Full text of Economic Indicators : June 2012
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112th Congress, 2nd Session Economic Indicators JUNE 2012 (Includes data available as of July 9, 2012) Prepared for the Joint Economic Committee by the Council of Economic Advisers UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON : 2012 JOINT ECONOMIC COMMITTEE (Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.) Robert P. Casey, jr., Pennsylvania, Chairman Kevin Brady, Texas, Vice Chairman Senate House of Representatives Jeff Bingaman, New Mexico Amy Klobuchar, Minnesota Jim Webb, Virginia Mark R. Warner, Virginia Bernard Sanders, Vermont Jim DeMint, South Carolina Dan Coats, Indiana Mike Lee, Utah Pat Toomey, Pennsylvania Michael C. Burgess, m.d., Texas John Campbell, California Sean P. Duffy, Wisconsin Justin Amash, Michigan Mick Mulvaney, South Carolina Maurice D. Hinchey, New York Carolyn B. Maloney, New York Loretta Sanchez, California Elijah E. Cummings, Maryland William E. Hansen, Executive Director COUNCIL OF ECONOMIC ADVISERS Alan B. Krueger, Chairman Katharine G. Abraham, Member [Public Law 120—81st Congress; Chapter 237—1st Session] JOINT RESOLUTION [S.J. R es. 55] To print the monthly publication entitled “Economic Indicators” Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint Economic Committee be authorized to issue a monthly publication entitled “Economic Indicators,” and that a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic Committee; and the required numbers of copies to the Superintendent of Documents for distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public. Approved June 23, 1949. Charts prepared under the direction of the Mail and Multimedia Division, Office of the Secretary, Department of Commerce. Monthly issues of Economic Indicators in PDF form, and tables in Excel, are available online at: www.gpo.gov/economicindicators To subscribe to the print edition, $58.00 per year ($81.20 outside the United States), contact the U.S. Government Printing Office at 202-512-1800, www.gpo.gov/economicindicators, or: SUPERINTENDENT OF DOCUMENTS U.S. GOVERNMENT PRINTING OFFICE MAIL STOP: IDCC WASHINGTON, DC 20402-9328 ii TOTAL OUTPUT, INCOME, AND SPENDING Gross Domestic Product In the first quarter of 2012, according to revised estimates, current dollar gross domestic product (GDP) rose 3.9 percent (annual rate), real GDP in chained (2005) dollars rose 1.9 percent, and the chained price index rose 2.0 percent. [Billions of current dollars; quarterly data at seasonally adjusted annual rates] Period 2002 �������������������� 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2008: III �������������� IV �������������� 2009: I ���������������� II ��������������� III �������������� IV �������������� 2010: I ���������������� II ��������������� III �������������� IV �������������� 2011: I ���������������� II ��������������� III �������������� IV �������������� 2012: I r �������������� Gross domestic product 10,642.3 11,142.2 11,853.3 12,623.0 13,377.2 14,028.7 14,291.5 13,939.0 14,526.5 15,094.0 14,395.1 14,081.7 13,893.7 13,854.1 13,920.5 14,087.4 14,277.9 14,467.8 14,605.5 14,755.0 14,867.8 15,012.8 15,176.1 15,319.4 15,467.8 Personal consumption expenditures Gross private domestic investment 7,439.2 7,804.1 8,270.6 8,803.5 9,301.0 9,772.3 10,035.5 9,866.1 10,245.5 10,726.0 10,135.8 9,861.3 9,781.7 9,781.6 9,911.1 9,990.0 10,103.7 10,184.8 10,276.6 10,417.1 10,571.7 10,676.0 10,784.5 10,871.6 11,007.2 1,647.0 1,729.7 1,968.6 2,172.3 2,327.1 2,295.2 2,087.6 1,546.8 1,795.1 1,916.2 2,086.3 1,913.0 1,620.1 1,493.8 1,481.2 1,592.2 1,702.3 1,809.7 1,850.5 1,818.0 1,853.1 1,895.3 1,906.6 2,010.1 2,047.2 Exports and imports of goods and services Net exports –427.2 –504.1 –618.7 –722.7 –769.3 –713.1 –709.7 –391.5 –516.9 –578.7 –756.9 –593.7 –383.5 –338.3 –406.7 –437.6 –495.8 –531.2 –540.3 –500.2 –571.3 –597.1 –562.3 –584.3 –604.2 Government consumption expenditures and gross investment Federal Exports 1,003.0 1,041.0 1,180.2 1,305.1 1,471.0 1,661.7 1,846.8 1,583.0 1,839.8 2,085.5 1,933.8 1,711.1 1,522.2 1,520.8 1,590.3 1,699.0 1,749.5 1,813.8 1,860.6 1,935.3 2,024.1 2,085.3 2,119.2 2,113.2 2,152.2 1 GDP less exports of goods and services plus imports of goods and services. Imports 1,430.2 1,545.1 1,798.9 2,027.8 2,240.3 2,374.8 2,556.5 1,974.6 2,356.7 2,664.2 2,690.6 2,304.8 1,905.7 1,859.1 1,997.0 2,136.5 2,245.3 2,345.0 2,400.9 2,435.5 2,595.4 2,682.4 2,681.6 2,697.4 2,756.4 Total 1,983.3 2,112.6 2,232.8 2,369.9 2,518.4 2,674.2 2,878.1 2,917.5 3,002.8 3,030.6 2,929.8 2,901.1 2,875.5 2,916.9 2,935.0 2,942.7 2,967.7 3,004.6 3,018.7 3,020.2 3,014.4 3,038.6 3,047.3 3,021.9 3,017.6 Total 680.6 756.5 824.6 876.3 931.7 976.3 1,080.1 1,142.7 1,222.8 1,232.9 1,100.6 1,111.2 1,105.3 1,137.2 1,157.7 1,170.6 1,195.2 1,224.5 1,237.5 1,234.3 1,219.9 1,237.1 1,248.9 1,225.5 1,218.8 National defense Nondefense 437.7 497.9 550.8 589.0 624.9 662.3 737.8 774.9 819.2 824.9 758.4 762.1 747.7 771.6 789.0 791.4 803.5 818.0 831.3 823.9 809.0 830.6 844.0 816.1 808.3 242.9 258.5 273.9 287.3 306.8 314.0 342.3 367.8 403.6 407.9 342.1 349.0 357.7 365.7 368.6 379.2 391.6 406.5 406.2 410.3 410.9 406.5 404.9 409.4 410.5 State and local 1,302.7 1,356.1 1,408.2 1,493.6 1,586.7 1,697.9 1,798.0 1,774.8 1,780.0 1,797.7 1,829.2 1,789.9 1,770.1 1,779.7 1,777.3 1,772.1 1,772.6 1,780.1 1,781.2 1,786.0 1,794.4 1,801.5 1,798.5 1,796.5 1,798.8 Final Addendum: Gross sales of Gross domestic domestic purchases national 1 product product 10,630.3 11,125.8 11,788.3 12,573.0 13,317.3 13,999.6 14,332.7 14,099.8 14,459.6 15,047.7 14,439.2 14,164.2 14,073.3 14,054.6 14,117.6 14,153.5 14,233.6 14,389.8 14,498.8 14,716.3 14,805.8 14,959.2 15,175.3 15,250.7 15,395.9 11,069.5 11,646.3 12,471.9 13,345.7 14,146.5 14,741.7 15,001.3 14,330.5 15,043.4 15,672.8 15,151.9 14,675.4 14,277.3 14,192.4 14,327.2 14,525.0 14,773.7 14,999.0 15,145.8 15,255.2 15,439.1 15,609.9 15,738.4 15,903.6 16,072.1 10,691.4 11,210.9 11,944.5 12,720.1 13,449.6 14,151.9 14,460.7 14,091.2 14,715.9 15,339.5 14,594.0 14,199.5 14,026.4 13,994.4 14,084.2 14,259.8 14,447.4 14,664.0 14,812.8 14,939.4 15,094.9 15,274.0 15,443.4 15,545.6 15,644.6 Source: Department of Commerce (Bureau of Economic Analysis). 1 Real Gross Domestic Product [Billions of chained (2005) dollars; quarterly data at seasonally adjusted annual rates] Period 2002 �������������������� 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2008: III �������������� IV �������������� 2009: I ���������������� II ��������������� III �������������� IV �������������� 2010: I ���������������� II ��������������� III �������������� IV �������������� 2011: I ���������������� II ��������������� III �������������� IV �������������� 2012: I r �������������� Gross private domestic investment Personal Gross conChange domestic sumption Nonresi- Resiin product expendi- dential dential fixed fixed private tures investinvestinvenment ment tories 11,543.1 11,836.4 12,246.9 12,623.0 12,958.5 13,206.4 13,161.9 12,703.1 13,088.0 13,315.1 13,186.9 12,883.5 12,663.2 12,641.3 12,694.5 12,813.5 12,937.7 13,058.5 13,139.6 13,216.1 13,227.9 13,271.8 13,331.6 13,429.0 13,491.4 8,018.3 8,244.5 8,515.8 8,803.5 9,054.5 9,262.9 9,211.7 9,037.5 9,220.9 9,421.3 9,196.0 9,076.0 9,040.9 8,998.5 9,050.3 9,060.2 9,121.2 9,186.9 9,247.1 9,328.4 9,376.7 9,392.7 9,433.5 9,482.1 9,540.1 1,173.7 1,189.6 1,263.0 1,347.3 1,455.5 1,550.0 1,537.6 1,263.2 1,319.2 1,435.5 1,539.2 1,442.3 1,312.9 1,257.6 1,247.0 1,235.2 1,253.3 1,308.0 1,343.6 1,371.9 1,378.9 1,413.2 1,465.6 1,484.2 1,495.6 613.8 664.3 729.5 775.0 718.2 584.2 444.4 345.6 330.8 326.3 437.8 395.8 354.9 334.3 348.2 344.8 330.8 348.2 321.1 323.1 321.1 324.4 325.4 334.5 350.1 12.8 17.3 66.3 50.0 59.4 27.7 –36.3 –144.9 58.8 34.6 –38.1 –80.3 –161.6 –183.0 –178.7 –56.5 39.9 64.6 92.3 38.3 49.1 39.1 –2.0 52.2 54.4 Exports and imports of goods and services Government consumption expenditures and gross investment Federal Net exports Exports Imports Total –548.5 –603.7 –687.9 –722.7 –729.4 –648.8 –494.8 –358.8 –421.8 –413.6 –464.6 –478.0 –404.2 –331.8 –352.4 –346.9 –376.8 –437.4 –458.7 –414.2 –424.4 –416.4 –402.8 –410.8 –407.0 1,098.3 1,116.0 1,222.5 1,305.1 1,422.1 1,554.4 1,649.3 1,494.0 1,663.2 1,774.2 1,678.7 1,580.6 1,451.1 1,449.4 1,497.3 1,578.3 1,606.2 1,645.0 1,684.8 1,716.8 1,749.6 1,765.0 1,785.2 1,797.0 1,815.7 1,646.8 1,719.7 1,910.4 2,027.8 2,151.5 2,203.2 2,144.0 1,852.8 2,085.0 2,187.7 2,143.3 2,058.6 1,855.3 1,781.2 1,849.7 1,925.2 1,983.0 2,082.4 2,143.5 2,131.0 2,173.9 2,181.4 2,187.9 2,207.7 2,222.7 2,279.6 2,330.5 2,362.0 2,369.9 2,402.1 2,434.2 2,497.4 2,539.6 2,556.8 2,502.7 2,510.7 2,520.5 2,509.6 2,546.0 2,554.2 2,548.5 2,540.6 2,564.0 2,570.3 2,552.1 2,513.9 2,508.2 2,507.6 2,481.2 2,456.0 1 GDP less exports of goods and services plus imports of goods and services. National Nondefense defense Total 779.5 831.1 865.0 876.3 894.9 906.1 971.1 1,029.5 1,075.9 1,055.0 982.0 1,003.5 995.2 1,029.2 1,043.9 1,049.6 1,056.9 1,079.4 1,087.8 1,079.6 1,053.3 1,058.3 1,063.7 1,044.7 1,029.0 505.3 549.2 580.4 589.0 598.4 611.8 657.7 695.6 718.3 701.6 669.7 683.2 669.9 695.7 709.5 707.3 708.2 718.6 728.6 717.7 694.0 705.9 714.6 691.9 677.1 273.9 281.7 284.6 287.3 296.6 294.2 313.3 333.8 357.7 353.4 312.0 320.2 325.3 333.4 334.3 342.2 348.7 360.8 359.2 361.9 359.4 352.4 349.0 352.8 352.1 AddenFinal Gross dum: sales of domestic Gross domestic purchases 1 national product product State and local 1,500.6 1,499.7 1,497.1 1,493.6 1,507.2 1,528.1 1,528.1 1,514.2 1,487.0 1,453.8 1,530.8 1,520.1 1,517.2 1,520.7 1,514.9 1,503.9 1,489.2 1,490.8 1,488.9 1,478.9 1,466.4 1,456.1 1,450.4 1,442.4 1,432.5 11,533.6 11,820.5 12,181.3 12,573.0 12,899.3 13,177.5 13,200.5 12,852.7 13,028.9 13,284.6 13,225.6 12,972.9 12,836.0 12,830.0 12,875.1 12,869.5 12,895.9 12,992.2 13,046.0 13,181.6 13,182.8 13,236.2 13,340.9 13,378.3 13,437.6 12,097.5 12,444.7 12,935.5 13,345.7 13,688.1 13,855.3 13,653.1 13,051.6 13,500.4 13,720.1 13,646.5 13,353.3 13,057.0 12,964.0 13,035.7 13,149.6 13,304.1 13,486.8 13,589.6 13,621.2 13,644.2 13,679.9 13,725.3 13,830.9 13,889.6 11,597.1 11,909.9 12,341.6 12,720.1 13,028.3 13,322.0 13,316.9 12,843.2 13,261.0 13,533.2 13,367.4 12,991.9 12,785.6 12,770.7 12,844.9 12,971.6 13,092.9 13,238.4 13,328.9 13,383.9 13,432.2 13,504.2 13,567.9 13,628.5 13,646.5 Source: Department of Commerce (Bureau of Economic Analysis). Note: Because of the formula used for calculating real GDP, the chained (2005) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates. Chained Price Indexes For Gross Domestic Product [Index numbers, 2005=100; quarterly data are seasonally adjusted] Period 2002 �������������������� 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2008: III �������������� IV �������������� 2009: I ���������������� II ��������������� III �������������� IV �������������� 2010: I ���������������� II ��������������� III �������������� IV �������������� 2011: I ���������������� II ��������������� III �������������� IV �������������� 2012: I r �������������� Gross domestic product 92.192 94.134 96.784 100.000 103.237 106.231 108.565 109.732 111.000 113.338 109.107 109.247 109.709 109.589 109.662 109.969 110.370 110.770 111.162 111.699 112.390 113.091 113.811 114.061 114.634 Personal consumption expenditures Total 92.778 94.658 97.121 100.000 102.723 105.499 108.943 109.169 111.112 113.848 110.218 108.650 108.194 108.703 109.513 110.265 110.774 110.864 111.136 111.673 112.747 113.666 114.324 114.657 115.382 Goods Services 96.563 96.492 97.929 100.000 101.441 102.764 105.912 103.209 104.837 108.807 108.437 103.248 101.575 102.597 104.007 104.657 105.196 104.286 104.497 105.367 107.412 108.752 109.530 109.535 110.211 Source: Department of Commerce (Bureau of Economic Analysis). 2 Gross private domestic investment 90.801 93.686 96.688 100.000 103.414 106.981 110.584 112.353 114.465 116.513 111.204 111.536 111.715 111.964 112.463 113.269 113.758 114.380 114.682 115.037 115.574 116.260 116.852 117.365 118.117 Nonresidential fixed 95.889 95.471 96.837 100.000 103.425 105.645 107.717 107.106 105.373 106.735 108.183 109.578 108.968 107.525 106.238 105.694 105.237 105.293 105.424 105.536 105.909 106.560 107.027 107.444 107.901 Residential fixed 83.002 86.953 93.297 100.000 106.081 107.612 106.296 102.637 102.214 103.397 106.196 104.799 104.023 102.451 101.643 102.430 102.568 101.784 101.941 102.563 102.958 103.479 103.551 103.600 103.229 Exports and imports of goods and services Government consumption expenditures and gross investment Federal Exports 91.322 93.282 96.539 100.000 103.440 106.900 111.975 105.959 110.617 117.571 115.264 108.320 104.944 104.967 106.249 107.674 108.955 110.295 110.461 112.757 115.725 118.182 118.747 117.629 118.563 Imports 86.846 89.851 94.164 100.000 104.131 107.785 119.237 106.571 113.032 121.756 125.623 112.045 102.793 104.443 108.027 111.019 113.252 112.610 111.994 114.271 119.370 122.949 122.543 122.161 123.991 Total 87.318 91.024 95.335 100.000 104.107 107.753 111.225 111.000 113.653 116.861 112.080 110.726 111.065 110.502 110.898 111.537 113.080 113.444 113.759 114.331 115.827 116.902 117.413 117.303 118.446 National defense 86.624 90.659 94.895 100.000 104.421 108.249 112.187 111.402 114.046 117.577 113.251 111.561 111.610 110.902 111.202 111.892 113.455 113.834 114.093 114.802 116.576 117.672 118.119 117.941 119.383 Nondefense 88.689 91.774 96.234 100.000 103.468 106.743 109.240 110.188 112.860 115.436 109.654 109.017 109.961 109.690 110.285 110.817 112.321 112.655 113.083 113.380 114.333 115.367 116.011 116.035 116.598 State and local 86.810 90.425 94.062 100.000 105.276 111.112 117.666 117.214 119.704 123.660 119.496 117.750 116.666 117.030 117.326 117.835 119.030 119.404 119.627 120.757 122.372 123.721 123.997 124.548 125.565 Gross Domestic Product and Related Price Measures: Indexes and Percent Changes [Quarterly data are seasonally adjusted] Percent change from preceding period 1 Index numbers, 2005=100 Personal consumption expenditures (PCE) Gross domestic product (GDP) Period 2002 ���������������������� 2003 ���������������������� 2004 ���������������������� 2005 ���������������������� 2006 ���������������������� 2007 ���������������������� 2008 ���������������������� 2009 ���������������������� 2010 ���������������������� 2011 ���������������������� 2008: III ���������������� IV ���������������� 2009: I ������������������ II ����������������� III ���������������� IV ���������������� 2010: I ������������������ II ����������������� III ���������������� IV ���������������� 2011: I ������������������ II ����������������� III ���������������� IV ���������������� 2012: I r ���������������� Real GDP (chain-type quantity index) 91.445 93.769 97.021 100.000 102.658 104.622 104.270 100.635 103.684 105.483 104.468 102.064 100.319 100.145 100.567 101.509 102.494 103.450 104.093 104.699 104.792 105.140 105.614 106.385 106.880 GDP chain-type price index 92.192 94.134 96.784 100.000 103.237 106.231 108.565 109.732 111.000 113.338 109.107 109.247 109.709 109.589 109.662 109.969 110.370 110.770 111.162 111.699 112.390 113.091 113.811 114.061 114.634 GDP implicit price deflator 92.196 94.135 96.786 100.000 103.231 106.227 108.582 109.729 110.992 113.361 109.162 109.300 109.717 109.594 109.658 109.943 110.358 110.793 111.156 111.644 112.398 113.118 113.836 114.077 114.649 PCE (chain-type price index) 92.778 94.658 97.121 100.000 102.723 105.499 108.943 109.169 111.112 113.848 110.218 108.650 108.194 108.703 109.513 110.265 110.774 110.864 111.136 111.673 112.747 113.666 114.324 114.657 115.382 PCE less food and energy price index 94.390 95.823 97.815 100.000 102.265 104.631 107.020 108.691 110.208 111.805 107.384 107.644 107.913 108.475 108.888 109.488 109.796 110.147 110.353 110.534 110.963 111.585 112.156 112.517 113.163 1 Quarterly percent changes are at annual rates. Personal consumption expenditures (PCE) Gross domestic product (GDP) GDP (current dollars) Real GDP (chain-type quantity index) 3.5 4.7 6.4 6.5 6.0 4.9 1.9 –2.5 4.2 3.9 –.6 –8.4 –5.2 –1.1 1.9 4.9 5.5 5.4 3.9 4.2 3.1 4.0 4.4 3.8 3.9 1.8 2.5 3.5 3.1 2.7 1.9 –.3 –3.5 3.0 1.7 –3.7 –8.9 –6.7 –.7 1.7 3.8 3.9 3.8 2.5 2.3 .4 1.3 1.8 3.0 1.9 GDP chain-type price index GDP implicit price deflator 1.6 2.1 2.8 3.3 3.2 2.9 2.2 1.1 1.2 2.1 3.1 .5 1.7 –.4 .3 1.1 1.5 1.5 1.4 1.9 2.5 2.5 2.6 .9 2.0 PCE (chain-type price index) 1.6 2.1 2.8 3.3 3.2 2.9 2.2 1.1 1.2 2.1 3.2 .5 1.5 –.4 .2 1.0 1.5 1.6 1.3 1.8 2.7 2.6 2.6 .8 2.0 PCE less food and energy price index 1.4 2.0 2.6 3.0 2.7 2.7 3.3 .2 1.8 2.5 4.3 –5.6 –1.7 1.9 3.0 2.8 1.9 .3 1.0 1.9 3.9 3.3 2.3 1.2 2.6 1.7 1.5 2.1 2.2 2.3 2.3 2.3 1.6 1.4 1.4 2.0 1.0 1.0 2.1 1.5 2.2 1.1 1.3 .8 .7 1.6 2.3 2.1 1.3 2.3 Source: Department of Commerce (Bureau of Economic Analysis). Nonfinancial Corporate Business— Gross Value Added and Price, Costs, and Profits [Quarterly data at seasonally adjusted annual rates] Period Current dollars 2002 �������������������� 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2008: III �������������� IV �������������� 2009: I ���������������� II ��������������� III �������������� IV �������������� 2010: I ���������������� II ��������������� III �������������� IV �������������� 2011: I ���������������� II ��������������� III �������������� IV �������������� 2012: I r �������������� Price per unit of real gross value added of nonfinancial corporate business (dollars) 1, 2 Gross value added of nonfinancial corporate business (billions of dollars) 1 5,307.7 5,503.7 5,877.5 6,302.8 6,740.3 6,946.0 6,991.4 6,592.0 6,902.0 7,249.1 7,094.8 6,950.5 6,650.3 6,534.6 6,533.4 6,649.7 6,811.1 6,876.6 6,953.9 6,966.5 7,078.3 7,216.5 7,322.0 7,379.4 7,454.5 Chained (2005) dollars 5,675.5 5,818.1 6,085.1 6,302.8 6,543.2 6,606.4 6,515.9 6,036.5 6,329.5 6,511.3 6,585.9 6,381.8 6,035.2 5,966.1 6,006.1 6,138.4 6,288.7 6,329.3 6,361.5 6,338.4 6,407.9 6,504.1 6,538.1 6,594.9 6,657.3 Total 0.935 .946 .966 1.000 1.030 1.051 1.073 1.092 1.090 1.113 1.077 1.089 1.102 1.095 1.088 1.083 1.083 1.086 1.093 1.099 1.105 1.110 1.120 1.119 1.120 Compensation of employees (unit labor cost) 0.624 .628 .622 .631 .639 .660 .682 .692 .674 .685 .675 .691 .698 .700 .692 .679 .666 .671 .676 .681 .685 .681 .689 .686 .685 Corporate profits with inventory valuation and capital consumption adjustments 4 Unit nonlabor cost Total 0.235 .234 .232 .243 .249 .264 .276 .293 .267 .265 .273 .285 .301 .300 .290 .282 .272 .266 .264 .265 .265 .264 .264 .264 .264 1 Estimates for nonfinancial corporate business for 2000 and earlier periods are based on the Standard Industrial Classification (SIC); later estimates are based on the North American Industry Classification System (NAICS). 2 The implicit price deflator for gross value added of nonfinancial corporate business divided by 100. 3 Less subsidies plus business current transfer payments. Consumption of fixed capital 0.115 .115 .114 .118 .122 .127 .133 .143 .135 .137 .132 .137 .145 .145 .143 .139 .135 .135 .135 .137 .136 .136 .137 .137 .138 Net interest Taxes on and production miscellaneous and imports 3 payments 0.091 .094 .096 .101 .102 .102 .103 .110 .111 .112 .102 .105 .109 .112 .109 .110 .110 .110 .111 .111 .112 .112 .111 .111 .111 0.029 .025 .022 .024 .025 .035 .040 .040 .021 .016 .039 .043 .047 .043 .038 .033 .027 .021 .018 .017 .017 .016 .016 .016 .016 Total Taxes on corporate income 0.075 .084 .111 .127 .141 .127 .116 .106 .150 .164 .129 .112 .103 .095 .106 .122 .145 .149 .154 .153 .155 .165 .167 .170 .171 0.017 .023 .031 .043 .047 .044 .035 .029 .036 .038 .039 .024 .027 .026 .028 .034 .037 .037 .038 .034 .037 .039 .038 .037 .046 Profits after tax 5 0.058 .061 .081 .083 .094 .082 .081 .077 .114 .126 .090 .088 .075 .069 .077 .088 .108 .112 .116 .120 .118 .126 .129 .133 .125 4 Unit profits from current production. 5 With inventory valuation and capital consumption adjustments. Source: Department of Commerce (Bureau of Economic Analysis). 3 National Income [Billions of dollars; quarterly data at seasonally adjusted annual rates] Proprietors’ income 1 Period 2002 �������������������� 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2008: III �������������� IV �������������� 2009: I ���������������� II ��������������� III �������������� IV �������������� 2010: I ���������������� II ��������������� III �������������� IV �������������� 2011: I ���������������� II ��������������� III �������������� IV �������������� 2012: I r �������������� ComNational pensation of income employees 9,408.5 9,840.2 10,534.0 11,273.8 12,031.2 12,396.4 12,609.1 12,147.6 12,840.1 13,421.2 12,733.1 12,284.4 12,099.2 12,035.7 12,126.1 12,329.5 12,595.9 12,803.7 12,942.1 13,018.8 13,232.6 13,344.1 13,519.3 13,588.6 13,713.0 6,110.8 6,382.6 6,693.4 7,065.0 7,477.0 7,855.9 8,068.3 7,806.4 7,971.4 8,276.6 8,084.7 8,016.1 7,830.1 7,809.2 7,781.9 7,804.4 7,852.5 7,960.0 8,022.2 8,050.8 8,172.5 8,219.7 8,338.3 8,375.8 8,442.3 Rental income of persons with capital conNonfarm sumption adjustment Farm 18.5 36.5 49.7 43.9 29.3 37.8 51.8 39.2 52.2 65.9 46.6 44.6 37.1 38.7 39.5 41.4 44.6 45.8 58.3 60.1 66.1 67.3 67.5 62.7 60.3 871.8 894.1 984.1 1,025.9 1,103.6 1,052.6 1,046.1 902.0 984.2 1,043.0 1,057.4 1,002.1 923.1 888.2 889.9 907.0 937.1 979.7 998.7 1,021.4 1,029.5 1,039.2 1,046.2 1,057.0 1,071.7 218.7 204.2 198.4 178.2 146.5 143.7 231.6 305.9 350.2 403.9 243.5 275.6 278.8 299.7 319.3 325.9 344.1 349.1 352.8 354.8 385.0 396.9 406.3 427.2 445.4 Corporate profits with inventory valuation and capital consumption adjustments Net interest and Capital miscelconsumption laneous Inventory adjust- payments valuation ment adjustment Taxes on production and imports Profits with inventory valuation adjustment and without capital consumption adjustment Total 872.2 977.8 1,246.9 1,456.1 1,608.3 1,510.6 1,248.4 1,362.0 1,800.1 1,942.8 1,328.6 971.2 1,175.2 1,262.3 1,438.8 1,571.6 1,724.2 1,785.8 1,833.1 1,857.4 1,876.4 1,937.6 1,970.1 1,986.9 1,980.5 Total Profits before tax 762.8 892.2 1,195.1 1,609.5 1,784.7 1,691.1 1,315.5 1,456.3 1,780.4 1,836.2 1,403.1 1,049.6 1,285.7 1,359.7 1,525.0 1,654.6 1,797.0 1,859.9 1,812.6 1,652.2 1,761.1 1,830.2 1,867.4 1,886.0 2,109.9 765.3 903.5 1,229.4 1,640.2 1,822.7 1,738.4 1,359.9 1,455.7 1,819.5 1,896.3 1,475.8 868.0 1,209.3 1,343.8 1,545.7 1,723.9 1,825.3 1,865.5 1,844.5 1,742.5 1,877.1 1,890.6 1,912.9 1,904.6 2,138.9 1 With inventory valuation and capital consumption adjustments. –2.6 –11.3 –34.3 –30.7 –38.0 –47.2 –44.5 .6 –39.1 –60.1 –72.7 181.6 76.5 15.9 –20.7 –69.3 –28.4 –5.6 –32.0 –90.3 –116.0 –60.4 –45.5 –18.6 –29.0 109.4 85.6 51.8 –153.4 –176.4 –180.5 –67.1 –94.3 19.7 106.6 –74.5 –78.4 –110.5 –97.4 –86.2 –83.0 –72.7 –74.1 20.5 205.2 115.4 107.3 102.7 100.9 –129.5 506.4 504.1 461.6 543.0 652.2 731.6 870.1 656.7 564.3 535.1 878.0 883.7 782.9 656.4 596.6 591.0 589.1 569.2 550.1 548.7 556.6 525.6 535.7 522.7 533.8 Business Less: current Subsidies transfer payments 762.8 806.8 863.4 930.2 986.8 1,027.2 1,038.6 1,017.9 1,054.0 1,097.9 1,046.7 1,025.5 1,008.0 1,011.8 1,020.4 1,031.3 1,040.9 1,050.6 1,059.0 1,065.5 1,087.4 1,101.1 1,100.0 1,103.3 1,123.7 41.4 49.1 46.4 60.9 51.4 54.6 52.9 59.7 57.3 62.8 52.5 55.4 56.4 56.8 68.4 57.1 56.4 56.8 57.0 59.1 60.0 62.7 64.2 64.4 62.3 82.4 76.1 81.7 95.9 83.0 103.3 123.0 132.0 136.7 134.1 116.1 137.8 137.0 141.5 122.2 127.5 134.6 135.7 140.9 135.7 134.7 133.9 133.7 134.1 136.3 Current surplus of government enterprises 6.3 7.0 1.2 –3.5 –4.2 –11.8 –16.0 –14.9 –15.7 –15.3 –16.1 –16.8 –16.8 –15.3 –14.0 –13.6 –14.7 –15.5 –16.0 –16.5 –15.6 –14.6 –14.5 –16.7 –18.7 Source: Department of Commerce (Bureau of Economic Analysis). Real Personal Consumption Expenditures [Billions of chained (2005) dollars, except as noted; quarterly data at seasonally adjusted annual rates] Goods Period 2002 �������������������� 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2008: III �������������� IV �������������� 2009: I ���������������� II ��������������� III �������������� IV �������������� 2010: I ���������������� II ��������������� III �������������� IV �������������� 2011: I ���������������� II ��������������� III �������������� IV �������������� 2012: I r �������������� Total personal consumption expenditures 8,018.3 8,244.5 8,515.8 8,803.5 9,054.5 9,262.9 9,211.7 9,037.5 9,220.9 9,421.3 9,196.0 9,076.0 9,040.9 8,998.5 9,050.3 9,060.2 9,121.2 9,186.9 9,247.1 9,328.4 9,376.7 9,392.7 9,433.5 9,482.1 9,540.1 Services Durable Total goods 2,702.9 2,827.2 2,953.3 3,076.7 3,178.9 3,273.5 3,192.9 3,098.0 3,230.7 3,351.4 3,187.9 3,082.0 3,082.6 3,064.3 3,120.7 3,124.6 3,173.3 3,202.9 3,240.8 3,306.0 3,344.4 3,331.2 3,342.7 3,387.2 3,434.4 Total durable goods 1 927.9 989.1 1,060.9 1,123.4 1,174.2 1,232.4 1,171.8 1,108.3 1,188.3 1,285.4 1,170.8 1,088.0 1,094.6 1,083.4 1,134.5 1,120.8 1,147.5 1,169.3 1,194.1 1,242.4 1,277.4 1,260.2 1,277.8 1,326.5 1,369.7 Nondurable Motor vehicles and parts 394.0 404.8 410.4 408.2 394.4 401.4 346.8 322.5 330.1 356.7 340.8 303.8 316.2 312.4 344.5 316.7 315.9 321.4 328.0 354.9 368.2 342.1 343.5 372.8 391.5 Total nondurable goods 1 1,780.1 1,840.7 1,892.8 1,953.4 2,005.0 2,042.9 2,019.1 1,983.4 2,041.3 2,075.8 2,015.4 1,985.3 1,980.3 1,972.8 1,982.7 1,997.7 2,021.1 2,030.8 2,045.8 2,067.4 2,075.4 2,076.6 2,073.7 2,077.6 2,088.3 Food and beverages purchased for offpremises consumption Gasoline and other energy goods Total services 1 Household consumption expenditures 608.9 616.5 623.9 644.5 663.0 673.2 666.0 657.3 673.1 683.0 666.5 650.2 647.0 654.8 660.8 666.8 671.6 667.2 672.8 680.8 682.1 684.1 683.9 681.7 684.3 294.0 301.9 305.9 303.8 296.9 294.4 280.6 281.1 281.3 269.0 273.4 280.0 284.9 281.2 279.3 279.1 281.8 282.1 282.7 278.4 274.2 268.5 267.5 265.7 263.6 5,318.5 5,418.2 5,562.7 5,726.8 5,875.6 5,990.2 6,017.0 5,935.5 5,991.8 6,076.1 6,006.5 5,988.8 5,953.5 5,928.6 5,926.8 5,932.9 5,947.4 5,984.3 6,008.1 6,027.5 6,039.1 6,067.0 6,096.1 6,102.1 6,114.6 5,109.8 5,199.4 5,345.1 5,515.1 5,640.6 5,745.2 5,745.6 5,660.5 5,714.0 5,799.7 5,734.4 5,707.1 5,676.3 5,657.0 5,653.5 5,655.2 5,668.1 5,702.6 5,730.6 5,754.7 5,765.9 5,793.2 5,816.6 5,823.0 5,835.6 1 Includes other items, not shown separately. 2 Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 4 Housing and utilities 1,461.9 1,480.2 1,512.8 1,582.6 1,616.8 1,626.6 1,637.8 1,654.9 1,669.2 1,670.6 1,630.9 1,646.1 1,650.0 1,651.3 1,656.6 1,661.5 1,663.6 1,665.7 1,675.3 1,672.2 1,666.0 1,669.1 1,680.4 1,667.0 1,658.6 Health care Financial services and insurance 1,202.4 1,228.3 1,267.4 1,308.9 1,333.0 1,364.0 1,396.5 1,423.1 1,442.9 1,472.8 1,401.9 1,402.5 1,409.1 1,421.6 1,429.1 1,432.8 1,424.1 1,438.2 1,446.9 1,462.3 1,464.3 1,474.5 1,472.3 1,480.2 1,492.7 658.9 659.2 675.5 698.4 716.4 739.8 732.3 676.1 667.8 678.0 732.2 712.5 693.1 679.7 670.6 661.0 667.0 670.8 665.9 667.6 674.7 676.9 682.8 677.7 682.1 Addendum: Personal consumption expenditures excluding food and energy 2 Retail sales of new passenger cars and light trucks (millions of units) 6,938.6 7,145.2 7,401.8 7,665.3 7,911.5 8,110.4 8,087.2 7,917.2 8,076.8 8,287.7 8,090.4 7,965.7 7,929.2 7,882.9 7,927.7 7,929.1 7,981.7 8,051.4 8,096.2 8,178.0 8,238.4 8,258.7 8,292.0 8,361.6 8,430.9 16.8 16.6 16.9 16.9 16.5 16.1 13.2 10.4 11.6 12.7 13.0 10.3 9.5 9.7 11.6 10.8 11.0 11.4 11.6 12.3 13.0 12.1 12.4 13.4 14.5 Note: Because of the formula used for calculating real GDP, the chained (2005) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates. Source: Department of Commerce (Bureau of Economic Analysis). Sources of Personal Income Personal income rose $25.4 billion (annual rate) in May, following an increase of $29.4 billion in April. Wages and salaries rose $1.4 billion in May, following an increase of $5.7 billion in April. [Billions of dollars; monthly data at seasonally adjusted annual rates] Compensation of employees, received Period 2002 �������������������� 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2011: May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2012: Jan r ��������� Feb r ��������� Mar r �������� Apr r ��������� May p ������� Total personal income 9,060.1 9,378.1 9,937.2 10,485.9 11,268.1 11,912.3 12,460.2 11,930.2 12,373.5 12,991.2 12,957.2 12,970.1 13,032.5 13,049.1 13,088.8 13,102.5 13,085.8 13,128.9 13,176.9 13,226.3 13,280.1 13,309.5 13,334.9 Total 6,110.8 6,367.6 6,708.4 7,060.0 7,475.7 7,862.2 8,073.3 7,801.4 7,971.4 8,276.6 8,222.7 8,219.3 8,304.3 8,328.9 8,381.7 8,387.9 8,361.6 8,377.9 8,416.6 8,445.5 8,464.7 8,472.4 8,475.3 Wage and salary disbursements 4,997.3 5,139.6 5,425.7 5,701.0 6,068.9 6,421.7 6,550.9 6,270.3 6,408.2 6,668.2 6,619.6 6,615.1 6,694.4 6,715.3 6,763.3 6,766.0 6,739.9 6,753.8 6,784.1 6,809.9 6,826.7 6,832.4 6,833.8 1 With inventory valuation and capital consumption adjustments. 2 With capital consumption adjustment. 3 Consists mainly of social insurance benefits to persons. Supplements to wages and salaries 1,113.5 1,228.0 1,282.7 1,359.1 1,406.9 1,440.4 1,522.5 1,531.1 1,563.1 1,608.4 1,603.1 1,604.2 1,609.9 1,613.5 1,618.4 1,621.9 1,621.7 1,624.1 1,632.5 1,635.6 1,638.0 1,640.0 1,641.6 Proprietors’ income 1 Farm 18.5 36.5 49.7 43.9 29.3 37.8 51.8 39.2 52.2 65.9 67.3 66.4 67.0 67.5 68.1 65.4 62.7 60.0 60.2 60.3 60.5 62.1 63.6 Nonfarm 871.8 894.1 984.1 1,025.9 1,103.6 1,052.6 1,046.1 902.0 984.2 1,043.0 1,039.3 1,040.7 1,042.1 1,048.7 1,047.8 1,053.4 1,055.9 1,061.6 1,066.2 1,072.0 1,076.8 1,078.5 1,081.8 Personal income receipts on assets Rental income of persons 2 218.7 204.2 198.4 178.2 146.5 143.7 231.6 305.9 350.2 403.9 396.8 395.7 400.8 406.2 412.0 419.4 427.3 434.9 440.1 445.6 450.5 454.3 458.4 Total 1,309.6 1,312.9 1,408.5 1,542.0 1,829.7 2,057.0 2,165.4 1,707.7 1,721.2 1,790.0 1,802.6 1,812.6 1,806.0 1,794.7 1,781.8 1,785.2 1,785.1 1,788.8 1,796.1 1,805.8 1,819.4 1,835.8 1,848.5 Personal interest income 911.9 889.8 860.2 987.0 1,127.5 1,265.1 1,382.0 1,108.9 1,003.4 998.1 1,015.9 1,020.7 1,007.7 994.8 981.8 979.3 976.8 974.3 981.6 988.8 996.1 1,004.0 1,012.0 Personal dividend income 397.7 423.1 548.3 555.0 702.2 791.9 783.4 598.8 717.7 791.9 786.7 791.9 798.3 799.9 799.9 805.8 808.3 814.5 814.6 817.0 823.4 831.8 836.5 Personal current transfer receipts 3 1,282.1 1,341.7 1,415.5 1,508.6 1,605.0 1,718.5 1,879.2 2,138.1 2,281.2 2,336.2 2,346.4 2,352.7 2,340.3 2,334.4 2,335.1 2,329.3 2,327.9 2,342.0 2,344.1 2,346.8 2,360.0 2,359.2 2,360.4 Less: Contributions for government social insurance, domestic 751.5 778.9 827.3 872.7 921.8 959.5 987.3 964.1 986.8 924.4 918.0 917.3 928.1 931.4 937.7 938.0 934.7 936.3 946.4 949.8 951.9 952.7 953.1 Source: Department of Commerce (Bureau of Economic Analysis). 5 Disposition of Personal Income According to revised estimates, per capita disposable personal income in chained (2005) dollars is unchanged in the first quarter of 2012. Period Personal income Less: Personal current taxes Equals: Disposable personal income Less: Personal outlays 1 Equals: Personal saving Disposable personal income in billions of chained (2005) dollars Current dollars Billions of dollars 2002 �������������������� 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 9,060.1 9,378.1 9,937.2 10,485.9 11,268.1 11,912.3 12,460.2 11,930.2 12,373.5 12,991.2 1,050.4 1,000.3 1,047.8 1,208.6 1,352.4 1,488.7 1,435.7 1,141.4 1,193.9 1,397.7 8,009.7 8,377.8 8,889.4 9,277.3 9,915.7 10,423.6 11,024.5 10,788.8 11,179.7 11,593.5 Per capita personal consumption expenditures Per capita disposable personal income Chained (2005) dollars Current dollars Chained (2005) dollars Dollars 7,727.5 8,088.1 8,571.2 9,134.1 9,659.1 10,174.9 10,432.2 10,236.3 10,586.9 11,055.1 282.2 289.6 318.2 143.2 256.6 248.7 592.3 552.6 592.8 538.5 8,633.2 8,850.5 9,152.9 9,277.3 9,652.8 9,880.3 10,119.5 9,882.7 10,061.6 10,183.3 27,816 28,827 30,312 31,343 33,183 34,550 36,200 35,115 36,090 37,154 Percent Saving change as in real percent per capita of disposable disposable personal personal income income Population, including Armed Forces overseas (thousands) 2 Percent 29,981 30,453 31,211 31,343 32,303 32,749 33,229 32,166 32,481 32,635 25,835 26,853 28,202 29,742 31,126 32,391 32,953 32,112 33,074 34,374 27,846 28,368 29,038 29,742 30,301 30,703 30,248 29,415 29,767 30,193 2.3 1.6 2.5 .4 3.1 1.4 1.5 –3.2 1.0 .5 3.5 3.5 3.6 1.5 2.6 2.4 5.4 5.1 5.3 4.6 287,955 290,626 293,262 295,993 298,818 301,696 304,543 307,240 309,774 312,040 32,974 32,878 32,494 32,448 31,926 31,806 32,122 32,501 32,620 32,678 32,724 32,625 32,621 32,572 32,574 33,243 32,267 31,942 31,876 32,224 32,405 32,709 32,912 33,143 33,531 33,972 34,249 34,529 34,741 35,117 30,160 29,698 29,523 29,324 29,425 29,389 29,528 29,687 29,823 30,027 30,132 30,132 30,204 30,301 30,436 –9.7 –1.2 –4.6 –.6 –6.3 –1.5 4.0 4.8 1.5 .7 .6 –1.2 .0 –.6 .0 4.9 6.2 5.7 6.2 4.4 4.3 4.9 5.6 5.6 5.2 5.0 4.8 4.6 4.2 3.7 304,902 305,616 306,237 306,866 307,573 308,285 308,899 309,457 310,070 310,670 311,184 311,717 312,330 312,929 313,443 Seasonally adjusted annual rates 2008: III �������������� IV �������������� 2009: I ���������������� II ��������������� III �������������� IV �������������� 2010: I ���������������� II ��������������� III �������������� IV �������������� 2011: I ���������������� II ��������������� III �������������� IV �������������� 2012: I r �������������� 12,513.3 12,340.0 11,964.4 11,944.1 11,874.1 11,938.2 12,137.7 12,325.6 12,453.2 12,577.6 12,846.9 12,955.3 13,056.8 13,105.7 13,227.8 1,432.1 1,422.8 1,198.0 1,120.3 1,120.6 1,126.4 1,146.4 1,175.4 1,212.8 1,240.9 1,365.9 1,396.2 1,409.1 1,419.4 1,447.4 11,081.2 10,917.3 10,766.3 10,823.8 10,753.5 10,811.7 10,991.3 11,150.2 11,240.4 11,336.7 11,481.0 11,559.2 11,647.7 11,686.3 11,780.4 10,538.4 10,236.3 10,155.2 10,153.4 10,285.3 10,351.2 10,457.2 10,527.0 10,614.8 10,748.6 10,902.1 11,002.6 11,114.6 11,201.0 11,346.6 542.8 680.9 611.1 670.3 468.2 460.5 534.1 623.3 625.6 588.1 578.9 556.5 533.1 485.3 433.7 10,053.7 10,047.9 9,951.0 9,957.3 9,819.6 9,805.4 9,922.5 10,057.8 10,114.4 10,152.0 10,183.2 10,169.7 10,188.6 10,192.7 10,210.1 1 Includes personal consumption expenditures, personal interest payments (nonmortgage), and personal current transfer payments. 2 Annual data are averages of quarterly data, which are averages for the period. 6 36,343 35,722 35,157 35,272 34,962 35,071 35,582 36,032 36,251 36,491 36,895 37,082 37,293 37,345 37,584 Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census). Farm Income According to the forecast for 2012, gross farm income is forecast at $425.5 billion and net farm income at $91.7 billion. [Billions of dollars; quarterly data at seasonally adjusted annual rates] Income of farm operators from farming Gross farm income Period Cash marketing receipts Total 1 2003 ��������������������������������������������������� 2004 ��������������������������������������������������� 2005 ��������������������������������������������������� 2006 ��������������������������������������������������� 2007 ��������������������������������������������������� 2008 ��������������������������������������������������� 2009 ��������������������������������������������������� 2010 ��������������������������������������������������� 2011 ��������������������������������������������������� 2012 p ������������������������������������������������� 2010: I ����������������������������������������������� II ���������������������������������������������� III ��������������������������������������������� IV ��������������������������������������������� 2011: I ����������������������������������������������� II ���������������������������������������������� III ��������������������������������������������� IV ��������������������������������������������� 2012: I p ��������������������������������������������� II p �������������������������������������������� III p ������������������������������������������� IV p ������������������������������������������ 258.7 294.9 298.5 290.2 339.6 377.9 342.7 364.7 419.4 425.5 371.1 335.4 348.6 403.6 447.9 398.1 418.4 413.0 455.5 418.3 422.3 406.0 Livestock and products Total 216.0 237.9 240.9 240.6 288.5 316.7 288.6 314.4 362.9 364.1 309.3 295.2 306.4 346.5 379.1 349.9 367.4 355.1 381.0 363.8 366.8 344.6 105.7 123.5 124.9 118.5 138.5 141.6 120.3 141.4 166.0 165.8 141.1 140.2 141.5 143.0 166.9 166.0 166.3 165.0 174.4 163.8 162.8 162.1 1 Cash marketing receipts, Government payments, value of changes in inventories, other farm related cash income, and nonmoney income produced by farms including imputed rent of operator residences. 2 Crop receipts include proceeds received from commodities placed under the Commodity Credit Corporation loans. Crops 2 110.3 114.4 116.0 122.1 150.1 175.0 168.3 172.9 196.9 198.3 168.3 155.0 164.9 203.5 212.2 183.9 201.2 190.1 206.7 200.0 204.0 182.5 Value of inventory changes 3 Direct Government payments 4 –2.7 11.2 –.4 –3.1 .6 6.6 –1.1 –2.0 .1 5.9 –1.9 –1.9 –1.9 –2.2 .1 .1 .1 .1 6.2 5.9 5.9 5.6 16.5 13.0 24.4 15.8 11.9 12.2 12.2 12.4 10.6 11.0 24.4 4.6 5.3 15.3 20.8 3.9 4.5 13.0 21.7 4.1 4.7 13.6 Production expenses 197.7 207.5 219.7 232.7 269.5 293.2 281.1 285.6 321.3 333.8 281.0 268.2 278.4 314.8 335.6 309.8 325.3 314.4 349.3 333.6 336.2 315.9 Net farm income 61.0 87.4 78.8 57.4 70.0 84.7 61.6 79.1 98.1 91.7 90.0 67.2 70.3 88.8 112.3 88.3 93.1 98.7 106.2 84.8 86.0 90.0 3 Physical changes in beginning and ending year inventories of crop and livestock commodities valued at weighted average market prices during the period. 4 Includes only Government payments made directly to farmers. Note: Data for 2011 and 2012 are forecasts. Source: Department of Agriculture. 7 Corporate Profits In the first quarter of 2012, according to current estimates, corporate profits before tax rose $234.3 billion (annual rate) and profits after tax rose $151.0 billion. [Billions of dollars; quarterly data at seasonally adjusted annual rates] Profits (before tax) with inventory valuation adjustment 1 Profits after tax Domestic industries Period 2002 �������������������� 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2008: III �������������� IV �������������� 2009: I ���������������� II ��������������� III �������������� IV �������������� 2010: I ���������������� II ��������������� III �������������� IV �������������� 2011: I ���������������� II ��������������� III �������������� IV �������������� 2012: I r �������������� Total 2 762.8 892.2 1,195.1 1,609.5 1,784.7 1,691.1 1,315.5 1,456.3 1,780.4 1,836.2 1,403.1 1,049.6 1,285.7 1,359.7 1,525.0 1,654.6 1,797.0 1,859.9 1,812.6 1,652.2 1,761.1 1,830.2 1,867.4 1,886.0 2,109.9 Nonfinancial Total 604.9 726.4 990.1 1,370.0 1,527.8 1,340.2 908.9 1,095.9 1,398.5 1,407.1 963.7 699.5 925.7 1,015.1 1,162.5 1,280.3 1,428.0 1,469.3 1,417.3 1,279.3 1,350.3 1,384.9 1,416.6 1,476.7 1,748.8 Financial 265.2 311.8 362.3 443.6 448.0 345.5 122.2 401.8 494.7 464.5 79.4 –48.3 241.3 395.0 481.2 489.6 479.8 490.6 487.8 520.8 491.5 438.9 448.7 478.8 529.1 Total 3 339.7 414.6 627.8 926.4 1,079.9 994.7 786.7 694.1 903.7 942.6 884.3 747.8 684.4 620.1 681.2 790.6 948.2 978.7 929.5 758.5 858.8 945.9 967.9 998.0 1,219.7 Manufacturing 47.7 69.4 154.1 247.2 304.5 271.3 195.5 125.2 217.1 253.8 220.6 181.3 109.2 107.4 130.8 153.4 216.2 237.3 227.2 187.7 217.6 249.9 268.2 279.2 361.6 1 See p. 4 for profits with inventory valuation and capital consumption adjustments. 2 Includes rest of the world, not shown separately. 3 Includes industries not shown separately. 8 Profits before tax Utilities 12.3 12.4 19.4 29.8 54.4 50.3 30.7 22.2 25.0 15.2 86.3 33.1 18.2 21.6 15.5 33.4 46.5 18.2 28.0 7.1 14.9 15.2 10.7 19.9 35.7 Wholesale 49.1 54.8 75.6 92.2 103.7 99.9 86.3 83.3 85.8 84.4 89.2 133.8 102.7 77.4 73.0 79.9 93.4 111.0 89.4 49.5 71.6 90.8 85.6 89.7 113.0 Taxes on corporate income Total Net dividends Retail 81.6 88.9 93.4 122.6 133.2 117.8 81.6 106.0 122.6 116.6 85.0 85.1 101.6 103.8 107.7 110.9 128.6 125.4 119.0 117.3 120.2 112.7 110.6 122.8 144.3 765.3 903.5 1,229.4 1,640.2 1,822.7 1,738.4 1,359.9 1,455.7 1,819.5 1,896.3 1,475.8 868.0 1,209.3 1,343.8 1,545.7 1,723.9 1,825.3 1,865.5 1,844.5 1,742.5 1,877.1 1,890.6 1,912.9 1,904.6 2,138.9 192.3 243.8 306.1 412.4 473.3 445.5 309.0 272.4 411.1 416.2 312.5 224.3 208.8 244.8 301.6 334.4 409.7 399.6 430.3 404.7 422.3 420.5 411.4 410.7 494.0 573.0 659.7 923.3 1,227.8 1,349.5 1,292.9 1,050.9 1,183.3 1,408.4 1,480.1 1,163.3 643.7 1,000.4 1,099.0 1,244.2 1,389.5 1,415.6 1,465.9 1,414.2 1,337.8 1,454.8 1,470.1 1,501.5 1,493.9 1,644.9 399.3 424.9 550.3 557.3 704.8 794.5 786.9 620.0 737.3 813.6 780.5 727.6 671.9 600.9 584.1 623.0 684.8 729.3 760.5 774.8 793.8 807.4 821.4 831.7 841.8 Inventory Undistrib- valuation adjustment uted profits 173.8 234.8 373.0 670.5 644.7 498.4 264.0 563.3 671.1 666.5 382.8 –84.0 328.5 498.1 660.0 766.5 730.8 736.6 653.7 563.0 660.9 662.7 680.1 662.1 803.1 –2.6 –11.3 –34.3 –30.7 –38.0 –47.2 –44.5 .6 –39.1 –60.1 –72.7 181.6 76.5 15.9 –20.7 –69.3 –28.4 –5.6 –32.0 –90.3 –116.0 –60.4 –45.5 –18.6 –29.0 Note: Data by industry are based on the North American Industry Classification System (NAICS). Source: Department of Commerce (Bureau of Economic Analysis). Real Gross Private Domestic Investment In the first quarter of 2012, according to revised estimates, nonresidential fixed investment in chained (2005) dollars rose $11.4 billion (annual rate) and residential investment rose $15.6 billion. Inventories rose $54.4 billion, following an increase of $52.2 billion in the fourth quarter. [Billions of chained (2005) dollars; quarterly data at seasonally adjusted annual rates] Fixed investment Period 2002 ��������������������������������������������������� 2003 ��������������������������������������������������� 2004 ��������������������������������������������������� 2005 ��������������������������������������������������� 2006 ��������������������������������������������������� 2007 ��������������������������������������������������� 2008 ��������������������������������������������������� 2009 ��������������������������������������������������� 2010 ��������������������������������������������������� 2011 ��������������������������������������������������� 2008: III ��������������������������������������������� IV ��������������������������������������������� 2009: I ����������������������������������������������� II ���������������������������������������������� III ��������������������������������������������� IV ��������������������������������������������� 2010: I ����������������������������������������������� II ���������������������������������������������� III ��������������������������������������������� IV ��������������������������������������������� 2011: I ����������������������������������������������� II ���������������������������������������������� III ��������������������������������������������� IV ��������������������������������������������� 2012: I r ��������������������������������������������� Gross private domestic investment 1,800.4 1,870.1 2,058.2 2,172.3 2,231.8 2,159.5 1,939.8 1,454.2 1,714.9 1,797.3 1,934.7 1,744.6 1,490.4 1,397.2 1,407.3 1,522.0 1,630.0 1,728.3 1,766.8 1,734.5 1,750.9 1,778.4 1,784.2 1,875.7 1,905.4 Change in private inventories Nonresidential Total 1,791.5 1,854.7 1,992.5 2,122.3 2,172.7 2,130.6 1,978.6 1,606.3 1,648.4 1,761.0 1,973.5 1,835.4 1,665.5 1,589.8 1,592.6 1,577.5 1,582.0 1,654.0 1,663.5 1,693.9 1,699.0 1,736.7 1,790.4 1,817.9 1,844.4 Total 1,173.7 1,189.6 1,263.0 1,347.3 1,455.5 1,550.0 1,537.6 1,263.2 1,319.2 1,435.5 1,539.2 1,442.3 1,312.9 1,257.6 1,247.0 1,235.2 1,253.3 1,308.0 1,343.6 1,371.9 1,378.9 1,413.2 1,465.6 1,484.2 1,495.6 Note: See p. 10 for further detail on fixed investment by type. Because of the formula used for calculating real GDP, the chained (2005) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates. Structures 356.6 343.0 346.7 351.8 384.0 438.2 466.4 367.3 309.1 323.2 469.9 457.5 415.3 375.4 354.9 323.7 301.5 306.9 310.1 318.0 305.9 321.9 332.9 332.1 333.7 Equipment and software 824.2 850.0 917.3 995.6 1,071.1 1,106.8 1,059.4 889.7 1,019.4 1,125.7 1,056.8 969.0 883.7 874.2 888.0 912.9 958.8 1,010.1 1,044.1 1,064.5 1,086.9 1,103.5 1,145.7 1,166.6 1,176.8 Residential 613.8 664.3 729.5 775.0 718.2 584.2 444.4 345.6 330.8 326.3 437.8 395.8 354.9 334.3 348.2 344.8 330.8 348.2 321.1 323.1 321.1 324.4 325.4 334.5 350.1 Total 12.8 17.3 66.3 50.0 59.4 27.7 –36.3 –144.9 58.8 34.6 –38.1 –80.3 –161.6 –183.0 –178.7 –56.5 39.9 64.6 92.3 38.3 49.1 39.1 –2.0 52.2 54.4 Nonfarm 15.6 17.2 58.3 49.8 63.2 28.7 –37.6 –143.8 60.7 44.3 –44.2 –83.3 –162.6 –182.7 –173.9 –56.0 35.5 64.0 98.8 44.7 59.7 51.0 5.5 60.8 64.5 Source: Department of Commerce (Bureau of Economic Analysis). 9 Real Private Fixed Investment by Type [Billions of chained (2005) dollars; quarterly data at seasonally adjusted annual rates] Nonresidential Equipment and software Total fixed investment Period 2002 ������������ 2003 ������������ 2004 ������������ 2005 ������������ 2006 ������������ 2007 ������������ 2008 ������������ 2009 ������������ 2010 ������������ 2011 ������������ 2008: III ������ IV ������ 2009: I �������� II ������� III ������ IV ������ 2010: I �������� II ������� III ������ IV ������ 2011: I �������� II ������� III ������ IV ������ 2012: I r ������ Residential Total nonresidential 1,791.5 1,854.7 1,992.5 2,122.3 2,172.7 2,130.6 1,978.6 1,606.3 1,648.4 1,761.0 1,973.5 1,835.4 1,665.5 1,589.8 1,592.6 1,577.5 1,582.0 1,654.0 1,663.5 1,693.9 1,699.0 1,736.7 1,790.4 1,817.9 1,844.4 1,173.7 1,189.6 1,263.0 1,347.3 1,455.5 1,550.0 1,537.6 1,263.2 1,319.2 1,435.5 1,539.2 1,442.3 1,312.9 1,257.6 1,247.0 1,235.2 1,253.3 1,308.0 1,343.6 1,371.9 1,378.9 1,413.2 1,465.6 1,484.2 1,495.6 Information processing equipment and software Structures 356.6 343.0 346.7 351.8 384.0 438.2 466.4 367.3 309.1 323.2 469.9 457.5 415.3 375.4 354.9 323.7 301.5 306.9 310.1 318.0 305.9 321.9 332.9 332.1 333.7 Total 824.2 850.0 917.3 995.6 1,071.1 1,106.8 1,059.4 889.7 1,019.4 1,125.7 1,056.8 969.0 883.7 874.2 888.0 912.9 958.8 1,010.1 1,044.1 1,064.5 1,086.9 1,103.5 1,145.7 1,166.6 1,176.8 Computers and peripheral Software equipment 1 Total 373.9 403.7 443.1 475.3 516.3 558.2 569.7 548.3 602.6 639.7 571.7 540.7 529.9 535.5 553.7 574.1 581.2 596.1 608.5 624.5 625.0 638.4 640.2 655.1 660.2 ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ 173.4 185.6 204.6 218.0 227.1 240.9 250.8 249.1 256.1 271.8 251.9 248.8 244.8 247.8 249.8 253.9 252.0 252.9 257.2 262.4 263.7 268.9 274.1 280.6 283.7 1 Because computers exhibit rapid changes in prices relative to other prices in the economy, the chained-dollar estimates should not be used to measure the component’s relative importance or its contribution to the growth rate of more aggregate series. The quantity index for computers can be used to accurately measure the real growth rate of this series. For information on this component, see Survey of Current Business Table 5.3.1 (for growth rates), Table 5.3.2 (for contributions), and Table 5.3.3 (for quantity indexes). Other Structures Industrial Transportation equipequipment ment 142.7 155.1 168.1 178.4 192.8 208.4 202.4 186.1 207.3 209.6 203.3 184.8 180.0 179.8 190.8 193.7 200.3 204.8 209.9 214.4 215.2 211.5 204.3 207.3 209.3 151.9 151.6 147.4 159.6 172.9 179.9 172.9 137.1 146.6 165.2 173.1 165.8 142.8 136.5 134.5 134.5 135.1 147.3 150.1 153.7 158.1 157.7 169.0 176.1 169.0 Other equipment 154.2 140.4 162.3 181.7 196.5 185.8 142.7 70.7 119.3 150.4 133.6 98.3 65.5 69.8 70.6 76.7 101.8 117.6 129.1 128.9 139.6 144.6 155.2 162.1 170.1 148.2 155.0 164.4 178.9 185.5 184.2 177.8 145.6 162.6 179.2 181.9 168.3 154.4 143.5 142.3 142.3 153.8 160.5 167.1 168.9 174.0 173.8 187.9 181.0 185.8 Total residential 613.8 664.3 729.5 775.0 718.2 584.2 444.4 345.6 330.8 326.3 437.8 395.8 354.9 334.3 348.2 344.8 330.8 348.2 321.1 323.1 321.1 324.4 325.4 334.5 350.1 Total 2 605.9 655.9 720.1 765.2 708.1 574.2 434.9 336.9 321.5 316.6 428.3 386.9 346.2 325.9 339.6 336.0 321.7 338.9 311.8 313.6 311.5 314.8 315.7 324.6 340.3 Single family Equipment 327.7 362.6 406.1 433.5 391.1 284.0 178.4 105.5 114.7 108.1 168.4 142.4 109.8 93.3 106.9 112.2 115.6 121.8 113.1 108.1 108.4 106.7 107.6 109.8 116.6 7.9 8.4 9.4 9.8 10.1 10.0 9.7 8.8 9.5 10.0 9.6 9.1 8.8 8.6 8.8 9.1 9.3 9.6 9.6 9.8 9.8 9.9 10.0 10.2 10.1 2 Includes other items, not shown separately. Note: Because of the formula used for calculating real GDP, the chained (2005) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates. Source: Department of Commerce (Bureau of Economic Analysis). Business Investment [Billions of dollars] Capital expenditures By industry Period Total capital expenditures Forestry, Total fishing, by and agri- Mining industry cultural services ConUtilities struction Manufacturing Wholesale trade Retail trade Transportation Informa- Finance and and tion insurwareance housing ProfesReal sional, estate scienand tific, rental and and leasing technical services Health care and social assistance Other 1 For companies without employees For companies with employees 1996 �������� 1997 �������� 1998 �������� 1999 �������� 2000 �������� 2001 �������� 2002 �������� 2003 �������� 2004 �������� 2005 �������� 2006 �������� 2007 �������� 2008 �������� 2009 �������� 2010 ��������� 807.1 ������������ ������������ ������������ ������������ ������������ ������������ ������������ ������������ ������������ ������������ ������������ ������������ ������������ ������������ ������������ �������������� 871.8 ������������ ������������ ������������ ������������ ������������ ������������ ������������ ������������ ������������ ������������ ������������ ������������ ������������ ������������ ������������ �������������� 970.9 896.5 0.9 40.4 36.0 26.9 203.6 29.2 57.3 51.3 96.5 118.2 85.2 22.3 47.1 81.7 74.4 1,047.0 974.6 1.7 30.6 42.8 23.1 196.4 32.4 64.1 57.3 122.8 130.1 100.6 29.5 51.3 91.8 72.3 1,161.0 1,089.9 1.5 42.5 61.3 25.0 214.8 33.6 69.8 59.9 160.2 133.7 92.5 34.1 52.2 108.9 71.2 1,109.0 1,052.3 1.5 51.3 82.8 24.8 192.8 30.0 66.9 57.8 144.8 131.1 82.7 30.5 52.9 102.5 56.7 997.9 917.5 1.9 42.5 65.5 24.8 157.2 26.8 59.3 47.1 88.2 128.4 94.5 25.9 59.3 96.1 80.4 975.0 886.8 1.9 50.5 54.6 23.2 149.1 26.0 65.9 44.5 80.5 120.8 88.0 24.7 61.2 96.2 88.2 1,042.1 953.2 2.1 51.3 50.4 28.6 156.7 32.3 72.2 46.1 83.5 153.6 91.6 26.7 64.6 93.6 88.9 1,144.8 1,062.5 2.7 66.7 58.0 30.1 165.6 40.6 73.5 56.9 91.4 161.4 103.0 33.1 73.8 105.6 82.2 1,309.9 1,217.1 2.7 99.3 69.8 30.3 192.4 36.6 86.7 68.0 104.4 163.1 132.1 30.3 75.3 126.3 92.8 1,354.7 1,270.5 2.1 120.7 85.4 36.7 197.3 30.8 82.5 67.4 106.1 173.4 117.5 31.8 84.2 134.8 84.2 1,374.2 1,294.5 2.3 149.3 98.7 40.8 213.1 32.4 73.2 79.6 103.3 132.9 106.9 33.0 90.2 138.7 79.7 1,090.7 1,015.3 2.2 100.6 103.0 19.8 155.2 25.3 58.4 55.7 88.4 99.5 72.9 28.2 79.4 127.0 75.4 1,105.7 1,036.2 3.2 115.0 94.6 17.9 159.6 31.2 66.3 58.9 97.4 102.7 81.3 29.2 78.5 100.3 69.5 1 Includes the following industries: Management of companies and enterprises; administrative Note: Data from Annual Capital Expenditures. Industry data are based on the North American and support and waste management; educational services; arts, entertainment, and recreation; Industry Classification System (NAICS). accommodation and food services; and other services (except public administration). Also includes Data shown in this table are capital expenditures for both new and used structures and an item for structure and equipment expenditures serving multiple industry categories. equipment. Source: Department of Commerce (Bureau of the Census). 10 EMPLOYMENT, UNEMPLOYMENT, AND WAGES Status of the Labor Force In June, employment as measured by the household survey rose 128,000 and unemployment rose 29,000. [Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA] Period 2002 �������������������� 2003 2 ������������������ 2004 2 ������������������ 2005 2 ������������������ 2006 2 ������������������ 2007 2 ������������������ 2008 2 ������������������ 2009 2 ������������������ 2010 2 ������������������ 2011 2 ������������������ 2011: June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2012: Jan 2 ��������� Feb ����������� Mar ���������� Apr ����������� May ���������� June ��������� Civilian noninstitutional population (NSA) 217,570 221,168 223,357 226,082 228,815 231,867 233,788 235,801 237,830 239,618 239,489 239,671 239,871 240,071 240,269 240,441 240,584 242,269 242,435 242,604 242,784 242,966 243,155 Civilian employment Civilian labor force Total 144,863 146,510 147,401 149,320 151,428 153,124 154,287 154,142 153,889 153,617 153,409 153,358 153,674 154,004 154,057 153,937 153,887 154,395 154,871 154,707 154,365 155,007 155,163 136,485 137,736 139,252 141,730 144,427 146,047 145,362 139,877 139,064 139,869 139,385 139,450 139,754 140,107 140,297 140,614 140,790 141,637 142,065 142,034 141,865 142,287 142,415 Men 20 years and over 69,734 70,415 71,572 73,050 74,431 75,337 74,750 71,341 71,230 72,182 71,981 71,930 72,098 72,340 72,379 72,846 73,080 73,170 73,240 73,286 73,119 73,229 73,259 Women 20 years and over 60,420 61,402 61,773 62,702 63,834 64,799 65,039 63,699 63,456 63,360 63,088 63,257 63,322 63,406 63,520 63,352 63,323 64,078 64,454 64,413 64,425 64,671 64,628 Percent 1 Unemployment Both sexes 16–19 years 6,332 5,919 5,907 5,978 6,162 5,911 5,573 4,837 4,378 4,327 4,316 4,262 4,333 4,362 4,398 4,416 4,387 4,389 4,371 4,335 4,321 4,388 4,528 1 Civilian labor force (or employment) as percent of civilian noninstitutional population; and unemployment as percent of civilian labor force. 2 Not strictly comparable with earlier data. Total 8,378 8,774 8,149 7,591 7,001 7,078 8,924 14,265 14,825 13,747 14,024 13,908 13,920 13,897 13,759 13,323 13,097 12,758 12,806 12,673 12,500 12,720 12,749 Men 20 years and over 3,896 4,209 3,791 3,392 3,131 3,259 4,297 7,555 7,763 6,898 7,135 7,047 6,991 6,901 6,912 6,594 6,356 6,064 6,077 6,051 5,930 6,153 6,166 Women 20 years and over 3,228 3,314 3,150 3,013 2,751 2,718 3,342 5,157 5,534 5,450 5,482 5,449 5,462 5,584 5,461 5,359 5,425 5,370 5,361 5,176 5,137 5,136 5,175 Both sexes 16–19 years 1,253 1,251 1,208 1,186 1,119 1,101 1,285 1,552 1,528 1,400 1,408 1,412 1,467 1,412 1,386 1,370 1,316 1,324 1,367 1,447 1,432 1,431 1,408 Not in labor force 72,707 74,658 75,956 76,762 77,387 78,743 79,501 81,659 83,941 86,001 86,080 86,313 86,198 86,067 86,213 86,503 86,697 87,874 87,564 87,897 88,419 87,958 87,992 Labor force participation rate 66.6 66.2 66.0 66.0 66.2 66.0 66.0 65.4 64.7 64.1 64.1 64.0 64.1 64.1 64.1 64.0 64.0 63.7 63.9 63.8 63.6 63.8 63.8 Employment/ population ratio Unemployment rate 62.7 62.3 62.3 62.7 63.1 63.0 62.2 59.3 58.5 58.4 58.2 58.2 58.3 58.4 58.4 58.5 58.5 58.5 58.6 58.5 58.4 58.6 58.6 5.8 6.0 5.5 5.1 4.6 4.6 5.8 9.3 9.6 8.9 9.1 9.1 9.1 9.0 8.9 8.7 8.5 8.3 8.3 8.2 8.1 8.2 8.2 Note: Beginning January 2012, data reflect revised population controls and are not strictly comparable with earlier data. See Employment and Earnings for details on breaks in series. Source: Department of Labor (Bureau of Labor Statistics). 11 Selected Unemployment Rates In June, the unemployment rate remained unchanged at 8.2 percent. [Monthly data seasonally adjusted] Unemployment rate (percent of civilian labor force in group) By race or ethnicity 1 By sex and age Period 2002 �������������������� 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2011: June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2012: Jan ����������� Feb ����������� Mar ���������� Apr ����������� May ���������� June ��������� All civilian workers 5.8 6.0 5.5 5.1 4.6 4.6 5.8 9.3 9.6 8.9 9.1 9.1 9.1 9.0 8.9 8.7 8.5 8.3 8.3 8.2 8.1 8.2 8.2 Men 20 years and over 5.3 5.6 5.0 4.4 4.0 4.1 5.4 9.6 9.8 8.7 9.0 8.9 8.8 8.7 8.7 8.3 8.0 7.7 7.7 7.6 7.5 7.8 7.8 Women 20 years and over 5.1 5.1 4.9 4.6 4.1 4.0 4.9 7.5 8.0 7.9 8.0 7.9 7.9 8.1 7.9 7.8 7.9 7.7 7.7 7.4 7.4 7.4 7.4 Both sexes 16–19 years 16.5 17.5 17.0 16.6 15.4 15.7 18.7 24.3 25.9 24.4 24.6 24.9 25.3 24.5 24.0 23.7 23.1 23.2 23.8 25.0 24.9 24.6 23.7 White 5.1 5.2 4.8 4.4 4.0 4.1 5.2 8.5 8.7 7.9 8.1 8.1 7.9 7.9 8.0 7.6 7.5 7.4 7.3 7.3 7.4 7.4 7.4 1 Beginning in 2003, persons who selected this race group only. Prior to 2003, persons who reported more than one race were included in the group they identified as the main race. Persons whose ethnicity is identified as Hispanic or Latino may be of any race. 12 Black or African American 10.2 10.8 10.4 10.0 8.9 8.3 10.1 14.8 16.0 15.8 16.2 15.9 16.7 15.9 15.0 15.5 15.8 13.6 14.1 14.0 13.0 13.6 14.4 By selected groups Hispanic or Latino ethnicity Asian (NSA) 5.9 6.0 4.4 4.0 3.0 3.2 4.0 7.3 7.5 7.0 6.8 7.7 7.1 7.8 7.3 6.5 6.8 6.7 6.3 6.2 5.2 5.2 6.3 7.5 7.7 7.0 6.0 5.2 5.6 7.6 12.1 12.5 11.5 11.6 11.3 11.3 11.3 11.4 11.4 11.0 10.5 10.7 10.3 10.3 11.0 11.0 Married men, spouse present Women who maintain families (NSA) 3.6 3.8 3.1 2.8 2.4 2.5 3.4 6.6 6.8 5.8 6.1 6.1 5.8 5.8 5.8 5.3 5.1 5.1 5.0 5.1 5.2 5.3 4.9 Note: Data relate to persons age 16 years and over. Source: Department of Labor (Bureau of Labor Statistics). 8.0 8.5 8.0 7.8 7.1 6.5 8.0 11.5 12.3 12.4 12.8 12.1 11.9 12.4 12.3 12.4 12.9 12.0 11.7 10.8 10.2 10.9 11.8 Full-time workers 5.9 6.1 5.6 5.0 4.5 4.6 5.8 10.0 10.4 9.6 9.7 9.8 9.7 9.8 9.5 9.2 9.0 8.8 8.8 8.6 8.5 8.7 8.7 Part-time workers 5.2 5.5 5.3 5.4 5.1 4.9 5.5 6.0 6.3 6.3 6.7 6.1 6.5 6.0 6.4 6.0 6.3 5.9 6.0 6.2 6.3 6.1 6.3 Selected Measures of Unemployment and Unemployment Insurance Programs In June, the percentages of the unemployed who had been out of work for 5 to 14 weeks and 27 weeks and over fell, while the percentages for less than 5 weeks and 15 to 26 weeks rose. The mean duration of unemployment rose to 39.9 weeks and the median duration fell to 19.8 weeks. [Monthly data seasonally adjusted, except as noted by NSA] Duration of unemployment Period Unemployment (thousands) Percent distribution Less than 5 weeks 5–14 weeks 15–26 weeks Reason for unemployment: percent distribution Number of weeks 27 weeks and over Average (mean) 1 Median Job losers Job leavers Reentrants New entrants State programs Insured unemployment (NSA) Initial claims (NSA) Insured unemployment, all programs (NSA) 2 Weekly average, thousands 2002 �������������������� 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2011: June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2012: Jan ����������� Feb ����������� Mar ���������� Apr ����������� May ���������� June ��������� 8,378 8,774 8,149 7,591 7,001 7,078 8,924 14,265 14,825 13,747 14,024 13,908 13,920 13,897 13,759 13,323 13,097 12,758 12,806 12,673 12,500 12,720 12,749 34.5 31.7 33.1 35.1 37.3 35.9 32.8 22.2 18.7 19.5 21.6 19.3 19.6 19.8 19.4 19.1 20.3 19.3 19.9 20.6 20.6 20.4 21.9 30.8 29.8 29.2 30.4 30.3 31.5 31.4 26.8 22.0 21.8 21.0 22.1 21.6 20.9 23.8 22.0 21.7 22.4 22.0 22.0 22.8 23.7 22.0 16.3 16.4 15.9 14.9 14.7 15.0 16.0 19.5 16.0 15.0 13.2 14.2 15.8 14.6 14.7 15.8 15.5 15.4 15.5 14.9 15.3 13.1 14.1 18.3 22.1 21.8 19.6 17.6 17.6 19.7 31.5 43.3 43.8 44.2 44.4 43.1 44.7 42.2 43.1 42.5 42.9 42.6 42.5 41.3 42.8 41.9 16.6 19.2 19.6 18.4 16.8 16.8 17.9 24.4 33.0 39.3 39.8 40.2 40.3 40.4 39.2 40.9 40.8 40.1 40.0 39.4 39.1 39.7 39.9 1 Beginning January 2011, includes unemployment durations of up to 5 years; prior data are for up to 2 years. 2 Includes State (50 States, District of Columbia, Puerto Rico, and the Virgin Islands), Federal (UCFE), ex-service members (UCX), and Federal and State extended benefit programs. Also includes Temporary Extended Unemployment Compensation (2002-2004), Emergency Unemployment Compensation (2008-2012), and Federal Additional Compensation (2009-2010). 9.1 10.1 9.8 8.9 8.3 8.5 9.4 15.1 21.4 21.4 22.1 21.2 21.7 21.8 20.8 21.5 21.0 21.1 20.3 19.9 19.4 20.1 19.8 55.0 55.1 51.5 48.3 47.4 49.7 53.7 64.2 62.4 59.0 59.4 59.1 58.6 58.1 58.0 57.4 57.4 57.0 55.5 54.7 54.5 55.1 56.7 10.3 9.3 10.5 11.5 11.8 11.2 10.0 6.2 6.0 7.0 7.0 6.8 7.0 7.0 7.8 7.6 7.2 7.3 7.9 8.7 7.9 7.0 7.4 28.3 28.2 29.5 31.4 32.0 30.3 27.7 22.3 23.4 24.7 24.8 24.8 25.4 25.2 24.8 25.3 25.7 25.9 25.9 25.5 26.6 27.1 25.4 6.4 3,585 407 4,453 7.3 3,531 404 4,400 8.4 2,950 345 3,103 8.8 2,661 328 2,709 8.8 2,476 313 2,521 8.9 2,572 324 2,612 8.6 3,306 424 3,898 7.3 5,724 568 9,122 8.2 4,487 454 9,724 9.3 3,681 406 7,626 8.9 3,688 447 7,885 9.2 3,887 439 7,958 9.0 4,013 398 8,252 9.6 3,305 366 6,849 9.4 3,582 403 7,645 9.6 3,533 459 7,332 9.7 3,688 517 7,330 9.8 4,781 548 9,048 10.7 3,903 375 7,425 11.2 3,783 354 7,174 11.0 3,710 378 7,234 10.8 ��������������� ��������������� ����������������� 10.5 ��������������� ��������������� ����������������� Note: Data relate to persons age 16 years and over (except for insured unemployment and initial claims). Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration). 13 Nonagricultural Employment Total nonagricultural employment as measured by the payroll survey rose by 80,000 in June. [Thousands of wage and salary workers; 1 monthly data seasonally adjusted] Private industries Period 2002 �������������������� 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2011: June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2012: Jan ����������� Feb ����������� Mar ���������� Apr r ��������� May r �������� June p ������� Total nonagricultural employment 130,341 129,999 131,435 133,703 136,086 137,598 136,790 130,807 129,874 131,359 131,311 131,407 131,492 131,694 131,806 131,963 132,186 132,461 132,720 132,863 132,931 133,008 133,088 Goods-producing industries Total private 108,828 108,416 109,814 111,899 114,113 115,380 114,281 108,252 107,384 109,254 109,199 109,374 109,426 109,642 109,781 109,959 110,193 110,470 110,724 110,871 110,956 111,061 111,145 Total 2 22,557 21,816 21,882 22,190 22,530 22,233 21,335 18,558 17,751 18,021 18,019 18,071 18,067 18,100 18,106 18,114 18,176 18,254 18,290 18,318 18,322 18,301 18,314 Construc- Manufaction turing 6,716 6,735 6,976 7,336 7,691 7,630 7,162 6,016 5,518 5,504 5,495 5,508 5,498 5,528 5,519 5,520 5,546 5,564 5,563 5,549 5,542 5,507 5,509 15,259 14,509 14,315 14,227 14,155 13,879 13,406 11,847 11,528 11,733 11,738 11,768 11,771 11,768 11,777 11,780 11,808 11,860 11,890 11,932 11,942 11,951 11,962 Private service-providing industries Trade, transportation, and utilities Total Total 3 86,271 86,600 87,932 89,709 91,582 93,147 92,946 89,695 89,633 91,234 91,180 91,303 91,359 91,542 91,675 91,845 92,017 92,216 92,434 92,553 92,634 92,760 92,831 25,497 25,287 25,533 25,959 26,276 26,630 26,293 24,906 24,636 25,019 25,027 25,052 25,060 25,075 25,102 25,154 25,181 25,239 25,246 25,243 25,262 25,311 25,314 1 Data from the establishment survey. Includes all full- and part-time wage and salary workers in nonagricultural establishments who received pay for any part of the pay period that includes the 12th of the month. Excludes proprietors, self-employed persons, unpaid family workers, and private household workers. Data from the household survey shown on p. 11 include those workers and also count persons as employed when they are not at work because of industrial disputes, bad weather, etc., even if they are not paid for the time off. In the series shown here, persons who work at more than one job are counted each time they appear on a payroll, in contrast to the series shown on p. 11 where persons are counted only once—as employed, unemployed, or not in the labor force. See Employment and Earnings for details. 14 Retail trade 15,025 14,917 15,058 15,280 15,353 15,520 15,283 14,522 14,440 14,643 14,642 14,669 14,664 14,679 14,691 14,725 14,732 14,756 14,741 14,726 14,751 14,753 14,747 Information Financial activities 3,395 3,188 3,118 3,061 3,038 3,032 2,984 2,804 2,707 2,659 2,669 2,665 2,615 2,649 2,646 2,644 2,645 2,628 2,636 2,631 2,632 2,636 2,628 7,847 7,977 8,031 8,153 8,328 8,301 8,145 7,769 7,652 7,681 7,680 7,676 7,681 7,675 7,680 7,691 7,696 7,697 7,704 7,717 7,723 7,732 7,737 Profes- Education Leisure sional and and and health hospitalbusiness services ity services 15,976 15,987 16,394 16,954 17,566 17,942 17,735 16,579 16,728 17,331 17,303 17,342 17,382 17,441 17,482 17,521 17,593 17,672 17,761 17,779 17,824 17,848 17,895 16,199 16,588 16,953 17,372 17,826 18,322 18,838 19,193 19,531 19,884 19,848 19,898 19,931 19,989 20,026 20,046 20,079 20,110 20,181 20,232 20,247 20,291 20,293 11,986 12,173 12,493 12,816 13,110 13,427 13,436 13,077 13,049 13,320 13,315 13,332 13,344 13,364 13,394 13,436 13,464 13,503 13,548 13,591 13,587 13,580 13,593 Other services 5,372 5,401 5,409 5,395 5,438 5,494 5,515 5,367 5,331 5,342 5,338 5,338 5,346 5,349 5,345 5,353 5,359 5,367 5,358 5,360 5,359 5,362 5,371 Government 21,513 21,583 21,621 21,804 21,974 22,218 22,509 22,555 22,490 22,104 22,112 22,033 22,066 22,052 22,025 22,004 21,993 21,991 21,996 21,992 21,975 21,947 21,943 2 Includes mining and logging, not shown separately. 3 Includes wholesale trade, transportation and warehousing, and utilities, not shown separately. Note: Data classified by industry based on the 2012 North American Industry Classification System (NAICS). For details see Employment and Earnings. Source: Department of Labor (Bureau of Labor Statistics). Average Weekly Hours, Hourly Earnings, and Weekly Earnings— Private Nonagricultural Industries [For production or nonsupervisory workers; monthly data seasonally adjusted] Average weekly hours Total private nonagricultural 1 Period 2002 �������������������� 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2011: May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2012: Jan ����������� Feb ����������� Mar ���������� Apr r ��������� May r �������� June p ������� 33.9 33.7 33.7 33.8 33.9 33.9 33.6 33.1 33.4 33.6 33.7 33.7 33.7 33.6 33.6 33.7 33.7 33.7 33.8 33.8 33.7 33.7 33.7 33.8 Average gross hourly earnings Total private nonagricultural 1 Manufacturing Total Overtime 40.5 40.4 40.8 40.7 41.1 41.2 40.8 39.8 41.1 41.4 41.5 41.4 41.4 41.3 41.3 41.5 41.5 41.6 41.8 41.9 41.6 41.7 41.6 41.7 4.2 4.2 4.6 4.6 4.4 4.2 3.7 2.9 3.8 4.1 4.1 4.0 4.1 4.1 4.0 4.1 4.1 4.1 4.2 4.2 4.2 4.2 4.2 4.3 Current dollars Average gross weekly earnings Total private nonagricultural 1 Manufacturing 1982-84 dollars 2 $14.97 $8.51 15.37 8.55 15.69 8.50 16.13 8.45 16.76 8.50 17.43 8.60 18.08 8.57 18.63 8.89 19.07 8.91 19.47 8.79 19.43 8.78 19.45 8.78 19.52 8.78 19.50 8.74 19.53 8.73 19.57 8.75 19.59 8.76 19.59 8.76 19.62 8.75 19.64 8.72 19.67 8.70 19.71 8.72 19.69 8.75 19.74 ����������������� Current dollars $15.29 15.74 16.14 16.56 16.81 17.26 17.75 18.24 18.61 18.94 18.92 18.92 18.95 18.93 18.94 19.00 18.98 19.02 19.03 19.04 19.06 19.13 19.08 19.14 1 Also includes other private industry groups shown on p. 14. 2 Current dollar earnings divided by the consumer price index for urban wage earners and cleri- Percent change from a year earlier, total private nonagricultural Current dollars 1982-84 dollars 2 $506.75 $288.09 518.06 288.13 529.09 286.77 544.33 284.99 567.87 288.11 590.04 290.99 607.95 288.06 617.18 294.41 636.92 297.67 654.87 295.55 654.79 295.83 655.47 295.98 657.82 296.04 655.20 293.76 656.21 293.28 659.51 294.99 660.18 295.10 660.18 295.14 663.16 295.86 663.83 294.71 662.88 293.32 664.23 293.99 663.55 294.88 667.21 ����������������� Manufacturing Construction $618.62 635.99 658.52 673.34 691.05 711.53 724.46 726.12 765.15 784.68 785.18 783.29 784.53 781.81 782.22 788.50 787.67 791.23 795.45 797.78 792.90 797.72 793.73 798.14 $711.82 727.00 735.55 750.37 781.59 816.23 842.61 851.76 891.83 921.66 921.59 917.26 924.72 927.42 926.64 920.34 921.15 931.00 928.23 936.13 940.45 938.88 933.66 933.66 Retail trade Current dollars $360.87 367.15 371.03 377.58 383.12 385.00 386.21 388.57 400.02 412.10 409.62 410.53 414.32 411.45 412.06 418.13 419.22 419.98 421.65 421.82 423.05 421.36 423.97 424.42 1982-84 dollars 2 2.6 1.2 2.2 .0 2.1 –.5 2.9 –.6 4.3 1.1 3.9 1.0 3.0 –1.0 1.5 2.2 3.2 1.1 2.8 –.7 2.8 –1.1 3.0 –1.0 3.2 –.8 2.3 –1.9 2.3 –2.0 2.3 –1.6 2.5 –1.3 2.5 –.8 2.7 –.4 2.2 –.9 2.0 –.8 1.7 –.7 1.3 –.3 1.8 ������������������� Source: Department of Labor (Bureau of Labor Statistics). cal workers (CPI–W) (on a 1982-84=100 base). Employment Cost Index—Private Industry Index (December 2005 = 100) Period Total compensation Wages and salaries Percent change from 3 months earlier Benefits 1 Total compensation 12 months earlier Wages and salaries Benefits 1 Total compensation Wages and salaries Benefits 1 Not seasonally adjusted 2002: 2003: 2004: 2005: 2006: 2007: 2008: 2009: 2010: 2011: Dec ������������������������������������������ Dec ������������������������������������������ Dec ������������������������������������������ Dec ������������������������������������������ Dec ������������������������������������������ Dec ������������������������������������������ Dec ������������������������������������������ Dec ������������������������������������������ Dec ������������������������������������������ Dec ������������������������������������������ 90.0 93.6 97.2 100.0 103.2 106.3 108.9 110.2 112.5 115.0 92.2 95.1 97.6 100.0 103.2 106.6 109.4 110.8 112.8 114.6 84.7 90.2 96.2 100.0 103.1 105.6 107.7 108.7 111.9 115.9 ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� 3.1 4.0 3.8 2.9 3.2 3.0 2.4 1.2 2.1 2.2 Seasonally adjusted 2009: Mar ����������������������������������������� June ���������������������������������������� Sept ���������������������������������������� Dec ������������������������������������������ 2010: Mar ����������������������������������������� June ���������������������������������������� Sept ���������������������������������������� Dec ������������������������������������������ 2011: Mar ����������������������������������������� June ���������������������������������������� Sept ���������������������������������������� Dec ������������������������������������������ 2012: Mar ����������������������������������������� 109.3 109.5 110.0 110.4 111.1 111.6 112.1 112.7 113.3 114.2 114.6 115.2 115.7 109.8 110.1 110.5 110.9 111.4 111.9 112.3 112.8 113.2 113.8 114.2 114.7 115.3 108.0 108.2 108.7 109.1 110.3 110.8 111.7 112.3 113.5 115.1 115.4 116.3 116.7 1 Employer costs for employee benefits. 2.6 3.1 2.6 2.5 3.2 3.3 2.6 1.3 1.8 1.6 4.2 6.5 6.7 4.0 3.1 2.4 2.0 .9 2.9 3.6 Not seasonally adjusted 0.2 .2 .5 .4 .6 .5 .4 .5 .5 .8 .4 .5 .4 0.3 .3 .4 .4 .5 .4 .4 .4 .4 .5 .4 .4 .5 0.0 .2 .5 .4 1.1 .5 .8 .5 1.1 1.4 .3 .8 .3 1.9 1.5 1.2 1.2 1.6 1.9 2.0 2.1 2.0 2.3 2.1 2.2 2.1 2.0 1.6 1.4 1.3 1.5 1.6 1.6 1.8 1.6 1.7 1.7 1.6 1.9 1.6 1.3 1.1 .9 2.0 2.4 2.8 2.9 3.0 4.0 3.3 3.6 2.8 Source: Department of Labor (Bureau of Labor Statistics). Note: The employment cost index is a measure of the change in the cost of labor, free from the influence of employment shifts among occupations and industries. Data exclude farm and household workers. 15 Productivity and Related Data, Business and Nonfarm Business Sectors Output per hour of all persons Period Business sector Nonfarm business sector Hours of all persons 2 Output 1 Business sector Nonfarm business sector Business sector Compensation per hour 3 Nonfarm business sector Business sector Nonfarm business sector Real compensation per hour 4 Business sector Nonfarm business sector Unit labor costs Implicit price deflator 5 Business sector Nonfarm business sector Business sector Nonfarm business sector 96.4 97.2 97.8 100.0 102.8 105.5 108.2 107.4 105.2 107.4 108.0 107.1 108.3 109.6 108.5 108.1 107.0 105.9 105.1 105.5 105.4 105.0 106.8 106.8 107.8 107.4 107.7 96.2 97.1 97.8 100.0 102.8 105.3 108.2 107.5 105.4 107.3 108.0 107.1 108.2 109.7 108.6 108.3 107.2 106.1 105.3 105.6 105.6 105.1 106.7 106.7 107.7 107.3 107.6 93.2 94.5 96.9 100.0 102.9 105.6 107.5 108.3 109.6 112.3 106.5 107.2 108.2 108.0 108.4 108.1 108.1 108.4 108.9 109.4 109.7 110.4 111.2 111.9 112.7 112.8 113.2 93.2 94.4 96.6 100.0 103.0 105.4 107.3 108.4 109.6 111.9 106.2 107.0 108.0 108.0 108.6 108.2 108.4 108.5 109.0 109.5 109.7 110.2 110.8 111.5 112.2 112.4 112.8 –1.3 .9 .7 2.2 2.8 2.6 2.6 –.8 –2.0 2.0 8.0 –3.2 4.3 5.0 –4.1 –1.3 –4.1 –3.9 –2.9 1.3 –.4 –1.3 6.8 .1 3.8 –1.5 1.3 –1.3 1.0 .7 2.3 2.8 2.4 2.8 –.7 –2.0 1.8 8.7 –3.4 4.3 5.7 –4.0 –1.1 –4.0 –4.1 –3.1 1.4 –.2 –1.7 6.2 –.1 3.9 –1.5 1.3 0.8 1.4 2.6 3.2 2.9 2.6 1.8 .7 1.3 2.5 1.5 2.9 3.5 –.5 1.4 –1.2 .3 1.1 1.8 1.9 1.1 2.2 2.9 2.9 2.6 .5 1.5 0.9 1.2 2.4 3.5 3.0 2.3 1.8 1.1 1.1 2.1 1.5 3.1 3.7 .2 2.0 –1.2 .6 .5 1.6 2.0 .7 1.7 2.2 2.7 2.5 .8 1.6 Indexes, 2005=100; quarterly data seasonally adjusted 2002 �������������������� 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 r ������������������ 2008: I ���������������� II ��������������� III �������������� IV �������������� 2009: I ���������������� II ��������������� III �������������� IV �������������� 2010: I ���������������� II ��������������� III �������������� IV �������������� 2011: I ���������������� II ��������������� III �������������� IV r ������������ 2012: I r * ����������� 92.2 95.7 98.4 100.0 100.9 102.4 103.2 105.7 109.9 110.1 103.0 103.6 103.4 102.6 102.9 105.0 106.8 108.1 109.3 109.6 110.2 110.5 110.1 110.0 110.4 110.7 110.5 92.4 95.8 98.4 100.0 100.9 102.5 103.1 105.5 109.8 110.2 103.0 103.6 103.4 102.5 102.8 104.9 106.5 107.9 109.1 109.5 110.0 110.5 110.2 110.1 110.6 110.9 110.6 90.2 93.0 96.7 100.0 103.0 105.1 103.7 98.7 102.5 104.7 105.2 105.3 103.8 100.5 98.3 98.1 98.5 99.7 101.0 102.1 103.1 103.9 104.0 104.4 105.1 106.1 106.7 90.3 93.0 96.7 100.0 103.1 105.3 103.7 98.5 102.4 104.8 105.2 105.3 103.9 100.4 98.2 97.9 98.2 99.6 100.8 102.0 102.9 103.8 104.0 104.5 105.2 106.2 106.8 97.8 97.2 98.3 100.0 102.1 102.6 100.5 93.3 93.3 95.1 102.1 101.6 100.4 98.0 95.5 93.4 92.2 92.2 92.4 93.2 93.5 94.0 94.5 94.9 95.2 95.8 96.6 97.6 97.1 98.3 100.0 102.2 102.7 100.6 93.3 93.3 95.1 102.2 101.7 100.5 98.0 95.5 93.3 92.2 92.3 92.4 93.1 93.5 94.0 94.4 94.9 95.2 95.8 96.5 88.8 93.0 96.2 100.0 103.8 108.1 111.7 113.5 115.7 118.2 111.3 111.0 111.9 112.4 111.7 113.6 114.3 114.6 114.9 115.6 116.1 116.1 117.5 117.5 119.0 118.9 119.0 88.9 93.1 96.2 100.0 103.8 107.9 111.6 113.5 115.7 118.3 111.2 110.9 111.9 112.4 111.7 113.6 114.2 114.5 114.9 115.6 116.1 116.1 117.6 117.4 119.1 119.0 119.1 96.4 98.7 99.5 100.0 100.5 101.8 101.2 103.3 103.6 102.6 102.1 100.6 99.8 102.7 102.6 103.9 103.6 103.1 103.1 103.9 104.0 103.2 103.3 102.2 102.7 102.3 101.8 96.5 98.8 99.4 100.0 100.5 101.6 101.2 103.3 103.6 102.6 102.1 100.5 99.8 102.7 102.6 103.9 103.5 103.0 103.1 103.9 103.9 103.2 103.3 102.1 102.7 102.3 101.8 Percent change; quarterly data at seasonally adjusted annual rates 2002 �������������������� 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 r ������������������ 2008: I ���������������� II ��������������� III �������������� IV �������������� 2009: I ���������������� II ��������������� III �������������� IV �������������� 2010: I ���������������� II ��������������� III �������������� IV �������������� 2011: I ���������������� II ��������������� III �������������� IV r ������������ 2012: I r * ����������� 4.5 3.9 2.8 1.7 .9 1.5 .7 2.5 4.0 .2 –2.2 2.5 –.9 –3.1 1.4 8.4 6.9 5.1 4.2 1.2 2.3 1.3 –1.8 –.1 1.5 1.2 –1.0 4.6 3.7 2.6 1.6 .9 1.5 .6 2.3 4.0 .4 –2.6 2.4 –.8 –3.4 1.3 8.3 6.4 5.3 4.5 1.2 1.8 1.8 –1.0 –.3 1.8 1.2 –.9 2.0 3.1 4.0 3.4 3.0 2.0 –1.3 –4.9 3.9 2.2 –3.1 .2 –5.4 –12.0 –8.5 –1.0 1.8 5.0 5.1 4.7 3.7 3.2 .3 1.7 2.7 3.7 2.4 1.9 3.1 4.0 3.4 3.1 2.1 –1.5 –5.1 4.0 2.4 –3.6 .4 –5.2 –12.7 –8.7 –1.1 1.4 5.6 5.2 4.6 3.5 3.8 .9 1.8 2.8 3.7 2.4 –2.4 –.7 1.2 1.7 2.1 .5 –2.0 –7.2 .0 1.9 –1.0 –2.2 –4.5 –9.2 –9.8 –8.7 –4.8 –.1 .9 3.5 1.4 1.9 2.1 1.8 1.2 2.5 3.4 –2.5 –.6 1.3 1.7 2.2 .5 –2.1 –7.2 .0 1.9 –1.1 –2.0 –4.4 –9.7 –9.9 –8.7 –4.7 .2 .6 3.3 1.7 1.9 1.9 2.2 1.0 2.4 3.3 1 Output refers to real gross domestic product originating in the sector. 2 Hours of all persons engaged in the sector, including hours of proprietors and unpaid family workers. Estimates based primarily on establishment data. 3 Wages and salaries of employees plus employers’ contributions for social insurance and private benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for the self-employed. 4 Hourly compensation divided by the consumer price index for all urban consumers (CPI–U) for recent quarters. The trend from 1978–2011 is based on the consumer price index research series (CPI–U–RS). 5 Current dollar gross domestic output divided by the output index. 16 3.1 4.8 3.5 3.9 3.8 4.1 3.3 1.7 1.9 2.2 5.6 –.8 3.3 1.8 –2.7 7.0 2.5 1.0 1.1 2.5 1.9 –.1 4.9 –.1 5.3 –.3 .3 3.2 4.7 3.3 3.9 3.8 4.0 3.4 1.7 1.9 2.2 5.9 –1.1 3.4 2.1 –2.8 7.1 2.2 1.0 1.3 2.6 1.6 .1 5.1 –.5 5.7 –.4 .4 1.5 2.5 .7 .5 .5 1.2 –.5 2.0 .3 –.9 1.1 –5.8 –2.9 11.8 –.2 5.1 –1.1 –2.0 .2 2.8 .4 –3.0 .4 –4.3 2.1 –1.6 –2.1 1.5 2.4 .6 .6 .5 1.1 –.4 2.1 .3 –.9 1.4 –6.1 –2.8 12.2 –.3 5.2 –1.4 –2.0 .4 3.0 .2 –2.8 .5 –4.7 2.5 –1.6 –2.0 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 31, 2012. 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. [Monthly data seasonally adjusted] Total industrial production 1 Period 2002 �������������������� 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 r ������������������ 2011: May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec r ��������� 2012: Jan r ��������� Feb r ��������� Mar r �������� Apr r ��������� May p ������� Industry production indexes, 2007=100 Percent change 2 Index, 2007=100 89.3 90.4 92.5 95.5 97.6 100.0 96.5 85.4 90.1 93.7 92.9 93.1 93.9 94.2 94.4 94.9 95.1 95.9 96.5 97.0 96.4 97.4 97.3 From preceding month ��������������������� ��������������������� ��������������������� ��������������������� ��������������������� ��������������������� ��������������������� ��������������������� ��������������������� ��������������������� 0.3 .1 .9 .3 .2 .6 .2 .9 .6 .4 –.5 1.0 –.1 Capacity utilization rate (output as percent of capacity) 1 Manufacturing From year earlier 0.2 1.2 2.3 3.3 2.2 2.5 –3.5 –11.4 5.4 4.1 3.2 3.1 3.4 3.4 3.2 4.2 4.1 3.8 4.4 5.1 3.6 5.1 4.7 Total 1 Durable 87.8 88.9 91.4 95.0 97.4 100.0 95.2 82.0 86.7 90.5 89.7 89.7 90.4 90.7 91.1 91.5 91.5 92.9 93.8 94.6 94.0 94.7 94.3 1 Total industry and total manufacturing series include manufacturing as defined in the North American Industry Classification System (NAICS) plus those industries—logging and newspaper, periodical, book and directory-publishing—that have traditionally been included in manufacturing. 2 Percent changes based on unrounded indexes. 80.9 82.9 86.2 91.2 95.4 100.0 96.3 78.0 86.0 92.6 91.6 91.7 92.5 93.1 93.5 94.3 94.8 96.2 97.9 99.2 99.0 100.3 99.8 Nondurable 94.2 94.4 95.9 98.3 98.8 100.0 94.1 86.8 88.7 90.1 89.6 89.7 90.4 90.2 90.6 90.6 90.1 91.4 91.7 92.0 91.0 91.0 90.8 Other (non-NAICS) 1 110.2 106.9 107.8 107.5 106.2 100.0 93.6 80.7 76.5 71.6 70.9 69.4 69.6 71.2 71.8 72.2 72.2 72.9 72.6 73.0 72.0 72.4 71.5 Mining 98.4 98.7 98.1 97.0 99.4 100.0 101.0 95.8 100.7 107.0 106.0 106.3 106.8 107.9 107.8 110.2 111.8 112.6 112.8 110.5 110.5 109.8 110.8 Utilities 92.3 94.1 95.3 97.3 96.7 100.0 99.9 97.5 100.9 100.6 100.1 100.7 103.1 102.3 101.2 100.0 100.2 96.6 94.8 95.9 95.3 100.4 101.2 Total industry 74.9 76.0 77.9 79.9 80.3 80.4 77.3 68.6 73.7 76.8 76.3 76.3 77.0 77.1 77.2 77.6 77.7 78.3 78.7 79.0 78.5 79.2 79.0 Total manufacturing 72.9 73.9 76.2 78.2 78.5 78.5 74.3 65.5 71.2 75.0 74.4 74.4 75.0 75.2 75.5 75.8 75.7 76.8 77.5 78.1 77.5 78.0 77.6 Note: Data based on NAICS except series as defined in footnote 1. Source: Board of Governors of the Federal Reserve System. 17 Industrial Production— Major Market Groups and Selected Manufactures [2007=100; monthly data seasonally adjusted] Products and nonindustrial supplies Materials Final products Consumer goods Period Total 2002 �������������������� 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2011: May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec r ��������� 2012: Jan r ��������� Feb r ��������� Mar r �������� Apr r ��������� May p ������� Nonindustrial supplies Total 88.9 90.0 91.7 95.4 97.9 100.0 96.4 86.6 89.4 92.9 92.3 92.3 93.1 93.6 93.9 94.5 94.2 94.7 95.4 96.1 95.4 96.7 96.5 94.1 95.4 96.5 99.1 99.6 100.0 95.1 88.6 89.6 91.7 91.3 91.2 92.2 92.5 92.6 92.9 92.2 92.5 92.9 93.2 92.3 93.6 93.4 Durable goods 93.0 95.9 97.4 98.2 98.4 100.0 88.8 74.0 80.1 85.8 84.0 83.6 86.1 86.8 87.6 89.5 88.1 89.9 92.9 93.4 93.3 95.0 93.8 Equipment Nondurable goods 94.6 95.2 96.1 99.3 99.9 100.0 97.2 93.4 92.7 93.6 93.6 93.7 94.2 94.3 94.2 94.0 93.5 93.4 92.9 93.2 92.0 93.2 93.3 Total 1 77.4 78.0 81.0 87.2 94.3 100.0 99.2 82.0 88.9 95.8 94.8 94.7 95.3 96.4 96.9 98.2 99.0 99.6 101.2 102.7 102.8 103.9 103.8 Business 78.2 78.0 81.7 87.6 95.7 100.0 97.6 79.9 86.5 93.6 92.5 92.6 93.0 94.1 94.6 95.9 96.5 97.5 99.4 100.8 101.1 102.6 102.9 Defense and space Total 74.5 79.2 77.2 85.0 84.1 100.0 107.0 102.5 106.7 109.5 109.4 107.8 108.7 109.7 109.6 110.9 112.3 111.7 111.8 114.2 113.6 113.5 111.0 92.0 93.0 94.9 98.3 99.8 100.0 94.2 80.5 82.6 84.7 84.6 84.4 85.2 85.3 85.5 85.4 85.1 86.2 86.4 87.5 86.8 87.9 87.6 Construction Business 92.2 92.0 94.2 98.7 101.1 100.0 90.7 69.9 72.6 76.6 76.5 76.6 77.5 77.1 77.1 77.3 77.9 79.8 80.0 81.7 80.9 81.4 80.5 91.9 93.4 95.1 98.2 99.2 100.0 95.9 85.7 87.6 88.7 88.5 88.2 88.9 89.3 89.6 89.3 88.6 89.3 89.6 90.4 89.7 91.1 91.0 Total 1 88.7 89.9 92.4 94.6 96.5 100.0 97.3 86.1 93.3 97.6 96.5 96.9 97.8 97.8 98.0 98.7 99.4 100.5 101.1 101.1 100.7 101.3 101.4 Energy 98.0 98.1 97.9 96.9 98.1 100.0 100.6 98.4 102.5 106.8 104.9 106.0 107.5 108.0 107.4 109.2 110.5 110.0 109.7 108.3 109.1 109.4 110.6 1 Includes other items, not shown separately. [2007=100; monthly data seasonally adjusted] Durable manufactures Computer and electronic products Primary metals Period Total 2002 �������������������� 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2011: May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec r ��������� 2012: Jan r ��������� Feb r ��������� Mar r �������� Apr r ��������� May p ������� 91.3 89.8 97.7 95.2 98.0 100.0 100.0 74.0 90.8 96.8 95.5 94.3 95.2 95.8 96.7 97.2 100.4 103.0 103.2 104.2 100.7 102.4 100.9 Iron and steel products 89.2 89.8 101.7 94.3 98.4 100.0 106.4 68.5 89.0 97.1 93.3 93.9 93.8 97.4 96.5 97.5 102.3 109.1 107.9 108.9 105.0 106.5 103.0 Fabricated metal products 87.6 86.6 86.9 90.9 95.9 100.0 96.4 74.2 79.3 87.2 86.7 88.0 88.6 88.3 87.9 88.4 89.4 90.3 91.2 92.8 92.6 93.0 93.1 Machinery Total 83.3 82.8 86.3 91.6 95.9 100.0 97.3 75.8 84.5 94.3 93.4 94.4 94.3 93.8 94.1 94.6 95.4 98.0 99.5 100.9 102.1 102.4 101.9 53.1 60.3 68.3 77.0 87.4 100.0 106.1 92.9 103.0 111.1 110.8 110.2 111.5 112.6 112.4 111.3 112.0 114.0 114.8 115.0 114.6 116.9 116.8 1 Computers and peripheral equipment, communications equipment, and semiconductors and related electronic components. 18 Nondurable manufactures Selected high-technology 1 44.6 53.4 60.6 71.1 85.0 100.0 112.1 96.0 110.2 116.9 117.5 118.2 118.0 119.2 117.4 114.6 115.0 116.7 115.4 114.9 115.3 117.8 118.4 Transportation equipment Total 88.6 89.5 89.3 93.0 94.2 100.0 89.6 73.4 84.7 92.1 89.2 89.5 91.4 93.1 93.9 97.0 96.8 98.3 101.8 103.6 104.1 106.3 105.2 Motor vehicles and parts 97.6 101.1 101.7 102.3 100.8 100.0 80.0 58.6 77.7 86.9 83.2 83.3 85.9 87.6 88.3 92.1 90.6 93.6 99.4 100.2 101.5 105.5 104.0 Apparel Printing and support 170.4 157.2 134.5 128.8 125.2 100.0 77.7 55.7 55.6 54.3 55.9 54.6 54.1 53.8 52.1 53.1 53.1 52.4 54.9 54.4 53.5 53.5 54.8 Source: Board of Governors of the Federal Reserve System. 102.1 98.1 98.5 98.6 97.8 100.0 93.8 78.8 78.9 75.4 76.4 75.2 75.9 75.3 74.5 73.8 73.0 74.2 75.2 75.4 74.2 74.6 74.8 Chemical 85.1 86.5 90.0 92.9 95.2 100.0 92.5 83.4 86.3 86.7 85.8 86.0 86.3 86.4 87.1 86.6 85.6 88.1 88.2 87.4 87.0 86.9 86.5 Food 95.0 95.6 95.6 98.6 99.5 100.0 98.7 98.2 98.0 100.3 99.9 100.3 100.5 100.3 100.4 101.5 100.8 101.3 102.1 102.8 102.2 102.7 102.3 New Construction [Billions of dollars; monthly data at seasonally adjusted annual rates] Private Period 2002 �������������������� 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 r ������������������ 2011 r ������������������ 2011: May r �������� June r ������� July r �������� Aug r ��������� Sept r �������� Oct r ���������� Nov r ��������� Dec r ��������� 2012: Jan r ��������� Feb r ��������� Mar r �������� Apr r ��������� May p ������� Total new construction expenditures Residential Total 847.9 891.5 991.4 1,104.1 1,167.2 1,152.4 1,067.6 903.2 804.6 778.2 775.8 786.8 763.5 786.3 790.3 795.7 804.0 820.6 824.7 820.7 817.8 822.5 830.0 New housing Total 1 634.4 675.4 771.2 870.0 911.8 863.3 758.8 588.3 500.6 495.0 495.3 502.1 485.8 501.5 507.2 512.8 520.4 534.6 547.5 544.6 544.8 551.8 560.4 Federal and State and local Nonresidential 396.7 446.0 532.9 611.9 613.7 493.2 350.3 245.9 238.8 237.0 243.1 236.9 222.4 232.2 236.5 243.7 248.2 249.4 249.6 252.6 249.5 253.8 261.3 Total 298.8 345.7 417.5 480.8 468.8 354.1 230.1 133.9 127.3 123.0 119.3 120.7 122.2 124.5 124.3 125.1 127.2 129.3 132.7 135.6 135.7 138.4 141.8 Lodging 237.7 229.3 238.3 258.1 298.1 370.0 408.6 342.4 261.8 258.0 252.3 265.2 263.4 269.3 270.7 269.1 272.2 285.2 297.9 291.9 295.3 298.0 299.1 1 Includes residential improvements, not shown separately. 2 Includes health care, educational, communication, and power, among other categories not Commercial (including farm) Office 10.5 9.9 12.0 12.7 17.6 27.5 35.4 25.4 11.2 8.2 8.0 8.4 7.9 8.1 8.2 8.2 8.7 9.2 9.1 9.0 10.2 10.3 10.3 35.3 30.6 32.9 37.3 45.7 53.8 55.5 37.3 24.4 22.5 22.9 23.4 23.0 23.2 22.6 23.0 22.6 23.0 23.7 23.3 24.6 24.4 24.4 Manufacturing 59.0 57.5 63.2 66.6 73.4 85.9 82.7 50.5 36.5 40.0 39.9 40.9 41.7 42.5 40.9 41.1 41.9 41.9 43.6 42.8 43.2 43.8 44.4 Other 2 22.7 21.4 23.2 28.4 32.3 40.2 52.8 56.3 39.8 40.6 38.3 43.8 41.5 44.2 46.5 45.4 44.9 50.0 44.8 46.6 46.8 47.2 48.6 110.2 109.9 107.0 113.1 129.2 162.7 182.3 173.0 149.9 146.6 143.2 148.7 149.4 151.3 152.4 151.4 154.1 161.0 176.9 170.2 170.6 172.3 171.5 213.4 216.1 220.2 234.2 255.4 289.1 308.7 314.9 304.0 283.3 280.5 284.6 277.7 284.8 283.1 282.9 283.6 286.1 277.2 276.1 273.0 270.7 269.6 Note: Data reflect annual revisions released on July 2, 2012. Source: Department of Commerce (Bureau of the Census). shown separately. New Private Housing and Vacancy Rates [Thousands of units or houses, except as noted] New private housing units Units started, by type of structure Period Total 2002 �������������������� 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� New private houses 2–4 units 1 1 unit 1,704.9 1,847.7 1,955.8 2,068.3 1,800.9 1,355.0 905.5 554.0 586.9 608.8 1,358.6 1,499.0 1,610.5 1,715.8 1,465.4 1,046.0 622.0 445.1 471.2 430.6 Units authorized 5 units or more 38.5 33.5 42.3 41.1 42.7 31.7 17.5 11.6 11.4 10.9 307.9 315.2 303.0 311.4 292.8 277.3 266.0 97.3 104.3 167.3 1,747.7 1,889.2 Units completed Houses for sale at end of period 2 Houses sold Vacancy rate for rental housing units (percent) 3 2,155.3 1,838.9 1,398.4 905.4 583.0 604.6 624.1 1,648.4 1,678.7 1,841.9 1,931.4 1,979.4 1,502.8 1,119.7 794.4 651.7 584.9 973 1,086 1,203 1,283 1,051 776 485 375 323 306 339 370 422 511 536 497 353 234 190 152 8.9 9.8 10.2 9.8 9.7 9.7 10.0 10.6 10.2 9.5 624 633 627 645 616 667 709 701 684 707 769 723 784 543 580 634 617 600 578 583 606 542 572 587 667 598 308 304 297 292 306 314 327 339 339 366 347 343 369 169 166 165 161 160 159 155 152 149 146 144 144 145 ���������������������������� 9.2 ���������������������������� ���������������������������� 9.8 ���������������������������� ���������������������������� 9.4 ���������������������������� ���������������������������� 8.8 ���������������������������� ���������������������������� 4 2,070.1 Seasonally adjusted annual rates 2011: May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2012: Jan ����������� Feb r ��������� Mar r �������� Apr r ��������� May p ������� 551 615 614 581 647 630 708 697 720 718 706 744 708 409 443 429 422 422 439 460 520 511 470 481 500 516 �������������������������� �������������������������� �������������������������� �������������������������� �������������������������� �������������������������� �������������������������� �������������������������� �������������������������� �������������������������� �������������������������� �������������������������� �������������������������� 1 Monthly data do not meet publication standards because tests for identifiable and stable seasonality do not meet reliability standards. 2 Seasonally adjusted. 3 Revised series. Quarterly data entered in last month of quarter. 4 Based on 20,000 permit-issuing places. Based on 19,000 places, the total for 2004 is 2,052.1 thousand units. 136 165 176 152 219 175 239 153 193 240 215 236 179 Note: Beginning 2004, units authorized are for 20,000 permit-issuing places. For other data shown, units authorized are for 19,000 places. Source: Department of Commerce (Bureau of the Census). 19 Business Sales and Inventories—Manufacturing and Trade In April, according to preliminary estimates, manufacturing and trade sales rose 0.2 percent while inventories rose $4.7 billion. According to advance estimates, retail sales fell 0.2 percent in May. Retail and food services sales also fell 0.2 percent. [Millions of dollars, except ratios; seasonally adjusted, except as noted] Manufacturing and trade 1 Period Sales 2 Inventories 3 Inventory/sales ratio 4 Wholesale Sales 2 Inventories 3 Retail Inventory/sales ratio 4 2002 �������������������� 823,234 1,139,378 1.36 236,294 301,436 1.26 2003 �������������������� 854,182 1,147,472 1.34 247,651 308,055 1.23 2004 �������������������� 924,912 1,240,555 1.30 276,367 339,431 1.18 2005 �������������������� 1,003,802 1,312,940 1.27 301,115 367,505 1.18 2006 �������������������� 1,066,154 1,407,372 1.28 325,351 398,586 1.18 2007 �������������������� 1,124,417 1,486,675 1.29 347,857 424,806 1.18 2008 �������������������� 1,153,856 1,461,254 1.32 369,315 442,249 1.22 2009 �������������������� 978,862 1,323,831 1.39 308,268 389,908 1.31 2010 �������������������� 1,074,209 1,433,794 1.28 344,361 429,260 1.18 2011 �������������������� 1,193,570 1,544,057 1.26 389,778 471,549 1.17 2011: Apr r ��������� 1,185,110 1,485,294 1.25 388,422 446,698 1.15 r May �������� 1,184,365 1,500,639 1.27 387,051 454,942 1.18 June ��������� 1,190,288 1,504,805 1.26 389,296 456,715 1.17 July ���������� 1,203,574 1,511,352 1.26 390,187 460,271 1.18 Aug ���������� 1,206,374 1,520,855 1.26 395,149 462,065 1.17 Sept ��������� 1,210,244 1,518,645 1.25 395,783 459,278 1.16 Oct ����������� 1,218,605 1,531,631 1.26 398,145 465,787 1.17 Nov ���������� 1,220,328 1,537,417 1.26 398,316 466,121 1.17 Dec ����������� 1,230,951 1,544,057 1.25 404,636 471,549 1.17 2012: Jan ����������� 1,234,843 1,556,397 1.26 404,708 474,580 1.17 Feb ����������� 1,244,716 1,564,986 1.26 408,970 478,923 1.17 Mar r �������� 1,247,697 1,569,020 1.26 410,559 480,495 1.17 p Apr ��������� 1,250,014 1,573,702 1.26 415,018 483,504 1.17 p May ������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� 1 See page 21 for manufacturing. 2 Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month. 20 Sales 2 Inventories 3 Inventory/sales ratio 4 260,713 415,018 1.55 271,915 431,201 1.56 289,464 460,364 1.56 307,514 471,514 1.51 322,840 486,218 1.49 333,271 500,034 1.48 328,867 477,444 1.51 302,302 429,287 1.46 320,128 455,295 1.38 346,179 471,683 1.34 343,431 459,306 1.34 343,381 461,685 1.34 344,159 462,447 1.34 345,892 462,206 1.34 346,636 466,991 1.35 350,582 468,199 1.34 353,856 468,273 1.32 355,620 470,650 1.32 355,554 471,683 1.33 357,535 476,837 1.33 361,364 479,395 1.33 362,448 481,335 1.33 r 361,336 484,320 1.34 360,719 ����������������������� ����������������������� 3 Seasonally adjusted, end of period. 4 Annual data are averages of seasonally adjusted monthly ratios. Source: Department of Commerce (Bureau of the Census). Retail and food services sales 2 288,256 301,059 320,594 340,552 358,073 370,317 366,876 339,892 358,961 387,304 383,810 384,249 385,266 386,928 387,838 392,354 395,995 397,868 398,012 400,550 404,692 406,200 r 405,287 404,596 Manufacturers’ Shipments, Inventories, and Orders In May, manufacturers’ shipments and new orders rose, while inventories and unfilled orders fell. 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 2002 �������������������� 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2011: May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2012: Jan ����������� Feb ����������� Mar ���������� Apr r ��������� May p ������� 326,227 334,616 359,081 395,173 417,963 443,288 455,675 368,292 409,721 457,613 453,933 456,833 467,495 464,589 463,879 466,604 466,392 470,761 472,600 474,382 474,690 473,660 475,955 176,968 178,549 188,722 202,070 213,516 223,919 218,328 171,886 191,576 209,590 206,082 207,567 217,802 213,170 211,477 215,099 214,251 219,924 220,130 219,081 221,050 222,574 224,295 149,259 156,067 170,359 193,103 204,447 219,369 237,347 196,406 218,145 248,023 247,851 249,266 249,693 251,419 252,402 251,505 252,141 250,837 252,470 255,301 253,640 251,086 251,660 422,924 408,216 440,760 473,921 522,568 561,835 541,561 504,636 549,239 600,825 584,012 585,643 588,875 591,799 591,168 597,571 600,646 600,825 604,980 606,668 607,190 605,878 604,515 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. 260,394 246,854 265,005 283,742 317,506 334,621 330,298 296,449 324,525 358,105 345,619 347,267 350,260 353,297 353,185 355,393 357,659 358,105 360,710 361,622 362,921 363,968 365,608 162,530 161,362 175,755 190,179 205,062 227,214 211,263 208,187 224,714 242,720 238,393 238,376 238,615 238,502 237,983 242,178 242,987 242,720 244,270 245,046 244,269 241,910 238,907 318,535 331,202 357,374 397,140 424,154 449,882 453,930 347,271 409,949 458,457 455,513 454,563 469,642 464,209 465,368 463,563 471,400 481,229 471,576 478,879 468,921 465,752 469,038 169,276 175,135 187,015 204,038 219,707 230,513 216,583 150,866 191,804 210,434 207,662 205,297 219,949 212,790 212,966 212,058 219,259 230,392 219,106 223,578 215,281 214,666 217,378 52,002 53,167 57,565 68,151 74,532 80,276 73,615 46,208 63,174 71,504 70,328 69,875 72,842 73,477 73,056 71,497 75,804 84,115 78,304 79,777 70,030 69,417 70,666 478,699 504,274 556,110 653,400 797,129 947,570 996,797 802,460 879,247 969,434 909,446 913,890 922,570 928,914 937,149 940,858 952,624 969,434 974,867 985,934 986,186 984,750 984,397 1.29 1.25 1.19 1.17 1.20 1.22 1.26 1.39 1.28 1.28 1.29 1.28 1.26 1.27 1.27 1.28 1.29 1.28 1.28 1.28 1.28 1.28 1.27 Note: Manufacturers’ nondurable new orders (not shown) are the same as nondurable shipments. Also, there are no unfilled nondurable orders; data shown for total unfilled orders are durable unfilled orders. Total and durable shipments and inventories include data on semiconductors; new and unfilled orders do not. Source: Department of Commerce (Bureau of the Census). 21 PRICES Producer Prices The producer price index for all finished goods fell by 1.0 percent in May. Prices of finished consumer foods fell 0.6 percent while prices of other finished consumer goods fell 1.7 percent. Capital equipment prices rose 0.1 percent. [1982=100; monthly data seasonally adjusted] Finished goods Intermediate materials Finished goods excluding consumer foods Period 2002 �������������������� 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2011: May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2012: Jan r ��������� Feb ����������� Mar ���������� Apr ����������� May ���������� Total finished goods 138.9 143.3 148.5 155.7 160.4 166.6 177.1 172.5 179.8 190.5 190.3 190.4 191.4 191.8 193.6 193.0 193.2 193.1 193.6 194.2 194.2 193.8 191.8 Consumer foods 140.1 145.9 152.7 155.7 156.7 167.0 178.3 175.5 182.4 193.9 190.8 192.4 194.4 196.3 197.3 197.4 199.3 197.9 197.7 197.1 197.4 197.8 196.7 Consumer goods Total 138.3 142.4 147.2 155.5 161.0 166.2 176.6 171.1 178.3 188.9 189.3 189.1 189.9 189.9 191.9 191.1 190.9 191.1 191.7 192.7 192.5 191.9 189.8 1 Intermediate materials for food manufacturing and feeds. 22 Total 138.8 144.7 150.9 161.9 169.2 175.6 189.1 179.4 190.4 205.5 206.1 205.5 206.5 206.5 209.3 208.1 207.9 208.0 208.7 210.0 209.6 208.5 205.0 Durable 133.0 133.1 135.0 136.6 136.9 138.3 141.2 144.3 144.9 147.4 146.8 147.5 148.2 148.5 148.9 148.8 148.8 149.0 149.5 149.5 150.2 150.3 150.3 Nondurable 139.8 148.4 156.6 172.0 182.6 191.7 210.5 194.1 210.1 231.5 232.3 230.9 232.0 231.8 235.9 234.2 233.9 233.9 234.6 236.7 235.6 234.0 228.7 Capital equipment 139.1 139.5 141.4 144.6 146.9 149.5 153.8 156.7 157.3 159.7 159.5 160.1 160.6 160.6 161.0 160.9 160.9 161.3 161.8 162.0 162.3 162.6 162.8 Total finished consumer goods 139.4 145.3 151.7 160.4 166.0 173.5 186.3 179.1 189.1 203.3 203.0 202.9 204.2 204.6 207.1 206.2 206.5 206.2 206.7 207.5 207.2 206.6 203.6 Total 127.8 133.7 142.6 154.0 164.0 170.7 188.3 172.5 183.4 199.8 201.4 201.9 202.8 201.8 203.0 200.9 200.6 200.1 200.1 201.6 203.1 202.1 200.4 Foods and feeds 1 115.5 125.9 137.1 133.8 135.2 154.4 181.6 166.0 171.7 192.3 191.4 192.9 194.4 197.2 198.5 196.3 196.2 194.7 194.6 194.0 195.1 195.9 195.9 Crude materials Other 128.5 134.2 143.0 155.1 165.4 171.5 188.7 173.0 184.4 200.4 202.3 202.7 203.6 202.2 203.4 201.3 201.0 200.6 200.6 202.2 203.8 202.7 200.8 Source: Department of Labor (Bureau of Labor Statistics). Total 108.1 135.3 159.0 182.2 184.8 207.1 251.8 175.2 212.2 249.4 250.3 251.0 250.5 248.3 252.4 248.0 252.6 251.0 253.7 255.2 248.8 237.9 230.4 Foodstuffs and feedstuffs 99.5 113.5 127.0 122.7 119.3 146.7 163.4 134.5 152.4 188.4 185.7 189.1 188.9 195.4 194.1 190.5 192.8 187.2 190.7 191.4 196.7 189.8 185.4 Other 111.4 148.2 179.2 223.4 230.6 246.3 313.9 197.5 249.3 284.0 287.6 285.6 284.9 274.4 283.5 278.8 285.0 287.5 289.3 291.5 275.7 262.3 252.7 Consumer Prices—All Urban Consumers In May, the consumer price index for all urban consumers fell 0.3 percent; it fell 0.1 percent before seasonal adjustment. The index was 1.7 percent above its year earlier level. [1982–84=100, except as noted; monthly data seasonally adjusted, except as noted by NSA] All items 1 Housing Transportation Shelter Period Rel. imp. 4 ����������� 2002 �������������������� 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2011: May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2012: Jan ����������� Feb ����������� Mar ���������� Apr ����������� May ���������� Not seasonally Seasonally adjusted adjusted (NSA) 100.0 179.9 184.0 188.9 195.3 201.6 207.342 215.303 214.537 218.056 224.939 225.964 225.722 225.922 226.545 226.889 226.421 226.230 225.672 226.665 227.663 229.392 230.085 229.815 ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� 224.634 224.837 225.515 226.266 226.870 226.804 227.014 227.033 227.505 228.433 229.098 229.177 228.527 Food 14.2 176.2 180.0 186.2 190.7 195.2 202.916 214.106 217.955 219.625 227.842 226.845 227.391 228.407 229.606 230.624 231.053 231.298 231.778 232.154 232.245 232.617 233.115 233.189 Total 1 40.5 180.3 184.8 189.5 195.7 203.2 209.586 216.264 217.057 216.256 219.102 218.545 218.732 219.174 219.648 220.049 220.378 220.691 221.005 221.246 221.490 221.751 222.035 222.041 Total 1 31.2 208.1 213.1 218.8 224.4 232.1 240.611 246.666 249.354 248.396 251.646 250.669 251.157 251.767 252.295 252.606 253.163 253.645 254.112 254.613 255.034 255.529 255.974 256.367 Owners’ Rent equivalent of rent primary 1982 residence (Dec. =100) 2 6.4 199.7 205.5 211.0 217.3 225.1 234.679 243.271 248.812 249.385 253.638 252.518 252.853 253.457 254.296 254.914 255.742 256.307 256.894 257.285 257.867 258.303 258.847 259.361 1 Includes items not shown separately. 2 Beginning January 2010, includes expenditure weight for second homes. Prior data are for primary residence only. 3 Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. 23.7 214.7 219.9 224.9 230.2 238.2 246.235 252.426 256.610 256.584 259.570 258.587 259.010 259.573 260.178 260.459 261.034 261.503 261.982 262.543 262.812 263.317 263.765 264.012 Fuels and utilities 5.2 143.6 154.5 161.9 179.0 194.7 200.632 220.018 210.696 214.187 220.367 221.407 220.266 220.394 220.878 222.359 221.794 221.545 221.347 220.362 219.632 219.503 219.319 217.804 Apparel 3.6 124.0 120.9 120.4 119.5 119.5 118.998 118.907 120.078 119.503 122.111 120.722 121.997 123.273 124.337 123.440 123.967 124.618 124.539 125.646 124.534 125.175 125.619 126.090 Total 1 Motor fuel 17.7 152.9 157.6 163.1 173.9 180.9 184.682 195.549 179.252 193.396 212.366 213.727 213.192 214.378 215.522 217.069 215.058 214.432 212.861 213.465 217.846 219.780 218.624 214.140 6.4 116.6 135.8 160.4 195.7 221.0 239.070 279.652 201.978 239.178 302.619 308.197 303.405 307.881 311.386 317.553 308.873 306.556 300.149 302.700 320.746 326.212 317.592 296.531 Medical care 7.0 285.6 297.1 310.1 323.2 336.2 351.054 364.065 375.613 388.436 400.258 398.836 399.648 400.532 401.494 402.413 404.043 405.533 406.879 408.096 408.930 410.169 411.475 413.092 Energy 3 10.5 121.7 136.5 151.4 177.1 196.9 207.723 236.666 193.126 211.449 243.909 247.285 244.244 246.376 248.284 251.899 247.363 246.041 242.746 243.121 250.868 253.165 248.826 238.084 All items less food and energy 75.4 190.5 193.2 196.6 200.9 205.9 210.729 215.572 219.235 221.337 225.008 224.381 224.914 225.366 225.908 226.085 226.465 226.856 227.188 227.684 227.907 228.432 228.984 229.446 4 Relative importance, April 2012. Source: Department of Labor (Bureau of Labor Statistics). 23 Changes in Producer Prices for Finished Goods [Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA] Period Change from preceding period Change from 3 months earlier, annual rate Change from 6 months earlier, annual rate Consumer goods Consumer goods Consumer goods Total finished goods Foods Total finished goods Foods Excluding foods –0.6 .8 2.4 1.2 2.3 1.4 4.3 –.1 .4 2.3 ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� 0.1 .4 .3 .0 .2 –.1 .0 .2 .3 .1 .2 .2 .1 5.2 3.2 2.5 3.2 6.9 3.4 3.0 –1.0 1.2 2.1 2.3 r .4 –4.9 –6.4 –1.2 2.7 12.0 10.6 6.3 6.3 1.2 .6 –4.3 –1.0 r .2 –.8 Capital equipment Excluding foods Change from year earlier, total finished goods (NSA) Capital equipment Total finished goods Foods Excluding foods ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� –1.3 3.2 3.6 4.8 3.0 3.9 6.3 –2.6 4.2 6.0 10.3 4.8 2.6 .8 7.6 3.1 2.7 –2.5 1.2 4.1 3.1 r –.4 –9.2 2.5 3.1 3.0 2.8 2.3 .7 .7 .7 2.3 2.8 2.5 2.0 2.0 8.5 6.6 6.1 4.2 5.0 3.0 3.1 2.9 2.3 2.5 .6 .8 –1.4 6.1 6.3 7.6 2.4 4.5 4.5 9.1 5.8 3.4 .8 .1 .4 –2.6 11.9 8.4 7.1 5.4 6.2 2.8 1.8 2.4 2.1 3.4 .3 .4 –2.8 2.6 3.2 3.2 2.7 2.7 1.9 1.8 1.5 1.5 1.8 1.6 2.1 2.4 7.1 6.9 7.1 6.6 7.0 5.8 5.6 4.7 4.1 3.3 2.8 1.9 .7 Capital equipment Change, Dec. to Dec., NSA 2002 �������������������� 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 1.2 4.0 4.2 5.4 1.1 6.2 –.9 4.3 3.8 4.7 –0.6 7.7 3.1 1.7 1.7 7.6 3.2 1.2 3.4 6.0 2.9 4.1 5.5 8.8 .4 7.7 –4.8 7.4 5.4 5.3 Change, month to month 2011: May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2012: Jan r ��������� Feb ����������� Mar ���������� Apr ����������� May ���������� 0.1 .1 .5 .2 .9 –.3 .1 –.1 .3 r .3 .0 –.2 –1.0 –1.2 .8 1.0 1.0 .5 .1 1.0 –.7 –.1 r –.3 .2 .2 –.6 0.4 –.3 .5 .0 1.4 –.6 –.1 .0 .3 r .6 –.2 –.5 –1.7 Source: Department of Labor (Bureau of Labor Statistics). Changes in Consumer Prices—All Urban Consumers [Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA] Housing Period All items 1 Shelter Food Total 1 Total 1 Addendum: All items, percent change (annual rate) Transportation Fuels Rent Ownand of ers’ primary equiva- utilities resilent dence rent Apparel Total 1 New cars Motor fuel Medical care Energy 2 All items less food and energy From previous quarter 3 From From 3 6 months months earlier earlier From year earlier (NSA) Change, December to December, NSA 2002 �������������������� 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2.4 1.9 3.3 3.4 2.5 4.1 .1 2.7 1.5 3.0 1.5 3.6 2.7 2.3 2.1 4.9 5.9 –.5 1.5 4.7 2.4 2.2 3.0 4.0 3.3 3.0 2.4 –.3 .3 1.9 3.1 2.2 2.7 2.6 4.2 3.1 1.9 .3 .4 1.9 3.1 2.7 2.9 3.1 4.3 4.0 3.4 .7 .8 2.5 3.3 2.0 2.3 2.5 4.3 2.8 2.1 .7 .3 1.8 1.4 6.5 7.9 15.6 .5 5.4 6.0 –3.0 1.8 2.4 –1.8 –2.1 –.2 –1.1 .9 –.3 –1.0 1.9 –1.1 4.6 3.8 .3 6.5 4.8 1.6 8.3 –13.3 14.4 5.3 5.2 –2.0 –2.1 .5 .8 .2 –.4 –1.1 3.6 –1.1 4.0 24.6 6.8 26.1 16.2 6.4 29.5 –42.2 50.7 13.9 10.3 5.0 3.7 4.2 4.3 3.6 5.2 2.6 3.4 3.3 3.5 10.7 6.9 16.6 17.1 2.9 17.4 –21.3 18.2 7.7 6.6 1.9 1.1 2.2 2.2 2.6 2.4 1.8 1.8 .8 2.2 ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� 1.6 2.3 2.7 3.4 3.2 2.8 3.8 –.4 1.6 3.2 0.4 –.3 .6 .5 .7 –.9 –.3 –.7 .3 2.1 .9 –.5 –2.1 1.2 .9 .1 –.1 .2 –.7 –.2 –.1 –.2 .5 .2 .5 .1 0.2 –1.6 1.5 1.1 2.0 –2.7 –.8 –2.1 .8 6.0 1.7 –2.6 –6.6 0.2 .2 .2 .2 .2 .4 .4 .3 .3 .2 .3 .3 .4 0.3 –1.2 .9 .8 1.5 –1.8 –.5 –1.3 .2 3.2 .9 –1.7 –4.3 0.3 .2 .2 .2 .1 .2 .2 .1 .2 .1 .2 .2 .2 ����������� 4.4 ����������� ����������� 3.1 ����������� ����������� 1.3 ����������� ����������� 2.5 ����������� ����������� 4.8 3.0 2.7 2.9 3.7 2.3 1.3 .3 1.2 2.5 3.7 3.0 .2 4.8 4.1 4.1 3.9 3.3 2.5 2.1 2.0 1.8 1.9 2.0 2.1 1.3 3.6 3.6 3.6 3.8 3.9 3.5 3.4 3.0 2.9 2.9 2.7 2.3 1.7 Change, month to month 2011: May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2012: Jan ����������� Feb ����������� Mar ���������� Apr ����������� May ���������� 0.3 .1 .3 .3 .3 .0 .1 .0 .2 .4 .3 .0 –.3 0.4 .2 .4 .5 .4 .2 .1 .2 .2 .0 .2 .2 .0 0.1 .1 .2 .2 .2 .1 .1 .1 .1 .1 .1 .1 .0 0.1 .2 .2 .2 .1 .2 .2 .2 .2 .2 .2 .2 .2 0.1 .1 .2 .3 .2 .3 .2 .2 .2 .2 .2 .2 .2 0.1 .2 .2 .2 .1 .2 .2 .2 .2 .1 .2 .2 .1 1 Includes items not shown separately. 2 Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. 24 0.4 –.5 .1 .2 .7 –.3 –.1 –.1 –.4 –.3 –.1 –.1 –.7 1.0 1.1 1.0 .9 –.7 .4 .5 –.1 .9 –.9 .5 .4 .4 3 Quarterly changes are shown in the last month of the quarter. Source: Department of Labor (Bureau of Labor Statistics). Prices Received and Paid by Farmers In June, prices paid by farmers remained unchanged and prices received by farmers rose 1.7 percent. (Data are not seasonally adjusted.) [1990–92=100; not seasonally adjusted] Prices received by farmers Period 2002 ��������������������������������������������������� 2003 ��������������������������������������������������� 2004 ��������������������������������������������������� 2005 ��������������������������������������������������� 2006 ��������������������������������������������������� 2007 ��������������������������������������������������� 2008 ��������������������������������������������������� 2009 ��������������������������������������������������� 2010 ��������������������������������������������������� 2011 ��������������������������������������������������� 2011: June ���������������������������������������� July ����������������������������������������� Aug ����������������������������������������� Sept ���������������������������������������� Oct ������������������������������������������ Nov ����������������������������������������� Dec ������������������������������������������ 2012: Jan ������������������������������������������ Feb ������������������������������������������ Mar ����������������������������������������� Apr r ���������������������������������������� May r ��������������������������������������� June p �������������������������������������� All farm products 105 110 115 110 120 142 169 150 153 202 209 207 209 203 203 206 198 212 205 210 207 208 210 1 Includes items not shown separately. 2 Percentage ratio of index of prices received by farmers to index of prices paid, interest, taxes, and wage rates. All commodities, services, interest, taxes, and wage rates 1 Livestock and products Crops 98 106 118 114 115 136 149 131 141 178 180 181 183 179 184 184 179 188 181 184 178 178 181 Prices paid by farmers 90 103 122 119 111 130 130 112 130 152 153 155 158 152 154 157 157 156 158 160 152 151 152 Production items, interest, taxes, and wage rates 124 128 134 142 150 161 183 178 183 203 203 204 205 205 205 206 206 210 211 213 215 215 215 121 125 133 141 150 162 188 181 187 209 210 211 211 212 212 213 213 217 218 221 223 223 223 Ratio 2 Production items 119 124 132 140 148 160 190 182 188 215 215 216 217 218 217 219 218 222 223 226 228 229 229 79 84 88 81 77 85 82 74 77 88 89 89 89 87 90 89 87 90 86 86 83 83 84 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. [Averages of daily figures, except debt end-of-period basis; billions of dollars, seasonally adjusted] M1 Period 2002: Dec r ���������������������������������������� 2003: Dec r ���������������������������������������� 2004: Dec r ���������������������������������������� 2005: Dec r ���������������������������������������� 2006: Dec r ���������������������������������������� 2007: Dec r ���������������������������������������� 2008: Dec r ���������������������������������������� 2009: Dec r ���������������������������������������� 2010: Dec r ���������������������������������������� 2011: Dec r ���������������������������������������� 2011: May ����������������������������������������� June r �������������������������������������� July ����������������������������������������� Aug ����������������������������������������� Sept r ��������������������������������������� Oct ������������������������������������������ Nov ����������������������������������������� Dec r ���������������������������������������� 2012: Jan ������������������������������������������ Feb ������������������������������������������ Mar r ��������������������������������������� Apr r ���������������������������������������� May ����������������������������������������� M2 Sum of currency, demand deposits, travelers checks, and other checkable deposits (OCDs) 1,220.6 1,306.9 1,376.6 1,374.8 1,367.1 1,375.2 1,606.7 1,697.7 1,840.2 2,168.7 1,931.5 1,945.1 2,004.5 2,106.2 2,122.6 2,137.7 2,155.0 2,168.7 2,222.9 2,215.0 2,220.6 2,248.2 2,238.1 Debt M1 plus retail MMMF balances, savings deposits (including MMDAs), and small time deposits 5,737.9 6,034.6 6,385.6 6,647.5 7,032.6 7,438.8 8,169.0 8,471.2 8,765.3 9,616.6 9,017.6 9,094.0 9,267.1 9,457.0 9,476.8 9,523.9 9,571.6 9,616.6 9,744.3 9,769.1 9,798.7 9,842.3 9,875.2 1 Quarterly data; shown in last month of quarter. End-of-year data are for fourth quarter. Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfinancial sectors; data from flow of funds accounts. 2 Annual changes are from December to December and monthly changes are from 6 months earlier at a simple annual rate. 3 Annual changes are from fourth quarter to fourth quarter. Quarterly changes are from previous quarter at an annual rate. 26 Debt of domestic nonfinancial sectors 1 20,789.1 22,504.8 25,344.7 27,665.4 30,012.6 32,547.5 34,453.4 35,390.1 36,861.8 38,195.4 ��������������������������������������������� 37,315.5 ��������������������������������������������� ��������������������������������������������� 37,737.6 ��������������������������������������������� ��������������������������������������������� 38,195.4 ��������������������������������������������� ��������������������������������������������� 38,643.7 ��������������������������������������������� ��������������������������������������������� Percent change From year or 6 months earlier 2 M1 From previous period 3 M2 3.2 7.1 5.3 –.1 –.6 .6 16.8 5.7 8.4 17.9 12.0 11.4 14.6 24.2 24.5 24.6 23.1 23.0 21.8 10.3 9.2 10.3 7.7 Debt 6.3 5.2 5.8 4.1 5.8 5.8 9.8 3.7 3.5 9.7 6.7 7.5 9.9 13.2 12.5 12.4 12.3 11.5 10.3 6.6 6.8 6.7 6.3 7.3 8.0 9.3 9.2 8.5 8.4 5.9 3.1 4.1 3.6 ������������������������������� 2.4 ������������������������������� ������������������������������� 4.5 ������������������������������� ������������������������������� 4.9 ������������������������������� ������������������������������� 4.7 ������������������������������� ������������������������������� Note: The Federal Reserve no longer publishes the M3 monetary aggregate and most of its components. Institutional money market mutual funds continue to be published as a memorandum item in the H.6 release, and the component on large-denomination time deposits is published in other Federal Reserve Board releases. For details, see H.6 release of March 23, 2006. See p. 27 for components. Source: Board of Governors of the Federal Reserve System. Components of Money Stock [Averages of daily figures; billions of dollars, seasonally adjusted] Period 2002: Dec ����������� 2003: Dec ����������� 2004: Dec ����������� 2005: Dec ����������� 2006: Dec ����������� 2007: Dec ����������� 2008: Dec ����������� 2009: Dec ����������� 2010: Dec ����������� 2011: Dec r ��������� 2011: May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct r ���������� Nov ���������� Dec r ��������� 2012: Jan ����������� Feb r ��������� Mar r �������� Apr r ��������� May ���������� Nonbank travelers checks Currency 626.3 662.5 697.6 724.0 749.5 760.0 816.1 863.3 917.9 999.8 956.2 963.0 969.1 975.8 981.7 986.1 993.1 999.8 1,009.2 1,019.4 1,028.7 1,034.5 1,038.9 Other checkable deposits (OCDs) Demand deposits 7.8 7.7 7.6 7.2 6.7 6.3 5.5 5.1 4.7 4.3 4.6 4.5 4.5 4.4 4.4 4.4 4.3 4.3 4.2 4.2 4.1 4.1 4.0 At commercial banks Total 307.1 326.6 343.6 325.1 306.0 303.8 474.9 447.4 519.4 754.8 567.5 575.7 627.3 713.7 727.3 737.7 747.3 754.8 791.3 767.6 763.4 783.4 767.4 279.4 310.1 327.8 318.5 304.8 305.1 310.3 381.8 398.1 409.8 403.3 401.8 403.6 412.3 409.3 409.6 410.3 409.8 418.1 423.9 424.3 426.2 427.8 Savings deposits 1 At thrift institutions 154.3 175.2 186.9 180.6 176.3 172.0 177.3 232.1 236.7 235.1 235.5 235.7 236.2 239.7 237.4 235.7 235.5 235.1 239.2 240.8 240.9 242.1 242.5 125.1 134.8 140.9 137.9 128.5 133.0 133.0 149.8 161.4 174.8 167.8 166.0 167.4 172.6 171.9 173.8 174.8 174.8 178.9 183.1 183.5 184.1 185.3 1 Savings deposits including money market deposit accounts (MMDAs). 2 Small-denomination deposits are those issued in amounts of less than $100,000. 3 Institutional money funds are not part of non-M1 M2. Total 2,771.8 3,160.9 3,506.7 3,601.0 3,688.8 3,861.6 4,086.2 4,813.1 5,324.7 6,021.7 5,571.1 5,647.2 5,777.0 5,868.8 5,892.8 5,934.9 5,982.0 6,021.7 6,107.9 6,166.1 6,211.5 6,242.0 6,298.4 At commercial banks 2,058.5 2,336.5 2,631.1 2,772.7 2,906.6 3,035.7 3,318.2 3,977.6 4,409.4 5,024.0 4,597.9 4,674.5 4,799.9 4,889.3 4,913.6 4,948.4 4,988.1 5,024.0 5,105.1 5,180.3 5,216.5 5,241.7 5,284.3 Small-denomination time deposits 2 At thrift institutions 713.3 824.4 875.6 828.3 782.3 825.9 768.0 835.5 915.3 997.7 973.2 972.7 977.1 979.5 979.2 986.5 993.9 997.7 1,002.8 985.8 995.0 1,000.3 1,014.1 Total At commercial banks 894.6 817.9 828.1 993.3 1,205.7 1,275.8 1,457.4 1,182.6 927.6 765.1 858.3 843.4 828.2 811.7 796.8 783.7 771.9 765.1 756.5 745.1 730.6 717.6 705.6 At thrift institutions 591.2 541.8 551.7 646.5 780.4 858.7 1,078.2 862.7 656.6 536.4 604.0 592.7 581.3 569.1 558.0 548.8 540.8 536.4 533.3 531.1 521.6 511.3 502.4 303.4 276.1 276.4 346.9 425.2 417.1 379.3 319.9 271.0 228.7 254.3 250.7 246.9 242.6 238.8 234.8 231.1 228.7 223.2 213.9 209.0 206.3 203.2 Retail money funds 851.0 748.9 674.3 678.3 771.0 926.1 1,018.6 777.8 672.8 661.0 656.8 658.4 657.4 670.3 664.5 667.6 662.7 661.0 657.1 642.9 636.0 634.5 633.1 Institutional money funds 3 1,315.7 1,164.5 1,108.4 1,178.8 1,394.7 1,963.7 2,461.0 2,256.1 1,895.5 1,764.7 1,893.3 1,867.8 1,835.1 1,746.5 1,771.2 1,766.0 1,756.4 1,764.7 1,762.1 1,746.0 1,751.5 1,737.2 1,733.3 Note: See Note, p. 26. Source: Board of Governors of the Federal Reserve System. Aggregate Reserves and Monetary Base [Averages of daily figures 1; millions of dollars; seasonally adjusted, except as noted by NSA] Adjusted for changes in reserve requirements Borrowings from the Federal Reserve (NSA) Reserves of depository institutions Other borrowings from the Federal Reserve Period Total 2 2002: Dec ����������� 2003: Dec ����������� 2004: Dec ����������� 2005: Dec ����������� 2006: Dec ����������� 2007: Dec ����������� 2008: Dec ����������� 2009: Dec ����������� 2010: Dec ����������� 2011: Dec ����������� 2011: May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2012: Jan ����������� Feb ����������� Mar ���������� Apr r ��������� May ���������� 40,287 42,565 46,462 45,002 43,132 43,156 820,217 1,138,685 1,077,351 1,597,183 1,587,576 1,666,349 1,696,473 1,666,949 1,642,710 1,638,605 1,591,978 1,597,183 1,614,015 1,658,308 1,607,992 1,584,744 1,556,345 Nonborrowed 3 40,207 42,519 46,400 44,833 42,941 27,726 166,651 968,758 1,031,863 1,587,657 1,572,431 1,653,106 1,684,077 1,655,115 1,631,135 1,627,395 1,581,637 1,587,657 1,605,401 1,650,375 1,600,663 1,577,879 1,550,159 Required 38,279 41,519 44,555 43,102 41,270 41,372 52,899 63,486 70,716 94,866 75,072 77,615 78,344 83,585 91,718 93,287 94,060 94,866 94,458 98,083 98,290 98,482 98,880 Excess (NSA) 2,008 1,046 1,908 1,900 1,862 1,784 767,318 1,075,199 1,006,636 1,502,318 1,512,505 1,588,734 1,618,129 1,583,364 1,550,992 1,545,318 1,497,919 1,502,318 1,519,557 1,560,226 1,509,703 1,486,262 1,457,466 Monetary base 681,540 720,182 759,106 787,340 812,342 824,754 1,654,873 2,018,795 2,010,240 2,610,831 2,559,321 2,644,620 2,680,642 2,657,378 2,638,581 2,639,138 2,598,948 2,610,831 2,637,184 2,691,733 2,650,397 2,633,352 2,609,171 1 Data are prorated averages of biweekly (maintenance period) averages of daily figures. Reserves and monetary base incorporate adjustments for discontinuities, or ‘‘breaks,’’ associated with changes in reserve requirements. 2 Seasonally adjusted break-adjusted required reserves plus unadjusted excess reserves. 3 Seasonally adjusted break-adjusted total reserves less unadjusted total borrowings from the Federal Reserve. 4 Includes primary dealer and other broker-dealer credit, asset-backed commercial paper money market mutual fund liquidity facility, other credit extensions, adjustment credit, and extended credit, not shown separately. Total 4 80 46 63 169 191 15,430 653,565 169,927 45,488 9,526 15,146 13,243 12,395 11,834 11,575 11,210 10,341 9,526 8,614 7,933 7,330 6,865 6,187 Term auction credit Primary Secondary Seasonal ������������������ ������������������ ������������������ ������������������ 17 0 ������������������ 11 0 ������������������ 97 0 ������������������ 111 0 11,613 3,787 1 438,327 88,245 52 82,014 19,025 518 0 41 3 0 103 0 0 10 1 0 24 0 0 7 0 0 5 0 0 19 0 0 19 0 0 20 0 0 103 0 0 27 0 0 13 0 0 12 0 0 21 0 0 16 0 45 29 52 72 80 30 3 37 26 23 20 42 73 92 81 50 20 23 7 1 4 9 27 Credit extended to American International Group, Inc., net 5 Term assetbacked securities loan facility 6 ������������������� ������������������� ������������������� ������������������� ������������������� ������������������� 47,206 22,023 20,394 ������������������� ������������������� ������������������� ������������������� ������������������� ������������������� ������������������� ������������������� ������������������� ������������������� ������������������� ������������������� ������������������� ������������������� �������������������� �������������������� �������������������� �������������������� �������������������� �������������������� �������������������� 46,310 25,025 9,400 15,115 13,178 12,315 11,737 11,474 11,140 10,301 9,400 8,580 7,920 7,314 6,834 6,143 5 As a result of the closing of the American International Group, Inc. (AIG) recapitalization plan on January 14, 2011, the credit extended to AIG was fully repaid and the Federal Reserve’s commitment to lend any further funds was terminated. 6 Includes credit extended by the Federal Reserve Bank of New York to eligible borrowers through the Term Asset-Backed Securities Loan Facility. Source: Board of Governors of the Federal Reserve System. 27 Bank Credit at All Commercial Banks Total commercial bank loans and leases rose 0.5 percent in May. [Billions of dollars, seasonally adjusted 1] Securities in bank credit 2 Period 2002: Dec r ��������� 2003: Dec r ��������� 2004: Dec r ��������� 2005: Dec r ��������� 2006: Dec r ��������� 2007: Dec r ��������� 2008: Dec r ��������� 2009: Dec r ��������� 2010: Dec r ��������� 2011: Dec r ��������� 2011: May r �������� June r ������� July r �������� Aug r ��������� Sept r �������� Oct r ���������� Nov r ��������� Dec r ��������� 2012: Jan r ��������� Feb r ��������� Mar r �������� Apr r ��������� May ���������� Total bank credit 5,640.8 6,000.2 6,583.3 7,301.8 8,088.5 8,892.4 9,343.5 8,986.1 9,185.3 9,404.2 9,152.0 9,153.9 9,197.9 9,239.4 9,254.1 9,311.9 9,377.2 9,404.2 9,466.9 9,561.0 9,585.2 9,628.1 9,668.3 Total securities 1,490.1 1,621.7 1,741.0 1,852.2 1,984.7 2,102.4 2,095.9 2,326.6 2,429.6 2,501.1 2,438.5 2,429.7 2,434.8 2,446.3 2,454.0 2,461.9 2,479.7 2,501.1 2,533.8 2,573.5 2,585.2 2,601.5 2,606.4 U.S. Treasury and agency securities 1,003.8 1,088.3 1,145.4 1,135.2 1,187.5 1,109.2 1,237.1 1,447.4 1,638.1 1,697.7 1,669.3 1,659.9 1,653.8 1,659.0 1,665.6 1,676.8 1,686.7 1,697.7 1,720.6 1,751.4 1,772.4 1,794.5 1,804.9 Loans and leases in bank credit Real estate loans Other securities 486.3 533.4 595.6 717.0 797.2 993.2 858.8 879.2 791.4 803.4 769.3 769.8 781.0 787.3 788.4 785.1 793.0 803.4 813.2 822.1 812.8 806.9 801.5 Total loans and leases 3 4,150.7 4,378.5 4,842.3 5,449.6 6,103.8 6,790.0 7,247.6 6,659.5 6,755.8 6,903.0 6,713.5 6,724.2 6,763.1 6,793.1 6,800.1 6,850.1 6,897.5 6,903.0 6,933.1 6,987.5 7,000.0 7,026.7 7,061.9 1 Data are prorated averages of Wednesday values for domestically chartered commercial banks, branches and agencies of foreign banks, and Edge Act and agreement corporations. 2 Includes securities held in trading accounts, held-to-maturity, and available-for-sale. Excludes all non-security trading assets, such as derivatives with a positive fair value or loans held in trading accounts. 3 Excludes unearned income. Includes the allowance for loan and lease losses. Excludes Federal funds sold to, reverse repurchase agreements (RPs) with, and loans to commercial banks in the United States. Includes all loans held in trading accounts under a fair value option. 28 Commercial and industrial loans 962.5 889.6 913.4 1,043.8 1,191.9 1,431.5 1,573.5 1,279.5 1,209.8 1,334.7 1,251.0 1,258.8 1,271.3 1,291.5 1,295.8 1,311.2 1,320.8 1,334.7 1,351.8 1,374.4 1,385.1 1,404.2 1,412.6 Total 4 2,009.8 2,207.3 2,552.8 2,922.8 3,364.7 3,590.6 3,813.7 3,772.5 3,607.6 3,482.1 3,503.6 3,497.2 3,487.5 3,482.1 3,479.1 3,484.3 3,489.0 3,482.1 3,501.2 3,532.3 3,536.2 3,533.3 3,529.5 Revolving home equity loans Commercial loans 212.7 ��������������������� 278.7 ��������������������� 395.3 1,081.8 443.3 1,272.1 468.1 1,459.8 484.7 1,583.7 588.0 1,727.0 602.8 1,640.4 581.6 1,498.4 548.3 1,416.6 566.2 1,454.7 563.8 1,449.0 560.1 1,439.9 557.8 1,430.9 555.9 1,426.1 552.6 1,418.2 550.6 1,418.8 548.3 1,416.6 548.7 1,416.1 549.9 1,426.9 546.0 1,424.7 543.8 1,423.2 540.8 1,416.9 4 Includes closed-end residential loans, not shown separately. 5 Includes credit cards and other consumer loans. 6 Includes other items, not shown separately. Source: Board of Governors of the Federal Reserve System. Consumer loans 5 610.5 665.0 691.1 702.8 736.8 798.4 875.5 836.0 1,118.1 1,097.0 1,079.9 1,085.6 1,090.4 1,088.2 1,085.9 1,088.9 1,091.6 1,097.0 1,091.1 1,090.8 1,094.4 1,099.2 1,110.8 Other loans and leases 6 567.9 616.6 684.9 780.2 810.4 969.5 984.9 771.5 820.4 989.2 878.9 882.5 913.9 931.3 939.4 965.6 996.2 989.2 989.0 990.0 984.2 989.9 1,009.0 Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business [Billions of dollars; quarterly data at seasonally adjusted annual rates] Sources Uses External (Net increase in liabilities) Funds raised in markets Period Total 2002 r ������������������ 2003 r ������������������ 2004 r ������������������ 2005 r ������������������ 2006 r ������������������ 2007 r ������������������ 2008 r ������������������ 2009 r ������������������ 2010 r ������������������ 2011 r ������������������ 2010: I r �������������� II r ������������� III r ������������ IV r ������������ 2011: I r �������������� II r ������������� III r ������������ IV r ������������ 2012: I p �������������� Internal 1 912.5 856.2 1,561.3 2,060.9 1,933.0 2,347.8 1,443.4 893.4 1,998.2 2,099.1 1,896.7 1,927.4 2,293.7 1,874.8 1,871.1 2,114.4 2,186.2 2,224.8 2,276.6 824.2 842.7 947.2 1,095.4 1,093.7 1,066.8 1,104.4 1,148.1 1,368.3 1,482.0 1,304.9 1,383.9 1,406.1 1,378.2 1,420.8 1,498.9 1,504.6 1,503.6 1,446.9 Total net funds raised Total 88.3 13.5 614.1 965.5 839.3 1,281.0 339.0 –254.7 629.9 617.1 591.8 543.5 887.6 496.6 450.3 615.5 681.6 721.2 829.7 41.3 47.8 113.6 23.2 –47.0 49.8 12.3 –193.9 6.2 24.9 169.8 –180.6 103.9 –68.4 164.5 71.9 –180.8 43.9 235.7 Net new equity issues –16.2 –39.6 –122.7 –341.8 –565.7 –786.8 –336.0 –64.6 –278.0 –473.4 –200.2 –214.3 –336.5 –360.9 –324.5 –511.0 –617.7 –440.2 –340.8 Credit market instruments Total Securities and mortgages Loans and short-term paper 187.0 208.7 165.9 289.7 346.3 441.0 228.0 305.2 388.9 332.6 450.7 167.9 463.3 473.7 367.6 369.6 248.3 345.1 449.9 –129.4 –121.4 70.4 75.4 172.4 395.5 120.4 –434.6 –104.7 165.6 –80.7 –134.1 –22.8 –181.3 121.5 213.3 188.7 138.9 126.6 57.5 87.4 236.3 365.1 518.7 836.6 348.3 –129.3 284.2 498.3 370.0 33.7 440.5 292.5 489.0 583.0 436.9 484.1 576.5 1 Profits before tax (book) less taxes on corporate income, less net dividends, plus capital consumption allowance (consumption of fixed capital plus capital consumption adjustment), foreign earnings retained abroad, inventory valuation adjustment, and net capital transfers. 2 Includes trade payables, taxes payable, and miscellaneous liabilities (foreign direct investment in the U.S., pension fund contributions payable, and other). Total Other 2 47.1 –34.3 500.6 942.3 886.2 1,231.3 326.6 –60.9 623.7 592.3 422.0 724.0 783.7 564.9 285.8 543.5 862.3 677.3 594.1 Capital expenditures 3 901.8 864.6 1,636.9 1,903.0 1,803.4 2,221.8 508.4 1,069.5 1,767.9 1,960.4 1,730.6 1,687.9 1,965.9 1,687.2 1,641.2 2,014.1 2,192.0 1,994.2 2,048.7 760.6 777.0 856.8 957.3 1,102.5 1,146.9 1,112.4 760.8 987.4 1,071.1 907.4 988.4 1,042.5 1,011.3 1,042.6 1,064.7 1,048.4 1,128.5 1,153.3 Increase in financial assets 141.2 87.6 780.1 945.7 700.9 1,074.9 –604.0 308.7 780.5 889.3 823.2 699.5 923.4 675.9 598.6 949.4 1,143.6 865.7 895.4 Discrepancy (sources less uses) 10.8 –8.4 –75.5 158.0 129.7 126.0 934.9 –176.1 230.2 138.8 166.0 239.4 327.9 187.6 230.0 100.3 –5.8 230.6 227.9 3 Nonresidential fixed investment plus residential fixed investment, inventory change with inventory valuation adjustment, and nonproduced nonfinancial assets. Source: Board of Governors of the Federal Reserve System. Consumer Credit [Billions of dollars; seasonally adjusted] Net change in consumer credit outstanding 1 Consumer credit outstanding (end of period) Period Total 2002: Dec ������������������������������������������ 2003: Dec ������������������������������������������ 2004: Dec ������������������������������������������ 2005: Dec ������������������������������������������ 2006: Dec r ���������������������������������������� 2007: Dec r ���������������������������������������� 2008: Dec r ���������������������������������������� 2009: Dec r ���������������������������������������� 2010: Dec r ���������������������������������������� 2011: Dec r ���������������������������������������� 2011: May r ��������������������������������������� June r �������������������������������������� July r ��������������������������������������� Aug r ���������������������������������������� Sept r ��������������������������������������� Oct r ����������������������������������������� Nov r ���������������������������������������� Dec r ���������������������������������������� 2012: Jan r ���������������������������������������� Feb r ���������������������������������������� Mar r ��������������������������������������� Apr ������������������������������������������ May p �������������������������������������� Nonrevolving 2 Revolving 1,972.1 2,077.4 2,192.2 2,290.9 2,385.0 2,528.8 2,548.9 2,438.8 2,411.9 2,508.5 2,443.7 2,453.1 2,463.5 2,455.6 2,467.3 2,472.2 2,491.3 2,508.5 2,524.1 2,532.9 2,545.7 2,555.7 2,572.8 750.9 768.3 799.6 829.5 929.4 1,008.1 1,010.3 921.9 857.4 864.9 857.1 858.9 856.2 857.1 858.1 859.7 864.6 864.9 862.1 862.1 865.7 862.2 870.2 1 Change based on data in billions of dollars as shown here. For year-end data, change from preceding year-end; for monthly data, change from preceding month. 2 Includes automobile loans and all other loans not included in revolving credit, such as loans for mobile homes, education, boats, trailers, or vacations. These loans may be secured or unsecured. 1,221.2 1,309.1 1,392.7 1,461.4 1,455.5 1,520.6 1,538.6 1,517.0 1,554.5 1,643.6 1,586.6 1,594.3 1,607.3 1,598.5 1,609.2 1,612.5 1,626.7 1,643.6 1,662.0 1,670.8 1,680.0 1,693.5 1,702.6 Total Nonrevolving 2 Revolving 104.2 105.3 114.8 98.7 94.1 143.8 20.1 –110.1 –26.9 96.6 8.4 9.4 10.4 –7.9 11.7 4.9 19.1 17.2 15.6 8.8 12.8 10.0 17.1 36.1 17.4 31.3 29.9 99.9 78.7 2.2 –88.4 –64.5 7.5 6.2 1.8 –2.7 .9 1.0 1.6 4.9 .3 –2.8 .0 3.6 –3.5 8.0 68.2 87.9 83.6 68.7 –5.9 65.1 18.0 –21.6 37.5 89.1 2.2 7.7 13.0 –8.8 10.7 3.3 14.2 16.9 18.4 8.8 9.2 13.5 9.1 Note: Data include student loans extended by the Federal Government and by SLM Holding Corporation. Source: Board of Governors of the Federal Reserve System. 29 Interest Rates and Bond Yields Interest rates were mixed in June. [Percent per annum] U.S. Treasury security yields Period 2002 �������������������� 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2011: June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2012: Jan ����������� Feb ����������� Mar ���������� Apr ����������� May ���������� June ��������� Week ended: 2012: June 9 ������ 16 ������ 23 ������ 30 ������ July 7 ������ 3-month bills (at auction) 1 Constant maturities 2 3-year 10-year 30-year High-grade municipal bonds (Standard & Poor’s) 3 Discount window (N.Y. F.R. Bank) 4, 5 Primary credit 1.62 1.01 1.38 3.16 4.73 4.41 1.48 .16 .14 .06 .04 .03 .05 .02 .02 .01 .02 .02 .08 .09 .08 .09 .09 3.10 2.10 2.78 3.93 4.77 4.35 2.24 1.43 1.11 .75 .71 .68 .38 .35 .47 .39 .39 .36 .38 .51 .43 .39 .39 4.61 4.01 4.27 4.29 4.80 4.63 3.66 3.26 3.22 2.78 3.00 3.00 2.30 1.98 2.15 2.01 1.98 1.97 1.97 2.17 2.05 1.80 1.62 5.43 * * * 4.91 4.84 4.28 4.08 4.25 3.91 4.23 4.27 3.65 3.18 3.13 3.02 2.98 3.03 3.11 3.28 3.18 2.93 2.70 5.05 4.73 4.63 4.29 4.42 4.42 4.80 4.64 4.16 4.29 4.22 4.24 3.92 3.79 3.94 3.95 3.76 3.43 3.25 3.51 3.47 3.21 3.30 6.49 ��������������������� 5.67 2.12 5.63 2.34 5.24 4.19 5.59 5.96 5.56 5.86 5.63 2.39 5.31 .50 4.94 .72 4.64 .75 4.99 .75 4.93 .75 4.37 .75 4.09 .75 3.98 .75 3.87 .75 3.93 .75 3.85 .75 3.85 .75 3.99 .75 3.96 .75 3.80 .75 3.64 .75 .08 .09 .10 .10 .10 .36 .39 .40 .41 .39 1.61 1.62 1.64 1.64 1.61 2.69 2.72 2.71 2.71 2.70 3.25 3.29 3.32 3.33 3.31 3.67 3.67 3.64 3.60 3.60 1 High bill rate at auction, issue date within period, bank-discount basis. Data are stop yields from uniform-price auctions. 2 Yields on actively traded issues adjusted to constant maturities. 3 Weekly data are Wednesday figures. 4 Discount window borrowing for primary credit and discount rate (adjustment credit). The rate for primary credit replaced the rate for adjustment credit. 5 Average effective rate for year; rate in effect at end of month or week. 30 Corporate Aaa bonds (Moody’s) .75 .75 .75 .75 .75 Prime rate charged by banks 5 Discount rate 1.17 * * * * * * * * * * * * * * * * * * * * * * 4.67 4.12 4.34 6.19 7.96 8.05 5.09 3.25 3.25 3.25 3.25 3.25 3.25 3.25 3.25 3.25 3.25 3.25 3.25 3.25 3.25 3.25 3.25 * * * * * 3.25 3.25 3.25 3.25 3.25 New-home mortgage yields (FHFA) 7 Federal funds rate 6 1.67 6.43 1.13 5.80 1.35 5.77 3.22 5.94 4.97 6.63 5.02 6.41 1.92 6.05 .16 5.14 .18 4.80 .10 4.56 .09 4.61 .07 4.55 .10 4.29 .08 4.36 .07 4.19 .08 4.26 .07 4.18 .08 4.15 .10 4.01 .13 3.72 .14 3.93 .16 3.88 .16 ����������������������� .16 .17 .17 .17 .13 ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� 6 Daily effective rate; weighted average of rates on brokered trades. 7 Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as well as contract rate and assumed, on the average, repayment at end of 10 years. * Discount rate (adjustment credit) series was discontinued after January 8, 2003. Series for 30-year constant maturity was discontinued on February 18, 2002, and reintroduced on February 9, 2006. Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Housing Finance Agency, Moody’s Investors Service, and Standard & Poor’s. Common Stock Prices and Yields Stock prices were mixed in June. Common stock yields (percent) 7 Common stock prices 1 New York Stock Exchange indexes (December 31, 2002=5,000) 2, 3 Period Composite 2002 ��������������������� 2003 ��������������������� 2004 ��������������������� 2005 ��������������������� 2006 ��������������������� 2007 ��������������������� 2008 ��������������������� 2009 ��������������������� 2010 ��������������������� 2011 ��������������������� 2011: June ���������� July ����������� Aug ����������� Sept ���������� Oct ������������ Nov ����������� Dec ������������ 2012: Jan ������������ Feb ������������ Mar ����������� Apr ������������ May ����������� June ���������� Week ended: 2012: June 9 ������� 16 ������� 23 ������� 30 ������� July 7 ������� Financial Energy Health Care Dow Jones industrial average 4 Standard & Poor’s composite index (1941–43=10) 5 Nasdaq composite index (Feb. 5, 1971=100) 6 Dividend/price ratio Earnings/price ratio 5,578.89 ��������������������������� ��������������������������� ��������������������������� 5,547.46 5,583.00 5,273.90 5,288.67 6,612.62 6,822.18 6,952.36 5,924.80 7,349.00 7,383.70 9,377.84 6,283.96 8,357.99 8,654.40 11,206.94 6,685.06 9,648.82 9,321.39 13,339.99 7,191.79 8,036.88 6,278.38 13,258.42 6,171.19 6,091.02 3,987.04 10,020.30 5,456.63 7,230.43 4,744.05 10,943.85 6,230.62 7,871.41 4,641.01 12,880.35 6,847.80 8,108.71 4,814.06 13,118.75 7,214.22 8,286.83 4,846.73 13,678.27 7,290.81 7,342.37 4,215.95 11,964.10 6,587.04 7,099.58 3,958.64 11,370.24 6,578.35 7,255.05 4,048.81 11,760.87 6,666.64 7,348.85 3,991.61 12,243.52 6,696.20 7,401.26 4,023.34 12,258.25 6,880.58 7,737.68 4,295.28 12,782.96 7,122.69 8,071.44 4,593.42 13,318.47 7,208.35 8,166.75 4,740.40 13,196.85 7,305.09 8,043.14 4,664.43 12,499.31 7,363.86 7,713.74 4,393.13 11,789.32 7,200.82 7,555.41 4,290.69 11,377.92 7,204.25 9,226.43 8,993.59 10,317.39 10,547.67 11,408.67 13,169.98 11,252.62 8,876.15 10,662.80 11,966.36 12,097.31 12,512.33 11,326.62 11,175.45 11,515.93 11,804.33 12,075.68 12,550.89 12,889.05 13,079.47 13,030.75 12,721.08 12,544.90 993.94 965.23 1,130.65 1,207.23 1,310.46 1,477.19 1,220.04 948.05 1,139.97 1,268.89 1,287.29 1,325.18 1,185.31 1,173.88 1,207.22 1,226.41 1,243.32 1,300.58 1,352.49 1,389.24 1,386.43 1,341.27 1,323.48 1,539.73 1,647.17 1,986.53 2,099.32 2,263.41 2,578.47 2,161.65 1,845.38 2,349.89 2,680.42 2,687.76 2,810.58 2,504.62 2,524.14 2,594.78 2,606.29 2,601.67 2,743.80 2,928.98 3,035.92 3,035.10 2,900.41 2,850.35 1.61 1.77 1.72 1.83 1.87 1.86 2.37 2.40 1.98 2.05 2.04 1.99 2.20 2.25 2.28 2.22 2.24 2.17 2.11 2.09 2.20 2.31 2.38 2.92 3.84 4.89 5.36 5.78 5.29 3.54 1.86 6.04 6.77 6.35 ���������������������������� ���������������������������� 7.69 ���������������������������� ���������������������������� 6.91 ���������������������������� ���������������������������� 6.29 ���������������������������� ���������������������������� ���������������������������� 7,443.04 7,554.12 7,673.83 7,603.27 7,832.08 12,331.87 12,580.10 12,723.58 12,629.34 12,871.09 1,303.89 1,323.99 1,343.80 1,331.35 1,365.45 2,814.46 2,836.11 2,901.41 2,870.02 2,960.19 2.44 2.37 2.31 2.38 2.33 ���������������������������� ���������������������������� ���������������������������� ���������������������������� ���������������������������� 4,197.34 4,278.91 4,380.23 4,348.50 4,477.52 11,246.47 11,424.21 11,553.90 11,369.22 11,908.65 7,045.02 7,163.21 7,321.33 7,340.04 7,462.99 1 Average of daily closing prices. 2 Includes all the stocks (in 2011, over 1,800) listed on the NYSE. 3 Effective January 9, 2003, the NYSE relaunched the composite index with changes in meth- odology, definitions, and based on Dec. 31, 2002=5,000. Effective January 8, 2004 new indexes for Financial, Energy, and Health Care were introduced by the NYSE. Previous indexes shown for Industrial, Transportation, Utility, and Finance were discontinued. 4 Includes 30 stocks. 5 Includes 500 stocks. 6 Includes over 2,500 stocks in 2011. 7 Standard & Poor’s series. Dividend/price ratios based on Wednesday closing prices. Earnings/ price ratios based on prices at end of quarter. Sources: New York Stock Exchange, Dow Jones & Company, Inc., Standard & Poor’s, and Nasdaq Stock Market. 31 FEDERAL FINANCE Federal Receipts, Outlays, and Debt In the first eight months of fiscal 2012, the deficit was $844.5 billion, compared with a deficit of $927.4 billion a year earlier. [Billions of dollars] Total Fiscal year or period Receipts 1994 ���������������������������������������������������� 1995 ���������������������������������������������������� 1996 ���������������������������������������������������� 1997 ���������������������������������������������������� 1998 ���������������������������������������������������� 1999 ���������������������������������������������������� 2000 ���������������������������������������������������� 2001 ���������������������������������������������������� 2002 ���������������������������������������������������� 2003 ���������������������������������������������������� 2004 ���������������������������������������������������� 2005 ���������������������������������������������������� 2006 ���������������������������������������������������� 2007 ���������������������������������������������������� 2008 ���������������������������������������������������� 2009 ���������������������������������������������������� 2010 ���������������������������������������������������� 2011 ���������������������������������������������������� 2012 (estimates) ��������������������������������� 2013 (estimates) ��������������������������������� Cumulative total, first 8 months: 1 Fiscal year 2011 ���������������������������������� Fiscal year 2012 ���������������������������������� Outlays On-budget Surplus or deficit (–) Receipts Outlays Federal debt (end of period) Off-budget Surplus or deficit (–) Receipts Outlays Surplus or deficit (–) Gross Federal 1,258.6 1,351.8 1,453.1 1,579.2 1,721.7 1,827.5 2,025.2 1,991.1 1,853.1 1,782.3 1,880.1 2,153.6 2,406.9 2,568.0 2,524.0 2,105.0 2,162.7 2,303.5 2,468.6 2,902.0 1,461.8 1,515.7 1,560.5 1,601.1 1,652.5 1,701.8 1,789.0 1,862.8 2,010.9 2,159.9 2,292.8 2,472.0 2,655.1 2,728.7 2,982.5 3,517.7 3,456.2 3,603.1 3,795.5 3,803.4 –203.2 –164.0 –107.4 –21.9 69.3 125.6 236.2 128.2 –157.8 –377.6 –412.7 –318.3 –248.2 –160.7 –458.6 –1,412.7 –1,293.5 –1,299.6 –1,326.9 –901.4 923.5 1,000.7 1,085.6 1,187.2 1,305.9 1,383.0 1,544.6 1,483.6 1,337.8 1,258.5 1,345.4 1,576.1 1,798.5 1,932.9 1,865.9 1,451.0 1,531.0 1,737.7 1,896.5 2,224.5 1,182.4 1,227.1 1,259.6 1,290.5 1,335.9 1,381.1 1,458.2 1,516.0 1,655.2 1,796.9 1,913.3 2,069.7 2,233.0 2,275.0 2,507.8 3,000.7 2,901.5 3,104.5 3,290.4 3,169.3 –258.8 –226.4 –174.0 –103.2 –29.9 1.9 86.4 –32.4 –317.4 –538.4 –568.0 –493.6 –434.5 –342.2 –641.8 –1,549.7 –1,370.5 –1,366.8 –1,393.9 –944.7 335.0 351.1 367.5 392.0 415.8 444.5 480.6 507.5 515.3 523.8 534.7 577.5 608.4 635.1 658.0 654.0 631.7 565.8 572.1 677.4 279.4 288.7 300.9 310.6 316.6 320.8 330.8 346.8 355.7 363.0 379.5 402.2 422.1 453.6 474.8 517.0 554.7 498.6 505.2 634.1 55.7 62.4 66.6 81.4 99.2 123.7 149.8 160.7 159.7 160.8 155.2 175.3 186.3 181.5 183.3 137.0 77.0 67.2 67.0 43.3 4,643.3 4,920.6 5,181.5 5,369.2 5,478.2 5,605.5 5,628.7 5,769.9 6,198.4 6,760.0 7,354.7 7,905.3 8,451.4 8,950.7 9,986.1 11,875.9 13,528.8 14,764.2 16,350.9 17,547.9 3,433.1 3,604.4 3,734.1 3,772.3 3,721.1 3,632.4 3,409.8 3,319.6 3,540.4 3,913.4 4,295.5 4,592.2 4,829.0 5,035.1 5,803.1 7,544.7 9,018.9 10,128.2 11,578.1 12,636.7 1,484.4 1,563.9 2,411.8 2,408.4 –927.4 –844.5 1,101.4 1,184.7 2,057.1 2,063.1 –955.7 –878.4 383.0 379.2 354.7 345.3 28.3 34.0 14,311.1 15,747.9 9,718.6 11,011.7 1 Data from current issue Monthly Treasury Statement. Note: Data (except as noted) are from Budget of the United States Government, Fiscal Year 2013, issued February 13, 2012. Sources: Department of the Treasury and Office of Management and Budget. 32 Held by the public Federal Receipts by Source and Outlays by Function In the first eight months of fiscal 2012, receipts were $79.5 billion higher than a year earlier and outlays were $3.4 billion lower. [Billions of dollars] On-budget and off-budget receipts Fiscal year or period 1994 ���������������������������������������������������� 1995 ���������������������������������������������������� 1996 ���������������������������������������������������� 1997 ���������������������������������������������������� 1998 ���������������������������������������������������� 1999 ���������������������������������������������������� 2000 ���������������������������������������������������� 2001 ���������������������������������������������������� 2002 ���������������������������������������������������� 2003 ���������������������������������������������������� 2004 ���������������������������������������������������� 2005 ���������������������������������������������������� 2006 ���������������������������������������������������� 2007 ���������������������������������������������������� 2008 ���������������������������������������������������� 2009 ���������������������������������������������������� 2010 ���������������������������������������������������� 2011 ���������������������������������������������������� 2012 (estimates) ��������������������������������� 2013 (estimates) ��������������������������������� Cumulative total, first 8 months: 1 Fiscal year 2011 ���������������������������������� Fiscal year 2012 ���������������������������������� Total Indi- Corporavidual tion income income taxes taxes Social insurance and retirement receipts On-budget and off-budget outlays National defense Other Total Total Depart- Internament tional of affairs Defense, military Health Medicare Income Social Net security security interest Other 1,258.6 1,351.8 1,453.1 1,579.2 1,721.7 1,827.5 2,025.2 1,991.1 1,853.1 1,782.3 1,880.1 2,153.6 2,406.9 2,568.0 2,524.0 2,105.0 2,162.7 2,303.5 2,468.6 2,902.0 543.1 590.2 656.4 737.5 828.6 879.5 1,004.5 994.3 858.3 793.7 809.0 927.2 1,043.9 1,163.5 1,145.7 915.3 898.5 1,091.5 1,164.7 1,359.3 140.4 157.0 171.8 182.3 188.7 184.7 207.3 151.1 148.0 131.8 189.4 278.3 353.9 370.2 304.3 138.2 191.4 181.1 236.8 347.7 461.5 484.5 509.4 539.4 571.8 611.8 652.9 694.0 700.8 713.0 733.4 794.1 837.8 869.6 900.2 890.9 864.8 818.8 840.7 959.1 113.7 120.1 115.4 120.1 132.6 151.5 160.6 151.7 146.0 143.9 148.4 154.0 171.2 164.7 173.7 160.5 207.9 212.1 226.5 235.9 1,461.8 1,515.7 1,560.5 1,601.1 1,652.5 1,701.8 1,789.0 1,862.8 2,010.9 2,159.9 2,292.8 2,472.0 2,655.1 2,728.7 2,982.5 3,517.7 3,456.2 3,603.1 3,795.5 3,803.4 281.6 272.1 265.7 270.5 268.2 274.8 294.4 304.7 348.5 404.7 455.8 495.3 521.8 551.3 616.1 661.0 693.6 705.6 716.3 701.8 268.6 259.4 253.1 258.3 255.8 261.2 281.0 290.2 331.8 387.1 436.4 474.1 499.3 528.5 594.6 636.7 666.7 678.1 688.3 672.9 17.1 16.4 13.5 15.2 13.1 15.2 17.2 16.5 22.3 21.2 26.9 34.6 29.5 28.5 28.9 37.5 45.2 45.7 56.3 59.6 107.1 115.4 119.4 123.8 131.4 141.0 154.5 172.2 196.5 219.5 240.1 250.5 252.7 266.4 280.6 334.3 369.1 372.5 361.6 385.9 144.7 159.9 174.2 190.0 192.8 190.4 197.1 217.4 230.9 249.4 269.4 298.6 329.9 375.4 390.8 430.1 451.6 485.7 484.5 530.2 217.2 223.8 229.7 235.0 237.8 242.5 253.7 269.8 312.7 334.6 333.1 345.8 352.5 366.0 431.3 533.2 622.2 597.4 579.6 559.4 319.6 335.8 349.7 365.3 379.2 390.0 409.4 433.0 456.0 474.7 495.5 523.3 548.5 586.2 617.0 683.0 706.7 730.8 778.6 825.9 202.9 232.1 241.1 244.0 241.1 229.8 222.9 206.2 170.9 153.1 160.2 184.0 226.6 237.1 252.8 186.9 196.2 230.0 224.8 247.7 171.5 160.2 167.2 157.3 188.9 218.1 239.7 243.1 273.1 302.6 311.8 339.8 393.5 317.9 365.2 651.6 371.6 435.5 593.9 492.9 1,484.4 1,563.9 701.9 731.3 85.5 119.1 557.3 568.4 139.7 145.2 2,411.8 2,408.4 469.1 453.9 449.4 434.0 28.8 32.9 254.6 229.8 304.4 302.6 432.6 391.0 481.7 507.3 165.2 172.2 275.4 318.8 1 Data from current issue Monthly Treasury Statement. Data for Department of Defense, military, include a small amount that is classified and listed under international affairs, and not included in national defense. Note: Data (except as noted) are from Budget of the United States Government, Fiscal Year 2013, issued February 13, 2012. Sources: Department of the Treasury and Office of Management and Budget. 33 Federal Sector, National Income Accounts Basis In the first quarter of 2012, according to current estimates, Federal current receipts rose $123.4 billion (annual rate), while Federal current expenditures fell $2.6 billion. [Billions of dollars; quarterly data at seasonally adjusted annual rates] Federal Government current receipts Current tax receipts Period Calendar year: 2002 ������������� 2003 ������������� 2004 ������������� 2005 ������������� 2006 ������������� 2007 ������������� 2008 ������������� 2009 ������������� 2010 ������������� 2011 ������������� 2008: III ������������� IV ������������� 2009: I ��������������� II �������������� III ������������� IV ������������� 2010: I ��������������� II �������������� III ������������� IV ������������� 2011: I ��������������� II �������������� III ������������� IV ������������� 2012: I r ������������� Total 1,859.3 1,885.1 2,013.9 2,290.1 2,524.5 2,654.7 2,502.2 2,232.5 2,429.6 2,564.8 2,501.4 2,457.7 2,225.9 2,214.0 2,221.6 2,268.5 2,364.8 2,407.8 2,475.4 2,470.5 2,527.9 2,554.1 2,583.5 2,593.8 2,717.2 Total 1 1,073.5 1,070.2 1,153.8 1,383.7 1,558.3 1,637.6 1,447.7 1,170.2 1,340.7 1,536.7 1,450.2 1,396.1 1,169.7 1,137.1 1,168.7 1,205.4 1,290.3 1,322.0 1,377.8 1,372.8 1,513.3 1,532.7 1,547.1 1,553.6 1,661.1 Personal current taxes 828.6 774.2 799.2 931.9 1,049.9 1,165.6 1,101.3 856.6 896.4 1,072.0 1,106.3 1,116.0 915.7 844.6 830.8 835.2 856.5 888.7 912.3 927.8 1,046.8 1,065.4 1,083.3 1,092.4 1,115.7 Taxes on production and imports 86.8 89.3 94.3 98.8 99.4 94.5 94.0 97.3 101.5 110.8 94.5 93.2 90.5 100.0 99.0 99.6 98.3 102.0 103.6 101.9 106.7 112.0 112.3 112.2 116.3 Contributions Income for Taxes govern- receipts on on ment assets corporate social income insurance 150.5 197.8 250.3 341.0 395.0 362.8 233.7 201.7 329.6 338.2 232.1 161.7 147.7 176.7 225.9 256.3 322.3 318.1 348.9 329.1 345.4 340.0 334.5 332.7 414.9 739.3 762.8 807.6 852.6 904.6 945.3 973.1 948.9 970.9 907.3 974.4 969.7 951.2 951.7 946.6 945.9 960.3 969.9 975.5 977.9 894.6 900.3 915.1 919.0 932.1 1 Includes taxes from the rest of the world, not shown separately. 2 Includes an item for the difference between wage accruals and disbursements, not shown separately. 34 Federal Government current expenditures 20.3 22.8 23.2 23.7 26.1 29.8 30.7 48.1 53.1 55.3 30.6 27.9 39.0 49.6 48.7 54.9 49.8 52.3 55.3 55.0 54.6 54.9 55.5 56.3 60.2 Current transfer receipts 26.1 25.6 29.0 33.6 38.3 44.8 54.4 69.8 69.7 67.4 49.7 68.4 71.1 80.2 61.6 66.1 69.1 68.6 71.6 69.7 68.1 67.4 66.9 67.2 66.7 Current surplus of government enterprises 0.2 3.7 .3 –3.5 –2.9 –2.7 –3.7 –4.4 –4.8 –1.8 –3.7 –4.4 –5.1 –4.7 –4.0 –3.9 –4.7 –4.9 –4.8 –4.9 –2.7 –1.2 –1.1 –2.4 –2.9 Total 2 2,112.1 2,261.5 2,393.4 2,573.1 2,728.3 2,900.0 3,115.7 3,450.4 3,703.3 3,752.6 3,140.4 3,119.4 3,219.8 3,516.9 3,527.0 3,537.9 3,636.6 3,685.8 3,733.1 3,757.8 3,729.0 3,829.5 3,744.2 3,707.8 3,705.2 ConCurrent sumption transfer Interest Subsidies expendipaypayments tures ments 3 590.5 660.3 721.4 765.8 811.0 848.9 931.7 986.6 1,054.0 1,072.1 946.2 953.5 955.2 981.2 997.8 1,012.4 1,033.9 1,056.0 1,066.6 1,059.6 1,059.1 1,077.5 1,084.9 1,066.9 1,066.7 1,252.1 1,339.4 1,405.0 1,491.3 1,587.1 1,690.4 1,841.9 2,153.6 2,313.7 2,305.8 1,826.2 1,874.9 2,006.2 2,210.4 2,189.9 2,207.9 2,283.0 2,289.0 2,331.9 2,350.7 2,312.7 2,346.9 2,289.0 2,274.7 2,281.0 229.1 212.9 221.0 255.4 279.2 313.2 292.1 251.9 279.9 312.4 317.6 238.4 204.1 269.8 272.1 261.8 264.9 286.2 279.1 289.4 298.0 342.8 306.6 302.3 295.7 40.5 49.0 46.0 60.5 51.0 47.4 49.9 58.3 55.8 62.3 50.4 52.6 54.4 55.6 67.2 55.9 54.8 54.7 55.4 58.2 59.2 62.2 63.8 63.9 61.9 3 Includes Federal grants-in-aid to State and local governments, not shown separately. Source: Department of Commerce (Bureau of Economic Analysis). Net Federal Government saving –252.8 –376.4 –379.5 –283.0 –203.8 –245.2 –613.5 –1,217.9 –1,273.7 –1,187.8 –639.1 –661.7 –993.9 –1,303.0 –1,305.4 –1,269.4 –1,271.8 –1,278.0 –1,257.7 –1,287.3 –1,201.1 –1,275.4 –1,160.7 –1,114.1 –988.0 INTERNATIONAL STATISTICS Industrial Production and Consumer Prices—Major Industrial Countries Industrial production (2007=100; seasonally adjusted) Period United States Canada Japan France Germany Consumer prices (1982–84=100; NSA) United Kingdom Italy United States 1 Canada Japan France Germany 2002 ��������������� 89.3 97.8 85.1 97.5 83.3 96.0 99.8 179.9 172.9 119.0 163.4 2003 ��������������� 90.4 97.9 87.6 96.4 83.7 95.4 99.5 184.0 177.7 118.7 166.9 2004 ��������������� 92.5 99.5 91.8 97.8 86.2 95.3 100.3 188.9 181.0 118.7 170.4 2005 ��������������� 95.5 101.4 93.2 97.9 89.2 94.7 99.5 195.3 185.0 118.4 173.4 2006 ��������������� 97.6 100.8 97.1 98.8 94.3 98.2 99.5 201.6 188.7 118.6 176.3 2007 ��������������� 100.0 100.0 100.0 100.0 100.0 100.0 100.0 207.342 192.7 118.7 178.9 2008 ��������������� 96.5 95.5 96.6 97.2 100.0 96.3 97.2 215.303 197.3 120.3 184.0 2009 ��������������� 85.4 84.5 75.5 84.9 83.7 78.3 88.5 214.537 197.9 118.7 184.1 r 2010 ������������� 90.1 89.7 88.1 88.9 92.6 83.7 90.1 218.056 201.4 117.9 186.9 2011 r ������������� 93.7 92.9 86.0 91.0 99.7 83.9 89.1 224.939 207.2 117.5 190.9 r 2011: Apr ���� 92.6 92.7 78.7 90.4 99.2 86.1 88.4 224.906 207.1 117.7 191.0 May r ��� 92.9 91.4 83.2 91.8 100.2 85.1 89.2 225.964 208.5 117.7 191.1 June r �� 93.1 91.6 86.4 90.4 99.4 84.3 89.3 225.722 207.1 117.5 191.3 July r ��� 93.9 92.6 87.3 91.8 102.3 83.5 88.9 225.922 207.5 117.5 190.4 r Aug ���� 94.2 93.2 88.1 92.2 102.0 86.5 89.1 226.545 208.0 117.7 191.4 r Sept ��� 94.4 93.5 86.4 90.1 99.7 82.2 89.0 226.889 208.5 117.7 191.3 Oct r ����� 94.9 93.3 88.0 90.3 100.2 81.5 88.0 226.421 208.9 117.9 191.7 Nov r ���� 95.1 93.3 86.5 91.1 100.2 81.6 87.7 226.230 209.0 117.2 192.3 r Dec ���� 95.9 94.2 88.5 89.7 98.3 82.5 88.0 225.672 207.8 117.2 193.0 2012: Jan r ���� 96.5 94.4 89.3 89.9 98.9 80.2 87.5 226.665 208.7 117.4 192.4 Feb r ���� 97.0 92.9 87.9 90.7 99.5 79.6 87.7 227.663 209.6 117.6 193.2 r Mar ��� 96.4 93.3 89.0 89.8 100.4 80.1 87.6 229.392 210.4 118.2 194.8 p Apr ���� 97.4 93.7 88.8 91.2 98.5 78.5 87.6 230.085 211.3 118.3 195.0 May p �� 97.3 ��������������� 86.0 ��������������� 100.0 ��������������� ��������������� 229.815 211.1 118.0 194.9 June p �� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� 1 Data relate to all urban consumers. 147.4 148.9 151.4 153.7 156.2 159.7 163.9 164.5 166.3 170.2 169.9 169.9 170.0 170.7 170.7 170.8 170.8 170.8 172.0 171.4 172.7 173.1 173.4 173.1 173.0 United Kingdom Italy 243.5 207.0 250.1 213.0 255.6 219.3 260.6 225.6 266.1 232.8 270.9 242.7 280.0 252.4 282.2 251.1 286.5 262.7 294.5 276.3 293.5 275.4 293.8 276.3 294.1 276.3 294.9 275.7 295.8 277.4 295.8 279.5 297.5 279.6 297.2 280.2 298.4 281.3 299.2 279.6 300.4 281.9 301.8 282.9 303.2 284.9 303.2 284.8 303.8 ����������������� Sources: As reported by each country, Board of Governors of the Federal Reserve System, and Department of Labor (Bureau of Labor Statistics). Note: See Note, p. 17, for information on U.S. industrial production series. U.S. International Trade in Goods and Services [Billions of dollars; monthly data seasonally adjusted] Goods: Exports (f.a.s. value) Census basis (by end-use category) Period 2002 ��������������� 2003 ��������������� 2004 ��������������� 2005 ��������������� 2006 ��������������� 2007 ��������������� 2008 ��������������� 2009 r ������������� 2010 r ������������� 2011 r ������������� 2011: Apr r ���� May r ��� June r �� July r ��� Aug r ���� Sept r ��� Oct r ����� Nov r ���� Dec r ���� 2012: Jan r ���� Feb r ���� Mar r ��� Apr p ���� BOP basis 697.4 729.8 822.0 911.7 1,039.4 1,164.0 1,307.5 1,069.7 1,288.9 1,497.4 125.6 124.9 121.7 126.6 126.5 129.1 127.9 126.4 127.9 128.0 128.4 132.1 130.7 IndusFoods, trial Total, feeds, supCensus and plies basis 1 bever- and ages materials 693.1 724.8 814.9 901.1 1,026.0 1,148.2 1,287.4 1,056.0 1,278.3 1,480.4 124.1 123.5 120.2 125.1 125.2 127.5 126.7 125.2 126.8 126.5 126.9 130.8 129.0 49.6 55.0 56.6 59.0 66.0 84.3 108.3 93.9 107.7 126.2 10.9 10.9 10.2 10.4 10.5 10.4 10.4 10.3 10.5 10.4 9.8 10.2 10.9 156.8 173.0 203.9 233.0 276.0 316.4 388.0 296.5 391.5 500.3 42.7 41.5 39.8 42.2 42.9 44.3 42.9 42.1 42.8 41.8 42.1 43.9 42.9 78.9 80.6 89.2 98.4 107.3 121.3 121.5 81.7 112.0 133.1 10.7 10.9 10.9 11.8 11.1 11.4 11.4 11.3 11.8 12.5 12.1 11.9 12.3 Balance of trade (exports minus imports) Census basis (by end-use category) Auto- Consumer Capital motive vegoods goods hicles, except parts (nonfood) autoexcept motive and enautogines motive 290.4 293.7 327.5 358.4 404.0 433.0 457.7 391.2 447.5 493.0 41.0 41.2 40.2 41.9 41.7 41.8 42.4 42.2 42.2 43.2 43.3 44.6 43.2 Services (BOP basis) Goods: Imports (customs value) 84.4 89.9 103.2 115.3 129.1 146.0 161.3 149.5 165.2 175.0 14.7 14.4 14.9 14.5 14.7 15.2 14.8 14.9 14.8 14.4 14.8 14.9 15.1 BOP basis 1,171.9 1,270.2 1,485.5 1,692.4 1,875.1 1,982.8 2,137.6 1,575.5 1,934.0 2,235.8 184.1 187.9 187.3 187.5 186.7 188.6 188.4 189.7 193.3 194.8 188.5 199.6 195.5 IndusFoods, trial Total, feeds, supCensus and plies basis 1 bever- and ages materials 1,161.4 1,257.1 1,469.7 1,673.5 1,853.9 1,957.0 2,103.6 1,559.6 1,913.2 2,207.8 181.9 185.5 184.8 185.1 184.4 186.0 185.9 187.4 191.1 192.5 186.4 197.5 193.5 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. 49.7 55.8 62.1 68.1 74.9 81.7 89.0 81.6 91.7 107.5 8.9 9.0 9.1 8.9 8.9 9.1 9.4 9.3 9.2 9.6 9.0 9.2 9.2 267.7 313.8 412.8 523.8 602.0 634.7 779.5 462.4 602.5 755.8 63.0 66.2 64.5 63.0 62.9 63.9 62.2 63.5 64.8 65.4 62.0 65.7 65.1 BOP basis Auto- Consumer Capital motive vegoods goods hicles, except parts (nonfood) autoexcept motive and enautogines motive 283.3 295.9 343.6 379.3 418.3 444.5 453.7 370.5 449.3 510.7 41.8 42.7 42.5 42.9 42.8 43.0 43.7 43.6 44.9 44.5 44.6 47.8 45.8 203.7 210.1 228.2 239.4 256.6 256.7 231.2 157.7 225.1 254.6 19.1 19.4 19.6 22.3 21.5 22.4 21.8 22.6 23.2 24.2 24.6 24.6 24.2 307.8 333.9 372.9 407.2 442.6 474.6 481.6 427.3 483.2 514.1 43.7 42.8 43.2 43.0 42.4 42.3 43.4 42.7 43.4 43.1 40.3 43.8 43.4 Exports Imports Goods, Census basis Goods Ser- Goods and vices services 283.4 293.7 341.2 375.8 420.4 490.6 535.2 509.2 553.6 606.0 50.1 50.8 51.0 51.8 51.9 51.6 50.8 50.3 49.9 50.6 51.5 52.3 52.2 226.4 244.3 283.0 303.6 338.0 368.4 403.4 382.6 403.2 427.4 35.1 35.4 35.7 36.4 36.4 36.5 36.0 35.9 36.2 36.6 36.9 37.4 37.5 –468.3 –532.4 –654.8 –772.4 –828.0 –808.8 –816.2 –503.6 –634.9 –727.4 –57.7 –62.0 –64.5 –60.0 –59.2 –58.5 –59.2 –62.2 –64.3 –66.0 –59.5 –66.7 –64.5 –474.5 –540.4 –663.5 –780.7 –835.7 –818.9 –830.1 –505.8 –645.1 –738.4 –58.6 –63.0 –65.6 –60.9 –60.2 –59.5 –60.5 –63.3 –65.4 –66.9 –60.1 –67.5 –64.8 57.1 49.4 58.2 72.1 82.4 122.2 131.8 126.6 150.4 178.5 15.0 15.4 15.3 15.3 15.4 15.1 14.8 14.5 13.7 13.9 14.6 14.9 14.8 –417.4 –491.0 –605.4 –708.6 –753.3 –696.7 –698.3 –379.2 –494.7 –559.9 –43.6 –47.7 –50.3 –45.6 –44.8 –44.5 –45.7 –48.8 –51.7 –52.9 –45.4 –52.6 –50.1 Data revised to reflect annual revisions. For details, see International Trade in Goods and Services, Annual Revision for 2011, released June 8, 2012. Source: Department of Commerce (Bureau of the Census and Bureau of Economic Analysis). 35 U.S. International Transactions In the first quarter of 2012, the goods deficit rose to $194.5 billion from $189.3 billion in the fourth quarter of 2011. The current account deficit rose to $137.3 billion in the first quarter from $118.7 billion in the fourth quarter. [Millions of dollars; quarterly data seasonally adjusted. Credits (+), debits (–)] Goods 1 Period 2002 �������������������� 2003 �������������������� 2004 �������������������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 r ������������������ 2010 r ������������������ 2011 r ������������������ 2009: I r �������������� II r ������������� III r ������������ IV r ������������ 2010: I r �������������� II r ������������� III r ������������ IV r ������������ 2011: I r �������������� II r ������������� III r ������������ IV r ������������ 2012: I p �������������� Exports 697,439 729,816 821,986 911,686 1,039,406 1,163,957 1,307,499 1,069,733 1,288,882 1,497,406 254,092 253,850 270,106 291,685 304,032 315,478 325,198 344,175 360,917 372,160 382,161 382,167 388,501 Imports –1,171,930 –1,270,225 –1,485,492 –1,692,416 –1,875,095 –1,982,843 –2,137,608 –1,575,491 –1,934,006 –2,235,819 –376,641 –364,901 –398,962 –434,986 –456,570 –480,118 –492,068 –505,250 –542,276 –559,344 –562,778 –571,421 –582,963 Services Balance on goods –474,491 –540,409 –663,507 –780,730 –835,689 –818,886 –830,109 –505,758 –645,124 –738,413 –122,549 –111,051 –128,856 –143,301 –152,538 –164,640 –166,871 –161,075 –181,358 –187,184 –180,617 –189,254 –194,462 Net military transactions 2 –12,719 –17,060 –17,359 –15,594 –11,743 –10,826 –13,600 –14,461 –15,639 –11,564 –4,097 –3,631 –2,450 –4,283 –4,120 –3,799 –3,711 –4,009 –3,448 –3,000 –2,679 –2,437 –2,582 Net travel and transportation –4,465 –12,451 –16,225 –14,549 –11,276 2,599 16,365 14,527 21,257 31,339 2,617 4,104 3,710 4,098 5,206 5,543 4,644 5,863 6,063 8,038 9,431 7,805 7,694 Other services, net 74,242 78,934 91,734 102,249 105,420 130,386 129,006 126,538 144,769 158,758 30,598 30,837 30,152 34,952 33,501 35,209 36,801 39,258 41,518 40,598 39,044 37,600 38,353 Balance on goods and services –417,432 –490,984 –605,356 –708,624 –753,288 –696,728 –698,338 –379,154 –494,737 –559,880 –93,432 –79,743 –97,445 –108,534 –117,952 –127,687 –129,137 –119,962 –137,225 –141,549 –134,822 –146,286 –150,997 Income receipts and payments Receipts 282,701 322,411 415,793 537,339 684,620 833,834 813,903 601,609 676,282 744,621 146,751 143,257 149,776 161,825 161,964 166,292 171,310 176,716 180,781 189,499 187,449 186,891 182,506 Payments –257,526 –278,721 –350,712 –468,748 –640,438 –732,349 –666,814 –481,891 –492,423 –517,614 –122,913 –120,165 –115,093 –123,721 –120,325 –118,607 –123,532 –129,958 –128,330 –133,290 –128,971 –127,022 –134,936 Balance on income 25,175 43,691 65,081 68,591 44,182 101,485 147,089 119,717 183,859 227,007 23,838 23,092 34,684 38,104 41,639 47,685 47,778 46,758 52,451 56,209 58,478 59,869 47,571 Unilateral current transfers, net 3 –64,990 –71,796 –88,243 –105,741 –91,515 –115,061 –125,885 –122,459 –131,074 –133,053 –28,905 –30,331 –32,935 –30,289 –34,681 –31,710 –33,216 –31,466 –35,223 –33,777 –31,815 –32,240 –33,887 1 Adjusted from Census data to align with concepts and definitions used to prepare the inter2 Transfers under U.S. military agency sales contracts (exports) minus direct defense national and national economic accounts. The adjustments are necessary to supplement coverage expenditures (imports). 3 Includes transfers of goods and services under U.S. military grant programs. of Census data, to eliminate duplication of transactions recorded elsewhere in the international accounts, to value transactions according to a standard definition, and for earlier years, to record Note: Data reflect annual revisions released on June 14, 2012. transactions in the appropriate period. See p. 37 for continuation of table. 36 Balance on current account –457,248 –519,089 –628,519 –745,774 –800,621 –710,303 –677,135 –381,896 –441,951 –465,926 –98,500 –86,982 –95,697 –100,719 –110,994 –111,713 –114,574 –104,671 –119,997 –119,117 –108,158 –118,656 –137,313 U.S. International Transactions—Continued In the financial account, U.S.-owned assets abroad decreased $114.8 billion in the first quarter of 2012, following an increase of $26.2 billion in the fourth quarter of 2011. Foreign-owned assets in the United States increased $41.9 billion in the first quarter, following an increase of $57.1 billion in the fourth quarter. [Millions of dollars; quarterly data seasonally adjusted. Credits (+), debits (–)] Financial account Period U.S.-owned assets abroad, excluding financial derivatives [increase/financial outflow (–)] Capital account transactions, net Total 2002 �������������������� –141 2003 �������������������� –1,821 2004 �������������������� 3,049 2005 �������������������� 13,116 2006 �������������������� –1,788 2007 �������������������� 384 2008 �������������������� 6,010 2009 r ������������������ –140 2010 r ������������������ –157 2011 r ������������������ –1,212 r 2009: I �������������� –20 II r ������������� –29 r III ������������ –36 IV r ������������ –56 r 2010: I �������������� –3 II r ������������� –2 III r ������������ –146 IV r ������������ –7 2011: I r �������������� –29 II r ������������� –829 III r ������������ –300 r IV ������������ –55 2012: I p �������������� ������������������ –294,646 –325,424 –1,000,870 –546,631 –1,285,729 –1,453,604 332,109 –119,535 –939,484 –483,653 119,562 57,395 –297,502 1,010 –269,433 –154,408 –294,523 –221,120 –372,944 7,418 –91,896 –26,231 114,781 U.S. official reserve assets 4 –3,681 1,523 2,805 14,096 2,374 –122 –4,848 –52,256 –1,834 –15,877 –982 –3,632 –49,021 1,379 –773 –165 –1,096 200 –3,619 –6,267 –4,079 –1,912 –1,239 Other U.S. Government assets 345 537 1,710 5,539 5,346 –22,273 –529,615 541,342 7,540 –103,666 244,102 193,750 57,736 45,754 9,433 –2,441 788 –240 –547 –1,358 –1,137 –100,624 52,676 Statistical discrepancy Foreign-owned assets in the U.S., excluding financial derivatives [increase/financial inflow (+)] U.S. Private assets –291,310 –327,484 –1,005,385 –566,266 –1,293,449 –1,431,209 866,571 –608,622 –945,189 –364,110 –123,559 –132,723 –306,217 –46,122 –278,092 –151,802 –294,215 –221,080 –368,778 15,042 –86,679 76,305 63,343 4 Consists of gold, special drawing rights (SDRs), foreign currencies, and the U.S. reserve position in the International Monetary Fund (IMF). Total 795,161 858,303 1,533,201 1,247,347 2,065,169 2,064,642 431,406 314,390 1,308,279 1,000,990 –119,117 –38,011 335,302 136,217 311,935 170,919 512,515 312,910 578,972 98,554 266,397 57,067 41,939 Foreign official assets 115,945 278,069 397,755 259,268 487,939 481,043 554,634 480,286 398,188 211,826 109,442 129,253 109,204 132,387 89,961 65,838 168,611 73,778 72,974 121,822 19,889 –2,859 67,593 Other foreign assets 679,216 580,234 1,135,446 988,079 1,577,230 1,583,599 –123,228 –165,896 910,091 789,164 –228,559 –167,264 226,098 3,830 221,974 105,081 343,904 239,132 505,998 –23,268 246,508 59,926 –25,654 Financial derivatives, net ������������������ ������������������ ������������������ ������������������ 29,710 6,222 –32,947 44,816 14,076 39,010 7,146 7,561 10,645 19,464 16,152 9,980 –11,893 –163 2,927 7,419 –3,949 32,613 ������������������ Total (sum of the items with sign reversed) –43,126 –11,969 93,138 31,942 –6,742 92,660 –59,443 142,365 59,237 –89,208 90,929 60,065 47,288 –55,916 52,342 85,224 –91,379 13,051 –88,930 6,555 –62,094 55,263 –19,407 Of which: Seasonal adjustment discrepancy ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ 13,241 –6,823 –22,750 16,334 16,062 –8,819 –22,075 14,832 17,684 –11,134 –26,771 20,223 19,853 U.S. official reserve assets, net (unadjusted, end of period) 4 79,006 85,938 86,824 65,127 65,895 70,565 77,648 130,760 132,433 147,953 74,958 81,489 134,296 130,760 127,521 124,514 133,099 132,433 139,315 147,660 148,487 147,953 149,078 Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the Treasury. 37 CONTENTS TOTAL OUTPUT, INCOME, AND SPENDING Page Gross Domestic Product ........................................................................................................................................................ 1 Real Gross Domestic Product ................................................................................................................................................ 2 Chained Price Indexes For Gross Domestic Product ............................................................................................................ 2 Gross Domestic Product and Related Price Measures: Indexes and Percent Changes ........................................................... 3 Nonfinancial Corporate Business—Gross Value Added and Price, Costs, and Profits .......................................................... 3 National Income .................................................................................................................................................................... 4 Real Personal Consumption Expenditures ............................................................................................................................ 4 Sources of Personal Income ................................................................................................................................................... 5 Disposition of Personal Income ............................................................................................................................................. 6 Farm Income ......................................................................................................................................................................... 7 Corporate Profits ................................................................................................................................................................... 8 Real Gross Private Domestic Investment ............................................................................................................................... 9 Real Private Fixed Investment by Type .................................................................................................................................. 10 Business Investment ............................................................................................................................................................... 10 EMPLOYMENT, UNEMPLOYMENT, AND WAGES Status of the Labor Force ....................................................................................................................................................... Selected Unemployment Rates .............................................................................................................................................. Selected Measures of Unemployment and Unemployment Insurance Programs ................................................................... Nonagricultural Employment ................................................................................................................................................ Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries ................................ Employment Cost Index—Private Industry .......................................................................................................................... Productivity and Related Data, Business and Nonfarm Business Sectors .............................................................................. 11 12 13 14 15 15 16 PRODUCTION AND BUSINESS ACTIVITY Industrial Production and Capacity Utilization .................................................................................................................... 17 Industrial Production—Major Market Groups and Selected Manufactures .......................................................................... 18 New Construction ................................................................................................................................................................. 19 New Private Housing and Vacancy Rates .............................................................................................................................. 19 Business Sales and Inventories—Manufacturing and Trade .................................................................................................. 20 Manufacturers’ Shipments, Inventories, and Orders .............................................................................................................. 21 PRICES Producer Prices ...................................................................................................................................................................... Consumer Prices—All Urban Consumers ............................................................................................................................. Changes in Producer Prices for Finished Goods .................................................................................................................... Changes in Consumer Prices—All Urban Consumers .......................................................................................................... Prices Received and Paid by Farmers ..................................................................................................................................... 22 23 24 24 25 MONEY, CREDIT, AND SECURITY MARKETS Money Stock and Debt Measures .......................................................................................................................................... Components of Money Stock ................................................................................................................................................ Aggregate Reserves and Monetary Base ................................................................................................................................. Bank Credit at All Commercial Banks .................................................................................................................................. Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business .............................................................................. Consumer Credit ................................................................................................................................................................... Interest Rates and Bond Yields .............................................................................................................................................. Common Stock Prices and Yields .......................................................................................................................................... 26 27 27 28 29 29 30 31 FEDERAL FINANCE Federal Receipts, Outlays, and Debt ..................................................................................................................................... 32 Federal Receipts by Source and Outlays by Function ............................................................................................................ 33 Federal Sector, National Income Accounts Basis ................................................................................................................... 34 INTERNATIONAL STATISTICS Industrial Production and Consumer Prices—Major Industrial Countries ........................................................................... 35 U.S. International Trade in Goods and Services .................................................................................................................... 35 U.S. International Transactions ............................................................................................................................................. 36 General Notes Detail in these tables may not add to totals because of rounding. Unless otherwise noted, all dollar figures are in current dollars. Symbols used: p Preliminary. r Revised. c Corrected. ... Not available (also, not applicable). NSA Not seasonally adjusted. 38 U.S. GOVERNMENT PRINTING OFFICE : 2012 74-928