IFArp IP|N^
AND TRADE

1.40

vx

/
/
/

1.30
1.20 II I I I I I I I I I
2005

600
2005

2006

2007

2008

2009

1
2006

1

2007

•SEASONALLY ADJUSTED
SOURCE: DEPARTMENT O F COMMERCE

2008

2009

COUNCILOFECONOMICADVISERS

[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: Apr r
Mayr
June
July
Aug
Sept
Oct
Nov
Dec.

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

2009: Jan ....................................................998,
Feb
Mar r
Aprp
Mayp
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

1,168,665
1,172,831
1,190,808
1,191,224
1,166,129
1,138,586
1,095,637
1,036,285
1,000,601

1,482,225
1,482,804
1,491,608
1,505,418
1,507,136
1,500,862
1,492,123
1,477,561
1,455,972

1,27
1.26
1.25
1.26
1.29
1732
1.36
1.43
1.46

384,205
387,371
396,165
392,898
386,401
378,625
362,539
337,615
325,672

432,149
433,432
436,648
441,145
443,937
442,528
438,249
434,986
429,572

1.12
1.12
1.10
1.12
1.15
1.17
1.21
1.29
1.32

338,429
338,049
338,770
335,947
334,273
328,469
317,198
309,742
298,949

504,443
500,547
499,333
505,203
500,418
500,038
498,884
490,322
484,414

1.49
1,48
1.47
1,50
1,50
1.52
1.57
1.58
1.62

376,009
375,912
376,663
373,898
372,192
366,555
355,037
347,707
336,438

998,018
987,859
969,853
965,950

1,438,263
1,418,398
1,400,255
1,383,657

1.46
1.5434

317,731
318,491
310,723
309,352

425,915
418,539
411,092
405,449

1.5734
1.31
1.32
1.31

303,921
304,889
301,057
r
300,168
301,682

476,498
470,939
466,501
461,663

1.57
1.54
1.55
1.54

303,92147
31304,8
339,228
r
338,422
339,993

1.44
1.43

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 May, manufacturers' shipments, inventories, and unfilled orders fell; while new orders rose.
BILLIONS OF DOLLARS* (RATIO SCALE)
500
460 - SHIPMEN1
420

'— ^

*"

380

BILLIONS OF DOLLARS* (RATIO SCALE)
680
540
_^ —
500

\

\

TOTAL

340

380

300

DURABLE GOODS

260

/ -

DURABLE GOODS .
/

220

..[,•-•••••,

260

I-—
NOND URABLE GOO DS

^

220

{

Minium

180

BILLIONS OF DOLLARS* (RATIO SCALE)
500
460 - NEW ORE ERS

420

140

. -,
RATIO*
1.60

\

380

TOTAL

\

340

INVENTORY-SHIPMENTS RATIO
1.50

300

260

SABLE GOODS

220

1 .V, .
^

-\^

2005

2007

2006

1

1.30

V
\

nmli i 1

mill i 1 II

A

1.40

r
1.20

\
140

_ - • - -

300

IDUPABLE GO^r^c

180

140

/

420

1 1

2008

ml

1.10
2009

Vv/Vi

2006

2005

m

2007

2008

'SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE

2009

COUNCIL OF ECONOMIC ADVISERS

Manufacturers' shipments 1

Manufacturers' inventories 2

Manufacturers' new orders 1
Durable goods

Period
Total

Durable
goods

Nondurable
goods

Total

Durable
goods

Nondurable
goods

Total
Total

Capital
goods
industries,
nondefense

Manufacturers'
unfilled
orders 2

Manufacturers'
inventory—
shipments
ratio 3

Millions of dollars, seasonally adjusted, except as noted
1999 ....................................................335,
2000
2001 ....................................................330,
2002
2003 ....................................................334,
2004 ....................................................359,
2005
2006 ....................................................418,
2007
2008 .....................................................431,
2008: May ..........................................447,
July ..........................................462,
Sept
Oct.
Nov
Dec.
2009: Jan
Feb
Mar

..........................................431,
..........................................415,
..........................................375,

Mayp

..........................................358,

335,991
350,715
330,875
326,227
334,616
359,081
395,173
418,330
423,423
431,929
447,411
455,873
462,379
445,455
431,492
415,900
388,928
375,980
366,366
364,479
358,073
356,430
353,334

193,895
197,807
181,201
176,968
178,549
188,722
202,070
213,408
213,572
207,801
211,049
212,947
217,549
208,339
208,240
201,119
192,772
189,910
179,433
177,831
174,417
173,180
168,864

142,096
152,908
149,674
149,259
156,067
170,359
193,103
204,923
209,851
224,128
236,362
242,926
244,830
237,116
223,252
214,781
196,156
186,070
186,933
186,648
183,656
183,250
184,470

463,625
481,673
428,113
423,133
408,304
440,697
472,860
511,487
530,664
541,986
548,825
555,627
559,070
562,781
558,296
554,990
552,253
541,986
535,850
528,920
522,662
516,545
513,329

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
330,426
333,127
336,185
339,033
339,728
341,168
342,259
343,468
339,735
335,164
329,460
325,404
322,145

167,072
174,946
160,284
162,551
161,341
175,627
189,262
511,4873
209,907
198,518
218,399
222,500
222,885
223,748
218,568
213,82
209,994
198,518
196,115
193,756
193,202
191,141
191,184

329,770
346,789
322,746
316,809
,304246,9
354,619
395,401

01,573
7209,907
41,986343
450,033
459,576
462,993
443,20
429,286
403,315
377,203
358,811
346,120
348,460
341,935
343,760
347,850

187,674
193,881
173,072
167,550
67408,3042
184,261
283,598
214,871
217,746
205,216
213,671
222,50
218,163
223,7484
206,034
188,534
181,047
172,741
159,187
161,812
158,279
160,510
163,380

64,392
69,278
58,246
51,817
52,894
56,094
65,770
71,725
74,288
601.28
73,639
71,958
74,498
68,694
67,923
63,487
60,140
53,964
48,637
70,9391.
57,6921.4

49,08
53,497

505,498
549,445
514,349
462,122
477,608
496,343
572,835
660,406
773,297
800,360
810,293
818,023
824,232
826,529
8218,5
820,672
812,879
800,360
783,955
770,939
757,692
749,081
747,289

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

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

21

PRICES
PRODUCER PRICES
The producer price index for all finished goods rose 0.2 percent in May. Prices of finished consumer foods fell
1.6 percent, while prices of other finished consumer goods rose 0.9 percent. Capital equipment prices fell 0.1
percent.
INDEX, 1982 = 100 (RATIO SCALE)

INDEX, 1982 = 100 (RATIO SCALE)

210

210

200

200

190

180

180

170

160

160

ISO

140

140

130
2001

SOURCE: DEPARTMENT OF LABOR

COUNCIL OF ECONOMIC ADVISERS

[1982 = 100;

monthly data seasonally adjusted]
Intermediate materials

Finished goods

Period

Total
finished
goods

Consumer goods
Total
Total

1999
2000
2001
2002
2003
2004
2005
2006
2007
2008

2008: May
June
July
Aug .
Sept
Oet ..
Nov .
Dee .
2009: Jan r.
Peb ..
Mar .
Apr ..
May
1

133.0
138.0
140.7
138.9
143.3
148.5
155.7
160.4
166.6
177.1
178.6
181.0
183.4
182.5
182.3
177.6
172.8
169.7
171.2
171.3
169.3
169.8
170.2

135.1
137.2
141.3
140.1
145.9
152.7
155.7
156.7
167.0
178.3
177.6
179.8
180.8
181.2
181.2
181.3
180.2184

178.2
178.4
175.5
174.3
176.9
174.1

1123

Total

Durable

Nondurable
127.9
138.7
142.8

144.6
146.9
149.5
153.8

132.0
137.2
141.5
139.4
135.3
152.7
160.4
164.0
170.715
163.43

123.2
129.2
129.7
127.8
133.7
142.6
154.0
164.0
146.7
163.43

111.1
111.7
115.9
115.5
125.9
159.01
133.8
135.2

191.6
195.5
200.9
198.6273

Capital
equipment

137.6
138.8
139.7
140.1
135
11 1
5. 4
7

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

133.0
133.9
134.0
133.0
145.91
135.0
136.6
136.9
138.3
141.2

148.4
156.6
172.0
182.6
171.5207
210.5

178.6
181.0
183.8
182.5
182.3
176.2
180.4
178.21

192.4
196.129
199.7
197.3
196.8
176.2
180.4
173.0

140.7
140.8
180.81
141.8
142.3
143.3
143.0
143.6

215.2
220.6
226.0
2182.51
82.31
205.9
192.8
184.3

153.0
153.4
154.2
141.8
155.4
156.3
156.3
156.9

188.5
191.7
194.6
193.61
192.7
188.9
179.4
174.9

168.9
169.6
167.4
164.5
168.5

175.7
176.7
173.6
173.8
175.4

143.5
144.0
164.0
144.4
144.4

188.4
189.6
185.0
185.0

143.51
157.3
157.0
156.9
156.7

177.0
177.0
168.4
173.81
166.7

Intermediate materials for food manufacturing and feeds.

22

Total
finished
consumer
goods

Finished goods excluding consumer foods
Consumer
foods

138

175

197.1
188.9
179.9
172.6
172
170.9
168.4
164.5
168.0

Crude materials

Other

Total

Foodstuffs
and
feedstuffs

Other

1146.724
181.6

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

98.7
100.2
106.1
99.5
113.5
127.0
122.7
119.3
146.7
163.4

94.3
130.4
126.8
111.4
148.2
179.2
223.4
230.6
246.3
313.9

184.0
196.1
194.8
193.6
189.6
180.0
175.3
168.7

1290.81
196.1
2194
198.6
197.6
189.4
146.2
172.9

170.338
298.6
310.3
273.0
253.1
212.3
184.5
174.2

170.3
174.0
174.1
167.8
165.6
148.2
146.2
138.0

381.8
392.8
415.0
350.4
314.8
254.7
203.9
192.5

166.2
164.9
164.0
164.5
166.7

172.7
171.4
168.8
137.817
170.81

171.5
160.6
131.81
164.9
170.8

139.2
134.3
131.8
137.8
138.3

186.3
170.6
172.1
175.2
185.9

Foods
and
feeds 1

Source: Department of Labor, Bureau of Labor Statistics.

CONSUMER PRICES—ALL URBAN CONSUMERS
In May, the consumer price index for all urban consumers rose 0.1 percent; it rose 0.3 percent not seasonally
adjusted. The index was 1.3 percent below its year-earlier level.
INDEX, 1982-84 = 100 (RATIO SCALE]

INDEX, 1982-84 = 100 (RATIO SCALE)
230
SEASONALLY ADJUSTED

•

•

CONSUMER PRICES-ALL ITEMS

200

^

1

150

1 , i , i ,

2002

2001

2003

2004

2005

2006

,, , , , 1
2007

1 , , , , ,

i,,,,,

2008

2009

COUNCIL OF ECONOMIC ADVISERS

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

Housing

Transportation

All

Shelter
Perio

Not
seasonally
adjusted
(NSA)

Ilel irn'p 3
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008

166.6
172.2
129.31
179.9
184.0
188.9
195.3
201.6
207 342
215 303

2008: May
June
July
Aug
Sept
Oet
Nov
Dee

216.632
218.815
219.964
219.086
218.783
216.573
212.425
210.228

2009: Jan .............211.
Feb
Mar
Apr
May

211.143
212.193
212.709
213.240
213.856

Seasonally
adjusted

1

Food

Total 1
Total 1

Rent
of primary
residence

Fuels
and
utilities

14.6
164.1
167.8
186.1
176.2
180.0
186.2
190.7
195.2
202.916
214.106

4:3.4
163.9
169.6
176.4
180.3
184.8
189.5
195.7
.0336.2
209.586
216.264

177.5
187.3
183.9
193.4
272.81
206
208.1
14.7
1136.51
205.5
218.8
211.0
224.4
217.3
2 2 1
221
240.611 234.679
246.6
243.271

24.4
192.9
198.7
206.3
214.7
219.9
224.9
23.2
238.2
246.235
6.2 6 4246

5.4
128.8
137.9
150.2
143.6
154.5
161.9
177.120
194.7
234.6792

215.044
217.034
218.610
218.576
218.675
216.889
213.263
211.577

211.969
213.370
215.376
216.599
217.748
218.586
218.988
219.082

215.844
216.811
218.610215
218.004
217.8
217.788
217.622
217.592

245.948
246.653
218.0152
247.327
247.899
248.063
248.455
248.519

215.84
242.915
243.659
244.414
245.089
245.836
246.480
246.928

251.702
252.325
252.701
253.079
253.538
253.911
246.4802
254.683

212.174
213.007
212.714
212.671
212.876

219.193
218.970
218.651
218.254
217.738

217.646
217.621
217.335
217.180
217.056

248.938
248.881
248.899
249.334
249.680

217.64624
248.087
248.490
248.916
249.233

255.349
255.687
256.257
256.627
257.003

100 0

33.2

6.0

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)

Apparel

Total1

Motor
fuel

3.2

220.018

129.326
127.3
124.0
120.9
120.4
119.5
119.5
118.998
118.907

15.3
144.4
153.3
154.3
152.9
157.6
163.1
173.9
180.9
184.682
195.549

221.132
224.991
216.162
229.802
224.296
223.185
219.934
217.592

118.364
118.384
119.531
119.984
119.631
248.0632
118.905
118.221

197.903
242.915
218.015247
205.196
204.916
195.027
19.93411
167.353

289.288
314.506
31207.05
317.702
318.765
248.063245
197.861

217.5
217.260

118.523
120.039
119.744
119.537
119.345

169.489
120.039
170.903
.702119
171.635

217.33524
217.1802
207.903

7.67

131.3

100.7
129.3
124.7
116.6
135.8
160.4
195.7
221.0
239.070
279.652

Medical
care

6.4
250.6
260.8
272.8
285.6
297.1
310.1
323.2
336.2
351.054
364.065

Energy2

7.6
106.6
124.6
129.3
121.7
136.5
151.4
177.1
196.9
207.723
236.666
2118.364
256.230
218.01524
260.104
224.296
237.300
197.086

167.35

364197.903
363.723
364.072
364.847
365.835
366.402
367.299
368.302

169.176
182.0
173.947
119.53
173.872

3169.4
371.175
371.902
373.257
57.0032

181.938

167.35
182.030371
182.254
177.924
374.40

less
food
and
energy

77.7
177.0
181.3
186.1
190.5
193.2
196.6
200.9
205.9
210.729
215.572
251.70
215.575
215.3762
216.534
217.81824
218.58
216.868
254.6832
217.515
217.260
214.2
218.594
218.910

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

Capital
equipment

Excluding
foods

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

1.5
1.3
1.3
¥.5
¥.1
¥2.6
¥2.7
¥1.8

0.7
1.2
.6
.2
.0
.1
— .5
¥1.2

2.3
1.8
1.9
¥1.2
¥.3
¥4.9
¥4.7
¥3.0

0.3
.3
.5
.4
.4
.6
.0
.4

10.7
12.9
17.9
9.0
2.9
¥12.1
¥19.6
¥24.9

8.8
8.9
10.6
8.4
3.2
1.1
¥1.8
¥6.5

14.5
18.1
27.0
10.6
1.9
¥22.8
¥33.2
¥40.3

3.5
4.3
4.3
4.8
5.3
5.6
3.9
3.9

7.1
11.0
11.9
9.9
7.8
1.8
¥6.4
¥12.1

9.1
8.9
7.0
8.6
6.0
5.8
3.2
¥1.8

8.0
14.7
17.3
12.5
9.7
¥1.0
¥14.0
¥22.0

3.3
4.0
4.1
4.1
4.8
4.9
4.4
4.6

7.3
9.1
9.9
9.7
8.8
5.2
.4
¥.9

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

.9
.1
¥1.2
.3

.1
¥1.6
¥.7
1.5
¥1.6

1.6

.1
.1

¥13.7
¥3.4

¥1.8
.1
.9

¥6.2
¥10.4
¥8.5
r
¥3.3
¥3.2

¥22.4
¥3.8
1.4
r
¥4.3
¥2.9

2.1
2.6
.3
r
¥.5
¥1.5

¥12.9
¥11.9
¥13.8
¥8.6
¥3.0

¥2.6
¥6.2
¥7.5
¥4.8
¥6.9

¥22.6
¥19.8
¥22.2
¥13.8
¥3.3

3.8
3.3
2.1
.8
.5

¥.9
¥1.3
¥3.5
¥3.7
¥5.0

¥.9

¥.1
¥.1

r

¥3.2
¥2.5

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

0.2
.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: May
June
July
Aug
Sept
Oct. .
Nov
Dec

0.5
.9
.7
.0
.0
¥.8
1.7
¥.8

0.4
.7
.9
.6
.5
.4
.2
.0

0.4
.4
.6
.0
¥.1
.0
¥.1
.0

0.2
.3
.2
.1
.2
.1
.2
.0

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

0.1
2
.1
.1
.2
.1
.2
.1

2.1
1.7
3.0
¥.9
¥2.4
¥.5
¥1.5
¥.4

¥0.1
.0
1.0
.4
¥.3
¥.7
.1
¥.6

1.1
3.2
1.4
¥.9
¥.1
¥4.8
¥9.7
¥5.0

0.1
.3
.8
.1
¥.5
¥.6
¥.4
¥.4

2.9
8.7
3.6
¥2.5
.3
¥12.7
¥28.9
¥18.8

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

2.7
5.8
3.5
¥2.0
¥1.0
¥7.8
¥16.9
¥9.3

2009:

.3
.4
¥.1
.0
.1

.1
0.1
¥.1
_ 2
¥.2

.0
.0
¥.1
2.1
1.1

.2
.0
.0
.2
.1

.3
.1
.2
.2
.1

.3
.1
.2
.1
.1

— .7
¥.1
¥1.4
¥1.7
¥1.3

.3
1.3
_ .2
¥.2
_ .2

1.3
1.9
¥1.1
¥.4
.8

2
.5
.3
.3
.3

5.3
7.6
¥4.4
¥2.6
2.7

.4
.3
.2
.4
.3

1.7
3.3
¥3.0
¥2.4
.2

1

Jan
Feb
Mar
Apr
May

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

s

4.5

6.2

¥8.3

¥2.4

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

4.2
6.5
8.9
6.7
3.1
¥3.1
¥9.4
¥12.4

3.7
5.1
5.8
5.4
4.7
2.7
¥1.6
¥5.0

4.2
5.0
5.6
5.4
3.7
3.7
1.1
.1

¥8.4
¥.5
2.2
.9
¥.2

¥5.8
¥5.0
¥5.4
¥3.9
¥.4

.0
.2
¥.4
¥1.3

PRICES RECEIVED AND PAID BY FARMERS
In June, prices received by farmers rose 3.8 percent and prices paid by farmers rose 0.6 percent. (Data are
not seasonally adjusted.)
INDEX, 1990-92= 100 (RATIO SCALE)

INDEX, 1990-92 = 100 (RATIO SCALE)

200
190

200
190

180

180

170

170
•

160

160
PRICES PAID

150

150
^

140
/
130
PRICES REC
/

120

AJ

110

EIVED

\

140

\

^

\

/

130

J

\

120

Vi

110

A

yw

100

90

100

90

1 1 II 1 1 1 M 1 M 1 I! 1 II
1 1 1 1
111M111111

ii 1 1 1 1 1
1111

1

1 1 1 1 1 1 IIII11II1II it 111111M i
11111

i i i i i 1 i i i i i

RATIO1
1140

RATIO1
140

120

120
RATIO

100

100
80
60
I I I I I I i I I I

2001

M

I I I I I I I I

2003

2002

60

I I

I I I I I I I I I I

2004

M | | M i II

2005

2007

2006

M

I I I I I I I I I

2008

I II II II I
2009

!

RATIO OF INDEX OF PRICES RECEP/ED TO INDEX OF PRICES PAID.
SOURCE: DEPARTMENTOFAGRICULTURE

COUNCIL OF ECONOMICADVISERS

[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
143
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: June
July
Aug
Sept
Oct
Nov
Dec

158
159
156
154
150
141
135

183
182
177
174
167
156
149

137
138
137
133
127
123
119

187
191
191
190
187
182
177

193
197
197
196
192
187
181

196
201
202
200
195
189
182

84
83
82
81
80
77
76

2009: Jan
Feb
Mar
Apr
Mayr
June p

139
126
126
129
130
135

160
146
146
111
150
162

114
109
109
112
113
112

178
177
178
177
178
179

182
181
182
181
181
183

181
179
180
179
180
182

78
71
71
73
73
75

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 May, M2 rose.
BILLIONS OF DOLLARS* (RATIO SCALE)

BILLIONS OF DOLLARS* |RATIO SCALE)
9,200

9,200

8,400

8,400

, - '

7,600

___

7,600

r

6,800

6,800

,

Cl'\""

6,000

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

y

Ml

^ - -

1,200

1,200

i I
1 t 1 1 1 1 1 1l 1 l 1 I11 l l l l l 1 1 1 1 1 1 M 1 1 1 1 1 1 1 1 11 1111 1 1 1111111111 1 1i 1I 1 I1I II I I I II I M l l
l I
I I 1
1
2001

2002

2003

2005

2004

2006

2007

1 1 1 1 1 1 ! II 1 1

2008

2009

COUNCILOF ECONOMIC ADVISERS

[Averages of daily figures, except debt end-of-period basis; billions of dollars, seasonally adjusted]
M2
M1 plus retail
MMMF balances,
savings deposits
(including
MMDAs), and
small time deposits

1,122.6
1,087.7
1,182.3
1,220.4
1,306.8
1,376.4
1,374.2
1,365.6
1,364.5
1,595.4

4,630.1
4,909.4
5,416.1
5,763.5
6,054.7
6,398.4
6,659.1
019.1
414.9
8,123.8

2008: May
June 1
July
Aug
Sept r
Oct
Nov
Dec

1,373.6
1,383.6
1,400.0
1,391.9
1,451.8
1,475.0
1,523.5
1,595.4

637.0
647.7
692.2
673.2
782.1
900.7
951.5
8,123.8

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

1,576.1
1,559.5
1,562.3
1,592.3
1,596.0

8,210.0
8,241.7
8,316.3
8,263.7
8,327.6

Period

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

D e cr
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec

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

Percent change

Debt

M1
Sum of currency,
demand deposits,
travelers checks,
and other
checkable deposits (OCDs)

Debt of
domestic
nonfinancial
sectors 1
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
32,393.1
33,069.1
33,580.3

33,931.9

From year or 6
months
earlier 2
M1

M2

2.4
¥3.1
8.7
3.2
7.1
5.3
¥.2
¥.6
¥.1
16.9

5.8
6.0
10.3
6.4
5.1
5.7
4.1
5.4
5.6
9.6

1.0
2.8
4.6
3.1
11.5
14.8
21.8
30.6

6.9
6.3
6.2
3.6

25.2
24.1
15.2
15.9
9.5

4.8
7.4
8.2
12.5
13.5
14.8
13.7

From
previous
period 3
Debt
6.4
5.0
6.3
7.3
8.1
8.9
9.5
9.0
8.7
5.9
3.2

8.3
6.2

4.1

9.2

9.5

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]

Period

Nonbank
trave-

Currency

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

Dee
Dee
Dee
Dee
Dee
Dee
Dee
Dee
Dee
Dec r ....

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

2008: May
June ....
July
Aug
Sept
Oet
Nov
Dec r ....

763.4
769.0
774.5
777.0
781.6
796.5
804.3
812.1

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

826.3
837.7
845.0
849.6
849.8

1
2
s

De
mand
deposits

Other checkable
deposits (OCDs)

Savings
deposits 1

At
commercial
banks

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
4,100.5

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
3,328.7

451.0
46.070
570.7
7894.7
824.7
875.3
828.4
730
827.3
771.8

955.2
1,046.0
974.5
894.7
817.8

Total

At
thrift
institutions

At
thrift
institutions

243.3
.3815.4
257.5
279.6
310.3
328.2
318.9
305.8
307.8
313.1

139.7

5.5

353.0
309.9
335.7
306.8
326.4
343.2
324.6
304.8
292.9
464.8

142.0
154.3
175.3
187.0
180.7
177.2
174.3
178.9

103.7
105.2
115.4
125.3
135.0
141.1
138.1
128.6
133.5
134.2

6.1
6.0
5.9
5.8
5.8
5.7
5.6
5.5

292.0
294.3
303.5
300.6
350.2
360.6
406.7
464.8

312
314.2
316.1
308.4
314.2
312.1
306.9
313.1

175.1
176.4
176.8
172.4
176.9
176.3
173.5
178.9

175.1
137.7
139.3
136.0
137.3
135.8
133.4
134.2

4,010.1
4,021.2
4,033.1
4,005.9
4,032.8
4,034.9
4,015.6
4,100.5

3,126.5
3,123.9
3,130.9
3,116.5
34,032.8
3,250.3
3,246.4
3,328.7

5.5
5.5
6.4
5.3
5.2

434.2
395.6
389.5
405.4
406.6

310.1
320.7
322.4
331.9
334.4

175.2
180.9
182.1
191.2
195.1

134.9
139.8
140.3
140.7
139.3

4,213.7
4,291.4
4,375.7
4,342.6
4,445.0

3,432.3
3,499.2
3,566.4
3,531.7
3,623.4

67.37
67.3

.3309.92

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.

Small-denomination
time deposits 2
At
commercial
banks

Total

At
thrift
institutions

992.5
1,167.3
1,214.4
1,369.2

636.9
700.8
636.1
591.2
541.7
551.4
645.3
793
822.9
1,369.2

883.6
897.3
902.2
889.4
862.0
784.7
769.2
771.8

1,207.4
1,206.8
1,217.6
1,242.2
1,266.5
1,32
1,354.1
1,369.2

781.4
792.2
89.53
810.8
821.6

1,364.3
1,354.2
1,346.5
1,326
1,307.3

4276.468

318.3
345.2
338.5
303.4

Retail
money
funds

Institutional
money
funds3

1767.41
276.4
347.2
408.0
391.5
351.1

812.8
897.3
950.3
874.5
767.4
687.7
690.1
793.5
967.3
3,328.7

2,385.5

818.8
823.3
838.4
861.5
889.5
979.0
1,003.3
1,369.2

388.6
383.5
379.2
380.6
377.0
345.1
350.9
351.1

1,045.9
1,206.882
1,041.5
1,033.2
0.2314.21
1,066.7
1,058.3
3,328.7

4,010.13
4,021.2
2,259.3
2,280.9
2,245.5
2,227.6
2,322.5
2,385.5

1,011.5
999.9
990.9
976.5
970.4

352.8
354.3
355.6
350.1
337.0

1,055.9
1,036.6
1,346.59
1,002.3
979.2

2,471.8
2,489.3
2,492.4
7810.8
2,538.4

660.3
815.4
2,309.0
1.2303.4
1,129.2
1,080.0
1,149.3
1,350.8
1.5967.31,8

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
Dee
Dee

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
42,674
821,055

41,862
38,507
41,376
40,320
42,711
46,489
44,970
43,147
27,243
167,489

40,889
37,391
39,799
38,392
41,710
44,643
43,238
41,475
40,905
53,655

1,294
1,325
1,643
2,008
1,047
1,909
1,901
1,863
1,769
767,400

593,842
584,928
635,557
681,629
720,402
759,072
786,976
811,126
822,356
1,651,278

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

2008: June .......43,
July ........43,
Aug .........44,
Sept ........102,
Oct. ........315,
Nov .........609,
Dee

43,363
43,333
44,565
102,784
315,512
609,962
821,055

¥127,915
¥122,331
¥123,514
¥187,322
¥332,807
¥88,824
167,489

41,092
41,360
42,571
42,726
47,606
50,920
53,655

1,2781
1,973
1,993
60,057
267,907
559,042
767,400

832,489
838,059
842,813
905,168
1,130,296
1,433,503
1,651,278

2009: Jan
Feb
Mar r
Apr r
Mayr
Junep

858,418
700,967
779,955
881,555
901,293
809,014

294,922
118,470
167,843
323,361
375,845
370,291

60,173
57,459
55,321
57,175
57,187
57,631

798,245
643,508
724,633
824,380
844,106
751,382

1,703,117
1,557,493
1,643,139
1,749,802
1,770,208
1,680,159

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
credit 5

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

922,2718
165,664
168,078
290,105
648,319
698,786
653,565

150,00
150,000
150,000
149,814
244,778
393,088
438,327

14,225
15,204
17,980
32,632
94,017
95,839
88,245

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

31,877
114,953117
71,009
32,102

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

538,6
582,497
643,13961
558,194
525,448
438,722

403,523
438,82
477,049
444,933
403,970
21,68

70,436
6 4 3
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 rose 0.7 percent in May; commercial and industrial loans fell 1.2 percent.
BILLIONS OF DOLLARS* (RATIO SCALE)
12,000
ALL COMMERCIAL BANKS
10,000

BILLIONS OF DOLLARS* (RATIO SCALE)
12,000

9,000

TOTAL

8,000

Jl

7,000

•

7,000

'

r

6,000

10,000
9,000
8,000

^_^r—~—-~

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

800

400

I I I I I 1 I I I I I

OTHER SECURITIES

.-

—*

1,200

— ' ' '

. . - • ' * * > • • - ' • •

•

"

"

800

"

1 1 1 1 1 1 1 11 11 11 11 1 1 1 111 11 11 1 1 1 1 1 11 11 11 1 1 1 1 1 II 1 1 1 1 1 i 1 r 1 i 1 i1 i • i 1 1 1 1 1 1 1 1 1 1 1
1 1 1
i i 1 i

2001

2002

2003

2004

2005

2006

2007

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

1 1 1 1 1 1 1 1 1 1

2008

2009

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars, seasonally adjusted 1
Loans and leases in bank credit

Securities in bank credit

Period

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

Dec
Dee
Dec
Dec
Dee
Dec
Dec
Decr
Dec
Decr
Mayr
June''
Julyr
r
ksi<g

Septr
Oef
Novr
Decr
2009: Jan''
Febr
Mai"'
Apr r
May

Total
bank
credit

4 743 1
5,200.4
5 410 8
5 888 2
6,262.7
6 811 5
7 531 8
8,359.3
9 207 3
9,972.7
9,425.5
9,404.9
9,432.1
9,421.4
9,579.3
9,989.9
9,930.7
9,972.7
9,888.8
9,835.8
9,818.0
9,730.7
9,776.3

Total
securities

1 270 0
1,336.2
1 481 6
1 719 7
1,851.0
1 944 5
2 063 0
2,240.4
2 407 8
2,777.7
2,506.5
2,500.1
2,510.8
2,491.7
2,542.6
2,724.9
2,717.3
2,777.7
2,752.4
2,698.0
2,722.2
2,678.5
2,674.0

U.S.
Treasury
and
agency
securities

8.7 3
789.5
850 3
1 033 1
1,107.7
1 165 5
1 159 7
1,211.7
1 128 5
1,261.9
1,109.4
1,125.9
1,123.4
1,131.6
1,155.6
1,236.0
1,264.5
1,261.9
1,280.3
1,268.0
1,280.0
1,265.8
1,270.7

Other
securities 2

458 7
546.8
631.3 3
68. 5
743.4
779 0
903 4
1,028.7
1 279 3
1,515.8
1,397.1
1,374.2
1,387.5
1,360.1
1,387.0
1,489.0
1,452.7
1,515.8
1,472.1
1,430.0
1,442.2
1,412.8
1,403.3

3 473 1
3,864.2
3 929 2
4 168 5
4,411.7
4 867 1
5 468 8
6,118.9
6 799 5
7,195.0
6,919.0
6,904.8
6,921.3
6,929.7
7,036.7
7,265.0
7,213.4
7,195.0
7,136.5
7,137.8
7,095.8
7,052.1
7,102.3

1
Data are prorated averages of Wednesday values for domestically chartered commercial
banks, branches and agencies of foreign banks, New York State investment companies (through
September 1996), and Edge Act and agreement corporations. Data are adjusted for breaks
caused by reclassifications of assets and liabilities.
2
Includes other trading assets.

28

Commercial
and
indus-

Total
loans
and
leases 3

990 2
1,078.4
1 018 0
955 7
896.1
918 5
1 035 8
1,187.3
1 436.3 3
1,582.4
1,494.0
6,904.8
1,515.6
1,516.0
7,036.71,5

7,265.0
1,599.9
1,582.4
1,570.4
1,559.8
1,543.7
1,52
1,503.4

Real estate
Total 4

1 475 3
1,660.5
1 789 8
2 038 4
2,235.4
2 574 8
2 942 0
3,378.8
3 6.0 1
3,827.6
3,638.8
3,651.7
3,620.7
3,623.1
3,660.3
1,602.03
3,826.3
3,827.6
3,811.5
3,829.9
3,832.3
3,837.9
3,881.4

Revolving
home
equity

101 7
130.4
156 0
213 8
281.1
399 2
445 6
469.9
486 0
590.7
511.1
516.7
522.4
526.8
540.2
579.7
585.0
590.7
595.3
5900
601.3
606.1
613.4

Commercial

1 081 7
1 273 0
1,452.2
1 601 6
1,736.5
1,660.0
1,672.2
1,675.3
1,677.4
1,387.07
1,728.4
1,599.93,8
1,736.5
1,731.1
1,730.5
1,728.9
1,725.4
1,722.4

Consumer 5

491 7
541.2
559 4
589 7
645.8
4.8 3
707 6
742.8
806 8
881.4
828.8
833.9
843.0
847.8
853.7
872.2
878.2
881.4
891.9
900.3
892.6
880.9
880.7

Security 5

128 6
153.1
119 8
161 2
187.9
188 7
236 4
257.4
285 4
244.7
304.7
290.1
297.7
303.6
327.4
293.6
263.3
244.7
224.4
218.0
197.9
188.3
195.2

Other

387 2
431.0
442 2
423 5
446.4
486 8
547 0
552.7
663 9
658.8
652.5
644.3
644.2
639.2
658.7
676.9
645.7
658.8
638.2
629.8
629.4
622.9
641.6

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.
4
Includes other residential, 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

Discrep-

Credit market instruments

Period
Total

TIQI 1

nal

Total

Total
net
raised

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)

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

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 r
IIr
III r
IVr

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 r
IIr
III r
IVr

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

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
Revolving

Total

Nonrevolving2

Net change in consumer credit outstanding 1
Total

Revolving

Nonrevolving 2

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

610.7
683.7
716.6
748.8
770.4
799.8
824.5
874.6
939.5
960.9

921.7
1,034.0
1,150.7
1,225.5
1,307.9
1,391.8
1,460.7
1,513.1
1,579.5
1,601.4

111.4
185.3
149.6
107.0
104.0
113.3
93.6
102.5
131.3
43.3

29.3
73.0
32.9
32.2
21.6
29.4
24.7
50.1
64.9
21.4

82.1
112.3
116.7
74.8
82.4
83.9
68.9
52.4
66.4
21.9

2008: Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

2,558.8
2,565.5
2,574.1
2,581.8
2,575.8
2,582.8
2,578.1
2,568.8
2,562.3

957.3
963.0
965.8
972.1
974.2
976.8
974.0
968.3
960.9

1,601.5
1,602.5
1,608.3
1,609.7
1,601.6
1,606.0
1,604.2
1,600.5
1,601.4

9.8
6.7
8.6
7.7
¥6.0
7.0
¥4.7
¥9.3
¥6.5

.0
5.7
2.8
6.3
2.1
2.6
¥2.8
¥5.7
¥7.4

9.8
1.0
5.8
1.4
¥8.1
4.4
¥1.8
¥3.7
.9

2009: Jan
Feb
Mar

2,567.1
2,556.2
2,539.7
2,524.0

959.6
948.4
939.6
931.0

1,607.6
1,607.8
1,600.1
1,593.0

4.8
¥10.9
¥16.5
¥15.7

¥1.3
¥11.2
¥8.8
¥8.6

6.2
2

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

Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec

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.

— 7.7
¥7.1

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

29

INTEREST RATES AND BOND YIELDS
Interest rates rose in June.
PERCENT PER ANNUM

PERCENT PER ANNUM

10

10

COUNCIL OF ECONOMIC ADVISERS

SOURCE: SEE TABLE BELOW

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

1999
2000
2001
2002
2003.
2004.
2005.
2006.
2007.
2008.
2008: June ...
July ....
Aug
Sept ....
Oet
Nov
Dee
2009: J a n
Peb
Mar
Apr
May ....
June ...
Week ended:
2009: June 6
13 .
20 .
27 .
July 4 .

3-month
bills (at
auction) 1

3-year10-year

30-year

2

10-year

Highgrade
municipal
bonds
(Standard
&
Poor's) 3

Corporate
Aaa
bonds
(Moody's)

7.04
7.62
7.08
6.49
5.67
5.63
5.24
5.59
5.56
5.64
5.68
5.67
5.64
5.65
6.28
6.15
5.08
5.05
5.27
5.50
5.39
5.54
5.61
5.68
5.80
5.61
5.43
5.40

4.66
5.85
3.44
1.62
1.01
1.38
3.16
4.73
4.41
1.48
1.89
1.72
1.79
1.46
.84
.30
.04
.12
.31
.25
.17
.15
.17

5.49
6.22
4.09
3.10
2.10
2.78
3.93
4.77
4.35
2.24
3.08
2.87
2.70
2.32
1.86
1.51
1.07
1.13
1.37
1.31
1.32
1.39
1.76

5.65
6.03
5.02
4.61
4.01
4.27
4.29
4.80
4.63
3.66
4.10
4.01
3.89
3.69
3.81
3.53
2.42
2.52
2.87
2.82
2.93
3.29
3.72

4.91
4.84
4.28
4.69
4.57
4.50
4.27
4.17
4.00
2.87
3.13
3.59
3.64
3.76
4.23
4.52

5.43
5.77
5.19
5.05
4.73
4.63
4.29
4.42
4.42
4.80
4.48
4.88
4.90
5.03
5.68
5.28
5.53
5.13
5.00
5.185
4.88
4.60
4.84

.15
.19
.16
.20
.20

1.59
1.96
1.82
1.72
1.59

3.70
3.89
3.75
3.63
3.53

4.54
4.68
4.55
4.38
4.32

4.75
4.91
4.85
4.83
4.79

5.87
5.94
5.49

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

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
2.25
1.25
1.25
.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
5.00
4.00
4.00
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
2.00
2.01
2.00
1.81
.97
.39
.16
.15
.22
.18
.15
.18
.21

.50
.50
.50
.50
.50

3.25
3.25
3.25
3.25
3.25

Newhome
mortgage
yields
(FHFB) 7

.19
.20
.19
.24
.19

7.04
7.52
7.00
6.43
5.80
5.77
5.94
6.63
6.41
6.05
6.13
6.29
6.33
6.09
6.10
6.16
5.67
5.11
5.09
5.10
4.96
4.92

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
Stock prices rose in June.
INDEX, DEC. 31,2002=5,000 (RATIO SCALE)

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

11,000
10,000

10,000

9,000

U

-V

COMPOSITE STOCK PRICE INDEX /
(NYSE)
/

8,000
7,000
v

4,000

V

M111111111
2001

8,000
7,000

^^

6,000

5,000

9,000

6,000

v
V

\J

5,000

1111 1 1 1 II 1 1 1 1 1 1 1 II I 1 1 1 1 II 1 1 1 1 II11 1 11 1 1 111 1 1 1 1 1 1 1 1 1 1 1 1 IIII11 1 1 1 4,000
1 1
1 II 1
1
1
1
1 1 1 1
1 1 1
1 1
1
2004
2003
2005
2006
2009
2002
2007
2008

PERCENT
20

PERCENT
20

EARNINGS-PRICE RATIO ON COMMON STOCKS
(S&P)

2002

2003

2004

2006

2005

2007

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
4.01

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

8,996.98
8,427.37
8,362.20
7,886.29
6,130.39
5,527.63
5,525.70

6,798.20
6,207.89
6,304.58
6,159.18
4,733.74
3,779.86
3,673.95

16,272.67
14,899.86
13,772.04
12,562.82
9,515.71
9,136.33

6,243.42
6,412.48
6,618.92
6,316.05
5,434.03
5,088.99
5,090.83

12,056.67
11,322.38
11,530.75
11,114.08
9,176.71
8,614.55
8,595.56

1,341.25
1,257.33
1,281.47
1,217.01
968.80
883.04
877.56

1,341.25
2,278.14
2 81.47
2^205.20
1,730.32
1,542.70
1,525.89

2.15
2,27
2.23
2.36
2.83
3.11
3.00

2009: Jan

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

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

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

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

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

865.58
805.23
757.13
848.15
902.41
826.992

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

3.01
3.07
2.92
2.60
2.41
2.35

6,115.85
6,115.99
5,911.80
5,819.65
5,899.23

3,996.13
4,024.05
3,868.01
3,810.55
3,883.58

10,583.23
10,638.91
10,085.63

5,219.73
5,154.13
5,204.20
5,272.38
5,311.15

8,730.19
8,767.35
8,541.86
8,374.51
8,440.30

940.38
942.36
917.20
905.65
916.58

1,838.17
1,855.36
8,541.86
1,798.24
1,830.34

Earningsprice ratio

2.32
2.30
2.37
2.39
2.33

Feb
Mar
Apr
May
June
Week ended:
2009: June 6
13 .
20 .
27 .
July 4 .
1

9,262.07

9,606.00

9,719.80

Average of daily closing prices.
2
Includes all the stocks (nearly 1,850) listed on the NYSE.
s
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.

3.94

1.65

r

.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 eighth month of fiscal 2009, there was a deficit of $991.9 billion, compared with a deficit of $319.4 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
—

^>-<^____

1,800

1

1,600
400 -

1

^

^

1

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

2,000

-

_ _ ^ — ^

1

3,800

— - 2,200
-

N^

2,200

-

/

-

2,000

4,200
4,000

-

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 8
months:1
Fiscal year 2008.
Fiscal year 2009.

1,674.0
1,373.3

1,993.4
2,365.3

319.4
991.9

1,231.9
930.5

1,669.6
2,011.9

¥437.7
¥1,081.5

442.0
442.8

323.7
353.3

118.3
89.5

9,352.0
11,286.9

5,267.8
7,011.3

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 eighth month of fiscal 2009, receipts were $300.7 billion lower than a year earlier and outlays were $371.9
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
3,000
2,800
2,600
2,400
2,200
2,000
1,800

-

1,400
800
600
400
200

1

—

1

600
400
200
0

-

—

|

OTHER RECEIPTS''

1

1

OUTLAYS1

/

-

3,200

" \

/

-

\

_

3,000
2,800

2,600
-

2,400

NONUEFENSE

-

-

-

. ^^ * ^
_

1,600

BILLIONS OF DOLLARS
1,400
1,200

—

— —' —' """ "*** """

<-

"-"

————""""

-

NATIONAL DEFENSE
\
.
>

-

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 8 months:1
Fiscal year 2008 .........................1,
Fiscal year 2009 .........................1,

1,674.0
1,373.3

769.2
592.6

178.2
69.4

610.4
609.2

116.2
102.1

1,993.4
2,365.3

412.9
438.8

393.7
419.1

17.7
24.1

188.1
218.7

266.1
278.8

309.7
362.7

405.2
450.4

164.8
132.6

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

228.9
459.2

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 first quarter of 2009, according to revised estimates, Federal current receipts fell $152.7 billion (annual rate);
while Federal current expenditures rose $99.9 billion.
BILLIONS OF DOLLARS
3,400
3,200
3,000
2,800

2,600
2,400
2,200

BILLIONS OF DOLLARS

-

•

\.

1,200
1,000
800

600
400

..

-200
-400
-600
-800

3,000
2,800
2,600

s

2,400

-*

2,200

'

CURRENT RECEIPTS

V^

\

•

^

/

2,000

-

1,800
1,600

-

1,400
1,200
1,000
800
600
NET FEDERAL

200
0

3,200

. , - ' - — ' —

V
.

1,800

1,400

.*

(-1IPBFNJT FVPFNniTI IPF";

2,000

1,600

3,400

SEASONALLY ADJUSTED ANNUAL RATES

ii—

1

i

400

/

200
0

-

v

_

.

-200

s

-—v^

-400
-600
-800

1 1

-1,000

1

1999

1

1 1

1 1

1

2002

2001

2000

1 1

1

1 1
2003

1

1

1

2004

1

2005

1

1

1 1

1 1
2007

2006

1 1
2008

1

1 1

-1,000

2009

CALENDAR YEARS
SOURCE: DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADWSERS

[Billions of dollars; quarterly data aol seasonally adjusted annual rates]
ssa
en
t
a
Federal Government current expenditures

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

Income
receipts
on
assets

Current
transfer
receipts

Calendar year:
1999 .................1,
2000
2001 .................2,
2002
2003
2004 ................2,
2005 ................2,
2006 ................2,
2007 ................2,
2008 ................2,
2005: III ............2,
IV ............2,

1,891.2
2,053.8
2,016.2
1,853.2
1,879.9
2,008.9
2,266.9
2,510.4
2,651.2
2,569.3
2,214.5
2,363.3

1,195.7
1 313 6
1,252.2
1075 5
1,070.8
1,152.3
1,383.0
1,550.2
1,644.5
1,526.8
1,375.8
1,448.0

893.0
999 1
994.5
150.5
774.5
797.4
930.7
1,049.9
1,167.3
1,124.0
944.2
965.8

83.9
87 8
85.8
57 3
89.7
94.6
99.2
98.0
97.7
96.2
100.0
98.5

213.0
219.4
164.7
150 5
.947.8
250.3
341.0
388.9
365.4
291.1
318.0
370.6

651.6
691.7
717.5
734 3
758.9
805.2
850.0
902.4
942.3
972.0
857.0
865.7

21.5
2 2
24.9
2 2
22.9
23.8
24.0
25.7
29.2
31.8
23.8
23.1

22.7
25 7
27.1
24 8
25.0
28.8
15.0
35.7
37.5
39.3
¥35.8
32.8

2006: I ...............2,
II .............2,
III. ...........2,
IV ............2,
2007: I ...............2,
II .............2,
III. ...........2,
IV ............2,

2,453.6
2,487.6
2,531.9
2,568.6
2,612.8
2,648.1
2,664.9
2,679.2

1,504.7
1,535.1
1,570.9
1,590.2
1,615.2
1,648.2
1,654.4
1,660.0

1,018.8
1,031.6
1,056.0
1,093.2
1,139.5
1,157.1
1,178.1
1,194.7

97.8
98.2
98.6
97.4
97 7
96.9
98.2
98.0

377.3
394.4
404.6
379.5
365.6
381.5
365.1
349.5

893.6
895.7
902.6
917.7
937.1
936.4
943.3
952.3

23.7
24.9
26.0
28.2
28.4
29.0
29.8
29.5

34.7
35.5
36.0
36.5
37.0
37.2
37.6
38.2

2008: I ...............2,
II .............2,
III. ...........2,
IV ............2,
2009: I r

2,672.5
2,478.8
2,595.7
2,530.3
2,377.6

1,634.9
1,436.0
1,565.0
1,471.3
1,316.6

1,201.2
999.8
1,141.7
1,153.1
978.9

95.8
96.9
94.7
97.3
89.7

322.5
324.4
313.4
204.3
234.0

968.9
971.8
976.0
971.0
969.5

29.9
31.7
32.4
33.1
33.6

39.4
40.0
22.4
55.6
60.3

1
2

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

34

Current
surplus
of government
enterprises
¥0.3
¥2.3
¥5.5
¥1.6
2.3
¥1.2
¥5.0
¥3.6
¥2.2
¥.5
¥6.4
¥6.2
¥3.1
¥3.5
¥3.6
¥4.0
¥5.1
¥2.8
9.2
¥.8
¥.5
¥.6
-.1
— .7
¥2.4

Total 2

Consumption
expenditures

Current
transfer
payments

Net
Interest
payments

Subsidies

Federal
Government
saving

1,787.6
1,864.4
1,969.5
2 101 1
2,252.1
2,379.5
2,558.6
2,711.6
2,880.5
3,094.3
2,579.2
2,617.1

475.1
499.3
531.9
591.5
662.7
723.7
766.3
811.8
856.1
931.9
782.1
764.5

986.1
1,038.1
1,131.4
1,243.0
1,328.7
1,390.6
1,478.0
1,568.1
1,666.7
1,806.4
1,483.0
1,508.7

282.7
283.3
258.6
229.1
212.9
221.0
255.4
282.3
312.6
308.2
253.8
281.0

43.8
43.8
47.6
37.5
47.8
44.2
58.9
49.4
45.2
47.7
60.4
62.9

103.6
189.5
46.7
¥247.9
¥372.1
¥370.6
¥291.7
¥201.1
¥229.3
¥525.0
¥364.7
¥253.8

2,661.5
2,712.5
2,750.4
2,721.8
2,837.9
2,859.5
2,909.2
2,915.6

805.9
809.2
816.2
816.0
832.5
851.1
869.1
871.6
898.0
918.2
954.2
957.5
959.9

1,535.4
1,566.5
1,584.6
1,586.0
1,650.2
1,652.6
1,671.4
1,692.5
1,729.2
1,860.1
1,794.9
1,841.5
1,950.3

266.4
287.4
301.9
273.3
309.6
310.5
323.9
306.4
329.4
302.3
342.6
258.5
247.1

53.8
49.4
47.8
46.5
45.6
45.2
44.8
45.1
46.6
47.8
48.2
48.3
48.5

¥207.9
¥225.0
¥218.4
¥153.2
¥225.2
¥211.4
¥244.3
¥236.3
¥330.7
¥649.6
¥544.0
¥575.6
¥828.2

3,003.2
3,128.4
3,139.8
3,105.9
3,205.8

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

Japan

Consumer prices (1982-84=100; NSA)
United
Kingdom

Italy

99.5
103.7
120.11
100.0
101.3
103.8
107.2
109.7
111.3
108.8

2008: Apr ...
May r ..
June r
Julyr .
Aug r ...
Sept r ..
Oct r ...
Novr ...
Dec r ...
Jan r
Feb r
Mar r
Aprp

..
...
...
...

103.0
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
170.3
103.5
101.899
r
103.4
100.8

94.4
100.8
120.11
100.0
100.5
103.6
107.21
114.2
120.1
120.1

99.9
99.2
99.2
100.3
98.6
98.1
97.4
95.3
92.9

118.2
119.6
117.2
116.9
113.3
113.4
109.6
101.9
93.4

105.2

106.3
164.0
1.9
19.9
101.4
98.4

97.0
94.3
92.9

123.8
121.8
122.3
120.6
113.31
120.4
117.8
112.8
107.7

96.0
92.4
88.1

90.3
89.8
88.7
88.3

84.0
76.1
77.3
81.9
86.7

88.9
876.1
86.6
85.4

101.1
97.3
9.3
95.3

87.1
83.31
79.3
80.2

United
States 1

19.610
98.5
92 1 9
99.81
96.7
9.69
92.4
90.8

100.2
99.4
97.6
96.9
95.8

r

94.4
102.6
98.4
100.0
100.1
101.7
103.5
103.3
103.2
r
98.4

111.0
110.7
110.4
110.4
109.2
104.8
106.2
104.8
102.4

1999
2000
2001
2002
2003
2004
2005
2006
2007
2008

2009:

Germany

81.12
87.6
87.4
87.6

120.3
117.2
101.7
102.4
100.7

98.3
108.4
101.3
100.0

101.4
103.7102

r

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
266.92
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

163.1
164.0
199.4
21.11
165.028
199.9
197.9
197.2
195.8

119.4
120.3
120.9
121.1
121.5
121.5
121.4
120.3
119.8

183.7
184.6
185.3
184.9
184.9
184.7
184.6
163.728
183.3

163.1
164.0
164.5
165.4
165.0
164.8
164.5
163.7
164.2

279.2
280.7
281.9
283.3
283.8
282.9
282.9
281.9
281.5

251.4
252.7
254.7
254.4
255.2
256.6
255.8
253.8
250.1

211.143
212.193
212.709
213.240
213.856

97.4

100.0

160.5
164.9
169.0
172.8
177.6
180.9
184.9
1.6
192.6
197.2

214.823
216.632
218.815
219.964
219.086
218.783
216.573
212.425
210.228

99.3

100.2
99.2
99.8
100.0

98.3
118
100.0
r
100.5

195.3
196.7
197.0
164.228
198.2

119.1
118.8
1183.61
119.2
119.0

182.6
183.3
183.6
183.9
184.2

163.4
164.3
164.2
164.2
164.0
164.7

281.1
281.7
281.9
282.5
283.1
283.3

246.9

Junep
1

Data relate to all urban consumers.
NOTE.—See Note, p. 17, for information on U.S. industrial production series.

United
Kingdom

166.6
142.52
120.11
179.9
184.0
180.9
195.3
201.6
207.342
215.303

101.7
100.0

99.4
99.0

Germany

Japan

248.4
248.3
248.5
250.0

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]
Goods: Imports (customs value)

Goods: Exports (f.a s . value)Good
c

Period

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
66.0
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: Aprr
Mayr
Juner
Julyr
Augr
Septr
Octr
Novr
Decr

109.0
109.5
114.4
117.2
114.7
106.0
103.8
97.5
89.2

109.8
110.1
115.1
118.2
115.9
106
104.8
98.5
90.1

9.5
9.5
10.0
10.0
9.9
9.0
8.3
7.9
7.1

33.1
34.2
36.7
37.9
37.0
32.4
217.94
27.6
23.2

39.1
38.4
39.4
40.1
40.4
37.6
37.5
36.4
35.1

2009: Janr
Febr
Marr
Aprp

82.4
84.4
82.6
80.0

83.2
85.2
83.6
80.7

7.1
7.1
7.3
7.6

233.2
22.2
22.4
21.1

33.2
33.3
31.9
30.9

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

tegory
census basis (by end-use cate

ensus basis (by end-use cate
tegory)
Auto-

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 a n d
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

39.1
39.4
38.5
38.7
38.0
38.4
37.2
37.4
34.1

21.2
20.4
20.5
20.3
19.3
18.6
17.9
16.7
15.2

40.5
41.5
41.4
41.0
42.0
40.1
40.1
37.4
36.7

45.9
47.1
47.2
47.2
47.0
46.0
45.9
44.0
43.7

33.4
33.9
34.2
34.8
35.7
34.4
33.9
33.0
32.4

¥72.0
¥72.2
¥71.5
¥75.1
¥70.2
¥69.5
¥69.6
¥52.5
¥51.9

¥74.6
¥73.7
¥73.2
¥77.2
¥72.2
¥71.7
¥71.4
¥54.3
¥53.2

12.4
13.2
13.0
12.4
11.3
11.5
12.0
11.0
11.3

¥62.1
¥60.5
¥60.2
¥64.9
¥60.9
¥60.1
¥59.4
¥43.2
¥41.9

31.9
30.1
29.6
28.6

11.5
10.2
10.6
10.5

36.1
34.6
35.2
35.6

42.5
42.1
41.4
41.1

31.5
30.9
30.7
30.2

¥46.5
¥36.0
¥37.7
¥38.9

¥47.6
¥37.2
¥39.2
¥40.1

11.0
11.1
10.7
10.9

¥36.6
¥26.1
¥28.5
¥29.2

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
283.3
295.9
343.6
379.3
418.3
444.5
453.7

10.2
183.2
10.8
11.5
.03
10.2
10.0
9.2
0.1

13.5
13.5
14.0
14.6
13.9
13.5
88.3
13.2
12.6

183.5
183.2
187.6
194.5
186.8
177.7
175.2
151.8
142.4

181.8
183
186.7
193.3
186.1
176.2
174.4
151.0
141.9

7.4
7.6
9.4
7.5
7.8
7.6
7.6
7.4
7.2

68.0
68.0
73.2
79.9
73.4
65.9
66.1
48.8
43.6

5.6
6.0
6.0
5.8

11.4
12.8
12.4
11.9

130.0
121.6
121.8
120.1

129.6
110.2
.241.4
119.7

6.9
6.7
6.8
6.7

38.5
34.3
34.5
33.8

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)

Services
( B O P basis)

)

179.0
195.9
284.328

Data reflect annual revisions; for details, see International Trade in Goods and Services, AnRevision for 2008, released June 10, 2009.
Source: Department of Commerce (Bureau of the Census and Bureau of Economic Analysis).

nual

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. (Series
revised.)
BILLIONS OF DOLLARS*

BILLIONS OF DOLLARS'

-240
2009

1999
*SEA5ONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

[Millions of dollars; quarterly data seasonally adjusted. Credits (+), debits (¥ ) ]
Goods

r

Period
Exports

Imports

Income eceipts and payments

Services

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

1999 ..............683,
2000
2001 r
2002 r
2003 r
2004 r
2005 r
2006 r
2007 r
2008 r

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

2006: I r
IIr
III r ....
IV r ....

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

2007: I r
IIr
III r ....
IV r ....

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

2008: I r
IIr
III r ....
IV r ....

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

2009: Ip

249,374

¥373,411

¥124,036

¥3,391

1,622

34,615

¥91,189

134,267 ¥114,996

19,271

¥29,576

¥101,494

1

Adjusted from Census data for differences in timing and coverage; excludes military.
2
Transfers under U.S. military agency sales contracts (exports) minus direct defense expenditures (imports).

36

s

Includes transfers of goods and services under U.S. military grant programs.
Note—Data reflect annual revisions released on June 17, 2009.
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. (Series revised.)
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

_l_L_|_J-600
2009
*SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

[Millions of dollars; quarterly data seasonally adjusted. Credits (+), debits (¥ ) ]
Financial account

Period

Total

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

¥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

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

Note.—See Note, p. 36.
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
Implicit Price Deflators for Gross Domestic Product
Gross Domestic Product and Related Price Measures: Indexes and Percent Changes
Nonfinancial Corporate Business—Gross Value Added and Price, Costs, and Profits
National Income
Real Personal Consumption Expenditures
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Real Gross Private Domestic Investment
Real Private Fixed Investment by Type
Business Investment

1
2
2
3
3
4
4
5
6
7
8
9
10
10

EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries
Employment Cost Index—Private Industry
Productivity and Related Data, Business Sector

11
12
13
14
15
15
16

PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Manufacturing and Trade
Manufacturers' Shipments, Inventories, and Orders

17
18
19
19
20
21

PRICES
Producer Prices
Consumer Prices—All Urban Consumers
Changes in Producer Prices for Finished Goods
Changes in Consumer Prices—All Urban Consumers
Prices Received and Paid by Farmers

22
23
24
24
25

MONEY, CREDIT, AND SECURITY MARKETS
Money Stock and Debt Measures
Components of Money Stock
Aggregate Reserves and Monetary Base
Bank Credit at All Commercial Banks
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Consumer Credit
Interest Rates and Bond Yields
Common Stock Prices and Yields

26
27
27
28
29
29
30
31

FEDERAL FINANCE
Federal Receipts, Outlays, and Debt
Federal Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis

32
33
34

INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. International Trade in Goods and Services
U.S. International Transactions

35
35
36

General Notes
Detail in these tables 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

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