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110th Congress, 2nd Session

Economic Indicators
MARCH 2008
(Includes data available as of April 4, 2008)

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

UNITED STATES
GOVERNMENT PRINTING OFFICE

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

HOUSE OF REPRESENTATIVES
MAURICE D. HINCHEY, New York
BARON P. HILL, Indiana
LORETTA SANCHEZ, California
ELIJAH E. CUMMINGS, Maryland
LLOYD DOGGETT, Texas
JIM SAXTON, New Jersey
KEVIN BRADY, Texas
PHIL ENGLISH, Pennsylvania
RON PAUL, Texas

SENATE
EDWARD M. KENNEDY, Massachusetts
JEFF BINGAMAN, New Mexico
AMY KLOBUCHAR, Minnesota
ROBERT P. CASEY, Jr., Pennsylvania
JIM WEBB, Virginia
SAM BROWNBACK, Kansas
JOHN E. SUNUNU, New Hampshire
JIM DeMINT, South Carolina
ROBERT F. BENNETT, Utah

COUNCIL OF ECONOMIC ADVISERS
EDWARD P. LAZEAR, Chairman
[PUBLIC LAW 120—81ST CONGRESS; CHAPTER 237—1ST SESSION]
JOINT RESOLUTION [S.J. Res. 55]
To print the monthly publication entitled ‘‘Economic Indicators’’
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the
Joint Economic Committee be authorized to issue a monthly publication entitled ‘‘Economic Indicators,’’ and that
a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant
at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies
to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic
Committee; and the required numbers of copies to the Superintendent of Documents for distribution to depository
libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public.
Approved June 23, 1949.
Charts prepared under the direction of the Printing and Procurement Branch,
Office of the Secretary, Department of Commerce.

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

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ECOIND

TOTAL OUTPUT, INCOME, AND SPENDING
GROSS DOMESTIC PRODUCT
In the fourth quarter of 2007, according to revised estimates, current-dollar gross domestic product (GDP) rose
3.0 percent (annual rate), real GDP (GDP in chained 2000 dollars) rose 0.6 percent, and the implicit price deflator
rose 2.4 percent.

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

1998 ......................
1999 ......................
2000 ......................
2001 ......................
2002 ......................
2003 ......................
2004 ......................
2005 ......................
2006 ......................
2007 r ....................
2004: I ................
II ...............
III .............
IV ..............
2005: I ................
II ...............
III .............
IV ..............
2006: I ................
II ...............
III .............
IV ..............
2007: I ................
II ...............
III .............
IV r .............
1 GDP

Net
exports

Exports

8,747.0
9,268.4
9,817.0
10,128.0
10,469.6
10,960.8
11,685.9
12,433.9
13,194.7
13,841.3
11,405.5
11,610.3
11,779.4
11,948.5
12,154.0
12,317.4
12,558.8
12,705.5
12,964.6
13,155.0
13,266.9
13,392.3
13,551.9
13,768.8
13,970.5
14,074.2

¥159.9
¥260.5
¥379.5
¥367.0
¥424.4
¥499.4
¥615.4
¥714.6
¥762.0
¥708.0
¥543.2
¥603.1
¥632.6
¥682.6
¥671.1
¥679.8
¥725.0
¥782.4
¥763.3
¥780.4
¥799.1
¥705.3
¥714.2
¥714.2
¥694.7
¥708.9

955.9
991.2
1,096.3
1,032.8
1,005.9
1,040.8
1,182.4
1,309.4
1,467.6
1,643.0
1,140.9
1,172.8
1,187.3
1,228.6
1,260.8
1,301.2
1,316.0
1,359.6
1,406.6
1,447.4
1,484.5
1,531.9
1,549.9
1,598.7
1,685.7
1,737.7

5,879.5
6,282.5
6,739.4
7,055.0
7,350.7
7,703.6
8,195.9
8,707.8
9,224.5
9,734.2
8,010.1
8,135.0
8,245.1
8,393.3
8,488.8
8,632.6
8,810.5
8,899.3
9,034.7
9,183.9
9,305.7
9,373.7
9,540.5
9,674.0
9,785.7
9,936.6

1,509.1
1,625.7
1,735.5
1,614.3
1,582.1
1,664.1
1,888.6
2,077.2
2,209.2
2,125.4
1,769.6
1,875.6
1,929.7
1,979.5
2,029.6
2,024.7
2,078.5
2,176.0
2,221.1
2,239.0
2,224.1
2,152.4
2,117.3
2,139.1
2,162.9
2,082.1

Government consumption expenditures
and gross investment
Federal

Imports

Total
Total

1,115.9
1,251.7
1,475.8
1,399.8
1,430.3
1,540.2
1,797.8
2,023.9
2,229.6
2,351.0
1,684.1
1,775.8
1,820.0
1,911.2
1,931.9
1,981.0
2,041.0
2,141.9
2,169.9
2,227.8
2,283.6
2,237.2
2,264.0
2,312.9
2,380.4
2,446.6

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

1,518.3
1,620.8
1,721.6
1,825.6
1,961.1
2,092.5
2,216.8
2,363.4
2,523.0
2,689.8
2,169.1
2,202.8
2,237.3
2,258.2
2,306.7
2,339.8
2,394.8
2,412.5
2,472.1
2,512.5
2,536.1
2,571.4
2,608.3
2,670.0
2,716.5
2,764.4

530.4
555.8
578.8
612.9
679.7
756.4
825.6
878.4
932.5
976.0
806.2
821.9
839.4
835.0
864.0
870.4
896.0
883.4
921.5
926.9
932.0
949.7
946.6
969.5
990.3
997.7

National
defense
345.7
360.6
370.3
392.6
437.1
497.2
550.7
588.7
624.3
660.1
536.5
546.5
564.9
555.0
577.7
585.0
604.3
587.7
610.8
620.6
620.7
645.2
634.8
654.5
673.5
677.7

Nondefense
184.7
195.2
208.5
220.3
242.5
259.2
274.9
289.8
308.2
315.9
269.7
275.3
274.5
280.0
286.2
285.4
291.7
295.7
310.7
306.3
311.3
304.5
311.7
315.0
316.8
320.0

State
and
local
987.9
1,065.0
1,142.8
1,212.8
1,281.5
1,336.0
1,391.2
1,485.0
1,590.5
1,713.8
1,362.9
1,381.0
1,397.9
1,423.2
1,442.7
1,469.5
1,498.7
1,529.0
1,550.6
1,585.7
1,604.1
1,621.7
1,661.7
1,700.5
1,726.2
1,766.7

Final
sales of
domestic
product

Gross
domestic
purchases 1

Addendum:
Gross
national
product

8,676.2
9,201.5
9,760.5
10,159.7
10,457.7
10,946.5
11,627.3
12,397.0
13,148.0
13,838.4
11,368.6
11,541.3
11,714.4
11,885.0
12,084.7
12,305.2
12,553.1
12,645.0
12,920.3
13,095.5
13,204.1
13,372.3
13,553.5
13,763.6
13,935.0
14,101.6

8,906.9
9,528.9
10,196.4
10,495.0
10,894.0
11,460.2
12,301.3
13,148.5
13,956.7
14,549.3
11,948.7
12,213.3
12,412.0
12,631.1
12,825.1
12,997.2
13,283.8
13,487.8
13,727.9
13,935.4
14,065.9
14,097.6
14,266.1
14,483.0
14,665.1
14,783.1

8,768.3
9,302.2
9,855.9
10,171.6
10,500.2
11,017.6
11,762.1
12,502.4
13,252.7
13,937.1
11,501.7
11,683.1
11,862.3
12,001.1
12,224.0
12,385.1
12,645.7
12,755.0
13,027.5
13,218.9
13,311.9
13,452.4
13,615.1
13,839.4
14,071.6
14,222.1

Source: Department of Commerce, Bureau of Economic Analysis.

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ECOIND

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Period

Exports and imports
of goods and services

Personal Gross
Gross
conprivate
domestic sumption domestic
product expendi- investtures
ment

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

Gross private
domestic investment
Gross
domestic
product

Period

1998 .........
1999 .........
2000 .........
2001 .........
2002 .........
2003 .........
2004 .........
2005 .........
2006 .........
2007 r ........
2004: I ....
II ...
III
IV ..
2005: I ....
II ...
III
IV ..
2006: I ....
II ...
III
IV ..
2007: I ....
II ...
III
IV r

9,066.9
9,470.3
9,817.0
9,890.7
10,048.8
10,301.0
10,675.8
11,003.4
11,319.4
11,566.8
10,543.6
10,634.2
10,728.7
10,796.4
10,878.4
10,954.1
11,074.3
11,107.2
11,238.7
11,306.7
11,336.7
11,395.5
11,412.6
11,520.1
11,658.9
11,675.7

Personal
conNonresi- Resi- Change
sumption dential dential in priexpendifixed
fixed
vate
tures
invest- invest- invenment
ment tories
6,125.8
6,438.6
6,739.4
6,910.4
7,099.3
7,295.3
7,561.4
7,803.6
8,044.1
8,277.8
7,475.1
7,520.5
7,585.5
7,664.3
7,709.4
7,775.2
7,852.8
7,876.9
7,961.9
8,009.3
8,063.8
8,141.2
8,215.7
8,244.3
8,302.2
8,349.1

1,037.8
1,133.3
1,232.1
1,180.5
1,071.5
1,081.8
1,144.3
1,225.8
1,306.8
1,368.4
1,099.1
1,127.5
1,160.7
1,189.7
1,199.5
1,214.1
1,239.5
1,250.0
1,289.7
1,303.2
1,319.4
1,314.8
1,321.7
1,356.6
1,387.3
1,407.8

418.3
72.6
443.6
68.9
446.9
56.5
448.5 ¥31.7
469.9
12.5
509.4
14.3
560.2
54.3
597.1
33.2
569.5
40.3
472.8
4.5
540.5
35.0
561.7
64.9
567.5
60.1
570.9
57.2
578.3
63.4
596.4
10.1
606.4
5.9
607.2
53.6
606.1
38.4
587.5
51.4
555.0
53.9
529.4
17.4
506.3
.1
490.7
5.8
463.3
30.6
430.9 ¥18.3

Exports and imports of
goods and services

Government consumption expenditures
and gross investment
Federal

Net
exports

Exports

Imports

Total

¥203.7
¥296.2
¥379.5
¥399.1
¥471.3
¥518.9
¥593.8
¥618.0
¥624.5
¥555.6
¥549.1
¥591.1
¥602.7
¥632.3
¥624.4
¥601.0
¥604.1
¥642.6
¥640.1
¥626.6
¥633.8
¥597.3
¥612.1
¥573.9
¥533.1
¥503.2

966.5
1,008.2
1,096.3
1,036.7
1,013.3
1,026.1
1,126.1
1,203.4
1,304.1
1,409.9
1,101.8
1,119.4
1,128.0
1,155.3
1,172.4
1,199.3
1,205.6
1,236.4
1,270.6
1,288.4
1,306.6
1,350.9
1,354.7
1,379.5
1,441.2
1,464.1

1,170.3
1,304.4
1,475.8
1,435.8
1,484.6
1,545.0
1,719.9
1,821.5
1,928.6
1,965.4
1,650.9
1,710.5
1,730.8
1,787.7
1,796.8
1,800.3
1,809.7
1,879.0
1,910.7
1,915.0
1,940.4
1,948.2
1,966.8
1,953.4
1,974.3
1,967.3

1,624.4
1,686.9
1,721.6
1,780.3
1,858.8
1,904.8
1,931.8
1,946.3
1,981.4
2,021.6
1,925.4
1,931.8
1,939.4
1,930.6
1,936.8
1,942.5
1,957.6
1,948.2
1,971.8
1,976.5
1,980.2
1,997.2
1,994.7
2,014.8
2,033.6
2,043.4

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

Total

National
defense

Nondefense

561.2
573.7
578.8
601.4
643.4
687.1
715.9
726.5
742.3
755.0
709.5
713.7
724.5
716.0
721.0
722.2
737.3
725.5
740.4
737.4
739.2
752.3
740.2
751.0
764.0
765.0

365.3
372.2
370.3
384.9
413.2
449.0
475.0
482.4
491.5
505.1
470.2
472.5
484.8
472.7
478.1
481.1
492.7
477.7
485.5
488.2
486.4
505.8
491.6
501.7
513.9
513.2

195.9
201.5
208.5
216.5
230.2
238.0
240.7
243.9
250.7
249.6
239.1
241.0
239.4
243.2
242.7
240.9
244.3
247.8
254.8
249.0
252.7
246.1
248.4
248.9
249.6
251.4

State
and
local

1,063.0
1,113.2
1,142.8
1,179.0
1,215.4
1,217.8
1,215.8
1,219.6
1,239.0
1,266.4
1,215.9
1,218.1
1,214.7
1,214.4
1,215.7
1,220.1
1,220.3
1,222.5
1,231.3
1,238.9
1,240.9
1,244.9
1,254.2
1,263.5
1,269.6
1,278.3

Final
sales of
domestic
product

Gross
domestic
purchases 1

Addendum:
Gross
national
product

8,997.6
9,404.0
9,760.5
9,920.9
10,036.5
10,285.1
10,619.8
10,966.9
11,275.9
11,561.5
10,507.1
10,568.5
10,666.6
10,737.0
10,813.0
10,940.4
11,064.8
11,049.5
11,196.1
11,252.1
11,279.7
11,375.8
11,411.6
11,512.8
11,626.4
11,695.2

9,272.5
9,767.7
10,196.4
10,290.1
10,517.7
10,815.5
11,261.4
11,613.1
11,937.1
12,117.8
11,086.3
11,216.9
11,322.8
11,419.2
11,493.8
11,546.9
11,670.0
11,742.0
11,871.3
11,926.1
11,963.6
11,987.1
12,018.7
12,088.9
12,188.3
12,175.5

9,088.7
9,504.7
9,855.9
9,933.6
10,079.0
10,355.3
10,746.0
11,064.7
11,370.1
11,647.6
10,633.0
10,701.4
10,804.9
10,844.4
10,941.9
11,014.7
11,151.2
11,151.1
11,294.0
11,362.5
11,375.9
11,447.8
11,466.7
11,580.0
11,744.6
11,799.1

Source: Department of Commerce, Bureau of Economic Analysis.

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

Personal consumption
expenditures
Gross
domestic
product

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Period

1998 .................
1999 .................
2000 .................
2001 .................
2002 .................
2003 .................
2004 .................
2005 .................
2006 .................
2007 r ................
2004: I ............
II ...........
III .........
IV ..........
2005: I ............
II ...........
III .........
IV ..........
2006: I ............
II ...........
III .........
IV ..........
2007: I ............
II ...........
III .........
IV r .........

96.472
97.868
100.000
102.399
104.187
106.404
109.462
113.000
116.567
119.664
108.175
109.178
109.793
110.671
111.726
112.446
113.405
114.389
115.357
116.347
117.026
117.522
118.745
119.519
119.826
120.542

Total

95.979
97.575
100.000
102.094
103.542
105.597
108.391
111.587
114.675
117.593
107.157
108.171
108.695
109.512
110.110
111.027
112.196
112.981
113.474
114.665
115.401
115.139
116.125
117.341
117.868
119.015

Durable
goods

Nondurable goods

104.152
101.625
100.000
98.113
95.767
92.366
90.695
90.018
88.856
87.277
90.938
90.991
90.416
90.452
90.472
90.376
89.737
89.493
89.279
89.114
88.832
88.218
87.803
87.493
87.095
86.730

Gross private
domestic investment

Services

93.821
96.174
100.000
101.531
102.090
104.145
107.626
111.561
114.989
118.404
105.912
107.521
107.892
109.141
109.218
110.553
113.098
113.315
113.399
115.761
116.577
114.211
115.621
118.414
118.753
120.811

Nonresidential
fixed

95.318
97.393
100.000
103.256
106.019
109.379
112.929
116.725
120.725
124.556
111.574
112.524
113.397
114.189
115.194
116.155
117.089
118.424
119.307
120.244
121.202
122.115
123.244
124.047
124.914
125.988

101.421
100.057
100.000
99.683
99.513
99.591
100.896
103.778
106.962
108.290
100.112
100.713
101.029
101.666
102.799
103.425
103.836
105.002
106.018
106.759
107.262
107.785
108.297
108.289
108.136
108.435

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

Residential fixed
92.239
95.780
100.000
104.633
107.240
112.372
120.587
128.653
134.287
135.503
116.979
119.460
121.932
123.773
125.755
126.884
129.560
132.247
133.555
134.163
134.427
135.118
135.779
135.502
135.409
135.280

Exports

Imports
Total

98.905
98.313
100.000
99.625
99.272
101.429
104.997
108.803
112.537
116.537
103.549
104.768
105.257
106.346
107.537
108.491
109.154
109.963
110.705
112.337
113.620
113.403
114.412
115.891
116.971
118.683

95.354
95.960
100.000
97.497
96.342
99.686
104.526
111.117
115.610
119.617
102.010
103.822
105.154
106.913
107.518
110.033
112.778
113.996
113.564
116.334
117.688
114.834
115.114
118.408
120.572
124.360

94.512
96.883
100.000
101.908
105.632
110.095
115.322
120.914
125.622
129.265
113.636
115.158
115.857
116.616
119.834
120.507
121.530
121.767
124.460
125.684
126.095
126.242
127.884
129.096
129.619
130.414

Source: Department of Commerce, Bureau of Economic Analysis.

2
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E:\HR\OC\ECOIND.002

ECOIND

National
defense

Nondefense

State
and
local

94.643
96.886
100.000
102.002
105.792
110.751
115.932
122.034
127.026
130.692
114.104
115.672
116.515
117.412
120.843
121.586
122.651
123.042
125.797
127.100
127.611
127.575
129.146
130.446
131.063
132.042

94.269
96.880
100.000
101.738
105.345
108.898
114.218
118.807
122.959
126.565
112.812
114.247
114.656
115.141
117.950
118.481
119.423
119.355
121.931
122.997
123.213
123.724
125.512
126.549
126.885
127.303

92.935
95.667
100.000
102.868
105.434
109.712
114.431
121.758
128.370
135.324
112.089
113.371
115.079
117.192
118.675
120.439
122.820
125.080
125.932
127.991
129.265
130.266
132.492
134.580
135.963
138.203

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

Index numbers, 2000=100
Personal consumption
expenditures (PCE)

Gross domestic product (GDP)

Personal consumption
expenditures (PCE)

Gross domestic product (GDP)

Period
Real GDP
(chain-type
quantity
index)

1998 ....................................
1999 ....................................
2000 ....................................
2001 ....................................
2002 ....................................
2003 ....................................
2004 ....................................
2005 ....................................
2006 ....................................
2007 r ...................................
2003: I ...............................
II .............................
III ............................
IV ............................
2004: I ...............................
II .............................
III ............................
IV ............................
2005: I ...............................
II .............................
III ............................
IV ............................
2006: I ...............................
II .............................
III ............................
IV ............................
2007: I ...............................
II .............................
III ............................
IV r ...........................
1 Quarterly

92.359
96.469
100.000
100.751
102.362
104.931
108.748
112.086
115.304
117.825
103.148
104.031
105.926
106.621
107.402
108.325
109.287
109.977
110.812
111.583
112.808
113.143
114.482
115.175
115.481
116.080
116.254
117.349
118.763
118.934

GDP
chain-type
price
index

GDP
implicit
price
deflator

96.475
97.868
100.000
102.402
104.193
106.409
109.462
113.005
116.568
119.668
105.742
106.076
106.616
107.204
108.180
109.185
109.807
110.677
111.745
112.455
113.422
114.398
115.363
116.350
117.030
117.527
118.750
119.527
119.837
120.560

PCE
(chain-type
price index)

PCE
less food
and energy
price index

95.978
97.575
100.000
102.094
103.542
105.597
108.392
111.588
114.675
117.591
105.059
105.235
105.851
106.242
107.163
108.179
108.703
109.521
110.119
111.037
112.205
112.989
113.480
114.670
115.406
115.143
116.129
117.345
117.873
119.019

96.895
98.343
100.000
101.904
103.705
105.175
107.338
109.670
112.130
114.483
104.589
104.922
105.384
105.806
106.442
107.142
107.601
108.169
108.858
109.422
109.878
110.520
111.078
111.871
112.519
113.052
113.730
114.116
114.682
115.403

96.472
97.868
100.000
102.399
104.187
106.404
109.462
113.000
116.567
119.664
105.724
106.062
106.611
107.190
108.175
109.178
109.793
110.671
111.726
112.446
113.405
114.389
115.357
116.347
117.026
117.522
118.745
119.519
119.826
120.542

percent changes are at annual rates.

Real GDP
(chain-type
quantity
index)

GDP
(current
dollars)

5.3
6.0
5.9
3.2
3.4
4.7
6.6
6.4
6.1
4.9
4.4
4.8
9.7
4.9
6.8
7.4
6.0
5.9
7.1
5.5
8.1
4.8
8.4
6.0
3.4
3.8
4.9
6.6
6.0
3.0

GDP
chain-type
price
index

4.2
4.5
3.7
.8
1.6
2.5
3.6
3.1
2.9
2.2
1.2
3.5
7.5
2.7
3.0
3.5
3.6
2.5
3.1
2.8
4.5
1.2
4.8
2.4
1.1
2.1
.6
3.8
4.9
.6

1.1
1.4
2.2
2.4
1.7
2.1
2.9
3.2
3.2
2.7
3.1
1.3
2.1
2.2
3.7
3.8
2.3
3.2
3.9
2.6
3.5
3.5
3.4
3.5
2.4
1.7
4.2
2.6
1.0
2.4

GDP
implicit
price
deflator

1.1
1.4
2.2
2.4
1.7
2.1
2.9
3.2
3.2
2.7
3.2
1.3
2.1
2.2
3.7
3.8
2.3
3.2
3.9
2.6
3.5
3.5
3.4
3.5
2.4
1.7
4.2
2.6
1.0
2.4

PCE
(chain-type
price index)

PCE
less food
and energy
price index

0.9
1.7
2.5
2.1
1.4
2.0
2.6
2.9
2.8
2.5
3.1
.7
2.4
1.5
3.5
3.8
2.0
3.0
2.2
3.4
4.3
2.8
1.7
4.3
2.6
¥.9
3.5
4.3
1.8
3.9

1.3
1.5
1.7
1.9
1.8
1.4
2.1
2.2
2.2
2.1
1.1
1.3
1.8
1.6
2.4
2.7
1.7
2.1
2.6
2.1
1.7
2.4
2.0
2.9
2.3
1.9
2.4
1.4
2.0
2.5

Source: Department of Commerce, Bureau of Economic Analysis.

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

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

Unit nonlabor cost

Period

smartinez on PRODPC60 with ECOIND_CN

Current
dollars

1998 ........................................................
1999 ........................................................
2000 ........................................................
2001 ........................................................
2002 ........................................................
2003 ........................................................
2004 r .......................................................
2005 r .......................................................
2006 r .......................................................
2007 p ......................................................
2004: I r ..................................................
II r ................................................
III r ...............................................
IV r ...............................................
2005: I r ..................................................
II r ................................................
III r ...............................................
IV r ...............................................
2006: I r ..................................................
II r ................................................
III r ...............................................
IV r ...............................................
2007: I r ..................................................
II r ................................................
III r ...............................................
IV p ...............................................

Chained
(2000)
dollars

4,655.0
4,950.8
5,272.2
5,293.5
5,371.7
5,558.4
5,956.4
6,319.4
6,689.4
6,942.5
5,778.1
5,907.6
6,038.5
6,101.4
6,170.9
6,291.1
6,349.9
6,465.6
6,594.1
6,639.8
6,739.1
6,784.5
6,865.0
6,938.0
6,973.5
6,993.4

Total

4,725.4
5,011.0
5,272.2
5,224.5
5,269.7
5,387.5
5,662.1
5,836.9
6,011.3
6,139.4
5,547.4
5,623.3
5,733.3
5,744.4
5,753.6
5,836.3
5,842.2
5,915.5
5,981.3
5,968.6
6.033.1
6.062.2
6,075.5
6,119.2
6,174.9
6,188.0

Compensation of employees
(unit labor
cost)

0.985
.988
1.000
1.013
1.019
1.032
1.052
1.083
1.113
1.131
1.042
1.051
1.053
1.062
1.073
1.078
1.087
1.093
1.102
1.112
1.117
1.119
1.130
1.134
1.129
1.130

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.

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Total

0.645
.652
.672
.688
.685
.687
.683
.699
.718
.741
.680
680
.680
.690
.694
.691
.704
.705
.710
.715
.714
.733
.740
.740
.740
.745

0.226
.229
.237
.257
.253
.253
.249
.256
.260
.261
.249
.249
.248
.248
.253
.253
.260
.255
.256
.261
.259
.261
.261
.262
.261
.263

Consumption of
fixed
capital

Taxes
on production
and imports 3

Net interest and
miscellaneous
payments

0.104
.105
.108
.124
.122
.122
.121
.127
.129
.130
.120
.120
.125
.120
.122
.122
.138
.126
.126
.129
.129
.130
.131
.131
.130
.130

0.092
.092
.093
.094
.099
.103
.103
.106
.109
.109
.104
.104
.099
.105
.107
.108
.100
.107
.108
.109
.108
.109
.108
.109
.109
.110

0.030
.032
.036
.039
.032
.028
.025
.023
.022
.022
.025
.025
.024
.023
.024
.023
.022
.022
.022
.023
.022
.022
.022
.022
.022
.023

Corporate profits with inventory
valuation and capital consumption
adjustments 4
Total

0.114
.107
.090
.068
.081
.091
.120
.128
.135
.128
.112
.121
.125
.123
.126
.134
.122
.132
.136
.137
.144
.125
.129
.132
.128
.122

Taxes on
corporate
income

0.034
.034
.032
.021
.018
.025
.034
.045
.048
.051
.031
.034
.035
.035
.043
.045
.045
.048
.047
.048
.050
.047
.049
.053
.050
.051

Profits
after
tax 5

0.080
.073
.058
.047
.063
.066
.087
.083
.088
.077
.081
.087
.090
.088
.082
.089
.077
.084
.090
.089
.094
.078
.079
.079
.078
.072

3 Less

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

5 With

3
Sfmt 3401

E:\HR\OC\ECOIND.003

ECOIND

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

National
income

Period

1998 ...........
1999 ...........
2000 ...........
2001 ...........
2002 ...........
2003 ...........
2004 ...........
2005 ...........
2006 ...........
2007 r ..........
2004: I ......
II ....
III ...
IV ...
2005: I ......
II ....
III ...
IV ...
2006: I ......
II ....
III ...
IV ...
2007: I ......
II .....
III ...
IV r ..

7,752.8
8,236.7
8,795.2
8,979.8
9,229.3
9,632.3
10,306.8
10,887.6
11,655.6
12,221.1
10,090.0
10,248.0
10,317.8
10,571.3
10,768.5
10,903.0
10,714.6
11,164.5
11,473.6
11,618.7
11,685.6
11,844.6
12,010.5
12,196.8
12,296.0
12,381.0

Compensation
of
employees

5,019.4
5,357.1
5,782.7
5,942.1
6,091.2
6,325.4
6,656.4
7,029.6
7,448.3
7,874.2
6,505.6
6,596.7
6,709.7
6,813.6
6,890.5
6,961.3
7,088.5
7,178.3
7,328.7
7,371.9
7,442.5
7,649.9
7,764.9
7,826.9
7,907.7
7,997.2

Farm

29.4
28.6
22.7
19.7
10.6
29.2
37.3
30.8
19.4
36.2
40.3
39.6
33.0
36.5
30.1
34.0
30.9
28.2
20.8
14.6
18.1
23.9
29.1
33.1
38.6
43.8

Nonfarm

598.4
649.7
705.7
752.2
757.8
782.1
874.3
939.1
987.4
1,006.4
839.1
869.1
881.1
908.0
918.6
937.1
936.2
964.4
979.3
998.9
985.5
985.8
998.3
1,005.3
1,010.0
1,012.1

Corporate profits with inventory valuation and
capital consumption adjustments

Rental
income
of
persons
with
capital
consumption
adjustment

Capital
consumption
adjustment

Net
interest
and
miscellaneous
payments

Taxes
on
production
and
imports

63.1
74.5
58.6
48.1
120.1
98.7
69.7
¥170.6
¥215.8
¥235.3
89.4
79.7
59.0
50.5
¥136.3
¥155.2
¥197.5
¥193.5
¥193.3
¥209.1
¥223.7
¥237.0
¥227.9
¥234.4
¥237.4
¥241.5

487.1
495.4
559.0
566.3
520.9
524.7
491.2
558.0
598.5
602.6
497.3
491.8
483.9
491.8
534.0
546.7
568.5
583.0
592.9
611.0
594.2
596.0
599.6
592.4
599.3
619.0

639.8
674.0
708.9
728.6
762.8
807.2
863.8
921.6
967.3
1,008.5
844.8
857.1
867.8
885.5
899.5
917.7
930.0
939.2
953.3
965.9
971.2
978.9
990.8
1,004.1
1,014.4
1,024.8

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

137.5
147.3
150.3
167.4
152.9
133.0
118.4
42.9
54.5
65.4
140.4
126.0
105.5
101.7
87.6
74.5
¥49.8
59.3
59.0
55.4
52.9
50.9
53.2
62.1
68.4
77.8

801.6
851.3
817.9
767.3
886.3
993.1
1,231.2
1,372.8
1,553.7
1,595.2
1,184.0
1,227.4
1,218.7
1,294.8
1,376.7
1,404.0
1,297.9
1,412.5
1,515.5
1,575.5
1,592.5
1,531.2
1,547.7
1,642.4
1,621.9
1,569.0

Profits
before
tax

738.5
776.8
759.3
719.2
766.2
894.5
1,161.6
1,543.4
1,769.5
1,830.5
1,094.6
1,147.7
1,159.7
1,244.3
1,513.0
1,559.3
1,495.4
1,605.9
1,708.8
1,784.6
1,816.2
1,768.2
1,775.6
1,876.8
1,859.4
1,810.5

Inventory
valuation
adjustment

718.3
775.9
773.4
707.9
768.4
908.1
1,204.7
1,579.6
1,805.8
1,876.7
1,128.3
1,199.6
1,199.3
1,291.5
1,558.3
1,578.7
1,528.3
1,653.0
1,740.2
1,842.3
1,851.4
1,789.2
1,815.8
1,931.5
1,879.7
1,879.9

20.2
1.0
¥14.1
11.3
¥2.2
¥13.6
¥43.1
¥36.2
¥36.3
¥46.2
¥33.7
¥51.9
¥39.6
¥47.2
¥45.3
¥19.4
¥32.9
¥47.0
¥31.4
¥57.7
¥35.2
¥21.0
¥40.2
¥54.7
¥20.3
¥69.4

Less:
Subsidies

Business
current
transfer
payments

Current
surplus
of government
enterprises

35.4
44.2
44.3
55.3
38.4
47.9
44.6
58.5
49.7
47.1
43.7
42.9
44.2
47.6
54.3
58.1
59.6
62.2
53.2
49.7
48.3
47.8
47.0
47.3
46.6
47.5

64.7
67.4
87.1
92.8
84.3
83.8
83.0
66.5
90.2
94.2
84.8
86.6
67.0
93.6
94.3
96.1
¥.3
75.8
89.1
88.6
91.4
91.8
91.8
92.8
94.4
97.9

10.3
10.1
5.3
¥1.4
.9
1.7
¥4.2
¥15.1
¥13.9
¥14.5
¥2.5
¥3.3
¥4.7
¥6.5
¥8.5
¥10.4
¥27.7
¥13.9
¥11.7
¥13.4
¥14.5
¥16.0
¥17.8
¥15.0
¥12.2
¥13.1

1 With inventory valuation and capital consumption adjustments.
Source: Department of Commerce, Bureau of Economic Analysis.

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

smartinez on PRODPC60 with ECOIND_CN

Period

1998 ...............
1999 ...............
2000 ...............
2001 ...............
2002 ...............
2003 ...............
2004 ...............
2005 ...............
2006 ...............
2007 r ..............
2004: I ..........
II .........
III .......
IV ........
2005: I ..........
II .........
III .......
IV ........
2006: I ..........
II .........
III .......
IV ........
2007: I ..........
II .........
III .......
IV r ......

6,125.8
6,438.6
6,739.4
6,910.4
7,099.3
7,295.3
7,561.4
7,803.6
8,044.1
8,277.8
7,475.1
7,520.5
7,585.5
7,664.3
7,709.4
7,775.2
7,852.8
7,876.9
7,961.9
8,009.3
8,063.3
8,141.2
8,215.7
8,244.3
8,302.2
8,349.1

Total
durable
goods

720.3
804.6
863.3
900.7
964.8
1,020.6
1,084.8
1,137.4
1,180.5
1,235.4
1,066.2
1,071.3
1,091.5
1,110.1
1,116.0
1,146.3
1,163.5
1,123.8
1,167.8
1,170.2
1,186.3
1,197.6
1,223.2
1,228.4
1,241.9
1,248.1

Motor
vehicles
and
parts

339.0
372.4
386.5
405.8
429.0
442.1
450.8
451.3
437.3
446.9
448.9
445.7
450.9
457.8
449.6
464.4
470.7
420.4
435.7
434.3
439.5
439.6
451.5
448.2
442.3
445.5

Furniture
and
household
equipment

244.7
280.7
312.9
331.8
364.3
397.8
445.1
492.2
550.9
593.6
429.1
438.8
451.7
460.8
472.6
483.4
499.0
513.8
536.8
544.4
555.4
566.9
579.9
585.9
601.0
607.7

Nondurable goods

Other

137.6
151.7
163.9
163.2
172.4
183.2
195.1
205.5
213.9
222.2
193.0
192.9
195.9
198.7
202.9
207.3
204.6
207.4
214.5
212.4
213.6
215.2
216.6
220.2
227.2
224.9

Total
nondurable
goods

1,794.4
1,876.6
1,947.2
1,986.7
2,037.1
2,103.0
2,177.6
2,255.4
2,337.7
2,392.8
2,156.7
2,164.9
2,181.4
2,207.5
2,226.8
2,247.2
2,260.9
2,286.8
2,312.3
2,325.6
2,343.9
2,368.8
2,386.6
2,383.8
2,396.8
2,404.2

Food

865.6
893.6
925.2
940.2
954.6
977.7
1,009.4
1,050.0
1,091.8
1,117.0
1,000.8
1,003.4
1,008.9
1,024.7
1,032.9
1,043.1
1,056.3
1,067.6
1,080.7
1,084.4
1,091.4
1,110.7
1,115.3
1,111.4
1,115.0
1,126.4

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

Gasoline
and
oil

Clothing
and
shoes

263.1
282.7
297.7
303.7
318.3
334.2
350.7
372.6
391.1
409.1
349.5
345.6
350.2
357.5
363.4
372.3
372.3
382.3
386.2
388.0
393.3
397.0
405.1
407.5
413.7
409.9

170.3
176.3
175.7
178.3
181.9
183.2
186.7
186.1
186.8
183.1
186.0
187.2
186.5
187.0
187.8
186.1
184.3
186.1
187.2
187.1
188.3
184.8
184.1
182.8
183.2
182.1

Services

Fuel
oil
and
coal

16.0
16.4
15.8
15.2
15.5
15.4
14.6
13.2
12.0
13.1
14.9
14.7
14.6
14.0
14.2
13.5
13.0
12.3
11.6
12.1
11.8
12.4
14.1
13.1
12.4
12.7

Total
services 1

Other

481.1
508.6
532.9
549.2
567.1
593.2
618.0
639.1
662.2
686.6
607.1
615.0
623.0
626.9
631.7
637.4
641.1
646.2
655.3
663.4
669.5
676.5
681.7
684.7
690.2
689.9

3,615.0
3,758.0
3,928.8
4,023.2
4,100.4
4,178.8
4,311.0
4,427.3
4,545.5
4,674.8
4,262.9
4,294.6
4,325.2
4,361.1
4,381.3
4,401.3
4,449.1
4,477.5
4,501.0
4,531.6
4,554.0
4,595.5
4,630.7
4,656.7
4,689.5
4,722.4

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948.8
978.6
1,006.5
1,033.7
1,042.1
1,051.9
1,083.8
1,118.3
1,148.3
1,175.6
1,073.3
1,079.7
1,087.1
1,095.1
1,104.4
1,113.9
1,123.3
1,131.6
1,139.7
1,146.0
1,151.0
1,156.6
1,163.7
1,171.6
1,178.9
1,188.3

Source: Department of Commerce, Bureau of Economic Analysis.

4
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Medical
care

970.7
989.0
1,026.8
1,075.2
1,136.6
1,180.8
1,216.5
1,258.2
1,300.3
1,336.0
1,199.0
1,210.3
1,223.2
1,233.5
1,240.4
1,250.3
1,264.0
1,278.1
1,291.2
1,298.2
1,301.4
1,310.5
1,323.2
1,330.8
1,338.0
1,352.1

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

15.5
16.9
17.3
17.1
16.8
16.6
16.9
16.9
16.5
16.1
16.6
16.7
17.0
17.2
16.5
17.3
17.9
16.0
16.8
16.4
16.5
16.3
16.4
16.0
15.9
16.1

SOURCES OF PERSONAL INCOME
Personal income rose $56.0 billion (annual rate) in February following an increase of $30.4 billion in January.
Wages and salaries rose $20.6 billion in February following an increase of $32.6 billion in January.

[Billions of dollars; monthly data at seasonally adjusted annual rates]
Compensation of employees, received
Total
personal
income

Period

1998 .................
1999 .................
2000 .................
2001 .................
2002 .................
2003 .................
2004 .................
2005 .................
2006 .................
2007 r ................
2007: Feb ........
Mar ........
Apr ........
May .......
June ......
July .......
Aug .......
Sept .......
Oct r .......
Nov r ......
Dec r .......
2008: Jan r .......
Feb p ......
2 With

7,423.0
7,802.4
8,429.7
8,724.1
8,881.9
9,163.6
9,727.2
10,301.1
10,983.4
11,659.5
11,467.5
11,564.7
11,529.8
11,575.7
11,626.5
11,683.7
11,735.9
11,785.5
11,814.7
11,851.3
11,903.8
11,934.2
11,990.2

5,020.1
5,352.0
5,782.7
5,942.1
6,091.2
6,310.4
6,671.4
7,024.6
7,440.8
7,851.7
7,761.5
7,821.1
7,776.5
7,796.8
7,832.3
7,853.7
7,876.4
7,918.1
7,927.1
7,958.7
7,985.7
8,030.3
8,056.7

4,183.4
4,466.3
4,829.2
4,942.8
4,980.9
5,112.7
5,394.5
5,667.9
6,018.2
6,359.6
6,291.2
6,343.6
6,298.3
6,314.1
6,344.2
6,358.6
6,376.8
6,412.9
6,417.3
6,443.8
6,466.1
6,498.7
6,519.3

836.7
885.7
953.4
999.3
1,110.3
1,197.7
1,276.9
1,356.8
1,422.6
1,492.1
1,470.3
1,477.5
1,478.3
1,482.6
1,488.1
1,495.1
1,499.6
1,505.2
1,509.8
1,514.9
1,519.6
1,531.5
1,537.4

Farm

Nonfarm

29.4
28.6
22.7
19.7
10.6
29.2
37.3
30.8
19.4
36.2
29.5
30.5
31.9
33.1
34.4
36.2
38.7
41.0
42.1
43.7
45.7
42.3
39.1

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

Personal income receipts on assets
Rental
income
of
persons 2

598.4
649.7
705.7
752.2
757.8
782.1
874.3
939.1
987.4
1,006.4
1,000.1
1,002.3
1,003.1
1,006.1
1,006.7
1,015.1
1,012.0
1,002.9
1,008.5
1,016.1
1,011.7
1,020.7
1,018.0

137.5
147.3
150.3
167.4
152.9
133.0
118.4
42.9
54.5
65.4
53.0
55.4
58.3
61.6
66.5
66.9
68.3
70.1
74.0
77.8
81.6
77.7
73.7

Total

1,283.2
1,264.2
1,387.0
1,380.0
1,333.2
1,336.6
1,432.1
1,617.8
1,796.5
1,947.2
1,882.5
1,906.6
1,918.4
1,930.1
1,941.5
1,959.0
1,976.3
1,993.2
1,996.5
1,999.9
2,003.1
2,006.1
2,010.1

Personal
interest
income

Personal
dividend
income

933.2
928.6
1,011.0
1,011.0
936.1
914.1
895.1
1,018.9
1,100.2
1,154.7
1,126.1
1,141.5
1,145.0
1,148.4
1,151.8
1,161.5
1,171.1
1,180.8
1,177.0
1,173.2
1,169.4
1,168.0
1,166.6

349.9
335.6
376.1
369.0
397.2
422.6
537.0
598.9
696.3
792.5
756.4
765.0
773.4
781.7
789.7
797.5
805.1
812.4
819.5
826.6
833.7
838.1
843.4

Personal
current
transfer
receipts 3

978.6
1,022.1
1,084.0
1,193.9
1,286.2
1,351.0
1,422.5
1,520.7
1,612.5
1,731.7
1,710.4
1,725.3
1,711.4
1,719.7
1,720.4
1,733.2
1,746.6
1,747.1
1,754.0
1,746.0
1,769.5
1,764.8
1,803.0

Less: Contributions
for government social
insurance

624.2
661.4
702.7
731.1
750.0
778.6
828.8
874.8
927.6
979.0
969.5
976.6
969.9
971.6
975.2
980.4
982.3
986.9
987.4
990.8
993.6
1,007.7
1,010.3

Source: Department of Commerce, Bureau of Economic Analysis.

3 Consists

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1 With

Total

Wage and
salary
disbursements

Supplements to
wages
and
salaries

Proprietors’ income 1

DISPOSITION OF PERSONAL INCOME
According to revised estimates, per capita disposable personal income in chained (2000) dollars fell at an annual
rate of ¥0.9 percent in the fourth quarter of 2007.

Personal
income

Period

Less:
Personal
current
taxes

Equals:
Disposable
personal
income

Less:
Personal
outlays 1

Equals:
Personal
saving

Disposable
personal
income in
billions of
chained
(2000)
dollars

Per capita
disposable personal
income
Current
dollars

Billions of dollars
1998 ............ 7,423.0
1999 ............ 7,802.4
2000 ............ 8,429.7
2001 ............ 8,724.1
2002 ............ 8,881.9
2003 ............ 9,163.6
2004 ............ 9,727.2
2005 ............ 10,301.1
2006 ............ 10,983.4
2007 r .......... 11,659.5

Chained
(2000)
dollars

Per capita personal
consumption
expenditures
Current
dollars

Chained
(2000)
dollars

Dollars

1,027.0 6,395.9 6,119.1
1,107.5 6,695.0 6,536.4
1,235.7 7,194.0 7,025.6
1,237.3 7,486.8 7,354.5
1,051.8 7,830.1 7,645.3
1,001.1 8,162.5 7,987.7
1,046.3 8,680.9 8,499.2
1,209.1 9,092.0 9,047.4
1,354.3 9,629.1 9,590.3
1,482.5 10,177.0 10,134.1

276.8
158.6
168.5
132.3
184.7
174.9
181.7
44.6
38.8
42.9

6,663.9
6,861.3
7,194.0
7,333.3
7,562.2
7,729.9
8,008.9
8,147.9
8,396.9
8,654.4

23,161
23,968
25,472
26,235
27,167
28,053
29,563
30,677
32,183
33,689

Percent
change
in real
per capita
disposable
personal
income

Saving as
percent of
disposable
personal
income

Population,
including
Armed
Forces
overseas
(thousands) 2

Percent

24,131
24,564
25,472
25,697
26,238
26,566
27,274
27,492
28,064
28,649

21,291
22,491
23,862
24,722
25,504
26,476
27,911
29,381
30,831
32,223

22,183
23,050
23,862
24,215
24,632
25,073
25,750
26,330
26,885
27,402

4.6
1.8
3.7
.9
2.1
1.3
2.7
.8
2.1
2.1

4.3
2.4
2.3
1.8
2.4
2.1
2.1
.5
.4
.4

276,154
279,328
282,433
285,372
288,215
290,964
293,644
296,373
299,199
302,087

27,028
27,127
27,253
27,683
27,391
27,506
27,350
27,721
27,991
27,943
27,989
28,336
28,650
28,532
28,739
28,676

27,375
27,740
28,045
28,479
28,742
29,167
29,693
29,918
30,307
30,739
31,064
31,209
31,695
32,068
32,355
32,770

25,547
25,645
25,802
26,005
26,103
26,270
26,465
26,480
26,709
26,807
26,918
27,106
27,294
27,329
27,450
27,534

2.9
1.5
1.9
6.5
¥4.2
1.7
¥2.2
5.5
4.0
¥.7
.7
5.1
4.5
¥1.6
2.9
¥.9

2.1
2.0
1.8
2.5
1.0
.8
¥.5
.8
.9
.3
.0
.4
1.0
.3
.4
.0

292,605
293,256
293,991
294,722
295,342
295,969
296,719
297,462
298,101
298,774
299,568
300,351
301,004
301,667
302,452
303,225

2004: I .......
II .....
III ....
IV ....
2005: I .......
II .....
III ....
IV ....
2006: I .......
II .....
III ....
IV ....
2007: I .......
II .....
III ....
IV r ...

9,482.8
9,629.6
9,770.9
10,025.5
10,074.1
10,234.1
10,328.6
10,567.4
10,787.1
10,915.5
11,030.9
11,200.2
11,469.2
11,577.3
11,735.0
11,856.6

1,008.1
1,024.5
1,062.1
1,090.7
1,166.4
1,195.5
1,223.5
1,251.0
1,318.6
1,342.6
1,355.2
1,401.0
1,454.7
1,477.6
1,489.8
1,508.0

8,474.7 8,299.5
8,605.1 8,432.9
8,708.9 8,553.7
8,934.8 8,710.6
8,907.7 8,819.0
9,038.6 8,970.8
9,105.1 9,153.9
9,316.4 9,245.7
9,468.5 9,384.0
9,572.9 9,542.9
9,675.8 9,677.1
9,799.2 9,757.2
10,014.5 9,917.5
10,099.7 10,069.2
10,245.2 10,200.9
10,348.6 10,348.9

175.1
172.2
155.2
224.2
88.7
67.8
¥48.8
70.8
84.5
30.0
¥1.4
42.0
97.0
30.5
44.4
¥.3

7,908.7
7,955.1
8,012.2
8,158.8
8,089.8
8,140.9
8,115.4
8,246.0
8,344.2
8,348.6
8,384.5
8,510.7
8,623.9
8,607.1
8,692.1
8,695.2

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

28,963
29,343
29,623
30,316
30,161
30,539
30,686
31,320
31,763
32,041
32,299
32,626
33,270
33,480
33,874
34,128

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

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Seasonally adjusted annual rates

FARM INCOME
According to the preliminary forecast for 2008, gross farm income is forecast at $371.5 billion, and net farm income
at $92.3 billion.

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income of farm operators from farming
Gross farm income
Cash marketing receipts
Total 1
Total

smartinez on PRODPC60 with ECOIND_CN

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

234.9
243.7
251.9
232.8
260.0
296.0
299.6
291.5
345.7
371.5
298.3
284.4
288.3
294.9
335.6
340.7
347.9
358.4
407.8
365.0
352.1
360.9

Livestock and
products

187.8
192.1
200.1
195.0
215.6
237.3
240.7
239.3
285.4
313.2
231.9
241.8
244.4
239.0
266.8
287.6
293.2
293.8
333.7
315.0
303.0
301.3

95.7
99.6
106.7
94.0
105.6
123.6
124.9
119.3
141.4
138.7
118.6
119.7
119.2
119.6
129.6
146.0
146.7
143.5
146.0
143.0
134.5
131.3

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

Value of
inventory
changes 3

Crops 2

92.1
92.4
93.4
101.1
109.9
113.7
115.9
120.0
143.9
174.6
113.2
122.0
125.2
119.4
137.3
141.6
146.5
150.4
187.7
172.0
168.5
170.0

¥0.2
1.6
1.1
¥3.4
¥2.4
11.2
¥1.1
¥1.6
5.7
.8
¥1.5
¥1.6
¥1.6
¥1.6
5.4
5.8
5.9
5.9
.8
.8
.8
.8

Direct
Government
payments 4

Production
expenses

21.5
23.2
22.4
12.4
16.5
13.0
24.4
15.8
12.0
13.4
31.1
5.8
6.7
19.5
23.6
4.4
5.1
14.8
26.4
4.9
5.7
16.5

187.2
193.0
196.8
192.7
200.3
210.0
222.5
232.5
257.0
279.2
225.3
234.9
237.5
232.3
240.3
259.0
264.1
264.6
297.4
280.8
270.1
268.5

Net farm
income

47.7
50.7
55.0
40.1
59.7
85.9
77.1
59.0
88.7
92.3
73.0
49.5
50.9
62.7
95.3
81.7
83.9
93.8
110.4
84.3
82.0
92.4

4 Includes only Government payments made directly to farmers.
NOTE.—Data for 2008 are forecasts.
Source: Department of Agriculture.

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Period

CORPORATE PROFITS
In the fourth quarter of 2007, according to current estimates, corporate profits before tax rose $0.2 billion (annual
rate) and profits after tax rose $15.3 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

Profits
before
tax

Nonfinancial

Total 2

Financial

Total

Total 3

Manufacturing

Utilities

Wholesale

Retail

Taxes
on
corporate
income

Total

Net
dividends

Undistributed
profits

Inventory
valuation
adjustment

738.5

635.5

165.9

469.6

173.5

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

52.3

73.4

718.3

248.3

470.0

351.6

118.3

20.2

1998 4 .......
1999 ..........
2000 ..........
2001 ..........
2002 ..........
2003 ..........
2004 ..........
2005 ..........
2006 ..........
2007 p ........
2004: I .....
II ...
III ..
IV ..
2005: I .....
II ...
III ..
IV ..
2006: I .....
II ...
III ..
IV ..
2007: I .....
II ...
III ..
IV p

738.5
776.8
759.3
719.2
766.2
894.5
1,161.6
1,543.4
1,769.5
1,830.5
1,094.6
1,147.7
1,159.7
1,244.3
1,513.0
1,559.3
1,495.4
1,605.9
1,708.8
1,784.6
1,816.2
1,768.2
1,775.6
1,876.8
1,859.4
1,810.5

635.5
655.3
613.6
549.5
610.4
729.0
968.2
1,325.2
1,512.2
1,493.0
892.7
959.9
954.7
1,065.4
1,309.0
1,347.6
1,255.0
1,389.3
1,466.7
1,525.2
1,566.4
1,490.4
1,477.7
1,562.1
1,518.3
1,413.7

165.4
194.3
200.2
227.6
276.4
317.3
348.9
423.6
505.3
498.5
347.3
350.2
292.4
405.7
464.8
429.3
364.8
435.6
478.7
521.0
500.3
521.0
493.0
546.4
514.2
440.3

470.1
461.1
413.4
322.0
334.0
411.8
619.3
901.6
1,006.9
994.5
545.4
609.7
662.4
659.6
844.2
918.4
890.2
953.8
987.9
1,004.2
1,066.1
969.5
984.7
1,015.7
1,004.1
973.4

157.0
150.6
144.3
52.6
48.2
76.0
152.7
251.2
293.4
305.7
134.2
148.3
158.4
170.0
244.2
244.9
252.5
263.1
276.1
298.0
319.5
280.2
298.9
347.0
296.8
280.3

32.7
33.1
24.4
24.7
10.6
11.6
18.6
28.4
35.7
44.4
15.2
17.8
18.6
22.8
30.2
30.4
19.9
32.9
31.7
35.3
37.8
37.8
36.4
41.2
46.4
53.7

53.2
55.5
59.7
52.1
49.3
55.2
79.2
95.2
97.0
98.7
69.0
79.6
91.4
76.8
89.0
107.4
87.2
97.4
93.3
85.4
118.1
91.1
97.8
104.9
109.8
82.2

66.4
65.2
59.6
71.0
79.4
86.8
91.1
114.4
124.5
137.5
96.2
91.1
87.7
89.2
99.6
122.6
108.5
126.9
119.4
119.6
126.9
132.1
134.3
134.4
140.2
141.3

718.3
775.9
773.4
707.9
768.4
908.1
1,204.7
1,579.6
1,805.8
1,876.7
1,128.3
1,199.6
1,199.3
1,291.5
1,558.3
1,578.7
1,528.3
1,653.0
1,740.2
1,842.3
1,851.4
1,789.2
1,815.8
1,931.5
1,879.7
1,879.9

248.3
258.6
265.2
204.1
192.6
243.3
307.4
392.9
453.9
466.6
282.5
307.1
302.5
337.3
389.0
393.8
373.1
415.6
432.8
460.0
470.4
452.4
452.5
490.1
469.4
454.4

470.0
517.2
508.2
503.8
575.8
664.8
897.3
1,186.7
1,351.9
1,410.1
845.8
892.5
896.7
954.2
1,169.4
1,184.9
1,155.2
1,237.3
1,307.3
1,382.4
1,381.0
1,336.8
1,363.3
1,441.4
1,410.2
1,425.5

351.6
337.4
377.9
370.9
399.2
424.7
539.5
601.4
698.9
795.2
473.9
500.7
528.5
654.8
566.0
588.1
612.6
638.7
662.5
685.6
711.1
736.4
759.4
784.2
807.7
829.4

118.3
179.9
130.3
132.9
176.6
240.1
357.8
585.3
653.0
614.9
371.9
391.8
368.3
299.3
603.4
596.8
542.6
598.6
644.9
696.8
670.0
600.3
603.9
657.2
602.5
596.1

20.2
1.0
¥14.1
11.3
¥2.2
¥13.6
¥43.1
¥36.2
¥36.3
¥46.2
¥33.7
¥51.9
¥39.6
¥47.2
¥45.3
¥19.4
¥32.9
¥47.0
¥31.4
¥57.7
¥35.2
¥21.0
¥40.2
¥54.7
¥20.3
¥69.4

1 See

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

2 Includes
3 Includes

4 Data by industry beginning 1998 are based on the 1997 North American Industry Classification System (NAICS) and are not directly comparable with data for prior years shown,
which are based on the 1987 Standard Industrial Classification (SIC).
Source: Department of Commerce, Bureau of Economic Analysis.

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smartinez on PRODPC60 with ECOIND_CN

1998 ..........

REAL GROSS PRIVATE DOMESTIC INVESTMENT
In the fourth quarter of 2007, according to revised estimates, nonresidential fixed investment in chained (2000)
dollars rose $20.5 billion (annual rate) and residential investment fell $32.4 billion. There was a decrease of $18.3
billion in inventories following an increase of $30.6 billion in the third quarter.

[Billions of chained (2000) dollars; quarterly data at seasonally adjusted annual rates]
Fixed investment
Gross
private
domestic
investment

Period

Change in private
inventories

Nonresidential
Total

Equipment
and software

Residential

Structures

Total

Total

Nonfarm

1,524.1
1,642.6
1,735.5
1,598.4
1,557.1
1,613.1
1,770.2
1,869.3
1,919.5
1,825.5

1,455.0
1,576.3
1,679.0
1,629.4
1,544.6
1,596.9
1,712.8
1,831.4
1,874.7
1,819.5

1,037.8
1,133.3
1,232.1
1,180.5
1,071.5
1,081.8
1,144.3
1,225.8
1,306.8
1,368.4

294.5
293.2
313.2
306.1
253.8
243.5
246.7
247.8
268.6
303.4

745.6
840.2
918.9
874.2
820.2
843.1
905.1
991.8
1,050.6
1,064.5

418.3
443.6
446.9
448.5
469.9
509.4
560.2
597.1
569.5
472.8

72.6
68.9
56.5
¥31.7
12.5
14.3
54.3
33.2
40.3
4.5

71.2
71.5
57.8
¥31.8
15.2
14.0
48.2
34.0
41.7
.0

2004: I ............................................................................
II ...........................................................................
III .........................................................................
IV ..........................................................................

1,685.3
1,766.3
1,800.5
1,828.8

1,647.9
1,698.7
1,736.7
1,767.7

1,099.1
1,127.5
1,160.7
1,189.7

242.9
246.5
248.7
248.6

861.9
887.4
920.0
951.2

540.5
561.7
567.5
570.9

35.0
64.9
60.1
57.2

30.4
50.5
55.4
56.4

2005: I ............................................................................
II ...........................................................................
III .........................................................................
IV ..........................................................................

1,852.6
1,834.3
1,865.3
1,924.9

1,785.3
1,819.8
1,854.9
1,865.6

1,199.5
1,214.1
1,239.5
1,250.0

249.8
248.9
244.8
247.7

960.0
977.4
1,011.1
1,018.7

578.3
596.4
606.4
607.2

63.4
10.1
5.9
53.6

69.0
11.5
3.9
51.6

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

1,945.4
1,948.5
1,928.2
1,856.2

1,901.4
1,892.3
1,869.6
1,835.5

1,289.7
1,303.2
1,319.4
1,314.8

256.5
266.4
273.3
278.3

1,050.2
1,050.1
1,057.6
1,044.4

606.1
587.5
555.0
529.4

38.4
51.4
53.9
17.4

38.0
57.6
57.6
13.6

2007: I ............................................................................
II ...........................................................................
III .........................................................................
IV r ........................................................................

1,816.9
1,837.4
1,859.9
1,787.7

1,815.2
1,829.3
1,826.0
1,807.5

1,321.7
1,356.6
1,387.3
1,407.8

282.6
299.5
311.1
320.3

1,045.3
1,057.4
1,073.5
1,081.7

506.3
490.7
463.3
430.9

.1
5.8
30.6
¥18.3

¥5.8
1.3
26.0
¥21.7

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

Source: Department of Commerce, Bureau of Economic Analysis.

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smartinez on PRODPC60 with ECOIND_CN

1998 .................................................................................
1999 .................................................................................
2000 .................................................................................
2001 .................................................................................
2002 .................................................................................
2003 .................................................................................
2004 .................................................................................
2005 .................................................................................
2006 .................................................................................
2007 r ...............................................................................

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

Residential

Equipment and software

Period

Total
fixed
investment

Structures

Information processing equipment
and software
Total
nonresidential

Structures

Total

Computers and
peripheral
equipment 1

Software

Total

Transportation
equipment

Other
equipment

Total
residential

Total 2

Single
family

Other

Industrial
equipment

Equipment

1998 ...........................
1999 ...........................
2000 ...........................
2001 ...........................
2002 ...........................
2003 ...........................
2004 ...........................
2005 ...........................
2006 ...........................
2007 r ..........................

1,455.0
1,576.3
1,679.0
1,629.4
1,544.6
1,596.9
1,712.8
1,831.4
1,874.7
1,819.5

1,037.8
1,133.3
1,232.1
1,180.5
1,071.5
1,081.8
1,144.3
1,225.8
1,306.8
1,368.4

294.5
293.2
313.2
306.1
253.8
243.5
246.7
247.8
268.6
303.4

745.6
840.2
918.9
874.2
820.2
843.1
905.1
991.8
1,050.6
1,064.5

328.9
398.5
467.6
459.0
437.4
462.7
505.7
554.3
595.9
645.5

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

129.4
157.2
176.2
173.8
169.7
177.3
193.6
205.7
213.0
227.0

143.2
158.0
190.0
181.7
161.1
167.1
181.1
191.5
204.8
215.3

148.1
147.9
159.2
145.7
134.5
138.4
134.0
144.3
149.6
151.7

145.4
167.7
160.8
142.8
126.0
113.8
130.6
145.1
155.2
136.7

125.7
126.7
131.2
126.9
122.9
130.4
138.3
151.9
156.2
148.9

418.3
443.6
446.9
448.5
469.9
509.4
560.2
597.1
569.5
472.8

411.9
436.6
439.5
441.1
462.2
501.2
551.2
587.7
560.0
463.7

218.1
234.2
236.8
237.1
246.3
272.6
305.3
328.3
302.7
218.9

6.4
7.0
7.4
7.4
7.7
8.1
9.0
9.3
9.7
9.6

2004: I ......................
II .....................
III ...................
IV ....................

1,647.9
1,698.7
1,736.7
1,767.7

1,099.1
1,127.5
1,160.7
1,189.7

242.9
246.5
248.7
248.6

861.9
887.4
920.0
951.2

494.2
499.3
507.5
521.7

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

190.5
190.5
193.9
199.3

179.2
183.0
181.2
181.0

129.1
131.5
136.9
138.7

112.0
125.5
137.0
147.9

132.7
135.3
140.8
144.5

540.5
561.7
567.5
570.9

531.8
552.8
558.5
561.7

295.4
305.6
310.1
310.1

8.7
8.8
9.1
9.2

2005: I ......................
II .....................
III ...................
IV ....................

1,785.3
1,819.8
1,854.9
1,865.6

1,199.5
1,214.1
1,239.5
1,250.0

249.8
248.9
244.8
247.7

960.0
977.4
1,011.1
1,018.7

537.4
548.8
560.5
570.6

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

201.6
206.0
206.7
208.3

188.9
188.3
194.6
194.2

142.8
139.4
145.9
149.2

138.2
142.0
153.2
147.0

145.7
151.6
154.2
156.1

578.3
596.4
606.4
607.2

569.1
587.1
597.0
597.6

317.5
325.7
332.3
337.9

9.2
9.3
9.3
9.5

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

1,901.4
1,892.3
1,869.6
1,835.5

1,289.7
1,303.2
1,319.4
1,314.8

256.5
266.4
273.3
278.3

1,050.2
1,050.1
1,057.6
1,044.4

589.8
592.1
602.0
599.6

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

211.0
212.1
213.8
215.1

206.3
203.3
207.1
202.6

147.0
152.0
150.9
148.4

160.3
153.3
156.3
150.9

157.8
157.9
155.2
153.7

606.1
587.5
555.0
529.4

596.3
577.9
545.5
520.1

338.5
318.8
291.1
262.4

9.7
9.7
9.7
9.6

2007: I ......................
II .....................
III ...................
IV r ...................

1,815.2
1,829.3
1,826.0
1,807.5

1,321.7
1,356.6
1,387.3
1,407.8

282.6
299.5
311.1
320.3

1,045.3
1,057.4
1,073.5
1,081.7

623.3
638.5
648.7
671.3

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

219.9
225.6
228.0
234.5

209.2
213.4
216.8
221.9

147.3
152.9
156.0
150.6

144.8
135.3
136.3
130.3

144.8
148.0
150.2
152.7

506.3
490.7
463.3
430.9

497.1
481.6
454.3
422.1

240.2
231.2
215.5
188.8

9.6
9.5
9.6
9.5

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

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

BUSINESS INVESTMENT
[Billions of dollars]
Capital expenditures
By industry

Period

Total
capital
expenditures

Total
by
industry

Forestry,
fishing
Con- Manuand
Min- Utili- strucfacagriing
ties
turtion
culing
tural
services

ProFor
Real fesscomTransesional, Health
panies
portaFiwithWhole- Retail
tion
Infor- nance tate scien- care
and
and
out
sale
and
maand rental tific, social Other 1 emand
trade trade waretion insur- and
tech- assisployhousance leas- nical tance
ees
ing
ing
services

smartinez on PRODPC60 with ECOIND_CN

For companies with employees
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006

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

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
1,309.4 1,216.6
2.7 98.3 70.0 30.3 191.0
42.9 86.9
67.4 104.6 169.4 122.4
30.3
75.4 124.9 92.8

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

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

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ECOIND

EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
In March, employment fell by 24,000 and unemployment rose by 434,000.

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

1998 2 ....................
1999 2 ....................
2000 2 ....................
2001 .....................
2002 ......................
2003 2 ....................
2004 2 ....................
2005 2 ....................
2006 2 ....................
2007 2 ....................
2007: Mar ...........
Apr ............
May ...........
June ..........
July ...........
Aug ...........
Sept ...........
Oct ............
Nov ............
Dec ............
2008: Jan 2 ..........
Feb ............
Mar ............

Civilian
noninstitutional
population
(NSA)

Civilian
labor
force

205,220
207,753
212,577
215,092
217,570
221,168
223,357
226,082
228,815
231,867
231,034
231,253
231,480
231,713
231,958
232,211
232,461
232,715
232,939
233,156
232,616
232,809
232,995

137,673
139,368
142,583
143,734
144,863
146,510
147,401
149,320
151,428
153,124
152,884
152,542
152,776
153,085
153,182
152,886
153,506
153,306
153,828
153,866
153,824
153,374
153,784

Total

Men
20
years
and
over

Women
20
years
and
over

Both
sexes
16–19
years

131,463
133,488
136,891
136,933
136,485
137,736
139,252
141,730
144,427
146,047
146,145
145,713
145,913
146,087
146,045
145,753
146,260
146,016
146,647
146,211
146,248
145,993
145,969

67,135
67,761
69,634
69,776
69,734
70,415
71,572
73,050
74,431
75,337
75,286
75,279
75,343
75,292
75,324
75,274
75,332
75,274
75,834
75,499
75,427
75,362
75,197

57,278
58,555
60,067
60,417
60,420
61,402
61,773
62,702
63,834
64,799
64,859
64,479
64,710
64,828
64,792
64,826
65,033
64,827
65,980
64,912
65,098
64,950
65,055

7,051
7,172
7,189
6,740
6,332
5,919
5,907
5,978
6,162
5,911
6,000
5,954
5,860
5,968
5,930
5,653
5,895
5,914
5,832
5,801
5,724
5,681
5,717

1 Civilian labor force (or employment) as percent of civilian noninstitutional population; and
unemployment as percent of civilian labor force.
2 Not strictly comparable with earlier data.
NOTE.—Beginning January 2008 data reflect revised population controls and are not strictly
comparable with earlier data.

Total

6,210
5,880
5,692
6,801
8,378
8,774
8,149
7,591
7,001
7,078
6,738
6,829
6,863
6,997
7,137
7,133
7,246
7,291
7,181
7,655
7,576
7,381
7,815

Men
20
years
and
over
2,580
2,433
2,376
3,040
3,896
4,209
3,791
3,392
3,131
3,259
3,124
3,149
3,154
3,212
3,295
3,252
3,357
3,389
3,240
3,505
3,437
3,386
3,641

Women
20
years
and
over

Both
sexes
16–19
years

2,424
2,285
2,235
2,599
3,228
3,314
3,150
3,013
2,751
2,718
2,588
2,597
2,608
2,653
2,774
2,790
2,762
2,796
2,796
2,954
2,885
2,865
3,104

1,205
1,162
1,081
1,162
1,253
1,251
1,208
1,186
1,119
1,101
1,027
1,082
1,101
1,133
1,067
1,092
1,126
1,105
1,145
1,196
1,254
1,130
1,070

Not in
labor
force

Labor
force
participation
rate

Employment/
population
ratio

Unemployment
rate

67.1
67.1
67.1
66.8
66.6
66.2
66.0
66.0
66.2
66.0
66.2
66.0
66.0
66.1
66.0
65.8
66.0
65.9
66.0
66.0
66.1
65.9
66.0

64.1
64.3
64.4
63.7
62.7
62.3
62.3
62.7
63.1
63.0
63.3
63.0
63.0
63.0
63.0
62.8
62.9
62.7
63.0
62.7
62.9
62.7
62.6

4.5
4.2
4.0
4.7
5.8
6.0
5.5
5.1
4.6
4.6
4.4
4.5
4.5
4.6
4.7
4.7
4.7
4.8
4.7
5.0
4.9
4.8
5.1

67,547
68,385
69,994
71,359
72,707
74,658
75,956
76,762
77,387
78,743
78,150
78,711
78,704
78,628
78,776
79,325
78,955
79,409
79,111
79,290
78,792
79,436
79,211

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

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Period

Percent 1

Unemployment

SELECTED UNEMPLOYMENT RATES
In March, the unemployment rate rose to 5.1 percent from 4.8 percent in February.

[Monthly data seasonally adjusted]
Unemployment rate (percent of civilian labor force in group)
By race or ethnicity 1

smartinez on PRODPC60 with ECOIND_CN

Period

All
civilian
workers

1998 .........................
1999 .........................
2000 ........................
2001 ........................
2002 ........................
2003 ........................
2004 .........................
2005 .........................
2006 .........................
2007 .........................
2007: Mar ..............
Apr ...............
May ..............
June .............
July ..............
Aug ..............
Sept ..............
Oct ...............
Nov ..............
Dec ...............
2008: Jan ...............
Feb ...............
Mar ...............

Men
20 years
and over

Women
20 years
and over

3.7
3.5
3.3
4.2
5.3
5.6
5.0
4.4
4.0
4.1
4.0
4.0
4.0
4.1
4.2
4.1
4.3
4.3
4.1
4.4
4.4
4.3
4.6

4.1
3.8
3.6
4.1
5.1
5.1
4.9
4.6
4.1
4.0
3.8
3.9
3.9
3.9
4.1
4.1
4.1
4.1
4.1
4.4
4.2
4.2
4.6

4.5
4.2
4.0
4.7
5.8
6.0
5.5
5.1
4.6
4.6
4.4
4.5
4.5
4.6
4.7
4.7
4.7
4.8
4.7
5.0
4.9
4.8
5.1

Both
sexes
16–19
years

White

14.6
13.9
13.1
14.7
16.5
17.5
17.0
16.6
15.4
15.7
14.6
15.4
15.8
16.0
15.3
16.2
16.0
15.7
16.4
17.1
18.0
16.6
15.8

3.9
3.7
3.5
4.2
5.1
5.2
4.8
4.4
4.0
4.1
3.8
4.0
4.0
4.1
4.2
4.2
4.2
4.2
4.2
4.4
4.4
4.3
4.5

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.

By selected groups

Black or
African
American

Asian
(NSA)

Hispanic or
Latino
ethnicity

8.9
8.0
7.6
8.6
10.2
10.8
10.4
10.0
8.9
8.3
8.3
8.2
8.4
8.4
8.1
7.7
8.2
8.5
8.4
9.0
9.2
8.3
9.0

..........
..........
3.6
4.5
5.9
6.0
4.4
4.0
3.0
3.2
3.0
3.3
2.9
3.1
3.0
3.4
3.2
3.7
3.6
3.7
3.2
3.0
3.6

Married
men,
spouse
present

7.2
6.4
5.7
6.6
7.5
7.7
7.0
6.0
5.2
5.6
5.2
5.5
5.8
5.7
5.9
5.5
5.7
5.6
5.7
6.3
6.3
6.2
6.9

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Full-time
workers

Part-time
workers

7.2
6.4
5.9
6.6
8.0
8.5
8.0
7.8
7.1
6.5
6.7
6.2
6.3
6.8
6.8
6.2
6.4
6.3
6.6
6.9
7.0
6.7
7.1

4.3
4.1
3.8
4.7
5.9
6.1
5.6
5.0
4.5
4.6
4.4
4.4
4.4
4.5
4.6
4.6
4.7
4.7
4.6
4.9
4.8
4.8
5.0

5.3
5.0
4.8
5.1
5.2
5.5
5.3
5.4
5.1
4.9
4.5
5.0
4.9
4.7
5.1
4.9
4.7
5.0
5.0
5.6
5.4
5.0
5.3

2.4
2.2
2.0
2.7
3.6
3.8
3.1
2.8
2.4
2.5
2.5
2.5
2.6
2.4
2.7
2.5
2.5
2.6
2.6
2.7
2.7
2.7
2.8

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

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Women
who
maintain
families
(NSA)

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By sex and age

SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE
PROGRAMS
In March, the percentages of the unemployed who had been out of work for less than 5 weeks and 5–14 weeks
rose; the percentages for 15–26 weeks and for 27 weeks and over fell. The mean duration of unemployment
fell to 16.2 weeks and the median duration fell to 8.1 weeks.

[Monthly data seasonally adjusted, except as noted]
Duration of unemployment

Period

Unemployment
(thousands)

Percent distribution
Less
than
5
weeks

5–14
weeks

15–26
weeks

Reason for unemployment:
percent distribution

State
programs

Number of weeks
27
weeks
and
over

Average
(mean)

Median

Job
losers 1

Job
leavers

Reentrants

New
entrants

Insured
unemployment

Initial
claims

Insured
unemployment,
all
regular
programs
(unadjusted) 2

1998 ........................................
1999 ........................................
2000 ........................................
2001 ........................................
2002 ........................................
2003 ........................................
2004 ........................................
2005 ........................................
2006 ........................................
2007 ........................................
2007: Mar .............................
Apr ..............................
May .............................
June ............................
July .............................
Aug ..............................
Sept .............................
Oct ..............................
Nov ..............................
Dec ..............................
2008: Jan ..............................
Feb ..............................
Mar ..............................

6,210
5,880
5,692
6,801
8,378
8,774
8,149
7,591
7,001
7,078
6,738
6,829
6,863
6,997
7,137
7,133
7,246
7,291
7,181
7,655
7,576
7,381
7,815

42.2
43.7
44.9
42.0
34.5
31.7
33.1
35.1
37.3
35.9
35.0
35.7
35.8
36.1
35.1
36.3
34.9
34.2
36.6
36.5
35.0
35.6
36.0

31.4
31.2
31.9
32.3
30.8
29.8
29.2
30.4
30.3
31.5
32.3
31.4
31.7
30.8
31.2
30.6
32.1
33.5
30.0
30.5
31.8
32.3
32.8

12.3
12.8
11.8
14.0
16.3
16.4
15.9
14.9
14.7
15.0
14.6
15.6
16.0
16.4
15.3
15.6
15.3
14.4
14.1
15.5
14.9
14.6
14.5

14.1
12.3
11.4
11.8
18.3
22.1
21.8
19.6
17.6
17.6
18.1
17.4
16.5
16.7
18.4
17.4
17.6
17.9
19.3
17.5
18.3
17.5
16.7

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

14.5
13.4
12.6
13.1
16.6
19.2
19.6
18.4
16.8
16.8
17.2
17.0
16.6
16.8
17.3
16.9
16.6
17.0
17.2
16.6
17.5
16.8
16.2

6.7
6.4
5.9
6.8
9.1
10.1
9.8
8.9
8.3
8.5
8.6
8.6
8.3
8.3
8.9
8.6
8.9
8.7
8.7
8.4
8.8
8.4
8.1

45.5
44.6
44.2
51.1
55.0
55.1
51.5
48.3
47.4
49.7
48.1
48.5
49.3
49.0
50.8
51.1
49.6
50.9
50.0
50.1
50.7
52.2
53.7

11.8
13.3
13.7
12.3
10.3
9.3
10.5
11.5
11.8
11.2
11.2
11.0
11.2
11.6
11.5
11.2
11.5
10.8
10.8
10.4
11.1
10.4
10.1

34.3
34.1
34.5
29.9
28.3
28.2
29.5
31.4
32.0
30.3
31.8
31.7
31.4
30.4
29.2
29.2
29.5
28.7
29.9
30.4
29.4
28.6
27.4

8.4
8.0
7.6
6.8
6.4
7.3
8.4
8.8
8.8
8.9
8.9
8.8
8.1
9.0
8.4
8.5
9.4
9.7
9.3
9.1
8.9
8.8
8.8

2,222
2,188
2,110
2,974
3,585
3,531
2,950
2,661
2,476
2,571
r 2,500
r 2,524
r 2,504
r 2,529
r 2,550
r 2,579
r 2,553
r 2,573
r 2,620
r 2,696
r 2,718
r 2,776
..............

321
298
301
404
407
404
345
328
313
324
r 313
r320
r 307
r318
r 309
r 324
r 319
r 329
r 339
r 344
r 337
r 346
p 375

2,257
2,219
2,141
3,007
3,619
3,569
2,995
2,706
2,518
2,609
2,738
2,830
2,238
2,279
2,703
2,269
2,344
2,256
2,271
3,066
3,270
3,251
.................

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

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Weekly average, thousands

NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey fell by 80,000 in March..

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

Goods-producing industries

Period

Total 2

Construction

Manufacturing

Service-providing industries
Trade, transportation, and
utilities

Total

Total 3
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
Mar ........
Apr .........
May ........
June .......
July ........
Aug ........
Sept .......
Oct .........
Nov ........
Dec .........
2008: Jan r .......
Feb r .......
Mar p .......

smartinez on PRODPC60 with ECOIND_CN

1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2007:

125,930
128,993
131,785
131,826
130,341
129,999
131,435
133,703
136,086
137,623
137,310
137,356
137,518
137,625
138,682
137,756
137,837
137,977
138,037
138,078
138,002
137,926
137,846

24,354
24,465
24,649
23,873
22,557
21,816
21,882
22,190
22,531
22,221
22,362
22,300
22,272
22,267
22,242
22,176
22,138
22,101
22,049
21,976
21,907
21,825
21,732

6,149
6,545
6,787
6,826
6,716
6,735
6,976
7,336
7,691
7,614
7,694
7,660
7,643
7,656
7,632
7,605
7,589
7,577
7,520
7,465
7,426
7,389
7,338

17,560
17,322
17,263
16,441
15,259
14,510
14,315
14,226
14,155
13,884
13,953
13,922
13,910
13,890
13,884
13,844
13,822
13,797
13,794
13,772
13,737
13,691
13,643

101,576
104,528
107,136
107,952
107,784
108,183
109,553
111,513
113,556
115,402
114,948
115,056
115,246
115,358
115,440
115,580
115,699
115,876
115,988
116,102
116,095
116,101
116,114

Retail
trade

25,186
25,771
26,225
25,983
25,497
25,287
25,533
25,959
26,276
26,608
26,584
26,571
26,593
26,600
26,617
26,640
26,649
26,644
26,693
26,658
26,631
26,576
26,556

14,609
14,970
15,280
15,239
15,025
14,917
15,058
15,280
15,353
15,491
15,520
15,487
15,500
15,484
15,489
15,502
15,487
15,469
15,513
15,488
15,472
15,426
15,413

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.

Information
3,218
3,419
3,630
3,629
3,395
3,188
3,118
3,061
3,038
3,029
3,030
3,034
3,037
3,033
3,027
3,024
3,031
3,027
3,022
3,018
3,014
3,016
3,010

Financial
activities
7,462
7,648
7,687
7,808
7,847
7,977
8,031
8,153
8,328
8,308
8,333
8,315
8,322
8,317
8,331
8,312
8,294
8,283
8,260
8,252
8,244
8,233
8,228

Profes- Educasional
tion Leisure
and
and
and
busihealth hospiness
tality
services services
15,147
15,957
16,666
16,476
15,976
15,987
16,394
16,954
17,566
17,962
17,875
17,903
17,938
17,935
17,958
17,979
18,000
18,070
18,079
18,131
18,101
18,071
18,036

14,446
14,798
15,109
15,645
16,199
16,588
16,953
17,372
17,826
18,327
18,153
18,211
18,247
18,314
18,360
18,422
18,451
18,490
18,522
18,568
18,617
18,657
18,699

05:07 Apr 05, 2008

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Government

Total
4,976
5,087
5,168
5,258
5,372
5,401
5,409
5,395
5,438
5,491
5,479
5,486
5,495
5,496
5,501
5,497
5,495
5,496
5,506
5,507
5,508
5,515
5,516

19,909
20,307
20,790
21,118
21,513
21,583
21,621
21,804
21,974
22,203
22,143
22,161
22,186
22,202
22,170
22,212
22,227
22,262
22,278
22,333
22,336
22,369
22,387

Federal
2,772
2,769
2,865
2,764
2,766
2,761
2,730
2,732
2,732
2,727
2,729
2,729
2,727
2,720
2,726
2,724
2,721
2,722
2,728
2,735
2,717
2,724
2,726

2 Includes

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

14
VerDate Aug 31 2005

11,232
11,543
11,862
12,036
11,986
12,173
12,493
12,816
13,110
13,474
13,351
13,375
13,428
13,461
13,476
13,494
13,552
13,604
13,628
13,635
13,644
13,664
13,682

Other
services

Sfmt 3401

E:\HR\OC\ECOIND.014

ECOIND

g:\graphics\eecoind.014

Total
nonagricultural
employment

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

Average gross hourly earnings

Manufacturing
Total
private
nonagricultural 1

Period

1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2007:

.....................
.....................
....................
.....................
.....................
.....................
.....................
.....................
.....................
.....................
Feb ...........
Mar ...........
Apr ...........
May ...........
June ..........
July ...........
Aug ...........
Sept ..........
Oct ............
Nov ...........
Dec ...........
2008: Jan r ..........
Feb r ..........
Mar p .........

34.5
34.3
34.3
34.0
33.9
33.7
33.7
33.8
33.9
33.8
33.7
33.9
33.8
33.8
33.9
33.8
33.8
33.8
33.8
33.8
33.8
33.7
33.7
33.8

Total

41.4
41.4
41.3
40.3
40.5
40.4
40.8
40.7
41.1
41.2
40.9
41.2
41.1
41.1
41.4
41.4
41.3
41.4
41.2
41.3
41.1
41.1
41.2
41.3

Average gross weekly earnings

Total private
nonagricultural 1
Current
dollars

Overtime

4.9
4.9
4.7
4.0
4.2
4.2
4.6
4.6
4.4
4.2
4.1
4.3
4.2
4.1
4.3
4.2
4.2
4.2
4.1
4.1
4.0
4.0
4.0
4.1

$13.01
13.49
14.02
14.54
14.97
15.37
15.69
16.13
16.76
17.42
17.17
17.24
17.29
17.34
17.41
17.47
17.51
17.57
17.59
17.64
17.70
17.75
17.81
17.86

1982
dollars 2

$7.89
8.01
8.04
8.12
8.25
8.28
8.24
8.18
8.24
8.32
8.35
8.33
8.33
8.31
8.32
8.33
8.35
8.35
8.34
8.27
8.27
8.26
8.29
..............

Total private
nonagricultural 1
Manufacturing

Current
dollars

$13.45
13.85
14.32
14.76
15.29
15.74
16.14
16.56
16.81
17.26
17.06
17.11
17.20
17.23
17.28
17.30
17.33
17.34
17.34
17.40
17.41
17.49
17.55
17.59

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

Percent change from
a year earlier, total
private nonagricultural

Current dollars

1982
dollars 2

Manufacturing

Construction

Retail
trade

$448.56
463.15
481.01
493.79
506.75
518.06
529.09
544.33
567.87
589.72
578.63
584.44
584.40
586.09
590.20
590.49
591.84
593.87
594.54
596.23
598.26
598.18
600.20
603.67

$272.18
275.03
275.97
275.71
279.20
279.13
277.88
276.17
279.19
281.82
281.34
282.52
281.54
280.83
282.17
281.65
282.30
282.20
281.72
279.67
279.53
278.27
279.21
..............

$557.09
573.25
590.77
595.19
618.75
635.99
658.49
673.33
691.02
711.36
697.75
704.93
706.92
708.15
715.39
716.22
715.73
717.88
714.41
718.62
715.55
718.84
723.06
726.47

$629.75
655.11
685.78
695.89
711.82
726.83
735.55
750.22
781.21
816.06
790.66
809.37
807.56
813.40
818.75
814.57
815.19
821.57
821.73
828.92
830.70
829.54
828.74
842.01

$310.34
321.63
333.38
346.16
360.81
367.15
371.13
377.58
383.02
385.20
382.94
383.54
383.84
383.17
385.05
384.98
385.28
387.47
387.09
386.86
385.58
386.56
387.77
388.67

Current
dollars

3.9
3.3
3.9
2.7
2.6
2.2
2.1
2.9
4.3
3.8
3.8
4.5
3.5
4.1
4.1
3.7
3.7
4.1
3.5
3.8
3.4
3.4
3.7
3.3

1982
dollars

2.5
1.0
.3
¥.1
1.3
¥.0
¥.4
¥.6
1.1
.9
1.6
1.7
.9
1.3
1.5
1.4
1.9
1.2
¥.3
¥.8
¥1.0
¥1.4
¥.8
..............

Source: Department of Labor, Bureau of Labor Statistics.

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

Percent change from
3 months earlier

Period

Total
compensation

Wages and
salaries

Benefits 1

Total
compensation

12 months earlier

Wages and
salaries

Benefits 1

Total
compensation

Wages and
salaries

Benefits 1

Not seasonally adjusted
1998:
1999:
2000:
2001:
2002:
2003:
2004:
2005:
2006:
2007:

Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec

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

77.5
80.2
83.6
87.3
90.0
93.6
97.2
100.0
103.2
106.3

80.6
83.5
86.7
89.9
92.2
95.1
97.6
100.0
103.2
106.6

70.2
72.6
76.7
81.3
84.7
90.2
96.2
100.0
103.1
105.6

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

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

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

smartinez on PRODPC60 with ECOIND_CN

Seasonally adjusted
2004: Mar .................................................................
June ...............................................................
Sept ................................................................
Dec .................................................................
2005: Mar .................................................................
June ...............................................................
Sept ................................................................
Dec .................................................................
2006: Mar .................................................................
June ...............................................................
Sept ................................................................
Dec .................................................................
2007: Mar .................................................................
June ...............................................................
Sept ................................................................
Dec .................................................................

94.9
95.8
96.7
97.3
98.2
98.8
99.5
100.1
100.8
101.6
102.5
103.3
103.9
104.8
105.6
106.4

95.7
96.4
97.2
97.6
98.3
98.8
99.4
100.1
100.8
101.6
102.4
103.2
104.3
105.1
105.9
106.7

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

92.9
94.4
95.4
96.5
98.0
98.8
99.6
100.3
100.8
101.5
102.5
103.4
103.1
104.2
105.0
105.9

1.2
.9
.9
.6
.9
.6
.7
.6
.7
.8
.9
.8
.6
.9
.8
.8

3.5
3.5
4.2
4.1
3.1
4.0
3.8
2.9
3.2
3.0

3.9
3.6
3.8
3.8
2.6
3.1
2.6
2.5
3.2
3.3

2.5
3.4
5.6
5.2
4.2
6.5
6.7
4.0
3.1
2.4

Not seasonally adjusted
0.6
.7
.8
.4
.7
.5
.6
.7
.7
.8
.8
.8
1.1
.8
.8
.8

2.7
1.6
1.1
1.2
1.6
.8
.8
.7
.5
.7
1.0
.9
¥.3
1.1
.8
.9

3.8
3.9
3.8
3.8
3.5
3.1
2.9
2.9
2.6
2.8
3.0
3.2
3.2
3.1
3.1
3.0

2.6
2.7
2.6
2.6
2.7
2.5
2.3
2.5
2.4
2.8
3.0
3.2
3.6
3.3
3.4
3.3

6.8
7.3
6.7
6.7
5.5
4.7
4.5
4.0
3.0
2.7
2.8
3.1
2.2
2.6
2.4
2.4

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

15
VerDate Aug 31 2005

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E:\HR\OC\ECOIND.015

ECOIND

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

Nonfarm
business
sector

Output 1
Business
sector

Hours of all
persons 2

Nonfarm
business
sector

Business
sector

Compensation per
hour 3

Nonfarm
business
sector

Business
sector

Nonfarm
business
sector

Real compensation
per hour 4
Business
sector

Nonfarm
business
sector

Unit labor
costs
Business
sector

Nonfarm
business
sector

Implicit price
deflator 5
Business
sector

Nonfarm
business
sector

Indexes, 1992=100; quarterly data seasonally adjusted
1998 ........................
1999 ........................
2000 ........................
2001 ........................
2002 ........................
2003 ........................
2004 ........................
2005 ........................
2006 ........................
2007 * ....................
2004: I ...................
II .................
III ................
IV ................
2005: I ...................
II .................
III ................
IV ................
2006: I ...................
II .................
III ................
IV ................
2007: I ...................
II .................
III ................
IV * ..............

109.5
112.8
116.1
119.1
123.9
128.7
132.4
135.0
136.4
139.0
131.1
132.4
132.7
133.4
134.3
134.3
135.9
135.6
136.3
136.7
136.1
136.6
136.8
138.1
140.3
140.7

109.4
112.5
115.7
118.6
123.5
128.0
131.6
134.1
135.4
137.9
130.2
131.8
132.1
132.2
133.3
133.6
135.0
134.5
135.2
135.7
135.2
135.7
136.0
136.9
139.0
139.7

128.6
135.2
140.5
141.0
143.1
147.5
153.7
159.3
164.3
168.1
151.4
153.1
154.6
155.7
157.2
158.5
160.6
161.0
163.2
164.2
164.4
165.5
165.6
167.3
169.7
169.8

128.9
135.6
140.8
141.3
143.4
147.8
153.9
159.5
164.5
168.4
151.5
153.4
154.9
155.9
157.4
158.6
160.8
161.2
163.4
164.4
164.7
165.7
165.9
167.6
169.9
170.0

117.5
119.8
121.0
118.4
115.4
114.6
116.1
118.0
120.4
121.0
115.5
115.6
116.5
116.7
117.0
118.0
118.2
118.8
119.7
120.1
120.8
121.1
121.0
121.2
120.9
120.7

117.9
120.5
121.7
119.2
116.1
115.4
117.0
118.9
121.5
122.1
116.4
116.4
117.3
117.9
118.0
118.7
119.1
119.8
120.8
121.2
121.8
122.1
121.9
122.4
122.2
121.8

119.9
125.8
134.7
140.4
145.3
151.2
156.9
163.2
169.7
178.1
153.9
155.7
157.8
160.3
161.5
161.7
164.1
165.4
168.3
168.1
168.7
173.5
176.1
177.2
178.8
180.4

119.6
125.2
134.2
139.5
144.6
150.4
155.9
162.2
168.6
176.9
152.9
154.8
156.9
158.9
160.3
160.9
163.2
164.3
167.0
167.0
167.6
172.5
175.2
175.8
177.3
179.2

105.2
108.1
112.0
113.5
115.7
117.7
119.0
119.7
120.5
123.3
118.2
118.4
119.3
120.1
120.4
119.4
119.5
119.5
121.0
119.4
118.9
122.9
123.7
123.1
123.4
122.9

104.9
107.6
111.6
112.8
115.1
117.1
118.2
118.9
119.7
122.4
117.4
117.7
118.6
119.1
119.5
118.8
118.9
118.6
120.0
118.6
118.1
122.2
123.1
122.1
122.3
122.2

109.5
111.5
116.0
117.9
117.3
117.5
118.5
120.9
124.3
128.2
117.4
117.6
118.9
120.1
120.2
120.4
120.8
122.0
123.4
123.0
123.9
127.0
128.7
128.3
127.4
128.2

109.3
111.3
116.0
117.7
117.1
117.5
118.5
120.9
124.5
128.3
117.4
117.5
118.8
120.2
120.2
120.4
120.9
122.1
123.5
123.1
124.0
127.2
128.8
128.4
127.5
128.3

109.7
110.7
112.7
114.9
116.1
117.8
120.8
124.5
128.2
131.0
119.5
120.5
121.1
122.1
123.1
123.9
125.0
126.1
127.0
128.0
128.7
128.9
130.2
130.9
131.0
131.8

109.9
111.1
113.3
115.4
116.7
118.3
121.1
125.1
128.9
131.3
119.7
120.6
121.4
122.5
123.6
124.5
125.6
126.8
127.7
128.9
129.4
129.5
130.6
131.3
131.3
132.0

3.1
1.8
4.2
1.5
¥.5
.3
.9
2.0
2.9
3.1
2.1
.7
¥4.4
3.9
¥1.0
.2
4.5
4.7
.0
.8
1.4
4.2
4.7
¥1.3
3.0
10.5
5.4
¥1.3
¥2.7
2.6

0.6
.9
1.8
2.0
1.0
1.5
2.6
3.1
2.9
2.2
1.9
.6
1.8
1.8
3.4
3.6
1.8
3.5
3.4
2.6
3.5
3.7
2.8
3.3
2.1
.8
4.1
2.2
.3
2.3

0.7
1.1
1.9
1.9
1.1
1.3
2.4
3.4
3.0
1.9
2.0
.4
1.3
1.1
3.4
3.0
2.4
3.8
3.8
2.7
3.8
3.7
3.0
3.7
1.6
.3
3.6
2.1
.1
2.0

Percent change; quarterly data at seasonally adjusted annual rates

smartinez on PRODPC60 with ECOIND_CN

1998 ........................
1999 ........................
2000 ........................
2001 ........................
2002 ........................
2003 ........................
2004 ........................
2005 ........................
2006 ........................
2007 * .....................
2003: I ...................
II .................
III ...............
IV ................
2004: I ...................
II .................
III ................
IV ................
2005: I ...................
II .................
III ................
IV ................
2006: I ...................
II .................
III ................
IV ................
2007: I ...................
II .................
III ................
IV * ..............

2.8
3.1
2.9
2.5
4.1
3.8
2.9
2.0
1.0
1.9
3.4
7.2
8.8
¥1.1
2.4
3.9
1.1
2.0
2.8
.0
4.6
¥.9
2.3
1.1
¥1.6
1.4
.6
3.8
6.6
1.0

2.8
2.9
2.8
2.5
4.1
3.7
2.8
1.9
1.0
1.8
3.4
5.9
10.2
¥.4
.8
4.8
.9
.5
3.4
.7
4.3
¥1.4
2.1
1.3
¥1.5
1.6
1.0
2.6
6.3
1.9

4.8
5.1
3.9
.3
1.5
3.1
4.2
3.6
3.1
2.3
1.1
4.6
10.4
1.1
3.7
4.4
4.0
3.0
3.7
3.3
5.5
1.0
5.5
2.5
.6
2.6
.2
4.4
5.7
.2

5.0
5.2
3.8
.4
1.5
3.1
4.1
3.6
3.2
2.3
1.2
4.3
11.0
1.6
2.6
5.0
3.8
2.6
3.9
3.2
5.6
.9
5.7
2.4
.8
2.6
.3
4.2
5.6
.3

2.0
2.0
1.0
¥2.2
¥2.5
¥.7
1.3
1.6
2.1
.4
¥2.2
¥2.4
1.5
2.2
1.2
.4
2.9
1.0
.9
3.3
.9
1.9
3.1
1.5
2.3
1.2
¥.4
.5
¥.9
¥.7

2.1
2.2
1.0
¥2.0
¥2.6
¥.6
1.3
1.7
2.2
.5
¥2.1
¥1.5
.8
2.0
1.8
.2
2.9
2.1
.5
2.5
1.2
2.4
3.5
1.1
2.3
1.0
¥.6
1.6
¥.6
¥1.6

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 1978–2006 is based on the consumer price index research series (CPI–U–RS).
5 Current dollar gross domestic output divided by the output index.

6.1
4.9
7.1
4.2
3.5
4.1
3.8
4.0
4.0
5.0
5.6
7.5
4.5
3.2
.6
4.9
5.4
6.4
3.0
.6
6.1
3.2
7.1
¥.5
1.5
11.8
6.1
2.5
3.7
3.6

6.0
4.7
7.2
4.0
3.6
4.0
3.6
4.0
3.9
4.9
5.6
6.7
5.4
3.5
¥.2
5.1
5.5
5.3
3.4
1.6
5.8
2.7
6.9
.0
1.5
12.3
6.4
1.3
3.4
4.6

4.6
2.7
3.6
1.4
1.9
1.7
1.1
.6
.7
2.3
1.9
7.2
2.0
2.2
¥2.8
.7
3.1
2.7
1.0
¥3.2
.5
¥.2
5.1
¥5.2
¥1.7
14.2
2.8
¥2.0
.8
¥1.3

4.5
2.5
3.7
1.1
2.0
1.7
.9
.6
.6
2.3
1.8
6.3
2.8
2.5
¥3.6
.9
3.1
1.6
1.4
¥2.3
.3
¥.7
4.8
¥4.8
¥1.7
14.7
3.1
¥3.1
.6
¥.5

3.2
1.8
4.1
1.6
¥.5
.2
.9
2.0
2.9
3.1
2.2
.3
¥3.9
4.4
¥1.7
.9
4.3
4.3
.2
.6
1.4
4.1
4.7
¥1.5
3.1
10.4
5.5
¥1.3
¥2.8
2.7

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 February 28, 2008.
Source: Department of Labor, Bureau of Labor Statistics.

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ECOIND

PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production and capacity utilization fell in February. (Series revised.)

[Monthly data seasonally adjusted]
Total industrial production 1
Percent
Period

1998 r
1999 r
2000 r
2001 r
2002 r
2003 r
2004 r
2005 r
2006 r
2007 r

Index,
2002=100

From
preceding
month

Industry production indexes, 2002=100

change 2
From
year
earlier

Capacity utilization
rate
(output as percent
of capacity) 1

Manufacturing

Total 1

Durable

Nondurable

Other
(nonNAICS) 1

Mining

Utilities
Total
industry

Total
manufacturing

95.4
99.5
103.7
100.1
100.0
101.2
103.8
107.2
109.6
111.4

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

5.9
4.3
4.2
¥3.4
¥.1
1.2
2.5
3.3
2.2
1.7

95.1
99.9
104.4
100.1
100.0
101.3
104.2
108.4
111.1
112.9

90.2
97.8
105.2
100.5
100.0
102.7
106.9
112.7
117.9
121.0

101.0
101.7
102.2
98.9
100.0
100.1
102.0
104.8
105.6
106.6

107.8
110.9
112.6
105.7
100.0
97.1
97.9
98.5
94.3
92.9

107.2
101.6
104.2
104.8
100.0
100.2
99.6
98.3
101.4
101.5

92.0
94.7
97.4
97.0
100.0
101.9
103.3
105.5
104.8
108.2

82.8
81.9
81.8
76.3
74.8
76.0
78.0
80.2
80.9
81.0

81.8
80.7
80.1
73.9
72.8
74.0
76.3
78.6
79.4
79.4

2007: Feb r ............
Mar r ............
Apr r ............
May r ............
June r ...........
July r ...........
Aug r ............
Sept r ...........
Oct r .............
Nov r ............
Dec r ............

110.5
110.4
111.0
111.0
111.4
112.0
112.0
112.3
111.8
112.3
112.4

0.7
¥.1
.5
.0
.3
.6
.0
.3
¥.4
.5
.1

1.6
1.3
1.4
1.5
1.4
1.7
1.6
2.2
1.9
2.6
2.0

111.3
112.0
112.4
112.6
113.2
114.1
113.6
114.0
113.4
113.7
113.8

118.0
119.1
120.0
120.2
121.5
122.9
122.4
122.4
122.1
122.8
122.8

106.0
106.5
106.5
106.6
106.6
107.1
106.6
107.3
106.7
106.6
106.7

93.3
93.4
93.8
93.2
93.5
93.2
92.8
93.2
92.2
91.8
91.7

100.6
100.8
100.7
100.6
100.9
101.5
101.2
101.3
101.3
103.5
104.3

113.6
106.5
108.7
107.7
106.5
105.6
109.3
109.0
108.4
109.1
108.1

80.9
80.7
81.0
80.9
81.0
81.4
81.2
81.3
80.8
81.1
81.0

78.8
79.2
79.4
79.4
79.6
80.1
79.6
79.8
79.2
79.3
79.2

2008: Jan r ............
Feb p ............

112.5
111.9

.1
¥.5

2.5
1.3

113.8
113.5

122.7
122.2

106.9
106.8

91.2
91.1

102.9
103.2

111.1
106.9

81.0
80.4

79.1
78.7

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

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

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G:\graphics\eecoind.017

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

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

Materials

Final products

Nonindustrial supplies

Consumer goods

Equipment

Durable
goods

Business
equipment

Period
Total
Total

1998 r
1999 r
2000 r
2001 r
2002 r
2003 r
2004 r
2005 r
2006 r
2007 r

Nondurable
goods

Total 1

Defense
and
space
equipment

Total

Construction
supplies

Business
supplies

Total 1

Energy

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

97.2
99.9
103.0
101.0
100.0
101.2
103.4
107.7
110.5
112.8

95.5
97.5
99.4
98.2
100.0
101.3
102.6
105.5
105.8
107.5

89.7
96.3
99.2
94.8
100.0
103.2
104.3
104.9
103.6
103.2

98.1
98.0
99.5
99.5
100.0
100.5
101.9
105.5
106.4
108.8

101.7
105.9
111.8
107.8
100.0
100.9
105.3
113.6
123.1
127.1

100.6
106.5
114.8
108.2
100.0
99.7
104.9
112.6
124.3
128.4

105.0
102.1
92.1
100.3
100.0
106.3
105.5
116.6
112.9
117.0

97.2
100.8
104.7
100.4
100.0
101.1
103.3
107.1
108.3
107.9

99.8
102.4
104.7
100.1
100.0
99.6
101.8
106.4
108.8
106.1

96.2
100.3
104.7
100.5
100.0
101.7
103.9
107.4
108.1
108.7

92.9
98.6
103.9
99.2
100.0
101.3
104.3
106.8
109.2
111.3

100.4
99.9
101.5
100.3
100.0
100.0
99.6
98.4
99.9
101.6

2007: Feb r .................................................
Mar r ................................................
Apr r .................................................
May r ................................................
June r ...............................................
July r ................................................
Aug r ................................................
Sept r ................................................
Oct r .................................................
Nov r ................................................
Dec r .................................................

112.6
111.9
112.4
112.4
112.9
113.7
113.4
114.0
112.9
113.3
113.5

108.0
106.9
107.5
107.3
107.6
108.2
107.9
108.4
107.3
107.4
107.4

101.7
102.2
104.0
103.6
105.0
105.8
104.6
103.5
102.4
102.8
102.9

110.0
108.4
108.6
108.4
108.3
108.9
108.9
109.9
108.8
108.8
108.8

124.8
125.2
125.6
126.0
127.2
128.3
128.0
128.9
128.0
129.0
129.8

125.5
126.5
126.9
127.2
128.3
129.6
129.4
130.5
129.9
130.4
131.3

115.7
113.1
114.6
115.7
117.4
118.1
117.9
118.4
117.7
119.6
119.2

107.6
107.8
108.1
107.9
108.2
108.2
108.3
108.4
107.9
108.0
107.7

105.0
106.2
106.1
106.5
107.3
107.4
107.1
106.6
105.4
104.8
104.8

108.7
108.4
108.9
108.4
108.5
108.5
108.7
109.1
108.9
109.2
108.8

109.6
109.9
110.6
110.7
111.0
111.8
112.0
112.0
112.1
113.0
113.1

101.4
100.3
100.7
100.8
100.5
100.8
102.1
101.6
102.5
103.6
104.0

2008: Jan r .................................................
Feb p ................................................

113.8
113.2

107.9
107.1

101.5
100.4

109.9
109.1

129.8
129.7

131.4
131.5

120.4
120.0

107.8
106.7

104.2
103.4

109.2
108.0

113.0
112.6

103.9
103.2

1 Includes

other items, not shown separately.

NOTE.—See Note, p. 17.

[2002=100; monthly data seasonally adjusted]
Durable manufactures
Primary metals
Period
Total

1998 r
1999 r
2000 r
2001 r
2002 r
2003 r
2004 r
2005 r
2006 r
2007 r

Iron
and
steel
products

Nondurable manufactures

Computer and electronic products

Fabricated
metal
products

Machinery
Total

Selected
hightechnology 1

Transportation
equipment

Total

Motor
vehicles
and
parts

Apparel

Printing
and
support

Chemical

Food

115.2
115.1
111.4
99.4
100.0
99.1
110.0
108.0
112.4
110.4

111.2
111.9
110.8
96.8
100.0
101.2
118.2
110.1
119.5
115.8

105.8
106.4
110.7
102.6
100.0
98.7
98.9
103.5
109.1
112.0

114.4
112.0
117.7
104.2
100.0
99.7
103.8
110.2
115.5
116.1

59.2
77.2
101.3
103.6
100.0
113.8
129.0
143.5
164.6
183.0

49.1
70.0
98.4
101.7
100.0
119.7
136.5
157.2
190.6
223.7

99.2
104.5
99.7
96.2
100.0
101.0
100.7
104.6
104.2
106.2

90.6
100.5
99.9
91.4
100.0
103.5
103.7
103.9
100.2
97.2

162.5
155.6
148.0
126.9
100.0
92.8
79.8
77.0
75.4
75.7

111.5
112.4
113.1
106.3
100.0
96.2
96.9
99.0
99.5
99.8

91.8
93.6
95.0
93.3
100.0
101.3
105.6
109.3
112.6
114.2

95.0
96.0
97.7
97.7
100.0
101.0
101.1
104.2
105.4
110.0

2007: Feb r .................................................
Mar r ................................................
Apr r .................................................
May r ................................................
June r ...............................................
July r ................................................
Aug r ................................................
Sept r ................................................
Oct r .................................................
Nov r ................................................
Dec r .................................................

108.7
109.6
110.4
110.2
109.6
113.2
111.4
109.2
110.3
111.1
113.2

112.9
113.9
115.7
116.2
115.6
117.6
116.6
112.8
116.5
118.6
121.7

110.2
111.2
111.4
111.3
112.2
112.6
112.8
113.2
112.9
113.6
113.1

114.3
115.8
116.4
117.0
116.3
117.4
116.2
118.0
116.5
115.6
115.0

172.1
173.7
176.6
177.4
181.3
185.6
186.5
188.3
191.7
195.0
196.1

202.7
206.4
211.1
213.9
220.5
229.2
231.1
234.6
240.9
245.1
246.7

104.3
104.5
105.7
105.8
107.9
108.9
108.1
106.9
105.9
107.0
106.9

96.4
96.8
98.1
97.5
99.5
100.8
99.3
96.6
95.1
95.8
95.9

76.9
75.7
76.8
76.5
76.2
76.2
75.2
74.4
73.6
73.4
75.1

101.5
101.3
100.8
99.5
98.7
98.4
99.1
99.6
98.9
99.4
99.0

113.4
114.1
114.3
114.1
114.0
114.5
114.2
115.0
114.6
114.5
114.4

108.0
108.7
109.3
109.1
110.1
111.4
110.5
111.7
111.2
111.3
111.9

2008: Jan r .................................................
Feb p ................................................
smartinez on PRODPC60 with ECOIND_CN

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

115.2
113.6

121.8
119.8

113.4
113.0

115.2
115.4

196.3
199.7

247.3
252.0

106.2
105.3

94.3
93.1

74.0
74.2

98.2
96.3

114.7
114.7

112.1
112.4

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

NOTE.—See Note, p. 17.
Source: Board of Governors of the Federal Reserve System.

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ECOIND

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

Total new
construction expenditures

Residential
Total

New
housing

Total 1

Federal
and
State
and
local

Nonresidential
Total

Lodging

Commercial
(including
farm)

Office

Manufacturing

Other 2

1998 ....................................
1999 ....................................
2000 ....................................
2001 ....................................
2002 ....................................
2003 ....................................
2004 ....................................
2005 ....................................
2006 ....................................
2007 r ...................................
2007: Feb ..........................
Mar ..........................
Apr ..........................
May .........................
June ........................
July .........................
Aug ..........................
Sept .........................
Oct ...........................
Nov ..........................
Dec r .........................

706.8
768.8
831.1
864.2
873.1
921.4
1,023.5
1,132.1
1,192.2
1,161.3
1,162.2
1,163.6
1,166.2
1,172.1
1,170.5
1,161.1
1,165.3
1,168.3
1,157.5
1,156.0
1,136.6

552.0
599.7
649.8
662.2
659.7
705.3
803.3
898.0
937.0
874.8
889.7
886.8
888.0
888.1
885.0
874.4
875.9
874.1
859.1
856.4
844.0

314.6
350.6
374.5
388.3
421.9
475.9
564.8
641.3
641.3
525.5
562.9
555.6
551.7
544.8
538.7
528.0
520.1
509.0
490.0
482.0
470.2

224.0
251.3
265.0
279.4
298.8
345.7
417.5
480.8
469.0
352.5
386.1
383.5
378.0
370.6
364.7
357.3
346.6
334.3
321.3
306.3
289.9

237.4
249.2
275.3
273.9
237.7
229.3
238.5
256.6
295.7
349.3
326.7
331.2
336.3
343.3
346.3
346.4
355.8
365.1
369.1
374.4
373.8

14.8
16.0
16.3
14.5
10.5
9.9
12.0
12.7
17.7
28.5
22.0
25.0
26.2
28.1
28.5
29.9
30.8
32.0
33.3
33.9
31.8

40.4
45.1
52.4
49.7
35.3
30.6
32.9
37.3
46.2
55.2
53.5
52.8
52.8
52.7
54.3
53.4
55.9
58.1
58.7
58.0
57.5

55.7
59.4
64.1
63.6
59.0
57.5
63.2
66.6
72.1
81.8
79.9
80.2
82.3
82.3
82.4
82.1
82.2
83.2
84.3
83.4
80.3

40.5
35.1
37.6
37.8
22.7
21.4
23.7
29.9
34.3
37.6
35.7
35.0
36.5
37.4
36.4
36.2
36.4
37.3
39.3
41.2
45.1

86.0
93.7
104.9
108.2
110.2
109.9
106.8
110.2
125.4
146.3
135.6
138.1
138.5
142.8
144.7
144.8
150.6
154.3
153.5
158.0
159.0

154.8
169.1
181.3
201.9
213.4
216.1
220.2
234.2
255.2
286.5
272.5
276.8
278.1
284.1
285.5
286.7
289.4
294.2
298.5
299.6
292.6

2008: Jan r .........................
Feb p .........................

1,124.8
1,121.6

831.2
826.6

461.1
456.9

278.0
264.5

370.1
369.7

31.9
32.2

58.2
56.9

79.5
81.6

44.4
45.5

156.1
153.5

293.7
294.9

1 Includes

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

Source: Department of Commerce, Bureau of the Census.

NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or houses, except as noted]
New private housing units
Units started, by type of structure

Period
Total
1998 ......................................
1999 ......................................
2000 ......................................
2001 ......................................
2002 ......................................
2003 ......................................
2004 ......................................
2005 ......................................
2006 ......................................
2007 r .....................................

New private houses

1,616.9
1,640.9
1,568.7
1,602.7
1,704.9
1,847.7
1,955.8
2,068.3
1,800.9
1,355.0

2–4 units 1

1 unit
1,271.4
1,302.4
1,230.9
1,273.3
1,358.6
1,499.0
1,610.5
1,715.8
1,465.4
1,046.0

5 units or
more

42.6
31.9
38.7
36.6
38.5
33.5
42.3
41.1
42.7
31.7

302.9
306.6
299.1
292.8
307.9
315.2
303.0
311.4
292.8
277.3

Units
authorized
1,612.3
1,663.5
1,592.3
1,636.7
1,747.7
1,889.2
4 2,070.1
2,155.3
1,838.9
1,380.5

Units
completed

Houses
sold

Houses for
sale at end
of period 2

Vacancy rate
for rental
housing units
(percent) 3

1,474.2
1,604.9
1,573.7
1,570.8
1,648.4
1,678.7
1,841.9
1,931.4
1,979.4
1,502.8

886
880
877
908
973
1,086
1,203
1,283
1,051
775

294
308
298
308
339
370
422
511
535
494

7.9
8.1
8.0
8.4
8.9
9.8
10.2
9.8
9.7
9.8

Seasonally adjusted annual rates
2007: Feb ............................
Mar ............................
Apr ............................
May ...........................
June ..........................
July ...........................
Aug ............................
Sept ...........................
Oct .............................
Nov ............................
Dec r ...........................

1,487
1,491
1,485
1,440
1,468
1,371
1,347
1,182
1,274
1,178
1,000

1,188
1,205
1,195
1,155
1,147
1,058
974
938
879
816
782

30
36
36
33
38
39
37
28
40
21
10

269
250
254
252
283
274
336
216
355
341
208

1,541
1,569
1,457
1,520
1,413
1,389
1,322
1,261
1,170
1,162
1,080

1,628
1,610
1,523
1,554
1,496
1,520
1,501
1,386
1,405
1,407
1,332

840
830
907
861
797
796
701
693
725
r 631
611

544
548
547
543
541
538
533
527
512
502
494

......................
10.1
......................
......................
9.5
......................
......................
9.8
......................
......................
9.6

2008: Jan r ...........................
Feb p ..........................

1,071
1,065

758
707

24
27

289
331

1,061
984

1,324
1,208

601
590

481
471

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

1 Derived;

seasonally adjusted monthly data for 2–4 units are no longer published.
adjusted.
series. Quarterly data entered in last month of quarter.
4 Based on 20,000 permit-issuing places. Based on 19,000 places, the total for 2004 is
2,052.1 thousand units.
2 Seasonally

smartinez on PRODPC60 with ECOIND_CN

3 Revised

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

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ECOIND

BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In January, according to preliminary estimates, manufacturing and trade sales rose 1.4 percent and inventories
rose $12.9 billion. According to advance estimates, retail sales fell 0.6 percent in February. Retail and food services
sales also fell 0.6 percent.

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

Manufacturing and trade 1

Sales 2

smartinez on PRODPC60 with ECOIND_CN

1998 r
1999 r
2000 r
2001 r
2002 r
2003 r
2004 r
2005 r
2006 r
2007 r

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

Inventories 3

742,837
786,634
834,325
818,615
823,714
853,596
923,319
1,001,205
1,062,770
1,108,225

1,078,735
1,138,816
1,197,737
1,120,325
1,140,690
1,147,391
1,238,363
1,315,037
1,391,184
1,446,432

Inventorysales
ratio 4
1.43
1.40
1.41
1.42
1.36
1.34
1.30
1.27
1.28
1.28

Sales 2

Inventories 3

202,260
216,597
234,546
232,096
236,294
246,857
274,710
298,803
325,749
353,663

272,406
290,171
309,071
297,199
300,791
306,032
335,935
360,411
390,350
411,955

Retail
Inventory
sales
ratio 4
1.31
1.30
1.29
1.32
1.25
1.22
1.17
1.17
1.16
1.13

2007: Jan r ................................................... 1,065,890 1,392,233
1.31 331,772 390,950
1.18
Feb r ................................................... 1,070,109 1,395,573
1.30 335,173 392,940
1.17
Mar r ................................................... 1,086,383 1,394,717
1.28 341,039 393,913
1.16
Apr r ................................................... 1,095,163 1,400,498
1.28 346,926 395,831
1.14
May r .................................................. 1,107,910 1,406,692
1.27 350,497 396,684
1.13
June r ................................................. 1,105,335 1,412,705
1.28 353,052 398,549
1.13
July r .................................................. 1,117,640 1,419,720
1.27 353,796 399,757
1.13
Aug r ................................................... 1,113,889 1,423,445
1.28 356,747 401,695
1.13
Sept r .................................................. 1,122,889 1,429,992
1.27 362,515 404,863
1.12
Oct r .................................................... 1,130,306 1,432,359
1.27 364,887 405,003
1.11
Nov r ................................................... 1,147,863 1,437,494
1.25 373,884 407,837
1.09
Dec r ................................................... 1,140,901 1,446,432
1.27 371,569 411,955
1.11
2008: Jan p ................................................... 1,156,957 1,459,376
1.26 381,089 416,120
1.09
Feb p ................................................... .................. .................. ................ ................ ................ ................
1 See

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

Sales 2

Inventories 3

215,592
234,046
249,063
255,644
261,194
272,123
289,528
307,786
325,359
338,328

357,246
385,082
407,033
395,018
416,817
433,133
462,607
475,520
490,932
505,755

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Retail and
food services
sales 2

1.62
1.59
1.59
1.58
1.56
1.56
1.56
1.51
1.49
1.47

238,278
257,797
274,518
282,131
288,845
301,264
320,526
340,669
360,871
375,767

330,991 491,404
1.48
334,072 492,452
1.47
336,007 489,706
1.46
334,693 491,365
1.47
340,409 494,646
1.45
337,273 497,649
1.48
339,152 502,860
1.48
339,509 505,123
1.49
342,381 505,470
1.48
342,295 506,864
1.48
345,270 505,512
1.46
342,237 505,755
1.48
r343,938
507,728
1.48
341,970 ................ ................

367,623
370,630
372,851
371,651
377,689
374,740
376,906
377,173
380,231
380,349
383,365
380,711
r382,336
380,197

4 Annual data are averages of seasonally adjusted monthly ratios.
NOTE: Data revised for wholesale series to reflect annual revisions released on March 27,
2008.
Source: Department of Commerce, Bureau of the Census.

20
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sales
ratio 4

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Period

Wholesale

MANUFACTURERS’ SHIPMENTS, INVENTORIES, AND ORDERS
In January, manufacturers’ shipments, inventories, and unfilled orders rose while new orders fell.

Manufacturers’ shipments 1

Manufacturers’ inventories 2

Manufacturers’ new orders 1
Durable goods

Period
Total

Durable
goods

Nondurable
goods

Durable
goods

Total

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
324,984
335,991
350,715
330,875
326,227
334,616
359,081
394,615
411,663
416,234
400,864
409,337
413,544
417,004
415,010
424,692
417,633
417,993
423,124
428,709
427,095
431,930
422,952

185,966
193,895
197,807
181,201
176,968
178,549
188,722
201,695
211,492
212,223
206,521
209,287
213,525
213,967
211,616
220,095
215,919
212,135
213,235
212,462
211,747
216,582
210,803

139,019
142,096
152,908
149,674
149,259
156,067
170,359
192,920
200,170
204,011
194,343
200,050
200,019
203,037
203,394
204,597
201,714
205,858
209,889
216,247
215,348
215,348
212,149

449,083
463,563
481,633
428,108
423,082
408,226
439,821
479,106
509,902
528,722
510,181
511,098
513,302
515,362
516,507
517,103
516,627
519,659
520,492
524,145
528,722
535,528
538,367

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

290,715
296,508
306,743
267,902
260,661
247,061
266,264
286,775
309,481
320,351
311,110
311,315
312,426
312,653
312,622
312,895
312,577
313,607
314,834
316,961
320,351
322,085
323,649

158,368
167,055
174,890
160,206
162,421
161,165
173,557
192,331
200,421
208,371
199,071
199,783
200,876
202,709
203,885
204,208
204,050
206,052
205,658
207,184
208,371
213,443
214,718

317,345
329,770
346,789
322,708
316,811
330,369
354,599
394,580
414,562
420,324
400,493
416,759
418,997
416,866
420,992
435,099
420,076
421,206
424,145
431,489
440,035
430,072
424,416

178,327
187,674
193,881
173,033
167,553
174,302
184,240
201,660
214,391
216,312
206,150
216,709
218,978
213,829
217,598
230,502
218,362
215,348
214,256
215,242
224,687
214,724
212,267

62,133
64,392
69,278
58,204
51,817
52,891
56,079
65,625
72,429
75,002
68,845
78,375
78,128
72,788
77,389
81,119
71,417
74,935
73,022
76,959
81,127
74,878
74,258

496,092
505,589
549,513
513,802
461,585
477,029
495,630
570,020
684,047
808,034
693,326
706,081
719,366
725,644
737,085
754,340
763,051
771,803
779,374
788,661
808,034
814,895
822,392

1.38
1.35
1.35
1.38
1.29
1.24
1.18
1.17
1.21
1.24
1.27
1.25
1.24
1.24
1.24
1.22
1.24
1.24
1.23
1.22
1.24
1.24
1.27

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

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....................................................
....................................................
....................................................
....................................................
....................................................
....................................................
....................................................
....................................................
....................................................
....................................................
Feb ...........................................
Mar ..........................................
Apr ...........................................
May ..........................................
June .........................................
July ..........................................
Aug ..........................................
Sept ..........................................
Oct ...........................................
Nov ..........................................
Dec ...........................................
2008: Jan r .........................................
Feb p .........................................

smartinez on PRODPC60 with ECOIND_CN

1998
1999
2000
2001
2002
2003
2004
2005
2006
2007r
2007:

PRICES
PRODUCER PRICES
The producer price index for all finished goods rose 0.3 percent in February. Prices of finished consumer foods
fell 0.5 percent, while prices of other finished consumer goods rose 0.7 percent. Capital equipment prices rose
0.5 percent.

[1982=100; monthly data seasonally adjusted]
Finished goods
Total
finished
goods

Finished goods excluding consumer foods
Consumer
foods

Consumer goods
Total

smartinez on PRODPC60 with ECOIND_CN

Total

1998 ...........................
1999 ..........................
2000 ...........................
2001 ...........................
2002 ..........................
2003 ..........................
2004 ..........................
2005 ..........................
2006 ..........................
2007 p ........................
2007: Feb ................
Mar ................
Apr ................
May ...............
June ..............
July ...............
Aug ................
Sept ...............
Oct r ................
Nov ................
Dec ................
2008: Jan ................
Feb ................
1 Intermediate

130.7
133.0
138.0
140.7
138.9
143.3
148.5
155.7
160.4
166.6
162.9
164.4
165.5
166.5
166.6
167.5
166.1
167.0
167.9
172.2
171.6
173.3
173.9

134.3
135.1
137.2
141.3
140.1
145.9
152.7
155.7
156.7
166.9
164.1
166.6
167.5
166.4
166.1
166.0
166.0
167.9
170.0
169.5
171.8
174.8
173.9

129.5
132.3
138.1
140.4
138.3
142.4
147.2
155.5
161.0
166.2
162.2
163.5
164.7
166.2
166.4
167.6
165.8
166.4
167.0
172.6
171.3
172.6
173.7

Durable

126.4
130.5
138.4
141.4
138.8
144.7
150.9
161.9
169.2
175.6
170.0
171.8
173.6
175.8
175.9
177.6
175.1
175.9
176.8
184.8
182.8
184.4
185.6

Nondurable

132.9
133.0
133.9
134.0
133.0
133.1
135.0
136.6
136.9
138.2
137.8
137.8
137.7
137.9
138.5
138.8
138.6
138.4
138.2
138.9
138.7
139.2
139.9

materials for food manufacturing and feeds.

Capital
equipment

122.2
127.9
138.7
142.8
139.8
148.4
156.6
172.0
182.6
191.8
183.4
186.2
188.9
192.2
192.1
194.5
190.9
192.3
193.6
205.0
202.2
204.2
205.7

137.6
137.6
138.8
139.7
139.1
139.5
141.4
144.6
146.9
149.5
148.9
148.9
149.1
149.2
149.5
149.7
149.7
149.7
149.8
150.2
150.3
150.9
151.7

128.9
132.0
138.2
141.5
139.4
145.3
151.7
160.4
166.0
173.5
168.6
170.7
172.2
173.4
173.5
174.6
172.8
173.9
175.1
180.8
180.0
182.0
182.6

Crude materials

Total

Foods
and
feeds 1

Other

Total

Foodstuffs
and
feedstuffs

Other

123.0
123.2
129.2
129.7
127.8
133.7
142.6
154.0
164.0
170.6
165.5
167.1
168.9
170.6
171.3
172.5
170.9
170.9
171.9
177.2
176.8
179.2
180.6

116.2
111.1
111.7
115.9
115.5
125.9
137.1
133.8
135.2
154.4
147.4
149.9
151.2
151.2
154.1
155.2
155.8
157.9
159.8
161.8
165.5
170.9
174.8

123.4
123.9
130.1
130.5
128.5
134.2
143.0
155.1
165.4
171.5
166.4
168.0
169.8
171.6
172.2
173.4
171.7
171.6
172.6
178.0
177.4
179.7
181.0

96.8
98.2
120.6
121.0
108.1
135.3
159.0
182.2
184.8
207.3
197.6
202.6
204.7
206.8
208.5
209.2
201.8
203.7
211.9
229.2
231.8
237.5
246.2

103.9
98.7
100.2
106.1
99.5
113.5
127.0
122.7
119.3
146.7
140.2
143.4
145.3
146.5
146.4
148.0
145.7
149.7
149.4
153.6
160.6
164.9
166.1

88.4
94.3
130.4
126.8
111.4
148.2
179.2
223.4
230.6
246.7
234.8
241.0
243.1
246.0
249.3
249.0
237.7
237.7
252.6
280.1
278.8
285.4
299.8

Source: Department of Labor, Bureau of Labor Statistics.

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ECOIND

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Period

Intermediate materials
Total
finished
consumer
goods

CONSUMER PRICES—ALL URBAN CONSUMERS
In February, the consumer price index for all urban consumers was unchanged seasonally adjusted; it rose 0.3
percent not seasonally adjusted. The index was 4.0 percent above its year-earlier level.

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

Housing

Transportation

Shelter

All
items
less
food
and
energy

Not
seasonally
adjusted
(NSA)

Seasonally
adjusted

Rel. imp.3 ...............
1998 .......................
1999 .......................
2000 .......................
2001 .......................
2002 .......................
2003 .......................
2004 .......................
2005 .......................
2006 .......................
2007 .......................

100.0
163.0
166.6
172.2
177.1
179.9
184.0
188.9
195.3
201.6
207.342

..............
13.8
42.4
32.6
5.8
..............
160.7
160.4
182.1
172.1
..............
164.1
163.9
187.3
177.5
..............
167.8
169.6
193.4
183.9
..............
173.1
176.4
200.6
192.1
..............
176.2
180.3
208.1
199.7
..............
180.0
184.8
213.1
205.5
..............
186.2
189.5
218.8
211.0
..............
190.7
195.7
224.4
217.3
..............
195.2
203.2
232.1
225.1
.............. 202.916 209.586 240.611 234.679

23.9
5.1
3.7
17.7
5.5
6.2
187.8
128.5
133.0
141.6
92.2
242.1
192.9
128.8
131.3
144.4
100.7
250.6
198.7
137.9
129.6
153.3
129.3
260.8
206.3
150.2
127.3
154.3
124.7
272.8
214.7
143.6
124.0
152.9
116.6
285.6
219.9
154.5
120.9
157.6
135.8
297.1
224.9
161.9
120.4
163.1
160.4
310.1
230.2
179.0
119.5
173.9
195.7
323.2
238.2
194.7
119.5
180.9
221.0
336.2
246.235 200.632 118.998 184.682 239.070 351.054

9.7
76.5
102.9
173.4
106.6
177.0
124.6
181.3
129.3
186.1
121.7
190.5
136.5
193.2
151.4
196.6
177.1
200.9
196.9
205.9
207.723 210.729

2007: Feb ............
Mar ............
Apr ............
May ............
June ...........
July ...........
Aug ............
Sept ...........
Oct .............
Nov ............
Dec ............

203.499
205.352
206.686
207.949
208.352
208.299
207.917
208.490
208.936
210.177
210.036

204.158
205.098
205.751
206.700
207.246
207.708
207.749
208.509
209.055
210.930
211.680

243.954
244.578
245.035
245.316
245.815
246.252
246.828
247.487
248.045
248.790
249.425

192.166
199.865
202.444
208.795
209.236
209.359
205.743
208.523
210.690
225.218
229.076

2008: Jan ............
Feb ............

211.080 212.516 208.026 212.920 244.744 239.745
211.693 212.571 208.778 213.313 244.837 240.191

Food

Rent
of primary
residence

Total 1
Total 1

199.619
200.304
200.965
201.659
202.729
203.353
204.256
205.250
205.636
206.414
206.584

207.462
207.900
208.475
208.951
209.627
209.942
210.056
210.607
211.110
211.861
212.409

238.025
238.193
239.042
239.619
240.478
241.032
241.472
242.236
242.635
243.295
243.974

231.608
232.387
232.993
233.662
234.261
234.894
235.422
236.108
237.122
238.050
238.925

1 Includes

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

Fuels
and
utilities

197.124
199.356
199.771
200.595
201.310
201.124
200.014
200.600
202.591
204.915
205.615

Apparel

120.563
119.423
119.098
118.712
118.286
118.711
118.141
118.336
118.430
119.125
119.240

Total 1

177.528
180.760
181.895
184.518
184.829
185.336
184.306
185.564
186.134
192.718
194.653

Motor
fuel

209.099
223.093
228.316
241.126
241.299
242.062
235.860
241.292
243.617
272.290
279.928

Medical
care

345.477
345.873
347.289
348.502
349.516
351.547
353.207
354.536
356.384
357.745
358.861

250.051 205.567 119.759 195.722 283.011 360.815
250.413 208.175 119.352 194.390 277.448 361.168

Energy 2

209.085
209.233
209.650
209.978
210.446
210.926
211.265
211.737
212.115
212.626
213.103

230.633 213.765
229.390 213.851

3 Relative importance, December 2007.
Source: Department of Labor, Bureau of Labor Statistics.

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ECOIND

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smartinez on PRODPC60 with ECOIND_CN

Period

Owners’
equivalent
rent
(12/82=
100)

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
Period

Change from 3 months earlier, annual rate

Consumer goods

Consumer goods

Total
finished
goods

Foods

Capital
equipment

Change from 6 months earlier, annual rate

Change
from year
earlier,
total
finished
goods
NSA

Consumer goods

Total
finished
goods

Foods

Excluding
foods

Capital
equipment

Total
finished
goods

Foods

Excluding
foods

Capital
equipment

.3
1.2
0
¥.6
.8
2.4
1.2
2.3
1.3

Excluding
foods

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

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

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

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

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

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

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

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

Change, Dec. to Dec., NSA
1998 ...............
1999 ...............
2000 ...............
2001 ...............
2002 ...............
2003 ...............
2004 ...............
2005 ...............
2006 ...............
2007 p .............

0
2.9
3.6
¥1.6
1.2
4.0
4.2
5.4
1.1
6.3

¥0.1
5.1
5.5
¥3.9
2.9
4.1
5.5
8.8
.4
8.0

0.1
.8
1.7
1.8
¥.6
7.7
3.1
1.7
1.7
7.4

0

¥0.8
1.8
3.8
2.0
¥1.3
3.2
3.6
4.8
3.0
3.9

Change, month to month
2007: Feb .....
Mar .....
Apr .....
May ....
June ...
July ....
Aug .....
Sept ....
Oct r ....
Nov r ....
Dec .....

1.2
.9
.7
.6
.1
.5
¥.8
.5
.5
2.6
¥.3

1.6
1.5
.5
¥.7
¥.2
¥.1
.0
1.1
1.3
r¥.3
1.4

1.4
1.1
1.0
1.3
.1
1.0
¥1.4
.5
.5
r4.5
¥1.1

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

7.2
8.4
11.9
9.1
5.5
4.9
¥1.0
1.0
1.0
15.5
11.5

16.1
17.5
15.7
5.7
¥1.2
¥3.5
¥1.0
4.4
10.0
8.7
9.6

6.1
7.8
15.1
14.4
9.9
9.5
¥1.6
.0
¥1.8
24.1
16.6

1.9
1.6
1.6
.8
1.6
1.6
1.3
.5
.3
1.3
1.6

0.7
5.6
9.6
8.2
6.9
8.4
4.0
3.2
2.9
7.0
6.1

8.0
10.2
11.7
10.8
7.8
5.7
2.3
1.6
3.0
3.8
7.0

¥2.8
5.2
11.6
10.2
8.8
12.3
6.1
4.8
3.7
10.5
8.0

2.6
2.0
3.2
1.4
1.6
1.6
1.1
1.1
.9
1.3
1.1

2.4
3.1
3.2
3.9
3.3
4.2
2.3
4.4
6.1
7.2
6.3

2008: Jan .....
Feb .....

1.0
.3

1.7
¥.5

.9
.7

.4
.5

13.5
4.0

r11.8

r18.3

r3.0

10.8

1.7

4.1

7.0
9.6

10.9
9.7

7.8
12.4

1.6
2.7

7.4
6.4

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

Transportation

Shelter
Period

All
items 1

Food
Total 1
Total 1

Rent of Ownpriers’
mary equivaresilent
dence
rent

Fuels
and
utilities

Apparel

Total 1

New
cars

Motor
fuel

Medical
care

Energy 2

All
items
less
food
and
energy

Addendum: All items,
percent change
(annual rate)
From
previous
quarter 3

From
From
3
6
months months
earlier earlier

From
year
earlier
NSA

Change, December to December, NSA
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007

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

1.6
2.7
3.4
1.6
2.4
1.9
3.3
3.4
2.5
4.1

2.3
1.9
2.8
2.8
1.5
3.6
2.7
2.3
2.1
4.9

2.3
2.2
4.3
2.9
2.4
2.2
3.0
4.0
3.3
3.0

3.3
2.5
3.4
4.2
3.1
2.2
2.7
2.6
4.2
3.1

3.4
3.1
4.0
4.7
3.1
2.7
2.9
3.1
4.3
4.0

3.2
2.4
3.4
4.5
3.3
2.0
2.3
2.5
4.3
2.8

¥2.6
2.4
12.1
¥2.1
1.4
6.5
7.9
15.6
.5
5.4

¥0.7
¥.5
¥1.8
¥3.2
¥1.8
¥2.1
¥.2
¥1.1
.9
¥.3

¥1.7
5.4
4.1
¥3.8
3.8
.3
6.5
4.8
1.6
8.3

¥0.1
¥.8
.3
0
¥2.0
¥2.1
.5
.8
.2
¥.4

¥15.4
30.2
13.9
¥24.8
24.6
6.8
26.1
16.2
6.4
29.5

3.4
3.7
4.2
4.7
5.0
3.7
4.2
4.3
3.6
5.2

¥8.8
13.4
14.2
¥13.0
10.7
6.9
16.6
17.1
2.9
17.4

2.4
1.9
2.6
2.7
1.9
1.1
2.2
2.2
2.6
2.4

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

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

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

1.6
2.2
3.4
2.8
1.6
2.3
2.7
3.4
3.2
2.8

0.2
.1
.2
.2
.2
.2
.2
.2
.2
.2
.2

..........
3.8
..........
..........
4.6
..........
..........
2.7
..........
..........
5.1

4.1
3.6
4.4
5.1
4.3
3.9
2.0
2.5
2.6
6.3
6.2

0.4
2.2
3.9
4.6
3.9
4.1
3.5
3.4
3.2
4.1
4.3

2.4
2.8
2.6
2.7
2.7
2.4
2.0
2.8
3.5
4.3
4.1

.3 ..........
.0 ..........

6.8
3.1

4.7
4.7

4.3
4.0

Change, month to month
0.3
.5
.3
.5
.3
.2
.0
.4
.3
.9
.4

0.7
.3
.3
.3
.5
.3
.4
.5
.2
.4
.1

0.4
.2
.3
.2
.3
.2
.1
.3
.2
.4
.3

0.3
.1
.4
.2
.4
.2
.2
.3
.2
.3
.3

0.4
.3
.3
.3
.3
.3
.2
.3
.4
.4
.4

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

1.2
1.1
.2
.4
.4
¥.1
¥.6
.3
1.0
1.1
.3

0.5
¥.9
¥.3
¥.3
¥.4
.4
¥.5
.2
.1
.6
.1

¥0.2
1.8
.6
1.4
.2
.3
¥.6
.7
.3
3.5
1.0

¥0.1
.1
.1
¥.2
.1
.0
.1
¥.2
¥.1
.0
.0

¥0.7
6.7
2.3
5.6
.1
.3
¥2.6
2.3
1.0
11.8
2.8

0.5
.1
.4
.3
.3
.6
.5
.4
.5
.4
.3

0.3
4.0
1.3
3.1
.2
.1
¥1.7
1.4
1.0
6.9
1.7

2008: Jan ...............
Feb ...............
smartinez on PRODPC60 with ECOIND_CN

2007: Feb ...............
Mar ...............
Apr ...............
May ...............
June ..............
July ..............
Aug ...............
Sept ..............
Oct ................
Nov ...............
Dec ...............

.4
.0

.7
.4

.2
.2

.3
.0

.3
.2

.3
.1

.0
1.3

.4
¥.3

.5
¥.7

¥.3
¥.1

1.1
¥2.0

.5
.1

.7
¥.5

1 Includes

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

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

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ECOIND

PRICES RECEIVED AND PAID BY FARMERS
In March, prices received by farmers rose 2.0 percent; prices paid by farmers rose 1.7 percent. (Data are not
seasonally adjusted.)

[1990–92=100; not seasonally adjusted]
Prices received by farmers
Period

Livestock and
products

Crops

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

Production
items, interest,
taxes, and wage
rates

Production
items

Ratio 2

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

102
96
96
102
98
107
119
115
116
137

107
97
96
99
105
111
115
111
120
142

97
95
97
106
90
103
122
120
112
132

115
115
119
123
124
128
134
142
150
161

114
113
118
121
121
125
133
142
151
162

113
111
115
120
119
124
132
140
148
160

89
83
81
83
79
84
89
81
77
85

2007: Mar ....................
Apr ....................
May ....................
June ...................
July ....................
Aug ....................
Sept ...................
Oct .....................
Nov ....................
Dec ....................

133
135
137
139
140
140
141
141
142
144

142
142
140
141
141
142
142
148
148
151

125
129
134
137
140
139
139
132
136
136

159
160
161
161
161
161
162
163
165
165

160
162
162
162
163
163
163
165
167
167

157
160
160
160
161
161
161
163
165
166

84
84
85
86
87
87
87
87
86
87

2008: Jan ....................
Feb r ...................
Mar ....................

145
147
150

158
163
171

131
133
133

170
173
176

173
176
180

171
174
179

85
85
85

1 Includes

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

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
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ECOIND

G:\GRAPHICS\eecoind.025

smartinez on PRODPC60 with ECOIND_CN

1998
1999
2000
2001
2002
2003
2004
2005
2006
2007

All farm
products

Prices paid by farmers

MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK AND DEBT MEASURES
In February, M2 rose.

[Averages of daily figures, except debt end-of-period basis; billions of dollars, seasonally adjusted]
M1

M2

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

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

Dec ........................................................................................
Dec ........................................................................................
Dec ........................................................................................
Dec ........................................................................................
Dec ........................................................................................
Dec ........................................................................................
Dec ........................................................................................
Dec ........................................................................................
Dec ........................................................................................
Dec r .......................................................................................

1,095.5
1,122.5
1,087.4
1,181.9
1,219.7
1,306.1
1,376.3
1,374.5
1,367.1
1,364.2

4,381.8
4,639.2
4,921.7
5,433.5
5,779.2
6,071.2
6,421.6
6,691.7
7,035.5
7,447.3

16,187.5
17,248.9
18,098.8
19,225.9
20,625.2
22,327.0
24,300.8
26,545.6
28,861.9
31,212.5

2.1
2.5
¥3.1
8.7
3.2
7.1
5.4
¥.1
¥.5
¥.2

8.6
5.9
6.1
10.4
6.4
5.1
5.8
4.2
5.1
5.9

6.7
6.3
4.9
6.3
7.3
8.1
8.8
9.2
8.7
8.1

2007: Feb ........................................................................................
Mar ........................................................................................
Apr ........................................................................................
May ........................................................................................
June .......................................................................................
July ........................................................................................
Aug ........................................................................................
Sept r ......................................................................................
Oct r ........................................................................................
Nov r .......................................................................................
Dec r .......................................................................................

1,367.7
1,370.5
1,378.1
1,375.3
1,366.3
1,368.7
1,367.9
1,365.8
1,368.8
1,364.5
1,364.2

7,113.0
7,163.5
7,210.3
7,230.0
7,247.1
7,271.2
7,320.8
7,350.9
7,377.8
7,410.7
7,447.3

............................
29,441.6
............................
............................
29,967.3
............................
............................
30,623.7
............................
............................
31,212.5

¥.4
1.3
1.4
.5
¥.1
¥.6
.0
¥.7
¥1.3
¥1.6
¥.3

6.7
7.5
7.2
6.8
6.0
5.2
5.8
5.2
4.6
5.0
5.5

......................
7.9
......................
......................
7.1
......................
......................
8.8
......................
......................
7.7

2008: Jan r .......................................................................................
Feb ........................................................................................

1,364.6
1,367.7

7,498.5
7,602.2

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

¥.6
.0

6.3
7.7

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

smartinez on PRODPC60 with ECOIND_CN

1998:
1999:
2000:
2001:
2002:
2003:
2004:
2005:
2006:
2007:

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.

Debt of
domestic
nonfinancial
sectors 1

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M1

M2

From
previous
period 3
Debt

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

26
VerDate Aug 31 2005

Percent change
From year or 6
months
earlier 2

Sfmt 3401

E:\HR\OC\ECOIND.026

ECOIND

g:\graphics\eecoind.026

Period

Debt

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

Period

1998:
1999:
2000:
2001:
2002:
2003:
2004:
2005:
2006:
2007:

Currency

Other checkable
deposits (OCDs)

Nonbank
travelers
checks

Demand
deposits

At
commercial
banks

Total

At
commercial
banks

Small-denomination
time deposits 2

Savings
deposits 1

Total

At
thrift
institutions

At
thrift
institutions

Total

At
commercial
banks

At
thrift
institutions

Retail
money
funds

Institutional
money
funds 3

Dec ......
Dec ......
Dec ......
Dec ......
Dec ......
Dec ......
Dec ......
Dec ......
Dec ......
Dec r ....

460.5
517.8
531.2
581.2
626.3
662.5
697.6
723.9
748.9
758.9

8.5
8.6
8.3
8.0
7.8
7.7
7.5
7.2
6.7
6.3

376.6
352.8
309.6
335.2
306.2
325.8
343.2
324.9
306.4
293.0

249.9
243.4
238.4
257.4
279.4
310.1
328.0
318.5
305.0
306.0

143.9
139.6
133.1
142.0
154.3
175.2
186.8
180.5
176.8
172.9

106.0
103.7
105.2
115.5
125.1
134.8
141.2
138.0
128.2
133.1

1,605.0
1,740.3
1,878.8
2,312.8
2,778.2
3,169.1
3,518.3
3,621.4
3,698.6
3,889.9

1,188.5
1,289.0
1,424.6
1,739.5
2,060.4
2,337.7
2,631.0
2,771.5
2,905.7
3,034.9

416.5
451.2
454.2
573.4
717.8
831.4
887.3
849.9
792.9
855.0

952.4
956.8
1,047.6
976.5
896.0
818.7
829.9
995.8
1,170.4
1,217.0

626.4
636.9
700.2
635.4
590.8
541.3
551.0
644.6
758.0
815.2

326.1
319.9
347.5
341.1
305.2
277.4
278.8
351.3
412.4
401.8

728.9
819.7
908.0
962.3
885.3
777.4
697.1
699.9
799.4
976.1

549.6
654.1
808.2
1,214.3
1,265.7
1,132.2
1,082.8
1,147.5
1,344.3
1,860.9

2007: Feb ......
Mar .....
Apr ......
May .....
June ....
July r ....
Aug r ....
Sept r ...
Oct r .....
Nov r ....
Dec r ....

751.0
752.5
754.4
755.4
756.0
758.0
758.1
759.2
761.6
761.2
758.9

6.6
6.6
6.6
6.6
6.5
6.5
6.4
6.4
6.4
6.3
6.3

305.2
303.9
306.9
304.7
302.5
301.9
300.7
296.1
296.1
295.5
293.0

304.9
307.5
310.3
308.6
301.3
302.3
302.7
304.1
304.7
301.4
306.0

176.1
176.2
176.8
175.8
171.2
171.4
171.0
170.9
172.1
171.4
172.9

128.7
131.3
133.5
132.7
130.1
130.9
131.7
133.2
132.5
130.1
133.1

3,744.8
3,772.8
3,802.9
3,818.5
3,831.5
3,838.2
3,864.0
3,867.7
3,871.8
3,885.2
3,889.9

2,932.0
2,925.4
2,936.8
2,940.4
2,949.3
2,966.7
2,995.6
3,010.5
3,012.6
3,027.5
3,034.9

812.8
847.5
866.1
878.1
882.2
871.5
868.4
857.1
859.2
857.7
855.0

1,180.1
1,183.4
1,187.4
1,188.7
1,188.8
1,189.9
1,191.9
1,201.6
1,208.5
1,213.4
1,217.0

765.2
755.2
756.7
757.3
758.4
763.7
765.5
772.5
799.1
814.6
815.2

414.9
428.3
430.6
431.3
430.4
426.2
426.5
429.1
409.4
398.8
401.8

820.4
836.8
841.9
847.6
860.4
874.4
897.0
915.8
928.7
947.7
976.1

1,364.7
1,393.6
1,426.7
1,466.0
1,495.7
1,526.3
1,600.3
1,680.2
1,763.4
1,824.7
1,860.9

2008: Jan r .....
Feb ......

758.0
758.9

6.2
6.2

292.5
290.8

307.9
311.8

172.9
176.2

135.0
135.6

3,903.2
3,950.6

3,040.5
3,081.2

862.7
869.4

1,224.7
1,226.6

816.7
818.0

407.9
408.5

1,006.1
1,057.3

1,901.0
2,042.3

1 Savings

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

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

2 Small-denomination
3 Institutional

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
Reserves of depository institutions

Period

Nonborrowed 3

Total 2
1998:
1999:
2000:
2001:
2002:
2003:
2004:
2005:
2006:
2007:

Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec

Required

Excess
(NSA)

Monetary
base

Term
auction
credit
(NSA)

Other borrowings of depository institutions from the
Federal Reserve (NSA)
Primary

Total

Secondary

Seasonal

Adjustment 4

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

45,168
42,115
38,680
41,420
40,357
42,672
46,600
45,144
43,315
42,585

45,052
41,795
38,471
41,354
40,278
42,626
46,538
44,976
43,124
27,154

43,656
40,821
37,356
39,777
38,349
41,625
44,692
43,244
41,507
40,839

1,512
1,294
1,325
1,643
2,008
1,047
1,909
1,900
1,808
1,746

513,920
593,826
584,944
635,610
681,623
720,362
759,258
787,313
811,822
823,385

................
................
................
................
................
................
................
................
................
11,613

117
320
210
67
80
46
63
169
191
3,818

................
................
................
................
................
17
11
97
111
3,787

................
................
................
................
................
0
0
0
0
1

15
67
111
33
45
29
52
72
80
30

101
179
99
34
35
................
................
................
................

2007: Feb .............
Mar .............
Apr .............
May ............
June ...........
July ............
Aug .............
Sept ............
Oct ..............
Nov .............
Dec .............

42,454
42,321
42,715
43,197
43,606
41,915
44,922
42,540
42,507
42,646
42,585

42,424
42,267
42,635
43,093
43,419
41,653
43,948
40,973
42,252
42,281
27,154

40,956
40,686
41,189
41,760
41,904
40,251
40,100
40,798
41,056
40,970
40,839

1,498
1,635
1,525
1,436
1,702
1,664
4,822
1,742
1,450
1,676
1,746

813,448
814,991
817,205
818,799
820,085
821,476
824,512
821,732
824,713
825,653
823,385

................
................
................
................
................
................
................
................
................
................
11,613

30
54
79
103
187
262
975
1,567
254
366
3,818

8
21
32
14
43
45
701
1,345
126
315
3,787

0
5
0
0
0
0
19
0
13
0
1

22
28
48
90
145
217
255
221
115
50
30

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

2008: Jan r ............
Feb .............

41,780
42,567

¥3,879
¥17,590

40,146
40,861

1,634
1,706

821,174
822,442

44,516
60,000

1,143
157

1,137
155

0
0

6
3

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

smartinez on PRODPC60 with ECOIND_CN

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 of depository institutions from the Federal Reserve.
4 Discontinued after January 8, 2003.
Source: Board of Governors of the Federal Reserve System.

27
VerDate Aug 31 2005

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E:\HR\OC\ECOIND.027

ECOIND

BANK CREDIT AT ALL COMMERCIAL BANKS
Total commercial bank loans and leases rose 0.6 percent in February; commercial and industrial loans rose 0.6
percent.

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

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

smartinez on PRODPC60 with ECOIND_CN

1998:
1999:
2000:
2001:
2002:
2003:
2004:
2005:
2006:
2007:
2007:

Total
bank
credit

4,513.2
4,741.9
5,203.5
5,412.6
5,884.2
6,263.9
6,819.6
7,531.1
8,362.9
9,218.4
8,469.8
8,450.2
8,515.9
8,574.1
8,625.6
8,702.6
8,836.8
8,952.4
9,055.3
9,185.7
9,218.4
9,285.7
9,350.6

Total
securities

1,225.2
1,267.8
1,336.6
1,480.6
1,713.6
1,851.4
1,951.0
2,069.7
2,249.3
2,435.8
2,243.2
2,262.0
2,265.6
2,268.5
2,292.5
2,317.4
2,347.3
2,383.6
2,408.2
2,473.2
2,435.8
2,442.0
2,468.7

795.8
810.4
790.7
852.1
1,029.7
1,114.7
1,171.1
1,161.4
1,216.6
1,131.9
1,202.3
1,204.4
1,178.4
1,162.9
1,165.1
1,171.5
1,177.8
1,174.0
1,140.2
1,132.8
1,131.9
1,109.1
1,107.9

Loans and leases in bank credit
Real estate

CommerOther
Total loans cial and
securities and leases 2 industrial

429.4
457.3
545.8
628.5
683.9
736.8
779.9
908.3
1,032.7
1,303.9
1,040.8
1,057.6
1,087.2
1,105.5
1,127.4
1,145.9
1,169.5
1,209.7
1,268.1
1,340.4
1,303.9
1,332.8
1,360.8

3,288.0
3,474.1
3,866.9
3,932.0
4,170.6
4,412.5
4,868.5
5,461.4
6,113.6
6,782.6
6,226.6
6,188.2
6,250.2
6,305.6
6,333.1
6,385.2
6,489.5
6,568.8
6,647.1
6,712.6
6,782.6
6,843.7
6,881.9

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

938.7
990.8
1,079.1
1,018.8
956.0
896.8
919.4
1,036.6
1,188.5
1,431.6
1,211.1
1,223.7
1,232.4
1,249.1
1,265.6
1,284.3
1,309.6
1,354.4
1,386.0
1,404.6
1,431.6
1,449.0
1,457.8

Total

1,333.4
1,471.9
1,655.8
1,785.9
2,033.5
2,229.8
2,566.7
2,924.0
3,358.3
3,576.2
3,425.5
3,376.3
3,406.2
3,436.4
3,453.1
3,457.1
3,493.3
3,503.4
3,533.4
3,559.7
3,576.2
3,594.3
3,621.0

Revolving
home
equity

103.6
101.1
129.7
155.4
213.1
280.3
398.0
443.7
467.5
482.8
469.7
461.6
461.2
462.9
464.6
465.5
469.3
472.5
475.1
478.6
482.8
486.3
490.8

Consumer

1,229.8
1,370.7
1,526.1
1,630.5
1,820.3
1,949.4
2,168.7
2,480.3
2,890.8
3,093.4
2,955.8
2,914.7
2,945.1
2,973.5
2,988.4
2,991.6
3,024.0
3,030.9
3,058.3
3,081.1
3,093.4
3,108.0
3,130.2

05:07 Apr 05, 2008

Jkt 041604

PO 00000

Frm 00028

Fmt 3401

Other

497.4
491.5
539.8
556.2
585.9
642.5
695.4
708.2
743.2
808.9
749.6
746.3
751.5
755.4
765.1
773.5
775.1
784.0
789.0
796.2
808.9
811.9
812.5

134.5
139.7
161.0
135.1
173.9
198.8
198.1
247.1
271.1
291.3
278.4
279.0
278.7
278.6
263.9
277.8
285.8
283.5
274.1
285.4
291.3
305.0
298.5

384.0
380.2
431.2
436.0
421.3
444.6
488.9
545.5
552.5
674.6
562.0
562.9
581.3
586.2
585.4
592.5
625.7
643.5
664.5
666.7
674.6
683.4
692.1

2 Excludes Federal funds sold to, reverse repurchase agreements (RPs) with, and loans to
commercial banks in the United States.
Source: Board of Governors of the Federal Reserve System.

28
VerDate Aug 31 2005

Security

Other

Sfmt 3401

E:\HR\OC\ECOIND.028

ECOIND

g:\graphics\eecoind.028

Period

U.S.
Treasury
and
agency
securities

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

1998 ................
1999 ................
2000 ................
2001 ................
2002 ................
2003 ................
2004 ................
2005 ................
2006 ................
2007 p ..............
2005: I ...........
II .........
III ........
IV ........
2006: I ...........
II .........
III ........
IV .........
2007: I ...........
II .........
III ........
IV p .......

1,298.1
1,718.6
1,955.4
850.2
896.2
844.7
1,537.4
1,956.2
1,185.5
1,352.9
1,931.1
2,008.4
1,951.0
1,934.3
1,455.5
1,085.9
1,131.3
1,069.4
1,171.4
1,470.7
1,330.7
1,439.0

Internal 1

682.1
731.0
718.0
755.0
811.3
831.3
928.4
995.0
993.8
936.2
927.3
986.1
1,046.5
1,020.1
1,006.2
1,009.3
1,023.9
935.8
944.7
944.0
944.0
912.3

Credit market instruments
Total

616.0
987.6
1,237.4
95.2
84.9
13.4
609.0
961.2
191.7
416.7
1,003.8
1,022.3
904.5
914.2
449.3
76.6
107.4
133.6
226.7
526.7
386.7
526.7

Capital
expenditures 3

Total

Total
net
funds
raised

Net new
equity
issues

165.4
254.4
218.4
155.5
¥32.5
40.2
40.7
¥120.0
¥188.4
¥209.2
¥23.6
¥99.1
¥227.4
¥129.9
¥105.4
¥224.2
¥304.1
¥120.1
¥45.5
¥152.0
¥205.0
¥434.4

¥215.5
¥110.4
¥118.2
¥48.1
¥41.6
¥42.0
¥126.6
¥363.4
¥614.1
¥836.6
¥264.3
¥300.1
¥469.9
¥419.2
¥569.6
¥601.6
¥534.0
¥751.2
¥572.8
¥770.0
¥846.0
¥1,157.6

Securities
and mortgages

Total

380.9
364.8
336.6
203.6
9.1
82.2
167.2
243.4
425.7
627.4
240.7
201.0
242.5
289.3
464.2
377.4
229.9
631.1
527.3
618.0
641.0
723.2

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

226.2
264.0
180.8
392.4
163.3
215.1
131.5
247.8
325.0
419.4
123.1
197.4
337.2
333.0
313.9
286.2
266.7
433.5
420.3
500.0
318.4
439.3

Loans
and
shortterm
paper

Other 2

154.9
100.8
155.8
¥188.8
¥154.1
¥132.8
35.8
¥4.4
100.7
207.9
117.6
3.6
¥94.7
¥43.8
150.3
91.3
¥36.7
197.7
107.0
118.0
322.6
284.0

450.5
733.3
1,019.1
¥60.2
117.4
¥26.8
568.4
1,081.2
380.2
625.9
1,027.4
1,121.5
1,131.9
1,044.2
554.8
300.7
411.5
253.7
272.2
678.7
591.7
961.1

1,348.4
1,833.8
2,137.7
980.2
867.2
832.5
1,608.8
1,872.8
1,407.8
1,569.2
1,796.9
1,866.6
1,929.5
1,898.2
1,645.6
1,272.4
1,378.6
1,334.9
1,387.3
1,638.4
1,578.5
1,672.6

778.5
863.9
928.5
802.6
737.1
749.9
825.7
915.0
1,032.9
1,036.2
913.4
880.0
898.8
967.9
992.1
1,034.0
1,049.2
1,056.3
993.0
1,027.6
1,073.2
1,050.9

Increase
in financial assets

569.9
969.9
1,209.2
177.6
130.1
82.6
783.1
957.8
374.9
533.0
883.5
986.6
1,030.7
930.3
653.5
238.4
329.4
278.6
394.3
610.8
505.3
621.7

Discrepancy
(sources
less
uses)

¥50.4
¥115.2
¥182.4
¥130.0
28.9
12.1
¥71.3
83.4
¥222.3
¥216.3
134.2
141.9
21.4
36.1
¥190.1
¥186.5
¥247.3
¥265.5
¥215.9
¥167.7
¥247.9
¥233.6

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]

Consumer credit outstanding (end of period)
Period
Total

smartinez on PRODPC60 with ECOIND_CN

1998:
1999:
2000:
2001:
2002:
2003:
2004:
2005:
2006:
2007:
2007:

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

Revolving

1,420.5
1,532.1
1,717.5
1,867.2
1,974.1
2,078.0
2,191.3
2,284.9
2,387.5
2,517.6
2,395.2
2,401.4
2,415.7
2,419.0
2,437.9
2,449.6
2,466.2
2,487.0
2,492.2
2,497.2
2,513.9
2,517.6
2,524.5

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.

581.1
610.5
683.7
716.7
748.9
770.5
800.0
825.0
875.4
941.8
876.9
879.9
887.2
887.6
897.1
902.2
909.4
917.3
921.8
929.7
939.6
941.8
947.4

Nonrevolving 2

839.4
921.5
1,033.8
1,150.5
1,225.2
1,307.5
1,391.3
1,459.9
1,512.1
1,575.7
1,518.4
1,521.5
1,528.5
1,531.4
1,540.8
1,547.4
1,556.9
1,569.7
1,570.3
1,567.5
1,574.3
1,575.7
1,577.2

Net change in consumer credit outstanding 1
Total

95.7
111.6
185.4
149.7
106.9
103.9
113.3
93.6
102.6
130.1
7.7
6.2
14.3
3.3
18.9
11.7
16.6
20.8
5.2
5.0
16.7
3.7
6.9

Revolving

41.1
29.4
73.2
33.0
32.2
21.6
29.5
25.0
50.4
66.4
1.5
3.0
7.3
.4
9.5
5.1
7.2
7.9
4.5
7.9
9.9
2.2
5.6

Nonrevolving 2

54.6
82.1
112.3
116.7
74.7
82.3
83.8
68.6
52.2
63.6
6.3
3.1
7.0
2.9
9.4
6.6
9.5
12.8
.6
¥2.8
6.8
1.4
1.5

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

29
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ECOIND

INTEREST RATES AND BOND YIELDS
Overall, interest rates fell in March.

[Percent per annum]

Constant
Period

smartinez on PRODPC60 with ECOIND_CN

1998
1999
2000
2001
2002
2003
2004
2005
2006
2007

3-month
bills (new
issues) 1

3-year

maturities 2

10-year

30-year

Highgrade
municipal
bonds
(Standard
&
Poor’s) 3

Corporate
Aaa
bonds
(Moody’s)

Discount window
(N.Y. F.R. Bank) 4 5
Primary
credit

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

4.81
4.66
5.85
3.45
1.62
1.02
1.38
3.16
4.73
4.41

5.14
5.49
6.22
4.09
3.10
2.10
2.78
3.93
4.77
4.35

5.26
5.65
6.03
5.02
4.61
4.01
4.27
4.29
4.80
4.63

5.58
5.87
5.94
5.49
*
*
*
*
4.91
4.84

5.12
5.43
5.77
5.19
5.05
4.73
4.63
4.29
4.42
4.42

6.53
7.04
7.62
7.08
6.49
5.67
5.63
5.24
5.59
5.56

..............
..............
..............
..............
..............
2.12
2.34
4.19
5.96
5.86

2007: Mar .............
Apr ..............
May .............
June ............
July .............
Aug .............
Sept .............
Oct ..............
Nov .............
Dec ..............
2008: Jan ..............
Feb ..............
Mar .............
Week ended:
2008: Mar 8 ........
15 ........
22 ........
29 ........
Apr 8 ........

4.97
4.88
4.77
4.63
4.84
4.34
4.01
3.97
3.49
3.08
2.86
2.21
1.38

4.51
4.60
4.69
5.00
4.82
4.34
4.06
4.01
3.35
3.13
2.51
2.19
1.80

4.56
4.69
4.75
5.10
5.00
4.67
4.52
4.53
4.15
4.10
3.74
3.74
3.51

4.72
4.87
4.90
5.20
5.11
4.93
4.79
4.77
4.52
4.53
4.33
4.52
4.39

4.18
4.32
4.37
4.64
4.64
4.73
4.57
4.41
4.45
4.22
4.00
4.35
4.67

5.30
5.47
5.47
5.79
5.73
5.79
5.74
5.66
5.44
5.49
5.33
5.53
5.51

1.79
1.42
1.10
1.20
1.44

1.83
1.78
1.66
1.89
1.97

3.61
3.51
3.39
3.52
3.55

4.53
4.44
4.26
4.33
4.36

4.70
4.65
4.65
4.67
4.65

5.54
5.53
5.44
5.51
5.55

1 Bank-discount

basis.
on actively traded issues adjusted to constant maturities.
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.
2 Yields

3 Weekly

30
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Discount
rate

Prime rate
charged by
banks 5

4.92
4.62
5.73
3.40
1.17

Federal
funds
rate 6

Newhome
mortgage
yields
(FHFB) 7

*
*
*
*
*

8.35
8.00
9.23
6.91
4.67
4.12
4.34
6.19
7.96
8.05

5.35
4.97
6.24
3.88
1.67
1.13
1.35
3.22
4.97
5.02

7.07
7.04
7.52
7.00
6.43
5.80
5.77
5.94
6.63
6.41

6.25
6.25
6.25
6.25
6.25
5.75
5.25
5.00
5.00
4.75
3.50
3.50
2.50

*
*
*
*
*
*
*
*
*
*
*
*
*

8.25
8.25
8.25
8.25
8.25
8.25
7.75
7.50
7.50
7.25
6.00
6.00
5.25

5.26
5.25
5.25
5.25
5.26
5.02
4.94
4.76
4.49
4.24
3.94
2.98
2.61

6.22
6.21
6.22
6.54
6.70
6.73
6.58
6.55
6.42
6.21
6.02
5.96
..............

3.50
3.50
2.50
2.50
2.50

*
*
*
*
*

6.00
6.00
5.25
5.25
5.25

3.00
2.97
2.70
2.18
2.23

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

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 Board, Moody’s Investors Service, and Standard & Poor’s.

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ECOIND

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U.S. Treasury security yields

COMMON STOCK PRICES AND YIELDS
Overall, stock prices fell in March.

Common stock prices 1
New York Stock Exchange indexes 2 3
(December 31, 2002=5,000)

Period

Dow Jones
industrial
average 4

Common stock yields
(percent) 7
Standard &
Poor’s composite index
(1941–
43=10) 5

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

Dividendprice ratio

Earningsprice ratio

Composite

Financial

Energy

Health
Care

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

5,818.26
6,546.81
6,805.89
6,397.85
5,578.89
5,447.46
6,612.62
7,349.00
8,357.99
9,648.82

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

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

................
................
................
................
................
5,288.67
5,924.80
6,283.96
6,685.06
7,191.79

8,625.52
10,464.88
10,734.90
10,189.13
9,226.43
8,993.59
10,317.39
10,547.67
11,408.67
13,169.98

1,085.50
1,327.33
1,427.22
1,194.18
993.94
965.23
1,130.65
1,207.23
1,310.46
1,477.19

1,794.91
2,728.15
3,783.67
2,035.00
1,539.73
1,647.17
1,986.53
2,099.32
2,263.41
2,578.47

1.49
1.25
1.15
1.32
1.61
1.77
1.72
1.83
1.87
1.86

3.46
3.17
3.63
2.95
2.92
3.84
4.89
5.36
5.78
5.29

2007: Mar ..............................................
Apr ...............................................
May ..............................................
June .............................................
July ..............................................
Aug ...............................................
Sept ..............................................
Oct ...............................................
Nov ...............................................
Dec ...............................................

9,120.57
9,555.98
9,822.99
9,896.98
9,985.42
9,440.44
9,777.59
10,159.33
9,741.15
9,807.36

9,342.66
9,658.88
9,864.01
9,754.29
9,543.66
8,963.67
9,060.63
9,390.30
8,522.71
8,447.99

11,503.16
12,441.16
13,031.00
13,639.81
14,318.49
13,250.28
14,300.99
14,976.30
14,622.23
14,956.77

6,997.30
7,332.01
7,474.48
7,268.42
7,210.07
6,957.87
7,138.20
7,231.60
7,127.40
7,306.60

12,268.53
12,754.80
13,407.76
13,480.21
13,677.89
13,239.71
13,557.69
13,901.28
13,200.58
13,406.99

1,406.95
1,463.65
1,511.14
1,514.49
1,520.70
1,454.62
1,497.12
1,539.66
1,463.39
1,479.23

2,401.49
2,499.57
2,562.14
2,595.40
2,655.08
2,539.50
2,634.47
2,780.42
2,662.80
2,661.55

1.89
1.84
1.81
1.81
1.80
1.92
1.88
1.84
1.95
1.93

5.85
..................
..................
5.65
..................
..................
5.15
..................
..................
r 4.51

2008: Jan ..............................................
Feb ...............................................
Mar ..............................................

9,165.10
9,041.52
8,776.21

7,776.77
7,577.54
7,155.51

14,222.14
13,931.92
14,000.91

7,068.98
6,674.75
6,318.44

12,538.12
12,419.57
12,193.88

1,378.76
1,354.87
1,316.94

2,418.09
2,325.83
2,254.82

2.06
2.10
2.17

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

Week ended:
2008: Mar 8
15
22
29
Apr 5

8,853.19
8,724.27
8,645.72
8,851.34
9,057.68

7,111.73
7,027.66
7,080.60
7,370.00
7,587.85

14,274.90
14,208.48
13,675.85
13,798.17
14,264.37

6,465.91
6,232.42
6,237.62
6,329.50
6,391.02

12,132.35
12,020.81
12,206.47
12,404.59
12,551.71

1,317.90
1,301.28
1,308.82
1,337.00
1,360.02

2,244.94
2,229.01
2,228.34
2,306.83
2,347.51

2.15
2.19
2.21
2.14
2.10

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

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

1 Average

of daily closing prices.
all the stocks (nearly 3,000) listed on the NYSE.
January 9, 2003, the NYSE relaunched the composite index with changes in
methodology, definitions, and based on Dec. 31, 2002=5,000. Effective January 8, 2004 new
indexes for Financial, Energy, and Health Care were introduced by the NYSE. Previous indexes
shown for Industrial, Transportation, Utility, and Finance were discontinued.
4 Includes 30 stocks.
2 Includes

3 Effective

5 Includes

500 stocks.
over 5,000 stocks.
& Poor’s series. Dividend-price ratios based on Wednesday closing prices. Earnings-price ratios based on prices at end of quarter.
6 Includes

7 Standard

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

31
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smartinez on PRODPC60 with ECOIND_CN

1998
1999
2000
2001
2002
2003
2004
2005
2006
2007

FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
In the first five months of fiscal 2008, there was a deficit of $263.3 billion, compared with a deficit of $162.2
billion a year earlier.

[Billions of dollars]
Total

On-budget

Off-budget

Receipts

Outlays

Surplus
or
deficit
(¥)

Receipts

1,091.3
1,154.5
1,258.7
1,351.9
1,453.2
1,579.4
1,722.0
1,827.6
2,025.5
1,991.4
1,853.4
1,782.5
1,880.3
2,153.9
2,407.3
2,568.2
2,521.2
2,699.9

1,381.6
1,409.5
1,461.9
1,515.9
1,560.6
1,601.3
1,652.7
1,702.0
1,789.2
1,863.2
2,011.2
2,160.1
2,293.0
2,472.2
2,655.4
2,730.2
2,931.2
3,107.4

¥290.3
¥255.1
¥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
¥162.0
¥410.0
¥407.4

788.9
842.5
923.7
1,000.9
1,085.7
1,187.4
1,306.2
1,383.2
1,544.9
1,483.9
1,338.1
1,258.7
1,345.5
1,576.4
1,798.9
1,933.2
1,859.0
2,004.4

1,129.3
1,142.9
1,182.5
1,227.2
1,259.7
1,290.7
1,336.1
1,381.3
1,458.5
1,516.4
1,655.5
1,797.1
1,913.5
2,070.0
2,233.4
2,276.6
2,461.2
2,615.5

¥340.4
¥300.4
¥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
¥343.5
¥602.2
¥611.1

302.4
311.9
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
662.2
695.6

252.3
266.6
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
470.1
491.9

954.4
967.2

1,116.6
1,230.4

¥162.2
¥263.3

708.0
707.7

947.6
1,053.3

¥239.6
¥345.6

246.5
259.5

169.0
177.2

1992 ......................................
1993 ......................................
1994 ......................................
1995 ......................................
1996 ......................................
1997 ......................................
1998 ......................................
1999 ......................................
2000 ......................................
2001 ......................................
2002 ......................................
2003 ......................................
2004 ......................................
2005 .......................................
2006 ......................................
2007 ......................................
2008 (estimates) ...................
2009 (estimates) ...................
Cumulative total, first 5
months: 1
Fiscal year 2007 ................
Fiscal year 2008 ................
1 Data

from current issue Monthly Treasury Statement.

Outlays

Surplus
or
deficit
(¥)

Receipts

Outlays

05:07 Apr 05, 2008

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Gross
Federal

50.1 4,001.8
45.3 4,351.0
55.7 4,643.3
62.4 4,920.6
66.6 5,181.5
81.4 5,369.2
99.2 5,478.2
123.7 5,605.5
149.8 5,628.7
160.7 5,769.9
159.7 6,198.4
160.8 6,760.0
155.2 7,354.7
175.3 7,905.3
186.3 8,451.4
181.5 8,950.7
192.2 9,654.4
203.7 10,413.4

77.4
82.3

8,719.1
9,303.3

Held by
the public

2,999.7
3,248.4
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
5,428.6
5,856.2

4,963.7
5,246.3

NOTE.—Data (except as noted) are from Budget of the United States Government, Fiscal Year
2009, issued February 4, 2008.
Sources: Department of the Treasury and Office of Management and Budget.

32
VerDate Aug 31 2005

Surplus
or
deficit
(¥)

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smartinez on PRODPC60 with ECOIND_CN

Fiscal year or period

Federal debt (end of
period)

FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first five months of fiscal 2008, receipts were $12.8 billion higher than a year earlier and outlays were
$113.8 billion higher.

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

Fiscal year or period
Total

Individual
income
taxes

Corporation
income
taxes

Social
insurance
and
retirement
receipts

On-budget and off-budget outlays
National defense
Other

Department of
Defense,
military

Total
Total

International
affairs

Health

Medicare

Income Social
security security

Net
interest

Other

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

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

476.0
509.7
543.1
590.2
656.4
737.5
828.6
879.5

100.3
117.5
140.4
157.0
171.8
182.3
188.7
184.7

413.7
428.3
461.5
484.5
509.4
539.4
571.8
611.8

101.4
99.0
113.8
120.2
115.5
120.3
132.9
151.7

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

298.4
291.1
281.6
272.1
265.8
270.5
268.2
274.8

286.8
278.5
268.6
259.4
253.1
258.3
255.8
261.2

16.1
17.2
17.1
16.4
13.5
15.2
13.1
15.2

89.5
99.4
107.1
115.4
119.4
123.8
131.4
141.1

119.0
130.6
144.7
159.9
174.2
190.0
192.8
190.4

199.6
210.0
217.2
223.8
229.7
235.0
237.8
242.5

287.6
304.6
319.6
335.8
349.7
365.3
379.2
390.0

199.3
198.7
202.9
232.1
241.1
244.0
241.1
229.8

172.2
158.0
171.7
160.3
167.3
157.4
189.0
218.2

2000
2001
2002
2003
2004
2005
2006
2007
2008
2009

............................................
............................................
............................................
............................................
............................................
............................................
............................................
............................................
(estimates) .........................
(estimates) ..........................

2,025.5
1,991.4
1,853.4
1,782.5
1,880.3
2,153.9
2,407.3
2,568.2
2,521.2
2,699.9

1,004.5
994.3
858.3
793.7
809.0
927.2
1,043.9
1,163.5
1,219.7
1,259.0

207.3
151.1
148.0
131.8
189.4
278.3
353.9
370.2
345.3
339.2

652.9
694.0
700.8
713.0
733.4
794.1
837.8
869.6
910.1
949.4

160.9
152.0
146.2
144.1
148.5
154.2
171.6
164.9
46.1
152.3

1,789.2
1,863.2
2,011.2
2,160.1
2,293.0
2,472.2
2,655.4
2,730.2
2,931.2
3,107.4

294.4
304.8
348.5
404.8
455.8
495.3
521.8
552.6
607.3
675.1

281.1
290.2
331.9
387.2
436.5
474.1
499.3
529.8
583.1
651.2

17.2
16.5
22.4
21.2
26.9
34.6
29.5
28.5
34.8
38.0

154.5
172.3
196.5
219.6
240.1
250.6
252.8
266.4
284.5
299.4

197.1
217.4
230.9
249.4
269.4
298.6
329.9
375.4
396.3
413.3

253.7
269.8
312.7
334.6
333.1
345.8
352.5
366.0
388.4
401.7

409.4
433.0
456.0
474.7
495.5
523.3
548.5
586.2
615.3
649.3

222.9
206.2
170.9
153.1
160.2
184.0
226.6
237.1
243.9
260.2

239.9
243.4
273.3
302.7
311.9
339.9
393.8
318.1
360.7
370.3

Cumulative total, first 5
months: 1
Fiscal year 2007 ......................
Fiscal year 2008 ......................

954.4
967.2

443.8
446.9

113.8
96.9

335.8
354.2

61.2 1,116.6
69.2 1,230.4

231.1
260.5

218.8
247.6

9.9
12.2

107.6
115.1

154.8
164.8

164.3
180.9

237.4
250.4

91.0
105.0

120.4
141.5

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

NOTE.—Data (except as noted) are from Budget of the United States Government, Fiscal Year
2009, issued February 4, 2008.
Sources: Department of the Treasury and Office of Management and Budget.

33
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smartinez on PRODPC60 with ECOIND_CN

1992
1993
1994
1995
1996
1997
1998
1999

FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the fourth quarter of 2007, according to current estimates, Federal current receipts rose $17.1 billion (annual
rate); Federal current expenditures rose $13.5 billion.

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

Total
Total 1

Calendar year:
1998 .................
1999 .................
2000 .................
2001 .................
2002 .................
2003 ................
2004 ................
2005 ................
2006 ................
2007 r ...............
2004: I ...............
II .............
III ............
IV ............
2005: I ...............
II .............
III ............
IV ............
2006: I ...............
II .............
III ............
IV ............
2007: I ...............
II .............
III ............
IV r ...........

smartinez on PRODPC60 with ECOIND_CN

1 Includes
2 Includes

1,773.8
1,891.2
2,053.8
2,016.2
1,853.2
1,879.9
2,008.9
2,243.4
2,495.8
2,671.4
1,939.5
1,989.7
2,023.5
2,082.8
2,209.2
2,247.5
2,188.5
2,328.3
2,436.5
2,471.5
2,513.1
2,561.9
2,619.7
2,670.1
2,689.4
2,706.5

1,116.8
1,195.7
1,313.6
1,252.2
1,075.5
1,070.8
1,152.3
1,362.7
1,537.5
1,656.2
1,100.7
1,139.0
1,159.4
1,209.9
1,321.4
1,351.7
1,362.3
1,415.2
1,488.0
1,521.1
1,555.3
1,585.4
1,619.0
1,663.2
1,667.2
1,675.5

Personal
current
taxes
825.8
893.0
999.1
994.5
830.5
774.5
797.4
932.4
1,053.2
1,162.1
767.5
785.8
809.6
826.6
897.1
920.4
946.1
966.1
1,022.7
1,032.9
1,057.4
1,099.8
1,138.8
1,151.7
1,170.7
1,187.2

Taxes
on
production and
imports
81.1
83.9
87.8
85.8
87.3
89.7
94.6
99.0
98.6
99.9
93.8
94.3
95.1
95.3
96.5
100.7
99.8
98.8
98.7
99.0
99.3
97.2
97.9
98.3
101.4
102.2

Taxes
on
corporate
income
204.2
213.0
219.4
164.7
150.5
197.8
250.3
319.8
373.1
380.8
229.7
249.8
246.4
275.3
316.4
320.9
303.5
338.3
356.4
378.6
387.1
370.1
370.3
401.3
382.5
369.1

613.8
651.6
691.7
717.5
734.3
758.9
805.2
849.3
901.6
953.0
788.3
799.6
812.1
820.9
836.0
842.6
856.1
862.6
892.8
894.1
900.9
918.8
944.0
946.3
957.3
964.6

Federal Government current expenditures

Income
receipts
on
assets

Current
transfer
receipts

Current
surplus
of government
enterprises

21.5
21.5
25.2
24.9
20.2
22.9
23.8
24.5
24.7
25.1
23.6
23.4
23.9
24.2
24.6
25.5
24.3
23.8
24.2
24.6
24.8
25.4
24.6
25.1
25.3
25.4

21.5
22.7
25.7
27.1
24.8
25.0
28.8
11.6
35.2
39.4
27.6
28.5
29.4
29.9
30.5
32.0
¥48.2
32.2
33.8
34.6
35.5
36.7
38.1
38.5
39.4
41.4

0.1
¥.3
¥2.3
¥5.5
¥1.6
2.3
¥1.2
¥4.8
¥3.2
¥2.3
¥.6
¥.8
¥1.4
¥2.1
¥3.3
¥4.2
¥6.0
¥5.6
¥2.3
¥2.9
¥3.3
¥4.3
¥6.1
¥3.0
.2
¥.4

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

Total 2

1,734.9
1,787.6
1,864.4
1,969.5
2,101.1
2,252.1
2,379.5
2,561.6
2,715.8
2,892.0
2,350.6
2,363.8
2,385.4
2,418.2
2,507.2
2,535.0
2,582.9
2,621.4
2,656.2
2,711.4
2,752.3
2,743.4
2,838.2
2,876.9
2,919.7
2,933.2

Consumption
expenditures

454.6
475.1
499.3
531.9
591.5
662.7
723.7
768.5
812.8
856.0
709.6
721.2
734.6
729.6
759.1
761.7
784.1
769.0
804.8
806.6
813.3
826.4
829.8
849.8
867.7
876.9

Current
transfer
payments

946.5
986.1
1,038.1
1,131.4
1,243.0
1,328.7
1,390.6
1,479.1
1,576.1
1,686.8
1,382.9
1,383.2
1,382.5
1,413.7
1,460.6
1,462.0
1,483.7
1,510.1
1,539.5
1,571.1
1,594.3
1,599.6
1,665.6
1,670.9
1,696.4
1,714.5

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298.8
282.7
283.3
258.6
229.1
212.9
221.0
255.9
277.5
302.4
216.3
215.3
224.4
227.8
233.5
253.6
255.8
280.5
259.0
284.4
296.7
270.0
296.3
309.4
309.3
294.7

Subsidies

35.0
43.8
43.8
47.6
37.5
47.8
44.2
58.2
49.4
46.7
43.3
42.6
43.9
47.2
54.0
57.7
59.2
61.8
52.8
49.3
47.9
47.4
46.6
46.9
46.2
47.1

Net
Federal
Government
saving

38.8
103.6
189.5
46.7
¥247.9
¥372.1
¥370.6
¥318.3
¥220.0
¥220.6
¥411.1
¥374.1
¥361.9
¥335.4
¥298.0
¥287.5
¥394.3
¥293.2
¥219.6
¥239.9
¥239.2
¥181.5
¥218.5
¥206.8
¥230.3
¥226.7

Source: Department of Commerce, Bureau of Economic Analysis.

34
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Current tax receipts
Period

Contributions
for
government
social
insurance

INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Industrial production (2002=100; seasonally adjusted)
Period

United
States
r 95.4

1998 ..............................
1999 ..............................
2000 ..............................
2001 ..............................
2002 ..............................
2003 ..............................
2004 ..............................
2005 ..............................
2006 ..............................
2007 p .............................

Canada

Japan

Germany

France

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

Italy

United
States 1

Canada

Japan

Germany

France

Italy

United
Kingdom

r 111.4

89.2
94.4
102.6
98.4
100.0
100.1
102.2
103.9
103.5
103.5

102.1
102.4
108.0
101.2
100.0
103.0
108.5
109.8
114.8
117.8

93.9
96.1
100.0
101.3
100.0
99.6
102.1
102.3
102.8
104.5

94.4
95.5
100.9
101.1
100.0
100.4
103.5
106.9
113.2
120.1

98.5
98.4
102.6
101.4
100.0
99.4
99.2
98.4
100.9
100.7

100.2
101.6
103.5
102.0
100.0
99.7
100.5
98.5
r 98.8
r 99.1

163.0
166.6
172.2
177.1
179.9
184.0
188.9
195.3
201.6
207.342

157.8
160.5
164.9
169.0
172.8
177.6
180.9
184.9
188.5
192.7

122.2
121.8
121.0
120.1
119.0
118.7
118.7
118.3
118.7
118.7

154.2
155.0
157.6
160.2
163.3
166.7
170.3
173.2
176.2
178.8

139.7
140.5
142.5
145.3
147.4
148.9
151.4
153.7
156.2
159.8

222.5
226.2
231.9
238.3
244.3
250.9
256.4
261.3
266.9
271.8

191.4
194.3
200.1
203.6
207.0
213.0
219.4
225.6
232.8
242.7

109.8
110.5
110.4
111.0
111.0
111.4
112.0
112.0
112.3
111.8
112.3
112.4

103.0
103.9
104.1
104.4
104.3
104.5
104.1
103.9
103.3
103.6
103.2
100.0

115.6
116.3
116.2
116.5
115.8
117.2
116.3
120.7
119.2
121.0
119.3
121.4

102.9
104.2
104.1
103.5
104.3
103.6
105.4
105.6
104.3
106.3
104.6
105.2

116.8
118.1
118.7
117.3
119.6
119.7
119.8
122.1
122.1
122.0
121.7
123.4

102.3
101.4
101.6
101.0
101.7
101.4
101.6
102.8
101.3
100.4
99.6
99.6

98.7
98.1
98.6
98.8
99.8
99.6
99.2
99.2
98.8
99.6
99.2
99.2

202.416
203.499
205.352
206.686
207.949
208.352
208.299
207.917
208.490
208.936
210.177
210.036

189.1
190.4
192.0
192.9
193.7
193.4
193.5
193.0
193.4
192.9
193.4
193.5

118.3
117.7
118.1
118.4
118.8
118.5
118.4
119.0
119.0
119.4
119.1
119.4

176.3
176.6
177.4
178.3
178.7
178.9
178.5
179.2
179.4
179.8
180.8
181.5

157.4
158.2
158.5
159.3
159.3
159.3
160.2
160.0
160.2
160.7
161.4
162.4

268.5
269.4
269.8
270.2
271.0
271.6
272.2
272.7
272.7
273.5
274.5
275.3

236.9
238.6
240.2
241.3
242.3
243.6
242.2
243.6
244.4
245.4
246.4
247.8

2008: Jan p ...................
112.5
101.6 118.3
105.7
125.0
100.9
99.2
211.080
193.2 119.1 181.3
Feb p ...................
111.9 .............. 117.4 .............. .............. .............. ..............
211.693
193.9 118.9 181.7
Mar p .................. .............. .............. ............ .............. .............. .............. .............. .................. .............. ............ ............

161.9
162.7
163.4

276.6
246.5
277.2
248.4
278.6 ..............

r 99.5
r 103.7
r 100.1
r 100.0
r 101.2
r 103.8
r 107.2
r 109.6

2007: Jan r ...................
Feb r ...................
Mar r ...................
Apr r ...................
May r ..................
June r .................
July r ..................
Aug r ...................
Sept r ..................
Oct r ....................
Nov r ...................
Dec r ...................

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

Source: National sources as reported by Department of Commerce (Bureau of Economic
Analysis and International Trade Administration, Office of Trade and Industry Information)
and Council of Economic Advisers.

U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES
[Billions of dollars; monthly data seasonally adjusted]
Goods: Exports (f.a.s. value)

Goods: Imports (customs value)

Census basis (by end-use category)

Services
(BOP basis)

Balance of trade
(exports minus imports)

Census basis (by end-use category)
BOP basis

Period

BOP
basis

1998 .............
670.4
1999 .............
684.0
2000 .............
772.0
2001 .............
718.7
2002 .............
682.4
2003 .............
713.4
2004 .............
807.5
2005 .............
894.6
2006 ............. 1,023.1
2007 r ............ 1,149.2

Total,
Census
basis 1

Auto- ConIndusmo- sumer
Foods, trial Capital tive goods
feeds,
supgoods vehi- (nonand
plies except cles, food)
bevand
auto- parts except
erages mate- motive and autorials
enmogines tive

682.1
695.8
781.9
729.1
693.1
724.8
818.8
906.0
1,036.6
1,163.2

46.4
46.0
47.9
49.4
49.6
55.0
56.6
59.0
66.0
84.2

148.3
147.5
172.6
160.1
156.8
173.0
203.9
233.0
276.0
315.5

299.4 72.4 80.3
310.8 75.3 80.9
356.9 80.4 89.4
321.7 75.4 88.3
290.4 78.9 84.4
293.7 80.6 89.9
331.4 89.2 103.2
362.3 98.6 116.1
413.9 107.2 130.0
445.9 120.9 146.4

BOP
basis

IndusAutoFoods, trial Capital motive
Total, feeds, supgoods vehiCensus and
plies except cles,
basis 1
bevand
auto- parts
erages mate- motive and enrials
gines

Exports

Imports

Goods,
Census
basis

Goods

Services

Goods
and
services

918.6
1,031.8
1,226.7
1,148.2
1,167.4
1,264.3
1,477.1
1,681.8
1,861.4
1,964.6

911.9
1,024.6
1,218.0
1,141.0
1,161.4
1,257.1
1,469.7
1,673.5
1,853.9
1,953.3

41.2
43.6
46.0
46.6
49.7
55.8
62.1
68.1
74.9
81.7

200.1
221.4
299.0
273.9
267.7
313.8
412.8
523.8
602.0
630.7

269.5
295.7
347.0
298.0
283.3
295.9
343.6
379.3
418.3
444.7

148.7
179.0
195.9
189.8
203.7
210.1
228.2
239.5
256.7
258.9

217.0
241.9
281.8
284.3
307.8
333.9
372.9
407.2
442.6
474.9

262.8
281.9
298.6
286.2
292.3
304.3
349.7
388.4
422.6
479.2

180.7
199.2
223.7
221.8
231.1
250.4
292.2
315.7
342.8
372.3

¥229.8
¥328.8
¥436.1
¥411.9
¥468.3
¥532.4
¥650.9
¥767.5
¥817.3
¥790.1

¥248.2
¥347.8
¥454.7
¥429.5
¥485.0
¥550.9
¥669.6
¥787.1
¥838.3
¥815.4

82.1
82.7
74.9
64.4
61.2
54.0
57.5
72.8
79.7
106.9

¥166.1
¥265.1
¥379.8
¥365.1
¥423.7
¥496.9
¥612.1
¥714.4
¥758.5
¥708.5

48.0
44.5
49.7
50.2
52.5
52.8
53.8
52.9
52.7
54.5
59.2
59.8

36.4
36.7
36.2
35.7
36.6
37.2
37.1
37.4
38.2
37.7
37.9
37.7

20.4
20.8
22.1
21.1
20.5
21.5
22.6
22.1
22.3
22.5
22.5
20.4

38.2
39.7
40.4
38.8
39.3
39.3
39.5
39.3
39.5
40.0
40.7
40.2

37.0
37.0
37.8
38.4
39.1
39.3
40.2
41.2
41.2
42.2
42.9
42.9

29.4
29.4
29.8
30.0
30.6
30.6
31.0
31.6
32.0
32.5
32.5
32.8

¥63.1
¥64.2
¥68.2
¥65.1
¥66.3
¥66.9
¥65.8
¥64.3
¥64.1
¥65.2
¥70.8
¥66.1

¥64.9
¥65.8
¥71.0
¥67.6
¥68.8
¥68.7
¥68.1
¥66.4
¥66.1
¥67.2
¥72.8
¥68.0

7.6
7.6
8.0
8.4
8.5
8.7
9.2
9.6
9.2
9.6
10.4
10.1

¥57.4
¥58.2
¥63.0
¥59.2
¥60.3
¥60.0
¥58.9
¥56.7
¥56.9
¥57.6
¥62.4
¥57.9

63.6

37.5

20.6

38.5

43.7

33.1

¥67.1

¥68.7

10.5

¥58.2

2007: Jan r ..
Feb r ..
Mar r
Apr r ..
May r
June r
July r
Aug r ..
Sept r
Oct r ..
Nov r ..
Dec r ..

90.2
88.3
90.8
90.7
93.2
94.7
98.3
98.7
100.1
100.6
100.8
102.9

91.5
89.3
92.2
92.0
94.4
95.8
99.5
99.8
101.0
101.6
102.2
104.0

6.0
6.3
6.0
6.5
6.6
6.6
6.9
7.4
8.3
7.7
8.1
8.0

23.7
23.6
24.7
25.0
25.7
26.9
26.4
27.2
27.9
27.7
28.0
28.8

36.8
34.7
35.1
34.5
36.4
36.5
38.4
38.2
37.8
39.1
38.2
40.1

8.9
9.1
9.9
9.8
9.8
9.9
11.3
10.4
10.5
10.5
10.9
10.1

11.9
11.5
11.8
12.0
12.0
11.8
12.4
12.5
12.8
12.4
12.3
12.9

155.1
154.1
161.8
158.3
161.9
163.4
166.4
165.1
166.2
167.8
173.6
170.9

154.5
153.5
160.3
157.1
160.7
162.7
165.3
164.0
165.1
166.9
173.0
170.1

6.6
6.6
6.8
6.6
6.8
6.7
6.9
7.0
7.0
6.9
7.0
6.8

2008: Jan p ..
smartinez on PRODPC60 with ECOIND_CN

Consumer
goods
(nonfood)
except
automotive

104.6

105.3

8.6

29.6

39.6

10.1

13.4

173.3

172.5

7.1

1 Total

includes ‘‘other’’ exports or imports, not shown separately.
NOTE.—BOP refers to balance of payments on international transactions basis. BOP data
shown here are consistent with figures shown on pp. 36 and 37.

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

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U.S. INTERNATIONAL TRANSACTIONS
In the fourth quarter of 2007, the goods deficit rose to $208.1 billion, from $200.5 billion in the third quarter. The
current account deficit fell to $172.9 billion in the fourth quarter, from $177.4 billion in the third quarter.

[Millions of dollars; quarterly data seasonally adjusted. Credits (+), debits (¥)]
Goods 1

Period
Exports

Imports

Services

Balance
on
goods

Net
military
transactions 2

Net
travel
and
transportation

Income receipts and payments

Other
services,
net

Balance
on
goods
and
services

Receipts

Payments

Balance
on
income

Unilateral
current
transfers,
net 3

Balance
on
current
account

670,416
683,965
771,994
718,712
682,422
713,415
807,516
894,631
1,023,109
1,149,208

¥918,637
¥1,031,784
¥1,226,684
¥1,148,231
¥1,167,377
¥1,264,307
¥1,477,094
¥1,681,780
¥1,861,380
¥1,964,577

¥248,221
¥347,819
¥454,690
¥429,519
¥484,955
¥550,892
¥669,578
¥787,149
¥838,271
¥815,370

5,220
2,593
317
¥2,296
¥7,158
¥11,981
¥13,518
¥10,536
¥13,942
¥17,105

10,210
7,085
2,486
¥3,254
¥4,245
¥11,475
¥14,275
¥12,945
¥10,636
2,186

66,651
73,051
72,052
69,943
72,633
77,433
85,279
96,259
104,327
121,773

¥166,140
¥265,090
¥379,835
¥365,126
¥423,725
¥496,915
¥612,092
¥714,371
¥758,522
¥708,515

261,819
293,925
350,918
290,797
281,215
320,568
401,942
505,488
650,462
782,229

¥257,554
¥280,037
¥329,864
¥259,075
¥253,544
¥275,147
¥345,585
¥457,430
¥613,823
¥707,913

4,265
13,888
21,054
31,722
27,671
45,421
56,357
48,058
36,640
74,316

¥53,187
¥50,428
¥58,645
¥51,295
¥63,587
¥70,607
¥84,414
¥88,535
¥89,595
¥104,438

¥215,062
¥301,630
¥417,426
¥384,699
¥459,641
¥522,101
¥640,148
¥754,848
¥811,477
¥738,638

2005: I .........
II .......
III ......
IV ......

214,391
223,068
224,320
232,852

¥398,781
¥411,592
¥423,638
¥447,769

¥184,390
¥188,524
¥199,318
¥214,917

¥2,724
¥2,699
¥2,211
¥2,902

¥4,140
¥2,769
¥2,858
¥3,179

24,612
23,321
23,436
24,889

¥166,641
¥170,670
¥180,952
¥196,109

115,351
121,333
129,873
138,931

¥102,877
¥109,529
¥113,308
¥131,716

12,474
11,804
16,565
7,215

¥28,225
¥24,372
¥9,019
¥26,915

¥182,392
¥183,238
¥173,406
¥215,809

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

243,880
252,458
260,285
266,486

¥451,637
¥463,734
¥479,184
¥466,825

¥207,757
¥211,276
¥218,899
¥200,339

¥3,195
¥3,549
¥3,888
¥3,310

¥3,075
¥3,111
¥2,456
¥1,995

24,315
25,359
25,936
28,718

¥189,712
¥192,577
¥199,307
¥176,926

148,391
162,020
167,026
173,025

¥137,929
¥151,352
¥161,177
¥163,365

10,462
10,668
5,850
9,661

¥21,360
¥23,686
¥23,877
¥20,673

¥200,611
¥205,595
¥217,334
¥187,938

2007: I r .......
II r .....
III r ....
IV p ....

269,289
278,511
297,118
304,290

¥471,001
¥483,570
¥497,665
¥512,341

¥201,712
¥205,059
¥200,547
¥208,051

¥3,665
¥4,141
¥4,299
¥4,999

¥1,960
¥309
1,329
3,125

28,717
30,038
30,948
32,072

¥178,620
¥179,472
¥172,570
¥177,853

176,151
195,394
206,428
204,256

¥168,723
¥182,811
¥185,091
¥171,287

7,428
12,583
21,337
32,970

¥27,009
¥23,169
¥26,211
¥28,052

¥198,201
¥190,058
¥177,444
¥172,936

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

3 Includes transfers of goods and services under U.S. military grant programs.
See p. 37 for continuation of table.

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1998 ..............
1999 ..............
2000 ..............
2001 ..............
2002 ..............
2003 ..............
2004 ..............
2005 ..............
2006 ..............
2007 p ............

U.S. INTERNATIONAL TRANSACTIONS—Continued
In the financial account, U.S. claims on foreigners reported by U.S. banks increased $43.0 billion in the fourth
quarter of 2007, following an increase of $102.5 billion in the third quarter. U.S. liabilities to private foreigners
reported by U.S. banks, excluding Treasury securities, increased $94.9 billion in the fourth quarter, following an
increase of $68.4 billion in the third quarter.

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

Period

smartinez on PRODPC60 with ECOIND_CN

Total

1998 ..........
1999 ..........
2000 ..........
2001 ..........
2002 ..........
2003 ..........
2004 ..........
2005 ..........
2006 ..........
2007 p ........
2005: I .....
II ....
III ..
IV ...
2006: I .....
II ....
III ..
IV ...
2007: I r ...
II r ..
III r
IV p

¥766
¥353,829
¥4,939
¥504,062
¥1,010
¥560,523
¥1,270
¥382,616
¥1,470
¥294,646
¥3,480
¥325,424
¥2,369
¥905,024
¥4,054
¥426,875
¥3,913 ¥1,055,176
¥2,317 ¥1,206,332
¥2,598
¥86,619
¥512
¥213,305
¥473
¥141,628
¥472
14,678
¥1,724
¥344,032
¥1,008
¥212,218
¥545
¥209,898
¥637
¥289,028
¥559
¥449,933
¥598
¥465,907
¥609
¥174,027
¥552
¥116,464

U.S.
official
reserve
assets 4

¥6,783
8,747
¥290
¥4,911
¥3,681
1,523
2,805
14,096
2,374
¥122
5,331
¥797
4,766
4,796
513
¥560
1,006
1,415
¥72
26
¥54
¥22

Other U.S.
Government
assets

Statistical discrepancy

Foreign-owned assets in the U.S.,
excluding financial derivatives
[increase/financial inflow (+)]
U.S.
private
assets

¥422
¥346,624
2,750
¥515,559
¥941
¥559,292
¥486
¥377,219
345
¥291,310
537
¥327,484
1,710
¥909,539
5,539
¥446,510
5,346 ¥1,062,896
¥22,931 ¥1,183,278
2,591
¥94,541
989
¥213,497
1,501
¥147,894
459
9,423
1,049
¥345,594
1,765
¥213,423
1,570
¥212,474
962
¥291,405
445
¥450,306
¥369
¥465,565
623
¥174,596
¥23,630
¥92,812

Total

423,569
740,210
1,046,896
782,859
797,813
864,352
1,461,766
1,204,231
1,859,597
1,863,697
232,614
310,822
383,808
276,987
538,140
355,442
449,987
516,029
617,724
622,851
276,555
346,567

4 Consists of gold, special drawing rights (SDRs), foreign currencies, and the U.S. reserve
position in the International Monetary Fund (IMF).

Foreign
official
assets

¥19,903
43,543
42,758
28,059
115,945
278,069
397,755
259,268
440,264
412,698
25,052
81,292
54,736
98,188
125,257
120,861
108,799
85,347
152,193
70,464
38,857
151,184

Other
foreign
assets

443,472
696,667
1,004,138
754,800
681,868
586,283
1,064,011
944,963
1,419,333
1,450,999
207,562
229,530
329,072
178,799
412,883
234,581
341,188
430,682
465,531
552,387
237,698
195,383

Financial
derivatives,
net

Total (sum
of the items
with sign
reversed)

..................
..................
..................
..................
..................
..................
..................
..................
28,762
..................
..................
..................
..................
..................
1,633
14,001
14,911
¥1,783
14,800
¥1,007
8,552
..................

146,088
70,421
¥67,937
¥14,274
¥42,056
¥13,348
85,775
¥18,454
¥17,794
83,590
38,995
86,234
¥68,302
¥75,384
6,593
49,378
¥37,121
¥36,643
16,170
34,719
66,972
¥56,615

Of which:
Seasonal
adjustment
discrepancy

..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
12,335
¥3,620
¥18,362
9,644
9,958
¥252
¥15,973
6,267
11,796
784
¥17,759
5,180

U.S. official
reserve
assets, net 4
(unadjusted,
end of
period)

81,761
71,516
67,647
68,654
79,006
85,938
86,824
65,127
65,895
70,565
78,942
76,594
71,273
65,127
65,354
67,935
66,217
65,895
66,551
66,127
69,070
70,565

Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the
Treasury.

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U.S.-owned assets abroad,
excluding financial derivatives
[increase/financial outflow (¥)]

Capital
account
transactions,
net

Contents
Page

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

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

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

11
12
13
14
15
15
16

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

17
18
19
19
20
21

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

22
23
24
24
25

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

26
27
27
28
29
29
30
31

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

32
33
34

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

35
35
36

smartinez on PRODPC60 with ECOIND_CN

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.
For sale by the Superintendent of Documents, U.S. Government Printing Office,
Washington, D.C. 20402. Price $5.00 (single copy) ($7.00 foreign).
Subscription price: $58.00 per year; $81.20 for foreign mailing.

38
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Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102