Full text of Economic Indicators : November 2006
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109th Congress, 2nd Session Economic Indicators NOVEMBER 2006 (Includes data available as of December 1, 2006) Prepared for the Joint Economic Committee by the Council of Economic Advisers UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON : 2006 JOINT ECONOMIC COMMITTEE (Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.) JIM SAXTON, New Jersey, Chairman ROBERT F. BENNETT, Utah, Vice Chairman HOUSE OF REPRESENTATIVES PAUL RYAN (Wisconsin) PHIL ENGLISH (Pennsylvania) RON PAUL (Texas) KEVIN BRADY (Texas) THADDEUS G. McCOTTER (Michigan) CAROLYN B. MALONEY (New York) MAURICE D. HINCHEY (New York) LORETTA SANCHEZ (California) ELIJAH E. CUMMINGS (Maryland) SENATE SAM BROWNBACK (Kansas) JOHN E. SUNUNU (New Hampshire) JIM DeMINT (South Carolina) JEFF SESSIONS (Alabama) JOHN CORNYN (Texas) JACK REED (Rhode Island) EDWARD M. KENNEDY (Massachusetts) PAUL S. SARBANES (Maryland) JEFF BINGAMAN (New Mexico) CHRISTOPHER FRENZE, Executive Director COUNCIL OF ECONOMIC ADVISERS EDWARD P. LAZEAR, Chairman KATHERINE BAICKER, Member MATTHEW J. SLAUGHTER, Member [PUBLIC LAW 120—81ST CONGRESS; CHAPTER 237—1ST SESSION] JOINT RESOLUTION [S.J. Res. 55] To print the monthly publication entitled ‘‘Economic Indicators’’ Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint Economic Committee be authorized to issue a monthly publication entitled ‘‘Economic Indicators,’’ and that a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic Committee; and the required numbers of copies to the Superintendent of Documents for distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public. Approved June 23, 1949. Charts prepared under the direction of the Printing and Procurement Branch, Office of the Secretary, Department of Commerce. Economic Indicators, published monthly, is available at $5.00 a single copy ($7.00 foreign), or by subscription at $58.00 per year ($81.20 for foreign mailing) from: SUPERINTENDENT OF DOCUMENTS GOVERNMENT PRINTING OFFICE WASHINGTON, D.C. 20402 For sale by the U.S. Government Printing Office Superintendent of Documents, Mail Stop: SSOP, Washington, DC 20402–9328 Also available on the internet at the following address:http://www.gpoaccess.gov/indicators ii TOTAL OUTPUT, INCOME, AND SPENDING GROSS DOMESTIC PRODUCT In the third quarter of 2006, according to revised estimates, current-dollar gross domestic product (GDP) rose 4.0 percent (annual rate), real GDP (GDP in chained 2000 dollars) rose 2.2 percent, and the implicit price deflator rose 1.7 percent. [Billions of current dollars; quarterly data at seasonally adjusted annual rates] Period 1996 ...................... 1997 ...................... 1998 ...................... 1999 ...................... 2000 ...................... 2001 ...................... 2002 ...................... 2003 ...................... 2004 ...................... 2005 ...................... 2003: I ................ II ............... III ............. IV .............. 2004: I ................ II ............... III ............. IV .............. 2005: I ................ II ............... III ............. IV .............. 2006: I ................ II ............... III r ............ 1 GDP Exports and imports of goods and services Personal Gross Gross conprivate domestic sumption domestic product expendi- investtures ment Net exports Exports 7,816.9 8,304.3 8,747.0 9,268.4 9,817.0 10,128.0 10,469.6 10,960.8 11,712.5 12,455.8 10,705.6 10,831.8 11,086.1 11,219.5 11,430.9 11,649.3 11,799.4 11,970.3 12,173.2 12,346.1 12,573.5 12,730.5 13,008.4 13,197.3 13,327.1 ¥96.2 ¥101.6 ¥159.9 ¥260.5 ¥379.5 ¥367.0 ¥424.4 ¥499.4 ¥613.2 ¥716.7 ¥499.3 ¥501.3 ¥495.2 ¥501.8 ¥543.4 ¥606.2 ¥630.7 ¥672.7 ¥676.2 ¥686.4 ¥728.8 ¥775.4 ¥765.2 ¥781.8 ¥802.2 868.6 955.3 955.9 991.2 1,096.3 1,032.8 1,005.9 1,040.8 1,178.1 1,303.1 1,012.4 1,010.8 1,040.7 1,099.1 1,135.1 1,166.3 1,185.3 1,225.8 1,254.0 1,293.8 1,312.4 1,352.4 1,405.4 1,448.1 1,486.7 5,256.8 5,547.4 5,879.5 6,282.5 6,739.4 7,055.0 7,350.7 7,703.6 8,211.5 8,742.4 7,548.1 7,628.4 7,782.6 7,855.3 8,018.0 8,148.1 8,265.0 8,414.8 8,519.7 8,674.6 8,847.3 8,927.8 9,079.2 9,228.1 9,349.1 1,240.3 1,389.8 1,509.1 1,625.7 1,735.5 1,614.3 1,582.1 1,664.1 1,888.0 2,057.4 1,606.4 1,617.1 1,690.5 1,742.3 1,781.9 1,892.2 1,917.7 1,960.2 2,013.5 2,009.1 2,052.6 2,154.5 2,214.8 2,237.1 2,239.4 Government consumption expenditures and gross investment Federal Imports Total Total less exports of goods and services plus imports of goods and services. 964.8 1,056.9 1,115.9 1,251.7 1,475.8 1,399.8 1,430.3 1,540.2 1,791.4 2,019.9 1,511.7 1,512.1 1,535.9 1,600.9 1,678.5 1,772.5 1,815.9 1,898.5 1,930.2 1,980.2 2,041.2 2,127.8 2,170.6 2,229.8 2,288.9 1,416.0 1,468.7 1,518.3 1,620.8 1,721.6 1,825.6 1,961.1 2,092.5 2,226.2 2,372.8 2,050.3 2,087.7 2,108.2 2,123.7 2,174.4 2,215.1 2,247.3 2,268.0 2,316.2 2,348.9 2,402.4 2,423.6 2,479.6 2,513.9 2,540.8 527.4 530.9 530.4 555.8 578.8 612.9 679.7 756.4 825.9 878.3 725.9 762.2 764.8 772.8 808.2 823.8 838.4 833.2 862.9 868.4 895.8 886.2 921.7 919.7 926.7 National defense 354.6 349.6 345.7 360.6 370.3 392.6 437.1 497.2 551.2 589.3 467.4 506.9 501.5 513.1 537.7 548.1 564.1 555.1 576.8 584.3 605.0 590.9 613.5 616.5 618.0 Nondefense 172.8 181.3 184.7 195.2 208.5 220.3 242.5 259.2 274.7 289.0 258.5 255.3 263.3 259.7 270.5 275.7 274.3 278.1 286.0 284.1 290.7 295.3 308.2 303.2 308.7 State and local 888.6 937.8 987.9 1,065.0 1,142.8 1,212.8 1,281.5 1,336.0 1,400.3 1,494.4 1,324.4 1,325.5 1,343.3 1,350.9 1,366.3 1,391.4 1,409.0 1,434.8 1,453.3 1,480.5 1,506.6 1,537.4 1,557.9 1,594.2 1,614.1 Final sales of domestic product Gross domestic purchases 1 Addendum: Gross national product 7,786.1 8,232.3 8,676.2 9,201.5 9,760.5 10,159.7 10,457.7 10,946.5 11,655.1 12,434.6 10,682.6 10,835.4 11,074.3 11,193.6 11,392.9 11,569.9 11,744.6 11,913.0 12,113.8 12,353.7 12,588.8 12,681.9 12,961.2 13,135.1 13,259.8 7,913.1 8,405.9 8,906.9 9,528.9 10,196.4 10,495.0 10,894.0 11,460.2 12,325.7 13,172.5 11,204.8 11,333.1 11,581.3 11,721.3 11,974.4 12,255.4 12,430.1 12,643.0 12,849.4 13,032.6 13,302.3 13,505.9 13,773.6 13,979.1 14,129.3 7,851.9 8,337.3 8,768.3 9,302.2 9,855.9 10,171.6 10,500.2 11,017.6 11,758.7 12,487.7 10,744.9 10,888.4 11,139.8 11,297.3 11,501.5 11,689.7 11,845.3 11,998.5 12,207.5 12,374.6 12,625.7 12,743.0 13,037.4 13,220.1 13,341.2 Source: Department of Commerce, Bureau of Economic Analysis. 1 REAL GROSS DOMESTIC PRODUCT [Billions of chained (2000) dollars; quarterly data at seasonally adjusted annual rates] Gross private domestic investment Period 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2003: ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... I .... II ... III IV .. 2004: I .... II ... III IV .. 2005: I .... II ... III IV .. 2006: I .... II ... III r Gross domestic product 8,328.9 8,703.5 9,066.9 9,470.3 9,817.0 9,890.7 10,048.8 10,301.0 10,703.5 11,048.6 10,126.0 10,212.7 10,398.7 10,467.0 10,566.3 10,671.5 10,753.3 10,822.9 10,913.8 11,001.8 11,115.1 11,163.8 11,316.4 11,388.1 11,450.5 Personal conNonresi- Resi- Change sumption dential dential in priexpendifixed fixed vate tures invest- invest- invenment ment tories 5,619.4 5,831.8 6,125.8 6,438.6 6,739.4 6,910.4 7,099.3 7,295.3 7,577.1 7,841.2 7,184.9 7,249.3 7,352.9 7,394.3 7,479.8 7,534.4 7,607.1 7,687.1 7,739.4 7,819.8 7,895.3 7,910.2 8,003.8 8,055.0 8,112.0 833.6 934.2 1,037.8 1,133.3 1,232.1 1,180.5 1,071.5 1,081.8 1,145.8 1,223.8 1,047.5 1,074.5 1,098.8 1,106.5 1,111.2 1,130.7 1,158.8 1,182.3 1,199.7 1,214.8 1,232.4 1,248.2 1,288.8 1,302.8 1,334.1 381.3 28.7 388.6 71.2 418.3 72.6 443.6 68.9 446.9 56.5 448.5 ¥31.7 469.9 12.5 509.4 14.3 559.9 53.4 608.0 19.6 484.1 24.3 496.3 ¥2.7 521.8 10.5 535.2 25.0 539.2 35.9 564.1 74.7 568.6 50.8 567.7 52.0 582.8 55.2 609.9 ¥7.4 620.4 ¥12.7 618.9 43.5 618.5 41.2 600.5 53.7 571.4 58.0 Exports and imports of goods and services Government consumption expenditures and gross investment Federal Net exports Exports Imports Total ¥79.6 ¥104.6 ¥203.7 ¥296.2 ¥379.5 ¥399.1 ¥471.3 ¥518.9 ¥590.9 ¥619.2 ¥507.2 ¥526.9 ¥513.8 ¥527.8 ¥548.5 ¥593.9 ¥599.4 ¥621.9 ¥626.4 ¥606.1 ¥607.6 ¥636.6 ¥636.6 ¥624.2 ¥629.4 843.4 943.7 966.5 1,008.2 1,096.3 1,036.7 1,013.3 1,026.1 1,120.4 1,196.1 1,003.3 999.0 1,026.3 1,075.8 1,094.8 1,111.3 1,124.3 1,151.3 1,164.5 1,191.0 1,200.5 1,228.4 1,269.3 1,288.5 1,308.3 923.0 1,048.3 1,170.3 1,304.4 1,475.8 1,435.8 1,484.6 1,545.0 1,711.3 1,815.3 1,510.5 1,525.9 1,540.0 1,603.6 1,643.2 1,705.2 1,723.7 1,773.1 1,790.9 1,797.1 1,808.1 1,865.0 1,905.9 1,912.7 1,937.7 1,564.9 1,594.0 1,624.4 1,686.9 1,721.6 1,780.3 1,858.8 1,904.8 1,940.6 1,958.0 1,879.3 1,907.5 1,914.5 1,918.0 1,931.8 1,942.6 1,948.7 1,939.3 1,947.2 1,952.6 1,968.8 1,963.5 1,987.1 1,991.2 2,002.1 1 GDP less exports of goods and services plus imports of goods and services. NOTE.—Because of the formula used for calculating real GDP, the chained (2000) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates. Total National defense Nondefense 573.5 567.6 561.2 573.7 578.8 601.4 643.4 687.1 716.6 727.5 662.5 693.0 693.7 699.0 711.3 715.7 724.5 714.9 720.8 721.6 738.2 729.6 745.1 736.6 739.3 383.8 373.0 365.3 372.2 370.3 384.9 413.2 449.0 475.4 483.6 424.2 458.4 452.2 461.1 471.3 473.6 484.0 472.6 477.8 481.1 494.1 481.4 491.8 489.3 488.0 189.6 194.5 195.9 201.5 208.5 216.5 230.2 238.0 241.0 243.7 238.4 234.5 241.5 237.8 239.9 241.9 240.1 242.1 242.8 240.1 243.8 248.0 253.1 247.0 251.1 State and local 990.5 1,025.9 1,063.0 1,113.2 1,142.8 1,179.0 1,215.4 1,217.8 1,223.9 1,230.4 1,216.9 1,214.4 1,220.8 1,219.0 1,220.4 1,226.8 1,224.1 1,224.3 1,226.3 1,230.9 1,230.5 1,233.7 1,242.0 1,254.4 1,262.6 Final sales of domestic product Gross domestic purchases 1 Addendum: Gross national product 8,306.5 8,636.6 8,997.6 9,404.0 9,760.5 9,920.9 10,036.5 10,285.1 10,648.3 11,025.2 10,100.9 10,213.7 10,385.9 10,440.0 10,528.7 10,596.1 10,700.1 10,768.2 10,856.5 11,005.3 11,123.5 11,115.5 11,269.0 11,328.0 11,386.0 8,405.7 8,807.6 9,272.5 9,767.7 10,196.4 10,290.1 10,517.7 10,815.5 11,286.5 11,659.7 10,629.0 10,734.6 10,908.7 10,989.5 11,108.5 11,257.2 11,344.5 11,435.9 11,531.5 11,599.9 11,714.6 11,792.9 11,946.3 12,005.9 12,074.0 8,365.3 8,737.5 9,088.7 9,504.7 9,855.9 9,933.6 10,079.0 10,355.3 10,746.8 11,077.9 10,163.8 10,266.9 10,449.9 10,540.5 10,632.2 10,709.4 10,796.3 10,849.3 10,946.0 11,028.2 11,162.0 11,175.6 11,342.7 11,408.5 11,463.5 Source: Department of Commerce, Bureau of Economic Analysis. IMPLICIT PRICE DEFLATORS FOR GROSS DOMESTIC PRODUCT [Index numbers, 2000=100; quarterly data are seasonally adjusted] Personal consumption expenditures Period 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2003: ................. ................. ................. ................. ................. ................. ................. ................. ................. ................. I ............ II ........... III ......... IV .......... 2004: I ............ II ........... III ......... IV .......... 2005: I ............ II ........... III ......... IV .......... 2006: I ............ II ........... III r ........ Gross domestic product 93.852 95.414 96.472 97.868 100.000 102.399 104.187 106.404 109.426 112.737 105.724 106.062 106.611 107.190 108.183 109.162 109.728 110.601 111.539 112.219 113.121 114.034 114.951 115.887 116.388 Total 93.547 95.124 95.979 97.575 100.000 102.094 103.542 105.597 108.373 111.493 105.055 105.230 105.845 106.235 107.195 108.146 108.649 109.467 110.083 110.931 112.058 112.865 113.436 114.564 115.250 Durable goods Nondurable goods 109.507 107.068 104.152 101.625 100.000 98.113 95.767 92.366 90.844 90.198 93.827 92.821 91.882 91.065 91.054 91.109 90.581 90.648 90.712 90.573 89.912 89.610 89.389 89.210 88.972 Source: Department of Commerce, Bureau of Economic Analysis. 2 92.566 93.835 93.821 96.174 100.000 101.531 102.090 104.145 107.617 111.531 104.173 103.420 104.420 104.553 106.007 107.553 107.854 109.017 109.310 110.587 112.998 113.158 113.466 115.750 116.424 Gross private domestic investment Services 90.844 93.304 95.318 97.393 100.000 103.256 106.019 109.379 112.863 116.529 108.071 108.996 109.801 110.620 111.564 112.435 113.294 114.123 115.041 115.921 116.850 118.273 119.185 120.051 120.984 Nonresidential fixed 105.011 103.696 101.421 100.057 100.000 99.683 99.513 99.591 100.834 103.428 99.665 99.342 99.508 99.845 100.082 100.607 100.967 101.625 102.528 103.043 103.596 104.499 105.459 106.255 106.476 Exports and imports of Government consumption expenditures goods and services and gross investment Federal Residential fixed 87.609 89.843 92.239 95.780 100.000 104.633 107.240 112.372 120.618 126.714 111.400 111.457 112.181 114.285 117.166 119.707 121.866 123.551 124.256 125.409 127.533 129.496 130.724 131.654 131.551 Exports Imports Total 102.987 101.233 98.905 98.313 100.000 99.625 99.272 101.429 105.152 108.950 100.910 101.180 101.409 102.164 103.684 104.955 105.423 106.472 107.684 108.632 109.324 110.091 110.720 112.383 113.637 104.529 100.816 95.354 95.960 100.000 97.497 96.342 99.686 104.678 111.269 100.078 99.097 99.734 99.828 102.149 103.948 105.353 107.070 107.777 110.189 112.890 114.090 113.890 116.581 118.127 91.957 93.533 94.512 96.883 100.000 101.908 105.632 110.095 115.249 120.726 109.569 109.979 110.252 110.552 113.613 115.093 115.721 116.555 119.706 120.355 121.346 121.472 123.715 124.865 125.359 National defense Nondefense State and local 92.379 93.716 94.643 96.886 100.000 102.002 105.792 110.751 115.954 121.855 110.187 110.584 110.908 111.280 114.091 115.715 116.530 117.460 120.736 121.446 122.461 122.753 124.746 125.999 126.650 91.146 93.192 94.269 96.880 100.000 101.738 105.345 108.898 113.962 118.606 108.442 108.878 109.052 109.218 112.773 113.972 114.227 114.869 117.785 118.311 119.257 119.056 121.783 122.733 122.919 89.717 91.414 92.935 95.667 100.000 102.868 105.434 109.712 114.417 121.463 108.838 109.143 110.041 110.822 111.952 113.419 115.104 117.189 118.516 120.272 122.434 124.615 125.428 127.090 127.841 GROSS DOMESTIC PRODUCT AND RELATED PRICE MEASURES: INDEXES AND PERCENT CHANGES [Quarterly data are seasonally adjusted] Percent change from preceding period 1 Index numbers, 2000=100 Real GDP (chain-type quantity index) Period 1996 ...................................................................................... 1997 ...................................................................................... 1998 ...................................................................................... 1999 ...................................................................................... 2000 ...................................................................................... 2001 ...................................................................................... 2002 ...................................................................................... 2003 ...................................................................................... 2004 ...................................................................................... 2005 ...................................................................................... 2002: I ................................................................................ II ............................................................................... III ............................................................................. IV .............................................................................. 2003: I ................................................................................ II ............................................................................... III ............................................................................. IV .............................................................................. 2004: I ................................................................................ II ............................................................................... III ............................................................................. IV .............................................................................. 2005: I ................................................................................ II ............................................................................... III ............................................................................. IV .............................................................................. 2006: I ................................................................................ II ............................................................................... III r ............................................................................ 1 Quarterly 84.842 88.658 92.359 96.469 100.000 100.751 102.362 104.931 109.031 112.546 101.633 102.186 102.788 102.840 103.148 104.031 105.926 106.621 107.633 108.705 109.538 110.247 111.173 112.069 113.223 113.719 115.274 116.004 116.640 GDP chain-type price index 93.859 95.415 96.475 97.868 100.000 102.402 104.193 106.409 109.429 112.744 103.553 103.944 104.347 104.926 105.742 106.076 106.616 107.204 108.190 109.172 109.744 110.610 111.558 112.229 113.139 114.048 114.967 115.905 116.414 percent changes are at annual rates. GDP implicit price deflator GDP (current dollars) 93.852 95.414 96.472 97.868 100.000 102.399 104.187 106.404 109.426 112.737 103.568 103.938 104.328 104.907 105.724 106.062 106.611 107.190 108.183 109.162 109.728 110.601 111.539 112.219 113.121 114.034 114.951 115.887 116.388 5.7 6.2 5.3 6.0 5.9 3.2 3.4 4.7 6.9 6.3 4.3 3.7 3.9 2.4 4.4 4.8 9.7 4.9 7.8 7.9 5.3 5.9 7.0 5.8 7.6 5.1 9.0 5.9 4.0 Real GDP (chain-type quantity index) GDP chain-type price index 3.7 4.5 4.2 4.5 3.7 .8 1.6 2.5 3.9 3.2 2.7 2.2 2.4 .2 1.2 3.5 7.5 2.7 3.9 4.0 3.1 2.6 3.4 3.3 4.2 1.8 5.6 2.6 2.2 GDP implicit price deflator 1.9 1.7 1.1 1.4 2.2 2.4 1.7 2.1 2.8 3.0 1.7 1.5 1.6 2.2 3.1 1.3 2.1 2.2 3.7 3.7 2.1 3.2 3.5 2.4 3.3 3.3 3.3 3.3 1.8 1.9 1.7 1.1 1.4 2.2 2.4 1.7 2.1 2.8 3.0 1.5 1.4 1.5 2.2 3.2 1.3 2.1 2.2 3.8 3.7 2.1 3.2 3.4 2.5 3.3 3.3 3.3 3.3 1.7 Source: Department of Commerce, Bureau of Economic Analysis. NONFINANCIAL CORPORATE BUSINESS–GROSS VALUE ADDED AND PRICE, COSTS, AND PROFITS [Quarterly data at seasonally adjusted annual rates] Price per unit of real gross value added of nonfinancial corporate business (dollars) 1 2 Gross value added of nonfinancial corporate business (billions of dollars)1 Unit nonlabor cost Period 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2003: ........................................................ ........................................................ ........................................................ ........................................................ ........................................................ ........................................................ ........................................................ ........................................................ ........................................................ ........................................................ I ................................................... II ................................................. III ................................................ IV ................................................ 2004: I ................................................... II ................................................. III ................................................ IV ................................................ 2005: I ................................................... II ................................................. III ................................................ IV ................................................ 2006: I ................................................... II r ................................................ III p .............................................. Current dollars Chained (2000) dollars 4,109.5 4,401.8 4,655.0 4,950.8 5,272.2 5,293.5 5,371.7 5,558.4 5,932.9 6,369.7 5,443.9 5,501.6 5,603.3 5,684.6 5,780.2 5,878.9 5,992.9 6,079.6 6,193.9 6,324.4 6,425.7 6,534.8 6,788.2 6,790.0 6,915.3 4,196.4 4,469.3 4,725.4 5,011.0 5,272.2 5,224.5 5,269.7 5,382.1 5,654.5 5,959.9 5,293.8 5,337.8 5,417.8 5,479.0 5,554.5 5,603.9 5,707.4 5,752.0 5,829.7 5,935.2 5,994.7 6,079.8 6,268.0 6,224.7 6,335.8 Total Compensation of employees (unit labor cost) 0.979 .985 .985 .988 1.000 1.013 1.019 1.033 1.049 1.069 1.028 1.031 1.034 1.038 1.041 1.049 1.050 1.057 1.062 1.066 1.072 1.075 1.083 1.091 1.091 1 Estimates for nonfinancial corporate business for 2000 and earlier periods are based on the Standard Industrial Classification (SIC); later estimates are based on the North American Industry Classification System (NAICS). 2 The implicit price deflator for gross value added of nonfinancial corporate business divided by 100. 0.627 .629 .645 .652 .672 .688 .685 .688 .685 .688 .686 .689 .688 .689 .683 .684 .683 .690 .688 .682 .691 .690 .693 .699 .694 Total 0.228 .228 .226 .229 .237 .257 .253 .253 .248 .252 .257 .253 .253 .251 .248 .250 .249 .249 .252 .251 .257 .251 .247 .253 .249 Consumption of fixed capital Taxes on production and imports 3 Net interest and miscellaneous payments 0.104 .105 .104 .105 .108 .124 .122 .122 .121 .124 .123 .123 .122 .121 .120 .120 .126 .120 .121 .120 .134 .121 .117 .120 .118 0.097 .095 .092 .092 .093 .094 .099 .103 .103 .102 .102 .101 .104 .104 .104 .105 .099 .105 .105 .105 .096 .103 .102 .104 .103 0.027 .028 .030 .032 .036 .039 .032 .028 .024 .026 .032 .029 .027 .026 .024 .025 .024 .024 .026 .026 .027 .027 .028 .029 .028 Corporate profits with inventory valuation and capital consumption adjustments 4 Total 0.125 .128 .114 .107 .090 .068 .081 .091 .115 .128 .086 .088 .094 .098 .109 .116 .118 .118 .123 .132 .125 .133 .144 .139 .148 Taxes on corporate income 0.036 .036 .034 .034 .032 .021 .018 .025 .033 .042 .024 .023 .025 .028 .030 .033 .035 .033 .041 .041 .043 .044 .045 .046 .047 Profits after tax 5 0.088 .092 .080 .073 .058 .047 .063 .066 .083 .086 .061 .065 .069 .070 .079 .083 .083 .085 .083 .091 .082 .089 .099 .094 .101 3 Less subsidies plus business current transfer payments. profits from current production. inventory valuation and capital consumption adjustments. NOTE.—Revisions include changes to series affected by revised wage and salary estimates for 2006:II. Source: Department of Commerce, Bureau of Economic Analysis. 4 Unit 5 With 3 NATIONAL INCOME [Billions of dollars; quarterly data at seasonally adjusted annual rates] Proprietors’ income 1 Period 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2003: ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. I ........ II ...... III ..... IV ..... 2004: I ........ II ...... III ..... IV ..... 2005: I ........ II ...... III ..... IV ..... 2006: I ........ II ...... III r .... National income 6,840.1 7,292.2 7,752.8 8,236.7 8,795.2 8,979.8 9,229.3 9,632.3 10,255.9 10,811.8 9,406.7 9,537.9 9,699.3 9,885.4 10,084.3 10,207.0 10,243.5 10,488.6 10,702.3 10,795.4 10,643.2 11,106.2 11,551.3 r 11,611.5 11,764.8 Compensation of employees 4,390.5 4,661.7 5,019.4 5,357.1 5,782.7 5,942.1 6,091.2 6,325.4 6,650.3 7,030.3 6,202.4 6,289.0 6,365.8 6,444.3 6,521.9 6,590.2 6,689.6 6,799.4 6,889.6 6,953.7 7,093.6 7,184.4 7,400.3 r 7,425.5 7,510.9 Farm 37.3 34.2 29.4 28.6 22.7 19.7 10.6 29.2 36.2 30.2 21.8 30.5 32.1 32.5 38.1 39.5 32.9 34.3 33.9 28.7 29.7 28.7 23.9 17.5 20.8 Nonfarm 505.9 541.8 598.4 649.7 705.7 752.2 757.8 782.1 874.9 940.4 757.4 771.2 791.5 808.3 839.4 870.6 882.2 907.3 918.9 937.1 937.7 968.1 984.4 994.3 993.1 Corporate profits with inventory valuation and capital consumption adjustments Rental income of persons with capital consumption adjustment Profits with inventory valuation adjustment and without capital consumption adjustment Total 131.5 128.8 137.5 147.3 150.3 167.4 152.9 133.0 127.0 72.8 137.4 130.5 116.3 147.6 140.1 132.0 112.7 123.4 118.5 102.8 ¥11.5 81.5 76.8 71.4 73.4 786.2 868.5 801.6 851.3 817.9 767.3 886.3 993.1 1,182.6 1,330.7 923.6 956.2 1,016.2 1,076.5 1,158.1 1,183.3 1,154.0 1,234.9 1,320.0 1,342.9 1,266.3 1,393.5 1,569.1 1,591.8 1,658.0 Total Profits before tax 736.1 812.3 738.5 776.8 759.3 719.2 766.2 894.5 1,104.5 1,486.1 833.6 847.8 912.9 983.6 1,061.7 1,097.2 1,086.9 1,172.1 1,453.1 1,487.4 1,444.9 1,559.1 1,717.7 1,752.6 1,820.5 733.0 798.2 718.3 775.9 773.4 707.9 768.4 908.1 1,144.3 1,518.7 859.4 851.1 918.3 1,003.5 1,091.7 1,144.7 1,125.5 1,215.2 1,492.3 1,508.3 1,475.8 1,598.3 1,740.6 1,811.5 1,857.8 1 With inventory valuation and capital consumption adjustments. NOTE.—Revisions include changes to series affected by revised wage and salary estimates for 2006:II. Inventory valuation adjustment 3.1 14.1 20.2 1.0 ¥14.1 11.3 ¥2.2 ¥13.6 ¥39.8 ¥32.6 ¥25.8 ¥3.3 ¥5.3 ¥19.9 ¥30.0 ¥47.5 ¥38.6 ¥43.1 ¥39.2 ¥21.0 ¥30.9 ¥39.2 ¥22.9 ¥58.9 ¥37.2 Capital consumption adjustment Net interest and miscellaneous payments Taxes on production and imports 50.1 56.2 63.1 74.5 58.6 48.1 120.1 98.7 78.1 ¥155.5 90.0 108.4 103.3 92.9 96.4 86.0 67.1 62.8 ¥133.1 ¥144.5 ¥178.6 ¥165.6 ¥148.6 ¥160.8 ¥162.6 376.2 415.6 487.1 495.4 559.0 566.3 520.9 524.7 485.1 483.4 529.1 529.6 526.4 513.7 501.8 493.4 475.7 469.4 483.7 477.1 482.9 490.0 514.8 513.2 503.8 581.1 612.0 639.8 674.0 708.9 728.6 762.8 807.2 864.0 922.4 787.5 800.2 812.9 828.0 845.4 858.2 867.2 885.2 901.6 920.2 930.2 937.3 952.5 966.4 973.3 Less: Subsidies Business current transfer payments Current surplus of government enterprises 34.3 32.9 35.4 44.2 44.3 55.3 38.4 47.9 44.7 57.3 42.0 55.6 46.5 47.3 43.7 42.8 44.3 47.8 52.3 55.6 58.1 63.1 55.1 52.3 52.0 53.1 49.9 64.7 67.4 87.1 92.8 84.3 83.8 85.5 74.2 84.1 83.8 84.1 83.3 85.4 86.1 79.1 91.2 97.6 99.9 .2 99.1 93.8 93.1 93.4 12.7 12.6 10.3 10.1 5.3 ¥1.4 .9 1.7 ¥5.0 ¥15.4 5.4 2.5 .5 ¥1.5 ¥2.3 ¥3.6 ¥5.6 ¥8.6 ¥9.1 ¥11.3 ¥27.7 ¥13.3 ¥9.2 ¥9.4 ¥10.0 Source: Department of Commerce, Bureau of Economic Analysis. REAL PERSONAL CONSUMPTION EXPENDITURES [Billions of chained (2000) dollars, except as noted; quarterly data at seasonally adjusted annual rates] Durable goods Period 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2003: ............... ............... ............... ............... ............... ............... ............... ............... ............... ............... I .......... II ......... III ....... IV ........ 2004: I .......... II ......... III ....... IV ........ 2005: I .......... II ......... III ....... IV ........ 2006: I .......... II ......... III r ...... 1 Includes Total personal consumption expenditures 5,619.4 5,831.8 6,125.8 6,438.6 6,739.4 6,910.4 7,099.3 7,295.3 7,577.1 7,841.2 7,184.9 7,249.3 7,352.9 7,394.3 7,479.8 7,534.4 7,607.1 7,687.1 7,739.4 7,819.8 7,895.3 7,910.2 8,003.8 8,055.0 8,112.0 Total durable goods 595.9 646.9 720.3 804.6 863.3 900.7 964.8 1,020.6 1,085.7 1,145.3 971.4 1,009.8 1,049.6 1,051.4 1,067.0 1,071.4 1,093.9 1,110.3 1,116.8 1,150.8 1,175.9 1,137.9 1,190.5 1,190.3 1,207.6 Motor vehicles and parts 285.4 304.7 339.0 372.4 386.5 405.8 429.0 442.1 450.4 452.9 424.8 442.3 454.8 446.4 449.0 444.7 451.3 456.5 447.7 463.0 474.6 426.3 445.1 443.7 453.2 Furniture and household equipment 193.4 216.3 244.7 280.7 312.9 331.8 364.3 397.8 446.0 490.6 373.3 388.7 410.0 419.1 430.3 440.1 453.0 460.8 471.2 482.0 497.7 511.5 538.5 542.9 550.4 Nondurable goods Other 119.6 127.3 137.6 151.7 163.9 163.2 172.4 183.2 195.6 212.6 174.9 180.6 187.5 189.9 192.6 192.9 196.7 200.3 206.7 214.2 213.1 216.3 224.6 222.5 223.0 Total nondurable goods 1,680.4 1,725.3 1,794.4 1,876.6 1,947.2 1,986.7 2,037.1 2,103.0 2,179.2 2,276.8 2,072.5 2,084.2 2,123.0 2,132.5 2,155.3 2,164.3 2,184.0 2,213.1 2,241.5 2,268.4 2,287.6 2,309.6 2,342.8 2,351.1 2,357.7 Food 834.7 845.2 865.6 893.6 925.2 940.2 954.6 977.7 1,011.0 1,065.7 969.4 970.3 985.3 985.8 999.6 1,003.7 1,011.0 1,029.6 1,043.7 1,058.5 1,074.9 1,085.7 1,103.4 1,108.8 1,105.4 other items, not shown separately. NOTE.—Because of the formula used for calculating real GDP, the chained (2000) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates. 4 Clothing and shoes 238.7 246.0 263.1 282.7 297.7 303.7 318.3 334.2 350.9 372.7 323.9 332.2 340.8 340.1 349.8 345.5 351.1 357.2 362.8 371.1 373.9 383.1 391.1 387.4 392.4 Gasoline and oil 157.9 162.8 170.3 176.3 175.7 178.3 181.9 183.2 186.0 185.9 181.6 181.9 183.9 185.2 186.0 186.1 185.3 186.4 188.7 186.7 184.2 183.9 183.9 183.5 186.6 Services Fuel oil and coal 18.4 16.9 16.0 16.4 15.8 15.2 15.5 15.4 14.6 13.7 15.6 14.9 15.4 15.8 15.0 14.8 14.8 14.0 14.4 14.1 13.6 12.8 12.2 12.9 12.2 Other 432.9 456.6 481.1 508.6 532.9 549.2 567.1 593.2 618.5 643.9 582.1 585.7 598.6 606.5 606.5 615.2 623.8 628.4 634.3 642.2 646.7 652.4 662.6 668.3 670.7 Total services 1 3,356.0 3,468.0 3,615.0 3,758.0 3,928.8 4,023.2 4,100.4 4,178.8 4,323.9 4,436.6 4,143.3 4,161.3 4,190.7 4,220.2 4,268.2 4,308.4 4,341.5 4,377.4 4,395.3 4,420.0 4,454.5 4,476.7 4,494.5 4,535.4 4,570.7 Housing 901.1 922.5 948.8 978.6 1,006.5 1,033.7 1,042.1 1,051.9 1,091.6 1,122.6 1,042.0 1,046.3 1,054.7 1,064.6 1,076.8 1,087.4 1,096.9 1,105.3 1,112.7 1,120.0 1,126.4 1,131.2 1,137.6 1,144.5 1,151.7 Source: Department of Commerce, Bureau of Economic Analysis. Medical care 922.5 942.8 970.7 989.0 1,026.8 1,075.2 1,136.6 1,180.8 1,217.3 1,260.9 1,170.5 1,177.4 1,184.2 1,191.0 1,199.1 1,210.8 1,224.2 1,235.1 1,243.4 1,253.8 1,267.5 1,279.0 1,292.6 1,300.9 1,310.3 Retail sales of new passenger cars and light trucks (millions of units) 15.1 15.1 15.5 16.9 17.3 17.1 16.8 16.6 16.9 16.9 16.2 16.4 17.2 16.8 16.6 16.6 17.0 17.2 16.6 17.3 18.0 16.0 16.9 16.3 16.6 SOURCES OF PERSONAL INCOME Personal income rose $49.3 billion (annual rate) in October following an increase of $54.3 billion in September. Wages and salaries rose $37.9 billion in October following an increase of $38.3 billion in September. [Billions of dollars; monthly data at seasonally adjusted annual rates] Compensation of employees, received Period 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2005: ................. ................. ................. ................. ................. ................. ................. ................. ................. ................. Oct ........ Nov ....... Dec ........ 2006: Jan ........ Feb ........ Mar ....... Apr r ....... May r ...... June r ..... July r ...... Aug r ...... Sept r ..... Oct p ....... 1 With 2 With Total personal income Total 6,520.6 6,915.1 7,423.0 7,802.4 8,429.7 8,724.1 8,881.9 9,163.6 9,731.4 10,239.2 10,452.6 10,472.4 10,526.1 10,664.9 10,721.9 10,777.4 10,784.3 10,795.3 10,842.2 10,898.3 10,954.8 11,009.1 11,058.4 4,386.9 4,664.6 5,020.1 5,352.0 5,782.7 5,942.1 6,091.2 6,310.4 6,665.3 7,030.3 7,169.6 7,173.1 7,210.6 7,342.5 7,407.2 7,451.3 7,434.9 7,406.8 7,434.7 7,477.1 7,505.3 7,550.4 7,595.8 Wage and salary disbursements 3,619.6 3,877.6 4,183.4 4,466.3 4,829.2 4,942.8 4,980.9 5,112.7 5,392.1 5,664.8 5,777.3 5,776.5 5,807.2 5,919.8 5,976.6 6,013.8 5,993.6 5,963.5 5,985.7 6,020.2 6,042.5 6,080.8 6,118.7 inventory valuation and capital consumption adjustments. capital consumption adjustment. mainly of social insurance benefits to persons. 3 Consists Supplements to wages and salaries 767.3 787.0 836.7 885.7 953.4 999.3 1,110.3 1,197.7 1,273.2 1,365.5 1,392.2 1,396.5 1,403.4 1,422.7 1,430.7 1,437.4 1,441.3 1,443.3 1,449.0 1,456.9 1,462.8 1,469.6 1,477.1 Proprietors’ income 1 Farm 37.3 34.2 29.4 28.6 22.7 19.7 10.6 29.2 36.2 30.2 29.2 28.7 28.1 24.6 23.9 23.2 20.5 17.5 14.6 16.7 20.6 25.0 27.8 Nonfarm 505.9 541.8 598.4 649.7 705.7 752.2 757.8 782.1 874.9 940.4 964.3 966.7 973.2 982.0 981.8 989.3 989.6 997.3 996.1 992.7 995.6 991.0 989.3 Personal income receipts on assets Rental income of persons 2 131.5 128.8 137.5 147.3 150.3 167.4 152.9 133.0 127.0 72.8 80.1 83.9 80.5 78.0 75.9 76.4 74.2 71.8 68.2 71.0 73.2 76.1 73.1 Total 1,089.2 1,181.7 1,283.2 1,264.2 1,387.0 1,380.0 1,333.2 1,336.6 1,427.9 1,519.4 1,561.3 1,580.3 1,599.1 1,600.8 1,602.1 1,603.9 1,625.4 1,647.3 1,670.2 1,677.4 1,684.9 1,692.7 1,704.1 Personal interest income 793.0 848.7 933.2 928.6 1,011.0 1,011.0 936.1 914.1 890.8 945.0 968.5 981.8 994.9 992.0 989.1 986.2 1,002.7 1,019.2 1,035.6 1,036.4 1,037.2 1,038.0 1,042.5 Personal dividend income 296.2 333.0 349.9 335.6 376.1 369.0 397.2 422.6 537.1 574.4 592.8 598.5 604.2 608.8 613.0 617.8 622.7 628.2 634.6 641.0 647.7 654.6 661.6 Personal current transfer receipts 3 925.0 951.2 978.6 1,022.1 1,084.0 1,193.9 1,286.2 1,351.0 1,426.5 1,526.6 1,546.1 1,537.3 1,536.0 1,566.3 1,568.7 1,576.3 1,580.2 1,591.1 1,597.8 1,608.0 1,622.5 1,625.9 1,626.4 Less: Contributions for government social insurance 555.2 587.2 624.2 661.4 702.7 731.1 750.0 778.6 826.4 880.6 897.8 897.5 901.5 929.3 937.8 943.0 940.5 936.6 939.4 944.5 947.5 952.0 958.1 NOTE.—Revisions include changes to series affected by revised wage and salary estimates for 2006:II. Source: Department of Commerce, Bureau of Economic Analysis. 5 DISPOSITION OF PERSONAL INCOME According to revised estimates, per capita disposable personal income in chained (2000) dollars rose at an annual rate of 2.7 percent in the third quarter of 2006. 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 (2000) dollars Per capita disposable personal income Current dollars Billions of dollars 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 ............ 6,520.6 ............ 6,915.1 ............ 7,423.0 ............ 7,802.4 ............ 8,429.7 ............ 8,724.1 ............ 8,881.9 ............ 9,163.6 ............ 9,731.4 ............ 10,239.2 832.1 926.3 1,027.0 1,107.5 1,235.7 1,237.3 1,051.8 1,001.1 1,049.8 1,203.1 5,688.5 5,988.8 6,395.9 6,695.0 7,194.0 7,486.8 7,830.1 8,162.5 8,681.6 9,036.1 5,460.0 5,770.5 6,119.1 6,536.4 7,025.6 7,354.5 7,645.3 7,987.7 8,507.2 9,070.9 Chained (2000) dollars Per capita personal consumption expenditures Current dollars Chained (2000) dollars Dollars 228.4 218.3 276.8 158.6 168.5 132.3 184.7 174.9 174.3 ¥34.8 6,080.9 6,295.8 6,663.9 6,861.3 7,194.0 7,333.3 7,562.2 7,729.9 8,010.8 8,104.6 21,091 21,940 23,161 23,968 25,472 26,235 27,164 28,039 29,536 30,458 Percent change in real per capita disposable personal income Saving as percent of disposable personal income Population, including Armed Forces overseas (thousands) 2 Percent 22,546 23,065 24,131 24,564 25,472 25,697 26,235 26,553 27,254 27,318 19,490 20,323 21,291 22,491 23,862 24,722 25,501 26,463 27,937 29,468 20,835 21,365 22,183 23,050 23,862 24,215 24,629 25,060 25,778 26,430 1.8 2.3 4.6 1.8 3.7 .9 2.1 1.2 2.6 .2 4.0 3.6 4.3 2.4 2.3 1.8 2.4 2.1 2.0 ¥.4 269,714 272,958 276,154 279,328 282,429 285,371 288,253 291,114 293,933 296,677 26,176 26,437 26,776 26,819 27,018 27,113 27,228 27,654 27,319 27,290 27,183 27,484 27,743 27,578 27,759 26,026 26,240 26,700 26,881 27,379 27,758 28,084 28,521 28,818 29,277 29,786 29,985 30,432 30,865 31,193 24,773 24,936 25,226 25,303 25,541 25,667 25,848 26,055 26,178 26,392 26,581 26,567 26,828 26,941 27,066 0.8 4.0 5.2 .6 3.0 1.4 1.7 6.4 ¥4.8 ¥.4 ¥1.6 4.5 3.8 ¥2.4 2.7 1.9 2.2 2.3 2.2 2.1 2.0 1.6 2.3 .6 ¥.3 ¥1.5 ¥.3 ¥.3 ¥1.4 ¥1.3 290,025 290,717 291,485 292,226 292,853 293,539 294,301 295,037 295,643 296,289 297,027 297,748 298,340 298,982 299,716 Seasonally adjusted annual rates 2003: I ....... II ..... III .... IV .... 2004: I ....... II ..... III .... IV .... 2005: I ....... II ..... III .... IV .... 2006: I ....... II r .... III r .. 8,998.2 9,111.3 9,203.6 9,341.3 9,497.7 9,640.5 9,767.9 10,019.4 10,048.8 10,161.5 10,262.7 10,483.7 10,721.4 10,807.3 10,954.0 1,022.7 1,023.7 942.6 1,015.4 1,016.0 1,033.4 1,061.6 1,088.2 1,157.9 1,191.8 1,215.0 1,247.6 1,332.6 1,361.0 1,365.6 7,975.5 8,087.6 8,261.0 8,326.0 8,481.6 8,607.1 8,706.3 8,931.2 8,890.9 8,969.7 9,047.7 9,236.1 9,388.8 9,446.2 9,588.4 7,826.4 149.1 7,913.7 173.9 8,067.0 194.0 8,143.5 182.5 8,302.7 178.9 8,438.7 168.3 8,565.1 141.2 8,722.3 208.9 8,838.5 52.5 9,000.4 ¥30.8 9,180.3 ¥132.6 9,264.5 ¥28.5 9,418.5 ¥29.7 9,577.0 ¥130.8 9,709.7 ¥121.3 7,591.7 7,685.7 7,804.8 7,837.3 7,912.4 7,958.8 8,013.3 8,158.8 8,076.6 8,085.8 8,074.1 8,183.3 8,276.8 8,245.4 8,319.7 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 27,499 27,820 28,341 28,492 28,962 29,322 29,583 30,271 30,073 30,273 30,461 31,020 31,470 31,595 31,992 Note.—Revisions include changes to series affected by revised wage and salary estimates for 2006:II. Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census). FARM INCOME According to the revised forecast for 2006, gross farm income is forecast at $296.1 billion, and net farm income at $58.9 billion. [Billions of dollars; quarterly data at seasonally adjusted annual rates] Income of farm operators from farming Gross farm income Period Cash marketing receipts Total 1 Total 1997 ................................ 1998 ................................ 1999 ................................ 2000 ................................ 2001 ................................ 2002 ................................ 2003 ................................ 2004 ................................ 2005 ................................ 2006 r ............................... 2004: I ........................... II ......................... III ........................ IV ........................ 2005: I ........................... II ......................... III ........................ IV ........................ 2006: I r .......................... II r ........................ III r ...................... IV r ....................... 238.0 232.6 234.9 244.4 252.7 233.6 260.9 296.2 299.8 296.1 325.1 282.0 280.7 296.8 337.4 287.4 278.4 296.0 317.6 279.6 285.4 301.7 207.8 196.5 187.8 192.0 200.1 195.0 215.5 237.9 238.9 242.0 251.6 232.8 231.2 235.9 251.0 241.5 232.5 230.7 246.7 236.7 240.9 243.5 Livestock and products 96.5 94.2 95.7 99.6 106.7 94.0 105.6 123.6 125.0 120.7 125.5 123.7 121.6 123.7 125.3 126.1 124.6 123.9 122.4 114.8 122.2 123.5 1 Cash marketing receipts, Government payments, value of changes in inventories, other farm related cash income, and nonmoney income produced by farms including imputed rent of operator residences. 2 Crop receipts include proceeds received from commodities placed under Commodity Credit Corporation loans. 3 Physical changes in beginning and ending year inventories of crop and livestock commodities valued at weighted average market prices during the period. Crops 2 111.3 102.2 92.1 92.4 93.4 101.0 109.9 114.3 114.0 121.2 126.1 109.2 109.5 112.2 125.7 115.5 107.9 106.7 124.3 121.9 118.7 120.0 Value of inventory changes 3 0.6 ¥.6 ¥.2 1.6 1.1 ¥3.4 ¥2.4 11.6 .4 ¥.3 12.2 11.3 11.2 11.5 .4 .4 .3 .3 ¥.3 ¥.2 ¥.3 ¥.3 Direct Government payments 4 Production expenses 7.5 12.4 21.5 23.2 22.4 12.4 16.5 13.0 24.3 16.5 25.5 4.8 5.5 16.0 48.0 9.0 10.4 30.1 32.6 6.1 7.1 20.4 186.7 185.5 187.2 193.1 197.1 193.4 200.4 210.8 226.0 237.2 222.9 206.3 204.8 209.0 237.4 228.4 219.9 218.1 241.8 232.0 236.2 238.6 Net farm income 51.3 47.1 47.7 51.3 55.6 40.2 60.4 85.4 73.8 58.9 102.2 75.7 75.9 87.8 100.0 59.0 58.5 77.8 75.8 47.6 49.3 63.1 4 Includes only Government payments made directly to farmers. NOTE.—Data for 2006 are forecasts. Source: Department of Agriculture. 7 CORPORATE PROFITS In the third quarter of 2006, according to preliminary estimates, corporate profits before tax rose $46.3 billion (annual rate) and profits after tax rose $31.2 billion. [Billions of dollars; quarterly data at seasonally adjusted annual rates] Profits (before tax) with inventory valuation adjustment 1 Profits after tax Domestic industries Period Profits before tax Nonfinancial Total 2 Total Financial Total 3 Manufacturing Utilities Wholesale Retail Taxes on corporate income Total Net dividends Undistributed profits Inventory valuation adjustment 1996 .......... 1997 .......... 1998 .......... 736.1 812.3 738.5 634.2 701.4 635.5 172.6 193.0 165.9 461.6 508.4 469.6 188.8 209.0 173.5 ................ ................ ................ 39.8 47.6 52.3 51.9 64.2 73.4 733.0 798.2 718.3 231.7 246.1 248.3 501.4 552.1 470.0 297.6 334.5 351.6 203.8 217.6 118.3 3.1 14.1 20.2 1998 4 ....... 1999 .......... 2000 .......... 2001 .......... 2002 .......... 2003 .......... 2004 .......... 2005 .......... 2003: I ..... II ... III .. IV .. 2004: I ..... II ... III .. IV .. 2005: I ..... II ... III .. IV .. 2006: I ..... II ... III p 738.5 776.8 759.3 719.2 766.2 894.5 1,104.5 1,486.1 833.6 847.8 912.9 983.6 1,061.7 1,097.2 1,086.9 1,172.1 1,453.1 1,487.4 1,444.9 1,559.1 1,717.7 1,752.6 1,820.5 635.5 655.3 613.6 549.5 610.4 729.0 928.2 1,289.1 684.4 688.9 749.8 793.0 876.9 927.4 904.3 1,004.3 1,270.0 1,302.2 1,221.5 1,362.8 1,491.6 1,512.7 1,583.5 165.4 194.3 200.2 227.6 276.4 317.3 344.2 389.0 301.6 307.3 326.4 333.8 354.3 353.9 288.5 380.1 433.7 391.7 317.4 413.3 463.9 508.2 507.1 470.1 461.1 413.4 322.0 334.0 411.8 584.0 900.1 382.8 381.6 423.5 459.2 522.7 573.5 615.8 624.2 836.3 910.5 904.1 949.4 1,027.7 1,004.5 1,076.4 157.0 150.6 144.3 52.6 48.2 76.0 150.2 254.8 63.6 55.2 77.0 108.2 127.7 147.4 155.0 170.7 235.5 264.0 260.7 258.9 300.7 289.9 ................ 32.7 33.1 24.4 24.7 10.6 11.6 16.2 30.3 11.5 10.5 11.0 13.2 13.6 15.5 15.7 20.0 29.5 30.9 22.4 38.3 39.7 46.8 ................ 53.2 55.5 59.7 52.1 49.3 55.2 69.9 97.6 47.3 47.2 61.0 65.4 64.5 64.8 81.2 69.3 88.2 102.1 94.1 105.9 107.2 98.3 .............. 66.4 65.2 59.6 71.0 79.4 86.8 89.3 113.7 80.9 89.7 89.5 87.3 96.6 91.5 82.5 86.7 102.6 107.3 115.9 129.1 123.0 121.2 .............. 718.3 775.9 773.4 707.9 768.4 908.1 1,144.3 1,518.7 859.4 851.1 918.3 1,003.5 1,091.7 1,144.7 1,125.5 1,215.2 1,492.3 1,508.3 1,475.8 1,598.3 1,740.6 1,811.5 1,857.8 248.3 258.6 265.2 204.1 192.6 243.3 300.1 399.3 234.1 228.9 245.5 264.7 281.3 303.0 297.8 318.1 400.9 392.8 378.9 424.6 456.9 476.1 491.1 470.0 517.2 508.2 503.8 575.8 664.8 844.2 1,119.4 625.3 622.2 672.7 738.9 810.3 841.7 827.7 897.1 1,091.3 1,115.5 1,096.9 1,173.7 1,283.7 1,335.4 1,366.6 351.6 337.4 377.9 370.9 399.2 424.7 539.5 576.9 411.7 417.4 427.1 442.8 475.5 503.0 529.0 650.5 554.3 568.2 584.0 601.0 615.7 631.1 650.4 118.3 179.9 130.3 132.9 176.6 240.1 304.7 542.5 213.6 204.8 245.7 296.0 334.9 338.7 298.7 246.6 537.0 547.4 513.0 572.7 668.0 704.3 716.3 20.2 1.0 ¥14.1 11.3 ¥2.2 ¥13.6 ¥39.8 ¥32.6 ¥25.8 ¥3.3 ¥5.3 ¥19.9 ¥30.0 ¥47.5 ¥38.6 ¥43.1 ¥39.2 ¥21.0 ¥30.9 ¥39.2 ¥22.9 ¥58.9 ¥37.2 1 See p. 4 for profits with inventory valuation and capital consumption adjustments. rest of the world, not shown separately. industries not shown separately. 2 Includes 3 Includes 8 4 Data by industry beginning 1998 are based on the 1997 North American Industry Classification System (NAICS) and are not directly comparable with data for prior years shown, which are based on the 1987 Standard Industrial Classification (SIC). Source: Department of Commerce, Bureau of Economic Analysis. REAL GROSS PRIVATE DOMESTIC INVESTMENT In the third quarter of 2006, according to revised estimates, nonresidential fixed investment in chained (2000) dollars rose $31.3 billion (annual rate) and residential investment fell $29.1 billion. There was an increase of $58.0 billion in inventories following an increase of $53.7 billion in the second quarter. [Billions of chained (2000) dollars; quarterly data at seasonally adjusted annual rates] Fixed investment Period 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 Gross private domestic investment Change in private inventories Nonresidential Total Total Equipment and software Residential Structures Total Nonfarm ................................................................................. ................................................................................. ................................................................................. ................................................................................. ................................................................................. ................................................................................. ................................................................................. ................................................................................. ................................................................................. ................................................................................. 1,234.3 1,387.7 1,524.1 1,642.6 1,735.5 1,598.4 1,557.1 1,613.1 1,770.6 1,866.3 1,209.2 1,320.6 1,455.0 1,576.3 1,679.0 1,629.4 1,544.6 1,596.9 1,713.9 1,842.0 833.6 934.2 1,037.8 1,133.3 1,232.1 1,180.5 1,071.5 1,081.8 1,145.8 1,223.8 261.1 280.1 294.5 293.2 313.2 306.1 253.8 243.5 248.7 251.5 578.7 658.3 745.6 840.2 918.9 874.2 820.2 843.1 904.2 984.9 381.3 388.6 418.3 443.6 446.9 448.5 469.9 509.4 559.9 608.0 28.7 71.2 72.6 68.9 56.5 ¥31.7 12.5 14.3 53.4 19.6 21.7 68.5 71.2 71.5 57.8 ¥31.8 15.2 14.0 47.0 19.6 2003: I ............................................................................ II ........................................................................... III ......................................................................... IV .......................................................................... 1,561.8 1,574.4 1,639.7 1,676.5 1,536.3 1,575.6 1,626.7 1,648.9 1,047.5 1,074.5 1,098.8 1,106.5 238.2 246.5 246.0 243.1 813.3 831.7 857.8 869.5 484.1 496.3 521.8 535.2 24.3 ¥2.7 10.5 25.0 19.2 ¥3.2 12.0 28.1 2004: I ............................................................................ II ........................................................................... III ......................................................................... IV .......................................................................... 1,696.4 1,781.9 1,790.8 1,813.4 1,658.0 1,704.4 1,736.1 1,757.1 1,111.2 1,130.7 1,158.8 1,182.3 245.0 249.1 251.0 249.7 872.0 887.6 915.1 942.0 539.2 564.1 568.6 567.7 35.9 74.7 50.8 52.0 32.1 54.5 44.8 56.5 2005: I ............................................................................ II ........................................................................... III ......................................................................... IV .......................................................................... 1,849.6 1,832.6 1,855.9 1,927.0 1,790.6 1,835.8 1,864.2 1,877.3 1,199.7 1,214.8 1,232.4 1,248.2 253.0 251.7 247.1 254.2 956.5 974.8 1,000.6 1,007.6 582.8 609.9 620.4 618.9 55.2 ¥7.4 ¥12.7 43.5 54.9 ¥1.0 ¥14.0 38.6 2006: I ............................................................................ II ........................................................................... III r ........................................................................ 1,963.6 1,968.5 1,968.7 1,914.6 1,906.8 1,902.5 1,288.8 1,302.8 1,334.1 259.6 271.9 282.6 1,044.8 1,041.2 1,059.6 618.5 600.5 571.4 41.2 53.7 58.0 36.8 52.2 56.0 NOTE.—See p. 10 for further detail on fixed investment by type. Because of the formula used for calculating real GDP, the chained (2000) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates. Source: Department of Commerce, Bureau of Economic Analysis. 9 REAL PRIVATE FIXED INVESTMENT BY TYPE [Billions of chained (2000) dollars; quarterly data at seasonally adjusted annual rates] Nonresidential Residential Equipment and software Period 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2003: Total fixed investment Structures Information processing equipment and software Total nonresidential Structures Total Computers and peripheral equipment 1 Software Total Transportation equipment Other equipment Total residential Total 2 Single family Other Industrial equipment Equipment ........................... ........................... ........................... ........................... ........................... ........................... ........................... ........................... ........................... ........................... I ...................... II ..................... III ................... IV .................... 1,209.2 1,320.6 1,455.0 1,576.3 1,679.0 1,629.4 1,544.6 1,596.9 1,713.9 1,842.0 1,536.3 1,575.6 1,626.7 1,648.9 833.6 934.2 1,037.8 1,133.3 1,232.1 1,180.5 1,071.5 1,081.8 1,145.8 1,223.8 1,047.5 1,074.5 1,098.8 1,106.5 261.1 280.1 294.5 293.2 313.2 306.1 253.8 243.5 248.7 251.5 238.2 246.5 246.0 243.1 578.7 658.3 745.6 840.2 918.9 874.2 820.2 843.1 904.2 984.9 813.3 831.7 857.8 869.5 218.9 269.9 328.9 398.5 467.6 459.0 437.4 462.7 509.3 552.6 442.1 446.0 470.4 492.4 ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. 84.1 108.8 129.4 157.2 176.2 173.8 169.7 177.3 195.0 206.2 170.4 171.8 180.6 186.3 117.2 127.3 143.2 158.0 190.0 181.7 161.1 167.1 180.7 193.6 160.2 162.4 168.7 177.0 139.9 143.0 148.1 147.9 159.2 145.7 134.5 138.4 132.7 143.5 139.1 142.7 138.9 132.8 125.4 135.9 145.4 167.7 160.8 142.8 126.0 113.8 128.8 145.4 108.3 116.6 116.8 113.5 105.6 115.8 125.7 126.7 131.2 126.9 122.9 130.4 137.6 147.3 125.1 127.1 133.8 135.5 381.3 388.6 418.3 443.6 446.9 448.5 469.9 509.4 559.9 608.0 484.1 496.3 521.8 535.2 375.1 382.4 411.9 436.6 439.5 441.1 462.2 501.2 550.9 598.5 476.4 488.3 513.5 526.7 197.3 196.6 218.1 234.2 236.8 237.1 246.3 272.6 305.0 336.3 257.4 262.4 276.9 293.6 6.2 6.1 6.4 7.0 7.4 7.4 7.7 8.1 9.0 9.4 7.7 8.0 8.3 8.5 2004: I ...................... II ..................... III ................... IV .................... 1,658.0 1,704.4 1,736.1 1,757.1 1,111.2 1,130.7 1,158.8 1,182.3 245.0 249.1 251.0 249.7 872.0 887.6 915.1 942.0 501.8 503.1 510.3 521.8 ............. ............. ............. ............. 191.3 192.2 195.8 200.7 181.5 182.9 179.1 179.2 130.6 129.4 134.7 136.1 111.7 123.7 134.3 145.3 134.4 136.1 139.0 141.1 539.2 564.1 568.6 567.7 530.5 555.2 559.4 558.4 294.8 306.0 310.2 308.7 8.7 8.9 9.1 9.3 2005: I ...................... II ..................... III ................... IV .................... 1,790.6 1,835.8 1,864.2 1,877.3 1,199.7 1,214.8 1,232.4 1,248.2 253.0 251.7 247.1 254.2 956.5 974.8 1,000.6 1,007.6 537.4 547.9 557.7 567.3 ............. ............. ............. ............. 201.7 205.7 208.0 209.5 189.3 191.5 196.0 197.5 140.4 138.4 144.9 150.4 141.4 144.6 152.3 143.2 141.3 148.0 148.8 151.2 582.8 609.9 620.4 618.9 573.5 600.4 610.8 609.2 321.1 334.7 342.6 346.6 9.3 9.4 9.4 9.7 2006: I ...................... II ..................... III r .................. 1,914.6 1,906.8 1,902.5 1,288.8 1,302.8 1,334.1 259.6 271.9 282.6 1,044.8 1,041.2 1,059.6 595.9 594.3 608.0 ............. ............. ............. 215.6 217.8 219.5 211.6 206.7 211.4 149.0 153.9 154.0 152.2 142.7 146.7 154.3 157.1 158.7 618.5 600.5 571.4 608.5 590.6 561.7 345.1 327.1 301.7 10.0 9.9 9.8 1 For details on this component, see Survey of Current Business, Tables 5.3.6, 5.3.1 for growth rates, 5.3.2 for contributions, and 5.3.3 for quantity indexes. 2 Includes other items, not shown separately. NOTE.—Because of the formula used for calculating real GDP, the chained (2000) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates. Source: Department of Commerce, Bureau of Economic Analysis. BUSINESS INVESTMENT [Billions of dollars] Capital expenditures By industry Period Total capital expenditures Total by industry Forestry, fishing Con- Manuand Min- Utili- strucfacagriing ties turtion culing tural services ProFor Real fesscomTransesional, Health panies portaFiscien- care withWhole- Retail tion Infor- nance tate and tific, and out 1 sale and maand Other and social emtrade trade waretion insur- rental and tech- assisployhousance leasnical tance ees ing ing services For companies with employees 1996 1997 1998 1999 2000 2001 2002 2003 2004 ............................ ............................ ............................ ............................ ............................ ............................ ............................ ............................ ............................ 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 1,047.5 958.6 2.1 53.7 50.1 28.7 156.9 31.9 71.7 47.7 83.5 153.2 92.2 26.9 65.3 94.7 88.9 1 Includes the following industries: Management of companies and enterprises; administrative and support and waste management; educational services; arts, entertainment, and recreation; accommodation and food services; and other services (except public administration). Also includes an item for structure and equipment expenditures serving multiple industry categories. 10 NOTE.—Data from Annual Capital Expenditures. Industry data are based on the North American Industry Classification System (NAICS). Data shown in this table are capital expenditures for both new and used structures and equipment. Source: Department of Commerce, Bureau of the Census. EMPLOYMENT, UNEMPLOYMENT, AND WAGES STATUS OF THE LABOR FORCE In October, employment rose by 437,000 and unemployment fell by 238,000. [Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA] Civilian employment Period 1996 ...................... 1997 2 .................... 1998 2 .................... 1999 2 .................... 2000 2 .................... 2001 ..................... 2002 ...................... 2003 2 .................... 2004 2 .................... 2005 2 .................... 2005: Oct ............ Nov ............ Dec ............ 2006: Jan 2 .......... Feb ............ Mar ........... Apr ............ May ........... June .......... July ........... Aug ........... Sept ........... Oct ............ Civilian noninstitutional population (NSA) Civilian labor force 200,591 203,133 205,220 207,753 212,577 215,092 217,570 221,168 223,357 226,082 226,959 227,204 227,425 227,553 227,763 227,975 228,199 228,428 228,671 228,912 229,167 229,420 229,675 133,943 136,297 137,673 139,368 142,583 143,734 144,863 146,510 147,401 149,320 150,043 150,183 150,153 150,114 150,449 150,652 150,811 150,991 151,321 151,534 151,698 151,799 151,998 Percent 1 Unemployment Total Men 20 years and over Women 20 years and over Both sexes 16–19 years 126,708 129,558 131,463 133,488 136,891 136,933 136,485 137,736 139,252 141,730 142,625 142,611 142,779 143,074 143,257 143,641 143,688 143,976 144,363 144,329 144,579 144,850 145,287 64,897 66,284 67,135 67,761 69,634 69,776 69,734 70,415 71,572 73,050 73,500 73,441 73,468 73,844 73,857 74,197 74,169 74,202 74,215 74,082 74,358 74,864 74,904 55,311 56,613 57,278 58,555 60,067 60,417 60,420 61,402 61,773 62,702 63,162 63,170 63,249 63,163 63,262 63,305 63,362 63,555 63,878 64,035 64,131 63,927 64,230 6,500 6,661 7,051 7,172 7,189 6,740 6,332 5,919 5,907 5,978 5,964 6,000 6,061 6,067 6,138 6,139 6,157 6,220 6,270 6,211 6,089 6,058 6,152 1 Civilian labor force (or employment) as percent of civilian noninstitutional population; and unemployment as percent of civilian labor force. 2 Not strictly comparable with earlier data. NOTE.—Beginning January 2006 data reflect revised population controls and are not strictly comparable with earlier data. Total 7,236 6,739 6,210 5,880 5,692 6,801 8,378 8,774 8,149 7,591 7,418 7,572 7,375 7,040 7,193 7,011 7,123 7,015 6,957 7,205 7,119 6,949 6,711 Men 20 years and over 3,146 2,882 2,580 2,433 2,376 3,040 3,896 4,209 3,791 3,392 3,281 3,282 3,318 3,084 3,258 3,137 3,246 3,275 3,082 3,226 3,192 2,966 2,994 Women 20 years and over Both sexes 16–19 years 2,783 2,585 2,424 2,285 2,235 2,599 3,228 3,314 3,150 3,013 3,013 3,053 2,966 2,859 2,819 2,733 2,825 2,725 2,730 2,837 2,747 2,791 2,600 1,306 1,271 1,205 1,162 1,081 1,162 1,253 1,251 1,208 1,186 1,124 1,238 1,091 1,097 1,115 1,140 1,053 1,015 1,145 1,142 1,180 1,192 1,118 Not in labor force Labor force participation rate Employment/ population ratio Unemployment rate 66.8 67.1 67.1 67.1 67.1 66.8 66.6 66.2 66.0 66.0 66.1 66.1 66.0 66.0 66.1 66.1 66.1 66.1 66.2 66.2 66.2 66.2 66.2 63.2 63.8 64.1 64.3 64.4 63.7 62.7 62.3 62.3 62.7 62.8 62.8 62.8 62.9 62.9 63.0 63.0 63.0 63.1 63.0 63.1 63.1 63.3 5.4 4.9 4.5 4.2 4.0 4.7 5.8 6.0 5.5 5.1 4.9 5.0 4.9 4.7 4.8 4.7 4.7 4.6 4.6 4.8 4.7 4.6 4.4 66,647 66,837 67,547 68,385 69,994 71,359 72,707 74,658 75,956 76,762 76,916 77,021 77,271 77,439 77,314 77,323 77,388 77,437 77,350 77,379 77,469 77,621 77,677 See Employment and Earnings for details on breaks in series. Source: Department of Labor, Bureau of Labor Statistics. 11 SELECTED UNEMPLOYMENT RATES In October, the unemployment rate fell to 4.4 percent from 4.6 percent in September. [Monthly data seasonally adjusted] Unemployment rate (percent of civilian labor force in group) By race or ethnicity 1 By sex and age Period 1996 ......................... 1997 ......................... 1998 ......................... 1999 ......................... 2000 ........................ 2001 ........................ 2002 ........................ 2003 ........................ 2004 ......................... 2005 ......................... 2005: Oct ............... Nov .............. Dec ............... 2006: Jan ............... Feb ............... Mar .............. Apr ............... May .............. June ............. July .............. Aug .............. Sept .............. Oct ............... All civilian workers 5.4 4.9 4.5 4.2 4.0 4.7 5.8 6.0 5.5 5.1 4.9 5.0 4.9 4.7 4.8 4.7 4.7 4.6 4.6 4.8 4.7 4.6 4.4 Men 20 years and over Women 20 years and over 4.6 4.2 3.7 3.5 3.3 4.2 5.3 5.6 5.0 4.4 4.3 4.3 4.3 4.0 4.2 4.1 4.2 4.2 4.0 4.2 4.1 3.8 3.8 4.8 4.4 4.1 3.8 3.6 4.1 5.1 5.1 4.9 4.6 4.6 4.6 4.5 4.3 4.3 4.1 4.3 4.1 4.1 4.2 4.1 4.2 3.9 Both sexes 16–19 years 16.7 16.0 14.6 13.9 13.1 14.7 16.5 17.5 17.0 16.6 15.9 17.1 15.2 15.3 15.4 15.7 14.6 14.0 15.4 15.5 16.2 16.4 15.4 White 4.7 4.2 3.9 3.7 3.5 4.2 5.1 5.2 4.8 4.4 4.4 4.2 4.3 4.1 4.1 4.0 4.1 4.1 4.1 4.1 4.1 4.0 3.9 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 By selected groups Black or African American Asian (NSA) Hispanic or Latino ethnicity 10.5 10.0 8.9 8.0 7.6 8.6 10.2 10.8 10.4 10.0 9.1 10.6 9.3 8.9 9.3 9.3 9.4 8.9 9.0 9.5 8.8 9.2 8.6 .......... .......... .......... .......... 3.6 4.5 5.9 6.0 4.4 4.0 3.1 3.6 3.8 3.2 3.2 3.4 3.6 3.0 3.5 2.7 2.9 2.8 2.7 8.9 7.7 7.2 6.4 5.7 6.6 7.5 7.7 7.0 6.0 5.9 6.1 6.0 5.8 5.5 5.4 5.4 5.0 5.3 5.3 5.3 5.4 4.7 Married men, spouse present Women who maintain families (NSA) Full-time workers Part-time workers 8.2 8.1 7.2 6.4 5.9 6.6 8.0 8.5 8.0 7.8 7.3 7.2 6.9 8.2 7.5 7.5 7.5 6.3 7.2 7.4 6.7 6.8 6.5 5.3 4.8 4.3 4.1 3.8 4.7 5.9 6.1 5.6 5.0 4.9 4.9 4.8 4.7 4.7 4.6 4.7 4.5 4.5 4.6 4.6 4.5 4.3 5.8 5.5 5.3 5.0 4.8 5.1 5.2 5.5 5.3 5.4 5.4 5.7 5.5 4.8 5.2 5.1 5.1 5.1 5.2 5.4 5.2 5.1 5.1 3.0 2.7 2.4 2.2 2.0 2.7 3.6 3.8 3.1 2.8 2.6 2.6 2.6 2.4 2.4 2.4 2.6 2.5 2.5 2.5 2.5 2.3 2.2 NOTE.—Data relate to persons age 16 years and over. Source: Department of Labor, Bureau of Labor Statistics. SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE PROGRAMS In October, the percentages of the unemployed who had been out of work for less than 5 weeks and for 5– 14 weeks rose; the percentage for 15–26 weeks was unchanged; and the percentage for 27 weeks and over fell. The mean duration of unemployment fell to 16.5 weeks and the median duration fell to 8.1 weeks. [Monthly data seasonally adjusted, except as noted] Duration of unemployment Period Unemployment (thousands) Percent distribution Less than 5 weeks 5–14 weeks 15–26 weeks Reason for unemployment: percent distribution State programs Number of weeks 27 weeks and over Average (mean) Median Job losers 1 Job leavers Reentrants New entrants Insured unemployment Initial claims Insured unemployment, all regular programs (unadjusted) 2 Weekly average, thousands 1996 ........................................ 1997 ........................................ 1998 ........................................ 1999 ........................................ 2000 ........................................ 2001 ........................................ 2002 ........................................ 2003 ........................................ 2004 ........................................ 2005 ........................................ 2005: Oct ............................... Nov .............................. Dec ............................... 2006: Jan ............................... Feb .............................. Mar .............................. Apr ............................... May .............................. June ............................. July .............................. Aug .............................. Sept ............................. Oct ............................... 7,236 6,739 6,210 5,880 5,692 6,801 8,378 8,774 8,149 7,591 7,418 7,572 7,375 7,040 7,193 7,011 7,123 7,015 6,957 7,205 7,119 6,949 6,711 36.4 37.7 42.2 43.7 44.9 42.0 34.5 31.7 33.1 35.1 36.4 36.9 37.2 36.2 36.3 38.1 37.0 35.7 39.0 37.5 36.2 37.1 38.5 31.6 31.7 31.4 31.2 31.9 32.3 30.8 29.8 29.2 30.4 30.4 30.1 30.2 32.1 29.0 28.6 29.7 31.8 29.9 30.1 30.6 29.9 30.7 14.6 14.8 12.3 12.8 11.8 14.0 16.3 16.4 15.9 14.9 14.0 14.7 14.4 15.4 15.7 14.9 14.7 13.7 14.9 13.8 14.8 14.8 14.8 17.4 15.8 14.1 12.3 11.4 11.8 18.3 22.1 21.8 19.6 19.2 18.3 18.2 16.3 19.0 18.4 18.6 18.8 16.2 18.6 18.4 18.2 16.0 1 Beginning January 1994, job losers and persons who completed temporary jobs. 2 Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (UCX), and Federal (UCFE). Also includes Federal and State extended benefit programs. Does not include Railroad (RR) program, Federal supplemental compensation or Emergency Unemployment Compensation programs. 16.7 15.8 14.5 13.4 12.6 13.1 16.6 19.2 19.6 18.4 18.0 17.6 17.3 16.8 17.6 16.9 16.8 17.1 16.2 17.3 17.4 17.4 16.5 8.3 8.0 6.7 6.4 5.9 6.8 9.1 10.1 9.8 8.9 8.6 8.5 8.5 8.4 8.9 8.5 8.5 8.5 7.5 8.2 8.5 8.2 8.1 46.6 45.1 45.5 44.6 44.2 51.1 55.0 55.1 51.5 48.3 47.4 45.6 47.1 46.9 46.7 48.6 49.5 50.0 48.9 46.7 46.6 45.9 45.7 10.7 11.8 11.8 13.3 13.7 12.3 10.3 9.3 10.5 11.5 12.0 11.9 11.4 11.8 11.8 11.6 11.9 12.5 11.7 11.9 12.1 11.7 11.8 34.7 34.7 34.3 34.1 34.5 29.9 28.3 28.2 29.5 31.4 31.7 33.5 32.8 32.5 32.1 30.7 30.5 30.1 30.0 32.7 32.1 33.2 33.6 8.0 8.4 8.4 8.0 7.6 6.8 6.4 7.3 8.4 8.8 8.8 9.0 8.7 8.7 9.4 9.0 8.1 7.4 9.3 8.7 9.2 9.3 8.9 2,595 2,323 2,222 2,188 2,110 2,974 3,585 3,531 2,950 2,662 2,771 2,673 2,643 2,544 2,494 2,446 2,423 2,408 2,423 2,469 2,486 2,441 2,435 356 323 321 298 301 404 407 404 345 328 338 316 311 287 303 309 315 330 308 313 317 314 311 2,650 2,366 2,257 2,219 2,141 3,007 3,619 3,569 2,995 2,707 2,632 2,472 2,602 3,381 3,040 2,650 2,658 2,266 2,169 2,637 2,265 2,090 2,281 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 92,000 in October. [Thousands of wage and salary workers; 1 monthly data seasonally adjusted] Goods-producing industries Period 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2005: ...................... ...................... ...................... ...................... ...................... ...................... ...................... ...................... ...................... ...................... Oct ............. Nov ............ Dec ............. 2006: Jan ............. Feb ............ Mar ............ Apr ............. May ............ June ........... July ............ Aug ............ Sept ........... Oct p ............ Total nonagricultural employment 119,708 122,776 125,930 128,993 131,785 131,826 130,341 129,999 131,435 133,463 133,877 134,231 134,376 134,530 134,730 134,905 135,017 135,117 135,251 135,374 135,604 135,752 135,844 Total 2 23,410 23,886 24,354 24,465 24,649 23,873 22,557 21,816 21,882 22,133 22,179 22,264 22,282 22,335 22,373 22,381 22,419 22,407 22,435 22,420 22,427 22,421 22,361 Construction 5,536 5,813 6,149 6,545 6,787 6,826 6,716 6,735 6,976 7,277 7,347 7,409 7,416 7,460 7,494 7,495 7,505 7,501 7,499 7,504 7,512 7,517 7,491 Manufacturing 17,237 17,419 17,560 17,322 17,263 16,441 15,259 14,510 14,315 14,232 14,196 14,214 14,222 14,227 14,226 14,225 14,244 14,234 14,259 14,236 14,232 14,220 14,181 Service-providing industries Total 96,299 98,890 101,576 104,528 107,136 107,952 107,784 108,182 109,553 111,330 111,698 111,967 112,094 112,195 112,357 112,524 112,598 112,710 112,816 112,954 113,177 113,331 113,483 Trade, transportation, and utilities Total 3 Retail trade 24,239 24,700 25,186 25,771 26,225 25,983 25,497 25,287 25,533 25,909 25,945 26,006 26,015 26,042 26,048 26,075 26,053 26,039 26,040 26,052 26,052 26,063 26,062 14,143 14,389 14,609 14,970 15,280 15,239 15,025 14,917 15,058 15,255 15,260 15,293 15,300 15,300 15,289 15,307 15,260 15,226 15,221 15,222 15,212 15,200 15,197 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 Information 2,940 3,084 3,218 3,419 3,631 3,629 3,395 3,188 3,118 3,066 3,058 3,064 3,066 3,065 3,073 3,072 3,070 3,061 3,062 3,052 3,062 3,059 3,061 Financial activities 6,969 7,178 7,462 7,648 7,687 7,807 7,847 7,977 8,031 8,141 8,201 8,217 8,223 8,244 8,268 8,282 8,308 8,315 8,315 8,321 8,333 8,360 8,361 Profes- Educasional tion Leisure and and and busihealth hospiness services tality services 13,462 14,335 15,147 15,957 16,666 16,476 15,976 15,987 16,395 16,882 16,991 17,061 17,121 17,127 17,156 17,199 17,211 17,276 17,319 17,364 17,402 17,416 17,459 13,683 14,087 14,446 14,798 15,109 15,645 16,199 16,588 16,953 17,342 17,440 17,481 17,507 17,544 17,585 17,622 17,650 17,676 17,704 17,735 17,805 17,842 17,870 10,777 11,018 11,232 11,543 11,862 12,036 11,986 12,173 12,493 12,802 12,840 12,881 12,898 12,932 12,955 12,976 12,989 13,014 13,023 13,062 13,099 13,127 13,162 Other services Government Total 4,690 4,825 4,976 5,087 5,168 5,258 5,372 5,401 5,409 5,386 5,371 5,377 5,386 5,397 5,396 5,399 5,399 5,405 5,402 5,398 5,404 5,416 5,426 19,539 19,664 19,909 20,307 20,790 21,118 21,513 21,583 21,621 21,803 21,852 21,880 21,878 21,844 21,876 21,899 21,918 21,924 21,951 21,970 22,020 22,048 22,082 Federal 2,877 2,806 2,772 2,769 2,865 2,764 2,766 2,761 2,730 2,724 2,724 2,728 2,713 2,705 2,707 2,706 2,704 2,708 2,708 2,716 2,708 2,706 2,699 2 Includes natural resources and mining, not shown separately. 3 Includes wholesale trade, transportation and warehousing, and utilities, not shown separately. NOTE.—Data classified by industry based on the 2002 North American Industry Classification System (NAICS). For details see Employment and Earnings,June 2003. Source: Department of Labor, Bureau of Labor Statistics. AVERAGE WEEKLY HOURS, HOURLY EARNINGS, AND WEEKLY EARNINGS PRIVATE NONAGRICULTURAL INDUSTRIES [For production or nonsupervisory workers; monthly data seasonally adjusted] Average weekly hours Average gross hourly earnings Manufacturing Total private nonagricultural 1 Period 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2005: .................... .................... ..................... ..................... .................... ..................... ..................... ..................... ..................... ..................... Oct ............ Nov ........... Dec ........... 2006: Jan ........... Feb ........... Mar ........... Apr ........... May ........... June .......... July ........... Aug ........... Sept .......... Oct p .......... 34.3 34.5 34.5 34.3 34.3 34.0 33.9 33.7 33.7 33.8 33.8 33.8 33.8 33.8 33.8 33.8 33.9 33.8 33.9 33.9 33.8 33.8 33.9 Total 41.3 41.7 41.4 41.4 41.3 40.3 40.5 40.4 40.8 40.7 41.0 40.8 40.8 40.9 41.0 41.1 41.2 41.2 41.3 41.4 41.3 41.1 41.2 Average gross weekly earnings Total private nonagricultural 1 Overtime 4.8 5.1 4.8 4.8 4.7 4.0 4.2 4.2 4.6 4.6 4.6 4.6 4.5 4.5 4.6 4.5 4.6 4.6 4.6 4.5 4.4 4.3 4.3 Current dollars $12.03 12.49 13.00 13.47 14.00 14.53 14.95 15.35 15.67 16.11 16.28 16.28 16.35 16.40 16.47 16.51 16.61 16.62 16.69 16.76 16.81 16.85 16.91 1982 dollars 2 $7.57 7.68 7.89 8.00 8.03 8.11 8.24 8.27 8.23 8.17 8.09 8.15 8.20 8.17 8.20 8.19 8.18 8.15 8.17 8.16 8.16 8.24 8.32 Total private nonagricultural 1 Manufacturing $12.75 13.14 13.45 13.85 14.32 14.76 15.29 15.74 16.15 16.56 16.71 16.68 16.70 16.71 16.72 16.74 16.78 16.79 16.80 16.80 16.85 16.86 16.92 1 Also includes other private industry groups shown on p. 14. 2 Current dollar earnings divided by the consumer price index for urban wage earners and clerical workers (CPI–W) (on a 1982=100 base). Percent change from a year earlier, total private nonagricultural Current dollars Current dollars 1982 dollars 2 Manufacturing Construction Retail trade $412.74 431.25 448.04 462.49 480.41 493.20 506.07 517.30 528.36 543.65 550.26 550.26 552.63 554.32 556.69 558.04 563.08 561.76 565.79 568.16 568.18 569.53 573.25 $259.58 265.22 271.87 274.64 275.62 275.38 278.83 278.72 277.50 275.82 273.35 275.54 277.01 276.06 277.24 276.67 277.38 275.51 276.94 276.75 275.82 278.50 282.11 $526.55 548.22 557.12 573.17 590.65 595.19 618.75 635.99 658.59 673.61 685.11 680.54 681.36 683.44 685.52 688.01 691.34 691.75 693.84 695.52 695.91 692.95 697.10 $588.48 609.48 629.75 655.11 685.78 695.89 711.82 726.83 735.55 750.63 753.83 767.93 760.46 767.53 764.77 764.39 770.27 764.61 780.78 778.33 784.29 776.55 793.86 $282.76 295.97 310.34 321.63 333.38 346.16 360.81 367.15 371.13 377.68 377.87 377.91 377.90 379.42 378.78 379.09 383.69 381.22 383.04 384.86 383.30 385.17 386.69 Current dollars 1982 dollars 3.3 4.5 3.9 3.2 3.9 2.7 2.6 2.2 2.1 2.9 3.4 3.3 3.2 3.6 3.8 3.8 4.1 4.0 4.5 4.1 4.3 4.1 4.2 0.4 2.2 2.5 1.0 .4 ¥.1 1.3 ¥.0 ¥.4 ¥.6 ¥1.2 ¥.3 ¥.2 ¥.5 .2 .2 .4 ¥.2 .0 ¥.1 .4 2.3 3.2 Source: Department of Labor, Bureau of Labor Statistics. EMPLOYMENT COST INDEX—PRIVATE INDUSTRY Index (December 2005 = 100) Percent change from 3 months earlier Period Total compensation Wages and salaries Benefits 1 Total compensation Wages and salaries 12 months earlier Benefits 1 Total compensation Wages and salaries Benefits 1 Not seasonally adjusted 1996: 1997: 1998: 1999: 2000: 2001: 2002: 2003: 2004: 2005: Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec ................................................................. ................................................................. ................................................................. ................................................................. ................................................................. ................................................................. ................................................................. ................................................................. ................................................................. ................................................................. 72.4 74.9 77.5 80.2 83.6 87.3 90.0 93.6 97.2 100.0 74.7 77.6 80.6 83.5 86.7 89.9 92.2 95.1 97.6 100.0 67.0 68.5 70.2 72.6 76.7 81.3 84.7 90.2 96.2 100.0 ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ .................. .................. .................. .................. .................. .................. .................. .................. .................. .................. Seasonally adjusted 2003: Mar ................................................................. June ............................................................... Sept ................................................................ Dec ................................................................. 2004: Mar ................................................................. June ............................................................... Sept ................................................................ Dec ................................................................. 2005: Mar ................................................................. June ............................................................... Sept ................................................................ Dec ................................................................. 2006: Mar ................................................................. June ............................................................... Sept ................................................................ 1 Employer 91.4 92.2 93.2 93.8 94.9 95.8 96.7 97.3 98.2 98.8 99.5 100.2 100.8 101.6 102.5 93.2 93.8 94.7 95.1 95.7 96.4 97.2 97.7 98.3 98.8 99.4 100.1 100.8 101.7 102.5 costs for employee benefits. NOTE.—The employment cost index is a measure of the change in the cost of labor, free from the influence of employment shifts among occupations and industries. Data exclude farm and household workers. 87.0 88.1 89.4 90.5 92.9 94.4 95.4 96.5 98.0 98.8 99.6 100.4 100.8 101.5 102.5 1.4 .8 1.1 .7 1.2 1.0 .9 .7 .9 .6 .7 .7 .6 .8 .9 3.1 3.5 3.5 3.5 4.2 4.1 3.1 4.0 3.8 2.9 3.5 3.9 3.9 3.6 3.8 3.8 2.6 3.1 2.6 2.5 2.0 2.2 2.5 3.4 5.6 5.2 4.2 6.5 6.7 4.0 Not seasonally adjusted 1.0 .7 .9 .4 .6 .7 .8 .4 .7 .5 .6 .6 .7 .9 .8 2.3 1.3 1.5 1.2 2.6 1.6 1.0 1.2 1.5 .8 .9 .7 .4 .7 1.0 3.6 3.5 3.9 4.0 3.8 3.9 3.8 3.8 3.5 3.1 2.9 2.9 2.6 2.8 3.0 2.9 2.6 3.0 3.1 2.6 2.7 2.6 2.6 2.7 2.5 2.3 2.5 2.4 2.8 3.0 5.7 5.8 6.3 6.5 6.8 7.3 6.7 6.7 5.5 4.7 4.5 4.0 3.0 2.7 2.8 Data beginning 2001 are based on the 2002 North American Industry Classification (NAICS); data prior to 2001 are based on the Standard Industrial Classification (SIC). For details on industry classification and other details see Employment Cost Index, release dated April 28, 2006. Source: Department of Labor, Bureau of Labor Statistics. 15 PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR Output per hour of all persons Period Business sector Nonfarm business sector Output 1 Business sector Hours of all persons 2 Nonfarm business sector Business sector Compensation per hour 3 Nonfarm business sector Business sector Nonfarm business sector Real compensation per hour 4 Business sector Nonfarm business sector Unit labor costs Business sector Nonfarm business sector Implicit price deflator 5 Business sector Nonfarm business sector Indexes, 1992=100; quarterly data seasonally adjusted 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2003: ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ I ................... II ................. III ............... IV ................ 2004: I ................... II ................. III ................ IV ................ 2005: I ................... II ................. III ................ IV ................ 2006: I ................... II ................. III p* ............ 104.5 106.5 109.5 112.8 116.1 119.1 124.0 128.7 132.7 135.7 125.8 128.0 130.8 130.3 131.4 132.8 133.0 133.5 134.5 134.9 136.6 136.7 138.2 138.6 138.6 104.7 106.4 109.4 112.5 115.7 118.6 123.5 128.0 131.8 134.9 125.1 127.0 130.1 129.9 130.5 132.2 132.2 132.4 133.5 134.3 135.8 135.8 137.2 137.6 137.6 116.5 122.7 128.6 135.2 140.5 141.0 143.1 147.5 154.0 159.8 144.4 146.0 149.7 150.1 151.7 153.5 154.8 155.8 157.4 159.0 160.9 161.7 164.3 165.4 166.0 116.8 122.8 128.9 135.6 140.8 141.3 143.4 147.8 154.2 160.0 144.6 146.1 150.0 150.6 151.9 153.9 155.1 156.0 157.6 159.4 161.3 162.0 164.6 165.7 166.3 111.5 115.2 117.5 119.8 121.0 118.4 115.4 114.6 116.1 117.7 114.8 114.1 114.5 115.2 115.5 115.6 116.4 116.7 117.0 117.9 117.8 118.3 118.9 119.4 119.8 111.5 115.4 117.9 120.5 121.7 119.2 116.1 115.4 117.0 118.7 115.5 115.1 115.3 115.9 116.4 116.4 117.3 117.8 118.0 118.6 118.8 119.3 120.0 120.4 120.9 109.5 113.0 119.9 125.8 134.7 140.4 145.4 151.2 157.0 163.8 148.0 150.8 152.5 153.6 154.4 155.8 157.5 160.1 161.6 162.0 165.2 166.5 171.9 174.6 176.3 109.4 112.8 119.6 125.2 134.2 139.5 144.6 150.4 155.9 162.7 147.3 149.7 151.7 152.9 153.4 154.8 156.6 158.7 160.4 161.0 164.1 165.3 170.6 173.4 175.0 99.4 100.5 105.2 108.0 112.0 113.5 115.7 117.7 119.0 120.2 115.7 117.8 118.4 118.9 118.5 118.3 119.1 120.0 120.4 119.5 120.3 120.3 123.6 124.0 124.3 99.4 100.3 104.9 107.5 111.5 112.8 115.1 117.1 118.2 119.3 115.1 117.0 117.8 118.4 117.8 117.6 118.3 118.9 119.5 118.9 119.5 119.4 122.6 123.1 123.3 104.8 106.1 109.5 111.5 116.0 117.9 117.3 117.5 118.3 120.7 117.7 117.8 116.6 117.9 117.5 117.3 118.5 119.9 120.1 120.0 121.0 121.8 124.4 126.0 127.2 104.5 106.0 109.3 111.3 116.0 117.7 117.1 117.5 118.3 120.7 117.7 117.9 116.6 117.7 117.6 117.2 118.4 119.9 120.1 119.9 120.9 121.7 124.4 126.0 127.2 107.4 109.0 109.7 110.7 112.7 114.9 116.1 117.8 120.8 124.3 117.3 117.4 118.0 118.5 119.5 120.6 121.1 122.1 123.0 123.7 124.7 125.7 126.6 127.5 127.9 107.3 109.1 109.9 111.1 113.3 115.4 116.7 118.3 121.1 124.9 117.9 118.0 118.4 118.7 119.8 120.7 121.4 122.5 123.5 124.3 125.3 126.4 127.3 128.3 128.6 0.7 1.4 3.1 1.8 4.2 1.5 ¥.5 .3 .7 2.0 ¥.6 3.5 ¥2.2 .3 2.1 .8 ¥4.4 3.8 ¥.5 ¥1.4 4.3 5.1 .7 ¥.7 3.3 3.0 9.0 5.4 3.8 1.6 1.5 .6 .9 1.8 2.0 1.0 1.5 2.6 2.9 .2 1.0 1.0 1.7 1.9 .6 1.8 1.8 3.6 3.6 1.7 3.4 3.0 2.3 3.3 3.2 2.7 3.1 1.3 1.4 1.7 .7 1.1 1.9 1.9 1.1 1.3 2.4 3.1 ¥.0 2.0 .9 1.6 2.0 .4 1.3 1.1 3.6 3.1 2.4 3.7 3.3 2.5 3.5 3.3 2.9 3.4 1.0 Percent change; quarterly data at seasonally adjusted annual rates 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2002: 2003: 2004: 2005: 2006: ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ ........................ I ................... II ................. III ................ IV ................ I ................... II ................. III ............... IV ................ I ................... II ................. III ................ IV ................ I ................... II ................. III ................ IV ................ I ................... II ................. III p* ............ 1 Output 3.0 1.9 2.8 3.1 2.9 2.6 4.1 3.8 3.1 2.3 5.7 1.9 4.7 ¥.0 3.0 7.3 8.9 ¥1.4 3.2 4.5 .5 1.6 3.1 1.2 5.0 .2 4.5 1.1 .1 2.7 1.6 2.8 2.9 2.8 2.5 4.1 3.7 3.0 2.3 7.0 .9 4.1 .0 3.0 6.0 10.3 ¥.6 1.9 5.1 .2 .4 3.6 2.3 4.4 ¥.1 4.3 1.2 ¥.0 4.6 5.3 4.8 5.1 3.9 .3 1.5 3.1 4.4 3.7 2.6 2.1 3.6 .5 1.1 4.6 10.4 1.1 4.5 4.8 3.4 2.6 4.2 4.1 4.9 1.8 6.7 2.7 1.4 4.5 5.2 5.0 5.2 3.8 .4 1.5 3.1 4.3 3.8 3.5 1.4 3.1 .1 1.2 4.3 11.0 1.6 3.6 5.2 3.2 2.4 4.2 4.4 4.9 1.8 6.7 2.7 1.6 1.6 3.4 2.0 2.0 1.0 ¥2.2 ¥2.5 ¥.7 1.3 1.4 ¥2.9 .1 ¥1.0 .5 ¥1.9 ¥2.5 1.3 2.5 1.2 .3 2.9 1.0 1.0 2.9 ¥.1 1.6 2.1 1.7 1.4 1.8 3.5 2.1 2.2 1.0 ¥2.0 ¥2.6 ¥.6 1.3 1.5 ¥3.2 .5 ¥.9 .1 ¥1.7 ¥1.6 .6 2.2 1.7 .1 3.0 2.0 .6 2.1 .4 1.8 2.3 1.5 1.6 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 1978–2005 is based on the consumer price index research series (CPI–U–RS). 5 Current dollar gross domestic output divided by the output index. 16 3.5 3.2 6.1 4.9 7.1 4.2 3.6 4.0 3.8 4.4 5.8 4.7 1.9 .1 5.1 7.7 4.6 2.9 2.1 3.5 4.7 6.7 3.9 .8 8.3 3.1 13.6 6.4 4.0 3.4 3.1 6.0 4.7 7.2 4.0 3.7 4.0 3.6 4.4 6.3 4.5 1.8 .3 5.1 6.9 5.4 3.2 1.3 3.7 4.5 5.6 4.3 1.6 7.8 2.9 13.7 6.6 3.7 0.8 1.1 4.6 2.8 3.6 1.4 2.0 1.7 1.1 1.0 4.3 1.7 ¥.4 ¥2.2 1.2 7.5 2.1 1.8 ¥1.5 ¥.5 2.5 3.0 1.5 ¥2.9 2.7 ¥.2 11.3 1.3 1.0 0.7 .9 4.5 2.6 3.7 1.2 2.0 1.7 .9 1.0 4.8 1.4 ¥.4 ¥2.0 1.2 6.7 2.9 2.1 ¥2.2 ¥.4 2.3 2.0 1.9 ¥2.0 2.2 ¥.4 11.3 1.6 .7 0.5 1.3 3.2 1.8 4.1 1.6 ¥.5 .2 .7 2.1 .1 2.7 ¥2.6 .1 2.1 .4 ¥4.0 4.3 ¥1.1 ¥.9 4.1 5.0 .7 ¥.4 3.2 2.9 8.7 5.3 4.0 NOTE.—Data relate to all persons engaged in the sector. Percent changes are from preceding period and are based on original data; they therefore may differ slightly from percent changes based on indexes shown here. * Data based on GDP data released on October 27, 2006. Source: Department of Labor, Bureau of Labor Statistics. PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION Industrial production and capacity utilization rose in October. [Monthly data seasonally adjusted] Total industrial production 1 Percent Period 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 Index, 2002=100 From preceding month Industry production indexes, 2002=100 change 2 From year earlier Capacity utilization rate (output as percent of capacity) 1 Manufacturing Total 1 Durable Nondurable Other (nonNAICS) 1 Mining Utilities Total industry Total manufacturing ....................... ....................... ....................... ....................... ....................... ....................... ....................... ....................... ....................... ....................... 83.6 89.7 94.9 99.3 103.5 99.9 100.0 100.6 104.7 108.2 .............. .............. .............. .............. .............. .............. .............. .............. .............. .............. 4.2 7.3 5.9 4.5 4.3 ¥3.5 .1 .6 4.1 3.3 81.8 88.8 94.7 99.7 104.3 99.9 100.0 100.5 105.4 109.6 72.4 81.2 89.8 97.6 105.3 100.2 100.0 102.3 109.8 117.0 96.1 99.6 101.1 101.8 102.4 99.0 100.0 98.9 101.0 101.8 90.2 97.7 104.1 107.4 109.5 103.1 100.0 97.0 98.8 101.9 106.2 108.0 106.4 101.2 103.5 104.5 100.0 99.8 99.5 97.4 89.7 89.7 92.0 94.7 97.4 97.0 100.0 102.0 103.1 105.8 83.0 83.9 82.7 81.9 81.8 76.3 75.1 75.7 78.6 80.0 81.8 83.0 81.7 80.8 80.3 74.1 73.3 73.7 77.1 78.9 2005: Oct ............. Nov ............. Dec ............. 108.4 109.4 110.4 1.1 .9 1.0 2.4 3.2 3.5 110.9 111.7 112.2 120.7 121.2 121.4 100.7 102.0 102.7 101.4 101.1 102.3 89.1 93.1 95.5 105.9 104.8 109.2 79.9 80.5 81.1 79.4 79.9 80.1 2006: Jan ............. Feb ............. Mar ............ Apr ............. May ............ June ............ July r ........... Aug r ............ Sept r ........... Oct p ............ 110.3 110.7 111.2 112.1 112.2 113.4 113.7 114.0 113.4 113.7 ¥.1 .4 .5 .8 .1 1.1 .3 .3 ¥.6 .2 3.2 3.1 3.7 4.6 4.4 4.7 5.0 5.0 5.8 4.9 113.1 112.8 113.3 114.3 114.1 115.1 115.5 116.0 115.7 115.5 122.3 122.5 123.2 124.6 124.3 125.8 126.1 127.2 126.8 126.5 103.7 103.1 103.4 103.9 103.7 104.4 105.0 105.0 105.0 104.6 102.0 100.3 100.6 101.8 101.7 101.6 101.7 100.6 99.9 100.9 97.7 98.4 98.2 100.0 100.4 101.3 101.2 100.4 100.8 101.4 98.3 103.9 105.6 104.2 106.2 109.2 109.5 109.7 104.6 108.9 80.9 81.1 81.3 81.8 81.7 82.5 82.6 82.7 82.1 82.2 80.5 80.2 80.3 80.9 80.5 81.1 81.2 81.4 81.0 80.7 1 Total industry and total manufacturing series include manufacturing as defined in the North American Industry Classification System (NAICS) plus those industries—logging and newspaper, periodical, book and directory-publishing—that have traditionally been included in manufacturing. 2 Percent changes based on unrounded indexes. NOTE.—Data based on the North American Industry Classification System (NAICS) except series as defined in footnote 1. Source: Board of Governors of the Federal Reserve System. 17 INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND SELECTED MANUFACTURES [2002=100; monthly data seasonally adjusted] Products and nonindustrial supplies Final products Consumer goods Equipment Durable goods Business equipment Period Total Total 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 Nondurable goods Materials Nonindustrial supplies Total 1 Defense and space equipment Total Construction supplies Business supplies Total 1 Energy ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ 86.7 92.2 97.4 100.1 103.1 100.7 100.0 101.0 105.1 109.7 88.7 91.9 95.1 97.1 99.0 97.8 100.0 101.0 103.1 105.5 78.0 83.3 88.9 95.5 98.3 94.1 100.0 104.0 106.9 109.4 93.4 95.6 97.7 97.7 99.2 99.3 100.0 99.8 101.6 104.0 84.1 94.3 103.7 107.8 113.3 107.9 100.0 100.9 110.0 120.7 80.5 92.3 102.8 108.6 116.6 108.4 100.0 100.0 109.4 119.5 104.5 102.2 105.9 103.1 92.2 100.1 100.0 105.0 113.1 125.7 85.6 91.2 96.4 100.2 104.3 99.9 100.0 100.3 104.1 108.0 90.9 95.3 100.2 102.7 105.0 100.2 100.0 99.1 104.6 108.7 83.6 89.7 95.0 99.3 104.0 99.8 100.0 100.7 103.9 107.7 80.0 86.7 92.0 98.0 103.7 99.0 100.0 100.4 104.6 106.7 99.6 99.5 99.9 99.7 101.1 100.0 100.0 99.6 99.6 97.9 2005: Oct .................................................. Nov .................................................. Dec .................................................. 111.5 111.6 112.3 106.5 105.7 106.6 113.1 110.1 109.0 103.9 103.9 105.5 124.5 126.9 127.4 123.1 125.8 126.4 127.8 128.6 129.9 109.6 110.4 111.1 112.4 113.4 113.1 108.4 109.1 110.3 104.9 106.9 108.3 90.9 94.3 96.8 2006: Jan .................................................. Feb .................................................. Mar ................................................. Apr .................................................. May ................................................. June ................................................ July r ................................................ Aug r ................................................ Sept r ................................................ Oct p ................................................. 111.8 112.2 113.0 113.7 113.5 115.1 115.3 115.8 115.0 114.9 105.4 105.8 106.6 106.5 106.3 107.9 107.4 107.9 106.9 106.4 110.2 109.9 110.7 110.2 109.5 112.0 108.5 110.3 108.2 105.4 103.6 104.2 104.9 105.0 105.0 106.3 106.9 106.9 106.3 106.6 128.2 129.0 129.9 132.7 132.2 133.8 135.9 136.4 136.3 137.1 127.6 128.2 129.4 132.5 132.0 133.7 136.3 136.8 136.6 137.5 129.7 131.8 131.1 132.4 131.7 133.3 134.2 133.7 134.0 134.5 110.7 110.4 111.0 111.4 111.6 112.3 112.5 112.7 111.5 112.4 114.1 113.7 113.6 114.0 113.3 113.4 113.8 113.5 112.4 112.7 109.3 109.1 109.9 110.3 110.9 111.8 112.0 112.4 111.1 112.3 108.8 109.3 109.5 110.7 111.0 112.1 112.6 112.7 112.4 112.9 95.5 97.2 97.5 98.8 99.6 101.1 101.3 100.5 99.7 101.0 1 Includes other items, not shown separately. [2002=100; monthly data seasonally adjusted] Durable manufactures Primary metal Period Total 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 Iron and steel products Nondurable manufactures Computer and electronic products Fabricated metal products Machinery Total Selected hightechnology 1 Transportation equipment Total Motor vehicles and parts Apparel Printing and support Chemical Food ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ ............................................................ 107.0 111.6 113.5 113.2 109.5 99.1 100.0 97.6 103.4 100.6 107.7 111.0 110.8 111.6 110.5 99.9 100.0 99.0 108.4 101.7 98.6 103.0 106.3 107.1 111.3 103.2 100.0 98.6 103.2 106.7 106.2 112.2 115.0 112.7 118.4 104.8 100.0 99.0 110.7 115.7 33.6 45.2 58.3 77.2 102.5 103.6 100.0 112.6 130.7 156.7 23.3 34.6 48.4 70.5 100.7 102.6 100.0 117.6 141.2 171.8 83.4 91.0 99.0 104.4 99.5 95.7 100.0 101.8 105.6 111.4 79.6 85.8 90.2 100.1 99.5 90.6 100.0 104.0 108.0 112.1 163.4 161.3 152.6 146.2 139.1 119.1 100.0 91.7 87.6 84.2 107.9 110.0 111.2 112.3 113.0 106.0 100.0 95.8 96.0 97.7 86.1 91.2 92.7 94.6 96.0 94.3 100.0 99.7 102.8 102.6 88.4 90.8 94.8 95.8 97.5 97.5 100.0 99.6 100.8 103.2 2005: Oct .................................................. Nov .................................................. Dec .................................................. 102.7 103.5 104.0 104.4 108.1 109.4 109.0 109.1 108.5 119.0 120.2 121.8 165.0 170.7 172.5 181.3 188.0 191.1 115.0 112.9 112.6 116.3 110.9 109.5 84.2 85.0 85.2 98.2 98.3 98.4 98.8 101.3 101.9 103.9 104.2 104.8 2006: Jan .................................................. Feb .................................................. Mar ................................................. Apr .................................................. May ................................................. June ................................................ July r ................................................ Aug r ................................................ Sept r ................................................ Oct p ................................................. 106.8 106.1 104.4 106.2 109.2 109.3 107.1 106.4 105.4 102.2 108.0 108.5 108.7 109.8 115.6 115.6 112.8 111.5 109.7 103.0 109.8 110.4 111.4 112.5 111.5 112.3 113.3 114.2 113.9 114.1 119.7 119.1 120.7 123.7 120.8 121.7 127.1 127.6 127.1 127.5 172.4 173.8 175.3 178.0 180.3 184.1 187.0 190.7 194.0 197.1 191.3 193.6 195.6 198.9 202.5 206.6 210.8 218.2 224.0 229.0 114.9 115.1 115.8 116.5 115.6 118.3 115.1 116.7 115.5 113.3 112.3 111.3 112.9 112.6 111.1 114.6 108.7 110.6 108.5 104.2 86.8 86.6 87.8 88.8 89.2 88.9 90.6 88.8 87.7 89.0 100.2 100.7 101.4 102.5 101.8 102.5 102.3 102.1 102.1 103.5 102.5 102.2 103.3 104.1 104.6 105.3 105.9 106.6 106.4 106.2 105.8 105.6 106.3 107.1 106.2 106.0 107.1 107.1 107.6 107.6 1 Computers and office equipment, communications equipment, and semiconductors and related electronic components. 18 Source: Board of Governors of the Federal Reserve System. NEW CONSTRUCTION [Billions of dollars; monthly data at seasonally adjusted annual rates] Private Period 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2005: .................................... .................................... .................................... .................................... .................................... .................................... .................................... .................................... .................................... .................................... Oct ........................... Nov .......................... Dec .......................... 2006: Jan .......................... Feb .......................... Mar .......................... Apr .......................... May ......................... June ........................ July ......................... Aug r ......................... Sept r ........................ Oct p ......................... Total new construction expenditures Residential Total Total 1 615.9 653.4 706.3 769.5 835.3 868.3 876.8 926.9 1,034.7 1,143.7 1,172.6 1,183.1 1,194.5 1,194.5 1,199.9 1,212.4 1,214.4 1,209.2 1,209.2 1,200.2 1,199.9 1,190.0 1,178.4 476.6 502.7 552.0 599.7 649.8 662.2 659.7 702.9 804.2 899.0 924.0 931.3 940.2 939.3 940.3 948.7 948.5 939.2 937.2 930.3 929.6 919.0 905.3 281.1 289.0 314.6 350.6 374.5 388.3 421.9 475.9 564.8 642.3 659.3 663.1 665.6 661.4 662.6 664.2 657.8 647.2 639.4 627.3 617.5 608.8 597.1 Federal and State and local Nonresidential New housing Total 191.1 198.1 224.0 251.3 265.0 279.4 298.8 345.7 417.5 481.7 502.0 506.9 509.1 510.5 513.0 513.7 502.6 490.5 478.9 466.7 454.3 446.2 432.1 195.5 213.7 237.4 249.2 275.3 273.9 237.7 226.9 239.4 256.7 264.8 268.2 274.6 277.9 277.8 284.5 290.7 292.0 297.8 303.0 312.1 310.2 308.2 1 Includes residential improvements, not shown separately. 2 Includes health care, educational, communication, and power, among other categories not shown separately. Lodging 10.9 12.9 14.8 16.0 16.3 14.5 10.5 9.9 12.0 12.8 13.4 13.5 14.2 14.1 15.5 16.9 18.7 19.6 19.7 20.4 20.5 20.7 22.5 Commercial (including farm) Office 26.5 32.8 40.4 45.1 52.4 49.7 35.3 30.6 32.9 36.8 37.0 36.9 39.0 38.4 39.5 39.3 40.2 41.2 42.0 45.5 47.6 47.6 46.9 Manufacturing 49.4 53.1 55.7 59.4 64.1 63.6 59.0 57.5 64.1 69.1 71.7 72.7 74.8 74.4 72.8 73.9 74.9 76.0 76.4 76.9 77.3 78.7 77.6 Other 2 38.1 37.6 40.5 35.1 37.6 37.8 22.7 21.4 23.7 30.9 33.0 34.0 34.9 34.6 33.4 35.3 37.1 36.1 38.0 36.3 40.5 38.6 37.4 70.6 77.3 86.0 93.7 104.9 108.2 110.2 107.5 106.8 107.0 109.7 111.1 111.7 116.4 116.6 119.1 119.8 119.1 121.5 124.0 126.1 124.6 123.8 139.3 150.7 154.3 169.7 185.5 206.1 217.2 224.0 230.5 244.7 248.5 251.7 254.3 255.2 259.5 263.7 266.0 270.0 272.1 270.0 270.4 271.0 273.1 Source: Department of Commerce, Bureau of the Census. NEW PRIVATE HOUSING AND VACANCY RATES [Thousands of units or houses, except as noted] New private housing units Units started, by type of structure Period Total 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 ...................................... ...................................... ...................................... ...................................... ...................................... ...................................... ...................................... ...................................... ...................................... ...................................... New private houses 1,476.8 1,474.0 1,616.9 1,640.9 1,568.7 1,602.7 1,704.9 1,847.7 1,955.8 2,068.3 1 unit 1,160.9 1,133.7 1,271.4 1,302.4 1,230.9 1,273.3 1,358.6 1,499.0 1,610.5 1,715.8 2–4 units 1 5 units or more 45.3 44.5 42.6 31.9 38.7 36.6 38.5 33.5 42.3 41.1 270.8 295.8 302.9 306.6 299.1 292.8 307.9 315.2 303.0 311.4 Units authorized 1,425.6 1,441.1 1,612.3 1,663.5 1,592.3 1,636.7 1,747.7 1,889.2 4 2,070.1 2,155.3 Units completed Houses sold Houses for sale at end of period 2 Vacancy rate for rental housing units (percent) 3 1,412.9 1,400.5 1,474.2 1,604.9 1,573.7 1,570.8 1,648.4 1,678.7 1,841.9 1,931.4 757 804 886 880 877 908 973 1,086 1,203 1,283 322 281 294 308 298 308 339 370 422 509 7.8 7.7 7.9 8.1 8.0 8.4 8.9 9.8 10.2 9.8 1,967 1,909 1,953 2,044 2,038 2,203 2,043 1,905 2,043 1,946 1,888 2,031 1,953 1,346 1,236 1,259 1,173 1,038 1,121 1,121 1,101 1,078 r979 1,000 1,037 1,004 490 500 509 522 538 553 565 564 566 573 571 562 558 ...................... ...................... 9.6 ...................... ...................... 9.5 ...................... ...................... 9.6 ...................... ...................... 9.9 ...................... Seasonally adjusted annual rates 2005: Oct ............................. Nov ............................ Dec ............................ 2006: Jan ............................ Feb ............................ Mar ............................ Apr ............................ May ........................... June .......................... July ........................... Aug r ........................... Sept r .......................... Oct p ........................... 1 Derived; 2,046 2,131 2,002 2,265 2,132 1,972 1,832 1,953 1,833 1,760 1,659 1,740 1,486 1,726 1,795 1,633 1,814 1,812 1,615 1,524 1,587 1,478 1,445 1,365 1,400 1,177 33 38 31 27 35 36 56 51 44 83 41 28 43 seasonally adjusted monthly data for 2–4 units are no longer published. adjusted. series. Quarterly data entered in last month of quarter. 4 Based on 20,000 permit-issuing places. Based on 19,000 places, the total for 2004 is 2,052.1 thousand units. 2 Seasonally 3 Revised 287 298 338 424 285 321 252 315 311 232 253 312 266 2,131 2,191 2,107 2,195 2,147 2,085 1,973 1,946 1,869 1,763 1,727 1,638 1,553 NOTE.—Beginning 2004, units authorized are for 20,000 permit-issuing places. For other data shown, units authorized are for 19,000 places. Beginning 1999, housing starts, completions, and sales are not directly comparable with earlier data due to new estimation methods. Source: Department of Commerce, Bureau of the Census. 19 BUSINESS SALES AND INVENTORIES—Manufacturing and Trade In September, according to current estimates, manufacturing and trade sales fell 1.9 percent and inventories rose $5.8 billion. According to current estimates, retail sales fell 0.4 percent in October. Retail and food services sales also fell 0.4 percent. [Millions of dollars, except ratios; seasonally adjusted, except as noted] Manufacturing and trade 1 Period Sales 2 Inventories 3 Inventorysales ratio 4 Wholesale Sales 2 Inventories 3 Retail Inventory sales ratio 4 1996 ............................................................... 687,350 1,005,672 1.46 190,362 241,078 1.27 1997 .............................................................. 723,879 1,046,857 1.42 198,154 258,496 1.26 1998 .............................................................. 742,837 1,078,775 1.43 202,260 272,292 1.32 1999 .............................................................. 786,634 1,139,249 1.40 216,597 290,418 1.30 2000 .............................................................. 834,325 1,198,691 1.41 234,546 309,809 1.29 2001 .............................................................. 822,982 1,141,227 1.43 232,096 298,380 1.32 2002 .............................................................. 827,925 1,158,450 1.38 236,294 302,478 1.26 2003 .............................................................. 849,990 1,147,101 1.35 246,857 308,017 1.23 2004 .............................................................. 919,420 1,234,297 1.30 274,710 338,232 1.18 2005 .............................................................. 984,511 1,287,998 1.28 295,843 362,084 1.19 2005: Sept r .................................................. 1,001,221 1,266,275 1.26 305,146 355,220 1.16 Oct r .................................................... 1,008,261 1,272,325 1.26 308,013 357,061 1.16 Nov ..................................................... 1,009,347 1,278,912 1.27 306,416 358,711 1.17 Dec ..................................................... 1,021,270 1,287,998 1.26 309,975 362,084 1.17 2006: Jan ..................................................... 1,035,640 1,294,384 1.25 311,990 362,729 1.16 Feb .................................................... 1,027,729 1,295,158 1.26 312,846 365,838 1.17 Mar .................................................... 1,036,587 1,304,786 1.26 315,710 367,871 1.17 Apr .................................................... 1,043,191 1,313,526 1.26 320,342 372,676 1.16 May .................................................... 1,059,577 1,328,018 1.25 326,407 376,048 1.15 June ................................................... 1,061,409 1,339,593 1.26 330,366 379,097 1.15 July ................................................... 1,067,161 1,348,329 1.26 331,886 382,384 1.15 Aug r ................................................... 1,072,622 1,357,069 1.27 334,528 387,251 1.16 Sept p .................................................. 1,052,359 1,362,891 1.30 331,582 390,632 1.18 Oct p ................................................... .................. .................. ................ ................ ................ ................ 1 See page 21 for manufacturing. data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month. 3 Seasonally adjusted, end of period. 4 Annual data are averages of seasonally adjusted monthly ratios. 2 Annual 20 Sales 2 Inventories 3 Inventory sales ratio 4 197,222 333,915 1.67 206,167 344,593 1.64 215,592 357,267 1.62 234,046 385,087 1.59 249,063 407,035 1.59 255,644 394,966 1.58 261,194 416,499 1.55 272,123 432,268 1.56 289,776 461,202 1.56 309,932 473,865 1.50 312,966 464,834 1.49 314,289 465,932 1.48 315,571 470,209 1.49 316,810 473,865 1.50 326,403 475,498 1.46 323,838 475,304 1.47 325,981 479,001 1.47 328,369 478,542 1.46 328,971 486,353 1.48 327,208 490,495 1.50 331,988 492,228 1.48 331,575 493,462 1.49 r328,910 492,606 1.50 327,435 ................ ................ Retail and food services sales 2 217,463 227,670 238,278 257,797 274,518 282,131 288,845 301,264 320,812 342,985 346,437 348,044 349,630 351,070 361,743 358,675 361,190 363,611 364,343 362,439 367,415 367,491 r365,177 363,844 Note.—Data reflect the introduction of new samples for wholesale and retail trade. Data for August, September and October 2006, and September and October 2005, reflect these changes which were released in late November 2006. Source: Department of Commerce, Bureau of the Census. MANUFACTURERS’ SHIPMENTS, INVENTORIES, AND ORDERS In October, according to advance estimates for durable goods, manufacturers’ shipments, inventories, and unfilled orders rose, while new orders fell. Manufacturers’ shipments 1 Manufacturers’ inventories 2 Manufacturers’ new orders 1 Durable goods Period Total Durable goods Nondurable goods 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 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 .................................................... .................................................... .................................................... .................................................... .................................................... .................................................... .................................................... .................................................... .................................................... .................................................... 299,766 319,558 324,984 335,991 350,715 335,242 330,437 331,010 354,934 378,737 164,883 178,949 185,966 193,895 197,807 183,592 180,703 177,520 187,660 198,781 134,883 140,610 139,019 142,096 152,908 151,650 149,734 153,490 167,274 179,956 430,679 443,768 449,216 463,744 481,847 447,881 439,473 406,816 434,863 452,049 272,595 281,154 290,765 296,615 306,889 279,825 272,146 246,840 263,936 273,123 158,084 162,614 158,451 167,129 174,958 168,056 167,327 159,976 170,927 178,926 297,282 314,986 317,345 329,770 346,789 326,435 322,242 325,067 350,672 379,136 162,399 174,377 178,327 187,674 193,881 174,786 172,507 171,578 183,398 199,180 54,066 60,697 62,133 64,392 69,278 58,232 53,927 52,263 55,381 67,149 488,842 513,057 496,160 505,543 549,530 511,562 478,479 473,758 495,278 576,197 1.43 1.37 1.38 1.35 1.35 1.39 1.32 1.27 1.19 1.18 2005: Sept .......................................... Oct ........................................... Nov .......................................... Dec ........................................... 383,109 385,959 387,360 394,485 200,206 203,274 204,068 210,500 182,903 182,685 183,292 183,985 446,221 449,332 449,992 452,049 270,229 271,604 273,273 273,123 175,992 177,728 176,719 178,926 381,665 387,884 397,596 400,150 198,762 205,199 214,304 216,165 62,793 67,432 80,435 79,966 538,467 546,785 563,614 576,197 1.16 1.16 1.16 1.15 274,309 181,848 389,235 273,012 181,004 389,720 275,685 182,229 405,387 278,885 183,423 397,233 280,856 184,761 401,362 283,293 186,708 407,504 286,383 187,334 403,628 288,246 188,110 402,609 291,550 188,103 412,119 293,823 ................ ................ 199,793 207,037 219,499 209,227 209,839 216,667 210,561 210,645 229,021 209,974 65,797 68,884 76,888 71,864 70,435 71,652 70,978 69,569 86,733 73,165 574,678 1.15 581,518 1.16 598,726 1.16 607,538 1.17 611,736 1.15 622,040 1.16 629,253 1.17 632,139 1.17 658,284 1.22 666,026 ................ 2006: Jan ........................................... 397,247 Feb ........................................... 391,045 Mar .......................................... 394,896 Apr ........................................... 394,480 May .......................................... 404,199 June ......................................... 403,835 July .......................................... 403,287 Aug .......................................... 406,519 Sept r ........................................ 391,867 Oct p .......................................... ................ 207,805 189,442 456,157 208,362 182,683 454,016 209,008 185,888 457,914 206,474 188,006 462,308 212,676 191,523 465,617 212,998 190,837 470,001 210,220 193,067 473,717 214,555 191,964 476,356 208,769 183,098 479,653 209,941 ................ ................ 1 Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month. Shipments are the same as sales. 2 Seasonally adjusted, end of period. 3 Annual data are averages of seasonally adjusted monthly ratios. NOTE.—Totals for September 2006 reflect revisions to durable goods released on November 28, 2006; nondurable goods are as published on November 2, 2006. Manufacturers’ nondurable new orders (not shown) are the same as nondurable shipments. Also, there are no unfilled nondurable orders; data shown for total unfilled orders are durable unfilled orders. Total and durable shipments and inventories include data on semiconductors; new and unfilled orders do not. Source: Department of Commerce, Bureau of the Census. 21 PRICES PRODUCER PRICES The producer price index for all finished goods fell 1.6 percent in October. Prices of finished consumer foods fell 0.8 percent, while prices of other finished consumer goods fell 2.3 percent. Capital equipment prices fell 0.9 percent. [1982=100; monthly data seasonally adjusted] Finished goods Period Total finished goods Finished goods excluding consumer foods Consumer foods Consumer goods Total Total 1996 ........................... 1997 ........................... 1998 ........................... 1999 .......................... 2000 ........................... 2001 ........................... 2002 .......................... 2003 .......................... 2004 .......................... 2005 .......................... 2005: Oct ................. Nov ................ Dec ................ 2006: Jan ................ Feb ................ Mar ................ Apr ................ May ............... June r ............. July ............... Aug ................ Sept ............... Oct ................. 1 Intermediate 22 131.3 131.8 130.7 133.0 138.0 140.7 138.9 143.3 148.5 155.7 159.6 158.8 159.9 160.3 158.4 159.1 160.6 160.8 161.7 161.8 161.9 159.8 157.2 133.6 134.5 134.3 135.1 137.2 141.3 140.1 145.9 152.7 155.7 155.7 156.7 157.9 157.6 154.1 154.7 155.1 153.8 155.8 155.7 157.9 159.0 157.7 130.5 130.9 129.5 132.3 138.1 140.4 138.3 142.4 147.2 155.5 160.3 159.1 160.1 160.7 159.2 160.0 161.7 162.3 163.0 163.1 162.7 159.8 156.8 materials for food manufacturing and feeds. 127.6 128.2 126.4 130.5 138.4 141.4 138.8 144.7 150.9 161.9 169.1 167.2 168.8 169.4 166.9 168.0 170.4 171.2 172.1 172.3 171.9 167.0 163.1 Durable 134.2 133.7 132.9 133.0 133.9 134.0 133.0 133.1 135.0 136.6 136.2 136.1 135.9 136.5 137.0 137.1 137.1 137.2 137.5 136.8 135.4 137.0 134.3 Nondurable 123.3 124.3 122.2 127.9 138.7 142.8 139.8 148.4 156.6 172.0 182.7 180.1 182.5 183.1 179.2 180.7 184.3 185.4 186.5 187.2 187.3 179.3 175.0 Capital equipment 138.3 138.2 137.6 137.6 138.8 139.7 139.1 139.5 141.4 144.6 145.0 145.0 145.0 145.5 146.0 146.3 146.5 146.8 147.1 146.9 146.5 147.4 146.1 Total finished consumer goods 129.5 130.2 128.9 132.0 138.2 141.5 139.4 145.3 151.7 160.4 165.6 164.6 166.0 166.4 163.6 164.5 166.4 166.6 167.8 167.9 168.3 165.0 161.9 Intermediate materials Crude materials Total Foods and feeds 1 Other Total Foodstuffs and feedstuffs Other 125.7 125.6 123.0 123.2 129.2 129.7 127.8 133.7 142.6 154.0 162.0 159.9 160.3 161.9 161.1 161.5 163.1 164.9 165.8 166.4 167.1 164.7 162.9 128.1 125.4 116.2 111.1 111.7 115.9 115.5 125.9 137.1 133.8 134.3 134.3 134.7 135.7 134.2 134.0 133.0 132.6 133.5 134.2 133.9 135.0 135.6 125.6 125.7 123.4 123.9 130.1 130.5 128.5 134.2 143.0 155.1 163.3 161.2 161.5 163.2 162.4 162.8 164.6 166.5 167.4 168.0 168.8 166.1 164.2 113.8 111.1 96.8 98.2 120.6 121.0 108.1 135.3 159.0 182.2 211.7 208.8 201.4 199.8 183.0 178.3 182.9 186.0 181.3 186.8 191.0 184.6 165.2 121.5 112.2 103.9 98.7 100.2 106.1 99.5 113.5 127.0 122.7 120.6 121.8 124.9 121.0 117.4 114.6 113.5 110.7 115.7 118.0 118.1 120.8 124.6 104.5 106.4 88.4 94.3 130.4 126.8 111.4 148.2 179.2 223.4 276.9 271.0 255.5 255.7 228.9 222.8 231.9 239.6 227.3 235.1 242.5 229.0 191.6 Source: Department of Labor, Bureau of Labor Statistics. CONSUMER PRICES—ALL URBAN CONSUMERS In October, the consumer price index for all urban consumers fell 0.5 percent both seasonally adjusted and not seasonally adjusted. The index was 1.3 percent above its year-earlier level. [1982–84=100, except as noted; monthly data seasonally adjusted, except as noted] All items 1 Housing Transportation Shelter Period Not season- Seasonally ally adjust- adjusted ed (NSA) Food Total 1 Rent of primary residence Total 1 Owners’ equivalent rent (12/82= 100) Fuels and utilities Apparel Total 1 New cars Motor fuel Medical care Energy 2 All items less food and energy Rel. imp.3 ......................... 1996 ................................. 1997 ................................. 1998 ................................. 1999 ................................. 2000 ................................. 2001 ................................. 2002 ................................. 2003 ................................. 2004 ................................. 2005 ................................. 100.0 156.9 160.5 163.0 166.6 172.2 177.1 179.9 184.0 188.9 195.3 ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. 13.9 153.3 157.3 160.7 164.1 167.8 173.1 176.2 180.0 186.2 190.7 42.4 152.8 156.8 160.4 163.9 169.6 176.4 180.3 184.8 189.5 195.7 32.3 171.0 176.3 182.1 187.3 193.4 200.6 208.1 213.1 218.8 224.4 5.8 162.0 166.7 172.1 177.5 183.9 192.1 199.7 205.5 211.0 217.3 23.4 176.8 181.9 187.8 192.9 198.7 206.3 214.7 219.9 224.9 230.2 5.4 127.5 130.8 128.5 128.8 137.9 150.2 143.6 154.5 161.9 179.0 3.8 131.7 132.9 133.0 131.3 129.6 127.3 124.0 120.9 120.4 119.5 17.4 ............ 143.0 141.4 144.3 141.7 141.6 140.7 144.4 139.6 153.3 139.6 154.3 138.9 152.9 137.3 157.6 134.7 163.1 133.9 173.9 135.2 4.2 106.3 106.2 92.2 100.7 129.3 124.7 116.6 135.8 160.4 195.7 6.2 228.2 234.6 242.1 250.6 260.8 272.8 285.6 297.1 310.1 323.2 8.7 110.1 111.5 102.9 106.6 124.6 129.3 121.7 136.5 151.4 177.1 77.4 165.6 169.5 173.4 177.0 181.3 186.1 190.5 193.2 196.6 200.9 2005: Oct ....................... Nov ...................... Dec ...................... 199.2 197.6 196.8 199.1 197.8 197.7 192.0 192.5 192.7 198.6 199.4 199.7 225.8 226.5 227.2 219.4 219.9 220.4 231.6 232.1 232.7 193.7 196.0 193.5 118.9 119.0 118.7 184.4 175.4 174.1 135.6 135.6 135.6 237.5 199.4 194.1 327.0 328.7 329.4 205.0 188.3 184.3 202.0 202.5 202.8 2006: Jan ...................... Feb ...................... Mar ...................... Apr ...................... May ..................... June .................... July ..................... Aug ...................... Sept ..................... Oct ....................... 198.3 198.7 199.8 201.5 202.5 202.9 203.5 203.9 202.9 201.8 199.0 199.1 199.8 201.0 201.9 202.3 203.2 203.7 202.7 201.7 193.6 193.8 193.9 193.9 194.1 194.7 195.1 195.8 196.4 197.0 200.6 200.8 201.3 201.6 202.3 202.8 203.5 204.0 204.7 204.6 227.4 228.2 229.2 230.0 231.0 232.0 232.9 233.4 234.2 234.9 220.7 221.4 222.3 222.9 223.6 224.6 225.4 226.2 227.1 228.0 233.2 233.9 234.9 235.8 237.1 238.1 239.0 239.7 240.4 241.3 200.0 197.9 196.1 194.4 193.9 192.6 193.3 193.9 195.2 191.0 119.1 117.9 119.1 119.8 120.0 120.0 118.6 119.7 120.4 119.6 177.2 176.9 178.5 182.8 185.5 185.2 188.2 188.5 180.8 175.2 136.8 136.5 136.4 136.1 136.0 136.2 136.4 136.7 136.9 136.8 206.2 204.4 211.7 230.3 241.7 239.3 251.6 252.3 218.4 194.2 329.8 331.4 332.8 334.0 335.1 336.0 336.6 338.0 339.1 340.1 193.5 191.2 193.6 201.2 206.1 204.2 210.2 210.8 195.7 182.0 203.2 203.5 204.2 204.8 205.4 206.0 206.4 206.9 207.4 207.6 1 Includes items not shown separately. fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc. excluded beginning 1983. 2 Household 3 Relative importance, December 2005. 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 Consumer goods Consumer goods Total finished goods Foods Capital equipment Excluding foods Change from 6 months earlier, annual rate Change from year earlier, total finished goods NSA Consumer goods Total finished goods Foods Excluding foods Capital equipment Total finished goods Foods Excluding foods Capital equipment 0.4 ¥.6 0 .3 1.2 0 ¥.6 .8 2.4 1.2 ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ .................. .................. .................. .................. .................. .................. .................. .................. .................. .................. Change, Dec. to Dec., NSA 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 ............... ............... ............... ............... ............... ............... ............... ............... ............... ............... 2.8 ¥1.2 0 2.9 3.6 ¥1.6 1.2 4.0 4.2 5.4 3.4 ¥.8 .1 .8 1.7 1.8 ¥.6 7.7 3.1 1.7 3.7 ¥1.5 ¥.1 5.1 5.5 ¥3.9 2.9 4.1 5.5 8.8 2.7 .4 ¥.8 1.8 3.8 2.0 ¥1.3 3.2 3.6 4.8 Change, month to month 2005: Oct ..... Nov ..... Dec ..... 0.8 ¥.5 .7 0.1 .6 .8 1.4 ¥1.1 1.0 ¥0.2 0 0 11.3 6.8 3.8 4.5 8.0 6.0 19.6 9.4 4.9 0 0 ¥.8 6.8 6.2 7.5 ¥1.0 .6 3.6 13.0 11.3 12.3 0.8 .3 .6 5.9 4.4 5.4 2006: Jan ..... Feb ..... Mar ..... Apr ...... May .... June r .. July .... Aug ..... Sept .... Oct ...... .3 ¥1.2 .4 .9 .1 .6 .1 .1 ¥1.3 ¥1.6 ¥.2 ¥2.2 .4 .3 ¥.8 1.3 r¥.1 1.4 .7 ¥.8 .4 ¥1.5 .7 1.4 .5 .5 r.1 ¥.2 ¥2.9 ¥2.3 .3 .3 .2 .1 .2 .2 r¥.1 ¥.3 .6 ¥.9 1.8 ¥1.0 ¥2.0 .8 6.2 6.7 3.0 2.8 r¥4.6 ¥10.9 5.0 ¥6.5 ¥7.9 ¥6.2 ¥.8 2.9 1.6 11.1 r8.5 5.2 .7 ¥.7 ¥1.9 2.4 10.7 10.1 4.5 1.6 r¥11.3 ¥19.7 1.4 2.8 3.6 2.8 2.2 2.2 1.1 ¥.8 r.8 ¥2.2 6.4 2.8 .9 1.3 2.5 2.3 1.9 4.5 .9 ¥4.2 4.7 .5 ¥1.2 ¥.8 ¥3.7 ¥2.6 ¥2.4 5.0 5.6 3.4 9.8 4.2 1.4 1.5 4.8 3.9 3.5 6.1 ¥1.2 ¥8.4 .7 1.4 1.4 2.1 2.5 2.9 1.9 .7 1.5 ¥.5 5.6 3.9 3.6 4.1 4.5 4.9 4.2 3.7 .9 ¥1.6 Source: Department of Labor, Bureau of Labor Statistics. CHANGES IN CONSUMER PRICES—ALL URBAN CONSUMERS [Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA] Housing Transportation Shelter Period All items 1 Food Total 1 Total 1 Rent of Ownpriers’ mary equivaresilent dence rent Fuels and utilities Apparel Total 1 New cars Motor fuel Medical care Energy 2 All items less food and energy Addendum: All items, percent change (annual rate) From previous quarter 3 From From 3 6 months months earlier earlier From year earlier NSA Change, December to December, NSA 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 .......................... .......................... .......................... .......................... .......................... .......................... .......................... .......................... .......................... .......................... 3.3 1.7 1.6 2.7 3.4 1.6 2.4 1.9 3.3 3.4 4.3 1.5 2.3 1.9 2.8 2.8 1.5 3.6 2.7 2.3 2.9 2.4 2.3 2.2 4.3 2.9 2.4 2.2 3.0 4.0 2.9 3.4 3.3 2.5 3.4 4.2 3.1 2.2 2.7 2.6 2.8 3.1 3.4 3.1 4.0 4.7 3.1 2.7 2.9 3.1 2.8 3.1 3.2 2.4 3.4 4.5 3.3 2.0 2.3 2.5 4.6 .5 ¥2.6 2.4 12.1 ¥2.1 1.4 6.5 7.9 15.6 ¥0.2 1.0 ¥.7 ¥.5 ¥1.8 ¥3.2 ¥1.8 ¥2.1 ¥.2 ¥1.1 4.4 ¥1.4 ¥1.7 5.4 4.1 ¥3.8 3.8 .3 6.5 4.8 1.6 ¥1.0 ¥.1 ¥.8 .3 0 ¥2.0 ¥2.1 .5 .8 12.7 ¥6.2 ¥15.4 30.2 13.9 ¥24.8 24.6 6.8 26.1 16.2 3.0 2.8 3.4 3.7 4.2 4.7 5.0 3.7 4.2 4.3 8.6 ¥3.4 ¥8.8 13.4 14.2 ¥13.0 10.7 6.9 16.6 17.1 2.6 2.2 2.4 1.9 2.6 2.7 1.9 1.1 2.2 2.2 .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... 3.0 2.3 1.6 2.2 3.4 2.8 1.6 2.3 2.7 3.4 0.2 .......... .2 .......... .1 3.3 8.5 3.3 ¥1.8 5.2 4.0 4.0 4.3 3.5 3.4 ¥.2 2.7 4.3 4.1 5.7 5.1 4.5 3.6 .8 ¥2.9 4.0 3.0 1.2 1.9 4.2 4.7 4.3 4.7 2.9 .7 4.0 3.6 3.4 3.5 4.2 4.3 4.1 3.8 2.1 1.3 Change, month to month 2005: Oct ................ Nov ............... Dec ............... 0.3 ¥.7 ¥.1 0.3 .3 .1 0.9 .4 .2 0.5 .3 .3 0.4 .2 .2 0.2 .2 .3 4.5 1.2 ¥1.3 ¥0.3 .1 ¥.3 ¥1.2 ¥4.9 ¥.7 0.6 0 0 ¥4.0 ¥16.0 ¥2.7 0.6 .5 .2 0 ¥8.1 ¥2.1 2006: Jan ............... Feb ............... Mar ............... Apr ................ May ............... June .............. July ............... Aug ................ Sept ............... Oct ................ .7 .1 .4 .6 .4 .2 .4 .2 ¥.5 ¥.5 .5 .1 .1 .5 .1 .2 .1 .3 .2 .3 .2 .3 ¥.0 .1 .4 .4 .3 .4 .4 .4 .2 .3 .3 .1 .3 .4 .3 .3 .4 .4 .4 .4 .4 .2 .3 .4 .4 .6 .4 .4 .3 .3 .4 3.4 ¥1.1 ¥.9 ¥.9 ¥.3 ¥.7 .4 .3 .7 ¥2.2 .3 ¥1.0 1.0 .6 .2 0 ¥1.2 .9 .6 ¥.7 1.8 ¥.2 .9 2.4 1.5 ¥.2 1.6 .2 ¥4.1 ¥3.1 .9 ¥.2 ¥.1 ¥.2 ¥.1 .1 .1 .2 .1 ¥.1 6.2 ¥.9 3.6 8.8 5.0 ¥1.0 5.1 .3 ¥13.4 ¥11.1 .1 .5 .4 .4 .3 .3 .2 .4 .3 .3 5.0 ¥1.2 1.3 3.9 2.4 ¥.9 2.9 .3 ¥7.2 ¥7.0 1 Includes 0 .1 .3 .2 .4 .3 .3 items not shown separately. fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc., excluded beginning 1983. 2 Household 24 3 Quarterly .2 .1 .3 .3 .3 .3 .2 .2 .2 .1 .......... .......... 2.2 .......... .......... 4.9 .......... .......... 3.0 .......... 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 November, prices received by farmers rose 4.3 percent; prices paid by farmers were unchanged. (Data are not seasonally adjusted.) [1990–92=100; not seasonally adjusted] Prices received by farmers Period 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 All farm products Prices paid by farmers Livestock and products Crops All commodities, services, interest, taxes, and wage rates 1 Production items, interest, taxes, and wage rates Production items Ratio 2 ............................... .............................. .............................. ............................... .............................. .............................. .............................. .............................. .............................. .............................. 112 107 102 96 96 102 98 107 119 116 127 115 107 97 96 99 105 111 117 112 99 98 97 95 97 106 90 103 122 120 115 118 115 115 120 123 123 127 133 140 115 118 114 113 118 122 121 125 132 139 115 119 113 111 116 120 118 123 131 139 98 90 89 83 80 83 79 84 90 83 2005: Nov .................... Dec .................... 112 115 105 111 121 120 142 143 141 142 141 142 79 80 2006: Jan ..................... Feb .................... Mar .................... Apr .................... May .................... June ................... July .................... Aug .................... Sept ................... Oct r .................... Nov .................... 113 113 113 112 115 117 117 120 119 116 121 108 113 117 122 127 126 123 126 122 115 125 118 114 110 105 104 110 110 115 117 117 116 146 145 145 146 146 147 147 147 146 146 146 145 144 144 145 146 146 146 146 145 145 145 144 143 143 145 145 146 146 146 145 144 144 77 78 78 77 79 80 80 82 82 79 83 1 Includes items not shown separately. ratio of index of prices received by farmers to index of prices paid, interest, taxes, and wage rates. 2 Percentage NOTE.—The official indexes are published on a 1910–14 base as required by law. The indexes have been converted to a 1990–92=100 base to facilitate comparison with other indexes. Source: Department of Agriculture. 25 MONEY, CREDIT, AND SECURITY MARKETS MONEY STOCK AND DEBT MEASURES In October, M2 rose. [Averages of daily figures, except debt end-of-period basis; billions of dollars, seasonally adjusted] M1 M2 Sum of currency, demand deposits, travelers checks, and other checkable deposits (OCDs) M1 plus retail MMMF balances, savings deposits (including MMDAs), and small time deposits ......................................................................................... ......................................................................................... ........................................................................................ ........................................................................................ ........................................................................................ ........................................................................................ ........................................................................................ ........................................................................................ ........................................................................................ ........................................................................................ 1,080.0 1,072.2 1,094.9 1,123.1 1,087.6 1,182.1 1,219.0 1,304.1 1,372.1 1,368.5 3,815.8 4,031.6 4,379.5 4,641.1 4,920.7 5,429.8 5,773.6 6,059.4 6,408.1 6,664.8 14,369.9 15,131.5 16,159.7 17,230.9 18,091.8 19,217.9 20,599.2 22,319.8 24,331.5 26,644.6 ¥4.2 ¥.7 2.1 2.6 ¥3.2 8.7 3.1 7.0 5.2 ¥.3 4.8 5.7 8.6 6.0 6.0 10.3 6.3 5.0 5.8 4.0 5.2 5.3 6.8 6.4 4.9 6.3 7.2 8.2 8.9 9.5 2005: Oct ......................................................................................... Nov ........................................................................................ Dec ........................................................................................ 1,374.3 1,375.1 1,368.5 6,619.0 6,638.2 6,664.8 ............................ ............................ 26,644.6 1.6 .7 ¥.8 4.7 4.9 4.9 ...................... ...................... 9.6 2006: Jan ........................................................................................ Feb ........................................................................................ Mar ........................................................................................ Apr ........................................................................................ May ........................................................................................ June ....................................................................................... July ........................................................................................ Aug ........................................................................................ Sept ....................................................................................... Oct ......................................................................................... 1,380.3 1,375.6 1,384.6 1,386.7 1,393.1 1,370.3 1,373.4 1,370.2 1,357.7 1,369.1 6,724.8 6,747.1 r 6,763.8 r 6,782.0 r 6,787.9 r 6,817.4 r 6,838.7 6,862.3 6,878.8 6,939.0 ............................ ............................ 27,272.7 ............................ ............................ 27,710.3 ............................ ............................ ............................ ............................ 1.6 ¥.2 1.8 1.8 2.6 .3 ¥1.0 ¥.8 ¥3.9 ¥2.5 6.0 5.7 5.3 4.9 4.5 4.6 3.4 3.4 3.4 4.6 ...................... ...................... 9.5 ...................... ...................... 6.4 ...................... ...................... ...................... ...................... Period 1996: 1997: 1998: 1999: 2000: 2001: 2002: 2003: 2004: 2005: Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec 1 Quarterly data; shown in last month of quarter. End-of-year data are for fourth quarter. Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfinancial sectors; data from flow of funds accounts. 2 Annual changes are from December to December and monthly changes are from 6 months earlier at a simple annual rate. 3 Annual changes are from fourth quarter to fourth quarter. Quarterly changes are from previous quarter at an annual rate. 26 Debt Debt of domestic nonfinancial sectors 1 Percent change From year or 6 months earlier 2 M1 M2 From previous period 3 Debt Note.—The Federal Reserve previously announced that the M3 monetary aggregate and most of its components would no longer be published. Institutional money market mutual funds will continue to be published as a memorandum item in the H.6 release, and the component on large-denomination time deposits will be published in other Federal Reserve Board releases. For details, see H.6 release of March 23, 2006. See p. 27 for components. Source: Board of Governors of the Federal Reserve System. COMPONENTS OF MONEY STOCK [Averages of daily figures; billions of dollars, seasonally adjusted] Period 1996: 1997: 1998: 1999: 2000: 2001: 2002: 2003: 2004: 2005: Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Currency Nonbank travelers checks Demand deposits Other checkable deposits (OCDs) Savings deposits 1 At commercial banks Total At commercial banks Total At thrift institutions Small-denomination time deposits 2 At thrift institutions Total At commercial banks At thrift institutions Retail money funds Institutional money funds 3 ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... 394.1 424.5 459.8 517.8 531.2 581.1 626.2 662.3 697.3 723.4 8.8 8.4 8.5 8.6 8.3 8.0 7.8 7.7 7.6 7.3 401.6 393.8 377.0 353.4 309.9 335.7 306.0 324.5 340.2 320.5 275.5 245.4 249.6 243.3 238.2 257.4 279.1 309.5 327.1 317.3 171.9 148.4 143.9 139.6 133.1 142.0 154.2 175.0 186.4 179.9 103.6 97.0 105.7 103.6 105.1 115.4 124.9 134.6 140.6 137.4 1,272.9 1,399.9 1,605.1 1,740.3 1,877.9 2,312.8 2,778.8 3,169.4 3,519.5 3,621.7 905.6 1,022.5 1,188.0 1,288.6 1,424.1 1,739.4 2,060.9 2,337.8 2,632.0 2,771.7 367.3 377.3 417.1 451.6 453.8 573.4 717.9 831.5 887.5 850.0 946.9 968.3 952.0 954.5 1,044.8 974.8 892.5 809.8 816.9 973.7 593.3 625.4 626.2 634.9 699.8 635.1 590.1 536.4 545.1 633.9 353.6 342.8 325.8 319.6 345.0 339.7 302.4 273.4 271.8 339.8 516.0 591.4 727.4 823.3 910.5 960.1 883.3 776.2 699.5 701.0 324.2 396.9 545.1 642.6 796.6 1,205.4 1,256.1 1,123.1 1,073.9 1,142.4 2005: Oct ...... Nov ..... Dec ...... 717.4 720.1 723.4 7.3 7.3 7.3 330.7 328.4 320.5 318.8 319.3 317.3 180.3 180.5 179.9 138.6 138.8 137.4 3,593.2 3,599.3 3,621.7 2,735.0 2,744.2 2,771.7 858.2 855.1 850.0 953.6 964.0 973.7 622.9 627.2 633.9 330.7 336.8 339.8 697.9 699.8 701.0 1,125.3 1,126.7 1,142.4 2006: Jan ...... Feb ...... Mar ..... Apr ...... May ..... June .... July ..... Aug ..... Sept ..... Oct ...... 729.4 733.8 736.6 739.0 742.6 740.8 740.2 741.0 740.8 742.8 7.2 7.1 6.9 6.8 6.9 7.0 6.8 6.8 6.8 6.8 324.2 318.0 321.9 322.5 326.4 312.4 318.8 316.8 305.8 314.9 319.5 316.7 319.2 318.3 317.1 310.1 r 307.6 r 305.5 304.3 304.7 181.6 178.9 180.6 180.6 r 181.0 177.4 175.7 173.4 173.6 177.7 137.9 137.8 138.6 137.7 136.1 132.7 131.9 132.1 r 130.6 127.0 3,647.8 3,657.3 3,640.8 r 3,639.9 3,619.3 3,636.9 3,621.9 3,612.8 3,609.9 3,626.0 987.0 1,002.8 1,019.2 r 1,032.7 r 1,045.4 1,060.3 1,081.2 1,104.1 1,124.9 1,145.7 642.5 653.0 663.9 671.8 679.1 688.1 700.6 713.2 723.6 746.3 344.5 349.8 355.3 r 360.9 366.2 r 372.3 380.6 390.9 401.3 399.5 709.7 711.4 719.1 722.8 730.1 749.8 762.1 775.2 786.4 798.2 1,156.7 1,154.0 1,161.2 1,175.3 1,190.6 1,206.1 1,217.1 1,241.9 1,263.4 1,284.4 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. 2,789.3 2,792.9 858.4 864.3 r 2,784.7 r 856.1 2,799.5 2,774.8 2,790.1 2,781.3 2,767.7 2,771.1 2,828.1 r 840.4 r 844.6 846.8 840.6 r 845.2 r 838.9 797.9 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 Period Total 2 1996: 1997: 1998: 1999: 2000: 2001: 2002: 2003: 2004: 2005: Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Borrowings of depository institutions from the Federal Reserve (NSA) Reserves of depository institutions Nonborrowed 3 Required Excess (NSA) Monetary base Total Primary Secondary Seasonal Adjustment 4 .................................. .................................. .................................. .................................. .................................. .................................. .................................. .................................. .................................. .................................. 50,183 46,873 45,129 41,958 38,674 41,390 40,359 42,699 46,625 45,312 50,028 46,549 45,012 41,638 38,464 41,323 40,279 42,654 46,562 45,143 48,766 45,189 43,615 40,661 37,246 39,739 38,350 41,657 44,716 43,403 1,416 1,685 1,514 1,297 1,428 1,650 2,009 1,043 1,909 1,909 452,081 479,946 513,892 593,938 584,945 635,480 681,462 720,128 758,988 787,091 155 324 117 320 210 67 80 46 63 169 ................ ................ ................ ................ ................ ................ ................ 17 11 97 ................ ................ ................ ................ ................ ................ ................ 0 0 0 68 79 15 67 111 33 45 29 52 72 87 245 101 179 99 34 35 ................ ................ ................ 2005: Oct .................................. Nov ................................. Dec .................................. 45,488 45,423 45,312 45,205 45,297 45,143 43,592 43,635 43,403 1,897 1,788 1,909 780,785 784,153 787,091 284 126 169 35 20 97 29 0 0 220 106 72 ................ ................ ................ 2006: Jan .................................. Feb .................................. Mar ................................. Apr .................................. May ................................. June ................................ July ................................. Aug ................................. Sept r ............................... Oct .................................. 44,045 44,166 43,702 44,609 45,041 45,412 44,201 42,803 42,882 42,777 43,935 44,113 43,533 44,361 44,866 45,159 43,851 42,435 42,479 42,548 42,459 42,616 42,198 42,783 43,243 43,627 42,650 41,257 41,119 41,097 1,586 1,550 1,504 1,826 1,797 1,785 1,551 1,547 1,762 1,680 791,978 796,564 799,139 801,975 r 806,474 805,529 803,677 804,059 803,749 804,948 110 53 169 248 175 253 350 369 403 229 78 21 119 164 24 16 39 26 66 24 0 2 0 0 0 0 0 0 0 0 32 30 50 84 151 237 312 343 338 205 ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ 1 Data are prorated averages of biweekly (maintenance period) averages of daily figures. Reserves and monetary base incorporate adjustments for discontinuities, or ‘‘breaks,’’ associated with changes in reserve requirements. 2 Seasonally adjusted break-adjusted required reserves plus unadjusted excess reserves. 3 Seasonally adjusted break-adjusted total reserves less unadjusted total borrowings of depository institutions from the Federal Reserve. 4 Discontinued after January 8, 2003. Source: Board of Governors of the Federal Reserve System. 27 BANK CREDIT AT ALL COMMERCIAL BANKS Total commercial bank loans and leases rose 1.9 percent in October; commercial and industrial loans rose 1.0 percent. [Billions of dollars, seasonally adjusted 1] Securities in bank credit Period 1996: 1997: 1998: 1999: 2000: 2001: 2002: 2003: 2004: 2005: 2005: Dec ........... Dec ........... Dec ........... Dec ........... Dec ........... Dec ........... Dec ........... Dec ........... Dec ........... Dec ........... Oct ........... Nov ........... Dec ........... 2006: Jan ........... Feb ........... Mar .......... Apr ........... May .......... June r ........ July r ......... Aug r ......... Sept r ......... Oct ........... Total bank credit 3,755.2 4,099.4 4,534.5 4,766.3 5,222.1 5,423.9 5,891.2 6,258.6 6,798.4 7,501.6 7,429.3 7,449.9 7,501.6 7,558.5 7,645.8 7,713.5 7,804.7 7,922.5 7,932.0 7,983.4 8,033.5 8,029.5 8,149.0 Total securities U.S. Treasury and agency securities 984.9 1,100.3 1,239.6 1,285.7 1,351.4 1,490.3 1,724.5 1,851.7 1,939.6 2,052.1 2,072.8 2,060.1 2,052.1 2,067.9 2,106.2 2,115.1 2,167.6 2,204.4 2,190.0 2,201.4 2,209.8 2,179.8 2,187.2 703.1 756.5 798.5 816.4 793.6 850.2 1,030.7 1,105.9 1,151.9 1,140.5 1,161.9 1,144.3 1,140.5 1,151.5 1,181.5 1,185.9 1,196.9 1,193.1 1,199.4 1,210.1 1,217.2 1,203.9 1,210.6 Loans and leases in bank credit Real estate Other Total loans Commersecurities and leases 2 cial and industrial 281.9 343.8 441.1 469.2 557.8 640.1 693.8 745.8 787.7 911.6 910.9 915.7 911.6 916.4 924.7 929.2 970.6 1,011.3 990.6 991.2 992.6 975.9 976.7 2,770.3 2,999.1 3,294.9 3,480.6 3,870.7 3,933.6 4,166.6 4,406.9 4,858.8 5,449.5 5,356.5 5,389.9 5,449.5 5,490.6 5,539.6 5,598.4 5,637.1 5,718.1 5,742.1 5,782.0 5,823.7 5,849.7 5,961.8 1 Data are prorated averages of Wednesday values for domestically chartered commercial banks, branches and agencies of foreign banks, New York State investment companies (through September 1996), and Edge Act and agreement corporations. Data are adjusted for breaks caused by reclassifications of assets and liabilities. 28 782.0 851.9 945.5 997.3 1,086.3 1,025.2 962.0 902.5 927.6 1,043.8 1,026.2 1,033.4 1,043.8 1,060.3 1,070.4 1,081.1 1,098.2 1,118.3 1,126.5 1,137.3 1,165.1 1,168.0 1,179.5 Total 1,141.5 1,243.8 1,334.1 1,472.6 1,652.7 1,779.9 2,023.1 2,216.9 2,547.6 2,910.1 2,866.5 2,882.7 2,910.1 2,934.2 2,959.7 2,989.2 3,013.9 3,040.8 3,080.7 3,117.9 3,116.7 3,135.0 3,276.7 Revolving home equity 90.9 105.0 103.9 101.5 130.0 155.7 213.5 280.7 399.7 446.4 443.1 445.0 446.4 447.0 446.8 450.0 446.5 443.8 444.6 451.2 447.2 449.1 465.0 Consumer Security Other Other 1,050.6 1,138.8 1,230.2 1,371.1 1,522.7 1,624.2 1,809.6 1,936.1 2,148.0 2,463.7 2,423.5 2,437.8 2,463.7 2,487.3 2,512.9 2,539.2 2,567.4 2,597.1 2,636.0 2,666.7 2,669.5 2,685.9 2,811.7 512.2 502.5 496.9 490.8 539.9 557.1 587.6 644.6 696.7 707.5 710.4 711.9 707.5 711.7 711.9 722.3 726.8 733.6 728.6 721.8 727.1 725.2 721.6 75.3 94.4 145.3 149.8 177.3 146.0 190.2 217.7 215.8 263.9 242.2 248.0 263.9 255.7 263.4 269.3 260.9 281.1 259.2 256.9 263.2 273.6 275.6 259.4 306.6 373.1 370.1 414.4 425.4 403.6 425.3 471.1 524.2 511.1 513.8 524.2 528.7 534.1 536.5 537.2 544.2 547.0 548.1 551.5 547.8 508.4 2 Excludes Federal funds sold to, reverse repurchase agreements (RPs) with, and loans to commercial banks in the United States. Source: Board of Governors of the Federal Reserve System. 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 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2004: .................. .................. .................. .................. .................. .................. .................. .................. .................. .................. I ............. II ........... III .......... IV .......... 2005: I ............. II ........... III .......... IV .......... 2006: I ............. II p .......... 1,058.0 995.4 1,298.1 1,718.6 1,955.4 850.2 896.2 844.7 1,498.3 1,308.4 1,548.4 1,414.1 1,458.6 1,572.1 1,331.2 1,351.5 1,288.3 1,262.5 1,332.2 1,398.4 Internal 1 659.5 711.9 682.1 731.0 718.0 755.0 811.3 831.3 891.5 986.2 902.4 907.2 952.5 803.9 898.8 970.1 1,063.9 1,012.0 1,088.5 1,085.5 Credit market instruments Total 398.5 283.5 616.0 987.6 1,237.4 95.2 84.9 13.4 606.8 322.2 646.0 506.9 506.1 768.2 432.4 381.4 224.4 250.5 243.7 312.9 Capital expenditures 3 Total Total net funds raised Net new equity issues 136.4 214.1 181.4 260.1 223.7 167.0 ¥26.1 39.8 48.6 ¥88.4 143.2 ¥54.8 18.9 87.3 20.5 ¥52.1 ¥160.7 ¥161.3 ¥91.1 ¥190.8 ¥47.3 ¥77.4 ¥215.5 ¥110.4 ¥118.2 ¥48.1 ¥41.6 ¥42.0 ¥126.6 ¥363.6 ¥54.3 ¥108.7 ¥190.6 ¥152.7 ¥264.3 ¥300.1 ¥469.9 ¥420.0 ¥558.0 ¥554.8 Total Securities and mortgages 183.7 291.5 396.9 370.5 341.9 215.1 15.5 81.8 175.2 275.2 197.5 53.9 209.5 240.0 284.8 248.0 309.2 258.7 466.9 364.0 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). 130.1 186.9 242.2 269.7 186.2 403.9 169.8 201.3 126.6 149.5 169.8 32.9 136.5 167.5 97.8 88.6 224.0 187.6 296.9 278.1 Loans and shortterm paper Other 2 53.7 104.6 154.9 100.8 155.8 ¥188.8 ¥154.1 ¥119.5 48.6 125.7 27.7 21.0 73.0 72.4 187.0 159.4 85.2 71.2 169.9 85.9 262.2 69.3 434.5 727.6 1,013.8 ¥71.7 110.9 ¥26.4 558.2 410.6 502.7 561.7 487.2 681.0 412.0 433.6 385.2 411.8 334.8 503.7 1,092.9 1,016.2 1,348.4 1,833.8 2,137.7 980.2 867.2 832.5 1,607.6 1,276.5 1,616.7 1,523.8 1,529.9 1,760.3 1,295.6 1,266.8 1,268.1 1,275.6 1,369.4 1,432.3 638.9 743.8 778.5 863.9 928.5 802.6 737.1 749.9 822.4 881.8 780.9 816.8 825.7 866.4 887.0 849.7 857.2 933.5 970.1 1,008.0 Increase in financial assets 454.0 272.4 569.9 969.9 1,209.2 177.6 130.1 82.6 785.2 394.7 835.8 707.0 704.2 893.9 408.6 417.1 410.9 342.1 399.3 424.3 Discrepancy (sources less uses) ¥34.9 ¥20.8 ¥50.4 ¥115.2 ¥182.4 ¥130.0 28.9 12.2 ¥109.3 31.8 ¥68.3 ¥109.6 ¥71.2 ¥188.1 35.5 84.7 20.3 ¥13.1 ¥37.2 ¥33.9 3 Nonresidential fixed investment plus residential fixed investment, inventory change with inventory valuation adjustment, and nonproduced nonfinancial assets. Source: Board of Governors of the Federal Reserve System. CONSUMER CREDIT [Billions of dollars; seasonally adjusted] Consumer credit outstanding (end of period) Period Total 1996: 1997: 1998: 1999: 2000: 2001: 2002: 2003: 2004: 2005: 2005: Dec ............................................................................... Dec ............................................................................... Dec ............................................................................... Dec ............................................................................... Dec ............................................................................... Dec r .............................................................................. Dec r .............................................................................. Dec r .............................................................................. Dec r .............................................................................. Dec r .............................................................................. Sept r ............................................................................. Oct r .............................................................................. Nov r ............................................................................. Dec r .............................................................................. 2006: Jan r .............................................................................. Feb r .............................................................................. Mar r ............................................................................. Apr r .............................................................................. May r ............................................................................. June r ............................................................................ July r ............................................................................. Aug r ............................................................................. Sept p ............................................................................ Revolving 1,253.3 1,323.3 1,419.4 1,532.7 1,722.4 1,871.9 1,985.0 2,088.7 2,204.1 2,294.3 2,281.8 2,282.2 2,290.3 2,294.3 2,305.0 2,307.2 2,306.7 2,315.7 2,332.1 2,345.7 2,358.4 2,367.5 2,366.3 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. 507.5 538.0 579.5 609.4 683.0 716.4 748.9 770.5 801.0 825.2 816.9 817.8 822.8 825.2 825.1 824.9 824.2 827.2 836.3 845.1 849.8 854.5 857.4 Nonrevolving 2 745.8 785.3 839.9 923.3 1,039.4 1,155.5 1,236.1 1,318.3 1,403.2 1,469.2 1,464.9 1,464.5 1,467.5 1,469.2 1,479.9 1,482.3 1,482.5 1,488.5 1,495.8 1,500.6 1,508.6 1,513.0 1,508.9 Net change in consumer credit outstanding 1 Total 111.9 70.0 96.1 113.3 189.7 149.5 113.1 103.7 115.4 90.2 3.6 .4 8.1 4.0 10.7 2.2 ¥.5 9.0 16.4 13.6 12.7 9.1 ¥1.2 Revolving 63.6 30.5 41.5 29.9 73.6 33.4 32.5 21.6 30.5 24.2 2.9 .9 5.0 2.4 ¥.1 ¥.2 ¥.7 3.0 9.1 8.8 4.7 4.7 2.9 Nonrevolving 2 48.3 39.5 54.6 83.4 116.1 116.1 80.6 82.2 84.9 66.0 .6 ¥.4 3.0 1.7 10.7 2.4 .2 6.0 7.3 4.8 8.0 4.4 ¥4.1 NOTE.—Effective October 7, 2003 data beginning 1977 include student loans extended by the Federal Government and by SLM Holding Corporation. Source: Board of Governors of the Federal Reserve System. 29 INTEREST RATES AND BOND YIELDS Overall, interest rates fell in November. [Percent per annum] U.S. Treasury security yields Constant Period 1996 ....................... 1997 ....................... 1998 ....................... 1999 ....................... 2000 ....................... 2001 ....................... 2002 ....................... 2003 ....................... 2004 ....................... 2005 ....................... 2005: Nov ............. Dec .............. 2006: Jan .............. Feb .............. Mar ............. Apr .............. May ............. June ............ July ............. Aug ............. Sept ............. Oct .............. Nov ............. Week ended: 2006: Nov 4 ...... 11 ...... 18 ...... 25 ...... Dec 2 ...... 1 Bank-discount 3-month bills (new issues) 1 3-year maturities 2 10-year 30-year Highgrade municipal bonds (Standard & Poor’s) 3 Corporate Aaa bonds (Moody’s) 30 Primary credit 5.02 5.07 4.81 4.66 5.85 3.45 1.62 1.02 1.38 3.16 3.90 3.89 4.20 4.41 4.51 4.59 4.72 4.79 4.96 4.98 4.82 4.89 4.95 5.99 6.10 5.14 5.49 6.22 4.09 3.10 2.10 2.78 3.93 4.43 4.39 4.35 4.64 4.74 4.89 4.97 5.09 5.07 4.85 4.69 4.72 4.64 6.44 6.35 5.26 5.65 6.03 5.02 4.61 4.01 4.27 4.29 4.54 4.47 4.42 4.57 4.72 4.99 5.11 5.11 5.09 4.88 4.72 4.73 4.60 6.71 6.61 5.58 5.87 5.94 5.49 * * * * * * * 4.54 4.73 5.06 5.20 5.15 5.13 5.00 4.85 4.85 4.69 5.75 5.55 5.12 5.43 5.77 5.19 5.05 4.73 4.63 4.29 4.53 4.43 4.31 4.41 4.44 4.60 4.61 4.64 4.64 4.43 4.30 4.32 4.17 7.37 7.26 6.53 7.04 7.62 7.08 6.49 5.67 5.63 5.24 5.42 5.37 5.29 5.35 5.53 5.84 5.95 5.89 5.85 5.68 5.51 5.51 5.33 .............. .............. .............. .............. .............. .............. .............. 2.12 2.34 4.19 5.00 5.25 5.50 5.50 5.75 5.75 6.00 6.25 6.25 6.25 6.25 6.25 6.25 4.98 4.96 4.96 4.94 4.91 4.64 4.67 4.68 4.64 4.54 4.64 4.64 4.61 4.58 4.49 4.74 4.74 4.70 4.66 4.58 4.17 4.22 4.18 4.15 4.12 5.41 5.39 5.34 5.30 5.23 6.25 6.25 6.25 6.25 6.25 basis. 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. 6 Daily effective rate; weighted average of rates on brokered trades. 2 Yields Discount window (N.Y. F.R. Bank) 4 5 Discount rate 5.02 5.00 4.92 4.62 5.73 3.40 1.17 Prime rate charged by banks 5 Federal funds rate 6 Newhome mortgage yields (FHFB) 7 * * * * * * * * * * * * * * * * 8.27 8.44 8.35 8.00 9.23 6.91 4.67 4.12 4.34 6.19 7.00 7.25 7.50 7.50 7.75 7.75 8.00 8.25 8.25 8.25 8.25 8.25 8.25 5.30 5.46 5.35 4.97 6.24 3.88 1.67 1.13 1.35 3.22 4.00 4.16 4.29 4.49 4.59 4.79 4.94 4.99 5.24 5.25 5.25 5.25 5.25 7.80 7.71 7.07 7.04 7.52 7.00 6.43 5.80 5.77 5.94 6.20 6.39 6.12 6.40 6.53 6.64 6.69 6.79 6.81 6.87 6.72 6.69 .............. * * * * * 8.25 8.25 8.25 8.25 8.25 5.25 5.24 5.25 5.24 5.26 .............. .............. .............. .............. .............. 7 Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as well as contract rate and assumed, on the average, repayment at end of 10 years. *Discount rate (adjustment credit) series was discontinued after January 8, 2003. Series for 30-year constant maturity was discontinued on February 18, 2002, and reintroduced on February 9, 2006. Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Housing Finance Board, Moody’s Investors Service, and Standard & Poor’s. COMMON STOCK PRICES AND YIELDS Overall, stock prices rose in November. Common stock prices 1 Period 1996 ......................................................... 1997 ......................................................... 1998 ......................................................... 1999 ......................................................... 2000 ......................................................... 2001 ......................................................... 2002 ......................................................... 2003 ......................................................... 2004 ......................................................... 2005 ......................................................... 2005: Nov ............................................... Dec ............................................... 2006: Jan ............................................... Feb ............................................... Mar .............................................. Apr ............................................... May .............................................. June ............................................. July .............................................. Aug ............................................... Sept .............................................. Oct ............................................... Nov ............................................... Week ended: 2006: Nov 4 ........................................... 11 ........................................... 18 ........................................... 25 ........................................... Dec 2 ........................................... 1 Average New York Stock Exchange indexes 2 3 (December 31, 2002=5,000) 3 Effective Nasdaq composite index (Feb. 5, 1971=100) 6 Dividendprice ratio Earningsprice ratio Composite Financial Energy Health Care 3,787.20 4,827.35 5,818.26 6,546.81 6,805.89 6,397.85 5,578.89 5,447.46 6,612.62 7,349.00 7,585.75 7,787.22 8,007.35 8,044.86 8,174.34 8,351.28 8,353.45 7,985.59 8,103.97 8,294.89 8,383.29 8,651.02 8,856.30 ................ ................ ................ ................ ................ ................ ................ 5,583.00 6,822.18 7,383.70 7,800.01 8,011.76 8,187.86 8,280.82 8,459.04 8,572.54 8,608.10 8,225.14 8,340.25 8,574.68 8,789.30 9,101.77 9,251.53 .................. .................. .................. .................. .................. .................. .................. 5,273.90 6,952.36 9,377.84 9,998.62 10,310.18 10,965.30 10,741.43 10,702.23 11,467.85 11,380.52 10,690.86 11,360.86 11,610.65 10,807.75 11,020.11 11,657.36 ................ ................ ................ ................ ................ ................ ................ 5,288.67 5,924.80 6,283.96 6,297.57 6,434.97 6,604.09 6,566.87 6,653.63 6,519.78 6,488.14 6,395.87 6,566.19 6,763.81 6,910.95 6,975.17 6,845.16 5,742.89 7,441.15 8,625.52 10,464.88 10,734.90 10,189.13 9,226.43 8,993.59 10,317.39 10,547.67 10,695.25 10,827.79 10,872.48 10,971.19 11,144.45 11,234.68 11,333.88 10,997.97 11,032.53 11,257.35 11,533.60 11,963.12 12,185.15 670.50 873.43 1,085.50 1,327.33 1,427.22 1,194.18 993.94 965.23 1,130.65 1,207.23 1,237.37 1,262.07 1,278.72 1,276.65 1,293.74 1,302.18 1,290.00 1,253.12 1,260.24 1,287.15 1,317.81 1,363.38 1,388.63 1,164.96 1,469.49 1,794.91 2,728.15 3,783.67 2,035.00 1,539.73 1,647.17 1,986.53 2,099.32 2,202.84 2,246.09 2,289.99 2,273.67 2,300.26 2,338.68 2,245.28 2,137.41 2,086.21 2,117.77 2,221.94 2,330.17 2,408.70 2.19 1.77 1.49 1.25 1.15 1.32 1.61 1.77 1.72 1.83 1.85 1.84 1.83 1.86 1.85 1.85 1.90 1.96 1.94 1.92 1.87 1.83 1.80 5.24 4.57 3.46 3.17 3.63 2.95 2.92 3.84 4.89 5.36 .................. 5.60 .................. .................. 5.61 .................. .................. 5.86 .................. .................. 5.88 .................. .................. 8,739.85 8,830.82 8,879.53 8,921.16 8,907.49 9,138.81 9,235.19 9,289.56 9,338.85 9,241.69 11,328.73 11,669.10 11,653.59 11,658.32 11,942.47 6,910.31 6,867.52 6,807.42 6,835.28 6,849.17 12,040.57 12,130.12 12,250.00 12,311.31 12,180.19 1,371.06 1,381.51 1,395.03 1,402.59 1,393.09 2,345.93 2,378.50 2,434.94 2,458.45 2,419.15 1.82 1.80 1.79 1.78 1.79 .................. .................. .................. .................. .................. of daily closing prices. all the stocks (nearly 3,000) listed on the NYSE. January 9, 2003, the NYSE relaunched the composite index with changes in methodology, definitions, and based on Dec. 31, 2002=5,000. Effective January 8, 2004 new indexes for Financial, Energy, and Health Care were introduced by the NYSE. Previous indexes shown for Industrial, Transportation, Utility, and Finance were discontinued. 4 Includes 30 stocks. 2 Includes Dow Jones industrial average 4 Common stock yields (percent) 7 Standard & Poor’s composite index (1941– 43=10) 5 5 Includes 500 stocks. over 5,000 stocks. & Poor’s series. Dividend-price ratios based on Wednesday closing prices. Earnings-price ratios based on prices at end of quarter. 6 Includes 7 Standard Sources: New York Stock Exchange, Dow Jones & Company, Inc., Standard & Poor’s, and Nasdaq Stock Market. 31 FEDERAL FINANCE FEDERAL RECEIPTS, OUTLAYS, AND DEBT In the first month of fiscal 2007, there was a deficit of $49.3 billion, compared with a deficit of $47.3 billion a year earlier. [Billions of dollars] Total 1 Data 2 Data 32 Off-budget Outlays Surplus or deficit (¥) Receipts 1,032.1 1,055.1 1,091.3 1,154.5 1,258.7 1,351.9 1,453.2 1,579.4 1,722.0 1,827.6 2,025.5 1,991.4 1,853.4 1,782.5 1,880.3 2,153.9 2,406.7 2,458.8 1,253.1 1,324.3 1,381.6 1,409.5 1,461.9 1,515.9 1,560.6 1,601.3 1,652.7 1,702.0 1,789.2 1,863.2 2,011.2 2,160.1 2,293.0 2,472.2 2,654.4 2,798.0 ¥221.0 ¥269.2 ¥290.3 ¥255.1 ¥203.2 ¥164.0 ¥107.4 ¥21.9 69.3 125.6 236.2 128.2 ¥157.8 ¥377.6 ¥412.7 ¥318.3 ¥247.7 ¥339.2 750.4 761.2 788.9 842.5 923.7 1,000.9 1,085.7 1,187.4 1,306.2 1,383.2 1,544.9 1,483.9 1,338.1 1,258.7 1,345.5 1,576.4 1,798.3 1,829.4 1,028.1 1,082.6 1,129.3 1,142.9 1,182.5 1,227.2 1,259.7 1,290.7 1,336.1 1,381.3 1,458.5 1,516.4 1,655.5 1,797.1 1,913.5 2,070.0 2,232.3 2,346.1 ¥277.6 ¥321.4 ¥340.4 ¥300.4 ¥258.8 ¥226.4 ¥174.0 ¥103.2 ¥29.9 1.9 86.4 ¥32.4 ¥317.4 ¥538.4 ¥568.0 ¥493.6 ¥434.0 ¥516.7 281.7 293.9 302.4 311.9 335.0 351.1 367.5 392.0 415.8 444.5 480.6 507.5 515.3 523.8 534.7 577.5 608.4 629.4 225.1 241.7 252.3 266.6 279.4 288.7 300.9 310.6 316.6 320.8 330.8 346.8 355.7 363.0 379.5 402.2 422.1 451.9 56.6 52.2 50.1 45.3 55.7 62.4 66.6 81.4 99.2 123.7 149.8 160.7 159.7 160.8 155.2 175.3 186.3 177.5 3,206.3 3,598.2 4,001.8 4,351.0 4,643.3 4,920.6 5,181.5 5,369.2 5,478.2 5,605.5 5,628.7 5,769.9 6,198.4 6,760.0 7,354.7 7,905.3 8,449.0 9,120.7 2,411.6 2,689.0 2,999.7 3,248.4 3,433.1 3,604.4 3,734.1 3,772.3 3,721.1 3,632.4 3,409.8 3,319.6 3,540.4 3,913.4 4,295.5 4,592.2 4,826.6 5,253.0 149.5 167.7 196.8 217.0 ¥47.3 ¥49.3 108.5 124.7 157.8 176.5 ¥49.3 ¥51.8 41.0 43.0 38.9 40.5 2.0 2.5 7,996.1 8,526.5 4,638.4 4,864.5 from Final Monthly Treasury Statement for fiscal 2006 released on October 12, 2006. from current issue Monthly Treasury Statement. Outlays Surplus or deficit (¥) Federal debt (end of period) Receipts Fiscal year or period 1990 ...................................... 1991 ...................................... 1992 ...................................... 1993 ...................................... 1994 ...................................... 1995 ...................................... 1996 ...................................... 1997 ...................................... 1998 ...................................... 1999 ...................................... 2000 ...................................... 2001 ...................................... 2002 ...................................... 2003 ...................................... 2004 ...................................... 2005 ....................................... 2006 1 ..................................... 2007 (estimates) .................... First month: 2 Fiscal year 2006 ............ Fiscal year 2007 ............ On-budget Receipts Outlays Surplus or deficit (¥) Gross Federal Held by the public NOTE.—Data for fiscal 2005 and 2007 are from Mid-Session Review, Budget of the U.S. Government, Fiscal Year 2007, issued July 11, 2006. Other data (except as noted) are from Budget of the United States Government, Fiscal Year 2007, issued February 6, 2006. Sources: Department of the Treasury and Office of Management and Budget. FEDERAL RECEIPTS BY SOURCE AND OUTLAYS BY FUNCTION In the first month of fiscal 2007, receipts were $18.2 billion higher than a year earlier and outlays were $20.2 billion higher. [Billions of dollars] On-budget and off-budget receipts Fiscal year or period Total 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 .............................................. .............................................. .............................................. .............................................. .............................................. .............................................. .............................................. .............................................. .............................................. .............................................. 2000 .............................................. 2001 .............................................. 2002 .............................................. 2003 .............................................. 2004 .............................................. 2005 .............................................. 2006 1 ............................................. 2007 (estimates) ............................ First month: 2 Fiscal year 2006 .................... Fiscal year 2007 .................... 1,032.1 1,055.1 1,091.3 1,154.5 1,258.7 1,351.9 1,453.2 1,579.4 1,722.0 1,827.6 Individual income taxes Corporation income taxes Social insurance and retirement receipts On-budget and off-budget outlays National defense Other Total Total Department of Defense, military International affairs Health Medicare Income Social security security Net interest Other 466.9 467.8 476.0 509.7 543.1 590.2 656.4 737.5 828.6 879.5 93.5 98.1 100.3 117.5 140.4 157.0 171.8 182.3 188.7 184.7 380.0 396.0 413.7 428.3 461.5 484.5 509.4 539.4 571.8 611.8 91.7 93.2 101.4 99.0 113.8 120.2 115.5 120.3 132.9 151.7 1,253.1 1,324.3 1,381.6 1,409.5 1,461.9 1,515.9 1,560.6 1,601.3 1,652.7 1,702.0 299.3 273.3 298.4 291.1 281.6 272.1 265.8 270.5 268.5 274.9 289.7 262.3 286.8 278.5 268.6 259.4 253.1 258.3 256.1 261.3 13.8 15.9 16.1 17.2 17.1 16.4 13.5 15.2 13.1 15.2 57.7 71.2 89.5 99.4 107.1 115.4 119.4 123.8 131.4 141.1 98.1 104.5 119.0 130.6 144.7 159.9 174.2 190.0 192.8 190.4 148.7 172.5 199.6 210.0 217.2 223.8 229.7 235.0 237.8 242.5 248.6 269.0 287.6 304.6 319.6 335.8 349.7 365.3 379.2 390.0 184.3 194.4 199.3 198.7 202.9 232.1 241.1 244.0 241.1 229.8 202.6 223.6 172.2 158.0 171.7 160.3 167.3 157.4 188.8 218.1 2,025.5 1,004.5 1,991.4 994.3 1,853.4 858.3 1,782.5 793.7 1,880.3 809.0 2,153.9 927.2 2,406.7 1,043.9 2,458.8 1,107.7 207.3 151.1 148.0 131.8 189.4 278.3 353.9 324.7 652.9 694.0 700.8 713.0 733.4 794.1 837.8 864.7 160.9 152.0 146.2 144.1 148.5 154.2 171.0 161.7 1,789.2 1,863.2 2,011.2 2,160.1 2,293.0 2,472.2 2,654.4 2,798.0 294.5 304.9 348.6 404.9 455.9 495.3 528.8 560.4 281.2 290.3 332.0 387.3 436.5 474.1 499.4 537.3 17.2 16.5 22.4 21.2 26.9 34.6 29.0 35.7 154.5 172.3 196.5 219.6 240.1 250.6 252.6 274.7 197.1 217.4 230.9 249.4 269.4 298.6 329.9 387.3 253.7 269.8 312.7 334.6 333.1 345.8 353.7 365.9 409.4 433.0 456.0 474.7 495.5 523.3 548.6 585.4 222.9 206.2 170.9 153.1 160.2 184.0 226.6 247.8 239.8 243.3 273.2 302.6 311.9 339.9 385.2 340.8 6.1 9.4 56.9 59.7 11.6 12.5 196.8 217.0 47.2 51.2 44.2 48.7 2.5 2.3 21.6 22.3 19.9 34.0 22.4 23.3 44.1 46.7 17.7 18.9 21.2 18.2 149.5 167.7 74.8 86.2 1 Data from Final Monthly Treasury Statement for fiscal 2006 released on October 12, 2006. 2 Data from current issue Monthly Treasury Statement. Data for Department of Defense, military, include a small amount classified as international affairs, and not included in national defense. NOTE.—Data for fiscal 2005 and 2007 are from Mid-Session Review, Budget of the U.S. Government, Fiscal Year 2007, issued July 11, 2006. Other data (except as noted) are from Budget of the United States Government, Fiscal Year 2007, issued February 6, 2006. Sources: Department of the Treasury and Office of Management and Budget. 33 FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS In the third quarter of 2006, according to preliminary estimates, Federal current receipts rose $39.0 billion (annual rate), while Federal current expenditures rose $45.7 billion. [Billions of dollars; quarterly data at seasonally adjusted annual rates] Federal Government current receipts Current tax receipts Period Total Total 1 Calendar year: 1996 ................. 1997 ................. 1998 ................. 1999 ................. 2000 ................. 2001 ................. 2002 ................. 2003 ................ 2004 ................ 2005 ................ 2003: I ............... II ............. III ............ IV ............ 2004: I ............... II ............. III ............ IV ............ 2005: I ............... II ............. III ............ IV ............ 2006: I ............... II r ............ III r ........... 1 Includes 2 Includes 34 1,524.0 1,653.1 1,773.8 1,891.2 2,053.8 2,016.2 1,853.2 1,879.9 2,001.0 2,246.8 1,888.9 1,903.3 1,817.3 1,910.2 1,945.4 1,985.6 2,013.0 2,059.9 2,214.5 2,240.3 2,182.4 2,349.8 2,490.9 2,523.2 2,562.2 932.4 1,030.6 1,116.8 1,195.7 1,313.6 1,252.2 1,075.5 1,070.8 1,150.2 1,366.2 1,092.7 1,097.0 1,004.5 1,089.1 1,108.6 1,141.0 1,156.9 1,194.3 1,328.0 1,344.3 1,364.2 1,428.4 1,524.9 1,553.2 1,581.7 Personal current taxes 663.4 744.3 825.8 893.0 999.1 994.5 830.5 774.5 801.4 927.9 804.4 810.4 708.2 774.7 776.0 791.4 810.8 827.5 891.2 910.9 941.0 968.4 1,039.2 1,049.9 1,067.0 Taxes on production and imports 73.2 78.2 81.1 83.9 87.8 85.8 87.3 89.7 94.6 101.1 90.0 89.5 88.8 90.3 93.6 94.0 95.1 95.8 97.9 102.7 102.4 101.6 101.1 103.0 100.9 Taxes on corporate income 190.6 203.0 204.2 213.0 219.4 164.7 150.5 197.8 244.5 326.4 190.8 186.5 199.6 214.3 229.4 246.5 242.8 259.3 327.6 321.4 309.5 347.1 374.3 389.4 402.1 Contributions for government social insurance 542.8 576.4 613.8 651.6 691.7 717.5 734.3 758.9 802.2 855.3 747.6 755.9 761.7 770.3 787.8 795.8 807.1 817.9 838.3 846.1 863.2 873.8 911.9 914.1 923.3 taxes from the rest of the world, not shown separately. a subtraction for wage accruals less disbursements, not shown separately. Federal Government current expenditures Income receipts on assets Current transfer receipts Current surplus of government enterprises 26.9 25.9 21.5 21.5 25.2 24.9 20.2 22.9 22.1 22.9 19.8 23.0 24.2 24.8 22.2 21.7 22.0 22.5 22.8 23.8 22.8 22.3 23.3 24.2 25.1 23.1 19.9 21.5 22.7 25.7 27.1 24.8 25.0 27.7 7.1 24.2 24.7 25.4 25.7 26.7 27.4 28.2 28.6 29.1 30.5 ¥61.7 30.6 32.2 32.8 33.6 ¥1.2 .3 .1 ¥.3 ¥2.3 ¥5.5 ¥1.6 2.3 ¥1.2 ¥4.9 4.6 2.7 1.5 .4 .1 ¥.3 ¥1.3 ¥3.4 ¥3.7 ¥4.5 ¥6.0 ¥5.4 ¥1.4 ¥1.1 ¥1.5 Total 2 1,665.8 1,708.9 1,734.9 1,787.6 1,864.4 1,969.5 2,101.1 2,252.1 2,383.0 2,555.9 2,179.0 2,268.8 2,268.8 2,291.7 2,346.4 2,366.3 2,393.6 2,425.6 2,502.0 2,529.9 2,578.5 2,613.3 2,637.9 2,686.2 2,731.9 Consumption expenditures 446.3 457.7 454.6 475.1 499.3 531.9 591.5 662.7 724.5 768.6 636.9 668.4 669.1 676.5 712.2 722.6 734.8 728.3 758.0 760.8 784.3 771.1 803.6 802.3 808.8 Current transfer payments 888.3 918.8 946.5 986.1 1,038.1 1,131.4 1,243.0 1,328.7 1,393.3 1,476.7 1,285.1 1,331.4 1,342.1 1,356.3 1,376.7 1,384.5 1,390.0 1,422.1 1,461.2 1,461.8 1,481.3 1,502.4 1,522.0 1,546.6 1,566.7 Interest payments 297.3 300.0 298.8 282.7 283.3 258.6 229.1 212.9 220.9 253.8 216.6 212.4 210.0 212.5 215.6 215.3 224.8 227.7 230.9 252.1 255.2 277.1 257.5 285.4 304.9 Subsidies 34.0 32.4 35.0 43.8 43.8 47.6 37.5 47.8 44.3 56.9 41.9 55.2 47.5 46.4 43.4 42.4 43.9 47.4 51.9 55.2 57.7 62.7 54.7 51.9 51.6 Net Federal Government saving ¥141.8 ¥55.8 38.8 103.6 189.5 46.7 ¥247.9 ¥372.1 ¥382.0 ¥309.2 ¥290.2 ¥365.5 ¥451.4 ¥381.5 ¥401.0 ¥380.6 ¥380.6 ¥365.7 ¥287.6 ¥289.6 ¥396.0 ¥263.6 ¥147.0 ¥163.1 ¥169.7 Note.—Revisions include changes to series affected by revised wage and salary estimates for 2006:II. Source: Department of Commerce, Bureau of Economic Analysis. INTERNATIONAL STATISTICS INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR INDUSTRIAL COUNTRIES Industrial production (2002=100; seasonally adjusted) Period United States Canada Japan France Germany Italy Consumer prices (1982–84=100; NSA) United Kingdom United States 1 Canada Japan Germany France 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2005: .................................. 83.6 81.6 105.5 86.7 88.3 93.8 97.8 156.9 153.8 119.3 151.4 .................................. 89.7 86.2 109.3 90.4 91.0 97.5 99.2 160.5 156.3 121.5 153.2 .................................. 94.9 89.2 102.1 93.9 94.4 98.6 100.2 163.0 157.8 122.2 154.2 .................................. 99.3 94.4 102.4 96.1 95.5 98.5 101.6 166.6 160.5 121.8 155.0 .................................. 103.5 102.6 108.0 100.0 100.8 102.7 103.5 172.2 164.9 121.0 157.6 .................................. 99.9 98.4 101.2 101.3 101.1 101.6 102.0 177.1 169.1 120.1 160.2 .................................. 100.0 100.0 100.0 100.0 100.0 100.0 100.0 179.9 172.9 119.0 163.3 .................................. 100.6 100.7 103.0 99.6 100.4 99.5 99.7 184.0 177.7 118.7 166.7 r 102.1 .................................. 104.7 102.7 108.5 103.5 98.9 100.5 188.9 181.0 118.7 170.3 r 102.3 .................................. 108.2 104.0 109.8 106.9 98.1 98.7 195.3 184.9 118.3 173.2 r 103.2 r 98.6 Sept ....................... 107.2 104.6 109.5 108.2 98.3 198.8 187.6 118.5 174.6 r 100.2 r 97.9 Oct ......................... 108.4 104.7 110.0 109.5 97.3 199.2 186.7 118.5 174.4 r Nov ........................ 109.4 104.9 112.2 103.2 109.1 98.5 97.8 197.6 186.2 118.1 174.1 r 102.4 Dec ........................ 110.4 105.8 113.9 109.2 99.9 98.1 196.8 186.1 118.2 174.2 r 104.7 r 103.0 r 99.8 2006: Jan ........................ 110.3 113.5 109.8 98.4 198.3 187.1 118.3 174.1 r 101.6 Feb ........................ 110.7 104.8 112.1 110.5 100.2 98.1 198.7 186.8 117.9 174.8 r 103.2 Mar ........................ 111.2 104.5 112.3 109.8 100.1 98.8 199.8 187.8 118.2 175.3 r 104.1 r 101.9 r 111.2 r 99.4 Apr ........................ 112.1 113.9 98.3 201.5 188.9 118.4 176.0 r r r r May ........................ 112.2 103.5 112.3 104.1 112.9 100.2 98.6 202.5 189.7 118.8 176.8 r 103.7 r 103.9 r 112.8 June ....................... 113.4 114.4 100.6 98.5 202.9 189.4 118.8 176.8 July r ...................... 113.7 104.2 113.4 102.5 113.5 100.4 98.5 203.5 189.6 118.4 176.5 Aug r ....................... 114.0 104.0 115.6 103.4 115.1 101.3 98.5 203.9 189.9 119.2 177.1 r Sept ...................... 113.4 102.7 114.6 102.5 114.7 100.3 98.7 202.9 188.9 119.2 176.7 Oct p ....................... 113.7 .............. 116.4 .............. .............. .............. .............. 201.8 188.4 119.0 176.3 Nov p ....................... .............. .............. ............ .............. .............. .............. .............. .............. .............. ............ ............ 1 Data United Kingdom Italy 135.3 137.8 139.1 140.0 142.0 144.8 146.7 148.3 150.8 153.7 154.9 154.9 154.2 155.6 154.9 155.4 155.4 156.0 156.3 156.6 157.1 157.0 156.4 r 156.6 156.4 213.8 179.4 218.2 185.1 222.5 191.4 226.2 194.3 231.9 200.1 238.3 203.6 244.3 207.0 250.8 213.0 256.3 219.4 261.3 225.6 262.6 226.9 263.2 227.1 263.4 227.5 263.4 228.1 264.0 227.2 264.6 228.2 265.3 229.1 266.1 230.9 266.9 232.3 267.1 233.2 267.9 233.2 268.3 234.1 268.1 235.1 267.9 235.5 268.1 .............. Source: National sources as reported by Department of Commerce (Bureau of Economic Analysis and International Trade Administration, Office of Trade and Industry Information) and Council of Economic Advisers. relate to all urban consumers. NOTE.—See Note, p. 17, for information on U.S. industrial production series. U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES [Billions of dollars; monthly data seasonally adjusted] Goods: Exports (f.a.s. value) Goods: Imports (customs value) Census basis (by end-use category) Services (BOP basis) Balance of trade (exports minus imports) Census basis (by end-use category) BOP basis Period 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 BOP basis Total, Census basis 1 Auto- ConIndusmo- sumer Foods, trial Capital tive goods feeds, supgoods vehi- (nonand plies except cles, food) bevand auto- parts except erages mate- motive and autorials enmogines tive ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. 612.1 678.4 670.4 684.0 772.0 718.7 682.4 713.4 807.5 894.6 625.1 689.2 682.1 695.8 781.9 729.1 693.1 724.8 818.8 906.0 55.5 51.5 46.4 46.0 47.9 49.4 49.6 55.0 56.6 59.0 147.7 158.2 148.3 147.5 172.6 160.1 156.8 173.0 204.0 233.1 253.0 294.5 299.4 310.8 356.9 321.7 290.4 293.7 331.6 362.7 2005: Sept .. Oct .... Nov ... Dec ... 73.9 76.0 77.5 79.4 74.9 76.9 78.5 80.6 4.9 5.0 4.9 5.0 19.2 19.3 19.5 20.1 29.2 31.2 32.2 32.7 8.5 8.5 8.7 8.9 9.9 9.5 10.0 10.5 2006: Jan ... Feb ... Mar ... Apr ... May .. June July .. Aug r .. Sept p 81.4 80.8 82.4 81.8 84.1 87.0 85.5 88.0 88.6 82.2 81.7 83.3 82.8 85.1 87.9 86.5 89.2 89.9 5.3 5.0 5.2 5.2 5.5 5.7 5.7 6.0 5.8 21.1 20.7 22.2 22.2 23.0 23.7 23.1 23.6 24.7 33.3 33.4 33.4 33.3 34.1 35.0 33.7 34.9 35.7 8.8 9.0 8.6 8.7 8.5 9.0 9.6 9.5 8.8 10.4 10.3 10.5 10.1 10.6 10.8 10.9 11.2 10.8 1 Total BOP basis IndusAutoFoods, trial Capital motive Total, feeds, supgoods vehiCensus and plies except cles, basis 1 bevand auto- parts erages mate- motive and enrials gines Consumer goods (nonfood) except automotive Exports Imports Goods, Census basis Goods Services Goods and services 795.3 869.7 911.9 1,024.6 1,218.0 1,141.0 1,161.4 1,257.1 1,469.7 1,673.5 35.7 39.7 41.2 43.6 46.0 46.6 49.7 55.8 62.1 68.1 204.5 213.8 200.1 221.4 299.0 273.9 267.7 313.8 412.8 523.9 228.1 253.3 269.5 295.7 347.0 298.0 283.3 295.9 343.5 379.2 128.9 139.8 148.7 179.0 195.9 189.8 203.7 210.1 228.2 239.5 172.0 193.8 217.0 241.9 281.8 284.3 307.8 333.9 372.9 407.2 239.5 256.1 262.8 281.9 298.6 286.2 292.3 302.7 344.4 380.6 152.6 165.9 180.7 199.2 223.7 221.8 231.1 250.3 290.3 314.6 ¥170.2 ¥180.5 ¥229.8 ¥328.8 ¥436.1 ¥411.9 ¥468.3 ¥532.4 ¥650.9 ¥767.5 ¥191.0 ¥198.1 ¥246.7 ¥346.0 ¥452.4 ¥427.2 ¥482.3 ¥547.3 ¥665.4 ¥782.7 86.9 90.2 82.1 82.7 74.9 64.4 61.2 52.4 54.1 66.0 ¥104.1 ¥107.9 ¥164.6 ¥263.3 ¥377.6 ¥362.8 ¥421.1 ¥494.9 ¥611.3 ¥716.7 144.7 148.5 147.2 149.6 144.3 148.2 146.9 149.3 5.9 5.8 5.9 6.0 47.1 50.2 49.1 49.3 32.2 32.2 32.3 33.0 20.2 20.7 20.7 21.1 34.1 34.5 34.0 35.2 32.4 32.6 32.5 33.1 26.6 26.7 26.8 27.1 ¥69.4 ¥71.3 ¥68.4 ¥68.7 ¥70.8 ¥72.6 ¥69.7 ¥70.2 5.8 6.0 5.7 6.0 ¥65.0 ¥66.6 ¥64.0 ¥64.2 153.6 148.8 150.1 151.4 155.1 157.0 158.9 162.9 158.7 153.2 148.4 149.7 151.0 154.7 156.6 158.5 162.5 158.4 6.2 6.0 6.4 6.2 6.1 6.0 6.3 6.5 6.4 50.2 49.6 46.4 48.9 52.7 52.1 54.2 55.9 52.3 34.1 32.5 34.4 34.5 34.7 34.7 35.4 36.3 35.8 22.3 21.3 21.0 21.4 20.9 22.2 20.9 21.4 21.0 35.2 34.4 36.6 35.4 35.6 36.7 36.8 37.4 38.0 33.3 33.0 33.6 34.2 34.5 34.3 34.3 34.6 34.5 27.4 27.7 27.9 28.3 28.9 29.1 28.8 28.7 28.7 ¥71.0 ¥66.8 ¥66.4 ¥68.3 ¥69.6 ¥68.7 ¥72.0 ¥73.2 ¥68.5 ¥72.2 ¥68.0 ¥67.7 ¥69.6 ¥71.0 ¥70.0 ¥73.5 ¥74.9 ¥70.1 5.9 5.3 5.6 6.0 5.6 5.2 5.5 5.9 5.8 ¥66.3 ¥62.7 ¥62.1 ¥63.6 ¥65.4 ¥64.8 ¥68.0 ¥69.0 ¥64.3 65.0 70.1 803.1 74.0 77.4 876.5 72.4 80.3 917.1 75.3 80.9 1,030.0 80.4 89.4 1,224.4 75.4 88.3 1,145.9 78.9 84.4 1,164.7 80.6 89.9 1,260.7 89.2 103.1 1,472.9 98.6 115.7 1,677.4 includes ‘‘other’’ exports or imports, not shown separately. NOTE.—BOP refers to balance of payments on international transactions basis. BOP data shown here are consistent with figures shown on pp. 36 and 37. Source: Department of Commerce (Bureau of the Census and Bureau of Economic Analysis). 35 U.S. INTERNATIONAL TRANSACTIONS In the second quarter of 2006, the goods deficit rose to $210.6 billion, from $208.0 billion in the first quarter. The current account deficit rose to $218.4 billion in the second quarter, from $213.2 billion in the first quarter. [Millions of dollars; quarterly data seasonally adjusted. Credits (+), debits (¥)] Goods 1 Period Exports Imports Services Balance on goods Net military transactions 2 ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. 612,113 678,366 670,416 683,965 771,994 718,712 682,422 713,415 807,516 894,631 ¥803,113 ¥876,470 ¥917,103 ¥1,029,980 ¥1,224,408 ¥1,145,900 ¥1,164,720 ¥1,260,717 ¥1,472,926 ¥1,677,371 ¥191,000 ¥198,104 ¥246,687 ¥346,015 ¥452,414 ¥427,188 ¥482,298 ¥547,302 ¥665,410 ¥782,740 2003: III ..... IV ..... 177,796 187,758 ¥313,786 ¥326,610 ¥135,990 ¥138,852 ¥2,860 ¥3,444 2004: I ........ II ....... III ..... IV ..... 194,056 199,617 204,340 209,503 ¥344,010 ¥364,709 ¥373,143 ¥391,064 ¥149,954 ¥165,092 ¥168,803 ¥181,561 2005: I ........ II ....... III ..... IV ..... 214,189 222,591 224,947 232,904 ¥397,457 ¥410,811 ¥423,693 ¥445,410 2006: I ........ II p ..... 244,512 252,843 ¥452,481 ¥463,441 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 1 Adjusted Net travel and transportation 36 Other services, net Receipts Payments Balance on income Unilateral current transfers, net 3 Balance on current account ¥104,065 ¥107,949 ¥164,606 ¥263,286 ¥377,559 ¥362,795 ¥421,068 ¥494,897 ¥611,296 ¥716,730 226,129 256,804 261,819 293,925 350,918 288,251 270,652 303,062 374,913 474,647 ¥203,811 ¥244,195 ¥257,554 ¥280,037 ¥329,864 ¥263,120 ¥258,443 ¥266,469 ¥347,321 ¥463,353 22,318 12,609 4,265 13,888 21,054 25,131 12,209 36,593 27,592 11,293 ¥43,017 ¥45,062 ¥53,187 ¥50,428 ¥58,645 ¥51,295 ¥63,587 ¥69,210 ¥81,582 ¥86,072 ¥124,764 ¥140,402 ¥213,528 ¥299,826 ¥415,150 ¥388,959 ¥472,446 ¥527,514 ¥665,286 ¥791,508 ¥3,365 ¥1,743 19,240 ¥122,975 19,569 ¥124,470 75,849 84,195 ¥67,455 ¥69,689 8,394 14,506 ¥16,961 ¥17,747 ¥131,542 ¥127,711 ¥3,084 ¥3,378 ¥3,595 ¥3,775 ¥3,045 ¥2,869 ¥3,264 ¥3,622 19,935 19,950 18,990 21,872 ¥136,148 ¥151,389 ¥156,672 ¥167,086 85,526 ¥72,662 90,877 ¥85,364 94,959 ¥88,090 103,545 ¥101,206 12,864 5,513 6,869 2,339 ¥22,554 ¥20,895 ¥16,524 ¥21,609 ¥145,838 ¥166,771 ¥166,327 ¥186,356 ¥183,268 ¥188,220 ¥198,746 ¥212,506 ¥2,863 ¥2,803 ¥2,300 ¥3,057 ¥4,124 ¥2,831 ¥2,598 ¥2,940 22,147 21,796 21,853 23,729 ¥168,108 ¥172,058 ¥181,792 ¥194,774 108,697 112,681 122,081 131,192 ¥105,076 ¥110,687 ¥114,240 ¥133,351 3,621 1,994 7,841 ¥2,159 ¥27,237 ¥23,194 ¥9,464 ¥26,176 ¥191,724 ¥193,258 ¥183,415 ¥223,109 ¥207,969 ¥210,598 ¥3,239 ¥3,589 ¥2,740 ¥3,119 22,808 ¥191,140 23,489 ¥193,817 139,966 ¥142,482 154,183 ¥158,332 ¥2,516 ¥4,149 ¥19,542 ¥20,444 ¥213,198 ¥218,410 5,385 25,015 4,968 22,152 5,220 10,210 2,593 7,085 317 2,486 ¥2,296 ¥3,254 ¥7,158 ¥4,245 ¥12,527 ¥11,553 ¥13,832 ¥12,800 ¥11,024 ¥12,492 from Census data for differences in timing and coverage; excludes military. under U.S. military agency sales contracts (exports) minus direct defense expenditures (imports). 2 Transfers Income receipts and payments Balance on goods and services 56,535 63,035 66,651 73,051 72,052 69,943 72,633 76,485 80,746 89,526 3 Includes transfers of goods and services under U.S. military grant programs. See p. 37 for continuation of table. U.S. INTERNATIONAL TRANSACTIONS—Continued In the financial account, U.S. claims on foreigners reported by U.S. banks increased $81.5 billion in the second quarter of 2006, following an increase of $196.4 billion in the first quarter. U.S. liabilities to private foreigners reported by U.S. banks, excluding Treasury securities, increased $84.2 billion in the second quarter, following an increase of $148.9 billion in the first quarter. [Millions of dollars; quarterly data seasonally adjusted. Credits (+), debits (¥)] Financial account Period Capital account transactions, net U.S.-owned assets abroad, net [increase/financial outflow (¥)] Total U.S. official reserve assets 4 Other U.S. Government assets Statistical discrepancy Foreign-owned assets in the U.S., net [increase/financial inflow (+)] U.S. private assets Total Foreign official assets Other foreign assets Total (sum of the items with sign reversed) Of which: Seasonal adjustment discrepancy U.S. official reserve assets, net 4 (unadjusted, end of period) .................................. .................................. .................................. .................................. .................................. .................................. .................................. .................................. .................................. .................................. ¥735 ¥1,027 ¥766 ¥4,939 ¥1,010 ¥1,270 ¥1,470 ¥3,321 ¥2,261 ¥4,351 ¥413,409 ¥485,475 ¥353,829 ¥504,062 ¥560,523 ¥382,616 ¥294,646 ¥326,424 ¥867,802 ¥426,801 6,668 ¥1,010 ¥6,783 8,747 ¥290 ¥4,911 ¥3,681 1,523 2,805 14,096 ¥989 68 ¥422 2,750 ¥941 ¥486 345 537 1,710 5,539 ¥419,088 ¥484,533 ¥346,624 ¥515,559 ¥559,292 ¥377,219 ¥291,310 ¥328,484 ¥872,317 ¥446,436 551,096 706,809 423,569 740,210 1,046,896 782,859 797,813 864,769 1,450,221 1,212,250 126,724 19,036 ¥19,903 43,543 42,758 28,059 115,945 278,275 387,809 199,495 424,372 687,773 443,472 696,667 1,004,138 754,800 681,868 586,494 1,062,412 1,012,755 ¥12,188 ¥79,905 144,554 68,617 ¥70,213 ¥10,014 ¥29,251 ¥7,510 85,128 10,410 .................. .................. .................. .................. .................. .................. .................. .................. .................. .................. 75,089 69,954 81,761 71,516 67,647 68,654 79,006 85,938 86,824 65,127 2003: III .......................... IV ........................... 2004: I ............................. II ............................ III .......................... IV ........................... 2005: I .............................. II ............................ III .......................... IV ........................... 2006: I .............................. II p .......................... ¥864 ¥384 ¥457 ¥399 ¥923 ¥482 ¥2,691 ¥589 ¥557 ¥514 ¥1,756 ¥882 ¥847 ¥84,954 ¥309,212 ¥135,173 ¥144,528 ¥278,884 ¥87,391 ¥196,376 ¥132,380 ¥10,656 ¥355,978 ¥212,339 ¥611 2,221 557 1,122 429 697 5,331 ¥797 4,766 4,796 513 ¥560 483 ¥309 727 ¥2 484 501 2,591 989 1,501 459 1,049 1,479 ¥719 ¥86,866 ¥310,496 ¥136,293 ¥145,441 ¥280,082 ¥95,313 ¥196,568 ¥138,647 ¥15,911 ¥357,540 ¥213,258 130,592 271,239 438,930 314,152 260,132 437,006 224,128 346,179 388,592 253,350 527,498 366,397 64,595 96,169 147,627 79,944 71,285 88,953 18,965 74,613 33,983 71,934 75,697 74,874 65,997 175,070 291,303 234,208 188,847 348,053 205,163 271,566 354,609 181,416 451,801 291,523 2,661 ¥58,190 16,577 ¥11,809 51,646 28,716 57,678 44,044 ¥72,240 ¥19,071 43,434 65,234 ¥11,821 5,024 10,471 ¥2,405 ¥12,227 4,163 13,192 ¥4,862 ¥17,549 9,219 10,437 ¥4,333 84,431 85,938 85,192 82,652 82,578 86,824 78,942 76,594 71,273 65,127 65,354 67,935 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 4 Consists of gold, special drawing rights (SDRs), foreign currencies, and the U.S. reserve position in the International Monetary Fund (IMF). Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the Treasury. 37 Contents Page TOTAL OUTPUT, INCOME, AND SPENDING Gross Domestic Product .......................................................................................................................................................................................... Real Gross Domestic Product .................................................................................................................................................................................. Implicit Price Deflators for Gross Domestic Product .............................................................................................................................................. Gross Domestic Product and Related Price Measures: Indexes and Percent Changes .............................................................................................. Nonfinancial Corporate Business—Gross Value Added and Price, Costs, and Profits ............................................................................................. National Income ...................................................................................................................................................................................................... Real Personal Consumption Expenditures ............................................................................................................................................................... Sources of Personal Income ...................................................................................................................................................................................... Disposition of Personal Income ............................................................................................................................................................................... Farm Income ............................................................................................................................................................................................................ Corporate Profits ...................................................................................................................................................................................................... Real Gross Private Domestic Investment ................................................................................................................................................................ Real Private Fixed Investment by Type .................................................................................................................................................................. Business Investment ................................................................................................................................................................................................ 1 2 2 3 3 4 4 5 6 7 8 9 10 10 EMPLOYMENT, UNEMPLOYMENT, AND WAGES Status of the Labor Force ......................................................................................................................................................................................... Selected Unemployment Rates ................................................................................................................................................................................ Selected Measures of Unemployment and Unemployment Insurance Programs ...................................................................................................... Nonagricultural Employment .................................................................................................................................................................................. Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries ................................................................. Employment Cost Index—Private Industry ............................................................................................................................................................. Productivity and Related Data, Business Sector ...................................................................................................................................................... 11 12 13 14 15 15 16 PRODUCTION AND BUSINESS ACTIVITY Industrial Production and Capacity Utilization ....................................................................................................................................................... Industrial Production—Major Market Groups and Selected Manufactures .............................................................................................................. New Construction .................................................................................................................................................................................................... New Private Housing and Vacancy Rates ............................................................................................................................................................... Business Sales and Inventories—Manufacturing and Trade ..................................................................................................................................... Manufacturers’ Shipments, Inventories, and Orders ................................................................................................................................................. 17 18 19 19 20 21 PRICES Producer Prices ........................................................................................................................................................................................................ Consumer Prices—All Urban Consumers ................................................................................................................................................................ Changes in Producer Prices for Finished Goods ...................................................................................................................................................... Changes in Consumer Prices—All Urban Consumers ............................................................................................................................................. Prices Received and Paid by Farmers ...................................................................................................................................................................... 22 23 24 24 25 MONEY, CREDIT, AND SECURITY MARKETS Money Stock and Debt Measures ............................................................................................................................................................................. Components of Money Stock ................................................................................................................................................................................... Aggregate Reserves and Monetary Base ................................................................................................................................................................... Bank Credit at All Commercial Banks .................................................................................................................................................................... Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business .................................................................................................................. Consumer Credit ...................................................................................................................................................................................................... Interest Rates and Bond Yields ............................................................................................................................................................................... Common Stock Prices and Yields ............................................................................................................................................................................ 26 27 27 28 29 29 30 31 FEDERAL FINANCE Federal Receipts, Outlays, and Debt ....................................................................................................................................................................... Federal Receipts by Source and Outlays by Function .............................................................................................................................................. Federal Sector, National Income Accounts Basis ..................................................................................................................................................... 32 33 34 INTERNATIONAL STATISTICS Industrial Production and Consumer Prices—Major Industrial Countries ............................................................................................................... U.S. International Trade in Goods and Services ...................................................................................................................................................... U.S. International Transactions ................................................................................................................................................................................ 35 35 36 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 For sale by the Superintendent of Documents, U.S. Government Printing Office, Washington, D.C. 20402. Price $5.00 (single copy) ($7.00 foreign). Subscription price: $58.00 per year; $81.20 for foreign mailing. U.S. GOVERNMENT PRINTING OFFICE : 2006 31123
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