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111th Congress, 1st Session

Economic Indicators
MAY 2009
(Includes data available as of June 5, 2009)

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

UNITED STATES
GOVERNMENT PRINTING OFFICE

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JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
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
JOHN CAMPBELL, California

SENATE
EDWARD M. KENNEDY, Massachusetts
JEFF BINGAMAN, New Mexico
AMY KLOBUCHAR, Minnesota
ROBERT P. CASEY, JR., Pennsylvania
JIM WEBB, Virginia
SAM BROWNBACK, Kansas
JIM DEMINT, 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.

hsrobinson on PROD1PC76 with HEARING

Charts prepared under the direction of the Printing and Procurement Branch,
Office of the Secretary, Department of Commerce.

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

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ECOIND

TOTAL OUTPUT, INCOME, AND SPENDING
GROSS DOMESTIC PRODUCT
In the first quarter of 2009, according to revised estimates, current-dollar gross domestic product (GDP) fell 3.1
percent (annual rate), real GDP (GDP in chained 2000 dollars) fell 5.7 percent, and the implicit price deflator
rose 2.8 percent.

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

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

Net
exports

Exports

9,268.4
9,817.0
10,128.0
10,469.6
10,960.8
11,685.9
12,421.9
13,178.4
13,807.5
14,264.6
12,538.2
12,696.4
12,959.6
13,134.1
13,249.6
13,370.1
13,510.9
13,737.5
13,950.6
14,031.2
14,150.8
14,294.5
14,412.8
14,200.3
14,089.7

¥260.5
¥379.5
¥367.0
¥424.4
¥499.4
¥615.4
¥713.6
¥757.3
¥707.8
¥669.2
¥725.1
¥777.7
¥761.7
¥777.2
¥792.7
¥697.7
¥728.8
¥723.1
¥682.6
¥696.7
¥705.7
¥718.2
¥707.7
¥545.1
¥333.4

991.2
1,096.3
1,032.8
1,005.9
1,040.8
1,182.4
1,311.5
1,480.8
1,662.4
1,859.4
1,314.5
1,359.6
1,423.2
1,462.8
1,492.5
1,544.5
1,560.5
1,614.4
1,714.9
1,759.7
1,820.8
1,923.2
1,968.9
1,724.7
1,539.3

6,282.5
6,739.4
7,055.0
7,350.7
7,703.6
8,195.9
8,694.1
9,207.2
9,710.2
10,057.9
8,791.1
8,893.7
9,026.3
9,161.9
9,283.7
9,357.0
9,524.9
9,657.5
9,765.6
9,892.7
10,002.3
10,138.0
10,163.5
9,927.9
9,941.0

1,625.7
1,735.5
1,614.3
1,582.1
1,664.1
1,888.6
2,086.1
2,220.4
2,130.4
1,993.5
2,084.2
2,174.6
2,236.7
2,253.7
2,231.7
2,159.5
2,117.8
2,147.2
2,164.0
2,092.3
2,056.1
2,000.9
2,010.9
1,906.1
1,598.7

Government consumption expenditures
and gross investment
Federal

Imports

Total
Total

1,251.7
1,475.8
1,399.8
1,430.3
1,540.2
1,797.8
2,025.1
2,238.1
2,370.2
2,528.6
2,039.6
2,137.4
2,184.9
2,240.0
2,285.2
2,242.2
2,289.4
2,337.5
2,397.5
2,456.5
2,526.5
2,641.4
2,676.6
2,269.7
1,872.7

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

1,620.8
1,721.6
1,825.6
1,961.1
2,092.5
2,216.8
2,355.3
2,508.1
2,674.8
2,882.4
2,388.0
2,405.9
2,458.4
2,495.7
2,526.9
2,551.4
2,597.0
2,655.9
2,703.5
2,742.9
2,798.1
2,873.7
2,946.1
2,911.4
2,883.3

555.8
578.8
612.9
679.7
756.4
825.6
875.5
932.2
979.3
1,071.9
894.2
879.5
922.8
928.5
935.5
941.7
950.3
974.6
994.0
998.3
1,026.5
1,056.1
1,098.0
1,107.0
1,102.1

National
defense
360.6
370.3
392.6
437.1
497.2
550.7
588.1
624.1
662.2
734.9
606.3
585.4
613.6
623.1
624.0
635.9
636.9
656.8
675.6
679.3
699.9
723.3
759.5
757.0
748.9

Nondefense
195.2
208.5
220.3
242.5
259.2
274.9
287.4
308.0
317.1
337.0
288.0
294.1
309.3
305.4
311.5
305.9
313.4
317.8
318.3
319.0
326.6
332.9
338.5
350.0
353.2

State
and
local
1,065.0
1,142.8
1,212.8
1,281.5
1,336.0
1,391.2
1,479.8
1,575.9
1,695.5
1,810.4
1,493.8
1,526.4
1,535.5
1,567.2
1,591.4
1,609.7
1,646.8
1,681.3
1,709.5
1,744.6
1,771.6
1,817.6
1,848.1
1,804.4
1,781.2

Final
sales of
domestic
product

Gross
domestic
purchases 1

Addendum:
Gross
national
product

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
12,527.2
12,636.1
12,906.5
13,068.3
13,187.1
13,354.3
13,526.5
13,738.4
13,927.6
14,052.3
14,176.4
14,370.5
14,462.5
14,236.9
14,211.0

9,528.9
10,196.4
10,495.0
10,894.0
11,460.2
12,301.3
13,135.5
13,935.7
14,515.3
14,933.8
13,263.3
13,474.1
13,721.4
13,911.3
14,042.3
14,067.9
14,239.7
14,460.6
14,633.1
14,728.0
14,856.6
15,012.7
15,120.5
14,745.4
14,423.1

9,302.2
9,855.9
10,171.6
10,500.2
11,017.6
11,762.1
12,514.9
13,256.6
13,910.0
14,397.8
12,641.2
12,770.6
13,039.2
13,219.4
13,316.1
13,452.0
13,583.3
13,797.2
14,062.8
14,196.6
14,289.0
14,408.3
14,539.6
14,354.3
14,238.2

Source: Department of Commerce, Bureau of Economic Analysis.

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hsrobinson on PROD1PC76 with HEARING

Period

Exports and imports
of goods and services

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

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

Gross private
domestic investment
Period

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

2007:

2008:

2009:

.......
.......
.......
.......
.......
.......
.......
.......
.......
.......
III
IV
I ..
II
III
IV
I ..
II
III
IV
I ..
II
III
IV
Ir

Gross
domestic
product

9,470.3
9,817.0
9,890.7
10,048.8
10,301.0
10,675.8
10,989.5
11,294.8
11,523.9
11,652.0
11,050.0
11,086.1
11,217.3
11,291.7
11,314.1
11,356.4
11,357.8
11,491.4
11,625.7
11,620.7
11,646.0
11,727.4
11,712.4
11,522.1
11,353.7

Exports and imports of
goods and services

Personal
conNonresi- Resi- Change
sumption dential dential in priexpendifixed
fixed
vate
tures
invest- invest- invenment
ment
tories
6,438.6
6,739.4
6,910.4
7,099.3
7,295.3
7,561.4
7,791.7
8,029.0
8,252.8
8,272.1
7,838.1
7,864.9
7,947.4
8,002.1
8,046.3
8,119.9
8,197.2
8,237.3
8,278.5
8,298.2
8,316.1
8,341.3
8,260.6
8,170.5
8,202.0

1,133.3
1,232.1
1,180.5
1,071.5
1,081.8
1,144.3
1,226.2
1,318.2
1,382.9
1,405.4
1,237.1
1,248.2
1,295.2
1,315.4
1,332.7
1,329.3
1,340.4
1,373.8
1,402.9
1,414.7
1,423.1
1,431.8
1,425.7
1,341.1
1,195.1

443.6
446.9
448.5
469.9
509.4
560.2
595.4
552.9
453.8
359.5
601.7
602.0
596.5
570.1
536.7
508.4
486.4
471.7
445.3
411.6
383.0
369.6
353.7
331.6
293.4

68.9
56.5
¥31.7
12.5
14.3
54.3
38.9
42.3
¥2.5
¥29.0
11.0
53.5
45.9
56.9
53.3
13.1
¥15.0
¥2.8
16.0
¥8.1
¥10.2
¥50.6
¥29.6
¥25.8
¥91.4

Government consumption expenditures
and gross investment
Federal

Net
exports

Exports

Imports

Total

¥296.2
¥379.5
¥399.1
¥471.3
¥518.9
¥593.8
¥616.6
¥615.7
¥546.5
¥390.2
¥603.6
¥637.8
¥636.0
¥619.4
¥623.0
¥584.3
¥618.6
¥571.2
¥511.8
¥484.5
¥462.0
¥381.3
¥353.1
¥364.5
¥302.6

1,008.2
1,096.3
1,036.7
1,013.3
1,026.1
1,126.1
1,205.3
1,314.8
1,425.9
1,514.1
1,204.3
1,235.7
1,284.3
1,301.4
1,312.6
1,361.1
1,363.2
1,392.2
1,466.2
1,482.1
1,500.6
1,544.7
1,556.1
1,454.9
1,336.8

1,304.4
1,475.8
1,435.8
1,484.6
1,545.0
1,719.9
1,821.9
1,930.5
1,972.4
1,904.3
1,807.9
1,873.6
1,920.2
1,920.9
1,935.7
1,945.3
1,981.8
1,963.4
1,978.0
1,966.5
1,962.6
1,926.0
1,909.1
1,819.4
1,639.5

1,686.9
1,721.6
1,780.3
1,858.8
1,904.8
1,931.8
1,939.0
1,971.2
2,012.1
2,070.2
1,950.4
1,941.9
1,960.5
1,966.6
1,974.9
1,982.7
1,987.1
2,006.4
2,025.3
2,029.4
2,039.1
2,058.9
2,088.1
2,094.7
2,076.3

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

Total

National
defense

Nondefense

573.7
578.8
601.4
643.4
687.1
715.9
724.5
741.0
752.9
798.2
736.8
723.2
740.6
737.7
741.1
744.4
737.5
749.6
762.7
761.7
772.6
785.0
810.8
824.5
815.4

372.2
370.3
384.9
413.2
449.0
475.0
482.2
490.0
502.1
538.1
495.1
476.5
486.7
489.0
487.9
496.3
488.8
498.8
511.0
509.9
518.9
528.1
550.4
555.0
545.4

201.5
208.5
216.5
230.2
238.0
240.7
242.0
250.8
250.4
259.5
241.4
246.5
253.8
248.5
253.1
247.8
248.6
250.5
251.2
251.5
253.2
256.3
259.5
268.9
269.6

State
and
local

1,113.2
1,142.8
1,179.0
1,215.4
1,217.8
1,215.8
1,214.3
1,230.2
1,259.0
1,273.0
1,213.6
1,218.5
1,219.9
1,228.8
1,233.7
1,238.2
1,249.3
1,256.6
1,262.6
1,267.5
1,266.7
1,274.4
1,278.7
1,272.3
1,262.8

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
11,249.3
11,523.4
11,681.0
11,035.5
11,028.4
11,167.6
11,232.1
11,257.8
11,339.7
11,370.5
11,490.5
11,605.0
11,628.0
11,653.7
11,778.8
11,739.2
11,552.2
11,451.9

9,767.7
10,196.4
10,290.1
10,517.7
10,815.5
11,261.4
11,597.8
11,904.1
12,066.8
12,035.2
11,645.4
11,716.2
11,846.2
11,904.4
11,930.6
11,935.6
11,970.9
12,058.2
12,135.1
12,103.2
12,105.8
12,102.6
12,057.8
11,874.5
11,644.4

9,504.7
9,855.9
9,933.6
10,079.0
10,355.3
10,746.0
11,072.1
11,362.3
11,609.8
11,762.3
11,140.7
11,151.2
11,286.5
11,365.1
11,370.8
11,426.5
11,419.1
11,541.7
11,719.9
11,758.3
11,760.9
11,822.2
11,817.3
11,648.7
11,476.5

Source: Department of Commerce, Bureau of Economic Analysis.

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

Personal consumption
expenditures
Gross
domestic
product

Period

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

2007:

hsrobinson on PROD1PC76 with HEARING

2008:

2009:

.................
.................
.................
.................
.................
.................
.................
.................
.................
.................
III .........
IV ..........
I ............
II ...........
III .........
IV ..........
I ............
II ...........
III .........
IV ..........
I ............
II ...........
III .........
IV ..........
I r ...........

97.868
100.000
102.399
104.187
106.404
109.462
113.034
116.676
119.816
122.422
113.468
114.525
115.533
116.317
117.107
117.732
118.956
119.547
119.997
120.743
121.508
121.890
123.056
123.244
124.097

Total

97.575
100.000
102.094
103.542
105.597
108.391
111.581
114.675
117.659
121.588
112.158
113.081
113.575
114.493
115.377
115.235
116.197
117.241
117.964
119.215
120.277
121.539
123.036
121.509
121.203

Durable
goods
101.625
100.000
98.113
95.767
92.366
90.695
89.984
88.771
87.154
86.092
89.631
89.420
89.211
89.031
88.729
88.129
87.720
87.367
86.941
86.600
86.584
86.240
86.113
85.360
85.002

Nondurable goods

Gross private
domestic investment

Services

96.174
100.000
101.531
102.090
104.145
107.626
111.606
114.985
118.408
124.671
113.038
113.697
113.786
115.151
116.410
114.578
116.021
117.825
118.675
121.085
123.053
125.014
128.123
122.448
120.829

Nonresidential
fixed

97.393
100.000
103.256
106.019
109.379
112.929
116.700
120.752
124.712
128.748
117.079
118.423
119.304
120.276
121.272
122.122
123.194
124.212
125.173
126.248
127.128
128.445
129.532
129.880
130.228

100.057
100.000
99.683
99.513
99.591
100.896
103.829
107.277
108.740
110.484
103.959
105.091
106.199
107.058
107.527
108.294
108.654
108.729
108.556
109.010
109.173
109.784
110.909
112.170
111.844

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

Residential fixed
95.780
100.000
104.633
107.240
112.372
120.587
129.268
136.898
138.885
135.676
130.819
133.311
135.466
136.737
137.163
138.477
139.197
138.730
138.803
138.780
137.878
136.665
135.512
132.204
130.665

Exports

Imports
Total

98.313
100.000
99.625
99.272
101.429
104.997
108.814
112.618
116.585
122.805
109.154
110.026
110.819
112.402
113.704
113.476
114.480
115.963
116.962
118.735
121.337
124.498
126.528
118.541
115.141

95.960
100.000
97.497
96.342
99.686
104.526
111.153
115.932
120.168
132.782
112.814
114.082
113.785
116.615
118.056
115.262
115.520
119.058
121.208
124.915
128.730
137.144
140.198
124.755
114.225

96.883
100.000
101.908
105.632
110.095
115.322
120.835
125.806
130.077
134.291
121.361
121.614
124.614
125.866
126.232
126.510
128.848
130.027
130.331
131.057
132.867
134.540
135.435
134.265
135.163

National
defense

Nondefense

State
and
local

96.886
100.000
102.002
105.792
110.751
115.932
121.944
127.381
131.874
136.573
122.451
122.851
126.067
127.424
127.893
128.124
130.312
131.683
132.213
133.217
134.885
136.946
137.983
136.400
137.315

96.880
100.000
101.738
105.345
108.898
114.218
118.743
122.803
126.636
129.874
119.310
119.273
121.847
122.895
123.060
123.427
126.067
126.868
126.718
126.883
128.984
129.865
130.463
130.154
131.023

95.667
100.000
102.868
105.434
109.712
114.431
121.863
128.110
134.671
142.212
123.094
125.266
125.873
127.541
128.991
129.999
131.818
133.794
135.388
137.638
139.854
142.619
144.527
141.825
141.056

Source: Department of Commerce, Bureau of Economic Analysis.

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ECOIND

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

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

Gross domestic product (GDP)

Personal consumption
expenditures (PCE)

Gross domestic product (GDP)

Period
Real GDP
(chain-type
quantity
index)

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

2006:

2007:

2008:

2009:

....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
I ...............................
II .............................
III ............................
IV ............................
I ...............................
II .............................
III ............................
IV ............................
I ...............................
II .............................
III ............................
IV ............................
I ...............................
II .............................
III ............................
IV ............................
I r ..............................

1 Quarterly

96.469
100.000
100.751
102.362
104.931
108.748
111.944
115.054
117.388
118.692
110.786
111.502
112.560
112.928
114.264
115.022
115.250
115.681
115.696
117.056
118.425
118.374
118.631
119.460
119.308
117.369
115.654

GDP
chain-type
price
index

GDP
implicit
price
deflator

97.868
100.000
102.402
104.193
106.409
109.462
113.039
116.676
119.819
122.500
111.778
112.357
113.487
114.536
115.536
116.317
117.109
117.742
118.935
119.531
119.984
120.826
121.613
121.951
123.134
123.302
124.168

PCE
(chain-type
price index)

PCE
less food
and energy
price index

97.575
100.000
102.094
103.542
105.597
108.392
111.581
114.675
117.659
121.596
110.187
110.881
112.168
113.089
113.581
114.499
115.381
115.239
116.202
117.246
117.969
119.221
120.283
121.544
123.041
121.514
121.208

98.343
100.000
101.904
103.705
105.175
107.338
109.644
112.129
114.548
117.043
108.838
109.405
109.838
110.495
111.076
111.887
112.531
113.022
113.682
114.201
114.797
115.512
116.158
116.782
117.481
117.749
118.197

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
121.508
121.890
123.056
123.244
124.097

percent changes are at annual rates.

Real GDP
(chain-type
quantity
index)

GDP
(current
dollars)

6.0
5.9
3.2
3.4
4.7
6.6
6.3
6.1
4.8
3.3
7.1
4.8
8.1
5.1
8.6
5.5
3.6
3.7
4.3
6.9
6.3
2.3
3.5
4.1
3.4
¥5.8
¥3.1

GDP
chain-type
price
index

4.5
3.7
.8
1.6
2.5
3.6
2.9
2.8
2.0
1.1
3.0
2.6
3.8
1.3
4.8
2.7
.8
1.5
.1
4.8
4.8
¥.2
.9
2.8
¥.5
¥6.3
¥5.7

1.4
2.2
2.4
1.7
2.1
2.9
3.3
3.2
2.7
2.2
4.0
2.1
4.1
3.7
3.5
2.7
2.8
2.2
4.1
2.0
1.5
2.8
2.6
1.1
3.9
.5
2.8

GDP
implicit
price
deflator

1.4
2.2
2.4
1.7
2.1
2.9
3.3
3.2
2.7
2.2
4.0
2.1
4.1
3.8
3.6
2.7
2.7
2.2
4.2
2.0
1.5
2.5
2.6
1.3
3.9
.6
2.8

PCE
(chain-type
price index)

PCE
less food
and energy
price index

1.7
2.5
2.1
1.4
2.0
2.6
2.9
2.8
2.6
3.3
2.5
2.5
4.7
3.3
1.8
3.3
3.1
¥.5
3.4
3.6
2.5
4.3
3.6
4.3
5.0
¥4.9
¥1.0

1.5
1.7
1.9
1.8
1.4
2.1
2.1
2.3
2.2
2.2
2.5
2.1
1.6
2.4
2.1
3.0
2.3
1.8
2.4
1.8
2.1
2.5
2.3
2.2
2.4
.9
1.5

Source: Department of Commerce, Bureau of Economic Analysis.

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

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

Unit nonlabor cost

Period
Current
dollars

hsrobinson on PROD1PC76 with HEARING

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

Chained
(2000)
dollars

4,950.8
5,272.2
5,293.5
5,371.7
5,558.4
5,956.4
6,396.1
6,863.4
7,075.1
7,168.5
6,771.2
6,817.5
6,931.7
6,933.3
6,999.6
7,066.7
7,098.6
7,135.5
7,119.3
7,153.1
7,260.7
7,140.9
7,019.1

Total

5,011.0
5,272.2
5,224.5
5,269.7
5,387.5
5,662.1
5,916.1
6,156.4
6,243.1
6,324.3
6,126.1
6,132.4
6,198.2
6,169.0
6,165.5
6,230.2
6,271.2
6,304.4
6,283.0
6,375.1
6,410.9
6,228.3
6,027.5

Compensation of employees
(unit labor
cost)

0.988
1.000
1.013
1.019
1.032
1.052
1.081
1.115
1.133
1.133
1.105
1.112
1.118
1.124
1.135
1.134
1.132
1.132
1.133
1.122
1.133
1.147
1.165

1 Estimates for nonfinancial corporate business for 2000 and earlier periods are based on the
Standard Industrial Classification (SIC); later estimates are based on the North American Industry Classification System (NAICS).
2 The implicit price deflator for gross value added of nonfinancial corporate business divided
by 100.

Total

0.652
.672
.688
.685
.687
.683
.689
.701
.725
.733
.696
.698
.697
.714
.724
.722
.723
.730
.736
.726
.726
.742
.758

0.229
.237
.257
.253
.253
.249
.257
.262
.270
.277
.257
.261
.260
.266
.267
.269
.270
.271
.273
.272
.276
.284
.294

Consumption of
fixed
capital

Taxes
on production
and imports 3

Net interest and
miscellaneous
payments

0.105
.108
.124
.122
.122
.121
.126
.126
.132
.140
.123
.125
.126
.129
.130
.131
.132
.133
.136
.136
.142
.144
.150

0.092
.093
.094
.099
.103
.103
.105
.108
.109
.108
.107
.108
.107
.109
.109
.109
.109
.109
.108
.107
.106
.109
.112

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

Corporate profits with inventory
valuation and capital consumption
adjustments 4
Total

0.107
.090
.068
.081
.091
.120
.135
.153
.139
.125
.152
.152
.161
.145
.143
.144
.139
.130
.125
.123
.130
.120
.113

Taxes on
corporate
income

0.034
.032
.021
.018
.025
.034
.046
.050
.051
.043
.049
.051
.052
.048
.052
.053
.051
.050
.045
.046
.047
.033
.036

Profits
after
tax 5

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

3 Less

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

5 With

3
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ECOIND

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

National
income

Period

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

8,236.7
8,795.2
8,979.8
9,229.3
9,632.3
10,306.8
10,974.0
11,795.7
12,270.9
12,427.4
10,779.5
11,331.3
11,611.1
11,738.5
11,848.6
11,984.7
12,087.4
12,233.6
12,338.6
12,424.1
12,447.6
12,468.6
12,491.4
12,302.0
12,254.5

Compensation
of
employees

5,357.1
5,782.7
5,942.1
6,091.2
6,325.4
6,656.4
7,030.8
7,433.8
7,812.3
8,052.8
7,090.2
7,191.0
7,318.0
7,364.2
7,441.9
7,611.1
7,709.0
7,760.1
7,839.3
7,941.0
8,009.7
8,033.5
8,092.9
8,074.9
8,024.0

Farm

28.6
22.7
19.7
10.6
29.2
37.3
34.1
16.2
44.0
34.6
37.1
27.7
17.3
9.8
13.8
23.7
39.3
42.3
47.4
47.1
41.6
38.0
32.4
26.3
24.1

Nonfarm

649.7
705.7
752.2
757.8
782.1
874.3
925.7
998.6
1,012.2
1,037.9
923.3
966.7
987.5
1,008.4
999.6
998.7
997.9
1,007.9
1,016.4
1,026.7
1,030.1
1,039.0
1,048.2
1,034.2
1,015.5

Corporate profits with inventory valuation and
capital consumption adjustments

Rental
income
of
persons
with
capital
consumption
adjustment

Capital
consumption
adjustment

Net
interest
and
miscellaneous
payments

Taxes
on
production
and
imports

74.5
58.6
48.1
120.1
98.7
69.7
¥134.8
¥165.7
¥192.7
¥71.7
¥154.5
¥146.0
¥144.5
¥160.0
¥173.4
¥184.8
¥176.9
¥187.0
¥197.8
¥209.2
¥48.0
¥62.7
¥88.0
¥88.1
¥144.9

495.4
559.0
566.3
520.9
524.7
491.2
569.1
631.2
664.4
682.7
583.9
600.8
615.5
629.7
630.1
649.3
645.8
660.8
663.0
688.1
662.3
683.4
656.6
728.6
718.4

674.0
708.9
728.6
762.8
807.2
863.8
928.2
976.2
1,015.5
1,033.8
937.4
946.8
962.7
973.6
980.1
988.3
1,002.7
1,012.3
1,019.2
1,027.7
1,025.8
1,039.4
1,044.1
1,026.1
1,014.8

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

147.3
150.3
167.4
152.9
133.0
118.4
40.9
44.3
40.0
64.4
¥56.9
58.0
52.8
45.6
40.4
38.2
35.1
44.6
41.8
38.6
39.1
58.6
68.5
91.4
89.8

851.3
817.9
767.3
886.3
993.1
1,231.2
1,447.9
1,668.5
1,642.4
1,476.5
1,342.6
1,538.6
1,634.2
1,681.6
1,713.8
1,644.5
1,617.8
1,672.5
1,668.3
1,611.1
1,593.5
1,533.3
1,514.8
1,264.5
1,307.1

Profits
before
tax

Inventory
valuation
adjustment

776.8
759.3
719.2
766.2
894.5
1,161.6
1,582.8
1,834.2
1,835.1
1,548.2
1,497.1
1,684.6
1,778.7
1,841.6
1,887.2
1,829.3
1,794.7
1,859.5
1,866.1
1,820.2
1,641.5
1,596.0
1,602.8
1,352.6
1,452.0

775.9
773.4
707.9
768.4
908.1
1,204.7
1,620.6
1,873.7
1,886.3
1,597.3
1,536.3
1,733.3
1,813.8
1,900.1
1,929.9
1,851.1
1,838.9
1,914.8
1,897.1
1,894.3
1,750.9
1,750.0
1,693.7
1,194.5
1,346.6

1.0
¥14.1
11.3
¥2.2
¥13.6
¥43.1
¥37.8
¥39.5
¥51.2
¥49.0
¥39.1
¥48.7
¥35.0
¥58.5
¥42.7
¥21.8
¥44.2
¥55.3
¥31.0
¥74.1
¥109.4
¥154.0
¥90.9
158.1
105.3

inventory valuation and capital consumption adjustments.

Less:
Subsidies

Business
current
transfer
payments

Current
surplus
of government
enterprises

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

67.4
87.1
92.8
84.3
83.8
83.0
70.0
85.4
100.2
103.6
8.5
76.1
85.1
83.5
86.0
86.8
98.3
97.4
102.2
103.1
103.2
102.1
92.1
116.8
122.8

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

Note—Revisions include changes to series affected by revised wage and salary estimates for
2008:IV.
Source: Department of Commerce, Bureau of Economic Analysis

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

Period

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

2007:

hsrobinson on PROD1PC76 with HEARING

2008:

2009:

...............
...............
...............
...............
...............
...............
...............
...............
...............
...............
III .......
IV ........
I ..........
II .........
III .......
IV ........
I ..........
II .........
III .......
IV ........
I ..........
II .........
III .......
IV ........
I r .........

6,438.6
6,739.4
6,910.4
7,099.3
7,295.3
7,561.4
7,791.7
8,029.0
8,252.8
8,272.1
7,838.1
7,864.9
7,947.4
8,002.1
8,046.3
8,119.9
8,197.2
8,237.3
8,278.5
8,298.2
8,316.1
8,341.3
8,260.6
8,170.5
8,202.0

Total
durable
goods

804.6
863.3
900.7
964.8
1,020.6
1,084.8
1,134.4
1,185.1
1,242.4
1,188.5
1,158.9
1,123.3
1,173.1
1,178.3
1,188.4
1,200.7
1,227.3
1,242.3
1,249.4
1,250.6
1,237.0
1,228.3
1,180.1
1,108.6
1,134.4

Motor
vehicles
and
parts

372.4
386.5
405.8
429.0
442.1
450.8
449.9
437.9
446.7
387.2
469.0
418.1
435.4
437.3
439.4
439.6
449.5
451.3
443.5
442.6
430.2
407.2
376.9
334.6
349.6

Furniture
and
household
equipment

280.7
312.9
331.8
364.3
397.8
445.1
490.9
550.2
594.0
614.3
497.0
514.0
537.9
544.6
553.8
564.5
580.3
588.3
600.8
606.6
609.3
629.6
616.2
602.2
608.4

Nondurable goods

Other

151.7
163.9
163.2
172.4
183.2
195.1
205.1
218.0
228.3
226.5
203.5
209.0
218.7
216.6
216.7
219.8
222.0
227.7
232.9
230.8
229.4
230.8
228.1
217.7
221.0

Total
nondurable
goods

1,876.6
1,947.2
1,986.7
2,037.1
2,103.0
2,177.6
2,252.7
2,335.3
2,392.6
2,378.4
2,260.1
2,286.3
2,310.8
2,328.7
2,342.0
2,359.8
2,380.1
2,391.5
2,398.6
2,400.2
2,397.9
2,420.7
2,376.3
2,318.6
2,315.2

Food

893.6
925.2
940.2
954.6
977.7
1,009.4
1,047.7
1,090.1
1,110.5
1,109.3
1,053.3
1,063.7
1,077.8
1,090.3
1,093.3
1,099.1
1,102.5
1,110.1
1,110.9
1,118.7
1,122.4
1,133.6
1,112.3
1,069.0
1,060.7

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

Gasoline
and
oil

Clothing
and
shoes

282.7
297.7
303.7
318.3
334.2
350.7
372.3
394.4
412.9
414.5
371.6
383.7
390.2
391.0
396.1
400.4
409.4
412.2
416.6
413.2
416.3
427.2
412.2
402.3
402.4

176.3
175.7
178.3
181.9
183.2
186.7
187.4
184.2
184.5
177.5
188.6
188.6
186.3
183.2
183.6
183.8
185.1
184.3
184.7
183.8
181.4
179.1
173.3
176.3
178.0

Services

Fuel
oil
and
coal

16.4
15.8
15.2
15.5
15.4
14.6
13.2
12.4
13.7
11.9
13.0
12.3
11.5
12.6
12.7
13.0
14.3
13.8
13.3
13.4
12.8
11.9
11.1
11.8
12.5

Total
services 1

Other

508.6
532.9
549.2
567.1
593.2
618.0
637.3
666.1
687.3
689.3
638.2
645.4
655.3
663.3
669.0
677.0
683.5
687.1
690.5
687.9
684.8
695.1
695.5
681.6
683.8

3,758.0
3,928.8
4,023.2
4,100.4
4,178.8
4,311.0
4,420.9
4,529.9
4,646.2
4,714.3
4,439.4
4,466.9
4,484.7
4,515.7
4,537.6
4,581.5
4,616.1
4,632.7
4,659.8
4,676.1
4,704.3
4,712.1
4,711.3
4,729.4
4,745.0

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978.6
1,006.5
1,033.7
1,042.1
1,051.9
1,083.8
1,118.4
1,154.6
1,171.7
1,182.4
1,123.7
1,133.1
1,143.2
1,151.7
1,158.8
1,164.7
1,168.0
1,170.4
1,172.5
1,175.9
1,177.3
1,182.3
1,184.5
1,185.6
1,185.2

Source: Department of Commerce, Bureau of Economic Analysis.

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Medical
care

989.0
1,026.8
1,075.2
1,136.6
1,180.8
1,216.5
1,257.3
1,290.2
1,327.8
1,374.8
1,263.4
1,273.8
1,283.7
1,287.9
1,289.8
1,299.2
1,316.0
1,319.4
1,331.4
1,344.5
1,360.8
1,370.3
1,378.9
1,389.2
1,396.2

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

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

SOURCES OF PERSONAL INCOME
Personal income rose $58.2 billion (annual rate) in April following a decrease of $25.9 billion in March. Wages
and salaries rose $3.2 billion in April following a decrease of $35.8 billion in March.

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

1999 .................
2000 .................
2001 .................
2002 .................
2003 .................
2004 .................
2005 .................
2006 .................
2007 .................
2008 r ................
2008: Apr ........
May .......
June ......
July .......
Aug .......
Sept .......
Oct r .......
Nov r ......
Dec r .......
2009: Jan r .......
Feb r .......
Mar r ......
Apr p ......
1 With

hsrobinson on PROD1PC76 with HEARING

2 With

Total

7,802.4
8,429.7
8,724.1
8,881.9
9,163.6
9,727.2
10,269.8
10,993.9
11,663.2
12,100.6
12,003.1
12,219.8
12,233.6
12,139.9
12,179.8
12,191.4
12,162.6
12,112.0
12,083.8
12,088.6
12,059.6
12,033.7
12,091.9

5,352.0
5,782.7
5,942.1
6,091.2
6,310.4
6,671.4
7,025.8
7,432.6
7,818.6
8,052.8
8,018.1
8,033.1
8,049.3
8,072.3
8,104.2
8,102.3
8,088.0
8,078.1
8,058.5
8,052.5
8,026.8
7,992.8
8,000.8

Wage and
salary
disbursements

4,466.3
4,829.2
4,942.8
4,980.9
5,112.7
5,394.5
5,671.7
6,027.2
6,362.0
6,548.0
6,519.1
6,530.9
6,543.8
6,563.5
6,592.2
6,589.8
6,574.4
6,564.0
6,544.2
6,525.4
6,497.4
6,461.6
6,464.8

885.7
953.4
999.3
1,110.3
1,197.7
1,276.9
1,354.1
1,405.3
1,456.6
1,504.8
1,498.9
1,502.1
1,505.5
1,508.8
1,511.9
1,512.5
1,513.7
1,514.2
1,514.3
1,527.0
1,529.4
1,531.3
1,536.0

Farm

Nonfarm

28.6
22.7
19.7
10.6
29.2
37.3
34.1
16.2
44.0
34.6
39.4
38.4
36.1
35.0
32.5
29.6
27.0
26.1
25.9
25.2
23.7
23.4
27.2

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

Personal income receipts on assets
Rental
income
of
persons 2

649.7
705.7
752.2
757.8
782.1
874.3
925.7
998.6
1,012.2
1,037.9
1,031.9
1,037.7
1,047.4
1,055.0
1,047.3
1,042.2
1,048.0
1,031.3
1,023.4
1,016.0
1,018.8
1,011.6
1,012.3

147.3
150.3
167.4
152.9
133.0
118.4
40.9
44.3
40.0
64.4
49.1
58.3
68.3
72.8
77.3
55.5
87.1
90.9
96.1
92.6
90.0
86.8
89.5

Total

1,264.2
1,387.0
1,380.0
1,333.2
1,336.6
1,432.1
1,596.9
1,824.8
2,000.1
2,037.7
2,051.8
2,052.3
2,052.8
2,054.1
2,055.6
2,057.3
2,023.0
1,988.6
1,954.0
1,933.5
1,912.9
1,892.4
1,889.7

Personal
interest
income

928.6
1,011.0
1,011.0
936.1
914.1
895.1
1,022.0
1,125.4
1,214.3
1,208.5
1,213.0
1,208.7
1,204.5
1,210.9
1,217.4
1,223.8
1,203.6
1,183.4
1,163.2
1,156.6
1,150.0
1,143.4
1,145.7

Personal
dividend
income

335.6
376.1
369.0
397.2
422.6
537.0
574.9
699.4
785.8
829.1
838.8
843.6
848.3
843.2
838.2
833.4
819.4
805.2
790.8
776.9
762.9
749.0
744.0

Personal
current
transfer
receipts 3

1,022.1
1,084.0
1,193.9
1,286.2
1,351.0
1,422.5
1,520.7
1,603.0
1,713.3
1,869.1
1,807.5
1,995.3
1,976.0
1,849.0
1,864.3
1,904.8
1,887.2
1,892.5
1,918.3
1,967.3
1,981.4
2,015.7
2,061.4

Less: Contributions
for government social
insurance

661.4
702.7
731.1
750.0
778.6
828.8
874.3
925.5
965.1
995.7
994.5
995.4
996.3
998.2
1,001.4
1,000.3
997.8
995.5
992.4
998.5
994.0
989.0
989.0

Note.—Revisions include changes to series affected by revised wage and salary estimates for
2008:IV.
Source: Department of Commerce, Bureau of Economic Analysis.

3 Consists

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Total
personal
income

Period

Supplements to
wages
and
salaries

Proprietors’ income 1

DISPOSITION OF PERSONAL INCOME
According to revised estimates, per capita disposable personal income in chained (2000) dollars rose at an annual
rate of 5.6 percent in the first quarter of 2009.

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
12,100.6

Chained
(2000)
dollars

Per capita personal
consumption
expenditures
Current
dollars

Chained
(2000)
dollars

Dollars

1,107.5 6,695.0 6,536.4
1,235.7 7,194.0 7,025.6
1,237.3 7,486.8 7,354.5
1,051.8 7,830.1 7,645.3
1,001.1 8,162.5 7,987.7
1,046.3 8,680.9 8,499.2
1,207.8 9,062.0 9,029.5
1,353.2 9,640.7 9,570.0
1,492.8 10,170.5 10,113.1
1,457.3 10,643.3 10,450.7

158.6
168.5
132.3
184.7
174.9
181.7
32.5
70.7
57.4
192.7

6,861.3
7,194.0
7,333.3
7,562.2
7,729.9
8,008.9
8,121.4
8,407.0
8,644.0
8,753.6

23,968
25,473
26,243
27,183
28,076
29,592
30,611
32,263
33,706
34,950

Percent
change
in real
per capita
disposable
personal
income

Saving as
percent of
disposable
personal
income

Population,
including
Armed
Forces
overseas
(thousands) 2

Percent

24,564
25,473
25,704
26,253
26,588
27,302
27,434
28,134
28,648
28,745

22,491
23,864
24,729
25,518
26,498
27,939
29,368
30,812
32,181
33,028

23,050
23,864
24,222
24,646
25,093
25,776
26,320
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
282,413
285,294
288,055
290,729
293,348
296,036
298,820
301,737
304,529

27,276
27,706
27,991
28,018
28,101
28,424
28,664
28,555
28,702
28,670
28,560
29,234
28,525
28,657
29,053

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
32,484
32,461

26,446
26,472
26,692
26,817
26,895
27,070
27,265
27,336
27,403
27,399
27,401
27,427
27,095
26,734
26,782

¥2.3
6.5
4.2
.4
1.2
4.7
3.4
¥1.5
2.1
¥.4
¥1.5
9.8
¥9.4
1.9
5.6

¥.7
.8
1.0
.6
.5
.9
1.1
.3
.5
.4
.2
2.5
1.3
3.2
4.4

296,378
297,109
297,743
298,399
299,175
299,965
300,644
301,332
302,108
302,865
303,498
304,128
304,872
305,619
306,245

2005: III ....
IV ....
2006: I .......
II .....
III ....
IV ....
2007: I .......
II .....
III ....
IV ....
2008: I .......
II .....
III ....
IV r ...
2009: I r .....

10,289.1
10,561.0
10,781.6
10,913.2
11,056.1
11,224.7
11,473.0
11,577.5
11,730.4
11,872.1
11,960.5
12,152.2
12,170.4
12,119.5
12,060.6

1,222.3
1,252.5
1,316.0
1,341.1
1,356.2
1,399.6
1,459.5
1,489.4
1,501.6
1,520.5
1,535.0
1,346.1
1,470.7
1,477.4
1,276.7

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
10,642.0
10,783.9

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
10,308.4

¥62.9
74.4
94.4
54.2
48.1
86.1
109.3
31.1
46.8
42.4
20.6
267.9
139.8
342.3
475.5

8,084.0
8,231.8
8,334.2
8,360.4
8,407.1
8,526.2
8,617.7
8,604.5
8,671.1
8,683.1
8,667.9
8,891.0
8,696.4
8,758.2
8,897.4

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

30,592
31,331
31,791
32,078
32,422
32,754
33,307
33,478
33,858
34,179
34,351
35,531
35,096
34,821
35,213

Note.—Revisions include changes to series affected by revised wage and salary estimates for
2008:IV.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).

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Seasonally adjusted annual rates

FARM INCOME
According to the preliminary forecast for 2009, gross farm income is forecast at $348.3 billion, and net farm income
at $71.2 billion.

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

hsrobinson on PROD1PC76 with HEARING

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

Livestock and
products

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

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.
3 Physical changes in beginning and ending year inventories of crop and livestock commodities
valued at weighted average market prices during the period.

Value of
inventory
changes 3

Crops 2

92.4
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

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

Direct
Government
payments 4

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

Production
expenses

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

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

4 Includes only Government payments made directly to farmers.
NOTE.—Data for 2008 are preliminary, while data for 2009 are forecasts.
Source: Department of Agriculture.

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Period

CORPORATE PROFITS
In the first quarter of 2009, according to current estimates, corporate profits before tax rose $152.1 billion (annual
rate) and profits after tax rose $120.6 billion.

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

Profits after tax

Domestic industries
Nonfinancial

Total 2

hsrobinson on PROD1PC76 with HEARING

Total

1998 4 ............................
1999 ..............................
2000 ..............................
2001 ..............................
2002 ..............................
2003 ..............................
2004 ..............................
2005 ...............................
2006 ...............................
2007 ...............................
2008 ..............................
2005: III .......................
IV .......................
2006: I ..........................
II ........................
III .......................
IV .......................
2007: I ..........................
II ........................
III .......................
IV .......................
2008: I ..........................
II .......................
III ......................
IV ......................
2009: I p .......................
1 See

738.5
776.8
759.3
719.2
766.2
894.5
1,161.6
1,582.8
1,834.2
1,835.1
1,548.2
1,497.1
1,684.6
1,778.7
1,841.6
1,887.2
1,829.3
1,794.7
1,859.5
1,866.1
1,820.2
1,641.5
1,596.0
1,602.8
1,352.6
1,452.0

635.5
655.3
613.6
549.5
610.4
729.0
968.2
1,343.3
1,566.7
1,490.5
1,161.7
1,244.2
1,447.2
1,528.3
1,571.9
1,626.7
1,540.0
1,496.6
1,556.7
1,509.7
1,398.9
1,243.1
1,222.5
1,224.4
956.7
1,065.4

Financial
165.4
194.3
200.2
227.6
276.4
317.3
348.9
425.3
478.8
449.9
308.9
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
252.2

Total 3

Manufacturing

Utilities

Wholesale

Retail

470.1
157.0
32.7
53.2
66.4
461.1
150.6
33.1
55.5
65.2
413.4
144.3
24.4
59.7
59.6
322.0
52.6
24.7
52.1
71.0
334.0
48.2
10.6
49.3
79.4
411.8
76.0
11.6
55.2
86.8
619.3
152.7
18.6
79.2
91.1
918.1
243.8
28.9
97.3
120.4
1,087.9
304.3
55.6
107.5
132.3
1,040.6
316.6
58.5
102.6
132.3
852.7
239.8
54.6
76.5
91.7
881.9
241.6
21.7
85.5
114.8
1,015.8
251.6
38.2
103.8
137.8
1,058.3
279.2
44.9
102.3
133.5
1,078.8
305.8
53.5
94.5
126.0
1,153.4
333.5
62.5
128.3
132.1
1,061.2
298.9
61.4
104.9
137.5
1,042.5
317.0
57.2
108.2
132.8
1,064.0
350.8
54.7
112.7
145.9
1,049.3
306.6
58.7
109.1
126.0
1,006.5
292.1
63.2
80.2
124.5
830.2
240.5
46.2
49.2
112.0
839.3
214.9
56.7
59.4
92.7
915.6
272.6
59.1
92.1
86.2
825.8
231.2
56.3
105.2
75.8
813.1 ................ ................ .............. ..............

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

2 Includes
3 Includes

718.3
775.9
773.4
707.9
768.4
908.1
1,204.7
1,620.6
1,873.7
1,886.3
1,597.3
1,536.3
1,733.3
1,813.8
1,900.1
1,929.9
1,851.1
1,838.9
1,914.8
1,897.1
1,894.3
1,750.9
1,750.0
1,693.7
1,194.5
1,346.6

248.3
258.6
265.2
204.1
192.6
243.3
307.4
413.7
468.9
450.4
366.6
386.4
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
294.8

Total

470.0
517.2
508.2
503.8
575.8
664.8
897.3
1,206.9
1,404.8
1,435.9
1,230.6
1,149.9
1,284.1
1,359.9
1,425.2
1,442.6
1,391.4
1,390.4
1,446.3
1,446.1
1,460.9
1,348.0
1,343.2
1,300.1
931.2
1,051.8

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351.6
337.4
377.9
370.9
399.2
424.7
539.5
577.4
702.1
788.7
832.1
581.4
613.4
652.8
688.8
720.9
745.8
761.5
779.2
797.6
816.4
832.5
846.4
841.1
808.3
766.1

118.3
179.9
130.3
132.9
176.6
240.1
357.8
629.5
702.7
647.3
398.6
568.4
670.6
707.1
736.4
721.7
645.6
629.0
667.1
648.5
644.5
515.5
496.7
459.1
122.9
285.7

20.2
1.0
¥14.1
11.3
¥2.2
¥13.6
¥43.1
¥37.8
¥39.5
¥51.2
¥49.0
¥39.1
¥48.7
¥35.0
¥58.5
¥42.7
¥21.8
¥44.2
¥55.3
¥31.0
¥74.1
¥109.4
¥154.0
¥90.9
158.1
105.3

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

8
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Undisvalutributed ation adprofits justment

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Period

Profits
before
tax

Taxes
on
corporate
income

REAL GROSS PRIVATE DOMESTIC INVESTMENT
In the first quarter of 2009, according to revised estimates, nonresidential fixed investment in chained (2000) dollars
fell $146.0 billion (annual rate) and residential investment fell $38.2 billion. There was a decrease of $91.4 billion
in inventories following a decrease of $25.8 billion in the fourth quarter.

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

Period

Nonresidential
Total

Equipment
and software

Residential

Structures

Total

Total

Nonfarm

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

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

1,576.3
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
843.1
905.1
989.6
1,061.0
1,078.9
1,047.0

443.6
446.9
448.5
469.9
509.4
560.2
595.4
552.9
453.8
359.5

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

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

2005: III ..........................................................................
IV ..........................................................................

1,862.8
1,917.3

1,847.2
1,858.0

1,237.1
1,248.2

246.2
247.4

1,006.5
1,017.4

601.7
602.0

11.0
53.5

6.2
53.2

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

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

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

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

256.5
268.3
277.4
279.1

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

596.5
570.1
536.7
508.4

45.9
56.9
53.3
13.1

45.4
63.3
59.9
16.4

2007: I .............................................................................
II ...........................................................................
III ..........................................................................
IV ..........................................................................
2008: I .............................................................................
II ...........................................................................
III .........................................................................
IV ..........................................................................

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

1,807.8
1,821.3
1,817.0
1,788.2
1,762.4
1,754.9
1,731.1
1,627.0

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
1,074.7
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

2009: I r ...........................................................................

1,346.7

1,447.6

1,195.1

296.2

876.4

293.4

¥91.4

¥99.0

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.

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hsrobinson on PROD1PC76 with HEARING

1999
2000
2001
2002
2003
2004
2005
2006
2007
2008

Change in private
inventories

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

Residential

Equipment and software

Period

Information processing equipment
and software

Total
fixed
investment

Total
nonresidential

Structures

Total

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

Structures

Computers and
peripheral
equipment 1

Software

Total

Transportation
equipment

Other
equipment

Total
residential

Total 2

Single
family

Other

Industrial
equipment

Equipment

...........................
...........................
...........................
...........................
...........................
...........................
...........................
...........................
...........................
...........................
III ...................
IV ....................

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
1,847.2
1,858.0

1,133.3
1,232.1
1,180.5
1,071.5
1,081.8
1,144.3
1,226.2
1,318.2
1,382.9
1,405.4
1,237.1
1,248.2

293.2
313.2
306.1
253.8
243.5
246.7
249.8
270.3
304.6
338.8
246.2
247.4

840.2
918.9
874.2
820.2
843.1
905.1
989.6
1,061.0
1,078.9
1,047.0
1,006.5
1,017.4

398.5
467.6
459.0
437.4
462.7
505.7
546.7
596.6
653.9
685.0
552.7
564.3

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

157.2
176.2
173.8
169.7
177.3
193.6
207.0
215.5
237.0
248.4
208.2
211.4

158.0
190.0
181.7
161.1
167.1
181.1
191.6
206.7
218.0
226.1
195.3
194.9

147.9
159.2
145.7
134.5
138.4
134.0
145.3
153.5
155.7
149.2
146.3
152.0

167.7
160.8
142.8
126.0
113.8
130.6
149.5
159.5
139.4
99.6
157.2
150.3

126.7
131.2
126.9
122.9
130.4
138.3
150.4
156.5
148.4
146.3
151.7
153.7

443.6
446.9
448.5
469.9
509.4
560.2
595.4
552.9
453.8
359.5
601.7
602.0

436.6
439.5
441.1
462.2
501.2
551.2
586.0
543.5
444.9
351.3
592.3
592.4

234.2
236.8
237.1
246.3
272.6
305.3
325.9
294.9
214.1
136.0
327.6
333.7

7.0
7.4
7.4
7.7
8.1
9.0
9.3
9.6
9.5
9.1
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

256.5
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

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

212.5
213.2
215.8
220.5

207.6
205.1
209.4
204.8

149.9
157.2
153.8
153.2

165.3
157.9
159.7
155.2

158.2
158.7
155.2
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
159.1
153.1

149.0
139.4
137.4
131.9

145.3
147.5
149.2
151.5

486.4
471.7
445.3
411.6

477.3
462.8
436.5
403.0

235.6
227.3
210.3
182.9

9.5
9.5
9.5
9.4

2008: I ......................
II .....................
III ...................
IV ....................

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

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

326.4
340.5
348.4
339.9

1,088.6
1,074.7
1,054.0
970.5

689.6
702.9
695.5
651.8

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

251.0
252.3
249.5
240.8

223.6
230.6
233.6
216.6

153.4
152.0
148.6
142.8

127.0
108.6
93.6
69.3

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

2009: I r .....................

1,447.6

1,195.1

296.2

876.4

620.2

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

227.8

206.2

121.6

49.2

128.3

293.4

286.0

86.2

8.4

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

Con- ManuUtili- strucfacties
turtion
ing

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

hsrobinson on PROD1PC76 with HEARING

For companies with employees
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007

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

807.1 .............. ........... ............ ......... .......... ........... ............ .......... ............ .......... .......... .......... .......... ........... ........... ..........
871.8 .............. ........... ............ ......... .......... ........... ............ .......... ............ .......... .......... .......... .......... ........... ........... ..........
970.9
896.5
0.9
40.4 36.0 26.9 203.6
29.2 57.3
51.3 96.5 118.2 85.2
22.3
47.1
81.7 74.4
1,047.0
974.6
1.7
30.6 42.8 23.1 196.4
32.4 64.1
57.3 122.8 130.1 100.6
29.5
51.3
91.8 72.3
1,161.0 1,089.9
1.5
42.5 61.3 25.0 214.8
33.6 69.8
59.9 160.2 133.7 92.5
34.1
52.2 108.9 71.2
1,109.0 1,052.3
1.5
51.3 82.8 24.8 192.8
30.0 66.9
57.8 144.8 131.1 82.7
30.5
52.9 102.5 56.7
997.9
917.5
1.9
42.5 65.5 24.8 157.2
26.8 59.3
47.1 88.2 128.4 94.5
25.9
59.3
96.1 80.4
975.0
886.8
1.9
50.5 54.6 23.2 149.1
26.0 65.9
44.5 80.5 120.8 88.0
24.7
61.2
96.2 88.2
1,042.1
953.2
2.1
51.3 50.4 28.6 156.7
32.3 72.2
46.1 83.5 153.6 91.6
26.7
64.6
93.6 88.9
1,144.8 1,062.5
2.7
66.7 58.0 30.1 165.6
40.6 73.5
56.9 91.4 161.4 103.0
33.1
73.8 105.6 82.2
1,309.9 1,217.1
2.7
99.3 69.8 30.3 192.4
36.6 86.7
68.0 104.4 163.1 132.1
30.3
75.3 126.3 92.8
1,361.6 1,277.4
2.1 121.7 83.6 36.7 197.0
31.8 84.2
68.5 105.3 172.5 123.0
31.8
83.8 135.3 84.2

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

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

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ECOIND

EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
In May, employment fell by 437,000 and unemployment rose by 787,000.

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

1999 2 ....................
2000 2 ....................
2001 .....................
2002 ......................
2003 2 ....................
2004 2 ....................
2005 2 ....................
2006 2 ....................
2007 2 ....................
2008 2 ....................
2008: May ...........
June ..........
July ...........
Aug ...........
Sept ...........
Oct ............
Nov ............
Dec ............
2009: Jan 2 ..........
Feb ............
Mar ...........
Apr ............
May ...........

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
233,405
233,627
233,864
234,107
234,360
234,612
234,828
235,035
234,739
234,913
235,086
235,271
235,452

139,368
142,583
143,734
144,863
146,510
147,401
149,320
151,428
153,124
154,287
154,510
154,400
154,506
154,823
154,621
154,878
154,620
154,447
153,716
154,214
154,048
154,731
155,081

Total

Men
20
years
and
over

Women
20
years
and
over

Both
sexes
16–19
years

Total

133,488
136,891
136,933
136,485
137,736
139,252
141,730
144,427
146,047
145,362
145,974
145,738
145,596
145,273
145,029
144,657
144,144
143,338
142,099
141,748
140,887
141,007
140,570

67,761
69,634
69,776
69,734
70,415
71,572
73,050
74,431
75,337
74,750
74,992
74,949
75,973
74,737
74,503
74,292
74,045
73,285
72,613
72,293
71,655
71,678
71,593

58,555
60,067
60,417
60,420
61,402
61,773
62,702
63,834
64,799
65,039
65,114
65,169
65,103
65,003
65,008
64,975
64,902
64,860
64,298
64,271
64,148
64,226
63,895

7,172
7,189
6,740
6,332
5,919
5,907
5,978
6,162
5,911
5,573
5,868
5,620
5,520
5,533
5,518
5,390
5,196
5,194
5,188
5,184
5,083
5,103
5,082

5,880
5,692
6,801
8,378
8,774
8,149
7,591
7,001
7,078
8,924
8,536
8,662
8,910
9,550
9,592
10,221
10,476
11,108
11,616
12,467
13,161
13,724
14,511

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.

Men
20
years
and
over
2,433
2,376
3,040
3,896
4,209
3,791
3,392
3,131
3,259
4,297
3,921
4,106
4,313
4,572
4,889
5,088
5,290
5,714
5,972
6,394
6,923
7,403
7,802

Women
20
years
and
over

Both
sexes
16–19
years

2,285
2,235
2,599
3,228
3,314
3,150
3,013
2,751
2,718
3,342
3,252
3,252
3,170
3,662
3,377
3,725
3,851
4,031
4,286
4,646
4,828
4,922
5,217

1,162
1,081
1,162
1,253
1,251
1,208
1,186
1,119
1,101
1,285
1,363
1,304
1,427
1,316
1,326
1,408
1,335
1,363
1,359
1,427
1,410
1,398
1,491

Not in
labor
force

Labor
force
participation
rate

Employment/
population
ratio

Unemployment
rate

67.1
67.1
66.8
66.6
66.2
66.0
66.0
66.2
66.0
66.0
66.2
66.1
66.1
66.1
66.0
66.0
65.8
65.7
65.5
65.6
65.5
65.8
65.9

64.3
64.4
63.7
62.7
62.3
62.3
62.7
63.1
63.0
62.2
62.5
62.4
62.3
62.1
61.9
61.7
61.4
61.0
60.5
60.3
59.9
59.9
59.7

4.2
4.0
4.7
5.8
6.0
5.5
5.1
4.6
4.6
5.8
5.5
5.6
5.8
6.2
6.2
6.6
6.8
7.2
7.6
8.1
8.5
8.9
9.4

68,385
69,994
71,359
72,707
74,658
75,956
76,762
77,387
78,743
79,501
78,895
79,227
79,358
79,284
79,739
79,734
80,208
80,588
81,023
80,699
81,038
80,541
80,371

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

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Period

Percent 1

Unemployment

SELECTED UNEMPLOYMENT RATES
In May, the unemployment rate rose to 9.4 percent from 8.9 percent in April.

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

hsrobinson on PROD1PC76 with HEARING

Period

All
civilian
workers

1999 .........................
2000 ........................
2001 ........................
2002 ........................
2003 ........................
2004 .........................
2005 .........................
2006 .........................
2007 .........................
2008 .........................
2008: May ..............
June .............
July ..............
Aug ..............
Sept ..............
Oct ...............
Nov ..............
Dec ...............
2009: Jan ...............
Feb ...............
Mar ..............
Apr ...............
May ..............

Men
20 years
and over

Women
20 years
and over

3.5
3.3
4.2
5.3
5.6
5.0
4.4
4.0
4.1
5.4
5.0
5.2
5.4
5.8
6.2
6.4
6.7
7.2
7.6
8.1
8.8
9.4
9.8

3.8
3.6
4.1
5.1
5.1
4.9
4.6
4.1
4.0
4.9
4.8
4.8
4.6
5.3
4.9
5.4
5.6
5.9
6.2
6.7
7.0
7.1
7.5

4.2
4.0
4.7
5.8
6.0
5.5
5.1
4.6
4.6
5.8
5.5
5.6
5.8
6.2
6.2
6.6
6.8
7.2
7.6
8.1
8.5
8.9
9.4

Both
sexes
16–19
years

White

13.9
13.1
14.7
16.5
17.5
17.0
16.6
15.4
15.7
18.7
18.9
18.8
20.5
19.2
19.4
20.7
20.4
20.8
20.8
21.6
21.7
21.5
22.7

3.7
3.5
4.2
5.1
5.2
4.8
4.4
4.0
4.1
5.2
4.9
5.0
5.2
5.5
5.5
6.0
6.2
6.6
6.9
7.3
7.9
8.0
8.6

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

By selected groups

Black or
African
American

Asian
(NSA)

Hispanic or
Latino
ethnicity

8.0
7.6
8.6
10.2
10.8
10.4
10.0
8.9
8.3
10.1
9.7
9.4
9.9
10.7
11.4
11.3
11.3
11.9
12.6
13.4
13.3
15.0
14.9

..........
3.6
4.5
5.9
6.0
4.4
4.0
3.0
3.2
4.0
3.8
4.5
4.0
4.4
3.8
3.8
4.8
5.1
6.2
6.9
6.4
6.6
6.7

Married
men,
spouse
present

6.4
5.7
6.6
7.5
7.7
7.0
6.0
5.2
5.6
7.6
7.0
7.7
7.5
8.1
7.9
8.8
8.6
9.2
9.7
10.9
11.4
11.3
12.7

2.2
2.0
2.7
3.6
3.8
3.1
2.8
2.4
2.5
3.4
3.0
3.1
3.3
3.7
3.9
4.1
4.2
4.4
5.0
5.5
5.8
6.3
6.8

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workers

Part-time
workers

6.4
5.9
6.6
8.0
8.5
8.0
7.8
7.1
6.5
8.0
6.9
7.9
8.5
9.6
8.2
8.8
9.3
9.5
10.3
10.3
10.8
10.0
11.0

4.1
3.8
4.7
5.9
6.1
5.6
5.0
4.5
4.6
5.8
5.5
5.6
5.8
6.3
6.3
6.8
7.0
7.5
8.0
8.6
9.2
9.6
10.2

5.0
4.8
5.1
5.2
5.5
5.3
5.4
5.1
4.9
5.5
5.5
5.4
5.6
5.7
5.9
5.7
5.8
5.9
5.9
5.8
5.9
6.1
6.0

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

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Women
who
maintain
families
(NSA)

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By sex and age

SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE
PROGRAMS
In May, the percentages of the unemployed who had been out of work for less than 5 weeks and for 27 weeks
and over fell; the percentages for 5–14 weeks and for 15–26 weeks rose. The mean duration of unemployment
rose to 22.5 weeks and the median duration rose to 14.9 weeks.

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

Period

Unemployment
(thousands)

Percent distribution
Less
than
5
weeks

5–14
weeks

15–26
weeks

Reason for unemployment:
percent distribution

State
programs

Number of weeks
27
weeks
and
over

Average
(mean)

Median

Job
losers 1

Job
leavers

Reentrants

New
entrants

Insured
unemployment

Initial
claims

Insured
unemployment,
all
regular
programs
(unadjusted) 2

1999 ........................................
2000 ........................................
2001 ........................................
2002 ........................................
2003 ........................................
2004 ........................................
2005 ........................................
2006 ........................................
2007 ........................................
2008 ........................................
2008: May .............................
June ............................
July .............................
Aug ..............................
Sept .............................
Oct ..............................
Nov ..............................
Dec ..............................
2009: Jan ..............................
Feb ..............................
Mar .............................
Apr ..............................
May .............................

5,880
5,692
6,801
8,378
8,774
8,149
7,591
7,001
7,078
8,924
8,536
8,662
8,910
9,550
9,592
10,221
10,476
11,108
11,616
12,467
13,161
13,724
14,511

43.7
44.9
42.0
34.5
31.7
33.1
35.1
37.3
35.9
32.8
38.1
31.4
32.4
33.9
29.8
30.3
31.4
29.2
31.0
26.9
25.7
24.7
22.4

31.2
31.9
32.3
30.8
29.8
29.2
30.4
30.3
31.5
31.4
29.0
34.6
32.0
30.1
32.1
29.7
30.3
30.4
29.8
31.4
30.8
29.4
29.6

12.8
11.8
14.0
16.3
16.4
15.9
14.9
14.7
15.0
16.0
14.5
15.4
16.3
16.4
16.9
17.9
17.0
17.2
16.8
18.6
19.3
18.7
20.9

12.3
11.4
11.8
18.3
22.1
21.8
19.6
17.6
17.6
19.7
18.4
18.6
19.3
19.6
21.2
22.1
21.3
23.2
22.4
23.1
24.2
27.2
27.0

1 Beginning

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

13.4
12.6
13.1
16.6
19.2
19.6
18.4
16.8
16.8
17.9
16.8
17.6
17.3
17.6
18.7
19.8
18.9
19.7
19.8
19.8
20.1
21.4
22.5

6.4
5.9
6.8
9.1
10.1
9.8
8.9
8.3
8.5
9.4
8.3
10.1
9.8
9.3
10.3
10.6
10.0
10.6
10.3
11.0
11.2
12.5
14.9

44.6
44.2
51.1
55.0
55.1
51.5
48.3
47.4
49.7
53.7
50.5
51.7
51.3
52.6
54.9
56.8
58.6
58.4
61.1
62.3
63.5
64.4
65.4

13.3
13.7
12.3
10.3
9.3
10.5
11.5
11.8
11.2
10.0
10.3
9.8
9.8
10.5
10.1
9.2
8.9
9.1
8.0
6.6
6.8
6.5
6.2

34.1
34.5
29.9
28.3
28.2
29.5
31.4
32.0
30.3
27.7
29.5
29.7
29.8
28.2
26.6
25.9
25.3
25.1
24.1
22.9
22.9
22.5
21.8

8.0
7.6
6.8
6.4
7.3
8.4
8.8
8.8
8.9
8.6
9.7
8.8
9.1
8.7
8.4
8.1
7.2
7.5
6.8
8.1
6.7
6.6
6.6

2,188
2,110
2,974
3,585
3,531
2,950
2,661
2,476
2,572
3,306
3,095
3,155
3,276
3,460
3,620
3,821
4,125
4,430
4,670
5,085
5,686
6,297
..............

298
301
404
407
404
345
328
313
324
424
374
392
412
441
471
480
520
537
573
637
658
630
p 630

2,219
2,141
3,007
3,619
3,569
2,995
2,706
2,518
2,610
3,343
2,667
3,108
3,006
3,179
3,164
2,980
3,819
4,778
5,378
6,097
6,925
6,046
.................

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

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Weekly average, thousands

NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey fell by 345,000 in May.

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

Goods-producing industries

Period

Total 2

Construction

Manufacturing

Service-providing industries
Trade, transportation, and
utilities

Total

Total 3
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
May ........
June .......
July ........
Aug ........
Sept .......
Oct .........
Nov ........
Dec .........
2009: Jan .........
Feb ........
Mar r .......
Apr r .......
May p ......

hsrobinson on PROD1PC76 with HEARING

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

128,993
131,785
131,826
130,341
129,999
131,435
133,703
136,086
137,598
137,066
137,517
137,356
137,228
137,053
136,732
136,352
135,755
135,074
134,333
133,652
133,000
132,496
132,151

24,465
24,649
23,873
22,557
21,816
21,882
22,190
22,531
22,233
21,419
21,612
21,507
21,432
21,351
21,247
21,063
20,814
20,532
20,127
19,832
19,520
19,246
19,021

6,545
6,787
6,826
6,716
6,735
6,976
7,336
7,691
7,630
7,215
7,293
7,232
7,201
7,177
7,131
7,066
6,939
6,841
6,706
6,593
6,470
6,362
6,303

17,322
17,263
16,441
15,259
14,510
14,315
14,226
14,155
13,879
13,431
13,556
13,505
13,454
13,387
13,322
13,203
13,082
12,902
12,640
12,468
12,296
12,142
11,986

104,528
107,136
107,952
107,784
108,183
109,553
111,513
113,556
115,366
115,646
115,905
115,849
115,796
115,702
115,485
115,289
114,941
114,542
114,206
113,820
113,480
113,250
113,130

Retail
trade

25,771
26,225
25,983
25,497
25,287
25,533
25,959
26,276
26,630
26,385
26,503
26,467
26,425
26,354
26,257
26,157
26,005
25,843
25,735
25,605
25,479
25,364
25,310

14,970
15,280
15,239
15,025
14,917
15,058
15,280
15,353
15,520
15,356
15,420
15,404
15,380
15,335
15,278
15,217
15,126
15,038
14,992
14,934
14,872
14,836
14,818

1 Data from the establishment survey. Includes all full- and part-time wage and salary workers in nonagricultural establishments who received pay for any part of the pay period that includes the 12th of the month. Excludes proprietors, self-employed persons, unpaid family workers, and private household workers. Data from the household survey shown on p. 11 include
those workers and also count persons as employed when they are not at work because of industrial disputes, bad weather, etc., even if they are not paid for the time off. In the series shown
here, persons who work at more than one job are counted each time they appear on a payroll,
in contrast to the series shown on p. 11 where persons are counted only once—as employed,
unemployed, or not in the labor force. See Employment and Earnings for details.

Information
3,419
3,630
3,629
3,395
3,188
3,118
3,061
3,038
3,032
2,997
3,013
3,006
2,995
2,990
2,986
2,982
2,965
2,940
2,924
2,918
2,905
2,885
2,861

Financial
activities
7,648
7,687
7,808
7,847
7,977
8,031
8,153
8,328
8,301
8,146
8,179
8,162
8,154
8,141
8,115
8,088
8,043
8,010
7,954
7,898
7,857
7,812
7,782

Profes- Educasional
tion Leisure
and
and
and
busihealth hospiness
tality
services services
15,957
16,666
16,476
15,976
15,987
16,394
16,954
17,566
17,942
17,778
17,887
17,824
17,788
17,727
17,675
17,612
17,488
17,356
17,205
17,029
16,910
16,799
16,748

14,798
15,109
15,645
16,199
16,588
16,953
17,372
17,826
18,322
18,855
18,798
18,843
18,888
18,950
18,957
18,981
19,044
19,080
19,119
19,138
19,158
19,171
19,215

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Government

Total
5,087
5,168
5,258
5,372
5,401
5,409
5,395
5,438
5,494
5,528
5,542
5,535
5,536
5,530
5,532
5,535
5,509
5,477
5,461
5,449
5,426
5,420
5,419

20,307
20,790
21,118
21,513
21,583
21,621
21,804
21,974
22,218
22,500
22,488
22,522
22,537
22,556
22,535
22,539
22,543
22,532
22,540
22,547
22,543
22,635
22,628

Federal
2,769
2,865
2,764
2,766
2,761
2,730
2,732
2,732
2,734
2,764
2,763
2,765
2,776
2,768
2,771
2,775
2,783
2,778
2,793
2,796
2,808
2,894
2,879

2 Includes

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

14
VerDate Nov 24 2008

11,543
11,862
12,036
11,986
12,173
12,493
12,816
13,110
13,427
13,459
13,495
13,490
13,473
13,454
13,428
13,395
13,344
13,304
13,268
13,236
13,202
13,164
13,167

Other
services

Sfmt 3401

E:\HR\OC\ECOIND.014

ECOIND

g:\graphics\eecoind.014

Total
nonagricultural
employment

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

Average gross hourly earnings

Manufacturing
Total private nonagricultural 1

Period

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

.................
................
.................
.................
.................
.................
.................
.................
.................
.................
Apr .......
May .......
June ......
July .......
Aug .......
Sept ......
Oct ........
Nov .......
Dec .......
2009: Jan .......
Feb .......
Mar r ......
Apr r ......
May p .....

34.3
34.3
34.0
33.9
33.7
33.7
33.8
33.9
33.9
33.6
33.8
33.7
33.6
33.6
33.7
33.6
33.5
33.4
33.3
33.3
33.3
33.1
33.2
33.1

Total

Overtime

41.4
41.3
40.3
40.5
40.4
40.8
40.7
41.1
41.2
40.8
41.0
40.9
40.9
41.0
40.8
40.5
40.4
40.2
39.9
39.8
39.5
39.4
39.5
39.3

Average gross weekly earnings

Total private nonagricultural 1

4.9
4.7
4.0
4.2
4.2
4.6
4.6
4.4
4.2
3.7
4.0
3.9
3.8
3.7
3.7
3.5
3.5
3.2
2.9
2.9
2.7
2.6
2.7
2.7

Current
dollars

$13.49
14.02
14.54
14.97
15.37
15.69
16.13
16.76
17.43
18.08
17.94
17.99
18.04
18.10
18.18
18.21
18.28
18.34
18.40
18.43
18.46
18.50
18.52
18.54

Total private nonagricultural 1
Manufacturing

Current dollars

Current
dollars

1982 dollars 2

$8.01
8.04
8.12
8.25
8.28
8.24
8.18
8.24
8.33
8.30
8.29
8.27
8.20
8.16
8.20
8.21
8.33
8.54
8.65
8.64
8.61
8.64
8.65
..............

$463.15
481.01
493.79
506.75
518.06
529.09
544.33
567.87
590.04
607.99
606.37
606.26
606.14
608.16
612.67
611.86
612.38
612.56
612.72
613.72
614.72
612.35
614.86
613.67

$13.85
14.32
14.76
15.29
15.74
16.14
16.56
16.81
17.26
17.74
17.64
17.68
17.73
17.80
17.78
17.81
17.89
17.94
17.96
17.99
18.07
18.10
18.12
18.10

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).

1982 dollars 2

$275.03
275.97
275.71
279.20
279.13
277.88
276.17
279.19
281.97
279.14
280.03
278.56
275.59
274.31
276.47
275.99
279.11
285.23
288.12
287.60
286.80
286.10
287.34
..............

Manufacturing

Percent change from a
year earlier, total private
nonagricultural

Construction

$573.14
590.77
595.19
618.75
635.99
658.49
673.30
691.02
711.56
724.23
723.24
723.11
725.16
729.80
725.42
721.31
722.76
721.19
716.60
716.00
713.77
713.14
715.74
711.33

Retail
trade

$655.11
685.78
695.89
711.82
726.83
735.55
750.22
781.21
816.66
842.36
841.02
836.22
842.50
845.60
849.97
846.05
849.11
839.96
851.58
850.10
851.96
851.64
849.01
854.28

$321.63
333.38
346.16
360.81
367.15
371.13
377.58
383.02
385.11
386.39
387.77
387.39
386.10
386.40
387.60
388.59
385.41
385.31
384.32
385.21
386.21
385.21
386.80
388.10

Current
dollars

3.3
3.9
2.7
2.6
2.2
2.1
2.9
4.3
3.9
3.0
3.8
3.1
2.6
2.9
3.5
3.0
2.9
2.6
2.4
2.5
2.0
1.2
1.4
1.2

1982
dollars

1.0
.3
¥.1
1.3
¥.0
¥.4
¥.6
1.1
1.0
¥1.0
¥.4
¥1.1
¥2.5
¥2.9
¥2.2
¥2.3
¥.9
2.0
3.1
3.2
2.5
2.2
2.6
................

Source: Department of Labor, Bureau of Labor Statistics.

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

Percent change from
3 months earlier

Period

Total
compensation

Wages and
salaries

Benefits 1

Total
compensation

12 months earlier

Wages and
salaries

Benefits 1

Total
compensation

Wages and
salaries

Benefits 1

Not seasonally adjusted
1999:
2000:
2001:
2002:
2003:
2004:
2005:
2006:
2007:
2008:

Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
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

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

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

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

Seasonally adjusted

hsrobinson on PROD1PC76 with HEARING

2006: Mar .................................................................
June ...............................................................
Sept ................................................................
Dec .................................................................
2007: Mar .................................................................
June ...............................................................
Sept ................................................................
Dec .................................................................
2008: Mar .................................................................
June ...............................................................
Sept ................................................................
Dec .................................................................
2009: Mar .................................................................

100.8
101.6
102.5
103.3
104.0
104.8
105.6
106.5
107.2
107.9
108.6
109.1
109.3

100.8
101.6
102.5
103.3
104.3
105.0
105.9
106.7
107.6
108.4
109.1
109.6
109.8

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

100.8
101.6
102.5
103.4
103.1
104.2
104.9
105.9
106.5
106.9
107.5
107.9
108.1

0.6
.8
.9
.8
.7
.8
.8
.9
.7
.7
.6
.5
.2

3.5
4.2
4.1
3.1
4.0
3.8
2.9
3.2
3.0
2.4

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
0.7
.8
.9
.8
1.0
.7
.9
.8
.8
.7
.6
.5
.2

0.5
.8
.9
.9
¥.3
1.1
.7
1.0
.6
.4
.6
.4
.2

2.6
2.8
3.0
3.2
3.2
3.1
3.1
3.0
3.2
3.0
2.8
2.4
1.9

2.4
2.8
3.0
3.2
3.6
3.3
3.4
3.3
3.2
3.1
2.9
2.6
2.0

3.0
2.7
2.8
3.1
2.2
2.6
2.4
2.4
3.2
2.6
2.4
2.0
1.6

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

15
VerDate Nov 24 2008

22:14 Jun 09, 2009

Jkt 050117

PO 00000

Frm 00015

Fmt 3401

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E:\HR\OC\ECOIND.015

ECOIND

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

Nonfarm
business
sector

Output 1
Business
sector

Nonfarm
business
sector

Hours of all
persons 2
Business
sector

Compensation per
hour 3

Nonfarm
business
sector

Business
sector

Nonfarm
business
sector

Real compensation
per hour 4
Business
sector

Nonfarm
business
sector

Unit labor
costs
Business
sector

Nonfarm
business
sector

Implicit price
deflator 5
Business
sector

Nonfarm
business
sector

Indexes, 1992=100; quarterly data seasonally adjusted
1999 ........................
2000 ........................
2001 ........................
2002 ........................
2003 ........................
2004 ........................
2005 ........................
2006 ........................
2007 ........................
2008 r .......................
2005: I ...................
II .................
III ................
IV ................
2006: I ...................
II .................
III ................
IV ................
2007: I ...................
II .................
III ................
IV ................
2008: I ...................
II .................
III ................
IV r ...............
2009: I r * ...............

112.8
116.1
119.1
123.9
128.7
132.4
134.8
136.1
138.2
141.9
134.2
134.2
135.6
135.2
135.9
136.5
136.0
135.9
135.7
137.5
140.0
139.6
140.4
142.0
142.8
142.6
143.0

112.5
115.7
118.6
123.5
128.0
131.6
133.9
135.1
137.0
140.9
133.2
133.4
134.7
134.2
134.8
135.6
135.1
134.9
134.7
136.3
138.7
138.5
139.4
141.0
141.7
141.5
142.1

135.2
140.5
141.0
143.1
147.5
153.7
159.1
163.9
167.3
168.6
157.1
158.4
160.2
160.6
162.8
164.0
164.1
164.8
164.5
166.8
169.0
168.8
169.1
170.2
169.4
165.7
162.6

135.6
140.8
141.3
143.4
147.8
153.9
159.2
164.2
167.5
168.8
157.3
158.4
160.3
160.8
163.2
164.3
164.4
165.0
164.7
167.0
169.2
168.9
169.3
170.5
169.7
165.8
162.6

119.8
121.0
118.4
115.4
114.6
116.1
118.0
120.5
121.1
118.8
117.1
118.0
118.1
118.8
119.8
120.1
120.7
121.3
121.3
121.3
120.8
120.9
120.4
119.9
118.6
116.2
113.5

120.5
121.7
119.2
116.1
115.4
116.9
118.9
121.5
122.2
119.8
118.1
118.8
119.0
119.8
121.0
121.1
121.7
122.3
122.2
122.5
122.0
122.0
121.5
120.9
119.7
117.1
114.4

125.8
134.7
140.3
145.3
151.2
157.0
163.2
169.4
176.5
182.8
161.0
161.6
164.1
165.8
167.8
168.1
169.0
172.6
174.3
175.4
177.4
178.9
180.5
181.3
183.9
185.8
187.8

125.2
134.2
139.5
144.6
150.4
156.0
162.1
168.3
175.2
181.7
159.9
160.8
163.2
164.7
166.5
167.0
168.0
171.7
173.4
174.0
175.8
177.8
179.4
180.2
182.7
184.7
186.8

108.1
112.0
113.5
115.7
117.7
119.0
119.7
120.3
121.9
121.6
119.9
119.5
119.6
119.6
120.4
119.6
119.2
122.1
122.1
121.6
122.3
121.6
121.3
120.6
120.4
124.4
126.5

107.6
111.6
112.8
115.1
117.1
118.2
118.9
119.5
121.0
120.8
119.0
118.9
118.9
118.7
119.5
118.9
118.5
121.4
121.5
120.6
121.2
120.8
120.6
119.8
119.7
123.7
125.8

111.5
116.0
117.9
117.3
117.5
118.5
121.0
124.5
127.7
128.8
120.0
120.4
121.0
122.6
123.5
123.1
124.3
127.0
128.5
127.5
126.7
128.2
128.6
127.7
128.8
130.3
131.2

111.3
116.0
117.7
117.1
117.5
118.5
121.1
124.5
127.9
129.0
120.0
120.5
121.1
122.7
123.5
123.1
124.3
127.2
128.7
127.6
126.8
128.4
128.7
127.8
128.9
130.5
131.5

110.7
112.7
114.9
116.1
117.8
120.8
124.6
128.3
131.4
133.8
123.2
123.8
125.0
126.3
127.2
128.0
128.8
129.4
130.7
131.2
131.6
132.2
132.9
133.2
134.6
134.6
135.3

111.1
113.3
115.4
116.7
118.3
121.1
125.1
129.1
131.7
134.2
123.7
124.3
125.6
126.9
127.9
128.8
129.5
130.0
131.1
131.5
131.8
132.5
133.2
133.5
135.0
135.2
136.2

1.8
4.2
1.4
¥.5
.3
.9
2.2
2.8
2.7
.9
¥.5
1.6
2.0
5.3
2.6
¥1.1
3.9
9.6
4.8
¥3.3
¥2.5
5.0
1.1
¥2.8
3.5
5.1
3.0

0.9
1.8
2.0
1.0
1.5
2.6
3.1
3.0
2.4
1.8
3.6
2.0
4.1
4.1
3.0
2.6
2.4
1.9
4.0
1.7
1.1
2.0
2.0
.9
4.2
.0
2.2

1.1
1.9
1.9
1.1
1.3
2.4
3.4
3.1
2.1
1.9
3.9
2.2
4.3
4.2
3.1
2.9
2.1
1.5
3.4
1.5
.9
2.1
2.1
.9
4.7
.6
2.8

Percent change; quarterly data at seasonally adjusted annual rates
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2005:

2006:

2007:

2008:

2009:

........................
........................
........................
........................
........................
........................
........................
........................
........................
........................
I ...................
II .................
III ................
IV ................
I ...................
II .................
III ................
IV ................
I ...................
II .................
III ................
IV ................
I ...................
II .................
III ................
IV r ...............
I r* ................

3.1
2.9
2.5
4.1
3.8
2.9
1.8
.9
1.6
2.7
2.3
.1
4.3
¥1.2
2.0
2.0
¥1.6
¥.3
¥.7
5.7
7.3
¥1.1
2.2
4.7
2.3
¥.5
1.8

2.9
2.8
2.5
4.1
3.7
2.8
1.7
.9
1.4
2.8
2.8
.7
3.9
¥1.5
1.9
2.4
¥1.6
¥.4
¥.6
4.8
7.0
¥.5
2.6
4.7
2.2
¥.6
1.6

5.1
3.9
.3
1.5
3.1
4.2
3.5
3.0
2.0
.8
3.7
3.2
4.8
1.0
5.6
2.9
.3
1.7
¥.7
5.6
5.5
¥.6
.7
2.6
¥1.8
¥8.5
¥7.2

5.2
3.8
.4
1.5
3.1
4.1
3.4
3.2
2.0
.8
3.7
2.9
4.8
1.3
6.0
2.9
.3
1.4
¥.9
5.8
5.5
¥.7
.9
2.8
¥1.9
¥8.8
¥7.6

2.0
1.0
¥2.2
¥2.5
¥.7
1.2
1.7
2.1
.5
¥1.9
1.3
3.1
.5
2.2
3.6
.9
2.0
2.0
.0
.0
¥1.7
.5
¥1.5
¥1.9
¥4.0
¥8.0
¥8.8

2.2
1.0
¥2.0
¥2.6
¥.6
1.3
1.7
2.2
.5
¥1.9
.9
2.2
.8
2.8
4.0
.4
1.9
1.9
¥.2
.9
¥1.5
¥.2
¥1.7
¥1.7
¥3.9
¥8.3
¥9.0

hsrobinson on PROD1PC76 with HEARING

1 Output

refers to real gross domestic product originating in the sector.
2 Hours of all persons engaged in the sector, including hours of proprietors and unpaid family
workers. Estimates based primarily on establishment data.
3 Wages and salaries of employees plus employers’ contributions for social insurance and private benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for
the self-employed.
4 Hourly compensation divided by the consumer price index for all urban consumers (CPI–
U) for recent quarters. The trend from 1978–2008 is based on the consumer price index research series (CPI–U–RS).
5 Current dollar gross domestic output divided by the output index.

4.9
7.1
4.2
3.5
4.1
3.8
3.9
3.8
4.2
3.6
1.9
1.4
6.3
4.3
4.8
.7
2.3
8.8
4.0
2.4
4.6
3.7
3.5
1.9
5.7
4.2
4.5

4.7
7.2
4.0
3.6
4.0
3.7
4.0
3.8
4.1
3.7
2.3
2.3
6.0
3.8
4.5
1.3
2.3
9.1
4.2
1.3
4.4
4.4
3.7
1.7
5.7
4.5
4.6

2.8
3.6
1.4
1.9
1.8
1.1
.6
.5
1.3
¥.2
¥.1
¥1.1
.4
¥.2
2.7
¥2.4
¥1.5
10.0
.2
¥1.7
2.2
¥2.0
¥1.1
¥2.4
¥.4
13.7
7.0

2.6
3.7
1.1
2.0
1.8
1.0
.6
.5
1.3
r ¥.2
.3
¥.2
.1
¥.7
2.5
¥1.9
¥1.5
10.3
.3
¥2.8
2.0
¥1.2
¥.8
¥2.7
¥.4
14.0
7.1

1.8
4.1
1.6
¥.5
.2
.9
2.1
2.9
2.6
.9
¥.4
1.3
2.0
5.6
2.7
¥1.2
4.0
9.2
4.7
¥3.1
¥2.5
4.8
1.2
¥2.6
3.3
4.8
2.7

NOTE.—Data relate to all persons engaged in the sector.
Percent changes are from preceding period and are based on original data; they therefore
may differ slightly from percent changes based on indexes shown here.
* Data based on GDP data released on May 29, 2009.
Source: Department of Labor, Bureau of Labor Statistics.

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ECOIND

PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production and capacity utilization fell in April.

[Monthly data seasonally adjusted]

Percent

hsrobinson on PROD1PC76 with HEARING

Period

1999 .......................
2000 .......................
2001 .......................
2002 .......................
2003 .......................
2004 .......................
2005 .......................
2006 .......................
2007 .......................
2008 r ......................
2008: Apr .............
May ............
June ...........
July ............
Aug .............
Sept ............
Oct ..............
Nov r ............
Dec r ............
2009: Jan r ............
Feb r ............
Mar r ............
Apr p ............

Index,
2002=100

99.5
103.7
100.1
100.0
101.3
103.8
107.2
109.7
111.3
108.8
111.0
110.7
110.4
110.4
109.2
104.8
106.2
104.8
102.4
100.3
99.3
97.6
97.1

From
preceding
month

..............
..............
..............
..............
..............
..............
..............
..............
..............
..............
¥.6
¥.3
¥.2
¥.1
¥1.1
¥4.0
1.3
¥1.3
¥2.2
¥2.1
¥1.0
¥1.7
¥.5

Industry production indexes, 2002=100

change 2
From
year
earlier

4.3
4.2
¥3.4
¥.1
1.3
2.5
3.3
2.3
1.5
¥2.2
.0
¥.4
¥.7
¥1.0
¥2.2
¥6.4
¥4.7
¥6.5
¥8.9
¥10.7
¥11.4
¥12.6
¥12.5

Capacity utilization
rate
(output as percent
of capacity) 1

Manufacturing

Total 1

Durable

99.9
104.4
100.1
100.0
101.3
104.3
108.5
111.2
112.7
109.1
111.7
111.5
111.0
110.8
109.7
105.7
106.0
103.6
100.7
98.0
97.9
95.8
95.5

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.

Nondurable

97.8
105.2
100.4
100.0
102.7
107.0
112.8
117.8
120.2
116.3
119.3
118.9
119.0
119.0
117.2
113.7
110.8
108.2
105.4
100.1
99.0
96.5
96.1

101.7
102.2
98.9
100.0
100.1
102.0
104.8
105.7
106.7
103.6
105.8
105.9
104.9
104.5
104.1
99.3
102.7
100.3
97.1
96.8
97.8
96.4
96.3

Other
(nonNAICS) 1

Mining

110.9
112.6
105.7
100.0
97.1
97.9
97.6
96.6
95.3
89.9
91.8
90.8
90.8
89.3
88.9
88.1
86.9
86.4
84.7
81.6
80.3
76.8
74.8

Utilities
Total
industry

101.6
104.2
104.8
100.0
100.2
99.6
98.3
101.5
102.1
104.2
104.9
104.9
104.8
106.9
106.4
96.4
103.5
105.4
103.4
102.9
101.6
99.0
95.8

94.7
97.4
97.0
100.0
101.9
103.3
105.4
104.8
108.3
108.6
109.7
108.2
109.4
107.9
104.3
105.7
107.1
109.1
111.3
111.5
103.8
105.7
106.2

81.9
81.7
76.1
74.6
75.8
77.9
80.1
80.9
80.6
77.6
79.2
78.9
78.7
78.6
77.6
74.5
75.4
74.4
72.8
71.3
70.6
69.4
69.1

Total
manufacturing

80.7
80.1
73.8
72.7
73.7
76.2
78.6
79.4
79.0
75.1
77.0
76.7
76.3
76.1
75.3
72.5
72.7
71.1
69.1
67.2
67.2
65.8
65.7

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

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G:\graphics\eecoind.017

Total industrial production 1

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

Materials

Final products

Nonindustrial supplies

Consumer goods

Equipment

Durable
goods

Business
equipment

Period
Total
Total

Nondurable
goods

Total 1

Defense
and
space
equipment

Total

Construction
supplies

Business
supplies

Total 1

Energy

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

99.6
102.8
100.8
100.0
101.3
103.4
107.6
110.3
111.9
109.7

97.1
99.1
98.1
100.0
101.4
102.7
105.4
105.8
106.8
104.0

96.0
99.0
94.7
100.0
103.4
104.9
105.4
104.3
104.7
94.4

97.6
99.2
99.4
100.0
100.6
101.8
105.3
106.2
107.4
106.9

106.0
111.9
107.7
100.0
101.0
105.5
113.5
122.5
125.8
125.4

106.4
114.7
108.0
100.0
100.0
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
101.1
103.3
107.1
108.7
108.9
104.6

102.7
105.0
100.1
100.0
99.7
102.0
106.6
109.0
106.9
100.2

100.6
105.2
101.0
100.0
101.7
103.8
107.3
108.5
109.9
106.7

98.7
104.0
99.1
100.0
101.3
104.5
107.0
109.5
111.7
109.6

99.9
101.5
100.3
100.0
100.0
99.6
98.4
100.0
101.8
103.6

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

111.1
110.8
110.9
110.6
109.0
106.3
107.0
106.7
106.2

105.0
104.7
104.8
104.5
102.7
101.4
103.0
102.0
100.6

96.0
96.0
97.1
97.8
92.2
91.5
89.5
86.4
82.6

107.7
107.3
107.1
106.6
105.9
104.3
107.0
106.7
106.0

128.0
128.0
128.1
127.4
126.6
119.9
117.6
119.5
121.7

128.4
128.4
128.2
127.4
126.2
117.7
114.8
117.6
121.0

120.8
120.2
121.9
120.2
120.8
118.9
120.4
120.0
119.9

106.9
106.3
105.7
105.7
104.9
102.6
102.2
99.8
96.6

102.1
102.2
101.7
102.4
101.2
99.1
97.8
93.6
89.3

109.1
108.3
107.6
107.3
106.6
104.3
104.3
102.8
100.1

112.4
112.1
111.7
111.9
110.9
104.3
106.9
104.7
101.0

104.6
104.6
104.0
105.2
104.0
96.2
102.3
104.3
104.2

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

103.5
102.7
101.6
101.3

98.6
98.4
98.1
98.1

74.8
76.2
75.8
76.4

105.8
105.1
104.9
104.6

117.2
114.3
110.8
109.8

116.3
114.5
111.2
110.6

120.5
118.6
119.2
119.2

94.9
92.7
91.0
90.4

86.1
85.0
82.6
81.7

99.1
96.4
95.0
94.6

99.2
98.5
96.2
95.5

103.6
101.5
101.3
99.8

1 Includes

other items, not shown separately.

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

Iron
and
steel
products

Nondurable manufactures

Computer and electronic products

Fabricated
metal
products

Machinery
Total

Selected
hightechnology 1

Transportation
equipment

Total

Motor
vehicles
and
parts

Apparel

Printing
and
support

Chemical

Food

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

115.1
111.4
99.5
100.0
99.1
110.0
108.0
112.6
110.0
102.4

111.9
110.8
96.8
100.0
101.2
118.2
110.1
119.3
115.8
105.2

106.4
110.7
102.6
100.0
98.7
98.9
103.4
109.0
112.1
110.1

112.0
117.7
104.2
100.0
99.7
103.7
110.2
115.5
116.4
109.4

77.2
101.4
103.3
100.0
114.3
129.9
144.5
163.8
176.7
192.9

70.0
98.3
101.3
100.0
120.5
137.9
158.8
189.1
213.7
238.0

104.6
99.7
96.2
100.0
101.0
100.7
104.5
104.2
106.1
96.1

100.5
99.9
91.4
100.0
103.5
103.7
103.9
100.2
97.4
83.3

155.6
148.0
126.9
100.0
92.8
79.8
76.9
75.3
76.5
72.6

112.4
113.1
106.3
100.0
96.2
96.9
99.2
99.8
100.6
93.9

93.6
95.0
93.4
100.0
101.3
105.6
109.3
112.7
114.1
108.8

96.0
97.7
97.7
100.0
101.0
101.1
104.2
105.4
109.5
111.2

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

109.7
107.8
107.9
110.1
108.6
102.0
93.2
81.4
72.0

118.0
114.5
114.3
118.9
116.9
104.9
88.5
68.3
53.3

112.6
112.1
110.5
109.8
110.2
109.2
107.3
106.0
102.4

111.2
110.9
110.6
109.2
110.2
107.3
106.1
104.0
99.8

199.2
199.4
199.0
198.0
196.6
194.2
188.4
180.7
176.3

251.2
250.3
248.4
246.6
243.6
240.0
228.4
214.3
205.2

98.2
97.9
100.1
100.9
94.6
88.2
85.1
86.5
88.4

83.9
83.9
86.4
88.7
79.2
79.9
76.9
74.2
69.2

73.1
71.5
72.5
73.7
74.2
72.8
71.4
69.6
67.8

96.9
96.4
93.4
91.9
93.0
92.3
91.9
90.6
87.4

112.2
112.1
111.0
110.6
109.7
101.0
106.7
103.2
98.9

112.2
111.5
111.2
110.5
110.7
110.4
111.8
111.7
108.7

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

67.7
65.1
62.0
61.2

48.3
49.0
45.7
44.9

98.3
95.8
91.5
89.6

96.2
94.2
88.6
87.9

175.3
172.5
169.8
169.4

204.9
200.9
197.0
195.5

75.9
78.2
78.3
78.3

51.6
56.0
56.2
56.9

65.6
64.6
64.8
63.7

85.4
82.7
81.5
79.5

100.5
102.0
100.8
100.7

108.4
109.5
109.1
109.3

hsrobinson on PROD1PC76 with HEARING

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

Source: Board of Governors of the Federal Reserve System.

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ECOIND

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

1999
2000
2001
2002
2003
2004
2005
2006
2007
2008

Total new
construction expenditures

Residential
Total

New
housing

Total 1

Federal
and
State
and
local

Nonresidential
Total

Lodging

Commercial
(including
farm)

Office

Manufacturing

Other 2

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

744.6
802.8
840.2
847.9
891.5
991.6
1,102.7
1,167.6
1,137.2
1,074.1

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

45.1
52.4
49.7
35.3
30.6
32.9
37.3
45.7
53.4
57.5

59.4
64.1
63.6
59.0
57.5
63.2
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: Apr ...........................
May .........................
June ........................
July .........................
Aug ..........................
Sept .........................
Oct ...........................
Nov ..........................
Dec ..........................

1,085.2
1,088.3
1,086.6
1,060.0
1,085.7
1,089.4
1,082.3
1,044.6
1,012.0

783.7
784.1
780.4
751.5
769.1
777.0
766.9
728.0
705.3

383.5
371.4
356.4
334.5
352.9
350.2
343.8
314.1
298.4

247.9
243.9
237.0
232.2
221.6
214.1
205.7
193.7
178.8

400.2
412.8
424.0
417.0
416.1
426.9
423.1
413.9
406.9

35.9
37.8
38.9
38.2
39.5
38.6
37.8
36.9
33.5

57.7
57.8
57.4
58.1
58.2
59.7
58.2
56.3
52.0

87.5
85.6
84.8
82.9
81.6
78.4
77.8
74.5
71.6

52.0
63.3
72.4
66.1
65.3
71.6
74.0
70.4
72.6

167.2
168.2
170.5
171.7
171.5
178.6
175.3
175.7
177.3

301.5
304.1
306.2
308.5
316.7
312.4
315.4
316.6
306.7

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

977.2
957.1
961.3
968.7

675.7
647.1
648.2
657.3

286.4
256.6
247.4
249.2

165.1
150.1
140.1
132.3

389.3
390.5
400.8
408.2

30.5
30.7
32.0
32.8

49.1
48.5
48.4
47.4

68.2
66.5
66.6
65.2

76.2
81.4
85.6
89.0

165.4
163.4
168.1
173.7

301.5
310.0
313.2
311.4

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

Source: Department of Commerce, Bureau of the Census.

NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or houses, except as noted]
New private housing units
Period
Total
1999 ......................................
2000 ......................................
2001 ......................................
2002 ......................................
2003 ......................................
2004 ......................................
2005 ......................................
2006 ......................................
2007 ......................................
2008 r .....................................

New private houses

Units started, by type of structure

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

2–4 units 1

1 unit
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

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
905.4

Units
completed

Houses
sold

Houses for
sale at end
of period 2

Vacancy rate
for rental
housing units
(percent) 3

1,604.9
1,573.7
1,570.8
1,648.4
1,678.7
1,841.9
1,931.4
1,979.4
1,502.8
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
r 497
350

8.1
8.0
8.4
8.9
9.8
10.2
9.8
9.7
9.8
10.0

Seasonally adjusted annual rates
2008: Apr r ...........................
May r ..........................
June r .........................
July r ..........................
Aug r ...........................
Sept r ..........................
Oct r ...........................
Nov r ...........................
Dec r ...........................
2009: Jan r
Feb r
Mar r
Apr p

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

1,001
971
1,078
933
849
822
763
655
556

676
679
655
632
612
549
534
457
393

15
19
22
14
15
19
10
18
9

310
273
401
287
222
254
219
180
154

991
978
1,174
924
857
806
729
630
564

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

533
509
488
500
444
436
409
390
374

460
453
436
419
412
395
380
370
350

......................
......................
10.0
......................
......................
9.9
......................
......................
10.1

488
574
525
458

357
357
358
368

13
13
32
12

118
204
135
78

531
550
511
498

778
828
833
874

329
362
351
352

340
327
310
297

......................
......................
10.1
......................

1 Derived;

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

hsrobinson on PROD1PC76 with HEARING

3 Revised

NOTE.—Beginning 2004, units authorized are for 20,000 permit-issuing places. For other
data shown, units authorized are for 19,000 places.
Beginning 1999, housing starts, completions, and sales are not directly comparable with earlier data due to new estimation methods.
Seasonally adjusted data beginning 2007 for housing units authorized, started, and completed
and for houses sold and for sale reflect annual revisions.
Source: Department of Commerce, Bureau of the Census.

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BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In March, according to current estimates, manufacturing and trade sales fell 1.8 percent and inventories fell $16.5
billion. According to advance estimates, retail sales fell 0.4 percent in April. Retail and food services sales also
fell 0.4 percent.

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

Manufacturing and trade 1

Sales 2

Inventories 3

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

786,634
834,325
818,615
823,714
853,596
923,319
1,000,368
1,064,187
1,102,196
1,136,984

1,138,982
1,198,022
1,120,815
1,141,313
1,148,318
1,240,052
1,307,060
1,391,292
1,447,020
1,455,972

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

1,151,711
1,166,540
1,172,815
1,190,808
1,191,224
1,166,129
1,138,586
1,095,637
1,036,285
1,000,601

1,474,598
1,479,833
1,482,804
1,491,608
1,505,418
1,507,136
1,500,862
1,492,123
1,477,561
1,455,972

hsrobinson on PROD1PC76 with HEARING

1999
2000
2001
2002
2003
2004
2005
2006
2007
2008

Inventorysales
ratio 4

Sales 2

Inventories 3

1.40
1.41
1.43
1.36
1.34
1.30
1.27
1.28
1.28
1.31

216,597
234,546
232,096
236,294
246,857
274,710
297,915
323,396
345,871
375,059

290,318
309,462
297,927
301,891
307,642
337,983
362,451
392,291
416,632
429,572

1.28
1.27
1.26
1.25
1.26
1.29
1.32
1.36
1.43
1.46

379,712
382,513
387,371
396,165
392,898
386,401
378,625
362,539
337,615
325,672

426,601
431,059
433,432
436,648
441,145
443,937
442,528
438,249
434,986
429,572

Retail
Inventory
sales
ratio 4

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

1.30
1.29
1.32
1.26
1.23
1.18
1.18
1.17
1.16
1.17

234,046
249,063
255,644
261,194
272,123
289,528
307,280
322,461
332,902
329,996

385,039
406,887
394,775
416,289
432,372
461,372
471,749
487,514
499,724
484,414

1.59
1.59
1.58
1.55
1.56
1.56
1.51
1.50
1.49
1.52

257,797
274,518
282,131
288,845
301,264
320,526
340,057
357,284
369,385
367,741

1.12
1.13
1.12
1.10
1.12
1.15
1.17
1.21
1.29
1.32

337,621
337,996
338,033
338,770
335,947
334,273
328,469
317,198
309,742
298,949

502,206
503,141
500,547
499,333
505,203
500,418
500,038
498,884
490,322
484,414

1.49
1.49
1.48
1.47
1.50
1.50
1.52
1.57
1.58
1.62

374,845
375,614
375,860
376,663
373,898
372,192
366,555
355,037
347,707
336,438

303,921 476,498
1.57
304,889 470,939
1.54
r 300,837
467,566
1.55
299,516 ................ ................

342,017
343,438
r 338,930
337,677

4 Annual data are averages of seasonally adjusted monthly ratios.
Source: Department of Commerce, Bureau of the Census.

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Retail and
food services
sales 2

Inventories 3

2009: Jan ....................................................
998,018 1,438,263
1.46 317,731 425,915
1.34
Feb r ...................................................
987,859 1,418,398
1.44 318,491 418,539
1.31
r 969,853
Mar p ..................................................
1,401,931
1.45 310,943 411,703
1.32
Apr p ................................................... .................. .................. ................ ................ ................ ................
1 See

Inventory
sales
ratio 4

Sales 2

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Period

Wholesale

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

Manufacturers’ shipments 1

Manufacturers’ inventories 2

Manufacturers’ new orders 1
Durable goods

Period
Total

Durable
goods

Nondurable
goods

Durable
goods

Total

Nondurable
goods

Total
Total

Capital
goods
industries,
nondefense

Manufacturers’
unfilled
orders 2

Manufacturers’
inventory—
shipments
ratio 3

Millions of dollars, seasonally adjusted, except as noted
335,991
350,715
330,875
326,227
334,616
359,081
395,173
418,330
423,423
431,929
446,031
447,411
455,873
462,379
445,455
431,492
415,900
388,928
375,980
366,366
364,479
358,073
357,270

193,895
197,807
181,201
176,968
178,549
188,722
202,070
213,408
213,572
207,801
213,591
211,049
212,947
217,549
208,339
208,240
201,119
192,772
189,910
179,433
177,831
174,417
173,771

142,096
152,908
149,674
149,259
156,067
170,359
193,103
204,923
209,851
224,128
232,440
236,362
242,926
244,830
237,116
223,252
214,781
196,156
186,070
186,933
186,648
183,656
183,499

463,625
481,673
428,113
423,133
408,304
440,697
472,860
511,487
530,664
541,986
545,633
548,825
555,627
559,070
562,781
558,296
554,990
552,253
541,986
535,850
528,920
522,662
517,590

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

296,553
306,727
267,829
260,582
246,963
265,070
283,598
309,914
320,757
343,468
328,911
330,426
333,127
336,185
339,033
339,728
341,168
342,259
343,468
339,735
335,164
329,460
326,482

167,072
174,946
160,284
162,551
161,341
175,627
189,262
201,573
209,907
198,518
216,722
218,399
222,500
222,885
223,748
218,568
213,822
209,994
198,518
196,115
193,756
193,202
191,108

329,770
346,789
322,746
316,809
330,369
354,619
395,401
419,793
427,597
429,343
445,915
450,033
459,576
462,993
443,200
429,286
403,315
377,203
358,811
346,120
348,460
341,935
344,440

187,674
193,881
173,072
167,550
174,302
184,261
202,298
214,871
217,746
205,216
213,475
213,671
216,650
218,163
206,084
206,034
188,534
181,047
172,741
159,187
161,812
158,279
160,941

64,392
69,278
58,246
51,817
52,894
56,094
65,770
71,725
74,288
69,132
73,609
73,639
71,958
74,498
68,694
67,923
63,487
60,140
53,964
48,637
50,931
50,424
49,004

505,498
549,445
514,349
462,122
477,608
496,343
572,835
660,406
773,297
800,360
802,972
810,293
818,023
824,232
826,529
828,225
820,672
812,879
800,360
783,955
770,939
757,692
748,743

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

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hsrobinson on PROD1PC76 with HEARING

1999 ....................................................
2000 ....................................................
2001 ....................................................
2002 ....................................................
2003 ....................................................
2004 ....................................................
2005 ....................................................
2006 ....................................................
2007 .....................................................
2008 .....................................................
2008: Apr ...........................................
May ..........................................
June .........................................
July ..........................................
Aug ..........................................
Sept ..........................................
Oct ...........................................
Nov ..........................................
Dec ...........................................
2009: Jan ...........................................
Feb ...........................................
Mar r .........................................
Apr p .........................................

PRICES
PRODUCER PRICES
The producer price index for all finished goods rose 0.3 percent in April. Prices of finished consumer foods rose
1.5 percent, while prices of other finished consumer goods rose 0.1 percent. Capital equipment prices fell 0.1
percent.

[1982=100; monthly data seasonally adjusted]
Finished goods
Finished goods excluding consumer foods

Total
finished
goods

Consumer
foods

Total

133.0
138.0
140.7
138.9
143.3
148.5
155.7
160.4
166.6
177.1
176.0
178.6
181.0
183.4
182.5
182.3
177.6
172.8
169.7
171.1
171.3
169.3
169.8

135.1
137.2
141.3
140.1
145.9
152.7
155.7
156.7
167.0
178.3
176.3
177.6
179.8
180.8
181.2
181.2
181.3
180.4
178.2
178.3
175.5
174.3
176.9

132.3
138.1
140.4
138.3
142.4
147.2
155.5
161.0
166.2
176.6
175.6
178.6
181.0
183.8
182.5
182.3
176.2
170.4
167.1
168.8
169.6
167.4
167.5

Consumer goods

hsrobinson on PROD1PC76 with HEARING

Total

1999 ..........................
2000 ...........................
2001 ...........................
2002 ..........................
2003 ..........................
2004 ..........................
2005 ..........................
2006 ..........................
2007 ..........................
2008 r .........................
2008: Apr ................
May ...............
June ..............
July ...............
Aug ................
Sept ...............
Oct .................
Nov ................
Dec r ...............
2009: Jan ................
Feb .................
Mar ................
Apr .................
1 Intermediate

130.5
138.4
141.4
138.8
144.7
150.9
161.9
169.2
175.6
189.1
188.1
192.4
195.9
199.7
197.3
196.8
187.2
178.4
173.0
175.5
176.7
173.6
173.8

Durable

Nondurable

133.0
133.9
134.0
133.0
133.1
135.0
136.6
136.9
138.3
141.2
140.6
140.7
140.8
141.1
141.8
142.3
143.3
143.0
143.6
143.7
144.0
144.0
144.4

materials for food manufacturing and feeds.

Capital
equipment

127.9
138.7
142.8
139.8
148.4
156.6
172.0
182.6
191.7
210.5
208.8
215.2
220.6
226.0
222.1
221.1
205.9
192.8
184.3
188.1
189.6
185.0
185.0

137.6
138.8
139.7
139.1
139.5
141.4
144.6
146.9
149.5
153.8
152.6
153.0
153.4
154.2
154.8
155.4
156.3
156.3
156.9
157.2
157.3
157.0
156.9

Total
finished
consumer
goods

Total

Foods
and
feeds 1

Other

Total

Foodstuffs
and
feedstuffs

Other

132.0
138.2
141.5
139.4
145.3
151.7
160.4
166.0
173.5
186.3
185.1
188.5
191.7
194.6
193.1
192.7
185.9
179.4
174.9
176.8
177.0
174.4
175.1

123.2
129.2
129.7
127.8
133.7
142.6
154.0
164.0
170.7
188.3
186.9
191.6
195.5
200.9
198.3
197.1
188.9
179.9
172.6
172.5
170.9
168.4
167.5

111.1
111.7
115.9
115.5
125.9
137.1
133.8
135.2
154.4
181.6
180.5
184.0
186.1
194.8
193.6
189.6
180.0
175.3
168.7
167.3
164.9
164.0
164.5

123.9
130.1
130.5
128.5
134.2
143.0
155.1
165.4
171.5
188.7
187.3
192.1
196.1
201.4
198.6
197.6
189.4
180.2
172.9
173.0
171.4
168.8
167.7

98.2
120.6
121.0
108.1
135.3
159.0
182.2
184.8
207.1
251.8
274.4
290.8
298.6
310.3
273.0
253.1
212.3
184.5
174.2
168.2
160.6
160.1
164.9

98.7
100.2
106.1
99.5
113.5
127.0
122.7
119.3
146.7
163.4
169.4
170.3
174.0
174.1
167.8
165.6
148.2
146.2
138.0
139.8
134.3
131.8
137.8

94.3
130.4
126.8
111.4
148.2
179.2
223.4
230.6
246.3
313.9
351.6
381.8
392.8
415.0
350.4
314.8
254.7
203.9
192.5
179.6
170.6
172.1
175.2

Source: Department of Labor, Bureau of Labor Statistics.

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Period

Intermediate materials

CONSUMER PRICES—ALL URBAN CONSUMERS
In April, the consumer price index for all urban consumers was about unchanged seasonally adjusted; it rose
0.2 percent not seasonally adjusted. The index was 0.7 percent below its year-earlier level.

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

Housing

Transportation

Shelter

All
items
less
food
and
energy

Not
seasonally
adjusted
(NSA)

Seasonally
adjusted

Rel. imp.3 ...............
1999 .......................
2000 .......................
2001 .......................
2002 .......................
2003 .......................
2004 .......................
2005 .......................
2006 .......................
2007 .......................
2008 .......................

100.0
166.6
172.2
177.1
179.9
184.0
188.9
195.3
201.6
207.342
215.303

..............
14.6
43.4
33.2
6.0
..............
164.1
163.9
187.3
177.5
..............
167.8
169.6
193.4
183.9
..............
173.1
176.4
200.6
192.1
..............
176.2
180.3
208.1
199.7
..............
180.0
184.8
213.1
205.5
..............
186.2
189.5
218.8
211.0
..............
190.7
195.7
224.4
217.3
..............
195.2
203.2
232.1
225.1
.............. 202.916 209.586 240.611 234.679
.............. 214.106 216.264 246.666 243.271

24.4
5.4
3.7
15.3
3.2
6.4
192.9
128.8
131.3
144.4
100.7
250.6
198.7
137.9
129.6
153.3
129.3
260.8
206.3
150.2
127.3
154.3
124.7
272.8
214.7
143.6
124.0
152.9
116.6
285.6
219.9
154.5
120.9
157.6
135.8
297.1
224.9
161.9
120.4
163.1
160.4
310.1
230.2
179.0
119.5
173.9
195.7
323.2
238.2
194.7
119.5
180.9
221.0
336.2
246.235 200.632 118.998 184.682 239.070 351.054
252.426 220.018 118.907 195.549 279.652 364.065

7.6
77.7
106.6
177.0
124.6
181.3
129.3
186.1
121.7
190.5
136.5
193.2
151.4
196.6
177.1
200.9
196.9
205.9
207.723 210.729
236.666 215.572

2008: Apr ............
May ............
June ...........
July ...........
Aug ............
Sept ...........
Oct .............
Nov ............
Dec ............

214.823
216.632
218.815
219.964
219.086
218.783
216.573
212.425
210.228

213.997
215.044
217.034
218.610
218.576
218.675
216.889
213.263
211.577

211.199
211.969
213.370
215.376
216.599
217.748
218.586
218.988
219.082

214.883
215.844
216.811
218.015
218.004
217.818
217.788
217.622
217.592

245.443
245.948
246.653
247.052
247.327
247.899
248.063
248.455
248.519

241.491
241.964
242.915
243.659
244.414
245.089
245.836
246.480
246.928

251.422
251.702
252.325
252.701
253.079
253.538
253.911
254.522
254.683

216.551
221.132
224.991
231.806
229.802
224.296
223.185
219.934
219.092

118.466
118.364
118.384
119.531
119.984
119.631
118.802
118.905
118.221

195.691
197.903
204.195
207.057
205.196
204.916
195.027
176.111
167.353

281.176
289.288
314.506
325.755
317.702
318.765
278.245
197.861
160.675

362.300
362.793
363.723
364.072
364.847
365.835
366.402
367.299
368.302

235.774
242.134
256.230
265.314
260.104
257.426
237.300
197.086
178.835

214.496
214.950
215.575
216.162
216.534
216.784
216.758
216.868
216.882

2009: Jan
Feb
Mar
Apr

211.143
212.193
212.709
213.240

212.174
213.007
212.714
212.671

219.193
218.970
218.651
218.254

217.646
217.621
217.335
217.180

248.938
248.881
248.899
249.334

247.744
248.087
248.490
248.916

255.349
255.687
256.257
256.627

217.515
217.260
214.254
210.702

118.523
120.039
119.744
119.537

169.489
172.759
170.903
170.259

169.176
182.030
173.947
169.373

369.914
371.175
371.902
373.257

181.938
187.901
182.254
177.924

217.265
217.670
218.042
218.594

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

Food

Rent
of primary
residence

Total 1
Total 1

1 Includes

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

Fuels
and
utilities

Apparel

Total 1

Motor
fuel

Medical
care

Energy 2

3 Relative importance, December 2008.
Source: Department of Labor, Bureau of Labor Statistics.

23
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ECOIND

g:\graphics\eecoind.023

hsrobinson on PROD1PC76 with HEARING

Period

Owners’
equivalent
rent
(12/82=
100)

CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Change from preceding period
Period

Change from 3 months earlier, annual rate

Change from 6 months earlier, annual rate

Consumer goods

Consumer goods

Consumer goods

Total
finished
goods

Foods

Capital
equipment

Total
finished
goods

Foods

Excluding
foods

Capital
equipment

Total
finished
goods

Foods

Excluding
foods

Capital
equipment

0.3
1.2
0
¥.6
.8
2.4
1.2
2.3
1.4
4.3

Excluding
foods

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

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

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

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

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

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

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

Change
from year
earlier,
total
finished
goods
NSA

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

Change, Dec. to Dec., NSA
1999 .................
2000 .................
2001 .................
2002 .................
2003 .................
2004 .................
2005 .................
2006 .................
2007 .................
2008 r ...............

2.9
3.6
¥1.6
1.2
4.0
4.2
5.4
1.1
6.2
¥.9

0.8
1.7
1.8
¥.6
7.7
3.1
1.7
1.7
7.6
3.2

5.1
5.5
¥3.9
2.9
4.1
5.5
8.8
.4
7.7
¥4.8

1.8
3.8
2.0
¥1.3
3.2
3.6
4.8
3.0
3.9
6.3

Change, month to month
2008: Apr .......
May ......
June .....
July ......
Aug .......
Sept ......
Oct ........
Nov .......
Dec r ......

0.2
1.5
1.3
1.3
¥.5
¥.1
¥2.6
¥2.7
¥1.8

0.2
.7
1.2
.6
.2
.0
.1
¥.5
¥1.2

0.1
2.3
1.8
1.9
¥1.2
¥.3
¥4.9
¥4.7
¥3.0

0.5
.3
.3
.5
.4
.4
.6
.0
.4

6.1
10.7
12.9
17.9
9.0
2.9
¥12.1
¥19.6
¥24.9

3.5
8.8
8.9
10.6
8.4
3.2
1.1
¥1.8
¥6.5

8.3
14.5
18.1
27.0
10.6
1.9
¥22.8
¥33.2
¥40.3

4.0
3.5
4.3
4.3
4.8
5.3
5.6
3.9
3.9

9.0
7.1
11.0
11.9
9.9
7.8
1.8
¥6.4
¥12.1

7.4
9.1
8.9
7.0
8.6
6.0
5.8
3.2
¥1.8

11.8
8.0
14.7
17.3
12.5
9.7
¥1.0
¥14.0
¥22.0

3.6
3.3
4.0
4.1
4.1
4.8
4.9
4.4
4.6

6.4
7.3
9.1
9.9
9.7
8.8
5.2
.4
¥.9

2009: Jan ........
Feb .......
Mar .......
Apr .......

.8
.1
¥1.2
.3

r.1
¥1.6
¥.7
1.5

1.4
.7
¥1.8
.1

r.2

¥13.9
¥3.4
¥.9
¥3.0

¥6.5
¥10.4
r¥8.5
¥3.1

¥22.8
¥3.8
1.4
¥3.8

2.3
2.6
r.3
¥.8

¥13.0
¥11.9
¥13.8
¥8.6

¥2.7
¥6.2
¥7.5
¥4.8

¥22.8
¥19.8
¥22.2
¥13.8

3.9
3.3
2.1
.8

¥1.0
¥1.3
¥3.5
¥3.7

.1
¥.2
¥.1

Source: Department of Labor, Bureau of Labor Statistics.

CHANGES IN CONSUMER PRICES—ALL URBAN CONSUMERS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Housing

Transportation

Shelter
Period

All
items 1

Food
Total 1
Total 1

Rent of Ownpriers’
mary equivaresilent
dence
rent

Fuels
and
utilities

Apparel

Total 1

New
cars

Motor
fuel

Medical
care

Energy 2

All
items
less
food
and
energy

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

From
From
3
6
months months
earlier earlier

From
year
earlier
NSA

Change, December to December, NSA
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008

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

2.7
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
5.4
¥1.8
4.1
¥3.2 ¥3.8
¥1.8
3.8
¥2.1
.3
¥.2
6.5
¥1.1
4.8
.9
1.6
¥.3
8.3
¥1.0 ¥13.3

¥.8
.3
0
¥2.0
¥2.1
.5
.8
.2
¥.4
¥1.1

30.2
13.9
¥24.8
24.6
6.8
26.1
16.2
6.4
29.5
¥42.2

3.7
4.2
4.7
5.0
3.7
4.2
4.3
3.6
5.2
2.6

13.4
14.2
¥13.0
10.7
6.9
16.6
17.1
2.9
17.4
¥21.3

1.9
2.6
2.7
1.9
1.1
2.2
2.2
2.6
2.4
1.8

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

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

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

2.2
3.4
2.8
1.6
2.3
2.7
3.4
3.2
2.8
3.8

0.1
.2
.3
.3
.2
.1
.0
.1
.0

..........
2.9
..........
4.2
4.5
6.5
..........
8.9
..........
6.7
6.2
3.1
.......... ¥3.1
.......... ¥9.4
¥8.3 ¥12.4

4.7
3.7
5.1
5.8
5.4
4.7
2.7
¥1.6
¥5.0

3.9
4.2
5.0
5.6
5.4
3.7
3.7
1.1
.1

¥8.4
¥.5
2.2
.9

¥5.8
¥5.0
¥5.4
¥3.9

.0
.2
¥.4
¥.7

Change, month to month
2008: Apr ...............
May ...............
June ..............
July ..............
Aug ...............
Sept ..............
Oct ................
Nov ...............
Dec ...............

hsrobinson on PROD1PC76 with HEARING

2009: Jan
Feb
Mar
Apr

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

0.2
.5
.9
.7
.0
.0
¥.8
¥1.7
¥.8

0.8
.4
.7
.9
.6
.5
.4
.2
.0

0.3
.4
.4
.6
.0
¥.1
.0
¥.1
.0

0.1
.2
.3
.2
.1
.2
.1
.2
.0

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

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

1.8
2.1
1.7
3.0
¥.9
¥2.4
¥.5
¥1.5
¥.4

0.3
¥.1
.0
1.0
.4
¥.3
¥.7
.1
¥.6

¥0.8
1.1
3.2
1.4
¥.9
¥.1
¥4.8
¥9.7
¥5.0

0.0
.1
.3
.8
.1
¥.5
¥.6
¥.4
¥.4

¥2.3
2.9
8.7
3.6
¥2.5
.3
¥12.7
¥28.9
¥18.8

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

¥0.5
2.7
5.8
3.5
¥2.0
¥1.0
¥7.8
¥16.9
¥9.3

.3
.4
¥.1
.0

.1
¥.1
¥.1
¥.2

.0
.0
¥.1
¥.1

.2
.0
.0
.2

.3
.1
.2
.2

.3
.1
.2
.1

¥.7
¥.1
¥1.4
¥1.7

.3
1.3
¥.2
¥.2

1.3
1.9
¥1.1
¥.4

.2
.5
.3
.3

5.3
7.6
¥4.4
¥2.6

.4
.3
.2
.4

1.7
3.3
¥3.0
¥2.4

1 Includes

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

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

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.2 ..........
.2 ..........
.2 ¥2.4
.3 ..........

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ECOIND

PRICES RECEIVED AND PAID BY FARMERS
In May, prices received by farmers rose 1.6 percent and prices paid by farmers fell 0.6 percent. (Data are not
seasonally adjusted.)

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

All farm
products

Prices paid by farmers
Livestock and
products

Crops

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

Production
items, interest,
taxes, and wage
rates

Production
items

Ratio 2

96
96
102
98
106
118
114
115
136
149

97
96
99
105
110
115
110
120
143
168

95
97
106
90
103
122
119
111
130
130

115
119
123
124
128
134
142
150
160
182

113
117
121
121
125
133
142
150
161
187

111
115
120
119
124
132
140
148
160
188

83
81
83
79
84
88
81
77
85
82

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

152
158
159
156
154
150
141
135

173
183
182
177
174
167
156
149

134
137
138
137
133
127
123
119

184
187
191
191
190
187
182
177

188
193
197
197
196
192
187
181

191
196
201
202
200
195
189
182

83
84
83
82
81
80
77
76

2009: Jan ....................
Feb ....................
Mar ....................
Apr r ...................
May p ..................

139
126
126
129
131

160
146
146
151
153

114
109
109
112
112

178
177
178
177
176

182
181
182
181
180

181
179
180
179
178

78
71
71
73
74

1 Includes

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

NOTE.—The official indexes are published on a 1910–14 base as required by law. The indexes have been converted to a 1990–92=100 base to facilitate comparison with other indexes.
Source: Department of Agriculture.

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ECOIND

G:\GRAPHICS\eecoind.025

hsrobinson on PROD1PC76 with HEARING

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

MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK AND DEBT MEASURES
In April, M2 fell.

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

M2

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

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

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

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

4,630.1
4,909.4
5,416.1
5,763.5
6,054.7
6,398.4
6,659.1
7,019.1
7,414.9
8,123.8

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

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

5.8
6.0
10.3
6.4
5.1
5.7
4.1
5.4
5.6
9.6

6.4
5.0
6.3
7.3
8.1
8.9
9.5
8.9
8.6
5.8

2008: Apr ........................................................................................
May ........................................................................................
June .......................................................................................
July ........................................................................................
Aug ........................................................................................
Sept .......................................................................................
Oct .........................................................................................
Nov ........................................................................................
Dec ........................................................................................

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

7,618.4
7,637.0
7,647.7
7,692.2
7,673.2
7,782.1
7,900.7
7,951.5
8,123.8

............................
............................
32,339.1
............................
............................
32,995.8
............................
............................
33,517.9

.3
1.0
2.8
4.6
3.1
11.5
14.8
21.8
30.6

7.3
6.9
6.3
6.2
3.6
4.8
7.4
8.2
12.5

......................
......................
3.1
......................
......................
8.1
......................
......................
6.3

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

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

8,210.1
8,241.9
8,316.6
8,264.0

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

25.2
24.1
15.2
15.9

13.5
14.8
13.7
9.2

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

hsrobinson on PROD1PC76 with HEARING

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

Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec

1 Quarterly data; shown in last month of quarter. End-of-year data are for fourth quarter.
Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfinancial sectors; data from flow of funds accounts.
2 Annual changes are from December to December and monthly changes are from 6 months
earlier at a simple annual rate.
3 Annual changes are from fourth quarter to fourth quarter. Quarterly changes are from previous quarter at an annual rate.

Debt of
domestic
nonfinancial
sectors 1

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M1

M2

From
previous
period 3
Debt

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

26
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Percent change
From year or 6
months
earlier 2

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ECOIND

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Period

Debt

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

Period

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

Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec

Other checkable
deposits (OCDs)

Nonbank
travelers
checks

Currency

Demand
deposits

At
commercial
banks

Total

At
commercial
banks

Small-denomination
time deposits 2

Savings
deposits 1

Total

At
thrift
institutions

At
thrift
institutions

Total

At
commercial
banks

At
thrift
institutions

Retail
money
funds

Institutional
money
funds 3

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

517.8
531.2
581.1
626.3
662.5
697.5
723.6
748.3
757.6
812.1

8.6
8.3
8.0
7.8
7.7
7.5
7.2
6.7
6.3
5.5

353.0
309.9
335.7
306.8
326.4
343.2
324.6
304.8
292.9
464.8

243.3
238.4
257.5
279.6
310.3
328.2
318.9
305.8
307.8
313.0

139.7
133.2
142.0
154.3
175.3
187.0
180.7
177.2
174.3
178.9

103.7
105.2
115.4
125.3
135.0
141.1
138.1
128.6
133.5
134.2

1,739.5
1,878.3
2,309.0
2,774.0
3,162.7
3,506.4
3,602.3
3,692.7
3,868.7
4,100.5

1,288.4
1,424.3
1,738.3
2,060.2
2,337.9
2,631.1
2,773.9
2,909.7
3,041.3
3,328.7

451.0
454.0
570.7
713.7
824.7
875.3
828.4
783.0
827.3
771.8

955.2
1,046.0
974.5
894.7
817.8
827.8
992.5
1,167.3
1,214.4
1,369.2

636.9
700.8
636.1
591.2
541.7
551.4
645.3
759.3
822.9
r 1,018.2

318.3
345.2
338.5
303.4
276.1
276.4
347.2
408.0
391.5
351.0

812.8
897.3
950.3
874.5
767.4
687.7
690.1
793.5
967.3
1,058.7

660.3
815.4
1,219.0
1,268.4
1,129.2
1,080.0
1,149.3
1,350.8
1,899.8
2,385.5

2008: Apr ......
May .....
June ....
July .....
Aug .....
Sept .....
Oct ......
Nov .....
Dec ......

760.1
763.4
769.0
774.5
777.0
781.6
796.5
804.3
812.1

6.1
6.1
6.0
5.9
5.8
5.8
5.7
5.6
5.5

295.1
292.0
294.3
303.5
300.6
350.2
r 360.6
406.7
464.8

312.3
312.2
314.2
316.1
308.4
314.2
312.1
306.9
313.0

177.1
175.1
176.4
176.8
172.4
176.9
176.3
173.5
178.9

135.3
137.1
137.7
139.3
136.0
137.3
135.8
133.4
134.2

3,981.2
4,010.1
4,021.2
4,033.1
4,005.9
4,032.8
4,034.9
4,015.6
4,100.5

3,122.0
3,126.5
3,123.9
3,130.9
3,116.5
3,170.8
3,250.3
3,246.4
3,328.7

859.2
883.6
897.3
902.2
889.4
862.0
784.7
769.2
771.8

1,208.6
1,207.4
1,206.8
1,217.6
1,242.2
1,266.5
r 1,324.2
1,354.1
1,369.2

817.5
818.8
823.3
838.4
861.5
889.5
979.0
r 1,003.3
r 1,018.2

391.2
388.6
383.5
379.2
380.6
377.0
345.1
350.9
351.0

1,055.0
1,045.9
1,036.2
1,041.5
1,033.2
1,031.1
1,066.7
1,058.3
1,058.7

2,174.7
2,210.3
2,242.2
2,259.3
2,280.9
2,245.5
2,227.6
2,322.5
2,385.5

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

826.3
837.7
845.0
849.6

5.5
5.5
5.4
5.3

434.2
395.6
389.5
405.4

310.1
320.7
322.4
331.9

175.2
180.9
182.1
191.2

134.9
139.8
140.3
140.7

4,213.7
4,291.4
4,375.7
4,342.5

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

781.4
792.2
809.3
810.8

1,364.4
1,354.4
1,346.8
1,326.9

1,011.6
1,000.2
991.3
976.9

352.8
354.3
355.6
350.1

1,055.9
1,036.6
1,031.9
1,002.3

2,471.8
2,489.3
2,492.4
2,510.8

1 Savings

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

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

2 Small-denomination
3 Institutional

AGGREGATE RESERVES AND MONETARY BASE
[Averages of daily figures 1; millions of dollars; seasonally adjusted, except as noted by NSA]
Adjusted for changes in reserve requirements

Borrowings from the Federal Reserve (NSA)
Other borrowings from the Federal Reserve

Reserves of depository institutions

Period
Total 2

Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec

Required

Excess
(NSA)

Monetary
base

Total 4

Primary

Assetbacked
commerical
paper
money
market
mutual
fund
liquidity
facility

Credit
extended
to
American
International
Group,
Inc.

Adjustment 6

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

42,183
38,717
41,442
40,400
42,757
46,552
45,139
43,338
42,674
821,055

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

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

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

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

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

..............
..............
..............
..............
..............
..............
..............
..............
11,613
438,327

..............
..............
..............
..............
17
11
97
111
3,787
88,245

..............
..............
..............
..............
..............
..............
..............
..............
..............
47,631

..................
..................
..................
..................
..................
..................
..................
..................
..................
32,102

..............
..............
..............
..............
..............
..............
..............
..............
..............
47,206

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

2008: May ........
June .......
July ........
Aug .........
Sept ........
Oct .........
Nov .........
Dec .........

hsrobinson on PROD1PC76 with HEARING

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

Nonborrowed 3

Term
auction
credit

Primary
dealer
and
other
brokerdealer
credit 5

44,130
43,363
43,333
44,565
102,784
315,512
609,962
821,055

¥111,650
¥127,915
¥122,331
¥123,514
¥187,322
¥332,807
¥88,824
167,489

42,119
41,092
41,360
42,571
42,726
47,606
50,920
53,655

2,011
2,271
1,973
1,993
60,057
267,907
559,042
767,400

827,171
832,489
838,059
842,813
905,168
1,130,296
1,433,503
1,651,278

155,780
171,278
165,664
168,078
290,105
648,319
698,786
653,565

127,419
150,000
150,000
150,000
149,814
244,778
393,088
438,327

14,076
14,225
15,204
17,980
32,632
94,017
95,839
88,245

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

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

2009: Jan .........
Feb r ........
Mar r .......
Apr r ........
May p .......

858,418
700,967
779,955
881,556
901,291

294,922
118,470
167,843
323,362
375,843

60,173
57,459
55,321
57,175
57,188

798,245
643,508
724,633
824,381
844,103

1,703,117
1,557,493
1,643,137
1,749,791
1,769,957

563,496
582,497
612,111
558,194
525,448

403,523
438,822
477,049
444,933
403,970

70,436
65,463
62,513
47,324
40,124

33,061
26,250
20,292
10,918
701

17,745
13,533
7,857
4,267
23,347

38,690
38,414
43,328
45,057
44,915

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

1 Data

are prorated averages of biweekly (maintenance period) averages of daily figures.
Reserves and monetary base incorporate adjustments for discontinuities, or ‘‘breaks,’’ associated with changes in reserve requirements.
2 Seasonally adjusted break-adjusted required reserves plus unadjusted excess reserves.
3 Seasonally adjusted break-adjusted total reserves less unadjusted total borrowings of depository institutions from the Federal Reserve.

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

4 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
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ECOIND

BANK CREDIT AT ALL COMMERCIAL BANKS
Total commercial bank loans and leases fell 0.6 percent in April; commercial and industrial loans fell 1.3 percent.

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

Dec r ..........
Dec ...........
Dec r ..........
Dec ...........
Dec r ..........
Dec ...........
Dec ...........
Dec ...........
Dec r ..........
Dec r ..........
Apr r ..........
May r .........
June r ........
July r .........
Aug r .........
Sept r .........
Oct r ..........
Nov r .........
Dec r ..........
2009: Jan r ..........
Feb r ..........
Mar r .........
Apr ...........

hsrobinson on PROD1PC76 with HEARING

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

Total
bank
credit

4,743.1
5,200.4
5,409.7
5,888.2
6,262.7
6,811.5
7,531.8
8,359.3
9,207.3
9,971.4
9,420.4
9,425.4
9,404.5
9,429.7
9,419.0
9,576.9
9,987.6
9,929.7
9,971.4
9,887.7
9,833.3
9,814.6
9,728.4

Total
securities

1,270.0
1,336.2
1,480.5
1,719.7
1,851.0
1,944.5
2,063.0
2,240.4
2,407.8
2,777.3
2,527.4
2,506.5
2,500.1
2,510.8
2,491.7
2,542.6
2,724.9
2,717.3
2,777.3
2,753.5
2,696.8
2,721.4
2,677.2

U.S.
Treasury
and
agency
securities

811.3
789.5
849.2
1,033.1
1,107.7
1,165.5
1,159.7
1,211.7
1,128.5
1,262.2
1,099.6
1,109.4
1,125.9
1,123.4
1,131.6
1,155.6
1,235.9
1,264.5
1,262.2
1,281.4
1,268.1
1,279.9
1,265.2

458.7
546.8
631.3
686.5
743.4
779.0
903.4
1,028.7
1,279.3
1,515.0
1,427.9
1,397.1
1,374.2
1,387.5
1,360.1
1,387.0
1,489.0
1,452.7
1,515.0
1,472.2
1,428.6
1,441.5
1,412.0

3,473.1
3,864.2
3,929.2
4,168.5
4,411.7
4,867.1
5,468.8
6,118.9
6,799.5
7,194.2
6,893.0
6,918.8
6,904.4
6,918.9
6,927.3
7,034.3
7,262.7
7,212.4
7,194.2
7,134.2
7,136.5
7,093.2
7,051.2

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

Real estate

Commercial
and
industrial

Total
loans
and
leases 3

Other
securities 2

Total 4

990.2
1,078.4
1,018.0
955.7
896.1
918.5
1,035.8
1,187.5
1,436.3
1,582.2
1,487.1
1,493.3
1,504.8
1,515.6
1,516.0
1,536.5
1,601.9
1,599.8
1,582.2
1,570.1
1,559.7
1,542.5
1,521.9

1,475.3
1,660.5
1,789.8
2,038.4
2,235.4
2,574.8
2,942.0
3,378.8
3,607.1
3,827.7
3,643.6
3,639.8
3,631.7
3,620.7
3,623.1
3,660.4
3,820.4
3,826.3
3,827.7
3,810.6
3,829.7
3,831.6
3,837.5

Revolving
home
equity

101.7
130.4
156.0
213.8
281.1
399.2
445.6
469.9
486.0
590.7
506.2
511.1
516.7
522.4
526.8
540.2
579.7
585.0
590.7
594.5
597.0
601.4
606.1

Commercial

..............
..............
..............
..............
..............
1,081.7
1,273.0
1,452.2
1,601.6
1,736.5
1,651.0
1,660.8
1,672.2
1,675.3
1,677.5
1,687.7
1,728.5
1,731.8
1,736.5
1,730.1
1,729.6
1,727.7
1,725.1

22:14 Jun 09, 2009

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Frm 00028

Fmt 3401

491.7
541.2
559.4
589.7
645.8
698.3
707.6
742.8
806.8
881.4
824.8
828.8
833.9
843.0
847.8
853.7
872.2
878.2
881.4
891.6
900.1
892.6
881.2

Security 5

128.6
153.1
119.8
161.2
187.9
188.7
236.4
257.4
285.4
244.7
287.5
304.7
290.1
297.7
303.6
327.4
293.6
263.3
244.7
224.5
218.1
198.0
188.3

Other

387.2
431.0
442.2
423.5
446.4
486.8
547.0
552.5
663.9
658.1
650.0
652.2
643.9
641.8
636.8
656.4
674.6
644.7
658.1
637.4
629.0
628.6
622.3

3 Excludes unearned income. Includes the allowance for loan and lease losses. Excludes Federal funds sold to, reverse repurchase agreements (RPs) with, and loans to commercial banks
in the United States.
4 Includes other residential, not shown separately.
5 Includes other items, not shown separately.
Source: Board of Governors of the Federal Reserve System.

28
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Consumer 5

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ECOIND

g:\graphics\eecoind.028

Period

Loans and leases in bank credit

SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL CORPORATE
BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Sources

Uses

External (Net increase in liabilities)
Funds raised in markets
Period

Internal 1

Total

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

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

731.0
718.0
755.0
811.3
831.3
928.5
1,065.1
1,086.0
1,047.0
1,044.9
1,094.3
1,091.2
1,117.2
1,041.2
1,028.8
1,032.7
1,065.0
1,061.7
1,041.2
1,008.7
1,088.4
1,041.3

Credit market instruments
Total

987.6
1,237.4
95.2
84.9
13.4
609.0
961.2
836.5
955.7
537.1
737.2
1,035.6
716.1
857.0
854.1
895.9
1,262.7
810.1
780.5
557.5
206.6
603.7

Total

Total
net
funds
raised

Net new
equity
issues

273.4
243.7
164.6
¥18.5
46.2
79.5
¥28.2
¥133.2
¥29.8
¥71.4
¥121.1
¥111.2
¥251.0
¥49.6
101.6
64.5
12.8
¥298.1
¥57.9
154.1
¥88.4
¥293.2

¥110.4
¥118.2
¥48.1
¥41.4
¥41.1
¥124.4
¥360.7
¥602.7
¥831.2
¥395.1
¥566.1
¥578.0
¥524.1
¥742.5
¥566.7
¥799.1
¥864.9
¥1,093.9
¥475.1
¥262.0
¥393.2
¥450.0

Total

Securities
and mortgages

383.7
361.9
212.8
22.9
87.3
204.0
332.5
469.5
801.3
323.7
445.0
466.8
273.1
692.9
668.4
863.6
877.7
795.8
417.2
416.1
304.8
156.8

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).

273.7
187.3
399.7
167.1
217.0
134.8
266.4
314.3
438.0
254.9
329.9
290.7
246.8
389.9
421.4
528.3
358.5
443.7
267.3
416.9
135.5
199.8

Loans
and
shortterm
paper

Other 2

110.1
174.6
¥187.0
¥144.2
¥129.7
69.2
66.2
155.2
363.4
68.8
115.1
176.0
26.3
303.1
246.9
335.2
519.1
352.1
149.9
¥.8
169.3
¥42.9

714.3
993.7
¥69.4
103.4
¥32.8
529.6
989.4
969.6
985.5
608.4
858.3
1,146.7
967.1
906.6
752.4
831.4
1,249.9
1,108.2
838.4
403.4
295.0
897.0

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
1,722.9
1,979.3
1,723.5
1,664.1
1,955.1
2,109.8
2,521.7
1,898.5
1,884.9
1,421.7
1,265.7
1,650.0

Capital
expenditures 3

863.9
928.5
802.6
737.1
749.9
825.7
922.0
1,059.4
1,047.3
1,068.9
1,013.3
1,063.6
1,076.3
1,084.3
1,009.2
1,044.0
1,083.8
1,052.0
1,066.7
1,120.6
1,065.7
1,022.7

Increase
in financial assets

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

Discrepancy
(sources
less
uses)

¥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

3 Nonresidential fixed investment plus residential fixed investment, inventory change with inventory valuation adjustment, and nonproduced nonfinancial assets.

Source: Board of Governors of the Federal Reserve System.

CONSUMER CREDIT
[Billions of dollars; seasonally adjusted]

Consumer credit outstanding (end of period)
Period
Total

hsrobinson on PROD1PC76 with HEARING

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

Dec ...............................................................................
Dec ...............................................................................
Dec ...............................................................................
Dec ...............................................................................
Dec ...............................................................................
Dec ...............................................................................
Dec ...............................................................................
Dec ...............................................................................
Dec ...............................................................................
Dec r ..............................................................................
Apr ...............................................................................
May ..............................................................................
June .............................................................................
July ..............................................................................
Aug ..............................................................................
Sept ..............................................................................
Oct r ..............................................................................
Nov r .............................................................................
Dec r ..............................................................................
2009: Jan r ..............................................................................
Feb r ..............................................................................
Mar r .............................................................................
Apr p .............................................................................

Revolving

1,532.4
1,717.7
1,867.3
1,974.3
2,078.3
2,191.6
2,285.2
2,387.7
2,519.0
2,562.3
2,558.8
2,565.5
2,574.1
2,581.8
2,575.8
2,582.8
2,578.1
2,568.8
2,562.3
2,567.1
2,556.2
2,539.7
2,524.0

1 Change based on data in billions of dollars as shown here. For year-end data, change from
preceding year-end; for monthly data, change from preceding month.
2 Includes automobile loans and all other loans not included in revolving credit, such as loans
for mobile homes, education, boats, trailers, or vacations. These loans may be secured or unsecured.

610.7
683.7
716.6
748.8
770.4
799.8
824.5
874.6
939.5
960.9
957.3
963.0
965.8
972.1
974.2
976.8
974.0
968.3
960.9
959.6
948.4
939.6
931.0

Nonrevolving 2

921.7
1,034.0
1,150.7
1,225.5
1,307.9
1,391.8
1,460.7
1,513.1
1,579.5
1,601.4
1,601.5
1,602.5
1,608.3
1,609.7
1,601.6
1,606.0
1,604.2
1,600.5
1,601.4
1,607.6
1,607.8
1,600.1
1,593.0

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
43.3
9.8
6.7
8.6
7.7
¥6.0
7.0
¥4.7
¥9.3
¥6.5
4.8
¥10.9
¥16.5
¥15.7

Revolving

29.3
73.0
32.9
32.2
21.6
29.4
24.7
50.1
64.9
21.4
.0
5.7
2.8
6.3
2.1
2.6
¥2.8
¥5.7
¥7.4
¥1.3
¥11.2
¥8.8
¥8.6

Nonrevolving 2

82.1
112.3
116.7
74.8
82.4
83.9
68.9
52.4
66.4
21.9
9.8
1.0
5.8
1.4
¥8.1
4.4
¥1.8
¥3.7
.9
6.2
.2
¥7.7
¥7.1

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

29
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ECOIND

INTEREST RATES AND BOND YIELDS
Interest rates were mixed in May.

[Percent per annum]

Constant

hsrobinson on PROD1PC76 with HEARING

Period

3-month
bills (at
auction) 1

1999 .......................
2000 .......................
2001 .......................
2002 .......................
2003 .......................
2004 .......................
2005 .......................
2006 .......................
2007 .......................
2008 .......................
2008: May ............
June ...........
July ............
Aug .............
Sept ............
Oct ..............
Nov .............
Dec .............
2009: Jan ..............
Feb .............
Mar .............
Apr .............
May ............
Week ended:
2009: May 9 .........
16 .........
23 .........
30 .........
June 6 ........

3-year

maturities 2

10-year

30-year

Highgrade
municipal
bonds
(Standard
&
Poor’s) 3

Corporate
Aaa
bonds
(Moody’s)

5.49
6.22
4.09
3.10
2.10
2.78
3.93
4.77
4.35
2.24
2.69
3.08
2.87
2.70
2.32
1.86
1.51
1.07
1.13
1.37
1.31
1.32
1.39

5.65
6.03
5.02
4.61
4.01
4.27
4.29
4.80
4.63
3.66
3.88
4.10
4.01
3.89
3.69
3.81
3.53
2.42
2.52
2.87
2.82
2.93
3.29

5.87
5.94
5.49
*
*
*
*
4.91
4.84
4.28
4.60
4.69
4.57
4.50
4.27
4.17
4.00
2.87
3.13
3.59
3.64
3.76
4.23

5.43
5.77
5.19
5.05
4.73
4.63
4.29
4.42
4.42
4.80
4.34
4.48
4.88
4.90
5.03
5.68
5.28
5.53
5.13
5.00
5.15
4.88
4.60

7.04
7.62
7.08
6.49
5.67
5.63
5.24
5.59
5.56
5.64
5.57
5.68
5.67
5.64
5.65
6.28
6.15
5.08
5.05
5.27
5.50
5.39
5.54

..............
..............
..............
..............
2.12
2.34
4.19
5.96
5.86
2.39
2.25
2.25
2.25
2.25
2.25
1.25
1.25
.50
.50
.50
.50
.50
.50

.20
.19
.19
.18
.15

1.44
1.32
1.36
1.47
1.59

3.23
3.14
3.29
3.59
3.70

4.15
4.12
4.24
4.48
4.54

4.75
4.62
4.46
4.56
4.75

5.50
5.44
5.57
5.69
5.68

.50
.50
.50
.50
.50

30
22:14 Jun 09, 2009

Primary
credit

4.66
5.85
3.44
1.62
1.01
1.38
3.16
4.73
4.41
1.48
1.71
1.89
1.72
1.79
1.46
.84
.30
.04
.12
.31
.25
.17
.15

1 High bill rate at auction, issue date within period, bank-discount basis. Data are stop yields
from uniform-price auctions.
2 Yields on actively traded issues adjusted to constant maturities.
3 Weekly data are Wednesday figures.
4 Discount window borrowing for primary credit and discount rate (adjustment credit). The
rate for primary credit replaced the rate for adjustment credit.
5 Average effective rate for year; rate in effect at end of month or week.

VerDate Nov 24 2008

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

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Discount
rate

Prime rate
charged by
banks 5

4.62
5.73
3.40
1.17

Federal
funds
rate 6

Newhome
mortgage
yields
(FHFB) 7

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

8.00
9.23
6.91
4.67
4.12
4.34
6.19
7.96
8.05
5.09
5.00
5.00
5.00
5.00
5.00
4.00
4.00
3.25
3.25
3.25
3.25
3.25
3.25

4.97
6.24
3.88
1.67
1.13
1.35
3.22
4.97
5.02
1.92
1.98
2.00
2.01
2.00
1.81
.97
.39
.16
.15
.22
.18
.15
.18

7.04
7.52
7.00
6.43
5.80
5.77
5.94
6.63
6.41
6.05
6.01
6.13
6.29
6.33
6.09
6.10
6.16
5.67
5.11
5.09
5.10
4.96
..............

*
*
*
*
*

3.25
3.25
3.25
3.25
3.25

.21
.17
.16
.17
.19

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

6 Daily

effective rate; weighted average of rates on brokered trades.
7 Effective rate (in the primary market) on conventional mortgages, reflecting fees and
charges as well as contract rate and assumed, on the average, repayment at end of 10 years.
* Discount rate (adjustment credit) series was discontinued after January 8, 2003. Series for
30-year constant maturity was discontinued on February 18, 2002, and reintroduced on February 9, 2006.
Sources: Department of the Treasury, Board of Governors of the Federal Reserve System,
Federal Housing Finance Board, Moody’s Investors Service, and Standard & Poor’s.

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U.S. Treasury security yields

COMMON STOCK PRICES AND YIELDS
Stock prices rose in May.

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

Period

Dow Jones
industrial
average 4

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

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

Dividendprice ratio

Earningsprice ratio

Composite

Financial

Energy

Health
Care

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

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
7,191.79
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

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
2,099.32
2,263.41
2,578.47
2,161.65

1.25
1.15
1.32
1.61
1.77
1.72
1.83
1.87
1.86
2.37

3.17
3.63
2.95
2.92
3.84
4.89
5.36
5.78
5.29
3.54

2008: May .............................................
June ............................................
July .............................................
Aug ..............................................
Sept .............................................
Oct ...............................................
Nov ..............................................
Dec ..............................................

9,429.04
8,996.98
8,427.37
8,362.20
7,886.29
6,130.39
5,527.63
5,525.70

7,593.63
6,798.20
6,207.89
6,304.58
6,159.18
4,733.74
3,779.86
3,673.95

16,365.23
16,272.67
14,899.86
13,772.04
12,562.82
9,515.71
9,262.07
9,136.33

6,405.40
6,243.42
6,412.48
6,618.92
6,316.05
5,434.03
5,088.99
5,090.83

12,812.48
12,056.67
11,322.38
11,530.75
11,114.08
9,176.71
8,614.55
8,595.56

1,403.22
1,341.25
1,257.33
1,281.47
1,217.01
968.80
883.04
877.56

2,483.24
2,427.45
2,278.14
2,389.27
2,205.20
1,730.32
1,542.70
1,525.89

2.07
2.15
2.27
2.23
2.36
2.83
3.11
3.00

..................
4.01
..................
..................
3.94
..................
..................
1.65

2009: Jan
Feb
Mar
Apr
May

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

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

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

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

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

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

865.58
805.23
757.13
848.15
902.41

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

3.01
3.07
2.92
2.60
2.41

..................
..................
p.87
..................
..................

Week ended:
2009: May 9 .........................................
16 ........................................
23 ........................................
30 ........................................
June 6 .......................................

5,852.40
5,754.25
5,835.73
5,920.32
6,115.85

3,867.35
3,752.52
3,836.33
3,903.68
3,996.13

9,800.33
9,760.50
9,870.62
10,125.25
10,583.23

4,958.41
5,070.40
5,103.70
5,143.53
5,219.73

8,466.83
8,354.55
8,394.08
8,419.41
8,730.19

913.44
895.49
899.33
907.34
940.38

1,746.40
1,696.14
1,716.40
1,751.91
1,838.17

2.36
2.45
2.39
2.42
2.32

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

1 Average

of daily closing prices.
all the stocks (nearly 1,850) listed on the NYSE.
January 9, 2003, the NYSE relaunched the composite index with changes in
methodology, definitions, and based on Dec. 31, 2002=5,000. Effective January 8, 2004 new
indexes for Financial, Energy, and Health Care were introduced by the NYSE. Previous indexes
shown for Industrial, Transportation, Utility, and Finance were discontinued.
4 Includes 30 stocks.
2 Includes

3 Effective

5 Includes

500 stocks.
about 3,000 stocks.
& Poor’s series. Dividend-price ratios based on Wednesday closing prices. Earnings-price ratios based on prices at end of quarter.
6 Includes

7 Standard

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

31
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1999
2000
2001
2002
2003
2004
2005
2006
2007
2008

FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
In the seventh month of fiscal 2009, there was a deficit of $802.3 billion, compared with a deficit of $153.5 billion
a year earlier.

[Billions of dollars]
Total
Fiscal year or period

On-budget
Surplus
or
deficit
(¥)

Surplus
or
deficit
(¥)

1992 ..................................
1993 ..................................
1994 ..................................
1995 ..................................
1996 ..................................
1997 ..................................
1998 ..................................
1999 ..................................
2000 ..................................
2001 ..................................
2002 ..................................
2003 ..................................
2004 ..................................
2005 ...................................
2006 ..................................
2007 r .................................
2008 r .................................
2009 (estimates) r ..............
2010 (estimates) r ..............

Outlays

1,091.3
1,154.5
1,258.7
1,351.9
1,453.2
1,579.4
1,722.0
1,827.6
2,025.5
1,991.4
1,853.4
1,782.5
1,880.3
2,153.9
2,407.3
2,568.2
2,524.3
2,156.7
2,332.6

1,381.6 ¥290.3
1,409.5 ¥255.1
1,461.9 ¥203.2
1,515.9 ¥164.0
1,560.6 ¥107.4
1,601.3
¥21.9
1,652.7
69.3
1,702.0
125.6
1,789.2
236.2
1,863.2
128.2
2,011.2 ¥157.8
2,160.1 ¥377.6
2,293.0 ¥412.7
2,472.2 ¥318.3
2,655.4 ¥248.2
2,728.9 ¥160.7
2,982.9 ¥458.6
3,997.8 ¥1,841.2
3,591.1 ¥1,258.4

788.9
842.5
923.7
1,000.9
1,085.7
1,187.4
1,306.2
1,383.2
1,544.9
1,483.9
1,338.1
1,258.7
1,345.5
1,576.4
1,798.9
1,933.2
1,866.3
1,501.8
1,649.4

1,129.3 ¥340.4
1,142.9 ¥300.4
1,182.5 ¥258.8
1,227.2 ¥226.4
1,259.7 ¥174.0
1,290.7 ¥103.2
1,336.1
¥29.9
1,381.3
1.9
1,458.5
86.4
1,516.4
¥32.4
1,655.5 ¥317.4
1,797.1 ¥538.4
1,913.5 ¥568.0
2,070.0 ¥493.6
2,233.4 ¥434.5
2,275.3 ¥342.2
2,508.1 ¥641.9
3,479.6 ¥1,977.8
3,041.9 ¥1,392.5

302.4
311.9
335.0
351.1
367.5
392.0
415.8
444.5
480.6
507.5
515.3
523.8
534.7
577.5
608.4
635.1
658.0
654.9
683.2

252.3
266.6
279.4
288.7
300.9
310.6
316.6
320.8
330.8
346.8
355.7
363.0
379.5
402.2
422.1
453.6
474.8
518.2
549.1

50.1
45.3
55.7
62.4
66.6
81.4
99.2
123.7
149.8
160.7
159.7
160.8
155.2
175.3
186.3
181.5
183.3
136.6
134.1

4,001.8
4,351.0
4,643.3
4,920.6
5,181.5
5,369.2
5,478.2
5,605.5
5,628.7
5,769.9
6,198.4
6,760.0
7,354.7
7,905.3
8,451.4
8,950.7
9,985.8
12,867.5
14,456.3

2,999.7
3,248.4
3,433.1
3,604.4
3,734.1
3,772.3
3,721.1
3,632.4
3,409.8
3,319.6
3,540.4
3,913.4
4,295.5
4,592.2
4,829.0
5,035.1
5,802.7
8,531.4
9,881.9

Cumulative total, first 7
months: 1
Fiscal year 2008 ...............
Fiscal year 2009 ...............

1,549.7
1,256.1

1,703.2
2,058.4

¥153.5
¥802.3

1,161.6
866.4

1,430.6
1,761.1

¥269.1
¥894.8

388.2
389.7

272.6
297.2

115.6
92.5

9,326.7
11,204.1

5,234.1
6,924.2

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the public

NOTE.—Data (except as noted) are from Budget of the United States Government, Fiscal Year
2010, issued May 11, 2009.
Sources: Department of the Treasury and Office of Management and Budget.

32
VerDate Nov 24 2008

Gross Federal

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Receipts

Surplus
or
deficit
(¥)

Outlays

from current issue Monthly Treasury Statement.

Outlays

Federal debt (end of
period)

Receipts

1 Data

Receipts

Off-budget

FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the seventh month of fiscal 2009, receipts were $293.6 billion lower than a year earlier and outlays were $355.2
billion higher.

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

Fiscal year or period
Total

Corporation
income
taxes

On-budget and off-budget outlays
National defense
Other

Department of
Defense,
military

Total
Total

International
affairs

Health

Medicare

Income Social
security security

Net
interest

Other

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

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

476.0
509.7
543.1
590.2
656.4
737.5
828.6
879.5

100.3
117.5
140.4
157.0
171.8
182.3
188.7
184.7

413.7
428.3
461.5
484.5
509.4
539.4
571.8
611.8

101.4
99.0
113.8
120.2
115.5
120.3
132.9
151.7

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

298.4
291.1
281.6
272.1
265.8
270.5
268.2
274.8

286.8
278.5
268.6
259.4
253.1
258.3
255.8
261.2

16.1
17.2
17.1
16.4
13.5
15.2
13.1
15.2

89.5
99.4
107.1
115.4
119.4
123.8
131.4
141.1

119.0
130.6
144.7
159.9
174.2
190.0
192.8
190.4

199.6
210.0
217.2
223.8
229.7
235.0
237.8
242.5

287.6
304.6
319.6
335.8
349.7
365.3
379.2
390.0

199.3
198.7
202.9
232.1
241.1
244.0
241.1
229.8

2000 ............................................
2001 ............................................
2002 ............................................
2003 ............................................
2004 ............................................
2005 ............................................
2006 ............................................
2007 r ...........................................
2008 r ...........................................
2009 (estimates) r ........................
2010 (estimates) .........................

2,025.5
1,991.4
1,853.4
1,782.5
1,880.3
2,153.9
2,407.3
2,568.2
2,524.3
2,156.7
2,332.6

1,004.5
994.3
858.3
793.7
809.0
927.2
1,043.9
1,163.5
1,145.7
953.0
1,051.4

207.3
151.1
148.0
131.8
189.4
278.3
353.9
370.2
304.3
146.8
178.9

652.9
694.0
700.8
713.0
733.4
794.1
837.8
869.6
900.2
899.2
940.4

160.9
152.0
146.2
144.1
148.5
154.2
171.6
164.9
174.1
157.7
161.9

1,789.2
1,863.2
2,011.2
2,160.1
2,293.0
2,472.2
2,655.4
2,728.9
2,982.9
3,997.8
3,591.1

294.4
304.8
348.5
404.8
455.8
495.3
521.8
551.3
616.1
690.3
712.9

281.1
290.2
331.9
387.2
436.5
474.1
499.3
528.6
594.7
665.0
685.1

17.2
16.5
22.4
21.2
26.9
34.6
29.5
28.5
28.9
34.7
50.1

154.5
172.3
196.5
219.6
240.1
250.6
252.8
266.4
280.6
353.4
389.0

197.1
217.4
230.9
249.4
269.4
298.6
329.9
375.4
390.8
430.8
457.8

253.7
269.8
312.7
334.6
333.1
345.8
352.5
366.0
431.3
519.3
547.5

409.4
433.0
456.0
474.7
495.5
523.3
548.5
586.2
617.0
680.5
702.3

222.9 239.9
206.2 243.4
170.9 273.3
153.1 302.7
160.2 311.9
184.0 339.9
226.6 393.8
237.1 318.1
252.8 365.4
142.7 1,146.1
135.9 595.7

Cumulative total, first 7 months:1
Fiscal year 2008 .........................
Fiscal year 2009 .........................

1,549.7
1,256.1

747.6
566.4

171.1
70.8

528.4
528.4

102.7 1,703.2
90.6 2,058.4

359.3
385.9

342.4
368.6

16.2
21.7

163.1
189.7

220.4
243.2

257.0
321.2

353.4
380.8

145.3
114.0

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

172.2
158.0
171.7
160.3
167.3
157.4
189.0
218.2

188.6
401.8

NOTE.—Data (except as noted) are from Budget of the United States Government, Fiscal Year
2010, issued May 11, 2009.
Sources: Department of the Treasury and Office of Management and Budget.

33
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hsrobinson on PROD1PC76 with HEARING

1992
1993
1994
1995
1996
1997
1998
1999

Individual
income
taxes

Social
insurance
and
retirement
receipts

FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the first quarter of 2009, according to current estimates, Federal current receipts fell $155.6 billion (annual rate);
while Federal current expenditures rose $99.3 billion.

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

Total
Total 1

Calendar year:
1999 .................
2000 .................
2001 .................
2002 .................
2003 ................
2004 ................
2005 ................
2006 ................
2007 ................
2008 r ...............
2005: III ............
IV ............
2006: I ...............
II .............
III ............
IV ............
2007: I ...............
II .............
III ............
IV ............
2008: I ...............
II .............
III ............
IV r ...........
2009: I r ..............
1 Includes

hsrobinson on PROD1PC76 with HEARING

2 Includes

1,891.2
2,053.8
2,016.2
1,853.2
1,879.9
2,008.9
2,266.9
2,510.4
2,651.2
2,569.3
2,214.5
2,363.3
2,453.6
2,487.6
2,531.9
2,568.6
2,612.8
2,648.1
2,664.9
2,679.2
2,672.5
2,478.8
2,595.7
2,530.3
2,374.7

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
1,526.8
1,375.8
1,448.0
1,504.7
1,535.1
1,570.9
1,590.2
1,615.2
1,648.2
1,654.4
1,660.0
1,634.9
1,436.0
1,565.0
1,471.3
1,313.9

Personal
current
taxes
893.0
999.1
994.5
830.5
774.5
797.4
930.7
1,049.9
1,167.3
1,124.0
944.2
965.8
1,018.8
1,031.6
1,056.0
1,093.2
1,139.5
1,157.1
1,178.1
1,194.7
1,201.2
999.8
1,141.7
1,153.1
979.0

Taxes
on
production and
imports
83.9
87.8
85.8
87.3
89.7
94.6
99.2
98.0
97.7
96.2
100.0
98.5
97.8
98.2
98.6
97.4
97.7
96.9
98.2
98.0
95.8
96.9
94.7
97.3
89.7

Taxes
on
corporate
income
213.0
219.4
164.7
150.5
197.8
250.3
341.0
388.9
365.4
291.1
318.0
370.6
377.3
394.4
404.6
379.5
365.6
381.5
365.1
349.5
322.5
324.4
313.4
204.3
231.2

651.6
691.7
717.5
734.3
758.9
805.2
850.0
902.4
942.3
972.0
857.0
865.7
893.6
895.7
902.6
917.7
937.1
936.4
943.3
952.3
968.9
971.8
976.0
971.0
969.5

Federal Government current expenditures

Income
receipts
on
assets

Current
transfer
receipts

Current
surplus
of government
enterprises

21.5
25.2
24.9
20.2
22.9
23.8
24.0
25.7
29.2
31.8
23.8
23.1
23.7
24.9
26.0
28.2
28.4
29.0
29.8
29.5
29.9
31.7
32.4
33.1
33.5

22.7
25.7
27.1
24.8
25.0
28.8
15.0
35.7
37.5
39.3
¥35.8
32.8
34.7
35.5
36.0
36.5
37.0
37.2
37.6
38.2
39.4
40.0
22.4
55.6
60.3

¥0.3
¥2.3
¥5.5
¥1.6
2.3
¥1.2
¥5.0
¥3.6
¥2.2
¥.5
¥6.4
¥6.2
¥3.1
¥3.5
¥3.6
¥4.0
¥5.1
¥2.8
¥.2
¥.8
¥.5
¥.6
¥.1
¥.7
¥2.4

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

Total 2

1,787.6
1,864.4
1,969.5
2,101.1
2,252.1
2,379.5
2,558.6
2,711.6
2,880.5
3,094.3
2,579.2
2,617.1
2,661.5
2,712.5
2,750.4
2,721.8
2,837.9
2,859.5
2,909.2
2,915.6
3,003.2
3,128.4
3,139.8
3,105.9
3,205.2

Consumption
expenditures

475.1
499.3
531.9
591.5
662.7
723.7
766.3
811.8
856.1
931.9
782.1
764.5
805.9
809.2
816.2
816.0
832.5
851.1
869.1
871.6
898.0
918.2
954.2
957.5
960.1

Current
transfer
payments

986.1
1,038.1
1,131.4
1,243.0
1,328.7
1,390.6
1,478.0
1,568.1
1,666.7
1,806.4
1,483.0
1,508.7
1,535.4
1,566.5
1,584.6
1,586.0
1,650.2
1,652.6
1,671.4
1,692.5
1,729.2
1,860.1
1,794.9
1,841.5
1,949.5

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282.7
283.3
258.6
229.1
212.9
221.0
255.4
282.3
312.6
308.2
253.8
281.0
266.4
287.4
301.9
273.3
309.6
310.5
323.9
306.4
329.4
302.3
342.6
258.5
247.1

Subsidies

43.8
43.8
47.6
37.5
47.8
44.2
58.9
49.4
45.2
47.7
60.4
62.9
53.8
49.4
47.8
46.5
45.6
45.2
44.8
45.1
46.6
47.8
48.2
48.3
48.5

Net
Federal
Government
saving

103.6
189.5
46.7
¥247.9
¥372.1
¥370.6
¥291.7
¥201.1
¥229.3
¥525.0
¥364.7
¥253.8
¥207.9
¥225.0
¥218.4
¥153.2
¥225.2
¥211.4
¥244.3
¥236.3
¥330.7
¥649.6
¥544.0
¥575.6
¥830.4

Note.—Revisions include changes to series affected by revised wage and salary estimates for
2008:IV
Source: Department of Commerce, Bureau of Economic Analysis.

34
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Current tax receipts
Period

Contributions
for
government
social
insurance

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

1999
2000
2001
2002
2003
2004
2005
2006
2007
2008

United
States

Canada

Japan

Germany

France

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

Italy

United
States 1

Canada

Japan

Germany

France

Italy

United
Kingdom

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

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
r 98.5

103.0
108.4
101.3
100.0
103.0
108.0
109.6
114.2
117.6
113.6

97.3
100.9
101.8
100.0
98.9
100.3
100.5
r 101.9
r 103.3
100.8

95.4
100.8
101.1
100.0
100.5
103.6
107.1
113.2
120.1
120.1

98.3
102.4
101.3
100.0
99.4
99.0
98.3
101.8
104.0
r 100.6

101.4
103.2
101.7
100.0
99.3
100.2
99.2
99.8
100.0
97.2

166.6
172.2
177.1
179.9
184.0
188.9
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
176.2
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: Mar r ...................
Apr r ...................
May r ..................
June r .................
July r ..................
Aug r ...................
Sept r ..................
Oct r ....................
Nov r ...................
Dec r ...................

111.6
111.0
110.7
110.4
110.4
109.2
104.8
106.2
104.8
102.4

99.2
99.8
99.1
99.2
100.3
98.6
98.1
97.5
95.5
93.2

119.0
118.2
119.6
117.2
116.9
113.3
113.4
109.6
101.9
93.4

103.8
104.9
101.2
101.2
101.7
102.3
100.6
97.0
94.3
92.8

123.6
123.8
121.8
122.3
120.6
123.1
120.4
117.8
112.8
107.7

105.7
106.5
103.1
103.0
101.9
101.5
98.4
95.9
92.4
88.1

99.8
99.7
98.7
98.3
97.8
97.0
96.7
94.8
92.5
91.1

213.528
214.823
216.632
218.815
219.964
219.086
218.783
216.573
212.425
210.228

194.6
196.1
198.0
199.4
200.1
199.8
199.9
197.9
197.2
195.8

119.5
119.4
120.3
120.9
121.1
121.5
121.5
121.4
120.3
119.8

183.0
183.7
184.6
185.3
184.9
184.9
184.7
184.6
183.8
183.3

163.4
163.1
164.0
164.5
165.4
165.0
164.8
164.5
163.7
164.2

278.6
279.2
280.7
281.9
283.3
283.8
282.9
282.9
281.9
281.5

249.2
251.4
252.7
254.7
254.4
255.2
256.6
255.8
253.8
250.1

2009: Jan r ...................
100.3
90.5
84.0
89.1
101.1
87.0
88.5
211.143
195.3 119.1 182.6
Feb r ...................
99.3
90.2
76.1
88.3
97.3
83.0
87.8
212.193
196.7 118.8 183.3
p ..................
Mar
97.6
89.2
77.3
87.1
96.9
79.1
87.4
212.709
197.0 119.1 183.6
Apr p ...................
97.1 ..............
81.3 .............. .............. .............. ..............
213.240
196.8 119.2 183.9
May p .................. .............. .............. ............ .............. .............. .............. .............. .................. .............. ............ ............

163.4
164.3
164.2
164.2
164.0

281.1
246.9
281.7
248.4
281.9
248.3
282.5
248.5
283.1 ..............

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

Source: National sources as reported by Department of Commerce (Bureau of Economic
Analysis and International Trade Administration, Office of Trade and Industry Information)
and Council of Economic Advisers.

U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES
[Billions of dollars; monthly data seasonally adjusted]
Goods: Exports (f.a.s. value)

Goods: Imports (customs value)

Census basis (by end-use category)

Services
(BOP basis)

Balance of trade
(exports minus imports)

Census basis (by end-use category)
BOP basis

Period

1999
2000
2001
2002
2003
2004
2005
2006
2007
2008

BOP
basis

.............
684.0
.............
772.0
.............
718.7
.............
682.4
.............
713.4
.............
807.5
.............
894.6
............. 1,023.1
............. 1,148.5
............. 1,291.4

Total,
Census
basis 1

Auto- ConIndusmo- sumer
Foods, trial Capital tive goods
feeds,
supgoods vehi- (nonand
plies except cles, food)
bevand
auto- parts except
erages mate- motive and autorials
enmogines tive

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
49.6
55.0
56.6
59.0
66.0
84.3
108.4

147.5
172.6
160.1
156.8
173.0
203.9
233.0
276.0
316.3
387.3

BOP
basis

310.8 75.3 80.9 1,031.8
356.9 80.4 89.4 1,226.7
321.7 75.4 88.3 1,148.2
290.4 78.9 84.4 1,167.4
293.7 80.6 89.9 1,264.3
331.4 89.2 103.2 1,477.1
363.3 98.4 115.3 1,681.8
415.0 107.0 129.1 1,861.4
447.4 121.0 146.1 1,967.9
469.5 120.9 161.2 2,112.2

IndusAutoFoods, trial Capital motive
Total, feeds, supgoods vehiCensus and
plies except cles,
basis 1
bevand
auto- parts
erages mate- motive and enrials
gines

Consumer
goods
(nonfood)
except
automotive

Exports

Imports

Goods,
Census
basis

Goods

Services

Goods
and
services

1,024.6
1,218.0
1,141.0
1,161.4
1,257.1
1,469.7
1,673.5
1,853.9
1,957.0
2,100.1

43.6
46.0
46.6
49.7
55.8
62.1
68.1
74.9
81.7
89.0

221.4
299.0
273.9
267.7
313.8
412.8
523.8
602.0
634.7
775.5

295.7
347.0
298.0
283.3
295.9
343.6
379.3
418.3
444.5
453.9

179.0
195.9
189.8
203.7
210.1
228.2
239.4
256.6
258.9
233.5

241.9
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

¥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

104.9
110.0
110.9
116.2
120.7
117.8
107.7
104.7
97.0
88.8

105.5
110.7
111.5
116.9
121.6
118.9
108.2
105.4
98.0
89.6

9.5
9.8
9.6
10.3
10.3
10.1
8.9
8.1
7.6
6.9

31.6
32.8
34.2
36.8
38.3
37.4
33.0
31.6
27.3
22.7

37.9
40.1
39.5
40.6
41.5
42.4
38.2
38.0
36.6
36.0

9.4
10.0
10.2
10.8
12.1
10.4
10.3
10.1
9.0
7.7

12.6
13.4
13.4
14.1
14.9
14.0
13.5
13.3
13.1
12.3

173.9
183.4
183.5
188.0
195.4
189.4
177.8
174.3
150.3
140.0

172.3
181.8
182.8
187.2
194.3
188.7
176.3
173.5
149.6
139.7

7.1
7.4
7.7
7.5
7.6
7.8
7.6
7.7
7.3
7.1

61.8
67.8
67.3
73.6
80.1
74.0
65.5
65.0
48.5
42.8

38.0
39.2
39.9
38.5
39.1
38.3
38.8
37.4
35.1
33.8

20.3
21.4
20.4
20.5
20.4
19.3
18.4
17.6
16.4
14.8

39.6
40.3
41.9
41.4
41.2
43.7
40.3
40.4
36.9
36.1

44.7
45.2
46.2
46.9
46.7
46.9
46.0
45.1
43.6
43.8

33.2
33.6
34.1
34.2
34.6
35.5
34.1
33.6
32.8
32.4

¥66.8
¥71.1
¥71.3
¥70.3
¥72.8
¥69.9
¥68.1
¥68.1
¥51.6
¥50.1

¥68.9
¥73.5
¥72.6
¥71.8
¥74.6
¥71.6
¥70.1
¥69.6
¥53.3
¥51.3

11.5
11.6
12.2
12.6
12.1
11.3
11.9
11.5
10.8
11.4

¥57.4
¥61.8
¥60.5
¥59.1
¥62.5
¥60.2
¥58.1
¥58.0
¥42.5
¥39.9

2009: Jan ...
Feb r ..
Mar p
hsrobinson on PROD1PC76 with HEARING

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

82.2
84.5
82.0

82.7
85.1
82.7

7.0
7.3
7.5

22.0
22.2
22.2

33.1
33.2
31.5

5.5
6.0
5.8

11.4
12.7
12.2

129.2
121.6
120.3

128.8
121.3
120.0

6.8
6.7
6.7

38.3
34.7
34.0

31.7
29.8
29.3

11.5
10.5
10.6

35.8
34.4
34.7

42.5
42.2
41.7

31.8
31.2
30.9

¥46.1
¥36.2
¥37.3

¥46.9
¥37.1
¥38.4

10.7
11.0
10.8

¥36.2
¥26.1
¥27.6

1 Total includes ‘‘other’’ exports or imports, not shown separately.
NOTE.—BOP refers to balance of payments on international transactions basis. BOP data
shown here are consistent with figures shown on pp. 36 and 37.

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

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U.S. INTERNATIONAL TRANSACTIONS
In the fourth quarter of 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.

[Millions of dollars; quarterly data seasonally adjusted. Credits (+), debits (¥)]
Goods 1

Period
Exports

Imports

Services

Balance
on
goods

Net
military
transactions 2

Net
travel
and
transportation

Income receipts and payments

Other
services,
net

Balance
on
goods
and
services

Receipts

Payments

Balance
on
income

Unilateral
current
transfers,
net 3

Balance
on
current
account

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

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

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

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

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

2008: I ........
II .......
III .....
IV p ....

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
¥28,949

¥176,909
¥182,237
¥181,299
¥132,822

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

3 Includes transfers of goods and services under U.S. military grant programs.
See p. 37 for continuation of table.

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1999 ..............
2000 ..............
2001 ..............
2002 .............
2003 .............
2004 .............
2005 .............
2006 .............
2007 .............
2008 p ............

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.

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

Period

hsrobinson on PROD1PC76 with HEARING

Total

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

¥4,939
¥504,062
¥1,010
¥560,523
¥1,270
¥382,616
¥1,470
¥294,646
¥3,480
¥325,424
¥2,369 ¥1,000,870
¥4,036
¥546,631
¥3,880 ¥1,251,749
¥1,843 ¥1,289,854
¥2,600
¥52,459
¥1,716
¥359,608
¥1,005
¥234,828
¥533
¥286,769
¥626
¥370,543
¥543
¥442,065
¥112
¥523,556
¥617
¥170,476
¥571
¥153,757
¥600
¥264,866
¥631
99,910
¥735
28,056
¥633
84,441

Statistical discrepancy

Foreign-owned assets in the U.S.,
excluding financial derivatives
[increase/financial inflow (+)]

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

2,750
¥515,559
¥941
¥559,292
¥486
¥377,219
345
¥291,310
537
¥327,484
1,710 ¥1,005,385
5,539
¥566,266
5,346 ¥1,259,469
¥22,273 ¥1,267,459
¥529,510
481,899
1,049
¥361,170
1,765
¥236,033
1,570
¥289,346
962
¥372,920
445
¥442,438
¥596
¥522,985
623
¥171,045
¥22,744
¥130,990
3,265
¥267,855
¥41,592
142,769
¥225,990
254,226
¥265,193
352,760

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

4 Consists of gold, special drawing rights (SDRs), foreign currencies, and the U.S. reserve
position in the International Monetary Fund (IMF).

Foreign
official
assets

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

Total (sum
of the items
with sign
reversed)

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

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

Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the
Treasury.

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U.S.-owned assets abroad,
excluding financial derivatives
[increase/financial outflow (¥)]

Capital
account
transactions,
net

Contents
Page

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

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

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

11
12
13
14
15
15
16

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

17
18
19
19
20
21

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

22
23
24
24
25

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

26
27
27
28
29
29
30
31

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

32
33
34

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

35
35
36

hsrobinson on PROD1PC76 with HEARING

General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
p Preliminary.
r Revised.
c Corrected.
… Not available (also, not applicable).
NSA not seasonally adjusted.
For sale by the Superintendent of Documents, U.S. Government Printing Office,
Washington, D.C. 20402. Price $5.00 (single copy) ($7.00 foreign).
Subscription price: $58.00 per year; $81.20 for foreign mailing.

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