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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 1 national
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
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

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 ���������
       r ���������
Feb
       r ��������
Mar
       r ���������
Apr
      
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 ���������������������������������������������
       p ��������������������������������������������
II
       p �������������������������������������������
III
       p ������������������������������������������
IV

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

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������������������

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 
       r ���������
Apr
      
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
business services hospitality
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 
       r ���������
Apr
      
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

Manufacturing

$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 �����������������

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

Retail
trade

$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

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: Dec 
������������������������������������������
2003: Dec 
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2004: Dec 
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2005: Dec 
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2006: Dec 
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2007: Dec 
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2008: Dec 
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2009: Dec 
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2010: Dec 
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2011: 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

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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 
       r ������������
IV
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 
       r ������������
IV
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 
       r ���������
Dec
2012: Jan r ���������
       r ���������
Feb
       r ��������
Mar
       r ���������
Apr
      
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 
       r ���������
Dec
2012: Jan r ���������
       r ���������
Feb
       r ��������
Mar
       r ���������
Apr
      
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 
       r ���������
Dec
2012: Jan r ���������
       r ���������
Feb
       r ��������
Mar
       r ���������
Apr
      
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 �������
       r ��������
July
       r ���������
Aug
      
Sept r ��������
       r ����������
Oct
       r ���������
Nov
       r ���������
Dec
2012: Jan r ���������
       r ���������
Feb
       r ��������
Mar
       r ���������
Apr
      
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 
�����������
       r ���������
Feb
       r ��������
Mar
       r ���������
Apr
      
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
       r ��������
Mar
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 
       r ���������
Apr
      
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
residence (Dec. 1982
=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]
Change from preceding period

Change from 6 months earlier, annual rate

Consumer goods
Period

Change from 3 months earlier, annual rate
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

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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

�����������������
�����������������
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�����������������
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�����������������
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�����������������
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�����������������
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�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������

–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

�����������
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�����������
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�����������
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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 
       r ����������������������������������������
Apr
      
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 
       r ����������������������������������������
Dec
2012: Jan 
������������������������������������������
       ������������������������������������������
Feb 
       r ���������������������������������������
Mar
       r ����������������������������������������
Apr
      
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 
���������
       r ����������
Oct
       ����������
Nov 
       r ���������
Dec
2012: Jan 
�����������
       r ���������
Feb
       r ��������
Mar
       r ���������
Apr
      
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 
       r ���������
Apr
      
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 �������
       r ��������
July
       r ���������
Aug
      
Sept r ��������
       r ����������
Oct
       r ���������
Nov
       r ���������
Dec
2012: Jan r ���������
       r ���������
Feb
       r ��������
Mar
       r ���������
Apr
      
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 ��������������
       r �������������
II
       r ������������
III
       r ������������
IV
2011: I r ��������������
       r �������������
II
       r ������������
III
       r ������������
IV
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
Securities
and
mortgages

Total

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 ��������������������������������������
       r ���������������������������������������
July
       r ����������������������������������������
Aug
      
Sept r ���������������������������������������
       r �����������������������������������������
Oct
       r ����������������������������������������
Nov
       r ����������������������������������������
Dec
2012: Jan r ����������������������������������������
       r ����������������������������������������
Feb
       r ���������������������������������������
Mar
       ������������������������������������������
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
       r ���
July
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
       r �����
Oct
94.9
93.3
88.0
90.3
100.2
81.5
88.0
226.421
208.9
117.9
191.7
       r ����
Nov
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
       r ����
Feb
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 ��
       r ���
July
       r ����
Aug
      
Sept r ���
       r �����
Oct
       r ����
Nov
       r ����
Dec
2012: Jan r ����
       r ����
Feb
       r ���
Mar
       p ����
Apr

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- ConCapital motive sumer
vegoods
goods
except hicles, (nonauto- parts food)
motive and except
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- ConCapital motive sumer
vegoods
goods
except hicles, (nonauto- parts food)
motive and except
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 ��������������
       r �������������
II
       r ������������
III
       r ������������
IV
2010: I r ��������������
       r �������������
II
       r ������������
III
       r ������������
IV
2011: I r ��������������
       r �������������
II
       r ������������
III
       r ������������
IV
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
       r �������������
II
–29
r ������������
      
III
–36
       r ������������
IV
–56
r ��������������
2010: I
–3
       r �������������
II
–2
       r ������������
III
–146
       r ������������
IV
–7
2011: I r ��������������
–29
       r �������������
II
–829
       r ������������
III
–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  ....................................................................................................................................................... 	11
Selected Unemployment Rates  .............................................................................................................................................. 	12
Selected Measures of Unemployment and Unemployment Insurance Programs  ................................................................... 	13
Nonagricultural Employment  ................................................................................................................................................ 	14
Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries  ................................ 	15
Employment Cost Index—Private Industry  .......................................................................................................................... 	15
Productivity and Related Data, Business and Nonfarm Business Sectors  .............................................................................. 	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  ...................................................................................................................................................................... 	22
Consumer Prices—All Urban Consumers  ............................................................................................................................. 	23
Changes in Producer Prices for Finished Goods  .................................................................................................................... 	24
Changes in Consumer Prices—All Urban Consumers  .......................................................................................................... 	24
Prices Received and Paid by Farmers  ..................................................................................................................................... 	25
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock and Debt Measures  .......................................................................................................................................... 	26
Components of Money Stock  ................................................................................................................................................ 	27
Aggregate Reserves and Monetary Base  ................................................................................................................................. 	27
Bank Credit at All Commercial Banks  .................................................................................................................................. 	28
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business  .............................................................................. 	29
Consumer Credit  ................................................................................................................................................................... 	29
Interest Rates and Bond Yields  .............................................................................................................................................. 	30
Common Stock Prices and Yields  .......................................................................................................................................... 	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


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102