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112th Congress, 1st Session

Economic Indicators
OCTOBER 2011
(Includes data available as of November 4, 2011)

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

UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 2011

JOINT ECONOMIC COMMITTEE

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

Robert P. Casey, jr., Pennsylvania, Chairman
Kevin Brady, Texas, Vice Chairman
Senate

House of Representatives

Jeff Bingaman, New Mexico
Amy Klobuchar, Minnesota
Jim Webb, Virginia
Mark R. Warner, Virginia
Bernard Sanders, Vermont
Jim DeMint, South Carolina
Dan Coats, Indiana
Mike Lee, Utah
Pat Toomey, Pennsylvania

Michael C. Burgess, m.d., Texas
John Campbell, California
Sean P. Duffy, Wisconsin
Justin Amash, Michigan
Mick Mulvaney, South Carolina
Maurice D. Hinchey, New York
Carolyn B. Maloney, New York
Loretta Sanchez, California
Elijah E. Cummings, Maryland

William E. Hansen, Executive Director

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

www.gpo.gov/economicindicators

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

ii

TOTAL OUTPUT, INCOME, AND SPENDING
Gross Domestic Product
In the third quarter of 2011, according to advance estimates, current dollar gross domestic product (GDP) rose 5.0
percent (annual rate), real GDP in chained (2005) dollars rose 2.5 percent, and the chained price index also rose 2.5
percent.

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

Period

2001 ��������������������
2002 ��������������������
2003 ��������������������
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2008: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2009: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2010: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2011: I ����������������
      II ���������������
      III p ������������

Gross
domestic
product

10,286.2
10,642.3
11,142.2
11,853.3
12,623.0
13,377.2
14,028.7
14,291.5
13,939.0
14,526.5
14,273.9
14,415.5
14,395.1
14,081.7
13,893.7
13,854.1
13,920.5
14,087.4
14,277.9
14,467.8
14,605.5
14,755.0
14,867.8
15,012.8
15,198.6

Personal
consumption
expenditures

Gross
private
domestic
investment

7,148.8
7,439.2
7,804.1
8,270.6
8,803.5
9,301.0
9,772.3
10,035.5
9,866.1
10,245.5
10,018.5
10,126.5
10,135.8
9,861.3
9,781.7
9,781.6
9,911.1
9,990.0
10,103.7
10,184.8
10,276.6
10,417.1
10,571.7
10,676.0
10,803.4

1,661.9
1,647.0
1,729.7
1,968.6
2,172.3
2,327.1
2,295.2
2,087.6
1,546.8
1,795.1
2,185.7
2,165.4
2,086.3
1,913.0
1,620.1
1,493.8
1,481.2
1,592.2
1,702.3
1,809.7
1,850.5
1,818.0
1,853.1
1,895.3
1,918.1

Exports and imports of
goods and services
Net
exports
–371.0
–427.2
–504.1
–618.7
–722.7
–769.3
–713.1
–709.7
–391.5
–516.9
–742.3
–746.1
–756.9
–593.7
–383.5
–338.3
–406.7
–437.6
–495.8
–531.2
–540.3
–500.2
–571.3
–597.1
–572.8

Government consumption expenditures
and gross investment
Federal

Exports

1,027.7
1,003.0
1,041.0
1,180.2
1,305.1
1,471.0
1,661.7
1,846.8
1,583.0
1,839.8
1,819.3
1,922.8
1,933.8
1,711.1
1,522.2
1,520.8
1,590.3
1,699.0
1,749.5
1,813.8
1,860.6
1,935.3
2,024.1
2,085.3
2,116.9

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

Imports

1,398.7
1,430.2
1,545.1
1,798.9
2,027.8
2,240.3
2,374.8
2,556.5
1,974.6
2,356.7
2,561.6
2,668.9
2,690.6
2,304.8
1,905.7
1,859.1
1,997.0
2,136.5
2,245.3
2,345.0
2,400.9
2,435.5
2,595.4
2,682.4
2,689.7

Total

1,846.4
1,983.3
2,112.6
2,232.8
2,369.9
2,518.4
2,674.2
2,878.1
2,917.5
3,002.8
2,812.0
2,869.6
2,929.8
2,901.1
2,875.5
2,916.9
2,935.0
2,942.7
2,967.7
3,004.6
3,018.7
3,020.2
3,014.4
3,038.6
3,049.8

Total
611.7
680.6
756.5
824.6
876.3
931.7
976.3
1,080.1
1,142.7
1,222.8
1,042.7
1,066.0
1,100.6
1,111.2
1,105.3
1,137.2
1,157.7
1,170.6
1,195.2
1,224.5
1,237.5
1,234.3
1,219.9
1,237.1
1,248.7

National
defense

Nondefense

393.0
437.7
497.9
550.8
589.0
624.9
662.3
737.8
774.9
819.2
706.0
724.7
758.4
762.1
747.7
771.6
789.0
791.4
803.5
818.0
831.3
823.9
809.0
830.6
843.9

218.7
242.9
258.5
273.9
287.3
306.8
314.0
342.3
367.8
403.6
336.7
341.3
342.1
349.0
357.7
365.7
368.6
379.2
391.6
406.5
406.2
410.3
410.9
406.5
404.9

State
and
local
1,234.7
1,302.7
1,356.1
1,408.2
1,493.6
1,586.7
1,697.9
1,798.0
1,774.8
1,780.0
1,769.3
1,803.7
1,829.2
1,789.9
1,770.1
1,779.7
1,777.3
1,772.1
1,772.6
1,780.1
1,781.2
1,786.0
1,794.4
1,801.5
1,801.1

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

10,324.5
10,630.3
11,125.8
11,788.3
12,573.0
13,317.3
13,999.6
14,332.7
14,099.8
14,459.6
14,293.4
14,433.8
14,439.2
14,164.2
14,073.3
14,054.6
14,117.6
14,153.5
14,233.6
14,389.8
14,498.8
14,716.3
14,805.8
14,959.2
15,187.4

10,657.2
10,338.1
11,069.5
10,691.4
11,646.3
11,210.9
12,471.9
11,944.5
13,345.7
12,720.1
14,146.5
13,449.6
14,741.7
14,151.9
15,001.3
14,460.7
14,330.5
14,091.2
15,043.4
14,715.9
15,016.2
14,452.5
15,161.5
14,596.8
15,151.9
14,594.0
14,675.4
14,199.5
14,277.3
14,026.4
14,192.4
13,994.4
14,327.2
14,084.2
14,525.0
14,259.8
14,773.7
14,447.4
14,999.0
14,664.0
15,145.8
14,812.8
15,255.2
14,939.4
15,439.1
15,094.9
15,609.9
15,274.0
15,771.4 �����������������

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

1

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

Period

2001 ��������������������
2002 ��������������������
2003 ��������������������
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2008: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2009: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2010: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2011: I ����������������
      II ���������������
      III p ������������

Gross private
domestic investment
Personal
Gross
conChange
domestic sumption Nonresi- Resiin
product expendi- dential dential
fixed
fixed
private
tures
investinvestinvenment
ment
tories
11,337.5
11,543.1
11,836.4
12,246.9
12,623.0
12,958.5
13,206.4
13,161.9
12,703.1
13,088.0
13,266.8
13,310.5
13,186.9
12,883.5
12,663.2
12,641.3
12,694.5
12,813.5
12,937.7
13,058.5
13,139.6
13,216.1
13,227.9
13,271.8
13,352.8

7,810.3
8,018.3
8,244.5
8,515.8
8,803.5
9,054.5
9,262.9
9,211.7
9,037.5
9,220.9
9,289.1
9,285.8
9,196.0
9,076.0
9,040.9
8,998.5
9,050.3
9,060.2
9,121.2
9,186.9
9,247.1
9,328.4
9,376.7
9,392.7
9,449.5

1,274.8
1,173.7
1,189.6
1,263.0
1,347.3
1,455.5
1,550.0
1,537.6
1,263.2
1,319.2
1,589.1
1,580.0
1,539.2
1,442.3
1,312.9
1,257.6
1,247.0
1,235.2
1,253.3
1,308.0
1,343.6
1,371.9
1,378.9
1,413.2
1,467.5

583.3
613.8
664.3
729.5
775.0
718.2
584.2
444.4
345.6
330.8
481.3
462.8
437.8
395.8
354.9
334.3
348.2
344.8
330.8
348.2
321.1
323.1
321.1
324.4
326.3

–41.8
12.8
17.3
66.3
50.0
59.4
27.7
–36.3
–144.9
58.8
–12.5
–14.2
–38.1
–80.3
–161.6
–183.0
–178.7
–56.5
39.9
64.6
92.3
38.3
49.1
39.1
5.4

Exports and imports of
goods and services

Government consumption expenditures
and gross investment
Federal

Net
exports

Exports

Imports

Total

–471.8
–548.5
–603.7
–687.9
–722.7
–729.4
–648.8
–494.8
–358.8
–421.8
–550.2
–486.2
–464.6
–478.0
–404.2
–331.8
–352.4
–346.9
–376.8
–437.4
–458.7
–414.2
–424.4
–416.4
–409.4

1,120.8
1,098.3
1,116.0
1,222.5
1,305.1
1,422.1
1,554.4
1,649.3
1,494.0
1,663.2
1,643.9
1,693.9
1,678.7
1,580.6
1,451.1
1,449.4
1,497.3
1,578.3
1,606.2
1,645.0
1,684.8
1,716.8
1,749.6
1,765.0
1,782.4

1,592.6
1,646.8
1,719.7
1,910.4
2,027.8
2,151.5
2,203.2
2,144.0
1,852.8
2,085.0
2,194.1
2,180.1
2,143.3
2,058.6
1,855.3
1,781.2
1,849.7
1,925.2
1,983.0
2,082.4
2,143.5
2,131.0
2,173.9
2,181.4
2,191.8

2,178.3
2,279.6
2,330.5
2,362.0
2,369.9
2,402.1
2,434.2
2,497.4
2,539.6
2,556.8
2,473.9
2,484.5
2,510.7
2,520.5
2,509.6
2,546.0
2,554.2
2,548.5
2,540.6
2,564.0
2,570.3
2,552.1
2,513.9
2,508.2
2,508.2

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

National Nondefense defense

Total
726.5
779.5
831.1
865.0
876.3
894.9
906.1
971.1
1,029.5
1,075.9
943.8
955.1
982.0
1,003.5
995.2
1,029.2
1,043.9
1,049.6
1,056.9
1,079.4
1,087.8
1,079.6
1,053.3
1,058.3
1,063.5

470.7
505.3
549.2
580.4
589.0
598.4
611.8
657.7
695.6
718.3
634.7
643.1
669.7
683.2
669.9
695.7
709.5
707.3
708.2
718.6
728.6
717.7
694.0
705.9
714.3

255.5
273.9
281.7
284.6
287.3
296.6
294.2
313.3
333.8
357.7
309.1
312.1
312.0
320.2
325.3
333.4
334.3
342.2
348.7
360.8
359.2
361.9
359.4
352.4
349.1

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

State
and
local
1,452.3
1,500.6
1,499.7
1,497.1
1,493.6
1,507.2
1,528.1
1,528.1
1,514.2
1,487.0
1,530.9
1,530.5
1,530.8
1,520.1
1,517.2
1,520.7
1,514.9
1,503.9
1,489.2
1,490.8
1,488.9
1,478.9
1,466.4
1,456.1
1,451.2

11,382.0
11,533.6
11,820.5
12,181.3
12,573.0
12,899.3
13,177.5
13,200.5
12,852.7
13,028.9
13,277.8
13,325.9
13,225.6
12,972.9
12,836.0
12,830.0
12,875.1
12,869.5
12,895.9
12,992.2
13,046.0
13,181.6
13,182.8
13,236.2
13,353.2

11,815.8 11,395.0
12,097.5 11,597.1
12,444.7 11,909.9
12,935.5 12,341.6
13,345.7 12,720.1
13,688.1 13,028.3
13,855.3 13,322.0
13,653.1 13,316.9
13,051.6 12,843.2
13,500.4 13,261.0
13,818.0 13,431.7
13,794.5 13,476.6
13,646.5 13,367.4
13,353.3 12,991.9
13,057.0 12,785.6
12,964.0 12,770.7
13,035.7 12,844.9
13,149.6 12,971.6
13,304.1 13,092.9
13,486.8 13,238.4
13,589.6 13,328.9
13,621.2 13,383.9
13,644.2 13,432.2
13,679.9 13,504.2
13,753.4 ��������������

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

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

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

Period

2001 ��������������������
2002 ��������������������
2003 ��������������������
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2008: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2009: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2010: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2011: I ����������������
      II ���������������
      III p ������������

Gross
domestic
product

90.731
92.192
94.134
96.784
100.000
103.237
106.231
108.565
109.732
111.000
107.623
108.282
109.107
109.247
109.709
109.589
109.662
109.969
110.370
110.770
111.162
111.699
112.390
113.091
113.797

Personal consumption
expenditures

Total

91.530
92.778
94.658
97.121
100.000
102.723
105.499
108.943
109.169
111.112
107.852
109.052
110.218
108.650
108.194
108.703
109.513
110.265
110.774
110.864
111.136
111.673
112.747
113.666
114.331

Goods

Services

97.563
96.563
96.492
97.929
100.000
101.441
102.764
105.912
103.209
104.837
105.356
106.609
108.437
103.248
101.575
102.597
104.007
104.657
105.196
104.286
104.497
105.367
107.412
108.752
109.533

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

2

Gross private
domestic investment

88.422
90.801
93.686
96.688
100.000
103.414
106.981
110.584
112.353
114.465
109.211
110.386
111.204
111.536
111.715
111.964
112.463
113.269
113.758
114.380
114.682
115.037
115.574
116.260
116.861

Nonresidential
fixed
96.317
95.889
95.471
96.837
100.000
103.425
105.645
107.717
107.106
105.373
106.261
106.846
108.183
109.578
108.968
107.525
106.238
105.694
105.237
105.293
105.424
105.536
105.909
106.560
106.969

Residential
fixed
80.994
83.002
86.953
93.297
100.000
106.081
107.612
106.296
102.637
102.214
107.250
106.941
106.196
104.799
104.023
102.451
101.643
102.430
102.568
101.784
101.941
102.563
102.958
103.479
103.290

Exports and imports of
goods and services

Government consumption expenditures
and gross investment
Federal

Exports

91.696
91.322
93.282
96.539
100.000
103.440
106.900
111.975
105.959
110.617
110.731
113.584
115.264
108.320
104.944
104.967
106.249
107.674
108.955
110.295
110.461
112.757
115.725
118.182
118.799

Imports

87.824
86.846
89.851
94.164
100.000
104.131
107.785
119.237
106.571
113.032
116.791
122.490
125.623
112.045
102.793
104.443
108.027
111.019
113.252
112.610
111.994
114.271
119.370
122.949
122.697

Total
84.201
87.318
91.024
95.335
100.000
104.107
107.753
111.225
111.000
113.653
110.488
111.605
112.080
110.726
111.065
110.502
110.898
111.537
113.080
113.444
113.759
114.331
115.827
116.902
117.422

National
defense
83.484
86.624
90.659
94.895
100.000
104.421
108.249
112.187
111.402
114.046
111.240
112.696
113.251
111.561
111.610
110.902
111.202
111.892
113.455
113.834
114.093
114.802
116.576
117.672
118.148

Nondefense
85.612
88.689
91.774
96.234
100.000
103.468
106.743
109.240
110.188
112.860
108.936
109.353
109.654
109.017
109.961
109.690
110.285
110.817
112.321
112.655
113.083
113.380
114.333
115.367
115.977

State
and
local
85.019
86.810
90.425
94.062
100.000
105.276
111.112
117.666
117.214
119.704
115.571
117.848
119.496
117.750
116.666
117.030
117.326
117.835
119.030
119.404
119.627
120.757
122.372
123.721
124.108

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

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

Gross domestic product (GDP)
Period

2001 ����������������������
2002 ����������������������
2003 ����������������������
2004 ����������������������
2005 ����������������������
2006 ����������������������
2007 ����������������������
2008 ����������������������
2009 ����������������������
2010 ����������������������
2008: I ������������������
      II �����������������
      III ����������������
      IV ����������������
2009: I ������������������
      II �����������������
      III ����������������
      IV ����������������
2010: I ������������������
      II �����������������
      III ����������������
      IV ����������������
2011: I ������������������
      II �����������������
      III p ��������������

Real GDP
(chain-type
quantity
index)
89.816
91.445
93.769
97.021
100.000
102.658
104.622
104.270
100.635
103.684
105.101
105.447
104.468
102.064
100.319
100.145
100.567
101.509
102.494
103.450
104.093
104.699
104.792
105.140
105.782

GDP
chain-type
price
index
90.731
92.192
94.134
96.784
100.000
103.237
106.231
108.565
109.732
111.000
107.623
108.282
109.107
109.247
109.709
109.589
109.662
109.969
110.370
110.770
111.162
111.699
112.390
113.091
113.797

GDP
implicit
price
deflator
90.727
92.196
94.135
96.786
100.000
103.231
106.227
108.582
109.729
110.992
107.591
108.302
109.162
109.300
109.717
109.594
109.658
109.943
110.358
110.793
111.156
111.644
112.398
113.118
113.823

PCE
(chain-type
price index)
91.530
92.778
94.658
97.121
100.000
102.723
105.499
108.943
109.169
111.112
107.852
109.052
110.218
108.650
108.194
108.703
109.513
110.265
110.774
110.864
111.136
111.673
112.747
113.666
114.331

PCE
less food
and energy
price index
92.783
94.390
95.823
97.815
100.000
102.265
104.631
107.020
108.691
110.208
106.208
106.844
107.384
107.644
107.913
108.475
108.888
109.488
109.796
110.147
110.353
110.534
110.963
111.585
112.163

1 Quarterly percent changes are at annual rates.

Personal consumption
expenditures (PCE)

Gross domestic product (GDP)
GDP
(current
dollars)

Real GDP
(chain-type
quantity
index)

3.4
3.5
4.7
6.4
6.5
6.0
4.9
1.9
–2.5
4.2
.6
4.0
–.6
–8.4
–5.2
–1.1
1.9
4.9
5.5
5.4
3.9
4.2
3.1
4.0
5.0

1.1
1.8
2.5
3.5
3.1
2.7
1.9
–.3
–3.5
3.0
–1.8
1.3
–3.7
–8.9
–6.7
–.7
1.7
3.8
3.9
3.8
2.5
2.3
.4
1.3
2.5

GDP
chain-type
price
index

GDP
implicit
price
deflator

2.3
1.6
2.1
2.8
3.3
3.2
2.9
2.2
1.1
1.2
2.5
2.5
3.1
.5
1.7
–.4
.3
1.1
1.5
1.5
1.4
1.9
2.5
2.5
2.5

PCE
(chain-type
price index)

2.3
1.6
2.1
2.8
3.3
3.2
2.9
2.2
1.1
1.2
2.4
2.7
3.2
.5
1.5
–.4
.2
1.0
1.5
1.6
1.3
1.8
2.7
2.6
2.5

PCE
less food
and energy
price index

1.9
1.4
2.0
2.6
3.0
2.7
2.7
3.3
.2
1.8
3.9
4.5
4.3
–5.6
–1.7
1.9
3.0
2.8
1.9
.3
1.0
1.9
3.9
3.3
2.4

1.8
1.7
1.5
2.1
2.2
2.3
2.3
2.3
1.6
1.4
2.5
2.4
2.0
1.0
1.0
2.1
1.5
2.2
1.1
1.3
.8
.7
1.6
2.3
2.1

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

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

Period

Current
dollars
2001 ��������������������
2002 ��������������������
2003 ��������������������
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2008: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2009: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2010: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2011: I ����������������
      II ���������������

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

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

5,252.5
5,307.7
5,503.7
5,877.5
6,302.8
6,740.3
6,946.0
6,991.4
6,592.0
6,902.0
6,955.8
6,964.7
7,094.8
6,950.5
6,650.3
6,534.6
6,533.4
6,649.7
6,811.1
6,876.6
6,953.9
6,966.5
7,078.3
7,235.3

Chained
(2005)
dollars
5,641.5
5,679.3
5,819.6
6,085.2
6,302.8
6,542.2
6,616.1
6,521.2
6,110.9
6,442.7
6,553.6
6,534.8
6,591.2
6,405.2
6,083.1
6,034.0
6,090.4
6,236.0
6,395.3
6,441.6
6,477.8
6,455.9
6,526.7
6,642.0

Total

0.931
.935
.946
.966
1.000
1.030
1.050
1.072
1.079
1.071
1.061
1.066
1.076
1.085
1.093
1.083
1.073
1.066
1.065
1.068
1.073
1.079
1.085
1.089

Compensation
of employees
(unit labor
cost)
0.631
.624
.627
.622
.631
.639
.659
.681
.684
.662
.680
.681
.675
.689
.692
.693
.682
.668
.655
.659
.664
.669
.672
.669

Corporate profits with inventory valuation
and capital consumption adjustments 4

Unit nonlabor cost

Total
0.234
.235
.234
.232
.243
.249
.264
.276
.290
.262
.270
.272
.273
.285
.299
.296
.286
.278
.267
.262
.259
.259
.260
.259

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.
3 Less subsidies plus business current transfer payments.

Consumption
of fixed
capital
0.112
.115
.115
.114
.118
.122
.127
.133
.141
.133
.130
.131
.132
.137
.144
.143
.141
.137
.133
.133
.132
.134
.134
.133

Net interest
Taxes on
and
production miscellaneous
and imports 3
payments
0.087
.091
.094
.096
.101
.102
.102
.103
.109
.109
.102
.103
.102
.105
.108
.111
.108
.108
.108
.108
.109
.109
.110
.110

0.035
.029
.025
.022
.024
.025
.035
.040
.040
.020
.038
.038
.039
.043
.047
.042
.037
.033
.026
.021
.018
.016
.016
.016

Total

Taxes on
corporate
income

0.066
.075
.084
.111
.127
.141
.126
.116
.105
.148
.111
.112
.129
.111
.102
.094
.104
.120
.143
.146
.151
.151
.152
.162

0.020
.017
.023
.031
.043
.047
.044
.035
.029
.036
.038
.039
.039
.024
.027
.026
.028
.034
.036
.036
.037
.033
.037
.038

Profits
after
tax 5
0.046
.058
.061
.081
.083
.094
.082
.081
.076
.112
.073
.073
.090
.087
.075
.068
.076
.086
.106
.110
.114
.118
.116
.124

4 Unit profits from current production.
5 With inventory valuation and capital consumption adjustments.

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

3

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

Period

ComNational pensation
of
income employees

2001 ��������������������
9,185.2
2002 ��������������������
9,408.5
2003 ��������������������
9,840.2
2004 �������������������� 10,534.0
2005 �������������������� 11,273.8
2006 �������������������� 12,031.2
2007 �������������������� 12,396.4
2008 �������������������� 12,609.1
2009 �������������������� 12,147.6
2010 �������������������� 12,840.1
2008: I ���������������� 12,693.9
      II ��������������� 12,724.9
      III �������������� 12,733.1
      IV �������������� 12,284.4
2009: I ���������������� 12,099.2
      II ��������������� 12,035.7
      III �������������� 12,126.1
      IV �������������� 12,329.5
2010: I ���������������� 12,595.9
      II ��������������� 12,803.7
      III �������������� 12,942.1
      IV �������������� 13,018.8
2011: I ���������������� 13,232.6
      II ��������������� 13,386.8
      III p ������������ ��������������

5,979.3
6,110.8
6,382.6
6,693.4
7,065.0
7,477.0
7,855.9
8,068.3
7,806.4
7,971.4
8,099.0
8,073.4
8,084.7
8,016.1
7,830.1
7,809.2
7,781.9
7,804.4
7,852.5
7,960.0
8,022.2
8,050.8
8,172.5
8,262.4
8,302.0

Rental
income
of
persons
with
capital
conNonfarm
sumption
adjustment

Farm

30.5
18.5
36.5
49.7
43.9
29.3
37.8
51.8
39.2
52.2
60.5
55.3
46.6
44.6
37.1
38.7
39.5
41.4
44.6
45.8
58.3
60.1
66.1
67.3
68.9

840.2
871.8
894.1
984.1
1,025.9
1,103.6
1,052.6
1,046.1
902.0
984.2
1,053.1
1,071.9
1,057.4
1,002.1
923.1
888.2
889.9
907.0
937.1
979.7
998.7
1,021.4
1,029.5
1,039.2
1,048.2

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

Taxes
on
production
and
imports

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

Profits
before
tax

232.4
784.2
720.8
712.7
8.0
218.7
872.2
762.8
765.3
–2.6
204.2
977.8
892.2
903.5
–11.3
198.4
1,246.9
1,195.1
1,229.4
–34.3
178.2
1,456.1
1,609.5
1,640.2
–30.7
146.5
1,608.3
1,784.7
1,822.7
–38.0
143.7
1,510.6
1,691.1
1,738.4
–47.2
231.6
1,248.4
1,315.5
1,359.9
–44.5
305.9
1,362.0
1,456.3
1,455.7
0.6
350.2
1,800.1
1,780.4
1,819.5
–39.1
188.9
1,360.0
1,412.3
1,543.5
–131.3
218.5
1,333.7
1,397.0
1,552.4
–155.4
243.5
1,328.6
1,403.1
1,475.8
–72.7
275.6
971.2
1,049.6
868.0
181.6
278.8
1,175.2
1,285.7
1,209.3
76.5
299.7
1,262.3
1,359.7
1,343.8
15.9
319.3
1,438.8
1,525.0
1,545.7
–20.7
325.9
1,571.6
1,654.6
1,723.9
–69.3
344.1
1,724.2
1,797.0
1,825.3
–28.4
349.1
1,785.8
1,859.9
1,865.5
–5.6
352.8
1,833.1
1,812.6
1,844.5
–32.0
354.8
1,857.4
1,652.2
1,742.5
–90.3
385.0
1,876.4
1,761.1
1,877.1
–116.0
396.9
1,937.6
1,830.2
1,890.6
–60.4
406.8 �������������� �������������� �������������� ��������������

1 With inventory valuation and capital consumption adjustments.

63.4
109.4
85.6
51.8
–153.4
–176.4
–180.5
–67.1
–94.3
19.7
–52.3
–63.2
–74.5
–78.4
–110.5
–97.4
–86.2
–83.0
–72.7
–74.1
20.5
205.2
115.4
107.3
103.4

544.4
506.4
504.1
461.6
543.0
652.2
731.6
870.1
656.7
564.3
843.7
875.1
878.0
883.7
782.9
656.4
596.6
591.0
589.1
569.2
550.1
548.7
556.6
525.6
532.5

Business
Less:
current
Subsidies transfer
payments

727.7
762.8
806.8
863.4
930.2
986.8
1,027.2
1,038.6
1,017.9
1,054.0
1,035.0
1,047.3
1,046.7
1,025.5
1,008.0
1,011.8
1,020.4
1,031.3
1,040.9
1,050.6
1,059.0
1,065.5
1,087.4
1,101.1
1,096.4

58.7
41.4
49.1
46.4
60.9
51.4
54.6
52.9
59.7
57.3
51.9
51.9
52.5
55.4
56.4
56.8
68.4
57.1
56.4
56.8
57.0
59.1
60.0
62.7
64.1

101.3
82.4
76.1
81.7
95.9
83.0
103.3
123.0
132.0
136.7
120.8
117.3
116.1
137.8
137.0
141.5
122.2
127.5
134.6
135.7
140.9
135.7
134.7
133.9
133.7

Current
surplus
of
government
enterprises

4.0
6.3
7.0
1.2
–3.5
–4.2
–11.8
–16.0
–14.9
–15.7
–15.2
–15.9
–16.1
–16.8
–16.8
–15.3
–14.0
–13.6
–14.7
–15.5
–16.0
–16.5
–15.6
–14.6
–14.4

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

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

Period

2001 ��������������������
2002 ��������������������
2003 ��������������������
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2008: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2009: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2010: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2011: I ����������������
      II ���������������
      III p ������������

Total
personal
consumption
expenditures

7,810.3
8,018.3
8,244.5
8,515.8
8,803.5
9,054.5
9,262.9
9,211.7
9,037.5
9,220.9
9,289.1
9,285.8
9,196.0
9,076.0
9,040.9
8,998.5
9,050.3
9,060.2
9,121.2
9,186.9
9,247.1
9,328.4
9,376.7
9,392.7
9,449.5

Services

Durable
Total
goods

2,597.3
2,702.9
2,827.2
2,953.3
3,076.7
3,178.9
3,273.5
3,192.9
3,098.0
3,230.7
3,249.0
3,252.7
3,187.9
3,082.0
3,082.6
3,064.3
3,120.7
3,124.6
3,173.3
3,202.9
3,240.8
3,306.0
3,344.4
3,331.2
3,343.1

Total
durable
goods 1

862.4
927.9
989.1
1,060.9
1,123.4
1,174.2
1,232.4
1,171.8
1,108.3
1,188.3
1,218.7
1,209.8
1,170.8
1,088.0
1,094.6
1,083.4
1,134.5
1,120.8
1,147.5
1,169.3
1,194.1
1,242.4
1,277.4
1,260.2
1,273.0

Nondurable

Motor
vehicles
and
parts
374.3
394.0
404.8
410.4
408.2
394.4
401.4
346.8
322.5
330.1
381.9
360.7
340.8
303.8
316.2
312.4
344.5
316.7
315.9
321.4
328.0
354.9
368.2
342.1
339.3

Total
nondurable
goods 1

Food and
beverages
purchased
for offpremises
consumption

Gasoline
and
other
energy
goods

Total
services 1

Household
consumption
expenditures

607.5
608.9
616.5
623.9
644.5
663.0
673.2
666.0
657.3
673.1
672.9
674.5
666.5
650.2
647.0
654.8
660.8
666.8
671.6
667.2
672.8
680.8
682.1
684.1
684.3

289.2
294.0
301.9
305.9
303.8
296.9
294.4
280.6
281.1
281.3
286.3
282.7
273.4
280.0
284.9
281.2
279.3
279.1
281.8
282.1
282.7
278.4
274.2
268.5
270.7

5,219.1
5,318.5
5,418.2
5,562.7
5,726.8
5,875.6
5,990.2
6,017.0
5,935.5
5,991.8
6,039.7
6,032.9
6,006.5
5,988.8
5,953.5
5,928.6
5,926.8
5,932.9
5,947.4
5,984.3
6,008.1
6,027.5
6,039.1
6,067.0
6,111.4

5,029.3
5,109.8
5,199.4
5,345.1
5,515.1
5,640.6
5,745.2
5,745.6
5,660.5
5,714.0
5,775.9
5,765.1
5,734.4
5,707.1
5,676.3
5,657.0
5,653.5
5,655.2
5,668.1
5,702.6
5,730.6
5,754.7
5,765.9
5,793.2
5,838.9

1,745.4
1,780.1
1,840.7
1,892.8
1,953.4
2,005.0
2,042.9
2,019.1
1,983.4
2,041.3
2,032.1
2,043.5
2,015.4
1,985.3
1,980.3
1,972.8
1,982.7
1,997.7
2,021.1
2,030.8
2,045.8
2,067.4
2,075.4
2,076.6
2,077.7

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

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

Housing
and
utilities

1,451.4
1,461.9
1,480.2
1,512.8
1,582.6
1,616.8
1,626.6
1,637.8
1,654.9
1,669.2
1,637.3
1,637.0
1,630.9
1,646.1
1,650.0
1,651.3
1,656.6
1,661.5
1,663.6
1,665.7
1,675.3
1,672.2
1,666.0
1,669.1
1,681.2

Health
care

Financial
services
and
insurance

1,135.6
1,202.4
1,228.3
1,267.4
1,308.9
1,333.0
1,364.0
1,396.5
1,423.1
1,442.9
1,385.7
1,395.7
1,401.9
1,402.5
1,409.1
1,421.6
1,429.1
1,432.8
1,424.1
1,438.2
1,446.9
1,462.3
1,464.3
1,474.5
1,494.0

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

6,742.5
6,938.6
7,145.2
7,401.8
7,665.3
7,911.5
8,110.4
8,087.2
7,917.2
8,076.8
8,143.9
8,148.9
8,090.4
7,965.7
7,929.2
7,882.9
7,927.7
7,929.1
7,981.7
8,051.4
8,096.2
8,178.0
8,238.4
8,258.7
8,302.2

17.1
16.8
16.6
16.9
16.9
16.5
16.1
13.2
10.4
11.6
15.3
14.2
13.0
10.3
9.5
9.7
11.6
10.8
11.0
11.4
11.6
12.3
13.0
12.1
12.4

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).

4

661.3
658.9
659.2
675.5
698.4
716.4
739.8
732.3
676.1
667.8
746.3
738.3
732.2
712.5
693.1
679.7
670.6
661.0
667.0
670.8
665.9
667.6
674.7
676.9
682.4

Addendum:
Personal
consumption
expenditures
excluding
food and
energy 2

Sources of Personal Income
Personal income rose $17.3 billion (annual rate) in September, following a decrease of $13.6 billion in August. Wages
and salaries rose $17.3 billion in September, following a decrease of $8.6 billion in August.

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

2001 ��������������������
2002 ��������������������
2003 ��������������������
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2010: Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2011: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July r ��������
      Aug r ���������
      Sept p �������

Total
personal
income

8,883.3
9,060.1
9,378.1
9,937.2
10,485.9
11,268.1
11,912.3
12,460.2
11,930.2
12,373.5
12,477.7
12,546.0
12,561.8
12,625.0
12,780.3
12,850.6
12,909.7
12,962.2
12,997.2
13,018.5
13,025.4
13,011.8
13,029.1

Total

5,979.3
6,110.8
6,367.6
6,708.4
7,060.0
7,475.7
7,862.2
8,073.3
7,801.4
7,971.4
8,028.9
8,054.1
8,041.5
8,056.8
8,126.2
8,177.6
8,213.9
8,244.2
8,268.4
8,274.7
8,300.0
8,292.9
8,313.1

Wage
and
salary
disbursements
4,952.2
4,997.3
5,139.6
5,425.7
5,701.0
6,068.9
6,421.7
6,550.9
6,270.3
6,408.2
6,459.6
6,481.5
6,468.2
6,481.4
6,536.8
6,582.9
6,614.8
6,641.6
6,662.3
6,666.8
6,690.3
6,681.7
6,699.0

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

Supplements to
wages
and
salaries
1,027.1
1,113.5
1,228.0
1,282.7
1,359.1
1,406.9
1,440.4
1,522.5
1,531.1
1,563.1
1,569.3
1,572.5
1,573.3
1,575.4
1,589.4
1,594.7
1,599.1
1,602.6
1,606.1
1,607.9
1,609.7
1,611.2
1,614.1

Proprietors’ income 1

Farm

30.5
18.5
36.5
49.7
43.9
29.3
37.8
51.8
39.2
52.2
60.8
60.4
60.1
59.9
63.0
66.1
69.2
68.3
67.3
66.4
67.7
68.9
70.2

Nonfarm

840.2
871.8
894.1
984.1
1,025.9
1,103.6
1,052.6
1,046.1
902.0
984.2
1,005.6
1,017.5
1,021.0
1,025.7
1,023.6
1,031.1
1,033.9
1,037.6
1,039.3
1,040.7
1,043.1
1,050.2
1,051.2

Personal income receipts on assets
Rental
income
of
persons 2

232.4
218.7
204.2
198.4
178.2
146.5
143.7
231.6
305.9
350.2
354.3
354.8
354.9
354.7
369.7
384.9
400.3
398.3
396.8
395.7
401.1
406.7
412.5

Total

1,346.0
1,309.6
1,312.9
1,408.5
1,542.0
1,829.7
2,057.0
2,165.4
1,707.7
1,721.2
1,714.0
1,725.0
1,738.6
1,766.8
1,772.2
1,780.2
1,779.2
1,791.8
1,802.6
1,812.6
1,805.0
1,793.5
1,784.3

Personal
interest
income
976.5
911.9
889.8
860.2
987.0
1,127.5
1,265.1
1,382.0
1,108.9
1,003.4
968.9
977.9
989.3
1,001.5
1,003.1
1,004.7
1,006.4
1,011.1
1,015.9
1,020.7
1,007.2
993.8
980.3

Personal
dividend
income
369.5
397.7
423.1
548.3
555.0
702.2
791.9
783.4
598.8
717.7
745.1
747.1
749.3
765.3
769.1
775.4
772.8
780.6
786.7
791.9
797.7
799.8
804.0

Personal
current
transfer
receipts 3

1,188.1
1,282.1
1,341.7
1,415.5
1,508.6
1,605.0
1,718.5
1,879.2
2,138.1
2,281.2
2,305.9
2,329.0
2,338.9
2,355.6
2,331.2
2,322.9
2,330.1
2,342.7
2,346.4
2,352.7
2,336.0
2,326.3
2,326.9

Less:
Contributions
for
government
social
insurance,
domestic
733.2
751.5
778.9
827.3
872.7
921.8
959.5
987.3
964.1
986.8
991.9
994.7
993.2
994.5
905.7
912.1
916.8
920.5
923.7
924.3
927.5
926.8
929.0

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

5

Disposition of Personal Income
According to advance estimates, per capita disposable personal income in chained (2005) dollars fell 2.5 percent in
the third quarter of 2011.

Period

Personal
income

Less:
Personal
current
taxes

Equals:
Disposable
personal
income

Less:
Personal
outlays 1

Equals:
Personal
saving

Disposable
personal
income in
billions of
chained
(2005)
dollars

Current
dollars

Billions of dollars
2001 ��������������������
2002 ��������������������
2003 ��������������������
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������

8,883.3
9,060.1
9,378.1
9,937.2
10,485.9
11,268.1
11,912.3
12,460.2
11,930.2
12,373.5

1,234.8
1,050.4
1,000.3
1,047.8
1,208.6
1,352.4
1,488.7
1,435.7
1,141.4
1,193.9

7,648.5
8,009.7
8,377.8
8,889.4
9,277.3
9,915.7
10,423.6
11,024.5
10,788.8
11,179.7

Per capita personal
consumption
expenditures

Per capita disposable
personal income
Chained
(2005)
dollars

Current
dollars

Chained
(2005)
dollars

Dollars
7,443.5
7,727.5
8,088.1
8,571.2
9,134.1
9,659.1
10,174.9
10,432.2
10,236.3
10,586.9

204.9
282.2
289.6
318.2
143.2
256.6
248.7
592.3
552.6
592.8

8,356.2
8,633.2
8,850.5
9,152.9
9,277.3
9,652.8
9,880.3
10,119.5
9,882.7
10,061.6

26,805
27,799
28,805
30,287
31,318
33,157
34,512
36,166
35,088
36,051

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

Population,
including
Armed
Forces
overseas
(thousands) 2

Percent

29,286
29,962
30,430
31,185
31,318
32,278
32,713
33,197
32,141
32,446

25,054
25,819
26,833
28,179
29,719
31,102
32,356
32,922
32,087
33,039

27,372
27,828
28,347
29,014
29,719
30,277
30,669
30,219
29,392
29,735

1.4
2.3
1.6
2.5
.4
3.1
1.3
1.5
–3.2
.9

2.7
3.5
3.5
3.6
1.5
2.6
2.4
5.4
5.1
5.3

285,335
288,133
290,845
293,502
296,229
299,052
302,025
304,831
307,483
310,106

33,203
33,794
32,944
32,848
32,467
32,423
31,901
31,782
32,099
32,473
32,581
32,628
32,670
32,661
32,452

32,976
33,262
33,213
32,238
31,915
31,852
32,198
32,380
32,685
32,883
33,103
33,480
33,917
34,191
34,529

30,575
30,501
30,133
29,671
29,498
29,302
29,402
29,366
29,507
29,662
29,787
29,981
30,083
30,082
30,202

5.0
7.3
–9.7
–1.2
–4.6
–.5
–6.3
–1.5
4.0
4.7
1.3
.6
.5
–.1
–2.5

4.2
6.2
4.9
6.2
5.7
6.2
4.4
4.3
4.9
5.6
5.6
5.2
5.0
5.1
4.1

303,810
304,445
305,177
305,890
306,496
307,101
307,815
308,521
309,120
309,724
310,438
311,140
311,696
312,243
312,882

Seasonally adjusted annual rates
2008: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2009: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2010: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2011: I ����������������
      II ���������������
      III p ������������

12,415.6
12,571.7
12,513.3
12,340.0
11,964.4
11,944.1
11,874.1
11,938.2
12,137.7
12,325.6
12,453.2
12,577.6
12,846.9
12,992.6
13,022.1

1,536.0
1,351.8
1,432.1
1,422.8
1,198.0
1,120.3
1,120.6
1,126.4
1,146.4
1,175.4
1,212.8
1,240.9
1,365.9
1,401.1
1,413.6

10,879.6
11,220.0
11,081.2
10,917.3
10,766.3
10,823.8
10,753.5
10,811.7
10,991.3
11,150.2
11,240.4
11,336.7
11,481.0
11,591.5
11,608.5

10,424.5
10,529.4
10,538.4
10,236.3
10,155.2
10,153.4
10,285.3
10,351.2
10,457.2
10,527.0
10,614.8
10,748.6
10,902.1
11,002.6
11,135.7

455.0
690.6
542.8
680.9
611.1
670.3
468.2
460.5
534.1
623.3
625.6
588.1
578.9
588.9
472.7

10,087.4
10,288.5
10,053.7
10,047.9
9,951.0
9,957.3
9,819.6
9,805.4
9,922.5
10,057.8
10,114.4
10,152.0
10,183.2
10,198.1
10,153.7

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

6

35,810
36,854
36,311
35,690
35,127
35,245
34,935
35,044
35,557
36,001
36,208
36,436
36,834
37,123
37,102

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

Farm Income
According to the forecast for 2011, gross farm income is forecast at $421.7 billion and net farm income at $103.6
billion.

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income of farm operators from farming
Gross farm income
Period

Cash marketing receipts
Total 1

2002 ���������������������������������������������������
2003 ���������������������������������������������������
2004 ���������������������������������������������������
2005 ���������������������������������������������������
2006 ���������������������������������������������������
2007 ���������������������������������������������������
2008 ���������������������������������������������������
2009 ���������������������������������������������������
2010 ���������������������������������������������������
2011 ���������������������������������������������������
2009: I �����������������������������������������������
      II ����������������������������������������������
      III ���������������������������������������������
      IV ���������������������������������������������
2010: I �����������������������������������������������
      II ����������������������������������������������
      III ���������������������������������������������
      IV ���������������������������������������������
2011: I �����������������������������������������������
      II ����������������������������������������������
      III ���������������������������������������������
      IV ���������������������������������������������

230.6
258.7
294.9
298.5
290.2
339.6
377.9
342.7
364.7
421.7
367.1
347.2
306.9
349.8
371.1
335.4
348.6
403.6
439.5
427.4
416.0
403.7

Livestock and
products

Total
194.6
216.0
237.9
240.9
240.6
288.5
316.7
288.6
314.4
370.4
299.6
299.2
263.4
292.3
309.3
295.2
306.4
346.5
377.5
381.3
370.5
352.1

93.9
105.7
123.5
124.9
118.5
138.5
141.6
120.3
141.4
163.8
121.6
120.0
119.9
119.4
141.1
140.2
141.5
143.0
166.2
165.6
164.1
159.5

1 Cash marketing receipts, Government payments, value of changes in inventories, other
farm related cash income, and nonmoney income produced by farms including imputed rent of
operator residences.
2 Crop receipts include proceeds received from commodities placed under the Commodity
Credit Corporation loans.

Crops 2
100.7
110.3
114.4
116.0
122.1
150.1
175.0
168.3
172.9
206.5
177.9
179.2
143.5
172.8
168.3
155.0
164.9
203.5
211.3
215.8
206.4
192.6

Value
of
inventory
changes 3
–3.5
–2.7
11.2
–.4
–3.1
.6
6.6
–1.1
–2.0
–.7
–1.2
–1.2
–1.0
–1.1
–1.9
–1.9
–1.9
–2.2
–.8
–.8
–.7
–.7

Direct
Government
payments 4
12.4
16.5
13.0
24.4
15.8
11.9
12.2
12.2
12.4
10.2
24.0
4.5
5.2
15.0
24.4
4.6
5.3
15.3
20.1
3.8
4.3
12.6

Production
expenses

191.4
197.7
207.5
219.7
232.7
269.5
293.2
281.1
285.6
318.1
291.8
291.4
256.6
284.7
281.0
268.2
278.4
314.8
324.2
327.5
318.2
302.4

Net
farm
income

39.1
61.0
87.4
78.8
57.4
70.0
84.7
61.6
79.1
103.6
75.3
55.8
50.3
65.1
90.0
67.2
70.3
88.8
115.3
99.9
97.8
101.4

3 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 2011 are forecasts.
Source: Department of Agriculture.

7

Corporate Profits
In the second quarter of 2011, according to current estimates, corporate profits before tax rose $13.5 billion (annual
rate) and profits after tax rose $15.3 billion.

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

Profits after tax

Domestic industries
Period

Total 2

Profits
before
tax

Nonfinancial
Total

Financial

Total 3

Manufacturing

Utilities

Wholesale

Taxes
on
corporate
income

Total

Retail

2001 ��������������������
720.8
551.1
228.0
323.1
49.7
25.2
51.3
72.6
712.7
203.3
509.4
2002 ��������������������
762.8
604.9
265.2
339.7
47.7
12.3
49.1
81.6
765.3
192.3
573.0
2003 ��������������������
892.2
726.4
311.8
414.6
69.4
12.4
54.8
88.9
903.5
243.8
659.7
2004 ��������������������
1,195.1
990.1
362.3
627.8
154.1
19.4
75.6
93.4
1,229.4
306.1
923.3
2005 ��������������������
1,609.5
1,370.0
443.6
926.4
247.2
29.8
92.2
122.6
1,640.2
412.4
1,227.8
2006 ��������������������
1,784.7
1,527.8
448.0
1,079.9
304.5
54.4
103.7
133.2
1,822.7
473.3
1,349.5
2007 ��������������������
1,691.1
1,340.2
345.5
994.7
271.3
50.3
99.9
117.8
1,738.4
445.5
1,292.9
2008 ��������������������
1,315.5
908.9
122.2
786.7
195.5
30.7
86.3
81.6
1,359.9
309.0
1,050.9
2009 ��������������������
1,456.3
1,095.9
401.8
694.1
125.2
22.2
83.3
106.0
1,455.7
272.4
1,183.3
2010 ��������������������
1,780.4
1,398.5
494.7
903.7
217.1
25.0
85.8
122.6
1,819.5
411.1
1,408.4
2008: I ����������������
1,412.3
994.1
240.6
753.5
205.6
16.5
57.9
75.3
1,543.5
355.2
1,188.3
      II ���������������
1,397.0
978.3
217.1
761.1
174.4
–13.0
64.2
80.9
1,552.4
344.1
1,208.3
      III ��������������
1,403.1
963.7
79.4
884.3
220.6
86.3
89.2
85.0
1,475.8
312.5
1,163.3
      IV ��������������
1,049.6
699.5
–48.3
747.8
181.3
33.1
133.8
85.1
868.0
224.3
643.7
2009: I ����������������
1,285.7
925.7
241.3
684.4
109.2
18.2
102.7
101.6
1,209.3
208.8
1,000.4
      II ���������������
1,359.7
1,015.1
395.0
620.1
107.4
21.6
77.4
103.8
1,343.8
244.8
1,099.0
      III ��������������
1,525.0
1,162.5
481.2
681.2
130.8
15.5
73.0
107.7
1,545.7
301.6
1,244.2
      IV ��������������
1,654.6
1,280.3
489.6
790.6
153.4
33.4
79.9
110.9
1,723.9
334.4
1,389.5
2010: I ����������������
1,797.0
1,428.0
479.8
948.2
216.2
46.5
93.4
128.6
1,825.3
409.7
1,415.6
      II ���������������
1,859.9
1,469.3
490.6
978.7
237.3
18.2
111.0
125.4
1,865.5
399.6
1,465.9
      III ��������������
1,812.6
1,417.3
487.8
929.5
227.2
28.0
89.4
119.0
1,844.5
430.3
1,414.2
      IV ��������������
1,652.2
1,279.3
520.8
758.5
187.7
7.1
49.5
117.3
1,742.5
404.7
1,337.8
2011: I ����������������
1,761.1
1,350.3
491.5
858.8
217.6
14.9
71.6
120.2
1,877.1
422.3
1,454.8
      II ���������������
1,830.2
1,384.9
438.9
945.9
249.9
15.2
90.8
112.7
1,890.6
420.5
1,470.1
      III ������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ���������������
1 See p. 4 for profits with inventory valuation and capital consumption adjustments.
2 Includes rest of the world, not shown separately.
3 Includes industries not shown separately.

8

Net
dividends

Inventory
Undistrib- valuation
adjustment
uted
profits

370.9
138.5
8.0
399.3
173.8
–2.6
424.9
234.8
–11.3
550.3
373.0
–34.3
557.3
670.5
–30.7
704.8
644.7
–38.0
794.5
498.4
–47.2
786.9
264.0
–44.5
620.0
563.3
.6
737.3
671.1
–39.1
835.9
352.4
–131.3
803.4
404.9
–155.4
780.5
382.8
–72.7
727.6
–84.0
181.6
671.9
328.5
76.5
600.9
498.1
15.9
584.1
660.0
–20.7
623.0
766.5
–69.3
684.8
730.8
–28.4
729.3
736.6
–5.6
760.5
653.7
–32.0
774.8
563.0
–90.3
793.8
660.9
–116.0
807.4
662.7
–60.4
p 822.5 ��������������� �����������������

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

Real Gross Private Domestic Investment
In the third quarter of 2011, according to advance estimates, nonresidential fixed investment in chained (2005)
dollars rose $54.3 billion (annual rate) and residential investment rose $1.9 billion. Inventories increased $5.4 billion,
following an increase of $39.1 billion in the second quarter.

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

2001 ���������������������������������������������������
2002 ���������������������������������������������������
2003 ���������������������������������������������������
2004 ���������������������������������������������������
2005 ���������������������������������������������������
2006 ���������������������������������������������������
2007 ���������������������������������������������������
2008 ���������������������������������������������������
2009 ���������������������������������������������������
2010 ���������������������������������������������������
2008: I �����������������������������������������������
      II ����������������������������������������������
      III ���������������������������������������������
      IV ���������������������������������������������
2009: I �����������������������������������������������
      II ����������������������������������������������
      III ���������������������������������������������
      IV ���������������������������������������������
2010: I �����������������������������������������������
      II ����������������������������������������������
      III ���������������������������������������������
      IV ���������������������������������������������
2011: I �����������������������������������������������
      II ����������������������������������������������
      III p �������������������������������������������

Gross
private
domestic
investment

1,825.2
1,800.4
1,870.1
2,058.2
2,172.3
2,231.8
2,159.5
1,939.8
1,454.2
1,714.9
2,055.7
2,024.0
1,934.7
1,744.6
1,490.4
1,397.2
1,407.3
1,522.0
1,630.0
1,728.3
1,766.8
1,734.5
1,750.9
1,778.4
1,796.6

Change in private inventories

Nonresidential
Total

1,870.7
1,791.5
1,854.7
1,992.5
2,122.3
2,172.7
2,130.6
1,978.6
1,606.3
1,648.4
2,066.4
2,039.1
1,973.5
1,835.4
1,665.5
1,589.8
1,592.6
1,577.5
1,582.0
1,654.0
1,663.5
1,693.9
1,699.0
1,736.7
1,793.2

Total
1,274.8
1,173.7
1,189.6
1,263.0
1,347.3
1,455.5
1,550.0
1,537.6
1,263.2
1,319.2
1,589.1
1,580.0
1,539.2
1,442.3
1,312.9
1,257.6
1,247.0
1,235.2
1,253.3
1,308.0
1,343.6
1,371.9
1,378.9
1,413.2
1,467.5

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

Structures
433.3
356.6
343.0
346.7
351.8
384.0
438.2
466.4
367.3
309.1
463.8
474.4
469.9
457.5
415.3
375.4
354.9
323.7
301.5
306.9
310.1
318.0
305.9
321.9
332.1

Equipment
and
software
860.6
824.2
850.0
917.3
995.6
1,071.1
1,106.8
1,059.4
889.7
1,019.4
1,117.2
1,094.6
1,056.8
969.0
883.7
874.2
888.0
912.9
958.8
1,010.1
1,044.1
1,064.5
1,086.9
1,103.5
1,148.7

Residential

583.3
613.8
664.3
729.5
775.0
718.2
584.2
444.4
345.6
330.8
481.3
462.8
437.8
395.8
354.9
334.3
348.2
344.8
330.8
348.2
321.1
323.1
321.1
324.4
326.3

Total

–41.8
12.8
17.3
66.3
50.0
59.4
27.7
–36.3
–144.9
58.8
–12.5
–14.2
–38.1
–80.3
–161.6
–183.0
–178.7
–56.5
39.9
64.6
92.3
38.3
49.1
39.1
5.4

Nonfarm

–41.5
15.6
17.2
58.3
49.8
63.2
28.7
–37.6
–143.8
60.7
–4.8
–18.1
–44.2
–83.3
–162.6
–182.7
–173.9
–56.0
35.5
64.0
98.8
44.7
59.7
51.0
19.0

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

9

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

Total
fixed
investment

Period

2001 ������������
2002 ������������
2003 ������������
2004 ������������
2005 ������������
2006 ������������
2007 ������������
2008 ������������
2009 ������������
2010 ������������
2008: I ��������
      II �������
      III ������
      IV ������
2009: I ��������
      II �������
      III ������
      IV ������
2010: I ��������
      II �������
      III ������
      IV ������
2011: I ��������
      II �������
      III p ����

Residential

Total
nonresidential

1,870.7
1,791.5
1,854.7
1,992.5
2,122.3
2,172.7
2,130.6
1,978.6
1,606.3
1,648.4
2,066.4
2,039.1
1,973.5
1,835.4
1,665.5
1,589.8
1,592.6
1,577.5
1,582.0
1,654.0
1,663.5
1,693.9
1,699.0
1,736.7
1,793.2

1,274.8
1,173.7
1,189.6
1,263.0
1,347.3
1,455.5
1,550.0
1,537.6
1,263.2
1,319.2
1,589.1
1,580.0
1,539.2
1,442.3
1,312.9
1,257.6
1,247.0
1,235.2
1,253.3
1,308.0
1,343.6
1,371.9
1,378.9
1,413.2
1,467.5

Information processing equipment and software
Structures

433.3
356.6
343.0
346.7
351.8
384.0
438.2
466.4
367.3
309.1
463.8
474.4
469.9
457.5
415.3
375.4
354.9
323.7
301.5
306.9
310.1
318.0
305.9
321.9
332.1

Total

860.6
824.2
850.0
917.3
995.6
1,071.1
1,106.8
1,059.4
889.7
1,019.4
1,117.2
1,094.6
1,056.8
969.0
883.7
874.2
888.0
912.9
958.8
1,010.1
1,044.1
1,064.5
1,086.9
1,103.5
1,148.7

Computers
and
peripheral Software
equipment 1

Total
384.5
373.9
403.7
443.1
475.3
516.3
558.2
569.7
548.3
602.6
583.0
583.3
571.7
540.7
529.9
535.5
553.7
574.1
581.2
596.1
608.5
624.5
625.0
638.4
641.6

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

173.7
173.4
185.6
204.6
218.0
227.1
240.9
250.8
249.1
256.1
251.0
251.4
251.9
248.8
244.8
247.8
249.8
253.9
252.0
252.9
257.2
262.4
263.7
268.9
273.4

1 Because computers exhibit rapid changes in prices relative to other prices in the economy, the
chained-dollar estimates should not be used to measure the component’s relative importance or its
contribution to the growth rate of more aggregate series. The quantity index for computers can be
used to accurately measure the real growth rate of this series. For information on this component,
see Survey of Current Business Table 5.3.1 (for growth rates), Table 5.3.2 (for contributions), and
Table 5.3.3 (for quantity indexes).

Other

Structures
Industrial Transportation
equipequipment
ment

157.0
142.7
155.1
168.1
178.4
192.8
208.4
202.4
186.1
207.3
211.8
209.8
203.3
184.8
180.0
179.8
190.8
193.7
200.3
204.8
209.9
214.4
215.2
211.5
205.3

162.8
151.9
151.6
147.4
159.6
172.9
179.9
172.9
137.1
146.6
176.9
175.6
173.1
165.8
142.8
136.5
134.5
134.5
135.1
147.3
150.1
153.7
158.1
157.7
169.4

Other
equipment

169.6
154.2
140.4
162.3
181.7
196.5
185.8
142.7
70.7
119.3
180.6
158.2
133.6
98.3
65.5
69.8
70.6
76.7
101.8
117.6
129.1
128.9
139.6
144.6
156.7

149.3
148.2
155.0
164.4
178.9
185.5
184.2
177.8
145.6
162.6
180.0
181.1
181.9
168.3
154.4
143.5
142.3
142.3
153.8
160.5
167.1
168.9
174.0
173.8
187.7

Total
residential

583.3
613.8
664.3
729.5
775.0
718.2
584.2
444.4
345.6
330.8
481.3
462.8
437.8
395.8
354.9
334.3
348.2
344.8
330.8
348.2
321.1
323.1
321.1
324.4
326.3

Total 2

575.6
605.9
655.9
720.1
765.2
708.1
574.2
434.9
336.9
321.5
471.6
453.0
428.3
386.9
346.2
325.9
339.6
336.0
321.7
338.9
311.8
313.6
311.5
314.8
316.7

Single
family

Equipment

315.4
327.7
362.6
406.1
433.5
391.1
284.0
178.4
105.5
114.7
209.6
193.2
168.4
142.4
109.8
93.3
106.9
112.2
115.6
121.8
113.1
108.1
108.4
106.7
108.0

7.6
7.9
8.4
9.4
9.8
10.1
10.0
9.7
8.8
9.5
9.9
10.0
9.6
9.1
8.8
8.6
8.8
9.1
9.3
9.6
9.6
9.8
9.8
9.9
10.0

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

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

ConUtilities struction

Manufacturing

Wholesale
trade

Retail
trade

Transportation Informa- Finance
and
and
tion
insurwareance
housing

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

Health
care
and
social
assistance

Other 1

For
companies
without
employees

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

807.1 ������������ ������������ ������������ ������������ ������������ ������������ ������������ ������������ ������������ ������������ ������������ ������������ ������������ ������������ ������������ ��������������
871.8 ������������ ������������ ������������ ������������ ������������ ������������ ������������ ������������ ������������ ������������ ������������ ������������ ������������ ������������ ������������ ��������������
970.9
896.5
0.9
40.4
36.0
26.9
203.6
29.2
57.3
51.3
96.5
118.2
85.2
22.3
47.1
81.7
74.4
1,047.0
974.6
1.7
30.6
42.8
23.1
196.4
32.4
64.1
57.3
122.8
130.1
100.6
29.5
51.3
91.8
72.3
1,161.0 1,089.9
1.5
42.5
61.3
25.0
214.8
33.6
69.8
59.9
160.2
133.7
92.5
34.1
52.2
108.9
71.2
1,109.0 1,052.3
1.5
51.3
82.8
24.8
192.8
30.0
66.9
57.8
144.8
131.1
82.7
30.5
52.9
102.5
56.7
997.9
917.5
1.9
42.5
65.5
24.8
157.2
26.8
59.3
47.1
88.2
128.4
94.5
25.9
59.3
96.1
80.4
975.0
886.8
1.9
50.5
54.6
23.2
149.1
26.0
65.9
44.5
80.5
120.8
88.0
24.7
61.2
96.2
88.2
1,042.1
953.2
2.1
51.3
50.4
28.6
156.7
32.3
72.2
46.1
83.5
153.6
91.6
26.7
64.6
93.6
88.9
1,144.8 1,062.5
2.7
66.7
58.0
30.1
165.6
40.6
73.5
56.9
91.4
161.4
103.0
33.1
73.8
105.6
82.2
1,309.9 1,217.1
2.7
99.3
69.8
30.3
192.4
36.6
86.7
68.0
104.4
163.1
132.1
30.3
75.3
126.3
92.8
1,354.7 1,270.5
2.1
120.7
85.4
36.7
197.3
30.8
82.5
67.4
106.1
173.4
117.5
31.8
84.2
134.8
84.2
1,374.2 1,294.5
2.3
149.3
98.7
40.8
213.1
32.4
73.2
79.6
103.3
132.9
106.9
33.0
90.2
138.7
79.7
1,090.1 1,014.7
2.2
101.2
101.8
19.8
155.8
24.5
58.4
56.1
87.7
99.7
73.0
27.5
79.3
127.6
75.4

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

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

10

EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
In October, employment as measured by the household survey rose by 277,000 and unemployment fell by 95,000.

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

Period

2001 ��������������������
2002 ��������������������
2003 2 ������������������
2004 2 ������������������
2005 2 ������������������
2006 2 ������������������
2007 2 ������������������
2008 2 ������������������
2009 2 ������������������
2010 2 ������������������
2010: Oct �����������
      Nov ����������
      Dec �����������
2011: Jan 2 ���������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������

Civilian
noninstitutional
population
(NSA)
215,092
217,570
221,168
223,357
226,082
228,815
231,867
233,788
235,801
237,830
238,530
238,715
238,889
238,704
238,851
239,000
239,146
239,313
239,489
239,671
239,871
240,071
240,269

Civilian employment
Civilian
labor
force

Total

143,734
144,863
146,510
147,401
149,320
151,428
153,124
154,287
154,142
153,889
153,960
153,950
153,690
153,186
153,246
153,406
153,421
153,693
153,421
153,228
153,594
154,017
154,198

136,933
136,485
137,736
139,252
141,730
144,427
146,047
145,362
139,877
139,064
139,084
138,909
139,206
139,323
139,573
139,864
139,674
139,779
139,334
139,296
139,627
140,025
140,302

Men
20 years
and
over
69,776
69,734
70,415
71,572
73,050
74,431
75,337
74,750
71,341
71,230
71,365
71,130
71,480
71,589
71,954
71,959
71,939
72,137
71,937
71,836
72,015
72,276
72,336

Women
20 years
and
over
60,417
60,420
61,402
61,773
62,702
63,834
64,799
65,039
63,699
63,456
63,400
63,385
63,428
63,392
63,319
63,566
63,479
63,402
63,098
63,216
63,300
63,398
63,569

Percent 1

Unemployment
Both
sexes
16–19
years
6,740
6,332
5,919
5,907
5,978
6,162
5,911
5,573
4,837
4,378
4,319
4,393
4,298
4,341
4,300
4,339
4,255
4,240
4,299
4,244
4,312
4,352
4,397

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

Total

6,801
8,378
8,774
8,149
7,591
7,001
7,078
8,924
14,265
14,825
14,876
15,041
14,485
13,863
13,673
13,542
13,747
13,914
14,087
13,931
13,967
13,992
13,897

Men
20 years
and
over
3,040
3,896
4,209
3,791
3,392
3,131
3,259
4,297
7,555
7,763
7,651
7,849
7,426
6,917
6,841
6,805
6,917
7,056
7,167
7,070
7,028
6,952
7,013

Women
20 years
and
over
2,599
3,228
3,314
3,150
3,013
2,751
2,718
3,342
5,157
5,534
5,618
5,766
5,599
5,447
5,483
5,332
5,417
5,505
5,520
5,450
5,472
5,622
5,491

Both
sexes
16–19
years
1,162
1,253
1,251
1,208
1,186
1,119
1,101
1,285
1,552
1,528
1,607
1,426
1,460
1,500
1,350
1,405
1,413
1,352
1,399
1,412
1,467
1,418
1,393

Not
in
labor
force

71,359
72,707
74,658
75,956
76,762
77,387
78,743
79,501
81,659
83,941
84,570
84,765
85,199
85,518
85,605
85,594
85,725
85,620
86,069
86,443
86,278
86,054
86,071

Labor
force
participation
rate
66.8
66.6
66.2
66.0
66.0
66.2
66.0
66.0
65.4
64.7
64.5
64.5
64.3
64.2
64.2
64.2
64.2
64.2
64.1
63.9
64.0
64.2
64.2

Employment/
population
ratio

Unemployment
rate

63.7
62.7
62.3
62.3
62.7
63.1
63.0
62.2
59.3
58.5
58.3
58.2
58.3
58.4
58.4
58.5
58.4
58.4
58.2
58.1
58.2
58.3
58.4

4.7
5.8
6.0
5.5
5.1
4.6
4.6
5.8
9.3
9.6
9.7
9.8
9.4
9.0
8.9
8.8
9.0
9.1
9.2
9.1
9.1
9.1
9.0

Note: Beginning January 2011, data reflect revised population controls and are not strictly
comparable with earlier data.
See Employment and Earnings for details on breaks in series.
Source: Department of Labor (Bureau of Labor Statistics).

11

Selected Unemployment Rates
In October, the unemployment rate fell to 9.0 percent.

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

By sex and age
Period

2001 ��������������������
2002 ��������������������
2003 ��������������������
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2010: Oct �����������
      Nov ����������
      Dec �����������
2011: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������

All
civilian
workers

4.7
5.8
6.0
5.5
5.1
4.6
4.6
5.8
9.3
9.6
9.7
9.8
9.4
9.0
8.9
8.8
9.0
9.1
9.2
9.1
9.1
9.1
9.0

Men
20 years
and
over
4.2
5.3
5.6
5.0
4.4
4.0
4.1
5.4
9.6
9.8
9.7
9.9
9.4
8.8
8.7
8.6
8.8
8.9
9.1
9.0
8.9
8.8
8.8

Women
20 years
and
over
4.1
5.1
5.1
4.9
4.6
4.1
4.0
4.9
7.5
8.0
8.1
8.3
8.1
7.9
8.0
7.7
7.9
8.0
8.0
7.9
8.0
8.1
8.0

Both
sexes
16–19
years
14.7
16.5
17.5
17.0
16.6
15.4
15.7
18.7
24.3
25.9
27.1
24.5
25.4
25.7
23.9
24.5
24.9
24.2
24.5
25.0
25.4
24.6
24.1

White

4.2
5.1
5.2
4.8
4.4
4.0
4.1
5.2
8.5
8.7
8.8
8.9
8.5
8.0
8.0
7.9
8.0
8.0
8.1
8.1
8.0
8.0
8.0

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
8.6
10.2
10.8
10.4
10.0
8.9
8.3
10.1
14.8
16.0
15.7
16.0
15.8
15.7
15.3
15.5
16.1
16.2
16.2
15.9
16.7
16.0
15.1

By selected groups
Hispanic
or
Latino
ethnicity

Asian
(NSA)

4.5
5.9
6.0
4.4
4.0
3.0
3.2
4.0
7.3
7.5
7.1
7.6
7.2
6.9
6.8
7.1
6.4
7.0
6.8
7.7
7.1
7.8
7.3

6.6
7.5
7.7
7.0
6.0
5.2
5.6
7.6
12.1
12.5
12.6
13.2
13.0
11.9
11.6
11.3
11.8
11.9
11.6
11.3
11.3
11.3
11.4

Married
men,
spouse
present

Women
who
maintain
families
(NSA)

2.7
3.6
3.8
3.1
2.8
2.4
2.5
3.4
6.6
6.8
6.9
6.9
6.6
5.8
5.8
5.9
6.0
5.9
6.2
6.1
5.9
5.9
5.8

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

6.6
8.0
8.5
8.0
7.8
7.1
6.5
8.0
11.5
12.3
12.4
13.0
12.0
12.7
13.0
12.3
11.7
12.7
12.8
12.1
11.9
12.4
12.3

Full-time
workers

4.7
5.9
6.1
5.6
5.0
4.5
4.6
5.8
10.0
10.4
10.5
10.7
10.2
9.7
9.5
9.4
9.6
9.7
9.8
9.8
9.7
9.8
9.6

Part-time
workers

5.1
5.2
5.5
5.3
5.4
5.1
4.9
5.5
6.0
6.3
6.3
5.8
6.0
6.2
6.5
6.3
6.4
6.3
6.7
6.1
6.5
6.0
6.4

Selected Measures of Unemployment and Unemployment Insurance Programs
In October, the percentage of the unemployed who had been out of work for 5-14 weeks rose, while the percentages
for less than 5 weeks, 15-26 weeks, and 27 weeks and over fell. The mean duration of unemployment fell to 39.4
weeks and the median duration fell to 20.8 weeks.

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

Unemployment
(thousands)

Percent distribution
Less
than
5 weeks

5–14
weeks

15–26
weeks

Reason for unemployment: percent distribution
Number of weeks

27 weeks
and over

Average
(mean) 1

Median

Job
losers

Job
leavers

Reentrants

New
entrants

State programs
Insured
unemployment
(NSA)

Initial
claims
(NSA)

Insured
unemployment,
all
programs
(NSA) 2

Weekly average, thousands
2001 ��������������������
2002 ��������������������
2003 ��������������������
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2010: Oct �����������
      Nov ����������
      Dec �����������
2011: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������

6,801
8,378
8,774
8,149
7,591
7,001
7,078
8,924
14,265
14,825
14,876
15,041
14,485
13,863
13,673
13,542
13,747
13,914
14,087
13,931
13,967
13,992
13,897

42.0
34.5
31.7
33.1
35.1
37.3
35.9
32.8
22.2
18.7
17.9
18.8
18.7
18.9
17.5
18.2
20.0
19.4
21.7
19.3
19.6
19.8
19.4

32.3
30.8
29.8
29.2
30.4
30.3
31.5
31.4
26.8
22.0
23.1
22.2
21.9
21.3
22.7
21.7
21.6
21.0
21.0
22.2
21.7
20.7
23.4

14.0
16.3
16.4
15.9
14.9
14.7
15.0
16.0
19.5
16.0
16.9
16.8
15.2
16.1
16.0
14.6
14.9
14.4
13.0
14.1
15.9
14.9
14.8

11.8
18.3
22.1
21.8
19.6
17.6
17.6
19.7
31.5
43.3
42.1
42.2
44.3
43.8
43.9
45.5
43.4
45.1
44.4
44.4
42.9
44.6
42.4

13.1
16.6
19.2
19.6
18.4
16.8
16.8
17.9
24.4
33.0
33.9
33.9
34.2
36.9
37.1
39.0
38.3
39.7
39.9
40.4
40.3
40.5
39.4

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

6.8
9.1
10.1
9.8
8.9
8.3
8.5
9.4
15.1
21.4
21.3
21.7
22.4
21.8
21.2
21.7
20.7
22.0
22.5
21.2
21.8
22.2
20.8

51.1
55.0
55.1
51.5
48.3
47.4
49.7
53.7
64.2
62.4
61.7
63.0
61.3
60.3
59.9
59.8
59.0
59.8
59.5
59.4
58.8
58.3
58.1

12.3
10.3
9.3
10.5
11.5
11.8
11.2
10.0
6.2
6.0
5.8
5.8
6.3
6.4
6.4
6.5
6.8
6.6
7.0
6.7
6.9
6.9
7.8

29.9
28.3
28.2
29.5
31.4
32.0
30.3
27.7
22.3
23.4
23.8
22.8
23.4
23.7
24.1
23.8
24.4
24.8
24.7
24.7
25.3
25.2
24.7

6.8
2,974
404
3,012
6.4
3,585
407
4,453
7.3
3,531
404
4,400
8.4
2,950
345
3,103
8.8
2,661
328
2,709
8.8
2,476
313
2,521
8.9
2,572
324
2,612
8.6
3,306
424
3,898
7.3
5,724
568
9,122
8.2
4,487
454
9,724
8.7
3,944
442
9,222
8.4
4,256
498
9,672
9.0
4,413
595
9,436
9.6
5,209
598
10,646
9.6
4,450
397
8,971
9.9
4,545
416
9,328
9.8
3,862
428
8,113
8.9
4,094
407
8,830
8.8
3,688
447
7,885
9.2
3,886
439
7,957
8.9
4,013
398
8,251
9.5
3,304
366
6,847
9.4 ��������������� ��������������� �����������������

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

13

Nonagricultural Employment
Total nonagricultural employment as measured by the payroll survey rose by 80,000 in October.

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

Period

2001 ��������������������
2002 ��������������������
2003 ��������������������
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2010: Oct �����������
      Nov ����������
      Dec �����������
2011: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
      Aug r ���������
      Sept r ��������
      Oct p ���������

Total
nonagricultural
employment

131,826
130,341
129,999
131,435
133,703
136,086
137,598
136,790
130,807
129,818
130,015
130,108
130,260
130,328
130,563
130,757
130,974
131,027
131,047
131,174
131,278
131,436
131,516

Goods-producing industries
Total
private

110,708
108,828
108,416
109,814
111,899
114,113
115,380
114,281
108,252
107,337
107,713
107,841
108,008
108,102
108,363
108,582
108,823
108,922
108,997
109,170
109,242
109,433
109,537

Total 2

23,873
22,557
21,816
21,882
22,190
22,531
22,233
21,334
18,557
17,755
17,785
17,793
17,797
17,835
17,916
17,956
17,999
18,019
18,035
18,088
18,075
18,104
18,094

Construc- Manufaction
turing

6,826
6,716
6,735
6,976
7,336
7,691
7,630
7,162
6,016
5,526
5,512
5,504
5,498
5,478
5,517
5,522
5,526
5,529
5,522
5,532
5,518
5,545
5,525

16,441
15,259
14,510
14,315
14,226
14,155
13,879
13,406
11,847
11,524
11,539
11,554
11,565
11,618
11,655
11,675
11,703
11,710
11,724
11,758
11,757
11,754
11,759

Private service-providing industries
Trade, transportation,
and utilities
Total
Total 3
86,834
86,271
86,600
87,932
89,709
91,582
93,147
92,947
89,695
89,582
89,928
90,048
90,211
90,267
90,447
90,626
90,824
90,903
90,962
91,082
91,167
91,329
91,443

25,983
25,497
25,287
25,533
25,959
26,276
26,630
26,293
24,906
24,605
24,670
24,684
24,746
24,740
24,775
24,791
24,870
24,893
24,919
24,942
24,957
24,968
25,003

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

14

Retail
trade
15,239
15,025
14,917
15,058
15,280
15,353
15,520
15,283
14,522
14,414
14,457
14,441
14,447
14,478
14,478
14,472
14,536
14,539
14,551
14,579
14,582
14,595
14,613

Information

Financial
activities

3,629
3,395
3,188
3,118
3,061
3,038
3,032
2,984
2,804
2,711
2,697
2,699
2,694
2,687
2,684
2,683
2,684
2,684
2,682
2,677
2,627
2,661
2,656

7,808
7,847
7,977
8,031
8,153
8,328
8,301
8,145
7,769
7,630
7,617
7,616
7,617
7,607
7,606
7,611
7,612
7,625
7,609
7,606
7,612
7,607
7,611

Profes- Education Leisure
sional
and
and
and
health
hospitalbusiness services
ity
services
16,476
15,976
15,987
16,394
16,954
17,566
17,942
17,735
16,579
16,688
16,759
16,844
16,902
16,953
16,991
17,066
17,111
17,155
17,155
17,194
17,239
17,289
17,321

15,645
16,199
16,588
16,953
17,372
17,826
18,322
18,838
19,193
19,564
19,695
19,732
19,760
19,789
19,832
19,865
19,905
19,926
19,944
19,998
20,036
20,094
20,122

12,036
11,986
12,173
12,493
12,816
13,110
13,427
13,436
13,077
13,020
13,072
13,057
13,074
13,071
13,125
13,171
13,200
13,175
13,202
13,217
13,240
13,253
13,275

Other
services

5,258
5,372
5,401
5,409
5,395
5,438
5,494
5,515
5,367
5,364
5,418
5,416
5,418
5,420
5,434
5,439
5,442
5,445
5,451
5,448
5,456
5,457
5,455

Government

21,118
21,513
21,583
21,621
21,804
21,974
22,218
22,509
22,555
22,482
22,302
22,267
22,252
22,226
22,200
22,175
22,151
22,105
22,050
22,004
22,036
22,003
21,979

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

Note: Data classified by industry based on the 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

Total
private
nonagricultural 1

Period

2001 ��������������������
2002 ��������������������
2003 ��������������������
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2010: Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2011: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
      Aug r ���������
      Sept r ��������
      Oct p ���������

34.0
33.9
33.7
33.7
33.8
33.9
33.9
33.6
33.1
33.4
33.5
33.5
33.5
33.5
33.4
33.6
33.6
33.6
33.6
33.6
33.6
33.5
33.6
33.7

Average gross hourly earnings
Total private
nonagricultural 1

Manufacturing

Total

Overtime

40.3
40.5
40.4
40.8
40.7
41.1
41.2
40.8
39.8
41.1
41.3
41.2
41.2
41.3
41.1
41.3
41.4
41.4
41.4
41.4
41.4
41.3
41.3
41.5

4.0
4.2
4.2
4.6
4.6
4.4
4.2
3.7
2.9
3.8
3.9
3.9
4.0
4.0
4.1
4.2
4.2
4.2
4.1
4.0
4.1
4.1
4.0
4.1

Current
dollars

Average gross weekly earnings
Total private
nonagricultural 1

Manufacturing

1982-84
dollars 2

$14.54
$8.38
14.97
8.51
15.37
8.55
15.69
8.50
16.13
8.45
16.76
8.50
17.43
8.60
18.08
8.57
18.63
8.89
19.07
8.91
19.14
8.93
19.23
8.94
19.24
8.94
19.23
8.89
19.31
8.88
19.32
8.83
19.32
8.78
19.37
8.76
19.42
8.77
19.43
8.80
19.49
8.78
19.47
8.73
19.50
8.71
19.53 �����������������

Current
dollars
$14.76
15.29
15.74
16.14
16.56
16.81
17.26
17.75
18.24
18.61
18.65
18.71
18.75
18.80
18.91
18.89
18.91
18.91
18.94
18.91
18.96
18.92
18.91
19.01

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

Percent change from
a year earlier,
total private
nonagricultural

Current dollars

1982-84
dollars 2

$493.79
$284.61
506.75
288.09
518.06
288.13
529.09
286.77
544.33
284.99
567.87
288.11
590.04
290.99
607.95
288.06
617.18
294.41
636.91
297.67
641.19
299.12
644.21
299.62
644.54
299.46
644.21
297.74
644.95
296.74
649.15
296.82
649.15
294.90
650.83
294.21
652.51
294.55
652.85
295.72
654.86
294.88
652.25
292.48
655.20
292.70
658.16 �����������������

Manufacturing

Construction

$595.19
618.75
635.99
658.49
673.30
691.02
711.56
724.46
726.12
765.08
770.25
770.85
772.50
776.44
777.20
780.16
782.87
782.87
784.12
782.87
784.94
781.40
780.98
788.92

$695.89
711.82
726.83
735.55
750.22
781.21
816.66
842.61
851.76
891.85
905.19
909.48
906.35
904.78
882.85
909.84
906.71
914.13
921.20
919.23
924.72
927.81
925.86
922.71

Retail
trade

Current
dollars

$346.16
360.81
367.15
371.13
377.58
383.02
385.11
386.21
388.57
399.74
400.03
404.08
405.11
407.48
406.45
405.72
406.32
409.62
406.32
408.58
411.14
409.18
409.49
413.58

1982-84
dollars 2

2.7
–0.1
2.6
1.2
2.2
.0
2.1
–.5
2.9
–.6
4.3
1.1
3.9
1.0
3.0
–1.0
1.5
2.2
3.2
1.1
3.8
2.3
4.0
2.5
3.3
2.0
2.9
1.3
2.4
.6
3.3
.8
3.0
–.1
2.7
–.9
2.7
–1.3
2.6
–1.2
2.5
–1.5
1.8
–2.4
2.2
–2.1
2.2 �������������������

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

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

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

Total
compensation

Wages
and
salaries

Percent change from
3 months earlier

Benefits 1

Total
compensation

12 months earlier

Wages
and
salaries

Benefits 1

Total
compensation

Wages
and
salaries

Benefits 1

Not seasonally adjusted
2001:
2002:
2003:
2004:
2005:
2006:
2007:
2008:
2009:
2010:

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

87.3
90.0
93.6
97.2
100.0
103.2
106.3
108.9
110.2
112.5

89.9
92.2
95.1
97.6
100.0
103.2
106.6
109.4
110.8
112.8

81.3
84.7
90.2
96.2
100.0
103.1
105.6
107.7
108.7
111.9

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

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

4.1
3.1
4.0
3.8
2.9
3.2
3.0
2.4
1.2
2.1

Seasonally adjusted
2008: Mar �����������������������������������������
      June ����������������������������������������
      Sept ����������������������������������������
      Dec ������������������������������������������
2009: Mar �����������������������������������������
      June ����������������������������������������
      Sept ����������������������������������������
      Dec ������������������������������������������
2010: Mar �����������������������������������������
      June ����������������������������������������
      Sept ����������������������������������������
      Dec ������������������������������������������
2011: Mar �����������������������������������������
      June ����������������������������������������
      Sept ����������������������������������������

107.2
108.0
108.6
109.1
109.3
109.5
109.9
110.4
111.1
111.6
112.1
112.7
113.3
114.2
114.6

107.6
108.4
109.0
109.5
109.8
110.1
110.5
110.9
111.4
111.9
112.3
112.8
113.2
113.8
114.2

106.4
106.9
107.5
107.9
108.0
108.3
108.6
109.0
110.3
110.9
111.6
112.2
113.5
115.3
115.4

1 Employer costs for employee benefits.

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

3.8
2.6
3.1
2.6
2.5
3.2
3.3
2.6
1.3
1.8

5.2
4.2
6.5
6.7
4.0
3.1
2.4
2.0
.9
2.9

Not seasonally adjusted
0.7
.7
.6
.5
.2
.2
.4
.5
.6
.5
.4
.5
.5
.8
.4

0.8
.7
.6
.5
.3
.3
.4
.4
.5
.4
.4
.4
.4
.5
.4

0.5
.5
.6
.4
.1
.3
.3
.4
1.2
.5
.6
.5
1.2
1.6
.1

3.2
3.0
2.8
2.4
1.9
1.5
1.2
1.2
1.6
1.9
2.0
2.1
2.0
2.3
2.1

3.2
3.1
2.9
2.6
2.0
1.6
1.4
1.3
1.5
1.6
1.6
1.8
1.6
1.7
1.7

3.2
2.6
2.4
2.0
1.6
1.3
1.1
.9
2.0
2.4
2.8
2.9
3.0
4.0
3.3

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 and Nonfarm Business Sectors
Output per hour
of all persons
Period
Business
sector

Nonfarm
business
sector

Hours of
all persons 2

Output 1

Business
sector

Nonfarm
business
sector

Business
sector

Compensation
per hour 3

Nonfarm
business
sector

Business
sector

Nonfarm
business
sector

Real
compensation
per hour 4
Business
sector

Nonfarm
business
sector

Unit labor
costs

Implicit price
deflator 5

Business
sector

Nonfarm
business
sector

Business
sector

Nonfarm
business
sector

97.7
96.4
97.2
97.8
100.0
102.8
105.5
108.2
107.4
105.3
105.8
105.4
104.9
106.0
108.0
107.1
108.3
109.6
108.5
108.1
107.0
105.9
105.1
105.5
105.4
105.0
106.8
107.6
106.9

97.5
96.2
97.1
97.8
100.0
102.8
105.3
108.2
107.5
105.4
105.7
105.2
104.7
105.8
108.0
107.1
108.2
109.7
108.6
108.3
107.2
106.1
105.3
105.6
105.6
105.1
106.7
107.5
106.8

92.5
93.2
94.5
96.9
100.0
102.9
105.6
107.5
108.3
109.6
104.8
105.6
105.8
106.1
106.5
107.2
108.2
108.0
108.4
108.1
108.1
108.4
108.9
109.4
109.7
110.4
111.2
111.9
112.6

92.4
93.2
94.4
96.6
100.0
103.0
105.4
107.3
108.4
109.6
104.7
105.4
105.5
105.8
106.2
107.0
108.0
108.0
108.6
108.2
108.4
108.5
109.0
109.5
109.7
110.2
110.8
111.5
112.1

1.7
–1.3
.9
.7
2.2
2.8
2.6
2.6
–.8
–2.0
4.2
–1.4
–1.7
3.9
8.0
–3.2
4.3
5.0
–4.1
–1.3
–4.0
–3.9
–2.9
1.2
–.3
–1.3
6.8
3.0
–2.4

1.5
–1.3
1.0
.7
2.3
2.8
2.4
2.8
–.7
–2.0
4.0
–1.9
–1.9
4.4
8.7
–3.5
4.3
5.7
–4.0
–1.2
–3.9
–4.1
–3.1
1.4
–.2
–1.6
6.2
2.8
–2.4

1.8
.8
1.4
2.6
3.2
2.9
2.6
1.8
.7
1.3
4.5
2.8
.7
1.2
1.5
2.9
3.5
–.5
1.4
–1.2
.3
1.1
1.8
1.9
1.1
2.2
2.9
2.9
2.4

1.7
.9
1.2
2.4
3.5
3.0
2.3
1.8
1.1
1.1
4.1
2.6
.4
1.0
1.5
3.1
3.7
.2
2.0
–1.2
.6
.5
1.6
2.0
.7
1.7
2.2
2.7
2.2

Indexes, 2005=100; quarterly data seasonally adjusted
2001 ��������������������
2002 ��������������������
2003 ��������������������
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2007: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2008: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2009: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2010: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2011: I ����������������
      II r �������������
      III p * ��������

88.2
92.2
95.7
98.4
100.0
100.9
102.4
103.2
105.7
110.0
101.0
102.0
103.2
103.6
103.1
103.6
103.4
102.6
103.0
105.0
106.8
108.2
109.3
109.6
110.3
110.7
110.4
110.4
111.1

88.4
92.4
95.8
98.4
100.0
100.9
102.4
103.1
105.5
109.8
101.1
101.9
103.1
103.6
103.0
103.6
103.4
102.5
102.8
104.8
106.5
107.9
109.2
109.5
110.1
110.7
110.5
110.5
111.3

88.4
90.2
93.0
96.7
100.0
103.0
105.1
103.7
98.7
102.5
103.7
104.9
105.7
106.0
105.2
105.3
103.8
100.5
98.3
98.1
98.5
99.7
101.0
102.1
103.1
103.9
104.0
104.4
105.4

88.6
90.3
93.0
96.7
100.0
103.1
105.3
103.7
98.5
102.4
103.9
105.1
105.9
106.2
105.2
105.3
103.9
100.4
98.2
97.9
98.2
99.6
100.8
102.0
102.9
103.8
104.0
104.5
105.5

100.3
97.8
97.2
98.3
100.0
102.1
102.6
100.5
93.4
93.2
102.7
102.9
102.5
102.4
102.1
101.6
100.4
98.0
95.5
93.4
92.3
92.2
92.4
93.2
93.5
93.8
94.2
94.6
94.8

100.2
97.6
97.1
98.3
100.0
102.2
102.7
100.6
93.3
93.2
102.7
103.1
102.7
102.5
102.1
101.7
100.5
98.0
95.5
93.4
92.2
92.2
92.4
93.1
93.5
93.8
94.2
94.6
94.8

86.1
88.8
93.0
96.2
100.0
103.8
108.1
111.7
113.5
115.8
106.8
107.5
108.3
109.8
111.3
111.0
111.9
112.4
111.7
113.5
114.2
114.6
114.9
115.6
116.2
116.3
117.9
118.8
118.8

86.2
88.9
93.1
96.2
100.0
103.8
107.9
111.6
113.4
115.8
106.9
107.2
107.9
109.7
111.3
110.9
111.9
112.5
111.7
113.5
114.2
114.5
114.9
115.6
116.2
116.3
117.9
118.7
118.9

95.0
96.4
98.7
99.5
100.0
100.5
101.7
101.2
103.3
103.6
102.1
101.5
101.6
101.8
102.1
100.5
99.8
102.7
102.6
103.8
103.5
103.1
103.1
103.9
104.1
103.5
103.5
103.3
102.5

95.0
96.5
98.8
99.4
100.0
100.5
101.6
101.2
103.3
103.7
102.1
101.3
101.3
101.7
102.1
100.4
99.8
102.7
102.6
103.8
103.5
103.1
103.1
103.9
104.0
103.5
103.6
103.2
102.6

Percent change; quarterly data at seasonally adjusted annual rates
2001 ��������������������
2002 ��������������������
2003 ��������������������
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2007: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2008: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2009: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2010: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2011: I ����������������
      II r �������������
      III p * ��������

3.0
4.5
3.9
2.8
1.7
.9
1.5
.7
2.4
4.1
–.4
4.0
4.8
1.6
–2.0
2.2
–.8
–3.1
1.5
8.0
7.0
5.3
4.3
1.1
2.5
1.7
–1.4
.1
2.8

2.9
4.6
3.7
2.6
1.6
.9
1.5
.6
2.3
4.1
–.1
3.3
4.7
2.1
–2.4
2.2
–.7
–3.4
1.3
8.0
6.5
5.5
4.6
1.2
2.1
2.2
–.6
–.1
3.1

0.8
2.0
3.1
4.0
3.4
3.0
2.0
–1.3
–4.9
3.9
–.3
4.5
3.1
1.3
–3.1
.2
–5.4
–12.0
–8.5
–1.0
1.8
5.0
5.1
4.7
3.7
3.2
.3
1.7
3.6

0.9
1.9
3.1
4.0
3.4
3.1
2.1
–1.5
–5.1
4.0
–.2
4.7
3.4
.9
–3.6
.4
–5.2
–12.7
–8.7
–1.1
1.4
5.6
5.2
4.6
3.5
3.8
.9
1.8
3.8

–2.1
–2.4
–.7
1.2
1.7
2.1
.5
–2.0
–7.1
–.1
.1
.4
–1.5
–.3
–1.1
–1.9
–4.6
–9.2
–9.8
–8.4
–4.9
–.3
.8
3.6
1.2
1.5
1.7
1.6
.8

–2.0
–2.5
–.6
1.3
1.7
2.2
.6
–2.1
–7.2
–.1
.0
1.4
–1.3
–1.1
–1.2
–1.7
–4.5
–9.7
–9.9
–8.4
–4.8
.1
.5
3.4
1.4
1.5
1.5
2.0
.6

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

workers. Estimates based primarily on establishment data.
3 Wages and salaries of employees plus employers’ contributions for social insurance and
private benefit plans. Also includes an estimate of wages, salaries, and supplemental payments
for the self-employed.
4 Hourly compensation divided by the consumer price index for all urban consumers (CPI–U) for
recent quarters. The trend from 1978–2010 is based on the consumer price index research series
(CPI–U–RS).
5 Current dollar gross domestic output divided by the output index.

16

4.7
3.1
4.8
3.5
3.9
3.8
4.1
3.3
1.6
2.0
3.8
2.5
3.0
5.6
5.8
–1.1
3.4
1.8
–2.7
6.6
2.7
1.2
1.2
2.4
2.2
.4
5.4
3.1
.3

4.5
3.2
4.7
3.3
3.9
3.8
4.0
3.4
1.6
2.1
3.8
1.3
2.7
6.5
6.1
–1.4
3.5
2.1
–2.7
6.7
2.3
1.2
1.4
2.6
1.9
.6
5.6
2.7
.6

1.8
1.5
2.5
.7
.5
.5
1.2
–.5
2.0
.4
.0
–2.1
.5
.8
1.1
–6.0
–2.8
12.1
–.4
4.6
–.9
–1.6
.0
2.9
.7
–2.2
.1
–1.0
–2.7

1.6
1.5
2.4
.6
.6
.5
1.1
–.4
2.0
.4
.0
–3.3
.2
1.6
1.4
–6.3
–2.7
12.5
–.4
4.7
–1.3
–1.5
.2
3.1
.4
–2.1
.3
–1.3
–2.4

Note: Data relate to all persons engaged in the sector.
Percent changes are from preceding period and are based on original data; they therefore
may differ slightly from percent changes based on indexes shown here.
* Data based on GDP data released on October 27, 2011.
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.

[Monthly data seasonally adjusted]
Total industrial production 1
Period

2001 ��������������������
2002 ��������������������
2003 ��������������������
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2010: Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2011: Jan �����������
      Feb �����������
      Mar ����������
      Apr r ���������
      May r ��������
      June r �������
      July r ��������
      Aug r ���������
      Sept p �������

Industry production indexes, 2007=100

Percent change 2
Index,
2007=100

88.9
89.1
90.2
92.3
95.3
97.4
100.0
96.3
85.5
90.1
91.2
91.1
91.4
92.6
92.8
92.5
93.1
92.7
93.0
93.0
94.0
94.0
94.2

From
preceding
month
���������������������
���������������������
���������������������
���������������������
���������������������
���������������������
���������������������
���������������������
���������������������
���������������������
0.3
–.1
.3
1.3
.2
–.4
.7
–.4
.3
.0
1.1
.0
.2

Capacity utilization
rate
(output as percent
of capacity) 1

Manufacturing

From
year
earlier
–3.4
.2
1.3
2.3
3.2
2.2
2.7
–3.7
–11.2
5.3
6.3
6.0
6.0
6.7
5.8
5.2
5.3
4.5
3.4
3.3
3.5
3.3
3.2

Total 1

Durable

87.3
87.6
88.7
91.2
94.8
97.2
100.0
95.0
82.2
86.6
87.5
87.7
87.9
88.8
89.4
89.5
90.1
89.6
89.7
89.6
90.3
90.6
90.9

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

80.9
80.8
82.9
86.2
91.2
95.4
100.0
96.3
79.0
85.3
86.6
87.2
87.6
88.4
89.9
90.6
91.3
90.5
91.2
91.2
92.1
92.9
93.4

Nondurable
93.0
94.2
94.4
95.9
98.3
98.8
100.0
94.0
86.4
89.6
90.3
90.2
90.0
91.2
91.0
90.6
91.2
91.0
90.6
90.6
91.0
90.8
91.0

Other
(non-NAICS) 1
108.8
105.2
102.1
102.9
102.6
101.4
100.0
89.4
77.0
74.0
72.7
72.5
72.8
72.7
72.4
71.2
70.3
69.9
69.9
68.3
68.2
68.9
68.4

Mining

103.4
98.6
98.8
98.2
97.1
99.5
100.0
100.8
95.6
101.2
103.9
104.7
104.5
104.6
104.0
102.5
104.2
105.1
105.6
105.9
107.5
108.4
109.3

Utilities

89.5
92.3
94.1
95.3
97.3
96.7
100.0
99.9
97.3
101.3
102.6
98.8
100.6
105.1
103.4
101.0
100.7
99.7
100.5
101.0
103.8
100.8
98.9

Total
industry
76.0
74.8
75.9
77.9
79.9
80.4
81.0
77.8
69.2
74.5
75.7
75.7
75.8
76.8
76.9
76.5
77.0
76.6
76.7
76.6
77.4
77.3
77.4

Total
manufacturing
73.7
72.9
73.9
76.1
78.2
78.6
79.2
74.9
66.2
71.7
72.7
73.0
73.1
73.8
74.3
74.4
74.8
74.4
74.4
74.3
74.7
74.9
75.1

2 Percent changes based on unrounded indexes.

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

17

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

Materials

Final products
Consumer goods

Period
Total

2001 ��������������������
2002 ��������������������
2003 ��������������������
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2010: Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2011: Jan �����������
      Feb �����������
      Mar ����������
      Apr r ���������
      May r ��������
      June r �������
      July r ��������
      Aug r ���������
      Sept p �������

Nonindustrial supplies

Total

89.3
88.7
89.9
91.6
95.3
97.7
100.0
96.2
86.9
91.5
92.7
92.8
92.7
93.8
94.6
94.3
94.4
94.2
94.7
94.5
95.5
95.9
96.2

91.9
93.8
95.1
96.1
98.7
99.2
100.0
94.8
88.0
91.7
92.4
92.3
92.0
93.3
93.7
93.0
93.2
92.8
93.1
92.9
93.8
93.7
93.8

Durable
goods
87.8
92.7
95.6
97.1
98.0
98.1
100.0
88.7
74.6
82.8
83.6
84.2
83.5
83.8
85.9
87.9
89.4
86.7
86.9
86.2
88.7
89.5
90.2

Equipment
Nondurable
goods
93.6
94.2
94.9
95.7
98.9
99.5
100.0
96.8
92.3
94.6
95.3
94.9
94.8
96.4
96.3
94.8
94.6
94.9
95.2
95.1
95.6
95.3
95.1

Total 1
82.8
77.5
78.3
81.5
87.6
94.5
100.0
99.3
84.4
91.2
93.4
94.2
94.3
95.1
96.8
97.3
97.4
97.4
98.7
98.5
99.6
101.0
102.0

Business
83.9
78.3
78.3
82.2
87.8
96.0
100.0
97.5
81.6
87.9
90.1
91.0
91.3
92.4
94.1
94.7
94.6
94.5
95.8
95.9
97.0
98.4
99.4

Defense
and
space

Total

74.4
75.0
79.6
77.7
85.8
84.5
100.0
107.9
109.2
114.6
116.1
116.5
115.8
115.3
116.2
116.7
116.8
116.8
117.1
115.3
116.1
117.5
118.8

91.4
91.5
92.5
94.4
97.9
99.3
100.0
93.6
80.5
82.0
82.6
82.2
83.0
83.3
83.2
82.9
83.7
83.3
84.0
83.8
84.6
84.4
84.3

Construction

Business

92.4
92.4
92.2
94.4
98.9
101.3
100.0
90.3
70.0
72.7
73.8
74.3
75.0
74.4
74.9
74.4
75.2
75.0
76.0
76.1
76.7
76.8
77.0

90.9
91.1
92.6
94.4
97.4
98.4
100.0
95.1
85.6
86.6
86.9
86.1
86.9
87.6
87.2
87.1
87.8
87.4
87.9
87.5
88.4
88.1
87.9

Total 1

87.7
88.6
89.8
92.3
94.5
96.5
100.0
97.3
86.0
91.5
92.9
92.7
93.2
94.6
94.5
94.1
95.1
94.6
94.5
94.8
95.8
95.7
95.8

Energy

98.3
98.0
98.1
97.8
96.9
98.1
100.0
100.6
98.2
102.8
104.9
104.1
104.7
106.2
104.0
103.4
104.9
104.9
104.3
105.3
107.4
107.0
106.9

1 Includes other items, not shown separately.

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

Primary metals
Period
Total
2001 ��������������������
2002 ��������������������
2003 ��������������������
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2010: Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2011: Jan �����������
      Feb �����������
      Mar ����������
      Apr r ���������
      May r ��������
      June r �������
      July r ��������
      Aug r ���������
      Sept p �������

91.4
91.3
89.8
97.7
95.2
98.0
100.0
99.7
69.5
83.3
82.7
82.4
84.9
88.6
90.1
89.3
91.7
91.1
90.4
89.0
90.4
92.0
91.7

Iron
and
steel
products
88.2
89.2
89.8
101.7
94.3
98.4
100.0
106.4
63.1
87.7
85.5
82.8
88.8
95.2
98.2
95.5
97.5
93.4
91.4
91.8
90.7
94.4
94.3

Fabricated
metal
products

89.9
87.6
86.6
86.9
90.9
95.9
100.0
96.4
74.2
78.6
81.5
81.4
82.5
83.1
83.6
83.9
84.9
85.7
86.6
88.0
88.7
88.6
88.3

Machinery
Total
87.1
83.7
83.3
86.7
92.1
96.5
100.0
97.3
75.6
80.8
82.0
83.2
84.4
87.0
90.3
90.0
89.1
88.6
89.9
91.3
90.9
90.9
91.1

54.2
52.9
60.3
68.4
77.0
87.2
100.0
106.6
97.5
107.9
109.7
110.2
111.6
113.2
115.3
115.5
115.3
114.7
115.3
114.3
115.5
116.3
117.4

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

18

Nondurable manufactures

Selected
high-technology 1
44.5
44.2
53.3
60.7
70.9
84.5
100.0
112.8
102.4
116.1
117.7
117.8
120.2
122.7
125.3
124.9
124.2
123.9
124.3
124.4
123.9
124.5
125.1

Transportation
equipment
Total
84.9
88.6
89.5
89.4
93.1
94.2
100.0
89.6
75.4
83.9
85.5
85.9
84.2
84.1
86.1
88.0
89.9
87.7
88.0
87.9
90.3
92.0
93.3

Motor
vehicles
and
parts
88.8
97.6
101.1
101.7
102.3
100.8
100.0
80.0
59.5
76.1
78.3
79.0
76.2
76.5
79.5
82.5
85.0
79.4
79.0
78.3
81.8
83.0
83.6

Apparel

Printing
and
support

214.9
170.2
156.8
134.6
129.1
125.8
100.0
78.0
59.8
57.8
56.5
57.9
57.7
60.0
59.3
59.4
57.9
58.2
59.2
58.1
57.7
57.4
56.1

Source: Board of Governors of the Federal Reserve System.

104.8
102.1
98.1
98.5
98.6
97.8
100.0
93.8
79.8
76.0
75.8
75.4
74.9
74.4
73.9
74.7
74.4
74.7
74.6
73.6
74.4
73.9
73.5

Chemical

79.8
85.1
86.5
89.9
92.9
95.2
100.0
92.4
83.7
86.7
87.0
86.0
86.6
88.5
88.3
88.0
89.5
88.6
87.8
87.6
87.5
87.5
87.7

Food

93.0
95.0
95.6
95.6
98.6
99.5
100.0
98.7
98.1
102.3
104.5
104.2
103.6
103.7
103.4
103.2
102.9
103.5
102.4
102.7
102.4
102.5
102.7

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

Total
new
construction
expenditures

2001 ��������������������
2002 ��������������������
2003 ��������������������
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2010: Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2011: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July r ��������
      Aug r ���������
      Sept p �������

Residential
Total

840.2
847.9
891.5
991.4
1,104.1
1,167.2
1,152.4
1,067.6
903.2
803.6
797.3
802.0
803.0
782.9
772.0
764.2
762.6
768.2
787.4
799.6
773.3
786.0
787.2

New
housing

Total 1

638.3
634.4
675.4
771.2
870.0
911.8
863.3
758.8
588.3
500.6
482.9
492.9
502.3
489.0
482.1
478.7
477.2
488.4
508.9
515.9
496.0
499.0
501.8

Federal
and
State
and
local

Nonresidential

364.4
396.7
446.0
532.9
611.9
613.7
493.2
350.3
245.9
238.8
228.2
235.0
235.7
230.0
237.6
233.4
227.3
238.3
249.0
243.9
225.3
226.3
228.3

Total

279.4
298.8
345.7
417.5
480.8
468.8
354.1
230.1
133.9
127.2
121.5
120.4
121.2
120.6
121.5
120.7
119.4
119.3
119.1
119.2
120.7
121.7
122.3

Lodging

273.9
237.7
229.3
238.3
258.1
298.1
370.0
408.6
342.4
261.8
254.8
257.9
266.6
259.0
244.5
245.3
249.9
250.1
259.8
271.9
270.7
272.8
273.5

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

Commercial
(including
farm)

Office

14.5
10.5
9.9
12.0
12.7
17.6
27.5
35.4
25.4
10.9
10.0
9.5
9.6
9.2
8.1
8.0
8.2
7.7
7.7
8.1
7.8
7.7
7.9

49.7
35.3
30.6
32.9
37.3
45.7
53.8
55.5
37.3
24.2
23.9
23.6
22.3
22.9
22.1
21.6
21.8
21.4
22.7
23.5
23.2
23.1
22.9

Manufacturing

63.6
59.0
57.5
63.2
66.6
73.4
85.9
82.7
50.5
37.6
37.0
36.3
36.2
35.5
37.0
37.3
37.0
38.0
39.7
42.0
42.5
41.2
40.5

Other 2

37.8
22.7
21.4
23.2
28.4
32.3
40.2
52.8
56.3
37.5
35.1
33.2
32.7
30.3
29.2
30.1
31.5
32.3
33.2
37.7
35.4
36.7
36.5

108.2
110.2
109.9
107.0
113.1
129.2
162.7
182.3
173.0
151.5
148.8
155.5
165.7
161.1
148.0
148.3
151.3
150.7
156.4
160.6
161.8
164.1
165.6

201.9
213.4
216.1
220.2
234.2
255.4
289.1
308.7
314.9
303.0
314.3
309.1
300.7
293.9
289.9
285.5
285.4
279.8
278.5
283.7
277.3
287.0
285.4

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

shown separately.

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

Period
Total
2001 ��������������������
2002 ��������������������
2003 ��������������������
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������

New private houses

1,602.7
1,704.9
1,847.7
1,955.8
2,068.3
1,800.9
1,355.0
905.5
554.0
586.9

1,273.3
1,358.6
1,499.0
1,610.5
1,715.8
1,465.4
1,046.0
622.0
445.1
471.2

Units
authorized

5 units or
more

2–4 units 1

1 unit

36.6
38.5
33.5
42.3
41.1
42.7
31.7
17.5
11.6
11.4

292.8
307.9
315.2
303.0
311.4
292.8
277.3
266.0
97.3
104.3

Units
completed

Houses for
sale at end
of period 2

Houses
sold

Vacancy
rate for
rental
housing
units
(percent) 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
583.0
604.6

1,570.8
1,648.4
1,678.7
1,841.9
1,931.4
1,979.4
1,502.8
1,119.7
794.4
651.7

908
973
1,086
1,203
1,283
1,051
776
485
375
323

308
339
370
422
511
536
497
353
234
190

8.4
9.0
9.8
10.2
9.9
9.7
9.8
10.0
10.6
10.2

562
555
564
630
568
534
574
563
609
617
601
625
589

634
601
551
565
509
611
597
543
549
574
641
634
647

316
282
287
331
310
281
305
316
308
303
297
296
313

202
200
196
190
186
182
178
173
168
166
165
163
163

10.3
����������������������������
����������������������������
9.4
����������������������������
����������������������������
9.7
����������������������������
����������������������������
9.2
����������������������������
����������������������������
9.8

Seasonally adjusted annual rates
2010: Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2011: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July r ��������
      Aug r ���������
      Sept p �������

597
539
551
526
636
518
593
549
553
615
615
572
658

447
434
454
421
437
388
418
411
416
449
430
418
425

6
12
15
8
12
18
11
14
6
6
9
6
6

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

144
93
82
97
187
112
164
124
131
160
176
148
227

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

2,052.1 thousand units.

19

Business Sales and Inventories—Manufacturing and Trade
In August, according to current estimates, manufacturing and trade sales rose 0.4 percent, while inventories rose
$7.8 billion. According to advance estimates, retail sales rose 1.1 percent in September. Retail and food services also
rose 1.1 percent.

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

Sales 2

Inventories 3

Inventory/sales
ratio 4

Wholesale

Sales 2

Inventories 3

Retail
Inventory/sales
ratio 4

2001 ��������������������
818,615
1,120,103
1.43
232,096
297,657
1.32
2002 ��������������������
823,714
1,140,578
1.36
236,294
301,440
1.26
2003 ��������������������
854,760
1,148,886
1.34
247,798
308,321
1.23
2004 ��������������������
925,785
1,242,087
1.30
276,668
339,971
1.18
2005 ��������������������
1,004,510
1,313,706
1.27
301,280
367,535
1.18
2006 ��������������������
1,066,641
1,406,860
1.28
325,334
397,823
1.18
2007 ��������������������
1,124,962
1,483,244
1.29
347,857
422,813
1.18
2008 ��������������������
1,154,686
1,465,304
1.32
369,601
438,461
1.21
2009 ��������������������
981,801
1,328,900
1.39
308,912
386,846
1.30
2010 ��������������������
1,074,129
1,442,548
1.29
348,353
429,439
1.16
2010: Aug r ���������
1,074,608
1,390,434
1.29
348,340
406,008
1.17
r
      Sept ��������
1,083,838
1,405,992
1.30
350,788
412,805
1.18
      Oct �����������
1,099,756
1,421,276
1.29
359,548
424,046
1.18
      Nov ����������
1,114,091
1,427,256
1.28
366,644
424,217
1.16
      Dec �����������
1,129,955
1,442,548
1.28
369,558
429,439
1.16
2011: Jan �����������
1,152,600
1,456,470
1.26
381,889
433,785
1.14
      Feb �����������
1,156,451
1,467,232
1.27
380,832
438,114
1.15
      Mar ����������
1,184,017
1,485,581
1.25
392,436
443,611
1.13
      Apr �����������
1,185,358
1,499,705
1.27
394,549
448,319
1.14
      May ����������
1,183,605
1,513,687
1.28
393,520
456,028
1.16
      June ���������
1,189,393
1,519,853
1.28
396,023
458,883
1.16
      July r ��������
1,197,413
1,527,659
1.28
397,264
462,401
1.16
r
      Aug ���������
1,202,579
1,535,454
1.28
401,263
464,315
1.16
p
      Sept ������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� �����������������������
1 See page 21 for manufacturing.
2 Annual data are averages of monthly not seasonally adjusted figures; monthly data are

seasonally adjusted totals for month.

20

Sales 2

Inventories 3

Inventory/sales
ratio 4

255,644
394,640
1.58
261,194
416,185
1.55
272,346
432,292
1.56
290,036
461,336
1.56
308,058
472,194
1.51
323,345
486,344
1.49
333,817
498,373
1.48
329,411
476,647
1.51
303,206
429,165
1.46
324,122
455,492
1.37
324,572
452,103
1.39
327,405
455,230
1.39
332,126
452,820
1.36
334,668
452,980
1.35
336,854
455,492
1.35
339,647
457,518
1.35
343,733
457,264
1.33
346,195
461,894
1.33
347,316
462,877
1.33
346,741
464,724
1.34
347,349
465,851
1.34
348,967
466,500
1.34
349,905
470,430
1.34
353,826 ����������������������� �����������������������

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

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

Retail
and
food
services
sales 2
282,122
288,834
301,586
321,253
341,171
358,681
370,973
367,458
340,977
362,954
363,666
366,371
371,404
374,159
376,323
379,257
384,044
386,960
387,705
387,522
388,284
389,934
391,038
395,472

Manufacturers’ Shipments, Inventories, and Orders
In September, manufacturers’ shipments, inventories, and new and unfilled orders rose.
BILLIONS OF DOLLARS* (RATIO SCALE)
580
540 SHIPMENTS
500
460
420
TOTAL
380
340

BILLIONS OF DOLLARS* (RATIO SCALE)
700
660
INVENTORIES
620
580
540
500
460
TOTAL
420

300

380

NONDURABLE GOODS

260

DURABLE GOODS

340
300

220

260

DURABLE GOODS

180

220

140

180

BILLIONS OF DOLLARS* (RATIO SCALE)
580
540 NEW ORDERS
500
460
420
380
TOTAL
340

NONDURABLE GOODS

140
RATIO*
1.60

INVENTORY/SHIPMENTS RATIO

1.50

300
1.40

260

DURABLE GOODS

220

1.30

180

1.20
1.10

140
2007

2008

2009

2010

2011

2007

2008

2009

2010

*SEASONALLY ADJUSTED

SOURCE: DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

Manufacturers’ shipments 1

Manufacturers’ inventories 2

Manufacturers’ new orders 1

Chart 21- Oct 2011

Durable goods
Period

Total

Durable
goods

2011

Nondurable
goods

Total

Durable
goods

Nondurable
goods

Total

Total

Capital
goods
industries,
nondefense

Manufacturers’
unfilled
orders 2

Manufacturers’
inventory/
shipments
ratio 3

Millions of dollars, seasonally adjusted, except as noted
2001 ��������������������
2002 ��������������������
2003 ��������������������
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2010: Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2011: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
      Aug r ���������
      Sept p �������

330,875
326,227
334,616
359,081
395,173
417,963
443,288
455,675
369,683
401,654
405,645
408,082
412,779
423,543
431,064
431,886
445,386
443,493
443,344
446,021
451,182
451,411
452,716

181,201
176,968
178,549
188,722
202,070
213,516
223,919
218,328
173,124
183,860
186,539
186,013
185,931
190,248
190,912
190,921
196,879
194,103
195,099
197,263
201,376
201,505
200,205

149,674
149,259
156,067
170,359
193,103
204,447
219,369
237,347
196,559
217,793
219,106
222,069
226,848
233,295
240,152
240,965
248,507
249,390
248,245
248,758
249,806
249,906
252,511

427,806
422,953
408,273
440,780
473,977
522,693
562,058
550,196
512,889
557,617
537,957
544,410
550,059
557,617
565,167
571,854
580,076
588,509
592,935
595,119
598,758
600,709
601,345

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.

267,626
260,406
246,868
264,993
283,820
317,653
334,850
334,094
304,120
334,238
326,081
328,558
331,583
334,238
337,495
341,416
347,292
351,488
355,983
358,215
362,100
365,291
365,646

160,180
162,547
161,405
175,787
190,157
205,040
227,208
216,102
208,769
223,379
211,876
215,852
218,476
223,379
227,672
230,438
232,784
237,021
236,952
236,904
236,658
235,418
235,699

322,088
318,226
330,943
356,941
396,372
423,199
449,200
453,146
352,806
398,235
410,063
406,014
411,543
416,654
430,864
429,658
445,836
441,740
444,454
442,711
451,885
452,121
453,541

172,413
168,968
174,876
186,583
203,269
218,752
229,831
215,799
156,247
180,442
190,957
183,945
184,695
183,359
190,712
188,693
197,329
192,350
196,209
193,953
202,079
202,215
201,030

57,667
51,861
53,102
57,304
67,552
73,977
79,850
73,192
50,342
64,531
72,841
70,901
64,878
62,159
66,285
69,496
72,979
69,144
72,856
71,136
74,125
78,159
76,723

506,479
471,832
494,444
541,253
629,707
762,287
904,425
943,517
800,448
831,740
823,141
827,560
832,652
831,740
838,186
842,152
848,202
853,164
860,748
863,541
871,117
878,731
886,263

1.38
1.29
1.24
1.19
1.17
1.20
1.22
1.27
1.41
1.32
1.33
1.33
1.33
1.32
1.31
1.32
1.30
1.33
1.34
1.33
1.33
1.33
1.33

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

21

PRICES
Producer Prices
The producer price index for all finished goods rose 0.8 percent in September. Prices of finished consumer foods rose
0.6 percent while prices of other finished consumer goods rose 1.1 percent. Capital equipment prices rose 0.2 percent.

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

Intermediate materials

Finished goods excluding consumer foods
Period

2001 ��������������������
2002 ��������������������
2003 ��������������������
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2010: Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2011: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May r ��������
      June ���������
      July ����������
      Aug ����������
      Sept ���������

Total
finished
goods

140.7
138.9
143.3
148.5
155.7
160.4
166.6
177.1
172.5
179.8
180.2
181.2
182.1
183.7
185.5
188.2
189.5
191.0
191.2
191.0
191.4
191.4
192.9

Consumer
foods

141.3
140.1
145.9
152.7
155.7
156.7
167.0
178.3
175.5
182.4
182.4
183.4
184.9
186.3
187.0
193.6
192.9
193.8
191.4
192.8
193.9
196.0
197.1

Consumer goods
Total

140.4
138.3
142.4
147.2
155.5
161.0
166.2
176.6
171.1
178.3
178.8
179.9
180.7
182.2
184.3
186.1
187.9
189.5
190.3
189.7
189.9
189.5
191.0

1 Intermediate materials for food manufacturing and feeds.

22

Total
141.4
138.8
144.7
150.9
161.9
169.2
175.6
189.1
179.4
190.4
190.6
192.6
193.9
196.2
199.1
201.7
204.4
206.6
207.8
206.4
206.5
205.9
208.1

Durable
134.0
133.0
133.1
135.0
136.6
136.9
138.3
141.2
144.3
144.9
145.9
144.7
144.5
144.7
144.9
145.4
146.1
146.7
146.8
147.6
148.1
148.3
148.8

Nondurable
142.8
139.8
148.4
156.6
172.0
182.6
191.7
210.5
194.1
210.1
209.5
213.2
215.2
218.5
222.8
226.5
230.0
233.1
234.7
232.3
232.2
231.1
234.3

Capital
equipment
139.7
139.1
139.5
141.4
144.6
146.9
149.5
153.8
156.7
157.3
158.2
157.5
157.4
157.6
158.1
158.5
158.9
159.4
159.5
160.1
160.7
160.6
160.9

Total
finished
consumer
goods
141.5
139.4
145.3
151.7
160.4
166.0
173.5
186.3
179.1
189.1
189.2
191.0
192.3
194.4
196.8
200.4
202.2
204.1
204.3
203.7
204.0
204.1
206.1

Total

129.7
127.8
133.7
142.6
154.0
164.0
170.7
188.3
172.5
183.4
183.0
184.9
186.5
188.5
191.5
195.2
197.9
200.7
202.0
202.1
202.6
201.6
202.8

Foods
and
feeds 1

115.9
115.5
125.9
137.1
133.8
135.2
154.4
181.6
166.0
171.7
173.2
176.4
179.6
180.2
181.0
185.7
189.5
193.0
192.1
193.1
193.2
196.4
198.2

Crude materials

Other

130.5
128.5
134.2
143.0
155.1
165.4
171.5
188.7
173.0
184.4
183.9
185.7
187.2
189.2
192.4
196.1
198.6
201.4
202.8
202.9
203.4
202.1
203.2

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

Total

121.0
108.1
135.3
159.0
182.2
184.8
207.1
251.8
175.2
212.2
208.9
219.0
222.0
237.4
245.7
253.4
251.4
261.2
249.9
248.6
245.7
246.2
253.0

Foodstuffs
and
feedstuffs

106.1
99.5
113.5
127.0
122.7
119.3
146.7
163.4
134.5
152.4
159.6
164.6
165.2
166.4
174.2
186.1
186.1
193.2
185.0
188.7
187.1
195.9
194.1

Other

126.8
111.4
148.2
179.2
223.4
230.6
246.3
313.9
197.5
249.3
235.6
249.5
254.7
282.2
290.3
293.0
289.3
300.6
287.6
281.6
277.6
270.1
284.5

Consumer Prices—All Urban Consumers
In September, the consumer price index for all urban consumers rose 0.3 percent; it rose 0.2 percent before seasonal
adjustment. The index was 3.9 percent above its year earlier level.

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

Housing

Transportation

Shelter
Period

Rel. imp. 4 �����������
2001 ��������������������
2002 ��������������������
2003 ��������������������
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2010: Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2011: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������

Not
seasonally Seasonally
adjusted adjusted
(NSA)

100.0
177.1
179.9
184.0
188.9
195.3
201.6
207.342
215.303
214.537
218.056
218.439
218.711
218.803
219.179
220.223
221.309
223.467
224.906
225.964
225.722
225.922
226.545
226.889

���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
218.427
218.970
219.240
220.186
221.062
222.270
223.490
224.433
224.804
224.304
225.425
226.268
226.955

Food

13.7
173.1
176.2
180.0
186.2
190.7
195.2
202.916
214.106
217.955
219.625
220.308
220.545
220.884
221.190
222.314
223.544
225.228
226.231
227.024
227.493
228.455
229.643
230.673

Total 1

41.5
176.4
180.3
184.8
189.5
195.7
203.2
209.586
216.264
217.057
216.256
216.238
216.407
216.472
216.850
216.983
217.561
217.852
218.192
218.637
218.770
219.299
219.780
220.162

Total 1

32.0
200.6
208.1
213.1
218.8
224.4
232.1
240.611
246.666
249.354
248.396
248.599
248.759
249.019
249.321
249.523
249.867
250.102
250.278
250.707
251.267
251.947
252.420
252.726

Owners’
Rent
equivalent
of
rent
primary
1982
residence (Dec.
=100) 2
5.9
192.1
199.7
205.5
211.0
217.3
225.1
234.679
243.271
248.812
249.385
249.593
249.816
250.347
250.844
251.249
251.607
251.930
252.102
252.403
252.683
253.315
254.265
254.857

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

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

24.9
206.3
214.7
219.9
224.9
230.2
238.2
246.235
252.426
256.610
256.584
256.677
256.876
257.166
257.402
257.659
258.016
258.204
258.377
258.623
259.023
259.682
260.230
260.548

Fuels
and
utilities

5.1
150.2
143.6
154.5
161.9
179.0
194.7
200.632
220.018
210.696
214.187
214.024
214.665
214.089
215.738
215.607
218.231
219.480
220.834
221.800
219.939
220.447
221.155
222.606

Apparel

3.6
127.3
124.0
120.9
120.4
119.5
119.5
118.998
118.907
120.078
119.503
119.320
119.028
119.132
119.208
120.456
119.384
118.770
118.951
120.342
122.037
123.562
124.934
123.529

Total 1

Motor
fuel

17.3
154.3
152.9
157.6
163.1
173.9
180.9
184.682
195.549
179.252
193.396
194.015
196.477
197.102
200.956
203.622
207.433
212.001
215.016
214.457
210.317
213.484
215.052
217.280

5.1
124.7
116.6
135.8
160.4
195.7
221.0
239.070
279.652
201.978
239.178
238.820
249.436
250.892
267.320
277.665
291.093
307.358
317.215
310.990
290.494
303.903
309.112
318.141

Medical
care

6.6
272.8
285.6
297.1
310.1
323.2
336.2
351.054
364.065
375.613
388.436
391.262
391.924
392.587
393.537
393.843
395.615
396.364
397.793
398.739
399.500
400.468
401.431
402.269

Energy 3

9.1
129.3
121.7
136.5
151.4
177.1
196.9
207.723
236.666
193.126
211.449
210.920
216.262
216.506
225.151
229.915
237.620
245.941
251.319
248.837
237.889
244.507
247.367
252.319

All
items
less
food
and
energy

77.2
186.1
190.5
193.2
196.6
200.9
205.9
210.729
215.572
219.235
221.337
221.765
221.795
222.059
222.210
222.587
223.029
223.331
223.745
224.387
224.958
225.463
226.014
226.137

4 Relative importance, December 2010.

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

23

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

Period

Change from preceding period

Change from 3 months earlier, annual rate

Change from 6 months earlier, annual rate

Consumer goods

Consumer goods

Consumer goods

Total
finished
goods

Foods

Total
finished
goods

Foods

Excluding
foods

0.0
–.6
.8
2.4
1.2
2.3
1.4
4.3
–.1
.4

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0.1
–.4
–.1
.1
.3
.3
.3
.3
.1
r .4
.4
–.1
.2

3.9
6.0
5.5
8.0
9.8
14.1
13.2
12.4
6.5
3.2
.8
r .4
4.0

6.1
5.4
9.4
8.8
8.1
20.2
14.9
15.4
–4.5
–.2
.2
r 10.0
9.2

Capital
equipment

Excluding
foods

Change
from year
earlier,
total
finished
goods
(NSA)

Capital
equipment

Total
finished
goods

Foods

Excluding
foods

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

2.0
–1.3
3.2
3.6
4.8
3.0
3.9
6.3
–2.6
4.2

4.1
9.5
7.8
12.3
14.2
17.1
17.8
15.9
12.7
4.0
–.2
r –3.6
3.3

1.5
–1.0
–1.8
–1.5
1.5
2.8
3.3
3.3
2.5
3.1
3.3
r 2.8
2.0

0.8
2.0
3.4
5.9
7.9
9.7
10.6
11.1
10.2
8.1
6.5
3.4
3.6

–3.2
–1.7
.8
7.5
6.7
14.7
11.8
11.7
7.2
7.1
7.5
2.5
4.4

1.9
4.2
6.0
8.1
11.8
12.3
15.0
15.1
14.9
10.7
7.6
4.2
3.7

1.3
.3
–.3
.0
.3
.5
.9
2.4
2.7
3.2
3.3
2.7
2.5

3.9
4.3
3.4
3.8
3.6
5.4
5.6
6.6
7.1
7.0
7.2
6.5
6.9

Capital
equipment

Change, Dec. to Dec., NSA
2001 ��������������������
2002 ��������������������
2003 ��������������������
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������

–1.6
1.2
4.0
4.2
5.4
1.1
6.2
–.9
4.3
3.8

1.8
–.6
7.7
3.1
1.7
1.7
7.6
3.2
1.2
3.4

–3.9
2.9
4.1
5.5
8.8
.4
7.7
–4.8
7.4
5.4

Change, month to month
2010: Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2011: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May r ��������
      June ���������
      July ����������
      Aug ����������
      Sept ���������

0.3
.6
.5
.9
1.0
1.5
.7
.8
.1
r –.1
.2
.0
.8

0.9
.5
.8
.8
.4
3.5
–.4
.5
–1.2
r .7
.6
1.1
.6

0.2
1.0
.7
1.2
1.5
1.3
1.3
1.1
.6
r –.7
.0
–.3
1.1

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

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

Period

All
items 1

Shelter

Food
Total 1

Total 1

Addendum: All items,
percent change
(annual rate)

Transportation

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

Apparel
Total 1

New
cars

Motor
fuel

Medical
care

Energy 2

All
items
less
food
and
energy

From
previous
quarter 3

From
From
3
6
months months
earlier earlier

From
year
earlier
(NSA)

Change, December to December, NSA
2001 ��������������������
2002 ��������������������
2003 ��������������������
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������

1.6
2.4
1.9
3.3
3.4
2.5
4.1
.1
2.7
1.5

2.8
1.5
3.6
2.7
2.3
2.1
4.9
5.9
–.5
1.5

2.9
2.4
2.2
3.0
4.0
3.3
3.0
2.4
–.3
.3

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

4.7
3.1
2.7
2.9
3.1
4.3
4.0
3.4
.7
.8

4.5
3.3
2.0
2.3
2.5
4.3
2.8
2.1
.7
.3

–2.1
1.4
6.5
7.9
15.6
.5
5.4
6.0
–3.0
1.8

–3.2
–1.8
–2.1
–.2
–1.1
.9
–.3
–1.0
1.9
–1.1

–3.8
3.8
.3
6.5
4.8
1.6
8.3
–13.3
14.4
5.3

0.0
–2.0
–2.1
.5
.8
.2
–.4
–1.1
3.6
–1.1

–24.8
24.6
6.8
26.1
16.2
6.4
29.5
–42.2
50.7
13.9

4.7
5.0
3.7
4.2
4.3
3.6
5.2
2.6
3.4
3.3

–13.0
10.7
6.9
16.6
17.1
2.9
17.4
–21.3
18.2
7.7

2.7
1.9
1.1
2.2
2.2
2.6
2.4
1.8
1.8
.8

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

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

0.7
1.3
.3
2.0
1.3
1.9
2.2
1.4
–.3
–1.9
1.5
.7
1.0

0.1
–.4
–.3
–.2
–.3
1.2
.8
.9
1.3
.9
.2
.0
.1

2.3
4.4
.6
6.5
3.9
4.8
5.6
3.2
–2.0
–6.6
4.6
1.7
2.9

0.6
.2
.2
.2
.1
.4
.2
.4
.2
.2
.2
.2
.2

1.1
2.5
.1
4.0
2.1
3.4
3.5
2.2
–1.0
–4.4
2.8
1.2
2.0

0.0
.0
.1
.1
.2
.2
.1
.2
.3
.3
.2
.2
.1

1.4
�����������
�����������
2.6
�����������
�����������
5.2
�����������
�����������
4.1
�����������
�����������
3.1

2.9
2.5
2.2
3.3
3.9
5.6
6.1
6.2
4.6
1.5
1.8
2.6
4.8

0.8
1.2
1.8
3.1
3.2
3.9
4.7
5.1
5.1
3.8
4.0
3.6
3.1

1.1
1.2
1.1
1.5
1.6
2.1
2.7
3.2
3.6
3.6
3.6
3.8
3.9

Change, month to month
2010: Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2011: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������

0.2
.2
.1
.4
.4
.5
.5
.4
.2
–.2
.5
.4
.3

0.3
.1
.2
.1
.5
.6
.8
.4
.4
.2
.4
.5
.4

0.0
.1
.0
.2
.1
.3
.1
.2
.2
.1
.2
.2
.2

0.0
.1
.1
.1
.1
.1
.1
.1
.2
.2
.3
.2
.1

0.1
.1
.2
.2
.2
.1
.1
.1
.1
.1
.3
.4
.2

0.0
.1
.1
.1
.1
.1
.1
.1
.1
.2
.3
.2
.1

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

24

–0.2
.3
–.3
.8
–.1
1.2
.6
.6
.4
–.8
.2
.3
.7

–0.5
–.2
.1
.1
1.0
–.9
–.5
.2
1.2
1.4
1.2
1.1
–1.1

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

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

Prices Received and Paid by Farmers
In October, prices paid by farmers were unchanged and prices received by farmers rose 3.4 percent. (Data are not
seasonally adjusted.)

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

Period

2001 ���������������������������������������������������
2002 ���������������������������������������������������
2003 ���������������������������������������������������
2004 ���������������������������������������������������
2005 ���������������������������������������������������
2006 ���������������������������������������������������
2007 ���������������������������������������������������
2008 ���������������������������������������������������
2009 ���������������������������������������������������
2010 ���������������������������������������������������
2010: Oct ������������������������������������������
      Nov �����������������������������������������
      Dec r ����������������������������������������
2011: Jan ������������������������������������������
      Feb ������������������������������������������
      Mar r ���������������������������������������
      Apr ������������������������������������������
      May r ���������������������������������������
      June ����������������������������������������
      July �����������������������������������������
      Aug �����������������������������������������
      Sept r ���������������������������������������
      Oct p ����������������������������������������

All
farm
products

99
105
110
115
110
120
142
169
150
153
163
172
170
189
200
198
200
203
208
206
210
203
206

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

taxes, and wage rates.

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

Livestock
and
products

Crops

102
98
106
118
114
115
136
149
131
141
151
154
153
166
171
173
176
175
179
180
184
179
185

Prices paid by farmers

106
90
103
122
119
111
130
130
112
130
134
134
134
137
144
152
156
152
153
155
158
152
153

Production
items, interest,
taxes, and wage
rates

123
124
128
134
142
150
161
183
178
183
185
187
189
196
198
201
204
204
204
204
205
205
205

121
121
125
133
141
150
162
188
181
187
189
192
194
201
204
208
210
211
210
211
211
212
212

Ratio 2

Production
items

120
119
124
132
140
148
160
190
182
188
191
194
197
204
207
212
215
215
215
216
216
217
217

83
79
84
88
81
77
85
82
74
77
82
82
81
85
86
86
86
86
88
88
90
87
90

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.

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

Period

2001: Dec r ����������������������������������������
2002: Dec r ����������������������������������������
2003: Dec r ����������������������������������������
2004: Dec r ����������������������������������������
2005: Dec r ����������������������������������������
2006: Dec r ����������������������������������������
2007: Dec r ����������������������������������������
2008: Dec r ����������������������������������������
2009: Dec r ����������������������������������������
2010: Dec r ����������������������������������������
2010: Sept r ���������������������������������������
      Oct r �����������������������������������������
      Nov r ����������������������������������������
      Dec r ����������������������������������������
2011: Jan r ����������������������������������������
      Feb r ����������������������������������������
      Mar r ���������������������������������������
      Apr r ����������������������������������������
      May r ���������������������������������������
      June r ��������������������������������������
      July r ���������������������������������������
      Aug r ����������������������������������������
      Sept ����������������������������������������

M2

Sum of currency,
demand deposits,
travelers checks,
and other
checkable
deposits (OCDs)
1,182.1
1,219.7
1,306.5
1,376.4
1,374.9
1,366.3
1,373.6
1,602.8
1,693.5
1,828.3
1,769.2
1,779.3
1,817.2
1,828.3
1,850.3
1,871.5
1,888.2
1,897.8
1,929.5
1,944.9
2,003.8
2,107.6
2,133.8

Debt

M1 plus retail
MMMF balances,
savings deposits
(including MMDAs),
and small time deposits
5,423.9
5,769.3
6,059.9
6,406.2
6,672.7
7,064.5
7,493.1
8,246.4
8,528.8
8,812.2
8,700.3
8,740.8
8,778.9
8,812.2
8,836.8
8,898.2
8,926.3
8,958.3
9,010.2
9,097.7
9,299.2
9,531.3
9,578.3

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

26

Debt of
domestic
nonfinancial
sectors 1
19,297.5
20,716.1
22,443.8
24,445.0
26,770.8
29,181.1
31,700.8
33,605.9
34,641.0
36,068.2
35,658.6
���������������������������������������������
���������������������������������������������
36,068.2
���������������������������������������������
���������������������������������������������
36,236.7
���������������������������������������������
���������������������������������������������
36,516.8
���������������������������������������������
���������������������������������������������
���������������������������������������������

Percent change
From year or
6 months
earlier 2
M1

From
previous
period 3
M2

8.7
3.2
7.1
5.4
–.1
–.6
.5
16.7
5.7
8.0
6.7
9.5
13.3
12.2
14.4
14.3
13.5
13.3
12.4
12.8
16.6
25.2
26.0

Debt
10.5
6.4
5.0
5.7
4.2
5.9
6.1
10.1
3.4
3.3
4.4
5.1
5.1
5.1
5.3
5.7
5.2
5.0
5.3
6.5
10.5
14.2
14.6

6.3
7.4
8.1
8.9
9.5
9.0
8.6
6.0
3.1
4.2
3.9
�������������������������������
�������������������������������
5.1
�������������������������������
�������������������������������
1.9
�������������������������������
�������������������������������
3.0
�������������������������������
�������������������������������
�������������������������������

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

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

Period

2001: Dec r ���������
2002: Dec r ���������
2003: Dec r ���������
2004: Dec r ���������
2005: Dec r ���������
2006: Dec r ���������
2007: Dec r ���������
2008: Dec r ���������
2009: Dec r ���������
2010: Dec r ���������
2010: Sept r ��������
      Oct r ����������
      Nov r ���������
      Dec r ���������
2011: Jan r ���������
      Feb r ���������
      Mar r ��������
      Apr r ���������
      May r ��������
      June r �������
      July r ��������
      Aug r ���������
      Sept ���������

Nonbank
travelers
checks

Currency

581.1
626.2
662.5
697.7
724.1
749.6
759.7
815.0
861.5
915.7
899.5
906.2
912.8
915.7
920.1
928.8
938.5
949.2
958.9
965.1
970.5
977.0
982.2

Other checkable
deposits (OCDs)
Demand
deposits

8.0
7.8
7.7
7.6
7.2
6.7
6.3
5.5
5.1
4.7
4.7
4.7
4.7
4.7
4.6
4.6
4.6
4.6
4.6
4.5
4.5
4.4
4.4

At
commercial
banks

Total
335.8
306.7
326.3
343.2
324.3
304.1
300.4
468.8
440.4
504.3
478.5
478.1
496.3
504.3
524.7
534.2
540.9
550.6
568.3
576.3
627.5
712.4
735.4

257.1
279.0
309.9
327.9
319.2
305.9
307.2
313.5
386.5
403.7
386.4
390.2
403.3
403.7
400.9
403.8
404.1
393.4
397.7
398.9
401.3
413.7
411.8

Savings
deposits 1
At
thrift
institutions

142.0
154.3
175.2
186.9
180.6
176.4
172.2
177.4
232.1
236.4
228.6
229.1
235.3
236.4
242.0
240.8
239.9
227.9
233.5
233.4
235.2
241.0
237.4

115.1
124.7
134.7
141.0
138.6
129.4
135.0
136.0
154.4
167.3
157.8
161.1
168.1
167.3
158.8
163.0
164.3
165.5
164.2
165.5
166.1
172.8
174.4

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

Total
2,309.5
2,773.4
3,162.8
3,508.8
3,606.0
3,694.6
3,872.6
4,106.1
4,836.5
5,355.9
5,212.9
5,273.9
5,305.5
5,355.9
5,377.8
5,437.2
5,467.9
5,506.6
5,536.0
5,617.3
5,772.9
5,897.5
5,933.5

At
commercial
banks
1,738.7
2,059.8
2,338.0
2,632.7
2,776.7
2,911.3
3,044.7
3,334.6
3,997.0
4,435.9
4,310.7
4,365.1
4,391.0
4,435.9
4,454.0
4,497.7
4,515.3
4,551.2
4,568.8
4,649.6
4,796.4
4,913.6
4,948.0

Small-denomination
time deposits 2
At
thrift
institutions
570.8
713.6
824.8
876.1
829.4
783.3
827.9
771.5
839.5
920.0
902.3
908.8
914.6
920.0
923.8
939.5
952.6
955.4
967.2
967.7
976.4
983.9
985.4

Total

At
commercial
banks

974.5
894.5
817.8
827.9
993.1
1,205.3
1,275.0
1,455.7
1,177.4
922.9
992.2
968.4
944.4
922.9
905.1
893.9
881.1
869.8
857.0
842.5
827.7
812.0
797.5

At
thrift
institutions

636.0
591.1
541.7
551.7
646.4
780.3
858.1
1,076.9
858.1
652.5
709.7
689.9
670.1
652.5
639.8
631.3
620.8
612.5
602.5
591.6
580.2
568.1
556.6

338.5
303.4
276.0
276.2
346.7
425.0
416.9
378.8
319.3
270.5
282.4
278.6
274.3
270.5
265.3
262.6
260.3
257.4
254.6
251.0
247.5
243.9
240.9

Retail
money
funds

957.8
881.7
772.8
693.1
698.7
798.3
971.9
1,081.7
821.3
705.1
726.0
719.2
711.8
705.1
703.6
695.7
689.1
684.1
687.7
693.0
694.8
714.2
713.5

Institutional
money
funds 3

1,228.9
1,284.0
1,142.5
1,091.1
1,159.5
1,367.0
1,921.6
2,403.1
2,216.3
1,863.1
1,899.6
1,890.5
1,884.3
1,863.1
1,813.8
1,791.4
1,817.0
1,860.4
1,887.2
1,861.9
1,817.4
1,715.4
1,733.6

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

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

Borrowings from the Federal Reserve (NSA)

Reserves of depository institutions

Other borrowings from the Federal Reserve

Period
Total 2

2001: Dec r ���������
2002: Dec r ���������
2003: Dec r ���������
2004: Dec r ���������
2005: Dec r ���������
2006: Dec r ���������
2007: Dec r ���������
2008: Dec r ���������
2009: Dec r ���������
2010: Dec r ���������
2010: Oct r ����������
      Nov r ���������
      Dec r ���������
2011: Jan r ���������
      Feb r ���������
      Mar r ��������
      Apr r ���������
      May r ��������
      June r �������
      July r ��������
      Aug r ���������
      Sept r ��������
      Oct �����������

41,404
40,287
42,565
46,462
45,002
43,132
43,156
820,217
1,138,682
1,077,351
1,040,098
1,038,829
1,077,351
1,106,539
1,262,706
1,436,134
1,526,475
1,587,572
1,666,349
1,696,479
1,666,963
1,642,728
1,638,617

Nonborrowed 3

41,338
40,207
42,519
46,400
44,833
42,941
27,726
166,651
968,755
1,031,863
991,525
992,140
1,031,863
1,074,293
1,240,773
1,416,253
1,508,632
1,572,427
1,653,106
1,684,084
1,655,129
1,631,153
1,627,407

Required

39,761
38,279
41,519
44,555
43,102
41,270
41,372
52,899
63,483
70,213
66,577
66,834
70,213
69,465
71,410
73,456
74,354
74,871
77,541
78,292
83,446
91,697
93,289

Excess
(NSA)

1,643
2,008
1,046
1,908
1,900
1,862
1,784
767,318
1,075,199
1,007,138
973,521
971,995
1,007,138
1,037,074
1,191,296
1,362,678
1,452,121
1,512,702
1,588,808
1,618,187
1,583,517
1,551,031
1,545,328

Monetary
base

635,452
681,478
720,193
759,214
787,460
812,443
824,413
1,653,845
2,017,067
2,008,050
1,962,024
1,967,156
2,008,050
2,041,484
2,206,251
2,389,800
2,490,858
2,561,972
2,647,108
2,681,832
2,658,711
2,639,178
2,637,590

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

Total 4

67
80
46
63
169
191
15,430
653,565
169,927
45,488
48,573
46,689
45,488
32,246
21,933
19,882
17,842
15,146
13,243
12,395
11,834
11,575
11,210

Term
auction
credit

Primary

Secondary

Seasonal

������������������ ������������������ ������������������
������������������ ������������������ ������������������
������������������
17
0
������������������
11
0
������������������
97
0
������������������
111
0
11,613
3,787
1
438,327
88,245
52
82,014
19,025
518
0
41
3
0
37
0
0
89
0
0
41
3
0
51
0
0
28
0
0
11
0
0
14
0
0
10
1
0
24
0
0
7
0
0
5
0
0
19
0
0
19
0

33
45
29
52
72
80
30
3
37
26
46
23
26
10
3
6
8
20
42
73
92
81
50

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

Term
assetbacked
securities
loan
facility 6

�������������������
�������������������
�������������������
�������������������
�������������������
�������������������
�������������������
47,206
22,023
20,394
19,478
19,912
20,394
8,368
�������������������
�������������������
�������������������
�������������������
�������������������
�������������������
�������������������
�������������������
�������������������

��������������������
��������������������
��������������������
��������������������
��������������������
��������������������
��������������������
��������������������
46,310
25,025
29,012
26,665
25,025
23,818
21,902
19,864
17,820
15,115
13,178
12,315
11,737
11,474
11,140

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

Source: Board of Governors of the Federal Reserve System.

27

Bank Credit at All Commercial Banks
Total commercial bank loans and leases were unchanged in September.

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

Period

2001: Dec �����������
2002: Dec �����������
2003: Dec �����������
2004: Dec �����������
2005: Dec �����������
2006: Dec �����������
2007: Dec �����������
2008: Dec �����������
2009: Dec �����������
2010: Dec �����������
2010: Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2011: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June r �������
      July r ��������
      Aug r ���������
      Sept ���������

Total
bank
credit

5,176.7
5,628.1
5,982.1
6,564.7
7,288.0
8,076.9
8,883.0
9,342.2
8,994.4
9,191.9
9,211.9
9,233.7
9,221.3
9,191.9
9,193.6
9,159.4
9,156.5
9,182.6
9,185.1
9,164.1
9,222.3
9,284.9
9,294.9

Total
securities

1,294.9
1,486.7
1,618.2
1,737.1
1,852.6
1,982.0
2,104.0
2,077.7
2,327.3
2,431.2
2,416.3
2,440.8
2,453.3
2,431.2
2,444.0
2,438.7
2,452.9
2,461.4
2,452.3
2,428.8
2,440.6
2,461.9
2,469.5

U.S.
Treasury
and
agency
securities
831.5
998.5
1,086.8
1,142.1
1,131.0
1,186.2
1,111.4
1,238.6
1,440.6
1,627.8
1,602.6
1,630.7
1,642.6
1,627.8
1,639.3
1,635.2
1,649.6
1,680.1
1,679.8
1,659.0
1,654.0
1,666.0
1,671.4

Loans and leases in bank credit
Real estate loans

Other
securities

463.4
488.3
531.4
595.1
721.6
795.8
992.6
839.0
886.7
803.4
813.6
810.1
810.8
803.4
804.8
803.4
803.3
781.3
772.5
769.7
786.6
795.9
798.1

Total
loans
and
leases 3
3,881.8
4,141.3
4,363.9
4,827.5
5,435.4
6,094.9
6,779.0
7,264.5
6,667.1
6,760.7
6,795.6
6,792.9
6,768.0
6,760.7
6,749.6
6,720.8
6,703.6
6,721.2
6,732.8
6,735.3
6,781.8
6,823.0
6,825.5

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

28

Commercial
and
industrial
loans
1,021.4
959.8
888.2
909.9
1,040.8
1,186.9
1,427.0
1,588.5
1,281.2
1,209.1
1,202.2
1,205.0
1,203.1
1,209.1
1,220.8
1,224.5
1,237.4
1,245.1
1,257.2
1,260.8
1,271.1
1,293.0
1,297.5

Total 4

1,742.6
2,003.4
2,196.1
2,543.0
2,912.4
3,358.5
3,583.4
3,809.3
3,768.6
3,605.2
3,638.1
3,624.3
3,615.2
3,605.2
3,594.2
3,565.9
3,535.1
3,517.0
3,502.5
3,494.8
3,489.6
3,484.5
3,480.2

Revolving
home
equity
loans

Commercial
loans

153.2 ���������������������
212.4 ���������������������
278.5 ���������������������
395.2
1,077.7
443.3
1,266.6
467.7
1,456.6
484.3
1,580.6
588.7
1,723.6
602.4
1,640.0
581.0
1,497.7
592.7
1,537.3
588.6
1,521.8
585.2
1,509.6
581.0
1,497.7
577.1
1,486.7
574.1
1,478.4
571.4
1,466.9
568.6
1,460.7
566.0
1,454.6
563.7
1,447.4
559.7
1,439.4
558.0
1,429.8
556.5
1,425.4

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

Source: Board of Governors of the Federal Reserve System.

Consumer
loans 5

574.0
610.8
664.8
689.7
701.9
736.5
798.1
875.1
837.2
1,118.2
1,128.2
1,121.3
1,116.9
1,118.2
1,081.3
1,075.7
1,073.4
1,079.5
1,080.2
1,085.0
1,087.8
1,087.5
1,087.2

Other
loans
and
leases 6
543.9
567.3
614.9
684.9
780.3
813.0
970.5
991.7
780.2
828.2
827.1
842.4
832.8
828.2
853.2
854.6
857.6
879.7
892.9
894.7
933.3
958.0
960.7

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

Uses

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

Total

2001 ��������������������
2002 ��������������������
2003 ��������������������
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2009: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2010: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2011: I ����������������
      II p �������������

Internal 1

862.5
907.1
852.2
1,551.5
2,050.3
1,925.7
2,336.2
1,428.9
1,003.6
1,898.8
480.3
1,039.0
1,133.3
1,361.8
1,858.2
1,670.7
2,131.1
1,935.5
2,257.6
2,130.6

767.3
822.2
838.8
942.5
1,089.1
1,089.2
1,058.9
1,098.2
1,140.3
1,359.4
1,138.5
1,116.9
1,108.1
1,197.6
1,296.5
1,375.3
1,397.2
1,368.8
1,411.6
1,483.4

Total
net
funds
raised

Total

95.2
84.9
13.4
609.0
961.2
836.5
1,277.3
330.7
–136.7
539.4
–658.2
–77.9
25.2
164.2
561.7
295.4
733.9
566.7
846.0
647.2

161.2
17.6
41.7
74.4
–19.2
–92.9
–34.4
–78.4
–61.6
–50.1
–5.1
121.6
–24.9
–338.0
100.9
–144.5
–43.2
–113.5
76.2
–37.0

Net
new
equity
issues

Credit market instruments
Total

–48.1
–16.2
–39.6
–122.7
–341.8
–565.7
–786.8
–336.0
–64.6
–277.9
–133.1
126.4
65.7
–317.3
–200.2
–214.3
–336.5
–360.7
–326.9
–475.2

Securities
and
mortgages

Loans
and
short-term
paper

398.8
166.9
210.9
132.7
255.8
308.7
367.6
141.5
350.2
347.9
575.3
383.1
212.7
230.1
388.4
144.3
433.9
424.7
307.6
398.2

–189.4
–133.0
–129.5
64.4
66.9
164.1
384.9
116.2
–347.4
–120.0
–447.4
–387.9
–303.4
–250.7
–87.3
–74.6
–140.4
–177.4
95.5
40.1

209.3
33.8
81.3
197.1
322.6
472.8
752.5
257.6
3.0
227.9
128.0
–4.9
–90.6
–20.6
301.1
69.8
293.4
247.2
403.1
438.2

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).

Total

Other 2

–65.9
67.3
–28.3
534.7
980.4
929.3
1,311.6
409.1
–75.1
589.5
–653.1
–199.4
50.1
502.2
460.9
439.9
777.0
680.1
769.9
684.2

Capital
expenditures 3

991.2
891.2
853.1
1,622.4
1,889.7
1,790.4
2,208.0
491.8
1,315.2
1,824.6
934.7
1,192.7
1,424.5
1,708.6
1,755.7
1,703.5
2,070.9
1,768.3
2,133.7
2,000.3

815.2
751.1
766.6
843.6
944.9
1,091.2
1,134.7
1,097.3
747.6
972.0
808.1
702.7
684.4
795.1
891.6
972.6
1,027.8
996.0
1,027.8
1,050.0

Increase
in
financial
assets

176.0
140.1
86.5
778.8
944.8
699.2
1,073.3
–605.5
567.6
852.6
126.6
490.0
740.1
913.5
864.1
730.9
1,043.1
772.3
1,105.9
950.3

Discrepancy
(sources
less
uses)

–128.7
15.9
–.8
–70.9
160.7
135.2
128.2
937.0
–311.6
74.2
–454.5
–153.8
–291.2
–346.8
102.5
–32.9
60.1
167.2
123.9
130.3

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

Source: Board of Governors of the Federal Reserve System.

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

Consumer credit outstanding (end of period)
Period
Total
2001: Dec ������������������������������������������
2002: Dec ������������������������������������������
2003: Dec ������������������������������������������
2004: Dec ������������������������������������������
2005: Dec ������������������������������������������
2006: Dec ������������������������������������������
2007: Dec ������������������������������������������
2008: Dec ������������������������������������������
2009: Dec ������������������������������������������
2010: Dec ������������������������������������������
2010: Aug �����������������������������������������
      Sept ����������������������������������������
      Oct ������������������������������������������
      Nov �����������������������������������������
      Dec ������������������������������������������
2011: Jan ������������������������������������������
      Feb ������������������������������������������
      Mar �����������������������������������������
      Apr �����������������������������������������
      May �����������������������������������������
      June ����������������������������������������
      July �����������������������������������������
      Aug p ���������������������������������������

Nonrevolving 2

Revolving
1,867.9
1,972.1
2,077.4
2,192.2
2,290.9
2,384.9
2,522.5
2,561.8
2,450.1
2,408.3
2,394.9
2,393.6
2,399.5
2,402.0
2,408.3
2,408.9
2,417.1
2,421.5
2,425.2
2,431.2
2,442.5
2,454.4
2,444.9

714.8
750.9
768.3
799.6
829.5
871.0
941.9
957.5
865.5
800.2
813.2
805.4
801.5
798.0
800.2
794.7
792.8
792.8
790.3
793.3
795.9
792.3
790.1

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

1,153.0
1,221.2
1,309.1
1,392.7
1,461.4
1,513.9
1,580.7
1,604.3
1,584.6
1,608.1
1,581.7
1,588.2
1,598.0
1,604.0
1,608.1
1,614.3
1,624.3
1,628.6
1,634.9
1,637.8
1,646.6
1,662.1
1,654.8

Total

Nonrevolving 2

Revolving
150.9
104.2
105.3
114.8
98.7
94.0
137.6
39.3
–111.7
–41.8
–4.5
–1.3
5.9
2.5
6.3
.6
8.2
4.4
3.7
6.0
11.3
11.9
–9.5

32.2
36.1
17.4
31.3
29.9
41.5
70.9
15.6
–92.0
–65.3
–6.1
–7.8
–3.9
–3.5
2.2
–5.5
–1.9
.0
–2.5
3.0
2.6
–3.6
–2.2

118.7
68.2
87.9
83.6
68.7
52.5
66.8
23.6
–19.7
23.5
1.6
6.5
9.8
6.0
4.1
6.2
10.0
4.3
6.3
2.9
8.8
15.5
–7.3

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

29

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

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

2001 ��������������������
2002 ��������������������
2003 ��������������������
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2010: Oct �����������
      Nov ����������
      Dec �����������
2011: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
Week ended:
2011: Oct   8 �������
          15 �������
          22 �������
          29 �������
      Nov 5 �������

3-month
bills
(at auction) 1

Constant maturities 2
3-year

10-year

30-year

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

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

3.44
1.62
1.01
1.38
3.16
4.73
4.41
1.48
.16
.14
.13
.13
.15
.15
.14
.11
.06
.04
.04
.03
.05
.02
.02

4.09
3.10
2.10
2.78
3.93
4.77
4.35
2.24
1.43
1.11
.57
.67
.99
1.03
1.28
1.17
1.21
.94
.71
.68
.38
.35
.47

5.02
4.61
4.01
4.27
4.29
4.80
4.63
3.66
3.26
3.22
2.54
2.76
3.29
3.39
3.58
3.41
3.46
3.17
3.00
3.00
2.30
1.98
2.15

5.49
5.43
*
*
*
4.91
4.84
4.28
4.08
4.25
3.87
4.19
4.42
4.52
4.65
4.51
4.50
4.29
4.23
4.27
3.65
3.18
3.13

5.19
5.05
4.73
4.63
4.29
4.42
4.42
4.80
4.64
4.16
3.83
4.30
4.72
5.02
4.92
4.70
4.71
4.34
4.22
4.24
3.92
3.79
3.94

7.08 ���������������������
6.49 ���������������������
5.67
2.12
5.63
2.34
5.24
4.19
5.59
5.96
5.56
5.86
5.63
2.39
5.31
.50
4.94
.72
4.68
.75
4.87
.75
5.02
.75
5.04
.75
5.22
.75
5.13
.75
5.16
.75
4.96
.75
4.99
.75
4.93
.75
4.37
.75
4.09
.75
3.98
.75

.02
.02
.03
.02
.01

.44
.52
.47
.48
.38

1.93
2.22
2.20
2.28
2.07

2.88
3.17
3.18
3.29
3.07

3.86
4.00
3.92
3.96
3.90

3.91
4.10
3.98
3.97
3.84

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

30

Corporate
Aaa
bonds
(Moody’s)

.75
.75
.75
.75
.75

Prime
rate
charged
by
banks 5

Discount
rate
3.40
1.17
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*

6.91
4.67
4.12
4.34
6.19
7.96
8.05
5.09
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25

*
*
*
*
*

3.25
3.25
3.25
3.25
3.25

New-home
mortgage
yields
(FHFA) 7

Federal
funds
rate 6

3.88
7.00
1.67
6.43
1.13
5.80
1.35
5.77
3.22
5.94
4.97
6.63
5.02
6.41
1.92
6.05
.16
5.14
.18
4.80
.19
4.40
.19
4.26
.18
4.44
.17
4.75
.16
4.94
.14
4.98
.10
4.91
.09
4.86
.09
4.61
.07
4.55
.10
4.29
.08
4.36
.07 �����������������������
.07
.07
.07
.07
.08

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

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

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

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

Common Stock Prices and Yields
Stock prices rose in October.

Common stock yields
(percent) 7

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

Period
Composite
2001 ���������������������
2002 ���������������������
2003 ���������������������
2004 ���������������������
2005 ���������������������
2006 ���������������������
2007 ���������������������
2008 ���������������������
2009 ���������������������
2010 ���������������������
2010: Oct ������������
      Nov �����������
      Dec ������������
2011: Jan ������������
      Feb ������������
      Mar �����������
      Apr ������������
      May �����������
      June ����������
      July �����������
      Aug �����������
      Sept ����������
      Oct ������������
Week ended:
2011: Oct   8 ��������
          15 ��������
          22 ��������
          29 ��������
      Nov 5 ��������

Financial

Energy

Health
Care

Dow
Jones
industrial
average 4

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

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

Dividend/price
ratio

Earnings/price
ratio

6,397.85 ��������������������������� ��������������������������� ���������������������������
5,578.89 ��������������������������� ��������������������������� ���������������������������
5,547.46
5,583.00
5,273.90
5,288.67
6,612.62
6,822.18
6,952.36
5,924.80
7,349.00
7,383.70
9,377.84
6,283.96
8,357.99
8,654.40
11,206.94
6,685.06
9,648.82
9,321.39
13,339.99
7,191.79
8,036.88
6,278.38
13,258.42
6,171.19
6,091.02
3,987.04
10,020.30
5,456.63
7,230.43
4,744.05
10,943.85
6,230.62
7,482.15
4,778.71
11,164.11
6,456.56
7,608.40
4,770.65
11,639.37
6,389.44
7,837.43
4,875.84
12,180.49
6,447.34
8,093.40
5,097.71
12,861.65
6,570.59
8,361.70
5,292.98
13,680.69
6,658.62
8,274.78
5,157.33
13,896.16
6,696.08
8,470.07
5,177.21
14,197.31
6,989.18
8,414.33
5,067.79
13,534.36
7,345.34
8,108.71
4,814.06
13,118.75
7,214.22
8,286.83
4,846.73
13,678.27
7,290.81
7,342.37
4,215.95
11,964.10
6,587.04
7,099.58
3,958.64
11,370.24
6,578.35
7,255.05
4,048.81
11,760.87
6,666.64

10,189.13
9,226.43
8,993.59
10,317.39
10,547.67
11,408.67
13,169.98
11,252.62
8,876.15
10,662.80
11,044.49
11,198.31
11,465.26
11,802.37
12,190.00
12,081.48
12,434.88
12,579.99
12,097.31
12,512.33
11,326.62
11,175.45
11,515.93

1,194.18
993.94
965.23
1,130.65
1,207.23
1,310.46
1,477.19
1,220.04
948.05
1,139.97
1,171.58
1,198.89
1,241.53
1,282.62
1,321.12
1,304.49
1,331.51
1,338.31
1,287.29
1,325.18
1,185.31
1,173.88
1,207.22

2,035.00
1,539.73
1,647.17
1,986.53
2,099.32
2,263.41
2,578.47
2,161.65
1,845.38
2,349.89
2,441.30
2,530.99
2,631.56
2,717.21
2,783.54
2,722.29
2,797.07
2,815.08
2,687.76
2,810.58
2,504.62
2,524.14
2,594.78

1.32
1.61
1.77
1.72
1.83
1.87
1.86
2.37
2.40
1.98
1.97
1.94
1.90
1.84
1.80
1.90
1.92
1.95
2.04
1.99
2.20
2.25
2.28

2.95
2.92
3.84
4.89
5.36
5.78
5.29
3.54
1.86
6.04
����������������������������
����������������������������
6.15
����������������������������
����������������������������
6.13
����������������������������
����������������������������
6.35
����������������������������
����������������������������
����������������������������
����������������������������

6,812.97
7,235.59
7,295.13
7,614.51
7,504.41

10,926.08
11,498.19
11,565.85
11,985.79
11,895.34

1,137.53
1,205.18
1,217.95
1,258.98
1,244.77

2,437.47
2,608.38
2,622.49
2,692.86
2,663.09

2.42
2.27
2.21
2.21
2.24

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

3,785.43
4,025.76
4,049.00
4,291.37
4,184.73

10,707.29
11,586.20
12,009.79
12,605.84
12,406.38

6,421.85
6,686.25
6,668.59
6,858.38
6,767.13

1 Average of daily closing prices.
2 Includes all the stocks (in 2010, over 2,300) listed on the NYSE.
3 Effective January 9, 2003, the NYSE relaunched the composite index with changes in meth-

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

5 Includes 500 stocks.
6 Includes about 2,700 stocks in 2010.
7 Standard & Poor’s series. Dividend/price ratios based on Wednesday closing prices. Earnings/

price ratios based on prices at end of quarter.

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

31

FEDERAL FINANCE
Federal Receipts, Outlays, and Debt
In fiscal 2011, there was a deficit of $1,298.6 billion, compared with a deficit of $1,293.5 billion a year earlier.

[Billions of dollars]
Total
Fiscal year or period
Receipts
1993 ����������������������������������������������������
1994 ����������������������������������������������������
1995 ����������������������������������������������������
1996 ����������������������������������������������������
1997 ����������������������������������������������������
1998 ����������������������������������������������������
1999 ����������������������������������������������������
2000 ����������������������������������������������������
2001 ����������������������������������������������������
2002 ����������������������������������������������������
2003 ����������������������������������������������������
2004 ����������������������������������������������������
2005 ����������������������������������������������������
2006 ����������������������������������������������������
2007 ����������������������������������������������������
2008 ����������������������������������������������������
2009 ����������������������������������������������������
2010 ����������������������������������������������������
2011 1 r ������������������������������������������������
2012 (estimates) ���������������������������������

1,154.3
1,258.6
1,351.8
1,453.1
1,579.2
1,721.7
1,827.5
2,025.2
1,991.1
1,853.1
1,782.3
1,880.1
2,153.6
2,406.9
2,568.0
2,524.0
2,105.0
2,162.7
2,302.5
2,673.6

Outlays
1,409.4
1,461.8
1,515.7
1,560.5
1,601.1
1,652.5
1,701.8
1,789.0
1,862.8
2,010.9
2,159.9
2,292.8
2,472.0
2,655.1
2,728.7
2,982.5
3,517.7
3,456.2
3,601.1
3,670.0

On-budget
Surplus
or
deficit
(–)
–255.1
–203.2
–164.0
–107.4
–21.9
69.3
125.6
236.2
128.2
–157.8
–377.6
–412.7
–318.3
–248.2
–160.7
–458.6
–1,412.7
–1,293.5
–1,298.6
–996.5

Receipts
842.4
923.5
1,000.7
1,085.6
1,187.2
1,305.9
1,383.0
1,544.6
1,483.6
1,337.8
1,258.5
1,345.4
1,576.1
1,798.5
1,932.9
1,865.9
1,451.0
1,531.0
1,736.7
2,022.4

1 Data for fiscal year 2011 are from Final Monthly Treasury Statement issued October 14, 2011.

Outlays
1,142.8
1,182.4
1,227.1
1,259.6
1,290.5
1,335.9
1,381.1
1,458.2
1,516.0
1,655.2
1,796.9
1,913.3
2,069.7
2,233.0
2,275.0
2,507.8
3,000.7
2,901.5
3,102.5
3,082.8

Federal debt
(end of period)

Off-budget
Surplus
or
deficit
(–)
–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
–641.8
–1,549.7
–1,370.5
–1,365.8
–1,060.4

Receipts
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
631.7
565.8
651.2

Outlays
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
554.7
498.6
587.3

Surplus
or
deficit
(–)
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
77.0
67.2
63.9

Gross
Federal
4,351.0
4,643.3
4,920.6
5,181.5
5,369.2
5,478.2
5,605.5
5,628.7
5,769.9
6,198.4
6,760.0
7,354.7
7,905.3
8,451.4
8,950.7
9,986.1
11,875.9
13,528.8
14,762.2
16,094.6

3,248.4
3,433.1
3,604.4
3,734.1
3,772.3
3,721.1
3,632.4
3,409.8
3,319.6
3,540.4
3,913.4
4,295.5
4,592.2
4,829.0
5,035.1
5,803.1
7,544.7
9,018.9
10,127.6
11,307.3

Note: Data for fiscal year 2012 are from Mid-Session Review, Budget of the U.S. Government, Fiscal Year 2012, issued September 1, 2011. Other data (except as noted) are from Budget of the United
States Government, Fiscal Year 2012, issued February 14, 2011.
Sources: Department of the Treasury and Office of Management and Budget.

32

Held by
the public

Federal Receipts by Source and Outlays by Function
In fiscal 2011, receipts were $139.8 billion higher than a year earlier and outlays were $144.9 billion higher.

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

Fiscal year or period

1993 ����������������������������������������������������
1994 ����������������������������������������������������
1995 ����������������������������������������������������
1996 ����������������������������������������������������
1997 ����������������������������������������������������
1998 ����������������������������������������������������
1999 ����������������������������������������������������
2000 ����������������������������������������������������
2001 ����������������������������������������������������
2002 ����������������������������������������������������
2003 ����������������������������������������������������
2004 ����������������������������������������������������
2005 ����������������������������������������������������
2006 ����������������������������������������������������
2007 ����������������������������������������������������
2008 ����������������������������������������������������
2009 ����������������������������������������������������
2010 ����������������������������������������������������
2011 1 r ������������������������������������������������
2012 (estimates) ���������������������������������

Total

1,154.3
1,258.6
1,351.8
1,453.1
1,579.2
1,721.7
1,827.5
2,025.2
1,991.1
1,853.1
1,782.3
1,880.1
2,153.6
2,406.9
2,568.0
2,524.0
2,105.0
2,162.7
2,302.5
2,673.6

Indi- Corporavidual
tion
income income
taxes
taxes

509.7
543.1
590.2
656.4
737.5
828.6
879.5
1,004.5
994.3
858.3
793.7
809.0
927.2
1,043.9
1,163.5
1,145.7
915.3
898.5
1,091.5
1,208.5

117.5
140.4
157.0
171.8
182.3
188.7
184.7
207.3
151.1
148.0
131.8
189.4
278.3
353.9
370.2
304.3
138.2
191.4
181.1
332.8

Social
insurance
and
retirement
receipts
428.3
461.5
484.5
509.4
539.4
571.8
611.8
652.9
694.0
700.8
713.0
733.4
794.1
837.8
869.6
900.2
890.9
864.8
818.8
914.4

On-budget and off-budget outlays
National defense
Other

98.8
113.7
120.1
115.4
120.1
132.6
151.5
160.6
151.7
146.0
143.9
148.4
154.0
171.2
164.7
173.7
160.5
207.9
211.1
217.9

Total

1,409.4
1,461.8
1,515.7
1,560.5
1,601.1
1,652.5
1,701.8
1,789.0
1,862.8
2,010.9
2,159.9
2,292.8
2,472.0
2,655.1
2,728.7
2,982.5
3,517.7
3,456.2
3,601.1
3,670.0

1 Data for fiscal year 2011 are from Final Monthly Treasury Statement issued October 14, 2011.

Total

291.1
281.6
272.1
265.7
270.5
268.2
274.8
294.4
304.7
348.5
404.7
455.8
495.3
521.8
551.3
616.1
661.0
693.6
708.3
738.3

Depart- Internament
tional
of
affairs
Defense,
military
278.5
268.6
259.4
253.1
258.3
255.8
261.2
281.0
290.2
331.8
387.1
436.4
474.1
499.3
528.5
594.6
636.7
666.7
678.1
708.1

17.2
17.1
16.4
13.5
15.2
13.1
15.2
17.2
16.5
22.3
21.2
26.9
34.6
29.5
28.5
28.9
37.5
45.2
45.7
59.4

Health

99.4
107.1
115.4
119.4
123.8
131.4
141.0
154.5
172.2
196.5
219.5
240.1
250.5
252.7
266.4
280.6
334.3
369.1
372.7
369.2

Medicare

130.6
144.7
159.9
174.2
190.0
192.8
190.4
197.1
217.4
230.9
249.4
269.4
298.6
329.9
375.4
390.8
430.1
451.6
485.7
485.0

Income Social
Net
security security interest

210.0
217.2
223.8
229.7
235.0
237.8
242.5
253.7
269.8
312.7
334.6
333.1
345.8
352.5
366.0
431.3
533.2
622.2
602.3
548.6

304.6
319.6
335.8
349.7
365.3
379.2
390.0
409.4
433.0
456.0
474.7
495.5
523.3
548.5
586.2
617.0
683.0
706.7
730.8
774.5

198.7
202.9
232.1
241.1
244.0
241.1
229.8
222.9
206.2
170.9
153.1
160.2
184.0
226.6
237.1
252.8
186.9
196.2
227.1
234.5

Other

157.9
171.5
160.2
167.2
157.3
188.9
218.1
239.7
243.1
273.1
302.6
311.8
339.8
393.5
317.9
365.2
651.6
371.6
428.6
460.4

Note: Data for fiscal year 2012 are from Mid-Session Review, Budget of the U.S. Government, Fiscal Year 2012, issued September 1, 2011. Other data (except as noted) are from Budget of the United
States Government, Fiscal Year 2012, issued February 14, 2011.
Sources: Department of the Treasury and Office of Management and Budget.

33

Federal Sector, National Income Accounts Basis
In the third quarter of 2011, according to advance estimates, Federal current expenditures fell $83.1 billion (annual
rate); receipts date are incomplete.

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

Total

Total 1

Calendar year:
2001 ������������� 2,020.3
1,249.4
2002 ������������� 1,859.3
1,073.5
2003 ������������� 1,885.1
1,070.2
2004 ������������� 2,013.9
1,153.8
2005 ������������� 2,290.1
1,383.7
2006 ������������� 2,524.5
1,558.3
2007 ������������� 2,654.7
1,637.6
2008 ������������� 2,502.2
1,447.7
2009 ������������� 2,232.5
1,170.2
2010 ������������� 2,429.6
1,340.7
2008: I ��������������� 2,640.1
1,586.2
      II �������������� 2,409.8
1,358.4
      III ������������� 2,501.4
1,450.2
      IV ������������� 2,457.7
1,396.1
2009: I ��������������� 2,225.9
1,169.7
      II �������������� 2,214.0
1,137.1
      III ������������� 2,221.6
1,168.7
      IV ������������� 2,268.5
1,205.4
2010: I ��������������� 2,364.8
1,290.3
      II �������������� 2,407.8
1,322.0
      III ������������� 2,475.4
1,377.8
      IV ������������� 2,470.5
1,372.8
2011: I ��������������� 2,527.9
1,513.3
      II �������������� 2,564.4
1,537.7
      III p ����������� ������������ ��������������

Personal
current
taxes

991.8
828.6
774.2
799.2
931.9
1,049.9
1,165.6
1,101.3
856.6
896.4
1,200.2
982.6
1,106.3
1,116.0
915.7
844.6
830.8
835.2
856.5
888.7
912.3
927.8
1,046.8
1,070.3
1,084.2

Taxes
on
production
and
imports

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

85.3
164.7
86.8
150.5
89.3
197.8
94.3
250.3
98.8
341.0
99.4
395.0
94.5
362.8
94.0
233.7
97.3
201.7
101.5
329.6
92.6
276.9
95.7
263.8
94.5
232.1
93.2
161.7
90.5
147.7
100.0
176.7
99.0
225.9
99.6
256.3
98.3
322.3
102.0
318.1
103.6
348.9
101.9
329.1
106.7
345.4
112.0
340.0
111.3 ��������������

723.3
739.3
762.8
807.6
852.6
904.6
945.3
973.1
948.9
970.9
975.9
972.5
974.4
969.7
951.2
951.7
946.6
945.9
960.3
969.9
975.5
977.9
894.6
905.7
910.5

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

separately.

34

Federal Government current expenditures

24.5
20.3
22.8
23.2
23.7
26.1
29.8
30.7
48.1
53.1
31.5
32.6
30.6
27.9
39.0
49.6
48.7
54.9
49.8
52.3
55.3
55.0
54.6
54.9
55.5

Current
transfer
receipts

27.0
26.1
25.6
29.0
33.6
38.3
44.8
54.4
69.8
69.7
49.6
49.8
49.7
68.4
71.1
80.2
61.6
66.1
69.1
68.6
71.6
69.7
68.1
67.4
66.9

Current
surplus of
government
enterprises

–4.0
.2
3.7
.3
–3.5
–2.9
–2.7
–3.7
–4.4
–4.8
–3.0
–3.6
–3.7
–4.4
–5.1
–4.7
–4.0
–3.9
–4.7
–4.9
–4.8
–4.9
–2.7
–1.2
–1.0

Total 2

1,979.8
2,112.1
2,261.5
2,393.4
2,573.1
2,728.3
2,900.0
3,115.7
3,450.4
3,703.3
3,028.9
3,174.2
3,140.4
3,119.4
3,219.8
3,516.9
3,527.0
3,537.9
3,636.6
3,685.8
3,733.1
3,757.8
3,729.0
3,829.5
3,746.4

ConCurrent
sumption transfer Interest Subsidies
expendipaypayments
tures
ments 3

530.2
590.5
660.3
721.4
765.8
811.0
848.9
931.7
986.6
1,054.0
908.6
918.7
946.2
953.5
955.2
981.2
997.8
1,012.4
1,033.9
1,056.0
1,066.6
1,059.6
1,059.1
1,077.5
1,085.2

1,140.0
1,252.1
1,339.4
1,405.0
1,491.3
1,587.1
1,690.4
1,841.9
2,153.6
2,313.7
1,766.7
1,899.8
1,826.2
1,874.9
2,006.2
2,210.4
2,189.9
2,207.9
2,283.0
2,289.0
2,331.9
2,350.7
2,312.7
2,346.9
2,290.9

258.6
229.1
212.9
221.0
255.4
279.2
313.2
292.1
251.9
279.9
305.7
306.8
317.6
238.4
204.1
269.8
272.1
261.8
264.9
286.2
279.1
289.4
298.0
342.8
306.6

51.1
40.5
40.5
–252.8
49.0
–376.4
46.0
–379.5
60.5
–283.0
51.0
–203.8
47.4
–245.2
49.9
–613.5
58.3
–1,217.9
55.8
–1,273.7
47.9
–388.8
48.9
–764.4
50.4
–639.1
52.6
–661.7
54.4
–993.9
55.6
–1,303.0
67.2
–1,305.4
55.9
–1,269.4
54.8
–1,271.8
54.7
–1,278.0
55.4
–1,257.7
58.2
–1,287.3
59.2
–1,201.1
62.2
–1,265.1
63.7 ����������������

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

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

Net
Federal
Government
saving

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

United
States

Canada

Japan

France

Germany

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

Italy

United
States 1

Canada

Japan

France

Germany

2001 r �������������
88.9
96.3
86.2
98.4
84.2
97.5
101.3
177.1
169.1
120.1
160.3
2002 r �������������
89.1
97.8
85.1
97.1
83.3
96.1
99.8
179.9
172.9
119.0
163.4
2003 r �������������
90.2
97.9
87.6
96.2
83.7
95.5
99.5
184.0
177.7
118.7
166.9
r
2004 �������������
92.3
99.5
91.8
97.4
86.3
95.2
100.3
188.9
181.0
118.7
170.4
r
2005 �������������
95.3
101.4
93.2
97.7
89.2
94.7
99.5
195.3
185.0
118.4
173.4
2006 r �������������
97.4
100.8
97.1
98.7
94.3
98.2
99.5
201.6
188.7
118.6
176.3
2007 ���������������
100.0
100.0
100.0
100.0
100.0
100.0
100.0
207.342
192.7
118.7
178.9
r
2008 �������������
96.3
95.5
96.6
97.2
100.0
96.3
97.2
215.303
197.3
120.3
184.0
r
2009 �������������
85.5
84.5
75.5
85.2
83.7
78.2
88.5
214.537
197.9
118.7
184.1
2010 r �������������
90.1
89.7
88.1
89.6
92.6
83.3
90.1
218.056
201.4
117.9
186.9
r
2010: Aug ����
91.0
90.8
88.0
89.8
94.6
84.7
90.7
218.312
201.8
117.5
187.2
      Sept r ���
91.2
89.7
87.2
89.5
94.3
83.4
90.6
218.439
202.1
117.7
187.1
      Oct r �����
91.1
90.3
86.0
89.0
96.5
83.2
90.3
218.711
203.0
118.1
187.3
      Nov r ����
91.4
90.3
87.4
91.1
96.4
84.2
90.7
218.803
203.2
117.7
187.6
r
      Dec ����
92.6
91.7
89.6
91.5
96.9
84.1
91.0
219.179
203.2
117.4
188.4
2011: Jan r ����
92.8
93.3
89.6
92.2
97.0
82.7
91.1
220.223
203.7
117.3
188.0
      Feb r ����
92.5
92.1
91.2
92.5
98.3
84.0
90.2
221.309
204.2
117.3
188.8
r
      Mar ���
93.1
93.6
77.0
91.8
99.3
84.6
90.4
223.467
206.4
117.6
190.4
r
      Apr ����
92.7
92.9
78.2
91.1
99.4
85.4
88.8
224.906
207.1
117.7
191.0
      May r ���
93.0
91.6
83.1
92.9
100.4
85.0
89.7
225.964
208.5
117.7
191.1
      June r ��
93.0
91.9
86.2
91.6
99.5
84.6
90.0
225.722
207.1
117.5
191.3
r
      July ���
94.0
93.0
86.6
93.2
103.3
84.3
89.6
225.922
207.5
117.5
190.4
p
      Aug ���
94.0
93.6
87.2
93.7
102.2
87.9
89.8
226.545
208.0
117.7
191.4
      Sept p ��
94.2 ���������������
83.7 ��������������� ��������������� ��������������� ���������������
226.889
208.5
117.7
191.3
      Oct p ���� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ���������������
1 Data relate to all urban consumers.

145.3
147.4
148.9
151.4
153.7
156.2
159.7
163.9
164.5
166.3
166.7
166.5
166.7
166.8
168.5
167.9
168.8
169.6
169.9
169.9
170.0
170.7
170.7
170.8
170.8

United
Kingdom

Italy

237.7
203.7
243.5
207.0
250.1
213.0
255.6
219.3
260.6
225.6
266.1
232.8
270.9
242.7
280.0
252.4
282.2
251.1
286.5
262.7
287.7
263.8
287.2
264.7
287.7
265.3
287.7
266.5
288.9
268.3
290.0
269.1
290.9
271.8
292.0
273.2
293.5
275.4
293.8
276.3
294.1
276.3
294.9
275.7
295.8
277.4
304.7
279.5
297.5 �����������������

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

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

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

2001 ���������������
2002 ���������������
2003 ���������������
2004 ���������������
2005 ���������������
2006 ���������������
2007 ���������������
2008 ���������������
2009 ���������������
2010 ���������������
2010: Aug �����
      Sept ����
      Oct ������
      Nov �����
      Dec ������
2011: Jan ������
      Feb ������
      Mar �����
      Apr ������
      May �����
      June ����
      July r ���
      Aug p ���

BOP
basis

731.2
697.4
729.8
822.0
911.7
1,039.4
1,164.0
1,307.5
1,069.5
1,288.7
108.5
108.8
112.6
113.8
116.3
119.5
117.4
124.6
126.6
125.3
121.2
126.8
126.7

IndusFoods, trial
Total, feeds, supCensus and
plies
basis 1 bever- and
ages materials
729.1
693.1
724.8
814.9
901.1
1,026.0
1,148.2
1,287.4
1,056.0
1,278.3
107.6
108.1
112.0
112.7
115.4
118.1
115.7
122.9
125.1
123.8
119.7
125.4
125.4

49.4
49.6
55.0
56.6
59.0
66.0
84.3
108.3
93.9
107.7
9.0
9.4
10.1
10.2
10.3
10.4
10.5
11.2
11.0
11.0
10.1
10.1
10.3

160.1
156.8
173.0
203.9
233.0
276.0
316.4
388.0
296.7
391.7
33.3
32.6
34.5
35.1
36.3
39.6
38.7
41.3
43.4
41.5
39.5
42.2
43.0

75.4
78.9
80.6
89.2
98.4
107.3
121.3
121.5
81.7
112.0
9.5
9.5
9.8
9.4
9.8
10.8
9.9
11.3
10.6
10.8
10.8
12.1
11.1

Balance of trade
(exports minus imports)

Census basis (by end-use category)

Auto- Consumer
Capital motive
vegoods
goods hicles,
except parts (nonfood)
autoexcept
motive and
enautogines motive
321.7
290.4
293.7
327.5
358.4
404.0
433.0
457.7
390.5
446.6
37.5
37.9
38.5
38.5
39.6
38.9
38.9
39.8
41.0
41.4
39.9
42.1
41.7

Services
(BOP basis)

Goods: Imports (customs value)

88.3
84.4
89.9
103.2
115.3
129.1
146.0
161.3
150.0
165.9
13.8
13.9
14.1
15.0
14.6
14.1
13.8
14.5
14.7
14.3
15.1
14.4
14.7

BOP
basis

1,152.5
1,171.9
1,270.2
1,485.5
1,692.4
1,875.1
1,982.8
2,137.6
1,575.4
1,934.6
166.1
165.2
164.9
166.3
170.7
181.1
177.1
185.6
184.7
190.7
188.2
188.1
188.1

IndusFoods, trial
Total, feeds, supCensus and
plies
basis 1 bever- and
ages materials
1,141.0
1,161.4
1,257.1
1,469.7
1,673.5
1,853.9
1,957.0
2,103.6
1,559.6
1,913.2
164.3
163.4
163.0
164.4
168.7
179.0
174.8
183.3
182.4
188.1
185.7
185.7
185.7

1 Total includes ‘‘other’’ exports or imports, not shown separately.

46.6
49.7
55.8
62.1
68.1
74.9
81.7
89.0
81.6
91.7
7.8
7.9
7.8
7.9
8.1
8.4
8.6
8.6
9.0
9.1
9.2
8.9
9.0

273.9
267.7
313.8
412.8
523.8
602.0
634.7
779.5
462.5
602.7
50.2
50.1
49.1
50.7
54.5
59.8
57.6
64.4
63.0
67.6
65.0
62.7
63.6

BOP basis

Auto- Consumer
Capital motive
vegoods
goods hicles,
except parts (nonfood)
autoexcept
motive and
enautogines motive
298.0
283.3
295.9
343.6
379.3
418.3
444.5
453.7
369.3
449.2
38.6
39.8
39.2
40.3
40.0
42.0
39.8
41.2
41.9
43.2
43.0
43.2
42.9

189.8
203.7
210.1
228.2
239.4
256.6
256.7
231.2
157.6
225.0
20.2
19.3
19.5
19.4
19.6
22.0
20.0
21.9
19.1
19.6
19.4
22.7
22.0

284.3
307.8
333.9
372.9
407.2
442.6
474.6
481.6
428.4
483.3
42.2
41.3
42.2
40.8
41.2
42.0
44.0
41.9
44.0
43.3
43.3
43.3
42.5

Exports

Imports

Goods,
Census
basis

Goods

Ser- Goods
and
vices services

276.5
283.4
293.7
341.2
375.8
420.4
490.6
535.2
505.5
548.9
46.4
46.9
46.9
47.4
47.7
48.3
48.3
49.4
49.7
50.4
50.6
50.9
50.9

217.0
226.4
244.3
283.0
303.6
338.0
368.4
403.4
380.9
403.0
34.3
34.4
34.1
33.8
33.7
34.6
34.3
34.8
34.9
35.2
35.2
35.3
35.1

–411.9
–468.3
–532.4
–654.8
–772.4
–828.0
–808.8
–816.2
–503.6
–634.9
–56.8
–55.3
–51.1
–51.7
–53.3
–60.9
–59.1
–60.5
–57.3
–64.3
–66.0
–60.3
–60.3

–421.3
–474.5
–540.4
–663.5
–780.7
–835.7
–818.9
–830.1
–505.9
–645.9
–57.7
–56.5
–52.3
–52.5
–54.4
–61.6
–59.6
–61.0
–58.1
–65.4
–67.0
–61.3
–61.4

59.5
57.1
49.4
58.2
72.1
82.4
122.2
131.8
124.6
145.8
12.1
12.5
12.9
13.7
13.9
13.7
13.9
14.6
14.8
15.2
15.5
15.6
15.8

–361.8
–417.4
–491.0
–605.4
–708.6
–753.3
–696.7
–698.3
–381.3
–500.0
–45.5
–44.0
–39.5
–38.8
–40.5
–47.9
–45.7
–46.4
–43.2
–50.2
–51.6
–45.6
–45.6

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

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.

35

U.S. International Transactions
In the second quarter of 2011, the goods deficit rose to $190.4 billion from $182.2 billion in the first quarter. The
current account deficit fell to $118.0 billion in the second quarter from $119.6 billion in the first quarter.

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

2001 ��������������������
2002 ��������������������
2003 ��������������������
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2008: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2009: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2010: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2011: I ����������������
      II p �������������

Exports

731,189
697,439
729,816
821,986
911,686
1,039,406
1,163,957
1,307,499
1,069,491
1,288,699
323,357
342,620
346,910
294,612
254,413
253,886
270,290
290,902
304,572
315,954
325,514
342,659
361,544
373,085

Imports

–1,152,464
–1,171,930
–1,270,225
–1,485,492
–1,692,416
–1,875,095
–1,982,843
–2,137,608
–1,575,400
–1,934,555
–539,441
–562,565
–565,850
–469,752
–376,727
–365,803
–399,815
–433,055
–457,404
–481,912
–493,336
–501,904
–543,767
–563,524

Services
Balance
on
goods
–421,276
–474,491
–540,409
–663,507
–780,730
–835,689
–818,886
–830,109
–505,910
–645,857
–216,084
–219,945
–218,940
–175,139
–122,315
–111,916
–129,525
–142,154
–152,832
–165,958
–167,822
–159,245
–182,222
–190,440

Net
military
transactions 2
–8,324
–12,719
–17,060
–17,359
–15,594
–11,743
–10,826
–13,600
–13,863
–12,908
–3,454
–2,737
–3,605
–3,805
–3,957
–3,469
–2,297
–4,139
–3,409
–3,092
–3,077
–3,330
–3,339
–3,019

Net
travel
and
transportation
–3,389
–4,465
–12,451
–16,225
–14,549
–11,276
2,599
16,365
13,981
20,384
3,995
4,654
5,351
2,366
2,431
3,878
3,580
4,092
4,834
5,039
4,678
5,831
5,844
7,205

Other
services,
net
71,219
74,242
78,934
91,734
102,249
105,420
130,386
129,006
124,521
138,355
33,009
34,182
31,059
30,754
31,028
30,122
28,951
34,421
31,765
33,486
35,109
37,996
39,746
41,261

Balance
on
goods
and
services
–361,771
–417,432
–490,984
–605,356
–708,624
–753,288
–696,728
–698,338
–381,272
–500,027
–182,535
–183,846
–186,135
–145,822
–92,814
–81,385
–99,293
–107,779
–119,642
–130,523
–131,113
–118,749
–139,972
–144,994

Income receipts and payments

Receipts

292,430
282,701
322,411
415,793
537,339
684,620
833,834
813,903
599,495
663,240
215,789
214,133
208,354
175,627
145,995
144,969
149,275
159,256
158,857
165,030
167,115
172,239
180,258
192,941

Payments

–262,702
–257,526
–278,721
–350,712
–468,748
–640,438
–732,349
–666,814
–471,494
–498,016
–176,752
–174,203
–164,124
–151,735
–118,696
–115,898
–114,571
–122,329
–122,473
–121,859
–121,375
–132,309
–127,600
–131,793

Balance
on
income
29,728
25,175
43,691
65,081
68,591
44,182
101,485
147,089
128,001
165,224
39,037
39,931
44,229
23,893
27,299
29,071
34,704
36,928
36,384
43,170
45,740
39,930
52,658
61,148

Unilateral
current
transfers,
net 3

–64,561
–64,990
–71,796
–88,243
–105,741
–91,515
–115,061
–125,885
–123,280
–136,095
–33,735
–31,347
–31,703
–29,103
–29,738
–30,497
–33,269
–29,777
–35,034
–32,947
–34,754
–33,360
–32,277
–34,157

1 Adjusted from Census data to align with concepts and definitions used to prepare the inter2 Transfers under U.S. military agency sales contracts (exports) minus direct defense
national and national economic accounts. The adjustments are necessary to supplement coverage expenditures (imports).
3 Includes transfers of goods and services under U.S. military grant programs.
of Census data, to eliminate duplication of transactions recorded elsewhere in the international
accounts, to value transactions according to a standard definition, and for earlier years, to record
See p. 37 for continuation of table.
transactions in the appropriate period.

36

Balance
on
current
account

–396,603
–457,248
–519,089
–628,519
–745,774
–800,621
–710,303
–677,135
–376,551
–470,898
–177,232
–175,262
–173,608
–151,032
–95,253
–82,811
–97,858
–100,629
–118,292
–120,300
–120,127
–112,179
–119,591
–118,003

U.S. International Transactions—Continued
In the financial account, U.S. claims on foreigners reported by U.S. banks and securities brokers fell $195.7 billion
in the second quarter of 2011, following an increase of $87.8 billion in the first quarter. U.S. liabilities to foreigners
reported by U.S. banks and securities brokers (other than foreign official assets) fell $101.0 billion in the second
quarter, following an increase of $354.4 billion in the first quarter.

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

Period

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

Capital
account
transactions,
net
Total

2001 ��������������������
2002 ��������������������
2003 ��������������������
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2008: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2009: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2010: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2011: I ����������������
      II p �������������

13,198
–141
–1,821
3,049
13,116
–1,788
384
6,010
–140
–152
–8
–18
6,043
–7
–20
–29
–36
–56
–3
–2
–146
–2
–29
–823

–382,616
–294,646
–325,424
–1,000,870
–546,631
–1,285,729
–1,453,604
332,109
–139,330
–1,005,182
–238,333
177,984
113,445
279,012
122,132
33,471
–294,896
–38
–313,010
–168,537
–286,834
–236,802
–334,359
22,947

U.S.
official
reserve
assets 4
–4,911
–3,681
1,523
2,805
14,096
2,374
–122
–4,848
–52,256
–1,834
–276
–1,267
–179
–3,126
–982
–3,632
–49,021
1,379
–773
–165
–1,096
200
–3,619
–6,267

Other
U.S.
Government
assets
–486
345
537
1,710
5,539
5,346
–22,273
–529,615
541,342
7,540
3,268
–41,592
–225,997
–265,293
244,102
193,750
57,736
45,754
9,433
–2,441
788
–240
–547
–1,412

Statistical discrepancy

Foreign-owned assets in the U.S.,
excluding financial derivatives
[increase/financial inflow (+)]
U.S.
Private
assets
–377,219
–291,310
–327,484
–1,005,385
–566,266
–1,293,449
–1,431,209
866,571
–628,417
–1,010,888
–241,325
220,844
339,621
547,432
–120,988
–156,647
–303,611
–47,170
–321,669
–165,931
–286,526
–236,762
–330,193
30,626

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

Total
782,870
795,161
858,303
1,533,201
1,247,347
2,065,169
2,064,642
431,406
335,793
1,245,736
456,245
–19,863
72,116
–77,093
–114,554
–34,386
341,315
143,418
329,340
186,636
463,115
266,646
487,194
2,769

Foreign
official
assets
28,059
115,945
278,069
397,755
259,268
487,939
481,043
554,634
480,237
349,754
216,229
181,419
142,224
14,762
109,438
129,251
109,108
132,440
89,751
66,736
135,477
57,790
48,764
94,565

Other
foreign
assets
754,811
679,216
580,234
1,135,446
988,079
1,577,230
1,583,599
–123,228
–144,444
895,982
240,016
–201,282
–70,108
–91,855
–223,992
–163,637
232,207
10,978
239,589
119,900
327,638
208,856
438,430
–91,796

Financial
derivatives,
net

������������������
������������������
������������������
������������������
������������������
29,710
6,222
–32,947
49,456
13,735
–7,966
–2,355
–4,886
–17,740
7,221
11,275
11,496
19,464
16,152
9,980
–11,893
–504
3,220
������������������

Total
(sum of
the
items
with
sign
reversed)
–16,849
–43,126
–11,969
93,138
31,942
–6,742
92,660
–59,443
130,773
216,761
–32,706
19,513
–13,110
–33,139
80,475
72,479
39,979
–62,160
85,813
92,223
–44,116
82,841
–36,436
93,110

Of which:
Seasonal
adjustment
discrepancy

������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
7,650
–5,317
–28,736
26,404
9,190
–4,183
–20,256
15,250
13,688
–6,531
–21,959
14,802
14,497
–8,237

U.S. official
reserve
assets,
net
(unadjusted,
end of
period) 4

68,654
79,006
85,938
86,824
65,127
65,895
70,565
77,648
130,760
132,433
75,764
75,740
71,834
77,648
74,958
81,489
134,296
130,760
127,521
124,514
133,099
132,433
139,315
143,843

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

37

CONTENTS
TOTAL OUTPUT, INCOME, AND SPENDING
Page
Gross Domestic Product ........................................................................................................................................................
1
Real Gross Domestic Product ................................................................................................................................................
2
Chained Price Indexes For Gross Domestic Product ............................................................................................................
2
Gross Domestic Product and Related Price Measures: Indexes and Percent Changes ...........................................................
3
Nonfinancial Corporate Business—Gross Value Added and Price, Costs, and Profits .......................................................... 3
National Income ....................................................................................................................................................................
4
Real Personal Consumption Expenditures ............................................................................................................................ 4
Sources of Personal Income ...................................................................................................................................................
5
Disposition of Personal Income .............................................................................................................................................
6
Farm Income .........................................................................................................................................................................
7
Corporate Profits ...................................................................................................................................................................
8
Real Gross Private Domestic Investment ............................................................................................................................... 9
Real Private Fixed Investment by Type .................................................................................................................................. 10
Business Investment ............................................................................................................................................................... 10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force .......................................................................................................................................................
Selected Unemployment Rates ..............................................................................................................................................
Selected Measures of Unemployment and Unemployment Insurance Programs ...................................................................
Nonagricultural Employment ................................................................................................................................................
Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries ................................
Employment Cost Index—Private Industry ..........................................................................................................................
Productivity and Related Data, Business and Nonfarm Business Sectors ..............................................................................

11
12
13
14
15
15
16

PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization .................................................................................................................... 17
Industrial Production—Major Market Groups and Selected Manufactures .......................................................................... 18
New Construction ................................................................................................................................................................. 19
New Private Housing and Vacancy Rates .............................................................................................................................. 19
Business Sales and Inventories—Manufacturing and Trade .................................................................................................. 20
Manufacturers’ Shipments, Inventories, and Orders .............................................................................................................. 21
PRICES
Producer Prices ......................................................................................................................................................................
Consumer Prices—All Urban Consumers .............................................................................................................................
Changes in Producer Prices for Finished Goods ....................................................................................................................
Changes in Consumer Prices—All Urban Consumers ..........................................................................................................
Prices Received and Paid by Farmers .....................................................................................................................................

22
23
24
24
25

MONEY, CREDIT, AND SECURITY MARKETS
Money Stock and Debt Measures ..........................................................................................................................................
Components of Money Stock ................................................................................................................................................
Aggregate Reserves and Monetary Base .................................................................................................................................
Bank Credit at All Commercial Banks ..................................................................................................................................
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business ..............................................................................
Consumer Credit ...................................................................................................................................................................
Interest Rates and Bond Yields ..............................................................................................................................................
Common Stock Prices and Yields ..........................................................................................................................................

26
27
27
28
29
29
30
31

FEDERAL FINANCE
Federal Receipts, Outlays, and Debt ..................................................................................................................................... 32
Federal Receipts by Source and Outlays by Function ............................................................................................................ 33
Federal Sector, National Income Accounts Basis ................................................................................................................... 34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries ........................................................................... 35
U.S. International Trade in Goods and Services .................................................................................................................... 35
U.S. International Transactions ............................................................................................................................................. 36
General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
p Preliminary.
r Revised.
c Corrected.
... Not available (also, not applicable).
NSA Not seasonally adjusted.

38

U.S. GOVERNMENT PRINTING OFFICE : 2011 71-058