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113th Congress, 1st Session

Economic Indicators
MAY 2013
(Includes data available as of June 7, 2013)

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

UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 2013

JOINT ECONOMIC COMMITTEE

(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)

Kevin Brady, Texas, Chairman
Amy Klobuchar, Minnesota, Vice Chairman
House of Representatives

John Campbell, California
Sean P. Duffy, Wisconsin
Justin Amash, Michigan
Erik Paulsen, Minnesota
Richard L. Hanna, New York
Carolyn B. Maloney, New York
Loretta Sanchez, California
Elijah E. Cummings, Maryland
John Delaney, Maryland

Senate

Robert P. Casey, Jr., Pennsylvania
Mark R. Warner, Virginia
Bernard Sanders, Vermont
Christopher Murphy, Connecticut
Martin Heinrich, New Mexico
Dan Coats, Indiana
Mike Lee, Utah
Roger F. Wicker, Mississippi
Pat Toomey, Pennsylvania

Robert P. O’Quinn, Executive Director

COUNCIL OF ECONOMIC ADVISERS
Alan B. Krueger, Chairman
James Stock, Member
[Public Law 120—81st Congress; Chapter 237—1st Session]
JOINT RESOLUTION [S.J. R es. 55]
To print the monthly publication entitled “Economic Indicators”
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint
Economic Committee be authorized to issue a monthly publication entitled “Economic Indicators,” and that a sufficient
quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at Arms of the Senate; the
Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to the libraries of the Senate and House,
and the Congressional Library; seven hundred copies to the Joint Economic Committee; and the required numbers of copies
to the Superintendent of Documents for distribution to depository libraries; and that the Superintendent of Documents be
authorized to have copies printed for sale to the public.
Approved June 23, 1949.
Charts prepared under the direction of the Mail and Multimedia Division,
Office of the Secretary, Department of Commerce.
Monthly issues of Economic Indicators in PDF form,
and tables in Excel, are available online at:

www.gpo.gov/economicindicators
To subscribe to the print edition, $58.00 per year ($81.20 outside the United States),
contact the U.S. Government Printing Office
at 202-512-1800, www.gpo.gov/economicindicators, or:
SUPERINTENDENT OF DOCUMENTS
U.S. GOVERNMENT PRINTING OFFICE
MAIL STOP: IDCC
WASHINGTON, DC 20402-9328

ii

TOTAL OUTPUT, INCOME, AND SPENDING
Gross Domestic Product
In the first quarter of 2013, according to revised estimates, current dollar gross domestic product (GDP) rose 3.6
percent (annual rate), real GDP in chained (2005) dollars rose 2.4 percent, and the chained price index rose 1.1
percent.

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

Period

2003 ��������������������
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2009: III ��������������
      IV ��������������
2010: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2011: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2012: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2013: I r ��������������

Gross
domestic
product

11,142.2
11,853.3
12,623.0
13,377.2
14,028.7
14,291.5
13,973.7
14,498.9
15,075.7
15,684.8
13,952.2
14,133.6
14,270.3
14,413.5
14,576.0
14,735.9
14,814.9
15,003.6
15,163.2
15,321.0
15,478.3
15,585.6
15,811.0
15,864.1
16,004.5

Personal
consumption
expenditures

Gross
private
domestic
investment

7,804.1
8,270.6
8,803.5
9,301.0
9,772.3
10,035.5
9,845.9
10,215.7
10,729.0
11,119.6
9,888.8
9,962.5
10,069.1
10,148.3
10,243.6
10,401.9
10,566.3
10,684.9
10,791.2
10,873.8
11,007.2
11,067.2
11,154.4
11,249.6
11,372.7

1,729.7
1,968.6
2,172.3
2,327.1
2,295.2
2,087.6
1,549.3
1,737.3
1,854.9
2,062.3
1,465.6
1,590.4
1,660.4
1,724.7
1,793.3
1,770.9
1,755.9
1,819.0
1,853.8
1,991.1
2,032.2
2,041.7
2,080.1
2,095.1
2,151.1

Exports and imports of
goods and services
Net
exports
–504.1
–618.7
–722.7
–769.3
–713.1
–709.7
–388.7
–511.6
–568.1
–559.9
–398.6
–439.3
–490.2
–521.1
–533.1
–502.1
–555.4
–572.5
–549.5
–594.8
–615.8
–576.9
–516.8
–530.2
–543.0

Government consumption expenditures
and gross investment
Federal

Exports

1,041.0
1,180.2
1,305.1
1,471.0
1,661.7
1,846.8
1,587.4
1,844.4
2,094.2
2,184.0
1,594.7
1,706.3
1,751.9
1,814.3
1,861.2
1,950.4
2,030.5
2,092.8
2,133.3
2,120.3
2,157.9
2,188.5
2,198.7
2,191.1
2,203.8

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

Imports

1,545.1
1,798.9
2,027.8
2,240.3
2,374.8
2,556.5
1,976.2
2,356.1
2,662.3
2,744.0
1,993.3
2,145.5
2,242.0
2,335.4
2,394.3
2,452.5
2,585.9
2,665.3
2,682.8
2,715.1
2,773.7
2,765.4
2,715.5
2,721.3
2,746.8

Total

2,112.6
2,232.8
2,369.9
2,518.4
2,674.2
2,878.1
2,967.2
3,057.5
3,059.8
3,062.8
2,996.4
3,020.0
3,030.9
3,061.7
3,072.3
3,065.2
3,048.1
3,072.2
3,067.7
3,051.0
3,054.6
3,053.7
3,093.3
3,049.7
3,023.7

Total
756.5
824.6
876.3
931.7
976.3
1,080.1
1,143.6
1,223.1
1,222.1
1,214.3
1,157.6
1,175.9
1,193.7
1,225.1
1,239.8
1,233.8
1,215.2
1,234.3
1,227.5
1,211.2
1,207.7
1,210.7
1,241.4
1,197.3
1,177.3

National
defense

Nondefense

497.9
550.8
589.0
624.9
662.3
737.8
776.0
817.7
820.8
809.1
788.5
795.5
799.3
815.5
831.6
824.5
804.9
827.7
837.8
812.8
806.4
807.8
834.5
787.9
768.7

258.5
273.9
287.3
306.8
314.0
342.3
367.6
405.3
401.3
405.1
369.1
380.4
394.3
409.6
408.1
409.3
410.3
406.6
389.7
398.4
401.3
402.9
406.8
409.4
408.6

State
and
local
1,356.1
1,408.2
1,493.6
1,586.7
1,697.9
1,798.0
1,823.6
1,834.4
1,837.7
1,848.5
1,838.8
1,844.1
1,837.2
1,836.6
1,832.5
1,831.4
1,832.8
1,837.9
1,840.2
1,839.7
1,846.9
1,843.0
1,851.9
1,852.3
1,846.4

Final
Addendum:
Gross
sales of
Gross
domestic
domestic purchases 1 national
product
product

11,125.8
11,788.3
12,573.0
13,317.3
13,999.6
14,332.7
14,127.9
14,440.6
15,039.0
15,626.7
14,152.7
14,180.5
14,237.0
14,371.8
14,466.6
14,686.9
14,781.2
14,968.7
15,167.3
15,238.9
15,405.7
15,530.8
15,728.8
15,841.4
15,956.2

11,646.3
12,471.9
13,345.7
14,146.5
14,741.7
15,001.3
14,362.4
15,010.6
15,643.7
16,244.7
14,350.8
14,572.9
14,760.4
14,934.7
15,109.2
15,238.0
15,370.3
15,576.1
15,712.7
15,915.9
16,094.0
16,162.5
16,327.8
16,394.4
16,547.5

11,210.9
11,944.5
12,720.1
13,449.6
14,151.9
14,460.7
14,117.2
14,708.2
15,327.5
15,927.8
14,115.2
14,310.8
14,461.7
14,629.3
14,793.0
14,948.9
15,050.1
15,253.6
15,421.5
15,585.0
15,693.2
15,832.9
16,054.2
16,130.8
16,236.8

Source: Department of Commerce (Bureau of Economic Analysis).

1

Real Gross Domestic Product
[Billions of chained (2005) dollars; quarterly data at seasonally adjusted annual rates]

Period

2003 ��������������������
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2009: III ��������������
      IV ��������������
2010: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2011: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2012: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2013: I r ��������������

Gross private
domestic investment
Personal
Gross
conChange
domestic sumption Nonresi- Resiin
product expendi- dential dential
fixed
fixed
private
tures
investinvestinvenment
ment
tories
11,836.4
12,246.9
12,623.0
12,958.5
13,206.4
13,161.9
12,757.9
13,063.0
13,299.1
13,593.2
12,746.7
12,873.1
12,947.6
13,019.6
13,103.5
13,181.2
13,183.8
13,264.7
13,306.9
13,441.0
13,506.4
13,548.5
13,652.5
13,665.4
13,746.2

8,244.5
8,515.8
8,803.5
9,054.5
9,262.9
9,211.7
9,032.6
9,196.2
9,428.8
9,603.3
9,046.2
9,045.4
9,100.8
9,159.4
9,216.0
9,308.5
9,380.9
9,403.2
9,441.9
9,489.3
9,546.8
9,582.5
9,620.1
9,663.9
9,745.5

1,189.6
1,263.0
1,347.3
1,455.5
1,550.0
1,537.6
1,259.8
1,268.5
1,378.2
1,487.9
1,236.7
1,216.4
1,222.7
1,258.6
1,282.1
1,310.5
1,306.3
1,351.3
1,411.3
1,443.7
1,470.0
1,482.9
1,476.1
1,522.4
1,530.8

664.3
729.5
775.0
718.2
584.2
444.4
344.8
332.2
327.6
367.1
347.2
343.0
332.7
350.5
322.2
323.3
322.2
325.5
326.6
336.0
352.1
359.3
370.9
386.2
397.3

17.3
66.3
50.0
59.4
27.7
–36.3
–139.0
50.9
31.0
43.0
–181.5
–38.8
30.5
33.2
94.9
45.0
30.3
27.5
–4.3
70.5
56.9
41.4
60.3
13.3
38.3

Exports and imports of
goods and services

Government consumption expenditures
and gross investment
Federal

Net
exports

Exports

Imports

Total

–603.7
–687.9
–722.7
–729.4
–648.8
–494.8
–355.2
–419.7
–408.0
–400.7
–346.9
–347.5
–372.7
–428.7
–458.9
–418.3
–416.6
–399.6
–397.9
–418.0
–415.5
–407.4
–395.2
–384.7
–391.5

1,116.0
1,222.5
1,305.1
1,422.1
1,554.4
1,649.3
1,498.7
1,665.6
1,776.9
1,837.3
1,502.3
1,585.2
1,608.2
1,645.4
1,683.9
1,724.7
1,748.8
1,766.4
1,792.9
1,799.3
1,818.7
1,842.1
1,850.9
1,837.6
1,841.3

1,719.7
1,910.4
2,027.8
2,151.5
2,203.2
2,144.0
1,853.8
2,085.2
2,184.9
2,238.0
1,849.3
1,932.7
1,980.9
2,074.2
2,142.8
2,143.0
2,165.4
2,166.0
2,190.8
2,217.3
2,234.2
2,249.6
2,246.1
2,222.3
2,232.8

2,330.5
2,362.0
2,369.9
2,402.1
2,434.2
2,497.4
2,589.4
2,605.8
2,523.9
2,481.1
2,614.3
2,621.1
2,600.4
2,618.7
2,616.7
2,587.4
2,540.7
2,535.4
2,516.6
2,502.7
2,483.7
2,479.4
2,503.1
2,458.1
2,427.1

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

National Nondefense defense

Total
831.1
865.0
876.3
894.9
906.1
971.1
1,030.6
1,076.8
1,047.0
1,024.1
1,043.9
1,054.6
1,056.2
1,081.0
1,090.7
1,079.4
1,050.4
1,057.5
1,045.9
1,034.2
1,023.1
1,022.5
1,045.9
1,004.9
982.2

549.2
580.4
589.0
598.4
611.8
657.7
696.9
717.6
699.1
677.3
709.1
711.4
704.8
717.3
729.9
718.6
691.3
705.2
709.8
690.1
677.6
677.3
698.1
656.0
635.2

281.7
284.6
287.3
296.6
294.2
313.3
333.7
359.2
347.9
347.0
334.7
343.2
351.5
363.7
360.8
360.8
359.3
352.3
335.9
344.1
345.6
345.3
347.8
349.3
347.5

AddenFinal
Gross
dum:
sales of
domestic
Gross
domestic purchases
1 national
product
product

State
and
local
1,499.7
1,497.1
1,493.6
1,507.2
1,528.1
1,528.1
1,561.8
1,534.1
1,482.0
1,461.7
1,573.6
1,570.2
1,548.3
1,542.7
1,531.6
1,513.6
1,495.3
1,483.4
1,475.9
1,473.3
1,465.3
1,461.6
1,462.7
1,457.2
1,448.3

11,820.5
12,181.3
12,573.0
12,899.3
13,177.5
13,200.5
12,899.7
13,010.3
13,265.3
13,539.4
12,928.3
12,910.2
12,914.7
12,985.4
13,005.5
13,135.6
13,154.4
13,234.1
13,311.2
13,361.4
13,440.1
13,497.9
13,577.4
13,642.0
13,701.5

12,444.7
12,935.5
13,345.7
13,688.1
13,855.3
13,653.1
13,102.3
13,473.0
13,698.8
13,985.8
13,082.0
13,209.3
13,309.3
13,438.9
13,553.4
13,590.5
13,592.1
13,655.2
13,696.4
13,851.4
13,914.4
13,948.5
14,039.3
14,040.8
14,128.4

11,909.9
12,341.6
12,720.1
13,028.3
13,322.0
13,316.9
12,889.0
13,253.4
13,522.0
13,803.8
12,895.3
13,034.5
13,121.9
13,216.5
13,301.1
13,374.2
13,394.3
13,486.1
13,534.7
13,672.9
13,693.8
13,763.6
13,862.9
13,895.0
13,945.3

Source: Department of Commerce (Bureau of Economic Analysis).

Note: Because of the formula used for calculating real GDP, the chained (2005) dollar
estimates for the detailed components do not add to the chained-dollar value of GDP or to any
intermediate aggregates.

Chained Price Indexes For Gross Domestic Product
[Index numbers, 2005=100; quarterly data are seasonally adjusted]

Period

2003 ��������������������
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2009: III ��������������
      IV ��������������
2010: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2011: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2012: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2013: I r ��������������

Gross
domestic
product

94.134
96.784
100.000
103.237
106.231
108.565
109.532
111.002
113.369
115.388
109.463
109.820
110.234
110.686
111.248
111.838
112.389
113.109
113.937
114.041
114.608
115.050
115.807
116.085
116.416

Personal consumption
expenditures

Total

94.658
97.121
100.000
102.723
105.499
108.943
109.004
111.087
113.790
115.790
109.315
110.142
110.642
110.800
111.154
111.751
112.640
113.633
114.293
114.593
115.300
115.496
115.952
116.412
116.700

Goods

Services

96.492
97.929
100.000
101.441
102.764
105.912
103.105
104.852
108.822
110.203
103.890
104.687
105.025
104.283
104.540
105.561
107.266
108.820
109.633
109.569
110.256
109.743
110.261
110.550
110.299

Source: Department of Commerce (Bureau of Economic Analysis).

2

Gross private
domestic investment

93.686
96.688
100.000
103.414
106.981
110.584
112.157
114.418
116.435
118.779
112.224
113.065
113.647
114.282
114.687
115.057
115.503
116.193
116.772
117.270
117.989
118.576
118.997
119.553
120.144

Nonresidential
fixed
95.471
96.837
100.000
103.425
105.645
107.717
107.102
105.514
107.359
108.993
106.224
105.714
105.188
105.304
105.589
105.973
106.483
107.174
107.687
108.092
108.562
108.878
109.104
109.428
109.603

Residential
fixed
86.953
93.297
100.000
106.081
107.612
106.296
102.713
102.520
103.406
104.288
101.716
102.576
102.573
102.064
102.421
103.020
102.861
103.300
103.650
103.812
103.439
103.754
104.593
105.364
107.078

Exports and imports of
goods and services

Government consumption expenditures
and gross investment
Federal

Exports

93.282
96.539
100.000
103.440
106.900
111.975
105.924
110.738
117.860
118.871
106.187
107.674
108.972
110.303
110.562
113.117
116.123
118.485
118.992
117.839
118.652
118.802
118.792
119.237
119.689

Imports

89.851
94.164
100.000
104.131
107.785
119.237
106.598
112.989
121.851
122.618
107.855
111.058
113.200
112.595
111.726
114.434
119.417
123.057
122.466
122.463
124.156
122.942
120.907
122.465
123.032

Total
91.024
95.335
100.000
104.107
107.753
111.225
110.959
113.583
116.721
118.565
110.897
111.504
113.016
113.339
113.668
114.309
115.696
116.714
117.365
117.111
118.038
118.403
118.679
119.141
119.858

National
defense
90.659
94.895
100.000
104.421
108.249
112.187
111.347
113.951
117.411
119.483
111.193
111.818
113.420
113.696
113.947
114.742
116.440
117.375
118.047
117.780
119.008
119.268
119.541
120.115
121.006

Nondefense
91.774
96.234
100.000
103.468
106.743
109.240
110.177
112.843
115.337
116.725
110.303
110.871
112.206
112.624
113.105
113.435
114.207
115.384
115.994
115.764
116.096
116.664
116.948
117.193
117.586

State
and
local
90.425
94.062
100.000
105.276
111.112
117.666
116.763
119.579
124.001
126.462
116.852
117.446
118.654
119.038
119.639
120.985
122.565
123.895
124.678
124.866
126.042
126.089
126.605
127.110
127.483

Gross Domestic Product and Related Price Measures:
Indexes and Percent Changes
[Quarterly data are seasonally adjusted]
Percent change from preceding period 1

Index numbers, 2005=100
Personal consumption
expenditures (PCE)

Gross domestic product (GDP)
Period

2003 ����������������������
2004 ����������������������
2005 ����������������������
2006 ����������������������
2007 ����������������������
2008 ����������������������
2009 ����������������������
2010 ����������������������
2011 ����������������������
2012 ����������������������
2009: III ����������������
      IV ����������������
2010: I ������������������
      II �����������������
      III ����������������
      IV ����������������
2011: I ������������������
      II �����������������
      III ����������������
      IV ����������������
2012: I ������������������
      II �����������������
      III ����������������
      IV ����������������
2013: I r ����������������

Real GDP
(chain-type
quantity
index)
93.769
97.021
100.000
102.658
104.622
104.270
101.069
103.486
105.356
107.687
100.980
101.981
102.572
103.142
103.807
104.423
104.443
105.084
105.418
106.481
106.999
107.333
108.156
108.259
108.898

GDP
chain-type
price
index
94.134
96.784
100.000
103.237
106.231
108.565
109.532
111.002
113.369
115.388
109.463
109.820
110.234
110.686
111.248
111.838
112.389
113.109
113.937
114.041
114.608
115.050
115.807
116.085
116.416

GDP
implicit
price
deflator
94.135
96.786
100.000
103.231
106.227
108.582
109.529
110.993
113.359
115.387
109.457
109.793
110.216
110.706
111.238
111.795
112.372
113.109
113.950
113.987
114.599
115.035
115.810
116.089
116.429

PCE
(chain-type
price index)
94.658
97.121
100.000
102.723
105.499
108.943
109.004
111.087
113.790
115.790
109.315
110.142
110.642
110.800
111.154
111.751
112.640
113.633
114.293
114.593
115.300
115.496
115.952
116.412
116.700

PCE
less food
and energy
price index
95.823
97.815
100.000
102.265
104.631
107.020
108.536
110.214
111.802
113.711
108.694
109.339
109.739
110.121
110.395
110.602
110.973
111.599
112.138
112.500
113.122
113.603
113.912
114.208
114.574

1 Quarterly percent changes are at annual rates.

Personal consumption
expenditures (PCE)

Gross domestic product (GDP)
GDP
(current
dollars)

Real GDP
(chain-type
quantity
index)

4.7
6.4
6.5
6.0
4.9
1.9
–2.2
3.8
4.0
4.0
1.9
5.3
3.9
4.1
4.6
4.5
2.2
5.2
4.3
4.2
4.2
2.8
5.9
1.3
3.6

2.5
3.5
3.1
2.7
1.9
–.3
–3.1
2.4
1.8
2.2
1.4
4.0
2.3
2.2
2.6
2.4
.1
2.5
1.3
4.1
2.0
1.3
3.1
.4
2.4

GDP
chain-type
price
index

GDP
implicit
price
deflator

2.1
2.8
3.3
3.2
2.9
2.2
.9
1.3
2.1
1.8
.5
1.3
1.5
1.7
2.0
2.1
2.0
2.6
3.0
.4
2.0
1.6
2.7
1.0
1.1

PCE
(chain-type
price index)

2.1
2.8
3.3
3.2
2.9
2.2
.9
1.3
2.1
1.8
.5
1.2
1.6
1.8
1.9
2.0
2.1
2.6
3.0
.1
2.2
1.5
2.7
1.0
1.2

PCE
less food
and energy
price index

2.0
2.6
3.0
2.7
2.7
3.3
.1
1.9
2.4
1.8
3.1
3.1
1.8
.6
1.3
2.2
3.2
3.6
2.3
1.1
2.5
.7
1.6
1.6
1.0

1.5
2.1
2.2
2.3
2.3
2.3
1.4
1.5
1.4
1.7
1.5
2.4
1.5
1.4
1.0
.8
1.3
2.3
1.9
1.3
2.2
1.7
1.1
1.0
1.3

Source: Department of Commerce (Bureau of Economic Analysis).

Nonfinancial Corporate Business—
Gross Value Added and Price, Costs, and Profits
[Quarterly data at seasonally adjusted annual rates]

Period

Current
dollars
2003 ��������������������
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 r ������������������
2009: III ��������������
      IV ��������������
2010: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2011: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2012: I ����������������
      II ���������������
      III ��������������
      IV r ������������
2013: I p ��������������

Price per unit of real gross value added of nonfinancial corporate business (dollars) 1, 2

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

5,503.7
5,877.5
6,302.8
6,740.3
6,946.0
6,991.4
6,590.8
6,952.4
7,366.7
7,698.2
6,521.4
6,680.7
6,828.1
6,894.9
7,033.7
7,053.0
7,200.6
7,367.0
7,418.6
7,480.5
7,605.5
7,670.8
7,693.7
7,822.7
7,883.9

Chained
(2005)
dollars
5,818.1
6,085.1
6,302.8
6,543.2
6,606.4
6,515.9
6,036.8
6,369.1
6,595.6
6,793.2
5,992.1
6,162.9
6,312.8
6,347.1
6,421.9
6,394.8
6,499.2
6,611.2
6,586.5
6,685.6
6,768.5
6,803.6
6,738.6
6,862.1
6,918.7

Total

0.946
.966
1.000
1.030
1.051
1.073
1.092
1.092
1.117
1.133
1.088
1.084
1.082
1.086
1.095
1.103
1.108
1.114
1.126
1.119
1.124
1.127
1.142
1.140
1.140

Compensation
of employees
(unit labor
cost)
0.628
.622
.631
.639
.660
.682
.691
.668
.678
.688
.693
.675
.662
.667
.668
.674
.682
.675
.681
.674
.681
.683
.694
.696
.693

Corporate profits with inventory valuation
and capital consumption adjustments 4

Unit nonlabor cost

Total
0.234
.232
.243
.249
.264
.276
.291
.280
.286
.284
.289
.284
.278
.279
.278
.284
.285
.284
.289
.286
.285
.283
.287
.283
.287

Consumption
of fixed
capital
0.115
.114
.118
.122
.127
.133
.143
.135
.135
.137
.143
.139
.135
.135
.134
.136
.135
.134
.137
.136
.136
.137
.139
.138
.138

Net interest
Taxes on
and
production miscellaneous
and imports 3
payments
0.094
.096
.101
.102
.102
.103
.110
.110
.112
.109
.110
.110
.109
.110
.110
.111
.112
.112
.112
.111
.110
.109
.109
.108
.110

0.025
.022
.024
.025
.035
.040
.038
.035
.039
.038
.036
.035
.034
.034
.034
.037
.038
.038
.040
.039
.039
.037
.039
.037
.039

Total
0.084
.111
.127
.141
.127
.116
.109
.144
.153
.160
.108
.125
.141
.140
.149
.146
.140
.155
.156
.159
.158
.161
.161
.161
.159

1 Estimates for nonfinancial corporate business for 2000 and earlier periods are based on the
4 Unit profits from current production.
5 With inventory valuation and capital consumption adjustments.
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. Source: Department of Commerce (Bureau of Economic Analysis).
3 Less subsidies plus business current transfer payments.

Taxes on
corporate
income
0.023
.031
.043
.047
.044
.035
.029
.035
.037
.045
.028
.034
.034
.035
.036
.035
.038
.038
.038
.036
.045
.045
.046
.046
.045

Profits
after
tax 5
0.061
.081
.083
.094
.082
.081
.080
.109
.115
.115
.079
.091
.107
.105
.113
.110
.103
.117
.119
.123
.113
.116
.115
.116
.114

3

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

Period

2003 ��������������������
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 r ������������������
2009: III ��������������
      IV ��������������
2010: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2011: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2012: I ����������������
      II ���������������
      III ��������������
      IV r ������������
2013: I r ��������������

ComNational pensation
of
income employees

9,840.2
10,534.0
11,273.8
12,031.2
12,396.4
12,609.1
12,132.6
12,811.4
13,358.9
13,875.9
12,102.1
12,326.6
12,583.0
12,722.1
12,921.3
13,019.4
13,196.3
13,301.1
13,390.1
13,548.1
13,707.2
13,750.5
13,895.9
14,150.0
14,236.2

6,382.6
6,693.4
7,065.0
7,477.0
7,855.9
8,068.3
7,799.4
7,970.0
8,295.2
8,592.9
7,773.6
7,797.8
7,846.6
7,955.4
8,021.4
8,056.6
8,236.3
8,286.4
8,318.1
8,340.1
8,495.7
8,527.7
8,577.6
8,770.4
8,765.1

Rental
income
of
persons
with
capital
conNonfarm
sumption
adjustment

Farm

36.5
49.7
43.9
29.3
37.8
51.8
39.9
44.3
54.6
56.2
40.6
46.7
41.5
43.6
44.6
47.6
56.0
52.6
55.3
54.4
52.3
52.5
59.4
60.7
75.2

894.1
984.1
1,025.9
1,103.6
1,052.6
1,046.1
939.5
1,059.1
1,102.8
1,146.1
935.2
968.6
1,010.9
1,061.2
1,072.5
1,091.6
1,092.0
1,102.1
1,106.1
1,110.9
1,132.1
1,142.4
1,146.0
1,164.0
1,188.8

204.2
198.4
178.2
146.5
143.7
231.6
289.7
349.2
409.7
462.6
298.9
308.3
340.1
352.7
350.0
354.0
390.0
404.7
413.8
430.3
445.3
452.8
471.0
481.5
505.1

Corporate profits with inventory valuation
and capital consumption adjustments
Net
interest
and
Capital
miscelconsumption laneous
Inventory adjust- payments
valuation
ment
adjustment

Taxes
on
production
and
imports

Profits with inventory valuation
adjustment and without
capital consumption adjustment
Total

977.8
1,246.9
1,456.1
1,608.3
1,510.6
1,248.4
1,342.3
1,702.4
1,827.0
1,950.6
1,403.2
1,524.5
1,648.0
1,625.4
1,747.5
1,788.8
1,723.3
1,800.9
1,830.5
1,953.1
1,900.1
1,921.9
1,967.6
2,013.0
1,969.2

Total

Profits
before
tax

892.2
1,195.1
1,609.5
1,784.7
1,691.1
1,315.5
1,443.6
1,777.7
1,791.6
2,151.3
1,499.3
1,625.7
1,758.0
1,741.0
1,824.6
1,787.0
1,679.4
1,764.6
1,798.8
1,923.5
2,100.8
2,124.3
2,167.5
2,212.5
2,155.8

903.5
1,229.4
1,640.2
1,822.7
1,738.4
1,359.9
1,440.5
1,816.3
1,854.1
2,162.2
1,516.9
1,691.9
1,785.2
1,755.3
1,850.6
1,874.2
1,801.1
1,839.7
1,839.3
1,936.4
2,124.5
2,108.2
2,194.4
2,221.7
2,171.9

1 With inventory valuation and capital consumption adjustments.

–11.3
–34.3
–30.7
–38.0
–47.2
–44.5
3.2
–38.7
–62.6
–10.9
–17.6
–66.2
–27.2
–14.3
–26.0
–87.2
–121.7
–75.0
–40.6
–12.9
–23.7
16.0
–26.8
–9.2
–16.1

85.6
51.8
–153.4
–176.4
–180.5
–67.1
–101.3
–75.2
35.4
–200.6
–96.1
–101.3
–110.0
–115.6
–77.1
1.9
43.9
36.3
31.7
29.6
–200.7
–202.4
–200.0
–199.5
–186.6

504.1
461.6
543.0
652.2
731.6
870.1
640.5
567.9
527.4
504.3
582.6
580.3
586.9
568.5
559.6
556.8
551.4
513.8
528.4
515.9
515.6
489.5
518.2
493.8
541.5

Business
Less:
current
Subsidies transfer
payments

806.8
863.4
930.2
986.8
1,027.2
1,038.6
1,023.2
1,055.0
1,097.9
1,130.0
1,027.7
1,038.4
1,043.3
1,050.5
1,058.6
1,067.5
1,084.5
1,099.0
1,098.2
1,109.8
1,128.5
1,130.9
1,128.4
1,132.2
1,144.9

49.1
46.4
60.9
51.4
54.6
52.9
59.7
57.0
61.6
60.8
68.5
57.0
56.2
56.4
56.7
58.6
59.6
61.9
62.4
62.7
60.8
61.0
60.6
60.9
60.9

76.1
81.7
95.9
83.0
103.3
123.0
133.4
140.0
132.6
128.0
123.2
134.8
138.7
139.7
143.9
137.7
145.7
127.9
129.5
127.4
130.5
127.9
123.8
129.7
147.2

Current
surplus
of
government
enterprises

7.0
1.2
–3.5
–4.2
–11.8
–16.0
–15.6
–19.5
–26.5
–34.0
–14.5
–15.8
–16.8
–18.5
–20.1
–22.5
–23.1
–24.4
–27.5
–31.1
–32.0
–34.1
–35.5
–34.5
–39.8

Source: Department of Commerce (Bureau of Economic Analysis).

Real Personal Consumption Expenditures
[Billions of chained (2005) dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Goods

Period

2003 ��������������������
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2009: III ��������������
      IV ��������������
2010: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2011: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2012: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2013: I r ��������������

Total
personal
consumption
expenditures

8,244.5
8,515.8
8,803.5
9,054.5
9,262.9
9,211.7
9,032.6
9,196.2
9,428.8
9,603.3
9,046.2
9,045.4
9,100.8
9,159.4
9,216.0
9,308.5
9,380.9
9,403.2
9,441.9
9,489.3
9,546.8
9,582.5
9,620.1
9,663.9
9,745.5

Services

Durable
Total
goods

2,827.2
2,953.3
3,076.7
3,178.9
3,273.5
3,192.9
3,098.2
3,209.1
3,331.0
3,432.9
3,123.1
3,119.5
3,159.5
3,185.4
3,215.1
3,276.5
3,320.3
3,312.2
3,323.5
3,367.9
3,406.6
3,409.4
3,439.7
3,476.1
3,511.4

Total
durable
goods 1

989.1
1,060.9
1,123.4
1,174.2
1,232.4
1,171.8
1,109.1
1,178.3
1,262.6
1,360.9
1,138.6
1,120.7
1,135.9
1,164.5
1,184.9
1,227.7
1,249.4
1,242.3
1,258.6
1,300.1
1,336.1
1,335.3
1,364.0
1,408.3
1,436.4

Nondurable

Motor
vehicles
and
parts
404.8
410.4
408.2
394.4
401.4
346.8
322.6
329.5
347.4
373.3
347.7
316.3
312.4
324.2
331.0
350.3
355.0
336.6
338.1
360.1
371.2
361.8
370.5
389.8
398.4

Total
nondurable
goods 1
1,840.7
1,892.8
1,953.4
2,005.0
2,042.9
2,019.1
1,982.8
2,029.3
2,075.2
2,094.5
1,981.4
1,992.9
2,017.7
2,018.3
2,029.4
2,052.0
2,075.3
2,073.5
2,071.4
2,080.5
2,088.9
2,092.0
2,098.2
2,098.8
2,110.2

Food and
beverages
purchased
for offpremises
consumption

Gasoline
and
other
energy
goods

Total
services 1

Household
consumption
expenditures

616.5
623.9
644.5
663.0
673.2
666.0
654.8
668.8
685.3
685.8
657.0
663.5
669.4
663.2
666.1
676.7
682.8
686.0
685.9
686.4
686.4
685.4
685.9
685.7
687.9

301.9
305.9
303.8
296.9
294.4
280.6
282.4
281.3
271.5
268.6
280.0
277.6
285.9
282.2
281.5
275.6
280.2
269.9
267.9
268.2
266.5
272.0
270.0
265.9
267.6

5,418.2
5,562.7
5,726.8
5,875.6
5,990.2
6,017.0
5,930.6
5,987.6
6,101.5
6,176.6
5,920.7
5,923.2
5,940.4
5,973.6
6,001.4
6,034.9
6,064.8
6,094.0
6,121.1
6,126.0
6,145.9
6,178.2
6,186.7
6,195.6
6,242.5

5,199.4
5,345.1
5,515.1
5,640.6
5,745.2
5,745.6
5,656.3
5,710.2
5,814.3
5,879.9
5,647.9
5,645.2
5,664.3
5,694.5
5,724.2
5,757.8
5,786.1
5,810.1
5,826.6
5,834.5
5,855.1
5,877.6
5,888.8
5,898.2
5,948.1

1 Includes other items, not shown separately.
2 Food consists of food and beverages purchased for off-premises consumption; food services,

which include purchased meals and beverages, are not classified as food.

4

Housing
and
utilities

1,480.2
1,512.8
1,582.6
1,616.8
1,626.6
1,637.8
1,655.2
1,668.7
1,677.7
1,677.7
1,655.7
1,659.3
1,662.7
1,665.2
1,672.8
1,673.9
1,672.4
1,679.6
1,686.7
1,672.0
1,662.7
1,685.2
1,690.6
1,672.3
1,691.6

Health
care

Financial
services
and
insurance

1,228.3
1,267.4
1,308.9
1,333.0
1,364.0
1,396.5
1,420.8
1,439.0
1,488.5
1,516.8
1,427.2
1,424.6
1,418.3
1,429.1
1,445.1
1,463.7
1,478.8
1,489.3
1,486.2
1,499.7
1,513.3
1,508.4
1,518.4
1,527.0
1,535.2

659.2
675.5
698.4
716.4
739.8
732.3
680.6
683.7
681.8
685.4
675.0
670.9
682.2
690.0
682.2
680.3
680.8
678.3
685.8
682.2
688.6
688.4
680.0
684.4
697.0

Addendum:
Personal
consumption
expenditures
excluding
food and
energy 2

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

7,145.2
7,401.8
7,665.3
7,911.5
8,110.4
8,087.2
7,913.4
8,058.0
8,292.4
8,478.3
7,927.9
7,920.7
7,958.7
8,027.3
8,077.2
8,168.7
8,235.6
8,265.4
8,302.8
8,366.0
8,437.3
8,444.6
8,480.4
8,550.8
8,610.4

16.6
16.9
16.9
16.5
16.1
13.2
10.4
11.6
12.7
14.4
11.8
10.8
10.8
11.4
11.8
12.3
12.7
12.2
12.6
13.5
14.1
14.1
14.5
15.0
15.3

Note: Because of the formula used for calculating real GDP, the chained (2005) dollar estimates
for the detailed components do not add to the chained-dollar value of GDP or to any intermediate
aggregates.
Source: Department of Commerce (Bureau of Economic Analysis).

Sources of Personal Income
Personal income fell $5.6 billion (annual rate) in April, following an increase of $36.2 billion in March. Wages and
salaries rose $1.9 billion in April, following an increase of $16.0 billion in March.

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

2003 ��������������������
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 r ������������������
2012: Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct r ����������
      Nov r ���������
      Dec r ���������
2013: Jan r ���������
      Feb r ���������
      Mar r ��������
      Apr p ���������

Total
personal
income

9,378.1
9,937.2
10,485.9
11,268.1
11,912.3
12,460.2
11,867.0
12,321.9
12,947.3
13,431.1
13,302.9
13,322.3
13,355.9
13,376.9
13,395.7
13,446.0
13,498.2
13,690.4
14,104.1
13,482.4
13,644.5
13,680.7
13,675.1

Total

6,367.6
6,708.4
7,060.0
7,475.7
7,862.2
8,073.3
7,794.4
7,970.0
8,295.2
8,592.9
8,525.2
8,518.2
8,539.7
8,557.7
8,572.1
8,603.2
8,640.7
8,775.3
8,895.3
8,721.9
8,777.1
8,796.2
8,800.1

Wage
and
salary
disbursements
5,139.6
5,425.7
5,701.0
6,068.9
6,421.7
6,550.9
6,270.3
6,404.6
6,661.3
6,906.0
6,848.9
6,840.3
6,858.5
6,872.5
6,883.4
6,909.7
6,941.9
7,064.9
7,173.9
7,004.1
7,053.4
7,069.4
7,071.3

1 With inventory valuation and capital consumption adjustments.
2 With capital consumption adjustment.
3 Consists mainly of social insurance benefits to persons.

Supplements to
wages
and
salaries
1,228.0
1,282.7
1,359.1
1,406.9
1,440.4
1,522.5
1,524.0
1,565.4
1,633.9
1,686.9
1,676.3
1,678.0
1,681.2
1,685.2
1,688.7
1,693.5
1,698.8
1,710.4
1,721.4
1,717.7
1,723.7
1,726.8
1,728.9

Proprietors’ income 1

Farm

36.5
49.7
43.9
29.3
37.8
51.8
39.9
44.3
54.6
56.2
51.9
52.5
53.1
56.2
59.4
62.6
61.6
60.7
59.7
67.5
75.2
83.0
71.7

Nonfarm

894.1
984.1
1,025.9
1,103.6
1,052.6
1,046.1
939.5
1,059.1
1,102.8
1,146.1
1,140.3
1,144.0
1,142.9
1,141.7
1,144.2
1,152.2
1,154.4
1,165.3
1,172.4
1,180.4
1,194.1
1,191.8
1,194.8

Personal income receipts on assets
Rental
income
of
persons 2

204.2
198.4
178.2
146.5
143.7
231.6
289.7
349.2
409.7
462.6
451.7
452.8
454.1
462.1
470.9
479.9
480.1
481.9
482.5
493.0
504.9
517.5
518.0

Total

1,312.9
1,408.5
1,542.0
1,829.7
2,057.0
2,165.4
1,626.5
1,598.3
1,685.1
1,749.7
1,717.3
1,733.6
1,741.4
1,723.0
1,713.8
1,701.7
1,728.1
1,783.3
2,064.6
1,693.5
1,763.9
1,759.3
1,771.9

Personal
interest
income
889.8
860.2
987.0
1,127.5
1,265.1
1,382.0
1,093.3
1,016.6
1,008.8
992.6
1,000.5
1,006.1
1,011.8
993.6
975.3
957.1
977.2
997.2
1,017.2
1,008.3
999.5
990.6
995.1

Personal
dividend
income
423.1
548.3
555.0
702.2
791.9
783.4
533.2
581.7
676.3
757.0
716.8
727.4
729.7
729.5
738.5
744.6
750.9
786.1
1,047.4
685.2
764.4
768.8
776.7

Personal
current
transfer
receipts 3

1,341.7
1,415.5
1,508.6
1,605.0
1,718.5
1,879.2
2,140.1
2,284.3
2,319.2
2,375.1
2,361.2
2,364.7
2,369.7
2,383.0
2,383.3
2,397.6
2,389.1
2,394.7
2,413.7
2,421.8
2,431.9
2,437.9
2,424.2

Less:
Contributions
for
government
social
insurance,
domestic
778.9
827.3
872.7
921.8
959.5
987.3
963.1
983.3
919.3
951.5
944.8
943.5
945.0
946.9
948.0
951.1
955.8
970.7
984.1
1,095.6
1,102.5
1,105.0
1,105.6

Source: Department of Commerce (Bureau of Economic Analysis).

5

Disposition of Personal Income
According to revised estimates, per capita disposable personal income in chained (2005) dollars fell 9.0 percent
(annual rate) in the first quarter of 2013.

Period

Personal
income

Less:
Personal
current
taxes

Equals:
Disposable
personal
income

Less:
Personal
outlays 1

Equals:
Personal
saving

Disposable
personal
income in
billions of
chained
(2005)
dollars

Current
dollars

Billions of dollars
2003 ��������������������
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 r ������������������

9,378.1
9,937.2
10,485.9
11,268.1
11,912.3
12,460.2
11,867.0
12,321.9
12,947.3
13,431.1

1,000.3
1,047.8
1,208.6
1,352.4
1,488.7
1,435.7
1,144.6
1,194.8
1,398.0
1,480.4

8,377.8
8,889.4
9,277.3
9,915.7
10,423.6
11,024.5
10,722.4
11,127.1
11,549.3
11,950.8

Per capita personal
consumption
expenditures

Per capita disposable
personal income
Chained
(2005)
dollars

Current
dollars

Chained
(2005)
dollars

Dollars
8,088.1
8,571.2
9,134.1
9,659.1
10,174.9
10,432.2
10,214.3
10,560.4
11,059.9
11,460.3

289.6
318.2
143.2
256.6
248.7
592.3
508.2
566.7
489.4
490.5

8,850.5
9,152.9
9,277.3
9,652.8
9,880.3
10,119.5
9,836.7
10,016.5
10,149.7
10,321.2

28,827
30,312
31,343
33,183
34,550
36,200
34,899
35,920
37,013
38,026

Percent
Saving
change
as
in real
percent
per capita
of
disposable disposable
personal
personal
income
income

Population,
including
Armed
Forces
overseas
(thousands) 2

Percent

30,453
31,211
31,343
32,303
32,749
33,229
32,016
32,335
32,527
32,841

26,853
28,202
29,742
31,126
32,391
32,953
32,046
32,978
34,384
35,381

28,368
29,038
29,742
30,301
30,703
30,248
29,399
29,686
30,217
30,557

1.6
2.5
.4
3.1
1.4
1.5
–3.7
1.0
.6
1.0

3.5
3.6
1.5
2.6
2.4
5.4
4.7
5.1
4.2
4.1

290,626
293,262
295,993
298,818
301,696
304,543
307,240
309,776
312,036
314,278

31,733
31,615
31,990
32,425
32,455
32,469
32,763
32,587
32,421
32,346
32,588
32,713
32,708
33,350
32,570

32,151
32,316
32,597
32,794
33,037
33,481
33,954
34,277
34,552
34,750
35,119
35,250
35,460
35,695
36,027

29,412
29,341
29,462
29,598
29,723
29,962
30,145
30,166
30,232
30,325
30,460
30,522
30,582
30,663
30,872

–7.0
–1.5
4.8
5.6
.4
.2
3.7
–2.1
–2.0
–.9
3.0
1.5
–.1
8.1
–9.0

3.8
3.8
4.6
5.6
5.4
4.8
5.1
4.6
3.9
3.4
3.6
3.8
3.6
5.3
2.3

307,573
308,285
308,900
309,457
310,067
310,679
311,192
311,718
312,319
312,917
313,425
313,960
314,564
315,162
315,671

Seasonally adjusted annual rates
2009: III ��������������
      IV ��������������
2010: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2011: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2012: I ����������������
      II ���������������
      III ��������������
      IV r ������������
2013: I r ��������������

11,794.9
11,866.2
12,089.8
12,290.6
12,397.2
12,509.9
12,856.5
12,938.9
12,976.3
13,017.4
13,227.1
13,327.0
13,406.2
13,764.3
13,602.6

1,125.6
1,131.7
1,156.9
1,173.0
1,211.8
1,237.5
1,372.5
1,396.6
1,403.8
1,419.1
1,450.8
1,465.2
1,476.5
1,529.1
1,604.4

10,669.2
10,734.6
10,932.9
11,117.5
11,185.4
11,272.4
11,484.1
11,542.3
11,572.6
11,598.3
11,776.4
11,861.8
11,929.7
12,235.2
11,998.1

10,259.6
10,323.9
10,428.2
10,498.4
10,581.5
10,733.3
10,898.1
11,015.1
11,120.9
11,205.6
11,348.7
11,406.1
11,494.7
11,591.7
11,717.9

409.6
410.6
504.8
619.1
603.8
539.1
585.9
527.2
451.6
392.7
427.7
455.7
435.1
643.5
280.2

9,760.2
9,746.4
9,881.6
10,034.1
10,063.3
10,087.4
10,195.7
10,157.8
10,125.6
10,121.5
10,213.9
10,270.6
10,288.8
10,510.5
10,281.4

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.

6

34,689
34,820
35,393
35,926
36,074
36,283
36,903
37,028
37,054
37,065
37,573
37,781
37,925
38,822
38,008

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

Real Farm Income
According to the forecast for 2013, gross farm income in chained (2005) dollars is forecast to be $412.5 billion and
net farm income to be $110.0 billion.

[Billions of chained (2005) dollars]
Income of farm operators from farming 1
Gross farm income
Year

Value of farm sector production
Total 2

1990 ���������������������������������������������������
1991 ���������������������������������������������������
1992 ���������������������������������������������������
1993 ���������������������������������������������������
1994 ���������������������������������������������������
1995 ���������������������������������������������������
1996 ���������������������������������������������������
1997 ���������������������������������������������������
1998 ���������������������������������������������������
1999 ���������������������������������������������������
2000 ���������������������������������������������������
2001 ���������������������������������������������������
2002 ���������������������������������������������������
2003 ���������������������������������������������������
2004 ���������������������������������������������������
2005 ���������������������������������������������������
2006 ���������������������������������������������������
2007 ���������������������������������������������������
2008 ���������������������������������������������������
2009 ���������������������������������������������������
2010 ��������������������������������������������������
2011 ���������������������������������������������������
2012 p �������������������������������������������������
2013 p �������������������������������������������������

273.7
256.7
261.8
261.9
270.4
258.4
283.6
281.3
271.8
270.5
272.4
275.4
250.1
274.8
304.7
298.5
281.1
319.6
347.9
313.5
329.4
377.9
388.1
412.5

Crops 3, 4

Total
260.8
245.7
249.8
244.8
260.5
249.4
274.8
272.4
257.3
245.8
246.2
250.7
236.6
257.3
291.3
274.1
265.8
308.4
336.6
302.3
318.2
368.8
378.6
403.2

115.1
108.5
116.3
105.6
125.7
117.5
139.1
132.9
119.3
106.8
107.0
104.7
106.2
115.3
129.3
114.4
115.0
142.2
168.6
153.9
155.7
180.7
182.5
199.8

1 The GDP chain-type price index is used to convert the current-dollar statistics to 2005=100
equivalents.
2 Value of production, Government payments, other farm-related cash income, and nonmoney
income produced by farms including imputed rent of farm dwellings.
3 Crop receipts include proceeds received from commodities placed under Commodity Credit
Corporation loans.

Livestock 4
124.6
116.6
113.8
117.5
112.3
107.5
110.7
113.8
110.0
109.6
111.7
117.2
101.4
111.5
128.4
126.5
115.6
130.3
129.3
109.4
127.0
145.2
148.0
151.1

Forestry and
services

Direct
Government
payments

21.1
20.6
19.8
21.7
22.5
24.4
24.9
25.7
28.0
29.3
27.5
28.7
29.1
30.4
33.6
33.2
35.2
35.9
38.7
39.0
35.6
42.9
48.2
52.3

Production
expenses

12.9
11.0
12.0
17.1
9.9
8.9
8.8
8.9
14.5
24.8
26.2
24.7
13.5
17.6
13.4
24.4
15.3
11.2
11.3
11.1
11.2
9.2
9.4
9.3

209.7
202.9
196.3
202.2
204.6
209.6
212.7
220.6
216.7
215.6
215.3
214.9
207.6
210.1
214.3
219.7
225.4
253.7
269.5
255.9
257.0
273.9
290.0
302.6

Net
farm
income

64.0
53.8
65.5
59.7
65.8
48.7
70.9
60.6
55.1
54.9
57.1
60.5
42.5
64.8
90.3
78.8
55.6
65.9
78.4
57.5
72.4
104.0
98.1
110.0

4 The value of production equates to the sum of cash receipts, home consumption, and the value
of the change in inventories.

Note: Data for 2012 and 2013 are forecasts.
Source: Department of Agriculture (Economic Research Service).

7

Corporate Profits
In the first quarter of 2013, according to current estimates, corporate profits before tax fell $49.8 billion (annual rate)
and profits after tax fell $36.1 billion.

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

Profits after tax

Domestic industries
Period

2003 ��������������������
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2009: III ��������������
      IV ��������������
2010: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2011: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2012: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2013: I p ��������������

Total 2

892.2
1,195.1
1,609.5
1,784.7
1,691.1
1,315.5
1,443.6
1,777.7
1,791.6
2,151.3
1,499.3
1,625.7
1,758.0
1,741.0
1,824.6
1,787.0
1,679.4
1,764.6
1,798.8
1,923.5
2,100.8
2,124.3
2,167.5
2,212.5
2,155.8

Nonfinancial
Total

726.4
990.1
1,370.0
1,527.8
1,340.2
908.9
1,090.8
1,376.1
1,352.7
1,721.2
1,136.2
1,247.4
1,369.3
1,332.7
1,420.2
1,382.2
1,258.8
1,328.4
1,351.0
1,472.5
1,697.9
1,687.7
1,739.2
1,760.1
1,736.4

Financial

311.8
362.3
443.6
448.0
345.5
122.2
374.8
424.3
408.3
484.7
440.5
421.5
416.0
372.9
425.8
482.4
417.6
365.6
380.8
469.1
481.2
441.9
509.6
506.2
503.2

Total 3

Manufacturing

Utilities

Wholesale

Taxes
on
corporate
income

Total

Net
dividends

Retail

414.6
69.4
12.4
54.8
88.9
627.8
154.1
19.4
75.6
93.4
926.4
247.2
29.8
92.2
122.6
1,079.9
304.5
54.4
103.7
133.2
994.7
271.3
50.3
99.9
117.8
786.7
195.5
30.7
86.3
81.6
716.0
131.0
23.1
86.6
108.0
951.8
233.5
27.9
98.2
122.6
944.4
244.9
17.7
96.3
108.9
1,236.5
371.7
39.1
139.3
140.0
695.7
136.4
9.8
77.8
111.4
825.9
161.5
35.0
88.3
112.5
953.3
210.5
43.2
99.5
125.7
959.8
235.2
11.1
114.3
124.2
994.4
252.1
31.7
103.9
121.0
899.8
236.2
25.5
75.1
119.5
841.2
215.5
8.9
79.1
109.1
962.8
229.2
36.5
94.7
101.9
970.2
248.9
10.2
105.3
103.8
1,003.4
285.9
15.1
106.0
120.9
1,216.8
363.5
38.3
134.6
138.6
1,245.8
372.8
41.3
149.6
136.4
1,229.6
367.6
42.0
130.2
138.3
1,253.9
382.9
34.6
142.7
146.4
1,233.2 ��������������� ��������������� ��������������� ���������������

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

8

Profits
before
tax

903.5
1,229.4
1,640.2
1,822.7
1,738.4
1,359.9
1,440.5
1,816.3
1,854.1
2,162.2
1,516.9
1,691.9
1,785.2
1,755.3
1,850.6
1,874.2
1,801.1
1,839.7
1,839.3
1,936.4
2,124.5
2,108.2
2,194.4
2,221.7
2,171.9

243.8
306.1
412.4
473.3
445.5
309.0
269.4
373.3
379.0
449.3
285.0
337.0
351.1
350.2
385.5
406.6
398.7
385.1
362.0
370.4
453.6
443.3
452.4
448.0
434.4

659.7
923.3
1,227.8
1,349.5
1,292.9
1,050.9
1,171.1
1,443.0
1,475.1
1,712.9
1,231.9
1,354.9
1,434.1
1,405.1
1,465.1
1,467.6
1,402.5
1,454.5
1,477.3
1,566.1
1,670.9
1,664.9
1,742.0
1,773.7
1,737.6

424.9
550.3
557.3
704.8
794.5
786.9
554.1
600.9
697.2
r 779.9
502.4
513.3
554.9
585.8
618.1
645.0
677.6
687.5
705.9
717.9
727.1
747.5
760.3
884.6
r 782.9

Inventory
Undistrib- valuation
adjustment
uted
profits

234.8
373.0
670.5
644.7
498.4
264.0
617.0
842.1
777.9
933.0
729.5
841.6
879.3
819.3
847.0
822.6
724.9
767.1
771.4
848.2
943.7
917.4
981.6
889.2
954.7

–11.3
–34.3
–30.7
–38.0
–47.2
–44.5
3.2
–38.7
–62.6
–10.9
–17.6
–66.2
–27.2
–14.3
–26.0
–87.2
–121.7
–75.0
–40.6
–12.9
–23.7
16.0
–26.8
–9.2
–16.1

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

Real Gross Private Domestic Investment
In the first quarter of 2013, according to revised estimates, nonresidential fixed investment in chained (2005) dollars
rose $8.4 billion (annual rate) and residential investment rose $11.1 billion. Inventories rose $38.3 billion, following
an increase of $13.3 billion in the fourth quarter.

[Billions of chained (2005) dollars; quarterly data at seasonally adjusted annual rates]
Fixed investment
Period

2003 ���������������������������������������������������
2004 ���������������������������������������������������
2005 ���������������������������������������������������
2006 ���������������������������������������������������
2007 ���������������������������������������������������
2008 ���������������������������������������������������
2009 ���������������������������������������������������
2010 ���������������������������������������������������
2011 ���������������������������������������������������
2012 ���������������������������������������������������
2009: III ���������������������������������������������
      IV ���������������������������������������������
2010: I �����������������������������������������������
      II ����������������������������������������������
      III ���������������������������������������������
      IV ���������������������������������������������
2011: I �����������������������������������������������
      II ����������������������������������������������
      III ���������������������������������������������
      IV ���������������������������������������������
2012: I �����������������������������������������������
      II ����������������������������������������������
      III ���������������������������������������������
      IV ���������������������������������������������
2013: I r ���������������������������������������������

Gross
private
domestic
investment

1,870.1
2,058.2
2,172.3
2,231.8
2,159.5
1,939.8
1,458.1
1,658.0
1,744.0
1,914.4
1,394.8
1,521.1
1,591.4
1,646.4
1,710.1
1,684.3
1,661.6
1,711.3
1,735.8
1,867.3
1,895.1
1,898.4
1,928.8
1,935.1
1,977.2

Change in private inventories

Nonresidential
Total

1,854.7
1,992.5
2,122.3
2,172.7
2,130.6
1,978.6
1,602.2
1,598.7
1,704.5
1,853.1
1,581.2
1,556.8
1,553.1
1,606.5
1,602.7
1,632.3
1,627.0
1,675.4
1,736.8
1,778.7
1,820.6
1,840.6
1,844.8
1,906.3
1,925.6

Total
1,189.6
1,263.0
1,347.3
1,455.5
1,550.0
1,537.6
1,259.8
1,268.5
1,378.2
1,487.9
1,236.7
1,216.4
1,222.7
1,258.6
1,282.1
1,310.5
1,306.3
1,351.3
1,411.3
1,443.7
1,470.0
1,482.9
1,476.1
1,522.4
1,530.8

Note: See p. 10 for further detail on fixed investment by type.
Because of the formula used for calculating real GDP, the chained (2005) dollar estimates for
the detailed components do not add to the chained-dollar value of GDP or to any intermediate
aggregates.

Structures
343.0
346.7
351.8
384.0
438.2
466.4
368.1
310.6
319.2
353.5
351.7
323.1
302.6
312.1
310.4
317.4
292.2
315.0
330.2
339.3
349.7
350.2
350.2
364.0
360.8

Equipment
and
software
850.0
917.3
995.6
1,071.1
1,106.8
1,059.4
885.2
963.9
1,070.0
1,143.8
880.8
893.8
925.0
951.6
978.7
1,000.4
1,027.0
1,046.5
1,091.5
1,114.8
1,129.6
1,142.8
1,135.4
1,167.4
1,180.6

Residential

664.3
729.5
775.0
718.2
584.2
444.4
344.8
332.2
327.6
367.1
347.2
343.0
332.7
350.5
322.2
323.3
322.2
325.5
326.6
336.0
352.1
359.3
370.9
386.2
397.3

Total

17.3
66.3
50.0
59.4
27.7
–36.3
–139.0
50.9
31.0
43.0
–181.5
–38.8
30.5
33.2
94.9
45.0
30.3
27.5
–4.3
70.5
56.9
41.4
60.3
13.3
38.3

Nonfarm

17.2
58.3
49.8
63.2
28.7
–37.6
–137.9
58.0
36.5
59.6
–176.9
–38.9
31.6
37.6
106.5
56.4
36.9
35.6
–.9
74.4
62.0
53.2
88.2
34.8
28.3

Source: Department of Commerce (Bureau of Economic Analysis).

9

Real Private Fixed Investment by Type
[Billions of chained (2005) dollars; quarterly data at seasonally adjusted annual rates]
Nonresidential
Equipment and software

Total
fixed
investment

Period

2003 ������������
2004 ������������
2005 ������������
2006 ������������
2007 ������������
2008 ������������
2009 ������������
2010 ������������
2011 ������������
2012 ������������
2009: III ������
      IV ������
2010: I ��������
      II �������
      III ������
      IV ������
2011: I ��������
      II �������
      III ������
      IV ������
2012: I ��������
      II �������
      III ������
      IV ������
2013: I r ������

Residential

Total
nonresidential

1,854.7
1,992.5
2,122.3
2,172.7
2,130.6
1,978.6
1,602.2
1,598.7
1,704.5
1,853.1
1,581.2
1,556.8
1,553.1
1,606.5
1,602.7
1,632.3
1,627.0
1,675.4
1,736.8
1,778.7
1,820.6
1,840.6
1,844.8
1,906.3
1,925.6

1,189.6
1,263.0
1,347.3
1,455.5
1,550.0
1,537.6
1,259.8
1,268.5
1,378.2
1,487.9
1,236.7
1,216.4
1,222.7
1,258.6
1,282.1
1,310.5
1,306.3
1,351.3
1,411.3
1,443.7
1,470.0
1,482.9
1,476.1
1,522.4
1,530.8

Information processing equipment and software
Structures

343.0
346.7
351.8
384.0
438.2
466.4
368.1
310.6
319.2
353.5
351.7
323.1
302.6
312.1
310.4
317.4
292.2
315.0
330.2
339.3
349.7
350.2
350.2
364.0
360.8

Total

850.0
917.3
995.6
1,071.1
1,106.8
1,059.4
885.2
963.9
1,070.0
1,143.8
880.8
893.8
925.0
951.6
978.7
1,000.4
1,027.0
1,046.5
1,091.5
1,114.8
1,129.6
1,142.8
1,135.4
1,167.4
1,180.6

Computers
and
peripheral Software
equipment 1

Total
403.7
443.1
475.3
516.3
558.2
569.7
546.4
571.7
600.2
623.2
551.9
562.4
563.7
564.1
573.7
585.1
585.9
598.2
603.5
613.4
622.2
618.4
614.5
637.5
642.5

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

185.6
204.6
218.0
227.1
240.9
250.8
252.9
259.4
277.2
293.0
254.1
258.0
257.1
255.7
260.1
264.5
269.5
274.3
279.5
285.4
286.8
291.1
293.8
300.4
307.0

Other

Structures
Industrial Transportation
equipequipment
ment

155.1
168.1
178.4
192.8
208.4
202.4
182.4
197.6
196.7
198.5
187.4
188.7
192.5
193.9
200.0
204.2
199.1
197.5
194.6
195.4
199.4
195.9
197.4
201.1
202.2

151.6
147.4
159.6
172.9
179.9
172.9
136.2
134.6
152.6
163.3
133.2
131.2
128.3
135.9
135.6
138.9
144.5
144.7
156.6
164.4
158.5
163.6
163.7
167.5
166.5

Other
equipment

140.4
162.3
181.7
196.5
185.8
142.7
69.1
119.6
156.7
183.6
68.6
75.0
99.4
114.2
131.0
133.8
143.1
147.9
162.3
173.6
181.7
188.5
180.4
183.6
184.0

155.0
164.4
178.9
185.5
184.2
177.8
145.5
149.9
168.6
179.7
140.4
139.6
146.9
148.7
149.9
154.1
162.9
165.8
175.7
169.9
174.7
177.6
181.6
184.9
193.3

Total
residential

664.3
729.5
775.0
718.2
584.2
444.4
344.8
332.2
327.6
367.1
347.2
343.0
332.7
350.5
322.2
323.3
322.2
325.5
326.6
336.0
352.1
359.3
370.9
386.2
397.3

Total 2

655.9
720.1
765.2
708.1
574.2
434.9
336.1
323.0
318.0
357.2
338.5
334.1
323.7
341.2
313.0
314.0
312.8
315.9
316.9
326.2
342.3
349.5
360.9
376.1
386.9

Single
family

Equipment

362.6
406.1
433.5
391.1
284.0
178.4
105.5
114.5
109.3
128.9
106.9
112.1
115.8
121.8
112.8
107.8
108.8
107.4
109.3
111.7
118.5
123.4
131.5
142.3
152.4

8.4
9.4
9.8
10.1
10.0
9.7
8.9
9.5
9.9
10.2
8.9
9.1
9.3
9.5
9.5
9.6
9.8
9.9
10.0
10.1
10.1
10.0
10.2
10.3
10.6

1 Because computers exhibit rapid changes in prices relative to other prices in the economy, the
2 Includes other items, not shown separately.
chained-dollar estimates should not be used to measure the component’s relative importance or its
Note: Because of the formula used for calculating real GDP, the chained (2005) dollar estimates
contribution to the growth rate of more aggregate series. The quantity index for computers can be for the detailed components do not add to the chained-dollar value of GDP or to any intermediate
used to accurately measure the real growth rate of this series. For information on this component, aggregates.
see Survey of Current Business Table 5.3.1 (for growth rates), Table 5.3.2 (for contributions), and
Source: Department of Commerce (Bureau of Economic Analysis).
Table 5.3.3 (for quantity indexes).

Business Investment
[Billions of dollars]
Capital expenditures
By industry
Period

Total
capital
expenditures

Forestry,
Total
fishing,
by
and agri- Mining
industry cultural
services

ConUtilities struction

Manufacturing

Wholesale
trade

Retail
trade

Transportation Informa- Finance
and
and
tion
insurwareance
housing

ProfesReal
sional,
estate
scienand
tific,
rental
and
and
leasing technical
services

Health
care
and
social
assistance

Other 1

For
companies
without
employees

For companies with employees
1996 ��������
1997 ��������
1998 ��������
1999 ��������
2000 ��������
2001 ��������
2002 ��������
2003 ��������
2004 ��������
2005 ��������
2006 ��������
2007 ��������
2008 ��������
2009 ��������
2010 ��������
2011 p �������

807.1 ������������ ������������ ������������ ������������ ������������ ������������ ������������ ������������ ������������ ������������ ������������ ������������ ������������ ������������ ������������ ��������������
871.8 ������������ ������������ ������������ ������������ ������������ ������������ ������������ ������������ ������������ ������������ ������������ ������������ ������������ ������������ ������������ ��������������
970.9
896.5
0.9
40.4
36.0
26.9
203.6
29.2
57.3
51.3
96.5
118.2
85.2
22.3
47.1
81.7
74.4
1,047.0
974.6
1.7
30.6
42.8
23.1
196.4
32.4
64.1
57.3
122.8
130.1
100.6
29.5
51.3
91.8
72.3
1,161.0 1,089.9
1.5
42.5
61.3
25.0
214.8
33.6
69.8
59.9
160.2
133.7
92.5
34.1
52.2
108.9
71.2
1,109.0 1,052.3
1.5
51.3
82.8
24.8
192.8
30.0
66.9
57.8
144.8
131.1
82.7
30.5
52.9
102.5
56.7
997.9
917.5
1.9
42.5
65.5
24.8
157.2
26.8
59.3
47.1
88.2
128.4
94.5
25.9
59.3
96.1
80.4
975.0
886.8
1.9
50.5
54.6
23.2
149.1
26.0
65.9
44.5
80.5
120.8
88.0
24.7
61.2
96.2
88.2
1,042.1
953.2
2.1
51.3
50.4
28.6
156.7
32.3
72.2
46.1
83.5
153.6
91.6
26.7
64.6
93.6
88.9
1,144.8 1,062.5
2.7
66.7
58.0
30.1
165.6
40.6
73.5
56.9
91.4
161.4
103.0
33.1
73.8
105.6
82.2
1,309.9 1,217.1
2.7
99.3
69.8
30.3
192.4
36.6
86.7
68.0
104.4
163.1
132.1
30.3
75.3
126.3
92.8
1,354.7 1,270.5
2.1
120.7
85.4
36.7
197.3
30.8
82.5
67.4
106.1
173.4
117.5
31.8
84.2
134.8
84.2
1,374.2 1,294.5
2.3
149.3
98.7
40.8
213.1
32.4
73.2
79.6
103.3
132.9
106.9
33.0
90.2
138.7
79.7
1,090.7 1,015.3
2.2
100.6
103.0
19.8
155.2
25.3
58.4
55.7
88.4
99.5
72.9
28.2
79.4
127.0
75.4
1,105.7 1,036.2
3.3
115.7
94.5
17.9
160.8
31.1
65.3
59.0
97.2
103.1
81.3
28.2
78.4
100.6
69.5
1,225.6 1,152.2
3.1
149.5
98.0
21.8
193.4
35.5
67.4
72.3
99.7
109.6
91.1
28.2
83.2
99.6
73.4

1 Includes the following industries: Management of companies and enterprises; administrative
Note: Data from Annual Capital Expenditures. Industry data are based on the North American
and support and waste management; educational services; arts, entertainment, and recreation;
Industry Classification System (NAICS).
accommodation and food services; and other services (except public administration). Also includes
Data shown in this table are capital expenditures for both new and used structures and
an item for structure and equipment expenditures serving multiple industry categories.
equipment.

Source: Department of Commerce (Bureau of the Census).

10

EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
In May, employment as measured by the household survey rose 319,000 and unemployment rose 101,000.

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

Period

2003 2 ������������������
2004 2 ������������������
2005 2 ������������������
2006 2 ������������������
2007 2 ������������������
2008 2 ������������������
2009 2 ������������������
2010 2 ������������������
2011 2 ������������������
2012 2 ������������������
2012: May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2013: Jan 2 ���������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������

Civilian
noninstitutional
population
(NSA)
221,168
223,357
226,082
228,815
231,867
233,788
235,801
237,830
239,618
243,284
242,966
243,155
243,354
243,566
243,772
243,983
244,174
244,350
244,663
244,828
244,995
245,175
245,363

Civilian employment
Civilian
labor
force

Total

146,510
147,401
149,320
151,428
153,124
154,287
154,142
153,889
153,617
154,975
154,998
155,149
154,995
154,647
155,056
155,576
155,319
155,511
155,654
155,524
155,028
155,238
155,658

137,736
139,252
141,730
144,427
146,047
145,362
139,877
139,064
139,869
142,469
142,302
142,448
142,250
142,164
142,974
143,328
143,277
143,305
143,322
143,492
143,286
143,579
143,898

Men
20 years
and
over
70,415
71,572
73,050
74,431
75,337
74,750
71,341
71,230
72,182
73,403
73,230
73,299
73,288
73,097
73,612
73,845
73,821
73,949
74,139
74,249
74,228
74,159
74,124

Women
20 years
and
over
61,402
61,773
62,702
63,834
64,799
65,039
63,699
63,456
63,360
64,640
64,653
64,616
64,437
64,716
64,934
65,014
64,988
64,954
64,675
64,867
64,707
65,101
65,329

Percent 1

Unemployment
Both
sexes
16–19
years
5,919
5,907
5,978
6,162
5,911
5,573
4,837
4,378
4,327
4,426
4,419
4,533
4,525
4,351
4,429
4,469
4,468
4,402
4,508
4,376
4,351
4,320
4,445

1 Civilian labor force (or employment) as percent of civilian noninstitutional population; and
unemployment as percent of civilian labor force.
2 Not strictly comparable with earlier data.

Total

8,774
8,149
7,591
7,001
7,078
8,924
14,265
14,825
13,747
12,506
12,695
12,701
12,745
12,483
12,082
12,248
12,042
12,206
12,332
12,032
11,742
11,659
11,760

Men
20 years
and
over
4,209
3,791
3,392
3,131
3,259
4,297
7,555
7,763
6,898
5,984
6,143
6,133
6,089
5,988
5,825
5,834
5,747
5,746
5,877
5,661
5,519
5,644
5,754

Women
20 years
and
over
3,314
3,150
3,013
2,751
2,718
3,342
5,157
5,534
5,450
5,125
5,124
5,161
5,236
5,083
4,879
5,027
4,918
5,105
5,074
4,905
4,837
4,642
4,566

Both
sexes
16–19
years
1,251
1,208
1,186
1,119
1,101
1,285
1,552
1,528
1,400
1,397
1,428
1,406
1,420
1,412
1,378
1,387
1,376
1,355
1,381
1,466
1,386
1,372
1,441

Not
in
labor
force

74,658
75,956
76,762
77,387
78,743
79,501
81,659
83,941
86,001
88,310
87,968
88,006
88,359
88,919
88,716
88,407
88,855
88,839
89,008
89,304
89,967
89,936
89,705

Labor
force
participation
rate
66.2
66.0
66.0
66.2
66.0
66.0
65.4
64.7
64.1
63.7
63.8
63.8
63.7
63.5
63.6
63.8
63.6
63.6
63.6
63.5
63.3
63.3
63.4

Employment/
population
ratio

Unemployment
rate

62.3
62.3
62.7
63.1
63.0
62.2
59.3
58.5
58.4
58.6
58.6
58.6
58.5
58.4
58.7
58.7
58.7
58.6
58.6
58.6
58.5
58.6
58.6

6.0
5.5
5.1
4.6
4.6
5.8
9.3
9.6
8.9
8.1
8.2
8.2
8.2
8.1
7.8
7.9
7.8
7.8
7.9
7.7
7.6
7.5
7.6

Note: Beginning January 2013, data reflect revised population controls and are not strictly
comparable with earlier data.
See Employment and Earnings for details on breaks in series.
Source: Department of Labor (Bureau of Labor Statistics).

11

Selected Unemployment Rates
In May, the unemployment rate rose to 7.6 percent.

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

By sex and age
Period

2003 ��������������������
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2012: May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2013: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������

All
civilian
workers

6.0
5.5
5.1
4.6
4.6
5.8
9.3
9.6
8.9
8.1
8.2
8.2
8.2
8.1
7.8
7.9
7.8
7.8
7.9
7.7
7.6
7.5
7.6

Men
20 years
and
over
5.6
5.0
4.4
4.0
4.1
5.4
9.6
9.8
8.7
7.5
7.7
7.7
7.7
7.6
7.3
7.3
7.2
7.2
7.3
7.1
6.9
7.1
7.2

Women
20 years
and
over
5.1
4.9
4.6
4.1
4.0
4.9
7.5
8.0
7.9
7.3
7.3
7.4
7.5
7.3
7.0
7.2
7.0
7.3
7.3
7.0
7.0
6.7
6.5

Both
sexes
16–19
years
17.5
17.0
16.6
15.4
15.7
18.7
24.3
25.9
24.4
24.0
24.4
23.7
23.9
24.5
23.7
23.7
23.6
23.5
23.4
25.1
24.2
24.1
24.5

White

5.2
4.8
4.4
4.0
4.1
5.2
8.5
8.7
7.9
7.2
7.4
7.3
7.4
7.2
7.0
6.9
6.8
6.9
7.0
6.8
6.7
6.7
6.7

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

12

Black
or
African
American
10.8
10.4
10.0
8.9
8.3
10.1
14.8
16.0
15.8
13.8
13.6
14.4
14.1
14.0
13.4
14.5
13.2
14.0
13.8
13.8
13.3
13.2
13.5

By selected groups
Hispanic
or
Latino
ethnicity

Asian
(NSA)

6.0
4.4
4.0
3.0
3.2
4.0
7.3
7.5
7.0
5.9
5.2
6.3
6.2
5.9
4.8
4.9
6.4
6.6
6.5
6.1
5.0
5.1
4.3

7.7
7.0
6.0
5.2
5.6
7.6
12.1
12.5
11.5
10.3
11.0
11.0
10.3
10.2
9.9
10.0
9.9
9.6
9.7
9.6
9.2
9.0
9.1

Married
men,
spouse
present

Women
who
maintain
families
(NSA)

3.8
3.1
2.8
2.4
2.5
3.4
6.6
6.8
5.8
4.9
5.3
4.9
4.9
4.9
4.7
4.6
4.7
4.7
4.6
4.5
4.3
4.4
4.4

Note: Data relate to persons age 16 years and over.
Source: Department of Labor (Bureau of Labor Statistics).

8.5
8.0
7.8
7.1
6.5
8.0
11.5
12.3
12.4
11.4
10.9
11.8
11.7
12.3
11.3
11.5
10.7
11.3
11.3
11.0
10.7
10.3
9.9

Full-time
workers

6.1
5.6
5.0
4.5
4.6
5.8
10.0
10.4
9.6
8.5
8.7
8.6
8.6
8.6
8.3
8.3
8.1
8.3
8.3
8.1
7.9
7.9
7.9

Part-time
workers

5.5
5.3
5.4
5.1
4.9
5.5
6.0
6.3
6.3
6.1
6.1
6.3
6.5
6.1
5.7
6.2
6.2
6.2
6.2
6.2
5.9
6.0
5.9

Selected Measures of Unemployment and Unemployment Insurance Programs
In May, the percentage of the unemployed who had been out of work for less than 5 weeks rose, while the percentages
for 5 to 14 weeks, 15 to 26 weeks, and 27 weeks and over fell. The mean duration of unemployment rose to 36.9
weeks and the median duration fell to 17.3 weeks.

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

Unemployment
(thousands)

Percent distribution
Less
than
5 weeks

5–14
weeks

15–26
weeks

Reason for unemployment: percent distribution
Number of weeks

27 weeks
and over

Average
(mean) 1

Median

Job
losers

Job
leavers

Reentrants

New
entrants

State programs
Insured
unemployment
(NSA)

Initial
claims
(NSA)

Insured
unemployment,
all
programs
(NSA) 2

Weekly average, thousands
2003 ��������������������
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2012: May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2013: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������

8,774
8,149
7,591
7,001
7,078
8,924
14,265
14,825
13,747
12,506
12,695
12,701
12,745
12,483
12,082
12,248
12,042
12,206
12,332
12,032
11,742
11,659
11,760

31.7
33.1
35.1
37.3
35.9
32.8
22.2
18.7
19.5
21.1
20.5
22.1
21.2
22.8
21.0
21.4
21.7
22.0
22.4
22.3
21.1
21.3
23.2

29.8
29.2
30.4
30.3
31.5
31.4
26.8
22.0
21.8
22.9
23.7
22.1
24.4
22.7
23.4
23.1
23.1
23.3
24.5
23.3
24.4
24.5
22.8

16.4
15.9
14.9
14.7
15.0
16.0
19.5
16.0
15.0
14.9
13.4
14.2
13.8
14.5
15.4
14.7
15.2
15.6
15.0
14.2
14.9
16.9
16.7

22.1
21.8
19.6
17.6
17.6
19.7
31.5
43.3
43.8
41.1
42.4
41.7
40.6
40.0
40.3
40.8
40.0
39.1
38.1
40.2
39.6
37.4
37.3

19.2
19.6
18.4
16.8
16.8
17.9
24.4
33.0
39.3
39.4
39.6
39.7
38.8
39.3
39.6
39.9
39.7
38.1
35.3
36.9
37.1
36.5
36.9

1 Beginning January 2011, includes unemployment durations of up to 5 years; prior data are
for up to 2 years.
2 Includes State (50 States, District of Columbia, Puerto Rico, and the Virgin Islands), Federal
(UCFE), ex-service members (UCX), and Federal and State extended benefit programs. Also
includes Temporary Extended Unemployment Compensation (2002-2004), Emergency Unemployment Compensation (2008-2013), and Federal Additional Compensation (2009-2010).

10.1
9.8
8.9
8.3
8.5
9.4
15.1
21.4
21.4
19.3
20.1
19.4
16.8
18.2
18.7
19.6
18.9
18.0
16.0
17.8
18.1
17.5
17.3

55.1
51.5
48.3
47.4
49.7
53.7
64.2
62.4
59.0
55.0
55.0
56.4
56.1
55.6
54.0
53.7
53.5
52.2
53.4
53.9
53.6
54.8
52.6

9.3
10.5
11.5
11.8
11.2
10.0
6.2
6.0
7.0
7.7
7.1
7.4
6.9
7.6
8.0
8.3
7.7
8.0
7.9
7.9
8.4
7.4
8.1

28.2
29.5
31.4
32.0
30.3
27.7
22.3
23.4
24.7
26.7
27.2
25.7
26.7
26.6
27.6
27.3
27.7
29.2
28.3
27.6
26.9
26.9
28.5

7.3
3,531
404
4,400
8.4
2,950
345
3,103
8.8
2,661
328
2,709
8.8
2,476
313
2,521
8.9
2,572
324
2,612
8.6
3,306
424
3,899
7.3
5,724
568
9,123
8.2
4,487
454
9,723
9.3
3,679
406
7,630
10.5
3,297
374
6,048
10.6
3,282
374
6,410
10.4
3,097
388
5,849
10.3
3,814
422
6,837
10.2
3,252
356
5,682
10.4
3,014
311
5,378
10.7
3,157
391
5,630
11.0
3,052
470
5,331
10.5
3,757
483
6,226
r 4,007
r 520
r 6,203
10.4
r 3,571
r 341
r 5,511
10.6
11.1
3,652
333
5,679
10.9
3,312
352
5,307
10.8 ��������������� ��������������� �����������������

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

13

Nonagricultural Employment
Total nonagricultural employment as measured by the payroll survey rose by 175,000 in May.

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

Period

2003 ��������������������
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2012: May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2013: Jan �����������
      Feb �����������
      Mar r ��������
      Apr r ���������
      May p �������

Total
nonagricultural
employment

130,100
131,509
133,747
136,125
137,645
136,852
130,876
129,917
131,497
133,739
133,522
133,609
133,762
133,927
134,065
134,225
134,472
134,691
134,839
135,171
135,313
135,462
135,637

Goods-producing industries
Total
private

108,517
109,888
111,943
114,151
115,427
114,342
108,321
107,427
109,411
111,822
111,616
111,694
111,871
112,002
112,120
112,337
112,593
112,817
112,981
113,300
113,454
113,611
113,789

Total 2

21,816
21,882
22,190
22,530
22,233
21,335
18,558
17,751
18,047
18,410
18,396
18,410
18,436
18,422
18,405
18,421
18,464
18,522
18,563
18,638
18,652
18,637
18,636

Construc- Manufaction
turing

6,735
6,976
7,336
7,691
7,630
7,162
6,016
5,518
5,533
5,641
5,615
5,622
5,627
5,630
5,633
5,649
5,673
5,711
5,735
5,783
5,799
5,797
5,804

14,509
14,315
14,227
14,155
13,879
13,406
11,847
11,528
11,726
11,919
11,926
11,935
11,957
11,943
11,925
11,931
11,938
11,951
11,965
11,988
11,984
11,975
11,967

Private service-providing industries
Trade, transportation,
and utilities
Total
Total 3
86,701
88,006
89,753
91,621
93,194
93,008
89,764
89,676
91,363
93,411
93,220
93,284
93,435
93,580
93,715
93,916
94,129
94,295
94,418
94,662
94,802
94,974
95,153

25,287
25,533
25,959
26,276
26,630
26,293
24,906
24,636
25,065
25,516
25,463
25,467
25,485
25,520
25,550
25,623
25,720
25,769
25,783
25,808
25,804
25,835
25,868

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

14

Retail
trade
14,917
15,058
15,280
15,353
15,520
15,283
14,522
14,440
14,668
14,875
14,839
14,836
14,839
14,850
14,876
14,928
14,998
15,004
15,027
15,052
15,050
15,069
15,097

Information

Financial
activities

3,188
3,118
3,061
3,038
3,032
2,984
2,804
2,707
2,674
2,678
2,681
2,675
2,684
2,682
2,670
2,671
2,685
2,676
2,680
2,698
2,701
2,694
2,697

8,078
8,105
8,197
8,367
8,348
8,206
7,838
7,695
7,697
7,786
7,782
7,788
7,788
7,795
7,806
7,817
7,822
7,831
7,838
7,853
7,859
7,868
7,872

Profes- Education Leisure
sional
and
and
and
health
hospitalbusiness services
ity
services
15,987
16,394
16,954
17,566
17,942
17,735
16,579
16,728
17,332
17,930
17,878
17,913
17,965
17,994
18,009
18,062
18,117
18,152
18,198
18,291
18,350
18,410
18,467

16,588
16,953
17,372
17,826
18,322
18,838
19,193
19,531
19,883
20,319
20,290
20,296
20,331
20,363
20,412
20,446
20,460
20,496
20,511
20,542
20,590
20,627
20,653

12,173
12,493
12,816
13,110
13,427
13,436
13,077
13,049
13,353
13,746
13,702
13,716
13,743
13,788
13,818
13,840
13,861
13,901
13,932
13,995
14,026
14,065
14,108

Other
services

5,401
5,409
5,395
5,438
5,494
5,515
5,367
5,331
5,360
5,437
5,424
5,429
5,439
5,438
5,450
5,457
5,464
5,470
5,476
5,475
5,472
5,475
5,488

Government

21,583
21,621
21,804
21,974
22,218
22,509
22,555
22,490
22,086
21,917
21,906
21,915
21,891
21,925
21,945
21,888
21,879
21,874
21,858
21,871
21,859
21,851
21,848

2 Includes mining and logging, not shown separately.
3 Includes wholesale trade, transportation and warehousing, and utilities, not shown separately.

Note: Data classified by industry based on the 2012 North American Industry Classification
System (NAICS). For details see Employment and Earnings.
Source: Department of Labor (Bureau of Labor Statistics).

Average Weekly Hours, Hourly Earnings, and Weekly Earnings—
Private Nonagricultural Industries
[For production or nonsupervisory workers; monthly data seasonally adjusted]
Average weekly hours

Total
private
nonagricultural 1

Period

2003 ��������������������
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2012: Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2013: Jan �����������
      Feb �����������
      Mar r ��������
      Apr r ���������
      May p �������

33.7
33.7
33.8
33.9
33.9
33.6
33.1
33.4
33.6
33.7
33.7
33.7
33.7
33.7
33.6
33.7
33.6
33.7
33.7
33.6
33.8
33.8
33.7
33.8

Average gross hourly earnings
Total private
nonagricultural 1

Manufacturing

Total

Overtime

40.4
40.8
40.7
41.1
41.2
40.8
39.8
41.1
41.4
41.7
41.7
41.6
41.6
41.7
41.6
41.5
41.5
41.6
41.8
41.7
41.9
41.8
41.8
41.8

4.2
4.6
4.6
4.4
4.2
3.7
2.9
3.8
4.1
4.2
4.2
4.2
4.2
4.2
4.1
4.2
4.1
4.1
4.3
4.2
4.3
4.4
4.3
4.2

Current
dollars

Average gross weekly earnings
Total private
nonagricultural 1

Manufacturing

1982-84
dollars 2

$15.38
$8.55
15.70
8.51
16.13
8.45
16.76
8.50
17.44
8.60
18.08
8.57
18.63
8.89
19.07
8.91
19.46
8.78
19.77
8.74
19.72
8.74
19.70
8.75
19.75
8.76
19.77
8.78
19.76
8.72
19.80
8.68
19.82
8.68
19.88
8.73
19.93
8.76
19.98
8.78
20.03
8.73
20.04
8.76
20.07
8.81
20.08 �����������������

Current
dollars
$15.74
16.14
16.56
16.81
17.26
17.75
18.24
18.61
18.93
19.08
19.08
19.03
19.08
19.11
19.07
19.07
19.08
19.17
19.17
19.16
19.23
19.23
19.22
19.25

1 Also includes other private industry groups shown on p. 14.
2 Current dollar earnings divided by the consumer price index for urban wage earners and cleri-

Percent change from
a year earlier,
total private
nonagricultural

Current dollars

1982-84
dollars 2

$518.41
$288.33
529.23
286.85
544.44
285.05
567.89
288.12
590.24
291.09
608.11
288.13
617.50
294.57
637.18
297.79
654.73
295.49
666.99
294.83
664.56
294.52
663.89
294.82
665.58
295.30
666.25
295.76
663.94
292.92
667.26
292.59
665.95
291.54
669.96
294.34
671.64
295.07
671.33
295.05
677.01
295.14
677.35
296.03
676.36
297.05
678.70 �����������������

Manufacturing

Construction

$636.03
658.52
673.30
690.88
711.53
724.46
726.12
765.18
784.29
794.81
795.64
791.65
793.73
796.89
793.31
791.41
791.82
797.47
801.31
798.97
805.74
803.81
803.40
804.65

$727.00
735.55
750.37
781.59
816.23
842.61
851.76
891.83
921.84
942.75
939.27
933.27
936.45
939.18
937.62
945.99
945.56
951.16
958.76
953.48
961.53
962.73
964.71
966.34

Retail
trade

Current
dollars

$367.18
371.13
377.58
383.12
385.00
386.21
388.57
400.07
412.09
421.85
421.67
421.51
423.34
420.43
420.90
419.05
418.87
422.12
421.04
419.29
420.38
422.69
417.90
421.78

1982-84
dollars 2

2.2
0.0
2.1
–.5
2.9
–.6
4.3
1.1
3.9
1.0
3.0
–1.0
1.5
2.2
3.2
1.1
2.8
–.8
1.9
–.2
1.7
–.6
1.6
.0
1.8
.2
1.3
.0
1.3
–.3
1.4
–.5
1.0
–1.2
1.5
–.2
1.8
.1
1.3
–.2
2.0
.0
2.1
.8
1.8
.9
2.2 �������������������

Source: Department of Labor (Bureau of Labor Statistics).

cal workers (CPI–W) (on a 1982-84=100 base).

Employment Cost Index—Private Industry
Index (December 2005 = 100)
Period

Total
compensation

Wages
and
salaries

Percent change from
3 months earlier

Benefits 1

Total
compensation

12 months earlier

Wages
and
salaries

Benefits 1

Total
compensation

Wages
and
salaries

Benefits 1

Not seasonally adjusted
2003:
2004:
2005:
2006:
2007:
2008:
2009:
2010:
2011:
2012:

Dec ������������������������������������������
Dec ������������������������������������������
Dec ������������������������������������������
Dec ������������������������������������������
Dec ������������������������������������������
Dec ������������������������������������������
Dec ������������������������������������������
Dec ������������������������������������������
Dec ������������������������������������������
Dec ������������������������������������������

93.6
97.2
100.0
103.2
106.3
108.9
110.2
112.5
115.0
117.2

95.1
97.6
100.0
103.2
106.6
109.4
110.8
112.8
114.6
116.6

90.2
96.2
100.0
103.1
105.6
107.7
108.7
111.9
115.9
118.4

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

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

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

4.0
3.8
2.9
3.2
3.0
2.4
1.2
2.1
2.2
1.9

Seasonally adjusted
2010: Mar �����������������������������������������
      June ����������������������������������������
      Sept ����������������������������������������
      Dec ������������������������������������������
2011: Mar �����������������������������������������
      June ����������������������������������������
      Sept ����������������������������������������
      Dec ������������������������������������������
2012: Mar �����������������������������������������
      June ����������������������������������������
      Sept ����������������������������������������
      Dec ������������������������������������������
2013: Mar �����������������������������������������

111.1
111.6
112.1
112.7
113.3
114.2
114.6
115.1
115.7
116.3
116.8
117.3
117.7

111.4
111.9
112.3
112.8
113.2
113.8
114.2
114.7
115.3
115.8
116.3
116.7
117.3

110.3
110.9
111.7
112.2
113.6
115.2
115.4
116.2
116.7
117.4
118.1
118.8
118.4

1 Employer costs for employee benefits.

3.1
2.6
2.5
3.2
3.3
2.6
1.3
1.8
1.6
1.7

6.5
6.7
4.0
3.1
2.4
2.0
.9
2.9
3.6
2.2

Not seasonally adjusted
0.6
.5
.4
.5
.5
.8
.4
.4
.5
.5
.4
.4
.3

0.5
.4
.4
.4
.4
.5
.4
.4
.5
.4
.4
.3
.5

1.2
.5
.7
.4
1.2
1.4
.2
.7
.4
.6
.6
.6
–.3

1.6
1.9
2.0
2.1
2.0
2.3
2.1
2.2
2.1
1.8
2.0
1.9
1.7

1.5
1.6
1.6
1.8
1.6
1.7
1.7
1.6
1.9
1.8
1.8
1.7
1.7

2.0
2.4
2.8
2.9
3.0
4.0
3.3
3.6
2.8
1.9
2.3
2.2
1.5

Source: Department of Labor (Bureau of Labor Statistics).

Note: The employment cost index is a measure of the change in the cost of labor, free from the
influence of employment shifts among occupations and industries.
Data exclude farm and household workers.

15

Productivity and Related Data, Business and Nonfarm Business Sectors
Output per hour
of all persons
Period
Business
sector

Nonfarm
business
sector

Hours of
all persons 2

Output 1

Business
sector

Nonfarm
business
sector

Business
sector

Nonfarm
business
sector

Compensation
per hour 3
Business
sector

Nonfarm
business
sector

Real
compensation
per hour 4
Business
sector

Nonfarm
business
sector

Unit labor
costs

Implicit price
deflator 5

Business
sector

Nonfarm
business
sector

Business
sector

Nonfarm
business
sector

97.2
97.8
100.0
102.8
105.5
108.2
106.5
105.4
107.7
109.0
107.3
107.2
106.3
105.2
104.9
105.7
105.4
105.1
108.1
107.9
107.6
106.7
108.3
108.2
107.8
110.9
109.5

97.1
97.8
100.0
102.9
105.3
108.2
106.6
105.6
107.6
108.9
107.4
107.4
106.5
105.5
105.2
106.0
105.6
105.2
108.1
107.7
107.6
106.6
108.3
108.2
107.7
110.7
109.5

94.5
96.9
100.0
102.9
105.6
107.5
107.9
109.6
112.0
114.1
107.6
107.6
108.0
108.4
108.8
109.3
109.8
110.4
110.9
111.8
112.7
112.7
113.2
113.6
114.5
114.6
114.8

94.4
96.6
100.0
103.0
105.4
107.3
108.1
109.6
111.7
113.8
107.8
107.8
108.3
108.6
108.9
109.4
109.8
110.3
110.6
111.4
112.3
112.4
112.9
113.3
114.1
114.1
114.3

0.9
.7
2.2
2.8
2.6
2.6
–1.6
–1.0
2.2
1.2
–8.0
–.6
–3.3
–4.0
–1.0
3.1
–1.1
–1.1
11.8
–.9
–.9
–3.4
6.3
–.4
–1.5
12.0
–5.0

1.0
.7
2.3
2.9
2.4
2.8
–1.5
–1.0
2.0
1.2
–8.1
–.2
–3.1
–3.9
–1.2
3.3
–1.5
–1.4
11.4
–1.4
–.6
–3.4
6.4
–.5
–1.9
11.8
–4.3

1.4
2.6
3.2
2.9
2.6
1.8
.4
1.5
2.2
1.9
–1.4
.0
1.5
1.6
1.4
1.8
1.7
2.4
1.9
3.0
3.5
–.1
1.7
1.5
3.1
.5
.8

1.2
2.4
3.5
3.0
2.3
1.8
.8
1.4
1.9
1.9
–.9
.0
1.9
1.0
1.2
1.8
1.4
1.8
1.2
2.8
3.5
.1
1.9
1.6
2.7
.2
.5

Indexes, 2005=100; quarterly data seasonally adjusted
2003 ��������������������
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 r ������������������
2009: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2010: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2011: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2012: I ����������������
      II ���������������
      III ��������������
      IV r ������������
2013: I r * �����������

95.6
98.3
100.0
100.9
102.4
103.1
106.3
109.5
109.9
110.6
103.9
105.6
107.1
108.4
109.1
108.9
109.8
110.1
109.6
109.7
109.7
110.3
110.1
110.6
111.3
110.9
111.4

95.8
98.3
100.0
100.9
102.4
103.1
106.1
109.4
110.1
110.8
103.9
105.5
106.9
108.1
108.9
108.8
109.7
110.1
109.8
110.0
109.9
110.5
110.4
110.8
111.7
111.2
111.3

93.0
96.7
100.0
103.0
105.1
103.7
99.2
102.2
104.6
107.5
99.3
98.7
98.9
100.1
100.8
101.5
102.7
103.6
103.5
104.2
104.6
106.0
106.7
107.3
108.4
108.5
109.3

93.0
96.7
100.0
103.1
105.3
103.7
99.0
102.0
104.7
107.8
99.2
98.5
98.6
99.8
100.7
101.3
102.6
103.6
103.5
104.4
104.8
106.2
106.9
107.4
108.7
108.9
109.4

97.2
98.4
100.0
102.1
102.6
100.6
93.4
93.3
95.2
97.3
95.5
93.4
92.3
92.3
92.4
93.2
93.6
94.0
94.4
94.9
95.4
96.1
96.9
97.0
97.3
97.8
98.1

97.2
98.4
100.0
102.2
102.8
100.6
93.4
93.3
95.2
97.3
95.5
93.4
92.3
92.3
92.4
93.1
93.6
94.0
94.3
95.0
95.4
96.1
96.9
96.9
97.3
97.9
98.3

92.9
96.2
100.0
103.8
108.1
111.6
113.1
115.4
118.3
120.5
111.5
113.2
113.9
114.1
114.5
115.2
115.7
115.8
118.5
118.4
118.1
117.7
119.3
119.7
120.0
123.0
122.0

93.0
96.1
100.0
103.8
107.9
111.6
113.1
115.5
118.4
120.7
111.5
113.3
113.8
114.0
114.6
115.3
115.8
115.9
118.7
118.5
118.2
117.9
119.5
119.9
120.2
123.1
121.9

98.6
99.4
100.0
100.5
101.7
101.2
102.9
103.3
102.7
102.5
102.5
103.6
103.2
102.6
102.8
103.5
103.7
102.9
104.2
102.9
101.9
101.3
102.0
102.1
101.9
103.8
102.6

98.7
99.4
100.0
100.5
101.6
101.1
103.0
103.4
102.8
102.6
102.5
103.6
103.2
102.6
102.9
103.6
103.7
103.0
104.4
103.0
102.1
101.4
102.2
102.3
102.0
103.9
102.5

Percent change; quarterly data at seasonally adjusted annual rates
2003 ��������������������
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 r ������������������
2009: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2010: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2011: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2012: I ����������������
      II ���������������
      III ��������������
      IV r ������������
2013: I r * �����������

3.8
2.8
1.8
.9
1.4
.7
3.0
3.0
.3
.6
5.6
6.8
5.8
4.9
2.5
–.5
3.1
1.3
–1.9
.5
–.2
2.4
–.8
1.6
2.8
–1.6
2.0

3.7
2.7
1.7
.9
1.5
.6
2.9
3.1
.6
.7
5.8
6.5
5.2
4.8
3.1
–.5
3.2
1.7
–1.3
.6
–.1
2.3
–.7
1.7
3.1
–1.7
.5

3.1
4.0
3.4
3.0
2.0
–1.3
–4.3
3.0
2.4
2.8
–5.0
–2.3
.7
4.9
3.1
2.9
4.7
3.4
–.5
2.9
1.7
5.4
2.7
1.9
4.2
.5
3.1

3.1
4.0
3.4
3.1
2.1
–1.5
–4.5
3.1
2.6
2.9
–5.0
–2.5
.3
5.2
3.3
2.8
5.1
3.9
–.1
3.4
1.6
5.3
2.7
2.1
4.7
.7
2.1

–0.7
1.2
1.6
2.1
.5
–2.0
–7.1
–.1
2.0
2.2
–10.1
–8.5
–4.8
.0
.5
3.4
1.6
2.1
1.4
2.4
1.9
3.0
3.5
.3
1.4
2.1
1.1

–0.6
1.3
1.6
2.2
.6
–2.1
–7.2
–.1
2.0
2.2
–10.2
–8.5
–4.7
.4
.2
3.2
1.8
2.1
1.1
2.8
1.7
2.9
3.4
.4
1.6
2.4
1.6

1 Output refers to real gross domestic product originating in the sector.
2 Hours of all persons engaged in the sector, including hours of proprietors and unpaid family

workers. Estimates based primarily on establishment data.
3 Wages and salaries of employees plus employers’ contributions for social insurance and
private benefit plans. Also includes an estimate of wages, salaries, and supplemental payments
for the self-employed.
4 Hourly compensation divided by the consumer price index for all urban consumers (CPI–U) for
recent quarters. The trend from 1978–2012 is based on the consumer price index research series
(CPI–U–RS).
5 Current dollar gross domestic output divided by the output index.

16

4.7
3.5
4.0
3.8
4.1
3.3
1.4
2.0
2.5
1.9
–2.8
6.2
2.3
.7
1.5
2.6
1.9
.2
9.7
–.4
–1.1
–1.1
5.5
1.2
1.3
10.2
–3.1

4.7
3.4
4.0
3.8
4.0
3.4
1.4
2.1
2.6
1.9
–2.8
6.3
2.0
.8
1.8
2.8
1.7
.3
10.0
–.8
–.8
–1.2
5.6
1.2
1.2
9.9
–3.8

2.5
.8
.6
.5
1.2
–.5
1.7
.3
–.6
–.2
–.3
4.2
–1.3
–2.4
.7
2.8
.5
–2.8
5.1
–4.8
–3.9
–2.5
3.1
.2
–.8
7.8
–4.6

2.4
.6
.6
.5
1.1
–.4
1.8
.4
–.6
–.2
–.3
4.4
–1.6
–2.3
1.0
3.1
.3
–2.7
5.3
–5.2
–3.6
–2.5
3.2
.2
–.9
7.5
–5.2

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 30, 2013.
Source: Department of Labor (Bureau of Labor Statistics).

PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial production and capacity utilization fell in April.

[Monthly data seasonally adjusted]
Total industrial production 1
Period

2003 ��������������������
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 r ������������������
2012: Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov r ���������
      Dec r ���������
2013: Jan r ���������
      Feb r ���������
      Mar r ��������
      Apr p ���������

Industry production indexes, 2007=100

Percent change 2
Index,
2007=100

90.3
92.5
95.5
97.6
100.0
96.6
85.7
90.6
93.6
97.0
96.9
97.1
97.1
97.6
96.8
97.0
96.8
98.1
98.2
98.1
99.0
99.3
98.7

From
preceding
month
���������������������
���������������������
���������������������
���������������������
���������������������
���������������������
���������������������
���������������������
���������������������
���������������������
0.7
.3
.0
.4
–.8
.2
–.1
1.3
.1
–.1
.9
.3
–.5

Capacity utilization
rate
(output as percent
of capacity) 1

Manufacturing

From
year
earlier
1.2
2.3
3.2
2.2
2.5
–3.4
–11.3
5.7
3.4
3.6
4.6
4.5
4.4
4.2
2.8
2.9
2.2
3.3
2.8
1.9
2.4
3.3
1.9

Total 1

Durable

88.9
91.4
95.0
97.4
100.0
95.3
82.4
87.4
90.3
93.9
93.9
93.7
94.0
94.2
93.5
93.6
93.2
94.5
95.3
95.1
95.8
95.6
95.2

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.

82.9
86.2
91.2
95.4
100.0
96.6
78.6
87.3
93.2
99.9
99.8
99.7
100.3
100.7
99.7
99.5
99.3
101.3
102.0
101.6
103.0
102.8
102.1

Nondurable
94.4
95.9
98.3
98.8
100.0
94.1
86.9
88.7
88.9
90.0
89.9
89.7
89.8
89.9
89.6
90.0
89.3
90.1
91.1
91.1
91.2
90.9
90.9

Other
(non-NAICS) 1
106.9
107.7
107.3
106.1
100.0
93.5
80.7
76.4
74.8
72.1
74.1
73.3
72.1
70.7
70.5
69.8
69.3
69.7
69.4
69.1
69.0
68.4
67.8

Mining

98.5
98.2
97.0
99.3
100.0
101.2
95.7
100.7
106.8
113.6
112.2
112.2
112.8
113.8
113.0
114.3
115.1
116.5
116.0
114.6
116.6
115.9
116.9

Utilities

94.1
95.3
97.3
96.7
100.0
99.9
97.5
101.0
100.8
98.7
98.0
102.4
99.5
101.2
99.5
99.0
100.2
101.0
95.6
97.9
98.9
105.2
101.3

Total
industry
76.0
77.9
79.8
80.2
80.5
77.5
68.7
74.0
76.5
77.6
77.7
77.8
77.7
77.9
77.2
77.2
77.0
77.9
77.8
77.6
78.2
78.3
77.8

Total
manufacturing
73.9
76.2
78.1
78.4
78.6
74.5
65.7
71.3
74.0
75.8
76.1
75.8
75.9
76.0
75.4
75.3
74.9
75.8
76.4
76.1
76.6
76.3
75.9

Note: Data based on NAICS except series as defined in footnote 1.
Source: Board of Governors of the Federal Reserve System.

17

Industrial Production—
Major Market Groups and Selected Manufactures
[2007=100; monthly data seasonally adjusted]
Products and nonindustrial supplies

Materials

Final products
Consumer goods

Period
Total

2003 ��������������������
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 r ������������������
2012: Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov r ���������
      Dec r ���������
2013: Jan r ���������
      Feb r ���������
      Mar r ��������
      Apr p ���������

Nonindustrial supplies

Total

90.0
91.7
95.4
97.9
100.0
96.4
86.6
89.6
91.8
94.9
94.5
95.1
95.2
95.6
94.9
95.2
94.5
96.0
96.0
95.6
96.5
97.2
96.6

95.3
96.4
99.0
99.5
100.0
95.1
88.6
89.6
90.9
92.4
92.1
92.8
92.6
92.9
92.0
92.4
91.9
93.2
93.2
93.2
93.9
94.8
94.2

Durable
goods
95.3
97.0
98.0
98.3
100.0
88.8
74.0
79.4
83.3
90.3
90.2
89.9
90.6
90.9
89.3
89.3
89.6
91.8
94.1
92.9
94.8
95.8
95.0

Equipment
Nondurable
goods
95.2
96.1
99.3
99.9
100.0
97.2
93.4
92.9
93.5
93.3
92.9
94.0
93.5
93.8
93.2
93.7
92.9
94.0
93.3
93.6
94.1
94.9
94.4

Total 1
78.3
81.3
87.3
94.3
100.0
99.3
82.2
89.6
93.7
100.7
100.1
100.3
101.4
101.7
101.6
101.5
100.5
102.4
102.5
101.2
102.6
102.7
102.2

Business
78.3
82.1
87.7
95.8
100.0
97.7
80.1
86.7
91.6
99.2
98.3
99.0
100.3
100.4
100.3
100.1
98.9
101.3
101.7
100.3
102.1
102.2
101.7

Defense
and
space

Total

79.2
77.2
84.9
84.0
100.0
107.0
102.4
110.1
106.1
111.8
111.1
109.8
109.7
112.1
112.4
113.1
112.8
114.0
113.3
111.9
111.8
112.0
111.6

93.0
94.8
98.3
99.8
100.0
94.3
80.7
82.9
84.3
86.4
86.8
86.9
86.5
86.5
86.1
86.1
86.0
87.1
87.1
87.6
88.4
88.5
87.7

Construction

Business

92.0
94.2
98.7
101.1
100.0
90.7
69.9
72.5
74.6
78.5
79.5
78.6
77.9
77.8
77.7
78.0
77.8
79.6
80.1
80.9
82.7
81.5
80.9

93.4
95.1
98.2
99.2
100.0
96.0
86.0
88.1
89.0
90.3
90.4
90.9
90.7
90.8
90.2
90.1
89.9
90.7
90.5
90.8
91.1
91.9
90.9

Total 1

89.8
92.4
94.6
96.5
100.0
97.6
86.6
94.2
98.7
102.8
102.6
102.6
102.6
103.3
102.3
102.4
102.8
103.9
104.1
104.0
104.9
105.0
104.6

Energy

97.9
97.9
96.9
98.0
100.0
100.9
98.4
102.5
106.4
110.9
109.9
111.3
110.8
112.0
110.7
111.2
112.1
112.7
111.7
111.4
112.8
114.3
114.1

1 Includes other items, not shown separately.

[2007=100; monthly data seasonally adjusted]
Durable manufactures
Computer and
electronic products

Primary metals
Period
Total
2003 ��������������������
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 r ������������������
2012: Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov r ���������
      Dec r ���������
2013: Jan r ���������
      Feb r ���������
      Mar r ��������
      Apr p ���������

89.8
97.7
95.2
98.0
100.0
100.0
74.0
91.1
97.4
99.4
101.6
99.6
97.7
100.2
99.7
95.1
96.1
98.9
99.1
100.0
100.4
98.2
97.4

Iron
and
steel
products
89.8
101.7
94.3
98.4
100.0
106.4
68.5
89.4
97.5
101.1
105.7
103.9
98.9
100.8
101.1
91.9
94.9
99.7
99.4
101.8
99.5
96.4
97.7

Fabricated
metal
products

86.6
86.9
90.9
95.9
100.0
96.4
74.2
79.0
85.3
91.4
90.9
91.4
91.8
92.3
92.0
92.2
91.6
92.6
92.9
93.6
95.5
94.8
94.4

Machinery
Total
82.8
86.3
91.6
95.9
100.0
97.3
75.7
84.6
95.6
102.2
103.4
103.0
105.3
102.3
101.5
102.1
99.8
100.9
101.5
101.2
104.3
103.6
103.3

60.3
68.3
76.9
87.4
100.0
108.1
97.0
111.6
122.5
130.3
129.8
129.3
130.9
130.8
128.8
129.7
131.0
132.9
133.9
133.9
134.0
133.7
134.0

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

18

Nondurable manufactures

Selected
high-technology 1
53.3
60.6
71.1
84.9
100.0
115.6
103.1
128.2
147.4
153.1
153.6
153.7
154.5
153.1
149.1
150.7
155.1
155.2
154.2
155.9
155.5
155.1
156.6

Transportation
equipment
Total
89.5
89.3
93.0
94.2
100.0
89.6
73.4
85.0
89.0
100.3
99.7
99.7
100.7
102.2
100.5
100.0
100.4
103.0
104.0
101.8
103.0
104.2
103.1

Motor
vehicles
and
parts
101.1
101.7
102.3
100.8
100.0
80.0
58.6
77.8
84.8
99.6
99.5
99.2
100.9
102.6
99.2
97.8
98.1
103.2
105.9
101.8
103.7
106.0
104.7

Apparel

Printing
and
support

157.2
134.5
128.8
125.2
100.0
77.7
55.7
54.3
51.0
49.2
50.1
50.1
49.3
49.1
47.5
48.3
47.2
48.8
48.7
50.6
51.0
49.7
48.4

Source: Board of Governors of the Federal Reserve System.

98.1
98.5
98.6
97.8
100.0
93.8
78.8
78.8
78.0
76.9
77.5
77.6
77.9
77.5
77.1
75.8
74.9
74.8
76.4
76.4
75.8
76.6
76.1

Chemical

86.5
90.0
92.9
95.2
100.0
92.5
83.5
86.3
86.3
86.4
86.6
85.9
86.0
85.8
85.5
86.0
85.8
86.7
88.3
87.5
86.9
87.0
87.2

Food

95.6
95.6
98.6
99.5
100.0
98.7
98.2
98.6
98.5
102.1
101.5
101.6
101.7
103.6
103.8
103.6
101.8
102.2
102.9
103.2
103.2
103.0
103.5

New Construction
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Private
Period

2003 ��������������������
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2012: Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2013: Jan �����������
      Feb r ���������
      Mar r ��������
      Apr p ���������

Total
new
construction
expenditures

891.5
991.4
1,104.1
1,167.2
1,152.4
1,067.6
903.2
804.6
778.2
854.5
825.1
838.8
845.1
846.6
855.9
862.2
876.2
892.4
893.6
858.1
864.7
857.7
860.8

Residential
Total

New
housing

Total 1

675.4
771.2
870.0
911.8
863.3
758.8
588.3
500.6
495.0
578.8
552.3
562.1
566.4
572.4
578.0
587.5
601.9
618.0
624.7
592.9
595.0
595.9
602.0

Federal
and
State
and
local

Nonresidential

446.0
532.9
611.9
613.7
493.2
350.3
245.9
238.8
237.0
275.5
254.1
262.6
271.3
274.7
282.4
290.5
299.8
299.5
297.1
287.1
298.1
302.2
301.9

Total

345.7
417.5
480.8
468.8
354.1
230.1
133.9
127.3
123.0
150.6
139.2
142.4
147.2
149.6
154.0
159.0
165.4
168.8
172.4
179.2
187.7
191.7
194.9

Lodging

229.3
238.3
258.1
298.1
370.0
408.6
342.4
261.8
258.0
303.3
298.2
299.5
295.1
297.7
295.5
297.0
302.1
318.6
327.5
305.8
297.0
293.7
300.1

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

Commercial
(including
farm)

Office

9.9
12.0
12.7
17.6
27.5
35.4
25.4
11.2
8.2
10.4
10.3
10.4
10.6
10.8
10.9
10.6
11.3
10.9
11.2
10.7
11.9
12.4
12.4

30.6
32.9
37.3
45.7
53.8
55.5
37.3
24.4
22.5
26.2
24.3
25.3
25.4
25.7
27.1
26.8
28.5
29.0
28.7
28.9
28.3
28.9
28.3

Manufacturing

57.5
63.2
66.6
73.4
85.9
82.7
50.5
36.5
40.0
43.9
43.4
44.2
43.4
43.3
44.4
44.6
45.4
44.3
43.8
44.7
45.9
44.6
44.7

Other 2

21.4
23.2
28.4
32.3
40.2
52.8
56.3
39.8
40.6
48.2
47.9
49.4
48.1
46.6
47.0
48.2
48.6
49.6
52.2
49.4
49.9
50.2
48.9

109.9
107.0
113.1
129.2
162.7
182.3
173.0
149.9
146.6
174.6
172.3
170.2
167.6
171.2
166.1
166.8
168.3
184.8
191.6
172.0
161.0
157.6
165.8

216.1
220.2
234.2
255.4
289.1
308.7
314.9
304.0
283.3
275.7
272.8
276.6
278.7
274.2
278.0
274.7
274.3
274.4
269.0
265.3
269.7
261.8
258.8

Source: Department of Commerce (Bureau of the Census).

shown separately.

New Private Housing and Vacancy Rates
[Thousands of units or houses, except as noted]
New private housing units
Units started, by type of structure

Period
Total
2003 ��������������������
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 r ������������������
2012 ��������������������

New private houses

2–4 units 1

1 unit

1,847.7
1,955.8
2,068.3
1,800.9
1,355.0
905.5
554.0
586.9
608.8
780.6

1,499.0
1,610.5
1,715.8
1,465.4
1,046.0
622.0
445.1
471.2
430.6
535.3

Units
authorized

5 units or
more

33.5
42.3
41.1
42.7
31.7
17.5
11.6
11.4
10.9
11.4

315.2
303.0
311.4
292.8
277.3
266.0
97.3
104.3
167.3
233.9

1,889.2

Units
completed

Houses for
sale at end
of period 2

Houses
sold

Vacancy
rate for
rental
housing
units
(percent) 3

2,155.3
1,838.9
1,398.4
905.4
583.0
604.6
624.1
829.7

1,678.7
1,841.9
1,931.4
1,979.4
1,502.8
1,119.7
794.4
651.7
584.9
649.2

1,086
1,203
1,283
1,051
776
485
375
323
306
368

370
422
511
536
497
353
234
190
151
150

9.8
10.2
9.8
9.7
9.7
10.0
10.6
10.2
9.5
8.7

749
806
785
839
827
921
908
933
943
915
952
890
1005

667
613
628
673
686
651
741
677
672
720
727
804
689

352
369
360
369
374
384
365
398
396
458
429
444
454

145
144
145
142
143
145
146
149
150
149
151
151
156

����������������������������
����������������������������
8.6
����������������������������
����������������������������
8.6
����������������������������
����������������������������
8.7
����������������������������
����������������������������
8.6
����������������������������

4 2,070.1

Seasonally adjusted annual rates
2012: Apr r ���������
      May r ��������
      June r �������
      July r ��������
      Aug r ���������
      Sept r ��������
      Oct r ����������
      Nov r ���������
      Dec r ���������
2013: Jan r ���������
      Feb r ���������
      Mar r ��������
      Apr p ���������

754
711
757
741
749
854
864
842
983
898
969
1021
853

505
515
530
512
537
591
595
576
620
614
652
623
610

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

1 Monthly data do not meet publication standards because tests for identifiable and
stable seasonality do not meet reliability standards.
2 Seasonally adjusted.
3 Revised series. Quarterly data entered in last month of quarter.
4 Based on 20,000 permit-issuing places. Based on 19,000 places, the total for 2004 is
2,052.1 thousand units.

240
181
219
217
205
254
252
256
345
273
307
376
234

Note: Beginning 2004, units authorized are for 20,000 permit-issuing places. For other data
shown, units authorized are for 19,000 places.
Source: Department of Commerce (Bureau of the Census).

19

Business Sales and Inventories—Manufacturing and Trade
In March, according to preliminary estimates, manufacturing and trade sales fell 1.1 percent, while inventories
remained unchanged. According to advance estimates, retail sales rose 0.1 percent in April. Retail and food services
sales also rose 0.1 percent.

[Millions of dollars, except ratios; seasonally adjusted, except as noted]
Manufacturing and trade 1
Period

Sales 2

Inventories 3

Inventory/sales
ratio 4

Wholesale

Sales 2

Inventories 3

Retail
Inventory/sales
ratio 4

2003 r ������������������
854,551
1,147,660
1.34
248,020
308,243
1.22
2004 r ������������������
925,638
1,241,315
1.30
277,093
340,069
1.18
2005 r ������������������
1,005,130
1,314,162
1.27
302,444
368,603
1.17
2006 r ������������������
1,068,012
1,409,855
1.28
327,209
400,349
1.18
r
2007 ������������������
1,126,709
1,489,689
1.29
350,149
426,745
1.18
r
2008 ������������������
1,156,187
1,465,652
1.32
371,646
444,487
1.21
2009 r ������������������
981,328
1,327,190
1.39
310,502
391,899
1.31
2010 r ������������������
1,077,363
1,444,424
1.28
348,455
433,014
1.17
r
2011 ������������������
1,194,744
1,558,285
1.27
391,831
472,792
1.17
r
2012 ������������������
1,250,097
1,637,362
1.29
409,800
498,766
1.19
2012: Mar r ��������
1,248,125
1,584,891
1.27
408,993
482,153
1.18
r
      Apr ���������
1,248,593
1,590,783
1.27
413,305
484,687
1.17
r
      May ��������
1,246,262
1,595,678
1.28
408,858
484,457
1.18
      June r �������
1,226,476
1,598,110
1.30
403,307
484,603
1.20
      July r ��������
1,236,995
1,609,791
1.30
403,005
487,786
1.21
r
      Aug ���������
1,245,549
1,617,971
1.30
405,831
490,001
1.21
r
      Sept ��������
1,262,451
1,628,334
1.29
413,464
494,739
1.20
      Oct r ����������
1,258,238
1,633,487
1.30
409,019
498,068
1.22
      Nov r ���������
1,268,405
1,635,465
1.29
417,785
499,767
1.20
r
      Dec ���������
1,270,282
1,637,362
1.29
418,869
498,766
1.19
2013: Jan r ���������
1,267,994
1,653,121
1.30
415,266
504,091
1.21
      Feb r ���������
1,284,444
1,653,728
1.29
420,711
502,103
1.19
p
      Mar ��������
1,270,266
1,653,400
1.30
415,320
504,270
1.21
p
      Apr ��������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� �����������������������
1 See page 21 for manufacturing.
2 Annual data are averages of monthly not seasonally adjusted figures; monthly data are

seasonally adjusted totals for month.

20

Sales 2

Inventories 3

Inventory/sales
ratio 4

271,915
431,242
1.56
289,464
460,510
1.56
307,514
472,075
1.51
322,840
487,380
1.50
333,271
501,959
1.49
328,867
480,050
1.52
302,534
433,271
1.47
320,121
460,062
1.40
344,696
477,993
1.36
362,523
516,297
1.38
361,459
488,169
1.35
359,696
492,002
1.37
359,810
497,192
1.38
356,353
499,817
1.40
358,780
505,696
1.41
363,616
508,506
1.40
367,488
510,163
1.39
367,332
513,002
1.40
368,379
513,758
1.39
368,935
516,297
1.40
369,684
523,912
1.42
374,263
525,087
1.40
r 372,736
522,292
1.40
373,114 ����������������������� �����������������������

Retail
and
food
services
sales 2
301,059
320,594
340,552
358,073
370,317
366,876
340,174
358,996
385,927
406,782
405,211
403,892
403,815
400,197
402,831
407,723
412,031
411,939
413,435
414,652
415,125
419,507
r 418,208
418,614

3 Seasonally adjusted, end of period.
4 Annual data are averages of seasonally adjusted monthly ratios.

Note: Data revised to reflect annual revisions to wholesale series and to retail series (released
on May 31, 2013). Total manufacturing and trade data reflect annual revisions for manufacturing
(see page 21).
Source: Department of Commerce (Bureau of the Census).

Manufacturers’ Shipments, Inventories, and Orders
In April, manufacturers’ shipments fell, while new orders, unfilled orders, and inventories rose.

Manufacturers’ shipments 1

Manufacturers’ inventories 2

Manufacturers’ new orders 1
Durable goods

Period

Total

Durable
goods

Nondurable
goods

Total

Durable
goods

Nondurable
goods

Total

Total

Capital
goods
industries,
nondefense

Manufacturers’
unfilled
orders 2

Manufacturers’
inventory/
shipments
ratio 3

Millions of dollars, seasonally adjusted, except as noted
2003 r ������������������
2004 r ������������������
2005 r ������������������
2006 r ������������������
2007 r ������������������
2008 r ������������������
2009 r ������������������
2010 r ������������������
2011 r ������������������
2012 r ������������������
2012: Apr r ���������
      May r ��������
      June r �������
      July r ��������
      Aug r ���������
      Sept r ��������
      Oct r ����������
      Nov r ���������
      Dec r ���������
2013: Jan r ���������
      Feb r ���������
      Mar r ��������
      Apr p ���������

334,616
359,081
395,173
417,963
443,288
455,675
368,292
408,787
458,217
477,774
475,592
477,594
466,816
475,210
476,102
481,499
481,887
482,241
482,478
483,044
489,470
482,210
478,662

178,549
188,722
202,070
213,516
223,919
218,328
171,886
190,900
208,551
222,630
221,515
224,384
222,107
224,060
220,751
222,172
222,560
225,316
226,396
224,682
226,278
228,342
227,385

156,067
170,359
193,103
204,447
219,369
237,347
196,406
217,887
249,666
255,144
254,077
253,210
244,709
251,150
255,351
259,327
259,327
256,925
256,082
258,362
263,192
253,868
251,277

408,175
440,736
473,484
522,126
560,985
541,115
502,020
551,348
607,500
622,299
614,094
614,029
613,690
616,309
619,464
623,432
622,417
621,940
622,299
625,118
626,538
626,838
627,930

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.

246,781
264,952
283,619
317,416
334,648
330,233
295,259
323,100
358,139
374,147
365,289
366,705
367,308
369,858
371,694
372,471
373,736
374,423
374,147
375,292
376,787
376,534
377,807

161,394
175,784
189,865
204,710
226,337
210,882
206,761
228,248
249,361
248,152
248,805
247,324
246,382
246,451
247,770
250,961
248,681
247,517
248,152
249,826
249,751
250,304
250,123

331,312
357,414
397,014
424,146
449,788
453,937
349,252
406,310
458,717
473,455
471,381
467,933
465,112
478,363
453,195
476,580
478,059
474,814
485,183
473,430
492,026
469,135
473,991

175,246
187,055
203,911
219,699
230,419
216,590
152,846
188,423
209,050
218,311
217,304
214,723
220,403
227,213
197,844
217,253
218,732
217,889
229,101
215,068
228,834
215,267
222,714

53,067
57,403
67,863
74,123
79,822
73,146
48,418
61,867
71,353
74,253
73,604
72,041
73,349
80,735
60,314
73,845
76,384
72,388
74,146
74,132
80,973
73,795
76,210

506,462
558,692
654,513
798,177
947,437
996,261
825,269
869,481
956,812
992,007
976,684
974,397
979,831
991,465
975,675
978,058
982,069
981,752
992,007
989,589
998,960
993,372
995,949

1.25
1.19
1.17
1.20
1.22
1.26
1.39
1.28
1.29
1.29
1.29
1.29
1.31
1.30
1.30
1.29
1.29
1.29
1.29
1.29
1.28
1.30
1.31

Note: Manufacturers’ nondurable new orders (not shown) are the same as nondurable shipments.
Also, there are no unfilled nondurable orders; data shown for total unfilled orders are durable
unfilled orders.
Total and durable shipments and inventories include data on semiconductors; new and unfilled
orders do not.
Data reflect benchmark and seasonal adjustment revisions released on May 17, 2013.
Source: Department of Commerce (Bureau of the Census).

21

PRICES
Producer Prices
The producer price index for all finished goods fell 0.7 percent in April. Prices of finished consumer foods fell 0.8
percent while prices of other finished consumer goods fell 1.0 percent. Capital equipment prices rose 0.1 percent.

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

Intermediate materials

Finished goods excluding consumer foods
Period

2003 ��������������������
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 r ������������������
2012: Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec r ���������
2013: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������

Total
finished
goods

143.3
148.5
155.7
160.4
166.6
177.1
172.5
179.8
190.5
194.2
193.6
192.4
192.5
193.2
195.2
197.2
196.9
196.0
195.8
196.0
197.3
196.2
194.9

Consumer
foods

145.9
152.7
155.7
156.7
167.0
178.3
175.5
182.4
193.9
199.0
198.0
197.7
198.5
198.9
200.3
200.5
201.6
203.8
202.6
203.8
202.7
204.3
202.6

Consumer goods
Total

142.4
147.2
155.5
161.0
166.2
176.6
171.1
178.3
188.9
192.2
191.7
190.3
190.3
191.0
193.2
195.5
195.0
193.4
193.4
193.3
195.1
193.5
192.2

1 Intermediate materials for food manufacturing and feeds.

22

Total
144.7
150.9
161.9
169.2
175.6
189.1
179.4
190.4
205.5
209.1
208.0
205.7
205.6
206.4
210.0
213.7
212.9
210.3
210.2
210.1
212.9
210.1
208.0

Durable
133.1
135.0
136.6
136.9
138.3
141.2
144.3
144.9
147.4
151.0
150.5
150.6
151.1
151.9
151.8
151.9
151.7
152.0
152.2
151.8
151.9
152.3
152.3

Nondurable
148.4
156.6
172.0
182.6
191.7
210.5
194.1
210.1
231.5
235.0
233.1
229.6
229.3
230.1
235.5
240.9
239.8
235.8
235.6
235.6
239.7
235.3
232.3

Capital
equipment
139.5
141.4
144.6
146.9
149.5
153.8
156.7
157.3
159.7
162.8
162.7
162.8
163.0
163.5
163.4
163.4
163.4
163.5
163.6
163.7
163.8
164.0
164.2

Total
finished
consumer
goods
145.3
151.7
160.4
166.0
173.5
186.3
179.1
189.1
203.3
207.3
206.2
204.4
204.6
205.3
208.3
211.1
210.8
209.5
209.1
209.3
211.1
209.5
207.5

Total

133.7
142.6
154.0
164.0
170.7
188.3
172.5
183.4
199.8
200.7
201.8
200.2
198.8
198.1
200.0
202.3
202.2
200.5
200.6
200.6
203.2
201.3
200.0

Foods
and
feeds 1

125.9
137.1
133.8
135.2
154.4
181.6
166.0
171.7
192.3
201.5
197.2
198.1
199.3
202.4
207.4
209.3
210.1
209.7
208.5
205.6
205.7
205.9
204.1

Crude materials

Other

134.2
143.0
155.1
165.4
171.5
188.7
173.0
184.4
200.4
200.6
202.2
200.4
198.8
197.8
199.4
201.7
201.5
199.7
200.0
200.3
203.0
201.0
199.7

Source: Department of Labor (Bureau of Labor Statistics).

Total

135.3
159.0
182.2
184.8
207.1
251.8
175.2
212.2
249.4
241.3
236.7
232.1
225.3
231.7
242.7
246.4
246.5
247.3
250.4
252.9
252.1
245.8
244.7

Foodstuffs
and
feedstuffs

113.5
127.0
122.7
119.3
146.7
163.4
134.5
152.4
188.4
196.3
189.8
186.8
185.2
192.9
200.0
201.4
205.6
206.6
207.4
206.7
202.4
206.2
200.8

Other

148.2
179.2
223.4
230.6
246.3
313.9
197.5
249.3
284.0
263.1
259.9
254.3
243.5
248.4
261.9
267.4
264.1
264.6
269.5
274.3
276.5
262.2
264.9

Consumer Prices—All Urban Consumers
In April, the consumer price index for all urban consumers fell 0.4 percent; it fell 0.1 percent before seasonal
adjustment. The index was 1.1 percent above its year earlier level.

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

Housing

Transportation

Shelter
Period

Rel. imp. 4 �����������
2003 ��������������������
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2012: Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2013: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������

Not
seasonally Seasonally
adjusted adjusted
(NSA)

100.0
184.0
188.9
195.3
201.6
207.342
215.303
214.537
218.056
224.939
229.594
230.085
229.815
229.478
229.104
230.379
231.407
231.317
230.221
229.601
230.280
232.166
232.773
232.531

���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
228.951
228.648
228.924
228.836
230.026
231.227
231.623
231.071
231.137
231.198
232.770
232.340
231.485

Food

14.2
180.0
186.2
190.7
195.2
202.916
214.106
217.955
219.625
227.842
233.777
233.066
233.222
233.607
233.811
234.232
234.356
234.848
235.353
235.740
235.854
236.084
236.196
236.663

Total 1

40.8
184.8
189.5
195.7
203.2
209.586
216.264
217.057
216.256
219.102
222.715
222.076
222.124
222.400
222.439
222.897
223.430
223.875
224.381
224.674
225.136
225.673
225.859
226.389

Total 1

31.5
213.1
218.8
224.4
232.1
240.611
246.666
249.354
248.396
251.646
257.083
256.011
256.455
256.777
257.162
257.657
258.275
258.827
259.242
259.618
260.167
260.730
261.189
261.635

Owners’
Rent
equivalent
of
rent
primary
1982
residence (Dec.
=100) 2
6.5
205.5
211.0
217.3
225.1
234.679
243.271
248.812
249.385
253.638
260.367
258.868
259.429
259.813
260.568
261.118
261.768
262.719
263.143
263.629
264.206
264.872
265.529
265.929

1 Includes items not shown separately.
2 Beginning January 2010, includes expenditure weight for second homes. Prior data are for

primary residence only.
3 Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel.

23.8
219.9
224.9
230.2
238.2
246.235
252.426
256.610
256.584
259.570
264.838
263.792
264.171
264.447
264.901
265.444
266.078
266.548
266.981
267.347
267.824
268.338
268.737
269.243

Fuels
and
utilities

5.3
154.5
161.9
179.0
194.7
200.632
220.018
210.696
214.187
220.367
218.986
219.455
217.999
218.080
216.175
217.588
218.601
219.259
220.480
221.135
222.098
223.331
223.005
224.902

Apparel

3.6
120.9
120.4
119.5
119.5
118.998
118.907
120.078
119.503
122.111
126.265
125.770
126.196
126.627
126.380
126.198
126.771
127.503
126.860
126.986
127.990
127.889
126.571
126.144

Total 1

Motor
fuel

17.3
157.6
163.1
173.9
180.9
184.682
195.549
179.252
193.396
212.366
217.337
217.290
214.587
214.016
212.952
218.059
222.806
223.084
218.387
217.545
215.571
222.082
219.240
213.256

6.0
135.8
160.4
195.7
221.0
239.070
279.652
201.978
239.178
302.619
312.660
313.014
299.605
296.821
292.990
315.159
334.945
334.951
314.751
309.767
299.725
326.597
312.785
287.329

Medical
care

7.2
297.1
310.1
323.2
336.2
351.054
364.065
375.613
388.436
400.258
414.924
411.395
412.985
415.121
416.817
417.754
418.656
419.065
419.604
420.308
420.937
421.582
422.796
422.702

Energy 3

10.1
136.5
151.4
177.1
196.9
207.723
236.666
193.126
211.449
243.909
246.080
246.803
239.649
238.225
235.210
246.131
255.852
256.121
247.344
245.315
241.119
254.242
247.527
236.767

All
items
less
food
and
energy

75.7
193.2
196.6
200.9
205.9
210.729
215.572
219.235
221.337
225.008
229.755
228.945
229.406
229.877
230.097
230.236
230.591
230.991
231.258
231.526
232.108
232.512
232.758
232.879

4 Relative importance, March 2013.

Source: Department of Labor (Bureau of Labor Statistics).

23

Changes in Producer Prices for Finished Goods
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]

Period

Change from preceding period

Change from 3 months earlier, annual rate

Change from 6 months earlier, annual rate

Consumer goods

Consumer goods

Consumer goods

Total
finished
goods

Foods

Total
finished
goods

Foods

Excluding
foods

0.8
2.4
1.2
2.3
1.4
4.3
–.1
.4
2.3
1.3

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0.1
.1
.1
.3
–.1
.0
.0
.1
.1
.1
.1
.1
.1

0.6
–3.1
–3.1
–.8
5.9
10.1
7.9
1.6
–2.8
–1.8
2.7
r .8
–2.2

0.4
.2
.6
1.8
5.4
4.1
5.5
7.2
4.3
4.4
–2.1
r 3.4
–2.3

Capital
equipment

Excluding
foods

Change
from year
earlier,
total
finished
goods
(NSA)

Capital
equipment

Total
finished
goods

Foods

Excluding
foods

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

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

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

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

3.2
3.6
4.8
3.0
3.9
6.3
–2.6
4.2
6.0
1.9

–0.4
–6.3
–6.2
–3.0
8.6
16.7
13.2
.6
–6.4
–5.2
5.0
r –.2
–3.9

2.0
1.2
1.2
2.0
1.5
1.0
–.2
.2
.5
.7
.7
1.0
1.2

1.1
–.9
–.6
–.1
1.3
3.3
3.4
3.8
3.5
2.9
2.2
–1.0
–2.0

1.0
–1.2
.8
1.1
2.8
2.3
3.7
6.3
4.2
5.0
2.4
3.8
1.0

0.6
–2.4
–2.3
–1.7
.9
4.6
4.8
4.5
4.5
3.6
2.8
–3.3
–4.6

2.2
2.1
2.0
2.0
1.4
1.1
.9
.9
.7
.2
.5
.7
1.0

1.8
.6
.7
.5
1.9
2.1
2.3
1.5
1.4
1.4
1.7
1.1
.6

Capital
equipment

Change, Dec. to Dec., NSA
2003 ��������������������
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 r ������������������

4.0
4.2
5.4
1.1
6.2
–.9
4.3
3.8
4.7
1.4

7.7
3.1
1.7
1.7
7.6
3.2
1.2
3.4
6.0
2.5

4.1
5.5
8.8
.4
7.7
–4.8
7.4
5.4
5.3
1.1

Change, month to month
2012: Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec r ���������
2013: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������

–0.2
–.6
.1
.4
1.0
1.0
–.2
–.5
–.1
r .1
.7
–.6
–.7

–0.1
–.2
.4
.2
.7
.1
.5
1.1
–.6
r .6
–.5
.8
–.8

–0.4
–1.1
.0
.4
1.7
1.8
–.4
–1.2
.0
.0
1.3
–1.3
–1.0

Source: Department of Labor (Bureau of Labor Statistics).

Changes in Consumer Prices—All Urban Consumers
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Housing

Period

All
items 1

Shelter

Food
Total 1

Total 1

Addendum: All items,
percent change
(annual rate)

Transportation

Fuels
Rent
Ownand
of
ers’
primary equiva- utilities
resilent
dence
rent

Apparel
Total 1

New
cars

Motor
fuel

Medical
care

Energy 2

All
items
less
food
and
energy

From
previous
quarter 3

From
From
3
6
months months
earlier earlier

From
year
earlier
(NSA)

Change, December to December, NSA
2003 ��������������������
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������

1.9
3.3
3.4
2.5
4.1
.1
2.7
1.5
3.0
1.7

3.6
2.7
2.3
2.1
4.9
5.9
–.5
1.5
4.7
1.8

2.2
3.0
4.0
3.3
3.0
2.4
–.3
.3
1.9
1.7

2.2
2.7
2.6
4.2
3.1
1.9
.3
.4
1.9
2.2

2.7
2.9
3.1
4.3
4.0
3.4
.7
.8
2.5
2.7

2.0
2.3
2.5
4.3
2.8
2.1
.7
.3
1.8
2.1

6.5
7.9
15.6
.5
5.4
6.0
–3.0
1.8
2.4
.4

–2.1
–.2
–1.1
.9
–.3
–1.0
1.9
–1.1
4.6
1.8

0.3
6.5
4.8
1.6
8.3
–13.3
14.4
5.3
5.2
1.6

–2.1
.5
.8
.2
–.4
–1.1
3.6
–1.1
4.0
1.1

6.8
26.1
16.2
6.4
29.5
–42.2
50.7
13.9
10.3
1.7

3.7
4.2
4.3
3.6
5.2
2.6
3.4
3.3
3.5
3.2

6.9
16.6
17.1
2.9
17.4
–21.3
18.2
7.7
6.6
.5

1.1
2.2
2.2
2.6
2.4
1.8
1.8
.8
2.2
1.9

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

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

2.3
2.7
3.4
3.2
2.8
3.8
–.4
1.6
3.2
2.1

–0.8
–1.2
–.3
–.5
2.4
2.2
.1
–2.1
–.4
–.9
3.0
–1.3
–2.7

0.3
.0
.0
–.1
.1
–.1
–.1
.4
.2
.4
–.3
.1
.2

–3.0
–4.3
–.9
–1.3
7.6
6.3
.0
–6.0
–1.6
–3.2
9.0
–4.2
–8.1

0.3
.4
.5
.4
.2
.2
.1
.1
.2
.1
.2
.3
.0

–1.8
–2.9
–.6
–1.3
4.6
3.9
.1
–3.4
–.8
–1.7
5.4
–2.6
–4.3

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

�����������
�����������
1.0
�����������
�����������
2.1
�����������
�����������
2.2
�����������
�����������
1.4
�����������

2.4
.7
.0
–.2
2.4
4.1
5.0
1.8
–.2
–.7
3.0
2.1
.5

2.0
1.4
1.6
1.1
1.6
2.0
2.3
2.1
1.9
2.1
2.4
1.0
–.1

2.3
1.7
1.7
1.4
1.7
2.0
2.2
1.8
1.7
1.6
2.0
1.5
1.1

Change, month to month
2012: Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2013: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������

0.0
–.1
.1
.0
.5
.5
.2
–.2
.0
.0
.7
–.2
–.4

0.2
.1
.2
.1
.2
.1
.2
.2
.2
.0
.1
.0
.2

0.2
.0
.1
.0
.2
.2
.2
.2
.1
.2
.2
.1
.2

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

0.2
.2
.1
.3
.2
.2
.4
.2
.2
.2
.3
.2
.2

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

1 Includes items not shown separately.
2 Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel.

24

0.0
–.7
.0
–.9
.7
.5
.3
.6
.3
.4
.6
–.1
.9

0.2
.3
.3
–.2
–.1
.5
.6
–.5
.1
.8
–.1
–1.0
–.3

3 Quarterly changes are shown in the last month of the quarter.

Source: Department of Labor (Bureau of Labor Statistics).

Prices Received and Paid by Farmers
In May, prices paid by farmers were unchanged and prices received by farmers rose 1.0 percent. (Data are not
seasonally adjusted.)

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

Period

2003 ���������������������������������������������������
2004 ���������������������������������������������������
2005 ���������������������������������������������������
2006 ���������������������������������������������������
2007 ���������������������������������������������������
2008 ���������������������������������������������������
2009 ���������������������������������������������������
2010 ���������������������������������������������������
2011 ���������������������������������������������������
2012 ��������������������������������������������������
2012: May �����������������������������������������
      June r ��������������������������������������
      July �����������������������������������������
      Aug �����������������������������������������
      Sept ����������������������������������������
      Oct ������������������������������������������
      Nov �����������������������������������������
      Dec ������������������������������������������
2013: Jan r ����������������������������������������
      Feb r ����������������������������������������
      Mar �����������������������������������������
      Apr r ����������������������������������������
      May p ��������������������������������������

All
farm
products

110
115
110
120
142
169
151
153
204
222
214
215
232
233
227
238
238
226
250
235
239
222
221

1 Includes items not shown separately.
2 Percentage ratio of index of prices received by farmers to index of prices paid, interest,

taxes, and wage rates.

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

Livestock
and
products

Crops

106
118
114
115
136
149
131
141
178
191
180
183
191
193
195
210
208
199
217
199
201
192
194

Prices paid by farmers

103
122
119
111
130
130
112
130
152
157
151
152
149
154
156
162
167
165
166
162
164
164
170

Production
items, interest,
taxes, and wage
rates

128
134
142
150
161
183
178
183
203
215
215
214
213
216
217
218
217
217
219
220
220
219
219

125
133
141
150
162
188
181
187
210
222
222
221
221
224
225
226
225
225
227
228
228
228
227

Ratio 2

Production
items

124
132
140
148
160
190
182
188
215
228
228
227
227
231
232
232
231
231
232
234
234
233
232

84
88
81
77
85
82
74
77
88
89
84
86
90
89
90
96
96
92
99
90
91
88
89

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

25

MONEY, CREDIT, AND SECURITY MARKETS
Money Stock and Debt Measures
In April, M2 rose.

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

Period

2003: Dec ������������������������������������������
2004: Dec ������������������������������������������
2005: Dec ������������������������������������������
2006: Dec r ����������������������������������������
2007: Dec r ����������������������������������������
2008: Dec r ����������������������������������������
2009: Dec r ����������������������������������������
2010: Dec r ����������������������������������������
2011: Dec r ����������������������������������������
2012: Dec r ����������������������������������������
2012: Apr ������������������������������������������
      May �����������������������������������������
      June r ��������������������������������������
      July �����������������������������������������
      Aug �����������������������������������������
      Sept r ���������������������������������������
      Oct ������������������������������������������
      Nov �����������������������������������������
      Dec r ����������������������������������������
2013: Jan r ����������������������������������������
      Feb r ����������������������������������������
      Mar r ���������������������������������������
      Apr ������������������������������������������

M2

Sum of currency,
demand deposits,
travelers checks,
and other
checkable
deposits (OCDs)
1,306.6
1,375.9
1,374.9
1,366.5
1,374.3
1,604.9
1,695.8
1,836.7
2,160.9
2,445.6
2,252.6
2,262.6
2,267.4
2,312.6
2,340.0
2,374.3
2,420.9
2,406.5
2,445.6
2,466.2
2,477.9
2,463.3
2,523.2

Debt

M1 plus retail
MMMF balances,
savings deposits
(including MMDAs),
and small time deposits
6,039.6
6,390.9
6,656.8
7,042.0
7,450.5
8,183.8
8,487.4
8,782.4
9,638.3
10,408.9
9,828.7
9,870.3
9,921.0
10,012.8
10,085.3
10,160.9
10,245.8
10,298.2
10,408.9
10,448.6
10,424.6
10,460.0
10,525.6

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

26

Debt of
domestic
nonfinancial
sectors 1
22,518.8
25,346.4
27,689.6
30,059.2
32,622.3
34,543.4
35,473.7
36,909.5
38,267.5
40,121.4
���������������������������������������������
���������������������������������������������
39,219.5
���������������������������������������������
���������������������������������������������
39,476.5
���������������������������������������������
���������������������������������������������
40,121.4
���������������������������������������������
���������������������������������������������
40,584.0
���������������������������������������������

Percent change
From year or
6 months
earlier 2
M1

From
previous
period 3
M2

7.1
5.3
–.1
–.6
.6
16.8
5.7
8.3
17.7
13.2
10.3
9.5
9.9
10.1
11.1
13.6
14.9
12.7
15.7
13.3
11.8
7.5
8.5

Debt
5.2
5.8
4.2
5.8
5.8
9.8
3.7
3.5
9.7
8.0
5.8
5.6
5.9
6.2
6.9
7.7
8.5
8.7
9.8
8.7
6.7
5.9
5.5

8.0
9.3
9.2
8.6
8.5
5.9
3.1
4.2
3.7
4.9
�������������������������������
�������������������������������
5.2
�������������������������������
�������������������������������
2.7
�������������������������������
�������������������������������
6.5
�������������������������������
�������������������������������
4.6
�������������������������������

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

Components of Money Stock
[Averages of daily figures; billions of dollars, seasonally adjusted]

Period

2003: Dec �����������
2004: Dec �����������
2005: Dec �����������
2006: Dec �����������
2007: Dec �����������
2008: Dec �����������
2009: Dec �����������
2010: Dec �����������
2011: Dec �����������
2012: Dec r ���������
2012: Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct r ����������
      Nov r ���������
      Dec r ���������
2013: Jan r ���������
      Feb r ���������
      Mar r ��������
      Apr �����������

Nonbank
travelers
checks

Currency

662.5
697.6
724.3
749.8
760.3
816.3
864.1
919.1
1,001.9
1,090.8
1,033.7
1,039.5
1,045.8
1,052.7
1,059.9
1,068.6
1,077.6
1,083.0
1,090.8
1,097.5
1,098.8
1,102.5
1,108.9

Other checkable
deposits (OCDs)
Demand
deposits

7.7
7.6
7.2
6.7
6.3
5.5
5.1
4.7
4.3
3.8
4.1
4.0
4.0
4.0
3.9
3.9
3.9
3.9
3.8
3.8
3.8
3.8
3.7

At
commercial
banks

Total
326.3
343.0
324.7
305.0
302.4
471.9
443.4
512.8
742.5
907.4
789.7
793.2
797.2
824.9
843.8
868.2
901.5
887.7
907.4
909.7
922.7
906.3
952.9

310.0
327.8
318.8
304.9
305.4
311.1
383.2
400.1
412.3
443.6
425.1
425.8
420.4
431.0
432.4
433.6
438.0
432.0
443.6
455.2
452.6
450.7
457.7

Savings
deposits 1
At
thrift
institutions

175.2
187.0
180.7
176.7
172.8
178.5
234.0
238.9
237.1
248.1
240.1
240.6
235.6
242.9
243.2
242.0
246.2
240.4
248.1
255.0
252.3
248.1
253.5

134.8
140.8
138.1
128.2
132.6
132.6
149.2
161.2
175.2
195.6
185.0
185.2
184.7
188.1
189.2
191.5
191.8
191.6
195.6
200.2
200.3
202.6
204.2

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

Total
3,162.0
3,508.8
3,606.5
3,693.7
3,870.1
4,101.0
4,830.4
5,345.3
6,050.3
6,692.3
6,217.1
6,263.9
6,324.1
6,384.6
6,442.4
6,494.8
6,543.7
6,619.1
6,692.3
6,709.6
6,700.8
6,762.6
6,778.5

At
commercial
banks
2,337.3
2,632.6
2,776.9
2,910.4
3,042.5
3,330.0
3,991.6
4,419.8
5,048.6
5,731.8
5,222.1
5,256.9
5,312.8
5,360.7
5,413.0
5,464.0
5,507.8
5,665.6
5,731.8
5,731.7
5,716.3
5,768.2
5,780.7

Small-denomination
time deposits 2
At
thrift
institutions
824.7
876.2
829.6
783.3
827.5
771.0
838.8
925.5
1,001.7
960.5
995.0
1,007.0
1,011.3
1,024.0
1,029.5
1,030.8
1,035.9
953.5
960.5
978.0
984.5
994.4
997.9

Total

At
commercial
banks

818.1
828.4
993.7
1,205.9
1,275.8
1,456.7
1,181.9
926.8
765.2
630.9
721.1
709.5
698.9
688.0
677.8
667.3
655.8
642.7
630.9
621.1
609.9
600.1
590.1

At
thrift
institutions

541.9
551.9
646.7
780.6
858.7
1,078.0
862.5
656.3
536.8
454.5
515.8
506.9
498.9
491.7
484.8
478.0
469.8
463.5
454.5
445.6
437.1
431.3
424.6

276.2
276.5
347.0
425.3
417.1
378.7
319.4
270.5
228.4
176.4
205.2
202.6
200.1
196.3
193.0
189.3
186.0
179.2
176.4
175.5
172.8
168.8
165.5

Retail
money
funds

752.8
677.8
681.7
776.0
930.3
1,021.2
779.3
673.6
661.8
640.1
637.9
634.4
630.6
627.5
625.0
624.5
625.4
629.9
640.1
651.7
636.0
634.0
633.8

Institutional
money
funds 3

1,161.4
1,105.9
1,176.7
1,391.4
1,961.2
2,459.3
2,254.4
1,894.1
1,763.1
1,742.9
1,738.9
1,735.0
1,727.1
1,730.0
1,741.5
1,750.7
1,742.3
1,735.2
1,742.9
1,770.6
1,768.2
1,754.8
1,755.6

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

Aggregate Reserves and Monetary Base
[Averages of daily figures 1; millions of dollars; seasonally adjusted, except as noted by NSA]
Adjusted for changes in reserve requirements

Borrowings from the Federal Reserve (NSA)

Reserves of depository institutions

Other borrowings from the Federal Reserve

Period
Total 2

2003: Dec �����������
2004: Dec �����������
2005: Dec �����������
2006: Dec �����������
2007: Dec �����������
2008: Dec �����������
2009: Dec �����������
2010: Dec �����������
2011: Dec �����������
2012: Dec �����������
2012: Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2013: Jan �����������
      Feb r ���������
      Mar r ��������
      Apr r ���������

42,542
46,425
44,963
43,124
43,133
820,187
1,138,682
1,077,359
1,597,100
1,569,017
1,584,770
1,556,689
1,557,175
1,584,049
1,582,288
1,515,888
1,525,145
1,546,809
1,569,017
1,630,872
1,731,409
1,813,069
1,882,385

Nonborrowed 3

42,496
46,362
44,795
42,933
27,702
166,621
968,755
1,031,871
1,587,574
1,568,221
1,577,905
1,550,503
1,551,961
1,579,791
1,579,017
1,513,923
1,523,679
1,545,758
1,568,221
1,630,307
1,730,944
1,812,675
1,881,984

Required

41,495
44,517
43,063
41,261
41,348
52,868
63,483
70,723
94,894
110,266
98,593
99,230
99,699
101,000
104,538
106,447
106,870
111,505
110,266
111,413
114,621
114,915
113,551

Excess
(NSA)

1,047
1,908
1,900
1,863
1,785
767,318
1,075,199
1,006,636
1,502,206
1,458,751
1,486,176
1,457,460
1,457,475
1,483,049
1,477,750
1,409,441
1,418,275
1,435,304
1,458,751
1,519,460
1,616,788
1,698,154
1,768,834

Monetary
base

720,115
759,085
787,369
812,367
824,809
1,654,974
2,019,228
2,011,078
2,612,081
2,672,578
2,631,478
2,609,131
2,615,664
2,649,396
2,654,458
2,597,251
2,615,620
2,643,297
2,672,578
2,740,902
2,843,658
2,929,461
3,004,477

1 Data are prorated averages of biweekly (maintenance period) averages of daily figures.
Reserves and monetary base incorporate adjustments for discontinuities, or ‘‘breaks,’’ associated
with changes in reserve requirements.
2 Seasonally adjusted break-adjusted required reserves plus unadjusted excess reserves.
3 Seasonally adjusted break-adjusted total reserves less unadjusted total borrowings from the
Federal Reserve.
4 Includes primary dealer and other broker-dealer credit, asset-backed commercial paper money
market mutual fund liquidity facility, other credit extensions, adjustment credit, and extended
credit, not shown separately.

Total 4

46
63
169
191
15,430
653,565
169,927
45,488
9,526
795
6,865
6,187
5,214
4,258
3,271
1,965
1,466
1,051
795
565
465
394
401

Term
auction
credit

������������������
������������������
������������������
������������������
11,613
438,327
82,014
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

Primary

17
11
97
111
3,787
88,245
19,025
41
103
12
21
16
19
26
39
62
17
9
12
11
10
8
9

Secondary

Seasonal

0
0
0
0
1
52
518
3
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

29
52
72
80
30
3
37
26
23
23
9
27
56
97
138
123
66
37
23
7
1
0
11

Credit
extended
to
American
International
Group,
Inc., net 5

Term
assetbacked
securities
loan
facility 6

�������������������
�������������������
�������������������
�������������������
�������������������
47,206
22,023
20,394
�������������������
�������������������
�������������������
�������������������
�������������������
�������������������
�������������������
�������������������
�������������������
�������������������
�������������������
�������������������
�������������������
�������������������
�������������������

��������������������
��������������������
��������������������
��������������������
��������������������
��������������������
46,310
25,025
9,400
760
6,834
6,143
5,139
4,135
3,094
1,781
1,383
1,006
760
548
454
386
380

5 As a result of the closing of the American International Group, Inc. (AIG) recapitalization plan
on January 14, 2011, the credit extended to AIG was fully repaid and the Federal Reserve’s commitment to lend any further funds was terminated.
6 Includes credit extended by the Federal Reserve Bank of New York to eligible borrowers
through the Term Asset-Backed Securities Loan Facility.

Source: Board of Governors of the Federal Reserve System.

27

Bank Credit at All Commercial Banks
Total commercial bank loans and leases rose 0.4 percent in April.

[Billions of dollars, seasonally adjusted 1]
Securities in bank credit 2

Period

2003: Dec �����������
2004: Dec �����������
2005: Dec �����������
2006: Dec �����������
2007: Dec �����������
2008: Dec �����������
2009: Dec �����������
2010: Dec �����������
2011: Dec �����������
2012: Dec r ���������
2012: Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec r ���������
2013: Jan r ���������
      Feb r ���������
      Mar r ��������
      Apr �����������

Total
bank
credit

5,999.1
6,582.4
7,301.2
8,088.4
8,892.2
9,342.4
8,982.6
9,179.5
9,401.0
9,948.7
9,634.6
9,677.3
9,706.4
9,755.0
9,780.0
9,805.1
9,821.7
9,871.3
9,948.7
9,979.7
9,984.8
9,990.3
10,053.8

Total
securities

1,621.9
1,741.4
1,852.5
1,985.2
2,102.7
2,095.5
2,324.1
2,426.7
2,494.9
2,736.6
2,595.0
2,604.5
2,608.5
2,639.0
2,644.8
2,656.8
2,666.1
2,690.6
2,736.6
2,734.0
2,726.5
2,721.2
2,753.7

U.S.
Treasury
and
agency
securities
1,088.8
1,145.8
1,135.3
1,187.2
1,108.6
1,236.7
1,444.4
1,637.8
1,697.5
1,877.6
1,798.0
1,808.0
1,807.4
1,828.3
1,832.7
1,835.4
1,835.3
1,851.0
1,877.6
1,868.2
1,863.2
1,853.5
1,874.0

Loans and leases in bank credit
Real estate loans

Other
securities

533.2
595.6
717.2
797.9
994.1
858.7
879.7
788.8
797.4
858.9
797.0
796.5
801.1
810.8
812.1
821.4
830.9
839.6
858.9
865.8
863.2
867.6
879.7

Total
loans
and
leases 3
4,377.1
4,841.0
5,448.6
6,103.3
6,789.4
7,246.9
6,658.5
6,752.8
6,906.1
7,212.2
7,039.6
7,072.9
7,097.9
7,116.0
7,135.2
7,148.3
7,155.6
7,180.8
7,212.2
7,245.7
7,258.3
7,269.1
7,300.2

1 Data are prorated averages of Wednesday values for domestically chartered commercial banks,
branches and agencies of foreign banks, and Edge Act and agreement corporations.
2 Includes securities held in trading accounts, held-to-maturity, and available-for-sale. Excludes
all non-security trading assets, such as derivatives with a positive fair value or loans held in trading
accounts.
3 Excludes unearned income. Includes the allowance for loan and lease losses. Excludes Federal
funds sold to, reverse repurchase agreements (RPs) with, and loans to commercial banks in the
United States. Includes all loans held in trading accounts under a fair value option.

28

Commercial
and
industrial
loans
889.6
913.4
1,043.6
1,191.4
1,430.7
1,572.7
1,278.8
1,208.2
1,331.5
1,505.0
1,402.8
1,410.9
1,432.7
1,450.7
1,461.7
1,464.8
1,479.4
1,483.8
1,505.0
1,521.1
1,528.8
1,540.7
1,549.2

Total 4

2,206.1
2,551.9
2,922.6
3,365.4
3,592.1
3,815.3
3,773.4
3,609.6
3,490.2
3,542.9
3,539.2
3,538.0
3,529.7
3,527.4
3,527.1
3,531.8
3,522.6
3,546.1
3,542.9
3,553.4
3,547.1
3,542.8
3,550.6

Revolving
home
equity
loans

Commercial
loans

278.7 ���������������������
395.4
1,081.5
443.2
1,271.8
467.8
1,459.5
484.5
1,583.1
587.9
1,725.9
602.9
1,637.9
581.5
1,496.6
548.2
1,414.2
514.2
1,421.1
543.7
1,422.7
540.4
1,418.8
537.0
1,417.7
532.8
1,418.3
529.4
1,417.8
525.3
1,417.9
520.5
1,418.0
517.8
1,418.8
514.2
1,421.1
510.3
1,423.8
508.3
1,420.6
504.8
1,420.5
498.7
1,424.8

4 Includes closed-end residential loans, not shown separately.
5 Includes credit cards and other consumer loans.
6 Includes other items, not shown separately.

Source: Board of Governors of the Federal Reserve System.

Consumer
loans 5

664.8
690.8
702.4
736.4
798.0
875.0
835.3
1,113.2
1,089.7
1,114.5
1,096.9
1,106.8
1,107.1
1,106.9
1,108.0
1,109.3
1,110.8
1,112.9
1,114.5
1,113.5
1,116.5
1,121.4
1,127.1

Other
loans
and
leases 6
616.6
684.9
780.0
810.1
968.7
983.9
770.9
821.8
994.7
1,049.7
1,000.7
1,017.1
1,028.3
1,030.9
1,038.4
1,042.4
1,042.8
1,038.0
1,049.7
1,057.7
1,066.0
1,064.3
1,073.3

Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Sources

Uses

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

Total

2003 ��������������������
2004 ��������������������
2005 ��������������������
2006 r ������������������
2007 r ������������������
2008 r ������������������
2009 r ������������������
2010 r ������������������
2011 r ������������������
2012 r ������������������
2011: I r ��������������
      II r �������������
      III r ������������
      IV r ������������
2012: I r ��������������
      II r �������������
      III r ������������
      IV r ������������
2013: I p ��������������

Internal 1

856.2
1,561.3
2,060.9
1,933.4
2,349.1
1,443.2
893.3
1,857.6
1,925.5
2,194.3
1,706.1
1,881.9
1,940.4
2,173.5
1,953.4
2,132.2
2,375.8
2,315.8
2,072.4

842.7
947.2
1,095.4
1,094.1
1,068.1
1,104.2
1,148.0
1,371.2
1,471.6
1,497.8
1,360.3
1,482.1
1,500.9
1,542.9
1,465.0
1,524.7
1,494.8
1,506.7
1,494.8

Total
net
funds
raised

Total

13.5
614.1
965.5
839.3
1,281.0
339.0
–254.7
486.4
453.9
696.5
345.8
399.8
439.5
630.6
488.4
607.5
881.0
809.1
577.6

49.6
123.5
30.9
–33.3
68.3
34.5
–215.1
–83.4
52.6
246.1
147.1
117.4
–162.0
107.9
200.0
8.6
162.2
613.7
404.9

Net
new
equity
issues
–39.6
–122.7
–341.8
–565.7
–786.8
–336.0
–64.6
–278.0
–472.5
–400.7
–324.2
–510.8
–616.0
–438.8
–291.8
–508.2
–397.1
–405.8
–259.5

Credit market instruments
Total

Securities
and
mortgages

Loans
and
short-term
paper

210.5
175.8
297.4
360.0
460.0
230.6
317.4
343.9
362.9
583.1
401.5
418.8
284.3
347.5
507.3
431.5
578.5
815.0
524.7

–121.4
70.4
75.4
172.4
395.1
139.8
–468.0
–149.3
162.1
63.8
69.8
209.4
169.8
199.3
–15.5
85.4
–19.0
204.5
139.8

89.2
246.2
372.7
532.4
855.1
370.5
–150.5
194.6
525.1
646.8
471.2
628.3
454.0
546.7
491.8
516.8
559.3
1,019.5
664.4

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

Total

Other 2

–36.0
490.6
934.6
872.6
1,212.7
304.4
–39.7
569.8
401.3
450.3
198.7
282.4
601.5
522.8
288.3
598.9
718.7
195.4
172.7

Capital
expenditures 3

864.6
1,636.9
1,903.0
1,803.4
2,221.8
508.4
1,073.8
1,589.2
1,575.0
2,037.6
1,353.3
1,508.3
1,669.5
1,769.0
1,903.1
1,981.4
2,248.5
2,017.3
2,088.3

777.0
856.8
957.3
1,102.5
1,146.9
1,112.4
766.5
975.2
1,056.0
1,192.7
989.5
1,034.7
1,041.8
1,158.0
1,180.9
1,181.4
1,214.5
1,194.1
1,202.5

Increase
in
financial
assets

87.6
780.1
945.7
700.9
1,074.9
–604.0
307.3
614.0
519.0
844.9
363.8
473.6
627.7
611.0
722.2
800.0
1,034.0
823.2
885.8

Discrepancy
(sources
less
uses)

–8.4
–75.5
158.0
130.1
127.3
934.7
–180.5
268.4
350.4
156.7
352.8
373.6
270.9
404.5
50.2
150.8
127.3
298.5
–15.8

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

Source: Board of Governors of the Federal Reserve System.

Consumer Credit
[Billions of dollars; seasonally adjusted]
Net change in consumer credit outstanding 1

Consumer credit outstanding (end of period)
Period
Total
2003: Dec ������������������������������������������
2004: Dec ������������������������������������������
2005: Dec ������������������������������������������
2006: Dec ������������������������������������������
2007: Dec ������������������������������������������
2008: Dec ������������������������������������������
2009: Dec ������������������������������������������
2010: Dec ������������������������������������������
2011: Dec ������������������������������������������
2012: Dec r ����������������������������������������
2012: Apr r ����������������������������������������
      May r ���������������������������������������
      June r ��������������������������������������
      July r ���������������������������������������
      Aug r ����������������������������������������
      Sept r ���������������������������������������
      Oct r �����������������������������������������
      Nov r ����������������������������������������
      Dec r ����������������������������������������
2013: Jan r ����������������������������������������
      Feb r ����������������������������������������
      Mar �����������������������������������������
      Apr p ����������������������������������������

Nonrevolving 2

Revolving
2,077.4
2,192.2
2,290.9
2,361.8
2,506.3
2,525.9
2,420.2
2,522.2
2,615.7
2,768.1
2,663.3
2,683.2
2,691.0
2,695.2
2,713.8
2,723.7
2,739.9
2,753.8
2,768.1
2,781.4
2,800.5
2,808.9
2,820.0

768.3
799.6
829.5
924.9
1,002.9
1,005.2
917.2
840.7
842.5
845.8
840.2
847.1
844.3
842.3
846.8
845.1
848.0
848.0
845.8
848.5
850.0
849.1
849.8

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

1,309.1
1,392.7
1,461.4
1,436.9
1,503.4
1,520.7
1,503.0
1,681.5
1,773.2
1,922.3
1,823.1
1,836.0
1,846.7
1,853.0
1,867.0
1,878.5
1,891.9
1,905.8
1,922.3
1,932.8
1,950.5
1,959.8
1,970.1

Total

Nonrevolving 2

Revolving
105.3
114.8
98.7
70.9
144.5
19.6
–105.7
102.0
93.5
152.4
12.4
19.9
7.8
4.2
18.6
9.9
16.2
13.9
14.3
13.3
19.1
8.4
11.1

17.4
31.3
29.9
95.4
78.0
2.3
–88.0
–76.5
1.8
3.3
–2.0
6.9
–2.8
–2.0
4.5
–1.7
2.9
.0
–2.2
2.7
1.5
–.9
.7

87.9
83.6
68.7
–24.5
66.5
17.3
–17.7
178.5
91.7
149.1
14.4
12.9
10.7
6.3
14.0
11.5
13.4
13.9
16.5
10.5
17.7
9.3
10.3

Note: Data include student loans extended by the Federal Government and by SLM Holding
Corporation.
Source: Board of Governors of the Federal Reserve System.

29

Interest Rates and Bond Yields
Interest rates were mixed in May.

[Percent per annum]
U.S. Treasury security yields
Period

2003 ��������������������
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2012: May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2013: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
Week ended:
2013: May 11 �����
           18 �����
          25 �����
      June  1 �����
           8 �����

3-month
bills
(at auction) 1

Constant maturities 2
3-year

10-year

30-year

High-grade
municipal
bonds
(Standard
&
Poor’s) 3

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

Prime
rate
charged
by
banks 5

Discount
rate

1.01
1.38
3.16
4.73
4.41
1.48
.16
.14
.06
.09
.09
.09
.10
.11
.10
.10
.11
.08
.07
.10
.09
.06
.05

2.10
2.78
3.93
4.77
4.35
2.24
1.43
1.11
.75
.38
.39
.39
.33
.37
.34
.37
.36
.35
.39
.40
.39
.34
.40

4.01
4.27
4.29
4.80
4.63
3.66
3.26
3.22
2.78
1.80
1.80
1.62
1.53
1.68
1.72
1.75
1.65
1.72
1.91
1.98
1.96
1.76
1.93

*
*
*
4.91
4.84
4.28
4.08
4.25
3.91
2.92
2.93
2.70
2.59
2.77
2.88
2.90
2.80
2.88
3.08
3.17
3.16
2.93
3.11

4.73
4.63
4.29
4.42
4.42
4.80
4.64
4.16
4.29
3.14
3.21
3.30
3.14
3.07
3.02
2.89
2.68
2.73
2.93
3.09
3.27
3.22
3.39

5.67
5.63
5.24
5.59
5.56
5.63
5.31
4.94
4.64
3.67
3.80
3.64
3.40
3.48
3.49
3.47
3.50
3.65
3.80
3.90
3.93
3.73
3.89

2.12
2.34
4.19
5.96
5.86
2.39
.50
.72
.75
.75
.75
.75
.75
.75
.75
.75
.75
.75
.75
.75
.75
.75
.75

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

4.12
4.34
6.19
7.96
8.05
5.09
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25

.04
.05
.05
.05
.05

.35
.40
.41
.50
.49

1.83
1.93
1.99
2.14
2.12

3.02
3.14
3.18
3.29
3.28

3.33
3.38
3.43
3.58
3.66

3.81
3.91
3.95
4.06
4.10

.75
.75
.75
.75
.75

*
*
*
*
*

3.25
3.25
3.25
3.25
3.25

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

30

Corporate
Aaa
bonds
(Moody’s)

New-home
mortgage
yields
(FHFA) 7

Federal
funds
rate 6

1.13
5.80
1.35
5.77
3.22
5.94
4.97
6.63
5.02
6.41
1.92
6.05
.16
5.14
.18
4.80
.10
4.56
.14
3.69
.16
3.88
.16
3.80
.16
3.76
.13
3.67
.14
3.62
.16
3.58
.16
3.46
.16
3.40
.14
3.41
.15
3.49
.14
3.61
.15
3.66
.11 �����������������������
.14
.12
.10
.09
.09

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

6 Daily effective rate; weighted average of rates on brokered trades.
7 Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges

as well as contract rate and assumed, on the average, repayment at end of 10 years.

* Discount rate (adjustment credit) series was discontinued after January 8, 2003. Series for
30-year constant maturity was discontinued on February 18, 2002, and reintroduced on February
9, 2006.
Sources: Department of the Treasury, Board of Governors of the Federal Reserve System,
Federal Housing Finance Agency, Moody’s Investors Service, and Standard & Poor’s.

Common Stock Prices and Yields
Stock prices rose in May.

Common stock yields
(percent) 7

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

Period
Composite
2003 ���������������������
2004 ���������������������
2005 ���������������������
2006 ���������������������
2007 ���������������������
2008 ���������������������
2009 ���������������������
2010 ���������������������
2011 ���������������������
2012 ���������������������
2012: May �����������
      June ����������
      July �����������
      Aug �����������
      Sept ����������
      Oct ������������
      Nov �����������
      Dec ������������
2013: Jan ������������
      Feb ������������
      Mar �����������
      Apr ������������
      May �����������
Week ended:
2013: May 11 ������
           18 ������
          25 ������
      June  1 ������
           8 ������

Financial

Energy

Health
Care

Dow
Jones
industrial
average 4

Standard
& Poor’s
composite
index
(1941–43=10) 5

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

Dividend/price
ratio

Earnings/price
ratio

5,547.46
6,612.62
7,349.00
8,357.99
9,648.82
8,036.88
6,091.02
7,230.43
7,871.41
8,011.65
7,713.74
7,555.41
7,766.83
8,011.67
8,279.78
8,295.68
8,129.90
8,367.74
8,759.89
8,896.97
9,038.29
9,092.21
9,440.35

5,583.00
6,822.18
7,383.70
8,654.40
9,321.39
6,278.38
3,987.04
4,744.05
4,641.01
4,616.63
4,393.13
4,290.69
4,409.41
4,545.72
4,794.62
4,855.25
4,804.71
5,012.50
5,334.30
5,428.85
5,500.12
5,526.59
5,842.60

5,273.90
6,952.36
9,377.84
11,206.94
13,339.99
13,258.42
10,020.30
10,943.85
12,880.35
12,512.31
11,789.32
11,377.92
11,945.87
12,575.01
12,954.45
12,812.78
12,343.98
12,550.75
13,126.08
13,172.85
13,166.60
12,917.17
13,456.16

5,288.67
5,924.80
6,283.96
6,685.06
7,191.79
6,171.19
5,456.63
6,230.62
6,847.80
7,503.05
7,200.82
7,204.25
7,493.65
7,617.84
7,830.79
7,988.93
7,757.04
7,943.33
8,271.48
8,466.93
8,665.01
9,090.44
9,271.60

8,993.59
10,317.39
10,547.67
11,408.67
13,169.98
11,252.62
8,876.15
10,662.80
11,966.36
12,967.08
12,721.08
12,544.90
12,814.10
13,134.90
13,418.50
13,380.65
12,896.44
13,144.18
13,615.32
13,967.33
14,418.26
14,675.91
15,172.18

965.23
1,130.65
1,207.23
1,310.46
1,477.19
1,220.04
948.05
1,139.97
1,267.64
1,379.35
1,341.27
1,323.48
1,359.78
1,403.44
1,443.42
1,437.82
1,394.51
1,422.29
1,480.40
1,512.31
1,550.83
1,570.70
1,639.84

1,647.17
1,986.53
2,099.32
2,263.41
2,578.47
2,161.65
1,845.38
2,349.89
2,677.44
2,965.56
2,900.41
2,850.35
2,920.11
3,032.67
3,136.80
3,060.26
2,941.02
3,003.79
3,125.91
3,169.21
3,236.17
3,251.35
3,440.38

1.77
1.72
1.83
1.87
1.86
2.37
2.40
1.98
2.05
2.24
2.31
2.38
2.33
2.26
2.21
2.24
2.33
2.28
2.24
2.21
2.19
2.16
2.12

3.84
4.89
5.36
5.78
5.29
3.54
1.86
6.04
6.77
6.20
����������������������������
6.45
����������������������������
����������������������������
6.00
����������������������������
����������������������������
6.07
����������������������������
����������������������������
5.59
����������������������������
����������������������������

9,414.64
9,514.04
9,520.48
9,419.75
9,294.30

5,817.66
5,901.16
5,897.02
5,843.32
5,763.03

13,465.38
13,466.39
13,590.07
13,478.21
13,266.26

9,160.77
9,345.83
9,370.47
9,314.45
9,209.66

15,066.26
15,234.05
15,325.53
15,288.07
15,136.18

1,627.30
1,652.17
1,658.18
1,648.39
1,629.33

3,409.72
3,467.44
3,476.08
3,475.90
3,441.07

2.14
2.12
2.10
2.11
2.16

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

1 Average of daily closing prices.
2 Includes all the stocks (in 2012, over 2,900) listed on the NYSE.
3 Effective January 9, 2003, the NYSE relaunched the composite index with changes in meth-

odology, definitions, and based on Dec. 31, 2002=5,000. Effective January 8, 2004 new indexes
for Financial, Energy, and Health Care were introduced by the NYSE. Previous indexes shown for
Industrial, Transportation, Utility, and Finance were discontinued.
4 Includes 30 stocks.

5 Includes 500 stocks.
6 Includes over 2,400 stocks in 2012.
7 Standard & Poor’s series. Dividend/price ratios based on Wednesday closing prices. Earnings/

price ratios based on prices at end of quarter.

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

31

FEDERAL FINANCE
Federal Receipts, Outlays, and Debt
In the first seven months of fiscal year 2013, the deficit was $487.6 billion, compared with a deficit of $719.9 billion
a year earlier.

[Billions of dollars]
Total
Fiscal year or period
Receipts
1995 ����������������������������������������������������
1996 ����������������������������������������������������
1997 ����������������������������������������������������
1998 ����������������������������������������������������
1999 ����������������������������������������������������
2000 ����������������������������������������������������
2001 ����������������������������������������������������
2002 ����������������������������������������������������
2003 ����������������������������������������������������
2004 ����������������������������������������������������
2005 ����������������������������������������������������
2006 ����������������������������������������������������
2007 ����������������������������������������������������
2008 ����������������������������������������������������
2009 ����������������������������������������������������
2010 ����������������������������������������������������
2011 ����������������������������������������������������
2012 ����������������������������������������������������
2013 (estimates) ���������������������������������
2014 (estimates) ���������������������������������
Cumulative total, first 7 months: 1
Fiscal year 2012 ����������������������������������
Fiscal year 2013 ����������������������������������

Outlays

On-budget
Surplus
or
deficit
(–)

Receipts

Outlays

Federal debt
(end of period)

Off-budget
Surplus
or
deficit
(–)

Receipts

Outlays

Surplus
or
deficit
(–)

Gross
Federal

1,351.8
1,453.1
1,579.2
1,721.7
1,827.5
2,025.2
1,991.1
1,853.1
1,782.3
1,880.1
2,153.6
2,406.9
2,568.0
2,524.0
2,105.0
2,162.7
2,303.5
2,450.2
2,712.0
3,033.6

1,515.7
1,560.5
1,601.1
1,652.5
1,701.8
1,789.0
1,862.8
2,010.9
2,159.9
2,292.8
2,472.0
2,655.1
2,728.7
2,982.5
3,517.7
3,457.1
3,603.1
3,537.1
3,684.9
3,777.8

–164.0
–107.4
–21.9
69.3
125.6
236.2
128.2
–157.8
–377.6
–412.7
–318.3
–248.2
–160.7
–458.6
–1,412.7
–1,294.4
–1,299.6
–1,087.0
–972.9
–744.2

1,000.7
1,085.6
1,187.2
1,305.9
1,383.0
1,544.6
1,483.6
1,337.8
1,258.5
1,345.4
1,576.1
1,798.5
1,932.9
1,865.9
1,451.0
1,531.0
1,737.7
1,880.7
2,038.6
2,294.5

1,227.1
1,259.6
1,290.5
1,335.9
1,381.1
1,458.2
1,516.0
1,655.2
1,796.9
1,913.3
2,069.7
2,233.0
2,275.0
2,507.8
3,000.7
2,902.4
3,104.5
3,029.5
3,044.9
3,062.7

–226.4
–174.0
–103.2
–29.9
1.9
86.4
–32.4
–317.4
–538.4
–568.0
–493.6
–434.5
–342.2
–641.8
–1,549.7
–1,371.4
–1,366.8
–1,148.9
–1,006.4
–768.2

351.1
367.5
392.0
415.8
444.5
480.6
507.5
515.3
523.8
534.7
577.5
608.4
635.1
658.0
654.0
631.7
565.8
569.5
673.5
739.1

288.7
300.9
310.6
316.6
320.8
330.8
346.8
355.7
363.0
379.5
402.2
422.1
453.6
474.8
517.0
554.7
498.6
507.6
640.0
715.1

62.4
66.6
81.4
99.2
123.7
149.8
160.7
159.7
160.8
155.2
175.3
186.3
181.5
183.3
137.0
77.0
67.2
61.9
33.5
24.0

4,920.6
5,181.5
5,369.2
5,478.2
5,605.5
5,628.7
5,769.9
6,198.4
6,760.0
7,354.7
7,905.3
8,451.4
8,950.7
9,986.1
11,875.9
13,528.8
14,764.2
16,050.9
17,249.2
18,246.9

3,604.4
3,734.1
3,772.3
3,721.1
3,632.4
3,409.8
3,319.6
3,540.4
3,913.4
4,295.5
4,592.2
4,829.0
5,035.1
5,803.1
7,544.7
9,018.9
10,128.2
11,281.1
12,403.6
13,295.9

1,383.2
1,603.3

2,103.1
2,090.9

–719.9
–487.6

1,050.3
1,221.5

1,811.5
1,738.3

–761.2
–516.8

332.9
381.8

291.6
352.6

41.4
29.2

15,558.9
16,815.6

10,851.9
11,958.0

1 Data from current issue Monthly Treasury Statement.

Note: Data (except as noted) are from Budget of the United States Government, Fiscal Year 2014,
issued April 10, 2013.
Sources: Department of the Treasury and Office of Management and Budget.

32

Held by
the public

Federal Receipts by Source and Outlays by Function
In the first seven months of fiscal year 2013, receipts were $220.1 billion higher than a year earlier and outlays were
$12.2 billion lower.

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

Fiscal year or period

1995 ����������������������������������������������������
1996 ����������������������������������������������������
1997 ����������������������������������������������������
1998 ����������������������������������������������������
1999 ����������������������������������������������������
2000 ����������������������������������������������������
2001 ����������������������������������������������������
2002 ����������������������������������������������������
2003 ����������������������������������������������������
2004 ����������������������������������������������������
2005 ����������������������������������������������������
2006 ����������������������������������������������������
2007 ����������������������������������������������������
2008 ����������������������������������������������������
2009 ����������������������������������������������������
2010 ����������������������������������������������������
2011 ����������������������������������������������������
2012 ����������������������������������������������������
2013 (estimates) ���������������������������������
2014 (estimates) ���������������������������������
Cumulative total, first 7 months: 1
Fiscal year 2012 ����������������������������������
Fiscal year 2013 ����������������������������������

Total

Social
Indi- Corpora- insurance
vidual
tion
and
income income retiretaxes
taxes
ment
receipts

On-budget and off-budget outlays
National defense
Other

Total

Total

Depart- Internament
tional
of
affairs
Defense,
military

Health

Medicare

Income Social
Net
security security interest

Other

1,351.8
1,453.1
1,579.2
1,721.7
1,827.5
2,025.2
1,991.1
1,853.1
1,782.3
1,880.1
2,153.6
2,406.9
2,568.0
2,524.0
2,105.0
2,162.7
2,303.5
2,450.2
2,712.0
3,033.6

590.2
656.4
737.5
828.6
879.5
1,004.5
994.3
858.3
793.7
809.0
927.2
1,043.9
1,163.5
1,145.7
915.3
898.5
1,091.5
1,132.2
1,234.0
1,383.2

157.0
171.8
182.3
188.7
184.7
207.3
151.1
148.0
131.8
189.4
278.3
353.9
370.2
304.3
138.2
191.4
181.1
242.3
287.7
332.8

484.5
509.4
539.4
571.8
611.8
652.9
694.0
700.8
713.0
733.4
794.1
837.8
869.6
900.2
890.9
864.8
818.8
845.3
951.1
1,030.7

120.1
115.4
120.1
132.6
151.5
160.6
151.7
146.0
143.9
148.4
154.0
171.2
164.7
173.7
160.5
207.9
212.1
230.4
239.2
287.0

1,515.7
1,560.5
1,601.1
1,652.5
1,701.8
1,789.0
1,862.8
2,010.9
2,159.9
2,292.8
2,472.0
2,655.1
2,728.7
2,982.5
3,517.7
3,457.1
3,603.1
3,537.1
3,684.9
3,777.8

272.1
265.7
270.5
268.2
274.8
294.4
304.7
348.5
404.7
455.8
495.3
521.8
551.3
616.1
661.0
693.5
705.6
677.9
660.0
626.8

259.4
253.1
258.3
255.8
261.2
281.0
290.2
331.8
387.1
436.4
474.1
499.3
528.5
594.6
636.7
666.7
678.1
650.9
633.3
597.6

16.4
13.5
15.2
13.1
15.2
17.2
16.5
22.3
21.2
26.9
34.6
29.5
28.5
28.9
37.5
45.2
45.7
47.2
56.9
55.9

115.4
119.4
123.8
131.4
141.0
154.5
172.2
196.5
219.5
240.1
250.5
252.7
266.4
280.6
334.3
369.1
372.5
346.7
371.7
442.7

159.9
174.2
190.0
192.8
190.4
197.1
217.4
230.9
249.4
269.4
298.6
329.9
375.4
390.8
430.1
451.6
485.7
471.8
510.5
530.9

223.8
229.7
235.0
237.8
242.5
253.7
269.8
312.7
334.6
333.1
345.8
352.5
366.0
431.3
533.2
622.2
597.4
541.3
564.0
541.8

335.8
349.7
365.3
379.2
390.0
409.4
433.0
456.0
474.7
495.5
523.3
548.5
586.2
617.0
683.0
706.7
730.8
773.3
818.4
865.6

232.1
241.1
244.0
241.1
229.8
222.9
206.2
170.9
153.1
160.2
184.0
226.6
237.1
252.8
186.9
196.2
230.0
220.4
222.8
222.9

160.2
167.2
157.3
188.9
218.1
239.7
243.1
273.1
302.6
311.8
339.8
393.5
317.9
365.2
651.6
372.5
435.5
458.5
480.6
491.2

1,383.2
1,603.3

662.7
795.4

112.3
136.4

485.8
537.5

122.3
134.1

2,103.1
2,090.9

396.8
377.5

379.3
361.1

28.8
24.3

199.2
206.2

257.6
287.8

348.5
349.7

442.6
466.8

145.7
147.8

283.9
230.8

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

Note: Data (except as noted) are from Budget of the United States Government, Fiscal Year 2014,
issued April 10, 2013.
Sources: Department of the Treasury and Office of Management and Budget.

33

Federal Sector, National Income Accounts Basis
In the first quarter of 2013, according to current estimates, Federal current receipts rose $211.7 billion (annual rate),
while Federal current expenditures fell $41.8 billion.

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

Calendar year:
2003 �������������
2004 �������������
2005 �������������
2006 �������������
2007 �������������
2008 �������������
2009 �������������
2010 �������������
2011 �������������
2012 r �����������
2009: III �������������
      IV �������������
2010: I ���������������
      II ��������������
      III �������������
      IV �������������
2011: I ���������������
      II ��������������
      III �������������
      IV �������������
2012: I ���������������
      II ��������������
      III �������������
      IV r �����������
2013: I r �������������

Total

1,885.1
2,013.9
2,290.1
2,524.5
2,654.7
2,502.2
2,226.5
2,395.4
2,519.6
2,683.4
2,206.5
2,273.4
2,326.6
2,365.8
2,427.2
2,461.9
2,509.8
2,522.9
2,511.3
2,534.3
2,664.9
2,659.5
2,673.4
2,735.8
2,947.5

Total 1

1,070.2
1,153.8
1,383.7
1,558.3
1,637.6
1,447.7
1,163.6
1,309.8
1,502.7
1,650.1
1,154.0
1,207.2
1,252.3
1,282.0
1,333.9
1,371.3
1,494.0
1,504.1
1,494.2
1,518.5
1,629.2
1,631.2
1,650.1
1,690.0
1,739.0

Personal
current
taxes

774.2
799.2
931.9
1,049.9
1,165.6
1,101.3
857.0
894.2
1,075.2
1,144.6
832.0
834.2
860.3
887.4
908.2
921.0
1,052.6
1,068.5
1,082.0
1,097.7
1,124.9
1,131.0
1,141.4
1,181.1
1,244.5

Taxes
on
production
and
imports
89.3
94.3
98.8
99.4
94.5
94.0
91.4
95.5
107.4
116.0
91.8
92.7
92.4
95.3
97.2
97.1
102.4
108.3
108.1
110.9
113.3
115.2
116.1
119.4
118.7

Contributions
Income
for
Taxes
govern- receipts
on
on
ment
assets
corporate social
income insurance

197.8
250.3
341.0
395.0
362.8
233.7
200.4
305.1
304.2
372.3
216.9
265.9
285.7
284.3
314.1
336.1
324.8
312.4
287.1
292.5
375.7
368.1
375.5
369.7
356.7

762.8
807.6
852.6
904.6
945.3
973.1
949.1
969.8
905.5
938.6
947.0
946.8
961.1
969.5
973.8
974.8
900.5
905.1
907.0
909.2
929.3
931.5
936.0
957.6
1,089.2

1 Includes taxes from the rest of the world, not shown separately.
2 Includes an item for the difference between wage accruals and disbursements, not shown

separately.

34

Federal Government current expenditures

22.8
23.2
23.7
26.1
29.8
30.7
48.1
53.0
55.3
53.3
48.3
54.7
49.8
52.2
55.0
54.8
55.7
55.6
55.5
54.5
54.7
53.2
53.0
52.4
72.9

Current
transfer
receipts

25.6
29.0
33.6
38.3
44.8
54.4
70.2
69.8
68.8
59.1
61.1
69.6
68.6
68.3
71.7
70.4
69.7
69.0
68.1
68.3
68.3
61.6
53.1
53.2
69.0

Current
surplus of
government
enterprises

3.7
.3
–3.5
–2.9
–2.7
–3.7
–4.5
–7.0
–12.7
–17.8
–3.9
–5.0
–5.1
–6.2
–7.2
–9.4
–10.0
–11.0
–13.4
–16.4
–16.7
–18.0
–18.8
–17.4
–22.6

Total 2

2,261.5
2,393.4
2,573.1
2,728.3
2,900.0
3,115.7
3,455.8
3,703.4
3,757.0
3,757.7
3,525.1
3,546.8
3,641.8
3,685.3
3,730.2
3,756.3
3,737.1
3,830.6
3,743.3
3,716.8
3,723.6
3,774.8
3,760.6
3,771.6
3,729.8

ConCurrent
sumption transfer Interest Subsidies
expendipaypayments
tures
ments 3

660.3
721.4
765.8
811.0
848.9
931.7
987.0
1,055.8
1,061.5
1,059.6
998.7
1,015.1
1,034.2
1,057.0
1,068.3
1,063.6
1,054.2
1,071.0
1,069.0
1,052.0
1,055.6
1,054.8
1,086.3
1,041.9
1,031.5

1,339.4
1,405.0
1,491.3
1,587.1
1,690.4
1,841.9
2,157.5
2,310.8
2,309.4
2,319.2
2,187.6
2,212.5
2,289.1
2,287.8
2,325.8
2,340.6
2,314.8
2,341.8
2,292.3
2,288.6
2,301.0
2,310.8
2,326.1
2,338.7
2,357.5

212.9
221.0
255.4
279.2
313.2
292.1
253.1
281.4
325.0
318.5
271.5
263.4
264.0
286.2
281.0
294.5
309.3
356.4
320.1
314.0
306.7
348.7
288.1
330.6
280.3

49.0
46.0
60.5
51.0
47.4
49.9
58.3
55.4
61.1
60.4
67.3
55.7
54.6
54.3
55.1
57.7
58.8
61.4
62.0
62.2
60.4
60.6
60.1
60.4
60.5

3 Includes Federal grants-in-aid to State and local governments, not shown separately.

Source: Department of Commerce (Bureau of Economic Analysis).

Net
Federal
Government
saving

–376.4
–379.5
–283.0
–203.8
–245.2
–613.5
–1,229.3
–1,308.0
–1,237.4
–1,074.3
–1,318.6
–1,273.5
–1,315.2
–1,319.5
–1,303.1
–1,294.4
–1,227.3
–1,307.7
–1,232.0
–1,182.6
–1,058.7
–1,115.4
–1,087.2
–1,035.8
–782.3

INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
Industrial production (2007=100; seasonally adjusted)
Period

United
States

Canada

Japan

France

Germany

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

Italy

United
States 1

Canada

Japan

France

Germany

2003 r �������������
90.3
97.0
87.6
96.7
83.7
95.5
99.3
184.0
177.7
118.7
166.9
2004 ���������������
92.5
98.6
91.8
97.8
86.2
95.2
100.2
188.9
181.0
118.7
170.4
2005 ���������������
95.5
100.5
93.2
98.0
89.2
94.6
99.4
195.3
185.0
118.4
173.4
2006 ���������������
97.6
99.9
97.1
99.0
94.3
98.2
99.5
201.6
188.7
118.6
176.3
2007 ���������������
100.0
100.0
100.0
100.0
100.0
100.0
100.0
207.342
192.7
118.7
178.9
2008 ���������������
96.6
97.1
96.6
96.7
100.0
96.2
97.2
215.303
197.3
120.3
184.0
2009 ���������������
85.7
86.6
75.5
83.3
83.6
78.3
88.4
214.537
197.9
118.7
184.1
2010 ���������������
90.6
90.8
88.1
87.1
92.7
83.8
90.3
218.056
201.4
117.9
186.9
2011 ���������������
93.6
94.1
86.0
89.0
98.9
84.8
89.7
224.939
207.2
117.5
190.9
2012 r �������������
97.0
95.0
85.2
87.0
98.6
79.4
87.6
229.594
210.4
117.5
194.6
r
2012: Mar ���
96.1
95.0
89.0
87.0
100.0
80.8
88.2
229.392
210.4
118.2
194.8
      Apr r ����
96.9
95.9
88.8
88.7
98.6
79.7
87.7
230.085
211.3
118.3
195.0
      May r ���
97.1
95.5
85.8
86.8
99.7
80.3
88.7
229.815
211.1
118.0
194.9
      June r ��
97.1
94.7
86.2
85.9
99.1
79.4
86.6
229.478
210.2
117.4
195.0
r
      July ���
97.6
95.1
85.4
87.0
99.8
79.5
89.1
229.104
210.1
117.0
194.1
r
      Aug ����
96.8
94.5
84.0
88.4
100.0
79.9
88.7
230.379
210.6
117.2
195.4
      Sept r ���
97.0
93.9
80.5
86.5
98.4
79.0
86.6
231.407
210.9
117.4
194.9
      Oct r �����
96.8
94.4
81.8
85.5
96.9
78.3
85.9
231.317
211.3
117.4
195.3
r
      Nov ����
98.1
95.3
80.7
85.2
96.5
77.4
85.9
230.221
210.8
116.9
195.0
r
      Dec ����
98.2
94.9
82.7
85.8
97.0
77.3
86.9
229.601
209.6
117.0
195.6
2013: Jan r ����
98.1
95.3
83.0
84.9
96.0
78.0
85.7
230.280
209.7
117.0
194.6
r
      Feb ����
99.0
96.4
83.4
85.6
96.8
77.3
86.5
232.166
212.2
116.9
195.2
r
      Mar ���
99.3
96.9
84.2
84.8
98.6
76.7
87.1
232.773
212.5
117.2
196.7
      Apr p ����
98.7 ���������������
85.6 ���������������
99.8 ��������������� ���������������
232.531
212.2
117.5
196.4
      May p �� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ���������������
1 Data relate to all urban consumers.

148.9
151.4
153.7
156.2
159.7
163.9
164.5
166.3
169.7
173.1
173.1
172.8
172.8
172.4
173.1
173.8
173.9
173.9
174.1
174.6
173.8
174.8
175.6
174.8
175.4

United
Kingdom

Italy

250.1
213.0
255.6
219.3
260.6
225.6
266.1
232.8
270.9
242.7
280.0
252.4
282.2
251.1
286.5
262.7
294.5
276.3
303.4
285.2
301.8
282.9
303.2
284.9
303.2
284.8
303.8
284.1
304.1
284.4
305.2
285.5
305.2
286.9
305.2
288.6
304.7
288.6
305.2
290.0
305.8
288.8
306.1
290.9
306.7
292.2
306.7
293.1
307.0 �����������������

Sources: As reported by each country, Board of Governors of the Federal Reserve System, and
Department of Labor (Bureau of Labor Statistics).

Note: See Note, p. 17, for information on U.S. industrial production series.

U.S. International Trade in Goods and Services
[Billions of dollars; monthly data seasonally adjusted]
Goods: Exports (f.a.s. value)
Census basis (by end-use category)
Period

2003 r �������������
2004 r �������������
2005 r �������������
2006 r �������������
2007 r �������������
2008 r �������������
2009 r �������������
2010 r �������������
2011 r �������������
2012 r �������������
2012: Apr r ����
      May r ���
      June r ��
      July r ���
      Aug r ����
      Sept r ���
      Oct r �����
      Nov r ����
      Dec r ����
2013: Jan r ����
      Feb r ����
      Mar r ���
      Apr p ����

BOP
basis

729.8
822.0
911.7
1,039.4
1,163.6
1,307.3
1,069.5
1,288.8
1,495.9
1,561.2
130.2
130.2
131.4
130.3
128.4
132.8
128.0
129.7
132.7
130.6
131.1
129.3
131.1

IndusFoods, trial
Total, feeds, supCensus and
plies
basis 1 bever- and
ages materials
724.8
814.9
901.1
1,026.0
1,148.2
1,287.4
1,056.0
1,278.5
1,480.3
1,545.7
128.8
129.1
130.2
128.8
127.1
131.4
126.7
128.5
131.5
129.4
130.5
128.3
130.0

55.0
56.6
59.0
66.0
84.3
108.3
93.9
107.7
126.2
132.8
10.6
11.4
10.7
12.7
11.6
12.4
11.3
11.0
11.0
11.4
11.4
10.3
10.0

173.0
203.9
233.0
276.0
316.4
388.0
296.5
391.7
500.5
501.1
42.9
41.8
42.4
40.3
39.5
42.3
39.8
40.7
43.9
41.4
42.9
42.6
41.7

80.6
89.2
98.4
107.3
121.3
121.5
81.7
112.0
132.8
146.1
12.2
12.2
12.7
12.4
12.2
11.9
11.8
12.3
12.1
12.1
12.4
12.2
12.8

Balance of trade
(exports minus imports)

Census basis (by end-use category)

Auto- Consumer
Capital motive
vegoods
goods hicles,
except parts (nonfood)
autoexcept
motive and
enautogines motive
293.7
327.5
358.4
404.0
433.0
457.7
391.2
447.5
493.0
527.4
43.5
44.2
43.9
44.0
44.2
44.7
43.5
44.2
43.8
44.3
43.4
43.1
44.0

Services
(BOP basis)

Goods: Imports (customs value)

89.9
103.2
115.3
129.1
146.0
161.3
149.5
165.2
175.0
181.7
15.1
15.0
15.6
15.2
15.1
15.3
15.5
15.4
15.2
15.7
15.1
14.9
16.8

BOP
basis

1,272.1
1,488.3
1,695.8
1,878.2
1,986.3
2,141.3
1,580.0
1,939.0
2,240.0
2,302.7
193.9
193.6
190.9
189.7
189.1
191.6
188.3
194.5
189.9
192.1
193.4
184.7
189.7

IndusFoods, trial
Total, feeds, supCensus and
plies
basis 1 bever- and
ages materials
1,257.1
1,469.7
1,673.5
1,853.9
1,957.0
2,103.6
1,559.6
1,913.9
2,208.1
2,275.3
191.7
191.3
188.6
187.5
186.8
189.4
186.1
192.4
187.7
189.9
191.0
182.5
187.5

1 Total includes ‘‘other’’ exports or imports, not shown separately.

Note: BOP refers to balance of payments on international transactions basis. BOP data shown
here are consistent with figures shown on pp. 36 and 37.

55.8
62.1
68.1
74.9
81.7
89.0
81.6
91.7
107.5
110.3
9.2
9.1
9.0
9.1
9.2
9.2
8.9
9.4
9.3
9.2
9.6
9.6
9.5

313.8
412.8
523.8
602.0
634.7
779.5
462.4
603.1
755.8
730.4
63.8
61.1
59.3
57.9
58.9
59.9
59.9
60.7
57.3
61.0
58.8
56.5
56.2

BOP basis

Auto- Consumer
Capital motive
vegoods
goods hicles,
except parts (nonfood)
autoexcept
motive and
enautogines motive
295.9
343.6
379.3
418.3
444.5
453.7
370.5
449.4
510.9
548.6
45.6
46.8
46.0
45.6
45.1
45.7
45.6
45.6
45.8
46.0
46.2
44.3
45.3

210.1
228.2
239.4
256.6
256.7
231.2
157.7
225.1
254.6
297.8
24.1
24.6
25.4
26.0
25.2
24.4
24.6
25.6
24.9
23.6
25.0
24.2
25.5

333.9
372.9
407.2
442.6
474.6
481.6
427.3
483.2
514.1
516.3
43.0
43.4
42.6
43.0
42.3
44.1
41.1
45.1
44.7
44.0
45.6
41.4
44.3

Exports

Imports

Goods,
Census
basis

Goods

Ser- Goods
and
vices services

294.1
341.7
376.6
421.4
489.3
533.0
508.7
555.7
617.0
649.3
54.0
54.0
53.8
53.1
53.6
54.1
54.7
55.6
56.0
56.1
56.0
55.9
56.3

242.4
280.3
300.4
335.0
365.6
401.3
381.8
404.9
429.7
442.5
37.0
36.9
36.8
37.1
37.0
36.8
37.0
37.1
37.1
37.3
37.6
37.7
38.0

–532.4
–654.8
–772.4
–828.0
–808.8
–816.2
–503.6
–635.4
–727.8
–729.6
–62.9
–62.2
–58.4
–58.7
–59.7
–57.9
–59.4
–63.8
–56.2
–60.5
–60.5
–54.2
–57.5

–542.3
–666.4
–784.1
–838.8
–822.7
–834.0
–510.6
–650.2
–744.1
–741.5
–63.7
–63.4
–59.4
–59.5
–60.6
–58.9
–60.4
–64.9
–57.2
–61.4
–62.3
–55.4
–58.6

51.7
61.5
76.2
86.4
123.7
131.7
126.9
150.8
187.3
206.8
17.1
17.1
17.0
16.0
16.6
17.3
17.7
18.4
18.9
18.8
18.5
18.3
18.3

–490.5
–604.9
–707.9
–752.4
–699.1
–702.3
–383.7
–499.4
–556.8
–534.7
–46.6
–46.2
–42.4
–43.5
–44.0
–41.6
–42.7
–46.4
–38.3
–42.7
–43.8
–37.1
–40.3

Data revised to reflect annual revisions. For details, see International Trade in Goods and Services,
Annual Revision for 2012, released June 4, 2013.
Source: Department of Commerce (Bureau of the Census and Bureau of Economic Analysis).

35

U.S. International Transactions
In the fourth quarter of 2012, the goods deficit rose to $180.6 billion from $174.2 billion in the third quarter. The
current account deficit fell to $110.4 billion in the fourth quarter from $112.4 billion in the third quarter.

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

2003 ��������������������
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 p ������������������
2010: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2011: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2012: I ����������������
      II ���������������
      III ��������������
      IV p �����������

Exports

729,816
821,986
911,686
1,039,406
1,163,957
1,307,499
1,069,733
1,288,882
1,497,406
1,564,104
304,032
315,478
325,198
344,175
360,917
372,160
382,161
382,167
387,939
393,530
392,790
389,846

Imports

–1,270,225
–1,485,492
–1,692,416
–1,875,095
–1,982,843
–2,137,608
–1,575,491
–1,934,006
–2,235,819
–2,299,417
–456,570
–480,118
–492,068
–505,250
–542,276
–559,344
–562,778
–571,421
–582,503
–579,532
–566,943
–570,439

Services
Balance
on
goods
–540,409
–663,507
–780,730
–835,689
–818,886
–830,109
–505,758
–645,124
–738,413
–735,313
–152,538
–164,640
–166,871
–161,075
–181,358
–187,184
–180,617
–189,254
–194,564
–186,002
–174,154
–180,593

Net
military
transactions 2
–17,060
–17,359
–15,594
–11,743
–10,826
–13,600
–14,461
–15,639
–11,564
–8,142
–4,120
–3,799
–3,711
–4,009
–3,448
–3,000
–2,679
–2,437
–2,432
–2,459
–1,888
–1,362

Net
travel
and
transportation
–12,451
–16,225
–14,549
–11,276
2,599
16,365
14,527
21,257
31,339
38,106
5,206
5,543
4,644
5,863
6,063
8,038
9,431
7,805
7,650
9,441
10,124
10,891

Other
services,
net
78,934
91,734
102,249
105,420
130,386
129,006
126,538
144,769
158,758
165,833
33,501
35,209
36,801
39,258
41,518
40,598
39,044
37,600
40,746
41,367
41,074
42,647

Balance
on
goods
and
services
–490,984
–605,356
–708,624
–753,288
–696,728
–698,338
–379,154
–494,737
–559,880
–539,514
–117,952
–127,687
–129,137
–119,962
–137,225
–141,549
–134,822
–146,286
–148,599
–137,653
–124,845
–128,417

Income receipts and payments

Receipts

322,411
415,793
537,339
684,620
833,834
813,903
601,609
676,282
744,621
742,021
161,964
166,292
171,310
176,716
180,781
189,499
187,449
186,891
184,485
183,799
182,832
190,905

Payments

–278,721
–350,712
–468,748
–640,438
–732,349
–666,814
–481,891
–492,423
–517,614
–543,414
–120,325
–118,607
–123,532
–129,958
–128,330
–133,290
–128,971
–127,022
–136,951
–131,719
–136,239
–138,505

Balance
on
income
43,691
65,081
68,591
44,182
101,485
147,089
119,717
183,859
227,007
198,606
41,639
47,685
47,778
46,758
52,451
56,209
58,478
59,869
47,534
52,080
46,593
52,399

Unilateral
current
transfers,
net 3

–71,796
–88,243
–105,741
–91,515
–115,061
–125,885
–122,459
–131,074
–133,053
–134,076
–34,681
–31,710
–33,216
–31,466
–35,223
–33,777
–31,815
–32,240
–32,703
–32,780
–34,194
–34,398

Balance
on
current
account

–519,089
–628,519
–745,774
–800,621
–710,303
–677,135
–381,896
–441,951
–465,926
–474,983
–110,994
–111,713
–114,574
–104,671
–119,997
–119,117
–108,158
–118,656
–133,768
–118,353
–112,446
–110,416

1 Adjusted from Census data to align with concepts and definitions used to prepare the inter2 Transfers under U.S. military agency sales contracts (exports) minus direct defense expendinational and national economic accounts. The adjustments are necessary to supplement coverage tures (imports).
3 Includes transfers of goods and services under U.S. military grant programs.
of Census data, to eliminate duplication of transactions recorded elsewhere in the international
accounts, to value transactions according to a standard definition, and for earlier years, to record
See p. 37 for continuation of table.
transactions in the appropriate period.

36

U.S. International Transactions—Continued
In the financial account, U.S.-owned assets abroad increased $120.5 billion in the fourth quarter of 2012, following
an increase of $217.2 billion in the third quarter. Foreign-owned assets in the United States increased $176.0 billion
in the fourth quarter, following an increase of $290.6 billion in the third quarter.

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

Period

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

Capital
account
transactions,
net
Total

2003 ��������������������
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 p ������������������
2010: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2011: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2012: I ����������������
      II ���������������
      III ��������������
      IV p �����������

–1,821
3,049
13,116
–1,788
384
6,010
–140
–157
–1,212
6,436
–3
–2
–146
–7
–29
–829
–300
–55
–1
–291
–470
7,198

–325,424
–1,000,870
–546,631
–1,285,729
–1,453,604
332,109
–119,535
–939,484
–483,653
17,918
–269,433
–154,408
–294,523
–221,120
–372,944
7,418
–91,896
–26,231
107,001
248,566
–217,157
–120,493

U.S.
official
reserve
assets 4
1,523
2,805
14,096
2,374
–122
–4,848
–52,256
–1,834
–15,877
–4,460
–773
–165
–1,096
200
–3,619
–6,267
–4,079
–1,912
–1,233
–3,289
–833
895

Other
U.S.
Government
assets
537
1,710
5,539
5,346
–22,273
–529,615
541,342
7,540
–103,666
85,110
9,433
–2,441
788
–240
–547
–1,358
–1,137
–100,624
51,076
16,650
15,204
2,180

Statistical discrepancy

Foreign-owned assets in the U.S.,
excluding financial derivatives
[increase/financial inflow (+)]
U.S.
Private
assets
–327,484
–1,005,385
–566,266
–1,293,449
–1,431,209
866,571
–608,622
–945,189
–364,110
–62,732
–278,092
–151,802
–294,215
–221,080
–368,778
15,042
–86,679
76,305
57,159
235,206
–231,528
–123,568

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

Total
858,303
1,533,201
1,247,347
2,065,169
2,064,642
431,406
314,390
1,308,279
1,000,990
384,902
311,935
170,919
512,515
312,910
578,972
98,554
266,397
57,067
60,501
–142,149
290,599
175,951

Foreign
official
assets
278,069
397,755
259,268
487,939
481,043
554,634
480,286
398,188
211,826
373,642
89,961
65,838
168,611
73,778
72,974
121,822
19,889
–2,859
69,711
79,772
131,111
93,048

Other
foreign
assets

Financial
derivatives,
net

580,234 ������������������
1,135,446 ������������������
988,079 ������������������
1,577,230
29,710
1,583,599
6,222
–123,228
–32,947
–165,896
44,816
910,091
14,076
789,164
39,010
11,260
–3,074
221,974
16,152
105,081
9,980
343,904
–11,893
239,132
–163
505,998
2,927
–23,268
7,419
246,508
–3,949
59,926
32,613
–9,210
–1,396
–221,921
464
159,488
–5,127
82,903
2,985

Total
(sum of
the
items
with
sign
reversed)
–11,969
93,138
31,942
–6,742
92,660
–59,443
142,365
59,237
–89,208
68,801
52,342
85,224
–91,379
13,051
–88,930
6,555
–62,094
55,263
–32,338
11,763
44,601
44,775

Of which:
Seasonal
adjustment
discrepancy

������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
16,062
–8,819
–22,075
14,832
17,684
–11,134
–26,771
20,223
18,254
–13,176
–28,496
23,417

U.S. official
reserve
assets,
net
(unadjusted,
end of
period) 4

85,938
86,824
65,127
65,895
70,565
77,648
130,760
132,433
147,953
150,175
127,521
124,514
133,099
132,433
139,315
147,660
148,487
147,953
149,078
149,830
153,075
150,175

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

37

CONTENTS
TOTAL OUTPUT, INCOME, AND SPENDING
Page
Gross Domestic Product ........................................................................................................................................................
1
Real Gross Domestic Product ................................................................................................................................................
2
Chained Price Indexes For Gross Domestic Product ............................................................................................................
2
Gross Domestic Product and Related Price Measures: Indexes and Percent Changes ...........................................................
3
Nonfinancial Corporate Business—Gross Value Added and Price, Costs, and Profits .......................................................... 3
National Income ....................................................................................................................................................................
4
Real Personal Consumption Expenditures ............................................................................................................................ 4
Sources of Personal Income ...................................................................................................................................................
5
Disposition of Personal Income .............................................................................................................................................
6
Real Farm Income ................................................................................................................................................................. 7
Corporate Profits ...................................................................................................................................................................
8
Real Gross Private Domestic Investment ............................................................................................................................... 9
Real Private Fixed Investment by Type .................................................................................................................................. 10
Business Investment ............................................................................................................................................................... 10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force .......................................................................................................................................................
Selected Unemployment Rates ..............................................................................................................................................
Selected Measures of Unemployment and Unemployment Insurance Programs ...................................................................
Nonagricultural Employment ................................................................................................................................................
Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries ................................
Employment Cost Index—Private Industry ..........................................................................................................................
Productivity and Related Data, Business and Nonfarm Business Sectors ..............................................................................

11
12
13
14
15
15
16

PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization .................................................................................................................... 17
Industrial Production—Major Market Groups and Selected Manufactures .......................................................................... 18
New Construction ................................................................................................................................................................. 19
New Private Housing and Vacancy Rates .............................................................................................................................. 19
Business Sales and Inventories—Manufacturing and Trade .................................................................................................. 20
Manufacturers’ Shipments, Inventories, and Orders .............................................................................................................. 21
PRICES
Producer Prices ......................................................................................................................................................................
Consumer Prices—All Urban Consumers .............................................................................................................................
Changes in Producer Prices for Finished Goods ....................................................................................................................
Changes in Consumer Prices—All Urban Consumers ..........................................................................................................
Prices Received and Paid by Farmers .....................................................................................................................................

22
23
24
24
25

MONEY, CREDIT, AND SECURITY MARKETS
Money Stock and Debt Measures ..........................................................................................................................................
Components of Money Stock ................................................................................................................................................
Aggregate Reserves and Monetary Base .................................................................................................................................
Bank Credit at All Commercial Banks ..................................................................................................................................
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business ..............................................................................
Consumer Credit ...................................................................................................................................................................
Interest Rates and Bond Yields ..............................................................................................................................................
Common Stock Prices and Yields ..........................................................................................................................................

26
27
27
28
29
29
30
31

FEDERAL FINANCE
Federal Receipts, Outlays, and Debt ..................................................................................................................................... 32
Federal Receipts by Source and Outlays by Function ............................................................................................................ 33
Federal Sector, National Income Accounts Basis ................................................................................................................... 34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries ........................................................................... 35
U.S. International Trade in Goods and Services .................................................................................................................... 35
U.S. International Transactions ............................................................................................................................................. 36
General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
p Preliminary.
r Revised.
c Corrected.
... Not available (also, not applicable).
NSA Not seasonally adjusted.

38

U.S. GOVERNMENT PRINTING OFFICE : 2013 81-349