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109th Congress, 1st Session

Economic Indicators
OCTOBER 2005
(Includes data available as of November 4, 2005)

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

UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 2005

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

Economic Indicators, published monthly, is available at $3.00 a single copy
($3.75 foreign), or by subscription at $33.00 per year ($41.25 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 2005, according to advance estimates, current-dollar gross domestic product (GDP) rose
7.0 percent (annual rate), real GDP (GDP in chained 2000 dollars) rose 3.8 percent, and the implicit price deflator
rose 3.1 percent.

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

Period

1995 ......................
1996 ......................
1997 ......................
1998 ......................
1999 ......................
2000 ......................
2001 ......................
2002 ......................
2003 ......................
2004 ......................
2002: I ................
II ...............
III .............
IV ..............
2003: I ................
II ...............
III .............
IV ..............
2004: I ................
II ...............
III .............
IV ..............
2005: I ................
II ...............
III p ............
1 GDP

Exports and imports
of goods and services

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

Net
exports

Exports

7,397.7
7,816.9
8,304.3
8,747.0
9,268.4
9,817.0
10,128.0
10,469.6
10,971.2
11,734.3
10,333.3
10,426.6
10,527.4
10,591.1
10,717.0
10,844.6
11,087.4
11,236.0
11,457.1
11,666.1
11,818.8
11,995.2
12,198.8
12,378.0
12,589.6

¥91.4
¥96.2
¥101.6
¥159.9
¥260.5
¥379.5
¥367.0
¥424.4
¥500.9
¥624.0
¥373.1
¥416.1
¥433.8
¥474.6
¥502.6
¥500.6
¥495.3
¥505.0
¥559.6
¥613.1
¥638.0
¥685.4
¥697.5
¥691.0
¥721.7

812.2
868.6
955.3
955.9
991.2
1,096.3
1,032.8
1,005.9
1,045.6
1,173.8
976.4
1,008.2
1,022.9
1,016.2
1,018.8
1,016.1
1,046.6
1,101.1
1,130.8
1,163.3
1,183.8
1,217.1
1,253.2
1,297.1
1,311.1

4,975.8
5,256.8
5,547.4
5,879.5
6,282.5
6,739.4
7,055.0
7,350.7
7,709.9
8,214.3
7,230.3
7,323.0
7,396.6
7,453.1
7,555.2
7,635.3
7,782.4
7,866.6
8,032.3
8,145.6
8,263.2
8,416.1
8,535.8
8,677.0
8,840.0

1,144.0
1,240.3
1,389.8
1,509.1
1,625.7
1,735.5
1,614.3
1,582.1
1,670.4
1,928.1
1,564.1
1,571.4
1,592.9
1,600.1
1,610.0
1,619.3
1,694.2
1,757.9
1,818.2
1,928.5
1,961.2
2,004.5
2,058.5
2,054.4
2,078.6

Government consumption expenditures
and gross investment
Federal

Imports

Total
Total

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

903.6
964.8
1,056.9
1,115.9
1,251.7
1,475.8
1,399.8
1,430.3
1,546.5
1,797.8
1,349.5
1,424.3
1,456.7
1,490.8
1,521.4
1,516.6
1,541.9
1,606.1
1,690.3
1,776.4
1,821.8
1,902.5
1,950.6
1,988.1
2,032.8

1,369.2
1,416.0
1,468.7
1,518.3
1,620.8
1,721.6
1,825.6
1,961.1
2,091.9
2,215.9
1,912.0
1,948.3
1,971.8
2,012.5
2,054.4
2,090.5
2,106.2
2,116.5
2,166.2
2,205.0
2,232.5
2,260.0
2,302.0
2,337.6
2,392.7

519.2
527.4
530.9
530.4
555.8
578.8
612.9
679.7
754.8
827.6
654.9
675.2
682.0
706.6
724.0
763.4
761.8
770.0
808.3
824.6
836.5
840.8
860.2
869.8
892.8

National
defense
348.7
354.6
349.6
345.7
360.6
370.3
392.6
437.1
496.7
552.7
418.2
431.1
438.0
461.1
467.2
507.2
500.3
512.0
538.7
547.2
562.9
562.0
575.3
582.5
602.3

Nondefense
170.5
172.8
181.3
184.7
195.2
208.5
220.3
242.5
258.2
274.9
236.6
244.1
243.9
245.5
256.8
256.3
261.5
258.0
269.6
277.4
273.6
278.8
285.0
287.3
290.6

State
and
local
850.0
888.6
937.8
987.9
1,065.0
1,142.8
1,212.8
1,281.5
1,337.1
1,388.3
1,257.2
1,273.1
1,289.8
1,305.9
1,330.4
1,327.1
1,344.4
1,346.5
1,357.9
1,380.4
1,395.9
1,419.1
1,441.7
1,467.7
1,499.9

Final
sales of
domestic
product

Gross
domestic
purchases 1

Addendum:
Gross
national
product

7,366.5
7,786.1
8,232.3
8,676.2
9,201.5
9,760.5
10,159.7
10,457.7
10,955.8
11,678.9
10,341.6
10,424.0
10,501.4
10,563.9
10,695.2
10,845.0
11,076.9
11,206.2
11,411.6
11,594.2
11,766.3
11,943.3
12,138.9
12,382.1
12,613.2

7,489.0
7,913.1
8,405.9
8,906.9
9,528.9
10,196.4
10,495.0
10,894.0
11,472.1
12,358.3
10,706.4
10,842.7
10,961.2
11,065.7
11,219.6
11,345.2
11,582.8
11,741.1
12,016.7
12,279.1
12,456.8
12,680.6
12,896.3
13,069.0
13,311.4

7,433.4
7,851.9
8,337.3
8,768.3
9,302.2
9,855.9
10,171.6
10,500.2
11,039.3
11,788.0
10,359.5
10,443.3
10,557.0
10,641.1
10,761.9
10,911.4
11,154.8
11,329.2
11,540.1
11,712.8
11,867.3
12,032.0
12,238.2
12,413.5
..............

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

1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2002:

.........
.........
.........
.........
.........
.........
.........
.........
.........
.........
I ....
II ...
III
IV ..
2003: I ....
II ...
III
IV ..
2004: I ....
II ...
III
IV ..
2005: I ....
II ...
III p

Gross
domestic
product

8,031.7
8,328.9
8,703.5
9,066.9
9,470.3
9,817.0
9,890.7
10,048.8
10,320.6
10,755.7
9,977.3
10,031.6
10,090.7
10,095.8
10,138.6
10,230.4
10,410.9
10,502.6
10,612.5
10,704.1
10,808.9
10,897.1
10,999.3
11,089.2
11,193.2

Personal
conNonresi- Resi- Change
sumption dential dential in priexpendifixed
fixed
vate
tures
invest- invest- invenment
ment tories
5,433.5
5,619.4
5,831.8
6,125.8
6,438.6
6,739.4
6,910.4
7,099.3
7,306.6
7,588.6
7,042.2
7,083.5
7,123.2
7,148.2
7,192.2
7,256.8
7,360.7
7,416.4
7,501.4
7,536.6
7,617.5
7,698.8
7,764.9
7,829.5
7,904.7

762.5
833.6
934.2
1,037.8
1,133.3
1,232.1
1,180.5
1,071.5
1,085.0
1,186.7
1,090.3
1,073.3
1,068.0
1,054.5
1,051.6
1,072.9
1,101.8
1,113.7
1,135.1
1,171.6
1,204.8
1,235.1
1,252.2
1,279.0
1,298.4

353.1
29.9
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
15.5
561.8
52.0
459.0 ¥10.2
469.5
2.6
471.8
28.0
479.3
29.5
484.8
24.0
496.0
¥.4
521.2
9.3
535.7
29.0
542.4
41.9
565.1
65.6
568.8
50.4
571.0
50.1
584.1
58.2
599.3 ¥1.7
606.3 ¥16.6

Exports and imports of
goods and services

Government consumption expenditures
and gross investment
Federal

Net
exports

Exports

Imports

Total

¥71.0
¥79.6
¥104.6
¥203.7
¥296.2
¥379.5
¥399.1
¥471.3
¥521.4
¥601.3
¥441.3
¥458.9
¥472.2
¥513.0
¥510.7
¥528.4
¥516.2
¥530.2
¥563.0
¥601.7
¥606.5
¥634.1
¥645.4
¥614.2
¥611.8

778.2
843.4
943.7
966.5
1,008.2
1,096.3
1,036.7
1,013.3
1,031.2
1,117.9
992.8
1,018.0
1,025.2
1,017.2
1,009.7
1,004.5
1,032.2
1,078.4
1,091.8
1,110.2
1,125.0
1,144.5
1,165.3
1,195.4
1,197.6

849.1
923.0
1,048.3
1,170.3
1,304.4
1,475.8
1,435.8
1,484.6
1,552.6
1,719.2
1,434.0
1,476.9
1,497.4
1,530.2
1,520.4
1,532.9
1,548.4
1,608.6
1,654.8
1,711.9
1,731.5
1,778.6
1,810.7
1,809.6
1,809.4

1,549.7
1,564.9
1,594.0
1,624.4
1,686.9
1,721.6
1,780.3
1,858.8
1,911.1
1,952.3
1,832.0
1,853.4
1,863.9
1,885.8
1,884.4
1,917.5
1,920.1
1,922.6
1,938.4
1,949.5
1,958.4
1,962.8
1,971.9
1,984.1
1,999.9

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

580.3
573.5
567.6
561.2
573.7
578.8
601.4
643.4
687.8
723.7
623.2
641.7
646.5
662.3
662.8
696.8
693.2
698.5
716.5
722.2
728.6
727.6
731.8
736.1
749.9

389.2
383.8
373.0
365.3
372.2
370.3
384.9
413.2
449.7
481.3
399.2
410.2
414.4
428.9
425.0
460.1
452.5
461.2
476.4
477.4
487.7
483.7
487.3
491.7
503.9

191.0
189.6
194.5
195.9
201.5
208.5
216.5
230.2
238.0
242.2
224.0
231.5
232.2
233.4
237.9
236.4
240.6
237.0
239.9
244.6
240.6
243.6
244.3
244.2
245.7

State
and
local

968.3
990.5
1,025.9
1,063.0
1,113.2
1,142.8
1,179.0
1,215.4
1,223.3
1,228.4
1,208.9
1,211.8
1,217.5
1,223.6
1,221.6
1,220.7
1,226.8
1,224.1
1,221.8
1,227.1
1,229.6
1,235.0
1,239.8
1,247.8
1,249.8

Final
sales of
domestic
product

Gross
domestic
purchases 1

Addendum:
Gross
national
product

8,010.2
8,306.5
8,636.6
8,997.6
9,404.0
9,760.5
9,920.9
10,036.5
10,303.6
10,702.4
9,986.8
10,028.4
10,063.5
10,067.3
10,114.7
10,228.2
10,399.5
10,471.8
10,568.9
10,637.4
10,757.1
10,846.0
10,940.3
11,089.2
11,208.5

8,098.4
8,405.7
8,807.6
9,272.5
9,767.7
10,196.4
10,290.1
10,517.7
10,837.3
11,348.7
10,418.0
10,488.5
10,560.4
10,604.1
10,644.7
10,753.8
10,923.1
11,027.6
11,168.8
11,297.4
11,407.0
11,522.0
11,635.4
11,694.8
11,796.4

8,069.8
8,365.3
8,737.5
9,088.7
9,504.7
9,855.9
9,933.6
10,079.0
10,385.2
10,805.7
10,004.1
10,048.6
10,119.7
10,143.8
10,182.0
10,294.1
10,474.7
10,590.0
10,689.5
10,747.7
10,854.1
10,931.8
11,036.3
11,122.5
..............

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

1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2002:

.................
.................
.................
.................
.................
.................
.................
.................
.................
.................
I ............
II ...........
III .........
IV ..........
2003: I ............
II ...........
III .........
IV ..........
2004: I ............
II ...........
III .........
IV ..........
2005: I ............
II ...........
III p ........

Gross
domestic
product

92.106
93.852
95.414
96.472
97.868
100.000
102.399
104.187
106.305
109.099
103.568
103.938
104.328
104.907
105.705
106.004
106.498
106.983
107.958
108.987
109.343
110.077
110.905
111.622
112.476

Total

91.576
93.547
95.124
95.979
97.575
100.000
102.094
103.542
105.520
108.245
102.670
103.381
103.838
104.265
105.047
105.216
105.729
106.071
107.077
108.081
108.476
109.318
109.927
110.824
111.833

Durable
goods

Nondurable goods

110.672
109.507
107.068
104.152
101.625
100.000
98.113
95.767
92.372
90.630
96.499
96.030
95.599
94.959
93.940
92.918
91.871
90.900
90.911
90.872
90.310
90.446
90.646
90.524
89.828

Source: Department of Commerce, Bureau of Economic Analysis.

2

90.629
92.566
93.835
93.821
96.174
100.000
101.531
102.090
104.151
107.635
100.894
102.236
102.461
102.757
104.177
103.558
104.352
104.504
106.022
107.734
107.769
108.970
109.315
110.842
112.975

Gross private
domestic investment

Services

88.320
90.844
93.304
95.318
97.393
100.000
103.256
106.019
109.246
112.695
104.932
105.604
106.386
107.133
108.031
108.881
109.641
110.407
111.395
112.296
113.112
113.947
114.795
115.625
116.492

Nonresidential
fixed
106.239
105.011
103.696
101.421
100.057
100.000
99.683
99.513
99.764
101.025
99.541
99.485
99.381
99.646
99.674
99.432
99.727
100.204
100.493
100.947
101.173
101.443
102.231
102.702
103.256

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

Residential fixed
85.770
87.609
89.843
92.239
95.780
100.000
104.633
107.240
112.379
119.935
106.142
106.708
107.114
108.937
111.386
111.467
112.216
114.283
116.517
119.252
121.269
122.530
123.019
124.315
125.593

Exports

Imports
Total

104.376
102.987
101.233
98.905
98.313
100.000
99.625
99.272
101.398
104.999
98.348
99.041
99.768
99.907
100.899
101.154
101.387
102.100
103.568
104.787
105.224
106.348
107.540
108.515
109.479

106.411
104.529
100.816
95.354
95.960
100.000
97.497
96.342
99.611
104.571
94.105
96.440
97.278
97.425
100.068
98.940
99.580
99.846
102.146
103.769
105.218
106.969
107.727
109.868
112.346

89.479
91.957
93.533
94.512
96.883
100.000
101.908
105.632
109.740
114.354
105.086
105.219
105.489
106.683
109.229
109.572
109.897
110.238
112.819
114.186
114.818
115.568
117.542
118.161
119.061

National
defense

Nondefense

State
and
local

89.598
92.379
93.716
94.643
96.886
100.000
102.002
105.792
110.434
114.840
104.762
105.086
105.716
107.500
109.920
110.217
110.567
110.994
113.084
114.633
115.419
116.188
118.050
118.459
119.527

89.282
91.146
93.192
94.269
96.880
100.000
101.738
105.345
108.473
113.498
105.665
105.452
105.077
105.197
107.968
108.396
108.675
108.851
112.400
113.406
113.729
114.442
116.643
117.676
118.240

87.785
89.717
91.414
92.935
95.667
100.000
102.868
105.434
109.303
113.022
103.992
105.059
105.938
106.730
108.908
108.714
109.582
110.004
111.137
112.492
113.530
114.907
116.285
117.628
120.006

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

1995 ......................................................................................
1996 ......................................................................................
1997 ......................................................................................
1998 ......................................................................................
1999 ......................................................................................
2000 ......................................................................................
2001 ......................................................................................
2002 ......................................................................................
2003 ......................................................................................
2004 ......................................................................................
2001: I ................................................................................
II ...............................................................................
III .............................................................................
IV ..............................................................................
2002: I ................................................................................
II ...............................................................................
III .............................................................................
IV ..............................................................................
2003: I ................................................................................
II ...............................................................................
III .............................................................................
IV ..............................................................................
2004: I ................................................................................
II ...............................................................................
III .............................................................................
IV ..............................................................................
2005: I ................................................................................
II ...............................................................................
III p ............................................................................
1 Quarterly

81.814
84.842
88.658
92.359
96.469
100.000
100.751
102.362
105.130
109.562
100.597
100.906
100.551
100.948
101.633
102.186
102.788
102.840
103.276
104.211
106.050
106.984
108.104
109.037
110.104
111.003
112.044
112.959
114.019

GDP
chain-type
price index

92.115
93.859
95.415
96.475
97.868
100.000
102.402
104.193
106.310
109.102
101.507
102.290
102.690
103.122
103.553
103.944
104.347
104.926
105.724
106.019
106.500
106.996
107.951
108.976
109.371
110.111
110.950
111.655
112.516

percent changes are at annual rates.

GDP
implicit
price
deflator

GDP
(current
dollars)

92.106
93.852
95.414
96.472
97.868
100.000
102.399
104.187
106.305
109.099
101.478
102.252
102.675
103.191
103.568
103.938
104.328
104.907
105.705
106.004
106.498
106.983
107.958
108.987
109.343
110.077
110.905
111.622
112.476

4.6
5.7
6.2
5.3
6.0
5.9
3.2
3.4
4.8
7.0
2.8
4.4
.2
3.6
4.3
3.7
3.9
2.4
4.8
4.8
9.3
5.5
8.1
7.5
5.3
6.1
7.0
6.0
7.0

Real GDP
(chain-type
quantity
index)

GDP
chain-type
price
index

2.5
3.7
4.5
4.2
4.5
3.7
.8
1.6
2.7
4.2
¥.5
1.2
¥1.4
1.6
2.7
2.2
2.4
.2
1.7
3.7
7.2
3.6
4.3
3.5
4.0
3.3
3.8
3.3
3.8

GDP
implicit
price
deflator

2.0
1.9
1.7
1.1
1.4
2.2
2.4
1.7
2.0
2.6
3.3
3.1
1.6
1.7
1.7
1.5
1.6
2.2
3.1
1.1
1.8
1.9
3.6
3.9
1.5
2.7
3.1
2.6
3.1

2.0
1.9
1.7
1.1
1.4
2.2
2.4
1.7
2.0
2.6
3.3
3.1
1.7
2.0
1.5
1.4
1.5
2.2
3.1
1.1
1.9
1.8
3.7
3.9
1.3
2.7
3.0
2.6
3.1

Source: Department of Commerce, Bureau of Economic Analysis.

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

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

Unit nonlabor cost

Period
Current
dollars

1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2002:

........................................................
........................................................
........................................................
........................................................
........................................................
........................................................
........................................................
........................................................
........................................................
........................................................
I ...................................................
II .................................................
III ................................................
IV ................................................
2003: I ...................................................
II .................................................
III ................................................
IV ................................................
2004: I ...................................................
II .................................................
III ................................................
IV ................................................
2005: I ...................................................
II .................................................

Chained
(2000)
dollars

3,879.5
4,109.5
4,401.8
4,655.0
4,950.8
5,272.2
5,293.5
5,371.7
5,595.7
5,995.4
5,284.6
5,358.3
5,395.6
5,448.4
5,456.5
5,541.8
5,650.0
5,734.4
5,822.0
5,922.8
6,038.0
6,198.9
6,282.8
6,443.0

3,977.4
4,196.4
4,469.3
4,725.4
5,011.0
5,272.2
5,224.5
5,270.2
5,412.5
5,700.9
5,195.4
5,266.4
5,296.6
5,322.3
5,298.7
5,369.6
5,460.3
5,521.3
5,568.1
5,613.9
5,742.0
5,879.5
5,926.8
6,056.5

Total

Compensation of employees
(unit labor
cost)

0.975
.979
.985
.985
.988
1.000
1.013
1.019
1.034
1.052
1.017
1.017
1.019
1.024
1.030
1.032
1.035
1.039
1.046
1.055
1.052
1.054
1.060
1.064

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.

0.631
.627
.629
.645
.652
.672
.688
.685
.684
.685
.688
.687
.685
.682
.686
.686
.682
.682
.684
.686
.684
.687
.693
.688

Total

0.230
.228
.228
.226
.229
.237
.257
.253
.253
.252
.258
.252
.250
.250
.253
.252
.253
.253
.254
.254
.251
.248
.247
.244

Consumption of
fixed
capital

Taxes
on production
and imports 3

Net interest and
miscellaneous
payments

0.104
.104
.105
.104
.105
.108
.124
.122
.121
.121
.124
.122
.121
.121
.122
.121
.120
.120
.120
.120
.126
.118
.118
.116

0.097
.097
.095
.092
.092
.093
.094
.099
.101
.102
.098
.098
.099
.100
.101
.100
.102
.102
.104
.104
.097
.102
.101
.100

0.029
.027
.028
.030
.032
.036
.039
.032
.031
.029
.036
.032
.030
.029
.030
.031
.031
.031
.030
.030
.028
.028
.028
.028

Corporate profits with inventory
valuation and capital consumption
adjustments 4
Total

0.114
.125
.128
.114
.107
.090
.068
.081
.097
.115
.071
.079
.083
.092
.090
.095
.100
.104
.108
.115
.116
.119
.121
.132

Taxes on
corporate
income

0.035
.036
.036
.034
.034
.032
.021
.018
.023
.029
.015
.017
.019
.022
.023
.022
.023
.026
.026
.029
.030
.031
.039
.041

Profits
after
tax 5

0.078
.088
.092
.080
.073
.058
.047
.063
.074
.086
.056
.061
.064
.071
.067
.073
.076
.078
.082
.086
.086
.088
.082
.091

3 Less

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

5 With

3

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

National
income

Period

1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2002:

..........
..........
..........
..........
..........
..........
..........
..........
..........
..........
I .....
II ....
III ..
IV ...
2003: I .....
II ....
III ..
IV ...
2004: I .....
II ....
III ..
IV ...
2005: I .....
II ....
III p
1 With

6,453.9
6,840.1
7,292.2
7,752.8
8,236.7
8,795.2
8,979.8
9,229.3
9,660.9
10,275.9
9,131.1
9,211.7
9,247.5
9,326.7
9,433.6
9,573.2
9,732.3
9,904.8
10,091.2
10,210.9
10,242.4
10,559.3
10,750.4
10,918.7
..................

Compensation
of
employees

4,193.3
4,390.5
4,661.7
5,019.4
5,357.1
5,782.7
5,942.1
6,091.2
6,321.1
6,687.6
6,025.3
6,091.5
6,114.5
6,133.4
6,210.4
6,286.6
6,360.1
6,427.4
6,528.2
6,602.1
6,724.2
6,895.8
7,001.7
7,100.9
7,187.0

Farm

Nonfarm

22.7
37.3
34.2
29.4
28.6
22.7
19.7
10.6
27.7
35.8
8.9
4.0
11.0
18.4
20.5
27.2
28.2
35.1
44.8
44.1
29.7
24.6
24.7
19.6
18.1

Rental
income
of
persons
with
capital
consumption
adjustment

469.5
505.9
541.8
598.4
649.7
705.7
752.2
757.8
782.4
853.8
754.1
759.4
758.1
759.7
757.8
774.1
793.0
804.8
825.4
854.2
859.4
876.3
893.2
917.1
919.4

122.1
131.5
128.8
137.5
147.3
150.3
167.4
152.9
131.7
134.2
172.1
167.7
142.9
129.2
137.7
125.4
120.4
143.2
144.2
141.8
122.1
128.7
118.0
104.4
27.5

Corporate profits with inventory valuation and
capital consumption adjustments
Profits with inventory valuation
adjustment and without capital
consumption adjustment
Total
Total

Inventory
valuation
adjustment

656.0
736.1
812.3
738.5
776.8
759.3
719.2
766.2
923.9
1,019.7
707.0
740.5
774.5
842.7
858.0
891.0
944.0
1,002.6
1,001.2
1,016.5
981.3
1,079.7
1,339.2
1,393.3
............

696.7
786.2
868.5
801.6
851.3
817.9
767.3
886.3
1,031.8
1,161.5
829.4
864.3
895.4
956.1
951.5
1,005.0
1,057.5
1,113.1
1,147.3
1,162.0
1,117.2
1,219.5
1,288.2
1,347.5
............

Profits
before
tax

674.3
733.0
798.2
718.3
775.9
773.4
707.9
768.4
937.2
1,059.3
693.8
742.1
786.4
851.5
883.0
893.1
949.0
1,023.4
1,030.2
1,064.9
1,018.2
1,124.1
1,378.3
1,412.2
............

¥18.3
3.1
14.1
20.2
1.0
¥14.1
11.3
¥2.2
¥13.3
¥39.6
13.3
¥1.6
¥11.8
¥8.8
¥25.0
¥2.1
¥5.1
¥20.8
¥28.9
¥48.3
¥36.9
¥44.4
¥39.1
¥18.9
..............

inventory valuation and capital consumption adjustments.

Capital
consumption
adjustment

Net
interest
and
miscellaneous
payments

Taxes
on
production
and
imports

40.7
50.1
56.2
63.1
74.5
58.6
48.1
120.1
107.9
141.8
122.4
123.8
120.8
113.4
93.4
114.0
113.5
110.5
146.1
145.4
135.8
139.8
¥51.0
¥45.8
¥64.6

367.1
376.2
415.6
487.1
495.4
559.0
566.3
520.9
528.5
505.5
545.8
519.3
507.0
511.5
530.9
532.4
528.1
522.7
519.9
512.2
497.5
492.7
498.3
488.7
493.9

558.2
581.1
612.0
639.8
674.0
708.9
728.6
762.8
801.4
852.8
746.0
757.9
771.6
775.5
783.8
794.7
806.6
820.6
837.1
847.8
855.5
870.9
883.8
900.1
911.6

Less:
Subsidies

Business
current
transfer
payments

Current
surplus
of government
enterprises

34.0
34.3
32.9
35.4
44.2
44.3
55.3
38.4
46.7
43.5
39.9
37.0
38.3
38.3
42.1
54.6
44.5
45.4
42.3
41.8
43.2
46.5
50.6
52.1
54.0

46.9
53.1
49.9
64.7
67.4
87.1
92.8
84.3
81.6
91.1
91.1
85.8
81.4
78.8
79.0
80.5
82.5
84.3
88.2
90.7
83.0
102.6
99.0
99.6
31.8

11.4
12.7
12.6
10.3
10.1
5.3
¥1.4
.9
1.3
¥3.0
¥1.6
¥1.2
4.0
2.3
4.1
1.8
.4
¥1.1
¥1.6
¥2.2
¥3.0
¥5.2
¥6.1
¥7.0
¥21.7

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

1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2002:

...............
...............
...............
...............
...............
...............
...............
...............
...............
...............
I ..........
II .........
III .......
IV ........
2003: I ..........
II .........
III .......
IV ........
2004: I ..........
II .........
III .......
IV ........
2005: I ..........
II .........
III p ......

Total
personal
consumption
expenditures

5,433.5
5,619.4
5,831.8
6,125.8
6,438.6
6,739.4
6,910.4
7,099.3
7,306.6
7,588.6
7,042.2
7,083.5
7,123.2
7,148.2
7,192.2
7,256.8
7,360.7
7,416.4
7,501.4
7,536.6
7,617.5
7,698.8
7,764.9
7,829.5
7,904.7

Total
durable
goods

552.6
595.9
646.9
720.3
804.6
863.3
900.7
964.8
1,028.5
1,089.9
948.4
956.9
983.4
970.4
979.1
1,014.0
1,061.0
1,060.0
1,071.6
1,072.5
1,100.4
1,115.1
1,122.3
1,143.9
1,173.5

Motor
vehicles
and
parts

272.3
285.4
304.7
339.0
372.4
386.5
405.8
429.0
449.7
457.0
422.1
422.5
445.6
425.9
431.6
445.9
466.8
454.4
453.9
448.1
461.4
464.6
455.0
463.3
482.5

Furniture
and
household
equipment

173.3
193.4
216.3
244.7
280.7
312.9
331.8
364.3
396.3
442.9
356.9
363.5
365.2
371.6
372.5
387.4
407.5
417.7
428.4
437.1
449.2
456.8
469.2
475.9
489.7

Nondurable goods

Other

111.2
119.6
127.3
137.6
151.7
163.9
163.2
172.4
184.5
195.8
170.3
172.1
172.7
174.4
176.1
182.2
188.5
191.3
193.7
193.1
196.0
200.2
206.5
212.9
209.9

Total
nondurable
goods

1,638.6
1,680.4
1,725.3
1,794.4
1,876.6
1,947.2
1,986.7
2,037.1
2,101.8
2,200.4
2,026.8
2,033.4
2,035.0
2,053.1
2,069.5
2,079.1
2,121.2
2,137.3
2,171.9
2,186.1
2,206.9
2,236.5
2,265.6
2,285.9
2,300.6

Food

827.1
834.7
845.2
865.6
893.6
925.2
940.2
954.6
980.1
1,029.1
950.2
954.5
954.4
959.5
969.2
970.5
987.7
992.8
1,015.5
1,022.5
1,030.9
1,047.4
1,060.9
1,072.2
1,086.7

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

4

Clothing
and
shoes

227.4
238.7
246.0
263.1
282.7
297.7
303.7
318.3
334.1
355.0
315.9
317.0
315.7
324.4
323.4
331.1
340.4
341.5
352.6
349.7
354.9
363.0
367.9
374.4
376.1

Gasoline
and
oil

154.5
157.9
162.8
170.3
176.3
175.7
178.3
181.9
183.2
185.9
181.3
182.0
183.2
181.2
181.7
181.7
184.0
185.3
184.7
185.5
185.4
188.1
192.1
190.5
187.7

Services

Fuel
oil
and
coal

18.7
18.4
16.9
16.0
16.4
15.8
15.2
15.5
15.5
15.5
14.7
15.6
15.5
16.3
15.7
14.7
15.6
16.1
15.6
15.4
16.0
15.0
15.6
14.8
14.4

Other

414.1
432.9
456.6
481.1
508.6
532.9
549.2
567.1
589.6
616.7
565.0
564.6
566.5
572.2
579.5
581.8
594.5
602.5
605.3
614.1
621.7
625.5
631.2
637.7
641.0

Total
services 1

3,259.9
3,356.0
3,468.0
3,615.0
3,758.0
3,928.8
4,023.2
4,100.4
4,183.9
4,310.9
4,069.4
4,095.7
4,109.0
4,127.4
4,146.5
4,169.7
4,190.2
4,229.4
4,269.0
4,288.6
4,324.0
4,362.1
4,392.0
4,417.6
4,452.5

Housing

887.5
901.1
922.5
948.8
978.6
1,006.5
1,033.7
1,042.1
1,048.4
1,078.4
1,044.4
1,043.7
1,041.0
1,039.3
1,041.3
1,044.5
1,050.1
1,057.7
1,067.6
1,074.6
1,081.9
1,089.5
1,095.6
1,101.4
1,106.6

Source: Department of Commerce, Bureau of Economic Analysis.

Medical
care

906.4
922.5
942.8
970.7
989.0
1,026.8
1,075.2
1,136.6
1,184.9
1,233.5
1,113.5
1,129.9
1,144.4
1,158.8
1,169.8
1,180.1
1,187.6
1,202.2
1,211.4
1,225.5
1,241.6
1,255.4
1,269.1
1,282.3
1,299.9

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

14.7
15.1
15.1
15.5
16.9
17.3
17.1
16.8
16.6
16.9
16.7
16.6
17.4
16.6
16.2
16.4
17.2
16.7
16.6
16.6
17.1
17.1
16.5
17.2
17.9

SOURCES OF PERSONAL INCOME
Personal income rose $173.5 billion (annual rate) in September following a decrease of $94.9 billion in August.
Wages and salaries rose $16.7 billion in September following an increase of $5.6 billion in August.

[Billions of dollars; monthly data at seasonally adjusted annual rates]
Compensation of employees, received
Supplements to
wages
and
salaries

Proprietors’ income 1

Personal income receipts on assets
Rental
income
of
persons 2

Personal
current
transfer
receipts 3

Less: Contributions
for government social
insurance

Total
personal
income

Total

.................
.................
.................
.................
.................
.................
.................
.................
.................
.................
Sept .......
Oct ........
Nov .......
Dec * ......

6,152.3
6,520.6
6,915.1
7,423.0
7,802.4
8,429.7
8,724.1
8,881.9
9,169.1
9,713.3
9,759.0
9,858.4
9,924.9
10,291.0

4,177.0
4,386.9
4,664.6
5,020.1
5,352.0
5,782.7
5,942.1
6,091.2
6,321.1
6,687.6
6,772.0
6,836.6
6,896.6
6,954.3

3,419.3
3,619.6
3,877.6
4,183.4
4,466.3
4,829.2
4,942.8
4,980.9
5,111.1
5,389.4
5,462.8
5,513.2
5,563.2
5,612.2

757.7
767.3
787.0
836.7
885.7
953.4
999.3
1,110.3
1,210.0
1,298.1
1,309.2
1,323.4
1,333.4
1,342.1

22.7
37.3
34.2
29.4
28.6
22.7
19.7
10.6
27.7
35.8
24.7
26.5
24.5
23.0

469.5
505.9
541.8
598.4
649.7
705.7
752.2
757.8
782.4
853.8
854.1
873.2
875.6
880.0

122.1
131.5
128.8
137.5
147.3
150.3
167.4
152.9
131.7
134.2
95.5
132.5
128.3
125.4

1,016.4
1,089.2
1,181.7
1,283.2
1,264.2
1,387.0
1,380.0
1,333.2
1,338.7
1,396.5
1,381.0
1,388.1
1,394.2
1,698.5

763.2
793.0
848.7
933.2
928.6
1,011.0
1,011.0
936.1
917.6
905.9
902.8
904.9
907.2
910.0

253.2
296.2
333.0
349.9
335.6
376.1
369.0
397.2
421.1
490.6
478.2
483.2
487.0
788.5

877.4
925.0
951.2
978.6
1,022.1
1,084.0
1,193.9
1,286.2
1,344.0
1,427.5
1,462.5
1,439.0
1,449.4
1,459.4

532.8
555.2
587.2
624.2
661.4
702.7
731.1
750.0
776.6
822.2
830.8
837.3
843.7
849.6

2005: Jan ........
Feb ........
Mar .......
Apr ........
May .......
June ......
July r ......
Aug r ......
Sept p .....

10,025.2
10,072.9
10,122.0
10,190.6
10,214.1
10,258.8
10,298.4
10,203.5
10,377.0

6,963.3
7,001.6
7,040.3
7,087.8
7,097.3
7,117.5
7,170.3
7,182.9
7,207.9

5,604.6
5,629.8
5,655.3
5,698.8
5,706.9
5,725.0
5,767.2
5,772.8
5,789.5

1,358.7
1,371.7
1,385.0
1,389.0
1,390.4
1,392.5
1,403.1
1,410.1
1,418.4

23.7
24.6
25.9
23.2
19.7
15.8
18.9
17.2
18.1

889.2
892.2
898.2
907.5
913.8
929.9
926.4
894.0
937.9

121.1
118.5
114.4
109.4
104.1
99.7
98.0
¥104.2
88.7

1,403.3
1,407.4
1,413.1
1,426.8
1,439.7
1,452.8
1,459.1
1,465.3
1,471.6

912.7
915.4
918.1
927.0
936.0
944.9
946.3
947.7
949.1

490.6
492.0
495.0
499.8
503.8
507.9
512.8
517.6
522.5

1,482.8
1,489.6
1,494.0
1,504.9
1,509.1
1,514.8
1,502.4
1,625.1
1,531.1

858.2
860.9
863.8
869.1
869.6
871.6
876.7
876.9
878.3

Period

1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2004:

1 With
2 With

Wage and
salary
disbursements

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

3 Consists

Farm

Nonfarm

Total

Personal
interest
income

Personal
dividend
income

* Personal income data for December 2004 reflect the payment of a special dividend by the
Microsoft Corporation.
Note.—For information on effects of Hurricanes Katrina and Rita on personal income data,
see Personal Income and Outlays: September 2005, Department of Commerce, Bureau of Economic Analysis release dated October 31, 2005.
Source: Department of Commerce, Bureau of Economic Analysis.

5

DISPOSITION OF PERSONAL INCOME
According to advance estimates, per capita disposable personal income in chained (2000) dollars declined at
an annual rate of 1.9 percent in the third quarter of 2005.

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
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004

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

6,152.3
6,520.6
6,915.1
7,423.0
7,802.4
8,429.7
8,724.1
8,881.9
9,169.1
9,713.3

744.1
832.1
926.3
1,027.0
1,107.5
1,235.7
1,237.3
1,051.8
999.9
1,049.1

5,408.2
5,688.5
5,988.8
6,395.9
6,695.0
7,194.0
7,486.8
7,830.1
8,169.2
8,664.2

5,157.3
5,460.0
5,770.5
6,119.1
6,536.4
7,025.6
7,354.5
7,645.3
7,996.3
8,512.5

Chained
(2000)
dollars

Per capita personal
consumption
expenditures
Current
dollars

Chained
(2000)
dollars

Dollars
250.9
228.4
218.3
276.8
158.6
168.5
132.3
184.7
172.8
151.8

5,905.7
6,080.9
6,295.8
6,663.9
6,861.3
7,194.0
7,333.3
7,562.2
7,741.8
8,004.3

20,287
21,091
21,940
23,161
23,968
25,472
26,236
27,165
28,065
29,475

Percent
change
in real
per capita
disposable
personal
income

Saving as
percent of
disposable
personal
income

Population,
including
Armed
Forces
overseas
(thousands) 2

Percent

22,153
22,546
23,065
24,131
24,564
25,472
25,698
26,236
26,596
27,230

18,665
19,490
20,323
21,291
22,491
23,862
24,723
25,502
26,487
27,944

20,382
20,835
21,365
22,183
23,050
23,862
24,216
24,630
25,101
25,816

1.6
1.8
2.3
4.6
1.8
3.7
.9
2.1
1.4
2.4

4.6
4.0
3.6
4.3
2.4
2.3
1.8
2.4
2.1
1.8

266,588
269,714
272,958
276,154
279,328
282,429
285,366
288,240
291,085
293,951

26,292
26,355
26,182
26,127
26,228
26,459
26,853
26,846
27,026
27,045
27,159
27,685
27,384
27,426
27,294

25,179
25,444
25,631
25,760
26,054
26,269
26,703
26,921
27,426
27,750
28,076
28,522
28,864
29,276
29,749

24,524
24,612
24,684
24,706
24,803
24,967
25,256
25,380
25,613
25,675
25,882
26,091
26,258
26,417
26,601

10.6
1.0
¥2.6
¥.8
1.6
3.6
6.1
¥.1
2.7
.3
1.7
8.0
¥4.3
.6
¥1.9

2.9
2.8
2.0
1.8
1.9
2.1
2.5
2.0
1.8
1.6
1.2
2.3
.5
.1
¥1.1

287,154
287,812
288,575
289,328
289,977
290,656
291,442
292,217
292,872
293,540
294,315
295,077
295,720
296,383
297,157

Seasonally adjusted annual rates
2002: I .....
II ...
III ..
IV ..
2003: I .....
II ...
III ..
IV ..
2004: I .....
II ...
III ..
IV ..
2005: I .....
II ...
III p

8,814.7
8,892.0
8,895.4
8,925.5
9,013.7
9,118.6
9,215.4
9,328.7
9,484.8
9,614.3
9,729.2
10,024.8
10,073.4
10,221.2
10,293.0

1,063.2
1,050.3
1,050.0
1,043.8
1,024.3
1,026.9
940.8
1,007.6
1,009.6
1,034.0
1,058.4
1,094.3
1,171.4
1,212.6
1,222.8

7,751.5
7,841.7
7,845.4
7,881.7
7,989.4
8,091.7
8,274.6
8,321.0
8,475.3
8,580.3
8,670.9
8,930.4
8,902.0
9,008.6
9,070.2

7,526.1
7,620.5
7,692.4
7,742.4
7,835.4
7,922.1
8,069.5
8,158.4
8,319.4
8,439.1
8,566.3
8,725.0
8,854.6
9,001.2
9,170.2

225.4
221.2
153.0
139.3
154.0
169.6
205.1
162.6
155.8
141.2
104.6
205.4
47.4
7.4
¥100.1

7,549.9
7,585.2
7,555.5
7,559.3
7,605.5
7,690.5
7,826.2
7,844.8
7,915.1
7,938.8
7,993.3
8,169.2
8,098.1
8,128.7
8,110.5

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

26,994
27,246
27,187
27,241
27,552
27,839
28,392
28,475
28,939
29,231
29,461
30,265
30,103
30,395
30,523

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

FARM INCOME
According to the revised forecast for 2005, gross farm income is forecast at $293.4 billion, and net farm income
at $71.5 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

1996 ................................
1997 ................................
1998 ................................
1999 ................................
2000 ................................
2001 ................................
2002 ................................
2003 ................................
2004 ................................
2005 r ...............................
2003: I ..........................
II .........................
III ........................
IV ........................
2004: I ..........................
II .........................
III ........................
IV ........................
2005: I r .........................
II r ........................
III r ......................
IV r .......................

235.8
238.0
232.6
235.0
242.0
248.7
229.9
259.8
292.3
293.4
270.4
252.0
242.9
274.0
322.2
273.2
273.1
300.8
331.8
285.5
272.3
284.0

199.4
207.8
196.5
187.8
192.1
200.1
195.0
216.6
241.2
239.6
211.1
219.3
210.3
225.7
255.9
231.9
231.2
245.9
254.2
245.3
232.5
226.6

Livestock and
products

92.9
96.5
94.2
95.7
99.6
106.7
94.0
105.6
123.5
123.7
106.7
108.2
106.7
100.8
125.3
123.5
121.5
123.6
134.0
117.2
119.9
123.7

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

106.5
111.3
102.2
92.1
92.5
93.3
101.0
111.0
117.8
115.9
104.4
111.1
103.6
124.9
130.6
108.4
109.7
122.4
120.2
128.1
112.6
102.9

Value of
inventory
changes 3

7.9
.6
¥.6
¥.2
1.6
1.1
¥3.4
¥2.5
7.0
¥1.3
¥2.4
¥2.5
¥2.4
¥2.6
7.4
6.7
6.7
7.2
¥1.4
¥1.4
¥1.3
¥1.3

Direct
Government
payments 4

Production
expenses

7.3
7.5
12.4
21.5
22.9
20.7
11.2
17.2
13.3
22.7
33.9
6.4
7.3
21.2
26.2
4.9
5.7
16.4
44.7
8.4
9.7
28.0

176.9
186.7
185.5
187.2
193.1
197.1
193.4
200.3
209.8
221.9
195.3
202.8
194.5
208.7
222.5
201.7
201.1
213.8
235.4
227.2
215.3
209.8

Net farm
income

59.0
51.3
47.1
47.7
48.9
51.5
36.6
59.5
82.5
71.5
75.1
49.2
48.4
65.3
99.7
71.5
72.0
87.0
96.4
58.3
57.0
74.1

4 Includes only Government payments made directly to farmers.
NOTE.—Data for 2004 and 2005 are forecasts.
Source: Department of Agriculture.

7

CORPORATE PROFITS
In the second quarter of 2005, according to current estimates, corporate profits before tax rose $33.9 billion (annual
rate) and profits after tax rose $24.0 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

656.0
736.1
812.3
738.5

563.2
634.2
701.4
635.5

162.2
172.6
193.0
165.9

401.0
461.6
508.4
469.6

173.7
188.8
209.0
173.5

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

27.3
39.8
47.6
52.3

43.1
51.9
64.2
73.4

674.3
733.0
798.2
718.3

218.7
231.7
246.1
248.3

455.6
501.4
552.1
470.0

254.2
297.6
334.5
351.6

201.4
203.8
217.6
118.3

¥18.3
3.1
14.1
20.2

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

738.5
776.8
759.3
719.2
766.2
923.9
1,019.7

635.5
655.3
613.6
549.5
610.4
747.9
834.8

165.4
194.3
200.2
227.6
276.4
313.0
300.6

470.1
461.1
413.4
322.0
334.0
434.9
534.2

157.0
150.6
144.3
52.6
48.2
80.7
118.9

32.7
33.1
24.4
24.7
10.6
11.4
12.1

53.2
55.5
59.7
52.1
49.3
56.3
63.5

66.4
65.2
59.6
71.0
79.4
87.7
90.0

718.3
775.9
773.4
707.9
768.4
937.2
1,059.3

248.3
258.6
265.2
204.1
192.6
232.1
271.1

470.0
517.2
508.2
503.8
575.8
705.1
788.2

351.6
337.4
377.9
370.9
399.2
423.2
493.0

118.3
179.9
130.3
132.9
176.6
281.9
295.2

20.2
1.0
¥14.1
11.3
¥2.2
¥13.3
¥39.6

2002: I .........
II .......
III ......
IV ......
2003: I .........
II .......
III ......
IV ......
2004: I .........
II .......
III ......
IV ......
2005: I .........
II .......
III p ....

707.0
740.5
774.5
842.7
858.0
891.0
944.0
1,002.6
1,001.2
1,016.5
981.3
1,079.7
1,339.2
1,393.3
............

552.0
593.3
620.0
676.2
703.5
721.2
769.2
797.6
803.0
839.7
795.5
901.1
1,145.7
1,196.1
............

277.9
277.7
274.6
275.3
304.8
309.0
320.4
317.9
324.1
316.1
242.8
319.4
377.2
349.5
............

274.2
315.6
345.4
400.9
398.7
412.2
448.9
479.7
479.0
523.6
552.7
581.7
768.5
846.6
............

27.8
40.0
55.0
70.0
70.9
68.0
79.2
104.8
97.3
107.3
116.2
154.7
170.2
204.7
................

7.1
10.1
12.6
12.8
12.3
10.4
10.7
12.3
11.0
11.7
11.4
14.1
23.7
26.4
................

48.5
52.6
45.3
50.7
48.6
50.3
62.1
64.1
56.8
61.3
69.1
66.9
81.4
98.1
..............

75.7
79.7
80.2
82.1
81.4
90.4
90.3
88.8
97.5
92.9
81.9
87.7
104.6
109.1
..............

693.8
742.1
786.4
851.5
883.0
893.1
949.0
1,023.4
1,030.2
1,064.9
1,018.2
1,124.1
1,378.3
1,412.2
............

174.9
188.5
196.9
210.2
223.9
221.7
235.3
247.5
257.9
274.7
259.0
293.0
362.6
372.5
............

518.9
553.6
589.5
641.3
659.1
671.4
713.8
775.9
772.3
790.2
759.2
831.1
1,015.7
1,039.7
..............

382.5
396.1
406.1
412.0
416.3
419.9
424.6
432.0
445.9
460.9
475.9
589.3
494.9
506.3
520.1

136.4
157.5
183.4
229.3
242.8
251.5
289.2
343.9
326.4
329.2
283.4
241.8
520.8
533.4
..............

13.3
¥1.6
¥11.8
¥8.8
¥25.0
¥2.1
¥5.1
¥20.8
¥28.9
¥48.3
¥36.9
¥44.4
¥39.1
¥18.9
............

1995
1996
1997
1998
1998
1999
2000
2001
2002
2003
2004

..............
..............
..............
..............
4

1 See

p. 4 for profits with inventory valuation and capital consumption adjustments.
rest of the world, not shown separately.
3 Includes industries not shown separately.
2 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 2005, according to advance estimates, nonresidential fixed investment in chained (2000)
dollars rose $19.4 billion (annual rate) and residential investment rose $7.0 billion. There was a decrease of $16.6
billion in inventories following a decrease of $1.7 billion in the second quarter.

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

1995
1996
1997
1998
1999
2000
2001
2002
2003
2004

Gross
private
domestic
investment

Change in private
inventories

Nonresidential
Total
Total

Equipment
and software

Residential

Structures

Total

Nonfarm

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

1,134.0
1,234.3
1,387.7
1,524.1
1,642.6
1,735.5
1,598.4
1,557.1
1,617.4
1,809.8

1,109.6
1,209.2
1,320.6
1,455.0
1,576.3
1,679.0
1,629.4
1,544.6
1,600.0
1,755.1

762.5
833.6
934.2
1,037.8
1,133.3
1,232.1
1,180.5
1,071.5
1,085.0
1,186.7

247.1
261.1
280.1
294.5
293.2
313.2
306.1
253.8
243.1
248.4

523.1
578.7
658.3
745.6
840.2
918.9
874.2
820.2
846.8
947.6

353.1
381.3
388.6
418.3
443.6
446.9
448.5
469.9
509.4
561.8

29.9
28.7
71.2
72.6
68.9
56.5
¥31.7
12.5
15.5
52.0

41.3
21.7
68.5
71.2
71.5
57.8
¥31.8
15.2
15.5
49.9

2002: I ............................................................................
II ...........................................................................
III .........................................................................
IV ..........................................................................
2003: I ............................................................................
II ...........................................................................
III .........................................................................
IV ..........................................................................

1,541.7
1,549.0
1,570.9
1,567.0
1,565.3
1,575.8
1,640.6
1,687.9

1,551.5
1,545.9
1,543.2
1,537.8
1,540.9
1,573.7
1,629.0
1,656.3

1,090.3
1,073.3
1,068.0
1,054.5
1,051.6
1,072.9
1,101.8
1,113.7

270.3
256.4
245.8
242.5
237.3
244.8
244.7
245.5

820.9
819.0
825.7
815.4
818.7
832.0
862.4
874.0

459.0
469.5
471.8
479.3
484.8
496.0
521.2
535.7

¥10.2
2.6
28.0
29.5
24.0
¥.4
9.3
29.0

¥11.1
12.4
29.3
29.9
19.7
1.0
13.0
28.1

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

1,729.1
1,813.0
1,833.4
1,863.9

1,684.4
1,744.5
1,780.2
1,811.3

1,135.1
1,171.6
1,204.8
1,235.1

243.4
248.5
249.4
252.3

899.1
931.4
965.6
994.2

542.4
565.1
568.8
571.0

41.9
65.6
50.4
50.1

46.8
58.5
43.7
50.8

2005: I ............................................................................
II ...........................................................................
III p ........................................................................

1,902.9
1,885.0
1,895.6

1,842.2
1,884.7
1,911.0

1,252.2
1,279.0
1,298.4

251.0
252.7
251.8

1,014.2
1,040.9
1,063.3

584.1
599.3
606.3

58.2
¥1.7
¥16.6

61.8
3.4
¥9.8

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

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

1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2002:

...........................
...........................
...........................
...........................
...........................
...........................
...........................
...........................
...........................
...........................
I ......................
II .....................
III ...................
IV ....................
2003: I ......................
II .....................
III ...................
IV ....................

1,109.6
1,209.2
1,320.6
1,455.0
1,576.3
1,679.0
1,629.4
1,544.6
1,600.0
1,755.1
1,551.5
1,545.9
1,543.2
1,537.8
1,540.9
1,573.7
1,629.0
1,656.3

762.5
833.6
934.2
1,037.8
1,133.3
1,232.1
1,180.5
1,071.5
1,085.0
1,186.7
1,090.3
1,073.3
1,068.0
1,054.5
1,051.6
1,072.9
1,101.8
1,113.7

247.1
261.1
280.1
294.5
293.2
313.2
306.1
253.8
243.1
248.4
270.3
256.4
245.8
242.5
237.3
244.8
244.7
245.5

523.1
578.7
658.3
745.6
840.2
918.9
874.2
820.2
846.8
947.6
820.9
819.0
825.7
815.4
818.7
832.0
862.4
874.0

182.7
218.9
269.9
328.9
398.5
467.6
459.0
437.4
459.7
522.4
435.0
437.1
444.2
433.3
439.4
445.3
469.0
485.3

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

71.6
84.1
108.8
129.4
157.2
176.2
173.8
169.7
175.7
188.8
166.3
170.2
173.4
168.7
169.8
171.0
178.9
183.2

107.0
117.2
127.3
143.2
158.0
190.0
181.7
161.1
166.2
188.9
162.9
162.6
161.7
157.1
159.7
161.1
169.1
174.9

134.9
139.9
143.0
148.1
147.9
159.2
145.7
134.5
134.9
139.4
135.8
132.7
134.7
134.9
138.8
135.6
134.5
130.7

120.6
125.4
135.9
145.4
167.7
160.8
142.8
126.0
123.1
138.7
130.4
126.1
124.1
123.5
116.7
126.3
126.6
122.6

101.7
105.6
115.8
125.7
126.7
131.2
126.9
122.9
130.7
150.0
120.3
123.8
123.6
124.1
124.5
125.5
134.0
138.8

353.1
381.3
388.6
418.3
443.6
446.9
448.5
469.9
509.4
561.8
459.0
469.5
471.8
479.3
484.8
496.0
521.2
535.7

346.8
375.1
382.4
411.9
436.6
439.5
441.1
462.2
501.3
552.9
451.4
461.8
464.2
471.6
477.1
488.0
512.9
527.1

180.6
197.3
196.6
218.1
234.2
236.8
237.1
246.3
272.6
307.5
238.0
245.9
248.9
252.4
257.8
262.4
276.4
293.8

6.2
6.2
6.1
6.4
7.0
7.4
7.4
7.7
8.1
8.9
7.6
7.7
7.6
7.7
7.7
7.9
8.3
8.5

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

1,684.4
1,744.5
1,780.2
1,811.3

1,135.1
1,171.6
1,204.8
1,235.1

243.4
248.5
249.4
252.3

899.1
931.4
965.6
994.2

504.8
517.4
527.9
539.7

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

185.5
186.9
190.0
192.8

184.7
189.5
191.1
190.3

135.9
134.4
142.8
144.5

121.9
136.7
142.8
153.3

141.3
146.4
154.3
158.0

542.4
565.1
568.8
571.0

533.7
556.2
559.7
561.8

298.0
308.2
312.0
312.0

8.7
8.8
9.0
9.2

2005: I ......................
II .....................
III p ..................

1,842.2
1,884.7
1,911.0

1,252.2
1,279.0
1,298.4

251.0
252.7
251.8

1,014.2
1,040.9
1,063.3

565.1
584.6
603.1

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

199.8
209.1
215.5

196.3
196.5
203.2

150.9
143.2
150.0

148.8
158.1
158.0

153.9
160.6
159.3

584.1
599.3
606.3

574.8
590.0
597.0

320.5
323.3
327.5

9.2
9.2
9.3

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
portaFiWhole- Retail
tion
Infor- nance tate scien- care Other withand
tific,
and
out
sale
and
maand
1
and
emtrade trade waretion insur- rental tech- social
and
assisployhousance leas- nical tance
ees
ing
ing
services

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

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

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
983.8
895.6
1.9 50.5 54.7 23.1 149.5
28.4 65.5
44.9 81.7 125.1 89.4
24.9
60.8 95.2 88.2

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

10

NOTE.—Data from Annual Capital Expenditures. Industry data are based on the North
American Industry Classification System (NAICS): 1997.
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 214,000 and unemployment fell by 228,000.

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

Period

1995 ......................
1996 ......................
1997 2 ....................
1998 2 ....................
1999 2 ....................
2000 2 ....................
2001 .....................
2002 ......................
2003 2 ....................
2004 2 ....................
2004: Oct .............
Nov ............
Dec ............
2005: Jan 2 ..........
Feb ............
Mar ............
Apr .............
May ............
June ...........
July ............
Aug ............
Sept ...........
Oct .............

Civilian
noninstitutional
population
(NSA)

Civilian
labor
force

198,584
200,591
203,133
205,220
207,753
212,577
215,092
217,570
221,168
223,357
224,192
224,422
224,640
224,837
225,041
225,236
225,441
225,670
225,911
226,153
226,421
226,693
226,959

132,304
133,943
136,297
137,673
139,368
142,583
143,734
144,863
146,510
147,401
147,893
148,313
148,203
147,979
148,132
148,157
148,762
149,122
149,123
149,573
149,841
150,093
150,079

Percent 1

Unemployment

Total

Men
20
years
and
over

Women
20
years
and
over

Both
sexes
16–19
years

124,900
126,708
129,558
131,463
133,488
136,891
136,933
136,485
137,736
139,252
139,827
140,293
140,156
140,241
140,144
140,501
141,099
141,475
141,638
142,076
142,449
142,432
142,646

64,085
64,897
66,284
67,135
67,761
69,634
69,776
69,734
70,415
71,572
71,895
72,134
72,020
72,029
72,131
72,429
72,817
73,100
73,174
73,363
73,527
73,318
73,519

54,396
55,311
56,613
57,278
58,555
60,067
60,417
60,420
61,402
61,773
62,024
62,145
62,208
62,295
62,202
62,099
62,384
62,464
62,451
62,690
62,867
63,077
63,173

6,419
6,500
6,661
7,051
7,172
7,189
6,740
6,332
5,919
5,907
5,908
6,014
5,927
5,917
5,811
5,973
5,897
5,911
6,013
6,024
6,055
6,036
5,954

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 2005 data reflect revised population controls and are not strictly
comparable with earlier data.

Total

7,404
7,236
6,739
6,210
5,880
5,692
6,801
8,378
8,774
8,149
8,066
8,020
8,047
7,737
7,988
7,656
7,663
7,647
7,486
7,497
7,391
7,661
7,433

Men
20
years
and
over
3,239
3,146
2,882
2,580
2,433
2,376
3,040
3,896
4,209
3,791
3,736
3,733
3,733
3,565
3,685
3,492
3,356
3,339
3,288
3,261
3,304
3,471
3,287

Women
20
years
and
over

Both
sexes
16–19
years

2,819
2,783
2,585
2,424
2,285
2,235
2,599
3,228
3,314
3,150
3,102
3,099
3,051
3,023
3,068
2,952
3,036
3,015
3,019
3,078
2,894
3,053
3,018

1,346
1,306
1,271
1,205
1,162
1,081
1,162
1,253
1,251
1,208
1,227
1,188
1,262
1,150
1,235
1,212
1,271
1,293
1,178
1,158
1,193
1,136
1,128

Not in
labor
force

Labor
force
participation
rate

Employment/
population
ratio

Unemployment
rate

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

62.9
63.2
63.8
64.1
64.3
64.4
63.7
62.7
62.3
62.3
62.4
62.5
62.4
62.4
62.3
62.4
62.6
62.7
62.7
62.8
62.9
62.8
62.9

5.6
5.4
4.9
4.5
4.2
4.0
4.7
5.8
6.0
5.5
5.5
5.4
5.4
5.2
5.4
5.2
5.2
5.1
5.0
5.0
4.9
5.1
5.0

66,280
66,647
66,837
67,547
68,385
69,994
71,359
72,707
74,658
75,956
76,299
76,109
76,437
76,858
76,909
77,079
76,679
76,547
76,787
76,580
76,581
76,600
76,880

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 5.0 percent, from 5.1 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

1995 .........................
1996 .........................
1997 .........................
1998 .........................
1999 .........................
2000 ........................
2001 ........................
2002 ........................
2003 ........................
2004 .........................
2004: Oct ................
Nov ...............
Dec ...............
2005: Jan ...............
Feb ...............
Mar ...............
Apr ...............
May ...............
June ..............
July ...............
Aug ...............
Sept ..............
Oct ................

All
civilian
workers

5.6
5.4
4.9
4.5
4.2
4.0
4.7
5.8
6.0
5.5
5.5
5.4
5.4
5.2
5.4
5.2
5.2
5.1
5.0
5.0
4.9
5.1
5.0

Men
20 years
and over

Women
20 years
and over

4.8
4.6
4.2
3.7
3.5
3.3
4.2
5.3
5.6
5.0
4.9
4.9
4.9
4.7
4.9
4.6
4.4
4.4
4.3
4.3
4.3
4.5
4.3

4.9
4.8
4.4
4.1
3.8
3.6
4.1
5.1
5.1
4.9
4.8
4.7
4.7
4.6
4.7
4.5
4.6
4.6
4.6
4.7
4.4
4.6
4.6

Both
sexes
16–19
years

17.3
16.7
16.0
14.6
13.9
13.1
14.7
16.5
17.5
17.0
17.2
16.5
17.6
16.3
17.5
16.9
17.7
17.9
16.4
16.1
16.5
15.8
15.9

White

4.9
4.7
4.2
3.9
3.7
3.5
4.2
5.1
5.2
4.8
4.7
4.6
4.6
4.4
4.6
4.4
4.4
4.4
4.3
4.3
4.2
4.5
4.4

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

10.4
10.5
10.0
8.9
8.0
7.6
8.6
10.2
10.8
10.4
10.7
10.8
10.8
10.6
10.9
10.3
10.4
10.1
10.3
9.5
9.6
9.4
9.1

..........
..........
..........
..........
..........
3.6
4.5
5.9
6.0
4.4
4.8
4.2
4.1
4.2
4.5
3.9
3.9
3.9
4.0
5.2
3.6
4.1
3.1

9.3
8.9
7.7
7.2
6.4
5.7
6.6
7.5
7.7
7.0
6.7
6.7
6.6
6.1
6.4
5.7
6.4
6.0
5.8
5.5
5.8
6.5
5.8

Married
men,
spouse
present

Women
who
maintain
families
(NSA)

Full-time
workers

Part-time
workers

8.0
8.2
8.1
7.2
6.4
5.9
6.6
8.0
8.5
8.0
7.8
7.7
7.1
8.2
8.0
8.0
7.7
7.9
8.2
8.8
7.2
7.6
7.3

5.5
5.3
4.8
4.3
4.1
3.8
4.7
5.9
6.1
5.6
5.4
5.4
5.4
5.2
5.4
5.1
5.1
5.0
4.9
4.9
4.9
5.1
4.9

6.0
5.8
5.5
5.3
5.0
4.8
5.1
5.2
5.5
5.3
5.5
5.4
5.4
5.3
5.4
5.4
5.3
5.6
5.4
5.5
5.1
5.3
5.3

3.3
3.0
2.7
2.4
2.2
2.0
2.7
3.6
3.8
3.1
3.0
3.1
3.1
3.1
3.0
3.0
2.7
2.7
2.6
2.6
2.9
2.8
2.6

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, for 5–14
weeks, and for 27 weeks and over rose; the percentage for 15–26 weeks fell. The mean duration of unemployment
fell to 18.1 weeks and the median duration was unchanged at 8.6 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
1995 ........................................
1996 ........................................
1997 ........................................
1998 ........................................
1999 ........................................
2000 ........................................
2001 ........................................
2002 ........................................
2003 ........................................
2004 ........................................
2004: Oct ..............................
Nov ..............................
Dec ...............................
2005: Jan ..............................
Feb ..............................
Mar ..............................
Apr ...............................
May ..............................
June .............................
July ..............................
Aug ..............................
Sept .............................
Oct ...............................

7,404
7,236
6,739
6,210
5,880
5,692
6,801
8,378
8,774
8,149
8,066
8,020
8,047
7,737
7,988
7,656
7,663
7,647
7,486
7,497
7,391
7,661
7,433

36.5
36.4
37.7
42.2
43.7
44.9
42.0
34.5
31.7
33.1
34.1
32.7
35.4
33.5
34.6
33.0
34.9
35.4
36.2
34.6
33.9
35.8
36.1

31.6
31.6
31.7
31.4
31.2
31.9
32.3
30.8
29.8
29.2
28.4
29.6
28.0
30.2
29.1
30.3
29.7
29.7
31.8
32.7
30.3
29.9
30.4

14.6
14.6
14.8
12.3
12.8
11.8
14.0
16.3
16.4
15.9
15.6
16.2
16.4
15.5
15.8
15.2
14.2
14.9
14.1
14.1
16.6
14.8
14.0

17.3
17.4
15.8
14.1
12.3
11.4
11.8
18.3
22.1
21.8
21.9
21.5
20.2
20.9
20.5
21.5
21.2
20.1
17.8
18.7
19.2
19.4
19.5

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.

16.6
16.7
15.8
14.5
13.4
12.6
13.1
16.6
19.2
19.6
19.7
19.8
19.3
19.3
19.1
19.5
19.6
18.8
17.1
17.6
18.9
18.3
18.1

8.3
8.3
8.0
6.7
6.4
5.9
6.8
9.1
10.1
9.8
9.5
9.8
9.5
9.4
9.3
9.3
8.9
9.1
9.1
9.0
9.4
8.6
8.6

46.9
46.6
45.1
45.5
44.6
44.2
51.1
55.0
55.1
51.5
50.5
50.5
50.9
51.8
49.2
49.1
47.9
47.5
49.7
48.6
47.1
48.7
47.5

11.1
10.7
11.8
11.8
13.3
13.7
12.3
10.3
9.3
10.5
10.3
10.9
11.1
10.5
11.9
11.1
11.7
12.3
11.4
11.0
11.3
11.5
12.0

34.1
34.7
34.7
34.3
34.1
34.5
29.9
28.3
28.2
29.5
29.9
29.6
29.2
29.7
29.7
30.6
30.7
30.7
30.0
32.0
33.1
31.7
31.7

7.8
8.0
8.4
8.4
8.0
7.6
6.8
6.4
7.3
8.4
9.3
9.0
8.8
8.0
9.2
9.2
9.7
9.5
8.9
8.4
8.5
8.1
8.8

2,572
2,595
2,323
2,222
2,188
2,110
2,974
3,585
3,531
2,950
2,797
2,756
2,738
2,723
2,674
2,652
2,593
2,590
2,600
2,582
2,581
r 2,774
..............

357
356
323
321
298
301
404
407
404
345
339
336
332
329
309
337
323
334
323
317
318
r 398
p 351

2,633
2,650
2,366
2,257
2,219
2,141
3,007
3,619
3,569
2,995
2,426
2,621
2,693
3,654
3,258
2,954
2,659
2,587
2,410
2,617
r 2,492
2,226
.................

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 56,000 in October.

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

Goods-producing industries

Period

Total
nonagricultural
employment

Total 2

Construction

Manufacturing

Service-providing industries

Total

Trade, transportation, and
utilities
Total 3

1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2004:

......................
......................
......................
......................
......................
......................
......................
......................
......................
......................
Oct .............
Nov ............
Dec .............
2005: Jan .............
Feb .............
Mar ............
Apr .............
May ............
June ...........
July ............
Aug r ...........
Sept r ..........
Oct p ............

117,298
119,708
122,776
125,930
128,993
131,785
131,826
130,341
129,999
131,480
132,162
132,294
132,449
132,573
132,873
132,995
133,287
133,413
133,588
133,865
134,013
134,005
134,061

23,156
23,410
23,886
24,354
24,465
24,649
23,873
22,557
21,816
21,884
21,982
21,996
22,022
22,004
22,066
22,093
22,130
22,138
22,134
22,134
22,159
22,146
22,195

5,274
5,536
5,813
6,149
6,545
6,787
6,826
6,716
6,735
6,964
7,043
7,060
7,086
7,090
7,133
7,159
7,207
7,213
7,230
7,235
7,267
7,279
7,312

17,241
17,237
17,419
17,560
17,322
17,263
16,441
15,259
14,510
14,329
14,344
14,337
14,334
14,307
14,321
14,315
14,300
14,301
14,276
14,270
14,260
14,232
14,244

94,142
96,299
98,890
101,576
104,528
107,136
107,952
107,784
108,182
109,596
110,180
110,298
110,427
110,569
110,807
110,902
111,157
111,275
111,454
111,731
111,854
111,859
111,866

Retail
trade

23,834
24,239
24,700
25,186
25,771
26,225
25,983
25,497
25,287
25,510
25,581
25,621
25,620
25,652
25,714
25,743
25,797
25,842
25,854
25,922
25,910
25,858
25,855

13,897
14,143
14,389
14,609
14,970
15,280
15,239
15,025
14,917
15,035
15,057
15,081
15,077
15,081
15,125
15,129
15,158
15,186
15,197
15,249
15,231
15,173
15,167

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
2,843
2,940
3,084
3,218
3,419
3,631
3,629
3,395
3,188
3,138
3,131
3,133
3,127
3,123
3,127
3,134
3,152
3,146
3,146
3,146
3,147
3,152
3,137

Financial
activities
6,827
6,969
7,178
7,462
7,648
7,687
7,807
7,847
7,977
8,052
8,093
8,107
8,128
8,150
8,165
8,167
8,182
8,189
8,208
8,227
8,248
8,266
8,288

Profes- Educasional
tion Leisure
and
and
and
busihealth hospiness services tality
services
12,844
13,462
14,335
15,147
15,957
16,666
16,476
15,976
15,987
16,414
16,614
16,611
16,674
16,694
16,775
16,796
16,843
16,851
16,906
16,964
16,983
17,044
17,056

13,289
13,683
14,087
14,446
14,798
15,109
15,645
16,199
16,588
16,954
17,081
17,108
17,142
17,178
17,186
17,210
17,243
17,289
17,336
17,377
17,418
17,451
17,462

10,501
10,777
11,018
11,232
11,543
11,862
12,036
11,986
12,173
12,479
12,546
12,571
12,589
12,611
12,650
12,662
12,723
12,736
12,765
12,801
12,830
12,767
12,749

Other
services

Government

Total
4,572
4,690
4,825
4,976
5,087
5,168
5,258
5,372
5,401
5,431
5,434
5,441
5,447
5,451
5,457
5,459
5,472
5,468
5,479
5,477
5,469
5,464
5,452

19,432
19,539
19,664
19,909
20,307
20,790
21,118
21,513
21,583
21,618
21,700
21,706
21,700
21,710
21,733
21,731
21,745
21,754
21,760
21,817
21,849
21,857
21,867

Federal
2,949
2,877
2,806
2,772
2,769
2,865
2,764
2,766
2,761
2,728
2,723
2,728
2,706
2,717
2,720
2,724
2,718
2,722
2,719
2,719
2,718
2,717
2,713

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
Period

1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2004:

.....................
....................
....................
.....................
.....................
....................
.....................
.....................
.....................
.....................
Oct ............
Nov ...........
Dec ...........
2005: Jan ...........
Feb ...........
Mar ...........
Apr ...........
May ...........
June ..........
July ...........
Aug r ..........
Sept r .........
Oct p ..........

Total
private
nonagricultural 1

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

Total

41.3
41.3
41.7
41.4
41.4
41.3
40.3
40.5
40.4
40.8
40.7
40.5
40.5
40.7
40.6
40.4
40.5
40.4
40.4
40.5
40.5
40.6
41.0

Average gross weekly earnings

Total private
nonagricultural 1

Overtime

4.7
4.8
5.1
4.8
4.8
4.7
4.0
4.2
4.2
4.6
4.5
4.5
4.5
4.5
4.6
4.5
4.4
4.4
4.4
4.5
4.5
4.5
4.5

Current
dollars

$11.64
12.03
12.49
13.00
13.47
14.00
14.53
14.95
15.35
15.67
15.81
15.82
15.85
15.90
15.91
15.95
16.00
16.03
16.07
16.14
16.17
16.19
16.27

1982
dollars 2

$7.53
7.57
7.68
7.89
8.00
8.03
8.11
8.24
8.27
8.23
8.22
8.21
8.23
8.24
8.22
8.19
8.16
8.19
8.21
8.20
8.16
8.06
..............

Total private
nonagricultural 1
Manufacturing

Current
dollars

$12.34
12.75
13.14
13.45
13.85
14.32
14.76
15.29
15.74
16.14
16.27
16.29
16.34
16.37
16.42
16.43
16.47
16.53
16.55
16.55
16.65
16.59
16.70

1 Also

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

Percent change from
a year earlier, total
private nonagricultural

Current dollars

1982
dollars 2

Manufacturing

Construction

Retail
trade

$399.53
412.74
431.25
448.04
462.49
480.41
493.20
506.07
517.30
528.56
534.38
533.13
534.15
535.83
536.17
537.52
540.80
540.21
541.56
543.92
544.93
547.22
549.93

$258.43
259.58
265.22
271.87
274.64
275.62
275.38
278.83
278.72
277.61
277.89
276.52
277.19
277.78
276.95
276.08
275.92
275.90
276.59
276.24
275.08
272.38
..............

$509.26
526.55
548.22
557.12
573.17
590.65
595.19
618.75
635.99
658.53
662.19
659.75
661.77
666.26
666.65
663.77
667.04
667.81
668.22
670.28
674.33
673.55
684.70

$571.57
588.48
609.48
629.75
655.11
685.78
695.89
711.82
726.83
735.70
738.79
739.57
740.74
723.42
737.64
740.72
755.82
745.36
748.06
745.66
747.23
746.05
754.60

$272.56
282.76
295.97
310.34
321.63
333.38
346.16
360.81
367.15
371.15
374.53
373.32
376.07
378.22
378.53
377.92
379.15
378.83
376.68
380.34
379.12
376.07
377.90

Current
dollars

2.3
3.3
4.5
3.9
3.2
3.9
2.7
2.6
2.2
2.2
2.9
2.1
2.9
2.4
2.3
2.6
3.0
2.3
3.1
2.8
2.7
2.7
2.9

1982
dollars

¥0.6
.4
2.2
2.5
1.0
.4
¥.1
1.3
¥.0
¥.4
¥.3
¥1.6
¥.5
¥.6
¥.7
¥.5
¥.6
¥.6
.4
¥.4
¥1.1
¥2.3
..............

Source: Department of Labor, Bureau of Labor Statistics.

EMPLOYMENT COST INDEX—PRIVATE INDUSTRY
Index (June 1989 = 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
1995:
1996:
1997:
1998:
1999:
2000:
2001:
2002:
2003:
2004:

Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec

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

126.7
130.6
135.1
139.8
144.6
150.9
157.2
162.3
168.8
175.2

123.1
127.3
132.3
137.4
142.2
147.7
153.3
157.5
162.3
166.2

2001: Sept ................................................................
Dec .................................................................
2002: Mar .................................................................
June ...............................................................
Sept ................................................................
Dec .................................................................
2003: Mar .................................................................
June ...............................................................
Sept ................................................................
Dec .................................................................
2004: Mar .................................................................
June ...............................................................
Sept ................................................................
Dec .................................................................
2005: Mar .................................................................
June ...............................................................
Sept ................................................................

155.7
157.5
158.8
160.5
161.5
162.8
165.0
166.4
168.2
169.6
171.5
173.1
174.8
176.2
177.3
178.4
179.8

152.0
153.4
154.8
156.2
156.9
157.7
159.3
160.3
161.6
162.5
163.5
164.5
165.7
166.4
167.4
168.4
169.4

135.9
138.6
141.8
145.2
150.2
158.6
166.7
174.6
185.8
198.7

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

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

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

0.8
.9
.9
.9
.4
.5
1.0
.6
.8
.6
.6
.6
.7
.4
.6
.6
.6

1.4
1.5
.7
1.4
1.2
1.4
1.9
1.3
1.7
1.5
2.2
1.7
1.3
1.6
1.1
.8
1.3

Seasonally adjusted

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

164.7
167.2
168.3
170.6
172.7
175.2
178.5
180.9
183.9
186.7
190.9
194.1
196.7
199.9
202.0
203.6
206.2

1.0
1.2
.8
1.1
.6
.8
1.4
.8
1.1
.8
1.1
.9
1.0
.8
.6
.6
.8

2.6
3.1
3.4
3.5
3.4
4.4
4.2
3.2
4.0
3.8

2.8
3.4
3.9
3.9
3.5
3.9
3.8
2.7
3.0
2.4

2.2
2.0
2.3
2.4
3.4
5.6
5.1
4.7
6.4
6.9

Not seasonally adjusted
4.0
4.2
3.9
4.0
3.7
3.2
3.8
3.5
4.0
4.0
3.9
4.0
3.7
3.8
3.4
3.2
3.0

3.6
3.8
3.5
3.6
3.2
2.7
3.0
2.6
3.0
3.0
2.6
2.6
2.6
2.4
2.4
2.4
2.2

4.9
5.1
4.8
5.1
4.8
4.7
6.1
6.1
6.5
6.4
7.0
7.3
6.8
6.9
5.8
4.9
4.8

Data exclude farm and household workers.
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

Nonfarm
business
sector

Hours of all
persons 2
Business
sector

Compensation per
hour 3

Nonfarm
business
sector

Business
sector

Nonfarm
business
sector

Real compensation
per hour 4
Business
sector

Nonfarm
business
sector

Unit labor
costs

Implicit price
deflator 5

Business
sector

Nonfarm
business
sector

Business
sector

Nonfarm
business
sector

104.2
104.7
106.1
109.4
111.4
115.9
117.7
117.1
117.2
118.6
116.9
117.7
116.9
116.9
117.7
117.5
116.4
117.0
117.3
117.2
118.7
121.0
121.5
122.2
122.0

103.7
104.5
105.9
109.3
111.2
115.9
117.5
117.0
117.1
118.4
116.5
117.5
116.9
116.9
117.7
117.6
116.4
116.9
117.3
117.1
118.5
120.7
121.3
121.9
121.7

105.7
107.4
109.0
109.7
110.7
112.7
114.9
116.1
117.7
120.6
115.6
115.9
116.2
116.7
117.2
117.4
117.9
118.3
119.4
120.5
120.7
121.5
122.3
123.1
124.0

105.8
107.3
109.1
109.9
111.1
113.3
115.4
116.7
118.2
120.7
116.0
116.6
116.9
117.3
117.9
118.0
118.3
118.6
119.6
120.6
121.0
121.8
122.7
123.5
124.5

1.6
.7
1.4
3.1
1.8
4.2
1.4
¥.5
.2
1.1
7.2
¥3.0
.4
¥3.1
¥.4
3.4
¥2.2
.2
2.6
¥.3
¥4.1
2.0
1.3
¥.8
4.7
7.6
2.2
1.8
¥.5

1.8
1.6
1.5
.6
.9
1.8
2.0
1.0
1.4
2.4
2.7
3.0
1.0
1.3
.2
1.0
1.0
1.7
1.8
.6
1.5
1.6
3.7
3.8
.7
2.4
2.7
2.6
3.0

1.7
1.4
1.7
.7
1.1
1.9
1.9
1.1
1.3
2.1
2.6
2.7
.7
1.5
.0
2.0
.9
1.6
1.9
.4
1.0
.8
3.6
3.2
1.5
2.6
3.0
2.7
3.3

Indexes, 1992=100; quarterly data seasonally adjusted
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2002:

........................
........................
........................
........................
........................
........................
........................
........................
........................
........................
I ...................
II .................
III ................
IV ................
2003: I ...................
II .................
III ...............
IV ................
2004: I ...................
II .................
III ................
IV ................
2005: I ...................
II r ................
III p* .............

101.6
104.7
106.7
109.7
112.9
116.1
119.0
123.8
128.6
133.0
122.7
123.2
124.6
124.7
125.6
127.9
130.5
130.6
131.7
132.8
133.3
134.3
135.3
135.5
137.1

102.1
104.9
106.6
109.5
112.6
115.6
118.5
123.3
128.0
132.3
122.5
122.7
123.9
124.0
124.9
126.9
129.9
130.1
130.8
132.2
132.7
133.5
134.5
135.3
136.6

111.4
116.5
122.7
128.6
135.2
140.5
141.0
143.1
147.9
154.9
141.9
142.6
143.8
144.0
144.6
146.4
149.8
150.8
152.6
154.1
155.8
157.2
158.9
160.4
162.2

111.8
116.8
122.8
128.9
135.6
140.8
141.3
143.4
148.2
155.3
142.5
143.0
144.1
144.1
144.8
146.5
150.2
151.2
152.8
154.5
156.3
157.7
159.4
161.2
162.8

109.6
111.3
115.0
117.3
119.7
121.0
118.4
115.6
115.0
116.5
115.7
115.7
115.4
115.5
115.2
114.5
114.8
115.5
115.9
116.1
116.9
117.1
117.5
118.4
118.2

109.4
111.4
115.3
117.7
120.4
121.8
119.3
116.3
115.8
117.4
116.3
116.5
116.3
116.2
115.9
115.4
115.6
116.2
116.8
116.8
117.8
118.2
118.5
119.2
119.2

105.9
109.6
113.1
120.0
125.8
134.5
140.2
145.0
150.7
157.7
143.5
145.0
145.7
145.8
147.8
150.3
152.0
152.8
154.4
155.7
158.2
162.5
164.4
165.6
167.3

106.0
109.5
112.9
119.6
125.2
134.0
139.3
144.2
149.9
156.7
142.7
144.2
144.8
145.0
147.0
149.3
151.2
152.2
153.5
154.9
157.2
161.0
163.2
164.8
166.3

98.8
99.6
100.6
105.3
108.1
111.9
113.4
115.4
117.3
119.5
115.4
115.7
115.7
115.1
115.5
117.3
118.0
118.4
118.5
118.2
119.6
121.8
122.5
122.1
121.9

98.9
99.5
100.4
105.0
107.5
111.4
112.6
114.8
116.7
118.7
114.8
115.0
114.9
114.5
114.9
116.5
117.4
117.9
117.8
117.6
118.8
120.7
121.6
121.6
121.1

Percent change; quarterly data at seasonally adjusted annual rates
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2001:

2002:

2003:

2004:

2005:

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

0.2
3.0
1.9
2.8
3.0
2.8
2.5
4.0
3.9
3.4
¥.5
5.5
1.4
6.6
5.3
1.8
4.8
.1
2.8
7.6
8.4
.3
3.4
3.4
1.4
3.1
2.9
.8
4.8

0.5
2.7
1.6
2.8
2.8
2.7
2.5
4.0
3.8
3.4
¥.4
5.6
1.5
6.5
6.5
.8
4.1
.2
3.1
6.6
9.6
.8
2.1
4.5
1.3
2.5
3.2
2.1
4.1

2.9
4.6
5.3
4.8
5.1
3.9
.3
1.5
3.4
4.8
¥1.1
.8
¥3.1
1.8
2.6
2.1
3.6
.5
1.7
4.9
9.9
2.6
4.9
4.0
4.4
3.6
4.4
4.0
4.3

3.2
4.5
5.2
5.0
5.2
3.8
.4
1.5
3.3
4.8
¥1.1
1.2
¥2.9
1.2
3.5
1.4
3.1
.1
2.0
4.7
10.4
2.8
4.2
4.6
4.6
3.9
4.3
4.4
4.2

2.7
1.6
3.3
2.0
2.1
1.1
¥2.2
¥2.4
¥.5
1.3
¥.6
¥4.4
¥4.4
¥4.5
¥2.5
.3
¥1.1
.3
¥1.1
¥2.6
1.3
2.3
1.5
.6
3.0
.5
1.4
3.1
¥.4

2.7
1.8
3.5
2.1
2.3
1.1
¥2.0
¥2.5
¥.5
1.4
¥.7
¥4.2
¥4.3
¥5.0
¥2.8
.6
¥.9
.0
¥1.1
¥1.8
.8
2.0
2.0
.1
3.3
1.4
1.1
2.2
.1

1 Output refers to real gross domestic product originating in the sector.
2 Hours of all persons engaged in the sector, including hours of proprietors and unpaid family
workers. Estimates based primarily on establishment data.
3 Wages and salaries of employees plus employers’ contributions for social insurance and private benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for
the self-employed.
4 Hourly compensation divided by the consumer price index for all urban consumers (CPI–
U) for recent quarters. The trend from 1978–2004 is based on the consumer price index research series (CPI–U–RS).

16

2.1
3.5
3.2
6.1
4.8
7.0
4.2
3.4
3.9
4.6
6.9
3.0
2.0
2.8
5.6
4.4
2.0
.1
5.5
7.0
4.5
2.3
4.2
3.3
6.5
11.3
4.7
3.0
4.2

2.1
3.4
3.1
6.0
4.6
7.0
4.0
3.5
4.0
4.5
6.8
2.5
1.8
3.2
6.1
4.2
1.8
.4
5.8
6.2
5.1
2.7
3.5
3.7
6.1
10.2
5.5
4.0
3.6

¥0.3
.8
1.1
4.6
2.7
3.5
1.4
1.8
1.6
1.9
3.0
¥.2
1.1
3.4
4.1
1.1
¥.1
¥1.9
1.3
6.5
2.3
1.4
.3
¥1.0
4.8
7.5
2.3
¥1.1
¥.9

¥0.3
.7
.9
4.5
2.5
3.6
1.1
1.9
1.6
1.8
2.8
¥.6
1.0
3.8
4.5
.9
¥.3
¥1.6
1.5
5.8
2.9
1.8
¥.5
¥.7
4.4
6.4
3.1
¥.1
¥1.4

1.9
.5
1.3
3.2
1.8
4.0
1.6
¥.5
.0
1.2
7.4
¥2.4
.6
¥3.6
.3
2.6
¥2.6
.0
2.6
¥.6
¥3.6
2.1
.8
¥.1
5.0
7.9
1.7
2.2
¥.6

5 Current dollar gross domestic output divided by the output index.
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 28, 2005.
Source: Department of Labor, Bureau of Labor Statistics.

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

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

1995
1996
1997
1998
1999
2000
2001
2002
2003
2004

Index,
1997=100

From
preceding
month

Industry production indexes, 1997=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

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

89.4
93.2
100.0
105.8
110.6
115.4
111.3
111.0
110.9
115.5

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

4.8
4.3
7.3
5.8
4.5
4.3
¥3.6
¥.3
.0
4.2

88.1
92.2
100.0
106.6
112.2
117.3
112.3
111.9
111.9
117.2

82.1
89.1
100.0
110.5
120.1
129.4
123.1
122.8
124.4
133.0

96.2
96.4
100.0
101.5
102.2
102.8
99.4
99.6
98.1
100.2

93.0
92.3
100.0
106.5
109.9
112.2
105.7
100.5
99.5
103.4

96.7
98.3
100.0
98.5
93.6
95.8
96.7
92.6
92.2
91.4

97.2
100.0
100.0
102.6
105.5
108.6
108.1
111.4
111.9
115.0

83.7
82.7
83.7
82.9
82.2
82.0
76.6
75.3
75.5
78.1

82.8
81.4
82.8
81.8
81.1
80.6
74.5
73.5
73.7
76.7

2004: Sept ...........
Oct .............
Nov .............
Dec ............

115.7
116.6
116.9
117.9

¥0.3
.8
.3
.8

3.9
4.6
3.8
4.4

117.7
119.0
119.1
119.7

134.1
135.7
135.9
136.8

100.2
101.2
101.2
101.4

104.0
103.8
104.4
106.1

89.4
89.0
90.6
91.4

114.8
114.3
114.9
118.5

78.0
78.5
78.7
79.2

76.8
77.5
77.5
77.9

2005: Jan ............
Feb ............
Mar ...........
Apr ............
May ...........
June r .........
July r ..........
Aug r ..........
Sept p .........

117.8
118.3
118.6
118.1
118.5
119.4
119.4
119.6
118.0

¥.1
.5
.2
¥.4
.3
.8
.0
.2
¥1.3

4.0
3.4
3.9
2.9
2.5
3.7
3.0
3.1
2.0

120.2
120.6
120.5
120.3
120.8
121.2
121.4
121.8
121.1

137.3
138.4
137.9
137.7
138.4
139.3
140.1
141.5
141.4

101.6
101.6
101.7
101.3
101.6
101.8
101.7
101.3
100.1

107.8
107.1
108.3
108.4
109.5
108.2
106.4
105.5
105.0

90.8
93.0
92.9
93.0
92.7
92.9
92.1
91.3
83.0

114.0
113.4
117.5
114.1
114.4
119.9
119.9
119.3
118.2

79.1
79.4
79.5
79.0
79.2
79.8
79.7
79.8
78.6

78.1
78.3
78.1
77.8
78.1
78.3
78.3
78.5
77.9

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
[1997=100; monthly data seasonally adjusted]
Products and nonindustrial supplies
Final products
Consumer goods

Equipment

Durable
goods

Business
equipment

Period
Total
Total

1995
1996
1997
1998
1999
2000
2001
2002
2003
2004

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

Materials
Nonindustrial supplies

Nondurable
goods

Total 1

Defense
and
space
equipment

Total

Construction
supplies

Business
supplies

Total 1

Energy

90.6
94.0
100.0
105.6
108.4
111.7
109.1
107.7
108.6
113.4

94.6
96.6
100.0
103.5
105.5
107.7
106.5
108.0
108.3
111.3

90.0
93.7
100.0
106.9
114.1
117.8
112.7
118.8
121.4
124.9

96.5
97.7
100.0
102.2
102.2
103.8
103.9
103.9
103.3
106.2

83.2
89.2
100.0
109.6
114.2
119.7
113.9
105.6
107.9
117.2

79.9
87.3
100.0
110.9
117.4
125.8
116.8
107.6
108.9
119.2

105.8
101.8
100.0
103.7
100.7
90.1
98.1
99.2
106.4
111.2

90.3
93.8
100.0
105.7
109.9
114.3
109.5
108.6
107.6
112.6

91.4
95.5
100.0
105.2
107.9
110.2
105.1
104.2
101.8
106.9

89.9
93.2
100.0
105.8
110.6
115.8
111.1
110.3
109.9
114.8

88.0
92.3
100.0
106.1
113.1
119.6
114.1
115.2
114.6
118.7

98.6
100.1
100.0
100.5
100.2
101.6
100.4
100.4
99.8
99.3

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

113.5
115.0
115.0
116.0

110.7
112.3
112.3
113.1

123.5
126.2
125.7
126.1

105.8
107.0
107.2
108.2

119.2
120.5
120.3
121.7

121.1
122.7
122.1
123.7

113.5
113.8
114.5
115.1

112.8
113.4
113.7
114.6

107.6
108.3
107.8
107.8

114.9
115.3
115.9
117.2

118.9
119.4
120.1
121.0

98.2
97.6
98.2
100.1

2005: Jan ..................................................
Feb ..................................................
Mar .................................................
Apr ..................................................
May .................................................
June r ...............................................
July r ................................................
Aug r ................................................
Sept p ...............................................

115.8
116.6
116.8
116.5
117.3
118.4
118.6
119.0
117.9

112.4
113.3
113.5
112.4
113.2
114.4
113.8
114.4
114.7

124.3
128.1
126.0
123.9
124.9
126.8
125.2
129.0
131.3

107.8
107.7
108.7
108.0
108.7
109.7
109.4
109.0
108.5

123.1
123.5
123.8
125.2
126.2
127.1
129.5
129.2
124.7

125.2
125.4
125.6
126.9
128.2
128.8
131.4
130.9
126.0

115.6
117.4
118.2
120.9
121.6
122.9
124.5
125.5
121.2

114.6
114.9
115.5
115.6
115.5
116.0
116.0
116.2
115.9

108.5
109.6
109.4
110.0
110.0
109.1
109.9
110.9
111.2

117.1
117.0
117.9
117.8
117.6
118.7
118.3
118.3
117.7

120.8
121.2
121.4
120.5
120.6
121.5
121.4
121.3
118.7

98.4
99.4
100.1
99.2
99.4
101.5
100.6
99.8
93.1

2004: Sept
Oct
Nov
Dec

1 Includes

other items, not shown separately.

[1997=100; monthly data seasonally adjusted]
Durable manufactures
Primary metal
Period
Total

1995
1996
1997
1998
1999
2000
2001
2002
2003
2004

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

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

93.8
96.0
100.0
101.6
101.4
98.1
88.7
90.3
87.4
92.3

94.8
97.1
100.0
99.8
100.5
99.5
90.0
92.0
93.3
100.6

92.3
95.8
100.0
103.1
104.0
108.1
100.0
97.6
93.5
96.5

91.5
94.8
100.0
102.5
100.3
105.4
93.1
88.3
86.4
96.4

58.1
74.3
100.0
128.5
169.7
224.9
227.3
222.2
251.5
288.2

48.0
67.3
100.0
139.2
202.2
288.4
293.6
289.9
340.8
405.6

90.0
91.7
100.0
108.9
114.7
109.4
105.2
109.3
111.1
115.4

92.0
92.7
100.0
105.2
116.7
115.9
105.7
115.7
119.9
124.5

104.2
101.3
100.0
94.6
90.6
86.2
73.9
62.1
52.4
48.7

97.3
98.0
100.0
101.2
102.0
102.7
96.4
91.1
87.3
87.8

92.5
94.4
100.0
101.7
103.7
105.3
103.4
107.9
107.2
110.3

99.3
97.3
100.0
104.4
105.5
107.3
107.4
109.4
109.6
111.4

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

94.2
94.3
95.2
93.1

104.9
106.3
104.8
99.5

96.9
97.2
97.0
97.2

97.3
98.6
98.7
99.0

298.0
301.0
303.5
308.0

418.4
422.2
429.8
436.6

114.7
117.8
117.5
118.7

123.1
127.4
126.7
128.2

47.7
47.2
47.6
47.0

88.8
87.8
88.0
87.8

110.5
112.1
112.2
112.7

111.5
112.8
112.5
112.2

2005: Jan ..................................................
Feb ..................................................
Mar .................................................
Apr ..................................................
May .................................................
June r ...............................................
July r ................................................
Aug r ................................................
Sept p ...............................................

93.2
91.3
91.7
87.2
86.1
83.2
83.6
86.9
88.3

99.7
98.6
97.7
90.3
87.0
83.5
82.4
90.0
92.9

97.2
97.1
97.0
97.1
97.1
97.0
97.6
98.3
97.9

100.2
100.3
100.4
101.5
102.6
103.4
105.6
101.4
103.2

316.2
320.9
323.1
326.0
331.1
334.4
342.5
349.6
359.5

453.3
459.3
461.8
465.5
473.5
478.2
492.2
502.7
521.3

117.5
121.4
119.0
118.8
119.4
121.7
120.4
123.6
118.9

126.0
131.4
127.3
125.3
125.7
128.9
126.8
130.8
133.7

46.7
46.2
45.4
45.7
43.7
43.3
44.1
44.0
43.8

88.4
88.0
89.1
88.5
89.0
89.1
88.4
88.6
88.9

111.8
112.9
113.1
112.7
113.1
112.8
112.5
111.9
108.2

113.6
113.6
112.8
111.9
113.7
113.3
113.9
113.1
113.0

2004: Sept
Oct
Nov
Dec

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

1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2004:

Total new
construction expenditures

Residential
Total
Total 1

Federal
and
State
and
local

Nonresidential

New
housing

Total

Lodging

Commercial
(including
farm)

Office

Manufacturing

Other 2

....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
Sept .........................
Oct ...........................
Nov ..........................
Dec ..........................

557.8
615.9
653.4
706.3
769.5
835.3
868.3
876.8
925.1
1,027.7
1,048.7
1,048.5
1,063.4
1,073.5

427.9
476.6
502.7
552.0
599.7
649.8
662.2
659.7
701.6
798.5
820.7
821.1
827.8
839.8

247.4
281.1
289.0
314.6
350.6
374.5
388.3
421.9
475.9
563.4
576.8
581.7
585.1
597.8

171.4
191.1
198.1
224.0
251.3
265.0
279.4
298.8
345.7
416.1
429.1
430.0
429.4
432.3

180.5
195.5
213.7
237.4
249.2
275.3
273.9
237.7
225.7
235.1
243.8
239.4
242.7
242.0

7.1
10.9
12.9
14.8
16.0
16.3
14.5
10.5
9.9
11.5
12.8
12.9
12.6
12.2

23.0
26.5
32.8
40.4
45.1
52.4
49.7
35.3
30.6
33.1
32.5
33.0
32.8
32.8

44.1
49.4
53.1
55.7
59.4
64.1
63.6
59.0
57.2
61.6
64.1
64.1
63.9
64.1

35.4
38.1
37.6
40.5
35.1
37.6
37.8
22.7
21.4
23.5
23.3
25.5
27.2
28.2

70.9
70.6
77.3
86.0
93.7
104.9
108.2
110.2
106.5
105.4
111.2
103.9
106.3
104.7

129.9
139.3
150.7
154.3
169.7
185.5
206.1
217.2
223.5
229.3
228.0
227.4
235.5
233.7

2005: Jan ..........................
Feb ..........................
Mar ..........................
Apr ..........................
May ..........................
June ........................
July r ........................
Aug r .........................
Sept p ........................

1,083.7
1,103.6
1,106.4
1,102.1
1,106.4
1,101.4
1,107.7
1,114.7
1,120.0

853.3
863.5
864.1
859.4
859.7
854.1
860.3
866.1
871.5

610.0
621.4
619.7
613.3
615.8
613.3
617.3
618.2
624.3

440.7
446.6
448.0
449.3
455.6
462.4
468.0
471.5
478.0

243.3
242.1
244.3
246.1
243.9
240.7
242.9
248.0
247.2

11.6
11.6
12.0
12.8
11.7
10.9
11.3
11.6
12.0

33.6
34.1
34.7
35.0
34.8
34.9
35.0
35.1
36.5

64.2
63.0
64.5
66.7
66.8
64.7
66.3
67.2
66.4

27.3
27.4
29.0
28.4
28.0
27.9
26.7
28.5
27.6

106.6
106.1
104.1
103.2
102.6
102.4
103.7
105.6
104.8

230.4
240.1
242.3
242.7
246.7
247.3
247.5
248.5
248.5

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

Source: Department of Commerce, Bureau of the Census.

NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or houses, except as noted]
New private housing units
Period
Total
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004

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

New private houses

Units started, by type of structure

1,354.1
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

1 unit
1,076.2
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

2–4 units 1

5 units or
more

33.8
45.3
44.5
42.6
31.9
38.7
36.6
38.5
33.5
42.3

244.1
270.8
295.8
302.9
306.6
299.1
292.8
307.9
315.2
303.0

Units
authorized
1,332.5
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

Units
completed

Houses
sold

Houses for
sale at end
of period 2

Vacancy rate
for rental
housing units
(percent) 3

1,312.6
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

667
757
804
886
880
877
908
973
1,086
1,203

370
322
281
294
308
298
308
339
370
422

7.6
7.8
7.7
7.9
8.1
8.0
8.4
8.9
9.8
10.2

1,784
1,841
1,725
1,911
1,883
1,922
1,797
1,944
2,097
1,963
1,889
1,917
1,979

1,223
1,306
1,175
1,247
1,194
1,247
1,307
1,269
1,293
r 1,298
1,354
1,197
1,222

411
412
419
422
437
446
446
446
452
r 456
466
478
493

10.1
......................
......................
10.0
......................
......................
10.1
......................
......................
9.8
......................
......................
9.9

Seasonally adjusted annual rates
2004: Sept ...........................
Oct .............................
Nov ............................
Dec ............................
2005: Jan ............................
Feb ............................
Mar ............................
Apr ............................
May ............................
June ..........................
July r ..........................
Aug r ...........................
Sept p .........................
1 Derived;

1,912
2,062
1,807
2,050
2,188
2,228
1,833
2,027
2,041
2,065
2,062
2,038
2,108

1,555
1,666
1,484
1,713
1,769
1,808
1,550
1,640
1,724
1,716
1,732
1,703
1,747

31
41
39
48
48
52
34
47
37
37
36
40
58

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

326
355
284
289
371
368
249
340
280
312
294
295
303

2,039
2,093
2,093
2,081
2,136
2,093
2,021
2,148
2,062
2,132
2,171
2,138
2,219

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 August, according to current estimates, manufacturing and trade sales rose 0.5 percent and inventories rose
$5.0 billion. According to advance estimates, retail sales rose 0.2 percent in September. Retail and food services
sales also rose 0.2 percent.

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

Manufacturing and trade 1
Period
Sales 2

1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2004:

..............................................................
..............................................................
..............................................................
..............................................................
..............................................................
..............................................................
..............................................................
..............................................................
..............................................................
..............................................................
Aug r ...................................................
Sept r ..................................................
Oct .....................................................
Nov ....................................................
Dec ....................................................

655,297
687,557
724,012
742,836
786,597
834,353
822,999
823,870
850,144
936,136
945,827
948,746
959,536
964,369
975,698

Inventories 3
985,395
1,004,682
1,045,825
1,078,402
1,138,602
1,197,793
1,140,044
1,142,517
1,160,136
1,249,976
1,230,178
1,228,304
1,233,687
1,247,520
1,249,976

Wholesale

Inventorysales
ratio 4
1.48
1.46
1.42
1.43
1.40
1.41
1.43
1.37
1.35
1.30
1.30
1.29
1.29
1.29
1.28

Sales 2

Inventories 3

181,369
191,936
199,788
203,495
217,449
235,053
231,939
235,368
245,539
278,196
281,122
282,514
286,341
288,654
291,456

240,473
243,194
260,713
273,910
291,290
309,820
297,182
300,671
306,556
339,639
329,038
330,462
334,466
338,544
339,639

Retail
Inventory
sales
ratio 4
1.30
1.27
1.26
1.32
1.30
1.29
1.32
1.26
1.23
1.17
1.17
1.17
1.17
1.17
1.17

2005: Jan ....................................................
978,620 1,260,850
1.29
292,430 343,126
1.17
Feb ....................................................
975,100 1,267,111
1.30 290,976 345,294
1.19
Mar ....................................................
983,324 1,272,133
1.29
291,624 347,275
1.19
Apr ....................................................
991,433 1,275,463
1.29 295,487 349,626
1.18
May ....................................................
993,287 1,277,275
1.29 295,647 350,764
1.19
June ................................................... 1,001,155 1,276,804
1.28 297,096 352,337
1.19
r ..................................................
July
1,008,882 1,271,304
1.26 298,514 352,670
1.18
p ..................................................
r 1,014,297
Aug
1,276,334
1.26 302,459 354,511
1.17
Sept p .................................................. .................. .................. ................ ................ ................ ................
1 See

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

20

Sales 2

Inventories 3

183,955
195,855
204,666
214,356
233,157
248,584
255,819
261,789
272,951
293,476
292,729
297,693
299,882
300,005
303,731

320,026
330,895
341,389
355,310
383,603
406,322
395,279
418,581
435,044
459,700
460,631
456,690
453,864
458,828
459,700

Inventory
sales
ratio 4

Retail and
food services
sales 2

1.71
1.66
1.64
1.62
1.59
1.59
1.58
1.55
1.57
1.54
1.57
1.53
1.51
1.53
1.51

203,423
216,097
226,170
237,043
256,914
274,061
282,330
289,472
302,066
325,145
324,257
329,872
332,280
332,392
336,583

303,933 460,871
1.52
305,757 462,535
1.51
307,078
463,567
1.51
312,363 464,150
1.49
311,296 465,292
1.49
317,623 462,956
1.46
323,510 454,413
1.40
r 316,829
458,708
1.45
317,598 ................ ................

336,785
338,991
340,075
346,081
344,933
351,320
357,285
r 350,634
351,461

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

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

Manufacturers’ shipments 1

Manufacturers’ inventories 2

Manufacturers’ new orders 1
Durable goods

Period
Total

Durable
goods

Nondurable
goods

Total

Durable
goods

Nondurable
goods

Total
Total

Capital
goods
industries,
nondefense

Manufacturers’
unfilled
orders 2

Manufacturers’
inventory—
shipments
ratio 3

Millions of dollars, seasonally adjusted, except as noted
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2004:

....................................................
....................................................
....................................................
....................................................
....................................................
....................................................
....................................................
....................................................
....................................................
....................................................
Sept ..........................................
Oct ...........................................
Nov ..........................................
Dec ...........................................

289,973
299,766
319,558
324,984
335,991
350,715
335,242
326,713
331,654
364,465
368,539
373,313
375,710
380,511

158,568
164,883
178,949
185,966
193,895
197,807
183,592
177,341
178,164
196,508
199,408
198,980
199,412
207,145

131,405
134,883
140,610
139,019
142,096
152,908
151,650
149,372
153,490
167,957
169,131
174,333
176,298
173,366

424,896
430,593
443,723
449,182
463,709
481,651
447,583
423,265
418,536
450,637
441,152
445,357
450,148
450,637

267,375
272,533
281,119
290,735
296,591
306,743
279,602
260,427
253,559
274,800
268,297
270,894
274,026
274,800

157,521
158,060
162,604
158,447
167,118
174,908
167,981
162,838
164,977
175,837
172,855
174,463
176,122
175,837

285,542
297,282
314,986
317,345
329,770
346,789
326,435
318,008
329,219
361,177
364,352
366,812
375,215
375,820

154,137
162,399
174,377
178,327
187,674
193,881
174,786
168,636
175,729
193,220
195,221
192,479
198,917
202,454

51,011
54,066
60,697
62,133
64,392
69,278
58,232
52,442
54,847
61,073
62,490
60,162
65,347
66,430

447,487
488,915
513,202
496,385
505,750
549,646
511,596
468,123
505,626
547,944
538,394
538,987
545,701
547,944

1.44
1.43
1.37
1.38
1.35
1.36
1.40
1.31
1.27
1.20
1.20
1.19
1.20
1.18

2005: Jan ...........................................
Feb ...........................................
Mar ..........................................
Apr ...........................................
May ..........................................
June .........................................
July ..........................................
Aug r .........................................
Sept p ........................................

382,257
378,367
384,622
383,583
386,344
386,436
386,858
395,009
393,028

206,217
203,141
204,445
204,389
205,944
206,451
205,013
209,844
209,555

176,040
175,226
180,177
179,194
180,400
179,985
181,845
185,165
183,473

456,853
459,282
461,291
461,687
461,219
461,511
464,221
463,115
462,747

278,433
280,129
281,005
281,087
281,584
280,518
282,815
282,007
281,836

178,420
179,153
180,286
180,600
179,635
180,993
181,406
181,108
180,911

372,642
374,908
376,107
376,033
391,656
395,324
385,553
396,767
389,954

196,602
199,682
195,930
196,839
211,256
215,339
203,708
211,602
206,481

64,908
66,527
63,297
66,012
78,376
76,688
70,886
73,722
67,505

545,812
549,247
547,243
546,771
559,106
574,800
580,753
589,978
594,131

1.20
1.21
1.20
1.20
1.19
1.19
1.20
1.17
1.18

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

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

21

PRICES
PRODUCER PRICES
The producer price index for all finished goods rose 1.9 percent in September. Prices of finished consumer foods
rose 1.4 percent, while prices of other finished consumer goods rose 2.7 percent. Capital equipment prices rose
0.3 percent.

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

Period

Total
finished
goods

Finished goods excluding consumer foods
Consumer
foods

Consumer goods
Total
Total

1995 ...........................
1996 ...........................
1997 ...........................
1998 ...........................
1999 ..........................
2000 ...........................
2001 ...........................
2002 ..........................
2003 ..........................
2004 ..........................
2004: Sept ...............
Oct .................
Nov ................
Dec ................
2005: Jan ................
Feb ................
Mar ................
Apr ................
May r ..............
June ..............
July ...............
Aug ................
Sept ...............
1 Intermediate

22

127.9
131.3
131.8
130.7
133.0
138.0
140.7
138.9
143.3
148.5
148.9
151.1
152.1
151.7
151.9
152.5
153.7
154.4
153.7
153.5
155.1
156.0
158.9

Intermediate materials

129.0
133.6
134.5
134.3
135.1
137.2
141.3
140.1
145.9
152.7
152.5
154.8
155.2
155.5
154.8
155.8
156.7
156.4
156.1
154.5
154.1
153.6
155.8

127.5
130.5
130.9
129.5
132.3
138.1
140.4
138.3
142.4
147.2
147.7
149.8
151.0
150.4
150.8
151.4
152.7
153.7
152.8
153.1
155.1
156.4
159.4

materials for food manufacturing and feeds.

124.0
127.6
128.2
126.4
130.5
138.4
141.4
138.8
144.7
150.9
151.3
154.4
156.0
154.9
155.3
156.2
158.0
159.2
157.7
158.4
161.2
163.2
167.6

Durable

132.7
134.2
133.7
132.9
133.0
133.9
134.0
133.0
133.1
135.0
135.4
135.9
136.2
136.4
137.1
136.5
136.6
136.9
137.0
136.3
137.1
136.9
137.4

Nondurable

118.8
123.3
124.3
122.2
127.9
138.7
142.8
139.8
148.4
156.6
157.0
161.3
163.5
161.9
162.0
163.6
166.2
167.9
165.6
167.0
170.7
173.8
179.9

Capital
equipment

136.7
138.3
138.2
137.6
137.6
138.8
139.7
139.1
139.5
141.4
142.1
142.5
142.8
143.2
143.8
143.7
144.1
144.5
144.9
144.3
145.0
144.9
145.4

Total
finished
consumer
goods

125.6
129.5
130.2
128.9
132.0
138.2
141.5
139.4
145.3
151.7
151.9
154.8
156.1
155.4
155.4
156.3
157.9
158.7
157.5
157.6
159.5
160.8
164.5

Crude materials

Total

Foods
and
feeds 1

Other

Total

Foodstuffs
and
feedstuffs

Other

124.9
125.7
125.6
123.0
123.2
129.2
129.7
127.8
133.7
142.6
145.1
146.6
147.7
147.8
148.2
149.1
150.6
151.6
150.6
150.9
152.4
153.4
157.3

114.8
128.1
125.4
116.2
111.1
111.7
115.9
115.5
125.9
137.1
134.3
131.9
131.2
131.7
132.8
132.3
133.6
133.6
134.4
133.6
134.8
134.2
133.4

125.5
125.6
125.7
123.4
123.9
130.1
130.5
128.5
134.2
143.0
145.7
147.4
148.6
148.6
149.0
150.0
151.5
152.6
151.5
151.9
153.3
154.3
158.5

102.7
113.8
111.1
96.8
98.2
120.6
121.0
108.1
135.3
159.0
154.2
160.8
173.0
167.6
164.3
162.7
170.3
174.7
169.3
164.7
175.8
179.9
198.2

105.8
121.5
112.2
103.9
98.7
100.2
106.1
99.5
113.5
127.0
121.7
119.9
121.2
123.9
126.5
122.6
128.3
125.1
123.8
120.1
120.1
118.4
120.2

96.8
104.5
106.4
88.4
94.3
130.4
126.8
111.4
148.2
179.2
174.9
188.0
208.4
196.7
189.0
189.1
198.1
208.3
199.8
194.7
214.2
222.8
253.5

Source: Department of Labor, Bureau of Labor Statistics.

CONSUMER PRICES—ALL URBAN CONSUMERS
In September, the consumer price index for all urban consumers rose 1.2 percent both seasonally adjusted and
not seasonally adjusted. The index was 4.7 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 .........................
1995 .................................
1996 .................................
1997 .................................
1998 .................................
1999 .................................
2000 .................................
2001 .................................
2002 .................................
2003 .................................
2004 .................................

100.0
152.4
156.9
160.5
163.0
166.6
172.2
177.1
179.9
184.0
188.9

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

14.3
148.4
153.3
157.3
160.7
164.1
167.8
173.1
176.2
180.0
186.2

42.0
148.5
152.8
156.8
160.4
163.9
169.6
176.4
180.3
184.8
189.5

32.7
165.7
171.0
176.3
182.1
187.3
193.4
200.6
208.1
213.1
218.8

6.1
157.8
162.0
166.7
172.1
177.5
183.9
192.1
199.7
205.5
211.0

23.2
171.3
176.8
181.9
187.8
192.9
198.7
206.3
214.7
219.9
224.9

5.0
123.7
127.5
130.8
128.5
128.8
137.9
150.2
143.6
154.5
161.9

3.8
132.0
131.7
132.9
133.0
131.3
129.6
127.3
124.0
120.9
120.4

17.4 ............
139.1 139.0
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

4.0
100.0
106.3
106.2
92.2
100.7
129.3
124.7
116.6
135.8
160.4

6.1
220.5
228.2
234.6
242.1
250.6
260.8
272.8
285.6
297.1
310.1

8.0
105.2
110.1
111.5
102.9
106.6
124.6
129.3
121.7
136.5
151.4

77.7
161.2
165.6
169.5
173.4
177.0
181.3
186.1
190.5
193.2
196.6

2004: Sept .....................
Oct .......................
Nov ......................
Dec ......................

189.9
190.9
191.0
190.3

189.6
190.7
191.2
191.2

186.8
187.9
188.4
188.4

190.7
191.1
191.7
192.1

220.3
220.7
220.8
221.3

212.5
212.9
213.1
213.7

226.1
226.4
226.6
227.0

163.4
163.4
167.4
167.7

120.1
120.1
120.4
119.9

163.0
166.4
166.7
165.6

133.2
133.5
134.4
134.5

159.1
171.9
170.4
165.7

312.7
313.9
314.7
315.6

151.4
157.5
159.0
156.9

197.5
197.9
198.2
198.5

2005: Jan
..................
Feb ......................
Mar ......................
Apr ......................
May .....................
June ....................
July .....................
Aug .......................
Sept .....................

190.7
191.8
193.3
194.6
194.4
194.5
195.4
196.4
198.8

191.3
192.0
193.2
194.2
194.1
194.1
195.1
196.1
198.5

188.6
188.7
189.0
190.3
190.5
190.6
191.0
191.0
191.5

192.3
193.0
193.9
194.4
194.6
194.8
195.5
195.9
196.7

221.7
222.4
223.7
223.8
223.7
224.1
224.8
224.9
224.6

214.3
214.8
215.3
216.0
216.4
217.0
217.7
218.3
218.6

227.6
228.1
228.7
229.0
229.6
230.0
230.5
230.9
231.2

167.6
168.9
169.0
172.5
173.5
173.7
175.9
178.0
185.5

120.3
120.0
120.9
120.2
120.2
119.3
118.2
119.4
119.3

165.3
166.6
169.7
172.7
171.0
170.9
173.5
177.3
186.4

135.6
135.6
135.2
135.2
135.3
135.4
134.5
134.0
134.8

162.4
167.6
181.0
192.5
184.1
182.1
193.2
209.1
246.3

316.9
318.7
320.2
320.9
322.0
322.8
324.0
324.1
325.0

155.1
158.2
164.6
172.0
168.5
167.6
174.0
182.7
204.6

198.9
199.4
200.1
200.2
200.5
200.7
201.0
201.2
201.4

1 Includes

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

3 Relative importance, December 2004.
Source: Department of Labor, Bureau of Labor Statistics.

23

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

2.2
.4
¥.6
0
.3
1.2
0
¥.6
.8
2.4

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

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

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

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

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

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

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

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

0.2
.3
.2
.3
.4
¥.1
.3
.3
.3
r ¥.4
.5
¥.1
.3

1.9
7.8
10.1
7.7
2.1
1.1
5.4
6.7
3.2
¥.5
1.8
r 6.1
14.8

¥4.6
7.6
9.6
8.1
0
1.6
3.1
4.2
.8
¥5.5
¥5.8
r ¥6.3
3.4

4.1
9.6
13.6
9.9
2.4
.5
8.2
10.4
3.9
1.0
5.1
r 14.7
25.3

2.0
3.4
2.9
3.1
3.7
2.5
2.5
2.0
3.4
.6
1.4
r0
3.1

3.4
5.1
5.2
4.8
4.9
5.5
6.6
4.4
2.1
2.4
4.3
4.6
6.9

2.3
2.6
.4
1.6
3.7
5.5
5.6
2.1
1.2
¥1.3
¥.9
¥2.8
¥1.1

4.2
7.1
8.3
6.9
5.9
6.9
9.1
6.3
2.2
4.6
7.7
9.2
12.5

Change, Dec. to Dec., NSA
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004

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

2.3
2.8
¥1.2
0
2.9
3.6
¥1.6
1.2
4.0
4.2

1.9
3.4
¥.8
.1
.8
1.7
1.8
¥.6
7.7
3.1

2.3
3.7
¥1.5
¥.1
5.1
5.5
¥3.9
2.9
4.1
5.5

1.9
2.7
.4
¥.8
1.8
3.8
2.0
¥1.3
3.2
3.6

Change, month to month
2004: Sept .....
Oct ......
Nov .....
Dec .....
2005: Jan .....
Feb .....
Mar .....
Apr .....
May r ...
June ....
July .....
Aug .....
Sept .....

0.3
1.5
.7
¥.3
.1
.4
.8
.5
¥.5
r ¥.1
1.0
.6
1.9

0.5
1.5
.3
.2
¥.5
.6
.6
¥.2
¥.2
r ¥1.0
¥.3
¥.3
1.4

0.1
2.0
1.0
¥.7
.3
.6
1.2
.8
¥.9
r .4
1.8
1.2
2.7

2.4
2.7
2.7
2.6
3.6
2.7
2.8
2.8
3.0
1.5
1.7
1.7
1.8

3.3
4.5
5.0
4.2
4.1
4.7
5.0
4.8
3.6
3.6
4.6
5.1
6.9

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
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004

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

2.5
3.3
1.7
1.6
2.7
3.4
1.6
2.4
1.9
3.3

2.1
4.3
1.5
2.3
1.9
2.8
2.8
1.5
3.6
2.7

3.0
2.9
2.4
2.3
2.2
4.3
2.9
2.4
2.2
3.0

3.5
2.9
3.4
3.3
2.5
3.4
4.2
3.1
2.2
2.7

2.5
2.8
3.1
3.4
3.1
4.0
4.7
3.1
2.7
2.9

3.7
2.8
3.1
3.2
2.4
3.4
4.5
3.3
2.0
2.3

2004: Sept ...............
Oct ................
Nov ................
Dec ................
2005: Jan ...............
Feb ................
Mar ...............
Apr ................
May ...............
June ..............
July ...............
Aug ................
Sept ...............

0.2
.6
.3
0
.1
.4
.6
.5
¥.1
0
.5
.5
1.2

¥0.1
.6
.3
0
.1
.1
.2
.7
.1
.1
.2
0
.3

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

0.4
.2
.0
.2
.2
.3
.6
.0
¥.0
.2
.3
.0
¥.1

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

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

1.4
4.6
.5
¥2.6
2.4
12.1
¥2.1
1.4
6.5
7.9

0.1
¥.2
1.0
¥.7
¥.5
¥1.8
¥3.2
¥1.8
¥2.1
¥.2

1.5
4.4
¥1.4
¥1.7
5.4
4.1
¥3.8
3.8
.3
6.5

1.6
1.6
¥1.0
¥.1
¥.8
.3
0
¥2.0
¥2.1
.5

¥4.0
12.7
¥6.2
¥15.4
30.2
13.9
¥24.8
24.6
6.8
26.1

3.9
3.0
2.8
3.4
3.7
4.2
4.7
5.0
3.7
4.2

¥1.3
8.6
¥3.4
¥8.8
13.4
14.2
¥13.0
10.7
6.9
16.6

3.0
2.6
2.2
2.4
1.9
2.6
2.7
1.9
1.1
2.2

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

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

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

2.8
3.0
2.3
1.6
2.2
3.4
2.8
1.6
2.3
2.7

¥0.1
.2
.7
.1
.8
0
¥.3
0
.1
.1
¥.7
¥.4
.6

¥0.1
8.0
¥.9
¥2.8
¥2.0
3.2
8.0
6.4
¥4.4
¥1.1
6.1
8.2
17.8

0.3
.4
.3
.3
.4
.6
.5
.2
.3
.2
.4
.0
.3

¥0.3
4.0
1.0
¥1.3
¥1.1
2.0
4.0
4.5
¥2.0
¥.5
3.8
5.0
12.0

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

1.7
..........
..........
3.4
..........
..........
2.5
..........
..........
4.0
..........
..........
5.3

0.6
3.2
4.1
3.4
1.3
1.7
4.3
6.2
4.4
1.9
1.9
4.2
9.4

2.5
3.2
2.6
2.0
2.2
2.9
3.8
3.7
3.1
3.1
4.0
4.3
5.6

2.5
3.2
3.5
3.3
3.0
3.0
3.1
3.5
2.8
2.5
3.2
3.6
4.7

Change, month to month
¥0.4
0
2.4
.2
¥.1
.8
.1
2.1
.6
.1
1.3
1.2
4.2

0
0
.2
¥.4
.3
¥.2
.8
¥.6
0
¥.7
¥.9
1.0
¥.1

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

24

0.2
2.1
.2
¥.7
¥.2
.8
1.9
1.8
¥1.0
¥.1
1.5
2.2
5.1

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

PRICES RECEIVED AND PAID BY FARMERS
In October, prices received by farmers fell 6.0 percent; prices paid by farmers rose 0.7 percent. (Data are not
seasonally adjusted.)

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

1995
1996
1997
1998
1999
2000
2001
2002
2003
2004

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

2004: Oct .....................
Nov ....................
Dec ....................
2005: Jan .....................
Feb .....................
Mar .....................
Apr ....................
May ....................
June ...................
July ....................
Aug ....................
Sept r ..................
Oct .....................
1 Includes

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

102
112
107
102
96
96
102
98
107
119

112
127
115
107
97
96
99
105
111
117

92
99
98
97
95
97
106
90
103
122

109
115
118
115
115
120
123
124
128
134

108
115
118
114
113
118
122
121
126
132

108
115
119
113
111
116
120
119
124
132

114

111
112
104
103
107
117
122
118
122
117
116
112
101

118
119
120
121
119
121
122
122
118
118
117
122
122

136
135
134
137
137
139
139
139
140
141
141
142
143

134
134
133
135
136
138
138
138
139
140
140
141
142

134
133
132
134
134
136
138
138
139
140
140
141
142

r 115
r 111

112
114
119
122
120
120
118
117
117
110

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

Ratio 2

93
98
90
89
83
80
83
79
84
89
84
r 85
r 83

82
83
86
88
86
86
84
83
82
77

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 September, M2 and M3 rose.

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

M2

M3

Debt

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

M2 plus large
time deposits,
RPs, Eurodollars, and
institutional MMMF
balances

Debt of
domestic
nonfinancial
sectors1

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

1,126.9
1,079.8
1,072.2
1,094.8
1,122.6
1,087.0
1,182.0
1,219.2
1,305.1
1,373.5

3,640.3
3,814.8
4,030.8
4,383.4
4,648.5
4,930.7
5,451.1
5,802.9
6,085.2
6,430.7

4,636.0
4,985.4
5,460.7
6,052.0
6,551.7
7,117.7
8,037.2
8,575.6
8,885.3
9,450.5

13,669.1
14,384.9
15,152.0
16,183.1
17,253.4
18,098.8
19,207.2
20,539.7
22,245.8
24,163.8

¥2.1
¥4.2
¥.7
2.1
2.5
¥3.2
8.7
3.1
7.0
5.2

4.1
4.8
5.7
8.7
6.0
6.1
10.6
6.5
4.9
5.7

6.1
7.5
9.5
10.8
8.3
8.6
12.9
6.7
3.6
6.4

5.3
5.2
5.3
6.8
6.4
4.8
6.1
6.9
8.1
8.6

2004: Sept .......................................................
Oct .........................................................
Nov ........................................................
Dec ........................................................

1,359.1
1,360.2
1,375.8
1,373.5

6,341.2
6,369.3
6,406.5
6,430.7

9,358.8
9,369.9
9,401.4
9,450.5

23,677.8
......................
......................
24,163.8

3.7
3.9
5.6
4.2

5.3
5.0
4.2
4.7

6.1
4.9
3.6
3.9

8.5
............
............
8.2

2005: Jan ........................................................
Feb ........................................................
Mar r ......................................................
Apr r ......................................................
May r ......................................................
June r .....................................................
July r ......................................................
Aug r ......................................................
Sept ......................................................

1,364.3
1,371.6
1,378.5
1,361.0
1,373.4
1,374.4
1,354.3
1,371.0
1,363.4

6,449.1
6,464.3
6,484.5
6,481.5
6,482.8
6,515.6
6,525.1
6,554.4
6,587.9

9,502.9
9,539.0
9,568.9
9,620.7
9,662.8
9,748.2
9,776.7
9,878.7
9,976.2

......................
......................
24,760.0
......................
......................
25,213.3
......................
......................
......................

4.0
2.5
2.9
.1
¥.3
.1
¥1.5
¥.1
¥2.2

5.2
5.0
4.5
3.5
2.4
2.6
2.4
2.8
3.2

5.0
5.0
4.5
5.4
5.6
6.3
5.8
7.1
8.5

............
............
9.9
............
............
7.3
............
............
............

Period

1995:
1996:
1997:
1998:
1999:
2000:
2001:
2002:
2003:
2004:

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.

26

Percent change
From year or 6 months
earlier2

M1

M2

M3

From
previous
period3
Debt

3 Annual changes are from fourth quarter to fourth quarter. Quarterly changes are from previous quarter at an annual rate.
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

1995:
1996:
1997:
1998:
1999:
2000:
2001:
2002:
2003:
2004:

Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec

Currency

Nonbank
travelers
checks

Demand
deposits

Savings
deposits,
including
money
market
deposit
accounts
(MMDAs)

Other
checkable
deposits
(OCDs)

Small
denomination
time
deposits 1

Money market
mutual fund
balances
Institutional

Retail

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

372.2
394.1
424.5
459.8
517.9
531.2
581.1
626.1
662.1
696.9

9.0
8.8
8.4
8.5
8.6
8.3
8.0
7.8
7.7
7.6

389.2
401.6
393.8
376.9
353.0
309.4
335.3
305.8
324.8
340.7

356.5
275.4
245.4
249.5
243.2
238.1
257.6
279.4
310.4
328.3

1,133.8
1,272.9
1,399.5
1,605.2
1,740.6
1,877.7
2,313.6
2,780.5
3,173.1
3,529.3

931.3
946.9
968.2
951.9
954.4
1,044.5
973.2
891.8
809.1
815.3

448.3
515.2
590.9
731.5
831.0
921.5
982.4
911.4
798.0
712.6

2004: Sept ...........................................
Oct .............................................
Nov ............................................
Dec ............................................

689.6
692.2
696.9
696.9

7.6
7.6
7.6
7.6

337.2
333.9
341.0
340.7

324.7
326.4
330.3
328.3

3,453.2
3,482.9
3,506.0
3,529.3

801.8
806.1
810.0
815.3

699.6
701.6

7.5
7.5
7.5
7.5
7.5
7.3
7.3
7.4
7.4

332.3
341.0
344.7
325.8
334.7
339.2
321.2
331.8
322.4

324.9
321.6
322.5
323.4
325.3
318.9
316.5
319.4
318.3

3,546.1
3,546.9
3,549.6
r 3,544.8
3,517.9
3,536.9
3,552.7
3,555.0
3,576.6

827.3
839.6
853.5
868.8
886.5
902.5
916.1
929.9
942.1

2005: Jan ............................................
Feb ............................................
Mar ............................................
Apr ............................................
May ...........................................
June r .........................................
July r .........................................
Aug r ..........................................
Sept ..........................................

r 703.9

704.3
706.0
708.9
709.3
712.4
715.4

1 Small denomination and large denomination deposits are those issued in amounts of less
than $100,000 and more than $100,000, respectively.

Large
denomination
time
deposits 1

264.1
324.2

Overnight
and term Overnight
repurand term
chase
Euroagreedollars
ments
(net)
(RPs)
(net)

540.9
637.7
791.6
1,197.4
1,250.5
1,120.7
1,072.7

438.9
521.0
631.1
683.7
758.8
836.3
801.1
814.0
881.9
1,067.1

198.6
210.7
254.4
293.8
335.9
363.8
375.8
476.8
500.6
497.3

94.0
114.6
147.5
150.2
170.8
195.4
211.8
231.5
297.0
382.6

727.1
720.1
714.8
712.6

1,104.4
1,081.0
1,072.4
1,072.7

1,034.7
1,042.8
1,047.6
1,067.1

524.6
508.6
502.5
497.3

354.0
368.3
372.3
382.6

711.5
706.3
702.8
707.0
704.9
701.9
702.0
698.4
705.9

1,061.2
1,044.0
1,040.3
1,055.2
1,052.4
1,069.2
1,078.4
1,093.0
1,119.4

1,125.5
1,145.4
1,156.1
1,200.8
r 1,204.2
1,234.2
1,227.7
1,275.6
1,308.1

470.6
489.6
484.6
474.8
504.4
499.3
507.7
517.6
526.9

396.4
395.7
403.4
408.5
419.0
429.8
437.8
438.2
433.9

c 396.9

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
1995:
1996:
1997:
1998:
1999:
2000:
2001:
2002:
2003:
2004:

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

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

56,483
50,183
46,873
45,515
42,099
38,792
41,496
40,441
42,770
46,798

56,226
50,028
46,549
45,398
41,778
38,582
41,429
40,361
42,724
46,735

55,193
48,766
45,189
44,001
40,802
37,364
39,846
38,432
41,729
44,889

1,290
1,416
1,685
1,514
1,297
1,427
1,651
2,009
1,040
1,909

434,571
452,082
479,941
514,094
593,652
584,808
635,414
681,303
719,853
758,601

257
155
324
117
320
210
67
80
46
63

................
................
................
................
................
................
................
................
17
11

................
................
................
................
................
................
................
................
0
0

40
68
79
15
67
111
33
45
29
52

217
87
245
101
179
99
34
35
................
................

2004: Sept .................................
Oct ...................................
Nov ..................................
Dec ..................................

46,488
46,344
46,368
46,798

46,153
46,165
46,185
46,735

44,833
44,587
44,585
44,889

1,655
1,757
1,784
1,909

751,494
754,085
758,452
758,601

335
179
183
63

97
15
105
11

0
0
0
0

238
164
78
52

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

2005: Jan ..................................
Feb ..................................
Mar ..................................
Apr ..................................
May ..................................
June .................................
July .................................
Aug .................................
Sept .................................

47,477
45,962
46,811
46,585
45,886
46,682
46,102
44,542
45,726

47,415
45,920
46,762
46,453
45,747
46,433
45,677
44,180
45,394

45,736
44,467
45,029
44,916
44,364
44,907
44,370
42,919
43,672

1,741
1,495
1,782
1,669
1,522
1,774
1,732
1,623
2,054

761,158
764,307
766,512
767,418
768,399
771,684
r 772,244
r 774,591
777,285

62
42
49
132
139
249
425
362
332

39
26
13
52
6
85
176
63
12

0
0
0
0
0
0
12
3
5

23
16
37
80
133
164
237
297
315

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

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 0.6 percent in September; commercial and industrial loans rose
0.8 percent.

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

Period

1995:
1996:
1997:
1998:
1999:
2000:
2001:
2002:
2003:
2004:
2004:

Dec ...........
Dec ...........
Dec ...........
Dec ...........
Dec ...........
Dec ...........
Dec ...........
Dec r ..........
Dec r ..........
Dec r ..........
Sept r .........
Oct r ..........
Nov r .........
Dec r ..........
2005: Jan r ..........
Feb r ..........
Mar r .........
Apr r ..........
May r .........
June r ........
July r .........
Aug r .........
Sept ..........

Total
bank
credit

3,601.0
3,757.0
4,099.4
4,532.9
4,763.4
5,216.7
5,418.0
5,884.8
6,251.5
6,793.9
6,702.7
6,714.1
6,759.9
6,793.9
6,893.0
6,998.7
7,084.3
7,111.9
7,166.3
7,220.9
7,274.9
7,350.1
7,395.8

Total
securities

U.S.
Treasury
and
agency
securities

984.0
984.4
1,098.7
1,237.0
1,282.8
1,348.2
1,487.4
1,721.6
1,850.3
1,937.5
1,925.5
1,918.3
1,924.8
1,937.5
1,991.3
2,038.3
2,057.0
2,043.4
2,071.5
2,055.1
2,063.0
2,067.4
2,079.9

701.1
702.6
755.6
797.6
815.6
792.4
849.0
1,029.1
1,104.8
1,149.7
1,176.4
1,147.5
1,145.4
1,149.7
1,181.8
1,217.1
1,217.7
1,193.8
1,199.9
1,172.3
1,176.2
1,172.5
1,164.4

Loans and leases in bank credit
Real estate

CommerOther
Total loans cial and
securities and leases 2 industrial

282.9
281.8
343.1
439.5
467.2
555.8
638.4
692.5
745.5
787.8
749.1
770.8
779.5
787.8
809.5
821.2
839.2
849.7
871.6
882.9
886.8
894.9
915.5

2,617.0
2,772.6
3,000.7
3,295.9
3,480.6
3,868.5
3,930.6
4,163.2
4,401.2
4,856.4
4,777.2
4,795.8
4,835.1
4,856.4
4,901.7
4,960.5
5,027.4
5,068.4
5,094.9
5,165.8
5,211.9
5,282.7
5,315.9

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

28

723.8
784.7
854.1
947.4
998.8
1,087.0
1,025.4
962.0
901.8
926.4
908.2
908.8
917.2
926.4
944.8
955.2
963.3
977.0
988.1
993.7
1,007.1
1,016.0
1,024.0

Total

1,089.5
1,140.6
1,242.7
1,332.9
1,471.1
1,650.4
1,777.7
2,021.0
2,215.5
2,545.8
2,463.6
2,497.5
2,522.8
2,545.8
2,570.6
2,598.7
2,652.5
2,679.9
2,688.5
2,731.5
2,779.7
2,813.4
2,821.8

Revolving
home
equity

84.5
90.9
105.0
103.9
101.5
130.0
155.7
213.5
280.8
400.1
370.5
384.5
394.4
400.1
407.5
409.3
417.2
421.6
425.8
430.1
437.7
439.1
438.1

Consumer

Security

Other

Other

1,004.9
1,049.7
1,137.7
1,229.0
1,369.6
1,520.3
1,622.1
1,807.5
1,934.7
2,145.7
2,093.1
2,113.0
2,128.4
2,145.7
2,163.1
2,189.4
2,235.4
2,258.3
2,262.7
2,301.5
2,341.9
2,374.3
2,383.7

491.4
512.4
502.6
496.9
490.6
539.3
556.0
586.2
643.4
695.2
693.6
689.6
685.6
695.2
702.8
700.7
708.6
711.2
704.4
707.0
710.4
717.0
719.6

83.2
75.3
94.4
145.3
149.8
177.3
146.0
190.2
215.2
215.9
247.5
241.6
236.8
215.9
200.6
220.7
226.5
224.3
237.5
248.7
232.6
245.2
246.2

229.1
259.6
306.9
373.3
370.2
414.4
425.4
403.7
425.3
473.1
464.2
458.3
472.7
473.1
483.0
485.2
476.5
476.1
476.5
485.0
482.1
491.1
504.3

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

1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2003:

..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
I .............
II ...........
III ..........
IV ..........
2004: I .............
II ...........
III ..........
IV ..........
2005: I .............
II p ..........

989.7
1,058.3
995.7
1,298.4
1,718.6
1,955.4
850.2
896.2
906.3
1,336.4
866.0
948.4
833.3
977.3
1,403.4
1,222.9
1,266.9
1,452.5
1,309.2
1,307.0

Internal 1

598.9
659.8
712.2
682.4
731.0
718.0
755.0
811.3
877.8
940.9
812.1
867.8
894.9
936.3
941.7
943.6
997.7
880.6
940.0
1,003.3

Credit market instruments
Total

390.8
398.5
283.5
616.0
987.6
1,237.4
95.2
84.9
28.5
395.5
53.9
80.6
¥61.6
41.0
461.7
279.3
269.2
571.9
369.2
303.7

Capital
expenditures 3

Total

Total
net
funds
raised

Net new
equity
issues

168.8
135.4
214.4
180.9
260.2
230.7
172.5
¥13.2
89.5
82.7
101.2
220.7
27.9
8.2
120.2
¥60.6
60.9
210.5
144.5
66.2

¥58.3
¥47.3
¥77.4
¥215.5
¥110.4
¥118.2
¥48.1
¥41.6
¥57.8
¥157.0
¥67.0
¥50.2
¥44.9
¥69.0
¥82.2
¥159.5
¥203.2
¥183.2
¥226.0
¥294.4

Total

Securities
and mortgages

227.1
182.8
291.8
396.5
370.6
348.9
220.6
28.4
147.3
239.8
168.2
270.9
72.8
77.2
202.4
98.9
264.1
393.7
370.5
360.6

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

102.2
129.2
187.2
241.7
269.8
191.2
410.7
184.9
246.1
189.2
237.2
396.7
188.8
162.0
213.4
70.5
202.0
271.0
147.0
162.5

Loans
and
shortterm
paper

Other 2

124.9
53.7
104.6
154.9
100.8
157.8
¥190.1
¥156.4
¥98.9
50.5
¥69.0
¥125.8
¥116.0
¥84.9
¥11.1
28.3
62.2
122.7
223.5
198.1

222.1
263.1
69.0
435.0
727.4
1,006.7
¥77.2
98.0
¥61.0
312.8
¥47.3
¥140.0
¥89.5
32.7
341.5
339.9
208.3
361.5
224.7
237.5

1,044.0
1,093.0
1,016.2
1,348.5
1,833.8
2,137.8
980.1
867.2
842.4
1,382.9
821.5
874.4
748.6
924.8
1,427.3
1,292.5
1,299.7
1,512.2
1,362.9
1,344.8

617.6
639.0
743.8
778.6
863.9
928.6
802.5
737.1
751.5
861.0
730.7
728.3
758.1
788.8
815.9
858.5
867.1
902.7
930.4
911.7

Increase
in financial assets

426.4
454.0
272.4
569.9
969.9
1,209.2
177.6
130.1
90.9
521.9
90.8
146.1
¥9.5
136.0
611.4
434.0
432.6
609.5
432.5
433.1

Discrepancy
(sources
less
uses)

¥54.2
¥34.6
¥20.5
¥50.2
¥115.2
¥182.4
¥129.9
29.0
63.9
¥46.5
44.5
74.1
84.7
52.4
¥23.9
¥69.6
¥32.7
¥59.7
¥53.7
¥37.8

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

Source: Board of Governors of the Federal Reserve System.

CONSUMER CREDIT
[Billions of dollars; seasonally adjusted]

Consumer credit outstanding (end of period)
Period
Total

1995:
1996:
1997:
1998:
1999:
2000:
2001:
2002:
2003:
2004:
2004:

Dec ...............................................................................
Dec ...............................................................................
Dec ...............................................................................
Dec ...............................................................................
Dec ...............................................................................
Dec ...............................................................................
Dec ...............................................................................
Dec ...............................................................................
Dec ...............................................................................
Dec ...............................................................................
Aug ..............................................................................
Sept ..............................................................................
Oct ...............................................................................
Nov ...............................................................................
Dec ...............................................................................
2005: Jan ...............................................................................
Feb ...............................................................................
Mar ..............................................................................
Apr ...............................................................................
May ..............................................................................
June .............................................................................
July ..............................................................................
Aug p .............................................................................

Revolving

1,141.0
1,242.9
1,320.1
1,417.3
1,530.4
1,707.4
1,838.8
1,925.5
2,015.3
2,106.0
2,070.2
2,083.4
2,101.5
2,100.0
2,106.0
2,107.1
2,114.5
2,120.5
2,126.1
2,126.0
2,140.9
2,147.4
2,152.3

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.

443.5
499.6
536.7
578.0
606.8
678.5
716.6
736.4
758.3
787.5
775.8
783.9
793.0
785.8
787.5
788.3
787.8
787.3
788.0
789.3
796.5
795.7
798.0

Nonrevolving 2

697.5
743.2
783.4
839.3
923.6
1,028.9
1,122.2
1,189.2
1,257.1
1,318.5
1,294.4
1,299.6
1,308.5
1,314.2
1,318.5
1,318.8
1,326.7
1,333.1
1,338.2
1,336.6
1,344.4
1,351.8
1,354.3

Net change in consumer credit outstanding 1
Total

143.9
101.9
77.2
97.2
113.1
177.0
131.4
86.7
89.8
90.7
8.4
13.2
18.1
¥1.5
6.0
1.1
7.4
6.0
5.6
¥.1
14.9
6.5
4.9

Revolving

77.9
56.1
37.1
41.3
28.8
71.7
38.1
19.8
21.9
29.2
2.9
8.1
9.1
¥7.2
1.7
.8
¥.5
¥.5
.7
1.3
7.2
¥.8
2.3

Nonrevolving 2

65.9
45.7
40.2
55.9
84.3
105.3
93.3
67.0
67.9
61.4
5.5
5.2
8.9
5.7
4.3
.3
7.9
6.4
5.1
¥1.6
7.8
7.4
2.5

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

29

INTEREST RATES AND BOND YIELDS
Interest rates rose in October.

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

1995 .......................
1996 .......................
1997 .......................
1998 .......................
1999 .......................
2000 .......................
2001 .......................
2002 .......................
2003 .......................
2004 .......................
2004: Oct ..............
Nov .............
Dec ..............
2005: Jan .............
Feb ..............
Mar .............
Apr ..............
May .............
June ............
July .............
Aug .............
Sept .............
Oct ..............
Week ended:
2005: Oct
8 ......
15 ......
22 ......
29 ......
Nov 5 .......
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

5.51
5.02
5.07
4.81
4.66
5.85
3.45
1.62
1.02
1.38
1.75
2.06
2.20
2.32
2.53
2.75
2.79
2.86
2.99
3.22
3.45
3.47
3.70

6.25
5.99
6.10
5.14
5.49
6.22
4.09
3.10
2.10
2.78
2.85
3.09
3.21
3.39
3.54
3.91
3.79
3.72
3.69
3.91
4.08
3.96
4.29

6.57
6.44
6.35
5.26
5.65
6.03
5.02
4.61
4.01
4.27
4.10
4.19
4.23
4.22
4.17
4.50
4.34
4.14
4.00
4.18
4.26
4.20
4.46

6.88
6.71
6.61
5.58
5.87
5.94
5.49
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*

5.95
5.75
5.55
5.12
5.43
5.77
5.19
5.05
4.73
4.63
4.43
4.48
4.40
4.28
4.14
4.42
4.31
4.16
4.08
4.15
4.21
4.28
4.49

7.59
7.37
7.26
6.53
7.04
7.62
7.08
6.49
5.67
5.63
5.47
5.52
5.47
5.36
5.20
5.40
5.33
5.15
4.96
5.06
5.09
5.13
5.35

..............
..............
..............
..............
..............
..............
..............
..............
2.12
2.34
2.75
3.00
3.25
3.25
3.50
3.75
3.75
4.00
4.25
4.25
4.50
4.75
4.75

3.53
3.63
3.79
3.85
3.89

4.21
4.27
4.28
4.37
4.46

4.37
4.45
4.46
4.55
4.61

*
*
*
*
*

4.43
4.48
4.48
4.55
4.60

5.25
5.35
5.35
5.41
5.48

4.75
4.75
4.75
4.75
5.00

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 under an amendment to the Federal Reserve Board’s Regulation A, effective January 9, 2003.
5 Average effective rate for year; rate in effect at end of month or week.
2 Yields

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

6 Daily

Discount
rate

5.21
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

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

8.83
8.27
8.44
8.35
8.00
9.23
6.91
4.67
4.12
4.34
4.75
5.00
5.25
5.25
5.50
5.75
5.75
6.00
6.25
6.25
6.50
6.75
6.75

5.83
5.30
5.46
5.35
4.97
6.24
3.88
1.67
1.13
1.35
1.76
1.93
2.16
2.28
2.50
2.63
2.79
3.00
3.04
3.26
3.50
3.62
3.78

7.87
7.80
7.71
7.07
7.04
7.52
7.00
6.43
5.80
5.77
5.82
5.91
6.02
6.01
5.75
5.82
5.84
5.82
5.76
5.76
5.83
5.99
..............

*
*
*
*
*

6.75
6.75
6.75
6.75
7.00

3.85
3.68
3.76
3.76
3.94

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

effective rate; weighted average of rates on brokered trades.
7 Effective rate (in the primary market) on conventional mortgages, reflecting fees and
charges as well as contract rate and assumed, on the average, repayment at end of 10 years.
*Series no longer published or discontinued.
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
Stock prices fell in October.

Common stock prices 1
Period

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

Dow Jones
industrial
average 4

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

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

Dividendprice ratio

Earningsprice ratio

Composite

Financial

Energy

Health
Care

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

3,078.56
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

................
................
................
................
................
................
................
................
5,583.00
6,822.18

..................
..................
..................
..................
..................
..................
..................
..................
5,273.90
6,952.36

................
................
................
................
................
................
................
................
5,288.67
5,924.80

4,493.76
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

541.72
670.50
873.43
1,085.50
1,327.33
1,427.22
1,194.18
993.94
965.23
1,130.65

925.19
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

2.56
2.19
1.77
1.49
1.25
1.15
1.32
1.61
1.77
1.72

6.09
5.24
4.57
3.46
3.17
3.63
2.95
2.92
3.84
4.89

2004: Oct ..............................................
Nov .............................................
Dec ..............................................

6,608.98
6,933.75
7,134.42

6,792.44
7,118.40
7,354.73

7,593.71
7,773.26
7,843.99

5,668.02
5,818.20
6,006.46

10,001.60
10,411.76
10,673.38

1,118.07
1,168.94
1,199.21

1,938.25
2,062.87
2,149.53

1.79
1.74
1.72

..................
..................
4.83

2005: Jan ..............................................
Feb ..............................................
Mar .............................................
Apr ..............................................
May .............................................
June ............................................
July .............................................
Aug .............................................
Sept .............................................
Oct ..............................................

7,056.85
7,241.89
7,275.51
7,077.97
7,094.02
7,238.96
7,389.23
7,482.93
7,584.49
7,373.23

7,282.65
7,377.10
7,274.12
7,014.98
7,092.20
7,199.86
7,373.25
7,374.01
7,435.85
7,368.60

7,841.24
8,646.71
9,077.38
8,793.74
8,513.39
9,122.87
9,607.53
10,034.26
10,672.51
9,915.63

5,970.34
6,052.78
6,148.03
6,253.05
6,432.30
6,408.88
6,342.76
6,383.81
6,412.24
6,270.83

10,539.51
10,723.82
10,682.09
10,283.19
10,377.18
10,486.68
10,545.38
10,554.27
10,532.54
10,324.31

1,181.41
1,199.63
1,194.90
1,164.42
1,178.28
1,202.25
1,222.24
1,224.27
1,225.91
1,191.96

2,071.87
2,065.74
2,030.43
1,957.49
2,005.22
2,074.02
2,145.14
2,157.85
2,144.61
2,087.09

1.77
1.76
1.79
1.86
1.86
1.83
1.82
1.82
1.84
1.90

..................
..................
5.11
..................
..................
5.32
..................
..................
..................
..................

Week ended:
2005: Oct 8 .......................................
15 .......................................
22 .......................................
29 .......................................
Nov 5 ......................................

7,491.11
7,348.97
7,300.08
7,340.80
7,482.10

7,393.84
7,298.20
7,310.52
7,435.32
7,604.69

10,297.72
9,963.62
9,639.40
9,765.03
10,060.47

6,345.71
6,272.66
6,279.09
6,191.34
6,252.30

10,374.67
10,242.55
10,308.76
10,348.11
10,474.58

1,204.99
1,182.66
1,184.28
1,192.92
1,212.92

2,114.45
2,057.91
2,073.57
2,095.80
2,141.66

1.89
1.92
1.89
1.90
1.87

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

1995
1996
1997
1998
1999
2000
2001
2002
2003
2004

1 Average

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

3 Effective

5 Includes

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

7 Standard

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

31

FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
In fiscal 2005, there was a deficit of $318.6 billion, compared with a deficit of $412.1 billion a year earlier.

[Billions of dollars]
Total

On-budget

Receipts

Outlays

Surplus
or
deficit
(¥)

Receipts

909.3
991.2
1,032.0
1,055.0
1,091.3
1,154.4
1,258.6
1,351.8
1,453.1
1,579.3
1,721.8
1,827.5
2,025.2
1,991.2
1,853.2
1,782.3
1,880.1
2,154.3
2,272.7

1,064.5
1,143.8
1,253.1
1,324.3
1,381.6
1,409.5
1,461.9
1,515.8
1,560.5
1,601.2
1,652.6
1,701.9
1,789.1
1,863.0
2,011.0
2,159.9
2,292.2
2,472.9
2,613.3

¥155.2
¥152.6
¥221.1
¥269.3
¥290.3
¥255.1
¥203.2
¥164.0
¥107.5
¥21.9
69.2
125.5
236.2
128.2
¥157.8
¥377.6
¥412.1
¥318.6
¥340.6

667.8
727.5
750.3
761.2
788.9
842.5
923.6
1,000.8
1,085.6
1,187.3
1,306.0
1,383.0
1,544.6
1,483.7
1,337.9
1,258.5
1,345.3
1,576.8
1,651.0

Fiscal year or period

1988 ......................................
1989 ......................................
1990 ......................................
1991 ......................................
1992 ......................................
1993 ......................................
1994 ......................................
1995 ......................................
1996 ......................................
1997 ......................................
1998 ......................................
1999 ......................................
2000 ......................................
2001 ......................................
2002 ......................................
2003 ......................................
2004 ......................................
20051 .....................................
2006 (estimates) ....................
1 Data

32

from Final Monthly Treasury Statement for fiscal 2005 released October 14, 2005.

Outlays

860.1
932.9
1,028.1
1,082.6
1,129.3
1,142.9
1,182.5
1,227.2
1,259.6
1,290.6
1,336.0
1,381.1
1,458.3
1,516.2
1,655.3
1,796.9
1,912.7
2,070.7
2,186.2

Off-budget
Surplus
or
deficit
(¥)

¥192.3
¥205.4
¥277.7
¥321.5
¥340.4
¥300.4
¥258.9
¥226.4
¥174.1
¥103.3
¥30.0
1.9
86.3
¥32.5
¥317.5
¥538.4
¥567.4
¥493.9
¥535.2

Receipts

241.5
263.7
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
621.7

Outlays

204.4
210.9
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
427.1

Federal debt (end of
period)
Surplus
or
deficit
(¥)

37.1
52.8
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
194.6

Gross
Federal

2,601.1
2,867.8
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
7,902.8
8,586.8

Held by
the public

2,051.6
2,190.7
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
4,589.9
4,970.0

NOTE.—Data for fiscal 2004 and 2006 are from Mid-Session Review, Budget of the U.S.
Government, Fiscal Year 2006, issued July 13, 2005. Other data (except as noted) are from
Budget of the United States Government, Fiscal Year 2006, issued February 7, 2005.
Sources: Department of the Treasury and Office of Management and Budget.

FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In fiscal 2005, receipts were $274.2 billion higher than a year earlier and outlays were $180.7 billion higher.

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

Fiscal year or period
Total

1988 ...............................................
1989 ...............................................
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999

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

2000 ...............................................
2001 ..............................................
2002 ..............................................
2003 ..............................................
2004 ..............................................
20051 .............................................
2006 (estimates) ............................

Individual
income
taxes

Corporation
income
taxes

Social
insurance
and
retirement
receipts

On-budget and off-budget outlays
National defense
Other

Total
Total

909.3
991.2

401.2
445.7

94.5
103.3

334.3
359.4

79.3 1,064.5
82.8 1,143.8

1,032.0
1,055.0
1,091.3
1,154.4
1,258.6
1,351.8
1,453.1
1,579.3
1,721.8
1,827.5

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

91.5
93.1
101.4
98.9
113.7
120.1
115.4
120.2
132.7
151.5

2,025.2 1,004.5
1,991.2 994.3
1,853.2 858.3
1,782.3 793.7
1,880.1 809.0
2,154.3 927.2
2,272.7 1,006.2

207.3
151.1
148.0
131.8
189.4
278.3
242.7

652.9
694.0
700.8
713.0
733.4
795.1
856.0

160.6
151.8
146.0
143.9
148.3
153.7
167.9

Department of
Defense,
military

International
affairs

Health

Medicare

Income Social
security security

Net
interest

Other

290.4
303.6

281.9
294.8

10.5
9.6

44.5
48.4

78.9
85.0

130.4
137.4

219.3
232.5

151.8
169.0

138.8
158.4

1,253.1
1,324.3
1,381.6
1,409.5
1,461.9
1,515.8
1,560.5
1,601.2
1,652.6
1,701.9

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
172.4
199.5
209.9
217.1
223.7
229.7
235.0
237.7
242.4

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

1,789.1
1,863.0
2,011.0
2,159.9
2,292.2
2,472.9
2,613.3

294.5
304.9
348.6
404.9
455.9
493.9
513.9

281.2
290.3
332.0
387.3
436.5
470.7
492.3

17.2
16.5
22.4
21.2
26.9
34.4
38.9

154.5
172.3
196.5
219.6
240.1
250.4
268.0

197.1
217.4
230.9
249.4
269.4
298.6
351.3

253.6
269.6
312.5
334.4
332.8
347.6
358.8

409.4
433.0
456.0
474.7
495.5
523.3
550.0

222.9
206.2
170.9
153.1
160.2
184.1
204.4

239.8
243.3
273.2
302.6
311.3
340.6
328.0

1 Data from Final Monthly Treasury Statement, for fiscal 2005, released October 14, 2005,
except outlays for Department of Defense, military for fiscal 2005 are from Mid-Session Review,
Fiscal Year 2006.

NOTE.—Data for fiscal 2004 and 2006 are from Mid-Session Review, Budget of the U.S.
Government, Fiscal Year 2006, issued July 13, 2005. Other data (except as noted) are from
Budget of the United States Government, Fiscal Year 2006, issued February 7, 2005.
Sources: Department of the Treasury and Office of Management and Budget.

33

FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the third quarter of 2005, according to advance estimates, Federal current expenditures rose $38.1 billion (annual
rate); receipts data are incomplete.

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal Government current receipts
Current tax receipts
Period
Total
Total 1

Calendar year:
1995 .................
1996 .................
1997 .................
1998 .................
1999 .................
2000 .................
2001 .................
2002 .................
2003 .................
2004 .................
2002: I ................
II ..............
III .............
IV .............
2003: I ................
II ..............
III .............
IV .............
2004: I ................
II ..............
III .............
IV .............
2005: I ................
II .............
III p ..........
1 Includes
2 Includes

34

1,406.5
1,524.0
1,653.1
1,773.8
1,891.2
2,053.8
2,016.2
1,853.2
1,868.6
1,974.8
1,845.9
1,854.1
1,856.1
1,856.6
1,881.4
1,896.3
1,808.9
1,887.9
1,917.8
1,951.4
1,975.4
2,054.6
2,196.6
2,239.7
..............

845.1
932.4
1,030.6
1,116.8
1,195.7
1,313.6
1,252.2
1,075.5
1,059.2
1,122.4
1,071.3
1,077.5
1,075.4
1,078.0
1,084.4
1,089.6
994.5
1,068.2
1,080.7
1,108.1
1,119.4
1,181.3
1,305.1
1,338.4
..............

Personal
current
taxes
586.0
663.4
744.3
825.8
893.0
999.1
994.5
830.5
774.3
801.8
843.1
835.2
825.8
818.0
806.7
811.2
708.8
770.6
771.3
786.3
810.0
839.7
908.3
930.8
948.0

Taxes
on
production and
imports
75.9
73.2
78.2
81.1
83.9
87.8
85.8
87.3
89.7
94.0
84.9
87.7
88.5
88.0
90.1
89.7
88.8
90.2
93.4
93.4
94.0
95.1
95.4
98.3
98.0

Taxes
on
corporate
income
179.3
190.6
203.0
204.2
213.0
219.4
164.7
150.5
186.7
217.4
136.3
147.4
153.9
164.2
180.7
178.8
189.1
198.1
206.9
219.9
207.5
235.3
291.7
300.8
..............

Contributions
for
government
social
insurance
519.2
542.8
576.4
613.8
651.6
691.7
717.5
734.3
759.1
802.5
732.1
735.5
735.0
734.4
749.0
756.4
762.9
768.0
787.2
793.5
806.0
823.4
841.1
850.3
857.3

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

23.7
26.9
25.9
21.5
21.5
25.2
24.9
20.2
22.7
21.9
21.1
20.1
19.8
19.9
19.5
22.8
24.0
24.6
22.0
21.5
21.8
22.2
23.0
24.3
22.8

19.1
23.1
19.9
21.5
22.7
25.7
27.1
24.8
25.7
28.6
25.7
24.9
24.5
24.0
24.8
25.5
26.2
26.5
27.6
28.1
28.7
30.0
30.4
30.2
¥49.4

¥0.6
¥1.2
.3
.1
¥.3
¥2.3
¥5.5
¥1.6
1.9
¥.5
¥4.3
¥3.9
1.4
.3
3.7
2.1
1.4
.6
.3
.3
¥.4
¥2.3
¥2.9
¥3.6
¥4.2

Total 2

1,603.5
1,665.8
1,708.9
1,734.9
1,787.6
1,864.4
1,969.5
2,101.1
2,251.4
2,381.3
2,054.4
2,095.5
2,103.4
2,151.1
2,177.4
2,270.1
2,265.1
2,292.9
2,347.2
2,364.9
2,387.0
2,426.2
2,494.9
2,525.2
2,563.3

Consumption
expenditures

440.5
446.3
457.7
454.6
475.1
499.3
531.9
591.5
661.9
725.7
571.3
585.0
591.4
618.5
634.7
667.6
668.4
676.8
710.7
721.1
735.7
735.1
759.6
762.8
783.1

Current
transfer
payments

839.0
888.3
918.8
946.5
986.1
1,038.1
1,131.4
1,243.0
1,327.7
1,391.2
1,215.1
1,240.7
1,247.6
1,268.5
1,285.0
1,332.1
1,339.0
1,354.8
1,379.3
1,382.6
1,384.0
1,419.0
1,458.7
1,459.9
1,475.8

Interest
payments

290.4
297.3
300.0
298.8
282.7
283.3
258.6
229.1
215.2
221.5
229.9
233.3
227.7
225.4
217.0
214.9
212.2
216.8
216.9
218.4
224.5
226.1
226.6
250.8
250.8

Source: Department of Commerce, Bureau of Economic Analysis.

Subsidies

33.7
34.0
32.4
35.0
43.8
43.8
47.6
37.5
46.5
43.0
38.1
36.5
36.7
38.7
42.0
54.2
45.5
44.4
41.8
41.3
42.8
46.1
50.1
51.6
53.5

Net
Federal
Government
saving

¥197.0
¥141.8
¥55.8
38.8
103.6
189.5
46.7
¥247.9
¥382.7
¥406.5
¥208.5
¥241.4
¥247.3
¥294.6
¥296.0
¥373.8
¥456.2
¥405.0
¥429.3
¥413.4
¥411.6
¥371.6
¥298.3
¥285.6
....................

INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Industrial production (1997=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

1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2004:

....................................
89.4
93.5
94.4
96.3
96.8
97.9
97.3
152.4
151.4 119.2 148.4
....................................
93.2
94.7
96.6
96.1
96.9
96.2
98.7
156.9
153.8 119.3 151.4
....................................
100.0
100.0 100.0 100.0
100.0
100.0
100.0
160.5
156.3 121.5 153.2
....................................
105.8
103.5
93.4 103.6
103.7
101.2
101.1
163.0
157.8 122.2 154.2
....................................
110.6
109.6
93.7 106.1
104.9
101.1
102.3
166.6
160.5 121.8 155.0
....................................
115.4
119.0
98.8 110.2
110.7
105.4
104.2
172.2
164.9 121.0 157.6
....................................
111.3
114.2
92.6 111.6
110.9
104.3
102.6
177.1
169.1 120.1 160.2
....................................
111.0
116.2
91.5 110.0
109.8
102.6
100.0
179.9
172.9 119.0 163.3
....................................
110.9
117.4
94.3 109.5
110.3
102.0
99.5
184.0
177.7 118.7 166.7
....................................
115.5
122.0
99.3 112.0
113.6
101.4
100.3
188.9
181.0 118.7 170.3
Aug ..........................
116.0
123.8
99.7 r 110.6
114.1
101.3
99.7
189.5
181.3 118.5 170.7
Sept .........................
115.7
123.5
99.3 r 112.4
114.1
101.7
99.7
189.9
181.5 118.9 170.9
r 111.8
r 101.3
Oct ...........................
116.6
123.2
98.3
115.2
99.1
190.9
181.9 119.5 171.3
r 100.4
Nov ..........................
116.9
123.9
99.0 r 112.1
113.7
100.4
191.0
182.6 119.3 171.3
r 99.8
Dec ..........................
117.9
124.2
98.6 r 112.6
114.0
100.7
190.3
182.2 118.7 171.6
2005: Jan ..........................
117.8
124.8 102.1 112.7
117.1
99.4
99.6
190.7
182.0 118.1 170.7
Feb ..........................
118.3
124.0 100.1 112.0
115.3
99.8
99.5
191.8
182.8 117.8 171.6
r 99.7
Mar ..........................
118.6
123.2
99.7 r 111.2
115.7
98.4
193.3
183.8 118.2 172.7
r 111.2
r 101.5
Apr ..........................
118.1
123.4 101.4
116.3
99.1
194.6
184.4 118.4 173.0
r 124.5
r 100.5
May ..........................
118.5
98.8 r 111.3
115.9
99.3
194.4
184.5 118.8 173.2
r 124.5
r 100.5
June .........................
119.4
100.3 111.6
117.6
99.1
194.5
184.8 118.2 173.5
p ........................
r 119.4
r 124.7
r 110.8
r 101.5
July
98.9
118.9
98.7
195.4
185.2 118.1 173.2
p .........................
r 119.6
r 100.2
Aug
126.1
111.7
116.8
102.8
97.8
196.4
186.0 118.2 173.8
Sept p ........................
118.0 .............. 100.4 ............ .............. .............. ..............
198.8
187.6 118.5 174.6
Oct p ......................... .............. .............. ............ ............ .............. .............. .............. .............. .............. ............ ............
1 Data relate to all urban consumers.
NOTE.—See Note, p. 17, for information on U.S. industrial production series.

Italy

133.3
135.3
137.8
139.1
140.0
142.0
144.8
146.7
148.3
150.8
151.5
151.0
151.3
150.8
152.3
151.7
152.3
152.7
152.9
153.3
153.5
154.2
154.3
154.9
155.0

France

United
Kingdom

205.6
175.2
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
257.4
220.2
257.4
221.0
257.4
221.6
257.6
222.1
258.3
223.1
258.3
221.9
259.1
222.8
259.9
223.8
260.3
225.1
261.1
225.6
261.1
225.8
262.2
225.8
262.6
226.3
262.6
226.9
263.2 ..............

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

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

Goods: Imports (customs value)

Census basis (by end-use category)

Services
(BOP basis)

Balance of trade
(exports minus imports)

Census basis (by end-use category)
BOP basis

Period

1995
1996
1997
1998
1999
2000
2001
2002
2003
2004

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

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

575.2
612.1
678.4
670.4
684.0
772.0
718.7
682.4
713.4
807.5

584.7
625.1
689.2
682.1
695.8
781.9
729.1
693.1
724.8
818.8

50.5
55.5
51.5
46.4
46.0
47.9
49.4
49.6
55.0
56.6

146.2
147.7
158.2
148.3
147.5
172.6
160.1
156.8
173.0
204.0

233.0
253.0
294.5
299.4
310.8
356.9
321.7
290.4
293.6
331.5

2004: Aug ...
Sept ..
Oct ....
Nov ...
Dec ...

68.1
69.0
69.3
68.6
71.0

68.9
70.0
70.2
69.5
71.9

4.5
4.8
4.8
4.8
4.8

17.0
17.4
17.9
17.8
18.4

28.1
28.1
28.1
27.6
28.6

7.8
7.8
7.8
7.6
8.0

2005: Jan ...
Feb ...
Mar ...
Apr ...
May ...
June
July r
Aug p

71.6
70.7
71.5
74.6
74.5
74.5
75.1
76.7

72.4
71.5
72.5
75.5
75.5
75.6
75.9
77.9

4.7
4.6
4.8
5.0
5.5
5.1
5.0
5.1

18.5
18.7
18.7
19.5
19.8
19.6
19.9
20.1

28.5
28.0
28.9
30.5
29.6
30.1
30.3
31.4

8.2
7.8
7.7
7.9
7.7
7.8
8.0
8.3

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

749.4
803.1
876.5
917.1
1,030.0
1,224.4
1,145.9
1,164.7
1,260.7
1,472.9

743.5
795.3
869.7
911.9
1,024.6
1,218.0
1,141.0
1,161.4
1,257.1
1,469.7

33.2
35.7
39.7
41.2
43.6
46.0
46.6
49.7
55.8
62.1

181.8
204.5
213.8
200.1
221.4
299.0
273.9
267.7
313.8
412.8

221.4
228.1
253.3
269.5
295.7
347.0
298.0
283.3
295.8
343.5

123.8
128.9
139.8
148.7
179.0
195.9
189.8
203.7
210.2
228.2

159.9
172.0
193.8
217.0
241.9
281.8
284.3
307.8
333.9
372.9

219.2
239.5
256.3
263.1
282.5
299.5
288.4
294.9
309.1
343.9

141.4
152.6
166.5
181.4
199.9
225.3
224.0
233.7
256.7
296.1

¥158.8
¥170.2
¥180.5
¥229.8
¥328.8
¥436.1
¥411.9
¥468.3
¥532.4
¥650.9

¥174.2
¥191.0
¥198.1
¥246.7
¥346.0
¥452.4
¥427.2
¥482.3
¥547.3
¥665.4

77.8
86.9
89.8
81.7
82.6
74.1
64.5
61.1
52.5
47.8

¥96.4
¥104.1
¥108.3
¥165.0
¥263.4
¥378.3
¥362.7
¥421.2
¥494.8
¥617.6

8.7
8.8
8.9
8.9
9.3

125.2
124.6
128.7
131.8
130.5

124.9
124.4
128.4
131.5
130.3

5.2
5.1
5.2
5.4
5.4

36.6
35.2
38.0
40.6
38.6

29.0
29.6
29.9
29.7
29.8

19.1
19.4
19.5
19.2
19.4

30.7
30.9
31.6
32.6
32.7

28.5
28.7
29.3
30.0
30.7

25.5
25.0
25.4
25.8
25.9

¥56.0
¥54.3
¥58.2
¥62.0
¥58.4

¥57.1
¥55.6
¥59.4
¥63.2
¥59.5

2.9
3.7
3.9
4.3
4.8

¥54.2
¥51.9
¥55.6
¥59.0
¥54.7

9.4
9.5
9.4
9.3
9.7
9.5
9.6
9.5

134.3
135.5
130.4
136.9
135.3
138.3
137.6
140.5

134.0
135.2
130.1
136.6
134.9
138.1
137.4
140.2

5.6
5.5
5.5
5.5
5.7
5.6
5.6
5.7

38.4
40.0
39.9
41.8
39.4
41.5
42.1
43.8

31.1
30.0
29.6
31.9
31.3
32.6
31.8
32.0

19.9
19.8
18.5
18.8
19.7
19.6
19.7
20.8

34.4
35.5
32.1
33.8
34.1
34.2
33.5
33.4

30.6
30.7
31.3
31.2
31.3
31.3
31.3
31.5

26.5
26.4
26.5
26.6
26.6
27.0
26.7
26.7

¥61.6
¥63.7
¥57.6
¥61.1
¥59.4
¥62.5
¥61.5
¥62.3

¥62.7
¥64.7
¥58.9
¥62.3
¥60.8
¥63.8
¥62.5
¥63.8

4.1
4.3
4.8
4.6
4.7
4.3
4.6
4.8

¥58.6
¥60.4
¥54.1
¥57.7
¥56.1
¥59.5
¥58.0
¥59.0

61.8 64.4
65.0 70.1
74.0 77.4
72.4 80.3
75.3 80.9
80.4 89.4
75.4 88.3
78.9 84.4
80.7 89.9
89.3 103.1

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

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

35

U.S. INTERNATIONAL TRANSACTIONS
In the second quarter of 2005, the goods deficit rose to $186.9 billion, from $186.3 billion in the first quarter.
The current account deficit fell to $195.7 billion in the second quarter from $198.7 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

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

575,204
612,113
678,366
670,416
683,965
771,994
718,712
682,422
713,421
807,536

¥749,374
¥803,113
¥876,470
¥917,103
¥1,029,980
¥1,224,408
¥1,145,900
¥1,164,720
¥1,260,717
¥1,472,926

¥174,170
¥191,000
¥198,104
¥246,687
¥346,015
¥452,414
¥427,188
¥482,298
¥547,296
¥665,390

2003: I ........
II .......
III .....
IV .....

173,167
174,696
178,186
187,372

¥311,028
¥309,763
¥313,476
¥326,450

¥137,861
¥135,067
¥135,290
¥139,078

¥2,976
¥3,247
¥2,860
¥3,444

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

193,789
200,072
204,801
208,874

¥345,241
¥364,059
¥372,576
¥391,050

¥151,452
¥163,987
¥167,775
¥182,176

2005: I ........
II p .....

213,840
223,540

¥400,169
¥410,469

¥186,329
¥186,929

1995
1996
1997
1998
1999
2000
2001
2002
2003
2004

Net
travel
and
transportation

Other
services,
net

Receipts

Payments

Balance
on
income

Unilateral
current
transfers,
net 3

Balance
on
current
account

51,414
56,535
62,674
66,248
72,943
71,339
70,009
72,520
76,745
75,596

¥96,384
¥104,065
¥108,310
¥165,009
¥263,394
¥378,272
¥362,729
¥421,181
¥494,814
¥617,583

210,244
226,129
256,804
261,819
293,925
350,918
288,303
270,792
309,830
379,527

¥189,353
¥203,811
¥244,195
¥257,554
¥280,037
¥329,864
¥263,120
¥260,776
¥263,526
¥349,088

20,891
22,318
12,609
4,265
13,888
21,054
25,183
10,016
46,304
30,439

¥38,177
¥43,147
¥45,205
¥53,320
¥50,554
¥58,781
¥51,910
¥64,046
¥71,169
¥80,930

¥113,670
¥124,894
¥140,906
¥214,064
¥300,060
¥415,999
¥389,456
¥475,211
¥519,679
¥668,074

¥3,098
¥3,441
¥3,411
¥1,786

19,102
18,905
18,862
19,881

¥124,833
¥122,850
¥122,699
¥124,427

70,706
73,872
77,594
87,653

¥64,790
¥62,565
¥66,242
¥69,926

5,916
11,307
11,352
17,727

¥17,743
¥17,251
¥17,634
¥18,543

¥136,660
¥128,794
¥128,981
¥125,243

¥3,200
¥3,643
¥3,829
¥3,813

¥3,212
¥3,014
¥3,394
¥3,684

19,012
18,602
17,533
20,452

¥138,852
¥152,042
¥157,465
¥169,221

86,401 ¥71,379
91,465 ¥85,543
95,504 ¥89,250
106,154 ¥102,918

15,022
5,922
6,254
3,236

¥22,271
¥20,515
¥15,771
¥22,374

¥146,101
¥166,635
¥166,982
¥188,359

¥3,020
¥3,050

¥4,499
¥2,400

20,796 ¥173,052
19,052 ¥173,327

106,951 ¥106,308
113,344 ¥113,799

643
¥455

¥26,259
¥21,873

¥198,668
¥195,655

4,600
21,772
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 ¥11,736
¥14,485 ¥13,304

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

36

Income receipts and payments
Balance
on
goods
and
services

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 $171.0 billion in the second
quarter of 2005, in contrast to a decrease of $49.3 billion in the first quarter. U.S. liabilities to private foreigners
reported by U.S. banks, excluding Treasury securities, increased $168.9 billion in the second quarter, in contrast
to a decrease of $67.7 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)

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

¥927
¥631
¥1,014
¥702
¥4,888
¥929
¥1,223
¥1,363
¥3,214
¥1,648

¥352,264
¥413,409
¥485,475
¥353,829
¥504,062
¥560,523
¥382,616
¥294,027
¥328,397
¥855,509

¥9,742
6,668
¥1,010
¥6,783
8,747
¥290
¥4,911
¥3,681
1,523
2,805

¥984
¥989
68
¥422
2,750
¥941
¥486
345
537
1,215

¥341,538
¥419,088
¥484,533
¥346,624
¥515,559
¥559,292
¥377,219
¥290,691
¥330,457
¥859,529

438,562
551,096
706,809
423,569
740,210
1,046,896
782,859
794,343
889,043
1,440,105

109,880
126,724
19,036
¥19,903
43,543
42,758
28,059
115,945
278,275
394,710

328,682
424,372
687,773
443,472
696,667
1,004,138
754,800
678,398
610,768
1,045,395

28,299
¥12,162
¥79,414
145,026
68,800
¥69,445
¥9,564
¥23,742
¥37,753
85,126

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

85,832
75,089
69,954
81,761
71,516
67,647
68,654
79,006
85,938
86,824

2003: I .............................
II ............................
III ..........................
IV ...........................
2004: I .............................
II ............................
III ..........................
IV ...........................
2005: I ..............................
II p ..........................

¥423
¥1,596
¥837
¥358
¥428
¥372
¥393
¥455
¥4,466
¥266

¥91,631
¥142,267
¥25,442
¥69,057
¥295,140
¥133,886
¥137,525
¥288,957
¥81,510
¥250,793

83
¥170
¥611
2,221
557
1,122
429
697
5,331
¥797

53
310
483
¥309
727
¥2
¥11
501
4,487
258

¥91,767
¥142,407
¥25,314
¥70,969
¥296,424
¥135,006
¥137,943
¥290,155
¥91,328
¥250,254

240,593
240,143
140,909
267,397
423,023
304,937
254,228
457,915
243,451
393,069

50,622
66,889
64,595
96,169
147,401
77,039
75,792
94,478
25,277
82,324

189,971
173,254
76,314
171,228
275,622
227,898
178,436
363,437
218,174
310,745

¥11,879
32,514
14,351
¥72,739
18,646
¥4,044
50,672
19,856
41,193
53,645

9,623
¥4,407
¥13,009
7,793
11,010
¥3,747
¥12,977
5,718
15,238
¥6,200

80,049
81,660
84,431
85,938
85,192
82,652
82,578
86,824
78,942
76,594

1995
1996
1997
1998
1999
2000
2001
2002
2003
2004

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

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