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111th Congress, 1st Session
Economic Indicators
MARCH 2009
(Includes data available as of April 3, 2009)
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 2009
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
CAROLYN B. MALONEY, New York, Chair
CHARLES E. SCHUMER, New York, Vice Chairman
HOUSE OF REPRESENTATIVES
MAURICE D. HINCHEY, New York
BARON P. HILL, Indiana
LORETTA SANCHEZ, California
ELIJAH E. CUMMINGS, Maryland
VIC SNYDER, Arkansas
KEVIN BRADY, Texas
RON PAUL, Texas
MICHAEL C. BURGESS, M.D., Texas
J O H N CAMPBELL, California
SENATE
EDWARD M. KENNEDY, Massachusetts
JEFF BINGAMAN, New Mexico
AMY KLOBUCHAR, Minnesota
ROBERT P. CASEY, J R . , Pennsylvania
JIM WEBB, Virginia
SAM BROWNBACK, Kansas
JIM D E M I N T , South Carolina
JAMES E. RISCH, Idaho
ROBERT F. BENNETT, Utah
NAN GIBSON, Executive Director
COUNCIL OF ECONOMIC ADVISERS
CHRISTINA D. ROMER, Chair
AUSTAN D. GOOLSBEE, Member
CECILIA E. ROUSE, Member
[PUBLIC LAW 120—81ST CONGRESS; CHAPTER 237—1ST SESSION]
JOINT RESOLUTION [S.J. Res. 55]
To print the monthly publication entitled ‘‘Economic Indicators’’
Resolved by the Senate and House of Representatives of the United
States of America
in Congress assembled, That the
Joint Economic Committee be authorized to issue a monthly publication entitled ‘‘Economic Indicators,’’ and that
a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant
at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies
to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic
Committee; and the required numbers of copies to the Superintendent of Documents for distribution to depository
libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public.
Approved June 23, 1949.
Charts prepared under the direction of the Printing and Procurement Branch,
Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at $5.00 a single copy
($7.00 foreign), or by subscription at $58.00 per year ($81.20 for foreign mailing)
from:
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Also available on the internet at the following address: http://www.gpoaccess.gov/indicators
11
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS DOMESTIC PRODUCT
In the fourth quarter of 2008, according to revised estimates, current-dollar gross domestic product (GDP) fell
5.8 percent (annual rate), real GDP (GDP in chained 2000 dollars) fell 6.3 percent, and the implicit price deflator
rose 0.6 percent.
BILLIONS OF DOLLARS (RATIO SCALE)
14,800
BILLIONS OF DOLLARS (RATIO SCALE)
14,800
SEASONALLY ADJUSTED ANNUAL RATES
14,400
14,400
14,000
14,000
/
~
13,600
13,600
13,200
13,200
12,800
12,800
12,400
12,400
GDP
IN CURRENT DC LLARS-/
\
12,000
11,600
12,000
11,600
y
11,200
^..^——-
11,200
10,800
10,800
10,400
/
—'
10,000
10,400
GDP
IN CHAINED (2000) DOLLARS
10,000
9,600
9,600
9,200
9,200
8,800
8,800
8,400
8,400
1998
2000
1999
2002
2001
2003
2004
2005
2006
SOURCE: DEPARTMENT OF COMMERCE
2007
2008
COUNCIL OF ECONOMIC ADVISERS
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
Gross
Personal
private
conGross
domestic sumption domestic
investproduct expendiment
tures
Exports and imports
of goods and services
Government consumption expenditures
and gross investment
Federal
Net
exports
Exports
Imports
Total
Total
National
defense
Nondefense
State
and
local
Final
sales of
domestic
product
Gross
domestic
purchases 1
Addendum:
Gross
national
product
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008 r
9,268.4
9,817.0
10,128.0
10,469.6
10,960.8
11,685.9
12,421.9
13,178.4
13,807.5
14,264.6
6,282.5
6,739.4
7,055.0
7,350.7
7,703.6
8,195.9
8,694.1
9,207.2
9,710.2
10,057.9
1,625.7
1,735.5
1,614.3
1,582.1
1,664.1
1,888.6
2,086.1
2,220.4
2,130.4
1,993.5
¥260.5
¥379.5
¥367.0
¥424.4
¥499.4
¥615.4
¥713.6
¥757.3
¥707.8
¥669.2
991.2
1,096.3
1,032.8
1,005.9
1,040.8
1,182.4
1,311.5
1,480.8
1,662.4
1,859.4
1,251.7
1,475.8
1,399.8
1,430.3
1,540.2
1,797.8
2,025.1
2,238.1
2,370.2
2,528.6
1,620.8
1,721.6
1,825.6
1,961.1
2,092.5
2,216.8
2,355.3
2,508.1
2,674.8
2,882.4
555.8
578.8
612.9
679.7
756.4
825.6
875.5
932.2
979.3
1,071.9
360.6
370.3
392.6
457.71
59.2
550.7
588.1
624.1
662.2
734.9
195.2
208.5
220.3
242.5
259.2
274.9
287.4
308.0
811.21
337.0
1,065.0
1,721.6578
1,212.8
1,281.5
1,336.0
1,391.2
1,479.8
1,575.9
1,695.5
1,071.9734
9,201.5
9,760.5
10,159.7
10,457.7
10,946.5
11,627.3
12,378.6
13,129.0
13,811.2
14,311.6
9,528.9
10,196.4
10,495.0
10,894.0
11,460.2
12,301.3
1,311.52,025
13,935.7
14,515.3
34.9337.01,8
9,302.2
9,855.9
10,171.6
10,500.2
11,017.6
11,762.1
1,479
13,256
13,910.0
14,397.8
2005: I ..
II .
III
IV
12,155.4
12,297.5
12,538.2
12,696.4
8,480.9
8,610.8
8,791.1
8,893.7
2,046.0
2,039.7
2,084.2
2,174.6
¥670.7
¥680.9
¥725.1
- 777'.7
1,266.8
1,305.1
1,314.5
1,359.6
1,937.5
1,986.0
2,039.6
2,137.4
2,299.2
2,328.0
2,388.0
2,405.9
861.0
867.1
894.2
879.5
576.1
584.4
606.3
585.4
284.9
282.8
288.0
474.1
1,438.2
1,460.9
1,493.8
1,526.4
12,07
4282.81
12,527.2
12,636.1
1. 0 576.1
12,978.4
94.2606.3
85.4294.1
1 2 , 0
2006: I
12,959.6
13,134.1
13,249.6
13,370.1
9,026.3
9,161.9
9,283.7
9,357.0
2,236.7
2,253.7
2,231.7
2,159.5
¥761.7
¥777.2
¥792.7
¥697.7
1,423.2
1,462.8
1,492.5
1,544.5
2,184.9
2,240.0
2,285.2
2,242.2
2,458.4
2,495.7
2,526.9
2,551.4
922.8
928.5
935.5
941.7
613.6
623.1
624.0
635.9
309.3
305.4
311.5
305.9
1,535.5
1,567.2
1,591.4
1,609.7
12,906.5
13,068.3
13,187.1
13,354.3
13,721.4
13,911.3
14,042.3
14,067.9
13,72
13,510.9
13,737.5
13,950.6
14,031.2
9,524.9
9,657.5
9,765.6
9,892.7
2,117.8
2,147.2
2,164.0
2,092.3
¥728.8
¥723.1
¥682.6
¥696.7
1,560.5
1,614.4
1,714.9
1,759.7
2,289.4
2,337.5
2,397.5
2,456.5
2,597.0
2,655.9
2,703.5
2,742.9
950.3
974.6
994.0
998.3
636.9
656.8
675.6
679.3
313.4
317.8
318.3
319.0
1,646.8
1,681.3
1,709.5
1,744.6
13,526.5
13,738.4
13,927.6
14,052.3
14,239.7
14,460.6
1,709.51
14,728.0
13,583.3
13,797.2
14,062.8
14,196
14,150.8
14,294.5
14,412.8
14,200.3
10,002.3
10,138.0
10,163.5
9,927.9
2,056.1
2,000.9
2,010.9
1,906.1
¥705.7
¥718.2
¥707.7
¥545.1
1,820.8
1,923.2
1,968.9
1,724.7
2,526.5
2,641.4
2,676.6
2,269.7
2,798.1
2,873.7
2,946.1
2,911.4
2,526.5
1,056.1
1,098.0
1,107.0
699.9
723.3
759.5
757.0
326.6
332.9
338.5
350.0
1,771.6
1,817.6
1,848.1
1,804.4
14,176.4
14,370.5
14,462.5
14,236.9
14,856.6
15,012.7
15,120.5
14,745.4
14,289.0
1 4 , 3
14,539.6
2007:
..
II .
III
IV
I ..
II .
III
rv
2008: I ..
II .
III
r.
1
GDP less exports of goods and services plus imports of goods and services.
Source: Department of Commerce, Bureau of Economic Analysis.
12,27
1,493.812
12,770.6
13,219.4
13,316.1
13,452.0
14,23
REAL GROSS DOMESTIC PRODUCT
[Billions of chained (2000) dollars; quarterly data at seasonally adjusted annual rates]
Gross private
domestic investment
Period
1999
2000 .........9,
2001 .........9,
2002
2003 .........10,
2004
2005 .........10,
2006
2007
2008 r
2005: I ....
II ...
III
IV ..
2006: I ....
II ...
III
IV ..
2007: I ....
II ...
III
IV ..
2008: I ....
II ...
III
IV
Personal
Gross
conNonresi- Resi- Change
domestic sumption dential dential in priproduct expendifixed
fixed
vate
tures
invest- invest- invenment
ment
tories
9,470.3
9,817.0
9,890.7
10,048.8
10,301.0
10,675.8
10,989.5
11,294.8
11,523.9
11,652.0
10,875.8
10,946.1
11,050.0
11,086.1
11,217.3
11,291.7
11,314.1
11,356.4
11,357.8
11,491.4
11,625.7
11,620.7
11,646.0
11,727.4
11,712.4
11,522.1
6,438.6
6,739.4
6,910.4
7,099.3
7,295.3
7,561.4
7,791.7
8,029.0
8,252.8
8,272.1
7,697.5
7,766.4
7,838.1
7,864.9
7,947.4
8,002.1
8,046.3
8,119.9
8,197.2
8,237.3
8,278.5
8,298.2
8,316.1
8,341.3
8,260.6
8,170.5
1,133.3
1,232.1
1,180.5
1,071.5
1,081.8
1,144.3
1,226.2
1,318.2
1,382.9
1,405.4
1,200.4
1,219.0
1,237.1
1,248.2
1,295.2
1,315.4
1,332.7
1,329.3
1,340.4
1,373.8
1,402.9
1,414.7
1,423.1
1,431.8
1,425.7
1,341.1
443.6
446.9
448.5
469.9
509.4
560.2
595.4
552.9
453.8
359.5
582.1
595.8
601.7
602.0
596.5
570.1
536.7
508.4
486.4
471.7
445.3
411.6
383.0
369.6
353.7
331.6
Exports and imports of
goods and services
Government consumption expenditures
and gross investment
Federa
Net
exports
Exports
Imports
Total
¥296.2
¥379.5
¥399.1
¥471.3
¥518.9
¥593.8
¥616.6
¥615.7
¥546.5
¥390.2
¥623.7
¥601.3
¥603.6
¥637.8
¥636.0
¥619.4
¥623.0
¥584.3
¥618.6
¥571.2
¥511.8
¥484.5
¥462.0
¥381.3
¥353.1
¥364.5
1,008.2
1,096.3
1,036.7
1,013.3
1,026.1
1,126.1
1,205.3
1,314.8
1,425.9
1,514.1
1,177.9
1,203.1
1,204.3
1,235.7
1,284.3
1,301.4
1,312.6
1,361.1
1,363.2
1,392.2
1,466.2
1,482.1
1,500.6
1,544.7
1,556.1
1,454.9
1,304.4
1,475.8
1,435.8
1,484.6
1,545.0
1,719.9
1,821.9
1,930.5
1,972.4
1,904.3
1,801.7
1,804.4
1,807.9
1,873.6
1,920.2
1,920.9
1,935.7
1,945.3
1,981.8
1,963.4
1,978.0
1,966.5
1,962.6
1,926.0
1,909.1
1,819.4
1,686.9
1,721.6
1,780.3
1,858.8
1,904.8
1,931.8
1,939.0
1,971.2
2,012.1
2,070.2
1,929.6
1,934.0
1,950.4
1,941.9
1,960.5
1,966.6
1,974.9
1,982.7
1,987.1
2,006.4
2,025.3
2,029.4
2,039.1
2,058.9
2,088.1
2,094.7
68.9
56.5
¥31.7
12.5
14.3
54.3
38.9
42.3
¥2.5
¥29.0
74.6
16.7
11,0
53.5
45.9
56.9
53.3
13.1
¥15.0
¥2.8
16.0
¥8.1
¥10.2
¥50.6
¥29.6
¥25.8
1
GDP less exports of goods and services plus imports of goods and services.
NOTE.—Because of the formula used for calculating real GDP, the chained (2000) dollar
estimates for the detailed components do not add to the chained-dollar value of GDP or to any
intermediate aggregates.
Total
National
defense
573.7
578.8
601.4
643.4
687.1
715.9
724.5
741.0
752.9
798.2
718.0
720.1
736.8
723.2
740.6
737.7
741.1
744.4
737.5
749.6
762.7
761.7
772.6
785.0
810.8
824.5
372.2
370.3
384.9
2230.2
449.0
475.0
482.2
490.0
,066.81
035.21
476.3
481.0
495.1
476.5
486.7
489.0
487.9
496.3
488.8
498.8
611,60
509.9
518.9
02.61
550.4
555.0
Nondefense
201.5
208.5
216.5
230.2
238.0
240.7
242.0
250.8
250.4
259.5
241.5
213.8
241.4
2476.5
253.8
248.5
,930.61
247.8
248.6
250.5
251.2
267.5
253.2
256.3
259.5
268.9
State
and
local
1,113.2
1,721.6578
1,179.0
1,215.4
1,217.8
1,215.8
1,214.3
1,230.2
1,259.0
1,273.0
1,211.4
1,213.8
1,213.6
1,218.5
1,219.9
1,228
1,233.7
1,238.2
1,249.3
1,256.6
1,26
1,267.5
1,266.7
1,274.4
1,278.7
1,272.3
Final
sales of
domestic
product
Gross
domestic
purchases 1
Addendum:
Gross
national
product
9,404.0
9,760.5
9,920.9
10,036.5
10,285.1
10,619.8
10.947.3
81,23
11,523.4
11,681.0
.0476.3
10,925.9
11,035
11,028.4
9,767.7
10,196.4
9,404.09,7
9,855.9
9,933.6
10,079.0
10,815.510,3
10,746.0
11,072.1
11,362.3
11,609.8
11,762.3
10,968.4
11,539.4
11,140.7
11,151.2
.6486.725
51,228.81
11,370.8
11,339.711,935
21,960.5740.6
11,232.1
11,257.8
11,339.7
11,370.5
11,490.5
1 1 . 0
11,628.0
21,266.7
11,778.8
11,739.2
11,552.2
.09,920.91
10,517.7
10,815
11,261.4
11,597.8
11,904.1
12,066.8
12 5 9.51,2
11,490.6
11,539.4
11,645.4
.2476.52
11,846.2
11,904.4
11,930.6
11,935.6
11,370.511,9
12,058.2
12,135.1
12,103.2
12,105.8
12,102.6
12,057.8
.7824.5
61,249.31
11,541.7
11,719.9
11,628.012,103
11,760.9
11,822.2
11,73
11,648.7
Source: Department of Commerce, Bureau of Economic Analysis.
IMPLICIT PRICE DEFLATORS FOR GROSS DOMESTIC PRODUCT
[Index numbers, 2000=100; quarterly data are seasonally adjusted]
Personal consumption
expenditures
Period
1999 .................97.
2000 .................100.
2001 .................102.
2002 .................104.
2003 .................106.
2004 .................109.
2005 .................113.
2006 .................116.
2007 .................119.
2008 r
2005: I
II
Ill
rv
2006: I
II
Ill
IV
2007: I
II
Ill
rv
2008: I
II
Ill
IVr
Gross
domestic
product
Total
Durable
goods
Nondurable goods
Gross private
domestic investment
Services
97.868
100.000
102.399
104.187
106.404
109.462
113.034
116.676
119.816
122.422
111.765
112.346
113,468
114.525
115.533
116.317
117.107
117.732
118.956
119.547
119.997
120.743
97.575
100.000
102.094
103.542
105.597
108.391
111.581
114.675
117.659
121.588
110.177
110.872
112.158
113.081
113.575
114.493
115.377
115.235
116.197
117.241
117.964
119.215
101.625
100.000
98.113
95.767
92.366
90.695
89.984
88.771
87.154
86.092
90.549
90.345
89.631
89.420
89.211
89.031
88.729
88.129
87.720
87.367
86.941
86.600
96.174
100.000
101.531
102.090
104.145
107.626
111.606
114.985
118.408
124.671
109.536
110.081
113.038
113.697
113.786
115.151
116.410
114.578
116.021
117.825
118.675
121.085
97.393
100.000
103.256
106.019
109.379
104.99
121.508
121.890
123.056
123.244
120.277
121.539
123.036
121.509
86.584
86.240
86.113
85.360
123.053
125.014
128.123
122.448
Nonresidential
fixed
Exports and imports of Government consumption expenditures
and gross investment
goods and services
Federal
Residential fixed
Exports
Imports
Total
National
defense
95.780
100.000
104.63
107.240
112.372
120.587
129.268
136.898
138.885
135.676
120.959
103.44
130.819
133.311
135.46
136.737
137.163
138.47
139.197
138.730
138.803
138.780
96.883
100.000
99.625
99.272
101.429
104.997
108.814
112.618
116.585
122.805
107.542
108.474
109.154
110.026
110.819
112.402
113.704
113.476
114.480
115.963
118.67512
118.735
96.880
100.000
97.497
96.342
99.686
107.626
111.153
115.932
120.168
142.212
107.538
110.081116.1
109.154
113.08189.42
113.785
116.615
118.056
115.2
115.520
119.058
121.208
124.915
96.883
100.000
101.908
107.2
110.095
115.322
120.835
125.806
130.077
134.291
109.5
120.428
1119.3101
118.4
124.614
125.866
126.232
126.510
131.818
130.027
138.8031
138.7
96.886
100.000
103.2
107.2
6104.1451
116.700
120.752
124.712
128.748
109.5361
116.130
117.079
118.423
119.304
120.276
121.272
122.122
123.194
117.82512
125.173
126.248
100.057
100.000
04.633
99.513
99.591
100.896
103.829
107.277
108.740
110.4
120.9
103.448
103.959
105.091
106.199
107.058
107.527
108.294
108.654
108.729
108.556
109.010
127.128
128.445
129.532
129.880
109.173
109.784
110.9
112.170
137.8
136.665
135.512
132.204
121.337
124.498
126.528
118.541
123.0
137.144
140.198
124.75
132.867
134.540
135.435
134.265
134.885
136.946
137.983
136.400
115.32
121.944
136.8981
131.874
132.78213
120.9
121.499
122.451
122.851
126.067
127.4
127.893
129114
130.312
119.05813
1.2 0 813
131.057
Source: Department of Commerce, Bureau of Economic Analysis.
Nondefense
State
and
local
96.880
100.000
102.868
105.345
108.898
114.218
111.153
125.806127.3
126.636
128.74
.17790.549
110.08
95.667
100.000
102.868
105.434
109.712
114.2181
121.863
125.80
134.671
142.212
118.720
1113.0
118.423
121.847
122.895
123.0
138.47
126.067
126.868
126.718
126.883
123.094
110.026
125.873
12.4021
128.991
129.9
131.818
133.794
135.388
137.638
128.984
129.865
130.463
118.54
128.984
124.49
144.527
041 1 8.5
7290.345110
GROSS DOMESTIC PRODUCT AND RELATED PRICE MEASURES:
INDEXES AND PERCENT CHANGES
[Quarterly data are seasonally adjusted]
Percent change from preceding period 1
Index numbers, 2000 = 100
Gross domestic product (GDP)
Real GDP
(chain-type
quantity
index)
rv
i ..
.
.
in
IV
.
2008: i ..
II
.
in
r.
1
PCE
(chain-type
price index)
PCE
less food
and energy
price index
Real GDP
(chain-type
quantity
index)
GDP
(current
dollars)
GDP
chain-type
price
index
GDP
implicit
price
deflator
PCE
(chain-type
price index)
PCE
less food
and energy
price index
97.868
100.000
.82.42
104.193
106.409
109.462
113.039
116.676
119.819
122.500
108.180
109.185
109.807
110.677
111.778
112.357
113.487
114.536
115.536
116.317
117.109
117.742
118.935
119.531
119.984
120.826
97.868
100.000
102.399
104.187
106.409106.4
109.462
113.034
116.676
119.816
122.422
108.175
109.178
109.793
110.6771
111.765
112.346
113.468
114.525
115.53
116.317
117.109117
117.732
118.956
119.547
119.997
120.743
97.575
100.000
102.094
103.542
105.597
108.392
111.581
114.675
117.659
121.596
107.163
108.179
109.793
109.521
111.7
110.881
113.468
113.089
113.581
114.499
112.531
115.239
116.202
117.246
117.969
119.221
98.343
100.000
102.094
103.5
105.175
107.338
109.644
112.129
114.548
117.043
106.442
107.142
107.601
108.169
108.838
109.405
109.838
110.495
111.076
111.887
115.381
1.52.22.2
113.682
114.201
114.7
115.512
6.0
5.9
3.2
3.4
4.7
6.6
6.3
6.1
4.8
3.3
6.8
7.4
6.0
5.9
7.1
4.8
8.1
5.1
8.6
5.5
3.6
3.7
4.3
6.9
6.3
2.3
4.5
3.7
.8
1.6
2.5
3.6
2.9
2.8
2.0
1.1
3.0
3.5
3.6
2.5
3.0
2.6
3.8
1.3
4.8
2.7
.8
1.5
.1
4.8
4.8
¥.2
1.4
2.2
2.4
1.7
2.1
2.9
3.3
3.2
2.7
2.2
3.7
3.8
2.3
3.2
4.0
2.1
4.1
3.7
3.5
2.7
2.8
2.2
4.1
2.0
1.5
2.8
1.4
2.2
2.4
1.7
2.1
2.9
3.3
3.2
2.7
2.2
3.7
3.8
2.3
3.2
4.0
2.1
4.1
3.8
3.6
2.7
2.7
2.2
4.2
2.0
1.5
2.5
1.7
2.5
2.1
1.4
2.0
2.6
2.9
2.8
2.6
3.3
3.5
3.8
2.0
3.0
2.5
2.5
4.7
3.3
1.8
3.3
3.1
¥.5
3.4
3.6
2.5
4.3
1.5
1.7
1.9
1.8
1.4
2.1
2.1
2.3
2.2
2.2
2.4
2.7
1.7
2.1
2.5
2.1
1.6
2.4
2.1
3.0
2.3
1.8
2.4
1.8
2.1
2.5
118.631
119.460
119.308
117.369
I ..
.
II .
III
IV
2005: I ..
.
II .
III
IV
2006: I ..
.
II .
III
2004:
II
GDP
implicit
price
deflator
Personal consumption
expenditures (PCE)
Gross domestic product (GDP)
96.469
100.000
102.3991
102.362
104.931
108.748
111.944
115.054
117.388
118.692
107.402
108.325
109.287
109.977
110.786
111.502
112.560
112.928
114.264
115.022
115.250
115.681
115.696
117.056
118.425
118.374
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008 r
2007:
GDP
chain-type
price
index
Personal consumption
expenditures (PCE)
121.613
121.951
123.134
123.302
121.508
121.890
123.056
123.244
120.283
121.544
123.041
121.514
121.508
116.782
117.481
117.749
3.5
4.1
3.4
¥5.8
.9
2.8
¥.5
¥6.3
2.6
1.1
2.6
1.3
3.9
3.9
.6
3.6
4.3
5.0
2.3
2.2
2.4
.9
Quarterly percent changes are at annual rates.
.5
¥4.9
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS—GROSS VALUE ADDED AND PRICE,
COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
Price per unit of real gross value added of nonfinancial corporate business (dollars)1 2
Gross value added
of nonfinancial
corporate business
(billions of dollars) 1
Unit nonlabor cost
Period
Total
Compensation of employees
(unit labor
cost)
Consumption of
fixed
capital
Taxes
on production
and imports 3
Net interest and
miscellaneous
payments
Current
dollars
1999
2000
2001
2002
2003
2004
2005
2006
2007
........................................................4,
........................................................5,
........................................................5,
........................................................5,
........................................................7,
2008P
2005- I
II .................................................6,
III
IV ................................................6,
2006: I ...................................................6,
II
III ................................................6,
IV
2007- I
II .................................................7,
III
IV ................................................7,
2008: I ...................................................7,
II
III ................................................7,
IVP
1
Chained
(2000)
dollars
4,950.8
5,272.2
5,293.5
5,371.7
5,558.4
5,956.4
6,396.1
6,863.4
7,075.1
7,170.4
5,011.0
5,272.2
5,224.5
5,269.7
5,387.5
5,662.1
5,916.1
6,156.4
6,243.1
6,326.0
0.988
1.000
1.013
1.019
1.032
1.052
1.081
1.115
1.133
1.133
0.652
.672
.688
.685
.687
.683
.689
.701
.725
.733
0.229
.237
.257
.253
.253
.249
.257
.262
. 0
.276
0.105
.108
.124
.122
.122
.121
.126
.126
.132
.139
0.092
.093
.094
.099
.103
.103
.105
.108
.109
.108
0.032
.036
.039
.032
.028
.025
.026
.028
.029
.029
6,210.3
6,358.1
6,418.9
6,597.3
6,771.2
6,817.5
6,931.7
6,933.3
6,999.6
7,066.7
7,098.6
7,135.5
7,119.3
7,153.1
7,260.7
7,148.6
5,796.5
5,921.4
5,913.0
6,033.6
6,126.1
6,132.4
6,198.2
6,169.0
6,165.5
6,230.2
6,271.2
6,304.4
6,283.0
6,375.1
6,410.9
6,235.0
1.071
1.074
1.086
1.093
1.105
1.102
1.118
1.124
1.135
1.134
1.132
1.132
1.133
9.12
1.133
1.147
.689
.682
.696
.689
.696
.698
.697
.714
.724
.722
.723
.050
.736
.726
.726
.743
.253
.253
.264
.257
.257
. 1
. 0
.266
.267
.269
. 0
.271
.273
.272
.276
.284
.121
.121
.137
.124
.123
.125
.126
.129
.143.0
.131
.132
.133
.136
.136
.142
.144
.107
.107
.100
.106
.107
.108
.107
.109
.109
.109
.109
.109
.108
.107
.106
.109
.025
.025
.027
.027
.027
.028
.027
.028
.028
.029
.029
.029
.029
.029
.028
.031
Estimates for nonfinancial corporate business for 2000 and earlier periods are based on the
Standard Industrial Classification (SIC); later estimates are based on the North American Industry Classification System (NAICS).
2
The implicit price deflator for gross value added of nonfinancial corporate business divided
by 100.
s
4
5
Total
Corporate profits with inventory
valuation and capital consumption
adjustments 4
Total
0.107
.090
.068
.081
.091
.120
.135
.153
.139
.125
.129
.138
.126
.147
.152
.152
.161
.145
.143
.144
.139
.050
.125
.123
.130
.120
Less subsidies plus business current transfer payments.
Unit profits from current production.
With inventory valuation and capital consumption adjustments.
Source: Department of Commerce, Bureau of Economic Analysis.
Taxes on
corporate
income
Profits
after
tax 5
0.034
.032
.021
.018
.025
.034
.046
.050
.051
.043
0.073
.058
.047
.063
.066
.087
.089
.102
.088
.082
.044
.045
.045
.051
.049
.051
.052
.048
.052
.053
.051
.050
.045
.046
.047
.033
.085
.093
.081
.097
.102
.102
.109
.096
.091
.091
.088
.080
.081
.077
.083
.087
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Proprietors'
income 1
Period
1999
2000 ...........8,
2001
2002 ...........9,
2003 ...........9,
2004
2005
2006
2007
2008 r
2005: I
II ....
Ill ...
rv ...
2006: I
II ....
Ill ...
IV ...
2007: I
II ....
Ill ...
IV ...
2008: I
II ....
Ill ...
IVr ..
1
National
income
8,236.7
8,795.2
8,979.8
9,229.3
9,632.3
10,306.8
10,974.0
11,795.7
12,270.9
12,429.7
10,826.3
10,958.9
10,779.5
11,331.3
11,611.1
11,738.5
11,848.6
11,984.7
12,087.4
12,233.6
12,338.6
12,424.1
12,447.6
12,468.6
12,491.4
12,311.2
Compensation
of
employees
5,357.1
5,782.7
5,942.1
6,091.2
6,325.4
6,656.4
7,030.8
7,433.8
7,812.3
8,055.1
6,884.4
6,957.4
7,090.2
7,191.0
7,318.0
7,364.2
7,441.9
7,611.1
7,709.0
7,760.1
7,839.3
7,941.0
8,009.7
8,033.5
8,092.9
8,084.1
Farm
28.6
17.97
19.27
10.6
29.2
37.3
34.1
16.2
44.0
34.6
33.2
38.3
37.1
27.7
17.3
9.8
13.8
23.7
39.3
42.3
47.4
4 1
41.6
38.0
32.4
26.3
Nonfarm
649.7
705.7
752
757.8
782.1
874.3
925.7
998.6
1,012
1,037.9
903.0
909.8
923.3
966.7
987.5
1,008.4
999.6
998.7
997.9
1,007.9
1,016.4
1,026.7
1,030.1
1,039.0
1,048.2
1,034.2
Rental
income
of
persons
with
capital
consumption
adjustment
147.3
150.3
167.4
152.9
133.0
118.4
40.9
44.3
40.0
64.4
90.1
72.2
¥56.9
58.0
52.8
45.6
40.4
38.2
35.1
44.6
41.8
38.6
39.1
58.6
68.5
91.4
Corporate profits with inventory valuation and
capital consumption adjustments
Profits with inventory valuation
adjustment and without capital
consumption adjustment
Total
Total
851.3
817.9
767.3
886.3
993.1
1,231.2
1,447.9
1,668.5
1,642.4
1,476.5
1,438.2
1,472.4
1,342.6
1,538.6
1,634.2
1,681.6
1.913.8
1,644.5
1,617.8
1,672.5
1,668.3
1,611.1
1,593.5
1,533.3
1,514.8
1,264.5
Profits
before
tax
776.8
759.3
719.2
766.2
894.5
1,161.6
1,582.8
1,834.2
1,835.1
1,548.2
1,555.3
1,594.0
1,497.1
1,684.6
1,634.21,7
1,841.6
1,887.2
1,829.3
1,794.7
1,859.5
1,016.441
1,820.2
1,641.5
1,596.0
1,602.8
1,352.6
775.9
773.4
707.9
768.4
908.1
1,204.7
1,620.6
1,873.7
1,886.3
1,597.3
1,600.7
1,594.0
1,536.3
1,733.3
1,813.8
1,900.1
1,929.9
1,829.31
1,838.9
1,914.8
1,897.1
1,894.3
1,750.9
1,750.0
1,693.7
1,264.5
With inventory valuation and capital consumption adjustments.
Capital
consumption
adjustment
Inventory
valuation
adjustment
1.0
¥14.1
11.3
¥2.2
¥13.6
¥43.1
¥37.8
¥39.5
¥51.2
¥49.0
¥45.4
¥18.0
¥39.1
¥48.7
¥35.0
¥58.5
¥42.7
¥21.8
¥44.2
¥55.3
¥31.0
¥74.1
¥109.4
¥154.0
¥90.9
158.1
74.5
58.6
48.1
120.1
98.7
69.7
¥134.8
¥165.7
¥192.7
¥71.7
¥117.2
¥121.7
¥154.5
¥146.0
¥144.5
¥160.0
¥173.4
¥184.8
¥176.9
¥187.0
¥197.8
¥209.2
¥48.0
¥62.7
¥88.0
¥88.1
Net
interest
and
miscellaneous
payments
Taxes
on
production
and
imports
495.4
559.0
566.3
520.9
524.7
491.2
569.1
631.2
664.4
682.7
537.0
554.8
583.9
600.8
615.5
629.7
630.1
649.3
645.8
660.8
663.0
688.1
662.3
683.4
656.6
728.6
674.0
708.9
728.6
762.8
807.2
863.8
928.2
976.2
1,015.5
1,033.8
904.5
924.0
937.4
946.8
962.7
973.6
980.1
988.3
1,002.7
1,012.3
1,019.2
1,027.7
1,025.8
1,039.4
1,044.1
1,026.1
Less:
Subsidies
Business
current
transfer
payments
44.2
44.3
55.3
38.4
47.9
44.6
59.3
49.7
52.3
50.7
54.5
58.6
60.7
63.3
54.2
49.8
48.2
46.8
47.5
55.9
53.5
52.3
50.6
50.8
50.3
51.2
67.4
87.1
92.8
84.3
83.8
83.0
70.0
85.4
100.2
103.6
97.4
97.9
8.5
76.1
85.1
83.5
86.0
86.8
98.3
97.4
102.2
103.1
103.2
102.1
92.1
116.8
Current
surplus
of government
enterprises
10.1
5.3
¥1.4
.9
1.7
¥4.2
¥13.4
¥8.6
¥7.9
¥8.1
¥7.1
¥9.3
¥25.8
¥11.4
¥7.8
¥8.3
¥9.1
¥9.2
¥10.8
¥8.5
¥5.5
¥6.7
¥7.1
— 7.7
¥8.0
¥9.6
Source: Department of Commerce, Bureau of Economic Analysis
REAL PERSONAL CONSUMPTION EXPENDITURES
[Billions of chained (2000) dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Period
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008 r
2005: I
II
Ill
rv
2006: I
II
Ill
IV
2007: I
II
Ill
rv
2008: I
II
Ill
IVr
personal
consumption
expenditures
6,438.6
6,739.4
6 910.4
7,099.3
7,295.3
7,561.4
7,791.7
8,029.0
8,252.8
8,272.1
7,697.5
7,766.4
7,838.1
7,864.9
7,947.4
8,002.1
8,046.3
8,119.9
8,197.2
8,237.3
8,278.5
8,298.2
8,316.1
8,341.3
8,260.6
8,170.5
Total
durable
goods
804.6
863.3
900 7
964.8
1,020.6
1,084.8
1,134.4
1,185.1
1,242.4
1,188.5
1,111.6
1,143.7
1,158.9
1,123.3
1,173.1
1,178.3
1,188.4
1,200.7
1,227.3
1,242.3
1,249.4
1,250.6
1,237.0
1,228.3
1,180.1
1,108.6
Motor
vehicles
and
parts
372 4
006.5
405.8
429.0
442.1
4.8
449.9
437.9
446.7
387.2
447.9
464.3
469.0
418.1
435.4
437.3
439.4
439.6
449.5
451.3
443.5
442.6
430.2
407.2
376.9
334.6
Furniture
and
household
equipment
280.7
312.9
331.8
364.3
397.8
6.5 1
490.9
550.2 2
594.0
614.3
470.7
482.0
497.0
514.0
537.9
544.6
553.8
564.5
580.3
588.3
600.8
606.6
609.3
629.6
616.2
602.2
Services
Nondurable goods
Durable goods
Total
Other
151.7
163.9
023.2
172.4
183.2
195.1
257.31
218.0
7687.3
226.5
202.0
206.1
203.5
209.0
218.7
216.6
216.7
219.8
222.0
227.7
232.9
230.8
229.4
230.8
228.1
217.7
Total
nondurable
goods
1,876.6
1,947.2
1,986.7
2,037.1
8183.22,10
2,177.6
2,252.7
2,335.3
2,392.6
2,378.4
2,220.7
2,243.7
2,260.1
2,286.3
2,310.8
2,328.7
2,342.0
219.8
2,380.1
2,391.5
2,398.6
2 3 0.82
2,397.9
2,420.7
2,376.3
2,318.6
Food
893.6
925.2
940.2
954.6
977.7
1,009.4
1,047.7
1,090.1
1,110.5
1,109.3
1,033.0
1,040.9
1,053.3
1,063.7
1,077.8
1,090.3
1,093.3
2,359.81
1,102.5
1,110.1
1,110.9
1,118.7
9.3229.4
1,133.6
1,112.3
1,069.0
1
Includes other items, not shown separately.
NOTE.—Because of the formula used for calculating real GDP, the chained (2000) dollar
estimates for the detailed components do not add to the chained-dollar value of GDP or to any
intermediate aggregates.
Clothing
and
shoes
282.7
7175.7
303.7
318.3
83.2
350.7
372.3
394.4
412.9
414.5
362.4
371.5
3.71,26
383.7
390.2
391.0
396.1
400.4
409.4
412.2
416.6
413.2
416.3
407.2
412.2
402.3
Gasoline
and
oil
176.3
175.7
178 3
181.9
183.2
186.7
187.4
184.2
184.5
177.5
184.8
187.7
188.6
188.6
186.3
183.2
183.6
183.8
185.1
14,63
184.7
183.8
181.4
179.1
11.3
176.3
Fuel
oil
and
coal
Other
508.6
532.9
549.2
567.1
593.2
311.0
637.3
666.1
1 7 687.3
11.9 109.3
1.21 630.2
13.3 13.21
13.0 638.2
123.3 645.4
11.5 655.3
12.6 663.3
12.7 669.0
13.0 677.0
14.3 683.5
13.8 687.1
13.3 690.5
87.94 687.9
12.8 684.8
11.9 695.1
180.1 695.5
11.8 681.6
16 4
15.8
75.2
15.5
15.4
14.6
13.2
12.4
Total
services 1
3,758.0
3,928
4^023.2
4,100.4
4,178.8
4.6618.0
4,420.9
1,090.139
4,646.2
4,714.3
4,379.3
4,398.2
4,439.4
4,466.9
4,484.7
4,515.7
4,537.6
4,581.5
4,616.1
4,632.7
4,659.8
4,676.1
4,704.3
427.21
4,711.3
1,069.04
Housing
978 6
1,006.5
1,986.7
1,136.61
1,051.9
1,083.8
2.3187.4
1,154.6
1,17
2,378.4
1,033.036
14,398.2
1,053.337
1,123.3418.1
5.4537.92
1,151.7
1,158.8
1,164.7
1,168.0
1,110.14
1,172.5
1,175.9
1,177.3
1,182.3
1,184.5
1,185.6
Source: Department of Commerce, Bureau of Economic Analysis.
Medical
care
989 0
1,026.8
1,075.2
1,136
1,180.8
1,009.435
1,047.73
1,290.2
1,327.8
2,378
1,241.2
1,250.9
13.0638.24
1,273.8
1,283.7
1,287.9
1,28
5219.82
1,168.0
1,110.14
1,110.94
1,344.5
1,360.8
1,370.3
1,378.9
1,069.0402
Retail sales
of new passenger cars
and light
trucks (millions of
units)
16.9
17.3
17.1
16.8
16.6
16.9
16.9
16.5
16.1
13.2
16.6
17.4
18.0
15.9
16.8
16.4
16.5
16.3
16.3
16.1
15.9
16.0
15.2
14.1
12.9
10.3
SOURCES OF PERSONAL INCOME
Personal income fell $29.1 billion (annual rate) in February following an increase of $20.5 billion in January. Wages
and salaries fell $26.0 billion in February following a decrease of $12.8 billion in January.
BILLIONS OF DOLLARS* (RATIO SCALE)
13,000
12,000
11,000
10,000
9,000
8,000
r—1
.
' —
I
,
\
TOTAL PERSONAL INCOME
•
—I
I
BILLIONS OF DOLLARS* (RATIO SCALE)
13,000
12,000
11,000
10,000
9,000
8,000
7,000
7,000
-
6,000
6,000
" ~ - \ " "
WAGE AND SALARY DISBURSEMENTS
5,000
5,000
,. ,
4,000
4,000
\
OTHER INCOMF
3,000
3,000
P SONALCURREN T
E
4.NSFER RECEIPT S
TR,
2,000
2,000
1,400
1,400
. — --•"""**
800
800
1 1 f 1 1 1 1 1 1 1 1
2001
2002
1 M 1 1 1 1 j 1 I I1
1 M
: I i i i 1 i r i I i i i i i i 1 i i i i ii i i i i 1 i i i i i
2004
2003
2005
2006
2007
•SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
ll
2008
2009
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Compensation of employees, received
Period
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008 r
2008:
.................8,
.................8,
.................9,
Feb
Mar
Apr
May
June
July
Aug
Sept
Oef
Novr
Dec r
2009: J a n r
Febp
1
2
s
Total
personal
income
Total
7,802.4
8,429.7
8,724.1
8,881.9
9,163.6
9 727 2
10,269.8
10,993.9
11,663.2
12,102.6
11,952.4
11,999.0
12,003.1
12,219.8
12,233.6
12,139.9
12,179.8
12,191.4
12,178.9
12,122.1
12,081.6
12,102.1
12,073.0
5,352.0
5,782.7
5,942.1
6,091.2
6,310.4
6,671.4
7,025.8
7,432.6
7,818.6
8,055.1
8,005.2
8,039.4
8,018.1
8,033.1
8,049.3
8,072.3
8,104.2
8,102.3
8,106.6
8,089.7
8,056.0
8,053.2
8,029.7
Wage and
salary
disbursements
4,466.3
4,829.2
4,942.8
4^980.9
5,112.7
5,394.5
5,671.7
6,027.2
6,362.0
6,550.1
6,513.0
6,545.7
6,519.1
6,530.9
6,543.8
6,563.5
6,592.2
6,589.8
6,591.7
6,574.8
6,541.8
6,529.0
6,503.0
With inventory valuation and capital consumption adjustments.
With capital consumption adjustment.
Consists mainly of social insurance benefits to persons.
Supplements to
wages
and
salaries
885.7
953.4
999.3
1,110.3
1,197.7
1,276.9
1,354.1
1,405.3
1,456.6
1,504.9
1,492.3
1,493.7
1,498.9
1,502.1
1,505.5
1,508.8
1,511.9
1,512.5
1,514.9
1,514.9
1,514.2
1,524.2
1,526.7
Proprietors' income 1
Farm
35.6
29.7
19.7
10.6
2782
3874.3
354.1
16.2
44.0
34.6
829.61
41.0
39.4
38.4
36.1
35.0
32.5
29.6
27.0
74.81
25.9
25.8
24.3
Nonfarm
649.7
705.7
752.2
757.8
782.1
874.3
925.7
998.6
1,012.2
1,037.9
1,027.0
1,030.4
16,519
1,037.7
1,047.4
1,50
1,047.3
1,042.2
1,048.0
1,031.3
1,023.4
18,053
1,018.8
Personal ncome receipts on assets
Rental
income
of
persons 2
147.3
150.3
167.4
152.9
133.0
118.4
40.9
44.3
4.01,0
64.4
38.8
40.5
39.41
52.3
68.3
72.8
77.3
55.5
87.21
31.39
96.1
95.4
95.2
Total
1,264.2
1,387.0
1,380.0
l',333.2
1,336.6
1^432.1
1,596.9
1,824.8
2^000.1
2,037
2,054.2
2,051.7
6,519.11,498
1,502.13
2,052.8
2,054.1
2,055.6
2,057.3
2,023.0
1,988.6
1,954.0
1,931.5
1,906
Personal
interest
income
022.16
1,011.0
1,011.0
.
9731.1
.1422.61
895.1
1925.740
1,125.4
1,214.3
1,208.5
1,224.6
1,217.2
1,213.0
1,037
8,049.36,5
1,210.9
1,217.4
1,223.8
1,203.6
1,183.4
1,163.2
1,149.9
1,136.5
Personal
dividend
income
335.6
376.1
369.0
397.2
422.6
537.0
574.9
699.4
785.8
829.1
829.6
834.5
838.8
843.6
848.3
843.2
838.2
833.4
819.4
805.2
790.8
781.6
770.1
Source: Department of Commerce, Bureau of Economic Analysis.
Personal
current
transfer
receipts 3
1,022.1
1,084.0
1,011.0369
1^286.2
1133.0
1,432.1895
1,022.057
1,60
1,713.3
1,869.1
1,776.6
1,791.3
1,807.5
1,502.13
1,976.0
1,849.0
1,047.3
1,223.8
1,514.92
1,183.4805
1,918.3
1,975.0
1,991.2
Less: Confor government social
insurance
661.4
702.7
731 1
750^0
778.6
828.8
874.3
925 5
965.1
996.0
991.5
995.3
994.5
995.4
996.3
998.2
1,217.4
2,057.3
1,000.1
997.0
992.1
997.0
992.8
DISPOSITION OF PERSONAL INCOME
According to revised estimates, per capita disposable personal income in chained (2000) dollars rose at an annual
rate of 1.7 percent in the fourth quarter of 2008.
BILLIONS OF DOLLARS* (RATIO SCALE]
BILLIONS OF DOLLARS* (RATIO SCALE)
11,000
10,500
11,000
10,500
_-
10,000
9,500
10,000
)ISPOSABLE PERSONAL INC
9,000
9,500
L-ii*—
9,000
8,500
8,500
8,000
8,000
PERSONAL OUTLA YS
7,500
7,500
\
SAVING
7,000
7,000
6,500
6,500
6,000
5,500
1
1 1
l
l
l
1
1 1
1
1 1
1
1
1 1
1 1
1
1 1
1
I
1 1
I
I
I
34,000
I
1 1
5,500
DOLLARS* (RATIO SCALE)
DOLLARS* (RATIO SCALE]
36,000
1 I
36,000
PER CAPITA DISPOSABLE PERSONAL INCOME
32,000
CURRENT DOLLARS
34,000
—
32,000
30,000
_
_
28,000
s-
,
30,000
'
1
—Y"-
26,000
28,000
26,000
CHA NED (2000| COLLARS
24,000
24,000
22,000
22,000
i
1
1 1
1998
! 1
1999
i
i
i
i
i
i
2001
2000
1
1 1
1
2002
1 1
2003
i
1 1
2004
1
1 !
2005
1
1 1
2006
I
1 1
2007
1
! 1
2008
COUNCIL OF ECONOMIC ADVISERS
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
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008 r.
7,802.4
8,429.7
8,724.1
8,881.9
9,163.6
9,727.2
10,269.8
10,993.9
11,663.2
12,102.6
1,107.5 6,695.0 6,536.4
1,235.7 7,194.0 7,025.6
1,237.3 7,486.8 7,354.5
1,051.8 7,830.1 7,645.3
1,001.1 8,162.5 7,987.7
1,046.3 8,680.9 8,499.2
1,207.8 9,062.0 9,029.5
1,353.2 9,640.7 9,570.0
1,492.8 10,170.5 10,113.1
1,460.6 10,642.1 10,450.7
Chained
(2000)
dollars
Per capita personal
consumption
expenditures
Current
dollars
Chained
(2000)
dollars
6,861.3
7,194.0
7,354.513
7,562.2
7,729.9
8,008.9
8,121.4
8,407.0
8,644.0
8,752.6
23,968
2,413
26,243
27,183
28,076
29,592
30,611
32,263
33,706
34,946
Saving as
percent of
disposable
personal
income
Population,
including
Armed
Forces
overseas
(thousands) 2
Percent
Dollars
158.6
168.5
132.3
184.7
174.9
181.7
32.5
70.7
57.4
191.4
Percent
change
in real
per capita
disposable
personal
income
06,536.4
2,413
24,72924
26,253
26,498
27,302
27,434
28,134
28,648
27,164.31
22,491
23,864
285,294
25,518
26,498
27,939
29,368
98,820
32,181
33,028
23,050
23,864
285,2
24,646
25,093
25,776
296,0
26,869
27,351
27,164
1.8
3.7
.9
2.1
1.3
2.7
.5
2.6
1.8
.3
2.4
2.3
1.8
2.4
2.1
2.1
.4
.7
,6
1.8
279,328
25,473
24,72924
288,055
.97,729
293,348
296,036
298,820
301,737
304,529
27,321
27,432
27,276
27,706
27,991
28,018
18,407.1
27,0704
28,664
28,555
28,702
28,670
28,560
29,234
27,095
28,644
28,747
295,6
29,662
29,934
30,316
30,704
31,031
31,194
31,681
32,049
32,325
32,664
32,957
33,335
33,337
426,734
26,092
26,270
26,446
26.5.82
26,692
26,817
26,895
27,070
27,265
27,336
27,403
27,399
27,401
27,427
27,095
26,734
¥5.5
1.6
¥2.3
6.5
4.2
.4
1.2
4.7
3.4
¥1.5
2.1
¥.4
¥1.5
9.8
¥9.4
1.7
.8
.5
¥.7
.8
1.0
.6
.5
.9
1.1
.3
,5
.4
.2
2.5
1.3
3.2
295,020
295,639
296,378
27,70629
297,743
298,399
299,175
299,965
300,644
301,332
10,18
302,865
303,498
304,128
304,872
305,619
Seasonally adjusted annual rate 3
2005: I
II
Ill
IV
2006: I
II
Ill
IV
2007: I
II
Ill
IV
2008: I
II
Ill
IVr
....
....
....
....
....
....
....
...
10,044.5
10,184.4
10,289.1
10,561.0
10,781.6
10,913.2
11,056.1
11,224.7
11,473.0
11,577.5
11,730.4
11,872.1
11,960.5
12,152.2
12,170.4
12,127.5
1,163.8
1,192.7
1,222.3
1,252.5
1,316.0
1,341.1
1,356.2
1,399.6
1,459.5
1,489.4
1,501.6
1,520.5
1,535.0
1,346.1
1,470.7
1,490.4
8,880.7
8,991.7
9,066.9
9,308.6
9,465.6
9,572.1
9,699.9
9,825.1
10,013.5
10,088.0
10,228.8
10,351.5
10,425.5
10,806.0
10,699.7
10,637.1
8,808.1
8,945.9
9,129.8
9,234.2
9,371.2
9,518.0
9,651.8
9,739.0
9,904.2
10,056.9
10,182.0
10,309.2
10,404.9
10,538.2
10,559.9
10,299.7
72.5
45.8
¥62.9
74.4
94.4
54.2
48.1
86.1
109.3
31.1
46.8
42.4
20.6
267.9
139.8
337.4
8,060.4
8,110.0
8,084.0
8,231.8
8,334.2
8,360.4
8,407.1
8,526.2
8,617.7
8,604.5
8,671.1
8,683.1
8,667.9
8,891.0
8,696.4
8,754.2
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.
26,092
30,414
30,592
31,331
31,791
32,078
32,422
427,0704
33,307
33,478
33,858
34,179
34,351
35,531
35,096
34,805
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).
FARM INCOME
According to the preliminary forecast for 2009, gross farm income is forecast at $348.3 billion, and net farm income
at $71.2 billion.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
440
440
400
360
320
280
400
360
320
280
GROSS FARM INCOME
240
240
200
200
160
160
NET FARM INCOME
V.
120
A
80
60
80
-r^
40
20
2002
2001
2003
2004
2007
2006
'SEASONALLY ADJUSTED ANNUAL RATES
SOURCE; DEPARTMENT OF AGRICULTURE
2008
2009
COUNCIL OF ECONOMIC ADVI$ERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income of farm operators from farming
Gross farm income
Period
Cash marketing receipts
Total 1
Total
2000
2001 ................................251.
2002 ................................232.
2003
2004 ................................295.
2005 ................................301.
2006
2007 ................................341.
2008 ................................379.
2009i>
2007: I ..........................336.
II .........................335.
III. .......................337.
IV ........................355.
2008: I ..........................419.
II .........................369.
III. .......................385.
IV ........................345.
2009: Ip
IIp
IIIP
IV P
243.6
251.8
232.6
260.0
295.6
301.1
292.4
341.1
379.9
348.3
336.5
335.1
337.1
355.8
419.1
369.6
385.0
345.8
376.7
332.5
336.2
348.0
192.0
200.0
194.9
215.6
237.2
240.9
240.8
284.8
324.2
294.6
270.8
286.1
287.3
295.1
348.2
322.1
335.1
291.6
309.8
287.1
289.7
292.0
Livestock and
products
Crops
92.4
93.3
101.0
110.0
113.6
116.0
122.6
147.0
181.1
162.4
132.0
147.0
149.2
159.6
198.6
178.4
189.5
157.9
176.0
158.6
159.5
155.6
99.6
106.7
94.0
105.6
123.6
124.9
118.2
137.9
143.1
132.2
138.8
139.2
138.0
135.6
149.6
143.7
145.6
133.7
133.7
128.4
130.2
136.4
1
Cash marketing receipts, Government payments, value of changes in inventories, other farm
related cash income, and nonmoney income produced by farms including imputed rent of operator residences.
2
Crop receipts include proceeds received from commodities placed under Commodity Credit
Corporation loans.
s
Physical changes in beginning and ending year inventories of crop and livestock commodities
valued at weighted average market prices during the period.
2
4
Value of
inventory
changes 3
1.6
1.1
¥3.4
¥2.4
11.2
.5
¥3.0
3.7
.3
.811.4
3.6
3.8
3.8
3.9
.3
.3
.3
.3
¥1.9
¥1.8
¥1.8
¥1.8
Direct
Government
payments 4
Production
expenses
23.2
22.4
12.4
16.5
13.0
24.4
15.8
11.9
12.4
11.4
23.5
4.4
5.1
14.7
24.4
4.6
5.3
15.3
22.4
4.2
4.8
14.0
193.1
196.9
193.1
199.6
209.8
221.8
233.9
254.4
290.6
277.1
241.9
255.5
256.5
263.6
312.1
288.6
300.3
261.4
291.4
270.0
272.5
274.7
Includes only Government payments made directly to farmers.
NOTE.—Data for 2008 are preliminary, while data for 2009 are forecasts.
Source: Department of Agriculture.
Net farm
income
50.6
54.9
39.6
60.5
85.8
79.3
58.5
86.8
89.3
71.2
94.6
79.6
80.6
92.3
107.0
81.0
84.8
84.5
85.3
62.5
63.7
73.3
CORPORATE PROFITS
In the fourth quarter of 2008, according to current estimates, corporate profits before tax fell $499.2 billion (annual
rate) and profits after tax fell $368.9 billion.
BILLIONS OF DOLLARS
2,000
1,900
SEASONALLY ADJUSTED ANNUAL RATES
BILLIONS OF DOLLARS
2,000
1,900
1,800
^—v
1,700
^-
1,800
1,700
1,600
-
-
/
1,600
/ v
-
1,500
1,500
y—\
1,400
PROFITS BEFORE TAX
\
1,200
500
N/
_
_
^>
/
XI
•
^
y
.
—'
1,000
.^'—x
/
i
UNDISTRIBUTED PROFITS
'
400
300
-.
'i
IA"—-
1
1
1998
1 1
I
1999
1
2000
600
500
400
200
CORPORAT E
100
0
700
300
•—
200
\ v-
800
/
^.
1,200
900
1— PROFITS AFTFR TAX
/
1,400
1,300
1,100
A
/
900
600
/
/
1
,
/
1,000
700
/
/
y
1,100
800
^ \V
V
/
1,300
1
i
2001
2002
1
INCOME
1
1
2004
2003
100
1
1 1
2005
1 1
i
2006
SOURCE: DEPARTMENT OF COMMERCE
0
2007
2008
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profits (before tax) with inventory valuation adjustment 1
Profits after tax
Taxes
Domestic industries
Period
Nonfinancial
Total 2
Total
1998 ..............................738.
Financial
738.5
635.5
165.9
738.5
776.8
2000 ...............79
...............5.
759.3
2001 ...............79
...............1.
719.2
2002 ...............76
...............6.
766.2
2003 ...............84
...............9.
894.5
,161.6
2004 . . . . . . . . . . . . . . . 1
...............,
,582.8
2005 . . . . . . . . . . . . . . . . ,
...............1
834.2
2006 . . . . . . . . . . . . . . . . ,
...............1
835.1
2007 . . . . . . . . . . . . . . . . ,
...............1
548.2
2008P
2005: I ..........................1, 1,555.3
II ........................1, 1,594.0
III. ......................1,
1,497.1
IV .......................1, 1,684.6
2006: I ..........................1, 1,778.7
II ........................1, 1,841.6
III. ......................1,
1,887.2
IV .......................1, 1,829.3
2007: I ..........................1, 1,794.7
II ........................1, 1,859.5
III. ......................1,
1,866.1
IV .......................1, 1,820.2
2008: I ..........................1,
1,641.5
II .......................1,
1,596.0
III. .....................1,1,602.8
1,352.6
IVp
635.5
655.3
613.6
549.5
610.4
729.0
968.2
1,343.3
1,566.7
1,490.5
1,161.7
1,321.2
1,360.8
1,244.2
1,447.2
1,528.3
1,571.9
1,626.7
1,540.0
1,496.6
1,556.7
1,509.7
1,398.9
1,243.1
1,222.5
1,224.4
956.7
165.4
194.3
265.2
227.6
4768.4
317.3
348.9
425.3
478.8
449.9
308.9
470.0
437.3
362.3
431.4
470.0
493.1
473.3
478.8
454.1
492.7
460.3
392.4
412.8
383.2
308.8
130.9
1998 4
1999 ..............................776.
1
Profits
before
tax
Total 3
Manufacturing
469.6
173.5
470.1
461.1
413.4
322.0
334.0
411.8
68.23
918.1
1,087.9
1,040.6
852.7
157.0
150.6
144.3
52.6
48.2
76.0
152.7
243.8
304.3
316.6
239.8
851.1
923.4
881.9
1,015.8
242.7
239.3
241.6
251.6
1,058.3
1,078.8
1,153.4
1,061.2
279.2
305.8
333.5
298.9
1,042.5
1,064.0
1,049.3
1,006.5
317.0
350.8
306.6
392.41
830.2
839.3
915.6
825.8
240.5
214.9
272.6
231.2
See p. 4 for profits with inventory valuation and capital consumption adjustments.
2
Includes rest of the world, not shown separately.
3
Includes industries not shown separately.
Utilities
Wholesale
32.7
337.41
24.4
227
10.4276
11.876
18.6
28.9
55.6
58.5
54.6
2.31
28.4
21.7
38.2
44.9
53.5
62.5
61.4
57.2
92.7
58.7
63.2
46.2
56.7
59.1
56.3
52.3
20.2
55.5
59.677
32.91
49.3
55.2
79.2
97.3
107.5
102.6
76.5
90.4
109.5
85.5
103.8
102.3
94.5
128.3
1459
108.2
492.7
109.1
80.2
49.2
59.4
9.1
825.82
4
Retail
corporate
income
Total
Net
dividends
Inventory
valuUndistributed ation adprofits justment
73.4
718.3
3470.03
470.0
351.6
118.3
20.2
66.4
65.2
59.6
7.920
79.4
718.3
718.3
258.6
265.2
204.1
192.6
243.3
307.4
413.7
468.9
450.4
366.6
407.2
412.0
581.4
449.2
453.8
474.8
487.2
459.8
448.5
468.5
451.1
433.5
402.9
406.8
393.5
263.2
470.0
517.2
508.2
503.8
575.8
664.8
897.3
1,206.9
1,404.8
1,435.9
1,230.6
1,193.5
1,200.1
1,149
1,284.1
1,359.9
1,425.2
1,442.6
8.961.4
1,390.4
1,446.3
1,446.1
1,460.9
1,348.0
1,343.2
1,300.1
931.2
351.6
337.4
377.9
370.9
399.2
424.7
539.5
577.4
702.1
788.7
r
832.1
553.0
561.6
581.4
613.4
652.8
688.8
720.9
745.8
761.5
779.2
797.6
816.4
832.5
846.4
841.1
r
808.3
118.3
179.9
130.3
132.9
176.6
240.1
357.8
629.5
702.7
647.3
398.6
640.6
638.5
568.4
670.6
707.1
736.4
721.7
645.6
629.0
667.1
648.5
644.5
515.5
496.7
459.1
122.9
20.2
1.0
¥14.1
11.3
¥2.2
¥13.6
¥43.1
¥37.8
¥39.5
¥51.2
86.8
91.1
120.4
132.3
132.3
91.7
102.3
126.7
1,149.958
137.8
1,35
126.0
132.1
137.5
132.8
145.9
126.0
124.5
112.0
92.7
86.2
75.8
655.319
773.4
707.9
768.4
908.1
1,204.7
1,620.6
1,873.7
1,886.3
1,597.3
1,600.7
1,612.0
1,536.3
1,733.3
1,813.8
1,900.1
1,929.9
1,851.1
1,838.9
1,914.8
1,897.1
1,894.3
1,750.9
1,750.0
1,693.7
1,194.5
¥49.0
¥45.4
¥18.0
¥39.1
¥48.7
¥35.0
¥58.5
¥42.7
¥21.8
¥44.2
¥55.3
¥31.0
¥74.1
¥109.4
¥154.0
¥90.9
158.1
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.
REAL GROSS PRIVATE DOMESTIC INVESTMENT
In the fourth quarter of 2008, according to revised estimates, nonresidential fixed investment in chained (2000)
dollars fell $84.6 billion (annual rate) and residential investment fell $22.1 billion. There was a decrease of $25.8
billion in inventories following a decrease of $29.6 billion in the third quarter.
BILLIONS OF CHAINED (2000) DOLLARS
2,200
-
BILLIONS OF CHAINED (2000) DOLLARS
2,200
-
SEASONALLY ADJUSTED ANNUAL RATES
2,000
2,000
/]
1,800
GROSS PRIVATE DOMESTIC
• v ^
INVESTMENT
1,600
1,800
" ^
-».
1
^ - *
-
v
1,600
s
^
1,400
\
\
1,400
1,200
1,200
-
-
^ -
1,000
1,000
NCPRESIDENTIAL
FIXE D INVESTMENT
-
-
800
800
-
-
RESI DENTIAL
FIXFn It ^VESTMENT
600
600
"
400 |
-
•
^
•
-
.
.
.
-
400
•
CHA NGE IN PRIV/\TE
1MVENTORIES
200
1
1 1
1998
i
i
i
1 1 1
2000
1999
1 1 >»'
2001
I
1 1
2002
1
1 1
2003
1
1 1
2004
200
1
1 1
2005
1 ! 1
2006
SOURCE: DEPARTMENT OF COMMERCE
1
1 1
1 "\
1
2008
2007
COUNCIL OF ECONOMIC ADVISERS
[Billions of chained (2000) dollars; quarterly data at seasonally adjusted annual rates]
Fixed investment
Period
1999.
2000 .................................................................................1,
2001.
2002.
2003 .................................................................................1,
2004.
2005 .................................................................................1,
2006.
2007 r ..................................................................................1,
2008
2005: I.
II.
III.
.........................................................................1,
IV.
2006: I.
II ...........................................................................1,
III.
IV ..........................................................................1,
2007: I .............................................................................1,
II.
III.
.........................................................................1,
IV ..........................................................................1,
2008: I.
II ...........................................................................1,
III.
........................................................................1,
IVr
Gross
private
domestic
investment
1,642.6
1,735.5
1,598.4
1,557.1
1,613.1
1,770.2
1,873.5
1,912.5
1,809.7
1,689.1
1,869.1
1,844.8
1,862.8
1,917.3
1,946.3
1,944.3
1,917.8
1,841.6
1,795.9
1,822.9
1,838.7
1,781.3
1,754.7
1,702.0
1,703.7
1,596.0
Change in private
inventories
Nonresidential
Total
Equipment
and software
Residential
Structures
1,133.3
1,232.1
1,180.5
1,071.5
1,081.8
1,144.3
1,226.2
1,318.2
1,382.9
1,405.4
293.2
313.2
306.1
253.8
243.5
246.7
249.8
270.3
304.6
338.8
840.2
918.9
874.2
820.2
843.1
905.1
989.6
1,061.0
1,382.9
1,047.0
443.6
446.9
448.5
469.9
509.4
560.2
595.4
552.9
453.8
359.5
68.9
56.5
¥31.7
12.5
14.3
54.3
38.9
42.3
¥2.5
¥29.0
71.5
57.8
¥31.8
15.2
14.0
48.2
39.1
46.3
¥3.7
¥34.3
1,200.4
1,219.0
1,237.1
1,248.2
253.1
252.3
246.2
247.4
956.6
977.9
1,006.5
1,017.4
582.1
595.8
601.7
602.0
74.6
16.7
11.0
53.5
79.5
17.4
6.2
53.2
1,295.2
1,315.4
1,332.7
1,329.3
256.5
268.3
277.4
279.1
1,056.6
1,061.2
1,066.4
1,059.9
596.5
570.1
536.7
508.4
45.9
56.9
53.3
13.1
45.4
63.3
59.9
16.4
1,340.4
1,373.8
1,402.9
1,414.7
1,423.1
1,431.8
1,425.7
1,341.1
286.6
298.9
313.2
319.7
326.4
340.5
348.4
339.9
1,060.0
1,077.9
1,087.5
1,090.1
1,088.6
1,07
1,054.0
970.5
486.4
471.7
445.3
411.6
383.0
369.6
353.7
331.6
¥15.0
¥2.8
16.0
¥8.1
¥10.2
¥50.6
¥29.6
¥25.8
¥10.7
¥2.6
19.2
¥20.6
¥17.9
¥55.1
¥33.3
¥31.1
Total
1,133.3
1,679.0
1,629.4
1,544.6
1,596.9
1,712.8
1,829.8
1,865.5
1,808.5
1,718.9
1,790.5
1,823.5
1,847.2
1,858.0
1,895.2
1,883.1
1,860.0
1,823.7
1,807.8
1,821.3
1,817.0
1,788.2
1,762.4
1,754.9
1,703.71,731
1,627.0
NOTE.—See p. 10 for further detail on fixed investment by type.
Because of the formula used for calculating real GDP, the chained (2000) dollar estimates
for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates.
Source: Department of Commerce, Bureau of Economic Analysis.
Total
Nonfarm
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
Computers and
peripheral
equipment1
Total
Total
Software
Other
Industrial
equipment
Transportation
equipment
Other
equipment
Total
residential
Total 2
Single
family
Equipment
1999 ...........................1,
2000
2001
2002 ...........................1,
2003
2004 ...........................1,
2005
2006
2007
2008 r
1,576.3
1,679.0
1,629.4
1,544.6
1,596.9
1,712.8
1,829.8
1,865.5
1,808.5
1,718.9
1,133.3
1,232.1
1,180.5
1,071.5
1,081.8
1,144.3
1,226.2
1,318.2
1,382.9
1,405.4
293.2
313.2
306.1
253.8
243.5
246.7
249.8
270.3
304.6
338.8
840.2
918.9
874.2
820.2
113.81
905.1
989.6
1,061.0
1,078.9
1,047.0
398.5
467.6
459.0
437.4
462.7
505.7
546.7
596.6
653.9
685.0
157.2
131.2
173.8
169.7
177.3
193.6
207.0
215.5
237.0
248.4
158.0
190.0
1.1237
161.1
113.81
.81,1
191.6
206.7
218.0
226.1
147.9
159.2
145.7
134.5
130.4
134.0
145.3
9543.5
155.7
149.2
126.7
160.8
142.8
126.0
113.8
130.6
149.5
9543.5
139.4
99.6
126.7
131.2
126.9
122.9
130.4
138.3
150.4
552.95
148.4
1.3
443.6
446.9
448.5
469.9
509.4
560.2
595.4
.5294.9
453.8
359.5
436.6
439.5
441.1
462.2
501.2
551.2
586.0
543.5
444.9
351.3
234.2
236.8
237.1
246.3
272.6
305.3
325.9
294.9
214.1
136.0
7.0
7.4
7.4
7.7
8.1
9.0
9.3
9.6
9.5
9.1
2005: I
II
III
IV
1,790.5
1,823.5
1,847.2
1,858.0
1,200.4
1,219.0
1,237.1
1,248.2
253.1
252.3
246.2
247.4
956.6
977.9
1,006.5
1,017.4
529.5
540.3
552.7
564.3
201.5
206.8
208.2
211.4
187.9
188.4
195.3
194.9
142.0
140.9
146.3
602.0
1572.931
148.5
157.2
150.3
145.6
95.85
601.7
153.7
572.931
595.8
601.7
602.0
572.9
586.4
592.3
592.4
318.8
323.5
327.6
333.7
9.1
9.3
9.2
9.5
2006: I
II
III
IV
1,895.2
1,883.1
1,860.0
1,823.7
1,295.2
1,315.4
1,332.7
1,329.3
2596.5
268.3
277.4
279.1
1,056.6
1,061.2
1,066.4
1,059.9
586.2
590.9
603.9
605.3
2596.5
213.2
215.8
220.5
207.6
2157.91
209.4
204.8
149.9
157.2
153.8
153.2
165.3
157.9
159.7
155.2
158.2
308.7
7527.42
153.8
596.5
570.1
536.7
508.4
586.8
560.6
527.4
499.3
333.1
308.7
282.7
255.2
9.7
9.7
9.6
9.4
2007- I
II
III
IV
1,807.8
1,821.3
1,817.0
1,788.2
1,340.4
1,373.8
1,402.9
1,414.7
286.6
298.9
313.2
319.7
1,060.0
1,077.9
1,087.5
1,090.1
629.9
647.3
660.9
677.6
227.9
235.7
239.4
245.1
212.5
216.2
219.6
223.5
150.3
160.3
137.41
403.01
149.0
147.54
137.4
131.9
4477.3
147.5
149.2
151.5
486.4
471.7
445.3
411.6
477.3
462.8
436.5
403.0
235.6
227.3
210.3
182.9
9.5
9.5
9.5
9.4
2008- I
II
III
IVr
1,762.4
1,754.9
1,731.1
1,627.0
1,423.1
1,431.8
1,425.7
1,341.1
326.4
340.5
348.4
339.9
1,088.6
1,074.7
1,054.0
970.5
689.6
702.9
695.5
651.8
251.0
252.3
0695.5
240.8
223.6
230.6
233.6
31.6
153.4
152.0
148.6
113.8
127.0
108.6
93.6
63
146.5
145.3
151.5
141.9
383.0
369.6
353.7
331.6
374.6
361.1
345.6
323.9
156.7
142.9
130.5
113.8
9.3
9.5
9.0
8.6
1
For details on this component, see Survey of Current Business, Tables 5.3.6, 5.3.1 for
growth rates, 5.3.2 for contributions, and 5.3.3 for quantity indexes.
2
Includes other items, not shown separately.
NOTE.—Because of the formula used for calculating real GDP, the chained (2000) dollar
estimates for the detailed components do not add to the chained-dollar value of GDP or to any
intermediate aggregates.
Source: Department of Commerce, Bureau of Economic Analysis.
BUSINESS INVESTMENT
[Billions of dollars]
Capital expenditures
By industry
Period
Total
capital
expenditures
Total
by
industry
Forestry,
fishing
and
agricultural
services
Mining
Utilities
Construction
Manufacturing
Wholesale
trade
Retail
trade
Transportation
and
warehousing
Real
Information
Finance
and
insurance
tate
and
rental
and
leasing
Professional,
scientific,
and
technical
services
For
companies
Health
withcare
out
and
Other1
emsocial
ployassistance
For companies with employees
1 9 ....8 71
96 0.
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
1
........................970.
........................1,
........................975.
........................1,
........................1,
807.1
871.8
970.9
1,047.0
1,161.0
1,109.0
997.9
975.0
1,042.1
1,144.8
1,309.9
1,361.6
896.5
974.6
1,089.9
1,052.3
917.5
886.8
953.2
1,062.5
1,217.1
1,277.4
0.9
1.7
13 5
.2
2.5
8.49
1.9
28.61
27
2.7
2.51
40.4
30.6
42.5
51.3
42.5
580.5
51.3
66.7
99.3
121.7
36.0
42.8
92.53
82.8
65.5
54.6
50.4
.81,0
69.8
83.6
26.9
23.1
25.0
24.8
24.8
61.2
26.76
30.1
30.3
36.7
203.6
196.4
214.8
144.8
157.2
149.1
156.7
2.52.76
192.4
197.0
Includes the following industries: Management of companies and enterprises; administrative
and support and waste management; educational services; arts, entertainment, and recreation;
accommodation and food services; and other services (except public administration). Also includes an item for structure and equipment expenditures serving multiple industry categories.
10
203.62
32.4
33.6
30.0
96.18
26.0
51.3
40.6
86.76
31.8
57.3
23.1
69.8
66.9
59.3
65.9
72.2
73.5
86.7
84.2
51.3
57.3
59.9
57.8
47.1
44.5
46.1
56.9
68.0
68.5
96.5
122.8
160.2
144.8
88.2
80.5
83.5
91.4
104.4
135.3
118.2
130.1
133.7
131.1
128.4
120.8
153.6
161.4
1132.1
172.5
85.2
100.6
92.5
82.7
94.5
88.0
26.76
103.0
132.1
123.0
22.3
29.5
34.1
30.5
25.9
24.7
26.7
33.1
30.3
31.8
47.1
51.3
52.2
52.9
59.3
61.2
64.6
73.8
75.3
83.8
81.7
91.8
108.9
102.5
96.1
96.2
93.6
105.6
126.3
135.3
74.4
72.3
71.2
56.7
80.4
88.2
88.9
82.2
92.8
84.2
NOTE.—Data from Annual Capital Expenditures. Industry data are based on the North
American Industry Classification System (NAICS).
Data shown in this table are capital expenditures for both new and used structures and
equipment.
Source: Department of Commerce, Bureau of the Census.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
In March, employment fell by 861,000 and unemployment rose by 694,000.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS*
158
158
SEASONALLY ADJUSTED
154
154
150
150
146
146
142
142
CIVILIAN
EMPLOYMENT
138
138
134
134
130
130
12
12
UNEMPLOYMENT
8
4
I II IIIIIII I
2001
2002
II I I I I I I
I I IIII I
I IIII I I
2003
2004
2005
2006
2008
2007
* 1 6 YEARS OF AGE AND OVER
SOURCE: DEPARTMENT OF IABOR
I IIIIII I I
2009
COUNCIL OF ECONOMIC ADVISERS
[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA]
Civilian employment
Period
1999 2
20002
2001
2002 ......................217,
2003 2
2004 2
20052
2006 2
20072
2008 2
2008: Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
2009: J a n 2
Feb
Mar
Civilian
noninstitutional
population
(NSA)
Civilian
labor
force
207,753
212,577
215,092
217,570
221,168
223,357
226,082
228,815
231,867
233,788
Total
Men
20
years
and
over
Women
20
years
and
over
139,368
142,583
143,734
144,863
146,510
147,401
149,320
151,428
153,124
154,287
133,488
136,891
136,933
136,485
137,736
139,252
141,730
144,427
146,047
145,362
67,761
69,634
69,776
69,734
70,415
71,572
73,050
74,431
75,337
74,750
58,55
60,067
60,417
60,420
61,402
61,773
62,702
63,834
64,799
65,039
232,995
233,198
233,405
233,627
233,864
234,107
234,360
234,612
234,828
235,035
153,843
153,932
154,510
154,400
154,506
154,823
154,621
154,878
154,620
154,447
146,023
146,257
145,974
145,738
145,596
145,273
145,029
144,657
144,144
143,338
75,216
75,147
74,992
74,949
75,973
145,2737
74,503
74,292
74,045
73,285
65,079
65,196
65,114
65,169
65,103
65,003
65,008
64,975
64,902
64,860
234,739
234,913
235,086
153,716
154,214
154,048
142,099
141,748
140,887
72,613
72,293
71,655
61,3598
64,271
048140,8
Percent1
Unemployment
Both
SSXSS
16-19
years
7 172
6,89
6,740
6,332
5,919
5 907
5,978
6,162
5,911
4,2973
5,729
5,914
5 868
5,620
5,520
5,533
5,518
5 390
5,196
5,194
5,188
5,184
5,083
1
Civilian labor force (or employment) as percent of civilian noninstitutional population; and
unemployment as percent of civilian labor force.
2
Not strictly comparable with earlier data.
NOTE.—Beginning January 2009 data reflect revised population controls and are not strictly
comparable with earlier data.
Total
5,880
5,692
6 801
8,378
8,774
8,149
7,591
7,001
7,078
8,924
7,820
7,675
8,536
5,62
8,910
9,550
9,592
10,221
,0456
11,108
72,6136
1,427
13,161
Men
20
years
and
over
2,433
2,376
3 040
3,896
4,209
3,791
3,392
1,11
3,259
4,297
3,650
3,673
3,921
4,106
4,313
4 572
4,889
5,088
5,290
5,714
5,972
6,394
6,923
Women
20
years
and
over
2,285
2,235
2,599
3,228
3,314
3,150
3,013
2,751
2,718
3,342
3,095
2,923
3,252
9,22
3,170
3,662
1,3267
3,725
3,851
4,031
4,286
4,646
4,828
Both
SSXSS
16-19
years
Not in
labor
force
Labor
force
participation
rate
Employment/
population
ratio
1 162
1,081
1,162
1,253
1,251
1,208
1,186
1,119
1,101
1,285
68,385
69,994
71,359
72,707
74,658
75,956
76,762
77,387
78,743
79,501
67 1
67.1
6, 8
66.6
66.2
66 0
66.0
66 2
66.0
66.0
64.3
64.4
63.7
62.7
62.3
62.3
62.7
63.1
63.0
62.2
1 075
1,079
1,363
1,304
1,427
1,316
1,326
1,408
1,335
1,363
79,152
79,267
78,895
79,227
62.35.8
79,284
79,739
79 734
80,208
80,588
66 0
66.0
66.2
66.1
66.1
662 1
66.0
66.0
65.8
65.7
62.7
62.7
62.5
62.4
62.3
62.1
61.9
61.7
61.4
61.0
1,359
1,427
1,410
81,023
80,699
81,038
65.5
65.6
65.5
60.5
60.3
59.9
Unemployment
rate
4.2
4.0
4.7
5.8
6.0
5.5
5.1
46
4.6
5.8
5 1
5.0
55
5.6
5.8
6.2
6.2
66
6.8
7.2
7.6
8.1
8.5
See Employment and Earnings for details on breaks in series.
Source: Department of Labor, Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
In March, the unemployment rate rose to 8.5 percent from 8.1 percent in February.
PERCENT (SEASONALLY ADJUSTED)
PERCENT (SEASONALLY ADJUSTED)
20
15
10
MEN 20 YEARS
AND OVER
WOMEN 20 YEARS
AND OVER
2005
2009
2005
2006
2007
'SEE FOOTNOTE 1 TABLE BELOW.
2
HISPAN!C OR LATINO ETHNICITY.
SOURCE: DEPARTMENT OF LABOR
2008
2009
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Unemployment rate (percent of civilian labor force in group)
By race or ethnicity1
By sex and age
Period
All
civilian
workers
Both
sexes
16-19
years
Black or
African
American
By selected groups
Hispanic or
Latino
ethnicity
Married
men,
spouse
present
Men
20 years
and over
Women
20 years
and over
4.2
4.0
4.7
5.8
6.0
5.5
5.1
4.6
4.6
5.8
3.5
3.3
4.2
5.3
5.6
5.0
4.4
4.0
4.1
5.4
3.8
3.6
4.1
5.1
5.1
4.9
4.6
4.1
4.0
4.9
13.9
13.1
14.7
16.5
17.5
17.0
16.6
15.4
15.7
18.7
3.7
3.5
4.2
5.1
5.2
4.8
4.4
4.0
4.1
5.2
8.0
7.6
8.6
10.2
10.8
10.4
10.0
8.9
8.3
10.1
3.6
4.5
5.9
6.0
4.4
4.0
3.0
3.2
4.0
6.4
5.7
6.6
7.5
7.7
7.0
6.0
5.2
5.6
7.6
Mar ..............5.
Apr ...............5.
May ..............5.
June .............5.
July ..............5.
Aug ..............6.
Sept ..............6.
Oct. ..............6.
Nov ..............6.
Dec. ..............7.
5.1
5.0
5.5
5.6
5.8
6.2
6.2
6.6
6.8
7.2
4.6
4.7
5.0
5.2
5.4
5.8
6.2
6.4
6.7
7.2
4.5
4.3
4.8
4.8
4.6
5.3
4.9
5.4
5.6
5.9
15.8
15.4
18.9
18.8
20.5
19.2
19.4
20.7
20.4
20.8
4.5
4.4
4.9
5.0
5.2
5.5
5.5
6.0
6.2
6.6
9.0
8.8
9.7
9.4
9.9
10.7
11.4
11.3
11.3
11.9
3.6
3.2
3.8
4.5
4.0
4.4
3.8
3.8
4.8
5.1
7.0
7.0
7.0
7.7
7.5
8.1
7.9
8.8
8.6
9.2
2009: Jan ...............7.
Feb. ..............8.
Mar ..............8.
7.6
8.1
8.5
7.6
8.1
8.8
6.2
6.7
7.0
20.8
21.6
21.7
6.9
7.3
7.9
12.6
13.4
13.3
6.2
6.9
6.4
9.7
10.9
11.4
Women
who
maintain
families
(NSA)
2.2
2.0
2.7
3.6
3.8
3.1
2.8
2.4
2.5
3.4
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2008:
........................4.
.........................5.
.........................4.
White
1
Beginning in 2003, persons who selected this race group only. Prior to 2003, persons who
reported more than one race were included in the group they identified as the main race. Persons whose ethnicity is identified as Hispanic or Latino may be of any race.
12
Asian
(NSA)
Full-time
workers
Part-time
workers
6.4
5.9
6.6
8.0
8.5
8.0
7.8
7.1
6.5
8.0
4.1
3.8
4.7
5.9
6.1
5.6
5.0
4.5
4.6
5.8
5.0
4.8
5.1
5.2
5.5
5.3
5.4
5.1
4.9
5.5
2.8
2.8
3.0
3.1
3.3
3.7
3.9
4.1
4.2
4.4
7.1
6.8
6.9
7.9
8.5
9.6
8.2
8.8
9.3
9.5
5.0
5.0
5.5
5.6
5.8
6.3
6.3
6.8
7.0
7.5
5.3
5.0
5.5
5.4
5.6
5.7
5.9
5.7
5.8
5.9
5.0
5.5
5.8
10.3
10.3
10.8
8.0
8.6
9.2
5.9
5.8
5.9
NOTE.—Data relate to persons age 16 years and over.
Source: Department of Labor, Bureau of Labor Statistics.
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE
PROGRAMS
In March, the percentages of the unemployed who had been out of work for less than 5 weeks and for 514 weeks fell; the percentages for 15-26 weeks and for 27 weeks and over rose. The mean duration of unemployment
rose to 20.1 weeks and the median duration rose to 11.2 weeks.
PERCENTDISTRIBUTION*
PERCENT DISTRIBUTION*
70
70
DURATION OF UNEMPLOYMENT
REASON FOR UNEMPLOYMENT
60
-
50 -
j
50
LESS THAN
5 WEEKS
-
JOB LOSERS1
/
40
REENTRANT S
*
30 - '
.
A A y * ^ **^^» _ • \
/
/-A
30 - '
5-14
WEEKS
\
v
\
\
y
2 7 WEEKS
A N D OVER
20
/
S
JOB LEAVE R
^
15-26
WEEKS
10 -
^
/ " ' ^
^
' NEW ENTRANTS
1M
N.MlMM,
2005
2006
,,
11111111111
II1
2009
2008
2007
,
i l l
| | m
1 11II111 1 1 1
1 1 1
2005
2008
2007
2006
'SEASONALLY ADJUSTED
1
BEGINNING JANUARY 1994, JOB LOSERS AND PER5ONS WHO COMPLETED TEMPORARY JOBS.
SOURCE: DEPARTMENT OF LABOR
2009
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted, except as noted]
Period
Percent distribution
Less
than
5
weeks
5-14
weeks
15-26
weeks
State
programs
Reason for unemployment:
percent distribution
Duration of unemployment
Unemployment
(thousands)
Number of weeks
27
weeks
and
over
Average
(mean)
Median
Job
losers 1
Job
leavers
Reentrants
New
entrants
Insured
unemployment
Initial
claims
Insured
unemployment,
all
regular
programs
(unadjusted) 2
Weekly average, thousands
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2008: Mar .
Apr ..
May
June
July
Aug .
Sept
Oet .
Nov .
Dee .
2009: Jan .
Feb ..
Mar
1
5,880
5,692
6,801
8,378
8,774
8,149
7,591
7,001
7,078
8,924
7,820
7,675
8,536
8,662
8,910
9,550
9,592
10,221
10,476
11,108
11,616
12,467
13,161
43.7
44.9
42.0
34.5
31.7
33.1
35.1
37.3
35.9
32.8
35.9
32.5
38.1
31.4
32.4
33.9
29.8
30.3
31.4
29.2
31.0
26.9
25.7
31.2
31.9
32.3
30.8
29.8
58.42
30.4
30.3
31.5
31.4
32.7
32.9
29.0
34.6
32.0
30.1
32.1
29.7
30.3
30.4
19.8
31.4
30.8
12.8
11.8
142.0
16.3
16.4
15.9
14.9
14.7
15.0
16.0
14.7
16.6
14.5
15.4
16.3
16.4
16.9
17.9
17.0
17.2
16.8
18.6
19.3
13
,141
11.8
18.3
210.1
21.8
19.6
17.6
17.6
19.7
16.7
17.9
18.4
18.6
19.3
19.6
21.2
22.1
21.3
23.2
22.4
931.41
24.2
Beginning January 1994, job losers and persons who completed temporary jobs.
Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (UCX), and Federal (UCFE). Also includes Federal and State extended benefit programs. Does not include Railroad (RR) program, Federal supplemental compensation or Emergency Unemployment Compensation programs.
2
13.334
12.6
16.851
16.6
19.2
19.6
18.4
32.08
16.8
17.9
16.1
17.0
16.8
17.6
17.3
17.6
18.7
19.8
18.9
19.7
19.8
19.8
20.1
6.4
5.9
6,8
9.1
10.1
9.8
8.9
8.3
8.5
9.4
8.2
9.3
8.3
10.1
9.8
9.3
10.3
10.6
10.0
10.6
10.3
11.0
11.2
44.6
44.2
51.1
55.0
55.1
69.85
48.3
47.4
49.7
53.7
53.5
52.7
50.5
51.7
51.3
52.6
54.9
56.8
58.6
58.4
61.1
62.3
63.5
13.3
13.7
12.3
10.3
9.3
10.5
11.5
32.08
11.2
10.0
10.2
11.2
10.3
9.8
9.8
10.5
10.1
9.2
8.9
9.1
8.0
6.6
6.8
34.1
34.5
29.9
28.3
28.2
,95
31.4
32.0
30.3
27.7
27.3
28.0
29.5
29.7
29.8
28.2
26.6
25.9
25.3
25.1
24.1
22.9
22.9
8.0
7.6
6,8
6.4
7.3
8.4
8.8
8.8
8.9
8.6
8.9
8.1
9.7
8.8
9.1
8.7
8.4
8.1
72
7.5
6.8
8.1
6.7
2,188
2,110
2,974
3,585
3,531
2,950
2,661
2,476
2,571
3,306
r
2,884
r
2,996
r
3,095
r
3,155
r
3,276
r
3,460
r
3,620
r
3,821
r
4,125
r
4,430
r
4,670
5,085
298
301
404
407
404
345
328
313
324
424
r
367
366
374
r
392
r
412
r
441
r
471
r
480
r
520
r
537
r
573
r
637
p657
r
r
2,219
2,141
3,007
3,619
3,569
2 995
2,706
2,518
2,609
3,343
3,553
3,037
2,667
3,108
3,006
3,179
3,160
2,978
3,819
4,777
5,372
NOTE.—Data relate to persons age 16 years and over (except for insured unemployment and
initial claims).
Seasonally adjusted insured and initial claims data reflect annual revisions.
Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration).
13
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey fell by 663,000 in March.
MILLIONS OF PERSONS* (ENLARGED SCALE)
MILLIONS OF PERSONS*
140
—-130
120
I
1
" T"
80
1
.
- SERVICE-PROVIDING
-
78
LNONAGRIC
ESTABLISHMENTS
76
74
-
-
- ^
-I
A N D GOVERNMENT
-
-
-
-
-
24'
/
/
22
-
20
-
18
-
16
-
72
.
70
110
100
ERVICE-PROVI
INDUSTRIE
s
68
-
-
90
80
\
V
/
-
-
RETAIL TRADE
-
14
M
1 1
1111111II11 i 111111 1111 l i l t i l i l l _ 1 1 1 1 1 1 1 1 1! !111! 1 1 j 1 1
70
\
z
16
V
_ MANUFACTURING
-
14
30
12 1 ! 1 1 I 1 1 1 1 1 1 1 M 1 1111 1111111 11111 111 i i I 11 T > l
|1 1 1 1 1 1
GOODS-PRODUCING
INDUSTRIES
in
E 1 1 1 1 1 1 1
CONSTRUCTION
20
~~"
I
1 1 1 1 1
M 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 M 1 11 1M M 1 1 1 11 I f 1 1 1 1 1 t ! 1 1
I i
2005
2006
2007
2008
| | | | H 1 1 Mi 1 1 1 1 1 M i n i m i !
11 1 1 1 1
2005
2009
2007
2006
-r-
r i 11 i 1 i i i i 1 1 1 1 1 1 I! ! ! 1
i
2008
*SEA5ONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR
2009
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers;1 monthly data seasonally adjusted]
Goods-producing industries
Period
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2008:
..................128,
..................131,
..................130,
..................131,
..................136,
Mar
Apr
May
June
July
Aug
Sept
Oet
Nov
Dee
2009: Jan r
Feb r
Marp
Total
nonagricultural
employment
128,993
131,785
131,826
130,341
129,999
131,435
133,703
136,086
137,598
137,066
137,814
137,654
137,517
137,356
137,228
137,053
136,732
136,352
135,755
135,074
134,333
133,682
133,019
Total
2
24,465
24,649
2,03
22,557
21,816
21,882
22,190
22,531
22,233
21,419
21,800
21,679
21,612
21,507
21,432
21,351
21,247
21,063
20,814
20,532
20,127
19,842
19,537
Construction
6,545
6,787
6,826
6,716
6 735
6,976
7,336
7,691
7,630
7,215
7,401
7,337
7,293
7,232
7,201
7,17
7,131
7,066
6,939
6,841
6,706
6,599
6,473
Manufacturing
17,322
17,263
1,11
15,259
14,510
,4935
14,226
14,155
13,879
13,431
13,643
13,586
13,556
13,5
13,454
13,387
136,7322
1,063
13,082
12,902
122,540
12,471
12,310
Service-providing industries
Trade, transportation, and
Total
utilities
Total3 Retail
trade
104,528
107,136
107,952
107,784
108,183
109,553
111,513
113,556
115,366
115,646
25,771
2,865
25,983
116,014
115,975
115,905
115,849
115,796
115,702
115,485
115,289
114,941
114,542
114,206
113,840
113,482
26,629
26,562
26,503
26,467
26,425
26,354
26,257
26,157
26,005
25,843
25,735
25,614
2,802
2 , 7
2 , 7
25,53
65,39
17,826
28,30
22,5
1
Data from the establishment survey. Includes all full- and part-time wage and salary workers in nonagricultural establishments who received pay for any part of the pay period that includes the 12th of the month. Excludes proprietors, self-employed persons, unpaid family workers, and private household workers. Data from the household survey shown on p. 11 include
those workers and also count persons as employed when they are not at work because of industrial disputes, bad weather, etc., even if they are not paid for the time off. In the series shown
here, persons who work at more than one job are counted each time they appear on a payroll,
in contrast to the series shown on p. 11 where persons are counted only once—as employed,
unemployed, or not in the labor force. See Employment and Earnings for details.
14
14,970
15,280
15,239
15,025
14,917
15,058
15,280
15,353
15,520
15,6
15,506
15,458
15,420
13,4
15,380
15,335
15,278
1 5 7
15,126
15,038
14,992
12,471
14,893
Information
3,419
7,26310
3,629
1,9865
6,588
3,118
3361
5,438
3,032
2,997
3,023
3,017
3,013
3,006
2,995
2,990
2,986
2,982
26,005
2,940
2,924
2,917
2,907
Finanactivities
7,648
7 87
7 808
5,497
7,977
5,5331
8,153
8,328
7,6301
8,146
8,204
8,190
8,179
8,162
8,154
8,141
8,115
8,088
2,543
9,080
7,954
7,910
7,867
Profes- EducaLeisure
sional
tion
and
and
busihospihealth
ness
services tality
services
15,957
13626
182,764
132,766
15,987
16,394
16,954
17,826
17,942
17,778
17,954
17,950
17,887
13,4
18,888
17,727
17,675
13,2
17,488
17,356
122,5
12,917
16,894
14,798
15,109
65,25
11,9
1,58
12,730
,732
17,826
182
18,855
13,528
11,543
11,862
122,4512
17,8
18,843
18,888
18,950
18,957
18,981
19,044
19,080
17,20519
19,141
19,149
122,4512
13,495
13,490
13,473
13,454
13,428
13,395
13,344
13,304
13,268
13,240
13,200
182,764
132,766
166,73
12,730
12,816
13,110
13,427
13,459
13,528
2
Other
services
Government
Total
0,307 20,307
5,168
5,258
5,372
5 101
5,409
5,395
5,438
5,494
5,528
5,537
5,541
5,542
5,535
5,536
5,530
5,532
5,535
5,509
5,477
5,461
5,448
5,425
20,790
21,118
21,513
21,583
21,621
21,804
21,974
22,218
22,500
12,751
22,451
22,488
22,522
22,537
22,556
22,535
22,539
32,783
22,532
22,540
22,543
22,538
Federal
2,769
2,865
2,764
2,766
2,761
2,730
2,732
2,732
2,734
2,764
2,751
2,758
2,763
2,765
2,776
2,768
2,771
2,775
2,783
2,778
2,793
2,795
2,802
Includes natural resources and mining, not shown separately.
s
Includes wholesale trade, transportation and warehousing, and utilities, not shown separately.
NOTE.—Data classified by industry based on the 2007 North American Industry Classification System (NAICS). For details see Employment and Earnings.
Source: Department of Labor, Bureau of Labor Statistics.
AVERAGE WEEKLY HOURS, HOURLY EARNINGS, AND WEEKLY EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted]
Average weekly hours
Average gross hourly earnings
Manufacturing
Period
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2008:
.................34.
.................34.
Total private nonagricultural 1
34.3
34.3
34.0
33.9
35.997
.................33.
.................33.
.................33.
Feb
Mar
Apr
May
June
July
Aug
Sept
Oet
Nov
Dee
2009: J a n r
Febr
Marp
33.7
33.8
33.9
33.9
33.6
33.8
33.8
33.8
33.7
33.6
33.6
33.7
33.6
33.5
33.4
33.3
33.3
33.3
33.2
Total
41.4
41.3
40.3
40.5
4 4
40.8
40.7
41.1
4. 2
40.8
41.2
41.2
41.0
40.9
40.9
41.0
40.8
40.5
40.4
40.2
39.9
39.8
39.5
39.3
Average gross weekly earnings
Total private nonagricultural1
Overtime
4.9
4 7
4.0
4.2
4.2
4.6
4.6
4.4
4.2
7.7
4.1
4.0
41.0
3.9
3.8
3.7
3.7
3.5
3.5
312
2.9
2.9
2 7
2 7
Current
dollars
Total private nonagricultural1
Manufacturing
1982 dollars 2
$13.49
14.02
14.54
14.97
15 367
15.69
16.13
16.76
17 43
18.08
17.83
17.90
17.94
17.99
18.04
18.10
18.18
18.21
18.28
18.34
18.40
18.43
18.47
18.50
$8.01
8.04
8.12
8.25
8.28
8.24
8.18
8.24
83
8.30
3.4238
7.908
8.29
8.27
8.20
8.16
8.20
8.21
8.33
8.54
8.65
8.64
8.62
Current
dollars
$13.85
14.32
14.76
15.29
15.74
16.14
16 56
768.241
17.26
17.74
17.58
17.64
17.64
17.68
17.73
17.80
17.78
17.81
17.89
17.94
17.96
17.99
18.06
18.08
$463.15
481.01
493.79
506.75
518.06
529.09
50.223
567.87
590.04
607.99
602.65
605.02
606.37
606.26
606.14
108.16
612.67
.31846
612.38
612.56
612.72
613.72
615.05
614.20
1
Also includes other private industry groups shown on p. 14.
2
Current dollar earnings divided by the consumer price index for urban wage earners and
clerical workers (CPI-W) (on a 1982 = 100 base).
Current dollars
1982 dollars 2
$275.03
275.97
275.71
279.20
279.13
277.88
276.17
279.19
281.97
279.14
279.85
279.82
280.03
278.56
275.59
274.31
276.47
275.99
279.11
385.3
288.12
0850.10
286.95
Manufacturing
Percent change from a
year earlier, total private
nonagric ultural
Construction
Retail
trade
$655.1
685.78
695.89
711.82
726.83
735.55
750.22
.31.1
816.66
842.36
833.42
839.46
841.02
836.22
842.50
845.60
849.97
846.05
849.11
839.96
851.58
850.10
854.96
854.66
$321.63
333.38
346.16
360.81
367.15
371.13
377.58
383.02
385.11
386.39
386.86
387.47
387.77
387.39
386.10
386.40
387.60
388.59
385.41
385.31
384.32
385.21
386.21
385.51
$573.14
590.77
695.89
618.75
635 99
658.49
673 30
691.02
816.66
724.23
724.30
7.47
723.24
723.11
725.16
729.80
725.42
721.31
722.76
721.19
716.60
716.00
713.37
710.54
Current
dollars
1982
dollars
3.3
3.9
2.7
2.6
2.2
2.1
2.9
4.3
1.0
.3
¥.1
1.3
¥.0
¥.4
¥.6
1.1
10
¥1.0
— .7
¥.7
¥.4
¥1.1
¥2.5
¥2.9
¥2.2
¥2.3
¥.9
2.0
3.1
3.2
2.5
3 9
3.0
3.8
3.6
3.8
3.1
2.6
2.9
3.5
3.0
2.9
2.6
2.4
2.5
2.1
1.5
Source: Department of Labor, Bureau of Labor Statistics.
EMPLOYMENT COST INDEX—PRIVATE INDUSTRY
Index (December 2005 = 100)
Percent change from
3 months earlier
Period
Total
compensation
Wages and
salaries
Benefits 1
Total
compensation
Wages and
salaries
12 months earlier
Benefits 1
Total
compensation
Wages and
salaries
Benefits 1
Not seasonally adjusted
1999 :
2000:
2001:
2002:
2003:
2004:
2005:
2006:
2007:
2008:
Dec
Dec.
................................................................83.
Dec
Dec. ................................................................90.
Dec.
................................................................93.
Dec
Dec. ................................................................100.
Dec
Dec. ................................................................106.
Dec
80.2
83.6
87.3
90.0
93.6
97.2
100.0
103.2
106.3
108.9
83.5
86.7
89.9
92.2
95.1
97.6
100.0
103.2
106.6
109.4
72.6
76.7
81.3
84.7
90.2
96.2
100.0
103.1
105.6
107.7
3.5
4.2
4.1
3.1
4.0
3.8
2.9
3.2
3.0
2.4
Seasonally adjusted
2005: Mar .................................................................98.
Sept
Dec. ................................................................100.
2006: Mar
Sept ................................................................102.
Dec
2007: Mar
June ...............................................................104.
Sept
Dec. ................................................................106.
2008: Mar .................................................................107.
Sept ................................................................108.
Dec
98.2
98.8
99.5
100.2
100.8
101.6
102.5
103.3
104.0
104.8
105.6
106.5
107.3
107.9
108.6
109.1
98.3
98.8
99.4
100.1
100.8
101.6
102.5
103.3
104.3
105.1
105.9
106.7
107.6
108.4
109.0
109.6
1
Employer costs for employee benefits.
NOTE.—The employment cost index is a measure of the change in the cost of labor, f
from the influence of employment shifts among occupations and industries.
Data exclude farm and household workers.
98.0
98.8
99.7
100.3
100.8
101.6
102.5
103.4
103.1
104.2
105.0
105.8
106.4
106.9
107.5
107.9
0.9
.6
.7
.7
.6
.8
.9
.8
.7
.8
.8
.9
.8
.6
.6
.5
3.6
3.8
3.8
2.6
3.1
2.6
2.5
3.2
3.3
2.6
3.4
5.6
5.2
4.2
6.5
6.7
4.0
3.1
2.4
2.0
Not seasonally adjusted
0.6
.5
.6
.7
.7
.8
.9
.8
1.0
.8
.8
.8
.8
.7
.6
.6
1.6
.8
.9
.6
.5
.8
.9
.9
¥.3
1.1
.8
.8
.6
.5
.6
.4
3.5
3.1
2.9
2.9
2.6
2.8
3.0
3.2
3.2
3.1
3.1
3.0
3.2
3.0
2.8
2.4
2.7
2.5
2.3
2.5
2.4
2.8
3.0
3.2
3.6
3.3
3.4
3.3
3.2
3.1
2.9
2.6
5.5
4.7
4.5
4.0
3.0
2.7
2.8
3.1
2.2
2.6
2.4
2.4
3.2
2.6
2.4
2.0
Data beginning 2001 are based on the 2002 North American Industry Classification
(NAICS); data prior to 2001 are based on the Standard Industrial Classification (SIC). For
details on industry classification and other details see Employment Cost Index, release dated
April 28, 2006.
Source: Department of Labor, Bureau of Labor Statistics.
15
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output per hour of
all persons
Business
sector
Nonfarm
business
sector
Output 1
Business
sector
Hours of all
persons 2
Nonfarm
business
sector
Business
sector
Compensation per
hour 3
Nonfarm
business
sector
Business
sector
Real compensation
per hour 4
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Unit labor
costs
Business
sector
Implicit price
deflator5
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Indexes, 1992 = 100; quarterly data seasonally adjusted
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
112.8
116.1
114.91
123.9
128.7
132.4
134.8
136.1
138.2
141.9
8125
115.7
118.6
123.5
128.0
131.6
133.9
135.1
137.0
140.9
135.2
140.5
141.0
143.1
147.5
153.7
159.1
163.9
167.3
168.6
135.6
140.8
141.3
143.114
147.8
153.9
159.2
164.2
167.5
168
119.8
121.0
114
1145.314
114.6
153.71
118.0
120.5
137.01
118.8
120.5
121.7
119.2
116.1
115.4
116.9
118.9
120.5
121.012
119.8
125.8
134.7
140.3
145.3
151.2
119.0
163.2
169.4
176.5
182.9
125.2
134.2
139.5
144.6
150.4
119.0
125.1
168.3
175.2
133.8
108.1
8121.0
113.5
117
117.5117
119.0
119.7
120.3
121.9
121.7
107.6
111.6
112.8
143.1
117.81
118.2
118.9
124.5
121.0
120.9
111.5
116.0
117.9
117.3
117.5
118.5
121.0
124.5
127
128.9
111.3
116.0
117.7
116.11
117.5
118.5
125.1
124.5
127.9
129.0
110.7
112.7
114.9
116.1
117.8
120.8
124.6
128.3
131.4
133.8
111.1
113.3
115.4
116.7
118.3
121.1
125.1
129.1
131.7
134.2
2005: I ..
II
III
IV
134.2
134.2
135.6
135.2
133.2
133.4
134.7
134.2
157.1
158.4
160.2
160.6
157.3
158.4
160.3
160.8
157.1
118.9120
121.11
118.8
118.1
118
119.0
119.8
161.0
161.6
134.71
165.8
159.9
160.8
160.2
164.7
119.9
119.5
119.5
119.6
120.01
118.9
118.9
118.8
120.0
120.4
121.0
122.7126
120.0
120.5
121.1
122.7
123.2
123.8
125.0
126.3
123.7
124.3
125.6
126.9
2006: I ..
II
III
IV
135.9
136.5
136.0
135.9
134.8
135.6
135.1
134.9
162.8
164.0
164.1
164.8
127.2
164.3
164.1164
165.0
119.8
120.1
120.7
121.3
121.0
123.11
121.7
122.3
167.8
123.11
169.0
172.6
123.5
167.0
168.0
171.7
166.5
119.6
124.31
127.21
119.6
118.9
118.4
121.4
123.5
123.1
124.3
127.0
123.5
123.1
124.3
127.2
127.2
128.0
128.8
129.4
127.9
128.8
129.5
130.0
2007: I ..
II
III
IV
135.7
137.5
140.0
139.6
134.7
136.3
138.7
138.5
164.5
166.8
169.0
168
164.7
167.0
169.2
168.9
121.3
121.3
120.8
120.9
121.612
122.5
122.0
122.0
121.3
175.4
177.4
178.9
173.4
174.0
175.8
177.8
121.612
121.6
131.61
121.7
121.6
120.6
131.61
120.9
128.5
127.5
126.7
132.2
128.7
127.6
126.8
128.4
130.7
131.2
131.6
132.2
131.1
131.5
131.8
132.5
2008: I .
II
III
IV
140.4
142.0
142.8
142.6
139.4
141.0
141.7
141.6
169.1
170.2
169.4
165.7
169.3
170.5
169.7
165.8
120.4
119.9
118.6
116.2
121.5
120.9
119.7
134.51
180.5
181.3
183.9
116.21
179.4
180.2
182.7
185.0
121.5
120.6
120.3
124.7
120.8
119.8
119.5
124.0
128.6
127.7
128.8
130.5
128.7
127.8
128.9
130.7
132.9
133.2
134.6
134.5
133.2
133.5
135.0
135.2
Percent change; quarterly d a t a a t seasonally adjusted annual r a t e s
1999
2000
2001.
2002.
2003.
2004
2005
2006
2007
2008.
3.1
2.9
2.5
4.1
3.8
2.9
1.8
.9
1.6
2.7
2.9
2.8
2.5
4.1
3.7
2.8
1.7
.9
1.4
2.8
5.1
3.9
.3
1.5
3.1
4.2
3.5
3.0
2.0
.8
5.2
3.8
.4
1.5
3.1
1.21
3.4
3.2
2.0
.8
2.0
1.0
¥2.2
¥2.5
¥.7
2004: I ..
II
III
IV
2.3
3.8
1.7
1.5
.8
4.7
1.6
.0
3.7
4.4
4.0
3.0
2005: I ..
II
III
IV
2.3
.1
4.3
¥1.2
2.8
.7
3.9
¥1.5
2006: I .
II
III
IV
2.0
2.0
¥1.6
¥.3
2007: I. ..
II
III
IV
2008: I ..
II
III
IV
1
1.2
1.7
2.1
.5
¥1.9
2.2
1.0
¥2.0
¥2.6
¥.6
1.3
1.7
2.2
.5
¥1.9
4.9
7.1
4.2
3.5
4.1
3.8
3.9
3.8
4.2
3.6
2.6
5.0
3.8
2.6
1.3
.5
2.2
1.5
1.8
.3
2.3
2.6
.6
5.1
5.8
6.0
3.7
3.2
4.8
1.0
3.7
2.9
4.8
1.3
1.3
3.1
.5
2.2
.9
2.2
.8
2.8
1.9
2.4
¥1.6
1.4
5.6
2.9
.3
1.7
6.0
2.9
.3
1.4
3.6
.9
2.0
2.0
— .7
5.7
7.3
¥1.1
¥.6
4.8
7.0
¥.5
— .7
5.6
5.5
¥.6
¥.9
5.8
5.5
— .7
2.2
4.7
2.3
¥.4
2.6
4.7
2.2
¥.4
.7
2.6
¥1.8
¥8.4
.9
2.8
¥1.9
¥8.7
4.7
7.2
4.0
3.6
4.0
3.7
4.0
3.8
4.1
3.7
2.8
3.6
1.4
1.9
1.8
1.1
.6
.5
1.3
¥.2
2.6
3.7
1.1
2.0
1.8
1.0
.6
.5
1.3
¥.1
1.8
4.1
1.6
¥.5
.2
.9
2.1
2.9
2.6
.9
1.8
4.2
1.4
¥.5
.3
.9
2.2
2.8
2.7
.9
0.9
1.8
2.0
1.0
1.5
2.6
3.1
3.0
2.4
1.8
1.1
1.9
1.9
1.1
1.3
2.4
3.4
3.1
2.1
1.9
2
5.2
5.9
4.8
¥2.8
1.9
2.8
1.7
¥3.5
2.1
2.9
.6
¥1.7
1.2
4.0
4.4
¥1.0
.5
4.2
4.8
3.4
3.6
1.8
3.5
3.4
3.0
2.4
3.8
1.9
1.4
6.3
4.3
2.3
2.3
6.0
3.8
.1
¥1.4
.0
.2
.6
¥.5
_ 2
5.3
¥.4
1.3
2.0
5.6
¥.5
1.6
2.0
5.3
3.6
2.0
4.1
4.1
3.9
2.2
4.3
4.2
4.0
.4
1.9
1.9
4.8
.7
2.3
8.8
4.5
1.3
2.3
9.1
2.9
¥2.8
¥1.7
10.5
2.6
¥2.3
¥1.7
10.8
2.7
¥1.2
4.0
9.2
2.6
¥1.1
3.9
9.6
3.0
2.6
2.4
1.9
3.1
2.9
2.1
1.5
.0
.0
¥1.7
.5
4.2
.9
¥1.5
¥.2
4.0
2.4
4.6
3.7
4.2
1.3
4.4
4.4
.3
¥2.1
1.8
¥1.3
.5
¥3.2
1.6
¥.5
4.7
¥3.1
¥2.5
4.8
4.8
¥3.3
¥2.5
5.0
4.0
1.7
1.1
2.0
3.4
1.5
.9
2.1
¥1.5
¥1.9
¥4.0
¥8.0
¥1.7
¥1.7
¥3.9
¥8.3
3.5
1.9
5.7
5.0
3.7
1.7
5.7
5.3
¥.8
¥3.0
¥1.0
15.6
¥.6
¥3.2
¥.9
15.9
1.2
¥2.6
3.3
5.4
1.1
¥2.8
3.5
5.7
2.0
.9
4.2
¥.1
2.1
.9
4.7
.5
Output refers to real gross domestic product originating in the sector.
Hours of all persons engaged in the sector, including hours of proprietors and unpaid family
workers. Estimates based primarily on establishment data.
s
Wages and salaries of employees plus employers' contributions for social insurance and private benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for
the self-employed.
4
Hourly compensation divided by the consumer price index for all urban consumers (CPIU) for recent quarters. The trend from 1978-2007 is based on the consumer price index research series (CPI-U-RS).
5
Current dollar gross domestic output divided by the output index.
2
16
_
NOTE.—Data relate to all persons engaged in the sector.
Percent changes are from preceding period and are based on original data; they therefore
may differ slightly from percent changes based on indexes shown here.
• Data based on GDP data released on February 27, 2009.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production and capacity utilization fell in February. (Series revised.)
INDEX, 2002 = 100* (RATIO SCALE)
I4U
INDEX, 2002 - 100* (RATIO SCALE)
180
130
170
FINAL PRODUCTS
TOTAL INDUSTRIAL PRODUCTION
160
120
100
90
150
r^x—
110
Ml
,1 I I I
|
i
|
| | | M
r
BUSINESS
EQUIPMENT
140
DEFENSE
130 • SPACE EQUI
>•'
/
120
i
V
110
- y-\
MANUFACTURING
• CONSUMER
GOODS
no
1 1 1 ! 1 1 1 1 1 1 1
100
i
11
i
i
1 1
i
p
>
i
PERCENT*
90
CAPACITY UTILIZATION RATE (TOTAL INDUSTRY)
130
120
1
UTILITIES AND MINING
V
no
1
^y
v -
\
100
/
MINING
\
\
lllllllMI,
2005
In,n
2006
I
2007
M I
2008
] I M I
2009
'SEE FOOTNOTE 1 TABLE BELOW
"SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE: BOARD OF GOVERNORS O F THE FEDERAL RESERVE SYSTEM
[Monthly data seasonally adjusted]
Total industrial production
1
Percent change
Period
Index,
2002 = 100
From
preceding
month
1999 r
2000-2001 r.
2002r.
2003-2004 r.
2005 r.
2006''
2007r.
2008r.
99.5
103.7
100.1
100.0
101.3
103.8
107.2
109.7
111.3
108.8
2008: Feb r
Mar r
Apr r
Mayr
June r
Julyr
Aug r
Septr
Oef
Novr
Decr
112.0
111.6
111.0
110.7
110.4
110.4
109.2
104.8
106.3
104.9
102.4
¥0.3
¥.4
¥.6
¥.3
¥.2
¥.1
¥1.1
¥4.0
1.4
¥1.3
¥2.4
2009: J a n r
Febp
100.3
98.8
¥2.0
¥1.5
Capacity utilization
rate
(output as percent
of capacity) 1
Industry production indexes, 2002 = 100
2
From
year
earlier
Manufacturing
Total 1
Durable
Nondurable
Other
(nonNAICS) 1
Mining
Utilities
Total
industry
Total
manufacturing
4.3
4.2
¥3.4
¥.1
1.3
2.5
3.3
2.3
1.5
¥2.2
81.9
104.4
100.1
100.0
101.3
104.3
108.5
111.2
112.7
109.2
97.8
105.2
100.4
100.0
102.7
107.0
112.8
117.8
120.2
116.3
101.7
102.2
98.9
100.0
100.21
102.0
104.8
105.7
106.7
103.7
110.9
112.6
105.7
100.0
97.1
97.9
97.6
96.6
95.3
89.9
101.6
104.2
104.8
100.0
100.2
99.6
98.3
101.5
102.1
104.2
94.7
97.4
97.0
100.0
101.9
103.3
105.4
104.8
108.3
108.4
81.9
81.7
76.1
74.6
75.8
77.9
80.1
80.9
80.6
77.6
80.7
80.1
73.8
72.7
73.7
76.2
78.6
79.4
79.0
75.1
1.1
.9
.0
¥.4
-L0
¥2.2
96.4
¥4.6
¥6.4
¥8.9
112.8
112.7
111.7
111.5
111.0
110.8
109.7
105.7
106.2
103.9
100.9
121.2
121.0
119.3
118.9
119.0
119.0
117.2
113.7
111.1
108.5
105.4
106.2
106.1
105.8
105.9
104.9
104.5
104.1
99.3
572.8
100.5
97.4
93.5
93.6
91.8
90.8
90.8
89.3
88.9
88.1
86.9
86.5
84.9
105.0
104.7
104.9
104.9
104.8
106.9
106.4
96.4
103.5
105.2
103.2
111.4
108.8
779.27
108.2
109.4
107.9
104.3
105.7
106.8
108.9
109.4
80.2
79.8
79.2
78.9
78.7
78.6
77.6
74.5
75.5
74.6
72.7
78.0
77.8
77.0
76.7
76.3
76.1
75.3
72.5
72.8
71.3
69.2
¥10.7
¥11.8
98.0
97.4
100.1
99.0
96.8
96.5
82.5
82.2
101.9
101.2
112.3
103.8
71.3
70.2
67.3
66.8
1
Total industry and total manufacturing series include manufacturing as defined in the
North American Industry Classification System (NAICS) plus those industries—logging and
newspaper, periodical, book and directory-publishing—that have traditionally been included in
manufacturing.
2
Percent changes based on unrounded indexes.
NOTE.—Data based on the North American Industry Classification System (NAICS) except
series as defined in footnote 1.
Data reflect annual revisions released March 27, 2009.
Source: Board of Governors of the Federal Reserve System.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[2002 = 100; monthly data seasonally adjusted]
Products and nonindustrial supplies
Final products
Consumer goods
Equipment
Durable
goods
Business
equipment
Period
Total
Total
Nondurable
goods
1999r
2000*2001'2002*2003*2004*2005*2006*2007*2008*-
99.6
102.8
100.8
100.0
101.3
103.4
107.6
110.3
111.9
109.6
97.1
99.1
98.1
100.0
101.4
102.7
105.4
105.8
106.8
104.0
2008: Febr
Marr.
Aprr
Mayr.
June r
July
Aug r
Sept r
Oct r
Novr
Dec r
112.5
111.9
111.1
110.8
110.9
110.6
109.0
106.3
107.0
106.8
105.9
106.7
105.6
105.0
104.7
104.8
104.5
102.7
101.4
103.0
102.1
100.4
101.6
98.7
96.0
96.0
97.1
97.8
92
91.5
89.5
86.6
82.6
108.2
107.6
107.7
107.3
2009: J a n r
Febp
103.3
102.2
98.4
97.8
74.6
76.2
1
Materials
Nonindustrial supplies
96.0
99.0
94.7
97.196
99.2
99.4
100.0
103.4
104.9
105.4
104.3
104.7
100.0
100.6
101.8
105.3
106.2
107.4
106.9
94.4
Total
1
Defense
and
space
equipment
Total
Business
supplies
Total 1
Energy
102.7
104.0
100.1
100.0
99.7
102.0
106.6
109.0
106.9
100.2
100.6
105.2
110
100.0
101.7
103.8
107.3
108.5
109.9
106.7
98.7
104.0
99.1
100.0
101.3
104.5
107.0
109.5
111.7
109.6
104.010
107.5
106.9
106.3
105.7
105.7
104.9
102.6
102.3
99.9
96.7
104.0
103.3
112.41
102.2
89.7
109.9
109.4
109.1
108.3
107.6
107.3
106.6
104.3
104.4
102.8
100.0
113.1
112.9
112.4
112.1
111.7
111.9
110.9
104.3
107.1
105.1
101.2
104.9
104.6
104.6
104.6
104.0
105.2
104.0
96.2
102.3
104.4
103.7
95.3
93.1
86.3
84.7
99.6
97.0
99.3
97.7
104.1
101.9
106.0
111.9
107.7
100.0
101.310
105.5
113.5
122.5
125.8
125.4
106.4
114.7
108.0
100.0
101.410
105.3
112.6
123.2
126.4
125.0
102.2
91.3
100.0
100.0
106.7
104.7
115.8
113.4
117.6
120.6
101.2
105.2
100.7
100.0
101.31
103.3
107.61
108.7
107.6111
106.6
105.9
104.3
107.0
106.7
105.7
128.7
129.7
128.0
128.0
128.1
127.4
126.6
119.9
117
119.7
105.71
129.8
130.8
128.4
128.4
128.2
127.4
126.612
117.7
114.9
117.9
120.2
120.5
120.7
120.8
128.412
121.9
120.2
120.8
118.9
120.4
120.0
100.010
105.6
104.3
116.6
104.31
115.5
113.7
121.2
121.3
Includes other items, not shown separately.
Construction
supplies
109
106
107
102.4
101.2
99.1
97.8
93.7
99.9
101.5
100.3
100.0
100.0
99.6
98.4
100.0
101.8
103.6
Note.—See Note, p. 17.
[2002 = 100; monthly data seasonally adjusted]
Nondurable manufactures
Durable manufactures
Computer and electronic products
Primary metals
Period
Total
Iron
and
steel
products
Fabricated
metal
products
Machinery
Total
1999 r
2000 r
2001 r
2002 r
2003 r
2004 r
2005 r
2006 r
2007 r
2008 r
115.1
111.4
99.5
100.0
99.1
110.0
108.0
112.6
110.0
102.6
111.9
110.8
96.8
100.0
101.2
118.2
110.1
119.3
115.8
105.8
106.4
110.7
102.6
100.0
98.7
98.9
103.4
109.0
112.1
6105.81
112.0
117.7
104.2
100.0
99.7
103.7
110.2
115.5
116.4
109.3
77.2
101.4
103.3
100.0
2008: F e b r .
Mar r
Aprr.
May r
June r
July
Aug r
Sept r
Oef .
Novr
Dec r .
111.9
110.6
109.7
107.8
107.9
110.1
108.6
102.0
94.1
82.6
72.3
123.4
119.6
118.0
114.5
114.3
118.9
116.9
104.9
90.6
71.2
55.9
113.5
113.6
112.6
112.1
110.5
109.8
110.2
109.2
107.3
106.1
102.5
2009: J a n r .
Febp
67.3
65.3
48.7
50.9
98.8
96.1
Total
Motor
vehicles
and
parts
104.6
100.5
99.7
96.2
99.9
114.3
.298.9
144.5
163.8
176.7
193.2
70.0
98.3
103
100.0
120.5
129.9
158.8
189.1
213.7
238.7
113.6
114.8
112.2
110.9
110.6
109.2
110.2
107.3
107.310
111.7
99.5108
194.0
197.5
199.2
199.4
199.0
1.9110
196.6
194.2
190.2
182.4
177.1
242.2
248.1
251.2
250.3
248.4
246.6
243.6
240.0
232.0
787.07
206.5
105.2
101.6
98.2
95.7
93.0
174.9
170.2
202.5
192.5
1
Computers and peripheral equipment, communications equipment, and semiconductors and
related electronic components.
Note.—See Note, p. 17.
18
Selected
hightechnology 1
Transportation
equipment
91.4
100.0
103.5
103.7
103.9
100.2
Apparel
155.6
148.0
106.39
100.0
92.8
79.8
Printing
and
support
112.4
113.1
106.3
100.0
Chemical
Food
93.4
96.0
97.7
97.7
100.0
101.0
101.1
104.2
105.4
109.5
111.2
93.6
95.0
75.3
76.5
72.7
100.6
83.4
94.0
100.0
101.3
105.6
109.3
112.7
114.1
108.8
88.2
85.1
87.0
88.0
94.2
88.7
83.9
83.9
86.4
88.7
79.2
79.9
77.0
74.6
69.6
75.3
74.0
73.1
71.5
72.5
73.7
74.2
72.8
71.4
69.6
67.8
13.21
98.0
96.9
96.4
93.4
91.9
93.0
92.3
91.9
90.6
87.4
113.2
112.6
112.2
112.1
111.0
110.6
109.7
101.0
106.7
103.4
99.5
111.4
112.4
112.2
111.5
111.2
110.5
110.7
110.4
111.8
111.7
108.7
75.9
79.4
52.4
58.0
65.3
64.8
85.3
82.8
99.0
99.0
108.7
109.2
100.0
101.0
103.7
104.5
104.2
114.1
96.1
97.9
110.51
100.9
94.6
97.4
76.9
Source: Board of Governors of the Federal Reserve System.
96.2
96.9
99.2
99.8
NEW CONSTRUCTION
Billions of dollars; monthly data at seasonally adjusted annual rates]
Total new
construction expenditures
Federal
and
State
and
local
Nonresidential
New
housing
Commercial
(including
farm)
Lodging
Manufacturing
2000
2001
2002
2003
2004
2005
2006
2007
2008 r
744.6
802.8
840.2
847.9
891.5
991.6
102.7
,167.6
137.2
,074.1
575.5
621.4
638.3
634.4
675.4
771.4
868.5
912.2
850.0
766.6
326.3
346.1
364.4
396.7
446.0
532.9
611.9
613.7
492.5
355.9
251.3
265.0
279.4
298.8
345.7
417.5
480.8
468.8
353.4
230.2
249.2
275.3
273.9
237.7
229.3
238.5
256.6
298.4
357.5
410.7
16.0
16.3
14.5
10.5
9.9
12.0
12.7
17.6
27.5
36.2
435.1
52.4
49.7
35.3
30.6
32.9
37.3
45.7
53.4
57.5
59.4
04.91
63.6
59.0
57.5
6.82
66.6
73.4
85.0
81.9
35.1
37.6
37.8
22.7
21.4
23.7
29.9
35.1
42.2
63.2
93.7
104.9
108.2
110.2
109.9
106.8
110.2
126.7
149.4
171.9
169.1
181.3
201.9
213.4
216.1
220.2
234.2
255.4
287.1
307.5
2008: Feb .
Mar .
Apr ..
May
June
July
Aug .
Sept
Oet ..
Nov .
Dec r
,075.3
,090.5
,085.2
,088.3
,086.6
,060.0
,085.7
,089.4
,082.3
,044.6
,012.0
783.7
789.6
783.7
784.1
780.4
751.5
769.1
777.0
766.9
728.0
705.3
392.0
391.6
383.5
371.4
356.4
334.5
352.9
350.2
343.8
314.1
298.4
258.8
256.4
247.9
243.9
237.0
232.2
221.6
214.1
205.7
193.7
178.8
391.6
398.0
400.2
412.8
424.0
417.0
416.1
426.9
423.1
413.9
406.9
32.5
33.7
35.9
57.8
38.9
38.2
39.5
38.6
37.8
36.9
33.5
57.0
57.3
57.7
57.8
57.4
58.1
58.2
59.7
58.2
56.3
52.0
87.0
86.9
87.5
85.6
84.8
82.9
81.6
78.4
77.8
74.5
71.6
49.5
51.1
52.0
63.3
72.4
66.1
65.3
71.6
74.0
70.4
72.6
165.7
169.0
167.2
168.2
170.5
171.7
171.5
178.6
175.3
175.7
177.3
291.6
300.8
301.5
304.1
306.2
308.5
316.7
312.4
315.4
316.6
306.7
2009: J a n r
Febp
976.2
967.5
665.9
287.4
275.1
165.7
151.1
389.5
390.7
30.3
31.7
49.6
50.1
68.2
66.8
78.0
81.2
163.5
160.9
299.2
301.7
1999
1
Includes residential improvements, not shown separately.
2
Includes health care, educational, communication, and power, among other categories not
shown separately.
Source: Department of Commerce, Bureau of the Census.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or houses, except as noted]
New private houses
New private housing units
Units started, by type of structure
Period
1 unit
Total
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008 r
......................................1,
......................................1,
......................................1,
......................................1,
......................................1,
1,640.9
1,568.7
1,602.7
1,704.9
1,847.7
1,955.8
2,068.3
1,800.9
1,355.0
905.5
1,302.4
1,230.9
1,273.3
1,358.6
1,499.0
1,610.5
1,715.8
1,465.4
1,046.0
622.0
2-4 units 1
5 units or
more
31.9
38.7
36.6
38.5
33.5
42.3
41.1
42.7
31.7
17.5
306.6
299.1
292.8
307.9
315.2
303.0
311.4
292.8
277.3
266.0
Units
authorized
1,663.5
1,592.3
1,636.7
1,747.7
1,889.2
4
2,070.1
2,155.3
1,838.9
1,398.4
892.8
Units
completed
Houses
sold
Houses for
sale at end
of period 2
1,570.8
1,648.4
1,678.7
1,841.9
1,931.4
1,979.4
1,502.8
1,119.7
880
877
908
973
1,086
1,203
1,283
1,051
776
485
308
298
308
339
370
422
511
536
494
351
1,302.431.9
1,230.938.7
Vacancy rate
for rental
housing units
(percent) 3
8.1
8.0
8.4
8.9
9.8
10.2
9.8
9.7
9.8
10.0
Seasonally adjusted annual rates
Decr
1,107
988
1,004
982
1,089
949
854
824
767
655
558
722
711
681
682
663
644
615
551
536
456
394
29
16
15
20
22
14
15
19
10
18
9
356
261
308
280
404
291
224
254
221
181
155
981
932
982
978
1,138
937
857
805
730
615
547
1,251
1,192
1,033
1,144
1,131
1,086
1,012
1,155
1,054
1,086
1,029
572
513
542
515
499
505
448
434
404
r
387
371
477
469
458
452
435
419
412
395
379
369
351
2009: J a n r
Febp
477
583
353
357
6
14
118
212
531
564
767
785
322
337
340
330
2008: Feb ............................1,
Apr .............................1,
M a y ...........................982682202809781,
J u n e ..........................1,
July ..............949644142919371,
Sept ...........................824551192548051,
Oct
Nov
1
Derived; seasonally adjusted monthly data for 2-4 units are no longer published.
Seasonally adjusted.
Revised series. Quarterly data entered in last month of quarter.
4
Based on 20,000 permit-issuing places. Based on 19,000 places, the total for 2004 is
2,052.1 thousand units.
2
s
10.1
10.0
9.9
10.1
NOTE.—Beginning 2004, units authorized are for 20,000 permit-issuing places. For other
data shown, units authorized are for 19,000 places.
Beginning 1999, housing starts, completions, and sales are not directly comparable with earlier data due to new estimation methods.
Source: Department of Commerce, Bureau of the Census.
19
BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In January, according to current estimates, manufacturing and trade sales fell 1.1 percent and inventories fell
$18.2 billion. According to advance estimates, retail sales fell 0.1 percent in February. Retail and food services
sales fell 0.1 percent.
BILLIONS OF DOLLARS* (RATIO SCALE)
1,700
BILLIONS OF DOLLARS* (RATIO SCALE)
550
RETAIL INVENTORIES
1,600
500
1,500
450
i
1,400
RETAIL AND FOOD
MNUFACTURING AND
400
1,300
\
1,200
350
y
1,100
>
1,000
—K
r
A
\
- - ' •
RETAIL S/\LES
i
MANUFACTURING
AND TRADE SALES
\
\
\
\(
300
—*
1 1! 1 1 1 1 1 Mill 1 1 1 1 11 I i I f I I I
1 ! 1
1 1
250
900
RATIO*
800
700
1 1111 1111 11 1 11 1 1 11 1
111
2008
2009
600
2005
2006
2007
2005
2009
"SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars, except ratios; seasonally adjusted, except as noted]
Manufacturing and sale R
Period
Sales 2
Inventories 3
Retail
Wholesale
Inventorysales
ratio 4
Sales 2
Inventories 3
Inventory
sales
ratio 4
Sales 2
Inventories 3
Inventory
sales
ratio 4
Retail and
food services
sales 2
1999 r
2000 r
2001 r
2002 r
2003 r
2004 r
2005 r
2006 r
2007 r
2008 r
786,634
834,325
818,615
823,714
853,596
923,319
1,000,426
1,065,673
1,105,995
1,141,604
1,138,952
1,197,988
1,120,753
1,141,183
1,148,305
1,240,085
1,307,267
1,392,369
1,450,073
1,458,075
234,0
1.41
1.43
1.36
1.34
1.30
1.27
1.27
1.28
1.31
216,597
234,546
232,096
236,294
246,857
274,710
297,915
323,396
345,871
375,059
290,318
309,462
297,927
301^891
307,642
337,983
362,451
392,291
416,632
429,572
1.30
1.29
1.32
1.26
12343
1.18
1.18
1.17
1.16
1.17
234,046
249,063
255,644
261,194
272,123
289,528
307,338
323,947
336,701
334,617
385,009
406,853
394,713
416,159
432,359
461,405
97,91536
488,591
502,7
486,517
1.59
1.59
1.58
1.55
1.56
1.56
1.51
1.49
1.47
1.50
257,797
274,518
282,131
288,845
307,64
2008: Jan r
Feb r
Mar r
Apr r
May r
June r
July
Aug r
Sept r
Oct r
Novr
Dec r
1,158,482
1,144,460
1,154,975
1,171,277
1,180,207
1,197,674
1,198,374
1,172,278
1,144,532
1,100,404
1,039,695
1,004,504
1,464,477
1,469,418
1,471,631
1,477,746
1,481,924
1,492,375
1,507,078
1,510,048
1,504,926
1,496,194
1,481,024
1,458,075
1.26
1.28
1.27
1.26
1.26
1.25
1.26
1.29
5321
1.5636
1.42
004,5
377,100
373,200
378,230
382,513
387,371
396,165
392,898
386,401
378,625
362,539
337,615
325,672
422,416
425,999
425,868
431,059
433,432
436,648
441,145
443,937
442,528
438,249
434,986
429,572
1.12
1,14
1.13
1.13
1.12
0,10
1.12
1.15
1.17
1.21
1.29
1.32
343,739
341,729
342,367
342,733
345,425
345,636
343,097
340,422
334,415
321,965
313,152
302,852
504,564
502,744
499 972
501,054
499,667
500,100
506,863
503,330
504,102
502,955
493,785
486,517
1.47
1.47
1.46
1.46
1.45
1.45
1.48
1.48
1.51
1.56
1.58
1.61
381,421
379,355
380,020
380,788
383,769
384,069
381,578
378,966
373,033
360,296
351,7
340,987
993,265
1,439,847
1.45
318,438
425,717
1.34
308,461
308,148
478,280
1.55
2009: Janp
Febp
1
See page 21 for manufacturing.
Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month.
s
Seasonally adjusted, end of period.
2
20
4
r
Annual data are averages of seasonally adjusted monthly ratios.
Note.—Data revised for wholesale series to reflect annual revisions relea
2009.
Source: Department of Commerce, Bureau of the Census.
8289,52846
340,141
358,978
373,556
372,891
r
347,191
346,810
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In February, manufacturers' shipments, inventories, and unfilled orders fell; new orders rose.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
500
460 - SHIPMEN1
420
380
340
580
540
500
460
420
\
\
TOTAL
-
1
-
380
300
260
DURABLE GOODS
340
300
DURABLE G O O D S . . .
\
TOTAL -
—
220
I-
•—^"
——"
260
NOf viDURABLE GO^ri*;
180
140
"
M 1
1 1 1 1 1 I 1 1 1i n i1 M i l l
\
NOND URABLE GOO DS
220
111!
\
...
| | m |
180
BILLIONS OF DOLLARS* (RATIO SCALE)
500
460
420
380
340
m
h | | | |
| m |
140
NEW ORDERS
^
/
RATIO*
1.60
\
TOTAL "
V
INVENTORY-SHIPMENTS RATIO
1.50
300
260
A
1
ABLE GOODS
.V, ..
A
220
1.30
180
1.20
2005
\ 1 1 111 I I ! 1 1
2006
2007
II ! 1 1 1 1 1 1 1 1 I I I 1.10
2009
2008
| | | M
2005
2006
2007
•SEASONALLY ADJUSTED
SOURCE: DEPARTMENT O F COMMERCE
1 1 111111 111
2008
2009
COUNCIL OF ECONOMIC ADVISERS
Manufacturers' inventories 2
Manufacturers' shipments 1
Manufacturers' new orders 1
Durable goods
Capital
goods
goods
Manufacturers'
unfilled
orders 2
industries,
nondefense
Manufacturers'
inventory—
shipments
ratio 3
Millions of dollars, seasonally adjusted, except as noted
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2008: Feb ...
Mar ..
Apr ...
May ..
June
July ..
Aug .
Sept .
Oet ...
Nov .
Dee ...
.
2009: Janr
Febp
335,991
350,715
330,875
326,227
334,616
359,081
395,173
418,330
423,423
431,929
429,531
434,378
446,031
447,411
455,873
462,379
445,455
431,492
415,900
388,928
375,980
366,366
365,928
193,895
197,807
181,201
176,968
178,549
188,722
202,070
213,408
213,572
207,801
211,772
209,778
213,591
211,049
212,947
217,549
208,339
208,240
201,119
192,772
189,910
179,433
178,487
142,096
152,908
149,674
149,259
156,067
170,359
193,103
204,923
209,851
224,128
217,759
224,600
232,440
236,362
242,926
244,830
237,116
223,252
214,781
196,156
186,070
186,933
187,441
463,625
481,673
428,113
423,133
408,304
440,697
472,860
511,487
530,664
541,986
540,675
545,791
545,633
548,825
555,627
559,070
562,781
558,296
554,990
552,253
541,986
535,850
529,667
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.
s
Annual data are averages of seasonally adjusted monthly ratios.
NOTE.—Manufacturers' nondurable new orders (not shown) are the same as nondurable shipments. Also, there are no unfilled nondurable orders; data shown for total unfilled orders are
durable unfilled orders.
296,553
306,727
267,829
260,582
246,963
265,070
283,598
309,914
7217,7467
343,468
323,841
327,066
328,911
330,426
333,127
336,185
339,033
339,728
341,168
342,259
343,468
339,735
336,137
167,072
174,946
160,284
162,551
161,341
175,627
189,262
511,4873
209,907
198,518
216,834
218,725
216,722
218,399
222,500
222,885
223,748
218,568
213,82
209,994
198,518
196,115
193,530
329,770
346,789
322,746
316,809
,304246,9
354,619
395,401
01,573
7209,907
41,986343
433,860
440,216
445,915
450,033
459,576
462,993
443,20
429,286
403,315
377,203
358,811
346,120
352,189
187,674
193,881
173,072
167,550
67408,3042
184,261
283,598
214,871
217,746
205,216
216,101
215,6
213,475
213,671
222,50
218,163
223,7484
206,034
188,534
181,047
172,741
159,187
164,748
64,392
69,278
58,246
51,817
52,894
56,094
65,770
71,725
74,288
601.28
74,408
75,431
73,609
73,639
71,958
74,498
68,694
67,923
63,487
60,140
53,964
48,637
52,470
505,498
549,445
514,349
462,122
477,608
496,343
572,835
660,406
773,297
800,360
433,860
797,114
802,972
810,293
818,023
824,232
826,529
8218,5
820^672
812,879
800,360
783,955
773,242
1.35
1.35
1.38
1.28
1.24
1.19
1.17
1.19
1.23
1.28
1.26
1.26
1.22
1.23
1.22
1.21
1.26
1.29
1.33
1.42
1.44
1.46
1.45
Total and durable shipments and inventories include data on semiconductors; new and unfilled orders do not.
Source: Department of Commerce, Bureau of the Census.
21
PRICES
PRODUCER PRICES
The producer price index for all finished goods rose 0.1 percent in February. Prices of finished consumer foods
fell 1.6 percent, while prices of other finished consumer goods rose 0.7 percent. Capital equipment prices rose
0.1 percent.
INDEX, 1982 = 100 (RATIO SCALE)
INDEX, 1982 = 100 (RATIO SCALE)
210
210
SEASONALLY ADJUSTED
FINISHED GOODS PRICES
/f\
\
200
190
3NSUMERGOOC
EXCLUDING FOOC
180
/ V"-•'
i
160
\
/
TOTAL V
i
190
'*!
180
ff
/)
170
J
/
170
200
•
160
—
(:ONSUMERFOO 3S
150
-^V/\Ni
,
-~
\
_
150
CAPITAL EQUIPMENT
140
140 yi.
i i i i i i | | M |
1
1 1 1 1 1 ! 1 M1 1 1 1 1 1 | | | | ! | 1 1 i 1 1 1 1 1 11 ! I I
11
2002
2001
2003
2004
1 1 1 1 111 f ! 1 1 1 | | | jl |i l l l 1 | i i l i
2005
2006
2007
SOURCE: DEPARTMENT OF LABOR
1 II11
1 1 1 1 M 111
1 1
2008
1 1 1 130
II 1
2009
COUNCIL OF ECONOMIC ADVISERS
[1982 = 100; monthly data seasonally adjusted]
Intermediate materials
Finished goods
Period
Total
finished
goods
Finished goods excluding consumer foods
Consumer
foods
Consumer goods
Total
Total
1999 ..........................133. 133.0
138.0
2000
140.7
2001
2002 ..........................138. 138.9
143.3
2003
148.5
2004
2005 ..........................155. 155.7
160.4
2006
166.6
2007
177.1
2008p
2008: Feb. ...............174.174.1
Mar ................175. 175.6
Apr ................176. 176.0
May ...............178. 178.6
June ..............181. 181.0
July ...............183. 183.4
Aug ................182. 182.5
Sept ...............182. 182.3
177.6
Oef
Nov ................172. 172.9
169.7
Dec
2009: Jan ................171. 171.1
Feb. ................171. 171.3
1
22
135.1
137.2
141.3
140.1
145.9
152.7
155.7
156.7
167.0
178.4
173.9
176.0
176.3
177.6
179.8
180.8
181.2
181.2
181.3
181.5
179.0
178.3
175.5
1123
Durable
Nondurable
127.9
138.7
142.8
138
138.01
134.014
138.3
142.4
147.2
155.715
164.0
166.2
163.5
130.5
138.4
141.4
138
144.7
150.9
161.9
169.2
175.6
189.0
133.0
133.9
134.0
133.0
145.91
135.0
136.6
136.9
138.3
176.51
148.4
156.6
172.0
182.6
171.5207
210.5
173.9
175.2
175.6
178.6
181.0
183.8
182.5
182.3
176.2
170.3
166.9
186.0
187.9
188.1
192.4
196.129
199.7
197.3
196.8
176.2
178.3
173.0
173.918
139.8
140.6
140.7
140.8
180.81
141.8
142.3
143.3
142.5
143.1
206.0
209.0
208.8
215.2
220.6
226.0
2182.51
82.31
205.9
192.9
184.5
168.8
169.6
175.5
176.7
143.7
144.0
168.81
189.6
Intermediate materials for food manufacturing and feeds.
Capital
equipment
137.6
138.8
139.7
140.1
135
11 1
5. 4
7
144.6
146.9
149.5
153.7
151.7
151.8
152.6
153.0
153.4
154.2
141.8
155.4
156.3
156.2
156.4
157.2
157.3
Total
finished
consumer
goods
132.0
137.2
141.5
139.4
135.3
152.7
160.4
164.0
170.715
163.53
182.9
184.8
185.1
188.5
191.7
194.6
193.61
192.7
188.9
Total
123.2
129.2
129.7
127.8
133.7
142.6
154.0
164.0
146.7
188.6
181.0
185.0
186.9
191.6
195.5
200.9
176
1 33
7.1
198.6273
197.1
188.9
181.4
173.917
168.8
177.0
172.5
170.9
Foods
and
feeds 1
111.1
111.7
115.9
115.5
125.9
159.01
133.8
135.2
1146.724
182.2
175.1
180.3
180.5
184.0
196.1
194.8
193.6
189.6
180.0
176.9
171.0
167.3
164.9
Crude materials
Other
Total
Foodstuffs
and
feedstuffs
Other
123.9
137.21
130.5
128.5
134.2
159.0
155.71
165.4
171.5
189.0
181.4
185.3
187.3
1290.81
196.1
2194
198.6
197.6
189.4
181.8
173.9
173.0
171.4
98.2
120.6
121.0
108.1
135.3
159.0
182.2
184.8
207.1
251.7
245.8
262.1
274.4
290.8
298.6
310.3
273.0
253.1
212.3
183.0
173.3
168.2
160.6
98.7
100.2
106.1
99.5
113.5
127.0
122.7
119.3
146.7
163.5
166.8
170.5
169.4
170.3
174.0
174.1
167.8
165.6
148.2
146.5
138.4
139.8
134.3
94.3
130.4
126.8
111.4
148.2
179.2
223.4
230.6
246.3
313.5
299.6
327.1
351.6
381.8
392.8
415.0
350.4
314.8
254.7
200.7
190.4
179.6
170.6
Source: Department of Labor, Bureau of Labor Statistics.
CONSUMER PRICES—ALL URBAN CONSUMERS
In February, the consumer price index for all urban consumers rose 0.4 percent seasonally adjusted; it rose 0.5
percent not seasonally adjusted. The index was 0.2 percent above its year-earlier level.
INDEX, 1982-84 = 100 (RATIO SCALE)
INDEX, 1982-84 = 100 {RATIO SCALE)
230
MO
SEASONALLY ADJUSTED
220
210
CONSUMER PRICES—ALL ITEMS
200
s *
A
190
—r—'""
1
^—
^
160
Tin , , , , , 1
2001
i
2002
i
2003
,
1
2004
,,,,,1
2005
2006
1
2007
, , 1,11
2008
2009
COUNCIL OF ECONOMIC ADVISERS
[1982-84 = 100, except as noted; monthly data seasonally adjusted, except as noted]
All items
1
Transportation
Housing
Shelter
Period
Feb
Mar
Apr
June
July
Sept
Oet
Nov
Dee
2009: J a n .............211.
Feb
1
Seasonally
adjusted
Rent
Food
Total1
Total
1
mary
dence
Fuels
and
utilities
43 4
163 9
169.6
176 4
180 3
184.8
189 5
195 7
.0336.2
209 586
216 264
187 3
193.4
20 6
208 1
1136.51
218 8
224 4
2 2 1
240 6 1 1
246 666
6.0
177 5
183.9
192 1
199 7
205.5
.116 0
5.7 3
2 2 1
234 679
243 2 7 1
24 4
192 9
198.7
206 3
21. 7
219.9
224 9
23. 2
238.2
246 235
252 426
54
128 8
137.9
150 2
143 6
154.5
161 9
179 0
194.7
200 632
220 018
Apparel
3.7
131 3
129.326
127 3
124 0
120.9
120 4
919 5
119.5
118 998
118 907
Total1
Motor
fuel
15.3 3
100 7
144 4
129.3
153.3
124 7
154 3
152 9
116 6
135.8
157.6
160 4
163 1
173 9
195 7
221.0
180.9
184 682 235 2 0
195 549 279 652
Medical
care
Energy 2
106 6
124.6
1206. 3
121 7
136.5
151 4
177 1
196.9
207 723
236 666
7.6 7
177 0
181.3
186 1
190 5
193.2
196 6
200 9
205.9
210 729
215 572
360 961
361.752
362.300
362 793
363.723
364.072
364 847
365.835
366.402
213 859
214.280245.2
214.496
214 950
215.575
215.3762
216 534
217.81824
218.58
216 868
254.6832
217.515
217.260
64
921 8.0042
224.296
223.185
219 934
217.592
2 8 1 908
287.915
281.176
289 288
314.506
31207.05
317 702
318.765
248.063245
197 861
167.35
367 219.9
368.302
232 190
236.891
235.774
2 1 18.364
256.230
218.01524
260 104
224.296
237.300
197 086
167.35
217.5
217.260
118.523
120.039
169.176
182.0
3169.4
371.175
181.938
182.030371
212 860
213.667
213.997
215 044
217.034
218.610
218 576
218.675
216.889
213 263
211.577
208 927
209.423
211.199
211 969
213.370
215.376
216 599
217.748
218.586
218 988
219.082
213 451
214.280
214.883
215 844
216.811
218.610215
218 004
217.8
217.788
217 622
217.592
244 798
245.238
245.443
245 948
246.653
218.0152
247 327
247.899
248.063
248 4 5 5
248.519
240 113
240.729
241.491
2 4 1 964
242.915
243.659
244 414
245.089
245.836
246 480
246.928
250 390
250.902
251.42
2 5 1 702
252.325
252.701
253 079
253.538
253.911
254 522
254.683
209 353
209.423
216.551
221 132
224.991
211.143
212.193
212.174
213.007
219.193
218.970
217.646
217.621
248.938
248.881
217.64624
248.087
255.349
255.687
216.162
169.489
120.039
All
items
less
food
and
energy
250 6
260.8
272 8
285 6
297.1
310 1
323 2
336.2
351 054
364 065
119 047 195 579
118.101 197.2
118.46
195.691
118 364 197 903
118.384 2 4 2 . 9 1 5
119.531 218.015247
119 984 205 196
119.631 204.916
248.0632 195.027
118 905 176 111
118.221 167.353
211 693
213.528
214.823
2 1 . 132
218.815
219.964
219 086
218.783
216.573
212 425
210.228
Includes items not shown separately.
Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant,
etc. excluded beginning 1983.
2
Owners'
equivalent
rent
(12/82 =
100)
14 6
164.1 1
167.8
9.3 1
16.6 2
180.0
1.0 2
195. 7
195.2
202 916
214 106
100 0
166 6
172.2
177 1
179 9
184.0
188 9
195.7 3
201.6
207 342
215 303
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2008:
Not
seasonally
adjusted
(NSA)
s
Relative importance, December 2008.
Source: Department of Labor, Bureau of Labor Statistics.
23
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Change from preceding period
Change from 3 months earlier, annual rate
Change from 6 months earlier, annual rate
Consumer goods
Consumer goods
Consumer goods
Total
finished
goods
Capital
equipment
Excluding
foods
Total
finished
goods
Excluding
foods
Capital
equipment
Total
finished
goods
Change
from year
earlier,
total
finished
goods
NSA
Capital
equipment
Excluding
foods
Change, Dec. to Dec., NSA
1999.
2000.
2001.
2002.
2003.
2004.
2005.
2006.
2007.
2008p
2.9
3.6
1.6
1.2
4.0
4.2
5.4
1.1
6.2
¥.9
0.8
1.7
1.8
¥.6
7.7
3.1
1.7
1.7
7.6
3.7
5.1
5.5
¥3.9
2.9
4.1
5.5
8.8
.4
7.7
¥4.8
1.8
3.8
2.0
¥1.3
3.2
3.6
4.8
3.0
3.9
6.3
0.3
1.2
0
¥.6
.8
2.4
1.2
2.3
1.4
4.0
Change, month to month
2008: Feb. ..
Mar. ..
Apr .
May
June
July
Aug. .
Sept
Oef
Nov. ..
Dec. .
2009: Jan. ..
Feb. ..
¥1.4
¥4.8
¥3.0
¥12.1
¥19.4
¥24.9
¥.4
¥1.6
1.5
1.3
1.3
— .5
¥.1
¥2.6
¥2.6
¥1.9
1.4
.7
¥13.9
¥3.7
.0
.1
.8
.1
¥3.5
¥12.6
1.2
.6
0.4
.1
.5
.3
.3
.5
.4
.4
.6
0.9
1.0
.1
2.3
1.8
1.9
¥1.2
¥.3
¥4.9
3.5
9.1
6.1
10.7
12.9
17.9
9.0
2.9
3.2
3.8
4.0
3.5
4.3
4.3
4.8
5.3
5.6
3.7
2.6
2.0
11.4
8.3
14.5
18.1
27.0
10.6
1.9
¥22.8
¥33.3
¥40.3
9.5
8.9
3.5
8.8
8.9
10.6
8.4
3.2
1.1
.7
¥4.8
¥0.5
1.2
0.4
r
2.3
2.8
9.7
7.8
1.8
¥6.3
¥12.1
¥13.0
¥11.9
¥1.0
¥14.1
¥22.0
6.5
6.7
6.4
7.3
9.1
9.9
9.7
8.8
5.2
.4
¥.9
¥22.8
¥19.8
9.8
7.4
9.1
8.9
7.0
8.6
6.0
5.8
4.4
¥.9
¥2.7
¥6.2
9.0
7.1
11.0
11.9
9.9
2.4
2.6
3.6
3.3
4.0
4.1
4.1
4.8
4.9
4.2
3.9
3.9
3.3
¥1.0
¥1.3
13.0
13.2
11.8
8.0
14.7
17.3
12.5
9.6
10.0
9.7
Source: Department of Labor, Bureau of Labor Statistics.
CHANGES IN CONSUMER PRICES—ALL URBAN CONSUMERS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Housing
All
items 1
Addendum: All items,
percent change
(annual rate)
Transportation
Shelter
Rent of Ownpriers'
mary equivaresilent
dence
rent
Fuels
and
utilities
Apparel
New
cars
Motor
fuel
Medical
care
Energy 2
All
items
less
food
and
energy
From
previous
quarter 3
From
3
months months
earlier earlier
From
year
earlier
NSA
Change, December to December, NSA
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
3.4
1.6
2.4
1.9
3.3
3.4
2.5
4.1
.1
1.9
2.8
2.8
1.5
3.6
2.7
2.3
2.1
4.9
5.9
2.2
4.3
2.9
2.4
2.2
3.0
4.0
3.3
3.0
2.4
2.5
3.4
4.2
3.1
2.2
2.7
2.6
4.2
3.1
1.9
3.1
4.0
4.7
3.1
2 .7
2.9
3.1
4.3
4.0
3.4
2.4
3.4
4.5
3.3
2.0
2.3
2.5
4.3
2.8
2.1
2.4
12.1
¥2.1
1.4
6.5
7.9
15.6
.5
5.4
6.0
¥.5
¥1.8
¥3.2
¥1.8
¥2.1
_ .2
5.4
4.1
¥3.8
3.8
.3
6.5
4.8
1.6
8.3
¥13.3
¥1.1
.9
¥.3
¥1.0
¥.8
.3
0
¥2.0
¥2.1
.5
¥.4
¥1.1
30.2
13.9
24.8
24.6
6.8
26.1
16.2
6.4
29.5
42.2
3.7
4.2
4.7
5.0
3.7
4.2
4.3
3.6
5.2
2.6
0.2
2.1
¥12.7
¥28.9
¥18.8
0.1
2
.2
.1
.3
.1
2
.3
2
.2
.3
-2 0
¥1.0
¥7.8
¥16.9
¥9.3
5.3
7.6
.4
.3
2.2
3.4
2.8
1.6
2.3
2.7
3.4
3.2
2.8
3.8
1.7
3.3
13.4
14.2
¥13.0
10.7
6.9
16.6
17.1
2.9
17.4
¥21.3
1.9
2.6
2.7
1.9
1.1
2.2
2.2
2.6
2.4
1.8
0.6
2.0
0.1
Change, month to month
2008: Feb. .
Mar .
Apr .
May .
June
July
Aug .
Sept
Oct. ..
Nov. .
Dec. .
2009: Jan .
Feb. .
1
.0
¥.8
1.7
¥.8
0.4
2
.8
.4
.7
.9
6
.5
.4
.2
.0
0.2
.4
.3
.4
.4
.6
0
¥.1
.0
¥.1
.0
0.1
.2
.1
.2
.3
.2
1
.2
.1
2
.3
.4
.1
0.1
.0
.0
0.2
.4
.2
.5
.9
.7
0
!o
0.2
.3
.3
.2
.4
.3
3
.3
.3
.3
.2
0.2
2
.2
.1
.2
.1
1
.2
.1
.2
.1
.2
.0
.3
.1
.3
.1
1.1
1.6
1.8
2.1
1.7
3.0
- 9
¥2.4
¥.5
¥1.5
¥.4
— .7
¥.1
Includes items not shown separately.
Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant,
etc., excluded beginning 1983.
2
24
0.0
.9
¥.8
1.1
3.2
1.4
¥0.5
¥.8
.3
¥.1
.0
1.0
4
¥.3
¥.7
.1
¥.6
¥4.8
¥9.7
¥5.0
.3
1.3
1.3
1.9
-
9
¥.1
s
¥0.1
.0
.0
.1
.3
.8
1
¥.5
¥.6
¥.4
¥.4
2
.5
¥2.3
2.9
8.7
3.6
-2 5
.3
4.5
— .5
2.7
5.8
3.5
4.5
6.2
¥12.4
5.2
5.1
4.7
3.7
5.1
5.8
5.4
4.7
2.7
¥1.6
¥5.0
¥8.4
¥.5
¥5.8
¥5.0
3.2
3.7
2.9
4.2
6.5
8.9
6.7
3.1
¥3.1
¥9.4
¥8.3
Quarterly changes are shown in the last month of the quarter.
Source: Department of Labor, Bureau of Labor Statistics.
4.0
4.0
3.9
4.2
5.0
5.6
5.4
3.7
3.7
1.1
.1
PRICES RECEIVED AND PAID BY FARMERS
In March, both prices received by farmers and prices paid by farmers were unchanged. (Data are not seasonally
adjusted.)
INDEX, 1990-92 = 100 (RATIO SCALE)
INDEX, 1990-92 = 100 (RATIO SCALE)
200
190
200
/
180
/
\
190
\
180
/
170
170
160
160
PRICES PAID
150
\
140
^
^
150
-
^
\
140
\
\
130
—
120
A/
110
100
/
I
90
/
\
V
PRICES RECEIVED
A
/
130
L
/
/
120
110
A
100
90
M111111111 11111111111 11111111M i
1 II 1 1 1 1 1 1 1 1 1 1 1 1 II 1 1 1 1 1 1 1 I 1 1 1 1 1 1 1 11111111111
1
1
1 II 1 1
II 1 1
1
1 1 1 1
1 1 1 1 1
RATIO1
1140
RATIO1
140
120
120
RATIO
100
100
80
80
60
li
I I I I l i
2001
I I I ! I I I I II I I I II I I II I I
2003
2002
l I I II I I
2004
2005
l l l l li i l l l
I I I I I I I I li
2007
2006
i i i I I I I II
2008
60
2009
1
RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.
SOURCE: DEPARTMENT OF AGRICULTURE
COUNCILOF ECONOMIC ADVISERS
[1990-92 = 100; not seasonally adjusted]
Prices paid by farmers
Prices received by farmers
Period
All farm
products
Livestock and
products
Crops
All commodities,
services, interest,
taxes, and wage
rates 1
Production
items, interest,
taxes, and wage
rates
Production
items
Ratio 2
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
96
96
102
98
106
118
115
115
136
149
97
96
99
105
110
115
110
120
143
168
95
97
106
90
103
122
120
111
130
130
115
119
123
124
128
134
142
150
160
181
113
117
121
121
125
133
142
150
161
185
111
115
120
119
124
132
140
148
160
187
83
81
83
79
84
88
81
77
85
82
2008: Mar
Apr
May
June
July
Aug
Sept
Oef
Nov
Dec
146
146
152
158
159
156
154
150
141
135
167
169
173
183
182
177
174
167
156
149
129
127
134
137
138
137
133
127
123
119
174
179
183
187
190
190
188
185
179
175
178
183
188
192
195
196
194
190
184
179
177
185
190
195
200
200
198
192
185
179
84
82
83
84
84
82
82
81
79
77
2009: Jan
Feb r
Mar p
139
126
126
160
146
147
114
109
108
175
174
174
179
178
177
177
175
175
79
72
72
1
Includes items not shown separately.
Percentage ratio of index of prices received by farmers to index of prices paid, interest,
taxes, and wage rates.
2
NOTE.—The official indexes are published on a 1910-14 base as required by law. The indexes have been converted to a 1990-92 = 100 base to facilitate comparison with other indexes.
Source: Department of Agriculture.
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK AND DEBT MEASURES
In February, M2 rose.
BILLIONS OF DOLLARS* (RATIO SCALE)
8,400
BILLIONS OF DOLLARS* (RATIO SCALE)
8,400
7,600
7,600
6,800
6,800
I
•
*
-
6,000
M2
—1
5,200
5,200
4,400
4,400
3,600
3,600
3,200
3,200
2,800
2,800
2,400
2,400
2,000
1,600
1,600
Ml
\
—
1,200
^
1,200
!
| m
2002
2001
2003
2004
!
M | M |
2005
2006
2007
2008
2009
COUNCIL OF ECONOMIC ADVISERS
[Averages of daily figures, except debt end-of-period basis; billions of dollars, seasonally adjusted]
Period
1999:
2000:
2001:
2002:
2003:
2004:
2005:
2006:
2007:
2008:
Dec r
Decr
Decr
Decr
Decr
Decr
Decr
Decr
Decr
Decr
2008: Febr
Marr
Aprr
Mayr
Juner
July
Augr
Septr
Octr .
Novr
Decr
2009: Janr
Feb .
M2
M1 plus retail
MMMF balances,
savings deposits
(including
MMDAs), and
small time deposits
1,122.6
1,087.6
1,182.3
1,220.4
1,306.8
1,376.4
1,374.2
1,365.6
1,364.5
1,596.0
4,631.7
4,910.7
5,417.8
5,764.6
6,055.2
6,399.8
6,661.5
021.5
417.3
8,154.6
371.1
372.9
373.7
373.7
383.6
400.1
392.2
452.1
475.2
524.1
596.0
539.0
600.5
620.0
637.8
648.5
699.0
687.4
796.4
916.3
972.8
8,154.6
1,575.1
1,557.8
8,244.4
8,275.5
1
Quarterly data; shown in last month of quarter. End-of-year data are for fourth quarter.
Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfinancial sectors; data from flow of funds accounts.
2
Annual changes are from December to December and monthly changes are from 6 months
earlier at a simple annual rate.
s
Annual changes are from fourth quarter to fourth quarter. Quarterly changes are from previous quarter at an annual rate.
26
Percent change
Debt
M1
Sum of currency,
demand deposits,
travelers checks,
and other
checkable deposits (OCDs)
Debt of
domestic
nonfinancial
sectors 1
17,308.2
18,184.0
19,319.8
20,732.1
22,441.9
24,450.2
26,776.8
29,166.3
31,672.8
33,517.9
32,088.1
32,339.1
32,995.8
33,517.9
From year or 6
months
earlier 2
M1
M2
From
previous
period 3
Debt
2.4
¥3.1
8.7
3.2
7.1
5.3
¥.2
¥.6
¥.1
17.0
5.8
6.0
10.3
6.4
5.0
5.7
4.1
5.4
5.6
9.9
6.4
5.0
6.3
7.3
8.1
8.9
9.5
8.9
8.6
5.8
.4
1.0
.3
1.0
2.8
4.6
3.1
11.5
14.8
21.9
30.7
7,6
7.3
6.9
6.2
6.3
3.9
5.2
7.8
8.8
13.2
5.2
25.0
23.8
14.2
15.3
3.1
"a.'i
6.3
NOTE.—The Federal Reserve previously announced that the M3 monetary aggregate and
most of its components would no longer be published. Institutional money market mutual funds
will continue to be published as a memorandum item in the H.6 release, and the component
on large-denomination time deposits will be published in other Federal Reserve Board releases.
For details, see H.6 release of March 23, 2006.
See p. 27 for components.
Source: Board of Governors of the Federal Reserve System.
COMPONENTS OF MONEY STOCK
[Averages of daily figures; billions of dollars, seasonally adjusted]
Period
Nonbank
trave-
Currency
lers
checks
1999:
2000:
2001:
2002:
2003:
2004:
2005:
2006:
2007:
2008:
Other checkable
deposits (OCDs)
Savings
deposits 1
At
commercial
banks
At
commercial
banks
Small-denomination
time deposits 2
De
mand
depos-
its
Total
At
thrift
insti-
Total
tutions
At
thrift
insti-
Total
At
thrift
institutions
At
commercial
banks
tutions
Retail
money
funds
Institutional
money
funds 3
Dee
Dee
Dee
Dee
Dee
Dee
Dee
Dee
Dee
Dec r ....
517.8
531.2
581.2
626.3
662.5
697.5
723.6
748.3
757.6
812.4
8.6
8.3
8.0
7.8
7.7
7.5
7.2
67
6.3
5.5
352.9
309.8
335.7
306.8
326.4
343.2
324.6
304.8
292.9
465.8
243.3
238.3
257.4
279.6
310.3
328.2
318.9
305.8
307.8
312.3
139.7
238.31
142.0
154.3
175.3
187.0
180.7
177.2
174.3
178.6
103.7
105.2
115.4
125.3
135.0
141.1
138.1
128.6
133.5
,327.77
1,739.4
1,878.2
2,308.8
2,773.9
3,162.7
3,506.4
3,602.3
3,692.7
3,868.7
4,097.0
1,288.4
1,424.2
1,738.2
2,060.2
2,337.9
2,631.1
2,773.9
2,909.7
3,041.3
3,327.7
451.0
454.0
570.7
713.7
824.7
875.3
828.4
783.0
827.3
769.3
956.7
1,047.4
976.1
895.6
818.2
829.2
994.9
1,16
1,216.7
1,370.2
9319.9
699.9
635.0
590.4
540.9
550.5
643.9
757.8
821.4
1,016.2
319.9
347.5
341.1
305.2
277.3
278.7
351.0
411.7
395.3
354.0
1,016.2354
2008: Feb
Mar
Apr
May
June r ...
Julyr ....
Aug r
Septr ...
Oef
Novr ....
Dec r ....
757.6
760.7
760.1
763.4
769.0
774.5
777.0
781.6
796.6
804.5
812.4
6.2
5.2
312.5
311.5
312.3
5.9
5.8
5.8
5.7
5.6
5.5
294.8
294.6
295.1
292.0
294.4
303.7
301.0
350.6
361.1
407.5
465.8
314.2
316.0
308.4
314.2
311.9
306.4
312.3
176.9
176.6
177.1
175.0
176.4
176.8
172.3
176.8
176.2
173.3
178.6
135.5
134.9
135.3
137.2
137.7
139.3
136.0
032.93
135.7
133.1
,327.77
3,921.4
3,975.9
3,981.1
5.0137.24,01
4,021.2
4,033.2
4,006.1
4,032.9
4,033.6
4,012.4
4,097.0
3,081.5
3,120.7
3,122.0
3,126.5
3,123.9
3,131.0
3,116.7
3,171.0
3,250.3
3,245.9
3,327.7
839.9
855.2
859.1
883.6
897.4
902.3
889.4
861.9
783.3
766.5
769.3
1,222.7
1,213.7
1,210.0
1,20
1,207.3
1,218.5
1,243.1
1,259.0
1,313.3
1,347.8
1,370.2
823.6
818.6
815.5
816.7
820.9
836.1
859.1
878.9
966.7
995.8
1,016.2
399.1
395.2
394.5
391.4
386.4
382.5
383.9
380.1
346.5
352.0
354.0
1,023.8
1,037.9
1,055.2
1,046.0
1,03
1,047.1
136.0
1,052.4
1,094.2
1,088.5
1,016.2354
2,064.8
3,120.78
2.0859.1
3,126.58
1,207.3
2,265.0
2,286
2,251
2,231.1
1,347.8
2009: Jan r
Feb
824.1
834.6
5.5
5.5
435.6
397.3
309.9
320.4
175.0
180.7
134.9
139.7
4,209.8
4,287.4
3,430.9
3,497.5
778.9
789.9
6309.917
1,070
1,36
1,002.5
356.0
357.5
1,089.8
1,070.4
2,476.3
2,494.7
1
2
s
60.1
6.1
69.0
312
Savings deposits including money market deposit accounts (MMDAs).
Small-denomination deposits are those issued in amounts of less than $100,000.
Institutional money funds are not part of non-M1 M2.
812.9
897.6
950.6
874.7
767.5
687.7
690.1
793.6
967.4
660.8
816.4
1,220.2
1,269.9
3135.03
5.3829.25
1,152.1
1.7793.6
1,903.9
4,097.03,32
4,097.03,32
NOTE.—See Note, p. 26.
Source: Board of Governors of the Federal Reserve System.
AGGREGATE RESERVES AND MONETARY BASE
[Averages of daily figures1; millions of dollars; seasonally adjusted, except as noted by NSA]
Adjusted for changes in reserve requirements
Borrowings from the Federal Reserve (NSA)
Reserves of depository institutions
Period
Total 2
1999:
2000:
2001:
2002:
2003:
2004:
2005:
2006:
2007:
2008:
Dee
Dee
Dee
Dee
Dee
Dee
Dee
Dee
Dee
Dee
Nonborrowed 3
Required
Excess
(NSA)
Other borrowings from the Federal Reserve
Monetary
base
Total 4
Term
auction
credit
Primary
42,183
38,717
41,442
40,400
42,757
46,552
45,139
43,338
42,674
820,942
41,862
38,507
41,376
40,320
42,711
46,489
44,970
43,147
27,24
167,376
40,889
37,391
39,799
38,392
41,710
44,643
43,238
41,475
40,905
53,530
1,294
1,325
1,643
2,008
1,047
1,909
1,901
1,863
1,769
767,412
593,842
584,929
635,559
681,631
720,402
759,072
786,976
811,126
822,357
1,651,175
320
210
67
80
46
63
169
191
15,430
653,565
11,613
438,327
2008: Feb .........42,
42,826
Mar .........44,
44,299
Apr .........43,
43,561
May ........44,
44,128
June .......43,
43,364
July ........43,
43,330
Aug .........44,
44,559
Sept ........102,
102,784
Oct. ........315, 315,516
Nov .........609,
609,937
Dee
820,942
¥17,331
¥50,224
¥91,848
¥111,652
¥127,914
¥122,334
¥123,520
¥187,321
¥332,803
¥88,849
167,376
41,100
41,321
41,716
42,115
41,089
41,353
42,568
42,733
47,612
50,883
53,530
1,726
2,978
1,716
2,013
2,275
1,977
1,991
60,051
267,904
559,053
767,412
821,355
825,910
824,631
827,170
832,490
838,062
842,815
905,174
1,130,304
1,433,490
1,651,175
60,157
94,523
135,410
155,780
892,2758
165,664
168,078
290,105
648,319
698,786
653,565
60,000
75,484
100,000
127,419
150,00
150,00
150,0
149,814
244,778
393,088
438,327
155
1,617
9,624
14,076
14,225
15,204
17,980
32,632
44,7
294,920
118,466
60,167
57,456
798,248
643,507
1,700,800
1,554,120
563,496
582,497
403,523
438,822
2009: J a n r
Feb
858,416
700,963
1
Data are prorated averages of biweekly (maintenance period) averages of daily figures.
Reserves and monetary base incorporate adjustments for discontinuities, or "breaks," associated with changes in reserve requirements.
2
Seasonally adjusted break-adjusted required reserves plus unadjusted excess reserves.
s
Seasonally adjusted break-adjusted total reserves less unadjusted total borrowings of depository institutions from the Federal Reserve.
Primary
dealer
and
other
brokerdealer
credit 5
Assetbacked
commerical
paper
money
market
mutual
fund
liquidity
facility
Credit
extended
to
American
International
Group,
Inc.
Adjustment 6
179
99
34
35
17
11
97
111
3,787
88,245
47,631
32,102
47,206
88,245
16,168
25,764
14,238
6,908
255
0
53,473
114,953
60,655
47,631
31,877
117,457
71,009
32,102
22,187
77,047
78,070
47,206
70,436
6643
33,061
26,250
17,745
13,533
38,690
38,414
950,883559
4
Includes secondary and seasonal, and other credit extensions, not shown separately.
5
Includes credit extended through the Primary Dealer Credit Facility and credit extended
to other broker-dealers.
6
Discontinued after January 8, 2003.
Source: Board of Governors of the Federal Reserve System.
27
BANK CREDIT AT ALL COMMERCIAL BANKS
Total commercial bank loans and leases rose 0.2 percent in February; commercial and industrial loans fell 0.6
percent.
BILLIONS OF DOLLARS* (RATIO SCALE)
12,000
BILLIONS OF DOLLARS* (RATIO SCALE)
12,000
- ALL COMMERCIAL BANKS
10,000
_
9,000
TOTAL
8,000
—
..
_Jt
7,000
.
1
6,000
—
•
10,000
9,000
8,000
y
—
^^
7,000
—
5,000
•
^ . ^
•
-
""
6,000
5,000
\
LOANS AND LEASES
4,000
4,000
3,000
3,000
2,000
2,000
1,600
1,600
U.S. TREASURY AND
AGENCY SECURITIES
\
y
'-—**»'
1,200
1,200
800
,.s"^..~
I I I I 1 1 I i I I I
1 1 1 1 1 1 1 1 I 1!
2001
400
OTHER S ECURITIES
.-.s—
1 I 111
2002
M i l l
2003
1 1 1 1 1 1 1 1 1 1 1
2004
800
111111 1 II II 1 1 1 1 1 I 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 I 1 1 1 1 1 400
2005
2007
2006
2008
2009
•SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted 1
Loans and leases in bank credit
Securities in bank credit
Period
1999:
2000:
2001:
2002:
2003:
2004:
2005:
2006:
2007:
2008:
2008:
Dee
Dee
Dec
Dee
Dee
Dec r
Dee
Dec r
Dec r
Dec r
Feb r
Mar r
Apr r
Mayr
June r
Julyr
Aug r
Sept r
Oef
Novr
Dec r
2009: J a n r
Peb
1
Total
bank
credit
4,745.7
5,202.4
5,413.6
5,891.6
6,265.4
6,818.2
7,539.9
8,371.4
9,243.7
9,950.7
9,396.9
9,502.2
9,420.0
9,425.4
9,402.6
9,424.9
9,425.4
9,578.4
9,982.1
9,914.2
9,950.7
9,852.2
9,790.7
Total
securities
1,270.2
1,336.5
1,480.9
1,720.2
1,851.6
1,945.7
2,065.6
2,245.6
2,422.2
2,773.4
2,464.8
2,541.8
2,514.6
2,495.6
2,490.7
2,504.7
2,489.0
2,538.8
2,722.5
2,710.8
2,773.4
2,737.5
2,660.3
U.S.
Treasury
and
agency
securities
811.4
789.9
849.3
1,033.3
1,108.1
1,165.9
1,161.0
1,214.8
1,134.9
1,261.2
1,096.2
1,104.3
1,096.1
1,106.0
1,122.9
1,121.8
1,132.8
1,154.2
1,237.8
1,262.6
1,261.2
1,275.9
1,252.9
Other
securities 2
Real estate
Total 4
trial
458.8
546.7
631.6
686.9
743.5
779.8
904.6
1,030.8
1,287.3
1,512.2
1,368.6
1,437.4
1,418.5
1,389.7
1,367.9
1,382.9
1,356.3
1,384.6
1,484.8
1,448.2
1,512.2
1,461.6
1,407.4
990.6
1,078.8
1,018.6
956.4
896.9
919.0
1,036.3
1,188.0
1,432.4
1,582.5
1,459.6
1,478.7
1,488.8
1,495.5
1,506.4
1,514.3
1,521.8
3,475.5
3,865.8
3,932.8
4,171.5
4,413.8
4,872.4
1,273.3
6,125.8
6,821.5
7,177.3
6,932.1
6,960.5
6,905.4
6,929.8
1,122.9
6,920.2
6,936.4
7,039.6
7,259.6
7,203.4
7,177.3
1,461.6
7,130.4
Data are prorated averages of Wednesday values for domestically chartered commercial
banks, branches and agencies of foreign banks, New York State investment companies (through
September 1996), and Edge Act and agreement corporations. Data are adjusted for breaks
caused by reclassifications of assets and liabilities.
2
Includes other trading assets.
28
Commercial
and
indus-
Total
loans
and
leases 3
1,384.67,039
1,603.9
1,600.9
1,582.5
1,572.0
1,562.5
s
4,745.7
1,660.3
1,790.2
2,03
2,235.2
4,872.49
2,942.1
3,378.8
3,608.1
3,819.8
1,096.21
3,661.8
3,644.5
3,640.8
3,631.2
3,617.8
3,620.0
3,657.9
3,818.4
3,822.3
3,819.8
3,799.9
3,824.3
Revolving
home
equity
101.7
130.4
156.0
213.8
281.1
399.1
445.6
469.9
486.0
590.0
494.8
500.5
506.4
511.2
516.8
842.3
676.5
539.9
579.3
584.5
590.0
593.9
596.2
Commercial
1
1,081.9
1,273.3
1,030.86,125
1,602.9
1,582.5
1,368.6
1,639.9
1,488.83,6
1,660.6
1,671.5
1,674.3
1,676.5
3,657.95
1,728.5
1,730.1
1,582.5
1,724.7
1,562.53,82
Consumer 5
492.3
542.1
559.7
590.7
646.8
699.2
708.2
743.1
806.9
879.2
812.5
817.4
823.7
828.5
832.3
842.3
847.4
853.2
871.9
878.0
879.2
892.0
901.0
Security 5
125.8
148.8
114.0
153.9
179.8
181.9
228.8
248.8
271.3
248.1
285.7
285.8
273.0
287.8
277.2
285.4
292.9
319.8
296.6
265.3
248.1
224.7
220.6
Other
391.1
435.9
450.3
432.1
455.1
497.5
559.0
567.1
702.8
647.7
728.2
716.8
675.3
677.1
664.8
660.3
654.3
669.7
668.8
636.9
647.7
626.0
622.0
Excludes unearned income. Includes the allowance for loan and lease losses. Excludes Federal funds sold to, reverse repurchase agreements (RPs) with, and loans to commercial banks
in the United States.
4
Includes other residential, not shown separately.
5
Includes other items, not shown separately.
Source: Board of Governors of the Federal Reserve System.
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL CORPORATE
BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Sources
Uses
External (N et increase in liabilities
Discrep-
F u n d s raised in markets
Period
Credit market instruments
Total
TIQI 1
nal
Total
Total
net
raised
1999 r
2000 r
2001 r
2002 r
r
2003 r
2004
2005 r
2006 r
2007 r
2008P
2006: I r
II r
III r
IVr
2007: I r
II r
III r
IVr
2008- I '
II r
III r
IVp
1,718.6
1,955.4
850.2
896.2
844.7
1,537.5
2,026.3
1,922.5
2,002.7
1,582.0
1,831.5
2,126.8
1,833.3
1,898.2
1,882.9
1,928.6
2,327.7
1,871.8
1,821.7
1,566.2
1,295.0
1,645.0
Capital
expenditures 3
Total
Net new
equity
issues
Loans
Total
Other
2
(sources
less
uses)
and
Securities
and mortgages
shortterm
paper
731.0
718.0
755.0
811.3
831.3
928.5
1 96 1
1,086.0
1,047.0
1,044.9
987.6
1,237.4
95 2
84.9
13.4 4
609.0
961.2
836.5
955.7
537.1
273.4
243.7
164.6
¥18.5
46.2
79.5
¥28.2
¥133.2
¥29.8
¥71.4
¥110.4
¥118.2
¥48.1
¥41.4
¥41.1
¥124.4
-360 7
¥602.7
¥831.2
¥395.1
383.7
361.9
212.8
22.9
87.3
204.0
332.5
469.5
801.3
323.7
273.7
187.3
399.7
167.1
217.0
134.8
266.4
314.3
438.0
254.9
110.1
174.6
¥187.0
-144.2
¥129.7
69.2
66.2
155.2
363.4
68.8
714.3
993.7
¥69.4
103.4
¥32.8
529.6
989.4
969.6
985.5
608.4
1,833.8
2,137.7
980.2
867.2
832 5
1,608.8
1,879.8
1,772.5
2,121.1
1,555.5
863.9
928.5
802.6
737.1
749.9
825.7
922.0
1,059.4
1,047.3
1,068.9
1,094.3
1,091.2
1,117.2
1,041.2
737.2
1,035.6
716.1
857.0
¥121.1
¥111.2
¥251.0
¥49.6
¥566.1
¥578.0
¥524.1
¥742.5
445.0
466.8
273.1
692.9
329.9
290.7
246.8
389.9
115.1
176.0
26.3
303.1
858.3
1,146.7
967.1
906.6
1,722.9
1,979.3
1,723.5
1,664.1
1,013
1,06
1,076.3
1,084.3
1,028.8
1,032.7
1,065.0
1,061.7
854.1
895.9
1,262.7
810.1
101.6
64.5
12.8
¥298.1
¥566.7
¥799.1
¥864.9
¥1,093.9
668.4
863.6
877.7
795.8
421.4
528.3
358.5
443.7
246.9
335.2
519.1
352.1
752.4
831.4
1,249.9
1,108.2
1,955.1
2,109.8
2,521.7
1,898.5
1,009.2
1,044.0
1,083.8
7352.11,10
1 041 2
1,008.7
1,088.4
1,041.3
780.5
557.5
206.6
603.7
¥57.9
154.1
¥88.4
¥293.2
¥475.1
¥262.0
¥393.2
¥450.0
417.2
416.1
304.8
156.8
267 3
416.9
135.5
199.8
149.9
838.4
403.4
295.0
897.0
1,884.9
1,421.7
1,265.7
1,650.0
1,066.7
1,120.6
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).
Increase
in financial assets
¥.8
169.3
¥42.9
1,265.7
1,022.7
969.9
1,209.2
177.6
130.1
82.6
783.1
957.8
713.1
1,073.8
486.6
709.6
915.7
647.2
579.8
945.9
1,065.8
1,437.2
846.5
818.2
301.1
200.0
627.3
¥115.2
¥182.4
¥130.0
28.9
12.1
¥71.3
146 5
150.0
¥118.4
26.4
108.6
147.6
109.8
234.1
¥72.2
¥181.2
¥193.3
¥26.8
¥63.2
144.5
29.4
¥5.0
s
Nonresidential fixed investment plus residential fixed investment, inventory change with inventory valuation adjustment, and nonproduced nonfinancial assets.
Source: Board of Governors of the Federal Reserve System.
CONSUMER CREDIT
[Billions of dollars; seasonally adjusted]
Consumer credit outstanding (end of period)
Period
Revolving
Total
1999:
2000:
2001:
2002:
2003:
2004:
2005:
2006:
2007:
2008:
2008:
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Jan
Feb.
Mar
Apr
May
June.
July
Aug
Sept
Oct.
Nov
Dec.
2009: Janp
1
..............................................................................1,
..............................................................................1,
..............................................................................1,
..............................................................................1,
..............................................................................2,
..............................................................................2,
..............................................................................2,
..............................................................................2,
..............................................................................2,
..............................................................................2,
...............................................................................2,
..............................................................................2,
..............................................................................2,
...............................................................................2,
..............................................................................2,
..............................................................................2,
..............................................................................2,
..............................................................................2,
..............................................................................2,
...............................................................................2,
..............................................................................2,
Nonrevolving2
,532.4
,717.7
,867.3
,974.3
,078.3
,191.6
,285.2
,387.7
,519.0
,562.6
610.7
683.7
716.6
748.8
770.4
799.8
824.5
874.6
939.5
960.4
921.7
1,034.0
1,150.7
1,225.5
1,307.9
1,391.8
1,460.7
1,513.1
1,579.5
1,602.2
,526.0
,536.9
,549.0
,558.8
,565.5
,574.1
,582.1
,576.2
,583.5
,579.2
,570.1
,562.6
945.8
951.4
957.3
957.3
963.0
965.8
972.0
974.1
976.7
973.8
968.1
960.4
961.3
1,580.3
1,585.5
1,591.7
1,601.5
1,602.5
1,608.3
1,610.1
1,602.1
1,606.8
1,605.4
1,602.0
1,602.2
1,603.0
2,564.4
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.
Net change in consumer credit outstanding 1
Total
111.4
185.3
149.6
107.0
104.0
113.3
93.6
102.5
131.3
43.6
7.0
10.9
12.1
9.8
6.7
8.6
8.0
¥5.9
7.3
¥4.3
¥9.1
¥7.5
1.8
Revolving
Nonrevolving 2
29.3
73.0
32.9
32.2
21.6
29.4
24.7
50.1
64.9
20.9
82.1
112.3
116.7
74.8
82.4
83.9
68.9
52.4
66.4
22.7
6.3
5.6
5.9
.0
5.7
2.8
6.2
2.1
2.6
¥2.9
¥5.7
¥7.7
.8
5.2
6.2
9.8
1.0
5.8
1.8
¥8.0
4.7
¥1.4
¥3.4
.2
NOTE.—Effective October 7, 2003 data beginning 1977 include student loans extended by
the Federal Government and by SLM Holding Corporation.
Source: Board of Governors of the Federal Reserve System.
29
INTEREST RATES AND BOND YIELDS
Interest rates were mixed in March.
PERCENT PER ANNUM
PERCENT PERANNUM
10
10
COUNCIL OF ECONOMIC ADVISERS
[Percent per annum]
U.S. Treasury security yields
Constant maturities
Period
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2008:
Mar .
Apr .
May
June
July
Aug .
Sept
Oet ..
Nov .
Dee .
2009: Jan
Peb
Mar
Week ended:
2009: Mar 7
14 .
21 .
28 .
Apr 4 .
3-month
bills (at
auction) 1
3-year10-year
30-year
2
10-year
Highgrade
municipal
bonds
(Standard
&
Poor's) 3
Corporate
Aaa
bonds
(Moody's)
7.04
7.62
7.08
6.49
5.67
5.63
5.24
5.59
5.56
5.64
5.51
5.55
5.57
5.68
5.67
5.64
5.65
6.28
6.15
5.08
5.05
5.27
5.50
5.40
5.49
5.62
5.51
5.41
4.66
5.85
3.44
1.62
1.01
1.38
3.16
4.73
4.41
1.48
1.38
1.32
1.71
1.89
1.72
1.79
1.46
.84
.30
.04
.12
.31
.25
5.49
6.22
4.09
3.10
2.10
2.78
3.93
4.77
4.35
2.24
1.80
2.23
2.69
3.08
2.87
2.70
2.32
1.86
1.51
1.07
1.13
1.37
1.31
5.65
6.03
5.02
4.61
4.01
4.27
4.29
4.80
4.63
3.66
3.51
3.68
3.88
4.10
4.01
3.89
3.69
3.81
3.53
2.42
2.52
2.87
2.82
4.91
4.84
4.28
4.39
4.44
4.60
4.69
4.57
4.50
4.27
4.17
4.00
2.87
3.13
3.59
3.64
5.43
5.77
5.19
5.05
4.73
4.63
4.29
4.42
4.42
4.80
4.67
4.43
4.34
4.48
4.88
4.90
5.03
5.68
5.28
5.53
5.13
5.00
5.5
.28
.24
.25
.23
.20
1.33
1.41
1.28
1.28
1.22
2.90
2.92
2.75
2.74
2.76
3.60
3.65
3.69
3.66
3.59
5.14
5.15
5.20
5.12
5.04
5.87
5.94
5.49
1
High bill rate at auction, issue date within period, bank-discount basis. Data are stop yields
from uniform-price auctions.
2
Yields on actively traded issues adjusted to constant maturities.
s
Weekly data are Wednesday figures.
4
Discount window borrowing for primary credit and discount rate (adjustment credit). The
rate for primary credit replaced the rate for adjustment credit.
5
Average effective rate for year; rate in effect at end of month or week.
30
6
Discount window
(N.Y. F.R. B a n k ) 4 5
Primary
credit
Discount
rate
4.62
5.73
3.40
1.17
Prime rate
charged by
banks 5
Federal
funds
rate 6
2.12
2.34
4.19
5.96
5.86
2.39
2.50
2.25
2.25
2.25
2.25
2.25
2.25
1.25
1.25
.50
.50
.50
.50
8.00
9.23
6.91
4.67
4.12
4.34
6.19
7.96
8.05
5.09
5.25
5.00
5.00
5.00
5.00
5.00
5.00
4.00
4.00
3.25
3.25
3.25
3.25
4.97
6.24
3.88
1.67
1.13
1.35
3.22
4.97
5.02
1.92
2.61
2.28
1.98
2.00
2.01
2.00
1.81
.97
.39
.16
.15
.22
.18
.50
.50
.50
.50
.50
3.25
3.25
3.25
3.25
3.25
Newhome
mortgage
yields
(FHFB) 7
.22
.20
.17
.17
.16
7.04
7.52
7.00
6.43
5.80
5.77
5.94
6.63
6.41
p6.06
5.92
5.98
6.01
6.13
6.29
6.33
6.09
6.10
6.16
5.67
5.11
5.09
Daily effective rate; weighted average of rates on brokered trades.
Effective rate (in the primary market) on conventional mortgages, reflecting fees and
charges as well as contract rate and assumed, on the average, repayment at end of 10 years.
* Discount rate (adjustment credit) series was discontinued after January 8, 2003. Series for
30-year constant maturity was discontinued on February 18, 2002, and reintroduced on February 9, 2006.
Sources: Department of the Treasury, Board of Governors of the Federal Reserve System,
Federal Housing Finance Board, Moody's Investors Service, and Standard & Poor's.
7
COMMON STOCK PRICES AND YIELDS
Stock prices fell in March.
INDEX, DEC. 31,2002=5,000 (RATIO SCALE)
11,000
INDEX, DEC. 31,2002=5,000 (RATIO SCALE)
11,000
10,000
-
-
A
9,000
COMPOSITE STOCK PRICE INDEX f
(NYSE)
^.^
y
-
10,000
C
t
9,000
V
\
8,000
8,000
-
-
7,000
7,000
\
V
6,000
-
A
rA
\
5,000
-
V
6,000
5,000
\
\y
11 111111 j_L 111111111 11 11111111
2003
2001
2002
\i
null 1 1 11II11 1 1 1 1 1 111 1 1 1 1 1 1 1 1 1 1 1 1 I 1 1 I I
1 1
LL 1 1
LL 1 1 I
2004
2005
2006
2007
2008
1 11II1 1 1 1 II
2009
PERCENT
20
PERCENT
20
EARNINGS-PRICE RATIO ON COMMON STOCKS
(S&P)
2001
I
2002
I
2003
2004
2008
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD AND POOR'S
COUNCIL OF ECONOMIC ADVISERS
Common stock prices 1
Period
New York Stock Exchange indexes 2 3
(December 31, 2002 = 5,000)
Composite
Financial
2009
Energy
Health
Care
Dow Jones
industrial
average 4
Common stock yields
(percent) 7
Standard &
Poor's composite index
(194143 = 10) 5
Nasdaq composite index
(Feb. 5,
1971 = 100) 6
1,327.33
1,427.22
1,194.18
993.94
965.23
1,130.65
1,207.23
1,310.46
1,477.19
1,220.04
2,728.15
3,783.67
2,035.00
1,539.73
1,647.17
1,986.53
207.232
2,263.41
2,578.47
2,161.65
1.25
1.15
1.32
1.61
1.77
1.72
1.83
1.87
1.86
2.37
3.17
3.63
2.95
2.92
3.84
4.89
5.36
5.78
5.29
r
3.55
4.57
Dividendprice ratio
6,546.81
6,805.89
6,397.85
5,578.89
5,447.46
6,612.62
7,349.00
8,357.99
9,648.82
8,036.88
5,583.00
6,822.18
7,383.70
8,654.40
9,321.39
6,278.38
5,273.90
6,952.36
9,377.84
11,206.94
13,339.99
13,258.42
5,288.67
5,924.80
6,283.96
6,685.06
7,19
6,171.19
10,464.88
10,734.90
10,189.13
9,226.43
8,993.59
10,317.39
10,547.67
11,408.67
13,169.98
11,252.62
7,155.51
7,579.73
7,593.63
6,798.20
6,207.89
6,304.58
6,159.18
4,733.74
3,779.86
3,673.95
14,000.91
15,159.35
16,365.23
16,272.67
14,899.86
13,772.04
12,562.82
9,515.71
....
....
8,776.21
9,174.10
9,429.04
8,996.98
8,427.37
8,362.20
7,886.29
6,130.39
5,527.63
5,525.70
9,136.33
6,318.44
6,381.98
6,405.40
6,243.42
6,412.48
6,618.92
6,316.05
5,434.03
5,088.99
5,090.83
12,193.88
12,656.63
12,812.48
12,056.67
11,322.38
11,530.75
11,114.08
9,176.71
8,614.55
8,595.56
1,316.94
1,370.47
1,403.22
1,341.25
1,257.33
1,281.47
1,217.01
968.80
883.04
877.56
2,254.82
2,368.10
1,403.222,4
1,341.25
2,278.14
1,281.47
1,217.0
1,730.32
1,542.70
1,525.89
2.17
2.09
2.07
2.15
2 57
2.23
2.36
2.83
3.11
3.00
2009: Jan ....
Feb ....
Mar ....
5,477.14
5,051.42
4,739.72
3,337.14
2,823.74
2,633.65
9 295.97
8,785.04
8,266.81
5,256.13
5,106.78
4,596.81
8,396.20
7,690.50
7,235.47
865.58
805.23
757.13
1,537.20
1,485.98
1,432.23
3.01
3.07
2.92
Week ended:
2009: Mar 7
14
21
28
Apr 4
4,342.53
4,527.41
4,868.34
5,140.87
5,109.93
2,252.84
2,435.32
2,767.47
3,014.06
2,969.09
7,567.86
8,007.42
8,494.19
8,933.88
8,690.15
4,330.11
4,467.76
4,704.00
4,807.59
4,805.23
6,717.31
6,959.60
7,355.69
7,777.28
7,777.64
695.19
724.96
775.79
818.34
814.67
1,318.21
1,371.23
1,459.62
1,546.69
1,561.30
Earningsprice ratio
3.19
3.03
2.75
2.69
2.70
1999
2000
2001
2002
2003.
2004.
2005.
2006.
2007.
2008.
2008: Mar
Apr
May
June
July
Aug
Sept
Oet
Nov
Dee
1
....
....
...
..
...
....
...
9,262.07
Average of daily closing prices.
Includes all the stocks (nearly 1,850) listed on the NYSE.
Effective January 9, 2003, the NYSE relaunched the composite index with changes in
methodology, definitions, and based on Dec. 31, 2002 = 5,000. Effective January 8, 2004 new
indexes for Financial, Energy, and Health Care were introduced by the NYSE. Previous indexes
shown for Industrial, Transportation, Utility, and Finance were discontinued.
4
Includes 30 stocks.
2
s
4.01
3.94
r
1.66
5
Includes 500 stocks.
Includes about 3,000 stocks.
Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earnings-price ratios based on prices at end of quarter.
6
7
Sources: New York Stock Exchange, Dow Jones & Company, Inc., Standard & Poor's, and
Nasdaq Stock Market.
31
FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
In the fifth month of fiscal 2009, there was a deficit of $764.5 billion, compared with a deficit of $264.5 billion
a year earlier.
BILLIONS OF DOLLARS
4,000
- RECEIPTS AND OUTLAYS1
3,800
BILLIONS OF DOLLARS
4,000
3,800
-
3,600
3,400
3,200
3,000
2,800
2,600
2,400
2,200
/
\
/
-
*
-
/
-
3,000
OUTLAYS 1
-
_ i
-
'"
2,800
-
2,600
\
—
__„
000
""
<^
2,400
2,200
1
'^
RECEIPTS
-
-
2,000
-^
1,800
1,600
1
= > < ;
^^-_
1
-
1
1
i
i
1
i
2,000
1,800
1
1,600
400
400
-
0
-
^
-800
-1,200
-1,600
3,400
3,200
/
-
3,600
-
X
1
-2,000
2000
1
2001
1
2002
1
2003
1
2004
1
1
2006
2005
1
2007
-
\
1
2008
^
\
^
-
1
2009
0
400
-800
-1,200
-1,600
-2,000
2010
FISCAL YEARS
'INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
SOURCES; DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Total
Fiscal year or period
Receipts
Outlays
On-budget
Surplus
or
deficit
Receipts
Outlays
Federal debt (end of
period)
Off-budget
Surplus
or
deficit
Receipts
Outlays
Surplus
or
deficit
Gross
Federal
Held by
the public
1,091.3
1,154.5
1,258.7
1,351.9
1,453.2
1,579.4
1,722.0
1,827.6
1,381.6
1,409.5
1,461.9
1,515.9
1,560.6
1,601.3
1,652.7
1,702.0
¥290.3
¥255.1
¥203.2
¥164.0
¥107.4
¥21.9
69.3
125.6
788.9
842.5
923.7
1,000.9
1,085.7
1,187.4
1,306.2
1,383.2
1,129.3
1,142.9
1,182.5
1,227.2
1,259.7
1,290.7
1,306.21
1,383.21,3
¥340.4
¥300.4
¥258.8
¥226.4
¥174.0
¥103.2
¥29.9
1.9
302.4
311.9
335.0
351.1
367.5
392.0
415.8
444.5
252.3
266.6
279.4
288.7
300.9
310.6
316.6
320.8
50.1
45.3
55.7
62.4
66.6
81.4
99.2
123.7
4,001.8
4,351.0
4,643.3
4,920.6
5,181.5
5,369.2
5,478.2
5,605
2,999.7
3,248.4
3,433.1
3,604.4
3,734.1
3,772.3
3,721.1
3,632.4
2000
2001
2002
2003
2004
2005
2006
2007
2008 3
2009 (estimates) 1
2010 (estimates) 1
025.5
991.4
853.4
782.5
880.3
153.9
,407.3
,568.2
,524.3
,186.4
,380.7
1,789.2
1,863.2
2,011.2
2,160.1
2,293.0
2,472.2
2,655.4
2,730.2
2,982.9
3,938.5
3,552.2
236.2
128.2
¥157.8
¥377.6
¥412.7
¥318.3
¥248.2
¥162.0
¥458.6
¥1,752.1
¥1,171.4
1,544.9
1,483.9
1,338.1
1,258.7
1,345.5
1,576.4
1,798.9
1,933.2
1,866.3
1,531.9
1,699.0
1,458.5
1,516.4
1,655.5
1,797.1
1,913.5
2,070.0
2,233.4
2,276.6
2,508.1
3,421.6
3,010.6
86.4
¥32.4
¥317.4
¥538.4
¥568.0
¥493.6
¥434.5
¥343.5
¥641.8
¥1,889.6
¥1,311.7
480.6
507.5
515.3
523.8
534.7
577.5
608.4
635.1
658.0
654.5
681.8
330.8
346.8
355.7
363.0
379.5
402.2
422.1
453.6
474.8
516.9
541.5
149.8
160.7
159.7
160.8
155.2
175.3
186.3
181.5
183.3
137.6
140.3
5,628.7
5,769.9
6,198.4
6,760.0
7,354.7
7,905.3
8,451.4
8,950.7
9,985.8
12,704.4
14,077.9
8 1 49.8
3,319.6
3,540.4
3,913.4
4,295.5
4,592.2
4,829.0
5,035.1
5,802.7
8,364.5
9,508.8
Cumulative total, first 5
months:2
Fiscal year 2008.
Fiscal year 2009.
967.2
860.9
1,231.7
1,625.4
¥264.5
¥764.5
707.7
599.0
1,054.5
1,431.5
¥346.9
¥832.5
259.5
261.9
177.2
193.9
82.3
68.0
9,303.3
10,840.8
5,246.3
6,573.4
1992
1993
1994
1995
1996
1997
1998
1999
1
Data from the Fiscal Year 2010 budget preview document: A New Era of Responsibility
Renewing America's Promise, issued February 26, 2009.
2
Data from current issue Monthly Treasury Statement.
32
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.
FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the fifth month of fiscal 2009, receipts were $106.3 billion lower than a year earlier and outlays were $393.7
billion higher.
BILLIONS OF DOLLARS
1,400
BILLIONS OF DOLLARS
1,400
- RECEIPTS1
1,200
1,200
INDIVIDUAL INCOME TAXES
•
1,000
1,000
800
800
600
CORPORATION
INCOME TAXES
SOCIAL INSURANCE
ANUKtllkhMbNI KhCblPIS
400
-
400
200
200
1
0
2,600
2,400
2,200
2,000
1,800
-
1,200
1,000
800
600
1
1
i
OTHER RECEIPTS/
1
|
1
0
-
OUTLAYS'
2,600
2,400
-
NONDEFENSE
-
.W
2,200
-
-
1,600
1,400
600
-~
NATIONAL DEFENSE
\
\
-
.
i
1
1
2000
2002
2001
1,600
1,400
1,200
1,000
800
400
1
1
1,800
600
—"
•
400
200
2,000
2003
1
2004
1
2005
2006
2007
1
2008
200
2009
FISCAL YEARS
1
1NCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
On-budget and off-budget outlays
On-budget and off-budget receipts
Individual
income
taxes
Fiscal year or period
poration
income
taxes
Social
insurance
and
retirement
receipts
National defense
Department of
Defense,
military
International
affairs
Income
security
Social
security
Net
inter-
1992.
1993.
1994.
1995.
1996.
1997.
1998.
1999.
1,091.3
1,154.5
1,258.7
1,351.9
1,453.2
1,579.4
1,722.0
1,827.6
476.0
509.7
543.1
590.2
656.4
737.5
828.6
879.5
100.3
117.5
140.4
157.0
171.8
182.3
188.7
184.7
413.7
428.3
461.5
484.5
509.4
539.4
571.8
611.8
101.4
99.0
113.8
72.12
265.825
190.023
132.9
151.7
1,381.6
1,409.5
1,461.9
1,515.9
1,56
1,601.3
1,652.7
1,702.0
298.4
291.1
281.6
272.1
265.8
270.5
268.2
274.8
.816.18
278.5
268.6
259.4
253.1
258.3
2.8
261.2
189.51
17.2
107.11
16.4
13.5
15.2
13.1
15.2
89.5
99.4
107.1
115.4
119.4
123.8
131.4
141.1
119.0
130.6
144.7
159.9
174.2
190.0
192.8
190.4
199.6
210.0
217.2
223.8
229.7
235.0
237.8
242.5
287.6
304.6
319.6
335.8
349.7
365.3
379.2
390.0
199.3
198.7
202.9
232.1
241.1
244.0
241.1
229.8
172.2
158.0
171.7
160.3
167.3
157.4
189.0
218.2
2000.
2001.
2002.
2003.
2004.
2005.
2006.
2007.
20081
2009 (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
2,523.9
2,651.4
1,004.5
207.3
151.1
148.0
131.8
189.4
278.3
353.9
370.2
304.3
304.1
652.9
694.0
700.8
713.0
733.4
794.1
837.8
869.6
900.4
1,789.2
1,863.2
2,011.2
2,160.1
2,293.0
2,472.2
2,655.4
2,730.2
2,978.7
3,133.2
294.4
304.8
348.5
404.8
455.8
495.3
521.8
552.6
624.1
682.1
281.1
290.2
331.9
387.2
436.5
474.1
499.3
529.8
5.7
656.7
17.2
16.5
22.4
21.2
26.9
34.6
9431.365
160.9
152.0
196.52
144.1
148.5
154.2
171.6
164.9
173.4
165.5
29.935
28.5
28.8
39.9
154.5
172.3
196.5
219.6
240.1
250.6
252.8
266.4
280.6
301.4
197.1
217.4
230.9
34.64
269.4
298.6
329.9
375.4
390.8
411.9
253.7
269.8
312.7
334.6
333.1
345.8
352.5
366.0
432.7
431.3
409.4
433.0
456.0
474.7
495.5
523.3
548.5
586.2
617.0
656.1
222.9
206.2
170.9
153.1
160.2
184.0
226.6
237.1
248.9
228.0
239.9
243.4
273.3
302.7
311.9
339.9
393.8
318.1
355.7
382.5
967.2
860.9
446.9
46.9
388.5
52.8
354.2
356.2
12.2
63.3
1,231.7
1,625.4
250.4
280.0
248.9
267.5
12.2
25.42
105.01
122.7
164.8
182.8
180.9
219.1
250.4
268.1
105.0
74.9
141.9
462.6
Cumulative total, first 5
months: 2
Fiscal year 2008
Fiscal year 2009
1
994.3
858.3
793.7
809.0
927.2
1,043.9
1,163.5
1,145.7
1,250.4
Data from Final Monthly Treasury Statement for fiscal 2008 released on October 14, 2008.
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.
2
NOTE.—Data for fiscal 2009 are from Mid-Session Review, Budget of the U.S. Government,
Fiscal Year 2009, issued July 28, 2008. Other data (except as noted) are from Budget of the
United States Government, Fiscal Year 2009, issued February 4, 2008.
Data do not reflect the Fiscal Year 2010 budget preview document: A New Era of Responsibility: Renewing America's Promise, issued February 26, 2009.
Sources: Department of the Treasury and Office of Management and Budget.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the fourth quarter of 2008, according to current estimates, Federal current receipts fell $51.3 billion (annual
rate), Federal current expenditures fell $33.9 billion.
BILLIONS OF DOLLARS
3,200
BILLIONS OF DOLLARS
3,200
3,000
2,800
2,600
2,400
2,200
-
SEASONALLY ADJUSTED ANNUAL RATES
3,000
,-•-'
CURRENT EXPENDITURE S
-
'
2,800
—
—
2,600
2,400
,
_
_
—v
,,
-"""^
1,800
2,200
!
2,000
-
/
"
-—'
X.
2,000
-
•
1,800
CURRENT RECEIPTS
1,600
1,400
1,200
1,000
800
600
400
200
0
-200
^100
-600
-800
1,600
-
1,400
1,200
1,000
800
-
NET FEDERAL
600
400
200
_
~
'
0
-
..
>
1 1 I
1998
1
1
1 1
1 1
1
2000
1999
1 1
2001
1
1
1
2002
1
^
-200
—^y
-400
\ s—~
1
1 1
1 1
2004
2003
i
i
i
1
1
1
2006
2005
1
1 1
2007
-600
-800
2008
CALENDAR YEARS
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data aol seasonally adjusted annual rates]
ssa
en
t
a
Federal Gov rnment current receipts
Current tax receipts
Period
Total
Total 1
Personal
current
taxes
Taxes
on
production and
imports
Taxes
on
corporate
income
Contributions
for
government
social
insurance
Federal Government current expenditures
Income
receipts
on
assets
Current
transfer
receipts
Current
surplus
of government
enterprises
Total
2
Consumption
expenditures
Current
transfer
payments
Interest
payments
Subsidies
Net
Federal
Government
saving
Calendar year:
1999 .................1,
2000
2001 .................2,
2002
2003
2004 ................2,
2005 ................2,
2006 ................2,
2007 ................2,
2008 r
2005: I ...............2,
II .............2,
III. ...........2,
IV ............2,
1,891.2
2,053.8
2,016.2
1,853.2
1,879.9
2,008.9
2,266.9
2,510.4
2,651.2
2,572.9
2,225.7
2,264.1
2,214.5
2,363.3
1,195.7
1,313.6
1,252.2
1,075.5
1,070.8
1,152.3
1,383.0
1,550.2
1,644.5
1,530.0
1,338.8
1,369.2
1,375.8
1,448.0
893.0
999.1
994.5
150.5
774.5
797.4
930.7
1,049.9
1,167.3
1,127.2
894.9
917.8
944.2
965.8
83.9
87.8
85.8
87.3
89.7
94.6
99.2
98.0
97 7
96.2
97.1
101.2
100.0
98.5
213.0
219.4
164.7
150.5
.947.8
250.3
341.0
388.9
365.4
291.1
335.4
339.8
318.0
370.6
651.6
691.7
717.5
734.3
758.9
805.2
850.0
902.4
942.3
972.2
835.0
842.5
857.0
865.7
21.5
25.2
24.9
20.2
22.9
23.8
24.0
25.7
29.2
31.8
24.1
25.0
23.8
23.1
22.7
25.7
27.1
24.8
25.0
28.8
15.0
35.7
37.5
39.3
31.0
31.8
¥35.8
32.8
¥0.3
¥2.3
¥5.5
-1.6
2.3
¥1.2
¥5.0
¥3.6
¥2.2
¥.5
¥3.2
¥4.4
¥6.4
— 6.2
1,787.6
1,864.4
1,969.5
2,101.1
2,252.1
2,379.5
2,558.6
2,711.6
2,880.5
3,094.3
2,504.4
2,533.6
2,579.2
2,617.1
475.1
499.3
531.9
591.5
662.7
723.7
766.3
811.8
856.1
931.9
758.2
760.3
782.1
764.5
986.1
1,038.1
1,131.4
1,243.0
1,328.7
1,390.6
1,478.0
1,568.1
1,666.7
1,806.4
1,458.7
1,461.7
1,483.0
1,508.7
282.7
283.3
258.6
229.1
212.9
221.0
255.4
282.3
312.6
308.2
233.4
253.4
253.8
281.0
43.8
43.8
47.6
37.5
47.8
44.2
58.9
49.4
45.2
47.7
54.2
58.2
60.4
62.9
103.6
189.5
46.7
¥247.9
¥372.1
¥370.6
¥291.7
¥201.1
¥229.3
¥521.5
¥278.7
¥269.5
¥364.7
¥253.8
2006: I ...............2,
II .............2,
III. ...........2,
IV ............2,
2007: I ...............2,
II .............2,
III. ...........2,
IV ............2,
2,453.6
2,487.6
2,531.9
2,568.6
2,612.8
2,648.1
2,664.9
2,679.2
1,504.7
1,535.1
1,570.9
1,590.2
1,615.2
1,648.2
1,654.4
1,660.0
1,018.8
1,031.6
1,056.0
1,093.2
1,139.5
1,157.1
1,178.1
1,194.7
97.8
98.2
98.6
97.4
97.7
96.9
98.2
98.0
377.3
394.4
404.6
379.5
365.6
381.5
365.1
349.5
893.6
895.7
902.6
917.7
937.1
936.4
943.3
952.3
23.7
24.9
26.0
28.2
28.4
29.0
29.8
29.5
34.7
35.5
36.0
36.5
37.0
37.2
37.6
38.2
2,661.5
2,712.5
2,750.4
2,721.8
2,837.9
2,859.5
2,909.2
2,915.6
805.9
809.2
816.2
816.0
832.5
851.1
869.1
871.6
1,535.4
1,566.5
1,584.6
1,586.0
1,650.2
1,652.6
1,671.4
1,692.5
266.4
287.4
301.9
273.3
309.6
310.5
323.9
306.4
53.8
49.4
47.8
46.5
45.6
45.2
44.8
45.1
¥207.9
¥225.0
¥218.4
¥153.2
¥225.2
¥211.4
¥244.3
¥236.3
2008: I ...............2,
II .............2,
III. ...........2,
IVr
2,672.5
2,478.8
2,595.7
2,544.4
1,634.9
1,436.0
1,565.0
1,484.3
1,201.2
999.8
1,141.7
1,166.1
95.8
96.9
94.7
97.3
322.5
324.4
313.4
204.3
968.9
971.8
976.0
972.2
29.9
31.7
32.4
33.1
39.4
40.0
22.4
55.6
¥3.1
¥3.5
¥3.6
¥4.0
¥5.1
¥2.8
— 2
¥.8
¥.5
¥.6
-.1
¥.7
3,003.2
3,128.4
3,139.8
3,105.9
898.0
918.2
954.2
957.5
1,729.2
1,860.1
1,794.9
1,841.5
329.4
302.3
342.6
258.5
46.6
47.8
48.2
48.3
¥330.7
¥649.6
¥544.0
¥561.5
1
2
Includes taxes from the rest of the world, not shown separately.
Includes a subtraction for wage accruals less disbursements, not shown separately.
34
Source: Department of Commerce, Bureau of Economic Analysis.
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Industrial production (2002 = 100; seasonally adjusted)
United
States
Germany
Japan
Consumer prices (1982-84=100; NSA)
United
Kingdom
Italy
United
States 1
Germany
Japan
United
Kingdom
1999r
2000 r
2001r
2002 r
2003r
2004 r
2005r
2006 r
2007 r
2008 r
99.5
103.7
100.1
100.0
101.3
103.8
107.2
109.7
111.3
108.8
94.4
102.6
98.4
100.0
100.1
101.7
103.5
103.3
103.2
98.4
103.0
108.4
101.3
100.0
100.110
101.710
109.6
114.2
117.6
113.7
97.3
100.9
101.8
100.0
98.9
170.3
103.5
102.0
103.4
100.8
93.7
100.7
198.41
100.0
100.4
103.5
107.21
114.2
103.41
120.31
98.3
108.4
101.3
100.0
99.4
99.1
98.3
100.9
120.1
100.6
101.4
103.7102
101.7
100.0
99.3
100.2
99.2
99.8
100.0
97.2
166.6
142.52
120.11
179.9
184.0
180.9
195.3
201.6
207.342
215.303
160.5
164.9
169.0
172.8
177.6
180.9
184.9
188.6
192.6
197.2
121.8
121.0
120.1
119.0
118.7
118.7
118.3
118.7
118.7
120.3
155.0
157.6
160.2
163.3
166.7
170.3
173.2
266.92
178.8
183.8
140.5
142.5
145.3
147.4
148.9
151.4
153.7
156.2
159.7
163.9
226.2
231.9
238.3
244.3
250.8
256.3
261.4
266.9
271.8
280.9
194.3
200.1
203.6
207.0
213.0
219.4
225.6
232.8
242.7
252.4
2008: J a n r .
Feb r .
Mar r .
Apr r .
May
June r
July
Aug r .
Sept r
Oct r ..
Novr .
Dec r .
112.3
112.0
111.6
111.0
110.7
110.4
110.4
109.2
104.8
106.3
104.9
102.4
100.9
100.3
99.0
99.6
99.1
99.1
100.2
98.5
98.0
97.4
95.5
93.0
118.8
120.6
116
116.4
119.6
117.0
118.6
114.4
115.6
112.0
102.5
92.4
104.7
104.9
103.3
104.8
101.2
164.52
101.7
102.4
100.8
123.6
123.7
123.6
123.8
121.8
122.3
120.6
123.1
120.4
117.8
112.7
107.7
105.4
105.2
104.9
105.6
102.8
102.8
101.7
101.3
15.6
96.2
93.0
89.3
100.91
100.31
99.8
99.7
98.7
98.3
97.8
97.0
96.7
17.8
92.5
83.31
211.080
211.693
213.528
214.823
216.632
218.815
219.964
219.086
218.783
216.573
212.425
210.228
161.92
193.9
194.6
163.1
164.0
199.4
21.11
165.028
199.9
197.9
163.72
195.8
1181.31
118.9
119.5
119.4
120.3
120.9
121.1
121.5
121.5
121.4
120.3
119.8
181.3
181.7
183.0
183.7
184.6
185.3
184.9
184.9
184.7
184.6
183.8
183.3
161.9
162.7
163.4
163.1
164.0
164.5
165.4
165.0
164.8
164.5
163.7
164.2
276.6
277.2
278.6
279.2
280.7
281.9
283.3
283.8
282.9
282.9
281.9
281.5
246.5
248.4
249.2
251.4
252.7
254.7
254.4
255.2
256.6
255.8
253.8
250.1
2009: Janp .
Febp
100.3
98.8
90.4
83.0
75.2
99.6
89.1
88.7
211.143
212.193
195.3
196.7
119.1
118.8
182.6
183.3
163.4
164.3
164.2
281.1
281.7
281.9
246.9
248.4
1
97.3
94.6
93.092
90.2
Data relate to all urban consumers.
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.
NOTE.—See Note, p. 17, for information on U.S. industrial production series.
U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES
[Billions of dollars; monthly data seasonally adjusted]
Goods: Exports (f. a.s. value)
Goods: Imports (customs value)
Census ba is (by end-use category)
Services
( B O P basis)
Balance of trade
(exports minus imports)
Census basis (by end-use c ategory)
B O P basis
Period
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008 r
BOP
basis
Total,
Census
basis 1
Auto- ConIndusmo- sumer
Foods, trial Capital tive goods
supgoods vehi- (nonfeeds,
plies except cles, food)
and
bevand
auto- parts except
erages mate- motive and
autorials
enmogines tive
684.0
772.0
718.7
682.4
713.4
807.5
894.6
1,023.1
1,148.5
1,291.4
695.8
781.9
729.1
693.1
724.8
818.8
906.0
1,036.6
1,162.5
1,300.5
46.0
47.9
49.4
49.726
55.0
56.6
59.0
07.0
84.3
108.4
147.5
172.6
160.1
156.8
173.0
203.9
233.0
276.0
316.3
387.3
2008: Jan r ..
Feb r ..
Mar r
Apr r ..
May
June r
July
Aug r ..
Septr
Oct r ..
Novr ..
Decr ..
104.6
108.0
104.9
110.0
110.9
116.2
120.7
117.8
107.7
104.7
97.0
88.8
105.4
108.9
105.5
110.7
111.5
116.9
121.6
118.9
108.2
105.4
98.0
89.6
8.5
9.0
9.5
9.8
9.6
10.3
10.3
10.1
8.9
8.1
7.6
6.9
29.8
31.8
31.6
32.8
34.2
36.8
38.3
37.4
33.0
31.6
27.3
22.7
39.4
39.4
37.9
40.1
39.5
40.6
41.5
42.4
38.2
38.0
36.6
36.0
29.83
108
9.4
10.0
34.2
1188
120.71
137.4
40.3
104.71
9.0
7.7
44.73
33.4
12.6
832.84
20.44
14.1
14.9
14.0
13.5
65.03
13.1
12.3
2009: Janp ..
82.2
82.7
7.0
22.0
33.0
5.5
11.4
1
BOP
basis
310.8 75.3 80.9 1 0 . 8
356.9 80.4 89.4 1,226.7
321.7 75.4 88.3 1,148.2
290.4 78.9 93.14 1,167.4
293.7 80.6 8295.9 1,264.3
331.4 53.12 103.2 1,477.1
363.3 98.4 115.3 1,681.8
415.0 .0276.0 129.1 1,861.4
9474.94 121.0 84.331 1,967.9
469.5 100.189 161.2 9161.2
Con
IndusAutoFoods, trial Capital motive sumer
goods
Total, feeds,
supgoods
vehi(nonCensus
plies
except
cles,
and
food)
basis 1
bevand
autoparts
erages mate- motive and en- except
rials
gines
auto -
Exports
Imports
Goods,
Census
Goods
services
1,024.6
1,218.0
1,141.0
1,167.4
1,257.1
1,469.7
1,673.5
1,853.9
1,957.0
1,300.51
43.6
46.0
46.6
67.7
55.8
62.1
68.1
74.9
8.947
89.0
221.4
299.0
273.9
203.7
313.8
412.8
523.8
602.0
634.7
775.5
295.7
347.0
298.0
292.3
295.9
343.6
379.3
418.3
444.5
453.9
179.0
195.9
284.328
203.7
210.1
228.2
239.4
256.6
258.9
233.5
281.919
281.8
284.3
307.8
333.9
372.9
407.2
442.6
474.9
482.2
281.9
298.6
286.2
292.3
304.3
353.1
389.1
433.9
497.2
544.4
199.2
223.7
221.8
231.1
250.4
291.2
313.5
348.9
378.1
404.7
¥328.8
¥436.1
¥411.9
¥468.3
¥532.4
¥650.9
¥767.5
¥817.3
¥794.5
¥799.6
175.3
181.0
173.9
.832.84
183.5
188.0
120.44
137.4
108.28
174.3
150.3
140.0
174.5
179.4
172.3
181.8
182.8
187.2
194.3
188.7
176.3
173.5
149.6
139.7
7.1
7.2
7.1
7.4
7.7
7.5
7.6
7.8
7.6
7.7
8.53
7.1
.48.52
64.8
61.8
67.8
67.3
73.6
80.1
74.0
65.5
65.0
48.5
42.8
37.5
38.3
38.0
39.2
39.9
38.5
39.1
319.3
38.8
37.4
35.1
33.8
21.2
22.8
20.3
21.4
20.4
20.5
20.4
19.3
18.4
17.6
16.4
14.8
39.2
41.1
39.6
40.3
41.9
41.4
41.2
43.7
40.3
40.4
36.9
36.1
44.7
44.5
44.7
45.2
46.2
46.9
46.7
46.9
46.0
45.1
43.6
43.8
33.2
33.4
33.2
33.6
34.1
34.2
34.6
35.5
34.1
33.6
32.8
32.4
¥69.1
¥70.4
¥66.8
¥71.1
¥71.3
¥70.3
¥72.8
¥69.9
¥68.1
¥68.1
¥51.6
¥50.1
129.2
128.8
6.9
38.2
31.8
11.5
35.7
42.7
31.8
¥46.1
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.
Services
¥347.8
¥454.7
¥429.5
¥485.0
¥550.9
¥669.6
¥787.1
¥838.3
¥819.4
¥820.8
82.7
74.9
64.4
61.2
54.0
61.8
75.6
85.0
119.1
139.7
¥265.1
¥379.8
¥365.1
¥423.7
¥496.9
¥607.7
¥711.6
¥753.3
¥700.3
¥681.1
¥70.7
¥73.0
¥68.9
¥73.5
— 72.6
¥71.8
¥74.6
¥71.6
¥70.1
¥69.6
¥53.3
¥51.3
11.5
11.1
11.5
11.6
12.2
12.6
12.1
11.3
11.9
11.5
10.8
11.4
¥59.2
¥61.9
¥57.4
¥61.8
¥60.5
¥59.1
¥62.5
¥60.2
¥58.1
¥58.0
¥42.5
¥39.9
¥47.0
10.9
¥36.0
Source: Department of Commerce (Bureau of the Census and Bureau of Economic Analysis).
35
U.S. INTERNATIONAL TRANSACTIONS
In the fourth quarter of 2008, the goods deficit fell to $174.1 billion, from $216.3 billion in the third quarter. The
current account deficit fell to $132.8 billion in the fourth quarter, from $181.3 billion in the third quarter.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS*
0
0
-
-
-
-
-20
-20
-40
^to
\
-60
-60
"NX
\
-80
-
\ / > »
BALANCE ON GOODS
AND SERVICES
-
-80
-
-100
X . ^ x
\
X
-120
-140
-120
/
BALANCE ON
GOODS
-
-100
BALANCE ON
CURRENT ACCOUNT
\
\
-160
-
/
\
A
^
-\V
-180
-200
/
J
-140
-160
;
1
1 -
-180
-200
-220
-220
-
-240
-240
1998
1999
2000
2001
2002
2004
2003
2005
2006
"SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
2007
2008
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted. Credits (+), debits ( ¥ ) ]
Goods1
Period
Exports
1999
2000
2001
2002
2003
2004
2005
2006
2007
..............683,
..............718,
.............682,
.............807,
.............894,
.............1,
2008P
2006: I ........244,
II ....253,
III. ....259,
IV ...265,
2007: I ........270,
II ....279,
III. ....295,
IV ...303,
2008: I r
•>
IIIr ....
IVP ....
1
Imports
Balance
on
goods
Net
military
transactions 2
Net
travel
and
transportation
36
Other
services,
net
Balance
on
goods
and
services
Receipts
Payments
Balance
on
income
Unilateral
current
transfers,
net 3
Balance
on
current
account
683,965
771,994
718,712
682,422
713,415
807,516
894,631
1,023,109
1,148,481
1,291,371
¥1,031,784
¥1,226,684
¥1,148,231
¥1,167,377
¥1,264,307
¥1,477,094
¥1,681,780
- 1,861,380
¥1,967,853
¥2,112,196
¥347,819
¥454,690
¥429,519
¥484,955
¥550,892
¥669,578
¥787,149
¥838,270
¥819,373
¥820,825
2,593
317
¥2,296
¥7,158
¥11,981
¥13,518
¥10,536
¥13,602
¥16,768
¥21,427
7,085
2,486
¥3,254
¥4,245
¥11,475
¥14,275
¥13,006
¥10,788
2,181
17,245
73,051
72,052
69,943
72,633
77,433
89,640
99,124
109,377
133,702
143,877
¥265,090
¥379,835
¥365,126
¥423,725
¥496,915
¥607,730
¥711,567
¥753,283
¥700,258
¥681,130
293,925
350,918
290,797
280,942
320,456
413,739
535,263
685,150
817,779
755,468
¥280,037
¥329,864
¥259,075
¥253,544
¥275,147
¥346,519
¥462,905
¥627,956
¥736,030
¥627,891
13,888
21,054
31,722
27,398
45,309
67,219
72,358
57,194
81,749
127,577
¥50,428
¥58,645
¥51,295
¥64,948
¥71,794
¥84,482
¥89,784
¥92,027
¥112,705
¥119,713
¥301,630
¥417,426
¥384,699
¥461,275
¥523,400
¥624,993
¥728,993
¥788,116
¥731,214
¥673,265
244,679
253,332
259,277
265,821
¥453,286
¥465,016
¥477,900
¥465,178
¥208,607
¥211,684
¥218,623
¥199,356
¥3,121
¥3,482
¥3,641
¥3,358
¥2,853
¥2,885
¥2,622
¥2,429
25,493
26,209
27,414
30,258
¥189,087
¥191,841
¥197,471
¥174,885
155,683
170,011
176,251
183,205
¥141,031
¥153,960
¥164,969
¥167,996
14,652
16,051
11,282
15,209
¥21,516
¥24,116
¥24,716
¥21,679
¥195,952
¥199,906
¥210,906
¥181,355
270,318
279,488
295,494
303,180
¥473,681
¥485,375
¥496,698
¥512,099
¥203,363
¥205,887
¥201,204
¥208,919
¥3,286
¥4,085
¥4,251
¥5,146
¥1,587
¥806
1,064
3,509
28,692
31,960
36,276
36,773
¥179,543
¥178,819
¥168,114
¥173,783
186,746
202,171
213,520
215,343
¥173,959
¥192,492
¥190,562
¥179,016
12,787
9,679
22,958
36,327
¥30,174
¥24,953
¥27,796
¥29,784
¥196,930
¥194,093
¥172,952
¥167,241
317,548
337,048
346,272
290,505
¥530,126
¥554,922
¥562,526
¥464,624
¥212,578
¥217,874
¥216,254
¥174,119
¥4,398
¥5,432
¥6,214
¥5,383
3,295
4,815
6,165
2,970
35,238
37,073
35,422
36,146
¥178,443
¥181,419
¥180,882
¥140,386
199,900
196,523
192,347
166,699
¥166,633
¥168,307
¥162,766
¥130,185
33,266
28,216
29,581
36,513
¥31,731
¥29,034
¥29,998
828,949
¥176,909
¥182,237
¥181,299
¥132,822
Adjusted from Census data for differences in timing and coverage; excludes military.
Transfers under U.S. military agency sales contracts (exports) minus direct defense expenditures (imports).
2
Income receipts and payments
Services
s
Includes transfers of goods and services under U.S. military grant programs.
See p. 37 for continuation of table.
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the financial account, U.S. claims on foreigners reported by U.S. banks decreased $298.0 billion in the fourth
quarter of 2008, following a decrease of $134.4 billion in the third quarter. U.S. liabilities to private foreigners reported
by U.S. banks, excluding Treasury securities, decreased $35.1 billion in the fourth quarter, following a decrease
of $124.7 billion in the third quarter.
BILLIONS OF DOLLARS*
1800
BILLIONS OF DOLLARS*
800
700
700
CHANGE IN
FOREIGN-OWNED
ASSETS IN
THE U.S., NET
600
- 500
A
400
600
500
\\
400
300
300
200
200
100
100
0
0
-100
-100
-200
-200
-300
-300
-400
-400
-500
-500
I I
2008
-600
1998
•SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
I-Am
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted. Credits (+), debits ( ¥ ) ]
Statistical discrepancy
Financial account
Period
Total
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008P
2006: I ....
II ...
III
IV ..
2007: I ....
II ...
III
rv ..
2008: I r ...
w-..
IIIr
¥4,939
¥1,010
¥1,270
¥1,470
¥3,480
¥2,369
¥4,036
¥3,880
¥1,843
¥2,600
¥1,716
¥1,005
¥533
¥626
¥543
¥112
¥617
¥571
¥600
¥631
¥735
¥633
Foreign-owned assets in the U.S.,
excluding financial derivatives
[increase/financial inflow ( + )]
U.S.-owned assets abroad,
excluding financial derivatives
[increase/financial outflow ( ¥ )]
Capital
account
transactions,
net
¥504,062
¥560,523
¥382,616
¥294,646
¥325,424
¥1,000,870
¥546,631
¥1,251,749
¥1,289,854
¥52,459
¥359,608
¥234,828
¥286,769
¥370,543
¥442,065
¥523,556
¥170,476
¥153,757
¥264,866
99,910
28,056
84,441
U.S.
official
reserve
assets 4
Other U.S.
Government
assets
8,747
¥290
¥4,911
¥3,681
1,523
2,805
14,096
2,374
¥122
¥4,848
513
¥560
1,006
1,415
¥72
26
¥54
¥22
¥276
¥1,267
¥179
¥3,126
¥515,559
2,750
¥941
¥559,292
¥486
¥377,219
345
¥291,310
537
¥327,484
1,710 ¥1,005,385
¥566,266
5,539
5,346 ¥1,259,469
¥22,273 ¥1,267,459
481,899
¥529,510
1,049
¥361,170
1,765
¥236,033
1,570
¥289,346
¥372,920
962
¥442,438
445
¥596
¥522,985
¥171,045
623
¥130,990
¥22,744
3,265
¥267,855
¥41,592
142,769
¥225,990
254,226
352,760
¥265,193
U.S.
private
assets
Total
742,210
1,038,224
782,870
795,161
858,303
1,533,201
1,247,347
2,061,113
2,057,703
599,049
537,649
405,008
524,858
593,598
692,713
718,112
266,476
380,402
460,105
23,208
123,346
¥7,611
Foreign
official
assets
43,543
42,758
28,059
115,945
278,069
397,755
259,268
487,939
411,058
421,375
130,427
127,303
121,843
108,366
163,270
88,822
13,469
145,497
173,533
145,391
116,078
¥13,627
Other
foreign
assets
698,667
995,466
754,811
679,216
580,234
1,135,446
988,079
1,573,174
1,646,645
177,674
407,222
277,705
403,015
485,232
529,443
629,290
253,007
234,905
286,572
¥122,183
7,268
6,016
Financial
derivatives,
net
29,710
6,496
1,633
14,090
15,134
¥1,147
14,795
¥1,007
5,942
¥13,234
¥8,001
¥2,519
¥4,075
Total (sum
of the items
with sign
reversed)
68,421
¥59,265
¥14,285
¥37,770
¥6,000
95,030
32,313
¥47,078
¥41,287
129,275
17,994
16,641
¥41,784
¥39,927
¥67,970
656
71,627
¥45,600
¥9,729
62,269
34,706
56,625
Of which:
Seasonal
adjustment
discrepancy
10,054
587
¥19,426
8,787
12,192
722
¥21,805
8,892
13,673
223
¥28,548
14,652
U.S. official
reserve
assets, net 4
(unadjusted,
end of
period)
71,516
67,647
68,654
79,006
85,938
86,824
65,127
65,895
70,565
77,648
65,354
67,935
66,217
65,895
66,551
66,127
69,070
70,565
75,764
75,740
71,834
77,648
IVP
4
Consists of gold, special drawing rights (SDRs), foreig currencies, and the U.S. reserve
position in the International Monetary Fund (IMF).
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the
Treasury.
37
Contents
Pa e
TOTAL OUTPUT, INCOME, AND SPENDING
g
Gross Domestic Product
Real Gross Domestic Product
Implicit Price Deflators for Gross Domestic Product
Gross Domestic Product and Related Price Measures: Indexes and Percent Changes
Nonfinancial Corporate Business—Gross Value Added and Price, Costs, and Profits
National Income
Real Personal Consumption Expenditures
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Real Gross Private Domestic Investment
Real Private Fixed Investment by Type
Business Investment
1
2
2
3
3
4
4
5
6
7
8
9
10
10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries
Employment Cost Index—Private Industry
Productivity and Related Data, Business Sector
11
12
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Manufacturing and Trade
Manufacturers' Shipments, Inventories, and Orders
17
18
19
19
20
21
PRICES
Producer Prices
Consumer Prices—All Urban Consumers
Changes in Producer Prices for Finished Goods
Changes in Consumer Prices—All Urban Consumers
Prices Received and Paid by Farmers
22
23
24
24
25
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock and Debt Measures
Components of Money Stock
Aggregate Reserves and Monetary Base
Bank Credit at All Commercial Banks
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Consumer Credit
Interest Rates and Bond Yields
Common Stock Prices and Yields
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Receipts, Outlays, and Debt
Federal Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. International Trade in Goods and Services
U.S. International Transactions
35
35
36
General Notes
Detail in these tables m ay not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
P Preliminary.
r
Revised.
c
Corrected.
... Not available (also, not applicable).
NSA not seasonally7 adjusted.
38
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