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111th Congress, 1st Session

Economic Indicators
OCTOBER 2009
(Includes data available as of November 6, 2009)

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

UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 2009

JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
CAROLYN B. MALONEY, New York, Chair
CHARLES E. SCHUMER, New York, Vice Chairman

HOUSE OF REPRESENTATIVES

MAURICE D. HINCHEY, New York
BARON P. HILL, Indiana
LORETTA SANCHEZ, California
ELIJAH E. CUMMINGS, Maryland
VIC SNYDER, Arkansas
KEVIN BRADY, Texas
RON PAUL, Texas
MICHAEL C. BURGESS, M.D., Texas
J O H N CAMPBELL, California

SENATE

JEFF BINGAMAN, New Mexico
AMY KLOBUCHAR, Minnesota
ROBERT P. CASEY, J R . , Pennsylvania
JIM WEBB, Virginia
MARK R. WARNER, Virginia
SAM BROWNBACK, Kansas
JIM D E M I N T , South Carolina
JAMES E. RISCH, Idaho
ROBERT F. BENNETT, Utah

GAIL COHEN, Acting Executive Director

COUNCIL OF ECONOMIC ADVISERS
CHRISTINA D. ROMER, Chair
AUSTAN D. GOOLSBEE, Member
CECILIA E. ROUSE, Member

[PUBLIC LAW 120—81ST CONGRESS; CHAPTER 237—1ST SESSION]

JOINT RESOLUTION [S.J. Res. 55]
To print the monthly publication entitled ‘‘Economic Indicators’’
Resolved by the Senate and House of Representatives of the United

States of America

in Congress assembled, That the

Joint Economic Committee be authorized to issue a monthly publication entitled ‘‘Economic Indicators,’’ and that
a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant
at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies
to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic
Committee; and the required numbers of copies to the Superintendent of Documents for distribution to depository
libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public.
Approved June 23, 1949.
Charts prepared under the direction of the Printing and Procurement Branch,
Office of the Secretary, Department of Commerce.

Economic Indicators, published monthly, is available at $5.00 a single copy
($7.00 foreign), or by subscription at $58.00 per year ($81.20 for foreign mailing)
from:
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
11

TOTAL OUTPUT, INCOME, AND SPENDING
GROSS DOMESTIC PRODUCT
In the third quarter of 2009, according to advance estimates, current-dollar gross domestic product (GDP) rose
4.3 percent (annual rate), real GDP (GDP in chained 2005 dollars) rose 3.5 percent, and the chained price index
rose 0.8 percent.
BILLIONS OF DOLLARS (RATIO SCALE)

BILLIONS OF DOLLARS (RATIO SCALE)
15,200

SEASONALLY ADJUSTED ANNUAL RATES

14,800

14,800

14,400

14,400
•

14,000

_i

G DP
IN CURREh-IT DOLLARS

13,600

\

14,000
13,600

^

13,200

13,200

^yix—^

12,800

*~y

12,800

GDP

12,400

7 ^ IN CHAINED (2005) DOLLARS
-"1

12,000
11,600

12,000
11,600

y

11,200

11,200

y

10,800

10,800

10,400

10,400

0,000

10,000
9,600

9,600
/

9,200

y

9,200

8,800

1

1999

2000

2001

2002

2003

2005

2004

2006

1

8,800

1

2008

2007

2009

COUNCIL OF ECONOMIC ADVISER3

SOURCE: DEPARTMENT OF COMMERCE

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

Period

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

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

rv ...

2009: I.
II ...
IIIp
1

Gross
Personal
private
conGross
domestic sumption domestic
product expendi- investment
tures
9,353.5
9,951.5
10,286.2
10,642.3
11,142.1
11,867.8
12,638.4
13,398.9
14,077.6
14,441.4
13,183.5
13,347.8
13,452.9
13,611.5
13,795.6
13,997.2
14,179.9
14,337.9
14,373.9
14,497.8
14,546.7
14,347.3
14,178.0
14,151.2
14,301.5

6,342.8
6,830.4
7,148.8
7,439.2
7,804.0
8,285.1
8,819.0
9,322.7
9,826.4
10,129.9
9,148.2
9,266.6
9,391.8
9,484.1
9,658.5
9,762.5
9,865.6
10,019.2
10,095.1
10,194.7
10,220.1
10,009.8
9,987.7
9,999.3

10,151.6

1,641.5
1,772.2
1,661.9
1,647.0
1,729.7
1,968.6
2,172.2
2,32
2,288.5
2,136.1
2,336.5
2,352.1
2,333.5
2,286.5
2,267.2
2,302.0
2,311.9
2,272.9

2,214.8
2,164.6
2,142.7
2,022.1
1,689.9
1,561.5
1,579.4

Exports and imports
of goods and services

Government consumption expenditures
and gross investment
Federal

Net
exports
¥262.1
¥382.1
¥371.0
¥427.2
¥504.1
¥618.7
¥722.7
¥769.3
¥713.8
¥707.8
¥775.8
¥781.4
¥805.7
¥714.3
¥729.4
¥724.8
¥698.4
¥702.5
¥744.4
¥738.7
¥757.5
¥590.5
¥378.5
¥339.1
¥387.5

Exports

Imports

Total
Total

989.3
1,093.2
1,027.7
1,003.0
1,041.0
1,180.2
1,305.1
1,471.0
1,655.9
1,831.1
1,414.0
1,456.0
1,476.0
1,538.2
1,564.9
1,602.1
1,685.2
1,771.6
1,803.6
1,901.5
1,913.1
1,706.2
1,509.3
1,493.7
1,563.2

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

1,251.4
1,475.3
1,398.7
1,430.2
1,545.1
1,798.9
2,027.8
2,240.3
2,369.7
2,538.9
2,189.8
2,237.4
2,281.7
2,252.5
2,294.3
2,326.9
2,383.6
2,474.0
2,548.1
2,640.2
2,670.5
2,296.7
1,887.9
1,832.8
1,950.7

1,631.3
1,731.0
1,846.4
1,983.3
2,112.6
2,232.8
2,369.9
2,518.4
2,676.5
2,883.2
2,474.5
2,510.5
2,533.3
2,555.2
2,294.3
2,657.4
2,700.9
2,748.3
2,808.4
2,877.1
2,941.4
2,905.9
2,879.0
2,929.4
2,958.0

554.9
576.1
611.7
680.6
756.5
824.6
876.3
9.31,47
976.7
1,082.6
928.5
930.3
932.2
935.9
942.8
968.1
991.4
1,004.3
12,808.41,03

1,069.5
1,108.3
1,114.3
1,106.7
1,138.3
1,164.3

National
defense
361.1
371.0
393.0
437.7
497.9
550.8
589.0
624.9
662.1
737.9
615.5
624.1
623.3
636.6
636.7
6311.6
674.4
680.8
703.6
725.6
763.6
758.9
750.7
776.2
,958

Nondefense
193.8
205.0
398.7
242.9
258.5
273.9
287.3
306.8
314.5
344.7
313.0
306.2
308.9
299.3
306.1
311.6
317.0
323.6
334.8
343.9
344.7
355.3
356.0
362.1
368.4

State
and
local
1,076.3
1,154.9
1,234.7
1,302.7
1,646.311
1,408.2
1,493.6
1,586.7
1,699.8
1,800.6
13,117.51
14,129.2
2,281.72
1,619.4
1,65
1,689.3
1,709.5
1,743.9
15,118.31

Final
sales of
domestic
product

9,896.9
10,324.5
10,63
11,125.8
71,180.21,798

12,588.4
13,339.0
14,058.3
14,476.2
13,117.5
13,275.4
13,38
13,579.2
13,782.5
13,97
14,148.8
14,328.0
14,382.1
1,069.5725.6 1,807.61
1,833.1 14,583.7
1,114.37 14,391.8
1,772.3 14,305.3
1,791.2 14,327.4
3795.8 14,448.6

Source: Department of Commerce, Bureau of Economic Analysis.

Gross
domestic
purchases 1

Addendum:
Gross
national
product

9,615.6
10,333.5
10,657.2
11,069.5
11,646.3
12,486.4
1,493.61
14,168.2
14,791.4
15,149.2
13,959.3
14,129.2
14,258.6
14,325.8
14,525.0
14,722.0
14,878.3
15,040.3
1,038.3
15,236.4
15,304.2
14,391.8
14,556.5
14,490.3
14,689.0

9,381.3
9,989.2
.0218.71
10,691.4
11,210.8
11,959.0
12,5
13,471.3
14,193
14,583.3
13,264.0
10.5930.3
13,514.8
13,683.2
13,859.5
14,073.3
14,878.3
14,522.2
14,544.9
1,807.6
14,707.5
14,454.3
14,277.9
14,243.8

REAL GROSS DOMESTIC PRODUCT
[Billions of chained (2005) dollars; quarterly data at seasonally adjusted annual rates]

Gross private
domestic investment
Period

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

rv ..

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

rv ..

2009: I ....
II ...

Personal
Gross
conNonresidomestic sumption dential
product expendi- fixed
tures
investment
10,779.8
11,226.0
11,347.2
11,553.0
11,840.7
12,263.8
12,638.4
12,976.2
13,254.1
13,312.2
12,915.9
12,962.5
12,965.9
13,060.7
13,099.9
13,204.0
13,321.1
13,391.2
13,366.9
13,415.3
13,324.6
13,141.9
12,925.4
12,901.5
13,014.0

7,240.9
7,608.1
7,813.9
8,021.9
8,247.6
8,532.7
8,819.0
9,073.5
9,313.9
9,290.9
8,986.6
9,035.0
9,090.7
9,181.6
9,265.1
9,291.5
9,335.6
9,363.6
9,349.6
9,351.0
9,267.7
9,195.3
9,209.2
9,189.0
9,265.1

1,200.9
1,318.5
1,28
1,180.2
1,191.0
1,263.0
1,347.3
1,453.9
1,544.3
1,569.7
1,424.9
1,450.3
1,466.0
1,474.5
1,489.6
1,530.3
1,565.8
1,591.3
1,598.9
1,604.4
1,579.2
1,496.1
1,321.2
1,288.4
1,280.2

Resi- Change
dential in prifixed
vate
invest- invenment
tories
574.2
68.5
580.0
60.2
583.3 ¥41.8
613.8
12.8
664.3
17.3
729.5
66.3
775.0
50.0
718.2
59.4
585.0
19.5
451.1
¥25.9
775.2
65.8
740.1
72.5
697.4
67.5
660.2
31.8
631.7
14.5
610.4
23.3
572.9
29.8
525.0
10.3
483.2
.6
462.9 ¥37.1
443.3 ¥29.7
415.0
¥37.4
367.9
¥113.9
344.4 ¥160.2
362.9 ¥130.8

Exports and imports of
goods and services

Government consumption expenditures
and gross investment
AddenFinal
Gross
sales of domestic dum:
Gross
domestic
purproduct chases 1 national
product

Federal
Net
exports

¥356.6
¥451.6
¥472.1
¥548.8
¥603.9
¥688.0
¥722.7
¥729.2
¥647.7
¥494.3
¥732.6
¥732.8
¥756.5
¥694.9
¥705.0
¥683.4
¥638.4
¥564.0
¥550.9
¥476.0
¥479.2
¥470.9
¥386.5
¥330.4
¥348.3

Exports

Imports

1,094.3
1,188.3
1,121.6
1,099.2
1,116.8
1,222.8
1,305.1
1,422.0
1,546.1
1,629.3
1,388.8
1,412.1
1,414.1
1,473.2
1,485.9
1,504.8
1,569.9
1,624.0
1,623.4
1,670.4
1,655.2
1,568.0
1,434.5
1,419.5
1,469.1

1,450.9
1,639.9
1,593.8
1,648.0
1,720.7
1,910.8
2,027.8
2,151.2
2,193.8
2,123.5
2,121.3
2,144.9
2,170.5
2,168.1
2,190.8
2,188.1
2,208.3
2,188.0
2,174.3
2,146.5
2,134.4
2,038.9
1,821.0
1,749.8
1,817.3

1
GDP less exports of goods and services plus imports of goods and services.
NOTE.—Because of the formula used for calculating real GDP, the chained (2005) dollar
estimates for the detailed components do not add to the chained-dollar value of GDP or to any
intermediate aggregates.

Total
Total

National
defense

Nondefense

2,056.1 694.6 455.8
2,097.8 698.1 453.5
2,178.3 726.5 470.7
2,279.6 779.5 505.3
2,330.5 831.1 549.2
2,362.0 865.0 580.4
2,369.9 876.3 589.0
2.02,1 894.9 598.4
2,443.1 906.4 611.5
2,518.1 975.9 659.4
2,397.1 900.5 595.6
2,399.1 892.8 597.2
2,402.7 892.0 594.3
2,409.4 894.4 606.5
2,409.5 882.8 594.7
2,435.4 898.7 607.1
2,458.9 919.0 621.7
2,468.7 925.1 622.4
2,484.7 943.4 634.8
2,506.9 961.3 645.6
2,536.6 991.6 675.4
2,544.0 1,007.3 681.7
2,527.2 996.3 672.8
2,568.6 1,023.5 695.2
2,583.4 1,043.1 709.3

238.7
244.4
255.5
273.9
281.7
284.6
287.3
296.6
294.9
316.4
305.0
295.7
297.7
287.8
,805.01
291.6
297.2
302.7
308.6
315.8
315.9
325.4
323.4
328.2
333.6

State
and
local

1,361.8
1,681.41
1,452.3
1,500.6
1,499.7
12,198.21
1,493.6
1,507.2
1,536.7
1,543.7
1,496.6
1,506.3
1,510.8
1,515.0
1,526.5
1,536.5
1,540

10,715.7
11,167.5
11,391.7
11,543.5
11,824.8
1,910.82,362
12,588.4
1,507.21
13,234.3
13,341.2
12,851.3
12,891.0
12,898.3
06.5287.8
13,086.4
13,179.6
1,540.013
2.4302.7 13,381.1
1,541.9 13,363.5
1,546
13,453.5
1,547.0 1,547.013
1,007.3 13,193.5
1,53
13,055.8
2,568.61,0 13,077.8
1,043.17 13,160.4

11,141.1 10,812.1
11,681.4 11,167.511,68
11,825.7 11,404.6
12,107.7 11,606.9
1,499.711,82 1 1 , 8 2
12,95
12,198.212,95
1,493.61 1 2 , 5
13,705.7 13,046.1
13,901.6 13,362.8
13,801.2 13,442.6
13,648.7 1,496.612
13,695.5 13,035.4
13,722.8 13,025.1

13,027
13,805.0
13,887.6
13,959.7
13,954.2
13,916.4
13,885.5
13,798.8
13,604.0
13,303.1
13,225.9
13,355.9

13,129.5
13,160.5
13,275.9
13,451.5
13,563.3
13,525.4
13,533.7
13,7
13,240.5
13,303.1
12,986.8

Source: Department of Commerce, Bureau of Economic Analysis.

CHAINED PRICE INDEXES FOR GROSS DOMESTIC PRODUCT
[Index numbers, 2005 = 100; quarterly data are seasonally adjusted]
Gross private
domestic investment

Personal consumption
expenditures

Period

1999 ..................86.
2000 ..................88.
2001 ..................90.
2002 ..................92.
2003 ..................94.
2004 ..................96.
2005 ..................100.
2006 ..................103.
2007 ..................106.
2008 ..................108.
2006: I ............102.
II
Ill

rv
2007: I ............105.
II
Ill

rv
2008: I ............107.
II
Ill

rv
2009: I ............109.
II

Gross
domestic
product

86.766
88.648
90.654
92.113
94.099
96.769
100.000
103.263
106.221
108.481
102.071
102.980
103.763
104.237
105.327
106.026
106.460
107.072
107.577
108.061
109.130
109.155
109.661
109.656
109.870

Total

87.596
89.777
91.488
92.736
94.622
97.098
100.000
102.746
105.502
109.031
101.803
102.567
103.316
103.298
104.250
105.074
105.681
107.005
107.974
109.021
110.273
108.855
108.449
108.814
109.564

Goods

95.603
97.520
97.429
96.430
96.380
97.867
100.000
101.508
102.789
106.150
101.116
101.765
102.329
100.822
101.612
102.548
102.627
104.370
105.689
106.678
108.451
103.784
102.186
102.864
104.227

m>

Source: Department of Commerce, Bureau of Economic Analysis.

Services

83.515
85.824
8897.4298
90.807
93.692
97.09897
100.000
102.746101
106.964
110.582
102.171
102.998
103.844
104.630
105.668
106.433
107.327
108.427
109.213
110.296
111.275
111.542
111.749
111.954
112.387

Nonresidential
fixed
96.173
91.999
9 8 8
95.363
95.355
96.834
100.000
103.4
102.789
107.897
102.279
103.112
103.878
104.8
105.668105.6
105.074

106.354
106.693
106.617
107.161
108.314
109.498
109.154
107.993
106.639

Exports and imports of
goods and services

Government consumption expenditures
and gross investment
Federal

Residential fixed
74.151
77.415
80.994
83.002
86.953
93.296
100.000
101.5081
107.513
105.779
104.890
105.940
106.295
107.199
107.604
104107
107.455
107.686
106.6171
106.838
105.807
109.498
109.15
100.554
99.537

Exports

Imports
Total

90.408
91.99
91.627
91.253
93.216
96.517
100.000
103.447
107.513
112.389
104.8
103.112105

104.5
104.8
105.355
102.548106
107.396
109.144
111.156
113.890
115.638
103.7841

115.5
102.864
106.464

86.250
89.963
85.612
86.784
89.796
94.14
100.000
103.534
106.209107
119.559
103.243
104.322
104.8831

107.19
105.3551
106.332
107.937
113.08
117.234
123.069
125.203
112.730
103.746
105.2841
104.227

79.036
82.524
85.019
86.8
91.024
95.335
100.000
103.447
107.754
112.38
102.1
104.187
104.502
104.868107

105.68
107.307
107.896
108.577
110.077
111.265
110.273108.4
110.628
111.74
105.284104
111.622

National
defense
79.225
81.821
83.484
86.624
91.7749
94.895
100.000
103.4681
1 0 . 6
112.3
103.336
104.499

104.3
104.965
107.089
106.332
107.93
109.389
110.857
112.402
113.059
111.334
111.084
111.664
111.62211

Nondefense
81.188
83.907
85.612
88.689
91.774
96.234
100.000
101.508
108.2
106.15
102.171102
104.4991
103.8
103.972
106.243
106.858
107.8
106.908
108.469
10.2
109.149
109.498
9109.15
110.320
112.38710

State
and local

79.036
82.482
85.019
86.810
90.425
94.062
100.000
105.276
9107.5
116.642
103.307
104.916
105.990
103.972
108.527
109.949
111.009
112.975
114.803
116.877
118.493
116.396
115.587
115.713
106.6399

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

Index numbers, 2005 = 100
Gross domestic product (GDP)
Real GDP
(chain-type
quantity
index)

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

85.295
88.825
89.783
91.412
93.688
97.036
100.000
102.673
104.872
105.331
99.175
99.598
100.354
100.873
102.196
102.564
102.592
103.341
103.652
104.475
105.402
105.957
105.764
106.147
105.430
103.984
102.271
102.082
102.972

rv
2008: I .
.

II
III
IV
2009: I .
.
II
1

GDP
chain-type
price
index

86.766
88.648
90.654
92.113
94.099
96.769
100.000
103.263
106.221
108.481
98.774
99.445
100.470
101.312
102.071
102.980
103.763
104.237
105.327
106.026
106.460
107.072
107.577
108.061
109.130
109.155
109.661
109.656
109.870

GDP
implicit
price
deflator

86.7668
88.647
90.650
92.118
94.100
96.770
100.000
103.257
106.214
108.483
98.766
99.438
100.461
101.309
102.071
102.973
103.756
104.218
105.32710
106.008
106.447
107.069
107.534
108.069
109.172
109.172
109.691
109.686
109.893

Personal consumption
expenditures (PCE)
PCE
(chain-type
price index)

PCE
less food
and energy
price index

87.596
89.777
91.488
92.736
94.622
97.098
100.000
102.746
105.502
109.031
98.754
99.374
100.495
101.377
101.803

89.555
91.111
92.739
94.345
95.784
97.788
100.000
102.292
104.699
107.207

108.449
108.814
109.0844

Quarterly percent changes are at annual rates.

GDP
implicit
price
deflator

PCE
(chain-type
price index)

PCE
less food
and energy
price index

4.8
4.1
1.1
1.8
2.5
3.6
3.1
27
2.1
.4
4.1
1.7
3.1
2.1
5.4
1.4
.1
3.0
1.2
3.2
3.6
2.1

1.5
2.2
2.3
1.6
2.2
2.8
3.3
3.3
2.9
2.1
3.8
2.7
4.2
3.4
3.0
3.6
3.1
1.8
4.2
2.7
1.6
2.3

1.5
2.2
2.3
1.6
2.2
2.8
3.3
3.3
2.9
2.1
3.7
2.7
4.2
3.4
3.0
3.6
3.1
1.8
4.3
2.7
1.7
2.4

1.6
2.5
1.9
1.4
2.0
2.6
3.0
2.7
2.7
3.3
2.4
2.5
4.6
3.6
1.7
3.0
3.0
2.1
3.7
3.2
2.3
5.1

1.5
1.7
1.8
1.7
1.5
2.1
2.3
2.3
2.4
2.4
2.9
2.2
1.6
2.7
2.0
2.9
2.3
2.1
2.8
1.8
2.3
3.1

1.0
3.5
1.4
¥5.4
¥4.6
¥.8
4.3

103.76310
103.154
103.862
104.318
104.904
105.714
106.33
106.976
107.652
107.866
108.173
108.712
109.564

107.974
109.021
110.273
108.855

GDP
chain-type
price
index

6.4
6.4
3.4
3.5
4.7
6.5
6.5
6.0
5.1
2.6
8.0
4.5
7.4
5.6
8.6
5.1
3.2
4.8
5.5
6.0
5.3
4.5

1.7
1.5
¥2.7
¥5.4
¥6.4
¥.7
3.5

1.9
1.8
4.0
.1
1.9
.0
.8

1.7
2.0
4.1
.0
1.9
.0
.8

3.7
3.9
4.7

2.4
2.4
2.6
.8
1.1
2.0
1.4

101.325
102.567

104.250
105.074
1.61
107.005

Real GDP
(chain-type
quantity
index)

GDP
(current
dollars)

99.229
99.768
100.172
100.8731

102.97
103.756
103.298

Personal consumption
expenditures (PCE)

Gross domestic product (GDP)

¥5.0
¥1.5
1.4
2.8

Source: Department of Commerce, Bureau of Economic Analysis.

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

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

Unit nonlabor cost

Period
Total

Compensation of employees
(unit labor
cost)

Consumption of
fixed
capital

Taxes
on production
and imports 3

Net interest and
miscellaneous
payments

Current
dollars

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

........................................................5,
........................................................5,
........................................................6,
........................................................6,

........................................................6,
I ...................................................6,
II
III ................................................6,
IV
2007- I
II .................................................6,
III
IV ................................................7,
2008: I ...................................................6,
II
III ................................................7,
IV
2009- I
II .................................................6,

Chained
(2005)
dollars

4,955.5
5,279.4
5,252.5
5,307.7
5,503.7
5,877.5
6,302.8
6,740.3
6,970.1
6,971.5

5,422.5
5,707.9
5,604.6
5,629.3
5,767.4
6,040.4
6,302.8
6,536.5
6,649.4
6,675.5

0.914
.925
.937
.943
.954
.973
1.000
1.031
1.048
1.044

0.601
.621
.635
. 0
.633
.627
. 1
. 0
.656
.663

0.214
.222
. 6
.237
.237
.234
.243
.250
.264
.275

0.099
.103
.113
.116
.116
.115
.118
.123
.128
.135

0.085
.085
.088
.092
.095
.097
.101
.102
.102
.104

0.0320
.034
.035
.029
.026
.022
.024
.025
.034
.036

6,629.5
6,668.1
6,811.8
6,851.8
6,909.3
6,988.8
6,949.7
7,032.6
6,934.9
6,974.4
7,042.4
6,934.1

6,505.1
6,480.0
6,567.2
6,593.8
6,597.4
6,649.8
6,624.9
6,725.5
6,664.3
6,735.8
6,722.6
6,579.3

1.019
1.029
1.037
1.039
1.047
1.051
1.049
1.046
1.041
1.035
1.048
1.054

.635
.01
.637
.647
.654
.653
.659
.659
.665
.658
.61
.10

.245
. 0
.050
.253
.258
.263
.268
.268
.271
.272
.274
.282

.102.0
.123
.123
.124
.126
.127
.129
.129
.132
.132
.135
.139

.102
.103
.102
.102
.102
.102
.103
.102
.103
.103
.104
.105

6,703.8
6,644.4

6,278.8
6,244.0

1.068
1.064

.675
.667

.293
.292

.146
.145

.109
.10

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.

s

Total

Corporate profits with inventory
valuation and capital consumption
adjustments 4
Total

5

Profits
after
tax 5

0.032
.030
.020
.017
.023
.031
.043
.047
.045
.036

0.067
.052
.046
.059
.061
.081
.083
.094
.082
.071

.023
.024
.025
.027
.030
.034
.036
.037
.036
.037
.035
.038

0.098
.082
.066
.076
.084
.112
.127
.141
.127
.107
.139
.138
.050
.138
.135
.135
.122
.118
.105
.106
.114
.102

.045
.048
.050
.045
.047
.046
.043
.044
.038
.039
.038
.027

.093
.090
.100
.093
.087
.089
.079
.074
.066
.067
.076
.075

.038
.037

.100
.106

.032
.035

.069
.071

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

4

Taxes on
corporate
income

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

National
income

Period

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

...........8,
...........8,
...........9,
...........9,

I
II ....
Ill ...

rv ...
2007: I
II
Ill
IV
2008: I
II
Ill
IV
2009: I
II

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

8,358.0
8,938.9
9,185.2
9,408.5
9,840.2
10,534.0
11,273.8
12,031.2
12,448.2
12,635.2
11,838.2
11,965.9
12,093.0
12,227.9
12,253.9
12,421.1
12,482.2
12,635.4
12,661.5
12,664.4
12,781.0
12,433.9
12,208.9
12,129.9

IIIP
1

Compensation
of
employees

5,353.9
5,788.8
5,979.3
6,110.8
6,382.6
6,693.4
7,065.0
7,477.0
7,856.5
8,037.4
7,353.7
7,419.9
7,484.1
7,650.3
7,757.2
7,819.7
7,869.6
7,979.3
8,017.5
8,032.8
8,069.1
8,030.3
7,825.8
7,727.8
7,726.9

Farm

Nonfarm

718.3
787.8
840.2
871.8
894.1
984.1
1,025.9
1,103.6
1,056.9
1,057.5
1,098.5
1,104.8
1,102.8
1,108.4
1,057.5
1,060.3
1,055.7
1,054.2
1,057.9
1,062.5
1,065.1
1,044.5
1,010.5
999.1
1,009.8

28.5
29.6
30.5
18.5
36.5
49.7
43.9
29.3
39.4
48.7
28.4
28.4
28.4
32.2
36.7
35.7
37.5
47.9
57.2
49.4
49.3
3.98,0
27.3
28.9
28.5

Corporate profits with inventory valuation and
capital consumption adjustments

Rental
income
of
persons
with
capital
consumption
adjustment

208.2
215.3
232.4
218.7
204.2
198.4
178.2
146.5
144.9
210.4
161.3
153.2
140.3
131.2
121.1
140.3
150.2
168.0
179.9
202.8
222.2
236.7
245.9
262.0
279.2

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

Total

856.3
819.2
5840.2
872.2
977.8
1,246.9
1,456.1
1,608.3
1,541.7
1,360.4
1,590.9
1,597
1,655.1
1,589.6
1,535.4
1,594.9
1,537.1
7,979.34
1,459.7
1,403.7
1,454.6
1,123.6
1,182.7
1,226.5

776.6
755.7
720.8
762.8
892.2
1,195.1
1,025
1,784.7
1,056.914
1,424.5
1,781.9
1,771.4
1,102.8
1,762.7
1,535.4
1,594.91
1,732.9
1,054.21

780.5
772.5
712.7
765.3
903.5
1,229.4
1,640.2
1,822.7
1,774
1,462.7

1,057.9
1,463.8
1222.2
1,199.3
1,327.6
1,355.1

1,620.8
1,593.5
1,576.6
1,060.1

With inventory valuation and capital consumption adjustments.

161.3
1,819.8
1,655.1
1,589.61,7
1,747.6
1,808.6
1,758.2
1,783.1

1,246.5
1,337.1

Capital
consumption
adjustment

Inventory
valuation
adjustment

¥4.0
¥16.8
8.0
¥2.6
¥11.3
¥34.3
¥30.7
¥38.0
¥44.0
¥38.2
¥33.4
¥48.4
¥42.3
¥28.0
¥42.2
¥29.5
¥25.3
¥79.0
¥107.9
¥129.6
¥54.5
139.2
81.1
18.1

Net
interest
and
miscellaneous
payments

Taxes
on
production
and
imports

481.4
539.3
544.4
506.4
504.1
461.6
543.0
652.2
739.2
815.1
608.9
654.4
661.6
684.0
690.6
711.3
756.0
798.9
790.7
809.0
806.1
854.7
826.2
784.4
764.6

673.6
708.6
727.7
762.8
806.8
863.4
930.2
986.8
1,028.7
1,047.3
971.5
983.3
991.6
1,000.7
1,015.3
1,025.2
1,032.2
1,042.3
1,042.5
1,050.8
1,058.5
1,037.3
1,018.8
1,019.6
1,028.2

79.7
63.6
63.4
109.4
85.6
51.8
¥153.4
¥176.4
¥188.7
¥64.1
¥191.0
¥173.7
¥167.7
¥173.2
¥170.0
- 184.2
¥195.8
¥204.7
¥53.2
¥60.1
¥67.6
¥75.6
- 144.9
¥128.6
¥120.3

Less:
Subsidies

Business
current
transfer
payments

45.2
45.8
58.7
41.4
49.1
46.4
60.9
51.4
54.8
53.5
55.6
51.4
49.8
48.7
49.2
58.3
56.0
55.4
53.1
52.9
52.9
55.2
55.5
54.9
67.9

69.0
87.0
101.3
82.4
76.1
81.7
95.9
83.0
102.2
118.8
82.8
79.3
83.6
86.1
97.8
99.0
105.0
107.0
114.8
112.6
116.0
131.8
137.9
145.4
124.5

Current
surplus
of government
enterprises

14.1
9.1
4.0
6.3
7.0
1.2
¥3.5
¥4.2
¥6.6
¥6.9
¥2.4
¥3.8
¥4.7
¥6.0
¥8.4
¥6.9
¥4.9
¥6.0
¥5.6
¥6.3
¥6.9
¥8.9
¥10.7
¥8.8
¥6.3

Source: Department of Commerce, Bureau of Economic Analysis.

REAL PERSONAL CONSUMPTION EXPENDITURES
[Billions of chained (2005) dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Services

Goods

Period

1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2006: I
II
Ill

rv
2007: I
II
Ill

rv
2008: I
II
Ill
IV
2009: I
II
IIIp ...
1

Total
personal
consumption
expenditures

7,240.9
7,608.1
7,813.9
8,021.9
8,247.6
8,532.7
8,819.0
9,073.5
9 313.9
9,290.9
8,986.6
9,035.0
9,090.7
9,181.6
9,265.1
9,291.5
9,335.6
9,363.6
9,349.6
9,351.0
9,267.7
9,195.3
9,209.2
9,189.0
9,265.1

Nondurable

Durable

Total
goods

2,395.3
2 521 7
2,600.9
2,706.6
2,829.9
2,955.3
3,073.9
3,173.9
3,273.7
3,206.0
3,145.7
3,150.8
3,176.4
3,222.5
3,253.9
3,255.4
3,280.6
3,304.8
3,262.1
3,257.8
3,193.6
3,110.4
3,129.8
3,105.4
3,166.3

Total
durable
goods1

753.8
819.9
864.4
930 0
986.1
1,051.0
1,105.5
1,150.4
1,199.9
1,146.3
1,142.3
1,139.4
1,152.1
1,167.9
1,183.7
1,189.9
1,205.0
1,221.2
1,193.2
1,175.7
1,139.6
1,076.8
1,087.2
1,071.7
1,127.2

Motor
vehicles
and
parts

345.1
356.1
374.3
394.0
405.3
411.3
409.6
396.6
402.4
347.5
393.3
393.2
400.3
399.7
402.4
404.1
400.5
402.6
384.4
361.4
337.8
306.2
311.2
306.2
342.4

Total
nondurable
goods 1

1,660.9
1,714.7
1,745.6
1,780.2
1,845.6
1,904.6
1,968.4
2,023.6
2,074.8
2,057.3
2,003.7
2,011.6
2,024.5
2,054.7
2,070.3
2,066.1
2,076.8
2,086.0
2,070.1
2,081.4
2,051.5
2,026.1
2,035.5
2,025.7
2,035.9

Food and
beverages
purchased
for offpremises
consumption
587.4
600 6
607.6
.0394.0
622.4
639.2
665.0
686.2
700 7
700.7

292.5
287.1
289.2

3726.07
684.2
686.6
59.45

296.4
297.2
300.0
299.9

700.8
696.2
699.2
706.6

301.5
30.11,3
,055.55
298.5

708.0
9289.9
139.6
686.4

292.6
289.9

687.4
693.5
702.0

Includes other items, not shown separately.
Food consists of food and beverages purchased for off-premises consumption; food services,
which include purchased meals and beverages, are not classified as food.
NOTE.—Because of the formula used for calculating real GDP, the chained (2005) dollar
2

Gasoline
and
other
energy
goods

2.0
302.2
306.5
304.8
298.4
,074.87
287.4

20.1

287.2
293.2
294.0
295.4

Total
services 1

4,852.8
5,093.3
5,218.7
5,318.1
5,418.4
5,577.6
5 745.1
5,899.7
6,040.8
6,083.1
5,841.0
6684.2
5,914.3
5,959.4
6,011.7
6,036.2
6,055.5
6,059.7
6,087.1
6,092.5
6,072.4
6,080.4
6,076.0
6,078.8
6,096

Household
consumption
expenditures

4,690.4
4 917.8
5,218
5 109.3
5,199.0
5,359.3
5,531.0
5,664
5,796.1
5,817.6
5,618.2
5,652.1
5,671.4
5,716.0
3700.8
5,799.2
56,055.55,8
5,804.8
5,827.3
5.7361.42
5,805.2
5,806.6
5,817.2
5,826.7
5,846.3

Housing
and
utilities

1,660.958
1,413.7
5,218.75
1,462.0
1,480.2
1,512.8
1,582.8
1,616.7
1,631.8
3347.52
1,598.9
1,617.8
1,627.6
3,222.5
1,629.3
1,630.1
1,634.6
116.1
1,643.8
1,647.3
1,641.6
1,656.3
1,656.9
1,651.8
1,652.9

Health
care

8345.11,6
1,081.5
1,135.4
1,202.3
5,199.01,4
12.81,26
1,316.0
1,340.0
1,631.81,375

1,64
1,598.91,3
9.4393.2
1,335.8
1,347.7
1,365.1
1,630.11,37
1,377.6
1,387.6
1,409.0
1.4708.92
8,120.11
1,422.4
1,434.3
1,448.2
1,456.6

Financial
services
and
insurance

605.6
665.4
660.7
658.3
657.8
691.8
712.6
735.4
772.3
759.8
726.0
731.3
735.6
748.8
762.8
776.7
779.1
770.5
766.1
763.8
758.5
750.6
751.4
756.1
762.9

Addendum:
Personal
consumption
expenditures
excluding
food and
energy2

6,202.5
1,081.56
1,745.6607
6,941.9
7,142.0
7,402.6
5,531.01,58

5,899.7
8,126.3
8,123.6
7,837.8
7,868.0
5,914.3
8,002.8
8,074.9
6,036.25,7

81,634
8,177.1
81,409.07
81.4708

80.1

8,038.7
6,076.05,817
6,078.85,82

8 095.7

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

16.9
17.3
17.1
16.8
16.6
16.9
16.9
16.5
16.1
13.2
16.8
16.4
16.5
16.3
16.3
16.1
15.9
16.1
15.3
14.1
12.9
10.5
9.5
9.6
11.5

estimates for the detailed components do not add to the chained-dollar value of GDP or to any
intermediate aggregates.
Source: Department of Commerce, Bureau of Economic Analysis

SOURCES OF PERSONAL INCOME
Personal income fell $0.1 billion (annual rate) in September following an increase of $17.4 billion in August. Wages
and salaries fell $11.1 billion in September following an increase of $12.5 billion in August.
BILLIONS OF DOLLARS* (RATIO SCALE)
13,000
12,000
11,000
10,000

BILLIONS OF DOLLARS* (RATIO SCALE)
13,000
~ —5=--^—=====
12,000
11,000
10,000
9,000
8,000

• —

1

-^

• » • "

9,000
8,000

5—

\
TOTAL PERSON

7,000

7,000

6,000

6,000
5,000

O SALARY DISBl

4,000

4,000
OTHER INC OME

3,000

3,000

2,000

2,000

F ERSONALCURRE NT
1 RANSFER RECEI T S

1 X-

J.1J--

^
1,400

1,400
_

.

.

- ' • • "

800

800

1 1 M 1 ! 1 1 M i1 i i i i 1 i i i i i t 1 1 1 1 1 1 1 1 M

2001

2002

2003

M l l l l l l l l l

2005

2004

2006

1 1 1 1 1 I 1 1 1 1 1! ! 1 ! 1 I 1 I 1
i 1

2007

2008

"SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE

2009

COUNCIL OF ECONOMIC ADVISERS

Billions of dollars; monthly data at seasonally adjusted annual rates]
Compensation of employee s, received

Period

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

.................8,
.................9,
.................9,

Sept
Oet
Nov
Dee
2009: Jan
Feb
Mar
Apr
May
June
July r
Aug r
Septp
1
2
s

Total
personal
income

7,910.8
8,559.4
8,883.3
9,060.1
9,378.1
9,937.2
10,485.9
11,268.1
11,894.1
12,238.8
12,306.6
12,268.2
12,235.6
12,196.6
12,038.3
11,937.1
11,882.7
11,911.6
12,069.6
11,934.3
11,944.7
11,962.1
11,962.0

Total

5 348.8
5,788.8
5,979.3
6,110.8
6,367.6
6,708.4
7,060.0
7,475.7
7,862.7
8,042.4
8,067.8
8,071.6
8,058.2
8,021.2
7,863.0
7,798.4
7,756.0
7,737.5
7,731.6
7,714.3
7,720.9
7,735.4
7,724.5

Wage and
salary
disbursements

4,460.0
4,827.7
4,952.2
4,997.3
5,139.6
5,425.7
5,701.0
6 068 9
6,408.9
6,545.9
6,565.1
6,566.3
6,550.2
6,514.0
6,362.2
6,301.0
6,260.3
6,241.3
6,234.4
6,216.8
6,221.7
6,234.2
6,223.1

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

Supplements to
wages
and
salaries

888.8
961.2
1,027.1
1,113.5
1,228.0
1,282.7
1,359.1
6,068.9
1,453.8
1,496.6
1,502.7
1,505.3
1,507.9
1,507.2
1,500.9
1,497.4
1,495.7
1,496.2
1,497.2
1,497.5
1,499.2
1,501.2
1,501.3

Proprietors' income 1

Farm

Personal income receipts on assets

Nonfarm

Rental
income
of
persons 2

Total

Personal
interest
income

28 5
29.6
30 5
18.5
.6 5
49.7
43.9
29.3
39.4
48.7
47.3
42.0
68,05
36.7
66.0
26.1
25.0
27.1
29.1
30.6
29.8
28.6
27.0

718.3
787.8
840 2
8218
894 1
984.1
1,025.9
1 103 6
1,056.9
1,05
1,062.1
1,056.6
1,043.8
1,033.2
1,019.2
1,010.1
1,002.1
998.9
997.7
1,000.6
1,006.0
1,010.6
1,012.9

208.2
215.3
232 4
218.7
204 2
198.4
178.2
146.5
,408.9
210.4
228.1
234.2
237.0
13.89
242.2
245.9
249.7
255.4
261.9
268.7
273.9
279.1
284.5

1,246.8
1,360.7
1 346 0
1,309.6
1,312.9
1,408.5
1,542.0
1,829.7
2,031.5
1,994.4
2,006.5
1,975.0
1,956.5
1,033.2238
1,894.0
1,845
1,797.1
1,785.2
7,731.66,234
1,497.5

1,753.7
1,739
6,223.1

910.9
984.2
976 5
911.9
889.8
860.2
987.0
1,127.5
1,056.914
1,308.0
1,337.0
1,308.3
1,956
2238.9
1,261.0
1,243.4
1,225.8
1,233.5
1,241.1
6268.7
1,006.0273
1,010.6279
6,223.11,5

Personal
dividend
income

335.9
376.5
369.5
397.7
423.1
548.3
555.0
702.2
765.1
686.4
669.6
666.7
664.8
913.89
633.0
602.1
571.2
551.8
532.3
512.8
512.3
506.0
499.6

Source: Department of Commerce, Bureau of Economic Analysis.

Personal
current
transfer
receipts 3

1,246
1,083.0
1,188.1
1,282.1
1,341.7
1,415.5
1,508.6
1,605.0
1,718.0
1,875.9
1,890.2
1,056.6234
1,043.8
1,033.2238
1.0633.0
1,979.7
2,016.2
2,068.3

7261.91
2,116.6
229.81
2,128.7
2,146.0

Less: Contributions
for government social
insurance,
domestic

661 3
705.8
733.2
751.5
778.9
827.3
872.7
921.8
959.3
990.6
995.4
995.6
994.3
990.0
977.1
968.6
963.3
960.9
960.2
958.0
958.6
960.3
958.9

DISPOSITION OF PERSONAL INCOME
According to advance estimates, per capita disposable personal income in chained (2005) dollars fell at an annual
rate of 4.4 percent in the third quarter of 2009.
BILLIONS OF DOLLARS* (RATIO SCALE)
11,500
11,000
10,500
10,000

BILLIONS OF DOLLARS* (RATIO SCALE)

11,500
11,000
10,500
10,000

DISPOSA BLE PERSONSkL INCOME

9,500

9,500

9,000

9,000

8,500

8,500
PERSONAL OUTLAYS

8,000

8,000

7,500

7,500
SAVING

7,000

7,000

6,500
6,000

6,500
1

1 I

I I I

S j 1

1

1 1

1

1 1

1

1 !

1

1 !

!

1 1

1

1 1

1

DOLLARS* (RATIO SCALE)
38,000
36,000

1 !

!

!

!

6,000

DOLLARS* (RATIO SCALE)
38,000

PER CAPITA DISPOSABLE PERSONAL INCOME
—

34,000

—

36,000

•

CHAINED (2005) DOLLARS
34,000
32,000

30,000
_—'

28,000

30,000

CURRENT DOLLARS

^—"

28,000

-

26,000

26,000

'
24,000
22,000

24,000
1

1 1

1

1999

1 1

2000

I

i

1

2001

1

1 1

2002

1

1 !

1

2003

1 !

1

1 1

2005

2004

1

1 1

1

1 1

20O7

2006

1

1 !

2008

i

1 1

22,000

2009

COUNCILOR ECONOMIC ADVISERS

Personal
income

Period

Less:
Personal
current
taxes

Equals:
Disposable
personal
income

Less:
Personal
outlays 1

Equals:
Personal
saving

Disposable
personal
income in
billions of
chained
(2005)
dollars

Per capita
disposable personal
income
Current
dollars

Billions of dollars
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008

7,910.8
8,559.4
8,883.3
9,060.1
9,378.1
9,937.2
10,485.9
11,268.1
11,894.1
12,238.8

1,107.5 6,803.3 6,595.5
1,232.3 7,327.2 7,114.1
1,234.8 7,648.5 7,443.5
1,050.4 8,009.7 7,727.5
1,000.3 8,377.8 8,088.0
1,047.8 8,889.4 8,585.7
1,208.6 9,277.3 9,149.6
1,352.4 9,915.7 9,680.7
1,490.9 10,403.1 10,224.3
1,432.4 10,806.4 10,520.0

Chained
(2005)
dollars

Per capita personal
consumption
expenditures
Current
dollars

Chained
(2005)
dollars

Dollars
207.8
213.1
204.9
282.2
289.8
303.7
127.7
235.0
178.9
,806.4

7,766.7
8,161.5
8,360.1
8,637.1
8,853.9
9,155.1
9,277.3
9,650.7
9,860.6
9,911.3

24,356
25,945
26,809
27,806
28,36
.7303
31,338
30,3643
34,478
35,486

Percent
change
in real
per capita
disposable
personal
income

Saving as
percent of
disposable
personal
income

Population,
including
Armed
Forces
overseas
(thousands) 2

Percent

27,805
28,899
29^303
29,984
30,454
31,209
31,338
30,36
32,679
32,546

22,707
24,186
25,058
25,826
26,843
293,3
296,0
31,198
32,566
33,264

25,923
26,940
27,389
27,849
28,369
29,087
296,0
30,364
30,868
30,509

1.9
3.9
1.4
2.3
1.6
2.5
,4
3,1
1.2
¥.4

3.1
2.9
2.7
3.5
3.5
3.4
1.4
2.4
1.7
2.7

279,328
282,413
285,294
288,055
290,729

30,72530
31,05430
3299,175
31,6173
32,697
32,664
32,716
32,642
32,379
33,075
32,270
305,620
32,6133
32,652
32,290

30,725
31,054
39,982
31,617
300,6
32,398
32,656
33,081
33,262
33,521
33,522
32,752
32,613
32,585
33,001

30,182
30,278
30,386
30,609
30,818
30,835
30,901
30,917
30,806
30,747
30,399
30,087
30,071
29,944
30,119

6.8
2.6
.8
4.2
,8
¥.4
,6
¥.9
¥3.2
8.9
¥9.4
2,4
¥.6
3.0
¥4.4

22

297,743
298,399
299,175
299,965
300,644
301,332
302,108
302,865
303,498
30,7478
304,872
305,620
306,245
306,872
307,616

29,08
296,036
298,820
301,737
304,529

Seasonally adjusted annual rate 3
2006: I
II
Ill
IV
2007: I
II
Ill
IV
2008: I
II
Ill
IV
2009: I
II

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

....
....

IIIP ..
1

11,026.7
11,204.0
11,336.9
11,504.8
11,706.9
11,823.4
11,945.6
12,100.3
12,142.2
12,292.9
12,286.6
12,233.5
11,952.7
11,971.8
11,956.3

1,321.5
1,340.2
1,354.3
1,393.5
1,459.5
1,481.8
1,500.7
1,521.9
1,531.8
1,326.2
1,437.3
1,434.3
1,187.3
1,068.2
1,073.0

9,705.2
9,863.8
9,982.5
10,111.2
10,247.4
10,341.7
10,445.0
10,578.4
10,610.4
10,966.7
10,849.3
10,799.1
10,765.4
10,903.6
10,883.2

9,493.5
9,618.2
9,754.9
9,856.4
10,038.3
10,158.2
10,275.6
10,425.0
10,484.1
10,592.2
10,613.6
10,389.9
10,362.3
10,370.5
10,518.7

26.7
245.6
227.7
254.8
209.1
183.5
169.4
153.5
126.3
374.4
235.7
409.2
403.1
533.1
364.6

9,533.8
9,617.3
9,662.5
9,788.8
9,830.2
9,842.7
9,883.9
9,886.2
8,826.9
10,059.0
9,838.3
9,920.4
0,765.4
10,020.0
9,933.0

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.

32,596
33,056
33,367
33,708
34,085
34,320
34,574
34,928
34,960
10,59
35,586
3.8305
32,6133
35,531
35,379

2.5
2.3
2.5
2.0
1.8
1.6
1.5
1.2
3.4
22

3^8
3.7
4.9
3.3

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

FARM INCOME
According to the current forecast for 2009, gross farm income is forecast at $334.8 billion, and net farm income
at $54.0 billion.
BILLIONS OF DOLLARS* (RATIO SCALE)

BILLIONS OF DOLLARS* (RATIO SCALE)

440

440
400
360
320
280

400
360
320
280
GROSS FARM INCOME

240

240
200

200

160

- NET FARM INCOME

120

A

v .,—\

80

60

60

»—/
40

20
2000

2001

2002

2003

2004

2005

2008

2006

"SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE

2009

COUNCIL OF ECONOMIC ADVISERS

[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

Livestock and
products

Crops

2

Direct
Government
payments 4

Value of
inventory
changes 3

Production
expenses

Net farm
income

241.7
249.9
230.6
258.6
294.7
298.4
291.2
338.4
377.1
334.8

192.1
200.0
194.6
216.1
238.0
241.0
240.9
288.5
324.2
284.0

99.6
106.7
93.9
105.7
123.5
124.9
118.6
138.6
141.1
119.0

92.5
93.4
100.7
110.5
114.5
116.1
122.3
149.9
183.1
165.0

1.6
1.1
¥3.5
¥2.7
11.2
4.4
¥3.1
.6
¥2.4
¥1.8

23.2
22.4
12.4
16.5
13.0
24.4
15.8
11.9
12.2
12.6

191.0
195.0
191.4
197.7
207.3
219.7
232.7
267.5
290.0
280.8

50.7
54.9
39.1
60.9
87.3
78.7
58.5
70.9
87.1
54.0

Ir
IIr
IIIr
IVr

331.3
325.3
347.1
350.0

272.0
283.5
302.2
296.2

139.4
139.8
138.7
136.2

132.6
143.7
163.5
160.0

.6
.6
.7
.6

23.5
4.4
5.1
14.7

252.2
262.9
280.3
274.7

79.1
62.4
66.9
75.3

2008: Ir
II r
IIIr
IVr

407.7
367.0
380.6
353.2

340.8
322.1
333.5
300.4

142.2
141.7
140.8
139.7

198.6
180.4
192.6
160.7

¥2.5
¥2.4
¥2.4
¥2.2

24.1
4.5
5.2
15.1

304.9
288.2
298.4
268.8

102.8
78.9
82.2
84.5

2009: Ir
II r
IIIr
IVr

370.0
322.3
311.1
335.7

304.2
280.0
269.5
282.2

120.7
115.5
113.2
126.6

183.5
164.5
156.2
155.6

¥1.9
¥1.8
¥1.7
¥1.8

24.9
4.7
5.4
15.6

300.8
276.9
266.5
279.1

69.2
45.4
44.6
56.7

2000
2001 ................................249.
2002 r
2003 r
2004r
2005 r
2006 r
2007r
2008 r
2009
2007:

1
Cash marketing receipts, Government payments, value of changes in inventories, other farm
related cash income, and nonmoney income produced by farms including imputed rent of operator residences.
2
Crop receipts include proceeds received from commodities placed under Commodity Credit
Corporation loans.
s
Physical changes in beginning and ending year inventories of crop and livestock commodities
valued at weighted average market prices during the period.

4

Includes only Government payments made directly to farmers.
NOTE.—Data for 2009 are forecasts.
Source: Department of Agriculture.

CORPORATE PROFITS
In the second quarter of 2009, according to current estimates, corporate profits before tax rose $90.6 billion (annual
rate) and profits after tax rose $55.0 billion.
BILLIONS OF DOLLARS
2,000

BILLIONS OF DOLLARS
2,000

SEASONALLY ADJUSTED ANNUAL RATES

—

1,900

1,900

1,800

1,800
/

1,700

r

1,500
PROFITS BEFORE TAX

/

1,200
/

1,100

800
700
600

n

f

-—'
- .--.
-

400
300

900

V

^DISTRIBUTEE) PROFITS

800
-

600

\

-

i
i

"-—^
'

_

i

1999

i i
2000

TAXES O N
CORPORATE INCOME

* — , .

500

i
1

•

400
i

1

300
200

- . ^ ^

,

700

-

•v

I
1
1

*" 1 1 1

1,000

S

X

200
100
0

1,200

/

/

.

500

- 1,300
-

s

1

/
!
r—\

1,400

1,100

\v

j
•

900

1,500

1

/ PROFITS AFTER TAX

A

1,000

1,600

\
*-1 \ / '

1,400
1,300

1,700

V

y

1,600

-

100
1

1 1

2001

1

1 1

2002

1

1 1

1 1 1

2003

1

1 1

2005

2004

I

i I
2006

1 1 1
2007

SOURCE: DEPARTMENT OP COMMtRCE

i

i i
2008

I l l "
2009

0

COUNCILOF ECONOMIC ADVISERS

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

Profits after tax

Domestic industries
Period

Nonfinancial

Total 2
Total

1999 ............................776.
2000 ............................755.
2001 ............................720.
2002 ............................762.
2003 ............................892.
2004 ............................1,
2005 ............................1,
2006 ............................1,
2007 ............................1,
2008 ............................1,
2006: I .......................1,
II .....................1,
III.
...................1,
IV ....................1,
2007: I ......................1,
II .....................1,
III.
...................1,
IV ....................1,
2008: I ......................1,
II
Ill

rv
2009: I ......................1,
II

776.6
755.7
720.8
762.8
892.2
1,195.1
1,609.5
1,784.7
1,730.4
1,424.5
1,781.9
1,771.4
1,822.8
1,762.7
1,705.4
1,779.1
1,732.9
1,704.1
1,512.9
1,463.8
1,522.2
1,199.3
1,327.6
1,355.1

655.0
610.0
551.1
604.9
726.4
990.1
1,370.0
1,527.8
1,382.6
1,047.3
1,535.0
1,516.1
1,571.8
1,488.6
1,423.2
1,467.9
1,362.4
1,277.0
1,100.6
1,096.8
1,125.0
866.9
1,011.9
1,053.9

cial

Total 3

189.3
189.6
.58.0
265.2
311.8
362.3
443.6
448.0
367.8
278.9
466.5
467.8
434.8
422.8
384.2
406.2
378.2
302.5
357.0
330.8

465.7
420.4
323.1
339.7
414.6
627.8
926.4
1,079.9
1,014.9
768.4
1,068.5
1,048.3
1,137.0
1,065.8
1,039.0
1,061.7
984.2
974.5
743.6
766.0
827.5
736.6
758.0
773.3

.9676.65

130.3
253.9
280.7

Manufacturing

1

s

Wholesale

Utilities

5258
507
28.03
49.1
54.8
75.6
.2412

Retail

258.8
143.9
49.7
47.7
659.74
154.1
2412
304.5

33.7
25.6
25.2
12.3
12.4
19.4
29.8
04.864
44 5 1
78.21

354.664
302.3
336.4
285.0

45.2
53.1
60.8
58.4
51.3
406
47.3
51.2

354.664
100.7
107.4
102.2
107.9
117.0
107.9
76.0

127.9
137.2
318.277
102.4

323.21
463.81

75.6
56.6
85.8
111.5

75.6
80.2
77.1
79.7

94.0
32.35

8 1
75.1

21.6
175.5

288.9
316.0
2440.0
265.7
187.6
160.1
205.7
148.6
121.6
132.3

in>

2

Profits
before
tax

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

43.5
40.8
76.16
53.4

1,349.57
102.2
40.1

65.7
60.7
72.6
81.6
88.9
93.4
122.6
133.2
121.6

72
15.3
123.3
164
330.07

780.5
9129.5
712.7
265.23
903.5
119.4
1,640.2
1,822.7
1,774.4
1,462.7
1,815.3
1,819.8
1,865.1
1,790.7
1,747.6
1,808.6
1,758.2
1,783.1
1,620.8
1,593.5
1,576.6
148.640.81
1,246.5

1,337.1

Taxes
on
corporate
income
258.8
265.1
509.43
192.3
243.8
306.1
412.4
473.3
451.5
292.2
460.7
4.7691
496.6
330.07
469.5
466.5
440.0
430.1
323.2
317.5
304.8
223.3
270.3
305.9

Total

521.7
507.4
509.4
573.0
659.7
923.3
7.229.8
1,349.5
1,322.8
1,170.6
1,354.6
1,344.7

1,865

1,330.0
1,278.1
1,342.1
4378.2
1,353.0
1,297.6
1,276.0
1,271.9
836.8
976.1
1,031.1

Net
dividends

337.4
377.9
370.9
399.3
424.9
550.3
557.3
704.8
767.8
689.9
646.4
691.1
727.1
754.5
772.6
778.1
770.6
749.9
719.4
693.7
676.6
66.9
618.1
556.0
527.4

Inventory
Undisvalutributed ation adprofits justment

184.3
129.5
138.5
173.8
234.8
373.0
670.5
644.7
555.1
480.7
708.2
653.6
641.4
575.5
505.5
564.0
547.6
603.2
578.2
582.3
595.3
166.9
358.0
475.1

¥4.0
¥16.8
8.0
¥2.6
¥11.3
¥34.3
¥30.7
¥38.0
¥44.0
¥38.2
¥33.4
¥48.4
¥42.3
¥28.0
¥42.2
¥29.5
¥25.3
¥79.0
¥107.9
¥129.6
¥54.5
139.2
81.1
18.1

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

REAL GROSS PRIVATE DOMESTIC INVESTMENT
In the third quarter of 2009, according to advance estimates, nonresidential fixed investment in chained (2005)
dollars fell $8.2 billion (annual rate) and residential investment rose $18.5 billion. There was a decrease of $130.8
billion in inventories following a decrease of $160.2 billion in the second quarter.
BILLIONS OF CHAINED (2005) DOLLARS
2,400
-

BILLIONS OF CHAINED (2005) DOLLARS
2,400
SEASONALLY ADJUSTED ANNUAL RATES

r—-v

2,200

2,200
—

GROSS PRIVATE DOMESTIC

2,000

.

\

/

INVESTMENT

2,000

y

1,800

1,800

\

-

V

1,600
NONRESIDEr- 4TIAI
=IXED INVEST v\ENT

1,400

\

— • — • — "

1,600

V-

1,400

1,200

-

1,000
RESIDENTIAL
FIXED INVESTMENT

800

'

"

'

^

•

^

600
-

400

600

400

-

C H A N G E IN PRIVATE
INVEN TORIES

200

v'

0
-200

1,000

800

I..—

-

1,200

1

1 1
1999

!

200

~""\
1 1
2000

0
1 1 1
2001

1

I 1

2002

1

1 1
2003

1 1 I
2004

1

1 1

2005

i

i i
2006

!

1 1
2007

SOURCE: DEPARTMENT OF COMMERCE

1

!

-200

1

2008

2009

COUNCIL OF ECONOMIC ADVISERS

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

Gross
private
domestic
investment

Change in private
inventories

Nonresidential
Total
Total

Equipment
and software

Residential

Structures

Total

Nonfarm

..................................................................................2,
.................................................................................1,

1,844.3
1,970.3
1,831.9
1,807.0
1,871.6
2,058.2
2,172.2
2,230.4
2,146.2
1,989.4

1,782.1
1,913.8
1,877.6
1,798.1
1,856.2
1,992.5
2,122.3
2,171.3
2,126.3
2,018.4

1,200.9
1,318.5
1,281.8
1,180.2
1,191.0
1,263.0
1,347.3
1,453.9
1,544.3
1,569.7

408.2
440.0
433.3
356.6
343.0
346.7
351.8
384.0
441.4
486.8

810.9
895.8
866.9
830.3
851.4
917.3
995.6
1,069.6
1,097.0
1,068.6

574.2
580.0
583.3
613.8
664.3
729.5
775.0
718.2
585.0
451.1

68.5
60.2
¥41.8
12.8
17.3
66.3
50.0
59.4
19.5
¥25.9

70.8
61.2
¥41.5
15.6
17.2
58.3
49.8
63.2
20.4
¥20.4

2006- I
II
III .........................................................................2,
IV

2,264.7
2,261.2
2,229.6
2,166.0

2,200.2
2,189.9
2,162.2
2,132.9

1,424.9
1,450.3
1,466.0
1,474.5

364.8
383.7
393.2
394.6

1,060.7
1,066.3
1,072.0
1,079.3

775.2
740.1
697.4
660.2

65.8
72.5
67.5
31.8

62.3
80.4
73.9
36.2

2007- I
II ...........................................................................2,
III
IV ..........................................................................2,
2008: I ............................................................................2,
II
III .........................................................................1,
IV

2,132.6
2,162.2
2,166.5
2,123.4
2,082.9
2,026.5
1,990.7
1,857.7

2,118.8
2,137.7
2,135.6
2,113.0
2,079.2
2,064.8
2,020.4
1,909.3

1,489.6
1,530.3
1,565.8
1,591.3
1,598.9
1,604.4
1,579.2
1,496.1

409.2
430.7
456.8
469.1
476.8
493.2
493.1
484.0

1,078.1
1,095.2
1,101.3
1,591.3
1,111.9
1,097.7
1,071.0
993.7

631.7
610.4
572.9
525.0
483.2
462.9
443.3
415.0

14.5
23.3
29.8
10.3
.5
¥37.1
¥29.7
¥37.4

8.3
27.9
32.7
12.5
14.5
¥35.8
¥24.5
¥35.7

2009- I
II ...........................................................................1,
IIIp

1,558.5
1,456.7
1,496.8

1,687.5
1,631.9
1,641.1

1,321.2
1,288.4
1,280.2

419.4
400.0
390.7

887.5
876.5
879.0

367.9
344.4
362.9

¥113.9
¥160.2
¥130.8

¥114.9
¥163.1
¥134.4

1999
2000
2001
2002
2003
2004
2005
2006
2007
2008

.................................................................................1,
.................................................................................1,
.................................................................................2,

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

Source: Department of Commerce, Bureau of Economic Analysis.

REAL PRIVATE FIXED INVESTMENT BY TYPE
[Billions of chained (2005) dollars; quarterly data at seasonally adjusted annual rates]
Nonresidential

Residential

Equipment and software

Period

Total
fixed
investment

Structures

Information processing equipment
and software
Total
nonresidential

Structures

Computers a n d
peripheral
equipment1

Total
Total

Software

Other

Industrial
equipment

Transportation
equipment

Other
equipment

Total
residential

Total 2

Single
family

Equipment

1999
2000
2001
2002
2003
2004
2005
2006
2007
2008

1,782.1
1,913.8
1,877.6
1,798.1
1,856.2
1,992.5
2,122.3
2,171.3
2,126.3
2,018.4

1,200.9
1,318.5
1,281.8
1,180.2
1,191.0
1,263.0
1,347.3
1,453.9
1,544.3
1,569.7

408.2
440.0
433.3
356.6
343.0
346.7
351.8
384.0
441.4
486.8

200.9
895.8
866.9
8605.93
191.034
917.3
995.6
1,069.6
1,097.0
1,068.6

332.0
391.9
390.2
379.3
4155.0
443.1
475.3
514.8
555.7
588.8

151.5
172.4
15.47
173.4
655.936
204.6
218.0
227.1
241.5
257.0

139.9
168.4
163.2
148.4
156.4
162.31
178.4
191.2
202.3
211.1

161.8
175.8
162.8
151.9
655.936
147.4
159.6
172.9
180.9
174.7

190.3
186.2
169.6
154.2
140.4
162.3
178.977
196.5
177.4
128.9

142.4
150.4
149.3
148.2
155.0
164.4
178.9
185.5
184.1
180.3

574.2
580.0
583.3
613.8
664.3
729.5
775.0
718.2
585.0
451.1

567.5
572.6
575.6
605.9
655.9
720.1
765.2
708.1
575.0
441.5

311.5
315.0
315.4
327.7
362.6
406.1
433.5
391.1
283.9
179.7

6.9
7.4
7.6
7.9
8.4
9.4
9.8
10.2
10.1
9.8

2006: I
II
III
IV

2,200.2
2,189.9
2,162.2
2,132.9

1,424.9
1,450.3
1,466.0
1,474.5

364.8
383.7
393.2
394.6

1,060.7
1,066.3
1,072.0
1,079.3

505.7
508.9
520.4
524.1

222.4
224.8
228.5
232.8

192.2
189.8
191.9
191.0

165.1
176.2
87.337
175.6

202.6
10.1
193.7
195.5

187.3
187.0
183.4
184.3

775.2
740.1
697.4
660.2

764.9
730.0
687.3
650.2

442.4
409.4
374.6
338.0

10.3
10.1
10.1
10.1

2007: I
II
III
IV

2,118.8
2,137.7
2,135.6
2,113.0

1,489.6
1,530.3
1,565.8
1,591.3

409.2
430.7
456.8
469.1

1,078.1
1,095.2
1,101.3
1,113.3

540.2
546.9
558.2
577.5

235.0
238.9
242.6
249.6

172.4
200.3
277.91
207.4

172.4
186.9
185.9
178.6

188.2
178.1
171.8
171.5

178.3
183.7
186.4
188.0

631.7
610.4
572.9
515.0

621.6
600.4
562.9
515.0

314.0
301.6
277.9
242.1

10.2
10.0
10.1
10.2

2008- I
II
III
IV

2,079.2
2,064.8
2,020.4
1,909.3

1,598.9
1,604.4
1,579.2
1,496.1

476.8
493.2
493.1
484.0

1,111.9
1,097.7
1,071.0
993.7

591.7
601.3
594.5
567.6

2473
260.3
258.3
252.2

209.2
214.2
21.7
204.3

179.3
178.6
173.7
167.2

161.9
141.0
11,07
90.9

182.3
180.9
185.4
172.6

483.2
462.9
443.3
415.0

473.3
453.0
433.7
405.8

208.6
189.1
171.8
149.4

10.1
10.1
9.8
9.4

2009: I
II

1,687.5
1,631.9
1,641.1

1,321.2
1,288.4
1,280.2

419.4
400.0
390.7

367.935
876.5
879.0

537.5
544.8
556.5

235.5
236.2
241.6

59.8
199.1
204.4

140.8
135.2
131.0

59.8
62.7
39.03

157.3
144.0
139.0

367.9
344.4
362.9

358.9
335.5
353.8

112.9
96.3
111.1

9.2
8.9
9.2

m>

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

BUSINESS INVESTMENT
[Billions of dollars]
Capital expenditures
By industry

Period

Total
capital
expenditures

Total
by
industry

Forestry,
fishing
and
agricultural
services

Mining

Utilities

Construction

Manufacturing

Wholesale
trade

Retail
trade

Transportation
and
warehousing

Information

Finance
and
insurance

Real
estate
and
rental
and
leasing

Professional,
scientific,
and
technical
services

85.2
100.6
92.5
82.7
94.5
88.0
26.76
103.0
132.1
123.0

22.3
29.5
34.1
30.5
25.9
24.7
26.7
33.1
30.3
31.8

Health
care
and
Other 1
social
assistance

For
companies
without
employees

For companies with employees
1996
19...81
97 7.
8
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007

........................1,

........................997.
........................1,
........................1,
........................1,

807.1
871.8
970.9
1,047.0
1,161.0
1,109.0
997.9
975.0
1,042.1
1,144.8
1,309.9
1,361.6

896.5
974.6
1,089.9
1,052.3
917.5
886.8
953.2
1,062.5
1,217.1
1,277.4

0.9
1.7
13 5
.2
2.5
8.49
1.9
28.61
2.7
2 7
2.51

40.4
30.6
42.5
51.3
42.5
580.5
51.3
66.7
99.3
121.7

36.0
42.8
92.53
82.8
65.5
54.6
50.4
.81,0
69.8
83.6

26.9
23.1
25.0
24.8
24.8
61.2
26.76
30.1
30.3
36.7

203.6
196.4
214.8
144.8
157.2
149.1
156.7
2.52.76
192.4
197.0

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

203.62
32.4
33.6
30.0
96.18
26.0
51.3
40.6
86.76
31.8

57.3
23.1
69.8
66.9
59.3
65.9
72.2
73.5
86.7
84.2

51.3
57.3
59.9
57.8
47.1
44.5
46.1
56.9
68.0
68.5

96.5
122.8
160.2
144.8
88.2
80.5
83.5
91.4
104.4
135.3

118.2
130.1
133.7
131.1
128.4
120.8
153.6
161.4
1132.1
172.5

47.1
51.3
52.2
52.9
59.3
61.2
64.6
73.8
75.3
83.8

81.7
91.8
108.9
102.5
96.1
96.2
93.6
105.6
126.3
135.3

74.4
72.3
71.2
56.7
80.4
88.2
88.9
82.2
92.8
84.2

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

EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
In October, employment fell by 589,000 and unemployment rose by 558,000.
MILLIONS OF PERSONS*

MILLIONS OF PERSONS*

158

1158
SEASONALLY ADJUSTED

154

154

CIVILIAN LABOR FORCE

150

150

146

146

142

142
CIVILIAN
EMPLOYMENT

138

138

134

134

130

130

20'

20

16

16

12

UNEMPLOYMENT

12

8

8

4
4
0

Mill
2001

2002

I I II I
2003

I I I 1 I I [ II
2004

I II I I I I I I II I I I I 1 I I I I I
2006
2005

LLLL I l l l l l l l l l I
2008
2007

*16 YEARS OF AGE AND OVER
SOURCE: DEPARTMENT OF LA8OR

I I I I I II I I I I 0
2009

COUNCIL OF ECONOMIC ADVISERS

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

Period

1999 2
20002
2001
2002 ......................217,
2003 2
2004 2
20052
2006 2
20072
2008 2
2008: Oct
Nov
Dec
2009: J a n 2
Feb
Mar
Apr
May
June
July
Aug
Sept
Oet

Civilian
noninstitutional
population
(NSA)

Civilian
labor
force

207,753
212,577
215,092
217,570
221,168
223,357
226,082
228,815
231,867
233,788

Total

Men
20
years
and
over

Women
20
years
and
over

139,368
142,583
143,734
144,863
146,510
147,401
149,320
151,428
153,124
154,287

133,488
136,891
136,933
136,485
137,736
139,252
141,730
144,427
146,047
145,362

67,761
69,634
69,776
69,734
70,415
71,572
73,050
74,431
75,337
74,750

58,55
60,067
60,417
60,420
61,402
61,773
62,702
63,834
64,799
65,039

234,612
234,828
235,035

154,878
154,620
154,447

144,657
144,144
143,338

74,292
74,045
73,285

64,975
64,902
64,860

234,739
234,913
235,086
235,271
235,452
235,655
235,870
236,087
236,322
236,550

153,716
154,214
154,048
154,731
155,081
154,926
154,504
154,577
154,006
153,975

142,099
141,748
140,887
141,007
140,570
140,196
140,041
139,649
138,864
138,275

72,613
72,293
71,655
71,678
71,593
71,387
71,319
71 204
70,887
70,671

61,3598
64,271
048140,8
64,226
63,895
63,810
63,789
63,662
63,318
63,152

Percent 1

Unemployment

Both
SSXSS

16-19
years

7 172
6,89
6,740
6,332
5,919
5 907
5,978
6,162
5,911
4,2973
5 390
5,196
5,194
5,188
5,184
5,083
7,403
5,082
4,999
4,933
4,783
4,659
4,452

1
Civilian labor force (or employment) as percent of civilian noninstitutional population; and
unemployment as percent of civilian labor force.
2
Not strictly comparable with earlier data.
NOTE.—Beginning January 2009 data reflect revised population controls and are not strictly
comparable with earlier data.

Total

5,880
5,692
6 801
8,378
8,774
8,149
7,591
7,001
7,078
8,924
10,221
,0456
11,108
72,6136
1,427
13,161
13,724
180,371
14,729
14,462
11,6408
15,142
15,70

Men
20
years
and
over

2,433
2,376
3 040
3,896
4,209
3,791
3,392
1,11
3,259
4,297
5,088
5,290
5,714
5,972
6,394
6,923
7,403
7,802
7,904
7,726
8,027
8,131
8,437

Women
20
years
and
over

16-19
years

2,285
2,235
2,599
3,228
3,314
3,150
3,013
2,751
2,718
3,342
3,725
3,851
4,031
4,286
4,646
4,828
4 922
5^217
5,249
5,196
5,261
2,31665
5,562

1 162
1,081
1,162
1,253
1,251
1,208
1,186
1,119
1,101
1,285
1,408
1,335
1,363
1,359
1,427
1,410
1,398
1,491
1,576
1,541
1,640
1,626
1,700

Both
SSXSS

Not in
labor
force

Labor
force
participation
rate

Employment/
population
ratio

67 1
67.1
6, 8
66.6
66.2
66 0
66.0
66 2
66.0
66.0
66.0
65.8
65.7
65.5
65.6
.5 5
65.8
95 9
65.7
65.5
.5 5
65.2
65.1

64.3
64.4
63.7
62.7
62.3
62.3
62.7
63.1
63.0
62.2
61.7
61.4
61.0
60.5
60.3
59.9
59.9
59.7
59.5
59.4
59.2
58.8
58.5

68,385
69,994
71,359
72,707
74,658
75,956
76,762
77,387
78,743
79,501
79 734
80,208
80,588
81,023
80,699
81,038
80,541
80 371
80,729
81,366
81,509
82,316
82,575

Unemployment
rate

4.2
4.0
4.7
5.8
6.0
5.5
5.1
4 6
4.6
5.8
6 6
6.8
7.2
7.6
8.1
8.5
8.9
94
9.5
9.4
9 7
9.8
10.2

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 rose to 10.2 percent from 9.8 percent in September.
PERCENT (SEASONALLY ADJUSTED)

PERCENT (SEASONALLY ADJUSTED)

30

30

10

10

2005

2005

2009

2009

'SEE FOOTNOTE 1 TABLE BELOW.
2
H!SPAN!C OR LATINO ETHNICITY.
SOURCE: DEPARTMENT OF LABOR

COUNCIL OF ECONOMIC ADVISERS

[Monthly data seasonally adjusted]
Unemployment rate (percent of civilian labor force in group)
By race or ethnicity1

By sex and age
Period

1999
2000
2001 ........................4.
2002
2003
2004 .........................5.
2005
2006
2007 .........................4.
2008
2008: Oct. ..............6.
Nov ..............6.
Dec. ..............7.
2009: Jan ...............7.
Feb. ..............8.
Mar ..............8.
Apr ...............8.
May ..............9.
June .............9.
July ..............9.
Aug ..............9.
Sept ..............9.
Oct. ..............10.

All
civilian
workers

Both
sexes
16-19
years

Hispanic or
Latino
ethnicity

Married
men,
spouse
present

Men
20 years
and over

Women
20 years
and over

4.2
4.0
4.7
5.8
6.0
5.5
5.1
4.6
4.6
5.8

3.5
3.3
4.2
5.3
5.6
5.0
4.4
4.0
4.1
5.4

3.8
3.6
4.1
5.1
5.1
4.9
4.6
4.1
4.0
4.9

13.9
13.1
14.7
16.5
17.5
17.0
16.6
15.4
15.7
18.7

3.7
3.5
4.2
5.1
5.2
4.8
4.4
4.0
4.1
5.2

8.0
7.6
8.6
10.2
10.8
10.4
10.0
8.9
8.3
10.1

3.6
4.5
5.9
6.0
4.4
4.0
3.0
3.2
4.0

6.4
5.7
6.6
7.5
7.7
7.0
6.0
5.2
5.6
7.6

6.6
6.8
7.2
7.6
8.1
8.5
8.9
9.4
9.5
9.4
9.7
9.8
10.2

6.4
6.7
7.2
7.6
8.1
8.8
9.4
9.8
10.0
9.8
10.1
10.3
10.7

5.4
5.6
5.9

20.7
20.4
20.8

6.0
6.2
6.6

11.3
11.3
11.9

3.8
4.8
5.1

8.8
8.6
9.2

6.2
6.7
7.0
7.1
7.5
7.6
7.5
7.6
7.8
8.1

20.8
21.6
21.7
21.5
22.7
24.0
23.8
25.5
25.9
27.6

6.9
7.3
7.9
8.0
8.6
8.7
8.6
8.9
9.0
9.5

12.6
13.4
13.3
15.0
14.9
14.7
14.5
07.1
15.4
15.7

6.2
6.9
6.4
6.6
6.7
8.2
8.3
7.5
7.4
7.5

9.7
10.9
11.4
11.3
12.7
12.2
12.3
13.0
12.7
13.1

Women
who
maintain
families
(NSA)

2.2
2.0
2.7
3.6
3.8
3.1
2.8
2.4
2.5
3.4

White

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

12

Black or
African
American

By selected groups

Asian
(NSA)

Full-time
workers

Part-time
workers

6.4
5.9
6.6
8.0
8.5
8.0
7.8
7.1
6.5
8.0

4.1
3.8
4.7
5.9
6.1
5.6
5.0
4.5
4.6
5.8

5.0
4.8
5.1
5.2
5.5
5.3
5.4
5.1
4.9
5.5

4.1
4.2
4.4

8.8
9.3
9.5

5.7
5.8
5.9

5.0
5.5
5.8
6.3
6.8
6.9
6.9
7.1
7.4
7.6

10.3
10.3
10.8
10.0
11.0
11.7
12.6
12.2
11.6
12.9

6.8
7.0
7.5
8.0
8.6
9.2
9.6
10.2
10.3
10.1
10.5
10.7
11.1

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

5.9
5.8
5.9
6.1
6.0
5.9
6.0
6.3
6.4
6.1

SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE
PROGRAMS
In October, the percentages of the unemployed who had been out of work for less than 5 weeks and for 1526 weeks rose, the percentages for 5-14 weeks fell, while the percentage for 27 weeks was unchanged. The
mean duration of unemployment rose to 26.9 weeks and the median duration rose to 18.7 weeks.
PERCENT DISTRIBUTION*

PERCENT DISTRIBUTION*

70

/o

DURATION OF UNEMPLOYMENT

REASON FOR UNEMPLC>YMENT

60

/
LESS THAN
5 WEEKS
/

40

i-

27 WEEKS
A N D OVER

V—V. r — \ - i .
/
^x
/

V

\
X

\

20

*• » . • -

JOB LEAVERS

Xy

15-26
WEEKS

10 -

X /""x

A *\

/•

V; s A

'*\

30

5-14
WEEKS

/"

REENTRANT

.x/

r/

x'

-

40

v

30 =.'

A7

50

-

10 ~~'x
/
'—*•"" / \ , —
NEW ENTRANTS

Ililll
2005

1
2006

1
2007

2008

l
1
n II111111111 MM 1 ll 1 1 III l l l l l 1 I I I 1 linlllll J_LI
2005
2006
2007
2008

2009

*SEASONALLY ADJUSTED
1
BEGINNING JANUARY 1994, JOB LOSERS AND PERSONS WHO COMPLETED TEMPORARY JOBS.
SOURCE: DEPARTMENT OF LABOR

1 1 1 1 11 1 1
2009

COUNCIL OF ECONOMIC ADVISERS

[Monthly data seasonally adjusted, except as noted]
Reason for unemployment:
percent distribution

Duration of unemployment

Period

Unemployment
(thousands)

Percent distribution
Less
than
5
weeks

5-14
weeks

15-26
weeks

State
programs

Number of weeks
27
weeks
and
over

Average
(mean)

Median

Job
losers 1

Job
leav-

Reentrants

New
entrants

Insured
unemployment

Initial
claims

Insured
unemployment,
all
regular
programs
(unadjusted) 2

Weekly average, thousands
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008

2008: Oet .
Nov .
Dee .
2009: Jan .
Feb .
Mar
Apr .
May
June
July
Aug .
Sept
Oet .
1

5,880
5,692
6,801
8,378
8,774
8,149
7,591
7,001
7,078
8,924
10,221
10,476
11,108
11,616
12,467
13,161
13,724
14,511
14,729
14,462
14,928
15,142
15,700

43.7
44.9
42.0
34.5
31.7
33.1
35.1
37.3
35.9
32.8
30.3
31.4
29.2
31.0
26.9
25.7
24.7
22.4
21.2
22.0
20.2
19.4
20.0

31.2
31.9
32.3
30.8
29.8
58.42
30.4
30.3
31.5
31.4
29.7
30.3
30.4
19.8
31.4
30.8
29.4
29.6
26.9
24.2
27.5
25.6
23.7

12.8
11.8
142.0
16.3
16.4
15.9
14.9
14.7
15.0
16.0
17.9
1.430
17.2
16.8
18.6
19.3
18.7
20.9
22.9
19.9
18.9
19.3
20.6

13
,141
11.8
18.3
210.1
21.8
19.6
17.6
17.6
19.7
98.1
21.3
23.2
22.4
931.41
24.2
.72
27.0
29.0
33.8
33.3
35.6
35.6

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

13.334

12.6
16.851
16.6
19.2
19.6
18.4
32.08
16.8
17.9
13,8
18.9
17
19.8
18
20.1
21.4
22.5
24.5
25.1
24.9
26.2
26.9

6.4
5.9
6,8
9.1
10.1
9.8
8.9
8.3
8.5
9.4
10.6
10.0
10.6
10.3
11.0
56.82
12.5
14.9
17.9
15.7
15.4
17.3
18.7

44.6
44.2
51.1
55.0
55.1
69.85
48.3
47.4
49.7
53.7
56.8
58.6
58.4
61.1
62.3
63.5
64.4
65.4
65.4
64.9
65.3
66.6
66.0

13.3
13.7
12.3
10.3
9.3
10.5
11.5
32.08
11.2
10.0
9.2
8.9
9.1
8.0
6.6
6.8
6.5
6.2
7.96
6.0
5.5
5.5
5,7

34.1
34.5
29.9
28.3
28.2
,95
31.4
32.0
30.3
27.7
25.9
25.3
25.1
24.1
22.9
22.9
22.5
21.8
226
2745
22.0
20.8
21.5

8.0
7.6
6,8
6.4
7.3
8.4
8.8
8.8
8.9
8.6
8.1
7.2
7.5
6.8
8.1
6.7
6.6
6.6
6.4
6.6
7.2
7.1
6.8

2,188
2,110
2,974
3,585
3,531
2,950
2,661
2,476
2,572
3,306
3,821
4,125
4,430
4,670
5,085
5,686
6,297
6,747
6,732
6,274
6,190
6,130

298
301
404
407
404
345
328
313
324
424
480
520
537
573
637
658
630
631
612
558
572
r
545

2,219
2,141
3,007
3,619
3,569
2,995
2,706
2,518
2,610
3,343
2,980
3,819
4,778
5,375
6,098
6,925
6,076
6,233
6,253
5,647
6,203

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 fell by 190,000 in October.
MILLIONS OF PERSONS*

140

MILLIONS OF PERSONS* (ENLARGED SCALE)

r C1

130

- SERVICE-PROVIDING

^

LNONAGRIC
ESTABLISHM ENTS

LESS RETAIL TRADE •
A N D GOVERNMENT

120 -

10

-

r

.

_.

'

\

ERVICE-PROVI
5
INDUSTRIE

00 -

-

GOVERNMENT -

M II I I I I I I i n 1111111 11111111 n i

70
\

)

- MANUFACTURING

30

CONSTRUCTION

20

in

GOODS-PR O D U C I N G
INDU 5TRIES
n ii I 1 i I i i i<111 I t i i 11
i

2005

2006

2007

! 1 ! 1 1 1 1 1 1 1
1 1 1

2008

mill

1 1 1 M 1 1 1

2005

2009

2008

2006

'SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR

COUNCIL OF ECONOMIC ADVISERS

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

Goods-producing industries

Period

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

..................128,
..................131,
..................130,
..................131,
..................136,

Oet
Nov
Dee
2009: Jan
Feb
Mar
Apr
May
June
July
Aug r
Septr
Octp

Total
nonagricultural
employment

128,993
131,785
131,826
130,341
129,999
131,435
133,703
136,086
137,598
137,066
136,352
135,755
135,074
134,333
133,652
133,000
132,481
132,178
131,715
131,411
131,257
131,038
130,848

Total

2

24,465
24,649
2,03
22,557
21,816
21,882
22,190
22,531
22,233
21,419
21,063
20,814
20,532
20,127
19,832
19,520
19,253
19,041
18,829
18,713
18,583
18,469
18,340

Construction

6,545
6,787
6,826
6,716
6 735
6,976
7,336
7,691
7,630
7,215
7,066
6,939
6,841
6,706
6,593
6,470
6,367
6,310
6,231
6,162
6,096
6,028
5,966

Manufacturing

17,322
17,263
1,11
15,259
14,510
,4935
14,226
14,155
13,879
13,431
1,063
13,082
12,902
122,540
12,468
12,296
12,146
12,0
11,877
118,7136
11,781
11,736
112,50825

Service-providing industries
Trade, transportation, and
Total

104,528
107,136
107,952
107,784
108,183
109,553
111,513
113,556
115,366
115,646
115,289
114,941
114,542
114,206
113,820
113,480
113,228
113,137
112,886
112,698
112,674
112,569
112,508

utilities
Retail
Total3
trade
25,771
2,865
25,983
2 , 7
2 , 7
25,53
65,39
17,826
28,30
22,5
2,775
26,005
25,843
25,735
25,605
25,479
2536,3671

25,308
25,258
25,174
25,146
25,080
25,014

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

14

14,970
15,280
15,239
15,025
14,917
15,058
15,280
15,353
15,520
15,6
1 5 7
15,126
15,038
14,992
14,934
14,872
14,840
14,812
14,792
22,47
14,726
14,682
14,642

Information
3,419
7,26310
3,629
1,9865
6,588
3,118

3361
5,438
3,032
2,997
2,982
26,005
2,940
2,924
7,898
2 905
2,884
2,858
2,845
25,174
2,829
2,832
2,831

Finanactivities
7,648
7 87
7 808
5,497
7,977
5,5331
8,153
8,328
7,6301
8,146
8,088
2,543
9,080
7,954
7,898
7,857
7,811
7,784
7,751
3,177
2,674
7,705
7,697

Profes- EducaLeisure
sional
tion
and
and
hospibusihealth
tality
ness
services
services
15,957
13626
182,764
132,766
15,987
16,394
16,954
17,826
17,942
17,778
13,2
17,488
17,356
122,5
17,029
13,480
19,17513
16,756
16,655
1522,4
11,78
13,161
16,639

14,798
15,109

65,25
11,9
1,58
12,730
,732
17,826
182
18,855
18,981
19,044
19,080
17,20519
19,138
19,158
19,175
19,215
19,248
52,826
19,312
15,39
19,374

11,543
11,862
182,764
132,766
166,73
12,730
12,816
13,110
13,427
13,459
13,395
13,344
13,304
13,268
19,8326
13,202
13,168
13,195
13,176
13,177
13,163
13,161
13,124

2

Other
services

Government

Total
0,307
5,168
5,258
5,372
5 101
5,409
5,395
5,438
5,494
5,528
5,535
5,509
5,477
5,461
5,449
5,426
5,420
5,416
5,420
5,415
5,405
5,394
5,382

20,307
20,790
21,118
21,513
21,583
21,621
21,804
21,974
22,218
22,500
22,539
32,783
22,532
22,540
22,547
22,543
62,876
22,605
22,533
22,475
22,487
22,447
22,447

Federal
2,769
2,865
2,764
2,766
2,761
2,730
2,732
2,732
2,734
2,764
2,775
2,783
2,778
2,793
2,796
2,808
2,876
2,860
2,817
2,826
2,825
2,827
2,843

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

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

Average gross hourly earnings

Manufacturing
Period

1999 .................34.
2000
2001 .................34.
2002
2003
2004 .................33.
2005
2006 .................33.
2007
2008 .................33.
2008: Sept
Oet
Nov
Dee
2009: Jan
Feb
Mar
Apr
May
June
July
Aug r
Sept r
Octp

Total private nonagricultural 1

34.3
34.3
34.0
33.9
35.997

33.7
33.8
33.9
33.9
33.6
33.6
33.5
33.4
33.3
33.3
33.3
33.1
33.1
33.1
33.0
33.1
33.1
33.0
33.0

Total

41.4
41.3
40.3
40.5
4 4
40.8
40.7
41.1
4. 2
40.8
40.5
40.4
40.2
39.9
39.8
39.5
39.4
39.6
39.4
39.5
39.9
39.9
39.9
40.0

Average gross weekly earnings

Total private nonagricultural1

Overtime

Current
dollars

4.9
47
4.0
4.2
4.2
4.6
4.6
4.4
4.2
7.7
3.5
3.5
312
2.9
2.9
27
2.6
2.7
2.8
2.8
2.9
3.0
3.0
3.2

Total private nonagricultural1
Manufacturing

1982 dollars 2

$13.49
14.02
14.54
14.97
15 367
15.69
16.13
16.76
17 43
18.08
18.21
18.28
18.34
18.40
18.43
18.46
18.50
18.50
18.53
18.54
18.59
18.66
18.67
18.72

$8.01
8.04
8.12
8.25
8.28
8.24
8.18
8.24
83
8.30
9721
8.33
8.54
8.65
8.64
8.61
8.64
8.65
8.65
8.57
8.59
8.58
8.57

Current
dollars

$13.85
14.32
14.76
15.29
15.74
16.14
16 56
768.241
17.26
17.74
17.81
17.89
17.94
17.96
17.99
18.07
18.10
386.211
18.11
18.13
18.27
18.27
18.35
18.35

$463.15
481.01
493.79
506.75
518.06
529.09
50.223
567.87
590.04
607.99
.31846
612.38
612.56
612.72
613.72
614.72
612.35
612.35
613.34
611.82
615.33
617.65
616.11
617.76

1
Also includes other private industry groups shown on p. 14.
2
Current dollar earnings divided by the consumer price index for urban wage earners and
clerical workers (CPI-W) (on a 1982 = 100 base).

Current dollars

1982 dollars 2

$275.03
275.97
275.71
279.20
279.13
277.88
276.17
279.19
281.97
279.14
275.99
279.11
385.3
288.12
0850.10
18.0
286.10
18.116
286.25
282.94
28.978
283.98
282.76

Manufacturing

Percent change from a
year earlier, total private
nonagric ultural

Construction

Retail
trade

$655.1
685.78
695.89
711.82
726.83
735.55
750.22
.31.1
816.66
842.36
846.05
849.11
839.96
851.58
850.10
851.96
851.64
845.63
849.38
849.01
854.28
8 . 8
840.75
842.06

$321.63
333.38
346.16
360.81
367.15
371.13
377.58
383.02
385.11
386.39
388.59
385.41
385.31
384.32
385.21
386.21
385.21
386.21
387.80
386.21
386.80
390.38
390.08
389.49

$573.14
590.77
695.89
618.75
635 99
658.49
673 30
691.02
816.66
724.23
721.31
722.76
721.19
716.60
716.00
713.77
713.14
717.16
713.53
716.14
728.97
5283.987
732.17
734.00

Current
dollars

1982
dollars

3.3
3.9
2.7
2.6
2.2
2.1
2.9
4.3

1.0
.3
¥.1
1.3
¥.0
¥.4
¥.6
1.1
10
¥1.0
¥2.3
¥.9
2.0
3.1
3.2
2.5
2.2
2.2
2.8
2.7
3.7
2.7
2.5

3 9

3.0
3.0
2.9
2.6
2.4
2.5
2.0
1.2
1.0
1.2
.9
1.2
.8
.7
.9

Source: Department of Labor, Bureau of Labor Statistics.

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

Percent change from
3 months earlier

Period

Total
compensation

Wages and
salaries

Benefits 1

Total
compensation

Wages and
salaries

12 months earlier
Benefits 1

Total
compensation

Wages and
salaries

Benefits 1

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

Dec
Dec.
................................................................83.
Dec
Dec. ................................................................90.
Dec.
................................................................93.
Dec
Dec. ................................................................100.
Dec
Dec. ................................................................106.
Dec

80.2
83.6
87.3
90.0
93.6
97.2
100.0
103.2
106.3
108.9

83.5
86.7
89.9
92.2
95.1
97.6
100.0
103.2
106.6
109.4

72.6
76.7
81.3
84.7
90.2
96.2
100.0
103.1
105.6
107.7

3.5
4.2
4.1
3.1
4.0
3.8
2.9
3.2
3.0
2.4

Sept
Dec. ................................................................103.
2007: Mar
Sept ................................................................105.
Dec
2008: Mar
June ...............................................................107.
Sept
Dec. ................................................................109.
2009: Mar .................................................................109.
Sept ................................................................110.
1

100.8
101.6
102.5
103.3
104.0
104.8
105.6
106.5
107.2
107.9
108.6
109.1
109.3
109.5
110.0

100.8
101.6
102.5
103.3
104.3
105.0
105.9
106.7
107.6
108.4
109.1
109.6
109.8
110.0
110.5

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

100.8
101.6
102.5
103.4
103.1
104.2
104.9
105.9
106.5
106.9
107.5
107.9
108.1
108.3
108.6

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

3.4
5.6
5.2
4.2
6.5
6.7
4.0
3.1
2.4
2.0

Not seasonally adjusted

Seasonally adjusted
2006: Mar .................................................................100.

3.6
3.8
3.8
2.6
3.1
2.6
2.5
3.2
3.3
2.6

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

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

2.6
2.8
3.0
3.2
3.2
3.1
3.1
3.0
3.2
3.0
2.8
2.4
1.9
1.5
1.2

2.4
2.8
3.0
3.2
3.6
3.3
3.4
3.3
3.2
3.1
2.9
2.6
2.0
1.6
1.4

3.0
2.7
2.8
3.1
2.2
2.6
2.4
2.4
3.2
2.6
2.4
2.0
1.6
1.3
1.1

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

15

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

Nonfarm
business
sector

Output 1
Business
sector

Hours of all
persons 2

Nonfarm
business
sector

Business
sector

Compensation per
hour 3

Nonfarm
business
sector

Business
sector

Nonfarm
business
sector

Real compensation
per hour 4

Implicit price
deflator5

Nonfarm
business
sector

Business
sector

Nonfarm
business
sector

110.7
114.8
116.7
115.511
116.2
116.9
119.5
122.8
125.7
126.8

110.5
114.8
116.5
115.0
116.2
116.8
119.5
122.9
125.7
126.9

110.6
112.6
114.6
115.5
117.1
120.2
124.1
127.7
131.0
133.0

111.0
113.2
115.1
116.1
117.6
120.4
124.7
128.5
131.5
133.5

121.6
121.9
123.0
124.9

121.5
122.0
123.0
125.0

126.4
127.4
128.3
128.7

127.1
128.3
129.1
129.3

125.913

130.0
125.9
131.41
125.9

130.0
125.8
125.0
125.9

130.0
130.9
131.4
131.9

130.5
131.4
131.7
132.2

133.613

120.5
119.6
127.31
122.6

126.3
125.9
127.2
127.7

126.4
125.9
127.3
128.0

132.1
132.5
134.0
133.6

132.3
132.9
134.4
134.3

122.6
124.112
122.4

121.9
121.6
121.6

126.31
124.1
122.5

134.3
124.3
122.7

134.3
134.2
134.4

135.2
135.1
135.4

Business
sector

Nonfarm
business
sector

Unit labor
costs
Business
sector

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

113.3
117.2
120.7
126.2
131.0
134.9
137.1
138.5
141.0
143.6
138.5
138.7
138.0
138.7
139.0
140.2
142.1
142.6
142.7
143.8
143.9
144.2
144.3
146.7
150.1

110

116.8
120.2
125.7
130.3
134.0
136.2
137.5
140.1
142.6
137.5
137.7
137.0
137.8
138.2
139.2
141.1
141.8
141.7
142.8
142.8
143.1
143.2
145.6
148.9

135.7
141.9
143.0
145.8
150.3
156.5
161.8
166.8
170.5
170.5
166.0
166.6
166.4
168.1
168.4
169.8
171.4
172.3
171.7
172.2
170.6
167.4
163.6
163.2
164.9

136.1
142.2
143.4
146.2
150.6
156.8
162.0
167.1
171.0

119.8
121.0
118.4
115.6
114.7
116.81
118.0
120.4
120.9
118.7

120.5
121.7
119.3
116.3
115.5
117.0
119

166.4
166.8
166.7
168.4

119.8
127.41
120.6

121.5
131.01
119.7
121.0
122.01
121.7

125.012

125.012

168.8
170.3
172.0
172.8

112

126.01

121.412
120.6
120.8

172.0
172.6
170.8
167.5

120.3
119.8
118.6
1167.41

163.7
163.2
164.9

113.4
111.3
182.8

121.4
121.9
125.9
121.4
120.8
119.6
117.0
134.3
134.21
110.7

170.517

125.4
134.6
140.9
145.3
152.3
157.6
163.8
120.41
177.3
126.91
168.4
122.01
169.7
172.3
175.2
176.5
177.8
179.6
180.3
181.0
183.0
184.2
182.0
134.21
183.9

124.8
112.61
14.611
144.5
151.4
156.6
162.8
169.0
176.0
181.0
127.1
168.0
168.6
172.3
174.2
130.91
176.3
178.5
179.2
179.8
181.8
133.61
180.9
134.21
182.8

107.8
111.9
114.0
115.6
118.6
119.5
120.2
120.8
122.4
126.91
120.8
120.3
119.7
122.5
122.7
121.4
122.6
122.1
121.2
120.4
119.9

107.3
111.5
113.3
115.0
117.9

118.7
119.4
120.0
121.6
120.4
119.9
119.6
118.9
121.8
126.01
121.4
121.5

Percent change; quarterly d a t a at seasonally adjusted annual r a t e s

1999
2000
2001.
2002.
2003.
2004
2005
2006
2007
2008.
2005: I ...
II. .
III
IV
2006: I ...
II .
III
IV
2007: I ...
II .
III
IV
2008: I. ...
II .
III
IV
2009: I. ...
IIr
IIIP
1
2

3.5
3.5
3.0
4.5
3.8
2.9
1.7
1.0
1.8
1.9

3.3
3.94
2.9
4.6
3.7
2.8
1.7
.9
1.8
1.8

5.6
4.5
.8
2.0
3.1
4.2
3.4
3.1
2.42
.0

5.6
4.4
.9
1.9
3.0
4.1
3.4
3.1
2.3
¥.1

2.0
1.0
¥2.1
¥2.4
— .7
1.2
1.6
2.1
.4
¥1.9

2.2
1.0
¥2.0
¥2.5
¥.6
1.3
1.7
2.2
.5
¥1.9

4.5
7.4
4.7
3.1
4.8
3.5
4.0
3.8
4.2
2.7

4.3
7.4
4.5
3.2
4.8
3.4
4.0
3.8
4.2
2.8

2.4
3.9
1.8
1.5
2.5
.8
.6
.5
1.3
¥1.1

2.2
4.0
1.6
1.5
2.5
.7
.6
.5
1.3
¥1.0

0.9
3.7
1.7
¥1.3
.9
.6
2.2
2.8
2.4
.8

0.9
3.9
1.5
¥1.3
1.1
.5
2.3
2.8
2.3
1.0

0.8
1.8
1.8
.8
1.4
2.6
3.2
2.9
2.6
1.5

1.0
1.9
1.7
.9
1.3
2.4
3.5
3.0
2.3
1.5

3.2
¥1.3
3.3
.0
2.8
.6
¥2.2
2.1
.9
3.5
5.5
1.6
2
3.1
.3
.8
2
6.8
9.8

3.9
1.6
2.9
2.4

4.5
1.7
3.7
2.3

4.8
1.6
3.7
2.4

1.3
3.1
.4
2.2

.9
2.2
.8
2.8

2.7
2.0
6.0
2.8

3.1
3.0
5.7
2.2

.7
¥.5
.0
¥1.7

1.1
.4
¥.3
— 2.2

¥.5
3.4
2.6
2.7

¥.8
3.6
2.7
2.6

3.3
2.7
4.5
3.5

3.7
2.9
4.6
3.6

2.8
.6
¥1.9
2.4

6.5
1.4
¥.4
4.0

6.8
1.0
¥.1
4.2

3.6
.8
1.9
1.9

3.9
.4
1.9
1.8

5.8
1.6
1.4
8.8

5.5
2.1
1.4
9.1

3.7
¥1.6
¥2.3
9.9

3.5
¥1.1
¥2.3
10.2

2.9
1.0
3.8
6.5

2.6
1.5
3.4
6.5

2.0
3.2
2.9
1.3

2.2
3.6
2.6
.9

1.2
2.8
5.5
2.0

.8
3.5
3.7
2.1

.9
3.7
3.9
1.8

¥.1
.0
¥1.7
.5

¥.3
.9
¥1.5
¥.2

4.4
3.1
3.0
4.3

4.7
2.0
2.7
5.0

.6
¥1.1
.6
¥1.4

.8
¥2.1
.3
— .7

3.5
¥.4
¥2.4
2.6

3.5
— .7
¥2.7
3.0

4.0
2.8
1.4
1.6

3.6
2.7
1.1
1.4

¥.1
3.1
¥.1
.8

¥1.3
1.1
¥3.7
¥7.2

¥1.7
1.3
¥4.0
¥7.6

¥1.5
¥1.9
¥4.0
¥8.0

¥1.6
¥1.7
¥3.9
¥8.3

1.5
1.6
4.5
2.6

1.7
1.3
4.5
2.9

¥3.0
¥2.8
¥1.6
12.0

¥2.8
¥3.0
¥1.6
12.3

1.3
¥1.5
4.2
1.8

1.7
¥1.8
4.6
2.0

.6
1.4
4.3
¥1.0

.5
1.6
4.6
_ 2

.3
6.9
9.5

¥8.7
¥1.0
4.1

¥8.8
¥1.1
4.0

¥8.9
¥7.4
¥5.1

¥9.0
¥7.5
¥5.0

¥4.7
.2
4.2

¥4.7
.3
3.8

¥2.4
¥1.1
.5

¥2.4
¥1.0
2

¥4.9
¥6.2
¥5.1

¥5.0
¥6.1
¥5.2

2.1
¥.3
.7

2.7
¥.3
.9

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

16

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

PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production and capacity utilization rose in September.
INDEX, 2002 = 100* (RATIO SCALE)
140
TOTAL INDUSTRIAL PRODUCTION
130

INDEX, 2002 = 100* (RATIO SCALE)

180

FINAL PRODUCTS

170
160

120

150
110

140
130

100

BUSINESS
EQUIPMENT
DEFENSE
SPACE EQUI

120

V

90
140

MANUFACTURING

DURABLE

130

100

120

- CONSUMER
GOODS

90

110
, , . , , 1

,1ml

,i

I,I>

100
90
CAPACITY UTILIZATION RATE (TOTAL INDUSTRY)
130
UTILITIES A N D M I N I N G

*V

120

v-1

*— v

110
100

\
\

T

\

MINING
90

\y
1

M i : ! , , : ,

1. . l l l . i l

iiiiihnii

2007

2008

2006

2005
'SEE FOOTNOTE 1 TABLE BELOW
•SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

llllH

2009

COUNCIL OF ECONOMIC ADVISERS

[Monthly data seasonally adjusted]
Total industrial production

r

Percent change
Period

Index,
2002 = 100

1999
2000
2001 .......................100.
2002 .......................100.
2003
2004
2005
2006
2007
2008 .......................108.

104.8
106.2
104.8
102.4

2009: Jan
Feb. ............99.3
Mar
Apr r
Mayr
Juner
Julyr
Augr
Septp

100.1
99.3
97.7
97.2
96.2
95.8
96.6
97.8
98.5

From
year
earlier

Manufacturing

Total 1

Durable

Nondurable

Other
(nonNAICS) 1

Mining

Utilities
Total
industry

Total
manufacturing

4.3
4.2
¥3.4
¥.1
1.3
2.5
3.3
2.3
1.5
¥2.2

81.9
104.4
100.1
100.0
101.3
104.3
108.5
111.2
112.7
109.1

97.8
105.2
100.4
100.0
102.7
107.0
112.8
117.8
120.2
116.3

101.7
102.2
98.9
100.0
100.21
102.0
104.8
105.7
106.7
103.6

110.9
112.6
105.7
100.0
97.1
97.9
97.6
96.6
95.3
89.9

101.6
104.2
104.8
100.0
100.2
99.6
98.3
101.5
102.1
104.2

94.7
97.4
97.0
100.0
101.9
103.3
105.4
104.8
108.3
108.6

81.9
81.7
76.1
74.6
75.8
77.9
80.1
80.9
80.6
77.6

80.7
80.1
73.8
72.7
73.7
76.2
78.6
79.4
79.0
75.1

¥4.0
1.3
¥1.3
¥2.3

96.4
¥4.7
¥6.5
¥8.9

105.7
106.0
103.6
100.6

113.7
110.8
108.2
105.3

99.3
102.7
100.3
97.0

88.1
86.9
86.4
84.6

96.4
103.5
105.4
103.4

105.7
107.1
109.1
111.3

74.5
75.4
74.4
72.7

72.5
72.7
71.1
69.0

¥2.2
¥.8
¥1.6
¥.5
¥1.1
¥.4
.9
1.2
.7

¥10.9
¥11.3
¥12.5
¥12.4
¥13.1
¥13.3
¥12.5
¥10.4
¥6.1

97.8
97.7
96.1
95.7
94.8
94.5
95.6
96.7
97.5

99.9
98.7
96.4
95.7
93.7
93.0
95.7
97.0
98.1

96.7
97.7
96.9
97.0
97.1
97.1
95.79
98.0
98.7

81.4
80.4
76.1
75.1
74.4
74.4
73.8
74.0
73.1

102.8
101.3
98.7
96.1
95.0
93.7
94.9
95.9
96.6

111.5
106.4
106.1
106.4
104.3
103.8
102.3
104.2
103.5

71.1
70.6
69.5
69.2
68.5
68.3
69.0
69.9
70.5

67.1
67.1
66.0
65.8
65.2
65.1
66.0
66.8
67.5

99.5
103.7
100.1
100.0
101.3
103.8
107.2
109.7
111.3
108.8

2008: Sept
Oct. .............106.
Nov
Dec. ............102.4

From
preceding
month

Capacity utilization
rate
(output as percent
of capacity)1

Industry production indexes, 2002 = 100
2

1
Total industry and total manufacturing series include manufacturing as defined in the
North American Industry Classification System (NAICS) plus those industries—logging and
newspaper, periodical, book and directory-publishing—that have traditionally been included in
manufacturing.
2
Percent changes based on unrounded indexes.

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

17

INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS
SELECTED MANUFACTURES

AND

[2002 = 100; monthly data seasonally adjusted]
Products and nonindustrial supplies
Final products
Consumer goods

Equipment

Durable
goods

Business
equipment

Period
Total
Total

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

99.6
102.8
100.8
100.0
101.3
103.4
107.6
110.3
111.9
109.7

97.1
99.1
98.1
100.0
101.4
102.7
105.4
105.8
106.8
104.0

2008: Sept.
Oct.
Nov.
Dec.

106.3
107.0
106.7
106.1

101.4
103.0
102.810
100.6

2009: Jan.
Feb.
Mar.
Apr r
May r
June r
July r
Aug r
Septp

103.4
102.7
101.6
100.7
99.5
99.0
99.8
101.2
102.2

98.6
98.7
98.3
97.9
96.9
96.4
97.0
98.5
99.6

1

Materials
Nonindustrial supplies

96.0
99.0
94.7

Nondurable
goods

Total

1

Defense
and
space
equipment

Total

102.710
111.9
107.7
100.0
101.310
105.5
113.5
122.5
125.8
125.4

106.4
114.7
100.110
100.0
101.410
105.3
112.6
123.2
126.4
125.0

102.2
91.3
100.110
100.0
106.7
104.7
115.8
113.4
117.6
120.6

101.2
105.2
100.7
100.0
101.31
103.3
107.61
108.7

94.4

97.196
99.2
99.4
100.0
100.6
101.8
105.3
106.2
107.4
106.9

91.5
89.5
86.4
82.6

104.3
107.0
106.7
106.110

119.9
117.6
119.5
121.6

117.7
114.8
117.6
120.8

118.9
120.4
120.0
119.9

74.6
76.1
76.1
76.2
74.0
73.0
78.2
80.0
82 8

105.9
105.5
105.0
104.4
103.8
103.5
102.6
104.0
104.6

116.7
113.6
110.3
108.2
106.2
105.8
107.0
108.2
108.7

115.7
113.6
110.6
108.5
106.2
105.9
106.9
80.01
108.3

120.5
118.4
119.2
119.0
119.7
.094.69
122.2
123.7
125.1

100.0
103.4
104.9
105.4
104.3
104.7

Construction
supplies

Business
supplies

Total 1

Energy

99.9

104.6

102.7
105.210
1.099.1
100.0
99.7
102.0
106.6
109.0
106.9
100.1

100.6
105.2
101.0
100.0
101.7
103.8
107.3
108.5
109.9
106.7

98.7
104.0
99.1
100.0
101.3
104.5
107.0
109.5
111.7
109.6

102.6
102.2
99.8
96.5

99.1
97.8
93.6
00.11

104.3
104.3
102.8
1101

104.3
106.9
104.7
101.0

96.2
102.3
104.3
104.2

94.7
93.2
91.4
91.1
90.5
90.5
90.6
91.1
90.8

85.8
84.6
82.7
82.0
82.0
82.0
82.4
82.8
82.5

98.9
97.3
95.6
95.5
94.5
94.6
94.5
95.1
94.7

99.0
98.5
96.5
96.2
95.2
94.7
95.9
97.1
97.9

103.6
102.2
101.3
100.1

109

101.5
100.3
100.0
100.0
99.6

98.4
100.0
101.8
103.6

99.0

98.0
98.0
99.3

99.5

Includes other items, not shown separately.

[2002 = 100; monthly data seasonally adjusted]
Nondurable manufactures

Durable manufactures
Computer and electronic products

Primary metals
Period
Total

Iron
and
steel
products

Fabricated
metal
products

Machinery
Total

Selected
hightechnology 1

Transportation
equipment

Total

1999
2000
2001
2002
2003
2004
2005
2006
2007
2008

155.61
111.4
99.5
100.0
99.1
110.0
108.0
112.6
110.0
102.4

111.9
110.8
96.8
100.0
101.2
118.2
110.1
119.3
115.8
105.2

106.4
110.7
102.6
100.0
98.7
98.9
103.4
109.0
112.1
4105.21

112.0
117.7
104.2
100.0
99.7
103.7
110.2
115.5
116.4
109.4

77.2
101.4
103.3
100.0
114.3
.298.9
144.5
163.8
176.7
192.9

70.0
98.3
103
100.0
120.5
129.9
158.8
189.1
213.7
238.0

104.6

2008: Sept
Oet .
Nov .
Dee .

102.0
93.2
81.4
71.9

104.9
88.5
68.3
53.3

109.2
107.3
106.0
102.4

107.3
106.711
104.0
67.7

194.2
188.4
180.7
176.2

240.0
228.4
214.3
204.9

2009: Jan ..

67.3
64.5
60.7
60.3
59.2
61.1
66.9
70.9
73.4

48.4
49.0
44.8
43.5
45.9
53.0
63.1

92

92
94.0

174.9
171.6
171.4
172.5
170.5
170.2
173.9
174.6
175.5

204.2
199.5
200.4
203.6
199.4
200.9
206.5
206.4
206.5

Feb ..
Mar .
Apr r .
May r
June r
July
Aug r
Septp
1

70.970

75.5

95.6
91.3
89.4
87.6
87.2
87.0
87.5
87.7

88.7
86.6
83.7
82.0
82.1
83.8
83.0

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

18

99.7
96.2
100.0
101.310
103.7
104.5
104.2
114.1
96.1

Motor
vehicles
and
parts
100.5
99.9

91.4
100.0
103.5
103.7
103.9
100.2

Apparel

155.6
148.0
106.39
100.0
92.8
79.8

Printing
and
support
112.4
113.1
106.3
100.0
96.2
96.9
99.2
99.8
100.6

Chemical

93.6

Food

93.4

96.0
97.7
97.7

100.0
101.0
101.1
104.2
105.4
109.5
111.1

95.0

83.3

75.3
76.5
72.6

93.9

100.0
101.3
105.6
109.3
112.7
114.1
108.8

88.2
07.31
86.5
88.3

79.9
76.9
74.2
69.2

72.8
71.4
69.6
67.7

92.3
91.9
90.6
87.4

101.0
106.7
103.2
98.7

110.4
111.8
111.7
108.6

75.3
77.7
78.0
77.3
74.0
72.7
79.1
81.5
85.3

51.2
55.8
56.7
56.6
52.3
50.3
59.3
62.9
67.9

65.5
64.5
64.7
80.1
63.6
59.7
60.9
61.4
62.3

85.3
82.7
81.6
80.1
79.6
80.2
79.9
80.4
80.3

99.8
101.6
101.3
102.7
102.3
102.9
103.1
104.1
104.9

108.3
109.5
109.0
109.8
110.9
110.4
109.3
111.3
111.4

97.4

76.9

Source: Board of Governors of the Federal Reserve System.

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

Total new
construction expenditures

Federal
and
State
and
local

Nonresidential
New
housing

Commercial
(including
farm)

Lodging

Manufacturing

744.6
802.8
840.2
847.9
891.5
991.6
102.7
,167.6
150.7
,072.1

575.5
621.4
638.3
634.4
675.4
771.4
868.5
912.2
861.6
766.2

326.3
346.1
364.4
396.7
446.0
532.9
611.9
613.7
493.2
350.1

251.3
265.0
279.4
298.8
345.7
417.5
480.8
468.8
354.1
229.9

249.2
275.3
273.9
237.7
229.3
238.5
256.6
298.4
368.4
416.1

16.0
16.3
14.5
10.5
9.9
12.0
12.7
17.6
27.5
35.4

435.1
52.4
49.7
35.3
30.6
32.9
37.3
45.7
53.8
57.1

59.4
04.91
63.6
59.0
57.5
6.82
66.6
73.4
85.9
81.5

35.1
37.6
37.8
22.7
21.4
23.7
29.9
35.1
45.3
60.8

93.7
104.9
108.2
110.2
109.9
106.8
110.2
126.7
155.9
181.4

169.1
181.3
201.9
213.4
216.1
220.2
234.2
255.4
289.1
306.0

2008: Sept
Oet ..
Nov .
Dee .

1,081.2
1,064.1
1,037.3
1,002.1

773.6
754.1
726.8
696.6

350.4
327.7
310.5
292.3

212.9
204.7
192.1
176.2

423.2
426.3
416.4
404.3

36.8
36.6
35.7
31.8

58.4
56.5
55.8
51.6

77.9
76.5
73.5
71.0

65.8
71.0
70.6
70.2

184.3
185.8
180.7
179.7

307.6
310.0
310.5
305.6

2009: Jan .
Feb .
Mar .
Apr .
May
June
July r
Aug r
Septp

974.3
970.4
966.7
971.4
958.3
945.1
934.2
933.0
940.3

673.8
660.9
650.4
654.1
639.8
619.5
608.4
610.9
613.9

278.8
260.8
248.9
252.7
241.4
237.0
237.3
246.4
256.0

162.6
147.9
139.2
130.7
123.4
125.4
131.0
134.1
135.7

395.1
260.81
401.5
401.5
398.4
382.6
371.2
364.5
357.9

29.2
29.1
31.2
30.2
28.4
27.4
24.3
23.4
23.0

49.0
48.4
48.1
43.7
44.1
42.1
40.0
39.4
39.0

66.7
66.5
65.0
84.11
181.8
53.5
51.8
50.5
49.9

77.3
81.3
82.0
84.1
85.4
78.6
77.6
75.1
73.0

172.9
174.7
175.3
181.3
181.8
180.9
177.4
176.1
173.1

300.4
309.5
316.3
317.2
318.5
325.6
325.8
322.1
326.4

1999
2000
2001
2002
2003
2004
2005
2006
2007
2008

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

Source: Department of Commerce, Bureau of the Census.

NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or houses, except as noted]

New private houses

New private housing units
Units started, by type of structure

Period

1 unit

Total
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008

......................................1,

......................................1,
......................................1,
......................................1,
......................................1,

1,640.9
1,568.7
1,602.7
1,704.9
1,847.7
1,955.8
2,068.3
1,800.9
1,355.0
905.5

1,302.4
1,230.9
1,273.3
1,358.6
1,499.0
1,610.5
1,715.8
1,465.4
1,046.0
622.0

2-4 units 1

5 units or
more

31.9
38.7
36.6
38.5
33.5
42.3
41.1
42.7
02.87
17.5

306.6
299.1
292.8
307.9
315.2
303.0
311.4
292.8
277.3
266.0

Units
authorized
1,663.5
1,592.3
1,636.7
1,747.7
1,889.2
4
2,070.1
2,155.3
1,838.9
1,398.4
905.4

Units
completed

Houses
sold

Houses for
sale at end
of period 2

Vacancy rate
for rental
housing units
(percent) 3

1,570.8
1,648.4
1,678.7
1,841.9
1,931.4
1,979.4
1,502.8
1,119.7

880
877
908
973
1,086
1,203
1,283
1,051
776
485

308
298
308
339
370
422
511
536
497
350

8.1
8.0
8.4
8.9
9.8
10.2
9.8
9.7
9.8
10.0

9.9

1,302.431.9
1,230.938.7

Seasonally adjusted annual rates
2008: Sept ...........................822549192548061,
Oct
Nov ............................655457181806301,
Dec. ...........................55639391545641,

822
763
655
556

549
534
457
393

19
10
18
9

254
219
180
154

806
729
630
564

1,148
1,055
1,084
1,028

436
409
390
374

395
380
370
350

2009: Jan
Feb
Mar

488
574
521
479
551
590
593
587
590

357
357
361
388
409
478
506
482
501

13
13
31
11
9
11
15
3
11

118
204
129
80
133
101
72
102
78

531
550
511
498
518
570
564
580
575

778
828
833
846
812
794
785
772
693

329
354
332
345
371
r
399
413
417
402

340
328
313
300
293
280
270
261
251

May

..............5514099133518812371293.

June
July r
Aug r
Septp
1

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

lo.'i
10.1
10.6
11.1

NOTE.—Beginning 2004, units authorized are for 20,000 permit-issuing places. For other
data shown, units authorized are for 19,000 places.
Beginning 1999, housing starts, completions, and sales are not directly comparable with earlier data due to new estimation methods.
Source: Department of Commerce, Bureau of the Census.

19

BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In September, according to preliminary estimates, manufacturing and trade sales were virtually unchanged; in
August, sales rose 1.0 percent, while inventories fell $20.2 billion. According to advance estimates, retail sales
fell 1.7 percent in September. Retail and food services sales fell 1.5 percent.
BILLIONS OF DOLLARS' (RATIO SCALE)
550
RETAIL INVENTORIES
500

BILLIONS OF DOLLARS* (RATIO SCALE)
1,700
1,600
1,500

450
\

•~~

1,400

\

MANUFACTURING AND
1,300

\

RETAIL AND FOOD
SERVICES SALES

400

X---

s—"

1,200

350
" ' ' ' \

1,100
/

y
1,000

RETAIL SALES

\
MANUFACTURING »
AND TRADE SALES
\

300

250 1 I I I I I I I M I I I I I I I I i I I I i I I I M I I I I I I M I i I I M I I
900
RATIO*
1.80
800

700

linn

600

2005

Illlll
2006

Illlll
2007

Illlll
2008

Illlll
2009

2009

*SEASONAUY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMICADVISERS

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

Manufacturing and sale R
Period
Sales 2

Inventories 3

Wholesale

Inventorysales
ratio 4

Sales 2

Inventories 3

Retail

Inventory
sales
ratio 4

Sales 2

Inventories 3

Inventory
sales
ratio 4

Retail a n d
food services
sales 2

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

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

234,0
1.41
1.43
1.36
1.34
1.30
1.27
1.28
1.28
1.31

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

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

1.30
1.29
1.32
1.26
123
1.18
1.18
1.17
1.16
1.17

234,046
234,5463
255,644
261,194
272,123
289,528
307^280
322,461
332,902
329,996

385,039
406,887
394,775
01,89
432,372
461,372
471,749
487,514
499 724
484,414

16,59
1.59
1.58
1.55
1.56
1.56
1.51
1.50
1.49
1.52

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

...................................................1,

1,164,908
1,136,129
1,095,637
1,036,285
1,000,601

1,512,798
1,502,952
1,492,123
1,477,561
1,455,972

1.30
1.32
1.36
1.43
1.46

386,097
377,364
362,539
337,615
325,672

446,873
444,618
438,249
434,986
429,572

1,16
1.18
1.21
1.29
1.32

333,356
327,273
317,198
309,742
298,949

503,144
500,038
498,884
490,322
484,414

1 3 71
1.53
1.57
1.58
1.62

371,311
365,399
355,037
347,707
336,438

2009: Jan ....................................................998,
Feb ....................................................987,
Mar
Apr ....................................................967,
May ....................................................967,
June
Julyr
Augp
Sept p

998,018
987,859
969,853
967,289
967,070
977,597
980,110
989,825
989,578

1,438,263
1,418,398
1,400,255
1,382,179
1,365,341
1,345,888
1,330,746
1,310,580

1.46
1.5434

317,731
318,491
310,723
310,742
312,050
312,941
314,709
318,069
320,189

425,915
418,539
411,092
405,599
400,795
392,493
386,330
381,146
377,722

1.5734
1.31
1.32
1.31
1.28
1.25
1.23
1.20
1.18

303,921
304,889
301,057
300,117
301,595
304,728
304,450
r
311,611
306,336

476,498
470,939
466,501
460,035
452,031
446,625
442,242
431,961

1.57
1.54
1.55
1.53
1.50
1.47
1.45
1.39

303,92147
31304,8
339,228
338,344
339,873
312,941392
342,489
r
349,885

1999
2000
2001
2002
2003
2004
2005
2006
2007
2008

..............................................................834,
..............................................................818,
..............................................................853,
..............................................................923,
..............................................................1,
..............................................................1,

2008: Aug r
Sept r
Oct.
Nov
Dec.

1

....................................................1,

1.44
1.43
341
1.38
1.36
1.32

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

20

4

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

349,885

MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In September, manufacturers' shipments and new orders rose; while inventories and unfilled orders fell.
BILLIONS O F DOLLARS* (RATIO SCALE)

500
460 - SHIPMEN1

BILLIONS OF DOLLARS* (RATIO SCALE)
580
540 - INVENTO
.—i—
7
500
/

\
\

TOTAL

s

340

460
420
380

-—-—

300

DURABLE GOODS

340
260

DURABLE G O O D S

: t~

300

220
....

^'

"

260

\

NONDURABLE GOODS

220
140

| | m

(

11

11111111M1

111111
11111

BILLIONS O F DOLLARS* (RATIO SCALE)
500

460 - NEW ORE
420
380
340

...

180

!

MIII

| | m |

140
RATIO*
1.60

\
TOTAL "

I M I I

iiiiiiiiin

\

INVENTORY-SHIPMENTS RATIO
1.50

300
260

ABLE GOODS
\

220

1.40

/

•

1.30

180

r\

1.20
l l m l

11111 h i m

140
2005

2007

2006

2008

II I I I ! 1 MM
2009

him

1.10

2005

iimhmi iimhiiii
2006
2007

"SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE

/v7
,

"
A
\
Minium

2008

2009

COUNCIL OF ECONOMIC ADVISERS

Manufacturers' shipments 1

Manufacturers' inventories2

Manufacturers' new orders 1
Durable goods

Durable
goods

Nondurable
goods

Durable
goods

Nondurable
goods

Capital
goods
industries,
nondefense

Manufacturers'
unfilled
orders 2

Manufacturers'
inventory—
shipments
ratio 3

Millions of dollars, seasonally adjusted, except as noted
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008

2008: Sept .
Oct ..
Nov .
Dec ..
2009: Jan ..
Feb ..
Mar .
Apr ..
May .
June
July .
Aug r
Septp

335,991
350,715
330,875
326,227
334,616
359,081
395,173
418,330
423,423
431,929
431,492
415,900
388,928
375,980
366,366
364,479
358,073
356,430
353,425
359,928
360,951
360,145
363,053

193,895
197,807
181,201
176,968
178,549
188,722
202,070
213,408
213,572
207,801
208,240
201,119
192,772
189,910
179,433
177,831
174,417
173,180
168,483
169,836
173,744
171,341
173,174

142,096
152,908
149,674
149,259
156,067
170,359
193,103
204,923
209,851
224,128
923828,2
214,781
196,156
186,070
186,933
186,648
183,656
183,250
184,942
190,092
187,207
188,804
189 879

463,625
481,673
428,113
423,133
408,304
440,697
472,860
511,487
530,664
541,986
558,296
554,990
552,253
541,986
535,850
528,920
522,662
516,545
512,515
506,770
502,174
89,3403
492,648

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

296,553
306,727
267,829
260,582
246,963
265,070
283,598
309,914
7217,7467
343,468
339,728
341,168
342,259
343,468
339,735
335,164
329,460
325,404
321,576
316,667
312,884
308,133
304,920

167,072
174,946
160,284
162,551
161,341
175,627
189,262
511,4873
209,907
198,518
218,568
213,82
209,994
198,518
196,115
193,756
193,202
191,141
190,939
190,103
189,290
189,340
187,728

329,770
346,789
322,746
316,809
,304246,9
354,619
395,401
01,573
7209,907
41,986343
429,286
403,315
377,203
358,811
346,120
348,460
341,935
343,760
347,616
190,103
312,884189
352,770
356,088

187,674
193,881
173,072
167,550
67408,3042
184,261
283,598
214,871
217,746
205,216
206,034
188,534
181,047
172,741
159,187
161,812
158,279
160,510
162,674
160,821
168,512
163,966
166,209

64,392
69,278
58,246
51,817
52,894
56,094
65,770
71,725
74,288
601.28
67,923
63,487
60,140
53,964
48,637
70,9391.
57,6921.4
49,08
53,099
53,014
56,725
52,286
53,498

505,498
549,445
514,349
462,122
477,608
496,343
572,835
660,406
773,297
800,360
223,25
820,672
812,879
800,360
783,955
770,939
757,692
749,081
746,744
740,685
739,922
736,634
733,325

1.35
1.35
1.38
1.28
1.24
1.19
1.17
1.19
1.23
1.28
1.29
1.33
1.42
1.44
1.46
1.45
1.46
1.45
1.45
1.41
1.39
1.38
1.36

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

21

PRICES
PRODUCER PRICES
The producer price index for all finished goods fell 0.6 percent in September. Prices of finished consumer foods
fell 0.1 percent, while prices of other finished consumer goods fell 0.9 percent. Capital equipment prices fell 0.1
percent.
INDEX, 1982 = 100 (RATIO SCALE)
210

INDEX, 1982 = 100 (RATIO SCALE)
210

200

200

190

190

180

180

170

170

160

160

150

150

140

130

130
2009

COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF LABOR

[1982 = 100; monthly data seasonally adjusted]
Intermediate materials

Finished goods

Period

Total
finished
goods

Finished goods excluding consumer foods
Consumer
foods

Consumer goods
Total
Total

133.0
138.0
140.7
138.9
143.3
148.5
155.7
160.4
166.6
177.1
2008: Sept ...............182. 182.3
Oct. ................177. 177.6
Nov ................172. 172.8
Dec. ...............169. 169.7
2009: Jan ................171. 171.2
Feb. ................171. 171.1
Mar ................169. 169.5
Apr .................170. 170.2
170.5
Mayr
June ..............173. 173.2
July ...............171. 171.7
Aug ................174. 174.7
Sept ...............173. 173.7
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008

1

135.1
137.2
141.3
140.1
145.9
152.7
155.7
156.7
167.0
178.3
181.2
181.3
180.2184

178.2
178.4
175.6
174.2
176.9
174.2
176.1
173.4
174.71
173.9

1123
138.01
134.014
138.3
142.4
147.2
155.715
164.0
166.2
176.6
182.3
176.2
180.4
178.21
168.9
169.4
167
168.0
168.9

137.7
170.5
174.0
172.9

Intermediate materials for food manufacturing and feeds.

22

130.5
138.4
141.4
138
144.7
150.9
161.9
169.2
175.6
189.1
196.8
176.2
180.4
173.0
175.7
164
174.0
144
168.9
179.8
178.2
183.4
181.7

Durable

133.0
133.9
134.0
133.0
145.91
135.0
136.6
136.9
138.3
141.2
142.3
143.3
143.0
143.6
143.5
143.9
143.9
144.4
144.5
145.7
144.9
145.4
175.01

Nondurable

127.9
138.7
142.8
138
148.4
156.6
172.0
182.6
171.5207
210.5
221.1
205.9
192.8
184.3
188.4
189.3
185.6
185.9
188.2
193.4
191.4
198.9
165

Capital
equipment

137.6
138.8
139.7
140.1
135
11 1
5. 4
7

Total
finished
consumer
goods

144.6
146.9
149.5
153.8

132.0
137.2
141.5
139.4
135.3
152.7
160.4
164.0
170.715
163.43

155.4
156.3
156.3
156.9

192.7
188.9
179.4
174.9

143.51
176.41
174.0
137.61
156.8
157.5
178.2
157.6
157.5

177.0
176.9
174.7

157
138.1
179.5
177.6
181.7
180.4

Total

123.2
129.2
129.7
127.8
133.7
142.6
154.0
164.0
146.7
163.43
197.1
188.9
179.9
172.6
172
170.9
168.4
168.5
169.5
171.2
170.8
173.9
125.82

Foods
and
feeds 1

111.1
111.7
115.9
115.5
125.9
159.01
133.8
135.2
1146.724

181.6
189.6
180.0
175.3
168.7
166.2
164.8
163.5
164.5
166.7
168.9
165.5
166.0
175.01

Crude materials

Other

Total

Foodstuffs
and
feedstuffs

Other

123.9
137.21
130.5
128.5
134.2
159.0
155.71
165.4
171.5
188.7
197.6
189.4
146.2
172.9
172.7
171.3
168.8
168.8
169.7
171.4
171.2
174.5
175.0

98.2
120.6
121.0
108.1
135.3
159.0
182.2
184.8
207.1
251.8
253.1
212.3
184.5
174.2
171.5
161.0
160.3
164.0
169.8
178.7
170.7
177.2
173.4

98.7
100.2
106.1
99.5
113.5
127.0
122.7
119.3
146.7
163.4
165.6
148.2
146.2
138.0
139.2
134.6
132.3
137.6
138.1
137.7
129.3
128.3
125.8

94.3
130.4
126.8
111.4
148.2
179.2
223.4
230.6
246.3
313.9
314.8
254.7
203.9
192.5
186.3
171.2
172.0
173.9
184.2
201.3
194.4
207.6
202.9

Source: Department of Labor, Bureau of Labor Statistics.

CONSUMER PRICES—ALL URBAN CONSUMERS
In September, the consumer price index for all urban consumers rose 0.2 percent; it rose 0.1 percent not seasonally
adjusted. The index was 1.3 percent below its year-earlier level.
INDEX, 1982-84 = 100 (RATIO SCALE)

INDEX, 1982-84 = 100 (RATIO SCALE)

230

230
SEASONALLY ADJUSTED

CONSUMER PRICES—ALL ITEMS

200

r\

160
^

1
2001

1
2002

i
2003

1 ,, , , ,
2004

!
2006

i

2005

,,, ,,1 , ,, , ,
2007

1
2008

SEE NOTE O N TABLE BELOW
SOURCE: DEPARTMENT OF LABOR

2009

COUNCIL OF ECONOMIC ADVISERS

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

Transportation

Housing
Shelter

Period

Not
seasonally
adjusted
(NSA)

Seasonally
adjusted

Total1
Total

1

mary
dence

Fuels
and
utilities

Apparel

Total1

Motor
fuel

Medical
care

Energy 2

All
items
less
food
and
energy

14 6
164.1 1
167.8
9.3 1
16.6 2
180.0
1.0 2
195. 7
195.2
202 916
214 106

100 0
166 6
172.2
177 1
179 9
184.0
188 9
195.7 3
201.6
207 342
215 303

1999
2000
2001
2002
2003
2004
2005
2006
2007
2008

Rent

Food

Owners'
equivalent
rent
(12/82 =
100)

43 4
163 9
169.6
176 4
180 3
184.8
189 5
195 7
.0336.2
209 586
216 264

187 3
193.4
20 6
208 1
1136.51
218 8
224 4
221
240 611
246 666

6.0
177 5
183.9
192 1
199 7
205.5
.116 0
5.7 3
221
234 679
243 271

24 4
192 9
198.7
206 3
21. 7
219.9
224 9
23. 2
238.2
246 235
252 426

54
128 8
137.9
150 2
143 6
154.5
161 9
179 0
194.7
200 632
220 018

3.7
131 3
129.326
127 3
124 0
120.9
120 4
919 5
119.5
118 998
118 907

15.3 3
100 7
144 4
129.3
153.3
124 7
154 3
116 6
152 9
157.6
135.8
160 4
163 1
195 7
173 9
180.9
221.0
184 682 235 2 0
195 549 279 652

64
250 6
260.8
272 8
285 6
297.1
310 1
323 2
336.2
351 054
364 065

106 6
124.6
1206. 3
121 7
136.5
151 4
177 1
196.9
207 723
236 666

7.6 7
177 0
181.3
186 1
190 5
193.2
196 6
200 9
205.9
210 729
215 572

Sept
Oet
Nov
Dec

218 783
216.573
212.425
210 228

218 675
216.889
213.263
211577

217 748
218.586
218.988
211 8.2

217 818
217.788
217.622
217 592

247 899
248.063
248.455
248 519

245 089
245.836
246.480
246 928

653 65.8
253.911
246.4802
254 683

224 296
223.185
219.934
219 092

119 631
248.0632
118.905
118 221

2 0 4 916
195.027
19.93411
167 3 5 3

318 765
248.063245
197.861
160 675

365 835
366.402
367.299
368 302

2 2 4.296
237.300
197.086
167. 35

216 784
218.58
216.868
211 8.2

2009: J a n
Feb
Mar

211 143
212.193
212.709
213 240
213.856
215.693
215 351
215.834
215.969

212 174
213.007
212.714
212 671
212.876
214.459
214 469
215.428
215.791

219 193
218.970
218.651
218 254
217.738
217.838
217 291
217.478
217.257

217 646
217.621
217.335
217 180
217.056
216.984
216 612
216.726
216.770

248 938
248.881
248.899
249 334
249.680
249.861
249 410
249.658
249.655

247 744
248.087
248.490
248 916
249.233
249.374
249 293
249.266
249.132

255 349
255.687
256.257
256 627
257.003
257.138
257 073
257.278
215.79121

217 . 5
217.260
217.33524
210 702
207.903
206.342
206 046
206.783
200.95922

118 523
120.039
119.744
119 537
119.345
120.183
120 865
120.756
1207.1

169 4 8 9
120.039
170.903
. 7 0 2119
171.635
178.843
179 180
78312
184.750

169 176
182.0
173.947
169 . 3
173.872
203.703
202 924
220.836
2120.93

3169 . 4
371.175
371.902
373 257
57.0032
38206.3
375 851
376.9
378.55

181 938
182.030371
182.254
177 924
374.40
16.984
190 905
249.266257
200.9

217 265
217.260
214.2
218 594
218.910
216.98424
2 . 9 243
249.2
223.2733

2008:

May
June
July
Aug
Sept
1

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

s

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

23

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

Change from 3 months earlier, annual rate

Change from 6 months earlier, annual rate

Consumer goods

Consumer goods

Consumer goods

Total
finished
goods

Capital
equipment

Excluding
foods

Total
finished
goods

Excluding
foods

Capital
equipment

Total
finished
goods

Change
from year
earlier,
total
finished
goods
NSA

Capital
equipment

Excluding
foods

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

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

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

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

1.8
3.8
2.0
¥1.3
3.2
3.6
4.8
3.0
3.9
6.3

0.3
1.2
0
¥.6
.8
2.4
1.2
2.3
1.4
4.3

Change, month to month
2008: Sept
Oct. ...
Nov. ..
Dec. .

¥0.1
¥2.6
¥2.7
¥1.8

0.0
.1
— .5
¥1.2

¥0.3
¥4.9
¥4.7
¥3.0

0.4
.6
.0
.4

2.9
¥12.1
¥19.6
¥24.9

3.2
1.1
¥1.8
¥6.5

1.9
¥22.8
¥33.2
¥40.3

5.3
5.6
3.9
3.9

7.8
1.8
¥6.4
¥12.1

6.0
5.8
3.2
¥1.8

9.7
¥1.0
¥14.0
¥22.0

4.8
4.9
4.4
4.6

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

.9
¥.1
¥.9
.4
.2
1.6
¥.9
1.7
¥.6

.1
¥1.6
¥.8
1.5
¥1.5
1.1
¥1.5
.4
¥.1

1.6
.4
¥1.4

.1
.0
¥.1
.1
¥.2
'A

¥13.7
¥3.9
¥.5
¥2.3
¥1.4
.0
3.6
10.2
1.2

¥6.2
¥10.2
¥8.7
¥3.3
¥3.2
4.4

¥22.4
¥4.4
2.3
¥2.9
¥1.1
14.0
9.0
18.2
4.3

2.1
2.1
.3
.0
¥.8
1.3
.3
r
2.1
.0

¥12.9
¥12.1
¥13.5
¥8.2
¥2.6
4.2
.6
4.3
5.0

¥2.6
¥6.1
¥7.6
¥4.8
¥6.8
¥2.3
¥5.5
¥1.7
¥.3

¥22.6
¥20.1
¥21.8
¥13.2
¥2.8
8.0
2.9
8.1
9.0

3.8
3.0
2.1
1.0
.6
.8
.1

r

2.2
¥.9
2.9
¥.9

.3
¥.1

¥4.9

8.8
5.2
.4

¥1.4
¥3.4
¥3.5
¥4.8
¥4.6
¥6.8
¥4.3
¥4.8

Source: Department of Labor, Bureau of Labor Statistics.

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

All
items 1

Addendum: All items,
percent change
(annual rate)

Transportation

Shelter
Rent of Ownpriers'
mary equivaresilent
dence
rent

Fuels
and
utilities

Apparel

New
cars

Motor
fuel

Medical
care

Energy 2

All
items
less
food
and
energy

From
previous
quarter 3

From
3
months months
earlier earlier

From
year
earlier
NSA

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

3.4
1.6
2.4
1.9
3.3
3.4
2.5
4.1
.1

1.9
2.8
2.8
1.5
3.6
2.7
2.3
2.1
4.9
5.9

2.2
4.3
2.9
2.4
2.2
3.0
4.0
3.3
3.0
2.4

2.5
3.4
4.2
3.1
2.2
2.7
2.6
4.2
3.1
1.9

3.1
4.0
4.7
3.1
2 .7
2.9
3.1
4.3
4.0
3.4

2.4
3.4
4.5
3.3
2.0
2.3
2.5
4.3
2.8
2.1

2.4
12.1
¥2.1
1.4
6.5
7.9
15.6
.5
5.4
6.0

¥.5
¥1.8
¥3.2
¥1.8
¥2.1
_ .2

5.4
4.1
¥3.8
3.8
.3
6.5
4.8
1.6
8.3
¥13.3

¥1.1
.9
¥.3
¥1.0

¥.8
.3
0
¥2.0
¥2.1
.5

¥.4
¥1.1

30.2
13.9
24.8
24.6
6.8
26.1
16.2
6.4
29.5
42.2

3.7
4.2
4.7
5.0
3.7
4.2
4.3
3.6
5.2
2.6

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

2.2
3.4
2.8
1.6
2.3
2.7
3.4
3.2
2.8
3.8

1.9
2.6
2.7
1.9
1.1
2.2
2.2
2.6
2.4
1.8

Change, month to month
2008: Sept
Oct. .
.
Nov. .
Dec. .

0.0
¥.8
1.7
¥.8

0.5
.4
.2
.0

¥0.1
.0
¥.1
.0

0.2
.1
2

2009: J a n
Feb.
Mar.
Apr.
May.
June
July
Aug
Sept

.3
.4
¥.1
0
.1
.7
.0
.4
.2

.1
0.1
¥.1
- 2
_ 2

.0
.0
¥.1
- 1
1.1
.0
¥.2
.1
.0

.2
.0
.0
2
.1
.1
_ .2
.1
.0

1

.
.
.
.
.

.

'.o

¥.3
.1
¥.1

!o

0.3
.3
.3
.2

0.2
.1
.2
.1

¥2.4
¥.5
¥1.5
¥.4

¥0.3
¥.7
.1
¥.6

¥0.1
¥4.8
¥9.7
¥5.0

¥0.5
¥.6
¥.4
¥.4

0.3
¥12.7
¥28.9
¥18.8

0.3
2
.2
.3

¥1.0
¥7.8
¥16.9
¥9.3

0.1
.0
.1
.0

.3
.1
.2
2
.1
.1
.0
.0
¥.1

.3
.1
2
1
.1
.1
.0
.1
2.1

— .7
¥.1
¥1.4
-17
¥1.3
¥.8
¥.1
.4
.2

.3
1.3
¥.2
_ 2
¥.2
.7
.6
¥.1
.1

1.3
1.9
¥1.1
- 4
.8
4.2
.2
2.3
.8

2
.5
.3
3
.3
.5
.6
¥1.2
.1

5.3
7.6
¥4.4
-2 6
2.7
17.2
¥.4
8.8
1.1

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

1.7
3.3
¥3.0
-24
.2
7.4
¥.4
4.6
.6

2
.2
2
.3

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

s

6.2

¥8.3

¥2.4

1.3

3.6

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

3.1
¥3.1
¥9.4
¥12.4

4.7
2.7
¥1.6
¥5.0

3.7
3.7
1.1
.1

¥8.4
¥.5
2.2
.9
_ 2
3.3
3.4
4.9
2.5

¥5.8
¥5.0
¥5.4
¥3.9
¥.4
2.7
2.2
2.3
2.9

.0
.2
¥.4
¥.7
¥1.3
¥1.4
¥2.1
¥1.5
¥1.3

PRICES RECEIVED AND PAID BY FARMERS
In October, prices received by farmers rose 7.1 percent and prices paid by farmers were unchanged. (Data
are not seasonally adjusted.)
INDEX, 1990-92=100 (RATIO SCALE)

INDEX, 1990-92= 100 (RATIOSCALE)
200

200

190

190

180

180

170

170

r^J

160
PRICES PAID

150

t\
\w

'""

140
<•»—
130

'''

* PRICES RECEIVED
/

120

A

110

^

/

V

v

160

\s V

/

/

Jv

90

1 1 1 1 1 1 1 1 11111
1 1 1

140
130
120
110

A

100

150

100

90
1 1 1 1 111111M111
1

111111

Mill

I
11111 1 1 II I 1l l l 111M11

M111111111

iiniii

111

1 1 1 11 11 1 I I 1

RATIO1
140

2009
1

RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.
SOURCE: DEPARTMENT OF AGRICULTURE

COUNCILOFECONOM!CADV!SERS

[1990-92 = 100; not seasonally adjusted]
Prices paid by farmers

Prices received by farmers
Period

All farm
products

Livestock and
products

Crops

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

Production
items, interest,
taxes, and wage
rates

Production
items

Ratio 2

1999
2000
2001
2002
2003
2004
2005
2006
2007
2008

96
96
102
98
106
118
114
115
136
149

97
96
99
105
110
115
110
120
142
169

95
97
106
90
103
122
119
111
130
130

115
119
123
124
128
134
142
150
160
182

113
117
121
121
125
133
142
150
161
187

111
115
120
119
124
132
140
148
160
188

83
81
83
79
84
88
81
77
85
82

2008: Oef
Novr
Decr

150
142
135

168
158
150

127
123
119

187
182
178

192
187
182

195
189
183

80
78
76

2009: Jan
Feb
Mar
Apr
Mayr
June
July
Aug
Septr
Octp

139
126
126
129
130
135
132
127
126
135

111
146
147
111
150
161
152
147
143
154

114
109
109
112
113
112
112
109
108
109

178
177
178
178
178
178
177
176
175
175

182
181
182
182
182
182
180
179
178
178

181
179
180
181
181
180
179
178
177
176

78
71
71
72
73
76
75
72
72
77

1

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

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

25

MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK AND DEBT MEASURES
In September, M2 rose.
BILLIONS OF DOLLARS* (RATIO SCALE)

BILLIONS OF DOLLARS* (RATIO SCALE)
9,200

9,200

8,400

8,400

7,600

7,600

6,800

6,800
6,000

6,000
5,200 I

M2

r

.

5,200

4,400

4,400

3,600

3,600

3,200

3,200

2,800

2,800

2,400

2,400

2,000

2,000

1,600

1,600

Ml
\
_

1,200

_

-

•

1,200

1 II 1! 1
I M
1 1 1 1 1 1 1 111M1 i1111 i i 1 1 I II 1 1 1 II 1 1 1 1 1 11 1 It 1 1 1 1 1 1 1 1 i 1 M 111 1 II 1 ! 1 1 1 1 II 1 11 I 1 1 M 1 1 1
1 1
M 1
1 1 M
1 1 1
1
2008
2001
2002
2006
2007
2009
2003
2004
2005
COUNCIL OF ECONOMIC ADVISERS

[Averages of daily figures, except debt end-of-period basis; billions of dollars, seasonally adjusted]
M2
M1 plus retail
MMMF balances,
savings deposits
(including
MMDAs), and
small time deposits

1,122.6
1,087.7
1,182.3
1,220.4
1,306.8
1,376.4
1,374.2
1,365.6
1,373.0
1,595.2

4,635.0
4,917.2
5,431.2
5,784.7
6,071.6
6,412.2
6,674.1
7,035.3
7,438.8
8,155.9

2008: Sept r
Oct r
Novr
Dec r

1,451.6
1,474.7
1,523.2
1,595.2

7,810.0
7,929.2
7,982.1
8,155.9

2009: J a n r
Feb r

1,576.5
1,559.7
1,563.3
1,592.8
1,595.5
1,647.8
1,653.6
1,649.9
1,659.9

8,235.9
8,258.7
8,325.4
8,272.2
8,342.6
8,374.4
8,356.7
8,305.5
8,333.2

Period

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

Dec.
Dec.
Dec.
Dec.
Dec r
Dec.
Dec.
Dec r
Dec r
Dec r

.......................................................................................1,
.......................................................................................1,
.......................................................................................1,
.......................................................................................1,
.......................................................................................1,
.......................................................................................1,

Apr r
May r
Julyr
Sept
1

.......................................................................................1,

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

26

Percent change

Debt

M1
Sum of currency,
demand deposits,
travelers checks,
and other
checkable deposits (OCDs)

Debt of
domestic
nonfinancial
sectors 1
17,291.6
18,167.3
19,302.3
20,715.6
22,418.9
24,430.7
26,759.5
29,156.0
31,701.6
33,589.8
33,060.5
33,589.8
33,942.2
34,353.8

From year or 6
months
earlier 2
M1

M2

From
previous
period 3
Debt

2.4
¥3.1
8.7
3.2
7.1
5.3
¥.2
¥.6
.5
16.2

5.9
6.1
10.5
6.5
5.0
5.6
4.1
5.4
5.7
9.6

6.4
5.0
6.3
7.3
8.1
8.9
9.5
9.0
8.7
6.0

9.9
13.1
20.1
28.9

4.7
7.3
8.1
12.3

8.2

23.7
24.1
15.4
16.0
9.5
6.6
9.8
11.6
12.4

13.2
14.5
13.2
8.7
9.0
5.4
2.9
1.1
12

6.4

4.1
4.9

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

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

Nonbank
trave-

Currency

Period

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

Dee
Dec r
Dec r
Dee
Dec r
Dee
Dee
Dec r
Dec r
Dec r

Other checkable
deposits (OCDs)
De
mand
deposits

Savings
deposits 1

At
commercial
banks

Total

At
commercial
banks

Total

At
thrift
institutions

Small-denomination
time deposits 2
At
thrift
institutions

Total

At
commercial
banks

At
thrift
institutions

Retail
money
funds

Institutional
money
funds 3

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

517.8
531.2
581.1
626.3
662.5
697.5
723.6
748.3
757.6
812.1

8.6
8.3
8.0
7.8
7.7
7.5
7.2
6.7
6.3
5.5

353.0
309.9
335.7
306.8
326.4
343.2
324.6
304.8
301.4
464.6

243.3
238.4
257.5
279.6
310.3
328.2
318.9
305.8
307.8
313.0

139.7
.3309.92
142.0
154.3
175.3
187.0
180.7
177.2
174.3
178.9

103.7
105.2
115.4
125.3
135.0
141.1
138.1
128.6
133.5
134.1

1,739.5
1,878.3
2,309.0
2,774.0
3,162.6
3,506.4
3,602.3
3,692.7
3,868.7
4,102.2

1,288.4
1,424.3
1,738.3
2,060.2
2,337.9
2,631.1
2,773.9
2,909.7
3,041.3
3,330.5

451.0
454.0
570.7
713.7
824.7
875.3
828.4
730
827.3
771.7

955.2
1,046.0
974.5
894.7
817.8
827.8
992.5
3,692.72,90
1,214.7
1,378.0

636.9
700.8
636.1
591.2
541.7
551.4
645.3
761.0
823.1
1,026.9

318.3
345.2
338.5
303.4
1784.31
276.4
347.2
808.0
391.7
351.1

817.7
905.1
965.3
895.6
784.3
701.5
705.1
808.0
982.4
3,330.5

660.5
815.6
1,219.2
1.2303.4
1,129.2
1,080.0
1,149.3
1,350.9
1,900.1
1,026.935

2008: Sept r ...
Oct r
Novr ....
Dec r ....

781.6
796.5
804.3
812.1

5.8
5.7
5.6
5.5

350.1
360.5
406.5
464.6

314.1
312.0
306.8
313.0

176.9
176.3
173.5
178.9

137.3
135.7
133.2
134.1

4,032.6
4,034.8
4,016.7
4,102.2

3,170.8
3,250.3
3,247.6
3,330.5

861.8
784.4
360.11
771.7

1,269.2
0.3784.4
1,360.1
1,378.0

892.1
982.2
1,082.12,323
1,026.9

377.1
345.2
350.8
351.1

1,056.6
7.4982.23
1,082.1
3,330.5

2,246.3
2,228.5
2,323.4
1,026.935

2009: J a n r
Feb r ....
Mar r ....
Apr r
May r ....
June r ...
Julyr ....
Aug r ....
Sept

826.3
837.7
845.1
849.8
849.9
853.1
853.6
858.4
862.2

5.5
5.5
5.4
5.3
5.2
52.2
5.1
5.1
5.1

434.5
396.0
390.1
405.6
406.0
437.4
436.8
424.5
427.3

310.2
320.4
322.7
332.1
334.3
352
358.2
361.9
365.3

075.22
180.9
182.1
191.0
194.5
210.2
216.2
222.3
423.5

134.9
139.5
1322.7
141.1
139.8
142.0
142.0
139.7
141.9

4,215.0
4,291.3
4,374.8
4,341.9
4,444.4
4,470.9
4,500.6
4,528.3
4,613.3

3,434.2
3,500.3
3,567.3
3,533.6
3,626.1
3,644.2
3,666.7
3,700.0
3,772.5

780.7
791.0
807.5
808.3
818.3
326.7976
834.0
828.2
840.8

1,369.2
1,354.6
1,341.7
3,533.6
2,539.9
1,278.9
1,249.7
1,213.8
1,175

1,017.6
1,003.3
990.8
975.3
968.5
952.2
928.1
904.6
876.1

351.6
053.2
350.9
344.3
330.4
326.7
321.7
309.2
299.4

1,075.2
1,053.2
1,045.6
1,017.9
1,003.9
976.8
952.8
913.6
884.7

3,434.27
2,490.4
1,045.6
1,319.69
2,539.9
2,523.6
2,508.9
2,460.3
223.5

1
2
s

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

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

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

AGGREGATE RESERVES AND MONETARY BASE
[Averages of daily figures1; millions of dollars; seasonally adjusted, except as noted by NSA]
Adjusted for changes in reserve requirements

Borrowings from the Federal Reserve (NSA)

Reserves of depository institutions

Period
Total 2

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

Nonborrowed 3

Required

Excess
(NSA)

Other borrowings from the Federal Reserve

Monetary
base

Total 4

Decr
Dec r
Dec r
Dec r
Dec r
Dec r
Dec r
Dec r
Dec r
Dec r

42,173
38,724
41,428
40,339
42,630
46,540
45,089
43,220
43,294
820,732

41,852
38,515
41,361
40,259
42,585
46,478
44,920
43,029
27,864
167,166

40,879
37,399
39,785
38,331
41,583
44,631
43,188
41,357
41,525
53,334

1,294
1,325
1,643
2,008
1,047
1,909
1,901
1,863
1,769
767,397

593,648
584,945
635,595
681,646
720,344
759,186
787,018
811,106
822,320
1,650,883

320
210
67
80
46
63
169
191
15,431
650,88365

2008: Oct r
Novr
Dec r

315,531
609,675
820,732

¥332,789
¥89,110
167,166

47,629
50,639
53,334

267,902
559,036
767,397

1,130,376
1,433,199
1,650,883

857,422
700,386
779,588
881,019
900,866
809,188
794,987
828,456
922,466
1,056,393

293,925
117,889
167,476
322,825
375,418
370,465
428,026
497,006
615,640
791,335

59,189
56,904
54,964
56,652
56,790
57,824
61,991
62,599
62,393
41,9

798,233
643,482
724,623
824,367
844,076
751,364
732,996
765,857
860,073
994,734

1,701,886
1,556,513
1,642,732
1,749,274
1,769,674
1,680,624
1,665,695
1,704,364
1,801,234
1,936,456

2009: J a n r
Feb r
Mar r
Apr r
May r
June r
Julyr
Aug r
Sept
Octp

1
Data are prorated averages of biweekly (maintenance period) averages of daily figures.
Reserves and monetary base incorporate adjustments for discontinuities, or "breaks," associated with changes in reserve requirements.
2
Seasonally adjusted break-adjusted required reserves plus unadjusted excess reserves.
s
Seasonally adjusted break-adjusted total reserves less unadjusted total borrowings of depository institutions from the Federal Reserve.

Term
auction
credit

Primary

Primary
dealer
and
other
brokerdealer
credit 5

Assetbacked
commerical
paper
money
market
mutual
fund
liquidity
facility

Credit
extended
to
American
International
Group,
Inc.

Adjustment 6

179
99
34
35

11,613
438,327

17
11
97
111
3,787
88,245

47,631

32,102

47,206

648,319
698,786
650,88365

244,778
393,088
438,327

94,017
95,839
88,245

114,953
60,655
47,631

114,953117
71,009
32,102

77,047
78,070
47,206

563,496
582,497
612,11
558,194
525,448
438,722
366,961
331,450
306,827
265,058

403,523
438,82
477,049
444,933
403,970
316,868
255,119
224,490
3860,0731
1,936

70,436
6 4 3
62,513
47,324
40,124
37,302
34,366
32,147
29,243
25,163

33,061
26,250
20,292
10,918
701
0
0
0
0
0

17,745
13,533
7,857
4,267
23,347
18,891
6,230
184
79
28

38,690
38,414
43,328
45,057
44,915
43,057
43,108
40,021
39,074
41,222

4

Includes secondary and seasonal, and other credit extensions, not shown separately.
5
Includes credit extended through the Primary Dealer Credit Facility and credit extended
to other broker-dealers.
6
Discontinued after January 8, 2003.
Source: Board of Governors of the Federal Reserve System.

27

BANK CREDIT AT ALL COMMERCIAL BANKS
Total commercial bank loans and leases fell 1.5 percent in September; commercial and industrial loans fell 2.6
percent.
BILLIONS OF DOLLARS* (RATIO SCALE)
12,000
- ALL COMMERCIAL BANKS
10,000

BILLIONS OF DOLLARS* (RATIO SCALE)
12,000

9,000

TOTAL

8,000

r

7,000
6,000

^-—]

5,000

-

—

10,000
9,000
8,000

*~
-

~ '

7,000

" 1

6,000
5,000

" " "
.•.•a"*""" ""*""'

LOANS AND L EASES

4,000

4,000

3,000

3,000

2,000

2,000

1,600

1,600

U.S. TREASURY AND
AGENCY SECURITIES
\

1,200

1,200

800

800

OTHERS ECURITIES

400

TT

I
2001

III

1 1 1 1 1 II
2002

1 II

II

2003

II

II

II

II

1

2004

1

1 1

1

1 II

1 1 M 1MM
2006

2005

MM
2007

Ill

II
2008

•SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

1 II

M 400

2009

COUNCIL OF ECONOMIC ADVISERS

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

Period

Dec r
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Septr
Oef
Nov
Dec
2009: J a n r
Febr.
Mar r
Apr r
Mayr
June1
July
Aug r
Sept
1999:
2000:
2001:
2002:
2003:
2004:
2005:
2006:
2007:
2008:
2008:

Total
bank
credit

4,611.1
5,045.4
5,211.3
5,645.4
6,010.3
6,564.9
7,257.9
8,039.1
8,842.5
9,368.0
9,193.0
9,535.3
9,407.7
9,368.0
9,335.4
9,342.2
9,315.0
9,265.2
9,332.9
9,309.8
9,238.5
9,205.0
9,117.4

Total

1,149.2
1,192.3
1,319.7
1,514.1
1,636.4
1,728.8
1,825.9
1,962.7
2,082.2
2,107.7
2,116.6
2,236.0
2,169.2
2,107.7
2,144.8
2,158.4
2,185.3
2,181.1
2,206.2
2,248.0
2,263.7
2,307.2
2,320.4

U.S.
Treasury
and
agency
securities

805.1
782.0
841.2
1,012.2
1,092.6
1,152.4
1,141.6
1,186.7
1,110.3
1,242.6
1,149.4
1,222.3
1,258.2
1,242.6
1,273.9
1,260.2
1,270.8
1,258.5
1,255.8
1,289.1
1,321.7
1,366.9
1,384.4

Other

344.1
410.3
478.6
501.9
543.7
576.4
684.3
776.0
971.9
865.1
967.2
1,013.7
911.0
865.1
871.0
898.2
914.5
922.7
950.4
958.9
942.0
940.3
936.0

1
Data are prorated averages of Wednesday values for domestically chartered commercial
banks, branches and agencies of foreign banks, New York State investment companies (through
September 1996), and Edge Act and agreement corporations. Data are adjusted for breaks
caused by reclassifications of assets and liabilities.
2
Includes securities held in trading accounts, held-to-maturity, and available-for-sale. Excludes all non-security trading assets, such as derivatives with a positive fair value or loans

28

Loans and leases in bank credit

Total
loans
and
leases 3

3,462.0
3,853.1
3,891.6
4,131.3
4,374.0
4,836.0
5,432.1
6,076.4
6,760.4
7,260.3
7,076.4
7,299.3
7,238.4
7,260.3
7,190.5
7,183.8
7,129.6
7,084.0
7,126.7
7,061.8
6,974.8
6,897.7
6,797.0

Commercial
and
industrial
loans

999.6
1,084.1
1,021.7
959.7
898.4
919.0
1,041.3
1,182.6
1,424.4
1,617.4
1,580.8
1,643.4
1,635.6
1,617.4
1,600.6
1,586.5
1,563.6
1,544.1
1,524.1
1,497.7
1,480.6
1,449.0
1,411.8

Real estate loans

Total 4

1,456.2
1,636.0
1,754.0
2,004.7
2,209.6
2,548.0
1,825.9
3,355.9
3,588.3
3,821.0
3,662
3,817.4
3,820.5
3,821.0
3,804.0
3,817
3,824.0
3,831.9
1,524.13
3,859.6
3,844.4
3,824.0
3,776.7

Revolving
home
equity
loans
99.5
129.5
152.3
211.7
278.5
395.2
442.7
466.4
589.079
587.5
539.5
578.1
582.1
587.5
592.5
595.6
600.7
606.0
613.8
611.2
608.0
606.3
603.5

Commercial
loans

1,077.8
1.6684.35,4

1,454.1
1,589.0
1,724.7
1,674
1,717.2
1,721.4
1,724.7
7,190.5
1,719.7
1,718.1
1,713.0
1,709.8
1,702.7
1,695.8
1,688.5
1,677.9

Consumer
loans 5

485.5
532.4
550.5
579.4
634.9
685.4
695.9
731.0
792.5
860.0
835.1
852.4
857.2
860.0
869.0
879.5
870.8
859.4
858.1
856.3
852.8
850.9
848.7

Other
loans
and
leases 5

520.7
600.5
565.4
587.5
631.1
683.6
779.0
806.9
955.1
961.9
998.2
986.1
925.2
961.9
916.9
900.1
871.3
848.6
870.2
848.3
797.0
773.8
759.7

held in trading accounts.
s
Excludes unearned income. Includes the allowance for loan and lease losses. Excludes Federal funds sold to, reverse repurchase agreements (RPs) with, and loans to commercial banks
in the United States. Includes all loans held in trading accounts under a fair value option.
4
Includes closed-end residential loans, not shown separately.
5
Includes other items, not shown separately.
Source: Board of Governors of the Federal Reserve System.

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

Uses

External (N et increase in liabilities
F u n d s raised in markets

Total

TIQI 1

nal

Total

Total
net
raised

1999
2000
2001
2002
2003
2004
2005
2006
2007
2008

................1,

Discrep-

Credit market instruments

Period

Capital
expenditures 3

Total
Net new
equity
issues

Total

Loans
and
shortterm
paper

Securities
and mortgages

Other

2

Increase
in financial assets

(sources
less
uses)

1,733.0
1,973.9
864.5
909.3
854.4
1,554.5
2,052.8
1,929.5
2,320.6
1,604.4

745.4
736.5
769.3
824.4
841.0
945.5
1,091.6
1,093.0
1,108.8
1,149.0

987.6
1,237.4
95 2
84.9
13.4 4
609.0
961.2
836.5
1,211.8
455.4

271.5
244.5
163 8
6.8
47.2
80.2
¥12.9
¥102.0
52.7
33.8

¥110.4
¥118.2
¥48.1
¥16.2
¥39.6
¥122.7
¥343.1
¥567.7
¥790.1
¥334.9

381.9
362.7
211.9
23.0
86.8
202.8
330.2
465.8
842.8
368.7

271.1
187.1
398.6
166.3
216.5
132.7
263.6
310.2
439.9
250.9

81.9
175.6
¥186.7
¥143.1
¥129. 7
70.1
66.7
155.6
403.0
117.9

716.1
992.9
¥68. 5
78.1
¥33.7
529.0
974.1
938.4
1,159.1
421.6

1,852.9
2,173.0
1 021 0
915.9
885.8
1,665.6
1,947.6
1,856.6
2,226.7
1,531.4

883.0
963.8
843.4
785.8
803.2
882.5
989.8
1,143.5
1,182.5
1,187.4

969.9
1,209.2
177.6
130.1
82.6
783.1
957.8
713.1
1,044.2
344.0

¥119.9
¥199.1
¥156.6
¥6.7
¥31.4
¥111.1
105.2
72.9
93.8
73.1

2007: I ...........2,
II .........2,
III. .......2,
IV ........2,

2,364.4
2,369.8
2,336.0
2,212.1

1,058.2
1,107.7
1,110.6
1,158.5

1,306.2
1,262.1
1,225.4
1,053.6

174.0
165.2
79.4
¥207.7

¥537.8
¥752.6
¥831.8
¥1,038.0

711.8
917.8
911.2
830.3

416.1
525.6
368.8
448.9

295.7
392.2
542.5
381.5

1,132.2
1,096.9
1,146.0
1,261.2

2,221.9
2,234.0
2,245.5
2,205.7

1,115.8
1,096.92,234
2,245
1,203.4

1,106.1
1,064.6
1,004.0
1,203

142.6
135.8
90.5
6.4

2008: I ...........1,
II
III ........1,
IV ........1,

1,775.6
1,700.9
1,611.3
1,330.0

1,103.8
1,107.8
1,234.2
1,150.3

671.8
593.1
377.1
179.7

31.6
245.8
55.7
¥198.0

¥431.8
¥218.7
¥341.9
¥347.1

463.4
464.6
397.6
149.1

261.4
412.9
135.8
193.2

202.0
51.7
261.8
¥44.1

640.2
347.3
321.5
377.6

1,707.5
1,577.9
1,489.1
1,350.9

1.4202.06
1,190.9
1,185.7
1,160.2

494.9
387.0
303.4
190.7

68.2
122.9
122.2
¥20.8

2009- I
UP

1,376.4
1,416.4

1,143.5
1,138.8

232 9
277.6

30.7
160.3

¥122. 9
88.0

153.6
72.3

583.8
358.4

¥430.2 2
¥286.1

202.3
117.2

1,217.5
1,234.6

926 0
820.0

291.5
414.6

158 9
181.9

................909.
................1,
................1,
................2,

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).

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

Source: Board of Governors of the Federal Reserve System.

CONSUMER CREDIT
[Billions of dollars; seasonally adjusted]
Consumer credit outstanding (end of period)
Period
Revolving

Total

Nonrevolving2

Net change in consumer credit outstanding 1
Total

Revolving

Nonrevolving

Dec.
Dec.
Dec.
D c
e r
D c
e r
Dec.
Dec.
Dec.
Dec.
Dec.

1,531.1
1,716.5
1,866.2
1,970.8
2,076.1
2,191.5
2,291.0
2,384.8
2,519.5
2,559.1

610.7
683.5
715.2
750.9
767.7
799.2
829.8
871.3
939.6
957.3

920.4
1,033.0
1,151.0
1,219.9
1,308.4
1,392.3
1,461.2
1,513.5
1,579.9
1,601.8

110.1
185.4
149.7
104.6
105.3
115.4
99.5
93.8
134.7
39.6

29.3
72.8
31.7
35.7
16.8
31.5
30.6
41.5
68.3
17.7

80.8
112.6
118.0
68.9
88.5
83.9
68.9
52.3
66.4
21.9

2008: Sept.
Oct.
Nov.
Dec.

2,578.3
2,575.0
2,564.5
2,559.1

975.2
970.8
964.0
957.3

1,603.2
1,604.1
1,600.6
1,601.8

2.2
¥3.3
¥10.5
¥5.4

.1
¥4.4
¥6.8
¥6.7

2.1
.9
¥3.5
1.2

2009: Jan.
Feb.
Mar.
Apr.
May.
June r
Julyr
Aug.
Septp

2,564.4
2,551.4
2,535.3
2,518.0
2,509.2
2,493.7
2,480.5
2,470.6
2,455.8

955.4
942.7
934.3
925.9
916.6
911.7
909.0
898.9
889.0

1,609.0
1,608.7
1,601.0
1,592.0
1,592.6
1,582.0
1,571.5
1,571.7
1,566.8

5.3
¥13.0
¥16.1
¥17.3
¥8.8
¥15.5
¥13.2
¥9.9
¥14.8

¥1.9
¥12.7
¥8.4
¥8.4
¥9.3
¥4.9
¥2.7
¥10.1
¥9.9

7.2
¥.3
— 7.7
¥9.0
.6
¥10.6
¥10.5
.2
¥4.9

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

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.

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

29

INTEREST RATES AND BOND YIELDS
Interest rates were mixed in October.
PERCENT PERANNUM

PERCENT PER ANNUM
10

10

COUNCIL OF ECONOMIC ADVISERS

SOURCE: SEETABIE BELOW

[Percent per annum]

Cons tant maturities 2
Por-inrl
_T SrlOCl

3-month
bills (at
auction) 1

3-year10-year

30-year

Discount window

High-

U.S. Treasury security yields

10-year

grade
municipal
bonds
(Standard
&

Corporate
bonds
(Moody's)

Prime rate
Primary
credit

Discount
rate

Federal

home

charged by
banks 5

funds
rate 6

mortgage
yields
(FHFB) 7

Poor's) 3
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2008:

.......................1.
.......................1.
.......................3.

.......................4.
.......................1.
Oct
Nov.
Dec.
2009: Jan
Feb
Mar.
Apr
May
June.
July
Aug
Sept.
Oct
Week ended:
2009: Oet 10
17
24
31
Nov
7
1

4.66
5.85
3.44
1.62
1.01
1.38
3.16
4.73
4.41
1.48
.84
.30
.04
.12
.31
.25
.17
.15
.17
.19
.18
.13
.08

5.49
6.22
4.09
3.10
2.10
2.78
3.93
4.77
4.35
2.24
1.86
1.51
1.07
1.13
1.37
1.31
1.32
1.39
1.76
1.55
1.65
1.48
1.46

5.65
6.03
5.02
4.61
4.01
4.27
4.29
4.80
4.63
3.66
3.81
3.53
2.42
2.52
2.87
2.82
2.93
3.29
3.72
3.56
3.59
3.40
3.39

.08
.07
.08
.08
.06

1.41
1.47
1.50
1.51
1.44

3.28
3.43
3.43
3.49
3.53

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

*
*

*
4.91
4.84
4.28
4.17
4.00
2.87
3.13
3.59
3.64
3.76
4.23
4.52
4.41
4.37
4.19
4.19

7.04
7.62
7.08
6.49
5.67
5.63
5.24
5.59
5.56
5.64
6.28
6.15
5.08
5.05
5.27
5.50
5.39
5.54
5.61
5.41
5.26
5.13
5.15

4.08
4.25
4.22
4.30
4.36

3.94
4.26
4.27
4.32
4.37

5.06
5.21
5.16
5.22
5.27

.50
.50
.50
.50
.50

*
*
*
*

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

30

4.62
5.73
3.40
1.17

5.43
5.77
5.19
5.05
4.73
4.63
4.29
4.42
4.42
4.80
5.68
5.28
5.53
5.13
5.00
5.185
4.88
4.60
4.84
4.69
4.58
4.13
4.20

5.87
5.94
5.49
*
*
*

6

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

*

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

4.97
6.24
3.88
1.67
1.13
1.35
3.22
4.97
5.02
1.92
.97
.39
.16
.15
.22
.18
.15
.18
.21
.16
.16
.15
.12

3.25
3.25
3.25
3.25
3.25

7.04
7.52
7.00
6.43
5.80
5.77
5.94
6.63
6.41
6.05
6.10
6.16
5.67
5.11
5.09
5.10
4.96
4.92
5.17
5.40
5.32
5.26

.13
.12
.12
.11
.12

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

COMMON STOCK PRICES AND YIELDS
Stock prices rose in October.
NDEX, DEC 31,2002 =5,000 (RATIO SCALE)

INDEX, DEC. 31,2002=5,000 (RATIO
11,000

11,000
A

10,000
COMPOS!!t SIOCKPRICt INDtX
-

(NYSE)

_

10,000

^ A
\

/

y

8,000

9,000
8,000

\

-V

A

A s*^

6,000

7,000

6,000

V

\

5,000

V

4,000

1 !

ih
2001

i

II

1
1 II
2002

\J

5,000

V

1 1
1 1 1 1 1 LI 1 II 1 1
1
2004
2003

II

II

1
1
111 M ! 1 1 I I 1 1 M 1
Ml
2005
2006
2007

i l l I I I 4,000
2009

2008

PERCENT
20

PERCENT
20

EARNINGS-PRICE RATIO O N C O M M O N STOCKS
(SS.P1
/
!

1
2001

1

i

i
i
2002

!

1 1
2003

1

1

1

l

2004

l

l

2005

i l l
2006

i l l
2007

SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD AND POOR?

i

i
i^~p
2008
1

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

Financial

i
i
2009

COUNCIL OF ECONOMIC ADVISERS

Common stock prices 1
Period

i

Energy

Health
Care

Dow Jones
industrial
average 4

Common stock yields
(percent) 7
Standard &
Poor's composite index
(194143 = 10) 5

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

1,327.33
1,427.22
1,194.18
993.94
965.23
1,130.65
1,207.23
1,310.46
1,477.19
1,220.04

2,728.15
3,783.67
2,035.00
1,539.73
1,647.17
1,986.53
207.232
2,263.41
2,578.47
2,161.65

1.25
1.15
1.32
1.61
1.77
1.72
1.83
1.87
1.86
2.37

3.17
3.63
2.95
2.92
3.84
4.89
5.36
5.78
5.29
3.54

1.65

Dividendprice ratio

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

6,546.81
6,805.89
6,397.85
5,578.89
5,447.46
6,612.62
7,349.00
8,357.99
9,648.82
8,036.88

5,583.00
6,822.18
7,383.70
8,654.40
9,321.39
6,278.38

5,273.90
6,952.36
9,377.84
11,206.94
13,339.99
13,258.42

5,288.67
5,924.80
6,283.96
6,685.06
7,19
6,171.19

10,464.88
10,734.90
10,189.13
9,226.43
8,993.59
10,317.39
10,547.67
11,408.67
13,169.98
11,252.62

2008: Oet
Nov
Dee

6,130.39
5,527.63
5,525.70

4,733.74
3,779.86
3,673.95

9,515.71
9,262.07
9,136.33

5,434.03
5,088.99
5,090.83

9,176.71
8,614.55
8,595.56

968.80
883.04
877.56

1,730.32
1,542.70
1,525.89

2.83
3.11
3.00

2009: Jan
Feb
Mar
Apr
May
June ....
July
Aug
Sept
Oet

5,477.14
5,051.42
4,739.72
5,338.39
5,823.10
5,985.64
6,026.55
6,577.18
6,839.88
6,986.35

3,337.14
2,823.74
2,633.65
3,313.47
3,819.95
3,924.19
4,000.66
4,646.60
4,844.93
4,918.07

9,295.97
8,785.04
8,266.81
8,839.95
9,848.66
10,189.64
9,765.09
10,295.91
10,791.73
11,342.57

5,256.13
5,106.78
4,596.81
4,771.71
5,051.78
5,224.16
5,410.22
5,706.96
5,838.22
5,931.28

8,396.20
7,690.50
7,235.47
7,992.12
8,398.37
8,593.00
8,679.75
9,375.06
9,634.97
9,857.34

865.58
805.23
757.13
848.15
902.41
935.82
1,009.72
1,044.55
1,067.66

1,537.20
1,485.98
1,432.23
1,641.15
1,726.08
1,826.99
1,873.84
1,997.16
2,084.75
2,122.85

3.01
3.07
2.92
2.60
2.41
2.35
2.31
2.12
2.06
2.02

Week ended:
2009: Oet 10
17
24
31
Nov 7

6,922.73
7,120.68
7,147.48
6,870.52
6,867.30

4,934.63
5,057.08
5,005.97
4,753.23
4,719.98

10,971.93
11,553.17
11,812.61
11,369.38
11,284.93

5,870.35
5,983.02
6,020.03
5,911.35
5,938.95

9,741.68
9,966.31
10,027.30
9,837.63
9,878.57

1,05
1,553
1,088.58
1,055.06
1,054.14

5,870.35
2,156.27
2,16
2,092.04
2,075.96

Earningsprice ratio

2.03
1.97
1.99
2.07
2,07

1

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

92.35.82

.86
,82

5

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

7

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

31

FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
In fiscal 2009, there was a deficit of $1,417.1 billion, compared with a deficit of $458.6 billion a year earlier.
BILLIONS OF DOLLARS
4,200
4,000
3,800

BILLIONS OF DOLLARS
4,200
- RECEIPTS A N D OUTLAYS 1
4,000

-

3,800

3,600
3,400
3,200
3,000
2,800
2,600
2,400
2,200

-

3,600

-

3,400

s

-

—
-

_„

\

2,800
2,600
2,400
2,200

>

^x^_____
\

1,800
1,600
-

3,000

-'"

2,000

400

3,200

-

OUTLAYS1

—

*

•

"

-

^^--^

-

\

2,000
1,800

1

1,600

SURPLUS OR DEFICIT ( - I 1

400

0

0
^too
-800

-800
-1,200

-1,200

-1,600

— -1,600

J

-2,000
2000

2001

2002

2004

2003

2005

2006

2007

2008

2009

I I -2,000
2010

FISCAL YEARS
'INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OP MANAGEMENT AND BUDGET

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars]

Fiscal year or period
Receipts

1992 ..................................1,
1993 ..................................1,
1994 ..................................1,
1995 ..................................1,
1996
1997 ..................................1,
1998 ..................................1,
1999
2000 ..................................2,
2001 ..................................1,
2002 ..................................1,
2003
2004 ..................................1,
2005 ...................................2,
2006
2007 ..................................2,
2008 ..................................2,
2009 1 r
2010 (estimates) ...............2,
1

32

1,091.3
1,154.5
1,258.7
1,351.9
1,453.2
1,579.4
1,722.0
1,827.6
2,025.5
1,991.4
1,853.4
1,782.5
1,880.3
2,153.9
2,407.3
2,568.2
2,524.3
2,104.6
2,264.4

Outlays

Surplus
or
deficit
(¥)

¥290.3
1,381.6
¥255.1
1,409.5
¥203.2
1,461.9
¥164.0
1,515.9
1,560.6
¥107.4
¥21.9
1,601.3
69.3
1,652.7
125.6
1,702.0
1,789.2
236.2
128.2
1,863.2
¥157.8
2,011.2
¥377.6
2,160.1
¥412.7
2,293.0
¥318.3
2,472.2
¥248.2
2,655.4
¥160.7
2,728.9
2,982.9
¥458.6
3,521.7 ¥1,417.1
3,766.0 ¥1,501.7

Data from Final Monthly Treasury Statement for fiscal 2009 relea

Receipts

788.9
842.5
923.7
1,000.9
1,085.7
1,187.4
1,306.2
1,383.2
1,544.9
1,483.9
1,338.1
1,258.7
1,345.5
1,576.4
1,798.9
1,933.2
1,866.3
1,450.6
1,603.0

1 on October 16, 2009.

Outlays

1,129.3
1,142.9
1,182.5
1,227.2
1,259.7
1,290.7
1,306.21
1,383.21,3
1,458.5
1,516.4
1,655.5
1,797.1
1,913.5
2,070.0
2,233.4
2,275.3
2,508.1
3,004.7
3,214.6

Federal debt (end of
period)

Off-budget

On-budget

Total

Surplus
or
deficit
(¥)

¥340.4
¥300.4
¥258.8
¥226.4
¥174.0
¥103.2
¥29.9
1.9
86.4
¥32.4
¥317.4
¥538.4
¥568.0
¥493.6
¥434.5
¥342.2
¥641.9
¥1,554.1
¥1,611.6

Receipts

302.4
311.9
335.0
351.1
367.5
392.0
415.8
444.5
480.6
507.5
515.3
523.8
534.7
577.5
608.4
635.1
658.0
654.0
661.3

Outlays

252.3
266.6
279.4
288.7
300.9
310.6
316.6
320.8
330.8
346.8
355.7
363.0
379.5
402.2
422.1
453.6
474.8
517.0
551.4

Surplus
or
deficit
(¥)

50.1
45.3
55.7
62.4
66.6
81.4
99.2
123.7
149.8
160.7
159.7
160.8
155.2
175.3
186.3
181.5
183.3
137.0
109.9

Gross Federal

4,001.8
4,351.0
4,643.3
4,920.6
5,181.5
5,369.2
5,478.2
5,605
5,628.7
5,769.9
6,198.4
6,760.0
7,354.7
7,905.3
8,451.4
8,950.7
9,985.8
11,873.8
14,087.3

Held by
the public

2,999.7
3,248.4
3,433.1
3,604.4
3,734.1
3,772.3
3,721.1
3,632.4
8 1 49.8
3,319.6
3,540.4
3,913.4
4,295.5
4,592.2
4,829.0
5,035.1
5,802.7
7,544.0
9,574.7

NOTE.—Data for fiscal 2010 are from Mid-Session Review, Budget of the U.S. Government,
Fiscal Year 2010, issued August 25, 2009. Other data (except as noted) are from Budget of
the United States Government, Fiscal Year 2010, issued May 11, 2009.
Sources: Department of the Treasury and Office of Management and Budget.

FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In fiscal 2009, receipts were $419.7 billion lower than a year earlier and outlays were $538.8 billion higher.
BILLIONS OF DOLLARS
1,400
- RECEIPTS1

BILLIONS OF DOLLARS
1,400
1,200

1,000

1,000
CORPORATION
INCOME TAXES

600
SOCIAL INSURANCE
AND RbllRbMbNT RECEIPIS

400
200

-

3,400
3,200
3,000
2,800
2,600
2,400

-

-

600
400

•

1

0

'

|

'

|

OTHER RECEIPTS^

^

|

|

3,200

-

3,000

-

2,800

-

2,600

2,000

-

1,800

-

^-/"—

^^-**"~
~."

"

NATIONAL DEFENSE

.

—
.

-

1
2000

1

'

2001

2002

\
2003

-

-

1

1

2004

1

1

2005

2006

2,000
1,800
1,600
1,400
'800

-

^

|

2,200

-

1,400

800'
600

2,400

-

1,600

200

3,400

-

-

400

200
0

-

OUTLAYS 1

NONDEFENSE

2,200

800

2007

i
2008

i

600
400
200

2010

2009

FISCAL YEARS
'INCLUDES ON-BUDGETAND OFF-BUDGET ITEMS
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars]
On-budge t and off-budget outlays

On-budget and off-budget receipts
National defense

Social
Fiscal year or period
Total

1992
1993
1994
1995
1996
1997
1998
1999

............................................1,

............................................1,

............................................1,

2000 ............................................2,
2001
2002 ............................................1,
2003 ............................................1,
2004
2005 ............................................2,
2006 ............................................2,
2007
2008 ............................................2,
20091r
2010 (estimates) .........................2,
1

Individual
income
taxes

poration
income
taxes

ance
and
retirement
receipts

Total

Other

Total

Department of
Defense,
military

International
affairs

Health

Medicare

Income
security

Social
security

Net
inter-

Other

1 091 3 476 0
1,154.5 509.7
1 258 7 543.1 1
1 351 9 59.9 2
1,453.2 656.4
1 539. 4 737 5
1 722 0 828 6
1,827.6 879.5

100 3
117.5
140.4 4
157 0
171.8
182 3
188 7
184.7

413 7
428.3
461 5
484 5
509.4
539 4
571 8
611.8

1.3 4
99.0
113 8
1
2
265.825
120 3
132 9
151.7

1 381 6
1,409.5
1 461 9
1 515 9
1,56
1 601 3
1 652 7
1,702.0

298 4
291.1
281 6
272 1
265.8
270 5
268 2
274.8

286 8
278.5
268 6
259 4
253.1
258 3
255 8
261.2

16 1
17.2
1 1
15. 4
13.5
1 2
1 1
15.2

89 5
99.4
107 1
115 4
119.4
123 8
131 4
141.1

119 0
130.6
144 7
1.95 9
174.2
190 0
192 8
190.4

199 6
210.0
4.7 2
223 8
229.7
235 0
237 8
242.5

287 6
304.6
319. 6
335. 8
349.7
365. 3
379. 2
390.0

199 3
198.7
202 9
232.1 1
241.1
244 0
241.1 1
229.8

172 2
158.0
171 7
160 3
167.3
157 4
189 0
218.2

2,025.5
1 69 4
1,853.4
1,782.5
1 880 3
2,153.9
2,407.3
2 568 2
2,524.3
2,104.6
2,264.4

207.3
151 1
148.0
131.8
189 4
278.3
353.9
370 2
304.3
138.2
163.8

652.9
694 0
700.8
713.0
733 4
794.1
837.8
869 6
900.2
890.9
910.3

160.9
152 0
196.52
144.1
148 5
154.2
171.6
164 9
174.1
160.2
162.5

1,789.2
1 863 2
2,011.2
2,160.1
2 293 0
2,472.2
2,655.4
2 728 9
2,982.9
3,521.7
3,766.0

294.4
304 8
348.5
404.8
455 8
495.3
521.8

281.1
2.3 2
331.9
387.2
436 5
474.1
499.3
528 6
594.7
636.8
692.4

17.2
1 5
22.4
21.2
26 9
34.6

154.5
172 3
196.5
219.6
240 1
250.6
252.8
.616 4
280.6
334.3
386.6

197.1
217 4
230.9
34.64
26.92 4
298.6
329.9
375 4
390.8
430.1
457.8

253.7
269 8
312.7
334.6
33.4 1
345.8
352.5
366 0
431.3
138.289
613.9

409.4
433. 0
456.0
474.7
495. 5
523.3
548.5
586.2 2
617.0
683.0
707.9

222.9
206.2 2
170.9
153.1
160 2
184.0
226.6
237 1
252.8
190.9
196.5

239.9
243 4
273.3
302.7
311 9
339.9
393.8
318 1
365.4
649.9
631.3

1,004.5
994 3
858.3
793.7
809 0
927.2 2
1,043.9
1 1.3 5
1,145.7
915.3
1,027.8

Data from Final Monthly Treasury Statement for fiscal 2009 relea

I on October 16, 2009.

616.1
662.8
720.2

29.935
28 5
28.9

36.9
51.8

NOTE.—Data for fiscal 2010 are from Mid-Session Review, Budget of the U.S. Government,
Fiscal Year 2010, issued August 25, 2009. Other data (except as noted) are from Budget of
the United States Government, Fiscal Year 2010, issued May 11, 2009.
Sources: Department of the Treasury and Office of Management and Budget.

33

FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the third quarter of 2009, according to advance estimates, Federal current expenditures rose $31.9 billion (annual
rate); receipts data are incomplete.
BILLIONS OF DOLLARS
4,000

BILLIONS OF DOLLARS
4,000
SEASONALLY ADJUSTED ANNUAL RATES

3,600

3,600

3,200

3,200
CURRENT EXPENDITURES

2,800

2,800

X-r'Z

2,400
2,000

2,400
2,000

CURRENT RECEIPTS

1,600

1,600

1,200

1,200

800

800

400

400
0

0

-400

-400
NET FEDERAL
GOVERNMENT SAVING

-800

-800
-1,200

-1,200

-1,600

-1,600
2002

1999

2003

2004

2005

CALENDAR YEARS
COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF COMMERCE

[Billions of dollars; quarterly data aol seasonally adjusted annual rates]
ssa
en
t
a
Federal Gov rnment current receipts
Current tax receipts
Period
Total
Total 1

Personal
current
taxes

Taxes
on
production and
imports

Taxes
on
corporate
income

Contributions
for
government
social
insurance

Federal Government current expenditures

Income
receipts
on
assets

Current
transfer
receipts

Current
surplus
of government
enterprises

Calendar year:
1999
2000
2001 ................2,
2002
2003
2004
2005 ................2,
2006 ................2,
2007 ................2,
2008 ................2,
2006: I ...............2,
II .............2,
III. ...........2,
IV ............2,

1,895.0
2,057.1
2,020.3
1,859.3
1,885.1
2,013.9
2,290.1
2,524.5
2,660.8
2,475.0
2,473.8
2,501.8
2,547.4
2,575.1

1,195.4
1,309.6
1,249.4
1,073.5
1,070.2
1,153.8
1,383.7
1,558.3
1,647.2
1,421.7
1,517.6
1,541.6
1,581.3
1,592.8

893.0
995.6
991.8
828.6
774.2
799.2
931.9
1,049.9
1,168.1
1,102.5
1,023.1
1,034.7
1,053.9
1,088.0

95.4
87.3
85.3
86.8
89.3
94.3
98.8
99.4
94.7
92.0
99.6
99.6
99.9
98.6

213.0
219.4
164.7
150.5
197.8
250.3
341.0
395.0
370.2
212.3
383.8
396.1
415.5
384.6

654.8
698.6
723.3
739.3
762.8
807.6
852.6
904.6
944.4
974.5
896.9
899.8
904.0
917.8

20.6
24.5
24.5
20.3
22.8
93.472
23.7
26.1
29.1
30.3
24.3
25.5
26.5
28.2

23.4
25.7
27.0
90.51
26
05.0
33.6
38.3
42.7
52.3
37.1
37.7
38.6
39.9

5.48
-1.2
¥4.0
2
3.7

2007: I ...............2,
II .............2,
III. ...........2,
IV ............2,
2008: I ...............2,
II .............2,
III. ...........2,
IV ............2,

2,640.1
2,660.1
2,659.9
2,682.9
2,590.7
2,372.1
2,489.5
2,447.8

1,638.3
1,654.0
1,644.8
1,651.7
1,546.0
1,322.8
1,435.2
1,382.9

1,136.8
1,157.6
1,177.6
1,200.6
1,195.3
984.2
1,110.1
1,120.2

94.9
94.8
95.4
93.6
92.7
93.1
91.8
90.2

393.6
387.3
358.5
341.3
243.1
231.2
218.5
156.5

937.3
938.8
943.8
957.6
970.0
973.0
978.5
976.4

28.3
28.7
29.6
29.8
29.3
31.2
30.6
30.0

2009: I ...............2,
II .............2,
IIIp

2,251.3
2,211.4

1,191.5
1,143.0

900.3
815.5
798.4

85.7
91.6
93.5

192.0
223.8

953.0
943.1
942.4

40.7
50.8
49.4

1
2

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

34

Total

2

Consumption
expenditures

Current
transfer
payments

Interest
payments

Subsidies

Net
Federal
Government
saving

¥3.5
¥2.9
— 2 47
63.8
¥2.1
¥2.7
¥3.0
¥3.6

1,796.2
1,871.9
1,979.8
2,112.1
2,261.5
2,393.4
2,573.1
2,728.3
2,897.2
3,117.6
2,681.1
2,731.2
2,762.9
2,738.1

473.3
496.0
530.2
590.5
660.3
721.4
765.8
811.0
848.8
934.4
810.4
808.5
813.1
812.1

995.4
1,047.4
1,140.0
1,252.1
1,339.4
1,405.0
1,491.3
1,587.1
1,688.6
1,840.6
1,552.4
1,588.9
1,603.7
1,603.5

282.7
283.3
258.6
229.1
212.9
221.0
255.4
279.2
312.2
292.0
263.1
282.8
296.7
274.2

44.8
45.3
51.1
40.5
49.0
46.0
60.5
51.0
47.6
50.6
55.2
51.1
49.4
48.3

98.8
185.2
40.5
¥252.8
¥376.4
¥379.5
¥283.0
¥203.8
¥236.5
¥642.6
¥207.3
¥229.4
¥215.5
¥163.0

41.0
41.5
42.6
45.8
47.9
48.4
49.0
64.0

¥4.8
¥2.9
0.8
¥2.1
¥2.5
¥3.4
¥3.9
¥5.4

2,841.0
2,881.3
2,918.7
2,947.9
3,024.2
3,169.0
3,155.2
3,121.9

821.1
839.9
860.8
873.4
903.2
923.2
956.0
955.4

1,666.2
1,672.4
1,694.1
1,721.6
1,759.5
1,904.5
1,829.0
1,869.5

306.4
321.3
316.6
304.7
312.3
291.4
319.5
244.6

47.4
47.7
47.3
48.2
49.2
49.9
50.7
52.4

¥200.9
¥221.3
¥258.8
¥265.0
¥433.5
¥796.9
¥665.7
¥674.1

72.7
79.8
58.7

¥6.7
¥5.3
¥3.4

3,220.3
3,505.9
3,537.8

954.2
979.1
1,002.7

1,981.2
2,195.6
2,173.3

231.3
277.4
295.1

53.6
53.7
66.7

¥969.1
¥1,294.5

Source: Department of Commerce, Bureau of Economic Analysis.

INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Industrial production (2002 = 100; seasonally adjusted)
United
States
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008

99.5
103.7
120.11
100.0
101.3
103.8
107.2
109.7
111.3
108.8

2008: Sept r
Oct r ..
Nov r .
Dec r .
Janr .
Feb r .
Mar r .
Apr r .
May r
June r
Julyp

2009:

Germany

Japan

94.4
102.6
98.4
100.0
100.1
101.7
103.7
102.9
102.6

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

Italy

97.4
101.0
101.8
100.0
98.9
100.2
r
100.3
101.6
102.8
100.2

94.4
100.8
120.11
100.0
100.5
103.6
107.1
r
113.3
102.81
120.31

104.8
106.2
104.8
102.4

96.9
95.9
94.0
91.9

113.4
109.6
101.9
93.4

99.9
96.4
93.7
92.1

120.3
117.8
112.7
107.7

97.7
96.4
120.31
88.0

100.1
99.3
97.7
97.2
96.2
95.8
96.6
97.8
98.5

Septp
Octp .

97.2

103.0
108.4
101.3
100.0
100.110
101.710
109.6
114.2
117.6
113.6

88.5
87.9
86.7
85.5
83.6
83.3
83.2
83.2

84.0
76.1
77.3
81.9
86.6

88.3
87.9
77.38
85.7
87.8
883.3
88.6
90.2

100.6
97.0
97.0
96.811

86.9
83.3
79.5
80.7
80.8
80.6
82.6
8184

84.416

90.4
118.8
93.2

r

98.3
102.5
101.3
100.0
99.4
99.0

98.3
101.8
104.0
100.5

283.68

99.9
98.9
100.4

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

United
States 1

101.4
103.2
101.7
100.0

Germany

Japan

United
Kingdom

96.4

166.6
172.2
120.11
179.9
184.0
180.9
195.3
201.6
207.342
215.303

160.5
164.9
169.0
172.8
177.6
180.9
184.9
188.6
192.6
897.2

121.8
121.0
120.1
119.0
118.7
118.7
118.3
118.7
118.7
120.3

155.0
157.6
160.2
163.3
166.7
170.3
173.2
176.2
178.8
183.8

140.5
142.5
145.3
147.4
148.9
151.4
153.7
156.2
159.7
163.9

226.2
231.9
238.3
244.3
250.8
256.3
261.4
266.9
271.8
280.9

194.3
200.1
203.6
207.0
213.0
219.4
225.6
232.8
242.7
252.4

96.91
93.7
91.6
89.9

218.783
216.573
212.425
210.228

199.9
197.9
163.72
195.8

121.5
121.4
120.3
119.8

184.7
184.6
163.728
183.3

164.8
164.5
163.7
164.2

282.9
282.9
281.9
281.5

256.6
255.8
253.8
250.1

87.6
87.0
77.38
86.9
86.4
.69
87.2
84.9
86.2

211.143
212.193
212.709
213.240
213.856
215.693
215.351
215.834
215.969

195.3
196.7
197.0

119.1
118.8
1183.61
119.2
119.0
118.8
118.4
118.8
118.8

182.6
183.3
183.6
183.9
184.2
184.4
183.6
184.5
184.1

163.4
164.3
164.2
164.2
164.0
164.7
164.7
165.0
164.3
164.5

281.1
281.7
281.9
282.5
283.1
283.3
283.3
284.2
283.6
283.8

246.9
284.4
248.3
248.5
250.0
250.7
250.7
251.9
253.0

99.3

100.4
99.1
99.2

99.5

164.228
198.2
198.9
198.2
198.2
198.2

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]

Census basis (by e nd-use category)

Census basis (by e nd-use category)

Balance of trade
(exports minus imports)

Services
( B O P basis)

Goods: Imports (customs value)

Goods: Exports (f.a s . value)Good

B O P basis
Con

Con

IndusPeriod

BOP
asis

Total,
Census
basis 1

Foods,
feeds,
and

beverages

trial
supplies
and
materials

mo-

Capital tive
goods vehiexcept cles,
auto- parts
motive and

sumer
goods
(nonfood)
except
auto-

en-

asis

Total,
Census
basis 1

Foods,
feeds,
and

beverages

trial
supplies
and
materials

mo-

Capital tive
goods vehiexcept cles,
auto- parts
motive a n d

310.8 75.3
356.9 80.4
321.7 75.4
290.4 78.9
293.7 80.6
331.4 53.12
33.03 98.4
404.0 107.3
433.0 16.443
457.7 121.5

46.0
47.9
49.4
49.6
55.0
56.6
59.0
49.0
84.3
108.3

147.5
172.6
160.1
156.8
173.0
203.9
233.0
276.0
316.4
388.0

2008: Aug
Sept
Oct ..
Nov
Dec ..

114.7
106.0
103.8
97.5
89.2

115.9
106
104.8
98.5
90.1

9.9
9.0
8.3
7.9
7.1

37.0
32.4
217.94
27.6
23.2

40.4
37.6
37.5
36.4
35.1

.03
10.2
10.0
9.2
0.1

13.9
13.5
88.3
13.2
12.6

2009: Jan ..
Feb ..
Mar
Apr ..
May
June
July r
Augp

82.4
84.4
82.6
80.0
82.1
84.1
86.8
86.8

83.2
85.2
83.6
80.08
833.1
85.0
87.8
87.5

7.1
7.1
7.3
7.6
7.9
84.1
7.8
7.9

22.2
22.2
22.4
21.1
40.2
24.4
24.8
25.7

33.2
33.3
31.9
30.9
31.0
31.4
32.2
30.9

5.6
6.0
6.0
5.8
5.4
5.5
6.8
7.3

11.4
12.8
12.4
119.9
128.91
028.91
12.4
12.3

Exports

Imports

Goods,
Census

Services

Goods
services

en-

mo-

tive

179.0
195.9

281.9
298.6
286.2
292.3
304.3
353.1
389.1
435.9
504.8
549.6

199.2
223.7
221.8
231.1
250.4
291.2
313.5
349.0
375.2
405.3

¥328.8
¥436.1
¥411.9
¥468.3
¥532.4
¥650.9
¥767.5
¥828.0
¥808.8
¥816.2

¥347.8
¥454.7
¥429.9
¥482.8
¥549.0
¥671.8
¥790.9
¥847.3
¥831.0
¥840.3

82.7
74.9
64.4
61.2
54.0
61.8
75.6
86.9
129.6
144.3

¥265.1
¥379.8
¥365.5
¥421.6
¥495.0
¥610.0
¥715.3
¥760.4
¥701.4
¥695.9

1,024.6
1,218.0
1,141.0
1,161.4
1,257.1
1,469.7
1,673.5
1,853.9
1,957.0
2,103.6

43.6
46.0
46.6
67.7
55.8
62.1
68.1
74.9
34.7
89.0

221.4
299.0
273.9
203.7
313.8
412.8
523.8
602.0
634.7
779.5

295.7
347.0
298.0
292.3
295.9
343.6
379.3
418.3
444.5
453.7

203.7
210.1
228.2
239.4
256.6
259.2
233.8

281.919
281.8
284.3
307.8
333.9
372.9
407.2
442.6
474.6
481.6

186.8
177.7
175.2
151.8
142.4

186.1
176.2
174.4
151.0
141.9

7.8
7.6
7.6
7.4
7.2

73.4
65.9
66.1
48.8
43.6

38.0
38.4
37.2
37.4
34.1

19.3
18.6
17.9
16.7
15.2

42.0
40.1
40.1
37.4
36.7

47.0
46.0
45.9
44.0
43.7

35.7
34.4
33.9
33.0
32.4

¥70.2
¥69.5
¥69.6
¥52.5
¥51.9

¥72.2
¥71.7
¥71.4
¥54.3
¥53.2

11.3
11.5
12.0
11.0
11.3

¥60.9
¥60.1
¥59.4
¥43.2
¥41.9

130.0
121.6
121.8
119
119.3
122.4
129.5
128.7

129.6
121.2
121.4
610.535
31.0
122.1
129.3
128.3

6.9
6.7
6.8
6.7
6.8
6.9
6.8
6.7

38.5
34.3
34.5
33.7
33.1
37.0
3.43
37.3

31.9
30.1
29.6
28.6
28.9
28.9
30.1
30.0

11.5
10.2
10.6
10.5
10.2
11.1
13.4
14.6

36.1
34.6
35.2
35.5
35.5
33.7
35.4
34.7

41.6
40.9
40.3
40.6
40.2
40.8
41.2
41.4

30.9
30.3
30.0
29.8
29.4
30.0
30.3
30.2

¥46.5
¥36.0
¥37.7
¥38.7
¥35.9
¥37.1
¥41.5
¥40.8

¥47.6
¥37.2
¥39.2
¥39.9
¥37.2
¥38.3
¥42.8
¥41.9

10.6
10.6
10.3
10.8
10.8
10.8
10.9
11.2

¥37.0
¥26.6
¥28.9
¥29.1
¥26.4
¥27.5
¥31.9
¥30.7

80.9 1 0 . 8
89.4 1,226.7
88.3 1,148.6
84.4 1,168.0
8295.9 1,264.9
103.2 1,478.0
115.3 1,683.2
129.1 1,863.1
146.0 1,969.4
161.3 2,117.2

695.8
781.9
729.1
693.1
724.8
818.8
906.0
1,026.0
1,148.2
1,287.4

sumer
goods
(nonfood)
except
auto-

gines

tive

684.0
772.0
718.7
685.2
715.8
806.2
892.3
1,015.8
1,138.4
1,277.0

1999
2000
2001
2002
2003
2004
2005
2006
2007
2008

BOP

mo-

gines

Indus-

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.

284.328

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

35

U.S. INTERNATIONAL TRANSACTIONS
In the second quarter of 2009, the goods deficit fell to $115.5 billion, from $124.0 billion in the first quarter. The
current account deficit fell to $98.8 billion in the second quarter, from $104.5 billion in the first quarter.
BILLIONS OF DOLLARS*

BILLIONS OF DOLLARS*

-200
-220
-240
2009

1999
'SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

[Millions of dollars; quarterly data seasonally adjusted. Credits (+), debits ( ¥ ) ]
Goods1

Period
Exports

Imports

Income receipts and payments

Services

Balance
on
goods

Net
military
transactions 2

Net
travel
and
transportation

Other
services,
net

Balance
on
goods
and
services

Receipts

Payments

Balance
on
income

Unilateral
current
transfers,
net 3

Balance
on
current
account

683,965
771,994
718,711
685,170
715,848
806,161
892,337
1,015,812
1,138,384
1,276,994

¥1,031,784
¥1,226,684
¥1,148,609
¥1,168,002
¥1,264,860
¥1,477,996
¥1,683,188
¥1,863,072
¥1,969,375
¥2,117,245

¥347,819
¥454,690
¥429,898
¥482,831
¥549,012
¥671,835
¥790,851
¥847,260
¥830,992
¥840,252

2,593
317
¥2,296
¥7,158
¥11,981
¥13,518
¥10,536
¥7,119
¥7,384
¥13,881

7,085
2,486
¥3,254
¥4,245
¥11,475
¥14,275
¥13,006
¥10,873
2,345
16,175

73,051
72,052
69,943
72,633
77,433
89,640
99,124
104,893
134,609
142,021

¥265,090
¥379,835
¥365,505
¥421,601
¥495,034
¥609,987
¥715,268
¥760,359
¥701,422
¥695,936

293,925
350,918
290,797
280,942
320,456
413,739
535,263
682,221
818,931
764,637

¥280,037
¥329,864
¥259,075
¥253,544
¥275,147
¥346,519
¥462,905
¥634,136
¥728,085
¥646,406

13,888
21,054
31,722
27,398
45,309
67,219
72,358
48,085
90,845
118,231

¥50,428
¥58,645
¥64,487
¥64,948
¥71,794
¥88,362
¥105,772
¥91,273
¥115,996
¥128,363

¥301,630
¥417,426
¥398,270
¥459,151
¥521,519
¥631,130
¥748,683
¥803,547
¥726,573
¥706,068

243,445
252,086
255,925
264,355

¥454,618
¥463,797
¥476,361
¥468,296

¥211,173
¥211,710
¥220,435
¥203,941

¥2,148
¥1,660
¥2,021
¥1,290

¥2,999
72,902
¥2,563
¥2,410

24,697
25,100
25,728
29,367

¥191,622
¥191,172
¥199,290
¥178,276

155,212
169,459
175,572
181,978

¥141,245
¥156,657
¥166,195
¥170,039

13,967
12,802
9,377
11,938

¥20,995
¥23,708
¥24,876
¥21,693

¥198,651
¥202,078
¥214,789
¥188,031

269,538
277,655
289,160
302,031

¥475,571
¥483,294
¥494,075
¥516,435

¥206,033
¥205,639
¥204,915
¥214,404

¥933
¥2,912
¥2,593
¥946

¥1,642
¥899
1,241
3,644

30,570
31,891
34,802
37,346

¥178,038
¥177,560
¥171,465
¥174,360

186,981
202,312
213,505
216,132

¥177,234
¥189,531
¥185,098
¥176,220

9,747
12,781
28,407
39,912

¥30,807
¥25,752
¥28,557
¥30,883

¥199,098
¥190,531
¥171,614
¥165,330

IV ...290,

315,637
332,876
337,912
290,569

¥534,482
¥554,372
¥559,002
¥469,389

¥218,846
¥221,496
¥221,090
¥178,820

¥2,543
¥3,055
¥4,664
¥3,618

3,076
4,922
5,595
2,581

35,659
36,784
34,217
35,363

¥182,653
¥182,847
¥185,942
¥144,495

202,927
198,796
195,319
167,596

¥166,241
¥172,521
¥161,194
¥146,450

36,686
26,274
34,125
21,146

¥33,330
¥31,147
¥32,361
¥31,527

¥179,298
¥187,719
¥184,178
¥154,875

2009: I ........249,
UP

249,374
246,134

¥373,411
¥361,621

¥124,036
¥115,487

¥3,017
¥2,783

1,985
2,993

32,661
32,272

¥92,408
¥83,004

135,352 ¥117,051
133,019 ¥116,581

18,301
16,438

¥30,343
¥32,226

¥104,450
¥98,792

1999
2000
2001
2002
2003
2004
2005
2006
2007
2008

..............683,
.............718,
.............685,
.............806,
.............892,
.............1,
.............1,

2006: I ........243,
II ....252,
III. ....255,
IV ...264,
2007: I ........269,

II ....277,
III. ....289,
IV ...302,
2008: I ........315,

II ....332,
III. ....337,

1

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

36

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

U.S. INTERNATIONAL TRANSACTIONS—Continued
In the financial account, U.S. claims on foreigners reported by U.S. banks increased $34.4 billion in the second
quarter of 2009, following an increase of $89.4 billion in the first quarter. U.S. liabilities to private foreigners reported
by U.S. banks, excluding Treasury securities, decreased $144.4 billion in the second quarter, following a decrease
of $163.8 billion in the first quarter.
BILLIONS OF DOLLARS*
1800

BILLIONS OF DOLLARS*
8001
700
CHANGE IN
FOREIGN-OWNED
ASSETS IN
THE U.S., NET

600
500

A

400

600

A-

500

\

300

300

200

200

100

100

0

0

-100

-100

-200

-200

-300

-300

-400

-400

-500

-500

_L_l_l_J-600

-600

2009

1999
•SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

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

Financial account

Period

1999
2000
2001 .........11,
2002
2003
2004 .........1,
2005
2006
2007
2008
2006: I ....
II ...
III
IV ..
2007: I ....
II ...
III
IV ..
2008: I ....
II ...
III
IV ..
2009: I ....
UP
4

Capital
account
transactions,
net

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

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

Total

¥504,062
¥4,939
91,010
¥560,523
11,922
¥382,616
- 1,470
¥294,646
¥3,480
6325,424
1,323 ¥1,000,870
¥546,631
11,344
¥3,906 -1,285 ,729
¥1,895 ¥1,472,126
¥106
953
¥387,689
¥1,721
¥223,953
¥1,017
¥539
¥295,389
¥629
¥378,698
¥549
¥485,867
¥124
¥545,158
¥625
¥192,530
¥248,571
¥597
¥637
¥251,501
107,343
¥682
29,322
2,967
¥695
114,730
94,734
¥710
¥693
41,865

U.S.
official
reserve
assets 4

Other U.S.
Government
assets

U.S.
private
assets

¥515,559
2,750
8,747
¥941
— 559 292
¥290
¥377,219
¥486
¥4,911
¥291,310
345
¥3,681
537
¥327,484
1^523
2,805
1,710 ¥1,005,385
¥566,266
5,539
14,096
5,346 ¥1,293,449
2^374
¥122
¥22,273 ¥1,449,731
534,357
¥4,848 ¥529,615
¥389,251
513
1,049
¥225,158
1,765
¥560
¥297,965
1,570
1,006
¥381,075
962
1,415
¥486,240
445
¥72
¥544,588
¥596
26
623
¥193,099
¥54
¥225,805
— 22 ¥22,744
¥254,493
3,268
¥276
150,202
¥1,267
¥41,592
255,498
¥ 1 7 9 ¥225,997
383,150
¥3,126 ¥265,293
¥148,387
244,102
¥982
¥148,365
193,862
¥3,632

Total

742,210
1,038,224
782,870
795,161
858,303
1,533,201
1,247,347
2,065,169
2,129,460
534,071
545,648
407,652
525,441
586,428
700,961
737,457
278,424
412,618
426,058
2,003
117,897
¥11,888
¥67,757
16,393

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

Foreign
official
assets

43,543
42,758
28,059
115,945
278,069
397,755
259,268
487,939
480^949
487,021
130,427
127,303
121,843
108,366
165,837
88,331
47,674
179,107
208,646
178,826
115,573
¥16,024
70,892
124,989

Other
foreign
assets

698,667
995,466
754,811
679,216
580,234
1,135,446
988,079
1,577,230
1,648,511
47,050
415,221
280,349
403,598
478,062
535,124
649,126
230,750
233,511
217,412
¥176,823
2,324
4,136
¥138,649
¥108,596

Financial
derivatives,
net

29,710
6,222
¥28,905
1,633
14,090
15,134
¥1,147
14,795
¥1,007
5,942
¥13,508
¥7,966
¥2,355
¥4,075
¥14,509
8,407

Total (sum
of the items
with sign
reversed)

68,421
¥59,265
¥13,906
¥39,894
¥7,880
97,476
36,623
¥1,698
64,912
200,055
40,780
5,305
¥29,858
¥17,924
¥30,242
¥637
80,403
15,388
13,344
81,410
38,067
67,236
69,77
41,227

Of which:
Seasonal
adjustment
discrepancy

9,315
¥2,443
¥19,305
12,434
10,399
¥528
¥23,938
14,066
14,659
¥3,037
¥25,884
77,648
10,571
¥1,677

U.S. official
reserve
assets, net 4
(unadjusted,
end of
period)

71,516
67,647
68,654
79,006
85,938
86^824
65,127
65,895
70,565
77,648
65,354
67,935
66,217
65,895
66,551
66,127
69,070
70,565
75,764
75,740
71,834
77,648
74,958
81,686

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

37

Contents
Pa e

TOTAL OUTPUT, INCOME, AND SPENDING

g

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

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

EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries
Employment Cost Index—Private Industry
Productivity and Related Data, Business Sector

11
12
13
14
15
15
16

PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Manufacturing and Trade
Manufacturers' Shipments, Inventories, and Orders

17
18
19
19
20
21

PRICES
Producer Prices
Consumer Prices—All Urban Consumers
Changes in Producer Prices for Finished Goods
Changes in Consumer Prices—All Urban Consumers
Prices Received and Paid by Farmers

22
23
24
24
25

MONEY, CREDIT, AND SECURITY MARKETS
Money Stock and Debt Measures
Components of Money Stock
Aggregate Reserves and Monetary Base
Bank Credit at All Commercial Banks
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Consumer Credit
Interest Rates and Bond Yields
Common Stock Prices and Yields

26
27
27
28
29
29
30
31

FEDERAL FINANCE
Federal Receipts, Outlays, and Debt
Federal Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis

32
33
34

INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. International Trade in Goods and Services
U.S. International Transactions

35
35
36

General Notes
Detail in these tables m ay not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
P Preliminary.
r
Revised.
c
Corrected.
... Not available (also, not applicable).
NSA not seasonally7 adjusted.

38

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Washington, D.C. 20402. Price $5.00 (single copy) ($7.00 foreign).
Subscription price: $58.00 per year; $81.20 for foreign mailing.
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53-269


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